Question Completion:
Dimension Importance Spike Olaf Andy
Cost 4 1 5 3
Reliability 2 5 2 3
Cost 3 3 3 4
Answer:
Great Pumpkin Inc.
Great Pumpkin should choose Olaf Manufacturing with the highest weighted score of 33.
Explanation:
a) Data and Calculations:
Dimension Importance Spike Olaf Andy
Cost 4 4 (1*4) 20 (5*4) 12 (3*4)
Reliability 2 10 (5*2) 4 (2*2) 6 (3*2)
Cost 3 9 (3*3) 9 (3*3) 12 (4*3)
Total weighted scores 23 33 30
b) Based on the total weighted scores, Olaf Manufacturing performed best among the three companies. It should be chosen. To obtain the weighted scores for each company, the scale it obtains under each dimension is multiplied by the importance of the dimension. This is done for each dimension and each company before the total weighted scores are obtained and the company with the highest score is adjudged the winner.
What is the flip side of authority?
Answer:
Responsibility is the flip side of the authority coin; it refers to the duty to perform the task or activity that one has been assigned.
Explanation:
Assets and costs are proportional to sales. The company maintains a constant 30 percent dividend payout ratio and a constant debt-equity ratio. What is the maximum increase in sales that can be sustained assuming no new equity is issued?
Answer:
$4,941.96
Explanation:
Note: The complete question is attached as picture below
ROE = NI/TA
ROE = 9,702/81,000
ROE = 0.1198
The plowback ratio b, is (1 - payout ratio)
b = 1 - 30%
b = 1 - 0.30
b = 0.70
Sustainable growth rate = (ROE*b)/ (1 - (ROE*b)
Sustainable growth rate = 0.1198*(0.70) / (1 - 0.1198*(0.70)0
Sustainable growth rate = 0.0915
Sustainable growth rate = 9.15%
Maximum increase in sales = $54,000 * (0.0915)
Maximum increase in sales = $4,941.96
cool hall inc. manufacutirng overhead for the year was estimated to be $702,540. if the predetermined overhead rate is based on direct labor hours, then the estimated direct labor hours if the predetermined overhead rate is based on direct labor-hours, than the estimated direct labor hours of the beginning of the year used tin the predetermined overhead rate must have been
Answer:
31,504 direct labor hour
Explanation:
The computation is shown below:
Manufacturing overhead applied is
= Actual Manufacturing overhead + Over-applied overhead
= $697,450 + $40,680
= $738,130
Now
Manufacturing overhead applied is
= Predetermined overhead rate × Actual direct labor hour
$738,130 = Predetermined overhead rate × 33,100 direct labor hour
Predetermined overhead rate is
= $738,130 ÷ 33,100 direct labor hour
= $22.30 direct labor hour
Now
Estimated direct labor hour = Estimated Manufacturing overhead ÷ Predetermined overhead rate
= $702,540 ÷ $22.30 direct labor hour
= 31,504 direct labor hour
Problems and Applications Q9 Indicate whether each of the following statements is true or false. Statement True False 1. There can be no gains from trade between two countries if one of them has an absolute advantage in the production of all goods. 2. Comparative advantage determines the gains from specialization and trade. 3. If a certain trade is good for one country, it can't be good for the other country. 4. Two individuals can benefit from specialization and trade if they agree upon a price that lies between their opportunity costs of producing the good. 5. When a country opens to trade, people working in industries producing goods that the country exports are harmed by the trade.
Answer:
1. FALSE
There can still be gains from trade if one country has an Absolute advantage in the production of all goods because having absolute advantage does not mean that it has comparative advantage. If they did have comparative advantage in all goods then there would be no gain.
2. TRUE
As shown in the explanation above, gains from trade are determined by comparative advantage. If a country has comparative advantage in a good, it can gain from trading for a good it does not have comparative advantage in.
3. FALSE
Trade can and should be mutually beneficial to both countries.
4. TRUE
If both parties agree to a price that lies between their opportunity costs, they can make gains because they would be making more than their opportunity costs.
