The $247,000 net income should be divided as $149,000 to Sharon Guenther and $98,000 to Robert Firmin.
To determine how the net income should be divided between Sharon Guenther and Robert Firmin, follow these steps:1. Calculate the salary allowances for each partner:
Guenther: $80,000
Firmin: $50,000
2. Calculate the interest allowances for each partner based on 15% of their beginning capital account balances:
Guenther: $100,000 * 0.15 = $15,000
Firmin: $80,000 * 0.15 = $12,000
3. Subtract the salary and interest allowances from the total net income of $247,000:
Total salary allowances: $80,000 + $50,000 = $130,000
Total interest allowances: $15,000 + $12,000 = $27,000
Remaining net income: $247,000 - $130,000 - $27,000 = $90,000
4. Divide the remaining net income of $90,000 between Guenther and Firmin based on their agreed percentages:
Guenther: $90,000 * 0.60 = $54,000
Firmin: $90,000 * 0.40 = $36,000
5. Sum up each partner's share of net income by adding their salary allowances, interest allowances, and remaining net income:
Guenther: $80,000 + $15,000 + $54,000 = $149,000
Firmin: $50,000 + $12,000 + $36,000 = $98,000
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A $56k sale on account near year end was recorded at $65k.
Accounts affected:
Assertions violated:
A $56k sale on account near year-end was recorded at $65k. Accounts affected: 1. Accounts Receivable, 2. Sales Revenue. Assertions violated: 1. Accuracy, 2. Cut-off.
When a $56k sale on account near year-end was recorded at $65k, the accounts affected are Accounts Receivable and Sales Revenue. The assertions violated, in this case, are Accuracy, as the transaction was not recorded at the correct amount, and Cut-off, since the error might cause the transaction to be recorded in the incorrect accounting period, affecting the year-end balance. To correct this error, you would need to adjust the Accounts Receivable and Sales Revenue accounts to reflect the accurate transaction amount of $56k.
Assertions violated:
1. Accuracy: The transaction was not recorded at the correct amount
2. Cut-off: The transaction might not have been recorded in the correct accounting period if the error affects the year-end balance.
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Debt Irrelerance. Companies A and B differ only in their capital structure. A is financed 30% debt and 70% equity, B is financed 10% debt and 90% equity. The debt of both companies is rixkree. (나 LO16-I) a. Rosencrantz owns 1% of the common stock ofA. What other investment package (involving shares in company B) would produce identical cash flows for Rosencrantz? b. Guildenstern owns 2%
of the common stock of B. What other investment package (involving shares in company A) would produce identical cash flows for Guildenstern?
Company A has a 70% equity proportion, Rosencrantz would need to own 1% * (70% / 90%) = 0.7778% of Company B's common stock to achieve identical cashflows.
a. Rosencrantz owns 1% of the common stock of Company A, which is financed 30% debt and 70% equity. To produce identical cash flows with shares in Company B (financed 10% debt and 90% equity), Rosencrantz would need to own a proportion of Company B's shares that equates to the same equity proportion as in Company A.
Since Company A has a 70% equity proportion, Rosencrantz would need to own 1% * (70% / 90%) = 0.7778% of Company B's common stock to achieve identical cash flows.
b. Guildenstern owns 2% of the common stock of Company B, which is financed 10% debt and 90% equity. To produce identical cash flows with shares in Company A (financed 30% debt and 70% equity), Guildenstern would need to own a proportion of Company A's shares that equates to the same equity proportion as in Company B.
Since Company B has a 90% equity proportion, Guildenstern would need to own 2% * (70% / 90%) = 1.5556% of Company A's common stock to achieve identical cash flows.
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Complete question:
Debt Irrelerance. Companies A and B differ only in their capital structure. A is financed 30% debt and 70% equity, B is financed 10% debt and 90% equity. The debt of both companies is risk free.
a. Rosencrantz owns 1% of the common stock of A. What other investment package (involving shares in company B) would produce identical cash flows for Rosencrantz?
b. Guildenstern owns 2% of the common stock of B. What other investment package (involving shares in company A) would produce identical cash flows for Guildenstern?
In his research on interview procedures and questions, Huffcutt found that:
many popular interview questions such as "What are your strengths and weaknesses?" have very low or nonexistent predictive validity.
interview questions are essentially a projective test, so one question is as good as any other, when it comes to predictive validity.
interview questions can have good predictive validity, but only if the interviewer knows a great deal about the candidate beforehand.
a free-flowing unstructured interview procedure is a better way of assessing the overall quality of a candidate than is a structured interview with standardized questions.
interview questions are very good at eliciting valid information about "will-do" factors, but very weak at eliciting valid information about "can-do" factors.
While interview questions are effective at eliciting valid information about "will-do" factors, they are weak at eliciting valid information about "can-do" factors.
According to Huffcutt's research on interview procedures and questions, he found that many popular interview questions, such as "What are your strengths and weaknesses?", have low or nonexistent predictive validity. He also noted that interview questions essentially act as a projective test, meaning that one question is as good as any other when it comes to predictive validity. However, interview questions can have good predictive validity if the interviewer knows a great deal about the candidate beforehand. Additionally, a free-flowing unstructured interview procedure may be better for assessing the overall quality of a candidate than a structured interview with standardized questions. Finally, while interview questions are effective at eliciting valid information about "will-do" factors, they are weak at eliciting valid information about "can-do" factors.
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Individuals who receive a conviction for no insurance will pay an annual surcharge fee of HOW MANY DOLLARS for three years from the date of conviction.
a. 350
b. 250
c. 200
d. 300
Individuals who receive a conviction for no insurance will pay an annual surcharge fee of $250 for three years from the date of conviction.
Insurance is a contract between an individual or entity (the insured) and an insurance company (the insurer) in which the insurer agrees to provide financial protection to the insured against specified risks in exchange for payment of a premium. Insurance is a mechanism for transferring risk from an individual or entity to an insurance company.
There are many types of insurance policies available, including health insurance, life insurance, property and casualty insurance, and liability insurance. Each type of insurance policy is designed to provide coverage for specific risks and events, and the terms and conditions of the policy will vary depending on the type of insurance.
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Which macro Trust Setting is not recommended unless you are absolutely certain you want to work with macros? Select an answer:
a. Enable all macros.
b. Disable all macros with notifications.
c. Disable all macros, except digitally signed macros
d. Disable all macros without notifications.
It is important to always have some level of control and awareness over macros, which is why options b and c are recommended instead.
The macro Trust Setting that is not recommended unless you are absolutely certain you want to work with macros is option d, "Disable all macros without notifications." It is important to always have some level of control and awareness over macros, which is why options b and c are recommended instead. Option b, "Disable all macros with notifications," allows you to choose whether to enable or disable a macro each time it is used, while option c, "Disable all macros, except digitally signed macros," ensures that only macros from trusted sources are allowed to run.
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monte carlo simulation is inappropriate to analyze cash budgets because of the inherent uncertainty of sales forecasts. group of answer choices true false
False. Monte Carlo simulation can be a useful tool for analyzing cash budgets even when sales forecasts are uncertain.
In fact, the simulation can help to quantify the level of uncertainty and provide a range of possible outcomes based on different scenarios. By running multiple iterations, the simulation can provide a more detailed answer and help to identify potential risks and opportunities.
However, it's important to note that the accuracy of the simulation results depends on the quality of the input data and assumptions used in the model.
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hazeltine company issued common stock for $200,000 cash. what happened as a result of this event?a. assets,claims, and equity all increasedb. equity increasedc. assets increasedd. claims increased
Hazeltine Company issuing common stock for $200,000 cash. The correct option are: As a result of this event, both assets and equity increased. Therefore, correct options is b and c.
1. The company issued common stock, which is a type of equity.
2. In exchange for the common stock, the company received $200,000 cash.
3. The cash received increased the company's assets by $200,000.
4. The issuance of common stock increased the company's equity by $200,000.
So, the correct answer is a combination of options B and C: assets increased and equity increased.
This resulted in an increase in equity and assets , specifically in the form of paid-in capital. As a result, the equity and assets of the company increases by the same amount as the cash received from the issuance of the stock.
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Which GLOBE leadership dimension always had a negative impact on effectiveness regardless of culture? O (B) participative. O (E) team oriented. O (A) autonomous. O (C) self-protective. O (D) charismatic.
Self-protective (Option C) leadership dimension always had a negative impact on effectiveness regardless of culture.
Self-protective leadership is consistently found to have a negative impact on effectiveness across different cultures, as it tends to focus on self-interest and maintaining one's position, rather than promoting collaboration and the overall success of the team.
It is a leadership style that encompasses behaviors that are traditionally associated with a male stereotype (conflict inducement, procedure orientation, status enhancement), is viewed more negatively by female managers compared to their male counterparts.
Self-protective leadership focuses on ensuring the safety and security of the individual and group through status enhancement and face saving. Self-protective leaders are self-centered, status conscious and conflict inducers who emphasize procedures and saving face.
Therefore, the correct answer is option C. Self-protective leadership.
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Tina wants to create a project in QuickBooks Online for her company. Her company recently began a bathroom remodel for a customer named Tim Turner. From the company's QuickBooks Online homepage, arrange the steps Tina should take to create a new project in the correct order.
Answer:
Here are the steps Tina should take to create a new project in QuickBooks Online for her company:
1. From the QuickBooks Online homepage, click on the Projects tab.
2. Click on the New Project button.
3. Enter the project name as "Bathroom Remodel for Tim Turner" and add any other relevant information.
4. Save the project.
At the beginning of the year, Ivanhoe Company had total assets of $ 778,000 and total liabilities of $ 280,000. Answer the following questions. (a) If total assets increased $ 137,000 during the year and total liabilities decreased $ 63,000, what is the amount of owner's equity at the end of the year? Owner's equity $ 0 (b) During the year, total liabilities increased $ 104,000 and owner's equity decreased $ 99,000. What is the amount of total assets at the end of the year? Assets $ (c) If total assets decreased $ 79,000 and owner's equity increased $82,000 during the year, what is the amount of total liabilities at the end of the year? Liabilities $
a)Owner's equity at the end of the year is $698,000.
b)Total assets at the end of the year are $783,000.
c)Total liabilities at the end of the year are $119,000.
(a) Using the accounting equation: Assets = Liabilities + Owner's Equity
At the beginning of the year, we had:
Assets = $778,000
Liabilities = $280,000
Owner's Equity = Assets - Liabilities = $778,000 - $280,000 = $498,000
After the changes during the year:
Assets increased by $137,000, so we have Assets = $778,000 + $137,000 = $915,000
Liabilities decreased by $63,000, so we have Liabilities = $280,000 - $63,000 = $217,000
Using the accounting equation again:
Owner's Equity = Assets - Liabilities = $915,000 - $217,000 = $698,000
(b) Using the accounting equation:
At the beginning of the year, we had:
Assets = Liabilities + Owner's Equity
Assets = $778,000
Liabilities = $280,000
Owner's Equity = Assets - Liabilities = $778,000 - $280,000 = $498,000
During the year:
Liabilities increased by $104,000, so we have Liabilities = $280,000 + $104,000 = $384,000
Owner's Equity decreased by $99,000, so we have Owner's Equity = $498,000 - $99,000 = $399,000
Using the accounting equation again:
Assets = Liabilities + Owner's Equity = $384,000 + $399,000 = $783,000
(c) Using the accounting equation:
At the beginning of the year, we had:
Assets = Liabilities + Owner's Equity
Assets = $778,000
Liabilities = $280,000
Owner's Equity = Assets - Liabilities = $778,000 - $280,000 = $498,000
During the year:
Assets decreased by $79,000, so we have Assets = $778,000 - $79,000 = $699,000
Owner's Equity increased by $82,000, so we have Owner's Equity = $498,000 + $82,000 = $580,000
Using the accounting equation again:
Liabilities = Assets - Owner's Equity = $699,000 - $580,000 = $119,000
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Fresh Foods established a petty cash fund of $100 on January 2. On January 31, the fund contained cash of $9.20 and vouchers for the following cash payments:Maintenance expense $61.50Office supplies 12.50Transportation expense 15.00The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund.Record each of the three events in a horizontal statements model like the following one:Assets Stockholders Equity Revenue- Expenses= Net Income No. Cash+ Petty cash= Retained Earnings Cash Flow1 2 3
Here's the horizontal statements model for the three accounting events affecting the petty cash fund reimbursements made to employees, and the recognition of expenses and replenishment of the fund. The horizontal statements model has been provided for each event.
1. Establishment of the fund:
Assets Stockholders' Equity
Cash + Petty Cash = Retained Earnings Cash Flow
-100 + 100 = 0 (100)
2. Reimbursements made to employees:
(No effect on the horizontal statements model, as reimbursements are made from the petty cash fund)
3. Recognition of expenses and replenishment of the fund:
Assets Stockholders' Equity Revenue - Expenses = Net Income
Cash + Petty Cash = Retained Earnings Cash Flow
90.80 + 0 = 0 (90.80)
(Note: $90.80 = $100 - $9.20)
In summary, the three accounting events affecting the petty cash fund are the establishment of the fund, reimbursements made to employees, and the recognition of expenses and replenishment of the fund. The horizontal statements model has been provided for each event.
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If the Crash Davis Driving School has an ROE of 14.6 percent and a payout ratio of 20 percent, what is its sustainable growth rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Sustainable grownth rate ___
The sustainable growth rate for Crash Davis Driving School is 11.68%. To calculate the sustainable growth rate for Crash Davis Driving School, we'll need to use the ROE formula:
Where, Sustainable Growth Rate (SGR) = ROE * (1 - Payout Ratio)
Here, ROE (Return on Equity) is given as 14.6 percent, and the Payout Ratio is 20 percent.
First, we need to convert the percentages to decimals. To do that, we divide the percentages by 100:
ROE = 14.6 / 100 = 0.146
Payout Ratio = 20 / 100 = 0.2
Now, we can plug these values into the formula:
SGR = 0.146 * (1 - 0.2)
To find (1 - 0.2), subtract 0.2 from 1:
1 - 0.2 = 0.8
Now, multiply 0.146 by 0.8:
SGR = 0.146 * 0.8 = 0.1168
Finally, convert the result back into a percentage by multiplying by 100:
SGR = 0.1168 * 100 = 11.68%
The sustainable growth rate for Crash Davis Driving School is 11.68%.
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At the end of the year, a firm produced 20,000 laptops computers. Its total cost was $5 million, and its fixed cost was $2 million. What are the average variable costs (total the nearest dollar) of this firm?
To calculate the average variable costs of the firm, we need to subtract the fixed costs from the total costs and divide by the number of laptops produced.
Variable costs = Total costs - Fixed costs
Variable costs = $5 million - $2 million
Variable costs = $3 million
Average variable cost per laptop = Variable costs / Number of laptops produced
Average variable cost per laptop = $3 million / 20,000 laptops
Average variable cost per laptop = $150
Therefore, the average variable costs of the firm are $150 per laptop (rounded to the nearest dollar).
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In error management training, trainees are instructed that errors hamper learning and should largely be avoided. true or false?
False. In error management training, trainees are instructed that errors are a natural and necessary part of the learning process and that mistakes can provide valuable opportunities for growth and improvement.
Trainees are taught how to recognize and manage errors effectively, with an emphasis on understanding the underlying causes of errors and developing strategies for preventing or correcting them in the future. In error management training, trainees are instructed that errors are a natural and necessary part of the learning process and that mistakes can provide valuable opportunities for growth and improvement The goal of error management training is to create a culture of learning and continuous improvement, where trainees feel comfortable taking risks, making mistakes, and learning from them.
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True or false if an individual is interested in how machines work, they should research the manufacturing career cluster. ?
True. The manufacturing career cluster involves the production and assembly of goods using machines and technology.
Therefore, individuals interested in understanding how machines work can research and pursue careers within this cluster.
True, if an individual is interested in how machines work, they should research the Manufacturing Career Cluster, as it focuses on the process of transforming raw materials into finished products and involves working with various machines and equipment.
The manufacturing career cluster includes a wide variety of occupations that involve the creation and production of goods, using machinery, tools, and technology. Workers in the manufacturing industry are involved in every stage of the production process, from design and development to assembly and distribution.
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The first step in outlining a strong marketing positioning statement is to:
address the key reasons customers should believe in the statement
address the category or frame of reference
address the target audience
The first step in outlining a strong marketing positioning statement is to address the category or frame of reference. This involves identifying the market space your product or service operates in and understanding how it compares to competitors.
Once this is established, you can then address the key reasons customers should believe in the statement and tailor it to your target audience. It's important to keep in mind that the statement should be clear, concise, and memorable, highlighting your unique value proposition and setting you apart from the competition.
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consider a credit card with a balance of $7000 and an apr of 16.5% . if you want to make monthly payments in order to pay off the balance in 3 years, what is the total amount you will pay? round your answer to the nearest cent, if necessary.
To pay off the $7000 balance in 3 years, you would need to make monthly payments of $246.41. Over the course of 36 months, you would pay a total of $8,870.76.
To find the total amount you will pay to clear a $7,000 credit card balance with an APR of 16.5% in 3 years, follow these steps:
1. Convert the APR to a monthly interest rate: 16.5% / 12 months = 1.375% per month.
2. Convert the percentage to a decimal: 1.375% = 0.01375.
3. Calculate the number of monthly payments: 3 years * 12 months = 36 payments.
4. Use the loan payment formula to find the monthly payment: P = (r * PV) / (1 - (1 + r)^(-n)), where P is the monthly payment, r is the monthly interest rate, PV is the present value of the loan ($7,000), and n is the number of payments.
5. Plug in the values: P = (0.01375 * 7000) / (1 - (1 + 0.01375)^(-36)) = 246.41.
6. Calculate the total amount paid: Monthly payment * Number of payments = 246.41 * 36 = 8,870.76.
So, to pay off the $7,000 balance in 3 years, you will need to make monthly payments of $246.41, and the total amount you will pay is approximately $8,870.76.
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Friendly Furniture, Inc., a manufacturer of ?ne hardwood furniture, is a publicly held SEC-registered company with a December 31 year-end. During May, Friendly had a ?ood due to heavy rains at its major manufacturing facility that damaged about $525,000 of furniture. Friendly is insured for the property loss at replacement value and carries business interruption insurance for lost production. The company anticipates that the total insurance proceeds will exceed the carrying value of the destroyed furniture and the cost of repairing the facility will be in the range of $700,000 to $1.75 million. The company believes that the insurance carrier will advance approximately 50 percent of the expected proceeds sometime during July. The company has resumed its operations to about one-half of normal capacity and expects to operate at full capacity by September. The company does not expect to ?le a formal insurance claim until then because it expects that the entire cost of the business interruption will not be known until September. Friendly expects to receive the proceeds of the settlement from the insurance carrier during its fourth quarter.The company is in the process of making a stock offering and will ?le a registration statement with the SEC at the end of July, in which it will present stub period ?nancial statements covering the six-month period through June 30. Based on the minimum amount of the expected proceeds, Friendly would like to recognize a receivable for the insurance proceeds and to report a gain in its ?nancial statements for the period ended June 30. The company would also like to allocate a portion of the expected proceeds to cost of products sold.Requireda. How much of the expected proceeds from insurance coverage, if any, should Friendly include in its June 30 financial statements? Justify your answer with relevant accounting pronouncements.b. Assuming that Friendly records a receivable from the insurance company at June 30 for the proceeds, what type of audit evidence would the auditor gather to support the amount recorded?
a. According to Accounting Standards Codification (ASC) 450-20-25-2, the recognition of a gain from insurance proceeds requires.
b. If the company records a receivable from the insurance company at June 30, the auditor should gather evidence to support the amount.
What is ASC?ASC stands for Accounting Standards Codification. It is a set of high-quality, authoritative, and comprehensive nongovernmental standards for accounting and reporting that are issued by the Financial Accounting Standards Board (FASB). The standards are meant to provide a consistent framework for financial reporting, ensuring that financial information is reliable and transparent. ASC is organized into nine broad categories, which include operations, investments, and financing, as well as other topics such as financial instruments, hedging, revenue recognition, and leasing. Companies are required to follow the ASC for preparing and presenting their financial statements.
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Barbour Corporation, located in Buffalo, New York, is a retailer of high tech products and is known for its excellent quality and innovation. Recently the firm conducted a relevant cost analysis of one of its product lines that have only two products, T-1 and T-2. The sales for T-2 are decreasing and the purchase costs are increasing. The firm might drop T-2 and sell only T-1.
Barbour allocates fixed costs to products on the basis of sales revenue. When the president of Barbour saw the income statement, he agreed that T-2 should be dropped. If this is done, sales of T-1 are expected to increase by 10% next year, the firm's cost structure will remain the same.
T-1T-2Sales$220,000$276,000Variable cost of goods sold74,000138,000Contribution margin146,000138,000Expenses:Fixed corporate costs64,00079,000Variable selling and administration25,00054,000Fixed selling and administration16,00025,000Total expenses105,000158,000Operating income (loss)$41,000$(20,000)
Required:
1. Find the expected change in annual operating income by dropping T-2 and selling only T-1.
2. By what percentage would sales from T-1 have to increase in order to make up the financial loss from dropping T-2Required percent increase in sales of T-1
3. What is the required percentage increase in sales from T-1 to compensate for lost margin from T-2, if total fixed costs can be reduced by $45,500?
The percentage would sales from T-1 has to increase in order to make up the financial loss from dropping T-2 is 72.93%.
The calculation is as follow:
Less Variable Cost of Goods Sold
Variable selling and administration
Contribution Margin
(70,000)
(20,000)
(130,000)
(50,000)
80,000
Contribution Margin Ratio =
Contribution Margin
Sales
80,000
260,000
Contribution Margin Ratio =
55%
Incremental
from T-1 if T-2 is dropped
(110000*10%)
Net Effect of discontinuing T-2 (11000-80000)
11,000
(69,000)
2. By what percentage would sales from T-1 have to increase in order to make up the financial loss from dropping T-2?
Loss of Contribution Margin T-2 = Gain in Contribution Margin T-1
80000
= 110000 * X %
X=80000 *47%
110000 72.73%
3. What is the required percentage increase in sales from T-1 to compensate for lost margin from T-2, if tota
Loss of Contribution Margin T-2 = Gain in Contribution Margin T-1
80000 - 45000
= 110000 * X %
35000
= 110000 * X %
35000 110000 X 31.82%
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while the development and proliferation of the internet and web-based commerce has not completely eliminated the relevancy of facility locations, because of the internet, the speed of delivery and cost in serving the customer are no longer factors in determining the strategic location of an organization's facilities. true false
False. While the internet and web-based commerce have indeed changed the way organizations conduct business, the speed of delivery and cost of serving the customer.
It still plays a crucial role in determining the strategic location of an organization's facilities. A well-planned facility location can contribute to efficient delivery and cost management, ultimately enhancing customer satisfaction. While the Internet has had an impact on the relevancy of facility locations, the speed of delivery and the cost of serving the customer are still important factors in determining the strategic location of an organization's facilities. The internet has made it possible to serve customers remotely, but physical facilities still play a role in providing efficient and cost-effective delivery options for customers.
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a. Suppose that the carbon sequestration that results from planting a tree is worth $4. Graph the social cost curve that accounts for the 10 points positive externality of trees. Instructions: Use the tool provided (MCsocial to draw the social cost curve and plot only the two endpoints across the range of output 0-100 b. Ignoring the positive externality, ____ trees will be planted. c. The socially optimal quantity of trees is ____. trees d. Graph the deadweight loss that occurs when suppliers are unable to capture the $4 external benefit they provide from planting trees.
a. The social cost curve that accounts for the positive externality of trees is $4 above the marginal cost curve.
b. Ignoring the positive externality, the market will only plant the quantity of trees where marginal cost equals market price.
c. The socially optimal quantity of trees is where marginal cost equals the sum of market price and the positive externality, which is at a higher quantity than the market quantity.
d. The deadweight loss that occurs when suppliers are unable to capture the external benefit they provide is the area between the marginal cost curve and the socially optimal quantity of trees, which represents the welfare loss due to underproduction.
The graph of this deadweight loss will show a triangle with its peak at the socially optimal quantity of trees.
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starbucks is primarily following a specialization strategy and focuses on a narrow set of beverage and food products.
Yes, that is correct. Starbucks has chosen to specialize in a narrow set of beverage and food products, which allows them to focus their resources and efforts on creating high-quality products that their customers love.
By specializing in this way, they have been able to establish themselves as a leader in the coffee and beverage industry, and build a strong brand identity around their products. This specialization strategy has been very successful for Starbucks, as they have been able to grow and expand their brand business while maintaining their focus on what they do best.
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Dansko IntegratedBalance SheetAs of March 11, 2018(amounts in thousands)Cash 9,900 Accounts Payable 2,700Accounts Receivable 4,500 Debt 3,500Inventory 3,800 Other Liabilities 1,000Property Plant & Equipment 16,800 Total Liabilities 7,200Other Assets 1,600 Paid-In Capital 8,000Retained Earnings 21,400Total Equity 29,400Total Assets 36,600 Total Liabilities & Equity 36,600Use T-accounts to record the transactions below, which occur on March 12, 2018, close the T-accounts, and construct a balance sheet to answer the question.1. Consume good or service and pay expense of $3,0002. Sell product for $40,000 in cash with historical cost of $32,0003. Sell, deliver, and receive payment of $25,000 for serviceWhat is the final amount in Total Liabilities & Equity?Please specify your answer in the same units as the balance sheet.
The final amount in Total Liabilities & Equity is $47,300.
To record the transactions on March 12, 2018, we would use T-accounts for the appropriate accounts. For transaction 1, we would debit the expense account for $3,000 and credit the cash account for $3,000. For transaction 2, we would debit the cash account for $40,000 and credit the revenue account for $40,000. We would also need to adjust the inventory account for the historical cost of $32,000 by debiting it for $32,000 and crediting the cost of goods sold account for $32,000. For transaction 3, we would debit the cash account for $25,000 and credit the revenue account for $25,000. To close the T-accounts, we would transfer the balances from the revenue and expense accounts to the retained earnings account. The balance in the retained earnings account would be updated to reflect the net income for the period after the revenue and expenses were recorded. Constructing a balance sheet with the updated balances, we have: Dansko Integrated Balance Sheets As of March 12, 2018 (amounts in thousands)For more such question on Liabilities
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Work the following problems based on the given balance sheet.
Balance Sheet
March 21, 2000
Siavash Aiza starts with $4,500 in cash, $700 in equipment, and $5,200 in owner's equity.
He withdraws $400 in salary for himself.
He sells a work bench, which originally cost him $700, for $950 cash.
He pays $40 in cash for truck maintenance.
Next month's utility bills total $325.
Assets Liabilities and Owner's Equity
Cash $
Accounts Payable $
Equipment $0.00 Owner's Equity: Investment $
Total Assets $
Total Liabilities and Owner's Equity $
Slack refers to 01) reduced production capacity 2) a lack of adequate resources 3) a lag in the production 4) unused resource capacity
Slack refers to unused resource capacity in a production process. It refers to the difference between the actual capacity of a system and the capacity required to meet customer demand.
This excess capacity allows a system to handle unexpected variations in demand or production, without causing delays or reducing quality.
Slack is an important concept in operations management, and its management is crucial for ensuring the efficiency and effectiveness of a production process. Proper management of slack can help companies meet customer demand while minimizing costs and maximizing profitability.
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lending policies of life insurance companies are prioritized based upon, 1. preference for very large projects 2. high discount rates 3. fee structure 4. short payback terms
The lending policies of life insurance companies are typically prioritized based on a variety of factors, including the size and scope of the project being funded, the interest rates or discount rates offered by the borrower, the fee structure of the loan, and the expected payback terms.
While there may be a preference for very large projects in some cases, other factors such as risk management and profitability may also play a role in determining which loans are approved and which are not. Ultimately, each insurance company will have its own lending policies and criteria for evaluating potential borrowers, so it is important to research and compare multiple options before making a final decision on which company to work with.
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debentures are bonds that are typically backed by: a. real property (real estate) b. cash equivalents c. revenues earned by the issuing company
Debentures are bonds that can be backed by a variety of assets, including real property, cash equivalents, and revenues earned by the issuing company.
The specific type of backing will depend on the terms of the debenture agreement.
For example, some debentures may be secured by a particular property or asset, while others may be backed by a pool of cash or revenue streams. Ultimately, the choice of asset backing will depend on the needs and goals of the issuing company, as well as the preferences of investors.
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Debentures are bonds that can be backed by a variety of assets, including real property, cash equivalents, and revenues earned by the issuing company.
The specific type of backing will depend on the terms of the debenture agreement.
For example, some debentures may be secured by a particular property or asset, while others may be backed by a pool of cash or revenue streams. Ultimately, the choice of asset backing will depend on the needs and goals of the issuing company, as well as the preferences of investors.
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When attempting to select the best of mutually exclusive alternatives, the one with thehighest B/C ratio is the one that should be selected. true or false
True. When attempting to select the best of mutually exclusive alternatives, the one with the highest benefit-to-cost (B/C) ratio is the one that should be selected.
True. When attempting to select the best of mutually exclusive alternatives, the one with the highest benefit-to-cost (B/C) ratio is the one that should be selected. This is because the B/C ratio indicates the efficiency of each alternative in generating benefits relative to its costs, and selecting the alternative with the highest B/C ratio ensures that resources are being used in the most effective way.
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discuss the strategic needs and challenges that transportation managers face. how can 3pl service providers help them improve performance and reduce costs?
Transportation managers face various strategic needs and challenges in their roles. One of the key needs is to ensure that transportation services are aligned with the overall business strategy.
One significant challenge that transportation managers face is rising transportation costs, which can significantly impact the organization's bottom line. They must look for ways to reduce costs while still maintaining service levels. This is where third-party logistics (3PL) service providers can help. These providers have expertise in managing transportation and can offer transportation solutions that are cost-effective and efficient.
In summary, transportation managers face a range of strategic needs and challenges that must be addressed to ensure efficient and cost-effective transportation operations. Third-party logistics service providers can help by offering transportation solutions that are tailored to the organization's specific needs, improving performance, and reducing costs.
Transportation managers face strategic needs and challenges in ensuring efficient and cost-effective movement of goods. Key strategic issues include route optimization, capacity planning, and risk management. To address these challenges and improve performance, managers can collaborate with third-party logistics (3PL) service providers.
3PL service providers can help transportation managers in various ways.
1. Expertise: 3PLs have specialized knowledge in logistics and supply chain management, enabling them to provide valuable insights and innovative solutions to improve operational efficiency.
2. Scalability: 3PLs offer flexible services that can be scaled up or down as per the organization's needs, helping managers to manage fluctuations in demand effectively.
3. Cost Reduction: By leveraging their network and resources, 3PLs can help reduce transportation costs through bulk discounts, better route planning, and efficient resource utilization.
4. Technology: 3PLs often have advanced technology systems, such as Transportation Management Systems (TMS), which can improve visibility, streamline processes, and enhance overall performance.
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in the adapt questioning system, _____ encourage and facilitate a buyer in envisioning what it would be like without the problems that have been previously discovered and activated.
In the ADAPT questioning system, implication questions encourage and facilitate a buyer in envisioning what it would be like without the problems that have been previously discovered and activated.
ADAPT stands for Assessment, Discovery, Activation, Projection, and Transition, and is a structured approach to engaging with potential clients or customers. Implication questions play a crucial role in the ADAPT framework as they help the buyer understand the consequences of not addressing the identified issues. By asking these questions, sales representatives can guide buyers to acknowledge the potential negative impact of their current situation and motivate them to seek solutions.
In this process, sales representatives assist buyers in visualizing the benefits of implementing the proposed solution, allowing them to weigh the advantages against the costs. This fosters a sense of urgency and drives them toward making a decision. Ultimately, implication questions help establish the value of the proposed solution and increase the likelihood of a successful sales outcome.
Remember, it is essential for sales representatives to be empathetic and understanding when using implication questions, as these questions should not create discomfort or pressure, but rather facilitate a constructive conversation with the buyer.
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Windsor Corporation sells its goods on terms of 2/10, n/30. It has an accounts receivable turnover of 6. What is its average collection period (days)?
a) 90
b) 40
c) 61
d) 48
Windsor Corporation sells its goods on terms of 2/10, n/10. It has an accounts receivable turnover of 6. 61 is the average collection period, option c.
To calculate the average collection period, we need to first calculate the accounts receivable days.
Accounts Receivable Days = (Accounts Receivable / Credit Sales) x 365
We know that the accounts receivable turnover is 6, which means that the credit sales for the year
= Accounts Receivable Turnover / 365 = 6/365.
Now, we can calculate the accounts receivable days:
Accounts Receivable Days = (Accounts Receivable / Credit Sales) x 365
= (Accounts Receivable / (6/365)) x 365
= 61.
So, the average collection period is 61 days.
Therefore, the answer is c) 61.
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