Answer:
Please post the full question together next time.
If Modern Company received $3,650 from Connor Young Company on March 12 for the total amount of an account that had been written off on March 1, the entry to reinstate the account under the direct write-off method would include:______.
a. a debit to Allowance for Doubtful Accounts of $3,650.
b. is the same as it would be under the allowance method.
c. includes a credit to Bad Debt Expense of $3,650.
d. includes a credit to Cash of $3,650.
Explanation:
Under the direct write-off method ,
the journal entry is Bad debt expense A/c Dr XXXXX
To Account receivable A/c XXXXX
(Being the bad debt expense is recorded)
For recording this journal entry, we Debited the bad debt expense and credited the account receivable
This is the answer. Hence, all the given options are incorrect
Sales variance analysis is used by managers for: Select one: a. Planning purposes only. b. Budgeting purposes only. c. Control purposes only. d. Planning and control purposes. e. Planning and budgeting purposes.
Answer:
e. Planning and budgeting purposes.
Explanation:
Sales variance analysis is used by managers for planning and budgeting purposes, as this analysis allows managers to better understand the company's sales scenario in a given period in relation to different variables such as budgeted quantity, quantity sold and amount of profit made.
Through analysis, greater control and strategic planning and future budgets are possible so that an organization remains profitable and competitive in the market.
Suppose that in 2014, currency in circulation was $950 billion, required reserves were $60 billion, and excess reserves were $840 billion. At that time, the value of open market operations by the Federal Reserve was $70 billion. The monetary base was
Answer: $1,850 billion
Explanation:
The following were given in the question:
Currency in circulation = $950 billion
Required reserves = $60 billion
Excess reserves = $840 billion
Open market operations = $70 billion
The monetary base will be the value of all the currency in circulation plus the reserves that is held by the banks and this will be:
= $950billion + $60billion + $840billion
= $1,850 billion
Sandhill, Inc. has a unit selling price of $920, variable cost per unit of $510, and total fixed costs of $280,850. Compute the break-even sales units and sales dollars.
Answer:
(A) 685 UNITS
(B) 630,200 DOLLARS
Explanation:
Variable cost + Fixed cost = Total Cost
The break-even sales units would be the number of units Sandhill Inc. will sell in order to break even; that is, in order for their total cost to equal their total revenue.
If break-even point is the point where TR = TC then it is the same point at which PROFIT = 0
Recall that profit is the positive difference between total revenue and total cost. The negative difference (that is when TR < TC) is called loss.
Let X be = the break-even quantity or number of units, then we have
920x = 510x + 280850
Remember that VC varies or increases with the number of units produced, and so it has the x attached to it in this equation. FC on the other hand remains the same, regardless of the number of units produced.
So the left hand side of the equation has the total revenue, while the right hand side of the equation has the total cost.
Solving algebraically.
920x - 510x = 280850
410x = 280850
x = 280850 ÷ 410 = 685
ANSWER 1
The break-even sales units is 685 units.
The second computation is Sales in Dollars; at break-even sales units.
This revenue or sales is derived thus: Price per unit x Number of units
$920 x 685units = $630,200
ANSWER 2
The break-even total sales or total revenue is $630,200
KUDOS!
Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $145,000 cash on December 1 of the current year by signing a 90-day, 9%, $145,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity.
Answer:
Keesha Co.
1. The date on which this note matures is February 28.
2. Interest expense for the current year is:
= $1,108
3. Interest expense for the following year is:
= $2,109
4. Journal Entries:
December 1:
Debit Cash $145,000
Credit Notes Payable $145,000
a) To record the issuance of the 90-day, 9% notes payable.
December 31:
Debit Interest Expense $1,108
Credit Interest Payable $1,108
b) To accrue interest expense.
February 28:
Debit Notes Payable $145,000
Debit Interest Payable $1,108
Debit Interest Expense $2,109
Credit Cash $148,217
To record the payment of the note at maturity.
Explanation:
a) Data and Calculations:
Notes Payable on December 1 = $145,000
Interest rate on the note = 9%
Duration of note = 90 days
December 1
Plus 90 days
= February 28
Interest expense for the current year = $1,108 ($145,000 * 9% * 31/365)
Interest expense for the following year = $2,109 ($145,000 * 9% * 59/365)
Analysis:
December 1:
Cash $145,000
Notes Payable $145,000
December 31:
Interest Expense $1,108
Interest Payable $1,108
February 28:
Notes Payable $145,000
Interest Payable $1,108
Interest Expense $2,109
Cash $148,217
In the small country of Economerica, there are 6 thousand people employed, 1 thousand people unemployed, and 3 thousand people of working age not included in the labor force. One thousand students graduate from the university and seek jobs in the country, but not one graduate is able to find one. Half of the new graduates believe there is no chance of finding a job and return home to live with their parents. Ceteris Paribus, what would the new unemployment rate be in Economerica?
