Answer:
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Explanation:
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Finisher Inc. sells merchandise of $250,000 in 2020 that includes a three-year limited warranty. Warranty costs are estimated to be 1% of sales. The company incurred actual costs of $800 in 2020 related to the warranties. a. Record the warranty accrual at the time of sale in 2020. b. Record the adjustment to the warranty accrual for actual warranty costs in 2020.
Answer: See explanation
Explanation:
a. Record the warranty accrual at the time of sale in 2020.
Debit Warranty expense = $250,000 × 1% = $2,500
Credit Warranty Liability $2,500
(To record the warranty accrual)
b. Record the adjustment to the warranty accrual for actual warranty costs in 2020.
Debit Warranty Liability $800
Credit Cash and Payables $800
If Medicaid is expanded to cover a greater percentage of the population: the public debt will immediately increase. implicit liabilities will increase. implicit liabilities will decrease. implicit liabilities will be unaffected.
Answer: implicit liabilities will increase.
Explanation:
Implicit liabilities are incurred by government as a result of them having to take care of their citizens. Medicaid is one such liability.
If the government were to expand the percentage of people in the country that are to be covered by medical aid, this would mean that more Medicaid will be paid by the government which means that the implicit liabilities will increase.
Your project is split into two teams across two different continents. They understand the work to be completed, as well as communication processes. But they still often argue about how the work should be accomplished and who should make decisions. Given what you know, what is the most likely cause for these issues?
Answer:
Your project is split into two teams across two different continents. They understand the work to be completed, as well as communication processes. But they still often argue about how the work should be accomplished and who should make decisions. Given what you know, what is the most likely cause for these issues?
cultural differences
Explanation:
All of the following assets require a title as proof of ownership, except: Group of answer choices Life insurance. Boat. Home. Vehicle.
Answer:
Life insurance.
Explanation:
A life insurance policy can be defined as a contract between a policyholder and an insurer, in which the insurer agrees to pay an amount of money to a specific beneficiary either upon the death of the insured person (decedent) or after a set period of time.
All of the following assets such as home, boat, vehicle require a title as proof of ownership, except a life insurance because no one person can present a proof to attest to the ownership of their life.
Simply stated, a life of an individual is abstract and as such can not be quantified or qualified by any document as a proof to be presented to another person or business entity. Thus, a life insurance cannot be used as a collateral to obtain credits or loans from a financial institution or investors.
Winston Company reported net income of $50,000 for the year. During the year, accounts receivable decreased by $7,000, accounts payable increased by $3,000 and depreciation expense of $5,000 was recorded. Net cash provided by operating activities for the year is Group of answer choices $40,000. $65,000. $49,000. $45,000.
Answer:
$65000
Explanation:
Below is the calculation:
To find the net cash from the operating activity, we are required to add depreciation, accounts payable and accounts receivables.
Net income of the company = $50000
Add- expenses of depreciation = 5000
Add - Increase in accounts payable = 3000
Add - Decrease in accounts receivable = $7000
Thus net cash from operating activity = 50000 + 5000 + 3000 + 7000 = $65000
A certain machine will have a cost of $25,000 (then $) six years from now. Find the PW of the machine if the real interest rate is 10% per year and the inflation rate is 5% per year using (a) constant-value dollars, and (b) then-current dollars.
Answer:
The Present Worth of the machine if the real interest rate is 10% per year and the inflation rate is 5% per year, using:
(a) constant-value dollars
= $10,518.60
(b) then-current dollars
= $10,818.65
Explanation:
a) Data and Calculations:
Cost a certain machine six years from now = $25,000
Time period = 6 years
Real interest rate = 10%
Inflation rate = 5%
Nominal interest rate = 5% (10% - 5%)
Discount factor at 10% for 6 years = 0.564
Discount factor at 5% for 6 years = 0.746
PW using:
a) Constant-value dollars = $18,650 ($25,000 * 0.746)
PW = $10,518.60 ($18,650 * 0.564)
b) Then-current dollars:
The nominal rate = 0.1 + 0.05 + (0.1 * 0.05) = 0.155
$10,818.65 ($25,000 * 0.432746)
On May 11, 2012, your calendar year firm pays $6,000 for a used computer server, its only asset purchase for the year, and estimates that the server will have a salvage value of $500. If no Section 179 deduction is taken, what is your firm’s maximum 2012 deduction for depreciation?
Answer:
Calendar-Year Firm
The firm’s maximum 2012 deduction for depreciation is:
= $917.
