Answer: basic information for the organization as a whole.
Explanation:
Private Not-for-profit organization as the term implies, are not operating to make a profit therefore their financial statements will generally not include measures that are aimed at showing profit like profit making organizations.
They will instead focus on talking about the entire organization as whole and what it has done so far in the current period. This is what is required of them by U.S. GAAP.
My husband and I have been married for four years. When we graduated from college we were able to find entry level positions in California, but things were difficult because it is very expensive to live in California. After two years of marriage we decided to move to Omaha, Nebraska, believing that we could earn California wages without paying California housing prices. We bought a 900 square-foot condo for $317,000. We love the place and it's in a great neighborhood, but we have to be honest with ourselves that we may have made a mistake. Buying the condo took our savings, and that meant we had to take out a student loan for my husband's graduate school. He works in education, and with a $42,000 salary, it infuriates us that his graduate schooling nearly costs us what he makes in a year. Although we carry no credit card debt and continue to drive our very old cars, it worries me that when it comes time to pay back student loans, we are going to still be very tight and only be paying near the minimum credit card payment. My husband's career goal is to work in school administration, which pays more that what a classroom teacher makes. But it could take several years for that to happen, and we will need to sit tight until then. I am grateful that we have, for the most part, lived within our means and have made an effort to save a small amount of money. But if either of us loses our job, we could be in the same boat a lot of people are in. I hope this economy turns around so I can stop losing sleep about it! Based on the above scenario, describe one problem the couple above is facing and one possible solution to the problem
Answer:
I think there is no answer as pre my opinion and watch for other answer
Liquidity is _________. Question 10 options: equal to the market value of a firm's total assets minus its total liabilities generally most associated with intangible assets a measure of the use of debt in a firm's capital structure valuable to a firm even though liquid assets tend to be less profitable to own equal to current assets minus current liabilities
Answer:
valuable to a firm even though liquid assets tend to be less profitable to own
Explanation:
JG Asset Services is recommending that you invest $1,500 in a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have when the CD matures
Answer: $1781.54
Explanation:
Since the person invest $1,500 in a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually, then the amount that the person will have when the CD matures will be:
= PV(1 + r)^n
= 1500 × (1+3.5%)^5
= 1500 × (1.035)^5
= 1500 × 1.18769
= 1781.54
Therefore, the person will have $1781.54 when the CD matures.
Inductive reasoning starts with a general truth and uses facts to draw specific conclusions.
True or false
[The following information applies to the questions displayed below.]
Following are the transactions of a new company called Pose-for-Pics.
August 1 M. Harris, the owner, invested $9,000 cash and $38,700 of photography equipment in the company.
August 2 The company paid $2,300 cash for an insurance policy covering the next 24 months.
August 5 The company purchased supplies for $1,710 cash.
August 20 The company received $2,650 cash from taking photos for customers.
August 31 The company paid $870 cash for August utilities.
Analyze each transaction above by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Supplies; Prepaid Insurance; Equipment; M. Harris, Capital; Services Revenue; and Utilities Expense.
Answer:
Pose-for-Pics
Effects on the accounting equation:
Assets = Liabilities + Equity
Aug 1 Cash +$9,000 Equipment +$38,700 = M. Harris, Capital +$47,700
Aug 2 Cash -$2,300 Prepaid Insurance +$2,300
Aug 5 Cash -$1,710 Supplies +$1,710
Aug 20 Cash +$2,650 = Revenue +$2,650
Aug 31 Cash -$870 = Utilities Expense -870
Total assets $49,480 = Total equity $49,480
Explanation:
a) Data and Analysis based on the accounting equation:
August 1 Cash $9,000 Equipment $38,700 M. Harris, Capital $47,700
August 2 Prepaid Insurance $2,300 Cash ($2,300)
August 5 Supplies $1,710 Cash ($1,710)
August 20 Cash $2,650 Service Revenue $2,650
August 31 Utilities ($870) Cash ($870)
Stephanie wanted to save for her daughter's education. Tuition costs $10,000 per year in today's dollars. Her daughter was born today and will go to school starting at age 18. She will go to school for 4 years. Stephanie can earn 12% on her investments and tuition inflation is 6%. How much must Stephanie save at the beginning of each year if she wants to make her last savings payment at the beginning of her daughter's first year of college
Answer:
The amount that Stephanie must save at the beginning of each year if she wants to make her last savings payment at the beginning of her daughter's first year of college is:
= $6,428.46.
