Answer:
No. Because the contract cannot be fully performed within a year of its creation, R is within the statute of frauds.
Explanation:
Since in the question it is mentioned that there is no written agreement so the agreement should not be enforceable as as per the law if the contract is to be treated as completed for a period of time so it should be in the written form
Here woman could not able to sue the stonstock farms
Therefore the above statement represent an answer
Calculate the current price of a $1,000 par value bond that has a coupon rate of 6 percent, pays coupon interest annually, has 27 years remaining to maturity, and has a current yield to maturity (discount rate) of 15 percent. (Round your answer to 2 decimal places and record without dollar sig
Answer: $413.81
Explanation:
Price of a bond = Present value of coupon payments + Present value of face value
Coupon is a constant payment so is an annuity.
Coupon = 6% * 1,000 = $60
Price of bond = Present value of annuity + Present value of face value
= (Coupon * Present value interest factor of annuity (PVIFA), 27 periods, 15%) + (Face value / (1 + rate) ^ number of periods)
= (60 * 6.514) + (1,000 / (1 + 15%)²⁷
= $413.81
503,000 on November 1, 2021, and signed a 12-month note bearing interest at 8%. Interest is payable in full at maturity on October 31, 2022. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2021, in the amount of
Answer:
$6,707
Explanation:
Calculation to determine what Universal Travel Inc. should report interest payable at December 31, 2021,
Interest payable at Dec 31,2021= 503,000 * 8% * 2 months/12 months
Interest payable at Dec 31,2021= $6706.6
Interest payable at Dec 31,2021= $6707 Approximately)
(November 1 - December 31 = 2 months)
Therefore Universal Travel Inc. should report interest payable at December 31, 2021, in the amount of $6,707
Camper's Edge Factory produces two products: canopies and tents. The total factory overhead is budgeted at $750,000 for the year, divided between two departments ----Cutting, $350,000, and Sewing, $400,000. Each canopy requires 2 direct labor hours in Cutting and 1 direct labor hour in Sewing. Each tent requires 1 direct labor hour in Cutting and 6 direct labor hours in Sewing. Production for the year is budgeted for 20,000 canopies and 10,000 tents.
Required:
a. Determine the total number of budgeted direct labor hours for the year in each department.
b. Determine the factory overhead allocated per unit of each product using the department factory overhead allocation rates using direct labor hours as the base.
Answer:
Camper's Edge Factory
Departments Cutting Sewing
a. The total number of budgeted
direct labor hours for the year 60,000 70,000
b. Products Canopy Tent
Factory overhead per unit $17.50 $40
Explanation:
a) Data and Calculations:
Total budgeted factory overhead = $750,000
Canopy Tent Total
Direct labor hours
Cutting 2 1 3
Sewing 1 6 7
Total direct labor hours 3 7
Budgeted production units 20,000 10,000
Departments Cutting Sewing
Budgeted factory overhead $350,000 $400,000
Direct labor hours:
Canopy 40,000 (20,000 * 2) 10,000 (10,000 * 1)
Tent 20,000 (20,000 * 1) 60,000 (10,000 * 6)
Total direct labor hours 60,000 70,000
Overhead allocation rates $5.833 $5.714
($350,000/60,000) ($400,000/70,000)
Overhead per unit $17.50 ($5.833 * 3) $40 ($5.714 * 7)
Kylie Co. owns 67% of Jayzee Inc. On their 12/31/2017 pre-consolidation trial balances, Kylie reports $739,972 Liabilities and Jayzee reports $1,601,119 Liabilities. Jayzee owes Kylie $207,709 on this date. What amount should be reported for Liabilities in Kylie's consolidated financial statements
Answer:
the amount that should be reported for Liabilities in Kylie's consolidated financial statements is $2,187,382
Explanation:
The computation of the amount that should be reported for Liabilities in Kylie's consolidated financial statements is shown below:
= $793,972 + $1,601,119 - $207,709
= $2,187,382
Hence, the amount that should be reported for Liabilities in Kylie's consolidated financial statements is $2,187,382
The same should be considered
Schell Company manufactures automobile floor mats. It currently has two product lines, the Standard and the Deluxe. Schell has a total of $25,740 in overhead. It currently uses a traditional cost system with overhead applied to the product on the basis of either labor hours or machine hours. Schell has compiled the following information about possible cost drivers and its two product lines:
Schell Company Total Quantity/Amount Consumed by Standard Floor Mat Line Quantity/Amount Consumed by Deluxe Floor Mat Line
1,170 labor hours 740 labor hours 430 labor hours
7,000 machine hours 2,900 machine hours 4,100 machine hours
Required:
a. Suppose Schell uses a traditional costing system with direct labor hours as the cost driver. Determine the amount of overhead assigned to each product line.
b. Suppose Schell uses a traditional costing system with machine hours as the cost driver. Determine the amount of overhead assigned to each product line.
Answer:
Schell Company
Overhead assigned: Standard Deluxe
a. Based on Labor hours $16,280 $9,460
b. Based on Machine hours $10,663 $15,076
Explanation:
a) Data and Calculations:
Total overhead = $25,740
Total Standard Deluxe Overhead Rate
Labor hours 1,170 740 430 $22 ($25,740/1,170)
Machine hours 7,000 2,900 4,100 $3.677 ($25,740/7,000)
Overhead assigned: Standard Deluxe
a. Based on Labor hours $16,280 $9,460
($22 * 740) ($22 * 430)
b. Based on Machine hours $10,663 $15,076
($3.677 * 2,900) ($3.677 * 4,100)
Hill Company uses the periodic inventory system. It records a transaction that increases the balances in its purchases and accounts payable accounts. Which of the following is true about Hill Company?
a. When the related merchandise is sold, the purchases account will be decreased by the related cost of goods sold.
b. The manner in which this transaction was recorded indicates that Hill returned $6,000 of merchandise to a supplier.
c. The balance in the account will appear on the balance sheet at year end.
d. The manner in which this transaction was recorded indicates that Hill purchased inventory on account.
Answer:
Hill Company
The true statement about Hill Company is:
d. The manner in which this transaction was recorded indicates that Hill purchased inventory on account.
Explanation:
Purchases made on account (or credit terms) are debited to the Purchases account (periodic inventory system) and credited to the Accounts Payable account. This increases the amount of purchases and the accounts payable account respectively by the same amount. If Hill Company uses the perpetual inventory system, the debit goes to the Inventory account and the corresponding credit to the Accounts Payable account.
You own a portfolio equally invested in a risk-free asset and two stocks (If one of the stocks has a beta of 1 and the total portfolio is equally as risky as the market, what must the beta be for the other stock in your portfolio
Answer:
2
Explanation:
Beta measures systemic risk
The higher beta is, the higher the systemic risk and the higher the compensation demanded for by investors
The market has a beta of one. If a portfolio has the same level of systematic risk that is the same as that of the market, its beta would be equal to 1.
If the portfolio is less risky than the market, its beta would be less than one
If the portfolio is more risky than the market, its beta would be greater than one
The beta of a risk free asset is zero
The portfolio's beta can be determined by adding together the weighted beta of each stock in the portfolio
1 = (1/3 x 1) + (1/3 x 0) + (1/3 x s)
1 = 1/3 + (1/3 x s)
1 - 1/3 = 1/3s
2/3 = 1/3s
s = 2/3 x 3 = 2
Relevant Range and Fixed and Variable Costs
Vogel Inc. manufactures memory chips for electronic toys within a relevant range of 61,600 to 100,800 memory chips per year. Within this range, the following partially completed manufacturing cost schedule has been prepared:
Components produced 61,600 79,200 100,800
Total costs:
Total variable costs . . . . . . . . . $19,712 (d) (j)
Total fixed costs . . . . . . . . . . . . 22,176 (e) (k)
Total costs . . . . . . . . . . . . . . . . . $41,888 (f) (l)
Cost per unit:
Variable cost per unit . . . . . . . (a) (g) (m)
Fixed cost per unit . . . . . . . . . . (b) (h) (n)
Total cost per unit . . . . . . . . . . (c) (i) (o)
Complete the cost schedule below. When computing the cost per unit, round to two decimal places. Round all other values to the nearest dollar.