5. FALSE
The country has opened up to trade which means that the good they export now has a larger market to sell to. This will be beneficial to the people in the exporting industry as they will sell more and thus make more money.
On July 1, 2016, Killearn Company acquired 110,000 of the outstanding shares of Shaun Company for $14 per share. This acquisition gave Killearn a 25 percent ownership of Shaun and allowed Killearn to significantly influence the investee's decisions. As of July 1, 2016, the investee had assets with a book value of $5 million and liabilities of $620,000. At the time, Shaun held equipment appraised at $308,000 above book value; it was considered to have a seven-year remaining life with no salvage value. Shaun also held a copyright with a five-year remaining life on its books that was undervalued by $1,208,000. Any remaining excess cost was attributable to goodwill. Depreciation and amortization are computed using the straight-line method. Killearn applies the equity method for its investment in Shaun. Shaun's policy is to declare and pay a $1 per share cash dividend every April 1 and October 1. Shaun's income, earned evenly throughout each year, was $591,000 in 2016, $634,400 in 2017, and $682,400 in 2018. In addition, Killearn sold inventory costing $98,400 to Shaun for $164,000 during 2017. Shaun resold $117,000 of this inventory during 2017 and the remaining $47,000 during 2018. Determine the equity income to be recognized by Killearn during each of these years. Compute Killearn's investment in Shaun Company's balance as of December 31, 2018.
Answer:
A. 2017 $61,400
2018 $49,400
B. $1,650,800
Explanation:
A. Calculation to Determine the equity income to be recognized by Killearn during each of these years.
2017 EQUITY INCOME
Equity Income =(25%*$634,400)-($ 1 per share April 1 Cash dividend+$ 1 per share October 1 Cash dividend*$110,000)
Equity Income =$158,600-($2per share*110,000)
Equity Income =$158,600-$220,000
Equity Income =$61,400
2018 EQUITY INCOME
Equity Income =(25%*$682,400)-($ 1 per share April 1 cash dividend+$ 1 per share October 1 cash dividend*$110,000)
Equity Income =$170,600-($2per share*110,000)
Equity Income =$170,600-$220,000
Equity Income =$49,400
Therefore the equity income to be recognized by Killearn during 2017 is $61,400 and 2018 is $49,400 .
b. Computation for Killearn's investment in Shaun Company's balance as of December 31, 2018
Original Investment at Cost $1,540,000
( 110,000*14per share)
Add 2017 Profit shared (Net of Dividend) $61,400
Add 2018 Profit shares (Net of Dividend) $ 49,400
2018 Investment Value $1,650,800
($1,540,000+$61,400+$ 49,400)
Therefore Killearn's investment in Shaun Company's balance as of December 31, 2018 will be $1,650,800
the real risk rate of interest is 2.5% and inflation is expected to be 3% this year and 3.5 during the next three years assume that the maturity risk premium is Sarah what is the yield on 4 year treasury securities
Answer:
5.875%
Explanation:
Yield on 4 year security = real risk free rate + average inflation over 4 years
average inflation over 4 years = (3% + 3.5% + 3.5% + 3.5% ) / 4 = 3.375%
3.375% + 2.5% = 5.875%
Jared Harless shattered his elbow in a snowboarding accident and decided to visit a doctor at Smith Union Hospital for treatment. While at the hospital, he interacts with many individuals who attempt to make his experience at the hospital a positive one.
In most large organizations, several people are responsible for the buying decisions. These buying center participants can include employees who have a formal role in purchasing decisions (i.e., the purchasing or procurement department), members of the design team for a new product, top managers, and employees who will be using the item being purchased. These employees are likely to play different roles in the buying process. Vendors must understand these roles and adapt the marketing process appropriately for different individuals and for the buying center as a whole.
a. Patient
b. Vista Insurance
c. Shattered Elbow
d. Smith Union Hospital
e. Elbow-Med Sales Rep
f. Materials Manager
g. Alternative Treatments
h. Specialized Purchase
i. Physician
j. Surgery
k. Price and Success Rete
l. Cost-Effectiveness
Role player Prompters
Initiator
User
Decider
Buyer
Influencer
Gatekeeper
Answer:
Role player Prompters
Initiator Physician Shattered Elbow
User Patient Alternate Treatments
Decider Smith union hospital Price and success rate
Buyer Material manager Specialized purchase
Influencer ElbowMed Sales Rep Surgery
Gatekeeper Vista Insurance Cost effectiveness
cool hall inc. manufacturing overhead for the year was estimated to be $702,540. if the predetermined overhead rate is based on direct labor hours, then the estimated direct labor hours of the predetermined overhead rate is based on direct labor-hours, than the estimated direct labor hours of the beginning of the year used in the predetermined overhead rate must have been
Answer:
c. 31,504 direct labor hour
Explanation:
Note: The full question is attached as picture below
Manufacturing overhead applied = Actual Manufacturing overhead + Over-applied overhead
Manufacturing overhead applied = 697,450 + 40,680
Manufacturing overhead applied = 738,130
Manufacturing overhead applied = Predetermined overhead rate * Actual direct labor hour
738,130 = Predetermined overhead rate * 33,100 direct labor hour
Predetermined overhead rate = $738,130 / 33,100 direct labor hour
Predetermined overhead rate = $22.30 direct labor hour
Estimated direct labor hour = Estimated Manufacturing overhead / Predetermined overhead rate
Estimated direct labor hour = $702,540 / $22.30 direct labor hour
Estimated direct labor hour = 31,504 direct labor hour
So, the estimated direct labor hours at the beginning of the year used in the predetermined overhead rate must have been 31,504 direct labor hour.
The cost for direct labor is $30 per direct labor hour and the cost of the direct materials used by Job 603 is $1,400.How much manufacturing overhead would be allocated to Job 603 using the departmental overhead rates
Answer:
the total manufacturing overhead allocated is 610
Explanation:
The computation of the manufacturing overhead allocated is as follows;
= Assembly department + sandling department
= 50 × 11 + 15 × 4
= 550 + 60
= 610
Hence, the total manufacturing overhead allocated is 610
We simply applied the above formula so that the total manufacturing allocated to Job 603 could come
An FHA-insured loan in the amount of $157,500 at 5.5% for 30 years closed on July 17. The first monthly payment is due on September 1. Using a 360-day year and assuming that interest is being paid for the day of closing, what was the amount of the interest adjustment the buyer had to make at the settlement?
Answer:
the amount of the interest adjustment is $336.875
Explanation:
The computation of the amount of the interest adjustment is as follows;
= Principal × rate of interest × number of days ÷ total number of days
= $157,500 × 5.5% × 14 days ÷ 360 days
= $336.875
Hence, the amount of the interest adjustment is $336.875
Therefore the given formula is applied
If there is no written designated agency relationship, a client of Meramac Realty has what kind of relationship with Meramac
Answer: c. A nonagency relationship with everyone in the office.
Explanation:
For an agency relationship to exist in the eyes of the law, there must be a contract with a written designated agency relationship between the client and Meramac Realty.
With no such contract in existence, the law recognizes no agency relationship between Meramac and any of its affiliates with the client. There is therefore a non-agency relationship with everyone in Meramac.
In the nation of Foxystan, a $500 decrease in consumer spending typically causes GDP to fall by $5000. The spending multiplier in Foxystan is equal to:
Answer:
Foxystan
The spending multiplier in Foxystan is equal to:
10 times.
Explanation:
a) Data and Calculations:
Decrease in consumer spending = $500
Decrease in GDP = $5,000
Spending multiplier in Foxystan is equal $5,000 : $500 = 10 times
The spending multiplier describes the ratio of change in consumer spending relative to the change in the GDP. In Foxystan, the ratio of the change is 10 times. This means that while consumer spending decreased by $500, it caused a 10 times decrease in the GDP.
What will we never do in a world of scarcity? Group of answer choices Satisfy all basic human needs. Satisfy all basic human wants. Use all economic resources such that we satisfy the maximum amount of wants. Meet all of society’s wants.
Answer:
D: Meet all of society’s wants.
