Answer:
Value of collection = $16,652.38
Explanation:
The compound interest formula is:
[tex]A = P [ 1 + \frac{r}{n} ] ^{nt}[/tex]
were,
P is the principal, which is $95 since that is the original value of 95 silver dollars purchased for $1 each.
r is the interest rate of 4.9%, expressed as 0.049
n is the number of times interest compounds each year, which is 1
t is the number of years the money is invested, which is 108 because we are calculating the gain between 1952 and 2060
Plug that in, and we get:
[tex]A = 95 [ 1 + \frac{0.049}{1} ]^{180}[/tex]
[tex]A = 95 (1.049)^{180}[/tex]
A = 95 × 175.2882
A = $16,652.38
Therefore,
Value of collection = $16,652.38
Hope it helps!!!brainliest pls!!!g Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: Provided $91,000 of services on account. Collected $72,000 cash from accounts receivable. Paid $36,000 of salaries expense for the year. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $ 7,800 0.01 0-30 4,500 0.05 31-60 2,000 0.10 61-90 2,200 0.20 Over 90 days 2,500 0.50 Required a. Record the above transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1
Answer:
Provided $91,000 of services on account.
Collected $72,000 cash from accounts receivable.
Paid $36,000 of salaries expense for the year.
Adjusted the accounts using the following information from an accounts receivable aging schedule:
Number of days Amount % Likely to be uncollectible $
Current $7,800 0.01 $78
0-30 $4,500 0.05 $225
31-60 $2,000 0.10 $200
61-90 $2,200 0.20 $440
Over 90 $2,500 0.50 $1,250
totals $19,000 $2,193
a) Provided $91,000 of services on account.
Dr Accounts receivable 91,000
Cr Service revenue 91,000
Collected $72,000 cash from accounts receivable.
Dr Cash 72,000
Cr Accounts receivable 72,000
Paid $36,000 of salaries expense for the year.
Dr Wages expense 36,000
Cr Cash 36,000
Allowance for doubtful accounts
Dr Bad debt expense 2,193
Cr Allowance for doubtful accounts 2,193
Cash
debit credit
72,000
36,000
36,000
Accounts receivable
debit credit
91,000
72,000
19,000
Allowance for doubtful accounts
debit credit
2,193
Service revenue
debit credit
91,000
Wages expense
debit credit
36,000
Bad debt expense
debit credit
2,193
b) Vulcan Service Co.
Income Statement
For the year ended December 31, year 1
Revenue $91,000
Expenses:
Wages expense $36,000
Bad debt expense $2,193 ($38,193)
Net income $52,807
c) net realizable value of accounts receivable = $19,000 - $2,193 = $16,807
Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $78,000 and $46,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted to the partnership a 30% interest for a purchase price of $31,000.
Required:
a. Determine the recipient and amount of the partner bonus.
b. Provide the journal entry to admit Solano into the partnership.
c. Why would a bonus be paid in this situation?
Answer: See explanation
Explanation:
a. The bonus received by Solano will be:
Cody Jenkins, capital = $78,000
Lacey Tanner, capital = $46000
Solano’s contribution = $31,000
Total contribution:
= $78000 + $46000 + $31000
= $155000
Solano’s equity interest = 30%
Valeria Solano, capital:
= 30% × $155,000
= $46500
Since Solano’s contribution = $31,000, the bonus paid to Solano will be:
= $46500 - $31000
= $15500
b. Debit Cash $31,000
Debit Cody Jenkins, capital $7750
Debit Lacey Tanner, capital $7750
Credit Valeria Solano, capital $46500
c. The expertise that was offered by Salina was valued by Jenkins and Tanner. Solano can do landscape designs with the computer.
The skills she possesses will be of immense benefits to the partnership as it'll be useful to achieve the partnerships aims. This may bring about the payment of bonus for her skills.
