Answer:
B. $183,000
Explanation:
Calculation to determine The amount of cash that will be collected in July is budgeted to be
Budgeted collection in July = July sales (190,000*35%) + June sales (210,000*45%) + May sales (110,000*20%)
Budgeted collection in July =$66,500 +$94,500 + $22,000
Budgeted collection in July=$183,000
Therefore The amount of cash that will be collected in July is budgeted to be $183,000
Walt performs the steps below while saving Excel file “My Data.”
Click File → Click Save As → Choose Text (Tab delimited) → Click Save
What is Walt most likely trying to do with the Excel file?
A export data from the Excel file to a Notepad file
B export data from a Notepad file to the Excel file
C import data from the Excel file to an XML data file
D import data from an XML data file to the Excel file
Answer:
A. export data from the Excel file to a Notepad file
Explanation:
Geary Co. leased a machine to Dains Co. Assume the lease payments were made on the basis that the residual value was guaranteed and Geary gets to recognize all the profits. At the end of the lease term, before the lessee transfers the asset to the lessor, the leased asset and obligation accounts have the following balances:
Leased equipment $400,000
Less accumulated depreciation--capital lease 384,000
$ 16,000
Interest payable $ 1,520
Lease liability 14,480
$16,000
If, at the end of the lease, the fair value of the residual value is $9,800, what gain or loss should Geary record?
a. $4,680 gain
b. $8,280 loss
c. $6,200 loss
d. $9,800 gain
Answer:
c. $6,200 loss
Explanation:
Calculating the gain or loss Geary should record:
Gain or loss = Fair value of residual value - Value of leased equipment
Gain or loss = $9,800 - $16,000
Loss = $6,200
So, the loss that Geary should record is $6,200.
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tudy Tools
Attempts 13
Keep the Highest 13/3
.
5. Problems and Applications Q9
5
s Tips
A farmer grous wheat, which she sells to a miller for $80. The miller turns the wheat
into flour, which she sells to a baker for $120. The bakers
the heat into bread, which she sells to consumers for $140. Consumers eat the bread.
3 Tips
Assume that these transactions account for all economic activity in this economy.
GOP in this economy is 5
ra FREE 7-
Unlimited
Limited
value added is defined as the value of a producer's output minus the value of the intermediate goods that the producer buys to make the output
re
Ansuring there are no intermediate goods beyond those just described, complete the following table by calculating the value added for each of the
three producers. Then enter the total value added in the final row.
Value Added
Producer
Dollars)
Answer:
only 5 point.................
SwiftyCompany is considering two capital investment proposals. Estimates regarding each project are provided below:
Project Soup Project Nuts
Initial investment $380000 $492000
Annual net income 30000 46000
Net annual cash inflow 110000 146000
Estimated useful life 5 years 6 years
Salvage value 0 0
The company requires a 10% rate of return on all new investments.
Present Value of an Annuity of 1
Periods 9% 10% 11% 12%
5 3.89 3.791 3.696 3.605
6 4.486 4.355 4.231 4.111
The cash payback period for Project Nuts is:________.
a. 4.75 years.
b. 12.67 years.
c. 3.37 years.
d. 6.23 years.
Answer:
d
Explanation:
Gabe industries sells two products, basic models and deluxe models. Basic models sell for $44 per unit with variable costs of $25 per unit. Deluxe models sell for $25 per unit. Deluxe models sell for $54 per unit with variable costs of $25 per unit. Total fixed costs for the company are 1,441. Gabe Industries typically sells three Basic models for every Deluxe model. What is the breakeven point for Basic models and Deluxe models?
