Answer:
Change in Excess Reserves $1,350,000
Change in Required Reserves $450,000
Explanation:
Preparation of the table to show the effect of a new deposit on excess and required reserves
Based on the information given since the REQUIRED RESERVE RATIO is 25%, which means that First Main Street Bank will hold 25% of its initial deposit leading to INCREASE in the REQUIRED RESERVE by the amount of $450,000 (25%*$1,800,000) while the remaining 75% (100%-25%) will be the EXCESS RESERVES of the amount of $1,350,000 (75%*$1,800,000).
Hence:
Amount Deposited: $1,800,000
Change in Excess Reserves=$1,350,000
Change in Required Reserves= $450,000
Therefore the effect of a new deposit on excess and required reserves will be:
Change in Excess Reserves $1,350,000
Change in Required Reserves $450,000
Calculate the net present value in US$ of an investment in the health spa only, assuming that the 1,500-square-foot unit is purchased and then resold at the end of 12 years. (Hint: Before making your present value calculations, multiply all amounts expressed in CI$ by $1.25 to convert into US$.)
Answer: Hello I was able to find the Major part of the question online as attached below
answer :
Net present value ( NPV ) = $153353.91
Explanation:
NPV = ( Present value of Cash Inflow) - ( Present value of Cash outflow) -- ( 1 )
present value of cash inflow
i) cosmetic products = ( 5500 * 1.25 * 12) * ( 6.8137) (cost of capital )) = 562130.25
ii) land sale = ( 1500 * 300 * 1.25 ) * ( 0.8186 ) ( cost of capital )) = 179212.5
∑ present value of cash inflow = 741342.75
Present value of cash outflow ( other expenses )
∑ present value of cash outflow = 587,988.84
NPV = 741,342.75 - 587,988.84 = $153,353.91
In its income statement for the year ended December 31, 2022, Sheffield Corp. reported the following condensed data.
Operating expenses $725,000
Interest revenue $38,000
Cost of goods sold 1,261,000
Loss on disposal of plant assets 22,000
Interest expense 76,000
Net sales 2,204,000
Income tax expense 50,000
Other comprehensive income (net of $1,200 tax) 8,800
Required:
Prepare a multiple-step income statement.
Answer:
Sheffield Corp.
Multiple-step income statement for the year ended December 31, 2022
Net sales $2,204,000
Less Cost of goods sold ($1,261,000)
Gross Profit $943,000
Less Operating Expenses :
Operating expenses $725,000 ($725,000)
Operating Profit $218,000
Less Non Operating Expenses :
Interest revenue ($38,000)
Loss on disposal of plant assets $22,000
Interest expense $76,000
Income tax expense $50,000 ($110,000)
Net Profit $108,000
Other Comprehensive Income
Other comprehensive income (net of $1,200 tax) $8,800
Total Profit and loss and comprehensive income $116,800
Explanation:
A multiple-step income statement shows separately profit derived from primary activities and that derived from secondary activities as shown above.
You are told that standing up during the Cowboys football game will give you a better view of the field. However, if everyone stands up at the same time, then your view is obscured. This example best describes:
a. inclusion of an irrelevant variable.
b. a violation of ceteris paribus .
c. a fallacy of composition.
d. a post hoc ergo propter hoc fallacy.
e. an omission of a relevant variable.
Answer:
I think the answer is e. Because you the variable that if everyone stands up you cant see is omitted.
g Which of the following statements is true of clustering? A. It uses different suppliers and distribution channels for interdependent companies within an industry. B. It seldom uses specialized labor. C. It helps a firm gain an increase in efficiencies. D. It typically increases the costs of production and distribution.
Answer: C. It helps a firm gain an increase in efficiencies.
Explanation:
Clustering refers to the geographic concentration of the businesses and the suppliers that are interconnected in a particular field.
The aim of clusters is to help increase efficiencies as well as being about an increase the productivity through which companies can compete.
Therefore, the correct option is C.
Bono was kicked out of the band U2 for failing to attend rehearsals on time and constantly cutting the strings of Adam Clayton bass guitar. For the purposes of this question Bono was an employee of U2 which is an American company. Bono applies for unemployment insurance. Provided that he is actively attending auditions to display his willingness and ability to seek future employment he will receive state administered unemployment benefits.
A. True
B. False
Answer:
B
Explanation:
He was fired for constantly missing rehearsals which is a duty of his role as an employee of U2
He was fired for constantly missing rehearsals which is a duty of his role as an employee of U2. As the Bono is fired because of his continuous mistakes, and he is not liable to get the unemployment insurance.
What is unemployment insurance?Unemployment insurance benefits are offered by the U.S. Federal Government to enrollees who become jobless absolutely no fault of their own and fulfill some other rules.
Unemployment insurance is a state-federal program that pays financial compensation to workers who are unemployed.
Thus, option B is correct.
For more details about unemployment insurance, click here:
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A small firm builds television antennas. The investment in plan and equipment is $200,000. The variable cost per television antenna is $500. The price of the television antenna is $1000. How many television antennas would be needed for the firm to break even
Answer:
Break-even quantity is 400 units.
Explanation:
Below is the calculation for the number of television antennas:
At break-even, the firm's total revenue is equal to the total cost.
Cost of investment (fixed cost) = $200000
Variable cost = $500
Pirce of television antenna = $1000
At break-even, TR = TC
(P x Q) = (TFC + TVC)
1000Q = 200000 + 500Q
10000Q-500Q = 200000
500Q = 200000
Q = 200000 / 500
Q = 400 units
Thus break-even quantity is 400 units.
Lowden Company has a predetermined overhead rate of and allocates overhead based on direct material cost During the current period direct labor cost is 58,000 and direct materials cost is $ 88,000 . How much overhead cost should Lowden Company should apply in the current period
Answer:
$138,160
Explanation:
Calculation to determine How much overhead cost should Lowden Company should apply in the current period
Using this formula
Overhead =157%*Direct material cost
Let plug in the formula
Overhead=157%*88,000
Overhead=$138,160
Therefore the amount of overhead cost that Lowden Company should apply in the current period is $138,160
Examine a product that has recently changed prices when you were at the grocery store in the past week. Analyze one determinant of supply and demand that has created the price to increase or decrease in your example. How did the change in demand or supply affect the market price in your example
Answer:
In the store the bread seemed to have a higher demand this week. When we went monday the shelfs were full of bread and the bread was 3.75 and when we went saturday it was 3.99. I think because it was in higher demand the bread went uo in cost so they wouldn't sell out.
You own a portfolio equally invested in a risk-free asset and two stocks. If one of the stocks has a beta of 1.27 and the total portfolio is equally as risky as the market, what must the beta be for the other stock in your portfolio
Answer:
the beta be for the other stock in your portfolio is 1.73
Explanation:
The computation of the beta be for the other stock in your portfolio is shown below:
Given that
risk free asset contains the beta of 0
And,
market beta = 1
Now
1 = 1 ÷ 3 × 0 + 1 ÷ 3 × 1.27 + 1 ÷ 3 × beta
The beta of other stock = 1.73
hence, the beta be for the other stock in your portfolio is 1.73
Here we assume that one-third should be invested in all 3 things each
name two product with an inelastic demand
Answer:
everything can be found in the picture
the black shoe company produces its famous madison shoe, which sell for $60m per pair, the operating income for 2020 is as follows: Revenues $300,000 Variable costs $120,000 Fixed costs $108,000
What is the break-even point in units?
The Federal Arbitration Act (FAA) allows for arbitration clauses in employment contracts. False True
Answer:
True
Explanation:
It is TRUE that the Federal Arbitration Act (FAA) allows for arbitration clauses in employment contracts.
The above statement is echoed in the Epic Systems Corp. v. Lewis on May 21, 2018, where the Supreme Court gave its ruling that the FAA is totally enforceable in the individual arbitration agreements contracts.
Similarly, in the case of American Express Co. v. Italian Colors Restaurant, the court ruled that necessary arbitration clauses are legal.
mention one product you are selling on your sole proprietorship
Answer: Examples of sole proprietors include small businesses such as, a local grocery store, a local clothes store, an artist, freelance writer, IT consultant, freelance graphic designer, etc.
Explanation:
g Privett Company Accounts payable $33,411 Accounts receivable 66,433 Accrued liabilities 6,512 Cash 22,494 Intangible assets 37,191 Inventory 89,982 Long-term investments 110,819 Long-term liabilities 75,872 Marketable securities 34,976 Notes payable (short-term) 29,393 Property, plant, and equipment 671,232 Prepaid expenses 1,809 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point
Answer:
1.79
Explanation:
Quick ratio = (Current assets - Inventory - Prepaid expenses) / Current liabilities
Quick ratio = (Account Receivable + Cash + Marketable securities) / (Account Payable + Accrued liabilities + Notes payable)
Quick ratio = (66,433 + 22,494 + 34,976) / (33,411 + 6,512 + 29,393)
Quick ratio = $123,903 / $69,316
Quick ratio = 1.78751
Quick ratio = 1.79
Sam and Sally Green have a standard homeowners policy with no endorsements. The dwelling is insured for its full value. Indicate whether or not each of the following losses is covered and under what coverage. Specify why each loss is covered or not covered.
a. The Green's valuable dog is stolen from their back yard.
b. Sally takes off her wedding ring in a public restroom to wash her hands. She accidentally leaves the ring behind.
c. While the Green's are vacationing in Europe, their hotel room is robbed. The thief gets away with jewels and cash.
d. While practicing his chip shot in the yard, Sam accidentally sends a golf ball crashing through the dining room window.
Answer:
a. Not covered
b. Not covered
c. Covered
d. Covered
Explanation:
Sam and Sally have standard homeowner policy. There are no endorsements to the policy. The standard policy will cover the house damage due to accident or some other reasons unintentionally. When dog is stolen this is not covered in the policy as there is no endorsement for the dog security insurance in the policy. Sally has left her ring due to her carelessness and thus this is also not covered in the policy. When Sam accidentally breaks dining room window this will be covered in the basic policy.
As we’re well aware, vending machines are used to sell snacks and beverages, whereas newspapers are sold out of a box that allows anyone to take more than one paper. How does the concept of diminishing marginal utility explain the different distribution techniques for newspapers vs. snacks and beverages? Identify two additional examples of an item whose diminishing marginal utility is high. Remember: Marginal utility is the change in total utility that results from a one-unit increase in the quantity of a good consumed; diminishing marginal utility is the general tendency for marginal utility to decrease as the quantity of a good consumed increases.
Answer:
Because people do not need a second newspaper, it will not bring any more information to their lives, rather than a second soda can or snack.
Explanation:
The law of diminishing marginal utility states that there are some products or services to which an increase in the consumption will not bring the same utility for the user as the right amount, for example, if you eat a slice of pizza, it will bring certain benefit, you'll be less hungry but if you eat 7 slices of pizza at some point you'll no longer be hungry and it will rather make you sick, in this case vending machines have a higher marginal utility, a person could drink 3 or 4 drinks or take 4 or 5 snacks before it makes them feel sick, whilst a person that buys a person buying a newspaper won't need a second one, even if it is for his/her family, a 5 people house has enough newspaper by taking 1 copy of it.
Other examples of this can be a vacuum cleaner, you don't need a second one if you already have one, or a house buying a second house ain't as necessary as the first one.
Instead of investing a lump of sum of $25000,Brittany Royer decides to svae the money in a vault for 2years. Assuming the inflation being 2.5%per year,how much will her purchasing power decline in 2years
Answer:
$1265.63
Explanation:
Inflation is a persistent rise in the general price levels
Types of inflation
1. demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise
2. cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect
Loss in purchasing value = future value of the amount saved - amount saved
The formula for calculating future value:
FV = P (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
$25000 (1.025)² = $26.265.625
Amount lost = $26.265.625 - $25,000 = $1265.63
During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cash collections on these accounts total $110,000. Pave estimates that 25% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $10,000. Required:
Answer:
Uncollectible amounts $12,000 debit
_____ Allowance for uncollectible amounts $12,000 credit
(Being the record of uncollectible)
Allowance for uncollectible amounts $10,000 debit
______ Accounts receivables $100,000 credit
(To record write off 2021)
Balance of the Allowance accounts:
$12,500 - 10,000 = 2,500
Allowance uncollectible amounts $15,000 debit
_____ Accounts receivables $15,000 credit
(To record write off 2022)
Explanation:
•The concluding part of the above question is record the adjusting entry for uncollectible accounts on December 31 2021
• Record write off of accounts receivables in 2022
Sales $160,000
Collection $110,000
AR $50,000
The above is multiplied by 25% unexpected uncontrollable amount : $12,500
The Allowance method will not recognize the additional uncollectible amount expense when doing a writer off. It will only do it when the company does the adjusting entry considering their rates and ageing of their accounts
a 17-year annuity pays $1,100 per month, and payments are made at the end of each month. The interest rate is 16 percent compounded monthly for the first 6 years and 13 percent compounded monthly thereafter. What is the present value of the annuity
Answer:
The present value of the annuity is $73,091.50
Explanation:
Use the following formula to calculate the present value of the annuity
Present value of annuity = ( Annuity Payment x Annuity factor for first 6 years ) + [ ( Annuity Payment x Annuity factor for after 6 years ) x Present value factor for 6 years ]
Where
Annuity Payment = $1,000
Annuity factor for first 6 years = 1 - ( 1 + 16%/12 )^-(6x12) / 16%/12 = 46.10028344
Annuity factor for after 6 years = 1 - ( 1 + 13%/12 )^-((17-6)x12) / 13%/12 = 70.0471029820
Present value factor for 6 years = ( 1 + 16%/12)^-(6x12) = 0.385329554163
Placing values in the formula
Present value of annuity = ( $1,000 x 46.10028344 ) + [ ( $1,000 x 70.0471029820 ) x 0.385329554163 ]
Present value of annuity = $46,100.28 + $26,991.22
Present value of annuity = $73,091.50
actor Co. can produce a unit of product for the following costs: Direct material $ 8.60 Direct labor 24.60 Overhead 43.00 Total product cost per unit $ 76.20 An outside supplier offers to provide Factor with all the units it needs at $48.40 per unit. If Factor buys from the supplier, the company will still incur 60% of its overhead. Factor should choose to:
Answer:
Relevant cost to make = Direct materials + Direct labor + Variable overhead
Relevant cost to make = $8.60 + $24.60 + $43.00 (1-60%)
Relevant cost to make = $8.60 + $24.60 + $17.20
Relevant cost to make = $50.40
Outside supplier cost ($48.40) < Relevant cost to make ($50.40). So, Factor should choose to buy because the relevent cost is less than outside supplier cost.
The difference between new classical theory and new Keynesian theory is that Question 2 options: in new classical theory wages are assumed to be flexible, and in new Keynesian theory wages are assumed to be somewhat inflexible.
Group of answer choices.
A. in new classical theory wages are assumed to be flexible, and in new Keynesian theory wages are assumed to be somewhat inflexible.
B. in new classical theory wages are assumed to be somewhat inflexible, and in new Keynesian theory wages are assumed to be flexible.
C. adaptive expectations is the dominant expectations theory in new classical theory, and rational expectations is the dominant expectations theory in new Keynesian theory.
D. in new Keynesian theory the short-run aggregate supply curve is vertical, and in new classical theory the short-run aggregate supply curve is upward sloping.
Answer:
A. in new classical theory wages are assumed to be flexible, and in new Keynesian theory wages are assumed to be somewhat inflexible.
Explanation:
The new classical theory (neoclassical view) posits that long-term expansion of potential Gross Domestic Products (GDP) due to economic growth will determine the size of a country's economy but the economy cannot sustain production above its potential Gross Domestic Products (GDP) in the long run.
John Maynard Keynes was a British economist born on the 5th of June, 1883 in Cambridge, England. He was famous for his brilliant ideas on government economic policy and macroeconomics which is known as the Keynesian theory. He later died on the 23rd of April, 1946 in Sussex, England.
According to the new Keynesian theory, government spending or expenditures should be increased and taxes should be lowered when faced with a recession, in order to create employment and boost the buying power of consumers.
Hence, the difference between the new classical theory (neoclassical view) and new Keynesian theory is that, in new classical theory wages are assumed to be flexible by economists while in new Keynesian theory wages are assumed to be somewhat inflexible.
Calvin works in the accounting department for a textbook publishing firm preparing budgets and reporting production costs. What job does Calvin hold
Answer:
The answer is "managerial accountant".
Explanation:
The economic circumstances collect and earned value collection of data, evaluating and presenting financial information for the organization or the management team of the company. These statistics will then be used to make sensible financial decisions that really can benefit the overall growth of the organization.
Managers were employing company and organizational accounts to monitor internal financial processes, revenue, spending, and budget, submit reports, determine past trends and forecast future needs, and aid economic decisions.
A firm that purchases electricity from the local utility for $300,000 per year is considering installing a steam generator at a cost of $260,000. The cost of operating this generator would be $210,000 per year, and the generator will last for five years. If the firm buys the generator, it does not need to purchase any electricity from the local utility. The cost of capital is 11%. For the local utility option, consider five years of electricity purchases. For the generator option, assume immediate installation, with purchase and operating costs in the current year and operating costs continuing for the next four years. Assume payments under both options at the start of each year (i.e., immediate, one year from now,..., four years from now). What is the net present value of the more attractive choice?
Answer:
The net present value of the more attractive choice is:
= $1,108,800 (paying for local utility)
Explanation:
a) Data and Calculations:
Project period = 5 years
Cost of capital = 11%
Local Utility Steam Generator
Operating cost per year $300,000 $210,000
Cost of steam generator $260,000
PV (annuity factor
at 11% for 5 years) 3.696
PV (annuity factor
at 11% for 4 years) 3.102
Present value $1,108,800 ($300,000 * 3.696)
Present value of steam generator/
operating cost for the 1st year $470,000
Present value of operating cost for 4 years 651,420 ($210,000 * 3.102)
Net present value $1,108,800 $1,121,420
Paying for the local utility is more attractive with a net present value savings of $12,620 ($1,121,420 - $1,108,800)
Dogs R US uses the perpetual inventory system to account for its merchandise. A customer returned merchandise. Assuming that the purchase was originally bought on credit for $400 with a cost to Dogs R US of $100, demonstrate required journal entry of Dogs R US to record the return by selecting all of the correct actions below. (Check all that apply.) Multiple select question. Credit Accounts Receivable $400. Credit Sales Returns and Allowances $400. Debit Accounts Payable $400. Credit Merchandise Inventory $100. Credit Cash $400. Debit Sales Returns and Allowances $400. Credit Cost of Goods Sold $100. Debit Cost of Goods Sold $100. Debit Merchandise Inventory $100.
Answer:
Credit cost of goods sold $100.
Debit merchandise inventory $100.
Credit accounts receivable $400.
Debit sales returns and allowances $400.
Explanation:
These are the demonstrate required journal entries of Dogs R US to record the return.
Credit cost of goods sold $100.
Debit merchandise inventory $100.
Credit accounts receivable $400.
Debit sales returns and allowances $400.
Weighted Average Cost Flow Method Under Perpetual Inventory System 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
Required:
The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale.
Answer:
Cost of goods sold:
Apr. 19 = $100,000
Sept. 2 = $215,000
Inventory Balance on:
Apr. 19 = $60,000
Sept. 2 = $43,000
Explanation:
a) Data and Calculations:
Date Description Units Unit Price Inventory Cost of Sales
Jan. 1 Inventory 4,000 $40 $160,000
Apr. 19 Sale 2,500 $40 $60,000 $100,000
June 30 Purchase 4,500 $44 $258,000 ($44 * 4,500 + $60,000)
Sept. 2 Sale 5,000 $43 $43,000 $215,000
Nov. 15 Purchase 2,000 $46 $135,000 ($46 * 2,000 + $43,000)
Helppppppp pleaseeee
Answer:
B
Explanation:
I think but i may be wrong
Assuming you have to pay $6.00 to play the game, explain what happens in the long run. (Is it a good idea to play the game
Answer:
Kindly check explanation
Explanation:
We create a probability distribution for the play and winning :
Possible winning, X = 0, 7, 20
Probability of winning :
Sum of 2 die rolls ; sample space = 6² = 36
P(winning 0) = (sum ≠ 2,3,5 or 6)/ sample space = 24 / 36 = 2/3
P(winning 20) = (sum = (2 or 3) / Sample space) = 9 / 36 = 1/4
P(winning 7) = (sum = (5or6) / sample space) = 3 / 36 = 1/12
Distribution table :
X _____ 0 _______ 7 _____ 20
P(x) ___ 2/3 _____ 1/4 ____ 1/12
Expected value of the game ; E(X) ;
E(X) = Σx*p(x)
E(X) = (0*2/3) + (7*1/4) + (20*1/12)
E(X) = 0 + 1.75 + 1.6667
E(X) = 3.417
E(X) = 3.42
This means the mean winning after a long play is expected to be $3.42
To know if the game should be paku in the long run : we calculate the payoff
Expected Value - cost of paly
Cost of play = $6
Payoff = 3.42 - 6 = - 2.58
Since, payoff is negative, the game should not be played.
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.
Note: You must complete part 1 before completing part 2.
Based on the following data, prepare a bank reconciliation for December of the current year:
a. Balance according to the bank statement at December 31, $283,000.
b. Balance according to the ledger at December 31, $245,410.
c. Checks outstanding at December 31, $68,540.
d. Deposit in transit, not recorded by bank, $29,500.
e. Bank debit memo for service charges, $750.
f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000.
Enter all amounts as positive numbers.
Kornett Company
Bank Reconciliation
December 31, 2014
Subtotal
Adjusted Balance
Deduct
Adjusted Balance
Answer:
Balance as per bank statement $243,960
Balance as per ledger $243,960
Explanation:
Preparation of a bank reconciliation for December of the current year
KORNETT COMPANY Bank Reconciliation
December 31, 2014
Balance as per bank statement at December 31 $283,000
Add deposit in transit $29,500
Less check outstanding ($68,540)
Adjusted balance $243,960
Balance as per ledger at December 31 $245,410
Less bank service charges ($750)
Less Error in recording in check ($700)
($12,700-$12,000)
Adjusted balance $243,960
Therefore bank reconciliation for December of the current year will be :
Balance as per bank statement $243,960
Balance as per ledger $243,960
Supplies are assets until they are used. When they are used up, their costs are reported as expenses. The costs of unused supplies are recorded in a Supplies asset account. Supplies are often grouped by purpose—for example, office supplies and store supplies. Office supplies include paper, toner, and pens. Store supplies include packaging and cleaning materials.
Question Completion:
Describe the accounting treatment of Supplies Expenses.
Answer:
Supplies Expenses are debited while the Supplies account is credited with the supplies expenses.
Explanation:
This accounting treatment of Supplies Expenses reduces the balance of the Supplies account by the amount of supplies used during the period. Thus, what is left in the Supplies account is the cost of the unused supplies at the end of the accounting period. The treatment also accords with the accrual concept, which requires that expenses are matched to the revenues that they generate in the period.
Capital market securities have short-term maturities with less than one year and therefore can be sold for cash quickly and easily.
a) true
b) false
Answer:
b) false
Explanation:
The capital market securities may be defined as a financial market where long term debts or the equity-backed securities can be bought and then sold.
The capital market securities are long term maturities where cash can be bought and sold easily.
The money market securities are a short term maturity financial securities such as stocks, bonds, etc.
Therefore, the answer is false.
