Answer:
the importance is to provide periodic program review and necessary adjustments against gaps and it short comings
Explanation:
Information governance is a full way of managing information in a corporation by the implementation of a series of processes, controls and roles. It can be simply said to be a process of managing information assets as this will cause a balance between security and usage.
continuous improvement is one of its 10 principles. And it simply means that programs in information governance have to go through continuous reviews and updates as doing such will help to reduce shortcomings.
consider a bond that matures in 10 years it pay9% annual coupons and $100 at maturity is the required annual rate of return on the bond i s 8% then the bond will sell today for
Answer:
Bond Price today = $106.71008 rounded off to $106.71
Explanation:
To calculate the price of the bond, we need to first calculate the coupon payment per period. We assume that the interest rate provided is stated in annual terms. As the bond is an annual bond, the coupon payment, number of periods and r or YTM will be,
Coupon Payment (C) = 0.09 * 100 = $9
Total periods (n)= 10
r or YTM = 8% or 0.08
The formula to calculate the price of the bonds today is attached.
Bond Price = 9 * [( 1 - (1+0.08)^-10) / 0.08] + 100 / (1+0.08)^10
Bond Price = $106.71008 rounded off to $106.71
hich of the following is NOT one of the ways companies are using mobile apps? Group of answer choices track behavior across tablets and mobile devices utilize cookies to track mobile activity utilize GPS data to provide location-based offers track loyalty program participation add social value and entertainment to consumers' lives
Answer: Add social value and entertainment to consumers' lives
Explanation:
In this age of technology, companies have found that being able to offer their customers relevant products can be greatly helped by gathering information about them and offering it to them directly on their phones. A great way to do so is through the use of mobile apps.
With mobile apps a company can track behavior on the device as well as track mobile activity. They could even use the GPS capabilities of the phone through the app to offer relevant location based content.
However, as much as companies would like their customers to have enjoyable lives, this is not an aim with mobile apps. The apps are there to boost the companies sales not to add social value and entertainment to consumers' lives unless of course, that is the company's main business.
Answer:
Which features are created by wave erosion?
Your answer is:
- arches
- cliffs
- stacks
Explanation:
On March 15, 20X7, Barrel Company paid property taxes of $120,000 on its factory building for calendar year 20X7. On July 1, 20X7, Barrel made $20,000 in unanticipated repairs to its machinery. The repairs will benefit operations for the remainder of the calendar year. What total amount of these expenses should be included in Barrel's quarterly income statement for the three months ended September 30, 20X7?
Answer:
Total expenses = $40,000
Explanation:
Total expenses for the quarterly income statement for the three months can be calculated as follows
Data
Property taxes paid = $120,000
Unanticipated repairs = $20,000
Expenses for quarterly income statement =?
Solution
Total expenses = Property taxes paid + Unanticipated repairs
Total expenses = ($120,000 x 3/12) + ($20,000 x 3/6)
Total expenses = $30,000 + $10,000
Total expenses = $40,000
Total expenses of $40,000 should be included in Barrel's quarterly income statement for the three months ended September 30, 20X7
Which of the following approaches should the Fed use if it experiences large lags and mistakes in monetary policy?
a. Discretionary policy
b. An eclectic approach
c. Fixed rules
d. Fiscal policy
Answer:
C. Fixed rules.
Explanation:
This is simply a policy that is seen to be a monetary or in some cases fiscal; they are said to be automated in most of its cases and are based on the criteria that are predetermined.
In most cases, these policies are seen to be binding and also categorically constrain officials' policy choices based on certain predetermined criteria to direct them toward serving the public interest.
Many cases by policymakers made this policy to be put in place because most of them generally cannot bind their own future choices, also fixed policy rules usually have to be enforced by some kind of higher authority in order to be binding etc.
What is the amount that Cooper Enterprises should report as its pension liability on its balance sheet as of December 31, 2018?
Answer: $600,000
Explanation;
Pension Liability refers to the amount the company is to pay its employees a pension less the actual amount it has to pay its employees.
It is therefore expressed as;
= Obligations - Assets
In this scenario that would be;
= Projected Benefits Obligation - Plan Assets (at Fair Value)
= 1,200,000 - 600,000
= $600,000
A seller did not submit testing information required in the contract to the buyer, and the project manager did not notice it was not received. After four weeks, the company head asked for the testing information and found out it was not received. The project manager then asked the seller to send the information. The seller argued, "You did not receive the testing reports for four weeks, and you did not say anything. You have therefore waived your rights to ever get them". The seller refused to give the reports without a change to the contract and additional payment. The issue went to court of law to resolve. What do you think was the court's decision? Post what you believe the decision was in this forum post. After posting, review and comment on at least one of your colleagues post. Be sure that you answer any questions that someone else might have made on your post. NOTE: You will not be able to see any other responses until you post your own.
Answer:
Since the testing information is a requirement of the contract, the buyer has the right to request for it accordingly and the seller should not refuse unless fraud is implied. The contract does not specify when a waiver of the right to the testing information should become effective.
The court of law should decide in favor of the buyer's right to receive the testing information from the seller.
Explanation:
Contract terms are agreements and promises that must be followed because they are made for consideration to be given and received. If a contract for the sale of goods includes the submission of some information, this later requirement forms part of the contract and exchange of promises for consideration, and they must be respected and fulfilled, unless there is additional agreement specifying some deadline within which the right to such testing information is waived.
A friend wants to borrow money from you. He stated that he will pay you $2500 every 6 months for 7 years with the first payments exactly 3 years and six months from today. The interest rate is 4.8 percent compounded semiannually. What is the value of the payments today?
Answer:
The value of the payments today is $35.00.
Explanation:
The Value of Payments today is known as the Present Value (PV) and is calculated as follows :
Pmt = - $2,500
P/yr = 2
n = 7 × 2 = 14
Fv = 0
Pv = ?
Using a Financial Calculator, the Present Value (PV) of the payments would be $35.00
Steel Tariffs Appear to Have Backfired on Bush
President Bush set aside his free-trade principles last year and imposed heavy tariffs on imported steel to help out struggling mills in Pennsylvania and West Virginia. Some economists say the tariffs may have cost more jobs than they saved, by driving up costs for automakers and other steel users.
Source: The Washington Post, September 19, 2003
Explain how a high tariff on steel imports can help domestic steel producers.
Explain how a high tariff on steel imports can harm steel users.
When a high tariff is placed on steel imports, U.S. steel producers produce______steel and they pay a ________price.
A. less; higher
B. more; lower
C. less; lower
D. more; higher
Answer:
Steel industry in the United States of America has had its up and down over the years. this is especially going by the fact that it is cheaper to import steel from outside America than to buy those produced in U.S. However, high tariff on steel import would enable the domestic steel producers to meet their obligation as well as recoup their investments in the steel industry in U.S.
For example, most construction based organisation would prefer to buy from domestic steel producer if the price and tariff of imported ones makes it extremely difficult to purchase.
On the other-hand, the high tariff placed on steel import could also harm steel users due to the fact that, the quality of steel which they buy from outside U.S would no longer be available to them.
Also, they would be forced to buy at whatever price from domestic producers whether they had need for the steel or not due to high tariff on imported ones.
When a high tariff is placed on steel imports, U.S. steel producers produce more steel and they pay a higher price.
Answer: D. more; higher
Explanation:
Based on the following information, calculate the variable overhead rate variance. Actual variable overhead cost $15,500 Actual hours used 4,200 Standard hours allowed 4,000 Standard variable overhead rate $3.75 per hour
Answer:
Rate variance = $250 favorable
Explanation:
The variable overhead rate variance is the difference between the actual variable cost and the standard variable overhead cost the actual actual hours used.
We would compare the actual cost to the standard cost of the actual hours used . This is done below as follows:
$
4,200 hours should have cost (4200 × 3.75 ) 15,750
but did cost 15,500
Rate variance 250 Favorable
Note the actual hours of 4,200 cost $250 less than it should be have cost . Hence the variance is favorable
Rate variance = $250
Barry Cuda is considering the purchase of the following Builtrite bond: $1000 par, 3 1/4% coupon rate, 10 year maturity that is currently selling for $940. If Barry purchases this bond, what would his approximate yield to maturity be?
Answer:
Yield to Maturity = 3.97%
Explanation:
The yield to maturity is the discount rate that equates the price of the bond to the present value of its future cash flow receivable from it.
The yield on the bond can be determined as follows using the formula below:
YM = C + F-P/n) ÷ 1/2 (F+P)
YM-Yield to maturity-
C- annual coupon
F- Face Value
P- Current Price
DATA
Coupon = coupon rate × Nominal value = 1,000 × 3 1/4%= 32.5
Face Value = 1000
YM-?, C- 32.5, Face Value - 1,000, P-940
YM = (32.5+ (1000-940)/10) ÷ ( 1/2× (1000 + 940) )
YM = 0.0397 × 100 = 3.97%
Yield to Maturity = 3.97%
Which of the following is not a reason for a direct materials quantity variance? a.purchasing of inferior raw materials
Answer: d. increased material cost per unit
Explanation:
Direct materials quantity variance has to do with the difference between the budgeted quantity of materials and the actual quantity of materials used. It speaks to only the quantity used and nothing else.
An increased cost of the material is not relevant to the quantity of material used because whilst for instance it measures if there was a price change in the material, the materials quantity variance checks if there has been a change in quantity.
You are considering purchasing stock in Canyon Echo. You feel the company will increase its dividend at 4.4 percent indefinitely. The company just paid a dividend of $3.29 and you feel that the required return on the stock is 10.6 percent. What is the price per share of the company's stock?
Answer: $50.83
Explanation:
Based on the information given in the question, the following can be deduced:
r = required return = 10.6% = 0.106
D0 = Dividend = 3.29
g = growth rate = 4.4% = 0.044
The price per share of the company's stock will be:
= D0(1 + g)/(r - g)
= 3.29(1 + 0.044)/(0.106 - 0.044)
= 3.29(1.044)/(0.062)
= 3.15134/0.062
= $50.83
Which third-party conflict resolution strategy manages the process and context of interaction between the disputing parties but does not impose a solution on the parties
Answer: Mediation
Explanation:
Mediation is a conflict resolution procedure whereby the parties that are involved will discuss their disputes and a third person who is impartial and also trained assists them in settling the dispute.
Meditation manages the process and context of interaction between the disputing parties but does not impose a solution on the parties.
The 7 percent bonds issued by Modern Kitchens pay interest semiannually, mature in eight years, and have a $1,000 face value. Currently, the bonds sell for $987. What is the yield to maturity? B) 6.92 percent D) 7.22 percent A) 6.97 percent C) 6.88 percent E) 7.43 percent
Answer:
The answer is D. 7.22 percent
Explanation:
Interest payments are being made semiannually, this means it is being paid twice in a year
N(Number of periods) = 16 periods ( 8 years x 2)
I/Y(Yield to maturity) = ?
PV(present value or market price) = $987
PMT( coupon payment) = $35 ( [7 percent÷ 2] x $1,000)
FV( Future value or par value) = $1,000.
We are using a Financial calculator for this.
N= 16; PV = -987 ; PMT = 35; FV= $1,000; CPT I/Y= 3.61
3.61 percent is the Yield-to-maturity for semiannual
Therefore, the Yield-to-maturity of the bond annually is 7.22 percent (3.61 percent x 2)
Which of the following refers to how companies remain in business? sustainability corporate social responsibility carbon footprint closed-loop supply chains economic sustainability
Answer:
Economic sustainability
Explanation:
Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $345,000 per quarter. For financial reporting purposes, the company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices and total output at the split-off point are as follows:Product Selling Price Quarterly OutputA $ 19.00 per pound 12,800 poundsB $ 13.00 per pound 20,000 poundsC $ 25.00 per gallon 4,000 gallonsEach product can be processed further after the split-off point. Additional processing requires no special facilities. The additional processing costs (per quarter) and unit selling prices after further processing are given below:Product Additional Selling Processing Costs PriceA $ 68,500 $ 24.00 per poundB $ 98,250 $ 19.00 per poundC $ 41,600 $ 33.00 per gallonRequired:1. What is the financial advantage (disadvantage) of further processing each of the three products beyond the split-off point?
2. Based on your analysis in requirement 1, which product or products should be sold at the split-off point and which product or products should be processed further?
Answer and Explanation:
1. The computation of financial advantage (disadvantage) of further processing is shown below:-
Particulars Product A Product B Product C
Selling price after further
processing a 24.00 19.00 33.00
Selling price at the
split-off point b 19.00 13.00 25.00
Incremental revenue per
pound or gallon 5.00 6.00 8.00
(c = a - b)
Total quarterly output in
pounds or gallons d 12,800 20,000 4,000
Total incremental
revenue $64,000 $120,000 $32,000
(e = c × d)
Total incremental
processing costs f $68,500 $98,250 $41,600
Financial advantage (disadvantage)
of further
processing ($4,500) $21,750 ($9,600)
(g = e - f)
2. Product A and Product C will be sold at the split-off point
Therefore, Product B will be processed further
Company X was expected to have earnings per share of $0.52 for the upcoming quarter. On the day of the results, the company reported earnings per share of $0.83. What happened to the share price when the stock market opened?
Answer:
Rise in stock price.
Explanation:
In general, the stock price has increased because the expected earning was $0.52 per share but the actual earnings were $0.83. therefore, we can say that stock prices have increased. moreover, there are other factors that may affect the stock price. But in this case. A positive surprise in the earnings per share results in stock price going up.
Palmer Corp. owned 20,000 shares of Dixon Corp. purchased in 2006 for $240,000. On December 15, 2009, Palmer declared a property dividend of all of its Dixon Corp. shares on the basis of one share of Dixon for every 10 shares of Palmer common stock held by its stockholders. The property dividend was distributed on January 15, 2010. On the declaration date, the aggregate market price of the Dixon shares held by Palmer was $400,000. The entry to record the declaration of the dividend would include a debit to Retained Earnings of
Answer:
Debit to Retained Earnings of $400,000
Explanation:
Based on the information given we were told that on the declaration date, the market price or the market value of the Dixon Corp shares that was been held by Palmer Corp was the amount of $400,000 which means that the entry to record the declaration of the dividend would include a debit to Retained Earnings of the amount of $400,000 which is the market value.
The entry to record the declaration of the dividend would include a debit to Retained Earnings of $400,000.
The following information should be considered:
Since the aggregate market price of the Eaten shares on the declaration date is $400,000.Therefore, at the time of recording the declaration of the dividend it should debited to the retained earning for $400,000Learn more: https://brainly.com/question/3617478?referrer=searchResults
Funday Park competes with Fun World by providing a variety of rides.
Funday sells tickets at $85 per person as a one-day entrance fee.
Variable costs are $17 per person and fixed costs are $428,400 per month.
Required:
1. Supposed Funday Park cuts its ticket price from $85 to $68 to increase the number of tickets sold. Compute the new breakeven point in tickets and in sales dollars.
a. The new breakeven point in tickets is? _
b. The new breakeven point in sales dollars is? $_
2. Ignore the information in question 1. Instead assume that Funday Park increases the variable cost from $17 to $34 per ticket. Compute the new breakeven point in tickets and in sales dollars.
a. The new breakeven point in tickets is?
b. The new breakeven point in sales dollars is? $_
3. Ignore questions 1 and 2. Supposed Funday Park reduces fixed costs from $428,400 per month to $319,600 per month. Compute the new breakeven point in tickets and in sales dollars.
a. The new breakeven point in tickets is?
b. The new breakeven point in sales dollars is? $_
4. Ignore information in questions 1 - 3. If Funday Park expects to sell 6,400 tickets, compute the margin of safety in tickets and in sales dollars.
a.
- = Margin of safety in units
- =
b.
- = Margin of safety in dollars
- =
5. Ignore information in questions 1 - 4. If Funday Park expects to sell 6,400 tickets, compute the operating leverage. Estimate the operating income if sales increase by 20%.
a.
/ = Degree of operating leverage
/ =
b. Estimate the new operating income if total sales increase by 20%?
The estimated operating income will be? $
Answer:
1. Supposed Funday Park cuts its ticket price from $85 to $68 to increase the number of tickets sold. Compute the new break even point in tickets and in sales dollars.
a. The new break even point in tickets is?
= $428,400 / ($68 - $17) = 8,400 tickets
b. The new break even point in sales dollars is?
8,400 x $68 = $571,200
2. Ignore the information in question 1. Instead assume that Funday Park increases the variable cost from $17 to $34 per ticket. Compute the new break even point in tickets and in sales dollars.
a. The new break even point in tickets is?
= $428,400 / ($85 - $34) = 8,400 tickets
b. The new break even point in sales dollars is?
8,400 x $85 = $714,000
3. Ignore questions 1 and 2. Supposed Funday Park reduces fixed costs from $428,400 per month to $319,600 per month. Compute the new break even point in tickets and in sales dollars.
a. The new break even point in tickets is?
= $319,600 / ($85 - $17) = 4,7400 tickets
b. The new break even point in sales dollars is?
4,700 x $85 = $399,500
4. Ignore information in questions 1 - 3. If Funday Park expects to sell 6,400 tickets, compute the margin of safety in tickets and in sales dollars.
break even point = $428,400 / ($85 - $17) = 6,300
a. Margin of safety in units = (6,400 - 6,300) / 6,400 = 1.56%
b. Margin of safety in dollars = ($544,000 - $535,500) / $544,000 = 1.56%
5. Ignore information in questions 1 - 4. If Funday Park expects to sell 6,400 tickets, compute the operating leverage. Estimate the operating income if sales increase by 20%.
EBIT₀ = [6,400 x ($85 -$17)] - $428,400 = $435,200 - $428,400 = $6,800
EBIT₁ = [7,680 x ($85 -$17)] - $428,400 = $522,240 - $428,400 = $93,840
% change in EBIT = ($93,840 - $6,800) / $6,800 = 12.8 x 100 = 1280%
a. Degree of operating leverage = 1280% / 20% = 64
b. Estimate the new operating income if total sales increase by 20%?
The estimated operating income will be $93,840
Additional workers will increase a company's to a certain point until gains frombegin to decline. At this point, will continue to increase, but ___________ will diminish with each additional worker. Eventually there will be too many workers and not enoughto keep them busy inevitably slowing down production.
Answer:
Marginal product
Explanation:
There would be an increase in the marginal product of labour. more workers would result in more specialization in skilled areas. As workers increase, it is expected that work done would rise also.
Such that a time would come when the workers would be enough and no more gains would be accrued from specialization. We refer to this as the point of diminishing marginal product. capital would be fixed such that as more workers are used capital declines for each worker.
Cash balance, September 1 (from a summer job) $7,560
Purchase season football tickets in September 100
Additional entertainment for each month 260
Pay fall semester tuition in September 4,100
Pay rent at the beginning of each month 370
Pay for food each month 210
Pay apartment deposit on September 2 (to be returned December 15) 500
Part-time job earnings each month (net of taxes) 940
Personal Budget:
At the beginning of the 2016 school year, Katherine Malloy decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget:
Required:
Prepare a cash budget for September, October, November, and December.
Answer:
Katherine Malloy
Personal Cash Budget for September, October, November, and December:
September October November December
Balance $7,560 $2,960 $3,060 $3,160
Apartment deposit return 500
Earnings (net of taxes) 940 940 940 940
Borrowing 340
Total Cash Receipts $8,500 $3,900 $4,000 $4,940
Season football tickets 100
Additional entertainment 260 260 260 260
Semester Tuition 4,100 4,100
Rent 370 370 370 370
Food 210 210 210 210
Apartment deposit 500
Total cash payment $5,540 $840 $840 $4,940
Balance $2,960 $3,060 $3,160 $0
Explanation:
Katherine Malloy's cash budgets for the months of September, October, November, and December give some snapshots of her cash receipts and payments, including the planned borrowing of no less than $340 that she must arrange in December in order to pay for her spring semester tuition on December 31. From the budget, she gets a clearer picture of her cash needs, receipts and expenses. She is comfortable from September till the end of the year. But, Katherine must arrange for some cash receipts, either in student loan or support or get another part-time work to increase her income, to enable settle her tuition in December.
Carlos wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacation is priced at $750. He has only $1,537 in his checking account, so he cannot afford to purchase both. After much thought, Carlos buys the computer and writes a check for $1,299. Identify what role mo
The complete question is:
Carlos wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacation is priced at $750. He has only $1,537 in his checking account, so he cannot afford to purchase both. After much thought, Brian buys the computer and writes a check for $1,299.
Identify what role money plays in each of the following parts of the story.
Carlos can easily determine that the price of the computer is more than the price of the vacation.
Carlos has $1,537 in his checking account.
Carlos writes a check for $1,299.
Answer:
Carlos can easily determine that the price of the computer is more than the price of the vacation.= Unit of Account
Carlos has $1,537 in his checking account.= Store of value
Carlos writes a check for $1,299.= Medium of Exchange
Explanation:
In this scenario the different functions of money are exhibited. The 3 functions of money are as unit of account, store of value and medium of exchange.
When Carlos determines that the price of the computer is larger than that of price of a vacation money functions as a unit of account. The amount for a computer is $1,299 which is larger than the cost of a vacation ($750)
The money in his account is a store of value from which he can make pitches in the present or in the future.
When he writes the check for the computer, he is exchanging money for the computer. Money acts as a medium of exchange
24. Emotional labor is higher in jobs requiring: 1 point A. limited hours of routine work. B. working in irregular shifts. C. working in isolation. D. frequent interaction with clients. E. skilled knowledge such as accounting.
Answer:
The correct answer is:
frequent interaction with clients. (D.)
Explanation:
Emotional labour refers to the suppression or the management of one's emotions that are felt but not expressed while at a job. Essentially, emotional labour requires workers to:
Hide emotions they do feel
show emotions they do not feel
create an appropriate emotion for the situation.
These can be achieved through surface acting and deep acting.
Customer service and retail jobs require a lot of emotional labour. For instance, if the customer service agent is angry, it is not ethical in his/her job description to show such anger to the clients, hence he/she has to force a smile just to give a satisfactory service to the client. some determinants of emotional labour include:
1. societal, organizational or occupational norms
2. emotional expressiveness
3. supervisory regulation of display rules
Janitor Supply produces an industrial cleaning powder that requires 48 grams of material at $0.10 per gram and 0.15 direct labor hours at $11.00 per hour. Overhead is applied at the rate of $10 per direct labor hour. What is the total standard cost for one unit of product that would appear on a standard cost card
Answer:
Unitary cost= $7.95
Explanation:
Giving the following information:
48 grams of material at $0.10 per gram
0.15 direct labor hours at $11.00 per hour
Overhead is applied at the rate of $10 per direct labor hour.
We need to calculate the unitary production cost:
Unitary cost= 48*0.1 + 0.15*11 + 0.15*10
Unitary cost= $7.95
using the T-accounts of the first national bank and the second national bank, describe what happens when Jane Brown writes a check for $55 on her account
Answer:
Please refer to the attached.
Before Jane Brown wrote the check, her account was $55 at First National Bank which is reflected by the checkable deposit of $55 which the bank will keep in reserve as an asset.
Joe Green has not received the money so his account at Second National will show $0 balances.
After the cheque has been written and deposited, Jane Brown's chekcable deposits at First national will become $0 as well as the reserves.
Joe Green on the other hand, having gained the $55 and deposited it will see his checkable deposits rise to $55 which the bank will keep in reserve as an asset.
Colgate-Palmolive Company reports the following balances in its retained earnings.
($ millions) 2010 2009
Retained earnings $14,329 $13,157
During 2010, Colgate-Palmolive reported net income of $2,200 million.
a. Assume that the only changes affecting retained earnings were net income and dividends. What amount of dividends did Colgate-Palmolive pay to its shareholders in 2010?
b. This dividend amount constituted what percent of its net income? (Round your answer to one decimal place.)
Answer:
a. $1,028 million
b. 46.7%
Explanation:
a. Dividends are taken from the retained earnings and net income is added to the retained earnings. The formula for ending retained earnings is;
Ending retained earnings = Opening Retained earnings + Net Income - Dividends
14,329 = 13,157 + 2,200 - Dividends
Dividends = 13,157 + 2,200 - 14,329
Dividends = $1,028 million
b. Dividends as a percentage of income
= 1,028/2,200
= 0.467
= 46.7%
On July 31, the company’s Cash account has a $25,274 debit balance, but its July bank statement shows a $26,612 cash balance. 1. Prepare the bank reconciliation for this company as of July 31.
Answer:
A lot of information was missing, so I looked for a similar question but couldn't find one with the same exact numbers, but I believe the following question should be very similar and you can use it as an example:
a.On July 31, the company’s Cash account has a $24,756 debit balance, but its July bank statement shows a $26,449 cash balance.
b.Check No. 3031 for $1,270 and Check No. 3040 for $627 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $411 and Check No. 3069 for $2,038, both written in July, are not among the canceled checks on the July 31 statement.
c.In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 3056 for July rent was correctly written and drawn for $1,240 but was erroneously entered in the accounting records as $1,230.
d.A credit memorandum enclosed with the July bank statement indicates the bank collected $9,000 cash on a non-interest-bearing note for Branch, deducted a $45 collection fee, and credited the remainder to its account. Branch had not recorded this event before receiving the statement.
e. A debit memorandum for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF.
f.Enclosed with the July statement is a $14 debit memorandum for bank services. It has not yet been recorded because no previous notification had been received.
g.Branch’s July 31 daily cash receipts of $10,152 were placed in the bank’s night depository on that date but do not appear on the July 31 bank statement.
Bank account reconciliation:
Bank account balance July 31, 202x, $26,449
+ deposits in transit $10,152
- outstanding checks ($3,719)
Reconciled bank account $32,882
Cash account reconciliation:
Cash account balance July 31, 202x, $24,756
+ Note collected by bank (net of fees) $8,955
- Bank fees ($14)
- NSF check + bank fees ($805)
- Error in recording check 3056 ($10)
Reconciled cash account $32,882
Ready Company has two operating (production) departments: Assembly and Painting. Assembly has 280 employees and occupies 55,200 square feet; Painting has 120 employees and occupies 36,800 square feet. Indirect factory expenses for the current period are as follows: Administration $ 86,000 Maintenance $ 102,000 Administration is allocated based on workers in each department; maintenance is allocated based on square footage. The total amount of indirect factory expenses that should be allocated to the Painting Department for the current period is:
Answer:
$61,200
Explanation:
Maintenance expenses allocated to assembly department
Allocation base = Square footage
= $102,000 * $55,200 / ($55,200 + $36,800)
= $102,000 * $55,200 / $92,000
= $61,200
Which of the following goals of a performance evaluation system is accomplished when the company's actual results are compared to industry standards?
A) Benchmarking
B) Motivating unit managers
C) Promoting goal congruence
D) Providing feedback
Answer:
A) Benchmarking
Explanation:
Benchmarking refers to a process in which the performance of the company could be measured with respect to the product, services, processes as compared with the industry performance
Here in the given situation, when an actual result is compared with the industry standards than we called as a benchmarking and the same is to be used for the evaluation of the performance system
Looking forward to next year, if Baldwin’s current cash balance is $20,201 (000) and cash flows from operations next period are unchanged from this period and Baldwin takes ONLY the following actions relating to cash flows from investing and financing activities: Issues 100 (000) shares of stock at the current stock price Issues $200 (000) of long-term debt Pays $40 (000) in dividends Which of the following activities will expose Baldwin to the most risk of needing an emergency loan?a. Retires $20,000 (000) in long-term debtb. Liquidates the entire inventoryc. Sells $5,000 (000) of their Long-term assetsd. Purchases assets at a cost of $15,000 (000)
Answer: Purchases assets at a cost of $15,000 (000)
Explanation:
Out of the 4 options presented, 2 involves cash coming into the company which are; Sells $5,000 (000) of their Long-term assets and Liquidates the entire inventory. As these 2 bring cash into the company, they will not make Baldwin need an emergency loan.
The other 2 however, take money from the company being; Retires $20,000 (000) in long-term debt and Purchases assets at a cost of $15,000 (000). Retirement of long-term debt will have been in the budget for a long time so there would be no need for emergency funding.
The Purchase of the assets on the other hand has a less chance of being budgeted for than the long term debt retirement and being such a significant outflow, could expose Baldwin to the risk of needing to seek emergency loans.
