Answer:
Debit Accounts Receivable—Valley Spa $10,438 Credit Interest Revenue $238
Credit Notes Receivable $10,200.
Explanation:
Preparation of the the journal entry to record the dishonored note
Debit Accounts Receivable—Valley Spa $10,438
($10,200+$238)
credit Interest Revenue $238
($10,200 x 14% x 60/ 360)
Credit Notes Receivable $10,200
(To record the dishonored note)
In this type of budget, the master budget is based on a single prediction for sales volume, and the budgeted amount for each cost essentially assumes that a specific amount of sales will occur. Group of answer choices Flexible budget. Variable budget. Standard budget. Fixed budget.
Answer:
Fixed budget.
Explanation:
A fixed budget can be regarded as financial plan which is not been modified for any variations that could come up in actual activity. In most times some companies may have experience of substantial variations as regards their expected activity levels within the encompassed period of budget as well as the amounts in that budget. The budget cost allowances in a fixed budget for each cost item cannot be changed as regards the variable items. It should be noted that in Fixed budget the master budget is based on a single prediction for sales volume, and the budgeted amount for each cost essentially assumes that a specific amount of sales will occur.
When marginal cost is greater than average cost, average cost must be:_________.
a. rising.
b. falling.
c. constant.
d. The direction of change in marginal cost cannot be determined from this information.
Answer:
A
The average cost will be rising
Mark the statements that are TRUE.
Technology means the type of natural resources that are available.
Careful study and review is known as capital.
It would not make much sense to force an unskilled laborer to work in a surgical position,
Your nation's labor force includes people who want to work but do not have a job at the moment.
Your nation's money is considered capital.
Answer:
true statements are
b
c
d
e
Answer:
Tecnología significa el tipo de recursos naturales que están disponibles. V
El estudio y la revisión cuidadosos se conocen como capital. F
No tendría mucho sentido obligar a un trabajador no calificado a trabajar en un puesto quirúrgico. V
La fuerza laboral de su país incluye personas que quieren trabajar pero que no tienen trabajo en este momento.V
El dinero de su nación se considera capitalV .
Explanation:
Newton Corporation was organized on January 1, 20X7. On that date, it issued 200,000 shares of its $10 par value common stock at $15 per share (400,000 shares were authorized). During the period January 1, 20X7, through December 31, 20X9, Newton reported net income of $750,000 and paid cash dividends of $380,000. On January 5, 20X9, Newton purchased 12,000 shares of its common stock at $12 per share. On December 31, 20X9, 8,000 treasury shares were sold at $8 per share. Newton used the cost method of accounting for treasury shares. What is the total stockholders' equity of Newton as of December 31, 20X9
Answer:
$3,290,000
Explanation:
Calculation to determine total stockholders' equity of Newton as of December 31, 20X9
200,000 shares issued for $15$3,000,000
(200,000 shares* $15)
Add Net income $750,000
Less Dividends ($380,000)
Less Purchased 12,000 treasury shares at $12 ($144,000)
(12,000 treasury shares*$12)
Add Decrease in treasury stock account $96,000
(8,000 shares *$12)
Less Decrease in additional paid-in capital ($32,000)
[(8,000 shares *$12)-(8,000 shares *$8])
Total Stockholders’ equity $3,290,000
Therefore total stockholders' equity of Newton as of December 31, 20X9 is $3,290,000
Which measure of central tendency and dispersion can syafig calculate
Answer:
nominal variables
Explanation:
Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly.
Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply.
Attributes Competitive Market Monopolistically Competitive Market
Few sellers
Free entry
Price is equal to marginal cost
Price equals average total cost in the long run
Answer:
The answer is below
Explanation:
Considering the available options, here are the attributes that characterize a competitive market, and a monopolistically competitive market.
A competitive market is characterized by Identical products and Price = MR, while Monopolistic competition is characterized by product differentiation and few sellers.
