Answer:
B: gathering information on available housing
Explanation:
did the quiz :)
The first step is gathering information on available housing when making a decision about housing.
What is decision making process?Decision making process is how an individual or organizations consider various alternative solutions before deciding on the best option that suit the problem at hand.
Steps in decision making includes:
Gathering informationAssessing alternative resolutionImplement the decision takenEvaluate the decision takenHence, the first step is gathering information on available housing when making a decision about housing.
Learn more about decision making process here : https://brainly.com/question/1249089
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Depository Institutions are required to______and_____, although the general terms used to describe these financial products may vary across the various types of institutions. Non-depository Institutions, In contrast, accept cash contributions from their customers, but the cash inflows are not called_____Instead, they're called shares or premiums.
Non-depository Institutions include:_____.
A. Commercial banks, savings banks, savings and loan associations (thrifts), and credit unions.
B. Mutual funds, insurance companies, brokerage firms, and financial services companies.
What are the different forms and products of non-depository Institutions?
If you wanted to purchase investment advice, as well as stocks, bonds, and other investments, which type of non-depository institution should you contact?
A. An insurance company.
B. A stock brokerage firm.
Just as depository institutions differ from non-depository Institutions, there are also differences between the structure and activities of, and the financial products and services provided by, various depository institutions. Which of the following statements are true?
A. Mutual savings banks and credit unions are similar in that both are owned by their depositors, who share in their profits.
B. Demand deposit accounts created by commercial banks are usually called checking accounts or negotiable order of withdrawal (NOW) accounts, while those created by credit unions are called share draft accounts.
C. Commercial banks tend to pay interest rates that are greater than those paid by savings banks and credit unions.
Answer:
Depository Institutions are required to ACCEPT DEPOSITS and HAND OUT LOANS, although the general terms used to describe these financial products may vary across the various types of institutions. Non-depository Institutions, In contrast, accept cash contributions from their customers, but the cash inflows are not called DEPOSITS. Instead, they're called shares or premiums.
Non-depository Institutions include:_____.
B. Mutual funds, insurance companies, brokerage firms, and financial services companies.
What are the different forms and products of non-depository Institutions?
Non-depository institutions include:
finance companies that generally make personal loanssecurities firms that trade securities, provide brokerage services and/or are investment banksinsurance companies that provide insurance servicesinvestment companies that sell their securities and then invest the proceedings, e.g. mutual fundsIf you wanted to purchase investment advice, as well as stocks, bonds, and other investments, which type of non-depository institution should you contact?
B. A stock brokerage firm.
Just as depository institutions differ from non-depository Institutions, there are also differences between the structure and activities of, and the financial products and services provided by, various depository institutions. Which of the following statements are true?
A. Mutual savings banks and credit unions are similar in that both are owned by their depositors, who share in their profits.
B. Demand deposit accounts created by commercial banks are usually called checking accounts or negotiable order of withdrawal (NOW) accounts, while those created by credit unions are called share draft accounts.
Barry Company has a calendar year-end. On December 15, Year 1, a customer was injured using a product manufactured by Barry. That customer files a lawsuit against Barry on January 15, Year 2. On February 15, Year 2, Barry’s attorney advises Barry to settle the claim for $100,000 because a loss in that amount is probable and material. Barry has not yet distributed its Year 1 financial statements. What must Barry do with regards to those financial statements?
Answer:
Record the loss contingency in the December 31, Year 1, balance sheet and also disclose the lawsuit in the footnotes.
Explanation:
Since the loss is both probable and material, then it must be recorded as a liability in the balance sheet. This is a loss contingency, and depending on whether the probability of occurrence is probable, possible or not possible, and the amount can be determined, then it will be recorded in the balance sheet, included in the footnotes or not considered.
Since the loss is probable and it can be quantified, plus the incident occurred during last year, then the loss contingency must be included as a liability. The company should also disclose the lawsuit in the footnotes.
Factory Overhead Rates, Entries, and Account Balance Eclipse Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows:
Factory 1 Factory 2
Estimated factory overhead cost for fiscal year beginning August 1 $18,500,000 $10,200,000
Estimated direct labor hours for year 250,000
Estimated machine hours for year 600,000
Actual factory overhead costs for March $12,990,000 $10,090,000
Actual direct labor hours for March 245,000
Actual machine hours for March 610,000
a. Determine the factory overhead rate for Factory 1. $ per machine hour
b. Determine the factory overhead rate for Factory 2. $ per direct labor hour
Feedback
c. Journalize the entries to apply factory overhead to production in each factory for March.
Factory 1 Work in Process
Factory Overhead
Factory 2 Work in Process
Factory Overhead
Feedback
d. Determine the balances of the factory overhead accounts for each factory as of March 31,and indicate whether the amounts represent overapplied factory overhead or underapplied factory overhead.
Factory 1 $ Credit Overapplied
Factory 2 $ Debit Underapplied
Answer and Explanation:
The computation is shown below:-
a. Factory overhead rate for Factory 1 = Estimated factory overhead cost ÷ Estimated machine hours for year
= $18,500,000 ÷ 600,000
= $30.83
b. Factory overhead rate for Factory 2 = Estimated factory overhead cost ÷ Estimated direct labor hours for year
= $10,200,000 ÷ 600,000
= $40.80
c. The journal entry is shown below:-
1. Work in process Dr, $13,115,000 (610,000 × $21.50)
To Factory overhead $13,115,000
(Being the factory overhead is recorded)
2. Work in process Dr, $9,996,000 (245000 × $40.80)
To Factory overhead $9,996,000
(Being the factory overhead is recorded)
d. For Factory 1
= $12,990,000 - $13,115,000
= $125,000 Credit Overapplied
For Factory 2
= $10,090,000 - $9,996,000
= $94,000 Debit Underapplied
One way consumers can evaluate alternatives is to identify important attributes and assess how purchase alternatives perform on those attributes. Consider the purchase of a tablet. Each attribute is given a weight to reflect its level of importance to that consumer. Then the consumer evaluates each alternative on each attribute (higher ratings indicate higher performance). A score can be calculated for each brand by multiplying the importance weight for each attribute by the brand's score on that attribute. These weighted scores are then summed to determine the score for that brand. Calculate the weighted scores for all brands. Which brand would this consumer likely choose? Which brand is this consumer least likely to purchase?
Answer:
1. Calculate the weighted scores for all brands.
Brand A score = (0.3 * 5) + (0.2 * 2) + (0.2 * 4) + (0.3 * 7)
= 4.8
Brand B score = (0.3 * 3) + (0.2 * 4) + (0.2 * 2) + (0.3 * 7)
= 4.2
Brand C score = (0.3 * 6) + (0.2 * 2) + (0.2 * 7) + (0.3 * 3)
= 4.5
2. Which brand would this consumer likely choose? Brand A
With the highest rating of 4.8, Brand A has the highest score and so will most likely be chosen.
3. Which brand is this consumer least likely to purchase? Brand B
With the lowest rating of 4.2, Brand B will be the least likely to be purchased.
During the first year of operations, a company sold $118,000 of goods to customers and received $99,000 in cash from customers. The remainder is owed to the company at the end of the year. The company incurred $71,800 in expenses for the year and paid $66,800 in cash for these expenses. The remainder is owed by the company at the end of the year. Based on this information, what is the amount of net income for the year?
Answer:
Net income = $46,200
Explanation:
In this scenario the company is using accrual method of accounting where some revenue is recieved in cash and the others are accounts receivable. Expenses are also paid paid partly in cash and the remaining is accounts payable.
Revenues and expenses however are recorded when they are earned or incurred.
The company earned revenue of $118,000, $99,000 is in cash and the rest is accounts receivable.
They also had expenses of $71,800 incurred with $66,800 paid in cash and the rest is accounts payable.
The net income will be revenue earned less expenses incurred.
Net income = 118,000 - 71,800
Net income = $46,200
The content of your e-mails and memos will vary, but direct internal messages contain four main parts. Therefore, it is important to familiarize yourself with these four parts.
Identify the parts of the e-mail message indicated by the bracketed numbers.
To: Ellen Stanford
From: Thomas Gregory
[1] Proposed Agenda for November 6 Meeting Dear Ms. Stanford
[2] Please review the following agenda for our next shareholder meeting and recommend any changes.
[3] Rising stock prices
Discussion of new investors Portfolios and new funding Introduction of new vice-president
[4] Please send any changes to the agenda to me by 3:00 p.m., November 3 Many thanks, Thomas Thomas Gregory Financial Analyst Office: 854.454.4356 Fax: 435.458.9738 Cell: 834.435.8490
Which part of the e-mail is part [1]?
a. Subject line Opening with main idea
b. Explaining in the body
Which part of the e-mail is part [2]?
a. Explaining in the body Closing with a purpose
b. Opening with main idea
Which part of the e-mail is part [3]?
a. Explaining in the body Closing with a purpose
b. Subject line
Answer:
Four Main Parts of Email Message:
1. a. Subject line Opening with main idea
2. b. Opening with main idea
3. Explaining in the body Closing with a purpose
Explanation:
The main parts of an email include the Subject line with sender's and receiver's identities, and date. The subject line is followed by the opening introduction of the chief idea. After the introduction opening is the body of the email, which give more details about the message. The last is the closing remarks and any other desired information.
Parker & Stone, Inc., is looking at setting up a new manufacturing plant in South Park to produce garden tools. The company bought some land six years ago for $4.4 million in anticipation of using it as a warehouse and distribution site, but the company has since decided to rent these facilities from a competitor instead. If the land were sold today, the company would net $4.7 million. The company wants to build its new manufacturing plant on this land; the plant will cost $11.9 million to build, and the site requires $710,000 worth of grading before it is suitable for construction. What is the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project? (Enter your answer in dollars, not millions of dollars, e.g. 1,234,567.) Cash flow amount $
Answer:
$17,310,000
Explanation:
Land purchased for use as warehouse and distribution site = $4.4 million(6 years ago)
Current market value of land = $4.7 million
For determining the initial investment in fixed assets for the plant, the current value of the land will have to be taken (as Parker and Stone would have had to buy land at this price for the plant, if the land was not already with it).
The amount spent on land will not be treated as sunk costs as this amount is not permanently lost. The company can recover money by selling the land. So the current market value will be included in the initial investment in fixed assets in reference to the project.
So, proper cash flow for the project = Site grading costs +Plant cost + Current market value of land
= $710,000 + $11.9 million + $4.7 million
= $17,310,000
Hence, $17,310,000 is the amount of initial investment in fixed assets to be used when evaluating this project.
A consumer products company found that % of successful products also received favorable results from test market research, whereas % had unfavorable results but nevertheless were successful. That is, P(successful product and favorable test market) and P(successful product and unfavorable test market). They also found that % of unsuccessful products had unfavorable research results, whereas % of them had favorable research results, that is P(unsuccessful product and unfavorable test market) and P(unsuccessful product and favorable test market). Find the probabilities of successful and unsuccessful products given known test market results, that is, P(successful product given favorable test market), P(successful product given unfavorable test market), P(unsuccessful product given favorable test market), and P(unsuccessful product given unfavorable test market).
Answer:
P(successful product given favorable test market) = 77.19%
P(successful product given unfavorable test market) = 22.81%
P(unsuccessful product given favorable test market) = 25.58%
P(unsuccessful product given unfavorable test market) = 74.42%
Explanation:
the information is incomplete since it is missing the numbers:
"A consumer products company found that 44% of successful products also received favorable results from test market research, whereas 13% had unfavorable results but nevertheless were successful. That is, P(successful product and favorable test market) = 0.44 and P(successful product and unfavorable test market) = 0.13. They also found that 32% of unsuccessful products had unfavorable research results, whereas 11% of them had favorable research results, that is P(unsuccessful product and unfavorable test market) = 0.32 and P(unsuccessful product and favorable test market) = 0.11."
probability of being successful and having favorable test market results = 44%
probability of being successful and having unfavorable test market results = 13%
probability of not being successful and having unfavorable test market results = 32%
probability of not being successful and having favorable test market results = 11%
probability of being successful = 44% + 13% = 57%
probability of not being successful = 32% + 11% = 43%
probability of being successful given favorable test market = 44% / 57% = 0.7719 = 77.19%
probability of being successful given unfavorable test market = 13% / 57% = 0.22819 = 22.81%
probability of not being successful given favorable test market = 11% / 43% = 0.2558 = 25.58%
probability of not being successful given unfavorable test market = 32% / 43% = 0.7442 = 74.42%
A firm has 5 million shares outstanding with a market price of $30 per share. The firm has $30 million in extra cash (short-term investments) that it plans to use in a stock repurchase; the firm has no other financial investments or any debt. What is the firm's value of operations after the repurchase? Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23, not 1,230,000. Round your answer to two decimal places. $ million How many shares will remain after the repurchase? Round your answer to the nearest whole number. shares
Answer and Explanation:
The computation is shown below:
For the firm value of operations
Value of the firm's operations = {market price per share × number of outstanding shares ] - Additional cash needed
= [$30 × 5,000,000] - $30,000,000
= $150,000,000 - $30,000,000
= $120,000,000
Now shares after repurchase is
= Number of shares - (Additional cash needed ÷ per share value)
= 5,000,000 - ($30,000,000 ÷ $30)
= 5,000,000 - 1,000,000
= 4,000,000 shares
Lloyd Inc. has sales of $600,000, a net income of $60,000, and the following balance sheet: Cash $145,800 Accounts payable $192,780 Receivables 230,040 Notes payable to bank 108,540 Inventories 891,000 Total current liabilities $301,320 Total current assets $1,266,840 Long-term debt 270,540 Net fixed assets 353,160 Common equity 1,048,140 Total assets $1,620,000 Total liabilities and equity $1,620,000 The new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 2x, without affecting sales or net income. If inventories are sold and not replaced (thus reducing the current ratio to 2x); if the funds generated are used to reduce common equity (stock can be repurchased at book value); and if no other changes occur, by how much will the ROE change? Do not round intermediate calculations. Round your answer to two decimal places. % What will be the firm's new quick ratio? Do not round intermediate calculations. Round your answer to two decimal places. x
Answer:
The new quick ratio is 4.6
Explanation:
Current ratio = Current assets / Current liabilities
2 = (Cash + receivables + inventories) / (Accounts payable + other current liabilities
2 = ($145,800 + $230,040 + inventories ) / $192,780
2 = $375,840 + inventories / $192,780
$385,560 = $375,840 + inventories
Inventories = $385,560 - $375,840
Inventories = $9,720
This means that inventories worth of $881,280 [ $891,000 -$9,720] were sold.
Also, if the funds so gained are used to reduce common equity, meaning buying back the equity at book value, hence common equity is $166,860 [ $1,048,140 - $881,280]
ROE before selling off the inventory = Net income / Stockholder's equity
= $60,000 / $1,048,140
= 0.057 or 5.7%
ROE after selling off the inventory = Net income / Stockholder's equity
= $60,000 / $166,860
= 0.40 or 40%
The firm's new quick ratio
= [ Current assets - inventories] / Current liabilities
= [$1,266,840 - $9,720] / $270,540
= $1,257,140 / $270,540
= 4.6
Colter Steel has $4,750,000 in assets. Temporary current assets $ 1,500,000 Permanent current assets 1,525,000 Fixed assets 1,725,000 Total assets $ 4,750,000 Assume the term structure of interest rates becomes inverted, with short-term rates going to 14 percent and long-term rates 6 percentage points lower than short-term rates. Earnings before interest and taxes are $1,010,000. The tax rate is 30 percent. If long-term financing is perfectly matched (synchronized) with long-term asset needs, and the same is true of short-term financing, what will earnings after taxes be?
Answer:
$423,500
Explanation:
The computation of earnings after taxes is shown below:-
Interest cost = Long term rate × (Current assets + Fixed assets) + Short term rate × Temporary current assets
= 6% × ($1,525,000 + $1,725,000) + 14% × $1,500,000
= $405,000
So,
Earnings after taxes = (Earnings before interest and taxes - Interest cost) × (1 - Tax rate)
= ($1,010,000 - $405,000) × (1 - 30%)
= $423,500
Hence, for determining the earnings after tax we simply applied the above formula.
Preparing Closing Procedures The adjusted trial balance of Parker Corporation, prepared December 31, 2018, contains the following selected accounts. Adjusted Account Balances Debit Credit Service fees revenue $92,500 Interest income 2,200 Salaries expense $41,800 Advertising expense 4,300 Depreciation expense 8,700 Income tax expense 9,900 Retained earnings 42,700 a. Prepare entries to close these accounts in journal entry form. General Journal Description Debit Credit 12/31 Answer Service fees revenue Answer 92,500 Answer 0 Answer Answer 2,200 Answer 0 Answer Retained earnings Answer 0 Answer 92,500 To close the revenue accounts. 12/31 Answer Salaries expense Answer 0 Answer 0 Answer Prepaid advertising Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To close the expense accounts. b. Post the closing entries to the appropriate T-accounts and calculate the ending balances for each account. Retained Earnings Bal. 42,700 Answer 0 Answer 0 Bal. Answer 0 Answer 0 Service Fees Revenue Bal. 92,500 Answer 0 Answer 0 Bal. Answer 0 Answer 0 Interest Income Bal. 2,200 Answer 0 Answer 0 Bal. Answer 0 Answer 0 Salaries Expense Bal. 41,800 Answer 0 Answer 0 Bal. Answer 0 Answer 0 Advertising Expense Bal. 4,300 Answer 0 Answer 0 Bal. Answer 0 Answer 0 Depreciation Expense Bal. 8,700 Answer 0 Answer 0 Bal. Answer 0 Answer 0
Answer:
Parker Corporation
a) Closing Journal Entries:
General Journal
Description Debit Credit
12/31
Service fees revenue $92,500
Interest income 2,200
Retained earnings 42,700
Income Summary $137,400
To close credit items to the Income Summary.
Income Summary $64,700
Salaries expense $41,800
Advertising expense 4,300
Depreciation expense 8,700
Income tax expense 9,900
To close debit items to the Income Summary.
b. T-accounts:
Debit Credit
Service fees revenue
Adjusted balance $92,500
Income Summary $92,500
Balance $0
Interest income
Adjusted balance $2,200
Income Summary $2,200
Balance $0
Salaries expense
Adjusted balance $41,800
Income Summary $41,800
Balance $0
Advertising expense
Adjusted balance $4,300
Income Summary $4,300
Balance $0
Depreciation expense
Adjusted balance 8,700
Income Summary $8,700
Balance $0
Income tax expense
Adjusted balance 9,900
Income Summary $9,900
Balance $0
Retained earnings
Adjusted Balance 42,700
Income Summary $42,700
Balance $0
Explanation:
a) Data:
Parker Corporation
Adjusted Account Balances
Debit Credit
Service fees revenue $92,500
Interest income 2,200
Salaries expense $41,800
Advertising expense 4,300
Depreciation expense 8,700
Income tax expense 9,900
Retained earnings 42,700
A company pays each of its two office employees each Friday at the rate of $100 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: Multiple Choice Debit Unpaid Salaries $600 and credit Salaries Payable $600. Debit Salaries Expense $600 and credit Salaries Payable $600. Debit Salaries Expense $400 and credit Cash $400. Debit Salaries Payable $400 and credit Salaries Expense $400. Debit Salaries Expense $400 and credit Salaries Payable $400.
Answer:
Debit Salaries Expense $400 and Credit Salaries payable $400.
Explanation:
Consider, we are told the company pays each of its two office employees, meaning, the 2 employees combine will earn $200 a day .
Furthermore, we are told that even though the monthly accounting period ends on Tuesday the two employees work on Monday and Tuesday, meaning, the adjusting entry to record at the month-end will be a summation of the amount earned by the two employees on the two days. That is, = $200 × 2 days = $400 (which is a salary expense).
Therefore, going by the rule of double-entry, we are obliged to debit salaries expense account and credit salaries payable account.
10. Uneven cash flows A series of cash flows may not always necessarily be an annuity. Cash flows can also be uneven and variable in amount, but the concept of the time value of money will continue to apply. Consider the following case: The Purple Lion Beverage Company expects the following cash flows from its manufacturing plant in Palau over the next five years: Annual Cash Flows Year 1 Year 2 Year 3 Year 4 Year 5 $100,000 $20,000 $480,000 $450,000 $550,000 The CFO of the company believes that an appropriate annual interest rate on this investment is 9%. What is the present value of this uneven cash flow stream, rounded to the nearest whole dollar
Answer:
$1,155,478
Explanation:
Present value is the sum of discounted cash flows
Present value can be found using a financial calculator
Cash flow in year 1 = $100,000
Cash flow in year 2 = $20,000
Cash flow in year 3 = $480,000
Cash flow in year 4 = $450,000
Cash flow in year 5 = $550,000
I = 9%
Present value = $1,155,478
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Required information
Use the following information below. [The following information applies to the questions displayed below.]
Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s records show the following selected accounts and amounts for the month of August.
Cash $ 25,460
Dividends $ 6,130
Accounts receivable 22,510
Consulting fees earned 27,130
Office supplies 5,380
Rent expense 9,690
Land 44,130
Salaries expense 5,710
Office equipment 20,160
Telephone expense 1,010
Accounts payable 10,370
Miscellaneous expenses 620
Common stock 103,300
Preparing a statement of retained earnings LO P3 Use the above information to prepare an August statement of retained earnings for Help Today. The Retained Earnings account balance at August 1 was $0. Hint: Net income for August is $10,100.
Answer:
Income Statement
Consulting fee earned $27,130
Total Revenue $27,130
Expenses
Rent expenses $9,690
Salaries expense $5,710
Telephone expenses $1,010
Miscellaneous Expenses $620
Total Expenses $17,030
Net Income $10,100
Retained Earning Statement
For the Month Ended August 31
Retained earning August 1 -
Net Income $10,100
$10,100
Dividend $6,130
Retained earning August 31 $3,970
Which of the following is a characteristic of a non-profit organization?
a. They pay taxes
b. Generate revenue through donations
c. Are in business to make a profit
d. Sell products at competitive prices to make the most money possible
Answer:
b. Generate revenue through donations
Roquan, a single taxpayer, is an attorney and practices as a sole proprietor. This year, Roquan had net business income of $90,000 from his law practice (net of the associated for AGI self-employment tax deduction). Assume that Roquan pays $40,000 in wages to his employees, has $10,000 of property (unadjusted basis of equipment he purchased last year), and has no capital gains or qualified dividends. His taxable income before the deduction for qualified business income is $100,000. (Leave no answer blank. Enter zero if applicable.) Required: Calculate Roquan’s deduction for qualified business income. Assume the same facts provided above, except Roquan’s taxable income before the deduction for qualified business income is $300,000.
Answer:
a) Calculate Roquan’s deduction for qualified business income.
qualified business deduction:
20% of qualified business income AND less than 20% of total incomeSince Roquan is a single filer, his AGI cannot exceed $213,300.Roquan's QBI deduction = 20% x QBI = 20% x $90,000 = $18,000
b) Since Roquan's income is higher than $213,300, then he is not allowed any QBI deduction.
Michelle Corporation reported the following data for the month of July: Inventories: Beginning Ending Raw materials $ 37,000 $ 35,000 Work in process $ 21,000 $ 27,000 Finished goods $ 37,000 $ 52,000 Additional information: Raw materials purchases $ 71,000 Direct labor cost $ 96,000 Manufacturing overhead cost incurred $ 64,000 Indirect materials included in manufacturing overhead cost incurred $ 10,000 Manufacturing overhead cost applied to Work in Process $ 63,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The direct materials cost for July is: rev: 02_18_2019_QC_CS-159285 Multiple Choice $63,000 $69,000 $73,000 $71,000
Answer:
$73,000
Explanation:
The computation of the direct material cost is shown below:
As we know that
Direct material cost is
= Opening balance of raw material + purchase made - ending balance of raw material
= $37,000 + $71,000 - $35,000
= $73,000
We simply applied the above formula
Hence, the correct option is third i.e. $73,000
People are going to be different. The focus of managers should be to ________. Group of answer choices make sure the practices within their departments comply with the letter of the laws governing discrimination in employment find ways to develop strong relationships with and engage the entire workforce find ways to keep various groups within the workforce from creating conflict find commonalities among various groups displaying surface-level diversity
Answer:
find ways to develop strong relationships with and engage the entire workforce.
Explanation:
People are going to be different. The focus of managers should be to find ways to develop strong relationships with and engage the entire workforce.
A manager can be defined as an individual who is saddled with the responsibility of providing guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright.
Generally, managers are typically involved in taking up leadership roles and as such are expected to be build a strong relationship between their employees or subordinates by creating a fair ground for effective communication and sharing of resources and information. Also, they are required to engage their staff members (entire workforce) in the most efficient and effective manner.
114.8Magnolia Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 20,200 actual direct labor-hours and incurred $142,500 of actual manufacturing overhead cost. They had estimated at the beginning of the year that 17,600 direct labor-hours would be worked and $140,800 of manufacturing overhead costs incurred. The Corporation had calculated a predetermined overhead rate of $8 per direct labor-hour. The Corporation's manufacturing overhead for the year was: Multiple Choice overapplied by $1,700 underapplied by $19,100 underapplied by $1,700 overapplied by $19,100
Answer:
overapplied by $19,100
Explanation:
The calculation of manufacturing overhead for the year is shown below:-
Manufacturing overhead cost applied = Actual direct labor hours × Predetermined overhead rate
= 20,200 × $8
= $161,600
Manufacturing overhead for the year = Actual overhead - Applied overhead
= $142,500 - $161,600
= $19,100 overapplied
So, for determining the manufacturing overhead for the year we simply applied the above formula.
You want to buy a new car, but you can make an initial payment of only $1,200 and can afford monthly payments of at most $850. a. If the APR on auto loans is 12% and you finance the purchase over 48 months, what is the maximum price you can pay for the car? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. How much can you afford if you finance the purchase over 60 months? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Answer:
a. The maximum price you can pay for the car is $33,477.87.
b. The maximum price you can pay for the car is $39,411.78.
Explanation:
a. If the APR on auto loans is 12% and you finance the purchase over 48 months, what is the maximum price you can pay for the car? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
This can be determined as follows:
Calculation of the Present Value (PV) of the monthly payments
To calculate, the formula for calculating the present value of an ordinary annuity is used as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value of the monthly payments = ?
P = Monthly payment = $850
r = monthly interest rate = annual percentage rate (APR) / 12 = 12% / 12 = 1%, or 0.01
n = number of months = 48
Substitute the values into equation (1) to have:
PV = $850 * ((1 - (1 / (1 + 0.01))^48) / 0.01)
PV = $850 * 37.9739594934803
PV = $32,277.87
Calculation of the maximum price you can pay for the car
Given in the question is initial payment of only $1,200.
The present value of the monthly payments calculated above is $32,277.87.
Therefore, we have:
Maximum price = Initial payment + Present value of the monthly payments = $1,200 + $32,277.87 = $33,477.87
Therefore, the maximum price you can pay for the car is $33,477.87.
b. How much can you afford if you finance the purchase over 60 months? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
This can also be determined as follows:
Calculation of the Present Value (PV) of the monthly payments
To calculate this, we use equation (1) in part (a) above, change number f months to 60 and proceed as follows:
PV = Present value of the monthly payments = ?
P = Monthly payment = $850
r = monthly interest rate = annual percentage rate (APR) / 12 = 12% / 12 = 1%, or 0.01
n = number of months = 60
Substitute the values into equation (1) to have:
PV = $850 * ((1 - (1 / (1 + 0.01))^60) / 0.01)
PV = $850 * 44.9550384062241
PV = $38,211.78
Calculation of the maximum price you can pay for the car
Given in the question is initial payment of only $1,200.
The present value of the monthly payments calculated above is $38,211.78.
Therefore, we have:
Maximum price = Initial payment + Present value of the monthly payments = $1,200 + $38,211.78 = $39,411.78
Therefore, the maximum price you can pay for the car is $39,411.78.
The May transactions of Bramble Corp. were as followsMay 4 Paid $610 due for supplies previously purchased on account.7 Performed advisory services on account for $6,840.8 Purchased supplies for $870 on the account.9 Purchased equipment for $1,930 in cash17 Paid employees $700 in cash22 Received bill for equipment repairs of $80029 Paid $1,280 for 12 months of the insurance policy. Coverage begins JuneJournalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Answer: Please see answers in explanation column
Explanation:
a)Journal To record payment due for supplies
Date Account titles Debit Credit
May 4 Accounts Payable $610
Cash $610
(b)Journal To record services on account
May 7 Accounts Receivable $6,840
Service Revenue $6,840
c)Journal To record supplies on account
May 8 Supplies $870
Accounts Payable $870
d)Journal To record equipment purchased for cash
May 9 Equipment $1,930
Cash $1,930
May 17 Journal To record cash paid to employees
Salaries and Wages $700
Cash $700
May 22 Journal To record bill received for for Equipment repairs
Repair and Maintenance $800
To Accounts Payable $800
May 29 Journal to record Prepaid insurance
Prepaid Insurance $1,280
To Cash $1,280
Which of the following activities is a way that retailers help to lower the cost
of distribution?
A. Combining shipments of products
B. Making the shopping environment fun
C. Teaching customers about products
D. Accepting many forms of payment
Answer:
combining shopmente6of prod6
Answer:A. Combining shipments of products
Explanation: Just had this and got it right
An income statement for Alexander's Bookstore for the second quarter of the year is presented below: Alexander's Bookstore Income Statement For Quarter Ended June 30 Sales $ 1,000,000 Cost of goods sold 665,000 Gross margin 335,000 Selling and administrative expenses Selling $ 107,000 Administration 118,000 225,000 Net operating income $ 110,000 On average, a book sells for $50. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed. The contribution margin for Alexander's Bookstore for the second quarter is:
Answer:
Contribution margin= $225,000
Explanation:
Giving the following information:
Sales $ 1,000,000
Cost of goods sold 665,000
On average, a book sells for $50.
Variable selling expenses are $4 per book
The variable administrative expenses are 3% of sales
First, we need to calculate the number of units sold:
Units sold= 1,000,000/50= 20,000 units
Now, the total contribution margin:
Sales= 1,000,000
Cost of goods sold= (665,000)
Variable selling expenses= 4*20,000= (80,000)
Variable administrative expenses= (1,000,000*0.03)= 30,000
Contribution margin= $225,000
The Nite Lite Factory produces two products - small lamps and desk lamps. It has two separate departments - finishing and production. The overhead budget for the finishing department is $550,000, using 500,000 direct labor hours. The overhead budget for the production department is $400,000 using 80,000 direct labor hours. If the budget estimates that a desk lamp will require 2 hours of finishing and 1 hour of production, how much factory overhead will be allocated to each unit of desk lamps using the multiple production department factory overhead rate method with an allocation base of direct labor hours
Answer:
$11.1
Explanation:
We can calculate the factory overhead allocated to a unit using multiple department factory overhead rate methods with an allocation base of direct labor hours. In this method, we will divide the te total overhead cost in direct labor hours consumed in that department.
Solution
Direct Labor Overhead rate for Finishing = $550,000/500,000
Direct Labor Overhead rate for Finishing = $1.10 per hour
Direct Labor Overhead rate for Production = $400,000/80,000
Direct Labor Overhead rate for Production = $5
Overhead for DeskLamps = (Direct labor hours in Finishing x Direct Labor Overhead rate for Finishing + Direct Labor hours in Production x Direct Labor Overhead rate for Production)
Overhead for DeskLamps= (1x$1.10 + 2x$5)
Overhead for DeskLamps= $11.1
Which statement correctly describes the current state of instant messaging in the workplace? Multiple Choice It is an established form of communicating in the workplace, and everyone agrees it should be formal. It is a new, undeveloped form of communication in the workplace, and attitudes toward it are consistent. It is an established form of communicating in the workplace, and attitudes toward it vary significantly. It is a relatively new, undeveloped form of communication in the workplace, and attitudes toward it vary. It is an established form of communicating in the workplace, and everyone agrees it should be informal.
Answer:
It is a relatively new, undeveloped form of communication in the workplace, and attitudes toward it vary.
Explanation:
When an accelerated depreciation method is used to calculate depreciation expense: Multiple Choice the accumulated depreciation account balance will increase by a larger amount in the last half of an asset's life than if straight-line depreciation is used. the net book value of the asset halfway through its useful life will be less than if straight-line depreciation is used. the net book value of the asset at the end of its useful life will be less than if straight-line depreciation is used. depreciation expense will be less in the early years of the asset's life than if straight-line depreciation is used.
Answer:
the net book value of the asset halfway through its useful life will be less than if straight-line depreciation is used.
Explanation:
Let me use an example to illustrate this.
An asset has a useful life of 4 years. It costs $1000. It has a salvage value of 0
If the straight line depreciation method is used , the depreciation expense every year = $1000/ 4 = $250
The net book value halfway through its useful life = $1000 - ($250 x 2) = $500
If double declining method is used, the depreciation expense in the first year would be = 2/4 x $1000 = $500
The net book value at the beginning of year 2 = $1000 - $500 = $500
Depreciation expense in year 2 = 2/4 x $500 = $250
The net book value at the beginning of year 3 = $500 - $250 = $250
We can see that the net book value halfway through the useful is lower when double declining depreciation method is used
The stock of Wheel Corporation, a U.S. company, is publicly traded, with no single shareholder owning more than 5 percent of its outstanding stock. Wheel owns 90 percent of the outstanding stock of Axle, Inc, also a U.S. company. Axle owns 100% of the outstanding stock of Tire Corporation, a German company. Wheel and Tire each own 50 percent of the outstanding stock of Bumper, Inc., a U.S. company. Wheel and Axle each own 50 percent of the outstanding stock of Trunk Corporation, a U.S. company. Which of these corporations form an affiliated group eligible to file a consolidated tax return?
Answer: D)Wheel, Axle, and Trunk are an affiliated group.
Explanation:
Affiliated groups according to tax laws are those where a parent company owns at least 80% of the stock or the voting power in a company or in the case of multiple affiliates, the parent company must own at least 80% of one of the affiliates. This Affiliate should then own at least 80% of at least one of the others and so on.
Wheel owns 90% of Axle stock which would therefore make them affiliates. Axle then owns 100% of Tire which would then make Tire an affiliate to Axle and by extension to Wheel. Bumper is not considered an affiliate as it is only 50% owned by affiliates.
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet.a. Services Revenueb. Interest Payablec. Accounts Receivabled. Salaries Expensee. Equipmentf. Prepaid Insuranceg. Buildingsh. Rental Revenuei. Dividendsj. Office Suppliesk. Interest Expensel. Insurance Expense
Answer:
a. Services Revenue: I
b. Interest Payable: B
c. Accounts Receivable: B
d. Salaries Expense: I
e. Equipment: B
f. Prepaid Insurance: B
g. Buildings: B
h. Rental Revenue: I
i. Dividends: E
j. Office Supplies: B
k. Interest Expense: I
l. Insurance Expense: I
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.
a. Services Revenue: Income statement.
b. Interest Payable: Balance sheet.
c. Accounts Receivable: Balance sheet.
d. Salaries Expense: Income statement.
e. Equipment: Balance sheet.
f. Prepaid Insurance: Balance sheet.
g. Buildings: Balance sheet.
h. Rental Revenue: Income statement.
i. Dividends: Statement of retained earnings.
j. Office Supplies: Balance sheet.
k. Interest Expense: Income statement.
l. Insurance Expense: Income statement.
Scrooge, Inc. prepares adjusting entries only at the end of its fiscal year, August 31. Scrooge has the following unadjusted account balances at August 31. Accounts payable $300 Cash $6,100 Common stock $1,500 Prepaid rent $3,600 Service revenue $5,000 Rent expense $800 Retained earnings $300 Unearned revenue $4,000 Wages expense $600 The following facts are available for the fiscal period: The current pay period concludes on Sept. 8th, when the employee will be paid his wages of $180. The employee earns $100 before August 31st and the rest between Sept. 1st and Sept. 8th. On July 1st, Scrooge paid $3,600 to cover its rent for the next six months. On May 1st, Scrooge collected $4,000 in advance for services to be performed in the future. Scrooge completed 80% of this work before the end of the fiscal year. What net income should Scrooge report for the fiscal year
Answer:
$6,100
Explanation:
The computation of the net income is shown below:
= Service revenue in trial balance + ( unearned revenue × given percentage) - (rent expense in trial balance) + ( Prepaid rent × 2 months ÷ 12 months) - (wages expense in trial balance + adjusted trial balance)
= $5,000 + ($4,000 × 80%) - ($800 + $3,600 × 2 months ÷ 12 months - ($600 + $100)
= $5,000 + $3,200 - $1,400 - $700
= $6,100