Explanation:
a) Data and Calculations:
Tuition costs per year in today's dollars = $10,000
Total tuition costs for 4 years in today's dollars = $40,000
Number of periods to save = 18 years
Interest rate on investments = 12%
Tuition inflation rate = 6%
Stephanie needs to save $6,428.46 at the beginning of each year, calculated as follows from an online financial calculator:
N (# of periods) 18
I/Y (Interest per year) 18
PV (Present Value) 40000
FV (Future Value) 0
Results
PMT = $6,428.46
Sum of all periodic payments = $115,712.21
Total Interest = $75,712.21
After learning about inflation and some of its history, what would be the inflation target that is most advisable for an economy?
Answer:
1-2%
Explanation:
In simple words, every nation in the world have some kind of central authority that works to control and keep the inflation as low as possible. However, too low inflation can also lead to recession which brings problems way worse than inflation.
Thus, keeping in mind about all the information we have studied, it is advisable to keep inflation at 1% or 2% band, so that economy can grow moderately along with no price pressure on consumers.
What's the meaning of the symbol S3?
A. One three-way switch
B. A single switch mounted at 3'0"
C. Three single-pole switches
D. a triple-pole switch
The answer is A
One three-way switch
what does it mean to be "in the red"
Answer:
The expression "in the red" is used to describe a business that has negative earnings. This is in contrast to the phrase "in the black" which refers to businesses that are profitable and financially solvent. ... Before the use of computers, accountants recorded income in black ink and expenses in red ink.Explanation:
I hope it helped❤hey buddy can u do a favor to mehey buddy can u do a favor to meif u don't mind ......plz subscribe to my UTube channel - gtron9528Franchises are attractive to business owners because
they have a proven business model.
they are typically inexpensive to buy.
they get to keep all profits.
they come with very little risk.
A. they have a proven business model.
Franchises are attractive to business owners because they have a proven business model. The correct option is A.
Why are franchises attractive?Franchises give larger companies the ability to expand and spread out while also allowing entrepreneurs and small business owners the chance to manage their own operations with the assistance and support of a larger organization with a track record of success. Franchising is a seductive strategy for achieving commercial success.
In a franchise, the business owner (the franchisor) sells the right to use its brand, goods, and operational procedures to the franchisee (the person who wants to open a new location) in exchange for a fee.
The fact that the franchisor has previously created and put the business model through testing is one of the key advantages of owning a franchise. As opposed to starting a new company from scratch, the franchisee can take advantage of the franchisor's knowledge and expertise, which lowers the risk of failure.
Thus, the ideal selection is option A.
Learn more about franchises here:
https://brainly.com/question/29376853
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During January, its first month of operations, Dieker Company accumulated the following manufacturing costs:
Raw materials $4,500 on account, factory labor $8,100 of which $5,300 relates to factory wages payable and $2,800 relates to payroll taxes payable, and factory utilities payable $2,700.
Required:
Prepare journal entries for each type of manufacturing cost.
Answer:
Date Account titles and Explanations Debit Credit
31-Jan Raw materials inventory $4,500
Accounts payable $4,500
31-Jan Work in process inventory $8,100
Factory wages payable $5,300
Payroll taxes payable $2,800
31-Jan Manufacturing overhead $2,700
Factory utilities payable $2,700
If the risk-free rate is 7.0%, the market risk premium is 9.0%, and the expected return on Security J is 23.8%, what is the beta for Security J
Answer:
the beta for Security J is 1.87
Explanation:
The computation of the beta is given below
As we know that
Expected return = risk free rate of return + beta ×market risk premium
23.8% = 7.0% + beta × 9.0%
So, the beta is
= (23.8% - 7.0%) ÷ 9.0%
= 1.87
Hence, the beta for Security J is 1.87
In general, increasing price above the market equilibrium price will _______ consumer surplus and ________ producer surplus. Total surplus will _______. Reducing price below market equilibrium will ________ consumer surplus and _______ producer surplus. Total surplus will _______. Thus regulators _______ increase benefits to one group or the other, but the market ______ be efficient.
The tax incidence is the:_____
a. average tax burden borne by buyers and sellers.
b. actual tax burden borne by buyers and sellers.
c. absolute tax burden borne by buyers and sellers.
d. relative tax burden borne by buyers and sellers.
Justin, an employee of Widget Corp., is hesitant to leave the company because he thinks that he will lose a great deal of his investments in time, effort, and benefits. In the context of organizational commitments, it is evident that Justin experiences _____. Group of answer choices normative commitment conjoint commitment affective commitment continuance commitment
Answer:
Continuance commitment
Explanation:
Organizational Commitment
This is commonly defined as employee desire or will to remain a member of the organization. It is said to influences whether an employee stays a member of the organization (is retained) or leaves to pursue another job (turns over).
Continuance Commitment
This is a type of commitment that is said to occur only when there is a profit associated with staying and a cost associated with leaving. This usually create a more passive form of loyalty. continuance commitment increases in terms of the total amount of investment (in terms of time, effort, energy, etc.) an employee has made in mastering his work role or fulfilling his organizational duties or lack of employment alternatives etc.
Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is $1,654. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $777.
Answer:
The adjustment is:
= Balance in supplies account - Supplies on hand
= 1,654 - 777
= $877
This amount will be sent to the Supplies expense account to show that it was incurred as an expense during the period but was not accounted for. Expenses are debited when they increase.
Date Account Title Debit Credit
XX-XX-XXXX Supplies expense $877
Supplies $877
g If the economy experiences economic contraction, the government can combat this with an Group of answer choices increase in government purchases increase in marginal tax rates increase in autonomous taxes increase in real interest rates
Answer:
increase in government purchases
Explanation:
If there is a contraction in the economy, the government should conduct expansionary policies to increase money supply.
Discretionary fiscal policies are deliberate steps taken by the government to stimulate the economy in order to cause the economy to move to full employment and price stability more quickly than it might otherwise.
Discretionary fiscal policies can either be expansionary or contractionary
Expansionary fiscal policy is when the government increases the money supply in the economy either by increasing spending or cutting taxes.
Contractionary fiscal policies is when the government reduces the money supply in the economy either by reducing spending or increasing taxes
The part can be purchased from an outside supplier at $20 per unit. If the part is purchased from the outside supplier, two thirds of the total fixed costs incurred in producing the part can be eliminated. The annual increase or decrease on the company's operating incomes as a result of buying the part from the outside supplier would be:
Answer:
$2,000 Decrease
Explanation:
Calculation to determine what The annual increase or decrease on the company's operating incomes as a result of buying the part from the outside supplier would be:
First step is to calculate C saving from not producing parts
C saving from not producing parts = $12 + (2/3 x $9)
C saving from not producing parts = $18
Now let determine The annual increase or decrease on the company's operating incomes
purchase price = $20
Annual increase or decrease =($20-$18) x 1,000
Annual increase or decrease =$2 more per unit x 1,000
Annual increase or decrease = $2,000 decrease
Therefore The annual increase or decrease on the company's operating incomes as a result of buying the part from the outside supplier would be:$2,000 Decrease
Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $385,900; materials of $417,000 and direct labor of $227,000. During the year Adams incurred $408,900 in materials costs, $403,400 in overhead costs and $231,000 in direct labor costs. Compute the amount of under- or overapplied overhead for the year.
Answer:
$364,980
Explanation:
Computation for the amount of under- or overapplied overhead for the year.
First step is to calculate the
Predetermined Overhead using this formula
Predetermined Overhead rate = Estimated overhead/direct labor estimated
Let plug in the formula
Predetermined Overhead rate= 358,900/227,000
Predetermined Overhead rate= 158% of direct labor cost
Now let determine the Overhead applied
Overhead applied = $231,000*158%
Overhead applied= $364,980
Therefore the amount of under- or overapplied overhead for the year is $364,980
If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.May 1: Prepaid rent for three months, $2,100May 5: Received and paid electricity bill, $70May 9: Received cash for meals served to customers, $1,530May 14: Paid cash for kitchen equipment, $3,780May 23: Served a banquet on account, $1,780May 31: Made the adjusting entry for rent (from May 1).May 31: Accrued salary expense, $3,260May 31: Recorded depreciation for May on kitchen equipment, $670
Answer:
Net loss -$1,390
Explanation:
The computation of the net income is given below:
Service revenue
On cash $1,530
ON credit $1,780
Service revenue $3,310
Less: Expense
Utilities expense -$70
Rent expense -$700
Salaries expenses -$3,260
Depreciation expense -$670
Total expenses -$4,700
Net loss -$1,390
An analyst forecasts dividends over the next three years for ABC Company of $1.25, $2.00, and $2.50 respectively. He also expects that the dividend will grow at a constant rate of 3% forever after the third year. If the required rate of return is 12%, ABC stock price is closest to:
Answer:
$24.85
Explanation:
The stock price of the abc is given below:
Value of Stock after Year 3 = (Forecasted Dividend for Year 3 × Growth Rate) ÷ (Required Rate of Return - Growth Rate of Dividend)
= (2.5 × 1.03) ÷ (0.12-0.03)
= 28.61
Now
Current Stock Price = PV of all Future Dividends and Present Value of Stock after Year 3
=(1.25 ÷ 1.12) + (2 ÷ 1.12^2) + (2.5 ÷ 1.12^3) + (28.61 ÷ 1.12^3)
= 1.1161 + 1.5944 + 1.7795 + 20.3640
= $24.85
Kluber, Inc. had net income of $917,000 based on variable costing. Beginning and ending inventories were 56,700 units and 55,400 units, respectively. Assume the fixed overhead per unit was $2.10 for both the beginning and ending inventory. What is net income under absorption costing
Answer:
The answer is "[tex]\$235,410[/tex]".
Explanation:
Variable cost net income [tex]=\$917,000[/tex]
Less: Fixed overhead start [tex]56,700\times \$2.10=\$119,070[/tex]
Add: Fixed overhead termination [tex]55,400\times $2.10=\$11,6340[/tex]
Net revenue at cost of absorption [tex]=\$235,410[/tex]
will lend you $10,000 today with terms that require you to pay off the loan in 36 monthly installments of $500 each. What is the effective annual rate of interest that Laura is charging you
Botox Facial Care had earnings after taxes of $330,000 in 20X1 with 200,000 shares of stock outstanding. The stock price was $42.00. In 20X2, earnings after taxes increased to $386,000 with the same 200,000 shares outstanding. The stock price was $53.00. a. Compute earnings per share and the P/E ratio for 20X1. (The P/E ratio equals the stock price divided by earnings per share.) (Do not round intermediate calculations. Round your final answers to 2 decimal places.) b. Compute earnings per share and the P/E ratio for 20X2. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) c. Why did the P/E ratio change
Answer:
Botox Facial Care
20X1 20X2
a. Earnings per share $1.65 $1.93
b. P/E ratio 25.45x 27.46x
c. The P/E ratio changed from 25.45x to 27.46x following a change in earnings per share and the stock price per share.
Explanation:
a) Data and Calculations:
20X1 20X2
Earnings after taxes $330,000 $386,000
Outstanding shares 200,000 200,000
Earnings per share $1.65 $1.93
Stock price $42.00 $53.00
P/E ratio 25.45x 27.46x
Earnings per share = Earnings after taxes/Outstanding shares
P/E ratio = Stock price/Earnings per share
Dallas Products is a division of a major corporation. The following data are for the most recent year of operations: Sales $ 37,080,000 Net operating income $ 3,108,960 Average operating assets $ 8,600,000 The company's minimum required rate of return 16 % The division's residual income is closest to:______
Answer:
1,732,960
Explanation:
The sales is $37,080,000
The net operating income is $3,108,960
The average operationg assets is $8,600,000
The required rate of return is 16%
The divisional residual income can be calculated as follows
= 3,108,960-(16/100×8,600,000)
= 3,108,960 - (0.16×8,600,000)
= 3,108,960-1,376,000
= 1,732,960
Hence the residual income is closest to $1,732,960
On May 7, Jernigan Company purchased on account 640 units of raw materials at $15 per unit. During May, raw materials were requisitioned for production as follows: 224 units for Job 200 at $13 per unit and 294 units for Job 305 at $15 per unit.
Required:
Journalize the entry on May 7
Answer:
Date Account Title Debit Credit
May 7 Materials $9,600
Accounts Payable $9,600
Working:
= Units purchased * cost per unit
= 640 * 15
= $9,600
As the goods were purchased on account, they will be sent to accounts payable. Materials are assets so they will be debited when acquired.
Q2. Custom Cuts Landscaping year-end balance sheet lists current assets ast $458,600, fixed assets at $658,200, current liabilities of $425,950, and long term debt of $395,450. Calculate Custom Cut's shareholder equity.
Answer:
the shareholder equity is $295,400
Explanation:
The computation of the shareholder equity is given below:
We know that
Assets = liabilities + stockholder equity
$458,600 + $658,200 = $425,950 + $395,450 + shareholder equity
So, the shareholder equity is
= $1,116,800 - $425,950 - $395,450
= $295,400
Hence, the shareholder equity is $295,400
Based on the results in (a), the CFO requested that $22,000 of cash be used to pay off the balance of the accounts payable account on December 31, 2022. Calculate the new current ratio and working capital after the company takes these actions.
Question Completion:
Crane Company
Balance Sheet
December 30, 2022
Current assets
Cash $27,000
Accounts receivable 29,700
Prepaid insurance 6,000
Total current assets $ 62,700
Equipment (net) 201,200
Total assets $263,900
Current liabilities
Accounts payable $ 22,000
Salaries and wages payable 11,000
Total current liabilities $ 33,000
Long-term liabilities
Notes payable 79,700
Total liabilities $112,700
Stockholders' equity
Common stock 100,000
Retained earnings 51,200 $151,200
Total liabilities and
stockholders' equity $263,900
Answer:
Crane Company
Dec. 30 Dec. 31
Current ratio 1.9 3.64
Working capital $29,700 $29,000
Explanation:
a) Data and Calculations:
Crane Company
Balance Sheet
December 30, 2022
Current assets
Cash $27,000
Accounts receivable 29,700
Prepaid insurance 6,000
Total current assets $ 62,700
Equipment (net) 201,200
Total assets $263,900
Current liabilities
Accounts payable $ 22,000
Salaries and wages payable 11,000
Total current liabilities $ 33,000
Long-term liabilities
Notes payable 79,700
Total liabilities $112,700
Stockholders' equity
Common stock 100,000
Retained earnings 51,200 $151,200
Total liabilities and
stockholders' equity $263,900
Dec. 30 Dec. 31
Current assets $62,700 $40,000
Current liabilities $33,000 $11,000
Working capital $29,700 $29,000
Current ratio 1.9 3.64
Working capital = Current assets - Current liabilities
Current ratio = Current assets/Current liabilities
Exercise 6-10 Petty cash fund accounting LO P2 Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $29; delivery expenses, $16; and miscellaneous expenses, $43. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $450 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.
Answer:
1 Jan 01
Dr Petty cash 200
Cr Cash 200
2 Jan 1
Dr Postage expense 74
Cr Merchandise inventory 29
Dr Delivery expense 16
Cr Miscellaneous expenses 43
Cr Cash 162
3 Jan 08
Dr Postage expense 74
Dr Merchandise inventory 29
Dr Delivery expense 16
Dr Miscellaneous expenses 43
C Cash 162
Dr Petty cash 250
Cr Cash 250
Explanation:
1 Preparation of the journal entry to record reimburse the fund
Jan 01
Dr Petty cash 200
Cr Cash 200
2. Preparation of the reimburse it on January 8, and
Jan 08
Dr Postage expense 74
Dr Merchandise inventory 29
Dr Delivery expense 16
Dr Miscellaneous expenses 43
Cr Cash 162
3 Preparation of jourtnal for reimburse the fund and increase it to $450
Jan 08 Postage expense 74
Merchandise inventory 29
Delivery expense 16
Miscellaneous expenses 43
Cash 162
Petty cash 250
Cash 250
View Policies Current Attempt in Progress In January, Dieker Company requisitions raw materials for production as follows: Job 1 $910, Job 2 $1,700, Job 3 $800, and general factory use $650. Prepare a summary journal entry to record raw materials used. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount enter an account title for the journal entry on January 31
Answer:
Dieker Company
Journal Entry:
Debit Work in Process $3,410
Debit Manufacturing overhead $650
Credit Raw materials $4,060
To record raw materials used for production.
Explanation:
a) Data and Calculations:
Job 1 $910
Job 2 $1,700
Job 3 $800 $3,410
General factory use $650
Total $4,060
Transaction Analysis:
Work in Process $3,410 Manufacturing overhead $650 Raw materials $4,060
b) While the summary journal entry is made in Work in Process, the detailed entries are made in Job 1, Job 2, and Job 3 cost sheets.
Selected accounts with amounts omitted are as follows: Work in Process Aug. 1 Balance 268,300 Aug. 31 Goods finished 168,800 31 Direct materials X 31 Direct labor 43,300 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 108,100 Aug. 1 Balance 12,100 31 Applied X If the balance of Work in Process on August 31 is $202,600, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a.$12,100 b.$12,990 c.$168,800 d.$108,100
Answer:
b.$12,990
Explanation:
Calculation to determine the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs
Using this formula
Overhead applied = Direct labor cost * Predetermined overhead rate
Let plug in the formula
Overhead applied= 43,300 * 30%
Overhead applied= $12,990
Therefore the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs is $12,990
