The people that common assumption that change managers receive change instead of initiating change are the caretaker and the nurturer.
Who is a manager?It should be noted that a manager simply means an individual who controls other people in an organization to achieve a particular goal.
In this case, the people that common assumption that change managers receive change instead of initiating change are the caretaker and the nurturer.
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Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.
Nov. 5 Purchased 900 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5.
Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit.
Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7.
Answer:
Nov 05
Dr Merchandise inventory 9,000
Cr Accounts payable 9,000
Nov 07
Dr Accounts payable 350
Cr Merchandise inventory 350
Nov 15
Dr Accounts payable 8,650
Cr Merchandise inventory 346
Cr Cash 8,304
Explanation:
Preparation of Journal entries
Based on the information given we were told that on Nov. 5 the company Purchased 900 units of product at the amount of $10 per unit which means that the Journal entry will be:
Nov 05
Dr Merchandise inventory 9,000
Cr Accounts payable 9,000
(900 units *$10 per units)
Based on the information given we were told that the company on Nov. 7 Returned 35 defective units from the the month of November 5 purchase in which they received full credit which means that the Journal entry will be:
Nov 07
Dr Accounts payable 350
Cr Merchandise inventory 350
(35*$10 per units)
Based on the information given we were told that the company on Nov. 15 Paid the amount of money due from the month of November 5 purchase in which they minus the return on November 7 which means that the Journal entry will be:
Nov 15
Dr Accounts payable 8,650
(9,000- 350)
Cr Merchandise inventory 346
(4%*8,650)
Cr Cash 8,304
(8,650-346)
The Corporation determines that at current prices, the demand for its computer chips has a price elasticity of 2 in the short run, while the price elasticity for its disk drives is 1. If the corporation decides to raise the price of both products by percent, what will happen to its sales? Sales of computer chips will ▼ decrease increase by nothing percent and sales of disk drives will ▼ decrease increase by nothing percent. (Enter your responses here and below using integers.) What will happen to sales revenue? Computer chip sales revenue will ▼ decrease increase .
Answer:
Sales of computer chips will ▼ decrease by 40% and sales of disk drives will ▼ decrease by 20%.
What will happen to sales revenue? Computer chip sales revenue will ▼ decrease
Explanation:
The numbers are missing, so I looked for a similar question:
The ACME Corporation determines that at current prices, the demand for its computer chips has a price elasticity of -2 in the short run, while the price elasticity for its disk drives is -1. If the corporation decides to raise the price of both products by 20 percent, what will happen to its sales?
When a product's PED = -2 (price elastic), a 1% increase in price will result in a 2% decrease in quantity demanded.
When a product's PED = -1 (price unitary elastic), a 1% increase in price will result in a 1% decrease in quantity demanded.
CP4-1 Preparing an Adjusted Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3, LO 4-5][The following information applies to the questions displayed below.]The following is a list of accounts and amounts reported for Rollcom, inc., for the fiscal year ended September 30, 2015. The accounts have normal debit or credit balances. Accounts Payable $ 39,000 Accounts Receivable 66,400 Accumulated Depreciation—Equipment 21,400 Cash 80,200 Common Stock 94,700Equipment 90,600 Income Tax Expense 10,490 Notes Payable (long-term) 1,490 Office Expense 6,290 Rent Expense 164,100 Retained Earnings 99,790 Salaries and Wages Expense 128,600 Sales Revenue 325,400 Supplies 35,100ReferencesSection BreakCP4-1 Preparing an Adjusted Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3, LO 4-5]11.value:8.33 pointsRequired informationCP4-1 Part 22. Prepare the closing entry required at September 30, 2015. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)12.value:8.33 pointsRequired informationCP4-1 Part 33. Prepare a post-closing trial balance at September 30, 2015.
Please find question attached
Answer and Explanation:
Find answer and explanation attached
Famous Furniture Manufacturing Company reported the following information for 2019:
Beginning work-in-process inventory $130,000
Beginning raw materials inventory 47,500
Ending work-in-process inventory 112,500
Ending raw materials inventory 60,000
Direct material used 75,000
Direct labor 93,000
Applied manufacturing overhead 70,000
Actual manufacturing overhead cost 62,000
Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.
Required:
How much would Famous Furniture Manufacturing report as cost of goods manufactured at year-end?
Answer:
$255,500
Explanation:
Prepare a Cost of Goods Manufactured Schedule to determine the cost of goods manufactured.
Cost of Goods Manufactured Schedule
Direct material used $ 75,000
Direct labor $ 93,000
Applied manufacturing overhead $ 70,000
Add Beginning work-in-process inventory $130,000
Less Ending work-in-process inventory ($112,500)
Cost of goods manufactured $255,500
Place the following U.S. markets in order from least competitive to most competitive.
Middletown Regional Electric company, the only provider of electricity to the region.
Coca-Cola Company, one of two main firms in the beverage market.
Tony's Tomatoes, a tomato seller at a farmer's market with many other tomato sellers.
