Answer:
39600
Explanation:
Breakeven quantity are the number of units produced and sold at which net income is zero
Breakeven quantity = fixed cost / price – variable cost per unit
Fixed cost = cost of machine + depreciation expense
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
$660,000 / 5 = $132,000
total fixed cost $660,000 + $132,000 = $792,000
$792,000 / ($58 - $38) = 39,600
You want to have $3 million in real dollars in an account when you retire in 40 years. The nominal return on your investment is 10 percent and the inflation rate is 4.8 percent. What real amount must you deposit each year to achieve your goal
Answer:
Annual deposit= $23,647.9
Explanation:
Giving the following information:
Future value (FV)= 3,000,000
Numer of periods (n)= 40 years
Nominal rate= 10%
Inflation rate= 4.8%
To simplify calculations, we will calculate the real interest rate by deducting from the nominal interest rate the inflation rate:
Real interest rate= 0.1 - 0.048
Real interest rate= 0.052
Now, to calculate the annual deposit, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (3,000,000*0.052) / [(1.052^40) - 1]
A= $23,647.9
eating small amounts of sweet desserts can satisfy one's urge or craving for healthier food. true or false?
Answer:
I think eating healthier food would be better. Eating sweet desserts would be healthier than eating a lot, but you should still cut down and eat healthier foods. False
Explanation:
Research shows that global managers face a much different leadership context as compared to their domestic counterparts.
a. True
b. False
Answer:
a. True
Explanation:
The statement is correct due to the fact that global managers have a leadership style focused on a multicultural environment, while domestic managers have a leadership trait that is directly impacted by local culture, as is the case, for example, of company managers in Muslim countries. , where there is a code of conduct and management very different from that practiced in companies in America for example. There are several leadership styles, some of which are autocratic, human and participatory, and the local and organizational culture directly influences the style of domestic management.
describe how posts on social media can portray poor ethics to an employer. (answer in a complete sentence)
Answer:
Posts on social media can portray poor ethics to an employer, because if you post something that goes against what they work for or towards it can get in the way of what they believe!
Explanation:
Hope this helps! :)
Mt Kinley is a strategy consulting firm that divides its consultants into three classes, associates, managers, and partners. The firm has been stable in size for the last 20 years, ignoring growth opportunities in the 90s, but also not suffering from a need to down-size in the recession. Specifically, there have been – and are expected to be – 200 associates, 60 managers, and 20 partners. The work environment at Mt Kinley is rather competitive. After 4 years of working as an associate, a consultant goes "either up or out", i.e. becomes a manager or is dismissed from the company. Similarly, after 6 years a manager either becomes a partner or is dismissed. The company recruits MBAs as associate consultants, no hires are made at the manager or partner level. A partner stays with the company for another 10 years (total of 20 years with the company). How many new MBA graduates does Mt Kinley have to hire every year? What is the probability that an incoming MBA graduate would make partner at Mt Kinley?
Answer:
1. 50 consultants per year
2. 4%
Explanation:
1. Calculation to determine How many new MBA graduates does Mt Kinley have to hire every year
Using this formula
Flow Rate of associates= Inventory / Flow Time
Let plug in the formula
Flow Rate of associates = 200 consultants / 4 years
Flow Rate of associates= 50 consultants per year
Therefore the numbers of MBA graduates that Mt Kinley have to hire every year is 50 consultants per year
2. Calculation to determine the probability that an incoming MBA graduate would make partner at Mt Kinley
First step is to calculate the Flow Rate of managers using this formula
Flow Rate of manager= Inventory / Flow Time
Let plug in the formula
Flow Rate of manager = 60 consultants / 6 years
Flow Rate of manager =10 consultants per year
Second step is to calculate the flow rate of partner using this formula
Flow rate of partner = Inventory/ Flow time
Let plug in the formula
Flow rate of partner = 20/10
Flow rate of partner = 2 partners per year
Third step is to calculate the probability of becoming a manager
Probability (Manager) = 10/50
Probability (Manager) = 20%
Fourth step is to calculate Probability of becoming a partner
Probability (Partner) = 2/10
Probability (Partner) = 20%
Now let calculate the probability that an incoming MBA graduate would make partner at Mt Kinley
Probability of MBA graduate becoming a partner = 20% x 20%
Probability of MBA graduate becoming a partner = 4%
Therefore the probability that an incoming MBA graduate would make partner at Mt Kinley is 4%
Barbara, a product manager at an organic soap manufacturing company, is supposed to interview a candidate for a new job opening in her department. The candidate arrives late to the interview, and therefore Barbara assumes that he will be tardy and uninterested in his job as well. Despite the fact that the candidate meets all the job requirements, Barbara rejects the candidate. Which of the following interview errors has Barbara most likely made?
