The amount of the adjusting journal entry at year-end for Matthews Company, which uses the percentage-of-sales method to estimate its Allowance for Doubtful Accounts is $9,750.
What is the percentage-of-sales method?The percentage-of-sales method is one of the methods for estimating the Allowance for Doubtful Accounts.
This method uses a predetermined percentage that is applied on the Net Credit Sales to determine the amount of the Allowance for Doubtful Accounts for the period.
Data and Calculations:
Debit balance of Allowance for Doubtful Accounts = $2,500
Net Credit Sales = $725,000
Uncollectible estimate = 1% of net credit sales
= $7,250 ($725,000 x 1%)
Bad Debts Expense $9,750 Allowance for Doubtful Accounts $9,750 ($2,500 + $7,250)
Thus, the amount of the adjusting journal entry at year-end for Matthews Company, which uses the percentage-of-sales method to estimate its Allowance for Doubtful Accounts is $9,750.
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What is one argument in favor of the Fed using aggressive expansionary monetary policy during an economic crisis?
Explanation:
The central bank of a country is responsible for monitoring the monetary policy. An effective American monetary policy is based strictly on the situation presented. Request A Topic. Sign Up For Notifications.
How do you choose the brainliest answer?
Why does supply decrease when the price
of resources increases?
Answer:
see below
Explanation:
Resources are the ( inputs) materials used in the production of goods meant for sale. The cost of inputs has a direct impact on the price of the finished goods(output). An increase in the cost of inputs increases the cost of production. An increase in production cost increases without a corresponding rise in the selling price means that the profits margin per unit will decline.
Suppliers are motivated to sell or deliver more quantities in the market by profit prospects. An increase in the costs of inputs decreases profit margins. Reduced profits margin result in suppliers supplying reduced quantities in the markets.
Assume that Gorilla Corporation's capital loss carryforward is $27,000 and that Gorilla will be able to use $11,000 of the carryover to offset capital gains in 2021 and the remaining $16,000 to offset capital gains in 2022.
Required:
Determine the tax savings of the $105,000 long-term capital loss recognized in 2020.
Assume a discount rate of 5%. The present value factors at 5% are as follows:
1.000 for 2017-2020;
0.9524 for 2021
0.9070 for 2022.
Gorilla Corporation's marginal income tax rate is 34% for all tax years prior to 2018. In present value terms, the tax savings of the $105,000 long-term capital loss recognized in 2020 is $________ .
Answer:
$95,283.09
Explanation:
The computation of the long term capital loss recognized for the year 2020 is shown below:
As we know that
Present value = Future value ÷ (1 + interest rate)^number of years
Present value = $105,000 ÷ (1 + 0.05)^2
= $95,283.09
hence, the long term capital loss recognized is $95,283.09
We simply applied the above formula
You decide to invest $100,000 in cryptocurrencies and you use that amount to buy bitcoin. Your bitcoin appreciate by 30% in one month, at which point you liquidate half your position for cash, which you do not reinvest. Bitcoin appreciates by another 25% during the second month and you sell an additional 40% of your holdings. The cryptocurrency then falls by 60% in the third month, at which point you liquidate your entire position for cash.
What is your dollar weighted monthly return?
Answer: 19%
Explanation:
Dollar weighted monthly return = (w1 * r1) + (w2 * r2) + (w3 * r3)
Weight is the amount withdrawn.
r is the rate earned prior to withdrawal.
= (0.5 * 30%) + (0.4 * 25%) + (0.1 * -60%)
= 19%
Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $255,000, its fair value.
Related Information:
Lease term 2 years (8 quarterly periods)
Quarterly lease payments $20,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter
Economic life of asset 5 years
Interest rate charged by the lessor 12%
Required:
Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2021.