Explanation:
a) Data and Calculations:
Purchase of a used computer server on May 11, 2012 = $6,000
Since the server is a used one, we assume a four-year useful life
Salvage value = $500
Assumed useful life = 4 years
Depreciable amount = $5,500 ($6,000 - $500)
Since the firm does not take the Section 179 Deduction, which would have allowed it to expense the whole depreciable amount this 2012, the depreciation expense for the first year is calculated as follows:
Annual depreciation expense, using the straight-line method = $1,375
For 2012, the firm's maximum deduction for depreciation will be:
= $917 ($1,375 * 8/12) (covering the months from May 11 to December 31)
Test Tech has preferred stock outstanding that pays an $10.85 annual dividend. It price is $125. What is the required rate of return on the preferred stock
Answer:
8.7%
Explanation:
Calculation to determine the required rate of return on the preferred stock
Using this formula
Required rate of return=Annual dividend/Price
Let plug in the formula
Required rate of return=$10.85/$125
Required rate of return=0.087*100
Required rate of return=8.7%
Therefore the required rate of return on the preferred stock is 8.7%
The operating income calculated using variable costing and absorption costing amounts to $9,100 and $11,200. There were no beginning inventories. Determine the total fixed manufacturing overhead that will be expensed under absorption costing for the year.
Answer:
$2,100
Explanation:
The difference between variable costing income and absorption costing income arises due to fixed cost deferred in inventory. This is the total fixed manufacturing overhead that will be expensed under absorption costing.
Calculation :
Fixed Cost in Inventory = $11,200 - $9,100
= $2,100
Differentiate between a defined contribution pension plan and a defined benefit pension plan. Explain how the employer's obligation differs between the two types of plans.
Answer:
Differences Between a Defined Contribution Pension Plan and a Defined Benefit Pension Plan.
With a defined contribution pension plan, the benefit that will accrue to the employee is not known or defined ahead of her retirement. But the contributions that will be made by the employer and the employee to fund the pension are clearly spelt out.
With a defined benefit pension plan, the benefit (i.e. the monthly payment to the retiree) is stated ahead of the pension time. It is based on the employee's tenure and salary. Employees do not contribute to the plan but are entitled to lifetime monthly payments.
Explanation:
The employer and each employee contribute some certain percentages to each worker's individual retirement account (IRA) under the defined contribution pension plan. Under the defined benefit pension plan, the employer is solely responsible for funding the plan and the employee benefits via a monthly payment from the funding plan during retirement.
Hot Shot Delivery Inc. provides the following year end data:
2020 2019
Cash $65,000 $38,000
Accounts Receivable 60,000 39,000
Merchandise Inventory 66,000 26,000
Property, Plant & Equip 219,000 154,000
Total Assets 410,000 257,000
Sales Revenue $530,000
Cost of Goods Sold 180,000
Interest Expense 30,000
Net Income 112,000
Calculate the rate of return on total assets for 2018.
a. 55.3%.
b. 52.5%.
c. 42.6%.
d. 27.3%.
Answer:
c. 42.6%
Explanation:
Average total assets = $410,000+$257,000/2
Average total assets = $667,000
Average total assets = $333,500
Net income = $112,000
Interest expenses = $30,000
Return on total assets = Net income + Interest expenses / Average total assets
Return on total assets = $112,000 + $30,000 / $333,500
Return on total assets = 0.42388060
Return on total assets = 42.39%
The master budget includes individual budgets for sales, production or merchandise purchases, various expenses, capital expenditures, and cash.
A. True
B. False
Answer: True
Explanation:
The statement that the master budget includes the individual budgets for the sales, production or merchandise purchases, various expenses, capital expenditures, and cash is true.
It should be noted that the master budget consists of the budgets of the lower-level that can be found in an organization, the cash flow forecasts, and a financial plan.
The master budget gives firm a wider view of its finances and is used in making organizational decisions.
Suppose you have $100 of endowment, and you are offered a chance to buy a lottery which costs $36. The lottery has 43% of chance to win a prize of $G, or you just lose and get nothing. Suppose your utility function on wealth is u(w)=w^1/2. What is the least prize size G that you will be willing to buy the lottery? (Round to the second digit after decimal point.)
Answer:
96.02
Explanation:
Lottery's Expected utility = [tex]\sqrt{100}[/tex] = 10
Income in good state = 100 - 36 + G = 64 + G
Income in bad state = 100 - 36 = 64
Probability in good state = 43%
Probability in bad state = 100% - 43% = 57%
Expected utility = Probability in good state x [tex]\sqrt{(64 + G )}[/tex] + Probability in bad state x [tex]\sqrt{64\\}[/tex]
10 = 43% x [tex]\sqrt{(64 + G )}[/tex] + 57% x 8
10 = 43% x [tex]\sqrt{(64 + G )}[/tex] + 4.56
10 - 4.56 = 43% x [tex]\sqrt{(64 + G )}[/tex]
5.44 = = 43% x [tex]\sqrt{(64 + G )}[/tex]
5.44 / 43% = [tex]\sqrt{(64 + G )}[/tex]
12.65 = [tex]\sqrt{(64 + G )}[/tex]
[tex]12.65^{2}[/tex] = [tex](\sqrt{(64 + G )})^{2}[/tex]
160.0225 = 64 + G
G = 160.0225 - 64
G = 96.0225
G = 96.02
I’ll give 20 points to the best answer !!!
Answer:
The answer is "Slide Master View"
Explanation:
Slide Master Look is indeed the name of this feature. This can help you keep track of all the presentations you've created and change those ones that require work or even more information. The additional feature is the ability to change the presentation's actual picture, as it may be extended to all slides. Slide master view also allows you to change the text format & placeholders.
Mary makes 10 pies and 20 cakes a day and her opportunity cost of producing a cake is 2 pies. Tim makes 20 pies and 10 cakes a day and his opportunity cost of producing a cake is 4 pies. If Mary and Tim specialize in the good in which they have a comparative advantage, _________
A. Mary produces only cakes while Tim produces only pies
B. Mary produces only pies
C. Tim produces both pies and cakes
D. Tim produces only cakes while Mary produces only pies
Answer:
A. Mary produces only cakes while Tim produces only pies
Explanation:
I will start by describing the concept called comparative advantage. Comparative advantage can be described as a businesses ability to produce at a reduced or lower opportunity cost than others. Given this definition, we can see that Mary's opportunity cost of producing cakes is lower than Tims opportunity cost. So Mary has an advantage over Tim in the production of cakes. So the answer to this question is A. Mary should specialize in the making of cakes while Tim should specalize in pie making
The journal entry to record the accrual of factory utilities is to: Multiple choice question. debit Factory Overhead and credit Utilities Payable debit Utilities Payable and credit Factory Overhead debit Factory Overhead and credit Cash debit Cash and credit Factory Overhead
Answer:
debit Factory Overhead and credit Utilities Payable
Explanation:
The journal entry to record the accrual of factory utilities is to: Debit Expense Account - Factory Overhead and Credit Liability Account -Utilities Payable.
Suppose that the U.S. government decides to charge wine producers a tax. Before the tax, 40 billion bottles of wine were sold every year at a price of $7 per bottle. After the tax, 35 billion bottles of wine are sold every year; consumers pay $9 per bottle, and producers receive $6 per bottle (after paying the tax). The amount of the tax on a bottle of wine isper bottle. Of this amount, the burden that falls on consumers isper bottle, and the burden that falls on producers isper bottle. True or False: The effect of the tax on the quantity sold would have been larger if the tax had been levied on consumers.
Answer and Explanation:
The computation is shown below:
The amount of the tax for the wine bottle is
= $9 per bottle - $6 per bottle
= $3 per bottle
Before the tax, the price per bottle is $7 per bottle
The Tax burden on consumers is
= $9 - $7
= $2 per bottle
And, the tax burden on producers is
= $7 per bottle - $6 per bottle
= $1 per bottle
So, the given statement is false as the impact would remain the same whether it is for producer or consumer
Nike has so far had $30,000,000 in losses at its shoe factory in Vietnam in 2017. The additional revenue that it will earn from producing an additional shoe is $100 while the additional cots incurred for that additional shoe is $99.99. Should Nike continue operations in that factory and produce that additional shoe
Answer: c. Yes, because the marginal revenue from producing the additional shoe is greater than the marginal costs.
Explanation:
When making financial decisions, companies abide by the principle of Sunk Costs. This means that money that has already been spent, should not have any effect on future financial decisions. The $30 million that has been lost already will therefore not be considered.
The only figures now are the additional cost and revenue. The additional revenue is more than the additional cost so this shoe should be produced because it brings in a profit of $0.01.
There are several attempts to explain Marvels Success via competetive strategy but they fall flat: competitve strategy, with this specific case neither predicts nor explains the outcome why?
Answer:
It has been a well known fact that competitive strategy creates a unique value for a target set of movie customers. However, it is not able to predict nor explain the outcome due to the fact that Marvel only focused on trying to compete to be the best in comic and superhero films which thus resulted in basically a case whereby there was a competition in which one participant wins totally and another loses without gaining any objectives and thus they were not able to win.
Explanation:
This question is taken from a book titled "The Marvel Way: Restoring a Blue Ocean". It was written by W. Chan Kim, Renee Mauborgne, Michael Olenick. The central theme of the book was about one of the greatest turnarounds in modern business history by the then Marvel CEO with the name Peter Cuneo who was responsible for turning the business around and succeeded in launching a blue ocean.
From the question, neither predicts nor explains the outcome because;
It has been a well known fact that competitive strategy creates a unique value for a target set of movie customers. However, it is not able to predict nor explain the outcome due to the fact that Marvel only focused on trying to compete to be the best in comic and superhero films which thus resulted in basically a case whereby there was a competition in which one participant wins totally and another loses without gaining any objectives and thus they were not able to win.
In a continuous review inventory system, the lead time for door knobs is weeks. The standard deviation of demand during the lead time is units. The desired cycle-service level is percent. The supplier of door knobs streamlined its operations and now quotes a 1 week lead time. Refer to the standard normal tableLOADING... for z-values. How much can the safety stock be reduced without reducing the percent cycle-service level? The safety stock can be reduced by nothing door knobs. (Enter your response rounded to the nearest whole number.)
Answer:
The answer is "116 doorknobs".
Explanation:
The standard deviation of the demand before the (four weeks) protection intervals = [tex]\sigma-d \times (\sqrt{L}) = 100 \ units\\[/tex]
The desired cycle service level is [tex]99\%[/tex].Therefore, [tex]z = 2.33[/tex]
The safety stocks for the four-weeks protecting interval are:
Safety stock [tex]= z\times [ \sigma-d \times (\sqrt{L})][/tex]
[tex]= 2.33 \times 100 \\\\= 233\ door\ knobs[/tex]
The safety stocks require for the one-week protection interval are: [tex]\sigma-dLT = \sigma-dt \times (\sqrt{L}) = \sigma-dt \times (\sqrt{4}) = 100\ door\ knobs\\\\\sigma-d = \frac{100}{(\sqrt{4})} = \frac{100}{2} = 50 \ door\ knobs\\\\[/tex]
Safety stock [tex]= z\times \sigma-dt = 2.33 \times 50 = 116.5 \ or\ 117 \ door\ knobs\\\\[/tex]
Safety stock reduction[tex]= 233 -117 = 116 \ door\ knobs[/tex]
Acme Air Compressor Company has decided to limit the number of compressors it will supply to some of its distributors that it suspects are selling a line of compressors made by one of its competitors. Acme is using its referent power in its distribution channel.
a. True
b. False
Answer:
b. False
Explanation:
A Referent power in an organization my be defined as the power of a person or a company that is based on high level of identification with that of admiration or inspiration or out of respect.
Thus in the context, the Acme company does not uses its referent power to its distribution channel when the company decides to limit the supply of the its compressors to some of its distributors as the distributors are selling some of the air compressors of the competitor company.
Hence the answer is FALSE.
Assume Peanut Butter and Jelly are two complement products. For both markets explain what happens for an increase in the Supply of Jelly to both the Peanut butter and Jelly markets.
Answer:
Complementary goods are goods that are consumed together
If the supply of Jelly increases, the supply curve for jelly shifts rightward. As a result of the rightward shift, price decreases and quantity increases.
Because jelly and peanut butter are complements, an increase in the supply leads to an increase in the supply of peanut butter.
the supply curve of peanut butter shifts outward also. As a result of the rightward shift, price decreases and quantity increases.
Explanation:
A complimentary service or product is one that is employed in connection with just another good or service. When ingested solo, the complement product is usually of little or no value. If a commodity has a positive connection with another product, it is considered complimentary.
The supply curve for jelly goes rightward as the supply of jelly increases. Price drops and quantity volume increases of the rightward shift. Because jelly and peanut butter complement one other, an increase in jelly availability leads to an increase in peanut butter supply. Peanut butter's supply curve is also shifting outward. Price decreases and quantity increases as a result of the rightward shift.
The cross-price elasticity of demand is equal to 2 and larger than 1, indicating that demand is elastic and positive since wheat and rice are complimentary items, and as the price of wheat rises, so does the demand for rice.
