you have $26,605.46 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $270,000. you expect to earn 10% annually on the account. how many years will it take to reach your goal? do not round intermediate calculations. round your answer to the nearest whole number.

Answers

Answer 1
ANSWER=14years

So the first year would you get the 10% before or after depositing the 5k?because if you’re going to deposit at the end of the year then we have to assume the first year you only get 10% on the 26,605.45 because that’s how investing works... so the answer is it would take 14years to reach $270,000.018

Related Questions

A production department's output for the most recent month consisted of 8,800 units completed and transferred to the next stage of production and 5,800 units in ending Work in Process inventory. The units in ending Work in Process inventory were 50% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weighted average method.

Answers

Answer:

11,700 units

Explanation:

Calculation for the equivalent units of production for the month, assuming the company uses the weighted average method

Unit completed and transferred to the next stage 8,800 units

Add Unit in ending goods in process inventory 2,900 units

(5,800 units*50%)

Equivalent units of production 11,700 units

(8,800 units+2,900 units)

Therefore the equivalent units of production for the month, assuming the company uses the weighted average method will be 11,700 units

Why is the infrastructure used for marketing sales in the past becoming useless for today’s needs?

I’ll give brainlest to the best answer!!

Answers

Answer:

The infrastructure used for marketing sales in the past becoming useless for today’s needs is described below in detail.

Explanation:

Public activities are the design of modern life. Whether community or agricultural, the roads that convey our goods, the gutters that preserve our health and wealth, the cables that provide our electricity, and the vessels that transport our water enable society to operate. Every amenity our neighborhoods take for the award is built on preparation, architecture, building, and managing these assets.

Throughout history, people have prospered through improvements in government works.

Avatar Company uses the indirect method to prepare its statement of cash flows. Please refer to the following portion of the comparative balance sheet:
2014 2013 Increase/decrease
Accounts payable $ 4,000 $ 6,000 $(2,000)
Accrued liabilities 2,000 1,000 1,000
Long-term notes payable 84,000 90,000 (6,000)
Total liabilities $90,000 $97,000 $(7,000)
Additional information provided:
During 2014, the company repaid $40,000 of long-term notes payable.
During 2014, the company borrowed $34,000 on a new note payable.
Based on the above information only, what amount of net cash flow would be shown in the financing section of the statement of cash flows?
A) $6,000 negative
B) $6,000 positive
C) $5,000 positive
D) $7,000 negative

Answers

Answer:

D) $7,000 negative

Explanation:

What amount of net cash flow would be shown in the financing section of the statement of cash flows?

Amount of net cash flow to be shown in the financing section of the statement of cash flows = Decrease in Account payable - Increase in accrued liabilities + Borrow of new  long term notes payable - Repayment of long term notes payable

= -$2,000 + $1,000 + $34,000 - $40,000

= -$7,000

_____ are products that are bought from one country for use in another just as the U.S. buys wood pulp and timber from Canada.


Exports

Tariffs

Tangibles

Countertrades

Imports

Answers

The correct answer is exports.

Thank me by clicking the ❤️. Thanks!

In recent years, large financial institutions such as mutual funds and pension funds have become the dominant owners of stock in the United States, and these institutions are becoming more active in corporate affairs. What are the implications of this trend for agency problems and corporate control?

Answers

Answer:

Agency problems arise when managers (agents) of a company seek their own best interests instead of that of the stockholders (principal).

With Pension funds owning a significant amount of stock in companies now, they will potentially reduce agency problems because they have experience in the are of limiting agency problems and by owning a lot of shares they will have the power to influence the company to make policies that will limit these problems as well.

This is where Corporate control comes in. With such large control, Pension funds can dictate some processes in the company and they will most likely do so in a manner that will ensure that the shareholders (like themselves) will benefit as should be the case.

A company's bank statement shows a cash balance of $4,210. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,100, NSF check of $230, interest earned of $36, service fee of $46, and a check for $180 recorded twice by the company. Calculate the correct balance of cash?

Answers

Answer:

Explanation:

Based on the information that have been provided in the question above, the correct balance of cash will be calculated as the difference between the bank balance that was shown in the bank statement and the checks that was outstanding. This will be:

= $4210 - $2100

= $2110

Therefore, the correct balance of cash will be $2110.

You are a supplier of printed circuit boards (PCBs). Production of the circuit boards consists of several steps – Surface Mounting, Baking, and Final Assembly. Surface Mounting puts integrated circuits (ICs) and other components on a PCB. These PCBs are then Baked as a batch and kept in an oven for some time so that the ICs are soldered onto the PCBs. Finally, these PCBs are taken and manually assembled into a case, and wired with connectors. The processing rate at the Surface Mounting station is 15 PCBs/minute, the processing rate for Baking is 5 PCBs/minute, and the processing rate for Final Assembly is 3 PCBs/minute. If there are on average 24 units of (work in process) inventory and the system is working at capacity, what is the flow (throughput) time for PCBs?

Answers

Answer:

the flow (throughput) time for PCBs is 40 units per minute

Explanation:

Given that;

Work in progress WIP = 24

we calculate the time spent to make the PCBs, lead time

Processing rate at the Surface Mounting station is 15 PCBs/minute

so time taken by a single PCB at the SM operation = 1/15 min

Processing rate for Baking is 5 PCBs/minute

so time taken by a single PCB at the baking operation = 1/5 min

the processing rate for Final Assembly is 3 PCBs/minute

so time taken by a single PCB at the assembly = 1/3 min

∴ total time taken will be;

(1/15) + (1/5) + (1/3)

= 0.6 min

Now, using Little's Law;

Working in progress WIP = throughput × lead time

Throughput = WIP / Lead time

so we substitute

Throughput = 24 / 0.6 min

Throughput = 40 units per minute

Therefore the flow (throughput) time for PCBs is 40 units per minute

The income statement for the Timberline Golf Club Inc. for the month ended July 31 shows Service Revenue $18,530; Salaries and Wages Expense $9,100; Maintenance and Repairs Expense $4,190; and Income Tax Expense $1,110. The statement of retained earnings shows an opening balance for Retained Earnings of $20,590 and Dividends $1,830.Prepare closing journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Answers

Answer and Explanation:

The closing journal entries are as follows:

1. Service revenue Dr $18,530

        To Income summary $18,530

(being revenue account is closed)

2. Income summary Dr $14,400

          To Salaries and Wages Expense $9,100

          To Maintenance and Repairs Expense $4,190

          To Income Tax Expense $1,110

(being expenses account is closed)

3. Income summary Dr $4,130 ($18,530 - $14,400)

       To retained earnings $4,130

(Being closing of the net income is recorded)

4. Retained earnings Dr $1,830

         To Dividend $1,830

(being dividend account is closed)

Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $57,750 to her employer's qualified pension fund, all of which was taxable when earned. She elects to receive her retirement benefits as an annuity of $5,775 per month for the remainder of her life. Assume that Pam lives 25 years after retiring. What is her gross income from the annuity payments in the twenty-fourth year?

Answers

Answer:

$69,300

Explanation:

Calculation for her gross income from the annuity payments in the twenty-fourth year

Using this formula

Gross income Annuity payment =Annuity retirement benefits*Number of month in a year

Let plug in the formula

Gross income Annuity payment =$5,775× 12 payments

Gross income Annuity payment = $69,300

Therefore her gross income from the annuity payments in the twenty-fourth will be $69,300

One employee is in charge of the following activities at a refreshment stand: Activity Activity Time per Customer Greet customer 5 seconds Take order 25 seconds Process order 1.5 minutes Print receipt 30 seconds If the demand rate is 20 customers per hour, what are the flow rate (in customers per hour), utilization, and cycle time (in minutes per customer)

Answers

Answer:

A. Flow rate = 20 customers per hour

B. Utilization =0.83

C. Cycle time= 3 minutes per customer

Explanation:

A. Calculation for the flow rate

First step is to calculate the Processing time

Processing time = 5 + 25 + (1.5 ×60) + 30

Processing time=30+90+30

Processing time= 150 seconds

Second step is to calculate the Process capacity

Process capacity = 1/150 ×60 per seconds/minute ×60 per minutes/hour

Process capacity= 24 customers per hour

Now let calculate the Flow rate

Using this formula

Flow rate= Min(Demand, Process capacity)

Let plug in the formula

Flow rate= Min(20, 24)

Flow rate = 20 customers per hour

Therefore the flow rate will be 20 customers per hour

B. Calculation for the utilization

Using this formula

Utilization = Flow rate/Process capacity

Let plug in the formula

Utilization = 20/24

Utilization =0.83

Therefore Utilization will be 0.83

C. Calculation for the Cycle time

Using this formula

Cycle time = 1/Flow rate ×60 per minutes/hour

Let plug in the formula

Cycle time= 1/20 ×60 per minutes/hour

Cycle time= 3 minutes per customer

Therefore the Cycle time will be 3 minutes per customer

A taxi driver who opens the door for his customer is an example of ________. Fill in the blank.

Answers

Answer:

courtesy

Explanation:

It basically is having manners and being respectful of the customer. When a taxi driver opens the door for someone, he or she is being respectful

You have just been hired as the accountant for Fan-Tastic Sports Gear Inc., a wholesaler of sporting goods and apparel. The previous accountant left abruptly in late December, 20Y7, and an accounting intern has been drafting the journal entries since January. You are examining the accounting records before finalizing the journal entries for the first quarter of 20Y8. The following journal shows some of the accounts receivable transactions that you are reviewing.
JOURNAL
ACCOUNTING EQUATION
DATE DESCRIPTION POST. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1 Jan.
17 Sales 9,600.00
2 Bad Debt Expense 9,600.00
3 17 Bad Debt Expense 9,600.00
4 Accounts Receivable-
CJ’s Sports Corp. 9,600.00
5 21 Cash 10,700.00
6 Bad Debt Expense 2,200.00
7 Accounts Receivable-Four
Seasons Sportswear Co. 12,900.00
8 Feb.
15 Accounts Receivable-Healthy
Running Inc. 3,000.00
9 Bad Debt Expense 500.00
10 Sales 3,500.00
11 Mar.
4 Accounts Receivable-Four
Seasons Sportswear Co. 2,200.00
12 Bad Debt Expense 2,200.00
13 4 Cash 2,200.00
14 Bad Debt Expense 2,200.00
15 13 Cash 5,540.00
16 Accounts Receivable-
Barb’s Best Gear 5,540.00
17 31 Bad Debt Expense 20,970.00
18 Accounts Receivable-
Healthy Running Inc. 5,150.00
19 Accounts Receivable-
The Locker Room 4,100.00
20 Accounts Receivable-
CJ’s Sports Corp. 2,780.00
21 Accounts Receivable-
Get Your Gear Inc. 7,050.00
22 Accounts Receivable-
Ready-2-Go 1,890.00
CHART OF ACCOUNTS
Fan-Tastic Sports Gear Inc.
General Ledger
ASSETS
110 Cash
111 Petty Cash
121 Accounts Receivable-Healthy Running Inc.
122 Accounts Receivable-The Locker Room
123 Accounts Receivable-CJ’s Sports Corp.
124 Accounts Receivable-Get Your Gear Inc.
125 Accounts Receivable-Four Seasons Sportswear Co.
126 Accounts Receivable-Ready-2-Go
127 Accounts Receivable-Barb’s Best Gear
132 Notes Receivable-Fast Feet Co.
136 Interest Receivable
141 Inventory
145 Office Supplies
151 Prepaid Insurance
181 Land
191 Store Equipment
192 Accumulated Depreciation-Store Equipment
193 Office Equipment
194 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
211 Salaries Payable
212 Unearned Rent
213 Customer Refunds Payable
215 Notes Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary
REVENUE
410 Sales
610 Rent Revenue
612 Interest Revenue
EXPENSES
510 Cost of Goods Sold
520 Sales Salaries Expense
521 Advertising Expense
522 Depreciation Expense-Store Equipment
523 Delivery Expense
529 Miscellaneous Selling Expense
530 Office Salaries Expense
531 Rent Expense
532 Depreciation Expense-Office Equipment
533 Insurance Expense
534 Office Supplies Expense
536 Credit Card Expense
537 Cash Short and Over
538 Bad Debt Expense
539 Misc. Administrative Expense
710 Interest Expense
1. Finalize the journal entries shown on the Fan-Tastic Sports Gear Inc. panel and make any necessary changes.
2. Journalize the entry needed to record information about the note receivable from Fast Feet for the year 20Y7.
3. Journalize the entry needed to record collection of the note at maturity on March 19, 20Y8.

Answers

Answer:

Accounts Receivable (Dr.) $9,600

Sales (Cr.) $9,600

Bad debt expense (Dr.) $500

Accounts Receivable (Cr.) $500

Bad Debt Expense (Dr.) $2,200

Accounts Receivable (Cr.) $2,200

Notes Receivable - Fast Feet (Dr.) $3,600

Sales (Cr.) $3,600

Explanation:

Fan-Tastic Sports Gear Inc., has incurred business transactions. It has recorded sales to Sportswear Co on accounts. The money is not received and the accounts receivable are offset by recording bad debt expense.

On January 1, 2021, Tropical Paradise borrows $39,000 by agreeing to a 6%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $915.92 are due at the end of each month with the first installment due on January 31, 2021.

Required:
Record the issuance of the installment note payable and the first two monthly payments.

Answers

Answer:

1. January 01, 2021

Dr Cash39,000.00

Cr Notes Payable39,000.00

2. January 31, 2021

Dr Interest Expense 195.00

Dr Notes Payable720.92

Cr Cash915.92

3. February 28, 2021

Dr Interest Expense 191.40

Dr Notes Payable 724.52

Cr Cash915.92

Explanation:

Preparation of the journal entry to Record the issuance of the installment note payable and the first two monthly payments

1. January 01, 2021

Dr Cash 39,000.00

Cr Notes Payable 39,000.00

2. January 31, 2021

Dr Interest Expense 195.00

($39,000 × 6% × 1/12)

Dr Notes Payable 720.92

(915.92-195.00)

Cr Cash 915.92

3. February 28, 2021

Dr Interest Expense 191.40

([$39,000 − $720.92] × 6% × 1/12)

Dr Notes Payable 724.52

(915.92-191.40)

Cr Cash 915.92

An investment offers $5,200 per year, with the first payment occurring one year from now. The required return is 7 percent. a. What would the value be today if the payments occurred for 20 years

Answers

Answer:

the present value of an annuity is $55,088.87

Explanation:

The computation of the value today is given below:

Present value of annuity is

= Annuity × [1 - (1+interest rate)^-time period] ÷ rate

= $5,200 × [1 - (1.07)^-20] ÷ 0.07

= $5,200 × 10.59401425

= $55,088.87

hence, the present value of an annuity is $55,088.87

A manager is trying to decide whether to purchase a certain part or to have it produced internally. Internal production could use either of two processes. One would entail a variable cost of $17 per unit and an annual fixed cost of $200,000; the other would entail a variable cost of $14 per unit and an annual fixed cost of $240,000. Three vendors are willing to provide the part. Vendor A has a price of $20 per unit for any volume up to 30,000 units. Vendor B has a price of $22 per unit for demand of 1,000 units or less, and $18 per unit for larger quantities. Vendor C offers a price of $21 per unit for the first 1,000 units, and $19 per unit for additional units.
A. If the manager anticipates an annual volume of 10,000 units, which alternative would be best from a cost standpoint? For 20,000 units, which alternative would be best?
B. Determine the range for which each alternative is best. Are there any alternatives that are never best? Which?
TC for 10,000 units TC for 20,000 units
Int. 1: $ Int. 1: $
Int. 2: $ Int. 2: $
Vend A $ Vend A $
Vend B $ Vend B $
Vend C $ Vend C $

Answers

Answer:

A.  If the manager anticipates an annual volume of 10,000 units, the alternative that would be best from a cost standpoint is Vendor B.

Again, for annual volume of 20,000 units, Vendor B is the best choice.

B. For Process I, it is best within the range of 20,555 and 200,000

For Process 2, the best range is 200,000 and above

Vender A, there is no best range

Vender B, the best range is 1 to 20,555

Vender C, there is no best range

Explanation:

a) Data and Calculations:

Internal Process 1 = $17Q + $200,000

Internal Process 2 = $14Q + $240,000

Vendor A = $20Q up to 30,000 units

Vender B = $18Q

Vender C = $21*1,000 + $19(Q-1,000)

Calculation of total cost under each alternative:

                                                  Internal      Vender A  Vender B   Vender C

                                 Process 1  Process 2

Cost of production:

Variable cost per unit    $17          $14             $20            $18            $19

For 10,000 Units:

Fixed costs              $200,000  $240,000        0               0             $21,000

Variable cost              170,000      140,000  $200,000 $180,000   $171,000

Total cost                $370,000   $380,000  $200,000  $180,000 $192,000

For 20,000 units:

Fixed costs            $200,000  $240,000        0               0             $21,000

Variable cost            340,000    280,000  $400,000  $360,000  $361,000

Total cost              $540,000  $520,000  $400,000  $360,000 $382,000

The bookkeeper for Sheffield Corp. asks you to prepare the following accrued adjusting entries at December 31.
1. Interest on notes payable of $500 is accrued.
2. Services performed but not recorded total $2,000.
3. Salaries earned by employees of $540 have not been recorded. Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Answers

Answer:

(a) Dec 31

Debit Interest Expense $500

Credit Interest Payable$500

(b) Dec 31

Debit Account Receivable $2,000

Credit Service Revenue $2,000

(c) Dec 31

Debit Salaries & wages expense $540

Credit Salaries & wages payable $540

Explanation:

Preparation of the accrued adjusting entries at December 31

(a) Dec 31

Debit Interest Expense $500

Credit Interest Payable$500

(b) Dec 31

Debit Account Receivable $2,000

Credit Service Revenue $2,000

(c) Dec 31

Debit Salaries & wages expense $540

Credit Salaries & wages payable $540

During its first year in business, Comfy Home accounted for its inventory using the last in first out (LIFO) method. In the second year of business, Tenisa asks the accountant if the company can switch to first in first out (FIFO) because she recently learned FIFO will tend to increase both the value of assets and net income. The accountant tells Tenisa that US GAAP allows a company to choose its inventory valuation method as long as it doesn't change over time without a justifiable reason. This is an example of the principle of:________

a. Conservatism.
b. Relevance.
c. Consistency.
d. Reliability.

Answers

Answer:

Consistency principle

Explanation:

Accounting principles are defined as the general rules of.axcpunting that businesses are expected to follow when reporting financial information.

Accounting principles include:

- Accrual principle

- Conservatism principle

- Consistency principle

- Cost principle

- Economic entity principle

- Full disclosure principle

- Going concern principle

- Matching principle

- Materiality principle

- Monetary unit principle

- Reliability principle

- Revenue recognition principle

- Time period principle

Consistency principle requires one the continue using an accounting method consistently for future accounting periods so that information can be easily comparable.

In the given scenario the accountant tells Tenisa that US GAAP allows a company to choose its inventory valuation method as long as it doesn't change over time without a justifiable reason.

This is an example of consistency principle

Which of the following best describes a problem driven approach to a business opportunity decision process?
O A. An entrepreneur has an idea for a product and searches for a market
O B. An entrepreneur has brainstormed a variety of ideas and prioritized concepts based on industry trends
O C. An entrepreneur has identified a growth area for business
OD. An entrepreneur has found research on a potential hot business trend
O E. An entrepreneur has determined a business to pursue based on industry research

Answers

Answer:

I think the answer would be B

Explanation:

because it says An entrepreneur has brainstormed a variety of ideas and prioritized concepts based on industry trends. hope this helps

Which of the following is an incorrect statement regarding values?
Values come from the interplay of ethics.
Values represent our understanding of the purposes we will fulfill by making particular decisions.
Values are positive abstractions.
D
Values are ideas that underlie conversations about business ethics.
E
Values capture our sense of what is good or desirable.

Answers

Answer:

" values are ideas that underlie conversations about business ethics " is the answer

Among the following, an incorrect statement regarding values is Values are ideas that underlie conversations about business ethics. Thus the correct option is D.

What are Values?

Values are a person's personal ideas that guide their behavior. They act as norms for how individuals should behave. Our values are significant as they aid in the development of the future we desire.

Ethics and values interact because values are our understanding of the goals we hope to achieve by taking certain actions which help in decision-making.

Values reflect our perception of what is right or desirable. Values are moral concepts that reflect a person's sense of what is right and acceptable.

Therefore, option D Values are ideas that underlie conversations about business ethics is appropriate.

Learn more about Values, here:

https://brainly.com/question/13523172

#SPJ2

State and EXPLAIN three methods of paying workers​

Answers

Answer:

three methods employers use to pay the employees are salary, commission, and hourly wage.

Explanation:

salary is a fixed amount that you get for working per month

commmission is getting a percentage of the total that you sell

hourly wage is getting paid for each hour that you work

hope this helps! i would appriciate brainliest too!!

In each of the following cases, determine how supply or demand shifts and how the equilibrium changes.
Select the correct answer in each blank space (_______)
a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the __________________( *Supply of and demand for, *Supply of, or *Demand for) smartphones increase(s), causing the equilibrium price to (*Rise, *Fall, or *Rise, fall or remain unchanged) and the equilibrium quantity to (*Rise, fall or remain unchanged, *Rise, *Fall)
b. ALS medical research funds: The ALS ice bucket challenge goes viral, leading to greater awareness of the benefits of and need for ALS research. As a result, the _____________ ( *Supply of and demand for, *Supply of, or *Demand for) ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to __________ (*Rise, fall or remain unchanged, *Rise, *Fall) and the equilibrium quantity to __________ (*Rise, fall or remain unchanged, *Rise, *Fall)

Answers

Answer:

Supply of

fall

rise

b. demand for

rise

rise

Explanation:

A microchip is a complement in the production of smartphones

Complement goods are goods used together.

If the price of microchips reduces, the cost of making smartphones falls and as a result, the supply of smart phones increases. This would lead to a rightward shift of the supply curve. This leads to a decrease in equilibrium price and an increase in equilibrium quantity

Due to the awareness, the demand for ALS research would increase, this would lead to a rise in price and quantity demanded.

The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko, Emiko Co. uses a perpetual inventory system.
Credit Debit $ 30,000 5,600 33,000 $529,000 Merchandise inventory Prepaid selling expenses Dividends Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses 17,500 5,000 212,000 48,000 15,000 36,000 105,000
Additional Information
Accrued and unpaid sales salaries amount to $1700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $28.700 of goods still available.
(a) Use the above account balances along with the additional information, prepare the adjusting entries.
(b) Use the above account balances along with the additional information, prepare the closing entries.

Answers

Answer:

a) Dr Sales salaries expense $1,700

Cr Sales salaries payable $1,700

Dr Selling expense $3,000

Cr Prepaid selling expense $3,000

Dr Cost of goods sold $1,300

Cr Inventory $1,300

b) 1. Dr Sales revenue $529,000

Cr Income summary $529,000

2. Dr Income summary $444,500

Cr Cost of goods sold $213,300

Cr Sales return and allowance $17,500

Cr Sales discount $5,000

Cr Sales salaries expense $49,700

Cr Utilities expense $15,000

Cr Selling expense $39,000

Cr Administrative expense $105,000

3.Dr Income summary $84,500

Cr Retained earnings $84500

4. Dr Retained earnings $33,000

Cr Dividend $33,000

Explanation:

a) Preparation of the adjusting entries.

Dr Sales salaries expense $1,700

Cr Sales salaries payable $1,700

Dr Selling expense $3,000

Cr Prepaid selling expense $3,000

Dr Cost of goods sold $1,300

($30,000-$28,700)

Cr Inventory $1,300

b) Preparation of the closing entries.

1. Dr Sales revenue $529,000

Cr Income summary $529,000

2. Dr Income summary $444,500

($213,300+$17,500+$5,000+$49,700+$15,000+$39,000+$105,000)

Cr Cost of goods sold $213,300

($212,000+$1,300)

Cr Sales return and allowance $17,500

Cr Sales discount $5,000

Cr Sales salaries expense $49,700

($48,000+$1,700)

Cr Utilities expense $15,000

Cr Selling expense $39,000

($36,000+$3,000)

Cr Administrative expense $105,000

3. Dr Income summary $84,500

($529,000-$444,500)

Cr Retained earnings $84500

4. Dr Retained earnings $33,000

Cr Dividend $33,000

Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpet backing is added at the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories:

Finished Goods $8,300
Work in Process-Spinning Department 2,000
Work in Process-Tufting Department 2,600
Materials 4,800

Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows:

Jan.
1 Materials purchased on account, $82,000
2 Materials requisitioned for use:
Fiber-Spinning Department, $42,600
Carpet backing-Tufting Department, $34,700
Indirect materials-Spinning Department, $3,300
Indirect materials-Tufting Department, $2,900
31 Labor used:
Direct labor-Spinning Department, $26,300
Direct labor-Tufting Department, $17,200
Indirect labor-Spinning Department, $12,500
Indirect labor-Tufting Department, $11,900
31 Depreciation charged on fixed assets:
Spinning Department, $5,300
Tufting Department, $3,100
31 Expired prepaid factory insurance:
Spinning Department, $1,000
Tufting Department, $800
31 Applied factory overhead:
Spinning Department, $22,400
Tufting Department, $18,250
31 Production costs transferred from Spinning Department to Tufting Department, $90,000
31 Production costs transferred from Tufting Department to Finished Goods, $153,200
31 Cost of goods sold during the period, $158,000


Required:
a. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations.
b. Compute the January 31 balances of the inventory accounts.
c. Compute the January 31 balances of the factory overhead accounts.

Answers

Answer:

Port Ormond Carpet Company

1. Journal Entries:

Jan. 1:

Debit Materials $82,000

Credit Accounts payable $82,000

To record the purchase of materials on account.

Jan. 2:

Debit Work-in-Process - Spinning $42,600

Credit Materials $42,600

To record the materials requisitioned.

Jan. 2:

Debit Work-in-Process -Tufting $34,700

Credit Materials $34,700

To record carpet backing

Jan. 2:

Debit Overhead - Spinning $3,300

Debit Overhead - Tufting $2,900

Credit Materials $6,200

To record indirect materials used.

Jan. 31:

Debit Work-in-Process - Spinning $26,300

Debit Work-in-Process - Tufting $17,200

Credit Factory labor $43,500

To record direct labor costs.

Jan. 31:

Debit Overhead - Spinning $12,500

Debit Overhead - Tufting $11,900

Credit Factory labor $24,400

To record indirect labor costs.

Jan. 31:

Debit Overhead - Spinning $5,300

Debit Overhead - Tufting $3,100

Credit Factory Depreciation $8,400

To record depreciation costs.

Jan. 31:

Debit Overhead - Spinning $1,000

Debit Overhead - Tufting $800

Credit Factory Insurance $1,800

To record insurance costs.

Jan. 31:

Debit Work-in-Process - Spinning $22,400

Debit Work-in-Process - Tufting $18,250

Credit Factory Overhead $40,650

To record overhead costs applied.

Jan. 31:

Debit Work-in-Process - Tufting $90,000

Credit Work-in-Process - Spinning $90,000

To record the transfer to Tufting department.

Debit Finished Goods Inventory $153,200

Credit Work-in-Process- Tufting $153,200

To record the transfer to Finished Goods.

Jan. 31:

Debit Cost of Goods Sold $158,000

Credit Finished Goods $158,000

To record the cost of goods sold.

2. January 31 balances of the inventory accounts:

Finished Goods = $3,500

Work-in-Process - Spinning = $3,300

Work-in-Process - Tufting = $9,550

Materials = $600

3. Factory Overhead Accounts- Spinning:

Account Titles                   Debit      Credit

Jan. 31 Materials (Indirect)  3,300

Indirect labor                     12,500

Depreciation exp.               5,300

Factory insurance               1,000

Applied overhead                         22,400

Overapplied overhead         300

Factory Overhead Accounts- Tufting:

Account Titles                   Debit      Credit

Materials (Indirect)          $2,900

Indirect labor                    11,900

Depreciation expenses    3,100

Insurance expense             800

Applied overhead  -WIP-Tufting       18,250

Underapplied overhead                       450

Explanation:

a) Data and Calculations:

January 1 Inventories:

Finished Goods = $3,500

Work in Process- Spinning = $2,000

Work in Process - Tufting = $2,600

Materials = $4,800

Finished Goods

Account Titles                      Debit      Credit

Beginning balance             $8,300

Work-in-Process-Tufting  153,200

Cost of Goods Sold                          $158,000

Ending balance                                      3,500

Work-in-Process - Spinning

Account Titles                   Debit      Credit

Beginning balance        $2,000

Materials                        42,600

Direct labor                    26,300

Applied overhead         22,400

Work-in-Process -Tufting        $90,000

Ending balance                            3,300        

Work-in-Process - Tufting

Account Titles                   Debit      Credit

Beginning balance        $2,600

Carpet backing              34,700

Direct labor                     17,200

 Applied overhead          18,250

WIP- Spinning               90,000

Finished Goods                        $153,200

Ending balance                              9,550

 

Cost of Goods Sold

Finished Goods    $158,000

Materials

Account Titles                   Debit       Credit

Beginning balance          $4,800

Accounts payable           82,000

Work-in-Process - Spinning            $42,600

Work-in-Process - Tufting                 37,400

Manufacturing overhead- Spinning   3,300

Manufacturing overhead- Tufting     2,900

Ending balance                                     600

Selected transactions from the journal of Metlock Inc. during its first month of operations are presented here:
Date Account Titles Debit Credit
Aug. 1 Common Stock 9,000
Cash 9,000
Aug. 10 Cash 1,400
Service Revenue 1,400
Aug. 12 Equipment 5,600
Cash 1,540
Notes Payable 4,060
Aug. 25 Accounts Receivable 2,570
Service Revenue 2,570
Aug. 31 Cash 750
Accounts Receivable 750
Required:
Post the transactions to T-accounts.
(Post in same order as question)

Answers

Answer:

Metlock, Inc.

T-accounts:

Common Stock

Date     Account Titles       Debit   Credit

Aug. 1   Common Stock   9,000

Cash

Date     Account Titles          Debit   Credit

Aug. 1   Common Stock                    9,000

Aug. 10 Service Revenue     1,400

Aug. 12 Equipment                           1,540

Aug. 31 Accounts receivable 750

Service Revenue

Date     Account Titles       Debit   Credit

Aug. 10 Cash                                  1,400

Aug. 25 Accounts receivable      2,570

Equipment

Date     Account Titles       Debit   Credit

Aug. 12  Cash                     1,540

            Notes Payable    4,060

Accounts Receivable

Date       Account Titles       Debit   Credit

Aug. 25   Service Revenue  2,570

Aug. 31    Cash                                   750

Explanation:

Common stock of $9,000 was posted on the debit side as it appeared first.  This follows the normal order of recording transactions in the journal.  The accounts to be debited are recorded first before the accounts to be credited.  However, this entry appears abnormal.  Cash of $9,000 should have appeared first in the journal before the Common Stock.  Whichever is the correct interpretation, all the journal entries have been posted to the T-accounts accordingly.

You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 9%, with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places.

Answers

Answer:

1. $360.51

2. 9.38%

Explanation:

1. Calculation for What is the monthly loan payment

Based on the information given we would be

Using TVM financial calculator to find the monthly loan payment

PMT = [PV = $20,000, FV = 0, N = 72 months, I = 0.09/12]

PMT = $360.51

Therefore the monthly loan payment will be $360.51

2. Calculation for the loan's EFF%

EFF%= (1 + 0.09/12)^12 - 1

EFF% = 9.38%

Therefore the loan's EFF% will be 9.38%

O. Tybalt invested $5,500 cash in the business in exchange for common stock during year 2019. The December 31, 2018, credit balance of the Retained Earnings account was $121,900. Required: 1a. Prepare the income statement for the calendar-year 2019. 1b. Prepare the statement of retained earnings for the calendar-year 2019. 1c. Prepare the classified balance sheet at December 31, 2019. 2. Prepare the necessary closing entries at December 31, 2019.

Answers

Answer:

Yogurt

Explanation:

Medtronic, Inc., is a medical technology company that competes for customers with St. Jude Medical S.C., Inc. James Hughes worked for Medtronic as a sales manager. His contract prohibited him from working for a competitor for one year after leaving Medtronic. Hughes sought a position as a sales director for St. Jude. St. Jude told Hughes that his contract with Medtronic was unenforceable and offered him a job. Hughes accepted. Medtronic filed a suit, alleging wrongful interference. Which type of interference was most likely the basis for this suit?
Medtronic, Inc., is a medical technology company that competes for customers with St. Jude Medical S.C., Inc. James Hughes worked for Medtronic as a sales manager. His contract prohibited him from working for a competitor for one year after leaving Medtronic.
1. Is the clause in this case commonly known as a non-compete clause?
2. Hughes sought a position as a sales director for St. Jude. St. Jude told Hughes that his contract with Medtronic was unenforceable and offered him a job. Hughes accepted. Medtronic filed a suit, alleging wrongful interference. What are the elements of the tort of wrongful interference with a contractual relationship?
A.There is a contract between two parties/ One party is seeking a greater market share for their product/ A third party knows the contract existsone party is targeting the others' customers/ A third party is inducing another to break a contract).
B. (There is a contract between two parties/ One party is seeking a greater market share for their product/ A third party knows the contract existsone party is targeting the others' customers/ A third party is inducing another to break a contract).
C. (There is a contract between two parties/ One party is seeking a greater market share for their product/ A third party knows the contract existsone party is targeting the others' customers/ A third party is inducing another to break a contract).
3. Medtronic is suing for wrongful interference with a _______.
4. Who are the parties to the initial contract?
5. _____is the third party who knew about the contract.
6. St. Jude learned about the contract and non-compete clause between Hughes and Medtronic from _____.
7. It is _____ that St. Jude intentionally induced Hughes to breach his contract with Medtronic.
8. St. Jude ______before he left Medtronic.
9. What did St. Jude represent regarding the noncompete clause?
10. Was the noncompete clause enforceable?
11. Did it matter if the clause was unenforceable?
12. Based on these facts, does it appear that St. Jude intentionally induced Hughes to break his contract with Medtronic?
13. Is Hughes liable for intentional interference with a contract?
14. Why?
15. Hughes is _______ to be held liable for breach of contract.
16. What if the effects were different?
17. _____ would be another factor the courts would consider.

Answers

Answer:

1. Is the clause in this case commonly known as a non-compete clause?

Yes, this is a non-compete clause. Hughes's contract prohibited him from working for a competitor for one year after leaving Medtronic, and St. Jude is a competitor with Medtronic.

2. Hughes sought a position as a sales director for St. Jude. St. Jude told Hughes that his contract with Medtronic was unenforceable and offered him a job. Hughes accepted. Medtronic filed a suit, alleging wrongful interference. What are the elements of the tort of wrongful interference with a contractual relationship?

All the options given (A, B and C) are the same.

The three elements are for determining wrongful interference are:

A valid, enforceable contract must exist between two parties. A third party must know that this contract exists. The third party must intentionally induce a party to breach the contract.