A. 14.29%
B. 20.00%
C. 25.00%
D. 45.45%
Answer: B. 20.00%
Explanation:
Unemployment rate does not include those who have given up on finding a job.
Unemployment rate = Unemployed people / Labor force
Unemployed people:
= Original unemployed + half the new graduates
= 1,000 + (1,000 / 2)
= 1,500 people
Labor force:
= Unemployed + employed people
= 1,500 + 6,000
= 7,500 people
Unemployment rate:
= 1,500 / 7,500
= 20%
Refer to Exhibit 16.6, which reflects the relationship between the inflation rate and the unemployment rate. If the economy started near point b and government purchases increased, we would expect the economy in the short run to move to _____
Answer: Point C
Explanation:
When government purchases increases, there will be more money in the economy which will have a multiplier effect in the economy of increasing investment and consumption spending both of which will lead to new companies being founded and old companies increasing capacity.
The unemployment rate will therefore decrease as more people are hired to boost capacity but the inflation rate will increase because of the rise in demand. The only point on the graph that shows these two things in point c so that is where the economy will move to in the short run.
Under what circumstances could the Government use open market operations?
Answer:
market operations ? markets have operations?
Answer:
the federal reserve buys and sells government securities control the money supply and interest rates.
Complete the following table:
Exhibit 15-1 Disposable income and consumption data Income (Y) Change in Disposable Income Consumption (C) 0 500 1,000 1,000 1,400 2,000 1,000 2,200 3,000 1,000 2,900 4,000 1,000 3,500 5,000 1,000 4,000 In Exhibit 15-1, when disposable income is increased from $2,000 to $3,000 to $4,000,
Answer: e. the marginal propensity to consume decreases from 0.7 to 0.6
Explanation:
Calculate the marginal propensity to consumer when the disposable income is increased from $2,000 to $3,000 to $4,000.
The Marginal propensity to consume is calculated by the formula:
= Change in consumption / Change in income
When disposable income increased from $2,000 to $3,000.
= (2,900 - 2,200) / (3,000 - 2,000)
= 0.7
When disposable income increased from $2,000 to $3,000.
= (3,500 - 2,900) / (4,000 - 3,000)
= 0.6
The marginal propensity to consume decreased from 0.7 to 0.6.
What should Yelk set as the direct labor rate per hour?
Explanation:
30%
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Hill Company uses the periodic inventory system. It records a transaction that increases the balances in its purchases and accounts payable accounts. Which of the following is true about Hill Company?
a. When the related merchandise is sold, the purchases account will be decreased by the related cost of goods sold.
b. The manner in which this transaction was recorded indicates that Hill returned $6,000 of merchandise to a supplier.
c. The balance in the account will appear on the balance sheet at year end.
d. The manner in which this transaction was recorded indicates that Hill purchased inventory on account.
Answer:
Hill Company
The true statement about Hill Company is:
d. The manner in which this transaction was recorded indicates that Hill purchased inventory on account.
Explanation:
Purchases made on account (or credit terms) are debited to the Purchases account (periodic inventory system) and credited to the Accounts Payable account. This increases the amount of purchases and the accounts payable account respectively by the same amount. If Hill Company uses the perpetual inventory system, the debit goes to the Inventory account and the corresponding credit to the Accounts Payable account.
Refer to the supply and demand data for a certain elective surgical procedure. Without health insurance, the equilibrium price and quantity would be: Group of answer choices $3,000 and 7,000. $2,000 and 11,000. $5,000 and 2,000. $4,000 and 4,000.
Answer:
$3,000 and 7,000
Explanation:
Please find attached the table used in answering this question
Equilibrium price is the price at which quantity demand equal quantity supplied.
Equilibrium quantity is the quantity that equates quantity demand with quantity supplied.
Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded. As a result of the surplus, price would fall until equilibrium is reached.
Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied. As a result of the shortage, price would rise until equilibrium is reached
All of the following are true about a cyclical pattern EXCEPT it is ______. a. often combined with long-term trend patterns and called trend-cycle patterns b. often due to multi-year business cycles c. usually easier to forecast than a seasonal pattern due to less variability d. an alternating sequence of data points above and below the trend line
The statement "it becomes easy to forecast as compared to the seasonal pattern because of the less variability" should be considered.