A. The first-impression error.
B. The similarity error.
C. The contrast error.
D. The non-relevancy error.
Answer:
A. The first-impression error.
Explanation:
It is correct to say that Barbara probably made the first-impression error in the interview, because this error occurs when there are initial judgments about a candidate in the interview, it was what happened when Barbara thought that the candidate would be disinterested at work due to his late to the interview even the candidate meeting all the requirements of the position.
This error can be based on positive and negative judgments and can directly influence a job hiring.
On January 1, 2019, Tonika Company issued a four-year, $10,700, 7% bond. The interest is payable annually each December 31. The issue price was $10,018 based on an 8% effective interest rate. Tonika uses the effective-interest amortization method. Rounding calculations to the nearest whole dollar, which of the following journal entries correctly records the 2019 interest expense?
A. Interest expense 1,052
Bond discount 205
Cash 847
B. Interest expense 847
Cash 847
C. Interest expense 805
Bond discount 42
Cash 847
Answer:
C. Interest Expense 805
Bond discount 42
Cash 847
Explanation:
The interest expense is calculated based on effective interest rate. The issue price is 10,018 which is the actual price and with effective interest rate interest amount is determined. The interest expense has cash value and bond discount.
10,018 * 8% = 804.45 approximately 805.
What is double-entry accounting?
Answer:
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Double-entry bookkeeping, in, is a system of where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry system has two equal and corresponding sides known as. The left-hand side is debit and the right-hand side is credit. Wikipedia
Inventor
Match the following empires:
1. Established relatively peaceful trading relationship with Native Peoples and never established large permanent population throughout the colony.
2. After attempting several times to find a Northwest Passage to the Pacific, they established a comparably small presence in North America. However, through their alliance with the Huron and other Native peoples, they were able to maintain a vast claim stretching between the St. Lawrence River, the Ohio River, and the Mississippi River to Louisiana.
3. Originally in search of timber and gold, established a presence in North America for the purpose of colonizing. In order to do this, they depended on the depopulation of Native Peoples throughout the colonies.
4. Given a special decree from the Pope which granted them the ability to conquer all of the lands in the Western Hemisphere in which no Christians resided. After conquering the Aztecs and the Incas, they established new colonial centers as extensions of the empire.
A. Spanish.
B. English.
C. Dutch.
D. French.
Answer:
1 ----> Matches with ----->C
2 ----> Matches with ----->D
3 ----> Matches with ----->B
4 ----> Matches with ----->A
Explanation:
This question is very easy and interesting. In this question, we just need to match the specific empires with the description given in the question. So, Let's Start.
1. The first description matches with the Dutch Empire. (C)
2. The second description matches with obviously the French Empire (D)
3. The third description matches with the English Empire. (B)
Lastly,
4. The forth description clearly matches with the Spanish Empire. (A)
So, Correct Combination will be:
1 ----> Matches with ----->C
2 ----> Matches with ----->D
3 ----> Matches with ----->B
4 ----> Matches with ----->A
Four hospitals are located within a city at coordinate points P1=(10,20), P2=(14,12), P3=(8,4) and P4=(32,6). The hospitals are served by a centralized blood bank facility that is located in the city. The number of deliveries to be made each year between the blood bank facility and each hospital is estimated to be 450, 1200, 300, and 1500 respectively. If it is desired to locate the blood bank at a point that minimizes the weighted distance traveled per year, where should it be located
(i) if travel is rectilinear in the city
(ii) if travel is measured in Euclidean distance.
Answer:
The coordinates of the location of the Blood bank = ( 20.7826, 9.73913 )
Explanation:
Coordinates of the Four(4) hospitals are
P1=(10,20), P2=(14,12), P3=(8,4) and P4=(32,6)
Number of deliveries to be made each year for each hospital respectively:
450, 1200, 300, and 1500
conditions :
(i) if travel is rectilinear in the city
(ii) if travel is measured in Euclidean distance.
Determine where the Blood bank is to located to minimize weighted distance travelled each year
find the values of the below variables :
Total load of the Hospitals( ∑load ) = 450 + 1200 + 300 + 1500 = 3450
Lx = ∑x * load = ∑ 10*450 + -------- + 32*1500 = 71700
Ly = ∑y * load = ∑ 20*450 +--------- + 6*1500 = 33600
The coordinates of the Blood bank = [ ( Lx / ( ∑load ) ) , Ly / ( ∑load ) ]
=[ (71700/3450) , (33600/3450) ]
Hence The coordinates of the location of the Blood bank = ( 20.7826, 9.73913 )
When Valley Co. acquired 80% of the common stock of Coleman Corp., Coleman owned land with a book value of $75,000 and a fair value of $125,000. What is the amount of excess land allocation attributed to the noncontrolling interest at the acquisition date
Answer:
$10,000
Explanation:
The amount of excess land allocation attributed to the non controlling interest at the acquisition date is computed below;
Non controlling interest of acquisition date
= (Book value of land - Fair value of land) × 20%
Given that;
Book value of land = $125,000
Fair value of land = $75,000
Then,
Non controlling interest of acquisition date
= ($125,000 - $75,000) × 20%
= $50,000 × 20%
= $10,000
Quirch Inc. manufactures machine parts for aircraft engines. The CEO, Chucky Valters, was considering an offer from a subcontractor that would provide 2,400 units of product PQ107 for Valters for a price of $150,000. If Quirch does not purchase these parts from the subcontractor it must produce them in-house with the following unit costs: Cost per Unit Direct materials $31 Direct labor 19 Variable overhead 8 In addition to the above costs, if Quirch produces part PQ107, it would have a retooling and design cost of $9,800. The relevant costs of producing 2,400 units of product PQ107 internally are:______.
a. $149,000.
b. $129.800.
c. $150,000.
d. $164,200.
e. $148.300.
Answer:
a. $149,000
Explanation:
Calculation to determine what The relevant costs of producing 2,400 units of product PQ107 internally are
Relevant Costs = (2,400 x $31) + (2,400 x $19) + (2,400 x $8) + $9,800
Relevant Costs=$74,400+$45,600+$19,200+$9,800
Relevant Costs= $149,000
ThereforeThe relevant costs of producing 2,400 units of product PQ107 internally are $149,000
Perry Investments bought 2,000 shares of Able, Inc. common stock on January 1, 20X1, for $20,000 and 2,000 shares of Baker, Inc. common stock on July 1, 20X1 for $24,000. Baker paid $2,400 of previously declared dividends to Perry on December 31, 20X1. At the end of 20X1, the fair value of the Able stock was $18,000 and the fair value of the Baker stock was $28,000. The stocks were purchased for short-term speculation prior to the effective date of the change in accounting rules for equity investments. Perry owns 10% of each company.
Perry should record the receipt of the Baker dividend as:______
a. DR Cash 2,400 CR Investment in Baker 2,400
b. DR Cash 240 CR Dividend income 240
c. DR Cash 2,400 CR Dividends receivable 2,400
d. DR Dividends receivable 2,400 CR Dividend income 2,400
Answer:
Perry Investments
Perry should record the receipt of the Baker dividend as:______
c. DR Cash 2,400 CR Dividends receivable 2,400
Explanation:
a) Data and Calculations:
Investment in Able, Inc common stock = 2,000 on January 1, 20X1, at a cost of $20,000; December 31, 20X1 fair value = $18,000
Investment in Baker, Inc. common stock = 2,000 on July 1, 20X1, at a cost of $24,000; December 31, 20X1 fair value = $28,000.
Baker's previously declared dividends on December 31, 20X1 = $2,400
b) Since Baker declared the dividends previously, Perry must have debited its Dividends Receivable account. Now that payment had been made by Baker, the Dividends Receivable will be credited while the Cash account is debited.
9. Stabilization Suppose the US educational system improves, making workers more productive. If the federal reserve is trying to stabilize the price level in response, they should A. do nothing, because prices will not change anyhow. B. do nothing, because prices cannot be prevented from changing in the long run C. sell bonds in open market operations. D. lower the reserve requirement. E. increase the discount rate F. Raise taxes. G. Increase government spending.
Answer:
d
Explanation:
If workers become more productive, the supply curve shifts rightward. As a result prices would fall. In a bid to stabilise price, the federal reserve would conduct an expansionary monetary policy to increase money supply in the economy
Expansionary monetary policy : these are polices taken in order to increase money supply. When money supply increases, aggregate demand increases. reducing reserve requirement and open market purchase are ways of carrying out expansionary monetary policy
Increasing discount rate and selling bonds are examples of contractionary monetary policies. Contractionary monetary policy : these are policies taken to reduce money supply.
Raising tax is an example of contractionary fiscal policy
Increasing government spending is an example of expansionary fiscal policy
What is a subreport?
A subreport is a report item that displays another report inside the body of a main report. Conceptually, a subreport in a report is similar to a frame in a Web page. It is used to embed a report within a report. Any report can be used as a subreport.
A company pays its employees $3,850 each Friday, which amounts to $770 per day for the five-day workweek that begins on Monday. If the monthly accounting period ends on Thursday and the employees worked through Thursday, the amount of salaries earned but unpaid at the end of the accounting period is:
Answer:
$3080
Explanation:
Calculation to determine what the amount of salaries earned but unpaid at the end of the accounting period is:
Salaries earned but unpaid at the end of the accounting period =3850-$770
Salaries earned but unpaid at the end of the accounting period =$3080
Harrelson Company manufactures pizza sauce through two production departments: Cooking and Canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the month of April, the work in process accounts show the following debits.
Cooking Canning
Beginning work in process $0 $4,710
Materials 22,030 10,200
Labor 8,740 8,020
Overhead 32,760 28,340
Costs transferred in 55,850
ournalize the April transactions.
Answer and Explanation:
The journal entries are shown below:
On April 30
WIP-cooking Dr $22,030
WIP- Canning $10,200
To Raw material inventory $32,230
(Being material used is recorded)
WIP-cooking Dr $8,740
WIP- Canning $8,020
To Factory labor $16,760
(Being assigned of factory labor to production is recorded)
WIP-cooking Dr $32,760
WIP- Canning $28,340
To Manufacturing overhead $61,100
(Being assigned of overhead to production is recorded)
WIP Canning $55,850
To WIP cooking $55,850
(being cost transferred in recorded)
Ingersoll Company has a bond currently outstanding. The bond has a face value of $1,000 and matures in 10 years. The bond makes no coupon payments for the first three years, then pays $45 every six months over the subsequent four years, and finally pays $100 every six months over the last three years. If the required return on these bonds is 5.8% percent compounded semiannually, what is the current price of the bond
Answer:
$1,196.01
Explanation:
What is the current price of the bond
Face value of Bond = $1000
Term (maturity time) = 10 years
periods = 10 *2 = 20 ( semiannual compound of interest )
Yield = 5.8%. semiannual yield = 5.8% / 2 = 2.9% = 0.029
Next : calculate the value of bond using the relationship below
Discounting factor = 1/(1 + r)^n
n = number of payments
note : payments are made semiannually
attached below is a Table showing the discounting factor and present value starting from the 4th year ( Biannually )i.e. when payment commenced
payments discounting factor present value
45 0.818638898 36.83875
45 0.795567442 35.800535
45 0.773146203 34.791579
45 0.751356854 33.811058
45 0.730181588 32.858171
45 0.709603098 31.932139
45 0.689604566 31.032205
45 0.670169646 30.157634
100 0.651282455 65.128245
100 0.632927556 63.292756
100 0.615089947 61.508995
100 0.597755051 59.775505
100 0.580908698 58.09087
100 0.564537122 56.453712
1000 0.564537122 564.53712
Total of present value = 1196.0093
Cream 424,000 at $130 per gallon Liquid skim 344,500 at $115 per gallon The cost of purchasing 820,000 gallons of direct materials and processing it up to the split-off point to yield a total of 797,500 gallons of good product was $2,350,000. When using a physical-volume measure, what is the approximate amount of joint costs that will be allocated to cream and liquid skim
Question Completion:
Production:
Cream = 443,000 gallons
Liquid skim = 354,500 gallons
Total production = 797,500 gallons
Answer:
The approximate amount of joint costs that will be allocated to cream and liquid skim =
Cream = $1,305,392
Liquid skim = $1,044,608
Explanation:
a) Data and Calculations:
Direct materials purchased = 820,000 gallons
Total yield at split-off = 797,500
Joint costs = $2,350,000
Cream Liquid Skim
Sales units at split-off 424,000 344,500 gallons
Selling price per unit $130 $115
Production Cream 443,000 354,500 gallons
Allocation of joint costs, using a physical volume measure:
Cream = $2,350,000 * 443,000/797,500 = $1,305,392
Liquid Skim = $2,350,000 * 354,500/797,500 = $1,044,608
Bruin Company received a $100,000 insurance payment on the death of its company president. The company annually paid $1,000 of non-deductible insurance premiums on the policy. Bruin reported the insurance receipt as income and deducted the premium payments on its books. For ASC 740 purposes, the income and deduction are characterized as:
Answer:
The description as per the given scenario is explained in the segment below.
