Answer:
A student could receive a scholarship based on financial need.
Some scholarships require the student to pursue a specific field of study.
Scholarships are considered gifts and do not need to be paid back.
Explanation:
Statements that are true about scholarships are
student could receive a scholarship based on financial needsome scholarships require the student to pursue a specific field of studyscholarships are considered gifts and do not need to be paid back.What is scholarships?An amount of money given by a school, college, university, or other organization to pay for the studies of a person with great ability but little finance."
Different types of scholarships are need based scholarships, merit based scholarships, athletics based scholarships and many more
Applying for economic scholarships based on need is quite common. These types of funds are only offered to those who can show some financial hardship.
The overall dollar amount that they make or that they have access to isn’t much of a concern.
There are several academic scholarships out there for those who've obtained stellar grades at school. If you believe you stand out from the crowd, you can apply for a merit based scholarship to colleges who are open to it.
Sports scholarships are an excellent way of seeking out financial aid for higher studies as there are fewer applicants for these scholarships as compared to other scholarships.
What are the Benefits of Getting a Scholarship for students?Following benefits are
Saves you from debtimproves performanceGives you a career advantage.Hence, option A,B and D are the correct answer
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new cars are normal goods. What will happen to the equilibrium price of new cars if the price of gasoline falls and auto-workers receieve lower wages
Answer:
Going by the logic that, new cars are normal goods, it is safe to assume that, the price of those cars would fall if it were to be that the price of gasoline falls and as well as the auto-workers receive lower wages.
This is because, the relation between the two factors are directly proportional to each other. For example, if the auto-workers wage were $100 per 100 and it was subsequently reduced to $40 per hour, the overhead cost would drastically be reduced.
Explanation:
Susan, a manager at Seattle Widgets, hires Bill as a file clerk, but does not inquire into Bills's criminal history. Bill has had several convictions for driving while intoxicated. On his lunch break, Bill gets drunk and assaults a cashier at a local Subway. The cashier discovers Bill's prior DUI convictions and sues Seattle Widgets for hiring Bill a convicted drunk driver. In this lawsuit against Bill, a court would most likely decide that:
Answer:
Seattle Widgets will be held liable because they are respondeat superior in this situation
Explanation:
The concept of respondeat superior states that an entity will be held liable for actions of their agents.
Usually when an agent acts in an official capacity or while performing duties for the employer the employer is held responsible for any wrongful act performed.
In the given instance Susan did not inquired into the criminal past of Bill. He now assaults a cashier while drunk.
If the cashier sues Seattle Widgets, the ruling will most likely hold Seattle Widgets liable because they are a respondeat superior and they were negligent in hiring Bill.
Your firm has net income of $371 on total sales of $1,460. Costs are $800 and depreciation is $130. The tax rate is 30 percent. The firm does not have interest expenses. What is the operating cash flow
Answer:
Operating cash flow = $501
Explanation:
Given:
Total sales = $1,460
Total cost = $800
Depreciation = $130
Tax rate = 30% = 0.30
Find:
Operating cash flow
Computation:
Earning Before Interest and Tax = $1,460 - $800 - $130
Earning Before Interest and Tax = $530
Tax = Tax rate x $530
Tax = 0.30 x $530
Tax =$159
Operating cash flow = $530 + $130 - $159
Operating cash flow = $501
Once Arnold Patel had decided he wanted to quit working as a Web designer for a large advertising agency and go into some kind of business for himself, he did a self-assessment, which indicated that he had an entrepreneurial spirit. His next step will be to: Group of answer choices determine where the funding will come from look for customers create a business plan find the idea for his business choose a form of business organization
3. Keim, Inc. manufactures baseball gloves that normally sell for $40 each. Keim currently has 1,000 defective gloves in inventory that have $30 of materials, labor, and overhead assigned to each glove. The defective gloves can either be completely repaired at a cost of $25 per glove or sold as is at a reduced price of $18 per glove. Keim would be better off by: a. $3,000 to sell
Answer:
selling the defective gloves as they are results in a $3,000 higher gain
Explanation:
the manufacturing costs of the defective gloves should be considered a sunk cost since they cannot be recovered:
alternative 1, sell defective gloves = $18 x 1,000 = $18,000 gain
alternative 2, repair the gloves and sell them at normal price = ($40 - $25) x 1,000 = $15,000 gain
alternative 1 (selling the defective gloves as they are) results in a $3,000 higher gain
You are considering a project which has been assigned a discount rate of 5 percent. If you start the project today, you will incur an initial cost of $4,100 and will receive cash inflows of $2,900 a year for 2 years. If you wait one year to start the project, the initial cost will rise to $4,320 and the cash flows will increase to $3,257 a year for 2 years. What is the value of the option to wait
Answer:
$361.14
Explanation:
start the project today:
initial outlay = -$4,100
cash flow year 1 = $2,900
cash flow year 2 = $2,900
NPV = -$4,100 + $5,392.29 = $1,292.29
if you start the project in one year:
initial outlay year 1 = -$4,320
cash flow year 2 = $3,257
cash flow year 3 = $3,257
NPV year 1 = -$4,320 + $6,056.10 = $1,736.10
value of option to wait = ($1,736.10 / 1.05) - $1,292.29 = $361.14
When an organization defines itself and its niche in an environment by the choice of what sector or field of the environment it will use its technology, products, and services to compete in and serve, it is describing its ______.
Answer:
Domain
Explanation:
It should be noted that When an organization defines itself and its niche in an environment by the choice of what sector or field of the environment it will use its technology, products, and services to compete in and serve, it is describing its Domain. Domain can be regarded as the chosen field of action for an organization/company, it encompass the part of the environment chosen by the organization which is vital to the organization, it involves the chosen niche of the organization in the environment.
When a bottleneck occurs in a process used in the production of multiple products, the company must determine the contribution margin for each product and give priority to the product that has the lowest contribution margin per bottleneck hour.
a. True
b. False
Answer:
b. False
Explanation:
In project management or in production processes, a bottle neck is a process where the limited capacity of the process reduces its capacity of the whole chain process. The results of having bottleneck in a process are supply overstock, stalls in production, pressure from customers, etc.
When bottleneck occurs in the process used in production of multiple products, the company should determine contribution margin for each of the product and then priority should be given to that product that contributes to the maximum contribution margin per bottleneck hour.
Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses.
Answer and Explanation:
The preparation of the cash flow statement is presented below:
Forten Company
Statement of Cash Flows
For Current Year Ended December 31
Cash flows from operating activities
Net Income $110,575
Adjustments made
Depreciation expense $31,750
Less: Increase in Accounts receivable -$20,755
Less: Increase in Inventory -$29,356
Add: Decrease in Prepaid expense $795
Less: Decrease in Accounts payable -$67,034
Add: Loss on disposal of equipment $16,125
Net cash provided by operating activities $42,100
Cash flows from investing activities
Less: Cash paid for equipment -$52,000
Add: Cash received from sale of equipment $22,625
Net cash used in investing activities -$29,375
Cash flows from financing activities:
Cash borrowed on short-term note $5,100
Less: Cash paid on long-term note -$55,625
Add: Cash received from issuing stock $72,000
Less: Cash paid for dividends -$52,300
Net cash used in financing activities -$30,825
Net increase (decrease) in cash -$18,100
Add: Cash balance at beginning of year $84,500
Cash balance at end of year $66,400
Hamilton International issues 5,000 shares of its $1 par value common stock to provide funds for further expansion. If the issue price is $15 per share, what is the journal entry to record the share issue
Answer and Explanation:
The journal entry for issuance of the shares is as follows:
Cash Dr (5,000 × $15) $75,000
To Common stock(5,000 × $1) $5,000
To Additional paid in capital $70,000
(being the issuance of the shares is recorded)
Here the cash is debited as it increased the assets and credited the common stock and additional paid in capital as it increased the equity
An aging of a company's accounts receivable indicates that $13900 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1230 credit balance, the adjustment to record bad debts for the period will require a
Answer:the adjustment to record bad debts for the period will require a
Debit on Bad debt expenses for $ 12,670 and a credit To Allowance for doubtful accounts for $ 12,670
Explanation:
Account receivables for uncollectibles= $13,900
Allowance for Doubtful Accounts = credit balance of $1230
Adjusting entry for bad debts expense =Account receivables - credit balance of $1230
= $13,900- $1,230
=$12,670
Adjusting entry for the record of bad debts expense
Accounts titles Debit Credit
Bad debt expenses $ 12,670
To Allowance for doubtful accounts $ 12,670
For a nondividend-paying stock, you are given: i) The current stock price is 40 ii) At the end of the month the stock price will be either 42 or 38 Assume that the continuously compounded risk-free interest rate is 0.08 Given that the price of a 39-strike call option with 1 month to maturity is 1.5; what strategy can you use to take advantage of the arbitrage opportunity (if any)
You own a stock that has an expected return of 15.72 percent and a beta of 1.33. The U.S. Treasury bill is yielding 3.82 percent and the inflation rate is 2.95 percent. What is the expected rate of return on the market
Answer: expected rate of return on the market=12.77%
Explanation:
Given that
Expected return =15.72 percent
beta =1.33
Risk free rate=3.82 percent
According to the CAPM FORMULA,
Expected return = Risk free rate+ Beta( expected rate of return on market - Risk free rate
15.72% = 3.82 % + 1.33 ( Em - 3.82%)
0.1572=0.0382+ 1.33 Em - 0.050806
0.1572- 0.0382+ 0.050806 = 1.33 Em
0.169806=1.33Em
Em = 0.169806/1.33
=0.12767 x 100
12.767 ≈12.77%
expected rate of return on the market=12.77%
Perry Investments bought 2,000 shares of Able, Inc. common stock on January 1, 20X1, for $20,000 and 2,000 shares of Baker, Inc. common stock on July 1, 20X1 for $24,000. Baker paid $2,400 of previously declared dividends to Perry on December 31, 20X1. At the end of 20X1, the fair value of the Able stock was $18,000 and the fair value of the Baker stock was $28,000. The stocks were purchased for short-term speculation prior to the effective date of the change in accounting rules for equity investments. Perry owns 10% of each company. Perry should record the receipt of the Baker dividend as
Answer:
Debit Cash $2,400: Credit Dividends receivable $2,400
Explanation:
Date Account Titles and Explanation Debit Credit
31 Dec 20X1 Cash $2,400
Dividend receivables $2,400
(Record of the receipt of the Baker dividend)
Vaughn Manufacturing incurred the following costs for 72000 units: Variable costs $432000 Fixed costs 392000 Vaughn has received a special order from a foreign company for 4000 units. There is sufficient capacity to fill the order without jeopardizing regular sales. Filling the order will require spending an additional $5600 for shipping. If Vaughn wants to earn $8000 on the order, what should the unit price be
g 2018: US Bond A is issued at par with annual coupon of 2% and maturity of 5 years with face value of $1,000. 2019: Interest rates increase in the market 2020: US Bond B is issued at par today with annual coupon of 5% and a maturity of 3 years with face value of $1,000.What should the price of Bond A be today, 2020, with 3 years left to maturity, so that its yield to maturity is equal to the yield to maturity on Bond B
Answer:
$918.48
Explanation:
price of bond A after the interest rate increased to 5% and the time to maturity is 3 years:
PV of face value = $1,000 / (1 + 5%)³ = $863.84
PV of coupon payments = $20 x 2.7232 (PV annuity factor, 5%, 3 periods) = $54.46
Market value of bond A = $863.84 + $54.46 = $918.48
Since the market rate is higher than the coupon rate, the bond will sell at a discount.
Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next nine years because the firm needs to plow back its earnings to fuel growth. The company will pay a dividend of $14 per share 10 years from today and will increase the dividend by 8 percent per year thereafter. If the required return on this stock is 14 percent, what is the current share price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
the current price of the stock is $71.75
Explanation:
The computation of the current stock price is shown below:
Price at year 9 is
= Dividend ÷ (required rate of return - growth rate)
= $14 ÷ (14 - 8%)
= $233.33
Now the current price of the stock is
= Price at year 9 ÷ (1 + required rate of return)^number of years
= $233.33 ÷ (1 + 0.14)^9
= $71.75
Hence, the current price of the stock is $71.75
Ms. McClure is thinking about getting her master's degree in education. She estimates that she will spend about $12,000 a year for three years to get her degree. Her plans are to take evening classes so she can keep her current teaching job. When she finishes her degree, she will get a $5,000 a year raise.
Required:
How long will it take her to recover her investment?
Answer:
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Explanation:
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teh manager of quicki mart convinence sotre which is open 350 days per year sells six cases of duff soda each day 2100 cases per year order cost are 10.00 per order the lead time for an order is four days anual holidng cost are equila to 36 per case the manger typically orders 40 cahses each time she places order. If averege deman for an inventory itme is 250 units per day lead time is 40 days and sfety sotck is 200 units what is the reorder point5
Answer:
the reorder point is 10,200 cases
Explanation:
The computation of the reorder point is shown below
Reorder Point (ROP) = Average demand during lead time + Safety stock.
where,
Average demand during lead time
= d × L
= 250 × 40
= 10,000 cases
And,
Safety Stock = 200 units
So,
ROP is
= 10,000 + 200
= 10,200 cases
hence, the reorder point is 10,200 cases
Sheridan Company purchased a depreciable asset for $567000. The estimated salvage value is $29000, and the estimated useful life is 10000 hours. Carson used the asset for 1700 hours in the current year. The activity method will be used for depreciation. What is the depreciation expense on this asset in the current year
Answer:
Annual depreciation= $91,460
Explanation:
Giving the following information:
Purchase price= $567,000
Salvage value= $29,000
Useful life in hours= 10,000
To calculate the depreciation per year using the activity method, we need to use the following formula:
Annual depreciation= [(original cost - salvage value)/useful life of production in hours]*hours operated
Annual depreciation= [(567,000 - 29,000) / 10,000]*1,700
Annual depreciation= 53.8*1,700
Annual depreciation= $91,460
If it is estimated that 30 persons will be living in this new chapter house, what would be the Skulls' annual cost savings by selecting the less costly location, rather than the more costly
Answer: B. $1,500
Explanation:
Cost of using Alpha Avenue
= 5,000 + (200 * 30 people)
= $11,000
Cost of using Beta Blvd.
= 8,000 + (150 * 30 people)
= $12,500
Cost savings = 12,500 - 11,000
= $1,500
A corporation declares $25 million in net income, $1 million in preferred stock dividends, and $7 million in common stock dividends. By how much will shareholders' equity increase on the balance sheet
Answer:
$17 million
Explanation:
A corporation declares $25 million as it's net income
The preferred stock dividend is $1 million
The common stock dividend is $5 million
Therefore the amount in which the shareholders stock equity will increase can be calculated as follows
= net income - preferred stock dividend-common stock dividend
= $25 million - $1 million +$7million
= $25 million -$8million
= $17 million
The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $33,200. September 17, 2021 Receive $18,500 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2022 Provide services to customers on account for $48,200. Record transactions for each date
Answer:
The Underwood Corporation
Journal Entries for 2021 and 2022:
June 12, 2021:
Debit Accounts Receivable $33,200
Credit Service Revenue $33,200
To record the provision of services to customers on account.
September 17, 2021:
Debit Cash Account $18,500
Credit Accounts Receivable $18,500
To record the receipt of cash on account.
December 31, 2021:
Debit Uncollectible Expense $6,615
Credit Allowance for Doubtful Debts $6,615
To record 45% of accounts receivable estimated as uncollectible.
March 4, 2022:
Debit Accounts Receivable $48,200
Credit Service Revenue $48,200
To record the provision of services to customers on account.
Explanation:
a) Data and Calculations:
Accounts Receivable balance = $14,700 ($33,200 - $18,500)
45% of balance estimated as uncollectible = $6,615 (14,700 * 45%)
b) The Underwood Corporation uses the general journal to record transactions that occur on a daily basis. The journal identifies the accounts for each transaction and the ones to be debited and credited respectively.
Answer:
$48,200
Explanation:
During 2020, Sandeep had the following transactions: Salary $ 80,000 Interest income on City of Baltimore bonds 1,000 Damages for personal injury (car accident) 100,000 Punitive damages (same car accident) 200,000 Cash dividends from Chevron Corporation stock 7,000 Sandeep's AGI is: a.$387,000. b.$285,000. c.$287,000. d.$187,000.
Answer: c.$287,000.
Explanation:
City of Baltimore bonds are Municipal so their interest are tax exempt and so are Damages for personal injury.
Sandeep's AGI is therefore;
= Salary + Punitive damages + Cash dividends from Chevron
= 80,000 + 200,000 + 7,000
= $287,000
Pharoah Corporation purchased a machine on January 2, 2020, for $3200000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation is being used for financial statement purposes and the following MACRS amounts will be deducted for tax purposes: 2020 $640000 2023 $368000 2021 1024000 2024368000 2022 614400 2025185600 Assuming an income tax rate of 20% for all years, the net deferred tax liability that should be reflected on Pharoah's balance sheet at December 31, 2021 be
Answer:
$76,800
Explanation:
The computation of the net deferred tax liability is as follows:
Straight line depreciation is
= $3,200,000 ÷ 5
= $640,000
Now
Deferred tax liability for 2021
= ($1,024,000 - $640,000) × 0.20
= $76,800
hence, the net deferred tax liability that should be reflected on Pharoah's balance sheet at December 31, 2021 be $76,800
You are a manager of the Sweatshirt department at Trends, a clothing manufacturer. Trends plan to produce 25,000 sweatshirts. The sweatshirts will be sold to stores for 16$ each. The cost of manufacturing and marketing each sweatshirt is 10$. How many sweatshirts need to be sold for the company to reach break-even point?
Answer:
25,000 sweatshirts Sold in stores( markup) : $16 Raw expenses: $10So you have to reach a break even point 10×25000= $250,00016 × 25000= 400,000Hence to break even they must sell at the very least half of their inventory.Answer: 25,000 sweatshirts
Sold in stores( markup) : $16
Raw expenses: $10
So you have to reach a break even point
10×25000= $250,000
16 × 25000= 400,000
Hence to break even they must sell at the very least half of their inventory.
The specific identification method of costing inventories is used when the company sells large quantities of relatively low-cost homogeneous items. physical flow of units cannot be determined. company sells a limited quantity of high-unit cost items. company sells large quantities of relatively low-cost heterogeneous items.
Answer:
company sells a limited quantity of high-unit cost items.
Explanation:
A specific identification method can be defined as a method used for determining the ending inventories cost.
Basically, this type of method for costing inventories typically involves doing a well-detailed physical count of each goods bought on a specific date or a particular period of time, so as to determine the exact number of goods remaining by the end of the year's inventory. Therefore, each of the goods purchased are tagged with their unit price and any other additional charges.
Hence, the specific identification method of costing inventories is used when the company sells a limited quantity of high-unit cost items.
An example of a discretionary fixed cost would be: Group of answer choices Taxes on the factory. Depreciation on manufacturing equipment Factory Liability Insurance required by state law Research and development
Answer:
Research and development
Explanation:
Fixed cost is cost that does not vary with output. It is cost that is incurred regardless of the units of output produced
Discretionary fixed cost is cost that is incurred at the discretion of the management of a company.
A company can decide to undertake research and development or not to. So, it is an example of discretionary fixed cost
Bramble Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 76 units that cost $18 per unit. During the current month, the company purchased 478 units at $18 each. Sales during the month totaled 362 units for $43 each. What is the cost of goods sold using the LIFO method
Answer:
$6516
Explanation:
LIFO means last in, first out. It means that it is the last purchased inventory that is sold first.
Total sales in the month was 362 units, this would be taken from the inventory purchased during the month
= 362 x $18 = $6,516
A company issues $100,000 face value, zero-coupon, 4-year U.S. corporate bonds on January 1, 20XO, when the market rate for similar risk bonds is 12%. The bond uses annual compounding. The firm uses effective-interest amortization. What is the amount for the second discount or premium Bond Payable journal entry
Answer:
Amount = Maturity/(1+risk rate)⁴
Amount = $100,000/(1+0.12)⁴
Amount = $63,552 (Approx)
Interest payable = $63,552 x 0.12
Interest payable = $7,626 (Approx)
Interest payable (2nd period) = ($63,552+$7,626) x 0.12
Interest payable (2nd period) = $8,541 (Approx)
Explanation:
JOURNAL ENTRY
BOOKS OF (.....)
Date Account title Debit Credit
Cash a/c Dr $63,552
To Bonds payable a/c $63,552
1st-period
Bond Interest a/c Dr $7,626
To Bonds payable a/c $7,626
2nd-period
Bond Interest a/c Dr $8,541
To Bonds payable a/c $8,541
