Answer:
Question is to classify each entry as either operating, investing, or financing activities assuming the indirect method.
Operating activities are those that involve the company's day to day activities of selling their goods and services.
Investing activities refer to those that involve the company buying or selling fixed assets or the securities of other companies.
Financing activities are those that have to do with Equity and long term debt which means that dividends fall here.
1. Sold stock investments for cash. ⇒ INVESTING
2. Received cash payments from customers. ⇒ OPERATING
3. Paid cash for wages and salaries. ⇒ OPERATING
4. Purchased inventories with cash.⇒ OPERATING
5. Paid cash dividends. FINANCING
6. Issued common stock for cash. ⇒ FINANCING
7. Received cash interest on a note. ⇒ OPERATING
8. Paid cash interest on outstanding notes. ⇒ OPERATING
9. Received cash from sale of land. ⇒ INVESTING
10. Paid cash for property taxes on building. ⇒ OPERATING
Smith Company reports the following information: Cost of goods manufactured $68,250 Direct materials used 27,000 Direct labor incurred 25,000 Work in process inventory, January 1 11,000 Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 is a.$8,500 b.$16,250 c.$13,500 d.$18,750
Answer:
Smith Company
Work in process inventory on December 31 is:
= c. $13,500.
Explanation:
a) Data and Calculations:
Work in process inventory, January 1 11,000
Direct materials used 27,000
Direct labor incurred 25,000
Factory overhead (75% of $25,000) 18,750
Total cost for the year = $ 81,750
Cost of goods manufactured 68,250
Work in process inventory, Dec. 31 $13,500
b) Smith's work in process inventory on December 31 equals its total costs incurred by Smith for production for the year minus its cost of goods manufactured. Conversely, if the work in process inventory on December 31 is known, then its cost of goods manufactured equals its total production costs minus the ending work in process.
Tariffs are a tax placed on ✔ imported goods.
Tariffs are used to give domestically produced goods ✔ an advantage in the market.
As a result of tariffs, imported goods become ✔ more expensive for consumers
Answer:
Imported, an advantage, more.
Explanation:
This is done to discourage the use of foreign items and use of domestically made products. This helps the domestic companies to get their advantage in profit and sales. Thereby making the imported goods more expensive and discourages their use.Answer:
Tariffs are a tax placed on
✔ imported
goods.
Tariffs are used to give domestically produced goods
✔ an advantage
in the market.
As a result of tariffs, imported goods become
✔ more
expensive for consumers
Explanation:
In the United States, if the price of imported oil rises so that the prices of gasoline and heating oil rise, then the a. consumer price index rises much more than does the GDP deflator. b. consumer price index rises slightly more than does the GDP deflator. c. GDP deflator rises much more than does the consumer price index. d. GDP deflator and the consumer price index rise by about the same amount.
Answer: a. consumer price index rises much more than does the GDP deflator.
Explanation:
The Consumer Price Index is a measure of inflation. It shows the change in the prices of a basket of goods over a period of time. If the prices of gasoline and heating oil rise, this basket will be affected and so Consumer Price Index (CPI) will increase.
GDP deflator on the other hand, adjusts the nominal GDP to a Real GDP measure. Not everything will increase in price in the country as a result of oil going up so GDP will not change by much which would limit the increase in the GDP deflator.
The CPI will therefore rise more than the GDP deflator.
Peck Company purchased Sanno Company common stock in a series of open-market cash purchases from 2012 through 2014 as follows: Date Shares Acquired Cost January 1, 2012 1,830 $45,400 January 1, 2013 4,575 94,500 January 1, 2014 10,065 265,716 Sanno Company had 18,300 shares of $20 par value common stock outstanding during the entire period. Retained earnings balances for Sanno Company on relevant dates were January 1, 2012 $19,600 January 1, 2013 (30,600 ) January 1, 2014 83,800 December 31, 2014 170,000 Dividends in the amount of $50,600 were distributed by Sanno Company only in 2014. Any difference between implied and book values is assigned to goodwill. Peck Company uses the cost method to account for its investment in Sanno Company. Collapse question part (a) Prepare the journal entries that Peck Company would record on its books during 2014 to account for its investment in Sanno Company.
