MTV networks international overcame cultural difference to create a world band by employing staffs from different cultural background and playing different genres of music.
What is culture?It should be noted that culture simply means the way of life of the people. It has to do with their lifestyles and their tradition.
Therefore, MTV networks international overcame cultural difference to create a world band by employing staffs from different cultural background and playing different genres of music.
Learn more about culture on:
brainly.com/question/25010777
#SPJ1
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 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
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
According to the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the first quarter of 2018. This contrasts with the fourth quarter of 2017, when real GDP increased by 2.9 percent. According to the Bureau of Labor Statistics (BLS), the consumer price index (CPI) increased by 2.1 percent in 2017. This is the same as the rate of price inflation observed in 2016. The BLS also reports that the unemployment rate for April of 2018 fell to 3.9%, which is the lowest rate of unemployment since December of 2000. Use these data about the recent performance of the U.S. economy to classify each of the following statements as true or false.
a. The low unemployment rate Of early 2018 could have resulted from many discouraged workers leaving the labor force.
b. Growth of real output slowed between the last quarter of 2017 and the first quarter of 2018.
c. In early 2018, real output in the economy rose, while unemployment declined.
d. The prices of all domestic products and services rose in 2017.
Answer:
a. The low unemployment rate Of early 2018 could have resulted from many discouraged workers leaving the labor force.
FALSE, the economy was growing during 2017 and 2018, so the fall in unemployment levels is reasonable.
b. Growth of real output slowed between the last quarter of 2017 and the first quarter of 2018.
TRUE, it fell from 2.9% to 2.1%.
c. In early 2018, real output in the economy rose, while unemployment declined.
FALSE, real output fell from 2.9% to 2.1% as well as unemployment that fell to 3.9%.
d. The prices of all domestic products and services rose in 2017.
TRUE, the consumer price index increased by 2.1% during 2017.
Suppose that Paolo, an economist from a research institute in Texas, and Sharon, an economist from a school of industrial relations, are arguing over saving incentives. The following dialogue shows an excerpt from their debate: Sharon: I think it's safe to say that, in general, the savings rate of households in today's economy is much lower than it really needs to be to sustain an improvement in living standards. Paolo: I think a switch from the income tax to a consumption tax would bring growth in living standards. Sharon: You really think households would change their saving behavior enough in response to this to make a difference? Because I don't.
The disagreement between these economists is most likely due to _____
Despite their differences, with which proposition are two economists chosen at random most likely to agree?
(i) Immigrants receive more in government benefits than they contribute in taxes.
(ii) Having a single income tax rate would improve economic performance.
(iii) Rent ceilings reduce the quantity and quality of available housing.
Answer:
1. The disagreement between these economists is most likely due to _____
differences in scientific judgements
2. Despite their differences, the proposition that two economists chosen at random are most likely to agree is:
(iii) Rent ceilings reduce the quantity and quality of available housing.
Explanation:
Economists disagree with one another due to differences in scientific judgments, differences in value judgments, or differences in perception over reality. But the most prominent differences arise with the first and the second options. It is known that economists tend to disagree on all economic indices but agree on non-economic factors. The disagreements arise out of three main factors: inadequate methods for economic evaluations, lack of empirical test, and individual values. Methods used by economists to evaluate the truth are not always good enough to reveal the complete truth.
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
Home Team Corporation recently hired Steve Willits as its bookkeeper. Mr. Willits is somewhat inexperienced and has made numerous errors recording daily business transactions. Indicate the effects of the errors described as follows on each of the financial statement elements shown in the column headings. Use the following symbols: O for overstated, U for understated, and NE for no effect.
Error Net Income Total Assets Total Owners'
Liabilties Equity
Recorded the issuance of capital stock by
debiting Capital Stock and crediting Cash.
Recorded the declaration and payment of
a dividend by debiting Interest Expense
and crediting Cash.
Recorded the payment of an account
payable by debiting Cash and crediting
Service Revenue.
Recorded the collection of an outstanding
account receivable by debiting Cash and
crediting Accounts Payable.
Recorded client billings on account by
debiting Service Revenue and crediting Cash.
Recorded the cash purchase of land by
debiting Cash and crediting Land.
Recorded the purchase of a building on account
by debiting Rent Expense and crediting Capital Stock.
Answer:
Recorded the issuance of capital stock by debiting Capital Stock and crediting Cash.
Net Income Total Assets Total Liabilities Owners' Equity
NE U NE U
Recorded the declaration and payment of a dividend by debiting Interest Expense and crediting Cash.
Net Income Total Assets Total Liabilities Owners' Equity
U NE NE U
Recorded the payment of an account payable by debiting Cash and crediting Service Revenue.
Net Income Total Assets Total Liabilities Owners' Equity
O O O O
Recorded the collection of an outstanding account receivable by debiting Cash and crediting Accounts Payable.
Net Income Total Assets Total Liabilities Owners' Equity
NE O O NE
Recorded client billings on account by debiting Service Revenue and crediting Cash.
Net Income Total Assets Total Liabilities Owners' Equity
U U NE U
Recorded the cash purchase of land by debiting Cash and crediting Land.
Net Income Total Assets Total Liabilities Owners' Equity
NE NE NE NE
Recorded the purchase of a building on account by debiting Rent Expense and crediting Capital Stock.
Net Income Total Assets Total Liabilities Owners' Equity
U U U NE
Analyzing the Effects of Transactions Using T-Accounts
Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year:
a. Received $40,000 cash from the company's founders in exchange for common stock
b. Purchased land for $12,000, signing a two-year note (ignore interest).
c. Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a note due in three years for $18,000 (ignore interest),
d. Paid $2.000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
e. Stockholder Jonah Lee paid $300,000 cash for a house for his personal use.
Required:
Analyze each item for its effects on the accounting equation of LDS for the year ended December 31.
Prepare a classified balance sheet for LDC at the end of 2010
Answer:
Laser Delivery Services, Inc. (LDS)
Analyzing the Effects of Transactions Using T-Accounts:
Cash
Date Accounts Titles Debit Credit
a. Common Stock $40,000
c. Delivery Truck $2,000
d. Delivery Truck 2,000
Balance 36,000
Common Stock
Date Accounts Titles Debit Credit
a. Cash $40,000
Land
Date Accounts Titles Debit Credit
b. Note Payable $12,000
Note Payable
Date Accounts Titles Debit Credit
b. Land $12,000
c. Delivery Truck 18,000
Balance $30,000
Delivery Trucks
Date Accounts Titles Debit Credit
c. Cash $2,000
Note Payable 18,000
d. Cash 2,000
Balance $22,000
2. Classified Balance Sheet as of December 31, 2010:
Assets:
Cash $36,000
Land 12,000
Delivery trucks 22,000 $34,000
Total assets $70,000
Liabilities + Equity:
Notes Payable 30,000
Common Stock $40,000
Total liabilities + Equity $70,000
Explanation:
a) Trial Balance
Cash $36,000
Land 12,000
Delivery trucks 22,000
Common Stock $40,000
Notes Payable 30,000
Totals $70,000 $70,000
b) Business transactions affect the accounting equation (assets = liabilities + equity) by increasing or decreasing the two sides equally. This means that the accounting equation is always in balance before and after every transaction.
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%
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.
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
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
What is the term for a loan with a co-signer?
A)A automobile loan
B)A guaranteed loan
C)A consignment loan
D)A contractual loan
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
https://brainly.com/question/29585421
#SPJ2
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.
To know more about profit
https://brainly.com/question/15573174
#SPJ5
The financial manager interacts jointly with many different individuals and departments within the firm. Forecasting and planning, as well as coordination and control, are two of the major areas of responsibility where this interaction takes place.
A. True
B. False
Answer:
A. True
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). Examples of financial statements includes Balance sheet, cash-flow and income statement.
Managerial accounting also known as cost accounting is an accounting technique focused on identification, measurement, analyzing, interpretation, and communication of financial information to managers for better decisions making and pursuit of the organization's goals.
The financial manager interacts jointly with many different individuals and departments within the firm.
Basically, the two of the major areas of responsibility where this interaction takes place are;
I. Forecasting and planning: this refers to the strategic process of predicting future occurrences with respect to the organization and making plans to mitigate any potential failures or challenges.
II. Coordination and control: it involves the process of managing and controlling the various employees working in an organization, in order to achieve set goals and objectives successfully.
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%.
Imagine that your friend is the CEO of a company, called Magna Clothes, that manufactures cool new clothing accessories for both men and women. Now that it has achieved a large following and a level of success in the United States, Magna Clothes wants to start conducting business abroad. Your friend knows you have taken a management class and has asked you to explain the history and significance of the World Trade Organization (WTO). Which of the following statements are true? Check all that apply.
a) The WTO allows countries to have observer status before becoming full members, so they can follow discussions on topics that are of direct interest to them.
b) The WTO limits access to its discussions and information to only its member nations.
c) The WTO came into existence in January 1995.
d) Opponents of the WTO sometimes contend that the organization focuses too
narrowly to the globalization of trade, at the expense of human rights and the environment.
Answer:
a) The WTO allows countries to have observer status before becoming full members, so they can follow discussions on topics that are of direct interest to them.
⇒ TRUE, that way potentially new members get to understand how the WTO works.
c) The WTO came into existence in January 1995.
⇒ TRUE, the WTO birthday is January 1, 1995.
d) Opponents of the WTO sometimes contend that the organization focuses too narrowly to the globalization of trade, at the expense of human rights and the environment.
⇒ TRUE, the WTO's focus is on trade, and it tends to ignore many social and environmental factors.
Kevin lives in New York City and runs a business that sells pianos. In an average year, he receives $735,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $435,000; he also pays wages and utility bills totaling $255,000. He owns his showroom; if he chooses to rent it out, he will receive $10,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Kevin does not operate this piano business, he can work as an accountant, receive an annual salary of $24,000 with no additional monetary costs, and rent out his showroom at the $10,000 per year rate. No other costs are incurred in running this piano business.
Identify each of Van's costs in the following table as either an implicit cost or an explicit cost of selling pianos.
Implicit Cost Explicit Cost
The wages and utility bills that Van pays
The wholesale cost for the pianos that Van pays
the manufacturer
The rental income Van could receive if he chose to
rent out his showroom
The salary Van could earn if he worked as an accountant
Complete the following table by determining Van's accounting and economic profit of his piano business.
Profit
(Dollars)
Accounting Profit
Economic Profit
Alternatively, the economic profit he would earn as an accountant would be____.
If Van's goal is to maximize his economic profit, he stay in the piano business.
Van is not earning a normal profit because his profit is negative.
A. True
B. False
Answer:
Implicit Cost and Explicit Cost
Identification of Van's cost as either an implicit cost or an explicit cost of selling pianos:
Implicit costs:
The rental income Van could receive if he chose to rent out his showroom
The salary Van could earn if he worked as an accountant
Explicit costs:
The wages and utility bills that Van pays
The wholesale cost for the pianos that Van pays the manufacturer
2. Determining Van's accounting and economic profit of his piano business.
Profit
(Dollars)
Accounting Profit Economic Profit
Sales revenue $735,000 $735,000
Cost of pianos (435,000) (435,000)
Wages and Utility (255,000) (255,000)
Opportunity costs:
Rent (10,000)
Salary as an accountant (24,000)
Profit $45,000 $11,000
3. Alternatively, the economic profit he would earn as an accountant would be_$34,000___.
4. If Van's goal is to maximize his economic profit, he stay in the piano business.
False
5. Van is not earning a normal profit because his profit is negative.
B. False
Explanation:
Van's economic profit or loss is the difference between the revenue received from the sale of the pianos and the costs of all inputs used, as well as opportunity costs of forgone rent revenue and salary income as an accountant. To compute economic profit, opportunity costs and explicit costs are deducted from revenues earned. But to compute accounting profit, only the explicit costs are deducted from revenues earned.
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
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.
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
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 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.
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.
To make the lightest bikes possible, Trek had to locate suppliers that could produce the highest quality aluminum on Earth. Prior to the purchase, Trek purchasing agents updated the specifications for the aluminum purchase and sent the specifications to various aluminum suppliers. This purchase for aluminum is a(n) ________ for Trek.
Answer:
Soft product
Explanation:
The purchase of aluminum is modified rebuy for trek.
Modified rebuy:Since Trek has done the changes to the specifications of the Aluminum prior ordering from the supplier, so it is a modified rebuy. In the case when Trek purchase Aluminum for the first time from the supplier, it would be considered a new buy or an initial buy. Also, the order is not repeated without any changes, it is not a straight rebuy.
learn more about aluminum here: https://brainly.com/question/13453895
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
Teresa's Performance Pizza is a small restaurant in Detroit that sells gluten-free pizzas. Teresa's very tiny kitchen has barely enough room for the four ovens in which her workers bake the pizzas. Teresa signed a lease obligating her to pay the rent for the four ovens for the next year. Because of this, and because Teresa's kitchen cannot fit more than four ovens, Teresa cannot change the number of ovens she uses in her production of pizzas in the short run.
However, Teresa's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Teresa lets them know how many workers she needs for each day of the week. In the short run, these workers are________ inputs, and the ovens are __________ inputs
Answer:
Variable inputs;Fixed inputs
Explanation:
Based on the information given In the short run, these workers are VARIABLES inputs, and the ovens are FIXED inputs reason been that we were told that her decision as regards to how many workers to use often vary from week to week due to the fact that her workers are students which means that her workers can often be changed which was why it was regarded as VARIABLE INPUTS while ovens on the other hand are considered to be FIXED INPUTS reason been that we were told that she cannot change the number of ovens which she uses in her production of pizzas due to the fact that her kitchen cannot contain more than four ovens which means that the number of oven cannot be my changed which was why they are regarded as FIXED INPUTS.
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:
brainliest plzzzzz