Hence, it can be written as:
Competitive markets
Product differentiation. No
Identical products Yes
Price=MR Yes
Few sellers No
Monopolistic competition
Product differentiation. Yes
Identical products No
Price=MR No
Few sellers Yes
In ________ organizational cultures, more individuality is shown through the organization’s rules being less strictly applied.
Answer:
weak
Explanation:
An organizational culture can be defined as the shared norms, beliefs, assumptions and values that exist in an organization.
An ethical climate can be defined as a collection of behaviors that are considered to be acceptable and correct within an organization or business firm. Also, an ethical climate provides the human resources management of an organization with a framework or benchmark on how employee behavioral issues or ethical problems are to be managed or handled within the organization.
In weak organizational cultures, more individuality of an employee working within an organization is shown as a result of the organization’s rules being less strictly applied.
On a related note, the rules guiding an organization are generally strictly being applied in strong organizational culture.
is an important factor when
According to your reading material,
looking at your market and its needs.
a.
b.
location
capital
insurance
timing
d.
Answer:
Explanation:
insurance
According to your reading material, insurance Is an important factor when looking at your market and its needs. Option C is the correct answer.
While factors like location, capital, and timing are important considerations, insurance is also a crucial factor to take into account when assessing your market and its needs. Insurance provides protection and risk management for your business, its assets, and potential liabilities. Option C is the correct answer.
Having appropriate insurance coverage helps safeguard your business against unexpected events, such as accidents, property damage, legal claims, or disruptions to operations. It provides financial protection and peace of mind, allowing you to focus on meeting your market's needs without the constant worry of potential losses. Insurance coverage can vary depending on the nature of your business and industry. Common types of insurance include general liability insurance, property insurance, professional liability insurance, and workers' compensation insurance.
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The complete question is, " According to your reading material, ______ Is an important factor when looking at your market and its needs.
a. location
b. capital
c. insurance
d. timing"
Sales totaled $1,277,750 for the year, variable selling and administrative expenses totaled $158,710, and fixed selling and administrative expenses totaled $212,190. There was no beginning inventory. Assume that direct labor is a variable cost. Under variable costing, the company's net operating income for the year would be:
Complete Question:
Krepps Corporation produces a single product. Last year, Krepps manufactured 32,150 units and sold 26,900 units. Production costs for the year were as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead $234, 695 $154, 320 $279, 705 $482, 250 Sales totaled $1,277,750 for the year, variable selling and administrative expenses totaled $158,710, and fixed selling and administrative expenses totaled $212.190. There was no beginning inventory. Assume that direct labor is a variable cost. Under variable costing, the company's net operating income for the year would be:
Multiple Choice
O $28,350 higher than under absorption costing.
0 $28,350 lower than under absorption costing.
0 $78,750 lower than under absorption costing,
0 $78,750 higher than under absorption costing.
Answer:
Krepps Corporation
Under variable costing, the company's net operating income for the year would be:
0 $78,750 lower than under absorption costing
Explanation:
a) Data and Calculations:
Production units = 32,150 units
Sales units = 26,900 units
Production costs :
Direct materials $234, 695
Direct labor $154, 320
Variable manufacturing overhead $279, 705
Fixed manufacturing overhead $482, 250
Sales for the year $1,277,750
Variable selling and administrative expenses $158,710
Fixed selling and administrative expenses $212,190
Income Statement under variable costing:
Sales for the year $1,277,750
Variable cost of goods sold $559,520
Variable selling and administrative expenses $158,710
Total variable costs $718,230
Contribution margin $559,520
Fixed manufacturing overhead $482,250
Fixed selling and administrative expenses $212,190
Total fixed costs $694,440
Net operating loss $134,920
Direct materials $234, 695
Direct labor $154, 320
Variable manufacturing overhead $279, 705
Total variable manufacturing cost $668,720
Production units = 32,150
Unit costs = $20.60
Cost of goods sold = $559,520 ($20.80 * 26,900)
Income Statement under absorption costing:
Sales for the year $1,277,750
Cost of goods sold $963,020
Gross profit $314,730
Fixed selling and administrative expenses $212,190
Variable selling and administrative expenses $158,710
Total fixed costs $370,900
Net operating loss $56,170
Direct materials $234, 695
Direct labor $154, 320
Variable manufacturing overhead $279, 705
Fixed manufacturing overhead $482, 250
Total manufacturing costs $1,150,970
Production units = 32,150
Cost per unit = $35.80
Cost of goods sold = $963,020 ($35.80 * 26,900)
Difference = $78,750 ($134,920 - $56,170)
Operating Leverage
Haywood Co. reports the following data:
Sales $6,160,000
Variable costs (4,620,000)
Contribution margin $1,540,000
Fixed costs (440,000)
Operating income $1,100,000
Determine Haywood Co.’s operating leverage. Round your answer to one decimal place.
