Out of the choices provided above, it can be concluded that a savings deposit account is the one that earns the lowest amount of interest. Therefore, the option A holds true.
What is the significance of a savings account?A savings account, or a bank deposit account, can be referred to or considered as such an account in which a person will be able to deposit any sum of monies, and earn a fixed and predetermined rate of interest over such deposit.
Usually, savings account is used for the purpose of safekeeping of money, and is not used for the purpose of investment. As a result, the amount of interest offered by the banks in a savings account deposit is the lowest among all money instruments.
Therefore, the option A holds true and states regarding the significance of a savings account.
Learn more about a savings account here:
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It is important to organize your time when taking a college course, True False
Answer:
imma say true
Explanation:
Simon Company’s year-end balance sheets follow.
At December 31 2015 2014 2013
Assets
Cash $ 31,800 $ 35,625 $ 37,800
Accounts receivable, net 89,500 62,500 50,200
Merchandise inventory 112,500 82,500 54,000
Prepaid expenses 10,700 9,375 5,000
Plant assets, net 278,500 255,000 230,500
Total assets $ 523,000 $ 445,000 $ 377,500
Liabilities and Equity
Accounts payable $129,900 $ 75,250 $ 51,250
Long-term notes payable secured by
mortgages on plant assets 98,500 101,500 83,500
Common stock, $10 par value163,500 163,500 163,500
Retained earnings 131,100 104,750 79,250
Total liabilities and equity$ 523,000 445,000 $ 377,500
The company’s income statements for the years ended December 31, 2015 and 2014, follow. Assume that all sales are on credit:
For Year Ended December 31 2015 2014
Sales $673,500 $532,000
Cost of goods sold $ 411,225 345,500
Other operating expenses 209,550 134,980
Interest expense 12,100 13,300
Income taxes 9,525 8,845
Total costs and expenses 642,400 502,625
Net income $ 31,100 $29,375
Earnings per share 1.90 $ 1.80
(1) Compute accounts receivable turnover.
(2) Compute inventory turnover.
(3) Compute days' sales in inventory.
Answer and Explanation:
The computations are given below:
As we know that
(1) The Account receivable turnover ratio is
= Net sales ÷ average account receivable
So
For 2015, it is
= $673,500 ÷ ($89,500 + $62,500) ÷ 2
= 8.86 times
For 2014, it is
= $532,000 ÷ ($62,500+$50,200) ÷ 2
= 9.44 times
(2) The inventory turnover ratio is
= Cost of goods sold ÷ average inventory
For 2015
= $411,225 ÷ ($112,500 + $82,500) ÷ 2
= 4.22 times
For 2014
= $345,500 ÷ ($82,500 + $54,000) ÷
= 5.06 times
(3) The days sales in inventory is
= Ending inventory ÷ cost of goods sold × 365
For 2015, it is
= $112,500 ÷ $411,225 × 365
= 99.85 days
For 2014, it is
= $82,500 ÷ $345,500 × 365
= 87.16 days
You may use identification documents that are expired or appear fraudulent in the processing of financial product applications.
a. True
b. False
Answer:
You may use identification documents that are expired or appear fraudulent in the processing of financial product applications.
b. False
Explanation:
Using expired or fraudulent documents to process applications for financial products is a financial crime or fraud. It is a form of theft or larceny. It is also morally reprehensible for one to misrepresent or misstate data for the purpose of obtaining a financial advantage. When such a crime is perpetrated, it means that the other party had been defrauded of their financial resources. The law does not pity the party that intentionally engages in misrepresentation or misstatement of records.
Scenario II:
Mrs. Ghas T. Dur. Was hooked by so many nice freebies in Avon. She ordered new things including gadget for
her two adolescent children who are in grade 8 and the other in grade 12.
Last December her husband gave her all the money he received from the company he is working.
With the holiday season she spends for gifts and foods for special occasion, what she left by January was
5,000.00. She still owes Avon amounting to 4,500.00 which is due by 15th this month. Her two children were
asking to pay for tuition fees that has a balance of 4,500.00 and so they can take the exam. If you were in the
position of Mrs. Ghas what will you do then, which will you pay first and how much. Where will you get an extra
amount to pay your dues? Justify your answer.
Answer:
Pay tuition first
Explanation:
Mrs. Das should pay the tuition fee of her children first from the $5000 balance with her, this is to enable the children take their exams without any distraction. Failure to pay their tuition may also mean that the children will spend an additional year in some cases. Therefore to avoid inflicting psychological distress on the children, paying the children's tuition will be made priority.
Also, settling Avon before the due date is important too and if I were in her shoes may decide to return or sell some of the goods purchased from her because it could be seen that Mrs. Das was carried away by Avon's stock and purchased more than those things which they needed most importantly.
The demand for toys produced by the Miki Manufacturing Company has been collected in the Microsoft Excel Online file below. Use the Microsoft Excel Online file below to develop simple linear regression forecast and answer the following questions.
Simple Linear Regression Forecast
Period Actual Demand Forecast Formulas
1 1,600 #N/A
2 2,000 #N/A
3 1,800 #N/A
4 1,200 #N/A
5 2,300 #N/A
6 3,600 #N/A
7 3,300 #N/A
8 3,200 #N/A
9 4,000 #N/A
10 4,900 #N/A
11 4,500 #N/A
12 4,400 #N/A
13 #N/A
Intercept #N/A
Slope #N/A
1. What is the trend line? Round your answers to two decimal places. Do not round intermediate calculations.
2. Calculate the linear trend forecast for the periods from 1 to 13. Round your answers to the nearest whole number. Use unrounded intercept and slope values.
Period Forecast
1
2
3
4
5
6
7
8
9
10
11
12
13
Answer:
attached below is the required solution
Explanation:
1) Determine the trend line
The trendline ( Y ) = 319.58x + 989.39 ( attached below is a graph showing the trendline )
2) attached below is the table showing the calculation of Linear trend forecast
On the basis of the following data, what is the estimated cost of the inventory on May 31 using the retail method?
Cost Retail
May 1 Inventory $125,000 $166,667
May 1-31 Purchases $235,000 313,333
May 1-31 Sales 230,000
a. $250,000
b. $187,500
c. $172,500
d. $360,000
Answer:
b. $187,500
Explanation:
Using the retail method, we calculate the estimated cost of inventory on the 31st of May.
Calculation of retail value of the ending inventory Amount ($)
Retail price/value of the beginning inventory on May 1 (A) 166,667
Retail price/value of the goods purchased during May (B) 313,333
Retail price/value of the goods available for sale (C) 480,000
(C) = (A) + (B)
Total sales during May (D) 230,000
Retail value of ending inventory (E) 250,000
(E) = (C) - (D)
Now calculating the ratio of cost to the price ratio :
[tex]$\text{Cost to reatil price ratio} = \frac{\text{cost}}{\text{retail price}}$[/tex]
[tex]$=\frac{(F+G)}{(H+I)}$[/tex]
Here, F = cost of beginning inventory = $125,000
G = cost of inventory purchased = $235,000
H = retail value of beginning inventory = $166,667
I = retail value of goods purchased during the period = $313,333
The cost to retain ratio [tex]$=\frac{(F+G)}{(H+I)}$[/tex]
[tex]$=\frac{(125,000+235,000)}{(166,667+313,333)}$[/tex]
[tex]$=0.75$[/tex]
Now the estimated cost of the inventory on May 31st = cost to retail price ratio x retail value of ending inventory
= 0.75 x 250,000
= $ 187,500
In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. Indicate where each of the following income-related items for this company appears on its 2017 income statement.
1. Net sales
2. Gain on state's condemnation of company property, net of tax
3. Cost of goods sold
4. Income taxes expense
5. Depreciation expense
6. Gain on sale of wholesale business segment, net of tax
7. Loss from operating wholesale business segment, net of tax
8. Loss of assets from a meteor strike, net of tax
Required:
Prepare the income statement for the calendar year 2017.
Answer:
Randa Merchandising, Inc.
1. Indication of where each of the following income-related items for this company appears on its 2017 income statement.
Income Statement
1. Net Sales
2. Cost of goods sold
3. Depreciation expense
4. Income taxes expense
5. Gain on state's condemnation of company property, net of tax
6. Gain on sale of wholesale business segment, net of tax
7. Loss from operating wholesale business segment, net of tax
8. Loss of assets from a meteor strike, net of tax
Explanation:
Randa's income statement is prepared using a step-by-step approach. It starts with the net sales from which the cost of goods sold is deducted to arrive at the gross profit. Thereafter, the operating expenses are deducted to obtain the operating income. Based on this, income taxes are computed before arriving at the operating income after taxes. And then, the extraordinary items are disclosed (net of taxes) before arriving at the net income.
Differentiate an ordinary manager and a business entrepreneur?
Answer:
A manager is an employee hired to oversee daily administration of the business. while the entrepreneur owns the business
Answer:
An ordinary manager is a leader in a company that does not belong to him/her while an entreprenur is the owner of his/her company.
An ordinary manager is not a risk-taker as they maintain the status quo of the company while an enterpreur is a risk-taker who bears all the risk.
The following information is available for Aikman Company.
January 1, 2017 December 31, 2017
Raw materials inventory $21,000 $30,000
Work in process inventory 13,500 17,200
Finished goods inventory 27,000 21,000
Materials purchased $150,000
Direct labor 220,000
Manufacturing overhead 180,000
Sales revenue 910,000
Required:
1. Compute cost of goods manufactured.
2. Prepare an income statement through gross profit.
Answer:
$537,300
$378,700
Explanation:
1. Cost of goods manufactured
Direct material Jan 1 2017
$21,000
Add purchases of raw materials
$150,000
Less raw materials December 2017
($30,000)
Materials used in production
$141,000
Direct labor
$220,000
Manufacturing overhead
$180,000
Total manufacturing cost
$541,000
Add work in process inventory at Jan
$13,500
Less ending work in process inventory
($17,200)
Cost of goods manufactured
$537,300
2. Income statement through gross profit
Sales revenue
$910,000
Less cost of goods sold:
Cost of goods manufactured
$537,300
Add: finished goods at 1 Jan 2017
$27,000
Less: finished goods at 31 2017
($21,000)
Gross profit
$378,700
A firm reports net income of $456,325.00 for 2013. The firm has a dividend payout ratio of 20.00%. The firm currently has $994,000.00 in debt, and $1,628,000.00 in shareholder equity. The firm pays 6.00% annual interest on their outstanding debt. The firm wants to maintain its debt to equity ratio. Based on the interest rate on debt, how much more interest will the firm pay in 2014
Answer:
$433,550.00
Explanation:
let me know if I'm wrong
Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016
July 5 Received material costing $1,000 from a supplier. The material was purchased on account.
9 Requisitioned $3,000 of material for use in the factory, consisting of $2,500 of direct material and $500 of indirect material.
11 Recorded the factory payroll: $6,750 of direct labor and $750 of indirect labor.
17 Incurred various overhead costs totaling $7,000. (Credit Accounts Payable.)
20 Applied $10,000 of manufacturing overhead to the products being manufactured.
23 Completed product costing $8,000 and moved it to the warehouse.
26 Sold goods with a product cost of $1,500 on account for $2,500.
Required:
Record the transactions listed above in general journal form
Answer:
Paulson Manufacturing Company
General Journal
Date Accounts Titles Debit Credit
July 5 Raw materials inventory $1,000
Accounts payable $1,000
To record the purchase of materials on account.
July 9 Work-in-Process $2,500
Manufacturing overhead 500
Raw materials inventory $3,000
To record the requisitioning of materials.
July 11 Work-in-Process $6,750
Manufacturing overhead 750
Factory Wages $7,500
To record the factory payroll.
July 17 Manufacturing overhead $7,000
Accounts payable $7,000
To record various overhead costs incurred on account.
July 20 Work-in-Process $10,000
Manufacturing overhead $10,000
To record the application of overhead to products.
July 23 Finished Goods $8,000
Work-in-Process $8,000
To record the completion of production.
July 26 Cost of goods sold $1,500
Finished Goods $1,500
To record the cost of goods sold.
July 26 Accounts Receivable $2,500
Sales Revenue $2,500
To record the sale of goods on account
Explanation:
The general journal is a multi-purpose journal. It is used to record business transactions as they occur daily. It is the first record kept of business transactions. It shows the accounts to be debited and the others to be credited.
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
Match each of the following accounts with its proper account group from the groups listed below.
Clear All
Liabilities Patents
Assets Fees Earned
Revenue Prepaid Insurance
Owner's Equity Unearned Rent
Chris Clark, Drawing
Answer:
Matching accounts with their proper account groups:
Accounts Proper account group
Unearned Rent Liabilities
Patents Assets
Prepaid Insurance Assets
Fees Earned Revenue
Chris Clark, Drawing Owner's Equity
Explanation:
a) Data and Calculations:
Liabilities
Patents
Assets
Fees Earned
Revenue
Prepaid Insurance
Owner's Equity
Unearned Rent
Chris Clark, Drawing
b) Some accounts can be grouped according to their impact on the accounting equation, as assets, liabilities, and equity. Other accounts can also be grouped according to their impact on the net income, as either revenues or expenses. From these, one can conclude that there are basically five types of accounts. They are assets, liabilities, equity (balance sheet) accounts, and revenue and expenses (income statement) accounts.
Gutierrez Company reported net income of $196,100 for 2020. Gutierrez also reported depreciation expense of $47,400 and a loss of $5,600 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of $10,900 for the year, a $12,900 increase in accounts payable, and a $3,200 decrease in prepaid expenses.
Required:
Prepare the operating activities section of the statement of cash flows for 2020.
Answer:
$276,100
Explanation:
Preparation of the operating activities section of the statement of cash flows for 2020
GUTIERREZ COMPANY Statement of Cash FlowsFor Year Ended December 31, 2020
Cash flows – operating activities
Net income $196,100
Add Reconciling adjustments to net income to netcash provided by activities:
Depreciation expense$47,400
Loss on Disposal of plant assets $5,600
Increase in Accounts payable $12,900
Decrease in Accounts receivable $10,900
Decrease in Prepaid expenses $3,200
Net cash – operating activities $276,100
Therefore the operating activities section of the statement of cash flows for 2020 will be $276,100
(Learning Objective 4: Construct the financial statements) Suppose Robin Sporting
Goods Company reported the following data at July 31, 2018, with amounts in thousands:
Cost of goods sold................. $136,800
Cash...................................... 50,000
Property and equipment, net ... 19,400
Common stock...................... 26,000
Inventories ............................ 36,000
Long-term liabilities.............. 11,700
Dividends.............................. 0
Retained earnings,
July 31, 2017 ............ $ 31,500
Accounts receivable....... 34,000
Net revenues ................. 191,000
Total current liabilities.. 80,000
All other expenses......... 29,000
Other current assets ...... 5,000
Other assets................... 30,000
Use these data to prepare Robin Sporting Goods Company’s single-step income statement for
the year ended July 31, 2018; statement of retained earnings for the year ended July 31, 2018;
and classified balance sheet at July 31, 2018. Use the report format for the balance sheet. Draw
arrows linking the three statements.
Answer:
Robin Sporting Goods Company
1. Single-step Income Statement for the year ended July 31, 2018:
Net revenues ................. $191,000
Cost of goods sold................. 136,800
All other expenses......... 29,000 165,800
Net Income $25,200
2. Statement of retained earnings for the year ended July 31, 2018:
Retained earnings, July 31, 2017 ............ $31,500
Net Income $25,200
Dividends.............................. 0
Retained earnings, July 31, 2018 $56,700
3. Report Format Classified Balance Sheet as of July 31, 2018:
Assets
Current assets:
Cash...................................... $50,000
Accounts receivable....... 34,000
Inventories ............................ 36,000
Other current assets ...... 5,000 $125,000
Long-term assets:
Other assets................... 30,000
Property and equipment, net ... 19,400 $49,400
Total assets $174,400
Liabilities + Equity
Total current liabilities........... $80,000
Long-term liabilities.............. 11,700
Total liabilities $91,700
Common stock...................... $26,000
Retained Earnings, July 31, 2018 56,700 $82,700
Total liabilities + Equity $174,400
Explanation:
a) Data and Calculations:
Trial Balance as of July 31, 2018:
Accounts Titles Debit Credit
Cash...................................... $50,000
Accounts receivable....... 34,000
Inventories ............................ 36,000
Other current assets ...... 5,000
Other assets................... 30,000
Property and equipment, net ... 19,400
Total current liabilities........... $ 80,000
Long-term liabilities.............. 11,700
Common stock...................... 26,000
Retained earnings, July 31, 2017 ............ 31,500
Net revenues ................. 191,000
Cost of goods sold................. 136,800
Dividends.............................. 0
All other expenses......... 29,000
Totals $340,200 $340,200
b) Linkages to the three statements:
Income statement is linked to the Statement of Retained Earnings by the Net Income. The Statement of Retained Earnings is linked to the Balance Sheet by the Retained Earnings of July 31, 2018. There is no ability to draw arrows here.
All of the following are true of the Human Development Index except:
A. The United States loses points on the HDI because it's education level and literacy rate are lower than countries like Norway and Canada.
B. Most countries that score very high on the scale are located in North America and Europe.
C. Ecology and the environment are strongly considered in the HDI calculations.
D. The HDI measures factors such as life expectancy, literacy, education level, and standard of living.
E. Many low HDI countries are located in sub-Saharan Africa.
Answer:
C. Ecology and the environment are strongly considered in the HDI calculations.
Explanation:
Human Development Index can be defined as a statistical tool used for summarily measuring human achievements, life expetancy, etc
All of the following are true of the Human Development Index (HDI);
I. The United States loses points on the HDI because it's education level and literacy rate are lower than countries like Norway and Canada.
II. Most countries that score very high on the scale are located in North America and Europe.
III. The HDI measures factors such as life expectancy, literacy, education level, and standard of living.
IV. Many low HDI countries are located in sub-Saharan Africa.
Why does a company's budget need to be closely linked to the needs of good strategy execution? Provide at least two examples of companies that have used strategic priorities to drive how capital allocations are made.
Explanation:
A company's budget need to be closely linked to the needs of good strategy execution as the company
might utilize the budget as per the strategy to expand, gain capital from divesting to utilize in new initiatives.
The key here is to gain access to capital from different sources in order to utilize them in other present or future investments that will provide the best return. So, it is strategically very relevant to prioritize the budget earnings and spend as per the company strategy.
Jostens Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and $1,000,000 of 10% bonds outstanding during 2017. The preferred stock is convertible into 20,000 shares of common stock. During 2017, Jostens paid endives of $1.20 per share on its common stock and $3.00 per share on its preferred stock. Each $1,000 bond is convertible into 30 shares of common stock. The net income for the year ended December 31,2017 was $80,000. Assume the income tax rate was 30%. Diluted earnings per share of 2017 (rounded to the nearest penny) are: Select one:
a. $3.64
b. $3.72
c. $3.36
d. $3.48
e. $3.22
Answer:
$3.46 per share
Explanation:
The computation of the diluted earning per share is shown below:
But before that the earning per share is
= ($800,000 - (20,000 shares × 3)) ÷ (200,000 shares)
= $3.70 per share
The diluted earning per share is
= ($800,000 - $60,000 + $60,000+ (1,000,000 × 10% ) × (1- 0.30)) ÷ (250,000 shares)
= $865,000 ÷ 250,000 shares
= $3.46 per share
This is the answer but the same is not provided in the given options
3.
a. Define stare decisis.
b. Describe "precedent” and relate it to stare decisis.
Explanation:
Stare decisis
Meaning "to remain by items agreed," it is the law of precedence. When a matter has been recently taken to the court and a decision has already been made, courts cite to stare decisis.
"Precedent” and relate it to stare decisis.
Legal concepts that useful today our U.s civil law structure are tradition and stare decisis.That judges look at the previous, related problems to direct their rulings. Such previous rulings are referred to as precedence.
A five-sided lot has the following dimensions: side A = 44', side B = 67', side C = 91', side D = 18', and side E = 55'. What is the perimeter of the lot?
Answer:
275
Explanation:
You will add all the figures;that is;44+67+91+18+55=275
a rightward shift of an entire demand curve could be the result of an increase in
An investor bought 100 shares of Copier Corp. for $85 a share. The firm paid an annual dividend of $4 a share; and commissions on the purchase and sale were $75. The price of the stock rose to $120 in one year. What is the percentage earned on the investment if the stock is bought for cash (i.e., the investor did not use margin)
Answer:
46.44%
Explanation:
The computation of the percentage earned on the investment is shown below:
But before that the profit is
Profit = Sale - Commissions - (Cost + Commissions) + Dividends
= ($120 × 100) - $75 - (($85 × 100) + $75) + ($4 × 100)
= $12,000 - $75 - ($8,500 + $75) + $400
= $3,750
Now
Percentage earned on investor's funds is
= $3,750 ÷ $8,075
= 46.44%
Accounts receivable arising from sales to customers amounted to $40,000 and $32,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is:
A. $118,000.
B. $110,000.
C. $102,000.
D. $150,000.
Credit memos from the bank
decrease a bank customer's account
are used to show a bank service charge
show that a company has deposited a customer's NSF check
show the bank has collected a note receivable for the customer
Answer: $118,000 ;
show the bank has collected a note receivable for the customer
Explanation:
Based on the information given in the question, we can see that there is a reduction in the accounts receivables which will be:
= $40,000 - $32,000
= $8,000
This will then be added to the bet income in order to get the value for the cash flows from operating activities which will be:
= $110,000 + $8,000
= $118,000
Credit memo shows the payment or interest for a particular thing. This can be used to show that a particular bank has received a note, also can be used to show that an interest has been earned on the deposit made. Therefore, the correct option is "show the bank has collected a note receivable for the customer"
Statement of stockholders’ equity
The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow:
Fees earned $900,000
Office expense 300,000
Miscellaneous expense 15,000
Wages expense 450,000
Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Common stock had a balance of $60,000 and retained earnings had a balance of $300,000 as of June 1, 20Y5.
Prepare a statement of stockholders’ equity for the year ended May 31, 20Y6.
Paradise Travel Service
Statement of Stockholders’ Equity
For the Year Ended May 31, 20Y6
Common Stock Retained Earnings Total
Balances, June 1, 20Y5 $fill in the blank 2$fill in the blank 3$fill in the blank 4
Issued common stock fill in the blank 6 fill in the blank 7 0 fill in the blank 8
Net income fill in the blank 10 0 fill in the blank 11 fill in the blank 12
Dividends fill in the blank 14 0 fill in the blank 15 fill in the blank 16
Balances, May 31, 20Y6 $fill in the blank 18 100,000 $fill in the blank 19 $fill in the blank 20
Answer:
Paradise Travel Service
Statement of Stockholders' Equity:
Common Stock, June 1, 20Y5 $60,000
Issued Common stock 40,000
Retained earnings $425,000
Total equity $525,000
Explanation:
a) Data and Calculations:
Income Statement:
Fees earned $900,000
Office expense 300,000
Miscellaneous expense 15,000
Wages expense 450,000 765,000
Net income $135,000
Retained Earnings Statement:
Retained earnings, June 1, 20Y5 $300,000
Net income 135,000
Dividends (10,000)
Retained earnings, May 31, 20Y6 $425,000
Jackson is preparing for his hearing before the Federal Communications Commission (FCC) involving a complaint that was filed against him by the FCC regarding the interruption of radio frequency. The order to "cease and desist" using the radio frequency has had a detrimental impact on his business.
Can Jackson request that the matter be settled, even if a hearing date has been scheduled?
Yes, Jackson can still request that the matter be settled outside of the adjudication process.
No, once the matter has been scheduled for a hearing, the matter cannot be settled.
Answer:
Yes, Jackson can still request that the matter be settled outside of the adjudication process.
Explanation:
If the Federal Communications Commission (FCC) agrees with Jackson that the legal matter be settled outside of the adjudication process, then Jackson can have his way. Adjudication refers to the final judgment or pronouncement in a case. This final judgment usually determines the course of action that the FCC can take regarding the interruption of radio frequency by Jackson. But if it seems that Jackson's request for the out-of-court settlement is just an abuse of process, aimed at occasioning some delay, then it behooves the FCC to disagree with his request and proceed with the adjudication process. Each matter should be based on its merits and the facts of the case.
Corporation made sales of million during . Of this amount, collected cash for million. The company's cost of goods sold was million, and all other expenses for the year totaled million. Also during , paid million for its inventory and million for everything else. Beginning cash was million.
Carter's top management is interviewing you for a job and they ask two questions:
Required:
a. How much was Carter's net income for 2016?
b. How much was Carter's cash balance at the end of 2016?
Answer:
A. $405 million
B. $332 million
Explanation:
A. Calculation for How much was Carter's net income for 2016
Using this formula
2016 Net income=Sales revenue - Cost of goods sold - Other expenses
Let plug in the formula
2016 Net income= $900 million - $270 million - $225 million
2016 Net income = $405 million
Therefore How much was Carter's net income for 2016 is $405 million
B. Calculation for How much was Carter's cash balance at the end of 2016
Using this formula
2016 Ending cash balance =Beginning balance + Cash receipts - Payments
Let plug in the formula
2016 Ending cash balance=$ 110 millon + $872 million- $375million - $275million
2016 Ending cash balance= $332million
How much was Carter's cash balance at the end of 2016 is $332million
Indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.
a. There are many teenagers who would like to work at fast-food restaurants, but they are not hired due to minimum-wage laws.
b. The government prohibits fast-food restaurants from selling hamburgers for more than $5 each.
c. The government has instituted a legal minimum price of $5 each for hamburgers.
Answer:
For this question assume that the equilibrium price for hamburgers is $7.
A Price ceiling on a good means that no price higher than the one mandated should be charged. Binding price ceiling means that the price ceiling is lower than the equilibrium price.
A Price floor means that no price should be charged that is lower than the mandated price. Binding price floor means that the price floor is higher than the equilibrium price.
a. Binding Price Floor
Minimum wage laws are price floors because they represent a minimum price that can be charged for labor. One cannot go below this price thereby making it a price floor. It is a binding price floor because it is higher than the Equilibrium price for labor. This is why people are not hiring the teenagers.
b. Binding Price Ceiling
The government has given a maximum price that can be charged for hamburgers. This makes it a price ceiling. It is binding because it is lower than the equilibrium price of $7..
c. Non-binding Price Floor
This is a minimum price which means that it is a price floor. It is non-binding because this price floor is lower than the equilibrium price of $7.
Crinks Corporationu ses direct labor hours in its predetermined in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 14,400 hours and the total estimated manufacturing overhead was $355,680. At the end of the year, actual direct labor-hours for the year were 10,800 hours and the actual manufacturing overhead for the year was $254,840. Overhead at the end of the year was:_______
Answer: $11920 Overapplied
Explanation:
We have to calculate the Predetermined overhead rate which would be:
= Estimated total manufacturing overhead / Estimated amount of the allocation base
= $355,680 ÷ 14,400 direct labor-hours
= $24.70 per direct labor-hour
Since the actual hours is 10,800 hours, therefore, the applied overhead would be:
= 10,800 × 24.70
= $266,760
Since the actual overhead = $254,840, then the overapplied Overhead would be:
= $266,760 - $254,840
= $11920 Overapplied
Question 5 of 10
What role does Congress play in developing the federal budget?
A. Congress sends requests to the president for federal spending
priorities.
B. Congress sends different plans to state governments for their
approval.
C. Congress determines which federal spending programs will be
mandatory.
O D. Congress considers the president's budget proposal and votes on
a finalized budget.
Answer: D
Explanation:
The role that the congress play in developing the federal budget is that the Congress considers the president's budget proposal and votes on a finalized budget.
What is federal budget?The federal budget is a numbered plan for the United States' annual public expenditures.
It is used to pay for a variety of federal expenses, including distributing agricultural subsidies, paying federal personnel, and purchasing military equipment.
The duty of Congress in the development of the federal budget is to evaluate the president's budget proposal and vote on a finalized budget.
Therefore, option D is correct.
Learn more about the federal budget, refer to:
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Your firm needs a computerized machine tool lathe which costs $43,000 and requires $11,300 in maintenance for each year of its 3-year life. After three years, this machine will be replaced. The machine falls into the MACRS 3-year class life category. Assume a tax rate of 34 percent and a discount rate of 13 percent.If the lathe can be sold for $4,300 at the end of year 3, what is the after-tax salvage value?
Answer:
=3921.34
Explanation:
We first have to calculate the book value.
The Book value = (price at purchase)x(1-summation of MACR rates from start to the current date)
We have purchase price at $43000
= (43000)x(1-0.3333-0.4445-0.1481)
= 43000x0.0741
= 3186.3
Then the After tax salvage value = selling price x (1-tax rate) + the book valuexl x tax rate
= 4300x(1-0.34)+3186.3*0.34
= 2,838+1,083.342
= 3921.342
This is the after-tax salvage value
Andy Roddick is the new owner of Ace Computer Services. At the end of August 2020, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August.
1. At August 31, Roddick owed his employees $1,900 in wages that will be paid on September 1.
2. At the end of the month, he had not yet received the month’s utility bill. Based on past experience, he estimated the bill would be approximately $600.
3. On August 1, Roddick borrowed $30,000 from a local bank on a 15-year mortgage. The annual interest rate is 8%.
4. A telephone bill in the amount of $117 covering August charges is unpaid at August 31.
Instructions:
Prepare the adjusting journal entries as of August 31, 2020, suggested by the information above.
Answer:
1. At August 31, Roddick owed his employees $1,900 in wages that will be paid on September 1.
Dr Wages expense 1,900
Cr Wages payable 1,900
2. At the end of the month, he had not yet received the month’s utility bill. Based on past experience, he estimated the bill would be approximately $600.
No journal entry necessary, you cannot make records based on approximate expenses. You should make the adjusting entry after the bill is received, not before.
3. On August 1, Roddick borrowed $30,000 from a local bank on a 15-year mortgage. The annual interest rate is 8%.
Dr Interest expense 200
Cr Interest payable 200
4. A telephone bill in the amount of $117 covering August charges is unpaid at August 31.
Dr Telephone expense 117
Cr Telephone payable 117