Answer:
Beginning Installment Interest Ending
1 144,605.00 20,000 0 124,605
2 124,605.00 20,000 3,738.15 108,343
3 108,343.15 20,000 3,250.29 91,593
4 91,593.44 20,000 2,747.80 74,341
5 74,341.25 20,000 2,230.24 56,571
6 56,571.48 20,000 1,697.14 38,269
7 38,268.63 20,000 1,148.06 19,417
8 19,416.69 20,000 582.50 0
Journal entries:
Cash 20,000 debit
lease receivables 124,605 debit
Lease Equipment 144,605 credit
--Jan 1st
cash 20,000 debit
interest revenue 3,738.15 credit
--March 31st
cash 20,000 debit
interest revenue 3,250.29 credit
lease receivables 16749.71 credit
--June 30th
cash 20,000 debit
interest revenue 2,747.80 credit
lease receivables 17252.20 credit
--Sep 30th
cash 20,000 debit
interest revenue 2,230.24 credit
lease receivables 17,769.76 credit
--Dec 31st
Explanation:
Present value of the lease payment:
[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]
C 20,000
time 8 (eight quarters)
rate 0.03 (12% annual --> divided among four quarters = 3%)
[tex]20000 \times \frac{1-(1+0.03)^{-8} }{0.03} = PV\\[/tex]
PV $144,605.6591
We build the table starting from the present value. Then, we subtract hte installment and in the second period we start doing interest calculations
(not in the firt one as it is being paid in the present thus, no interest accrued)
14. Future Value of Annuity. Jen spends $10 per
wesk on lottery tickets. If she takes the same
amount that she spends on lottery tickets and
invests it each week for the next five years at 10%,
how much will she have in five years?
Answer:
10 times 4 equals=40 per month times 12 equals 480 a year times 5 years =2400 times. 10=240 2400+240=2640.00
Causwell Company began 2021 with 12,000 units of inventory on hand. The cost of each unit was $5.00. During 2021 an additional 32,000 units were purchased at a single unit cost, and 22,000 units remained on hand at the end of 2021 (22,000 units therefore were sold during 2021). Causwell uses a periodic inventory system. Cost of goods sold for 2021, applying the average cost method, is $118,800. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.
Required:
a. Determine the cost of goods sold for 2018 using the FIFO method.
b. Determine the cost of goods sold for 2018 using the LIFO method.
Answer:
a) COGS under FIFO = $110,340
b) COGS under LIFO = $125,850
Explanation:
beginning inventory 12,000 units x 5 = $60,000
purchases 32,000 x ? = $?
ending inventory = 22,000 units
COGS applying weighted average = $118,800
total units sold = 12,000 + 32,000 - 22,000 = 20,000
cost per unit sold = $5.94
total cost for 44,000 units = $261,360
cost of purchased units = ($261,360 - $60,000) = $201,360
cost per unit purchased = $6.2925
COGS under LIFO = 20,000 x $6.2925 = $125,850
COGS under FIFO = (12,000 x $5) + (8,000 x $6.2925) = $110,340
Crane Company purchased land as a factory site for $1300000. Crane paid $110000 to tear down two buildings on the land. Salvage was sold for $8000. Legal fees of $5000 were paid for title investigation and making the purchase. Architect's fees were $46000. Title insurance cost $3500, and liability insurance during construction cost $3800. Excavation cost $15000. The contractor was paid $4200000. An assessment made by the city for pavement was $9500. Interest costs during construction were $250000.
Required:
a. The cost of the land that should be recorded by Wilson Co. is:________
b. The cost of the building should be recorded by Wilson Co. is:_________
Answer:
a. $1,420,000
b. $4,514,800
Explanation:
When it comes to fixed assets, all costs that directly helped make the asset available for use are to be capitalized.
Cost of Land
= Purchase Value + Cost Incurred to Tear Down 2 Buildings + Legal Fees + Title Insurance Cost + Assessment Cost - Salvage
= 1,300,000 + 110,000 + 5,000 + 3,500 + 9,500 - 8,000
= $1,420,000
Cost of Building
= Architect's Fees + Liability Insurance Cost + Excavation Cost + Contractor's Payment + Interest Cost
= 46,000 + 3,800 + 15,000 + 4,200,000 + 250,000
= $4,514,800
C. Describe how organizational structure can impact the effectiveness of the business in the scenario by doing the following: 1. Describe how the organizational structure chosen in part A1 can impact the effectiveness of the business in the scenario, using the goal-attainment approach to measuring organizational effectiveness. 2. Explain the advantages or disadvantages of using an organizational structure from the list in part A1 that is different from the structure already chosen for the business, using the goal-attainment approach to measuring organizational effectiveness.
Answer:
Organizational structrue is crucial because it guides the functioning of an organization, from the lowest levels, to the highest levels.
An common organizational structure is divisions based: the firm is organized with a CEO at the top, and then, a financial department, a marketing deparment, and accounting department, and a productions department.
In this organization, each division has specific goals, which are set by the CEO, the Board of Directors, the shareholders, and the leaders of each divison. These specific goals are different but they must respond to a overall, coherent business strategy.
Gilberto Company currently manufactures 74,000 units per year of one of its crucial parts. Variable costs are $2.40 per unit, fixed costs related to making this part are $84,000 per year, and allocated fixed costs are $71,000 per year. Allocated fixed costs are unavoidable whether the company makes or buys the part. Gilberto is considering buying the part from a supplier for a quoted price of $3.65 per unit guaranteed for a three-year period. Calculate the total incremental cost of making 74,000 and buying 74,000 units. Should the company continue to manufacture the part, or should it buy the part from the outside supplier?
Answer and Explanation:
The computation is shown below:
Incremental Costs to Make
Particulars Relevant Amount Relevant Total Relevant
per Unit Fixed Costs Costs
Variable cost per unit $2.40 $177,600
(74,000 × $2.40)
Fixed manufacturing costs $84,000 $84,000
Total incremental cost to make $261,600
Incremental Costs to Buy
Particulars Relevant Amount Relevant Total Relevant
per Unit Fixed Costs Costs
Purchase price per unit $3.65 $270,100
(74,000 × $3.65)
Total incremental cost to buy $270,100
As the cost is minimize in the case of the making part so Gilberto should Make the part
Devon, the CEO believes that his staff just needs a little push by giving them an understanding of the importance of each of their positions to the company while allowing them to also see each of their own direct impact. Each position, from product development to sales plays a crucial role in Change It Pharmaceuticals. Devon feels that giving timely information regarding their job performance and letting them know the importance of their roles to the company will improve work performance.
Required:
Devon has focused on which two characteristics of the job characteristic model?
Answer:
Task significance and feedback
Explanation:
The characteristic model of work is a methodology whose central objective is the motivation of the worker through his own work, but which must be challenging and allow the employee to develop his skills and competences through the performance of his work. There are five dimensions of the model, they are: Variety of Skills, task identity, task significance, autonomy and feedback.
In the case of the above question, Devon focuses on the significance characteristics of the task, by providing them with an understanding of the importance of each of their positions to the company, allowing them to also see each of their own direct impact. Because the significance of the task is the level that motivates employees through increasing their perception and appreciation of their work towards the central objectives of the company.
He also used feedback, as he believes that providing timely information about the performance of their job and letting them know the importance of their roles to the company will improve job performance. Using feedback helps employees to improve their perception of their performance and strive to achieve better results to company.
A tax rate that is higher for people with higher incomes is a
A. progressive tax
B. deductive tax
C. regressive tax
D. dependent tax
A tax rate that is higher for people with higher incomes is a progressive tax. In such a tax system, the rich pay more tax than the poor. Thus, option (a) is correct.
What is a progressive tax?A progressive tax is a tax system in which people who earn higher incomes pay a higher rate of tax than those who earn lower incomes. This type of tax system is designed to reduce income inequality and ensure that those with higher incomes pay their fair share of taxes.
In a progressive tax system, the tax rate increases as the taxable income increases, and the tax rate decreases as the taxable income decreases.
Therefore, it can be concluded that a tax rate that is higher for people with higher incomes is a progressive tax. Hence, option (a) is correct.
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Sam’s Long Life 75-watt light bulbs are designed to have a life of 1,130 hours with tolerances of ±200 hours. The process that makes light bulbs has a mean of 1,010 hours, with a standard deviation of 54 hours. Compute the process capability ratio and the process.
Answer:
Life of bulb = 1130 ± 200 hours
Lower specification level (LSL) = 1130 - 200
Lower specification level (LSL) = 930 hours
Upper specification level (USL) = 1130 + 200
Upper specification level (USL) = 1330 hours
S.D. of the process (σ) = 54 hours
Process mean (µ) = 1010 hours
Process capability = (USL – LSL)/6σ
Process capability = (1330 - 930)/(6*54)
Process capability = 400/324
Process capability = 1.2346
Process capability index = Minimum [(USL – µ)/3σ, (µ – LSL)/3σ]
= Minimum [(1330 - 1010)/(3*54), (1010 - 930)/(3*54)]
= Minimum [320/162], (80/162)
= Minimum[1.98, 0.49]
Process capability index = 0.429. The process capability > 1. Conclusion is that the process is capable.
Also, Process capability index =1.98. The process capability index < 1 and mean is towards lower specification limit, the bulbs produced will be of shorter life.
Process capability = 1.2346 (>1) indicates the process is capable, Process Capability = 0.49 (<1) indicates that shorter lived bulbs will be generated.
Blogging on a regular basis represents an enormous opportunity for growth and a far-reaching presence.
How do organizations utilize blogs?
a. To make job offers
b. To create engagement
c. To develop relationships
d. To improve customer relations Internal communications.
When wishing to acquire information from customers who use your products, which method would yield the best results?
a. Wiki
b. Blog
c. Podcast
Companies can use blogs to share late-breaking news of tidbits of interest to employees. This is an example of____________ Blogs take the same care and attention as other business writing.
Answer:
b. To create engagement
d. To improve customer relations
a. Wiki
internal communication
Explanation:
Business logging is a form of bringing huge steps towards mingling and getting along with the customers. It is a representation of the working and growth of the business presented on the social media platform. Bloggs helps in keeping a constant interaction with the customers and placing the rise of the business before everyone. It helps in informing the customers about the happenings in the business and helps in building a better interaction.
A wiki is a tool that is web-based. It is a tool that helps multiple users to contribute towards providing content, modifying it, and reading it. It brings a source of adding and grasping information related to any particular subject.
Internal communication among the internal members of the companies can be done with the help of writing blogs.
The Hampton Inn in Stow, Ohio, has two sets of employees, the front desk staff and the housekeeping staff. There is always one front desk clerk on duty at all times, 24/7, and all of the front desk clerks make $8.00 an hour.The housekeeping staff is also paid $8.00 an hour, but they are paid for the number of hours that it takes them to clean the rooms in the hotel. Each room takes 30 minutes to clean, but if a room has not been used the night before, it does not have to be cleaned, so the housekeeping staff work fewer hours on days when the hotel is not as full.The hotel calculates its profitability on a per-room basis, since they have some costs that vary with the number of rooms that are occupied on a particular night. Right now, their costs other than staff wages are marketing expenses of $5,400 per month, management salaries of $60,000 per month, and general overhead (costs like utilities and insurance) of $30,000 per month.The hotel has 50 rooms, all of which rent for the same price per night.Assuming a 30-day month, what are the hotel’s total fixed costs per day? (Be careful, read all of the cost information carefully and think before you answer this question.)What is the hotel’s variable cost per room?If the hotel fills all of its rooms for the night, what price should they charge to break even?What price should they charge to break even with only 70% of the hotel’s rooms sold for the night?What price should they charge to earn a profit margin of 25% when 70% of the hotel’s rooms are sold for the night?
Answer:
To get total fixed cost
We calculate all expenses
Salaries of clerks = 24hours x 8
= 192
Marketing = 5400/30 = 180
Management = 60000/30 days = 2000
General overhead = 30000/30 = 1000
Total = 180+192+3000+2000
= $3372 a day
2.
It takes half hour to clean a room. And cleaner charges 8 dollars for a full hour.
8x1/2 = $4
3
Question says total rooms = 50
TFC = 3372
Contribution from 1 room
= 3372/50
= $67.44
Price per room = 66.44 + 4
= $71.44
4.
70% occupied rooms = 0.70 x 50
= 35 rooms occupied
3372/35
= $96.34
Charge for a room = 96.34 + 4
= $100.34
5.
Profit margin of 25% given 70% occupancy
3372+(4*35)
= $3512
Percentage on cost = 33.33%
O.3333x3512
= $1171
1172+3512
= $4683
Price for a room = 4683/35
= $133.8
babysits on the weekends for extra money. Suppose that three neighbors with children are interested in paying Elizabeth to babysit their children. In particular, Mr. and Dr. Brown would be willing to pay $31 to have Elizabeth babysit their children, Mr. Smith would be willing to pay $28 for Elizabeth's babysitting services, and Professor Jones and Mr. Jones would be willing to pay $22 to have her watch their children. If Elizabeth offers to babysit each set of children for an evening for $22, what will be consumer surplus, considering the three sets of children combined? $nothing. (Enter your response using an integer.)
Answer:
$15
Explanation:
Consumer surplus is the price the consumer pay for good/service minus the amount the consumer is willing to pay for it.
✓Mr. and Dr. Brown would be willing to pay $31
✓Mr. Smith would be willing to pay $28
✓Professor Jones and Mr. Jones would be willing to pay $22
Elizabeth PRICE for babysitting each set of children for an evening = $22
Consumer surplus= Σ (price that the consumer is willing to pay- Price of the good/service is sold)
= [(31-22)+(28-22)+(22-22)]
= 9+6+0
=$15
Hence, Consumer surplus is $15
At December 31, 2017, Novak Corporation reported the following plant assets. Land $ 3,198,000 Buildings $26,610,000 Less: Accumulated depreciation—buildings 12,712,050 13,897,950 Equipment 42,640,000 Less: Accumulated depreciation—equipment 5,330,000 37,310,000 Total plant assets $54,405,950 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,345,200. May 1 Sold equipment that cost $639,600 when purchased on January 1, 2011. The equipment was sold for $181,220. June 1 Sold land for $1,705,600. The land cost $1,066,000. July 1 Purchased equipment for $1,172,600. Dec. 31 Retired equipment that cost $746,200 when purchased on December 31, 2008. No salvage value was received.Prepare the plant assets section of Novak’s balance sheet at December 31, 2018.
Answer:
Plant Assets
Land at Cost $4,477,200
Buildings at Cost $26,610,000
Total $31,087,200
See note 2 below !
Explanation:
To determine the Cost of Land, prepare the Land Account
Land T - Account
Debit :
Balance b/d $ 3,198,000
Apr. 1 Cash $2,345,200
Total $5,543,200
Credit :
Disposal $1,066,000
Balance c/d (balance) $4,477,200
Total $5,543,200
Other Notes
1. Remember ,Equipment is not included in the Plant Assets, so do not concern yourself with any transactions of it.
2.Since the depreciation policy for Buildings is not given, I have only recorded the Costs Amount in the Plant Section.
(04.01 LC)
Which known factor affects prices in the financial markets?
International stocks
Media speculation
Government policy
Foreign companies
Answer:
Media Speculation :)
4.01 (the lesson) talks about "Company Z" and how you want to buy stock from that company, but the speculation of Company Z over media leads you otherwise.
Explanation:
It's crucial to remember that prices in financial markets are influenced by a wide range of factors, and their impact can vary depending on the unique circumstances. All of the aforementioned elements have the ability to have an impact on prices in financial markets.
International stocks: Price changes in financial markets may be impacted by developments in foreign stock markets. International market trends, geopolitical developments, and changes in the global economy all have the potential to affect investor attitude and market behaviour, which can shift prices.
Financial market news and media speculation can have an impact on how investors behave and how the market feels. Media sources' news reporting, editorials, and analyses can influence market expectations and cause buying or selling that affects prices.
Government rules and policies: These can have a big impact on the financial markets. Interest rates, inflation, economic growth, and general market circumstances all have an impact on pricing, as can central bank measures, fiscal, monetary, and rule changes.
Foreign firms: Prices on financial markets can be impacted by the performance and operations of foreign firms, particularly if they are listed on those markets or have a major impact on the industries they operate in. Market mood and price movements can be impacted by news and developments involving overseas corporations, such as earnings releases, mergers and acquisitions, or adjustments to company plans.
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Why the companies need to extend their product life cycle?
Answer:
because of the product and the correct one is the one of the product is not working properly
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income.
a. Purchased $125 of supplies for cash.
b. Recorded an adjusting entry to record use of $45 of the above supplies.
c. Made sales of $1,220, all on account.
d. Received $850 from customers in payment of their accounts.
e. Purchased equipment for cash, $2,500.
f. Recorded depreciation of building for period used, $610.
Answer:
Explanation:
Net income is the summation of all revenue generated substracted from all costs such as tax, interest and others it is the profit made.
Cash flow is the amount that the producer needed to spend when stating an accounting section romove from amount needed at the end of that accounting section.
Whenever transactions are carried out,
Cash flow and net income can be affected in ways that are not the same, once goods is sold the net income is noted by the manufacturer, let say he sell goods of $400 to a retailer if the retailer doesn't pay instantly, it mean the manufacturer has $400 cash less.i.e net income
a. Purchased $125 of supplies for cash.
Answer:
✓There is decrease in cash by $125
✓There is no change as far as Net Income is concerned here.
b. Recorded an adjusting entry to record use of $45 of the above supplies.
Answer:
✓There is No change to Cash here,
✓The net income is is decreased by $45.
c. Made sales of $1,220, all on account.
Answer:
✓There is No change to Cash here,
✓The Net Income is increased by $1,220
d. Received $850 from customers in payment of their accounts.
Answer:
✓ There is Cash increase, by. $850 ,
✓ There is No change to Net Income
e. Purchased equipment for cash, $2,500.
Answer:
✓There is Cash is decreased by $2,500
✓ There is no change to Net Income
f. Recorded depreciation of building for period used, $610.
Answer:
✓ There is No change to cash,
✓ there is decrease in Net income by
$610
Job Costing Budgeted Manufacturing Overhead Rate, Allocated Manufacturing Overhead Taylor Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2017: Budgeted manufacturing overhead costs $3,800,000 Budgeted machine-hours 200,000 Actual manufacturing overhead costs $3,660,000 Actual machine-hours 196,000 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Requirements 1 Calculate the budgeted manufacturing overhead rate. 2 Calculate the manufacturing overhead allocated during 2017. 3 Calculate the amount of under- or overallocated manufacturing overhead. a. Enter your answer as a positive value.
Answer:
1. Budgeted manufacturing overhead rate = Budgeted manufacturing overhead costs / Budgeted machine-hours
Budgeted manufacturing overhead rate = $3,800,000 / 200,000
Budgeted manufacturing overhead rate = $19
2. The manufacturing overhead allocated during 2017 = Actual machine-hours * Budgeted manufacturing overhead rate
Manufacturing overhead allocated = 196,000 * $19
Manufacturing overhead allocated =$3,724,000
3. Manufacturing overhead costs over-allocated = Manufacturing overhead allocated during 2017 - Actual manufacturing overhead costs
Manufacturing overhead costs over-allocated = $3,724,000 - $3,660,000
Manufacturing overhead costs over-allocated = $64,000
Fill in the blank: City hotels are typically (Inexpensive/expensive/uncomfortable) because they are in the commercial and business areas of the city. They usually cater to (Leisure/budget/business) travelers, who prefer staying in the city.
Answer:
Expensive, Business
Explanation:
City hotels are typically expensive because they are in the commercial and business areas of the city. They usually cater to business travelers, who prefer staying in the city.
Rent and rates in the cities are usually higher than in other areas. Businesses located in the cities, especially those in the hospitality industry, will charge a higher price than those found in other regions of the economy.
Hotels in the cities pay higher rent. They also offer premium services hence charge higher prices.
Use the following data to determine the total dollar amount of assets to be classified as current assets. Wildhorse Co. Balance Sheet December 31, 2022
Cash $200000
Accounts payable $195000
Accounts receivable 155000
Salaries and wages payable 32000
Inventory 160000
Mortgage payable 241500
Prepaid insurance 88500
Total liabilities $468500
Stock investments (long-term) 255000
Land 262000
Buildings $303000
Common stock $364000
Less: Accumulated depreciation (63500) 239500
Retained earnings 738500
Goodwill 211000
Total stockholders' equity $1102500
Total assets $1571000
Total liabilities and stockholders' equity $1571000
Answer:
$603,500
Explanation:
Calculation to determine the total dollar amount classified as current assets.
Using this formula
Current asset=(Cash + Account receivable + Inventory + Prepaid insurance)
Let plug in the formula
Current assets=$200,000+$155,000+$160,000+$88,500
Current assets=$603,500
Therefore the total dollar amount classified as current assets is $603,500
4. Ellen contracts to buy six cases of vintage Fertile Valley wine from Grapes & Vines Winery for $1,200. The contract states that delivery is to be made at Ellen’s residence "on or before May 1, to be used for daughter's wedding reception on May 2." On May 1, Grapes & Vines delivery van is involved in an accident, no wine is delivered that day, and no one from Grapes & Vines tells Ellen. On the morning of May 2, Ellen buys the wine from Happy Hill Winery. That afternoon, just before the reception, Grapes & Vines tenders delivery of the wine at Ellen’s residence. She refuses tender\delivery. Grapes & Vines sues her for breach of contract. How is the court most likely to rule
Answer: In Ellen's favor
Explanation:
A component of the contract between Ellen and Grapes & Vines was breached which was that the wine was to be delivered "on or before May 1''. It was delivered on the 2nd which was a breach of contract which means that the contract can be voided.
If Grapes and Vines uses the defense that their van broke down and therefore it is a care of extraordinary circumstances, all efforts should have been made to contact Ellen to explain this situation. This was not done so Ellen was within her right to cancel the contract.
Identify the correct statement regarding the Occupational Safety and Health Act (OSH Act). Select one:
a. In a closing conference, all the findings of the inspection are kept confidential with the concerned officers.
b. OSHA compliance officers do not entertain any kind of input or complaints from employees during the inspection.
c. OSHA compliance officers notify employers a month in advance before the inspection.
d. The OSHA compliance officer will seek a restraining order from the U.S. District Court, even if the inspection reveals that the problem is minor.
e. If an OSH Act violation results in citations, an employer must post each citation in a prominent place near the location of the violation.
Answer:
The answer is "Option e".
Explanation:
In the question, the choice e is correct because whenever an infringement of the OSH Act contributes to citations, the contractor should place any ticket in such a conspicuous place near the infringement.
All other alternatives weren’t true in support of OSHA but only when a violation of OSHA contributes to quotations should an employee post each quotation at a prominent position relative to the place of the violation.
Hofstra Plastics’ selected data for October 2013 are presented here (in millions):
Direct materials inventory, 10/1/2013 $85
Direct materials purchased 370
Direct materials used 355
Total manufacturing overhead costs 470
Variable manufacturing overhead costs 240
Total manufacturing costs incurred during October 2013 1,630
Work-in-process inventory, 10/1/2013 220
Cost of goods manufactured 1,630
Finished goods inventory, 10/1/2013 140
Cost of goods sold 1,740
Requirements:
Calculate the following costs:
a. Direct materials inventory, 10/31/
b. Fixed manufacturing overhead costs for October.
c. Direct manufacturing labor costs for October.
d. Work-in-process inventory, 10/31/
e. Cost of finished goods available for sale in October 6.Finished goods inventory, 10/31
Answer:
a. $100
b. $230
c. $805
d. $220
e. $1,770
f. $30
Explanation:
a. Direct material inventory 10/31
Direct material inv. 10/1/2013 $85
Add: Direct materials purchased $370
Direct materials available for productions $455
Less: direct materials used ($355)
Direct materials inventory 10/31 $100
b. Fixed manufacturing overhead costs for October
Total manufacturing overhead costs $470
Less: Variable manufacturing overhead costs ($240)
Fixed manufacturing overhead costs for October $230
c. Direct manufacturing labor costs for October
Total manufacturing costs $1,630
Less : direct material used ($355)
Total manufacturing overhead costs ($470)
Direct manufacturing labor costs for October $805
d. Work in process inventory 10/31
Work in process inventory 10/1/2013 $220
Add : total manufacturing costs $1,630
Work in process available for production $1,850
Less: cost of goods manufactured ($1,630)
Work in process inventory 10/31/2014 $220
e. Cost of finished goods available for sale in October 6
Finished goods inventory 10/1/2013 $140
Add: costs of goods manufactured $1,630
Finished goods inventory 10/01/2013 $1,770
f. Finished goods inventory 10/31/2013
Finished goods available for sale in October $1,770
Less: cost of goods sold ($1,740)
Finished goods inventory 10/31/2013
$30
The statement, "All basketball players are tall" is a stereotype.
Please select the best answer from the choices provided
)T
)F
Answer:
true
Explanation:
Answer:
that is true
Answer:
because it is a stereotype
g The Dynatech Brewing Company is a small craft brewer that produces five standard varieties of beer. The beers sell for $6 per six-pack, and the company currently sells 7,000 six-packs per month. The company is considering producing a seasonal beer that will be sold in October, November, and December. The company estimates that at $6 per six-pack, the company will sell 1,400 six-packs. At $7 per six-pack, sales will be 700 six-packs. The company also estimates that sales of the seasonal beer will eat into sales of its standard items. Specifically, for every 700 six-packs of the seasonal beer that are sold, 210 six-packs of the standard varieties will not be sold. The variable production costs of all beers is $1.70 per six-pack. Calculate the incremental profit associated with the two selling prices under consideration for the seasonal beer (i.e., $6 and $7 per six-pack). (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) $6 per six-pack $7 per six-pack Incremental profit/(loss) $enter a dollar amount $enter a dollar amount eTextbook and Media Should Dynatech Brewing produce the beer
Answer:
The Dynatech Brewing company
a. Incremental Profit with the Seasonal Production and Sales:
1,400 units 700 units
Sales revenue $8,400 $4,900
Variable costs 2,380 1,190
Contribution $6,020 $3,710
Lost Contribution 1,806 903
Incremental profit $4,214 $2,807
b. Dynatech Brewing should produce 1,400 six-pack seasonal beer. It will increase its profit (contribution) by $4,214. It will only suffer a lost contribution of $1,806.
Explanation:
a) Data and Calculations:
Selling price per six-pack = $6
Variable production costs per six-pack = $1.70
Contribution per six-pack = $4.30
Units sold per month = $7,000
Seasonal Production and Sales:
1,400 units 700 units
Sales revenue $8,400 ($6 * 1,400) $4,900 ($7 * 700)
Variable costs 2,380 ($1.70 * 1,400) 1,190 ($1.70 * 700)
Contribution $6,020 ($4.30 * 1,400) $3,710 ($4.30 * 700)
Lost Contribution 1,806 ($4.30 * 420) 903 ($4.30 * 210)
Incremental profit $4,214 $2,807
On September 30, 2021, the San Fillipo Corporation issued 8% stated rate bonds with a face amount of $180 million. The bonds mature on September 30, 2041 (20 years). The market rate of interest for similar bonds was 10%. Interest is paid semiannually on March 31 and September 30.
Required:
Determine the price of the bonds on September 30, 2021.
Answer:
Bond Price = $149.1136446 million rounded off to $149.11
Explanation:
To calculate the price of the bond today, we will use the formula for the price of the bond. We assume that the interest rate provided is stated in annual terms. As the bond is a semi annual bond, the coupon payment, number of periods and semi annual YTM will be,
Coupon Payment (C) = 180 million * 0.08 * 6/12 = 7.2 million
Total periods (n) = 20 * 2 = 40
r or YTM = 0.1 * 6/12 = 0.05 or 5%
The formula to calculate the price of the bonds today is attached.
Bond Price = 7.2 * [( 1 - (1+0.05)^-40) / 0.05] + 180 / (1+0.05)^40
Bond Price = $149.1136446 million rounded off to $149.11