Classify each of the following costs as a direct cost or an indirect​ cost, assuming that the cost object is the Juniors Department​ (clothing and accessories for teenage and young​ women) in the Stow​ Kohl's department store.​ (Kohl's is a chain of department stores and has stores located across the United​ States.) a. Juniors Department sales clerks ▼ b. Cost of Juniors clothing c. Cost of hangers used to display the clothing in the store d. Electricity for the building e. Cost of radio advertising for the store f. Juniors clothing buyers' salaries (these buyers buy for all the Juniors Departments of Kohl's stores)

Answers

Answer 1

Answer:

The correct answers are:

a - Direct cost

b - direct cost

c - indirect cost

d - indirect cost

e - indirect cost

f - direct cost

Explanation:

On the one hand, the term of "direct cost" in the field of management and accounting refers to the type of cost that is directly associated with the production of a good in particular. So that basically means that a direct cost of a product is something that was extremely necessary to use in the production of it or in the other case it could not have been made.

On the other hand, the term of "indirect cost" refers to the whole opposite concept, meaning that the indirect cost will be those who can not be directly associated with a product or its production but instead it is implicated actually with a whole other activites in the company, such is the case of the electricity of the building.


Related Questions

A company has derivatives transactions with Banks A, B, and C which are worth +$20 million, −$15 million, and −$25 million, respectively to the company. How much margin or collateral does the company have to provide? The transactions are cleared bilaterally and are subject to one-way collateral agreements where the company posts variation margin, but no initial margin. The transactions are cleared centrally through the same CCP and the CCP requires a total initial margin of $10 million.

Answers

Answer:

1. With Bilateral Clearing, where the company posts variation margin, but no initial margin:

The company has to provide collateral to Banks A, B, and C of $0 million, $15 million, and $25 million respectively.  

Therefore, the total collateral required is $40 million.  

2. With Central Clearing through the CCP, where the CCP usually requires an initial margin of $10 million:

The derivatives are netted against each other, and the company’s total variation margin is $20 million (–$20 + $15 + $25) in total.  

The total margin required (including the initial margin) is, therefore, $30 million ($20 + $10 million).

Explanation:

a) Data and Calculations:

Worth of derivative with Bank A = +$20 million

Worth of derivative with Bank B = -$15 million

Worth of derivative with Bank C = -$25 million

b) In a bilateral clearing, the company and each bank (called market participants) enter into an agreement with each other to cover all outstanding derivative transactions between the two parties.  On the other hand, in central clearing, a central clearing party (CCP) stands between the two sides of an OTC derivative transaction in much the same way that the exchange clearing house does for exchange-traded contracts.

Bob makes his first deposit into an IRA earning compounded annually on his th birthday and his last deposit on his birthday ( equal deposits in all). With no additional deposits, the money in the IRA continues to earn interest compounded annually until Bob retires on his th birthday. How much is in the IRA when Bob retires

Answers

Answer:

$187,881.52

Explanation:

The computation is shown below:

The future value would be

= PMT × ((1 + rate of interest)^number of years -1) ÷ (rate of interest)

= $1,500 × ((1 + 0.066)^13 - 1) ÷ (0.066)

= $1,500 × 19.626

= $29,439.14

Now when bob retired, the amount is

= $29,439.14 × (1 + 0.066)^29

= $29,439.14 × 6.383

= $187,881.52

Receive cash from customers, $15,000. Pay cash for employee salaries, $9,000. Pay cash for rent, $3,000. Receive cash from sale of equipment, $8,000. Pay cash for utilities, $1,000. Receive cash from a bank loan, $4,000. Pay cash for advertising, $7,000. Purchase supplies on account, $3,000. Required: Post transactions to the Cash T-account and calculate the ending balance.

Answers

Answer:

Part 1

Cash Account

                                                                           $

Debit :

Receive cash from customers                     15,000

Sale of Equipment                                         8,000

Bank Loan                                                      4,000

Totals                                                            27,000

Credit :

Pay cash for employee salaries                   9,000

Rent                                                                3,000

Utilities                                                            1,000

Advertising                                                     7,000

Ending Balance                                              7,000

Totals                                                            27,000  

     

Part 2

Ending Balance is $7,000

Explanation:

Only Cash related purchases and receipts are posted to Cash Account. Thus ignore non-cash related transactions.

The Cash Account : Receipts are posted at the Debit side of this Account and Payments at the Credit Side.

The Balance : After determining the Totals of the Debit and Credit, the shortfall of any of that side represents the Balance.

