Answer:
A. Total assets $31,250 $25,000
Total abilities and equity $31,250 $25,000
B. Statement 1 is FALSE
Statement 2 is TRUE
Explanation:
A . Using the information given to complete the balance sheet
Cold Goose Metal Works Inc Balance Sheet For Year Ending December 31 (Millions of Dollars)
Year 1 Year 2
ASSETS
Current assets:
Cash and equivalents
$5,766 $4,612
(14,062 – 6,187-2,109 = $5766)
Accounts receivable
2,109 1,688
Inventories
6,187 4,950
Total current assets
$14,062 $11,250
Net fixed assets:
Net plant and equipment
$17,188 $13750
( 31,250-14,062 = $17,188)
Total assets $31,250 $25,000
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$0 $0
Accruals
293 0
Notes payable
1,660 1,562
Total current abilities
$1,953 $1,562
(0+293+1,660 = $1,953)
Long-term debt
5,859 4,688
Total debt
$7,812 $6,250
Common equity
Common stock
15,235 12,188
Retained earnings
$8,203 6,562
(23,438-15,235 = $8,203)
Total abilities and equity $31,250 $25,000
Net Plant and Equipment= 31250-14062
Net Plant and Equipment = $17188
Cash and Equivalents = 14062 – 6187-2109
Cash and Equivalents= $5766
Total Current liabilities = 0+293+1660
Total Current liabilities = $1953
Retained earnings = 23438-15235
Retained earnings= $8203
B. To identify the selection that best interprets the information conveyed by the balance sheet.
Based on the information given STATEMENT 1 is FALSE reason been that Cold Goose’s total current asset balance increased from the amount of $11,250 million to the amount of $14,062 million between Year 1 and Year 2.
Based on the information given STATEMENT 2 is TRUE reason been that their was increased in retained earnings account between the end of Years 1 and year 2.
Megasoft Corporation develops, produces, and markets a wide range of computer software including the Windows operating system. Megasoft reported the following information about Net Sales Revenue and Accounts Receivable (all amounts in millions).June 30, 2016 June 30, 2015Accounts Receivable, Net of Allowance for Doubtful Accounts of $310 and $360 $ 16,950 $ 15,700Net Revenues 68,000 62,000According to its Form 10-K, Megasoft recorded Bad Debt Expense of $22 and did not recover any previously written-off accounts during the year ended June 30, 2016.Required:What amount of accounts receivable was written off during the year ended June 30, 2016? (Enter your answer in millions.)What was Megasoft’s receivables turnover ratio in 2016? (Round your answer to 1 decimal place.)
Answer:
Megasoft Corporation
1. The amount of accounts receivable that was written off during the year ended June 30, 2016 was:
= $72 million
2. Receivable Turnover Ratio in 2016
= 2016 Net Sales/Average receivables
= $68,000/$16,660 = 4.1
Explanation:
a) Data and Calculations:
June 30, 2016 June 30, 2015
Net Sales Revenue $68,000 $62,000
Accounts Receivable
(all amounts in millions) $17,260 $16,060
Allowance for
Doubtful Accounts of 310 360
Net Accounts receivable $ 16,950 $ 15,700
Bad Debts Expense = $22
Allowance for Doubtful Accounts
Date Account Titles Debit Credit
June 30, 2015 Beginning balance $310
2016 Bad Debts Expense 22
2016 Accounts receivable 72
June 30, 2016 Ending balance $360
Accounts Receivable
Date Account Titles Debit Credit
June 30, 2015 Beginning balance $16,060
2016 Net sales 68,000
2016 Allowance for Doubtful $72
2016 Cash 66,728
June 30, 2016 Ending balance $17,260
Average receivables = $16,660 ($16,060 + $17,260)/2
Receivable Turnover Ratio in 2016
= 2016 Net Sales/Average receivables
= $68,000/$16,660 = 4.1
The 2021 income statement of Adrian Express reports sales of $20,710,000, cost of goods sold of $12,600,000, and net income of $1,980,000. Balance sheet information is provided in the following table.
