Jock and Kyla decide to wager, in violation of a state statute, on the outcome of a football game. They each deposit money with Len, who agrees to pay the winner of the bet. Before the game begins, Kyla tells Len that she changed her mind about the bet. Kyla can recover Group of answer choices

Answers

Answer 1

Answer:

The amount of her bet only

Explanation:

A wager is a gamble on a particular outcome of a situation. In this case the outcome of a football match.

However wagering in such a manner is a violation of state staute. So this is an illegal activity.

Jock and Kyla deposit funds for the wager with Len. Before the bet of Kyla changes her mind she can recover the money she deposited.

Len will not be able to withhold he deposit because she can sue and claim this is an illegal activity that she does not want to be part of. Len will be forced.to return at least her own money.


Related Questions

Cantor Corporation acquired a manufacturing facility on four acres of land for a lump-sum price of $9,000,000. The building included used but functional equipment. According to independent appraisals, the fair values were $4,500,000, $3,000,000, and $2,500,000 for the building, land, and equipment, respectively. The initial values of the building, land, and equipment would be:

Answers

Answer:

Initial value of building = $4,050,000

Initial value of land = $2,700,000

Initial value of equipment = $2,250,000

Explanation:

The fair value of an asset refers to a unbiased estimate of the likely market price of the asset.

The initial value of a fixed asset refers to the amount of money that spent to acquire or create the asset.

The initial value of each asset from a group of asset can be calculated using the following formula:

Initial value of an asset = Lump-sum price * (FVA / TFV) ............ (1)

Where, from the questio;

Lump-sum price = $9,000,000

FVA = Fair value of a particular asset. From the question, we have:

Building fair value = $4,500,000

Land fair value = $3,000,000

Land fair value  = $2,500,000

TFV =Total fair value = Building fair value + Land fair value + Land fair value = $4,500,000 + $3,000,000 + $2,500,000 = $10,000,000

Substituting the values into equation (1), we can determine the initial value of each asset as follows:

Initial value of building = $9,000,000 * ($4,500,000 / $10,000,000) = $9,000,000 * 0.45 = $4,050,000

Initial value of land = $9,000,000 * ($3,000,000 / $10,000,000) = $9,000,000 * 0.30 = $2,700,000

Initial value of equipment = $9,000,000 * ($2,500,000 / $10,000,000) = $9,000,000 * 0.25 = $2,250,000

When the Federal Reserve buys long term MBS and Treasury securities from banks and announces its intention to keep buying these assets in large quantities for a long time the effect on commercial banks is to increase the value of fixed income securities that are not sold and at the same time to lower the interest spread between new loans originated and the cost of financing these loans. True False

Answers

Answer:

True

Explanation:

Since, Federal reserve purchased long term MBS in order to pay the less market interest rate and this will cause a rise in the amount of income i.e fixed securities. Also, due to less market interest rate, the financing cost is less and at the same time interest spread is narrower as it provides more liquidity

Therefore the given statement is true

Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. All of the company's transactions with customers, employees, and suppliers are conducted in cash; there is no credit.

The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $76,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows:

Raw materials $10,200
Work in process $4,200
Finished goods $8,200
During the year, the following transactions were completed:

a. Raw materials purchased for cash, $170,000.

b. Raw materials requisitioned for use in production, $141,000 (materials costing $121,000 were charged directly to jobs; the remaining materials were indirect).

c. Costs for employee services were incurred as follows: |Direct labor|$156,000

Indirect labor $185,900
Sales commissions $22,000
Administrative salaries $50,000
d. Rent for the year was $18,800 ($13,600 of this amount related to factory operations, and the remainder related to selling and administrative activities).

e.Utility costs incurred in the factory, $16,000.

f.Advertising costs incurred, $13,000.

g. Depreciation recorded on equipment, $21,000. ($15,000 of this amount was on equipment used in factory operations; the remaining $6,000 was on equipment used in selling and administrative activities.)

h. Manufacturing overhead cost was applied to jobs, $?

i.Goods that had cost $226,000 to manufacture according to their job cost sheets were completed.

j. Sales for the year totaled $514,000. The total cost to manufacture these goods according to their job cost sheets was $220,000.

Required:

(Round your intermediate calculations to 2 decimal places)

1. Prepare journal entries to record the transactions for the year.

2. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.

3. Prepare an income statement for the year.

Answers

Answer:

1)

a. Raw materials purchased for cash, $170,000.

Dr Materials inventory 170,000

   Cr Cash 170,000

b. Raw materials requisitioned for use in production, $141,000 (materials costing $121,000 were charged directly to jobs; the remaining materials were indirect).

Dr Work in process: direct materials 121,000

Dr Manufacturing overhead 20,000

    Cr Materials inventory 141,000

c. Costs for employee services were incurred as follows:

Dr Work in process: direct labor 156,000

Dr Manufacturing overhead 185,900

Dr Sales salaries expense 22,000

Dr Administrative salaries expense 50,000

    Cr Cash 413,900

d. Rent for the year was $18,800 ($13,600 of this amount related to factory operations, and the remainder related to selling)

Dr Manufacturing overhead 13,600

Dr Rent expense 5,200

    Cr Cash 18,800

e.Utility costs incurred in the factory, $16,000.

