Answer:
Amount overpaid = $0.0104 (Approx)
Explanation:
Given:
Quantity of apple = 5 lb
Amount paid = $ 1.99 / lb
Gravity on mountain = 9.79 m/s²
Find:
Amount overpaid
Computation:
Actual mass of apple = 5 (9.79/9.80)
Actual mass of apple = 4.9948
Actual amount = 4.9948 × 1.99
Actual amount = $9.9396
Amount overpaid = Amount paid -Actual amount
Amount overpaid = [5 x 1.99] - $9.9396
Amount overpaid = $0.0104 (Approx)
The A/P clerk of a company writes the checks for vendors, and the controller signs the checks. The A/P clerk has devised a plan to give herself a raise. She creates a new vendor for her friend's business and creates two purchase orders for random car detailing services for $75 and $70. She writes the checks to pay these new vendors knowing the controller will only pay close attention to checks over $100. She delivers the checks to her friend to deposit in his bank account, and then he writes her a personal check for the full amount of $145.
Answer:
The effect of the accounts payable (A/P) clerk will eventually be a fraud.
Explanation:
Note: This question is not complete. A complete question is therefore provided before answering the question as follows:
The A/P clerk of a company writes the checks for vendors, and the controller signs the checks. The A/P clerk has devised a plan to give herself a raise. She creates a new vendor for her friend's business and creates two purchase orders for random car detailing services for $75 and $70. She writes the checks to pay these new vendors knowing the controller will only pay close attention to checks over $100. She delivers the checks to her friend to deposit in his bank account, and then he writes her a personal check for the full amount of $145.
Eventually, what will be the effect of her actions?
The explanation to the answer is now given as follows:
Fraud can be described as an intentional wrongful or criminal deception that is designed in such a that it will give the perpetrator financial or personal gain that is not lawful.
In order to identify and prevent fraud, each company usually put in place what is known as fraud detection. Fraud detection refers to different activities that designed for the purpose of safeguarding the money, property and other valuables from being stolen or unlawfully taken through false pretenses.
When there is no frau detection in a company, it will be asy to carry out the kind of actions of the the A/P clerk in the question and it will always result in a fraud.
Therefore, the effect of the accounts payable (A/P) clerk will eventually be a fraud.
Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2013.
Sales revenue $ 492,000
Salaries expense 80,000
Interest revenue 6,000
Advertising expense 10,000
Gain on sale of investments 8,000
Cost of goods sold 284,000
Insurance expense 12,000
Interest expense 4,000
Income tax expense 30,000
Depreciation expense 20,000
Required:
Prepare the necessary closing entries at December 31, 2013
Record the closure of revenue accounts.
Record the closure of expense accounts.
Record the transfer of the net profit.
Answer and Explanation:
The journal entries are shown below:
Sales Revenue $492,000
Interest Revenue $6,000
Gains on Sale of Investment $8,000
To Profit or Loss $506.000
(being the closing of revenue accounts is recorded)
Profit or Loss $440,000
To Salaries Expense $80,000
To Advertising Expense $10,000
To Cost of Goods Sold $284,000
To Insurance Expense $12,000
To Interest Expense $4,000
To Income Tax Expense $30,000
To Depreciation Expense $20,000
(being the closing of expenses accounts is recorded)
Net Income $66,000 ($506,000 - $440,000)
To Profit or Loss $66,000
(being Recording of profit earned)
"A 25-year old single client has just started his own small business and is not covered by a retirement plan. He has $5,000 to invest and currently has a low level of income. He wishes to start saving for retirement. The BEST recommendation is a:"
Answer:
The BEST recommendation is a ROTH IRA.
Explanation:
The ROTH IRA is far better for this 25-year old with current low income. His contributions will be tax at a low tax-bracket, thus making his withdrawals at retirement tax-free. The ROTH IRA is not ideal for high income earners because ordinarily their income will be above the allowed threshold. The ROTH IRA contrasts sharply with the Traditional IRA where the contributions are made tax-free but the withdrawals are taxed.
