Answer and Explanation:
The journal entry is shown below:
Bad debt expense Dr $14,668 ($221,100 × 8% - $3,000)
To Allowance for doubtful debts $14,668
(Being bad debt expense is recorded)
Here the bad debt expense is debited as it increased the expense and credited the allowance for doubtful debt as it decreased the assets
An investment that costs $28,000 will produce annual cash flows of $5,600 for a period of 6 years. Further, the investment has an expected salvage value of $3,300. Given a desired rate of return of 10%, what will the investment generate?
Answer:
-1764
Explanation:
Given the cost of investment = $28000
Annual cash flow = $5600
Time period = 6 years
Salvage value = $3300
Interest rate = 10%
Net gain from the investment and its present value = Annuity (P/A, r, n) + Salvage value (P/F, r, n) - investment
= 5600 (P/A, 10%, 6) + 3300 (P/F, 10%, 6) - 28000
= 5600 x 4.355 + 3300 x 0.56 - 28000
= -1764
Which mineral resource is used in chemical industry?
Answer:
Carbon feedstocks – oil, gas, coal, renewables, and CO2 – are the base of organic chemistry that creates about 90% of the value of the chemical industry. Some inorganic feedstocks are regarded as critical: Noble metals, some rare earth elements, indium, lithium, phosphate, etc.
ABC and XYZ are all-equity firms. ABC has 1,750 shares outstanding at a market price of $20 a share while XYZ has 2,500 shares outstanding at a price of $28 a share. ABC is acquiring XYZ for $75,000 in cash. The incremental value of the acquisition is $8,000. What is the net present value of acquiring XYZ to ABC
Answer:
the net present value is -$32,000
Explanation:
The computation of the net present value is shown below;
= (Number of oustanding shares × market price per share) + incremental value of acquisition - acquiring value in cash
= (1,750 × $20) + $8,000 - $75,000
= $43,000 - $75,000
= -$32,000
Hence, the net present value is -$32,000
Phương pháp kế toán chi tiết vật tư
ĐÁP ÁN:
Phương pháp thẻ song song:
Phương pháp thẻ song song mặc dầu đơn giản, dễ làm nhưng việc ghi chép còn nhiều trùng lắp. Vì thế, chỉ thích hợp với doanh nghiệp có qui mô nhỏ, số lượng nghiệp vụ ít, trình độ nhân viên kế toán chưa cao.
Phương pháp sổ đối chiếu luân chuyển:
Theo phương pháp sổ đối chiếu luân chuyển, công việc cụ thể tại kho giống như phương pháp thẻ song song ở trên. Tại phòng kế toán, kế toán sử dụng sổ đối chiếu luân chuyển để hạch toán số lượng và số tiền của từng thứ (danh điểm) vật liệu, công cụ, dụng cụ nhỏ theo từng kho. Phương pháp này mặc dầu đã có cải tiến nhưng việc ghi chép vẫn còn trùng lắp.
Phương pháp sổ số dư:
Theo phương pháp sổ số dư, công việc cụ thể tại kho giống như các phương pháp trên. Định kỳ, sau khi ghi thẻ kho, thủ kho phải tập hợp toàn bộ chứng từ nhập kho, xuất kho phát sinh theo từng vật liệu, dụng cụ, sản phẩm quy định. Sau đó, lập phiếu giao nhận chứng từ và nộp cho kế toán kèm theo các chứng từ nhập, xuất kho vật liệu, dụng cụ, sản phẩm. Ngoài ra, thủ kho còn phải ghi số lượng vật liệu, dụng cụ, sản phẩm tồn kho cuối tháng theo từng danh điểm vào sổ số dư.
Gina is very serious about her budget. As a new manager, she wants to make sure that she is a good steward of her employees, knowing that stress can cause her division to miss their bottom line at the end of the year. When Gina is considering the physiological implications for her workforce, which of the following is she notconsidering?
A) family leave
B) burnout
C) low job satisfaction
D) emotional exhaustion
E) absenteeism
Answer:
A)family leave
Explanation:
From the question we are informed about Gina who is very serious about her budget. As a new manager, she wants to make sure that she is a good steward of her employees, knowing that stress can cause her division to miss their bottom line at the end of the year. When Gina is considering the physiological implications for her workforce, one of the factor she is not considering is family leave.
physiological implications can be regarded as activities that has effect on organs,systemic functions, emotions
and whole system of the employee.
physiology relates to normal functions as regards to living thing, These effects could influence the performance of employees in carrying out their daily task. It could be burnout, low job satisfaction as well as absenteeism and emotional exhaustion
Checking accounts at a local bank carry an average balance of $3000. The bank turns over its balance 3 times a year. On average, how many dollars flow through the bank each month?
Answer:
75,000
Explanation:
I think? not shure
Margaret Moore started her own consulting firm, Carla Vista Consulting, on May 1, 2020. The following transactions occurred during the month of May.
May:
1 Trixie invested $7,600 cash in the business.
2 Paid $950 for office rent for the month.
3 Purchased $600 of supplies on account.
5 Paid $160 to advertise in the County News.
9 Received $4,500 cash for services performed.
12 Withdrew $1,200 cash for personal use.
15 Performed $5,600 of services on account.
17 Paid $2,000 for employee salaries.
20 Made a partial payment of $400 for the supplies purchased on account on May 3.
23 Received a cash payment of $3,600 for services performed on account on May 15.
26 Borrowed $5,500 from the bank on a note payable.
29 Purchased equipment for $4,000 on account.
30 Paid $350 for utilities.
Required:
Show the effects of the previous transactions on the accounting equation.
Answer:
1. Equity will increase
2. Asset Decrease
3. Asset and liability increase
4. Asset decrease
5. Asset increase
6. Equity decrease
7. Asset increase
8. Asset decrease
9. Asset and liability decrease
10. No effect
11. Asset and liability increase
12. Asset increase
13. Asset decrease
Explanation:
Accounting equation reflects the impact on the business for every transaction. There are three main components of an accounting equation. Asset, Liabilities and Equity. If one component increase the other might increase, decrease or have no effect.
Asset = Liabilities + Capital
A corporation must obtain shareholder approval before the company a. hires or fires a significant number of employees. b. expands into foreign markets. c. sells off a major portion of its business to another company. d. opens additional offices.
Answer:
c. sells off a major portion of its business to another company.
Explanation:
The corporation that should obtain the approval of the shareholder prior when the business major portion is sell off to the another company as it is very crucial decision taken by the company. It cant be taken without the approval of the shareholder as they are the original investors of the company
So as per the given situation, the option c is correct
2. Write the importance of professional education
Answer:
The aim of education is to make a person intelligent enough to make decisions logically, knowledgeable enough to take up a right career path and skilled enough to be self-supportive.Getting a professional education is important for shaping your career to move towards a right direction.Professional education educates the new generation of professionals, expanding the frontiers of knowledge and reaching out in service to society. Professional education is increasingly being called upon to play a significant role in the administration of new programs within continuing and new structures.
Explanation:
it is in paragraph but correct and brilliant
hope it help you...!
Professional education is basically an education that focuses on getting a profession or earning money from that specific skill or talent. It is necessary because financial security is necessary, doesn't matter what we do. We can spend years following our hobies or researching the subject of our interest, but professional education ensures that we are financially secure.
Cody Mountain Sports is an outdoor sporting goods guiding service located in northern Wyoming. Cody Mountain Sports (CMS) primarily provides guiding for common outdoor sporting activities such as rock climbing, hiking, and skiing. CMS completed the following adjusting transactions during March of 2021:
Mar. 1 CMS began operations by receiving $100,000 in cash. The business issued shares of common stock in exchange for this contribution.
Mar. 1 CMS paid $1,200 cash for a 12 month insurance policy. The policy begins Mar. 1.
Mar. 4 CMS guided a small rock climbing trip, receiving $20,000 payment in cash.
Mar. 15 CMS guided a hiking adventure, billing the customer $3,000 and receiving a promise of payment within one week.
Mar. 18 Accrued employee salaries of $10,000.
Mar. 19 Purchased fuel for vehicles on account, $1,000
Mar. 22 Collected $3,000 cash from customer on account.
Mar. 24 Paid rent on their property, $4,000 cash.
Mar. 27 Paid $1,000 cash on account.
Mar. 31 Cash dividends of $2,500 were paid to stockholders.
Required:
Post these transactions to the T-accounts.
Answer:
Cody Mountain Sports (CMS)
T-accounts:
Cash
Date Account Titles Debit Credit
Mar. 1 Common Stock $100,000
Mar. 1 Prepaid Insurance $1,200
Mar. 4 Service Revenue 20,000
Mar. 19 Vehicle Expenses 1,000
Mar. 22 Accounts Receivable 3,000
Mar. 24 Rent Expense 4,000
Mar. 27 Salaries Payable 1,000
Mar. 31 Cash dividends 2,500
Accounts Receivable
Date Account Titles Debit Credit
Mar. 15 Service Revenue $3,000
Mar. 22 Cash $3,000
Prepaid Insurance
Date Account Titles Debit Credit
Mar. 1 Cash $1,200
Salaries Payable
Date Account Titles Debit Credit
Mar. 18 Salaries Expense $10,000
Mar. 27 Cash $1,000
Common Stock
Date Account Titles Debit Credit
Mar. 1 Cash $100,000
Service Revenue
Date Account Titles Debit Credit
Mar. 4 Cash $20,000
Mar. 15 Accounts Receivable 3,000
Salaries Expense
Date Account Titles Debit Credit
Mar. 18 Salaries Payable $10,000
Vehicle Expense
Date Account Titles Debit Credit
Mar. 19 Cash $1,000
Rent Expense
Date Account Titles Debit Credit
Mar. 24 Cash $4,000
Cash Dividends
Date Account Titles Debit Credit
Mar. 31 Cash $2,500
Explanation:
a) Data and Analysis:
Mar. 1 Cash $100,000 Common Stock $100,000
Mar. 1 Prepaid Insurance $1,200 Cash $1,200
Mar. 4 Cash $20,000 Service Revenue $20,000
Mar. 15 Accounts Receivable $3,000 Service Revenue $3,000
Mar. 18 Salaries Expense $10,000 Salaries Payable $10,000
Mar. 19 Vehicle Expenses $1,000 Cash $1,000
Mar. 22 Cash $3,000 Accounts Receivable $3,000
Mar. 24 Rent Expense $4,000 Cash $4,000
Mar. 27 Salaries Payable $1,000 Cash $1,000
Mar. 31 Cash dividends $2,500 Cash $2,500
Select all statements that correctly describe business rules.
A. Some business rules allow the designer to understand the nature, role, and scope of the data.
B. Business rules define all applicable database constraints, no matter how detailed the constraint is.
C. Some business rules act as a communications tool between users and designers.
D. Some business rules help standardize an organization's view of data.
E. Business rules are by definition valid for all data for all time, so they are well suited for database design.
Answer:
The correct options are A, C, and D.
Explanation:
Business rules are helpful to all types of organizations, as they classify an organization's objective, they are a guide that specifies the running of business everyday activities as they clearly show every detail. Business rules provide the best approach to business operations. Business rules allow the designer to know the scope of the data, as the designer would get to know the data stored in the database. From the question above, It is also true that some business rules act as a communications tool between users and designers, as the users get to have an understanding of what is needed, and the designers would also get to know their own role. Business rules must be simplified for everyone in an organization so the rules could be interpreted by everyone, and be followed too.
The data is D = 50,000/year, S= $500 per order, H = $0.25 per unit per year. Assume a lead time of 3 days.
Fill in the following table. Write out the formulas you are using.
Annual demand
Holding cost (units per year)
Ordering cost
Ordering quantity (EOQ)
Number of orders per year
Average inventory
Maximum inventory
Reorder level
Length of order cycle
Annual holding cost
Annual ordering cost
Annual Affected Inventory Cost
b. Suppose a mistake was made in the data and the correct data is D = 60,000 per year, S = $400 per order, H = $0.20 per unit per year. Calculate the correct EOQ and affected inventory cost.
c. Now suppose we used the incorrect EOQ (based on the first set of data) instead of the correct EOQ. Calculate the affected inventory cost.
d. Compute the percentage error in the EOQ and in the inventory cost.
e. Moral of the story is that incorrect estimation of costs or demand (does or does not) result in substantial deviation from the optimal cost (circle the right answer).
Answer:
Annual demand 50,000 units
Holding cost $0.25 per year
Ordering Cost $500 per order
EOQ : 14,142
Number of orders per year 4
Average inventory 14,142 units
Maximum inventory 14,500 units
Reorder level 410 units
Length of order cycle 3 days
Annual Holding cost $12,500
Annual ordering cost $2000
Annual affected inventory cost $14,500
Explanation:
EOQ = [tex]\sqrt{\frac{2 * D * S}{H} }[/tex]
EOQ = [tex]\sqrt{\frac{2 * 50000 * 500}{0.25} }[/tex]
EOQ = 14,142 units
Number of Order : Annual demand / EOQ
Number of order : 50,000 / 14,142 = 3.53 or approximately 4
Annual Ordering cost : No. of order * cost per order
Annual ordering cost : 4 * $500 = $2,000
Annual Holding Cost : Demand * Holding cost per unit
Annual holding cost = 50,000 * $0.25 per unit = $12,500
Reorder level : Daily demand * lead time
Reorder level : [ 50000 / 365 ] * 3 = 410 units
The most important function of the Fed is to A. buy and sell government securities. B. collect taxes. C. provide a system for collecting and clearing checks. D. regulate the money supply.
Answer:
D. regulate the money supply.
Explanation:
The Federal Reserve System (popularly referred to as the 'Fed') was created by the Federal Reserve Act, passed by the U.S Congress on the 23rd of December, 1913. The Fed began operations in 1914 and just like all central banks, the Federal Reserve is a United States government agency.
Generally, it comprises of twelve (12) Federal Reserve Bank regionally across the United States of America, which are commonly referred to as Federal Reserve District Bank.
Like all central banks, the Federal Reserve is a government agency that is saddled with the following responsibilities;
I. The Fed controls the issuance of currency in United States of America: it promotes public goals such as economic growth, low inflation, and the smooth operation of financial markets.
II. It provides banking services to all the commercial banks in the country because the Federal Reserve is the "lender of last resort."
III. It regulates banking activities in the United States of America: it has the power to supervise and regulate banks.
Additionally, the Fed is saddled with the responsibility of selling government securities such as treasury bills to the public.
However, the most important function of the Fed is to regulate the money supply through the establishment of monetary policies.
Monetary policy can be defined as the actions (macroeconomic policies) adopted and undertaken by the central bank of a particular country to control the money supply and interest rates so as to boost or enhance economic growth. The central bank (Fed) uses monetary policies to manage inflation, economic growth through long-term interest rates and level of unemployment in a country.
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $570,000 396,000 90,000 36,000 18,000 30,000 Percent uncollectible 1% 2% 5% 7% 10% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,600 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $100 debit.
Answer:
a) calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method is $11,820.
b) The adjusting entry to record Bad Debts Expense using the estimate is $8220.
c) The adjusting entry to record bad debts expense using the estimate is $11,920.
Explanation:
g Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $370 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as
Answer:
Missing word "is estimated as $8,820. Amount added Ending balance b. Credit balance of $450 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $1,111,000 for the year. Amount added Ending balance"
a. Amount added = Balance as per aging method - Credit balance
Amount added = $8,820 - $370
Amount added = $8,450
So, Amount added = $8,450, Ending balance = $8,820
b. Amount added = 2% * Credit sale
Amount added = 2% * $1,111,000
Amount added = $22,220
Ending balance = $22,220 + $370
Ending balance = $21,850
Your company has earnings per share of $ 4.19. It has 1.9 million shares outstanding, each of which has a price of $59. You are thinking of buying TargetCo, which has earnings per share of $ 2.10, 1.9 million shares outstanding, and a price per share of $ 21.You will pay for TargetCo by issuing new shares. There are no expected synergies from the transaction. If companies in the same industry as TargetCo are trading at multiples of 12 timesearnings, what would be one estimate of an appropriate premium forTargetCo?
TargetCo has $2.10 in earnings, so if other companies in its industry are trading at 12 times earnings, then a starting point for a valuation of TargetCo in this transaction might be ________ pershare, implying a _________ premium
Answer:
If the current earnings per share of TargetCo. are $2.10, and the times earnings multiple is 12, the relative valuation should result in a $2.10 x 12 = $25.20 per stock. This means that the premium per stock = $25.20 - $21 = $4.20, and the total premium paid for all the 1.9 million shares = $7.98 million.
Which statement is true?
A bank interest lower than inflation means more purchasing power.
Nominal rates are an accurate figure of purchasing power.
Real interest measures the power of the saved money
Real interest is the rate quoted in loan and deposit agreements.
Answer:
Nominal rates are an accurate figure of purchasing power.
The statement nominal rates are an accurate figure of purchasing power can be marked as true. Thus, the correct option is B). Nominal rates are an accurate figure of purchasing power.
What is nominal interest rate?Nominal interest rate refers to the interest rate before taking inflation into account. It is also refer to the interest rate on a loan that is charged without taking into account any fees or compounding of interest.
The nominal rate of interest is often used in banks to describe the interest on different loans and in the investment field as well. The higher the nominal rate, the more interest will be earned on savings.
Basically, the nominal interest rate is approximately equal to the real interest rate plus the inflation rate that can be depicts as (i = R + h).
Learn more about nominal interest rate here:-
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Crane Company receives a $74,000, 5-year note bearing interest of 5% (paid annually) from a customer at a time when the discount rate is 6%.
Required:
What is the present value of the note received by Crane?
Answer: $70,882.98
Explanation:
Present value of note = Present value of interest payments + Present value of face value
Present value of interest payment:
First calculate the interest:
= 5% * 74,000
= $3,700
This amount is constant so is an annuity
Present value = 3,700 * Present value interest factor of annuity, 5 years, 6%
= 3,700 * 4.2124
= $15,585.88
Present value of face value :
= 74,000 / (1 + 6%)⁵
= $55,297.10
Present value of note:
= 15,585.88 + 55,297.10
= $70,882.98
Blue Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $217,208 at both cost and market value. At December 31, 2020, the inventory was $287,675 at cost and $261,060 at market value. Use an allowance account. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method.
Answer:
A. Dr Cost of Goods Sold $26,615
Cr Allowance to Reduce Inventory to Market $26,615
B.Dr Loss Due to Market Decline of Inventory $26,615
Cr Allowance to Reduce Inventory to Market $26,615
Explanation:
(a) Preparation of the necessary December 31 entry under the cost-of-goods-sold method
COST-OF-GOODS-SOLD METHOD
Dr Cost of Goods Sold $26,615
Cr Allowance to Reduce Inventory to Market $26,615
($287,675 - $261,060)
(b) Preparation of the necessary December 31 entry under Loss method
LOSS METHOD
Dr Loss Due to Market Decline of Inventory $26,615
Cr Allowance to Reduce Inventory to Market $26,615
($287,675 - $261,060)
Bengal Co. provides the following sales forecast for the next three months: JulyAugustSeptember Sales units 8,500 9,200 5,950 The company wants to end each month with ending finished goods inventory equal to 20% of the next month's sales. Finished goods inventory on June 30 is 1,700 units. The budgeted production units for August are:
Answer:
Production= 8,550
Explanation:
Giving the following information:
Sales units 8,500 9,200 5,950
Desired ending inventory= 20% of the next month's sales.
To calculate the production for August, we need to use the following formula:
Production= sales + desired ending inventory - beginning inventory
Production= 9,200 + (5,950*0.2) - (9,200*0.2)
Production= 9,200 + 1,190 - 1,840
Production= 8,550
Suppose that the total value of dividends to be paid by companies in the Narnian stock market index is $100 billion. Investors expect dividends to grow over the long term by 5% annually, and they require a 10% return. Now a collapse in the economy leads investors to revise their growth estimate down to 4%. By how much should market values change
Answer:
The correct answer is "16.67%".
Explanation:
Given:
Dividend,
= $100 billion
Rate of return,
= 10%
= 0.10
Growth rate,
= 5%
= 0.05
Now,
Market value will be:
= [tex]\frac{Dividend}{Rate \ of\ return-Growth \ rate}[/tex]
= [tex]\frac{100}{0.10-0.05}[/tex]
= [tex]\frac{100}{0.05}[/tex]
= [tex]2000 \ Billion[/tex] ($)
After collapse,
The market value will be:
= [tex]\frac{100}{(.10-.04)}[/tex]
= [tex]\frac{100}{.06}[/tex]
= [tex]1666.67[/tex] ($)
Change in market value will be:
= [tex]2000-1666.67[/tex]
= [tex]333.33 \ Billion[/tex] ($)
hence,
The percentage change in market value will be:
= [tex]\frac{333.33}{2000}[/tex]
= [tex]16.67[/tex]%
Before you started applying for college, a job recruiter offered you a full-time cashier position at a department store, earning an after-tax salary of $21,000 per year. However, you turn down this offer and attend your first year of college. The additional monetary cost of college to you, including tuition, supplies, and additional housing expenses, is $32,000. You decide to go to college, probably because:______.
A. You value a year of college at $22,000.B. You value a year id college of $34,000.C. You value a year of college less than $34,000.D. You value a year of college at more than $56,000.
Answer:
Option D (You value..........$56,000) is the right response.
Explanation:
The overall expenditure of taking part throughout the school for the very first year would be the amount of such loss of university income as well as extra cash.Whenever you anticipate receiving stronger employment wages from university education, therefore during the 1st year that you estimate upwards of expenditure of $53,000 for higher learning.Other options aren't linked to the specific circumstance. Thus, the response seems to be the right one.
Suppose that Dmitri, an economist from a research institute in Texas, and Frances, an economist from a public television program, are arguing over saving incentives. The following dialogue shows an excerpt from their debate: Frances: I think it's safe to say that, in general, the savings rate of households in today's economy is much lower than it really needs to be to sustain an improvement in living standards. Dmitri: I think a switch from the income tax to a consumption tax would bring growth in living standards. Frances: You really think households would change their saving behavior enough in response to this to make a difference.Because I don't. The disagreement between these economists is most likely due to _____. Depite their differences, with which proposition are two economists chosen at random most likely to agree? A. Employers should not be restricted from outsourcing work to foreign nations. B. Central banks should focus more on maintaining low unemployment than on maintaining low inflation. C. Business managers can raise profit more easily by reducing costs than by raising revenue.
Answer:
Difference in scientific judgementsA. Employers should not be restricted from outsourcing work to foreign nations.Explanation:
The difference in opinion between these two is based on a difference between in scientific judgments because they believe that different things will happen in response to implementing a different form of taxes.
Regardless of what they think in the above regard, these economists are most likely to support the outsourcing of work if it is cheaper to do so because economists generally believe that the most efficient method of production should be undertaken.
Bloom Company management predicts that it will incur fixed costs of $266,000 and earn pretax income of $360,400 in the next period. Its expected contribution margin ratio is 54%. Required: 1. Compute the amount of total dollar sales. 2. Compute the amount of total variable costs.
Answer:
1. $1,160,000
2. $534,600
Explanation:
1. Computation for the amount of total dollar sales
Using this formula
Total dollar sales=Fixed costs plus pretax income / Contribution margin ratio
Let plug in the formula
Total dollar sales=$626,400 / 54%
Total dollar sales =$1,160,000
($266,000+$360,400=$626,400)
Therefore the amount of total dollar sales is $1,160,000
2.Computation for the amount of total variable costs.
Sales $1,160,000
Less:
Fixed costs ($265,000)
Pretax income ($360,400)
Variable costs $534,600
Therefore the amount of total variable costs is $534,600
Snack food vendors and beer distributors earn some monopoly profits in their local markets but see them slowly erode from various new substitutes. When California voted on legalizing marijuana, which side would you think that California beer distributors were on
Answer: Opposing side
Explanation:
Substitutes to the products offered by monopolies are frowned upon by monopolies because it means that they cannot raise prices whenever they want anymore because people could simply switch to the substitutes.
Substitutes therefore reduce the power of monopolies. Marijuana is a substitute to beer as a recreational product so beer companies would be opposed to it being legalized as it would pose a threat to whatever dominance they have in the recreational sector.
Ivanhoe Company buys merchandise on account from Metlock Company. The selling price of the goods is $1,290 and the cost of the goods sold is $770. Both companies use perpetual inventory systems.
Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Ivanhoe
Enter an account title
Enter a debit amount
Enter a credit amount
Enter an account title
Enter a debit amount
Enter a credit amount
Metlock
Enter an account title to record sale of merchandise
Enter a debit amount
Enter a credit amount
Enter an account title to record sale of merchandise
Enter a debit amount
Enter a credit amount
(To record sale of merchandise)
Enter an account title
Enter a debit amount
Enter a credit amount
Enter an account title
Enter a debit amount
Enter a credit amount
Answer and Explanation:
The journal entries are shown below:
Ivanhoe Company
Merchandise Inventory $1,290
Accounts payable $1,290
(Being Merchandice purchased on the account is recorded)
Metlock Company
Accounts Receivable $1,290
Sales $1,290
(Being Merchandise sold on account is recorded)
Cost of goods sold $770
Merchandise inventory $770
(Being the Change in stock for the sale of merchandise is recorded)
Culler Construction Company agreed with the City of Orange Key to build a road. The project was to begin on December 1. One week after the work began, a hurricane struck the site, washing away so much land that the construction would be twice as expensive. As a result, Culler refused to continue the job, unless Orange Key paid a large sum in addition to the initial contract price. A promise by Orange Key to pay more than the original price is:_______
Answer: D. Enforceable because Culler encountered unforeseen difficulties.
Explanation:
Contractual obligations can be changed if one or both parties encounter unforeseen circumstances that would significantly alter their ability to fulfil their part of the contract.
In this scenario, Culler Construction would incur a significantly higher cost to carry out their side of the contract than what was agreed. The contract can therefore be changed and this change would be enforceable by law. The higher offer by Orange Key is therefore legal and enforceable.
Francisco leased equipment from Julio on December 31, 2021. The lease is a 10-year lease with annual payments of $159,000 due on December 31 of each year beginning December 31, 2021. The present value of the lease payments is $1,006,192. Francisco's incremental borrowing rate is 14% for this type of lease. The implicit rate of 12% is known by the lessee. What should be the balance in Francisco lease liability at December 31, 2022
Answer: $789855
Explanation:
Initial liability = $1,006,192
Less: Payment = $159,000
Liability = $847192
× Implicit rate 12%
Interest = 12% × $847192 = $101663
Then, reduced balance will be:
= Payment - Interest
= $159,000 - $101663
= $57337
Therefore, Francisco lease liability at December 31, 2022 will be:
= $847192 - $57337
= $789855
Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and Z. For those boxes in which you must enter negative numbers use a minus sign.
Company X Company Y Company Z
Net income/(net loss) $30 $_____ $(20)
Sales _____ 1,270 970
Gross profit 245 _____ 525
Operating expenses _____ 525 _____
Cost of goods sold 330 790 _____
Answer:
Company X:
Sales :
= Gross Profit + Cost of goods sold
= 245 + 330
= $575
Operating expenses:
= Gross profit - Net income
= 245 - 30
= $215
Company Y
Gross profit:
= Sales - Cost of goods sold
= 1,270 - 790
= $480
Net income:
= Gross profit - Operating expenses
= 480 - 525
= $(45)
Company Z
Operating expenses :
= Gross profit - Net income
= 525 - (-20)
= 525 + 20
= $545
Cost of goods sold:
= Sales - Gross profit
= 970 - 525
= $445
true or false
Macroeconomics deals with the behaviour of individual economic units.
Answer:
false. it deals with ecomonics as a whole. it's in the name dude
Answer:
False
Explanation:
Macroeconomics looks at the economy as a whole. It focuses on broad issues such as growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports.
