Which of the following is an acceptable practice by the engineer, the Resident Project Representative, or the inspector?
*********no answer yet
a. To control the work
b. To supervise the work
c. To have the right to stop the work

Answers

Answer 1

Given is an acceptable practice by the Resident Project Representative or the inspector None of the given practices to control the work, To supervise the work, To have the right to stop the work.

A resident project representative (RPR) is in responsibility of overseeing daily construction activities to ensure that the project is being built in compliance with the contract agreements and construction plans. They reduce and, if possible, entirely eliminate the potential of structural defects or deficiencies. The RPR must always undertake as much research and planning in advance as is practical, be well-organized, and communicate clearly with the Client, Contractor, and Engineer. The obstacles that large-scale efforts also pose could encourage the use of an RPR. For example, a large project can have numerous activities going on at once; in this situation, a full-time RPR may be recommended.

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Related Questions

What would be the consequences if managers of a firm evaluated a project based on its actual dollar cash flows, but used a real rate to discount the cash flows? Would the project be more likely to be accepted, or more likely to be rejected? What kind of error could be committed? Please provide an example of how a project evaluation was affected by inflation considerations, either from your own experience, or do some online search for examples.

Answers

Answer:

Real rate of returns are lower than nominal rates of return, therefore, using a real discount rate would overestimate a project's net present value. This could result in unprofitable projects being accepted because the NPV was erroneously calculated. If you want to use a real discount rate, you must first convert cash flows to real dollars.

For example, nominal discount rate is 10%, inflation rate is 5%, real discount rate is 5%.

Initial outlay $100

NCF year 1 = $40

NCF year 2 = $40

NCF year 3 = $40

Using the real discount rate, the NPV = $8.93

Using the nominal discount rate, the NPV = -$0.53

On December 31, Fighting Okra Cooking Services reports the following revenues and expenses.

Service revenue $77,000
Postage expense 1,600
Legal fees expense 2,500
Rent expense 10,800
Salaries expense 26,000
Supplies expense 15,500

In addition, the balance of common stock at the beginning of the year was $300,000, and the balance of retained earnings was $36,000. During the year, the company issued additional shares of common stock for $27,000 and paid dividends of $14,000.

Required:
a. Prepare an income statement.
b. Prepare a statement of stockholders' equity.

Answers

Answer:

See below

Explanation:

A. Income statement

Service revenue

$77,000

Less:

Postage expenses

$1,600

Legal fees expense

$2,500

Rent expense

$10,800

Salaries expense

$26,000

Supplies expense

$15,500

Net income

$20,600

B. Statement of stockholder equity

This is computed as

= Total assets - Total liabilities

= Retained earnings $36,00 + Dividends $14,000 + Net income $20,600 - $300,000

Orange, Inc. has identified the following cost drivers for its expected overhead costs for the year:

Overhead Item Expected Cost Cost Driver Expected Quantity
Setup costs $50,000 Number of setups 250
Ordering costs 30,000 Number of orders 1,500
Maintenance 100,000 Machine hours 2,000
Power 20,000 Kilowatt hours 4,000
Total Overhead $200,000

Total direct labor hours budgeted = 2,000 hours.
The following actual data applies to one of the products completed during the year:

Direct materials $5,000 Number of setups 5
Direct labor $3,000 Number of orders 50
Units completed 100 Machine hours 50
Direct labor hours 100 Kilowatt hours 500

If Orange, Inc. uses direct labor hours to assign overhead, the unit product cost for Product X will be:

a. $70.00.
b. $60.00.
c. $180.00.
d. $90.00.
e. $80.00

Answers

Answer:

Unit product cost is $130

Explanation:

The computation of the unit product cost for product X is given below;

Direct material per unit (5,000 ÷ 100)  $50

Direct labor per unit (3,000 ÷ 100) $30

Manufacturing overhead ($200,000 ÷ 2,000) × 50 ÷ 100 $50

Unit product cost is $130

This is the correct answer but the same is not provided in the given options

Sandia Inc. wants to acquire a $360,000 computer-controlled printing press. If owned, the press would be depreciated on a straight-line basis over 10 years to a book salvage value of $0. The actual cash salvage value is expected to be $25,000 at the end of 10 years. If purchased, Sandia will incur annual maintenance expenses of $3,000. These expenses would not be incurred if the press is leased. If the press is purchased, Sandia could borrow the needed funds at an annual pre-tax interest rate of 10%. The lease rate would be $48,000 per year, payable at the beginning of each year. If Sandia has an after-tax cost of capital of 12% and a marginal tax rate of 40%, what is the net advantage to leasing? a. $37,737 b. $65,543 c. $60,713 d. $57,173

Answers

Answer:

a. $37,737

Explanation:

Present value of Cost of Buying = The Cost of Press + [(Post Tax annual maintenance expenses - Annual Depreciation Tax shield)*PVIFA (6%,10)] - [Post tax Salvage Value*PVIF (12%,10)]

PV of Cost of Buying = 360000 + (3000*(1-40%)-360000/10*40%)*7.360 - 25000*(1-40%) * 0.322

PV of Cost of Buying = $262,434

Present value of Cost of Leasing = Post tax Lease Payment at the Beginning *(1+PVIFA(6%,9))

PV of Cost of Leasing = $48000*(1-40%)*(1+6.802)

PV of Cost of Leasing = $224,697

Net advantage to leasing = PV of Cost of Buying - PV of Cost of Leasing

Net advantage to leasing = $262,434 - $224,697

Net advantage to leasing = $37,737

Nona Curry started her own consulting firm, Larkspur, Inc., on May 1, 2022. The following transactions occurred during the month of May.
May 1 Stockholders invested $18,150 cash in the business in exchange for
common stock.
2 Paid $726 for office rent for the month. 3 Purchased $605 of supplies
on account.
5 Paid $182 to advertise in the County News.
9 Received $1,694 cash for services performed.
12 Paid $242 cash dividend.
15 Performed $5,082 of services on account.
17 Paid $3,025 for employee salaries.
20 Paid for the supplies purchased on account on May 3.
23 Received a cash payment of $1,452 for services performed on account
on May 15.
26 Borrowed $6,050 from the bank on a note payable.
29 Purchased office equipment for $2,420 paying $242 in cash and the
balance on account.
30 Paid $218 for utilities.
A) Prepare an income statement for the month of May 2017.
B) Prepare a classified balance sheet at May 31, 2017.

Answers

Thankyou but im not interested

General Product Inc. distributed 100 million coupons in 2021. The coupons are redeemable for 30 cents each. General anticipates that 70% of the coupons will be redeemed. The coupons expire on December 31, 2022. There were 45 million coupons redeemed in 2021 and 30 million redeemed in 2022. General recognizes coupon promotion expense in the period coupons are issued. What was General's coupon promotion expense in 2021

Answers

Answer:

$21million

Explanation:

Calculation for What was General's coupon promotion expense in 2021

Using this formula

2021 General's coupon promotion expense= Distributed coupons × Redeemable × % redeemed

Let plug in the formula

2021 General's coupon promotion expense= 100million × $0.30 × 70%

2021 General's coupon promotion expense= $21million

Therefore 2021 General's coupon promotion expense will be $21million

The first step in the marketing process is ________. A. understanding the marketplace and customer needs and wants B. constructing an integrated marketing program that delivers superior value C. building profitable relationships and creating customer delight D. capturing value from customers to create profits and customer equity E. designing a customer-driven marketing strategy

Answers

Explanation:

Do you just need to fill in the blanks or what

Which benefit of market research does this example convey?
Jennifer works as a marketing manager for her company. Over the last year, she and her staff conducted many telephone and focus group
surveys, as well as interviews, to collect market research data from the company's existing customers. In the process, the research team
interacted with many customers and established a good rapport with them. This helped the business reap the benefits of

Answers

Answer:

customer loyalty

Explanation:

 

Customer loyalty: Through market research, a business communicates with its consumers. Consumers can give opinions and express grievances through the market research process. Such interaction can help a business establish a strong rapport with its consumers, which leads to customer loyalty.

