For this milestone, you will discuss Case Study Three. Identify the main types of business entities, and discuss the advantages and disadvantages of each. Your active participation in this discussion is essential to improving your understanding of the advantages and disadvantages of the various business entities. Actively engaging with your peers will help you complete the remaining critical elements for the final project.

Answers

Answer 1

Answer:

Sole proprietorship:

Advantage: is very easy to establish, and gives total control to the owner.

Disadvantage: the sole owner is personally liable in case of bankruptcy.

Partnership:

Advantage: involve two or more people, meaning that capital is likely to be higher. Gives tax benefits to partners.

Disadvantage: partners are also personally liable in case of bankruptcy.

Corporation:

Advantage: a corporation is legally, a separate entity from its stockholders, meaning that stockholders are not personally liable in case of bankruptcy. Corporations can also grow to include a large number of people (stockholders).

Disadvantage: they are more difficult to start than other types of business entities, and are more closely inspected.

Limited Liability Company:

Advantage: they combine the pass-through characteristics of partnerships with the limited liability of corporations.

Disadvantage: they are not necessarily as profitable as corporations.


Related Questions

World Class Rings produces class rings. Its best-selling model has a direct materials standard of 16 grams of a special alloy per ring. This special alloy has a standard cost of $63.30 per gram. In the past month, the company purchased 16,800 grams of this alloy at a total cost of $1,061,760. A total of 16,300 grams were used last month to produce 1,000 rings.
Requirements:
1. What is the actual cost per gram of the special alloy that World Class Rings purchased last month? (Round your answer to the nearest cent.) The actual cost per gram of the special alloy that World Class Rings purchased last month is $_____.
2. What is the direct material price variance? (Abbreviations used: DM = Direct materials) Begin by determining the formula for the price variance, then compute the price variance for direct materials.
3.·What is the direct material quantity variance? (Abbreviations used: DM = Direct materials) Determine the formula for the quantity variance, then compute the quantity variance for direct materials.
4. How might the direct material price variance for the company last month be causing the direct material quantity variance?
The_____direct material price variance might mean that World Class Rings purchased a______. As a result, the company______quantity (efficiency) variance alloy than the standard allows. This accounts for the_____quantity (efficiency) variance.

Answers

Answer:

1. What is the actual cost per gram of the special alloy that World Class Rings purchased last month? (Round your answer to the nearest cent.) The actual cost per gram of the special alloy that World Class Rings purchased last month is $_____.

= $1,061,760 / 16,800 grams = $63.20 per gram

2. What is the direct material price variance? (Abbreviations used: DM = Direct materials) Begin by determining the formula for the price variance, then compute the price variance for direct materials.

direct materials price variance = (AP - SP) x AQ = ($63.20 - $63.30) x 16,300 = -$1,630 favorable variance

3.·What is the direct material quantity variance? (Abbreviations used: DM = Direct materials) Determine the formula for the quantity variance, then compute the quantity variance for direct materials.

direct materials quantity variance = SP x (AQ - SQ) = $63.30 x (16,300 - 16,000) = $18,990 unfavorable variance

4. How might the direct material price variance for the company last month be causing the direct material quantity variance?

The FAVORABLE direct material price variance might mean that World Class Rings purchased a LOWER QUALITY MATERIAL. As a result, the company USED MORE ALLOW THAN STANDARD  quantity (efficiency) variance alloy than the standard allows. This accounts for the UNFAVORABLE quantity (efficiency) variance.

McKerley Corp. has preferred stock outstanding that will pay an annual dividend of $3.70 per share with the first dividend exactly 14 years from today. If the required return is 3.6 percent, what is the current price of the stock?

Answers

Answer:

$64.89

Explanation:

Calculation for the current price of the stock

First step is to find the preference stock value at end of 13 years

Using this formula

P13= Annual dividend/Required return

Let plug in the formula

P13=$3.70/.036

P13= $102.78

The second step is to calculate for the current price of the stock

Using this formula

P0= P13/(1+Required return)^Dividend years

Let plug in the formula

P0= $102.78/(1 + .036)^13

P0=$102.78/(1.036)^13

P0=$102.78/1.5837

P0=$64.89

Therefore the current price of the stock will be $64.89

The revenue is​ $94,000, the cost of goods sold is​ $51,000, other expenses​ (from selling and​ administration) are​ $21,000, and depreciation is​ $12,000. What is the​ EBIT?

Answers

Answer:

$10,000

Explanation:

EBIT is earnings before interest and tax

EBIT = Revenue - cost of goods sold - other expenses - depreciation

$94,000 - $51,000 - $21,000 - $12,000 = $10,000

At the beginning of June, Bezco Toy Company budgeted 5,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $50,000 Direct labor 36,000 Total $86,000 The standard materials price is $4.00 per pound. The standard direct labor rate is $18.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $49,600 Actual direct labor 34,020 Total $83,620There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Bezco Toy Company actually produced 4,850 units during June.Required:Determine the direct materials quantity and direct labor time variances.

Answers

Answer:

Instructions are below.

Explanation:

Giving the following information:

Standard quantity:

Direct materials (pounds)= 50,000/4= 12,500 pounds

Direct materials (pounds)= 12,500/5,000= 2.5 pounds per unit

Direct labor (hours)= 36,000/18= 2,000 hours

Direct labor (hours)= 2,000/5,000= 0.4 hours

Actual quantity:

Actual direct materials= (49,600/4)= 9,920 pounds

Actual direct labor= 34,020/18= 1,890 hours

Production= 4,850

To calculate the direct labor quantity variance, we need to use the following formula:

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Standard quantity= 2.5*4,850= 12,125

Direct material quantity variance= (12,125 - 9,920)*4

Direct material quantity variance= $8,820 favorable

To calculate the direct labor time variance, we need to use the following formula:

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Standard quantity= 0.4*4,850= 1,940

Direct labor time (efficiency) variance= (1,940 - 1,890)*18

Direct labor time (efficiency) variance= $900 favorable

Suppose Happy Dog Soap Company is evaluating a proposed capital budgeting project (project Beta) that will require an initial investment of $3,225,000. The project is expected to generate the following net cash flows:


Year Cash Flow
Year 1 $275,000
Year 2 $475,000
Year 3 $400,000
Year 4 $500,000

Happy Dog Soap Company's weighted average cost of capital is 8%, and project Beta has the same risk as the firm's average project. Based on the cash flows, what is project Beta's NPV?

a. -$5,056,663
b. -$1,831,663
c -$2,106,412
d. -$2,197,996

Answers

Answer:

-$1,878,086.608

Explanation:

The computation of the net present value is shown below;

             (in dollars)                                         (in dollars)

Year Cash flows Discount factor Present value  

0             -3225000              1                             -3225000  (A)

1              275000           0.9259259259           254629.630

2             475000           0.8573388203           407235.940

3             400000           0.793832241               317532.896

4             500000           0.7350298528          367514.926

Total                                                                   1346913.392  (B)

Net present value                                           -$1,878,086.608 (A - B)

This is the answer but the same is not provided in the given options

A NASDAQ security is bid at $30.25 and offered at $30.75. An over-the-counter trader effects a trade at $30.75 and charges a commission of $.50 to the customer. The price that will show on the tape is:

Answers

Answer:

$30.75

Explanation:

Given that

Security bidding = $30.25

Offered price = $30.75

over the counter trading = $30.75

Commission charged = $0.50

based on the above information, the price that shows on the tape is equivalent to the over the counter trading price i.e $30.75 also it does not include the commission charged i.e $0.50

Hence, the price is $30.75

Identify effective decision making techniques?

Answers

Answer:

Step 1: Identify the decision. You realize that you need to make a decision. ...

Step 2: Gather relevant information. ...

Step 3: Identify the alternatives. ...

7 STEPS TO EFFECTIVE.

Step 4: Weigh the evidence. ...

Step 5: Choose among alternatives. ...

Step 6: Take action. ...

Step 7: Review your decision & its consequences.