Dr Manufacturing overhead 16,000

    Cr Cash 16,000

f. Advertising costs incurred, $13,000.

Dr Advertising expenses 13,000

    Cr Cash 13,000

g. Depreciation recorded on equipment, $21,000. ($15,000 of this amount was on equipment used in factory operations; the remaining $6,000 was on equipment used in selling and administrative activities.)

Dr Manufacturing overhead 15,000

Dr Depreciation expense 6,000

    Cr Accumulated depreciation: manufacturing equipment 15,000

    Cr Accumulated depreciation: office equipment 6,000

h. Manufacturing overhead cost was applied to jobs, $?

Dr Work in process 265,200

     Cr Manufacturing overhead 265,200 (170% of direct labor)

i. Goods that had cost $226,000 to manufacture according to their job cost sheets were completed.

Dr Finished goods inventory 226,000

    Cr Work in process 226,000

j. Sales for the year totaled $514,000. The total cost to manufacture these goods according to their job cost sheets was $220,000.

Dr Cash 514,000

    Cr Sales revenue 514,000

Dr Cost of goods sold 220,000

    Cr Finished goods inventory 220,000

2)

Dr Manufacturing overhead ($265,200 - $250,500) 14,700

    Cr Cost of goods sold 14,700

3) Gold Nest Company

Income Statement

Sales revenue                                                                        $514,000

- Cost of goods sold                                                             -$205,300

Gross profit                                                                             $308,700

Operating expenses:

Sales salaries expense -$22,000Administrative salaries expense -$50,000Rent expense -$5,200Advertising expenses -$13,000Depreciation expense -$6,000                                      -$96,200

Operating profit                                                                        $212,500

1. The preparation of journal entries to record the transactions for Gold Nest Company of Guandong, China, is as as follows:

a. Debit Raw materials $170,000

Credit Cash $170,000

b. Debit Work in Process $121,000

Debit Manufacturing Overhead $20,000

Credit Raw materials $141,000

c. Debit Work in Process $156,000

Debit Manufacturing Overhead $185,900

Credit Payroll Expenses $341,900

Debit Selling and Administrative Expenses $22,000

Credit Sales commissions $22,000

Debit Selling and Administrative Expenses $50,000

Credit Administrative salaries $50,000

d. Debit Manufacturing Overhead $13,600

Debit Selling and Administrative Expenses $5,200

Credit Rent Expenses $18,800

e. Debit Manufacturing Overhead $16,000

Credit Utilities Expense $16,000

f. Debit Selling and Administrative Expenses $13,000

Advertising costs $13,000

g. Debit Manufacturing Overhead $15,000

Debit Selling and Administrative Expenses $6,000

Credit Depreciation Expenses $21,000

h. Debit Work in Process $265,200

Credit Manufacturing Overhead (Applied) $265,200 ($1.70 x $156,000)

i. Debit Finished Goods Inventory $226,000

Credit Work in Process $226,000

j. Debit Cash $514,000

Credit Sales Revenue $514,000

j. Debit Cost of goods sold $220,000

Credit Finished Goods Inventory $220,000

2. The journal entry to close the balance in the Manufacturing Overhead account to the Cost of goods sold is as follows:

Debit Manufacturing Overhead $14,700

Credit Cost of goods sold $14,700

3. Gold Nest Company

Income Statement

for the year ended December 31

Sales Revenue            $514,000

Cost of goods sold      205,300

Gross profit               $308,700

Selling and Administrative Expenses:

Sales commission       $22,000

Administrative salaries 50,000

Rent Expenses                5,200

Advertising Expenses   13,000

Depreciation Expenses 6,000

Total selling/admin.  $96,200

Net income             $212,500

Data Calculations:

Estimated manufacturing overhead = $76,500

Estimated direct labor dollars = $45,000

Predetermined overhead rate = $1.70 ($76,500/$45,000)

Beginning inventory balances:

Raw materials = $10,200

Work in process = $4,200

Finished goods = $8,200

Data Analysis:

a. Raw materials $170,000 Cash $170,000

b. Work in Process $121,000 Manufacturing Overhead $20,000 Raw materials $141,000

c. Work in Process $156,000 Manufacturing Overhead $185,900 Payroll Expenses $341,900

