Answer:
Are statements prepared for periods of less than one year.
Explanation:
Interim Financial Statements
This is simply known as a financial statements prepared for a timeframe (period) that is part of the entity's annual fiscal period. discontinued operations and extraordinary items that occur at midyear initially are often reported in net income and open up in the notes to interim financial statements.The fundamental principle guarding interim reporting is that
interim reports must be considered as a part of the integral of the annual reporting period.
An interim statement as a financial report timeframe is often less than one year. It often shows an organisation's performance before the end of normal full-year financial reporting cycles and often, this statements do not need to be audited.
Question 2: Global production company wants to collect data from the computer
buyers. AS A business research, explain which survey method of data collection would
be more appropriate. Justify your answer.
Answer:
ANswer to the following question is as follows;
Explanation:
Companies aim to acquire data from computer customers by surveying their business in the worldwide production market. This kind of data collecting delivers a more comprehensive survey than individual data gathering, is less costly, and saves time, and has a high response rate.
According to the present market circumstances, I recommended utilising a postal survey and in-person interviews study as a company researcher.
The following refers to units processed by a breakfast cereal maker in August. Compute the total equivalent units of production with respect to conversion for August using the weighted-average inventory method.
Units of Product Percent of Conversion Added
Beginning Work in Process 282,000 40%
Units started 578,000 100%
Units completed 637,000 100%
Ending Work in Process 223,000 50%
Answer:
Total equivalent units of production = 748,500
Explanation:
This can be computed as follows:
Equivalent units of production (EUP) completed and transferred out = Units completed 100% = 637,000
EUP in Ending Work in Process = Units of Product * Percent of Conversion Added = 223,000 * 50% = 111,500
Therefore, we have:
Total equivalent units of production = EUP completed and transferred out + EUP in Ending Work in Process = 637,000 + 111,500 = 748,500
Selected operating data for two divisions of Outback Brewing, Ltd., of Australia are given below: Division Queensland New South Wales Sales $ 1,219,000 $ 2,550,000 Average operating assets $ 530,000 $ 510,000 Net operating income $ 73,140 $ 76,500 Property, plant, and equipment (net) $ 253,000 $ 203,000 Required: 1. Compute the rate of return for each division using the return on investment (ROI) formula stated in terms of margin and turnover. 2. Which divisional manager seems to be doing the better job
Answer:
Outback Brewing, Ltd. of Australia
Division Queensland New South
Wales
1. Rate of return 2.6% 0.6%
2. Queensland division manager seems to be doing the better job.
Explanation:
a) Data and Calculations:
Division Queensland New South
Wales
Sales $ 1,219,000 $ 2,550,000
Average operating assets $ 530,000 $ 510,000
Net operating income $ 73,140 $ 76,500
Property, plant, and equipment (net) $ 253,000 $ 203,000
Profit margin = (NOI/Sales * 100) 6% 3%
Asset turnover = (Sales/AOA) 2.3x 5x
NOI = Net operating income
AOA = Average operating assets
Return on investment (ROI) = Profit margin * Asset turnover
= 2.6% 0.6%
If in 2019 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share, then using the market value of equity, the debt to equity ratio for Luther in 2019 is closest to:
Answer:
Explanation:
If in 2006 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share, then using the market value of equity, the debt -equity ratio for Luther in 2006 is closest to ________.
A) 3.45 B) 1.72 C) 0.86 D) 2.41
B) D / E = Total debt / Total equity
Total Debt = Notes payable (10.5) + Current maturities of long-term debt (39.6) + Long-term debt (231.3 ) = 281.4 million
Total equity = 10.2 × $16 = $163.2, so D / E = $281.4 / $163.2 = 1.72
Most executive information systems include a _____, which integrates information from multiple sources and presents it in a unified, understandable format, often as charts and graphs.
a. digital dashboard
b. decision support system database
c. model base
d. decision support system engine
Answer:
a. digital dashboard.
Explanation:
Management involves the control, planning and organization of the affairs of a business firm.
Basically, the management of an organization is saddled with the responsibility of planning, organizing, controlling and staffing within the organization.
An Executive information system is also referred to as an Executive support system and it can be defined as a management support system that enhances and supports all of the senior executive information and decision-making process.
Hence, most executive information systems (EISs) include a digital dashboard, which is typically used for integrating information obtained from multiple sources and then presents it in a unified, understandable format, often as charts and graphs.
