Answer:
Find answers below.
Explanation:
1. Reduction of trade barriers: allows for a greater mobility of goods and labor.
Some examples of trade barriers are import license, quotas, subsidies, embargo, currency devaluation, local content requirements, tariffs, etc.
A tariff can be defined as tax levied by the government of a country on goods and services imported from another country.
2. Industrialization: enables economic growth in developing countries.
Industrialization can be defined as a strategic process which typically involves the development of various industries in a country by the large-scale introduction of mechanized equipments and use of technology for the manufacturing of goods and services that meets the need or requirements of consumers.
3. Improved communication: facilitates international business and trade.
Basically, when there is an effective and efficient level of communication between two or more countries, it would help to facilitate and enhance the exchange of goods and services between the countries.
4. Development of infrastructure: reduces production and transportation costs.
Typically, when there are good infrastructural development such as roads, electricity, etc., in a society it would ease the movement of goods and services, as well as the cost of production and transportation.
Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as the payment period. $120,000; monthly payments for 7 years; interest rate 7%. g
Answer:
$1,104.68
Explanation:
The payment applicable to the future value of the annuity due can be determined using the future value formula for the annuity due provided below by rearranging the formula such payment is made the subject:
FV=monthly payment*(1+r)^n-1/r*(1+r)
FV=future value=$120,000
monthly payment=unknown(let us assume it is MP)
r=monthly interest rate=7%/12=0.005833333
n=number of monthly payments in 7 years=7*12=84
$120,000=MP*(1+0.005833333)^84-1/0.005833333*(1+0.005833333)
$120,000=MP*(1.005833333)^84-1/0.005833333*(1.005833333)
$120,000=MP*(1.629994009 -1)/0.005833333*1.005833333
$120,000=MP*0.629994009 /0.005833333*1.005833333
$120,000=MP*108.628973152
MP=$120,000/108.628973152
MP=$1,104.68
A trial balance is a(n) (list/balance/chart)
of accounts and their balances at a point in time and is used to confirm that the sum of debit account balances equals the sum of
account balances. Use one word for each blank.
Answer:
- List; credit
"A trial balance is a(n) list of accounts and their balances at a point in time and is used to confirm that the sum of debit account balances equals the sum of credit account balances."
Explanation:
'Trial Balance' is described as the 'statement of the balances of all nominal accounts in a double-entry ledger.' It is primarily made with the aim to examine the equality in the debit, as well as, credit balances. As per the accounting rules, the total value of the debits must be equal to the total of credit values. Any difference or discrepancy in the balance signals that an error has been made in the calculation or making the entries and certain transactions are missed out. Thus, the correct words would be 'list and credit.'
The following estimates have been prepared for a project:Fixed costs: $27,000Depreciation: $18,000Sales price per unit: $4Accounting break-even: 50,000 unitsWhat must be the variable cost per unit
Answer: $3.10
Explanation:
Accounting breakeven = Fixed costs / Contribution margin
Fixed costs = Fixed costs + Depreciation = 27,000 + 18,000 = $45,000
50,000 units = 45,000 / Contribution margin
Contribution * 50,000 = 45,000
Contribution = 45,000 / 50,000
Contribution margin = 0.9
Contribution margin = Sales - Variable cost
0.9 = 4 - Variable cost
Variable cost = 4 - 0.9
= $3.10
Arya has a homeowner’s policy that covers up to $400,000. Her house is completely destroyed in a fire. When an assessment is made of the house and possessions, it is decided that her losses are only worth about $350,000. How much money will Arya receive from her insurer (assuming there is no deductible)? A. $50,000 B. $200,000 C. $350,000 D. $400,000
Answer:
C: 350,000$
Explanation:
If there is no deductible then the insurance would pay the damges. Damages were 350,00$
An organization's budget program should not be used: Group of answer choices to motivate employees. to assign blame to managers that do not meet budgetary goals. to help evaluate managers. to allocate resources to the various parts of an organization.
Answer:
to assign blame to managers that do not meet budgetary goals.
Explanation:
A budget is used to forecast a company's income and expenses over a specified period.
