Answer and Explanation:
The journal entry is given below:
Bad debt expense $1,200
To Accounts Receivable- Acme Inc. $1,200
(Being the bad debt expense is recorded)
Here the bad debt expense is debited as it increased the expense and credited the account receivable as it decreased the assets
The same is relevant
g is considering eliminating the fruit product line. If this line is eliminated, Orange Company will be able to eliminate $74,000 of total fixed costs. By how much would this business decision increase operating income
The business decision increase the operating income by $16,000
Calculation of impact of net operating income:
The following formula should be used:
= Contribution margin lost + fixed cost savings
= -$58,000 + $74,000
= $16,000
Since fruit product contributed $58,000 so here we eliminated it due to this it has a loss of $58,000 for the orange company
Therefore we can conclude that that the business decision increase the operating income by $16,000
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Sheridan Company just began business and made the following four inventory purchases in June: June 1 144 units $ 952 June 10 184 units 1472 June 15 184 units 1564 June 28 144 units 1296 $ 5284 A physical count of merchandise inventory on June 30 reveals that there are 194 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is
Answer:
$210,688
Explanation:
The LIFO method of accounting for inventory involves issuing the last items purchased first and those purchased first are issued last hence the acronym LIFO which means last in first out
Given that June 1 144 units $ 952 June 10 184 units 1472 June 15 184 units 1564 June 28 144 units 1296 $ 5284 A physical count of merchandise inventory on June 30 reveals that there are 194 units on hand
Total number purchased during the month
= 144 + 184 + 184 + 144
= 656 units
Using the last in first out method, the 194 units left at the end would be made up of the 144 units purchased on June 1 and 50 units purchased on 10 June hence the amount allocated to ending inventory for June is
= 144 * $952 + 50 * $1472
= $210,688
What happens in the foreign exchange market when a surplus of dollars exists? When there is a surplus of dollars in the foreign exchange market, _______.
Answer:
prices will decrease
Explanation:
The forex market is balanced when there exists when the quantity supply of any currency is equal to the quantity demanded. If the market has a surplus or shortages the rates will adjust accordingly.provides the following data: 20X920X8 Cash$41,000 $25,000 Accounts Receivable, Net102,000 62,000 Merchandise Inventory72,000 50,000 Property, Plant, and Equipment, Net181,000 120,000 Total Assets$396,000 $257,000 Additional information for the year ending December 31, 20X9: Net Credit Sales$550,000 Cost of Goods Sold150,000 Interest Expense25,000 Net Income181,000 Calculate the rate of return on total assets for 20X9.
Answer:
63.09%
Explanation:
Note Missing question is attached as picture below
Average total assets = (Opening total assets+Closing total assets)/2
Average total assets = ($396,000 + $257,000) / 2
Average total assets = $653,000 / 2
Average total assets = $326,500
Return on total assets = (Net income + Interest expense)/Average total assets
Return on total assets = ($181,000 + $25,000) / $326,500
Return on total assets = $206,000 / $326,500
Return on total assets = 0.6309342
Return on total assets = 63.09%
The primary responsibility for establishing and maintaining internal control rests with
А
The controller
В.
The internal auditor
С
The treasurer
D
Management
Answer:
D
Explanation:
Management is responsible for establishing and maintaining internal control to achieve the objectives of effective and efficient operations, reliable financial reporting, and compliance with applicable laws and regulations.
The three key pieces of information that are stated on a bond certificate are the: A. stated interest rate, the face value of the bond, and the maturity date. B. market interest rate, the price of the bond, and the maturity date. C. interest payment, the face value of the bond, and the credit rating of the company. D. interest payment, the issue price of the bond, and the credit rating of the company.
A bond certificate should contain stated interest rate, the face value of the bond, and the maturity date.
A bond certificate simply refers to a certificate of debt which is usually issued either by the government or a corporation. The main idea behind the issuing of a bond certificate is to raise money.
The bond certificate states the bond details e.g. the bond par value, interest rate, maturity date etc.
In conclusion, the correct option is A.
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Payback Period Payson Manufacturing is considering an investment in a new automated manufacturing system. The new system requires an investment of $1,200,000 and either has: Even cash flows of $800,000 per year or The following expected annual cash flows: $150,000, $150,000, $400,000, $400,000, and $100,000.
Required:
Calculate the payback period for each case.
Answer:
Assuming cashflows of $800,000 a year:
Payback period = Investment / Stable cashflow
= 1,200,000 / 800,000
= 1.5 years
Assuming uneven cashflows:
Payback period = Number of years before payback year + Cash remaining to be paid / Cashflow in payback period
= 150,000 + 150,000 + 400,000 + 400,000
= $1,100,000
Years before payback year = 4 years
Cash remaining to be paid back = Investment - Cashflow so far
= 1,200,000 - 1,100,000
= $100,000
Payback period = 4 + 100,000 / 100,000
= 5 years
Suppose that XYZ Company hires labor and capital in competitive input markets. Assume that labor costs $200 per day and that a unit of capital costs $150 per day. At the current level of production, labor's marginal product is 40 units of output produced per day and capital's marginal product is 30 units of output per day.
a) Given the information provided, is the firm minimizing the cost of current production? Explain why or why not.
b) If the daily wages were to increase, explain the long run adjustments that the firm would likely make in response to the wage increase.
Answer:
a) Yes, the firm is minimizing the cost of current production. This is because MRPL / w = MRPC / r = 0.20.
b) The long run adjustments that the firm would likely make in response to the wage increase is to use more labor and less capital until MRPL / w = MRPC / r, which is the condition for the cost minimization of a firm.
Explanation:
a) Given the information provided, is the firm minimizing the cost of current production? Explain why or why not.
The condition for the cost minimization of a firm is as follows:
MRPL / w = MRPC / r ……………………………. (1)
Where:
MRPL = Labor's marginal product = 40
w = Cost of labour = $200
MRPC = Capital's marginal product = 30
r = Cost of capital = 150
Therefore, we have:
MRPL / w = 40 / 200 = 0.20
MRPC / r = 30 / 150 = 0.20
Since MRPL / w = MRPC / r = 0.20, this implies that these conditions are consistent with equation (1). Therefore, the firm is minimizing the cost of current production.
b) If the daily wages were to increase, explain the long run adjustments that the firm would likely make in response to the wage increase.
If the daily wages were to increase, the MRPL / w in equation (1) in part a above will fall and we will have:
MRPL / w < MRPC / r …………………… (2)
Since equation (2) is no longer consistent with equation (1), the firm is NOT minimizing the cost of current production.
Therefore, the long run adjustments that the firm would likely make in response to the wage increase is to use more labor and less capital until MRPL / w = MRPC / r, which is the condition for the cost minimization of a firm.
Because of the compounding effect:
a. large yearly growth rates are needed to achieve sustained growth.
b. large yearly growth rates are needed to achieve sustained growth.
c. small changes in economic growth rate lead to large GDP changes over time.
d. small changes in economic growth rate lead to large GDP changes over time.
e. interest compounding allow the economy to grow faster.
Answer: c. small changes in economic growth rate lead to large GDP changes over time.
Explanation:
If there is even a small change in the rate at which the economy is growing, this increase will increase by even more the year afterward and then even more as time goes on. This is because the interest is being compounded overtime.
Look at the future value formula that shows compounding for instance:
Future value = Amount * (1 + rate) ^ number of periods
Assume even a change of 2% in the growth rate. In 30 years, this rate would have increased the economy by:
= 1 * ( 1 + 2%)³⁰
= 1.81
Which is a rate of:
= 1.81 - 1
= 81%
What started off as only 2% became 81% in 30 years. This is what compounding does.
Why My LinkedIn Lead Generation Is Failing?
Answer:
Your LinkedIn lead generation is failing due to the following mistakes:
Mistake 1. Not Choosing the Right LinkedIn Automation ToolMistake 2. Sending and Sharing Self-Promotional ContentMistake 3. Not Personalizing ContentMistake 4. Not Segmenting LeadsMistake 5. Not sending Follow-UpsMistake 6. Not Paying Attention To StatsThere are tons of big and small mistakes that marketers make when it comes to LinkedIn lead generation. However, the worst thing is to not learn from those mistakes and keep repeating the mistakes.
Of all the promotional tools we looked at, which one is the most effective in getting your attention and interesting you in a product? Conversely, which of the tools is something that has a slim to zero chance of reaching you, much less interesting you?
Answer:
There are basically four tools of promotion namely, Advertisement, public relations, sales promotions, and direct marketing.
Of these, direct marketing will be most effective in capturing my attention while public relations will be less effective to me.
Explanation:
Direct marketing involves establishing direct communication with the potential buyer. It allows for a personal relationship with the buyer. Media such as telemarketing, direct mails, and face-to-face marketing are used to sell the goods. I will be easily convinced because I can easily relate with the person selling the goods and ask questions about the product.
