Answer:
es la coma estate should be your answer
State whether the following statement is true or false: Too many slow moving, high value goods into
result in too much cash tied up in inventory
Answer: True
Explanation:
High value goods were purchased with a lot of cash and if they are slow moving, the company will not be able to sell them fast enough and realized the cash that was spent to be able to purchase them. A typical example of such inventory are expensive motor vehicles.
The ideal type of inventory is one that is fast moving and high value because it gives a business a higher amount of cash at a higher frequency.
On a recent shopping trip to a Target store, Kim went from aisle to aisle selecting the products he needed. Interestingly, the only person Kim encountered in the store was the employee at the checkout counter. The employee is an example of a(n):______.
a. Inside salesperson
b. Sales support staff
c. Order getter
d. Key account manager
e. Missionary salesperson
Answer:
A
Explanation:
An Inside salesperson is a salesperson that works inside an office or a store and does not go out to get customer. Kim encountered an employee inside the store. thus the person is an inside sales person
Missionary salesperson influences others to buy a product
A preliminary survey of the purchasing function indicates that
Department managers initiate purchase requests that must be approved by the plant superintendent,
Purchase orders are typed by the purchasing department using prenumbered and controlled forms,
Buyers regularly update the official vendor listing as new sources of supply become known,
Rush orders can be placed with a vendor by telephone but must be followed by a written purchase order before delivery can be accepted, and
Vendor invoice payment requests must be accompanied by a purchase order and receiving report.
One possible fault of this system is that:________
Answer: Purchases could be made from a vendor controlled by a buyer at prices higher than normal.
Explanation:
Based on the information given in the question, one possible fault of this system is that the purchases could be made from a vendor controlled by a buyer at prices higher than normal.
It should be noted that this system will help in curtailing the department managers buying unnecessary supplies. Also, payment cannot be made for supplies that are not received.
Mid-Town Copy Service processes 2,100,000 photocopies per month at its mid-town service center. Approximately 50 percent of the photocopies require collating. Collating is currently performed by high school and college students who are paid $8 per hour. Each student collates an average of 5,000 copies per hour. Management is contemplating the lease of an automatic collating machine that has a monthly capacity of 6,000,000 photocopies, with lease and operating costs totaling $1,550, plus $0.05 per 1,000 units collated.(a) Determine the total costs of collating 500,000 and 1,500,000 per month:1. With student help.2. With the collating machine.(b) Determine the monthly volume at which the automatic process becomes preferable to the manual process.
Answer:
Mid-Town Copy Service
a. The total costs of collating 500,000 and 1,500,000 per month are:
500,000 1,500,000
1. With student help $800 $2,400
2. With the collating machine $1,575 $1,625
b. The monthly volume at which automatic process becomes preferable to the manual process is:
= 1,050,000 photocopies.
Explanation:
a) Data and Calculations:
Monthly photocopies processed per month = 2,100,000
Photocopies requiring collation = 1,050,000 (50% * 2,100,000)
Cost of collating per hour = $8
Average number of copies collated by a student per hour = 5,000
Total cost of manual collating copies = $8 * 1,050,000/5,000 = $1,680
Lease cost of automatic collating machine = $1,550 + $0.05 per 1,000 units collated
The total costs of collating 500,000 and 1,500,000 per month:
500,000 1,500,000
1. With student help $800 $2,400
($8 * 500,000/5,000) ($8 * 1,500,000/5,000)
2. With the collating machine $1,575 $1,625
($1,550 + $0.05* 500,000/1,000) ($1,550 + $0.05* 1,500,000/1,000)
b. The monthly volume at which automatic process becomes preferable to the manual process is 1,050,000.
At this volume, costs are:
Manual Process = $1,680 ($8 * 1,050,000/5,000)
Automatic Process = $1,603 ($1,550 + $0.05* 1,050,000/1,000)
Hiram is a debtor to Central Credit Union, a secured party. If Hiram fails to maintain insurance on the collateral, he has likely a. attached the security agreement. b. perfected the security agreement. c. terminated the security agreement. d. defaulted on the security agreement.
Answer:
D). defaulted on the security agreement.
Explanation:
From the question we are informed about Hiram who is a debtor to Central Credit Union, a secured party. If Hiram fails to maintain insurance on the collateral, he has likely defaulted on the security agreement.