ADRIAN EXPRESS
Balance Sheets
December 31, 2021 and 2020
2021 2020
Assets
Current assets:
Cash $840,000 $930,000
Accounts receivable 1,775,000 1,205,000
Inventory 2,245,000 1,675,000
Long-term assets 5,040,000 4,410,000
Total assets $ 9,900,000 $8,220,000
Liabilities and Stockholders' Equity
Current liabilities $ 2,074,000 $1,844,000
Long-term liabilities 2,526,000 2,584,000
Common stock 2,075,000 2,005,000
Retained earnings 3,225,000 1,787,000
Total liabilities and stockholders' equity
$9,900,000 $8,220,000
Industry averages for the following profitability ratios are as follows:
Gross profit ratio 45 %
Return on assets 25 %
Profit margin 15 %
Asset turnover 8.5 times
Return on equity 35 %
Required:
1. Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to 1 decimal place.)
2. Do you think the company is more profitable or less profitable than the industry average?
More profitable
Less profitable
Answer:
Adrian Express
1. Five Profitability Ratios:
Gross profit ratio: = 39.2%
Return on assets = 20%
Profit margin = 9.6%
Asset turnover = 2.1 times
Return on equity = 37.4%
2. I think the company is:
Less profitable
than the industry average.
Explanation:
a) Data and Calculations:
Sales Revenue $20,710,000
Cost of goods sold $12,600,000
Gross profit $8,110,000
Net income $1,980,000
ADRIAN EXPRESS
Balance Sheets
December 31, 2021 and 2020
2021 2020
Assets
Current assets:
Cash $840,000 $930,000
Accounts receivable 1,775,000 1,205,000
Inventory 2,245,000 1,675,000
Current assets $4,860,000 $3,810,000
Long-term assets 5,040,000 4,410,000
Total assets $ 9,900,000 $8,220,000
Liabilities and Stockholders' Equity
Current liabilities $ 2,074,000 $1,844,000
Long-term liabilities 2,526,000 2,584,000
Common stock 2,075,000 2,005,000
Retained earnings 3,225,000 1,787,000
Total Equity 5,300,000 3,792,000
Total liabilities & stockholders' equity $9,900,000 $8,220,000
Industry averages for the following profitability ratios are as follows:
Gross profit ratio 45 %
Return on assets 25 %
Profit margin 15 %
Asset turnover 8.5 times
Return on equity 35 %
Gross profit ratio: = Gross profit/Sales * 100
= $8,110,000/$20,710,000 * 100
= 39.2%
Return on assets = Net income/Assets * 100
= $1,980,000/$9,900,000 * 100
= 20%
Profit margin = Net Income/Sales * 100
= $1,980,000/$20,710,000 * 100
= 9.6%
Asset turnover = Sales/Total Assets
= $20,710,000/$9,900,000 = 2.1 times
Return on equity = Net Income/Total Equity * 100
= $1,980,000/$5,300,000 * 100
= 37.4%
in the united states ,dollar bills, , and dimes are representative money
Answer:
In the United States, dollar bills, nickels, and dimes are Representative money It can be exchanged for a valuable good, was used in systems involved a "gold standard", and can be traded for a commodity such as silver.
Logan is working on a game development team that will be in charge of creating
storyboards and documenting the game plot, ultimately creating the design
documents needed to make the game. What specific team is Logan working on?
1)production team
2)pre-production team
3)post-production team
4)art design team
Amrik started a business on 1 January 2017 and purchased a machine costing $18 000. He decided to depreciate the machine at 20% per annum using the reducing (diminishing) balance method. No depreciation was to be charged in the year of disposal. The machine was up sold for \$13 30 300 on 1 July 2018. What was the profit or loss on the sale of the machine? A Loss $1100 B Loss $4700 C Profit $1780 D Profit $2500 ОА Ов Ос OD
Answer: A. Loss $1,100
Explanation:
Value at the end of the first year after depreciation:
= 18,000 * (1 - 20%)
= $14,400
No depreciation was charged in the year of sale which is 2018 so only a year of depreciation applies.
