Merry Maidens Cleaning generally charges $280 for a detailed cleaning of a normal-size home. However, to generate additional business, Merry Maidens is offering a new-customer discount of 10%. On May 1, Ms. E. Pearson has Merry Maidens clean her house and pays cash equal to the discounted price. Required: Record the revenue earned by Merry Maidens Cleaning on May 1.

Answers

Answer 1

Answer:

May 1

DR Cash $252

CR Service Revenue $252

(To record payment for services rendered)

Working

Cash = Net Service revenue

Net Service revenue = $280 * ( 1 - 10%)

= 280 * 90%

= $252


Related Questions

The total factory overhead for Bardot Marine Company is budgeted for the year at $1,038,750, divided into two departments: Fabrication, $645,000, and Assembly, $393,750. Bardot Marine manufactures two types of boats: speedboats and bass boats. The speedboats require four direct labor hours in Fabrication and three direct labor hours in Assembly. The bass boats require two direct labor hours in Fabrication and four direct labor hours in Assembly. Each product is budgeted for 5,000 units of production for the year.
When required, round all per unit answers to the nearest cent.
a. Determine the total number of budgeted direct labor hours for the year in each department.
Fabrication direct labor hours
Assembly direct labor hours
b. Determine the departmental factory overhead rates for both departments.
Fabrication $ per dlh
Assembly $ per dlh
c. Determine the factory overhead allocated per unit for each product using the department factory overhead allocation rates.
Speedboat: $ per unit
Bass boat: $ per unit

Answers

Answer:

Instructions are below.

Explanation:

Giving the following information:

Fabrication, $645,000

Assembly, $393,750.

Speedboats:

Fabrication Direct labor hours= 4

Assembly Direct labor hours= 3

Bassboats:

Fabrication Direct labor hours= 2

Assembly Direct labor hours= 4

Each product is budgeted for 5,000 units of production for the year.

First, we need to calculate the budgeted direct labor hours:

Fabrication= 4*5,000 + 2*5,000= 30,000

Assembly= 3*5,000 + 4*5,000= 35,000

Now, we can determine the predetermined overhead rate using the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Fabrication= 645,000/30,000= $21.5 per direct labor hour

Assembly= 393,750/35,000= $11.25 per direct labor hour

Finally, we can allocate overhead to each product:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Speedboat= 4*21.5 + 3*11.25= $119.75

Bassboat= 2*21.5 + 4*11.25= $88

"It can be difficult to understand the nature of competition between firms in a market which is driven by change factors like technology, and capital driven mergers. Because of this the Federal Trade Commission has begun to look less at market share and more at the data on actual ______________________________.

Answers

Answer: competition between the businesses.

Explanation:

The Federal Trade Commission was put in place to protect the consumers in the marketplace. This was done by stopping deceptive, fraudulent and unfair practices that exist in the marketplace.

Based on the above analysis in the question, the Federal Trade Commission has begun to look less at market share and more at the data on actual competition between businesses.

Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional questions. Career Connection: Shin-fong How does Shin-fong keep track of his finances?

Answers

Answer:

By means of a budget he prepared.

Explanation:

According to the information available, Shing-fong has a carefully thought out strategy. Here's some of what he does;

he keeps tracks of his finances by means of a budget plan.he views all his transactions also checking his debit or credit cards to keep track of how much he spendsShing-Fong avoids eating out as much as he used to and preparing cheaper food at home.he also avoids unnecessarily spending with friends whenever he is invited.

Expenses that are not easily associated with a specific department, and which are incurred for the joint benefit of more than one department, are:

Answers

Answer:Indirect Expenses

Explanation:  Indirect Expenses are those expenses which are not directly related to the product manufactured or service rendered by  a  company but are generally incurred in the operating and running of a business and cannot be traced to a particular department because the benefits are enjoyed collectively-The reason why its expenses are usually shared among departments or sectors.

Examples of indirect expenses include Rent, salaries to employees, legal charges, insurance of building, depreciation, printing charges, office expenses, telephone bills, advertising, marketing, stationery etc.

What is the value of a perpetuity that pays $100 every 3 months forever? The interest rate quoted on an APR basis is 6%.

Answers

Answer:

$6,666.67

Explanation:

According to the given situation, the computation of the value of a perpetuity is shown below:-

Value of Perpetuity = Quarterly Payment ÷ Quarterly Interest Rate

Now, we will put the values into the above formula to reach the value of a perpetuity

= $100 ÷ (6% ÷ 4)

= $100 ÷ 0.0150

= $6,666.67

Therefore for computing the value of perpetuity we simply applied the above formula.

David Ortiz Motors has a target capital structure of 45% debt and 55% equity. The yield to maturity on the company's outstanding bonds is 12%, and the company's tax rate is 40%. Ortiz's CFO has calculated the company's WACC as 11.35%. What is the company's cost of equity capital

Answers

Answer:

the company's cost of equity capital is 14.75 %.

Explanation:

WACC = ke × (E/V) + kd × (D/V)

Where,

ke = cost of equity

    = this is unknown

E/V = Weight of Equity

      = 55%

kd = cost of debt

     = Interest × ( 1 - tax rate)

     = 12% × ( 1 - 0.40)

     = 7.20 %

D/V = Weight of Debt

       = 45%

Therefore,

WACC = ke × (E/V) + kd × (D/V)

11.35% = 55%ke + 7.20 % × 45%

11.35% = 55%ke + 3.24 %

55%ke = 8.11 %

ke = 14.75 %

Florian just graduated from law school and wants to start his own law firm. It is best for Florian to use a _____ organizational structure.

Answers

Answer:

Given that Florian is just starting out and the firm is new, the best organisational structure he can use is the Simple organisational structure.

Explanation:

A simple organisational structure features the CEO in all decision making process. Any new staff would only an extension of his authority.

As the company grow in size, it can become more functional and even adopt a matrix organisational structure. This helps it keep it's size small while making full use of the capabilities of the staff on adhoc projects.

Cheers!

Which of the following is not a factor that a manager should bear in mind when estimating a​ project's revenues and​ costs?
A) Sales of a product will typically accelerate, stabilize, and then decline as the product becomes outdated or faces increased competition.
B) A new product typically has its highest sales immediately after release as customers are attracted by the novelty of the product.
C) The prices of technology products tend to fall over time as newer, superior technologies emerge and production costs decline.
D) Prices and costs tend to rise with the general level of inflation in the economy.

Answers

Answer:

B) A new product typically has its highest sales immediately after release as customers are attracted by the novelty of the product.

Explanation:

When a manager is implementing and executing a project, there are certain factors to be considered for revenue and costs associated with the project.

For instance, that a new product typically has its highest sales immediately after release as customers are attracted by the novelty of the product is not a factor that a manager should bear in mind when estimating a​ project's revenues and​ costs. This is simply because it is not guaranteed that all new products introduced to the market would be accepted or attractive to customers due to economical factors such scale of preference and opportunity costs.

Ideally, the factors to be considered by a manager when estimating a​ project's revenues and​ costs are;

1. Sales of a product will typically accelerate, stabilize, and then decline as the product becomes outdated or faces increased competition.

2. The prices of technology products tend to fall over time as newer, superior technologies emerge and production costs decline.

3. Prices and costs tend to rise with the general level of inflation in the economy.

Now that you have studied monopolistic competition, let's see how well you can distinguish a firm in a monopolistically competitive market from a firm in a perfectly competitive market. Given the description of the firm below, decide whether it applies to monopolistic competition, perfect competition, or both. You may have to adjust the scroll bar to see the complete list.
1. a firm that produces with excess capacity in
2. a firm that has a firm that sets price greater than marginal cost
3. a firm that may earn an econom profit or loss in the short run
4. a firm that faces a downward sloping demand curve.
5. a firm that that maximizes profits profit in the long by producing where MR = MC

Answers

Answer:

Monopolistic Competition:

4. a firm that faces a downward sloping demand curve.

Perfect Competition:

1. a firm that produces with excess capacity in

3. a firm that may earn in an economy profit or loss in the short run

5. a firm that that maximizes profits profit in the long by producing where MR = MC

Both:

2. a firm that has a firm that sets price greater than marginal cost.

Explanation:

​The government is looking to double the living standards of its population in 18 years, what rate of GDP growth would it need to achieve that? Group of answer choices

Answers

Answer:

4%

Explanation:

The rule of 72 is used to calculate the number of years it takes for GDP to double

72 / growth rate =  number of years

18 = 72 / growth rate

growth rate = 72 / 18 = 4%

​Handbags, Inc. had 200 units of inventory on hand at the end of the year. These were recorded at a cost of $18 each using the last−​in, first−out ​(LIFO) method. The current replacement cost is $16 per unit. The selling price charged by​ Handbags, Inc. for each finished product is $27. In order to record the adjusting entry needed under the lower−of−cost−or−market ​rule, the Cost of Goods Sold will be​ ________.

Answers

Answer:

debited by $400

Explanation:

Inventory on hand at the beginning × each inventory cost

= 200 units × $18

= $3,600

Inventory on hand at the beginning × Current replacement cost

= 200 units × $16 per unit

= $3,200

Therefore;

$3,600 - $3,200 = $400 increase of cost of goods sold which is debit.

Upton Co. is growing quickly. Dividends are expected to grow at 20 percent for the next three years, with the growth rate falling off to a constant 8 percent thereafter. If the required return is 11 percent and the company just paid a dividend of $1.45, what is the current share price

Answers

Answer:

$71.03

Explanation:

To find the current share price we need to find the value of future dividends first and then discount it by the given rate of return

DATA

Growth rate = g = 20%

Time period = 3 years

Required return = 11%

Current dividend = Do = $1.45

Share price =?

Solution

Future dividend = Current dividend ( 1 + growth rate)

D1 = (1.45 x 1.20) = $1.74

D2 = (1.74 x 1.20) = $2.088

D3 = (2.088 x 1.20) = $2.5056

Value after year 3 = (D3 x Growth rate) / (Required return-Growth rate)

Value after year 3 = (2.5056*1.08) / (0.11-0.08)

Value after year 3 =$90.2

current share price = Future dividends x Present value of discounting factor

current share price = (1.74/1.11)+($2.088/1.11^2)+(2.5056/1.11^3)+($90.2/1.11^3)

current share price =  1.56 + 1.69 + 1.83 + 65.95

current share price =$71.03

On January 1, Bramble Corp. has a beginning cash balance of $42000. During the year, the company expects cash disbursements of $300000 and cash receipts of $340000. If Bramble requires an ending cash balance of $40000, the company must borrow:________

Answers

Answer:

this question is confusing me

hi , what is third-party companies??? thank

Answers

Answer:

A 'third party', is any entity that a company does business with. This may include suppliers, vendors, contract manufacturers, business partners and affiliates, brokers, distributors, resellers, and agents.

On July 1, Shady Creek Resort borrowed $400,000 cash by signing a 10-year, 9% installment note requiring equal payments each June 30 of $62,328. What is the journal entry to record the first annual payment

Answers

Answer:

                             Journal Entry

                                    Debit       Credit

Interest Expense      $36,000

Notes Payable          $26,328

Cash                                             $62,328

Workings

Interest portion for one year = 400,000 * 9% = $36,000

Total installment paid = $62,328

So, principal portion repaid = $62,328 - $36,000

 = $26,328

A stock had returns of 9.62 percent, −14.65 percent, 19.85 percent, 25.35 percent, and 7.65 percent over the past five years. What was the geometric average return for this stock?

Answers

Answer:

The geometric average return for this stock was 8.64%.

Explanation:

Geometric average return refers to the return which will result in the correct compounded dollars at the end of the time period.

Geometric average return can be computed using the following formula:

Geometric average return = {[(1 + r1)(1 + r2) ... (1 + rn)]^(1/n)} - 1 ......... (1)

Where r is returns from year 1 to year n.

For the stock in the question, we have:

r1 = 9.62%, 0.0962

r2 = -14.65%, or -0.1465

r3 = 19.85%, or 0.1985

r4 = 25.35%, or 0.2535

r5 = 7.65%, or 0.0765

n = 5

Substituting the values into equation (1), we have:

Geometric average return = {[(1 + 0.0962)(1 - 0.1465)(1 + 0.1985)(1 + 0.2535)(1 + 0.0765)]^(1/5)} - 1

Geometric average return = {1.51310732605096^0.20} - 1

Geometric average return = 0.0864, or 8.64%

Therefore, the geometric average return for this stock was 8.64%.

Michael Company reports Total Assets of $254,000, Common Stock of $50,000, and Retained Earnings of $94,000. What are total liabilities at the end of the first year

Answers

Answer:

$110,000

Explanation:

Accounting equation : Assets - liabilities = Shareholder's equity

Liabilities = Assets -  Shareholder's equity

Equity = $50,000 + $94,000 = $144,000

$254,000 - $144,000 = $110,000

Webster Corporation's monthly projected general and administrative expenses include $5,600 administrative salaries, $3,000 of other cash administrative expenses, $1,650 of depreciation expense on the administrative equipment, and .5% monthly interest on an outstanding bank loan of $16,000. Compute the total general and administrative expenses to be reported on the general and administrative expense budget per month.

Answers

Answer:Total general and administrative expenses budget per month  =$10,250

Explanation:

Total general and administrative expenses are  the compulsory costs to ensure that a company's day to day  operations is  maintained  whether or not the company is making profit.

General and administrative expenses includes Rent, Utility bills,  insurance  wages and benefits, depreciation of office furnitures, Office supplies and  are regarded as  operating expenses and therefore  interest paid on a bank loan is not an operating expenses but a  financing activities and will not be considered as an administrative expense.

Administrative expenses= administrative Salaries+Other cash administrative expenses+Depreciation

=$5,600+$3,000+$1,650

=$10,250

You own two bonds. Both bonds pay annual interest, have 7 percent coupons, and currently have 7 percent yields to maturity. Bond A has 5 years to maturity and Bond B has 10 years to maturity. If the market rate of interest changes unexpectedly to 6 percent, the price of Bond A will change by _____ percent and the price of Bond B will change by _____ percent.

Answers

Answer:

the price of Bond A will change by 4.21% and the price of Bond B will change by 7.36%.

Explanation:

Bonds A and B

current bond price $1,000

interest rate 7%

Bond A matures in 5 years, annual payments

Bond B matures in 10 years, annual payments

if market interest decreases to 6%

Bond A:

$1,000 / (1 + 6%)⁵ = $747.26

$70 x 4.2124 (annuity factor, 6%, 5 periods) = $294.87

market price = $1,042.13

% change = 4.21%

Bond B:

$1,000 / (1 + 6%)¹⁰ = $558.39

$70 x 7.3601 (annuity factor, 6%, 10 periods) = $515.21

market price = $1,073.60

% change = 7.36%

Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn 20XX for $85 during December 2014. These new subscribers will receive monthly issues, beginning in January 2015. In addition, the business had taxable income of $840,000 during the first calendar quarter of 2015. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 2015.

Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 2015.

Answers

Answer:

Current Liabilities

Federal Income Taxes Payable $336,000

Advances on Magazine Subscriptions $1,593,750

Total Current Liabilities $1,929,750

Explanation:

Federal Income Taxes Payable

This is a current Liability as it falls under a period of a year. As March ends the first quarter, the quarterly tax is;

= 840,000 x 40%

= $336,000

Advances on Magazine Subscriptions

They are to deliver monthly subscriptions for 12 months to the tune of 25,000 copies which they have already been paid for. Under the Accrual system they cannot recognize this as revenue until they have fulfilled their obligation to deliver the magazines and until then, they are current Liabilities. As of end of March, they have fulfilled their obligations for 3 months leaving 9 in the year.

= 25,000 x $85 x 9/12

=$1,593,750

Today’s business headlines frequently cite pensions being underfunded, thus costing companies more in contributions to their pension fund as well as pensioners risking not receiving what they had planned for retirement. This has been caused by underperformance of the pension fund itself and the over promising of benefits to retirees. Take the following example:_______.
Assume $20m was invested today to provide for pension payments for a group of employees. Assume also that the average return on these funds was 8.5%
1. How big will the fund be in 25 years?
2. Suppose at year 12 the fund decreased in value by 30%. What returns would be required for the next 13 years to achieve the 25 year amount?
3. Advisor's counseled the company that a conservative investment return of 6% annually for the next 13 years would be advisable and that the company would have to contribute annually to make up the shortfall. How much would have to be contributed annually beginning year 13 if the fund earned 6% in order to achieve the 25 year goal?
Please show the method used to solve this problem.

Answers

Answer:

1) in 25 years, the pension fund should equal:

future value = present value x (1 + interest rate)ⁿ

FV = $20,000,000 x (1 + 8.5%)²⁵ = $153,735,247

2) the value in 12 years = $20,000,000 x (1 - 30%) = $14,000,000

future value = present value x (1 + interest rate)ⁿ

$153,735,247 = $14,000,000 x (1 + interest rate)¹³

(1 + interest rate)¹³ = $153,735,247 / $14,000,000 = 10.981

¹³√(1 + interest rate)¹³ = ¹³√10.981

1 + interest rate = 1.2024

interest rate = 1.2024 - 1 = 20.24%

3) if the fund only earns 6%, in 13 years it will be worth:

FV = $14,000,000 (1 + 6%)¹³ = $29,860,996

so you need $153,735,247 - $29,860,996 = $123,874,251 more

we need to use the future value of an annuity formula:

FV of an annuity = annuity payment x annuity factor

FV of an annuity = $123,874,251annuity payment = ?annuity factor (6%, 13 periods) = 18.882

annuity payment = $123,874,251 / 18.882 = $6,560,441

Kosher Pickle Company acquires all the outstanding stock of Midwest Produce for $12.5 million. The fair value of Midwest's assets is $8.5 million. The fair value of Midwest's liabilities is $1.3 million. Calculate the amount paid for goodwill

Answers

Answer:

$5.3 million

Explanation:

Kosher pickle company acquires outstanding stock of Midwest produce for $12.5 million

Fair value of Midwest assets is $8.5 million

Fair value of Midwest liabilities is $1.3 million

The first step is to calculate the fair value of net identifiable assets

= $8.5 million-$1.3 million

=7.2 million

Therefore, the amount paid for goodwill can be calculated as follows

= $12.5 million-$7.2 million

= $5.3 million

Hence the amount paid for goodwill is $5.3 million

The Bathtub Division of Kirk Plumbing Corporation has recently approached the Faucet Division with a proposal. The Bathtub Division would like to make a special "ivory" tub with gold-plated fixtures for the company's 50-year anniversary. It would make only 5,000 of these units. It would like the Faucet Division to make the fixtures and provide them to the Bathtub Division at a transfer price of $160. If sold externally, the estimated variable cost per unit would be $140. However, by selling internally, the Faucet Division would save $6 per unit on variable selling expenses. The Faucet Division is currently operating at full capacity. Its standard unit sells for $43 per unit and has variable costs of $25.

Required:
Compute the minimum transfer price that the Faucet Division should be willing to accept, and discuss whether it should accept this offer.

Answers

Answer:

Minimum transfer price = $152

Explanation:

The minimum transfer price can be calculated by Adding variable cost and the contribution margin lost

Minimum transfer price = Variable cost + Contribution margin lost

Minimum transfer price = $134 + $18

Minimum transfer price = $152

Working

Variable cost  = $140 -$6(saving) = $134

Contribution margin lost = Selling price - variable cost per unit

Contribution margin lost = $43 - $25

Contribution margin lost = $18

Decision: The offer should be accepted because the minimum transfer price of $152 is less than $160

3. There a number of market entry strategies that businesses use in entering into markets outside their countries. a) Distinguish between the use of Franchising and Joint Venture as modes of entry into other countries by global businesses. b) What are the respective advantages and disadvantages of both strategies?

Answers

Answer:

a) Distinguish between the use of Franchising and Joint Venture as modes of entry into other countries by global businesses.

Franchising consists in the licensing of aspects of production and intellectual property to a another party: the franchise.

A Joint Venture is a business union between two or more parties, in which they split profit as well as costs and responsabilities.

b) What are the respective advantages and disadvantages of both strategies?

Franchising can be a quicker way to expand into foreign markets. The flexibility of the method, and the lower capital requirements are the reason why. This can be seen in the success that American fast-food brands have had using this method to expand in global markets.

A Joint-Venture can be more difficult to use for market expansion, however, it can be more profitable, because the profit will not be split among as many parties as in franchising, and more importantly, the firm maintains a higher control of the operation.

The following income statement and additional year-end information is provided.
SONAD COMPANY
Income Statement
For Year Ended December 31
Sales $1,647,000
Cost of goods sold 807,030
Gross profit 839,970
Operating expenses
Salaries expense $225,639
Depreciation expense 39,528
Rent expense 44,469
Amortization expenses—Patents 4,941
Utilities expense 18,117 332,694
507,276
Gain on sale of equipment 6,588
Net income $513,864
Accounts receivable $29,000 increase Accounts payable $14,925 decrease
Inventory 23,425 increase Salaries payable 5,000 decrease
Prepare the operating activities section of the statement of cash flows using the indirect method.

Answers

Answer:

Cash flow from Operating Activities

Net income                                                         $513,864

Adjustment for Non-cash items :

Depreciation expense                                        $39,528

Amortization expenses—Patents                          $4,941

Adjustment for Changes in Working Capital :

Increase in Accounts receivable                      ($29,000)

Decrease in Accounts payable                          ($14,925)

Increase in Inventory                                          ($23,425)

Decrease in Salaries payable                             ($5,000)

Net Cash flow from Operating Activities          $485,983

Explanation:

The Indirect method, reconciles the Operating Profit to the Operating Cash Flow by adjusting for the following items :

Non-cash items previously added or deducted from the Operating ProfitAdjustments for Changes in Working Capital items

Miss. Asma works as a sales executive at HBL Bank, is upset at the way her manager, Sadaf, always calls her in for one-on-one meetings to discuss her underperformance. Though Asma makes a higher number of sales calls and works longer hours than last year, her sales figures are still low. She knows that the main reason behind her underperformance is the recent economic meltdown in the country. However, her manager feels that Asma's underperformance is the result of her laid-back attitude and has nothing to do with external factors. In this situation, what kind of behavior/Attitude Sadaf is showing and how it can be replicate

Answers

Answer:

Sadaf's behavior exemplifies Fundamental attribution error.

It can be replicated if Sadaf does not try to understand Asma's point of view of her underperformance.

Explanation:

The Fundamental Attribution Error is a type of error by the people of over-emphasizing the characteristics of a person while ignoring the situational factors. In such type of cognitive bias, people tend to instil the personal trait of other or judging them for their laid-back behavior based on their personal trait rather than thinking of any possibility of external situation that may have caused it.

In the given situation, Sadaf is showing fundamental attribution error behavior by instilling to Asma's underperformance with her laid-back behavior instead of asking her the real problem.