A security agreement as regards to the law of the United States, can be defined as contract which governs the relationship that exist between the parties that are involved in a kind of financial transaction that is been known as a secured transaction. It gives lender kind of security interest as regards to a specified asset/property which is has been pledged as collateral. Security agreements do compose of
covenants which states provisions for the advancement of funds as well as
repayment schedule and insurance requirements.
Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and Z. Enter net loss with a minus sign.
Company X Company Y Company Z
Net income/(net loss) $30 $________ $(20)
Sales ___________ 1,270 970
Gross profit 245 __________ 525
Operating expenses __________ 525 ___________
Cost of goods sold 330 790 ____________
Answer:
1226=113 %44311)23444443
California wildfires destroy vineyards across the Napa Valley. This is during the season when wine festivals occur most often all over the country. Demonstrate the effect of these events on the equilibrium price and quantity of wine.
Answer:
As a result of the wildfire, supply would fall. there would be a leftward shift of the supply curve. the quantity supplied of wine would reduce and price would increase
as a result of the festival, there would be an increase in demand. this would lead to an outward shift of the demand curve. Thus, the quantity demanded would increase and price would increase
taking these two effects together, there would be an indeterminate change in equilibrium quantity and equilibrium price would increase
Explanation:
Compare a market operating at a quantity lower than equilibrium (ie. a price floor) with the same market operating at the equilibrium quantity. Which of the following statements are true?
a. A price floor will increase the producer and total surplus.
b. It is unclear if the consumer surplus is greater or less at the market operating below equilibrium.
c. A market operating below equilibrium will transfer some producer surplus to consumers
d. A market operating below equilibrium will transfer some consumer surplus to producers.
Answer:
D
Explanation:
A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
A price floor increases producer surplus and reduces consumer surplus
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
Consumer surplus = willingness to pay – price of the good
Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product
Producer surplus = price – least price the seller is willing to accept
The dead weight loss of tax can be determined by calculating the reduction in total surplus as a result of the tax
Recycling is Primarily an example of a issue facing businessess.
a. human resource
b. natural resource
c. ethical
d. social
Your boss wants to set safety stock levels correctly to ensure an 87.9% service level. She needs your answer right away. What should the safety stock level be given that you know: * Average replenishment cycle is 10 days * Standard deviation of daily demand is 12 units * Average daily demand is 100 units * Standard deviation of the replenishment cycle is 3 days Group of answer choices
Answer:
the safety stock is 354
Explanation:
The computation of the safety stock is shown below:
= z × SD of demand during lead time
= z × [ ( SD of daily demand)^2 × Lead time + ( Demand × SDLT)^2]^0.5
= z × [ 144 × 10+ ( 100 × 3)^2]^0.5
= z × [ 1440+90000]^0.5
= 1.17 × 302.39
= 353.79
= 354
hence, the safety stock is 354
Required: 1. Prepare a bank reconciliation for Oscar's checking account on February 28, 2021. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) Answer is not complete. OSCAR'S RED CARPET STORE Bank Reconciliation February 28, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement $ 11,770 Per general ledger Deposits outstanding 1,500 Company error Checks outstanding 2,000 % $ 7,150 (650) Bank balance per reconciliation Company balance per reconciliation Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Deposits: Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,600 Checks: 2,200 3, 100 4,000 1,500 $ 13, 400 No. 321 322 323 324 325 326 327 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Amount $ 4,600 650 2,400 2,100 450 950 1,800 $ 12,950 Cash receipts: Balance on February 1 Receipts Disbursements Balance on February 28 $ 6,700 13,400 (12,950) $ 7,150 Information from February's bank statement and company records reveals the following additional information:
a. The ending cash balance recorded in the bank statement is $11,770.
b. Cash receipts of $1,500 from 2/26-2/28 are outstanding.
c. Checks 325 and 327 are outstanding.
d. The deposit on 2/11 includes a customer's check for $450 that did not clear the bank (NSF check).
e. Check 323 was written for $2,800 for advertising in February. The bank properly recorded the check for this amount.
f. An automatic withdrawal for Oscar's February rent was made on February 4 for $1,300.
g. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $190.
h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $5,800 from Oscar. On February 24, Titanic paid $5,950 ($5,800 borrowed amount plus $150 interest) directly to Academy Bank in payment for January's borrowing.
i. Academy Bank charged service fees of $120 to Oscar's for the month.
