List 6 mistakes that can be made during an interview.

Answers

Answer 1

Answer:

1.Appearing Disinterested

2.Answering a Call or Texting

3.Dressing Inappropriately

4.Talking Negatively About a Current or Previous Employer

5.Body Language

6.Being Vague

Explanation:

Hope this helps !

Answer 2

Poor interview preparation is a clear killer, and 75% of interviews end in failure because the applicant wasn't prepared for some of the questions asked or didn't know enough about the employer.

What are  mistakes that can be made during an interview ?

Failing to conduct research The biggest error all of our experts mentioned was showing up unprepared for an interview. This could be not doing your homework on the business, not giving the job enough consideration, or not knowing who you're meeting. However, it could also refer to not having a plan for your conversation.

Most applicants anticipate being questioned. When one person asks every question and the other person responds, an interrogation has taken place. In an interview, questions are posed and answered in the context of a business dialogue. applicants who anticipate unwilling interrogator.

Lack of planning. Some recruiting managers favour conducting interviews in a more "spontaneous" manner.

becoming very anxious.acting too carelessly.being very zealous.intimidating potential employees.Lying. accepting bias.

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Related Questions

Swifty Company purchased equipment for $256,800 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,000. Estimated production is 48,000 units and estimated working hours are 20,400. During 2020, Swifty uses the equipment for 600 hours and the equipment produces 1,000 units.

Required:
Compute depreciation expense under each of the following methods. Swifty is on a calendar-year basis ending December 31.

a. Straight-line method for 2020 $enter a dollar amount.
b. Activity method (units of output) for 2020 $enter a dollar amount.
c. Activity method (working hours) for 2020 $enter a dollar amount.
d. Sum-of-the-years'-digits method for 2022 $enter a dollar amount (e) Double-declining-balance method for 2021

Answers

Answer:

a.  Straight line method.

Depreciation per annum = ($ 256,800 - $12,000 ) / 8 = $ 30,600.

Depreciation for 2020 = $ 30,600 * ( 3 /12 ) = $ 7,650.

b. Units of output

Depreciation per unit = ( $ 256,800 - $ 12,000 ) / 48,000 = $ 5.1

Depreciation for 2020 = 1,000 * $ 5.1 = $ 5,100.

c. Working hours.

Depreciation per hours = ( $ 256,800 - $ 12,000 ) / 20,400 = $ 12

Depreciation for 2020 = 600 * $ 12 = $ 7,200.

D. Sum of digits method

Sum of years = 8 ( 8 +1 ) / 2 = 36.

Year - 1 used ( 3 / 12 = 0.25)

Year-2 used ( 12 / 12 = 1 )

Remaining ( 8 - 1 - 0.25 = 6.75)

Depreciation for 2022 = ($ 256,800 - $ 12,000 ) * ( 6.75 / 36 )

Depreciation for 2022 = $ 45,900.

e. Double declining balance

Depreciation rate = 200 / 8 = 25 %.

Depreciation for 2020 = $256,800 * 25 % * (3 /12)

Depreciation for 2020 = $16,050.  

Depreciation for 2021 = ( $256,800 - $ 16,050) * 25%

Depreciation for 2021 = $60,188.

The following ledger accounts are used by the Heartland Race Track
Accounts Receivable
Prepaid Advertising
Prepaid Rent
Unearned Sales Revenue
Sales Revenue
Advertising Expense
Rent Expense
For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on November 30, the end of the fiscal year.
A) On November 1, paid rent on the track facility for three months, $180,000.
B) On November 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $1,152,000.
C) On November 1, borrowed $300,000 from First National Bank by issuing a 6% note payable due in three months.
D) On November 5, programs for 20 racing days in November, 25 racing days in December and 15 racing days in January were printed for $3,600.
E) The accountant for the concessions company reported that gross receipts for November were $168,000. 10% is due to Heartland and will be remitted by December 10.
Prepare the journal entry (if one ls required) to record the Initial transaction.
Prepaid Rent 150,000
Cash 150,000
Cash 960,000
Unearned Sales
Revenue 960,000
Cash 250,000
Notes Payable 250,000
Prepaid
Advertising 3,000
Cash 3,000

Answers

Answer:

Heartland Race Track

Journal Entries:

A. November 1:

Debit Prepaid Rent $180,000

Credit Cash Account $180,000

To record the payment of rent for three months.

B. November 1:

Debit Cash Account $1,152,000

Credit Unearned Sales Revenue $1,152,000

To record the sale of year-round season tickets.

C. November 1:

Debit Cash Account $300,000

Credit Notes Payable $300,000

To record the issue of 6% note payable for 3 months.

D. November 5:

Debit Prepaid Advertising $3,600

Credit Cash Account $3,600

To record the printing of programs for three months.

E. Debit Accounts Receivable (Concession) $16,800

Credit Sales Revenue $16,800

To record  concessions fees.

November 30: Adjusting Entries:

A. Debit Rent Expense $60,000

Credit Prepaid Rent $60,000

To adjust for rent expense for the month.

B. Debit Unearned Sales Revenue $96,000

Credit Sales Revenue $96,000

To record the earned revenue for season tickets for the month.

C. Debit Interest Expense $1,500

Credit Interest Payable $1,500

To accrue interest for one month on note payable.

D. Debit Advertising Expense $1,200

Credit Prepaid Advertising $1,200

To record advertising expense for the month.

Explanation:

Heartland Race Track will find the use of the general and adjusting journals helpful in its accounting records.  They provide the needed guidance to ensure that the accounts involved in every business transaction are properly identified and entries are correctly recorded on the correct side of the accounts.  Transactions are recorded following the ubiquitous accounting equation, the accrual concept, and matching principle of generally accepted accounting principles.

a worker produced four components during an 8-hour shift in which he earned $96. What is his labor cost per unit?

Answers

Answer:

$24

Explanation:

Labor cost per unit is the ratio of total labor expense for a period of time divided by the total number of units produced during that period of time. It is given by the formula:

Labor cost per unit = Total money earned during a specified period / number of components produced.