To know more about the complementary goods, refer to the link below:
https://brainly.com/question/1240785
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
Answer:
Total unearned fees in dollars at November 30 = $2975
Total unearned fees in hours at November 30 = 35 hours
Explanation:
The price elasticity of demand measures: Group of answer choices how responsive consumers are in the quantity they want when consumer incomes change how responsive producers are in the quantity they produce when the price changes how responsive consumers are in the quantity they want when the price changes how responsive producers are in the quantity they produce when consumer incomes change
Answer:
how responsive consumers are in the quantity they want when the price changes
Explanation:
The price elasticity of demand is
= Percentage change in quantity demanded ÷ percentage change in demand
So based on the above formula it shows that the consumers are responsive with regard to the quantity they need at the time when the price is changed
Therefore the above represent the answer
Answer:
Price
Inelastic
Elastic
Explanation:
got it right on edg
Given the points (-4,8) and (6,-12)
Answer:
N/A
Explanation:
What is the question. There is nothing to answer.
At the beginning of the year, Crane Company estimates annual overhead costs to be $2400000 and that 400000 machine hours will be operated. Using machine hours as a base, the amount of overhead applied during the year if actual machine hours for the year was 375000 hours is
Answer:
the amount of overhead applied during the year is $2,250,000
Explanation:
The computation of the overhead applied is shown below;
= Estimated annual overhead ÷ machine hours × actual machine hours
= $2,400,000 ÷ 400,000 machine hours × 375,000 hours
= $2,250,000
hence, the amount of overhead applied during the year is $2,250,000
Which of the following statements about striving to reduce labor costs per pair produced at each of the company's plants is true?
a. A company cannot achieve labor costs per pair produced that are close to the lowest in the industry (in those geographic regions where it has plants) unless its annual total compensation of plant workers is below the average annual total compensation paid by all companies with plants in these same regions.
b. All companies, regardless of the strategy being employed, should pursue actions to manage employee compensation and labor productivity in a manner that results in labor costs per pair produced that are equal to (or very close to) the industry-low in each region where the company has plants.
c. It is very difficult for a company producing branded footwear with a high S/Q rating to achieve labor costs per pair produced that are below the industry average in each geographic region where the company has plants.
d. A company pursuing a low-cost provider strategy is better able to pursue actions aimed at achieving low labor costs per pair produced in each of its plants (as compared to the labor costs of companies with plants in the same regions) than is a company pursuing a differentiation strategy.
e. It is more cost effective for a company to compensate plant workers at levels that are close to the highest in the industry in each geographic region where it has plants than it is for a company to pursue actions to keep labor costs per pair produced below the industry average in each geographic region where it has plants.
Answer:
b. All companies, regardless of the strategy being employed, should pursue actions to manage employee compensation and labor productivity in a manner that results in labor costs per pair produced that are equal to (or very close to) the industry-low in each region where the company has plants.
Explanation:
The less labor cost of production per pair could be attained in following two ways
1. The productivity level is icnreased
2. The compensation should be managed and it provides the combination of both fixed and variable. Also it pays the high compensation but at the more productivity rate due to which the labor cost per pair would fall
So as per the given situation, the option b is correct
The manager of Quick Car Inspection reviewed the monthly operating costs for the past year. The costs ranged from $4,400 for 1,400 inspections to $4,200 for 1,000 inspections. Please use the high-low method to calculate the variable cost per inspection.
Answer:
Variable cost per unit= $0.5 per inspection
Explanation:
Giving the following information:
The costs ranged from $4,400 for 1,400 inspections to $4,200 for 1,000 inspections.
To calculate the variable cost under the high-low method, we need to use the following formula:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (4,400 - 4,200) / (1,400 - 1,000)
Variable cost per unit= $0.5 per inspection
The net asset value of shares in a closed-end investment company is $36. An investor buys the shares for $34 in the secondary market. The company distributes $1 and after one year, the net asset rises to $42. The investor sells the shares for $43 in the secondary market. What is the percentage return on the investment
Answer:
Closed-End Investment Company
The percentage return on the investment is:
= = 29.41%
Explanation:
a) Data and Calculations:
Net asset value of share = $36
Price paid by an investor = $34
Dividend distributed = $1
Net asset value after one year = $42
Selling price in the secondary market by the investor = $43
Total amount realized by the investor = $44 ($43 + $1)
Cost of investment = $34
Dollar return on the investment = $10 ($44 - $34)
Percentage return on the investment = Return on investment/Cost of investment * 100
= $10/$34 * 100
= 29.41%
The reporting of net cash provided or used by operating activities that lists the major items of operating cash receipts, such as receipts from customers, and subtracts the major items of operating cash disbursements, such as cash paid for merchandise, is referred to as the:
Direct method
Explanation:
