Answer:
The personnel, procedures, devices, and records used by an entity to develop accounting information and communicate this information to decision makers.
Explanation:
Accounting system is a system used to organise financial information. Accounting system can be manual or electronic
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017.
2016:
Apr. 20: Purchased $39,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system.
May 19: Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $4,500 in cash.
July 8: Borrowed $69,000 cash from NBR Bank by signing a 120-day, 12% interest-bearing note with a face value of $69,000.
_ _ _ : Paid the amount due on the note to Locust at the maturity date.
_ _ _: Paid the amount due on the note to NBR Bank at the maturity date.
Nov. 28: Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 6% interest-bearing note with a face value of $24,000.
Dec. 31: Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
2017:
_ _ _: Paid the amount due on the note to Fargo Bank at the maturity date.
Required:
1) Determine the maturity date for each of the three notes described
Locust NBR Bank Fargo Bank
Maturity date May 19, 2016 July 8, 2016 Nov. 28, 2016
2) Keesha Co. borrows $170,000 cash on December 1, 2017, by signing a 90-day, 11% note with a face value of $170,000.
On what day does this note mature?(Assume that February has 28 days)
a) February 24, 2018
b) February 25, 2018
c) February 26, 2018
d) February 27, 2018
e) March 01, 2018
3) What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year)
Total through maturity Interest Expense 2017 Interest Expense 2018
Principal
Rate (%)
Time
Total Interest
4) Prepare journal entries to record a) Issuance of the note
b) accrual of interest at the end of 2017 and
c) payment of the note at maturity.
(Assume no reversing entries are made. Use 360 days a year.)
5) Prepare journal entries to record the following four separate issuances of stock.
a) A corporation issued 4,000 shares of $10 par value common stock for $48,000 cash.
b) A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,500. The stock has a $2 per share stated value.
c) A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,500. The stock has no stated value.
d) A corporation issued 1,000 shares of $75 par value preferred stock for $110,500 cash.
Answer:
Tyrell Co.
1. Determination of the maturity date for each of the three notes described:
Notes: Commencement Maturity Date
Locust May 19, 2016 - August 19, 2016
NBR Bank July 8, 2016 - November 2, 2016
Fargo Bank Nov. 28, 2016 - January 28, 2017
2. The note's maturity date = March 01, 2018
3. The amount of interest expense from this note:
Total through maturity = $4,675
Interest Expense 2017 Interest Expense 2018
Principal $170,000 $170,000
Rate (%) 11% 11%
Time 30 days 60 days
Total Interest $1,558.33 $3,116.67
4. Journal Entries to record:
a) Issuance of the notes
December 1, 2017:
Debit Cash Account $170,000
Credit Notes Payable $170,000
To record the issue of a 90-day note bearing 11% annual interest.
b) Accrual of interest at the end of 2017:
December 31:
Debit Interest Expense $1,558.33
Credit Interest Expense Payable $1,558.33
To accrue interest for the year 2017.
c) payment of the note at maturity:
March 1, 2018:
Debit Notes Payable $170,000
Debit Interest Expense Payable $1,558.33
Debit Interest Expense $3,116.67
Credit Cash Account $174,675
To record the payment of the note on maturity with interest.
5. Journal Entries:
a) Debit Cash Account $48,000
Credit Common Stock $40,000
Credit Paid-in Capital In Excess $8,000
To record the issuance of 4,000 shares of $10 for $48,000.
b) Debit Retained Earnings $4,000
Credit Common Stock $4,000
To record the issuance of 2,000 shares of no-par to promoters at a stated value of $2 per share.
c) Debit Retained Earnings $35,500
Credit Common Stock $35,500
To record the issuance of 2,000 shares worth $35,500.
d) Debit Cash Account $110,500
Credit Preferred Stock $75,000
Credit Paid-in Capital In Excess $35,500
To record the issuance of 1,000 shares of $75 par value for $110,500.
Explanation:
a) Calculation of interest:
2017: $170,000 * 11% * 30/360 = $1,558.33
2018: $170,000 * 11% * 60/360 = $3,116.67
b) Interest:
Total through maturity = $4,675
Interest Expense 2017 Interest Expense 2018
Principal $170,000 $170,000
Rate (%) 11% 11%
Time 30 days 60 days
Total Interest $1,558.33 $3,116.67
Acton Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead $361,260 Estimated machine-hours 2,700 Actual manufacturing overhead $354,700 Actual machine-hours 2,660 The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The overhead for the year was: Noreen 4e Recheck 2017-16-03a) $5,352 underappliedb) $5,352 overappliedc) $1,208 underappliedd) $1,208 overapplied
Answer:
Acton Corporation
The overhead for the year was:
$1,208 overapplied
Explanation:
a) Data and Calculations:
Estimated manufacturing overhead $361,260
Estimated machine-hours 2,700
Predetermined overhead rate = $361,260/2,700 = $13.38
Actual manufacturing overhead $354,700
Actual machine-hours 2,660
Overhead applied = Actual machine hours * Predetermined overhead rate
= 2,660 * $13.38
= $355,908
Overapplied overhead = Overhead applied minus Actual overhead
= $355,908 - $354,700
= $1,208
"An individual is unique and does not speak for or represent anything other than themselves." This statement is an argument against ______.
a.
Gender
b.
Diversity
c.
Stereotypes
d.
Ethnicity
"An individual is unique and does not speak for or represent anything other than themselves." This statement is an argument against Stereotypes. Hence, option C is appropriate.
What is the meaning of Stereotypes?A stereotype is a generalized opinion about a specific group of people that are used in social psychology. People may have this expectation of every member of a given group.
Stereotypes are traits that society automatically ascribes to particular groups of people to categorize them according to factors like age, weight, occupation, skin tone, gender, etc. In sexual stereotyping, different and occasionally opposing sets of traits are assigned to males and girls.
The word stereotype is derived from the French adverb stéréotype and means "solid imprint on one or even more ideas/theories" from the Greek words (stereos), "firm, solid," and (typos), "impression." Social stereotypes are ideas that certain behaviors or attributes are typical of specific social groupings.
Hence, option C is Correct.
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Which one of the following actions by a financial manager is most apt to create an agency problem? Increasing current profits when doing so lowers the value of the company's equity Refusing to expand the company if doing so will lower the value of the equity Refusing to lower selling prices if doing so will reduce the net profits Agreeing to pay bonuses based on the market value of the company's stock rather than on its level of sales Refusing to borrow money when doing so will create losses for the firm
Answer: Increasing current profits when doing so lowers the value of the company's equity.
Explanation:
The main purpose of a company is to increase the wealth of shareholders. In their capacity as stewards for the company, managers should be working therefore to achieve this goal.
When management neglects this goal and begins to seek an improvement in their welfare and wealth instead of the shareholder', this is an Agency problem.
If a Financial manager is increasing current profits even though doing so will lower the value of the company's equity, this can create an agency problem because the shareholders are suffering but the finance manager might get rewarded for increasing profits.
Recall that an exchange rate is the price of one currency in another. For example, it may take US $1.35 to buy 1 British Pound. Also recall the interest rates affect exchange rates. What do you predict will happen to the foreign exchange rate if interest rates in the United States increase more than in the UK? (In other words, which currency will become stronger?) How would such a change affect US exports to the UK? Would it be less expensive for an American tourist to take a vacation to London after the interest rate change? Be sure to clearly explain and justify your reasoning.
Answer:
Exchange Rate and Interest Rate
1. If interest rates in the United States increase more than in the UK, the exchange rate of the US dollars will increase relative to the UK pounds, thus causing the UK pounds to become stronger than the US dollars.
2. US exports to the UK would become cheaper in UK.
3. It would be more expensive for an American tourist to take a vacation to London after the interest rate change because they would need more money to handle the differences.
Explanation:
Generally, higher interest rates in an economy offer investors some higher returns when compared to other countries. These higher interest rates attract foreign capital and cause the exchange rate to rise. When this happens, the cost of goods and services in the country with the higher interest and exchange rates. The opposite becomes the case when the interest and exchange rates are lower relative to other countries.
If interest rates in the United States increase more than in the UK, the United states currency would become stronger or appreciate against the British Pound.
As a result of the increase in the value of the US currency, export to the UK would decline because export would become more expensive. It would be less expensive for American tourist to take a vacation to London.
Exchange rate is the rate at which one currency is exchanged for another currency.
If interest rates in the United States increase more than in the UK, there would be an increase in foreign investments in the US. As a result, the demand for the dollar would increase and this would lead to an appreciation of the dollar against the GBP.
As a result of the appreciation of the dollar, export goods to the UK becomes more expensive and imports to the US from the UK becomes cheaper.
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Swifty Corporation is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6340000 on March 1, $5260000 on June 1, and $8950000 on December 31. Swifty Corporation borrowed $3200000 on January 1 on a 5-year, 14% note to help finance construction of the building. In addition, the company had outstanding all year a 12%, 3-year, $6380000 note payable and an 13%, 4-year, $12050000 note payable. What are the weighted-average accumulated expenditures
Answer:
The weighted-average accumulated expenditures is $7,913,333.
Explanation:
Note: See the attached excel file for the calculation of the the weighted-average accumulated expenditures.
Suppose that, in a competitive market without government regulations, the equilibrium price of donuts is $1.50 each. Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.
Statement Price Control Binding or Not
1. Due to new regulations, donut shops that would like to pay better wages in order to hire more workers are prohibited from doing so.
2. Price ceiling Binding The government has instituted a legal minimum price of $1.10 each for donuts.
3. Price floor Non-binding The government prohibits donut shops from selling donuts for more than $1.10 each.
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Explanation:
Thad, Jamarcus, and Willy have been working for Davidson International each for three years. While the trio started together as analysts and are all still on the same team, Jamarcus has recently been made a team lead, while Willy and Thad are still in their respective positions, although Willy did receive a small raise after his last performance evaluation. When Thad complained about not getting a raise, he was experiencing which attitude
Answer:
A) cognitive
Explanation:
Since in the question it is mentioned that three persons are working for DavidSon international. All three have in their positions in the company but Willy received a small raise after considering the evaluation of last performance
In case when Thad complained regarding the raise so he was experiencing a cognitive attitude that deals in belief, knowledge, thoughts of a particular person
hence, the correct option is A.
Carla Vista Energy Company owns several gas stations. Management is looking to open a new station in the western suburbs of Baltimore. One possibility that managers at the company are evaluating is to take over a station located at a site that has been leased from the county. The lease, originally for 99 years, currently has 73 years before expiration. The gas station generated a net cash flow of $87,460 last year, and the current owners expect an annual growth rate of 6.3 percent. If Carla Vista Energy uses a discount rate of 13.8 percent to evaluate such businesses, what is the present value of this growing annuity
Answer:
The present Value of the growing annuity= $1,158,092.68
Explanation:
The present value of the growing annuity is going to be computed as follows:
PV = A/(r-g) × (1- (1+g/1+r)^n)
A- annual cash flow- $87,460
g- growth rate - 6.3%
n- number of years =73
r- discount rate - 13.8%
I will break out the formula into two parts to make the workings very clear to follow. So applying this formula, we can work out the present value of the growing annuity as follows.
A/(r-g) = 87,460/(0.138-0.063) =1,166,133.33
(1- (1+g/1+r)^n) = 1- (1.063/1.138)^73 =0.9931
PV = A/(r-g) × (1- (1+g/1+r)^n)
166,133.33× 0.9931 = 1,158,092.68
The present Value of the growing annuity= $1,158,092.68
The Swiss Clock Shop manufactures clocks on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Swiss Clock Shop uses weighted-average costing. Data for the Assembly Department for June 20X5 are: Work in process, beginning inventory 250 units Direct materials (100% complete) Conversion costs (50% complete) Units started during June 800 units Work in process, ending inventory: 150 units Direct materials (100% complete) Conversion costs (75% complete) Costs for June 20X5: Work in process, beginning inventory: Direct materials $180,000 Conversion costs $270,000 Direct materials costs added during June $1,000,000 Conversion costs added during June $1,000,000 What are the equivalent units for direct materials and conversion costs, respectively, for June?
Answer and Explanation:
The computation of the equivalent units for direct material and conversion cost is shown below:
Physical units Direct Materials Conversion Cost
Beginning
Work in process
100% and 50% 250
Units Started 800
Total Units
Under process 1,050
Less : Ending
Work in process 150
Units Transferred
to TestingDepartment 900 900 900
Ending Work in process 150 150 112.50
(100% and 75%)
Equivalent units ofproduction 1,050 1,050 1,012.50
The calculation of the equivalent units for direct material and conversion cost is shown below:
Physical units Direct Materials Conversion Cost
Beginning
Work in process
100% and 50% 250
Units Started 800
Total Units
Under process 1,050
Less : Ending
Work in process 150
Units Transferred
to TestingDepartment 900 900 900
Ending Work in process 150 150 112.50
(100% and 75%)
Equivalent units ofproduction 1,050 1,050 1,012.50
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You can buy a car that is advertised for $24,600 on the following terms: (a) pay $24,600 and receive a $4,600 rebate from the manufacturer; (b) pay $410 a month for 5 years for total payments of $24,600, implying zero percent financing. a. Calculate the present value of the payments for option (a) if the interest rate is 1.25% per month. b. Calculate the present value of the payments for option (b) if the interest rate is 1.25% per month. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Which is the better deal? Option a Option b
Answer:
A. $20,000
B. $17,234.18
C.Option (b)
Explanation:
Obviously, the option with lower Present Value would be the best option to buy the car. The Present Value of the options can find out as following
REQUIREMENT A
Price of car = $24,600
Rebate = $4,600
Present value of the payments for option = Price of the car – rebate
Present value of the payments for option (a) = $24,600 - $4,600
Present value of the payments for option = $20,000
REQUIREMENT B
We can use the following Present Value of an Annuity formula to calculate the present value of the payments
PV of the payments for option = PMT * [1-(1+i) ^-n)]/i
PV of the payments for option (b) (PV) =?
Monthly payment PMT =$410 per month
Number of payments n = 5 years *12 months = 60
Monthly interest rate i=1.25% per month or 0.0125
PV of the payments for option = $410 x [1- (1+0.0125) ^-60]/0.0125
PV of the payments for option = $17,234.18
REQUIREMENT C.
Which is the better deal?
Option (b) is better deal as the present value of payments ($17,234.18) is less than Present value of the payments for option (a); $20,000.
True or False: A price ceiling below $25 per box is not a binding price ceiling in this market. True False Because it takes many years before newly planted orange trees bear fruit, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of oranges is much more price sensitive than the short-run supply of oranges. Assuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in a that is in the long run than in the short run.
Answer:
1. False
2. Shortage; Larger
Explanation:
1. A binding price ceiling is one that prevents the market from reaching its equilibrium. In this market, the equilibrium price is $25 therefore anything below $25 will be binding. A price ceiling below $25 per box is a binding ceiling.
2. Assuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in a shortage that is larger in the long run than in the short run.
In the long run, supply is more sensitive because farmers can decide to plant oranges on their land, to plant something else, or to sell their land altogether.
This means that a price ceiling in the long run will be less attractive to farmers so they might leave the market. If they do this then the shortage will be more as there are now less supplies in the market.
Zander Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month. In July the company completed job F21X that consisted of 28,350 units of one of the company's standard products. No other jobs were in process during the month. The job cost sheet for job F21X shows the following costs: Beginning balance $79,380 Direct materials $895,860 Direct labor cost $309,015 Manufacturing overhead cost applied $518,805 During the month, the actual manufacturing overhead cost incurred was $513,135 and 18,900 completed units from job F21X were sold. No other products were sold during the month. The unadjusted cost of goods sold (in other words, the cost of goods sold BEFORE adjustment for any underapplied or overapplied overhead) for July is closest to:___________.
a) $1,202,040
b) $1,199,240
c) $1,723,680
d) $1,803,060
Answer:
COGS= $1,202,040
Explanation:
First, we need to calculate the manufacturing cost:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 79,380 + 895,860 + 309,015 + 518,805 - 0
cost of goods manufactured= $1,803,060
Now, the cost of goods sold:
COGS= (Total cost/total units)*units sold
COGS= (1,803,060/28,350)*18,900
COGS= $1,202,040
Which of the following is true of the management function of directing? Group of answer choices Directing involves determining and administering appropriate rewards and recognition. Telling employees what to do and when to do it is against the principles of directing. Directing designs the map that lays the groundwork for the other managerial functions. All managers are involved in directing, but it is most important for top-level managers. Good directing does not require the implementation setting deadlines.
Answer:
Directing involves determining and administering appropriate rewards and recognition.
Explanation:
The true statement about the management function of directing is that, directing involves determining and administering appropriate rewards and recognition.
Directing can be defined as a management function which typically involves the process of instructing, motivating, guiding, supervising, controlling, counseling and overseeing the performances of the various employees working in an organization in order to successfully achieve the organization's aim, set goals and objectives.
Generally, managers or the senior executive members are the individuals who are saddled with the responsibility of directing the affairs of business and employees working in an organization through the process of developing, establishing and administering appropriate rewards such as allowance, salaries, vacations etc and recognition such as awards, promotions, training etc.
Hence, these rewards and recognition go a long way to motivate the employees to give their best at their place of work.
Crombie Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month. The company has provided the following data for June:
Direct materials $44,250
Direct labor cost 76,750
Manufacturing overhead
cost incurred $69,500
Manufacturing overhead
cost applied $73,330
Inventories: Beginning Ending
Work in process $17,700 $27,160
Finished goods $67,680 $36,400
The unadjusted cost of goods sold (in other words, cost of goods sold before adjusting for any underapplied or overapplied overhead) for June is closest to:_____.
a. $216,150.
b. $212,320.
c. $194,330.
d. $184,870.
Answer:
COGS= $216,150
Explanation:
First, we need to calculate the cost of goods manufactured:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 17,700 + 44,250 + 76,750 + 73,330 - 27,160
cost of goods manufactured= $184,870
Now, we can determine the unadjusted cost of goods sold:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 67,680 + 184,870 - 36,400
COGS= $216,150
Eaton Electronic Company’s treasurer uses both the capital asset pricing model and the dividend valuation model to compute the cost of common equity (also referred to as the required rate of return for common equity). Assume: Rf = 3 % Km = 6 % β = 1.1 D1 = $ 0.50 P0 = $ 15 g = 5 % a. Compute Ki (required rate of return on common equity based on the capital asset pricing model). (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)
Answer:
Ki = 0.063 or 6.30%
Explanation:
The CAPM or Capital asset pricing model is an approach to calculate the required rate of return of a stock. The required rate of return or cost of equity is the minimum return required by the investors o invest in a stock based on the systematic risk of the stock. The formula to calculate the required rate of return of a stock using the CAPM is,
Ki = Rf + β * (Km - Rf)
Where,
Rf is the risk free rateβ is the beta of the stockKm is the expected return on the marketKi = 0.03 + 1.1 * (0.06 - 0.03)
Ki = 0.063 or 6.3%
On July 1, 2017, Lopez Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017. Zim Company has a Supplies account balance of $5,000 on January 1, 2017. During 2017, its purchase $2,000 of supplies. As of December 31, 2017, a supplies inventory shows $800 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2017.
Answer and Explanation:
The journal entries are shown below:
1. Insurance expense Dr $1,200
To Prepaid insurance $1,200
(Being the insurance expense is recorded)
2. Supplies expense Dr ($5,000 + $2,000 - $800) $6,200
To Supplies $6,200
(Being the supplies expense is recorded)
These two above entries should be recorded and the same is to be considered
Partial adjusted account balance data for Swifty Corporation at December 31, 2017, includes the following accounts: Retained Earnings $17,000, Dividends $5,500, Service Revenue $36,300, Salaries and Wages Expense $14,700, Insurance Expense $1,830, Rent Expense $3,810, Supplies Expense $1,410, and Depreciation Expense $800. The balance in Retained Earnings is the balance as of January 1. Prepare a retained earnings statement for the year assuming net income is $15,787.
Answer:
Swifty Corporation
Retained Earnings Statement for the year ended December 31, 2017:
Net Income $15,787
Retained Earnings, January 1, 2017 17,000
Less Dividends (5,500)
Retained Earnings, Dec. 31, 2017 $27,287
Explanation:
a) Data and Calculation:
Service Revenue $36,300
less expenses:
Salaries and Wages Expense $14,700
Insurance Expense 1,830
Rent Expense 3,810
Supplies Expense 1,410
Depreciation Expense 800
Total expenses $22,550
Net income is supposed to be $13,750 and not $15,787.
The Retained Earnings Statement is prepared with the given net income of $15,787. It shows the movement in earnings and distribution to stockholders.
Which of the following are examples of limited resources on the part of consumers?
O product and space
O money and product
time and money
space and time
Answer:
Time and money
Answer:
Time and money
Explanation:
1. Jones files a lawsuit against BigMoney, LLC, a brokerage firm registered with the Securities and Exchange Commission. In the lawsuit the plaintiff alleges that BigMoney violated the Securities Exchange Act by engaging in fraudulent excessive trading. BigMoney files a motion to dismiss the lawsuit because Jones had signed an agreement with BigMoney consenting to the terms of the agreement which stated all disputes between the parties must be resolved through arbitration. Jones argues that because of the nature of BigMoney’s conduct she is entitled to file a lawsuit and the arbitration clause in the agreement should be nullified. Which party in this lawsuit is right and why?
Answer:
Jones is right in this lawsuit
Explanation:
Arbitration is the process by which disputes are settled between parties. When there is a disagreement between parties an arbitrator comes in to give a fair and unbiased view of the situation.
A solution that is agreed to by all parties is agreed upon to settle.
In this scenario where Jones is filing a lawsuit against BigMoney LLC for violating the Securities Exchange Act by engaging in fraudulent excessive trading, this is a violation of the law and not a dispute between parties.
So the arbitration clause is is not binding and the arbitration clause should be nullified.
The right party in this lawsuit is Jones because BigMoney is engaged in Excessive Trading and Churning.
What are Excessive Trading and Churning?Excessive Trading and Churning is a situation when a stockbroker excessively trades in a customer's account to earn more commissions. As it is unethical, illegal, and a violation of Securities and Exchange Commission rules, Jones is entitled to file the lawsuit instead of resolving the issue through arbitration.
The arbitration clause applies for business dispute resolution and not for seeking redress when an illegal act is committed by the stockbroker.
Thus, the right party in this lawsuit is Jones.
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6. The Center for Child Care reports on 539 children and the marital status of
their parents. There are 333 married, 182 divorced, and 24 widowed parents.
What is the probability a particular child chosen at random will have a parent
who is divorced? Which approach did you use?
Answer:
0.338
Explanation:
The probability of an event happening is between o and 1. A 1 guarantees the event will happen while 0 means it won't happen.
In this case, The total number of students is 539. One hundred eighty-two have divorced parents. The probability of getting a child with divorced parents is 182 in a population of 539.
It is represented as a decimal as below
=182/539
=0.33766
=0.338
Kimberly Young started her own consulting firm, Young Consulting Inc., on May 1, 2022. The following transactions occurred during the month of May. May 1 Stockholders invested $18,900 cash in the business in exchange for common stock. 2 Paid $756 for office rent for the month. 3 Purchased $630 of supplies on account. 5 Paid $189 to advertise for the month in the County News. 9 Performed services for customer for $1,764 cash. 12 Paid $252 cash dividend. 15 Performed $5,292 of services on account. 17 Paid $3,150 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $1,512 for services performed on account on May 15. 26 Borrowed $6,300 from the bank on a note payable. 29 Purchased office equipment for $2,520 paying $252 in cash and the balance on account. 30 Paid $236 for utilities.
Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. Include margin explanations for any changes in revenues or expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
Answer:
I used an excel spreadsheet to answer this question.
Which of the following statements about the Arbitrage Pricing Theory (APT) are correct? Check all that apply. The APT maintains that the realized return on any stock depends on changes unique to the firm. The APT identifies all relevant factors that affect the realized returns on stocks. The APT model maintains that the realized returns on stocks depend on unexpected changes in fundamental economic factors. The APT is more general than the Capital Asset Pricing Model (CAPM).
Answer: The APT identifies all relevant factors that affect the realized returns on stocks.
Explanation:
Arbitrage pricing theory (APT) is an idea that has to do with the fact when the linear relationship between the macroeconomic variables and the expected return of an asset are analysed, such assets return can be forecasted.
In arbitrage pricing theory, several risk factors are used in determining prices. It also identifies all relevant factors that affect the realized returns on stocks.
Jerry, a partner with 30 percent capital and profits interest, received his Schedule K-1 from Plush Pillows, LP. At the beginning of the year, Jerry's tax basis in his partnership interest was $41,000. His current-year Schedule K-1 reported an ordinary loss of $6,000, long-term capital gain of $4,900, qualified dividends of $3,900, $2,400 of non-deductible expenses, a $29,000 cash contribution, and a reduction of $5,900 in his share of partnership debt. What is Jerry's adjusted basis in his partnership interest at the end of the year
Answer:
$64,500
Explanation:
The basis of a partnership interest is the money plus the adjusted basis of any property the partner contributed. In this case adjusted basis of jerry in his partnership can be calculated as follows
Adjusted basis of Jerry In his Partnership = Partnership interest - Ordinary Loss + Long term Capital gain + Dividend-Non Deductible Expenses + Cash Contribution - Share deduction
Adjusted basis of Jerry In his Partnership = $41,000 - $6,000 + $4,900 + $3,900 - $2,400 + $29,000 - $5,900
Adjusted basis of Jerry In his Partnership = $64,500
Whirly Corporation’s contribution format income statement for the most recent month is shown below: Total Per Unit Sales (7,400 units) $ 251,600 $ 34.00 Variable expenses 140,600 19.00 Contribution margin 111,000 $ 15.00 Fixed expenses 55,100 Net operating income $ 55,900 Required: (Consider each case independently): 1. What would be the revised net operating income per month if the sales volume increases by 70 units? 2. What would be the revised net operating income per month if the sales volume decreases by 70 units? 3. What would be the revised net operating income per month if the sales volume is 6,400 units?
Answer:
Whirly Corporation
1. Revised net operating income per month if the sales volume increases by 70 units:
Whirly Corporation’s contribution format income statement for the most recent month is shown below:
Total Per Unit
Sales (7,470 units) $ 253,980 $ 34.00
Variable expenses 141,930 19.00
Contribution margin 112,050 $ 15.00
Fixed expenses 55,100
Net operating income $ 56,950
2. Revised net operating income per month if the sales volume decreases by 70 units:
Whirly Corporation’s contribution format income statement for the most recent month is shown below:
Total Per Unit
Sales (7,330 units) $ 249,220 $ 34.00
Variable expenses 139,270 19.00
Contribution margin 109,950 $ 15.00
Fixed expenses 55,100
Net operating income $ 54,850
3. Revised net operating income per month if the sales volume is 6,400 units:
Whirly Corporation’s contribution format income statement for the most recent month is shown below:
Total Per Unit
Sales (6,400 units) $ 217,600 $ 34.00
Variable expenses 121,600 19.00
Contribution margin 96,000 $ 15.00
Fixed expenses 55,100
Net operating income $ 40,900
Explanation:
a) Data and Calculations:
Whirly Corporation’s contribution format income statement for the most recent month is shown below:
Total Per Unit
Sales (7,400 units) $ 251,600 $ 34.00
Variable expenses 140,600 19.00
Contribution margin 111,000 $ 15.00
Fixed expenses 55,100
Net operating income $ 55,900
Lewisburg Corporation had 12,000 units of beginning inventory in its Forming Department on July 1. The units were 100 percent complete with respect to direct materials requirements but only 40 percent complete with respect to conversion requirements. On July 31, the company had 9,000 units of inventory remaining in its Forming Department. These units were 100 percent complete with respect to their direct materials requirements but only 70 percent complete with respect to conversion. The Forming Department’s direct materials cost for July totaled $500,000, or $25 per equivalent unit consumed. Its conversion costs for July totaled $352,000, or $16 per equivalent unit. Determine how many units were started and completed in the Forming Department during July.
Answer:
the total number of units started and completed = 11,000 units
Explanation:
total materials costs incurred during the month = $500,000
if materials are added at the beginning of the process, beginning WIP already had 100% of materials costs added, therefore, materials costs were applied only to the total number of units started
total number of units started = $500,000 / $25 cost per EUP = 20,000 units
the total number of units started and completed = units started - ending WIP = 20,000 - 9,000 = 11,000 units
total number of units completed = beginning WIP + units started - ending WIP = 12,000 + 20,000 - 9,000 = 23,000 units
. What are the four supply factors of economic growth? Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. The stock of capital goods unanswered The level of technology unanswered The quality and quantity of natural resources unanswered The quality and quantity of human resources unanswered The number of trading partners unanswered The type of government
Answer:
The stock of capital goods
The level of technology
The quality and quantity of natural resources
The quality and quantity of human resources
Explanation:
Economic growth is the rise in the amount of goods and services produced in an economy in a given period.
Economic growth is measured in terms of GDP
Answer:
The stock of capital goods
The level of technology
The quality and quantity of natural resources
The quality and quantity of human resources
Explanation:
Economic growth is the rise in the amount of goods and services produced in an economy in a given period.
Economic growth is measured in terms of GDP
Consider that you are a member of a work team but feel that you are carrying a much heavier workload than another team member. You also feel that other team members are not invested in the team initiative, as they show up late to meetings, if they show up at all. Last week, a different team member also criticized you in a disrespectful manner in front of the rest of the team. Your team leader is completely unaware of all of these issues. In what manner and in what order would you resolve all of the above conflicts and why
Explanation:
Analyzing the conflicts exposed in the scenario above, it is possible to identify a communication failure between the team. Therefore, the first way to solve these problems would be to make room for dialogue, using an assertive approach, exposing the facts and seeking the best solution for team integration and the pursuit of common goals.
The ideal would also be to communicate to the team leader about conflicts, so that he could assist in the best strategy for solving problems and delegating tasks to members, so as not to overload any collaborator and each one contribute in the best way to success team's.
Blue Corporation is a manufacturing company which has decided to introduce a new line of merchandise on January 25, 2019. The company has experienced significant revenue and earnings growth in recent years and anticipates future growth to decline slightly, yet remain consistent with the strong industry average (10-15% annual revenue growth). Blue has incurred certain patent costs and considerable attorney fees, in addition to survey costs, management studies, salaries, insurance, and quality inspections.
Given the three alternative methods for handling research and experimental expenditures, which method(s) would be most appropriate for Blue Corporation? Explain Why? How should Blue Corporation’s manufacturing expenditures be reported?
Answer:
Throughout the clarification category following the table, the definition of the concern is listed.
Explanation:
(1)
Quantitative surveys will now be the safest approach.
Questionnaire fees including patent fees become traceable as research spending, and progress is in estimates. This approach is used where a numerical production that helps to address analysis questions needs to be established. If one wants a concrete statistic to justify the study, it is a very effective market research tool.(2)
The cost incurred shall be recorded in compliance with IND AS 38 if because when the study, as well as surveys, are performed.
According to an article in the Wall Street Journal, in 2016, Moody's Investors Service has agreed to pay $130 million to end a prominent lawsuit alleging crisis-era misconduct ... The article also noted that, The industry's business model ... remains in place. Source: Timothy W. Martin, Moody's to Pay Calpers $130 Million to Settle Lawsuit, Wall Street Journal, March 9, 2016. All of the following factors contributed to the misconduct cited in the article, except: A. Rating agencies provided high ratings primarily to ensure firms would continue to hire them. B. Analysts anticipated how severe the housing crisis would be. C. Many of the mortgage-backed securities had complicated structures. D. Analysts at the rating agencies were reluctant to require issuers to provide sufficient information to rate the securities. Which of the following does NOT explain why the industry's business model remains in place? A. Governments include bond ratings in their regulation of banks. B. New restrictions on conflicts of interest have been placed on the agencies. C. Ratings agencies are shielded from investor lawsuits. D. Investors still rely heavily on the agencies.
Answer:
All of the following factors contributed to the misconduct cited in the article, except:
D. Analysts at the rating agencies were reluctant to require issuers to provide sufficient information to rate the securities.
Which of the following does NOT explain why the industry's business model remains in place?
C. Ratings agencies are shielded from investor lawsuits.
Explanation:
