Answer:
Sydney Retailing (buyer) and Troy Wholesalers (seller)
Journal Entries:
For the Buyer (Sydney):
May 11 Debit Inventory $30,000
Credit Accounts Payable $30,000
To record the purchase of goods on account with invoice dated May 11, terms 3/10, n/90, FOB shipping point.
Debit Freight-in $400
Credit Cash $400
To record the freight-in expense.
May 12 Debit Accounts Payable $1,300
Credit Inventory $1,300
To record the return of goods to Troy.
May 20 Debit Accounts Payable $28,700
Credit Cash $27,839
Credit Cash Discounts $861
To record the payment on account, including discounts.
For the seller (Troy Wholesalers):
May 11 Debit Accounts Receivable $30,000
Credit Sales Revenue $30,000
To record the sale of goods on credit with invoice dated May 11, terms 3/10, n/90, FOB shipping point.
Debit Cost of goods sold $20,100
Credit Inventory $20,100
To record the cost of goods sold.
May 12 Debit Sales Returns $1,300
Credit Accounts Receivable $1,300
To record the sales returns on account.
Debit Inventory $871
Credit Cost of goods sold $871
To record the cost of goods returned.
May 20 Debit Cash $27,839
Debit Cash Discounts $861
Credit Accounts Receivable $28,700
To record the receipt of cash on account, including discounts.
Explanation:
a) Data and Analysis:
For the Buyer (Sydney):
May 11 Inventory $30,000 Accounts Payable $30,000
with invoice dated May 11, terms 3/10, n/90, FOB shipping point.
Freight-in $400 Cash $400
May 12 Accounts Payable $1,300 Inventory $1,300
May 20 Accounts Payable $28,700 Cash $27,839 Cash Discounts $861
For the seller (Troy Wholesalers):
May 11 Accounts Receivable $30,000 Sales Revenue $30,000
with invoice dated May 11, terms 3/10, n/90, FOB shipping point.
Cost of goods sold $20,100 Inventory $20,100
May 12 Sales Returns $1,300 Accounts Receivable $1,300
Inventory $871 Cost of goods sold $871
May 20 Cash $27,839 Cash Discounts $861 Accounts Receivable $28,700
Which of the following has the greatest impact on how long an employee stays with an organization and how productive the employee is while there?
a. The employee's coworkers
b. The employee's relationship with their immediate manager
c. How much the employee is paid
d. Promotion opportunities
Answer: The employee's relationship with their immediate manager.
Explanation:
Despite the fact that the options given have an effect on how long an employee will stay in an organization, the greatest impact will be the employee's relationship with their immediate manager.
When a worker has a bad relationship with their immediate manager, this beings about disruption in communication and there won't be a cordial relationship with the manager. This affects the worker and can lead to the worker finding another job.
On January 1, a machine with a useful life of 5 years and a salvage value of $15000 was purchased for $115000. What is the depreciation expense for year 2 under straight-line depreciation
Answer:
Annual depreciation (year 2)= $20,000
Explanation:
Giving the following information:
Purchase price= $115,000
Salvage value= $15,000
Useful life= 5 years
To calculate the annual depreciation under the straight-line method, we need to use the following formula:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (115,000 - 15,000) / 5
Annual depreciation= $20,000
Prior to recording adjusting entries, the Office Supplies account had a $490 debit balance. A physical count of the supplies showed $175 of unused supplies available. The required adjusting entry is: debit/credit [ Select ] to [ Select ] account for [ Select ] debit/credit [ Select ] to [ Select ] account for [ Select ]
Answer: See explanation
Explanation:
Based on the information that's provided in the question, the required adjusting entry goes thus:
Unadjusted ending balance of supplies = $490
Actual supplies ending balance existing physically = $175
From the information above, the supplies used during the period will be:
= $490 - $175
= $315
Therefore,
Debit office supplies expenses $315 Credit office supplies account $315
A firm has taxes of $2,000, interest expense of $1,000, EBIT of $7,500, common stock dividends of $1,500, and preferred dividends of $1,200. What is the profit margin if sales are $22,000
Answer:
the profit margin is 15%
Explanation:
The computation of the profit margin is shown below:
= (EBIT - interest - taxes - preferred dividend) ÷ Sales
= ($7,500 - $1,000 - $2,000 - $1,200) ÷ $22,000
= $3,300 ÷ $22,000
= 15%
Hence, the profit margin is 15%
Basically the above formula should be applied for the same
The increase or decrease in owner's equity is reported on the
O A income statement.
B statement of owner's equity.
C balance sheet.
D All of the above
Accounting
Answer:
B
Explanation:
Owners equity also known as the Statement of Changes in Owner's Equity is an example of a financial statement. It records the owners equity and changes to the owners equity during a financial year.
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a point in time.
The income statement records a company's income and expenses in a financial year. It is used for determining if a company is earning a profit or a loss
In a sales contract, the passage of risk of loss from a seller to a buyer gives the buyer the right to insure the goods and the right to recover from third parties who damage them.
a. True
b. False
The statement - "In a sales contract, the passage of risk of loss from a seller to a buyer gives the buyer the right to insure the goods and the right to recover from third parties who damage them". Thus, option (a) is correct.
What is sales contract?A sales contract, customer orders, or contract for sale is a legal transaction in which a buyer purchases assets from a seller for an agreed-upon monetary value. It is an evident old practice of exchange that is currently controlled by statute law in many common law countries.
"In a sales contract, the passing of risk of loss from a seller to a buyer allows the buyer the opportunity to insure the products and the right to collect from third parties who destroy them,".
Therefore, it can be concluded that the statement mentioned above is true. Hence, option (A) is correct.
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Thirsty Cactus Corp. just paid a dividend of $1.50 per share. The dividends are expected to grow at 25 percent for the next 9 years and then level off to a 5 percent growth rate indefinitely. If the required return is 13 percent, what is the price of the stock today?
Answer:
$143.40
Explanation:
The dividend for the next year = [tex]\text{ current year dividend} \times (1 + \text{growth})[/tex]
= $ 1.50 x (1 + 0.13)
= 1.50 x 1.30
= $ 1.95
The dividend in the second year = 1.95 x 1.30
= $ 2.54
Similarly, the dividend for the year 9 is = [tex]$1.50 \times (1.30)^9$[/tex]
= $ 15.91
The value of the stock at the end of year 9,
[tex]$=\frac{\text{Dividend of year 10}}{\text{(Required rate of return - Growth rate)}}$[/tex]
[tex]$=\frac{15.91\times1.05}{0.13-0.05}$[/tex]
= $ 208.81
The present value factor [tex]$=\frac{1}{(1+r)^n}$[/tex]
where, r = rate of interest = 13% = 0.13
n = years (1 to 9)
So, the present value factor for the 2nd year is [tex]$=\frac{1}{(1+0.13)^2}$[/tex]
[tex]$=\frac{1}{(1.13)^2}$[/tex]
[tex]$=\frac{1}{1.2769}$[/tex]
= 0.783147
Therefore, the price of the stock today is calculated as to be $ 143.40
The following Information is avallable for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials Inventory Office supplies expense $ 4100 5,600 4,600 2,600 The amount of raw materials used in production for the year is: __________ a) $5.100 b) $8,300 c) $5,700 d) $5,600. e) $9,700
Answer:
a. $5,100
Explanation:
Raw materials used in production = Beginning raw materials inventory + Raw materials purchases - Ending raw materials inventory
Raw materials used in production = $4100 + $5,600 - $4,600
Raw materials used in production = $5,100
So, the amount of raw materials used in production for the year is $5,100.
Find the intrinsic value of XYZ Inc. The DPS at the end of year 1 is $2.00; at the end of year 2 is $2.40; at the end of year 3 is $2.70. After the third year, the DPS grows at a constant rate of 5%. The required rate of return is 12%.
Answer: 34.33
Explanation:
Firstly, we'll calculate the terminal value
which willl be:
= 2.70 × (1+5%)/(12% - 5%)
= 2.70 x 1.05/(0.12 - 0.05)
= 40.5
Then, the intrinsic value will be:
= 2/1.12 + 2.4/1.12² + (2.7 + 40.5)/1.12³
= 34.33
Therefore, the the intrinsic value of XYZ Inc is 34.33
Felix's profit is maximized when he produces teddy bears. When he does this, the marginal cost of the last teddy bear he produces is $ , which is than the price Felix receives for each teddy bear he sells. The marginal cost of producing an additional teddy bear (that is, one more teddy bear than would maximize his profit) is $ , which is than the price Felix receives for each teddy bear he sells. Therefore, Felix's profit-maximizing quantity corresponds to the intersection of the curves. Because Felix is a price taker, this last condition can also be written as .
Implement a table and re-organize your page contents so that it is displayed within the table (you can organize the table's content as you like).
2) Add one external CSS file and apply it to your 2 pages (the style sheet should have at least Fonts, Color, sizing and background). The CSS should provide a uniform look/feel between the 2 pages.
Answer:
just here for points
Explanation:
iskksns
As the number of people holding college degrees increases, assuming the demand for college educated labor stays constant, the wages of college educated people would
Answer:
decrease
Explanation:
An increase in the supply of people with college degrees would lead to a rightward shift of the supply curve. This leads to a decrease in equilibrium wages and an increase in labour
On November 1st, Neiman Marcus at the Florida Mall signed a $100,000, 2%, eight-month note payable with all of the principal and interest due at maturity eight months later on July 1. Neiman Marcus' Store at Florida Mall should report interest payable at (year-end) December 31, in the amount of:
Stan’s Sporting Goods is a competitor that can manufacture seven soccer balls out of a possible ten, if it makes one soccer net. Which statement correctly compares the two businesses?
Sabrina’s Soccer has a comparative advantage over Stan’s Sporting Goods because Sabrina’s Soccer has a lower opportunity cost.
Stan’s Sporting Goods has a comparative advantage over Sabrina’s Soccer because Stan’s Sporting Goods has a lower opportunity cost.
Sabrina’s Soccer has an absolute advantage over Stan’s Sporting Goods because Sabrina’s Soccer has a lower production cost.
Stan’s Sporting Goods has an absolute advantage over Sabrina’s Soccer because Stan’s Sporting Goods has a lower production cost.
Answer:
Sabrina’s Soccer has a comparative advantage over Stan’s Sporting Goods because Sabrina’s Soccer has a lower opportunity cost.
Answer: A
Explanation: PogChamp
Question 3 4 Marks Mi Tierra Driving School charges $680 per student to prepare and administer written and driving tests. Variable costs of $408 per student include trainers’ wages, study materials, and gasoline. Annual fixed costs of $63,920 include the training facility and fleet of cars. Requirements 1. For each of the following independent situations, calculate the contribution margin per unit and the breakeven point in units by first referring to the original data provided: a. Breakeven point with no change in information. b. Decrease sales price to $544 per student. c. Decrease variable costs to $340 per student. d. Decrease fixed costs to $53,040.
Answer:
Results are below.
Explanation:
Giving the following information:
Selling price= $680
Unitary variable cost= $408
Fixed cost= $63,920
To calculate the contribution margin and break-even point in units, we need to use the following formula:
Unitary contribution margin= selling price - unitary variable cost
Break-even point in units= fixed costs/ contribution margin per unit
a:
Unitary contribution margin= 680 - 408= $272
Break-even point in units= 63,920 / 272
Break-even point in units= 235
b:
Unitary contribution margin= 544 - 408= $136
Break-even point in units= 63,920 / 136
Break-even point in units= 470
c:
Unitary contribution margin= 680 - 340= $340
Break-even point in units= 63,920 / 340
Break-even point in units= 188
d:
Unitary contribution margin= 680 - 408= $272
Break-even point in units= 53,040 / 272
Break-even point in units= 195
Suppose that a Country Club is considering what price to charge for adults. They know that if they charge a price of $100 then 70 adults will join and if they charge a price of $120 then 50 adults will join. What is the absolute value of the price elasticity of demand for adults at this Country Club
Answer:
1.43
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
Price =120 /100 - 1 = 0.2
Quantity = 50/ 70 - 1 = 0.2857
0.2857 / 0.2 = 1.43
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases
Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price
p = 0,2
=0.2857
Lil Uzi Vert or Gunna?
Answer:
Lil uzi
Explanation:
A 3-year bond has an 8.0% coupon rate and a $1,000 face value. If the yield to maturity on the bond is 10%, calculate the price of the bond assuming that the bond makes semiannual coupon payments.
Answer:
$738.68
Explanation:
the price of the bond is $738.68.
MC Qu. 98 At the beginning of the recent... At the beginning of the recent period, there were 1,470 units of product in a department, 35% completed. These units were finished and an additional 6,900 units were started and completed during the period. 1,560 units were still in process at the end of the period, 25% completed. Using the weighted average method, the equivalent units produced by the department were:
Answer:
Using the weighted average method, the equivalent units produced by the department were:
= 8,760 units.
Explanation:
a) Data and Calculations:
Units Conversion
Ending inventory 1,560
Units completed 8,370
Units available 9,930
Beginning inventory 1,470 35%
Additional units started 8,460
Equivalent units of production:
Units completed 8,370 8,370 (100%)
Ending inventory 1,560 390 (25%)
Equivalent units of production 8,760
9. Suppose Betty saves $200 each month in her 401(k) account. How much less will her monthly take-home pay be than if she saved nothing? (Assume a combined 20% state and federal income tax rate.)
Answer:
$160
Explanation:
The way 401(k) savings work is that employees can save from their earnings before tax is deducted, which means that on the $200 saved no tax is deducted, hence, the take of the employee reduces by $200
When there are savings, a tax of 20% would have been deducted from the $200, as a result, the employee would be left with $160($200-($200*20%)), which means that take-home would reduce by $40, the amount tax deducted.
The reduction in take-home=$200-$40
The reduction in take-home=$160
Consider the markets for three products below. Indicate which characteristics of a competitive market are met by these markets.
Market : Gasoline
a. Large number of buyers
b. Standardized good
c. Full information
d. No transaction cost
e. Participants are price takers
Market: barbershop haircuts
a. Large number of buyers
b. Standardized good
c. Full information
d. No transaction cost
e. Participants are price takers
Market: bicycles
a. Large number of buyers
b. Standardized good
c. Full information
d. No transaction cost
e. Participants are price takers
Answer:
Market : Gasoline
b. Standardized good
c. Full information
e. Participants are price takers.
Market : Barbershop haircuts
a. Large number of buyers
c. Full information
Market : Bicycles
a. Large number of buyers
b. Standardized good
c. Full information
d. No transaction cost
Explanation:
The three markets will have different characteristics which will cause the competition. The Gasoline market has standardized product and the customers are price takers. Usually the prices are fixed for the products and there is no bargaining.
If there is a shortage in the market, the market price is too _______________. The quantity demanded will be ________________ the quantity supplied. Thus, the market price must ____________ , which will _____________ the quantity supplied and ____________ the quantity demanded.
Answer:
low
greater
increase
increase
decrease
Explanation:
Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.
Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied
When there is a shortage in the market, the market price is too low. As a result, quantity demanded exceeds quantity supplied. Shortage would lead to an increase in price towards equilibrium. This would lead to an increase in the quantity supplied and a decrease in quantity demanded
The electronic invoicing and payment (EIPP) system for the B2B environment is similar to the electronic bill presentment and payment (EBPP) system for the B2C environment. a) True b) False
Answer:
a) True
Explanation:
Electronic bill payment and presentment (EBPP) can be regarded as process that is been utilized by
companies in collection of payments electronically by utilization of systems such as Automated Teller Machines (ATMs) as well as Internet and direct-dial access. This has turned to a core component of online banking as regards to some financial institutions today, some industries such as telecommunications and insurance providers make use of it.
Electronic invoicing and presentment payment (EIPP) can be regarded as process involving sending of electronic invoice to customers using the internet, as well as the ability of customers to be able to pay that invoice online also. It give a solution that brings about increased productivity, as well as given room for business owner to spend more time in developing their business as well as relationships with their customers.
It should be noted that the The electronic invoicing and payment (EIPP) system for the B2B environment is similar to the electronic bill presentment and payment (EBPP) system for the B2C environment.
Which of the following would be relevant in the make or buy decision? Direct materials Depreciation on equipment with no resale value A) Yes Yes B) Yes No C) No Yes D) No No
Answer:
B) Yes No
Explanation:
Materials cost are incremental and relevant whereas Depreciation on equipment with no resale value are irrelevant.
Texas Curtain Works is in the process of preparing its budget for next year. Cost of goods sold has been estimated at 70 percent of sales. Fabric purchases and payments are to be made during the month preceding the month of sale. Wages are estimated at 20 percent of sales and are paid during the month of sale. Other operating costs amounting to 25 percent of sales are to be paid in the month following the month of sales. Sales revenue is forecasted as follows:
Month Sales
February $440,000
March $450,000
April $480,000
May $500,000
June $510,000
What is the amount of fabric purchases during the month of March?
a) $480,000
b) $336,000
c) $288,000
d) $300,000
Answer:
b. $336,000
Explanation:
Here, the Fabric purchases & payments are to be made during the month before the month of sale.
The Amount of fabric purchases during the month of march = 70% of sales of the month of April
Purchases of March = 70% * $480,000
Purchases of March = 0.70 *$480,000
Purchases of March = $336,000
So, the amount of fabric purchases during the month of March is $336,000.
1. Inventory that consists of the costs of the direct and indirect materials that have not yet entered the manufacturing process is known as ________. work in process inventory materials inventory finished goods inventory None of these choices are correct.
Answer:
materials inventory
Explanation:
An inventory is a term used to describe a list of finished goods, goods still in the production line and raw materials that would be used for the manufacturing of more goods in a bid to meet the unending consumer demands.
Basically, an inventory can be classified into three (3) main categories and these are; finished goods, work in progress, and raw materials.
An inventory is recorded as a current asset on the balance sheet because it's primarily the most important source of revenue for a business entity.
Generally, the three (3) main cost concept associated with an inventory include;
1. First In First Out (FIFO).
2. Last In First Out (LIFO).
3. Weighted average cost.
In Financial accounting, direct cost can be defined as any expense which can easily be connected to a specific cost object such as a department, project or product. Some examples of direct costs are cost of raw materials, machineries or equipments.
On the other hand, any cost associated with the running, operations and maintenance of a company refers to indirect costs. Some examples of indirect costs are utility bill, office accessories, diesel etc.
Materials inventory can be defined as an inventory that comprises of direct and indirect materials costs which have not been used in a manufacturing process.
Consider the following gasoline sales time series data. Click on the datafile logo to reference the data.
Week Sales (1000s of gallons)
1 16
2 20
3 20
4 23
5 18
6 17
8 19
9 23
10 19
11 14
12 21
a. Using a weight of 1/2 for the most recent observation, 1/3 for the second most recent observation, and 1/6 the most recent observation, compute a three-week weighted moving average for the time series (to 2 decimals). Enter negative values as negative numbers.
Week
Time-Series Value Weighted Moving
Average Forecast Forecast
Error
(Error)2
1
2
3
4
5
6
7
8
9
10
11
12
Total
b. Compute the MSE for the weighted moving average in part (a).
MSE =
Do you prefer this weighted moving average to the unweighted moving average? Remember that the MSE for the unweighted moving average is 8.90.
Prefer the unweighted moving average here; it has a (greater/smaller) MSE.
c. Suppose you are allowed to choose any weights as long as they sum to 1. Could you always find a set of weights that would make the MSE at least as small for a weighted moving average than for an unweighted moving average? (Yes/ No)
Answer:
a) attached below
b) MSE for weighted moving average = 14.5
c) Yes
Explanation:
a) Computing a three-week weighted moving average using
1/2 for most recent , 1/3 for second most recent and 1/6 for third most recent observation
Given data :
Week Sales (1000s of gallons)
1 16
2 20
3 20
4 23
5 18
6 17
7 19
8 23
9 19
10 14
11 21
solution attached below
B) Determine MSE for the weighted moving average
MSE = ∑ (error)^2 / 8
= 116.0289 / 8 = 14.50
The MSE for unweighted moving average ( 8.90 ) is smaller than the MSE for weighted moving average
C) Yes I will find a weight that makes at least the MSE for weighted moving average than unweighted moving average
1. Drawing on discussions of informational justice, how should Andrea approach the morning briefing? Should she be honest and informative in explaining corporate actions in the downsizing, or should she be more guarded?
Answer:
Andrea should be honest and informative in explaining her corporation's actions in downsizing.
Explanation:
By being honest and forthright by providing adequate informational justice to the employees affected by downsizing, she would gain the confidence of those that will not be affected. This will ensure that the workers remain motivated and productive. Doing informational justice requires the management to provide adequate explanations and rationale for the decision made to downsize the entity's workforce.
The second step in developing a Performance Measurement Baseline (PMB) is to: Define and scope the work Schedule the work Prepare the Integrated Program Management Report (IPMR) Budget the work
Answer:
The second step in developing a Performance Measurement Baseline (PMB) is to:
Schedule the work.
Explanation:
After determining the goal and deliverables of the project, the scope baseline is created using the scope statement, the work breakdown structure and dictionary. These documents require stakeholders approval. Then, the second step is to determine the sequence of activities, estimate the durations of activities, and determine the resource needs of the scheduled activities.
Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Product 1 Product 2 Product 3 Cost $ 35 $ 105 $ 65 Selling price 85 165 115 Costs to sell 8 70 25 Required: What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory
Answer:
Cost Selling Price Costs to Sell NRV Inventory value
A B C D=(B-C) E=(lowerof A&D)
Product 1 35 85 8 77 35
Product 2 105 165 70 95 95
Product 3 65 115 25 90 65