Profit (loss) = Sales price - Net book value
= 13,300 - 14,400
= -$1,100
The following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $71,000 to an employee of the company and received back a one-year, 9 percent note. b. Dec. 31 Accrued interest on the note. 2018 c. July 1 Received interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions.
Answer:
Jul 1, 2017
Dr Notes receivable $71,000
Cr Cash $71,000
Dec 31, 2017
Dr Interest receivable $3,197
Cr Interest revenue $3,197
Jul 1, 2018
Dr Cash $6,390
Cr Interest receivable $3,197
Cr Interest revenue $3,197
Jul 1, 2018
Dr Cash $71,000
Cr Notes receivable $71,000
Explanation:
Preparation of the journal entries that Smart Solutions Inc. would record
Jul 1, 2017
Dr Notes receivable $71,000
Cr Cash $71,000
(Being To record given loan to employee and receipt a note)
Dec 31, 2017
Dr Interest receivable $3,197
(71000*9%*6/12)
Cr Interest revenue $3,197
(Being To record interest accrued)
Jul 1, 2018
Dr Cash $6,390
(3197+3197)
Cr Interest receivable $3,197
Cr Interest revenue $3,197
(71000*9%*6/12)
(Being To record receipt of the interest on maturity date)
Jul 1, 2018
Dr Cash $71,000
Cr Notes receivable $71,000
(Being To record receipt of the full principal)
PLEASE HELP WITH THIS
Answer:
1: B
2: A
3: D
4:C
5: C
6: C
7: D
8: Q
Explanation:
I'm leaning this rn
Let X be the damage incurred (in $) in a certain type of accident during a given year. Possible X values are 0, 1,000, 5,000, and 10,000, with probabilities 0.84, 0.09, 0.05, and 0.02, respectively. A particular company offers a $500 deductible policy. If the company wishes its expected profit to be $100, what premium amount should it charge (in dollars)
Answer:
$560
Explanation:
Calculation for what premium amount should it charge
Using this formula to calculate the premium amount
E(Y)=yxP(y)
Let X variable represent the damage that occured because of accident in the year provided
Based on the information given since the amount deductible is $500 while the expected premium charge is $100 then let defined the premium function as,
For X=0
Hence,
Y=X+$100
For X=1,000, 5,000, and 10,000
Y=X-$500+$100
Y=$400
Let the table below represents probability distribution of y
X= 0, 1,000, 5,000, 10,000
Y= 100 600 4,600 9,600
P(y)=0.84, 0.09, 0.05, 0.02,
(1000-400=600)
(5000-400=4,600)
(10,000-400=9,600)
Now let calculate the PREMIUM AMOUNT to be charge Using this formula
E(Y)=yxP(y)
Let plug in the formula
E(Y)=(100 × 0.84)+( 600 × 0.09) + (4,600 × 0.05) +( 9,600 × 0.02)
E(Y)=84+54+230+192
E(Y)=$560
Therefore the premium amount that it should it charge (in dollars) is $560
Six Sigma programs: Group of answer choices suggest that all activities can be controlled, employee empowerment is the best control tool, and 100 percent control is possible. consist of a disciplined, statistics-based system aimed at producing not more than 2.5 defects per million iterations for a manufacturing or assembly process. All of these. are based on three principles: (1) all work is a statistically controllable process; (2) no well-controlled process allows variability; and (3) defect-free work requires tight statistical controls. utilize advanced statistical methods to improve quality by reducing defects and variability in the performance of business processes.
Answer: utilize advanced statistical methods to improve quality by reducing defects and variability in the performance of business processes.
Explanation:
Six Sigma simply refers to a set of tools that are utilized for the process improvement. They are the management techniques that are used for the enhancement of the business processes through the reduction in the occurence of an error. This helps in boosting the performance and the improvement in the company's profits, and as well boosting the morale of employees.
From the options given, the answer is that six sigma programs "utilize advanced statistical methods to improve quality by reducing defects and variability in the performance of business processes".
a) What do you understand by the term qualitative research?
-) Briefly examine five differences between qualitative and
JESTION THREE (3)
What is a research problem and why is it important?
Examine five (5) characteristics of a good problem stater
Answer:
Kindly check explanation
Explanation:
An indepth analysis or research which involves non-numerical findings and as such may involve the use of categorical variables such as texts and other non-numerical data in its analysis may be termed as a qualitative research. It is aimed at establishing a comprehensive distinction or categorization of variables in a non-numerical format.
The main differences between qualitative and quantitative research include :
Qualitative research are in textual or non-numeric format while quantitative are numeric
Qualitative research have fixed responses as they use discrete or continous numeric variables while quantitative research aren't fixed and are usually unstructured.
Qualitative research cannot be subjected to statistical analysis as they are non-numeric while quantitative research can be subjected to statistical evaluation.
When conducting a research, the intended problem which one aims to solve with the outcome of the research is referred to as the problem statement.
A good research problem should be clear and lucid enough.
It should address a very specific area of research
It should be rendered in an interpretable manner and open to data collection.
It should be be robust to lead to further investigation.
Ramon and Sammy are working on a group homework assignment. The homework consists of a set of essay questions and a set of questions on graphing models. Ramon can finish an essay question in about 15 minutes and a graphing question in about 30 minutes. Sammy can finish an essay question in about 20 minutes and a graphing question in about 35 minutes. Assume that Ramon and Sammy produce the same quality answers. Calculate Ramon and Sammy's opportunity cost of each task. Please round each answer to the nearest tenth.
Answer and Explanation:
The computation is shown below:
It is given that Ramon would completed an essay question in approx 15 minutes and for graphing question it finished approx 30 minutes
On the other hand Sammy would completed an essay question in approx 20 minutes and for graphing question it finished approx 35 minutes
a) Ramon's opportunity cost of completing an essay question is
= 15 ÷30
= 0.5 graphing question
b) Ramon's opportunity cost of completing a graphing question is
= 30 ÷ 15
= 2 essay question
c) Sammy's opportunity cost of completing an essay question is
= 20 ÷ 35
= 0.57 graphing question
d) Sammy's opportunity cost of completing a graphing question is
= 35 ÷ 20
= 1.75 essay question
Cootributions of political institutions
Answer:
Contributions of political institutions are diverse, and very important for any society.
Explanation:
Institutions contribute to the law and order of a nation. They also help define and determine the government structure of a place. Institutions also promote economic development by incentivizing investment if certain specific institutions are in place, like property rights enforcement, and impartial laws. In fact, this last aspects has been explored at length by economists like Amartya Sen and Daron Acemoglu.
Which aspect of production planning might make use of a Gantt chart?
A.
routing
B.
loading
C.
scheduling
D.
dispatching
E.
inspection
You have just purchased a municipal bond with a $10,000 par value for $9,500. You purchased it immediately after the previous owner received a semi-annual interest payment. The bond rate is 6.6% per year payable semi-annually. You plan to hold the bond for 4 years, selling the bond immediately after you receive the interest payment. If your desired nominal yield is 3% per year compounded semi-annually, what will be your minimum selling price for the bond?
Answer:
Minimum selling price for the bond = $11350.38
Explanation:
Given - You have just purchased a municipal bond with a $10,000 par
value for $9,500. You purchased it immediately after the previous
owner received a semi-annual interest payment. The bond rate is
6.6% per year payable semi-annually. You plan to hold the bond for
4 years, selling the bond immediately after you receive the interest
payment. If your desired nominal yield is 3% per year compounded
semi-annually.
To find - What will be your minimum selling price for the bond?
Proof -
Formula for Bond value is -
Bond value = [tex]\frac{Coupon Amount}{( 1+ Interest rate)^{1} } + \frac{Coupon Amount}{( 1+ Interest rate)^{2} } + \frac{Coupon Amount}{( 1+ Interest rate)^{3} } + .....\frac{Coupon Amount}{( 1+ Interest rate)^{n} }[/tex]
As given,
Coupon Rate = 6.6%
⇒Coupon Rate for semi-annual = 3.3%
and hereby time period becomes double i.e 8 years.
Now,
Interest rate = 3%
For semi-annual , interest = 1.5%
Now,
Coupon amount = 10,000×3.3% = 330
Now,
Bond value = 330 ×PVIF(1.5% , 8) + 10,000×IVAF(1.5%, 8)
= 330×7.486 + 10,000×0.888
= 11350.38
∴ we get
Minimum selling price for the bond = $11350.38
Name one thing you're afraid of when you think of college and career.
Answer:
finances
Explanation:
College is expensive and people that go to college have an expectation of landing a great paying job. Reality is that is not always the case. Often leading to a long time of paying of student debts.
Financial reports prepared for a variety of external users who are unable to obtain the accounting information for their own specific needs are known as:
a.
External user reports.
b. External purpose financial statements
c. Non-specific user reports
d. General purpose financial
Answer:
General purpose financial reports
Explanation:
From the word 'General', a financial statements which is issued to include a range of fonacila reports without a focus on a certain or specific aspect of a financial disclosure is called a general purpose financial report. The general purpose accounting report is usually issued in other to serve as an investment report to external users, lenders or investors. These accounting report usually incorporates reports including ; Statement of cashflow, balance sheet, shareholders equity, audit report income statement and other available reports.
The term that describes Financial reports which is prepared for a variety of external users that could not get accounting information for their own specific needs are D: General purpose financial.
In accounting, General purpose financial report are been prepared variety of external users especially those that couldn't obtain the accounting information for their own specific needs.It serves as financial reports that serve many variety of function in domain of accounting.
Therefore, option D is correct.
Learn more at:
https://brainly.com/question/19052416?referrer=searchResults
An example of two way communication
Answer:
Radio, telephone, and computer-aided dispatch systems etc.
Explanation:
Hope it helps,
Pls mark me as the brainliest
Thank you
Cahuilla Corporation predicts the following sales in units for the coming four months:
April May June July
Sales in units 240 280 300 240
Each month's ending Finished Goods Inventory in units should be 40% of the next month's sales. March 31 Finished Goods inventory is 96 units. A finished unit requires five pounds of direct material B at a cost of $2.00 per pound. The March 31 Raw Materials Inventory has 200 pounds of direct material B. Each month's ending Raw Materials Inventory should be 30% of the following month's production needs. The budgeted purchases of pounds of direct material B during May should be:_________.
a. 1,008 lbs.
b. 1,854 lbs.
c. 1,422 lbs.
d. 276 lbs.
e. 288 lbs.
Answer:
Purchases= 1,854 pounds
Explanation:
To calculate the direct material purchases, we need to use the following formula:
Purchases= production + desired ending inventory - beginning inventory
Production= 280*5 + (300*0.4)*5= 2,000 pounds
Desired ending inventory= [(300*0.6)*5* + (240*0.4)*5]*0.3= 414 pounds
beginning inventory= (280*0.4)*5= (560) pounds
Purchases= 1,854 pounds
Cincinnati Exporters wants to raise $40 million to expand its business. To accomplish this, it plans to sell 22-year, $1,000 face value, semiannual coupon bonds. The bonds will be priced to yield 6.85 percent and coupon rate of 5.72 percent. What is the minimum number of bonds it must sell to raise the money it needs
Answer:
Minimum number of units to be issued = 45,791.4 units
Explanation:
The units of the bonds to be sold to raise the money equals to the price of the bonds divided by the sum to be raised
The price of a bond is the present value (PV) of the future cash inflows expected from the bond discounted using the yield to maturity.