Answer:
A. Cash balance as per bank $11,020.00
Cash balance as per books $11,020.00
B. 28-Feb
Dr Cash $6,140.00
Cr To Note receivables $5,800.00
Cr To Interest Revenue $340.00
28-Feb
Dr Accounts Receivables $450.00
Dr Advertising expense $400.00
Dr Rent expense $1,300.00
Dr Miscellaneous expense $120.00
Cr To Cash $2,270.00
Explanation:
Preparation of a bank reconciliation for Oscar's checking account on February 28, 2021.
OSCAR'S RED CARPET Bank Reconciliation - February 28
BANK'S CASH BALANCE
Ending balance as per Bank Statements $11,770.00
Add Outstanding Deposits $1,500.00
Less Outstanding Checks ($2,250.00)
($450 + $1,800)
Cash balance as per bank $11,020.00
COMPANY'S CASH BALANCE
Ending Balance as per cash books $7,150.00
Note Collection (including interest) $5,950.00
Interest earned $190.00
Less: NSF Cheque ($450.00)
Incorrect recording of check 323 ($400.00)
Rent withdrawl ($1,300.00)
Service charge ($120.00)
Cash balance as per books $11,020.00
Therefore the bank reconciliation for Oscar's checking account on February 28, 2021 will be:
Cash balance as per bank $11,020.00
Cash balance as per books $11,020.00
2. Preparation to Record the necessary cash adjustments.
Journal Entries - Oscar's Red Carpet
28-Feb
Dr Cash $6,140.00
Cr To Note receivables $5,800.00
Cr To Interest Revenue $340.00
(To record reconciliation items that increases in cash)
28-Feb
Dr Accounts Receivables $450.00
Dr Advertising expense $400.00
Dr Rent expense $1,300.00
Dr Miscellaneous expense $120.00
Cr To Cash $2,270.00
(To record reconciliation items that decreases cash)
A. Cash balance as per bank $11,020.00
Cash balance as per books $11,020.00
B. 28-Feb
Dr. Cash $6,140.00
Cr to notice receivables $5,800.00
Cr To Interest Revenue $340.00
28-Feb
Dr. Accounts Receivables $450.00
Dr. Advertising expense $400.00
Dr Rent expense $1,300.00
Dr. Miscellaneous expense $120.00
Cr To Cash $2,270.00
Bank ReconciliationPreparation of a bank reconciliation for Oscar's bank account on February 28, 2021.
OSCAR'S RED CARPET Bank Reconciliation - February 28
BANK'S CASH BALANCE
Ending balance as per Bank Statements $11,770.00
Add Outstanding Deposits $1,500.00
Less Outstanding Checks ($2,250.00)
($450 + $1,800)
Cash balance as per bank $11,020.00
Now the "COMPANY'S CASH BALANCE" is
Ending Balance as per cash books $7,150.00
Note Collection (including interest) $5,950.00
Interest earned $190.00
Less: NSF Cheque ($450.00)
Incorrect recording of check 323 ($400.00)
Rent withdrawal ($1,300.00)
Service charge ($120.00)
Cash balance as per books $11,020.00
Thus, the bank reconciliation for Oscar's bank account on February 28, 2021, will be:
Cash balance as per bank $11,020.00
Cash balance as per books $11,020.00
2. Preparation to Record the mandatory cash adjustments.
Journal Entries - Oscar's Red Carpet
28-Feb
Dr. Cash $6,140.00
Cr to notice receivables $5,800.00
Cr To Interest Revenue $340.00
(To record reconciliation items that increase in cash)
28-Feb
Dr. Accounts Receivables $450.00
Dr. Advertising expense $400.00
Dr Rent expense $1,300.00
Dr. Miscellaneous expense $120.00
Cr To Cash $2,270.00
Then (Record reconciliation items that decrease cash)
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A job was budgeted to require 3 hours of labor per unit at $11.00 per hour. The job consisted of 8,000 units and was completed in 22,000 hours at a total labor cost of $269,500. What is the direct labor efficiency variance
Answer:
Direct labor time (efficiency) variance= $22,000 favorable
Explanation:
To calculate the direct labor efficiency variance, we need to use the following formula:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (3*8,000 - 22,000)*11
Direct labor time (efficiency) variance= (24,000 - 22,000)*11
Direct labor time (efficiency) variance= $22,000 favorable
For those wishing to purchase a franchise, the Federal Trade Commission acts as a guardian ensuring that the business idea is sound and that the information in the Franchise Disclosure Document is accurate.
a. True
b. False
Answer:
b. False
Explanation:
In the case when the franchise is to be purchased so the federal commission acted as the guardian and they give the assurance that the idea related to the business is sounded also the information that contains in this should be correct but in real it should not be accurate as for obtaining the franchise the wrong information could be provided
So the given statement is false
Zoey Bella Company has a payroll of $6,200 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. Journalize the adjusting entry required on December 31, assuming the year ends on a Thursday.
