On January 1, 2013, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,546. During the first 11 months of the year, bad debts expense of $21,399 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2013, was $9,859. Required: (a) What was the total of accounts written off during the first 11 months

Answers

Answer 1

Answer: $25,086

Explanation:

The bad debt written off is calculated by:

= Opening balance in Allowance for bad debts account + Bad debt expense - Closing balance in Allowance for bad debt

= 13,546 + 21,399 - 9,859

= $25,086


Related Questions

Global Tek plans on increasing its annual dividend by 15 percent a year for the next four years and then decreasing the growth rate to 2.5 percent per year. The company just paid its annual dividend in the amount of $.20 per share. What is the current value of one share of this stock if the required rate of return is 17.4 percent

Answers

Answer:

2.02

Explanation:

year 1 dividend = 0.2 x 1.15 = 0.23

year 2 dividend = 0.2 x (1.15^2)=  0.26

year 3 dividend = 0.2 x (1.15^3) =  0.30

year 4 dividend = 0.2 x (1.15^4) =  0.35

divdend value in the second stage

0.35 x 1.025 / (0.174 - 0.025) = 2.41

Determine the present value of the cash flows

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

year 1 dividend = 0.2 x 1.15 = 0.23

year 2 dividend = 0.2 x (1.15^2)=  0.26

year 3 dividend = 0.2 x (1.15^3) =  0.30

year 4 dividend = 0.2 x (1.15^4) =  0.35 + 2.41

i = 17.4  

To find the NPV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

Kathy quit her job as a financial advisor

Answers

Kathy quit her job Because she was tired of her job as a financial advisor

Jansen Company reports the following for its ski department for the year 2019. All of its costs are direct, except as noted. Sales $ 605,000 Cost of goods sold 425,000 Salaries 115,000 ($25,200 is indirect) Utilities 14,500 ($5,800 is indirect) Depreciation 48,600 ($17,500 is indirect) Office expenses 28,200 (all indirect) 1. Prepare a departmental income statement for 2019. 2.

Answers

Answer:

Please find the attached file for the complete solution:

Explanation:

Carstow uses the periodic inventory method. (In the periodic method it is assumed that all sales occur the last day of the accounting period - or after all purchases during the period.) Carstow had the following inventory transactions in May, of the current year. On May 1, Carstow had 250 units in inventory that cost $8 each. On May 14, Carstow purchased 800 units at $10 each. On May 20, Carstow purchased 60 units at $13 each. On May 24, Carstow purchased 110 units at $14 each. Carstow sold 840 units on May 28th for $28 each. Do a computation for items 1-6 in the left column. Then, match the computations to the description. There may be extra choices in the right column that will not be used. Round the weighted average cost per unit to the nearest penny for those computations. (Final answer should be rounded to the nearest dollar.)
1. Sales revenue
2. Total cost of goods available for sale during the period
3. Cost of goods sold under FIFO
4. Cost of goods sold under LIFO
5. Cost of ending inventory under LIFO
6. Cost of goods sold under weighted average
A. $3,300
B. $3,838
C. $4,420
D. $7,900
E. $8,484
F. $9,020
G. $12,320
H. $23,520

Answers

Answer:

Carstow Inc.

1. Sales revenue  = H. $23,520

2. Total cost of goods available for sale during the period = G. $12,320

3. Cost of goods sold under FIFO = D. $7,900

4. Cost of goods sold under LIFO = F. $9,020

5. Cost of ending inventory under LIFO = A. $3,300

6. Cost of goods sold under weighted average = E. $8,484

Explanation:

a) Data and Calculations:

Date     Description               Units   Unit Cost    Total

May 1    Beginning inventory  250      $8             $2,000

May 14  Purchase                    800    $10                8,000

May 20 Purchase                      60    $13                   780

May 24 Purchase                      110   $14                 1,540

May 28 Total units/costs      1,220                     $12,320

May 28 Sales                           840            $28

May 28 Ending inventory       380

Sales revenue = $23,520 (840 * $28)

FIFO:

Cost of goods sold = $7,900 (250 * $8 + 590 * $10)

Ending inventory = $4,420 ($12,320 - $7,900)

LIFO:

Ending inventory = $3,300 ($250 * $8 + 130 * $10)

Cost of goods sold = $9,020 (12,320 - $3,300)

Weighted average costs:

Cost of goods available for sale = $12,320

Total units available for sale = 1,220

Unit cost of goods = $10.10 ($12,320/1,220)

Cost of goods sold = $8,484 (840 * $10.10)

Kuley bought a new loom today from GlivCo. She will receive a cash rebate of $820 from GlivCo in 1 year, pay $1,470 to GlivCo in 2 years, receive a cash rebate of $940 from GlivCo in 4 years, and pay $3,580 to GlivCo in 7 years. If the discount rate is 7.12 percent, then what is the present value of the cash flows associated with this transaction

Answers

Answer:

$-2013.69

Explanation:

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

Cash flow in year 1 = 820

Cash flow in year 2 = -1470

Cash flow in year 3 = 0

Cash flow in year 4 = 940

Cash flow in year 5 = 0

Cash flow in year 6 = 0

Cash flow in year 7 =  -3580

I = 7,12 %

PV =  -2013

To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

1. A time study analyst timed an assembly operation for 30 cycles, and then computed the average time per cycle, which was 18.75 minutes. The analyst assigned a performance rating of .96, and decided that an appropriate allowance was 15%. Assume the allowance factor is based on the workday. Determine the following: observed time (OT), the normal time (NT), and the standard time (ST)

Answers

Answer:

1. observed time = 18.75 minutes.

2. Normal time = 18 minutes

3. Standard time = 21.17 minutes

Explanation:

1. The observed time will be equal to the average time per cycle, which was given in the question as 18.75 min. Therefore, observed time = 18.75 minutes.

2. The normal time will be:

= Average Time x Performance Rating

= 18.75 x 0.96

= 18 minutes

3. The standard time will be:

= Normal time × 1/(1 - 15%)

= Normal time × 1/(1 - 0.15)

= 18 × 1/0.85

= 18 × 1.176

= 21.17 minutes

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

Answers

A. True because you base it

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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LUVFINANCE, Inc. is estimating its WACC. The firm could sell, at par, $100 preferred stock that pays a 10 percent annual dividend and incurs 4.72% flotation costs. What is the cost of new preferred stock financing?

Answers

Answer:

The answer is "10.49%".

Explanation:

Preference inventory values are incurred as described below:

Using formula:

[tex]= \frac{Annual \ \ dividend}{ Price \times (1 - flotation\ cost) ]}[/tex]

[tex]= \frac{\$ 10}{[ \$ 100 \times (1 - 0.0472) ]}\\\\= \frac{\$ 10}{ \$ 100 \times (0.9528) }\\\\= \frac{\$ 10}{ \$ 95.28}\\\\=0.10495\\\\=10.49\%[/tex]

A firm's year-end price on its common stock is $55. The firm has a profit margin of 6 percent, total assets of $75 million, a total asset turnover ratio of 0.9, no preferred stock, and 2.5 million shares of common stock outstanding. Calculate the PE ratio for the firm.

Answers

Answer:

34

Explanation:

Price/Earning ratio (PE) = Price per Share ÷ Earnings per share

where,

Earnings per share = Net Income ÷ Number of Common Stock Outstanding

                                = (0.9 x $75 million x 0.06) ÷ 2.5 million shares

                                = 1.62

therefore,

Price/Earning ratio (PE) =  $55 ÷ $1.62 = 33.95 or 34

In this market, the equilibrium hourly wage is $ , and the equilibrium quantity of labor is thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a .

Answers

Answer:

The equilibrium hourly wage is the wage where the curve of supply of labor intersects with that of the demand for labor. The same goes for the equilibrium quantity of labor.

The equilibrium hourly wage is $10, and the equilibrium quantity of labor is 450 thousand workers.

If a Senator introduces a minimum hourly wage, this is considered a Price Floor.

Price floors are prices that that the government mandates that one cannot charge below for a good or service. If there is a price floor on cake for instance, a person is not allowed to charge less than that price floor for cake. The Senator's bill is therefore saying that people should not be paid less than $6 an hour.

Current market trends and consumer preferences across the globe

Answers

Answer:

Consumers Will Abandon Brands That Don’t Support Their Values In Favor Of Those That Do. How To Meet Reimagined Consumers Where They Are, Building New Loyalty & Revenue Streams. Strategy. Consumer Values. 25K Consumers Surveyed. 14 Industries.

I HOPE THIS HELPS PLS BRAINLIST?

The shareholders' equity of Green Corporation includes $232,000 of $1 par common stock and $430,000 par of 7% cumulative preferred stock. The board of directors of Green declared cash dividends of $53,000 in 2021 after paying $23,000 cash dividends in each of 2020 and 2019. What is the amount of dividends common shareholders will receive in 2021

Answers

Answer:

$8,700

Explanation:

Dividends payable to preferred shareholders = [($430,000*7%)*2 - ($23,000*2)] + ($430,000*7%)

Dividends payable to preferred shareholders = [$60,200 - $46,000] + $30,100

Dividends payable to preferred shareholders = $14,200 + $30,100

Dividends payable to preferred shareholders = $44,300

Dividend available to common shareholders = Total dividend - Dividends payable to preferred shareholders

Dividend available to common shareholders = $53,000 - $44,300

Dividend available to common shareholders = $8,700

So, the amount of dividends common shareholders will receive in 2021 is $8,700.

The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus.

Answers

Answer:

Dr Cash $150

Cr Interest Revenue $150

Explanation:

Based on the information given ifnThe bank statement included a CREDIT MEMORANDUM in the amount of $150 for interest which means that the journal entry will be :

Dr Cash $150

Cr Interest Revenue $150

what is another name for advertising?

Answers

Answer:

commercial,  message,  pitch

Explanation:

yes

Cost accumulation is the determination of the dollar amounts of direct materials, direct labor and overhead costs, and cost measurement is the recognition and recording of costs. True False

Answers

Answer:

true......................

Any one know international banking ?

Answers

Answer:

Yes

Explanation:

An international banking is a financial institution that provides different types of financial accounts to client who are not citizens of the nation where the accounts reside

Assume that the labor market for retail workers is generally unskilled. If a minimum wage is set in the labor market for retail workers and that this minimum wage is above the equilibrium wage in this particular labor market, then __________ .

Answers

Answer:

there will be a surplus of retail workers in this labor market.

Explanation:

Here we presume that the labor market is not skilled. Now in the case when the minimum wage i.e. set and this wage should be more than the equilibrium wage so that means there is the surplus in the labor market

So as per the given situation, the above statement should be considered and fit to the given scenario

Hence the same is to be considered

Development cost $ 1,250,000 Estimated development time 9 months Pilot testing $ 200,000 Ramp-up cost $ 400,000 Marketing and support cost $ 150,000 per year Sales and production volume 60,000 per year Unit production cost $ 100 Unit price $ 205 Interest rate 8% Tuff Wheels also has provided the project plan shown below. As can be seen in the project plan, the company thinks that the product life will be three years until a new product must be created.

Required:
What is the net present value (discounted at 8%) of this project?

Answers

Answer:

Tuff Wheels

The net present value of the project is:

= $13,617,154

Explanation:

a) Data and Calculations:

Development cost $ 1,250,000

Estimated development time 9 months

Pilot testing $ 200,000

Ramp-up cost $ 400,000

Total Project cost in Year 0 = $1,850,000 ($ 1,250,000 + $200,000 + $400,000)

Marketing and support cost $ 150,000 per year

Sales and production volume 60,000 per year

Unit production cost $ 100

Unit price $ 205

Contribution per unit = $105 ($205 - $100)

Total contribution margin = $6,300,000 ($105 * 60,000)

Marketing and support cost  $ 150,000

Interest rate 8%                         148,000

Net income (cash flow)      $6,002,000

Discount rate = 8%

Annual net cash inflow = $6,002,000

Annuity factor = 2.577

Total cash inflow = $15,467,154 ($6,002,000 * 2.577)

Total project cost      1,850,000

Net present value  $13,617,154








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.

Answers

Answer:

just here for points

Explanation:

iskksns

Other comprehensive income includes: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) check all that apply unrealized gains on available-for-sale securities.unanswered owner investments.unanswered unrealized losses from available-for-sale securities.unanswered foreign currency translation adjustments.unanswered dividends.

Answers

Answer:

unrealized gains on available-for-sale securities.

unrealized losses from available-for-sale securities.

foreign currency translation adjustments.

Explanation:

Other Comprehensive income involved the non-realized gains or losses that available for selling the securities, losses or gain related to the foreign currency translation, gain or losses related to the pension planning

Also the owners investment and dividend are to be presented on the statement of the stockholder equity

So, the above statements should be considered

Ramanond Technologies is an independent business that facilitates foreign exchange trades. In the context of institutions that make foreign exchange happen, Ramanond Technologies is categorized under:

Answers

Answer:

Fiscal investors.

Explanation:

Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.

Basically, trade can be categorized into two (2) main groups and these are;

I. Import: this involves bringing in goods from a foreign country to sell in a different (domestic) country.

II. Export: it involves the sales of goods produced in a domestic country to a foreign country.

Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace. Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world.

Under globalization, a fiscal investor refers to an independent business that facilitates or enhances foreign exchange trades between two or more countries.

This ultimately implies that, fiscal investors are institutions or business firms that make it possible for foreign exchange to take place with respect to the buying and selling of goods and services between countries.

Compute a three-period moving average forecast given demand for shopping carts for the last five periods. (Round all your answers to two decimal points.) Period Demand 1 58 2 54 3 60 4 53 5 63

Answers

Answer:

Computation of a Three-Period Moving Average Forecast

Period  Demand   3-period moving average

1                58

2               54

3               60          57.33

4               53          55.67

5              63           58.67

Explanation:

a) Data and Calculations:

Period  Demand   3-period moving average

1                58

2               54

3               60          57.33 (58 + 54 + 60)/3

4               53          55.67 (54 + 60 + 53)/3

5              63           58.67 (60 + 53 + 63)/3

b) The three-period moving average is computed by summing the demand for periods 1, 2, and 3 and dividing it by 3.  The result becomes the moving average for period 3.  This process is repeated by eliminating the first one and adding the next number until the end.

suppose the following two events occur in the domestic market for radiologists: a. some hospitals are outsourcing some radiology services such as reading x-rays. b. some medical schools have closed down their radiology departments as fewer students enroll in this field. what is likely to happen to the equilibrium wage and quantity of radiologists following these two events?

Answers

Answer:

The equilibrium quantity falls and the effect on the equilibrium wage of radiologists is indeterminate.

Explanation:

Here are the options to this question :

What is likely to happen to the equilibrium wage and quantity of radiologists following these twoevents?

A) The equilibrium wage and the equilibrium quantity of radiologists fall.

B) The equilibrium quantity falls and the effect on the equilibrium wage of radiologists is indeterminate.

C) The equilibrium wage falls and the effect on equilibrium quantity of radiologists isindeterminate.D

) The equilibrium wage and the equilibrium quantity of radiologists rise

As a result of event A, there would be a decrease in the demand for radiologists. As a result, there  would be a leftward shift of the demand curve for radiologist. This would lead to a reduction in equilibrium price and quantity

As a result of event B, there would be a decrease in the supply radiologists. As a result, there  would be a leftward shift of the supply curve of radiologist. This would lead to a reduction in equilibrium quantity and a rise in equilibrium price.

Taking these two effects together, the equilibrium quantity falls and the effect on the equilibrium wage of radiologists is indeterminate.

On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 6%. The contract calls for four rent payments of $14,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $98,000 and were expected to have a useful life of seven years with no residual value. Both firms record amortization and depreciation semiannually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease.

Answers

Answer:

Nath-Langstrom Services, Inc.

And

ComputerWorld Leasing

1. Journal entries by Nath-Langstrom Services for the first year of the lease:

Jan. 1, 2021:

Debit Right of Use Asset $52,039.38

Credit Lease Liability $52,039.38

To record the Right of Use Asset.

June 30, 2021:

Debit Interest Expense $1,561.18

Debit Lease Liability $12,438.82

Credit Cash $14,000

To record the semiannual payment of the lease liability.

Debit Lease Amortization Expense $13,010

Credit Accumulated Amortization $13,010

To record amortize the Right of Use Asset.

December 31, 2021:

Debit Interest Expense $1,188.02

Debit Lease Liability $12,811.98

Credit Cash $14,000

To record the semiannual payment of the lease liability.

Debit Lease Amortization Expense $13,010

Credit Accumulated Amortization $13,010

To amortize the Right of Use Asset.

2. Journal Entries by ComputerWorld Leasing for the first year of the lease:

Jan. 1. 2021:

Debit Lease Receivable $52,039.38

Credit Leased Assets $52,039.38

To record the lease receivable.

June 30, 2021:

Debit Cash $14,000

Credit Interest Income $1,561.18

Credit Lease Receivable $12,438.82

To record the receipt of the first lease payment.

Debit Depreciation Expense $7,000

Credit Accumulated Depreciation $7,000

To depreciate the leased asset.

December 31, 2021:

Debit Cash $14,000

Credit Interest Income $1,188.02

Credit Lease Receivable $12,811.98

To record the receipt of lease payment.

Debit Depreciation Expense $7,000

Credit Accumulated Depreciation $7,000

To depreciation the leased asset.

Explanation:

a) Data and Calculations:

Annual interest rate = 6%

Semiannual rental payment = $14,000

Period of lease = 2 years

Number of lease payments = 4

Cost of computers to ComputerWorld = $98,000

Estimated useful life of computers = 7 years

Residual value = $0

N (# of periods)  4

I/Y (Interest per year)  6

PMT (Periodic Payment)  14000

FV (Future Value)  0

 

Results

PV = $52,039.38

Sum of all periodic payments $56,000.00

Total Interest $3,960.62

Schedule

Period       PV                 PMT                   Interest           FV

1         $52,039.38       $14,000.00       $1,561.18        $39,600.56

2       $39,600.56       $14,000.00       $1,188.02        $26,788.58

Year #1 end

3       $26,788.58       $14,000.00        $803.66         $13,592.23

4       $13,592.23       $14,000.00         $407.77         $0.00

We must take into account the provisions of the lease contract and the relevant accounting guidelines for operating leases in order to create the journal entries for Nath-Langstrom Services, Inc. (the lessee) and ComputerWorld Leasing (the lessor) for the first year of the lease.

Given

Cost = $98,000

semiannually = $7,000 = $14,000/ 2

Required to pass Journal entries in the books of Nath-Langstrom Services, Inc. and ComputerWorld Leasing

1. Journal entries recorded by Nath-Langstrom Services, Inc.:

On January 1, 2021 (lease inception):

Lease Right-of-Use Asset $98,000

Lease Liability $98,000

On June 30, 2021 (first semiannual payment):

Lease Liability $7,000

Cash $7,000

On December 31, 2021 (second semiannual payment):

Lease Liability $7,000

Cash $7,000

2. Journal entries recorded by ComputerWorld Leasing (the lessor):

On January 1, 2021 (lease inception):

Lease Receivable $98,000

Equipment $98,000

On June 30, 2021 (first semiannual payment):

Cash $7,000

Lease Receivable $7,000

On December 31, 2021 (second semiannual payment):

Cash $7,000

Lease Receivable $7,000

Therefore, the following are the required journal entries in the books of Nath-Langstrom Services, Inc. and ComputerWorld Leasing.

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Product A4B has been considered a drag on profits at XYZ Corporation for some time and management is considering discontinuing the product altogether. Data from the company's budget for the upcoming year appear below: Sales $730,000 Variable expenses $350,000 Fixed manufacturing expenses $234,000 Fixed selling and administrative expenses $161,000 In the company's accounting system, all fixed expenses of the company are fully allocated to products. Further investigation has revealed that $144,000 of the fixed manufacturing expenses and $93,000 of the fixed selling and administrative expenses are avoidable if product A4B is discontinued. The financial advantage (disadvantage) for the company of eliminating this product for the upcoming year would be:

Answers

Answer:

the  financial advantage (disadvantage) for the company of eliminating this product is -$143,000

Explanation:

The computation is shown below:

Loss in contribution margin -$380,000  ($350,000 - $730,000)

Avoidable fixed costs $237,000  ($144,000 + $93000)

Financial advantage (disadvantage) -$143,000

Hence, the  financial advantage (disadvantage) for the company of eliminating this product is -$143,000

Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each section of the statement,
SMART TOUCH LEARNING
Adjusted Trial Balance
December 31, 2016
Account Title
Debit Credit
Cash 19500
Accounts recievable 10800
Office Supplies 200
Prepaid Rent 13,000
Furniture 22,800
Accumulated Depreciation--Furniture 7800
Accounts Payable 2600
Salaries Payable 600
Interest Payable 300
Unearned Revenue 6,500
Notes Payable 9,100
Common Stock 12,700
Retained Earnings 13,000
Dividends 33,100
Service Revenue 59,100
Depreciation Expense-Furniture 2600
Interest Expense 300
Rent Expense 3900
Salaries Expense 4500
Supplies Expense 1000
Total 111,700 111,700
SMART TOUCH LEARNING
Income Statement
Month Ended December 31, 2016 Balance
Revenue
Service revenue 59100
ExpensesDepreciation Expense-Furniture 2600
Interest Expense 300
Rent Expense 3900
Salaries Expense 4500
Supplies Expense 1000
Total expense 12300
Net income 46800

Answers

Answer:

Retained earnings, December 31, 2016 = 26,700

Explanation:

The Statement of Retained Earnings can be prepared as follows:

                     SMART TOUCH LEARNING

                Statement of Retained Earnings

         For the month ended December 31, 2016

Details                                                                     Amount  

Retained earnings, December 01, 2016                 13,000

Net income for the month                                      46,800

Dividends                                                               (33,100)  

Retained earnings, December 31, 2016              26,700  

Note: No currency sign is used in the answer in order to avoid confusion because no currency is used in the question itself.

Which of the following statements about inflation is​ true? A. Inflation is not a problem because it is just another way for the government to collect revenuelong dash an alternative to the income tax or the sales tax. B. Inflation is a tax on spending money. C. Inflation is a tax on holding money. D. Inflation occurs when real GDP grows more rapidly than the quantity of money.

Answers

Answer:

C

Explanation:

Inflation is a persistent rise in the general price levels

Inflation occurs when quantity of money grows faster than real GDP

Types of inflation

1. demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise

2. cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect  

Shoe leather cost is when people try to spend money immediately so they would not be holding money for a long time. This is because money loses its value in an inflation.

Because inflation causes money to lose its value, it can be viewed as a form of tax on holding money This is because, tax reduces the amount of money a person has. Also, does inflation reduce the value of money a person has

Swifty Corporation purchased a truck at the beginning of 2020 for $109600. The truck is estimated to have a salvage value of $4100 and a useful life of 123000 miles. It was driven 18000 miles in 2020 and 26000 miles in 2021. What is the depreciation expense for 2020?
a. $37752
b. $22308
c. $16639
d. $15444

Answers

Answer:

Annual depreciation= $15,444

Explanation:

Giving the following information:

Purchase price= $109,600

Salvage value= $4,100

Useful life= 123,000

Miles driven 2020= 18,000

To calculate the depreciation expense, we will use the units-of-production method:

Annual depreciation= [(original cost - salvage value)/useful life of production in miles]*miles drive

Annual depreciation= [(109,600 - 4,100)/123,000]*18,000

Annual depreciation= 0.858*18,000

Annual depreciation= $15,444

Ahngram Corp. has 1,000 defective units of a product that cost $3.70 per unit in direct costs and $7.20 per unit in indirect cost when produced last year. The units can be sold as scrap for $4.70 per unit or reworked at an additional cost of $3.30 and sold at full price of $14.10. The incremental net income (loss) from the choice of reworking the units would be:

Answers

Answer:

Reowrk:

Effect on income= $10,800 increase

Explanation:

Giving the following information:

Number of units= 1,000

Sell as-is:

Selling price= $4.7

Rework:

Incremental cost= $3.3

Selling price= $14.1

We need to calculate the effect on the income of both options:

Sell as-is:

Effect on income= 4.7*1,000= $47,000 increase

Rework:

Effect on income= 1,000*(14.1 - 3.3)

Effect on income= $10,800 increase

If a breakthrough in battery technology enables cell phone manufacturers to construct phones with the same battery life for less money, then in the cell phone market, equilibrium price______and equilibrium quantity______.

Answers

Answer:

decreases; increases.

Explanation:

Technology can be defined as a branch of knowledge which typically involves the process of applying, creating and managing practical or scientific knowledge to solve problems and improve human life. Technologies are applied to many fields in the world such as medicine, information technology, cybersecurity, engineering, environmental, etc.

Generally, technology has impacted the world significantly and positively as it has helped to automate processes, increased efficiency and level of output with little or no human effort.

Assuming a breakthrough in battery technology fosters the growth and development of cell phone manufacturers.

In the cell phone market, equilibrium price would decrease while there would be a significant increase in equilibrium quantity because they will be able to construct phones with the same battery life for a less amount of money.

Additionally, the equilibrium price is generally said to be stable because at this price, the quantity of goods or services demanded is equal to the quantity of goods or services supplied to the consumers.

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