Answer:
Degree of operating leverage= 1.4
Explanation:
Giving the following information:
Sales $6,160,000
Variable costs (4,620,000)
Contribution margin $1,540,000
Fixed costs (440,000)
Operating income $1,100,000
To calculate the degree of operating leverage, we need to use the following formula:
degree of operating leverage= Total contribution margin / operating income
degree of operating leverage= 1,540,000 / 1,100,000
degree of operating leverage= 1.4
The descriptive term used to explain how people, businesses, and countries around the world are more interdependent because of the changes in forces like transportation, media, technology, and global finance is ________.
Answer:
Globalization
Explanation:
Globalization can be regarded as process which involves integration as well as interaction of people across the globe as well as companies and governments across the world. Globalization has improved as result of advances in transportation as well as communication technology which makes the to come together.
It should be noted that Globalization explained how people, businesses, and countries around the world are more interdependent because of the changes in forces like transportation, media, technology, and global finance.
plan content of paragraph in outline form
Rolando, a senior employee, has been asked to monitor the activities of some new employees and report to her if he finds them engaged in activities that are not work related. He finds them spending far too much time on social networking sites. However, instead of reporting this, he advises the new employees to refrain from using those sites in the future. Moreover, he tells Alexa that they were doing their work effectively. In this scenario, Rolando has engaged in
Answer:
Explanation:
From the question we are informed about Rolando, who is a senior employee, has been asked to monitor the activities of some new employees and report to her if he finds them engaged in activities that are not work related. He finds them spending far too much time on social networking sites. However, instead of reporting this, he advises the new employees to refrain from using those sites in the future. Moreover, he tells Alexa that they were doing their work effectively. In this scenario, Rolando has engaged in Filtering.
Filtering can be regarded as distortion as well as withholding of information so that reactions of a person or entity can be managed. It can be explained as process whereby some information is been hide to higher rank workers by
employee, whereby this is done so that
employees that committed a fault is not affected. Filtering serves as an act that middle-range workers can take to give
enough confidence to their surbodinates so that they can correct themselves which is alternative of punishing them.
a. Billed customers for fees earned, $112,700.
b. Purchased supplies on account, $4,500.
c. Received cash from customers on account, $88,220.
d. Paid creditors on account, $3,100.
e. On October 12, fees earned on account were $14,600.
Required:
Journalize this transaction.
Answer:
C.
Explanation:
A company sells a product which has a unit sales price of $5, unit variable cost of $3 and total fixed costs of $150,000. The number of units the company must sell to break even is:___________.
A. 50,000 units.
B. 300,000 units.
C. 75,000 units.
D. 30,000 units.
Answer:
c
Explanation:
Breakeven quantity are the number of units produced and sold at which net income is zero
If the sales of a company exceeds the breakeven quantity, the firms is earning a profit.
If the company's sales is less than the Breakeven quantity , the firm is making losses that would not be recouped
Breakeven quantity = fixed cost / price – variable cost per unit
150,000 / (5 -3) = 75000
A new machine requires an investment of $630,000 and will generate $100,000 in cash inflows for 7 years, at which time the salvage value of the machine will be $130,000. Using a discount rate of 10%, the net present value of the machine is $_________
Answer:
$-76,447.56
Explanation:
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Cash flow in Y0 = -630,000
Cash flow in Y1 - Y6 = 100,000
Cash flow in Y7 = 100,000 + 130,000
I = 10%
npv = $-76,447.56
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Answer:
-76,510, (76,510)
Explanation:
If Hawk Manufacturing incurs $600,000 during a joint manufacturing process before the split-off point, that $600,000 represents the
Answer:
Joint cost incurred in the process
Explanation:
In domain of accounting, a joint cost can be regarded as a cost that is been incurred in a joint process. Joint costs may encompass costs like direct material,overhead costs as well as direct labor that is been incurred during a joint production process.
joint production process can be regarded as one whereby one input give yields of multiple outputs. This process helps to automatically creates other types of output product when creating one type of output.
For instance, Joint cost when a Manufacturing company incurs $600,000 during a joint manufacturing process before the split-off point, that $600,000 represents the Joint cost .
An asset is purchased on January 1 for $44,700. It is expected to have a useful life of five years after which it will have an expected residual value of $6,000. The company uses the straight-line method. If it is sold for $32,000 exactly two years after it is purchased, the company will record a: Multiple Choice
Answer:
Gain of $2,780
Explanation:
Calculation to determine what The company will record If it is sold for $32,000 exactly two years after it is purchased
First step is to calculate the Annual depreciation expense using this formula
Annual depreciation expense = (Cost − Residual value) × (1 ÷ Useful life)
Let plug in the formula
Annual depreciation expense = ($44,700 − $6,000) × (1 ÷ 5)
Annual depreciation expense =$38,700× (1 ÷ 5)
Annual depreciation expense =$ 7,740
Second step is to calculate the Accumulated depreciation using this formula
Accumulated depreciation = Year 1 depreciation expense + Year 2 depreciation expense
Let plug in the formula
Accumulated depreciation = $7,740 +$7,740
Accumulated depreciation = $15,480
Now let calculate the Gain (loss) on disposal
Using this formula
Gain (loss) on disposal = Proceeds from sale − (Cost − Accumulated Depreciation at time of sale)
Let plug in the formula
Gain (loss) on disposal = $32,000 − ($44,700 − $15,480)
Gain (loss) on disposal =$32,000-$29,220
Gain (loss) on disposal=$2,780
Therefore If it is sold for $32,000 exactly two years after it is purchased, the company will record a GAIN of $2,780
Use the following information for the year ended December 31, 2022.
Supplies $1,500
Service revenue $19,000
Other operating expenses 10,000
Cash 15,000
Accounts payable 11,000
Dividends 6,000
Accounts receivable 4,000
Notes payable 1,000
Common stock 10,000
Equipment 9,500
Retained earnings (beginning) 5,000
Calculate the following:
a. Net income / (net loss)
b. Ending retained earnings
c. Total assets
Answer:
a. $9,000
b. $8,000
c. $30,000
Explanation:
a. Calculation to determine the Net income / (net loss)
Using this formula
Net Income = Revenues - Operating Expenses
Let plug in the morning
Net Income = $19,000 - $10,000
Net Income = $9,000
Therefore the Net income is $9,000
b. Calculation to determine Ending Retained Earnings
Using this formula
Ending Retained Earnings = Retained Earnings at the beginning + Net Income - Dividends paid
Let plug in the morning
Ending Retained Earnings = $5,000 + $9,000 - $6,000
Ending Retained Earnings = $8,000
Therefore Ending Retained Earnings $8,000
c. Calculation to determine the Total Assets
Using this formula
Total Assets = Supplies + Accounts receivables + cash + Equipments
Let plug in the formula
Total Assets = $1,500 + $4,000 + $15,000 + $9,500
Total Assets = $30,000
Therefore Total assets is $30,000
Magazine sells subscriptions for for issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Magazine should record revenue for this situation. b. the amount of revenue Magazine should record for issues. a. Seacoast Magazine should record revenue whe
Answer:
a. It should record revenue on a monthly basis
The Revenue Recognition principle in accounting posits that revenue should only be recognized after the goods and services that the revenue was paid for, have been delivered.
