The amount that must be put aside now is $458,796.85.
How much should be put aside now?The first step is to determine the future value of the annuity:
Future value = yearly payment x annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
Where:
r = interest rate = 6%n = number of years = 20$40,000 x [(1.06^20) - 1] / 0.06 = $1,471,423.65
Now, determine the present value of this amount: $1,471,423.65 / (1.06^20) =$458,796.85
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The following balance sheet for the Hubbard Corporation was prepared by the company:
Buildings $766,000
Land 298,000
Cash 76,000
Accounts receivable (net) 152,000
Inventory 272,000
Machinery 296,000
Patent (net) 116,000
Investment in equity securities 92,000
Total assets $2,068,000
Liabilities and Shareholders' Equity
Accounts payable $231,000
Accumulated depreciation 271,000
Notes payable 532,000
Appreciation of inventory 96,000
Common stock (authorized and issued
116,000 shares of no par stock) 464,000
Retained earnings 474,000
Total liabilities and shareholders' equity $2,068,000
Additional information:
a. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $68,000 but, due to a significant increase in market value, is listed at $156,000. The increase in the land account was credited to
retained earnings.
b. Marketable equity securities consist of stocks of other corporations and are recorded at cost, $38,000 of which will be sold in the coming year. The remainder will be held indefinitely.
c. Notes payable are all long-term. However, a $280,000 note requires an installment payment of $70,000 due in the coming year.
d. Inventories are recorded at current resale value. The original cost of the inventories is $178,000
Required:
Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2018.
Answer:
Please find attached classified balance sheet as requested
Explanation:
Please find attached balance sheet for HUBBARD CORPORATION
The CPI for this year was reported at 163.65. If inflation was 3.1 percent, what must the CPI have been last year
The consumer price index last year must have been 158.58.
What was the consumer price index last year?
The consumer price index is used to measure inflation. It does this by measuring the changes in the price of a basket of good.
CPI = (cost of basket of goods in current period / cost of basket of goods in base period) x 100
CPI last year = (100 - 3.1) x 163.65 = 158.58
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A job cost sheet of Sandoval Company is given below.
Job Cost Sheet
JOB NO. 469 Quantity 2,500
ITEM White Lion Cages Date Requested 7/2
FOR Todd Company Date Completed 7/31
Date Direct Materials Direct Labor Manufacturing Overhead
7/10 $700
12 900
15 $440 $550
22 380 475
24 1,600
27 1,500
31 540 675
Cost of completed job:
Direct materials:_____
Direct labor :_____
Manufacturing overhead:_____
Total cost:_____
Required:
a. What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job?
b. What is the predetermined manufacturing overhead rate?
c. What are the total cost and the unit cost of the completed job?
Answer:
7/10$700that is the answer
LA Company has a beginning cash balance of $6,000, cash receipts of $12,000, cash payments of $7,200 and an outstanding loan balance of $1,500. Their preliminary cash balance is $
Based on the information given their preliminary cash balance is $9,300.
Preliminary cash balanceUsing this formula
Preliminary cash balance= Beginning cash balance + cash receipts- cash payment -outstanding loan balance
Let plug in the formula
Preliminary cash balance=$6,000+$12,000-$7,200-$1,500
Preliminary cash balance=$9,300
Inconclusion their preliminary cash balance is $9,300.
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Answer:
10800
Explanation:
If a firm's expected sales are $250,000 and its break-even sales are $190,000, the margin of safety in dollars is:
On January 1, 2020, the ledger of Sunland Company contains the following liability accounts.
Accounts Payable $53,500
Sales Taxes Payable 7,200
Unearned Service Revenue 16,500
During January, the following selected transactions occurred.
Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.
12 Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in December 2019 ($7,200).
20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty.
21 Borrowed $27,000 from Girard Bank on a 3-month, 8%, $27,000 note.
25 Sold merchandise for cash totaling $7,884, which includes 8% sales taxes.
Required:
Journalize the January transactions.
Answer:
Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.
Dr Cash 20,520
Cr Sales revenue 19,000
Cr Sales taxes payable 1,520
12 Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue.)
Dr Unearned revenue 10,500
Cr Service revenue 10,500
14 Paid state revenue department for sales taxes collected in December 2019 ($7,200).
Dr Sales taxes payable 7,200
Cr Cash 7,200
20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty.
