Answer: Speedster physically delivers the goods.
Explanation:
Since there's no contrary agreement between both Runners Feet and Speedster, then title will pass to Runners Feet when Speedster physically delivers the goods.
It should be noted that ownership of goods and services are transferred when goods are delivered to the customer or the buyer of the goods which is Runners Feet in this case.
Scooter wishes to sell a bond that has a face value of $919. The bond bears an interest rate of 6.01% with bond interest payable quarterly. Three years ago, $1,221 was paid for the bond. At least a 12.68% return (yield) on the investment is desired. The quarterly bond interest payment that Scooter received is:
Answer:
Scooter
The quarterly bond interest payment that Scooter received is:
= $13.81.
Explanation:
a) Data and Calculations:
Face value of bond bought = $919
Price of the bond three years ago = $1,221
Premium paid on the bond = $302 ($1,221 - $919)
Annual coupon interest rate = 6.01%
Annual return (yield) rate = 12.68%
Interest receivable = quarterly or four times per year
Quarterly bond interest = $13.81 ($919 * 6.01% * 1/4)
Sleep Cheap is a private camping ground near the Boulder Peak Recreation Area. It has compiled the following financial information as of December 31, 2022.
Services revenues (from camping fees) $132,000
Dividends $8,000
Sales revenues (from general store) 25,000
Notes payable 50,000
Accounts payable 13,000
Administrative expenses 133,000
Cash 13,500
Supplies 2,500
Equipment 108,000
Common stock 40,000
Retained earnings (1/1/2022) 5,000
Required:
a. Determine net income from Sleep Cheap for 2022.
b. Prepare a retained earnings statement and a balance sheet for Sleep Cheap as of December 31, 2022.
Answer and Explanation:
a. The net income should be
Service Revenue $132,000
Sales Revenue $25,000
Total revenues $157,000
Less: Total expense -$133,000
Net income $24,000
b.
The preparation of the retained earning statement is presented below:
Retained Earnings Statement
For the year ended December 31,2022
Retained Earnings, January 1 $5,000
Add: Net income $24,000
Less: Dividends -$8,000
Retained Earnings, December 31 $21,000
The preparation of the balance sheet is presented below:
Balance Sheet
December 31,2022
Assets
Cash $13,500
Supplies $2,500
Equipment $108,000
Total Assets $124,000
Liabilities and Stockholders' Equity
Liabilities
Accounts Payable $13,000
Notes Payable $50,000
Total Liabilities $63,000
Stockholders' Equity
Common Stock $40,000
Retained Earnings $21,000
Total Stockholders' Equity $61,000
Total Liabilities and Stockholders' Equity $124,000
Country A has a GDP of $4,600 in Country A dollars, and Country B has a GDP of $2,400 in Country B dollars. If the exchange rate is 1.5 Country B dollars to 1 Country A dollar, what is Country B's GDP in Country A dollars
Answer: Country A $1,600
Explanation:
Country A's currency is stronger than Country B's which is why Country B needs more of its currency to buy a single unit of Currency A.
You can use direct proportion to find out Country B's GDP in Country A dollars
Country B currency to Country A
1.5 : 1
2,400 : x
1.5x = 2,400
x = 2,400 / 1.5
= Country A $1,600
M. Poirot wishes to sell a bond that has a face value of $1,000. The bond bears an interest rate of 11.28% with bond interest payable semiannually. Six years ago, $979 was paid for the bond. At least a 12% return (yield) on the investment is desired. The minimum selling price must be: Enter your answer as follow: 1234.56
Answer:
M. Poirot
The minimum selling price must be:
= $2,065.09.
Explanation:
a) Data and Calculations:
Face value of bond = $1,000
Interest rate = 11.28%
Interest payment = semiannually
Price of bond six years ago = $979
Desired return (yield) rate = 12%
Minimum selling price can be determined as follows:
N (# of periods) 12
I/Y (Interest per year) 12
PV (Present Value) 979
PMT (Periodic Payment) 5.64
Results
FV = $2,065.09
Sum of all periodic payments $67.68
Total Interest $1,018.41
During 2015, Orton Company earned net income of $464,000 which included deprecia-tion expense of $78,000. In addition, the company experienced the following changes in the account balances listed below:
Increases Decreases
Accounts payable $45,000 Accounts receivable $12,000
Inventory 36,000 Accrued liabilities 24,000
Prepaid insurance 33,000
Calculate net cash flow from operating activities using indirect method:______.