3. Medtronic is suing for wrongful interference with a AN EMPLOYEE.

4. Who are the parties to the initial contract?

Medtronic and Hughes.

5. ST. JUDE is the third party who knew about the contract.

6. St. Jude learned about the contract and non-compete clause between Hughes and Medtronic from HUGHES.

7. It is TRUE that St. Jude intentionally induced Hughes to breach his contract with Medtronic.

8. St. Jude OFFERED HUGHES A BEW JOB  WITH A BETTER SALARY before he left Medtronic.

9. What did St. Jude represent regarding the noncompete clause?

That it was unenforceable

10. Was the noncompete clause enforceable?

Yes

11. Did it matter if the clause was unenforceable?

No

12. Based on these facts, does it appear that St. Jude intentionally induced Hughes to break his contract with Medtronic?

Yes, that is why we call it wrongful interference.

13. Is Hughes liable for intentional interference with a contract?

No

14. Why?

because he was a party in the original contract.

15. Hughes is NOT to be held liable for breach of contract.

16. What if the effects were different?

If Hughes had been informed that the noncompete clause was valid, then it wouldn't be wrongful interference.

17. If HUGHES HAD QUITTED MEDTRONIC BEFORE GOING TO SEEK ANOTHER JOB TO ST. JUDE IT it would be another factor the courts would consider.

A company that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labor content of the jobs needed to produce the shopping carts. Prior to buying the new equipment, the company used 6 workers, who together produced an average of 90 carts per hour. Workers receive $15 per hour, and machine cost was $40 per hour. With the new equipment, it was possible to transfer one of the workers to another department, and equipment cost increased by $11 per hour, while output increased by 5 carts per hour.

Comment on the changes in productivity according to the two measures. (Round your intermediate calculations to 3 decimal places and final answers to 2 decimal places.)
1. Labor productivity is increased or decreased by what %?
2. Multifactor productivity is increased or decreased by what %?

Answers

Answer: Hope this help. Please mark me brainliest :)

Explanation:

a.

Before: 90 ÷ 6 = 15.00 carts per worker per hour.

After: 96 ÷ 5 = 19.20 carts per worker per hour.

b.

Before: $14 x 6 = $84 + $40 = $124; hence 90 ÷ $124 = 0.73 carts/dollar cost.

After: $14 x 5 = $70 + $51 = $121; hence 96 ÷ $121 = 0.79 carts/dollar cost.

c.

Labor productivity increased by 28.00% (4.20/15.00).

Multifactor productivity increased by 8.22% (0.06/0.73).

Many Arab countries have a larger underground sector of the economy relative to developed countries. What effect would this have on the GDP of Arab countries?

Understate (reduce) the GDP of Arab countries,
Ob It has no effect on measuring the GDP of Arab countries.
Overstate (increase) the GDP of Arab countries.
C
None of the above,

Answers

Answer: Understate (reduce) the GDP of Arab countries,

Explanation:

Underground economy simply refers to the trade which involves goods and services that the government of a particular country isn't aware of or trading involving illegal activities.

We should note that the underground activities are not added to the gross domestic product of countries. This, therefore leads to a reduction in the GDP of such countries. In this case, there'll be an understatement of the GDP of the Arab countries.

Which of the following statements about the importance of each competitive factors (but especially such highly influential factors as selling prices, S/Q ratings, and number of models/styles offered) in determining company sales volumes and market shares in a particular geographic region is false

Answers

Question Completion:

O Tiny cross-company differences on a highly influential competitive factor (like selling prices, or S/Q ratings or models/styles) nearly always have a bigger impact on company sales/market shares in a region than do large company-to-company differences on less influential competitive factors.

O While it is true that some competitive factors affect the brand choices of buyers more than others, what matters most in determining sales and market shares is competitive effort and the regional average on each competitive factor

O How much differences in the number of models/styles that companies have in their product lines matter in determining each company's unit sales/market share in a region is not a fixed amount but rather is an amount that varies from *big (when model/style differences are also "big") to "small  

O In the rare instance that all companies in a region should happen to offer buyers the very same number of differences are "small") to "zero" (when the models/styles offered by rivals are identical). models/styles, then models/styles become a total competitive non-factor and have zero impact on buyer appeal for one brand versus another-in such cases, 100% of the regional sales and market share differences among company rivals stem directly from differences on the other 12 competitive factors.

O Big company-to-company differences in the number of models/styles offered to buyers in a region weigh heavily in accounting for company-to-company differences in branded pairs sold and market share in all four geographic regions.

Answer:

The statements about the importance of each competitive factors (but especially such highly influential factors as selling prices, S/Q ratings, and number of models/styles offered) in determining company sales volumes and market shares in a particular geographic region which is false is:

O Tiny cross-company differences on a highly influential competitive factor (like selling prices, or S/Q ratings or models/styles) nearly always have a bigger impact on company sales/market shares in a region than do large company-to-company differences on less influential competitive factors.

Explanation:

This implies that the following factors drive company sales volumes and market shares in a particular geographic region: competitive effort, differences in the number of models/styles that companies have in their product lines, big company-to-company differences in the number of models/styles offered to buyers in a region, among the other 12 competitive factors.

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