Answer:
a. It should record revenue on a monthly basis
The Revenue Recognition principle in accounting posits that revenue should only be recognized after the goods and services that the revenue was paid for, have been delivered.
Seacoast Magazine has not delivered the magazine and will do so monthly for 18 months. It should therefore apportion profits to those months and only recognize the profit after the magazines are delivered.
b. Amount of revenue for 8 issues:
= 36/ 18 issues * 8 issues
= 2 * 8
= $16
If the reserve ratio increased from 10 percent to 20 percent, the money multiplier would a. rise from 10 to 20. b. rise from 5 to 10. c. fall from 10 to 5. d. not change.
Answer:
c
Explanation:
Reserve ratio is the percentage of deposits that is required of commercial banks to keep as reserves. The lower the ratio, the higher the increase in money supply
Money multiplier = 1 / reserve requirement
Money multiplier when reserve ratio is 10% = 1/10 = 0.1 = 10%
Money multiplier when reserve ratio is 20% =1/20 = 0.05 = 5%
there is a decrease of money multiplier from 5% to 10% when reserve ratio is increased from 10 percent to 20 percent
MC Qu. 135 Front Company had net income of... Front Company had net income of $86,500 based on variable costing. Beginning and ending inventories were 2,200 units and 4,000 units, respectively. Assume the fixed overhead per unit was $8.60 for both the beginning and ending inventory. What is net income under absorption costing
Answer:
Net income under absorption costing = $101980
Explanation:
Below is the following calculation:
Net income based on variable costing = $86500
Rise in inventory = (4000 - 2200) x 8.60 = $15480
Now find the net income under absorption costing by adding the rise in inventory in the net income based on variable costing.
Net income under absorption costing = $86500 + $15480
Net income under absorption costing = $101980
Department S had 500 units 68% completed in process at the beginning of the period, 8,000 units completed during the period, and 900 units 49% completed at the end of the period. What was the number of equivalent units of production for the period for conversion if the first-in, first-out method is used to cost inventories? Assume the completion percentage applies to both direct materials and conversion cost. a.7,500 b.8,101 c.7,660 d.9,001
Answer: b. 8,101 units
Explanation:
When using the FIFO method to cost inventories, the number of equivalent units for production takes into account the beginning inventory.
It is calculated as:
= (Beginning inventory * (1 - completion rate) ) + (Units completed - Opening inventory) + (Ending inventory * Completion rate)
= (500 * ( 1 - 68%)) + (8,000 - 500) + (900 * 49%)
= 160 + 7,500 + 441
= 8,101 units
Shane wants to invest money in a 6% CD account that compounds semiannually. Shane would like the account to have a balance of $120,000 3-years from now. How much must Shane deposit to accomplish his goal
Answer:
84165.59
Explanation:
[tex]12000=x(1+\frac{.06}{2})^{2*6}\\.\frac{120000}{(1.03)^{12}}=84165.58562[/tex]
which we will round to 84165.59
Gertie was sitting on her porch when she saw William, a person who lived down the street from her whom she occasionally spoke to, walking by, texting on his phone. William turned towards the street, not paying attention to his surroundings. Gertie saw he was about to walk into the path of an oncoming truck but did not warn him and watched as he was hit by the truck and flew through the air. William was badly injured and sued Gertie. What is the likely result
Answer:
William would win the court ruling becuase Gertie saw the truck and knew it was going to hit william
Explanation:
Gertie will not be punished by the court as it was not Gertie's fault for William's injury.
In the context, we see that William was busy texting on his phone when he was walking on the road and he got hit by the oncoming truck.
William should obey the traffic rules and should follow and take precaution while in the street.
His negligence on the street had caused this accident.
Gertie was not obliged to warn him and asked him to be attentive and cautious for any oncoming vehicle on the road.
So when William was badly injured he sued Gertie for his accident, the court gave the result in Gertie's favor and did not punish Gertie.