Answer:
Peck Company
Journal Entries:
January 1, 2012:
Debit Investment in Sanno Company $45,400
Credit Cash $45,400
To record the investment in 1,830 shares (or 10%).
January 1, 2013:
Debit Investment in Sanno Company $94,500
Credit Cash $94,500
To record the investment in 4,575 shares (or 25%).
January 1, 2014:
Debit Investment in Sanno Company $265,716
Credit Cash $265,716
To record the investment in 10,065 shares (or 55%).
Explanation:
a) Data and Calculations:
Date Shares Acquired Cost Percentage
January 1, 2012 1,830 $45,400 10% (1,830/18,300 * 100)
January 1, 2013 4,575 94,500 25% (4,575/18,300 * 100)
January 1, 2014 10,065 265,716 55% (10,065/18,300 * 100)
Total shareholding 16,470 $405,616
Sanno's shares 18,300 at $20 par value
January 1, 2014:
Non-controlling interest = 1,830 (18,300 - 16,470) 10% (1,830/18,300 * 100)
Transaction Analysis:
January 1, 2012: Investment in Sanno Company $45,400 Cash $45,400 for 1,830 shares (or 10%)
January 1, 2013: Investment in Sanno Company $94,500 Cash $94,500 for 4,575 shares (or 25%)
January 1, 2014: Investment in Sanno Company $265,716 Cash $265,716 for 10,065 shares (or 55%)
10. Which of the following best describes a trial balance?
Jamon is a manager in a human resources organization. He has a message for Bob who works on the assembly line. What channel is he likely to use get the message to Bob
Answer: All of the above
Explanation:
The options include:
a. Face-to-face
b. Telephone
c. Electronic mail
d. All of the above
Since the manager manager has a message for Bob, any of the communication channels given here can be used.
There is no preferred communication channel here. The manager may decided to tell Bob the message face to face when he sees him. Also, he can call him on the telephone or send an email to him.
Therefore, the correct option is All of the above.
Which of the following would cause a person starting a small business to choose a sole proprietorship over a partnership?
a. The person has minimal experience managing a small business.
b. The person is willing to share responsibilities for running the business.
c. The person wants to retain complete control over the entire business.
d. The person lacks sufficient funding for business operations.
Answer:
c
Explanation:
A sole proprietorship is a type of business that is owned by one person
Characteristics
1. it is owned by one person
2. the business has unlimited liability
3. the business has limited access to capital
4. the business usually lacks continuity. this type of business usually ceases to exist when the owner dies
5. the business is usually not separated from the owner
Hannah, age 70 and single, is claimed as a dependent by her daughter. During 2020, Hannah had interest income of $2,550 and $850 of earned income from babysitting. Hannah's taxable income is:
Answer: $550
Explanation:
Standard deduction is the greater of $1,050 or the sum of the earned income and $350.
= Earned income + 350 = $1,200
Additional deduction for single seniors in 2020 is $1,650.
Total deduction is:
= 1,200 + 1,650
= $2,850
Hannah's taxable income is:
= 2,550 + 850 - 2,850
= $550
_______ involves giving employees more opportunity to experience achievement, responsibility and advancement.
Answer: empowerment
Explanation:
The process of giving employees more opportunity to experience achievement, responsibility and advancement us referred to as empowerment.
Empowerment is the practice of sharing information, power and rewards with the employees and this is vital as it puts the employees at the heart of the organization.
The Agile way is:
Select the correct option(s) and click Submit.
To produce working software of high business value and of the right quality, early and incrementally
To produce working software only after requirements documentation has been signed off by the Product Owner
To
To produce simple prototypes early, and release all only at the end of the project.
Each developer to sit with business every day, code as they mutually discuss, and move to production when the business
SUBMIT
Answer: To produce working software of high business value and of the right quality, early and incrementally
Explanation:
Agile working has to do with bringing of people, technology, connectivity, time together in order to find an effective way of doing a particular task.
The agile way is to produce working software of high business value and of the right quality, early and incrementally.
