Answer and Explanation:
The journal entries are as follows:
On Jan. 19
Accounts receivables $46,800
To Sales $46,800
(Being the merchandise sold on account is recorded)
Cost of goods sold $25,300
To Inventory $25,300
(being the cost of merchandise is recorded)
On June 2
Cash $10,800
Bad debt expense $36,000
To Accounts receivables $46,800
(being cash received is recorded)
On Oct. 23
Accounts receivables $36,000
To Bad debt expense $36,000
(being written off is recorded)
Cash $36,000
To Accounts receivables $36,000
(being cash received is recorded)
On June 1, 2019, Cain Company, a new firm, paid $4,300 rent in advance for a five-month period. The $4,300 was debited to the Prepaid Rent account. On June 1, 2019, the firm bought supplies for $7,250. The $7,250 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $2,950 were on hand. On June 1, 2019, the firm bought equipment costing $44,160. The equipment has an expected useful life of 8 years and no salvage value. The firm will use the straight-line method of depreciation. Prepare end-of-June adjusting entries for Cain Company.
Answer:
S/N Account and Explanation Debit Credit
1. Rent expense $860
($4,300 / 5 month)
Prepaid rent $860
(To record adjusted rent expense)
2. Supplies expense $4,300
($7,250 - $2,950)
Supplies $4300
(To record adjusted supplies)
3. Depreciation expense $460
(($44,160/8)/12)
Accumulated depreciation $460
(To record depreciation)
The listing of cash received via mail should be sent to which of the following individuals: ___________
a. Cashier
b. Customer
c. Record keeper
d. Mail clerk
e. Treasurer
Answer:
a. Cashier
c. Record keeper
d. Mail clerk
Explanation:
The two most important goals for government policy involve a trade-off between __________ and __________. A. big government; small government. B. taxation; government spending. C. direct regulation; indirect regulation. D. equity; efficiency.
Answer:
D
Explanation:
If financial markets are efficient, that suggests that:_____.
a. investors cannot expect to outperform the market consistently.
b. security prices are random.
c. investors cannot earn superior.
d. returns bearing additional risk will not increase return.
Answer:
A
Explanation:
The efficient market hypothesis posits that market prices contains all information in the market. As a result, an investor cannot consistently expect to outperform the market or consistently generate a positive alpha.
The efficient market hypothesis thus suggests a passive form of investment.
Forms of the efficient market hypothesis
a. the weak form - market prices contain information about past market prices. thus there is no need for technical analysis
b. the semi strong - it posits that market prices consists of all publicly available information
c. the strong form - it submits that market prices reflects both publicly and privately available information. As a result, excess returns cannot be earned consistently through insider trading
True or False: Efficiency wages are higher-than-average wages that are intended to reduce the chances that workers engage in non-productive behavior that might jeopardize their high-paying job. True False
Answer: True
Explanation:
The motivations of employees are both financial and non-financial with a high salary considered to be a financial motivation. Employers will pay employees a higher wage so as to motivate them to be more productive at work. This is called an efficiency wage because it increases the productivity of employees by motivating them more.
When workers are being paid such a high salary in relation to the average salary in the market, they would want to ensure that they keep getting paid this huge salary so they will try to avoid non-productive behavior that would lead to them losing their jobs.
When the price of paintings is set at $500, the local art gallery supplies 20 paintings per week. When the price of paintings increases to $750, the gallery supplies 25 paintings. Calculate the price elasticity of supply using the mid-point formula. Instructions: Round your answer to two decimal places. If you are entering a negative number be sure to include a negative sign (-) in front of that number. The price elasticity of supply is: .
Answer:
the price elasticity of supply is 0.555
Explanation:
The computation of the price elasticity of supply is given below:
= Percentage change in quantity supplied ÷ percentage change in price
= (25 - 20) ÷ (25 + 20) ÷ 2 ÷ (750 - 500) ÷ (750 + 500) ÷ 2
= 5 ÷45 ÷ 250 ÷ 125
= 0.555
Hence, the price elasticity of supply is 0.555
The same is relevant
Is scented candle harmful to dogs?
Answer:
Scented candles are not harmful to dogs for normal use, but high concentrations in a confined space for a long time would have an impact on the dog's sense of smell.
Because the candles you use will cause a lot of burnt smoke which is harmful to dogs. And aromatherapy ingredients contain a lot of chemical substances. If the windows are opened, it will be ok, if not the more chemical substances accumulate, the more it will be harmful to dogs, or even to the health of people.
Here are several ways to avoid the harm caused by aromatherapy to dogs:
Do not ignite the two types of aromatherapy in a short time or at the same time, to avoid the two types of aromatherapy, which are mutually ineffective and produce toxic gas.
Try not to light candles in a closed bedroom when you sleep.
Keep air circulation.
Keep all kinds of aromatherapy out of reach of dogs.
Use Home Lights scented candles in the right way.
Explanation:
https://hlcandles.com/
The real interest rate is Group of answer choices the percentage increase in money that the lender receives on a loan. the percentage increase in purchasing power that the lender receives on a loan. also called the after-tax interest rate. usually higher than the nominal interest rate.
Answer:
he percentage increase in purchasing power that the lender receives on a loan.
Explanation:
Interest rate is the rate earned on deposits or the rate charged on loans.
Interest rate could be real or nominal
Nominal interest rate is real interest rate plus inflation rate
Real interest rate is interest rate that has been adjusted for inflation
The higher the real interest rate, the higher the increase in purchasing power of the lender
Inflation is a persistent rise in the general price levels
Types of inflation
1. demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise
2. cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect
Oceanic, a venture capital firm, has the opportunity to invest in one of two firms that are in the process of globalizing. Macmillan, an air-conditioner manufacturer, faces intense pressure from its home market. Rent a Swag, a dog-toy manufacturer, has encountered little competition in its country of origin. In which company should Oceanic invest?
a. Macmillan, because air conditioners cost more to ship than dog toys do
b. Macmillan, because firms that face stiff competition at home tend to do better abroad
c. Rent a Swag, because firms that face little or no competition at home tend to do better abroad
d. Rent a Swag, because dog toys cost less to ship than air conditioners do
Answer: B. Macmillan, because firms that face stiff competition at home tend to do better abroad
Explanation:
Following the information given, it can be deduced that Oceanic should invest in Macmillan, because firms that face stiff competition at home tend to do better abroad.
The fact that Macmillan, which is an air-conditioner manufacturer, faces intense pressure from its home market will have resulted in the company making quality sure conditioners in order to sustain the pressure and have an edge over its local competitors. Therefore, the company will do better abroad as a result of this.
The correct option is B.
Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the collection on the maturity date is:
Answer:
Interest revenue = $7800*8%/360*60
Interest revenue = $104
Date Journal Entry Debit Credit
Cash $7,904
Notes Receivable $7,800
Interest Revenue $104
In Coronado Company, the Cutting Department had beginning work in process of 5100 units, transferred out 24800 units, and had an ending work in process of 3000 units. How many units were started by Coronado during the month
Answer:
The answer is "22700 units"
Explanation:
[tex]\text{Processed work} =5100\\\\\text{Outer Transfers} =24800\\\\\text{Process in the ending work} =3000\\\\\text{The amount started units \ :}[/tex]
[tex]=24800+3000-5100\\\\=27800-5100\\\\=22700 \ units[/tex]
One of your friends has opened a new wholesale electronics business and wants your help figuring out some inventory issues they are facing.
One night last week, there seemed to be fewer HD televisions in the warehouse than they expected. The last time they were in the warehouse was
a week earlier, and they hadn't noticed anything amiss.
As they looked around, they saw that the evening warehouse worker was filling the last orders of the day. The delivery driver and day warehouse
worker were gone for the day, and the delivery van keys were on the desk that the warehouse workers shared. The doors to the loading dock were
open, as was the door to the office area where the accountant, two customer service specialists, and the owner worked.
Knowing that you are familiar with accounting principles, they asked for your help in figuring out how to prevent this in the future.
Answer:
Hence,
When control is missing the wrongdoings happen at a quick pace because the barrier in their work involves an end. there's no check on the operations and hence many wrongdoings happen without coming into the eyes of management. control helps within the analysis of wrongdoings by comparing with the standards and checks. Hence without control, it's hard to depict the extent of wrongdoings within the organization.
Explanation:
Role of control
Internal controls are policies and procedures put in situ by management to make sure that, among other things, the company’s financial statements are reliable. Some internal controls relevant to an audit include bank reconciliations, password control systems for accounting software, and inventory observations.
Internal controls provide reasonable assurance about achieving objectives regarding:
.Effectiveness and efficiency of operations
.Reliability of financial reporting
.Safeguarding of assets
.Compliance with applicable laws and regulations
Use the following information: a. Beginning cash balance on March 1, $72,000. b. Cash receipts from sales, $300,000. c. Budgeted cash payments for direct materials, $140,000. d. Budgeted cash payments for direct labor, $80,000. e. Other budgeted cash expenses, $45,000. Cash repayment of bank loan, $20,000.Prepare a cash budget for the month ended on March 31 for Gado Company. The budget should show expected cash receipts and cash payments for the month of March and the balance expected on March 31.
Answer:
the budget of the pines is 8 to them b sqare the 4 in you get 12,500
Explanation:
Answer:
no clue
Explanation:
have a good day:)))
Suppose that France and Denmark both produce oil and olives. Frances’s opportunity cost of producing a crate of olives is 4 barrels of oil, while Denmark’s opportunity cost of producing a crate of olives is 7 barrels of oil.
By comparing the opportunity cost of producing olives in the two countries, you can tell that _______has a comparative advantage in the production of olives and ______has a comparative advantage in the production of oil.
Suppose that France and Denmark consider trading olives and oil with each other. France can gain from specialization and trade as long as it receives more than _____ of oil for each crate of olives it exports to Denmark. Similarly, Denmark can gain from trade as long as it receives more than _____ of olives for each barrel of oil it exports to France.
Based on your answer to the last question, which of the following terms of trade (that is, price of olives in terms of oil) would allow both Denmark and France to gain from trade?
A__ 6 barrels of oil per crate of olives
B__ 3 barrels of oil per crate of olives
C__ 5 barrels of oil per crate of olives
D__ 8 barrels of oil per crate of olives
Answer: See explanation
Explanation:
Based on the information given in the question, one can deduce that while (France) has a comparative advantage in the production of olives, it should be noted that on the other hand, (Denmark) has a comparative advantage in the production of oil.
If France and Denmark consider trading olives and oil with each other, then France can gain from specialization and trade as long as it receives more than (4) of oil for each crate of olives it exports to Denmark while on the other hand, Denmark can gain from trade as long as it gets more than (1/7) crate of olives for each barrel of oil it exports to France.
The terms of trade that would allow both Denmark and France to gain from trade include:
• 6 barrels of oil per crate of olives.
• 5 barrels of oil per crate of olives.
On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $4,194,222. The bond issuance should be recorded as:
Answer: Debit Cash $4,194,222; Debit Discount on bonds payable $305,778; Credit Bonds payable $4,500,000
Explanation:
Based on the information given in the question, the journal entry will be prepared as follows:
Debit Cash $4,194,222
Debit Discount on bonds payable $305,778
Credit Bonds payable $4,500,000
Note that the discount on Bonds Payable was calculated as:
= $4,500,000 - $4,194,222
= $305,778
On December 31, the trial balance of Cubico Company included the following accounts with debit balances: Prepaid Advertising $1,500 Advertising Expense 5,400 If it is determined that the cost of advertising applicable to future periods is $3,300, the correct adjusting entry would:_____.
A. Debit Advertising Expense $1,800; credit Prepaid Advertising $1,800.
B. Debit Prepaid Advertising $1,800; credit Advertising Expense $1,800.
C. Debit Prepaid Advertising $3,300; credit Advertising Expense $3,300.
D. Debit Advertising Expense $3,300; credit Prepaid Advertising $3,300.
Answer:
Cubico Company
The correct adjusting entry would be:
B. Debit Prepaid Advertising $1,800; credit Advertising Expense $1,800.
Explanation:
a) Data and Calculations:
Debit balances on December 31:
repaid Advertising $1,500
Advertising Expense 5,400
Determined future advertising cost = $3,300
The correct adjusting entry would be:
B. Debit Prepaid Advertising $1,800; credit Advertising Expense $1,800.
This will increase the prepaid advertising by $1,800 to $3,300 ($1,500 + $1,800) and reduce the advertising expense by $1,800 to $3,600 ($5,400 - $1,800).
Suppose you invest $210,000 in an annuity that returns 6 annual payments, with the first payment one year from now and each subsequent payment growing by 5%. At an interest rate of 8%, how much is the first annual payment you receive?
Answer:
$40,510.82
Explanation:
Present value = $210,000
Number of annual payments (n) = 6
Growth rate (g) = 5% or 0.05
Interest rate (r) = 8% or 0.08
Amount of first annual payment = [Present value * (r - g)] / [1 - {(1 + g)/(1 + r)}^n]
Amount of first annual payment = [210,000 * (0.08-0.05)] / [1 - [(1+0.05) / (1+0.08)]^6]
Amount of first annual payment = [210,000*0.03] / [1 - (0.972222)^6]
Amount of first annual payment = 6,300 / [1 - 0.844486]
Amount of first annual payment = 6,300 / 0.155514
Amount of first annual payment = 40510.82217678151
Amount of first annual payment = $40,510.82
So, the amount of the first annual payment you will receive is $40,510.82.
Which of the following is important in determining the extent of competition in an industry?
a. the minimum level of short run average total costs of production
b. the minimum efficient scale of production relative to market demand
c. whether or not the industry product is differentiated or standardized
d. the level of market demand for the industry's product
On whom the trade bill drawn ?
The bill of exchange is drawn by the seller of the goods and is accepted by the buyer.
At April 30, Sheridan Company has the following bank information:
Cash balance per bank $3000
Outstanding checks $240
Deposits in transit $500
Credit memo for interest $10
Bank service charge $20
What is Sheridan adjusted cash balance on April 30?
a. $8575.
b. $7625.
c. $8560.
d. $8600.
Answer:
the adjusted cash balance on April 30 is $3,260
Explanation:
The computation of the adjusted cash balance is given below:
Cash balance per bank $3,000
Less: Outstanding checks ($240)
Add: Deposits in transit $500
Adjusted cash balance $3,260
hence, the adjusted cash balance on April 30 is $3,260
This is the answer but the same is not provided in the given options
Examples of cash equivalents include all of the following EXCEPT U.S. Treasury bills. notes issued by major corporations. money market funds. long-term notes receivable.
Answer:
long-term notes receivable.
Explanation:
Cash equivalents can be regarded as total cash value that is available on hand, this encompass items that has similarities with cash and must be regarded as current assets. cash or cash equivalents of a company can be seen at top line of the balance sheet.
Examples of cash equivalents are;
✓Treasury bills
✓notes issued by major corporations. ✓money market funds.
"Rogue Corp. has sales of $4,250,000; the firm's cost of goods sold is $2,500,000; and its total operating expenses are $600,000. The firm's interest expense is $250,000, and the corporate tax rate is 40%. What is Rogue's tax liability"
Answer:
$360,000
Explanation:
Calculation to determine Rogue's tax liability
Step 1 is to calculate the gross profit
Using this formula
Gross profit=Sales - Cost of Goods Sold
Let plug in the formula
Gross profit=$4,250,000-$2,500,000
Gross profit=$1,750,000
Step 2 is to calculate operating income
Using this formula
Operating income=Gross Profit -Total operating expenses
Let plug in the formula
Operating income=$1,750,000-$600,000
Operating income=$1,150,000
Step 3 is to calculate the EBT
Using this formula
EBT=Operating income - Interest expense
Let plug in the formula
EBT=$1,150,000-$250,000
EBT=$900,000
Now let calculate the Tax liability
Using this formula
Tax liability=EBT x Corp Tax
Let plug in the formula
Tax liability=$900,000*$40%
Tax Liability=$360,000
Therefore Rogue's tax liability is $360,000
Department M had 3,000 units 59% completed in process at the beginning of June, 12,800 units completed during June, and 1,000 units 32% completed at the end of June. What was the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories? a.11,350 units b.13,120 units c.9,800 units d.14,120 units
Answer:
Department M
The number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories is:
a. 11,350 units
Explanation:
Beginning work in process units = 3,000
Degree of completion = 59%
Work to be done during June on the beginning WIP = 1,230 units (3,000 * 41%)
Units started and completed during June = 9,800 Units (12,800 - 3,000)
Ending work in process, equivalent units = 320 (1,000 * 32%)
Total equivalent units of production for conversion costs for June, using the FIFO method are = 11,350 units
The Wood Valley Dairy makes cheese to supply to stores in its area. The dairy can make 250 pounds of cheese per day (365 days per year), and the demand at area stores is 180 pounds per day. Each time the dairy makes cheese, it costs $125 to set up the production process. The annual cost of carrying a pound of cheese in a refrigerated storage area is $12. Determine the optimal order size and the minimum total annual inventory cost.
Answer: 1. 1170 units
2. $14039
Explanation:
The optimal order size will be:
= ✓2AO/C
where,
A = Annual demand = 180 × 365 days = 65,700
O = Ordering cost = 125
C = Carrying cost = 12
EOQ = ✓(2AO/C)
= ✓(2 × 65700 × 125/12)
= ✓ 1368750
= 1170 units
Therefore, the optimal order size is 1170 units.
