Answer:
.d. $277,000.
Explanation:
The computation of the amount reported as the investment is shown below:
= The value of the investment + investor share of the net income - dividend share of the net income
= $250,000 + 30% of $100,000 - 30% of $3,000
= $250,000 + $30,000 - $3,000
= $277,000
Hence, the amount reported as the investment is $277,000
Required information Use the following information for Exercises 16-18 below. Skip to question [The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s records show the following selected accounts and amounts for the month of August. Cash $ 25,270 Dividends $ 5,910 Accounts receivable 22,280 Consulting fees earned 26,920 Office supplies 5,150 Rent expense 9,460 Land 43,940 Salaries expense 5,510 Office equipment 19,910 Telephone expense 760 Accounts payable 10,700 Miscellaneous expenses 430 Common stock 101,000 Exercise 2-16 Preparing an income statement LO C3, P3 Use the above information to prepare an August income statement for the business.HELP TODAY Balance Sheet Liabilities: 25,310 Accounts payable 22,320 5,200 Equity: 19,960 Common stock 43,970 Retained earnings Assets: ces Cash $ 10,700 Accounts receivable Office supplies Office equipment Land 101,400 4,660 Total equity $ 116,760 Total Liabilities and Equity 106,060 Total Assets 116,760
Answer:
Help Today
HELP TODAY
Income Statement for the year ended August 31,
Consulting fees earned $26,920
Office supplies $5,150
Rent expense 9,460
Salaries expense 5,510
Telephone expense 760
Miscellaneous expenses 430 $21,310
Net income $5,610
Dividends (5,910)
Retained earnings ($300)
HELP TODAY
Balance Sheet as of August 31
Assets
Current assets:
Cash $ 25,270
Accounts receivable 22,280 $47,550
Long-term assets:
Land 43,940
Office equipment 19,910 $63,850
Total assets $111,400
Liabilities and Equity
Current liabilities:
Accounts payable $10,700
Equity:
Common stock 101,000
Retained earnings (300) $100,700
Total liabilities and equity $111,400
Explanation:
a) Data and Calculations:
Cash $ 25,270
Dividends $ 5,910
Accounts receivable 22,280
Land 43,940
Office equipment 19,910
Accounts payable 10,700
Common stock 101,000
Consulting fees earned 26,920
Office supplies 5,150
Rent expense 9,460
Salaries expense 5,510
Telephone expense 760
Miscellaneous expenses 430
Due to a turnover, a company hires 400 employees each year, on average. Assume that an average stay of an employee in the company is 5 years. On average, how many employees does the company have?
Answer:
On average, the company has 2000 employees.
Explanation:
Since, due to a turnover, a company hires 400 employees each year, on average; assuming that an average stay of an employee in the company is 5 years, to determine, on average, how many employees does the company have, the following calculation must be performed:
Year 0 = 0
Year 1 = 400 (+400)
Year 2 = 800 (+400)
Year 3 = 1200 (+400)
Year 4 = 1600 (+400)
Year 5 = 2000 (+400)
Year 6 = 2000 (+400 -400)
Year 7 = 2000 (+400 - 400)
Therefore, on average, the company has 2000 employees.
The Employee Retirement Income Security Act (ERISA) of 1974 states that employees must be told about their benefits: __________
a. In a way that clearly specifies advantages and disadvantages of various benefits programs.
b. According to state statutes on benefits dissemination.
c. In a way that the average employee can understand.
d. In a way that clearly lays out unexpected costs that might be associated with choosing certain benefits
Answer:
c. In a way that the average employee can understand.
Explanation:
The Employee Retirement Income Security Act of 1974 is a federal labor and tax law of the United States of America. It is also referred to as the Employee Benefit Security Act and it was originally published (effective) on the 2nd of September, 1974 and was mainly focused on providing pension reforms for the employees working in the United States of America.
Basically, the Employee Retirement Income Security Act (ERISA) of 1974 sets the minimum standards for the administration of retirement (pension) and healthcare plans in the private sector or industry.
Hence, the Employee Retirement Income Security Act (ERISA) of 1974 states that employees must be told about their benefits such as plan features and funding, in a way that the average employee can understand.
Acme Fastener and Tool is having major problems with demand management. The VP of Sales is very focused on increasing productivity according to forecasts, but the operations manager routinely presents obstacles to increasing production above current levels. Of the following, which problem is the firm experiencing?
a. Functional silos.
b. Lack of attention on operational planning.
c. Overemphasis on forecasting.
d. Focus on tactics.
Answer:
Functional silos
Explanation:
Functional silo occurs when different teams with their responsibilities and functions have different views about a process.
The managers who have accumulated resources and influence are conflicted over the functional aspects of a process rather than looking out for the wider benefit of the business.
In the given scenario VP of Sales is very focused on increasing productivity according to forecasts, but the operations manager routinely presents obstacles to increasing production above current levels.
They are both pursuing conflicting agendas instead of working together.
This is called functional silo.
Discuss the principles of professionalism.
Answer:
Maintain confidentiality in professional relationships. ... Fulfill commitments in a reliable, responsive and efficient manner. Be fully accountable for actions, use of resources and financial dealings.
A truck acquired at a cost of $120,000 has an estimated residual value of $5,300, has an estimated useful life of 37,000 miles, and was driven 3,300 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places.
a. The depreciable cost $
b. The depreciation rate $ per mile
c. The units-of-activity depreciation for the year $
Answer:
Cost of Truck = $120,000
Residual Value = $5,300
Useful Life = 37,000 miles
a. Depreciable Cost = Cost of Truck - Residual Value
Depreciable Cost = $120,000 - $5,300
Depreciable Cost = $114,700
b. Depreciation Rate = Depreciable Cost / Useful Life
Depreciation Rate = $114,700/37,000 miles
Depreciation Rate = $3.1 per mile
c. Number of miles driven during the year = 3,300
Depreciation for the Year = Depreciation Rate * Number of miles driven during the year
Depreciation for the Year = $3.1 per mile * 3,300
Depreciation for the Year = $10,230
Assume BarnesandNoble.com has 289 business math texts in inventory. During one month, the online bookstore ordered and received 1,855 texts; it also sold 1,222 on the web. What is the bookstore’s inventory at the end of the month? If each text costs $59, what is the end-of-month inventory cost?
Answer:
I don't wanna assume I'm just answering for them points
Start Inc. has 5,000 shares of 6%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2012. What is the annual dividend on the preferred stock? Group of answer choices $60 per share $30,000 in total $50,000 in total $0.60 per share
Answer:
$30,000 in total
Explanation:
The annual dividend on preferred stock can be determined based on the dividend rate, in other words, the annual dividend is the dividend rate multiplied by the face value of the preferred stock as shown thus:
annual dividend on preferred stock=number of preferred shares outstanding*par value per share*dividend rate
number of preferred shares outstanding=5,000
par value per share=$100
dividend rate=6%
50,000 shares refer to the number of common stocks outstanding
annual dividend on preferred stock=5000*$100*6%
annual dividend on preferred stock=$30,000
dividend per share=$30000/5000=$6
The entry to record the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organizing the corporation includes a credit to:________. a. Goodwill b. Organizational Expenses c. Cash d. Common Stock
Answer: D. Common stock
Explanation:
Common stock refers to the security which represents ownership in a corporation.
The entry to record the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organizing a corporation includes a credit to the common stock.
What is the objective of finacial reporting
THIS IS YOUR ANSWER
MARKS ME AS BRAINLIST
Below is information from the financial statements of Greenwich Company: Accounts receivable (net) 2016: $2,400 Accounts receivable (net) 2015: $2,200 Net sales 2016: $25,875 What is the average collection period
Answer:
32.44 days
Explanation:
The computation of the average collection period is shown below:
But before that we have to determine the account receivable turnover ratio
So, the account receivable turnover ratio is
= (net sales) ÷ (average of account receivables)
= $25,875 ÷ ($2,400 + $2,200) ÷ 2
= $25,875 ÷ $2,300
= 11.25 times
Now the average collection period is
= Total no of days in a year ÷ account receivable turnover ratio
= 365 ÷ 11.25
= 32.44 days
We assume that the no of days that should be considered is 365 days
The cost method of accounting for stock: __________
a. recognizes dividends as income
b. is only appropriate as part of a consolidation
c. requires the investment be increased by the reported net income of the investee
d. requires the investment be decreased by the reported net income of the investee
Answer:
Option a (recognizes.................income) is the correct answer.
Explanation:
The proportion of even more inventories is below 20 percent, therefore the firm sends dividends on the inventories which are incorporated into the personal income tax rate.Dividends paid mostly by the investor, not adjusting as necessary for the investor's total earnings, should be declared as compensation or earnings.The provided situation is not connected with other possibilities. So the above option is the correct answer.
A flexible expense and a periodic expense are basically the same thing. True or false
the answer of the question is true
Consider the following set of data for ABC Corporation, and note that ABC Corporation faces a tax rate of 35%.