Explanation:
The receipt of benefits would be a mandatory beneficial improvement as well as the premium charge seems to be a permanently undesirable distinction to be made.Besides ASC 740 considerations, the profits earned as initial deposit mostly on the dissolution of the organization's president as well as higher price loss on either the policy shall be defined as a permanent insurance gain as well as a constant unfavorable premium gap.A note payable was executed by Sterling Inc. to Miami Finance Company. Sterling Inc. used $768,000 of its accounts receivable as collateral for the loan. The contract provided that Miami would advance 85% of the gross amount of the receivables. Sterling Inc. continues to collect payments for the receivables and the cash from customers is then remitted to the finance company. The cash remitted is first applied to the finance charges, with the remainder applied to principal.
During the first month, customers owing $524,800 paid cash, less sales returns and allowances of $20,480, originally recorded as a refund liability. The finance charge at the end of the first month was $4,480. During the second month, the remaining receivables were collected in full, except for $5,120 off as uncollectible. Final settlement was effected with the finance company, including payment of an additional finance charge of $1,920.
Required:
a. Record the entry for Sterling to record the secured borrowing.
b. Record the entries for Sterling to record (1) the collections and (2) the payment to Miami for the first month.
c. Record the entries for Sterling to record (1) the collections for the second month and (2) the final payment to Miami.
Answer:
See all the entries below.
Explanation:
a. Record the entry for Sterling to record the secured borrowing.
The entries will look as follows:
Account Name Debit ($) Credit ($)
Cash (768,000 * 85%) 652,800
Note Payable 652,800
(To record the secured borrowing.)
b. Record the entries for Sterling to record (1) the collections and (2) the payment to Miami for the first month.
The entries will look as follows:
Account Name Debit ($) Credit ($)
Cash 504,320
Refund Liability 20,480
Accounts Receivable 524,800
(To record collection on receivables for first month.)
Interest Expense 4,480
Note Payable 499,840
Cash 504,320
(To record payment to Miami for the first month.)
c. Record the entries for Sterling to record (1) the collections for the second month and (2) the final payment to Miami.
The entries will look as follows:
Account Name Debit ($) Credit ($)
Cash 238,080
Allowance for Doubtful Debt 5,120
Accounts Receivable (w.1) 243,200
(To record collection on receivables for second month Interest.)
Expense 1,920
Note Payable 151,040
Cash (w.2) 152,960
(To record final payment to Miami.)
Workings:
w.1: Accounts Receivable = Amount of accounts receivable as collateral – Cash received from customer = $768,000 - $524,800 = $243,200
w.2: Cash = Loan - First payment for principal = $652,800 - $499,840 = $152,960
Morganton Company makes one product and it provided the following information to help prepare the master budget for its four months of operations:
(a) The budgeted selling price per unit is $70. Budgeted unit sales for June, July, August, and September are 8,400, 10,000, 12,000, and 13,000 units, respectively. All sales are on credit.
(b) Forty-percent of credit sales are collected in the month of the sale and 60% in the following month.
(c) The ending finished goods inventory equals 20% of the following month
d. The ending raw materials inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.00 per pound.
Required:
1. Discuss some of the major benefits to be gained from budgeting. Support your answer with suitable example?
2. What are the budgeted sales for July?
3. What are the expected cash collections for July?
4. What are the accounts receivable balance at the end of July?
5. According to the production budget, how many units should be produced in July?
Answer:
Morganton Company
1. Budgeting increases effective financial management while ensuring proper allocation of scarce resources. It encourages planning for the future as well as improved business decisions. It helps management to identify problems before they occur and to develop strategies for solving any problems that may arise. With budgeting, the organization is in a better position to monitor its overall performance and ensure the achievement of its goals and objectives. Finally, budgeting increases the motivation to achieve goals for both the management and individual employees.
2. The budgeted sales for July are $10,000.
3. The expected cash collections for July are $9,040.
4. The accounts receivable balance at the end of July are $6,000.
5. According to the production budget, the units produced in July are 1,040 units.
Explanation:
a) Data and Calculations:
Budgeted selling price per unit = $70
June July August September
Budgeted unit sales 8,400 10,000 12,000 13,000
Cash Collections:
40% month of sale 3,360 4,000 4,800 5,200
60% month following 5,040 6,000 7,200
Total cash collections 3,360 9,040 10,800 12,400
Production costs:
June July August September
Ending Inventory 2,000 2,400 2,600
Cost of goods sold 8,400 10,000 12,000 13,000
Goods available 10,400 12,400 14,600
Beginning Inventory 1,680 2,000 2,400 2,600
Production costs 8,720 10,400 12,200
Unit cost of materials $10 $10 $10 ($2 * 5)
Units produced 872 1,040 1,220
Accounts receivable balance at July end:
June credit sales $8,400
June cash collection 3,360
July 1 Beginning bal. 5,040
July credit sales 10,000
Cash collections 9,040
Ending balance 6,000
You won the lottery and may choose between Prize 1, which would pay you $50,000 today and $200,000 at the end of 10 years OR receive $50,000 today plus some annuity at the end of each year for 10 years. Using an interest rate of 5%, which of the following comes closest to the annuity that will make the present value of both prizes the same?
a. $172,782.65.
b. $38,431.68.
c. $122,782.65.
d. $15,900.91.
Answer:
Annual payment= $15,900.91
Explanation:
First, we need to calculate the present value of Prize 1:
PV= FV / (1 + i)^n
PV= 50,000 + [200,000 / (1.05^10)]
PV= $172,782.65
Now, we need to determine the annuity that would make equal both prizes:
Difference= 172,782.65 - 50,000= $122,782.65
To calculate the annuity that would have a PV of $122,782.65; we need to use the following formula:
Annual payment= (PV*i) / [1 - (1+i)^(-n)]
Annual payment= (122,782.65*0.05) / [1 - (1.05^-10)]
Annual payment= $15,900.91
Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020:
2021 2020
Sales $ 314,000 $ 290,000
Sales returns and allowances 8,000 4,700
Net sales $ 306,000 $ 285,300
Cost of goods sold:
Inventory, January 1 62,000 18,000
Net purchases 139,000 142,000
Goods available for sale 201,000 160,000
Inventory, December 31 61,000 62,000
Cost of goods sold 140,000 98,000
Gross profit $ 166,000 $ 187,300
The average days inventory for ATC (rounded) for 2021 is: (Round your intermediate calculations to two decimal places. Round your final answer to the nearest whole number.)
A. 171 days.
B. 222 days.
C. 231 days
D. Less than 100 days.
Answer:
D. Less than 100 days
Explanation:
Average days inventory = 365 / Inventory turnover rate
But
Inventory turnover rate = Cost of goods sold / Average inventory
Also,
Average inventory = (Beginning inventory + Ending inventory) / 2
= ($62,000 + $18,000) / 2
= $40,000
Inventory turnover rate = $201,000 / $40,000 = 5.025
Average days inventory = 365 / 5.025 = 72.64 days
King Company issued bonds with a face amount of $1,600,000 in 2015. As of January 1, 2020, the balance in Discount on Bonds Payable is $4,800. At that time, King redeemed the bonds at 102. Assuming that no interest is payable, make the entry to record the redemption. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answer:
Dr Bonds payable 1,600,000
Dr Loss on redemption of bonds 36,800
Cr Cash 1,632,000
Cr Discount on bonds payable 4,800
Explanation:
Loss/gain on redemption of bonds = carrying value - cash paid = ($1,600,000 - $4,800) - $1,632,000 = $1,595,200 - $1,632,000 = -$36,800 loss
Wesson Company uses the allowance method to record its expected credit losses. It estimates its losses at one percent of credit sales, which were $750,000 during the year. The Accounts Receivable balance was $220,000 and the Allowance for Doubtful Accounts has a credit balance of $1,000 at year-end. What amount is the debit to the Bad Debts Expense
Answer: $7,500
Explanation:
The Bad Debt expense is the amount that might not be paid by the account receivables of a company.
It is calculated by the formula:
= Credit sales * Estimated losses
= 750,000 * 1%
= $7,500
The following information is available for Keyser Corporation for the current year: Beginning Work in Process Cost of Beginning Work in Process: (75% complete) 14,500 units Material $25,100 Started 75,000 units Conversion 50,000 Ending Work in Process Current Costs: (60% complete) 16,000 units Material $120,000 Abnormal spoilage 2,500 units Conversion 300,000 Normal spoilage (continuous) 5,000 units Transferred out 66,000 units All materials are added at the start of production. Refer to Keyser Corporation. Assume that the cost per EUP for material and conversion are $1.75 and $4.55, respectively. What is the cost assigned to ending Work in Process
Answer:
$71,680
Explanation:
Calculation to determine the cost assigned to ending Work in Process
Equivalent Units * Cost per Equivalent Unit =Total
Work in Process Current Costs 16,000* $1.75 =$28,000
Work in Process Current Costs: (60% complete 9,600*$4.55=$43,680
(16,000*60%=9,600)
Total Cost assigned to ending Work in Process=$28,000+$43,680
Total Cost assigned to ending Work in Process=$71,680
Therefore cost assigned to ending Work in Process is $71,680
X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the cost of the sale by selecting all of the correct actions below.
a. Debit Merchandise Inventory $500.
b. Credit Cost of Goods Sold $500.
c. Credit Merchandise Inventory $500.
d. Debit Cost of Goods Sold $500.
Answer:
d. Debit Cost of Goods Sold $500.
c. Credit Merchandise Inventory $500.
Explanation:
The journal entry to record the cost of the sale is shown below:
Cost of Goods Sold $500
To Merchandise inventory $500
(To record the cost of the sale)
Here the cost of goods sold is debited as it increased the expenses and credited the merchandise inventory as it reduced the assets
The correct options for the journal entry are under the perpetual inventory system are:
Debit Cost of Goods Sold $500.Credit Merchandise Inventory $500.What is the perpetual inventory system?A perpetual inventory system is a system of recording inventory transactions on a real-time basis. The book inventory, therefore, shows the real stock.
The perpetual inventory system debits COGS upon each sale transaction and credits the inventories.
Therefore the correct options are c and d.
Learn more about the perpetual inventory systems here:
brainly.com/question/4465737
1. Which statement about leaders and managers is most likely false?
a)
Managers are concerned with the efficiency of results, whereas leaders are
primarily concern with results.
b)
Leaders focus on risk taking whereas managers focus on planning
c)
Leaders accept the status quo, managers challenge it.
d)
Leaders develop but managers maintain.
Answer:
I'd say A!
Explanation:
hope this helps! sorry if it's wrong
You just won the $114 million ultimate lotto jackpot. Your winnings will be paid as $3,800,000 per year for the next 30 years. If the appropriate interest rate is 7.1% what is the value of your windfall?
Answer:
$46,684,511.77
Explanation:
To determine the value of the windfall, we would first determine the future value of the windfall and then determine the present value
Future value = annuity x annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
FV = P (1 + r) n
FV = Future value
P = Present value
R = interest rate
N = number of years
Annuity factor = [(1.071)^30 - 1] / 0.071 = 96.177470
FV = $3,800,000 x 96.177470 = 365,474,386
Present value = FV x ( 1 +r)^-n
365,474,386 x (1.071)^-30 = $46,684,511.77