Select the item below that is a characteristic of holistic marketing: _________
a. Implementing targeted marketing programs for green products.
b. Focusing on marketing individual products to consumers
c. Combining different marketing techniques to sell a product
d. Considering all business aspects when marketing products
Answer:
D. Considering all business aspects when marketing products
Explanation:
When a whole business (in general) is considered for the marketing strategy, it forms a holistic marketing approach. In this type of strategy different departments of an organization come together to give positive inputs that create a robust business marketing strategy.
What do statistics show about most Americans’ financial management?
Answer:
46%of Americans couldn't come out with $400 in an emergency
It suggests that 46% of all Americans find it difficult to come up with four hundred bucks if there had been to be an emergency. Also, 60% of Americans will face that emergency within one year or less.
Why is it crucial to know about financial management?Financial management helps in enhancing the profitability of organizations, increases the general price of the corporations or organizations, provides financial stability, encourages personnel to store money, and enables them in non-public economic planning.
Hence, this is the statistical information we get about Americans' financial management.
Learn more about financial management here:
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If the exchange rate for Canadian and U.S. dollars is 0.92777 to 1, this implies that 13 Canadian dollars will buy ____ worth of U.S. dollars. (Select the nearest answer.)
Answer:
U.S. dollars = 14.012 U.S. dollars
Explanation:
Below is the exchange rate:
0.92777 Canadian dollars = 1 U.S dollars
Thus to find the amount of U.S. dollars bought from the 13 Canadian dollars, just divide the 13 Canadian dollars from 0.92777. Therefore the resulting answer will be the U.S. dollars.
U.S. dollars = 13 / 0.92777
U.S. dollars = 14.012 U.S. dollars
Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $420,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,500.
Kingston Co. uses the percentage-of-receivables ba
Kingston Co. uses the percentage-of-receivables ba
Collapse question part
Partially correct answer. Your answer is partially correct. Try again.
Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation Debit Credit
Answer:
Kingston Co.
Adjusting Journal Entry to record bad debt expense for the year:
Account Titles and Explanation Debit Credit
Bad Debts Expense $2,700
Allowance for Doubtful Accounts $2,700
To record bad debt expense for the year and bring the allowance for doubtful accounts to a credit balance of $4,200.
Explanation:
a) Data and Analysis:
Accounts receivable at the end of the year = $420,000
Allowance for doubtful accounts (credit balance) = $1,500
Estimated uncollectible = 1% of account receivable
New credit balance for allowance for doubtful accounts = $4,200
Adjustment to increase the allowance for doubtful accounts to the above new balance = $2,700 ($4,200 - $1,500)
Bad Debts Expense $2,700 Allowance for Doubtful Accounts $2,700
Paper Company receives a $4,598, three-month, 3% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note
Answer and Explanation:
The journal entry that should be recorded at the time of receiving the note is given below:
Notes Receivable - Dame Company $3,164
To Accounts Receivable - Dame Company $3,164
(Being the receiving of the note is recorded)
Here the note receivable is debited as it increased the assets and credited the account receivable as it decreased the assets
The section of the demand curve from A to B represents the a. inelastic section of the demand curve. b. unit elastic section of the demand curve. c. perfectly elastic section of the demand curve. d. elastic section of the demand curve. g
Answer: d. elastic section of the demand curve.
Explanation:
When using a linear demand curve, it has been found that the top half of the curve represents the elastic section which is where the section A to B cover so this is the elastic section.
The mid point which is B here is the unitary elastic portion of the curve and the bottom half of point B to C is the inelastic section.
In the elastic section, increasing the price by a certain percentage would cause the quantity demanded to fall by a higher percentage than the percentage increase in price.
If total assets decreased by $88,000 during a period of time and stockholders' equity increased by $71,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is:_______.a. $17,000 increase b. $159,000 increase c. $88,000 decrease d. $159,000 decrease
Answer:
The total liability will decrease by $159000
Explanation:
Below is the calculations:
Assets = Liabilities + Equity
Since the asset is the sum of liabilities and equity so the decrease in assets will be subtracted from the asset and an increase in the liability will be increased in the equity.
Assets = Liabilities + Equity
Assets - $88000 = (Liabilities-159000) + (Equity + 71000)
Assets - $88000 = (Liabilities + equity) - 88000
Thus the total liability will decrease by $159000
The diligent matching of loan programs with the current financial circumstances of each customer is known as:
Answer:
Loan suitability.
Explanation:
A loan can be defined as an amount of money that is being borrowed from a lender and it is expected to be paid back at an agreed date with interest.
Generally, the financial institution such as a bank lending out the sum of money usually requires that borrower provides a collateral which would be taken over in the event that the borrower defaults (fails) in the repayment of the loan.
Loan suitability involves the diligent matching of loan programs with the current financial circumstances of each customer. This is usually done by checking the credit score of a potential borrower.
A credit score can be defined as a numerical expression between 300 - 850 that represents an individual's financial history and credit worthiness. Therefore, a credit score determines the ability of a borrower to obtain a loan from a lender.
Using the lower of cost or market, what should the total inventory value be for the following items:
Item Quantity Unit Cost Price Unit Market Price Total Cost Price Total Market Price
A 300 $15.00 $14.50 $4,500 $4,350
B 200 $14.00 $15.00 $2,800 $3,000
C 100 $17.00 $17.50 $1,700 $1,750
Apply the lower-of-cost-or-market method to inventory as a whole.
Answer:
The total inventory value based on the lower-of-cost-or-market value method applied to inventory as a whole is:
= $9,000.
Explanation:
a) Data and Calculations:
Item Quantity Unit Cost Unit Market Total Cost Total Market
Price Price Price Price
A 300 $15.00 $14.50 $4,500 $4,350
B 200 $14.00 $15.00 $2,800 $3,000
C 100 $17.00 $17.50 $1,700 $1,750
Total cost or market price $9,000 $9,100
Perez Company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1,000,000 tons of ore. The estimated value of the land after the ore is removed is $200,000.1. Prepare the entry(ies) to record the cost of the ore mine.2. Prepare the year-end adjusting entry if 180,000 tons of ore are mined and sold the first year.3. Calculate the depletion expense from the information given.
Answer:
1. Date Account titles and explanation Debit Credit
Ore mine $1,400,000
Cash $1,400,000
(To record ore mine cost)
2. Date Account titles and explanation Debit Credit
Depletion expenses $288,000
Accumulated depletion $288,000
(To record depletion expenses)
3. Particulars Amount
Cost $1,800,000 ($1,400,000+$400,000)
Salvage $200,000
Amount subject to depletion $1,600,000 ($1,800,000 - $200,000)
Total units of capacity 1,000,000
Depletion per unit $1.6 ($1,600,000/1,000,000)
Units extracted & sold in period 180,000
Depletion expense $288,000 (180,000*$1.6)
Red Raider Company uses a plantwide overhead rate with direct labor hours as the allocation base. Next year, 560,000 units are expected to be produced requiring 0.90 direct-labor hours each. How much overhead will be assigned to each unit produced given the following estimated amounts?
Estimated: Department 1 Department 2
Manufacturing overhead costs $2,530,000 $900,000
Direct labor hours 168,000 DLH 110,000 DLH
Machine hours 30,000 MH 8,000 MH
a. $12.34 per unit
b. $63.95 per unit
c. $7.32 per unit
d. $11.11 per unit
e. $15.06 per unit
Answer:
d. $11.11 per unit
Explanation:
Plant wide overhead rate = Total manufacturing cotsts / Total direct labor hours
Plant wide overhead rate = ($2,530,000 + $900,000) / (168,000+110,000)
Plant wide overhead rate = $3,430,000 / 278,000
Plant wide overhead rate = $12.34 per DLH
Overhead cost per unit = Plant wide overhead rate * Direct hours per unit
Overhead cost per unit = $12.34 * 0.90
Overhead cost per unit = $11.11 per unit
acc 450 An engagement in which a CPA firm arranges for a critical review of its practices by another CPA firm is referred to as a(n):
Answer:
peer review engagement
Explanation:
A peer review refers to the external review done on the periodic basis that represent the quality control system of the firm in accounting & auditing
Also it is an engagement where the CPA firm arranged the critical review by other CPA
So it is a peer review engagement
Hence, the same should be considered
ou own a portfolio that is 30 percent invested in Stock X, 20 percent in Stock Y, and 50 percent in Stock Z. The expected returns on these three stocks are 11 percent, 17 percent, and 13 percent, respectively. What is the expected return on the portfolio
Answer:
The expected return on the portfolio is:
= 13.2%
Explanation:
a) Data and Calculations:
Portfolio
Stock Percentage Expected Weighted
Holding Returns Returns
Stock X 30% 11% 3.3%
Stock Y 20% 17% 3.4%
Stock Z 50% 13% 6.5%
Total 100% 13.2%
b) The expected return on the portfolio is the addition of the weighted returns from each investment. The weighted returns are obtained by multiplying the percentage holding of each stock with its expected returns.
The process of gathering and evaluating information to determine whose interests should be emphasized throughout the project is called
Answer:
whose interests shoud be emphasized throughout the project
Explanation:
a) The market for automobile tires after the price of rubber increases. b) The market for a hardcover book in which the publisher overestimated demand, charging more than the equilibrium price. (Instead of a shift, indicate the quantity of the shortage or surplus of the book.) c) The market for a normal consumer good after a significant rise in average income. d) The market for infant cribs after a significant decline in the birth rate. For the following three parts, answer each question completely, directly, and succinctly. e) If the demand for a good decreases, ceteris paribus, what will happen to the equilibrium price
Answer:
Decreases.
Explanation:
If the demand for a good decreases and all other things are equal then there will be decrease in equilibrium price because there is a direct relationship between demand and equilibrium price. In direct relationship, if one increases the other automatically increases and vice versa so same is the case with demand and equilibrium price. As demand increases the equilibrium price will also increases and vice versa.
Equivalent Units of Materials Cost The Filling Department of Eve Cosmetics Company had 4,500 ounces in beginning work in process inventory (90% complete). During the period, 74,900 ounces were completed. The ending work in process inventory was 3,700 ounces (40% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process? fill in the blank 1 units
Answer: 74,100 units
Explanation:
If the materials are added at the beginning of the process then the opening work in process inventory would need to be deducted from the completed inventory for the period. Also there would be no need to multiply the units by their completion level because they are assumed to be at 100% completion because materials were added at the very beginning.
Total equivalent units for direct materials is:
= (Completed units - Opening inventory) + Closing work in process
= (74,900 - 4,500) + 3,700
= 74,100 units
Blume Corporation leases equipment for a ten-month period. The entire related lease payment is due at the end of the ten-month period. The journal entry to recognize the monthly accrual related to the lease will include a debit to:
Answer: d. short-term lease expense.
Explanation:
The debit has to go to an expense account to recognize that a lease expense is being incurred. The relevant account would be a short-term lease expense account because the lease is a short term lease as it is to last for less than a year.
The credit will go to an accrued lease account to recognize that it is a current liability because liabilities are credited when they increase.
An organization implements an information system to optimize its supply chain. The system helps the organization decrease wastage. Hence, the system provides a competitive advantage to the organization. Here, the information system helped the organization achieve competitive advantage by
Answer:
Reducing cost
Explanation:
Competitive advantage is defined as the edge a firm has over others that results in greater profits.
It can be as a result of technology, price, cost reduction, or quality.
In the given scenario where an organization implements an information system to optimize its supply chain by decreasing wastage, it is reducing its cost as a way of gaining competitive advantage over other companies.
The University Store, Incorporated is the major bookseller for four nearby colleges. An income statement for the first quarter of the year is presented below: University Store, Incorporated Income Statement For the Quarter Ended March 31 Sales $ 800,000 Cost of goods sold 560,000 Gross margin 240,000 Selling and administrative expenses: Selling $ 100,000 Administrative 110,000 210,000 Net operating income $ 30,000 On average, a book sells for $40.00. Variable selling expenses are $3.00 per book; the remaining selling expenses are fixed. The variable administrative expenses are 5% of sales; the remainder of the administrative expenses are fixed.The contribution margin for the University Store for the first quarter is: A) $660,000 B) $700,000 C) $180,000 D) $140,000
Answer:
The University Store
The contribution margin for the University Store for the first quarter is:
= D) $140,000
Explanation:
a) Data and Calculations:
University Store,
Incorporated Income Statement
For the Quarter Ended March 31
Sales $ 800,000
Cost of goods sold 560,000
Gross margin 240,000
Selling and administrative expenses:
Selling $ 100,000
Administrative 110,000 210,000
Net operating income $ 30,000
Selling price per book = $40.00
Variable selling expenses per book = $3.00
Variable administrative expenses = 5% of sales
Sales Revenue $800,000
Cost of goods sold 560,000
Selling expense 60,000
Admin. expense 40,000
Total variable costs 660,000
Contribution margin 140,000
A good speaker in the Group discussion is the one who is always :
1. Loud
2.Loud and aggressive
3. Calm and composed
4. strong and powerful
5. confident and assertive
Answer:
5. confident and assertive
Moung Corporation has a high probability of operating at 40,000 activity hours during the upcoming period, and lower probabilities of operating at 30,000 hours and 50,000 hours. The company's flexible budget revealed the following:______. 30,000 Hours 40.000 Hours 50.000 Hours Variable costs $135,000 $180,000 $225,000 Fixed costs 720,000 720,000 720.000 Moung's flexible-budget formula, where Y is defined as total cost and AH represents activity hours, is:_______.(Round calculations to 2 decimals.):
Y = $4.50AH + $700,000.