Dr Cash 48,600
Cr Sales revenue 45,000
Cr Sales taxes payable 3,600
*An additional entry for recording warranty liability must be made but we are not given any estimated warranty costs.
21 Borrowed $27,000 from Girard Bank on a 3-month, 8%, $27,000 note.
Dr Cash 27,000
Cr Notes payable 27,000
25 Sold merchandise for cash totaling $7,884, which includes 8% sales taxes.
Dr Cash 7,884
Cr Sales revenue 7,300
Cr Sales taxes payable 584
On December 31, 2020, American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $3,000,000 note receivable by the following modifications:
1. Reducing the principal obligation from $3,000,000 to $2,400,000.
2. Extending the maturity date from December 31, 2020, to January 1, 2024.
3. Reducing the interest rate from 12% to 10%.
Barkley pays interest at the end of each year. On January 1, 2024, Barkley Company pays $2,400,000 in cash to American Bank.
Required:
a. WIll the fain be recorded by Barkely be equal to the loss recorded by American Bank under the debt restructuring?
b. Cam Barkely Co. record a gain under the term modification mentioned above? Why?
c. Assuming that the interest rate Barkley should use to compute the interest expense in future period in 1.4276% prepare the interest payment schedule of the not for Barkley Co. after the debt restructuring?
a) Since the debt modification is substantial, more than 10%, the gain to be recorded by Barkley Company, $600,000, will be equal to the loss recorded by American Bank under the debt restructuring.
b) Barkley Company can record a Profit under the term modification above because it is a substantial debt modification, with a gain of $600,000, which is 20% of the original debt.
c. The preparation of the Interest Payment Schedule is as follows:
Period PV PMT Interest FV
1 $2,400,000.00 $621,565.76 $34,262.40 $1,812,696.64
2 $1,812,696.64 $621,565.76 $25,878.06 $1,217,008.93
3 $1,217,008.93 $621,565.76 $17,374.02 $612,817.19
4 $612,817.19 $621,565.76 $8,748.58 $0.00
What is a debt modification?A debt modification is the restructuring of debt to enable the debtor experiencing financial difficulties to regain the financial muscle to settle the restructured debt.
Debt modification can affect the following debt terms:
The amounts Timing of interest payments Timing of principal repaymentRate of interest.Data and Calculations:12% Note Payable = $3,000,000
Revised 10% Note Payable = $2,400,000
Gain on Debt Modification = $600,00
Extended Maturity Period = 4 years
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According to the law of supply, what happens to the quantity that the suppliers create when the prices increase?
Answer:
the quantity increases
the supply law states that when price increases the quantity increases aswell and vice versa!
Please explain in three well-structured paragraphs the impact of a change in the savings rate on the output
Answer:
The answers is provided in paragraph along with brief introduction on savings. Each part has also been titled for better understanding.
Explanation:
Introduction
Saving is the income which has not been spent on any need or demand of a specific individual but instead kept in the bank account for future use or invested in some asset for earning future returns.
The impact of change in the savings rate on the output:
Investment
When an income is saved, it is sometimes deposited in the bank account. This in turn will lead to banks providing the save income to businesses for investing in their business. This will further grow the business and ultimately output would increase. The same goes for cases where savings are decreased that would lead the output to decrease as well.
Interest Rate
When savings are increased in banks. The amount to provide load has also been increased. This will lead to reduction in interest rates or borrowing rates which will help the economy to grow. Finally, the output will also grow.
Individual
If the saving rate is increased per person then the specific individual has more to spend. Such as if the average person spends the savings in shares or other businesses then the will increase their earnings even further. Thus, it would result in increase in output as well and vice versa.
The savings rate in an economy can affect output if it changes because savings finance output.
Output in an economy is as a result of companies and individuals being able to acquire funds from financial intermediaries which they then use to engage in production.
The funds these financial intermediaries use are acquired from savers. If the savings rate reduces for instance, there would be less funding for companies and individuals which would lead to less output. .
In conclusion, a change in the savings rate, can affect the output as it determines just how much funding goes towards producers.