Selling and Administrative Expenses $22,000 Sales commissions $22,000

Selling and Administrative Expenses $50,000 Administrative salaries $50,000

d. Manufacturing Overhead $13,600 Selling and Administrative Expenses $5,200 Rent Expenses $18,800

e. Manufacturing Overhead $16,000 Utilities Expense $16,000

f. Selling and Administrative Expenses $13,000 Advertising costs $13,000

g. Manufacturing Overhead $15,000 Selling and Administrative Expenses $6,000 Depreciation Expenses $21,000

h. Work in Process $265,200 Manufacturing Overhead (Applied) $265,200 ($1.70 x $156,000)

i. Finished Goods Inventory $226,000 Work in Process $226,000

j. Cash $514,000 Sales Revenue $514,000

j. Cost of goods sold $220,000 Finished Goods Inventory $220,000

2. Manufacturing Overhead $14,700 Cost of goods sold $14,700

Manufacturing Overhead

b. Raw materials                   $20,000

c. Payroll Expenses            $185,900

d. Rent Expenses                 $13,600

e. Utilities Expense              $16,000

g. Depreciation Expenses  $15,000

h. Work in Process                                 $265,200

Cost of goods sold (Over-applied

overhead)                          $14,700

Cost of goods sold

Finished goods                                   $220,000

Over-applied manufacturing overhead (14,700)

Adjusted cost of goods sold           $205,300

What is a job-order costing system?

A job-order costing system is a costing system that tracks the costs and revenues according to jobs, with jobs allocated job numbers.  It is unlike process costing, which tracks jobs for each process in order to determine the unit costs instead of per job.

Learn more about accounting costs under job-order costing system at https://brainly.com/question/24516871

Improvements in labor​ productivity: A. affect the level of​ wages, but do not affect the rate of economic growth. B. affect the level of​ profit, but do not affect the rate of economic growth. C. contribute to economic growth. D. hinder economic​ growth, because they cause unemployment.

Answers

Answer:

C. contribute to economic growth

Explanation:

Economic growth is an increase in the the production of  goods and services produced in an economy.

Improvements in labor​ productivity increases the output of labour and as a result contributes to economic growth.

Mangum Co. is a large company that segments its business into cost and profit centers. The Cost center for the manufacture of Product M2T incurred the following costs in October:
Direct Labor: $25/unit
Direct Materials: $80/unit
Variable Overhead: $15/unit
Traceable Fixed Costs: $62,000
Common Fixed Costs: $100,000
Sales were 2,000 units in October. Each unit sells for $210. The M2T Department is being evaluated on overall profitability. In September, the department margin was $100,000. By how much did the department margin increase or decrease in October?
a. $100,000 decrease
b. $118,000 increase
c. $18,000 increase
d. $82,000 decrease

Answers

Answer: c. $18,000 increase

Explanation:

Department margin was $100,000 in September.

October Margin = Sales - Variable Costs - Traceable Fixed Costs

= (2,000 *( 210 - 25 - 80 - 15) ) - 62,000

= (2,000 * 90) - 62,000

= $118,000

= October Margin - September Margin

= 118,000 - 100,000

= $18,000 increase

Merry Maidens Cleaning generally charges $280 for a detailed cleaning of a normal-size home. However, to generate additional business, Merry Maidens is offering a new-customer discount of 10%. On May 1, Ms. E. Pearson has Merry Maidens clean her house and pays cash equal to the discounted price. Required: Record the revenue earned by Merry Maidens Cleaning on May 1.

Answers

Answer:

May 1

DR Cash $252

CR Service Revenue $252

(To record payment for services rendered)

Working

Cash = Net Service revenue

Net Service revenue = $280 * ( 1 - 10%)

= 280 * 90%

= $252

Long-Term Solvency Ratios Summary data from year-end financial statements of Palm Springs Company for 2017 follow.
Summary Income Statement Data
Sales $11,692,900
Cost of goods sold 5,135,000
Selling expenses 938,000
Administrative expenses 780,000
Interest expense 2,210,000
Income tax expense 905,000 9,968,000
Net income $1,724,900
Summary Balance Sheet Data
Cash $117,000
Total liabilities $900,000
Noncash assets 1,183,000
Stockholders' equity 400,000
Total assets $1,300,000
Total liabilities and equity $1,300,000
Round answers to two decimal places.
a. Compute the ratio of times-interest-earned.
b. Compute the debt-to-equity ratio.

Answers

Answer:

a. Compute the ratio of times-interest-earned.

times-interest-earned = EBIT / interest expense

EBIT = $4,839,900interest expense = $2,210,000

times-interest-earned = $4,839,900 / $2,210,000 = 2.19

b. Compute the debt-to-equity ratio.

debt-to-equity ratio = total liabilities / total stockholders' equity

total liabilities = $900,000total stockholders' equity = $400,000

debt-to-equity ratio = $900,000 / $400,000 = 2.25

It is important negotiators consider the shadow negotiation carefully before meeting with the other party so they:________

a. understand where the boundaries of the current negotiations are and should be.
b. are clear in their own minds about the scope of the negotiations.
c. understand how they would ideally like to work with the other party.
d. determine what ground the negotiation is going to cover and how the negotiators are going to work together.
e. understand that all the above are important to the shadow negotiations.

Answers

Answer:

b. are clear in their own minds about the scope of the negotiations.

Explanation:

Shadow negotiations refer to the unspoken assumptions that determine how those involved in a deal with each other, whose opinions get heard, whose interests hold sway. Therefore, this is important so the negotiators are clear in their own minds about the scope of the negotiations. Meaning that they go into the negotiation knowing who has more bargaining power and how far they can actually take the negotiation.