Y = $180,000 + $17.50AH.
Y = $925,000.
Y = $22.00AH.
Y = $4.50AH + $23.30AH.
Answer: Y = $4.50AH + $700,000.
Explanation:
Based on the options given, I believe you meant that the fixed cost is 700000 and not 720000.
Note that the variable cost per activity hour will be:
= 180000/40000
= 4.50 per AH
Fixed Cost = $700,000
Therefore, using Moung's flexible-budget formula, this will be:
Y = bx + a
Y = $4.50 AH + $700,000
The burden of a tax is shared by producers and consumers. Under what conditions will consumers pay most of the tax? Under what conditions will producers pay most of it? A. It depends on who is legally obligated to pay the tax. Typically producers are required to pay the tax and therefore bear most of the burden. B. If demand is relatively more elastic than supply, producers will pay more of the tax. C. It depends on who is legally obligated to pay the tax. Typically consumers are required to pay the tax and therefore bear most of the burden. D. If demand is relatively less elastic than supply, producers will pay more of the tax.
Answer:
B
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 elasticity of demand = midpoint change in quantity demanded / midpoint change in price
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.
If demand is more elastic than supply, if price is increased as a result of tax, demand would fall more than supply. As a result, producers would bear more tax burden
Fox Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the period, the Corporation estimated manufacturing overhead would be $18,000 and direct labor-hours would be 15,000. The actual figures were $19,500 for manufacturing overhead and 16,000 direct labor-hours. The cost records for the period will show:
Answer:
See below
Explanation:
Given the information above, we will calculate the predetermined overhead rate first.
Predetermined overhead rate = Estimated manufacturing overhead / Estimated direct labor
= $18,000 / 15,000
= $1.2
Then,
Manufacturing overhead = Predetermined overhead rate × Actual direct labor hours
= $1.2 × 16,000
= $19,200
Then,
Cost records for the period = Manufacturing overhead - Actual manufacturing overhead
= $19,200 - $19,500
= $300 over applied
When Job 117 was completed, direct materials totaled $13,116; direct labor, $22,560; and factory overhead, $16,788. A total of 2,186 units were produced at a per-unit cost of a.$35,676 b.$24 c.$52,464 d.$2,186
Answer:
Unitary cost= $24
Explanation:
Giving the following information:
Total direct material= $13,116
Direct labor= $22,560
Factory overhead= $16,788
Number of units= 2,186
First, we need to calculate the total cost:
Total cost= 13,116 + 22,560 + 16,788
Total cost= $52,464
Now, the unitary cost:
Unitary cost= total cost / number of units
Unitary cost= 52,464 / 2,186
Unitary cost= $24
Under U.S. GAAP, liabilities payable within one year can be excluded from current liabilities only if: A) The business intends to refinance the obligations on a long-term basis. B) The business has the demonstrated ability to refinance the obligations on a long-term basis. C) Both a and b. D) Liabilities payable within one year always must be classified as current liabilities.
Answer: C) Both a and b.
Explanation:
Liabilities that are payable in a year must always be treated as current liabilities. If a company wants to treat them as long term liabilities that go over a year, they will have to convert them to long term liabilities.
To do that they would have to refinance the payable on a long term basis. They will be able to convert this payables to long term if they not only intend to refinance, but are able to do so as well. This means that if they are unable to acquire the required funding, they won't be able to convert this to a long term payable.