Public relations refers to ways the company formally promotes its image to maintain its customer base. Press release is a measure employed by these companies. I will not be captivated by this because of the formality involved. I believe that through these measures, the company only lets out information they will like you t know.
Pick the correct statement related to net working capital from below. Multiple Choice Net working capital can be ignored in project analysis because any expenditure is normally recouped at the end of the project. Net working capital requirements, such as an increase in accounts receivable, create a cash inflow at the beginning of a project. Net working capital is rarely affected when a new product is introduced. Net working capital can create either an initial cash inflow or outflow. Net working capital is the only expenditure where at least a partial recovery can be made at the end of a project.
Answer:
Net working capital is the only expenditure where at least a partial recovery can be made at the end of a project.
Explanation:
Net working capital is the difference between current assets and current liabilities. Net working capital measures a company's liquidity.
In project analysis, net working capital is part of the cost. It is usually subtracted from cash inflows.
Net working capital is a cash outflow.
Net working capital is the only expenditure where at least a partial recovery can be made at the end of a project.
Question 4
Which of the following is an example of an asset?
O Repairs and Maintenance
Accounts Receivable
o
o Accounts Payable
GST Collected
Answer:
Accounts Receivable
Explanation:
Everything else is a liability
Nichols Company uses the percentage of receivables method for recording bad debts expense. The month-end accounts receivable balance is $250,000 and credit sales during the month were $1,000,000. Management estimates that 4% of accounts receivable will be uncollectible. The Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment. The adjusting entry that Nichols must make includes: a. a credit to the allowance for $7,500. b. a credit to the allowance for $30,000. c. a debit to bad debt expense for $10,000. d. a debit to bad debt expense for $40,000.
Answer: a. a credit to the allowance for $7,500
Explanation:
Estimated Bad Debt = Balance on Account receivable x bad Debt loss rate = $250,000 x 4% = $10,000
Allowance for doubtful accounts with a credit balance of $2,500
Allowance for Bad debts expense =Estimated Bad Debt - Credit balance Allowance for doubtful accounts = $10,000 - $2,500 = $7,500
Account titles and explanation Debit Credit
Bad Debt Expense $7,500
Allowance for Doubtful Accounts $7,500
Tell me about time when you made a mistake how did you find it and what did you do to correct it
Answer:
Briefly explain what the mistake was, but don't dwell on it.Quickly switch over to what you learned or how you improved, after making that mistake.You might also explain the steps you took to make sure that the mistake never happened again.In 2012, Wingen Inc. sold 325,000 units at $8 each .Sales volume is expected to increase by 15 percent in 2013 while the price of each unit is expected to decrease by 15 percent. the expected sales revenue for 2013 is a. $373,750 b.$2,541,500 c.$1,878,500 d.$2,990,000
Answer:
$2541500
Explanation:
Given :
2012 :
Units sold = 325,000
Price per unit = $8
2013 :
Projected increase in volume = 15%
Projected decrease in price = 15%
Expected revenue = sales price * volume sold
Volume in 2013:
Projected Unit sold in 2013 = (1 + 0.15) * 325000 = 373750
units
Projected Price in 2013 = (1 - 0.15) * Price in 2012 = (1 - 0.15) * $8 = $6.80
Expected revenue = $6.80 * 373750 = $2541500
Mahogany Inc. has an unfavorable total labor variance of $770 for the month of September. It had a favorable labor rate variance of $205. Determine the labor efficiency variance of Mahogany for the month of September. g
Answer:
$975 Unfavorable
Explanation:
Calculation to Determine the labor efficiency variance of Mahogany for the month of September
Using this formula
Labor efficiency variance=Unfavorable total labor variance + Favorable labour rate variance
Let plug in the formula
Labor efficiency variance=$770+$205
Labor efficiency variance=$975 Unfavorable
Therefore the labor efficiency variance of Mahogany for the month of September is $975 Unfavorable
Data collection tool of a qualitative research
Answer:
The methods of qualitative data collection most commonly used in health research are document study, observations, semi-structured interviews and focus groups.
out line four roles played by entrepreneurs in Kenya
Answer:
To be a successful entrepreneur it is necessary for the individual to develop essential communication skills, creativity, innovation and the ability to deal with the risks inherent in the business.
A well-positioned and competitive business is one that manages to create value for consumers by offering products and services that satisfy their wants and needs.
In Kenya, entrepreneurship has stood out as a means for citizens to seek employment and income opportunities, especially in opening up trade in products and services.
Entrepreneurship helps a country to develop by moving the economy and improving the population's quality of life, so it is necessary to have government incentives and information available on the subject.
Klear Manufacturing sells its plant with a cost of $1.2 million to Burt Company for $1.4 million and immediately leases it back for a 15-year term. The transaction does not meet the revenue recognition criteria under ASC Topic 606. At the inception of the sale and leaseback, Klear should debit cash and credit
a. notes payable.
b. sales revenue.
c. lease liability.
d. the asset.
Answer:
Klear Manufacturing
At the inception of the sale and leaseback, Klear should debit cash and credit
c. lease liability.
Explanation:
a) Data and Calculations:
Debit Cash $1.4 million Lease Liability $1.4 million
Debit ROU asset $1.4 million Credit Plant $1.2 million Credit Gain from Sale $0.2 million
b) The sale and leaseback creates a right of use asset as well as a lease liability. Therefore, the Cash account is debited for the cash receipts from the transaction and the Lease Liability is credited. Also debited is the right of use asset with corresponding credits to the Asset account and Gain from Sale.
CONCILIACIONES BANCARIAS
Answer:
ehejejeuywnfwwjwjwhwjegegjshshstehshstejeheteyejuw7yo was a member in its first two seasons of its own and the first team in its history to win the world series 65in 2of 2in 3733333inches the world cup is in its second season as a team that
Brian lives in San Francisco and runs a business that sells guitars. In an average year, he receives $704,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $404,000; he also pays wages and utility bills totaling $286,000. He owns his showroom; if he chooses to rent it out, he will receive $3,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Brian does not operate this guitar business, he can work as an accountant, receive an annual salary of $20,000 with no additional monetary costs, and rent out his showroom at the $3,000 per year rate. No other costs are incurred in running this guitar business.
Identify each of Jake's costs in the following table as either an implicit cost or an explicit cost of selling guitars.
Implicit Cost Explicit Cost
The wholesale cost for the guitars that Charles pays
the manufacturer.
The wages and utility bills that Charles pays.
The salary Charles could earn if he worked as an accountant.
The rental income Charles could receive if he chose to rent
out his showroom .
Complete the following table by determining Jake's accounting and economic profit of his guitar business.
Profit (Dollars)
Accounting Profit
Economic Profit
If Jake's goal is to maximize his economic profit, he___stay in the guitar business because the economic profit he would earn as an accountant would be___.
Answer:
The wholesale cost for the guitars that Charles pays the manufacturer - Explicit Cost
The wages and utility bills that Charles pays. - Explicit Cost
The salary Charles could earn if he worked as an accountant. - Implicit Cost
The rental income Charles could receive if he chose to rent
out his showroom - Implicit Cost
$14000
$-9000
should not
$6,000
Explanation:
Accounting profit= total revenue - explicit cost
Total revenue =price x quantity sold
Explicit cost includes the amount expended in running the business.
They include rent , salary and cost of raw materials
$704,000 - ($404,000 + $286,000) = $14000
Economic profit = accounting profit - implicit cost
Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
Implicit costs = 20,000 + 3000 = 23,000
14,000 - 23,000 = -9000
in partnership businesses.if one partner withdraws part of his salary. How to record it in appropriation account and Current account.??Accounts
Answer:
it can be to be and so
Explanation:
Dobles Corporation has provided the following data from its activity-based costing system:
Activity Cost Pool Total Cost Total Activity
Assembly $228,060 18,000 mahcine hours
Processing orders $34,068 1200 orders
Inspection $125560 1720 inspection hours
The company makes 420 units of product D28K a year, requiring a total of 460 machine-hours, 80 orders, and 10 inspection-hours per year. The product's direct materials cost is $48.96 per unit and its direct labor cost is $25.36 per unit.
According to the activity-based costing system, the unit product cost of product D28K is closest to:
a. $95.34 per unit
b. $93.60 per unit
c. $74.32 per unit
d. $89.93 per unit
Answer:
Hence the correct option is option (a) i.e. $95.34 per unit.
Explanation:
Cost of 420 units of D28K product = 460 machine hour cost + 80 order cost + 10 inspection hour cost + 420 direct materials cost + 420 direct labor cost.
18000 machine hours = 228060
so 460 machine hours = 228060 x 460 /18000 = 5828.2
1200 orders = 34068
80 orders = 80 x 34068 / 1200 = 2271.2
1720 inspection hours = 125560
10 inspection hours = 10 x 125560/1720 = 730
So cost of 420 units of D28 products = 5828.2 + 2271.2 + 730 + 420 x 48.96 + 420 x 25.36
=40043.8
So cost of 1 D28K product = 40043.8 / 420 = 95.34
An oligopolistic market structure is distinguished by several characteristics, one of which is either similar or identical products. Which of the following are other characteristics of this market structure?
a. Market control by many small firms
b. Difficult entry
c. Mutual interdependence
d. Market control by a few large firms
e. Mutual dependence
Answer:
The correct option is d. Market control by a few large firms.