If interest rates rise, which of the following U.S. Government debt instruments would show the greatest percentage drop in value?
a. treasury bills.
b. treasury notes.
c. treasury bonds.
d. savings bonds.

Answers

Answer: treasury bonds

Explanation:

The treasury bonds are typically debt securities for the government that have a long maturity period e.g ten years ane above.

If interest rates rise, the U.S. Government debt instruments that would show the greatest percentage drop in value is the treasury bonds because of its longer maturity period.

Which of the following approaches should the Fed use if it experiences large lags and mistakes in monetary policy?
a. Discretionary policy
b. An eclectic approach
c. Fixed rules
d. Fiscal policy

Answers

Answer:

C. Fixed rules.

Explanation:

This is simply a policy that is seen to be a monetary or in some cases fiscal; they are said to be automated in most of its cases and are based on the criteria that are predetermined.

In most cases, these policies are seen to be binding and also categorically constrain officials' policy choices based on certain predetermined criteria to direct them toward serving the public interest.

Many cases by policymakers made this policy to be put in place because most of them generally cannot bind their own future choices, also fixed policy rules usually have to be enforced by some kind of higher authority in order to be binding etc.

Mogul Company ships merchandise to Ski Outfit in a consignment arrangement. The arrangement specifies that Ski Outfit will attempt to sell the merchandise, and in return, Mogul will pay to Ski Outfit a commission of 25% of the selling price on any merchandise sold. During the year, Mogul ships inventory with a cost of $81,000 to Ski Outfit and pays shipping costs of $8,700. By the end of the year, $61,000 of the merchandise has been sold to customers for a total of $86,000. Mogul allocates $6,500 of the shipping costs to inventory sold and the other $2,200 to inventory not sold. Mogul also paid advertising costs during the year of $10,500. What amount of inventory will Mogul report at year end

Answers

Answer:

$22,200

Explanation:

With regards to the above information Mogul company,

Cost of goods

= $81,000 + $8,700

= $89,700

= $61,000 + $6,500

= $67,500

Inventory = Cost of goods - Cost of goods sold

= $89,700 - $67,500

= $22,200

It therefore means that the amount of inventory Magu company will report at the year end is $22,200

If a firm has a service that is valuable, rare, and costly-to-imitate, but a substitute exists for the service, the firm will

Answers

Answer:  the firm will have a temporary competitive advantage

Explanation: The firm in question would have a temporary competitive advantage. Competitive advantage describes something that places a company or business or a person above the competition such as value, rarity, difficult/costly-to-imitate amongst others. However, where a substitute is already in existence for such service, then the firm would have a temporary competitive advantage.

Garfield Company has the following information for the current​ year: Beginning fixed manufacturing overhead in inventory $230,000 Fixed manufacturing overhead in production 850,000 Ending fixed manufacturing overhead in inventory 50,000 Beginning variable manufacturing overhead in inventory $40,000 Variable manufacturing overhead in production 140,000 Ending variable manufacturing overhead in inventory 30,000 What is the difference between operating incomes under absorption costing and variable​ costing?

Answers

Answer:

the difference between operating incomes under absorption costing and variable​ costing is $180,000 .

Explanation:

The difference between the two Operating Incomes lies in the amount of Fixed Overheads that has been deferred in Inventory.

So, calculation of the difference will be as follows :

Beginning fixed manufacturing overhead in inventory              $230,000

Less Ending fixed manufacturing overhead in inventory           ($50,000)

Difference  between  absorption costing and variable​ costing $180,000

Midwest Fabricators Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $85,000 with a $7,000 residual value and a ten-year life. The equipment will replace one employee who has an average wage of $20,210 per year. In addition, the equipment will have operating and energy costs of $4,130 per year. Determine the average rate of return on the equipment, giving effect to straight-line depreciation on the investment. If required, round to the nearest whole percent. %

Answers

Answer:

17.89%

Explanation:

Calculation Determine the average rate of return on the equipment

Using this formula

Average rate of return =Avarage annual income /Average investment

Where,

Avarage annual income=Annual saving - Annual depreciation- Annual operating costs

Average investment= (Beginning costs + Residual value)÷2

Let plug in the formula

Average rate of return=$20,210 - ($85,000- $7,000)÷10 years-$4,130/($85,000+$7,000)÷2

Average rate of return=$20,210-($78,000÷10)-$4,180/($92,000)÷2

Average rate of return=$20,210-$7,800-$4,180/$46,000

Average rate of return=$8,230/$46,000

Average rate of return=0.1789*100

Average rate of return=17.89%

Therefore the average rate of return on the equipment will be 17.89%

Answer:

18%

Explanation:

This can be calculated as using the formula for calculating the average rate of return as follows:

Average rate of return = Average annual income / Average investment in equipment .................. (1)

To use equation (1), we first calculate the following:

Annual cost saving = $20,210

Annual depreciation = (Equipment cost - Residual value) / Useful number of years = ($85,000 - $7,000) / 10 = $7,800

Annual operating and energy costs = $4,130

Average annual income = Annual cost saving - Annual depreciation - Annual operating and energy costs = $20,210 - $7,800 - $4,130 = $8,280

