Answer:
Mecca Copy
Budgeted Balance Sheet
Ending Balances Cash $22,300
Accounts receivable $ 10,100
Supplies inventory $ 4,600
Equipment $ 44,000
Accumulated depreciation $ 17,800 $26,200
Total Assets $63,200
Accounts payable $ 3,800
Common stock $ 5,000
Retained earnings $54,400
Total Liabilities + Stockholders' Equity $63,200
Explanation:
a) Data and Calculations:
Ending Balances Cash ?
Accounts receivable $ 10,100
Supplies inventory $ 4,600
Equipment $ 44,000
Accumulated depreciation $ 17,800 $26,200
Total Assets $
Accounts payable $ 3,800
Common stock $ 5,000
Retained earnings ?
Beginning Retained Earnings = $37,000
Net Income = 21,700
Dividends = (4,300)
Ending Retained Earnings = $54,400
Cash = Total assets - Accounts receivable - Inventory - Equipment
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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Palmona Co. establishes a $140 petty cash fund on January 1. On January 8, the fund shows $29 in cash along with receipts for the following expenditures: postage, $46; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $35. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $190 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.
Answer:
Entries are posted
Explanation:
We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.
January 1 (Cash fund being recorded in petty cash)
Account Debit Credit
Petty Cash $140
Cash $140
January 8
Postage $46
transportation-in $14
delivery expenses, $16
miscellaneous expenses, $35
Cash $111
January 8 ( petty cash funds being increased )
Pettcash $50
Cash $50
Lyle Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.
Aug. 1 Established the petty cash fund by writing a check on Westown Bank for $226. 15 Replenished the petty cash fund by writing a check for $188. On this date, the fund consisted of $38 in cash and these petty cash receipts: freight-out $61.40, entertainment expense $23.00, postage expense $20.70 and miscellaneous expense $80.11. 16 Increased the amount of the petty cash fund to $426 by writing a check for $200. 31 Replenished the petty cash fund by writing a check for $296. On this date, the fund consisted of $130 in cash and these petty cash receipts: postage expense $132.00, entertainment expense $129.40, and freight-out $33.40.
1.) Journalize the petty cash transactions.
2.) Post to the Petty Cash account
Answer:
Aug. 1 Established the petty cash fund by writing a check on Westown Bank for $226.
Dr Petty cash fund 226
Cr Cash 226
15 Replenished the petty cash fund by writing a check for $188. On this date, the fund consisted of $38 in cash and these petty cash receipts: freight-out $61.40, entertainment expense $23.00, postage expense $20.70 and miscellaneous expense $80.11.
Dr Freight out expense 61.40
Dr Entertainment expense 23
Dr Postage expenses 20.70
Dr Miscellaneous expenses 80.11
Dr Cash short and over 2.79
Cr Petty cash fund 188
Dr Petty cash fund 188
Cr Cash 188
16 Increased the amount of the petty cash fund to $426 by writing a check for $200.
Dr Petty cash fund 200
Cr Cash 200
31 Replenished the petty cash fund by writing a check for $296. On this date, the fund consisted of $130 in cash and these petty cash receipts: postage expense $132.00, entertainment expense $129.40, and freight-out $33.40.
Dr Freight out expense 33.40
Dr Entertainment expense 129.40
Dr Postage expenses 132
Dr Cash short and over 1.20
Cr Petty cash fund 296
Dr Petty cash fund 296
Cr Cash 296
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.
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
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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Now, consider the situation in which Olivia wants to earn a return of 3.00%, but the bond being considered for purchase offers a coupon rate of 6.00%. Again, assume that the bond pays semiannual interest payments and has three years to maturity. If you round the bonds intrinsic value to the nearest whole dollar, then its intrinsic value of (rounded to the nearest whole dollar) is its par value, so that the bond is
Answer:
Intrinsic value = $1085.87
Explanation:
Annual Rate of return = 3.00%
Annual Coupon rate = 6.00%
Now, consider the situation in which Olivia wants to earn a return of 3.00%, but the bond being considered for purchase offers a coupon rate of 6.00%. Again, assume that the bond pays semiannual interest payments and has three years to maturity. If you round the bonds intrinsic value to the nearest whole dollar, then its intrinsic value of $1085.87 (rounded to the nearest whole dollar) is HIGHER THAN its par value, so that the bond is TRADING AT PREMIUM
Intrinsic value = [tex]\frac{A}{(1+C)^1} + \frac{A}{(1+C)^2} + \frac{A}{(1+C)^3} +\frac{A}{(1+C)^4} + \frac{A}{(1+C)^5} + \frac{A}{(1+C)^6}[/tex] [tex]+ \frac{B}{(1+c)^6}[/tex]
= 30/ (1.015) + 30/(1.015)^2 + ------- + 30/ (1.015)^6 + 1000/(1.015)^6
= 29.56 + 30/1.030 + 30/1.046 + 30/1.061 + 30/1.077 + 30/1.093 + 1000/1.093
= 29.56 + 29.126 + 28.68 + 28.275 + 27.855 + 27.447 = $170.96 + $914.91
= $1085.87
Bond's par value = $1000
annual coupon rate = 6% = 0.06
semiannual coupon rate = 3% = 0.03
semiannual coupon ( A ) = 0.03 * $1000 = $30
Annual rate of return = 3% = 0.03
semi-annual rate of return ( C )= 1.5% = 0.015
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.
Flint Enterprises had the following cost and production information for April: Units Produced 20,000 Unit Sales Price $ 170 Manufacturing Cost Per Unit Direct Material $ 30 Direct Labor $ 15 Variable Manufacturing Overhead $ 13 Fixed Manufacturing Overhead ($500,000/20,000) = $ 25 Full Manufacturing Cost Per Unit $ 83 Nonmanufacturing Costs Variable Selling Expenses $ 77,000 Fixed General and Administrative Costs $ 100,000 Inventory increased by 3,000 units during April. What is Flint Enterprise's income under variable costing?
Answer:
Net operating income= $1,563,000
Explanation:
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).
First, we need to calculate the total variable cost:
Total variable cost= (30 + 15 + 13)*20,000 + 77,000= 1,237,000
Now, we can determine the net operating income:
Sales= 20,000*170= 3,400,000
Total variable cost= (1,237,000)
Contribution margin= 2,163,000
Fixed overhead= (500,000)
Fixed General and Administrative Costs= (100,000)
Net operating income= 1,563,000
How are consumer demand and business-to-business demand of goods and services related?
Answer:
A small increase or decrease in consumer demand can produce a much larger change in demand for the goods and services (raw materials, supplies and services, installations, accessory equipments) needed to make the consumer product.
Explanation:
The business-to-business demand of goods and services related tends to be more unstable than the consumer demand of goods and services. A small increase or decrease in consumer demand can produce a much larger change in demand for the goods and services (raw materials, supplies and services, installations, accessory equipments) needed to make the consumer product.
Robin’s capital statement reveals that he made an additional capital investment of 25,000.
His drawings during the year were 50,000. His share of the net loss for the year was 10,000.
His ending capital balance was 200,000.
What was Robin’s beginning capital balance?
Answer:
135,000
Explanation:
What internal dimensions of the company were part of the problems that
occurred?
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
On February 5, King Corporation paid $1,600,000 for all the issued and outstanding common stock of Princess, Inc., in a transaction properly accounted for as an acquisition. The book values and fair values of Princess's assets and liabilities on February 5 were as follows: Book Value Fair Value Cash $ 160,000 $160,000 Receivables (net) 180,000 180,000 Inventory 315,000 300,000 Plant and equipment (net) 820,000 920,000 Liabilities (350,000) (350,000) Net assets $1,125,000 $1,210,000 What is the amount of goodwill resulting from the business combination? A. $400,000 B. $475,000. C. $85,000. D. $390,000.
Answer:
$390,000
Explanation:
The computation of the amount of goodwill resulting from the business combination is shown below:
= Paid amount for all issued & outstanding common stock - net assets fair value
= $1,600,000 - $1,210,000
= $390,000
We simply applied the above formula
Hence, the correct option is D.
All other information which is given in the question is not relevant. hence, ignored it
Terrence smiles at his customers, helps his coworkers, and stays late when needed. What personal skill does Terrence demonstrate?
A. Attire
B. Collaboration
C. Human resources
D. Positive attitude
Answer:The answer is D. Positive Attitude
Explanation:
I just took the test :)
Terence demonstrates the skill of a positive attitude. So the correct option is D.
What is a positive attitude?When you are optimistic, you look on the bright side of things, you gain confidence, and you anticipate growth and success. A positive outlook is necessary for pleasure, joy, and life advancement.
It denotes having a happy attitude in life. The person who is in this frame of mind experiences brightness, hope, and excitement in their life. Adopting this mentality does not guarantee that things will always go according to plan or that there won't be any obstacles.
However, this perspective guarantees that any obstacle you may have won't stop you or alter your frame of mind. This way of thinking about life would also give you the perseverance to keep trying, failing, and doing your best.
It is quite simple to develop negative thought patterns, doubts, anxieties, and fears, as well as to develop a pessimistic attitude toward life.
Therefore the correct option is D.
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You want to invest an amount of money today and receive back twice that amount in the future. You expect to earn 8 percent interest. Approximately how long must you wait for your investment to double in value
Answer:
It will take 8.75 years to double the investment.
Explanation:
Giving the following information:
Interest rate= 8%
To calculate the time required to double any amount of money, we can use the rule of 70. The rule of 70 is a means of estimating the number of years it takes for an investment or your money to double.
Number of Years to Double= 70/Annual Rate of Return
Number of Years to Double= 70/8
Number of Years to Double= 8.75
It will take 8.75 years to double the investment.
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
Which type of retailer offers a wide choice of products and high-quality service?
A.
specialty store
B.
off-price retailer
C.
department store
D.
convenience store
Answer:
C
Explanation:
C, a department store.
Answer:
A
Explanation:
I'm 100% sure
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
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:
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
See full question attached
Answer and Explanation:
Find full 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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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.
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.
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
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.
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
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.
explain the characteristics strengths, weaknesses of quantitative
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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.