Uses of a budget
1. It is used to evaluate the performance of managers in meeting the amounts stated in the budget
2. It is also used in allocating resources to the various parts of an organization. for example, units that have been forecasted to earn a higher revenue would receive a higher part of the budget
3. It is used to develop an action plan for the organisation
Based upon the following data for a business with a periodic inventory system, determine the cost of merchandise sold for August. Merchandise inventory, August 1 $ 96,610 Merchandise inventory, August 31 100,530 Purchases 254,660 Purchases returns and allowances 13,340 Purchases discounts 6,320 Freight in 4,070Cost of Merchandise Sold for August = ______.
Answer:
Cost of merchandise = $235150
Explanation:
Below is the calculations:
Cost of merchandise = Opening inventory - ending inventory + purchases - purchase return - purchase discount + freight
Now plug the value in the above formula:
Cost of merchandise = 96610 - 100530 + 254660 - 13340 - 6320 +4070
Cost of merchandise = $235150
Monty Corp. has been in business for several years. At the end of the current year, the ledger shows: Accounts Receivable $ 326,200 Dr. Sales Revenue 2,761,700 Cr. Allowance for Doubtful Accounts 6,100 Cr. Uncollectible accounts are estimated to be 6% of accounts receivable. Prepare the entry to adjust Allowance for Doubtful Accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answer and Explanation:
The journal entry is shown below:
Bad debt expense Dr $13,472
To allowance for doubtful debts $13,472
(Being the bad debt expense is recorded)
The bad debt expense is
= 6% of $326,200 - $6,100
= $13,472
Here the bad debt expense is debited as it increased the assets and credited the allowance for doubtful debts
Suppose an economy starts the year with $100 million in capital, and during the course of a year, it adds $20 million of gross investment. Economists estimate that the depreciation rate for this economy is 9% per year.
Required:
a. Calculate depreciation and net investment for this economy.
b. Calculate the value of net exports.
Answer:
Correct word for question b. "Now calculate the amount of next year's beginning capital stock for this economy"
a. Begins the year with $100 million in capital. Depreciation rate is 9% per year
Depreciation = 9% * $100 million
Depreciation = 0.09 * $100 million\
Depreciation = $9 million
Gross investment = $20 million
Net investment = Gross investment - Depreciation
Net investment = $20 million - $9 million
Net investment = $11 million
b. Next year begining capital stock = Capital stock at the begining of previous year + Net investment
Next year begining capital stock = $100 million + $11 million
Next year begining capital stock = $111 million
A company has total revenue of $50,000,000, cost of sales of $40,000,000, operating expenses of $5,000,000, and financing costs of $2,000,000. What are earnings per share if the company has 100,000 shares outstanding and no preferred stockholders
Answer:
$30
Explanation:
Earnings per share = earnings / total outstanding shares
Earnings = total revenue - total cost
total cost = $40,000,000 + $5,000,000 + $2,000,000 = $47,000,000
Earnings = $50,000,000 - $47,000,000 = $3,000,000
Earnings per share = $3,000,000 / 100,000 = $30
epartments have estimated annual factory overhead costs of $256,000 and $480,000, respectively. The Fabrication Dept. expects 25,000 machine hours this year. The Assembly Dept. expects $592,000 DL cost this year. Calculate the factory overhead cost that will be charged to each unit of the two products using multiple production dept. factory overhead rates (round to nearest $0.00).
Answer:
Factory overhead cost charged to each unit:
Fabrication Assembly
Factory overhead rates $10.24 $0.81
Machine hours per unit 5
Direct labor cost per unit $118.40
Factory overhead cost per unit $51.20 $95.90
Explanation:
a) Data and Calculations:
Fabrication Assembly
Annual overhead costs $256,000 $480,000
Expected machine hours 25,000 0
Expected direct labor costs 0 $592,000
Overhead rates $10.24 $0.81
($256,000/25,000) ($480,000/$592,000)
Assuming number of units produced = 5,000
Each unit will consume 5 (25,000/5,000) $118.40 ($592,000/5,000)
machine hours direct labor cost
Overhead cost per unit = $51.20 $95.90
($10.24 * 5) ($118.40 * $0.81)
Which 3 statements about the Client request functionality are correct? Selecting Create client request on the Work screen begins the process Checking the Notify client checkbox means the client will be sent an email You can't add attachments to a client request You can request documents from a non-QuickBooks Online client To update the status of a client request, select the request and then the Status drop-down
Answer: • Selecting Create client request on the Work screen begins the process.
