Answer: $7,800
Explanation:
The amount that the company needs to borrow can be found using the formula:
= Opening balance + Cash receipts - Cash to be maintained - Cash disbursement
= 44,000 + 174,000 - 25,000 - 200,800
= -$7,800
Amount to be borrowed is the shortfall of $7,800
The most recent financial statements for Summer Tyme, Inc., are shown here:
Income Statement Balance Sheet
Sales $3,700 Current assets $4,500 Current liabilities $960 Costs 2,400 Fixed assets 5,200 Long-term debt 3,620 Taxable income $1,300 Equity 5,120 Taxes (21%) 273 Total $9,700 Total $9,700 Net income $1,027
Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 60 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 30 percent.
Required:
What is the external financing needed? (Do not round your intermediate calculations.)
EFN = needed new long-term debt and/or external equity
Answer:
External finance needed = $2,088
Explanation:
Note: See the attached excel file for the Calculation of ratios with respect to sales, Proforma Income Statement, Calculation of Retained Earnings and Equity, and Proforma Balance Sheet.
From the Proforma Balance Sheet in the attached excel file, we have:
Total Assets = $12,610
Total Liabilities = $10,448
Therefore, we have:
External finance needed = Total Assets - Total Liabilities = = $12,610 - $10,448 = $2,088
financial lit Banks offer other types of services such as safe deposit boxes for customers to store valuable documents. List at least two other types of non-account services that the provider makes available to customers, either for a fee or at no cost.
Answer and Explanation:
Banks offer agency services too such as being trustees, executors, or financial advisors to their customers. They can also stand as guarantee for their customers.
Banks also offer reference services. They provide information on the financial position or strength of their customers for the purpose of a customer's business dealing. This is usually done confidentially and with the permission of the customer
Journalize the entries to record the following transactions for Mountain Realty Inc.:
Aug.26 Issued for cash 128,000 shares of no-par common stock The stock outstanding when a corporation has issued only one class of stock. (with a stated value of $5) at $6.
Oct.1 Issued at par value 41,000 shares of preferred 1% stock, $10 par The monetary amount printed on a stock certificate. for cash.
Nov. 30 Issued for cash 17,000 shares of preferred 1% stock, $10 par at $11
Answer and Explanation:
The journal entries are shown below"
On Aug 26
Cash Dr $768,000
To Common stock $640,000
To Additional paid in capital $128,000
(Being issuance of the common stock is recorded)
On Oct 1
Cash Dr $410,000
To preferred stock $410,000
(Being the issuance of the preferred stock is recorded)
On Nov 30
Cash Dr $187,000
To Common stock $170,000
To Additional paid in capital $17,000
(Being issuance of the common stock is recorded)
Flexible budgets Group of answer choices are static budgets that have been revised for changes in price(s). accommodate changes in activity levels. accommodate changes in the inflation rate. are used to evaluate capacity utilization.
Answer: accommodate changes in activity levels.
Explanation:
A flexible budget is refered to as the budget which changes based on the actual activity. It accommodate changes in activity levels.
It is the budget which is allowed to be adjusted as a result of the change in the assumptions that's used in the creation of the budget during the planning process of the management.
Answer:
accommodate changes in activity levels. is the correct choice.
Explanation:
Flexible budgets Group of answer accommodate changes in activity levels.
The firm you manage faces the following costs: Quantity Total Cost 0 $4 1 $6 2 $7 3 $10 4 $15 5 $21 What is the average fixed cost of the 2nd unit produced
Answer:
The average fixed cost of the 2nd unit produced is:
= $2.
Explanation:
a) Data and Calculations:
Quantity Total Cost Fixed Cost Average Fixed Cost
0 $4 $4 $4
1 $6 $4 $4
2 $7 $4 $2
3 $10 $4 $1.3
4 $15 $4 $1
5 $21 $4 $0.8
b) The average fixed cost (AFC) is the total fixed cost divided by the quantity of production within the relevant range. It does not change when there a change in the number of goods and services produced by a company. Average fixed cost can be calculated from the salaries of permanent employees, the mortgage payment on machinery and plant, and rent.
Equipment acquired at the beginning of the year at a cost of $30,800 has an estimated residual value of $2,800 and an estimated useful life of four years. Determine the following: (a) The depreciable cost $fill in the blank 1 (b) The straight-line rate fill in the blank 2 % (c) The annual straight-line depreciation $fill in the blank 3
Answer:
$28000
25%
$7000
Explanation:
Depreciable cost = cost of the asset - residual value
$30,800 - $2800 = $28,000
The straight-line rate = annual depreciation expense / Depreciable cost
7000 / 28,000 x 100 = 25%
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
$28,000 / 4 = $7000
A bond with a face value of $1,000 has 10 years until maturity, carries a coupon rate of 7.3%, and sells for $1,170. Interest is paid annually.a. If the bond has a yield to maturity of 10.7% 1 year from now, what will its price be at that time? (Do not round intermediate calculations. Round your anser to nearest whole number.)b. What will be the annual rate of return on the bond? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)c. Now assume that interest is paid semiannually. What will be the annual rate of return on the bond?Slightly greater than your part b answerSlightly less than your part b answerd. If the inflation rate during the year is 3%, what is the annual real rate of return on the bond? (Assume annual interest payments.) (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)
Answer:
a. Price 1 year later = $810
b. Annual rate of return on the bond = -24.53%
c. Since -24.79% is lower than -24.53% obtained part b, this implies that annual rate of return is slightly less than our part b answer.
d. Annual real rate of return on the bond = -26.73%
Explanation:
a. If the bond has a yield to maturity of 10.7% 1 year from now, what will its price be at that time? (Do not round intermediate calculations. Round your answer to nearest whole number.)
This can be calculated as follows:
Price 1 year later = Coupon rate * Par value / Yield to maturity * (1 - 1 / (100% + Yield to maturity)^Years to maturity) + Par value / (100% + Yield to maturity)^Years to maturity = 7.3% * 1000 / 10.7% * (1 - 1 / (100% + 10.7%)^9) + 1000 / (100% + 10.7%)^9 = $810
b. What will be the annual rate of return on the bond? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)
This can be calculated as follows:
Annual rate of return on the bond = (Price 1 year later + Coupon rate * Par value) / Price now - 1 = (810 + 7.3% * 1000) / 1170 - 1 = -24.53%
c. Now assume that interest is paid semiannually. What will be the annual rate of return on the bond?Slightly greater than your part b answer Slightly less than your part b answer
This can be determined as follows:
Price 1 year later = (Coupon rate / 2) * Par value / (Yield to maturity / 2) * (1 - 1 / (100% + (Yield to maturity / 2))^(Years to maturity * 2)) + Par value / (100% + (Yield to maturity / 2))^(Years to maturity * 2) = (7.3% / 2) * 1000 / (10.7% / 2) * (1 - 1 / (100% + (10.7% / 2))^(9 * 2)) + 1000 / (100% + (10.7% / 2))^(9 * 2) = $807
Annual rate of return on the bond = (Price 1 year later + Coupon rate * Par value) / Price now - 1 = (807 + (7.3% / 2) * 1000) / 1170 - 1 = -24.79%
Since -24.79% is lower than -24.53% obtained part b, this implies that annual rate of return is slightly less than our part b answer.
d. If the inflation rate during the year is 3%, what is the annual real rate of return on the bond? (Assume annual interest payments.) (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)
This can be calculated as follows:
Annual real rate of return on the bond = (1 + nominal return) / (1 + inflation)-1 = (1 - 24.53%) / (1 +3 %) - 1 = -26.73%
Mickley Company’s plantwide predetermined overhead rate is $20.00 per direct labor-hour and its direct labor wage rate is $15.00 per hour. The following information pertains to Job A-500: Direct materials $ 280 Direct labor $ 150 Required: 1. What is the total manufacturing cost assigned to Job A-500? 2. If Job A-500 consists of 70 units, what is the unit product cost for this job? (Round your answer to 2 decimal places.)
Answer and Explanation:
The computation is shown below;
1.
Total hours for job A - 500
= Direct labor ÷direct labor wage rate
= $150 ÷ $15
= 10
Total over head cost = overhead cost per labor hours × no. of labor hours
= $20 × 10
= $200
total manufacturing cost = Direct materials cost + Direct labor cost + Total over head cost
= $280 + $150 + $200
= $630
2.
Cost assigned to each unit
= total manufacturing cost ÷ number of units
= $630 ÷ 70
= $9
_______ is best described as the process of transformation of an idea into a new product or process, or the modification and recombination of existing ones.
Answer: Invention
Explanation:
Invention simply refers to the process for transforming an idea into a new product or the modification and the recombination of existing ones.
Invention is the unique method, or process that's used in the creation of a product or may be an improvement on a product or machine that's already created.
Project Management Practice ProblemBragg’s Bakery is building a new automated bakery downtown Sandusky. Here are the activities that need to be completed to get the new bakery built and the equipment installed.
ACTIVITYPREDECESSORNORMAL TIME (WEEK)CRASH TIME (WEEK)EXPEDITING COST/WEEKA-963000BA853500CA15104000DB,C532000EC1062500FD,E215000
Hint: I have directly provided the crashing cost per unit time.
a. What is the normal project length?
b. What is the critical path in this project?
c. Which activity will you choose to crash first to reduce the duration of the project by one week?
d. What is the project length if all activities are crashed to their minimum?
e. What is the slack for activity D?
Answer:
a. The normal project length is 36 weeks.
b. The critical path in this project is A-C-E-F.
c. The activity that you choose to crash first to reduce the duration of the project by one week is E because it has the least expediting cost/week amongst A, C, E, F.
d. The project length if all activities are crashed to their minimum is 23 weeks.
e. The slack for activity D is 5 weeks.
Explanation:
a) The normal length of the project = completion time of last activity = 36 weeks.
b) The criteria for critical activity:
[tex]LC_{i} = ES_{i} ,\\LC_{j} = ES_{j} ,\\[/tex]
[tex]ES_j - ES_i = LF_j - LF_{i} =[/tex] duration of the activity
where ES = Earliest start time, EF = Earliest finish time , LC = latest completion time, LF = latest finish time ,
The suffix- i refers to the preceding node, suffix-j refers to the succeeding node.
activities satisfying above all criteria are A, C, E, F
therefore critical path is A-C-E-F.
c) To reduce the project duration by 1 week. we should choose to crash among critical activities A, C, E, F. thus we choose to crash activity E because it has the least expediting cost/week amongst A, C, E, F.
d) if we crash all the activities to their minimum, then the project length = sum of crash time of all critical activities
= [6 + 10 + 6 + 1]
= 23 weeks.
e) The slack of activity d = LS - ES = 34 - 29
= 5 weeks
The critical path is given in the diagram,
Which of the following non-GAAP disclosures is LEAST LIKELY to create variance between GAAP and non-GAAP operating income:
a. Goodwill impairment
b. Inventory write down
c. Currency loss from closing of a foreign subsidiary
d. Gain on sale of an asset
Answer: c. Currency loss from closing of a foreign subsidiary.
Explanation:
GAAP refers to the industry standard and it gives a clear view of the operations of a business from a financial point of view. On the other hand, the non-GAAP disclosure deviates from the industry standard and in such case, adjustments are made to show company's operations.
The non-GAAP disclosures which is least likely to create variance between GAAP and non-GAAP operating income is the currency loss from closing of a foreign subsidiary.
Rosalia White will invest $3,000 in an IRA for the next 30 years starting at the end of this year. The investment will earn 13 percent annually. How much will she have at the end of 30 years
Answer:
$879,597.65
Explanation:
The future value of an ordinary annuity formula is applicable in this case, since an ordinary annuity is such that payments into the accounts are expected to occur at the end of the periods rather than at the beginning of each year:
FV=yearly payment*(1+r)^n-1/r
yearly payment=$3,000
r=13%
n=number of annual payments =30
FV=$3000*(1+13%)^30-1/13%
FV=$3000*(1.13)^30-1/0.13
FV=$3000*(39.11589796-1)/0.13
FV=$3000*38.11589796/0.13
FV=$879,597.65
XYZ Tile Installation Corporation measures its activity in terms of square feet of tile installed. Last month, the budgeted level of activity was 1,180 square feet and the actual level of activity was 1,270 square feet. The company's owner budgets for supply costs, a variable cost, at $3.50 per square foot. The actual supply cost last month was $4,980. What would have been the spending variance for supply costs
Answer:
The appropriate solution is "$535 U". A further explanation is described below.
Explanation:
The given values are:
Actual level of activity,
= 1270
Budgeted variable cost,
= $3.50
Actual supply cost,
= $4980
Now,
The spending variance for supply costs will be:
= [tex](Actual \ level \ of \ activity\times Budgeted \ variable \ cost)\times Actual \ supply \ cost[/tex]
= [tex](1270\times 3.50)-4980[/tex]
= [tex]4445-4980[/tex]
= [tex]535[/tex] (unfavorable)
A company is planning to purchase a machine that will cost $57,000 with a six-year life and no salvage value. The company expects to sell the machine's output of 3,000 units evenly throughout each year. A projected income statement for each year of the asset's life appears below. What is the payback period for this machine?
Sales $138,000
Costs:
Manufacturing $68,000
Depreciation on machine 9,500
Selling and administrative expenses 46,000 (123,500)
Income before taxes $14,500
Income tax (35%) 5,075
Net income $9,425
a. 6.00 years.
b. 1.99 year.
c. 6.05 years.
d. 12.10 years.
e. 3.01 years.
Answer:
e. 3.01 years
Explanation:
Cost of Asset = $57,000
Net annual cash Inflow = Net Income after Tax + Depreciation
Net annual cash Inflow = $9,425 + $9,500
Net annual cash Inflow = $18,925
Payback Period = Cost of Asset (Investment) / Net annual cash Inflow
Payback Period = $57,000 / $18,925
Payback Period = 3.01188904
Payback Period = 3.01 years
Công ty M sản xuất một số mặt hàng
thuộc đối tượng nộp thuế GTGT theo phương pháp khấu trừ thuế, tổ chức kế toán
hàng tồn kho theo phương pháp kê khai thường xuyên. Trong tháng 1, phòng kế
toán có tài liệu liên quan đến các khoản thuế và các khoản phải nộp ngân sách
như sau:
I. Số dư đầu tháng 3: TK 333:
2.000.000đ trong đó chi tiết TK 33311: 2.000.000đ.
II. Phát sinh trong tháng:
1.
Công ty đã chi tiền mặt nộp thuế môn bài năm nay theo thông báo:
3.000.000đ.
2.
Nhận được thông báo nộp thuế tài nguyên trong kỳ: 2.000.000đ.
3.
Chi phí tiền lương trong kỳ:
- Bộ phận bán hàng: 55000.000đ
- Bộ phận quản lý doanh nghiệp:
60.000.000đ
Đến kỳ thanh toán lương, công ty tiến
hành trích các khoản theo lương và thực hiện khấu trừ lương của công nhân viên theo
quy định.
4.
Mua một xe con sử dụng phải đóng lệ phí trước bạ: 6.000.000đ.
5.
Nhận thông báo tạm nộp thuế TNDN quý I năm nay: 10.000.000đ.
6.
Tổng hợp tình hình tiêu thụ sản phẩm trong tháng: giá bán sản phẩm chưa
thuế 100.000.000đ, thuế GTGT 10%, trong đó chưa thu tiền khách hàng 50% giá
thanh toán, thu bằng TGNH 30% và bằng tiền mặt 20%.
7.
Nhận lại một số sản phẩm đã tiêu thụ tháng 2, nhập kho theo giá vốn
800.000đ, giá bán hàng trả lại 1.100.000đ (gồm thuế GTGT 100.000đ) trừ vào số
tiền khách hàng còn nợ.
8.
(Giả sử) cuối tháng lập tờ khai thuế GTGT, số tiền thuế GTGT đầu vào
được khấu trừ tháng này là 12.000.000đ.
9.
Chuyển TGNH nộp thuế GTGT 2.000.000đ, thuế TTĐB 22.500.000đ, thuế TNDN
tạm nộp, nộp hộ thuế TNCN cho CNV, đã nhận được giấy báo Nợ của NH.
Yêu cầu: Trình bày bút toán ghi sổ.
Answer:
vfnfhtjjhyhhhshahayyahauahaua
Since the middle of the 20th century, the international global business system has been shaped by global institutions. Countries have established these institutions to address the global issues that span their borders.
a. True
b. False
Answer:
a. True
Explanation:
This statement is correct, as global institutions were created with the objective of regulating global business from international treaties, which implemented a set of rules and regulations that must be followed by all organizations in a global market, as a form of protection to organizations, society and the environment, such as legislative and economic changes, crises and possible negative impacts inherent to organizations in a global business system.
Mabbe Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A is 800 units and of Product B is 600 units. There are three activity cost pools, with estimated costs and expected activity as follows:
Activity Cost Pools Estimated Overhead Cost Expected Activity
Product A Product B Product C
Activity 1 $17460 600 600 1200
Activity 2 $19987 1700 600 2300
Activity 3 $29884 400 120 520
The activity rate for Activity 2 is closest to: __________
a. $29.274
b. $33.311
c. $11.764
d. $8.69
Answer:
d. $8.69
Explanation:
Activity rate for Activity 2 = Estimated Overhead Cost / Expected Activity
Activity rate for Activity 2 = $19,987.00 / 2300
Activity rate for Activity 2 = $8.69 per activity
XYZ shop has a favorite model that has annual sales of 145. The cost to place an order to replenish inventory is $25 per order, and annual inventory holding cost per unit is $20. Assume the store is open 350 days per year. a. What is the optimal order size
Answer:
EOQ= 19 units
Explanation:
Giving the following information:
Demand= 145 units
Order cost= $25 per order
Holding cost= $20.
To calculate the optimal order quantity, we need to use the economic order quantity method:
Economic order quantity (EOQ)= √[(2*D*S)/H]
D= Demand in units
S= Order cost
H= Holding cost
EOQ= √[(2*145*25) / 20]
EOQ= √362.5
EOQ= 19 units
Year Nominal GDP Real GDP GDP Deflator (Dollars) (Base year 2016, dollars) 2016 2017 2018 From 2017 to 2018, nominal GDP , and real GDP. The inflation rate in 2018 was.
Why is real GDP a more accurate measure of an economy's production than nominal GDP?
Answer:
Explanation:
The Real GDP is defined as the Nominal GDP minus the inflation effect.
Real GDP provides a more accurate picture of economic growth than nominal GDP because it uses constant prices, making comparisons between years more meaningful by allowing for comparisons of the actual volume of goods and services without considering inflation.
Let's say you bought apples at 5dollars per pound in 2015. Imagining a country of 1000 people and considering everyone bought a pound apples and only apples in that year, the GDP comes out to be 1000*5 = 5000 dollars.
Now let's say inflation rate is 10 percent in 2016 which will increase the price to 5.5 dollars per pound. Also, in one year, 10 more people were added to the country (No of births - No of deaths = New people in that year), this brings out total population to around 1010.
Also, let's say that the sale of apples remained the same, so the GDP of 2016 comes out to be 1000*5.5 = 5500 dollars.
That's a whooping 10% increase in GDP, right?
But here the catch.
The GDP increased not because the demand increased, but because the price of the good increased.
If we see at previous year's price (Not considering the inflation, also called Real GDP), the GDP is same which is 5000 dollars.
So, in reality, there isn't any increase in GDP.
Austen, the night shift manager of a 24-hour convenience store, would regularly drive his car to the back door, unlock it, and load in a couple of cases of beer, every night. These cases of beer were marked down for no apparent reason, and Austen paid the reduced price. Is Austen setting a good example for his employees
Answer:
bro
Explanation:
The cost of direct materials transferred into the Rolling Department of Kraus Company is $3,000,000. The conversion cost for the period in the Rolling Department is $462,600. The total equivalent units for direct materials and conversion are 4,000 tons and 3,855 tons respectively. Determine the direct materials and conversion costs per equivalent unit.
Answer:
the direct material & conversion cost per equivalent unit is $750 per ton and $120 per ton
Explanation:
The calculation of the direct material & conversion cost per equivalent unit is given below:
Direct materials per equivalent unit is
= $3,000,000 ÷ 4,000 tons
= $750 per ton
And,
Conversion costs per equivalent unit is
= $462,600 ÷ 3,855 tons
= $120 per ton
Hence, the direct material & conversion cost per equivalent unit is $750 per ton and $120 per ton
mention any four components of the marketing communication policy
Answer:
Mix advertising, public relations, sales promotion and personal selling
What is the loan balance (in dollars) after the third payment, of a 5 year loan of $100,000 with an APR of 10% and annual payments
What is the present value of a 10-year annuity of $3,000 per period in which payments come at the beginning of each period
Answer: $18984.9
Explanation:
Your question isn't complete as you didn't give the interest rate. Let's assume that the interest rate is 12%.
Therefore, the present value will be:
= 3000 + 3000[1 - (1 + 0.12)^-10+1] / 0.12
= 3000 + (3000 × 5.3283)
= 3000 + 15984.9
= 18984.9
Therefore, the present value is $18984.9
Complete accounting cycle and financial statements
The city council of E. Staatsboro approved the following budget for the General Fund for fiscal year 2019.
Estimated Revenues
Property taxes $335,000
License fees 40,000
Fines and penalties 15,000
Total revenues $390,000
Appropriations
Salaries $350,000
Supplies and utilities 30,000
Debt service 3,000
Total appropriations 383,000
Budgeted Increase in Fund Balance $7,000
The postclosing trial balance for the fund, as of December 31, 2018, was as follows:
Debits Credits
Cash $15,000
Vouchers payable $8,000
Fund balance (unassigned) 7,000
$15,000 $15,000
The following transactions and events occurred during FY 2019.
1. Levied property taxes of $335,000 and mailed tax bills to property owners.
2. Borrowed $300,000 on tax anticipation notes at an interest rate of 1 percent per annum.
3. Ordered supplies expected to cost $18,000.
4. The supplies arrived, along with an invoice for $19,000; the city paid the invoice immediately.
5. Received cash ($383,000) from the following sources: property taxes ($330,000), licenses and fees ($38,000), fines and penalties ($15,000).
6. Paid cash for the following purposes: unpaid vouchers at the start of year ($8,000); salaries ($340,000); utility bills ($11,000).
7. Repaid the tax anticipation notes 6 months after date of borrowing, with interest.
8. Processed a budgetary interchange, increasing the appropriation for supplies and utilities by $2,000 and reducing the appropriation for salaries by the same amount.
9. Will pay salaries for the last few days in December, amounting to $2,000, at the end of the first pay period in January 2020; also, received in early January 2020 a utilities invoice for $1,000 applicable to December 2019.
Use the preceding information to do the following:
a. Prepare journal entries to record the budget and the listed transactions and events.
b. Prepare a preclosing trial balance.
c. Prepare a balance sheet; a statement of revenues, expenditures, and changes in fund balance; and a budgetary comparison schedule.
A company is evaluating a new 4-year project. The equipment necessary for the project will cost $3,500,000 and can be sold for $715,000 at the end of the project. The asset is in the 5-year MACRS class. The depreciation percentage each year is 20.00 percent, 32.00 percent, 19.20 percent, 11.52 percent, and 11.52 percent, respectively. The company's tax rate is 34 percent. What is the aftertax salvage value of the equipment?
Hint: 1. Find the remaining book value at the end. 2. Subtract this from the expected sale price to find the gain on sale. 3. Apply the tax rate to this gain to find the taxes owed. 4. The after-tax salvage value is the sale price minus the taxes.
a) $715,000.
b) $752,468.
c) $540,444.
d) $677,532.
e) $471,900.
Answer:
d) $677,532.
Explanation:
1.
Written down value of the equipment after 4 years = Cost x ( 100% - 1st year MACRS - Second-year MACRS - Third-year MACRS - Fourth-year MACRS ) = $3,500,000 x ( 100% - 20% - 32% - 19.20% - 11.52% ) = $604,800
2.
Now calculate the gain on the sale of equipment
Gain on the sale of equipment = Sale Price - Written down Value after 4 years = $715,000 - $604,800 = $110,200
3.
Tax owed = Gain on the sale x Tax rate = $110,200 x 34% = $37,468
After-tax salvage value = Sales price - Tax = $715,000 - $37,468 = $677,532
On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal.
Answer:
See below
Explanation:
Prepaid insurance. Insurance expense
————————————- ———————————-
debit. | Credit. Debit. | Credit
|. 150.00. 150. |
enter the debit of 150 under insurance expense in the journal
enter the credit of 150 under prepaid insurance in the journal
If a court determines that a manager's corporate decision amounted to self-dealing, a. the manager is automatically personally liable to the corporation. b. the transaction being challenged will be automatically voided. c. the manager will automatically be fired. d. the business judgment rule will not apply.
Answer:
d. the business judgment rule will not apply.
Explanation:
A corporation can be defined as a corporate organization that has facilities and owns or controls assets used for the production of goods and services in at least one country other than its headquarter (home office) located in its home country.
One of the advantage of a corporation is that, owners have limited liability for debt to the extent to which they have invested and as such are not personally liable for some of debt owed by corporation.
A manager can be defined as an individual who is saddled with the responsibility of providing guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright.
Generally, managers are typically involved in taking up leadership roles and as such are expected to be build a strong relationship between their employees or subordinates by creating a fair ground for effective communication and sharing of resources and information. Also, they are required to engage their staff members (entire workforce) in the most efficient and effective manner.
In Business management, if a court of competent jurisdiction determines that a manager's corporate decision amounted to self-dealing i.e putting his or her own interests first, the business judgment rule will not apply.
Generally, in order for the business judgement rule to apply, it is expected or required that a manager should act in the best interest of a corporation.
Zebra Company sells a segment of its operations at a loss. Zebra has not previously experienced such an event and does not expect to again. The loss from the disposal of the segment should be reported in the income statement as: Select one: A. A separate amount in comprehensive income B. A separate amount in net income from continuing operations C. A separate amount in a discontinued operations section D. As part of cost of goods sold
Answer:
C. A separate amount in a discontinued operations section
Explanation:
Since in the given situation it is mentioned that zebra co sells the segment at a loss so this loss from the sale of the segment that should be reported in the income statement as the distinct amount in the discontinued operating section as the same below the income from continuing operations
Hence, the correct option is c.
Answer:
The answer is "Option C".
Explanation:
The discontinued operations are parts of a company's core business or product line that have been sold or shut down and thus are reported separately on the financial statements from ongoing operations. As a result, any loss from the sale of the segment should indeed be reported as a separate amount inside the income statement's discontinued operations column.
The text defines management as “The art of getting things done through the efforts of other people.” Put yourself in the shoes of a manager and explain what this definition means in the context of a company operation. You can use the example of any company (large or small) and any good or service.
The correct answer to this open question is the following.
Although you did not attach the text, we can comment on the quote.
"The art of getting things done through the efforts of other people.”
This quote means that good managers motivate and positively influence employees to get the job done. Managers coordinate and monitor the work of the employees. Managers first plan, then establish the goals to be accomplished and then direct the work effort to be productive.
If I were a manager of a company, I definitely try to emulate what the quote says. For instance, the manager of a recreational and sports club. I would do everything to establish clear, specific, and attainable goals so my employees could understand them. Then I describe the role and responsibilities of each employee so they can do their job without any doubts. And of course, I would delegate so they can do their jobs happily. No unnescesary intromissions. The objective would be to offer the best service possible to our clients.