Cost Report
Components produced 61,600 79,200 100,800
Total costs:
Total variable costs $19,712 (d) $ (j) $
Total fixed costs 22,176 (e) (k)
Total costs $41,888 (f) $ (l) $
Cost per Unit
Variable cost per unit (a) $ (g) $ (m) $
Fixed cost per unit (b) (h) (n)
Total cost per unit (c) $ (i) $ (o) $
Answer:
Variable cost per unit is constant.
Total fixed cost is constant.
Explanation:
The unit quantity standard of a product is 3 pounds per package, and the unit quantity standard for machine hours is 0.40 hours per package. During August, 210,000 packages were produced. 440,000 pounds and 85,000 hours were used in production. How many pounds and how many machine hours should have been used for the actual output
Answer:
The pounds of materials should have been
= 630,000 pounds.
The machine hours should have been
= 84,000 hours.
Explanation:
a) Data and Calculations:
Standard materials per package = 3 pounds
Standard machine hours per package = 0.40 hours
Actual production units during August = 210,000 units
Actual materials used = 440,000 pounds
Actual machine hours used = 85,000 hours
Standard materials = 630,000 pounds (210,000 * 3)
Standard machine hours = 84,000 hours (210,000 * 0.40)
Geraldo is a customer care executive at a telecommunications service provider. He receives a complaint from a customer about an unnecessary $20 charge on his phone bill. If the company follows the customer service management process, Geraldo is most likely to _____.
Answer:
Provide a quick response to the customer using customer care software.
Explanation:
Software Programs
This is simply regarded as a service tool or software distribution model where software applications are hosted by a vendor or service provider and made available to customers over a network that is often the internet.
There are some of the software that is available. They includes the following:
Inventory managementReceivingStore Replenishment POS etc.Marketing Channel
This is used by individuals and firms involved in making a product or service available for use or consumption by consumers or industrial users.
Ayayai Corp. redeemed $158,000 face value, 12% bonds on April 30, 2022, at 102. The carrying value of the bonds at the redemption date was $142,674. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded.
Required:
Prepare the appropriate journal entry for the redemption of the bonds.
Answer and Explanation:
The journal entries are given below:
On 30-Apr
Bond Payable [$158,000] 158,000
Loss on Bond redemption [$161,160 - $142,674] 18,486
Discount on bonds payable 15,326
Cash [$158,000 × 102%] 161,160
[being the redemption of the Bond is recorded]
Here the bond payable and loss is debited as it decreased the assets and increased the losses and credited the cash & discount on bond payable
To which of the following would a
business most commonly owe a
debt?
A. To employees
B. To investors
C. To customers
D. All of the Above
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Answer:
the answer is D it is the right answer
A cost is considered controllable at a given level of managerial responsibility if Group of answer choices it is a variable cost, but it is uncontrollable if it is a fixed cost. it changes in magnitude in a flexible budget. the cost has not exceeded the budget amount in the master budget. the manager has the power to incur the cost within a given time period.
Answer:
the manager has the power to incur the cost within a given time period.
Explanation:
A cost can be defined as an amount of money that is incurred by a business firm to create goods or services for its customers.
Costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.
In Financial accounting, a fixed cost can be defined as predetermined expenses in a business that remain constant for a specific period of time regardless of the quantity of production or level of outputs. Some examples of fixed costs in business are loan payments, employee salary, depreciation, rent, insurance, lease, utilities, etc.
On the other hand, variable costs can be defined as expenses that are not constant and as such usually change directly and are proportional to various changes in business activities. Some examples of variable costs are taxes, direct labor, sales commissions, raw materials, operational expenses, etc.
A manager can be defined as an individual who is saddled with the responsibility of providing guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright.
Generally, a cost is considered controllable at a given level of managerial responsibility, if the manager has the power to incur the cost within a given time period. Thus, he or she can control a cost if it can be incurred within a specific period of time.
If the price exceeds the average variable cost but is less than the average total cost, a firm Group of answer choices should further differentiate its product. is making some profit but less than maximum profit. should stay in business for a while longer until its fixed costs expire. should shut down
Answer:
should stay in business for a while longer until its fixed costs expire.
Explanation:
price exceeds the average variable cost, the firm should continue to operate in the short run
If price is less than the average total cost in the long run, the firm should exit in the long run
Discuss various factors that must be considered on the warehouse location decisions?
Answer:
burglar proofing
Explanation:
security
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries when recording business transactions during the month. Also, indicate the normal balance of each account. 1. Fees Earned , normal balance 2. Utilities Expense , normal balance 3. Accounts Payable , normal balance 4. Supplies , normal balance 5. Cash , normal balance 6. Accounts Receivable , normal balance
Answer:
No. Account Type Likely account entries
1. Fees Earned , normal balance is credit (b) Credit entries only
2. Utilities Expense , normal balance is debit (a) Debit entries only
3. Accounts Payable , normal balance is credit (c) both debit and credit entries
4. Supplies , normal balance is debit (c) both debit and credit entries
5. Cash , normal balance is debit (c) both debit and credit entries
6. Accounts Receivable , normal balance is debit (c) both debit and credit entries
Explanation:
Accounts that normally have debit entries include assets (both long-term and current), expenses, and losses. Accounts that normally have credit entries are liabilities, equity, revenue, income or gains. Most accounts have debit and credit entries before their normal balances are indicated. The accounts with debit entries are mainly expenses and losses, while revenues and income have mainly credit entries.
Country A and Country B have had an informal trading arrangement for many years wherein merchants on the border of the countries may freely trade goods without the restriction of fees. Which of the following is true?
a. The government of Country A may not arbitrarily begin to charge fees for items brought in from Country B.
b. Country A and Country B have a binding agreement to this arrangement under customary international law.
c. Country A and Country B have no binding agreement under customary international law.
d. More than one response is correct.
Answer:
d. More than one response is correct.
Explanation:
Even though international law does not follow common law, and informal agreements are not enforceable between countries, they tend to facilitate the relationship between them. For example, Canada and the US do not have a strict border patrol and no one is asking for a wall to be built on the Canadian border. It is accepted that US and Canadian citizens cross almost freely as tourists. If someone tried to enforce a strong border policy, the other government would oppose it and it would turn into a diplomatic mess and would probably not be enforceable at all.
define accounting ?
Answer:
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.
Answer:
the action or process of keeping financial accounts.
Explanation:
Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $48,400. The machine's useful life is estimated at 10 years, or 394,000 units of product, with a $9,000 salvage value. During its second year, the machine produces 33,400 units of product.
Required:
Determine the machineâs second-year depreciation and year end book value under the straight-line method.
Answer:the machine’s second-year depreciation and year end book value under the straight-line method is $3,990 and$40,420 respectively.
Explanation:
Straight line depreciation is calculated as
Depreciation= Initial value – salvage value / useful life
Depreciation=($48,400- $9,000)/10=$3,990
The depreciation expense each year would be $3990
Book value = Cost of asset- accumulated deprecation
Book value = Cost of asset - (2 years x depreciation)
= $48,400- (2 x $3,990)
= $40,420
Therefore, the machine’s second-year depreciation and year end book value under the straight-line method is $3,990 and$40,420 respectively.
Complete the following table:
Exhibit 15-1 Disposable income and consumption data Income (Y) Change in Disposable Income Consumption (C) 0 500 1,000 1,000 1,400 2,000 1,000 2,200 3,000 1,000 2,900 4,000 1,000 3,500 5,000 1,000 4,000 In Exhibit 15-1, when disposable income is increased from $2,000 to $3,000 to $4,000,
Answer: e. the marginal propensity to consume decreases from 0.7 to 0.6
Explanation:
Calculate the marginal propensity to consumer when the disposable income is increased from $2,000 to $3,000 to $4,000.
The Marginal propensity to consume is calculated by the formula:
= Change in consumption / Change in income
When disposable income increased from $2,000 to $3,000.
= (2,900 - 2,200) / (3,000 - 2,000)
= 0.7
When disposable income increased from $2,000 to $3,000.
= (3,500 - 2,900) / (4,000 - 3,000)
= 0.6
The marginal propensity to consume decreased from 0.7 to 0.6.
Which one of the following is unlikely to be an attractive and effective way to reduce the design, assembly, marketing, and other costs of UAV drones and help achieve a sizable competitive advantage over rival companies based on lower overall costs per UAV drone sold?
a. Trying to spend below-average amounts on website product displays, search engineO a advertising, and retailer recruitment/support in all 4 regions, provided it is competitively O o feasible to do so (but in any case exercise restraint in spending amounts well above the regional averages unless the resulting sales gains are big enough to lower costs per drone oa sold).
b. Trying to keep the warranty period to 60 days (f rivals offer long warranty periods), and higher than 120 days (f rivals offer short warranty periods) Switching to robot-assisted assembly methods to lower labor costs per drone assembled.
c. Striving to keeping marketing costs per UAV drone sold in all 4 geographic regions to levels that are several dollars below the industry-average benchmark.
d. Trying to keep the warraby period to 60 days or 90 days (but no more than 120 days), if it is competitively feasible to do so.
When we try to keep the warranty period to 60 days (f rivals offer long warranty periods), and higher than 120 days (f rivals offer short warranty periods) Switching to robot-assisted assembly methods to lower labor costs per drone assembled.UAV drones and help achieve a sizable competitive advantage over rival companies based on lower overall costs per UAV drone sold. Therefore option B is correct.
What is a UAV Drone?The term "drone" is typically used to describe any unmanned aircraft. These aircraft, also known as unmanned aerial vehicles (UAVs), are skilled in performing a diverse range of tasks, from military operations to package delivery. Drones can range in size from the size of your hand's palm to that of an airplane.
Unmanned aerial vehicles (UAVs) are planes without a human pilot or other passengers. UAVs, often known as drones, can be totally or partially autonomous, but they are typically flown by a human pilot from a distance.
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Which of the following is the least effective action individuals and families can take to protect the environment? Limiting the number of children they have Monitoring and enforcing regulations Choosing products and services from green companies Educating themselves on community and global environmental issues
Answer:
Monitoring and enforcing regulations.
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Milltown Company specializes in selling used cars. During the month, the dealership sold 32 cars at an average price of $16,000 each. The budget for the month was to sell 30 cars at an average price of $17,000. Compute the dealership's sales price variance for the month.
Answer:
-$32,000
Explanation:
The sales price variance is a measure used determine the difference between an entity's expected price of a product or service and its actual sales price. It may be favorable or unfavourable to the company and may be calculated as
Sales price variance = Actual quantity sold * (actual selling price - budgeted selling price)
Hence given that the dealership sold 32 cars at an average price of $16,000 each while the budget was to sell 30 cars at an average price of $17,000,
Sales price variance = 32 ($16,000 - $17,000)
= -$32,000
The minus indicates unfavourable sales price variance
Suppose money invested in a hedge fund earns 1% per trading day. There are 250 trading days per year. What will be your annual return on $100 invested in the fund if the manager allows you to reinvest in the fund the 1% you earn each day
Define the advantages that the law affords affords to business corporations. In view of the many advantages that the law affords affords to business corporations, what additional responsibilities or obligations if any should a business corporation have to the public. If you were advising a client on picking a business form explain why a corporation would be a good choice. Also explain why a corporation would be a bad choice.
The following are the benefits that the law provides to business corporations:
Personal property protection- because the proprietors will have limited accountability for the debts of the company and commitments, lenders will not go for their property funds if the firm cannot give them the money.It is simple to obtain funds by selling stock, allowing the firm to develop by acquiring additional investors.The following are extra responsibilities that a business entity has to the public:
The business company is required to practise Corporate Responsibility, often referred as CSR, which is defined as the public's legal, moral, or political demand of a corporate enterprise. This indicates that the organisation will engage in certain ethical, moral, and charitable actions to assist better the lives of the people in the communities where they operate.This can take the shape of building roads, clinics, schools, bridges, planting trees, or any other operation that benefits society but does not generate a return for the business.
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When Joe maximizes utility, he finds that his MRS of X for Y is greater than Px/Py. It is most likely that: Group of answer choices Joe is not consuming good X. Joe's preferences are incomplete. Joe's preferences are irrational. Joe is not consuming good Y.
A government began 2013 with a budget deficit and a trade deficit. During the year, the government changed its policy and is now running a budget surplus. If all other factors hold constant, this change in policy will cause:
Answer:
the exchange rate and the trade deficit to decrease.
Explanation:
A deficit can be defined as an amount by which money, falls short of its expected or required value.
Generally, deficit in financial accounting is usually as a result of expense exceeding revenue or revenue falling below expenses at a specific period of time.
For instance, when liabilities exceeds assets or import exceeds export there would be a deficit in the financial account.
Generally, a deficit on the current account ultimately implies that the value of goods and services exported is lower than the value of goods and services being imported in a particular country.
In 2013, government began with a budget deficit and a trade deficit. During the year, the government changed its policy and is now running a budget surplus.
Hence, this change in policy will cause the exchange rate and the trade deficit to decrease if all other factors hold constant
Locus Company has total fixed costs of $112,000. Its product sells for $35 per unit and variable costs amount to $25 per unit. Next year Locus Company wishes to earn a pretax income that equals 10% of fixed costs. How many units must be sold to achieve this target income level?
A.1,120.
B. 8,214.
C.11,200.
D.12,320.
E.14,080.
Answer:
D.12,320.
Explanation:
The computation of the number of units to be sold for attaining the target income level is given below:
Target profit
= 10% of fixed cost
= 10% of 112,000
= 11200
Now
Sales needed = (Fixed costs +target profit) ÷ unit contribution margin
= (112,000+11,200) ÷ (35-25)
= 123,200 ÷ 10
= 12,320 units
Sandhill, Inc. has a unit selling price of $920, variable cost per unit of $510, and total fixed costs of $280,850. Compute the break-even sales units and sales dollars.
Answer:
(A) 685 UNITS
(B) 630,200 DOLLARS
Explanation:
Variable cost + Fixed cost = Total Cost
The break-even sales units would be the number of units Sandhill Inc. will sell in order to break even; that is, in order for their total cost to equal their total revenue.
If break-even point is the point where TR = TC then it is the same point at which PROFIT = 0
Recall that profit is the positive difference between total revenue and total cost. The negative difference (that is when TR < TC) is called loss.
Let X be = the break-even quantity or number of units, then we have
920x = 510x + 280850
Remember that VC varies or increases with the number of units produced, and so it has the x attached to it in this equation. FC on the other hand remains the same, regardless of the number of units produced.
So the left hand side of the equation has the total revenue, while the right hand side of the equation has the total cost.
Solving algebraically.
920x - 510x = 280850
410x = 280850
x = 280850 ÷ 410 = 685
ANSWER 1
The break-even sales units is 685 units.
The second computation is Sales in Dollars; at break-even sales units.
This revenue or sales is derived thus: Price per unit x Number of units
$920 x 685units = $630,200
ANSWER 2
The break-even total sales or total revenue is $630,200
KUDOS!
Which of the following is not a standard organizational structure
Answer:
sequential
Explanation:
organizational structures come in four general types – functional, divisional, matrix and flat
Sequential is not a standard organizational structure.
What are organizational structures?An organizational structure outlines how tasks are assigned, coordinated, and overseen in order to achieve organizational objectives. The basis upon which standard operating procedures and routines are built is provided by organizational structure.
Organizational structures come in four general types – functional, divisional, matrix, and flat.
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