These cash flows include interest payment and redemption value
The price of the bond can be calculated as follows:
Step 1
PV of interest payment
Semi-annual coupon rate = 5.72/2 = 2.86 %
Semi-annual Interest payment =( 2.86 %×$1000)= $28.6
Semi annual yield = 6.85%/2 = 3.42%
PV of interest payment
= A ×(1- (1+r)^(-n))/r
A- interest payment, r- yield -3.42%, n- no of periods- 2 × 22 = 44 periods
= 28.6× (1-(1.0342)^(-44)/0.0342)= 645.82
Step 2
PV of redemption value (RV)
PV = RV × (1+r)^(-n)
RV - redemption value- $1000, n- 7, r- 4.5%
= 1,000 × (1+0.0342)^(-2×22)
= 1000 × 1.0342^(-44)= 227.7
Step 3
Price of bond = PV of interest payment + PV of RV
645.82 + 227.7= 873.525
Minimum number of units to be issued = $40 million/873.5= 45,791.4 units
Minimum number of units to be issued = 45,791.4 units
A multinational engineering consulting firm that wants to provide resort accommodations to special clients is considering the purchase of a three-bedroom lodge in upper Montana that will cost $220,000. The property in that area is rapidly appreciating in value because people anxious to get away from urban developments are bidding up the prices. If the company spends an average of $400 per month for utilities and the investment increases at a rate of 0.75% per month, how long would it be before the company could sell the property for $100,000 more than it has invested in it
Answer:
59.5 months
Explanation:
initial investment x (1 + appreciation rate)ⁿ = initial investment + $100,000 + ($400 x n)
$220,000 x (1 + 0.75%)ⁿ = $320,000 + $400n
1.0075ⁿ = $320,000/$220,000 + $400n/$220,000
1.0075ⁿ = 1.4545 + 0.001818n
I tried to solve it by trial and error:
50 months:
1.453 ≠ 1.5454
60 months:
1.566 ≈ 1.564 ⇒ Almost
61 months:
1.577 ≠ 1.565
59 months:
1.554 ≈ 1.562 ⇒ Almost
59.5 months:
1.56 = 1.56
Cindy's apartment complex is offering renters insurance through their insurance company. The insurance company charges an annual premium of $565.00 which can be paid in equal payments throughout the year with her monthly rent. Cindy's monthly rent is currently $789.00. What will Cindy's new rent be if she includes the renters insurance?
Answer:
$836.08 per month
Explanation:
In order to calculate Cindy's new monthly rent, we would simply need to divide the renter's insurance by 12 since there are 12 months in a year. and then add that product to her monthly rent like so...
565.00 / 12 = 47.08
789 + 47.08 = 836.08
Finally, we can see that Cindy's new rent after including the renters insurance would be $836.08 per month
Kapoor Company uses job-order costing. During January, the following data were reported:
a. Materials purchased on account: direct materials, $98, 500: indirect materials, $14, 800.
b. Materials issued: direct materials, $82, 500: indirect materials, $8, 800.
c. Labor cost incurred: direct labor, $67, 000: indirect labor, $18, 750.
d. Other manufacturing costs incurred (all payables), $46, 200.
e. Overhead is applied on the basis of 110 percent of direct labor cost.
f. Work finished and transferred to Finished Goods Inventory cost $230, 000.
g. Finished goods costing $215, 000 were sold on account for 140 percent of cost.
h. Any over-or under applied overhead is closed to Cost of Goods Sold.
1. Prepare journal entries to record these transactions.
2. Prepare a T-account for Overhead Control. Post all relevant information to this account. What is the ending balance in this account?
3. Prepare a T-account for Work-in-Process Inventory. Assume a beginning balance of $10, 000, and post all relevant information to this account. Did you assign any actual overhead costs to Work-in-Process Inventory? Why or why not?
Answer:
a. Direct Material Purchases (Dr.) $98,500
Indirect Material Purchase (Dr.) $14,800
Accounts Payable (Cr.) $113,300
b. Direct Material Issued (Dr.) $82,500
Indirect Material Issued (Dr.) $8,800
Cost of Goods Manufactured (Cr.) $91,300
c. Direct Labor Cost Incurred (Dr.) $67,000
Indirect Labor Cost Incurred (Cr.) $18,750
Manufacturing Conversion Cost (Cr.) $85,750
d. Manufacturing Overhead (Dr.) $46,200
Factory Overhead (Cr.) $46,200
Explanation:
Journal entries are prepared for the issuance of material and labor cost to the manufacturing department. These transactions are recorded to identify the cost of factory overhead and conversions costs.
define liquidity risk.