The information related to the cyclical pattern is as follows:
It should be repeated having regularity for many years. It is mix with the trend i.e. long-term patterns.It contains many year business cycles.It is an alternative for sequencing the data point that is above and below the trending line.But it does not easier for forecasting as the seasonal pattern should be for one year only.
Therefore we can conclude that the statement "it becomes easy to forecast as compared to the seasonal pattern because of the less variability" should be considered.
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Which of the following statements are true regarding technology, gaming, and gambling? #1. Rapid-play poker machines have increased the number of problem and pathological gamblers. #2. Online gambling has resulted in an increased number of problem and pathological gamblers. #3. There is no evidence that technology has led to an increase in the number of people with gambling or gaming addictions. #4. Electronic media is a breeding ground for new addictions, such as Internet, video games, texting, and multiplayer games.
Answer:
1. Rapid-play poker machines have increased the number of problem and pathological gamblers.
2. Online gambling has resulted in an increased number of problem and pathological gamblers.
4. Electronic media is a breeding ground for new addictions, such as Internet, video games, texting, and multiplayer games.
Explanation:
The true statements regarding technology, gaming, and gambling include:
1. Rapid-play poker machines have increased the number of problem and pathological gamblers.
2. Online gambling has resulted in an increased number of problem and pathological gamblers.
4. Electronic media is a breeding ground for new addictions, such as Internet, video games, texting, and multiplayer games.
It should be noted that there are several betting companies nowadays and this has led to more people to be involved in gambling.
Suppose money invested in a hedge fund earns 1% per trading day. There are 250 trading days per year. What will be your annual return on $100 invested in the fund if the manager allows you to reinvest in the fund the 1% you earn each day
Relevant Range and Fixed and Variable Costs
Vogel Inc. manufactures memory chips for electronic toys within a relevant range of 61,600 to 100,800 memory chips per year. Within this range, the following partially completed manufacturing cost schedule has been prepared:
Components produced 61,600 79,200 100,800
Total costs:
Total variable costs . . . . . . . . . $19,712 (d) (j)
Total fixed costs . . . . . . . . . . . . 22,176 (e) (k)
Total costs . . . . . . . . . . . . . . . . . $41,888 (f) (l)
Cost per unit:
Variable cost per unit . . . . . . . (a) (g) (m)
Fixed cost per unit . . . . . . . . . . (b) (h) (n)
Total cost per unit . . . . . . . . . . (c) (i) (o)
Complete the cost schedule below. When computing the cost per unit, round to two decimal places. Round all other values to the nearest dollar.
Cost Report
Components produced 61,600 79,200 100,800
Total costs:
Total variable costs $19,712 (d) $ (j) $
Total fixed costs 22,176 (e) (k)
Total costs $41,888 (f) $ (l) $
Cost per Unit
Variable cost per unit (a) $ (g) $ (m) $
Fixed cost per unit (b) (h) (n)
Total cost per unit (c) $ (i) $ (o) $
Answer:
Variable cost per unit is constant.
Total fixed cost is constant.
Explanation:
Question 4 of 10
Which situation best illustrates the process of capital formation?
O A. A farmer increases his profits by growing a variety of new crops.
B. An artist buys bonds that will increase in value over time.
C. An engineer tries to limit her spending during the week.
O D. A factory worker takes out a high-interest loan to buy a new home.
SUBMIT
Answer:
I think it is B
Explanation:
Answer:
an artist buys bondss that will increase in value over time.
Explanation:
took the test. UwU
A property line conflict between neighbors Prakhash and Elliott escalated as the years went on. The police were called frequently to deal with loud arguments and acts of vandalism between the two until Officer Graves referred them to a community mediation center. In the two weeks since the mediation, the number of calls to police had dropped. Officer Graves contacted Martin, the mediator, and asked if she should consider the conflict resolved. Martin replied that the parties had agreed to meet again for another mediation session, but that the matter of the property line remained a point of tension.
The next day, Graves called the mediation center to tell Martin that Prakhash and Elliott had had a physical altercation, and both were charged with assault.
Which of the following best describes the status of the conflict now?
a) the conflict was resolved
b) the conflict is in the post-conflict stage
c) the conflict re-escalated
d) the conflict de-escalated
The answer to this question is that the conflict re-escalated
A conflict can be described as a very serious disagreement on ideas or interests that can linger on for a long period of time if not resolved.