Therefore, the correct option is A
A chart of accounts for a merchandising business a.usually is standardized by the FASB for all merchandising businesses b.usually is the same as the chart of accounts for a service business c.always uses a three-digit numbering system d.usually requires more accounts than does the chart of accounts for a service business
Answer:
A chart of accounts for a merchandising business
d. usually requires more accounts than does the chart of accounts for a service business.
Explanation:
A merchandising business will require many accounts to account for inventory movements, costs, and revenue from the sale of inventory. These accounts are not applicable to a service business. Therefore, the chart of accounts for a service business will not require many accounts.
22.On January 1, 2021, Amazon purchased a $64,000 office equipment and expected its useful economic life of 5 years. At the end of year 5th, the company expected to sell the equipment for $4,000. It is now December 31, 2021. Which of the following entries are needed to be made before preparing financial statements?
a. Debit Office equipment $64,000; Credit Cash $64,000
b. Debit Depreciation expense - Office equipment $64,000; Credit Cash $64,000
c. Debit Depreciation expense - Office equipment $12,000; Credit Accumulated depreciation – Office equipment $12,000
d. Debit Accumulated depreciation – Office equipment $12,000; Credit Depreciation expense - Office equipment $12,000
Answer:
C.
Explanation:
64000-4000 (salvage value)=60000
60000/5=12000 (annual depreciation)
depreciation expense. 12000
Accumulated depreciation. 12000
What is Interpersonal skill in business
management ?
are the behaviors and tactics a person uses to interact with others effectively in the business world the team refers to an employees ability to work well with others Explanation:
Shane wants to invest money in a 6% CD account that compounds semiannually. Shane would like the account to have a balance of $120,000 3-years from now. How much must Shane deposit to accomplish his goal
Answer:
84165.59
Explanation:
[tex]12000=x(1+\frac{.06}{2})^{2*6}\\.\frac{120000}{(1.03)^{12}}=84165.58562[/tex]
which we will round to 84165.59
Karen timely filed her 2016 return on April 15, 2017. Under ordinary circumstances, what is the last day she can file an amended 2016 return?
A. April 15, 2019.
B. October 15, 2019.
C. April 15, 2020.
D. October 15, 2020.
Answer: C. April 15, 2020.
Explanation:
If Karen hopes to receive a refund on the amended 2016 return then she should file it within 3 years of the day she filed her 2016 return.
She filed her 2016 return on April 15, 2017 so three years from then would be:
= 2017 + 3
= 2020
April 15, 2020
A manager of a company is facing an ethical problem. He uses the formal process for ethical decision making to resolve the problem. Which of the following steps will they begin with
Answer: Understanding all the moral standards and recognizing all moral impacts.
Explanation:
Ethics is the standards and the moral principles which guide the behavior of an individual or group of people. Ethical decision making reefers to the assessment of the moral implications of a course of action.
Since the manager uses the the formal process for ethical decision making to resolve the problem, the first step to begin with is to understand the moral standards and recognizing all moral impacts. The manager needs to be aware of the moral standards and be sure if he or she is following the normal process and doing the right thing.
Last month when Holiday Creations, Inc., sold 44,000 units, total sales were $308,000, total variable expenses were $215,600, and fixed expenses were $35,700. Required: 1. What is the company’s contribution margin (CM) ratio? 2. What is the estimated change in the company’s net operating income if it can increase total sales by $1,800?
Answer: 1) CM / Sales = CM Ratio
CM = 306,000 - 238,680 = 67,320
CM Ratio = 67,320 / 306,000 = 0.22
2) CM Ratio x 2,500 = 550
Explanation:
Single Plantwide Factory Overhead Rate Kennedy Appliance Inc.’s Machining Department incurred $159,500 of factory overhead cost in producing hoses and valves. The two products consumed a total of 5,500 direct machine hours. Of that amount, hoses consumed 2,800 direct machine hours. Determine the total amount of factory overhead that should be allocated to hoses using machine hours as the allocation base. $fill in the blank 1
Answer:
the total amount of factory overhead that should be allocated to hoses using machine hours is $81,200
Explanation:
The calculation of the total amount of factory overhead that should be allocated to hoses using machine hours is given below:
= $159,500 × 2,800 ÷ 5,500
= $81,200
Hence, the total amount of factory overhead that should be allocated to hoses using machine hours is $81,200
the same is relevant
MC Qu. 135 Front Company had net income of... Front Company had net income of $86,500 based on variable costing. Beginning and ending inventories were 2,200 units and 4,000 units, respectively. Assume the fixed overhead per unit was $8.60 for both the beginning and ending inventory. What is net income under absorption costing
Answer:
Net income under absorption costing = $101980
Explanation:
Below is the following calculation:
Net income based on variable costing = $86500
Rise in inventory = (4000 - 2200) x 8.60 = $15480
Now find the net income under absorption costing by adding the rise in inventory in the net income based on variable costing.
Net income under absorption costing = $86500 + $15480
Net income under absorption costing = $101980
A local bank sponsors a charity run that raises funds for a non-profit building wells and schools in Mali, Africa. How would the use of the bank’s funds for this fundraiser be justified when its goal is to maximize profit?
Answer:
The use of the bank's funds for this fundraiser would be justified when the bank's goal is to maximize profit by:
giving the bank public relations boost, thereby improving its public image.
Explanation:
The creation of publicity opportunities through this fundraiser enhances the bank's activities. Awareness of its services is created through the sponsorship. People perceive the bank as a charity-supporting organization, which cares for the welfare of the less-privileged. The fundraiser creates huge goodwill. Public relation is, therefore, critical in helping the bank to engage its diverse publics across various platforms, including the accruing intangible benefits that derivable from the seemingly unprofitable effort.
Discuss the six HRM practices from which companies can choose for implementing their strategy. Illustrate by specific examples.
Answer:
Explanation:
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Fred is working on a new storage system for his organization. He needs it to provide storage for the entire private cloud in the data center. Which of the following is he most likely to deploy?
a. SAN
b. NAS
c. NSA
d. DAS
Answer:
a. SAN
Explanation:
Cloud computing can be defined as a type of computing that requires shared computing resources such as cloud storage (data storage), servers, computer power, and software over the internet rather than local servers and hard drives.
Generally, cloud computing offers individuals and businesses a fast, effective and efficient way of providing services.
iSCSI is simply an acronym for Internet Small Computer Systems Interface and it is typically an internet protocol (IP) with respect to a storage area network (SAN) standard used essentially for connecting data storage facilities over a transmission control protocol and internet protocol (TCP/IP).
A storage area network (SAN) can be defined as a high-speed computer network that is specially designed to avail end users the ability to access consolidated, block-level data storage. Thus, storage area network (SAN) typically connects network servers to data storage.
Hence, Fred is most likely to deploy a storage area network (SAN) in this scenario, to provide storage for the entire private cloud in the data center.
At the age of 68, Donna elected a straight life income option for the payout of her $150,000 deferred annuity She received monthly payments for 3 years totaling $42,000 and then she died. How much will her beneficiary get?
Answer:
$0
Explanation:
Given that
The payout is $150,000 for deferred annuity
Monthly payment for 3 years i.e. $42,000 and after this she died
So, here the beneficiary should get zero amount as in the case of the straight life income options, the annuitant should received the payment only when they died the payment should stop so beneficiary should not be eligible for any kind of payment received
Therefore zero amount should be considered
Match each current trend with the advantage it provides for the global
economy
Reduction of
trade barriers
?
Facilitates international
business and trade
Allows for a greater
mobility of goods and
labor
Industrialization
?
Improved
communication
Reduces production and
transportation costs
Development of
infrastructure
Enables economic growth
in developing countries
Answer:
Find answers below.
Explanation:
1. Reduction of trade barriers: allows for a greater mobility of goods and labor.
Some examples of trade barriers are import license, quotas, subsidies, embargo, currency devaluation, local content requirements, tariffs, etc.
A tariff can be defined as tax levied by the government of a country on goods and services imported from another country.
2. Industrialization: enables economic growth in developing countries.
Industrialization can be defined as a strategic process which typically involves the development of various industries in a country by the large-scale introduction of mechanized equipments and use of technology for the manufacturing of goods and services that meets the need or requirements of consumers.
3. Improved communication: facilitates international business and trade.
Basically, when there is an effective and efficient level of communication between two or more countries, it would help to facilitate and enhance the exchange of goods and services between the countries.