Explanation:
Liquidity risk occurs when an individual investor, business, or financial institution cannot meet its short-term debt obligations.
Choose the correct category for the items from Sun Company's perspective.
1) Real Assets
2) Financial Assets
a. Land purchased by Sun Company from a local finance company
b. Sun Company's administration building, which houses the finance department
c. Sun Company's inventories of raw materials
d. Accounts receivable: money owed to Sun Company by other companies who have purchased products on credits
e. Sun Company's corporate checking accounts
Answer:
a. Land purchased by Sun Company from a local finance company
1) REAL ASSETS, the land exists as a physical asset regardless of the company's transaction.
b. Sun Company's administration building, which houses the finance department
1) REAL ASSETS, the building exists as a physical asset regardless of the company's transaction.
c. Sun Company's inventories of raw materials
1) REAL ASSETS, the inventories exists as a physical asset regardless of the company's transaction.
d. Accounts receivable: money owed to Sun Company by other companies who have purchased products on credits
2) FINANCIAL ASSETS, accounts receivable is a financial concept, not a physical asset
e. Sun Company's corporate checking accounts
2) FINANCIAL ASSETS, checks is a financial concept that represent money, not a physical asset
Question 11 (3 points)
When considering the costs and benefits of a decision, you should do something as
long as
a) the benefits are less than the costs
b) the costs are less than the benefits
c) the costs and benefits are both high
d) the costs and benefits are both low
Answer:b
Explanation:
I think it is
When the number of units produced equals the number of units sold, ______. Multiple select question. absorption costing net income is greater than variable costing net income absorption costing total expense is greater than variable costing total expense absorption costing net income is equal to variable costing net income all fixed overhead incurred flows to the income statement under both costing methods absorption costing total expense is less than variable costing total expense absorption costing net income is less than variable costing net income
Answer:
absorption costing net income is equal to variable costing net income.
Explanation:
A financial statement is a written report that quantitatively describes a firm's financial health. Under the financial statements is a cash-flow statement, which is used to record the cash inflow and cash equivalents leaving a business firm.
Cash flow statement, also known as the statement of cash flows, contains financial information about operating, financial and investing activities.
Additionally, negotiated transfer prices can be defined as the final price reached between the buyer (consumer) of finished goods and services and the trader (seller) of such goods and services.
When the number of units produced equals the number of units sold, absorption costing net income is equal to variable costing net income as all the fixed overhead are entered into the income statement and thus, there wouldn't be any change in inventory.
In 2020, Simon, age 12, has interest income of $7,500 on funds he inherited from his grandmother, and no earned income. He has no investment expenses. His parents have a taxable income of $82,250 and file a joint return. Assume that no parental election is made. If required, round the tax computations to the nearest dollar.
Simon's net unearned income is $.
Simon's allocable parental tax is $.
Simon's total tax is $.
Answer:
Simon's net unearned income is $5,300. Simon's allocable parental tax is $1,166. Simon's total tax is $1,276.Explanation:
Simon net unearned income = Earned income - Standard deduction - Statutory deduction
= 7,500 - 1,100 - 1,100
= $5,300
Parents filling together with a gross income of $82,250 will fall under the 22% tax bracket.
Simon allocable parental tax = 5,300 * 22%
= $1,166
At kiddie tax rates, maximum unearned income to be taxed is $2,200.
Simon falls under 10% range in 2020.
Tax = (2,200 - $1,100 deduction) * 10%
= $110
Simon total tax = Allocable parental tax + tax on unearned income
= 1,166 + 110
= $1,276
Income Statement Project
2018 2019 2020
Revenue:
Book Sales
Ticket Sales
Total Revenue:
Expenses:
Salary
Depreciation
Supplies
Rent Insurance
Total Expense:
Net Income/Loss:
Directions: Build an income statement using the steps provided below.
1) The book store received $50,000 in book sales for 2018, with a 20% increase in revenue each year.
2) Jack's book store received $15,000 each year in ticket sales to book signing events.
