answer is false
Explanation:
I had that question it was false if not correct me please
Guest rooms in upscale hotels during the period 1900-1950 were actually smaller than the standard sized room found in the economy class hotel of today. True.
What is a guest room?
A guest house is a kind of lodging. In some parts of the world guest houses are a type of inexpensive hotel-like lodging.
What is period 1900-1950?The 20th century was dominated by significant events that defined the modern era such as Spanish flu pandemic, World War I and World War II, nuclear weapons, nuclear power and space exploration, nationalism and decolonization, technological advances, and the Cold War and post-Cold War conflicts.
What is the economy class?Economy class, also called third class, coach class, steerage, or to distinguish it from the slightly more expensive premium economy class, standard economy.
To learn more about economy class and period 1900-1950 refer
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Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates:
Direct labor-hours required to support estimated production 145,000
Machine-hours required to support estimated production 72,500
Fixed manufacturing overhead cost $406,000
Variable manufacturing overhead cost per direct labor-hour $4.40
Variable manufacturing overhead cost per machine-hour $8.80
During the year, Job 550 was started and completed. The following information is available with respect to this job:
Direct materials $195
Direct labor cost $288
Direct labor-hours 15
Machine-hours 5
Required:
1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach:
A. Compute the plantwide predetermined overhead rate.
B. Compute the total manufacturing cost of Job 550.
C. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?
2. Assume that Landen’s controller believes that machine-hours is a better allocation base than direct labor-hours. Under this approach:
A. Compute the plantwide predetermined overhead rate.
B. Compute the total manufacturing cost of Job 550.
C. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?
Answer:
1a. $7.2 per DLH
1b. $591
1c.$1,773
2a. $14.4 per DLH
2b. $555
2c.$1,665
Explanation:
1A. Computation of the plantwide predetermined overhead rate
Plantwide predetermined overhead rate=($406,000/145,000)+$4.40
Plantwide predetermined overhead rate=$2.8+$4.40
Plantwide predetermined overhead rate=$7.2 per DLH
Therefore the plantwide predetermined overhead rate will be $7.2 per DLH
1B. Computation of the total manufacturing cost of Job 550
Direct materials $195
Direct labor cost $288
Overhead $108
( 15*$7.2)
Total cost $591
Therefore the total manufacturing cost of Job 550 will be $591
1C. Calculation for what selling price would it establish for Job 550
Direct materials $195
Direct labor cost $288
Overhead $108
( 15*$7.2)
Total cost $591
Markup(200%) $1,182
(200%*$591)
Selling price $1,773
Therefore the selling price it would establish for Job 550 will be $1,773
2A. Computation of the plantwide predetermined overhead rate
Plantwide predetermined overhead rate=($406,000/72,500)+$8.80
Plantwide predetermined overhead rate=$5.6+$8.80
Plantwide predetermined overhead rate=$14.4 per DLH
Therefore the plantwide predetermined overhead rate will be $14.4 per DLH
1B. Computation of the total manufacturing cost of Job 550
Direct materials $195
Direct labor cost $288
Overhead $72
( 5*$14.4)
Total cost $555
Therefore the total manufacturing cost of Job 550 will be $555
1C. Calculation for what selling price would it establish for Job 550
Direct materials $195
Direct labor cost $288
Overhead $72
( 5*$14.4)
Total cost $555
Markup(200%) $1,110
(200%*$555)
Selling price $1,665
Therefore the selling price it would establish for Job 550 will be $1,665
The following procedures were recently installed by Raspberry Creek Company: After necessary approvals have been obtained for the payment of a voucher, the treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing. The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer's office for approval. Along with petty cash expense receipts for postage, office supplies, etc., several postdated employee checks are in the petty cash fund. At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers. At the end of each day, all cash receipts are placed in the bank's night depository. At the end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank. All mail is opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts. The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.
Required:
Indicate whether each of the procedures of internal control over cash represents (1) A strength or (2) A weakness. For each weakness, indicate why it exists.
Answer:
a. Strength
b. Strength
c. Weakness
d. Weakness
e. Strength
f. Strength
g. Weakness
h. Weakness
All the reasons of weakness are written in the explanation section below.
Explanation:
Solution:
Note: we are only asked to state the reasons of weaknesses only if exists. And in order to facilitate the reader I am breaking the question into parts.
a.
Comment : It represents a Strength
b.
Comment: It represents a strength
c.
Comment: It represents a Weakness
Reasons: In any case, post dated personal checks of employees are not permissible from the petty cash. It will showcase the advancing of funds from the petty cash for the employees. And it is a weakness.
d.
Comment: It represents a weakness.
Reasons: It is a weakness, because it will create cash shortage of customers in the long run and it will lead to more and more complaints from the customers. Cash shortages should be dealt with proper procedure.
e.
Comment: It represents a strength
f.
Comment: It represents a strength.
g.
Comment: It represents a Weakness
Reasons: because it will create the accountability issues. Here, first step is that the mail clerk should list all the remittances and then send them forward. Furthermore, he/she must send duplicate copy account clerk for proper recording.
h.
Comment: It represents a Weakness
Reasons: It is not acceptable to prepare a bank reconciliation by people who are handling cash.
The following information is available for Ivanhoe Company for the year ended December 31, 2022.
Beginning cash balance $78,750
Accounts payable decrease 6,475
Depreciation expense 283,500
Accounts receivable increase 14,350
Inventory increase 19,250
Net income 497,175
Cash received for sale of land at book value 61,250
Cash dividends paid 21,000
Income taxes payable increase 8,225
Cash used to purchase building 505,750
Cash used to purchase treasury stock 45,500
Cash received from issuing bonds 350,000
Required:
Prepare a statement of cash flows using the indirect method.
Answer and Explanation:
The preparation of the cash flow statement is presented below:
Cash Flows From Operating Activities
Net Income $497,175
Adjustments made:
Less: Increase in Accounts Receivable -$14,350
Less: Increase in Inventory -$19,250
Less: Decrease in accounts payable -$6,475
Add: Increase in Income tax payable $8,225
Add: Depreciation Expense $283,500
Net Cash Provided by Operating Activities (A) 748,825
Cash Flows From Investing Activities
Cash received for sale of land at book value $61,250
Less: Cash used to purchase a building -$505,750
Net Cash Provided by Investing Activities (B) -$444,500
Cash Flows From Financing Activities
Cash received from issuing bonds $350,000
Less: Cash used to purchase Treasury stock -$45,500
Less: Cash Dividends Paid -$21,000
Net Cash Used by Financing Activities (C) $283,500
Net Increase in Cash (A+B+C) $587,825
Add: Beginning cash balance 78,750
Ending cash balance $666,575
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
Suppose you are deciding whether you should go to college. If you go to college, you will pay $10,000 total in tuition, textbooks, and room and board every year for 4 years, with the first payment being made immediately and then the next three payments 1 year apart. Upon graduating, you expect to get a job earning $50,000 per year for the next 40 years. Assume that your first paycheck arrives exactly 1 year after you start working and you continue getting paid annually thereafter. Also assume that there are no raises in that particular field. If you do not go to college, you can start working immediately. The pay, however, is lower. You would expect to work for 44 years and earn $34,000 per year, with your first paycheck arriving exactly 1 year from now, and you continue getting paid annually thereafter. For the questions below, round all numbers to two decimals.
Part 1 Assume the interest rate is 7%. If you were to attend college, the present value of your tuition payments would total _______ $
Part 2 Suppose you go to college and graduate after 4 years. Because you will work for 40 years after you graduate, and because 40 years is a long time, treating the stream of payments as a perpetuity will provide a reasonable approximation of the present value of the payment stream. The present value of your annual earnings of $50,000 as a college graduate is _______$
Part 3 The net present value of going to college is _____$
Part 4 If you do not go to college, you will be working even longer than before. Once again, you may treat the stream of income from your job as a consol or perpetuity. The present value of your annual earnings of $34,000 if you don't go to college is ________$
Answer:
Part 1. If you were to attend college, the present value of your tuition payments would total _______
$33,870.00
Part 2. The present value of your annual earnings of $50,000 as a college graduate is _______
$741,407.10
Part 3 The net present value of going to college is _____
$707,537.10
Part 4. The present value of your annual earnings of $34,000 if you don't go to college is ________
$719,270
Explanation:
a) Data and Calculations:
Annual Tuition, etc = $10,000
Number of college years = 4
Interest rate = 7%
Present Value Annuity Factor = 3.387
PV of $10,000 = $10,000 * 3.387 = $33,870
Annual salary after college in 4 years' time = $50,000
Number of years earning salary = 40 years
Present value annuity factor = 19.434 * 0.763 = 14.828142 (reduced to earnings after 4 years)
PV of $50,000 = $50,000 * 14.828142 = $741,407.10
NPV of going to college = $741,407.10 - $33,870 = $707,537.10
Annual salary without college = $34,000
Number of years earning salary without college = 44 years
Present value annuity factor = 21.155
PV of $34,000 in perpetuity = $34,000 * 21.155 = $719,270
A one-year long forward contract on Amazon is entered into when its stock price is $1,900 and the continuous compounded interest rate is 2.5%. Amazon pays no dividends. a) What are the fair forward price and the initial value of the forward contract
Answer:
Missing word "If the forward price is set at $1,950, how would you arbitrage it?"
1. Fair forward price = stock price * e(nr) where n = time to maturity in years and r = continuous compounded interest rate
Amazon dividend yield is zero, as it does not pay dividends
Fair forward price = $1,900 * e(1*0.025)
Fair forward price = $1,948
Therefore, at initiation, the value of the forward contract would be zero since it is priced at its fair price
2. If the forward price is $1,950, the forward is overpriced. It can be arbitraged by selling the forward and buying the spot.
The stock would be borrowed in the spot market, and the forward contract sold at the same time. After 1 year, the stock is sold at the forward contract price of $1,950 and using these proceeds, the stock is bought at $1,948.10 in the spot market and returned to the lender. The arbitrage profit = $1950 - $1948.10 = $1.90
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
Acquiring assets by taking on debt is one way you can accumulate assets. And many of these loans will fall into the category of long-term liabilities. But, in order to present them on the balance sheet correctly, the following must be known about the loan. Complete each statement as it applies to loans.
Regardless of the type of loan, only the ______________ is shown on the balance sheet. Options for blank: Principal borrowed/ latest outstanding loan balance/ loan balance plus any current interest due.
The ______ (current/initial/total) loan balance is NOT what is currently owed but what _________________( is split between current and long-term on the balance sheet/ was originally borrowed/ is the long-term principal and any interest due)
The portion of a loan listed as a liability on the balance sheet is only the ______________________ (total principal and interest not yet paid/ current portion due on the loan/ loan's principal)
Now that you have an understanding of assets and liabilities, an easy formula can determine your net worth. Again, recalling that net worth equals total assets minus total liabilities, complete the following statements
________ (.Solvency/ Net worth/ Financial security) : the fair market value of assets owned less liabilities owed.
________ ( Equity/Solvency/Financial security): the amount left after selling assets and paying off all liabilities
_________ (Insolvency/ In need of Assets/ Proceeding to bankruptcy) Net worth is less than zero.
Answer:
1. Latest outstanding loan balance
2. Initial; was originally borrowed.
3. loan's principal.
4. Net worth
5. Equity
6. Insolvency.
Explanation:
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
Acquiring assets by taking on debt is one way you can accumulate assets. And many of these loans will fall into the category of long-term liabilities. But, in order to present them on the balance sheet correctly, the following must be known about the loan.
1. Regardless of the type of loan, only the latest outstanding loan balance is shown on the balance sheet.
2. The initial loan balance is not what is currently owed but what was originally borrowed.
3. The portion of a loan listed as a liability on the balance sheet is only the loan's principal.
4. Net worth: the fair market value of assets owned less liabilities owed.
5. Equity: the amount left after selling assets and paying off all liabilities.
6. Insolvency: net worth is less than zero.
Cann Corp. issued bonds with a face value of $100,000 and a stated interest rate of 8%. Cann Corp. retired these bonds for $125,000 before the maturity date. At the time, the bonds had a carrying value of $118,000. Determine the amount of gain or loss on the bond retirement.
Answer:
loss on the retirement of bonds = $7,000
Explanation:
the gain or loss resulting from the retirement of bonds is determined by the carrying value of bonds - retirement value of bonds = $118,000 - $125,000 = -$7,000 loss
Dr Bonds payable 100,000
Dr Loss on retirement of bond 7,000
Dr Premium on bonds payable 18,000
Cr Cash 125,000
Old Economy Traders opened an account to short-sell 1,000 shares of Internet Dreams from the previous problem. The initial margin requirement was 50%. (The margin account pays no interest). A year later, the price of Internet Dreams has risen from $40 to $50, and the stock has paid a dividend of $2 per share.
A. What is the remainning margin in the account?
B. If the maintenance margin requirement is 30 percent, will Old Economy receive a margin call?
C. What is the rate of return on the investment?
Answer:
A. 38%
B. NO
C. -150%
Explanation:
A.Calculation for What is the remaining margin in the account
Remaining margin=(1,000 shares*$40 per share*50%) /[(1,000 shares*$50 per share )+ ($2 per share*1,000)]
Remaining margin=$20,000/($50,000+$2,000)
Remaining margin=$20,000/$52,000
Remaining margin=0.38*100
Remaining margin=38%
Therefore the remaining margin in the account will be 38%
B. In a situation where the maintenance margin requirement is 30 percent, Old Economy will NOT receive a margin call reason been that based on the above Calculation the margin is 38% which means that it is abovethe maintenance margin requirement of 30%.
C. Calculation for What is the rate of return on the investment
Rate of return=[(1,000 shares*$40 per share)-(1,000 shares*$50 per share )] -(1,000 shares*$40 per share*50%) ÷(1,000 shares*$40 per share*50%)
Rate of return=($40,000-$50,000) -$20,000 ÷ $20,000
Rate of return = (-$10,000 -$20,000)/$20,000
Rate of return =-$30,000/$20,000
Rate of return = -1.5*100
Rate of return = -150%
Therefore rate of return on the investment will be -150%
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
You need to hire employees as you are finding yourself short. However, your budget allows you to have a specific
number for each department. You are permitted to have 20 servers, 8 bartenders, 8 bussers, 4 servers assistants, and 6 managers. You need
to fill the following slots: you need 7 servers, 3 bartender, 3 bussers, 0 server assistants, and 1 managers. How many of each do you
presently have?
13 servers, 5 bartenders, 5 bussers, 4 server assistants, 0 managers
Ob) 13 servers, 5 bartenders, 5 bussers, 4 server assistants, 5 managers
c) 13 servers, 5 bartenders, 7 bussers, 4 server assistants, 5 managers
d) 18 servers, 7 bartenders, 5 bussers, 1 server assistants, 6 managers
Answer:
13 servers, 5 bartenders, 5 bussers, 4 server assistants, 5 managers
Explanation:
When you need to fill a certain position at your organization, hiring is the process of looking for and evaluating individuals. On the other hand, recruiting entails ongoing study to locate the ideal workers for your business.
the beginning of hiring someone: The organization has recently had a number of hirings and firings.
The hiring process consists of several steps, including analyzing applications, identifying the best applicants for interviews. Hence option B is correct .
What is Hiring ?Testing candidates, making a decision between candidates, and carrying out other pre-employment exams and checks.
A human resources manager will take the following actions during the hiring process to find the ideal candidate for the position:
Examining job applicationsthe test takersSelected candidates are questionedCandidates should be chosen using predetermined selection criteria. Perform history and reference checksSend selected candidates for a health checkLearn more about hiring here
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how does marketing creates value
Marketing can help you add value by developing a brand, with messages and imagery that run through all of your marketing. A consistent brand will develop trust, and can in time represent everything your company stands for.
A taxpayer who, after filing their 2020 tax return, receives an IRS letter for unreported unemployment compensation should do all of the following EXCEPT:
a. Visit www.IdentityTheft.gov.
b. File a police report.
c. Immediately file an amended return, report the missing income, and pay any tax due.
d. Contact their state unemployment office.
Answer:
Explanations below
Explanation:
When an individual receives the Internal Revenue Service letter for unreported unemployment compensation, the person should contact the state unemployment office. Issues can be reported via phone to the Office of Special Investigations.
Individuals can be asked to visit www.IdentityTheft.gov, which is the one-stop resources instituted by the federal government of the country, for identity theft victims.
An amended return should be filed so that the missing income can be reported according and the due tax paid rightly.
There is no need to file a police report.
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
which of these tax forms reports an employee's yearly social security tax withheld?
Answer:
It is form W-2. It is a form ofthe Internal Revenue Service (IRS) tax document utilized as a part of the United States to report compensation paid to workers and the assessments withheld from them. Managers must finish a Form W-2 for every representative to whom they pay a pay, wage, or other remuneration as a component of the business relationship.
Explanation:
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An individual has the following demand function for gasoline:
QDGAS = 15-3PriceGAS + 0.02Income + 0.11PriceBT - 0.008PriceAUTO
Where income and car price are measured in thousands, and the price of bus travel is measured in average dollars per 100 miles traveled. Assuming the average automobile price is $22,000, income is $40,000, the price of bus travel is $25, and the price of gasoline is $30, calculate and interpret the income elasticity of gasoline demand and the cross price elasticity of gasoline demand with respect to the price of bus travel.
Answer:
Explanation:
From the information given:
[tex]Q^d_{gas} = 15 - 3 P_{gas} + 0.02 I +0.11 P_{BT} -0.008P_{AUTO}[/tex]
[tex]Q^d_{gas} = 15 - 3 (30) + 0.02(40000) +0.11 (25) -0.008(22000)[/tex]
[tex]Q^d_{gas} = 15 - 90 + 800+2.75 -176[/tex]
[tex]Q^d_{gas} = 551.75[/tex]
So, Income elasticity = [tex]\dfrac{dQ^d}{dI}*\dfrac{I}{Q^d}[/tex]
[tex]= 0.02 *\dfrac{40000}{551.75}[/tex]
= 1.45 which is greater than 1
It is positive → i.e. Normal good
The cross elasticity = [tex]\dfrac{dQ^d}{dPBT}*\dfrac{PBT}{Q^d}[/tex]
[tex]= 0.11 \times \dfrac{25}{551.75}[/tex]
= 0.0049 which is greater than 0
It is positive → hence they are substituents.
You purchase a T-Bill which is selling at a discount of 12 TL. The maturity of this T-Bill is 255 days. Calculate the simple yield and compounded yield of this T-Bill? (Par value: 100 TL)
Answer:
Par value of T-Bill = 100
TL Discount = 12 TL
Days to Maturity = 255 days
a. Simple yield (assuming simple interest) = (Discount / (Par value - Discount)) * (365 / Days to maturity)
Simple yield = (12 / (100 - 12)) * (365 / 255)
Simple yield = (12 / 88) * 1.431373
Simple yield = 0.136364 * 1.431373
Simple yield = 0.195187747772
Simple yield= 19.52%
So, the Simple Yield of the T-Bill is 19.52%
b. Compounded yield = (1 + (Simple Yield / (365 / Days to maturity))^(365 / Days to maturity) - 1
Compounded Yield = (1 + (0.19519 * (255 / 365)))^365/255 - 1
Compounded Yield = (1 + 0.136364)^1.431373 - 1
Compounded Yield = 1.200787 - 1
Compounded Yield = 0.200787
Compounded Yield = 0.200787
Compounded Yield = 20.08%
So, Compounded Yield of the T-Bill is 20.08%.
Leppard Corporation sells DVD players. The corporation also offers its customers a 2-year warranty contract. During 2014, Leppard sold 20,000 warranty contracts at $109.20 each. The corporation spent $182,000 servicing warranties during 2014, and it estimates that an additional $910,000 will be spent in the future to service the warranties.
a. Prepare Leppard’s journal entries for the sale of contracts. Assume the service costs are inventory costs.
b. Prepare Leppard’s journal entries for the cost of servicing the warranties. Assume the service costs are inventory costs.
c. Prepare Leppard’s journal entries for the recognition of warranty revenue. Assume the service costs are inventory costs.
Answer:
A. Dr Cash $2,184,000
Cr Unearned warranty revenue $2,184,000
B. Dr Warranty expense $182,000
Cr Inventory $182,000
C. Dr Unearned warranty revenue 364,000
Cr Warranty revenue 364,000
Explanation:
a. Preparation of thr Leppard’s journal entries for the sale of contracts
Dr Cash $2,184,000
($20,000 x$109.20 each)
Cr Unearned warranty revenue $2,184,000
(Being to record sale of contracts)
b. Preparation of Leppard’s journal entries for the cost of servicing the warranties.
Dr Warranty expense $182,000
Cr Inventory $182,000
(Being to record Cost of servicing warranty)
c. Preparation of Leppard’s journal entries for the recognition of warranty revenue.
Dr Unearned warranty revenue 364,000
Cr Warranty revenue 364,000
(Being to record recognized warranty revenue)
Calculation for recognized warranty revenue
First step is to calculate the Total expected cost
Total expected cost = 182,000 + 910,000
Total expected cost= 1,092,000
Now let calculate warranty revenue
Warranty revenue=182,000/ 1,092,000 x $2,184,000
Warranty revenue = 364,000
Answer:
Explanation:
Answer:
A. Dr Cash $2,184,000
Cr Unearned warranty revenue $2,184,000
B. Dr Warranty expense $182,000
Cr Inventory $182,000
C. Dr Unearned warranty revenue 364,000
Cr Warranty revenue 364,000
Explanation:
a. Preparation of thr Leppard’s journal entries for the sale of contracts
Dr Cash $2,184,000
($20,000 x$109.20 each)
Cr Unearned warranty revenue $2,184,000
(Being to record sale of contracts)
b. Preparation of Leppard’s journal entries for the cost of servicing the warranties.
Dr Warranty expense $182,000
Cr Inventory $182,000
(Being to record Cost of servicing warranty)
c. Preparation of Leppard’s journal entries for the recognition of warranty revenue.
Dr Unearned warranty revenue 364,000
Cr Warranty revenue 364,000
(Being to record recognized warranty revenue)
Calculation for recognized warranty revenue
First step is to calculate the Total expected cost
Total expected cost = 182,000 + 910,000
Total expected cost= 1,092,000
Now let calculate warranty revenue
Warranty revenue=182,000/ 1,092,000 x $2,184,000
Warranty revenue = 364,000
Super Saver Groceries purchased store equipment for $29,500. Super Saver estimates that at the end of its 10-year service life, the equipment will be worth $3,500. During the 10-year period, the company expects to use the equipment for a total of 13,000 hours. Super Saver used the equipment for 1,700 hours the first year.
Required:
Calculate depreciation expense for the first year, using each of the following methods. Round all amounts to the nearest dollar.
1. Straight-line.
2. Double-declining-balance.
3. Activity-based.
Answer:
a. $2,600
b. $5,900
c. $3400
Explanation:
straight line depreciation =( cost of asset - salvage value ) / useful life
($29,500 - $3500) / 10 = $2,600
Double declining = 2 x ( cost of asset / useful life )
(2 x $29,500) / 10 = $5,900
Activity based = ( hours used in year / total number of hours) x (cost of asset - salvage value)
(1700 / 13000) x ($29,500 - $3500) =$3400
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.
In order to help decide when and where to advertise, an appliance repair company decided to pull invoices and tally what types of appliances were repaired. There were twenty-five appliances repaired that month. What is the level of measurement for the data?
Answer:
Nominal
Explanation:
Levels of measurement are the.relevant type of information that is in the value assigned to variables under consideration.
There are 4 types of level of measurement as postulated by Stanley Smith Steven: nominal, ordinal, interval, and ratio.
Nominal measurements differentiates variables based on classification or grouping. Tags or numbers are allocated to identify or classify data.
In the given scenario an appliance repair company decided to pull invoices and tally what types of appliances were repaired.
The appliances are classified according to the type so this is a nominal level of measurement
Buckshot Electronics is a chain of electronics superstores that is located throughout California. They have 15 locations concentrated primarily in heavily populated areas. They sell thousands of products made by hundreds of different manufacturers. Buckshot sells everything from phones, video cameras, and video game consoles to large items like televisions.
Sony is one of their larger suppliers. They offer products in nearly every category Buckshot offers to its customers. In fact, Sony sells multiple cell phone models through Buckshot. One such model is the Q9900. One of Buckshot's San Francisco stores is forecasted to sell about 7800 units of the Q9900 in the coming year. This forecasted demand is about average in terms of Buckshot's 15 other California locations. Presently they order 900 units of the Q9900 every 6 weeks. Each store fills weekly orders through its Sony Distributor for items like TV's, DVD Players, cameras, and of course, cell phones, in addition to many other items. Orders for cell phones must be made in increments of 100 units. The distributor takes only one order per week, but Buckshot is not obligated to order every item every week. That order is then shipped 2 days later to that individual Buckshot Electronics location by truck. Buckshot's Central Procurement is looking to save money by investigating order sizes and subsequent order frequency. You are being asked to create a recommendation for order size and time between orders for the Q9900 based on the numbers for this San Francisco location. Answer the questions that follow in order to create a detailed report.
Below are some the key figures important in your analysis:
Q9900 Wholesale Price $325.00
Q9900 Retail Price $399.00
Annual Per Unit Holding Costs are estimated at 35% of the wholesale cost of the Q9900.
Required:
a. What is the per unit cost for each item?
b. What is the annual cost to purchase the items?
Answer:
Explanation:
Given that:
annual demand = 7800 units
wholesale price = $325
retail price = 399
The per-unit cost for each item = $399 per unit
The annual cost to purchase the items = Annual demand × wholesale price
= annual demand × price of the wholesales
= 7800 × 325
= $2535000
On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22,420 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
Cash $ 4,830
Notes payable $12,460
Accounts receivable 4,470
Accounts payable 970
Service revenue 7,730
Supplies expense 1,100
Supplies 2,300
Maintenance and repairs expense 700
Advertising expense 400
Utilities expense 200
Equipment 26,230
Salaries and wages expense 1,630
Common stock 22,420
In June, the company issued no additional stock but paid dividends of $1,720.
Required:
1. Prepare an income statement for the month of June.
2. Prepare a retained earnings statement for the month of June.
3. Prepare a balance sheet at June 30, 2017.
Answer:
Windsor, Inc.
1. Income Statement for the month of June:
Service revenue $ 7,730
Supplies expense 1,100
Maintenance and
repairs expense 700
Advertising expense 400
Utilities expense 200
Salaries & wages expense 1,630
Total expenses $4,030
Net income $3,700
2. Statement of Retained Earnings for the month of June:
Net income $3,700
Dividends paid 1,720
Retained earnings $1,980
3. Balance Sheet as at June 30, 2017:
Assets:
Current Assets:
Cash $ 4,830
Accounts receivable 4,470
Supplies 2,300 $11,600
Long-term assets:
Equipment 26,230
Total assets $37,830
Liabilities + Equity:
Liabilities
Current Liabilities:
Accounts payable $970
Long-term liabilities:
Notes payable 12,460
Total liabilities $13,430
Equity:
Common Stock $22,420
Retained Earnings 1,980 $24,400
Total liabilities + Equity $37,830
Explanation:
a) Data and Calculations:
Trial Balance as of June 30, 2017:
Accounts Titles Debit Credit
Cash $ 4,830
Accounts receivable 4,470
Supplies 2,300
Equipment 26,230
Notes payable $12,460
Accounts payable 970
Service revenue 7,730
Supplies expense 1,100
Maintenance and
repairs expense 700
Advertising expense 400
Utilities expense 200
Salaries & wages expense 1,630
Dividends paid 1,720
Common stock 22,420
Totals $43,580 $43,580
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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What is the difference between a note payable and an account payable?
The profit margin ratio is the only ratio that makes up ROE that can be negative (except in relatively rare cases). Describe how the interpretation of the Asset Turnover Ratio and the Financial Leverage Ratio change based on whether the Profit Margin Ratio is positive or negative.
Explanation:
The profit margin ratio is the only ratio that makes up ROE that can be negative (except in relatively rare cases). ... Therefore, Asset turnover ratio still represents the amount of sales that is generated for each dollar of assets the company owns and always is positive.
Except under very exceptional circumstances, the only ratio that makes up ROE that can be negative is the profit margin ratio. As a result, the asset turnover ratio continues to be positive and shows the amount of sales produced for each dollar of assets owned by the organization.
What is profit margin ?One of the often used profitability statistics to determine how profitable a business or line of business is is profit margin. It displays the proportion of sales that have generated profits. Simply put, the percentage value represents the amount of profit the company made on each dollar of sales. For instance, if a company states that it had a 35% profit margin during the most recent quarter.
Different profit margins come in different forms. However, in common usage, it typically refers to net profit margin, which is a company's bottom line after all other costs, such as taxes and one-time charges, have been deducted from revenue.
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April 2 Invested $34,620 cash and equipment valued at $15,500 in the business.
2 Hired an administrative assistant at a salary of $299 per week payable monthly.
3 Purchased supplies on account $771. (Debit an asset account).
7 Paid office rent of $663 for the month.
11 Completed a tax assignment and billed client $1,202 for services rendered.
(Use Service Revenue account).
12 Received $2,679 advance on a management consulting engagement.
17 Received cash of $2,580 for services completed for Ferengi Co.
21 Paid insurance expense $118.
30 Paid administrative assistant $1,196 for the month.
30 A count of supplies indicated that $131 of supplies had been used.
30 Purchased a new computer for $6,293 with personal funds. (The computer
will be used exclusively for business purposes).
Journalize the transactions in the general journal.
Answer:
General Journal:
April 2:
Debit Cash $34,620
Debit Equipment $15,500
Credit Common Stock $50,120
To record the investment of capital in the business.
April 2: N/A
April 3:
Debit Supplies $771
Credit Accounts Payable $771
To record the purchase of supplies on account.
April 7:
Debit Rent Expense $663
Credit Cash $663
To record the payment of rent for the month.
April 11:
Debit Accounts Receivable $1,202
Credit Service Revenue $1,202
To record services rendered to a client.
April 12:
Debit Cash $2,679
Credit Unearned Service Revenue $2,679
To record the receipt in advance for management consulting.
April 17:
Debit Cash $2,580
Credit Service Revenue $2,580
To record the services rendered to Ferengi Co.
April 21:
Debit Insurance Expense $118
Credit Cash $118
To record the payment of insurance expense.
April 30:
Debit Salaries $1,196
Credit Cash $1,196
To record the payment of salaries for the month.
April 30:
Debit Supplies Expense $131
Credit Supplies $131
To record supplies used.
April 30:
Debit Office Computer $6,293
Credit Common Stock $6,293
To record the purchase of a new computer for office use with personal funds.
Explanation:
General journals are used to record all kinds of business transactions as they occur on a daily basis. They show the accounts to be debited and the ones to be credited. They are used to initially record transactions before they are posted to the general ledger.
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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The management accountant's responsibility under the Institute of Management Accountants (IMA) Statement of Ethical Professional Practice includes the responsibility to "mitigate actual conflicts of interest." This responsibility fits within which of the four standards in the IMA Statement?
A) Communication.
B) Integrity.
C) Honesty.
D) Quality.
E) Confidentiality.
Answer:
B) Integrity.
Explanation:
The Institute of Management Accountants is body, they are regarded as association for financial professionals and they were recognized globally.
The Four standards that is Been set up as ethical conduct in management accountants in IMA are;
✓competence
✓ confidentiality
✓integrity
✓credibility
Integrity which is one of the standards is essential, it involves the accountant been honest and be forthright when handling financial information of clients.