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Price indexes can be used to compare prices across different periods. Suppose that a year of tuition for college at public institutions averaged a cost of â$ in 1989 and that the CPI index was in 1989. If the CPI index was inâ 2009, then the cost of tuition inâ 2009, as the result ofâ inflation, would equal â$ ___________. â(Enter your response rounded to the nearest wholeâ number.) Suppose that the actual average cost of tuition in 2009 was â$. Relative to the expected cost computedâ above, the cost of tuition increased by __________ the same as less than the amount of inflation.
Question attached
Answer:
1. $3586
2. More than the amount of inflation
Explanation:
Consumer price index 1989 = 114
Price 1989 = $1817
Price for 2009=Consumer price index for 2009 / Consumer price jndex 1989 = Price 2009 / Price 1989
= 225 / 114 = Price 2009 / $1817
= Price for 2009 = $3586
cost of tuition increased in 2009 by = $3307 that is 6893 - 3586 more than amount of inflation
what message is this price tag telling shoppers? (other than it is on sale)
Answer: it says that but you can try to let them give it to you for 7 if they say it's 9 just damage the box a little for a discount
Explanation:
This is often flavored and cooked and used to cover/decorate bake goods, such as cakes or cookies
Answer:
icing
Explanation
I dont know for sure, but that seems like the most correct answer
(EDGE2020)
New Hampshire’s legislature has declared a busy roundabout a hazard because of the number of semi accidents that occur there. They’ve hired an independent consultant who specializes in traffic flow to make recommendations for improvement. What tasks will this person perform for the state?
A. working with police to study accidents and designing a traffic-improvement plan for the roundabout
B. working with police to step up enforcement after analyzing traffic flow information
C. analyzing traffic flow information and convincing shipping companies to use a different route
D. analyzing traffic flow and designing a traffic-improvement plan for the roundabout
Answer:
d
Explanation:
This person's duties for the state will include assessing traffic flow and creating a roundabout traffic-improvement plan. As a result, choice (D) is accurate.
What do you know about New Hampshire?The Northeastern United States' state of New Hampshire is located in the New England region. It shares borders with the Canadian provinces of Quebec to the north, Maine and the Gulf of Maine to the east, Massachusetts to the south, Vermont to the west, Maine, and the Gulf of Maine.
New Hampshire is the tenth least populous and fifth least populous of the 50 states in the United States, according to the 2020 census, which had 1,377,529 people as citizens. The state's major city is Manchester, while Concord is the capital. The state of New Hampshire is known for its "Live Free or Die" motto, which refers to its participation in the American Revolutionary War.
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Matthews Company uses the percentage-of-sales method to estimate the Allowance for Doubtful Accounts. Before adjustment, the Allowance for Doubtful Accounts has a debit balance of $2,500. If net credit sales are $725,000 and Matthews estimates 1% of the net credit sales to be uncollectible, what will be the amount of the journal entry for the adjusting entry at year-end
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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Galvanized Products is considering the purchase of a new computer system for their enterprise data management system. The vendor has quoted a purchase price of $100,000. Galvanized Products is planning to borrow 1/4th of the purchase price from a bank at 15% compounded annually. The loan is to be repaid using equal annual payments over a 3-year period. The computer system is expected to last 5 years and has a salvage value of $5,000 at that time. Over the 5-year period, Galvanized Products expects to pay a technician $25,000 per year to maintain the system but will save $55,000 per year through increased efficiencies. Galvanized Products uses a MARR of 18%/year to evaluate investments.
What is the future worth of this investment?
Answer and Explanation:
Please find attached
-True-False 18. All types of extinguisher can use in any kinds of fire. - True False
All types of extinguisher can use in any kinds of fire.
FalseAll types of extinguishers cannot be used in any kind of fire. Let's understand this statement with an example...
Example:- Suppose that a fire has taken place due to some electrical issues. This kind of fire cannot be extinguished by water because water is a good conductor of electricity...~Megatrends stock will generate earnings of $2 per share this year. The discount rate for the stock is 10%, and the rate of return on reinvested earnings also is 10%. a. Find both the growth rate of dividends and the price of the stock if the company reinvests the following fraction of its earnings in the firm: (i) 0%; (ii) 20%; (iii) 40%. (Do not round intermediate calculations. Enter the growth rates as a whole percent.) b. Redo part (a) now assuming that the rate of return on reinvested earnings is 15%. What is the present value of growth opportunities (PVGO) for each reinvestment rate
Answer:
a. Find both the growth rate of dividends and the price of the stock if the company reinvests the following fraction of its earnings in the firm:
(i) 0% ⇒ g = 0, P₀ = $2/10% = $20
(ii) 20% ⇒ g = 0.2 x 10% = 2%, P₀ = $1.632/8% = $20.40
(iii) 40% ⇒ g = 0.4 x 10% = 4%, P₀ = $1.248/6% = $20.80
b. Redo part (a) now assuming that the rate of return on reinvested earnings is 15%.
(i) 0% ⇒ g = 0, P₀ = $2/10% = $20
(ii) 20% ⇒ g = 0.2 x 15% = 3%, P₀ = $1.648/7% = $23.54
(iii) 40% ⇒ g = 0.4 x 15% = 6%, P₀ = $1.272/4% = $31.80
What is the present value of growth opportunities (PVGO) for each reinvestment rate
ROE = 10%, reinvestment rates:
(i) 0%: PVGO = $20 - $2/10% = $0
(ii) 20%: PVGO = $20.40 - $2/10% = $0.40
(iii) 40%: PVGO = $20.80 - $2/10% = $0.80
ROE = 15%, reinvestment rates:
(i) 0%: PVGO = $20 - $2/10% = $0
(ii) 20%: PVGO = $23.54 - $2/10% = $3.54
(iii) 40%: PVGO = $31.80 - $2/10% = $11.80
Explanation:
sustainable growth rate = g = retention rate x ROE
PVGO = stock price - earnings/Re
Bistrol Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 15,700 75% Conversion costs $ 7,700 20% A total of 8,400 units were started and 7,500 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 186,300 Conversion costs $ 329,800 The ending inventory was 70% complete with respect to materials and 60% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to:
Answer:
$21.44
Explanation:
Calculation for the cost per equivalent unit for materials for the month in the first processing department
First step
Units completed and transferred out $7,500
Ending inventory($800+$8,400-$7,500)*70% Ending inventory =1,700*70%
Ending inventory =$1,190
Equivalent units for Materials $8,690
($7,500+$1,190)
Total materials costs $186,300
Second step
Cost per equivalent unit for materials=Total materials costs÷ Equivalent units for Materials
Cost per Equivalent unit for Materials $186,300÷$8,690
Cost per Equivalent unit for Materials=$21.44
Therefore the cost per equivalent unit for materials for the month in the first processing department is closest to $21.44
Question Workspace Copyrights in Digital Information When she was in college, Kiersten Walburg wrote a case study on Grokster, an online peer-to-peer (P2P) file-sharing network, and knew that it was shut down because its services were illegal. Several years later, Montgomery Records, Inc., which owned the copyrights to a large number of music recordings, discovered that "tereastarr", a user name associated with Walburg's Internet protocol address, had made twenty-four songs available for distribution on another P2P network. Montgomery notified Walburg that she had been identified as engaging in the unauthorized trading of music. She replaced the hard drive on her computer with a new drive that did not contain the songs in dispute. Is Walburg liable for copyright infringement? 1. Making material available on a P2P network or through the cloud is called
Answer:
file sharing.
Explanation:
1. it is is called:
File sharing
file sharing can be defined as the act of distributing digital media to other parties. such digital media can be programs, multitimedia files like music and video, or even electronic books. file sharing could be prohibited in some cases but not always prohibited. files can be shared with peers except when it is stated otherwise. then it is good that you do not share the files to avoid infringement of copyright laws of the owner of the file.
Joshua needed money for some unexpected expenses, so he borrowed $5,355.26 from a friend and agreed to repay the loan in seven equal installments of $1,100 at the end of each year. The agreement is offering an implied interest rate of _________
Joshuaâs friend, Willie, has hired a financial planner for advice on retirement. Considering Willieâs current expenses and expected future lifestyle changes, the financial planner has stated that once Willie crosses a threshold of $1,387,311 in savings, he will have enough money for retirement. Willie has nothing saved for his retirement yet, so he plans to start depositing $25,000 in a retirement fund at a fixed rate of 6.00% at the end of each year. It will take____________for Willie to reach his retirement goal.
