19. What are conflicting responsibilities? Why do conflicts arise in professions?​

Answers

Answer 1
Because you will always have conflicts
Answer 2

Answer:  being in the military

Explanation:  reason is, because if your in the military you get to miss out on holidays , birthdays and even extra time with family and thats a big problem


Related Questions

In 2019, Martin had two employers during the year. Both employers withheld Social Security tax from his wages in the amounts of $4,314.05 and $4,274.75. What amount can Martin claim as a credit against his income tax when he files his income tax return

Answers

Answer:

$1241.80

Explanation:

From the given information:

the social security taxes withheld by both employers are $4314.05 and $4274.75 respectively.

Let's recall that the maximum amount the IRS can also withhold from wages is $7347.00.

Therefore;

the required amount that can be claimed as a credit is:

= $4,314.05 +  $4,274.75 - $7347.00

= $1241.80

Answer:

$349

Explanation:

1) 4,314.05 + 4,274.75 = 8,588.80

2) Social security withheld max: 132,900 * 6.2% = 8,239.80

3) 8,588.80 - 8,239.80 = 349

An investor is in the 33 percent tax bracket and pays long-term capital gains taxes of 15 percent. What are the taxes owed (or saved in the case of losses) in the current tax year for each of the following situations?
a) Net short-term capital gains of $3,000; net long-term capital gains of $4,000
b) Net short-term capital gains of $3,000; net long-term capital losses of $4,000
c) Net short-term capital losses of $3,000; net long-term capital gains of $4,000
d) Net short-term capital gains of $3,000; net long-term capital losses of $2,000
e) Net short-term capital losses of $4,000; net long-term capital gains of $3,000
f) Net short-term capital losses of $1,000; net long-term capital losses of $1,500
g) Net short-term capital losses of $3,000; net long-term capital losses of $2,000

Answers

Answer:

The taxes owed (or saved in the case of losses) in the current tax year for each of the following situations) are:

     Taxes owed     Taxes saved

a.       $1,590              $0

b.       $0                     $1,000

c.       $150                 $0

d.      $0                     $1,000

e.      $0                     $1,000

f.       $0                   $2,500

g.      $0                  $5,000

Explanation:

a) Data:

Investor's tax bracket = 33% (same as the short-term capital gains taxes)

Long-term capital gains taxes = 15%

b) Events and Calculations:

a) Net short-term capital gains of $3,000; net long-term capital gains of $4,000

Short-term tax = $990 ($3,000*33%)

Long-term tax = $600 ($4,000*15%)

Total taxes =    $1,590

b) Net short-term capital gains of $3,000; net long-term capital losses of $4,000

Long-term capital losses = $4,000

Short-term capital gains =   (3,000)

Savings =                             $1,000

c) Net short-term capital losses of $3,000; net long-term capital gains of $4,000

Long-term capital gains = $4,000

Short-term capital losses  (3,000)

Long-term capital gains taxes = $150 ($1,000 * 15%)

d) Net short-term capital gains of $3,000; net long-term capital losses of $2,000

Short-term capital gains = $3,000

Long-term capital losses   (2,000)

Savings =                            $1,000

e) Net short-term capital losses of $4,000; net long-term capital gains of $3,000

Short-term capital losses = $4,000

Long-term capital gains       (3,000)

Savings                                $1,000

f) Net short-term capital losses of $1,000; net long-term capital losses of $1,500

Short-term capital losses = $1,000

Long-term capital losses      1,500

Savings =                            $2,500

g) Net short-term capital losses of $3,000; net long-term capital losses of $2,000

Short-term capital losses = $3,000

Long-term capital losses      2,000

Savings =                            $5,000

Suppose the United States is currently producing 100tons of hamburgers and 45tons of tacos and Mexico is currently producing 20tons of hamburgers and 25tons of tacos. If the United States and Mexico each specialize in producing only one good​ (the good for which each has a comparative​ advantage), then a total of nothingadditional​ ton(s) of hamburgers can be produced for the two countries combined ​(enter a numeric response using an​ integer)

Answers

Answer: 50 additional tons of hamburgers

Explanation:

United States opportunity costs:

Hamburger opportunity cost = 45/100 = 0.45 tons of tacos

Taco opportunity cost = 100/45 = 2.22 tones of hamburgers

Mexico opportunity cost:

Hamburger opportunity cost = 25/20 = 1.25 tons of tacos

Taco opportunity cost = 20/25 = 0.8 tones of hamburgers

US should specialize in Hamburger production because they have a lower opportunity cost.

If both countries combined production of hamburgers then the total would be:

= 100 + 20

= 120 tons of hamburgers

There is missing information on this question which is the US production of hamburgers when it produces 0 tacos. We shall assume that number to be 170 tons of hamburgers.

The total additional tons produced would be:

= US tons when producing only hamburgers - Combined hamburger production

= 170 - 120

= 50 additional tons of hamburgers

A country has constant opportunity cost of production. If they devote all of their resources to the production of blankets they can produce a total of 284 per week. If they devote all of their resources to the production of t-shirts they can produce a total of 612 shirts per week. What is the opportunity cost of producing 1 blanket

Answers

Answer:

2.15 shirts

Explanation:

Opportunity cost or implicit is the cost of the next best option forgone when one alternative is chosen over other alternatives

By producing one more blanket, the country would be forgoing the opportunity to produce one more shirt.

opportunity cost of producing 1 blanket = 612 shirts / 284 = 2.15 shirts

In 2008, Betserai was a 10-year-old quintrillionaire living in Bulawayo, Zimbabwe. He was literally rolling in money. In fact, Betserai has so much money that he decided to make kites out of billion dollar bills instead of putting the money into the bank to earn interest. None of Betserai's friends bothered to save their money, either. Rupert was Betserai's American pen pal and heard of Betserai's story and was extremely confused. He was taught that Zimbabwe was one of the poorer countries in the world, or at the least substantially poorer than the United States. Which statement best explains this phenomenon?
A. A country's wealth is based on the amount of money in circulation.
B. Zimbabwe was in the midst of an incredible economic boom, substantially increasing the wealth of all its citizens.
C. Rapid rises in price levels made the Zimbabwean dollar near worthless in terms of purchasing power.
D. All of these statements could explain what happened in Zimbabwe in 2008.

Answers

Answer:

C. Rapid rises in price levels made the Zimbabwean dollar near worthless in terms of purchasing power.

Explanation:

As in the given situation it is mentioned that 10 year old boy has the bill of billion dollar this represented that the country really printed the bill of billion dollar. It means that the attempt is to be done in order to print a currenct note of higher denomination that also represent that the country would increased such level also at the same time a big amount is required to purchased the goods and services.

Also the high denomination values would not consist of actual value as they have purchasing power i.e. negligible

Manufacturing activities consist of materials, production, and sales activities. The materials activity consists of the purchase and issuance of materials to production. The production activity consists of converting materials into finished goods. At this stage in the process, the materials, labor, and overhead costs have been incurred and the schedule of cost of goods manufactured is prepared. The sales activity consists of selling some or all of finished goods available for sale. At this stage, the cost of goods sold is determined.

From the list below, select the items that are classified as a materials activity.

a. Raw materials used
b. Raw materials beginning inventory
c. Raw materials purchases
d. Work in process beginning inventory
e. Goods manufactured
f. Direct labor used
g. Factor overhead used

Answers

Answer:

a. Raw materials used

b. Raw materials beginning inventory

c. Raw materials purchases

Explanation:

Note: The materials activity consists of the purchase and issuance of materials to production

Thus, the items that are classified as a materials activity are :Raw materials used, Raw materials beginning inventory and Raw materials purchases

Suppose a city block was going to be used for a parking lot in both New York City and a small town. The opportunity cost would be multiple choice 2 lower in New York City because the alternative uses of the city block are more varied. lower in a small city because the alternative uses of the city block are more varied. greater in New York City because the alternative uses of the city block are more valuable. greater in a small city because the alternative uses of the city block are more valuable.

Answers

Answer:

c. The opportunity cost would be greater in New York City because the alternative uses of the block are more valuable.

Explanation:

Value of piece of land would be much higher in New York City in comparison to a small town.

This means that if a piece of land is used for parking lot in the New York City then the alternative use of such land would be more valuable in comparison to the utilization of similar piece of land in a small town.

Higher the value of alternative uses, higher would be the opportunity cost. So, the opportunity cost would be greater in New York City because the alternative uses of the block are more valuable.

The ABC Lawn Company aims for a high number of clients that result in high profits. To meet its goal ABC markets its landscaping service vigorously because there are many lawn services and nurseries in the local community. As a sales-oriented company, ABC focuses on _______.

Answers

Answer:

Agressive trading technique

Explanation:

A Sales Orientation company is a company that capitalizes or dwell on selling its products and services rather than satisfying their customers wants or needs. Due to the fact that sales orientation business is bent on pushing their product out to the customer it use or employ aggressive techniques in its handling, and this will cost or involves intensive promotions and price- strategy.

Aggressive trading shoulders more risk and thereafter may be accepting a big loss.

Tirri Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 7.50 Direct labor $ 3.85 Variable manufacturing overhead $ 1.55 Fixed manufacturing overhead $ 24,400 Sales commissions $ 1.05 Variable administrative expense $ 0.60 Fixed selling and administrative expense $ 8,800 If the selling price is $28.10 per unit, the contribution margin per unit sold is closest to:

Answers

Answer:

$13.55

Explanation:

The contribution margin per unit is computed as;

= Selling price - (Direct materials + Direct labor + Variable manufacturing overhead + Sales commission + Variable administrative expense)

= $28.10 - ($7.50 + $3.85 + $1.55 + $1.05 + $0.60)

= $28.10 - $14.55

= $13.55

Therefore , the contribution margin per unit is $13.55

An Argentinian economist pointed out that the inflation rate based on the PCE(personal consumption expenditures) deflator was higher than the inflation rate you calculated in part (b) based on the GDP deflator. Provide two possible explanations for this difference between the inflation rates calculated from the PCE deflatorversus the GDP deflator.

Answers

Answer:

Note: The complete question is attached as picture below

Year       Nominal GDP   Real GDP

2019             100                    100

2020            105                     99

a) %change in nominal GDP = [(105 - 100) / 100] * 100 = 5%

%change in real GDP = [(99 - 100) / 100] * 100 = -1%

b) GDP deflator is = [Nominal GDP / Real GDP]. %change in GDP deflator = [(106.06 - 100) / 100] * 100 = 6.06%

c) Inflation calculated from GDP deflator and PCE is different because

- GDP deflator does not includes price increase of imported goods while PCE does.

- PCE measures change in price of goods which are generally consumed by consumers while GDP deflator includes all goods produced in an economy.

Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Assume Longmire uses a perpetual inventory system.

Required:
Prepare the related journal entries for Longmire & Sons.

Answers

Answer:

April 18

Dr Account receivable 500,000

Cr Cash 500,000

April 18

Dr Cost of goods sold 400,000

Cr Merchandize inventory 400,000

May 22

Dr Sales return and allowance 9,000

Cr Account receivable 9,000

May 22

Dr Merchandize inventory 7,200

Cr Cost of goods sold 7,200

Explanation:

Preparation of the related journal entries for Longmire & Sons.

Based on the information given the related journal entries for Longmire & Sons will be :

April 18

Dr Account receivable 500,000

Cr Cash 500,000

(Being to record credit sales)

April 18

Dr Cost of goods sold 400,000

Cr Merchandize inventory 400,000

(Being to Record cost of goods sold)

May 22

Dr Sales return and allowance 9,000

Cr Account receivable 9,000

(Being to record goods return)

May 22

Dr Merchandize inventory 7,200

Cr Cost of goods sold 7,200

(Being to Record cost of goods return)

In Marubeni America Corp. v. United States, the federal appellate court ruled that the Nissan Pathfinder was, for tariff classification purposes a motor vehicle for the transport of passengers. The classification of goods is significant because: Question 16 options: A) the fair value will vary depending on the classification B) the subsidy will vary depending on the classification C) the tariffs will vary depending on the classification D) the dumping duty will vary depending on the classification

Answers

Answer: the tariffs will vary depending on the classification.

Explanation:

Tariff is a form of tax that is usually imposed on the imports that are brought from other countries to a particular country.

With regards to information provided in the question, the classification of goods is significant because the tariffs will vary depending on the classification.

A review of Parson Corporation's accounting records found that at a volume of 90,000 units, the variable and fixed cost per unit amounted to $8 and $4, respectively. On the basis of this information, what amount of total cost would Parson anticipate at a volume of 85,000 units

Answers

Answer:

Total cost= $1,040,000

Explanation:

For 90,000 units:

Unitary variable cost= $8

Unitary fixed cost= $4

First, we need to calculate the total fixed cost:

Total fixed cost= 4*90,000= $360,000

Now, we can determine the total cost for 85,000 units:

Total cost= 85,000*8 + 360,000

Total cost= $1,040,000

Rubbermaid allows employees to spend a percentage of their working time on special projects. Imagine that, as a manager for Rubbermaid, you have the difficult job of choosing employees for your project team. You have limited positions, and because your team is among the most celebrated at the company, you have more volunteers than roles available. What is the best way to control the conflict

Answers

Answer:

Hire an external consultant to pick new team members for you

Explanation:

On the given scenario there are limited project spaces and plenty of volunteers for those positions.

An equitable and impartial method of choosing team members needs to be used to avoid conflict.

The best solution is to hire an external consultant who can be seen as impartial to do the selection.

This way employees will accept the objectivity of the selection since the external consultant does not have any underlying.interest in who occupies the project positions

These are selected 2017 transactions for Flounder Corporation: Jan. 1 Purchased a copyright for $110, 750. The copyright has a useful life of 5 years and a remaining legal life of 33 years. Mar. 1 Purchased a patent with an estimated useful life of 6 years and a legal life of 20 years for $138, 600. Sept. 1 Purchased a small company and recorded goodwill of $153, 350. Its useful life is indefinite.
Prepare all adjusting entries at December 31 to record amortization required by the events. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Answers

Answer and Explanation:

The adjusting journal entries are as follows:

On Dec 31

Amortization expense $22,150 ($110,750 ÷ 5 years)

        To Copyrights $22,150

(Being amortization expense is recorded)  

Here amortization expense is debited as it increased the expenses and credited the copyrights as it decreased the assets

On Dec 31

Amortization expense $19,250 ($38,600 ÷ 6 years × 10 ÷ 12)

     To Patents $19,250  

(Being amortization expense is recorded)

Here amortization expense is debited as it increased the expenses and credited the patents as it decreased the assets

On Dec 31

No journal entry is required

On January 1, 2020, Marigold Corp. purchased a machine costing $355000. The machine is in the MACRS 5-year recovery class for tax purposes and has an estimated $74000 salvage value at the end of its economic life. It's based on half year convention. Assuming the company uses the general MACRS approach, the amount of MACRS deduction for tax purposes for the year 2020 is

Answers

Answer:

$71,000

Explanation:

Note: The MARCS Table is attached below

Depreciation for 2020 = Cost*Rate%

Depreciation for 2020 = $355000*20%

Depreciation for 2020 = $71,000.

Note: MACRS depreciation disregards the salvage value and depreciates the asset to zero over the life of the asset.

The following data pertains to Lam Co.'s manufacturing operations: Inventories 4/1 4/30 Direct Materials $ 18,000 $ 15,000 Work in Process 9,000 6,000 Finished Goods 27,000 36,000 Additional information for the month of April: Direct materials purchased $ 32,000 Direct labor 30,000 Direct labor rate per hour 10.00 Factor overhead incurred 40,000 Overhead is applied at $12 per direct labor hour. For the month of April, conversion cost incurred was:

Answers

Answer: $65000

Explanation:

For the month of April, the conversion cost that was incurred would be calculated as:

Beginning inventory of Direct Materials = $18000

Add: Purchase = $32000

Total cost of Direct Materials available = $50000

Less: Ending inventory of Direct Material = $15000

Therefore, Direct material used:

= $50000 - $15000 = $35000

Add: Direct labor = $30000

Conversion cost incurred = $35000 + $30000 = $65000

Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Balance Sheet and Cash Flows Rent for the month$1,240 Monthly take-home salary$3,420 Cash in checking account 700 Savings account balance 2,110 Spending for food 820 Balance of educational loan 2,930 Current value of automobile 8,590 Telephone bill paid for month 69 Credit card balance 236 Loan payment 177 Auto insurance 239 Household possessions 3,680 Stereo equipment 3,240 Payment for electricity 110 Lunches/parking at work 271 Donations 169 Home computer 1,870 Value of stock investment 1,750 Clothing purchase 148 Restaurant spending 177

Answers

Answer:

1. Balance Sheet:

Assets:

Cash in checking account       $700

Savings account balance         2,110

Current value of automobile 8,590

Home computer                      1,870

Value of stock investment     1,750

Household possessions       3,680

Stereo equipment                 3,240   $21,940

Liabilities:

Balance of educational loan 2,930

Credit card balance                 236    $3,166

Net Worth                                          $18,774

2. Cash Flows:

Cash Inflows:

Monthly take-home salary $3,420

Outflows:

Rent for the month            $1,240

Spending for food                  820

Telephone bill paid for month 69

Auto insurance                       239

Payment for electricity             110

Lunches/parking at work        271

Donations                                169

Clothing purchase                  148

Restaurant spending              177

Loan payment                         177

Total cash outflows         $3,420

Explanation:

Monthly take-home salary $3,420

Rent for the month $1,240

Spending for food 820

Telephone bill paid for month 69

Auto insurance 239

Payment for electricity 110

Lunches/parking at work 271

Donations 169

Clothing purchase 148

Restaurant spending 177

Loan payment 177

Assets:

Cash in checking account 700

Savings account balance 2,110

Current value of automobile 8,590

Home computer 1,870

Value of stock investment 1,750

Household possessions 3,680

Stereo equipment 3,240

Liabilities:

Balance of educational loan 2,930

Credit card balance 236

Batch Co. employs knowledge workers and is finding that its employees are retiring closer to age 75 than to age 65. As a result, they recently amended their defined benefit pension plan such that benefits will begin at age 72, with certain exceptions for those employees demonstrating an earlier need, instead of at age 60. Batch Co. has been able to measure the actuarial present value of this amendment, which is the change in the projected benefit obligation (PBO) that results from the change. How will this affect pension expense in current and future periods?

Answers

Answer:

It will decrease prior service cost and, as prior service cost is amortized, will decrease pension expense.

Explanation:

In the given if there is any change in the projected benefit obligation so the pension expense would impact in the present and future period by reducing the service cost that incurred before also the service cost that incurred before would be amortized that ultimately reduce the pension expense

Therefore the first option is correct

Parks Corporation is considering an investment proposal in which a working capital investment of $10,000 would be required. The investment would provide cash inflows of $2,000 per year for six years. The working capital would be released for use elsewhere when the project is completed. If the company's discount rate is 10%, the investment's net present value is closest to (Ignore income taxes.): Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using the tables provided.

Answers

Answer:

$4,355.26  

Explanation:

The net present value is the present value of future cash flows expected from the project minus the initial investment outlay

initial investment outlay=working capital investment = -$10,000

Years 1-5 cash inflow=$2,000

Year 6 cash inflow=normal cash inflows+release of working capital

Year 6 cash inflow=$2,000+$10,000=$12,000

the present value of a future cash flow=cash flow/(1+r)^n

n is 1 for year cash inflow 2 for year 2 cash inflow, 3 for year 3 cash inflow and so on

NPV=-$10,000+$2,000/(1+10%)^1+$2,000/(1+10%)^2+$2,000/(1+10%)^3+$2,000/(1+10%)^4+$2,000/(1+10%)^5+$12,000/(1+10%)^6

NPV=$4,355.26  

Describe the role of communication in effective leadership. Discuss your own administration style and how it may influence your successful completion of your program of study. Use headings to support the organization of your content. (1,000 words, two scholarly sources, APA format) Discuss in your owns words

Answers

Answer:

Knowledge and ideas of leader are shared with the team through effective communication.

Explanation:

A good leader possesses many qualities among which effective communication is an essential quality which a leader must have. Leader should be able to express his ideas and inspire others through his leadership skills. Leader should communicate with its team in a routine language and should not use jargons. The team should be involved in decision making and ideas should be gathered through brainstorming.

Great Harvest Bakery purchased bread ovens from New Morning Bakery. New Morning Bakery was closing its bakery business and sold its two-year-old ovens at a discount for $700,000. Great Harvest incurred and paid freight costs of $35,000, and its employees ran special electrical connections to the ovens at a cost of $5,000. Labor costs were $37,800. Unfortunately, one of the ovens was damaged during installation, and repairs cost $5,000. Great Harvest then consumed $900 of bread dough in testing the ovens. It installed safety guards on the ovens at a cost of $1,500 and placed the machines in operation.
Prepare a schedule showing the amount at which the ovens should be recorded in Great Harvest's Equipment account.

Answers

Answer:

Particulars                                  Amount

Purchase price                         $700,000

Add: Freight cost                     $35,000

Add: Electrical connections    $5,000

Add: Labor costs                      $37,800

Add: Bred dough used            $900

Add: Safety guards                  $1,500

Total cost of Equipment         $780,200

Note: Repairs cost of $5,000 will not be included

The chart below gives prices and output information for the country of Utopia. Use this information to calculate real and nominal GDP for both years. Use 2001 as the base year.
Year 2000 2001
Price Quantity Price Quantity
Ice Cream $7.00 600 $3.00 400
Blue Jeans $70.00 20 $20.00 90
Laptops $300.00 5 $300.00 5
2000 nominal GDP = $_________
2001 nominal GDP = $_________
2000 real GDP = $_________
2001 real GDP = $_________

Answers

Answer and Explanation:

The computation is shown below:

As we know that

Nominal GDP = Sum of (Present Year Price × Present Year Quantity)

And,  

Real GDP = Sum of (Base Year Price × Present Year Quantity)

Now

(a) Nominal GDP, 2000 is

= $[(7 × 600) + (70 × 20) + (300 × 5)]

= $4,200 + $1,400 + $1,500

= $7,100

(b) Nominal GDP, 2001 is

= $[(3 × 400) + (20 × 90) + (300 × 5)]

= ($1,200 + $1,800 + $1,500)

= $4,500

(c) Real GDP, 2000 is

= $[(3 × 600) + (20 × 20) + (300 × 5)]

= $1,800 + $400 + 1,500

= $3,700

(d) Real GDP, 2001 is

= $[(3 × 400) + (20 × 90) + (300 × 5)]

= $1,200 + $1,800 + $1,500

= $4,500

he accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $418 Fees Earned $2,221 Accounts Receivable 765 Insurance Expense 411 Prepaid Insurance 4,395 Land 1,763 Cash 1,386 Wages Expense 735 Drawing 301 Capital 7,117 Total assets are

Answers

Answer:

See below

Explanation:

With regards to the above,

Total assets = $765 + $4,395 + $1,763 + $1,386

Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Set up a schedule of interest expense and discount amortization under the straight-line method

Answers

Answer:

Devon Harris Company

Schedule of Interest Expense and Discount Amortization under the straight-line method:

Time    Cash Interest      Interest Expense  Amortization  Carrying Amount

0             N/A                         N/A                     N/A               $1,855,816

1           $200,000                $228,836.80     $28,836.80   $1,884,652.60

2          $200,000                $228,836.80     $28,836.80   $1,913,489.40

3          $200,000                $228,836.80     $28,836.80   $1,942,326.20

4          $200,000                $228,836.80     $28,836.80   $1,971,163.00

5          $200,000                $228,836.80     $28,837.00   $2,000,000

Explanation:

a) Data and Calculations:

10% Bonds' maturity value = $2,000,000

Bonds sales value = $1,855,816

Total discount = $144,184

Annual Interest = $200,000 ($2,000,000 * 10%)

Maturity period = 5 years (January 1, 2020 to January 1, 2025)

Annual amortization of discount = $28,836.80 ($144,184/5)

Total interest cost with amortized discount each year = $228,836.80

b) Under the straight line method, the premium or discount on the bond is amortized in equal amounts over the life of the bond, as demonstrated above.

Based on the information given, it should be noted that the Cash Interest, Discount amortized and Interest Expenses will be  $20,000, $28836.80, and $228836.80 respectively.

Interest expense

From the information given, the following can be calculated:

Discount on issue = $2000000 - $1855816 = $144184

Discount to be amortized on each interest date = $144184 / 5 = $28836.80

Cash interest annual = $2000000 * 10% = $200000

Therefore, the Cash Interest, Discount amortized and Interest Expenses from 2020 to 2025 will be  $20,000, $28836.80, and $228836.80 respectively.

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Stephenson Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the CFO's back-up computer data.

Cost of Goods Sold $380,000
Work-in-Process Inventory, Beginning 30,000
Work-in-Process Inventory, Ending 40,000
Selling and Administrative Expense 50,000
Finished Goods Inventory, Ending 15,000
Finished Goods Inventory, Beginning ?
Direct Materials Purchased 171,000
Factory Overhead Applied 112,000
Operating Income 22,000
Direct Materials Inventory, Beginning 18,000
Direct Materials Inventory, Ending 6,000
Cost of Goods Manufactured 340,000
Direct Labor 55,000

The CFO of Stephenson Company has asked you to recalculate the following accounts and report to him by week's end.

What should be the amount of direct materials used?

a. $208,400
b. $405,500
c. $440,800
d. $201,500

Answers

Answer:

Direct material used= $183,000

Explanation:

Giving the following information:

Direct Materials Purchased 171,000

Direct Materials Inventory, Beginning 18,000

Direct Materials Inventory, Ending 6,000

To calculate the direct material used, we need to use the following formula:

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 18,000 + 171,000 - 6,000

Direct material used= $183,000

Prove:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 30,000 + 183,000 + 55,000 + 112,000 - 40,000

cost of goods manufactured= $340,000

A company uses a perpetual inventory system. The company began its fiscal year with inventory of $998,000. Purchases of merchandise on account during the year totaled $3,124,089. Merchandise costing $3,456,980 was sold on account for $6,909,879. Prepare the journal entries to record these transactions.

Answers

Answer:

Date  Account Titles and Explanation              Debit            Credit

          Inventory                                                 $3,124,089

                Account payable                                                    $3,124,089

          (To record purchase of merchandise inventory)

            Account receivables                             $6,909,879

                  Sales revenues                                                    $6,909,879

           (To record sales on account)

            Cost of goods sold                                $3,456,980

                  Inventory                                                               $3,456,980

             (To record the cost of sales)

Compare and by converting their income statements to common size. Martinez Rojo Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . $10,900 $19,536 Cost of goods sold. . . . . . . . . . . . . . . . . . 6,660 14,203 Other expense. . . . . . . . . . . . . . . . . . . 3,564 4,356 Net income. . . . . . . . . . . . . . . . . . . . . . . . . $676 $977 Which company earns more net​ income? Which​ company's net income is a higher percentage of its net​ sales?

Answers

Answer:

a. Rojo

b. Martinez

Explanation:

When converting the income statement to common size, everything is made a percentage of net sales.

                                                             Martinez                            Rojo

Net Sales                                                100%                              100%

Cost of goods sold                                (61.1% )                           ( 72.7%)

Other expenses                                     (32.7% )                         ( 22.3%)

Net Income                                               6.2%                             5.0%

Working

                                                           Martinez                             Rojo

Cost of goods                                 6,660/10,900                   14,203/19,536

Other expenses                              3,564/10,900                     4,365/19,536

Net income                                      676/10,900                         977/19,536                                

a. Company with more Net income

= Rojo

b. Company with higher net income as percentage of net sales

= Martinez

Derek will deposit $9,359.00 per year for 18.00 years into an account that earns 4.00%, The first deposit is made next year. He has $18,418.00 in his account today. How much will be in the account 49.00 years from today

Answers

Answer:

FV= $904,322.05

Explanation:

First, we will calculate the future value of the 18 deposits 19 years from now. Also the value of the $18,418 19 years from now.

FV= {A*[(1+i)^n-1]}/i

A= annual deposit= 9,359

n= 18

i= 0.04

FV= {9,359*[(1.04^18) - 1]} / 0.04

FV= $240,015.42

FV= PV*(1+i)^n

FV= 18,418*(1.04^19)

FV= $38,803.95

Total FV= 240,015.42 + 38,803.95= $278,819.37

Finally, the value of the account for the remaining 30 years:

FV= 278,819.37*(1.04^30)

FV= $904,322.05

During January, Year 2, Geo entered into the following transactions: Paid $728 on account for utilities that were used during December, Year 1. Purchased $488 of supplies for cash. Signed a rental agreement for office space and paid $6,100 in advance for six months of rent beginning February 1, Year 2. Purchased $21,000 of new equipment, signing a promissory note. Provided $32,500 of services. $16,000 was received in cash and $16,500 was provided on credit. Paid workers $7,400 for work done in January. Required: Prepare journal entries for each of the following January activities, and post results to the relevant T-accounts. Compute the ending balance of each T-account. Beginning balances have been entered.

Answers

Answer:

Geo

1. Journal Entries:

1. Debit Utilities Payable $728

Credit Cash $728

To record the payment of utilities on account.

2. Debit Supplies $488

Credit Cash $488

To record the purchase of supplies for cash.

3. Debit Prepaid Rent $6,100

Credit Cash $6,100

To record the prepayment of rent for 6 six months.

4. Debit Equipment $21,000

Credit Note Payable $21,000

To record the purchase of equipment on account.

5. Debit Cash $16,000

Debit Accounts Receivable $16,500

Credit Services Revenue $32,500

To record the rendering of services for cash and on account.

6. Debit Salaries Expense $7,400

Credit Cash $7,400

To record the payment of salaries for January.

2. T-accounts:

Utilities Payable

Accounts Titles       Debit        Credit

Cash                        $728

Cash

Accounts Titles       Debit        Credit

Utilities payable                       $728

Supplies                                     488

Prepaid Rent                           6,100

Service Revenue  $16,000

Salaries Expense                   7,400

Supplies

Accounts Titles       Debit        Credit

Cash                       $488

Prepaid Rent

Accounts Titles       Debit        Credit

Cash                    $6,100

Equipment

Accounts Titles       Debit        Credit

Note Payable        $21,000

Note Payable

Accounts Titles       Debit        Credit

Equipment                             $21,000

Accounts Receivable

Accounts Titles       Debit        Credit

Service Revenue $16,500

Services Revenue

Accounts Titles            Debit        Credit

Cash                          $16,000

Accounts Receivable 16,500

Salaries Expense

Accounts Titles       Debit        Credit

Cash                      $7,400

Explanation:

Since the beginning balances were not supplied, the T-accounts are not balanced at the end of the period.  Journal entries were prepared to record the daily business transactions for the first time in the accounting system.  The entries showed the accounts to be debited and credited respectively.

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