Answer:
C. Finished Goods Inventory account is credited.
Explanation:
In a perpetual system of inventory; which can be defined as a method of financial accounting, that involves the updating informations about an inventory on a continuous basis (in real-time) as the sales or purchases are being made by the customers, through the use of enterprise management software applications and a digitized point-of-sale equipment.
Under a perpetual system of inventory, updates of the journal entry for cost of goods sold or received would include debiting accounts receivable and crediting sales immediately as it is being made and Finished Goods Inventory account is also credited. The advantage of the perpetual system of inventory over the periodic system of inventory is that, it ensures the inventory account balance is always accurate provided there are no spoilage, theft etc.
Hence, when completed units are sold, Finished Goods Inventory account is credited.
Your roommate asks for a loan, offering to make weekly payments of $25 for two years. If the appropriate interest rate is 8.25% APR, compounded weekly, how much would you be willing to lend her today
Answer:
You should be willing to lend your roommate the sum of $2,395.08 today.
Explanation:
a) Data and Calculations:
Weekly loan repayment = $25
Period of loan = 2 years
Interest rate = 8.25% APR, compounded weekly
b) Using online finance calculator:
FV (Future Value) $2,824.37
PV (Present Value) $2,395.08
N (Number of Periods) 104.000
I/Y (Interest Rate) 0.159%
PMT (Periodic Payment) $25.00
Starting Investment $0.00
Total Principal $2,600.00
Total Interest $224.37
Which best describes what injector factors bring to an economic system?
factors of production
imports
consumers
money
Answer: Money
Explanation:
Money is one of the injector factor that is necessary for bringing the economic system. The injection of money helps in boosting economy of any country or region. This also helps in investment, strengthening the government to take necessary measures for development, and export. Money can be used to purchase raw materials to produce more number of goods and it enables the customers to purchase those goods and services. This exerts a positive impact on the circulation of economy.
Answer:
The answer to the question is D. Money
(True) or (False)? Accumulated depreciation is recorded as a contra expense account on the income statement, and the depreciation expense is recorded as an asset on the balance sheet.
Answer:
false
Explanation:
Depreciation is the reduction in the value of an asset. It is recorded as an expense on the income statement.
Accumulated depreciation is the sum of depreciation over a time period. It is recorded as a contra asset on the balance sheet
for product costs to become expenses under the matching principle, the units to which they attach must be
Answer: Sold
Explanation:
The Matching principle in accounting states that for an expense to be recognized in a period, the revenue to which that expense is attached should be earned in that same period as well.
For product costs to be recognized as expenses therefore, the products they are attached to must yield revenue by being sold.
Which is NOT a step in a career plan?
A.
Join a CTSO
B.
Finish high school
C.
Complete a vocational certification
D.
Go on vacation to the beach
Answer:
D. Go on vacation to the beach
Explanation:
A vacation is not a career... it is relaxing
In regard to employee benefits, on October 20, 2X13, the CFO of Scare Crow PLC in London is committed to terminating Aunt Emma on December 31, 2X13 and will be offering her a benefit package of 100,000 British Pounds Sterling. Aunt Emma is qualified to retired from Scare Crow on December 31, 2X16. The proper treatment of this decision is
Answer:
1 October 31, 2X13 statement: Debit termination expense for 100,000 British Pounds Sterling, Credit termination payable 100,000 British Pounds Sterling
Explanation:
The proper treatment of this decision is as follow
The benefits package cost of 100,000 British pounds will be recorded as an expense in the termination expense account. A debit entry in this account will be recorded.
On the other hand, the payment is not made to Aunt Emma, so liability will be created to record the offer of the benefits package. A credit entry in the Termination payable ( Aunt Emma ) account to record the liability equal value recorded in the expense account.
The Journal Entry will be as follow
Dr. Termination expense_100,000 British Pounds Sterling,
Cr. Termination payable _100,000 British Pounds Sterling
Borrowers who believe they will be in a home for only a short period of time would be good prospects for a/an:
Answer:
Hard money loan
Explanation:
Options "A) no interest loan, B) adjustable-rate loan, C) Convertible loan, D) Hard money Loan"
Hard money loan is a way to raise money quickly, usually taken out for a short time but at a higher cost and lower LTV ratio. The terms of hard money loans are often negotiated between the lender and the borrower. This type of loans use the property of the borrower as collateral and does not rely on the creditworthiness of the borrower.
ear, Inc. generates a $100,000 net operating loss in the current year. Plum, Inc. generates $500,000 of taxable income. Compute the current year tax if Pear and Plum do/do not file a consolidated return.
