On November 1, clients of Great Designs Company prepaid $4,250 for services to be provided in the future at a rate of $85 per hour. a. Journalize the receipt of cash. If an amount box does not require an entry, leave it blank. Nov. 1 fill in the blank 15e2fafaf020002_2 fill in the blank 15e2fafaf020002_3 fill in the blank 15e2fafaf020002_5 fill in the blank 15e2fafaf020002_6 b. As of November 30, Great Designs shows that 15 hours of services have been provided on this agreement. Journalize the necessary adjusting entry. If an amount box does not require an entry, leave it blank. Nov. 30 fill in the blank 55e33803103f004_2 fill in the blank 55e33803103f004_3 fill in the blank 55e33803103f004_5 fill in the blank 55e33803103f004_6 c. Determine the total unearned fees in hours and dollars at November 30. Unearned fees in dollars $fill in the blank b5fba80a1040fa8_1 Unearned fees in hours fill in the blank b5fba80a1040fa8_2 hours
Answers
Answer:
Total unearned fees in dollars at November 30 = $2975
Total unearned fees in hours at November 30 = 35 hours
Explanation:
Related Questions
Ramble On Co. wishes to maintain a growth rate of 13.6 percent per year, a debt-equity ratio of 1.8, and a dividend payout ratio of 30 percent. The ratio of total assets to sales is constant at .98. What profit margin must the firm achieve
Answers
Answer: 5.99%
Explanation:
Based on the question,
Dividend payout ratio = 30%
Therefore, the retention ratio will be:
= 1 - 30%
= 70%
Growth rate = 13.6%
We'll the use the sustainable growth rate formula which will be:
0.136 = (ROE x 0.7)/ (1-(ROE x 0.7))
0.136(1 - (0.7ROE)) = 0.7ROE
ROE = 0.136/0.7952
ROE = 0.171026
Then, the Profit margin will be:
ROE = Profit Margin x Asset Turnover x Equity multiplier
0.171026 = PM x (1/0.98) x (1 + 1.8)
0.171026 = PM x (1/0.98) x 2.8
PM = 0.171026 x 0.98/2.8
PM = 0.0598591
Profit margin = 5.99%
The following items are reported on a company's balance sheet: Cash $160,000 Marketable securities 75,000 Accounts receivable (net) 65,000 Inventory 140,000 Accounts payable 200,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio fill in the blank 1 b. Quick ratio fill in the blank 2
Answers
Answer and Explanation:
a. The current ratio is
We know that
Current ratio = Current Assets ÷ Current Liabilities
= $440,000 ÷ $200,000
= 2.2
Cash $160,000
Marketable Securities $75,000
Account receivable $65,000
Inventory $140,000
Current Assets $440,000
Account Payable $200,000
current liabilities $200,000
b
Quick ratio =( Current assets - inventory ) ÷ Current Liabilities
= ($440,000 - $140,000 ) ÷ $200,000
= 1.5
An entity had the following opening and closing inventory balances during the current year: 1/1 12/31 Finished goods $ 90,000 $260,000 Raw materials 105,000 130,000 Work-in-progress 220,000 175,000 The following transactions and events occurred during the current year: $300,000 of raw materials were purchased, of which $20,000 were returned because of defects. $600,000 of direct labor costs were incurred. $750,000 of production overhead costs were incurred. The cost of goods sold for the current year ended December 31 would be A. $1,500,000 B. $1,480,000 C. $1,650,000 D. $1,610,000
Answers
Answer:
B. $1,480,000
Explanation:
The computation of the cost of the goods sold is shown below:
Direct material consumed:
beginning Inventory of RM $105,000
Add: Net Purchase ($300,000 - $20,000) $280,000
Total material available $385,000
Less: ending inventory -$130,000
Direct material consumed $255,000
Now
Cost of goods manufactured:
Beginning inventory of Wip $220,000
Current cost:
Direct material $255,000
Direct labor $600,000
Manufacturing OH $750,000
Total current cost $1,605,000
Total cost of WIP $1,825,000
Less: Ending inventory of Wip $175,000
Cost of goods manufactured $1,650,000
Cost of goods sold:
Beginning inventory of FG $90,000
Add: Cost of goods manufactured $1,650,000
Total cost of goods available for sale 1740000
Less: Ending inventory of FG -$260,000
Cost of goods sold $1,480,000
Revenue of a segment includes A. only sales to unaffiliated customers B. Sales to unaffiliated customers and intersegment sales c. Sales to unaffiliated customers and interest revenue d. Sales to unaffiliated customers and other revenue and gains
Answers
Answer: Sales to unaffiliated customers and intersegment sales
Explanation:
A segment refers to a business component of a business which generates its own revenues.