The U.S. markets listed in order from least competitive to most competitive are:
Middletown Regional Electric company, the only provider of electricity to the region.Coca-Cola Company, one of two main firms in the beverage market.Tony's Tomatoes, a tomato seller at a farmer's market with many other tomato sellers.What determines competitiveness?A market that is considered to be competitive is a market that has more sellers. In other words, the more sellers and providers available, the higher the competitiveness.
The Middletown Regional Electric company will therefore be the least competitive followed by Coca-Cola. Finally, the most competitive will be a market that has many tomato sellers.
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Problem 5-15 Comprehensive Problem-Weighted-Average Method [LO5-2, LO5-3, LO5-4, LO5-5] Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Units Materials Conversion Work in process, beginning 20,000 100% 75% Started into production 180,000 Completed and transferred out 160,000 Work in process, ending 40,000 100% 25% Materials Conversion Work in process, beginning $ 25,200 $ 24,800 Cost added during June $ 334,800 $ 238,700 Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion in June. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June.
Answer:
1. Blending Department
Equivalent units of production (EUP)
Units %material EUP %Conversion EUP
Units Completed and 160000 100% 160000 100% 160000
transferred out
Units of Ending work 40000 100% 40000 25% 10000
in process
Equivalent units of production 200,000 170,000
2. Cost per Equivalent unit
Material Conversion
Cost of Beginning Work in Process $25,200 $24,800
Cost added during June $3,34,800 $238,700
Total Costs $360,000 $263,500
/Equivalent units of Production 200000 170000
Cost per Equivalent unit of Production $1.80 $1.55
3. Cost of ending WIP
EUP Cost per EUP Total Cost
Material 40000 $1.80 $72,000
Conversion 10000 $1.55 $15,500
Total Ending work in process $87,500
4. Cost of Units Transferred Out
EUP Cost per EUP Total Cost
Material 160000 $1.80 $288,000
Conversion 160000 $1.55 $248,000
Total transferred out $536,000
5. Blending Department
Cost Reconciliation Report
Particulars Amount
Costs to be accounted for
Cost of beginning WIP inventory $50,000
($25200+$24800)
Cost added to production $573,500
($334800+$238700)
Total Cost to be accounted for $623,500
Costs accounted for as follows:
Cost of unit transferred out $536,000
Cost of Ending WIP $87,500
Total cost accounted for $623,500
Roger Hillcrest owns 100 shares of $10 par, 5% noncumulative preferred stock. During the current year, there are no dividends
declared or paid. If there is a large cash dividend paid in the following year, Roger would be entitled to up to for the previous year before common shareholders are paid.
If there is a large cash dividend paid in the following year, Roger Hillcrest, who owns 100 shares of $10 par, 5% noncumulative preferred stock, would be entitled to $0 up to for the previous year before common shareholders are paid.
What is a noncumulative preferred stock?A noncumulative preferred stock is a class of preferred stock that does not accumulate undeclared dividends for previous periods.
The implication is that the preferred stockholder is not entitled to any previous dividend when it was not declared, despite that it is a fixed dividend investment.
Thus, for the previous years when dividends were not declared or paid, Roger Hillcrest is not entitled to any cumulative dividends, but can only receive $50 (100 x $10 x 5%) for the current year.
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Information used to examine the profit margin management path comes from the retailer's income statement, which summarizes a firm's financial performance over a period of time. The information used to analyze a retailer's asset management path primarily comes from the retailer's balance sheet. Whereas the income statement summarizes the financial performance over a period of time, the balance sheet summarizes a retailer's financial position at a given point in time, typically at the end of the fiscal year.
The strategic profit model is a method for summarizing the factors that affect a firm's financial performance, as measured by return on assets. Return on assets is an important performance measure for a firm and its stockholders because it measures the profits that a firm makes relative to the assets it possesses. The strategic profit model decomposes ROA into two components: (1) operating profit margin percentage and (2) asset turnover. These two components illustrate that ROA is determined by two sets of activitiesâprofit margin management and asset turnover managementâand that a high ROA can be achieved by various combinations of operating profit margins and asset turnover levels.
1. Net Sales minus cost Of Goods sold
2. Net Profit Margin Percentage divided by Asset Turnover
3. Total Current Assets plus Total Fixed Assets
4. Net Profit before Taxes minus Taxes
5. Net Profit after Taxes divided by Net Sales
6. Gross Margin minus Operating Expenses
7. Net Sales divided by Total Assets
Match each of the options above to the items below.
a. Total Assets (All of the retailers combined assets)
b. Asset Turnover (This financial measure assesses the productivity of a firm's investment in its assets and indicates how many dollars are generated for each dollar Of assets)
c. Gross Margin (This measure indicates how much profit the retailer is making on merchandise sold, without considering the expenses associated with operating the store)
d. Net Operating Profit before Taxes (This measure Indicates how much profit a retailer is making before taxes are taken out)
e. Net Profit after Taxes (This measure indicates how much profit a retailer is making after taxes are taken out)
f. Net Profit Margin Percent (This financial measure is expressed as a percentage of net sales to facilitate comparisons across items, categories, and departments)
g. Return on Assets (This financial measure evaluates the profit generated by the assets possessed by the firm)
Answer:
Explanation:
question a) Total current assets plus the total fixed assets results in total assets.
question b) Net sales over total assets results in asset turnover.
question c) Net slaves minus cost of goods sold is equal to gross margin
question d) gross margin minus operating expenses is equal to net operating profits (before tax)
question e) Net profit before tax minus taxes is equal to net profit (after tax)
question f) Net profit after tax over net sales is equal to net profit margin (%)
question g) Net profit margin(%) over asset turnover is equal to return on assets.
