Answer:
Total sales = $1650000
Explanation:
Below is the given values:
Quick ratio = 1.0
Current ratio = 3.5
Current assets = $980000
Marketable security = $115000
Current ratio=Current assets/Current liabilities
3.5 = 980000 / Current liabilities
Current liabilities = 980000/3.5
Current liabilities = 280000
Quick ratio=Quick assets/Current liabilities
1.0 =Quick assets/280000
Quick assets = 1.0 x 280000 = 280000
Quick assets = Marketable security + Accounts receivable
Accounts receivable = 280000 - 115000
Accounts receivable = $165000
Days sales outstanding=(Accounts receivable/Total sales)*Days in a period
36.5 = (165000 / total sales ) x 365
Total sales=$165,000/(36.5 days/365 days
Total sales = $1650000
Entries for Notes Payable A business issued a 60-day, 10% note for $96,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar.
Answer:
Business A
Journal Entries:
Debit Accounts Payable $96,000
Credit 10% Notes Payable $96,000
To record the issuance of a 60-day, 10% note to a creditor on account.
Debit 10% Notes Payable $96,000
Debit Interest Expense $1,600
Credit Cash $97,600
To record the payment of the note at maturing, including interest.
Explanation:
a) Data and Analysis:
Accounts Payable $96,000
10% Notes Payable $96,000
10% Notes Payable $96,000
Interest Expense $1,600
Cash $97,600
Planet Company purchased goods worth $50,000 in July and expects to purchase goods worth $70,000 in August. Planet typically pays for 35% of purchases in the month of purchase and 65% in the following month. What are Planet Company's total expected cash disbursements for purchases in the month of August?
a. $40,000.
b. $57,000.
c. $65,000.
d. $60,000.
e. $100,000.
Answer:
57,000
Explanation:
Planet company purchases goods worth $50,000July and also expect to purchase goods worth $70,000 in August
They pay 35% of tbs purchase in the month and 75% in the following month
Therefore the total expected cash disbursement can be calculated as follows
= (70,000×35/100)+(50,000+65/100)
= {70,000×0.35) + (50,000+0.65)
= 24,500+32,500
= 57,000
The total factory overhead for Norton Company is budgeted for the year at $300,000, divided into three activities: assembly, $200,000; setup, $50,000; and materials handling, $150,000. Norton manufactures two products: Product A and Product B. The activity-based usage quantities for each product by each activity are estimated as follows:
Assembly Setup Materials Handling
Product A 5,000 dlh 60,setups 25 moves
Product B 15,000 dlh 110 setups 250 moves
Total activity- 20,000 dlh 170setups 275 moves
base usage
Determine the activity rate for the set up activity.
a. $166 per setup
b. $294 per setup
c. $1,764 per setup
d. $118 per setup
Answer:
b. $294 per setup
Explanation:
The computation of the activity rate for the setup activity is given below:
Activity Rate is
= Total Activity Cost ÷ Cost Driver
Activity Rate for Setup Activity is
= $50,000 ÷ 170
= $294 per Setup
hence, the activity rate for the setup activity is $294
Therefore the option b is correct
bài tập thực hành kế toán tài chính 1
Answer:
wut is this
Explanation:
financial acc practice ex 1
A _____________ strategy entails an organization developing a product and/or service that offers unique attributes that are valued by customers and that the customer perceives to be distinct from competitor offerings.
Answer: differentiation strategy
Explanation:
The differentiation strategy refers to the marketing strategy that is designed in order to distinguish the product and services of a company from other companies.
Product differentiation helps in the development of a strong value proposition which ensures that the product is attractive to the audience. The differentiation strategy ensures that the product is unique from others and this creates a competitive advantage.
Machinery was purchased for $340,000. Freight charges amounted to $14,000 and there was a cost of $40,000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $60,000 salvage value at the end of its 5-year useful life. Annual depreciation expense using the straight-line method will be a. $78,800. b. $57,200. c. $66,800. d. $56,000.
Answer:
$66,800
Explanation:
Depreciation is used in expensing the cost of an asset
Depreciation reduces the value of an asset
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
Cost = $340,000. + $14,000 + $40,000 = $394,000
($394,000 - $60,000) / 5 = $66,800
Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated $ at the end of years. To do this you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay percent compounded annually, how much must you deposit each year to reach your goal?
Answer:
$783.87
Explanation:
Complete question "To pay for your child's education, you wish to have accumulated $10,000 at the end of 8 years. To dothis, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 13 percent compoundedannually, how much must you deposit each year to obtain yourgoal?"
NPER = 8
FV = 10,000
Rate = 13%
PV = 0
Future Value of Annuity = PMT(Rate, NPER, PV, FV)
Future Value of Annuity = PMT(13%, 8, 10000, 0)
Future Value of Annuity = 783.8671964727014
Future Value of Annuity = $783.87
So, one must deposit $783.87 each year to reach the goal.
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $31,000 in cash and giving a short-term note for $278,000. Legal fees paid were $2,220, delinquent taxes assumed were $15,700, and fees paid to remove an old building from the land were $20,800. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $939,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.
Answer:
the cost of the land that should be reported on the balance sheet is $343,120
Explanation:
The calculation of the cost of the land that should be reported on the balance sheet is given below:
= cash payment + Short term note payable + legal fees paid + delinquent taxes + fees paid for removing out the old building - salvage value
= $31,000 + $278,000 + $2,220 + $15,700 + $20,800 - $4,600
= $343,120
hence, the cost of the land that should be reported on the balance sheet is $343,120
If there are 360 million people living in the U.S, but 1 million died of health issues leaving 289 million eligible workers, what is the unemployment rate if 170 million are in the labor force and 7 million are actively seeking work?
Answer: 4.12%
Explanation:
Unemployment rate only includes people who are actively looking for work and no discouraged workers or those who have retired:
Unemployment rate = Number of unemployed looking for work / Labor force
= 7,000,000 / 170,000,000
= 4.12%
Cameron is single and has taxable income of $58,046.
Required:
Determine his tax liability using the Tax Tables and using the Tax Rate Schedules.
Answer:
Cameron
Cameron's tax liability for the year as a single taxpayer is
= $12,770.12.
Explanation:
a) Data and Calculations:
Taxable income = $58,046
Tax rate = 22%
Tax liability = $12,770.12 ($58,046 * 22%)
b) The amount of tax that Cameron, who is within the 22% tax rate bracket, will pay to the IRS is $12,770.12. The tax liability represents the amount of tax that is due to be paid for his taxable income of $58,046 at the tax rate of 22%.
A manager spent 5 hours of his day in meetings. If he said that he spent 70% of his day, how many total hours did he work?
Answer:
The total hours the manager worked
= 7.14 hours
Explanation:
a) Data and Calculations:
Time spent by a manager in meetings per day = 5 hours
Percentage of time spent in meetings = 70%
Total hours the manager worked per day = 5/70% = 7.14 hours
b) The total hours that the manager worked per day = 7.14 hours or 7 hours 9 minutes (approximately). This is obtained by dividing the hours spent in meetings by the equivalent proportion that meetings consumed per day.
Last year, 7,980 units were produced and 7,680 units were sold. There was no beginning inventory. The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be: Multiple Choice the same as absorption costing.
Complete Question:
The Southern Corporation manufactures a single product and has the following cost structure: Variable costs per unit: Production $ 35 Selling and administrative $ 14 Fixed costs per year: Production $ 175,560 Selling and administrative $ 140,450 Last year, 7,980 units were produced and 7,680 units were sold. There was no beginning inventory. The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:
Multiple Choice
$6,600 less than under absorption costing.
$7,680 less than under absorption costing.
the same as absorption costing.
$7,680 greater than under absorption costing.
Answer:
The Southern Corporation
The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:
$6,600 less than under absorption costing.
Explanation:
a) Data and Calculations:
Variable costs per unit:
Production $ 35
Selling and administrative $ 14
Fixed costs per year:
Production $ 175,560
Selling and administrative $ 140,450
Production units last year = 7,980 units
Sales units last year = 7,680 units
Ending inventory = 300 (7,980 - 7,680) units
Value of Ending inventory:
1. Variable Costing:
Production $ 35 * 300 = $10,500
2. Absorption Costing:
Variable Production $ 35 * 7,980 = $279,300
Fixed Production overhead $ 175,560
Total production costs = $454,860
Units produced = 7,980
Unit cost = $57
Ending inventory = $17,100 ($57 * 300)
Difference = $6,600 ($17,100 - $10,500)
What is a market that runs most efficiently when one large firm supplies all of the output referred to as?
a government monopoly
a natural monopoly
a franchise
market power
(Gradpoint)
Answer:
a natural monopoly
Explanation:
A monopoly is a market structure which is typically characterized by a single-seller (one seller) who sells a unique product in the market by dominance. This ultimately implies that, it is a market structure wherein the seller has no competitor because he is solely responsible for the sale of unique products without close substitutes.
A monopolist refers to any individual that deals with the sales of unique products in a monopolistic market.
On a related note, a natural monopoly is a market that runs most efficiently when all of the output is supplied by one large business firm. Thus, a business firm is considered to be a natural monopoly if it's capable of producing the total output of the market at a lower cost than two or more business firms could.
Some examples of natural monopoly are the United States Postal Service, electricity grid, water supply, gas network, sewer services, energy distributors, railway service, etc.
A TV manufacturer offers warranties on its new TV sales. During December 2004, TV sales totaled $205,000. Past experience shows that warranty expense averages about 3% of the annual sales. What adjusting journal entry should be recorded on December 31, 2004 to account for the warranty expense
Answer:
Date Account Title Debit Credit
Dec 31, 2004 Warranty expense $6,150
Warranty Liability $6,150
Explanation:
First calculate the warranty expense:
= TV sales total * Warranty expense averages
= 205,000 * 3%
= $6,150
This will be credited to the Warranty liability account to reflect that the company potentially owes $6,150 in warranty expenses to people who purchased TVs.
khái niệm giao tiếp trong tổ chức
Answer:
bu kin jhu
Explanation:
John jvghh bugs HHH jhu UV juggle
How does the devaluation and appreciation of the local currency effect to balance of payment, analyze for each component
Answer: Balance of payment will worsen due to devaluation.
Explanation: The balance of payments refers to the balance of supply and demand for a country's currency in the foreign exchange market. Devaluation will make local currency weaker and foreign currency stronger. Therefore less demand for local currency in the foreign market. The imports will become expensive, more amount of local currency will be paid as it is weaker. The exports will become cheaper, more amount of local currency will be received as foreign currency is stronger than it.
Vise Versa for appreciation.
How does the price range affect the elasticity of demand for a product?
Demand for all goods is elastic if the price is low enough.
Price range has little or no effect on elasticity of demand for a good.
Demand for a good can be inelastic at a low price, but elastic at a high price.
Demand for a good can be elastic at a low price but inelastic at a high price.
Answer:
How does the price range affect the elasticity of demand for a product?
Demand for all goods is elastic if the price is low enough.
Price range has little or no effect on elasticity of demand for a good.
Demand for a good can be inelastic at a low price, but elastic at a high price.
Demand for a good can be elastic at a low price but inelastic at a high price.
Explanation:
How does the price range affect the elasticity of demand for a product?
Demand for all goods is elastic if the price is low enough.
Price range has little or no effect on elasticity of demand for a good.
Demand for a good can be inelastic at a low price, but elastic at a high price.
Demand for a good can be elastic at a low price but inelastic at a high price.
Answer:
the answer is demand for a good can be inelastic at a low price, but elastic at a high price.
Explanation:
Allocative efficiency occurs:
a. Anywhere inside or on the production possibilities frontier.
b. When the total cost of production is minimized
c. At all points on the production possibilities frontier.
d. At only one point on the production possibilities frontier.
e. At the points where the production possibilities frontier crosses the horizontal or vertical axis.
Answer:
a. Anywhere inside or on the production possibilities frontier.
Explanation:
In an economy, the allocative efficiency may be defined as the economic state where the production of various goods or services is aligned with the preferences with the consumers.
The allocative efficiency always materializes at the intersection of the supply curves and the demand curves.
On the [tex]\text{equilibrium point,}[/tex] the price for a supply [tex]\text{exactly matches}[/tex] with the demand for the product [tex]\text{for that supply}[/tex] at that price, and thus all the products are sold.
It occurs anywhere on the production possibilities frontier or on the inside of the frontier.
Therefore, the correct option is (a).
You are considering buying bonds in ACBB, Inc. The bonds have a par value of $1,000 and mature in 35 years. The annual coupon rate is 20.0% and the coupon payments are annual. If you believe that the appropriate discount rate for the bonds is 17.0%, what is the value of the bonds to you
Answer:
Bond Price= $121.27
Explanation:
Giving the following information:
Face value= $1,000
Coupon= 0.2*1,000= $20
Maturity= 35 years
Discount rate= 17%
To calculate the price of the bond, we need to use the following formula:
Bond Price= cupon*{[1 - (1+i)^-n] / i} + [face value/(1+i)^n]
Bond Price= 20*{[1 - (1.17^-35)] / 0.17} + [1,000/(1.17^35)]
Bond Price= 117.16 + 4.11
Bond Price= $121.27
Omega Enterprises budgeted the following sales in units: January 40,000 February 30,000 March 50,000 Omega's policy is to have 30% of the following month's sales in inventory. On January 1, inventory equaled 8,000 units. February production in units is: a.36,000. b.40,000. c.20,000. d.28,000. e.26,500.
Answer:
a. 36,000
Explanation:
Calculation to determine what February production in units is:
Sales for the month 30,000
Add Ending inventory 15,000
(50,000*0.3)
Less Beginning inventory (9,000)
(30,000*0.3)
February production in units 36,000 units
Therefore February production in units is: 36,000 units
Higher customer satisfaction and more efficient use of resources are impacts of businesses that operate with a _______
a: cost saving motive
b: customer service motive
c: efficiency motive
d: profit motive
Answer:
customer service motive
Answer:
I believe it's C: efficiency motive.
Explanation:
I did inspect element on course hero for the same question, and the answer was highlighted. Additionally, the question seems to highlight efficient uses of resources purposefully in businesses, so it seems that efficiency motive also goes hand in hand with that.
*Gains and losses taxable when investments are sold. The total deferred tax asset and deferred tax liability amounts at January 1, 2021, were $166.25 million and $25 million, respectively. The enacted tax rate is 25% each year. Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2021. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021. 3. Determine the income tax payable currently for the year ended December 31, 2021. 4. Prepare the journal entry to record income taxes for 2021.
Answer:
1. $160.75 million
$42 million
2. Decrease ($5.5 Million)
Increase $17 million
3. $35 million
4. Dr Tax expense $57.5 million
Cr Deferred tax asset $5.5 million
Cr Deferred tax liability $17 million
Cr Taxes payable $35 million
Explanation:
1. Calculation to determine the total deferred tax asset and deferred tax liability amounts at December 31, 2021.
Allowance for bad debt $1 million
($28 million-$32 million)* 25%
Add Subscription liability $6.25 million
($25million*25%)
Add Post retirement benefits obligation $153.5 million
($614 million*25%)
TOTAL DEFERRED TAX ASSET $160.75 million
Prepaid insurance $10 million
($40 million *25%)
Add Prepaid advertising $6 million
($24million * 25%)
Investments unrealized gain $6 million
$24million * 25%)
Add Buildings $20 million
[($380 million-$300 million) * 25%]
TOTAL DEFERRED TAX LIABILITY $42 million
Therefore the total deferred tax asset is $160.75 million and deferred tax liability amounts at December 31, 2021 is $42 million.
2. Calculation to determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021
DEFERRED TAX ASSET
Ending balance $160.75 million
Less Beginning balance $166.25 million
Decrease ($5.5 Million)
DEFERRED TAX LIABILITY
Ending balance $42 million
Less Beginning balance $25 million
Increase $17 million
Therefore the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021 is :
Deferred tax asset: Decrease ($5.5 Million)
Deferred tax liability:Increase $17 million
3. Calculation to determine the income tax payable currently for the year ended December 31, 2021
Income tax payable = $140 million *25%
Income tax payable=$35 million
Therefore the income tax payable currently for the year ended December 31, 2021 is $35 million
4. Preparation of the journal entry to record income taxes for 2021.
Journal entry
Dr Tax expense $57.5 million
($5.5 million+$17 million +$35 million)
Cr Deferred tax asset $5.5 million
Cr Deferred tax liability $17 million
Cr Taxes payable $35 million
(To record tax expense)
Jefferson uses the percent of sales method of estimating uncollectible receivables. Based on past history, 2% of credit sales are expected to be uncollectible. Sales for the current year are $5,550,000. Which of the following is correct?
a. Allowance for Doubtful Accounts will be credited.
b. Cash will be debited.
c. Accounts Receivable will be debited.
d. Bad Debt Expense will be credited.
Answer:
a. Allowance for Doubtful Accounts will be credited.
Explanation:
Since 2% of credit sales are expected to be UNCOLLECTIBLE in which the Sales amount for the current year are $5,550,000 which therefore means that $111,000 calculated as (.02 x $5,550,000) will be Allowance for Doubtful Accounts amount that will be credited.
Therefore ALLOWANCE FOR DOUBTFUL ACCOUNTS can be defined as the amount that tend to reduce Accout Receivable amount shown on a company or organization balance sheet.
Question 8
Critics of advertising argue that in some markets advertising may
A attract products of lower quality into the market.
B attract less informed buyers into the market.
C decrease elasticity of demand allowing firms to charge a larger markup over marginal cost.
D enhance competition in markets to an unnecessary degree.
Question 9
Answer:
C decrease elasticity of demand allowing firms to charge a larger markup over marginal cost.
Explanation:
Malouka participates in a research project for a large consumer behavior research firm. Each time she purchases items in a grocery store, she scans the barcodes of her products into an app, which sends her purchase data to the firm for analysis. Malouka is working with an example of automation known as __________.
Malouka is working with an automation example that we called the importing/exporting data.
The following information should be considered for the given situation:
Since she scans the barcodes of that product she purchased even all products are associated with the barcodes via using the mobile app.Also, she offered the research firm having more information like time, location, quantity, gender,etc.Therefore we can conclude that Malouka is working with an automation example that we called the importing/exporting data.
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Historical demand for a product is: DEMAND January 13 February 12 March 16 April 13 May 17 June 16 a. Using a weighted moving average with weights of 0.50 (June), 0.30 (May), and 0.20 (April), find the July forecast
Answer: 15.7 units
Explanation:
July forecast = (Weight of June * Demand in June) + (Weight of May * Demand in May) + (Weight of April * Demand in April)
= (0.5 * 16) + (0.3 * 17) + (0.2 * 13)
= 8 + 5.1 + 2.6
= 15.7 units
advantages of profit maximization
Answer:
Improved ratios will enhance investor's confidence and therefore share price.
Access to a wider range of finance because of a better image to creditors.
Long-term profits will improve liquidity and cash flows, which can be used for future investments, dividends, loan payments or retained.
When comparing the results of using the direct, sequential, and reciprocal services methods of allocating support department costs to production departments, which of the following statements is true for a manufacturing company that has a total of $1,500,000 in support costs to allocate?
a.The reciprocal services method allocates more than $1,500,000 to the production departments.
b.The reciprocal services method can be viewed as a compromise on accuracy and difficulty in allocating the $1,500,000 because it considers some, though not all, inter-support-department services and is easier to compute than the direct method.
c.The direct method yields the most accurate allocation of the $1,500,000.
d.The sequential method can be viewed as a compromise on accuracy and difficulty in allocating the $1,500,000 because it considers some, though not all, inter-support-department services and is easier to compute than the reciprocal services method.
Answer: d. The sequential method can be viewed as a compromise on accuracy and difficulty in allocating the $1,500,000 because it considers some, though not all, inter-support-department services and is easier to compute than the reciprocal services method
Explanation:
For a a manufacturing company that has a total of $1,500,000 in support costs to allocate, it should be noted that the sequential method can be viewed as a compromise on accuracy and difficulty in allocating the $1,500,000 because it considers some, though not all, inter-support-department services and is easier to compute than the reciprocal services method
The Management of XYZ Company Limited uses value chain analysis, supply chain management, inventory b)Identify and explain the type of school of management approach being used in the company.(5marks) management, quality control, queuing theory, linear programming and network models approaches in management of the company. The company relies on scientific applications of mathematical techniques to c)Discuss in four (5) ways, how contingency School of Management is different from the type of school manage problems. a)Briefly explain the typesof management theoriesapplicable in XYZ company Limited. (5marks) of management identified in (ii) above.
a) The school of management that the Management of XYZ Company Limited is applying is called Mathematical or Quantitative School of Management.
The Mathematical or Quantitative School of Management:
Expresses management problems in equations, mathematical symbols, and quantitative models Encourages wide application of computer technology, simulations, and analytics Introduces precision to management thinking and practice
b) The Contingency School, unlike the Mathematical School of Management:
Recognizes that not all management processes can be expressed with mathematical symbols and formulas.Identifies that mathematical models cannot replace sound judgment, which requires intuition and not equation.States that there is no single technique to solving management problems. Encourages managers to use any feasible management technique to solve problems, thereby thinking outside the box. Emphasizes that the applications of management principles and practices (process, behavioral, quantitative, and systems) should be contingent upon the prevailing circumstances.
Thus, with Contingency School, the tools of management thinking and practice should be applied based on prevailing situations and not mathematically with equations, models, and symbols.
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Which of the following best describes the journal entry to record the withdrawal of raw materials from the storeroom for use as direct and indirect materials in production?
a. Debit Work in Process, debit Manufacturing Overhead, and credit Raw Materials.
b. Debit Work in Process and credit Raw Materials.
c. Debit Manufacturing Overhead and credit Raw Materials.
d. Debit Work in Process, debit Manufacturing Overhead, and credit Direct Materials.
Debit Work in Process, debit Manufacturing Overhead, and credit Direct Materials best describes the journal entry to record the withdrawal of raw materials from the storeroom for use as direct and indirect materials in production. Thus option d is the correct option
What is a journal entry?A Journal entry can be defined as an accounting record in which the transaction is being made. Every transaction has two reactions, and all of these are accounted for with the help of a journal entry. About which a person can make a journal and a ledger, a balance sheet, and a profit and loss account.
Debit work in progress or any time of credit material describes the journal entry as the raw material is a part of inventory either taken with the help of debit or credit that is paid in cash, or sometimes it is through check or Bank. Therefore option d is the correct option
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