Average investment in equipment = (Equipment cost + Residual value) / 2 = $46,000

Substituting the values for Average annual income and Average investment in equipment into equation (1), we have:

Average rate of return = $8,280 / $46,000 = 0.18, or 18%

Manufacturing produces​ self-watering planters for use in upscale retail establishments. Sales projections for the first five months of the upcoming year show the estimated unit sales of the planters each month to be as​ follows:


Inventory at the start of the year was 975 planters. The desired inventory of planters at the end of each month should be equal to 25% of the following month's budgeted sales. Each planter requires four pounds of polypropylene (a type of plastic). The company wants to have 30% of the polypropylene required for next month's production on hand at the end of each month. The polypropylene costs $0.20 per pound.

Number of planters to be sold
January 3900
February 3200
March 3700
April 4400
May 4900

Required:
Prepare a production budget for each month in the first quarter of the year, including production in units for each month and for the quarter.

Answers

Answer:

              Production budget for the first quarter of 202x

Particulars               January     February     March         Total

Expected sales        3,900        3,200          3,700          10,800

Required ending      800           925             1,100           2,825

inventory

Less beginning        975            800             925            2,700

inventory

Required number    3,725          3,325          3,875         10,925

of units to be produced

The production budget for the first quarter includes the months of January, February and March. It doesn't include any materials, since they are included in the materials purchase budget.

Which of the following is included in the entry to record the issuance of shares of par value common stock at per share for​ cash?
A) Cash is debited for $294,000.
B) Common Stock is debited for $98,000.
C) Common Stock is credited for $294,000.
D) Paid-In Capital in Excess of Par-Common is debited for $196,000.

Answers

Answer:

A) Cash is debited for $294,000. and,

C) Common Stock is credited for $294,000.

Explanation:

When Shares are Issued for Cash, recognize the Assets of Cash (Debit) and also recognize an equity element - Common Stock (Credit).

The Matterhorn Corporation is trying to choose between the following two mutually exclusive design projects:
Year Cash Flow (I) Cash Flow (II)
0 –$87,000 –$55,000
1 36,900 11,700
2 47,000 34,500
3 27,000 28,500
Requirement 1:
(a) If the required return is 10 percent, what is the profitability index for each project? (Do not round intermediate calculations). Round your answers to 3 decimal places.
(b) If the required return is 10 percent and the company applies the profitability index decision rule, which project should the firm accept?
Requirement 2:
(a) If the required return is 10 percent, what is the NPV for each project? (Do not round intermediate calculations. Round your answers to 2 decimal places .

Answers

Answer:

PI for the first project = 1 + ($5,673.93 / 87,000) = 1.065

PI for the second project = 1 + ($5,561.23 / $55,000) = 1.101

b. the second project should be chosen because the PI is higher

NPV for 1 = $5,673.93

NPV for 2 =   $5,561.23

Explanation:

profitability index  = 1 + (NPV / Initial investment)

Net present value is the present value of after tax cash flows from an investment less the amount invested.  

NPV can be calculated using a financial calculator

for the first project

Cash flow in year 0 = –$87,000

Cash flow in year 1 = 36,900

Cash flow in year 2 = 47,000

Cash flow in year 3 =  27,000

I = 10%

NPV = $5,673.93

for the second project

Cash flow in year 0 = –$55,000

Cash flow in year 1 = 11,700

Cash flow in year 2 =  34,500

Cash flow in year 3 = 28,500

I = 10%

NPV = $5,561.23  

PI for the first project = 1 + ($5,673.93 / 87,000) = 1.065

PI for the second project = 1 + ($5,561.23 / $55,000) = 1.101

b. the second project should be chosen because the PI is higher

To find the NPV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

Income statement.  
Use the data from the following financial statement in the popup​ window, Complete the partial income statement if the company paid interest expense of $18,100 for 2014 and had an overall tax rate of 40% for 2014. Complete the income statement​ below:  
​(Round to the nearest​ dollar.)
Income Statement Year Ending 2014
Sales revenue $360,000
Cost of goods sold $150,000
Fixed costs $42,900
Selling, general, and administrative expenses $27,200
Depreciation $45,900 EBIT $
Interest expense $ 18100
Taxable income $
Taxes $
Net income $
Find the accumulated depreciation for 2014 first.
The accumulated depreciation for 2014 is:_____(Round to the nearest dollar.)

Answers

Answer:

Income Statement Year Ending 2014

Sales revenue                      $360,000

Cost of goods sold               $150,000

Gross profit                           $210,000

Fixed costs                             $42,900

Selling, general, and

administrative expenses      $27,200

Depreciation                          $45,900

EBIT                                         $94,000

Interest expense                     $18,100

Taxable income                    $  75,900

Taxes                                     $ 30,360

Net income                          $  45,540

Find the accumulated depreciation for 2014 first.

The accumulated depreciation for 2014 is:_$45,900____(Round to the nearest dollar.)

