Answer:
Plant-wide rate.
Explanation:
A plant-wide rate can be defined as a single overhead rate used by business firms or companies to allocate the manufacturing overhead costs to the level of output or productivity.
In this scenario, company manufactures and sells three products. The products are all manufactured at the same facility. The controller of the company has decided to accumulate all budgeted overhead costs for the manufacturing facility into a single cost pool. The cost pool is then allocated to the three products based on the direct labor hours used by each product.
Hence, the type of overhead rate the controller most likely used in this allocation methodology is the plant-wide rate.
Assuming a 12% annual interest rate, determine the present value of a five-period annual annuity of $5,600 under each of the following situations: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
The first payment is received at the end of the first year, and interest is compounded annually.
The first payment is received at the beginning of the first year, and interest is compounded annually.
The first payment is received at the end of the first year, and interest is compounded quarterly.
Answer:
(a) The present value is $20,186.75.
(b) The present value is $22,609.16.
(b) The present value is $20,828.46.
Explanation:
(a) The first payment is received at the end of the first year, and interest is compounded annually.
The present value can be determined using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value =?
P = Annuity payment = $5,600
r = Annual interest rate = 12%, or 0.12
n = number of years = 5
Substitute the values into equation (1) to have:
PV = $5,600 * ((1 - (1 / (1 + 0.12))^5) / 0.12)
PV = $5,600 * 3.60477620234501
PV = $20,186.75
(b) The first payment is received at the beginning of the first year, and interest is compounded annually.
This can be calculated using the formula for calculating the present value (PV) of annuity due as follows:
PV = P * ((1 - [1 / (1 + r))^n) / r) * (1 + r) .................................. (1)
Where;
Where;
PV = Present value =?
P = Annuity payment = $5,600
r = Annual interest rate = 12%, or 0.12
n = number of years = 5
Substitute the values into equation (1) to have:
PV = $5,600 * ((1 - (1 / (1 + 0.12))^5) / 0.12) * (1 + 0.12)
PV = $5,600 * 3.60477620234501 * 1.12
PV = $22,609.16
(c) The first payment is received at the end of the first year, and interest is compounded quarterly.
The present value can be determined using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value =?
P = Quarterly payment = Annuity payment / 4 = $1,400
r = Quarterly interest rate = Annual interest rate / 4 = 12% / 4 = 0.12 / 4 = 0.03
n = number of quarters = 5 years * 4 = 20
Substitute the values into equation (1) to have:
PV = $1,400 * ((1 - (1 / (1 + 0.03))^20) / 0.03)
PV = $1,400 * 14.8774748604555
PV = $20,828.46
You are working at the campus bookstore, earning $9.00 per hour. Your manager tells you that in the upcoming year, you will get a 2% raise.
a. What is the approximate change in your real wage if inflation is 1%?
b. What is the approximate change in your real wage if inflation is 2%?
c. What is the approximate change in your real wage if inflation is 3%?
Answer:
a. $0.09
b. $0
c. -$0.09
Explanation:
Real rate = Nominal rate - inflation rate
a. Real rate = 2% - 1%
= 1%
Change in real wage = 9 * 1% = $0.09
b. = 2% -2% = 0%
Change in real wage = 9 * 0% = 0
c. = 2% - 3%
= -1%
Change in real wage = 9 * -1% = -$0.09
Epsilon Airlines services predominantly the eastern and southeastern united States. The vast majority of Epsilon’s customers make reservations through Epsilon’s website, but a small percentage of customers make reservations via phones. Epsilon employs call center personnel to handle these reservations and to deal with website reservation system problems and for the rebooking of flights for customers whose plans have changed or whose travel is disrupted. Staffing the call center appropriately is a challenge for Epsilon’s management team. Having too many employees on hand is a waste of money, but having too few results in very poor customer service and the potential loss of customers. Epsilon analysts have estimated the minimum number of call center employees needed by day of the week for the upcoming vacation season (June, July, and the first two weeks of August). These estimates are as follows:
Day Minimum Number of Employees Needed
Monday 75
Tuesday 90
Wednesday 50
Thursday 60
Friday 45
Saturday 75
Sunday 50
The call center employees work for five consecutive days and then have two consecutive days off. An employee may start work on any day of the week. Each call center employee receives the same salary. Assume that the schedule cycles and ignore start up and stopping of the schedule.
Develop a model that will minimize the total number of call center employees needed to meet the minimum requirements.
Let Xi = the number of call center employees who start work on day i
(i = 1 = Monday, i = 2 = Tuesday...)
Min X1 + X2 + X3 + X4 + X5 + X6 + X7
s.t.