Shoppers on Amazon have differing needs that must be satisfied during the exchange, which often include the need for information, convenience, variety, and/or pre- or postsale services. These needs are collectively referred to as
Answer: buyer requirements
Explanation: Differing needs such as the need for information, convenience, variety, and/or pre- or postsale services that must be satisfied during an exchange are collectively known as buyer requirements which aid both buyers and sellers in the ordering process as they allow the seller to ask for any information needed to complete an order while allowing the buyer to communicate his/her needs to ensure that every order specification is met.
David, Chris and John formed a partnership on July 31, 2019. They decided to share profits equally, but inserted a clause in the partnership agreement where any losses would be allocated in the ratio of ::, respectively. For the year ended December 31, 2019, the firm earned a net income of . However, for the year ended December 31, 2020, the firm incurred a loss of . Assuming that John had an initial capital contribution of and made no withdrawals, what is the balance of John's Capital account as of December 31, 2020? (Assume that none of the partners made any further contributions to their capital accounts. Do not round any percentage calculations. Round all monetary calculations to the nearest dollar.)
Answer:
$37,833
Explanation:
Calculation for the balance of John's Capital account as of December 31, 2020.
Using this formula
Balance as of December 31, 2020= Initial contribution + Profit for December 31, 2019 - Loss for December 31, 2020
Let plug in the formula
Balance as of December 31, 2020= $39,000 + ( $46,000/3) - ( $55,000/10×3)
Balance as of December 31, 2020= $39,000 + $15,333 - $16,500
Balance as of December 31, 2020= $37,833
Therefore the balance of John's Capital account as of December 31, 2020 will be $37,833
The Unique Bookshelf Company is considering the purchase of a custom delivery van costing approximately $50,000. Using a discount rate of 20%, the present value of future cost savings is estimated at $51,200. To yield the 20% return, the actual cost of the van should not exceed the $50,000 estimate by more than:
Answer:
$1,200
Explanation:
The reason is that the net present value of the decision to buy delivery van is:
NPV = Present Value of Net Savings - Investment
Here
Present Value of Net Savings are $51,200
Investment is $50,000
By putting values in the above equation, we have:
= $51,200 - $50,000 = $1,200
This means that the cost of the van must not exceed by $1,200 at a 20% yield because it will alter the decision of purchasing the delivery van.
g For Sunland Company, sales is $2600000, fixed expenses are $780000, and the contribution margin ratio is 36%. What are the total variable expenses?
Answer:
Total variable expenses = $1,664,000
Explanation:
The computation of the variable expenses is shown below:
As we know that
Contribution margin ratio = Contribution margin ÷ Sales
0.36 = Contribution margin ÷ $2,600,000
So, the contribution margin is
= $2,600,000 × 0.36
= $936,000
Now the contribution margin is
Contribution margin = Sales - variable cost
$936,000 = $2,600,000 - variable cost
So, the variable expense is
= $2,600,000 - $936,000
= $1,664,000
Refer to the accompanying national income statistics (in billions of dollars). Personal income is Multiple Choice $317 billion. $376 billion. $372 billion. $483 billion.
Unclear question. I provided some information on national income statistics.
Explanation:
The national income statistics is an economic indicator that tells us the value of goods and services (as in this case in billion of dollars) produced by a country's economy.
Information about the national income statistics of a country is usually published by the World Bank; an internal financial institution.
Boeing is planning a new aircraft. Customers want more fuel efficiency without sacrificing any features of the current models. To make improvements, Boeing will need several years to develop new methods and tools. Their plans are
Answer:
Long term
Explanation:
A business needs to plan in order to meet it business objectives and also to adequately satisfy the customer.
Short term plans are those that meet immediate business and customer needs. The require less preparation and cost to implement.
Long term plans require more planning and are meant to meet long term objective of the business. Cost is also higher than for short term plans.
In this scenario Boeing needs several years to develop an aircraft that has more fuel efficiency. So their plans are long term and aimed to satisfy customer needs.
An important basic characteristic of common stocks that makes them a suitable type of investment for the separate account of variable annuities is
Complete Question:
An important basic characteristic of common stocks that makes them a suitable type of investment for the separate account of variable annuities is:
Group of answer choices
A) the safety of the principal invested.
B) changes in common stock prices tend to be more closely related to changes in the cost of living than changes in bond prices.
C) the yield is always higher than mortgage yields.
D) the yield is always higher than bond yields.
Answer:
B) changes in common stock prices tend to be more closely related to changes in the cost of living than changes in bond prices.
Explanation:
An important basic characteristic of common stocks that makes them a suitable type of investment for the separate account of variable annuities is changes in common stock prices tend to be more closely related to changes in the cost of living than changes in bond prices.
Generally, common stocks are considered by financial experts or broker-dealers to be a suitable type of investment of variable annuities because the prices of common stocks in the market are not fixed and as such they are affected by economical changes such as inflation or recession.
Moorcroft Company’s budgeted sales and direct materials purchases are as follows:
Budgeted Sales Budgeted D.M. Purchases
April $299,000 $44,000
May 337,000 55,000
June 384,000 55,000
Moorcroft’s sales are 40% cash and 60% credit. Credit sales are collected 20% in the month of sale, 50% in the month following sale, and 26% in the second month following sale; 4% are uncollectible. Moorcroft’s purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month following the purchase and 60% in the second month following the purchase.
Prepare a schedule of expected collections from customers for June.
Moorcroft Company
Schedule of Expected Collections from Customers
Sales April May June
April $ $ $ $
May
June
Total Collections $ $ $
Prepare a schedule of expected payments for direct materials for June.
Moorcroft Company
Schedule of Expected Payment for Direct Materials
Purchases April May June
April $ $ $ $
May
June
Total Collections $ $ $
Moorcroft’s assistant controller suggested that Moorcroft hire a part time collector to encourage customers to pay more promptly and to reduce the amount of uncollectible accounts. Sales are still 40% cash and 60% credit but the assistant controller predicted that this would cause credit sales to be collected 30% in the month of the sale, 50% in the month following sale, and 18% in the second month following sale; 2% are uncollectible.
Prepare a schedule of expected collections from customers for June. How did these changes impact cash collections?
Moorcroft Company
Schedule of Expected Collections from Customers
Sales April May June
April $ $ $ $
May
June
Total Collections $ $ $
Would it be worth paying the collector $1,000 per month?
It would bewould not be worth paying the collector $1,000 per month to improve the cash collections of the company.
The assistant controller also suggested that the company switch their purchases to 40% cash and 60% on account to help stretch out their cash payments. There is no additional interest charge to do this and Moorcroft is still paying their bills on time. There is no change to the company’s payment pattern.
Prepare a schedule of expected payments for direct materials for June.
Moorcroft Company
Schedule of Expected Payment for Direct Materials
Purchases April May June
April $ $ $ $
May
June
Total Collections $ $ $
How did these changes impact the cash payments for June?
Cash payments increaseddecreased by $ .
Answer:
1) Month Sales
April $299,000
May $337,000
June $387,000
Schedule of expected collections
For the month of June, 202x
Cash sales during June = $387,000 x 40% = $154,800
Collection from June's credit sales = $232,200 x 20% = $46,440
Collection from May's credit sales = $202,200 x 50% = $101,100
Collection from April's credit sales = $179,400 x 26% = $46,644
Total cash collections during June = $348,984
Month DM purchases
April $44,000
May $55,000
June $55,000
Schedule of expected cash payments for direct materials purchases
For the month of June, 202x
Cash purchases during June = $55,000 x 50% = $27,500
Cash payments for May's purchases = $27,500 x 40% = $11,000
Cash payments for April's purchases = $22,000 x 60% = $13,200
Total cash payments during June = $51,700
2) Month Sales
April $299,000
May $337,000
June $387,000
Schedule of expected collections
For the month of June, 202x
Cash sales during June = $387,000 x 40% = $154,800
Collection from June's credit sales = $232,200 x 30% = $69,660
Collection from May's credit sales = $202,200 x 50% = $101,100
Collection from April's credit sales = $179,400 x 18% = $32,292
Total cash collections during June = $357,852
It would be worth to pay the collector since the 2% reduction in uncollectible accounts is worth much more than the $1,000 that he/she earns.
3) Month DM purchases
April $44,000
May $55,000
June $55,000
Schedule of expected cash payments for direct materials purchases
For the month of June, 202x
Cash purchases during June = $55,000 x 40% = $22,000
Cash payments for May's purchases = $33,000 x 40% = $13,200
Cash payments for April's purchases = $26,400 x 60% = $15,840
Total cash payments during June = $51,040
Cash payments will decrease a little in June.
A safety capacity is a reserve created for unanticipated events. When is a safety capacity used?
A. During the holidays
B. During preventive maintenance and the holidays.
C. Whenever demand surges, there are material shortages, and equipment failure
D. None of the above.
Answer:
C. Whenever demand surges, there are material shortages, and equipment failure
Explanation:
The safety capacity is developed for the events that are not predicted. It can be used for various things like - shortage of materials, break down of machinery and equipment, the power supply is not available at the current time.
Therefore in the given case, option C is chosen as it fits the current situation
Hence, the other options are to be ignored
Why did Lauren's mother suggest she change her
password?
o It could be easily guessed.
O It contained personal information.
O It contained only one number.
It contained too many letters.
Answer:
o It could be easily guessed.
Explanation:
Staying safe while surfing the web or making accounts in the virtual world is an act that needs careful consideration and planning. There have been many instances of cyber thefts that steal people's details and even personal information and used for other dangerous acts.
Lauren's act of making "Computer1" as her password makes it so easy to predict or guess. Passwords are meant to secure one's details from such cyber attacks. And so, if Lauren used a simple and easy "lock" to secure her account, then there is a high chance that her account will be hacked and information stolen. So, Lauren's mother's suggestion of changing her password for all of her online accounts is because she feared that her current password is too easy to be guessed.
Answer:
it could be easily guessed
Explanation:
i took the assignment and got it right
Which of the following measures the percentage change in earnings before interest and tax(or operating cash flow) associated with a given percentage change in sales? A) Degree of financial leverage B) Degree of operating leverage C) Degree of total leverage D) Degree of weighted average
What does P/E Ratio of a 10 indicate?
a. It would take 10 years for an investor to recover his or her initial investment
b. The firm will pay a dividend of $10 per share.
c. The value of the stock will be 10 times the initial investment at the time of maturity.
d. An investor would receive 10 percent of the total earnings of the firm, at the time of liquidation
Answer:
1. Measure of the percentage change in earnings before interest and tax or operating cash flow:
B) Degree of operating leverage
2. P/E Ratio of 10 indicates that:
c. The value of the stock will be 10 times the initial investment at the time of maturity.
Explanation:
Company B's degree of operating leverage is the financial measure that shows the degree of change of the operating income of the company in relation to a change in her sales revenue. With this measure, investors and analysts of Company B are able to evaluate how sales impacts the company's operating income. There are many ways to measure a company's degree of operating leverage. One of the methods subtracts the variable costs of sales and divides that number by sales minus variable costs and fixed costs.
Company A's P/E ratio or price/earnings ratio is the measure of the relationship between the current market price and its earnings per share. It is used to evaluate the value of the company's stock. It points out whether the company's stock is undervalued, overvalued, or correctly valued.
Speaker City designs and manufactures highend home theater speakers. Speaker City uses a standard variable overhead rate of hours per unit at a cost of per hour. Data for the month of June shows that Speaker City produced units and recorded actual variable overhead costs of . What is the total variable overhead variance for the month of June?
Answer: $18,100 unfavorable
Explanation: It should be noted that the total variable overhead variance for the month of June is $18,100. Nonetheless, to our surprise it appears unfavourable despite the fact that Speaker City uses a standard variable overhead rate of hours per unit at a cost of per hour.
If firms in a competitive market are making zero economic profits, the long-run market supply curve:______.
Answer:
the long-run market supply curve and the short-run market supply curve and the demand curve all intersect at the same point.
Explanation:
here are the options to this question
the long-run market supply curve and the short-run market supply curve and the demand curve all intersect at the same point.
is above the point where the short-run market supply curve and the demand curve intersect.
shifts upward. is below the point where the short-run market supply curve and the demand curve intersect.
shifts downward.
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
When the market earns zero economic profits, the long-run market supply curve and the short-run market supply curve and the demand curve all intersect at the same point.
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:
Quantity Unit Cost Total Cost
Beginning inventory (Jan. 1) 17 8 136
Purchase (Jan. 11) 9 14 126
Purchase (Jan. 20) 20 16 320
Total 46 582
On January 14, Beech Soda, Inc. sold 22 units of this product. The other 24 units remained in inventory at January 31. Assuming that Beech Soda uses the LIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:__________
Answer:
the cost of goods sold to be recorded at January 14 is: $230 .
Explanation:
LIFO (Last in First out) method, assumes that the last goods purchased are the first ones to be issued to the final customer.
This means that valuation of inventory will begin using the value of the earliest goods purchased.
The Cost of goods sold is calculated as follows :
Cost of goods sold : 9 units × $14 = $126
13 units × $8 = $104
Total = $230
Answer:
$230
Explanation:
Quantity Unit Cost Total Cost
Beginning inventory (Jan. 1) 17 $8 $136
Purchase (Jan. 11) 9 $14 $126
Purchase (Jan. 20) 20 $16 $320
Total 46 $582
sales:
January 14, 22 units sold
cost of goods sold under LIFO = (9 x $14) + (13 x $8) = $126 + $104 = $230
cost of goods sold under FIFO = (5 x $14) + (17 x $8) = $70 + $136 = $206
cost of goods sold under average cost = ($262 / 26) x 22 = $221.69
The statement, "I will read a book when I get bored so as to improve my mind," is a __________.
a. Maximuniversal law
b. Formulation
c. Categorical imperative
Answer:
a. Maximuniversal law
Explanation:
Maxim and universal law is propounded by Immanuel Kant. To him, Maxim is your reason for acting. The formula of universal law therefore says that you should only act for those reasons which have the following characteristic: you can act for that reason while at the same time willing that it be a universal law that everyone adopt that reason for acting.
Bob has been investing $4,500 in stock at the end of every year for the past 11 years. If the account is currently worth $84,300, what was his annual return on this investment
Answer:
Annual return = 30.52%
Explanation:
The annual return is the average rate of return earning over the investment period assuming interest rate is compounded annually.
This can be worked using the formula below:
Annual rate of return=(C/I)^1/n - 1 × 100
C= Current value
I-Initial cost
n- Number of years
Current Value = 84,300
Initial amount invested= 4,500
n-11
Annual return = (84,300/4,500)^(1/11) - 1 × 100
= 0.3052 × 100 = 30.52%
Annual return = 30.52%
Lakewood Jet Skis has budgeted sales for June and July at and , respectively. Sales are % credit, of which % is collected in the month of the sale and % is collected in the following month. What is the accounts receivable balance on July 31?
Question
Lakewood Jet Skis has budgeted sales for June and July at $420,000 and $480,000, respectively. Sales are 75% credit, of which 40% is collected in the month of sale and 60% is collected in the following month. What is the accounts receivable balance on July 31?
Answer:
Total cash received in July= $453,000
Explanation:
Cash sales : 25% × July sales = 25% × 480,000= 120,000
40% month of sales
40%× 75%× July sales
40%× 75%× 480,000= 144,000
60% following month:
= 60%× 75%× June sales
= 60%× 75%× 420,000 = 189000
Total cash received in July =120,000 + 144,000 + 189,000 =453,000
Total cash received in July= $453,000
Note hat 75% of the total sales is on credit , therefore the balance (25%) would be represent credit sales
During the first month of operations, Wortham Services, Inc., completed the following transactions:
Jan 2 Wortham Services received $65,000 cash and issued common stock to the stockholders.
3 Purchased supplies, $1,000, and equipment, $12,000, on account.
4 Performed services for a customer and received cash, $5,500.
7 Paid cash to acquire land, $39,000.
11 Performed services for a customer and billed the customer, $4,100. Wortham expects to collect within one month
16 Paid for the equipment purchased January 3 on account.
17 Paid for newspaper advertising, $600.
18 Received partial payment from customer on account, $2,000.
22 Paid the water and electricity bills, $430.
29 Received $2,600 cash for servicing the heating unit of a customer.
31 Paid employee salary, $2,900.
31 Declared and paid dividends of $1,800.
Requirements
1. Record each transaction in the journal. Key each transaction by date. Explanations are not required.
2. Post the transactions to the T-accounts, using transaction dates as posting references. Label the ending balance of each account Bal, as shown in the chapter.
3. Prepare the trial balance of Wortham Services, Inc., at January 31 of the current year.
4. Mark Wortham, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether January was proîtable (and by how much).
Answer and Explanation:
Please find attachment:
4. Solution-
To get total resources we add up the assets of the firm = Cash + Accounts receivable + Supplies +Equipment + Land
= $18,370 + $2,100 +$1,000 +$12,000 +$39,000
= $72,740
How much does the business owe = Salary expense + Utilities expense - Accounts payable
= $2,900 + $1,030 - $1,000
= $2,930
We are evaluating a project that costs $560,400, has a six-year life, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Sales are projected at 80,000 units per year. Price per unit is $38, variable cost per unit is $24, and fixed costs are $680,000 per year. The tax rate is 22 percent, and we require a return of 10 percent on this project. a-1. Calculate the accounting break-even point. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) a-2. What is the degree of operating leverage at the accounting break-even point
Answer:
a -1. 48,572 units
a -2 2.56
Explanation:
Break even point is the level of activity where a firm neither makes a profit or loss.
Break Even point (units) = Fixed Costs ÷ Contribution per unit
Where,
Contribution per unit = Sales per unit - Variable Cost per unit
= $38 - $24
= $14
Therefore,
Break Even point (units) = $680,000 ÷ $14
= 48,572 units
Degree of operating leverage = Contribution ÷ Earnings Before Interest and Tax
= 80,000 units × $14 ÷ (80,000 units × $14 - $680,000)
= $1,120,000 ÷ $440,000
= 2.56
Vaughn Manufacturing borrowed $399000 on April 1. The note requires interest at 12% and principal to be paid in one year. How much interest is recognized for the period from April 1 to December 31?
Answer:
Interest recognized is $35,910
Explanation:
The computation of interest recognized is shown below:
= Principal × rate of interest × number of months ÷ (total number of months in a year)
= $399,000 × 12% × (9 months ÷ 12 months)
= $35,910
The 3 months is calculated from April 1 to December 31
Hence, the interest i.e. to be recognized is $35,910
In the maturity stage, competitors compete on price and product features. They also attempt to differentiate their product to satisfy different segments of the market. An example of a product in the maturity stage is
Answer: Coca-cola
Explanation:
Coca-cola as a soft drink has dominated the world since the 20th century but faces competition against drinks from other companies such as Pepsi and RC Cola.
In other to keep up their competitive edge and sell to more customers, the embark on extensive marketing campaigns that are catchy and memorable.
Coca-cola has also been differentiated over the years by introducing various flavors that are meant to appeal to different segments in the market such as Diet Coke, Coca-Cola Zero Sugar, Coca-Cola Cherry and Coca-Cola Vanilla.
On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of S6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. BE11-4 Lei Inc.'s $10 par value common stock is actively traded at a market price of $15 r share. Lei issues 5,000 shares to purchase land advertised for sale at $85,000. Journal- ize the issuance of the stock in acquiring the land.
Answer: Please see explanation column for answers.
Explanation:
a)Journal to record issuance of the shares at a stated value of $1
Date Account and explanation Debit Credit
june 6 Cash $24,000
Common stock at $1 stated value $4000
Paid in capital in excess of stated value $20,000
Calculation:
Cash = issued shares x price per share
4000 x $6 = $24,000
paid in capital in excess pf par stated value = $6- $1 x 4000 = $20,000
b)Journal to record issuance of the stock in acquiring the land.
Date Account and explanation Debit Credit
Land $85,000
Common stock at $10 (5000 x 10) $50,000
Paid in capital in excess of par value $35,000
Calculation:
cash to purchase land = issued shares x price per share
85,000= 5000 x $
$ = 85,000 /5000 = $17
Paid in capital in excess of par value $17-10 x 5000 = $35,000
Based on the information given the appropriate journal entry to record Noonan Inc. and Lei transactions are:
a. Noonan Inc Journal entry
Debit Cash $24,000
(4000 x $6)
Credit Common stock $4,000
(4,000×$1)
Credit Paid in capital in excess of stated value - common stock $20,000
[($6-$1)×4,000]
(To record issuance of shares)
b. Lei Journal entry
Debit Land $75,000
($15×5,000)
Credit Common stock $50,000
($10×5,000)
Credit paid in capital in excess of par-common stock $25,000
[($15-$10)×5,000]
(To record issuance of stock)
Learn more here:
https://brainly.com/question/17111894
Nick and Katelyn paid $1,600 and $2,100 in qualifying expenses for their two daughters, Nicole and Naomi, respectively, to attend the University of Nevada. Nicole is a sophomore and Naomi is a freshman. Nick and Katelyn's AGI is $202,000. What is their allowable American opportunity tax credit?
Answer: $0
Explanation:
From the question, we are informed that Nick and Katelyn paid $1,600 and $2,100 in qualifying expenses for their two daughters, Nicole and Naomi, respectively, to attend the University of Nevada and that Nicole is a sophomore and Naomi is a freshman.
We are further told that Nick and Katelyn's AGI is $202,000. Based on the above scenario, their allowable American opportunity tax credit will be $0. This is because when AGI is more than $180,000 for such taxpayers, the credit is being phased out.
Refer to Exhibit 9.3, which shows the cost and revenue curves for a non-discriminating monopolist. The total cost incurred by the monopolist for producing the profit-maximizing output is _____ Group of answer choices $16,500. $24,200. $16,200. $19,800. $30,800.
Answer: $19,800
Explanation:
The Monopolist will produce at a quantity where Marginal Revenue equals Marginal cost.
From the exhibit, that quantity is shown to be 1,100.
At that quantity, the average total cost incurred is $18.
Total Cost
= Average total cost * quantity
= 18 * 1,100
= $19,800
Think back to the elements that result in the creation of SMART goals (Specific, Measurable, Achievable, Realistic, and Time-bound) and rewrite the goals below, making them smarter.
Origional Goal Statement
Revised Goal Statement
Our team will finish the product roll-out on schedule.____________
We intend to save the company $20,000 next month. ___________
Our new initiative will increase customer satisfaction.____________
Our team will hit its numbers.____________-
Answer:
SMART Goals
Rewriting Goal Statements:
Original Goal Statement:
Our team will finish the product roll-out on schedule.____________
Revised Goal Statement:
To finish the product roll-out on schedule, our team will finalize all activities on August 31, 2020.
