Answer:
Pala Medical Co.
a. Bank Reconciliation Statement as at June 30, 20Y1
Balance as per adjusted cash balance $111,670
add outstanding checks 33,310
less uncredited deposits 17,610
overdrawn check 180
Balance as per bank statement $127,190
b. Journal Entries:
c. Debit Cash $28,248
Credit Notes Receivable $26,400
Credit Interest Revenue $1,848
To record the receipt on notes receivable, including interest revenue.
d. Debit Accounts Payable $990
Credit Cash $990
To record the check in payment on account ($1,100 - $110)
f. Debit Bank service charges $45
Credit Cash $45
To record bank charges.
c. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, the amount that should be reported as cash is:
= $111,670.
Explanation:
a) Data and Calculations:
Cash account balance at June 30, 20Y1 = $84,457
Bank statement balance on June 30, 20Y1 = $127,190
Analysis of discrepancies:
a. Outstanding checks $33,310
b. Uncredited deposits $17,610
c. Cash $28,248 Note Receivable $26,400 Interest Revenue $1,848
d. Returned check $1,100 Accounts Payable $1,100 $110
e. Overdrawn check $180 $680 had been erroneously charged by the bank as $860.
f. Bank service charges for June amounted to $45
Cash Account Adjustments:
Balance at June 30, 20Y1 = $84,457
Direct credit 28,248
Dishonored check (990)
Bank charges (45)
Adjusted cash balance $111,670
If interest rates on the euro are consistently below U.S. dollar interest rates, then for the International Fisher Equation (IFE) to hold between the US and the Eurozone:_________
a) The nominal exchange rate for the euro will remain constant.
b) The euro will depreciate against the dollar The euro will appreciate against the dollar.
c) Purchasing power parity must hold between the dollar and the euro.
d) The euro will remain constant with respect to the dollar.
Answer:
The euro will appreciate against the dollar.
Explanation:
Since in the given situation it is mentioned that the rate of interest is consistently less than the interest rate of US so here in the IFE, the euro normally appreciated or increased as against the dollar
So as per the given option, the above should be the answer and the same should be relevant
Therefore the rest of the options are considered to be wrong
The journal entry a company uses to record fully funded pension rights for its salaried employees at the end of the year is
a. debit Pension Expense; credit Unfunded Pension Liability and Cash.
b. debit Pension Expense; credit Unfunded Pension Liability.
c. debit Pension Expense; credit Cash.
d. debit Salary Expense; credit Cash.
Answer:
The answer is C.
Explanation:
The correct option to the question is C.
Debit pension expense and credit cash.
Because the pension expense account is increasing, we debit. Increase in expense goes to the debit side.
And because cash is reducing by paying out pension expense from there, we credit the cash account. Decrease in asset(like cash) goes to the credit side.
Suppose a wealthy French citizen buys $2 million worth of stock issued by an American corporation. The American firm uses the proceeds for a factory expansion.
This is an example of foreign _____ investment in the United States.
Which of the following policies are consistent with the goal of increasing productivity and growth in developing countries?
(i) Provide tax breaks and patents for firms that pursue research and development in health and sciences.
(ii) Protect property rights and enforce contracts.
(iii) Give families cash payments on the condition that their children show up for school and medical exams.
(iv) Pursue inward-oriented policies.
Which of the following are possible outcomes of rapid population growth?
(i) A reduction in human capital per worker
(ii) A reduction in capital per worker
(iii) An increase in technological knowledge
(iv) All of the above
Answer: 1. Portfolio
2. • Protecting property rights and enforce contracts.
• Providing tax breaks and patents for firms that pursue research and development in health and sciences.
3. All of the above
Explanation:
1. Since the wealthy French citizen buys $2 million worth of stock issued by an American corporation and the American firm uses the proceeds for a factory expansion, then this is considered to be an example of foreign portfolio investment in the United States.
2. The policies that are consistent with the goal of increasing productivity and growth in developing countries include:
• Protecting property rights and enforce contracts.