• Checking the Notify client checkbox means the client will be sent an email.
• To update the status of a client request, select the request and then the Status drop-down.
Explanation:
QuickBooks refers to an online accounting software that's utilized by several businesses and can be used in the request of information from ones clients.
From the options given, the statements about the client request functionality which are correct include:
• Selecting Create client request on the Work screen begins the process.
• Checking the Notify client checkbox means the client will be sent an email.
• To update the status of a client request, select the request and then the Status drop-down.
Which ratio measures the number of dollars of operating cash available to meet each dollar of interest and other fixed charges that the firm owes?
Answer:
Fixed-charge coverage ratio
Explanation:
The fixed-charge coverage ratio can be regarded as a rato that gives the measurements of the ability of a firm have to cover all her fixed charges. These fixed charges could be expense as well as debt payments and interest. It displays the wellness that earnings of a company has to cover its fixed expenses. This ratio is considered by bank before they lend money to a business. It should be noted that Fixed-charge coverage ratio measures the number of dollars of operating cash available to meet each dollar of interest and other fixed charges that the firm owes.
On July 1, a company sells 8-year $250,000 bonds with a stated interest rate of 6%. If interest payments are paid annually, each interest payment will be ________.
Answer:
The correct answer is "$15,000".
Explanation:
Given:
Value,
= $250,000
Interest rate,
= 6%
The Interest Payment will be:
[tex]Value\times Interest \ rate[/tex]
= [tex]250,000\times 6[/tex]%
= [tex]15,000[/tex] ($)
Consider an auctioneer who is selling an item through an auction. It is known that the 25 risk-neutral bidders have affiliated values that are distributed between $0 and $500 million. Based on this information, the auction type that will maximize expected revenue is:____.
1. English auction.
2. second-price, sealed-bid auction.
3. first-price, sealed-bid auction and Dutch auction.
4. English auction and second-price, seal-bid auction.
Answer:
2. second-price, sealed-bid auction.
Explanation:
In the given situation, it is mentioned that there is 25 risk -neutral bidders that contains the affiliated values and the same is to be allocated between $0 and $500 million
So, here the type of an action that could maximize the expected revenue is the second price i.e. sealed bid auction as in this the bidder provides the maximum price that received the good in the second maximum price
Therefore, the second option is correct
Andrews Company currently has the following balances in their liability and equity accounts: Total Liabilities: $52,319,000 Common Stock: $8,808,000 Retained Earnings: $45,066,000 Next year the Andrews Company generates $11,500,000 in Net Profit, pays $5,000,000 in dividends, and total liabilities and common stock remain unchanged. What will their total assets be next year
Answer: $112,693,000
Explanation:
Total assets = Equity + Liabilities
Liabilities will not change in the new year.
Retained earnings = Beginning retained earnings + Net income - Dividends
= 45,066,000 + 11,500,000 - 5,000,000
= $51,566,000
Assets = (8,808,000 + 51,566,000) + 52,319,000
= $112,693,000
Note: Equity is the sum of common stock and retained earnings
Travis and Andrea were divorced in 2017. Their only marital property consisted of a personal residence (fair market value of $400,000, cost of $200,000), and publicly traded stocks (fair market value of $800,000, cost basis of $500,000). Under the terms of the divorce agreement, Andrea received the personal residence and Travis received the stocks. In addition, Andrea was to receive $50,000 for eight years. I. If the $50,000 annual payments are to be made to Andrea or her estate (if she dies before the end of the eight years), the payments will qualify as alimony. II. Andrea has a taxable gain from an exchange of her one-half interest in the stocks for Travis' one-half interest in the house and cash. III. If Travis sells the stocks for $900,000, he must recognize a $400,000 gain. a.I, II, and III are true. b.Only III is true. c.Only I and II are true. d.Only I and III are true.
Answer: B. b.Only III is true.
Explanation:
It should be noted that in order to qualify as an alimony, then the cash payments have to stop when the payer dies.
It should be noted that the $50,000 annual payments that are to be made to Andrea or her estate if she dies before the end of the eight years doesn't qualify as alimony.
Therefore, the correct option will be that If Travis sells the stocks for $900,000, he must recognize a $400,000 gain.
Therefore, only III is correct.
Suppose that the owner of Boyer Construction is feeling the pinch of increased premiums associated with workersâ compensation and has decided to cut the wages of its two employees (Albert and Sid) from $25 per hour to $21 per hour. Assume that Albert and Sid view income and leisure as "goods," that both experience a diminishing rate of marginal substitution between income and leisure, and that the workers have the same before- and after-tax budget constraints at each wage. Albert and Sid's opportunity set is presented below:What is the value of A when the wage is $25?What is the value of A when the wage is $21?At the wage of $25 per hour, both Albert and Sid are observed to consume 14 hours of leisure (and equivalently supply 10 hours of labor). After wages were cut to $21, Albert consumes 12 hours of leisure and Sid consumes 16 hours of leisure. Determine the number of hours of labor each worker supplies at a wage of $21 per hour:Albert's supply of labor = _______Sid's supply of labor = ________How can you explain the seemingly contradictory result that the workers supply a different number of labor hours?A. Albert has no income effect, and Sid has no substitution effect when the wage declines to $21.B. Albert's substitution effect dominates his income effect when the wage declines to $21, and vice versa for Sid.C. Albert has no substitution effect, and Sid has no income effect when the wage declines to $21.D. Albert's income effect dominates his substitution effect when the wage declines to $21, and vice versa for Sid.
BusCorp wants to introduce a new procedure to improve how customer requests are handled. This change will require employees to break old routines and adopt new role patterns. They decide to adopt two new programs, one in which employees learn how to work as teams as the company changes. The other involves forming task forces within the company to help determine ne customer service practices.
The formation of task forces to minimize resistance to change is known as:_______.
A. communication.
B. learning.
C. stress management.
D. negotiation.
E. employee involvement.
Answer:
E)Employee involvement
Explanation:
Employee involvement can be regarded as taking part of employees in decision-making process that are crucial to the organization, so that the goals of the organization are met. When employees there is involvement of employees in making decisions, there will be some professional as well as personal stake gained by the employee in the organization as well as the organization overall success. As a result of this there would be increased productivity in part of employees because they will take part actively in various aspects that will bring about success of the firm.
Fitness Fanatics is a regional chain of health clubs. The managers of the clubs, who have authority to make investments as needed, are evaluated based largely on return on investment (ROI). The company's Springfield Club reported the following results for the past year:
Sales $780,000
Net operating income $17,940
Average operating assets $100,000
The following questions are to be considered independently.
Required:
Compute the Springfield club's return on investment (ROI).
Answer:Springfield club's return on investment (ROI) is 17.94%
Explanation:
Return on investment (ROI) is given as the ratio of the net operating income to average operating assets and expressed in percentage .
ROI = Net operating income / Average operating assets
Given that
Net operating income =$17,940
Average operating assets = $100,000
ROI = $17,940/ $100,000 = 0.1794, 17.94%
Therefore, the the Springfield club's return on investment (ROI) is 17.94%
Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the repurchase of stock on June 30?A. Debit Common Stock $2,300; credit Cash $2,300.
B. Debit Common Stock $20; debit Treasury Stock $2,290; credit Cash $2,300.
C. Debit Common Stock $2,300; credit Treasury Stock $2,000; credit Paid-In Capital, Treasury Stock $300.
D. Debit Cash $2,300; credit Paid-in Capital, Treasury Stock $300; credit Treasury Stock $2,000.
E. Debit Cash $2,300; credit Treasury Stock $2,300.
Answer:
When shares are repurchased, they are recorded at the cost price in the books which means that they will be recorded at:
= 100 * 40
= $4,000
Cash will then be credited because assets are credited when they reduce.
Treasury stock will be debited to show that Equity is reducing.
Date Account Title Debit Credit
June, 30 Treasury Stock $4,000
Cash $4,000
April 1 April 30 Raw materials inventory $10,500 $13,500 Work in process inventory 5,350 3,770 Materials purchased in April $98,100 Direct labor in April 80,300 Manufacturing overhead in April 160,000 Prepare the cost of goods manufactured schedule for the month of April
Answer:
cost of goods manufactured= $336,980
Explanation:
First, we need to calculate the direct material used:
Direct material used= beginning inventory + purchases - ending inventory
Direct material used= 10,500 + 98,100 - 13,500
Direct material used= $95,100
Now, the cost of goods manufactured:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 5,350 + 95,100 + 80,300 + 160,000 - 3,770
cost of goods manufactured= $336,980
Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March.
March
1 Brooks invested $185,000 cash along with $26,000 in office equipment in the company
2 The company prepaid $8,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $8,000.
3 The company made credit purchases of office equipment for $5,100 and office supplies for $2,000. Payment is due within 10 days.
6 The company completed services for a client and immediately received $5,500 cash.
9 The company completed a $8,500 project for a client, who must pay within 30 days.
12 The company paid $7,100 cash to settle the account payable created on March 3.
19 The company paid $6,200 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,200.
Required:
a. Prepare general journal entries to record these transactions.
b. Post the journal entries from part 1 to the ledger accounts.
c. Prepare a trial balance as of the end of March.
Answer:
Venture Consultants
1. Journal Entries:
March 1 Debit Cash $185,000
Debit Office equipment $26,000
Credit Common stock $211,000
March 2 Debit Prepaid Rent $8,000
Credit Cash $8,000
March 3 Debit Office equipment $5,100
Debit Office supplies $2,000
Credit Accounts payable $7,100
March 6 Debit Cash $5,500
Credit Service revenue $5,500
March 9 Debit Accounts receivable $8,500
Credit Service revenue $8,500
March 12 Debit Accounts payable $7,100
Credit Cash $7,100
March 19 Debit Prepaid Insurance $6,200
Credit Cash $6,200
b. T-accounts:
Cash
Date Account Titles Debit Credit
March 1 Common stock $185,000
March 2 Prepaid Rent $8,000
March 6 Service revenue 5,500
March 12 Accounts payable 7,100
March 19 Prepaid Insurance 6,200
March 31 Balance $169,200
Prepaid Rent
Date Account Titles Debit Credit
March 2 Cash $8,000
Prepaid Insurance
March 19 Cash $6,200
Office equipment
Date Account Titles Debit Credit
March 1 Common stock $26,000
March 3 Accounts payable 5,100
March 31 Balance $31,100
Office supplies
Date Account Titles Debit Credit
March 3 Accounts payable $2,000
Accounts receivable
Date Account Titles Debit Credit
March 9 Service revenue $8,500
Accounts payable
Date Account Titles Debit Credit
March 3 Office equipment $5,100
March 3 Office supplies $2,000
March 12 Cash $7,100
Common stock
Date Account Titles Debit Credit
March 1 Cash $185,000
March 1 Office equipment 26,000
March 31 Balance $211,000
Service revenue
Date Account Titles Debit Credit
March 6 Cash $5,500
March 9 Accounts receivable 8,500
March 31 Balance $14,000
c. Trial Balance as of March 31
Date Account Titles Debit Credit
Cash $169,200
Prepaid rent 8,000
Prepaid insurance 6,200
Accounts receivable 8,500
Office equipment 31,100
Office supplies 2,000
Common stock $211,000
Service Revenue 14,000
Totals $225,000 $225,000
Explanation:
a) Data and Analysis:
March 1 Cash $185,000 Office equipment $26,000 Common stock $211,000
March 2 Prepaid Rent $8,000 Cash $8,000
March 3 Office equipment $5,100 Office supplies $2,000 Accounts payable $7,100
March 6 Cash $5,500 Service revenue $5,500
March 9 Accounts receivable $8,500 Service revenue $8,500
March 12 Accounts payable $7,100 Cash $7,100
March 19 Prepaid Insurance $6,200 Cash $6,200
Frank is a 60- year-old man who is well-loved in his community since he was a boy. He is someone who is outgoing, a party lover, and love to have fun hanging out with peers. Frank is confident about life. From an early age he knew exactly what he wanted to become, and now as a man, he is confident about his career and family and want to leave them a good life when he departs this life. Frank express that he is not afraid of dying but he wants them to be ok when he is gone.