Original Goal Statement:
We intend to save the company $20,000 next month. ___________
Revised Goal Statement:
To save the company $20,000 next month, we intend to reduce overall expenses.
Original Goal Statement:
Our new initiative will increase customer satisfaction._
Revised Goal Statement:
To increase customer satisfaction today, our new initiative must be customer-focused.
Original Goal Statement:
Our team will hit its numbers.____________
Revised Goal Statement:
To hit its numbers this month, our team must redouble its marketing efforts.
Explanation:
A SMART goal statement starts with an action word with an impact that is time-bound. SMART means: Specific, Measurable, Achievable, Realistic, and Time-bound. SMART goal statements can be used to improve desired outcomes when they are followed through. A SMART goal statement is fundamental to success. It is the basis for a team or an individual to plan their work and evaluate its success.
The given original goal statements can be revised as per the SMART goal guidelines would be as follows:
1). In order to complete the product roll-out on schedule, the team will ensure that all the orders are concluded by 20th January.
2). To save the cost of $20,000 next month, our aim will be to reduce miscellaneous expenses.
3). To implement our new initiative of consumer satisfaction, we will focus on consumer-oriented strategies.
4). To hit the numbers this month, the team should be more focused on the timely delivery of the goods.
SMART goals are characterized as the goals that lay emphasis on the action to be carried forward along with a specification of the time. Such goals are very crucial to ensure that the intended target is achieved effectively and efficiently. The word "SMART" itself implies the goals that are certain, evaluable, realistic, and with a time limit. These goals promote adequate planning and achievement of success.
Learn more about "Goal" here:
brainly.com/question/12932356
In each of the following cases, calculate the accounting break even and the cash break even points. Ignore any tax effects in calculating the cash break-even.
Unit Variable
Case Unit Price Cost Fixed Costs Depreciation
1 $2,800 $2,295 $7,000,000 $1,250,000
2 51 43 65,000 160,000
3 12 4 1,800 700
Answer:
Case 1 Accounting break-even point = 13,861 units
Case 1 Cash break-even point = 11,286 units
Case 2 Accounting break-even point = 20,000 units
Case 2 Cash break-even point = 11,875 units
Case 3 Accounting break-even point = 225 units
Case 3 Cash break-even point = 138 units
Explanation:
Break even point refers to the point or sales unit where total cost is equal to total revenue. That is, both total revenue and total cost at the point are even and there neither profit nor loss.
Break even point can be computed for accounting break even and the cash break even points. The difference between the two is that accounting break even point include depreciation in the fixed cost while the cash break even point deduct non cash expenses from the fixed cost. The formula for the are as follows:
Accounting break even point = Fixed cost / (Unit price - Unit cost)
Cash break even point = (Fixed cost - Depreciation) / (Unit price - Unit cost)
Using the two formula for this question, we have:
Case 1 Accounting break even point = $7,000,000 / ($2,800 - $2,295) = $7,000,000 / $505 = 13,861 units
Case 1 Cash break even point = ($7,000,000 - $1,250,000) / ($2,800 - $2,295) = $5,750,000 / $505 = 11,286 units
Case 2 Accounting break even point = $160,000 / (51 - 43) = $160,000 / $8 = 20,000 units
Case 2 Cash break even point = ($160,000 - $65,000) / (51 - 43) = $95,000 / $8 = 11,875 units
Case 3 Accounting break even point = $1,800 / (12 - 4) = $1,800 / $8 = 225 units
Case 3 Cash break even point = ($1,800 - $700) / (12 - 4) = $1,100 / $8 = 138 units
the hosiery departments net dsales are 30,000 and the total store net sales are 1,200,000. what is the hosiery departments % of total sales
Answer:
2.5%
Explanation:
(30,000 / 1,200,000) X 100 = 2.5%