Answer:
Liability needs to be reduced by cash refunds that are made to customers as and when the containers are returned.
Cash refunds = Deposits collected * Percentage returned
Cash refunds = $100,000 * 95%
Cash refunds = $95,000
Date General Journal Debit Credit
Liability - Refundable Deposits $95,000
Cash $95,000
explain the characteristics strengths, weaknesses of quantitative
hope it helps...
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What internal dimensions of the company were part of the problems that
occurred?
If you have a bank account whose principal = $1000, and your bank compounds the interest twice a year at an interest rate of 5%, how much money do you have in your account at the year's end?
Answer:
1,050.63
Explanation:
The amount in the bank will be the same as the future value of the principal amount at 5% interest. The formula for calculating compound interest is
FV = PV × (1+r)n
where FV = Future Value
PV = Present Value
r = annual interest rate
n = number of periods
In this case, Pv =$1000, r =5%, n =2. since there two periods in the year, the interest rate will be divided by two, 5%/2= 2.5%
FV= 1000 x (1+2.5/100) 2
Fv = 1000 x ( 1 + 0.025)2
fv = 1000 x 1.050625
fv= 1,050.625
The amount will be $ 1,050.625
The ethical dilemma in the Getaway Cruise Lines case can best be described as: The external auditors are being blocked by the client in attempting to verify accounting treatment of surplus electricity and water provided by the client to the local government The external auditors question the requirement to make facilitating payments to the local authorities The Director of International Accounting questions the requirement to provide surplus electricity and water to the local government The Director of International Accounting questions the requirement to provide surplus electricity and water and make facilitating payments to the local authorities
Answer:
The Getaway Cruise Lines
The ethical dilemma in the Getaway Cruise Lines case can best be described as:
The Director of International Accounting questions the requirement to provide surplus electricity and water and make facilitating payments to the local authorities
Explanation:
Kirsten as the Director of International Accounting faces an ethical dilemma or with the difficult choice of assuaging the demands of the Brazilian authorities or complying with her company's high ethical standards, including the issue of foreign bribes in the US.
For example, an ethical dilemma or moral judgement call is required when Kirsten is faced with the difficult choice of two courses of action, either of which entails transgressing a moral principle.
A clearing corporation agent or depository for securities transactions A) can never be a corporation. B) must be a broker-dealer. C) can be a commercial bank. D) can be a bank or corporation only if they are also a broker-dealer.
Answer: can be a commercial bank
Explanation:
It should be noted that clearing agent are usually broker-dealer but apart from the fact that clearing agents are broker dealers, it should be noted that they can also be commercial banks.
Commercial banks perform roles of clearing agents as they can help in clearing transactions that have to do with securities and also help in keeping such securities.
Which is the opposite of -5?
5
15
−15
-5
Answer:
5
Explanation:
because on a number line on the opposite side of -5, it's 5.
Tim Urban, owner/manager of Urban's Motor Court in Key West, is considering outsourcing the daily room cleanup for his motel to Duffy's Maid Service. Tim rents an average of 50 rooms for each of 365 nights (365 times 50 equals the total rooms rented for the year). Tim's cost to clean a room is $12.50. The Duffy's Maid Service quote is $18.50 per room plus a fixed cost of $25, 000 for sundry items such as uniforms with the motel's name. Tim's annual fixed cost for space, equipment, and supplies is $61, 000. Based on the given information related to costs for each of the options, the crossover point for Tim = _________room nights (round your response to the nearest whole number). If the number of room nights is less than the crossover point, then_________ is the best option available to Tim. Based on the given room nights that Tim expects to rent (18, 250), the best option is to___________
Answer:
Based on the given information related to costs for each of the options, the crossover point for Tim = 6,000 room nights (round your response to the nearest whole number). If the number of room nights is less than the crossover point, then OUTSOURCING (Duffy's Maid Service) is the best option available to Tim. Based on the given room nights that Tim expects to rent (18, 250), the best option is to keep doing the service INSOURCING (doing it himself).
Explanation:
Currently, before outsourcing, Tim's total cost = $228,125 + $61,000 = $289,125. On average, he spends $15.84247 per room.
The Duffy's Maid Service offer would represent a total cost of $337,625 + $25,000 = $362,625 for the same occupation level.
the crossover point for Tim:
12.5x + 61,000 = 18.5x + 25,000
36,000 = 6x
x = 6,000 room nights
(6,000 x 12.50) + 61,000 = (6,000 x 18.50) + 25,000 = $136,000
g 447,000 397,000 397,000 317,000 79,250 $2,333,000 $1,510,000 $1,361,500 $1,395,500 $715,750 3. Each contract is with a different customer. 4. Any work remaining to be done on the contracts is expected to be completed in 2022. Compute the amount of income (or loss) before selling, general, and administrative expenses for the year ended December 31, 2021, which would be reported under:
Answer:
$225,000 income
Explanation:
The company is using percentage of completion technique for the valuation of construction contracts. It expects the revenue of $1,725,000 for a three year contract whose services are to be delivered every year. The company should record its revenue every year whose services are delivered at the end of the year. The company will only record its revenue as unearned revenue at the start of the year.
Which of the following statements is true? Group of answer choices The production function shows the trade-off between producing different kinds of outputs. The short-run production function includes both fixed and variable inputs. The short-run production function includes both fixed and variable costs. The production function shows the trade-off in inputs that produce the same amount of output. An inefficient firm is unable to achieve as much output as the production function shows.
Answer: An inefficient firm is unable to achieve as much output as the production function shows.
Explanation:
The Production function shows the maximum amount of output that can be produced by a company given the a certain number of inputs which are usually capital and labor.
At each combination of the input therefore, the function shows how much a company should be able to produce. If a company is therefore inefficient and unable to use its inputs effectively, it will be unable to produce at the point it is to be producing at given the combination of inputs they are using.
erdue Company purchased equipment on April 1 for $36,180. The equipment was expected to have a useful life of three years, or 7,020 operating hours, and a residual value of $1,080. The equipment was used for 1,300 hours during Year 1, 2,500 hours in Year 2, 2,100 hours in Year 3, and 1,120 hours in Year 4. Required: Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straight-line method, (b) units-of-activity method, and (c) the double-declining-balance method. Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollar. a. Straight-line method
Answer:
Perdue Company
Depreciation expense for the years ended December 31:
Year 1 Year 2 Year 3 Year 4
a) Straight-line method $11,700 $11,700 $11,700 $0
b) Units-of-activity method $6,500 $12,500 $10,500 $5,600
($5 x 1,300) ($5 x 2,500) ($5 x 2,100) ($5 x 1,120)
c) Double-declining method $24,121 $8,040 $2,939 $0
1st year = $36,180 * 0.6667 = $24,121
2nd year = $12,059 * 0.6667 = $8,040
3rd year = ($36,180 - 24,151 - 8,040 - 1,080) = $2,939
Explanation:
a) Data and Calculations:
April 1 Purchased Equipment = $36,180
Useful life = 3 years or 7,020 operating hours
Residual value = $1,080
Depreciable amount = $35,100
Under Straight-line method, depreciation rate per annum = $11,700 ($35,100/3).
Under the units-of-activity method, the depreciation rate per hour = $5 ($35,100/7,020).
Under the double-declining method, the depreciation percent = 0.6667 (100/3) * 2.
The double-declining method does not consider the residual value at the beginning, but at the end of the computation.
A business should report the least favorable figures in the financial statements when two or more possible options are presented. b. A business's financial statements must report enough information for outsiders to make knowledgeable decisions about the company. c. A business should use the same accounting methods and procedures from period to period. d. A company must perform strictly proper accounting only for items that are significant to the business's financial situation.
Answer:
Conservatism
b. Disclosure Principle
c. consistency principle
d. Materiality Concept
Explanation:
The materiality principle states that accounting principles can be violated only if the amount been considered is small enough that the financial statements will not be misleading
Conservatism states that when uncertainty exists and there is doubt between reasonable alternatives for recording an item, pick the least less favourable outcome.
The disclosure principle states that a company should provide all the necessary information so that users of financial information can make informed decisions regarding the company.
The consistency principle states a firm should use the same accounting principles from period to period.
Christie temporarily lends her car to her friend, Matt. Subsequently, Matt is involved in an accident while driving Christie’s car. Matt and Christie have personal auto insurance policies with liability insurance limits of $200,000 and $50,000, respectively. The courts awarded a liability judgement of $80,000 against Matt. How much will each insurance policy pay? A. Matt's insurance is primary and will cover the entire $80,000. B. Christie's insurance is primary and will cover $50,000. Mark's insurance is excess and will cover the remaining $30,000. C. The policies will split the losses on a pro-rata basis, with Matt's and Christie's insurers covering $64,000 and $16,000, respectively. D. Each policy will pay $40,000.
Answer:
The correct approach will be Option A.
Explanation:
Liability insurance on something like a subjective insurance plan implements the driver no matter with whom the automobile would be conducted, actually given it's an allowed to sign up the vehicle. Liability insurance safeguards insurance premiums whenever an automobile controlled by somebody else is operated either by the insured. They would also normally be compensated according to their car insurance policies in a somewhat circumstance.Besides, the compensation he maintains through his automobile is liability coverage for such a covered by insurance operating everyone else's vehicle. In many of these instances, even before driving on a highway, he doesn't own the subjective coverage could very well be implemented by the driver. Throughout the scenario mentioned, Matt was indeed killed in an accident whilst also trying to drive his friend's Christie vehicle. Hence, Matt's homeowner's insurance liability coverage would then kick through first. The gross amount of liabilities is $80,000, according to the verdict. The personal injury allowance of Matt becomes limited to $200,000, adequate to be insured.The latter choice does not fit the instance in question. So, "A. Matt's premium is primary and therefore will cover the full $80,000," is the right response.
American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. The lease agreement for the $4.7 million (fair value and present value of the lease payments) machine specified four equal payments at the end of each year. The useful life of the machine was expected to be five years with no residual value. Barton and Barton’s implicit interest rate was 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required:
1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2018.
2. Prepare an amortization schedule for the four-year term of the lease.
3. & 4. Prepare the appropriate entries related to the lease on December 31, 2018 and 2020.
a.Record the lease payment and interest expense for American Food Services (2018)
b. Record the amortization of right-of-use asset for American Food Services (2018)
c. Record the lease payment and interest expense for American Food Services. (2020)
d. Record the amortization of right-of-use asset for American Food Services (2020)
Answer and Explanation:
Please find answer and explanation attached
Which one of the following taxes are NOT a mandatory, or
required deduction from your paycheck?
Federal Income Tax
O Retirement Savings
O State Income Tax
O FICA
State Income Tax can be deducted from paycheck.
State Income Tax are NOT a mandatory, or required deduction from your paycheck. Thus, its C.
What is State Income Tax?The majority of U.S. states also levy a state income tax in addition to the federal income tax that the nation as a whole collects. Several municipal governments also charge an income tax, frequently based on calculations made for the state income tax.
Individuals are subject to income taxes in 42 states and several localities in the US. A ninth state, New Hampshire, levies an income tax on individuals on dividend and investment income but not on other types of income.
Eight states have no state income tax. The income of companies is taxed by 47 states and numerous cities.
A fixed or graduated rate of state income tax is levied on the taxable income of individuals, businesses, and certain charities and trusts. Both the state and entity type tax rates are different.
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The city of Morehead leased equipment. The life of the noncancellable lease is 10 years. Using an 8 percent interest rate, the present value of the lease payments is $905,861. The first payment of $125,000 is due when the lease begins, January 10, 2017. An additional payment is due on January 10th for each of the next 9 years. Prepare journal entries to record: 1. The long-term lease in the General Fund. 2. The first lease payment on January 10, 2017. 3. The second lease payment on January 10, 2018. Round answers to the nearest whole number.
Answer:
1. Dr Equipment $ 905,861
Cr Lease Payable $ 905,861
2). Dr Lease Payable $ 125,000
Cr Cash $ 125,000
3) Dr Lease payable $ 115,000
Dr Interest Expense $ 10,000
Cr Cash $ 125,000
Explanation:
1. Preparation of the journal entry for the long-term lease in the General Fund..
Dr Equipment $ 905,861
Cr Lease Payable $ 905,861
2) Preparation of the first lease payment Journal entry on January 10,
Dr Lease Payable $ 125,000
Cr Cash $ 125,000
3) Preparation of the journal entry to second lease payment on January 10, 2018
Dr Lease payable $ 115,000
Dr Interest Expense (125000 x 8%) $ 10,000.00
Cr Cash $ 125,000
You run a school in Florida. Fixed monthly cost is $5,644.00 for rent and utilities, $6,057.00 is spent in salaries and $1,616.00 in insurance. Also every student adds up to $90.00 per month in stationary, food etc. You charge $647.00 per month from every student now.You are considering moving the school to another neighborhood where the rent and utilities will increase to $10,636.00, salaries to $6,878.00 and insurance to $2,230.00 per month. Variable cost per student will increase up to $185.00 per month. However you can charge $1,167.00 per student. At what point will you be indifferent between your current mode of operation and the new option
Answer:
The indifference point is 15 students.
Explanation:
Giving the following information:
Current location:
Total fixed costs= 5,644 + 6,057 + 1,616= $13,317
Contribution margin per student= 647 - 90= $557
New location:
Total fixed costs= 10,636 + 6,878 + 2,230= $19,744
Contribution margin per student= 1,167 - 185= $982
First, we need to structure the total income formula for each location:
Current location= 557x - 13,317
New location= 982x - 19,744
x= number of students
Now, we equal both formulas and isolate x:
557x - 13,317 = 982x - 19,744
425x = 6,427
x= 15.122 = 15 students
The indifference point is 15 students.
Prove:
Current location= 557*15 - 13,317= (4,962)
New location= 982*15 - 19,744= (5,014)
The difference is due to round up.
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,800, terms n/30. 9 Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $51 credit because they did not meet specifications. 12 Sold calculators costing $460 for $670 to Fryer Book Store, terms n/30. 14 Granted credit of $40 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $28. 20 Sold calculators costing $560 for $780 to Heasley Card Shop, terms n/30.
Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Answer and Explanation:
The journal entries are shown below:
1. Inventory $1,800
Accounts Payable $1,800
(Being purchased on account)
2. Inventory $50
To Cash $50
(being freight paid)
3. Accounts Payable $51
To Inventory $51
(being the returned calculator is recorded)
4. Accounts Receivable $670
To Sales Revenues $670
(Being sales is recorded)
5. Cost of Goods Sold $460
To Inventory $460
(Being cost of goods sold is recorded)
6. Sales returns $40
To Accounts Receivable $40
(being sales return is recorded)
7. Inventory $28.20
To Cost of Goods Sold $28.20
(Being cost return is recorded)
8. Accounts Receivable $780
To Sales Revenues $780
(Being the sales is recorded)
9. Cost of Goods Sold $560
To Inventory $560
(Being the cost of goods sold is recorded)
Select the correct answer from each drop-down menu.
As a sales executive at a large corporation, Sonya earns____
the company's finance department as an accountant, earns
for every big sale she makes. Jessica, who works full time in the company’s finance department as an accountant, earns ____
1. a) a bonus
b) a commission
c) hourly pay
2. a)a bonus
b)a commission
c) a fixed salary
The Answer of First question is option B "a Commission", and answer for second question is option C "A Fixed Salary".
Types of EarningIn a Corporate and private sector, there are many different kinds of earning, such as a fixed salary, a commission or a bonus depends upon the job a person has.
In the First question Sonya is a sales executive, and we know sales is a commission based job, hence the correct option would be A Commission. A bonus is given for completing overall job target.
In the second question, Jessica who works full time as an Accountant which means her job is based on a fixed salary rather than a commission because she is providing professional service to the company. Hence the correct option would be Option C Fixed Salary.
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Which type of innovation has a focus on being eco-friendly?
A. Disruptive
B.Sustaining
C.Frugal
D.Sustainable
Answer:
the answer is B
Explanation:
thank me later bb
Answer:
Explanation:
the answer is D
What part of the unit correlates to this Ted Talk and shares the same concepts that are covered? Discuss the similarities between Ted talk and the unit in terms of personal finance
Lesson 04 correlates to this Ted Talk and shares the same concepts that are covered. The similarity is that White was talking about “smalling up” and she talked about the effect on her local economy when she was on unemployment. The lesson talked about how being on unemployment impacted the economy.
The unit that is not unusual with the TED communication is the dialogue about the own family and the government shares. The dialogue approximately the own family and the authorities shares are finished in a manner that resembles both the Unit and the TED talk. It method that this is the maximum essential element.
What is private finance?Private finance is the procedure of planning and coping with personal economic sports such as profits era, spending, saving, investing, and safety. The system of coping with one's personal finances may be summarized in a finance or financial plan.
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The Aggie Graphics Company was organized on January 1, 2017.The trial balance before adjustment at December 31, 2017 contained the following account balances:Cash $9,500 Accounts Receivable 4,000 Prepaid Insurance 1,800 Equipment 45,000 Accumulated Depreciation 4,500Accounts Payable 3,500Notes Payable 18,000Common Stock 5,000Retained Earnings 12,000Dividend 2,000 Graphic Fees Earned 52,100Consulting Fees Earned 5,000Salaries Expense 30,000 Supplies Expense 2,700 Advertising Expense 1,900 Rent Expense 1,500 Utilities Expense 1,700 $100,100 $100,100Analysis reveals the following additional data: (Assume the books are only closed at year end)(A) The $2,700 balance in Supplies Expense represents supplies purchased in January. At December 31, there was $1,200 of supplies on hand.(B) The note payable was issued on September 1. It is a 3% 6-month note.(C) The balance in Prepaid Insurance is the premium paid on a one-year policy, dated March 1, 2017.(D) Consulting Fees are credited to revenue when received. At December 31, consulting fees of $1,000 contracted for January, 2017 have yet to be performed.(E) The equipment was purchased on January 1, 2017. It has a 10-year useful life and no salvage value.The entry to record (A) above would include a debit to: (Assume the company is only making one adjusting entry to record this information)A. Supplies for $1,500B. Supplies for $1,200C. Supply Expense for $1,200D. Prepaid Supply Expense for $2,7001 points QUESTION 2What is the balance in the interest payable account after adjustment?A. $ 45B. $180C. $90D. $2701 points QUESTION 3The correct entry to record (E) above is:A. Depreciation Expense 4,500Accumulated Depreciation 4,500B. Depreciation Expense 9,000Accumulated Depreciation 9,000C. Depreciation Expense 9,000Equipment 9,000D. Depreciation Expense 9,000Accumulated Depreciation 4,500Equipment 4,500
Answer: 1. B. Supplies for $1,200
2. $180
3. A. Depreciation Expense 4,500
Accumulated Depreciation 4,500.
Explanation:
• 1: The entry to record (A) above would include a debit to supplies for $1,200. It should be noted that all the supplies that were recorded by the company in January were recorded as supply expenses and supplied in hand were $1200 as at December 31st. This will be shown in the balance sheet as the supplies expenses will be reduced by $1200 which means supplies will be debited.
•2: The balance in the interest payable account after adjustment will be:
= $18,000 × 3% × 4/12
= $18000 × 0.03 × 1/3
= 180
Note that 4months out of 12 months was used as notes were issued on September 1 which is 4 months till December.
• 3: The correct entry to record (E) above is:
A. Depreciation Expense 4,500
Accumulated Depreciation 4,500
You discover the engine-oil additive your scientists developed three years ago makes a great men’s after-shave once diluted properly using certain chemicals. How should you treat the original $125,000 of R&D expenditures that went into developing the engine-oil additive for your present decision regarding whether or not to begin production of the after-shave? a. Treat it as a cash outflow three years ago for the current project; that is, find the future value today of the $125,000 spent three years ago.
Answer: e. As a sunk cost since the R&D expenditure has no bearing on today's investment decision.
Explanation:
Sunk Costs are not to be factored in when making decisions because they have already been incurred and cannot be recovered.
This R&D expense should therefore be treated as a sunk cost because it has already been incurred and expensed and does not contribute to the decision today to embark on the men's after-shave venture.
As an amputee herself, Morgan works in a lab experimenting with new technology that can allow a prosthetic to be attached to living cells. The Health Science career pathway Morgan works in is _____.
Support Services
Biotechnology Research and Development
Health Informatics
Diagnostic Services
Answer:
Biotech R&D
Explanation:
My mom does that
2. Which aspect of professionalism do you feel that you are strongest at? Explain why you think so. (1-3 sentences. 2.0 points)
Answer:
I feel like my strongest aspect of professionalism would be communication. My career interests require lots of communication with customers. I would need to be able to communicate with the customer’s feelings and needs for whichever situation they are in and what they want to accomplish.
Explanation:
Dudley Transport Company divides its operations into four divisions. A recent income statement for its West Division follows. DUDLEY TRANSPORT COMPANY West Division Income Statement for Year 3 Revenue $ 300,000 Salaries for drivers (210,000 ) Fuel expenses (30,000 ) Insurance (42,000 ) Division-level facility-sustaining costs (24,000 ) Companywide facility-sustaining costs (78,000 ) Net loss $ (84,000 ) Required By how much would companywide income increase or decrease if West Division is eliminated
Answer:
Companywide income would increase by $6,000 if West Division is eliminated.
Explanation:
The amount by which the companywide income will increase or decrease if West Division is eliminated can be determined by comparing Revenue with avoidable cost.
Avoidable cost refers to the cost that will be eliminated or not incurred if a firm decides to change the course of a business.
In this question, avoidable cost is simply the cost or expenses that will be eliminated if West Division is eliminated.
Among all the expenses in the question, only Companywide facility-sustaining costs which is $78,000 cannot be eliminated if West Division is eliminated.
Therefore, avoidable cost can be calculated as follows:
Avoidable cost = Salaries for drivers + Fuel expenses + Insurance + Division-level facility-sustaining costs = 210,000 + 30,000 + 42,000 + 24,000 = $306,000
Since, Revenue = $300,000
Decision rule:
1. If revenue is greater than avoidable cost, we have a decrease in income. Therefore, the division should not be eliminated.
2. If revenue is less than avoidable cost, we have an increase in income. Therefore, the division should be eliminated.
Since the revenue of $300,000 is less than the avoidable cost of $306,000, it implies we have an increase in income based on the decision rule 2. The increase in income is calculated as follows:
Increase in income if West Division is eliminated = Avoidable cost – Revenue = $306,000 - $300,000 = $6,000
Therefore, companywide income would increase by $6,000 if West Division is eliminated
Since there would be an increase in income of $6,000, West Division should therefore be eliminated.
"The Company-wide income would increase by $6,000 if West Division is eliminated. To understand more information check below".
What is the Companywide Income?
When The amount by which the companywide income will increase or decrease Then if West Division is eliminated can be determined by approximating Revenue with avoidable cost.
Now avoidable cost directs to the cost that will be destroyed or not incurred if a firm decides to modify the course of a business.
In this query, The avoidable cost is the cost of expenditures that will be eliminated if the West Division is eliminated.
Also, Among all the expenses in the question, Then, only Companywide facility-sustaining costs which are $78,000 cannot be eliminated if West Division is eliminated.
Thus, avoidable cost can be calculated as follows:
Avoidable cost is = Salaries for drivers + Fuel expenses + Insurance + Division-level facility-sustaining costs is = 210,000 + 30,000 + 42,000 + 24,000 is = $306,000
Since, The Revenue is = $300,000
Determination rule:
1. If revenue is greater than avoidable cost, we have a reduction in income. Thus, the division should not be eliminated.
2. If revenue is less than avoidable cost, we have an income growth. Thus, the division should be eliminated.
Since the revenue of $300,000 is more undersized than the avoidable cost of $306,000, it implies we have an increase in income based on determination rule 2.
The increase in income is calculated as tracks:
Increase in income if West Division is eliminated is = Avoidable cost – Then the Revenue is = $306,000 - $300,000 = $6,000
Thus, companywide income would rise by $6,000 if West Division is eliminated
Since there would be an increase in income of $6,000, West Division should thus be eliminated.
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This is the trial balance of Sandhill Co. on September 30. SANDHILL CO. Trial Balance September 30, 2022 Debit Credit Cash $23,640 Accounts Receivable 7,040 Supplies 4,670 Equipment 10,570 Accounts Payable $9,240 Unearned Service Revenue 3,670 Common Stock 19,440 Retained Earnings 13,570 $45,920 $45,920 The October transactions were as follows. Oct. 5 Received $1,380 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,300. 15 Paid employee salaries $1,130. 17 Performed $570 of services in exchange for cash. 20 Paid $1,990 to creditors for accounts payable due. 29 Paid a $310 cash dividend. 31 Paid utilities $460. Prepare a general ledger using T-accounts. Enter the opening balances in the ledger accounts as of October 1. CashAccounts Receivable SuppliesEquipmentAccounts PayableUnearned Service RevenueCommon StockRetained EarningsJournalize the transactions.Date Account Titles and Explanation Debit CreditPost to the ledger accounts. Cash
10/1 Bal. 23,400Accounts Receivable
10/1 Bal. 6,800
Supplies
10/1 Bal. 4,300
Equipment
10/1 Bal. 10,200
Accounts Payable
10/1 Bal. 9,000
Unearned Service Revenue
10/1 Bal. 3,300
Common Stock 10/1 Bal. 19,200
Retained Earnings
10/1 13,200
Dividends
Service Revenue
Salaries and Wages Expense
Utilities Expense
Prepare a trial balance on October 31, 2014.
SOLIS COMPANY
Trial BalanceOctober 31, 2014
Debit Credit
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Answer and Explanation:
Find full answer and explanation attached
Which of the following are benefits of private student loans?
