Answer:
d. Credit to Accounts Payable.
Explanation:
The general journal entry by Wisconsin rentals for purchasing office supplies on credit is as follow:
Office supplies Dr XXXXX
To Account payable XXXXX
(Being office supplies purchased on credit is recorded)
Here the office supplies is debited as it increased the assets and credited the account payable as it also increased the liabilities
1. The law of demand relates two variables: price and quantity demanded. A. What is the relationship between these variables
Answer:
A
Explanation:
Sheridan Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. A profit margin of 30% on selling price is considered normal for each product. Specific data with respect to each product follows: Product #1 Product #2 Historical cost $11 $21 Replacement cost 7 13 Estimated cost to dispose 8 10 Estimated selling price 22 35 In pricing its ending inventory using the lower-of-cost-or-market, what unit values, rounded to the nearest dollar, should Sheridan use for products #1 and #2, respectively?
Answer:
Sheridan Corporation
Value of Ending Inventory:
Product #1 Product #2
Before the new LCM rule:
Ending Inventory $7 $13
After the new LCM rule:
Ending Inventory $ 11 $21
Explanation:
a) Data and Calculations:
Product #1 Product #2
Historical cost $11 $21
Replacement cost 7 13
Estimated cost to dispose 8 10
Estimated selling price 22 35
Net realizable value 14 (22 - 8) 25 (35 - 10)
Less profit margin (30%) 4.2 7.5
Normal historical cost 9.8 17.5
Method of pricing its ending inventory = lower-of-cost-or-market
Product #1 Product #2
Historical cost $11 $21
Replacement cost 7 13
Net realizable value 14 25
Before the new LCM rule:
Ending Inventory 7 13
After the new LCM rule:
Ending Inventory 11 21
The new LCM rule states that the measurement of the ending inventory is solely restricted to the lower of cost and net realizable value.
Activity-based costing systems: Eliminate multiple-stage cost allocation. Accumulate overhead costs by departments. Have separate overhead rates for each activity. Can be used in manufacturing firms only. Are less complex and therefore less costly than volume-based systems.
Answer:
Eliminate multiple-stage cost allocation. Accumulate overhead costs by departments and Have separate overhead rates for each activity.
Explanation:
Activity-based costing systems are used to allocate indirect costs to Products. This is because indirect costs can not be traced directly to the product being produced or cost center. So, Activity-based costing systems can be used in any industry. The main point in Activity-based costing systems is how to allocate general cost or general expenses to each cost center or product.
Thus, identification of activity costs centers and activity costs drivers to allocate the overheads is costly and takes a lot of time. However these systems eliminate multiple-stage cost allocation. Accumulate overhead costs by departments and have separate overhead rates for each activity.
Wright Company recently petitioned for bankruptcy and is now in the process of preparing a statement of affairs. The carrying values and estimated fair values of the assets of Wright Company are as follows: Carrying Value Fair Value Cash $10,000 $10,000 Accounts Receivable 60,000 30,000 Inventory 70,000 40,000 Land 90,000 75,000 Building (net) 200,000 150,000 Equipment (net) 80,000 25,000 Total $510,000 $330,000 Debts of Wright are as follows: Accounts Payable $40,000 Wages Payable (all have priority) 6,000 Taxes Payable 12,000 Notes Payable (secured by receivables and inventory) 90,000 Interest on Notes Payable 5,000 Bonds Payable (secured by land and buildings) 200,000 Interest on Bonds Payable 8,000 Total $361,000 A) Based on the preceding information, what is the total amount owed to general unsecured creditors
Answer:
the total amount owed to general unsecured creditors is $71,000
Explanation:
The computation of the total amount owed to general unsecured creditors is shown below:
= Account payable + wages payable + taxes payable + interest on note payable + interest on bond payable
= $40,000 + $6,000 + $12,000 + $5,000 + $8,000
= $71,000
hence, the total amount owed to general unsecured creditors is $71,000
The same is to be considered
List three externalized costs associated with food production (and consumption), and try to identify the third part(ies) likely to pay for each. Which cost on your list concerns you the most
Answer:
1. List of three externalized costs associated with food production and consumption:
a. Social labor costs
b. Public health costs
c. Ecological and environmental costs
2. The third parties likely to pay for each cost:
a. Workers
b. Employers
c. Taxpayers
3. The cost which concerns me most is:
c. Ecological and environmental costs
Explanation:
An external cost occurs refers to the cost (negative effect) upon a third party. These external costs in consuming goods and services are known as negative externalities. They represent the social costs borne by society instead of by the direct consumers of goods or services. For example, when a motorist purchases gasoline at the station, she pays for the fuel. But there is a cost associated with the consumption of fuel which affects society. The cost is not borne by the motorist directly but by third parties, who did not elect to use the gasoline.
Net Income: Multiple Choice Decreases equity. Represents the amount of assets owners put into a business. Equals assets minus liabilities. Occurs when revenues exceed expenses. Represents creditor claims against assets.
Answer:
Occurs when revenues exceed expenses
Explanation:
Net income is equal to revenue less expenses
Shareholders equity represents the amount of assets owners put into a business. It equals assets minus liabilities.
Liabilities represents the amount of assets owners put into a business. Equals assets minus liabilities.
Compare and contrast between bonds issued with coupon rate and zero-coupon bonds
Answer:
Compare and Contrast
Both bonds have face values.Bond with coupon rate pays the interest whereas zero-coupon bond does not pay such interest periodically.Bond with coupon rate is issued on the market value whereas zero-coupon bond is issued on deep discount value.A Zero-coupon bond is more volatile than a bond with a coupon rate. Usually zero-coupon bond has a higher yield rate than a bond with a coupon rate.A zero-coupon bond may also help to save taxes whereas a bond with a coupon rate has tax consequences for the investor due to interest income.Explanation:
Bond with a coupon rate
The bond issued with coupon rate has an interest rate which is used to calculate the interest payment or income. This bond is issued on the market value.
Zero-coupon Bond
The zero-coupon bond is a bond that does not have any interest and does not pay interest or receive interest income. This bond is issued at a deep discount value.
Pure expectations theory The pure expectations theory, or the expectations hypothesis, asserts that long-term interest rates can be used to estimate future short-term interest rates. Based on the pure expectations theory, is the following statement true or false? The pure expectations theory assumes that a one-year bond purchased today will have the same return as a one-year bond purchased five years from now. False True The yield on a one-year Treasury security is 5.8400%, and the two-year Treasury security has a 7.0080% yield. Assuming that the pure expectations theory is correct, what is the market’s estimate of the one-year Treasury rate one year from now? (Note: Do not round your intermediate calculations.) 10.3999% 6.9606% 8.1889% 9.3353% Recall that on a one-year Treasury security the yield is 5.8400% and 7.0080% on a two-year Treasury security. Suppose the one-year security does not have a maturity risk premium, but the two-year security does and it is 0.2%. What is the market’s estimate of the one-year Treasury rate one year from now? (Note: Do not round your intermediate calculations.) 8.8748% 6.6172% 7.7849% 9.8868% Suppose the yield on a two-year Treasury security is 5.83%, and the yield on a five-year Treasury security is 6.20%. Assuming that the pure expectations theory is correct, what is the market’s estimate of the three-year Treasury rate two years from now? (Note: Do not round your intermediate calculations.) 6.53% 6.45% 5.46% 6.69%
Answer:
False
6.9606
9.8868
Explanation:
Forward rates represent the expected future rate. This theory is known as pure expectation theory. The bond purchase today will not have the discount factor affect whereas the bond purchased five years from now will have different return from today. The five year value will need to be discounted in order to find the return on todays date.
What are the major problems caused by worldwide accounting diversity for a multinational corporation
Answer:
Need to reconcile accounting standards
Multinational companies will operate in different countries which may have different accounting standards. American companies for instance are meant to use GAAP but as multinationals will operate in a lot of IFRS using countries.
They will have to reconcile statements from these IFRS using companies to GAAP standards for disclosure requirements in the U.S.
They might also be required to convert their American GAAP statements to IFRS so that the countries they are in can perform investor analysis if need be.
Comparing statements is harder.
When the company has to make foreign decisions, it cannot just make them looking at the financial statements of the local subsidiary. It will have to convert that statement to the one they use so that they can compare effectively and be able to make informed decisions.
Risk of low quality Accounting information.
Some of the countries the MNC operates may not be adequately developed in the financial services sector to ensure proper accounting regulation which means the MNC runs the risk of receiving poor information from subsidiaries.
Presented below are four segments that have been identified by Marigold Corp.:
Operating
Segments Total Revenue Profit (Loss) Identifiable Assets
A $254500 $30300 $899000
B 599500 (55700) 801500
C 225500 52004 49000
D 90800 4700 226000
For which of the segments would information have to be disclosed in accordance with professional pronouncements.
a. Segments A, B, C, and B
b. Segments A, B, and C
c. Segments A and B
d. Segments A and D
Answer:
Marigold Corp.
The segments to be disclosed in accordance with professional pronouncements are:
a. Segments A, B, C, and D
Explanation:
a) Data and Calculations:
Operating
Segments Total Revenue Profit (Loss) Identifiable Assets
A $254,500 $30,300 $899,000
B 599,500 (55,700) 801,500
C 225,500 52,004 49,000
D 90,800 4,700 226,000
Total $1,170,300 $31,304 $1,975,500
b) According to professional pronouncements and U.S. Generally Accepted Accounting Principles (GAAP), public companies must report a segment if the segment accounts for 10% of total revenues, 10% of total profits, or 10% of total assets. The main purpose for presenting financial information by segments is to provide users of financial statements with information for making more informed economic decisions.
what are two nonmarket ways of distributing goods and services
Answer: Rationing and Black Market
(True) or (False)? The total amount of depreciation accumulated for an asset over its entire life will differ depending on the method of depreciation used.
Answer:
True
Explanation:
Let us illustrate this using the below hypothetical case:
Asset acquired-motor vehicle
useful life is 3 years
salvage value $20,000
cost of the asset=$100,000
depreciation methods:
straight-line method
double-declining balance method
depreciation under straight-line method=(cost-salvage value)/useful life
depreciation under straight-line method=($100,000-$20,000)/3=$26,666.67
accumulated depreciation for 3 years=$26,666.67 *3=$80,000
double declining balance method:
double-declining rate=100%/useful life *2=100%/3*2=67%
2 means double
year 1 depreciation=$100,000*67%=$67,000
year 2 depreciation=($100,000-$67000)*67%=$22,110
year 3 depreciation=($100,000-$67000-$22110)*67%=$7,296
accumulated depreciation for 3 years=$67,000+$22,110+$7,296=$96,406
$80,000 not equal to $96,406
You have decided that you want to attend a costume party as Black Panther. You estimate that it will cost $40 to assemble your costume. After spending $40 on the costume, you realize that the additional pieces you need will cost you $25 more. What is the marginal cost of completing the costume
Answer:
$25
Explanation:
Based on the information given if it was estimated that it will cost the amount of $40 in order to assemble the costume which means that After spending the amount of $40 on the costume and you realize that the additional pieces that you will need will still cost extra amount of $25 , that simply means that the MARGINAL COST of you completing the costume will be the extra amount of $25 .
Banks are financial intermediaries that: A. have customer deposits as its primary asset and loans to borrowers as their primary liability.
Answer:
False
Explanation:
Exactly the opposite is true: banks are financial intermediaries that have customer deposits as their primary liability, and customer loans as their primary asset.
The reason is that customer deposits can be withdrawn at any time (at least in theory), and the bank is obliged to give back the deposited money to the customer.
Loans, on the other hand, are assets, because they provide the bank with interset, and an asset is simply an economic resource that provides further economic gain to its owner.
While designing a management support system, it's important to remember that executives do not care about _____.
Answer:
a. sales figures
Explanation:
In the case when the design would be made with regard to management support system so it would be significant to remeber that the executives should not care for the sales amount or figures as they do not play any kind of role in the management support system.
So the same would be relevant
Hence, the correct option is a.
Which statement accurately describes a business plan?
A). It provides money to the business
B). It describes in detail the idea for the new business and how it will be operated.
C). It provides on how to use an exit strategy for the business.
D). It's meant to be a short summary.
