On discovering an improperly adjusted drill press, Jack Joyner, Director of Quality Control, ordered an inspection of every fifth casting drilled during the evening shift. Less than 1% of the sampled castings were defective; so, Jack released the evening shift's production to assembly. This is an example of _______________.

Answers

Answer 1

Answer:

Inferential statistics

Explanation:

Here, every fifth casting drill during evening shift is selected to identify the defectiveness of the casting. That is, every drill is considered as the sample. It is clear that the inference about the population is made. That is, less than 1% of the casting was defective, hence, it is concluded that is an example of inferential statistics


Related Questions

When sales increase by 3%, which of the following should also increase by 3% in a merchandising company?
A. Variable cost.
B. Fixed cost.
C. Gross margin.
D. Contribution margin.
E. Net operating income.
When sales increase by 13%, which of the following should increase by more than 13% in a merchandizing company?
A. Variable cost.
B. Fixed cost.
C. Gross margin.
D. Contribution margin.
E. Net operating income.

Answers

Answer:

Part 1

C. Gross margin

E. Net operating income

Part 2

C. Gross margin

E. Net operating income

Explanation:

A merchandizing company bought goods for resale rather than manufacturing and selling as seen with manufacturing companies.

The items which vary with sales in a merchandizing company are Gross Margin and Net Operating income. Such are the items that will increase with an increase in Sales.

Paying higher wages encourages workers to be more productive. Higher wages cause workers to shirk more of their responsibilities. Paying higher wages enhances workers to adopt healthier lifestyles, enhancing their productivity. Paying higher wages tends to reduce the average experience level of a firm's workers.

Answers

Answer:

The answer is "Choice First and third"

Explanation:

Please find the complete question in the attached file.

The higher wages will improve the productivity of workers in various ways, that are salary with the number of workers exceeds the cost of labor, in the fewer countries. It can be associated with both the poor diet and over-market wages in these environments can enable the workers of the company to remain fit and efficient. The fewer employees may decide to seek other employment opportunities when a business pays salaries just above the current market price. This elimination of employee sales will minimize company training costs because new employees need to be trained.

The amount of joint costs allocated to product DBB-1 using the sales value at split-off method is (calculate all ratios and percentages to 2 decimal places, for example 33.33%, and round all dollar amounts to the nearest whole dollar): $2,213,640. $939,240. $216,870. $757,800. $447,120.

Answers

Answer:

$2,213,640

Explanation:

Calculation for the amount of joint costs allocated to product DBB-1 using the sales value at split-off method

First step is to calculate the total amount

DBB-1= 16,000 units *$25

DBB-1= 400,000

DBB-2= 24,000 units *$35

DBB-2= 840,000

DBB-2= 36,000 units *$55

DBB-2= 1,980,000

Total =3,220,000

(400,000+840,000+1,980,000)

Second step is to calculate the Weight for DBB-3

Weight for DBB-3= 1,980,000 / 3,220,000 Weight for DBB-3=61.49%

Now let calculate the Joint cost for DBB-3

Joint cost for DBB-3=$36,00,000*61.49%

Joint cost for DBB-3=$2,213,640

Therefore The amount of joint costs allocated to product DBB-1 using the sales value at split-off method is $2,213,640

in 2001 an outbreak of hoof-and-mouth disease in europe led to the burning of millions of cattle carcasses. discuss the demand and supply implication caused by the outbreak, for an in-depth analysis of the discussion topic you may use all of the resources available to you. what impact would you expect on the supply of cattle hides, hide prices, the supply of leather goods, and the price of leather goods

Answers

Answer:

High demand

Low supply

High prices

Explanation:

The demand and supply of products, goods and services is heavily dependent on several factors ranging from economic, health and social factors. Disease and viral outbreaks have devastating effects on the market forces of demand and supply which in most cases will impact the market negatively with characteristically high prices and scarcity of products. The mouth and hoof outbreak in Europe was one which impacted the economy including farmers, leather and hides workers and all whose businesses and sustainability depends on cattles and its products. Due to the contagious nature of the disease and the ease at which it could spread if curtailment isn't effected on time, millions of cattles were slaughtered on sighting the symptoms and it's products including skins are burnt leading to losses in billions on the path of cattle rearers, shortage of lather, hides and skins, restriction in international product trade in other to avoid its spread to other parts of the world. These resulted in low supply and high demand of cattles and its products including leather goods meaning High prices for little available.

Suppose the statutory incidence were instead on the consumers. Calculate the new equilibrium price and quantity in the market. In that case, the dollar portion of the $0.75/drink tax that is borne by consumers is $ . The dollar portion of the $0.75/drink that that is borne by producers is $ .

Answers

Answer:

The new equilibrium price is $6.43 and the quantity is 374.28

The tax borne by consumers is 0.72

The tax borne by producers is 0.03

Explanation:

The old equilibrium price of the bubble tea was $5.71 while the new price of the bubble tea is $6.43. The new price includes the tax effect which is paid by the consumers. The difference in the two equilibrium prices is the tax which is borne by consumers.

Hours of labor or number of workers are common ways of measuring a company’s...

Answers

Answer:

productivity

Explanation:

The "productivity" of employees in a company is essential because it affects the company's profit. In order to measure or calculate the individual employee's productivity, you have to consider the hours of labor and the number of workers.

You have to divide the total output to the hours of labor in order to get the amount that your company is generating per hour of work.You have to divide the total output to the number of workers in order to get the the amount that every employee produced for your company per week.

A friend asks to borrow $55 from you and in return will pay you $58 in one year. If your bank is offering a 6% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $55 instead

Answers

Answer:

$58.3

Explanation:

Interest = principal x interest x time

$55 x 0.06 x 1 = $3.3.

Amount = principal + interest

= $55 + $3.3. = $58.3

A company has derivatives transactions with Banks A, B, and C which are worth +$20 million, −$15 million, and −$25 million, respectively to the company. How much margin or collateral does the company have to provide? The transactions are cleared bilaterally and are subject to one-way collateral agreements where the company posts variation margin, but no initial margin. The transactions are cleared centrally through the same CCP and the CCP requires a total initial margin of $10 million.

Answers

Answer:

1. With Bilateral Clearing, where the company posts variation margin, but no initial margin:

The company has to provide collateral to Banks A, B, and C of $0 million, $15 million, and $25 million respectively.  

Therefore, the total collateral required is $40 million.  

2. With Central Clearing through the CCP, where the CCP usually requires an initial margin of $10 million:

The derivatives are netted against each other, and the company’s total variation margin is $20 million (–$20 + $15 + $25) in total.  

The total margin required (including the initial margin) is, therefore, $30 million ($20 + $10 million).

Explanation:

a) Data and Calculations:

Worth of derivative with Bank A = +$20 million

Worth of derivative with Bank B = -$15 million

Worth of derivative with Bank C = -$25 million

b) In a bilateral clearing, the company and each bank (called market participants) enter into an agreement with each other to cover all outstanding derivative transactions between the two parties.  On the other hand, in central clearing, a central clearing party (CCP) stands between the two sides of an OTC derivative transaction in much the same way that the exchange clearing house does for exchange-traded contracts.

Bettina Amman is a sales consultant. She travels all over the country selling her company’s products. Her total monthly expenses for June, July, and August were $4,356.01, $9,011.20, and $8,780.00. What was her average monthly expenditure?

a

$7,382.40

b

$22,147.21

c

$8,090.25

d

$6,565.00

Answers

Answer:

a. $7,382.40

Explanation:

With regards to the above,

Bettina Amman 's average monthly expenditure calculation is shown below;

= Total monthly expenses / Number of months

= $4,356.01 + $9,011.20 + $8,780 / 3

= $7,382.40

Therefore, Bettina Amman's average monthly expenditure is $7,382.40

Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2020 information related to Blossom Company ($000 omitted).

Administrative expense
Officers' salaries $5,488
Depreciation of office furniture and equipment 4,548
Cost of goods sold 61,158
Rent revenue 17,818
Selling expense Delivery expense 3,278
Sales commissions 8,568
Depreciation of sales equipment 7,068
Sales revenue 97,088
Income tax 9,658
Interest expense 2,448

Required:
a. Prepare income statement for the year 2014 using the mutiple-step form. Common shares outstanding for 2014 total 40,550 (000 omitted).
b. Prepare an income statement for the year 2014 using the single-step form.

Answers

Answer:

Part a

Blossom Company

Income statement for the year 2014 - multiple-step form

                                                                                                            $000

Sales revenue                                                                                   97,088

Less Cost of goods sold                                                                   (61,158)

Gross Profit                                                                                        35,930

Less Operating Expenses :

Administrative expense

Officers' salaries                                                           5,488

Depreciation of office furniture and equipment         4,548         (10,036)

Selling expense :

Delivery expense                                                         3,278

Sales commissions                                                      8,568

Depreciation of sales equipment                               7,068          (18,914)

Operating Income (Loss)                                                                  6,980

Less Non Operating Expenses :

Income tax                                                                     9,658

Interest expense                                                            2,448      (12,106)

Net Income (Loss)                                                                            (5,126)

Part b

Blossom Company

Income statement for the year 2014 - single-step form

                                                                                                            $000

Sales revenue                                                                                   97,088

Less Cost of goods sold                                                                   (61,158)

Gross Profit                                                                                        35,930

Less Expenses :

Officers' salaries                                                          5,488

Depreciation of office furniture and equipment        4,548        

Delivery expense                                                         3,278

Sales commissions                                                      8,568

Depreciation of sales equipment                               7,068        

Income tax                                                                    9,658

Interest expense                                                          2,448         (41,056)

Net Income (Loss)                                                                             (5,126)

Explanation:

The multiple-step form shows the Operating Income and Net Income separately by grouping expenses as either operating and non-operating expenses.

The single-step form shows all expenses under one category and no grouping of expenses as either operating or non-operating.

On January 2, 2021, Farr Co. issued 10-year convertible bonds at 105. During 2021, these bonds were converted into common stock having an aggregate par value equal to the total face amount of the bonds. At conversion, the market price of Farr's common stock was 50 percent above its par value. On January 2, 2021, cash proceeds from the issuance of the convertible bonds should be reported as:_______.
a. paid-in capital for the entire proceeds.
b. paid-in capital for the portion of the proceeds attributable to the conversion feature and as a liability for the balance.
c. a liability for the face amount of the bonds and paid-in capital for the premium over the face amount.
d. a liability for the entire proceeds.

Answers

Answer:

d. a liability for the entire proceeds.

Explanation:

In the case when the bonds would be converted into common stock and the market price of the common stock is 50% over its par value so the cash proceeds that arise from the issuance of the convertible bonds would be reported as the liability as the same would be credited to the liability account

Therefore the right option is d.

Presented below is information related to Sunland Company at December 31, 2017, the end of its first year of operations.
Sales revenue $327,980
Cost of goods sold 148,580
Selling and administrative expenses 52,100
Gain on sale of plant assets 30,840
Unrealized gain on available-for-sale investments 9,370
Interest expense 6,060
Loss on discontinued operations 11,970
Dividends declared and paid 5,190
Compute the following:
(a) Income from operations $
Entry field with incorrect answer now contains modified data
(b) Net income $
Entry field with correct answer
(c) Comprehensive income $
Entry field with incorrect answer
(d) Retained earnings balance at December 31, 2017 $
Entry field with incorrect answer

Answers

Answer:

Part a

Income from operations calculation

Sales revenue                                                            $327,980

Less Cost of goods sold                                           ($148,580)

Gross Profit                                                                 $179,400

Less Operating Expenses

Selling and administrative expenses                        ($52,100)

Income from operations                                             $127,300

Part b

Net Income calculation

Income from operations                                                               $127,300

Non-Operating items

Gain on sale of plant assets                                        $30,840

Unrealized gain on available-for-sale investments      $9,370

Interest expense                                                          ($6,060)   $34,150

Net Income                                                                                   $161,450

Part c

Comprehensive income calculation

Net Income (from continuing activities)                   $161,450

Less Loss on discontinued operations                    ($11,970)

Comprehensive income                                           $149,480

Part d

Comprehensive income                                           $149,480

Less Dividends declared and paid                            ($5,190)

Retained Earnings                                                    $144,290

Explanation:

Income from Operations = Sales less Operating Expenses

Net Income = Income from Operations add or less Non Operating items

Comprehensive Income = Income from Continuing Activities + Income from discontinued Activities

Retained Income = Comprehensive Income less Dividends declared and paid.

A risk management program must be implemented and periodically monitored to be effective. This step requires the preparation of a risk management policy statement. The cooperation of other departments is also necessary. a. What benefits can the firm expect to receive from a well-prepared risk management policy statement

Answers

Answer: The ability to see risks that are not predicted and accessing funds from financial institutions

Explanation:

Here are some of the benefits of well-prepared risk management policy statement;

1) The ability to see risks that are not expected; a team of experts would be engaged to identify and give an overview of all forms of risk that could be possibly involved.

2) The organization attracts credit easily; Organisations attract credit from financial institutions when they are able to provide assessments that they carried out regarding risks. This gives the client's confidence that they can entrust their finance to the organization due to the firm have considered all forms of pending failures and that which would occur.

PCM Thermal Products uses austenitic nickel-chromium alloys to manufacture resistance heating wire. The company is considering a new annealing-drawing process to reduce costs. If the new process will cost $3.25 million dollars now, how much must be saved each year to recover the investment in 6 years at an interest rate of 15% per year

Answers

Answer:

the amount that need to be saved each year in order to recover the investment is $858,770

Explanation:

The computation of the amount saved each year is shown below:

= Costing of the new process × (A/P, 15%, 6)

= $3,250,000 × 0.26424

= $858,770

hence, the amount that need to be saved each year in order to recover the investment is $858,770

A.P. Hill Corporation uses a process-costing system. Products are manufactured in a series of three departments. The following data relate to Department Two for the month of February: Beginning work-in-process (70% complete) 10,000 units Goods started in production 80,000 units Ending work-in-process (60% complete) 5,000 units The beginning work-in-process was valued at $66,000, consisting of $20,000 of transferred-in costs, $30,000 of materials costs, and $16,000 of conversion costs. Materials are added at the beginning of the process; conversion costs are added evenly throughout the process. Costs added to production during February were Transferred-in $16,000 Materials used 88,000 Conversion costs 50,000 Question Assume that the company uses the first-in, first-out (FIFO) method of inventory valuation. Under FIFO, how much conversion cost did A.P. Hill transfer out of Department Two during February

Answers

Answer:

$64,360

Explanation:

Calculation for how much conversion cost did A.P. Hill transfer out of Department Two during February

First step is to calculate FIFO EUP for conversion

under the FIFO method

Beginning WIP 3,000

(10,000 units × 30%)

Started and completed 75,000

(80,000units-5,000 units=75,000 units)

(75,000 units × 100% )

Ending WIP 3,000

(5,000 units × 60% )

FIFO EUP for conversion 81,000

(3,000+75,000+3,000)

Now let calculate the conversion cost

Conversion cost =$16,000 + [3,000 Beginning WIP +75,000 Started and completed*($50,000/81,000)]

Conversion cost =[$16,000 + (78,000 × $.62)]

Conversion cost=[$16,000 + $48,360

conversion cost=$64,360

Therefore how much conversion cost did A.P. Hill transfer out of Department Two during February will be $64,360

Concord Corporation had the following transactions during 2022: 1. Issued $190000 of par value common stock for cash. 2. Recorded and paid wages expense of $91200. 3. Acquired land by issuing common stock of par value $76000. 4. Declared and paid a cash dividend of $15200. 5. Sold a long-term investment (cost $4560) for cash of $4560. 6. Recorded cash sales of $608000. 7. Bought inventory for cash of $243200. 8. Acquired an investment in Zynga stock for cash of $31920. 9. Converted bonds payable to common stock in the amount of $760000. 10. Repaid a 6-year note payable in the amount of $334400. What is the net cash provided by financing activities

Answers

Answer:

The net cash provided by financing activities -$157,600.

Explanation:

Net cash provided by financing activities refers to the difference between the total cash inflows and total cash outflows from the financing activities section of the cash flow staement.

The net cash provided by financing activities can be calculated by preparing a partial cash flow statement as follows:

Concord Corporation

Net Cash Flow Statement (Partial)

As at December 31, 2022

Details                                                                     Amount    

Par value common stock issued for cash             190,000

Dividend declared and paid in cash                      (15,200)

6-year note payable repaid                                  (334,400)  

Net cash provided by financing activities         (157,600)  

Therefore, the net cash provided by financing activities -$157,600.

Alternatively, the net cash provided by financing activities can be calculated as follows:

Net cash provided by financing activities = Par value common stock issued for cash - Dividend declared and paid in cash - 6-year note payable repaid = $190,000 - $15,200 - $334,400 = -$157,600

Grouper Company sold 214 color laser copiers on July 10, 2020, for $3,800 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $303. Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2020. Actual warranty costs (inventory) incurred in 2020 were $17,400.

Answers

Answer:

1. Dr Cash $813,200

Cr Sales Revenue $813,200

2. Dr Warranty Expense $17,400

Cr Cash $17,400

3. Dr Warranty expense $47,442

Cr Warranty liability $47,442

Explanation:

Preparation of the entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2020.

1. Preparation of the entries to record the sale of the copiers

Dr Cash $813,200

($3,800*214)

Cr Sales Revenue $813,200

(Being to record the sale of the copiers)

2. Preparation of the entries to record the related warranty costs

Dr Warranty Expense $17,400

Cr Cash $17,400

(Being to record the related warranty costs)

3. Preparation of the entries to record any accrual

Dr Warranty expense $47,442

[($303*214)-17,400]

Cr Warranty liability $47,442

(Being to record any accrual)

Firms engaging in ------------- with a local company can benefit from a local partner's knowledge of the host country's competitive conditions, culture, language, political systems, and business systems. turnkey projects joint ventures licensing arrangements greenfield investments

Answers

Answer:

B. joint venture

Explanation:

joint venture can be regarded as kind of business arrangement whereby there is agreement between

two or more parties in order to pool their resources together with the aim of accomplishing a particular task. It could be new project or others.

It should be noted that Firms engaging in joint venture with a local company can benefit from a local partner's knowledge of the host country's competitive conditions, culture, language, political systems, and business systems. turnkey projects joint ventures licensing arrangements greenfield investments

Identify the accoun title.

1. A new company is formed and shareholders invest $12,000 cash.
2. A company purchases for $18,000 cash a new truck that has a list price of $21,000.
3. A company pays stockholders a $10,000 cash dividend.
4. A company purchases a piece of land for $50,000 cash. An appraiser suggests that the value of this land is $55,000.
5. A company declares dividends of $1,100 to the shareholders but does not pay them yet; the company will pay these dividends in 60 days.
6. A company has to pay monthly wages of $5,600 to its employees; the company will pay them in two weeks.

Answers

Answer:

1. On formation of new Company and receipt of cash of $ 12,000 from shareholders

Cash Dr    $ 12,000

To Share capital Cr $ 12,000

2. On purchase of truck for $ 18,000

  Truck A/c Dr $ 18,000

To Cash    Cr    $ 18,000

(Though list price of truck is $ 21,000, but in accounts only the purchase price will be recorded as its cost borne by the company.)

3. On payment of dividend in cash

Dividend A/c    Dr $ 10,000

  To Cash Cr    $ 10,000

4. On purchase of land

Land A/c Dr $ 50,000

To cash    Cr    $ 50,000

( On purchase of land on payment of $ 50,000).

There is another method of accounting of land value based on valuation by appraiser. If Company wants to record based on valuation by Appraiser, the accounting will be recorded as under:

Land A/c Dr    $ 55,000

To Cash    Cr    $ 50,000

To gain on purchase of land    Cr $ 5,000

5 On declaration of dividend

Dividend A/c Dr    $ 1,100

  To Dividend Payable A/c Cr $ 1,100

On payment of dividend after 60 days

Dividend payable A/c    Dr    $ 1,100

To Cash    Cr $ 1,100

6. After each month wages will be due to its workers, then accounting entry will be recorded as under

Wages A/c    Dr    $ 5,600

To Wages payable A/c    Cr $ 5,600

After two weeks, on payment of wages, the accounting entry will be recorded as under

Wages payable A/c    Dr $ 5,600

  To cash Cr    $ 5,600

Explanation:

1. The shareholder that will be invested with the help of the cash:

Cash Dr    $ 12,000

To Share capital Cr $ 12,000

What is an account title?

The specific name given to an item inside of an accounting system is known as the account title.

2. The company purchased a truck this was with the help of the cash

Truck A/c Dr $ 18,000

To Cash    Cr    $ 18,000

3. Cash payment was made for the stockholders

Dividend A/c    Dr $ 10,000

To Cash Cr    $ 10,000

4. The company was to make sure that there will be cash and profit for both

Land A/c Dr    $ 55,000

To Cash    Cr    $ 50,000

To gain on purchase of land    Cr $ 5,000

5 On declaration of dividend

Dividend A/c Dr    $ 1,100

To Dividend Payable A/c Cr $ 1,100

Next entry will be

Dividend payable A/c    Dr    $ 1,100

To Cash    Cr $ 1,100

6. monthly wages of $5,600

Wages A/c    Dr    $ 5,600

To Wages payable A/c    Cr $ 5,600

Next entry will be:

Wages payable A/c    Dr $ 5,600

To cash Cr    $ 5,600

Learn more about account title, Here:

https://brainly.com/question/5720744

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On January 1, 2012, Sunland Company purchased for $690000, equipment having a useful life of ten years and an estimated salvage value of $40200. Sunland has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2020, the equipment was sold for $160000. As a result of this sale, Sunland should recognize a gain of

Answers

Answer:

$54,820

Explanation:

The computation of the gain is shown below;

But before that following calculations must be done

Annual depreciation as per the straight-line method

= ($690,000 - $40,200) ÷ (10 years)

= $64,980

Now accumulated depreciation for 9 years is

= $64,980 × 9 years

= $584,820

Now the book value is

= $690,000 - $584,820

= $105,180

Now the gain is

= Sale value - book value

= $160,000 - $105,180

= $54,820

Orientation responsibilities are normally shared between:
of 2
Select one:
a. the HR department and top management.
b. mid- and upper-level executives.
C. coworkers and line managers.
d. the HR department and the new employee's immediate manager.
Clear my choice

Answers

Answer:

d. the HR department and the new employee's immediate manager.

Explanation:

An "employee orientation" is part of a new employee's onboarding process, before he's trained. It often happens on the first day of employment. It allows the new employee to feel welcomed in the company, which will make him more successful in achieving his goal.

It is the role of the HR department and direct manager or immediate manager to conduct the orientation. It is the role of the HR to give the employee the company handbook and sign contracts. On the other hand, the immediate manager introduces the new employee to his colleagues and gives him a tour of the company's premise. Some immediate managers provide a welcome party.

Project1 costs, Year 1 through Year 4: $100,000; $100,000;$100,000;$100,000 Project1 revenue, Year 1 through Year 4: $0; $5,000;$50,000;$110,000 Calculate ROI for Project1, using a 7 percent discount rate. Discount factor, Year 1 through Year 4: 0.93; 0.87; 0.82; 0.76 Fill in the following blanks - just type the numbers without labels, dollar signs, commas, etc.

Answers

Answer and Explanation:

Without discounting :

Return on investment(ROI) for year 1 = -$100000

Return on investment(ROI) for year 2 = -$95000

Return on investment(ROI) for year 3 =-$50000

Return on investment(ROI) for year 4 =$10000

With discounting(PV/(1+r)^n):

Return on investment for year 1 = 0.93×-$100000= -$93000

Return on investment for year 2= 0.87×-$95000= -$82650

Return on investment for year 3 = 0.82×-$50000=-$41000

Return on investment for year 4=

0.76×$10000= $7600

The terms and conditions of an online sale are not binding on the buyer if the buyer did not read them.
Select one:
O True
O False

Answers

Answer:

True

Explanation:

i hope this help you

Michael won the Powerball jackpot of 57 million dollars. He has two options to collect the cash: (a) 30-year annuities (first payment one year from today) which future value equates the jackpot amount given that the prevailing interest rate is 8% per year; (b) a single payment now, corresponding to the present value of those 30-year annuities. Michael has big plans, hence he prefers option (b). Assuming that there are no taxes, how much money will he be able to collect now

Answers

Answer:

$5,664,627.53

Explanation:

future value of the annuity = $57 million

interest rate = 8%

number of periods = 30

FV annuity factor, 8%, 30 periods = 113.283

annual payment = future value / FV annuity factor= $57,000,000 / 113.283 = $503,164.64

the present value of an annuity = annual payments x PV annuity factor

PV annuity factor, 30 periods, 8% = 11.258

present value of the annuity = $503,164.64 x 11.258 = $5,664,627.53

Issued 30,000 shares of common stock in exchange for $300,000 in cash. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000. Paid $5,000 in rent on the warehouse building for the month of March. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. Paid $70,000 on account for the merchandise purchased in 3. Collected $55,000 from customers on account. Recorded depreciation expense of $1,000 for the month on the equipment. Post the above transactions to the below T-accounts.

Answers

Answer:

T-accounts:

Cash

Accounts Titles             Debit       Credit

Common Stock         $300,000

Equipment                                       $10,000

Rent Expense                                     5,000

Prepaid Insurance                              6,000

Accounts Payable                            70,000

Accounts Receivable  55,000

Equipment

Accounts Titles             Debit       Credit

Cash                           $10,000

Notes Payable             30,000

Notes Payable

Accounts Titles             Debit       Credit

Equipment                                  $30,000

Inventory

Accounts Titles             Debit       Credit

Accounts Payable      $90,000

Cost of Goods Sold                      $70,000

Accounts Payable

Accounts Titles             Debit       Credit

Inventory                                     $90,000

Cash                           $70,000

Accounts Receivable

Accounts Titles             Debit       Credit

Sales Revenue           $120,000

Sales Revenue

Accounts Titles             Debit       Credit

Accounts Receivable                  $120,000

Cost of Goods Sold

Accounts Titles             Debit       Credit

Inventory                   $70,000

Rent Expense

Accounts Titles             Debit       Credit

Cash                           $5,000

Prepaid Insurance

Accounts Titles             Debit       Credit

Cash                          $6,000

Common Stock

Accounts Titles             Debit       Credit

Cash                                             $300,000

Depreciation Expense

Accounts Titles              Debit       Credit

Acc Depreciation         $1,000

Accumulated Depreciation - Equipment

Accounts Titles             Debit       Credit

Depreciation Expense                   $1,000

Explanation:

T-account consists of the following.  An account title to record the corresponding account where the double-entry transaction is completed. A debit side on the left to enter the dollar value of the transaction, if the concerned account receives the value.  A credit side on the right, also, to enter the dollar value of the transaction, if the concerned account gives out the value.

Andrew owns a gun shop in a high-crime area. The store does not have a camera surveillance system. The high cost of burglary and theft insurance has substantially reduced his profits. A risk management consultant points out that several methods other than insurance can be used to han-dle the burglary and theft exposure. Identify and explain two noninsurance methods that could be used to deal with the burglary and theft exposure.

Answers

Just get state farm insurance you bozo

On January 1, year 8, Derek Co.’s defined benefit pension plan had plan assets with a fair value of $750,000, and a projected benefit obligation of $875,000. In addition: Actual and expected return on plan assets – 7% Interest cost – 9% Service costs - $24,000 Unamortized prior service cost - $120,000 Employer contributions to the plan - $45,000 Distributions to employees from the plan - $60,000 Unamortized prior service cost is being amortized over the expected remaining service lives of covered employees, which consists of a total of 9 employees: 2 employees are each expected to have 9 years remaining 3 employees are each expected to have 6 years remaining 4 employees are each expected to have 1 year remaining How much amortization of prior service cost will be included in Derek Co.’s pension expense for year 8?

Answers

Answer: $27,000

Explanation:

Amortization of prior cost = (No. of employees / Total number of years left) * Unamortized prior service cost

Total number of years left:

2 employees are each expected to have 9 years remaining = 2 * 9

= 18 years

3 employees are each expected to have 6 years remaining = 3 * 6

= 18 years

4 employees are each expected to have 1 year remaining = 4 * 1

= 4 years

Total number of years = 18 + 18 + 4

= 40 years

Amortization of prior cost = (9 / 40) * 120,000

= $27,000

Receive cash from customers, $15,000. Pay cash for employee salaries, $9,000. Pay cash for rent, $3,000. Receive cash from sale of equipment, $8,000. Pay cash for utilities, $1,000. Receive cash from a bank loan, $4,000. Pay cash for advertising, $7,000. Purchase supplies on account, $3,000. Required: Post transactions to the Cash T-account and calculate the ending balance.

Answers

Answer:

Part 1

Cash Account

                                                                           $

Debit :

Receive cash from customers                     15,000

Sale of Equipment                                         8,000

Bank Loan                                                      4,000

Totals                                                            27,000

Credit :

Pay cash for employee salaries                   9,000

Rent                                                                3,000

Utilities                                                            1,000

Advertising                                                     7,000

Ending Balance                                              7,000

Totals                                                            27,000  

     

Part 2

Ending Balance is $7,000

Explanation:

Only Cash related purchases and receipts are posted to Cash Account. Thus ignore non-cash related transactions.

The Cash Account : Receipts are posted at the Debit side of this Account and Payments at the Credit Side.

The Balance : After determining the Totals of the Debit and Credit, the shortfall of any of that side represents the Balance.

Counselors of Mableton purchased equipment on January 1, 2017, for $37,000. Counselors of Mableton expected the equipment to last for five years and have a residual value of $4,500. Suppose counselors of Mableton sold the equipment for $25,200 on December 31, 2018, after using the equipment for two full years. Assume depreciation 2018 has been recorded. Journalize the sale of equipment, assuming straight-line depreciation was used

Answers

Answer:

Dr cash $25,200

Dr accumulated depreciation $13,000

Cr equipment $37,000

Cr profit on disposal $1,2000

Explanation:

The yearly depreciation expense on the equipment is computed thus:

depreciation=(cost-residual value)/useful life

cost=$37000

residual value=$4,500

useful life= 5 years

depreciation=($37000-$4500)/5

depreciation=$6,500

accumulated depreciation for 2 years=$6,500*2=$13,000

Cash proceeds from disposal=$25,200

Upon disposal, we would debit cash with $25,200 as well as accumulated depreciation with $13,000 while the equipment account is credited with the original cost of $37,000

Total debits=$25,200+$13,000=$38,200

total credit=$37,000

profit on disposal=$38,200-$37000=$1,200

Mackenzie wants to purchase a new sofa for $900. Her brother tells her that if she can come up with 75% of the purchase price, he will lend her the rest of the amount. If Mackenzie produces the required amount, what will be the amount of the loan she receives from her brother?

Answers

Answer:

$225

Explanation:

The cost of the new sofa is $900.

Mackenzie need to raise 75% of the cost price.

Her brother will lend her the balance, which is equivalent to 75% of the cost price.

Mackenzie needs to raise

= 75% of 900

=75/100 x 900

=$675

Her brother will lend her

= $900 - $675

=$225

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