Firm M has a margin of 7%, turnover of 2.0, sales of $910,000, and average stockholders' equity of $490,000. Required: Calculate Firm M’s average total assets, net income, return on investment (ROI), and return on equity (ROE

Answers

Answer:

1. Average total asset = $455,000

2. Net income = $63,700

3. Return on investment = 14%

4. Return on equity (ROE) = 13%

Explanation:

These can be calculated as follows:

1. Average total asset

To calculate this, we use the formula for calculating the Asset turnover ratio as follows:

Asset turnover ratio = Sales / Average total asset ……………………………… (1)

Where;

Turnover = asset turnover ratio = 2

Sales = $910,000

Average total asset = ?

Substituting the values into equation (1) and solve for average total asset, we have:

2 = $910,000 / Average total asset

Average total asset = $910,000 / 2

Average total asset = $455,000

2. Net income

To calculate this, we use the formula for calculating net income margin as follows:

Net income margin = Net income / Sales ……………………………………. (2)

Where,

Margin = Net income margin = 7%, or 0.07

Net income = ?

Sales = $910,000

Substituting the values into equation (2) and solve for net income, we have:

7% = Net income / $910,000

Net income = $910,000 * 7%

Net income = $63,700

3. Return on investment

To calculate this, we use the formula for calculating the return on investment as follows:

Return on investment = Net income / Average total assets ……………… (3)

Where;

Net income = $63,700

Average total asset = $455,000

Substituting the values into equation (3), we have:

Return on investment = $63,700 / $455,000

Return on investment = 0.14, or 14%

4. Return on equity (ROE)

To calculate this, we use the formula for calculating the return on equity (ROE) as follows:

Return on equity (ROE) = Net income / Average stockholders' equity…….. (4)

Net income = $63,700

Average stockholders' equity = $490,000

Substituting the values into equation (4), we have:

Return on equity (ROE) = $63,700 / $490,000

Return on equity (ROE) = 0.13, or 13%

Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales $ 20,000 Variable expenses 12,000 Contribution margin 8,000 Fixed expenses 6,000 Net operating income $ 2,000 Required: 1. What is the contribution margin per unit

Answers

Answer:

Unitary contribution margin= $8

Explanation:

Giving the following information:

Sales $ 20,000

Variable expenses 12,000

Contribution margin 8,000

To calculate the unitary contribution margin, we need to use the following formula:

Unitary contribution margin= total contribution margin / total units

Unitary contribution margin= 8,000 / 1,000

Unitary contribution margin= $8

When gasoline gallons are priced in terms of number of seashells, seashells serve as: Group of answer choices

Answers

Answer:

Unit of account

Explanation:

Money serves three functions :

1. Unit of account : money serves the function of determining the value of a good or service. It is usually assumed that goods that are more highly priced are more valuable that goods that have lower prices

2. Medium of exchange : goods and services can be exchanged for money. For example, if I want to buy a gallon of gasoline and pay 4 seashells, money has served as a medium of exchange.

3. store of value: money can be saved, retrieved and exchanged sometimes in the future

9) Selected information regarding a company's most recent quarter follows (all data in thousands). 9) _______ Direct labor $540 Beginning work in process inventory $330 Ending work in process inventory $420 Cost of goods manufactured $1620 Manufacturing overhead $830 What was the cost of direct materials used for the quarter

Answers

Answer:

Direct material= $340

Explanation:

Giving the following information:

Direct labor $540

Beginning work in process inventory $330

Ending work in process inventory $420

Cost of goods manufactured $1620

Manufacturing overhead $830

To calculate the direct material used in production, we need to use the following formula:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

1,620= 330 + DM + 540 + 830 - 420

Direct material= $340

You can use the discounted cash flow method to estimate the cost of a company’s internal equity when the company ______________. g

Answers

Answer:

Pays any amounts of dividends

Explanation:

In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows:
Item Debit Credit
1. Net sales $3,040,000
2. Gain on state's condemnation of company property, net of tax 269,000
3. Cost of goods sold $1,551,448
4. Income taxes expense 206,000
5. Depreciation expense 242,500
6. Gain on sale of wholesale business segment, net of tax 790,000
7. Loss from operating wholesale business segment, net of tax 470,000
8. Loss of assets from a meteor strike, net of tax 642,000
Prepare the income statement for the calendar year 2017.