3) Find the Total Revenue each year for 2018-2020 using cell referencing.
4) Jack's book store paid $16,000 in employee salaries in 2018. Each year his employee salary cost increased by 25%.
*5) Jack purchased store furniture for $25,000 that is expected to be used over the next 5 years.
6) Jack bought $3,000 in supplies in 2018 and supplies costing $1,000 were used up each year.
'7) Jack signed a contract to pay $800/month for rent between 2018-2020.
8) Jack's book store pays $500 each month to cover insurance.
9) Find the Total Expense each year for 2018-2020 using the SUM function.
10) Find the Net Income/Loss using cell referencing.
Answer:
Jack's Bookstore
Income Statement Projection:
2018 2019 2020
Revenue:
Book Sales $50,000 $60,000 $72,000
Ticket Sales 15,000 15,000 15,000
Total Revenue: $65,000 $75,000 $87,000
Expenses:
Salary $16,000 $20,000 $25,000
Depreciation 5,000 5,000 5,000
Supplies 1,000 1,000 1,000
Rent 9,600 9,600 9,600
Insurance 6,000 6,000 6,000
Total Expense: $37,600 $41,600 $46,600
Net Income/Loss: $27,400 $33,400 $40,400
Explanation:
a) Data and Calculations:
Book Sales for 2019 = $60,000 ($50,000 * 1.20)
Book Sales for 2020 = $72,000 ($60,000 * 1.20)
Salaries for 2019 = $20,000 ($16,000 * 1.25)
Salaries for 2020 = $25,000 ($20,000 * 1.25)
Depreciation expense per year = $5,000 ($25,000/5) using the straight-line method
Supplies Expense per year = $1,000 ($3,000/3)
Rent Expense per year = $9,600 ($800 * 12)
Insurance Expense per year = $6,000 ($500 * 12)
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 659,000 Direct labor cost $ 88,000 Raw material purchases $ 135,000 Selling expenses $ 104,000 Administrative expenses $ 49,000 Manufacturing overhead applied to work in process $ 209,000 Actual manufacturing overhead costs $ 221,000 Inventories Beginning Ending Raw materials $ 8,600 $ 10,200 Work in process $ 5,400 $ 20,200 Finished goods $ 78,000 $ 25,600 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.
Answer:
1. Schedule of cost of goods manufactured.
Beginning Work in Process $ 5,400
Direct labor cost $ 88,000
Direct Material Costs :
Beginning Inventory $ 8,600
Add Raw material purchases $ 135,000
Less Ending Inventory ($ 10,200) $ 133,400
Manufacturing Overhead applied $ 209,000
Ending Work in Process ($ 20,200)
Cost of goods manufactured $415,600
Under-applied overheads = $12,000 ($ 221,000 - $ 209,000)
2. Schedule of cost of goods sold.
Beginning Finished Goods Inventory $ 78,000
Add Cost of Goods Manufactured $ 415,600
Less Ending Finished Goods Inventory ($ 25,600)
Cost of goods sold $467,400
Add Under-applied overheads $12,000
Adjusted Cost of goods sold $479,400
3. Income statement.
Sales $ 659,000
Less Cost of Goods Sold ($479,400)
Gross Profit $179,600
Less Expenses
Selling expenses $ 104,000
Administrative expenses $ 49,000 ($153,000)
Net Income (Loss) $26,600
Explanation:
See the schedules including the income statement prepared above.
Organizers of an outdoor summer concert in Toronto are concerned about the weather conditions on the day of the concert. They will make a profit of $42,000 on a clear day and $12,000 on a cloudy day. They will make a loss of $6,000 if it rains. The weather channel has predicted a 52% chance of rain on the day of the concert. Calculate the expected profit from the concert if the likelihood is 11% that it will be sunny and 37% that it will be cloudy.
Answer:
$5,940
Explanation:
Calculation for the expected profit
Expected profit= (42,000*0.11)+(12,000*0.37)+(-6,000*0.52)
Expected profit=4,620+4,440+(-3,120)
Expected profit=$5,940
Therefore Expected profit will be $5,940