Answer:
Consolidated=$84,000
Not consolidated= $105,000
Explanation:
Computation for the current year tax if Pear and Plum do/do not file a consolidated return.
Computation for Consolidated
Taxable income = ($500,000 - $100,000) x 21%
Taxable income =$400,000×21%
Taxable income = $84,000
Computation for Not consolidated
Not consolidated= $500,000 x 21%
Not consolidated= $105,000
Therefore the current year tax if Pear and Plum do/do not file a consolidated return will be :
Consolidated=$84,000
Not consolidated= $105,000
Ridge Company issues $10,000,000 10-year, 9% bonds on 3/1/17 at 97 plus accrued interest. The bonds are dated January 1, 2010, and pay interest on June 30 and December 31; original issue date was 1/1/17. What is the total cash received on 3/1/17
Answer:
$9,850,000
Explanation:
Calculation for What is the total cash received on 3/1/17
Total cash received on 3/1/17=$10,000,000 × .97) + ([9%*$10,000,000) × 2/12]
Total cash received on 3/1/17=$10,000,000 × .97) + ($900,000 × 2/12)
Total cash received on 3/1/17=$9,700,000+$150,000
Total cash received on 3/1/17 = $9,850,000
Therefore the total cash received on 3/1/17 is $9,850,000
A manufacturing company has total liabilities of $52,000 and total stockholders' equity of $75,000. What is the debt-to-equity ratio?
Answer:
0.693
Explanation:
Debt to equity ratio= Total liability/ Shareholder equity
=$52,000/$75,000= 0.693
inventory g Ronald Homes purchased land for development for $2,500,000. The land will be parceled into lots and sold for vacation homes as follows: 10 lots (Type A) to sell for $100,000 each; 15 lots (Type B) to sell for $70,000 each; and 20 lots (Type C) to sell for $50,000 each. At what amount should Ronald Homes record the Type B lots
Answer:
Ronald Homes
The amount at which Ronald Homes should record Type B lots is $860,656 while each should be recorded at $57,377.
Explanation:
a) Data and Calculations:
Cost of land for development = $2,500,000
Land parceled into lots as follows:
Type A (10 lots) to sell for $100,000 each = $1,000,000
Type B (15 lots) to sell for $70,000 each = 1,050,000
Type C (20 lots) to sell for $50,000 each = 1,000,000
Total sales value = $3,050,000
Type A lots to be recorded at $1,000,000/$3,050,000 * $2,500,000
= $819,672
Type B lots to be recorded at: $1,050,000/$3,050,000 * $2,500,000
= $860,656
Type C lots to be recorded at $1,000,000/$3,050,000 * $2,500,000
= $819,672
Mark accidentally overheard a confidential phone conversation between his boss and the district manager during which they discussed the possibility of layoffs in the sales division. Mark works in accounting, so his job is not in danger; however, a few of his friends are sales representatives for the company. What should Mark do
Answer:
-Say nothing to his co-workers since this was a private conversation and he could lose his job if his boss found out he was spreading sensitive company information
Explanation:
Since in the situation it is mentioned that Mark accidentally heard a confidential phone conversation in which the possibility of layoff in the sales division would be discussed he is not in danger but some of his friends are the sales representatives so mark would not tell anyone as it is a private conversation and he could lose the job if the boss knows that the information is spread by mark
Therefore the second option is correct
10 points Print Item 3 As of December 31, Year 2, Moss Company had total cash of $147,000, notes payable of $84,700, and common stock of $51,500. During Year 3, Moss earned $27,000 of cash revenue, paid $15,500 for cash expenses, and paid a $2,100 cash dividend to the stockholders. Required a. Determine the amount of retained earnings as of December 31, Year 2. b.
Answer:
the retained earning for the year 2 is $10,800
Explanation:
The computation of the retained earning as on year 2 is shown below:
= Cash - note payable - common stock
= $147,000 - $84,700 - $51,500
= $10,800
We simply deduct the note payable and the common stock from the cash so that the retained earning for the year 2 could come
hence, the retained earning for the year 2 is $10,800
Why would the government allow companies to buy and sell permits that allow companies to emit specified amounts of pollutants
Answer:
To removes bias in the allocation of emissions rights.
Explanation:
The government allow companies to buy and sell permits in order to removes bias in the allocation of emissions rights. These permits are given to the companies that allow other companies to emit a specific amount of pollutants from their industries. If there is no permits given to companies so these companies emits huge amount of pollutants which pollute the whole environment.
Julio sold his stock in ABC Company for a higher price per share than he bought it for. He realized a:
Answer: Capital gain
Explanation:
Capital gain is the return that a person gets when they sell their shares for a higher price than what they bought it for. It is a capital gain because the money they invested (capital) increased and brought back more than they spent.
The reverse is called a Capital loss.
Example of Capital gain:
You buy stock in 2019 for $40 and sell it in 2020 for $100. Your capital gain is:
= 100 - 40
= $60
g explain which types of organizations (if any) will traditional HRM fit most and which types of organizations (if any) will strategic HRM fit most
Answer:
HR Function refers to areas such as recruitment, selection, recruitment and retention, performance evaluation, promotional preparing, and reimbursement managerial staff.
Explanation:
Throughout traditional HRM every one of these operations has been associated with capacity building and therefore are constrained even within the HR manager. Those other operations are not focused on an organization’s strategy.Traditional HRM is therefore not focused on effective organizational culture, while strategy Implementation focuses on its philosophy.Suppose the demand for apples becomes more elastic. All else equal, this means that the same change in price will result in
Answer:
a greater change in quantity demanded
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Identify the microeconomic topic(s) among the following: Average cost of electricity per household. Average cost of electricity per household. The unemployment rate. The unemployment rate. Fiscal policy. Fiscal policy. The price that a farmer asks for her watermelons.
Answer:
Average cost of electricity per household
The price that a farmer asks for her watermelons.
Explanation:
Microeconomics is a branch of economics that studies the decisions individuals and firms make in response to changes in economic factors. These factors include price, resources etc. it studies how firms and individuals allocate and make decisions about resources
The other options are examples of macroeconomics.
Macroeconomics is a branch of economics that studies the economy as a whole. Macroeconomics studies economic aggregates such as inflation, unemployment, GDP and growth rate.
Nickel Inc. bought $500,000 of 3-year, 6% bonds as an investment on December 31, 2017 for $530,000. The investment receives interest annually and Nickel uses straight-line amortization. On May 1, 2018, the issuer retired $100,000 of the bonds at 116. As a result of the retirement, Nickel will report a:
Answer:
the gain would be reported i.e. $10,778
Explanation:
The computation is shown below:
The Value of 100000 bonds is
= $530,000 ÷ $500,000 × 100,000
= $106,000
Now
Premium amortization in 4 month is
= $7,000 ÷ 36 months × 4 months
= $778
Now
Carrying value on may 1, 2018 is
= $106,000 - $778
= $105,222
Now
Retirement value is
= 100,000 × 1.16
= 116,000
So,
Gain on retirement is
= 116,000 - 105,222
= $10,778
Hence, the gain would be reported i.e. $10,778
In 2XX7, Oz Ltd (DL) bought an abandoned lot of land on the main street in Sheffield, England for 200,000 British Pounds Sterling. On December 31. 2X10, the land was determined to be impaired and written down to 50,000 Pounds. The Great Recession ends and on December 31, 2X12, the land appreciates in value to 100,000 Pounds. The journal entry for this land on December 31, 2X12 is:
Answer:
Journal Entry
December 31, 2X12
Dr. Land Account ______50,000 pounds
Cr. Appreciation on Land 50,000 pounds
Explanation:
As Land is recorded at the value of $50,000 and it is needed to be appreciated on December 31,2X12.
The appreciation will increase the value of the land so the land account will be debited as it is a fixed asset account that has debit nature.
On the other hand, the appreciation on the land account will be credit because it is an unrecognized income/gain account that will be reported as other comprehensive income.
Adjustment = Appreciated Value - Carrying Value = 100,000 pounds - 50,000 pounds = 50,000 pounds
Note: As depreciation is not applicable on the land so, the carrying value on December 31, 2X10 will be the same on December 31,2X12 before adjustment.
What is the impact of a strong dollar relative to the peso for a U.S. consumer buying a car produced in Mexico
Answer: a. The car should be less expensive for the U.S. consumer.
Explanation:
If the dollar is strong relative to the peso, it means that the US dollar can buy more pesos.
If a U.S. consumers should therefore buy a car that was produced in Mexico, the car would be cheaper for them because the car would have originally be priced in pesos and with the U.S. dollar stronger, the American consumer would spend less dollars to match the price in pesos.
Jane has $500 a week to spend on clothing and food. The price of clothing is $25 and the price of food is $10. The clothing and food pairs in Jane's choice set include ________ units of clothing and ________ units of food.
Answer:
12
20
Explanation:
Here are the options to this question :
A. 10, 10
B) 25, 5
C) 12; 20
D) 16, 8
If Jane buys 10 units of clothing and 10 units of food : (10 x $25) + (10 x $10) = $350. This doesn't maximise his income
If Jane buys 25 units of clothing and 5 units of food : (25 x $25) + (5 x $10) = $675. This is greater than income
If Jane buys 12 units of clothing and 20 units of food : (12 x $25) + (20 x $10) = $500. This maximises income
If Jane buys 16 units of clothing and 8 units of food : (16 x $25) + (8 x $10) = $480. This doesn't maximise his income
The management accountant should be aware that the software system(s) that should be used to prepare job cost reports is:
Answer:
Chosen from a variety of software systems available, often designed specifically for a particular industry.
Explanation:
Managerial accounting also known as cost accounting is an accounting technique focused on identification, measurement, analysis, interpretation, and communication of financial information to managers for planning, better decisions making and pursuit of the organization's goals.
Managerial accounting typically comprises of both non-monetary and monetary informations about an organization.
Hence, the management accountant should be aware that the software system(s) that should be used to prepare job cost reports is chosen from a variety of software systems available, often designed specifically for a particular industry.
This ultimately implies that, the software application or program that is typically used in the accounting field is designed specifically for that particular industry and cannot be used by another industry such as medicine, engineering, agriculture etc.
According to O*NET, what are common skills needed
by Tour Guides? Select three options.
active listening
science
speaking
social perceptiveness
troubleshooting
equipment maintenance
repairing
Answer:
1 3 4
Explanation:
Answer:
1 3 and 4
Explanation:
...
What is meant when economists say that the US economy has a higher safe speed limit than it had previously
Answer:
When economists say that the US economy has a higher safe speed limit than it had previously, it means that:
Overheating the US economy does not produce high inflation.
Explanation:
The US economy is being overheated through rapid economic expansions. Some of these expansions are engendered by rapid technological changes. The US government also often indulge in aggressive economic expansions by ensuring maximum employment and capacity utilization. But these measures have been found to not distort the economy with high inflation rates. As a result, an economist can conclude that "the US economy has a higher safe speed limit than it had previously."
"Tom, at Bode Corporation we align our individual goals with the company's goals.
That is, as managers, we use
to drive ourselves and our employees
to accomplish key goals that are linked with the company's success," said Tom's new
CEO.
remuneration
contingency management
quantitative management
management by objective
time-and-motion studies
Dream House Builders, Inc. applies overhead by linking it to direct labor. At the start of the current period, management predicts total direct labor costs of $100,000 and total overhead costs of $20,000. On January 31, the direct labor for this job equals $2,700. Complete the following journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Answer:
Dr Work in Process Inventory 540
Cr Credit - Factory Overhead 540
Explanation:
Preparation of journal entry
Dr Work in Process Inventory 540
Cr Credit - Factory Overhead 540
Calculation for the Overhead assigned to this job
First step is to calculate the Predetermined overhead rate
Predetermined overhead rate =$20,000 ÷$100,000
Predetermined overhead rate =20%
Now let calculate Overhead assigned to this job
Overhead assigned to this job = $2,700 ×0.20 Overhead assigned to this job= $540
Therefore the journal entry is :
Dr Work in Process Inventory 540
Cr Credit - Factory Overhead 540
An annuity immediate pays 15 at the end of years 1 and 2, 14 at the end of years 3 and 4 and so on. The payments decrease by 1 every second year until nothing is paid. The effective annual interest rate is 6%. Calculate the present value of this annuity
Answer:
$138.63
Explanation:
I used an excel spreadsheet and the NPV function to determine the present value of this annuity. The present value of this annuity is $138.63
Drag each tile to the correct box.
Match each characteristic of a successful blog to the correct description.
creates the need for people to continue reading
proves to readers thazine information is trustworthy
clearly expresses an idea for readers to understand easily
credibility
conciseness
regular schedule
Answer:
1. Regular schedule.
2. Credibility.
3. Conciseness.
Explanation:
A blog can be defined as an informative or discussion-based website that is updated regularly and published over the internet. The informations that are posted on a blog are usually done chronologically.
Basically, the characteristics of a successful blog are;
1. Regular schedule: creates the need for people to continue reading. Thus, informations posted on blogs are to be updated and made available to the audience at regular intervals.
2. Credibility: proves to readers that this information is trustworthy. You should ensure you always post information that are factual, credible and trustworthy.
3. Conciseness: clearly expresses an idea for readers to understand easily. You should write in a simple and straightforward manner without the use of ambiguous or complex words.
Suppose the EPS (earnings per share) of Wal-Mart stock is $2 and the current price per earnings ratio is 10. What is the current price of Wal-Mart stock
Answer:
$20
Explanation:
Price / earnings per share = 10
earnings per share = $2
price / $2 = 10
Price = $20