At work Frank is helpful to his colleagues, and even in his community he is well-known among the elderly since he is always putting on Christmas treats for them.
Imagine that Frank is your colleague, and that your boss asks you to write a character reference for Frank. Using Jung’s personality theory to guide your writing, present a minimum one- page character reference in which you spell out Franks behaviour, his outlook on life, his philosophy about people and all the other important things you know about him. Ensure you point out how these different parts of Franks life fits into Jung’s theory and overall what Jung’s theoretical concept says about him.
Answer:
I had a friend named Frank. He is a good friend of mine.I know him for more than 40 years. He has been with me in all my struggles and my happiness.I am very lucky to have a friend like him. He is not only a good friend of mine he is a good human being.He is friendly and kind to all the people.He is a well behaved person and respectful for everyone he meet.From his childhood he has a burning desire to achieve in life.He studies well and gives 100% in whatever he do.He works passionate in whatever he does.I got all my confidence from him.He had supported my in all my studies and also motivated me to achieve in my life.He got a good family and supported his family and gave them the best as he can.Even after his death he made everything ready for his family so that they will not suffer from his loss.I have never met such a person in my life.I am very ,much thankful for them and really it is a nice platform for me to thank him and i am very happy to write about him.
Explanation:
I had a friend named Frank. He is a good friend of mine.I know him for more than 40 years. He has been with me in all my struggles and my happiness.I am very lucky to have a friend like him. He is not only a good friend of mine he is a good human being.He is friendly and kind to all the people.He is a well behaved person and respectful for everyone he meet.From his childhood he has a burning desire to achieve in life.He studies well and gives 100% in whatever he do.He works passionate in whatever he does.I got all my confidence from him.He had supported my in all my studies and also motivated me to achieve in my life.He got a good family and supported his family and gave them the best as he can.Even after his death he made everything ready for his family so that they will not suffer from his loss.I have never met such a person in my life.I am very ,much thankful for them and really it is a nice platform for me to thank him and i am very happy to write about him.
On June 15, Oakley Inc. sells inventory on account to Sunglass Hut (SH) for $4,500, terms 4/10, n/30. On June 20, SH returns to Oakley inventory that SH had purchased for $1,000. On June 24, SH completely fulfills its obligation to Oakley by making a cash payment. What is the amount of cash paid by SH to Oakley
Answer: $3360
Explanation:
Based on the information given in the question, the amount of cash paid by SH to Oakley will be calculated as thus:
SH will be entitled to a discount of 4% since the payment was made within the discount period, therefore, the discount that is applicable will be:
= $4500 - $1000
= $3,500
Therefore, the amount of cash payment that is made by SH to Oakley will be:
= $3,500 - (4% × $3,500)
= $3500 - (0.04 × $3500)
= $3500 - $140
= $3360
Therefore, the amount of cash paid by SH to Oakley is $3360.
Suppose Siam Traders has the following results related to cash flows for 2020:
Net Income of $7,200,000
Increase in Accounts Payable of $600,000
Increase in Accounts Receivable of $100,000
Decrease in Debt of $700,000
Depreciation Expenses of $2,000,000
Dividends Paid of $500,000
Decrease in Inventory of $1,000,000
Purchases of Property, Plant, & Equipment of $8,300,000
Other Adjustments from Financing Activities of -$100,000
Other Adjustments from Investing Activities of $400,000
Other Adjustments from Operating Activities of -$200,000
Requried:
Create a statement of cash flows with amounts in thousands.
Answer:
Siam Traders
Siam Traders
Statement of Cash Flows (in thousands)
Operating Activities:
Net Income $7,200
Non-cash adjustment:
Depreciation Expenses $2,000
Increase in Accounts Receivable ($100)
Decrease in Inventory $1,000
Increase in Accounts Payable $600
Other Adjustments from Operating Activities ($200)
Net cash from operating activities $10,500
Investing Activities:
Purchases of Property, Plant, & Equipment ($8,300)
Other Adjustments from Investing Activities $400
Net cash from investing activities ($7,900)
Financing Activities:
Decrease in Debt ($700)
Dividends Paid ($500)
Other Adjustments from Financing Activities of ($100)
Net cash from financing activities ($1,300)
Net cash flows $1,300
Explanation:
a) Data and Calculations:
Net Income of $7,200,000
Increase in Accounts Payable of $600,000
Increase in Accounts Receivable of $100,000
Decrease in Debt of $700,000
Depreciation Expenses of $2,000,000
Dividends Paid of $500,000
Decrease in Inventory of $1,000,000
Purchases of Property, Plant, & Equipment of $8,300,000
Other Adjustments from Financing Activities of -$100,000
Other Adjustments from Investing Activities of $400,000
Other Adjustments from Operating Activities of -$200,000
Operating Activities:
Net Income of $7,200,000
Depreciation Expenses of $2,000,000
Increase in Accounts Receivable of $100,000
Decrease in Inventory of $1,000,000
Increase in Accounts Payable of $600,000
Other Adjustments from Operating Activities of -$200,000
Investing Activities:
Purchases of Property, Plant, & Equipment of $8,300,000
Other Adjustments from Investing Activities of $400,000
Financing Activities:
Decrease in Debt of $700,000
Dividends Paid of $500,000
Other Adjustments from Financing Activities of -$100,000
What is probability and non probability sampling?
Explanation:
I hope this will help you.
The F. Mercury, Capital account has a credit balance of $42,000 before closing entries are made. Total revenues for the period are $60,200, total expenses are $42,300, and withdrawals are $11,000. What is the correct closing entry for the expense accounts
Answer: Debit Income Summary $42,300; Credit Expense accounts $42,300
Explanation:
It should be noted that the expense accounts have a normal debit balance and therefore in such case will be closed by crediting of the accounts.
In such case, the income summary account will be debited, and the expenses account will then be credited.
Based on the information given, the correct closing entry for the expense accounts will be:
Debit Income Summary $42,300
Credit Expense accounts $42,300.
What is one result of competition in a free-market economy?
A. The government decides who is allowed to compete in the market.
B. Consumers can choose which company's products they want to
buy.
C. Traditional values determine who will compete in the market.
D. Businesses control the price that all the companies within an
industry can charge.
Answer:
b
Explanation:
Costs of $5,000 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer (FOB shipping point) for a cost of $200. Additional necessary costs of $400 were incurred to acquire the goods. No other incentives or discounts were available. What is the buyer's total cost of merchandise inventory?a. $5,000.b. $5,200.c. $5,400. d. $5,600.
Answer:
d. $5,600
Explanation:
The computation of the total cost of merchandise inventory is shown below:
Cost of goods purchased $5,000
Add: Shipping charges (FOB point) $200
Additional necessary costs to purchase the goods $400
Buyer’s total cost of merchandise inventory $5,600
Hence, the total cost of merchandise inventory is $5,600
Therefore the option d is correct
Your uncle repays a $150 loan from Tenth National Bank (TNB) by writing a $150 check from his TNB checking account. Assume these funds are the only loans and deposits available for your uncle and the bank.
Required:
Write the T-account table.
Answer: See explanation
Explanation:
The T-account for your uncle before the loan is repaid will be:
Your Uncle:
Assets: Bank accounts $150
Liabilities: Loan $150
Tenth National Bank
Assets: Loan and advance $150
Liabilities: Deposits $150
The T-account and TNB for your uncle after the loan is repaid will be:
Your Uncle
Assets: Bank account $0
Liabilities: Loan $0
Tenth National Bank
Assets: Loan and advance $0
Liabilities: Deposits $0