This attribution error can be replicated if Sadaf did not ask Asam for the reason behind her underperformance.

Ultimo Co. operates three production departments as profit centers. The following information is available for its most recent year. Department 1's contribution to overhead as a percent of sales is:

Dept. Sales Cost of Goods Sold Direct Expenses Indirect Expenses
1 $ 1,080,000 $ 708,000 $ 102,000 $ 88,000
2 480,000 158,000 48,000 108,000
3 780,000 308,000 158,000 28,000
Multiple Choice

56.7%

25.0%

34.7%

34.0%

61.6%

The B&T Company's production costs for May are: direct labor, $19,000; indirect labor, $7,100; direct materials, $15,600; property taxes on production facility, $860; factory heat, lights and power, $1,060; and insurance on plant and equipment, $260. B&T Company's factory overhead incurred for May is:

Multiple Choice
A. $9,280.
B. $43,880.
C. $7,100.
D. $2,180.
E. $22,700.

Answers

Answer:

1) 25%

Dept.         Sales        COGS         Direct Expenses      Indirect Expenses

1            1,080,000    708,000         102,000                   88,000

2             480,000     158,000           48,000                 108,000

3             780,000    308,000          158,000                  28,000

total     2,340,000   1,174,000         308,000               224,000

contribution to overhead = sales - COGS - direct expenses = $1,080,000 - $708,000 - $102,000 = $270,000

contribution to overhead as percentage of sales = $270,000 / $1,080,000 = 0.25 = 25%

2) A. $9,280.

overhead:

direct labor, NOT INCLUDED

indirect labor, $7,100

direct materials, NOT INCLUDED

property taxes on production facility, $860

factory heat, lights and power, $1,060

insurance on plant and equipment, $260

total overhead = $9,280

A company reports merchandise inventory on December 31 at $250,000 but LCM applied to items is $200,000. Record the journal entry to report merchandise inventory at the correct amount:

Answers

Answer:

The adjusting journal will be :

Loss on write down of Inventory $50,000 (debit)

Inventory $50,000 (credit)

Explanation:

The inventory must be presented at the Lower of Cost and Market Value.

The adjusting journal will be :

Loss on write down of Inventory $50,000 (debit)

Inventory $50,000 (credit)

The Loss on write down of Inventory is an expense in the trading account.

Answer:

See journal below

Explanation:

The journal entries below will be recorded in the books of account in order to report the merchandise inventory at the correct amount.

The cost of goods sold account Dr $50,000

($250,000 - $200,000)

To merchandise inventory account Cr $50,000

(Being record of inventory on LCM)

The cost of goods sold was debited with $50,000 while same amount was credited to merchandise inventory account.

The internal rate of return method is used to analyze a $831,500 capital investment proposal with annual net cash flows of $250,000 for each of the six years of its useful life. a. Determine a present value factor for an annuity of $1, which can be used in determining the internal rate of return. Carry your answer out to three decimal places.

Answers

Answer:

annuity factor for 20% and 6 periods = 3.326

Explanation:

the IRR represents the discount rate at which a project's NPV = 0

NPV = initial outlay + PV of future cash flows

NPV = 0

initial outlay = -$831,500

PV of future cash flows = $831,500 = cash flow x annuity factor

annuity factor = $831,500 / $250,000 = 3.326

using an annuity table and looking for the annuity factors for 6 periods, we find that the annuity factor for 20% and 6 periods = 3.326.

So our IRR = 20%

The Government Accounting Office (GAO) announces deep cuts to social security, Medicare, and welfare programs. Which determinant of aggregate demand causes the change

Answers

Answer:

Consumer spending

Explanation:

Consumer spending is the amount that individuals and families spend on final goods and services for personal use and enjoyment in the economy. Contemporary measures of consumer spending include all private purchases of durable goods, durable goods and services. Consumer spending can be thought of as a combination of personal savings, investment cost, and output in the economy.so correct answer is Consumer spending
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