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Answer:
Architectural engineers apply science and technology to the real world by designing buildings that enhance our standard of living and improve our quality of life. They do this by combining building systems – structural, electrical, mechanical, lighting, acoustics and fire protection - into an integrated whole. These creative problem solvers are constantly facing the challenges of the future like sustainable building materials and green energy sources. Architectural engineers are trained to use the latest technologies – like computer based building design and analysis software (Revit, eQUEST, RISA-3D, etc), building information modeling (BIM), and advanced sensors & controls – to design, build, and operate the various systems within a building.
On July 1, 2021, Clearwater Inc. purchased 9,300 shares of the outstanding common stock of Mountain Corporation at a cost of $213,000. Clearwater will have significant influence over the financial and operating policies of Mountain. Mountain had 31,000 shares of outstanding common stock. Assume the total book value and fair value of identifiable net assets is $660,000. Both companies have a January through December fiscal year. The following data pertains to Mountain Corporation during 2021:
Dividends declared and paid, Jan. 1–June 30 $11,700
Dividends declared and paid, Jul. 1–Dec. 31 $11,700
Net Income, January 1–June 30 $13,700
Net Income, July 1–December 31 $17,700
Required:
a. Prepare the entry to record the original investment in Mountain.
b. Compute the goodwill (if any) on the acquisition.
c. Prepare the necessary entries (other than acquisition) for 2021 under the equity method.
Answer and Explanation:
1. The journal entry is given below:
Investment in Mountain $213,000
To Cash $213,000
(Being the original investment is recorded)
Here the investment is debited as it increased the assets and credited the cash as it decreased the assets
2.
The goodwill is
Purchase price $213,000
Less : Fair value of assets purchased (30%of $660,000) $198,000
Goodwill Purchased (difference) $15,000
3.
Cash (30% × $11,700) $3,510
To Investment in Mountain $3,510
(being cash is recorded)
Investment in Mountain (30% 17,700) $5,310
To Investment Revenue $5,310
(Being investment is recorded)
Which of the following considerations is related to sociocultural environment
Answer:
You didn't provide anything for me to choose from, so I can't give you an answer.
Kamal made a scale drawing of a house. The scale of the drawing was 7 inches : 3 feet. A rug in the hallway is 6 feet long in real life. How long is the rug in the drawing?
Answer:
14 inches
Explanation:
Given that :
Scale drawing ; 7 inches = 3 feets ;
This means that 7 inches on the drawing equals 3 feets in real life
With this, we can calculate the length of scale drawing for 1 feet long object.
7 inches = 3 feets
x = 1 feet
Cross multiply :
3x = 7
x = 7/3 inches
Therefore, for a 6 feet long rug in real life, the length of drawing will be :
1 Feet = 7/3 inches
6 feets = (7/3 * 6) inches
(7/3 * 6) = 42 / 3 = 14 inches
Which statement in the given text points to George being an ethical leader?
George had been working as a manager in a company that ran a chain of restaurants. His company had been going through a lot of transition in the past year because they wanted to improve their public image.
George made sure that the restaurant served all the dishes that were popular in the locality.
George set up standards regarding the disposal of the restaurant’s waste products and made sure they were followed.
He also heavily advertised about the company’s food along the various highways. He also ran advertisements in national newspapers.
He set up a close-knit monitoring system in the kitchens and the service area to make sure that the quality standards were maintained.
Answer:
George set up standards regarding the disposal of the restaurant’s waste products and made sure they were followed.
Flannigan Company manufactures and sells a single product that sells for $600 per unit; variable costs are $318. Annual fixed costs are $991,700. Current sales volume is $4,310,000. Flannigan Company management targets an annual pre-tax income of $1,235,000. Compute the dollar sales to earn the target pre-tax net income.
Answer:
See below
Explanation:
Computation of target pretax
Break even point (Target profit)
= (Fixed cost + Target profit) × Selling price / Contribution margin
= ($991,700 + $1,235,000) × $600 / $600 - $318
= $2,226,700 × $600 / $282
= 4,737,659.57
Assume banks are required to hold reserves equal to 20 percent of deposits. Instructions: Enter your responses as a whole number. a. How much excess reserves does the bank hold
Answer: $100
Explanation:
If the reserve requirement is 20% then the required reserves being held by the company is:
= Total deposits * reserve requirement
= 8,000 * 20%
= $1,600
The reserves held by the company of $1,700 comprise of both the required reserves and the excess reserves. The excess reserves will therefore be calculated as:
Excess reserves = Reserves - Required reserves
= 1,700 - 1,600
= $100
Following are selected accounts for a company. For each account, indicate whether it will appear on a budgeted income statement (BIS) or a budgeted balance sheet (BBS).