Answer:

Costumer Loyalty

Explanation:

I took this exact test:

Type the correct answer in the box. Spell all words correctly.

Which benefit of market research does this example convey?

Jennifer works as a marketing manager for her company. Over the last year, she and her staff conducted many telephone and focus group surveys, as well as interviews, to collect market research data from the company’s existing customers. In the process, the research team interacted with many customers and established a good rapport with them. This helped the business reap the benefits of BLANK

This information relates to McCall Real Estate Agency.
Oct. 1 Stockholders invest $31,930 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $30,600.
3 Buys office furniture for $3,850, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,770 (not paid by Roads at this time).
10 Receives cash of $155 as commission for acting as rental agent renting an apartment.
27 Pays $690 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $2,550 in salary for October.
Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Cr amount is entered. Do not indent manually.

Answers

Answer:

Oct. 1 Stockholders invest $31,930 in exchange for common stock of the corporation.

Dr Cash 31,930

    Cr Common stock 31,930

Oct. 2 Hires an administrative assistant at an annual salary of $30,600.No journal entry

Oct. 3 Buys office furniture for $3,850, on account.

Dr Furniture 3,850

    Cr Accounts payable 3,850

Oct. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,770 (not paid by Roads at this time).

Dr Accounts receivable 10,770

    Cr Service revenue 10,770

Oct. 10 Receives cash of $155 as commission for acting as rental agent renting an apartment.

Dr Cash 155

    Cr Service revenue 155

Oct. 27 Pays $690 on account for the office furniture purchased on October 3.

Dr Accounts payable 690

    Cr Cash 690

Oct. 30 Pays the administrative assistant $2,550 in salary for October.

Dr Wages expense 2,550

    Cr Cash 2,550

Macy Corporation's relevant range of activity is 8,400 units to 17,000 units. When it produces and sells 12,700 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 5.55 Direct labor $ 4.00 Variable manufacturing overhead $ 2.00 Fixed manufacturing overhead $ 3.60 Fixed selling expense $ 1.30 Fixed administrative expense $ 0.60 Sales commissions $ 1.25 Variable administrative expense $ 0.50 If the selling price is $32.50 per unit, the contribution margin per unit sold is closest to: Multiple Choice $19.20 $22.95 $11.55 $7.35

Answers

Answer:

Contribution margin per unit= $19.2

Explanation:

The contribution margin is calculated as follow:

Contribution margin per unit= selling price - total unitary variable cost

Direct materials $5.55

Direct labor $4.00

Variable manufacturing overhead $2.00

Sales commissions $1.25

Variable administrative expense $0.50

Total variable cost per unit= $13.3

Contribution margin per unit= 32.5 - 13.3

Contribution margin per unit= $19.2

A company’s January 1, 2014 balance sheet reported total assets of $120,000 and total liabilities of $40,000. During January 2014, the following transactions occurred: (A) the company issued stock and collected cash totaling $30,000; (B) the company paid an account payable of $6,000; (C) the company purchased supplies for $1,000 with cash; (D) the company purchased land for $60,000 paying $10,000 with cash and signing a note payable for the balance. What is total stockholders’ equity after the transactions above?

A. $30,000.

B. $110,000.

C. $80,000.

D. $194,000.

Answers

Answer:

B. $110,000

Explanation:

Calculation for the total stockholders equity

First step is to calculate the Beginning equity

Beginning equity = $120,000 − $40,000

Beginning equity = $80,000.

Now let calculate the stockholders' equity

Stockholders' equity = $80,000 + $30,000

Stockholders' equity = $110,000

Therefore the total stockholders equity will be $110,000

A bachelors degree in which of the following areas is a good choice for an arts an communication manager?
A. business
B. art history
C. theater

Answers

Answer: A) Business.