A study was set up to look at whether there was a difference in the mean arterial blood pressure between two groups of volunteers, after 6 weeks of following one of two treatment programs. One group of volunteers were given an exercise regimen to follow for the 6 weeks and the other group were given the same exercise regimen with the addition of an experimental tablet. Which type of t-test should be used in this situation?
The independent samples t test is the test that has to be used ito check if there is a difference in the mean blood pressure of the two groups that are tested.
What is the independent sample t test?This is a test that is used to compare the mean that exists between two different independent groups.
The reason is to determine if there are statistical evidence to show that the means of the groups are statistically different.
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Total product begins to fall when Multiple Choice marginal product is maximized. average product is below zero. average product is negative. marginal product is zero.
It should be noted that total product begins to fall when D. marginal product is zero.
What is total product?It should be noted that total product simply means the total output that's made by the employees.
Total product begins to fall when the marginal product is zero. In this case, the total product has reached its maximum.
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Silver Company manufactures kites and has the following information available for the month of April:
Work in process, April 1
(100% complete for materials, 40% for conversion) 52,000 units
Direct materials $80,000
Conversion cost $110,000
Number of units started 158,000 units
April costs
Direct materials $226,000
Conversion cost $336,000
Work in process, April 30 (100% complete for materials, 20% for conversion) 80,000 units
Required:
Using the weighted-average method, complete each of the following steps:
a. Reconcile the number of physical units worked on during the period.
b. Calculate the number of equivalent units.
c. Calculate the cost per equivalent unit.
d. Reconcile total cost Of work process.
Answer:
Physical Units
beginning 52,000
Started 158,000
Total 210,000
Equivalent Units
Physical Materials Conversion
Transferred 130,000 130,000 130,000
Ending 80,000 80,000 16,000
Total 210,000 210,000 146,000
Cost per EU
Materials (80,000 + 226,000) / 210,000 = 1.45714
Conversion ( 110,000 + 336,000) / 146,000 = 3.054794
The total cost to be accounted for:
Materials 306,000
Conversion 446,000
Total cost 752,000
Cost accounted for
transferred 130,000 ( 1.457 + 3.0548) = 586,534
ending: 80,000 x 1.457 = 116,560.00
16,000 x 3.0548 = 48,876.80
Total ending WIP 165,436.80
Total Cost accounted for 751,970.8
There is a 30 dollars difference due to rounding.
Explanation:
(A)
we add up beginning with started
(B) The weighted average is transferred untis plus the complete portion of ending work in process
(C) We divide all cost among EU
(D) the beginnning cost of WIP plus the cost incurred should match the amount applied to trasnferred units and ending WIP
An article in Forbes noted that the Intercounty Connector toll road that connects two counties in Maryland was not generating
as much toll revenue as predicted. At that time, the toll rate was $8 for a passenger car making a round trip from end to end on
the tollway during rush hour.
What additional information would you need to know in order to determine if the toll should be increased or decreased?
A. The price elasticity of supply
B.The income elasticity of drivers using the tollway
C. The number of vehicles using the tollway per day
D.The price elasticity of demand
Answer:
The price elasticity of demand
Explanation:
you need to know how high the demand is for the toll road.
The additional information that would be needed in order to determine if the toll should be increased or decreased is the price elasticity of demand.
The price elasticity of demand is required in this case as it shows the change that affects the consumption of a product due to the fact that there was either an increase or a reduction in the price.In this case, since the toll road wasn't making as much toll revenue as predicted, then this could be because there was an increase in the price of the toll road.In such case, the additional information that's needed will be the price elasticity of demand.In conclusion, the correct option is D.