Answers

Answer:

                                Randa Merchandising, Inc

                                        Income Statement

                           For the year Ended December 31, 2017

Net sales                                                                          $3,040,000

Expenses

Cost of goods sold                          $1,551,448

Depreciation Expenses                   $242,500              $1,793,948

Total Operating Expenses                                            $1,240,052

Other Unusual / infrequent gains (Losses)

Gain on state condemnation of         $269,000

company property, net of tax

Loss of assets from meteror strike,  ($642,000)           $373,000

net of tax

Income from continuing operations before taxes       $867,052

Income Tax expenses                                                      $206,000

Income from Continuing operations                               $661,052

Discontinuing segment

Loss from operating wholesale         $470,000

business segment (net of tax)

Gain on sales of wholesale               ($790,000)           $320,000

business segment (net of tax)

Net Income                                                                      $981,052

All slings shall be manufactured under ASME B30.9 guidelines and must have an affixed permanent identification tag that includes:_______

a. Name or trademark of the manufacturer
b. WLL for given type of hitch and configuration
c. Type of material
d. All of the above

Answers

Answer:

All of the above

Explanation:

All slings must have an affixed permanent identification tag that includes; The name or trademark of the manufacturer, WLL for the given type of hitch and configuration, and also the type of material used for the production of the sling. although there are many slings in the market but slings can be categorized into three recognized categories which are ; synthetic,chain and wire rope.

ASME B30 is charged with the responsibility for the Safety and Standard for Cableways, Cranes, Derricks, Hoists, Hooks, Jacks, and Slings. so they ensure that an affixed permanent identification tag is attached to products as well.

As an initial transaction in a new margin account, a customer sells short 100 shares of ABC at $20 per share. After the customer deposits the appropriate margin, the credit balance in the account will be:

Answers

Answer:

$4,000

Explanation:

Regulation T initial margin to short stock is 50% of $2,000 = $1,500 . However, since this is a new account, it must meet the minimum initial margin of $2,000 required to open the account, hence $2,000 must be deposited.

Therefore, the credit balance in the account will be;

= 2,000 + 2,000 ( 100 × $20)

= $4,000

Schwab’s customers can assemble their own investment portfolios with its mutual fund evaluator tool, an example of

Answers

Answer:

A choiceboard.

Explanation:

This is generally described to be a graphical view or a teaching pattern where a tutor allows the said students to use these graphical knowledge to learn and understand a concept been impacted to them at their own pace. This choiceboard is been set up for so many reasons which may include; the encouraging of communication by giving the children means to request a particular object, also giving children certain visual prompt to say the correct words, it is also seen to streamline the selection of choice down there which could be a selection of choices.

Pearl Corporation issued 1,700 $1,000 bonds at 103. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling separately at 98. The market price of the warrants without the bonds cannot be determined. Use the incremental method to record the issuance of the bonds and warrants.
ex. account title DR
Account title CR

Answers

Answer:

Solution as seen below

Explanation:

Bond = 1,700 × $1,000 × 98%

= $1,666,000

Allocation :

Issue price $1,751,000

(1,700 × $1,000 × 103%)

Bonds ( $1,666,000 )

Warrants $85,000

($1,751,000 - $1,666,000)

Bond face value $1,700,000

(1,700 × $1,000)

Allocated FMV ($1,666,000)

Discounts $34,000

($1,700,000 - $1,666,000)

Which of the following does not represent an outflow of cash and therefore would not be reported on the statement of cash flows as a use of cash?
a. purchase of noncurrent assets
b. purchase of treasury stock
c. discarding an asset that had been fully depreciated.

Answers

Answer:

The answer is C.

Explanation:

Discarding an asset that had been fully depreciated is the correct answer. No exchange of cash was involved in this unlike the purchase of non current asset(which is a cash outflow under investing activities) and the purchase of treasury stock (which is a cash outflow under financing activities).

Discarding a fully depreciated asset only is a non cash transaction.

Suppose Real GDP is $700 billion and Natural Real GDP is $620 billion. To eliminate this ________________gap, Keynesian theory indicates that government should ______________________.

Answers

Answer: d. inflationary; decrease government purchases or increase taxes

Explanation:

Suppose Real GDP is $700 billion and Natural Real GDP is $620 billion. To eliminate this inflationary gap, Keynesian theory indicates that government should decrease government purchases or increase taxes.

The Real GDP is greater than the Natural real GDP which is the potential GDP. When that happens the Economy is said to be overheated and producing above its limits as Aggregate Demand is above Aggregate Supply.

To combat this the Government according to Keynes should embark on policy that will reduce economic activity. The Government can use Contractionary Fiscal Policy that will see it reduce its spending and/or increase taxes. Both of these will have the effect of reducing the amount of money in the economy left for both investment and consumption and cause a fall in the Aggregate Demand.

Walnut has received a special order for 2,700 units of its product at a special price of $200. The product normally sells for $260 and has the following manufacturing costs: Per unit Direct materials $ 64 Direct labor 34 Variable manufacturing overhead 44 Fixed manufacturing overhead 103 Unit cost $ 245 Walnut is currently operating at full capacity and cannot fill the order without harming normal production and sales. If Walnut accepts the order, what effect will the order have on the company’s short-term profit?
a. $162,000 decrease
b. $121,500 increase
c. $121,500 decrease
d. Zero.

Answers

Answer:

a. $162,000 decrease

Explanation:

Sales                                                                          $540,000

(2700 unit * $200)

Less:

Direct materials                                  $172,800

(2700 unit * 64)

Direct labor                                         $91,800

(2,700 unit * $34)

Variable manufacturing overhead     $118,800

(2700 unit * $44)

Contribution loss from existing sale  $318,600       $702,000

2700 unit * ($260-$64-$34-$44)

Effect on Net operating income                              -$162,000

Bronn and Jaime make a written contract where Jaime will sell Bronn his armor and sword for $1,200.
Which of the following is not a defense to the formation of the contract?
Group of answer choices
A. fraud
B. illegality
C. incapacity
D. unconscionability
E. mirror image rule

Answers

Answer: Mirror image rule

Explanation:

It should be noted that the contract formation defenses are fraud, illegality, incapacity, unconscionability, duress and statute of Frauds.

The mirror image rule is not among the defense to the formation of w contract. It implies that an offer should be accepted with no changes made to the offer.

Bluegill Company sells 7,500 units at $320 per unit. Fixed costs are $120,000 and income from operations is $1,560,000. Determine the following: Round the contribution margin ratio to two decimal places.
a. Variable cost per unit $
b. Unit contribution margin $ per unit
c. Contribution margin ratio %

Answers

Answer:

a) $96 per unit

b) $224 per unit

c) 70%

Explanation:

We will have to compute variable cost and contribution margin

Sales $2,400,000

7,500 × 320

Less; Variable cost $720,000

Contribution margin $1,680,000

Less : Fixed cost $120,000

Operating income. $1,560,000

a) Variable cost per unit

= Total variable cost ÷ Total number of units

= $720,000 ÷ 7,500 units

= $96 per unit

b) Unit contribution margin

= Selling price per unit - Variable cost per unit

= $320 - $96

= $224

c) Contribution margin ratio

= (Selling price per unit - Variable cost per unit) ÷ Selling price per unit × 100

= ($320 - $96) ÷ $320 × 100

= $224 ÷ 320 × 100

= 70%

Zhao Co. has fixed costs of $286,200. Its single product sells for $163 per unit, and variable costs are $110 per unit. Compute the level of sales in units needed to produce a target (pretax) income of $106,000.

Answers

Answer:

Break-even point in units= 7,400 units

Explanation:

Giving the following information:

Fixed costs= $286,200

Selling price= $163 per unit

Unitary variable costs= $110

Desired profit=  $106,000

To calculate the number of units to be sold, we need to use the break-even point formula:

Break-even point in units= (fixed costs + desired profit) / contribution margin per unit

Break-even point in units= (286,200 + 106,000) / (163 - 110)

Break-even point in units= 7,400 units

Idaho Industries Inc. is considering a project that has an initial aftertax outlay or aftertax cost of​ $450,000. The respective future cash inflows from its fiveyear project for years 1 through 5 are​ $95,000 each year. Idaho expects an additional cash flow of​ $60,000 in the fifth year. The firm uses the IRR method and has a hurdle rate of​ 10%. Will Idaho accept the​ project? A. Idaho accepts the project because it has an IRR greater than​ 10%. B. Idaho accepts the project because it has an IRR greater than​ 5%. C. Idaho rejects the project because it has an IRR less than​ 10%. D. There is not enough information to answer this question.

Answers

Answer:

c

Explanation:

Internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested

IRR can be calculated using a financial calculator

Cash flow in year 0 =  $-450,000

Cash flow each year from year 1 to 4 = $95,000

Cash flow in year 5 = $95,000 + $60,000 = $155,000

IRR = 5.62%

Idaho would reject the project because the IRR is less than the hurdle rate

To find the IRR 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 IRR button and then press the compute button.  

The Project Evaluation and Review Technique (PERT) was developed as a means of scheduling and controlling projects with constant activity times. Group of answer choices False True

Answers

Answer: False

Explanation:

The Program Evaluation and Review Technique (PERT) is used to know the schedule tasks and also know the critical path variation. It is useful to know the length of time that'll be needed for the completion of every task and how it relates to others in order to know the entire time needed to complete the particular project.

The Project Evaluation and Review Technique (PERT) is not a means of scheduling and controlling projects with constant activity times. The activity time normally varies.

Muckenthaler Company sells product 2005WSC for $30 per unit. The cost of one unit of 2005WSC is $27, and the replacement cost is $26. The estimated cost to dispose of a unit is $3, and the normal profit is 40% of selling price. At what amount per unit should product 2005WSC be reported, applying lower-of-cost-or-market

Answers

Answer:

The product 2005WSC should be reported at $26 per unit.

Explanation:

The lower-of-cost-or-market (LCM) method is a method of recording the inventory of a company which requires that the inventory cost of the company must recorded at whichever is lower between the inventory's original cost or current market price.

Applying lower-of-cost-or-market, the amount per unit at whcih product 2005WSC should be reported can be determined as follows:

Net realizable value (NRV) = Selling price per unit - Cost of disposal per unit = $30 - $3 = $27

Replacement cost (RC) = $26

NRV - Profit Margin = $27 - ($30 * 40%) = $15

Cost per unit = $27

Note that the market is the middle value of Net realizable value (NRV), $27; Replacement cost (RC), $26; and "NRV - Profit Margin", $15. Since the Replacement cost (RC) of $26 is the middle value, that the market value.

Since the market value of $26 per unit is lower than Cost per unit of $27,  by applying lower-of-cost-or-market, the product 2005WSC should be reported at $26 per unit.

On January 1 of the current year, Paisley Company issues a 4-year, non-interest-bearing note with a face value of $7,000 and receives $4,852 in exchange. The recording of the issuance of the note includes a

Answers

Answer and Explanation:

The journal entry is shown below:

Cash Dr $4,852

Discount on note payable $2,148

          To Note payable $7,000

(Being the issuance of the note is recorded)

Here we debited the cash and discount on note payable as it increased the assets and discount are always debited and credited the note payable as it also increased the liabilities so that the proper posting could be done

A stock had returns of 17.88 percent, −5.16 percent, and 20.39 percent for the past three years. What is the variance of the returns?

Answers

Answer:

Variance of the return = 0.01983

Explanation:

[tex]S^{2}[/tex]= Σ[tex](X-X)^{2}[/tex]/ N - 1

Mean return = 17.88% + -5.16% + 20.39% = 11.0367%  

Variance = [(17.88% - 11.0367%)2 + (-5.16% - 11.0367%)2 + (20.39% - 11.0367%)2] /(3 - 1)

Variance = [0.004683 + 0.026233 + 0.008748]/2

Variance = 0.01983

A random selection from a deck of cards selects
one card. What is the probability of selecting a spade?
0.050
Correct Answer
0.250
0.077
You Answered
0.025​

Answers

Answer: 0.250

Explanation:

There are 52 cards in a deck of cards. Out of this there are 13 Spades. The probability of picking a spade at random is therefore;

= 13/52

= 0.250

IOP Company purchased a machine on 1/1/22 costing $500. Estimated life was 5 years; estimated salvage value was $100. In 2025, IOP discovered that the bookkeeper correctly used straight-line depreciation, but erroneously used an estimated life of 8 years in computing depreciation for the first 3 years of life. The Prior Period Adjustment to be recorded in 2025 will be:

Answers

Answer:

The Prior Period Adjustment to be recorded in 2025 will include a $90 debit as adjustment to Retained Earnings

Explanation:

Correct depreciation would have been = ($500-$100)/5 = $80

Depreciation charged wrongly as ($500-$400)/8 = $50

Therefore depreciation has been charged short by $30 for three years, thereby reflecting income greater by $30 each year for 3 years.

Since due to wrong depreciation retained earnings is higher by $90, therefore we have to debit retained earnings by $90

Other Questions
A poem is the very image of life expressed in its eternaltruth. There is this difference between a story and apoem, that a story is a catalogue of detached facts, whichhave no other connexion than time, place, circumstance,cause and effect; the other is the creation of actionsaccording to the unchangeable forms of human nature, asexisting in the mind of the Creator, which is itself theimage of all other minds.- "A Defence of Poetry,"Percy Bysshe ShelleyAccording to the passage, what is the differencebetween a poem and a story?O A poem is difficult to read, while a story isentertainingO A poem includes facts, while a story focuses onhuman nature.O A poem is timeless, while a story is tied to aparticular place and time. A 590-turn solenoid is 12 cm long. The current in it is 36 A . A straight wire cuts through the center of the solenoid, along a 4.5-cm diameter. This wire carries a 27-A current downward (and is connected by other wires that don't concern us).What is the magnitude of the force on this wire assuming the solenoid's field points due east? A ____ tax is a tax levied on the removal of natural resources (especially oil and gas) from the earth. more help plz...!!?? Helena builds a shed in her backyard. There is a larger section for large tools, like her lawn mower, and a smaller section for small tools. What is the length of the entire shed? What type of number is the length? List as many types of numbers for the length as you can. The equator is an _____ line that divides the earth into two. A. imaginary B. imaginative C. imaginable D. imagination rewrite (y x 6) x 5 using the associative property. A one-month summary of manufacturing costs for Rapid Routers Company follows. Direct materials $40,000 Direct labour 20,000 Material handling costs 1,500 Product inspection and rework 2,000 Materials purchasing and inspection 500 Routine maintenance and equipment servicing 1,200 Repair of equipment 300Required:Classify each cost as value-added or non-value-added evaluate the expression for k=6 -18+2k= BRAINLIEST, 5 STARS AND THANKS IF ANSWERED BOTH CORRECTLY. 1. What is the 8th term of the following geometric sequence? -8, 24, -72, 216.. A. 52, 488 B. 5,832 C. 17,496 D. -17,496 ---------- 2. What is the 6th term of the following geometric sequence? 2, -14, 98, -686... A. 33,614 B. -33,614 C. 235,298 D. -235,298 A high school physics student claims her muscle car can achieve a constant acceleration of 10 ft/s/s. Her friend develops an accelerometer to confirm the feat. The accelerometer consists of a 1 ft long rod (mass=4 kg) with one end attached to the ceiling of the car, but free to rotate. During acceleration, the rod rotates. What will be the angle of rotation of the rod during this acceleration? Assume the road is flat and straight. Fats are a healthy part of a diet. True False Simplify the following rational expression and state for what values they are undefined. If Thomas Hobbes lived in this time period, what would they have thought about the French Revolution? Between which two types of judgments does a dialectical conversation move What mass of iron (II) sulfide will be produced if 9.68 g of iron reacts with 6.28 g of sulfur if your computer is gliching what do you do to stop it and some times it turnes off what do you do Millimeters, centimeters, meters,kilometers, inches, feet, andmiles are all examples ofplz help Which rights listed in John Lockes Two Treatises of Civil Government did Thomas Jefferson include when writing the Declaration of Independence? Select all that apply. a. happiness b. property c. liberty d. life If f is a function that f(f(x)) = 2x + 1, which is the value of f(f(f(f(3)))? Please help!