Answer:
$572,000
Explanation:
Cash flow from operating activities
Net income $464,000
Adjustment for Non-Cash items :
Depreciation $78,000
Adjustment for Changes in Working Capital items :
Increase in Accounts payable $45,000
Increase in Inventory ($36,000)
Decrease in Accounts receivable $12,000
Decrease in Accrued liabilities ($24,000)
Decrease in Prepaid insurance $33,000
Net cash flow provided by operating activities $572,000
thus,
net cash flow from operating activities using indirect method is $572,000.
Which of the following is not a component of internal control?
A
Integration
B
Control activities
С
Control environment.
D
Risk assessment
Answer:
D is not component of internal control
Internal control is implemented to improve the integrity of economic and accounting information within the organization. Risk assessment is not a component of internal control. Therefore, D is the correct option.
What is risk assessment?Risk assessment is a method to identify the risks and challenges which can hamper the project or goal of the organization. The process includes some steps, such as identifying the risk, evaluating it, managing it, recording the findings, and reviewing the controls. There are many types of risk assessment. They are qualitative, quantitative, generic, site-specific, and dynamic risk assessments.
The purpose of risk assessment is to create and maintain health and safety conditions within the organization.
Internal control is implemented to improve the integrity of economic and accounting information within the organization. Risk assessment is not a component of internal control. Therefore, D is the correct option.
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Prepare the December 31 adjusting entries for the following transactions.
a. Fees accrued but not billed, $6,300.
b. The Supplies account balance on December 31, $4,750.
c. Supplies on hand, $960
d. Wages accrued but not paid, $2,700
e. Depreciation of office equipment, $1,650
f. Rent expired during year, $10,800.
Answer and Explanation:
The journal entries are shown below:
a. Account receivable Dr $6,300
To Fees Revenue $6,300
(Being fees accrued is recorded)
b Supplies Expense $3,790 ($4,750 - $960)
To Supplies $3,790
(being supplies expense is recorded)
d. Wages Expense $2,700
To Wages Payable $2,700
(being wages expense is recorded)
e. Depreciation Expense $1,650
To Accumulated Depreciation $1,650
(being depreciation expense is recorded)
f. Rent Expense $10,800
To Prepaid Rent $10,800
(being rent expense is recorded)
To develop an effective control system, it must be related to the organizational strategy. Yes or no.
Answer:
yes
Explanation:
because in order for everything to be organized you need to know how the system is running
what is a fixed income
When you compose a message, you want your audience to find the information it needs quickly and to understand what it finds. Your message should be easy to read and to comprehend. Well-designed documents enhance readability and comprehension. Understanding and employing the various design techniques that can be used to improve readability will make your messages more effective.
_______________ define the shape of text characters.
a. Headings
b. Fonts
c. Typefaces
On November 1, 2021, Vinfast Co. receives $3,600 cash from FPT Co. for consulting services to be provided evenly over the period November 1, 2021, to April 30, 2022—at which time Vinfast credited $3,600 to Unearned Consulting Fees. The adjusting entry on December 31, 2021 would include a
a. Debit to Unearned Consulting Fees for $1,200
b. Debit to Unearned Consulting Fees for $2,400.
c. Credit to Consulting Fees Earned for $2,400.
d. Debit to Consulting Fees Earned for $1,200.
Answer: A. Debit to Unearned Consulting Fees for $1,200
Explanation:
Following the information given in the question, Vinfast Co. receives $3,600 cash from FPT Co. for consulting services to be provided evenly over the period November 1, 2021, to April 30, 2022.
Since we want to know the adjusting entry on December 31, 2021, a period form November 1, 2021 to December 31, 2021 is a period of two months out of the 6 months period. Therefore, the unearned consultancy fee will be:
= $3600 × 2/6
= $1200
Therefore, there'll be a debit to the unearned consulting Fees for $1,200. Also, there'll be a credit to the consulting fees earned account by $1200.