• Providing tax breaks and patents for firms that pursue research and development in health and sciences.
3. The possible outcomes of rapid population growth include a reduction in the human capital per worker, a reduction in capital per worker and an increase in technological knowledge. Therefore, the answer is all of the above.
The firm utilizes foreign proceeds for the expansion of its factory. Thus, this is an example of foreign portfolio investment in the United States.
What is foreign portfolio investment?The purchase of foreign securities, such as stocks and bonds, on an exchange is known as foreign portfolio investment.
For the first case, the American firm uses foreign portfolio investment for the expansion of its factory.
For the second case, policies that are in line with the goal of enhancing productivity and growth in developing countries include the following:
Provide tax breaks and patents for firms that pursue research and development in health and sciences.Protect property rights and enforce contracts.For the third case, the outcomes of rapid population growth are:
A reduction in human capital per workerA reduction in capital per worker.An increase in technological knowledge.Therefore, the correct answer for the first case is Foreign portfolio investment, for the second case Option (i), (ii), and for the third case Option (iv) All of the above is the correct answer.
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Analyzing the Impact of Selected Transactions on the Current Ratio [LO 13-4, LO 13-5]
In its most recent annual report, Sunrise Enterprises reported current assets of $1,090,000 and current liabilities of $602,000.
Required:
Determine for each of the following transactions whether the current ratio, and each of its two components, for Sunrise will increase, decrease, or have no change: (1) sold long-term assets for cash, (2) accrued severance pay for terminated employees, (3) wrote down the carrying value of certain inventory items that were deemed to be obsolete, and (4) acquired new inventory by signing an 18-month promissory note (the supplier was not willing to provide normal credit terms).
Answer:
Sunrise Enterprises
Impact of Selected Transactions on the Current Ratio:
Current Ratio Current Assets Current Liabilities
(1) increase increase no change
(2) decrease no change increase
(3) decrease decrease no change
(4) increase increase no change
Explanation:
a) Data and Calculations:
Current assets = $1,090,000
Current liabilities = $602,000
Current ratio = 1.8 ($1,090,000/$602,000)
b) The current ratio (the ratio of current assets to current liabilities) is affected by increases or decreases in current assets without equal increases or decreases in current liabilities and vice versa.
On 1/1, Florida Power and Light Energy bought a single piece of equipment by paying $7,000 cash. They also incurred freight charges and taxes of $224 on 1/1 and paid for these items with cash, also. The market value of this equipment is $13,000. What amount should be recorded in Florida Power and Light's Equipment Account on 1/1?
Answer:
the amount that should be recorded in Florida Power and Light's Equipment Account on 1/1 is $7,224
Explanation:
The computation of the amount that should be recorded in Florida Power and Light's Equipment Account on 1/1 is shown below:
= Purchase price of an equipment + freight charges & taxes
= $7,000 + $224
= $7,224
Hence, the amount that should be recorded in Florida Power and Light's Equipment Account on 1/1 is $7,224
Run-of-the-Mills provides your marketing firm with the following data: When the price of guppy gummies decreases by 5%, the quantity of frizzles sold increases by 4% and the quantity of mookies sold decreases by 6%. Your job is to use the cross-price elasticity between guppy gummies and the other goods to determine which goods your marketing firm should advertise together.
Answer:
guppy gummies and frizzles are complementary goods and should be advertised together
Explanation:
Cross price elasticity of demand measures the responsiveness of quantity demanded of good A to changes in price of good B.
If cross price elasticity of demand is positive, it means that the goods are substitute goods.
Substitute goods are goods that can be used in place of another good.
When the price of gummies decreased, the demand for mookies decreased. these goods are substitutes and should not be advertised together
If the cross-price elasticity is negative, it means that the goods are complementary goods.
Complementary goods are goods that are consumed together
When the price of gummies decreased, the demand for frizzles increased. the cross price elasticity would be negative. thus they are complements and should be advertised together.
Analysts estimate that a bond has a 40 percent probability of being priced at $950 and a 60 percent probability of being priced at $1,050 one year from today. The bond is also callable at any time at $1,010. What is the expected value of this bond in one year?
A) $1,000
B) $980
C) $1,010
D) $995
E) $986
Answer:
E) $986
Explanation:
The computation of the expected value of the bond in one year is shown below;
= (Probability × Price of bond) + (Probability × Callable price bond)
= (0.4 × $950) + (0.60 × $1,010)
= $986
Hence, the expected value of the bond in one year is $986
Therefore the correct option is E.
a mixed economy combines features of other economic system by
Answer:
allowing some government regulation of a mostly free market economy
Explanation:
Assume that Parker Company will receive SF100,000 in 360 days. Assume the following interest rates: U.S. Switzerland 360-day borrowing rate 7% 5% 360-day deposit rate 6% 4% Assume the forward rate of the Swiss franc is $1.0455 and the spot rate of the Swiss franc is $1.0037. If Parker Company uses a Money Market Hedge, it will receive _____in 360 days.
Answer:
$99,414
Explanation:
Calculation to determine how much he will receive If Parker Company uses a Money Market Hedge,
First step is to determine the amount borrowed
Borrowed=(SF100,000/1.05)
Borrowed= SF95,238
Second step is convert SF95,238 to dollar
SF 95,238*$1.0037
=$95,590.38
Now let determine the amount to receive
Amount received=$95,590.38*1.04
Amount received=$99,414
Therefore If Parker Company uses a Money Market Hedge, it will receive $99,414 in 360 days.
A company started the year with $1,500 of supplies on hand. During the year the company purchased additional supplies of $800 and recorded them as increase to the supplies asset. At the end of the year the company determined that only $300 of supplies are still on hand. What is the adjusting journal entry to be made at the end of the period
Answer:
Debit : Supplies Expense $2,000
Credit : Supplies $2,000
Explanation:
The adjusting journal entry to be made at the end of the period should reflect the usage of supplies.
Supplies used = Opening Balance + Purchases - Inventory Balance
therefore,
Supplies used = $1,500 + $800 - $300
= $2,000
A Debit to Expense Account - Supplies Expense and A Credit to Asset Account - Supplies must be made to depict the usage of supplies.
The provision of accounting information for internal users is known as
Answer:
managerial accounting
Explanation:
During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $8,800; indirect labor, $6,600; utilities cost, $4,800; and factory depreciation, $9,000. Journalize the entry to record the factory overhead incurred during May.
Answer:
Dr Factory Overhead $29,200
Cr Materials 8800
Cr Wages payable 6600 Cr Utilities Payable 4800
Cr Accumulated Depreciation-Factory 9000
Explanation:
Preparation of the entry to record the factory overhead incurred during May.
Dr Factory Overhead $29,200
($8,800 + $6,600 + $4,800 + $9,000)
Cr Materials 8800
Cr Wages payable 6600 Cr Utilities Payable 4800
Cr Accumulated Depreciation-Factory 9000
(To record the factory overhead incurred during May)
The Molding Department of Boswell Company has the following production data: beginning work process 40,000 units (60% complete), started into production 730,000 units, completed and transferred out 690,000 units, and ending work in process 80,000 units (40% complete). Assuming materials are entered at the beginning of the process equivalent units materials are:____. a. 500,000.b. 425,000.c. 450,000.d. 525,000.The Molding Department of Boswell Company has the following production data beginning work process 40,000 units (60% complete) started into production 730,000 units, completed and transferred out 690,000 units, and ending work in process 80,000 units (40% complete). Assuming materials are entered at the beginning of the process equivalent units for materials are:____.a. 770,000. b. 650.000. c. 690.000. d. 810.000.
Answer: 770,000
Explanation:
Assuming materials are entered at the beginning of the process, the equivalent units materials will be:
Beginning work process = 40,000 units
Started into production = 730,000 units
Then equivalent units materials will be:
= 40000 + 730000
= 770000
During its 2019 fiscal year, a city receives a grant from the state to use on a worthy city project as determined by the city council. No other eligibility requirements exist, but the state requires that the grant proceeds not be spent before the city's 2020 fiscal year. The city council decides to hire a police officer who is to educate young people about the dangers of using illegal drugs. The grant is for $75,000. The state pays the city $75,000 for the grant during its 2019 fiscal year. How should the city report the receipt of the grant proceeds from the state in its Special Revenue Fund?
Answer:
Dr Cash $75,000
Cr Deferred inflows of resources--grant $75,000
Explanation:
Based on the information given we were told that The GRANT is for the amount of $75,000 in which the The state pays the city the amount of $75,000 for the GRANT during its 2019 fiscal year. Therefore the city should report the RECEIPT OF THE GRANT PROCEEDS from the state in its Special Revenue Fund as:
Dr Cash $75,000
Cr Deferred inflows of resources--grant $75,000
(To record receipt of the grant proceeds)
The May transactions of Bramble Corp. were as follows:
May 4 Paid $610 due for supplies previously purchased on account.
7 Performed advisory services on account for $6,840.
8 Purchased supplies for $870 on account.
9 Purchased equipment for $1,930 in cash.
17 Paid employees $700 in cash.
22 Received bill for equipment repairs of $800.
29 Paid $1,280 for 12 months of insurance policy. Coverage begins June 1.
Required:
Journalize the transactions.
Answer and Explanation:
The journal entries are given below:
On May 4
Account payable $610
To cash $610
(To record the cash paid)
On May 7
Account receivable $6,840
To service revenue $6,840
(To record the service on account)
On May 8
Supplies $870
To Account payable $870
(To record supplies purchased on account)
On May 9
Equipment $1,930
To cash $1,930
(To record the equipment purchase)
On May 17
Salary expense $700
To cash $700
(To record the salaries expense)
On May 22
Repair expense $800
To Account payable $800
(To record the received bill for repairing of an equipment)
On May 29
Prepaid rent $1,280
To cash $1,280
(To record the cash paid)
Haier has achieved great success in becoming a global leader in the appliance industry and is doing so with these beneficial strategies.
a. True
b. False
Answer:
a. True
Explanation:
It is correct to say that a company like Haier, which has become a global leader in the household appliance industry segment, has developed a beneficial strategy for success, as entering a global market can be a great challenge for companies, as it requires business, product and services of the company to the local market that includes cultural and social differentiation in the preferences for products and services. So it is correct to say that the company has adopted a beneficial global strategy that gives it significant advantages such as market positioning, cost reduction, greater competitive capacity, greater brand value, increased profitability, etc.
Which of the following tasks is not required when using a two-stage activity-based costing model?A. Determining the cost per unit of activityB. Determining how much direct labor each cost object consumesC. Identifying activitiesD. Assigning costs to activities
Answer:
Option B
Explanation:
In simple words, Activity-based budgeting (ABC) is a better way to allocate overhead expenses. The expense of each recurrence of an overlay occurrence throughout the procedure is determined during first step of allocation. The cost of every incidence is then allocated to individual things manufactured by the company inside the second stage.
Thus, from the above we can conclude that the correct option is B.
The petty cash fund of the Brooks Agency is established at $250. At the end of the current period, the fund contained $172 and had the following receipts: entertainment, $41; postage, $25; and printing, $12.
Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry.
a. Fund amount is being reduced.b. Fund amount is being increased.c. Fund is being eliminatedd. Fund is being established.
Answer:
a.
Date Account Title Debit Credit
XX-XX-XX Petty Cash $250
Cash $250
b.
Date Account Title Debit Credit
XX-XX-XX Entertainment expense $41
Postage $25
Printing $12
Petty Cash $ 78
Date Account Title Debit Credit
XX-XX-XX Petty Cash $78
Cash $78
2. Reasons why a Petty Cash account would be credited:
a. Fund amount is being reduced.
c. Fund is being eliminated
When the fund is being reduced by expenses, it is credited as shown above.
When the fund is to be eliminated, it will be credited so as to remove all the money in it.
Economic goals for sustainable development can be formulated ________. Group of answer choices by disentangling them from social goals only if we include environmental and social goals in the planning only if there is a complete overlap with social and environmental goals on their own terms without reference to environmental goals only if we exclude environmental goals
Answer:
only if we include environmental and social goals in the planning.
Explanation:
An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.
Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.
Sustainable development can be defined as an idea or development model that is typically aimed at providing basic human needs such as food, fiber, textiles, etc., without compromising or jeopardizing the ability of future generations to create agricultural solutions to their own basic needs.
Generally, economic goals for sustainable development and growth of a country can be formulated only if environmental and social goals are included in the planning.
Tỉnh nào ở Việt Nam nhiều cao su nhất
Tỉnh nào ở Việt Nam nhiều cao su nhất?
Answer:-
Tỉnh Đông Nam Bộ có nhiều cao su nhất.
The mean of a set of data is 5.07 and its standard deviation is 3.39.
Find the z-score for a value of 9.65.
Answer:
1.35
Explanation:
zscore= (x-mean)/(Standard deviation)
(9.65-5.07)/3.39= 1.35
Cocoa nibs from Nigeria last year was supplied at $9 per 10 pounds. This year the demand has increased and that same supply of Nigerian cocoa nibs is priced at $12 per 10 pounds. What will most likely happen to supply of Nigerian cocoa nibs this year?
a. There will be an increase in quantity supplied.
b. There will be a decrease in quantity supplied.
c. The supply curve will shift to the left.
Answer:
Option "a" is correct.
Explanation:
Below is the given values:
The last year supply of Cocoa nibs at $9 = 10 pounds
This year the supply of Cocoa nibs at $12 = 10 pounds
The supply and price of a commodity are directly related to each other. Thus it is given that price increases from $9 to $12. So, the producer will induce to supply more quantity when the price increases.
Therefore, Option "a" is correct.
'Economies of scale refers to Select one:
A. The notion that small firms are less bureaucratic and, therefore, more efficient than corporations
B. Public investments in highways, schools, utilities, etc.
C. The fact that large producers may be able to use more efficient technologies
D. The reallocation of labor from less productive to more productive uses.
Answer:
publich investment in highways
Assume you are completing a swot analysis for CVS. Amazon's entrance into the healthcare business would fall under which part of the analysis?
Multiple choice
threats
accelerants
weakness
opportunities
strengths
SWOT is a technique for assessing an organization Strengths, Weaknesses, Opportunities, and Threat in market while competing with other organization.
CVS is an American retail corporation who specializes in sales of prescribed drugs, beauty products, cosmetic and so on.Amazon is an online retail store as well but with little affiliation with sales of drugs and other healthcare service.Now, if Amazon's enters into the healthcare business, this will definitely be a threat for CVS pharmacy as if will affect their sales because Amazon have a wide market.In conclusion, the part of the SWOT Analysis that must be performed by CVS because of entry of Amazon into the healthcare market is the Threat Analysis. The threat analysis helps an organisation to access threat which the competitors poses to its existence.
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You took ACC111 where the Owner's Equity section consisted of Capital and Owner's Withdrawals. Now that you've seen the corporate structure of the Owner's Equity section, how do the individual items in the Sole Proprietor's Equity section translate to the Corporate Equity section? For example, Revenues are closed out into Capital for Sole Proprietor, Where does it go for Corporate?
Answer:
Revenues are closed out to Equity (Retained Earnings) for Corporate.
Explanation:
Actually, for both Sole Proprietor and Corporate, the account that is closed out to Capital or Equity is the difference between the Revenue and the Expenses for the accounting period. This is more specifically referred to as Net Income. This is the bottom-line profit, which is available for distribution to the owners of the entity in the form of capital withdrawals for Sole Proprietorships and dividends for Corporate entities.