Answer:
Debit Salaries Expense $6,200
Credit Salaries Payable $6,200
Explanation:
Preparation of the adjusting entry required on December 31, assuming the year ends on a Thursday.
Based on the information given the appropriate
adjusting journal entry required on December 31, assuming the year ends on a Thursday will be :
December 31
Debit Salaries Expense $6,200
Credit Salaries Payable $6,200
Adjani is hearing more complaints from his employees about headaches and breathing difficulties. A consultant found that the air quality in his building was poor and recommended all of the following EXCEPT:________.
A. Install new carpeting.
B. Reduce the use of automatic air fresheners.
C. Clean air ducts regularly.
D. Use cleaning supplies that do not emit irritation fumes.
E. Check office equipment for airborne contaminants.
Answer:
a
Explanation:
BigHomes is a construction company that operates in Busiland. It specializes in
building large residential homes for wealthy families. BigHomes is concerned about pressure groups and tries to be as ethical as possible in all its operations. They think of becoming a multinational in the future.
a.)Identify and explain two ways in which BigHomes might operate ethically.
Answer:
For bussin
Explanation:
Indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing and financing activity.
(a) Issued $50,000 par value common stock for cash.
(b) Purchased a machine for $30,000, giving a long-term note in exchange.
(c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d) Declared and paid a cash dividend of $13,000.(e) Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f) Collected $16,000 from sale of goods.(g) Paid $18,000 to suppliers.
Answer:
A. Financing activities
B. Noncash investing and financing activities
C. Noncash investing and financing activities
D. Financing activities
E. Investing Activities
F. Operating Activities
G. Operating Activities
Explanation:
To Indicate whether each transaction is an OPERATING ACTIVITY, INVESTING ACTIVITY, FINANCING ACTIVITY, or NONCASH INVESTING and FINANCING ACTIVITY.
A. Based on the information given the transaction is a FINANCING ACTIVITIES
B. Based on the information given the transaction is a NONCASH INVESTING and FINANCING ACTIVITIES
C. Based on the information given the transaction is a NONCASH INVESTING and FINANCING ACTIVITIES
D. Based on the information given the transaction is a FINANCING ACTIVITIES
E.Based on the information given the transaction is a INVESTING ACTIVITIES
F.Based on the information given the transaction is an OPERATING ACTIVITIES
G. Based on the information given the transaction is an OPERATING ACTIVITIES
Actual fixed overhead is $33,300 (12,000 machine hours) and fixed overhead was estimated at $34,000 when the predetermined rate of $3.00 per machine hour was set. If 11,500 standard hours were allowed for actual production, applied fixed overhead is:____.
a. 33,300.b. 34,000.c. 34,500.d. not determinable without knowing the actual numbers of units produced.
Answer:
C. $34,500
Explanation:
Given the above information, applied fixed overhead is computed as;
= Standard hours allowed for actual production × Predetermined rate
Standard hours allowed for actual production = 11,500
Predetermined rate = $3 per hour
Then,
Applied fixed overhead
= 11,500 hours × $3 per hour
= $34,500
Select the true statement about the Restatement of the Law of Contracts.
a. It is a valuable resource for judges to consult, but it is not formal law.
b. It is the primary source of law for contract cases involving the sale of goods.
c. It must be renewed by Congress every ten years.
d. It completely overturned the contract law that had developed in the common law courtroom.
Answer:
The TRUE statement about the Restatement of the Law of Contracts is:
a. It is a valuable resource for judges to consult, but it is not formal law.
Explanation:
The Restatement of the Law of Contracts are treatises that clarify the general principles of contract common law, to help judges and lawyers in their judgments. Though it is one of the best-recognized and frequently cited legal treatises in all of American jurisprudence, it remains secondary sources of law. With the cooperation of judges, legal professors, and other legal experts, it is written and published by the American Law Institute (ALI).
Margaret Moore started her own consulting firm, Carla Vista Consulting, on May 1, 2020. The following transactions occurred during the month of May.