Zhang Industries is preparing a cash budget for June. The company has $25,000 cash at the beginning of June and anticipates $95,000 in cash receipts and $111,290 in cash disbursements during June. The company has no loans outstanding on June 1. Compute the amount the company must borrow, if any, to maintain a $20,000 cash balance. Multiple Choice $11,290. $28,710. $12,290. $6,290. $16,290.
Answer:
$11,290
Explanation:
The computation of the amount that should be borrowed is given below:
Opening cash balance $25,000.00
Add Cash Receipts 95,000.00
Less Cash Disbursements (111,290.00)
Balance before adjustment 8,710.00
Desired ending cash balance 20,000.00
Amount to be borrowed 11,290.00
Hence, the first option is correct
Suppose during 2014, Cypress Semiconductor Corporation reported net cash provided by operating activities of $89,063,000, cash used in investing of $43,133,000, and cash used in financing of $7,359,000. In addition, cash spent for fixed assets during the period was $25,900,000. Average current liabilities were $257,933,000, and average total liabilities were $280,651,000. No dividends were paid.
Free cash flow equals?
Zisk Co. purchases raw materials on account Budgeted purchase amounts are April, $80,000, May, $110,000, and June, $120,000. Payments are made as follows: 70% in the month of purchase and 30% in the month after purchase. The March 31 balance of accounts payable is $22,000. Prepare a schedule of budgeted cash payments for April, May, and June. (I need ending accounts payable)
Answer:
A schedule of cash payments for April, May, and June is prepared.
Explanation:
The following image shows the calculation and explanation of the cash payment schedule.
Last year Attic charged $2,334,667 Depreciation on the Income Statement of Andrews. If early this year Attic purchased a new depreciable asset, the effect on Andrews's financial statements would be (all other items remaining equal):
Answer:
Note: The correct option is a. Increase Net Cash from operations.
Explanation:
Note: This question is not complete as the options are omitted. The options are therefore provided to complete the question before answering the question as follows:
a. Increase Net Cash from operations
b. Decrease Net Cash from operations on the Cash Flow Statement
c. No impact on Net Cash from operations
d. Just impact the Balance Sheet
The explanation of the answers is now provided as follows:
Since the assets was purchased early in the year, depreciation will be charged on it in the income statement for the year at the end of the year. Since depreciation is a non-cash item, it will added back to the net income in the indirect Cash Flow Statement method as one of the adjustments to the net income under the Cash from operations. This adding back of the depreciation will therefore lead to an Increase Net Cash from operations.
Therefore, the correct option is a. Increase Net Cash from operations.
Chico Company paid $950,000 for a basket purchase that included office furniture, a building and land. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately: Office furniture, $190,000; Building, $740,000; and Land, $132,000. Based on this information, what is the cost that should be allocated to the office furniture
Answer:
$171,000
Explanation:
The company psid $950,000 for office furniture, building and land
The market value of the assets is
Office furniture= $190,000
Building= $740,000
Land= $132,000
Therefore the cost that should be allocated to the office furniture can be calculated as follows
= 18/100 × 950,000
= 0.18×950,000
= 171,000
Explain the importance of technical education providing organization in nepal. plz say simple and correct answer.
Most important education systems for employment generation. With vocational and soft skills, people can enhance their competency, thereby increasing their chances of securing a job.
Coronado Industries can produce 100 units of a component part with the following costs: Direct Materials $24000 Direct Labor 8500 Variable Overhead 22000 Fixed Overhead 11000 If Coronado Industries can purchase the units externally for $60000, by what amount will its total costs change
Answer:
Increase of $5,500
Explanation:
The computation of the change in the total cost is given below:
Total cost at the time of producing is
= Direct material + direct labor + variable overhead
= $24,000 + $8,500 + $22,000
= $54,500
And, the cost of purchasing the unit is $60,000
So, there is an increase of
= $60,000 - $54,500
= $5,500
The same should be relevant
When a company records depreciation it debits:_____.
A. Depreciation Expense and credits a contra-asset account.
B. Depreciation Expense and credits Cash.
C. a long-lived tangible asset account and credits Depreciation Expense.
D. a liability account and credits Depreciation Expense.
Answer: A. Depreciation Expense and credits a contra-asset account.
Explanation:
Depreciation is an expense which means that when it is incurred, it will be debited because expenses are debited to show that they have increased.
Depreciation reduces the value of an asset so the asset needs to be credited which is what is done when an asset reduces. The full entry would therefore involved a debit to the Depreciation account and a credit to the asset account that is being depreciated.
