Answer:
The answer is:
Debit the Merchandise Inventory account
Credit the cash account.
Explanation:
To start with, increase in assets and expenses go into debit side while decrease in assets and expenses go into credit side.
Merchandise inventory is an asset and cash too is an asset. Toys R Fun purchased inventory with cash, this means merchandise inventory increases while cash decreases.
According to the rule in the first paragraph, the recording is as follows:
Dr Merchandise Inventory $4,000
Cr cash. $4,000
In the absence of a specific contract provision regarding the details of payment, the UCC provides that payment be made in full:A) within 10 days of the time and place that delivery occurs.B) within 20 days of the time and place that delivery occurs.C) within 30 days of the time and place that delivery occurs.D) at the time and place that delivery occurs.
Answer:
Correct Answer:
D) at the time and place that delivery occurs.
Explanation:
When there is no available specific contract provision between two or more individual over a business transaction, there will be difficulty in keeping track of the payment and it subsequent structuring. To overcome this, there is need to make payment at the time and place the delivery occurs.
Buyers of put options anticipate the value of the underlying asset will __________, and sellers of call options anticipate the value of the underlying asset will ________. Group of answer choices Cannot tell without further information increase; decrease decrease; increase decrease; decrease increase; increase
Answer:
Decrease;decrease.
Explanation:
In Business, an option is a legal contract which gives a buyer the right but not an obligation, to sell (such as put) or buy (such as a call) the underlying asset at a specific or given price on or before a certain date.
Generally, buyers of put options anticipate the value of the underlying asset will decrease, and sellers of call options anticipate the value of the underlying asset will decrease.
Among its assets are the following: (1) the showroom building, a separate building used to service customer cars, and various parking lots, (2) a nearby acre of land not currently used by the auto dealership, (3) new and used cars and trucks for sale to customers, and (4) a car that is used to provide rides to customers who prefer to wait at home while their cars are serviced. The assets that are classified as plant assets on the company's balance sheet include
Answer:
(1) the showroom building, a separate building used to service customer cars, and various parking lots
(4) a car that is used to provide rides to customers who prefer to wait at home while their cars are serviced.
Explanation:
Plant Assets are defined as assets in the business that are expected to provide the benefit of helping a company accrue revenue and have will have a useful life of more than a year.
The showroom building, a separate building used to service customer cars, and various parking lots are all places where the company performs business with the showroom showcasing cars for sale and the separate building being used for servicing cars which is another revenue stream.
The car that is used to provide rides to customers who prefer to wait at home while their cars are serviced is also a plant asset as it provides a value added service to customers who will be more likely to have repeat business with the company as a result thereby generating more revenue.
A company issues $1,500,000 of par bonds at 98 on January 1, year 1, with a maturity date of December 31, year 30. Bond issue costs are $90,000, and the stated interest rate of the bonds is 6%. Interest is paid semiannually on January 1 and July 1. Ten years after the issue date, the entire issue was called at 102 and canceled. The company uses the straight-line method of amortization for bond discounts and issue costs, and the result of this method is not materially different from the effective interest method. The company should classify what amount as the loss on extinguishment of debt at the time the bonds are called
Answer:
$110,000 loss
Explanation:
Given the following :
Par value = $1,500,000 at 98
Maturity = 30 years
Interest rate = 6% paid semianually
Ten years after issue date, entire issue was called at 102 and canceled
Issue price of bond = (1500000 * 98%) = $1,470,000
Discount on issue = $1,500,000 - 1,470,000 = $30,000
After 10 years when bond was canceled :
Discount balance ;
($30,000 / maturity) * (maturity - 10)
($30,000/30)* 20 =1000 * 20 = $20,000
Issuing cost balance:
($90,000/30)*20 = 3000 * 20 = $60,000
Therefore, upon cancelation :
Carrying amount of bond
$(1500000 - 20000 - 60000) = $1,420,000
Reacquisition price :
($1,500,000 * 102%) = $1,530,000
Loss or gain :
$1,530,000 - $1,420,000 = $110,000 (loss)
2-3 personal experience of exploitation as a consumer
Answer:
Explanation:
Exploitation often involves a denial of an individual's right (in this case a consumer's right).
Consumers are often exploited in this three areas:
Poor quality standard: For example, one may purchase an electronic device, which in most cases the quality level is determined only after using the product and then discover that the product has failed to meet expectations like performance failure.
High Prices: This is often happens when a consumer isn't aware of the average price of a particular product and may be the taken advantage of by the seller.
False or Incomplete product description: Online shopping often presents this type of exploitation. For example, an individual may buy a wrist watch he thinks is made of silver, but receives the item an discover it is actually made of rubber material.
The Cooke family has worked for various General Motors's divisions for over four decades. Bennett Cooke works at the Cadillac division. Rondella Cooke works at the Buick division. Their son Tyrone works at the Corvette plant, and their daughter Niome works at the Saturn plant. The Cooke family could tell you that GM is departmentalized by:
Answer:
Product
Explanation:
Since in the question it is mentioned that Cooke family worked in the various division like Bennett Cooke works at the Cadillac division and like this other its family working in different divisions
So here it is focused on a single product that could be sold by different divisions
Therefore it is departmentalized by product
Which of the following is a correct statement?
a) Both purely competitive firms and monopolistic firms are "price makers".
b) A purely competitive firm is a "price-taker" and a monopolistic firm is a "price-maker".
c) Both purely competitive and monopolistic firms are "price takers."
d) A purely competitive firm is a "price-maker" and a monopolistic firm is a "price-taker".
Answer:
The answer is B.
Explanation:
In purely competitive firms, there are many buyers and sellers that no single buyer or seller can influence the price of goods. They accept the price set by the market conditions which depend on the market supply and demand. Firms in this market are price-takers.
In monopolistic firm, no one is competing against him. He is the only one in the industry. He is the only seller while buyers are many. In most cases, buyers do not have alternative than to buy the product. Because of this, the firm in monopoly sets its price. He is a price-maker.
A monopolist engages in price discrimination Question 11 options: A) by charging a higher price when marginal cost is lower. B) by charging a higher price to consumers whose demand is more elastic. C) by charging a lower price to consumers whose demand is more elastic. D) by charging the same price to all consumers.
Answer:
C) by charging a lower price to consumers whose demand is more elastic.
Explanation:
A monopoly is when there is only one firm operating in an industry. there is usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.
An example of a monopoly is an utility company
Price discrimination is when a seller sells the same good at different buyers in different markets.
A seller should sell a good at a higher price to the consumer with a less elastic demand and at a lower price to the consumer with the more elastic demand so as to maximise revenue.
A company sells DVD players for $200 per unit. The players have a unit variable cost of $160. The company estimates that it will sell one home entertainment system for every four DVD players sold. Home entertainment systems have a unit variable cost of $460 and sell for $600 per unit. The company's fixed costs are $90,000. Assuming that the sales mix estimate is correct, how many DVD players need to be sold for the company to break even?
Answer:
Break-even point= 1,200 DVDs
Explanation:
First, we need to calculate the sales proportion:
DVD= 4/5= 0.8
Home entertainment= 1/5= 0.2
Now, we need to calculate the break-even point for the whole company:
Break-even point (units)= Total fixed costs / Weighted average contribution margin
Weighted average contribution margin= (weighted average selling price - weighted average unitary variable cost)
Weighted average contribution margin= (200*0.8 + 600*0.2) - (160*0.8 + 460*0.2)
Weighted average contribution margin= 60
Break-even point (units)= 90,000/60= 1,500
Finally, the number of DVDs:
DVD= 1,500*0.8= 1,200 DVDs
DVD players need to be sold for the company to break even point :
Formula :
Break-even point (units)= Total fixed costs / Weighted average contribution marginBreak-even point (units)= 90,000/60Break-even point (units)= 1,500
Therefore, the number of DVDs:
DVDs= Break-Even Point-Sales Proportion DVD= 1,500*0.8DVD= 1,200 DVDsWorking Notes :
Sales Proportion:DVD= 4/5= 0.8
Home entertainment= 1/5= 0.2
Weighted average contribution margin= (weighted average selling price - weighted average unitary variable cost)Weighted average contribution margin= (200*0.8 + 600*0.2) - (160*0.8 + 460*0.2) Weighted average contribution margin= 60
DVD players need to be sold for the company to break even is 1200DVDs.