a. Sales …………………………………….._____
b. Administrative salaries paid….._____
c. Accumulated depreciation………._____
d. Depreciation expense………………_____
e. Interest paid on bank loan….….._____
f. Cash dividends paid…………………_____
g. Bank loan owed………………………_____
h. Cost of goods sold………………….._____
Answer:
Find the answers below
Explanation:
a. Sales ……………………………………. Budgeted Income Statement
b. Administrative salaries paid…..Budgeted Income Statement
c. Accumulated depreciation………._____ Budgeted Balance Sheet
d. Depreciation expense……………Budgeted Income Statement
e. Interest paid on bank loan….….Budgeted Income Statement
f. Cash dividends paid…………………Budgeted Income Statement
g. Bank loan owed………………………Budgeted Income Statement
h. Cost of goods sold.........Budgeted Balance Sheet
83) Suppose in the United States, the opportunity cost of producing a motor engine is 4 auto bodies. In Canada, the opportunity cost of producing a motor engine is 2 auto bodies. a. What is the opportunity cost of producing an auto body for the United States
Answer:
Opportunity cost = 0.25 motor engine
Explanation:
Below is the given value:
In the U.S. ,Opportunity cost of 1 motor engine = 4 auto bodies
In the Canada, Opportunity cost 1 motor engine = 2 auto bodies
Below is the calculation for opportunity cost pf 1 auto body in the U.S.
Opportunity cost = Motor engine / Auto body
Opportunity cost = 1 / 4
Opportunity cost = 0.25 motor engine
Interim financial statements:
A. Are always prepared before any adjustments have been recorded.
B. Show the liabilities above assets.
C. Cover less than one year, usually spanning one-, three-, or six-month periods.
D. Report revenues when incurred and expenses when earned
Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents.$7,000 cash deposit in checking account.$28,000 bond investment due in 20 years.$7,000 U.S. Treasury bill due in 1 month.$400, 3-year loan to an employee.$1,800 of currency and coins.$700 of accounts receivable.
Answer:
the cash and cash equivalents is $15,800
Explanation:
The computation of the cash and cash equivalents is given below:
= Cash deposit + U.S. Treasury bill due in 1 month + currency and coins
= $7,000 + $7,000 + $1,800
= $15,800
hence, the cash and cash equivalents is $15,800
The same is to be considered and relevant
You are considering two mutually exclusive projects. Project A costs $3.6 million, has a required return of 14.5 percent, and an IRR of 14.3 percent. Project B costs $4.1 million, has a required return of 16 percent, and an IRR of 15.6 percent. Which project(s) should be accepted
Answer:
Neither
Explanation:
The internal rate of return is a capital budgeting method that is used to determine the profitability of a project.
Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested
The decision rule when using the internal rate of return is to undertake the project if the internal rate of return is greater than the required return of the project. If this is not met, the project should be rejected.
If choosing between multiple projects, the decision rule is to choose the projects with the highest internal rate of return. This is because that project would be the most profitable.
Neither of the project should be selected because the IRR of both projects is less than their required returns
3 If 90% of the population is right-handed, how many people in a group of 200 would you expect to be right-handed? a 180 b 90 c 20 d 18
Loger's, a high-end apparel company in Bruslon, an Asian country, cuts back on production as consumers start turning to basic products such as food because of the economic downturn in the country. The company also lays off many of its employees to further cut down expenses. In the context of the business cycle, Bruslon is most likely going through a period of _____.
a. economic expansionb. economic integration
c. economic recovery
d. economic contraction
Answer:
d. economic contraction
Explanation:
Contraction is in economics means it is business cycle phase where the overall economu should be fall. Also the contraction should arise when the cycle of the business is in peak but it should be prior to became as a trough
So at the time of economic contraction, the company normally took the measures of the cost cutting
So as per the given situation, the option d is correct
State statutes may allow purchasers of defective automobiles to pursue remedies in addition to those provided by the UCC. The seller or manufacturer is given opportunities to remedy the defect. This is called a warranty disclaimer.
a. True
b. False
Answer:
b. False
Explanation:
A warranty disclaimer is defined as a written document or a statement which informs the buyer that the seller of the product is not [tex]\text{bound by any warranty }[/tex]or guarantees or any promises regarding the product.
This disclaimer releases the seller from any legal liabilities for any defects or failure of the products.
Thus, the answer is False.
Burnett Corp. pays a constant $8.75 dividend on its stock. The company will maintain this dividend for the next 10 years and will then cease paying dividends forever. If the required return on this stock is 12 percent, what is the current share price
Answer: $49.44
Explanation:
The current share price will be calculated as follows:
Dividend = $8.75
Required return rate = 12%
Number of years, N = 10
Then, the present value annuity for 10 years will be calculated as:
= (1 - (1+r)^-n) / r
= (1 - (1+12%)^-10) / 12%)
= $5.65
Then, the current share price will be:
= Dividend × present value annuity for 10 yrs
= $8.75 × 5.65
= $49.44
Therefore, the current share price is $49.44.
In the short run, fixed costs: Group of answer choices are an important feature in a firm's decision to produce or not produce. have no impact on a firm's profit level. remain constant. do not exist.
Answer:
remain constant.
Explanation:
The short run is a period where all factors of production are fixed. In the short run, a firm would continue to produce if price is above average variable cost. If this is not the case, it would shut down
The long run is a period where all factors of production are varied. It is known as the planning time for a company
Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments
If production is zero or if production is a million, Mortgage payments do not change - it remains the same no matter the level of output.
Gabbe Industries is a division of a major corporation. Last year the division had total sales of $23,615,600, net operating income of $3,164,490, and average operating assets of $5,492,000. The company's minimum required rate of return is 19%.
Required:
a. What is the division's margin?
b. What is the division's turnover?
c. What is the division's return on investment (ROI)?
Answer:
Gabbe Industries
a. Division's margin
= 13.40%
b. Division's turnover
= 4.3x
c. Division's return on investment (ROI)
= 57.62%
Explanation:
a) Data and Calculations:
Sales = $23,615,600
Net operating income = $3,164,490
Average operating assets = $5,492,000
Minimum required rate of return = 9%
a. Division's margin =Net operating income/Sales * 100
= $3,164,490/$23,615,600 * 100
= 13.40%
b. Division's turnover = Sales/Average operating assets
= $23,615,600/$5,492,000
= 4.3x
c. Division's return on investment (ROI) = Net operating income/Average operating assets
= $3,164,490/$5,492,000 * 100
= 57.62%
Carnelian Company sells bicycles at $200 each. Variable cost per unit is $160, and total fixed cost is $120,600. Calculate the sales that Carnelian must make to earn an operating income of $21,500. a. $238,833.
b. $716,500.
c. $243,800.
d. $626,000.
Answer:
Carnelian Company
The sales that Carnelian must make to earn an operating income of $21,500 is:
= $710,500.
Explanation:
a) Data and Calculations:
Selling price per bicycle = $200
Variable cost per unit = $160
Contribution margin per unit = $40 ($200 - $160)
Contribution margin percentage = $40/$200 * 100 = 20%
Fixed cost = $120,600
Target operating income = $21,500
Sales in dollars to earn target operating income = (Fixed cost + Target Income)/Contribution margin ratio
= $120,600 + $21,500/20%
= $142,100/0.2
= $710,500
A process cost system would be used for all of the following except the :____________
a. refining of petroleum.
.b manufacture of cereal.
c. production of automobiles.
d. printing of wedding invitations.
Answer:
d. printing of wedding invitations.
Explanation:
Process costing can be regarded as accounting methodology which involves the tracing as well as accumulation of direct costs, then carry it the allocation of indirect costs of a manufacturing process. There is usually assigning of Costs to products, which is in a large batch, this might not encompass an entire production of that month.
process cost system would be used for ;✓refining of petroleum.
✓manufacture of cereal.
✓production of automobiles.
Suppose Torche Corporation has the following results related to cash flows for 2020: Net Income of $10,000,000 Increase in Accounts Payable of $800,000 Increase in Accounts Receivable of $600,000 Decrease in Inventory of $100,000 Assuming no other cash flow adjustments than those listed above, create a statement of cash flows with amounts in thousands. What is the Net Cash Flow from Operating Activities?
Answer:
9,700,000
Explanation:
Essentially... a lot. I would recommend learning about debits and credits. Short explanation is credits are negative and debits are positive. So an increase to a debit is adding to the net value, just as a decrease to a credit adds net value.
We start with 10,000,000.
We subtract 800,000 from this as we are increasing AP, a credit.
We are now at 9,200,000
We then add 600,000 from AR, a debit that is increasing.
We are at 9,800,000.
Finally, we subtract 100,000 because we are decreasing Inventory, a debit.
Our final value is 9,700,000
roject A costs $6,000 and will generate annual after-tax net cash inflows of $2,150 for five years. What is the payback period for this investment under the assumption that the cash inflows occur evenly throughout the year
Answer:
It will take 2.79 years to cover the initial investment.
Explanation:
Giving the following information:
Project A costs $6,000 and will generate annual after-tax net cash inflows of $2,150 for five years.
The payback period is the time required to cover the initial investment:
Year 1= 2,150 - 6,000= -3,850
Year 2= 2,150 - 3,850= -1,700
Year 3= 2,150 - 1,700= 450
To be more accurate:
(1700/2150)= 0.79
It will take 2.79 years to cover the initial investment.
________ is the definition used to describe the maximum quantity an economy can produce, in the context of its existing inputs, market and legal institutions.
Answer:
potential GDP
Explanation:
is the maximum quantity that an economy can produce given full employment of its existing levels of labor, physical capital, technology, and institutions.
You have been paying $1000 every month for 6 years to a friend of yours who is extremely lazy to find a job. The annual interest rate is 9%. What is the worth of your money after 6 years with:
a) Annual compounding
b) Every-six-months compounding
Answer:
a)
$90,280.01
b)
$92,784.19
Explanation:
Use the following formula to calculate the worth of money
Worth of money = Periodic Payment x ( ( ( 1 + Periodic Interest rate )^numbers of periods ) - 1 ) / Periodic Interest rate
a)
Where
Periodic Payment = $1,000 x 12 months per year = $12,000 annually
Periodic interest rate = 9%
Numbers of periods = 6 years
Placing values in the formula
Worth of money = $12,000 x ( ( ( 1 + 9% )^6 ) - 1 ) / 9%
Worth of money = $90,280.01
B)
Where
Periodic Payment = $1,000 x 6 months = $6,000
Periodic interest rate = 9% X 6/12 = 4.5%
Numbers of periods = 6 years x 12/6 = 12
Placing values in the formula
Worth of money = $6,000 x ( ( ( 1 + 4.5% )^12 ) - 1 ) / 4.5%
Worth of money = $92,784.19
Define Total Quality Management (TQM) and Lean Production.
Total Quality Management (TQM) is an on-going improvement management plan. Furthermore, TQM ensures that equipment is properly maintained and a recent type, and workers are well-trained. However, most companies who use Total Quality management also utilize other lean processes, not just TQM.
The company's variable overhead costs are driven by machine-hours. What would be the total budgeted overhead cost for next month if the activity level is 2,400 machine-hours rather than 2,500 machine-hours? Assume that the activity levels of 2,500 machine-hours and 2,400 machine-hours are within the same relevant range. Group of answer choices
Answer:
$60,380
Explanation:
Missing word "Kerekes Manufacturing Corporation has prepared the following overhead budget for next month. Activity Level - 2500 Machine Hours - Variable Overhead Cost: Supplies 12,250 Indirect Labor ---22,000 Fixed Overhead: Supervisor 15,500 Utilities -- 5500 Depreciation --- 6500 Total Cost --- 61,750"
So, at activity level of 2500
Total variable overhead cost = Supplies + Indirect labor
Total variable overhead cost = $12,250 + $22,000
Total variable overhead cost = $34,250
So, at activity level of 2400
Total variable overhead cost = $34,250 * 2,400/2,500
Total variable overhead cost = $34,250 * 0.96
Total variable overhead cost = $32,880
So, at 2,400 hours
Total overhead cost = Variable overhead cost + Fixed overhead cost
Total overhead cost = $32,880 + Supervisor salary + Utilities + Depreciation
Total overhead cost = $32,880 + $15,500 + $5,500 + $6,500
Total overhead cost = $60,380
A project to build a new bridge seems to be going very well since the project is well ahead of schedule and costs seem to be running very low. A major milestone has been reached where the first two activities have been totally completed and the third activity is 70% complete. The planners were expecting to be only57% through the third activity at this time. The first activity involves prepping the site for the bridge. It was expected that this would cost $1,427,000 and it was done for only $1,307,000. The second activity was the pouring of concrete for the bridge. This was expected to cost $10,507,000 but was actually done for $9,007,000. The third and final activity is the actual construction of the bridge superstructure. This was expected to cost a total of $8,507,000. To date, they have spent $5,007,000 on the superstructure. Calculate the schedule variance, schedule performance index, and cost performance index for the project to dat
Answer:
Schedule variance = $1,105,910
Schedule performance index = 1.066
Cost performance index = 1.168
Explanation:
Note: The requirement of the question is not complete. The complete requirement is therefore provided before answering the question.
Calculate the schedule variance, schedule performance index, and cost performance index for the project to date. (Round your "performance index" values to 3 decimal places.)
The explanation of the answers is now provided as follows:
Budgeted cost of work schedule = Expected cost of first activity + Expected cost of second activity + (Expected cost third activity * Expected percentage of completion) = $1,427,000 + $10,507,000 + ($8,507,000 * 57%) = $16,782,990
Budgeted cost of work performed = Expected cost of first activity + Expected cost of second activity + (Expected cost third activity * Actual percentage completed) = $1,427,000 + $10,507,000 + ($8,507,000 * 70%) = $17,888,900
Actual cost to date = Actual cost of first activity + Actual cost of second activity + Actual amount spent on third activity to date = $1,307,000 + $9,007,000 + $5,007,000 = $15,321,000
Therefore, we have:
Schedule variance = Budgeted cost of work performed - Budgeted cost of work schedule = $17,888,900 - $16,782,990 = $1,105,910
Schedule performance index = Budgeted cost of work performed / Budgeted cost of work schedule = $17,888,900 / $16,782,990 = 1.066
Cost performance index = Budgeted cost of work performed / Actual cost to date = 1.168
Consistent with IFRS, if the fair value of convertible bonds for which no active market exists cannot be determined, the value of the bonds can be calculated based on the
Answer:
present value of the bonds' cash flows using the market interest rate.
Explanation:
IFRS stands for International Financial Reporting Standards. It is a set of the accounting rules as well as standards which determines how the accounting level can be reported in the business statements.
The IFRS is restrictive to the fair value choice option for any financial assets and also the liabilities.
Consistent with the IFRS, the fair value of the convertible bonds can be determined by the present value of the cash flow of the bonds by using the interest rate of the market.
A corporation acquired a copyright by issuing 1,000 shares of $5 par common stock. At the time of the exchange, the stock was selling for $40 per share. The copyright had a carrying value of $18,000 to the author. The purchasing corporation should assign to the copyright a value of
Answer:
the purchasing corporation should assign to the copyright a value of $40,000
Explanation:
The computation of the copyright value is given below:
= Number of shares acquired for purchasing a copyright × selling stock per share
= 1,000 shares × $40
= $40,000
hence, the purchasing corporation should assign to the copyright a value of $40,000
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2018 fiscal year was $664,000. Depreciation and amortization expense of $95,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash:
Decrease in accounts receivable $30,000
Increase in inventories 10,000
Increase prepaid expenses 9,300
Increase in salaries payable 10,800
Decrease in income taxes payable 19,000
Required:
Prepare the operating activities section of the 2018 statement of cash flows.
Answer:
Net cash flow from operating activities $761,500
Explanation:
The preparation of the operating activities section is as follows;
Net income $664,000
Add: depreciation & amortization $95,000
Add: Decrease in accounts receivable $30,000
Less: Increase in inventories 10,000
Less: Increase prepaid expenses 9,300
Add: Increase in salaries payable 10,800
Less: Decrease in income taxes payable 19,000
Net cash flow from operating activities $761,500
A company purchased $2,000 of merchandise on August 15 with terms 1/10, n/30. On August 17, it returned $200 worth of merchandise. On August 18, it paid the amount due. The amount of the cash paid on August 18 equals:________
a. $2,000.
b. $1,800
c. $1,782
d. $1,620.
e. $1,260.
The amount of the cash paid is $1,782
Let understand the question aims to solve the amount of cash paid for purchase of a merchandise $2,000, there is also some return of the merchandise worth $200.
On Aug 15, Purchase merchandise $2,000, On Aug 17, Return merchandise $200, Discount = 1%Amount of cash paid = ($2,000 - $200) - 1% discount
Amount of cash paid = $1,800 - ($1,800)*1%
Amount of cash paid = $1,800 - $18
Amount of cash paid = $1,782
In conclusion, on August 18, the amount of the cash paid is $1,782.
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