4. Development of infrastructure: reduces production and transportation costs.
Typically, when there are good infrastructural development such as roads, electricity, etc., in a society it would ease the movement of goods and services, as well as the cost of production and transportation.
For each city across the U.S., economists construct a price index for a similar basket of goods. In Los Angeles the index is 127.3 and the index for Dallas is 94.8. If you have been offered $137,000 for a job in Los Angeles and $117,000 for a similar job in Dallas, which job affords you the highest purchasing power of the bundle of goods in the price index
Answer:
the job at Dallas
Explanation:
Price index measures the changes in price level over time. It is measure of inflation.
Inflation is a persistent rise in the general price levels
Types of price indexes
1. Producer price index measures the goods and services produced. this would not increase because it is used cars that is being examined
2. The consumer price index measures the changes in price of a basket of good. It is used to measure inflation. Because the price of price of used cars and trucks in US has increased , the CPI would increase
CPI = (cost of basket of goods in current period / cost of basket of goods in base period) x 100
Real value of the income of the Dallas job = 127.3 x ($117,000)/94.8 = $157,111
this value is higher than the 137,000 offered by the hob at Los Angeles
What expenses typically come first in the "Expenses" section of an income statement? a. Non-operating expenses b. Irregular expenses c. Selling, general and administrative expenses d. Tax expenses
Answer:
c. Selling, general and administrative expenses
Explanation:
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
The expense recognition principle is an accounting principle which is typically used on accrual basis accounts and it states that expenses incurred by an individual or business entity should be recognized and matched in the same period with respect to the revenues they are related to.
Selling, general and administrative expenses typically come first in the "Expenses" section of an income statement.
During March, XYZ Inc. transferred $50,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $56,000. The journal entries to record these transactions would include a:
Answer:
Date Journal entries Debit Credit
Finished Goods $50,000
Work in Process $50,000
Cost of Goods Sold $56,000
Finished Goods $56,000
What will most likely occur if a company eliminates an unprofitable segment when a portion of fixed costs are unavoidable?
a. All expenses of the eliminated segment will be eliminated.
b. Net income will decrease.
c. Net income will increase.
d. The company's variable costs will increase.
Answer: b. Net income will decrease.
Explanation:
The unavoidable fixed costs were being covered by the unprofitable segment so if the segment is removed, the unavoidable fixed cost will have to be deducted from the profits of the other segment/s.
When this happens their profit will decrease because those segments will now be covering more fixed costs than before. This is why it is usually better to keep an unprofitable segment going if it incurs unavoidable fixed costs.
An employee of yours often offers excellent analysis and is able to quote facts and figures from memory during meetings; and they enjoy this aspect of their work. For this employee, analytical thinking might be considered a(n) ______ in CAPP Strengths. realized strength unrealized strength weakness learned behavior none of these innate behavior
Answer:
Realized strength
Explanation:
CAPP MODEL
This is simply called "Centre of Applied Positive Psychology".
Capp strength
This is are known to be more of fluid than personality traits and can occur over one's lifetime through different situations we experience.
The four quadrants of CAPP's Realise2 strengths model includes
1. Realized strengths
2. Unrealized strengths
3. Learned behaviours
4. Weaknesses.
Strengthss
This is simply known as an important or more so than weaknesses, a number of divisions are used by positive psychologist to help identify and measure your strengths. It is simply known as an attribute or quality of an individual that gives or accounts for successful performance.
The approach to strengths fully realized is simply to identify strengths and weaknesses to improve performance.
Allo Foundation, a tax-exempt organization, invested $200,000 in cost-saving equipment. The equipment has a five-year useful life with no salvage value. Allo estimates that the annual cash savings from this project will amount to $65,000. On investments of this type, Allo's required rate of return is 12%.The net present value of the project is closest to
Answer:
$34,310.45
Explanation:
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Only projects with a positive NPV should be accepted. A project with a negative NPV should not be chosen because it isn't profitable.
When choosing between positive NPV projects, choose the project with the highest NPV first because it is the most profitable.
Cash flow in year 0 = $-200,000
Cash flow in year 1 - 5 = 65,000
I = 12%
NPV = $34,310.45
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