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Smyth Industries operated as a monopolist for the past several years, earning annual profits amounting to $50 million, which it could have maintained if Jones Incorporated did not enter the market. The result of this increased competition is lower prices and lower profits; Smyth Industries now earns $10 million annually. The managers of Smyth Industries are trying to devise a plan to drive Jones Incorporated out of the market so Smyth can regain its monopoly position (and profit). One of Smyth's managers suggests pricing its product 50 percent below marginal cost for exactly one year. The estimated impact of such a move is a loss of $1 billion. Ignoring antitrust concerns, answer the following question: If Smyth Industries engages in predatory pricing by slashing its price 50 percent below marginal cost, the present value of current and future profits is:
Answer:
First of all we need a discount rate, so I looked for similar questions and the discount rates went from 4% to 8%, so i decided to use 6%.
the company has 2 alternatives, keep operating in a competitive market or slash its prices to try to erase the competition.
the present value of the first alternative using the perpetuity formula = $10,000,000 / 0.06 = $166,666,667
the present value of the second alternative is:
PV of slashing costs = $1,000,000,000 / 1.06 = $943,396,226 + the present value of future net incomes
the present value of future net incomes = $50,000,000 / 0.06 = $833,333,333, but we must discount this number this terminal value applies to end of the current, not now: $833,333,333 / 1.06 = $786,163,552
the NPV of slashing prices = $786,163,552 - $943,396,226 = -$157,232,674, so it is definitely a very bad idea.
A machine with a cost of $145,000 and accumulated depreciation of $100,000 is sold for $57,500 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:
Precision Camera Services started the year with total assets of $80,000 and total liabilities of $40,000. The revenues and the expenses for the year amounted to $140,000 and $60,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $55,000. What is the amount of stockholders' equity at the end of the year?
Answer:
$65,000
Explanation:
Stockholder's equity is the net value of a company's asset. It is the remaining value of a company asset after adjusting for retained earnings and liabilities.
For Precision Camera Services.
Current year additions to stakeholder equity will be the retained earnings.
Retained earning is revenues- expenses - dividends paid out
=$140,000 - $60,000 - $55,000
=$25,000
Stockholders equity : Assets + retained earning - liabilities
=$80,000 + $25,000 - $40,000
=$105,000- $40,000
=$65,000
Mr. Adam Smith works as a senior executive for Corebiz Corp., a multinational company with subsidiaries in many Asian countries. The firm believes in implementing a marketing strategy that strongly resonates the essence of the local culture. The company relocates Mr. Smith to Beijing to handle its operations in China. A few months into his stay, Mr. Smith begins to learn the ways of life and appropriate behavior in China. When Mr. Smith was invited for tea by his colleagues, he observed people around him and learned the right way to tap his finger and fold a napkin. Mr. Smith learns that the Chinese revere their seniors and treat them with respect. They never question the decision of their seniors. Any show of disrespect, especially "name calling," is shunned upon by society; and the person found doing so, risks being ridiculed by everyone. The people seemed to have high cohesiveness in terms of ties as a community. Though these new ways seems to be inconvenient for Mr. Smith owing to the vast cultural difference between the United States and China, Mr. Smith thinks that it is worth all the trouble. Mr.Smith learns that the Chinese revere their elders and treat them with respect.Even when there is no kinship involved,an older person should never be addressed with his/her name.According to the CSV dimension,China is a culture high in _____.
s. individualism
b. collectivism
c. masculinity
d. power distance
e. long-term orientation
According to the CSV dimension, China is a culture high in b. collectivism.
What is the collectivist culture?The collectivist culture emphasizes the needs and goals of the group as a whole over the needs and desires of each individual.
The collectivist culture is the opposite of the individualist culture, where the primary needs, goals, and aspirations of the individuals supersede collective needs, goals, and aspirations.
For example, the Chinese are expected to subordinate their individual needs, goals, and aspirations to the requirements of the state.
Thus, according to the CSV dimension, China is a culture high in b. collectivism, not individualism, masculinity, power distance, or long-term orientation.
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The Simkins Corporation uses a job-order costing system. The following activities took place during the month of May: a. Raw materials purchased $40,000 b. Raw materials (all direct) used in production $35,000 c. Salaries and wages costs: Direct labor cost $60,000 Indirect labor cost $30,000 Sales salaries $25,000 d. Factory utility costs $15,000 e. Depreciation on factory equipment $50,000 f. Advertising expense $80,000 g. Manufacturing overhead is applied at the predetermined rate of 150% of direct labor cost. h. Cost of Goods Manufactured for the month $180,000 i. Cost of Goods Sold for the month $150,000 Required: Prepare journal entries to record the information given above. Key your entries by the letters a through i.
Answer:
A. Dr Raw Material Inventory $40,000
Cr Accounts Payable $40,000
B. Dr Work in process Inventory $35,000
Cr Raw Material Inventory $35,000
C. Dr Work in process Inventory $60,000
Dr Factory Overheads $30,000
Dr Selling and administrative expenses $25,000
Cr Wages Payable $90,000
Cr Salaries Payable $25,000
D. Dr Factory Overheads $15,000
Cr Expense Payable $15,000
E. Dr Factory Overheads $50,000
Cr Accumulated Depreciation- Factory Equipment $50,000
F. Dr Selling and administrative expenses $80,000
Cr Expense Payable $80,000
G. Dr Work in process Inventory $90,000
Cr Factory Overheads $90,000
H. Dr Finished Goods Inventory $180,000
Cr Work in process Inventory $180,000
I. Dr Cost of goods sold $150,000
Cr Finished Goods Inventory $150,000
Explanation:
Preparation of Journal entries for Simkins Corporation
a. Based on the information given we were told that Raw materials purchased was the amount of $40,000 which means that the Journal entry will be "
Dr Raw Material Inventory $40,000
Cr Accounts Payable $40,000
b. Based on the information given we were told that Raw materials that was used in production was the amount of $35,000 which means that the Journal entry will be:
Dr Work in process Inventory $35,000
Cr Raw Material Inventory $35,000
c. Based on the information given we were told that Salaries and wages costs include Direct labor cost of the amount of $60,000 Indirect labor cost of the amount of $30,000 and Sales salaries if the amount of $25,000 which means that the Journal entry will be:
Dr Work in process Inventory $60,000
Dr Factory Overheads $30,000
Dr Selling and administrative expenses $25,000
Cr Wages Payable $90,000
Cr Salaries Payable $25,000
d. Based on the information given we were told that Factory utility costs the amount of $15,000 which means that the Journal entry will be:
Dr Factory Overheads $15,000
Cr Expense Payable $15,000
e. Based on the information given we were told that Depreciation on factory equipment cost the amount of $50,000 which means that the Journal entry will be:
Dr Factory Overheads $50,000
Cr Accumulated Depreciation- Factory Equipment $50,000
f. Based on the information given we were told that Advertising expense cost the amount of $80,000 which means that the Journal entry will be:
Dr Selling and administrative expenses $80,000
Cr Expense Payable $80,000
g. Based on the information given we were told that the company has predetermined rate of 150% of direct labor cost which means that the Journal entry will be:
Dr Work in process Inventory $90,000
Cr Factory Overheads $90,000
h. Based on the information given we were told that the Cost of Goods Manufactured for the month was $180,000 which means that the Journal entry will be:
Dr Finished Goods Inventory $180,000
Cr Work in process Inventory $180,000
i. Based on the information given we were told that Cost of Goods Sold for the month was $150,000 which means that the Journal entry will be:
Dr Cost of goods sold $150,000
Cr Finished Goods Inventory $150,000
Exercise 4-5 Assigning Overhead to Products in ABC [LO4-2, LO4-3]Sultan Company uses an activity-based costing system.At the beginning of the year, the company made the following estimates of cost and activity for its five activity cost pools:Activity Cost Pool Activity Measure ExpectedOverhead Cost Expected ActivityLabor-related Direct labor-hours $ 156,000 26,000 DLHsPurchase orders Number of orders $ 11,000 220 ordersParts management Number of part types $ 80,000 100 part typesBoard etching Number of boards $ 90,000 2,000 boardsGeneral factory Machine-hours $ 180,000 20,000 MHsRequired:1. Compute the activity rate for each of the activity cost pools.2. The expected activity for the year was distributed among the company’s four products as follows:Expected ActivityActivity Cost Pool Product A Product B Product C Product DLabor-related (DLHs) 6,000 11,000 4,000 5,000Purchase orders (orders) 60 30 40 90Parts management (part types) 30 15 40 15Board etching (boards) 500 900 600 0General factory (MHs) 3,000 8,000 3,000 6,000Using the ABC data, determine the total amount of overhead cost assigned to each product.
Answer:
1. The activity rates are as followed:
Labor-related rate = $6 per DLHs
Purchase orders rate = $50 per orders
Parts management rate = $800 per part types
Board etching rate = $45 per boards
General factory rate = $9 per MHs
2. See the part 2 of the attached excel file. The data in the excel file are too many to be put here.
Explanation:
Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.
1. Compute the activity rate for each of the activity cost pools.
Note: See part 1 of the attached excel file for the computation of the activity rate for each of the activity cost pools.
In the excel file, the following formula is used in the computation of the activity rate for each of the activity cost pools:
Activity rate = Expected Overhead Cost / Expected Activity
2. Using the ABC data, determine the total amount of overhead cost assigned to each product.
Note: See part 2 of the attached excel file for the computation of the total amount of overhead cost assigned to each product.
In the excel file, the following formula is used in the computation of the total amount of overhead cost assigned to each product:
Total amount of overhead cost assigned = Each Product Expected Activity * Activity rate
Using the information provided, what transaction represents the best application of the present value of an annuity due of $1? A. Compass, Inc., signs a note of $32,000, which requires the company to pay back the principal plus interest in four years. B. Falcon Products leases an office building for 8 years with annual lease payments of $100,000 to be made at the beginning of each year. C. NYC Industries leases a car for 4 yearly annual lease payments of $12,000, where payments are made at the end of each year. D. Bahwat Company plans to deposit a lump sum of $100,000 for the construction of a solar farm in 4 years.
Answer: B. Falcon Products leases an office building for 8 years with annual lease payments of $100,000 to be made at the beginning of each year.
Explanation:
An Annuity refers to an equal series of cashflows made at constant intervals. For instance, paying $100,000 per year for 8 years.
There are two types of Annuities; Ordinary and Annuity Due. Annuity Due refers to annuities that are paid at the beginning of each year whereas Ordinary is paid at the end.
Falcon will be paying $100,000 at the beginning of the year so this is an Annuity due and so will be the best application of the present value of an annuity due of $1.
Troglodyte University uses activity-based costing to assign indirect costs to academic departments, using three activities. The activity base, budgeted activity cost, and estimated activity-base usage for each activity are identified as follows: Activity Activity Base Budgeted Activity Cost Activity-Base Usage Facilities Square feet $800,000 80,000 square feet Instruction Number of course sections 1,200,000 600 sections Student services Number of students 290,000 2,500 students The activity-base usage associated with the Archaeology and Geology departments is as follows: Department Facilities Instruction Student Services Archaeology 8,000 square feet 8 sections 150 students Geology 5,200 square feet 15 sections 200 students a. Determine the activity rate for each activity. Activity Activity Rate Facilities $ per sq. ft. Instruction $ per section Student services $ per student b. Determine the total activity cost for the Archaeology Department. Total activity cost $
Answer:
USD 113 400 total
Explanation
I)
Rate of Activity:
actRate = actBudget/actBase
instruction = USD 1 200 000/600 Sections .= USD 2000/section
facilites = USD 800000/80000 Sq.Ft = USD 10/sq.ft)
student services = USD 290 000/2500 Students = USD 116/student
II)
Total = student services (150 students x USD 116/student) + Instruction (8 sections x USD 2000/section) + Facilities (8000SqFt x USD 10/sq.ft) +=
80 000 + 16 000 + 17 400 = USD 113 400
The hospitality industry does not have a definition upon which everyone can agree.
True
False
Answer:
false
Explanation:
?
Answer:
true
Explanation:
just took it on edge
n outside supplier has offered to produce this Item and sell it to the company for $15.80 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including direct labor, can be avoided. The special equipment used to make the Item was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company. If the outside supplier's offer were accepted, only $26,000 of these allocated general overhead costs would be avoided. If management decides to buy Item I51 from the outside supplier rather than to continue making the Item, what would be the annual impact on the company's overall net operating income
Answer:
- $119,800(declines).
(Kindly note the negative sign).
Explanation:
So, we have the following parameters or data ir information that is going to help us in solving this particular Question or problem;
(1). ..."produce this Item and sell it to the company for $15.80 each."
(2). "The special equipment used to make the Item was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company."
(3). "If the outside supplier's offer were accepted, only $26,000 of these allocated general overhead costs would be avoided".
The relevant cost for Direct Material = 21,600.
The relevant cost for direct labour = 39,600.
The relevant cost for Variable manufacturing overhead = 59,400.
The relevant cost for Supervisor’s salary = 18,000.
Therefore, the total for ''Buy'' = $284,400.
Also, the total for net changes in operating income= - $284,400.
This give us the net changes in operating income to decline $199,800(that is - $119,800).
CALCULATION THAT GIVES THE VALUE FOR THE NET CHANGES IN OPERATING INCOME =
(-) [ {18,000 × 15.80 } - { (1.2 + 2.2 + 3.3 + 1) × 18,000 units} - 26,000 ]
When setting prices of products, businesses want to make sure they can
cover their costs and make
Answer:
profit
Explanation:
their costs and make some profit
Employers place high value on strategic thinking skills in new graduates. This activity is important because strategic thinking happens at every single level of the organization and will assuredly be an unwritten part of the description of any job that you do. The goal of this exercise is to test your knowledge of the four key activities for developing your ability to think strategically.
Read the descriptions of following activities for developing strategic thinking. Then, write the key activity for developing strategic thinking that its description best represents.
a. Rex is participating in a job rotation program at his new workplace which gives him the chance to get to know as many aspects of the company as possible.
b Tripp sets aside time for work-related reflection each week. He usually spends the time organizing his to-do list for the upcoming week.
c. Paz has been an attorney for ten years and decides she can stop attending annual continuing education seminars now that she knows everything there is to know about her job.
d. Melia often purposefully plays the devil's advocate during work meetings because she thinks it's important to help her team avoid potentially costly decisions.
Answer and Explanation:
strategic thinking activities are thought processes that are geared towards achieving the goals and vision of the organization
1. Understand the business: John's thought processes are geared towards understanding the business for the purpose of making valuable contribution as one of its employees
2. Set aside time to reflect :
3. Broaden. your task and functional knowledge.
4 Engage in lateral thinking.
5) Set aside time to reflect.
6) Broaden. your task and functional knowledge.
7) engage in lateral thinking.
8) Set aside time to reflect
A regular guest requests his wife’s favorite dish a short while before the kitchens closing time. The chef informs the guest that the cook who usually makes it is not available. However, the actual reason is that making it would delay closing the kitchen. Which article of the code of ethics would this action breach?
A. abiding by the law
B. acting fairly
C. doing ones best
D. treating guests with respect
E. keeping confidence
Answer:
The answer is B. Acting Fairly. if you enter a restaurant before closing you have every right to get the food you order. a restaurant has to cook the food you request on the menu
How effective is it to request to scale back some features to deliver a 50% test version of your project
In terms of how effective it is to scale back some systems and deliver a 50% test version, this would be Ineffective.
How effective will requesting a scale back be?The original question asks how effective it will be to request a scale back if one can't meet a deadline.
This would be ineffective because the project is expected to be completed at a certain time so asking to only complete 50% would not be an effective solution to completing the project.
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What is institutional advertising focused on promoting?
A. Acompany
B. The Internet
C. A service
D. A good
Answer:
a. A company
Explanation:
that is the answer
When companies compete in a market economy, what is usually the result?
a)Consumers are able to buy goods for the best available price.
b)People pay much higher prices for goods.
c)There are frequent shortages of goods on the market.
d)Producers refuse to sell some of their products.
When companies compete in a market economy, consumers are able to buy goods for the best available price.
What is market economy?Market economy is a system of economy where supply and demand are involved in directing production.
These production includes goods and services and it is controlled by a central authority such as government agency.
Therefore, when companies compete in a market economy, consumers are able to buy goods for the best available price.
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Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 80 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 34 $9 $306 15 Purchase 26 10 260 24 Purchase 40 11 440 Total 100 $1,006 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $Enter the Weighted-average unit cost in dollars eTextbook and Media Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount
Answer:
The average cost will be "$201". The further explanation is given below.
Explanation:
At May 31, FIFO LIFO Average cost
The ending inventory $220 $180 $201
Going to end Inventory Computation together under Quarterly inventory management system will be:
At $11 = $220
FIFO = 20 UnitsAt $9 = $180
LIFO = 20 Units Average Cost = 20 Units$10.06 = $201.2 i.e $201.
During 2022 Swifty Corporation had sales on account of $561000, cash sales of $244000, and collections on account of $345000. In addition, they collected $6800 which had been written off as uncollectible in 2021. As a result of these transactions the change in the accounts receivable balance from the beginning of the year to the end of the year indicates a
As a result of these transactions the change in the accounts receivable balance from the beginning of the year to the end of the year indicates a:$216,000.
Change in account receivable balance
Using this formula
Change in account receivable=Sales onaccount-Collection on account
Let plug in the formula
Change in account receivable=$561000 - $345,000
Change in account receivable= $216,000
Inconclusion the change in the accounts receivable balance from the beginning of the year to the end of the year indicates a:$216,000.
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Johnson lives near Dollywood, a popular theme park in Tennessee. Johnson decides to begin a new money-making venture selling screen printed t-shirts from a booth just down the road from the theme park, to take advantage of the traffic that flows by on its way to the park. Johnson’s t-shirts, however, will not be Dollywood-themed t-shirts; they will be Johnson’s own creations. Johnson’s daughter Susan helps him in his new venture by manning the booth from time to time, but Johnson has total control over everything about the business—from ordering the t-shirts, paying the bills, pricing the t-shirts, paying the taxes on his sales, and receiving all the profits from the venture. Even though Johnson put no thought into what kind of business venture he was creating when he started his business, Johnson has effectively created a: ________
a. corporation
b. sole proprietorship
c. franchise
d. limited liability company
The business venture created by Johnson is effectively s sole proprietorship.
What is a sole proprietorship?A sole proprietorship is a type of business venture that is owned by a single individual. A sole proprietorship has an unlimited liability. This means that when the business is unable to meet its debt obligations, the properties of the sole proprietor can be used to settle the debt.
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Which liability account is typically settled by providing goods or services rather than by paying cash
It should be noted that Accounts Payable serves as liability account which is typically settled by providing goods or services rather than by paying cash.
What is Accounts Payable?Accounts Payable can be explained as short-term debt payment that should be paid to avoid default.
Accounts Payable can be explained as liability due to a particular creditor when goods is ordered by him without paying in cash up front.
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You've selected the product strategies for the shake, you need to decide on a pricing strategy. The meal replacement market is very crowded with competitors. Therefore, In Fine Fettle must consider the competition's prices when setting the price for its new product. A market analysis reveals that most ready-made meal replacement shakes sell for between $2 and $4 per shake. Keep your target market and product decisions in mind as you consider your pricing options.
a. Above-market: In Fine Fettle will offer its turmeric shake for $4.50 per shake, which is above the market average.
b. Below-market: In Fine Fettle will offer its turmeric shake for $1.50 per shake, which is below the market average.
c. At-market: In Fine Fettle will offer its turmeric shake for $3.00 per shake, which is at the market average.
Answer:
Throughout the interpretation category following the table, the specification of the statement is characterized.
Explanation:
Pricing techniques usually have included the 5 strategies options that follow:
Cost-plus pricing: Applying a mark-up while measuring prices. Competitive pricing: Premium depends on what's paid by the market. Value-based pricing: Consumer perception-based price. Price skimming: Setting as well as reducing a high price as when the economy progresses. Penetration pricing: Requiring a minimum price and increasing it later to reach a lucrative market.I advocate value-based pricing though it ensures a permanent competitive edge. The following approach was given by Eric Dolansky to conclude at a value-based amount.
Choose a commodity that is similar to yours and figure out what the consumer pays for it. Figure all the reasons your commodity is different from either the competing product. Put on all these discrepancies a relative benefit, apply something good about your brand as well as remove the disadvantages then reach up with a possible price. Make sure the profit is better than the expenses again for the consumer.
It's indeed important, furthermore, to present and inform clients about the nature of certain goods. You will then sell the item well above the average industry. It is important to maintain a marketing approach emphasizing the performance of the system on which consumers can pay discounts over the retail price. If the target consumer doesn't quite relate to this demand accordingly, then the commodity should be tailored to meet the consumer.
An accountant is modeling the annual tax expenditures, E, in thousands of dollars ttt years after January 1^{\text{st}}1 st 1, start superscript, start text, s, t, end text, end superscript, 200020002000 for a small business using two different models. Both of the accountant's models have tax expenditures of \$5000$5000dollar sign, 5000 on January 1^{\text{st}}1 st 1, start superscript, start text, s, t, end text, end superscript, 200020002000. Model 111 has tax expenditures which increase by \$4000$4000dollar sign, 4000 each year. Model 222 has tax expenditures which increase by a factor of aaa every 555 years. If the models have the same value on January 1^{\text{st}}1 st 1, start superscript, start text, s, t, end text, end superscript, 201020102010, what is the value of aaa
Tax expenditures are government revenue losses that are gotten from tax exclusions, deductions, credits, deferrals, and preferential tax rates.
What are Tax expenditures?Your information is incomplete. Therefore, an overview will be given. Tax expenditures are special provisions such as exclusions, deductions, deferrals, credits, and tax rates which benefit specific activities or groups of taxpayers.
It should be noted that tax expenditures are both widespread and costly, but are not subject to the same level of scrutiny in the budget process.
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For each of the following separate situations, prepare he necessary accounting adjustments using the financial statement effects template.
a. Unrecorded depreciation on equipment is $610.
b. On the date for preparing financial statements, an estimated utilities expense of $390 has been incurred, but no utility bill has yet been received or paid.
c. On the first day of the current period, rent for four periods was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to Cash.
d. Nine months ago, The Hartford Financial Services Group sold a one-year policy to a customer and recorded the receipt of the premium by debiting Cash for $624 and crediting Contract Liabilities for $624.
e. At the end of the period, employee wages of $965 have been incurred but not yet paid or recorded.6. At the end of the period, $300 of interest income has been earned but not yet received or recorded.
Answer:
depreciation expense equipment 610 debit
accumulated depreciation equipment 610 credit
utilities expense 390 debit
utilities payable 390 credit
rent expense 700 debit
prepaid rent 700 credit
insurance expense 468 debit
prepaid insurance 468 credit
wages expense 965 debit
wages payables 965 credit
interest receivables 300 debit
interest revenue 300 credit
Explanation:
(C) rent calculations
2,800 --> four period of rent
2,800 / 4 = 700 per period
(D) insurance calculations
624 for the entire years
expired 9 months in this period
$624 x 9/12 = 468
If you are paid $15 per $100 sold, what is your type of payment?
a. Commission
b. Salary
c. Wage
d. Pension
Please select the best answer from the choices provided
Answer:
a. Commission
Explanation:
The commission payment system is based on an employee's output, mostly sales achieved. The commission is usually a percentage of the total sales per stipulated time, say weekly, biweekly, or monthly. In the commission-based payment, the more output an employee has, the more money they earn.
The scenario in the case is commission based. For every $100 worth of sales, the payment is $15. The more the sales, the higher the earnings.
Answer:
Its A. commision
Explanation: