what is difference between T-Account and a ledger Account?(hint... what dose T-Account not have?)

In its income statement for the year ended December 31, 2022, Pharoah Company reported the following condensed data. Salaries and wages expenses $595,200 Loss on disposal of plant assets $106,880 Cost of goods sold 1,263,360 Sales revenue 2,828,800 Interest expense 85,200 Income tax expense 32,000 Interest revenue 83,200 Sales discounts 204,800 Depreciation expense 396,800 Utilities expense 140,800
Prepare a multiple-step income statement. (List other revenues before other expenses.)
Pharoah Company
Income Statement

One of the themes that came out of the survey responses is that employees take their responsibility of serving fresh, hot food quickly and helping customers find menu items that they will like very seriously. But most of the time, employees do not feel like the work they do is very important. According to the job characteristics theory, which of the following should you do to address this issue?
A. Improve employees' growth need strength.
B. Improve feedback.
C. Improve skill variety.
D. Improve task significance.
C. After carefully considering the most recent employee survey results, you decide that the core issue that you need to address to improve employee motivation is that employees do not seem to know how they are doing relative to what is expected of them. Knowing this, which critical psychological state will you be most targeting in your job redesign initiative?
A. Experienced responsibility for outcomes of the work.
B. Growth need strength.
C. Knowledge of the actual results of work activities.
D. Experienced meaningfulness of the work.

The underlying assumption of the dividend discount model is that a stock is worth: A. the present value of the future dividends the company pays. B. an amount computed as the next annual dividend divided by the required rate of return. C. the same amount as any other stock that pays the same current dividend and has the same required rate of return.

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

How does risk influence the rate of interest?

The Fabricating Department started the current month with a beginning Work in Process inventory of $10,900. During the month, it was assigned the following costs: direct materials, $76,900; direct labor, $24,900; and factory overhead, 70% of direct labor cost. Also, inventory with a cost of $113,500 was transferred out of the department to the next phase in the process. The ending balance of the Work in Process Inventory account for the Fabricating Department is: Group of answer choices $83,461. $196,961. $68,030. $16,630. $112,700.

Ace Products has a bond issue outstanding with 15 years remaining to maturity, a coupon rate of 8% with semiannual payments of $40, and a par value of $1,000. The price of each bond in the issue is $1,196.00. The bond issue is callable in 5 years at a call price of $1,080. What is the bond's current yield

Dmitri doesn't like Val, one of his coworkers. Dmitri started to send an e-mail to his workgroup, falsely accusing Val of stealing company supplies. Before clicking "Send," Dmitri reread his message. He decided to delete the message instead of sending it, fearing that his work team members might consider his e-mail to be inappropriate. Which ethical consideration did Dmitri use in his decision to behave in a principled manner?
A) Publicity Test
B) Common Good approach
C) Professional Ethic
D) Utilitarian approach

Your family business produces a secret recipe salsa and distributes it through both smaller specialty stores and chain supermarkets. The chains have been demanding sizable discounts but you do not want to drop your prices to the specialty stores. When can you legally accommodate the chains without losing profits from the specialty stores

The __________ reflects the ups and downs of the nation’s real GDP.
A.
business cycle
B.
inflation rate
C.
consumer price index
D.
unemployment rate


Please select the best answer from the choices provided

A
B
C
D

Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses.
FORTEN COMPANY
Comparative Balance Sheets
December 31
Current Year Prior Year
Assets
Cash $ 66,400 $ 84,500
Accounts receivable 82,380 61,625
Inventory 292,156 262,800
Prepaid expenses 1,320 2,115
Total current assets 442,256 411,040
Equipment 146,500 119,000
Accum. depreciation—Equipment (42,125) (51,500)
Total assets $ 546,631 $ 478,540
Liabilities and Equity
Accounts payable $ 64,141 $ 131,175
Short-term notes payable 13,300 8,200
Total current liabilities 77,441 139,375
Long-term notes payable 59,500 59,750
Total liabilities 136,941 199,125
Equity
Common stock, $5 par value 179,250 161,250
Paid-in capital in excess of par, common stock 54,000 0
Retained earnings 176,440 118,165
Total liabilities and equity $ 546,631 $ 478,540
FORTEN COMPANY
Income Statement
For Current Year Ended December 31
Sales $ 637,500
Cost of goods sold 296,000
Gross profit 341,500
Operating expenses
Depreciation expense $ 31,750
Other expenses 143,400 175,150
Other gains (losses)
Loss on sale of equipment (16,125)
Income before taxes 150,225
Income taxes expense 39,650
Net income $ 110,575
Additional Information on Current Year Transactions
The loss on the cash sale of equipment was $16,125 (details in b).
Sold equipment costing $79,875, with accumulated depreciation of $41,125, for $22,625 cash.
Purchased equipment costing $107,375 by paying $52,000 cash and signing a long-term note payable for the balance.
Borrowed $5,100 cash by signing a short-term note payable.
Paid $55,625 cash to reduce the long-term notes payable.
Issued 3,600 shares of common stock for $20 cash per share.
Declared and paid cash dividends of $52,300.
Required:
Prepare a complete statement of cash flows using a spreadsheet using the indirect method. (Enter all amounts as positive values.)

Calgary Manufacturing company makes chairs and desks. The following costs were incurred in making its products during its first year of operation. Chairs Desks Total Direct Materials $ 8,500 $ 10,500 $ 19,000 Direct Labor 16,500 12,500 29,000 Also the company incurred $22,910 of employee benefits cost. Since these overhead costs are driven by the use of labor they are allocated to the products based on the direct labor dollars. Based on this information alone the total cost of making chairs is. (Do not round intermediate calculations.)

Income Statement; Net Loss The following revenue and expense account balances were taken from the ledger of Guardian Health Services Co. after the accounts had been adjusted on February 28, 20Y0, the end of the fiscal year: Depreciation Expense $15,600 Insurance Expense 7,640 Miscellaneous Expense 6,080 Rent Expense 63,000 Service Revenue 299,500 Supplies Expense 3,740 Utilities Expense 24,020 Wages Expense 235,600 Prepare an income statement. Use a minus sign to indicate a net loss.

Road Gripper Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 4,160 tires were as follows:

Standard Costs Actual Costs
Direct materials 100,000 lbs. at $6.40 101,000 lbs. at $6.50
Direct labor 2,080 hrs. at $15.75 2,000 hrs. at $15.40
Factory overhead Rates per direct labor hr.,
based on 100% of normal capacity of 2,000 direct
labor hrs.:
Variable cost, $4.00 $8,200 variable cost
Fixed cost, $6.00 $12,000 fixed cost

Each tire requires 0.5 hour of direct labor.

Required:
a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance.
b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance.
c. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.

Which of the following refers to duties imposed by a government on imported goods?
A subsidies
B rounds
C tariffs
D quotas

Contribution Margin and Contribution Margin Ratio
For a recent year, McDonald's company-owned restaurants had the following sales and expenses (in millions):
Sales $18,169.3
Food and packaging $ 6,129.7
Payroll 4,756.0
Occupancy (rent, depreciation, etc.) 4,402.6
General, selling, and administrative expenses 2,487.9
$17,776.2
Income from operations $ 393.1
Assume that the variable costs consist of food and packaging, payroll, and 40% of the general, selling, and administrative expenses.
a. What is McDonald's contribution margin? Round to the nearest tenth of a million (one decimal place).
b. What is McDonald's contribution margin ratio? Round to one decimal place.
c. How much would income from operations increase if same-store sales increased by $500 million for the coming year, with no change in the contribution margin ratio or fixed costs? Round your answer to the nearest tenth of a million (one decimal place).

As long as a firm's net income is positive, then the firm can use the positive net income to pay dividends to its shareholders.
True
False

Swifty Company's financial information is presented below. Sales Revenue $ p?Cost of Goods Sold 536000 Sales Returns and Allowances 37000 Gross Profit p?Net Sales 868000 The missing amounts above are: Sales Revenue Gross Profit a. $905000 $332,000 b. $832,000 $332,000 c. $ 905,000 $416,000 d. $832,000 $416,000

Carmelo, the editor of a business department of a national news magazine, went through a sequence of jobs in the company before he achieved this position. He joined as a staff reporter, then got promoted to technology reporter, then to editor of the business department, and then to deputy managing editor before achieving his current position. This is __________.

