Answer: c. credit to Accumulated Depreciation.
Explanation:
When using the accelerated method of depreciation, depreciation amounts are higher in the earlier years unlike the straight-line method where depreciation is constant throughout the life of the asset.
The difference between the depreciation according to Straight-line and depreciation will be sent to the accumulated depreciation account as a credit to reflect the change and the depreciation for the period.
who is the cm of korea
Kim boo-kyum is cm ko korea
Answer:
kim book kyum is the cm of korea
Explanation:
hope it helps!!
a. Net income was $471,000.
b. Issued common stock for $74,000 cash.
c. Paid cash dividend of $11,000.
d. Paid $130,000 cash to settle a note payable at its $130,000 maturity value.
e. Paid $122,000 cash to acquire its treasury stock.
f. Purchased equipment for $91,000 cash.
Use the above information to determine cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.)
Answer:
-$189,000
Explanation:
Calculation to determine the cash flows from financing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Issued common stock for cash $74,000
Less Paid cash dividend ($11,000)
Less Paid cash to settle a note payable ($130,000)
Less Paid cash to acquire its treasury stock ($122,000)
Cash flows from financing activities -$189,000
Therefore the Cash flows from financing activities is -$189,000
Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:
Estimated annual overhead cost $1700000
Actual annual overhead cost $1675000
Estimated machine hours 200000
Actual machine hours 190000
Answer:
Underapplied overhead= $60,000
Explanation:
Giving the following information:
Estimated annual overhead cost $1700000
Actual annual overhead cost $1675000
Estimated machine hours 200000
Actual machine hours 190000
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 1,700,000 / 200,000
Predetermined manufacturing overhead rate= $8.5 per machine hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 8.5*190,000
Allocated MOH= $1,615,000
Finally, the over/under allocation:
Under/over applied overhead= real overhead - allocated overhead
Under/over applied overhead= 1,675,000 - 1,615,000
Underapplied overhead= $60,000
Maricopa's Success scholarship fund receives a gift of $ 160000. The money is invested in stocks, bonds, and CDs. CDs pay 4.5 % interest, bonds pay 5.8 % interest, and stocks pay 8.4 % interest. Maricopa Success invests $ 15000 more in bonds than in CDs. If the annual income from the investments is $ 10450 , how much was invested in each account
Answer:
Maricopa's Success invested $40,000 in CDs, $55,000 in bonds and $65,000 in stocks.
Explanation:
Since Maricopa's Success scholarship fund receives a gift of $ 160,000, and the money is invested in stocks, bonds, and CDs, and CDs pay 4.5% interest, bonds pay 5.8% interest, and stocks pay 8.4% interest, and Maricopa Success invests $ 15000 more in bonds than in CDs, if the annual income from the investments is $ 10,450, to determine how much was invested in each account, the following calculation must be performed:
15,000 x 0.045 + 30,000 x 0.058 + 115,000 x 0.084 = 675 + 1740 + 9660 = 12,075
30,000 x 0.045 + 45,000 x 0.058 + 85,000 x 0.084 = 1350 + 2610 + 7140 = 11,100
37,500 x 0.045 + 52,500 x 0.058 + 70,000 x 0.084 = 1687.5 + 3045 + 5880 = 10,612.5
40,000 x 0.045 + 55,000 x 0.058 + 65,000 x 0.084 = 1800 + 3190 + 5460 = 10,450
Therefore, Maricopa's Success invested $ 40,000 in CDs, $ 55,000 in bonds and $ 65,000 in stocks.
If demand increased by 100 units at each price level, and the government set a price ceiling of $40, then there will be
Answer:
no surplus or shortage
Explanation:
Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.
Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied
If demamd increases by 100, new equilibrium is 40
Thus, ceiling price equal equilibrium
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
Effects of a binding price ceiling
It leads to shortages
it leads to the development of black markets
it prevents producers from raising price beyond a certain price
It lowers the price consumers pay for a product. This increases consumer surplus
You have an opportunity to work three hours of overtime and earn an extra $99 gross income. However, a total of $32 will be taken out for federal, state, and local taxes. You parked in the parking garage and will have to pay $6.50 total to park for the additional hours. You also didn't pack an extra meal, which you already have in the refrigerator at home; so you will have to spend $12 for food. You will also have to pay $55 for additional daycare for your children. According to the marginal principle and everything else equal (ceteris paribus); will you work the overtime? Why or why not? (Show your work) (10 %)
Answer:
no
the marginal benefit of working overtime in terms of income is less than the marginal cost of working overtime
Explanation:
According to the marginal cost principle, i would be willing to work if marginal benefit exceeds marginal cost
Marginal cost = 32 + 6.5 + 12 + 55 = 105.50
Marginal benefit = 99
the marginal benefit of working overtime in terms of income is less than the marginal cost of working overtime. So, i won't work overtime
The American Recovery and Reinvestment Act, signed by President Barack Obama in 2009, aimed at: Group of answer choices providing higher unemployment benefits to the residents of the economy. removing the supply bottlenecks in the economy. ensuring free trade flows across the world. stimulating the aggregate demand in the economy. closing an expansionary gap through a contractionary fiscal policy.
Answer: Stimulating the aggregate demand in the economy.
Explanation:
When former President Obama took over the governing of the nation in 2009, the country was in the midst of one of the worst global depressions that it had ever been through. Employment was high and aggregate demand was low.
President Obama therefore embarked on an expansionary fiscal policy by passing the American Recovery and Reinvestment Act which was to target certain sectors of the economy with the view of increasing investment in those sectors and consumption so that Aggregate demand can be stimulated in the economy as those two things are components of Aggregate demand.
Maybepay Life Insurance Co. is selling a perpetual contract that pays $4,990/year. The contract currently sells for $143,012. What is the rate of return on this investment
Answer:
3.49%
Explanation:
Calculation to determine the rate of return on this investment
Using this formula
Rate of return=Monthly payment/Current value*100
Let plug in the formula
Rate of return = $4,990/$143,012 *100
Rate of return= 3.49%
Therefore the the rate of return on this investment is 3.49%
According to the law of ________, the quantity of Indian rupees demanded by U.S. consumers will ________ when the price of Indian rupees in terms of U.S. dollars falls.
Answer:
demand
rise
Explanation:
According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.
If the price of Indian rupees in terms of U.S. dollars falls, it means that the US dollar has appreciated against the rupees
it becomes cheaper to buy the rupees.
As a result, the quantity demanded of rupees would increase
Norton Company reported total sales revenue of $55,000, total expenses of $45,000, and net income of $10,000 on its income statement for the year ended December 31, 2010. During 2010, accounts receivable increased by $4,000, merchandise inventory increased by $6,000, accounts payable decreased by $2,000, and depreciation of $18,000 was recorded. Therefore, based only on this information, the net cash flow from operating activities using the indirect method for 2010 was:
Answer:
By calculation the answer is $16,000.
Norton Company reported total sales revenue of $55,000, total expenses of $45,000, and net income of $10,000 on its income statement for the year ended December 31, 2010. To calculate the net cash flow from operating activities using the indirect method.
The net income and then adjust for changes in working capital and non-cash expenses.
Net Income: $10,000
Adjustments for Changes in Working Capital:
Increase in Accounts Receivable: $4,000
Increase in Merchandise Inventory: $6,000
Decrease in Accounts Payable: $2,000
Adjustments for Non-cash Expenses:
Depreciation: $18,000
Net Cash Flow from Operating Activities:
Net Income + Adjustments for Changes in Working Capital + Adjustments for Non-cash Expenses
$10,000 - $4,000 - $6,000 + $2,000 + $18,000
$10,000 - $8,000 + $2,000 + $18,000
Net Cash Flow from Operating Activities = $22,000
Therefore, based on the given information, the net cash flow from operating activities using the indirect method for 2010 was $22,000.
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According to the National Association of Colleges and Employers (NACE) survey, some of the skills that employers seek include:
Answer:
1) Problem solving skills
2) Teamwork abilities
3) Strong work ethic
4) Analytic / Quantitative Skills
Explanation:
As reported by the National Association of Colleges and Employers (NACE), during their survey on skills employers seek in candidates. They have found that the most important skills employers seek in a candidate's resume aside from a good GPA are problem-solving skills and the ability to work in a team.
Other top skills that employers want are a strong work ethic and analytical/quantitative skills. These skills were among the top six in the last year's report of NACE. While this year they have become the top four most wanted skills by an employer.
There are other skills as well that employers seek such as Communication Skills (written), Leadership, Communication Skills (Verbal), Initiative, etc. However, they are not as important as the top four skills mentioned above.
A proposed nuclear power plant will cost $2.2 billion to build and then will produce cash flows of $300 million a year for 15 years. After that period (in year 15), it must be decommissioned at a cost of $900 million. What is project NPV if the discount rate is 5%? What if it is 18%?
Answer:
Project NPV at 5% discount rate = $1346 .78
Project NPV at 18% discount rate = -597.4
Explanation:
Below is the given values:
Initial cost = $2.2 billion
Yearly cash inflow, A = $300 million
Time = 15 years
Salvage value, S = $900
Project NPV at 5% discount rate = A (P/A, 5%, 15) + S (P/F, 5%, 15) - Initial cost
Project NPV at 5% discount rate = 300 (P/A, 5%, 15) + 900 (P/F, 5%, 15) - $2.2 billion
Project NPV at 5% discount rate = 300 (10.3796) + 900 (0.4810) - $2.2 billion or 2200 million
Project NPV at 5% discount rate = $1346 .78
Now,
Project NPV at 18% discount rate = 300 (5.0915) + 900 (0.0835) - $2.2 billion or 2200 million
Project NPV at 18% discount rate = -597.4
A state of economic scarcity exists when consumers:
A. do not have enough resources to satisfy all of their wants.
B. save their money in banks instead of spending it.
C. borrow too much money to buy unnecessary products.
D. have their economic freedoms restricted by the government.
Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October:
Units Percent Completed Materials Conversion Work in process,
October 1 49,000 90% 60%
Work in process, October 31 27,000 69% 46%
The department started 389,000 units into production during the month and transferred 411,000 completed units to the next department.
Required:
Compute the equivalent units of production for October. Show your complete solution.
Answer:
Materials 429,630
Conversion 423,420
Explanation:
Computation for the equivalent units of production for October.
MATERIALS
Equivalent units of production= 411,000 + (27,000*69%)
Equivalent units of production=411,000 + 18,630
Equivalent units of production= 429,630
CONVERSION
Equivalent units of production= 411,000 +(27,000*46%)
Equivalent units of production =411,000+12,320
Equivalent units of production= 423,420
Therefore the equivalent units of production for October is:
Materials 429,630
Conversion 423,420
) What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job
Answer:
As the details of the job are not included, I shall use the general source documents for these costs.
Direct Materials ⇒ Material requisition slip/document
These are documents that list out the materials that are needed for the production of the good in question. It is sent to inventory where the materials would be acquired from.
Direct Labor ⇒ Time sheets / Records
The company will have some form of time sheet or other recoding document that workers can use to clock the the time they worked on the good.
Manufacturing Overhead Cost ⇒ Predetermined rate.
For manufacturing overheads, a predetermined rate is usually used to apportion the cost.
Grays Company uses a perpetual inventory system. On May 1, the company had inventory of 20 units at a cost of $8 each. On May 3, it purchased 30 units at $10 each. 22 units are sold on May 6. Under the weighted average inventory costing method, what amount will be reported as cost of goods sold for the 22 units that were sold
Answer: $9.20
Explanation:
Using the weighted average inventory costing method, the price is abased on the number of units and their price.
The above inventory cost would be calculated as follows:
= [ (Opening units * Cost of units) + (Units purchased * Cost of purchase) ] / Total units in inventory
= [ (20 * 8) + (30 * 10) ] / (20 units + 30 units)
= [ 160 + 300 ] / 50
= $9.20
which of the following would most likely be considered a short term goal
Bakeing 24 cookies for tomorrows bakesale
Finish knitting a quilt by this sunday
ect
Chabot Company had the following results last year: net operating income, $2,160; turnover, 5; and return on investment 18%. Chabot Company's average operating assets were: a. $300,000. b. $60,000. c. $10,800. d. $12,000.
Jay and Carrie Garrett operate a small retail store in a college town that sells only house plants and accessories, which they named The Plantatarium. Their initial feeling when they went into business was that virtually everyone was a potential customer for house plants. Subsequent market research conducted for them painted a different picture. This research identified three particularly strong market segments. The first was college students ages 18-24. The next segment was retired seniors ages 65-80. The third segment was professional offices for doctors, accountants, and lawyers. The college students liked houseplants because they dressed up their living spaces. The senior liked them because they became the focus of a hobby. The professionals did not buy them for any reason other than décor.
The Plantatarium promotes itself in different media using the phrase "An out-of-this-world selection of unique plants." This phrase is a reflection of the firm's :___________
a. positioning strategy.
b. VALS profile.
c. target market.
d. demographics.
Answer:
a. positioning strategy.
Explanation:
A positioning strategy is about how to position your product or service in your potential customers' minds. In other words, how do you want your customers to see your company?
This particular phrase is meant to make customers think that they can find different and unique plants in the Plantatarium.
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item.
Product Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value)
Model A 12 $106 $102
Model B 45 84 70
Model C 36 254 243
Model D 31 85 88
Model E 41 132 148
Required:
Determine the value of the inventory at the lower of cost or market.
Answer:
The value of the inventory at the lower of cost or market price is:
= $21,170.
Explanation:
a) Data and Calculations:
Product Inventory Cost per Unit Market Value per Unit LCNRV
Quantity (Net Realizable Value)
Model A 12 $106 $102 $1,225 (12*$102)
Model B 45 84 70 3,150 (45*$70)
Model C 36 254 243 8,748 (36*$243)
Model D 31 85 88 2,635 (31*$88)
Model E 41 132 148 5,412 (41*$132)
Total cost of inventory based on LCNRV (per item) $21,170
If Karla spent $200 on Wednesday to have the windows in her building washed, recorded the
accounting event that afternoon and on Friday paid $550 for a repair to the water heater
and recorded that event on Friday evening, which of the accounting principles below is she
following?
Answer:
Accrual Principle
Explanation:
The accrual principle is when a transaction is recorded in the time period that it occurs. In this case, recording a Friday transaction on Friday.
As a result of an injury settlement with your insurance you have the choice between (1) receiving $5,000 today OR (2) $6,500 in three years. If you could invest your money at 8% compounded annually, which option should you pick
Answer:
option 2
Explanation:
to determine the better option, calculate the present value of option 2. The more suitable option is the option with the higher present value
Present value is the sum of discounted cash flows
Present value = future value / ( 1 + r)^n
r = interest rate
n = number of years
6500 / ( 1.08^3) = 5159.91
the present value of option 2 is higher than that of option 1,, so pick option 2
Katrina needs to use her communication and conflict management skills every day with her team. What stage of development is her team in?
Answer:
forming
Explanation:
Storming - stage 2
Decisions don't come easily within group. Team members vie for position as they attempt to establish themselves in relation to other team members and the leader, who might receive challenges from team members. Clarity of purpose increases but plenty of uncertainties persist. Cliques and factions form and there may be power struggles. The team needs to be focused on its goals to avoid becoming distracted by relationships and emotional issues. Compromises may be required to enable progress. Leader coaches (similar to Situational Leadership® 'Selling' mode).
As per the description provided, the stage of team development at which Katrina's team would be:
- Storming stage
The team development has been divided into five stages:
FormingStormingNormingPerformingAdjourningThe storming stage is described as the stage where every member comes up with his/her ideas and attempts to impress their peers.
This leads to competition among the members of the team and the development of conflicts.
Therefore, the leaders like Katrina intrude in order to resolve the disagreements and handle competition to ensure that the project goes in the right direction.
Thus, the 'storming' stage is the correct answer.
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A truck that cost $72,000 and on which $60,000 of accumulated depreciation has been recorded was disposed of for $18,000 cash. The entry to record this event would include a
Answer:
Gain of $6,000.
Explanation:
Calculation to determine what The entry to record this event would include
Using this formula
Gain=(Accumulated depreciation+Cash)-Cost
Let plug in the formula
Gain=($60,000+$18,000)-$72,000
Gain=$78,000-$72,000
Gain=$6,000
Therefore The entry to record this event would include a gain of $6,000
The Nelson Company has $1,196,000 in current assets and $460,000 in current liabilities. Its initial inventory level is $325,000, and it will raise funds as additional notes payable and use them to increase inventory. How much can Nelson's short-term debt (notes payable) increase without pushing its current ratio below 2.0
Answer:
The amount by which Nelson's short-term debt (notes payable) increase without pushing its current ratio below 2.0 is $138,000.
Explanation:
From the question, we have:
Initial current assets = $1,196,000
Initial current liabilities = $460,000
Initial inventory level = $325,000
Targeted current ratio = 2.0
Therefore, we have:
Initial current ratio = Initial current assets / Initial current liabilities = $1,196,000 / $460,000 = 2.60
New current liabilities = Initial current assets / Targeted current ratio = $1,196,000 / 2 = $598,000
Expected amount of increase in short-term debt = New current liabilities - Initial current liabilities = $598,000 - $460,000 = $138,000
By implication, we have:
Expected amount of increase in inventory level = Expected amount of increase in short-term debt = $138,000
New inventory level = Initial inventory level + Expected amount of increase in inventory level = $325,000 + $138,000 = $463,000
New current assets = Initial current assets + Expected amount of increase in inventory level = $1,196,000 +$138,000 = $1,334,000
We can now check as follows:
New current ratio = New current assets / New current liabilities = $1,334,000 / $598,000 = 2.23
Therefore, the amount by which Nelson's short-term debt (notes payable) increase without pushing its current ratio below 2.0 is $138,000.
Nelson's short-term debt can increase up to $276,000
The given information includes:
Current Assets = $1,196,000
Current liabilities = $460,000
So, when x amount is borrowed for short term and invested in inventory, then the Revised Current assets = 1,196,000 + x and Revised Current liabilities = 460,000 + x
Lets understand that Revised Current ratio should be 2.0.
We all know that Current ratio = Current Assets / Current liabilities
Now, we input the values
2.0 = $1,196,000 + x / $460,000 + x
$1,196,000 + x = 2.0x($460,000 + x)
$1,196,000 + x = 920,000 + 2x
2x - x = $1,196,000 - $920,000
x = $276,000
In conclusion, the amount of Nelson Short term debt can increase up to $276,000 without pushing its current ratio below 2.0.
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Fuente, Inc., has identified an investment project with the following cash flows. Year Cash Flow 1 $ 1,070 2 1,300 3 1,520 4 2,260 a. If the discount rate is 8 percent, what is the future value of these cash flows in Year 4
Answer:
Total FV= $6,765.82
Explanation:
Giving the following information:
Year Cash Flow 1 $ 1,070 2 1,300 3 1,520 4 2,260
Discount rate= 8%
To calculate the total future value, we need to use the following formula on each cash flow:
FV= Cf*(1 + i)^n
FV1= 1,070*(1.08^3)= 1,347.9
FV2= 1,300*(1.08^2)= 1,516.32
FV3= 1,520*1.08= 1,641.6
FV4= 2,260
Total FV= $6,765.82
Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,538. The FICA tax for social security is 6.2% of the first $128,400 earned each calendar year, and the FICA tax rate for Medicare is 1.45% of all earnings for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. His net pay for the month is:_________
A) $3,857.30
B) $3,510.14
C) $4,538.00
D) $3,162.98
E) $4,190.84
Answer: $3,510.14
Explanation:
Trey Morgan's net pay will be amount remaining after deducting the FICA taxes for Social security and Medicare and the Federal income tax withheld.
The net pay is therefore:
= 4,538 - (4,538 * 6.2%) - (4,538 * 1.45%) - 680.70
= 4,538 - 281.356 - 65.801 - 680.70
= $3,510.14
An investment offers $2,374 per year for 13 years, with the first payment occurring 1 year from now. If the required return is 8 percent, what is the value of the investment
Answer:
PV= $18,763.56
Explanation:
Giving the following information:
Annual payment (A)= $2,374
Number of payments= 13
Discount rate (i)= 8%
To calculate the present value, we need to use the following formula:
PV= A*{(1/i) - 1/[i*(1 + i)^n]}
PV= 2,374*{(1/0.08) - 1 / [(0.08*(1.08^13)}}
PV= $18,763.56
Both IFRS and U.S. GAAP allow deferred taxes to be: presented as noncurrent on the balance sheet. measured using a substantially enacted tax rate. recognized in equity after a fixed asset revaluation.
Answer:
presented as noncurrent on the balance sheet.
Explanation:
GAAP is an acronym for Generally Accepted Accounting Principles, it was adopted by the U.S. Securities and Exchange Commission (SEC) and is the comprehensive accounting rules and standard used in recording and reporting financial information.
The IFRS is an acronym for International Financial Reporting Standards,International Financial Reporting Standards, it is a set of accounting rules that ensure financial statements are consistent, transparent and comparable globally.
Both IFRS and U.S. GAAP allow deferred taxes to be presented as noncurrent on the balance sheet.
TR Company conducts business exclusively in State V, which levies a 5 percent sales and use tax on goods purchased or consumed in-state. This year, TR bought equipment in State B. The cost of the equipment was $90,000, and TR paid $5,400 sales tax to State B. TR also bought machinery in State D. The cost of the machinery was $200,000, and TR paid $7,000 sales tax to State D.
Required:
a. How much use tax does TR Company owe to State V with respect to the equipment bought in State B?
b. How much use tax does TR Company owe to State V with respect to the machinery bought in State D?
Answer:
a. Particulars Amount
Value of property purchased in State B A $90,000
Tax rate in State V B 5%
Pre-Credit use tax C (A*B) $4,500
Credit Sales tax paid to State B D ($5,400)
Use tax owed to State V E (C+D) $0
b. Particulars Amount
Value of property purchased in State D A $200,000
Tax rate in State V B 5%
Pre-credit use tax C (A*B) $10,000
Credit Sales tax paid to State D D ($7,000)
Use tax owed to State V E (C+D) $3,000