-Can get a better rate with a parent co-signing the Lon
-Applications and processing time is very short, which means students get money faster
-Loans can be larger to cover the actual cost of attendance
-Borrowers can receive additional discounts such as good discount for good grades
-All the above
Answer:
Try all of the above. I hope this helped!
Remember that some of the messages you send will be passed along to other people. Thus, you may have to consider a secondary audience as well as a primary one. Read the following scenario, and answer the question. You just wrote the following message to your supervisor regarding an incident of possible industrial espionage you witnessed. Dear Mr. Helmsley, We have a problem. The other day I saw one of my coworkers loading boxes into the trunk of her car. I offered to help because I thought she was taking work home. The lid slipped off one of the boxes, and I realized it was full of photocopied plans from our latest prototype. Sheâs not on the development team, so thereâs no reason she should have these documents. Iâm not sure what, if anything, I should do about this. Before sending the message, it occurs to you that your e-mail will probably be forwarded to the legal team. What will you need to change to make the message appropriate for both your supervisor and the legal team?
Answer:
I Will have to give more specific information including dates and names
Explanation:
This message is going to be sent to the supervisor and also the legal team. So it is very necessary that more specific details are provided concerning the circumstances I witnesses. It would be good to provide Dates, names and Even possible conversations that occurred. This will be a form of evidence and with the information I have given, there may be further investigations and the supervisor may decide to take further and necessary action.
Raby, Inc. acquires all of the outstanding stock of Fletcher Corporation on January 1, 2017. At that date, Fletcher owns only three assets and has no liabilities: Book Fair Value Value Land $ 40,000 $ 50,000 Equipment (10-year life) 80,000 75,000 Building (20-year life) 200,000 300,000 24. If Raby pays $450,000 in cash for Fletcher, what amount would be represented as the subsidiary’s Building in a consolidation at December 31, 2019, assuming the book value of the building at that date is still $200,000? A. $200,000. B. $295,000. C. $290,000. D. $285,000.
Answer:
D. $285,000
Explanation:
When a company is acquired by another company, the parent company (the new owner) must report the assets at fair market value - amortization.
FV = $300,000
amortizable value = $100,000
depreciation for 3 years (2017, 2018 and 2019) = ($100,000 / 20) x 3 = 415,000
reported value = $300,000 - $15,000 = $285,000
On the last day of December 2016, Camreyâs Trucks entered into a transaction that resulted in a receipt of $216,000 cash in advance related to services that will be provided during January 2017. During December of 2016, the company also performed $128,000 of services which were neither billed nor paid. Prior to December adjustments and before these two transactions were recorded, the companyâs trial balance showed service revenue of $1,165,470 at December 31, 2016. There are no other prepaid services yet to be delivered, and during the month all outstanding accounts receivable from prior months were collected.If Camrey's trucks makes the appropirate adjusting entry, how much will service revenue will be reflected on the december 31, 2016 income statement?If Camrey's Trucks makes the appropriate adjusting entry, how much will be reported on the December 31, 2016 Balance sheet as unearned revenue?If Camrey's turcks make the appropriate adjusting entry, how much will be reported on the December 31, 2017 Balance sheet as accounts receivable?
Answer:
A. $ 1,293,470
B. $216,000
C. $128,000
Explanation:
A. Calculation for how much service revenue will be reflected on the december 31, 2016 income statement
Service Revenue show on the Trial Blance = $1,165,470
Add: Services which were neither billed nor paid = $ 128,000
Service Revenue reflected in the Dec.,31 2016 income statement =$ 1,293,470
Therefore how much service revenue will be reflected on the december 31, 2016 income statement will be $ 1,293,470
B. Calculation for how much will be reported on the December 31, 2016 Balance sheet as unearned revenue
Based on the information given we were told
that the company entered into a transaction which had resulted in the company receiving the amount of $216,000 as a cash in advance On the last day of the month of December 2016 which is related to services that will be provided during the month of January 2017 which means that the amount of $216,000 will be the amount of cash to be reported on December 31, 2016 Balance sheet as unearned revenue.
C. Calculation for how much that will be reported on the December 31, 2017 Balance sheet as accounts receivable
Based on the information given we were told that the During the month of December of 2016, the company as well rendered a service of the amount of $128,000 in which the service rendered were neither billed nor paid which means that the amount of cash the company will report on December 31, 2017 Balance sheet as accounts receivable will be $128,000.