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During the current year, the following manufacturing activity took place for a company's products. The beginning work in process, 70% complete, was comprised of 10,000 units. Units started into production during the year totaled 150,000 units. A total of 140,000 units were completed during the year. The ending work in process, 25% complete, was comprised of 20,000 units. What was the number of equivalent units using the FIFO method?
a. 138,000.
b. 140,000.
c. 145,000.
d. 150,000.
Answer:
a. 138,000
Explanation:
Equivalent Units of Production (FIFO method)
Whole % Completion Equ. units
Units Dir. Mat.
Beg. Work in process (100% - 70%) 10,000 30% 3,000
Started & completed (140,000-10,000) 130,000 100% 130,000
Ending Work in process 20,000 25% 5,000
Total Equivalent units 138,000
An asset is purchased for $20,000. It has an estimated residual value of $5,000 and an estimated useful life of ten years. After three years of use, the estimated residual value is revised to $4,000. Assuming straight-line depreciation, depreciation expense in year four of use would be
$2,875
Formula (Cost – Residual Value) / Estimated Life = Annual Depreciation
Depreciation for the first three years = [($20,000 - $5,000) ÷ 10] × 3 = $4,500
Book value at the end of the fourth year = $20,000 - $4,500 = $15,500
Depreciation expense the third year = ($15,500 - $4,000) / 4 = $2,875 per yr.
Fred is working on a new storage system for his organization. He needs it to provide storage for the entire private cloud in the data center. Which of the following is he most likely to deploy?
a. SAN
b. NAS
c. NSA
d. DAS
Answer:
a. SAN
Explanation:
Cloud computing can be defined as a type of computing that requires shared computing resources such as cloud storage (data storage), servers, computer power, and software over the internet rather than local servers and hard drives.
Generally, cloud computing offers individuals and businesses a fast, effective and efficient way of providing services.
iSCSI is simply an acronym for Internet Small Computer Systems Interface and it is typically an internet protocol (IP) with respect to a storage area network (SAN) standard used essentially for connecting data storage facilities over a transmission control protocol and internet protocol (TCP/IP).
A storage area network (SAN) can be defined as a high-speed computer network that is specially designed to avail end users the ability to access consolidated, block-level data storage. Thus, storage area network (SAN) typically connects network servers to data storage.
Hence, Fred is most likely to deploy a storage area network (SAN) in this scenario, to provide storage for the entire private cloud in the data center.
At the age of 68, Donna elected a straight life income option for the payout of her $150,000 deferred annuity She received monthly payments for 3 years totaling $42,000 and then she died. How much will her beneficiary get?
Answer:
$0
Explanation:
Given that
The payout is $150,000 for deferred annuity
Monthly payment for 3 years i.e. $42,000 and after this she died
So, here the beneficiary should get zero amount as in the case of the straight life income options, the annuitant should received the payment only when they died the payment should stop so beneficiary should not be eligible for any kind of payment received
Therefore zero amount should be considered
Allo Foundation, a tax-exempt organization, invested $200,000 in cost-saving equipment. The equipment has a five-year useful life with no salvage value. Allo estimates that the annual cash savings from this project will amount to $65,000. On investments of this type, Allo's required rate of return is 12%.The net present value of the project is closest to
Answer:
$34,310.45
Explanation:
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
Only projects with a positive NPV should be accepted. A project with a negative NPV should not be chosen because it isn't profitable.
When choosing between positive NPV projects, choose the project with the highest NPV first because it is the most profitable.
Cash flow in year 0 = $-200,000
Cash flow in year 1 - 5 = 65,000
I = 12%
NPV = $34,310.45
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
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Item Quantity Cost Market Value A 120 $ 60 $ 55 F 170 80 75 K 110 30 40 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items.
Answer:
$22,650
Explanation:
The computation of the ending inventory is given below:
item quantity unit cost unit lower unit lower value
A 120 $60 $55 $55 $6600
B 170 80 75 75 12,750
C 110 30 40 30 3,300
Total $22,650
Smith Company reports the following information: Cost of goods manufactured $68,250 Direct materials used 27,000 Direct labor incurred 25,000 Work in process inventory, January 1 11,000 Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 is a.$8,500 b.$16,250 c.$13,500 d.$18,750
Answer:
Smith Company
Work in process inventory on December 31 is:
= c. $13,500.
