Chaz and Dolly enter into a contract under which Chaz agrees to provide maintenance services for Dolly's Ski Resort. Duties under the contract may not be transferred if

Answer:

Date             Account Titles and Explanation      Debit$        Credit$

Feb 24.        Investment - Company T                    85,150

                         Cash {(1,000 * $85) + $150}                               85.150

                     (To record the purchase of stock)

May 16         Investment - Company I                      90,100

                         Cash{(2,500 * $36) + $100)                               90,100

                     (To record the purchase of stock)

June 14        Cash{(400 * $100) - $75}                      39,925

                    Investment {($85,150 * (400/1,000)}                      34,060

                       Gain on sales of investment                                5,865

                      (To record the sale of stock)

Aug 12.          Cash {(750 * $32.50) - $80}               24,295

                       Loss on sale of investment              2,735

                       Investment {$90,100 * (750/1,500)}                    27,030

                          (To record the sale of stock)

Oct 31               Cash ($0.4 * 600)                             240

                            Dividend income                                             240

                          (To record dividend income)

Answer: $15,940.03

Explanation:

             Principle  Add Deposit Interest Total

Year 1 3000.00          201.00 3201.00

Year 2 3201.00 2500 381.97 6082.97

Year 3 6082.97 2500 575.06 9158.03

Year 4 9158.03 2500 781.09 12439.11

Year 5 12439.11 2500 1000.92 15940.03

After making deposits in a bank account as stated in the conditions given above, it can be inferred that an amount of approximately $15,940 will be available in the account after the end of 5 years.

Deposits can be referred to or considered as such engagement of monies with any commercial bank that also provides a predetermined rate of interest to the customers making such deposit. Interest acts like a return on investment in this case.

The above condition is a case of making recurring deposits at regular intervals. Upon satisfying the conditions given above, the amount of monies in the account can be computed as below,

At the end of year 1, the Total deposit after interest earned will be

3000 + 6.70% = $3,201.

At the end of two years,

(3201 + 2500) + 6.70% = $6,083.

At the end of three years,

(6083 + 2500) + 6.70% = $9,158.

At the end of four years,

(9158 + 2500) + 6.70% = $12439.

At the end of five years,

(12439 + 2500) + 6.70% = $15,940.

Thus, it can be concluded that at the end of five years the deposits made after earning the interest will be $15,940.

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Answer:

In the first instance money serves as Measure of Value, while in the second instance money serves as Medium of Exchange.

Explanation:

The measure of value and medium of exchange are two of the functions of money which are explained as follows:

a) Measure of Value

The function of money as a measure of value permits all goods and services to be attached prices. That is, every commodity is valued in terms of money. Therefore, money gives the opportunity to compare values of goods and services. Measure of value is also referred to as a unit of value.

From the question, the function of money as a measure of value is what permits Seven-11 to quote a super Slurpee as $1.39.

b) Medium of exchange

The function of money as a medium of exchange provides the opportunity use money as an intermediary instrument in order to ensure goods and services purchased, sold or traded between parties at a standard value. This is different from what obtained under the trade by barter in which commodities had to be exchanged for commodities without any standard value.

From the question, the function of money as a medium of exchange allows an amount of $1.39 which is a standard value was exchanged for the super Slurpee.

Answer:

(1) Unit of Account

(2) Medium of Exchange

Explanation:

(1) A unit of account is the measure in which prices are quoted. Thus, when the price of the super Slurpee is quoted in dollars, money functions as a unit of account.

(2) A medium of exchange is what people trade for goods and services. Thus, when you buy the super Slurpee, you are offering the $1.39 in exchange for the super Slurpee. Money here serves as a medium of exchange.  

Answer:

$3,596,800

Explanation:

The computation of net proceeds to the company is shown below:-

Net proceeds = Number of shares of stock × Offer price × (1 - Underwriter spread percent) - Administrative cost

= 110,000 × $39 × (1- 0.08) - $350,000

= 110,000 × $39 × 0.92 - $350,000

= $3,946,800 - $350,000

= $3,596,800

So, for determining the net proceeds we simply applied the above formula.

Answer:

Option d. Fixed period

Explanation:

time is very essential. Anytime the policy owner specifies payment to be guaranteed for a specific period regardless of who is the beneficiary, policy owner or who receive the payment,is the fixed period settlement option.

Anything that occur  to annuity after the owner's death is dependent on the type of annuity and its payout plan.

A fixed-period,  is that which is for a certain period of time. the annuity guarantees payments to the annuitant for a set length of time. example is about  10, 15, or 20 years and case payments will continue to be paid to the beneficiary until the time given or  period is due or when  account’s balance reaches zero.

Answer:

Cash payback method

Explanation:

Cash payback technique is a method used by financial experts to analyse capital projects to see which ones they can invest in and which one to avoid.

This method is used to estimate the time it will take for a project to recoup the original cost of investment. It estimated when a business will payoff initial cost and start giving the investor profit.

Cash payback is easy to calculate

Cash payback = (Initial investment) ÷ (Estimated cash inflows each year)

Shorter cash payback is favourable as the investor gets back initial cost in a shorter period.

Answer and Explanation:

The computation is shown below:

a. NAV of the fund is

= (Portfolio amount - liabilities) ÷ (outstanding shares)

= ($200 - $3) ÷ ($5)

= $39.40

b. The premium or discount as a percent of NAV is

= (Price - net asset value) ÷ (net asset value)

= ($36 - $39.40) ÷ ($39.40)

= -0.086

This represents the discount of 8.6%

We applied the above formulas

Answer:

$1.57/BP

Explanation:

Calculation for the futures price of the pound for a one-year contract.

Using this formula

Futures price =Spot exchange rate×(1+Risk-free rates in United States/1+Risk-free rates in United Kingdom

Let plug in the formula

Futures price=$1.60×(1.04/1.06)

Futures price= $1.60×(0.9811)

Futures price=$1.57/BP

Therefore the futures price of the pound for a one-year contract to prevent arbitrage opportunities will be $1.57/BP.

Answer:

reducing procurement costs.

Explanation:

Online business to business (B2B) marketing enables companies to enhance their performance by reducing procurement costs.

An online business to business (B2B) can be defined as a type of market where a business sells goods and services to another business online.

In an online business to business marketing or e-commerce, the cost of buying a product is usually lesser when compared to other channels of sales because the seller do not have to charge so much as sales are usually transparent and done automatically.

Hence, companies that are engaged in B2B are able to improve their performance and cut down the costs of procurement for goods and services.

Answer:

ordering costs = $22.34

Explanation:

economic order quantity (EOQ) = √(2SD / H)

50 = √[(2 x S x 235) / $4.20]

2,500 = (2 x S x 235) / $4.20

$10,500 = 2 x S x 235

S = $10,500 / (2 x 235) = $10,500 / 470 = $22.34

Answer:

a. Accounted for prospectively

Explanation:

Warranty cost is an expense i.e. to be incurred for the repair or replacement of the goods comes under the warranty given by the company.

Here if there is a change in the rate i.e. used for determining the warranty cost so it would be accounted in prospectively manner i.e. it would be changed in the current period and also the amount should be estimated or predicted

Hence, the correct option is a.

Answer:

a. Current Ratio for the current year = 1.18

b. Current Ratio for the preceding year = 0.97

c. Quick Ratio for the current year = 0.98

d. Quick Ratio for the preceding year = 0.76

e. Working Capital for the current year = $3,231

f. Working Capital for the preceding year = –$513

Explanation:

Based on the information provided in the question, we first state the following formula to be used before answering the question:

Current asset = Cash and cash equivalents + Short-term investments, at cost + Accounts and notes receivable, net + Inventories + Prepaid expenses and other current assets ................... (1)

Current liabilities = Short-term obligations + Accounts payable ................. (2)

Current ratio = Current assets / Current liabilities ............................ (3)

Quick Ratio = (Current assets - Inventory) / Current liabilities ............... (4)

Working capital = Current assets - Current Liabilities ........................... (5)

We now calculate the answers as follows:

a. What is the Current Ratio for the current year?

Using equation (1), we have:

Current asset for the current year (in millions) = $8,297 + $422 + $7,041 + $3,581 + $1,479 = $20,820

Using equation (2), we have:

Current liabilities for the current year (in millions) = $4,815 + $12,774 = $17,589

Using equation (3), we have:

Current ratio for the current year = $20,820 / $17,589 = 1.18

b. What is the Current Ratio for the preceding year?

Using equation (1), we have:

Current asset for the preceding year (in millions) = $4,067 + $458 + $6,912 + $3,827 + $2,377 = $17,641

Using equation (2), we have:

Current liabilities for the preceding year (in millions) = $6,205 + $11,949 = $18,154

Using equation (3), we have:

Current ratio for the preceding year = $17,641 / 18,154 = 0.97

c. What is the Quick Ratio for the current year?

Using equation (4) and calculations from part a, we have:

Quick Ratio for the current year = ($20,820 -  3,581) / $17,589 = 0.98

d. What is the Quick Ratio for the preceding year?

Using equation (4) and calculations from part b, we have:

Quick Ratio for the preceding year = ($17,641 - 3,827) / $18,154 = 0.76

e. What is the Working Capital for the current year?

Using equation (5) and calculations from part a, we have:

Working Capital for the current year = $20,820 -  $17,589 =$3,231

f. What is the Working Capital for the preceding year?

Using equation (5) and calculations from part b, we have:

Working Capital for the preceding year = $17,641 - $18,154 = –$513

Answer:

E&P $1,200,000 × 25%= $300,000 reduction

Crane Corporation would reduce its E & P in the amount of $300,000 as a result of the redemption.

This represents a 25% decrease in the amount of the E & P corresponding to the 25% stock redemption.

When a stock redemption results in sale or exchange treatment for the shareholder, the E & P account of a corporation is reduced in an amount not in excess of the ratable share of the E & P of the distributing corporation attributable to the stock redeemed.

As such, none of the expense of $13,000 of accounting and legal fees or other is deductible.

Answer:

price elasticity of supply (PES) = % change in quantity supplied / % change in price

-5% = -0.8 / % change in price

% change in price = -0.8 / -5% = 16%

we are not given the initial price of the golf balls and I looked for similar questions but couldn't find any. But assuming that the initial price is $1, then the new price = $1 x (1 + 16%) = $1.16. If the initial price was $2, then new price = $2 x (1 + 16%) = $2.32. And son on.

Is gradually declining.

Answer and Explanation:

The Journal entry is shown below:-

Bad debts expense Dr, $2,000

          To Accounts receivable-Hopkins $2,000

(Being write off is recorded)

Here we debited the bad debt expenses as it increased the expenses and we credited the accounts receivable as it reduced the assets so that the proper posting could be done  

Answer:

Bank Certificate of Deposit (CD)

Explanation:

For the 65-year old widow in this scenario, the best recommendation would be a Bank Certificate of Deposit (CD). A traditional Bank CD is a time-bound deposit, in which you enter into an agreement to let the bank use your money for a fixed period of time, and in return, the bank pays you a higher interest rate than it would for a traditional savings account. Thus providing a good income with very low risk.

Answer: c) Both economies grew at the same rate

Explanation:

The faster growing economy would be the one that saw a greater increase in Real GDP than the other.

Real GDP growth = Nominal GDP growth - Inflation growth.

Hyperpolis Real GDP growth = 15% - 12%

Hyperpolis Real GDP growth = 3%

Superpolis Real GDP growth = 6% - 3%

Superpolis Real GDP growth = 3%

Both countries grew at the same rate of 3%.

Answer:

1a. 3,000 units

1b. $1,050,000

2. See attachment.

3. contribution margin income statement

Sales  ($350 × 7,000 units)                            $2,450,000

Less Variable Cost  ($245 × 7,000 units))     ($1,715,000)

Contribution                                                       $735,000

Less Fixed Costs                                              ( $315,000)

Operating Profit                                                 $420,000

Explanation:

Break-even point (sales units ) = Fixed Cost ÷ Contribution per unit

                                                   = $315,000 ÷ ($350 - $245)

                                                   = 3,000

Break-even point (sales dollars) = Fixed Cost ÷ Contribution Margin Ratio

                                                     = $315,000 ÷ ($105/$350)

                                                     = $1,050,000

Answer:

Organization's culture.

Explanation:

Every organization has a set of unwritten norms that members of the organization accept and understand and which guide their actions. This system of shared meaning is organization's culture.

An organizational culture typically comprises of values, norms, beliefs and assumptions which defines the most appropriate ways of behaving in an organization (work environment).

Generally, an organizational culture is usually designed and established by the top executives or management of an organization and communicated to the various employees working there.

According to Robert Quinn and Kim Cameron, an organizational culture can be divided into four (4) main categories;

1. Adhocracy culture.

2. Clan culture.

3. Hierarchy culture.

4. Market culture.

Additionally, the significance of an organizational culture is simply that it creates a unique social, efficient and psychological environment of an organization.

Answer: d. inflationary; decrease government purchases or increase taxes

Explanation:

Suppose Real GDP is $700 billion and Natural Real GDP is $620 billion. To eliminate this inflationary gap, Keynesian theory indicates that government should decrease government purchases or increase taxes.

The Real GDP is greater than the Natural real GDP which is the potential GDP. When that happens the Economy is said to be overheated and producing above its limits as Aggregate Demand is above Aggregate Supply.

To combat this the Government according to Keynes should embark on policy that will reduce economic activity. The Government can use Contractionary Fiscal Policy that will see it reduce its spending and/or increase taxes. Both of these will have the effect of reducing the amount of money in the economy left for both investment and consumption and cause a fall in the Aggregate Demand.

Answer:

The question is incomplete, below is a possible match of the complete question:

a company purchased property for a building site. the costs associated with the property were:

purchase price $175,00

real estate commisions $15,000

legal fees 800

expenses of clearing the land 2,000

expenses to remove old building 1,000

what portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building?

Answer:

cost allocated to land = $193,800

cost allocated to new building = $0

Explanation:

The expenses associated with the ost of land purchase are all the necessary expenses made in the purchase of the land and in getting the land ready for use. These include legal fees, cost of clearing the land, cost of removing old structures etc. Therefore cost allocated to land is calculated as follows:

cost of land = purchase price + real estate commissions + legal fees + expenses of clearing the land + expenses to remove old building.

cost of land = 175,000 + 15,000 + 800 + 2,000 + 1,000 = $193,800

∴ cost of land = $193,800

cost of new building = $0

There is no transaction associated directly with setting up the new building, all the costs were associated with the acquisition of the land, hence the cost os the new building is $0

Answer:

decreased

Explanation:

if firms have decreased then it would be likely to follow other firms to increase popularity

Oligopoly firms will seldom change prices but if one firm increases its price, others may follow if costs have Decreased.

A market structure known as an oligopoly has a limited number of enterprises, none of which can prevent the others from having a large impact. The market share of the major companies is calculated using the concentration ratio.

A market with a monopoly has only one producer, a duopoly has two businesses, and an oligopoly has three or more businesses. The maximum number of firms in an oligopoly is unknown, but it must be low enough so that each firm's actions have a significant impact on the others.

In the past, oligopolies have existed in the steel industry, the oil industry, the railroad industry, the tire industry, grocery store chains, and the wireless industry. An oligopoly can prevent new competitors from entering the market, stifle innovation, and raise prices, all of which are detrimental to consumers.

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Answer:

Commander

Explanation:

GCSS-Army is short for Global Combat Support System-Army. The GCSS is a section of the United States Army that is fielded under the 11th Armored Cavalry Regiment. There are the GCSS Wave 1 and GCSS Wave 2. These two groups have different roles.

The role of the Commander falls under the Wave 2 functions where he is required to perform the roles of maintenance, dispatch, unit supply, and property book functions. The Wave 1 function is mostly about allowing access to support supply activity functions. The commanders in any organization they work with can screen several transactions and give approval for equipment dispatch.

Answer:

a) Farley should get  $83,200

Clark should get $64,800

b) December 31, closing entry income summary account

Dr Income summary 148,000

    Cr Farley, Martin, capital 83,200

    Cr Clark, Ashley, capital 64,800

Explanation:

Martin Farley:

$70,000 salary allowance

60% of remaining income

Ashley Clark:

$56,000 salary allowance

40% of remaining income

if net income = $148,000, then:

Farley should get $70,000 + (60% x $22,000) = $83,200

Clark should get $56,000 + (40% x $22,000) = $64,800

Answer:

The most important technique for project evaluation is the net present value (NPV) which compares the present value of discounted cash flows against the  initial costs associated with the project. The other two most important techniques used are the payback period (either regular or discounted) and the internal rate of return (IRR).

Depending on the company's needs, sometimes one technique might be used instead of others. E.g. technological firms generally use the payback period because most of their projects have a very short life, 1 or 2 years. Other times, you might have to compare different projects and even if they are not mutually exclusive, no company can dispose of money freely. It only invests in certain projects that have a minimum required rate of return.

But the basic technique, the NPV, is the most relevant in a sense that no project with a negative NPV should be accepted.

Answer:

The infant industry argument says that Question 7 options:

tariffs should be imposed to allow a new industry in a country to get established.

Explanation:

The argument for the infant industry protectionism suggests that the imposition of tariffs on imports gives a new industry in the country the required breathing space it requires to develop, grow, and be established before it can face competitive forces from outside, which imports imply.  Since newly formed industries often do not command the economies of scale and learning experience that their competitors from other countries may have, therefore, they need to be singularly shaded from external competition until they have achieved similar economies of scale and learning curve.  But, can they attain any competitive edge without learning from competitors?

Answer:

The stock reissue would be recorded with a debit to Cash for $3,600,000, a debit to additional Paid in capital $300,000 and Credit to treasury stock $3,900,000

Explanation:

Description                          Debit$          Credit$

Cash                                  3,600,000

(600,000 * $6.00)

Additional Paid in capital  300,000

(600,000 x $0.50)

Treasury stock                                            3,900,000

(600,000 * 6.50)

Answer: $68,200

Explanation:

Estimated inventory = Difference between Goods available for Sale at Retail Price and Actual Sales made * Cost Retail Ratio

Retail value of Goods Available for Sale

= Retail Price of Beginning Inventory + Retail price of Purchases

= 120,000 + 480,000

= $600,000

Difference between Goods available for Sale at Retail Price and Actual Sales made

= 600,000 - 490,000

= $110,000

Cost to retail price ratio

= (Cost of Beginning Inventory + Cost of Purchases) / (Retail Price of Beginning Inventory + Retail Price of Purchases)

= (60,000 + 312,000) / (120,000 + 480,000)

= 62%

Ending inventory

= 110,000 × 62%

= $68,200

Answer:

i, ii

Explanation:

a Tax is a compulsory sum levied by the government on income, goods or services. A tax cut would increase the supply of labour. As a result, the supply of labour would increase. As a result of the increase in labour, there would be an increase in potential GDP