I hope this helped :)

On January 1, Year 1, Chertco acquired a patent for $500,000 and, using the straight-line method, began amortizing it properly over its estimated useful life of 10 years. The asset has no residual value. At December 31, Year 4, a significant change in the business climate caused Chertco to assess the recoverability of the carrying amount of the patent. Chertco estimated that the undiscounted future net cash inflows from the patent would be $325,000 and that its fair value was $275,000. Accordingly, for the year ended December 31, Year 4, Chertco should recognize an impairment loss of :________.
a. $175,000
b. $50,000
c. $25,000
d. $0

Answers

Answer:

c. $25,000

Explanation:

We recognize impairment loss when the Carrying Amount of an Asset is greater than its Recoverable Amount.

Recoverable Amount of an Asset is the Higher of Asset Fair Value and Value in use. The future cash shows represent value in use and these need to be discounted. Since they are not,  Recoverable Amount = $275,000

Carrying Amount of an Asset is  the Cost of the Asset less all depreciation charges to date of the impairment test, Carrying Amount = $300,000

Therefore, Impairment loss = $25,000 ($300,000 - $275,000)

The answer is $ 25,000

When British regulators were forced to suspend the license of a flu vaccine plant in Liverpool operated by the Chiron Corporation due to concerns over bacterial contamination. As a result, the number of flu vaccines available in the United States market decreased by 48 million doses. This was nearly half of the total supply of vaccines in the market.
a) use a supply and demand diagram to illustrate the impact of this event on the market to vaccines in the United States. What impact will this have on the equilibrium price and equilibrium quantity in the U.S. vaccine market?
b) What impact will this have on producer and consumer surplus? Briefly explain

Answers

Explanation:

The answer to this question is contained in the attachment. The graph has been used to explain the solution.

A. As license got suspended price rose to p1 as quantity fell from q to q1.

So quantity decreased and price rose.

B. The area market csps, D ands cs were consumer surpluses , after the decrease in amount of vaccines in the market, consumer surplus decreased to area cs, csps became part of producer surplus. Triangle d is the deadweight loss caused by fall in quantity.

Ps and d' are initial producer surplus. Producer surplus after decrease in vaccine can be seen in ps and csps. D' is the dead weight loss as price decreases.

. [3] Suppose you are considering buying a gold deposit. It will cost $1 million per year to construct a mine so that gold can be extracted. The construction period lasts 3 years. In the fourth year, production starts. Each year the mine operates, it will yield a net return (total revenue minus total cost) of $5,000, 000. Gold can be extracted for 6 years. Interested rates are 5%. a. What is the present value of the total net return (total benefit)

Answers

Answer:

The present value of the total net return (total benefit) is $21,922,868.23

Explanation:

As the yearly net return is a form of annuity cash flow.

To calculate the present value of the total net return we will use the following formula

First we need to determine the present value of net return at the end of year 3, then we will discount further to calculate the present value at year 0

Present value of net return at the end of year 3 = Yearly net return x ( 1 - ( 1 + Interest rate )^-Number of extraction years ) / Interest rate

Where

Yearly net return = $5,000,000

Interest rate = 5%

Number of extraction years = 6 years

Present value of net return at the end of year 3 = ?

Placing values in the formula

Present value of net return at the end of year 3 = $5,000,000 x ( 1 - ( 1 + 5% )^-6 ) / 5%

Present value of net return at the end of year 3 = $5,000,000 x 5.0756921

Present value of net return at the end of year 3 = $25,378,460.34

Now we need to discount the value further to calculate the present value at year 0

Present value of net return at the end of year 0 = Present value of net return at the end of year / ( 1 + Interest rate  ) ^numbers of year

Present value of net return at the end of year 0 = $25,378,460.34 / ( 1 + 5% )^3

Present value of net return at the end of year 0 = $21,922,868.23

Presented below is information related to Viel Company at December 31, 2020, the end of its fi rst year of operations.

