Answer:
Debit : Impairment loss $21,400
Credit : Accumulated impairment loss $21,400
Explanation:
An Asset is impaired when its Carrying Amount > Recoverable Amount
where,
Carrying Amount = Cost - Accumulated depreciation
therefore,
Carrying Amount = $963,000 - $406,600 = $556,400
and
Recoverable Amount is the higher of
1. Value in use = $535,000
2. Fair Value less cost to sell $428,000
therefore,
Recoverable Amount is $535,000
Conclusion :
Since, Carrying Amount ($556,400) > Recoverable Amount ($535,000), the asset is impaired.
Impairment loss = $21,400 ($556,400 - $535,000).
V. Wheat is the main input in the production of flour. If the price of wheat decreases, then we would expect:
1. Demand for flour to increase
2. Demand for flour to decrease.
3. Supply of flour to increase.
4. supply of flour to decrease
Answer:
3. Supply of flour to increase.
Explanation:
The situation above is showing a direct proportional relationship between the "wheat," as a main ingredient of flour, and the flour itself.
If the price of wheat decreases, suppliers will be interested in buying more of it in order to produce more quantities of flour at a lower cost because it will more likely lead to a higher profit. This will, therefore, increase the supply of flour in the market.
When cash is received from a stockholder in exchange for common stock, the transaction is recorded by debiting Cash and crediting a(n): Multiple Choice
Answer:
Equity account
Explanation:
In the case when the cash is received in exchange of the common stock so here the cash is debited and credited the common stock i.e. equity account
The journal entry is
Cash Dr XXXXX
To Common stock XXXXX
(Being exchange is recorded)
here cash is debited as it increased the assets and credited the common stock as it also increased the equity
Ivanhoe, Inc. estimates the cost of its physical inventory at March 31 for use in an interim financial statement. The rate of markup on cost is 20%. The following account balances are available: Inventory, March 1 $540000 Purchases 420000 Purchase returns 10000 Sales during March 720000 The estimate of the cost of inventory at March 31 would be $240000. $350000. $230000. $360000.
Answer:
$ 410,000
Explanation:
Mark Up = 20% or 1/5
Therefore margin = 1/ 5 -1 = 1/4
Trading Account for the Month Ended March 31
Sales 720000
Less Cost of Sales
Opening Inventory $540000
Add Purchases 420000
Less Purchases Returns (10000)
Less Closing Inventory 410,000 540,000
Gross Profit 180,000
One of the most important issues for Mr. Reuben to address beyond the desires of the employees for particular types of benefits is that of ensuring each benefit policy is legally compliant. Which law/regulation applies to the benefits the company may utilize
Question Completion:
Multiple Choice :
a. Family Medical Leave Act
b. Americans with Disabilities Act
c. Pregnancy Discrimination Act
d. Age Discrimination in Employment Act
e. All of these answers are correct
Answer:
The law/regulation which applies to the benefits the company may utilize is:
a. Family Medical Leave Act
Explanation:
The Family and Medical Leave Act of 1993, gives employees the opportunity to take leave from their work for specific family and medical reasons without affecting their normal annual leave. Unlike the other laws mentioned, which attempt to prohibit discrimination against persons with disabilities, (Americans with Disabilities Act 1990), against Pregnancy (Pregnancy Discrimination Act of 1978), and against age (Age Discrimination in Employment Act 1967), the Family and Medical Leave Act provides benefits to employees.
The managing activity of organizing
A). determines groups and assigns work activities
B). determines goals, strategies, and tactics
C). compares expected performances with actual performances
D). plans and monitors strategy implementation
Answer:
A). determines groups and assigns work activities
Explanation:
Organizing is the function of management that allows development of an organizational structure and allocate the work activities to ensure the completion of objectives.
The managing activity of organizing determines the groups suitable for the objective and the assign task or work on the basis of skills and other parameters to the groups.
Hence, the correct answer is "A)".
help!
When the firm increases the output from 210 to 220 surfboards, then the marginal cost (MC) is: *
a. $500
b. $50
c. $10
d. None of the above.
Answer:
$50 per additional surfboard produced
Explanation:
1 extra unit of labor is required to increase production from 210 to 220 surfboards.
each unit of labor costs $500 per week
the marginal cost for the whole batch of 10 surfboards = $500, but we must calculate it on a per unit basis = $500 / (220 - 210) = $50 per additional surfboard produced
As long as price is sufficient to cover ________, the firm is better off by operating rather than by shutting down. A) marginal cost B) average fixed cost
Answer:
A
Explanation:
A firm should shutdown if its price is below average variable cost or marginal cost.
Marginal cost is the change in cost as a result of increasing output by one unit.
Assume that while the budget balance in Conania changes from positive to negative, capital inflow in Conania also decreases. How will this affect private investment spending in Conania
Answer and Explanation:
In the case when the budget balance of the Conania varies i.e. from positive to negative so the capital inflow would decrease
Now this impact private investment spending in such a way that the situation would become worst and this would lead a serious crowding effect that ultimately reduce the economy
Hence, the same is relevant
In China, suppose GDP per capita grows by 6.0% per year for 27 years . By how many times does this economy grow
Answer: 4.82 times
Explanation:
GDP grows by 6.0% for 27 years. To find out how many times it will grow by, use the following:
= (1 + growth rate) ^ no. of periods
= (1 + 6%)²⁷
= 4.8223
= 4.82 times
If sellers of scarce resources are not allowed to increase prices to equilibrate supply and demand after a disaster, how do you think these resources should be allocated among the population
Answer:
Explanation:
During a natural disaster, resources should be allocated to among the population on a basis of necessity and with a specific limit per individual. For example, items such as food and water should be provided to each individual evenly while other items such as bandages and medicine should be allocated on the basis of necessity. This means that if an individual does not need the item to survive and as an emergency then they should not be given the item/resource. This would be the best and most efficient way to distribute resources during a natural disaster.
A team is always picking reasonable action items but is later not delivering on them. How do you handle this habit
When completed units are sold: Finished Goods Inventory account is debited. Cost of Goods Sold account is credited. Finished Goods Inventory account is credited. Work-in-Process Inventory account is credited. Cost of Goods Manufactured account is credited.
Answer:
C. Finished Goods Inventory account is credited.
Explanation:
In a perpetual system of inventory; which can be defined as a method of financial accounting, that involves the updating informations about an inventory on a continuous basis (in real-time) as the sales or purchases are being made by the customers, through the use of enterprise management software applications and a digitized point-of-sale equipment.
Under a perpetual system of inventory, updates of the journal entry for cost of goods sold or received would include debiting accounts receivable and crediting sales immediately as it is being made and Finished Goods Inventory account is also credited. The advantage of the perpetual system of inventory over the periodic system of inventory is that, it ensures the inventory account balance is always accurate provided there are no spoilage, theft etc.
Hence, when completed units are sold, Finished Goods Inventory account is credited.
How will the aggressive e-commerce plan implemented by Walmart affect operations at its retail locations
Answer and Explanation:
As we know that Walmart has the biggest size as a strength. Even there is market saturation but still it opened various retail stores. having more than 10,000 stores in international market it seen that there is large amount of profits. Now after implementing the new e-commerce plan the Walmart leave the competition behind as it helped in covering the great amount of customers range due to this it would create a favorable response also it would be helped in online shopping. having e-commerce plan will give the benefit to generate more sales as compared to before
Basically, an e-commerce plan is a plan that defines various factors that go into an online store's launch and the continued growth.
The aggressive e-commerce plan is implemented to achieved the goals of the online store at rapid rate.
The impact of the aggressive e-commerce plan implemented includes:
break-through salessubstantial online-based market sharegaining customer loyaltycustomer satisfaction etcRead more about e-commerce plan
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Students will write a thorough explanation of the impact of price ceilings would have on the field of medicine in the United States.
(USE EXAMPLES AND EXPLAIN THEM!)
Be sure to consider both the impact on demand as well as supply.
100 points!
Consider these areas in the medical field:
# of doctors
Research & Development of procedures/equipment/Rx Drugs
Quality of hospitals
& remember to take a stance... make a claim! ... Price ceilings would be good.... or ...Price Ceilings would be bad...
Answer: Price ceilings are beneficial to society, and are often necessary, in that they make sure that essential goods are financially accessible to the average person, at least in the short run. By lowering costs, price ceilings also have the beneficial effect of helping to stimulate demand, which can contribute to the health of an economy.
However, there can also be downsides to price ceilings. While they stimulate demand, price ceilings can also cause shortages. Where the ceiling is set, there is more demand than at the equilibrium price. This means that the amount of the good or service supplied is less than the quantity demanded.
For example: in agriculture, medicine, and education, many governments set maximum prices to make the needed goods or services more affordable. Producers may respond to such an economic situation by rationing supplies, decreasing production levels or lowering the quality of production, making the consumer pay extra for otherwise free elements of the good (features, options, etc.), and more.
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Suppose that government officials have decided to implement expansionary fiscal policies. What are their desired outcomes
Answer:
The goals of expansionary fiscal policies are to reduce unemployment rate, increase aggregate demand (rightward shift of aggregate demand curve), increase aggregate supply (rightward shift of aggregate supply curve), and as a result increase real GDP.
Expansionary fiscal policies can be either:
increase government spendingdecrease taxesg On November 1, 2020, 5M Corporation entered into a purchase contract (not subject to revision or cancellation) to purchase 750 units of inventory for $50 per unit before January 1, 2021. The company uses the LIFO inventory method. a. If the inventory has a market price of $45 per unit on November 30, 2020, what entry (if any) does 5M Corporation record
Answer and Explanation:
The journal entry is shown below;
Estimated loss on purchase commitment (750 units × ($50 - $45) $3,750
To Estimated liability on purchase commitment $3,750
(Being estimated loss is recorded)
Here the estimated loss is debited as it increased the loss and estimated liability is credited as it also increased the liability
f $1000 is invested at 6% interest, compounded annually, then after n years the investment is worth an
Answer:
Results are below.
Explanation:
Giving the following information:
Initial investment= $1,000
Annual interest rate= 6% = 0.06
Number of periods= n
To calculate the future value after "n" periods, we need to use the following formula:
FV= PV*(1+i)^n
For example:
n= 6 years
FV= 1,000*(1.06^6)
FV= $1,418.52
How do the entrepreneurs in conflict-ridden areas illustrate innovation in their businesses?
Entrepreneurs create a simple product that is in high demand and reaps enormous rewards for both producers and consumers to demonstrate that straightforward concepts executed with the proper motivation can be very successful.
Who are Entrepreneurs?An entrepreneur is someone who establishes or runs their own company. Entrepreneurs are businesspeople who succeed by taking chances, whether they be in the farming, retail, manufacturing, or service sectors. They frequently cause disruption in well-established industries while pursuing their goals.
Businesses can prosper thanks to innovation since it offers original solutions to issues and enables business owners to use their imagination to the fullest in order to increase the value of their brand in the marketplace. Innovation helps businesses increase their inventiveness and enables businesses to make ongoing changes.
Therefore, To show that basic ideas carried out with the right motivation can be extremely successful, entrepreneurs construct a simple product that is in high demand and reaps enormous advantages for both producers and consumers.
Learn more about Entrepreneurs, here;
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A company manufactured 50,000 units of a product at a cost of $450,000. It sold 45,000 units at $15 each. The gross profit is
Answer:
$270,000
Explanation:
Calculation for The gross profit
Using this formula
Gross profit = Sales + Cosing stock - Purchases
Let plug in the formula
Gross profit =(45,000*15) +
(450,000/50,000)*5,000 - 450,000
Gross profit =$675,000+(9*5,000)-450,000
Gross profit =$675,000+$45,000-450,000
Gross profit = $270,000
Therefore The gross profit is $270,000
Think of a business that utilized one of the three methods of innovation to start their business, identify the business, the type of innovation (Architect, Sunbird, or Integrator) and briefly describe the innovation that they created/developed.
Answer:
There are three types of innovation.
Product, Process and business Model.
The company Amazon is one of the leading online business in the world. It has achieved success through process innovation.
Explanation:
Amazon has created a culture of innovation in its organization. The employee working in the amazon are free to share their innovative ideas and management considers those ideas when making strategic planning of business. This is the reason amazon has been able to launch many different types of technological innovations which provide support to their customers and their shopping experience is comfortable.
Management needs to be prepared to deal with problems and seize opportunities as they arise. A company often identifies alternative courses of action to be taken if events undercut a strategic or tactical plan. These are called _____ plans.
Answer:
contingency.
Explanation:
Management needs to be prepared to deal with problems and seize opportunities as they arise. A company often identifies alternative courses of action to be taken if events undercut a strategic or tactical plan. These are called contingency plans.
A contingency plan can be defined as a set of alternative plans that are designed and developed by an organization for continuous operation of the business in case of an emergency or when there is a failure in the primary (core) plan.
"Tom, at Bode Corporation we align our individual goals with the company's goals.
That is, as managers, we use
to drive ourselves and our employees
to accomplish key goals that are linked with the company's success," said Tom's new
CEO.
remuneration
contingency management
quantitative management
management by objective
time-and-motion studies
Jeanne Connors purchased a digital camera at a sale price of $175.99. The regular selling price is $219.99. What was the markdown as a percentage
A loan officer at Southwest Bank is considering a loan application from Preferred Pet Care, Inc. He is concerned about the company's ability to make payments on the loan. The loan officer is likely to be interested in Preferred Pet Care's statement of cash flows True
Answer:
True
Explanation:
This is true, the loan officer would be interested in Preferred Pet Care's statement of cash flow. This statement basically gives the loan officer all of the required information regarding how much cash is entering and leaving the Pet Care's business. This, therefore, gives the loan officer an idea of how much profit the Pet Care business is making and that will determine whether or not they will be able to pay back the loan if it was granted to them. The statement will need to prove that the profit being generated is enough to pay back the loan without making the Pet Care business go into debt.
The Weimer Corporation wants to accumulate a sum of money to repay certain debts due on December 31, 2030. Weimer will make annual deposits of $185,000 into a special bank account at the end of each of 10 years beginning December 31, 2021. Assuming that the bank account pays 7% interest compounded annually, what will be the fund balance after the last payment is made on December 31, 2030
Answer:
FV= $2,400,927.92
Explanation:
Giving the following information:
Annual deposits= $185,000
Number of compounding periods= 9 years
Number of deposits= 10
Interest rate= 7%
To calculate the future value, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {185,000*[(1.07^9) - 1]} / 0.07 + 185,000
FV= $2,400,927.92
In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of:
Answer:
all consumers ................
year to date, company y had earned a 7 percent return. during the same time peropd, company r earned 9.25 percent and company c earned -2.25 percent. if you have a portfolio made up of 35 percent y, 40 percent r and 25 percent c, what is your portfolio return
Answer:
the portfolio return is 5.5875%
Explanation:
The computation of the portfolio return is shown below;
Company Return Investment % Return × Investment
Y 7% 35% 2.4500%
R 9.25% 40% 3.7000%
C -2.25% 25% -0.5625%
Total 5.5875%
Hence, the portfolio return is 5.5875%
Suppose that the government wishes to decrease the market equilibrium monthly rent by increasing the supply of housing. Assuming that demand remains unchanged, by how many units of housing would the government have to increase the supply of housing in order to get the market equilibrium rental price to fall to $1500 per month
Answer:
If the government wants to get the market equilibrium rental price to fall to $1,500 per month, it must build as much housing as needed in order to match the supply of housing with the demand of housing that results from a rental price of $1,500 per month. Like this, both supply and demand will be equal, and the equilibrium price of $1,500 will be reached.
For example, if at $1,500 the quantity of housing demanded is 200 units, and the current housing stock is 150 units, the government will have to build 50 additional housing units in order to match supply and demand.
On January 2, 2018, Howdy Doody Corporation purchased 13% of Ranger Corporation's common stock for $52,000. Ranger's net income for the years ended December 31, 2018 and 2019, were $13,000 and $56,000, respectively. During 2018, Ranger declared and paid a dividend of $67,000. On December 31, 2018, the fair value of the Ranger stock owned by Howdy Doody had increased to $66,000. How much should Howdy Doody show in the 2018 income statement as income from this investment
Answer: $22710
Explanation:
First and foremost, we have to calculate the dividend that was received by Howdy Doody corporation which will be:
= $67000 × 13%
= $67000 × 0.13
= $8710
Then, we calculate the increase in the fair value of the stock that was credited to the income statement which will be:
= $66000 - $52000
= $14000
We then add both the dividend received and the increase in fair value which will be:
= $8710 + $14000
= $22710
Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.
Complete Question:
Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product.
Date Activities Units Acquired at Cost Units sold at Retail
Jan. 1 Beginning inventory 140 units $6.00-$ 840
Jan. 10 Sales 100 units at $15
Jan. 20 Purchase 60 units $5.00 300
Jan. 25 Sales 80 units at $
Totals 380 $1,950 180 units
Required The Company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.
Answer:
Cost of goods sold = $1,025
Ending inventory = $925
Explanation:
a) Data and Calculations:
Units of goods available for sale for the period = 380
Units of goods sold during the period = 180
Units of goods in ending inventory = 200 (380 - 180)
b) Cost of goods sold = Cost of goods available for sale minus ending inventory
= $1,950 - $925
= $1,025
c) Ending Inventory:
180 are from the January 30 purchase at $4.50 = $810
5 are from the January 20 purchase at $5.00 = $25
15 are from beginning inventory at $6.00 = $90
200 units Total cost of ending inventory = $925
d) The cost of goods available for sale consists of the cost of goods sold and the cost of ending inventory. The cost of goods sold under the periodic inventory system is derived by first calculating the cost of ending inventory, which has specific identification. Then this ending inventory cost is deducted from the cost of goods available for sale for the period.