Explanation:
In a world of scarcity, what happens is that we will never be able to meet all of society's wants. This is due to the fact that wants is something that is insatiable that is it has no end.
Describe the first three steps you would take to begin the strategic planning process for a human services organization
Explanation:
The strategic planning process is essential for companies to define what actions are necessary to achieve organizational objectives and goals, and will be an important guide for a company to be well positioned in the market, achieve sustainable competitive advantage and be profitable.
In a human services organization, strategic planning could be developed following the first three steps:
definition of organizational values definition of policies and code of ethical conduct and SWOT analysis
To be effective, strategic planning must be aligned with the company's identity and objectives, so in a human services organization, it would be essential for strategic planning to be based on values, such as corporate governance, social and environmental responsibility, etc., in addition to a clear definition of the policies and code of organizational ethics, which would guide the organizational culture, communication, service, and the application of the best conduct with regard to interpersonal relationships.
The SWOT analysis is also an important step for the company to be able to identify which are its greatest strengths, weaknesses, opportunities and threats that would assist in management and constant monitoring in order to find the best practices to implement in its processes and achieve continuous improvement.
Strategic planning is planning made for a specific organization and is meant to ensure progress and address specific national problems,
there are about five steps in the strategic planning process as determining the position, prioritizing the aims and objectives. Developing a strategic plan. Execution and management of the plan. In last reviewing and revising the plan. Hence for an HR service for the organization we need to define the values, make a SWAT analysis, and state the codes of conduct.Learn more about the steps you would take to begin the strategy.
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When a process is in control, it results in there being, on average, 16 defects per unit of output. c-chart limits of 8 and 24 would lead to a
Answer:
4.56%
Explanation:
From the given information:
In a c-chart limit
UCL = [tex]\bar c+ z \times \sqrt{\bar c }[/tex]
where;
[tex]\bar c = 16[/tex]
UCL = 24
Then:
[tex]24 = 16 + z \times \sqrt{24}[/tex]
[tex]24 -1 6 = z \times \sqrt{24}[/tex]
[tex]8 = z \times 4.89[/tex]
[tex]z = \dfrac{8}{4.89}[/tex]
z [tex]\simeq[/tex] 2.0
At z = 2.0, the value represents the probability of 95.44% of not making a Type 1 error.
This implies that the probability of making a Type 1 error = 1 - 95.44%
= 4.56%
You will most likely be working with a small business during your internship. Please describe some of the unique challenges you think a small business faces and how you would contribute to that work environment.
Explanation:
Small companies may face challenges that hinder the ideal flow of business, such as the lack of staff training, communication failures, high tax burden, difficulty in accessing credit, etc., which contributes to the rapid bankruptcy of these companies, that cannot survive in the long term in the market and compete with the big companies.
As an intern at a large company, it is ideal to seek networking that creates interpersonal relationships that facilitate the exchange of information and even suggestions for new ideas for the business. It is also essential that the trainee be an example of dedication and responsibility with their tasks, reporting correctly and assisting in the company's communication processes, always seeking to bring innovative and creative ideas that contribute to the organizational goals and objectives.
A shipping company in the Northwest has heard rumors that a national rival is considering opening a warehouse in a nearby city. In response, the company is exploring ways to add customers. Which best describes with whom they should consult?
a transportation salesman in the Sales and Services career pathway
a logistician in the Logistics Planning and Management Services pathway
a reservation ticket agent in the Sales and Services career pathway
a transportation manager in the Logistics Planning and Management Services path
Answer:
I also think it is A
Explanation:
They should consult a transportation salesman in the Sales and Services career pathway. Thus, option A is correct.
What is logistics planning?The organization of a supply chain as it relates to a business is known as logistic planning. It entails a company's evaluation of order quantities, transportation, and storage. Before getting to the final customer, products go through a number of phases after manufacturing. The likelihood of product damage is decreased, order fulfilment is made more efficient, and profits can be increased by lowering shipping and storage costs.
Because it involves tracking commodities, logistics stretch back as far as trade. The old ways entailed keeping analogue records and certifying goods with trade seals. The Internet of Things (IoT) and radio-frequency technology are two examples of modern techniques that rely on technology. A crucial element of most logistics is the capacity to keep track of products across the supply chain.