Department G had 2,280 units 25% completed at the beginning of the period, 13,200 units were completed during the period, 1,900 units were 20% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period $29,400 Costs added during period: Direct materials (12,820 units at $9) 115,380 Direct labor 77,400 Factory overhead 25,800 All direct materials are placed in process at the beginning of production, and the first-in, first-out method of inventory costing is used. What is the total cost of the units started and completed during the period (round unit cost calculations to whole dollars and round your final answer to the nearest dollar)?
Answer:
Department G
The total cost of the units started and completed during the period is:
= $184,717.
Explanation:
a) Data and Calculations:
FIFO Inventory costing method is used
Units Materials Conversion
Beginning inventory 2,280 100% 25%
Cost of beginning inventory = $29,400
Units started 12,820
Total units available 15,100
Units completed 13,200
Ending inventory 1,900 100% 20%
Started and completed 10,920 (13,200 - 2,280)
Equivalent units of production
Units Materials Conversion
Units in Beginning inventory 2,280 0 (0%) 1,710 (75%)
Units started and completed 10,920 10,920 (100%) 10,920 (100%)
Ending inventory 1,900 1,900 (100%) 380 (20%)
Equivalent units 12,820 13,010
Costs added during the period $115,380 $103,200
Equivalent units 12,820 13,010
Cost per equivalent unit $9.00 $7.93
Costs assigned to:
Beginning inventory $0 $13,603 $13,603
Cost of units started and completed 98,280 86,437 184,717
Ending inventory 17,100 3,013 20,113
team skills do not require the ability to communicate effectively.
true or false
Answer:
I think false .
Explanation:
I think so because while working in a team the most important thing that we need is communication skill.
Lewis Company's standard labor cost of producing one unit of Product DD is 3.3 hours at the rate of $12.4 per hour. During August, 43,900 hours of labor are incurred at a cost of $12.60 per hour to produce 13,100 units of Product DD.
1. Compute the total labor variance.
2. Compute the labor price and quantity variances.
3. Compute the labor price and quantity variances, assuming the standard is 3.7 hours of direct labor at $12.70 per hour.
Answer:
Compute the total labor variance.
Explanation:
ình hình tài sản của Cty SAO KIM, số 7, Lê VănTám , phường 9, Quận 10 tính đến ngày 31/12/2020 như sau :
Đvt: triệu đồng.
Tiền mặt 1,000
Tiền gửi ngân hàng 79,000
Phải trả người bán 110,000
1399Nguyên vật liệu 225,000
Vay ngắn hạn ngân hàng 120,000
Công cụ dụng cụ 5,000
Nguồn vốn kinh doanh 965,000
Lãi chưa phân phối 203,500
Xe tải 100,000
Dây chuyền công nghệ 500,000
Máy móc thiết bị 389,000
Phải thu khách hàng 100,000
Phải trả người lao động X
Yêu cầu:
1. Tìm X.
The managerial accountant at Fast and Mean Manufacturing reported that the organization contains an automated production line to manufacture and produce its products for consumers to enjoy in the marketplace. The managerial accountant reported that the company uses the high-low method to estimate the costs in the new budget. The managerial accountant reported the following information: Month Total Machine-Hours Total Costs January 250,000 $5,500,000 February 248,000 $5,260,000 March 249,000 $5,400,000 April 248,000 $5,220,000 May 238,000 $5,180,000 June 230,000 $5,130,000 Compute the slope of the mixed cost, or the variable cost per unit of activity. Compute the vertical intercept, or the fixed cost component of the mixed cost. What is the mixed cost equation
Answer: See explanation
Explanation:
1. Compute the slope of the mixed cost, or the variable cost per unit of activity.
Variable cost per unit will be:
= (Total Cost at the highest level-l - total cost at the lowest level) / (Highest activity level - lowest activity level)
= (5500000 - 5130000)/(250000 - 230000)
= 370000/20000
= $18.50
2. Compute the vertical intercept, or the fixed cost component of the mixed cost.
The fixed cost will be:
= Total cost - Variable cost
= $5,500,000 - (25,000 × $18.50)
= $5,500,000 - $4,625,000
= $875,000
3. What is the mixed cost equation
Mixed Cost equation will be:
= Fixed Cost + (Variable cost per unit × Total Units of activity )
= 875000 + (18.75 × x)
Y = 875000 + 18.75x
Sofia bought a couch that required a $60 down payment and $60 per month for the next eight months. Which type of liability does this describe?
a) a long term liability
b) a non liquid liability
c) a consumer liability
d) a current liability
Assuming Sofia bought a couch that required a $60 down payment. This liability describe:d) a current liability.