Re-escalation means that the conflict started to get very serious again even after a mediator stepped in.
Because a mediator party had already stepped into the case and they were already trying to resolve issues, a physical altercation means that it re-escalated.
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In Washburn's factory, what is the break-even point for the new line of guitars if the retail price is (a) $349, (b) $389, and (c) $309? Also, (d) if Washburn achieves the sales target of 2,000 units at the $349 retail price, what will its profit be?
Answer:
a. 186 units
b. 156 units
c. 232 units
d. $370,000
Explanation:
a. Calculation to determine the break-even point for the new line of guitars if the retail price is $349
Using this formula
Break-even point quantity = Fixed cost / Unit price – Unit variable cost
Let plug in the formula
Break-even point quantity = ($14,000 + $4,000 + $20,000) / $349 – ($25 + $120)
Break-even point quantity= $38,000 / $349 - $145
Break-even point quantity= $38,000 / $204
Break-even point quantity= 186.27
Break-even point quantity= 186 units
Therefore the break-even point for the new line of guitars if the retail price is $349 will be 186 units
b. Calculation to determine the break-even point for the new line of guitars if the retail price is $389
Break-even point quantity = ($14,000 + $4,000 + $20,000) / $389 – ($25 + $120)
Break-even point quantity= $38,000 / $389 - $145
Break-even point quantity= $38,000 / $244= 155.74
Break-even point quantity = 156 units (Approximately)
Therefore Therefore the break-even point for the new line of guitars if the retail price is $389 will be 156 units
c. Calculation to determine the break-even point for the new line of guitars if the retail price is $309
Break-even point quantity=($14,000+$4,000+$20,000)/$309 – ($25 + $120)
Break-even point quantity= $38,000 / $309 - $145
Break-even point quantity= $38,000 / $164
Break-even point quantity= 231.71
Break-even point quantity = 232 units (Approximately)
Therefore the break-even point for the new line of guitars if the retail price is $309 will be 232 units
d. Calculation to determine what will its profit be
if Washburn achieves the sales target of 2,000 units at the $349 retail price
Using this formula
Profit = Total revenue – Total cost
Profit= (P x Q) – [FC + (UVC x Q)]
Let plug in the formula
Profit= ($349 x 2000) – [$38,000 + ($145 x 2,000)]
Profit= $698,000 – $328,000
Profit= $370,000
Therefore the profit will be $370,000
If the price exceeds the average variable cost but is less than the average total cost, a firm Group of answer choices should further differentiate its product. is making some profit but less than maximum profit. should stay in business for a while longer until its fixed costs expire. should shut down
Answer:
should stay in business for a while longer until its fixed costs expire.
Explanation:
price exceeds the average variable cost, the firm should continue to operate in the short run
If price is less than the average total cost in the long run, the firm should exit in the long run
Which one of the following is NOT included in the Marketing Mix?
Select one:
a. Promotion
b. Product
c. Distribution
d. Price
e. Personalization
C : Distribution is not included in the marketing mix
Geraldo is a customer care executive at a telecommunications service provider. He receives a complaint from a customer about an unnecessary $20 charge on his phone bill. If the company follows the customer service management process, Geraldo is most likely to _____.
Answer:
Provide a quick response to the customer using customer care software.
Explanation:
Software Programs
This is simply regarded as a service tool or software distribution model where software applications are hosted by a vendor or service provider and made available to customers over a network that is often the internet.
There are some of the software that is available. They includes the following:
Inventory managementReceivingStore Replenishment POS etc.Marketing Channel
This is used by individuals and firms involved in making a product or service available for use or consumption by consumers or industrial users.
Country A and Country B have had an informal trading arrangement for many years wherein merchants on the border of the countries may freely trade goods without the restriction of fees. Which of the following is true?
a. The government of Country A may not arbitrarily begin to charge fees for items brought in from Country B.
b. Country A and Country B have a binding agreement to this arrangement under customary international law.
c. Country A and Country B have no binding agreement under customary international law.
d. More than one response is correct.
Answer:
d. More than one response is correct.
Explanation:
Even though international law does not follow common law, and informal agreements are not enforceable between countries, they tend to facilitate the relationship between them. For example, Canada and the US do not have a strict border patrol and no one is asking for a wall to be built on the Canadian border. It is accepted that US and Canadian citizens cross almost freely as tourists. If someone tried to enforce a strong border policy, the other government would oppose it and it would turn into a diplomatic mess and would probably not be enforceable at all.
As more units of an item are purchased, everything else equal, marginal satisfaction from consuming additional units will tend to Select one: a. decrease at the same rate for all consumers. b. decrease but at different rates for different people. c. increase at the same rate for all consumers. d. increase but at a decreasing rate for all consumers.
Answer:
b
Explanation:
Marginal satisfaction is the additional satisfaction received from consuming an additional unit of a good or service. It is the change in total satisfaction by increasing the quantity consumed by one unit
Marginal satisfaction usually declines as more units of the products is consumed
An example illustrating diminishing marginal satisfaction.
Imagine a traveller arriving from the desert where he hadn't had a drink of water in days .he is offered his first glass of water. the first cup of water he drinks would give him the highest utility. As more and more cups of water is drank, marginal utility decreases. At the point where he is fully satisfied, he stops drinking water and marginal utility becomes zero.
the decrease in marginal satisfaction of this traveller would be slower than the decrease in marginal satisfaction of a person working in an air conditioned office with easy assess to water
define accounting ?
Answer:
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.
Answer:
the action or process of keeping financial accounts.
Explanation:
Bluegill Company sells 14,000 units at $240 per unit. Fixed costs are $168,000, and operating income is $1,176,000. Determine the following:
a. Variable cost per unit.
b. Unit contribution margin.
c. Contribution margin ratio.
Answer:
a. Variable cost per unit:
= (Sales - Fixed costs - Operating income) / number of units sold
= ((14,000 units * 240) - 168,000 - 1,176,000) / 14,000
= 2,016,000 / 14,000
= $144 per unit
b. Unit contribution margin:
= Selling price - Variable cost per unit
= 240 - 144
= $96
c. Contribution margin ratio:
= Unit contribution margin / Selling price
= 96 / 240
= 40%
A new trailer worth $10,000 is purchased and it's expected that the salvage value after 13 years will be $480. If the annual interest rate is 4.20% , what equation would be appropriate to use to determine the Expected Uniform Annual Cost (EUAC)
The equation that is used to determine the Expected Uniform Annual Cost is :
[tex]$A = P(A/P, i,n) - F(A/F, i,n)$[/tex]
It is given that :
Purchased price of a new trailer = $ 10,000
Number of years = 13 years
The salvage value after 13 years = $480
The rate of interest annually = 4.20%
The Estimated Uniform Annual Cost, that is the EUAC method is used to express the life cycle costs as the annualized estimate of the cash flow rather than a lumpsum estimate of the present value.
In other words, it is the annual cost of a system which is equal or equivalent to the discounted total cost.
So the equation that can be used to express the Expected Uniform Annual Cost in the given problem is :
[tex]$A = P(A/P, i,n) - F(A/F, i,n)$[/tex]
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difference between price consumption curve and income consumption curve
Answer:
Price-consumption curve is a graph that shows how a consumer's consumption choices change when price of one of the goods changes. Income-consumption curve is a similar graph which traces changes in demand in response to changes in income.
A company's flexible budget for 12,000 units of production showed total contribution margin of $24,000 and fixed costs, $16,000. The operating income expected if the company produces and sells 15,000 units is:________
a) $34,000.
b) $10,000.
c) $18,667.
d) $8,000.
e) $14,000.
Answer:
e. $14,000
Explanation:
Operating income for 15,000 units = Proportionate contribution - Fixed cost
Operating income for 15,000 units = [($24,000/12,000)*15,000] - $16,000
Operating income for 15,000 units = $30,000 - $16,000
Operating income for 15,000 units = $14,000
So, the operating income expected if the company produces and sells 15,000 units is $14,000.
Discuss various factors that must be considered on the warehouse location decisions?
Answer:
burglar proofing
Explanation:
security
Advantages of equity financing over debt financing include that: Multiple Choice equity financing does not require repayment. dividends are mandatory. stockholders' control will increase. dividends are tax deductible.
Answer: equity financing does not require repayment.
Explanation:
Equity financing simply means a method of financing which has to do with the sale of shares. Debt financing occurs when money is raised by a company through the sale of debt instruments to the investors.
It should be noted that equity financing is the opposite of debt financing. Unlike the debt financing, equity finance doesn't carry a repayment obligation. In this case, the investors purchase the shares in the company and they make money through the dividends gotten or through the eventual sale of shares.
Also, there is less risky with the equity financing as there's no fixed monthly loan payments to make and this can be of immense benefit to startup businesses.