Explanation:
a) Data and Calculations:
Work in process inventory, January 1 11,000
Direct materials used 27,000
Direct labor incurred 25,000
Factory overhead (75% of $25,000) 18,750
Total cost for the year = $ 81,750
Cost of goods manufactured 68,250
Work in process inventory, Dec. 31 $13,500
b) Smith's work in process inventory on December 31 equals its total costs incurred by Smith for production for the year minus its cost of goods manufactured. Conversely, if the work in process inventory on December 31 is known, then its cost of goods manufactured equals its total production costs minus the ending work in process.
Both UTech Inc. and Mirco Corp. incur a cost of $200 to manufacture a single unit of a cell phone. However, UTech Inc. charges a higher price than Mirco Corp. does, but it still sells a higher number of phones. What does this imply
Answer: UTech Inc. creates more economic value than Micro Corp. does.
Explanation:
Economic value refers to the measure of the benefit that an economic agent such as an individual, firm or government gets when a good or service is consumed.
In this case, since consumers derive more economic value from the good, even though it's costlier, they'll be willing to pay a higher price.
Therefore, UTech Inc. creates more economic value than Micro Corp. does.
What will most likely occur if a company eliminates an unprofitable segment when a portion of fixed costs are unavoidable?
a. All expenses of the eliminated segment will be eliminated.
b. Net income will decrease.
c. Net income will increase.
d. The company's variable costs will increase.
Answer: b. Net income will decrease.
Explanation:
The unavoidable fixed costs were being covered by the unprofitable segment so if the segment is removed, the unavoidable fixed cost will have to be deducted from the profits of the other segment/s.
When this happens their profit will decrease because those segments will now be covering more fixed costs than before. This is why it is usually better to keep an unprofitable segment going if it incurs unavoidable fixed costs.
During July at Loeb Corporation, $83,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,000. The journal entry to record the requisition from the storeroom would include a:
Answer:
Debit to work in process for $79,000
Explanation:
The journal entry is shown below:
Work in process Dr $79,000
To Direct material $79,000
(Being requistion from the storeroom is recorded)
Here work in process is debited as it increased the assets and credited the direct material as it decreased the assets
Working note
Total material requisitions. = $ 83,000
Less : Indirect material. =. ($ 4000)
Direct material $79,000
Linda earned an income of $3,000 per month, which has now increased to $3,500 per month. She saves 10 percent and spends the remainder on food, lodging and other expenses. So far, she has managed to save $20,000. What is her marginal propensity to save (MPS)
Answer:
the mps is 0.10
Explanation:
Given that
Income increased from $3,000 to $3,500 per month
ALso she saved 10% and spend the remaining on other expenses
So, she saved $20,000
Now the marginal propensity to consume is
As we know that
MPS = change in saving ÷ change in income
So put the values
After putting out the values, the mps is 0.10
Peck Company purchased Sanno Company common stock in a series of open-market cash purchases from 2012 through 2014 as follows: Date Shares Acquired Cost January 1, 2012 1,830 $45,400 January 1, 2013 4,575 94,500 January 1, 2014 10,065 265,716 Sanno Company had 18,300 shares of $20 par value common stock outstanding during the entire period. Retained earnings balances for Sanno Company on relevant dates were January 1, 2012 $19,600 January 1, 2013 (30,600 ) January 1, 2014 83,800 December 31, 2014 170,000 Dividends in the amount of $50,600 were distributed by Sanno Company only in 2014. Any difference between implied and book values is assigned to goodwill. Peck Company uses the cost method to account for its investment in Sanno Company. Collapse question part (a) Prepare the journal entries that Peck Company would record on its books during 2014 to account for its investment in Sanno Company.
Answer:
Peck Company
Journal Entries:
January 1, 2012:
Debit Investment in Sanno Company $45,400
Credit Cash $45,400
To record the investment in 1,830 shares (or 10%).