Explanation:
An oligopolistic market structure can be described as a market structure in which there is a small number of large firms, and none of the large firms can prevent the other large firms in the market from wielding great power.
An oligopolistic market structure is there a market that is dominated and controlled by by a few large firms.
Therefore, the correct option is d. Market control by a few large firms.
Sellograph Corporation reports sales of $10 million for Year 2, with a gross profit margin of 40%. 20% of Sellograph's sales are on credit. Year 1 Year 2 Accounts receivable $ 150,000 $ 170,000 Inventory 900,000 1,000,000 Accounts payable 1,100,000 1,200,000
Accounts receivable days outstanding at the end of Year 2 is closest to:___________
a. 30.6 days.
b. 26.0 days.
c. 27.0 days.
d. 6.1 days.
Answer: b.
Explanation:
The Treaty of Maastricht and the Treaty of Lisbon were indications of __________ within the European Union (EU).
a. a shift toward common external policies.
b. greater political union.
c. increased sovereignty for member countries.
d. a harmonized trade system.
e. less economic structure.
Answer:
Option B
Explanation:
In simple words, The Lisbon Treaty, often known as the Treaty of Lisbon, revised European Union laws by providing a more centralized administration as well as foreign relations, a suitable mechanism for nations wishing to exit the Community, and a simplified method for implementing new legislation.
Thus, from the above we can conclude that the correct option is B.
The Treaty of Maastricht and the Treaty of Lisbon were indications of within the European Union (EU) is :
B) Greater political union.
European UnionThe Treaty of Maastricht and the Treaty of Lisbon were indications of Greater political union within the European Union (EU) .
The Lisbon Treaty is changed European Union laws by giving a more centralized organization as well as remote relations, a appropriate instrument for countries wishing to exit the Community, and a disentangled strategy for actualizing unused legislation.
Thus, the correct option is B.
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Assume that a firm had shareholders' equity on the balance sheet at a book value of $1,500 at the end of 2010.During 2011 the firm earns net income of $1,900,pays dividends to shareholders of $200,and issues new stock to raise $500 of capital.The book value of shareholders equity at the end of 2011 is:_______.
A) $2,750
B) $250
C) $1,450
D) $3,700
Answer:
The book value of shareholders equity at the end of 2011 is:_______.
D) $3,700.
Explanation:
a) Data and Calculations:
Beginning shareholders equity book value = $1,500
Net income during 2011 = 1,900
Dividends paid to shareholders (200)
Issuance of new stock 500
Ending shareholders equity book value = $3,700
b) The book value of equity at the end of 2011 is equal to the book value at the beginning of 2011 plus net income generated during 2011, issuance of new stock, minus dividends paid to shareholders.
If a firm has a market beta of 0.9. is subject to an income tax rate of 35 percent, has a risk-free rate of 6 percent, a market risk premium of 7 percent, and has a market value of debt to market value of equity ratio of 60 percent, what does the market expect the firm to generate in terms of equity returns using CAPM?
a) 12.3%
b) 7%
c) 6%
d) 13%
Answer:
A
Explanation:
According to the capital asset price model: Expected rate of return = risk free + beta x (market rate of return - risk free rate of return)
risk free + (beta x market premium)
6 + (0.9 X 7) = 12.3%
The parts can be purchased from an outside supplier for only $28 each. The space in which the parts are now produced would be idle and fixed production costs would be reduced by one-fourth. If the parts are purchased from the outside supplier, the annual impact on the company's operating income will be:________
a) $24,000 increase
b) $24,000 decrease
c) $56,000 increase
d) $56,000 decrease
Answer:
d) $56,000 decrease
Explanation:
In the case when parts are produced by sharp corporation
Given that
Total cost per unit = $36
Total cost = Total cost per unit × parts
= $36 × 8,000
= $288,000
Now
If the parts are Purchased by the outside supplier, fixed costs decreased by one-fourth.
So, three-fourth fixed costs should be incurred.
Now
Total cost per unit = Purchase Price + three - fourth fixed costs
= $28 + (3 ÷4) × $20
= $28 + $15
= $43
Now
Total cost = $43 × 8,000
= $344,000
So, the operating income is
= $288,000 - $344,000
= $56,000 decrease