Time-tested practices for developing successful teams are Multiple Choice showing enthusiasm, making timely decisions, practicing innovation. admitting mistakes, being flexible, having persistence. giving credit to others, keeping people informed, keeping promises. putting others first and self last. all of these.

Answers

Answer:

all of these.

Explanation:

Time-tested practices can be regarded as methods , ways that has been usings for long period of time that has produced a successful teams and can be trusted any time. It should be noted that Time-tested practices for developing successful teams are the followings;

✓showing enthusiasm

✓making timely decisions

✓ practicing innovation

✓admitting mistakes

✓ being flexible,

Billed Mercy Co. $2,400 for services performed.
how to journalize this?

Answers

When a business transaction requires a journal entry, we must follow these rules:

The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount.

The DEBITS are listed first and then the CREDITS.

The DEBIT amounts will always equal the CREDIT amounts.

For another example, let’s look at the transaction analysis we did in the previous chapter for Metro Courier (click Transaction analysis):

1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT. The journal entry would look like this:

2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit. This journal entry would be:

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Answer:

All the journal entries illustrated so far have involved one debit and one credit; these journal entries are called simple journal entries. Many business transactions, however, affect more than two accounts. The journal entry for these transactions involves more than one debit and/or credit. Such journal entries are called compound journal entries.

Explanation:

1.  The owner invested $30,000 cash in the corporation.  We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT

2.  Purchased $5,500 of equipment with cash.  We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash.  To increase an asset, we debit and to decrease an asset, use credit.

3. Purchased a new truck for $8,500 cash.   We analyzed this transaction as increasing the asset Truck and decreasing the asset Cash.  To increase an asset, we debit and to decrease an asset, use credit.

4.  Purchased $500 in supplies on account.  We analyzed this transaction as increasing the asset Supplies and the liability Accounts Payable.  To increase an asset, we debit and to increase a liability, use credit.

5.  Paid $300 for supplies previously purchased.  Since we previously purchased the supplies and are not buying any new ones, we analyzed this to decrease the liability accounts payable and the asset cash.  To decrease a liability, use debit and to decrease and asset, use debit.

6.  Paid February and March Rent in advance for $1,800.  When we pay for an expense in advance, it is an asset.  We want to increase the asset Prepaid Rent and decrease Cash.  To increase an asset, we debit and to decrease an asset, use credit.

7.  Performed work for customers and received $50,000 cash.  We analyzed this transaction to increase the asset cash and increase the revenue Service Revenue.  To increase an asset, use debit and to increase a revenue, use credit.

8.  Performed work for customers and billed them $10,000.  We analyzed this transaction to increase the asset accounts receivable (since we have not gotten paid but will receive it later) and increase revenue.  To increase an asset, use debit and to increase a revenue, use credit.

9.  Received $5,000 from customers from work previously billed.  We analyzed this transaction to increase cash since we are receiving cash and we want to decrease accounts receivable since we are receiving money from customers who we billed previously and not new work we are doing.  To increase an asset, we debit and to decrease an asset, use credit.

10 Paid office salaries $900.  We analyzed this transaction to increase salaries expense and decrease cash since we paid cash.  To increase an expense, we debit and to decrease an asset, use credit.

11. Paid utility bill $1,200.  We analyzed this transaction to increase utilities expense and decrease cash since we paid cash.  To increase an expense, we debit and to decrease an asset, use credit.

brainly Stuart Manufacturing Company was started on January 1, year 1, when it acquired $89,000 cash by issuing common stock. Stuart immediately purchased office furniture and manufacturing equipment costing $32,000 and $40,000, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $4,000 salvage value and an expected useful life of six years. The company paid $12,000 for salaries of administrative personnel and $21,000 for wages to production personnel. Finally, the company paid $26,000 for raw materials that were used to make inventory. All inventory was started and completed during the year. Stuart completed production on 10,000 units of product and sold 8,000 units at a price of $9 each in year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.) calculate assets

Answers

Answer:

Stuart Manufacturing Company

Assets = $107,200

Explanation:

a) Data and Calculations:

Cash Account

Common stock $89,000

Furniture            (32,000)

Equipment         (40,000)

Salaries               (12,000)

Wages                (21,000)

Raw materials   (26,000)

Sales                   72,000

Cash balance  $30,000

Inventory:

Cost = $26,000

Units produced = 10,000 units

Cost per unit = $2.60 ($26,000/10,000)

Cost of goods sold = 8,000 * $2.60 = $20,800

Ending inventory = 2,000 * $2.60 = $5,200

Sales Revenue = 8,000 * $9 = $72,000

Assets:

Cash                     $30,000

Ending inventory     5,200

Furniture               32,000

Equipment            40,000

Total                  $107,200

b) An asset is something that brings in future cash flows to the business entity.  It is made up of Cash and Cash Equivalents, Inventories, Property, Plant, Equipment, and other business investments.  Assets are funded from finance provided by creditors and the equity owners, and they generate economic values.

In the fall of 2014, China and the United States agreed to expand the Information Technology Agreement to drop tariffs on a number of technology products. This is an example of_________ reducing protectionist measures.

Answers

Answer:

Free trade policy.

Explanation:

Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.

In the fall of 2014, China and the United States agreed to expand the Information Technology Agreement to drop tariffs on a number of technology products. Therefore, this is an example of free trade policy reducing protectionist measures.

Free trade policy includes the adoption and implementation of tariffs and quotas between countries.

Trade policies tariffs and quotas will most likely benefit domestic producers of the protected good and harm domestic consumers of the protected good as they're made to pay for the consumption of imported products. Hence, under free trade there are more societal benefits due to the specialization of domestic goods.

Tariffs can reduce both the volume of exports and imports in a country.

In order to generate revenues, domestic government make use of tariffs while quotas do not generate any revenue for them.

Issued 30,000 shares of common stock in exchange for $300,000 in cash. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000. Paid $5,000 in rent on the warehouse building for the month of March. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. Paid $70,000 on account for the merchandise purchased in 3. Collected $55,000 from customers on account. Recorded depreciation expense of $1,000 for the month on the equipment. Post the above transactions to the below T-accounts.

Answers

Answer:

T-accounts:

Cash

Accounts Titles             Debit       Credit

Common Stock         $300,000

Equipment                                       $10,000

Rent Expense                                     5,000

Prepaid Insurance                              6,000

Accounts Payable                            70,000

Accounts Receivable  55,000

Equipment

Accounts Titles             Debit       Credit

Cash                           $10,000

Notes Payable             30,000

Notes Payable

Accounts Titles             Debit       Credit

Equipment                                  $30,000

Inventory

Accounts Titles             Debit       Credit

Accounts Payable      $90,000

Cost of Goods Sold                      $70,000

Accounts Payable

Accounts Titles             Debit       Credit

Inventory                                     $90,000

Cash                           $70,000

Accounts Receivable

Accounts Titles             Debit       Credit

Sales Revenue           $120,000

Sales Revenue

Accounts Titles             Debit       Credit

Accounts Receivable                  $120,000

Cost of Goods Sold

Accounts Titles             Debit       Credit

Inventory                   $70,000

Rent Expense

Accounts Titles             Debit       Credit

Cash                           $5,000

Prepaid Insurance

Accounts Titles             Debit       Credit

Cash                          $6,000

Common Stock

Accounts Titles             Debit       Credit

Cash                                             $300,000

Depreciation Expense

Accounts Titles              Debit       Credit

Acc Depreciation         $1,000

Accumulated Depreciation - Equipment

Accounts Titles             Debit       Credit

Depreciation Expense                   $1,000

Explanation:

T-account consists of the following.  An account title to record the corresponding account where the double-entry transaction is completed. A debit side on the left to enter the dollar value of the transaction, if the concerned account receives the value.  A credit side on the right, also, to enter the dollar value of the transaction, if the concerned account gives out the value.

Counselors of Mableton purchased equipment on January 1, 2017, for $37,000. Counselors of Mableton expected the equipment to last for five years and have a residual value of $4,500. Suppose counselors of Mableton sold the equipment for $25,200 on December 31, 2018, after using the equipment for two full years. Assume depreciation 2018 has been recorded. Journalize the sale of equipment, assuming straight-line depreciation was used

Answers

Answer:

Dr cash $25,200

Dr accumulated depreciation $13,000

Cr equipment $37,000

Cr profit on disposal $1,2000

Explanation:

The yearly depreciation expense on the equipment is computed thus:

depreciation=(cost-residual value)/useful life

cost=$37000

residual value=$4,500

useful life= 5 years

depreciation=($37000-$4500)/5

depreciation=$6,500

accumulated depreciation for 2 years=$6,500*2=$13,000

Cash proceeds from disposal=$25,200

Upon disposal, we would debit cash with $25,200 as well as accumulated depreciation with $13,000 while the equipment account is credited with the original cost of $37,000

Total debits=$25,200+$13,000=$38,200

total credit=$37,000

profit on disposal=$38,200-$37000=$1,200

What are the five components of internal control briefly explain each component?

Answers

Answer: The five components of internal control are control environment, risk assessment, control activities, information and communication, and monitoring.

Explanation:

The five components of internal control are control environment, risk assessment, control activities, information and communication, and monitoring.

Control environment; is also known as internal control environment. These are set of standards and structures that guides the basis of carrying out internal control within an organization. It is the awareness, attitude and action of the management team regarding internal control and it's relevance to the organization

Risk assessment is used to describe the process and method of identifying hazard and risk which have potentials to raise harm in an environment

Control activities are policies, techniques and procedures that are pit in place to manage or reduce risk in an environment. Their actions carried out to minimize or limit risk in an environment

Information and communication is a method of information being passed through systems by means of communication. To place everyone involved in the system enlightened by communicating properly to them.

Monitoring is the act of observing a process to control both success and failure that may tend to arise within the process.

A management dilemma defines the research question. Group startsTrue or FalseTrue, selectedFalse, unselected

Answers

Answer:

False

Explanation:

It is not always the case that a management dilemma results in the research question. However, a research question might be defined by an identified need for improvement.

A management dilemma defines the research question is false. The correct option is false.

A research topic is defined as "a question that a research project seeks to answer." A research question must be chosen for both quantitative and qualitative research. Data gathering and analysis will be required for the investigation, and the methods for this may vary greatly. Good research topics are usually focused and specific in order to improve understanding on an essential topic.

To formulate a research topic, one must first decide if the study will be qualitative, quantitative, or mixed. Other circumstances, such as project finance, may have an impact not only on the research topic itself, but also on when and how it is created during the research process.

Learn more about research, here:

https://brainly.com/question/27824868

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Most of the time it is quite difficult to separate the three functions of money. Money performs its three functions at all times, but sometimes we can stress one in particular. For each of the following situations, identify which function of money is emphasized: _________
a) Brooke accepts money in exchange for performing her daily tasks at her office, since she knowsshe can use that money to buy goods and services: medium of exchange
b) Tim wants to calculate the relative value of oranges and apples, and therefore checks the price per pound of each of these goods quoted in currency units: unit of account
c) Maria is currently pregnant. She expects her expenditures to increase in the future and decides to increase the balance in her savings account: store of value

Answers

Answer:

a medium of exchange

a unit of account

a store of value,

Explanation:

Functions of money  

1. Medium of exchange : money can be used to exchange for goods and services. For example, money serves as a medium of exchange when you pay $20 for your favourite jeans

2. Unit of account : money can be used to value goods and services, For example, $20 is the value of your favourite jeans

3. Store of value : money can retain its value over the long term, this it can be used as a store of value

Grouper Company sold 214 color laser copiers on July 10, 2020, for $3,800 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $303. Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2020. Actual warranty costs (inventory) incurred in 2020 were $17,400.

Answers

Answer:

1. Dr Cash $813,200

Cr Sales Revenue $813,200

2. Dr Warranty Expense $17,400

Cr Cash $17,400

3. Dr Warranty expense $47,442

Cr Warranty liability $47,442

Explanation:

Preparation of the entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2020.

1. Preparation of the entries to record the sale of the copiers

Dr Cash $813,200

($3,800*214)

Cr Sales Revenue $813,200

(Being to record the sale of the copiers)

2. Preparation of the entries to record the related warranty costs

Dr Warranty Expense $17,400

Cr Cash $17,400

(Being to record the related warranty costs)

3. Preparation of the entries to record any accrual

Dr Warranty expense $47,442

[($303*214)-17,400]

Cr Warranty liability $47,442

(Being to record any accrual)

When sales increase by 3%, which of the following should also increase by 3% in a merchandising company?
A. Variable cost.
B. Fixed cost.
C. Gross margin.
D. Contribution margin.
E. Net operating income.
When sales increase by 13%, which of the following should increase by more than 13% in a merchandizing company?
A. Variable cost.
B. Fixed cost.
C. Gross margin.
D. Contribution margin.
E. Net operating income.

Answers

Answer:

Part 1

C. Gross margin

E. Net operating income

Part 2

C. Gross margin

E. Net operating income

Explanation:

A merchandizing company bought goods for resale rather than manufacturing and selling as seen with manufacturing companies.

The items which vary with sales in a merchandizing company are Gross Margin and Net Operating income. Such are the items that will increase with an increase in Sales.

England and Scotland both produce scones and sweaters. Suppose that an English worker can produce 50 scones per hour or 1 sweater per hour. Suppose that a Scottish worker can produce 40 scones per hour or 2 sweaters per hour.
If free trade exists between the countries, then each country will benefit if
a. England exports scones, Scotland exports sweaters.
b. England exports sweaters, Scotland exports scones.
c. both countries export scones.
d. given the production possibilities, both countries will not benefit from trade.

Answers

Answer:

A

Explanation:

The country with a comparative advantage in the production of a good should export the good

A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries.

England

Comparative advantage in the production of scones = 1/50 = 0.02

Comparative advantage in the production of sweater = 50/1 = 50

Scotland

Comparative advantage in the production of scones = 2/40 =  0.05

Comparative advantage in the production of sweater = 40/2 = 20

England has a comparative advantage in the production of scones and should export scones

Scotland  has a comparative advantage in the production of sweaters and should export sweaters

An entrepreneur recently purchased Cocoon's, a local deli, on the beach. To operate the business, she estimates that selling and administrative expenses will be $98,510.00 per year and that depreciation will be $20,000.00 per year. As part of her purchase, she took out a bank loan that will require $76,265.00 per year in interest. She anticipates paying a 32.00% tax rate on income. She estimates that the deli will attract 200.00 customers per day. Each customer will spend $12.00 on average. The cost of goods per customer will be $4.50. She will operate the deli 350.00 days per year. What is the projected net profit margin for the deli

Answers

Answer:

27%

Explanation:

The computation of the net profit margin is shown below;

As we know that

net profit margin = Net profit ÷ sales

where

net profit is

Particulars                                                                 Amount

Sales (200 customers × $12 × 350 days) $840,000

Less: cost of goods sold (200 customers × $4.50 × 350 days) -$315,000

Gross profit $525,000

Less:

Selling and admin expense -$98,510

Depreciation expense - $20,000

Bank loan interest -$76,265

Net income before tax $330,225

Less tax at 32% -$105,672

Net income after tax $224,553

Now the net profit margin is

= $224,553 ÷ $840,000

= 27%

Concerned by recent negative trends in economic indicators such as the consumer price index, gross domestic product, and inflation, the marketing manager of Kevin's Kayaks recommends that the company reduce its advertising spending. His recommendation is based on ________ data.

Answers

Answer:

Macroeconomics.

Explanation:

Economics can be classified into two (2) main categories, namely;

1. Microeconomics can be defined as the study of the effect of price and quantity levels through interactions between individual buyers and sellers in various markets. Simply stated, it focuses on analyzing or evaluating the decisions of consumers (buyers) and those of firms (sellers) such as methods of production, pricing; and the manner in which government policies affect those decisions.

2. Macroeconomics can be defined as the study of behaviors, performance and factors that affect the entire economy. Therefore, it focuses on aggregate phenomena such as price level, economic growth, Gross Domestic Product (GDP), inflation, unemployment and national income levels with respect to the central bank, demand or supply shocks, government policies, aggregate spending and savings.

In this scenario, concerned by recent negative trends in economic indicators such as the consumer price index, gross domestic product, and inflation, the marketing manager of Kevin's Kayaks recommends that the company reduce its advertising spending. Thus, his recommendation is based on macroeconomics data.

This ultimately implies that, macroeconomic is a form of externality that typically affects the levels of inflation, unemployment, consumer price index, or growth in the economy as a whole (GDP).

The GAP is a global clothing retailer for men, women, children, and babies. The following information is taken from The Sap's fiscal 2015 annual report. Selected Balance Sheet Data ($ millions)20152014 Inventories$1,918$1,844 Accounts Payable1,1571,128 a. The Gap purchased inventories totaling $10,438 million during fiscal 2015. Use the financial statement effects template to record cost of goods sold for The Sap's fiscal year ended 2015. (Assume accounts payable is used only for recording purchases of inventories and all inventories are purchased on credit.) b. What amount did the company pay to suppliers during the year

Answers

Answer:

The GAP

a. Cost of goods sold = $10,364

b. Cash paid to suppliers = $10,409

Explanation:

a) Data and Calculations:

Selected Balance Sheet Data

        ($ millions)     2015   2014

Inventories           $1,918   $1,844

Accounts Payable  1,157      1,128

Purchases during 2015 = $10,438 million

b) Cost of goods sold:

Beginning inventory   $1,844

Purchases                   10,438

Goods available       $12,282

Ending inventory         (1,918)

Cost of goods sold $10,364

c) Accounts Payable:

Beginning balance           $1,128

Purchases                        10,438

Less ending balance          1,157

Cash paid to suppliers $10,409

are capital markets also organisational markets?​

Answers

Answer:A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold.[6] Capital markets channel the wealth of savers to those who can put it to long-term productive use, such as companies or governments making long-term investments.[a] Financial regulators like Securities and Exchange Board of India (SEBI), Bank of England (BoE) and the U.S. Securities and Exchange Commission (SEC) oversee capital markets to protect investors against fraud, among other duties.

Modern capital markets are almost invariably hosted on computer-based electronic trading platforms; most can be accessed only by entities within the financial sector or the treasury departments of governments and corporations, but some can be accessed directly by the public. As an example, in the United States, any American citizen with an internet connection can create an account with TreasuryDirect and use it to buy bonds in the primary market, though sales to individuals form only a tiny fraction of the total volume of bonds sold. Various private companies provide browser-based platforms that allow individuals to buy shares and sometimes even bonds in the secondary markets. There are many thousands of such systems, most serving only small parts of the overall capital markets. Entities hosting the systems include stock exchanges, investment banks, and government departments. Physically, the systems are hosted all over the world, though they tend to be concentrated in financial centres like London, New York, and Hong Kong.

Explanation:

Andrew owns a gun shop in a high-crime area. The store does not have a camera surveillance system. The high cost of burglary and theft insurance has substantially reduced his profits. A risk management consultant points out that several methods other than insurance can be used to han-dle the burglary and theft exposure. Identify and explain two noninsurance methods that could be used to deal with the burglary and theft exposure.

Answers

Just get state farm insurance you bozo

What are the costs and sources of inefficiency in a barter B apply.) A. Productivity is increased by specialization. B. Each good has only one price. C. There is increased time and effort spent looking for trading partners. D. There is a lack of standardization. E. There is difficulty in accumulating wealth. OF. Transactions costs are almost always high.

Answers

Answer:

C)There is increased time and effort spent looking for trading partners.

D)There is a lack of standardization.

E)There is difficulty in accumulating wealth.

Explanation:

barter in a trade can be regarded as a system of exchange that involves exchange of goods and services for another without using money as a medium of exchange. Barter is been considered as 'inefficient' as a result of the needs for 'double coincidence of wants'. For instance in a situation whereby someone is buying particular amount of another's goods, but the payment he/she has is for just one indivisible unit of another good, and the worth is higher than what he/she want to obtain, in this case there won't be barter transaction.

It should be noted that the costs and sources of inefficiency in a barter are;

✓There is increased time and effort spent looking for trading partners.

✓There is a lack of standardization.

✓There is difficulty in accumulating

An analysis of the company's insurance policies provided the following facts.

Policy Date of Purchase Months of Coverage Cost

A April 1, 2017 24 $10,824
B April 1, 2018 36 9,576
C August 1, 2019 12 8,424

The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.)

Required:
So what would my adjusting journal entry be?

Answers

Answer:

Adjusting Journal in the year of payment:

December, 2017: Policy A

Debit Insurance Expense $4,059

Credit Prepaid Insurance $4,059

To record the insurance expense for the year (9 months).

December, 2018: Policy A and B

Policy A:

Debit Insurance Expense $5,412

Credit Prepaid Insurance $5,412

To record insurance expense for the year, 12 months.

Policy B:

Debit Insurance Expense $2,394

Credit Prepaid Insurance $2,394

To record insurance expense for the year, 9 months.

December, 2019:

Policy A:

Debit Insurance Expense $1,353

Credit Prepaid Insurance $1,353

To record insurance expense for the year, 3 months.

Policy B:

Debit Insurance Expense $3,192

Credit Prepaid Insurance $3,192

To record insurance expense for the year, 12 months.

Policy C:

Debit Insurance Expense $3,510

Credit Prepaid Insurance $3,510

To record insurance expense for the year, 5 months.

Explanation:

a) Data and Calculations:

Policy  Date of Purchase  Months of       Cost   Monthly

                                          Coverage                    Cost  

A         April 1, 2017                24          $10,824      $451 ($10,824/24)

B         April 1, 2018                36              9,576    $266 ($9,576/36)

C         August 1, 2019            12              8,424    $702 ($8,424/12)

b) The insurance expenses recorded under the three policies have been determined using the monthly rates.  In each year, the months covered are taken into consideration when computing the insurance expense for the year.  In this way, only the expenses incurred for the period are accounted for, in accordance with the accrual concept of accounting.

The conceptual framework indicates the desired fundamental and enhancing qualitative characteristics of accounting information. Several constraints impede achieving these desired characteristics. Answer each of the following questions related to these characteristics and constraints.
1. Which component would allow a large company to record the purchase of a $120 printer as an expense rather than capitalizing the printer as an asset?
2. Donald Kirk, former chairman of the FASB, once noted that " . . . there must be public confidence that the standard-setting system is credible, that selection of board members is based on merit and not the influence of special interests . . ." Which characteristic is implicit in Mr. Kirk's statement?
3. Allied Appliances, Inc., changed its revenue recognition policies. Which characteristic is jeopardized by this change?
4. National Bancorp, a publicly traded company, files quarterly and annual financial statements with the SEC. Which characteristic is relevant to the timing of these periodic filings?
5. In general, relevant information possesses which qualities?
6. When there is agreement between a measure or description and the phenomenon it purports to represent, information possesses which characteristic?
7. Jeff Brown is evaluating two companies for future investment potential. Jeff's task is made easier because both companies use the same accounting methods when preparing their financial statements. Which characteristic does the information Jeff will be using possess?
8. A company should disclose information only if the perceived benefits of the disclosure exceed the costs of providing the information. Which constraint does this statement describe?

Answers

Answer:

1)Materiality

2)Reliability

3)Consistency

4)periodicity

5)Predictive Value, Confirmatory value, and/or Materiality

6)Faithful representation

7)Comparability

8)Cost effectiveness

Explanation:

1)Materiality can be regarded the cost or asset that is been considered having a great influence on the company. It is the relevancy of information as well as work of transaction as regards financial statement of the company.

2)Reliability in Accounting can be regarded as trustworthiness in a financial statements. It helps to know if a financial information is eligible to be utilized by investors as well as creditors ending up with the same results.

3)Consistency can be regarded as when the company follows accounting principles in subsequent years when presenting and presenting financial statements as well as internal working.

4)periodicity explained that financial results of a company can be reported within a designated periods of time. This could be on basis of monthly, quarterly as well as annual.

5)Predictive Value, Confirmatory value, and/or

Materiality

A relevant information are ones that has data from occured event i.e it is CONFIRMATORY. It should also encompass data as regards to the future I.e

PREDICTIVE.Relevant information helps in decision making

6)Faithful representation can be regarded as a concept that explained that financial statements of a company should be able to display the condition of a business accurately

7)Comparability can be regarded as the extent to which financial statements information can be compared in different firms as well as time period

8)Cost effectiveness can be regarded as when greatest benefits are recorded with a comparatively low price

On January 1, 2012, Sunland Company purchased for $690000, equipment having a useful life of ten years and an estimated salvage value of $40200. Sunland has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2020, the equipment was sold for $160000. As a result of this sale, Sunland should recognize a gain of

Answers

Answer:

$54,820

Explanation:

The computation of the gain is shown below;

But before that following calculations must be done

Annual depreciation as per the straight-line method

= ($690,000 - $40,200) ÷ (10 years)

= $64,980

Now accumulated depreciation for 9 years is

= $64,980 × 9 years

= $584,820

Now the book value is

= $690,000 - $584,820

= $105,180

Now the gain is

= Sale value - book value

= $160,000 - $105,180

= $54,820

XYZ Corporation had 158 million shares outstanding on January 1, 2012. On February 2,2012, it issued an additional 30 million shares to the market at the market priceof $55 per share. What was the effect of this share issue on the price per share

Answers

Answer:

There was no effect of this share issue on the price per share

Explanation:

First, we need to determine the pre-issuance value

Numbers of outstanding shares = 158,000,000 shares

Total Value of equity = Numbers of outstanding shares x Market value per share = 158,000,000 shares  x $55 per share = $8,690,000,000

Now calculate the issuance values

Numbers of shares issued = 30,000,000 shares

Vaue of issued equity = NUmbers of shares issued x Mrket value per share = 30,000,000 x $55 per share = $1,650,000,000

Now determien the post issuance value

Numbers of outstanding shares = 158,000,000 shares + 30,000,000 shares = 188,000,000 shares

Total Value of equity = $8,690,000,000 + $1,650,000,000 = $10,340,000,000

Now calcuate the Value per share

Value per share = Post Issuance Total value of equity / Post issuance total numbers of shares = $10,340,000,000 / 188,000,000 shares = $55 per share

There is no effect of share issue on the price of the share.

The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tinsley carried the land at its original cost of $62,500. According to an independent appraisal, the land currently is worth $150,000. Tinsley paid $25,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance

Answers

Answer:

$175,000

Explanation:

When an exchange transaction has commercial substance, the accounting standard IAS 16 requires that the cost price of the item acquired be at fair Value of the asset given up.

Fair Value of Asset given up is $150,000.

However Tinsley has also paid a trade -in allowance for the new parcel of land of $25,000.

Therefore, the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance is $175,000 ($150,000 + $25,000)

in 2001 an outbreak of hoof-and-mouth disease in europe led to the burning of millions of cattle carcasses. discuss the demand and supply implication caused by the outbreak, for an in-depth analysis of the discussion topic you may use all of the resources available to you. what impact would you expect on the supply of cattle hides, hide prices, the supply of leather goods, and the price of leather goods

Answers

Answer:

High demand

Low supply

High prices

Explanation:

The demand and supply of products, goods and services is heavily dependent on several factors ranging from economic, health and social factors. Disease and viral outbreaks have devastating effects on the market forces of demand and supply which in most cases will impact the market negatively with characteristically high prices and scarcity of products. The mouth and hoof outbreak in Europe was one which impacted the economy including farmers, leather and hides workers and all whose businesses and sustainability depends on cattles and its products. Due to the contagious nature of the disease and the ease at which it could spread if curtailment isn't effected on time, millions of cattles were slaughtered on sighting the symptoms and it's products including skins are burnt leading to losses in billions on the path of cattle rearers, shortage of lather, hides and skins, restriction in international product trade in other to avoid its spread to other parts of the world. These resulted in low supply and high demand of cattles and its products including leather goods meaning High prices for little available.

If you receive 10 units of utility from consuming one cup of coffee and 16 units of utility from consuming two cups of coffee, which of the following is the likely amount of utility you will receive from consuming three cups of coffee?

Answers

Answer:

26

Explanation:

Answer:

18

Explanation:

1 unit= 10     2 units =16        2/16= 8

3 cups is 18

a) Calculate the PV of a perpetuity with a cash flow of $111,111 received every year. The first cash flow occurs in year 1. The interest rate is 11% simple annual rate. b) Calculate the PV of a perpetuity with a cash flow of $222,222 received every second year. The first cash flow occurs in year 2. The interest rate is 11% simple annual rate. c) Calculate the PV of a perpetuity with a cash flow of $333,333 received every third year. The first cash flow occurs in year 3. The interest rate is 11% simple annual rate.

Answers

Answer:

a) Calculate the PV of a perpetuity with a cash flow of $111,111 received every year. The first cash flow occurs in year 1. The interest rate is 11% simple annual rate.

PV of a perpetuity = annual payment / interest rate = $111,111 / 11% = $1,010,100

b) Calculate the PV of a perpetuity with a cash flow of $222,222 received every second year. The first cash flow occurs in year 2. The interest rate is 11% simple annual rate.

PV of a perpetuity = annual payment / interest rate = $222,222 / (11% x 2) = $1,010,100

c) Calculate the PV of a perpetuity with a cash flow of $333,333 received every third year. The first cash flow occurs in year 3. The interest rate is 11% simple annual rate.

PV of a perpetuity = annual payment / interest rate = $333,333 / (11% x 3) = $1,010,100

Explanation:

Since the interest rate is simple, not compounded, the three perpetuities have the same present value.

Kevin's boat was wrecked by hurricane Harvey (a federally declared natural disaster). Damage to the boat was estimated at $30,000. The original cost was $25,000. The boat was partially insured, and Kevin received an insurance reimbursement of $15,000. Kevin's adjusted gross income is $50,000, and he had no other losses during the year. What amount can Keith deduct on his tax return for this year

Answers

Answer:

A) $4,900

Explanation:

Options are: "A) $4,900 B) $5,000 C) $9,900 D) $14,900"

Particulars                                       Amount

Original cost                                    $25,000

Damage                                           $30,000

Lower of the two is                        $25,000

Less: Insurance reimbursement    $15,000

Actual loss                                       $10,000

Less: Deduction                               $100

Less: 10% of AGI (10% of 50,000)   $5,000

Final Deduction                               $4,900

Note: Flat $100 is deducted from this amount and also 10% of AGI, i.e 10% of $50,000 is deducted to finally arrive at the deduction.

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