Seacoast Magazine has not delivered the magazine and will do so monthly for 18 months. It should therefore apportion profits to those months and only recognize the profit after the magazines are delivered.
b. Amount of revenue for 8 issues:
= 36/ 18 issues * 8 issues
= 2 * 8
= $16
ing using a calculator) Jesse Pinkman is thinking about trading cars. He estimates he will still have to borrow $ to pay for his new car. How large will Jesse's monthly car loan payment be if he can get a -year ( equal monthly payments) car loan from the university's credit union at an APR of percent compounded monthly?
Answer:
Monthly car loan payment = $414 (Approx.)
Explanation:
Missing information;
Amount borrow = $29,000
NUmber of payment = 7 year x 12 = 84
Rate = 5.3% yearly = 0.053 / 12 monthly
Find:
Monthly car loan payment
Computation:
PV = $29,000
N = 84
r = 0.053/12
FV = 0
PV = (PMT/r)[1 – 1/(1 + r)ⁿ] + FV/(1 + r)ⁿ
29,000 = [PMT/(0.053/12)][1 – 1/(1 + 0.053/12)^84] + 0
PMT = 413.98
Monthly car loan payment = $414 (Approx.)
Which of the following is an example of a mixed cost?
a. electricity costs of $3 per kilowatt-hour
b. salary of a factory supervisor
c. rental costs of $10,000 per month plus $0.30 per machine hour of use
d. straight-line depreciation on factory equipment
Answer:
C
Explanation:
Mixed cost is a cost that consists of both fixed cost and variable cost
Fixed costs are costs that do not vary with output. e.g., rent, mortgage payments, depreciation
Variable costs are costs that vary with production
An example of variable cost is electricity costs of $3 per kilowatt-hour. If the factory is locked down, no electricity cost would be incurred.
The rental costs of $10,000 per month plus $0.30 per machine hour of use consists of both a fixed cost and a variable cost
the fixed cost is 10,000
the variable cost is $0.30 per machine hour
Labor productivity is?
Answer:
Workforce productivity is the amount of goods and services that a group of workers produce in a given amount of time. It is one of several types of productivity that economists measure.
For Oriole Company, sales is $1500000, fixed expenses are $330000, and the contribution margin per unit is $60. What is the break-even point?
Answer:
5500
Explanation:
Breakeven quantity are the number of units produced and sold at which net income is zero.
Breakeven is the ratio of fixed cost to profit per unit of output sold.
Breakeven quantity = fixed cost / price – variable cost per unit
= fixed price / contribution margin per unit
Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments
Variable costs are costs that vary with production
If a producer decides not to produce any output, there would be no need to hire labour and thus no need to pay hourly wages.
$330,000 / $60 = 5500
All companies try to have happy workers as they know the relationship between satisfaction and performance. This is why they are focusing on motivating their employees in a variety of ways. From what you have learned please suggest what companies should do to have a working place that could effectively motivate their employees.
Answer:
1. Reward and incentivize workers
2. Set smaller weekly or biweekly goals for them.
3. Foster trust between the managers and workers.
Explanation:
In order to have workers who are motivated to put in their best in the company, employers should take certain positive actions. These actions include;
1. Reward and incentivize workers: Rewards which could be monetary, as word of praise, or formal recognition can move workers to give their best. Humans are motivated when their efforts are recognized and praised. Therefore, incentivizing workers is a good way to get them motivated.
2. Set smaller weekly or biweekly goals for them: Setting humongous goals and targets can scare off and pressurize the workers. But when these large goals are broken into smaller goals, they can then be motivated to reach those goals.
3. Foster trust between the managers and workers: When workers have a sense of belonging and know that they are trusted, they will be in a more relaxed frame to achieve their goals. Unwarranted allegations and suspicions can put the workers on edge.
Coronado, Inc. reported net income of $2.95 million in 2022. Depreciation for the year was $188,800, accounts receivable decreased $413,000, and accounts payable decreased $330,400. Compute net cash provided by operating activities using the indirect method
Answer:
Net cash provided by operating activities $3,221,400
Explanation:
The computation of the net cash provided by operating activities using the indirect method is given below
cash provided by operating activities
Net income $2,950,000
Add: depreciation $188,800
Add: decrease in account receivable $413,000
Less: decrease in account payable -$330,400
Net cash provided by operating activities $3,221,400
A buyer of $7,000 in merchandise inventory failed to take advantage of the vendor's credit terms of 2/15, n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of:_________
a. 100
b. 77
c. 1155
d. 770
e. 231
Given:
The credit terms are: [tex]\bold{\frac{2}{15} \ \ \frac{n}{45}}[/tex]When the [tex]2\%[/tex] discount with [tex]\bold{45\ days}[/tex] to paySo, the price of the merchandise is: [tex]\bold{ 7000}[/tex]Calculating the cash discount:
[tex]= \bold{7000 \times 2\%}\\\\= \bold{7000 \times \frac{2}{100}}\\\\= \bold{70\times 2}\\\\= \bold{\$140}[/tex]
Therefore the answer is "140", and all the given choices are wrong.
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The Cullumber Acres Inn is trying to determine its break-even point during its off-peak season. The inn has 50 rooms that it rents at $65 a night. Operating costs are as follows:
Salaries $7,000 per month
Utilities $1,000 per month
Depreciation $1,100 per month
Maintenance $1,508 per month
Maid service $13 per room
Other costs $26 per room
Required:
a. Determine the inn's break-even point in number of rented rooms per month.
b. Determine the inn's break-even point in dollars.
Answer:
a. Breakeven point in number of rented rooms:
= Fixed costs / Contribution margin
Fixed cost = Salaries per month + Utilities + Depreciation + Maintenance
= 7,000 + 1,000 + 1,100 + 1,508
= $10,608
Contribution margin:
= Rent price - Maid service - Other costs
= 65 - 13 - 26
= $26
Breakeven point in rented rooms:
= 10,608 / 26
= 408 rooms
b. Breakeven point in dollars:
= Fixed costs / Contribution margin ratio
= 10,608 / (26 / 65)
= 10,608 / 40%
= $26,520
Use the following data to calculate the cost of goods sold for the period:
Beginning Raw Materials Inventory $30,600
Ending Raw Materials Inventory 70,600
Beginning Work in Process Inventory 40,600
Ending Work in Process Inventory 46,600
Beginning Finished Goods Inventory 72,600
Ending Finished Goods Inventory 68,600
Cost of Goods Manufactured for the period 246,600
Answer:
The cost of goods sold for the period is:
= $250,600.
Explanation:
a) Data and Calculations:
Beginning Raw Materials Inventory $30,600
Ending Raw Materials Inventory 70,600
Beginning Work in Process Inventory 40,600
Ending Work in Process Inventory 46,600
Beginning Finished Goods Inventory 72,600
Ending Finished Goods Inventory 68,600
Cost of Goods Manufactured for the period 246,600
To determine the cost of goods sold:
Beginning Finished Goods Inventory $ 72,600
Cost of Goods Manufactured for the period 246,600
Cost of goods available for sale $319,200
Ending Finished Goods Inventory (68,600)
Cost of goods sold $250,600
Your company buys a computer system from IBM for $3 million and pays IBM $200,000 to install the computer system. The $3 million is on credit and your company pays $100,000 of interest on the loan in the current year. The acquisition cost of the computer system at the end of the current year will be
Answer:
$3.2 million
Explanation:
Calculation to determine what The acquisition cost of the computer system at the end of the current year will be
Using this formula
Acquisition cost=Purchase price+ Installation cost
Let plug in the morning
Acquisition cost= $3 million +$200,000
Acquisition cost=$3.2 million
Therefore The acquisition cost of the computer system at the end of the current year will be $3.2 million