Hence using the formula above, the labor cost per unit of the worker is gotten to be:

Labor cost per unit = $96 / 4 components = $24

Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $1,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $5,500 in federal income taxes withheld from their paychecks during the course of the year. (use the 2016 tax rate schedules).
1. What is the total amount of Marc and Michelle’s deductions from AGI?
2. What is Marc and Michelle’s taxable income?
3. What is Marc and Michelle’s taxable income?

Answers

Answer:

KINDLY CHECK EXPLANATION

Explanation:

Given that :

Marc's salary = 64000

Michelle's salary = 12000

Interest received from municipal bond = $350

Interest received from corporate bond = $500

TOTAL AMOUNT OF DEDUCTION FROM AGI:

ACCORDING TO 2016 TAX RATE : MARRIED FILING JOINTLY STANDARD DEDUCTION = $12,600 (higher than itemized deduction ($6000)

Dependency exemption = $4050 (2016 tax schedule)

Hence, total deduction from AGI = $(12600 + (3 * 4050)) = $24,750

Their Gross Income :

(Salary + interest from municipal and corporate bonds)

$(64000 + 12000 + 500) = $76,500

TAXABLE INCOME = Gross income - total debt deduction on AGI - (contribution to individual retirement + alimony paid to spouse)

TAXABLE INCOME = $(76,500 - 24750 - (2500 +1500))

$(76500 - 24750 - 4000) = $47750

On January 1, 2020, Meeks Corporation issued $5,000,000, 10-year, 4% bonds at 102. Interest is payable annually on January 1. The journal entry to record this transaction on January 1, 2020 is

a. Cash........................................................................................ 5,000,000
Bonds Payable............................................................... 5,000,000

b. Cash........................................................................................ 5,100,000
Bonds Payable............................................................... 5,100,000

c. Premium on Bonds Payable ................................................... 100,000
Cash........................................................................................ 5,000,000
Bonds Payable............................................................... 5,100,000

d. Cash........................................................................................ 5,100,000
Bonds Payable............................................................... 5,000,000
Premium on Bonds Payable .......................................... 100,000

Answers

Answer:

d. Cash........................................................................................ 5,100,000

Bonds Payable............................................................... 5,000,000

Premium on Bonds Payable .......................................... 100,000

Explanation:

The Journal entry is shown below:-

Cash Dr, $5,100,000 ($5,000,000 × 1.02)

    To Bonds payable $5,000,000

       To Premium on Bonds payable $100,000

(Being cash is recorded)

Here we debited the cash as it increases the assets and we credited the bonds payable and premium on bonds payable as it also increases the liabilities.

Many assets provide a series of cash inflows over time; and many obligations require a series of payments. When the payments are equal and are made at fixed intervals, the series is an annuity. There are three types of annuities: (1) __________ (2)_________, and (3) __________-. One can find an annuity's future and present values, the interest rate built into annuity contracts, and the length of time it takes to reach a financial goal using an annuity.

Answers

Answer:

Fixed annuities

Variable annuities

Indexed annuities

Explanation:

Annuities are defined as contract that pays out regular amounts over time at a particular interest rate.

Usually there is an initial investment of a lumps sum or a series of deposits.

Annuities are classified based on level of risk and payout potential into 3:

- Fixed annuity give out a fixed guaranteed payout amount. The risk is low but the payout is low. Slightly above certificate of deposits.

- Variable annuity is one that gives room for a higher payout but risk is also higher. A set of mutual funds are invested in and payout is dependent on how they perform.

- Indexed annuity gives higher return that is tied to the performance of an index like the S&P 500. The risk is lower than that of variable annuity

Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding Department:

Units:

Beginning Inventory: 30,000 units, 100% complete as to materials and 55% complete as to conversion.
Units started and completed: 120,000.
Units completed and transferred out: 150,000.
Ending Inventory: 32,500 units, 100% complete as to materials and 30% complete as to conversion.

Costs:
Costs in beginning Work in Process - Direct Materials: $48,000.
Costs in beginning Work in Process - Conversion: $53,850.
Costs incurred in February - Direct Materials: $328,050.
Costs incurred in February - Conversion: $604,150.

Required:
Calculate the cost per equivalent unit of materials.

Answers

Answer:

Cost per equivalent unit of material = $2.06

Explanation:

Total cost of material=  Cost of material in beginning WIP +  Cost of material incurred in February  

= $48,000 + $328,050

= $376,050

Equivalent units =  Number of units completed and transferred+  Ending inventory

= 150,000 units + 32,500 units

= 182,500 units

Cost per equivalent unit of material =  Total cost of direct material  / Equivalent units

= $376,050 / 182,500 units

= $2.06

The Talbot Corporation makes wheels that it uses in the production of bicycles. Talbot's costs to produce 180,000 wheels annually are:

Direct materials $36,000
Direct labor $54,000
Variable manufacturing overhead $27,000
Fixed manufacturing overhead $66,000

An outside supplier has offered to sell Talbot similar wheels for $0.80 per wheel. If the wheels are purchased from the outside supplier, $21,000 of annual fixed overhead could be avoided and the facilities now being used could be rented to another company for $51,000 per year. Direct labor is a variable cost. If Talbot chooses to buy the wheel from the outside supplier, then annual net operating income would: __________

Answers

Answer:

If the company chooses to buy the wheels, income will increase by $69,000.

Explanation:

First, we need to calculate the total relevant cost of production:

Relevant cost of production:

Total cost= direct material + direct labor + avoidable overhead

Total cost= 36,000 + 54,000 + (27,000 + 45,000)

Total cost= $162,000

Now, the total cost of buying the wheels:

Total cost= 180,000*0.8 - 51,000= $93,000

Difference= 93,000 - 162,000= -$69,000

If the company chooses to buy the wheels, income will increase by $69,000.

