Answer: $2750
Explanation:
The original budget was $50,000 for the month, $20,000 has been spent already after which there was a revision of the monthly budget to $75,000.
Since $20000 has been spent, the remaining budget will be:
= $75000 - $20000
= $55000
Also, the money was spent for 11 days, therefore the number of days remaining will be:
= 31 - 11
= 20 days.
Therefore, the new daily budget for the month will be:
= $55,000 / 20 days
= $2,750
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
A survey of 385 people who like wild sweaters found that 74% had a wild holiday sweater. What is the population and what is the sample?
Answer:
385
Explanation:
because it says 385
In a situation where a survey of 385 people who like wild sweaters found that 74% had a wild holiday sweater, the population as well as the sample will be 385. Therefore, the option C holds true.
What is the significance of a sample?A sample can be referred to or considered as a set of units that are taken into consideration for interpreting a data for bigger number of available observations. Sampling method is considered as an ideal option for surveys to save time and efforts.
In the condition given above, a survey included 385 people out of the total population of the survey, however, the 385 people are just the samples for saving time and effort. The actual results for bigger representation will also be closer to 74%.
Therefore, the option C holds true and states regarding the significance of a sample.
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The missing options for the incomplete question have been added below for better reference.
A survey of 385 people who like wild sweaters found that 74% had a wild holiday sweater. What is the population and what is the sample?
A. 96
B. 289
C. 385
D. 74
Based on the following information from Scranton Company's balance sheet, calculate the current ratio.
Current assets $87,000
Investments 50,000
Plant assets 220,000
Current liabilities 39,000
Long-term liabilities 90,000
Retained earnings 228,000
Answer:
2.23
Explanation:
Calculation to determine the current ratio
Using this formula
Current Ratio = Current Assets / Current Liabilities
Where,
Current Assets = $87,000
Current Liabilities = $39,000
Let plug in the formula
Current Ratio = $87,000 / $39,000
Current Ratio = 2.23
Therefore Current Ratio is 2.23
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
Grace Company gathered the following reconciling information in preparing its July bank reconciliation: Cash balance per books, 7/31 $4,500 Deposits in transit 150 Notes receivable and interest collected by bank 850 Bank charge for check printing 20 Outstanding checks 2,000 NSF check 170 The adjusted cash balance per the books on July 31 is____.a. $5,010.
b. $3,310.
c. $3,460.
d. $5,160.
Answer:
d. $5,160
Explanation:
Calculation to determine what The adjusted cash balance per the books on July 31 is
Cash balance per books, 7/31 $4,500
Add Notes receivable and interest collected by bank $850
Less Bank charge for check printing ($20)
Less NSF check ($170)
Cash balance per the books on July 31 $5,160
Therefore The adjusted cash balance per the books on July 31 is $5,160
purchased heavy equipment by giving the seller a $30,000 cash down payment and a 5-year interest-bearing note for the $170,000 balance of the price. Compute Pettit's book basis and tax basis in the equipment
Answer: $200,000
Explanation:
The book and tax basis will be the same in this instance because the equipment was purchased newly.
The book and tax basis will be the price of the equipment:
Price = Cash down payment + Present value of interest bearing note
= 30,000 + 170,000
= $200,000
Book and Tax basis is therefore $200,000
What routine do the workers of the Party go through each day, which is a great example of herd-poisoning
Question is incomplete but here's what herd poisoning means so you could relate it
Answer and Explanation:
Herd poisoning occurs when an individual loses his sense of self amidst the crowd. The individual is like an ant following in the order of the whole group. There is less reasoning individually and more of what the group decides. Herd poisoning is like an intoxifying excitement and power that a person experiences by associating or giving away his sense of individuality and reasoning to the crowd. For this person, it is no longer about him but the group as a whole and whatever actions or reasoning are handled by the group together. It is a sort of negative mob mentality.
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.
A project with an initial investment of $460,100 will generate equal annual cash flows over its 11-year life. The project has a required return of 8.2 percent. What is the minimum annual cash flow required to accept the project
Answer: $65,075.85
Explanation:
Given that the cash flow should be constant, it will be an annuity.
The initial investment will be the present value of this annuity.
Present value of annuity = Annuity * ( 1 - (1 + rate)^-number of periods) / rate
460,100 = Annuity * ( 1 - (1 + 8.2%) ⁻¹¹) / 8.2%
460,100 = Annuity * 7.070211525
Annuity = 460,100 / 7.070211525
= $65,075.85
A moving average of stock prices _________________.A. always lies above the most recent priceB. always lies below the most recent priceC. is less volatile than the actual pricesD. is more volatile than the actual prices
Answer:
The correct option is C. is less volatile than the actual prices.
Explanation:
A moving average is a data-analysis approach that calculates the averages of distinct subsets of the complete data set. The purpose of determining a stock's moving average is to smooth out price data by creating an average price that is constantly updated.
Therefore, the moving average reduces the impact of random, short-term fluctuations on the price of a stock over a given time frame. This makes the moving average of stock prices be less volatile than the actual prices.
Therefore, the correct option is C. is less volatile than the actual prices.
Product Y has a value of $100 and a holding cost rate of 10% per year. The ordering costs are $1,000, and the yearly demand is 45,000 units. The economic order quantity can be determined to equal 3,000 (feel free to check this). Determine the total inventory costs (i.e., ordering costs + holding costs) per year.
Answer:
$30,000
Explanation:
Use the following formula to calculate the total cost
Total cost = ordering costs + holding costs
Where
Ordering costs = Numbers of orders placed per year x Ordering Cost per order = ( 45,000 units / 3,000 units per order ) x $1,000 per order = 15 x $1,000 = $15,000
Holding costs = Average Inventory x Holding cost per unit per year = ( 3,000 units / 2 ) x ( $100 x 10% ) = 1,500 units x $10 = $15,000
Placing values in the formula
Total Cost = $15,000 + $15,000
Total Cost = $30,000
Janet and Megan are debating the use of student discounts by local stores near school. Janet argues, "When stores offer discounts to students with valid identification, it is price discrimination, because they are attempting to separate the market into two groups—each with different demands for that particular good." Megan responds with, "This is not a form of price discrimination, because there is no age restriction for students. Economists generally agree with :
a. Dina
b. Antonio
Answer:
Antonio
Explanation:
In simple words, Antonio has a lot of support among economists. Price discrimination occurs when a vendor is able to split clients into groupings or segregate a marketplace into two categories so that they may charge varying charges to that same two groups. It has hardly anything to deal with the customers' age.
Thus, Antonio is correct with his views.
In an indirect message, valid reasons for the refusal are presented before the bad news. Which option is most effective
Answer:
Following are the response to the given question:
Explanation:
The oblique message attempts to soften a piece of bad news, in order to achieve this aim, a soothing discourse sends the message describing why the negative stuff was being reported prior to hit the fact and minimizing its effect. Throughout the case of transmitting bad news, indirect speech is better accepted, because persons tend to better accept the explanation. So letter c matches an oblique speech better effectively, that's why These acceptability guidelines for the used computer hardware would have to be established since only new computers offer guarantees, young elite, and matching devices.
Estrada Corporation produced 204,000 watches that it sold for $18 each. The company determined that fixed manufacturing cost per unit was $9 per watch. The company reported a $816,000 gross margin on its financial statements. Required Determine the variable cost per unit, the total variable product cost, and the total contribution margin.
Variable cost per unit
Total sales 204,000 x $18 = $3,672,000
Gross margin (given) $816,000
COGS=Total Sales -Gross Margin ($3,672,000-816,000)= $2,856,000
Total Fixed Cost 204,000 x $9 = $1,836,000
COGS Total variable cost + total fixed cost 2,856,000-1,836,000=$1,020,000
variable cost per unit (1020,000/204,000)= $5
Contribution margin $2,652,000
Given:
Number of watch produced = 204,000
Selling price of each watch = $18
Fixed cost = $9 per watch
Gross margin = $816,000
Find:
Variable cost per unit
Total variable product cost
Total contribution margin
Computation:
Total sales Value = 204,000 × $18
Total sales Value = $3,672,000
Cost of goods sold = Total Sales - Gross Margin
Cost of goods sold = $3,672,000 - $816,000
Cost of goods sold = $2,856,000
Total Fixed Cost = 204,000 × $9
Total Fixed Cost = $1,836,000
Cost of goods sold = Total variable cost + Total fixed cost
So,
Total variable cost = $2,856,000 - $1,836,000
Total variable cost = $1,020,000
Variable cost per unit = $1020,000 / 204,000
Total variable cost = $5
Contribution margin = $3,672,000 - $1,020,000
Contribution margin = $2,652,000
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10 percent decrease in consumer incomes leads to a 20 percent decrease in the quantity demanded of good D. Instructions: Round your answer to one decimal place. If you are entering a negative number be sure to include a negative sign (-) in front of that number. The income elasticity of this good is: . This good can best be described as (Click to select) .
Answer:
Income elasticity = 2
Normal good
Explanation:
Below is the given values:
Percentage decrease in consumers income = 10%
Percentage decrease in quantity demanded = 20%
Use the below formula to find the income elasticity:
Income elasticity = % change in quantity demanded / % in income
Income elasticity = -20/-10
Income elasticity = 2
Since the elasticity is 2 that means good is normal good.
who is the richest person in the world ?
Answer:
Jeffrey Preston Bezos
Explanation:
Jeffrey Preston Bezos is an American investor, business tycoon, media proprietor, and he is founder and executive chairman of Amazon. Although, he had served as the chief executive officer (CEO), president and chairman of Amazon before becoming its executive chairman.
He was born on the 12th of January, 1964 in Albuquerque, New Mexico, United States of America.
According to Forbes magazine, Jeff currently has an estimated net worth of two hundred and five (205) billion dollars, making him the richest man in the world and on Earth.
In conclusion, Jeffrey Preston Bezos is the richest person in the world.
Suppose management estimated the market valuation of some obsolete inventory at $99,000; this inventory was recorded at $120,000, which resulted in recognizing a loss of $21,000. The auditors obtained the following information: The inventory in question could be sold for an amount between $78,000 and $92,000. The costs of advertising and shipping could range from $5,000 to $7,000.
Required:
a. Would you propose an audit adjustment to the management estimate?
b. Prepare the appropriate accounting entry.
Answer:
a. An audit adjustment is needed since the best case scenario, where the net realizable value is highest would result in $92,000 - $5,000 = $87,000.
b. the value of inventory must decerase by $99,000 - $87,000 = $12,000, so COGS must increase by that amount:
Dr Cost of goods sold 12,000
Cr Merchandise inventory 12,000
New lithographic equipment, acquired at a cost of $859,200 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $96,660. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining-balance method was selected.
Required:
a. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by (a) the straight-line method and (b) the double-declining-balance method. Round your answers to the nearest whole dollar.
b. Journalize the entry to record the sale assuming the manager chose the double-declining-balance method.
Answer and Explanation:
The calculation and the journal entry is given below:
a)
Depreciation expense= (Original cost - Residual Value) ÷ Estimated useful life
= $(859200 - 96660) ÷ 5
= $152508
Year Depreciation Expense Accumulated depreciation Book Value,
1 $152508 $152508 $706692
2 152508 305016 554184
3 152508 457524 401676
4 152508 610032 249168
5 152508 762540 96660
b)
Depreciation rate is
= 100 ÷ 5 × 2
= 40%
Year Depreciation Expense Accumulated depreciation Book Value,
1 $343680 $343680 $515520
( 40% of 859200)
2 206208 549888 309312
(40% of 515520)
3 123725 673613 185587
4 74235 747848 111352
5 14692 762540 96660
(111352-96660)
c)
The journal entry is
Cash $141422.00
Accumulated depreciation- Equipment $747848.00
To Gain on sale of Equipment $30070.00
To Equipment $859200.00
(Being the sale of equipment is recorded)
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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You are a provider of portfolio insurance and are establishing a four-year program. The portfolio you manage is currently worth $150 million, and you promise to provide a minimum return of 0%. The equity portfolio has a standard deviation of 25% per year, and T-bills pay 7.5% per year. Assume that the portfolio pays no dividends.