Clem is married and is a skilled carpenter. Clem’s wife, Wanda, works part-time as a substitute grade school teacher. Determine the amount of Clem’s expenses that are deductible for AGI this year (if any) under the following independent circumstances:___________a) Clem is self-employed and this year he incurred $525 in expenses for tools and supplies related to his job. Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $3,600 to provide coverage for herself and Clem (not through an exchange).b) Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred expenses of $1,250 in utilities and $780 in depreciation.c) Clem paid self-employment tax of $15,300 (the employer portion is $7,650), and Wanda had $3,000 of Social Security taxes withheld from her pay.d) Clem paid $45 to rent a safe deposit box to store his coin collection. Clem has collected coins intermittently since he was a boy, and he expects to sell his collection when he retires.
Answer:
A. $4,125
B. $2030
C. $9650
D. $0
Explanation:
Calculation to determine the amount of Clem’s expenses that are deductible for AGI this year
A. AGI=Tools and supplies + Health insurance
AGI=$525+$3600
AGI=$4125
Therefore the amount of Clem’s expenses that are deductible for AGI this year is $4125
B. AGI=Tools and supplies +Health insurance ar
AGI=$1,250 +$780
AGI=$2030
Therefore the amount of Clem’s expenses that are deductible for AGI this year is $2030
C. Based on the information given, the EMPLOYER PORTION of the amount of $7,650 will be the EMPLOYER PORTION of the self-employment tax is deductible.
D. Based on the information given The amount of Clem’s expenses that are deductible for AGI this year is $0 reason been that The safe deposit fee is an ITEMIZED DEDUCTION .
Boston Consulting Group (BCG) is a management consulting, technology services and outsourcing organization. Which of the following actions should managers take when there is evidence that a fixed-rate contract is over budget and will generate a loss for the firm?
a. Use the percentage of completion method and pro rate the loss over the entire term of the engagement
b. Restate the financial statements and recognize the loss in the earliest period of the engagement
c. Use the percentage of completion method to recognize the loss over the remaining term of the engagement.
d. Recognize the loss in the current period rather than over the remaining term of the engagement
e. None of the above
Answer: D. Recognize the loss in the current period rather than over the remaining term of the engagement
Explanation:
A fixed rate contract is the contract whereby the payment amount isn't dependent on the resources or the time that were used.
Since there's evidence that a fixed-rate contract is over budget and will generate a loss for the firm, the manager should recognize the loss in the current period rather than over the remaining term of the engagement.
Therefore, the correct option is D.
Corner Store posts on its website an offer of a reward for information leading to the apprehension of a certain criminal. This offer could normally be terminated by:______.
A) a post on the website.
B) a notice in the local newspaper.
C) a sign in the brick and mortar store.
D) a sign posted in a police station.
Answer:
a sign posted in a police station ✓
Emily and Betsey are economists. Emily thinks that the wealthiest 10 percent of the U.S. population should be taxed a rate higher than the rest of society because they can better afford it. Betsey thinks that everyone should be taxed at the same rate because that is the fairest scenario and the wealthy should not be penalized for their success. In this example, Emily and Betsey:______
Answer: b. have different normative views about tax policy.
Explanation:
Economists follow different theories and principles on how the world should be so most times they will disagree with each other on key issues such as taxation and government intervention in markets.
Emily and Betsy both believe in different taxation policies which means that they have different views on how people should be taxed in an economy with one of them believing in a proportional tax regime (Betsey) and the other believing in a progressive tax regime (Emily).
Assuming purchase costs are rising, determine which of the statements below are correct regarding the cost of goods sold under FIFO, LIFO and weighted average cost flow methods.A. Companies using FIFO will report the highest gross profit and net income. B. Companies using FIFO will pay higher taxes than companies using LIFO, assuming all else
being equal. C. Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold. D. Companies using FIFO will report the smallest cost of goods sold.E. Companies using LIFO will report the smallest cost of goods sold.
Answer:
A
B
C
D
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 cost method calculates the cost of goods sold as the weighted average of cost of inventory
In periods of rising prices, later purchased goods would have a higher price. As a result, LIFO would report a lower net income while companies using FIFO would report the highest gross profit and net income.
Because of the high net income reported under FIFO, tax paid would be the highest too