Explanation:

A company's income statement is one of the three financial statements prepared by the entity at the end of its fiscal period.  The statement compares the company's revenue with the expenses.  After deducting the total expenses from the total revenue, the net income or loss is obtained.  But before arriving at the net income or loss, there are other profit points that are usually calculated.  The first is the gross profit, which is the difference between the sales revenue and the cost of goods sold.  It shows the ability of the management to generate enough revenue to cover the cost of goods sold and make a profit from its trading or primary activities.

The next profit point is the Earnings before Interests and Taxes (EBIT).  This is an important index for checking the financial performance of a company.  The next is the Taxable Income on which the tax rate is determined and paid to government as Company Income Tax.  After deducting the tax expense from the pre-tax income, the final profit point is the After-Tax Income or the Net Income.  This determines the dividends policy and the share of retained earnings of the entity.

Almost certainly you have seen vending machines being serviced on your campus and elsewhere. On a predetermined schedule the vending company checks each machine and fills it with various products. This is an example of which category of inventory model?

Answers

Answer:

Fixed Time Period Model

Explanation:

a fixed time period model ensures that level of inventory is checked regularly for all items. therefore from the question, if the vending company checks each machine and fills it with various product the inventory method is Fixed Time Period Model.

eally Great Corporation manufactures industrial−sized landscaping trailers and uses budgeted machine−hours to allocate variable manufacturing overhead. The following information pertains to the​ company's manufacturing overhead​ data: Budgeted output units 51,000 units Budgeted machine−hours 10,200 hours Budgeted variable manufacturing overhead costs for 51,000 units $387,600 Actual output units produced 35,750 units Actual machine−hours used 14,300 hours Actual variable manufacturing overhead costs $328,900 What is the budgeted variable overhead cost rate per output​ unit?

Answers

Answer:

$7.60 per unit of output

Explanation:

Budgeted output units 51,000 units

Budgeted machine−hours 10,200 hours

Budgeted variable manufacturing overhead costs for 51,000 units $387,600

budgeted variable overhead cost per unit of output = $387,600 / 51,000 units = $7.60 per unit of output

In this case, the applied variable overhead rate = 35,750 units x $7.60 = $271,700, which would have been under-applied since the actual variable overhead costs were much higher, $328,900.

Employers cite dressing inappropriately as one of the biggest mistakes job applicants make in interviews. True or False

Answers

Answer:

True

Explanation:

If you dress inappropriately, that is not showing a good first impression. Most, if not all jobs want to have employees that can dress well, cooperate, and work well with others.

n the cash flow information for the Ping Kings project, Ping spent $300,000 for research and development of the golf clubs. Ping's tax rate is 40%. How much of this cost should be included in the initial (t = 0) cash flow for this project

Answers

Answer: C. $0

Explanation:

When including initial costs in a project's cash-flow, the relevant costs are those that henceforth will be spent on the project. Sunk costs are not to be included because they have already been incurred and cannot be recovered.

Research and Development costs have already been incurred and so are sunk costs. Hence they are not to be included in the initial cash-flow for the project.

The amount of the cost that should be included in the initial (t = 0) cash flow for Ping Kings' Project is D. $300,000.

This is a cash outlay (outflow).  It bears a negative value.  The initial cash flow cannot be $120,000, $180,000, or $0 because of Ping's tax rate of 40%. Under the FASB, Research and Development costs are capitalized.

Secondly, tax is not applied on capital investment but its net income.

Options for this question include:

A. $120,000

B. $180,000

C. $0

D. $300,000

Learn more: https://brainly.com/question/18958117

Twilight Corporation acquired End-of-the-World Products on January 1, 2020 for $6,200,000, and recorded goodwill of $1,000,000 as a result of that purchase. At December 31, 2021, the End-of-the-World Products Division had a fair value of $5,440,000. The net identifiable assets of the Division (including goodwill) had a carrying value of $5,740,000 at that time. What amount of loss on impairment of goodwill should Twilight record in 2021

Answers

Answer:

Loss on impairment of goodwill that should be recorded is $300,000

Explanation:

Carrying value of net identifiable assets   $5,740,000

Less: Fair value                                            $5,440,000

Loss on impairment of goodwill                $300,000

The treasurer of Riley Coal Co. is asked to compute the cost of fixed income securities for her corporation. Even before making the calculations, she assumes the aftertax cost of debt is at least 3 percent less than that for preferred stock.

Debt can be issued at a yield of 11.0 percent, and the corporate tax rate is 20 percent. Preferred stock will be priced at $60 and pay a dividend of $6.40. The flotation cost on the preferred stock is $6.

a. Compute the aftertax cost of debt. (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)
b. Compute the aftertax cost of preferred stock. (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)
c. Based on the facts given above, is the treasurer correct?

Answers

Answer:

a. Compute the after tax cost of debt.

after tax cost of debt = 11% x (1 - tax rate) = 11% x 0.8 = 8.8%

b. Compute the after tax cost of preferred stock.

after tax cost of preferred stock = cost of preferred stock (no taxes are deducted for paying preferred dividends since they are paid in capital)

cost of preferred stocks = $6.40 / ($60 - $6) = $6.40 / $54 = 11.85%

c. Based on the facts given above, is the treasurer correct?

the difference = 11.85% - 8.8% = 3.05%, so the treasurer was right

Research an organization that makes people their primary focus and another organization that makes productivity and efficiency their primary focus. Compare, contrast, and discuss the control techniques and measurements for each organization.

Answers

Answer:

Ritz Carlton hotel focuses on people.

Sony  Focuses on their products.

Explanation:

Ritz Carlton has created its leading brand by providing great ambiance to the visitors and its guest. One can dream of staying at such luxury hotel. They are famous for their hospitality of their guests. The hotel management believes on total quality management. It has set highest standard for themselves and strive to meet them by providing better and better service to its guests. The success of Ritz Carlton is mainly because they keep the comfort of their guests as their highest priority.

Sony has always been striving to serve its customer better. Millennial are the top brands that are considered in market. They are the organizations which capture major market share and are massive market segment. Sony has offered wide range of products to its customers. Their main focus is on their product features and its qualities.

Steelcase Inc. is one of the largest manufacturers of office furniture in the United States. In Grand Rapids, Michigan, it produces filing cabinets in two departments: Fabrication and Assembly. Assume the following information for the Assembly Department:Steel per filing cabinet ............................................. 55 poundsDirect labor per filing cabinet ...................................... 20 minutesSupervisor salaries ................................................ $180,000 per monthDepreciation ...................................................... $28,000 per monthDirect labor rate................................................... $21 per hourSteel cost ......................................................... $0.40 per poundRequired:Prepare a flexible budget for 12,000, 15,000, and 18,000 filing cabinets for the month of August 2014.

Answers

Answer:

Total Flexible Budgets  for 12,000, 15,000, and 18,000 units  is $ 556,000         $ 643,000 and  $830,000  

Explanation:

Steelcase Inc.

Assembly Department:

Steel per filing cabinet ............................................. 55 pounds

Direct labor per filing cabinet ...................................... 20 minutes

Supervisor salaries ................................................ $180,000 per month

Depreciation ...................................................... $28,000 per month

Direct labor rate................................................... $21 per hour

Steel cost ......................................................... $0.40 per pound

Steelcase Inc.

Flexible budget

For the month of August 2014.

Units:                                  12000            15000            18000

Steel for filing cabinet     660,000          825000         990,000 pounds

Steel cost                         $264,000         330,000        $ 396,000

Direct labor Hrs               4,000              5,000               6,000

Direct labor Cost             $84,000       $105,000             $ 126,000

Supervisor salaries      $180,000           $180,000         $180,000

Depreciation                 $28,000             $28,000           $28,000            

 Total                              $ 556,000         $ 643,000          $830,000  

First we find the Steel for filing cabinets in pounds . Then we multiply with the rate to find the steel cost.

Similarly we find the direct labor hours and then the direct labor cost.

We assume that the supervisor salaries and depreciation are fixed.

g Sheffield Corp. purchased a truck at the beginning of 2017 for $109200. The truck is estimated to have a salvage value of $3800 and a useful life of 131750 miles. It was driven 23000 miles in 2017 and 31000 miles in 2018. What is the depreciation expense for 2018

Answers

Answer:

$24,800

Explanation:

Calculation for the depreciation expense for 2018 for Sheffield Corp.

Using this formula

Depreciation expense = (Purchased at the beginning-Salvage value/Useful life)* Driven miles

Let plug in the formula

Depreciation expense=($109,200-$3,800/131,750)*31,000

Depreciation expense=($105,400/131,750)*31,000

Depreciation expense=0.80*31,000

Depreciation expense=$24,800

Therefore the depreciation expense for 2018 will be $24,800

The standard quantity allowed for the units produced was 4000 pounds, the standard price was $2.50 per pound, and the materials quantity variance was $350 favorable. Each unit uses 1 pound of materials. How many units were actually produced

Answers

Answer:

Unites actually produced = 4,000 units

Explanation:

Material quantity variance occurs when the actual quantity used to achieved a given level of output is more or less than the standard quantity.  

It is determined by the difference between the actual and standard quantity of material for the actual level of output multiplied by the the standard price  

Material quantity variance in unit =  Materials quantity variance  in value /standard price

Material quantity variance in unit = 350/2.50 =140  pounds

Actual quantity used (in pounds)  = standard quantity allowed - Material quantity variance

                              = 4000  - 140 = 3,860 pounds

Actual units produced = Standard quantity allowed/ standard quantity  per unit

                                      = 4,000/1 = 4000 units

Unites actually produced = 4,000 units

Tax Services prepares tax returns for senior citizens. The standard in terms of​ (direct labor) time spent on each return is hours. The direct labor standard wage rate at the firm is per hour. Last​ month, direct labor hours were used to prepare tax returns. Total wages were .

Answers

Answer:

Tax Services

Total wages were:

= hourly wage rate * total hours spent on returns for the month

For example, if the hourly wage rate is $50 and the total hours spent on the returns equal 560 hours, the total wages will be equal to $28,000 ($50 x 560).

Explanation:

The Tax Services' total wages will be equal to the hourly wage rate multiplied by the total hours spent on returns during the month.  The total hours spent on the returns for the month is obtained by adding up the hours spent on all the returns.  The total wages depend on the hours worked and the standard wage rate that has been established in the firm.

Which of the following policies often contains clauses that permit a social networking operator to collect and store data on users or even share it with third parties?
1) Terms of Trade policy
2) Terms of Use policy
3) Terms of Endearment policy
4) Terms of Retention policy

Answers

Answer: 2) Terms of Use policy

Explanation:

Terms of service are a contract or agreement between the user of a website or in this case a social networking operator and the social networking operator itself. This agreement is meant to govern the terms of the relationship between the 2 parties in terms of what will be expected of both, i.e, their rights and responsibilities.

On the side of the social networking operator, one of the rights usually listed is one stating that the operator can collect and store data on users or even share it with third parties and so it is important to read the terms of use policy as best you can when you can.

Other Questions
Which expression represents the prime factorization of 243? Why is the lowest c in treble clef called middle c?A. Points to the middle staff line of treble clefB. Points to the middle staff line of the grand staffC.points to the middle staff line of bass clef Causal research describes the marketing phenomena under study. B. Causal research is informal and unstructured. C. Causal research isolates the relationship between an independent variable and a dependent variable. D. Causal research answers the questions of who, what, when, where and how. E. Causal research is the seventh step in the marketing research process. Jose needs to find out how to delete cells from his workbook.Which method is the quickest way for Jose to get step-by-step directions?O Do research on the internet.O Press F1 and type "delete cells in the search bar.O Click the ? on the top-right corner in the Backstage View.O Type "delete cells in the Tell me what you want to do bar. Think back to your predictions. Which of Thoreaus ideas were presented in the text? Check the two boxes that best apply. Akers Company sold bonds on July 1, 2017, with a face value of $100,000. These bonds are due in 10 years. The stated annual interest rate is 6% per year, payable semiannually on June 30 and December 31. These bonds were sold to yield 8%. By July 1, 2018, the market yield on these bonds had risen to 10%.Required:What was the bonds' market price on July 1, 2018? PLEASE ANSWER ASAP!!!Equation in the pictureSolve for r in the equation in the picture. You must use the LCD (Least Common Denominator) to simplify. You can also use cross products to solve.Must show workA. r = 19B. r = 21C. r = 25D. r = 30any unrelated answer will be reported Vince went on a 333 day hiking trip. Each day, he walked 3\4 the distance that he walked the day before. He walked 83.2583, point, 25 kilometers total in the trip. i need help will rate you branliest Predatory pricing is considered an anti-competitive practice, and is considered illegal under competition laws. Which of the following best describes predatory pricing?A. Predatory pricing requires one company to aquire the assets of another.B. One business chooses to put another out of business by pricing its product below the level another competing business must be at to make a profit.C. Predatory pricing occurs when a firm colludes with one or more firms to fix prices or output.D. Predatory pricing is when a business sends someone out to change the price of another company's product so it is higher than its own. Younger and unmarried immigrants (age and marital status) are more likely to be registered voters in the United States. True or False herefore you have no excuse, everyone of you who passes judgment, for in that which you judge another, you condemn yourself; for you who judge practice the same things. This passage means that people are equal because they are all Tori and Gavin were trying to solve the equation: (x+1)^2-3=13(x+1) 2 3=13left parenthesis, x, plus, 1, right parenthesis, squared, minus, 3, equals, 13 Tori said, "I'll add 333 to both sides of the equation and solve using square roots." Gavin said, "I'll multiply (x+1)^2(x+1) 2 left parenthesis, x, plus, 1, right parenthesis, squared and rewrite the equation as x^2+2x+1-3=13x 2 +2x+13=13x, squared, plus, 2, x, plus, 1, minus, 3, equals, 13. Then I'll subtract 131313 from both sides, combine like terms, and solve using the quadratic formula with a=1a=1a, equals, 1, b=2b=2b, equals, 2, and c=-15c=15c, equals, minus, 15." What is the value of the equilibrium constant, K, for a reaction for which G is equal to 5.20 kJ at 50C? Which word best completes this sentence? Me gusta ____________ porque me ahorro dinero. A. el auto B. el taxi C. el tren D. el metro E. la bicicleta The HIJ bond has a current price of $800, a maturity value of $1,000, and matures in 5 years. If interest is paid semi-annually and the bond is priced to yield 8%, what is the bond's annual coupon rate When trying to find the best deals for items, you should what? what is mean by stakeholder To arrive at an accurate balance on a bank reconciliation statement, a credit memorandum from the bank for the collection of a note and interest should be In a double-slit experiment the distance between slits is 5.0 mm and the slits are 1.4 m from the screen. Two interference patterns can be seen on the screen: one due to light of wavelength 450 nm, and the other due to light of wavelength 590 nm. What is the separation in meters on the screen between the m = 5 bright fringes of the two interference patterns?