May:
1 Trixie invested $7,600 cash in the business.
2 Paid $950 for office rent for the month.
3 Purchased $600 of supplies on account.
5 Paid $160 to advertise in the County News.
9 Received $4,500 cash for services performed.
12 Withdrew $1,200 cash for personal use.
15 Performed $5,600 of services on account.
17 Paid $2,000 for employee salaries.
20 Made a partial payment of $400 for the supplies purchased on account on May 3.
23 Received a cash payment of $3,600 for services performed on account on May 15.
26 Borrowed $5,500 from the bank on a note payable.
29 Purchased equipment for $4,000 on account.
30 Paid $350 for utilities.
Required:
Show the effects of the previous transactions on the accounting equation.
Answer:
1. Equity will increase
2. Asset Decrease
3. Asset and liability increase
4. Asset decrease
5. Asset increase
6. Equity decrease
7. Asset increase
8. Asset decrease
9. Asset and liability decrease
10. No effect
11. Asset and liability increase
12. Asset increase
13. Asset decrease
Explanation:
Accounting equation reflects the impact on the business for every transaction. There are three main components of an accounting equation. Asset, Liabilities and Equity. If one component increase the other might increase, decrease or have no effect.
Asset = Liabilities + Capital
When you ask the controller to look into federal reimbursements to see if he can find the cause of the reduction, how might he respond? (Select all that apply) Federal reimbursements are not part of the revenue cycle, the problem lies in revenue. Since federal reimbursements are part of the revenue cycle, we might find the problem there. The problem lies in revenue so it’s possible that charges are not being generated. The problem lies in revenue so there could be a problem in claims.
Answer:
Federal reimbursements are not part of the revenue cycle, the problem lies in revenue.
The problem lies in revenue so its possible that charges are not being generated.
Explanation:
Federal reimbursements are not revenue. These reimbursements are treated separately other than revenue. The charges are not generated because federal funds are not part of revenue cycle.
Darnell has saved $30 per week to buy a new Blu-ray player. He compares two different models: a Panaview that is priced at $130 and a Zony model that is priced at $140. Darnell decides to purchase the Zony Blu-ray player for $140. Identify what role money plays in each of the following parts of the story.
a. Alex can easily determine that the Panaview model has a lower price than the Zony Model.
b. Alex saved $30 per week.
c. Alex pays $140 for the Blu-Ray player.
Answer:
unit of account
store of value
medium of exchange
Explanation:
Money is anything that is generally accepted as a means of payment for goods and services and for repayment of debt.
Functions of money
1. Medium of exchange : money can be used to exchange for goods and services. For example, money serves as a medium of exchange when you pay $140 for the Blu-Ray player.
2. Unit of account : money can be used to value goods and services, For example, you can determine that the value of the Panaview model is lower than the Zony Model based on its price
3. Store of value : money can retain its value over the long term, this it can be used as a store of value.
Hollyfield Corporation sold a piece of equipment on September 30, 2018 for $201,000 cash. The equipment had been purchased on January 1, 2012 for $450,000. It had an estimated useful life of 10 years and a $50,000 residual value. Hollyfield Corp. has been using the straight-line method of depreciation and has a year-end of December 31st. Compute the gain or loss on disposal.
Answer:
$2,000
Explanation:
the gain or loss on disposal is
The Fish House is expected to pay annual dividends of $1.23 and $1.25 at the end of the next two years, respectively. After that, the company expects to pay a constant dividend of $1.35 a share. What is the value of this stock at a required return of 16.4 percent?a. $6.07b. $8.55c. $8.05d. $11.08e. $8.23
Answer:
c. $8.05
Explanation:
Calculation to determine What is the value of this stock at a required return of 16.4 percent
First step is to calculate the P2
P2 = ($1.35/.164)
P2= $8.23
Now let calculate the value of the stock
P0 = [$1.23 /1.164] + [($1.25 + 8.23)/1.164^2]
P0 = $8.05
Therefore the value of this stock at a required return of 16.4 percent is $8.05
4. In this lesson, you were encouraged to create a graphic representation of how you spend your time over 24 hours. It suggested using different colors to indicate your
level of
A. effort.
B. anxiety.
C. Interest.
D. detachment
The study in this lesson tells you to make a representation on your level of interest.
How does the representation show interest?The work is asking the student to show the things that they did within this period of 24 hours.
The use of colors is to partition the interests and also show the activities that he must have spent the longest time on.
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Answer:
C
Explanation:
Which of the following is an example of investment? A. the purchase of a new assembly line by Ford B. a person money adding money to his retirement fund C. a student increasing his human capital by attending college D. a person depositing $ 100 a week to her savings account
Answer:
Option A
Explanation:
In simple words, To invest means to set aside money in the hope of receiving a favorable benefit or profit in the hereafter. To put it another way, to invest is to possess an asset or an item with the intention of earning money from it or benefiting from the appreciation of your investment, which is a growth in the object's value over time.