Sales revenue $310,000
Cost of goods sold 140,000
Selling and administrative expenses 50,000
Gain on sale of plant assets 30,000
Unrealized gain on available-for-sale debt investments 10,000
Interest expense 6,000
Loss on discontinued operations 12,000
Dividends declared and paid 5,000

Compute the following:
a. income from operations
b. net income
c. comprehensive income
d. retained earnings balance at December 31, 2020.

Answers

Answer:

a. income from operations = Revenue - Cost of Goods Sold - Selling and Administrative Expenses

Income from operations = 310,000 - 140,000 - 50,000

Income from operations = 120,000

b. net income = income from operations + gain on sale of plant assets - loss on discontinued operations - interest expense

Net income = 120,000 + 30,000 - 12,000 - 6,000

Net income = 132,000

c. comprehensive income = net income + unrealized gain on available-for-sale debt investments

Comprehensive income = 132,000 + 10,000

Comprehensive income = 142,000

d. retained earnings balance at December 31, 2020.

Retained earnings = Net Income - Dividends declared and paid

Retained Earnings = 132,000 - 5,000

Retained Earnings = 127,000

Transactions Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.

Transactions:
Oct. 1 Paid rent for the month, $2,800.
3 Paid advertising expense, $525.
5 Paid cash for supplies, $1,250.
6 Purchased office equipment on account, $9,300.
10 Received cash from customers on account, $16,600.
15 Paid creditors on account, $3,720.
27 Paid cash for miscellaneous expenses, $590.
30 Paid telephone bill (utility expense) for the month, $275.
31 Fees earned and billed to customers for the month, $50,160.
31 Paid electricity bill (utility expense) for the month, $830.
31 Withdrew cash for personal use, $1,700.

Journalize the following selected transactions for October 2019.

Answers

Answer:

Oct 1

Rent expense Dr. $2800

Cash Cr. $2800

(To record entry for payment of rent for month)

Oct 3

Advertising expenses Dr. $525

Cash Cr. $525

(To record entry for Advertising expenses)

Oct 5

Supplies Dr. $1250  

Cash Cr. $1250

(To record entry for purchase of supplies)

Oct 6

Office equipment Dr. $9300

Accounts Payable Cr. $9300

(To record purchase of office equipment on account)

Oct 10

Cash Dr. $16600

Accounts Receivable Cr. $16600

(To record cash received from customers on account)

Oct 15

Accounts payable Dr. $3720

Cash Cr. $3720

(To record payment made to creditors)

Oct 27

Miscellaneous expenses  Dr. $590

Cash Cr. $590

(To record repair expense of office equipment)

Oct 30

Telephone expense Dr. $275

Cash Cr. $275

(To record payment made for telephone bill)

Oct 31

Accounts receivables Dr. $50160

Service fees Cr. $50160

(To record fees earned )

Oct 31

Utility expense Dr.  $830  

Cash CR $830

(To record payment made for electricity bill)

Oct 31

Personal use Dr. $1700

Cash Cr. $1700

(To record payment of dividend)

Sunland Company began operations in July 2019. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. 1. At July 31, the company owed employees $1,800 in salaries that the company will pay in August. 2. On July 1, the company borrowed $32,000 from a local bank on a 10-year note. The annual interest rate is 12%. 3. Service revenue unrecorded in July totaled $2,600. Prepare the adjusting entries needed at July 31, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Answers

Answer:

July 31, 2019

Dr Salaries and Wages Expense $1,800

Cr Salaries and Wages Payable $1,800

Dr Interest Expense 320

Cr Interested Payable 320

Dr Accounts Receivable $2,600

Cr Service Revenue $2,600

Explanation:

Preparation of the adjusting entries needed at July 31, 2019

July 31, 2019

Dr Salaries and Wages Expense $1,800

Cr Salaries and Wages Payable $1,800

Dr Interest Expense 320

Cr Interested Payable 320

[$32,000*12%-($32,000*12%*11/12)]

Dr Accounts Receivable $2,600

Cr Service Revenue $2,600

Consider Cowboys Stadium, a large football stadium that can seat approximately 80,000 people (and hold over 100,000 people), located in Arlington, Texas.
If the Super Bowl, the game that determines pro football's champion team for the year, is played in Cowboys Stadium, the quantity of parking spots demanded will far exceed capacity. On a typical game day in the regular season, the quantity of parking spots demanded will only slightly exceed capacity. For smaller events, less than half of the parking spots are typically filled. Assume the marginal cost of providing another parking spot, once the parking lot has already been built, is $0 up to capacity.
In the following table, match each event to the most likely pricing strategy per parking spot.
Pricing Strategy Regular Season Game Super Bowl Small Event
$180 per spot ? ? ?
$4 per spot ? ? ?
$60 per spot ? ? ?

Answers

Answer:

180 dollar per spot is matched to the super bowl

4 dollar per spot is matched to small events

60 dollars per spot is matches to regular season game

Explanation:

the principle used in answering this question is that greater demand increases price. so large events would have greater demands for parking sots and hence reduced supply and greater prices.

first of all for the super bowl season the demands for parking spots are high, so that the demands are higher than the supply, so price should be highest here at $180 per spot.

secondly, for small events, the question says that less than half of the parking spots are filled, this means that the demand for parking spots is lower than the supply , so the price would be cheaper and therefore the lowest. The appropriate price would be $4 per spot.

lastly for regular season events, quantity demanded is only a little more than supply. they are almost equal. so the price should be the 60 dollars per spot as it is the second highest amount for the parking spots.

Swinnerton Clothing Company's balance sheet showed total current assets of $3,300, all of which were required in operations. Its current liabilities consisted of $575 of accounts payable, $300 of 6% short-term notes payable to the bank, and $145 of accrued wages and taxes. What was its net operating working capital that was financed by investors? Select the correct answer. a. $2,573 b. $2,570 c. $2,580 d. $2,577 e. $2,566

Answers

Answer:

c. $2,580

Explanation:

Calculation for What was its net operating working capital that was financed by investors

Current assets $3,300

Less Accounts payable ($575)

Less Accrued wages and taxes ($145)

Net operating working capital $2,580

($3,300-$575-$145)

Therefore What was its net operating working capital that was financed by investors will be $2,580

Suppose a company is currently manufacturing 39 smartphones per day. The variable cost is $120 per smartphone with daily fixed costs totaling $684. What is the least number of smartphones that need to be produced each day in order to sell the smartphones for $132 each and earn a profit? radioImage a) 55 radioImage b) 53 radioImage

Answers

Answer:

57 smartphones per day

Explanation:

contribution margin per each smartphone = $132 - $120 = $12

total daily fixed costs = $684

break even point in units = total fixed costs / contribution margin per unit = $684 / $12 = 57 smartphones per day

break even in $ = 57 x $132 = $7,524 total daily sales

service that provide when the customer is still in the store​

Answers

This could be customer service.

After graduating college, you receive $10,000 and decide to put it in a high yield saving account. The account earns 0.50% compounded quarterly. a) (8 points) What is the effective annual interest rate? b) (7 points) If you leave your initial investment of $10,000 in the account without any withdrawals what would you expect the value of the account to be after 4 years?

Answers

Answer:

a)

The effective annual interest rate is 0.5009%

b)

I will expect $10,201.88 the value of the account after 4 years

Explanation:

a)

Use the following formula to calculate the effective annual interest rate

Effective annual Interest rate = ( ( 1 + Interest rate / Compounding period per year )^Compounding period per year ) - 1

Where

Interest rate = 0.50%

Compounding period per year = 4 quarters in a year

Placing values in the formula

Effective annual Interest rate = ( ( 1 + 0.5% / 4 )^4 ) - 1 = 0.005009 = 0.5009%

b)

Use the following formula to calculate the value after 4 years

Value after 4 years = Current Investment x ( 1 + Periodic Interest rate )^numbers of period

Where

Current Investment = $10,000

Periodic Interest rate = 0.50% / 4 = 0.125%

Numbers of period = Compounding Periods per year x Numbers of years = 4 quarters per year x 4 years = 16 quarters

Placing values in the formula

Value after 4 years = $10,000 x ( 1 + 0.125% )^16

Value after 4 years = $10,201.88

A company has a contract with the president that it has just hired. According to the contract a one-time payment of $24,800,000 will be paid to the president when he completes his first 9 years of service. For this purpose, the company would like to set aside equal amounts of money, once each year, in order to cover this anticipated large expense. The company can earn 8 percent on these amounts of money. How much will it need to set aside each year

Answers

Answer:

$1,985,976.79

Explanation:

The formula for finding the amount is :

A = FV/ annuity factor

Annuity factor = {[(1+r)^n] - 1} / r  

FV = Future value = $24,800,000

A = Amount

R = interest rate = 8%

N = number of years  = 9

Annuity factor = (1.08^9 - 1 ) / 0.08 = 12.487558

$24,800,000 / 12.487558  = $1,985,976.79

For items 1 through 4, select from the first column option list provided the answer for each item that reflects how fund information is reported in the government-wide and fund financial statements. Each choice may be used once, more than once, or not at all.
In items 5 through 8, select from the second column option list provided the answer that indicates whether fund information about long-term liabilities and capital assets is reported in the government-wide and fund financial statements. Each financial statement component is reported in each fund.
Item
Information in governmental funds
Information in proprietary funds
Information in fiduciary funds
Government-wide financial statements:
1. Basis of accounting Accrual Accrual Modified cash
2. Measurement focus Current financial resources
Fund financial statements:
3. Basis of accounting Accrual
4. Measurement focus Current financial resources
Government-wide financial statements:
5. Long-term liabilities Yes
6. Capital assets Yes
Fund financial statements:
7. Long-term liabilities Yes
8. Capital assets

Answers

Answer:

1. Accrual

2. Modified Cash

3. Accrual

4. Current Financial resources

5. Yes

6. Yes

7. Yes

8. No

Explanation:

Accrual basis of accounting is a technique in accounting where expenses and revenue are recorded when they are incurred instead of when they are paid. The basis of accounting is accrual concept which compensates the matching concept. Measurement focus is based in current available financial resources and modified cash basis.

ProTech began business at the start of the current year. The company planned to produce 40,000 units, and actual production conformed to expectations. Sales totaled 37,000 units at $42 each. Costs incurred were:

Variable manufacturing overhead per unit
$
19
Fixed manufacturing overhead
240,000
Variable selling and administrative cost per unit
7
Fixed selling and administrative cost per unit
140,000
If there were no variances, the company's absorption-costing income would be ___________

Answers

Answer:

Net operating profit= $230,000

Explanation:

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

First, we need to calculate the unitary cost:

Unitary production cost= 19 + (240,000/40,000)

Unitary production cost= $25

Now, the income statement:

Sales= 37,000*42= 1,554,000

COGS= (37,000*25)= (925,000)

Gross profit= 629,000

Total selling and administrative cost= (7*37,000) + 140,000= (399,000)

Net operating profit= $230,000

Blaine Air Transport Service, Inc., providing air delivery service for businesses, has been in operation for three years. The following transactions occurred in February: February 1 Paid $250 for rent of hangar space in February. February 2 Purchased fuel costing $580 on account for the next flight to Dallas. February 4 Received customer payment of $860 to ship several items to Philadelphia next month. February 7 Flew cargo from Denver to Dallas; the customer paid $840 for the air transport. February 10 Paid $170 for an advertisement in the local paper to run on February 19. February 14 Paid pilot $2,500 in wages for flying in January (recorded as expense in January). February 18 Flew cargo for two customers from Dallas to Albuquerque for $4,100; one customer paid $1,600 cash and the other asked to be billed. February 25 Purchased on account $2,460 in spare parts for the planes. February 27 Declared a $130 cash dividend to be paid in March.

Required:
Prepare journal entries for each transaction. Be sure to categorize each account as an asset (A), liability (L), stockholders

Answers

Answer:

Following are the journal entries for each transaction:

Explanation:

Date                                       Account-title                     Dr.         Cr.

February 1                             expense of rent                    250  

                                                           Cash                                         250

February 2                              expense of fuel                   580  

                                                  Payable Accounts                         580

February 4                                     Cash                           860  

                                                Unearned income                          860

February  7                                         Cash                   840  

                                                     Transport income                          840

February 10                               Advertising expense     170  

                                                              Cash                                   170

February 14                                  Payable Wages            2500  

                                                                Cash                                2500

February 18                                          Cash                    1800  

                                        Accounts receivable (4100-1600)               2500  

                                                    Transport income                         4100

February 25                                      Supplies                    2460  

                                                       Payable Accounts                          2460

February  27                      Retained earnings/ Cash dividend 130  

                                                        Dividends payable                   130

Which of the following best describes the front-end function of a cloud computing network?

Answers

Answer:

the practice of using a network of remote servers hosted on the Internet to store, manage, and process data, rather than a local server

Explanation:

Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances include the following account information:

30-Nov 31-Dec
debit    credit debit credit
supplies $2,000 $3,500
prepaid Insurance $8,000 $6,000
salaries payable $11,000 $16,000
unearned revenue $3,000 $1,500

The following information also is known:
a. Purchases of supplies during December total $3,500.
b. Supplies on hand at the end of December equal $3,000.
c. No insurance payments are made in December.
d. Insurance cost is $1,500 per month.
e. November salaries payable of $10,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,000. On November 1, a tenant paid Golden Eagle $3,000 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount.

Required:
Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and unearned revenue on December 31.

Answers

Answer:

Golden Eagle Company

Adjusting Journal Entries:

a. Debit Supplies $3,500

Credit Cash $3,500

To record the purchase of supplies during December.

b. Debit Supplies Expense $2,500

Credit Supplies $2,500

To record the used supplies for the month.

d. Debit Insurance Expense $1,500

Credit Prepaid Insurance $1,500

To record expired insurance expense for the month.

e. Debit Salaries Payable $10,000

Credit Cash $10,000

To record the payment of salary arrears.

f. Debit Salaries Expense $15,000

Credit Salaries Payable $15,000

To record unpaid salaries for the month.

g. Debit Unearned Revenue $1,000

Credit Earned Revenue $1,000

To record earned revenue for the month.

Explanation:

a) Data and Calculations:

Golden Eagle Company

Adjusted Trial Balances as of November 30 and December 31 (Partial):

                                      30-Nov             31-Dec

                                 Debit  Credit     Debit   Credit

supplies                  $2,000             $3,500

prepaid Insurance $8,000              $6,000

salaries payable               $11,000               $16,000

unearned revenue           $3,000                 $1,500

Adjusting Entries for Supplies, Prepaid Insurance, Salaries Payable and Unearned Revenue on December 31:

a. Supplies $3,500 Cash $3,500

b. Supplies Expense $2,500 Supplies $2,500

d. Insurance Expense $1,500 Prepaid Insurance $1,500

e. Salaries Payable $10,000 Cash $10,000

f. Salaries Expense $15,000 Salaries Payable $15,000

g. Unearned Revenue $1,000 Earned Revenue $1,000

Papa John’s is one of the fastest-growing pizza delivery and carry-out restaurant chains in the country. Presented here are selected income statement and balance sheet amounts (dollars in thousands). Current Year Prior Year Net sales $ 1,242,087 $ 1,242,087 Net income 51,796 22,735 Average shareholders' equity 121,445 134,536 Average total assets 390,143 397,728 Required: 1. Compute ROA for the current and prior years. (Round your answers to 3 decimal places.)

Answers

Answer and Explanation:

The computation of the return on assets for the current and prior years are as follows:

As we know that

Return on assets = Net income ÷ average total assets

For current year

= $1,242,087 ÷ $390,143

= 3.184

And, for the prior year

= $1,242,087 ÷ $397,728

= 3.123

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