Required:
a. What percentage of the portfolio should be placed in bills?
b. What percentage of the portfolio should be placed in equity?
Answer:
sorry but I don't know sorry
Brewery Company’s debt to Credit Service is past due. Credit obtains a judgment against Brewery, but the firm refuses to pay. Credit asks the court to order the seizure of Brewery’s property. This is a request for
Answer:
mechanic's lien
Explanation:
From the question we are informed about how Brewery Company’s debt to Credit Service is past due. Credit obtains a judgment against Brewery, but the firm refuses to pay. Credit asks the court to order the seizure of Brewery’s property. In this case, This is a request for mechanic's lien.
Mechanic's lien can be regarded as security interest as regards title of a particular property, this is for the gains of everyone that are involved in supplier of labor as well as materials for the improvement of the property. The lien covers the real property as well as personal property. Mechanic's lien can be regarded as guarantee of payment for contractors as well as construction firms that are involved in building or repairing of structures.
The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils: Sales $278,670 Gross profit 162,460 Cost of goods manufactured 139,340 Indirect labor 60,470 Factory depreciation 9,200 Materials purchased 85,830 Total manufacturing costs for the period 160,240 Materials inventory, ending 11,430Using the above information, determine the following missing amounts a. Cost of goods sold b. Finished goods inventory at the end of the month c. Direct materials cost d. Direct labor cost e. Work in process inventory at the end of the month
Answer:
a. Cost of Goods sold:
= Sales - Gross profit
= 278,670 - 162,460
= $116,210
b. Finished goods:
= Cost of Goods manufactured - Cost of goods sold
= 139,340 - 116,210
= $23,130
c. Direct materials cost
= Materials purchased - Ending materials inventory
= 85,830 - 11,430
= $74,400
d. Direct labor cost:
= Manufacturing costs - Direct materials cost - Factory overheads
= 160,240 - 74,400 - (Indirect labor + Depreciation)
= 160,240 - 74,400 - (60,470 + 9,200)
= $16,170
e. Work in process:
= Manufacturing costs - Cost of Goods manufactured
= 160,240 - 139,340
= $20,900
Assume that your company is considering switching to cloud computing for some of its services. Some people on the team are worried about security. What are some things that you can do to minimize the potential security disadvantages?
Answer:
See the explanation below.
Explanation:
Cloud computing can be described as the on-demand availability of computer system resources, particularly data storage and computational power, without the user having to manage them directly.
The potential security disadvantages of cloud computing can be minimized by doing the following:
a. Teach effective protection techniques to other members of the team and staff.
b. To ensure that internal and external data privacy regulations are followed, ensure that you in place the correct cloud application governance mechanism.
c. Make sure you have a backup plan in place. This ensures that you have a secure backup of your data in the event that something goes wrong.
d. To manage risk, implement access controls. Even for external identities, link user identities to backend folders.
e. Encrypt data and text before transmitting it, and store the keys that encrypt and decrypt it.
f. To keep hackers at bay, create unique, one-of-a-kind passwords.
g. Penetration testing should be employed to test your security measures. Penetration testing is an IT security practice that aims to find and fix flaws as well as reduce cloud security risks.
Match the elements of the marketing mix to the scenarios that portray them.
product
price
place
promotion
price-a company decides on the worth of a product, keeping in mind the disposable income of its customers.
promotion-a company raises awareness about a revolutionary medication that guarantees reduction in hair loss
product-something offered to customers in return for a pre-decided value
place-the most feasible location for selling the goods
The following relates to a proposed equipment purchase: Cost $ 157,000 Salvage value $ 5,000 Estimated useful life 4 years Annual net cash flows $ 52,600 Depreciation method Straight-line Ignoring income taxes, the annual net income amount used to calculate the accounting rate of return is
Answer:
$14,850
Explanation:
Depreciable amount = $158,000 - $5,000 = $153,000
Annual depreciation = $38,250
Annual net income = $53,100 - $38,250 = $14,850.
Therefore, the annual net income amount used to calculate the accounting rate of return is $14,850
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.
P Company owns 90% of the outstanding common stock of S Company. On January 1, 2015, S Company sold land to P Company for $578,000. S Company originally purchased the land for $427,400. On January 1, 2016, P Company sold the land purchased from S Company to a company outside the affiliated group for $676,100. Calculate the amount of gain on the sale of the land that is recognized on the books of P Company in 2016.
Answer: $98,100
Explanation:
Gain on the sale of the land would be the difference between the amount the land was sold for to the outside entity and the amount that P Company purchased it at.
= Selling price to outside group - Price purchased from S Company
= 676,100 - 578,000
= $98,100
Triathlon Cycles specializes in producing touring bicycles but has recently Activity Cost pool Mountain Bicycle Touring Bicycle Direct materials per unit $1,000 $2,200 Total direct labor cost $300 $700 Total manufacturing overhead $75,000 $180,000 Number of units 200 units 400 units1. What is the manufacturing overhead allocated to each mountain bicycle?2. What is the total manufacturing costs of one touring bicycle?
Answer:
$375 per mountain bicycle $3,350 per touring bicycleExplanation:
1. Manufacturing overhead of each mountain bicycle:
= Total manufacturing overheads for mountain bicycles / Number of units
= 75,000 / 200
= $375 per mountain bicycle
2. Manufacturing costs of one touring bicycle
= Direct labor + Direct material + Manufacturing overhead per touring bicycle
= 700 + 2,200 + (180,000 / 400 units of touring bicycles)
= 700 + 2,200 + 450
= $3,350
During 2021, Raines Umbrella Corporation had sales of $772,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $465,000, $104,500, and $150,000, respectively. In addition, the company had an interest expense of $74,400 and a tax rate of 25 percent. (Ignore any tax loss carryforward provisions and assume interest expense is fully deductible). Suppose Raines Umbrella Corp. paid out $102,000 in cash dividends. Is this possible? If spending on net fixed assets and net working capital was zero, and if no new stock was issued during the year, what is the net new long-term debt?
Answer:
Paying out $102,000 in cash dividends is possible
Net new long-term debt $26,100
Explanation:
Calculation to determine the net new long-term debt
Sales $772,000
Less Cost of goods sold $465,000
Gross profit $307,000
($772,000-$465,000)
Administrative and selling expenses $104,500
Depreciation expenses $150,000
Earning before interest tax $52,500
($307,000-$104,500-$150,000)
Interest expense $74,400
Profit or Loss before tax ($21,900)
($52,500-$74,400)
Less Tax 25% $0
Add Depreciation expense $150,000
Net Cash flow $128,100
(-$21,900+$150,000)
Dividend $102,000
Net new long-term debt $26,100
($128,100-$102,000)
Therefore Based on the above calculation Paying out $102,000 in CASH DIVIDENDS is possible even though the Net income is Negative, its operating cash flow is $128,100 positive which means that the company has enough cash balance to pay dividends of $102,000. The Net new long-term debt is $26,100
The CEO said, "Around every six months, my upper management team and I meet to review the goals that will be achieved over the next year, five years, and beyond. We then make sure we are clear on who will take responsibility to see that appropriate actions are undertaken to achieve our goals within the time frame we set." The CEO is describing the management function of
Answer: Planning
Explanation:
From the information given, the CEO is describing the management function of planning.
Planning refers to the organization of activities which are required to achieve a particular goal. Planning is concerned with the determination of the missions and the resources which will be used in achieving a goal and working towards it's achievement.
Based on the question, the management is creating a detailed action plan that is aimed at an organizational goal.