Revenue of a segment includes the sales to unaffiliated customers and intersegment sales. Therefore, the correct option is B.
If the best operating level of a process X is 1026 bottles per day and the actual output during a day is 786 bottles, then what is the capacity utilization rate for process X
Answers
Answer:
greater than 70% but less than or equal to 90%
Explanation:
The computation of the capacity utilization rate for process X is shown below:
As we know that
Capacity Utilization = (Actual Output ÷ Design Capacity) × 100
= (786 ÷ 1026) × 100
= 76.61%
So, it is greater than 70% but less than or equal to 90%
he cost to produce items is dollars. Find the marginal cost of producing the item. Interpret your answer in terms of costs. The marginal cost of producing the item is Enter your answer; The marginal cost of producing the 25^th item is $ 150 . This means that the cost of production Choose your answer; This means that the cost of production increases by about Enter your answer; by about $ 150 when we add one unit to a production level of Enter your answer; when we add one unit to a production level of _ units units.
Answers
Answer:
a. The marginal cost of producing the 25^th item is $100.
b. This means that the cost of production increase by about $100; when we add one unit to a production level of 25 units.
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
The cost to produce q items is C(q) = 1000 + 2q^2 dollars. Find the marginal cost of producing the 25th item. Interpret your answer in terms of costs.
The marginal cost of producing the 25^th item is $_______.
This means that the cost of production _____ by about ________; when we add one unit to a production level of _____ units.
The explanation of the answer is now provided as follows:
a. Find the marginal cost of producing the 25th item.
Given:
C(q) = 1000+2q^2 …………… (1)
Taking the derivative of equation (1) with respect q to obtain the marginal cost function as follows:
MC(q) = C’(q)= 4q ………………….. (2)
Substituting q = 25 into equation (2), we obtain the marginal cost (MC) of producing the 25th item as follows:
MC(25) = 4 * 25 = $100
Therefore, the marginal cost of producing the 25^th item is $100.
b. Interpret your answer in terms of costs.
This means that the cost of production increase by about $100; when we add one unit to a production level of 25 units.
More than 99% of all U.S. firms are classified as small businesses, and they employ about half of private workers. A small business is defined as any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 people. Understanding the advantages and disadvantages of small business ownership is crucial for any potential entrepreneur.
Match each statement or scenario with the appropriate advantage or disadvantage of small business
i. ownership.ii. Focusiii. Reputationiv. High stress levelv. Inexperience/Incompetencevi. Flexibilityvii.Inability to cope with growthviii.Costsix. Independencex. High failure rateMatch each of the options above to the items below.1. One of the leading reasons for becoming your own boss. 2. A 20-employee factory does not have a designated accounting or advertising department.3. The pizzas offered on the Patrick’s Pizza menu are often based on the types of produce in season.4. Mike’s trucking business provides specific information and products to commercial truck drivers.5. Brandy’s nursery offers delivery and expert installation of their trees at no extra cost to the customer and will replace any defective one up to 3 years after purchase.6. Sue works more than 60 hours a week at her construction business and cannot find reliable suppliers for lumber inventory.
7. Half of all new employer firms fail within the first five years.8. As a fitness expert, Tyler is having difficulties understanding the accounting requirements for his bank business loan for his workout facility.9. Circumstances such as products not arriving on time due to limited capacity affect the reputation of a company more than any other factor.
Answers
Answer:
A
Explanation:
You sell one December futures contracts when the futures price is $1,010 per unit. Each contract is on 100 units and the initial margin per contract that you provide is $2,000. The maintenance margin per contract is $1,500. During the next day the futures price falls to $1,008 per unit. What is the balance of your margin account at the end of the day? a. $3,700b. $1,800c. $2,200d. $1,500
Answers
Answer:
b. $1800
Explanation:
Calculation to determine the balance of your margin account at the end of the day
Margin account balance=$2,000-[100*($1008-$1010)]
Margin account balance=$2,000-(100*$2)
Margin account balance=$2,000-$200
Margin account balance=$1,800
Therefore the balance of your margin account at the end of the day is $1,800
Your grandparents would like to establish a trust fund that will pay you and your heirs $205,000 per year forever with the first payment 12 years from today. If the trust fund earns an annual return of 4 percent, how much must your grandparents deposit today?
Answers
Answer:
PV= $3,201,059.88
Explanation:
Giving the following information:
Annual cash flow= $205,000
First payment= 12 years from today
Interest rate= 4%
First, we need to calculate the value of the account 12 years from today. We need to use the following formula:
FV= Cf/ i
FV= 205,000 / 0.04
FV= $5,125,000
Now, the amount to be deposited today:
PV= FV / (1 + i)^n
PV= 5,125,000 / (1.04^12)
PV= $3,201,059.88
An outside supplier offers to provide Epsilon with all the units it needs at $63.05 per unit. If Epsilon buys from the supplier, the company will still incur 35% of its overhead. Epsilon should choose to:
Answers
Answer:
Make since the relevant cost to make it is $59.05
Explanation:
Calculation to determine what Epsilon should choose to:
Relevant costs to make = 8.20 + 24.20 + [41*(100%-35%)]
Relevant costs to make = 8.20 + 24.20 + (41*65%)
Relevant costs to make = 8.20 + 24.20 + 26.65
Relevant costs to make =$59.05
Therefore Epsilon should choose to: MAKE SINCE THE RELEVANT COST TO MAKE IT IS $59.05
______ consists of the activities that managers perform to plan for, attract, develop, and retain an effective workforce.
a) Arbitration
b) Formal appraisal
c) Human capital
d) Orientation
e) Human resource management
Answers
An investment opportunity requires a payment of $910 for 12 years, starting a year from today. If your required rate of return is 6.5 percent, what is the value of the investment to you today
Answers
Answer:
PV= $7,424.44
Explanation:
Giving the following information:
Annual payment (A)= $910
Number of periods (n)= 12 years
Rate of return (i)= 6.5%
To calculate the value of the investment today (PV), we need to use the following formula:
PV= A*{(1/i) - 1/[i*(1 + i)^n]}
PV= 910*{(1/0.065) - 1/ [0.065*(1.065^12)]}
PV= $7,424.44
Favre and Carter Law Office employ 12 full-time attorneys and 5 paraprofessionals. Budgeted salaries include $100,000 for each attorney and $30,000 per paraprofessional. For 20x1, indirect costs were budgeted at $250,000, but actually amounted to $300,000. Actual salaries were $110,000 for each attorney and $30,000 for each paraprofessional. Direct and indirect costs are applied on a professional labor-hour basis that includes both attorney and paraprofessional hours. Total budgeted labor-hours were 50,000; however, actual labor-hours were 60,000.
How much should the client be billed in a normal costing system which uses budgeted rate and cost allocations are based on actual data, when 1,000 professional labor-hours were used?
a. $27,000
b. $32,000
c. $34,800
d. $37,400
Answers
Answer:
Billed costs= $32,000
Explanation:
Giving the following information:
Total estimated cost attorney= 12*100,000= $1,200,000
Total estimated cost paraprofessional= 5*30,000= $150,000
Estimated Indirect costs= $250,000
Estimated number of hours= 50,000
First, we need to calculate the allocation rate:
Allocation rate= total estimated costs for the period/ total amount of allocation base
Allocation rate= (1,200,000 + 150,000 + 250,000) / 50,000
Allocation rate= 1,600,000/50,000
Allocation rate= $32
Now, for 1,000 hours:
Billed costs= 1,000*32= $32,000
Three months of rent were prepaid on May 1 for $7,200, but two months have now expired, leaving only one month prepaid at June 30. What is the amount of rent expense that will be recorded in the related adjusting entry dated June 30?a- $0b- $2,400c- $4,800d- $7,200
Answers
Answer:
b- $2,400
Explanation:
The computation of the amount that should be recorded is given below:
= 3 months rent ÷ number of months
= $7,200 ÷ 3 months
= $2,400
Hence, the amount of rent that should be recorded is $2,400
Therefore the option b is correct
The same should be considered
Suppose you forecast that the standard deviation of the market return will be 20% in the coming year. If the measure of risk aversion in is A = 4: a. What would be a reasonable guess for the expected market risk premium? b. What value of A is consistent with a risk premium of 9%? (Round your answer to 2 decimal places.) c. What will happen to the risk premium if investors become more risk tolerant?
Answers
Answer:
a) 16%
b) 2.25
c) Increase in expected market risk premium
Explanation:
Expected standard deviation of market return = 20%
measure of risk aversion ( A ) = 4
a) Determine a reasonable expected market risk premium
= A * ( std ) ^2
= 4 * ( 20%)^2
= 16%
b) determine Value of A
market risk premium = A * ( std )^2
∴ A = 9% / ( 20% ) ^2
= 0.09 / 0.04
= 2.25
c) If investors become more risk tolerant the expected market risk premium will increase
Miracle Clean's variable costs are $3.00 per bottle and Fixed Expenses are $350,000 per year. The company currently sells 150,000 bottles for $6.50 which results in profit of $175,000. The company is considering raising the selling price to $7.00 per bottle which is expected to decrease sales by 20%. If the price is raised, the number of units that must be sold to keep the profits unchanged is
Answers
Answer:
131,250= number of units
Explanation:
Giving the following information:
We need to calculate the number of units to be sold to maintain a profit of $175,000.
Unitary variable cost= $3
Fixed expenses= $350,000
Selling price= $7
Net income= total contribution margin - fixed cost
175,000= number of units*(7 - 3) - 350,000
525,000 = number of units*4
525,000 / 4= number of units
131,250= number of units
Legacy issues $630,000 of 9.0%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $571,310 when the market rate is 12%.
Required:
a. Prepare the January 1, 2018, journal entry to record the bonds' issuance.
b. Prepare the journal entries to record the first two interest payments.
Answers
Solution :
a). Prepare the journal entry to record the bonds' issuance as shown below:
Interest paid = [tex]$\$630,000 \times 9\%\times \frac{1}{2}$[/tex]
= $ 28,350
Date Accounts titles and explanation Debit ($) Credit($)
1 Jan 2018 Cash 571,310
Discount on bonds payable 58,690
($ 630,000 - $ 571,130)
Bonds payable 630,000
b). Preparing the journal entries to record the first two interest payments :
Date Accounts Titles and explanation Debit($) Credit($)
30/6/2018 Interest expense 35,686.25
Discount on bonds payable 7,336.25
Cash 28,350
31/12/2018 Interest expense 35,686.25
Discount on bonds payable 7,336.25
Cash 28,350
Discussion Week 3 х + -mccneb.edu/courses/16958/discussion_topics/147424 The second posting provides students an opportunity to interact with one another, simulating classroom discussion, with respect to the postings of others. This response should include a critical and respectful review of other postings. The second posting must be no less than 200 words in length to be considered for grade assessment. Any posting less than 200 words in length will not be reviewed and a grade of -- will be assigned. Subsequent postings (in addition to the aforementioned first and second posting) are invited. There is no length requirement for subsequent postings. Please note, attachments will not be opened or reviewed for grade consideration Any postings after the due date has past will not be considered for grading. Discussion 3: Please explain the difference between express and implied easements giving an example of each. Then tell us, if you wanted to know if there was ar easement that involved a property, what are the ways you could find out - i.e. where would you look and what would you look at? Then discuss the importance o implied easements to our society and provide an example. Search entries or author Unread Subscrib Reply Brianna Ferrero Sunday An express easement is created by an agreement or document, it must be in writing. For example, one neighbor may want to build a parking pad or basketball court off their driveway, but not have enough room on their lot to do so because their driveway already butts up against the property line. This individual may offer to pay the neighbor for his consent to grant an express easement for them to build a parking pad and a basketball court off their driveway that extends or the neighbors land.
Answers
aAnswer:ya
Explanation:ya
Carol Co. prepares a statement of cash flows starting with net income and then adjusting for items necessary to obtain net cash provided or used by operating activities. Carol Co. must be using the______method of reporting the statement of cash flows.
Answers
Answer:
indirect
Explanation:
From the question we are informed about Carol Co. prepares a statement of cash flows which start with net income and then adjusting for items necessary to obtain net cash provided or used by operating activities. In this case, Carol Co. must be using the
indirect method of reporting the statement of cash flows. In financial accounting, cash flow statement can be regarded as financial statement which express the way changes in balance sheet accounts as well as income affect cash and cash equivalents, and also give the analysis breakdown to operating, financing as well as investingactivities.
The methods for reporting statement of cash flows could be Direct or indirect method.
The indirect method can be regarded as method that gives presentation of the statement of cash flows by strating
with net income or net loss, along with deduction or additions to the amount for non-cash revenue and expense items or from them which comes subsequently, which then results to cash flow from operating activities.
It has been argued that the traditional model of a full-service, lead advertising agency is becoming obsolete. Discuss the changes occurring in the industry and how they are affecting the traditional lead agency model.
Answers
Answer:
Quilt
Explanatio
Hope it's right
Answer:
to complex to solve without the artical.
Explanation:
because there is no artical it cant be answered.
A consumer has $180 in monthly income to spend on two goods, D and G, where D is on the y-axis. The price of good D, PD is $6, and the marginal rate of transformation is -2. How many units of good G can be purchased if all income is used to purchase good G
Answers
Answer:
The number of units of good G that can be purchased if all income is used to purchase good G is 15 units.
Explanation:
Since D is on the y-axis, indicating G is on the x-axis, the formula for calculating the marginal rate of transformation (MRT) is given as follows:
MRT = - PG / PD …………………. (1)
Where:
MRT = Marginal rate of transformation = -2
PG = Price of good G = ?
PD = Price of good D = $6
Substituting the relevant values into equation (1) and solve for PG, we have:
-2 = - PG / $6
PG = -2 * (-6) = $12
Therefore, we have:
Number units of good G if all income is spent on it = Monthly income / PG = $180 / $12 = 15
Therefore, the number of units of good G that can be purchased if all income is used to purchase good G is 15 units.
Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. This month, the company supplied the same quantity of binders at $4 per unit. Based on this evidence, Tecumseh has experienced:_________.
a. a decrease in supply
b. an increase in supply
c. an increase in the quantity supplied
d. a decrease in the quantity supplied.
Answers
Answer:
B
Explanation:
according to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied
in this question, there was only a change in price but no change in the quantity supplied.
so a change in supply and not a change in the quantity supply occured
determine supply per price
400 / 6 = 67
400 / 4 = 100
supply increased
Which theory would most likely explain why a commercial bank, which usually focuses on short-term securities, would switch to long-term securities due to a change in interest rates. pure expectation liquidity premium segmented market preferred habitat
Answers
Answer:
preferred habitat
Explanation:
According to the preferred habitat theory, if the expected returns from investment of a particular investment maturity is large enough, investors would shift from their preferred maturities.
In this question, there is a shift from the preferred maturity (short-term securities) to a long-term securities when interest rate changes
The pure expectations theory assumes that bonds of any maturity are perfect substitutes for each other. For example, if an investor buys a 10 year bond and holds it for 1 year, the return is the same as buying a 1 year bond. The theory also assumes that risk premium does not exist and a security only earns its risk free rate
Liquidity premium theory states that risk premium increases with the maturity of a bond. The theory predicts that the yield curve is upward sloping due to liquidity premium
According to the segmented market theory, each bond maturity segment can be thought of as a segment market in which yield are a function of the demand and supply for funds in that maturity.
A small business sold an equipment for $30,000 after depreciating the equipment using the MACRS depreciation method. The applicable federal tax rate for the company is 39%. The federal tax liability on this depreciation recapture is $10,200 if the company also had other taxable income of $200,000 in that year.
a. True
b. False
Answers
what is the future value of ordinary annuity makes 2000 every month 10 years interest rate is 7% g
Answers
Answer:
The future value of the ordinary annuity is:
= $346,169.61.
Explanation:
a) Data and Calculations:
Ordinary annuity receipt/payment = $2,000
Payment is made monthly for 10 years (120 months)
Interest rate = 7%
From an online financial calculator, the future value is:
N (# of periods) 120
I/Y (Interest per year) 7
PV (Present Value) 0
PMT (Periodic Payment) 2000
Results
FV = $346,169.61
Sum of all periodic payments $240,000.00
Total Interest $106,169.61
Advise new entrepreneurs on the char
acteristics of co-operatives
Answers
Answer:
A cooperative can be understood as a business model where there is a partnership between people with the same interests in an economic activity, not for profit, and who provide associated services.
In this voluntary society, there are its own rules and autonomy, being the voluntary and independent association, where there is the cooperation of each member and sharing of the management, of the positive and negative risks to the business. All members have economic participation and access to information and training. Interest on capital is limited and the surplus is distributed among all members.
Law Office employ 12 full-time attorneys and 5 paraprofessionals. Budgeted salaries include $100,000 for each attorney and $30,000 per paraprofessional. For 20x1, indirect costs were budgeted at $250,000, but actually amounted to $300,000. Actual salaries were $110,000 for each attorney and $30,000 for each paraprofessional. Direct and indirect costs are applied on a professional labor-hour basis that includes both attorney and paraprofessional hours. Total budgeted labor-hours were 50,000; however, actual labor-hours were 60,000.
How much should the client be billed in a normal costing system which uses budgeted rate and cost allocations are based on actual data, when 1,000 professional labor-hours were used?a. $27,000b. $32,000c. $34,800d. $37,400
Answers
Answer:
See below
Explanation:
Given the above information,
= ($110,000 × 12 + $30,000 × 5) / 60,000 × 1,000
= ($1,320,000 + $150,000) / 60,000,000
= $1,470,000 / 60,000,000 + $300,000/60,000) × 1,000
= $0.0245 + $5,000
= $5,000
Assume that a $1,000,000 par value, semiannual coupon U.S. Treasury note with four years to maturity (YTM) has a coupon rate of 6%. The yield to maturity of the bond is 11.00%. Using this information and ignoring the other costs involved, calculate the value of the Treasury note:_________.
a.) $841,635.85
b.) $715,390.47
c.) $530,230.59
d.) $1,009,963.02
Answers
Answer:
a.) $841,635.85
Explanation:
The value of the Treasury note is the present value of its future cash flows, its semiannual coupon payments and the face value receivable by the investors in the T-note at maturity.
Semiannual coupon=face value*coupon rate*6/12
face value=$1,000,000
coupon rate=6%
semiannual coupon=$1,000,000*6%*6/12
semiannual coupon=$30,000( there would 8 semiannual coupons in 4 years)
The present value of the cash flows can be determined using a financial calculator bearing in mind that the calculator would be set to its default end mode before making the following inputs:
N=8(semiannual coupons)
PMT=30000(amount of each semiannual coupon)
I/Y=5.50%(semiannual yield to maturity=11.00%*6/12)
FV=1000000(the face value of T-note)
CPT
PV=$841,635.85
Which of the following is a legal way for companies to avoid paying overtime
wages to their hourly workers?
A. Refuse to report their actual wages to the Department of Labor
B. Limit their working week to 40 hours
C. Ask employees to work less every other week
D. Avoid counting extra hours at the end of each week
Answers
Answer:
B limit their work week to 40 hours.
Explanation:
You can limit their hours but you can’t ask employees to not report wages they worked.
Which element of a command economy is also used in a mixed economy
Answers
Answer:
Governments can regulate businesses
Explanation:
I hope that this helped :)
Answer:
Prices also are dictated by supply and demand rather than by the government, as in the command economy. The profitability of producer and innovation are also key elements of the mixed economic system.
Explanation:
