The buyer and seller of merchandise must agree on who is responsible for paying freight terms. Show your understanding of freight terms by selecting all of the correct statements below.

a. Terms FOB shipping point means the buyer accepts ownership when the goods depart the seller's place of business.
b. When the shipping costs are the responsibility of the buyer, then the Merchandise Inventory account is debited for the freight charges.
c. Revenue for the sale will be recorded after the goods reach their destination, if the goods are shipped FOB destination.
d. Terms FOB destination means that the seller is responsible for shipping costs.
d. When the shipping costs are the responsibility of the seller, then the Merchandise Inventory account is debited. Terms FOB shipping point means the seller of the goods is responsible for freight charges.

Answer:

a)Terms FOB shipping point means the buyer accepts ownership when the goods depart the seller's place of business.

b)When the shipping costs are the responsibility of the buyer, then the Merchandise Inventory account is debited for the freight charges.

c)Revenue for the sale will be recorded after the goods reach their destination, if the goods are shipped FOB destination.

d)Terms FOB destination means that the seller is responsible for shipping costs.

Explanation:

Terms used in shipping can be regarded as INCOTERMS, and they are terms used in International Commercial activities. Some of the freight terms used are Freight collect, Freight prepaid and so on.

From the question, we were informed about The buyer and seller of merchandise agreement on who is responsible for paying freight terms. From the understanding of freight terms, we can deduce that;

✓ FOB shipping point known as Free On Board is terms used when ownership is attributed to the buyer i.e buyer stand to be responsible for anything that occur to the goods once the good/product is shipped from the seller. Inother hand, FOB destination can be explained as attributing the cost of shipping to the seller.

✓Merchandise Inventory account must be debited as far as freight charges is concerned, when the buyer is responsible for shipping cost.

✓ as far as the goods are shipped FOB destination, the revenue for the sale only get to record after confirmation of goods at the destination.

✓

Which of the following is not a relevant factor in computing depreciation? Multiple Choice Cost. Salvage value. Useful life. Depreciation method. Market value.

On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,500. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1.

Required:
For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1.

Most P2P apps or services can be linked to checking accounts, debit cards or _____

Can someone answer this pls?:)​

Explain why natural resources need to be conserved​

Wildhorse Inc. wishes to accumulate $1,092,000 by December 31, 2030, to retire bonds outstanding. The company deposits $168,000 on December 31, 2020, which will earn interest at 10% compounded quarterly, to help in the retirement of this debt. In addition, the company wants to know how much should be deposited at the end of each quarter for 10 years to ensure that $1,092,000 is available at the end of 2030. (The quarterly deposits will also earn at a rate of 10%, compounded quarterly.) (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Using the information provided, analyze the affects of Lawry Lawn Service's transactions on the accounting equation.

May 1 Received $3,400 and issued common stock
May 3 Purchased a mower on account, $1,600
May 5 Performed lawn services for client on account $1,000
May 17 Paid $100 cash for gas used in mower.
May 28 Paid cash dividends of $700

Analyze the events chronologically, one transaction at a time. Beginning with the transaction on May 3rd, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation.

Two computers each produced 43,000 public utilities bills in a day. One computer printed bills at the rate of 8,600 an hour and the other at the rate of 7,800 an hour. When the first computer finished its run, how many bills did the other computer still have to print?

g Overhead costs are assigned to production using an overhead application rate, whereas no such "application rate" is used to assign the costs of direct materials and direct labor to production. The reason for this difference in procedures is that: Group of answer choices Overhead is always equal to a constant percentage of direct labor costs. Overhead is always larger in dollar amount than either direct materials or direct labor. Overhead is an indirect cost which cannot be traced easily and directly to specific units of product. The amounts of direct material and direct labor applicable to each unit of production cannot be determined as easily as the amount of overhead. None is correct.

You have a very efficient and reliable team member on your team, but they are infamous for treating symptoms rather than root causes. What is the likely outcome of using their quick assistance

Thornton Camps, Inc. leases the land on which it builds camp sites. Thornton is considering opening a new site on land that requires $3,300 of rental payment per month. The variable cost of providing service is expected to be $5 per camper. The following chart shows the number of campers Thornton expects for the first year of operation of the new Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 390 380 390 410 730 650 790 800 490 520 590 460 6,600 Required Assuming that Thornton wants to earn $9 per camper, determine the price it should charge for a camp site in February and August.

The June 1 work in process inventory consisted of 4,000 units with $13,020 in materials cost and $11,980 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,500 units were started into production. The June 30 work in process inventory consisted of 9,600 units that were 100% complete with respect to materials and 50% complete with respect to conversion. Foundational 4-6 (Algo) 6. What is the cost of beginning work in process inventory plus the cost added during the period for materials

The definition of input , out put and processing please

In the 21st century, the city of Ashkelon is an Israeli resort community. The city government is concerned with its security. Many centuries ago, the Egyptian sultan Saladin pulled down the last of Ashkelon's defensive walls. Perhaps raising new walls would increase its security. This would be a public works project, so it would be best to spread payments over time. The total purchase price is 20 million dollars (U.S.). The city can get a loan for this amount from a bank, with an interest rate of 10%, with payments being made at the end of each year, over 25 years. What is the minimum annual loan payment the city must pay to the bank

Proactiv and George Foreman Grill became successful after appearing in television commercials that asked customers to call a toll-free number or go to a website to order the products. This is an example of _____. Not Telemarketing

As you progress from projects to continuous processes, all of the following statements are true, EXCEPT: Group of answer choices Supplier ties are more formal and of longer duration Degree of worker control over the pace of the process increases Finished goods inventories are larger Long-term sales forecasts become increasingly important for planning purposes

"Poverty as structure" argues that: a. Poverty is caused by temporary weakness in the economy, by which people are often caught in the "wrong place at the wrong time" b. None of the other answers c. Poverty is caused by the ordinary functioning of capitalism, whereby companies seek to maximize their profits by paying workers as little as they can. d. Poverty is caused by individuals' character flaws and problematic behaviors

According to Orthodox monetary theory, when the FED buys a bond from the banking sector this is an example of Group of answer choices an open market purchase and contractionary monetary policy an open market sale and expansionary monetary policy an open market sale and contractionary monetary policy none of the above an open market purchase and expansionary monetary policy

Which of the following might help you avoid financial stress?
A. Spending as little time thinking about your finances as possible
B. Deciding not to ask for help managing your finances
C. Sticking to your financial plan, even when things change
D. Learning financial skills

Chipman Inc. produces water pumps. Overhead costs have been identified as follows:

Activity Pool Cost
Material handling $72,307.50
Machine maintenance $72,400.00
Setups $81,378.00

Activity Driver Activity
Number of moves 465
Number of machine hours 36,200
Number of production runs 66

Chipman makes 3 models of pumps with the following details:

Economy Standard Premium
Units produced 10,010 20,500 3,560
Number of moves 168 126 171
Machine hours 9,450 20,600 6,150
Production runs 26 14 26

Required:
a. Calculate the activity rate for each activity.
b. Determine the amount of indirect costs assigned to each of the products.

Reconciling and Computing Operating Cash Flows from Net Income
Petroni Company reports the following selected results for its current calendar year.
Net income $130,000
Depreciation expense 28,000
Accounts receivable increase 10,000
Accounts payable increase 6,000
Prepaid expenses decrease 3,000
Wages payable decrease 4,000
(a) Prepare the operating section only of Petroni Company's statement of cash flows for the year.
Hint: Remember to use negative signs with answers when appropriate.
Petroni Company
Statement of Cash Flows
(operating section)
Operating activities
Net income $Answer
Adjustments to reconcile net income to operating cash flow
Depreciation Answer
Changes in operating assets and liabilities
Accounts receivable Answer
Prepaid expense Answer
Accounts payable Answer
Wages payable Answer Answer
Net cash provided from operating activities
$Answer
In respect of questions that follow (1) give reasons for your choice (2) Give reasons why other choices are not appropriate
(b) Which of the following statements best describes the sign (positive or negative) on depreciation expense?
The sign on depreciation is positive because depreciation lowers the tax liability of the company. A decrease in tax liability generates an increase in net income since less tax is paid.
The sign on depreciation is positive because the computation of net income included a noncash depreciation expense. The noncash expense is removed by adding depreciation.
The sign on depreciation is negative because expenses are always subtracted from net income in cash flow statements to reflect the true amount of cash generated from operating activities.
The sign on depreciation is negative because cash is paid for equipment used in operations that are not yet reflected in the cost of goods sold. This increase in the cost of goods sold is subtracted from net income.
(c) Which of the following statements best describes the reason that accounts receivable is listed on the statement of cash flows?
An increase in accounts receivable means Sales have also increased. Sales are an increase in cash and contribute a positive cash flow. Therefore, an increase in accounts receivable is listed on the cash flow statement as a positive adjustment to net income.
An increase in accounts receivable means more cash has been received than has been reported in Sales. This surplus is an increase in cash and contributes a positive cash flow. Therefore, an increase in accounts receivable is listed on the cash flow statement as a negative adjustment to net income.
An increase in accounts receivable means less cash has been received than has been reported in Sales. This deficit is a decrease in cash and contributes a negative cash flow. Therefore, an increase in accounts receivable is listed on the cash flow statement as a negative adjustment to net income.
An increase in accounts receivable means Sales have also increased. Sales have increased, but cash has not yet been received. Therefore, an increase in accounts receivable is listed on the cash flow statement as a negative adjustment to net income.
(d) Which of the following statements best describes the reason that prepaid expense is listed on the statement of cash flows?
Since prepaid expense is an asset, a decrease in prepaid expense means assets have decreased causing cash to decrease. This contributes a negative cash flow. Therefore, a decrease in prepaid expense is listed on the cash flow statement as a negative adjustment to net income.
Since prepaid expense is a liability, a decrease in prepaid expense means liabilities have decreased causing cash to increase. This contributes a positive cash flow. Therefore, a decrease in prepaid expense is listed on the cash flow statement as a negative adjustment to net income.
Prepaid expense is an asset because Cash had been paid, but the expense had not yet been realized. A decrease in this asset means an expense has been recognized in the current period, decreasing net income, but not affecting cash. Therefore, decrease in prepaid expense is listed on the cash flow statement as a positive adjustment to net income.
Prepaid expense is a liability because expense has been realized, but Cash has not yet been paid. A decrease in liabilities leads to an increase in Cash and positive cash flow. Therefore, a decrease in prepaid expense is listed on the cash flow statement as a positive adjustment to net income.

Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide, predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:
Machine-hours required to support estimated production 240,000
Fixed manufacturing overhead cost 4,320,000
Variable manufacturing overhead cost per machine-hour 2.00
Required:
1. Compute the plantwide predetermined overhead rate.
2. During the year, Job P90 was started, completed, and sold to the customer for $4,000. The following information was available with respect to this job:
Direct materials $1,840
Direct labor cost $1,320
Machine-hours used 87
Determine the total cost of Job P90

For the following​ scenario, decide whether you agree or disagree and explain your answer. If the elasticity of demand for cocaine is 0.20 and the Drug Enforcement Administration succeeds in reducing supply​ substantially, causing the street price of the drug to rise by​ 50%, buyers will spend less on cocaine. A. ​Disagree: When price increases and demand is​ inelastic, total revenue will rise. B. ​Agree: When price increases and demand is​ inelastic, total revenue will rise. C. ​Disagree: When price increases and demand is​ elastic, total revenue will rise. D. ​Agree: When price increases and demand is​ elastic, total revenue will fall.

Two companies, Ghost and Phantom manufacture similar printer color cartridges. The following data for the two companies for the year 2020 are provided below:

Ghost ($) Phantom ($)
Sales revenue 90,000 108,000
Total costs 63,000 72,000
Variable Costs 40 % of sales revenue 40%
Required:
1- Calculate the Break Even Point (BEP) in dollars for each company.
2- Calculate the percentage margin of safety for each company.
3- If sales of the product in Ghost company are equal to 3,000 units, determine the BEP (in units), and present the Break-even chart.
4- In 2020, Phantom plans to increase the variable cost by $4 while the fixed cost and the selling price will remain constant. Calculate the number of units to be sold in order to earn the same profit as Ghost in 2020 (the number of units for both Phantom and Ghost is equal to 3000).
5- Based on your answers to parts 1 and 2, Discuss which company has a safer financial position, and why.

Taxes go to pay for the following as what percentage of the GDP: a) Social Security 2.7%, National Defense 11.9%, and Medicare 4.9% b) Social Security 30.1%, National Defense 10.5%, and Medicare 4.2% c) Social Security 4.9%, National Defense 3.1%, and Medicare 2.9% d) Social Security 6.6%, National Defense 5.7%, and Medicare 12.1%

Answer: c) Social Security 4.9%, National Defense 3.1%, and Medicare 2.9%​

Boursaw Corporation has provided the following data concerning last month’s operations. Purchases of raw materials $33,000 Indirect materials included in manufacturing overhead $ 4,000 Direct labor cost $58,000 Manufacturing overhead applied to Work in Process $78,000 Underapplied overhead $ 5,000 Beginning Ending Raw materials inventory $10,000 $15,000 Work in process inventory $56,000 $72,000 Finished goods inventory $41,000 $49,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations.

a. Amber Corporation donated inventory of clothing (basis of $138,500, fair market value of $173,125) to a qualified charitable organization that operates homeless shelters.
b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $70,800, and the fair market value on the date of the contribution is $113,280. Western College plans on selling the stock.
c. Ruby Corporation donates a sculpture held as an investment and worth $200,800 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $80,320.

Countries benefit from trade by importing goods in which their opportunity costs are relatively _____ and exporting goods in which their opportunity costs are relatively _____. low; high low; low high; low high; high

The Ascent, a mountain bicycle manufacturer, has been in the bicycle industry for a year now. The CEO wishes to better the company. He starts by looking at the sales records of the year that they have been in business and notices that the company's sales have been declining at a steady pace for the past six months and that at present they are selling only half as many bicycles as they want to. In an attempt to increase sales, he either wants to bring down the prices of his bicycles or expand the company by opening a new branch in another area. The CEO shares his views with the sales manager and finance managers. Together they decide that reducing the prices would definitely increase sales, although the profits would come down. They also determine that opening a new branch would only increase expenses. They conclude that they will reduce the prices of the bicycles. The plan is implemented and the CEO keeps a record of the sales every month to make sure the change is effective.Which of the following steps in formal planning process is the CEO performing when he debates between opening a new branch and reducing the prices?

a. engaging in situational analysis
b. monitoring and controlling
c. implementing the plan
d. selecting the goals and plans
e. generating alternative goals and plans

What is the definition of minimum wage?