Which example is not an advantage of b entrepreneurship’s

Answers

Share cropping is the correct answer on edg2020

Some recent financial statements for Smolira Golf Corp. follow.
SMOLIRA GOLF CORP.
2017 and 2018 Balance Sheets
Assets Liabilities and Owners’ Equity
2017 2018 2017 2018
Current assets Current liabilities
Cash $23,046 $25,100 Accounts payable $24,184 $28,100
Accounts
receivable 13,448 16,200 Notes payable 20,000 11,800
Inventory 26,822 28,100 Other 12,571 19,100
Total $63,316 $69,400 Total $56,755 $59,000
Long-term debt $79,000 $83,424
Owners’ equity
Common stock and
paid-in surplus $48,000 $48,000
Accumulated retained
earnings 214,256 243,576
Fixed assets
Net plant and
equipment $334,695 $364,600 Total $262,256 $291,576
Total assets $398,011 $434,000 Total liabilities and
owners’ equity $398,011 $434,000
SMOLIRA GOLF CORP.
2018 Income Statement
Sales $349,760
Cost of goods sold 241,500
Depreciation 27,200
Earnings before
interest and taxes $81,060
Interest paid 15,300
Taxable income $65,760
Taxes (25%) 16,440
Net income $49,320
Dividends $20,000
Retained earnings 29,320
Find the following financial ratios for Smolira Golf Corp. (use year-end figures rather than average values where appropriate):
Short-term solvency ratios: 2014 2015
A. Current ratio times times
B. Quick ratio times times
C. Cash ratio times times
Asset utilization ratios:
D. Total asset turnover times
E. Inventory turnover times
F. Receivables turnover times
Long-term solvency ratios: 2014 2015
G. Total debt ratio times times
H. Debt–equity ratio times times
I. Equity multiplier times times
J. Times interest earned times
K. Cash coverage ratio times
Profitability ratios:
L. Profit margin
M. Return on assets
N. Return on equity

Answers

Answer:

Short-term solvency ratios: 2014 2015

A. Current ratio = current assets / current liabilities

2014 = $63,316 / $56,755 = 1.12

2015 = $69,400 / $59,000 = 1.18

B. Quick ratio = (current assets - inventory) / current liabilities

2014 = ($63,316 - $26,822) / $56,755 = 0.64

2015 = ($69,400 - $28,100) / $59,000 = 0.7

C. Cash ratio times times  = (cash + cash equivalents) / current liabilities

2014 = $23,046 / $56,755 = 0.41

2015 = $25,100 / $59,000 = 0.43

Asset utilization ratios:

D. Total asset turnover = net sales / average total assets

= $349,760 / [($398,011 + $434,000)/2] = 0.84

E. Inventory turnover times  = COGS / average inventory

= $241,500 / [($26,822 + $28,100)/2] = 8.79

F. Receivables turnover = net sales / average accounts receivables

= $349,760 / [($13,448 + $16,200)/2] = 23.59

Long-term solvency ratios: 2014 2015

G. Total debt ratio = total liabilities / total assets

2014 = $135,755 / $398,011 = 0.34

2015 = $142,424 / $434,000 = 0.33

H. Debt–equity = total liabilities / total equity

2014 = $135,755 / $262,256 = 0.52

2015 = $142,424 / $291,576 = 0.49

I. Equity multiplier = assets / equity

2014 = $398,011 / $262,256 = 1.52

2015 = $434,000 / $291,576 = 1.49

J. Times interest earned = EBIT / interest expense

= $81,060 / $15,300 = 5.3

K. Cash coverage ratio = (EBIT + non cash expenses) / interest expense

= ($81,060 + $27,200) / $15,300 = 7.08

Profitability ratios:

L. Profit margin  = net income / sales

= $49,320 / $349,760 = 0.14

M. Return on assets  = net income / average total assets

= $49,320 / [($398,011 + $434,000)/2] = 0.12

N. Return on equity = net income / average total equity

= $49,320 / [($262,256 + $291,576)/2] = 0.18

Mattola Company is giving each of its employees a holiday bonus of $200 on December 13, 20-- (a nonpayday). The company wants each employee's check to be $200. The supplemental tax percent is used.


Nobody has capped for OASDI prior to the bonus check.


a. What will be the gross amount of each bonus if each employee pays a state income tax of 2.8% (besides the other payroll taxes)? You may need to add one penny to the gross so that net bonus exactly equals $200. Round your calculations and final answers to the nearest cent.


b. What would the net amount of each bonus check be if the company did not gross-up the bonus? Round your intermediary calculations to the nearest cent.

Answers

Answer:

a. Gross amount of each bonus = $309.84

b. Net amount of each bonus = $129.10

Explanation:

Since the supplemental tax percent is used, the following are the relevant tax rates to be applied in the calculations:

STP = Supplemental tax percent = 25%

FICASO = Federal Insurance Contributions Act (FICA) social security tax = 6.2%

FICAM = Federal Insurance Contributions Act (FICA) Medicare tax = 1.45%.

SIT = State income tax = 2.8%

We therefore proceed as follows:

a. What will be the gross amount of each bonus if each employee pays a state income tax of 2.8% (besides the other payroll taxes)? You may need to add one penny to the gross so that net bonus exactly equals $200. Round your calculations and final answers to the nearest cent.

Given the tax rates above, the following formula is used to calculate the gross amount of each bonus:

Gross amount of each bonus = Holiday bonus amount / (100% - STP - FICASO - FICAM - SIT) …… (1)

Substituting the relevant values into equation (1), we have:

Gross amount of each bonus = $200/ (100% - 25% - 6.20% - 1.45% - 2.8%)

Gross amount of each bonus = $200 / 64.55%

Gross amount of each bonus = $309.837335398916

To the nearest cent which implies to two decimal places, we have:

Gross amount of each bonus = $309.84

b. What would the net amount of each bonus check be if the company did not gross-up the bonus? Round your intermediary calculations to the nearest cent.

The net amount of each bonus can be calculated using the following formula:

Net amount of each bonus = Holiday bonus amount * (100% - STP - FICASO - FICAM - SIT) …… (2)

Substituting the relevant values into equation (2), we have:

Net amount of each bonus = $200 * (100% - 25% - 6.20% - 1.45% - 2.8%)

Net amount of each bonus = $200 * 64.55%

Net amount of each bonus = $129.10

Payton Inc. reports in its Year 7 annual report, sales of $6,544 million and cost of goods sold of $2,618 million. For next year, you project that sales will grow by 3% and that cost of goods sold percentage will be 1 percentage point higher. Projected cost of goods sold for Year 8 will be:

Answers

Answer:

The projected cost of goods sold is $2,763 million

Explanation:

The computation of the projected cost of goods sold for the year 8 is shown below:

The Projected cost of goods sold is

= ($6,544 × 1.03 × ($2,618 ÷ $6,544) + 1%)  

= ($6,740  × (0.40 + 1%)

= $6,740 × 0.41

= $2,763 million

Hence, the projected cost of goods sold is $2,763 million

The same is to be considered

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $360,000. During 2021, Halifax sold merchandise on account for $12,100,000. Halifax's merchandise costs is 70% of merchandise selling price. Also during the year, customers returned $594,000 in sales for credit, with $328,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year.

Required:
1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021, and (c) adjust the refund liability to its appropriate balance at year-end.
2. What is the amount of the year-end refund liability after the adjusting entry is recorded?

1a. Record the actual sales return of merchandise sold prior to 2021.
1b. Record the cost of merchandise returned for goods sold prior to 2021.
1c. Record the actual sales return of merchandise sold during 2021.
1d. Record the cost of merchandise returned for goods sold during 2021.
1e. Record the year-end adjusting entry for estimated returns.
1f. Record the adjusting entry for the estimated return of merchandise to inventory.

3. What is the amount of the year-end refund liability after the adjusting entry is recorded?

Answers

Answer:

Halifax Manufacturing

a. Record the actual sales return of merchandise sold prior to 2021.

Debit Refund Liability $328,000

Credit Accounts Receivable $328,000

To record actual returns for sales prior to 2021.

1b. Record the cost of merchandise returned for goods sold prior to 2021.

Debit Inventory $229,600

Credit Estimated Inventory Returns $229,600

To record the cost of merchandise returned for goods sold prior to 2021.

1c. Record the actual sales return of merchandise sold during 2021.

Debit Sales Returns $266,000

Credit Accounts Receivable $266,000

To record actual returns for the current year.

1d. Record the cost of merchandise returned for goods sold during 2021.

Debit Inventory $186,200

Credit Cost of Goods sold $186,200

To record the cost of goods returned for sales during the year.

1e. Record the year-end adjusting entry for estimated returns.

Debit  Sales Returns $591,700

Credit Refund Liability $591,700

To record sales returns adjusting entry for the current year.

1f. Record the adjusting entry for the estimated return of merchandise to inventory.

Debit Estimated Inventory Returns $414,190

Credit Cost of goods sold $414,190

To record the adjusting entry for the estimated inventory returns.

3. What is the amount of the year-end refund liability after the adjusting entry is recorded?

=  $623,700

Explanation:

a) Data and Calculations:

Refund liability (beginning balance) = $360,000

Sales = $12,100,000

Cost of merchandise = $8,470,000 (70% * $12,100,000)

Actual returns during the year = $594,000

Returns for prior years =               328,000

Returns for current year =            266,000

Estimated sales returns allowance = 5% for year-end adjusting entry.

Refund liability (beginning balance) = $360,000

Actual return for prior years =              (328,000)

Allowance for current year =                  591,700

Refund liability (ending balance)  =     $623,700

Pargo Company is preparing its master budget for 2020. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Sales. Sales for the year are expected to total 1,900,000 units. Quarterly sales are 22%, 27%, 25%, and 26%, respectively. The sales price is expected to be $40 per unit for the first three quarters and $45 per unit beginning in the fourth quarter. Sales in the first quarter of 2021 are expected to be 10% higher than the budgeted sales for the first quarter of 2020.
Production Management desires to maintain the ending finished goods inventories at 25% of the next quarter's budgeted sales volume. Direct materials. Each unit requires 2 pounds of raw materials at a cost of $11 per pound. Management desires to maintain raw materials inventories at 10% of the next quarter's production requirements. Assume the production requirements for first quarter of 2021 are 495,000 pounds me Prepare the sales, production, and direct materials budgets by quarters for 2020

Answers

Answer:

Pargo Company

1. Sales Budget

Quarterly sales           1st             2nd             3rd             4th             2021

Sales                          22%           27%            25%            26%

Sales in quantity    418,000      513,000     475,000      494,000    459,800

Sales price               $40             $40           $40              $45             $45

Sales value ('000) $16,720     $20,520      $19,000     $22,2300   $20,691

2. Production Budget

Quarterly production   1st             2nd             3rd             4th          2021

Sales in quantity    418,000      513,000     475,000      494,000    459,800

Ending inventory   128,250       118,750      123,500       114,950

Beginning inventory 0             128,250        118,750      123,500

Total Production  546,250     503,500      479,750     485,450

3. Direct Materials Budget

Quarterly production                    1st             2nd              3rd             4th

Total Production (units)         546,250      503,500       479,750    485,450

Materials per unit (pounds)1,092,500    1,007,000      959,500    970,900

Ending Inventory                    100,700        95,950         97,090      49,500

Beginning Inventory              109,250       100,700         95,950      97,090

Purchases                           1,083,950    1,002,250      960,640     923,310

Cost of purchases          $11,923,450 $11,024,750 $10,567,040$10,156,410

Explanation:

a) Data and Calculations:

Expected sales = 1,900,000

Quarterly sales           1st             2nd             3rd             4th             2021

Sales                          22%           27%            25%            26%

Sales in quantity    418,000      513,000     475,000      494,000    459,800

Sales price               $40             $40           $40              $45             $45

Sales value ('000) $16,720     $20,520      $19,000     $22,2300   $20,691

Ending inventory  128,250     118,750         123,500        114,950    units

1. Accrual accounting is used by the vast majority of companies. *
O
True
O False​

Answers

Answer:

True

Explanation:

The accrual accounting system is one of the two methods of reporting or recording income and expenses. The other way is the cash system.

In the accrual method, income and expenses are accounted for when they were earned or incurred regardless of whether money changed hands. Sales are reported when goods are delivered, and the invoice is issued even if the customer has not paid.

The accrual system is the standard method of operating for many businesses, big and small. The accrual method matches revenue and income with the time of their respective economic events. The general accounting principles recommend the accrual accounting system for both the private and public sectors.

Assume General Electric Company agreed in May 2016 to construct a nuclear generator for NSTAR, a utility company serving the Boston area. General Electric Company estimated that its construction costs would be $960 million. The contract price of $1,200 million is to be paid as follows: $400 million at the time of signing; $400 million on December 31, 2016; and $400 million at completion in May 2017. General Electric incurred the following costs in constructing the generator: $384 million in 2016 and $576 million in 2017.

Required:
Compute the amount of General Electric's revenue, expense, and income for both 2016 and 2017, and for both years combined, under the cost-to-cost revenue recognition method. Enter dollar amounts in millions.

Answers

Answer:

date               revenue      costs

May 2016         $400      

Dec. 2016        $400         $384 / $960 = 40%

May 2017         $400         $576 / $960 = 60%

Revenue recognized during 2016 = $1,200 x 40% = $480 million

Expenses recognized during 2016 = $384 million

Income recognized during 2016 = $480 - $384 = $96 million

Revenue recognized during 2017 = $1,200 x 60% = $720 million

Expenses recognized during 2017 = $576 million

Income recognized during 2017 = $720 - $576 = $144 million

Combined years:

Revenue recognized = $1,200 million

Expenses recognized = $960 million

Income recognized = $240 million

After conducting research, you will need to generate ideas and organize the collected data. Simple organizational techniques will help provide structure and direction as you prepare to compose. To compose simple messages, you may need only to make a scratch list of your ideas before writing. Many messages, however, may require you to make an outline to organize your thoughts. Use the scratch list to answer the question that follows.

The Boston Hotel

a. High-end linens
b. 600-thread-count sheets
c. Coffee maker with selected teas
d. Imported beer
e. Fresh-squeezed juices
f. Affordability
g. Food and drink
h. Double-thick bath towels
i. Silk pillowcases
j. Raw silk curtains with gold embellishments
k. $100/night four-star rooms
l. Free snacks, shampoo, and conditioner
m. Free wireless Internet

Required:
What are the three major components in the preceding scratch list?

Answers

Answer:

The three major components in the preceding scratch list are High-End Linens, Affordability and Food & Drinks.

i. High-End Linens

List that falls under it includes 600-thread-count sheets, Double-thick bath towels, Silk pillowcases, Raw silk curtains with gold embellishments

ii. Affordability

List that falls under it includes $100/night four-star rooms, Free snacks, shampoo, and conditioner , Free wireless Internet

iii. Food and drink

List that falls under it includes Coffee maker with selected teas, Imported beer , Fresh-squeezed juices

Prepare an answer sheet with the column headings that follow. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-). Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included in that category.
Assest Liaabilities Net income

a. Recorded $200 Accumulated Depreciation

of depreciation Depreciation Expense

expense. -200 -200

a. Recorded $200 of depreciation expense.
b. Sold land that had originally cost $9,000 for $12,000 in cash.
c. Acquired a new machine under a financing lease.
d. The present value of future lease payments, discounted at 11%, was $11,000. Recorded the first annual payment of $2,500 for the leased machine (in part c).
e. Recorded a $6,600 payment for the cost of developing and registering a trademark. Recognized periodic amortization for the trademark (in part e) using a 40-year useful life. Sold used production equipment for $16,000 in cash.
f. The equipment originally cost $44,000, and the accumulated depreciation account has an unadjusted balance of $23,400.
g. It was determined that a $1,300 year-to-date depreciation entry must be recorded before the sale transaction can be recorded. Record the adjustment and the sale.

Answers

Answer:

             Accounts                Assets                           Liabilities     Net income

a. Depreciation Expense    -$200                                                  -$200

b. Land    / Cash                -$9,000 + $12,000                              + $3,000

c.   Equipment/Lease Liability +$11,000                 +$11,000

d.  Cash /Lease Liability         -$2,500                   -$2,500

e. Cash /Trademark             -$6,600 + $6,600

  Amortization Expense                                                                   -$165

f. & g. Cash /Equipment +$16,000 -$19,300                                -$3,300

                         

Explanation:

b. The land was sold with a gain of $3,000 ($12,000 - 9,000)

e. The trademark's amortization expense = $6,600/40 = $165 per year.

f and g. The Accounts involved are:

1. Cash +$16,000 for the sale.

2. Equipment has a debit balance of $44,000 and a credit balance of $23,400 plus Depreciation expense of $1,300.  These give a net balance of $19,300.  The equipment was sold for $16,000, recording a loss of $3,300.

3. Loss from sale of equipment = $3,300 as determined above.

Darby Company, operating at full capacity, sold 500,000 units at a price of $94 per unit during the current year. Its income statement is as follows:
Sales $47,000,000
Cost of goods sold 25,000,000
Gross profit $22,000,000
Expenses:
Selling expenses $4,000,000
Administrative expenses 3,000,000
Total expenses 7,000,000
Income from operations $15,000,000
The division of costs between variable and fixed is as follows:
Variable Fixed
Cost of goods sold 70% 30%
Selling expenses 75% 25%
Administrative expenses50% 50%
Management is considering a plant expansion program for the following year that will permit an increase of $3,760,000 in yearly sales. The expansion will increase fixed costs by $1,800,000 but will not affect the relationship between sales and variable costs.
Required:
1. Determine the total variable costs and the total fixed costs for the current year.
Total variable costs $_____
Total fixed costs $_____
2. Determine (a) the unit variable cost and (b) the unit contribution margin for the current year.
Unit variable cost $_____
Unit contribution margin $_____
3. Compute the break-even sales (units) for the current year.
4. Compute the break-even sales (units) under the proposed program for the following year.
5. Determine the amount of sales (units) that would be necessary under the proposed program to realize the $15,000,000 of income from operations that were earned in the current year.
6. Determine the maximum income from operations possible with the expanded plant.
7. If the proposal is accepted and sales remain at the current level, what will the income or loss from operations be for the following year?
8. Based on the data given, would you recommend accepting the proposal?
a. In favor of the proposal because of the reduction in break-even point.
b. In favor of the proposal because of the possibility of increasing income from operations.
c. In favor of the proposal because of the increase in break-even point.
d. Reject the proposal because if future sales remain at the current level, the income from operations will increase.
e. Reject the proposal because the sales necessary to maintain the current income from operations would be below the current year sales.

Answers

Answer:

Darby Company

1. Determination of the total variable costs and the total fixed costs for the current year.

Total variable costs $_____22,000,000

Total fixed costs $_____10,000,000

2. Determination of (a) the unit variable cost and (b) the unit contribution margin for the current year.

Unit variable cost $_____44 ($22,000,000/500,000)

Unit contribution margin $_____50 ($94 - $44)

3. Compute the break-even sales (units) for the current year:

Break-even sales (units) = Fixed Costs/Contribution per unit

= $10,000,000/$50 = 200,000 units

4. Compute the break-even sales (units) under the proposed program for the following year.

Break-even sales (units) = Fixed costs/Contribution per unit

= $11,800,000/$50 = 236,000

5. Determine the amount of sales (units) that would be necessary under the proposed program to realize the $15,000,000 of income from operations that were earned in the current year

Break-even sales (units) to achieve income target = (Fixed costs + Income target)/Contribution per unit

= ($11,800,000 + 15,000,000)/$50

= 536,000

6. Determine the maximum income from operations possible with the expanded plant.

Income Statement for the current year  

Next Year's Financials:

                                              Total

Sales                                   $50,760,000 ($94 * 540,000)

Expenses:

Total variable                       23,760,000 ($44 * 540,000)

Fixed costs                            11,800,000 ($10,000,000 + $1,800,000)

Income from operations  $15,200,000

7. If the proposal is accepted and sales remain at the current level, what will the income or loss from operations be for the following year?

                                              Total

Sales                                   $47,000,000 ($94 * 500,000)

Expenses:

Total variable                       22,000,000 ($44 * 500,000)

Fixed costs                            11,800,000 ($10,000,000 + $1,800,000)

Income from operations  $13,200,000

8. Based on the data given, would you recommend accepting the proposal?

Unless the proposal results to an increase in the units sold, it is not acceptable as can be seen from (7) above. However, it is very acceptable if sales unit will increase by 40,000 units as illustrated in (6) above.

b. In favor of the proposal because of the possibility of increasing income from operations.

Explanation:

a) Data and Calculations:

Income Statement for the current year  

Sales                                  $47,000,000        

Cost of goods sold             25,000,000                

Gross profit                      $22,000,000

Expenses:

Selling expenses               $4,000,000

Administrative expenses    3,000,000

Total expenses                    7,000,000

Income from operations $15,000,000

Sales volume = 500,000 units

Selling price = $94

Division of costs between variable and fixed is as follows:

                             Variable  Fixed    Variable        Fixed      Total

Sales                                                                                            $47,000,000

Cost of goods sold  70%     30%     $17,500,00   7,500,000      25,000,000

Gross profit                                                                                 $22,000,000

Expenses:

Selling expenses     75%     25%      3,000,000    1,000,000       4,000,000

Administrative exp. 50%     50%      1,500,000    1,500,000       3,000,000

Total expenses                                 4,500,000   2,500,000       7,000,000

Total variable and fixed costs       22,000,000  10,000,000    32,000,000

Income from operations                                                            $15,000,000

Next Year's Financials:

                             Variable  Fixed    Variable        Fixed      Total

Sales                                                                                            $50,760,000

Cost of goods sold  70%     30%     $17,500,00   7,500,000      25,000,000

Gross profit                                                                                 $22,000,000

Expenses:

Total variable and fixed costs       22,000,000  11,800,000

Income from operations                                                            $15,000,000

What are the limitations and risks of a marketing strategy that does not contemplate the responses of your competitors

Answers

Answer:

Throughout the clarification section following, the definition of the given query is explained.

Explanation:

Right, businesses face fierce competition through competitiveness throughout today's time, because it has become extremely necessary for organizations to develop a marketing campaign that makes companies contemplate consumer response.

After all, if any business marketing plan doesn't somehow anticipate competition reaction, then all these threats can occur:

Someone's brand sales should decline as consumers should choose the brand of their rivals. Your company's market position as well as business growth would decline as well as the brand's rivals will rise. Throughout the life cycle of the product, your company will hit the decline point. Your business's share price could decline.

The following is a list of accounts and adjusted amounts for Rollcom, Inc., for the fiscal year ended September 30, 2018. The accounts have normal debit or credit balances.

Accounts Payable $39,000
Accounts Receivable 66,400
Accumulated Depreciation 21,400
Cash 80,200
Common Stock 94,700
Equipment 90,600
Income Tax Expense 10,490
Notes Payable (long-term) 1,490
Office Expenses 6,290
Rent Expense 164,100
Retained Earnings 99,790
Salaries and Wages Expense 128,600
Sales Revenue 325,400
Supplies 35,100

Required:
Prepare an adjusted trial balance at September 30, 2018.

Answers

Answer:

DEBIT SIDE $581,780

CREDIT SIDE $581,780

Explanation:

Preparation of adjusted Trial balance

Trial balance at September 30, 2018

DEBIT SIDE

Cash 80,200

Account receivable 66,400

Supplies 35,100

Equipment 90,600

Salaries and wages expense 128,600

Rent expense 164,100

Office expense 6,290

Income tax expense 10,490

TOTAL $581,780

CREDIT SIDE

Accumulated depreciation 21,400

Account payable 39,000

Notes payable 1,490

Common Stock 94,700

Retained earnings 99,790

Sales revenue 325,400

TOTAL $581,780

Eulis Co. has identified an investment project with the following cash flows. YearCash Flow 1 $1,130 2 1,000 3 1,510 4 1,870 If the discount rate is 9 percent, what is the present value of these cash flows

Answers

Answer:

Total present value= $4,369.14

Explanation:

Giving the following information:

Year Cash Flow

1 $1,130

2 $1,000

3 $1,510

4 $1,870

Discount rate= 9%

To calculate the present value, we need to use the following formula on each cash flow:

PV= Cf/(1+i)^n

PV1= 1,130/1.09= 1,036.70

PV2= 1,000/1.09^2= 841.68

PV3= 1,510/1.09^3= 1,166

PV4= 1,870/1.09^4= 1,324.76

Total present value= $4,369.14

Definition of economic costs
Darnell lives in Philadelphia and runs a business that sells pianos. In an average year, he receives $842,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $452,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $38,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Darnell does not operate this piano business, he can work as an accountant and receive an annual salary of $48,000 with no additional monetary costs. No other costs are incurred in running this piano business.
Identify each of Darnell's costs in the following table as either an implicit cost or an explicit cost of selling pianos.
Implicit Cost
Explicit Cost
The wholesale cost for the pianos that Darnell pays the manufacturer
The salary Darnell could earn if he worked as an accountant
The wages and utility bills that Darnell pays
The rental income Darnell could receive if he chose to rent out his showroom
Complete the following table by determining Darnell's accounting and economic profit of his piano business.
Profit
(Dollars)
Accounting Profit
Economic Profit
If Darnell's goal is to maximize his economic profit, he( should, should not) stay in the piano business because the economic profit he would earn as an accountant would be $______.

Answers

Answer:

Definition of Economic Costs

Implicit and Explicit Costs:

The wholesale cost for the pianos that Darnell pays the manufacturer  Explicit Cost

The salary Darnell could earn if he worked as an accountant  Implicit Cost

The wages and utility bills that Darnell pays  Explicit Costs

The rental income Darnell could receive if he chose to rent out his showroom  Implicit Cost

Complete the following table by determining Darnell's accounting and economic profit of his piano business.

Profit

(Dollars)

Accounting Profit        $89,000

Economic Profit             $3,000 ($89,000 - 86,000)

If Darnell's goal is to maximize his economic profit, he( should, should not) stay in the piano business because the economic profit he would earn as an accountant would be $__86,000____.

This economic profit includes the rental and salary income that Darnell can earn.

Explanation:

a) Data:

Sales Revenue = $842,000

Cost of goods sold 452,000

Wages & Utilities = 301,000

Opportunity cost of showroom = $38,000

Opportunity cost of employment = $48,000

Total opportunity cost = $86,000

Profit           (Dollars)

Sales Revenue =   $842,000

Cost of goods sold 452,000

Gross profit            $390,000

Wages & Utilities =   301,000

Net Income             $89,000

Opportunity cost of showroom = $38,000

Opportunity cost of employment = $48,000

Total opportunity cost = $86,000

The Titanic Shipbuilding Company has a noncancelable contract to build a small cargo vessel. Construction involves a cash outlay of $273,000 at the end of each of the next two years. At the end of the third year the company will receive payment of $650,000. Assume the IRR of this option exceeds the cost of capital. The company can speed up construction by working an extra shift. In this case there will be a cash outlay of $595,000 at the end of the first year followed by a cash payment of $650,000 at the end of the second year. Use the IRR rule to show the (approximate) range of opportunity costs of capital at which the company should work the extra shift.

The company should work the extra shift if the cost of capital is between ___________ % and ___________ %

Answers

Answer:

19% to 19.7%

Explanation:

Cost of capital is the firm cost of sources of financing. It includes debt, equity and all other sources of finance with keeping the track of their required rate of return. The cost of capital is the expected return which is required by the lenders of fund.

Martinez Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets.

Projected Benefit Obligation Plan Assets Value
2019 $2,340,000 $2,223,000
2020 2,808,000 2,925,000
2021 3,451,500 3,042,000
2022 4,212,000 3,510,000

The average remaining service life per employee in 2019 and 2020 is 10 years and in 2021 and 2022 is 12 years. The net gain or loss that occurred during each year is as follows:

2019, $327,600 loss; 2020, $105,300 loss; 2021, $12,870 loss; and 2022, $29,250 gain. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.)

Required:
Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule.

Year Minimum Amortization of Loss
2013 $
2014 $
2015 $
2016 $


Answers

Answer:

2020  $11,700

2021  $8,080

2022  $14,040

Explanation:

PBO = Projected benefit Obligation

PA =  Plan Asset

Acc. OCI  = Accumulated OCI Gain /  Loss

Min. Amort loss = Minimum Amortization of Loss

Year : PBO ; PA ; Corridor 10% ; Acc. OCI ;  Min. Amort loss

2019 : $2,340,000 ;  $2,223,000 ;  $234,000

2020 : $2,808,000 ;  $2,925,000 ;  $280,800 ;  $397,800 ; 11,700

2021 :  $3,451,500 ;  $3,042,000 ;  $345,150 ;  $264,350 ; 8,080

2022 :  $4,212,000 ;  $3,510,000 ;  $421,200 ;  $280,800 ; 14,040

Jim's Espresso expects sales to grow by 10.3 % next year. Using the following statements and the percent of sales​ method, forecast:

a. Costs
b. Depreciation
c. Net Income
d. Cash
e. Accounts receivable
f. Inventory
g.​ Property, plant, and equipment ​(​Note: Make sure to round all intermediate calculations to at least five decimal​ places.)

The Tax Cuts and Jobs Act of 2017 temporarily allows​ 100% bonus depreciation​ (effectively expensing capital​ expenditures). However, we will still include depreciation forecasting in this chapter and in these problems in anticipation of the return of standard depreciation practices during your career.



Balance Sheet
Assets
Cash and Equivalents $15,050
Accounts Receivable 2070
Inventories 4090
Total Current Assets $21,210
Property, Plant and Equipment 10050
Total Assets $31,260

Liabilities and Equity:
Accounts Payable $1,580
Debt 3930
Total Liabilities $5,510
Stockholders' Equity 25750
Total Liabilities and Equity $31,260

Income Statement:
Sales $204,560
Costs Except Depreciation (99,880)
EBITDA $104,680
Depreciation (5,960)
EBIT $98,720
Interest Expense (net) (410)
Pretax Income $98,310
Income Tax (34,409)
Net Income $63,901

The forecasted costs will be :___________

Answers

Answer:

Jim's Espresso

The forecasted costs will be :___________

a. Costs                = $110,168

b. Depreciation    = $6,575

c. Net Income      = $70,482

d. Cash                = $16,600

e. Accounts receivable  = $2,283

f. Inventory          = $4,511

g.​ Property, plant, and equipment = $11,085

Explanation:

a) Data and Calculations:

Sales growth = 10.3%

Balance Sheet

Assets                                                         Percentage of sales

                                                                   Current      Forecast

Cash and Equivalents              $15,050     0.07357    $16,600

Accounts Receivable                    2070     0.01012         2,283

Inventories                                    4090     0.01999         4,511

Total Current Assets                $21,210      

Property, Plant and Equipment 10,050     0.04913        11,085

Total Assets                             $31,260

Liabilities and Equity:

Accounts Payable                     $1,580

Debt                                             3930

Total Liabilities                         $5,510

Stockholders' Equity               25750

Total Liabilities and Equity   $31,260

Income Statement:              Current      %              Forecast

                                               Year

Sales                                 $204,560      1              $225,630

Costs Except Depreciation (99,880)     0.48827     (110,168)

EBITDA                              $104,680      0.51173

Depreciation                         (5,960)     0.02914        (6,575)

EBIT                                    $98,720      0.48260

Interest Expense (net)              (410)     0.00200

Pretax Income                    $98,310      0.48059

Income Tax                         (34,409)     0.16821

Net Income                        $63,901      0.31238       $70,482

The forecasts are based on sales of the current year and the next year.

Balance Sheet Data Income Statement Data
Cash $600,000 Accounts payable $720,000 Sales $12,000,000
Accounts receivable 1,200,000 Accruals 240,000 Cost of goods sold 7,200,000
Inventory 1,800,000 Notes payable 960,000 Gross profit 4,800,000
Current assets 3,600,000 Current liabilities 1,920,000 Operating expenses 3,000,000
Long-term debt 2,400,000 EBIT 1,800,000
Total liabilities 4,320,000 Interest expense 403,200
Common stock 720,000 EBT 1,396,800
Net fixed assets 3,600,000 Retained earnings 2,160,000 Taxes 488,880
Total equity 2,880,000 Net income $907,920
Total assets $7,200,000 Total debt and equity $7,200,000
If I remember correctly, the DuPont equation breaks down our ROE into three component ratios: the turnover ratio, and the the total asset And, according to my understanding of the DuPont equation and its calculation of ROE, the three ratios provide insights into the company's effectiveness in using the company's assets, and Hydra Cosmetics Inc. DuPont Analysis Ratios Value Correct/Incorrect Value Correct/Incorrect Ratios Asset management ratio Total assets turnover 1.67 Profitability ratios Gross profit margin (%) Operating profit margin (%) Net profit margin (%) Return on equity (%) 40.00 11.64 14.55 40.58 Financial ratios Equity multiplier 1.67 Do not round intermediate calculations and round your final answers up to two decimals. Hydra Cosmetics Inc. DuPont Analysis Calculation Value Numerator Denominator Ratios Profitability ratios Gross profit margin (%) Operating profit margin (%) Net profit margin (%) Return on equity (%) Asset management ratio Total assets turnover Financial ratios Equity multiplier Check all that apply. Reduce the company's operating expenses, its cost of goods sold, and/or the interest rate on its borrowed funds because this will increase the company's net profit margin. Increase the cost and amount of assets necessary to generate each dollar of sales because it will increase the company's total assets turnover. Increase the efficiency of its assets so that it generates more sales with each dollar of asset investment and increases the company's total assets turnover. Increase the interest rate on its notes payable or long-term debt obligations because it will reduce the company's net profit margin.

Answers

Question attached

Answer and Explanation:

Find answer and explanation attached

Which factors influence changes in consumer demand? Check all that apply.
market share
elasticity
O international trade
O clearance sales
O income

Answers

Answer:

2,4, and 5

Explanation:

Answer:

elasticity

clearance

income

Explanation:

when the business cycle or economic activity is declining the economy is said to be what

Answers

Answer:

Contraction

Explanation:

Contraction is when the level of economic activities in a country goes down. There is decreased productivity in the country, as indicated by a decline in the GDP value. At contraction, the economy will experience a drop in real incomes, retail sales, and industrial production. The unemployment rate begins to rise steadily as companies stop hiring while other lay-off workers due to reduced demand.

Journalize the following transactions for Cullumber Company.

Sept. 1 Purchased supplies for $1,100 cash.
5 Paid $490 cash dividend to stockholders.
7 Received $6,300 down payment from customer for services to be provided in the future.
16 Received $850 cash from a previously billed customer for payment of services provided in the prior month.
22 Purchased equipment for $3,800 by paying $1,500 cash and issued a note payable for the balance.

Answers

Answer:

Sept. 1      DR Supplies                                             $1,100

                      CR Cash                                                               $1,100

Sept 5.      DR Retained Earnings                             $490

                        CR Cash                                                               $490

Sept 7        DR Cash                                                   $6,300

                         CR Unearned Service Revenue                       $6,300

Sept 16       DR Cash                                                      $850

                         CR Accounts Receivable                                       $850

Sept 22       DR Equipment                                           $3,800

                          CR Cash                                                                $1,500

                                 Notes Payable (3,800 - 1,500)                      $2,300  

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