2. The minimum total annual inventory cost will be calculated as:
C = (Q /2)(H) +(D/Q)(S)
where,
Q = 1170 pounds
H = holding cost = $12
D = annual demand = 65,700
S =set up cost = $125
Therefore, the minimum total annual inventory cost will be:
C = (Q /2)(H) +(D/Q)(S)
C = {(1170) /2] × 12} + {(65,700 /1170) × 125}
= 7020 +7019
= 14,039
Therefore, the minimum total annual inventory cost is $14,039.
Tercer reports the following for one of its products. Direct materials standard (4 lbs. $2 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $8 per finished unit 300,000 lbs. 60,000 units $535,000 AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price.
Compute the direct materials price and quantity variances and classify each as favorable or unfavorable.
Answer:
Results are below.
Explanation:
Giving the following information:
Direct materials standard (4 lbs. $2 per lb.)= $8 per finished unit
Actual direct materials used (AQ)= 300,000
Actual finished units produced= 60,000
Actual cost of direct materials used= $535,000
To calculate the direct material price and quantity variance, we need to use the following formulas:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (2 - 1.783)*300,000
Direct material price variance= $65,100 favorable
Actual price= 535,000 / 300,000= $1.783
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (4*60,000 - 300,000)*2
Direct material quantity variance= $120,000 unfavorable
Suppose that the price of labor is $7 for a firm, while the price of capital for a firm is $10. Also suppose that the Marginal Product of Labor is 20, while the Marginal Product of Capital is 30. What is the best advice for this profit-maximizing firm?
Answer:
The best advice for this profit-maximizing firm is:
Use more capital than labor.
Explanation:
a) Data and Calculations:
Price of labor = $7
Price of capital = $10
Marginal product of labor = 20
Marginal product of capital = 30
Productivity of labor = Output/Input
= 20/7
= 2.86
Productivity of capital = Output/Input
= 30/10
= 3
b) Capital is more productive than labor. The productivity of capital is 3 when compared to the productivity of labor, that is 2.86.
Your friend Lorenzo is trying to decide on a career path. He has narrowed down his search to two choices. Before he selects a major, he wants to know more about the two careers and the skills needed for each profession. What advice would you give Lorenzo
Answer:
Interview someone in each of your chosen fields.
Explanation:
In the context, my friend Lorenzo wants advice from me regarding career choices. He has somehow researched and narrowed down the choices to two choices. Lorenzo wants to know more about the major and the skills required for each of the profession.
I would suggest him to interview someone experience person in this field and get insights from him. It will provide Lorenzo a better understanding of the major selection and it will also create a blueprints of the future paths.
How many BTU's are in a ton
Answer:
12.000
Explanation:
Because 1 ton equals 12,000 BTU.
For example, 48,000 BTU equals 4 tons, and 60,000 BTU equals 5 tons.
Wight Corporation has provided its contribution format income statement for June. The company produces and sells a single product. Sales (4,500 units) $ 180,000 Variable expenses 81,000 Contribution margin 99,000 Fixed expenses 45,000 Net operating income $ 54,000 If the company sells 4,600 units, its total contribution margin should be closest to
Answer: its total contribution margin should be closest to $ 266,800.
Explanation:
Contribution = (Sales )+ (Variable expenses)
= $180,000+ $81,000
= $261,000
Contribution margin ratio = Contribution divided by Sales
= [tex]\dfrac{261000}{180000}[/tex]
= 1.45
Now Contrbution for 4,600 units = [tex]\dfrac{Sales\ for \ 4500\ units\times 4600}{4500}\times 1.45[/tex]
[tex]=\dfrac{180000\times4600}{4500}\times1.45\\\\\\=266800[/tex]
its total contribution margin should be closest to $ 266,800.
XYZ produces a single product and has provided the following data for its most recent month of operations:
Number of units produced 6,400
Variable costs per unit:
Direct materials $72
Direct labor $80
Variable manufacturing overhead $10
Variable selling and administrative expense $12
Fixed costs:
Fixed manufacturing overhead $224,000
Fixed selling and administrative expense $288,000
There were no beginning or ending inventories. The absorption costing unit product cost was: ____________-
Answer: $197
Explanation:
With absorption costing, the fixed manufacturing costs are absorbed by the products which means that the product cost will include fixed costs related to manufacturing.
The absorption costing unit product cost is therefore:
= Direct materials + Direct Labor + Variable manufacturing overhead + Fixed manufacturing Overhead per unit
Fixed manufacturing overhead per unit is:
= 224,000 / 6,400 units
= $35 per unit
Absorption cost unit product cost = 72 + 80 + 10 + 35
= $197
