Answer:
$40,000
Explanation:
The computation of the amount of cash for the payment of dividends during the year is shown below:
= Beginning dividends payable + Cash dividends Declared - Ending dividends payable
= $10,000 + $50,000 - $20,000
= $40,000
Hence, the amount of cash for the payment of dividends during the year is $40,000
In its income statement for the year ended December 31, 2022, Sheffield Corp. reported the following condensed data.
Operating expenses $725,000
Interest revenue $38,000
Cost of goods sold 1,261,000
Loss on disposal of plant assets 22,000
Interest expense 76,000
Net sales 2,204,000
Income tax expense 50,000
Other comprehensive income (net of $1,200 tax) 8,800
Required:
Prepare a multiple-step income statement.
Answer:
Sheffield Corp.
Multiple-step income statement for the year ended December 31, 2022
Net sales $2,204,000
Less Cost of goods sold ($1,261,000)
Gross Profit $943,000
Less Operating Expenses :
Operating expenses $725,000 ($725,000)
Operating Profit $218,000
Less Non Operating Expenses :
Interest revenue ($38,000)
Loss on disposal of plant assets $22,000
Interest expense $76,000
Income tax expense $50,000 ($110,000)
Net Profit $108,000
Other Comprehensive Income
Other comprehensive income (net of $1,200 tax) $8,800
Total Profit and loss and comprehensive income $116,800
Explanation:
A multiple-step income statement shows separately profit derived from primary activities and that derived from secondary activities as shown above.
You are told that standing up during the Cowboys football game will give you a better view of the field. However, if everyone stands up at the same time, then your view is obscured. This example best describes:
a. inclusion of an irrelevant variable.
b. a violation of ceteris paribus .
c. a fallacy of composition.
d. a post hoc ergo propter hoc fallacy.
e. an omission of a relevant variable.
Answer:
I think the answer is e. Because you the variable that if everyone stands up you cant see is omitted.
Assuming you have to pay $6.00 to play the game, explain what happens in the long run. (Is it a good idea to play the game
Answer:
Kindly check explanation
Explanation:
We create a probability distribution for the play and winning :
Possible winning, X = 0, 7, 20
Probability of winning :
Sum of 2 die rolls ; sample space = 6² = 36
P(winning 0) = (sum ≠ 2,3,5 or 6)/ sample space = 24 / 36 = 2/3
P(winning 20) = (sum = (2 or 3) / Sample space) = 9 / 36 = 1/4
P(winning 7) = (sum = (5or6) / sample space) = 3 / 36 = 1/12
Distribution table :
X _____ 0 _______ 7 _____ 20
P(x) ___ 2/3 _____ 1/4 ____ 1/12
Expected value of the game ; E(X) ;
E(X) = Σx*p(x)
E(X) = (0*2/3) + (7*1/4) + (20*1/12)
E(X) = 0 + 1.75 + 1.6667
E(X) = 3.417
E(X) = 3.42
This means the mean winning after a long play is expected to be $3.42
To know if the game should be paku in the long run : we calculate the payoff
Expected Value - cost of paly
Cost of play = $6
Payoff = 3.42 - 6 = - 2.58
Since, payoff is negative, the game should not be played.
XYZ has contribution margin of 30% with fixed costs of $550,000. Next year, sales are projected to be $3,100,000. An advertising with additional $120,000 is being evaluated. How much would sales have to increase to justify the additional ad expense
Answer:
$400,000
Explanation:
Calculation to determine How much would sales have to increase to justify the additional ad expense
Using this formula
Required sales=Additional advertising value/Fontribution margin
Let plug in the formula
Required sales = $120,000 / 0.3
Required sales = $400,000
Therefore How much would sales have to increase to justify the additional ad expense is $400,000
Instead of investing a lump of sum of $25000,Brittany Royer decides to svae the money in a vault for 2years. Assuming the inflation being 2.5%per year,how much will her purchasing power decline in 2years
Answer:
$1265.63
Explanation:
Inflation is a persistent rise in the general price levels
Types of inflation
1. demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise
2. cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect
Loss in purchasing value = future value of the amount saved - amount saved
The formula for calculating future value:
FV = P (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
$25000 (1.025)² = $26.265.625
Amount lost = $26.265.625 - $25,000 = $1265.63
Examine a product that has recently changed prices when you were at the grocery store in the past week. Analyze one determinant of supply and demand that has created the price to increase or decrease in your example. How did the change in demand or supply affect the market price in your example
Answer:
In the store the bread seemed to have a higher demand this week. When we went monday the shelfs were full of bread and the bread was 3.75 and when we went saturday it was 3.99. I think because it was in higher demand the bread went uo in cost so they wouldn't sell out.
During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cash collections on these accounts total $110,000. Pave estimates that 25% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $10,000. Required:
Answer:
Uncollectible amounts $12,000 debit
_____ Allowance for uncollectible amounts $12,000 credit
(Being the record of uncollectible)
Allowance for uncollectible amounts $10,000 debit
______ Accounts receivables $100,000 credit
(To record write off 2021)
Balance of the Allowance accounts:
$12,500 - 10,000 = 2,500
Allowance uncollectible amounts $15,000 debit
_____ Accounts receivables $15,000 credit
(To record write off 2022)
Explanation:
•The concluding part of the above question is record the adjusting entry for uncollectible accounts on December 31 2021
• Record write off of accounts receivables in 2022
Sales $160,000
Collection $110,000
AR $50,000
The above is multiplied by 25% unexpected uncontrollable amount : $12,500
The Allowance method will not recognize the additional uncollectible amount expense when doing a writer off. It will only do it when the company does the adjusting entry considering their rates and ageing of their accounts
Helppppppp pleaseeee
Answer:
B
Explanation:
I think but i may be wrong
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Standard Standard Standard Quantity Price Cost Direct Materials 8 pounds $ 1.80 per pound $ 14.40 Direct Labor 0.25 hour $ 8.00 per hour 2.00 $ 16.40 During November, TaskMaster purchased 160,000 pounds of direct materials at a total cost of $304,000. The total factory wages for November were $42,000, 90% of which were for direct labor. TaskMaster manufactured 19,000 units of product during November using 142,500 pounds of direct materials and 5,000 direct labor hours. What is the direct labor rate variance for November
Answer:
The direct labor rate variance for November is $34,200
Explanation:
To find out the direct labor rate variance, we have to multiply the actual standard rate of direct labor into actual hours of direct labor used
Standard hourly rate of direct labor hour = $14.40
Actual direct labor hours = 5,000
Standard direct labor cost
= 5,000 × $14.40
= $72,000
Total factory wages are $42,000 in which direct labor is 90%
= $42,000 × 90%
= $37,800
Actual direct labor cost = $37,800
Therefore,
Direct labor rate variance = Standard direct labor cost - Actual direct labor cost
Direct labor rate variance
= $72,000 - $37,800
= $34,200
Supplies are assets until they are used. When they are used up, their costs are reported as expenses. The costs of unused supplies are recorded in a Supplies asset account. Supplies are often grouped by purpose—for example, office supplies and store supplies. Office supplies include paper, toner, and pens. Store supplies include packaging and cleaning materials.
Question Completion:
Describe the accounting treatment of Supplies Expenses.
Answer:
Supplies Expenses are debited while the Supplies account is credited with the supplies expenses.
Explanation:
This accounting treatment of Supplies Expenses reduces the balance of the Supplies account by the amount of supplies used during the period. Thus, what is left in the Supplies account is the cost of the unused supplies at the end of the accounting period. The treatment also accords with the accrual concept, which requires that expenses are matched to the revenues that they generate in the period.
Best Buy might use all of the methods of change listed below. Which of these includes inputs, strategic plans, target elements of change, and outputs?
Answer:
E)Systems model of change
Explanation:
These are the options for the question
A)Organizational structure plan
B) social factors method
C) Organizational arrangements
D)Three stage model of planned change
E)Systems model of change
Best Buy are known with selling of consumer electronics as well as a variety of related merchandise.
Systems model of change can be regarded as a model that focus on big picture perspective of change. The model is base on interaction that exist among the key components of change.
The Systems Model of Change can also known as Organization-Wide Change which focus on the fact that there must be implementation of a change organization-wide and not a implementation in piecemeal
Main components that made up of systems model of change are;
✓target elements of change
✓inputs
✓ strategic plans
✓outputs
A small firm builds television antennas. The investment in plan and equipment is $200,000. The variable cost per television antenna is $500. The price of the television antenna is $1000. How many television antennas would be needed for the firm to break even
Answer:
Break-even quantity is 400 units.
Explanation:
Below is the calculation for the number of television antennas:
At break-even, the firm's total revenue is equal to the total cost.
Cost of investment (fixed cost) = $200000
Variable cost = $500
Pirce of television antenna = $1000
At break-even, TR = TC
(P x Q) = (TFC + TVC)
1000Q = 200000 + 500Q
10000Q-500Q = 200000
500Q = 200000
Q = 200000 / 500
Q = 400 units
Thus break-even quantity is 400 units.
Bono was kicked out of the band U2 for failing to attend rehearsals on time and constantly cutting the strings of Adam Clayton bass guitar. For the purposes of this question Bono was an employee of U2 which is an American company. Bono applies for unemployment insurance. Provided that he is actively attending auditions to display his willingness and ability to seek future employment he will receive state administered unemployment benefits.
A. True
B. False
Answer:
B
Explanation:
He was fired for constantly missing rehearsals which is a duty of his role as an employee of U2
He was fired for constantly missing rehearsals which is a duty of his role as an employee of U2. As the Bono is fired because of his continuous mistakes, and he is not liable to get the unemployment insurance.
What is unemployment insurance?Unemployment insurance benefits are offered by the U.S. Federal Government to enrollees who become jobless absolutely no fault of their own and fulfill some other rules.
Unemployment insurance is a state-federal program that pays financial compensation to workers who are unemployed.
Thus, option B is correct.
For more details about unemployment insurance, click here:
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actor Co. can produce a unit of product for the following costs: Direct material $ 8.60 Direct labor 24.60 Overhead 43.00 Total product cost per unit $ 76.20 An outside supplier offers to provide Factor with all the units it needs at $48.40 per unit. If Factor buys from the supplier, the company will still incur 60% of its overhead. Factor should choose to:
Answer:
Relevant cost to make = Direct materials + Direct labor + Variable overhead
Relevant cost to make = $8.60 + $24.60 + $43.00 (1-60%)
Relevant cost to make = $8.60 + $24.60 + $17.20
Relevant cost to make = $50.40
Outside supplier cost ($48.40) < Relevant cost to make ($50.40). So, Factor should choose to buy because the relevent cost is less than outside supplier cost.
You are stowing items and come across an aerosol bottle of hairspray. What
should you do? Please choose all that apply.
Question Completion with Options:
o Stow the hairspray
o Raise an Andon
o Remove it and secure it with bubble wrap
o Place a Flammable sticker on the bottle
Answer:
What to do:
o Stow the hairspray
Explanation:
Stowing means the arrangement or placement of items, especially in a neat, compact way to enable easy retrieval when required. Therefore, you should continue what you have started by arranging the bottle of hairspray where it belongs in the appropriate packing space. Stowing ensures that items are properly arranged and put in their proper places or conditions when they are not in use.
Job 148 requires $12,000 of direct materials, $6,700 of direct labor, 550 direct labor hours, and 270 machine hours. It also requires 9 hours of inspection at $40 per hour. Manufacturing overhead is computed at $28 per direct labor hour used and $42 per machine hour used. The total amount of overhead allocated is: a. $34,100. b. $26,740. c. $45,440. d. $15,400.
Answer:
b. $26,740
Explanation:
The computation of the total amount of overhead allocated is shown below:
overhead allocated is
= (actual direct labor hour × overhead rate per direct labor hour) + (Actual machine hour × overhead rate per machine hour)
= (550 × 28) + (270 × 42]
= $15,400 + $11,340
= $26,740
hence, the total amount of overhead allocated is $26,740
Lowden Company has a predetermined overhead rate of and allocates overhead based on direct material cost During the current period direct labor cost is 58,000 and direct materials cost is $ 88,000 . How much overhead cost should Lowden Company should apply in the current period
Answer:
$138,160
Explanation:
Calculation to determine How much overhead cost should Lowden Company should apply in the current period
Using this formula
Overhead =157%*Direct material cost
Let plug in the formula
Overhead=157%*88,000
Overhead=$138,160
Therefore the amount of overhead cost that Lowden Company should apply in the current period is $138,160
As we’re well aware, vending machines are used to sell snacks and beverages, whereas newspapers are sold out of a box that allows anyone to take more than one paper. How does the concept of diminishing marginal utility explain the different distribution techniques for newspapers vs. snacks and beverages? Identify two additional examples of an item whose diminishing marginal utility is high. Remember: Marginal utility is the change in total utility that results from a one-unit increase in the quantity of a good consumed; diminishing marginal utility is the general tendency for marginal utility to decrease as the quantity of a good consumed increases.
Answer:
Because people do not need a second newspaper, it will not bring any more information to their lives, rather than a second soda can or snack.
Explanation:
The law of diminishing marginal utility states that there are some products or services to which an increase in the consumption will not bring the same utility for the user as the right amount, for example, if you eat a slice of pizza, it will bring certain benefit, you'll be less hungry but if you eat 7 slices of pizza at some point you'll no longer be hungry and it will rather make you sick, in this case vending machines have a higher marginal utility, a person could drink 3 or 4 drinks or take 4 or 5 snacks before it makes them feel sick, whilst a person that buys a person buying a newspaper won't need a second one, even if it is for his/her family, a 5 people house has enough newspaper by taking 1 copy of it.
Other examples of this can be a vacuum cleaner, you don't need a second one if you already have one, or a house buying a second house ain't as necessary as the first one.
Which strategies is suggested to help build strong interpersonal business relationships?
Answer and Explanation:
Gain trust: Business relationship is sealed with trust. If you are able to make a business partner trust you, you are sure to keep doing business with them. Do not try to take advantage of them and be sure they ate not thinking in that direction.
Show interest in people: keeping up with people and always showing that you actually care, and want to assist in any way you can is a sure way to seal a client for life. Be family.
Work hard: you can not build business relationships if you are not a person that delivers. It doesn't matter if you are a nice person that always cares, if you cannot bring results and be trusted to deliver you cannot have any useful business relationship. This is the most important strategy.
Networking: networking is a popular form of building business relationships. Formal occasions, conferences, informal hangout spots, the gym are all places where you can meet new people and start a business relationship.
1.8 Advise businesses on FIVE ways in which professional, responsible, ethical and
effective business practice should be conducted.
Answer:
Explanation:
There are various ways in which professional, responsible, ethical and
effective business practice should be conducted. Five of them are:
1. Payment of fair wages and salaries to employees
2. Equal treatment among workers
3. Accountability and responsibility on business decisions made from top to bottom or managers to workers
4. Provision of quality goods and services to the masses
5. Transparency, including adequate internal controls, monitoring, and evaluation.
Vacation Inns of America (VIA) has recently announced intentions to build a new hotel/resort complex in Myrtle Beach, South Carolina. Assume that the hotel/resort market in Myrtle Beach is characterized by monopolistic competition. As a result of the new VIA hotel/resort, tourists who stay in Myrtle Beach are likely to experience a :__________
a. a product-variety externality, which harms consumers.
b. product-variety externality, which benefits consumers.
c. business-stealing externality, which harms consumers.
d. business-stealing externality, which benefits consumers.
Answer:
b
Explanation:
A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopolistic competition has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.
An example of monopolistic competition are restaurants
When firms are earning positive economic profit, in the long run, firms enter into the industry. This drives economic profit to zero
If firms are earning negative economic profit, in the long run, firms leave the industry. This drives economic profit to zero
in the long run, only normal profit is earned
The product-variety externality: When new firms enter into an industry, competition drives price down. This increases consumer surplus. As a result, entry of firms into an industry results in a positive externality on consumers.
The business-stealing externality: When a new firm enters into an industry, existing firms lose customers and profits fall. As a result, entry of a new firm results in a negative externality on existing firms.
g Privett Company Accounts payable $33,411 Accounts receivable 66,433 Accrued liabilities 6,512 Cash 22,494 Intangible assets 37,191 Inventory 89,982 Long-term investments 110,819 Long-term liabilities 75,872 Marketable securities 34,976 Notes payable (short-term) 29,393 Property, plant, and equipment 671,232 Prepaid expenses 1,809 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point
Answer:
1.79
Explanation:
Quick ratio = (Current assets - Inventory - Prepaid expenses) / Current liabilities
Quick ratio = (Account Receivable + Cash + Marketable securities) / (Account Payable + Accrued liabilities + Notes payable)
Quick ratio = (66,433 + 22,494 + 34,976) / (33,411 + 6,512 + 29,393)
Quick ratio = $123,903 / $69,316
Quick ratio = 1.78751
Quick ratio = 1.79
KJ Pharma issues new bonds to fund an acquisition. The face value of the bond is $100 and annual coupon is 6.5%. Further, this bond matures in 20 years and is issued at a price of $105. Assuming KJ Pharma's tax rate is 30%, what is its After-Tax Cost of Debt
Answer:
4.24%
Explanation:
The computation of the after tax cost of debt is given below:
But before that we have to determine the before tax of debt by using RATE formula
Given that
Future value be $100
Present value be $105
PMT is $100 × 6.5% = $6.5
NPER is 20
The formula is
=RATE(NPER,PMT,-PV,FV,TYPE)
After applying the above formula, the before tax cost of debt is 6.06%
Now the after tax cost of debt is
= 6.06% × (1 - 0.30)
= 4.24%
Sam and Sally Green have a standard homeowners policy with no endorsements. The dwelling is insured for its full value. Indicate whether or not each of the following losses is covered and under what coverage. Specify why each loss is covered or not covered.
a. The Green's valuable dog is stolen from their back yard.
b. Sally takes off her wedding ring in a public restroom to wash her hands. She accidentally leaves the ring behind.
c. While the Green's are vacationing in Europe, their hotel room is robbed. The thief gets away with jewels and cash.
d. While practicing his chip shot in the yard, Sam accidentally sends a golf ball crashing through the dining room window.
Answer:
a. Not covered
b. Not covered
c. Covered
d. Covered
Explanation:
Sam and Sally have standard homeowner policy. There are no endorsements to the policy. The standard policy will cover the house damage due to accident or some other reasons unintentionally. When dog is stolen this is not covered in the policy as there is no endorsement for the dog security insurance in the policy. Sally has left her ring due to her carelessness and thus this is also not covered in the policy. When Sam accidentally breaks dining room window this will be covered in the basic policy.
the black shoe company produces its famous madison shoe, which sell for $60m per pair, the operating income for 2020 is as follows: Revenues $300,000 Variable costs $120,000 Fixed costs $108,000
What is the break-even point in units?
Identify the organizational method/pattern used in each of the following sets of main points.
a. Fraudulent charity fund-raising is a widespread national problem.
b.The problem can be solved by a combination of government regulation and individual awareness.
c. At the top of the rainforest is the emergent layer, where trees can be 200 feet tall.
d. Below the emergent layer is the canopy, where vegetation is so dense that it filters out 80 percent of the sunlight.
e. Beneath the canopy is the understory, where trees are less than 12 feet tall and grow large leaves to collect the small amount of sunlight.
f. At the bottom is the forest floor, where there are almost no plants because of the lack of sunlight.
g. Sonia Sotomayor is best known as the first Hispanic justice of the U.S. Supreme Court.
Correct question options:
1 I.Fraudulent charity fund-raising is a widespread national problem.
II.The problem can be solved by a combination of government regulation and individual awareness.
2 I.At the top of the rainforest is the emergent layer, where trees can be 200 feet tall.
II.Below the emergent layer is the canopy, where vegetation is so dense that it filters out 80 percent of the sunlight.
III.Beneath the canopy is the understory, where trees are less than 12 feet tall and grow large leaves to collect the small amount of sunlight.
IV.At the bottom is the forest floor, where there are almost no plants because of the lack of sunlight.
3 I.Sonia Sotomayor is best known as the first Hispanic justice of the U.S. Supreme Court.
II.Sonia Sotomayor is also an accomplished communicator who has given hundreds of public speeches.
Answer:
1. Problem-solution pattern
2. Compare and Contrast
3. Sequence
Explanation:
Organizational models or structures are the various ways writers organize their ideas in their work in order to enable the reader better understand the write-up. Organizational models may depend on the type of essay or story being written. Example, an autobiography usually follows a sequence type of pattern. An article could also follow a problem-solution pattern as in the first example above.
The Federal Arbitration Act (FAA) allows for arbitration clauses in employment contracts. False True
Answer:
True
Explanation:
It is TRUE that the Federal Arbitration Act (FAA) allows for arbitration clauses in employment contracts.
The above statement is echoed in the Epic Systems Corp. v. Lewis on May 21, 2018, where the Supreme Court gave its ruling that the FAA is totally enforceable in the individual arbitration agreements contracts.
Similarly, in the case of American Express Co. v. Italian Colors Restaurant, the court ruled that necessary arbitration clauses are legal.
What is the expected constant growth rate of dividends for a stock currently priced at Php 50, that is expected to pay a dividend of Php 5 next year, and has a required return of 20%?
Answer: 10%
Explanation:
Using the Gordon Growth Model, the price of a stock can be calculated as follows:
Price = Next dividend / (Required return - growth rate)
Notice that we are provided with all the figures in the formula above except the growth rate so we can calculate the growth rate with these figures:
50 = 5 / (20% - growth rate)
50 * (20% - growth rate) = 5
20% - growth rate = 5 / 50
-growth rate = 10% - 20%
-Growth rate / -1 = -10% / -1
Growth rate = 10%
Using an order of magnitude analysis, estimate the total textbook expenditures incurred by all engineering majors at National University per year
Answer:
The total textbook expenditure would amount to $175,000 per year
Explanation:
National University is providing text books free of cost to all the engineering students to encourage professional studies. Very few students are pursuing engineering studies. For this purpose university management has decided to give free of cost books to students who select engineering majors. The total expenditure would be:
Cost of Printing Books $110,000
Transportation of the Books to different Campuses $25,000
Distribution Campaign Expense $40,000
Total expenditure amounts to $175,000
g Which of the following statements is true of clustering? A. It uses different suppliers and distribution channels for interdependent companies within an industry. B. It seldom uses specialized labor. C. It helps a firm gain an increase in efficiencies. D. It typically increases the costs of production and distribution.
Answer: C. It helps a firm gain an increase in efficiencies.
Explanation:
Clustering refers to the geographic concentration of the businesses and the suppliers that are interconnected in a particular field.
The aim of clusters is to help increase efficiencies as well as being about an increase the productivity through which companies can compete.
Therefore, the correct option is C.