Therefore, we can conclude that option A is correct.
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Your brother announces at Thanksgiving Dinner that he is thinking of becoming a day trader. What questions might you ask him to help him assess the wisdom of that choice?
1) Has he diversified his portfolio within the 11 sectors?
2) Does he go for capital appreciation stocks or dividend stocks?
3) How much time does he spend studying a company's financials (10K form) and charts?
4) Who is his favorite investor? Warren Buffet for picking great stocks and holding for many many years or someone like Bill Ackman who is a bit deceptive on his trading tactics (over the summer he said 'Hell is coming' a signal thought by many as "panic sell" whilst he was buying heavily)
5) What is the number he is seeking to retire? There's usually a number ranging from $1M and $200M.
6) Maybe ask him if he is seeking to get licensed as a CMT (reading chart patterns)?
Hope this helps, either way best of luck to him!
when corruption is evident in governments the result is that
Answer: Industries have more difficulty opening since they will have to resort to bribes from government people.
Explanation: When corruption is very marked in a country, many people know that the way to obtain benefits is through certain bribes. In the case of industries, in order for them to open they have to resort to bribes made by government personnel to have the opportunity for their construction to take place.
Horford Co. has no debt. Its cost of capital is 8.9 percent. Suppose the company
converts to a debt-equity ratio of 1.0. The interest rate on the debt is 5.7 percent. Ignore
taxes for this problem.
a. What is the company's new cost of equity? (Do not round intermediate calculations
and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
b. What is its new WACC? (Do not round intermediate calculations and enter your
answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Answer:
A. 12.1%
B. 8.9%
Explanation:
a. Calculation for What is the company's new cost of equity
Using this formula
New cost of equity=Cost of capital+[(Cost of capital- Debt interest rate ) *(Debt-equity ratio)*(1)]
Let plug in the formula
New cost of equity=[0.089+[(0.089-0.057)*(1)*1]
New cost of equity=[0.089+0.032*(1)*1]
New cost of equity=[0.121*(1)*1]
New cost of equity=0.121*100
New cost of equity=12.1%
Therefore the company's new cost of equity will be 12.1%
b. Calculation for What is its new WACC
Particular Weight Cost Weighted cost
Equity 0.5000 *12.1% = 0.0605
Debt 0.5000 * 5.7% =0.0285
WACC =0.089*100
WACC =8.9%
(0.0605+0.0285)
Therefore the new WACC will be 8.9%
Sources of economic growth would include an increase in:
a. Investment spending.
b. Financial investment.
c. Consumer spending.
d. Government spending.
e. Consumer saving
Answer:
Option e: Consumer saving
Explanation:
Consumer saving shows that the economy of a given country is growing. When a citizen of a country is employed, then unemployment decreases and consumers can be afford to buy some of their needs and still save some amount of money or valuables for future use. It shows that the economy growth is increasing in that country.
An increase in consumer savings can lead to more production, investment and others.
The LaGrange Corporation had the following budgeted sales for the first half of the current year:
Cash Sales Credit Sales
January $60,000 $160,000
February $65,000 $180,000
March $50,000 $140,000
April $45,000 $130,000
May $55,000 $210,000
June $90,000 $240,000
The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled:
Collections on sales:
45% in month of sale
35% in month following sale
20% in second month following sale
The accounts receivable balance on January 1 of the current year was $85,000, of which $55,000 represents uncollected December sales and $30,000 represents uncollected November sales.
The total cash collected during January by LaGrange Corporation would be:_________
Answer:
$168,250
Explanation:
Total Cash Collection would include cash collected from both Cash Sales and Credit Sales.
Summary for Calculation of January Cash Collected
Cash Sales $60,000
Credit Sales :
For January Sales ($160,000 × 45%) $72,000
For December Sales ($55,000 × 55%) $30,250
For November Sales ($30,000 × 20%) $6,000
Total Collection $168,250
Conclusion :
The total cash collected during January by LaGrange Corporation would be $168,250
The total cash collected during January by LaGrange Corporation would be:$197,000.