Decide whether each of the following is frictional, structural, or cyclical unemployment:
a. The economy gets worse, so General Motors shuts down a factory for four months, laying off workers. cyclical structural frictional
b. General Motors lays off 5,000 workers and replaces them with robots. The workers start looking for jobs outside the auto industry. cyclical structural frictional
c. About 10 workers per month at a General Motors plant quit their jobs because they want to live in another town. They start searching for work in the new town.

On October 1, 2021, Sonoma Company leased equipment from Napa Inc. in lease payable in five equal annual payments of $400,000, beginning Oct 1, 2022. Similar transactions have carried an 11% interest rate. The right-of-use asset would be recorded at: _________

4. Between January 2012 and January 2019, U.S. employment
increased by 17.3 million workers, but the number of
unemployed workers declined by only 6.3 million. How are
these numbers consistent with each other? Why might one
expect a reduction in the number of people counted as
unemployed to be smaller than the increase in the number of
people employed?

A stock index currently stands at 280. The risk-free interest rate is 10% per annum (with semiannual compounding) and the dividend yield on the index is 5% per annum (continuously compounded). The futures price for a six-month contract is closest to the which of following value:________

a. $235.07
b. $287.09
c. $277.11
d. $340.21

Consider the economy of Citronia, where citizens consume only oranges. Assume that oranges cost $1 each, and each person can buy at most 5,000 oranges. The government has devised the following tax plans:

Plan A Plan B
Consumption up to 1,000 oranges is taxed at 20%. Consumption up to 2,000 oranges is taxed at 30%.
Consumption higher than 1,000 oranges is taxed at 80%. Consumption higher than 2,000 oranges is taxed at 10%.

Required:
Derive the marginal and average tax rates under each tax plan at the consumption levels of 500 oranges.

Difference between free market and capitalism.​

Ace Leasing acquires equipment and leases it to customers under long-term sales-type leases. Ace earns interest under these arrangements at a 6% annual rate. Ace leased a machine it purchased for $790,000 under an arrangement that specified annual payments beginning at the commencement of the lease for five years. The lessee had the option to purchase the machine at the end of the lease term for $200,000 when it was expected to have a residual value of $350,000. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Calculate the amount of the annual lease payments. (Enter amounts as positive values rounded to the nearest whole dollar.)

The following data relate to Department no. 3 of Winslett Corporation: Segment contribution margin$540,000 Profit margin controllable by the segment manager 310,000 Segment profit margin 150,000 On the basis of this information, Department no. 3's variable operating expenses are: Multiple Choice Not determinable. $160,000. $80,000. $390,000. $230,000.

Your friend currently works as an accountant at a public accounting firm in the small town of LaFontaine, Indiana. He is offered a job in Washington, D.C. for $60,000. Your friend calls you and tells you that he is excited about the new job offer, which gives him a raise from his current salary of $50,000. Based on your knowledge of economics, you think that:______

a. Your friend most likely should not be quite so excited because the extremely high cost of living in New York City means his real salary increase will be less than he imagined.
b. Your friend has every reason to be excited because he will be getting paid.
c. Your friend has reason to be excited because in a bigger city he will häve more.
d. Your friend has no reason to be excited because higher pay implies more job 120% of what he used to be paid. things to do and his higher salary will allow him to spend on those activities.

Illumination Corporation operates one central plant that has two divisions, the Flashlight Division and the Night Light Division. The following data apply to the coming budget year: Budgeted costs of operating the plant for 2000 to 3000 hours: Fixed operating costs per year $480,000 Variable operating costs $800 per hour Budgeted long-run usage per year: Flashlight Division 1500 hours Night Light Division 700 hours Practical capacity 3000 hours Assume that practical capacity is used to calculate the allocation rates. Actual usage for the year by the Flashlight Division was 1400 hours and by the Night Light Division was 600 hours. If a single-rate cost-allocation method is used, what amount of operating costs will be allocated to the Night Light Division

Correctly match the following with: export goods, import goods, export services, import services, investment income inflows, investment income outflows, transfer inflows, transfer outflows, capital inflows, and capital outflows.