Answer:
10%
25.14 years
Explanation:
A financial calculator can be used to solve these problems
PMT = $-1,100
PV = $5,355.26
FV = 0
N = 7
Compute I = 10%
PMT = $-25,000
FV = $1,387,311
I = 6%
PV = 0
Compute N = 25.14 years
why you applied for this job and why you should be hired
Predicting which customer will respond to a marketing campaign is part of predictive analytics. Select one: True False
It should be noted that Predicting which customer will respond to a marketing campaign is part of predictive analytics.
What is a marketing campaign?Marketing campaigns serves as strategic activities that promote a business's goal or objective.
It is been used used in promoting a product, a service, or the brand as a whole.
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John Gardner is the city planner in a medium-sized southeastern city. The city is considering a proposal to award an exclusive contract to Clear Vision, Inc., a cable television carrier. Mr. Gardner has discovered that an economic planner hired a year before has generated the functions given below: P = 28 - 0.0008Q MC = 0.0012Q where Q = the number of cable subscribers and P = the price of basic monthly cable service. a. b. c. What price and quantity would be expected if the firm is allowed to operate completely unregulated? Mr. Gardner has asked you to recommend a price and quantity that would be socially efficient. Recommend a price and quantity to Mr. Gardner using economic theory to justify your answer. Compare the economic efficiency implications of (a) and (b) above.
Answer:
Monopoly
P = $20.00
Q = 10,000
Socically Efficient:
P = $16.80
Q = 14,000
The monopoly generates a deadthweight loss to maximize their gain.
In the socially efficient situation, there is no deadthweight loss threfore this makes the economy as a whole better.
Explanation:
Price = 28 - 0.0008Q
Marginal Cost = 0.0012Q
Revenue: P x Q = (28 - 0.0008Q) x Q = 28Q - 0.0008Q²
Marginal Revenue:
R' = R(q) / dq = 28 -0.0016Q
We want to produce and sale until marginal revenue matches marginal cost:
28 -0.0016Q = 0.0012Q
28 = 0.0028Q
Q = 28 / 0.0028 = 10,000
P = 28 - 0.0008 (10,000) =
P = 28 - 8 = 20.00
The social efficiency will be that Price equals Marginal Cost.
28 - 0.008Q = 0.0012Q
28 = 0.0020Q
28 / 0.0020 = Q = 14,000
P = 28 - 0.0008(14,000) = 28 - 11.2 = 16,8
What action does kareem need to take to change the timing of an animation in one of his presentation slide
What Kareem needs to do to change the timing of animation is change the delay and duration for the slide.
A typical Presentation slide helps to keep an audience's attention during a presentation and as well provide additional supporting information.
A presentation slides entails the use of text, images, artworks, aesigns, animation to facilitate a smart slide for proper presentation.
Animation basically move on the slides and are timed/programmed to move in a specific time or direction.
Therefore, in conclusion, Option C is correct. All Kareem have to do to change the timing of an animation in the slide is changing the delay and duration for the animation.
hope this helps
37. Cultural symbols are things that A. can be protected by international copyrights. B. cannot be expressed by words or characters. C. represent values that exist solely within a nation's boundaries. D. represent ideas and concepts. E. consist of pictures or designs that represent ideas and concepts that are considered to be universal. 38. Concept tests of plots using surveys, testing of marketing campaigns, sneak previews, and tracking studies are all examples of A. marketing decision theory. B. SWOT analysis. marketing research techniques. D. target audience identification techniques. E. surveys of experts.
Answer:
37. C. represent values that exist solely within a nation's boundaries
38. C. marketing research techniques
Explanation:
Cultural symbols are things that represent values that exist in one nation. They are meant to reinforce the beliefs of that culture and to act as identification elements for the culture as well. Some examples include; The Star of David for the Jews and the Bald Eagle for Americans.
Market research techniques help a company find out more about actions it can engage in to improve marketing effectiveness and reduce the risk of product failure. In the case of the multimedia industry, some techniques include; concept tests of plots using surveys, testing of marketing campaigns, sneak previews and tracking studies.
When the labor market is in equilibrium, the
unemployment rate is 0%.
True or false
Wildhorse Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Wildhorses’ ledger showed Cash of $9,200 and Common Stock of $9,200.
May
1 Purchased merchandise on account from Black Wholesale Supply for $9,200, terms 1/10, n/30.
2 Sold merchandise on account for $5,600, terms 2/10, n/30. The cost of the merchandise sold was $4,500.
5 Received credit from Black Wholesale Supply for merchandise returned $200.
9 Received collections in full, less discounts, from customers billed on May 2.
10 Paid Black Wholesale Supply in full, less discount.
11 Purchased supplies for cash $900.
12 Purchased merchandise for cash $4,200.
15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase.
17 Purchased merchandise from Wilhelm Distributors for $3,600, terms 2/10, n/30.
19 Paid freight on May 17 purchase $250.
24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100.
25 Purchased merchandise from Clasps Inc. for $800, terms 3/10, n/30.
27 Paid Wilhelm Distributors in full, less discount.
29 Made refunds to cash customers for returned merchandise $88. The returned merchandise had cost $100.
31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $894.
Required:
Journalize the transactions using a perpetual inventory system.
The journal entries for the transactions of Wildhorse Hardware Store for May using the perpetual inventory system are as follows:
Journal Entries:May 1 Debit Inventory $9,200
Credit Accounts Payable (Black Wholesale Supply) $9,200
Terms 1/10, n/30.
May 2 Debit Accounts Receivable $5,600
Credit Sales Revenue $5,600
Terms 2/10, n/30.
Debit Cost of goods sold $4,500
Credit Inventory $4,500
May 5 Debit Accounts Payable (Black Wholesale Supply) $200
Credit Inventory $200
May 9 Debit Cash $5,488
Debit Cash Discounts $112
Credit Accounts Receivable $5,600
May 10 Debit Accounts Payable (Black Wholesale Supply) $9,000
Credit Cash $8,910
Credit Cash Discounts $90
May 11 Debit Supplies $900
Credit Cash $900
May 12 Debit Inventory $4,200
Credit Cash $4,200
May 15 Debit Cash $230
Credit Inventory $230
May 17 Debit Inventory $3,600
Credit Accounts Payable (Wilhelm Distributors) $3,600
Terms 2/10, n/30.
May 19 Debit Freight-in $250
Credit Cash $250
May 24 Debit Cash $5,500
Credit Sales Revenue $5,500
Debit Cost of goods sold $4,100
Credit Inventory $4,100
May 25 Debit Inventory $800
Credit Accounts Payable (Clasps Inc.) $800
Terms 3/10, n/30.
May 27 Debit Accounts Payable (Wilhelm Distributors) $3,600
Credit Cash $3,528
Credit Cash Discounts $72
May 29 Debit Sales Allowances and Refunds $88
Credit Cash $88
Debit Inventory $100
Credit Cost of goods sold $100
May 31 Debit Accounts Receivable $1,280
Credit Sales Revenue $1,280
Terms n/30.
Debit Cost of goods sold $894
Credit Inventory $894
What is the perpetual inventory system?The perpetual inventory system is an inventory system that records whenever stock is sold or received, using an automation process that records in real-time.
The implication is that the perpetual inventory system will record changes in inventory at the time the transaction takes place and not at the end of the accounting period, say month-end.
Transaction Analysis:May 1 Inventory $9,200 Accounts Payable (Black Wholesale Supply) $9,200
Terms 1/10, n/30.
May 2 Accounts Receivable $5,600 Sales Revenue $5,600
Terms 2/10, n/30.
Cost of goods sold $4,500 Inventory $4,500
May 5 Accounts Payable (Black Wholesale Supply) $200 Inventory $200
May 9 Cash $5,488 Cash Discounts $112 Accounts Receivable $5,600
May 10 Accounts Payable (Black Wholesale Supply) $9,000 Cash $8,910 Cash Discounts $90
May 11 Supplies $900 Cash $900
May 12 Inventory $4,200 Cash $4,200
May 15 Cash $230 Inventory $230
May 17 Inventory $3,600 Accounts Payable (Wilhelm Distributors) $3,600
Terms 2/10, n/30.
May 19 Freight-in $250 Cash $250
May 24 Cash $5,500 Sales Revenue $5,500
Cost of goods sold $4,100 Inventory $4,100
May 25 Inventory $800 Accounts Payable (Clasps Inc.) $800
Terms 3/10, n/30.
May 27 Accounts Payable (Wilhelm Distributors) $3,600 Cash $3,528 Cash Discounts $72
May 29 Sales Allowances and Refunds $88 Cash $88
Inventory $100 Cost of goods sold $100
May 31 Accounts Receivable $1,280 Sales Revenue $1,280
Terms n/30.
Cost of goods sold $894 Inventory $894
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Marigold Corporation factors $260,800 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2020, for Marigold to record the sale of receivables, assuming the recourse obligation has a fair value of $5,000.
Answer:
Date Journal Entry Debit Credit
Aug 15 Cash $245,152
Due from factors $10,432
Loss on sale of receivables $$10,216
Recourse liability $5,000
Account receivable $260,800
Cash received = ($260,800*94%) = $245,152
Add: Due from factor($260,800*6%) = $10,432
Less: recourse obligation= $5,000
Net proceeds= $ 229,720
Loss on sale of Receivables = $260,800 * 2% + 5000 = $10,216
What area of expense is best to target when looking for possible ways to cut back on spending
Answer:
If we are talking about corporate spending, then it's best to cut overhead costs, because direct labor or direct materials are harder to cut since a cut in these areas would cause a reduction in output production.
If we are talking about personal spending, then, it's best to cut sumptuary expenses like eating out, or taking expensive vacations. Utilities, rent, and debt are harder to cut.
Consider a consumer who is contemplating a new automobile purchase. She has narrowed her decision down to two brands, Brand X and Brand Y. She has identified gas mileage, price, warranty, and styling to be important attributes to consider in her decision. Her evaluative ratings (e) for each attribute and her beliefs of how each brand performs on a given attribute (b) are given below: Brand X Brand Y Attribute e b b Mileage 2 6 4 Low Price 3 2 2 Warranty -1 1 3 Design 1 10 5 Refer to the Automobile Scenario. The consumer comes across an advertisement that shows Brand X stating that its automobile is being offered as an environment-friendly hybrid model. According to the elaboration likelihood model (ELM), this consumer is most likely to be influenced by the _____. a. unit route to persuasion b. central route to persuasion c. sentiment route to persuasion d. secondary route to persuasion e. peripheral route to persuasion
Answer:
e. peripheral route to persuasion
Explanation:
In order to determine which route to persuasion the car company is using, we must first analyze the customer:
Is the customer motivated to purchase a new car, is he/she thinking and analyzing about buying a new car? ⇒ in this case the answer is yes, so this implies that a central route should be more persuasive. The peripheral route is more effective when convincing passive audiences or consumers.
Is the customer really evaluating the message, or is she just contemplating the ad? ⇒ again in this case, the customer is paying attention to the core message, but will it be able to persuade her?
Is this ad able to persuade the customer and his/her attitude towards the car, is this attribute really important to the customer? ⇒ this is the most important aspect of the message, and to be honest, the customer didn't pay much attention to environmental issues, so she is probably not going to be persuaded by it. She might say yes, brand X is offering a green car, but she will not value that fact. For this particular customer, this ad represents a peripheral route to persuasion. For this particular customer, a central route would imply a message about the car's design, warranty, price, or mileage.
The same ad can work differently for other consumers. E.g. a person that is seeking to buy a new car and really values the fact that the car pollutes less, will pay a lot of attention to this ad and will be probably persuaded by it. For this consumer, this ad would follow a central route, not a peripheral route.
The customer after seeing this advertisement will be influenced by the peripheral route to persuasion according to the elaboration likelihood model(ELM).
What is elaboration likelihood model?The elaboration likelihood model of persuasion is a two-pronged approach that describes change in attitude. ELM was founded by Richard E. Petty and John Cacioppo in 1980.
The model aims to describe different approaches to processing motives, why they are used, and their effects on change in attitude.
This ad represents a peripheral route to persuasion. A central route would imply a message about the car's design, warranty, price, or mileage for this particular customer.
The same ad can work differently for other consumers. For example, a person that is seeking to buy a new car and really values the fact that the car pollutes less will pay a lot of attention to this ad and will be probably persuaded by it.
For this customer, this ad represents a peripheral route to persuasion.
Hence, Option e. will be the correct statement.
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