Hofnim, Inc. had the following account balances on September 30, 2016. What is Hofnim's net income for the month of September
Answer:
$22750
Explanation:
Calculation for What is Hofnim's net income for the month of September
Hofnim's NET INCOME
Fees Earned 64,000
Less Miscellaneous Expense (19,700)
Less Rent Expense (5,100)
Less Wages Expense (16,450)
NET INCOME $22,750
Therefore the NET INCOME will be $22,750
1. At what level does the supervisor fit in the organizational pyramid? Describe a major trend that is changing the role of the supervisor at that level.
Answer:
1. Supervisors fit in the middle level of the organization pyramid.
2. A major trend that is changing the role of the supervisor at that level is the concepts of mentoring, coaching, and staff training. The supervisor's role is expanding to include these activities that will ensure process improvement, enforce adherence to organization's rules, and enable improved cross-functional relationships.
Explanation:
Primarily, supervisors are known to motivate employees, direct the activities of others, select the most effective communication channel, and resolve conflicts among team members. However, the changing trend now views the supervisor as an educator, sponsor, coach, counselor, and director. Therefore, the supervisor is expected to deplore all his skill-sets, including effective communication in combination with daily conflict resolution, transformational leadership, critical thinking, interpersonal relationship, time and priority management, and problem-solving skills.
Which types of preferences will always result in an interior optimum for utility maximization (assuming income is greater than $0)
Multiple choice options
Perfect complements
Cobb Douglas
Perfect substitute
Concave IC
Quasi linear
Answer:
Perfect complements
Cobb Douglas
Explanation:
Perfect complements and Cobb Douglas will always result in interior optimum for utility maximization
When we talk of perfect competition, the consumer would always consume both goods and would do so in fixed proportions.
For cobb Douglas, the consumer spends a fixed part of income on the good. The part of income that is spent is dependent on the exponential power of goods it was spent on.
For perfect substitute and concave IC, any of one good is consumed
For quasi linear, first one good is consumed till some unit. After this unit is done with, if anything is left on income, the remaining income will be spent on other good. So at income level, there is corner solution and whereafter there will be interior solution.
What impact is Walmart’s acquisition of nontraditional retailers likely to have on the shopping habits of Walmart’s customers?
Learn more:
brainly.com/question/23566228
Which of the following statements is TRUE? *
4 points
Home equity loans or lines of credit are not available to renters
Home equity loans or lines of credit are only available to people who have paid for their home in full
Home equity loans or lines of credit are illegal in most states
Home equity loans or lines of credit are only useful for funding home improvement projects
The TRUE statement about Home Equity Loans is A. Home equity loans or lines of credit are not available to renters.
What is a home equity loan?A home equity loan is a line of credit, known as a HELOC, secured by an individual's homeownership which gives the individual a revolving credit line to use.
The homeowner can borrow up to 80% or more based on the home equity built up over the years.
Thus, the TRUE statement about Home Equity Loans is A. Home equity loans or lines of credit are not available to renters.
Learn more about the Home Equity Line of Credit at https://brainly.com/question/26479975
The Institute of Management Accountants' Statement of Ethical Professional Practice for management accountants includes the elements of: Competence, confidentiality, independence, and objectivity. Competence, confidentiality, integrity, and credibility. Competence, accuracy, integrity, and independence. Competence, confidentiality, integrity, and relevance.
Answer: Competence, confidentiality, integrity, and credibility.
Explanation:
In the activities of management accountants professionals, the four standards of ethical conduct which the Institute of Management Accountants enacted are simply confidentiality, credibility, competence, and integrity.
This therefore shows that the right option is B.
Assume your gross pay per pay period is $3,000 and you are in the 28 percent tax bracket. Calculate your net pay and spendable income if you save $300 per pay period after paying income tax on $3,000.
Answer and Explanation:
The computation of the net pay and the spendable income is as follows;
Net pay = Gross pay × (1 - Tax rate)
= $3,000 × (1 - 0.28)
= $2,160
And, the spendable income is
Spendable income = Net pay - Savings
= $2,160 - $300
= $1,860
Hence, it could be determined by applying the above formula
The same is to be considered
g The low cost of labor in other countries around the globe is a factor that business must consider because they are impacted by:
Answer:
The low cost of labor in other countries around the globe is a factor that business must consider because they are impacted by:
the high cost of domestic labor.
Explanation:
An entity's ability to be globally competitive in the face of foreign manufacturers with low cost of labor is not helped by the high cost of domestic labor. The cost of direct labor forms part of the computations for the cost of a product and its pricing. Cheaper imports are more affordable to consumers than local products, thus causing consumers to prefer imports to domestic products.
g Your average total cost is $30; the price you receive for the good is $13. Should you keep on producing the good
Answer:
No yg
Explanation:
just because
what is the effective interest rate of a simple discount note of 8000 at an ordinary bank discount rate of 11%, for 120 days?
Answer:
11.41%
Explanation:
Discount rate = 11%, M = 120 days = 3 month
Effective rate = [(1 + 11% / 3)^3] - 1
Effective rate = [(1 + 0.11/3)^3] - 1
Effective rate = [(1 + 0.0366667)^3] - 1
Effective rate = [(1.0366667)^3] - 1
Effective rate = 1.1140827371 - 1
Effective rate = 0.1140827371
Effective rate = 11.40827371%
Effective rate = 11.41%
A retail outlet for Boxo-witz Calculators sells 720 calculators per year. It costs $2 to store one calculator for a year. To reorder, there is a fixed cost of $5, plus $2.50 for each calculator. How many times per year should the store order calculators, and in
Answer:
The store should order 60 calculators, 12 times per year to minimize inventory cost.
Explanation:
Given that;
Annual demand = 720 calculators
Holding cost (Storage cost) (H) = $2 per calculator
Ordering cost (D) = $5
Economic order quantity (EOQ)
= √ 2 × A × D / H
= √ (2 × 720 × $5) / $2
= √ $7,200 / $2
= √ 3,600
= 60 calculators
Number of orders per year
= Annual demand ÷ EOQ
= 720 ÷ 60
= 12 times
Therefore, the store should order 60 calculators 12 times per year to minimize inventory cost.
A company issues 5,000 shares of $15 par common stock. As a result, the earnings per share of the company _____.
Answer:
c. decrease
Explanation:
Options "a. increases, b. remains unchanged, c. decreases, d. equals to $15"
Earnings per share = Net income available for common shareholders / Number of shares outstanding.
So with increase in number of shares outstanding, the earnings per share would decrease as net income would be spread over higher number of shares. So in this case, if company issues further 5,000 shares, the number of shares outstanding would increase and thus the earnings per share would decrease.
The city hall of Greensburg will be considered a hybrid building. List two of the building systems that will make up the sustainable portion of this hybrid building.
Answer:
The building systems that will make up the sustainable portion of the city hall of Greensburg as a hybrid building are:
1. Ground source heat pumps
2. Vegetated roof with rooftop photovoltaic (PV) system
Explanation:
The city hall of Greensburg relies on renewable energy sources for all the hybrid building's energy needs. The architectural features of a hybrid building serve the city context and the architectural designs aimed at building sustainable communities. With its ground source heat pumps and vegetated PV roof, the city hall of Greensburg will indeed be considered a hybrid building in the real sense. This project came after the 2007 massive tornado that destroyed the city, and as a result, city and community leaders have demonstrated their commitment to rebuilding the town as a model sustainable rural community.
Answer:
ground source heat pump
Today, you deposit $2,500 of cash in a savings account that earns 8.0% in annualized interest. One interest payment is received at the end of every year. You make no other deposits or withdrawals. In five years, the amount of interest on interest you have earned in your savings account is closest to:
Answer:
$1,172 in interest
Explanation:
To find the answer to this question, we use the future value of an investment formula:
FV = PV (1 + i)^n
Where:
FV = Future value of the investment
PV = Present value of the investment (in this case, the $2,500)
i = interest rate (in this case 8.0%)
n = number of compounding periods (in this case, 5 years)
We now plug the amounts into the formula:
FV = 2,500 (1 + 0.08)^5
FV = 2,500 (1.469)
FV = 3,672
So, after 5 years, the initial $2,500 will have transformed into $3,672. The difference between this two values is the interest earned.
3,672 - 2,500 = $1,172
After 5 years, you will have earned $1,172 in interest