Answer:
chad
neither
chad
Italy
Explanation:
A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries.
The opportunity cost of Italy in producing one unit of grain = 5/10 = 0.5t dates
The opportunity cost of Italy in producing one unit of dates = 10/5 = 2grains
The opportunity cost of Chad in producing one unit of grain = 25/10 = 2.5 dates
The opportunity cost of Chad in producing one unit of dates = 10/25 = 0.4 grains
Italy has a comparative advantage in the production of grains while Chad has a comparative advantage in the production of dates
A country has absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries. Chad produces 25t of dates while Italy produces 5t of dates, this shows that Chad has an absolute advantage in the production of dates. Both Italy and Chad produces the same quantity of grains so neither have an absolute advantage in the production of grains.
Bridges and Lloyd, an accounting firm, provides consulting and tax planning services. For many years, the firm's total administrative cost (currently $250,000) has been allocated to services on the basis of billable hours to clients. A recent analysis found that 65% of the firm's billable hours to clients resulted from tax planning services, while 35% resulted from consulting services. The firm, contemplating a change to activity-based costing, has identified three components of administrative cost, as follows: Staff Support $ 180,000 In-house computing charges 50,000 Miscellaneous office costs 20,000 Total $ 250,000 A recent analysis of staff support found a strong correlation between the number of staff personnel and the number of clients served (consulting, 20; tax planning, 60). In contrast, in-house computing and miscellaneous office cost varied directly with the number of computer hours logged and number of client transactions, respectively. Consulting consumed 30% of the firm's computer hours and had 20% of the total client transactions. If Bridges and Lloyd switched from its current accounting method to an activity-based costing system, the amount of administrative cost chargeable to consulting services would:
Answer: Decrease by $23,500
Explanation:
The Consulting cost under their current accounting system is:
= 250,000 * 35%
= $87,500
Under Activity based:
Staff support for Consulting:
20 goes to Consulting, 60 to tax planning.
Total = 20 + 60 = 80
Consulting is 20/80 of Staff support amount
= 20/80 * 180,000
= $45,000
In house computing charges for Consulting
Consulting consumed 30% of the firm's computer hours.
= 30% * 50,000
= $15,000
Miscellaneous office costs
Consulting consumed 20% of total client transactions
= 20% * 20,000
= $4,000
Total cost for Consulting under Activity based = 45,000 + 15,000 + 4,000
= $64,000
Difference = 87,500 - 64,000
= $23,500
Direct Materials Used in Production
Slapshot Company makes ice hockey sticks. On June 1, Slapshot had $48,000 of materials in inventory. During the month of June, the company purchased $132,000 of materials. On June 30, materials inventory equaled $45,000.
Required:
Calculate the direct materials used in production for the month of June.
Answer:
$135,000
Explanation:
The direct materials used in production for the month of June is computed as;
= Materials inventory at June 1 + Materials purchased during the month of June - Materials inventory at June 30
= $48,000 + $132,000 - $45,000
= $135,000
Therefore, the direct materials used in production for the month of June is $135,000
Betty Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.
April 2 Invested $27,750 cash and equipment valued at $12,920 in the business.
2 Hired an administrative assistant at a salary of $305 per week payable monthly.
3 Purchased supplies on account $673. (Debit an asset account.)
7 Paid office rent of $574 for the month.
11 Completed a tax assignment and billed client $1,188 for services rendered. (Use Service Revenue account.)
12 Received $3,207 advance on a management consulting engagement.
17 Received cash of $2,354 for services completed for Ferengi Co.
21 Paid insurance expense $105. 30 Paid administrative assistant $1,220 for the month.
30 A count of supplies indicated that $113 of supplies had been used.
30 Purchased a new computer for $7,092 with personal funds. (The computer will be used exclusively for business purposes.)
Required:
Journalize the transactions in the general journal.
Answer:
Date Account Details Debit Credit
April 2 Cash $ 27,750
Equipment $12,290
Owner's Capital $40,670
Date Account Details Debit Credit
April 2 Entry not required till payment
Date Account Details Debit Credit
April 3 Supplies $673
Accounts Payable $673
Date Account Details Debit Credit
April 7 Rent expense $574
Cash $574
Date Account Details Debit Credit
April 11 Accounts Receivables $1,188
Service Revenue $1,188
Date Account Details Debit Credit
April 12 Cash $3,207
Unearned revenue $3,207
Date Account Details Debit Credit
April 17 Cash $2,354
Service Revenue $2,354
Date Account Details Debit Credit
April 21 Insurance expense $105
Cash $105
Date Account Details Debit Credit
April 30 Salaries expense $1,220
Cash $1,220
Date Account Details Debit Credit
April 30 Supplies expense $113
Supplies $113
Date Account Details Debit Credit
April 30 Equipment $7,092
Owner's Capital $7,092
Beta Alpha Psi, the accounting honorary fraternity, held a homecoming party. The fraternity expected attendance of 80 persons and prepared the following budget: Room rental .. $ 170 Food ....... 660 Entertainment .. 570 Decorations ... 210 Total ...... $1,610 After Beta Alpha Psi paid all the bills for the party, the total cost came to $1,885 or $275 over budget. Details are $170 for room rental; $875 for food; $570 for entertainment; and $270 for decorations. Ninety-six persons attended the party. 1. Prepare a performance report for the party that shows how actual costs differed from the budget. That is, include in your report the budgeted amounts, actual amounts, and variances. 2. Suppose the fraternity uses a management-by-exception rule. Which costs deserve further examination
Answer:
Beta Alpha Psi
1. Performance Report for the party:
Budget Actual Variance
Expected attendance (persons) 80 96 16
Room rental .. $ 170 $170 $0
Food ....... 660 875 $215 U
Entertainment .. 570 570 $0
Decorations ... 210 270 $60 U
Total ...... $1,610 $1,885 $275 U
2. The costs that deserve further examination are Food and Decorations. The party overspent on these items.
Explanation:
Since 96 persons attended the party, the food cost should have been = $792 ($660/80 * 96), which is the flexible budget cost. The cost of decorations should have remained $210 unless there were improper estimates of the items required for the decorations and the size of the party venue.
b. Why are the four primary service outputs of spatial convenience, lot size, waiting time, and product variety important to logistics management? Provide examples of competing firms that differ in the level of each service output provided to customers.
Answer:
The primary service outputs of the spatial convenience, lot size, waiting time, and product variety) are important to logistics management and these importance are highlighted below:
Spatial convenience provide customers the benefit of shopping with lesser time and efforts as they can easily locate the products and find their product needs at a single place or well organised to find out and identify.
Lot size is important in logistics as larger lot size leads to more costs for storage and transportation and risks associated while smaller lots leads to faster service and delivery and lesser payments compared to bigger lot sizes.
Waiting time is important to logistics as the customers expect faster and efficient service in buying goods with less time for billing and purchasing the products. It improves the quality of service and indicates better management for customer convenience and satisfaction.
Product variety in logistics management helps to provide customers more value for their product and time and greater scope of satisfying their needs through different product options and wide range of products.
If you receive 10 units of utility from consuming one cup of coffee and 16 units of utility from consuming two cups of coffee, which of the following is the likely amount of utility you will receive from consuming three cups of coffee?
Answer:
26
Explanation:
Answer:
18
Explanation:
1 unit= 10 2 units =16 2/16= 8
3 cups is 18
Carla Vista Co. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 2020, included the following expense accounts: Accounting and legal fees $421000 Advertising 364000 Freight-out 225500 Interest 174100 Loss on sale of long-term investments 89600 Officers' salaries 541000 Rent for office space 540000 Sales salaries and commissions 404000 One-half of the rented premises is occupied by the sales department. How much of the expenses listed above should be included in Carla Vista's selling expenses for 2020
Answer:
$1.263,000
Explanation:
The amount of expenses to be included in P's selling expenses is calculated as follows:
Particulars Amount
Advertising $364,000
Freight out $225,500
Rent for office space $270,000 (540,000*1/2)
Sales salaries & commissions $404,000
Total $1.263,000
So, the total amount to be included in selling expenses is $1.263,000.
The Package Store hires workers to wrap packages. The store sells this service for $5. The marginal revenue product of this store's fifth worker is $50. The marginal product of the fifth worker is A) 0.01 package. B) 1 package. C) 10 packages. D) indeterminate from this information
Answer: 10 packages
Explanation:
Marginal revenue (MR) is defined as an increase in the revenue that a company makes which is gotten from an additional sale that is made from a unit of output.
The marginal product of the fifth worker will be calculated as:
= Marginal Revenue Product / Price
= 50/5
= 10
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded.
1. On December 1, 2020, the company paid its annual fire insurance premium of $7,200 for the year beginning December 1 and debited prepaid insurance.
2. On August 31, 2020, the company borrowed $115,000 from a local bank. The note requires principal and interest at 8% to be paid on August 31, 2021.
3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2021, Mazzanti collected $26,400 representing rent for the 2021 calendar year and credited deferred rent revenue.
4. Depreciation on the office building is $19,200 for the fiscal year.
5. Employee salaries for the month of June 2021 $19,500 will be paid on July 20, 2021.
Required:
Prepare the necessary year-end adjusting entries at the end of June 30, 2018, for the above situations.
Answer:
1. Dr Insurance expense 1,800
Cr Prepaid insurance 1,800
2. Dr Interest expense 2,300
Cr Interest payable 2,300
3. Dr Deferred rent revenue 6,600
Cr Rent revenue 6,600
4. Dr Depreciation expense 4,800
Cr Accumulated depreciation—building 4,800
5. Dr Salaries and wages expense 19,500
Cr Salaries and wages payable 19,500
Explanation:
Preparation of the necessary year-end adjusting entries at the end of June 30, 2018, for the above situations
1. Dr Insurance expense 1,800
Cr Prepaid insurance 1,800
($7,200 × 3/12)
2. Dr Interest expense 2,300
Cr Interest payable 2,300
($115,000× 8% × 3/12)
3. Dr Deferred rent revenue 6,600
Cr Rent revenue 6,600
($26,400 × 3/12)
4. Dr Depreciation expense 4,800
Cr Accumulated depreciation—building 4,800
($19,200 × 3/12)
5. Dr Salaries and wages expense 19,500
Cr Salaries and wages payable 19,500
Brief Exercise 1-1 (Algo) Accrual accounting [LO1-2] Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $290,000; Cash paid for rent, $30,000; Cash paid to employees for services rendered during the year, $110,000; Cash paid for utilities, $40,000. In addition, you determine that customers owed the company $50,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $1,000 at year-end, and the rent payment was for a two-year period. Calculate accrual net income for the year.
Answer:
Net Income for the year is $174,000
Explanation:
Net Income Calculation for the year is done below:
Particulars $
Revenues (290,000 + 50,000) 340,000
Less: Rent (30,000 / 2) (15,000)
Less: Salaries (110,000)
Less: Utilities (40,000 + 1,000) (41,000)
Net Income 174,000
Please note the following with regard to the calculation done above:
Revenue includes both the cash collected from customers and cash owed by the customers, which received later on at the end of the year.Rent has been divided by two, this is due to the fact that calculation of net income is done for the current period so only one year rent is taken.Utilities include cash paid for utilities and the amount company owed to gas & electric company.One current answer to the historical struggle within management to balance the things of production and the humanity of production is social business, including the use of social media. Please indicate if the social media benefits listed below aid a thing of production or the humanity of production. Social media benefit Thing of production Humanity of production Improve efficiency Facilitate collaboration
Answer:
Humanity of production
Explanation:
Scott wants to accumulate $3,800 over a period of 11 years so that a cash payment can be made for roof maintenance on his summer cottage. To have this amount when it is needed, he will make annual deposits at the end of each year into a savings account that earns 7.0% annual interest per year. How much must each annual deposit be
Answer:
$240.76
Explanation:
The formula to determine the annual deposit is :
p = FV / annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
FV = Future value
P = Present value
R = interest rate
N = number of years
Annuity factor = (1.07^11 - 1) / 0.07 = 15.783599
p = $3800 / 15.783599 = $240.76
The trial balance before adjustment of Taylor Swift Inc. shows the following balances.
Dr. Cr.
Accounts Receivable $90,000
Allowance for Doubtful Accounts 1,750
Sales Revenue (all on credit) $680,000
Instructions Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,700 credit balance. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.
No. Account Titles and Explanation Debit Credit
Answer:
A. Dr Bad Debt Expense$5,350
Cr Allowance for Doubtful account$5,350
B. Dr Bad Debt Expense $2,800
Cr Allowance for Doubtful account$2,800
Explanation:
Preparation of the journal entry for the estimated bad debts
A. Based on the information given the Journal entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts will be:
Dr Bad Debt Expense$5,350
Cr Allowance for Doubtful account$5,350
[(4%*90,000)-1,750]
B. Based on the information given the Journal entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts will be:
Dr Bad Debt Expense $2,800
Cr Allowance for Doubtful account$2,800
[(5%*90,000)-1,700]
Suppose in the market for lattes there is an improvement in latte technology, which allows lattes to be produced at lower costs. We can say for certain that in the latte market
A. consumer surplus will increase and total surplus will increase.
B. consumer surplus will increase but total surplus will decrease
C. consumer surplus will decrease and total surplus will increase.
D. consumer surplus will decrease and total surplus will decrease
Answer:
A. consumer surplus will increase and total surplus will increase.
Explanation:
In the case when there is an improvement in the latte technology that permits to generate at the lesser cost this would decrease the production cost that improve the profit margin as a result the production and the supply would increased
Also if the supply would rise so there is a reduction in the equilibrium price but rise in equilibrium quantity
So, the first option is correct
XYZ Corporation had 158 million shares outstanding on January 1, 2012. On February 2,2012, it issued an additional 30 million shares to the market at the market priceof $55 per share. What was the effect of this share issue on the price per share
Answer:
There was no effect of this share issue on the price per share
Explanation:
First, we need to determine the pre-issuance value
Numbers of outstanding shares = 158,000,000 shares
Total Value of equity = Numbers of outstanding shares x Market value per share = 158,000,000 shares x $55 per share = $8,690,000,000
Now calculate the issuance values
Numbers of shares issued = 30,000,000 shares
Vaue of issued equity = NUmbers of shares issued x Mrket value per share = 30,000,000 x $55 per share = $1,650,000,000
Now determien the post issuance value
Numbers of outstanding shares = 158,000,000 shares + 30,000,000 shares = 188,000,000 shares
Total Value of equity = $8,690,000,000 + $1,650,000,000 = $10,340,000,000
Now calcuate the Value per share
Value per share = Post Issuance Total value of equity / Post issuance total numbers of shares = $10,340,000,000 / 188,000,000 shares = $55 per share
There is no effect of share issue on the price of the share.
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30:
Accounts Payable $25,900
Buildings 118,000
Cash 46,500
Common Stock 200,000
Equipment 123,000
Land 203,000
Notes Payable (long—term) 3,700
Retained Earnings 274,700
Supplies 13,800
During the month of July, the company had the following activities:
a. Issued 6,100 shares of common stock for $610,000 cash.
b. Borrowed $114,000 cash from a local bank, payable in two years.
c Bought a building for $272,250; paid $84,250 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $238,000.
e. Purchased supplies for $31,250 on account.
Required:
Analyze transactions (a)-(e) to determine their effects on the accounting equation.
Answer:
I recorded the transactions on an Excel spreadsheet (see attached file)
Explanation:
A management dilemma defines the research question. Group startsTrue or FalseTrue, selectedFalse, unselected
Answer:
False
Explanation:
It is not always the case that a management dilemma results in the research question. However, a research question might be defined by an identified need for improvement.
A management dilemma defines the research question is false. The correct option is false.
A research topic is defined as "a question that a research project seeks to answer." A research question must be chosen for both quantitative and qualitative research. Data gathering and analysis will be required for the investigation, and the methods for this may vary greatly. Good research topics are usually focused and specific in order to improve understanding on an essential topic.
To formulate a research topic, one must first decide if the study will be qualitative, quantitative, or mixed. Other circumstances, such as project finance, may have an impact not only on the research topic itself, but also on when and how it is created during the research process.
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Ben wants to do business in the Middle East where it is an accepted practice to give gifts to government officials. However, Ben may not be able to carry out his plans because he doesn't want to violate The Foreign Corrupt Practices Act (FCPA), which was enacted because Congress was concerned about _______.
Answer:
U.S. corporations' use of illegal payments and bribes in international business dealings
Explanation:
From the question, we are informed about Ben who wants to do business in the Middle East where it is an accepted practice to give gifts to government officials. However, In this case, Ben may not be able to carry out his plans because he doesn't want to violate The Foreign Corrupt Practices Act (FCPA), which was enacted because Congress was concerned about U.S. corporations' use of illegal payments and bribes in international business dealings.
The Foreign Corrupt Practices can be regarded as one the U.S law of 1977 act. This law is about prohibition of citizens of U.S as well as entities from giving bribes to officials of government of foreign countries in order to be a beneficiary of their business interests
Suppose you win $1 million in a lottery and your winnings are scheduled to be paid as follows: $400000 at the end of one year, $400000 at the end of two years, and $200000 at the end of three years. If the interest rate is 5 percent, what is the present discounted value of your winnings
Answer:
The present discounted value of the winnings is $916,531.69.
Explanation:
The present discounted values of each of the payment can be calculated using the present value formula as follows:
PV = FV / (1 + r)^n ...................... (1)
Where;
PV = Present discounted value of payment at the end of specified year(s)
FV = Future value or the scheduled amount
r = interest rate
n = year in which the payment is scheduled to be paid
Using equation (1), we have:
PV of payment at the end of one year = $400000 / (1 + 5%)^1 = $380,952.38
PV of payment at the end of two years = $400000 / (1 + 5%)^2 = $362,811.79
PV of payment at the end of three years = $200000 / (1 + 5%)^3 = $172,767.52
The present discounted value of the winnings can now be calculated as the additions of the 3 PVs above as follows:
PV of the winnings = PV of payment at the end of one year + PV of payment at the end of two years + PV of payment at the end of three years = $380,952.38 + $362,811.79 + $172,767.52 = $916,531.69
Therefore, the present discounted value of the winnings is $916,531.69.
Walker Manufacturing Company reported the following materials data for the month ending June 30:
Materials purchased $776,400
Materials inventory, June 1 219,000
Materials inventory, June 30 174,800
Determine the cost of direct materials used in production by Walker during the month ended June 30.
Answer:
the cost of direct material used is $820,600
Explanation:
The computation of the cost of direct material used is shown below:
= Opening inventory + material purchased - ending inventory
= $219,000 + $776,400 - $174,800
= $820,600
Hence, the cost of direct material used is $820,600
It could come by applying the above formula
Someone offers to buy your old Ford F-150 truck for 4 equal annual payments, beginning 2 years from today. If you think that the present value of your Ford Truck is only $9,000 and you assume the interest rate is 10%, which one of the below would be the minimum annual payment that youâ d be willing to accept? $2,839.24 $3,435.48 $3,123.16 $2,250
Answer:
$3,123.16
Explanation:
The computation of the minimum annual payment is as follows:
Given that
RATE = 10%
NPER = 10%
PV = $9,000 × (1 + 0.1) = $9,900
FV = $0
The formula is shown below:
= PMT(RATE,NPER,-PV,FV,TYPE)
After applying the above formula, the monthly payment is $3,123.16
d. E contributes $82,000 in cash to the business to receive a 22 percent interest in the partnership. No goodwill or other asset revaluation is to be recorded. Profits and losses have previously been split according to the following percentages: A, 10 percent; B, 30 percent; C, 20 percent; and D, 40 percent. After E makes this investment, what are the individual capital balances
Answer:
After E makes this investment, the individual capital balances are:
A = $29,073
B = $87,218
C = $58,145
D = $116,291
E = $82,000
Total = $327,727
Explanation:
a) Data and Calculations:
E's capital contribution = $82,000 for 22%
Total capital after E's admission = $372,727 ($82,000/22%)
Old profits and losses sharing ratio:
A, 10 percent; B, 30 percent; C, 20 percent; and D, 40
New profits and losses sharing ratio and new capital balances
A = 10% of 78% = 7.8% 7.8% of $372,727 = $29,073
B = 30% of 78% = 23.4% 23.4% of $372,727 = $87,218
C = 20% of 78% = 15.6% 15.6% of $372,727 = $58,145
D = 40% of 78% = 31.2% 31.2% of $372,727 = $116,291
E = 22% 22% of $372,727 = $82,000
Total = 100% $327,727
b) The capital of the partnership will total $327,727 while individual partnerships will have their capital accounts adjusted in line with the new profit sharing ratio and capital.
What should you do if you determine the root cause and find that it is out of your control?
a. Nothing. Once you determine the root cause, your work is done whether it is in your control or not.
b. Use a different analysis tool
c. Quit
d. Go back up to the previous question and see if you have control over that response
Answer:
The correct answer is the option A: Nothing. Once you determine the root cause, your work is done whether it is in your control or not.
Explanation:
To begin with, the question is related to what is called "Root Cause Analysis" known in the management field as a process by which the managers tend to identify what cause a problem by looking deeply into the root of it thanks to an excesive analysis done by a team. It is necessesary to clarify that the main purpose of this method is just to identify the problems' root and from there to come out with solutions regarding the situation if able, but it is not the point of the analysis to take action or to implement those solutions. So therefore that if the situation turns to be out of the control of the person responsible for the analysis then there is nothing he could do because his job has already been done.
5. Microeconomics and macroeconomics Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. Microeconomics Macroeconomics The effect of government regulation on a monopolist's production decisions The effects of the Internet on the pricing of used cars The effect of federal government spending on the national unemployment rate
Answer:
Microeconomics
Microeconomics
Macroeconomics
Explanation:
Macroeconomics is a branch of economics that studies the economy as a whole. Macroeconomics studies economic aggregates such as inflation, unemployment, GDP and growth rate.
Microeconomics is a branch of economics that studies the decisions individuals and firms make in response to changes in economic factors. These factors include price, resources etc. it studies how firms and individuals allocate and make decisions about resources
Microeconomics: The effect of government regulation on a monopolist's production decisions.
Microeconomics: The effects of the Internet on the pricing of used cars.
Macroeconomics: The effect of federal government spending on the national unemployment rate.
The effect of government regulation on a monopolist's production decisions: This topic would likely be studied in microeconomics. Microeconomics analyzes the behavior of individual firms, and the impact of government regulation on a monopolist's production decisions falls within this domain. The study would explore how government policies and regulations influence the production output, pricing strategies, and market behavior of a monopolist.
The effects of the Internet on the pricing of used cars: This topic would also be studied in microeconomics. The Internet's impact on the pricing of used cars relates to how individual buyers and sellers interact in a specific market. Microeconomics would investigate how the availability of online platforms, increased access to information, and changes in buyer-seller dynamics affect the pricing decisions of used cars.
The effect of federal government spending on the national unemployment rate: This topic would be studied in macroeconomics. Macroeconomics focuses on the overall economy and aggregates like national income, employment, and inflation. The effect of federal government spending on the national unemployment rate is a macroeconomic question that looks at how government expenditures, such as infrastructure projects or stimulus packages, can influence the overall level of unemployment in the country.
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Webber Technologies is an emerging manufacturer of 3.5 inch diagonal touch screens for mobile communication devices/media players. 2011 industry sales were reported at 17.50 million units. This number represents an 17.7 % increase over 2010 industry sales. Webber Technologies had a 2010 market share of 5.9 %, compared with a 2011 market share of 4.2%. What was the change in unit sales for Webber Technologies, from 2010 to 2011, attributable to the change in industry sales
Answer:
Industry Sales (2011) = 17,500,000
Industry Sales (2010) = Sales of 2011/1+growth = 17,500,000/1+17.7% = 17,500,000/1.177 = $14868309.26083263 = $14,868,309.26
Company Sales (2011) = 17,500,000 * 4.2% = $735,000
Company Sales (2010) = 14,868,309.26 * 5.9% = $877,230.25
Change in units = Company sales in 2011 - Company Sales in 2010 = $735,000 - $877,230.25 = $142,230.25
Change due to change in Industry growth = Company Sales in 2010 * 17.7% = $877,230.25 * 17.7% = 155,269.75
So, there is net increase of 155,269.75 units of sales due to industry growth.
On March 15, 2017, Frankel Construction contracted to build a shopping center at a contract price of $240 million. The schedule of expected (which equals actual) cash collections and contract costs follows: Year Cash Collections Cost Incurred 2017 $60 million $30 million 2018 100 million 80 million 2019 80 million 60 million Total $240 million $170 million Calculate the amount of net income for each of the three years 2017 through 2019 using the cost-to-cost method. ($ millions)
Answer: you need to sell 40 million in cars then add 30 million to savings go to a bank an take out a loan up to 500 grand and make sure to pay it back on time for better credit and start taking small increments out of your savings and invest in a company and get a good side job with good benefits for retirement when you age up enough retire and take all the money out of all your accounts and buy a island and build a house with a bunker full of food this does not explain anything to you i am just wasting your time.
Requirement Assume that all supplies purchased were used in operations in the year of purchase. Rental payments pertain to rental space used in the year of payment. 1. Prepare an income statement for for and under both the cash and the accrual basis of accounting. 2. Compute operating cash flow for both years under cash and accrual bases.
Question Completion:
You are provided the following information for the Del Campo Consulting Associates.
2019 2018
Service revenue (accrual basis) $250,000 $185,000
Cash collected from clients 97,000 80,000
Operating expenses:
Salary expense (accrual basis) 12,000 16,500
Purchased supplies for cash 4,000 2,500
Purchased supplies on account 1,000 1,500
Depreciation expense 2,000 2,000
Rent paid in cash 7,000 3,000
Prepaid insurance 5,500 0
Answer:
Del Campo Consulting Associates
Accrual Basis Cash Basis
Income Statements 2019 2018 2019 2018
Service revenue $250,000 $185,000 $97,000 $80,000
Operating Expenses:
Salary expense 12,000 16,500 0 0
Supplies 5,000 4,000 4,000 2,500
Depreciation 2,000 2,000 0 0
Rent 7,000 3,000 7,000 3,000
Prepaid Insurance 0 0 5,500 0
Total operating expenses $26,000 $25,500 $16,500 $5,500
Net income $224,000 $159,500 $80,500 $74,500
2. Compute Operating Cash Flow under cash and accrual basis:
Accrual Basis Cash Basis
Operating Cash Flow 2019 2018 2019 2018
Cash collected from clients $80,500 $74,500 $80,500 $74,500
Purchased supplies (4,000) (2,500) (4,000) (2,500)
Rent paid in cash (7,000) (3,000) (7,000) (3,000)
Prepaid insurance (5,500) (5,500)
Net operating cash flows $64,000 $69,000 $64,000 $69,000
Explanation:
The net income reported the accrual basis and that reported under the cash basis are different. The accrual basis considers all revenue whether actually received or not, the cash basis only considers cash received from clients in each period. However, the net operating cash flows under the two bases are the same. The reason for this is that only actual cash flows are considered under the two bases.
The board of directors of a corporation:________.
a) Are elected by the corporate registrar.
b) Are responsible for day-to-day operations of the business.
c) Do not have the power to bind the corporation to contracts, due to lack of mutual agency.
d) May not also be executive officers of the corporation, due to the separate entity principle.
e) Are responsible for and have final authority for managing corporate activities.
Answer:
e) Are responsible for and have final authority for managing corporate activities.
Explanation:
A corporation can be defined as a corporate organization that has facilities and owns or controls assets used for the production of goods and services in at least one country other than its headquarter (home office) located in its home country.
This ultimately implies that, a corporation is a corporate organization that owns or controls its business in two or more countries.
Some examples of multinational firms are Ap-ple, Volkswagen, Go-ogle, Shoprite, Nestlé, Accenture, Shell BP, Chevron etc.
An owner of a corporation is known as a stockholder and he or she can decide to sell the corporation through stocks or shares as a publicly traded firm.
Basically, the board of directors who are representing the stockholders of a corporation are responsible for and have final authority for managing corporate activities because they are typically considered to be a governing body saddled with oversight functions and responsibilities.
During the current year, Alpha sold inventory to Beta for $100,000. As of year end, Beta had resold only 60 percent of these intra-entity purchases. Alpha sells inventory to Beta at the same markup it uses for all of its customers. What is the total for consolidated cost of goods sold
Answer:
a. $173,000
Explanation:
Missing word "Alpha Company owns 80 percent of the voting stock of Beta Company. Alpha and Beta reported the following account information from their year-end separate financial records: Alpha Beta Inventory $95,000 $88,000 Sales Revenue 800,000 300,000 Cost of Goods Sold 600,000 180,000 During the current year, Alpha sold inventory to Beta for $100,000."
Percentage of profits Alpha charge to other customers = ($800,000 - $600,000) / $800,000 = 25% of sales
Stock held at year end by beta from the purchases made from Alpha = $100,000 * 40% =$40,000
Profit involved in stock held by beta from the purchases made from Alpha = $40,000 * 25% = $10,000
So, Value of stock of Beta = $88,000 - $10,000 = $78,000
Hence, Total for consolidated inventory = $95,000 + $78,000 = $173,000
The ledger of Columbia, Inc. on March 31, 2014, includes the following selected accounts before adjusting entries.
Debit Credit
Prepaid Insurance 2,240
Supplies 3,120
Equipment 36,000
Unearned Service Revenue 13,600
An analysis of the accounts shows the following.
1. Insurance expires at the rate of $280 per month.
2. Supplies on hand total $960.
3. The equipment depreciates $240 per month.
4. During March, services were performed for two-fifths of the unearned service revenue.
Prepare the adjusting entries for the month of March.
Answer:
Journal 1
Debit : Insurance expense $280
Credit : Prepaid Insurance $280
Being Insurance expense recognized
Journal 2
Debit : Supplies expense $2,160
Credit : Supplies $2,160
Being Supplies Expense Recognized
Journal 3
Debit : Depreciation expense $240
Credit : Accumulated depreciation $240
Being Depreciation expenses recognized
Journal 4
Debit : Unearned Service Revenue $5,440
Credit : Service Revenue Earned $5,440
Being Service Revenue Earned being recognized
Explanation:
Expenses are decreases in income that results as an increase in liabilities and decreases in assets. Note the Decreases in Assets and Increases in Liabilities that have occurred - they represent Expenses which need to be recognized.
Service revenue is recognized when the services are actually performed, thus Reverse the Unearned Service Revenue when services are performed.