Answer:
Circuit city was the second largest multinational U.S elctronic retailer. Founded in 1949 and it has 567 circuit superstores around the world. McCollough was the CEO who has an experience of 13 years. Because of his experienece in marketing and store management, he could serve the company as a genral manager.
McCollough implimented several strategies in order to gain the brand image for the company.
They have used five S's stratergies which includes selection, saving, service, satisfaction and speed
Explanation:
Several other reasons for calling circuit city successful as Good to Great are as follows,
The company has a point-of-point scale and also inventory-tracking technology to have control on secured cash transactions and consistent systems
The company is able to provide a quit response for timely chnaging trends and adapt to the dynamic environment in the market
They have avoided unneccessary business practices and neglected several unnessary competencies in the market
QS 6-6 Petty cash accounting LO P2 1. Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.
Answer and Explanation:
The journal entries are as follows:
1. Petty cash A/c Dr $150
To Cash A/c $150
(Being the establishment of petty cash is recorded)
2.
Entertainment expenses A/c Dr $70
Postage expense A/c Dr $30
Printing A/c Dr $22
To Petty cash A/c $122
(Being the reimbursement of petty cash fund is recorded)
MacKenzie Company sold $780 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 1.5% service charge for sales on its credit cards and credits MacKenzie's account immediately when sales are made. The journal entry to record this sale transaction would be:________ a) Debit Accounts Receivable $780 and credit Sales $780. b) Debit Cash $768.30; debit Credit Card Expense $11.70 and credit Sales $780. c) Debit Cash of $780 and credit Sales $780. d) Debit Cash of $780 and credit Accounts Receivable $780 e) Debit Cash $768.30 and credit Sales $768.30
Answer:
b) Debit Cash $768.30; debit Credit Card Expense $11.70 and credit Sales $780.
Explanation:
Based on the information given the Appropriate journal entry to record this sale transaction would be:
Debit Cash $768.30
($780-$11.70)
Debit Credit Card Expense $11.70
(1.5%*$780)
Credit Sales $780
(To record sales)
3. If nominal GDP and real GDP both drop by 10 percent, then the GDP deflator Question 3 options: also rises by 10 percent rises by about 20 percent falls by 10 percent is unchanged
Answer: unchanged
Explanation:
The formula for calculating the GDP price deflator is:
= (Nominal GDP / Real GDP) × 100
Let's assume that the nominal GDP and the real GDP is $100 million. Then if they drop by 10%, they will both be $90 million, then the deflator will be:
= (90m / 90m) × 100
= 100
Therefore, the GDP deflator will be unchanged.
The Chandler Group wants to set up a private cemetery business. According to the CFO, Barry M. Deep, business is "looking up". As a result, the cemetery project will provide a net cash inflow of $57,000 for the firm during the first year, and the cash flows are projected to grow at a rate of 7 percent per year forever. The project requires an initial investment of $759,000. The firm requires a 14 percent return on such undertakings. The company is somewhat unsure about the assumption of a 7 percent growth rate in its cash flows. At what constant rate of growth would the company just break even?
Answer: 6.49%
Explanation:
The constant rate of growth where the company would break even will be calculated thus:
Initial investment = Net cash inflow / (14% - g)
759000 = 57,000/(0.14 - g)
where g = growth rate
759000 = 57,000/(0.14 - g)
Cross multiply
759000(0.14 - g) = 57000
106260 - 759000g = 57000
759000g = 106260 - 57000
759000g = 49260
g = 49260/759000.
g = 0.0649
g = 6.49%
The growth rate that would lead the business to breakeven is 6.49%.
At breakeven, the growth rate would lead to the cash inflows from the project being just enough to pay back the initial investment put into the catering business.
This growth rate is calculated by the formula:
Growth rate = ( (Investment * return rate) * - First cash inflow) / Investment
= ( (759,000 * 14%) - 57,000) / 759,000
= 6.49%
The growth rate that would lead the business to breakeven is therefore 6.49%.
Find out more at https://brainly.com/question/13186160.
g A monopoly is a market that has Group of answer choices Only one buyer. Only one seller. Many sellers who sell differentiated products. Many sellers who sell identical products.
Answer:
Only one seller.
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.
Also, a monopolist refers to any individual that deals with the sales of unique products in a monopolistic market.
For example, a public power supply company is an example of a monopoly because it serve as the only source of power supply to the general public in a society.
A public power company refers to a company that provides power (electricity) utility to the general public of a society.
In conclusion, a monopoly is a market that has only one seller.
Hailey Corporation pays a constant $9.45 dividend on its stock. The company will maintain this dividend for the next 13 years and will then cease paying dividends forever. If the required return on this stock is 10.7 percent, what is the current share price?
Answer:
$64.76
Explanation:
The current share price can be determined by calculating the present value of the dividend
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow from year 1 to 13 = 9.45
I = 10.7
PV = 64.76
To find the PV 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
The paradox of thrift accounts that both investors and consumers want to spend during a recession or depression, thereby increasing employment and enhancing the chances of recovery.A. TrueB. False
Answer: False
Explanation:
The Paradox of Thrift Accounts posits that having savings in a recession is bad because it would lead the economy to even worse levels of recession.
During recessions, people tend to save more and investors tend to invest less. Consumers do so because they hope the savings will enable them survive should something happen and investors don't want to lose money in recessions.
This Paradox argues that both investors and consumers who spend more so that employment will rise as well as production and pull the economy out of a recession.
Tomlinson Packaging Corporation began business in 2018 by issuing 30,000 shares of $5 par common stock for $8 per share and 5,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2019 balance sheet, Tomlinson Packaging would report:___________
a. Common Stock of $100,000
b. Paid-In Capital of $150,000
c. Common Stock of $200,000
d. Common Stock of $160,000
Answer:
d. common stock of $150,000.
Explanation:
First and foremost, upon issuance of stocks, the common stock account would be credited with the total par value of the shares issued as shown below:
total par value=par value per share*shares issued
total par value=$5*30,000
total par value=$150,000
The paid-in capital would be credited with the total amount the cash proceeds from the share issue exceeds the total par value
total cash proceeds=$8*30,000
total cash proceeds=$240,000
paid-in capital=$240,000-$150,000
paid-in capital=$90,000
The correct option is the common stock of $150,00, except that the number of shares issued is 20,000,hence, the common stock of $100,000 would be correct
Check a similar question below to drive home my point:
Kerwin Packaging Corporation began business in 2010 by issuing 30,000 shares of $5 par common stock for $8 per share and 10,000 shares of 6%, $10 par preferred stock for par. At year-end, the common stock had a market value of $10. On its December 31, 2011 balance sheet, Kerwin Packaging would report:
a. common stock of $300,000.
b. paid-in capital of $150,000.
c. common stock of $240,000.
d. common stock of $150,000.
Carmichael Inc. has a beginning balance in Accounts Receivable of $100,000 at June 1. On June 24, Carmichael sells $20,000 of merchandise to K. Low, terms 2/10, n/30. Assuming just this one transaction occurred, what is the ending balance in Accounts Receivable at June 30 under the gross method
Answer:
$120,000
Explanation:
Particulars Amount
Beginning balance in accounts receivables A/C $100,000
Add: Credit sales $20,000
Ending balance in accounts receivables A/C $120,000
Calculate depreciation for year 2 based on the following information: Historical cost $40,000 Useful life 5 years Salvage value $3,000 Year 1 depreciation $7,400
Answer:
Depreciation for year 2 is also $7,400.
Explanation:
Assuming a straight line method of depreciation in which the depreciation is the same for each year, the annual depreciation can be calculated as follows:
Annual depreciation = (Historical cost - Salvage value) / Useful years = ($40,000 - $3,000) / 5 = $7.400
Since annual depreciation is $7,400, that implies that depreciation for year 2 is also $7,400.
A refiner produces heating fuel and gasoline from crude oil in virtually fixed proportions. What can you say about economies of scope for such a firm? What is the sign of its measure of economies of scope, SC?
Answer:
The cost benefits of simultaneous manufacturing do not exist and there are thus no economies as well as range disadvantages. A further explanation is provided below.