Thus, from the above we can conclude that the correct option is A.
For the following purchasing and sales transactions, prepare the appropriate journal entry assuming a perpetual inventory system is in place.
1. On January 1, Cougar Corp. purchased inventory from a supplier for $7,000. The credit terms on the transaction are 1 /10, net 30.
2. On January 2, Cougar Corp. paid a shipping company $150 for freight associated with the January 1 purchase.
3. On January 5, Cougar Corp sold inventory with a cost of $2,400 for $4,100. The credit terms on the transaction are 3/15, net 30.
4. On January 6, Cougar Corp. returned $800 of the inventory purchased on January 1.
5. On January 7, Cougar Corp. paid $240 to ship the goods sold on January 5.
6. On January 9, Cougar Corp. paid for the purchase on January 1. (Don't forget to consider the purchase return on January 6).
7. On January 10, Cougar Corp. received payment for the sale made on January 5.
Answer:
Cougar Corp.
Journal Entries:
1. January 1, Debit Inventory $7,000
Credit Accounts Payable $7,000
To record the purchase of goods on terms 1 /10, net 30.
2. January 2, Debit Freight-in $150
Credit Cash $150
To record the payment for freight-in.
3. January 5, Debit Cost of goods sold $2,400
Credit Inventory $2,400
To record the cost of goods sold.
Debit Accounts Receivable $4,100
Credit Sales Revenue $4,100
To record the sale of goods on account, terms 3/15, net 30.
4. January 6, Debit Accounts Payable $800
Credit Inventory $800
To record the return of goods on account.
5. January 7, Debit Freight-out $240
Credit Cash $240
To record the payment of freight-out.
6. January 9, Debit Accounts Payable $6,200
Credit Cash $6,138
Credit Cash Discounts $62
To record the payment on account, including cash discounts
7. January 10 DebitCash $3,977
Debit Cash Discounts $123
Credit Accounts Receivable $4,100
To record the receipt of cash, including cash discounts.
Explanation:
a) Data and Analysis:
1. January 1, Inventory $7,000 Accounts Payable $7,000
terms 1 /10, net 30.
2. January 2, Freight-in $150 Cash $150
3. January 5, Cost of goods sold $2,400 Inventory $2,400
Accounts Receivable $4,100 Sales Revenue $4,100
terms 3/15, net 30.
4. January 6, Accounts Payable $800 Inventory $800
5. January 7, Freight-out $240 Cash $240
6. Accounts Payable $6,200 Cash $6,138 Cash Discounts $62
7. Cash $3,977 Cash Discounts $123 Accounts Receivable $4,100
Information for Pidris Metalworks as of December 31 follows. Prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; (12 Points).(b) prepare the company's income statement that reports separate categories for selling and general and administrative expenses. (12 Points).
Answer: hello your question is incomplete attached below is the missing data. ( first image )
answer:
Attached below
Explanation:
A) company's schedule of cost of goods manufactured for year ended
attached below is the required schedule ( second Image )
B) Company's income statement
attached below is the company's income statement ( Image 3 and 4 )
Your mayor just announced that the local unemployment rate dropped from 10.5% to 10.4% from the prior month. Evaluate the unemployment rate drop and discuss whether there is enough information to determine significance. Support your response with specific examples. In replies to peers, discuss whether you agree or disagree with their assessments and justify your response
Answer:
Not enough information
Explanation:
from this question, this mayor has only given us the estimated proportion of the rate of unemployment for these months. In order to know if it is significant or not, we have to carry out other tests such as the hypothesis testing for the population proportion. But here we do not have any sample data or population data with which we can use to test this significance. The sample size is unknown so we cannot proceed to test if the claim is significant or not.
The demand rate for raw material A is normally distributed with an average of 300 pints per day. The standard deviation of daily demand is 15 pints. If the lead time for this material is 4 days, what is the standard deviation of demand during the 4-day lead time
Answer:
the standard deviation of demand during the 4-day lead time is 30
Explanation:
the computation of the standard deviation of demand during the 4-day lead time is given below;
= Sqrt(Lead time) × Std deviation daily demand
= Sqrt(4) × 15
=2 × 15
= 30
Hence, the standard deviation of demand during the 4-day lead time is 30