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Adam published his personal opinion about the current condition of politics stating,"Though the government is unable to fulfill the demands of the public,they demand votes;they really are beggars on streets." Can politicians sue him for defamation under tort?
A) No,because as a general rule the material in a newspaper is totally exempted.
B) Yes,because defamation in a newspaper is always a tort.
C) Yes,because Adam wrote even though he did not have authority.
D) No,because statements of pure opinion do not amount to defamation.
Answer:
The correct answer is the option D: No, because statements of pure opinion do not amount to defamation.
Explanation:
To begin with, the fact that Adam have published his personal opinion about a certain topic does not directly indicates that his opinion, in the case of being a hard critic of something, is to be considered a defamation due to the fact that those kind of statements are protected by law in the United States according to the First Amendment to the United States so therefore that his pure opinion is under the freedom of speech regime. That is why that politicians would not be able to sue him for defamation under tort.
Bigelow Inc. sells a product for $800 per unit. The variable cost is $600 per unit, while fixed costs are $1,200,000. Determine (a) the break-even point in sales units and (b) the break-even point if the selling price were increased to $850 per unit.
Answer:
Results are below.
Explanation:
Giving the following information:
Bigelow Inc. sells a product for $800 per unit. The variable cost is $600 per unit, while fixed costs are $1,200,000.
To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 1,200,000 / (800 - 600)
Break-even point in units= 6,000 units
Now, the selling price= 850
Break-even point in units= 1,200,000 / 250
Break-even point in units= 4,800 units
Susan records a document, given to her by Thomas, in the county clerk's office. The document states that: 'I, Thomas, grant to Susan a right of way for persons and vehicles along and upon the easterly 30 feet of the southerly 64 feet of Lot I, Block 2, Smith's Addition to the City of Ontario, in order to give access to Susan's restaurant.' The interest intended to be granted in the document is
Answer: Easement
Explanation: Easement may best be explained as the right granted to people or persons by a landowner to thread on his or her property without taking ownership or being prosecuted or punished. Easement such as the one issued by Thomas in the scenario described above, was used to grant pathway access to Susan's customers whose restaurant is located along a route and would require passage through Thomas property. The easement above could also be called right-of-way.
Suppose that the current exchange rate between the dollar and peso is $1 equals 10 pesos. If a firm in Mexico wanted to purchase $100,000 worth of U.S. televisions, how many pesos must they exchange? Question 39 options: A) 1,000,000 pesos B) 10,000 pesos C) 11,000,000 pesos D) 100,000 pesos
Answer:
A) 1,000,000 pesos
Explanation:
The computation of the number of pesos must they exchange is shown below:
= Worth of U.S televisions × number of pesos
= $100,000 × 10 pesos
= 1,000,000 pesos
We simply multiplied the worth of U.S televisons with the number of pesos so that the number of pesos exchange could come and the same is to be considered
PIOs should A. request additional assistance through the National Public Information Support Network. B. seek media release approval from the Communication Unit Leader. C. compile a go kit to allow for lengthy deployments to a long-term incident. D. report to the Finance/Admin Section Chief when arriving at an incident.
Answer:
B. seek media release approval from the Communication Unit Leader.
Explanation:
A PIO (public information officer) is responsible for managing communications with the media, public and other agencies regarding information on incidents. Before media releases the PIO is to first obtain approval from the incident commander as well as limits on the information to the released. PIO are also responsible for interviews and briefings regarding briefings, manage media and public inquiries, monitor information being reported so as to ensure accuracy
Peter's Pans makes cast-iron cookware. It decides to acquire another similar-sized cast-iron cookware company in the hope that its larger size will enable it to snag some market share away from Iron Maiden, the industry leader. What is Peter's Pans strategy?
Answer:
Peter's Pans is trying to overcome competitive disadvantage
Explanation:
Competitive advantage is the ability of a company to produce goods in such a way that it captures market share from other companies.
Competitive advantage can be with regard to quality, price, services, and so on.
In this scenario the Peter Pan wants to obtain a similar sized cookware company. This will make his company to be larger in size.
He intends to use the larger size of the company as a way to overcome competitive advantage of Iron Maiden, the industry leader.
Which of the following statements regarding inventory costing methods is correct? Multiple Choice In periods of inflation, LIFO will result in the lowest reported net income, and therefore a company will pay less in federal income taxes
Answer:
In periods of inflation, LIFO will result in the lowest reported net income, and therefore a company will pay less in federal income taxes ⇒ TRUE STATEMENT
Explanation:
Last in, first out (LIFO) uses the price of the last units purchased in order to determine the cost of goods sold. When inflation is high, prices tend to increase continuously, therefore, the price of the last units purchased will always be higher than the price of the first units purchased. This doesn't mean that exactly the last units purchased will be the ones sold, it is just an accounting method.
Contrary to financial analysts, who predicted last year that the market for home computers would dwindle, the personal computer industry continued to show strong growth in the first quarter of this year.(a) analysts, who predicted(b) analysts, whose predictions(c) analysts and their predictions(d) analysts' predicting(e) analysts' predictions
Answer:
e) analysts' predictions
Explanation:
In contrast to the financial analyst, who estimated that in the last year the home computer market would be decline but at the same time the industry of the personal computer depicts the strong growth for the first quarter of the year
So here this given situation represents the estimation of the analyst and the same is to be considered
hence, the correct option is e.
A business client is looking for ways to decrease its monthly premiums. To get down to the premium level sought after by the company, the agent realizes they have to go to a high deductible health plan. As part of your advice to the business, what should you include in your discussion?
Answer:
"Health savings accounts (HAS)" is the appropriate answer.
Explanation:
HAS should be used with values that are generally insurance coverage. With either an HSA, extra cash can be placed into another consideration that has been protected mostly on the purchase price, and afterward investments can also be used for predefined hospital expenses.Since the investments throughout the HSA consideration could also be used for healthcare facilities, respondents frequently use them instead of unprotected methodologies including certain chiropractic appointments and perhaps certain health-related facilities not encompassed by their insurers."Two unrelated persons (Person A and Person B) come into your branch office to open a new account. They tell you that the funds are being deposited by Person A, who will be the owner of the account, and that Person B wants to be able to trade the account. They also tell you that only 1 social security number is to be used on the account. How should the account be opened?"
Answer: Individual account in the name of Person A with a Third Party Trading Authorization granted to Person B
Explanation:
An account that has two or more signatory is known as a joint account. When this account is opened, both parties or all signatory to the account will have to either be physically present or would provide details about about themselves to be used for opening of the account. The account is then opened and all signatory to the account can access and be informed about every detail about the account as there is no preference of one person over the other.
A U.S. technology company has decided to move some of its manufacturing processes to facilities in Japan, utilizing the nation's expertise in technological manufacturing. Doing so gives the company the ability to price its products at a lower price point locally than its other "Made in America" competitors. By performing this value creation activity in an optimal location, the company has realized:
Answer:
a. realized location economies.
Explanation:
The realized location economics refers to the economics in which the companies go throughout the globe to determine and operate that comes under an efficient goods setting. The production of the goods comes under the efficient goods setting creates an added advantage in the production cost also it gains the competitive advantage
Therefore according to the given situation, the company has location economies realized
Mr. Green and Mr. Blue contract orally to transfer 500 widgets for $1,000. Mr. Blue sends Mr. Green a receipt one week after the agreement. If Mr. Green now refuses to recognize the agreement a court will find what
Answer:
That a memorandum of understanding was created by the receipt sent by Mr. Blue and an
enforceable agreement exists
Explanation:
A memorandum of understanding is an agreement between two or more parties stating a lone of action that is binding on the participants.
This is used in place of a legally enforceable agreement. Like a formal gentlemen's agreement.
In this instance they agree orally to transfer 500 widgets for $1,000. Mr. Blue sends Mr. Green a receipt one week after the agreement.
The act of sending a reciept establishes the fact that there is an agreement. Therefore it is enforceable in a court of law.
Three Point Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA).
For the first 6 months of 2017, the company reported the following operating results while operating at 80% of plant capacity and producing 119,400 units:
Sales $4,656,600
Cost of goods sold 3,684,708
Selling and administrative expenses 526,292
Net income $445,600
Fixed costs for the period were cost of goods sold $ 960,000 and selling and administrative expenses $ 266,000.
In July, normally a slack manufacturing month, Three Point Sports receives a special order for 10,000 basketballs at $ 28 each from the Greek Basketball Association (GBA).
Acceptance of the order would increase variable selling and administrative expenses by $ 0.77 per unit because of shipping costs but would not increase fixed costs and expenses.
Required:
(a) Prepare an incremental analysis for the special order.
(Round all per unit computations to 2 decimal places)
Reject Order Accept Order Net Income Increase (Decrease)
Revenues $ $ $
Cost of goods sold
Selling and administrative expenses
Net income $ $ $
(b) Should Three Point Sports Inc. accept the special order?
(c) What is the minimum selling price on the special order to produce net income of $5.16 per ball?
(Round answer to 2 decimal places)
Answer:
a) incremental analysis
normal selling price = $39 per ball
variable costs per unit:
variable COGS $22.82variable S&A $2.18 + $0.77 = $2.95special order for 10,000 balls at $28
INCREMENTAL ANALYSISwithout special with special differential
order order amount
sales revenue $0 $280,000 $280,000
COGS $0 $228,200 $228,200
S&A expenses $0 $29,500 $29,500
Net income $0 $22,300 $22,300
b) The special order should be accepted because it increases operating profits by $22,300
c) current margin = $2.23 per ball
sales price to produce net income of $5.16 per ball = $28 + ($5.16 - $2.23) = $30.93 per ball
A. an incremental analysis of $2.95
B. Increases operating profits by $22,300
C. The minimum selling price is $30.93 per ball
Calculation of Fixed costsa) The incremental analysis
Then, normal selling price = $39 per ball
variable costs per unit:
variable COGS $22.82
Therefore, variable S&A $2.18 + $0.77 = $2.95
special order for 10,000 balls at $28
INCREMENTAL ANALYSIS
without special with special differential
order order amount
sales revenue $0 $280,000 $280,000
COGS $0 $228,200 $228,200
S&A expenses $0 $29,500 $29,500
Net income $0 $22,300 $22,300
b) When The special order should be accepted because it increases operating profits by $22,300
c) Then, The current margin is = $2.23 per ball
After that sales price to produce net income of $5.16 per ball is = $28 + ($5.16 - $2.23) = $30.93 per ball
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In order to deal with the financial problems inherent to the current Social Security system, President Waldhart proposes that anyone making over $150,000 would receive no benefits. This solution best fits with a(n) ____ approach. Group of answer choices
Answer: means test benefit
Explanation:
A means test is used to determines whether an individual or a household will be eligible to get some payments or benefits.
An example is the one illustrated in the question whereby President Waldhart proposes that anyone making over $150,000 would receive no benefits.
Attestation standards apply when a CPA is engaged to issue a practitioner’s report on A preparation service. The subject matter of a compilation. An examination after performing agreed-upon procedures. A review of an assertion about subject matter that is the responsibility of another party.
Answer:
A review of an assertion about the subject matter that is the responsibility of another party
Explanation:
An attest engagement is defined as the independent review of a subject matter by a professional other than the auditor by conducting a specific procedure and he is expected to issue a report of his findings on the reliability of the subject matter.
The three stages of attestation services are compilation ,review and audit.
Attestation engagement is governed by the Statements on standard for attestation engagement (SSAE)
For a new Madden video game, EA Sports decides to have Antonio Brown on the cover and run an ad campaign on ESPN. After the advertisement has run, EA Sports asks ESPN viewers if they recall the advertising and if it changed their attitudes about the product. What is this process called?
Answer:
Post testing
Explanation:
Post-testing is the testing that could be done after finishing the product. It is to be done to check the performance, efficiency, effectiveness of the product so that if there is any error then it can be solved
Here in the given situation, after running the advertisement EA sports ask ESPN viewers for restarting the advertising also it changed the attitudes with respect to the product or not
So this we called as post-testing
Product differentiation refers to: consumers who sort and group goods based on similar characteristics. firms who offer similar products to their competitors' products, but that are more attractive in some way. the process of informing the public of differences in products as a result of error. the process of creating a standardized product with a lower-cost method than the competitors' method.
Answer:
firms who offer similar products to their competitors' products, but that are more attractive in some way
Explanation:
Product differentiation is marketing strategy where a firm makes its different from that of its competitors in order to make the product more attractive to consumers
A third party can increase the supply chain surplus by aggregating demand across multiple firms and gaining production economies of scale that no single firm can on its own. This is called Group of answer choices
Answer: Capacity aggregation
Explanation:
Capacity aggregation is the planning and management of the entire capacity of the resources of an organization.
Capacity aggregation is when a third party can increase the supply chain surplus by aggregating demand across multiple firms and gaining production economies of scale that no single firm can on its own.
On 12/31/24, the Cheboygan Company paid $2,000 of prepaid insurance and expensed the entire amount. The policy covered the period 1/1/25 to 12/31/26. The error was discovered on 1/10/26; the 2025 books are closed. The correcting journal entry will include what entry to 1/1/26 Retained Earnings?
Answer:
The correcting journal entry will include: A credit entry to 1/1/26 Retained Earnings.
Explanation:
On Payment the entry must have been :
Prepaid Insurance $2,000 (debit)
Cash $2,000 (credit)
By the end of year 2025, one year insurance will have expired and entries will be as follows :
Insurance Expense $,1000 (debit)
Prepaid Insurance $1,000 (credit)
But Instead the entry in error was made as :
Insurance Expense $,1000 (debit)
Cash $2,000 (credit)
This results in the Retained Earnings being Understated by $1,000 .
The amount of overstatement is corrected as :
Prepaid Insurance $,1000 (debit)
Retained Earnings $,1000 (credit)
Kliting Co. has a lot of outstanding accounts receivable but customers are slow to pay, and it doesn't have sufficient cash to pay its suppliers and employees at the end of the month. Instead of borrowing money, Kliting decides to sell its accounts receivable. This form of financing is known as: Group of answer choices
Answer:
Factoring
Explanation:
Factoring is a form of debtor finance that involves an entity selling it's accounts receivables to a third party at a discount.
The third party is called a factor.
This practice is usually carried out to meet urgent cash needs of the business.
In this instance Kliting Co. has a lot of outstanding accounts receivables and there is need for cash to pay its suppliers and employees at the end of the month.
Instead of borrowing Kliting Co. sells their accounts receivables to get the needed cash.
This is factoring finance
When organizations relate to their environments in ways that involve ethical dilemmas and decisions, these situations are said to fall within the context of the organization's _____ responsibility.
Answer:
Social.
Explanation:
When organizations relate to their environments in ways that involve ethical dilemmas and decisions, these situations are said to fall within the context of the organization's social responsibility.
In Business management, social responsibility can be defined as an organization's obligation to act in a manner that benefits and adds significant value to the society, usually it has its business operations.
Hence, in addition to making profits and maximizing shareholders, organizations are required to lessen negative environmental impact or degradation and provide social amenities such as pipe-borne water, electricity, roads etc. It is also referred to as corporate social responsibility (CSR).