January 1, 2013:
Debit Investment in Sanno Company $94,500
Credit Cash $94,500
To record the investment in 4,575 shares (or 25%).
January 1, 2014:
Debit Investment in Sanno Company $265,716
Credit Cash $265,716
To record the investment in 10,065 shares (or 55%).
Explanation:
a) Data and Calculations:
Date Shares Acquired Cost Percentage
January 1, 2012 1,830 $45,400 10% (1,830/18,300 * 100)
January 1, 2013 4,575 94,500 25% (4,575/18,300 * 100)
January 1, 2014 10,065 265,716 55% (10,065/18,300 * 100)
Total shareholding 16,470 $405,616
Sanno's shares 18,300 at $20 par value
January 1, 2014:
Non-controlling interest = 1,830 (18,300 - 16,470) 10% (1,830/18,300 * 100)
Transaction Analysis:
January 1, 2012: Investment in Sanno Company $45,400 Cash $45,400 for 1,830 shares (or 10%)
January 1, 2013: Investment in Sanno Company $94,500 Cash $94,500 for 4,575 shares (or 25%)
January 1, 2014: Investment in Sanno Company $265,716 Cash $265,716 for 10,065 shares (or 55%)
Units to be Assigned Costs Kraus Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 4,000 tons from the Casting Department in October. During October, the Rolling Department completed 3,900 tons, including 200 tons of work in process on October 1. The ending work in process inventory on October 31 was 300 tons. How many tons were started and completed during October? fill in the blank 1 tons
Answer:
the no of tons started and completed is 3700
Explanation:
The computation of the no of tons started and completed is given below:
Units Completed = Beginning Work in Process Units Completed + Units started and Completed during October
3,900 = 200 + Units started and Completed during October
So,
Units started and Completed during October = 3,700
Hence, the no of tons started and completed is 3700
An employee of yours often offers excellent analysis and is able to quote facts and figures from memory during meetings; and they enjoy this aspect of their work. For this employee, analytical thinking might be considered a(n) ______ in CAPP Strengths. realized strength unrealized strength weakness learned behavior none of these innate behavior
Answer:
Realized strength
Explanation:
CAPP MODEL
This is simply called "Centre of Applied Positive Psychology".
Capp strength
This is are known to be more of fluid than personality traits and can occur over one's lifetime through different situations we experience.
The four quadrants of CAPP's Realise2 strengths model includes
1. Realized strengths
2. Unrealized strengths
3. Learned behaviours
4. Weaknesses.
Strengthss
This is simply known as an important or more so than weaknesses, a number of divisions are used by positive psychologist to help identify and measure your strengths. It is simply known as an attribute or quality of an individual that gives or accounts for successful performance.
The approach to strengths fully realized is simply to identify strengths and weaknesses to improve performance.
How LinkedIn’s weekly invite limits are affecting marketers?
Answer:
B2B marketers and businesses who rely on LinkedIn for lead generation are greatly affected by these new limits. The growth of their business greatly depends on the outreach and 100 connection requests per week is just not enough.
However, when there’s a problem, there’s always a solution.
Here are some best ways to help you get beyond the new LinkedIn limits:
USE EMAILS TO SEND INVITESCREATE AN AMAZING CONTENT STRATEGYUSE INMAILSLinkedIn’s new weekly limit has some benefits but a number of drawbacks for B2B marketers and business owners.
a. Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2020. On June 30, Martinez declared and paid $75,000 cash dividends to all stockholders. On December 31, Martinez reported net income of $122,000 for the year. At December 31, the market price of Martinez Fashion was $15 per share.
b. Monica, Inc. obtained significant influence overSeles Corporation by buying 30% of Seles's 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1,2017. On June 15, Seles declared and paid cash dividends of $36,000 to all stockholders. On December 31, Seles reported a net income of $85,000 for the year.
Required:
Prepare all necessary journal entries in 2017 for both situations.
Answer:
A. 18-03
Dr Investment in AFS $260,000
Cr Cash $260,000
30-06
Dr Cash $7,500
Cr Dividend Revenue $7,500
31-12
Dr Securities Fair value Adjustment $40,000
Cr Unrealized Holding Gain $40,000
B. 01/01
Dr Investment in S Corp $81,000
Cr Cash $81,000
15/06
Dr Cash $10,800
Cr Investment in S Corp $10,800
31/12
Dr Investment in S Corp $25,500
Cr Revenue from Investment
Explanation:
Preparation of all necessary journal entries in 2017 for both situations.
A. Journal entries
18-03
Dr Investment in AFS $260,000
(200000*10%*13)
Cr Cash $260,000
(To Record investment made)
30-06
Dr Cash (75000*10%) $7,500
Cr Dividend Revenue $7,500
(To Record Dividend Earned)
31-12
Dr Securities Fair value Adjustment $40,000
Cr Unrealized Holding Gain $40,000
( 20000*2)
(To Record Investment at Fair Value(
B. Journal Entries
01/01
Dr Investment in S Corp $81,000
(30000*30%*9)
Cr Cash $81,000
(To Record investment made)
15/06
Dr Cash $10,800
(36000*30%)
Cr Investment in S Corp $10,800
(To Record Dividend Earned)
31/12
Dr Investment in S Corp $25,500
(85000*30%)
Cr Revenue from Investment $25,500
(To Record Income earned)
The Agile way is:
Select the correct option(s) and click Submit.
To produce working software of high business value and of the right quality, early and incrementally
To produce working software only after requirements documentation has been signed off by the Product Owner
To
To produce simple prototypes early, and release all only at the end of the project.
Each developer to sit with business every day, code as they mutually discuss, and move to production when the business
SUBMIT
Answer: To produce working software of high business value and of the right quality, early and incrementally
Explanation:
Agile working has to do with bringing of people, technology, connectivity, time together in order to find an effective way of doing a particular task.
The agile way is to produce working software of high business value and of the right quality, early and incrementally.
Therefore, the correct option is A
Over the last six years, prices and investing activity in the bond market rose for two years and then fell consistently for the next four years. How is this market classified? Primary bull market Secular bull market Secular bear market Primary bear market
Answer:
Secular bear market
Explanation:
A secular bear market is a long term trend that lasts between 5 to 25 years which consists of a smaller bull market and a larger bear market. It means that a small period of increase in prices is followed by a prolonged period of a decrease in price.
A secular bear occurred between January 1980 to June 1999 in the gold market. During this time, the price of gold fell $850/oz to $253/oz
A secular bull market is a long term trend that lasts between 5 to 25 years which consists of a small period of decline in prices is followed by a prolonged period of a rise in price.
Costs that vary in total in direct proportion to changes in an activity level are called: Group of answer choices fixed costs sunk costs variable costs differential costs
Answer:
variable costs
Explanation:
Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments
If production is zero or if production is a million, Mortgage payments do not change - it remains the same no matter the level of output.
Hourly wage costs and payments for production inputs are variable costs
Variable costs are costs that vary with production
If a producer decides not to produce any output, there would be no need to hire labour and thus no need to pay hourly wages.
At the end of its first month of operations, Michael's Consulting Services reported net income of $31,600. They also had account balances of: Cash, $22,400; Office Supplies, $3,100 and Accounts Receivable $12,200. The owner's total investment for this first month was $6,100. There were no owner withdrawals in the first month was $5,850.
Required:
Calculate the ending balance in stockholders' equity to be reported on the Balance Sheet.
Answer:
Explanation:
Calculate the ending balance in stockholders' equity to be reported on the Balance Sheet.
thế nào là lọi ích so sánh
Answer:
Lợi thế so sánh hay Ưu thế so sánh là một nguyên tắc trong kinh tế học phát biểu rằng mỗi quốc gia sẽ được lợi khi nó chuyên môn hóa sản xuất và xuất khẩu những hàng hóa mà mình có thể sản xuất với chi phí tương đối thấp (hay tương đối có hiệu quả hơn các nước khác); ngược lại, mỗi quốc gia sẽ được lợi nếu nó nhập khẩu những hàng hóa mà mình có thể sản xuất với chi phí tương đối cao (hay tương đối không hiệu quả bằng các nước khác). Nguyên tắc lợi thế so sánh cho rằng một nước có thể thu được lợi từ thương mại bất kể nó tuyệt đối có hiệu quả hơn hay tuyệt đối không hiệu quả bằng các nước khác trong việc sản xuất mọi hàng hóa. Nguyên tắc lợi thế so sánh là khái niệm trọng yếu trong nghiên cứu thương mại quốc tế. Nhà kinh tế học được giải thưởng Nobel năm 1970 Paul Samuelson đã viết: "Mặc dù có những hạn chế, lý thuyết lợi thế so sánh vẫn là một trong những chân lý sâu sắc nhất của mọi môn kinh tế học. Các quốc gia không quan tâm đến lợi thế so sánh đều phải trả một cái giá rất đắt bằng mức sống và tăng trưởng kinh tế của chính mình."
Explanation:
Carpenter Inc. had a balance of $88,000 in its quality-assurance warranty liability account as of December 31, 2020. In 2021, Carpenter's warranty expenditures paid were $453,000. Its warranty expense is calculated as 1% of sales. Sales in 2021 were $40.8 million. What was the balance in the warranty liability account as of December 31, 2021
Answer:
$43,000
Explanation:
Warranty expense for 2021 = $40.8 millions * 1%
Warranty expense for 2021 = $408,000
Balance in Liability on 31 Dec = Warranty Liability on 1 Jan + Warranty Expenses - Warranty Expense paid
Balance in Liability on 31 Dec = $88,000 + $408,000 - $453,000
Balance in Liability on 31 Dec = $43,000
So, the balance in the warranty liability account as of December 31, 2021 is $43,000.
A $1,000 bond matures in 15 years and carries a 5 percent coupon. The bond is callable in 5 years at a premium equal to one year's interest payments. What is the correct formula for computing the current price given a market rate of 4.7 percent
Answer:
The formula is
Price of the bond = [ $25 x ( 1 - ( 1 + 2.35% )^-30 )/ 2.35% ] + [ $1,000 / ( 1 + 2.35% )^30 ]
Explanation:
To calculate the price of the bond, use the following formula
Price of the bond = [ Coupon payment x ( 1 - ( 1 + Semiannual market rate )^-numbers od periods )/ Semiannual market rate ] + [ Face value / ( 1 + Semiannual market rate )^numbers of periods ]
Where
Coupon payment = $1,000 x 5% x 6/12 = $25
Semiannual market rate = 4.7% x 6/12 = 2.35%
Numbers of periods = 15 years x 12/6 = 30
Face value = $1,000
Placing values in the formula
Price of the bond = [ $25 x ( 1 - ( 1 + 2.35% )^-30 )/ 2.35% ] + [ $1,000 / ( 1 + 2.35% )^30 ]
Karen timely filed her 2016 return on April 15, 2017. Under ordinary circumstances, what is the last day she can file an amended 2016 return?
A. April 15, 2019.
B. October 15, 2019.
C. April 15, 2020.
D. October 15, 2020.
Answer: C. April 15, 2020.
Explanation:
If Karen hopes to receive a refund on the amended 2016 return then she should file it within 3 years of the day she filed her 2016 return.
She filed her 2016 return on April 15, 2017 so three years from then would be:
= 2017 + 3
= 2020
April 15, 2020
In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available:
Net income for the year was $52,000
Accounts payable increased by 18,000
Accounts receivable decreased by 25,000
Inventories increased by 5,000
Depreciation expense was 30,000
Net cash provided by operating activities was: ________
a) $80,000
b) $70,000
c) $130,000
d) $120,000
e) $60,000
Answer:
d) $120,000
Explanation:
Calculation to determine what Net cash provided by operating activities was:
CASH FLOWS FROM OPERATING ACTIVITIES $
Net Income 52,000
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation expense was 30,000
Increase Accounts Payable 18,000
Decrease Accounts Receivables 25,000
Less Increase in Inventory (5,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES 120,000
Therefore Net cash provided by operating activities was:$120,000