Vistakon, the maker of Acuvue brand contact lenses, is working on a new product launch. They are best known for their Acuvue 2 contact lenses, but are planning to launch Acuvue 3, which will provide 40% more moisture than Acuvue 2. The extra moisture will make the lenses more comfortable and cause less irritation. Vistakon has been in the new product planning process for a year. Currently, they are trying to determine the cannibalization rate of Acuvue 3. They believe that 30% of Acuvue 3 sales will come from Acuvue 2. Which stage of the new product planning process are they in
Answer:
They are in the 4th stage. The business analysis stage
Explanation:
In the new product process, this is the 4th stage. Concept tests are tests given to newproduct idea take note that it's not the actual product, with consumers. From this question, we have been told that Vistakon has already gone ahead of past concept tests, it is shown that what their focus is on right now is the marketing and also the finance side. This is obvious given that that they are doing cannibalization and already projecting on sales.
The stage of the new product planning process are they in is 4th stage i.e. business analysis stage
Concept test:It is the tests provided to newproduct idea take note that it's not the actual product, along with consumers. Since in the question it is mentioned Vistakon has already gone ahead of past concept tests, it is presented that what their focus is on right now that represent the marketing and also the finance side.
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Based on your reading of the following, choose the best answer to the question.
The Maverick Motel recently had to shut down operations for two days to get rid of bedbugs. A paying guest complained about getting bitten about a week ago, but as far as management can tell, the bedbugs are an isolated problem and were found only in three rooms. What can the motel do to minimize the damage to its reputation as a result of a guest finding bedbugs?
A. Create a banner ad on the motel’s web site announcing that the bedbug situation is now under control.
B. Call the paying guest and explain the problem has been addressed and is not widespread, and then offer the customer free stays for an entire year.
C. Call the paying guest and beg her not to tell anybody that she was bitten by bedbugs at the motel.
D. Call the paying guest and offer her money if she promises not to tell anyone about the bedbugs.
Winnebago Industries, Inc. is a leading manufacturer of recreational vehicles (RVs), including motorized and towable products. The company designs, develops, manufactures, and markets RVs as well as supporting products and services. The RVs are sold to consumers through a dealer network. On the August 29, 2015, balance sheet, Winnebago reported inventory of approximately $112 million. Of this amount, approximately $12 million, about 11%, was Finished Goods Inventory (Notes to Consolidated Financial Statements, Note 3). Suppose Winnebago motor homes have an average sales price of $96,000 and cost of goods sold is 89% of sales. Thor Industries, Inc., a major competitor, has an average cost of goods sold of 86% of sales. For year ending August 29, 2015, Winnebago sold 9,097 motor homes (Form 10-K, Item 1 Business).
Required:
a. Why would the Finished Goods Inventory be such a relatively small portion of total inventory?
b. What is the average cost of goods sold (in dollars) for a Winnebago motor home? What is the average gross profit?
c. If Winnebago could reduce production costs so that the average cost of goods sold is equal to their competitor’s average cost of goods sold, how much more profit would Winnebago earn on each motor home sold?
d. Based on 2015 sales, how much would operating income increase if the company reduced the average cost of goods sold to equal their competitor’s average cost of goods sold?
e. How could managers at Winnebago use managerial accounting to reduce costs and increase profits?
Answer:
a. Why would the Finished Goods Inventory be such a relatively small portion of total inventory?
Winnebago has a relatively small inventory of finished units because it sells them through independent dealerships. This means that once the units are finished, they are swiftly sold to dealerships.
b. What is the average cost of goods sold (in dollars) for a Winnebago motor home? What is the average gross profit?
average sales price = $96,000
average COGS = $85,440
average gross profit = $10,560
c. If Winnebago could reduce production costs so that the average cost of goods sold is equal to their competitor’s average cost of goods sold, how much more profit would Winnebago earn on each motor home sold?
new average COGS = $82,560
new average gross profit = $13,440
incremental gross profit = $13,440 - $10,560 = $2,880
d. Based on 2015 sales, how much would operating income increase if the company reduced the average cost of goods sold to equal their competitor’s average cost of goods sold?
9,097 motor homes x $2,880 = $26,199,360 incremental operating income
e. How could managers at Winnebago use managerial accounting to reduce costs and increase profits?
managerial accounting can be used to better plan and control production costs, including making decisions about future investments that can help to reduce costs, e.g. purchase of new machinery, changing productive systems, changing cash collection and payment schedules, etc.
Juan would like to give his
newly born grandson a gift of
$10,000 on his 18th birthday.
Juan can earn 7% annual
interest on a certificate of
deposit How much must he
deposit now in order to achieve
his goal?
Answer:
7%+18=10,000
Explanation:
I think that's how it goes u just need to solve it
The ledger of Shamrock, Inc. on March 31, 2022, includes the following selected accounts before adjusting entries.
Debit Credit
Supplies 2,780
Prepaid Insurance 2,240
Equipment 25,500
Unearned Service Revenue 14,700
An analysis of the accounts shows the following.
1. Insurance expires at the rate of $280 per month.
2. Supplies on hand total $890.
3. The equipment depreciates $170 per month.
4. During March, services were performed for two-fifths of the unearned service revenue.
Required:
Prepare the adjusting entries for the month of March.
Answer:
Shamrock, Inc.
Adjusting Journal Entries:
1. Debit Insurance Expense $280
Credit Prepaid Insurance $280
To record insurance expense for the month.
2. Debit Supplies Expense $1,890
Credit Supplies $1,890
To record supplies expense for the month.
3. Debit Depreciation Expense - Equipment $170
Credit Accumulated Depreciation- Equipment $170
To record depreciation expense for the month.
4. Debit Unearned Service Revenue $5,880
Credit Service Revenue $5,880
To record earned service revenue for the month.
Explanation:
a) Data:
Selected Accounts:
Debit Credit
Supplies 2,780
Prepaid Insurance 2,240
Equipment 25,500
Unearned Service Revenue 14,700
b) The above adjusting entries at the end of March are made by Shamrock in order to accurately recognize its revenue and expenses for the month of March. These entries are in line with the accrual concept and matching principle of generally accepted accounting principles. They require that revenues or expenses earned or incurred in a period be recognized and matched in the affected period, whether cash was exchanged or not.
Bond X is a premium bond making semiannual payments. The bond pays a coupon rate of 10 percent, has a YTM of 8 percent, and has 14 years to maturity. Bond Y is a discount bond making semiannual payments. This bond pays a coupon rate of 8 percent, has a YTM of 10 percent, and also has 14 years to maturity. The bonds have a $1,000 par value. What is the price of each bond today? If interest rates remain unchanged, what do you expect the price of these bonds to be one year from now? In four years? In nine years? In 13 years? In 14 years? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Answer:
BOND Xcurrent price of bond X:
PV of face value = $1,000 / (1 + 4%)²⁸ = $333.48
PV of coupon payments = $50 x 16.66306 (PV annuity factor, 4%, 26 periods) = $833.15
market price = $1,166.63
price of bond X in 1 year:
PV of face value = $1,000 / (1 + 4%)²⁶ = $360.69
PV of coupon payments = $50 x 15.98277 (PV annuity factor, 4%, 28 periods) = $799.14
market price = $1,159.83
price of bond X in 4 years:
PV of face value = $1,000 / (1 + 4%)²⁰ = $456.39
PV of coupon payments = $50 x 13.59033 (PV annuity factor, 4%, 20 periods) = $679.52
market price = $1,135.91
price of bond X in 9 years:
PV of face value = $1,000 / (1 + 4%)¹⁰ = $675.56
PV of coupon payments = $50 x 8.11090 (PV annuity factor, 4%, 10 periods) = $405.55
market price = $1,081.11
price of bond X in 13 years:
PV of face value = $1,000 / (1 + 4%)² = $924.56
PV of coupon payments = $50 x 1.88609 (PV annuity factor, 4%, 2 periods) = $94.30
market price = $1,018.86
price of bond X in 14 years:
$1,000 + $50 =$1,050
BOND Ycurrent price of bond Y:
PV of face value = $1,000 / (1 + 5%)²⁸ = $255.09
PV of coupon payments = $40 x 14.89813 (PV annuity factor, 5%, 26 periods) = $595.93
market price = $851.02
price of bond Y in 1 year:
PV of face value = $1,000 / (1 + 5%)²⁶ = $281.24
PV of coupon payments = $40 x 14.37519 (PV annuity factor, 5%, 28 periods) = $575.01
market price = $856.25
price of bond Y in 4 years:
PV of face value = $1,000 / (1 + 5%)²⁰ = $376.89
PV of coupon payments = $40 x 12.46221 (PV annuity factor, 5%, 20 periods) = $498.49
market price = $875.38
price of bond Y in 9 years:
PV of face value = $1,000 / (1 + 5%)¹⁰ = $613.91
PV of coupon payments = $40 x 7.72173 (PV annuity factor, 5%, 10 periods) = $308.87
market price = $922.78
price of bond Y in 13 years:
PV of face value = $1,000 / (1 + 5%)² = $907.03
PV of coupon payments = $40 x 1.85941 (PV annuity factor, 5%, 2 periods) = $74.38
market price = $981.41
price of bond Y in 14 years:
$1,000 + $40 =$1,040
Since the end of the recession in 2009. small businesses have
a. decreased in number:
b. contributed an average of $2 billion per year to the U.S. economy.
c. struggled more than large businesses
d. generated the majority of new jobs.
Answer:
d. generated the majority of new jobs.
Explanation:
Like other major recessions, the 2009 USA recession was characterized by substantial job losses. Many skilled employees become jobless. To earn a living, many of these skilled workers started small businesses. A majority had savings from their former employment.
Since then, the number of small businesses in the USA has grown tremendously. To date, small businesses are the largest employers in the USA. A huge percentage of the new jobs created in the US economy originate from small businesses.
If you wanted to purchase ownership interests in diversified portfolios of investments which type of financial product provider should you contact
Answer:
mutual fund
Explanation:
Mutual funds are investment plans that involve investors buy shares in a basket of financial securities. A mutual fund manager pool resources from investors and skillfully invests them in a portfolio comprising stock, bonds, and other short term financial securities. Each unit of a mutual fund is made up of smaller units of equities and financial securities of different companies. The mutual fund manager professionally selects the securities that make up the portfolio.
Suppose that you borrow $18,000 for a new car. You can select one of the following loans, each requiring regular monthly payments: Installment Loan A: three-year loan at 5.3% Installment Loan B: five-year loan at 6.3%.
Required:
Find the monthly payments and the total interest for both Loan A and Loan B. Compare the monthly payments and the total interest for the two loans.
The monthly payment for loan A is greater than the monthly payments for loan B by $191.40, while the total interest for loan B is greater than the total interest for loan A by $1,522.20.
Comparison of Monthly Payments and Total InterestThese can be done using the formula for calculating the present value of an ordinary annuity as follows:
P = PV / (((1 - (1 / (1 + r))^n) / r)) …………………………………. (1)
Where;
1) For Installment Loan A, the monthly payments can be calculated as follows:
P = Monthly payment of Installment Loan A = ?
PV = Present value or the amount borrowed for a new car = $18,000
r = Monthly interest rate = 5.3% / 12 = 0.053 / 12 = 0.00441666666666667
n = Number of months = Number of years * 12 = 3 * 12 = 36
Substitute the values into equation (1) to find P, we have:
P = $18,000 / ((1 - (1 / (1 + 0.00441666666666667))^36) / 0.00441666666666667)
P = $18,000 / 33.2162172178177
P = $541.90
Therefore, the monthly payment of Installment Loan A is $541.90.
2) For installment Loan B, the monthly payments can be calculated as follows:
P = Monthly payment of Installment Loan B = ?
PV = Present value or the amount borrowed for a new car = $18,000
r = Monthly interest rate = 6.3% / 12 = 0.053 / 12 = 0.00525
n = Number of months = Number of years * 12 = 5 * 12 = 50
Substitute the values into equation (1) to find P, we have:
P = $18,000 / ((1 - (1 / (1 + 0.00525))^60) / 0.00525)
P = $18,000 / 51.3541976210894
P = $350.51
Therefore, the monthly payment of Installment Loan B is $350.51.
3) Total interest for Loan A can be calculated as follows:
Total interest for Loan A = (P of A * n of A) - PV of A
Total interest for Loan A = ($541.90 * 36) - $18,000
Total interest for Loan A = $19,508.40 - $18,000
Total interest for Loan A = $1,508.40
4) Total interest for Loan B can be calculated as follows:
Total interest for Loan B = (P of B * n of B) - PV of B
Total interest for Loan B = ($350.51 * 60) - $18,000
Total interest for Loan B = $21,030.60 - $18,000
Total interest for Loan B = $3,030.60
5) The comparison of the monthly payments for the two loans can be done as follows:
Difference between monthly payments for the two loans = P of A – P of B = $541.90 - $350.51 = $191.40
Therefore, the difference between monthly payments for the two loans calculated above implies that the monthly payment for loan A is greater than the monthly payments for loan B by $191.40.
6) The comparison of the total interest for the two loans can be done as follows:
Difference between total interest for the two loans = Total interest for Loan B - Total interest for Loan A = $3,030.60 - $1,508.40 = $1,522.20
Therefore, the difference between total interest for the two loans calculated above implies that total interest for loan B is greater than total interest for loan A by $1,522.20.
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JJ Construction Inc. entered into a contract with a customer to build a movable storage facility on January 1, 2020, for $1,500,000. JJ Construction Inc. owns the work in process and constructs this type of storage unit for a number of customers. The customer made a down payment of 10% of the project, with an additional 10% due at the end of year one and the remaining due when it takes control of the facility. The facility is expected to be completed in two years for a total cost of $1,200,000. Actual costs incurred through December 31, 2020, are $500,000. Determine the amount of revenue to record in 2020.
Based on the information given the amount of revenue to record in 2020 is: $630,000.
RevenueFirst step is to calculate the % of work completed by December 31, 2020
% of work completed by December 31, 2020 = Actual cost incurred / Total estimated costs
% of work completed by December 31, 2020=$500,000 / $1,200,000
% of work completed by December 31, 2020=41.6%
% of work completed by December 31, 2020= 42%(Approximately)
Now let calculate the amount of revenue to record in 2020
Amount of revenue to record in 2020 = Total contract price×% completion
Amount of revenue to record in 2020 = $1,500,000×42%
Amount of revenue to record in 2020 = $630,000
Therefore the amount of revenue to record in 2020 assuming that the cost-to-cost method is used is $630,000.
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On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:
Accounts Debit Credit
Cash $23,900
Accounts Receivable 5,300
Supplies 3,200
Land 51,000
Accounts Payable $3,300
Common Stock 66,000
Retained Earnings 14,100
Totals $83,400 $83,400
During January 2021, the following transactions occur:
January 2 Purchase rental space for one year in advance, $6,300 ($525/month).
January 9 Purchase additional supplies on account, $3,600.
January 13 Provide services to customers on account, $25,600.
January 17 Receive cash in advance from customers for services to be provided in the future, $3,800.
January 20 Pay cash for salaries, $11,600.
January 22 Receive cash on accounts receivable, $24,200.
January 29 Pay cash on accounts payable, $4,100.
Required:
a. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
b. Record the adjusting entries.
c. Rent for the month of January has expired.
d. Supplies remaining at the end of January total $3,500.
Answer:
January 2 Purchase rental space for one year in advance, $6,300 ($525/month).
Dr Prepaid expense 6,300
Cr Cash 6,300
January 9 Purchase additional supplies on account, $3,600.
Dr Supplies 3,600
Cr Accounts payable 3,600
January 13 Provide services to customers on account, $25,600.
Dr Accounts receivable 25,600
Cr Service revenue 25,600
January 17 Receive cash in advance from customers for services to be provided in the future, $3,800.
Dr Cash 3,800
Cr Unearned revenue 3,800
January 20 Pay cash for salaries, $11,600.
Dr Wages expense 11,600
Cr Cash 11,600
January 22 Receive cash on accounts receivable, $24,200.
Dr Cash 24,200
Cr Accounts receivable 24,200
January 29 Pay cash on accounts payable, $4,100.
Dr Accounts payable 4,100
Cr Cash 4,100
adjusting entries:
Rent for the month of January has expired.
Dr Rent expense 525
Cr Prepaid rent 525
Supplies remaining at the end of January total $3,500.
Dr Supplies expense 3,300
Cr Supplies 3,300
Stellar Corporation was organized on January 1, 2020. It is authorized to issue 9,100 shares of 8%, $100 par value preferred stock, and 525,800 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 80,170 shares of common stock for cash at $6 per share.
Mar. 1 Issued 5,410 shares of preferred stock for cash at $112 per share.
Apr. 1 Issued 24,730 shares of common stock for land. The asking price of the land was $91,570; the fair value of the land was $80,170.
May 1 Issued 80,170 shares of common stock for cash at $9 per share.
Aug. 1 Issued 9,100 shares of common stock to attorneys in payment of their bill of $50,100 for services rendered in helping the company organize.
Sept. 1 Issued 9,100 shares of common stock for cash at $11 per share.
Nov. 1 Issued 1,010 shares of preferred stock for cash at $106 per share.
Required:
Prepare the journal entries to record the above transactions.
Answer:
Jan-10
Dr Cash $ 481,020
Cr Common stock $ 80,170
Cr Additional paid in capital in excess of stated value - Common stock $ 400,850
Mar-01
Dr Cash $ 605,920
Cr Preferred stock $ 541,000
Cr Additional paid in capital in excess of par value - Preferred stock $ 64,920
Apr-01
Dr Land $ 80,170
Cr Common stock $ 24,730
Cr Additional paid in capital in excess of stated value - Common stock $55,440
May-01
Dr Cash $ 721,530
Cr Common stock $ 80,170
Cr Additional paid in capital in excess of stated value - Common stock $ 641,360
Aug-01
Dr Incorporation charges / Legal charges $ 50,100
Cr Common stock $ 9,100
Cr Additional paid in capital in excess of stated value - Common stock $ 41,000
Sep-01
Dr Cash $ 100,100
Cr Common stock $ 9,100
Cr Additional paid in capital in excess of stated value - Common stock $ 91,000
Nov-01
Dr Cash $ 107, 060
Cr Preferred stock $ 101,000
Cr Additional paid in capital in excess of par value - Preferred stock $ 6,060
Explanation:
Preparation of Journal entries
Jan-10
Dr Cash (80,170 * $6) $ 481,020
Cr Common stock (80,170*$1) $ 80,170
Cr Additional paid in capital in excess of stated value - Common stock $ 400,850
(481,020-80,170)
Mar-01
Dr Cash (5,410*$112) $ 605,920
Cr Preferred stock (5,410*$100) $ 541,000
Cr Additional paid in capital in excess of par value - Preferred stock $ 64,920
(605,920-541,000)
Apr-01
Dr Land $ 80,170
Cr Common stock (24,730*$1) $ 24,730
Cr Additional paid in capital in excess of stated value - Common stock $55,440
(80,170-24,730)
May-01
Dr Cash (80,170 * $9) $ 721,530
Cr Common stock (80,170*$1) $ 80,170
Cr Additional paid in capital in excess of stated value - Common stock $ 641,360
(721,530-80,170)
Aug-01
Dr Incorporation charges / Legal charges $ 50,100
Cr Common stock (9,100*$1) $ 9,100
Cr Additional paid in capital in excess of stated value - Common stock $ 41,000
(50,100-9,100)
Sep-01
Dr Cash (9,100 * $11) $ 100,100
Cr Common stock (9,100*$1) $ 9,100
Cr Additional paid in capital in excess of stated value - Common stock $ 91,000
(100,100-9,100)
Nov-01
Dr Cash (1,010*$106) $ 107, 060
Cr Preferred stock (1,010*$100) $ 101,000
Cr Additional paid in capital in excess of par value - Preferred stock $ 6,060
(107,060-101,000)
Sally Toone wants to start a new business, and hopes to attract several hundred investors
to help finance its growth. She considered forming a C corporation, but wants to have
more flexibility about how the new business will be taxed. She also wants to offer
investors limited liability. Sally can satisfy her objectives by setting up a(n):
general partnership
alien corporation
S corporation.
limited liability company.
Answer:
limited liability company.
Explanation:
A limited liability company features mostly in private company's. It is a business ownership structure formed by at least one person with no maximum. This structure combines elements of a partnership and a corporation. It adopts a corporation's limited liability feature while passing through its taxation to its members, just like in a partnership.
Sally can satisfy both her objectives by setting up a limited liability company LLC. An LLC does not have an upper limit on membership, while its taxation is a single layer.
Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley Inc.: ending inventory $150,221; beginning inventory $109,841; cost of goods sold $349,744 and sales revenue $694,487. Calculate the inventory turnover for Oakley, Inc. (Round inventory turnover to 2 decimal places, e.g. 5.12.) Inventory turnover enter Inventory turnover rounded to 2 decimal places times eTextbook and Media List of Accounts Calculate the days in inventory for Oakley, Inc. (Round days in inventory to 0 decimal places, e.g. 125.) Days in inventory enter Days in inventory rounded to 0 decimal places days
Answer:
1. 2.69 times
2. 135.70 days
Explanation:
The computation of inventory turnover is shown below:-
Inventory Turnover Ratio = Cost of Goods Sold ÷ Average Inventory
Average Inventory = Opening inventory + Closing Inventory ÷ 2
= ($109,841 + $150,221) ÷ 2
= $130,031
Inventory Turnover Ratio = $349,744 ÷ $130,031
= 2.69 times
The computation of days in inventory is shown below:-
Days in Inventory = Average Inventory ÷ Cost of Goods Sold × 365
= $130,031 ÷ $349,744 × 365
= 135.70 days
(a) A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that the fiscal period ends (1) on Tuesday, (2) on Wednesday. (b) The balance in the prepaid insurance account before adjustment at the end of the year is $18,000. Journalize the adjusting entry required under each of the following alternatives: (1) the amount of insurance expired during the year is $5,300, (2) the amount of unexpired insurance applicable to a future period is $2,700. (c) On July 1 of the current year, a business pays $54,000 to the city for license taxes for the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocated to July is $4,800. (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. (2) What is the amount of tax expense for July
Answer and Explanation:
The Journal entry is shown below:-
a. 1. Salaries expenses Dr, $8,800 ($22,000 × 5 ÷ 2)
To Accrued salaries $8,800
(Being salaries expense is recorded)
2. Salaries expenses Dr, $13,200 ($22,000 × 5 ÷ 3)
To Accrued salaries $13,200
(Being salaries expense is recorded)
b. 1. Insurance expense Dr, $5,300
To Prepaid insurance $5,300
(Being insurance expense is recorded)
2. Insurance expense Dr, $15,300 ($18,000 - $2,700)
To Prepaid insurance $15,300
(Being insurance expense is recorded)
c. 1. Prepaid license taxes Dr, $54,000
To license taxes $54,000
(being license tax is recorded)
2. Property tax Dr, $4,800
To Property tax payable $4,800
(Being property tax is recorded)
(2) the amount of tax expense for July is $4,800
upply and demand
Question 8 of 10
Which situation would cause the price of a product to fall the most?
A. Both the demand and the supply fall.
B. Both the demand and supply rise.
C. The demand falls while the supply rises.
D. The demand rises while the supply falls.
The demand falls while the supply rises.
What are the means of calling for and delivery?The wide variety of goods and services which can be available for people to shop for in comparison to the variety of products and offerings that humans need to shop for If less of a product than the public wishes is produced, the law of delivery and demand says that extra may be charged for the product.
what is the relationship between demand and supply?it's an essential monetary principle that when supply exceeds demand for a very good or service, charges fall. whilst demand exceeds supply, fees tend to upward thrust. there is an inverse relationship between the delivery and prices of products and offerings while the call for is unchanged.
Learn more about demand here https://brainly.com/question/1245771
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In order for a person to recognize needs that are not being met and make a career out of fulfilling unmet needs, that person must have _____.
a.
interpretation
b.
sight and foresight
c.
independence
d.
decision making skills
Cone Corporation is in the process of preparing its December 31, 2018, balance sheet. There are some questions as to the proper classification of the following items:
a. $70,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2022.
b. Prepaid rent of $44,000, covering the period January 1, 2019, through December 31, 2020.
c. Note payable of $240,000. The note is payable in annual installments of $40,000 each, with the first installment payable on March 1, 2019.
d. Accrued interest payable of $32,000 related to the note payable.
e. Investment in marketable securities of other corporations, $120,000.
f. Cone intends to sell one-half of the securities in 2019.
Required:
Prepare a partial classified balance sheet to show how each of the above items should be reported.
Answer:
Cone Corporation
Partial Balance Sheet
As of December 31, 2018
Assets:
Current Assets:
Prepaid Rent $22,000
Investment in marketable securities $60,000
Long-term Assets:
Prepaid Rent (long-term) $22,000
Restricted Funds for Bonds $70,000
Investment in marketable securities $60,000
Liabilities:
Current liabilities:
Notes Payable $40,000
Accrued Interest Payable $32,000
Long-term Liabilities:
Notes Payable $200,000
Explanation:
Cone's assets and liabilities are re-classified according to whether they are short-term or long-term in order to present more accurately the elements of the financial statements.
what message is this price tag telling shoppers? (other than it is on sale)
Frieling Company installs granite countertops in customers' homes. First, the customer chooses the particular granite slab, and then Frieling measures the countertop area at the customer's home, cuts the granite to that shape, and installs it. The Tramel job calls for direct materials of $1,900 and direct labor of $900. Overhead is applied at the rate of 150 percent of direct labor cost. Unfortunately, one small countertop breaks during installation and Frieling must cut another piece and install it to properly complete the job. The additional rework required direct materials costing $400 and direct labor costing $100. Assume that the spoilage was due to the inherently fragile nature of the piece of stone picked out by the Tramels. Frieling had warned them that the chosen piece could require much more care and potentially additional work. As a result, Frieling considers this spoilage to be caused by the Tramels' job.
Required:
a. Calculate the cost of the Tramel job.
b. Make any needed journal entry to the overhead control account. If an amount box does not require an entry, leave it blank.
c. What if the additional rework required $200 of direct labor? What would be the effect on the cost of the Tramel job?
Answer:
Explanation:
a. direct material = 1900
direct labour = $900
overhead = 150% of direct labour cost
= 1.5 x $900
cost of tramel job
= direct material + direct labour + 1.5x900
= 1900 + 900 + 1350
= $4150
B. Check attachment for answer b
C. An additional 200 dollars would have no effect on the cost of the job.
As a group, U.S. consumers have no income response for their consumption of ice cream so that the income elasticity of demand for ice cream equals zero. Does this mean that the change in ice cream consumption that results from a price increase is entirely composed of the substitution effect? No, the income and substitution effects in this case move in opposite directions and completely offset one another, so it only appears that the income effect is zero No, any price change moves the point of consumption to a new indifference curve, so there must be a non-zero income effect We need more information about the goods to answer this question Yes, the income effect associated with a price change is zero
Answer:
Yes, the income effect associated with a price change is zero
Explanation:
From the question, we are informed that the U.S. consumers have no income response for their consumption of ice cream so that the income elasticity of demand for ice cream equals zero.
In this case the change in ice cream consumption that results from a price increase is entirely composed of the substitution effect, which is one effect of change in price as a result of consumer going for something cheaper than the first one.
It should be noted that the income effect associated with a price change is zero. Income Effect in microeconomics is when there is an alteration in the demand of a particular goods/service as a result of the change in Income.
Albert established a qualified tuition program for each of his twins, Kim and Jim. He started each fund with $20,000 when the children were five years old. Albert made no further contributions to his children's plans. Thirteen years later, both children have graduated from high school. Kim's fund has accumulated to $45,000, and Jim's has accumulated to $42,000. Kim decides to attend a state university, which will cost $60,000 for four years (tuition, fees, room and board, and books). Jim decides to going to work instead of going to college. During the current year, $7,500 is used from Kim's plan to pay the cost of her first semester in college. Because Jim is not going to college now or in the future, Albert withdraws the $42,000 plan balance and gives it to Jim to start his new life after high school.
Required:
a. During the period since the plans were established, should Albert or the twins have been including the annual plan earnings in gross income?
b. What are the tax consequences to Kim and Albert of the $7,500 being used for the first semester's higher education costs?
c. Because of her participation in the qualified tuition program, Kim received a 10% reduction in tuition charges; so less than $7,500 was withdrawn from her account. Is either Albert or Kim required to include the value of this discount in gross income?
d. What are the tax consequences to Albert of Jim's qualified tuition program being closed?
Question attached
Answer and Explanation:
1. No. The earnings from the fund would not be included in gross income so long as it is for higher education expenses and has not been withdrawn for any other purpose.
2. There are no tax consequences since the $7500 is used for qualified higher education expenses
3. There are no tax consequences even there was a discountvor reduction in tuition as long as the qualifies tuition program funds was used for higher education expenses
4. If account is closed and for instance there is a refund, there are tax consequences as the excess interest over and above amount contributed must be included in gross income