X1 + X4 + X5 + X6 + X7
X1 + X2 + X5 + X6 + X7
X1 + X2 + X3 + X6 + X7
X1 + X2 + X3 + X4 + X7
X1 + X2 + X3 + X4 + X5
X2 + X3 + X4 + X5 + X6
X3 + X4 + X5 + X6 + X7
X1, X2, X3, X4, X5, X6, X7
Find the optimal solution.
X1 =
X2 =
X3 =
X4 =
X5 =
X6 =
X7 =
Total Number of Employees =
Give the number of call center employees that exceed the minimum required.
Excess employees:
Monday =
Tuesday =
Wednesday =
Thursday =
Friday =
Saturday =
Sunday =
Answer:
Let x1 is number of employees that start on Monday
x2 is number of employees that start on Tuesday
x3 is number of employees that start on Wednesday
x4 is number of employees that start on Thursday
x5 is number of employees that start on Friday
x6 is number of employees that start on Saturday
x7 is number of employees that start on Sunday
So objective function will be
Minimise Z =x1+x2+x3+x4+x5+x6+x7
Explanation:
Let x1 is number of employees that start on Monday
x2 is number of employees that start on Tuesday
x3 is number of employees that start on Wednesday
x4 is number of employees that start on Thursday
x5 is number of employees that start on Friday
x6 is number of employees that start on Saturday
x7 is number of employees that start on Sunday
So objective function will be
Minimise Z =x1+x2+x3+x4+x5+x6+x7
Subject to constraints
Monday workforce-Those starting on Tuesday and Wednesday will be on leave
x1+x4+x5+x6+x7>=55
Tuesday workforce-Those starting on Wednesday and Thursday will be on leave
x1+x2+x5+x6+x7>=80
Wednesday workforce-Those starting on Thursday and Friday will be on leave
x1+x2+x3+x6+x7>=50
Thursday workforce-Those starting on Friday and Saturday will be on leave
x1+x2+x3+x4+x7>=75
Similarly for Friday
x1+x2+x3+x4+x5>=45
Saturday
x2+x3+x4+x5+x6>=60
Sunday
x3+x4+x5+x6+x7>=50
Solution obtained from solver is
Z=90 , minimum employee to be kept
The number of employees starting each day is obtained as
Monday 5
Tuesday 35
Wednesday 0
Thursday 10
Friday 0
Saturday 15
Sunday 25
The optimal solution would be as follows:
[tex]X1 =[/tex] 5
[tex]X2 =[/tex] 35
[tex]X3 =[/tex] 0
[tex]X4 =[/tex] 10
[tex]X5 =[/tex] 0
[tex]X6 =[/tex] 15
[tex]X7 =[/tex] 25
Total employees [tex]= 90[/tex]
Employees
As per the question,
Assuming
[tex]X1[/tex] as the no. of employees beginning on Monday
[tex]X2[/tex] as the no. of employees beginning on Tuesday
[tex]X3[/tex] as the no. of employees beginning on Wednesday
[tex]X4[/tex] as the no. of employees beginning on Thursday
[tex]X5[/tex] as the no. of employees beginning on Friday
[tex]X6[/tex] as the no. of employees beginning on Saturday
[tex]X7[/tex] as the no. of employees beginning on Sunday
So,
[tex]Z = X1+X2+X3+X4+x=X5+X6+X7[/tex]
Constraints
On Monday = One who begins the work on Tuesday and Wednesday would be on leave.
[tex]X1+X4+X5+X6+X7>=55[/tex]
On Tuesday = One who begins the work on Wednesday and Thursday would be on leave.
[tex]X1+X2+X5+X6+X7>=80[/tex]
On Wednesday One who begins the work on Thursday and Friday would be on leave.
[tex]X1+X2+X3+X6+X7>=50[/tex]
On Thursday, One who begins the work on Friday and Saturday would be on leave.
[tex]X1+X2+X3+X4+X7>=75[/tex]
On Friday also,
[tex]X1+X2+X3+X4+X5>=45[/tex]
Saturday
[tex]X2+X3+X4+X5+X6>=60[/tex]
Sunday
[tex]X3+X4+X5+X6+X7>=50[/tex]
So,
[tex]Z = 90[/tex]
The no. of employees would be:
[tex]X1 = Monday = 5\\X2 = Tuesday = 35\\X3 = Wednesday = 0\\X4 = Thursday = 10\\X5 = Friday = 0\\X6 = Saturday = 15\\X7 = Sunday = 25[/tex]
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Use the information about Company X below to help answer this question:
The company just paid out $60M in dividends.
Dividends will grow at 12% for each of the next 5 years.
