Schedule of Cash Collections of Accounts Receivable
Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1, 2016. Projected sales for each of the first three months of operations are as follows:
May $134,000
June 155,000
July 169,000
All sales are on account. Sixty-five percent of sales are expected to be collected in the month of the sale, 30% in the month following the sale, and the remainder in the second month following the sale.
Prepare a schedule indicating cash collections from sales for May, June, and July. Enter all amounts as positive numbers.
Pet Place Supplies Inc.
Schedule of Collections from Sales
For the Three Months Ending July 31, 2016
May June July
May sales on account:
Collected in May
Collected in June
Collected in July
June sales on account:
Collected in June
Collected in July
July sales on account:
Collected in July
Total cash collected
$
$
$
Answers
Answer:
The Total cash collected in May is $87100 and June is $140950 and July $163050.
Hence the total is $391100.
Explanation:
Related Questions
Schultz v. Capital International Security, Inc. 460 F.3d 595 (4th Cir. 2006) Facts: The plaintiff-agents provided security services for Schultz and his family at his Virginia residence in twelve-hour shifts. The agents were paid a daily rate for each shift; they received no extra pay for overtime. The agents had a command post at the residence, from which they observed security camera monitors, answered the telephone, and kept a daily log of all arrivals and departures. They also made hourly walks of the property, ensured that members of his family were safe when departing and arriving, sorted mail, and performed various tasks upon request of his family. In addition to their security duties, the agents were responsible for having the household’s vehicles washed and fueled, making wake-up calls, moving furniture, and doing research on the Internet. Schultz's long-time driver and travel agent, Sammy Hebri, formed a company called Capital International Security, Inc. (CIS). Hebri started CIS for the purpose of becoming Schultz's security contractor. Hebri sent a memo (dated July 24, 2002) to the agents directing them to obtain their own private security business licenses from the VDCJS and individual liability insurance so they could be classified as independent contractors. Issue: The issue is whether the bodyguards were considered to be employees or independent contractors for the purpose of the Fair Labor Standards Act. Action: You must respond to all questions below. You must use at least three sources from the class materials and do independent research. Do not combine the five discussion questions and please use the outline below for your paper. Use of the outline will help you organize your research and comments and ensure you do not miss any questions that must be addressed. Your responses to each question must be in narrative format not bullets. Use the headings below to organize your paper.
Question 1A - a. Summarize the relevant facts of the case. What is your opinion on the outcome of this case?
Question 1c - Classification Test: In the above case, what kind of classification test could have been used and what would be the result?
Answers
Answer:
Hence the answer is given as follows,
Explanation:
1A) In the given case, the agents who are the plaintiffs were working as security guards for Schultz and his family. There was miscellaneous work that they were required to conduct for the family. The agents were paid a daily wage and weren't paid overtime. Schultz’s driver opened a replacement company called CIS and asked the agents to get their own private security business licenses in order that they will get classified as independent contractors. So, the difficulty arises that whether the agents should be classified as employees or as independent contractors.
The agents were paid a daily wage and not a salary. Moreover, they weren't qualified for overtime pay. Employees usually get salaries and are eligible to urge over time by the overtime work. Hence the agents are independent contractors and can't be considered employees.
1C) In the given case, a hybrid classification test is often wont to check the status of whether the agents were employees or independent contractors. A hybrid classification test has characteristics of right to regulate test also as economic realities test. Schultz and his family weren't controlling the work of the agents. The agents had pre-determined work and that was conducting it in an independent manner. The agents also were paid on a day to day and didn't have a timekeeping requirement. Hence the agents can qualify as independent contractors and not employees as per the hybrid classification test.
Elk, a C corporation, has $370,000 operating income and $290,000 operating expenses during the current year. In addition, Elk has a $10,000 long-term capital gain and a $17,000 short-term capital loss. Elk's taxable income is:
Answers
Answer:
$80,000
Explanation:
Calculation to determine what Elk's taxable income is:
Using this formula
Taxable income=Operating income-Operating expenses
Let plug in the formula
Taxable income=$370,000-$290,000
Taxable income=$80,000
Therefore Elk's taxable income is:$80,000
The Aqua Liquid Assets Money Market Mutual Fund has a NAV of $1 per share. During the year, the assets held by this fund appreciated by 1.4 percent. If you had invested $50,000 in this fund at the start of the year, how many shares would you own at the end of the year
Answers
Answer:
Missing word "Final shares=? Net asset value=?"
Final shares is computed as follows:
= (Amount invested / NAV per share) * (1 + Fund appreciation)
= ($50,000 / $ 1) * (1 + 0.014)
= $50,000 * 1.014
= $50,700
As know that this is a Money Market Mutual Fund, hence the Net asset value of this fund at the end of the year will be also $1.
MC Qu. 114 Lowden Company has an overhead application... Lowden Company has an overhead application rate of 155% and allocates overhead based on direct material cost. During the current period, direct labor cost is $60,000 and direct materials used cost $90,000. Determine the amount of overhead Lowden Company should record in the current period.
Answers
Answer:
the overhead amount recorded is $139,500
Explanation:
The computation of the overhead amount recorded is shown below:
= Overhead application rate × direct material cost
= 155% × $90,000
= $139,500
Hence, the overhead amount recorded is $139,500
We simply applied the above formula so that the correct value could come
Blake Company purchased two identical inventory items. The item purchased first cost $34.00, and the item purchased second cost $35.00. Blake sold one of the items for $64.00. Which of the following statements is true?
A. The dollar amount assigned to ending inventory will be the same no matter which cost flow method is used.
B. Gross margin will be higher if Blake uses LIFO than it would be if FIFO were used.
C. Ending inventory will be lower if Blake uses weighted average than if FIFO were used.
D. Cost of goods sold will be higher if Blake uses FIFO than if weighted average were used.
Answers
Answer:
c
Explanation:
LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.
FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold
Weighted average is the average cost of the inventories bought over a period
If FIFO is used, ending inventory would be $35.
If weighted average is used , ending inventory = (34 +35) / 2 = $34.50
Thus, ending inventory will be lower if Blake uses weighted average than if FIFO were used
Gross margin = gross profit / revenue
If FIFO was used . gross margin = (64 - 34) / 64 = 0.469
If LIFO was used . gross margin = (64 - 35) / 64 = 0.453
Gross margin will be lower if Blake uses LIFO than it would be if FIFO were used.
The following units of a particular item were available for sale during the calendar year:
Jan. 1 Inventory 4,000 units at $40
Apr. 19 Sale 2,500 units
June 30 Purchase 4,500 units at $44
Sept. 2 Sale 5,000 units
Nov. 15 Purchase 2,000 units at $46
The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method.
Answers
Answer:
The cost of goods sold for eachs ale and the inventory balance after each sale, assuming the LIFO (last-in, first-out) method:
Cost of goods sold Ending Inventory
Apr. 19 Sale $100,000 $60,000
Sept. 2 Sale $218,000 $40,000
Explanation:
a) Data and Calculations:
Date Description Units Unit Cost Total Balance
Jan. 1 Inventory 4,000 $40 $160,000
Apr. 19 Sale (2,500) (100,000) $60,000
June 30 Purchase 4,500 $44 198,000 258,000
Sept. 2 Sale (5,000) (218,000) 40,000
Nov. 15 Purchase 2,000 $46 92,000 132,000
Cost of goods sold: Ending Inventory
April 19: = 2,500 * $40 = $100,000 = 1,500 * $40 = $60,000
Sept 2: = 4,500 * $44 + 500 * $40 = 1,000 * $40 = $40,000
= $198,000 + $20,000
= $218,000
The DEF partnership reported net income of $130,000 for the year ended December 31, 20X8. According to the partnership agreement, partnership profits and losses are to be distributed as follows in the following order:
D Â Â Â Â Â Â Â Â Â Â Â Â EÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â F
Salaries               $25,000            $20,000        $15,000
Bonus on net income        10%                       -----                -----
Remainder            60%            30%         10%
Required:
How should partnership net income for 2008 be allocated to D, E, and F?
Answers
Answer:
The DEF Partnership
Allocation of Partnership Net Income for 2008:
D E F Total
Net income $130,000
Salaries $25,000 $20,000 $15,000 (60,000)
Bonus on net income 13,000 ----- ----- (13,000)
Remainder 34,200 17,100 5,700 (57,000)
Total allocation $72,200 $37,100 $20,700 $130,000
Explanation:
a) Data and Calculations:
Net income for the year ended December 31, 2008 = $130,000
Order of distribution of partnership profits and losses:
D E F
Salaries $25,000 $20,000 $15,000
Bonus on net income 10% ----- -----
Remainder 60% 30% 10%
Bonus on net income = $13,000 ($130,000 * 10%)
Remainder after salaries and bonus = $57,000 ($130,000 - $73,000)
D = $34,200 ($57,000 * 60%)
E = $17,100 ($57,000 * 30%)
F = $5,700 ($57,000 * 10%)
For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model.
a. A large city has lots of small shops where people can buy sweaters. Each store's sweaters reflect the style of that particular store. Additionally, some stores use higher-quality yarn than others, which is reflected in their price.
b. There are hundreds of high school students in need of algebra tutoring services. Dozens of companies offer tutoring services; parents view the quality of the tutoring at the different companies to be largely the same.
c. Only three airlines fly from San Francisco to Medford, Oregon. No new airline will enter this market, because there are not enough customers to share among four or more airlines without each one experiencing substantially higher average costs. Consumers view all airlines as providing basically the same service and will shop around for the lowest price.
d. The government has granted a patent to a drug company for an experimental AIDS drug. That company is the only firm permitted to sell the drug.
Answers
Answer:
a. large number of firms, they have differentiated products, and this is a monopolistic market model
b. large number of firms, they have standardized products, and this is a perfectly competitive market model
c. few number of firms, they have standardized products, and this is an oligopolistic market model
d. one number of firms, they have a single products, and this is a monopoly
Explanation:
a. This first question is a monopolistic competition. this is because it has the following characteristics:
It has large number of firms, the products here are differentiated, there is no entry cost and also no exit cost in the long run. Entereing the market is challenging
b. this is a perfect competition, the characteristics are large number of firms, the products are identical and the entry and exit in the market is easy
c. this market is an oligopoly. it has a few firms, the products can be identical or they can be differntiated, and it has barriers to entry from what we have seen here.
d. this market is a monopoly. the firm is a single one, and due to the patent there are no new entries for any other firm.
Globalization of Market is taking place because of ___________.
Answers
The Gear Division makes a part with the following characteristics:
Production capacity 25,000 units
Selling price to outside customers $ 18
Variable cost per unit $ 11
Fixed cost, total $ 100,000
Motor Division of the same company would like to purchase 10,000 units each period from the Gear Division. The Motor Division now purchases the part from an outside supplier at a price of $17 each. Suppose that the Gear Division is operating at capacity and can sell all of its output to outside customers. If the Gear Division sells the parts to Motor Division at $17 per unit, the company as a whole will be:
a. better off by $10,000 each period.
b. worse off by $20,000 each period.
c. worse off by $10,000 each period.
d. There will be no change in the status of the company as a whole.
Answers
Answer:
Effect on income= -10,000
Explanation:
Giving the following information:
Production capacity 25,000 units
Selling price to outside customers $ 18
Variable cost per unit $ 11
Fixed cost, total $ 100,000
First, we need to calculate the unitary total production cost:
Total unitary cost= (100,000/25,000) + 11
Total unitary cost= $15
The company can sell all of its production to outside customers and gain $3 from the sale. But, by selling to the Motor Division, it gains $2.
Now, the effect on income:
Effect on income= increase in income by not buying the part - decrease in sales revenue for not selling to outside customers
Effect on income= 10,000*2 - 10,000*3
Effect on income= 20,000 - 30,000
Effect on income= -10,000
Liz has been screened for potential group membership. She fits all criteria; however, she seems to lack the desire to participate. In the eyes of the leader Jacque, she just doesn’t seem to "want" it enough. What should be considered?
Answers
Answer:
this should be a factor; the desire to make positive change is deemed highly important
Explanation:
Since in the situation it is mentioned that liz has been screened concering for the membership of the group. She have the lack of participation
So here it could be considered as the factor also the desire that makes the positive changed would be considered as very much significant
So, the above statement should be relevant
Hence, the same should be considered
You are analyzing ABC Company, a computer manufacturer. You notice that inventory turnover this year is significantly lower than in prior years. You also notice that accounts receivable turnover is significantly lower this year when compared to previous years. Provide three explanations that would be consistent with your observation for inventory turnover and include an explanation of whether these would be of concern to you, as well as what the effect might be on the next period's financial results. In addition, provide three explanations that would be consistent with your observation of the accounts receivable turnover, and explain whether these would be of concern to you.
Answers
Answer:
ABC Company
1. Observation: Current year's inventory turnover is significantly lower than those of previous years.
Explanations:
1. Lower inventory turnover implies weaker sales for the current period than those of previous years.
2. Lower inventory turnover results from excessive inventory, which increases storage costs and interest expenses.
3. The ratio may also indicate that the demand for the product is declining rapidly. Many reasons can be adduced for this situation. Little marketing efforts, bad product, and lack of product competitiveness.
a) The formula for computing the inventory turnover equals Cost of goods sold/Average Inventory. The ratio shows the number of times goods are sold in a period. When goods are sold more frequently, sales activities increase, including revenue and profit.
2. Observation: Also current year's accounts receivable turnover is significantly lower than in previous years.
Explanations:
1. Billing inefficiency can contribute to lower accounts receivable turnover.
2. Poor credit policy may give rise to inefficient collection process, excessive bad debts, long credit days, bad customers, and lack of incentives to customers to settle their invoices.
3. Lastly, lower accounts receivable turnover may point to declining demand of the product by customers.
b) The formula for calculating the accounts receivable turnover is Net Credit Sales divided by Average receivables. The ratio determines the effectiveness of the company's credit policy.
Imagine that the Brazilian aircraft manufacturer Embraer purchases a 10 percent share of a Canadian aircraft distribution company, in order to facilitate the marketing and sales of its aircraft in Canada. This is an example of
Answers
Answer: Forward Integration
Explanation:
Forward integration is a process where a company takes over the control of another company that is further along in the value chain so that it might be able to sell or distribute is goods more effectively. For example, an oil company taking over a petroleum products company.
In this scenario, the Brazilian company purchased a huge part of a company further along in distribution in order to facilitate better sales so this is forward integration.
Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $350,000 per quarter. The company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices and total output at the split-off point are as follows:
Product Selling Price Quarterly Output
A $16 per pound 15,000 pounds
B $8 per pound 20,000 pounds
C $25 per gallon 4,000 gallons
Each product can be processed further after the split-off point. Additional processing requires no special facilities. The additional processing costs (per quarter) and unit selling prices after further processing are given below:
Product Additional Processing Costs Selling Price
A $63,000 $20 per pound
B $80,000 $13 per pound
C $36,000 $32 per gallon
Required:
Which product or products should be sold at the split-off point and which product or products should be processed further?
Answers
Answer:
The incremental selling price for product 1 is 60,000, product 2 is 100000 and product 3 is 28,000.
Sell at split off for product 1 is Yes and product 2 is No and product 3 is Yes.
Explanation:
Here,
Target Corporation issues a 20-year $9,000,000 bond on January 1, 20xx with a 9% stated interest rated. Interest is paid semiannually on June 30 and December 31st. The bond will mature in twenty years. When Target Corporation retires the bond at the end of 20 years, what amount will they debit to the bonds payable account?
Answers
Answer:
Target Corporation
The amount that will be debited to the bonds payable account on December 31, 2020 will be:
= $9,000,000
Explanation:
a) Data and Calculations:
January 1, 20xx:
Face value of bonds issued = $9,000,000
Maturity period = 20 years
Stated interest rate = 9%
Interest payment = June 30 and December 31
Semiannual Interest Payment in dollars = $405,000 ($9,000,000 * 4.5%)
b) At maturity of the bonds after 20 years, Target Corporation will debit the Bonds Payable account and credit its Cash account with the sum of $9,000,000. On that date, the bond's carrying amount will be equal to the Bonds Payable account balance, all things remaining equal.
Nabax has an investment that is worth $41,600 and has an expected return of 14.56 percent. The investment is expected to pay her $27,200 in 2 years from today and X in 5 years from today. What is X?
Answers
Answer:
The answer is "$41189.19"
Explanation:
Using formula:[tex]\text{Present value=Cash flows} \times \text{Present value of discounting factor(rate \ \%, time period)}[/tex]
[tex]\to 41600=\frac{27200}{1.1456^2}+ \frac{X}{1.1456^5}\\\\\to 41600= (27200 \times 0.761963188)+(X \times 0.506798097)\\\\\to 41600=20725.3987+(X \times 0.506798097)\\\\\\to X=\frac{(41600-20725.3987)}{0.506798097}\\\\[/tex]
[tex]=\$41189.19[/tex]
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
Assume that Jerome's available-for-sale portfolio had a total cost of $50,000 and a fair value of $46,000 on December 31 at the end of the first year it held the AFS securities . Make the necessary adjusting entry.
Answers
Answer:
Sep.15
Dr Investments in Available for sale securities 8900
Cr Cash 8900
30-Dec
Dr Other Comprehensive Income -(Unrealised loss-AFS) 4000
Cr Fair value adjustment-Stock 4000
31-Dec
Dr Fair value adjustment-Stock 1000
Cr Unrealised gain-Income 1000
Explanation:
Preparation of the journal entries
Books of Jerome Inc.
Sep.15
Dr Investments in Available for sale securities 8900
Cr Cash 8900
(Purchase of Notes of Topper Inc.)
30-Dec
Dr Other Comprehensive Income -(Unrealised loss-AFS) 4000
Cr Fair value adjustment-Stock 4000
(50000-46000)
31-Dec
Dr Fair value adjustment-Stock 1000
Cr Unrealised gain-Income 1000
(6000-5000)
(Unrealised holding period gain on Melina corporation stock hed as Trading securities)
The expenditure and income approaches to calculating GDP arrive at the same final number, but they calculate that number in different ways. To illustrate, consider the possible effects of the following transactions on GDP:
1. Daesun pays Awesome Foods Market $1,100 to cater his daughter's engagement party. He's attracted by Awesome Foods Market's guarantee that he'll be happy with the catering, or he'll get his money back.
2. Awesome Foods Market pays JoAnn's Catering $950 to cater the party.
3. JoAnn's Catering buys plasticware worth $200 from Kostko.
Required:
Compute contributions to GDP, using the expenditure approach.
Answers
Answer:
Only the amount spent by Manuel would be in included in the calculation of GDP
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Net export = exports – imports
When exports exceed import there is a trade deficit and when import exceeds import, there is a trade surplus.
Consumption spending includes spending by households on goods and services. Consumption spending includes :
spending on durables - e.g. laptop
spending on nondurables - e.g. clothes, food
spending on services - e.g. payment of hospital bill
the purchase of a textbook by a student is an example of consumption spending on durable goods
Investment - It includes purchases of goods and services made by businesses in the production of goods and services
the airplane purchased by the airline would be used to provide services for airline customers. Also, the packing boxes bought by Amazon would be used in delivering goods to customers
Government spending - It includes government consumption expenditure and gross investment. The purchase of a new limousine for the president is an example of consumption expenditure
Items not included in the calculation off GDP includes:
1. services not rendered to oneself
2. Activities not reported to the government
3. illegal activities
4. sale or purchase of used products
5. sale or purchase of intermediate products
Travel expenses incurred by the sales department of a manufacturing company would be classified as: a. indirect labor b. manufacturing overhead c. a period cost d. a conversion cost e. a product cost
Answers
Answer:
c. a period cost
Explanation:
Option C, period cos is the correct answer because the period cost is not related to the production and manufacturing of the commodity. Rather it is the cost incurred outside the factory such as marketing expenses, travelling expenses, etc. Therefore, the option "period cost" is the correct answer.
Travel expenses incurred by the sales department of a manufacturing company would be classified as: c. a period cost
Period costs are indirect costs incurred in the production of goods and services. These costs are not tied directly to production processes.
Unlike product costs that are assigned to one particular product, Period costs are not assigned to one particular product or the cost of inventory.
Period costs are also not included in the inventory valuation hence are treated as expenses in the period in which they are incurred.
Other examples of Period costs includes: marketing expenses, indirect labor etc.
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On January 1, 2017, ARC Inc. issued 100 5-year bonds, with a face value of $1,000 each and a coupon rate of 10%, payable semiannually. The interest is paid on June 30 and December 31 of each year. The market rate of interest at the time that the bonds were issued was 13%, so that the bonds were sold for $892 each.1. Interest expense for the January 1–June 30 period was $_____.
2. Interest expense for the July1–December 31 period was $_____.
3. Book value of Bonds on June 30 was $_____.
4. Book value of Bonds on December 31 was $_____.
5. Interest payment on June 30 was $_____.
Answers
Answer:
ARC Inc.
1. Interest expense for the January 1–June 30 period was $__5,798___.
2. Interest expense for the July 1–December 31 period was $__5,850___.
3. Book value of Bonds on June 30 was $__89,998___.
4. Book value of Bonds on December 31 was $__90,848___.
5. Interest payment on June 30 was $__5,000___.
Explanation:
a) Data and Calculations:
January 1, 2017:
Face value of issued bonds = $100,000 ($1,000 * 100)
Coupon rate of interest = 10%
Effective rate of interest = 13%
Price of issued bonds = $89,200 ($892 * 100)
Discount on bonds = $10,800 ($100,000 - $89,200)
Interest payment = June 30 and December 31 (semiannually)
June 30:
Interest expense = $5,798 ($89,200 * 6.5%)
Cash payment = $5,000 ($100,000 * 5%)
Amortization of discount = $798
Value of bonds = $89,998 ($89,200 + $798)
December 31, 2017:
Interest expense = $5,850 ($89,998 * 6.5%)
Cash payment = $5,000 ($100,000 * 5%)
Amortization of discount = $850
Value of bonds = $90,848 ($89,998 + $850)
Broker Bill has the exclusive listing for Terri’s home. Bill brought Terri an offer from Alexis, which Terri accepted. In order to expedite the transaction, Bill offered to handle the escrow if both Terri and Alexis agreed. Which statement is true?
Answers
Answer: Bill's offer is ethical and legal and he can accept compensation for handling the escrow.
Explanation:
An exclusive listing refers to the type of real estate listing agreement whereby a broker is chosen as the sole agent of the seller. It should be noted that the right to retain the property is held by the seller rand has no obligation to the broker.
Based on the information given, it can be infered that Bill's offer is ethical and legal and he can accept compensation for handling the escrow.
What is the amount of the risk premium on a U.S. Treasury bill if the risk-free rate is 2.8 percent and the market rate of return is 8.35 percent
Answers
Answer:
5.55%
Explanation:
risk premium = market rate of return - risk free rate
8.35 - 2.8 = 5.55
The phone rings in the next room and the assistant answers it. She tells the caller, "Yes, sir, he is here." After a moment she adds: "He has been here for about five or ten minutes, sir." She soon hangs up, and comes in with your coffee. She tells you that it should not be too much longer and again apologizes. She explains that the CEO stopped at a gas station to call in. She then tells you that the CEO is a bit "old fashioned." "He doesn't really use a cell phone," she says. She turns to leave, but you ask her to have a seat. You have an opportunity here. What should you ask the CEO's personal assistant?
Answers
Answer:
The best question to ask the CEO's personal assistant while you are waiting for the CEO is:
Could you tell me about your work environment?
Explanation:
This question will enable you to build rapport with the personal assistant and to learn more about the organization. It will expose the personal assistant's job satisfaction level, the job setting, and social features, including physical conditions for a worker at the organization to fulfill her responsibilities. The question will also expose the general employee feelings of wellbeing, workplace relationships, productivity efficiency, and employee health. It will expose the organization culture, which is an important determinant of organizational success.
Garcia Corporation purchased a truck by issuing an $80,000, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck
Answers
Answer: See explanation
Explanation:
The journal entry to record the purchase of the truck will be:
Dr Trucks $54641
Dr Discount on Notes Payable $25359
Cr Notes Payable $80000
Note:
Face value of Note = $80000
× PV factor = 1/1.10⁴ = 0.68301
Present value of Face value of Note = $54641
The March 1 inventory of finished units at the Kay Company is 5,000. During March the company plans to sell 40,000 units and desires a March 31 inventory of 10,000 units. The number of units that the company should plan on producing in March is: A. 60,000 units B. 50,000 units C. 45,000 units D. 40,000 units E. 35,000 units
Answers
Answer:
C. 45,000 units
Explanation:
Inventory of finished units at March 31
10,000
Add:
Sales units
40,000
Total units
50,000
Less:
Inventory of finished units March 1
(5,000)
Balance
45,000
Therefore, the number of units that the company should plan on producing in March is 45,000 units
Work in process inventory, September 1 (2,000 units, 100% complete with respect todirect materials, 80% complete with respect to direct labor and overhead; includes$45,000 of direct material cost, $25,600 in direct labor cost, $30,720 overhead cost) $ 101,320 Units started in April 28,000 Units completed and transferred to finished goods inventory 23,000 Work in process inventory, September 30 (? units, 100% complete with respect to direct materials, 40% complete with respect to direct labor and overhead) ? Costs incurred in September Direct materials $ 375,000 Conversion $ 341,000Required:Compute each of the following, assuming Hi-Test uses the weighted-average method of process costing.(Round "Cost per EUP" to 2 decimal places.)1. The number of physical units that were transferred out and the number that are in ending work in process inventory.2&3. The number of equivalent units for materials and conversion for the month.4&5. The cost per equivalent unit of materials and conversion for the month6. The total cost of goods transferred out.7. The total cost of ending work in process inventory.
Answers
Answer:
1. Number of physical units transferred out = 23,000 units
Number of units in ending work in process = 7,000 units
2. The number of equivalent units for materials = 30,000 units
3. The number of equivalent units for conversion = 25,800 units
4. The cost per equivalent units for materials = $14.00
5. The cost per equivalent units for conversion = $15.40
6. The total cost of goods transferred out = $676,200
7. The total cost of ending work in process inventory = $141,120
Explanation:
a) Data and Calculations:
Units Materials Conversion Total
Work in process inventory,
September 1 2,000 100% 80%
Cost of beginning WIP $45,000 $56,320 $101,320
Cost during April 375,000 341,000 716,000
Total production costs $420,000 $397,320 $817,320
Units started in April 28,000
Total units in process 30,000 (2,000 + 28,000)
Units transferred out 23,000 23,000 23,000
Ending WIP, Sept. 30 7,000 7,000 (100%) 2,800 (40%)
Total equivalent units 30,000 25,800
Cost per EUP $14.00 ($420,000/30,000) $15.40 ($397,320/25,800)
Cost of goods transferred out $322,000 $354,200 $676,200
($14.00 * 23,000) ($15.40 * 23,000)
Cost of ending WIP $98,000 $43,120 $141,120
($14.00 * 7,000) ($15.40 * 2,800)
Total costs accounted for $420,000 $397,320 $817,320
Suppose that the inflation rate is 2% and the real terminal value of an investment is expected to be $82,500 in 4 years. Calculate the nominal terminal value of the investment at the end of year 4.
Answers
Answer: $89300.65
Explanation:
Based on the information given in the question, the nominal terminal value of the investment at the end of year 4 will be calculated thus:
Inflation rate = 2%
Real terminal value of investment = $82,500
Normal terminal value of investment will be:
= $82500 × (1+2%)⁴
= $82500 × (1 +0.02)⁴
= $82500 × 1.02⁴
= $89300.65
An excellent website design delights its audience and is the product of innovation built on a foundation of
Answers
Answer:
careful site planning
Explanation:
The careful site planning permits you to create the website that contains the delightful design due to which it helps in attracting the audience also it is the foundation for building the production for an innovation purpose. In this we ca n plan about the site theme, its layout, color, design etc
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $440,000; Allowance for Doubtful Accounts has a credit balance of $4,000; and sales for the year total $1,980,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $14,800.
Required:
a. Determine the amount of the adjusting entry for uncollectible accounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
c. Determine the net realizable value of accounts receivable.
Answers
Answer: See explanation
Explanation:
a. The amount of the adjusting entry for uncollectible accounts will be:
= Estimated balance required in Allowance account - Unadjusted balance existing in Allowance account
= $14800 - $4000
= $10800
b. The adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense will be:
Account receivables = $440,000
Allowance for Doubtful accounts = $14,800
Bad Debt expense = $10800
c. The net realizable value of accounts receivable will be:
= Account receivables - Allowance for Doubtful accounts
= $440,000 - $14800
= $425200