2011 2012
Sales $4,203 4507
Cost of goods sold 2,422 2,633
Depreciation 785 952
Interest 180 196
Dividends 225 250
Current assets 2205 2429
Net fixed assets 7344 7650
Current liabilities 1003 1255
Long-term debt 3106 2085
Begin by constructing a balance sheet for both 2011 and 2012, and then construct an income statement for 2012.
1. Operating cash flow for ABC Corp. in 2012 was an:__________.
A) inflow of $1,170.
B) outflow of $1,170.
C) inflow of $1,620.
D) outflow of $1,620.
2. Net capital spending for ABC Corp. in 2012 was an:_________.
A) inflow of $306
B) outflow of $306
C) inflow of $1,258
D) outflow of $1,258
3. The change in net working capital for ABC Corp. in 2012 was an:__________.
A) inflow of $28
B) outflow of $28
C) inflow of $1,202
D) outflow of $1,202
4. The cash flow from assets for ABC Corp. in 2012 was an:___________.
A) inflow of $390
B) outflow of $390
C) inflow of $2,850
D) outflow of $2,850
5. The cash flow to creditors for ABC Corp. in 2012 was an:__________.
A) inflow of $825
B) outflow of $825
C) inflow of $1,217
D) outflow of $1,2127
6. The cash flow to stockholders for ABC Corp. in 2012 was an:__________.
A) inflow of $827
B) outflow of $827
C) inflow of $1,327
D) outflow of $1,327
Answer:
1. A. Inflow of $1,170
2. B. Outflow of $306
3. C. Inflow of $1,202
4. A. Inflow of $390
5. C. Inflow of $1,217
6. D. Outflow of $1,327
Explanation:
Cash Flow from operations is the money which is used for regular operating activities of a business. The cash inflow or outflow is the measure of the actual cash movement in the business. Profit are not equivalent to cash flows. The inflows of $1,170 is generated in the year 2012 as operating cash flows.
Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2015 are as follows:
Units Per unit price Total
Balance, 1/1/15 200 $5.00 $1,000
Purchase, 1/15/15 100 5.30 530
Purchase, 1/28/15 100 5.50 550
An end of the month (1/31/15) inventory showed that 160 units were on hand." uses FIFO, what is the value of the ending inventory?
Answer:
$868
Explanation:
FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold
The ending inventory would consist of the purchases that were made last.
It would include 100 units of the inventory purchased on 1/28/15 and 60 units of the inventory purchased on 1/15/15
Value of ending inventory = (100 x 5.5) + (60 X 5.3)
= 550 + 318
868
Gamble Corporation had beginning inventory $100,000, cost of goods purchased $700,000, and ending inventory $140,000. What was Gamble's inventory turnover? Group of answer choices 5 times. 5.5 times. 5.83 times. 6.6 times.
Answer:
5.83 times
Explanation:
The computation of the Gamble's inventory turnover is given below:
As we know that
Inventory turnover = Cost of goods sold ÷ (ending inventory + opening inventory) ÷ 2
= $700,000 ÷ ($140,000 + $100,000) ÷ 2
= $700,000 ÷ $120,000
= 5.83 times
The calculation for annual depreciation using the straight-line depreciation method is:____.A. Initial cost × Estimated useful life.B. Initial cost / Estimated useful life.C. Depreciable cost × Estimated useful life. D. Depreciable cost / Estimated useful life.
Answer:
D.
Explanation:
D. Depreciable cost/estimated useful life
you don’t use initial cost because you subtract the salvage value from initial value to get the depreciable costs. And you divide not multiply by the estimated useful life.
Hillside issues $2,700,000 of 7%, 15-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,304,790.
Required:
Prepare the January 1, 2019, journal entry to record the bonds’ issuance.
Answer: Dr Cash $3,304,790
Cr Bonds payable $2,700,000
Cr Premium on bond issued $604,790
Explanation:
The journal entry to record the bonds’ issuance will be illustrated below:
January 1, 2019
Debit Cash $3,304,790
Credit Bonds payable $2,700,000
Credit Premium on bond issued $604,790
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question.
The Purple Tulip Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $790 for six months of advertising. Purple Tulip Law Firm recorded $790 in the Prepaid Advertising account.
If Purple Tulip Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for the two months ending February 28?
Sweet Catering completed the following selected transactions during May 2016:
May 1: Prepaid rent for three months, $2,100
May 5: Received and paid electricity bill, $90
May 9: Received cash for meals served to customers, $2,520
May 14: Paid cash for kitchen equipment, $3,770
May 23: Served a banquet on account, $1,900
May 31: Made the adjusting entry for rent (from May 1).
May 31: Accrued salary expense, $2,290
May 31: Recorded depreciation for May on kitchen equipment, $560 If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May?
If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May?
Answer:
1. Cash Basis $790
Accrual basis $263
2. Cash method $(3,440)
Accrual method $780
Explanation:
1. Calculation to determine how much advertising expense would they have recorded for the two months ending February 28
UNDER THE CASH BASIS, the Law Firm will record $790 of advertising expense for the two months ending February 28.
UNDER THE ACCRUAL BASIS, the Law Firm will record $263 ($790/6*2) of advertising expense for the two months ending February 28.
Therefore the amount of advertising expense l would they have recorded for the two months ending February 28 is:
Cash Basis $790
Accrual basis $263
2a. Calculation to determine how much net income (loss) would they have recorded for the month of May If Sweet Catering had recorded transactions using the Cash method
Using this formula
Net income (loss) using cash method = Meals served to customer – Rent paid – Electricity bill – Cash paid for kitchen equipment
Let plug in the formula
Net income (loss) using cash method= $2,520 -$2,100-$90-$3,770
Net income (loss) using cash method= $(3,440)
Therefore If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May is $(3,440)
2b. Calculation to determine how much net income (loss) would they have recorded for the month of May If Sweet Catering had recorded transactions using the Accrual method
Using this formula
Net income (loss) using accrual method = Meals served to customer+ Served a banquet on account – Rent expense – Electricity bill – Salary expense – Depreciation
Let plug in the formula
Net income (loss) using accrual method= $2,520+$1,900-($2,100/3)-$90-$2,290-$560
Net income (loss) using accrual method=$2,520+$1,900-$700-$90-$2,290-$560
Net income (loss) using accrual method=$780
Therefore If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May is $780
Fones Inc. and Speed Dial Corp. are two competitors in the mobile phone market. The cost incurred by each company to manufacture smartphones is $200 per unit. Although both the companies sell their smartphones at the same price, Speed Dial Corp. has a larger market share in the smartphone industry. What does this imply
Answer: C. Speed Dial Corp has been able to offer more perceived value than Fones Inc.
Explanation:
Both companies incur the same costs to produce the phone and also sell at the same price. This means that they should be selling the same number of phones in theory. This is not the case however as Speed Dial Corp is selling more.
The reason Speed Dial must be selling more phones is that they sell a better phone for the same price. In offering more value to the customer for the same price, the customers are buying more from Speed Dial than from Fones because they are getting a better deal for the same price which means that Speed Dial's phone is undervalued.
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (10 lbs. $3 per lb. Direct labor (2 hrs. $12 per hr $30 24 During June the company incurred the following actual costs to produce 9,000 units Direct materials (92,000 lbs $2.95 per 1b. 271,400 226,540 Direct labor (18,800 hr. $12.05 per hr AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AH Actual Hours SH Standard Hours AR Actual Rate SR - Standard Rate
(1) Compute the direct materials price and quantity variances
(2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable
Answer:
Results are below.
Explanation:
To calculate the direct material price and quantity variance, we need to use the following formulas:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (3 - 2.95)*92,000
Direct material price variance= $4,600 favorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (10*9,000 - 92,000)*3
Direct material quantity variance= $6,000 unfavorable
To calculate the direct labor efficiency and rate variance, we need to use the following formulas:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (2*9,000 - 18,800)*12
Direct labor time (efficiency) variance= $9,600 unfavorable
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (12 - 12.05)*18,800
Direct labor rate variance= $940 unfavorable
The marketing team for Lots-o-Chocolate wants to understand the effectiveness of the different components of its digital marketing campaign and put more resources toward its three top-performing sites for ads. How can the marketing team use marketing metrics and marketing control to achieve their objective
Answer:
The top 3 campaigns ( sites for ads ) with the highest values of the metrics mentioned below should be picked that way the team will achieve their objective.
Explanation:
For a marketing team To understand the effectiveness of the different components of its campaigns there are certain factors/metrics they should consider/lookout for in each of the various components and they are
i) conversation rate of the various components of the marketing campaigns
ii) Number of clicks/site visits from the various components
iii) Reach of each component to potential customers or returning customers.
When these metrics are checked the, The top 3 campaigns ( sites for ads ) with the highest values of the metrics should be picked.
The following units of an item were available for sale during the year:
Beginning inventory 30 units at $40
Sale 26 units at $58
First purchase 15 units at $41
Sale 11 units at $58
Second purchase 10 units at $42
Sale 9 units at $58
The firm uses the perpetual inventory system, and there are 9 units of the item on hand at the end of the year.
a. What is the total cost of the ending inventory according to FIFO?
b. What is the total cost of the ending inventory according to LIFO?
The following labor standards have been established for a particular product:
Standard labor hours per unit of output 4.4 hours
Standard labor rate $16.70 per hour
The following data pertain to operations concerning the product for the last month:
Actual hours worked 5,200 hours
Actual total labor cost $87,360
Actual output 1,100 units
Required:
a. What is the labor rate variance for the month?
b. What is the labor efficiency variance for the month?
Answer:
See below
Explanation:
a. Labor rate variance for the month
= (SR - AR) × AH
= ($16.70 - ($87,360/5,200 hours)) × 5,200
= ($16.70 - $16.8) × 5,200
= $520 Unfavourable
b. Labor efficiency variance
= (SH - AH) × AR
(4.4 × 1,100) - 5,200) × $16.70
= (4,840 - 5,200) × $16.70
= $6,012 Unfavourable
This newer organizational design is designed to be highly flexible so that resources can be configured quickly to respond to changing demands. c) Hierarchical organization e) Heterarchies d) Matrix organization a) Up time organization b) Social networked organization
Answer:
Newer organizational design, designed to be highly flexible so that resources can be configured quickly to respond to changing demands is:
Social networked organization.
Explanation:
The network structure, which is a newer type of organizational structure, uses less hierarchies. It is more “flat,” more decentralized, and more flexible than other organizational structures. In a social networked structure, managers coordinate and control internal and external relationships of the firm, and workers work in project teams to pursue and achieve the goals of their entity.
Recycling is Primarily an example of a issue facing businessess.
a. human resource
b. natural resource
c. ethical
d. social
Which strategy to minimize political vulnerability and risk has the advantage of engaging the power of several investors and banks in the host country whenever any kind of government takeover or harassment is threatened?
Answer:
expanding the investment base
Explanation:
In the case of expanding the Investment base it includes the different investors and the bank for the financing purpose with respect to the investment made in the host country. This would create an advantage for engaging the bank power at the time of takeover done by the government or harassment should be threatened
Identify whether the following transactions are primary market or secondary market transactions. a. You buy 855 shares of ABC Co. through your brokerage account. b. You buy $5,801 of XYZ Co. bonds from another investor. c. M
Answer:
The answer is:
A - Secondary market
B - Secondary market
Explanation:
Primary market is when a share is brought directly from a company through its Initial Public Offering. It is from the company directly to the investors WHILE secondary market is when an investor buys already issued shares from another investor or from a dealer.
A - Secondary market
B - Secondary market
XYZ segmented last year's income statement into its ten product lines. The CEO is curious as to what effect dropping one product line at the beginning of last year would have had on overall company profit. What is the best number to look at to determine the effect of this elimination on the net operating income of the company as a whole?
A) the product line's sales dollars.
B) the product line's contribution margin.
C) the product line's segment margin.
D) the product line's segment margin minus an allocated portion of common fixed expenses.
Answer:
Option c: The product line's segment margin
Explanation:
Net Operating Income
This is often regarded as the
adjusted Effective Gross Income (EGI) adjusted for annual operating expense and capital expenditures of a firm/organization
Net Operating Income Equation
(sales - variable expenses) - fixed expenses
Segment margin
The product line segment margin is usually said to be obtainable through the act of deduction of the traceable fixed costs of a segment from the segment's contribution margin. It shows or entails the margin at hand after a segment has covered all of its own costs. Itis the best gauge of the long-run profitability of a segment as it includes only those costs that are caused by the segment.
Segment margin formula
Contribution Margin - Traceable fixed costs
• A bond’s is generally $1,000 and represents the amount borrowed from the bond’s first purchaser. • A bond issuer is said to be in if it does not pay the interest or the principal in accordance with the terms of the indenture agreement or if it violates one or more of the issue’s restrictive covenants. • The contract that describes the terms of a borrowing arrangement between a firm that sells a bond issue and the investors who purchase the bonds is called . • A bond’s allows a bondholder or preferred stockholder to convert their bond or preferred share, respectively, into a specified number or value of common shares.
Answer: 1. Face value
2. Default
3. Indenture
4. convertibility provision
Explanation:
• A bond’s (face value) is generally $1,000 and represents the amount borrowed from the bond’s first purchaser.
• A bond issuer is said to be in (default) if it does not pay the interest or the principal in accordance with the terms of the indenture agreement or if it violates one or more of the issue’s restrictive covenants.
• The contract that describes the terms of a borrowing arrangement between a firm that sells a bond issue and the investors who purchase the bonds is called (indenture)
• A bond’s (convertibility provision) allows a bondholder or preferred stockholder to convert their bond or preferred share, respectively, into a specified number or value of common shares.