Dividends will grow at 8% every year thereafter (beginning in year 6)
The company has 75M shares outstanding
The company's cost of equity is 16%
The company's WACC is 10%
Using the Dividend Discount Model for Non-Constant growth, the value of one share of the company's stock today is closest to:_______
a. $12.00
b. $12.67
c. $22.40
d. $41.50
e. $51.50
Answer:
b. $12.67
Explanation:
The value of the company is the present value of its future dividends payments discounted at the company's cost of equity.
Year 1 dividend=current year dividend*(1+12%)
Year 1 dividend=$60m*(1+12%)=$67.20m
Year 2 dividend=$67.20m*(1+12%)=$75.26m
Year 3 dividend=$75.26m*(1+12%)=$ 84.30m
Year 4 dividend=$ 84.30m*(1+12%)=$ 94.41m
Year 5 dividend=$ 94.41m*(1+12%)=$105.74m
the terminal value of dividends=Year 5 dividend*(1+terminal growth rate)/(cost of equity)
the terminal value of dividends=$105.74m*(1+8%)/(16%-8%)=$1427.49m
value of the company=$67.20/(1+16%)^1+$75.26/(1+16%)^2+$ 84.30/(1+12%)^3+$ 94.41/(1+16%)^4+$105.74/(1+16%)^5+$1427.49/(1+16%)^5
value of the company=$956.00 m
value of one share=$956.00 m/75m=$12.75(the correct option is $12.67 the difference is due to rounding error)
Manufacturing overhead was estimated to be $250,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was $225,000, and actual direct labor hours were 19,000. To dispose of the balance in the Manufacturing Overhead account, which of the following would be correct?
A. Manufacturing Overhead would be credited for $12,500.
B. Manufacturing Overhead would be credited for $25,000.
C. Manufacturing Overhead would be debited for $12.500.
D. Manufacturing Overhead would be debited for $25,000
Answer:
C. Manufacturing Overhead would be debited for $12,500
Explanation:
Based on the information given to dispose of the balance in the Manufacturing Overhead account the correct entry will be:
Manufacturing Overhead would be debited for $12,500
Calculated as:
First step is to calculate the Predetermined overhead rate
Predetermined overhead rate = $250,000/20,000
Predetermined overhead rate = $12.50
Second step is to calculate the Applied manufacturing overhead
Applied manufacturing overhead =$12.50 *
*19,000
Applied manufacturing overhead= $237,500
Now let calculate Overapplied Manufacturing overhead
Overapplied Manufacturing overhead = $237,500 - $225,000
Overapplied Manufacturing overhead= $12,500 Debited to Manufacturing Overhead
Therefore To dispose of the balance in the Manufacturing Overhead account the correct entry is Manufacturing Overhead would be debited for $12,500
An insurance company studies back injury claims from a manufacturing company. The insurance company finds that 40% of workers do no lifting on the job, 50% do moderate lifting and 10% do heavy lifting. During a given year, the probability of filing a claim is 0.05 for a worker who does no lifting, 0.08 for a worker who does moderate lifting and 0.20 for a worker who does heavy lifting. A worker is chosen randomly from among those who have filed a back injury claim. Calculate the probability that the worker’s job involves moderate or heavy lifting.
Answer:
0.75
Explanation:
P(no lifting) = 0.4
P(moderate lifting) = 0.5
p(heavy lifting) = 0.2
P(Claim | no lifting) = 0.05
P(Claim | moderate lifting) = 0.08
P(Claim | heavy lifting) = 0.2
Using BAYE Theorem
P(no lifting claim) = P(Claim | no lifting)*P(no lift) / P(Claim)
P(Claim) = (Claim | no lifting)*P(no lifting) + P(Claim | moderate lifting)*P(moderate lifting) + P(Claim | heavy lifting)*p(heavy lifting)
P(Claim) = (0.05)*(0.4) + (0.08)*(0.5) + (0.2)*(0.1)
P(Claim) = 0.08
P(no lifting claim) = (0.05)*(0.4) / 0.08
P(no lifting claim) = 0.25
P(Heavy or moderate lifting | Claim) = 1 - 0.25
P(Heavy or moderate lifting | Claim) = 0.75
Penguin Island produces two goods: ice and genetically engineered fish. Due to recent technological advances, its economy has experienced growth in both ice and fish production. Show this growth in relation to the production possibilities frontier (PPF).
Which of the following economic activities have led to an increase in the standard of living worldwide over the last century?
a. investments in education and infrastructure
b. increases in international trade
c. increases in farm productivity
d. increases in technology
Answer:
1. Point on x-axis will increase and so will the point on the y-axis
2. All of the above
Explanation:
1. The Production Possibilities Frontier shows the amount of resources needed to produce different quantities of two goods. It therefore allows one to see the trade-off in resources for producing more of one good vs the other.
When a factor of production leads to more efficiency in the production of a good, the frontier will increase. In this scenario, there has been a growth in technology which means that more of both goods can be produced. This will increase the PPF on both axis. (Refer to attached file).
