Answer:
b. A Eurodollar is a U.S. dollar deposited in a bank outside the U.S.
Explanation:
A Eurodollar is a bond issued by a foreign company in US dollars instead of heir own domestic currency. Eurodollars are issued and redeemable at the foreign country, no the US. It has nothing to do with money deposited in banks outside of the US, since it refers to bonds, not deposits.
A company manufactures and sells three products. The products are all manufactured at the same facility. The controller of the company has decided to accumulate all budgeted overhead costs for the manufacturing facility into a single cost pool. The cost pool is then allocated to the three products based on the direct labor hours used by each product. What type of overhead rate has the controller most likely used in this allocation methodology?
Answer:
Plant-wide rate.
Explanation:
A plant-wide rate can be defined as a single overhead rate used by business firms or companies to allocate the manufacturing overhead costs to the level of output or productivity.
In this scenario, company manufactures and sells three products. The products are all manufactured at the same facility. The controller of the company has decided to accumulate all budgeted overhead costs for the manufacturing facility into a single cost pool. The cost pool is then allocated to the three products based on the direct labor hours used by each product.
Hence, the type of overhead rate the controller most likely used in this allocation methodology is the plant-wide rate.
How does coved-19 effect in how mangers make decisions? I need a lot of words
Please help
Answer:
1. not all people want to wear a mask when they walk into their store
2. a lot of their workers probably quit or have corona, this would make it harder to make decisions with not a lot people to work!
Explanation:
you can add to that is u want
A cement manufacturer has supplied the following data:
Tons of cement produced and sold 220,000
Sales revenue $924,000
Variable manufacturing expense $297,000
Fixed manufacturing expense $280,000
Variable selling and administrative expense $165,000
Fixed selling and administrative expense $82,000
Net operating income $100,000
What is the company's unit contribution margin?
a. $4.20 per unit
b. $0.45 per unit
c. $1.90 per unit
d. $2.10 per unit
Answer:
d. $2.10 per unit
Explanation:
Calculation for What is the company's unit contribution margin
First step is to calculate the Variable cost using this formula
Variable cost = Variable Manufacturing Expenses + Variable Selling & Administrative Expenses
Let plug in the formula
Variable cost = $297,000 + $165,000
Variable cost = $462,000
Second step is to calculate Total Contributiom Margin using this formula
Total Contributiom Margin=Sales – Variable Cost
Let plug in the formula
Total Contributiom Margin= $924,000 - $462,000
Total Contributiom Margin= $462,000
Now let calculate Unit Contribution Margin using this formula
Unit Contribution Margin= Total Contribution Margin/Total number produced and sold cement
Let plug in the formula
Unit Contribution Margin = $462,000 / 220,000 Unit Contribution Margin= $2.10 per unit
Therefore the Unit Contribution Margin will be $2.10 per unit
Internet Service Providers are protected from liability under the Digital Millennium Copyright Act's safe harbor provision for direct, vicarious, and contributory infringement of copyrights provided the ISP can show certain things. Which of the following is not a correct statement?
A. The ISP did not receive financial benefit directly attributable to the infringing activity.
B. The ISP responded expeditiously upon notification of the claimed infringement.
C. The ISP did have actual knowledge of the infringing activity.
D. The ISP did not have actual knowledge of the infringing activity.
E. The ISP expeditiously removed access to the problematic material upon obtaining knowledge of infringing activity.
Answer:
B. The ISP responded expeditiously upon notification of the claimed infringement.
Explanation:
As the name represent that internet service providers are the providers who provides the internet connections and services to the individuals, companies, etc. In addition to this, it also provides the software packages that could be in terms of browsers, e-mail accounts, etc
So based on the given situation, the option B is incorrect as it would not be repsonded at the time when there is a claimed infringement notification comes
Today you're going to think about the technologies that are part of your life. Pay attention to how these technologies shape your life, and consider what your life would be like without some of these technologies. Give particular attention to the ways that these technologies influence the economic decisions you make. Try to answer the following questions as you write.
Answer:
One of the technologies in life is phones. Without phone in this era (it could have made life easier before the creation tine) we will be greatly affected. We use phones to call, search something we need (whether urgently or not), and message someone if we need too. We are also able to watch stuff on it and play games. Without technologies, in my opinion, I think that we will be very, deeply affected. Of course some might be fine, while some aren't , and this is only MY opinion. I hope this helps!
At the end of the month, we record the supplies that have been used throughout the period. Required: For the transaction above, complete the following:
(a) Select the accounts that are affected (there will be at least two).
(b) Are the selected accounts increased or decreased?
(c) If Equity is selected, choose the reason that it has changed.
Answer:
a. The accounts affected are assets (Supplies) and Equity (Retained Earnings).
b. Assets and Equity accounts are decreased.
c. The reason that Equity has changed is because the Retained Earnings are reduced by the Supplies Expense.
Explanation:
The five major classifications of accounts are assets, liabilities, equity, revenue and expenses. Both revenues and expenses affect the equity balance through retained earnings. While revenues increase retained earnings, expenses decrease them.
Based on the Information that follows, prepare the cost of goods sold section of a multiple-step income statement.
Merchandise Inventory, January 1, 20-- $37,000
Estimated Returns Inventory, January 1, 20-- 1,000
Purchases 102,000
Purchases Returns and Allowances 4,200
Purchases Discounts 2,040
Freight-In 800
Merchandise Inventory, December 31, 20-- 28,500
Estimated Returns Inventory, December 31, 20-- 3,500
Answer:
Cost of goods sold = $105,060
Explanation:
a) Data and Calculations:
Cost of goods sold section of the multi-step income statement:
Merchandise Inventory, January 1, 20-- $37,000
Purchases 102,000
Purchases Returns and Allowances (4,200)
Purchases Discounts (2,040)
Freight-In 800
Merchandise Inventory, December 31, 20--(28,500)
Cost of goods sold $105,060
b) The cost of goods sold comprises the beginning inventory, purchases and freight-in costs incurred during the period, less purchases returns and discounts, and the ending inventory. It represents the cost incurred directly for the goods sold. This means that indirect costs are not included in the cost of goods sold. Such costs are usually deducted as period costs before arriving at the net income.
JANE’S EVALUATION
Paul Medwick is a commercial banker. In the past month, he has received loan applications from three entrepreneurs. All three have fledgling businesses with strong potential. However, Paul believes it is important to look at more than just the business itself; the individual also needs close scrutiny. The three entrepreneurs are (1) Robin Wood, owner of a small delicatessen located in the heart of a thriving business district; (2) Richard Trumpe, owner of a ten-minute oilchange-and-lube operation; and (3) Phil Hartack, owner of a bookstore that specializes in best sellers and cookbooks. Paul has had the bank’s outside consultant, Professor Jane Jackson, interview each of the three entrepreneurs. Jane has done a lot of work with entrepreneurs and—after a couple hours of discussion—usually can evaluate a person’s entrepreneurial qualities. In the past, Jane has recommended 87 people for loans, and only two of these ventures have failed. This success rate is much higher than that for commercial loans in general. Following is Jane’s evaluation of the three people she interviewed.
Characteristic Robin Wood Richard Trumpe Phil Hartack
Perseverance H M M
Drive to achieve M H M
Initiative M H M
Persistent problem-solving M M H
Tolerance for ambiguity L M H
Integrity and reliability H M H
Tolerance for failure H H H
Creativity and innovativeness M H M
Self-confidence H H H
Independence H H H
H = High; M = Medium; L = Low.
1. Which of the three applicants do you think comes closest to having the mind-set of an ideal entrepreneur? Why?
2. To which applicant would you recommend that the bank lend money? (Assume that each has asked for a loan of $150,000).
3. Can these three entrepreneurs do anything to improve their entrepreneurial profile and their chances for success?
Answer:
1. Richard Trumpe comes closest to having the mindset of an ideal entrepreneur. This is because of his high creativity and innovativeness.
2. I would recommend that the bank lend the $150,000 to Phil Hartack because of his high integrity and reliability.
3. The three entrepreneurs can improve their entrepreneurial profile and, therefore, their chances for entrepreneurial success by working to improve their weak points. For example, Robin Wood can improve his drive to achieve, problem-solving skills, creativity, and innovativeness. Richard Trumpe can also improve his problem-solving skills and work on his personal integrity and reliability by making it a point to live by the truth. His word should become his bond, henceforth. This has cost him the loan and made Phil preferable. Phil also needs to up his creativity and innovativeness game, which will rub off on his ability to take initiatives, drive to achieve, and perseverance.
Explanation:
a) Data and Calculations:
Characteristic Robin Wood Richard Trumpe Phil Hartack
Perseverance H M M
Drive to achieve M H M
Initiative M H M
Persistent problem-solving M M H
Tolerance for ambiguity L M H
Integrity and reliability H M H
Tolerance for failure H H H
Creativity and innovativeness M H M
Self-confidence H H H
Independence H H H
Scores H M L
Robin Wood 5 4 1
Richard Trumpe 6 4 0
Phil Hartack 6 4 0
H = High; M = Medium; L = Low.
1). The applicant who would come closest to possessing the mindset of an ideal entrepreneur would be:
Richard Trumpe
2). The applicant who would be recommended to the bank for lending the money would be:
Phil Hartack
3). The decision that could be made regarding the improvement in the entrepreneurial profile of the three entrepreneurs would be:
Yes.
Entrepreneurial Mindset
As per the details provided, Richard Trumpe is most likely to reach closest to having the ideal entrepreneurial mindset because he possesses a higher level of innovation and vision.Phil Hartack would be recommended to the bank for lending him money because his credibility and probity are quite high. There are probabilities of all the three to improve in terms of their entrepreneurial profile where they can enhance their low points and become more innovative, effective, productive, and efficient.Learn more about "Entrepreneur" here:
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The production possibilities curve has: Group of answer choices a positive slope that increases as we move along it from left to right. a negative slope that increases as we move along it from left to right. a negative slope that decreases as we move along it from left to right. a negative slope that is constant as we move along it from left to right.
Answer:
a negative slope that increases as we move along it from left to right.
Explanation:
The production possibility curve is the curve where it has a negative slope as the resources scarcity is the reason also it shifts from left to right and at the same time it increased since the opportunity cost of good x would rise that shown by the X-axis
Therefore the second option is correct
What is consumer demand?
A.
consumers’ willingness to purchase certain products over a period of time
B.
consumer complaints filed with the FTC and other government agencies
C.
consumer suggestions posted on company websites about products
D.
consumer requests for further product information
Answer:
consumers’ willingness to purchase certain products over a period of time
Explanation:
The income statement of Sheffield Corp. for 2020 included the following items: Interest revenue $137000 Salaries and wages expense 218000 Insurance expense 23100 The following balances have been excerpted from Sheffield Corp.'s balance sheets:
December 31, 2014 December 31, 2013,
Interest receivable $18,200 $15,000
Salaries and wages Payable $17,800 $8,400
Prepaid Insurance $2,200 $3,000
The cash received for interest during 2014 was:____.
a. $121,000.
b. $102,800.
c. $117,800.
d. $124,200.
Answer:
$133,800
Explanation:
Calculation for The cash received for interest during 2014
Using this formula
2014 Cash received for interest=Interest revenue-2014 Interest receivable+2013 Interest receivable
Let plug in the formula
2014 Cash received for interest=$137,000-$18,200+ $15,000
2014 Cash received for interest=$133,800
Therefore The cash received for interest during 2014 was:$133,800
To build wealth is a gamble; the wealthy people are lucky and become rich overnight. True or false
This seems like a rather subjective question. Wealth is built over a lifetime with income. Inheritance is definitely one way to become wealthy, so I would say True
An investor deposits $2,000 per year (beginning today) for 10 years in a 4% interest bearing account. The last cash flow is received 1 year prior to the end of the tenth year. What is the investor's future balance after 10 years?
Answer:
$24,012.21
Explanation:
Calculation for What is the investor's future balance after 10 years
Using financial to find the FV which represent future value
N 10 years
I/Y 4%
PV 0
PMT $2,000 per year
FV ?
Hence:
FV = $24,012.21
Therefore the investor's future balance after 10 years will be $24,012.21
Nature of Transactions Kristoff Walker operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income.
Assets = Liabilities + Owner's Equity - Kristoff Walker,
Cash + Supplies + Land = Accounts + Kristoff Walker, Drawing
Payable Capital
Bal. 27,600 3,600 69,000 7,500 92,700
1. +32,300 +32,300
2. -13,800 +13,800
3. -24,000 -24,000
4. +1,400 +1,400
5. -1,800 -1,800
6. -6,600 -6,600
7. -2,800 -2,800
Bal. 13,700 2,200 82,800 2,300 92,700 -1,800
Fill in the blank options for questions of a:
-Recognition of cost of supplies used
-Withdrawal of cash by owner
-Purchase of supplies on account
-Purchase of land for cash
-Payment of cash to creditors
-Payment of cash for expenses
-Provided catering service for cash
A. Select the description for transaction 1
Select the description for transaction 2
Select the description for transaction 3
Select the description for transaction 4
Select the description for transaction 5
Select the description for transaction 6
Select the description for transaction 7
B. What is the amount of the net decrease in cash during the month?
C. What is the amount of the net increase in owner's equity during the month?
D. What is the amount of the net income for the month?
E. How much of the net income for the month was retained in the business?
Answer:
A. Description for :
Transaction 1 - Provided catering service for cash
Transaction 2 - Purchase of land for cash
Transaction 3 - Payment of cash for expenses
Transaction 4 - Purchase of supplies on account
Transaction 5 - Withdrawal of cash by owner
Transaction 6 - Payment of cash to creditors
Transaction 7 - Recognition of cost of supplies used
B. The amount of the net decrease in cash during the month = 13,900
C. The amount of the net increase in owner's equity during the month = 3700
D. The amount of the net income for the month = 5500
E. The net income for the month was retained in the business = 3700
Explanation:
a)
Description for :
Transaction 1 - Provided catering service for cash
Transaction 2 - Purchase of land for cash
Transaction 3 - Payment of cash for expenses
Transaction 4 - Purchase of supplies on account
Transaction 5 - Withdrawal of cash by owner
Transaction 6 - Payment of cash to creditors
Transaction 7 - Recognition of cost of supplies used
b.)
Net decrease = Closing Balance - opening Balance
= 27,600 - 13,700
= 13,900
⇒The amount of the net decrease in cash during the month = 13,900
c.)
Net increase in owner's equity = ( Opening capital balance - Drawing + Income earned during the year - Expenses incurred during the year ) - Opening capital
⇒Net increase = ( 92,700 - 1800 + 32,300 - 26,800 ) - 92,700
= 96,400 - 92,700 = 3700
⇒The amount of the net increase in owner's equity during the month = 3700
d.)
Amount of the net income for the month = Total Income - Expenses
= 32,300 - 26,800
= 5500
⇒Amount of the net income for the month = 5500
e.)
Net income for the month was retained in the business = Net Income - Drawings
⇒Net income was retained in the business = 5500 - 1800
= 3700
⇒Net income for the month was retained in the business = 3700
What are examples of career changes? Check all that apply.
Sonja is a Bus Driver who takes a new job as a Cook in a restaurant.
Alfredo is an Actor for a television show who takes a job acting in a movie.
Marybeth is a Farmworker who grows vegetables and decides to start growing fruit, too.
Joshua is a Security Guard who takes a job as a High School Math Teacher.
Answer:
It's A and D.
Explanation:
Answer:
A D
Explanation:
David worked 7 3⁄4 hours each day, Monday through Friday. If he was paid $11.90 per hour, what is his straight pay?
Answer
$92.225
Explanation
Straight pay is calculated by multiplying the hourly rate by the number of hours you worked. 11.90dollars by 7.75 equals 92.225dollars.
Which of the following correctly describes a general ledger?
Group of answer choices
An index of all the financial accounts reported in the financial statements
A summary record of each separate asset, liability, owners' equity, revenue, expense, and dividend accounts.
A listing of all asset, liability, owners' equity, revenue, expense, and dividend accounts sorted according to its debit or credit balance.
The side-by-side presentation of the Balance Sheet, Income Statement, and Statement of Retained Earnings.
Answer:
A listing of all asset, liability, owners' equity, revenue, expense, and dividend accounts sorted according to its debit or credit balance.
Explanation:
A general ledger stores and summarizes all accounts a business operates. It is the source of financial information required to prepares financial statements.
The general ledger is a summary of a company bookkeeping system. It arranges or sorts the business accounts as the balance sheet order. Assets accounts appear first, then liability accounts, and lastly, the equity accounts.
A general ledger is a listing of all asset, liability, owners' equity, revenue, expense, and dividend accounts sorted according to its debit or credit balance. The third statement correctly describes a general ledger.
A general ledger records and summarises all of a company's accounts. It is the source of financial data used in the preparation of financial statements.
A company's book-keeping system is summarized in the general ledger. It organizes or sorts the business accounts in the order of the balance sheet. The asset accounts come first, followed by the liability accounts, and finally by the equity accounts.
Therefore, a general ledger is used to record all of a company's transactions.
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At December 31, 2023, Olsen Company had 600,000 shares of common stock outstanding. On October 1, 2024, an additional 120,000 shares of common stock were issued. In addition, Olsen had $5,000,000 of 6% convertible bonds outstanding at December 31, 2023, which are convertible into 270,000 shares of common stock. No bonds were converted into common stock in 2024. The net income for the year ended December 31, 2024, was $1,500,000. Assuming the income tax rate was 30%, the diluted earnings per share for the year ended December 31, 2024, should be (rounded to the nearest cent):
Answer:
$1.9
Explanation:
Net income = $1,500,000 + $5,000,000*6%*(1-30%)
Net income = $1,500,000 + $210,000
Net income = $1,710,000
Number of shares = 600,000 + 120,000*3/12 + 270,000
Number of shares = 600,000 + 30,000 + 270,000
Number of shares = 900,000
Diluted earnings per share = Net income / Number of shares
Diluted earnings per share = $1,710,000/900,000
Diluted earnings per share = $1.9
In some developing countries, children work in factories when they are 8 or 9 years old. The United States has strict child labor laws that prohibit the use of young children in factories. Americans believe that exploiting children is immoral. Which of the following statements is true of morals?
a. They are independent of factors such as culture and religion.
b. They reflect the laws and regulations that affect social and economic behavior.
c. They are universal and seldom vary.
d. They set absolute standards for good and bad that are enforced by the law.
Answer:
b. They reflect the laws and regulations that affect social and economic behavior.
Explanation:
Morals are not universal and vary greatly depending on the underlying culture and religion. Even still in each civilization, there are many grey areas in the concept of morals. One thing that seems to be constant is that they reflect the laws and regulations that affect social and economic behavior. In this scenario, some developing countries believe that using children as a cheaper form of labor is fine since the children are getting paid and therefore, there are no laws prohibiting this action so people see it as morally correct. While other countries that see it as morally wrong have laws and regulations to prevent people from performing such actions. These laws and regulations are a form of dictating social and economic behavior by stating that it is morally wrong.
plzz someone help me
State whether the following statement is true or false, and explain why. If the statement is false, state the true change. If the national economy shrank at an annual rate of 20% per year for three consecutive years, then the economy shrank by 60% over the three-year period.
Answer:
It's true.
Explanation:
Because every year 20% is added so after 3 years it's 60%
this is because the percentage changes a certain amount every months which increases the amount of money it's worth or how much the price goes down.
During the month of March, Harley's Computer Services made purchases on account totaling $47,500. Also during the month of March, Harley was paid $14,000 by a customer for services to be provided in the future and paid $38,900 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $79,300, what is the balance in accounts payable at the end of March
Answer:
The balance in accounts payable at the end of March is $87,900
Explanation:
Accounts payable account shows the balance of the money owed by the business to the suppliers or service providers of the business against which the business received materials, products or services which is not paid at the time of receipt.
We can calculate the End of mArch balance of accounts payable of Harley's Computer Services as follow
Ending Balance = Beginning Balance + Purchases made during March - Payment Made during March
Where
Begining balance = $79,300
Purchases made during March = $47,500
Payment Made during March = $38,900
Pacing values in the formula
Ending Balance = $79,300 + $47,500 - $38,900
Ending Balance = $87,900
The payment of $14,000 made for the future services to be received. It will be classified as prepaid and advances.
If the price elasticity of supply is 0.5 and the quantity supplied decreases by g 6%, then the price must:_______
Answer: Price decreased by 12%
Explanation:
Price elasticity = %Change in quantity / % change in price
0.5 = 6% / % change in price
0.5 * % change in price = 6%
% change in price = 6%/0.5
% change in price = 12%
Various executive compensation plans have been employed to motivate managers to make decisions that maximize shareholder wealth. These include: a. cash bonuses based on length of service with the firm b. bonuses for resisting hostile takeovers c. requiring officers to own stock in the company d. large corporate staffs e. a, b, and c only
Answer:
e
Explanation:
If mangers are compensated based on their length of service, it would encourage mangers to stay longer for with the firm. This would reduce the rate of turnover of firms.
If mangers are compensated for resisting hostile takeovers, it would align the interest of the firm with their firm instead of with the interest of that of the firm planning the hostile takeover
If mangers own stock of the company, there would be incentive to take actions to increase the value of their stock because if the value of the stock increases, the wealth of managers also increases
Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Beginning work in process inventory:
Units in beginning work in process inventory 700
Materials costs $7,100
Conversion costs $2,400
Percent complete with respect to materials 55%
Percent complete with respect to conversion 25%
Units started into production during the month 6,600
Units transferred to the next department during the month 5,800
Materials costs added during the month $110,200
Conversion costs added during the month $83,300
Ending work in process inventory:
Units in ending work in process inventory 1,500
Percent complete with respect to materials 70%
Percent complete with respect to conversion 55%
The total cost transferred from the first processing department to the next processing department during the month is closest to:_________--
a. $192,401
b. $174,348
c. $201,701
d. $217,391
Answer:
b. $174,348
Explanation:
Calculation for what The total cost transferred from the first processing department to the next processing department during the month is closest to
First step is to calculate Equivalent units of production
Units transferred to the next department 5800 5800
Ending work in process:
Materials: 1500 units × 70% 1050
Conversion: 1500 units × 55% 825
Equivalent units of production 6850 6625
Second step is to calculate Cost per equivalent unit
Materials Conversion
Cost of beginning work in process inventory $7100 $2400
Costs added during the period $110,200 83,300
Total cost (a)$117,300 $85,700
Equivalent units of production (b)6850 6625
Cost per equivalent unit (a) ÷ (b)$17.12 $12.94
Last step is to calculate Cost of units completed and transferred out
Material Conversion Total
Units completed and transferred out:
Units transferred to the next department (a) 5800 5800
Cost per equivalent unit (b)$ 17.12 $12.94
Cost of units completed and transferred out (a) × (b)$99,296 $75,052 $174,348
Total=$99,296+ $75,052
= $174,348
Therefore The total cost transferred from the first processing department to the next processing department during the month is closest to $174,348
The goal of this exercise is to challenge your knowledge of the different managerial roles. Match each managerial role to the category in which it best fits.
1. Figurehead (Click to select)
2. Spokesperson (Click to select)
3. Leader (Click to select)
4. Resource Allocator (Click to select)
5. Disseminator (Click to select)
6. Disturbance Handler (Click to select)
7. Liaison (Click to select)
8. Entrepreneur (Click to select)
9. Monitor (Click to select)
10. Negotiator (Click to select)
Answer:
1) Interpersonal
2) Informational
3). Interpersonal
4). Decisional
5). Informational
6). Decisional
7)Interpersonal
8)Decisional
9)Decisional
10)Decisional
Explanation:
1. Figurehead [ Interpersonal]
2. Spokesperson [Informational]
3. Leader [Interpersonal]
4. Resource Allocator [ Decisional]
5. Disseminator [ Informational]
6. Disturbance Handler [. Decisional]
7. Liaison [Interpersonal]
8. Entrepreneur [Decisional]
9. Monitor [Decisional]
10. Negotiator [Decisional]
Managerial roles can be regarded as
specific behaviors which is been associated to different task in management. Managers utilize these
roles so that basic functions of management can be performed. These managerial role could be
✓informational roles
✓ interpersonal roles,
✓decisional roles.
According to Mintzberg, decisional roles is one of the essential role in management and it encompass entrepreneur as well as disturbance handle. Interpersonal roles are regarded as roles of having a grounded relationships between the workers and a manager.
Determine the sequence of occupations at the site. Identify which trash pits go with which house cluster. You do not need to report the occupation periods of the canals or the temple, but they will help you reconstruct the house and trash pit sequence.
Answer:
The occupation at site are examined by superposition listed on horizontal map.
Explanation:
The archaeological site is examined to identify the composition of rock, soil and other relative layers. The composition at site can be examined by having a bird eye view look. The purpose is to associate six house clusters with its trash pit feature separately. The relative order of these houses and associated trash pit is reconstructed.
Express Company reported sales of $770,000 in the year 2013. Interest expense for the year amounted to $10,800; income tax expense, $33,000; and selling and administrative expense, $14,000. The company reported net income after taxes of $42,000. Compute the times interest earned ratio for the year.
A. 6.94
B. 2.60
C. 7.94
D. 9.24
Answer:
C. 7.4
Explanation:
Computation for the times interest earned ratio for the year
First step is to get the EBIT
Net income $42,000
Add Income tax expense $33,000
Add Interest expense $10,800
EBIT $85,800
Now let Compute the times interest earned ratio for the year using this formula
Times interest earned ratio=EBIT/Interest expense
Let plug in the formula
Times interest earned ratio=$85,800/$10,800
Times interest earned ratio=7.94
Therefore the times interest earned ratio for the year will be 7.94
The trial balance of Blues Traveler Corporation does not balance.
Debit Credit
Cash $5,992
Accounts Receivable 5,280
Supplies 3,007
Equipment 6,140
Accounts Payable $7,084
Common Stock 8,040
Retained Earnings 2,040
Service Revenue 5,240
Office Expense 4,360
$24,779 $22,404
An examination of the ledger shows these errors.
1. Cash received from a customer on account was recorded (both debit and credit) as $1,620 instead of $1,890.
2. The purchase on account of a computer costing $3,360 was recorded as a debit to Office Expense and a credit to Accounts Payable.
3. Services were performed on account for a client, $2,290, for which Accounts Receivable was debited $2,290 and Service Revenue was credited $265.
4. A payment of $135 for telephone charges was entered as a debit to Office Expense and a debit to Cash.
5. The Service Revenue account was totaled at $5,240 instead of $5,320.
Required:
From this information prepare a corrected trial balance.
Answer:
Total DEBIT SIDE $24,509
Total CREDIT SIDE $24,509
Explanation:
Preparation of a corrected trial balance..
BLUES TRAVELER CORPORATION
Trial Balance April 30,2020
DEBIT SIDE
Cash $5,992
(5992+270-135-135=$5,992)
(1,890-1,620=270)
Accounts Receivable $5,010
(5,280-270=$5,010)
(1,890-1,620=270)
Supplies $3,007
Equipment $9,500
(6,140+3,360=$9,500)
Office Expense $1,000
(4,360-3,360=$1,000)
Total DEBIT SIDE $24,509
CREDIT SIDE
Accounts payable $7,084
Common stock $8,040
Retained earnings $2,040
Service revenue $7,345
(5,240+2,025+80=$7,345)
(2,290-265=2,025)
($5,320 - $5,240=80)
Total CREDIT SIDE $24,509
Therefore the corrected trial balance Total DEBIT SIDE and Total CREDIT SIDE will be $24,509
Crawford Corporation incurred the following transactions.
1. Purchased raw materials on account $53,800.
2. Raw Materials of $36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,500 was classified as indirect materials.
3. Factory labor costs incurred were $61,900, of which $50,000 pertained to factory wages payable and $11,900 pertained to employer payroll taxes payable.
4. Time tickets indicated that $54,900 was direct labor and $7,000 was indirect labor.
5. Manufacturing overhead costs incurred on account were $82,300.
6. Depreciation on the company's office building was $9,000.
7. Manufacturing overhead was applied at the rate of 160% of direct labor cost.
8. Goods costing $96,600 were completed and transferred to finished goods.
9. Finished goods costing $79,400 to manufacture were sold on account for $106,800.
Required:
Journalize the transactions.
Answer:
Crawford Corporation
Journal Entries:
1. Debit Raw materials inventory $53,800
Credit Accounts payable $53,800
To record the purchase of raw materials on account.
2. Debit Work-in-Process $28,000
Debit Manufacturing overhead $8,500
Credit Raw materials inventory $36,500
To record the requisition of materials.
3. Debit Factory Wages $61,900
Credit Factory Wages Payable $50,000
Credit Employer Payroll Taxes Payable $11,900
To record the factory labor costs.
4. Debit Work-in-Process $54,900
Debit Manufacturing overhead $7,000
Credit Factory Wages $61,900
To record the direct and indirect labor costs.
5. Debit Manufacturing overheads $82,300
Credit Accounts payable $82,300
To record overheads incurred on account.
6. Debit Depreciation expense $9,000
Credit Accumulated depreciation -office building $9,000
To record depreciation expense.
7. Debit Work-in-Process $87,840
Credit Manufacturing overheads $87,840
To record overhead applied at the rate of 160% of direct labor cost.
8. Debit Finished Goods Inventory $96,600
Credit Work-in-Process $96,600
To record the transfer of goods to finished goods.
9. Debit Cost of Goods Sold $79,400
Credit Finished Goods Inventory $79,400
To record the cost of goods sold.
9. Debit Accounts Receivable $106,800
Credit Sales Revenue $106,800
To record the sale of goods on account.
Explanation:
Journal entries are used by Crawford Corporation to record its business transactions as they occur daily. They are the first records of business transactions in the accounting books. They show the accounts to be debited and the others to be credited.