What is current liability?Current liability can be defined as the amount owe or debt amount a person is expected to pay back within a stipulated period of time.
Since Sonia is expected to pay $60 per month for eight months which means that Sonia has a debt to pay within a year.
Therefore this liability describe:d) a current liability.
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Suppose a stock had an initial price of $72 per share, paid a dividend of $2.60 per share during the year, and had an ending share price of $59. Compute the percentage total return. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) What was the dividend yield and the capital gains yield
Answer:
a. −14.44%
b.Dividend yield 3.61%
Capital gains yield −18.06%
Explanation:
a.Computation for the percentage total return
R = ($59 - 72 + 2.60) / $72
R = −.1444*100
R= −14.44%
Therefore the percentage total return is −14.44%
b. Calculation to determine the dividend yield and the capital gains yield
Dividend yield = $2.60 / $72
Dividend yield = .0361*100
Dividend yield =3.61%
Capital gains yield = ($59 - 72) / $72
Capital gains yield = −.1806*100
Capital gains yield =−18.06%
Therefore the dividend yield and the capital gains yield are :
Dividend yield 3.61%
Capital gains yield −18.06%
Check My Work Which of the following moves the pizza market up along a given supply curve? a. a decrease in the price of cheese, an input to pizza b. a kitchen fire that destroys a popular pizza joint c. an increase in the price of pizza d. an increase in the price of root beer, a complement to pizza
Answer: c. an increase in the price of pizza
Explanation:
When there is a movement along the supply curve of a given commodity, it means that the commodity simply went through a price change because the supply curve is meant to depict the quantity supplied at various prices.
If there is an increase in the price of pizza therefore, the pizza market would be moved along the given supply curve.
The other options would cause a shift in the supply and demand curves instead of a movement along.
On November 1, Bahama National Bank lends $3.7 million and accepts a six-month, 9% note receivable. Interest is due at maturity. Record the acceptance of the note and the appropriate adjustment for interest revenue at December 31, the end of the reporting period.
Answer:
11/01
Dr Cash $3.7 million
Cr Notes Payable $3.7 million
12/31
Dr Interest expense $55,500
Cr Interest payable $55,500
Explanation:
Preparation of the journal entries to Record the issuance of the note and the appropriate adjustment for interest expense at December 31, the end of the reporting period.
11/01
Dr Cash $3.7 million
Cr Notes Payable $3.7 million
(To record issuance of the note)
12/31
Dr Interest expense $55,500
Cr Interest payable $55,500
(To record adjustment for interest expense)
Interest Expense = Face Amount x Interest Rate x Time Period
Interest Expense= $3.7 million x .09x 2/12 Interest Expense=$55,500
As part of a strategic planning process, Midwest Power's senior executives determined positive findings from their SWOT analysis: (1) New regulations will
provide tax credits for renewable ("green") power sources. (2) Their customers will pay higher prices for green power. (3) A competing power utility that
owns renewable power sources is struggling and might be a target to be acquired by Midwest Power. (4) As compared to their competitors, Midwest
Power's management team is one of the best in the industry. A strength of Midwest Power, per the SWOT analysis, is that
Answer:
4) As compared to their competitors, Midwest Power's management team is one of the best in the industry.
Explanation:
The strategic planning process is a documentation that establishes a direction for the small business by assenting where you are asserts the mission and mission along with the long term goals.Initially this seen as a temporary crop until the colonists learned that they could diversify it wine and other food crops. Colonists wanted to grow this crop because it made them money in short time with little investment. What was this crop?
Answer:
Tobacco
Explanation:
Tobacco, grown from seeds stolen from the Spanish, was the cash crop that saved the colonists in the New World. Because growing tobacco required lots of hard work and labor, more people were needed to work in the fields. The more workers one had, the more tobacco they could grow and the greater the profit they could gain.