a. 26 units of Basic, 38 units of Deluxe
b. 17 units of Basic, 51 units of Deluxe
c. 38 units of Basic, 26 units of Deluxe
d. 51 units of Basic, 17 units of Deluxe
Answer:
See below
Explanation:
Basic models Deluxe models
Sales price $44 $54
Variable costs $25 $25
Contribution margin $9 $29
×
Sales mix 1 3
Total contribution margin $9 $87
Contribution margin per unit = $9 + $87 = $96
Weighted contribution margin= Total contribution margin / Units
= $96 / $4
= $24
Break even point = Total fixed costs / Weighted contribution margin
Break even point = $1,441 / $24
Break even point = 60 units
•Basic units = 60 × 63.33% = 38 units of basic
•Deluxe units = 60 × 43.33% = 26 units of Deluxe units
n 2019, the top 4 customers of Brady Corp provided the following revenue. Jenny: $400 Svetlana: $300 Kerry: $900 Maria: $1,200 Brady Corp reported the following for 2019: Total Third Party Revenue. $6,000 Total Intersegment Revenue $9,000 Total Expenses $4,000 Under the major customer test, which customers must Brady Corp provide disclosure about. a. Kerry and Maria b. No customer disclosure required c. Kerry, Maria, Jenny, Svetlana d. Maria only e. Kerry, Maria and Jenny
Answer:
Brady Corporation
Under the major customer test, the customers that Brady must provide disclosure about are:
b. No customer disclosure required.
Explanation:
a) Data and Calculations:
Revenue by top 4 customers:
Jenny: $400
Svetlana: $300
Kerry: $900
Maria: $1,200
Brady Corp Income Statement Details:
Total Third Party Revenue $6,000
Total Intersegment Revenue $9,000
Total company revenue $15,000 (10% of $15,000 = $1,500)
Total Expenses $4,000
Total net operating income $11,000
b) The major customer test requires that if 10 percent or more of the revenue of Brady Corp is derived from sales to any single customer, this fact and the amount of revenue from each such customer shall be disclosed. In this case, there is no customer that gives Brady Corp 10% of its total revenue of $15,000 (or $1,500). It is only Maria that comes close to $1,500. Therefore, this major customer disclosure will not be made by Brady Corp. in 2019.
Jill is a cash basis attorney. This year, she performed services in connection with the formation of a corporation and received stock with a value of $4,000 for her services. By the end of the year, the value of the stock had decreased to $2,000. She continued to hold the stock. Jill must recognize $4,000 of gross income from the stock for the current year.
a) true
b) false
Answer:
a) true
Explanation:
Since in the question it is mentioned that the stock is received with the value of $4,000 and at the closing of the year the stock value is decreased to $2,000
But she continue to hold the stock and record $4,000 of the gross income from the stock
So at the time of income receipt, the realizable value is $4,000
Therefore the given statement is true
Department stores have increasingly used designer boutiques to highlight specific designers to small market segments. This strategy most closely resembles that of which retail institution
Answer:
Specialty Store
Explanation:
A specialty store is a store where it keeps the high brand, style or models having the narrow category of goods and services. The products like furniture, sporting goods, bookstores are categorized as the speciality stores.
Since in the given situaton, it is mentioned that the stores increase the usage of the designer boutique for highlighting the particular designers for the small market so this represent the speciality store of that retail institution
If a business had a capacity of $10,000,000 of sales, actual sales of $6,000,000, break-even sales of $4,500,000, fixed costs of $1,800,000, and variable costs of 60% of sales, what is the margin of safety expressed as a percentage of sales
Answer:
2000000
Explanation:
because that is what is left
Determine the average rate of return for a project that is estimated to yield total income of $936,000 over eight years, has a cost of $1,200,000, and has a $100,000 residual value.
Answer:
18%
Explanation:
The computation of the average rate of return is shown below:
The average of annual income is
= $936,000 ÷ 8 years
= $117,000
And, the average investment is
= ($1,200,000 + $100,000) ÷ 2
= $650,000
Now the average rate of return is
= $117,000 ÷ $650,000
= 18%
Swifty Corporation has the following budgeted sales: January $30000, February $90000, and March $50000. 40% of the sales are for cash and 60% are on credit. For the credit sales, 50% are collected in the month of sale, and 50% the next month. The total expected cash receipts during March are:
Answer:
Total cash collection= $62,000
Explanation:
Giving the following information:
40% of the sales are for cash and 60% are on credit. For the credit sales, 50% are collected in the month of sale, and 50% the next month.
Sales:
January $30000
February $90000
March $50000
Cash collection March:
Sales in account February= (90,000*0.6)*0.5= 27,000
Sales in account March= (50,000*0.6)*0.5= 15,000
Sales in cash March= (50,000*0.4)= 20,000
Total cash collection= $62,000
Karen, a driver for Domino's Pizza, leaves the truck's motor running in neutral and carelessly forgets to set the parking brake while she makes a delivery. The truck moves forward and crashes into a nearby electrical pole igniting a fire that spreads quickly to a construction site a block away. A burned wall collapses onto a crane, which falls on Frank, a bystander, and injures him.
Required:
What must Frank show to recover damages from Domino's for the tort of negligence
Answer:
The answer is given in detail below.
Explanation:
In the negligence case, the damages would be recovered if Frank (injured party) as a plaintiff would be able to prove that the Company's driver (Karen) owed him a duty of care, that the duty was breached by the company's driver, that the plaintiff (Frank) was injured and that the injury was caused due to the breach of the duty of care.
In the following case, the crane falling on Frank was the reason for his injury. Therefore, to prove that the duty of care was breached, Frank would have to connect the breach to the injury caused to him. This would require doing the foreseeability test, which questions the fact that the person who caused the injury could have reasonably foreseen the results of the action caused by them due to his or her misconduct. In this problem, the company's driver did breach the duty of reasonable care.
ABC Partnership has the following capital balances and profit and loss percentages. A (50%) $100,000 B (30%) $200,000 C (20%) $300,000 D will pay a total of $200,000 to the three partners in a privately negotiated transaction to acquire a 25% ownership interest. The goodwill method is to be used. How much Goodwill is recorded by the partnership a. $300,000 b. $225,000 c. $400,000 d. $0 e. $200,000
The goodwill method is to be used. How much Goodwill is recorded by the partnership is 225,000. Hence, option B is correct.
What is goodwill method?Goodwill is calculated by subtracting the purchase price from the difference between the fair market value of the company's assets and liabilities. Companies are required to review their goodwill value on their financial statements at least once a year and reflect any impairments.
This method is used when profits fluctuate and the current year's profit is given primary importance. It's evaluated using the formula. Weighted Average Profit is the sum of all profits divided by the sum of all weights, and Goodwill is computed as Weighted Average Profit times the number of years since the purchase.
Goodwill valuation is the methodical evaluation of a company's goodwill for inclusion in its balance sheet under the heading of intangible assets.
Thus, option B is correct.
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In accounting for a defined benefit pension plan:______________.
A. the expense recognized each period is equal to the cash contribution.
B. an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised.
C. the employer's responsibility is simply to make a contribution each year based on the formula established in the plan.
D. the liability is determined based upon known variables that reflect future salary levels promised to employees.
Answer:
C. the employer's responsibility is simply to make a contribution each year based on the formula established in the plan.
Explanation:
A defined benefit pension plan is one that promises an employee that a particular amount of money will be paid to them on retirement. As far as they make contributions based on a formula that takes into consideration age, tenure, and earning history.
So the main responsibility of the employee is to simply make a contribution each year based on the formula established in the plan.
The benefit to be gained remains defined.
On the other hand a defined contribution plan is one that is dependent on the amount that is being contributed by the employee.
Benefits to be paid out will depend on the amount collected before retirement.
Find an article regarding full disclosure or the treatment of accounting changes. In 250-300 words, summarize the article that you found and post that summary in the discussion forum. Post the article name in the subject line and do not post on an article that another classmate has already posted. Participate in follow-up discussion by choosing one of the articles that your classmates' posted on and providing additional comments about the findings of that article. Your initial post should be 250-500 words, and should demonstrate solid academic writing skills. Please include proper citations in your discussion post. Points will be deducted if proper citations are not used.
Hi, since this is an academic writing activity, I simply provided suggestions and explanations of key terms.
Explanation:
Basically writing an essay involves consulting good written sources of information that discuss the subject. The term accounting changes disclosure basically refers to the requirement for companies to disclose
any changes to its:
accounting principle, accounting estimates, or reporting entity.Citation (reference) is a term used in reasearch to describe a source or a list of sources (published and unpublished) where information or data was consulted and used in the research work.
Several artists in Charleston, South Carolina, show and sell their work in an art gallery downtown. The gallery is owned by an art lover who does not buy the paintings but displays the work of various artists. She collects a percentage on each piece sold. In terms of the marketing channel, the gallery is Multiple Choice an ultimate consumer. a manufacturer. a wholesaler. an agent. a clearinghouse.
Gains from trade are the: Multiple Choice increase in welfare in both countries that results from specialization and trade. transfer of surplus by the receiving country that results from trade. deadweight loss by the losing country that results from trade. increased skills and human capital that results from specialization and trade.
Answer:
The answer is "the increase in welfare in both countries that result from specialization and trade".
Explanation:
Commercial gains imply benefits that are benefitted by specialization and division of work from various countries participating in international trade.
Its profits of trade are the positive benefits of trade instead of creating, meaning as advantage benefits via trade rather than producing advantage oneself.
The whole form of profit is usually called gain. Those gains are indeed the advantages of shifting production factors.
Static trade gains:
Production maximisationNational income increaseIncreased social securityReduced cost of scale savingsEnhanced variety of productsExcess sheddingMarshall Manufacturing issues a $1,000 bond with an interest rate of 10%, and a maturity date of 2031. This creates a liability for Marshall Manufacturing to pay the bondholder: a. an interest payment equal to the dividend payment distributed to the common stockholders. b. $1,100 annually until the year 2031. c. 10% of the selling price of the bond. d. $100 interest per year and $1,000 in the year 2031.
Answer:
The correct option is d. $100 interest per year and $1,000 in the year 2031.
Explanation:
Bond can be described as a financial instrument showing that certain amount of money is being owed to the holder. The bondholder has to be paid periodic interest at a specific rate and bond value has to paid back to the holder at the maturity date.
From the question, we have:
Bond value = $1,000
Interest rate = 10%
Maturity date = 2031
Therefore, we have:
Interest per year = Interest rate * Bond value = 10% * $1,000 = $100 per year
This implies that this creates a liability for Marshall Manufacturing to pay the bondholder $100 interest per year and $1,000 in the year 2031.
Therefore, the correct option is d. $100 interest per year and $1,000 in the year 2031.
Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter
Required:
1. Calculate the estimated cost of workers' compensation insurance for the year.
2. Show the journal entry for the first quarterly payment on January 2, 20.
3
a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--.
b. Assume Ryan's actual payroll for the year was $89,000. Record the adjustment needed on December 31, 20--. The actual payment of the additional insurance premium will not take place until January of the following year.
Answer:
Following are the responses to the given choice:
Explanation:
Please find the solution in the attached file.
Please answer the question posted in the image
Answer:
its c
Explanation:
Solutions to the moral hazard problem include Select one: a. low net worth b. greater reliance on equity contracts and less on debt contracts c. monitoring and enforcement of restrictive covenants. d. greater reliance on debt contracts than financial intermediaries
Answer:
C) monitoring and enforcement of restrictive covenants.
Explanation:
Moral hazard can be regarded as the situation which take place when an individual get some chances whereby he/she can take advantage of a financial deal or financial situation, when he/she knows that all the risks as well as fallout will be accounted to another party. moral hazard can be reduced by strong up policies which will prevent immoral behavior as well as regular monitoring. One of the Solutions to the moral hazard problem is monitoring and enforcement of restrictive covenants.
I applied to a university in mid October but it is June now an I haven't gotten a respond yet. is it a bad sign?
Cushman Company had $846,000 in sales, sales discounts of $12,690, sales returns and allowances of $19,035, cost of goods sold of $401,850, and $291,025 in operating expenses. Gross profit equals:
Answer:
Explanation:
I'm pretty sure that gross profit is simply just sales-Cost of goods sold
846,000-401,850= 444,150
You got $200 from your grandma for your birthday. What should you do first? Option A A Record it as income in your budget. Option B B Stick it under your bed for safekeeping. Option C C Deposit it all straight into your savings account. Option D D Spend it.
summer nights sells bottles of bug spray for 9.00 eaqch variable costs are 3.00 per bottle while fixed costs are 50000 per month for volumes up to 40,000 bottles of spray and 59000 per month for volumes above 40,000 bottles of spray. The flexible budget would reflect monthly operating income for 18,000 bottles of spray 33,000 bottles of spray of what dollar amounts
Answer: $58000; $148000
Explanation:
Sales = 18000 × $9.00 = $162000
Less: Variable cost = 18000 × $3 = $54000
Contribution margin = $108000
Less: Fixed cost = $50000
Operating income = $58000
Sales = 33000 × $9.00 = $297000
Less: Variable cost = 33000 × $3.00 = $99000
Contribution margin = $198000
Less: Fixed cost = $50000
Operating Income = $148000
Herman Company received proceeds of $188,500 on 10-year, 8% bonds issued on January 1, 2009. The bonds had a face value of $200,000, pay interest semi-annually on June 30 and December 31, and have a call price of 101. Herman uses the straight-line method of amortization.
What is the carrying value of the bonds on January 1, 2011?
a) $200,000
b) $190,800
c) $197,700
d) $189,650
Answer the two questions relating to supply and the law of supply. A shift in the supply curve can be caused by a shift in demand. a change in one of the determinants of supply. a change in the price of a good. a change in buyers' incomes. If the price of a kayak increases, sellers offer fewer kayaks for sale. the supply of kayaks increases. sellers offer more kayaks for sale. the supply of kayaks decreases.
Answer: 1. a change in one of the determinants of supply
2. sellers offer more kayaks for sale.
Explanation:
1. Supply refers to the amount of goods or services that a seller is willing to sell at a given price and time. A shift in the supply curve can be caused by a change in one of the determinants of supply. e.g. number of sellers in the market or price of input.
When there's a change in one of these factors e.g let's say there's an increase in the number of sellers of a good on the market, this will lead to a shift in the supply curve to the right as there'll be more goods to be sold.
2. When the price of kayak increases, the sellers will offer more kayaks for sale. This follows the law of supply which explains that when price increases, the quantity supplied will increase as well.
Andy views beer and pizza as complements to one another. If the price of pizza decreases, economists would expect: Group of answer choices
Answer:
4
Explanation:
1. Andy’s demand for pizza to increase
2. Andy’s demand for pizza to decrease
3. Andy’s quantity of pizza demanded to decrease
4. Andy’s demand for beer to increase
Complementary goods are goods that are consumed together. If the price of pizza decreases, the quantity demanded of pizza would increase. this is according to the law of demand.
According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.
While, the quantity demanded of beer would increase. this is because more of pizza is being consumed and both goods are complements
When reviewing the performance appraisals for the marketing department, the HR manager found what appeared to be leniency errors, as most employees received similar ratings that were above average. Going forward, raters are going to be required to use a forced distribution, as this will reduce the chance of leniency or strictness errors.
a. True
b. False
True Is the Answer dear....
It is true that raters are going to be required to use a forced distribution when reviewing the performance appraisals of marketing department by HR manager.
What is performance appraisal?This is a process of evaluating how well an employee has performed in an organization and in line with the employee's key performance indicator.
The aim of perfomace apprailsal for the organization to know whether or not an employee abide with the indicators set by the company.
Hence, It is true that raters are going to be required to use a forced distribution when reviewing the performance appraisals of marketing department by HR manager.
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On July 1, 2019, Stacy Company signed a $140,000, one-year, 6 percent note payable. The principal and interest will be paid on June 30, 2020. How much interest expense should be reported on the income statement for the year ended December 31, 2019
Answer:
Stacy Company
The amount of interest expense that should be reported on the income statement for the year ended December 31, 2019 is:
= $4,200.
Explanation:
a) Data and Calculations:
6% Notes Payable = $140,000
Date of issuance = July 1, 2019
Interest rate per annum = 6%
Total interest expense for the one year = $8,400 ($140,000 * 6%)
Interest expense for the half-year = $4,200 ($140,000 * 6% * 1/2)
b) Therefore, the cash payment on June 30, 2020 will amount to $148,400 ($140,000 + $8,400)