Answer:
D . Immediately roll back the firewall rule until a manager can approve it
Explanation:
Since in the question it is mentioned that while checking the configuration of the firewall, it is notice that the rule of implementation but it cant locaate the approval of manager regarding the same so here the good step is to roll back instantly back to the rule of firewall till the manager approve it
Therefore the correct option is D.
A financial analyst discovers that Stark Industries has been inappropriately capitalising R&D costs in each year and amortizing them completely over a three-year period on a straight-line basis, beginning in the year after the cost was incurred. A total of $24m, $30m and $36m was inappropriately capitalised for fiscal years 2017, 2018 and 2019, respectively. At the financial year end of 30 June 2019, it had total assets of $280m. Net income was $20m for fiscal 2019. Ignore tax effects for this question.
Required:
a. Compute the amount of total asset and expense misstatement (over or understatement) in each period and provide your answer in the boxes provided below. Show all workings in the spaces provided.
b. Which other account(s), if any, will be mis-stated as a result of the above accounting treatment at the end of fiscal 2019?
c. Prepare the journal entries for correcting the misstatements that arise from the inappropriate capitalisation of R&D at the end of fiscal 2019. Note: Extra space for the journal entries has been provided below
Answer:
a. Amount of total asset overstatement and expense understatement:
Total Asset and Expense Misstatements:
Assets Expenses
Overstatement Understatement
2017 $24m ($24m -$0) $24m
2018 $46m (24 -8 + 30)m $22m ($30m- $8m)
2019 $64m (46 -18 + 36)m $18m ($36m - $18m)
b. The Retained Earnings account will be misstated as a result of the above accounting treatment at the end of fiscal 2019.
c. Journal Entries:
June 30, 2019:
Debit R&D expense $82m
Credit Total assets $64m
Credit Amortization Expense $18m
To correct the R&D amortization and inappropriate capitalization.
Explanation:
a) Data and Calculations:
Amortization R&D Amount
Expense Costs Capitalized
2017 $0 $24m $24m ($24m - $0)
2018 $8m $30m $46m ($24m - $8m + $30m)
2019 $18m $36m $64m ($46m - $18m + $36m)
Calculation of amortization expenses:
2017 R&D costs = $24m/3 = $8m
2018 R&D costs = $30m/3 = $10m
2019 R&D costs = $36m/3 =$12m
30 June 2019:
Total assets = $280m
Net income = $20m
Bob's new startup goes public and sells shares of future profits. Bob's startup is best described as a
Answer: borrower or as a demander of funds
Explanation:
Bob new startup goes public and sells shares of future profits. Bob startup is best described as a borrower or as a demander of funds.
This will be considered to be a borrower or a demander of bonds due to the fact that future profits are being provided to shareholders as shares.
what is the effect on the financial statements when adjust the prepaid insurance account at year-end for insurance coverage which has expire
Answer:
When prepaid insurance (or any other prepaid expense) is adjusted at year end in order to record accrued expenses, financial statements are affected in the following way:
income statement: costs increase, decreasing profitsbalance sheet: assets and equity decreasecash flow statement: cash from operating activities increasesowners' equity: decreasesUse AutoCorrect options to expand the listed abbreviations, and then rewrite each abbreviation.
Dr.
Mr.
Ave.
In order to make sure that employees do not misuse equipment in a way that could harm personnel, assets, or the organization's legal standing, organizations will create ______________ Use Policies to govern employee behavior.
Answer:
Acceptable
Explanation:
The acceptable use policy is also known as fair use policy or the acceptable usage policy. It is a document or set of rules that is applied by the owner or by the management of nay organization or company that restricts and prevents the use of many equipment and other tools and machinery which could harm other coworker, other assets of the company or the legal standing of the company. It limits or restricts the usage of certain equipment and provides guidelines on how the equipment should be used and when to use.
Your Aunt Ruth has $540,000 invested at 6.5%, and she plans to retire. She wants to withdraw $40,000 at the beginning of each year, starting immediately. How many years will it take to exhaust her funds, i.e., run the account down to zero
Answer:
It will take 28 years for Aunt Ruth to exhaust her funds.
Explanation:
This can be calculated using the formula for calculating the present value (PV) of annuity due given as follows:
PV = P * ((1 - [1 / (1 + r))^n) / r) * (1 + r) .................................. (1)
Where;
PV = Present value or amount invested = $540,000
P = Monthly withdraw = $40,000
r = interest rate = 6.5%, or 0.065
n = number of years = ?
Substitute the values into equation (1) and solve for n, we have:
540,000 = 40,000 * ((1 - (1 / (1 + 0.065))^n) / 0.065) * (1 + 0.065)
540,000 / 40,000 = ((1 - (1 / 1.065)^n) / 0.065) * 1.065
13.50 = ((1 - 0.938967136150235^n) / 0.065) * 1.065
13.50 / 1.065 = (1 - 0.938967136150235^n) / 0.065
12.6760563380282 = (1 - 0.938967136150235^n) / 0.065
12.6760563380282 * 0.065 = 1 - 0.938967136150235^n
0.823943661971833 = 1 - 0.938967136150235^n
0.938967136150235^n = 1 - 0.823943661971833
0.938967136150235^n = 0.176056338028167
Log linearizing, we have:
n log0.938967136150235 = log0.176056338028167
n = log0.176056338028167 / log0.938967136150235
n = -0.754348335711024 / -0.0273496077747565
n = 27.5816875299865
Rounding to a whole number, we have:
n = 28
Therefore, it will take 28 years for Aunt Ruth to exhaust her funds.
In the Sheridan Company, indirect labor is budgeted for $135000 and factory supervision is budgeted for $36000 at normal capacity of 200000 direct labor hours. If 180000 direct labor hours are worked, flexible budget total for these costs is: $148500. $157500. $153900. $171000.
Answer:
$153,900
Explanation:
With regards to the above, we need to first calculate the overhead per hour
Overhead cost per hour = ($135,000 + $36,000)/200,000 = $0.855
Now, we can calculate the total cost of 180,000 hours
Overhead cost = 180,000 × $0.855
Overhead cost = $153,900
Therefore, flexible budget for these total cost is $153,900
DOES ANYONE HAVE A CAMERA?
Answer:
yes, why?
Explanation:
Answer:
indeed i do, i use a photography camera that my father gave me years ago after he retired from national geographic.
Explanation:
The net income reported on the income statement for the current year was $73,600. Depreciation recorded on store equipment for the year amounted to $27,400. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of YearCash $23,500 $18,700Accounts receivable (net) 56,000 48,000Merchandise inventory 35,500 40,000Prepaid expenses 4,750 7,000Accounts payable (merchandise creditors) 21,800 16,800Wages payable 4,900 5,800Required:A. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required.B. Briefly explain why net cash flow from operating activities is different than net income.
Answer:
A. Cash Flows from Operating Activities
Adjusted cash flow $101,000
Working capital adjustments:
Accounts receivable (8,000)
Inventory 4,500
Prepaid expenses 2,250
Accounts payable 5,000
Wages payable (900)
Net cash from operations $103,850
B. The difference in the net cash flow from operating activities and the net income results from the basis of calculating each parameter. The net cash flow from operating activities is calculated based on the cash basis while the net income is calculated based on the accrual basis and the latter takes into account all income and expenses whether cash movement is involved or not.
Explanation:
a) Data and Calculations:
Net income = $73,600
Depreciation 27,400
Adjusted cash flow = $101,000
Working capital balances:
End of Year Beginning Increase/Decrease
of Year
Cash $23,500 $18,700 $4,800
Accounts receivable (net) 56,000 48,000 8,000
Merchandise inventory 35,500 40,000 $4,500
Prepaid expenses 4,750 7,000 2,250
Accounts payable
(merchandise creditors) 21,800 16,800 5,000
Wages payable 4,900 5,800 900
Cash Flows from Operating Activities
Adjusted cash flow $101,000
Working capital adjustments:
Accounts receivable (8,000)
Inventory 4,500
Prepaid expenses 2,250
Accounts payable 5,000
Wages payable (900)
Net cash from operations $103,850
What is the expected dividend to be paid in 3 years if yesterday's dividend was $6.00, dividends are expected to grow at a constant 6% annual rate, and the firm has a 10% expected return
Answer:
D3 = $7.146096 rounded off to $7.15
Explanation:
The dividend growth projected for the stock expects the stock to grow at a constant rate of 6% each year over an indefinite period of time. This means that the $6 dividend paid by the stock in the current year will grow by 6% every year over its life. Thus, the expected dividend to be paid in 3 years will be calculated as follows,
Lets say that the dividend just paid is D0. Thus, the dividend to be paid in 3 years will be D3. So, D3 will be calculated as follows,
D3 = D0 * (1+g)^3
D3 = 6 * (1+0.06)^3
D3 = $7.146096 rounded off to $7.15
Journalize the following transactions of Trapper Jon’s Productions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank.
June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account.
Sept. 21 The note is dishonored by Radon Express Co.
Oct. 21 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Radon Express Co. on September 21.
Answer:
June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account.
Sept. 21 The note is dishonored by Radon Express Co.
Oct. 21 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Radon Express Co. on September 21.
Explanation:
The Treasury bill rate is 3.5%, and the expected return on the market portfolio is 10.4%. Use the capital asset pricing model. a. What is the risk premium on the market?
Answer:
6.9%
Explanation:
Treasury bill rate is 3.5%
Market portfolio is 10.4%
Therefore the risk premium on the market can be calculated as follows
= 10.4%-3.5%
= 6.9%
Hence the risk premium is 6.9%
SartainC orporation is planning its annual budget and has the following beginning and ending inventory levels planned for the year.
Beginning Inventory Ending Inventory
Finished goods (units) 22,000 32,000
Raw material (grams) 52,000 42,000
Each unit of finished goods requires 3 grams of raw material. The company plans to sell 170,000 units during the year. How much of the raw material should the company purchase during the year?
a. 552,000 grams
b. 540,000 grams
c. 530,000 grams
d. 582,000 grams
Answer: c. 530,000 grams
Explanation:
Finished goods that should be produced in the year;
= Units to be sold + ending inventory - beginning inventory
= 170,000 + 32,000 - 22,000
= 180,000 units of finished goods.
Each unit of finished good requires 3 grams of raw material;
= 180,000 * 3
= 540,000 grams
Raw materials to be purchased;
= Raw materials needed + ending inventory - beginning inventory
= 540,000 + 42,000 - 52,000
= 530,000 grams
On January 1, 2018, Dreamworld Co. began construction of a new warehouse. The building was finished and ready for use on September 30, 2019. Expenditures on the project were as follows:
January 1, 2018 $334,000
September 1, 2018 $498,000
December 31, 2018 $498,000
March 31, 2019 $498,000
September 30, 2019 $334,000
Dreamworld had $6,600,000 in 12% bonds outstanding through both years. Dreamworld's average accumulated expenditures for 2018 was:________
a. 500,000
b. 668,000
c. 583,500
d. 334,000
Answer:
$500,000
Explanation:
weighted accumulated expenditures:
January 1, 2018 = $334,000 x 12/12 = $334,000
September 1, 2018 = $498,000 x 4/12 = $166,000
December 31, 2018 = $498,000 x 0/12 = $0
total weighted accumulated expenditures = $500,000
Weighted accumulated expenditures are used to calculate capitalized interests, which would equal = $500,000 x 12% = $60,000.
Weng CPAs charges for their services based on the following: Labor rate $ 171 per hour Materials markup 30 % Using time and materials pricing, what is the total price for services requiring 6 labor hours and $61 of materials
Answer: $1105.3
Explanation:
The information given in the question is used to solve the question below
Materials = $61
Materials markup = $61 × 30% = $61 × 0.3 = $18.3
Labor = $171 × 6 = $1026
The total price for the services will be:
= $61 + $18.3 + $1026
= $1105.3
The variance that measures the amount of variable overhead that should have been saved (or incurred) because of the efficient (or inefficient) use of the measurement base is the
Answer: A)Variable overhead spending variance
Explanation:
The Variable Overhead spending variance shows the difference between the amount that was spent and the amount that should have been spent on a variable overhead.
In so doing it shows the variable overhead that should have been saved (incurred) due to efficient (inefficient) use of resources because a favorable (unfavorable) variance would mean that the company outperformed (underperformed) their estimates by being more efficient (inefficient).
Which of the following is a characteristic of a task-oriented leader? staying accountable for assigning work ensuring everyone receives the work they are most comfortable doing focusing on employee motivation collaborating with employees on goal setting
Answer: staying accountable for assigning work
Explanation:
Task-oriented leaders are the kind of leaders that their main focus is on how a particular goal would be achieved or how a work would be completed.
These kind of leaders are motivated to complete a job and use the best resources that are available to achieve their goal. Such leaders are accountable for the work assigned.
Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by making capital contributions of $79,200, $308,000, and $492,800, respectively. They predict annual partnership net income of $519,000 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (c) salary allowances of $85,200 to Mo, $63,900 to Lu, and $96,500 to Barb; interest allowances of 10% on their initial capital investments; and the balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. Required:Use the table to show how to distribute net income of $519,000 for the calendar year under each of the alternative plans being considered. Income(Loss) Sharing PlanPlan (a) Mo Lu Barb Total $519,000Balance allocated equity 1/3 $173,000 1/3 519.000 1/3 173.000 519,000 Balance of income(loss) $0Shares to the partners $173,000 173 000 173000 519,000 Plan (b) Mo Lu Barb TotalNet Income (loss) $519,000Balance allocated in proportion to initial investments 1/2 $46,710 1/2 181,650 1/2 $290,640 $519,000Balance of income (loss) Shares to the partners 1/2 $46,710 1/2 181,650 1/2 $290,640 $519,000
Answer:
which subject questions
Suppose Alex and Becky are playing a game in which both must simultaneously choose the action Left or Right. The payoff matrix that follows shows the payoff each person will earn as a function of both of their choices. For example, the lower-right cell shows that if Alex chooses Right and Becky chooses Right, Alex will receive a payoff of 5 and Becky will receive a payoff of 5.
Becky
Left Right
Alex Left 6, 6 6, 3
Right 4, 3 5, 5
The only dominant strategy in this game is for___ to choose_____ .
The outcome reflecting the unique Nash equilibrium in this game is as follows:
Alex chooses______ and Becky chooses_______ .
Answer:
The only dominant strategy in this game is for__Alex_ to choose__Right___ .
The outcome reflecting the unique Nash equilibrium in this game is as follows:
Alex chooses__Right____ and Becky chooses__Left_____ .
Explanation:
The game theory of the Nash equilibrium achieves the optimal outcome of a game because Alex and Becky are not incentivized to deviate from their chosen strategies after considering the opponent's choice. Neither of these two players can increase their payoff by choosing an action different from their current strategic action. Thus, this action profile achieves a Nash equilibrium for the two players because there exists randomization in the game.
The process by which management allocates available investment funds among competing investment proposals is called
Answer: capital rationing
Explanation:
Capital rationing is the process by which management allocates available investment funds among competing investment proposals.
Capital rationing is a strategy that is used by a company so that such company can limit the number of projects that it can do at a particular time.
Because the efficiency wage is _____ the equilibrium wage, it may lead to a _____ of labor. below; surplus above; shortage below; shortage above; surplus
Answer: above; surplus
Explanation:
Because the efficiency wage is above the equilibrium wage, it may lead to a supply of labor.
Since the efficiency wage as given in th question is more than the equilibrium wages, this will lead to a surplus of labor as there will be more people that are willing to work due to the increase in wages. This will turn lead to increase in supply and this will lead to surplus of labor as supply is more than demand.
On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $335,000. The interest rate charged by the bank was 7.00%. The bank made the loan on a discount basis. b. Calculate the amount of interest expense applicable to this loan during the fiscal year ended June 30, 2019.
Answer:
Missing question "a. Calculate the loan proceeds made available to Powell.
a. Loan proceeds made available = Loan amount - (Loan amount*Interest rate*6/12)
Loan proceeds made available = $335,000 - ($335,000 * 7.00% * 6/12)
Loan proceeds made available = $335,000 - $ 11,725
Loan proceeds made available = $323,275
b. For the fiscal year ended June 30,2019, the interest accrual period applicable is the day between April 15 - June 30 = 76 days
Interest expenses to be amortized = Discount interest * Accrual period / Loan period
Interest expenses to be amortized = ($335,000 * 7.00%) * 76/180
Interest expenses to be amortized = $23,450 * 0.4222
Interest expenses to be amortized = $9,900.59
Shale, a C corporation, made two liquidating distributions of $1,000 on January 9, 2020, and February 13, 2020, to shareholder Patricia. Shale must file Form 1099-DIV, Dividends and Distributions, with the Internal Revenue Service by
Answer:
February 28, 2018.
Explanation:
Shale, a C corporation, made two liquidating distributions of $1,000 on January 9, 2020, and February 13, 2020, to shareholder Patricia. Shale must file Form 1099-DIV, Dividends and Distributions, with the Internal Revenue Service by February 28, 2018.
The Blooming Flower Co. has earnings of $1.43 per share. a. If the benchmark PE for the company is 12, how much will you pay for the stock
Answer: One can pay $17.16 for stock
Explanation:
Stock price is referred to as The current market price which is the amount one can buy a share in a company. The P/E ratio gives investors the idea of what to expect in the current price at market level and amount to pay for current earnings per share.
PE (Price Earning ratio ) = Share Price/Stock Price per share / Earnings per Share
Therefore Price of Share = Earnings per Share x PE (Price Earning ratio )
= $1.43 x 12
$17.16
If a business has a surplus of goods, what is something they can do to raise demand?
Answer:
They can lower the price.
Explanation:
When goods are more cheaper, more people will want to buy their products. Or they could just sabotage the entire market (just kidding) Brainliest maybe?
Claire Corporation is planning to issue bonds with a face value of $240,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.
Required:
a. Provide the journal entry to record the issuance of the bonds.
b. Provide the journal entry to record the interest payment on March 31, June 30, September 30, and December 31 of this year.
c. What bonds payable amount will Claire report on this year’s December 31 balance sheet?
Answer:
a) issue price
PV of face value = $240,000 / (1 + 3%)⁸ = $189,458
PV of coupon payments = $4,800 x 7.0197 (PV annuity factor, 3%, 8 periods) = $33,695
market price = $223,153
January 1, bonds issued at a discount
Dr Cash 223,153
Dr Discount on bonds payable 16,847
Cr Bonds payable 240,000
b) discount amortization = ($223,153 x 3%) - $4,800 = $1,895
discount amortization = ($225,048 x 3%) - $4,800 = $1,951
discount amortization = ($226,999 x 3%) - $4,800 = $2,010
discount amortization = ($229,009 x 3%) - $4,800 = $2,070
March 31, first coupon payment
Dr Interest expense 6,695
Cr Cash 4,800
Cr Discount on bonds payable 1,895
June 30, second coupon payment
Dr Interest expense 6,751
Cr Cash 4,800
Cr Discount on bonds payable 1,951
September 30, third coupon payment
Dr Interest expense 6,810
Cr Cash 4,800
Cr Discount on bonds payable 2,010
December 31, fourth coupon payment
Dr Interest expense 6,870
Cr Cash 4,800
Cr Discount on bonds payable 2,070
c) bonds' carrying value at December 31 = $231,169
Roman Knoze is considering two investments. Each will cost $20,000 initially. Project 1 will return annual cash flows of $10,000 in each of three years. Project 2 will return $5,000 in year 1, $10,000 in year 2, and $15,000 in year 3. Roman requires a minimum rate of return of 10%. What is the net present value of Project 2
Answer:
NPV= $4,079.63
Explanation:
Giving the following information:
Initial cost= -$20,000
Rate of return= 10%
To calculate the net present value, we need to use the following formula:
NPV= -Io + ∑[Cf/(1+i)^n]
First, we need to discount the cash flows:
PV= Cfn / (1+i)^n
Cf1= 5,000/1.1= 4,545.45
Cf2= 10,000/1.1^2= 8,264.46
Cf3= 15,000/1.1^3= 11,269.72
Total PV= $24,079.63
Now, the NPV:
NPV= -20,000 + 24,079.63
NPV= $4,079.63
A portfolio's beta is... Group of answer choices the weighted average of the individual stocks' betas, where the weights are determined by the market capitalizations of each stock. is close to zero if the portfolio is large. the same as the highest beta of all the stocks in the portfolio. the square root of the weighted average of the squares of the individual stocks' betas.
Answer:
a. the weighted average of the individual stocks beta, where the weights are determined by the market capitalization of each stock.
Explanation:
A portfolio betas is the weighted average of the individual stocks beta, where the weights are determined by the market capitalization of each stock. A portfolio betas is also known as weighted betas. Beta of the portfolio represent both the betas of the individual assets in the portfolio and their respective market value weights.
Complete the sentence about course credit.
Amy is enrolled at the state university as well as at her high school, and she takes classes at both. She’ll get
for her courses, which will count as both high school and college classes.
Answer:
Articulated credit
Explanation:
Answer: concurrent enrollment
Explanation:
Sharon made a $160,000 interest-free loan to her son, Todd, who used the money to pay for his masters at Baruch. Todd’s only sources of income were $25,000 from a florist business he runs part time and $490 of interest on his checking account. The relevant Federal interest rate was 5%. Based on the above information:_____
a. Todd's business net profit will be reducod by $3,000 (0S x $60,000) of interest expense.
b. Sharon must recognize $3,000 (0.05 x $60,000) of imputed interest income on the below- market loan.
c. Todd's gross income must be increased by the $3,000 (05 × $60.000) imputed interest income on the below market loan.
d. Sharon does not recognize any imputed interest income and Todd does not recognize any imputed interest expense.
e. None of the above is correet.
Answer:
b. Sharon must recognize $3,000 (0.05 x $60,000) of imputed interest income on the below- market loan.
Explanation:
When a family member makes an interest free loan, the IRS will calculate imputed interest, and that is generally considered a gift. When someone makes a gift, they are responsible for paying any applicable taxes.
In this case, Sharon will have to pay gift taxed for the imputed interest resulting form the loan.