2. All of the listed options have led to increases in the standard of living in the last century. More education means people can get better jobs and build more infrastructure. International trade has increased market access and increased wealth. Farm productivity is better so more people can be fed and improvement in technology is the main driver for growth.
The PPF would shift from PPF1 to PPF2 due to technological advancement.
All the given factors have greatly led to an increase in the standard of living worldwide over the last century.
What is the production possibility frontier?PPF is used to graphically present the resources used by the economy for the production of two goods with the technology present in the nation.
Hence, with an increase in technology for both goods, PPF would shift rightwards demonstrating the improvement in production techniques in the economy.
What factors are contributing to increased living standards?The economies globally have widely contributed to education and infrastructure, which increased employment and higher pay opportunities to people for improving their living standards.
The enhancement in technology also provided various options for international trade and agricultural productivity, which again added to a higher standard of living.
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What do price controls give us?
Answer:
Price controls are government-mandated minimum or maximum prices set for specific goods and are typically put in place to manage the affordability of the goods. ... Over the long term, price controls can lead to problems such as shortages, rationing, inferior product quality, and black markets.
Explanation:
hope you get it right! ✋
The unadjusted book balance was $26,620. To this, we will add the $150 interest earnedand subtract the $810 book error in check #1221 ($4,900 − $4,090) to determine the ending balance of $25,960. The unadjusted bank balance was $26,960. Add the deposits in transit of $3,000 and subtract the outstanding checks of $4,000 to determine the ending balance of $25,960. The company's bank reconciliation at June 30 included interest earned in the amount of $150.
Required:
Complete the necessary journal entry.
Answer:
Dr Cash 150
Cr Interest revenue 150
Explanation:
Preparation of the necessary journal entry
Based on the information given we were told that the company's bank reconciliation at the month of June 30 included interest earned in the amount of $150 which means that the necessary journal entry will be to Debit Cash with 150 and Credit interest revenue with 150
Dr Cash 150
Cr Interest revenue 150
Tanner-UNF Corporation acquired as a long-term investment $260 million of 6.0% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 9% for bonds of similar risk and maturity. Tanner-UNF paid $220.0 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value of the bonds at December 31, 2021, was $230.0 million.
Required: 1. & 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective (market) rate.
3. At what amount will Tanner-UNF report its investment in the December 31, 2021, balance sheet?
4. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2, 2022, for $210.0 million. Prepare the journal entry to record the sale.
Answer:
1. Dr Investment in bonds $260 million
Cr Discount on bond investment $40 million
Cr Cash $220 million
2. Dr Cash $7.8 million
Dr Discount on bond investment $2.1 million
Cr Interest revenue $9.9million
3. $222.1million
4. Dr Cash $210 million
Dr Discount on Bonds investment $37.9million
Dr Loss on sale of bonds $12.1 million
Cr Investment in bonds $260 million
Explanation:
1. & 2. Preparatiin of the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective (market) rate.
1. Dr Investment in bonds $260 million
Cr Discount on bond investment $40 million
Cr Cash $220 million
(Being to record the purchase of investment )
2. Dr Cash $7.8 million
[(6%*$260)* 6 ÷ 12]
Dr Discount on bond investment $2.1 million
($9.9million-$7.8 million)
Cr Interest revenue $9.9million
[(9%*$220)* 6 ÷ 12]
(Being to record interest on bonds )
3. Calculation for what amount will Tanner-UNF report its investment in the December 31, 2021, balance sheet
Bond investment $260 million
Less Discount on bond investment ($37.9million)
($40 million - $2.1 million)
Investment cost $222.1million
Therefore the amount that Tanner-UNF will report its investment in the December 31, 2021, balance sheet is $222.1million
4. Preparation of the journal entry to record the sale.
Dr Cash $210 million
Dr Discount on Bonds investment $37.9million
($40 million - $2.1 million)
Dr Loss on sale of bonds $12.1 million
[260 million-($210 million+$37.9million)]
Cr Investment in bonds $260 million
(Being to record sale of bonds )
Financial statement ratios play an important role in understanding and interpreting financial data. The solvency, liquidity, savings, and debt service ratios are important tools that will provide you with information, helping you chart and improve your personal financial planning. Complete the equations for each of the following financial statement ratios.
a. Solvancy ratio
b. Liquidity Ratio
c. Savings Ratio
d. Debit service Ratio
Answer:
Note: The full question is attached as picture below
Solvency Ratio = Total Net Worth / Total Assets
Solvency Ratio = 2,896/8,275
Solvency Ratio = 0.3499698
Solvency Ratio = 35.00%
Liquidity Ratio = Total Liquid Assets / Total Current Debts
Liquidity Ratio = 414/2,069
Liquidity Ratio = 0.20009667
Liquidity Ratio = 20.01%
Savings Ratio = Cash Surplus / Income After Taxes
Savings Ratio = 163.6667/1,342
Savings Ratio = 0.121957303
Savings Ratio = 12.20%
Debt Service Ratio = Total Monthly Payments / Monthly Gross Income
Debt Service Ratio = 295/1636.6667
Debt Service Ratio = 0.180244396
Debt Service Ratio = 18.02%
Estimates, extensions, and amendments
When are items due?
Part of tax preparation and filing involves understanding when various items are due to the IRS. Complete the statements below as they apply to tax payments, extensions, and amended returns.
Some taxpayers must make four quarterly installments. These are due ________
If taxpayers have been granted an automatic extension, their annual federal tax return is due no later than ________
If a taxpayer amends a return, they submit revised calculations for determining tax liabilty. They file this return_______
In some cases, up to six years from when a return was filed, taxpayers can be notified that they are subject to_______
Answer:
Quarterly ( April 15, June 15 , September 15, January 15 )
4 months ( October 15)
Within 3 years
Tax Audit
Explanation:
Some taxpayers must make four quarterly installments. These are due Quarterly ( April 15, June 15 , September 15, January 15 )
If taxpayers have been granted an automatic extension, their annual federal tax return is due no later than 4 months ( October 15)
If a taxpayer amends a return, they submit revised calculations for determining tax liability. They file this return Within 3 years
In some cases, up to six years from when a return was filed, taxpayers can be notified that they are subject to Tax Audit
Question 1 (1 point)
"Tom, at Bode Corporation we align our individual goals with the company's goals.
That is, as managers, we use
to drive ourselves and our employees
to accomplish key goals that are linked with the company's success," said Tom's new
CEO.
remuneration
contingency management
quantitative management
management by objective
time-and-motion studies
Question 2 (1 point)
"With the computing power available today, I'm surprised that the quantitative
Answer:s
Explanation:s
s
management with goals. As a result, (D) is the best choice.
What is meant by Contingency management ?Token economies are one type of contingency management. Both solo and group formats can use token systems. A wide variety of populations, such as those who are delinquent, have success with token systems, including those who are addicted, have special needs, and are addicted. The usage of token systems with very young children is, however, under scrutiny from new research.
Stuttering treatment would be an exception to the rule in the last sentence. The objective of such systems is to progressively dissipate and assist the user in starting to access the natural community of reinforcement (the reinforcement typically received in the world for performing the behavior).
Token systems and integrating them with other interventions in the classroom are covered in Walker's (1990) overview. The extent of tokens is described by him.
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The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction.
Sales Revenue $ 61,750
Finished Goods Inventory, Beginning 10,250
Finished Goods Inventory, Ending 7,000
Cost of Goods Sold ?
Gross Margin 28,250
Direct Materials Used 10,750
Selling and Administrative Expense ?
Operating Income 15,000
Work-in-Process Inventory, Beginning ?
Work-in-Process Inventory, Ending 5,750
Direct Labor Used 19,375
Factory Overhead 12,500
Total Manufacturing Cost ?
Cost of Goods Manufactured ?
Cost of goods sold is calculated to be:_______.
a. $30.250
b. $32,500
c. $33.500
d. $27,500
Answer:
The answer is option c that is "$33,500"
Explanation:
[tex]\text{Cost of Goods Sold} = \text{Sales revenue - Gross Margin}[/tex]
[tex]= 61,750 - 28,250\\\\ =33,500[/tex]
A year ago, Kevin went to work for B&G, Inc. He has worked for the finance department ever since he started. He noticed that the corporation was only taxed as though it were a partnership. This was something that he found very odd when he first started working for the company, but he later realized it was a fairly common practice. He recognized that this was one of the advantages of this type of corporation.
While the job was challenging, Kevin was not happy. He wanted to work for a company whose main goal was to provide service to the community, not to make a profit. However, Kevin felt that, considering his present financial situation, he had to continue working for B&G, Inc. A week later, Kevin discovered there was going to be a merger between B&G, Inc. and one of its major competitors. Kevin's boss informed him that he would be getting a promotion and a raise. While he was excited about making more money, he still was not happy. He knew then that he would not be working for the company for long.
Refer to B&G, Inc. What type of corporation is B&G, Inc.?
a. Sole proprietorship
b. Government-owned corporation
c. S-corporation
d. Not-for-profit corporation
e. Cooperative
Refer to B&G, Inc. Which of these features does not belong to this type of corporation?
a. No double taxation
b. Management flexibility
c. Limited liability
d. Personal asset protection
e. Many Internal Revenue tax regulations
Refer to B&G, Inc. What type of organization was Kevin considering switching to?
a. Limited-liability corporation
b. Government-owned corporation
c. S-corporation
d. Not-for-profit corporation
e. Closed corporation
Answer:
1. B&G, Inc. is:
c. S-corporation
2. The feature that does not belong to this type of corporation is:
b. Management flexibility
3. The type of organization that Kevin was considering switching to is:
d. Not-for-profit corporation.
Explanation:
B&G is an S corporation, known as an S subchapter (according to the relevant IRS Code). As an S corporation, B&G is a type of corporation that enjoys a special tax status with the IRS, with some tax advantages for its shareholders. This implies that B&G is taxed as a partnership and not as a C corporation. In this instance, Kevin was considering switching to a not-for-profit corporation, which B&G is not.
Yams unlimited has total payroll of $60,000 for the month of September the income taxes to be withheld or $12,000 and FICA taxes are $4,590. What is the journal entry Yams should record for the payroll?
Answer:
Dr Salaries expense 60,000
CrIncome tax payable 12,000
CrFICA tax payable 4,590
Cr Salaries payable 43,410
Explanation:
Preparation for the journal entry that Yams should record for the payroll
Dr Salaries expense 60,000
Cr Income tax payable 12,000
Cr FICA tax payable 4,590
Cr Salaries payable 43,410
[60,000-(12,000+4,590)]
(60,000-16,590)
=43,410
(Being to record the payroll amount)
Your job includes ordering phone service for new employees. You are considering two phone plans. The first plan charges $23.35 per month for one phone line. The second plan charges $14.99 per month for the first three months and then $29.99 per month after that for a phone line. Over the first year, how much will you save on one phone line by choosing the better deal?
Answer:
$34.68
Explanation:
The total cost by following the first plan will be the charge per months times 12 months
= $23.35 x 12
= $280.2
The total cost from the second plan will be the cost of the first three months at $14.99 plus the cost of 9 months at $29.99
=($14.99 x 3) + ($29.99 x 9)
=$44. 97 +$269.91
=$314.88
The first plan is the better deal. It will save
= $314.88 - $280.2
=$34.68
A bank customer borrows X at an annual effective rate of 12.5% and makes level payments at the end of each year for n years.(which fully repays the loan).
i. The interest portion of the final payment is 142.78.
ii. The total principal repaid as of time (n − 1) is 6009.12.
iii. The principal repaid in the first payment is Y .
Calculate Y
Answer:
Y = $391.10
Explanation:
We have 0.125B(n-1) = i
B(n-1) = In = 142.78
So that B(n-1) = 142.78/0.125 = 1142.24
Furthermore, B(n-1) = Px = Pv = P/(1+0.125) = 1142.24
P/1.125 = 1142.24
P = 1142.24*1.125
P = 1285.02.
The total amount of the loan = Principal repaid as of time (n-1) + Principal repaid in last payment
= 6009.12 + 1142.24
= 7151.36
So, the total amount of the loan is 7151.36.
The principal repaid in the first payment Y = 1285.02 - 0.125*7151.36
Y = 1285.02 - 893.92
Y = $391.10
Charleston Corporation operates a branch operation in a foreign country. Although this branch operates in euros, the U.S. dollar is its functional currency. Thus, a remeasurement is necessary to produce financial information for external reporting purposes. The branch began the year with 528,000 euros in cash and no other assets or liabilities. However, the branch immediately used 300,000 euros to acquire a warehouse. On May 1, it purchased inventory costing 100,000 euros for cash that it sold on July 1 for 160,000 euros cash. The branch transferred 10,000 euros to the parent on October 1 and recorded depreciation on the warehouse of 10,000 euros for the year. Currency exchange rates for 1 euro follow:
January 1 . . . . . . . . . . $1.14 = 1 euro
May 1 . . . . . . . . . . . . . 1.18 = 1
July 1 . . . . . . . . . . .. . . 1.20 = 1
October 1 . . . . . . . . . . 1.18 = 1
December 31 . . . . . . . 1.08 = 1
Average for the year. . 1.16 = 1
What is the remeasurement gain or loss to be recognized in the consolidated income statement? Choose the correct.
a. $100 gain.
b. $200 gain.
c. $100 loss.
d. $200 loss.
Answer: Remeasurement loss of $21,970
Explanation:
The figures will have to be converted from Euros to US$ for the calculation.
The relevant exchange rate will be the rate on the date of the transaction.
Amount Exchange rate $Amount
Opening cash 528,000 1.14 601,920
Increase in Cash assets:
Sale of inventory 160,000 1.20 192,000
688,000 793,920
Decrease in cash assets:
Acquisition of warehouse 300,000 1.14 (342,000)
Purchase of inventory 100,000 1.18 (118,000)
Transfer to parent 10,000 1.18 (11,800)
Ending net cash assets 278,000 322,120
Remeasurement gain(loss) at 31 December = Ending net cash assets at current rate - Ending net cash assets
= (278,000 * 1.08) - 322,120
= 300,240 - 322,120
= ($21,970)
Options are not for this question.
You are renting a house, and the lease requires the landlord to fix any problems within 10 days. You inform the landlord that the kitchen sink is leaking. The landlord doesn’t fix the sink within 10 days. What has the landlord done?
a) She has participated in a consensus ad idem.
b) She has violated the terms and conditions of the lease.
c) She has offered a consideration.
d) She has lost her power of attorney over the lease.
Answer:
B
Explanation:
The landlord didn't fix the sink in the allotted in the lease thus violating the lease.
As the landlord rented a house and lease requires the landlord to fix any problems within 10 days. For the given case, the landlord has violated the terms and conditions of the lease.
What do you mean by the lease?A lease refers to the contractual arrangement where the lessee pays the lessor for the use of an asset.
As the lease requires the landlord to fix any problems within 10 days. As the kitchen sink is leaking, it is not fixed by the landlord thereby, violated the terms and conditions of the lease.
Therefore, B is the correct option.
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Customers can contact Universal Appliances to report problems with their appliances within 30 days of delivery. Support a quick-view-only access to an external database that stores over 100,000 known product bugs logged by the product engineers. Which solution should a consultant design to meet this requirement? Choose 2 answers.
a. Display product bug data in Salesforce via Visualforce page.
b. Create a custom product bug object and import the data into Salesforce.
c. Use SOAP API to integrate the external database with Salesforce.
d. Use Bulk API to load the product bug data into Salesforce.
Answer:
A)Display product bug data in salesforce via visual force page
C) Use SOAP API to integrate the external database with salesforce.
Explanation:
From the question we are informed about how Customers can contact Universal Appliances to report problems with their appliances within 30 days of delivery. Support a quick-view-only access to an external database that stores over 100,000 known product bugs logged by the product engineers. In this case the solution that a consultant should design to meet this requirement is to
✓Display product bug data in salesforce via visual force page and
✓Use SOAP API to integrate the external database with salesforce.
SOAP can be regarded as a system of standard communication protocol which is used in proceses when utilizing different operating systems such as Linus when communicating through HTTP or XML. SOAP APIs can recover and delete records such as password or custom objects.
Please help me with these accounting questions
1. How can a business entity have controlling interest of another business entity when it does not own over 50% of the parent company ordinary share capital?
2. Why are inventories excluded when calculating the Acid test ratio under “Liquidity ratios"?
3. Why are the intra-group profits eliminated during consolidation? Explain with an example
4. Provide one reason on why the amount paid for a business (during takeover) may differ from that of the balance sheet value of its net assets?
Answer:
In summary, types of business entity should be differentiated in Ownership; ... Credit transactions: the buyer does not have to pay for the item on receipt, but is allowed ... Dr.Cash 600 Cr.Irrecoverable debt expense 600 8.2 An allowance for ... the day is as follows: Assets Capital + Liabilities （Inventory $50）
Explanation:
Managers in small businesses and nonprofits (Connect)
Choose the answer that best completes each sentence.
Managers of small businesses often find that _______ are their most important roles.
One consequence for nonprofits of using resources inefficiently is that _______.
Answer:
I. Spokesperson and Entrepreneur.
II. Donors may be less likely to contribute.
Explanation:
Managers of small businesses often find that spokesperson and entrepreneur are their most important roles. As a manager, you are saddled with the responsibility of providing relevant and reliable information about the organization you are working with or the business you manage as an entrepreneur. Also, it is extremely important that the manager sees to the day-to-day management and control of the business.
One consequence for nonprofits of using resources inefficiently is that donors may be less likely to contribute. This is simply because no one likes to be associated with failure or have their wealth, resources or money being wasted and ruined.
Also is brainly not working right now ?
Answer:
Tomas
Explanation:
Fewer late payments less debtTomas because of the ratio of his debt to income is less. The reason of the giving Tomas on tenant because he is more worthiness, Fewer late payments and less debt.
What is creditworthiness?Creditworthiness is the belief of the lender to borrower to pay all of their debt on time. A creditworthy borrower is one that a lender believes is willing, competent, and responsible enough to make loan payments on time until the debt is repaid.
Thus, option A is correct.
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Suppose that during the past year, the price of a laptop computer fell from $2,100 to $1,820. During the same time period, consumer sales increased from 429,000 to 530,000 laptops.
Calculate the elasticity of demand between these two price-quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers. (Note: For decreases in price or quantity, enter values in the Change column with a minus sign.)
Original New Average Change Percentage Change
Quantity
Price
Step 1: Fill in the appropriate values for original quantity, new quantity, original price, and new price.
Step 2: Calculate the average quantity by adding the original quantity and the new quantity, and then dividing by two. Do the same for the average price.
Step 3: Calculate the change in quantity by subtracting the original quantity from the new quantity. Do the same for the change in price.
Step 4: Calculate the percentage change in quantity demanded by dividing the change in quantity by the average quantity. Do the same to calculate the percentage change in price.
Step 5: Calculate the price elasticity of demand by dividing the percentage change in quantity demanded by the percentage change in price, ignoring the negative sign.
Using the midpoint method, the elasticity of demand for laptops is about _.
Answer:
Quantity of original = 429,000
Quantity of new = 530,000
Average of quantity = 429,000+530,000 / 2 = 479500
Price of original = 2,100
Price of new = 1,820
Average of price = 2,100+1,820 /2 = $1,960
Change in quantity = 530,000 - 429,000 = 101000
Change in price = $1,820 - $2,100 = -$280
Percentage Change in quantity = (530,000-429,000)/(530,000+429,000)/2 = 21.06%
Percentage Change in price = (1,820-2,100)/(1,820+2,100)/2 = 14.29%
The price elasticity of demand using Mid-point method = 21.06/14.29 = 1.47
Jake told Oliver that walking should be promoted as a part of a healthy lifestyle. Since they were developing a walking app, he wanted to promote exercise in their community. Jake explained his idea in which users could participate in a walking scavenger hunt. The registration fees could be donated to physical education programs at local schools.
Oliver loved the idea, and told Jake that they should implement that program when the app was introduced. They both wanted the company to provide a service and to be a leader in raising health awareness in the community. Social responsibility would be a priority for their company from its beginning.
Based on Oliver and Jake's conversation, the company will take a(n) __________ stance towards social responsibility.
A) accommodative
B) disruptive
C) ethical
D) proactive
Answer:
D) proactive
Explanation:
In this scenario, it seems that the company is taking a proactive stance towards social responsibility. This is because they are raising health awareness by going out and physically walking with the community as their way of promoting a healthy lifestyle. This would be considered a proactive approach since they are doing things in person and physically as opposed to promoting their message through regulations and ads.
Roman Company is preparing its cash budget for the upcoming month. The budgeted beginning cash balance is expected to be $40,000. Budgeted cash receipts are $101,000, while budgeted cash disbursements are $123,000. Roman Company wants to have an ending cash balance of $45,000. How much would Roman Company need to borrow to achieve its desired ending cash balance?
Answer:
$27,000
Explanation:
Budgeting is the process by which a business projects it's expenditures and revenues within a given period and plans to obtain funds to run the business on the basis of these projections.
In the given scenario Roman company have projected the cash reciepts and cash disbursement within the period.
They now need a particular loan amount to gain cash level of $45,000 at the end of the period.
Final cash balance = Opening balance + Cash receipts - Cash disbursement + Loan
$45,000 = $40,000 + $101,000 - $123,000 + Loan
45,000 = 18,000 + Loan
Loan = 45,000 - 18,000
Loan = $27,000
Sean Matthews is a waiter at the Deluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March.
Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%).
Answer:
$147.80
Explanation:
Calculation for his net take-home pay
Gross pay $300
Less Federal income tax ($72)
($800 - $810 tax bracket)
Less Social security taxes - OASDI ($49.60)
(6.2%*$800)
Less Social security taxes - HI ($11.60)
(1.45%*$800)
Less State income tax ($16)
($800 x 0.02)
NET PAY $147.80
Therefore his net take-home pay will be $147.80
A focused differentiation strategy can lead to attractive competitive advantage when
a. industry leaders have chosen not to compete in the niche.
b. buyers are not strongly loyal to a brand and a large number of other rivals are attempting to specialize in the same target segment.
c. the industry has many different segments and market niches, thereby allowing a focuser to pick an attractive niche suited to its resource strengths and capabilities. D) the target market niche is big enough to be profitable and offers good growth potential.
e. it is costly or difficult for multisegment competitors to meet the specialized needs of the target market niche and at the same time satisfy the expectations of their mainstream customers.
Answer: buyers are not strongly loyal to a brand and a large number of other rivals are attempting to specialize in the same target segment
Explanation:
A focused differentiation strategy is used by companies when they offer some certain products to a narrow market. This is done by focusing on a particular segment.
A focused differentiation strategy can lead to attractive competitive advantage when buyers are not strongly loyal to a brand and a large number of other rivals are attempting to specialize in the same target segment.
PLEASE HELP VRO
When the economy is on the downfall it is called
A) A recession
B) A depression
C) The downfall
Answer:
A I don't know how to explain it but the answer is A
