Answer:
1. Dr Cash $17,440
Cr Sales $16,000
Cr Sales Taxes Payable $1,440
2. Dr Cost of Goods Sold $11,200
Cr Merchandise Inventory $11,200
3. Dr Sales Taxes Payable $1,440
Cr Cash $1,440
Explanation:
1. Preparation of the journal entry to Record the cash sale and 9% sales tax
Dr Cash $17,440
(16,000 + 1,440)
Cr Sales $16,000
Cr Sales Taxes Payable $1,440
(16,000 x 9%)
2. Preparation of the journal entry to Record the cost of September 30th sales
Dr Cost of Goods Sold $11,200
Cr Merchandise Inventory $11,200
3. Preparation of the journal entry to Record the entry that shows Dextra sending the sales tax on this sale to the government on October 15
Dr Sales Taxes Payable $1,440
Cr Cash $1,440
(16,000 x 9%)
How does income get taxed twice in the case of a corporation?
Answer: Double taxation occurs when a corporation pays the corporate tax rate on earnings or profits, then pays dividends from those profits to shareholders who are again taxed on the money at their personal rates.
Explanation:
The management of Helberg Corporation is considering a project that would require an investment of $203,000 and would last for 6 years. The annual net operating income from the project would be $103,000, which includes depreciation of $30,000. The scrap value of the project's assets at the end of the project would be $23,000. The cash inflows occur evenly throughout the year. The payback period of the project is closest to:
Answer:
Helberg Corporation
The payback period of the period is closest to:
1 year and 6 months (1 1/2 years).
Explanation:
a) Data and Calculations:
Required project investment = $203,000
Scrap value of project's assets = $23,000
Depreciable amount of project's assets = $180,000
Period of project = 6 years
Annual depreciation = $30,000 ($180,000/6)
Annual net operating income = $103,000
Annual cash inflow = $133,000 ($103,000 + $30,000)
b) The payback period of the project = $203,000/$133,000 = 1.53 or 1 year and 6 months. This shows that the project will break-even in a year and six months, when the project's cash outflow equals the cash inflow.
Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: Group of answer choices Debit Miscellaneous Expense $250; credit Cash $250. Debit Petty Cash $250; credit Accounts Payable $250. Debit Cash $250; credit Accounts Payable $250. Debit Petty Cash $250; credit Cash $250. Debit Cash $250; credit Petty Cash $250.
Answer:
Debit Petty Cash $250; credit Cash $250
Explanation:
Based on the information given we were told that the Company establishes the amount of $250 as a petty cash fund on September 1 which means that The journal entry to record the establishment of the fund on September 1 is:
Debit Petty Cash $250
Credit Cash $250
Peyton sells an office building and the associated land on May 1 of the current year. Under the terms of the sales contract, Peyton is to receive $1,867,200 in cash. The purchaser is to assume Peyton's mortgage of $1,120,320 on the property. To enable the purchaser to obtain adequate financing, Peyton is to pay the $22,406 in points charged by the lender. The broker's commission on the sale is $74,688. What is Peyton's amount realized
Answer: $2,890,426
Explanation:
= Cash received + Mortgage assumed - Points paid by Peyton - Broker's ,commission
= 1,867,200 + 1,120,320 - 22,406 - 74,688
= $2,890,426
Mary Richardo has performed $520 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Mary make
Answer: d. Debit Accounts Receivable and credit Service Revenue
Explanation:
The client is yet to pay for the service so they owe Mary. This makes them an Accounts receivable and so Mary should debit Accounts receivables to reflect this.
Mary should also credit Service revenue because the services were for work done in the current accounting period and according to the Revenue Recognition principle, have to be recognized as revenue in the period.
Michonne Corp.'s Free Cash Flow (FCF) for the most recent year (year 0) is $730 (million). FCF is expected to grow by 14% next year (1 year from now), by 10% the year after that (2 years from now), and by 5% per year thereafter. Michonne's WACC is estimated at 8%. The estimated Enterprise Value (Value of Operations) for Michonne is $____________(million).
Answer:
enterprise value = $29,024.26 million
Explanation:
first we must calculate the terminal value in year 2:
terminal value = FCF₃ / (WACC - g)
FCF₃ = $730 x 1.14 x 1.1 x 1.05 = $961.191WACC = 8%g = 5%terminal value = $961.191 / (8% - 5%) = $32,039.70
enterprise value = $832.2/1.08 + $915.42/1.08² + $32,039.70/1.08² = $770.556 + $784.825 + $27,468.879 = $29,024.26 million
Real per capita gross domestic product (GDP) is higher in the United States than in Bangladesh. Based on that, we could predict the United States to have a higher rate of ________ and a lower rate of ________.
Answer:
b. adult literacy; infant mortality
Explanation:
Multiple choice "life expectancy; internet usage ; adult literacy; infant mortality ; infant mortality; adult literacy ; access to clean water; life expectancy"
Higher real GDP per capita would imply higher literacy rate and at the same time lower infant mortality as citizens would invest more in health and education. All the other options are wrong as higher real GDP per capita cannot lead to lower life expectancy or literacy rate.
When Finance Director Debenditti states that she tries to draw group members out and force participation, this might cause some conflict with some of the strong personalities in the group. Allowing for some disagreement is helpful and is associated with which stage of team development?
a. Performing
b. Storming
c. Norming
d. Forming
e. Adjourning
The act of allowing for some disagreement is helpful and is associated with which stage of team development is the Storming stage.
At the Storming stage, team members are quite open to sharing of ideas and an individual can therefore use the opportunity to stand out and be accepted by their team members.Team leaders is known to aid teams through having a plan in place to manage competition among team members, make communication easier etc.
There are five stages of team development. They are forming, storming, norming, performing, and adjourning.
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What is the difference between sole proprietor and partnership?
Answer:
A sole proprietorship is a person who owns the business and is personally responsible for its debts. It is not a legal entity.
A partnership partnership shares the responsibilities, resources, and losses
Explanation:
Risks of global trade include all of the following EXCEPT ________.
a. high trade barriers
b. corruption
c. restrictive government policies
d. unstable currencies
e. increased opportunities for growth
Answer:
Option e: Increased opportunities for growth
Explanation:
Global trade is simply the exchange of goods between different countries.Trade is an exchange of items between people or countries.Countries are able to obtain goods they need from other countries.
four major risks in international business includes Country risk, commercial risk, cross-cultural risk, and currency risk.
Increased opportunities for growth is not an effect of risk in global trade.
On January 1, 2018, Crane Corporation issued $5400000, 10-year, 9% bonds at 102. Interest is payable annually on January 1. The journal entry to record this transaction on January 1, 2018 is
Answer and Explanation:
The journal entry is as follows;
Cash ($5,400,000 × 102%) $5,508,000
To Bonds Payable $5,400,000
To Premium on Bonds Payable $108,000
(Being issuance of the bond payable is recorded)
Here the cash is debited as it increased the assets and credited the bond payable and premium on bond payable as it increased the liabilities
10. Parmentier Company uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January. The accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was $5,096 and a total of $87,668 in conversion costs were incurred in the department during January. What was the cost per equivalent unit for conversion costs for January in the Molding Department
Answer:
$1.752 per unit
Explanation:
The computation of the cost per equivalent unit for conversion cost is as follows:
Total conversion cost for month of January
= Opening wip conversion cost + current production conversion cost
= $5,096 + $87,668
= 92,764
Now the total equivalent units is
= Units transferred out + ending wip
= 51,300 × 100% + 5,500 × 30%
= 52,950 units
Now the cost per equivalent unit is
= $92,764 ÷ 52,950 units
= $1.752 per unit
What are the sources of economic profits for a company or an industry?
This can be seen by noting three reasons for economic profit: (1) market control, (2) risk, and (3) innovation. Market Control: One of the most common reasons for economic profit is market control by a firm. A firm has market control if it can exert some degree of influence, or control, over the market price.
Explanation:
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Stock P has a beta of 0.9. The risk-free rate of return is 8 percent, while the return on the market portfolio of assets is 14 percent. The stock's risk premium is ________.
Answer:
The appropriate solution is "13.4%". A further explanation is described below.
Explanation:
The given values are:
Return rate,
Rf = 8%
Market return,
Rm = 14%
beta,
= 0.9
Now,
The assets required rate will be:
= [tex]Rf + (Rm-Rf)\times beta[/tex]
On putting the given values, we get
= [tex]8 + (14-8)\times 0.9[/tex]
= [tex]8+6\times 0.9[/tex]
= [tex]8+5.4[/tex]
= [tex]13.4[/tex] (%)
Based on the information given the stock's risk premium is 6%.
Using this formula
Stock's risk premium = Return on the market - Risk free rate
Where:
Return on the market=14%
Risk free rate=8%
Let plug in the formula
Stock's risk premium = 14% - 8%
Stock's risk premium = 6%
Inconclusion the stock's risk premium is 6%.
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What are the effects of rapid inflation? Check all that apply.
Interest rates increase.
Banks loan more money.
Unemployment declines.
Uncertainty increases.
Real income declines.
Answer:
1, 4 , 5 on edge
Explanation:
Answer: A D & E
Explanation:
jefferson recently paid an annual dividend of $2 per share. the dividend is expecte to decrease by 1% each year. how much should you pay for this stock today if your required
Answer: $11.65
Explanation:
You did not include the required return so I will assume a required return of 16% and you can use that as reference.
Using the Gordon Growth model, the intrinsic value is;
= Next dividend / ( required return - growth rate)
Growth rate = -1%
Next dividend = 2 * ( 1 + growth)
= 2 * (1 - 1%)
= $1.98
Value of stock = 1.98 / (16% + 1%)
= $11.65
g Corporation's cost formula for its bungalow operating cost is $2,960 per month plus $326 per day. For the month of December, the company planned for activity of 20 days, but the actual level of activity was 18 days. (ID#17794) The actual bungalow operating cost for the month was $9,770. Q) What would be the spending variance for Blonok985's bungalow operating cost in December (closest to)?
Answer: $942 U
Explanation:
Budgeted cost was $2,960 per month plus $326 per day and there were 18 days of actual activity.
Budgeted cost = 2,960 + 326 * 18
= $8,828
Variance = Budgeted cost - Actual cost
= 8,828 - 9,770
= -$942
Budgeted cost is less than Actual cost which means the Variance is UNFAVORABLE.
Bricktan Inc. makes three products, basic, classic, and deluxe. The maximum Bricktan can sell is 728,000 units of basic, 524,000 units of classic, and 250,000 units of deluxe. Bricktan has a limited production capacity of 142,000 hours. It can produce 10 units of basic, 8 units of classic, and 4 units of deluxe per hour. Contribution margin per unit is $15 for the basic, $25 for the classic, and $55 for the deluxe. What is the most profitable sales mix for Bricktan Inc.?
a) 72,800 basic, 524,000 classic and 500,000 deluxe.
b) 280,000 basic, 250,000 classic and 500,000 deluxe.
c) 274,000 basic, 500,000 classic and 250,000 deluxe.
d) 1,120,000 basic, 0 classic and 250,000 deluxe.
e) 140,000 basic, 524,000 classic and 250,000 deluxe.
Answer:
For most profitable sales mix Basic Classic Deluxe
Units produced for
most profitable sales mix 72,800 524,000 250,000
Explanation:
The computation is shown below;
Particulars Basic Classic Deluxe
Contribution margin per unit $15 $25 $55
Production units per hour 10 8 4
Contribution margin per
production hour $150 $200 $220
Order III II I
Particulars Basic Classic Deluxe Total
Maximum number of units
to be sold 728,000 524,000 250,000 1,502,000
Hours needed to generate
the maximum units 72,800 65,500 62,500 200,800
For most profitable sales mix Basic Classic Deluxe Total
Hours dedicated
to the production
of each product 7,280 65,500 62,500 135,280
(728,000 × 1 ÷ 10) (524,000 × 1 ÷ 8) (250,000 × 1 ÷ 4)
Units produced for
most profitable sales mix 72,800 524,000 250,000
This is the correct answer but the same is not provided in the given options
An order getter is:________. a. a salesperson who specializes in identifying, analyzing, and solving customer problems, but who does not actually sell products and services. b. a salesperson who processes routine orders or reorders for products that are presold by the outbound telemarketers. c. a salesperson who sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers' use of a product or service. d. a person on the selling team who is responsible for obtaining qualified leads. e. a member of the sales support team who does not directly solicit orders but rather concentrates on performing promotional activities and introducing new products.
Answer:
An order getter is:________. a. a salesperson who specializes in identifying, analyzing, and solving customer problems, but who does not actually sell products and services. b. a salesperson who processes routine orders or reorders for products that are presold by the outbound telemarketers. c. a salesperson who sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers' use of a product or service. d. a person on the selling team who is responsible for obtaining qualified leads. e. a member of the sales support team who does not directly solicit orders but rather concentrates on performing promotional activities and introducing new products.
kkk
An order-getter is a salesperson who sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers' use of a product or service. A salesperson who is in charge of actively convincing customers to buy rather than merely taking orders that the customers voluntarily place.
What are the characteristics of successful order-getters?
They identify the needs of the customer, offer value-added technical and procedural solutions, and demonstrate genuine care for the client.
An order-getter is a sales team member who is in charge of generating leads and convincing clients to buy. These salespeople look for new clients, make contact with potential leads, and employ a variety of persuasion strategies to persuade prospects to purchase products.
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Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows $25,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 2,850 Outstanding checks 1,215 Additionally, a $36 check written and recorded by the company correctly, was recorded by the bank as a $63 deduction. The adjusted cash balance per the bank records should be:\
Answer: $27,023
Explanation:
The procedure is to;
Add the Deposit in transit
Add the overstatement of the check by the bank
Less the Outstanding checks;
= 25,361 + 2,850 + (63 - 36) - 1,215
= $27,023
Match the terms with the appropriate definition
1. cyber-safety
2. closing
a word added in front of your name
leg. Miss, Mrs., Ms. Me)
taking measures to keep personal
Information private in an online
environment
organization of information by date.
starting with the most recent experience
employment form used to collect
information about individuals applying
for a job
one or two words ending a
professional letter before your signature
3. job application
4. prefix
5. reverse chronological order
Answer:
see below
Explanation:
Match the terms with the appropriate definition
1. cyber-safety
taking measures to keep personal information private in an online
environment.
Cyber -safety is all about being secure and safe online. It is deploying strategies to avoid online-associated risks and their possible consequences.
2. Closing
one or two words ending a professional letter before your signature. Closing a letter signifies its end. The closing words show appreciation and respect for the recipient. Closing phrases are polite, respectful, and professional. They include
It has been a pleasure doing business with you
Thank you for your time and consideration
Please let me know if I can be of any more assistance
3. Job application
Organization of information by date. Starting with the most recent experience employment form used to collect information about individuals applying for a job.
A Job application is sent together with a resume to potential employers. It allows the applicant the chance to convince the employer that they are the best candidate for the job. Job applications indicate the position being applied and the contact details of the applicant.
4. Prefix
A word added in front of your name, e.g., Miss, Mrs., Ms. Me)
A prefix is a syllable or group of syllables that add more weight/meaning to a word when put before it. A prefix alters the meaning of the word before it. Other examples of prefixes include Dr, M.P., or Prof.
Which of the following is characteristic of a traditional economy?
0 They have a high standard of living.
0 Children tend to have the same job as their parents did.
0 Communities tend to be fast growing.
0 There are usually based on light industrial production.
Answer:
Children tend to have the same job as their parents did.
Explanation: hope this helps!
Describe how the business infrastructure should be designed so that employees will be able to continue to perform business functions in the event of a disaster (e.g., storm, hurricane, or earthquake) that destroys or makes it impossible to access the buildings.
Answer:
It should be switched to a fully digital firm which is also called as an e-business.
With the growth of technology ( Cloud Computing, Mobile Digital Platforms and Internet of things )
sometimes using Information Systems, and Information Technology can make the company get higher revenue. but other times not because it needs to achieve these in order to use Information Systems:
choose the right business model.choose the right software for the business.invest in the complementary assets ( organizational and managerial capital )i don't know if that answers your question or not but i hope it does help you. have a good day and a lovely year.
Fairview Hospitals has three divisions (service lines). They are General Clinics, Specialty Clinics and Pharmacy Services. The sales for each service line were $1,400,000 General Data, $600,000 Specialty Clinics, and $420,000 Pharmacy Services while the variable expenses for each service line (division) were $520,000, $360,000 and $280,000 respectively. The related service line (division) discretionary and committed fixed expenses are presented below: Fixed expense General Clinics Specialty Clinics Pharmacy Services Discretionary $320,000 $140,000 $160,000 Committed $190,000 $280,000 $130,000 Calculate the net income of each division and the business in total
Answer:
General Specialty Pharmacy
Sales $1,400,000 $600,000 $420,000
Variable cost $520,000 $360,000 $280,000
Contribution margin A $880,000 $240,000 $140,000
Fixed Expenses B $510,000 $420,000 $290,000
Net income/(Loss) (A-B) $370,000 ($180,000) ($150,000)
Vaughn Manufacturing's account balances at December 31, 2020 for Accounts Receivable and the related Allowance for Doubtful Accounts are $914000 debit and $1990 credit, respectively. From an aging of accounts receivable, it is estimated that $39800 of the December 31 receivables will be uncollectible. The necessary adjusting entry would include a credit to the allowance account for:______. A. $1990. B. $39800. C. $37810. D. $41790.
Answer:
C.$37810
Explanation:
Based on the information given we were told that the related Allowance for Doubtful Accounts has $1990 credit balance in which aging it was estimated that $39800 of the December 31 receivables will be uncollectible which means that The necessary adjusting Journal entry would include a credit to the allowance account for $37810 calculated as;
Allowance account=Uncollectible receivables-Allowance for Doubtful Accounts
Allowance account=$39800-$1990
Allowance account=$37810
1.Enrique runs a flower stall in the local shopping mall. The stall rents for $1,600 a month. Enrique buys the flowers at $2 a bunch and sells them for $3 a bunch. He'll be open seven days a week, eight hours a day, and plans to sell 100 bunches of flowers a day. He's hired Rosita to work three hours each of the five school days and eight hours each day on Saturday and Sunday. Enrique pays Rosita $6 an hour. He works at the stall whenever Rosita is not working. If Enrique didn't work at the flower stall, he'd make $10 an hour as a cook. How much accounting profit and how much economic profit does Enrique make a week
Answer:
Enrique
a) Accounting profit = $114
b) Economic profit (loss) = ($136)
Explanation:
a) Data and Calculations:
Monthly Rent = $1,600
Cost price of flowers = $2 per bunch
Selling price of flowers = $3 per bunch
Operations are for 7 days (8 hours daily) = 56 hours
Quantity of flowers sold per day = 100 bunches
Quantity of flowers sold per week = 700 (100 * 7)
Employee hours = 5 * 3 + 2 * 8 = 31 hours
Hours worked by Enrique = 25 (56 - 31)
Employee wages = $186 ($6 * 31)
Opportunity cost: Enrique = 25 * $10 = $250 per week
Accounting profit:
Sales revenue ($3 * 700) = $2,100
Cost of sales ($2 * 700) = 1,400
Gross profit $700
Expenses:
Rent ($1,600/4) = 400
Employee wages = 186 586
Accounting profit = $114
Economic profit:
Accounting profit $114
Opportunity cost 250
Economic loss = $136
Exercise 183 Wayne Company reported net income of $265,000 for 2020. Wayne also reported depreciation expense of $45,000 and a loss of $8,000 on the sale of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $6,000 decrease in prepaid expenses.Prepare the operating activities section of the statement of cash flows for 2020. Use the indirect method.
Answer:
Net cash flow of the operating activities is $356,000
Explanation:
Wayne Company
Partial statement of Cash flow
For the year Ended December 31, 2021
Cash flow from operating activities:
Net Income $265,000
Adjustment to reconcile net income to net
cash provided by operating activities
Depreciation expenses $45,000
Loss on sale of equipment $8,000
Decrease in accounts receivable $15,000
Decrease in prepaid expenses $6,000
Increase in accounts payable $17,000 $91,000
Net cash provided by operating activities $356,000
Submit
A city is considering a plan to ease traffic congestion by offering to eliminate tolls on cars with 3 or more passengers in them. An
economic analysis is done on the plan. Which conclusion, if reached in this analysis, would weigh against adopting the plan?
A)
Reduced toll revenues would threaten public road maintenance budgets.
B)
Peak traffic times would be spread out over a larger portion of the day,
Typical travel speeds on the toll roads would increase 5% during rush
hours
D)
Average numbers of miles commuting would remain level, due to indirect
routes caused by carpooling
Answer:
A)
Reduced toll revenues would threaten public road maintenance budgets.
Explanation:
If cars will more than three people will not pay tall chargers, the city will collect fewer revenues from the toll stations as some cars will not pay. A significant decline in revenues that can affect road maintenance can influence the city to weigh against implementing that proposal.
Spreading the peak time traffic and increasing speeds is what the city hopes to achieve. The city would be happy if the average number of miles commuted remain the same. The only negative effect that could halt the implementation of the plan is reduced revenues.
Answer:A) reduce total revenues would threaten public road maintenance budgets.
Explanation:
The average wage of workers increases in a purely competitive industry. This change will result in (I) increase in marginal cost for the firms in the industry (II) increase in average variable cost for firms in the industry (III) increase in average fixed cost for firms in the industry (IV) increase in the industry supply curve
Answer:
The correct option is (I) increase in marginal cost for the firms in the industry
Explanation:
According to the given scenario, when there is a rise in increase in the workers wages in a purely competitive industry so the production cost would also rise that results in an increment in the marginal cost also the maximize profit arises when the marginal cost is equivalent to the marginal revenue
Therefore as per the given scenario, the correct option is (I)
All of the following are true about ERP EXCEPT: Select one: a. ERP is an acronym for enterprise resource planning. b. ERP is primarily used by manufacturing organizations and does not serve service organizations well. c. ERP main modules include manufacturing, human resource, accounting and finance, and supply chain management d. ERP is a large, integrated information system that supports many enterprise processes and data storage needs.
Answer: b. ERP is primarily used by manufacturing organizations and does not serve service organizations well.
Explanation:
Enterprise Resource Planning(ERP) is very useful to companies as it supports many enterprise processes by integrating resources of the company such as manufacturing, finance and supply chain management with the view to make operations more efficient.
It is false that it does not serve Service organizations well because ERP takes into account the unique resources that an organization has so it does not matter if it is a service or a manufacturing organization. It serves both.