Cash collected:
November receivables collections $30,000
December receivables collections $35,000
($55,000 × 35%/55%)
January cash sales $60,000
January credit sales collection $72,000
($160,000×45%)
Total collection $197,000
Inconclusion the total cash collected during January by LaGrange Corporation would be:$197,000.
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What will most likely cause a lender to deny credit?
OA short credit history with high balances
O Possession of two credit cards
OA small amount of debt owed
OA historic credit score of 300
Answer:
A historic credit score of 300
Explanation:
A credit score is a numeric record that expresses the reliability of a borrower to repay loans. The credit score or credit rating is determined by, among other things, credit history, income level, and the individual's income to debt ratio.
Credit scores range between 300 and 850. 300 is the lowest and the poorest score. A score of 300 indicates that the borrower has a bad history of debt repayment. They are always late on repayments, miss on installments, or have defaulted on loans. Lenders consider such persons as high-risk borrowers and are likely to deny them credit facilities.
what do investors use the income statements of organizations for?
State two goals you hope to achieve through applying your coursework this term to your workplace experience.
Explanation:
1. Improve communication skills
2. Apply customer relationship marketing
The current business scenario is globalized and highly competitive, the social dynamics resulting from globalization and new technologies have changed the demands and relations between company / consumer, this new parameter requires companies to be promoters of society's well-being, acting with socio-environmental responsibility in the market, which means that this includes the relationship with all its stakeholders.
Therefore, it is essential that interpersonal communication skills are improved in a management-oriented course and applied to the work environment, as organizations have more and more responsibilities when dealing with people, and negotiation and communication skills with people are increasingly valued. different nationalities and culture, with ethics in communication being an essential factor.
Relationship marketing is also another essential factor that must be applied in the workplace, especially if you work directly with the customer or work using the internet, since companies are closer to customers, and must generate value and engagement that creates market identification and positioning.
A goal is termed as the idea of the future result that is committed to achieving. It can be a plan or envision that is to be accomplished by a group of persons. The deadline is set for the accomplishment of the goals by the group of people.
The two goals to achieve in the workplace are:
1. Improve communication skills
2. Apply customer relationship marketing
The current business scenario is globalized and highly competitive, the social dynamics resulting from globalization and new technologies have changed the demands and relations between company and the consumer. Relationship marketing is also another essential factor that must be applied in the workplace.
Therefore, it is essential that interpersonal communication skills are improved in a management-oriented course and applied to the work environment, as organizations have more and more responsibilities when dealing with people, and negotiation and communication skills with people are increasingly valued.
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Florida Palms Country Club adjusts its accounts monthly. Club members pay their annual dues in advance by January 4. The entire amount is initially credited to Unearned Membership Dues. At the end of each month, an appropriate portion of this amount is credited to Membership Dues Earned. Guests of the club normally pay green fees before being allowed on the course. The amounts collected are credited to Green Fee Revenue at the time of receipt. Certain guests, however, are billed for green fees at the end of the month.
The following information is available as a source for preparing adjusting entries at December 31.
1. Salaries earned by golf course employees that have not yet been recorded or paid amount to $9,600.
2. The Tampa University golf team used Florida Palms for a tournament played on December 30 of the current year. At December 31, the $1,800 owed by the team for green fees had not yet been recorded or billed.
3. Membership dues earned in December, for collections received in January, amount to $106,000.
4. Depreciation of the country club's golf carts is based on an estimated life of 15 years. The carts had originally been purchased for $180,000. The straight-line method is used. Note: The clubhouse building was constructed in 1925 and is fully depreciated.)
5. A 12-month bank loan in the amount of $45,000 had been obtained by the country club on November 1. Interest is computed at an annual rate of 8 percent. The entire $45,000, plus all of the interest accrued over the 12-month life of the loan, is due in full on October 31 of the upcoming year. The necessary adjusting entry was made on November 30 to record the first month of accrued interest expense. However, no adjustment has been made to record interest expense accrued in December.
6. A one-year property insurance policy had been purchased on March 1. The entire premium of $7,800 was initially recorded as Unexpired Insurance.
7. In December, Florida Palms Country Club entered into an agreement to host the annual tournament of the Florida Seniors Golf Association. The country club expects to generate green fees of $4,500 from this event.
8. Unrecorded Income Taxes Expense accrued in December amounts to $19,000. This amount will not be paid until January 15.
Required:
a. For each of the above numbered paragraphs, prepare the necessary adjusting entry (including an explanation). If no adjusting entry is required, explain why.
b. Four types of adjusting entries are described at the beginning of the chapter. Using these descriptions, identify the type of each adjusting entry prepared in part a above.
c. Although Florida Palms's clubhouse building is fully depreciated, it is in excellent physical condition. Explain how this can be.
Answer:
Florida Palms Country Club
a. Adjusting Journal Entries:
1. Debit Salaries Expense $9,600
Credit Salaries Expense Payable $9,600
To record the unpaid salaries.
2. Debit Accounts Receivable (Tampa University Golf Team) $1,800
Credit Green Fee Revenue $1,800
To record earned revenue not yet billed and recorded.
3. Debit Unearned Membership Dues $106,000
Credit Membership Dues Earned $106,000
To record membership dues earned.
4. Debit Depreciation Expense on Golf Carts $12,000
Credit Accumulated Depreciation $12,000
To record depreciation expense for the year.
5. Debit Interest Expense $300
Credit Interest Expense Payable $300
To accrue interest expense for the month of December.
6. Debit Insurance Expense $6,500
Credit Insurance Prepaid (Unexpired Insurance) $6,500
To record insurance premium for 10 months.
7. No entry is required because the period in which the tournament will be hosted is not disclosed. Revenue is only recorded when performance obligations have been fulfilled.
8. Debit Income Taxes Expense $19,000
Credit Income Taxes Expense Payable $19,000
To record accrued expenses for the year.
b. The types of adjusting entries prepared in part a above are:
Accrued Expenses
Accrued Revenue
Deferred Revenue
Depreciation estimate
c. That Florida Palm's clubhouse is fully depreciated but remains in excellent physical condition results from the fact that depreciation is a systematic allocation of the cost of the clubhouse costs over its estimated useful life. This implies that depreciation is merely an accounting estimate that spreads the cost of the clubhouse over its useful life and not an attempt to put a value on the clubhouse.
Explanation:
a) Data and Calculations:
1. Depreciation Expense on the golf carts = $180,000/15 years = $12,000 per annum based on the straight-line method of depreciation.
2. Interest expense on the bank loan = $45,000 * 8% * 1/12 = $300
3. Insurance Premium Expense = $7,800 * 10/12 = $6,500
Tenpenny Tower was built in 1985. However, the building has been constantly maintained and remodeled. In valuation terms, the building's _________ age is greater than the building's _________ age.
Answer: effective age, chronological age
Explanation:
Effective age is the estimate of the age of a particular structure which is typically based on the condition and the utility of such structure.
Chronological age has to do with the amount of time from the day the building was constructed to the present age.
If the company allocates overhead based on direct labor cost, what are the total actual manufacturing overhead costs
Answer: $228,900
Explanation:
Manufacturing overheads = Factory depreciation + Factory utilities + Indirect labor + Factory rent + Factory property taxes + Indirect materials
= 65,600 + 30,900 + 22,600 + 47,800 + 28,700 + 33,300
= $228,900
Does the Statute of Frauds, a legal principle from the 1600s, still make sense in today's commercial world
Answer:
Yes. The Statute of Frauds still makes sense in today's commercial world.
Explanation:
The statute of frauds as a legal concept requires that certain contracts must be put in writing, especially contracts involving the sale of land, goods worth more than $500, and contracts lasting more than one year. The statute acts as a defense to a breach of contract claim. In most states, a statute of frauds does not make a contract void but makes certain contracts voidable. This means that the contract remains valid and enforceable until one of the parties chooses to void the contract.
Financial management deals with the maintenance and creation of economic value or wealth. Group of answer choices True False
Answer:
The answer for the above question is== (TRUE)..✔️✔️