Explanation:
Scope savings are environmental impacts if a variety of commodities are produced collectively when producing these commodities collaboratively is far less costly than individually.Throughout this case, the manufacturer can create two items from the main resource although manufacturing takes place in some kind of a set proportion. Therefore includes the amount of production is identical to the expenditure of combined production of the products.Thus the above is the appropriate solution.
Walbin Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in a particular department consisted of 15,500 units, 100% complete with respect to materials cost and 20% complete with respect to conversion costs. The total cost in the beginning work in process inventory was $25,200. A total of 53,000 units were transferred out of the department during the month. The costs per equivalent unit were computed to be $1.6 for materials and $3.3 for conversion costs. The total cost of the units completed and transferred out of the department was:
a. $259,700
b. $254,180
c. $189,740
d. $225,380
Answer:
a. $259,700
Explanation:
The computation of the total cost of the units completed and transferred out of the department is given below:
= 53,000 units × $1.6 + 53,000 un$its × $3.3
= $84,800 + $174,900
= $259,700
Hence, the total cost of the units completed and transferred out of the department is $259,700
Paul’s Pizza Parlor bakes pizza pies according to Q = 3 L – 0.3 L 2. If labor costs $6 and pizza sells for $10, the optimal amount of labor is:
Answer: 4 units of labor
Explanation:
Optimum amount of labor occurs where marginal revenue equals marginal cost which means:
Marginal revenue product = Cost of labor
Marginal revenue product = Marginal product of labor * Prize of pizza
Marginal product of labor = differentiation of Q
= dQ/dL
= d(3L - 0.3L²)
= 3 - 0.6L
Marginal revenue product = (3 - 0.6L) * 10
= 30 - 6L
Marginal revenue product = Cost of labor
30 - 6L = 6
30 - 6 = 6L
L = 24/6
= 4 units of labor
Cheese Mart LLC sells cheese to Pizza Palace for $1,500. Pizza Palace uses the cheese to make pizzas, selling them to consumers for a total of $9,000. These transactions contribute ________ to the gross domestic product (GDP).
Answer: $9000
Explanation:
The gross domestic product (GDP) is the final value of the goods that are produced in an economy. In this case, we are only interested in the final value which is the $9000.
It should be noted that when Cheese Mart LLC sells cheese to Pizza Palace for $1,500, this is an intermediate good and should not be counted when calculating the GDP.
Gantner Company had the following department information about physical units and percentage of completion: Ch21_Q64 If materials are added at the beginning of the production process, what is the total number of equivalent units for materials during May
Answer:
200,000 units
Explanation:
The computation of the total no of equivalent units for material during may month is given below:
Units added during May is
= 150,000 + 50,000
= 200,000 units.
Hence, the total no of equivalent units for material during may month is 200,000 units
The same should be considered and relevant
Front Company had net income of $82,500 based on variable costing. Beginning and ending inventories were 1,800 units and 3,200 units, respectively. Assume the fixed overhead per unit was $8.40 for both the beginning and ending inventory. What is net income under absorption costing
Answer:
$94,260.00
Explanation:
There is no doubt that the difference between net income under absorption costing and variable costing method lies in the treatment of fixed cost, under the former, each product is charged with fixed cost while total fixed cost is charged as a period cost under the latter.
In essence, the fixed cost on ending inventory would have been expensed and deducted in arriving at net income under variable cost, in other words, we simply add to net income under variable costing the fixed cost attributable to an increase in ending inventory
income=$82,500+(3200-1800)*$8.40
net income=$94,260.00
Escareno Corporation has provided its contribution format income statement for June. The company produces and sells a single product.
Sales (8,400 units) $ 764,400
Variable expenses 445,200
Contribution margin 319,200
Fixed expenses 250,900
Net operating income $68,300
If the company sells 8,200 units, its total contribution margin should be closest to:________.
a. $301,000
b. $311,600
c. $319,200
d. $66,674
Answer:
b. $311,600
Explanation:
Calculation to determine what total contribution margin should be closest to:
Using this formula
Contribution margin per unit=Current contribution margin ÷ Current sales in units
Where,
Contribution margin per unit
=$319,200 ÷ 8,400
Contribution margin per unit= $38
Now let determine the total contribution margin
Total contribution margin= 8,200 × $38
Total contribution margin=$311,600
Therefore total contribution margin should be closest to:$311,600
40. Giả sử tỷ giá giao ngay của EUR là 0.9 USD/EUR . Tỷ giá giao ngay dự kiến một năm sau là 0.85 USD/EUR, % thay đổi của tỷ giá giao ngay là :
Answer:
Sorry I can't understand
MC Qu. 99 The Work in Process Inventory account... The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $5,220 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $2,200 and direct labor cost of $1,000. Therefore, the company's overhead application rate is:
Answer:
202%
Explanation:
Calculation to determine what the company's overhead application rate is
First step is to calculate the Total manufacturing overhead using this formula
Total manufacturing overhead = Overhead rate - Direct material cost - Direct labor cost
Let plug in the formula
Total manufacturing overhead =5220 - 2,200 - 1000
Total manufacturing overhead =2020
Now let determine the overhead application rate using this formula
Overhead application rate=Total manufacturing overhead/Direct labor cost
Let plug in the formula
Overhead application rate=2020/1000*100
Overhead application rate=202%
Therefore, the company's overhead application rate is:202%
You wish to sell short 100 shares of XYZ corporation stock. If the last two transactions were at $34.10 followed by $34.15, you only can sell short on teh next transaction at a price of
Answer: b. 34.15 or higher
Explanation:
Short sales refer to the sale of borrowed stocks in anticipation that the stock price of the underlying stock will fall. This will then enable you to make a profit by buying the cheaper shares and giving it back to the entity you borrowed from thereby making a profit.
With short sales, the price is usually upward trending so will normally increase from the last price. As the last price here was $34.15, that would be the likely minimum for the next sale.
This means that the next sale will either be at a price of $34.15 or a price higher than that.
Which of the following considerations is related to sociocultural environment
Answer:
You didn't provide anything for me to choose from, so I can't give you an answer.
A minimum acceptable rate of return for an investment decision is called the: Multiple Choice Internal rate of return. Average rate of return. Hurdle rate of return. Maximum rate of return. Payback rate of return.
Answer:
Hurdle rate of return.
Explanation:
A hurdle rate can be regarded as minimum rate of return that is been required by an investor or manager
on a particular project or investment.
The hurdle rate gives the description of the appropriate compensation as regards level of risk present. There are
higher hurdle rates associated with riskier projects.
It should be noted that A minimum acceptable rate of return for an investment decision is called the Hurdle rate of return.
What is the nature of DENEL
Answer:
turn-key solutions of defence equipment
Answer:Denel SOC Ltd is a South African state-owned aerospace and military technology conglomerate established in 1992. It was created when the manufacturing subsidiaries of Armscor were split off in order for Armscor to become the procurement agency for South African Defence Force (SADF), now known as the South African National Defence Force (SANDF), and the manufacturing divisions were grouped together under Denel as divisions. The company had been experiencing major financial problems since 2015 and in 2021 it was announced in Parliament that Denel was on the brink of insolvency. The company stated that its woes were due to declining local defence budgets, weakened relationships with key customers and suppliers, the inability to retain or attract skilled personnel, ongoing salary disputes and a Fitch ratings downgrade.
This past year inflation in Snowdonia has increased to 150%. As an economic analyst, you are charged with identifying those sectors of the population worst affected by this inflation event. Which group of people is likely to be worst affected by inflation
Answer:
disabled veterans living on fixed (non-adjustable) government transfer payments
Explanation:
Here the group income should remains the fixed or same for the time period so at the time when the price of the goods rised up or the value of the money reduced so it would become hard for the inflation event
Therefore the group of people who deals in veterans i.e. disabled and lived on fixed government transfer payment should be worst impacted by the inflation
If an economy has aggregate price levels that are increasing, but the wage rate stays the same because of downward wage stickiness, what would be the economic consequences
Answer:
Business would fire some employees as labor becomes too expensive and the quantity of real GDP supplied would decrease.
Explanation:
According to the sticky wage [tex]\text{theory}[/tex], when the stickiness enters a market, there is a change in [tex]\text{one direction}[/tex] which will be favored over a change in the other direction.
The [tex]\text{aggregate price level}[/tex] is the measure of overall level of the prices in an economy.
When the [tex]\text{aggregate price level}[/tex] increases, it results in inflation. In an economy, when the aggregate price level increases, and the wage rate remains the same due to the downward wage stickiness, it results in an economy which would fire some of the employees as the labor becomes very expensive and the quantity of the real GDP supplied would also decrease.
Kathy Elliot has decided that she will start an internet company to sell reliable used cars to customers Nationwide she has decided to use the sole proprietorship business format. Elliot's next step is to write a formal _____ before she applies for a business loan
Answer:
business plan
Explanation:
When purchases of merchandise are made on account with a perpetual inventory system, the transaction is recorded with which entry
Answer:
debit Merchandise Inventory, credit Accounts Payable.
Explanation:
In the case when the merchandise is purchased on account, so the following journal entry is recorded
Merchandise inventory Dr XXXXX
To account payable XXXXX
(Being merchandise inventory purchased on account)
Here merchandise inventory is debited as it increased the assets and credited the account payable as it also increased the liabilities
The cost to produce was $20 per unit in 2019. During 2020, it has increased to $23 per unit. In 2020, Supplier Company has offered to supply for $18 per unit. For the make-or-buy decision:_____.a. incremental costs are $2 per unit.
b. differential costs are $7 per unit.
c. net relevant costs are $2 per unit.
d. incremental revenues are $7 per unit.
Answer: Differential cost is $5 per unit
Explanation:
Differential cost is the extra cost that the company would incur if they made the product themselves versus if they bought it from an outside supplier.
Differential cost is therefore:
= Cost to produce internally - Cost from supplier
= 23 - 18
= $5
likely
Cute Camel Woodcraft Company is considering a one-year project that requires an initial investment of $500,000; however, in raising this capital, Cute Camel will incur an additional flotation cost of 6%. At the end of the year, the project is expected to produce a cash inflow of $700,000. The rate of return that Cute Camel expects to earn on the project after its flotation costs are taken into account is
Answer:
The correct answer is "32.076%".
Explanation:
Given:
Initial investment,
= $500,000
Cash inflows,
= $500,000
The floatation cost will be:
= [tex]500,000\times 6 \ percent[/tex]
= [tex]30,000[/tex] ($)
The total cost will be:
= [tex]Initial \ investment+Floatation \ cost[/tex]
= [tex]500000+30000[/tex]
= [tex]530000[/tex]
hence,
The rate of return will be:
= [tex]\frac{Inflows}{Cost} -1[/tex]
= [tex]\frac{700000}{530000} -1[/tex]
= [tex]\frac{700000-530000}{530000}[/tex]
= [tex]0.32076[/tex]
= [tex]32.076[/tex] (%)
L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share income equally. M. Ortiz will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $8,000. The capital balances of each partner are $96,000 and $40,000, respectively, prior to the revaluation.
a. Provide the journal entry for the asset revaluation.
b. Provide the journal entry for Ortiz’s admission under the following independent situations:
1. Ortiz purchased a 20% interest for $20,000.
2. Ortiz purchased a 30% interest for $60,000.
Answer: See attachment and explanation
Explanation:
1. Ortiz purchased a 20% interest for $20,000.
Total capital after the admission of the partner will be:
= ($96000 - $4000) + ($40000 - $4000) + $20000
= $92000 + $36000 + $20000
= $148000
The share of new partner in the capital structure will be:
= Total capital × Interest of new partner
= $148000 × 20%
= $29600
There'll be a deficiency in the profit which the existing partner contributes to and this will be:
= $29600 - $20000
= $9600
Then each partner shares =$9600/2 = $4800
2. Ortiz purchased a 30% interest for $60,000.
Total capital after the admission of the partner will be:
= ($96000 - $4000) + ($40000 - $4000) + $60000
= $92000 + $36000 + $60000
= $188000
The share of new partner in the capital structure will be:
= Total capital × Interest of new partner
= $188000 × 30%
= $56400
Since the share is less than the amount of $60000 bought in, the existing partner will be compensated in the amount of ($60000 - $56400) = $3600. Therefore each partner gets $3600/2 = $1800
Check attachment for the journal entries.
