Answer:
Date Account title and explanation Debit Credit
Aug.1 Cash $5,000
Common stock $5,000
[To record cash in exchange for common stock]
Aug.4 Prepaid insurance $1,800
Cash $1,800
[To record paid insurance in advance]
Aug.16 Cash $1,900
Service revenue $1,900
[To record cash received for services]
Aug.27 Salaries expense $1,000
Cash $1,000
[To record cash paid for salaries]
Consider a competitive market for a consumer product. Suppose this product goes out of fashion with consumers. How will this sudden drop in popularity affect the profit of an individual firm in this market in the long run?
A The profnt of an individual firm increases from a smaller positive value to a larger positive value in the long run.
B. The profht of an individual firm increases from zero to a positive value in the long run.
C. The profit of an individual firm decreases from zero, and the firm will incur a loss in the long run.
D. The profit of an individual firm stays at zero in the long run.
Answer:
The profit of an individual firm stays at zero in the long run.
If a product goes out of fashion in a competitive market, the result would be that D. The profit of an individual firm stays at zero in the long run.
A competitive market is characterized by:
No barriers to entry which means sellers can come in and leave at will Prices are the same for all sellersIf a product went out of fashion, companies would start making losses and less people would be buying the product. This would lead to some suppliers leaving the market till only a few are left.
This will lead to the price rising. If profits become more than zero, companies will come back into the market to make that profit. The increased supply would reduce the price again. The profit will then go to zero. This will keep happening thereby leaving the profit at zero in the long run.
We can therefore conclude that when a product goes out of fashion, profits will be zero for an individual firm in the long run.
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People from urban areas often travel to cheese-producing regions to see how cheese is made; this type of ______allows people to visit working farms and ranches to see how agricultural products are made.
Answer:
Tourism
Explanation:
Tourism can be regarded as activities that people engaged in when they
travel for pleasure as well business purposes, it can be regarded as theory and practice of touring arround the world, it is the business that involves attracting as well as accommodating and entertaining of tourists. It should be noted that People from urban areas often travel to cheese-producing regions to see how cheese is made; this type of tourism allows people to visit working farms and ranches to see how agricultural products are made.
Answer:
Agritourism
Explanation:
It states this in the notes that were given on Edg
In a recent benefit-cost analysis of a proposed regulation that generated positive net benefits in the present but negative net benefits in the future, the government used a 5% social discount rate. If it had instead used a 7% social discount rate, the net present value of the policy would have been ______; if it had used a 10% social discount rate, the net present value would have been ______.
Answer:
A) Lower; lower
Explanation:
Here are the options of this question :
A) Lower; lower B) Lower; higher C) Higher; lower D) Higher; higher
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
The lower the the discount rate, the higher the NPV and the discount the interest rate, the lower the NPV
7% and 10% are both higher than 5% so NPV would be lower in both instances
Let us USE an example
Cash flow in year 0 = $-10,000
Cash flow in year 1 and 2 = 100,000
NPV when discount rate is 5% = $262,324.48
NPV when discount rate is 7% = $252431.60
NPV when discount rate is 10% = $238,685.20
We can see NPV was highest when discount rate is 5%
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
The correct statement is that the net present value of the policy would have been lower at a 7% discount rate, and also it would be lower at a 10% discount rate.
Cost benefit analysis can be used to calculate the net present value of a policy that is proposed to be adopted and at such rate whether such adoption is beneficial or not.
Cost Benefit Analysis Cost benefit analysis is referred to as a method of analysis of costs that are borne by an organization and the predicted projections when applied are sensible to be adopted or not. It is observed that the normal discount rate of the policy is 5% and hence when the government adopts a slightly higher discount rate of 7 and 10 percent the NPV will ultimately be lower.Hence, using the basic implications of cost-benefit analysis, it can be concluded that the net present values of the policies will be lower at discount rates of 7 and 10 percent respectively.
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ACCOUNTING:
Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data.
BUSINESS SOLUTIONS
Income Statement
For Three Months Ended March 31, 2020
Computer services revenue $ 25,207
Net sales 18,693
Total revenue 43,900
Cost of goods sold $ 14,152
Depreciation expense—Office equipment 330
Depreciation expense—Computer equipment 1,220
Wages expense 3,050
Insurance expense 485
Rent expense 1,475
Computer supplies expense 1,285
Advertising expense 550
Mileage expense 270
Repairs expense—Computer 900
Total expenses 23,717
Net income $ 20,183
BUSINESS SOLUTIONS
Comparative Balance Sheets
December 31, 2019, and March 31, 2020
Mar. 31, 2020 Dec. 31, 2019
Assets
Cash $80,327 $61,482
Accounts receivable 23,767 4,868
Inventory 634 0
Computer supplies 2,035 510
Prepaid insurance 1,080 1,575
Prepaid rent 805 805
Total current assets 108,648 69,240
Office equipment 7,500 7,500
Accumulated depreciation—Office equipment (660) (330)
Computer equipment 19,400 19,400
Accumulated depreciation—Computer equipment (2,440) (1,220)
Total assets $132,448 $94,590
Liabilities and Equity
Accounts payable $0 $1,190
Wages payable 905 540
Unearned computer service revenue 0 2,500
Total current liabilities 905 4,230
Equity
Common stock 107,000 82,000
Retained earnings 24,543 8,360
Total liabilities and equity $132,448 $94,590
Required:
Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2020. Owner Santana Rey contributed $25,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,000 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)
Options for the 1st blank space: Net Income, Net Loss
Options for the rest of the blank spaces: Cash paid for dividends, cash received from stock issuance, decrease in accounts payable, increase/decrease in accounts receivable, increase/decrease in computer supplies, increase/decrease in inventory, increase/decrease in prepaid insurance, increase/decrease in unearned computer service revenue, increase/decrease in wages payable, depreciation expense--computer equipment, depreciation expense--office equipment.
PLEASE DO NOT ANSWER IF YOU DO NOT KNOW! Due by 11:59 PM EST.
Explanation:
why is this so much who assigned you this
Which examples demonstrate common Law Enforcement Services workplaces and employers? Check all that apply.
Otto is a self-employed worker who provides legal advice to people accused of crimes.
Peng monitors people who are swimming at a beach.
Candie oversees legal proceedings in a courtroom to make sure laws are followed properly.
Zoraida works for the municipal government investigating crime scene evidence in a laboratory.
Colleen inspects travelers and baggage in an airport.
Asa sits in an office filling out paperwork to document crimes.
Answer:
Zoraida works for the municipal government investigating crime scene evidence in a laboratory.
Colleen inspects travelers and baggage in an airport.
Asa sits in an office filling out paperwork to document crimes.
Explanation:
Criminal justice and law enforcement provide challenging but rewarding career paths. The examples of common law enforcement Services workplaces and employers are options 3,4, and 6.
What are some examples of common law enforcement services?Local legal institutions include police departments and sheriffs. State agencies include state or highway patrol. Government agencies include the FBI and the U.S. Secret Service.
Local, regional, and individual levels of government provide different types of public office.
Hence, the examples of common Law Enforcement Services are
Option 3. Candie oversees legal proceedings in a courtroom to make sure laws are followed properly.Option 4. Zoraida works for the municipal government investigating crime scene evidence in a laboratory.Option 6. Asa sits in an office filling out paperwork to document crimes.To learn more about common law enforcement services. refer to the link:
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Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals.
a. Cash used for purchase of office supplies, $1,450.
b. Cash provided from consulting to customers, $41,100.
c. Cash used for purchase of mining equipment, $64,000.
d. Cash provided from long-term borrowing, $51,000.
e. Cash used for payment of employee salaries, $23,100.
f. Cash used for payment of office rent, $11,100.
g. Cash provided from sale of equipment purchased in c. above, $21,600.
h. Cash used to repay a portion of the long-term borrowing in d. above, $35,500.
i. Cash used to pay office utilities, $3,400.
j. Purchase of company vehicle, paying $9,100 cash and borrowing $14,100
Required:
Calculate cash flows from investing activities.
Answer:
-$51,500
Explanation:
Calculation for cash flows from investing activities
Cash used for purchasing mining equipment -64,000
Cash provided from sale of equipment $21,600
Purchase of company vehicle -$9,100
Cash used by investing activities -$51,500
Therefore the cash flows from investing activities will be -$51,500
Mechem Corporation produces and sells a single product. In April, the company sold 2,000 units. Its total sales were $151,000, its total variable expenses were $79,700, and its total fixed expenses were $56,600. Required: a. Construct the company's contribution format income statement for April. (Do not round intermediate calculations.) b. Redo the company's contribution format income statement assuming that the company sells 1,900 units. (Do not round intermediate calculations.)
Answer:
See below
Explanation:
Sales
$151,000
Less:
Variable cost
($79,700)
Contribution margin
$71,300
Less:
Fixed cost
($56,600)
Ney profit
"If our company achieves a high level of relational coordination, what can we expect in terms of employee behavior?" Check all that apply. Employees will be empowered to collaborate directly with each other across organizational boundaries. Employees in different departments or divisions will share information easily. Project managers, cross-functional teams, and task forces will play a vital role in sharing information between departments or divisions. Information will flow across a network of informal relationships rather than primarily through a formal chain of command.
Answer:
- Employees will be empowered to collaborate directly with each other across organizational boundaries.
- Employees in different departments or divisions will share information easily.
- Information will flow across a network of informal relationships rather than primarily through a formal chain of command.
Explanation:
Relational coordination focuses on shared goals and knowledge between people that work on common tasks.
As such it will result in more communication between surbodinates. There will be increased interaction and communication between boundaries in the organisation.
People with common tasks will easily communicate with each other with less focus on the hierarchy of the organisation.
Project managers will play less role in sharing of information as most communication will be done between surbordinates.
First National Bank charges 13.7 percent compounded monthly on its business loans. First United Bank charges 14 percent compounded semiannually. Calculate the EAR for First National Bank and First United Bank. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) As a potential borrower, which bank would you go to for a new loan
Answer:
14.59%
14.49%
Explanation:
Effective annual interest (EAR) = (1 + periodic interest)^m - 1
where m = number of compounding
periodic interest = APR / m
(1 + 0.137/12)^12 - 1 = 14.59%
(1 + 0.14/2)^2 - 1 = 14.49%
Halbur Company reported the following for its recent year of operation: From the income statement: Depreciation expense $ 1,200 Loss on sale of equipment 2,800 From the comparative balance sheet: Beginning balance, equipment $ 12,900 Ending balance, equipment 8,200 Beginning balance, accumulated depreciation 2,200 Ending balance, accumulated depreciation 2,700 No new equipment was purchased during the year. What was the selling price of the equipment
Answer:
$300
Explanation:
From Equipment Account we get :
Cost of Equipment Sold = $12,000 - $8,200 = $3,800
From Accumulated Depreciation Account we get :
Accumulated Depreciation = $2,200 + $1,200 - $2,700 = $700
Using Amounts above to prepare a Disposal Account - Equipment we get :
Cash Proceeds = $3,800 - $700 - $2,800 = $300
Conclusion
The selling price of the equipment $300
At which stage does advertising catch the attention of customers by building awareness of the product
Answer:
when there is an entry of a substitute product in the market. This is the right time that customers attention need to be fully caught. When there is a general decline in the sell of the product. Advertisement is necessary.
Explanation:
discuss the different situations when the communication exists
Answer:
Communication in Different situations.
1. Communications in different situations Chapter 8
2. The different kind ofcommunication skill is required as per the situation and the functions of the organizations.Communication takes on different characteristics as the situation changes Chapter 8
3. Oral Communication Situations Face-to face InterviewCommunication Telephone
Communication can be divided into three categories: verbal communication, which involves listening to someone to understand what they mean; written communication, which involves reading what they mean; and nonverbal communication, which involves observing someone and drawing conclusions about what they are trying to say.
Why is it important to understand the communication process?Understanding the communication process is crucial for successful and efficient communication. It consistently directs us toward understanding successful communication. Every person who adheres to the communication process will have the chance to be successful in all facets of their work.
Any type of situation where communication is occurring is referred to as a communicative situation; examples include discussions, text in all forms, radio, and film. Any situation where communication is taking place. There is communication, for instance during a conversation.
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White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour.
The balance in the account Work in Process-Sifting Department was as follows on July 1:
Work in Process-Sifting Department
(900 units, 3/5 completed):
Direct materials (900 × $2.05) $1,845
Conversion (900 × 3/5 × $0.40) 216
$2,061
The following costs were charged to Work in Process-Sifting Department during July:
Direct materials transferred from Milling Department:
15,700 units at $2.15 a unit $33,755
Direct labor 4,420
Factory overhead 2,708
During July, 15,500 units of flour were completed. Work in Process-Sifting Department on July 31 was 1,100 units, 4/5 completed.
Required:
1. Prepare a cost of production report for the Sifting Department for July. If an amount is zero, enter "0". Round your cost per unit answers to the nearest cent.
2. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Use the date July 31 for all journal entries.
3. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. Round your answers to the nearest cent.
4. Discuss the uses of the cost of production report and the results of part (3)
Answer:
White Diamond Flour Company
Sifting Department
1. Cost of Production Report for July
Direct Materials Conversion Total
Beginning WIP 900 $1,845 $216 (3/5) $2,061
Transferred from Milling 15,700 33,755 7,128 40,883
Total costs of production $35,600 $7,344 $42,944
Equivalent units of production:
Completed 15,500 15,500 15,500
Ending WIP 1,100 1,100 880 (4/5)
Total equivalent units 16,600 16,380
Cost per equivalent unit:
Total costs of production $35,600 $7,344
Total equivalent units 16,600 16,380
Cost per equivalent unit $2.14 $0.45
Cost Assigned To:
Units transferred to packaging $33,170 (15,500*$2.14) $6,975 (15,500*$0.45) Total amount = $40,145
Ending WIP $2,354 (1,100*$2,14) + $396 (880*$0.45) = $2,750
2. Journal Entries:
Debit Work-in-Process - Sifting $40,833
Credit Finished Units- Milling $40,833
Debit Work-in-Process - Packaging $40,145
Credit Work-in-Process - Sifting $40,145
3. The increase or decrease in the cost per equivalent unit:
Direct Materials Conversion
July Cost per equivalent unit $2.14 $0.45
June Cost per equivalent unit $2.05 $0.40
Difference between July and June $0.09 $0.05
4. The Cost of Production Report helps management to know, for any period, the actual cost of production in each department and to identify the costs of units transferred to the Packaging Department and the costs of units under process in the Sifting Department at the end of the period. Determining the increase or decrease in cost per equivalent unit also enables management to know whether cost has increased or decreased per unit of production in order to institute appropriate controls for the acquisition of materials, labor, and other production expenses.
Explanation:
a) Data and Calculations:
Work in Process-Sifting Department
(900 units, 3/5 completed):
Direct materials (900 at $2.05) $1,845
Conversion (900 at 3/5 at $0.40) 216
Total balance $2,061
You project revenue to start at $5,000 for the first month and grow by $200 each month thereafter. You project expenses to begin at $7,000 per month and grow by $50 per month. In what month will you break even (revenue equal to expenses)?
Answer: 14
Explanation: i took the quiz
In the 13th month will you break even (revenue equal to expenses).
What is revenue?Revenue is the entire amount of money made through the sale of products and services that are essential to the business's core competencies. Sale or turnover are other terms used to describe advertising revenues.
To make two equations equivalent, we must write them down.
The first one will appear as follows:
200x + 5,000
The x will match the 200 since after the initial $5,000, the program's revenue increases by $200 per month.
The second equation will have the following form:
50x + 7,000
The x will follow the 50 because the project starts out at $7,000 and expands by $50 every month.
Set both now identical to one another.
200x + 5,000 = 50x + 7,000
150x + 5,000 = 7,000
150x = 2,000
x = 13.333
The project therefore will reach breakeven in the 13th month.
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Online retailers lose approximately 25% of their customers every year. Unfortunately, due to the highly competitive camping gear marketplace, Camp Plus loses approximately 35% of its customers every year to its competition, giving it a retention rate of only 65%. Using a discount rate of 10%, you calculate a CLV for each of the 10,000 customers in Camp Plus's database.
Answer:
CLV = [(GC * r) / (1 + i - r)] - AC]
Explanation:
CLV is the customer lifetime value which is the calculation of net profit during the tenure of relationship with the clients and customers.
The formula for CLV calculation is :
CLV = [(GC * r) / (1 + i - r)] - AC]
Where,
GC is annual gross contribution,
r is retention rate of customers
i is discount rate
AC is Acquisition cost
At December 31, 2017, Kefir Company had 800,000 shares of common stock outstanding. On October 1, 2018, an additional 160,000 shares of common stock were issued. In addition, Kifer had $10,000,000 of 5% convertible bonds outstanding at December 31, 2017, which are convertible into 360,000 shares of common stock. No bonds were converted into common stock in 2018. The net income for the year ended December 31, 2018, was $2,500,000. Assuming the income tax rate was 30%, the diluted earnings per share for the year ended December 31, 2018, should be:________ (rounded to the nearest penny) A) $3.39. B) $2.50. C) $2.38. D) $2.08.
Answer:
A) $3.39
Explanation:
The diluted earnings per share for the year ended December 31, 2018, should be A) $3.39
On November 1, 2021, Aviation Training Corp. borrows $51,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31.
Required:
1. Record the necessary entries .
2. Record the issuance of note.Record the adjustment for interest.
3. Record the repayment of the note at maturity.
Answer:
1. November 01,2021
Dr Cash 51000
Cr Notes Payable 51000
2. December 31,2021
Dr Interest expense 510
Cr Interest Payable 510
3. February 01,2022
Dr Interest expense 510
Dr Interest Payable 255
Dr Notes Payable 51000
Cr Cash 51,765
Explanation:
Preparation of to record the necessary entries
1. November 01,2021
Dr Cash 51000
Cr Notes Payable 51000
(Being to Record the issuance of note)
2. December 31,2021
Dr Interest expense 510
(51,000*6%*2/12)
Cr Interest Payable 510
(Being to record the adjustment for interest)
3. February 01,2022
Dr Interest expense 510
Dr Interest Payable 255
(51,000*6%*1/12)
Dr Notes Payable 51000
Cr Cash 51,765
(510+255+51000)
(Being to Record the repayment of the note at maturity)
A manufacturer of prototyping equipment wants to have $3,000,000 available 10 years from now so that a new product line can be initiated. If the company plans to deposit money each year, starting 1 year from now, the equation that represents how much the company is required to deposit each year at 10% per year interest to have the $3,000,000 immediately after the last
deposit is:___________
(a) 3,000,000(A∕F,10%,10)
(b) 3,000,000(A∕F,10%,11)
(c) 3,000,000 + 3,000,000(A∕F,10%,10)
(d) 3,000,000(A∕P,10%,10)
Answer:
The correct option is (a) 3,000,000(A∕F,10%,10).
Explanation:
Ordinarily, the equation to use to calculate the amount the company is required to deposit each year is given as follows:
A = F * (r / ((1 + r)^n - 1)) ....................... (1)
Where;
A = Annual deposit = ?
F = Future value or accumulated sum of amount = $3,000,000
r = Annual interest rate = 10%, or 0.01
n = Number of years.
The standard notation of equation (1) above is given as follows:
A = F(A / F, r, n) ................................ (2)
Substituting the relevant description from the above into equation (2), we have:
A = 3,000,000(A∕F,10%,10)
Therefore, the correct option is (a) 3,000,000(A∕F,10%,10).
Garcia Industries has sales of $176,500 and accounts receivable of $18,500. Assume all sales to be on credit. The industry average DSO is 27 days, based on a 365-day year. If the company changes its credit and collection policy sufficiently to cause its DSO to fall to the industry average, and if it earns 3.0% on any cash freed-up by this change, assuming other things are held constant, by how much would the net income be affected?
Answer:
$163.32
Explanation:
Days Sales Outstanding = 365 * Accounts receivable / Sales
If the Days Sales Outstanding falls to the industry average:
27 = 365 * Accounts receivable / $176,500
27 * $176,500 = 365 * Accounts receivable
Accounts receivable = 27 * $176,500 / 365
Accounts receivable = $13,056.16
Increase in net income = Decrease in accounts receivable * 3%
Increase in net income = ($18,500 - $13,056.16) * 3%
Increase in net income = $5,443.84 * 3%
Increase in net income = $163.3152
Increase in net income = $163.32
In 2009 the Ford Motor Company announced plans to spend $490 million on
building a third car assembly plant in China
Briefly explain two likely reasons why the Ford Motor Company plans to build
a third car assembly plant in China
Answer:
Cheaper labor. Cheaper auto parts.Explanation:
China has cheaper labor rates than the United States in comparative industries including in the motor vehicle producing industry. Ford may want to take advantage of this to make cars at a smaller cost in China and therefore make more profit in sales.
Car parts are also easier and cheaper to acquire in China. Steel for instance, is a very valuable commodity in motor vehicle manufacturing and China happens to be the largest producer in the world. Having access to cheaper materials would increase Ford's profitability as well.
Expert Manufacturing reported the following: Revenue Beginning inventory of direct materials, January 1, 2015 Purchases of direct materials Ending inventory of direct materials, December 31, 2015 Direct manufacturing labor Indirect manufacturing costs Beginning inventory of finished goods, January 1, 2015 Cost of goods manufactured Ending inventory of finished goods, December 31, 2015 Operating costs How much of the above would be considered period costs for Expert Manufacturing?
Answer:
$153,000
Explanation:
Note: The full question is attached as picture below
All the operating expenses which are associated with the business on a day-to-day basis or on a period-to-period basis is called period costs, and it generally includes the costs and expenses (excluding non-operating expenses) incurred during the business operation of the given period. Here, in the given balance sheet $153,000 of operating costs are period costs.
The following inventory information was taken from the records of Kleinfeld Inc.: Historical cost $12,000 Replacement cost $7,000 Expected selling Price $9,000 Expected selling cost $500 Normal profit margin 50% of price Assume that subsequent to your adjustment the expected selling price increases to $13,000 (all the rest of the facts are the same). What adjustment to inventory should be made under IAS 2 after this event
Answer:
Inventory should be increased by $3,500
Explanation:
Calculation for What adjustment to inventory should be made under IAS 2 after this event
Adjustment to inventory under IAS 2= 13,000 - 9,000- 500
Adjustment to inventory under IAS 2 = $3,500 Increased
Based on the above calculation the adjustment to inventory that should be made under IAS 2 after this event is that Inventory should be increased by $3,500.
Why do people have different belief systems? What are some of the different belief systems held in different countries? How do belief systems affect a country’s political system and culture?
Answer:
.
Explanation:
I don’t know either I’m also in this class.
Choi Company manufactures two skin care lotions, Smooth Skin and Silken Skin, from a joint process. The joint costs incurred are $360,000 for a standard production run that generates 170,000 pints of Smooth Skin and 300,000 pints of Silken Skin. Smooth Skin sells for $3.20 per pint, while Silken Skin sells for $5.20 per pint. (Do not round intermediate calculations. Round final answers to nearest whole dollar amounts.) Required: 1. Assuming that both products are sold at the split-off point, how much of the joint cost of each production run is allocated to Smooth Skin using the relative sales value method
Answer and Explanation:
1. The computation of the joint cost of each production assign to the smooth skin by relative sales values method is shown below:
Smooth skin
= $360,000 × (170,000 × $3.20) ÷ (170,000 × $3.20 + 300,000 × $5.20)
= $360,000 × $544,000 ÷ $2,104,000
= $93,080
And, for silken smooth
= $360,000 × (300,000 × $5.20) ÷ (170,000 × $3.20 + 300,000 × $5.20)
= $360,000 × $1,560,000 ÷ $2,104,000
= $266,920
Essential College Supplies (ECS) is a store on the campus on a large Midwestern university. The store has both an apparel section (t-shirts with the school logo) and a convenience section. ECS reports revenues for the apparel section separately from the convenience section. Requirement Classify each cost item (A-H) as follows:
a. Direct or indirect (D or I) costs of the total number of t-shirts sold.
b. Variable or fixed (V or F) costs of how the total costs of the apparel section change as the total number of t-shirts sold changes. (If in doubt, select on the basis of whether the total costs will change substantially if there is a large change in the total number of t-shirts sold.)
Requirement
a. Classify each cost item (A-H) as direct or indirect (D or I) costs of the total number of t-shirts sold. Cost Item D or A. Annual fee for licensing the school logo
b. Cost of store manager's salary
c. Costs of t-shirts purchased for sale to customers
d. Subscription to College Apparel Trends magazine
e. Leasing of computer software used for financial budgeting at the ECS store
f. Cost of coffee provided free to all customers of the ECS store
g. Cost of cleaning the store every night after closing
h. Freight-in costs of t-shirts purchased by ECS
Answer:
a. Annual fee for licensing the school logo - Direct cost - Fixed Cost
b. Cost of store manager's salary - Indirect Cost - Fixed Cost
c. Costs of t-shirts purchased for sale to customers - Direct cost - Variable cost
d. Subscription to College Apparel Trends magazine - Direct cost - Fixed Cost
e. Leasing of computer software used for financial budgeting at the ECS store - Indirect Cost - Fixed Cost
f. Cost of coffee provided free to all customers of the ECS store - Indirect Cost - Variable cost
g. Cost of cleaning the store every night after closing - Indirect Cost - Fixed Cost
h. Freight-in costs of t-shirts purchased by ECS - Direct cost - Variable cost
what are the 4 P's of storytelling
Answer:
I believe it is People, Passion, Purpose and Product
Explanation:
Answer:
People, Passion, Purpose, and Product.
Explanation:
When crafting a good story you need to keep the following four elements in mind: People, Passion, Purpose, Product.
People – Your story should describe the role you play in people’s lives. Therefore, your story needs to resonate with the listener. To do so, first write for the emotions you want to elicit then find the words that help you convey them.
Passion – Effective storytelling helps erase doubts in a prospect’s mind. Since what you’re really doing when you’re agvocating is selling you and your industry, a properly crafted story can garner attention, dispel doubts and solidify the truth, help build critical relationships, and resonate enough to leave a lasting impression. Finding the fodder for a well-crafted story means drawing on the passion and belief you have in your life’s work and speaking from the heart.
Purpose – Stories can help increase the value of a product. In a 2009 experiment, a couple of researchers bought $129 worth of junk at garage sales then put it all up for sale on eBay, but only after they added a ‘background’ story about each piece. They ended up making $3,600 on $129 worth of stuff due to people connecting emotionally with each piece through the story. Your purpose as an agvocate is to not only spread correct information about Canadian agriculture, but to elevate the brand by demonstrating its value to individuals and society.
Product – Don’t focus solely on the product. While it might be the best thing since sliced bread (and I think we can all agree farming is pretty great – who doesn’t love or need to eat?!), an amazing product in and of itself doesn’t necessarily make a great story. The reason behind (the passion, the benefits) the product, however, can be captivating.
20) Movie production companies sometimes re-release classic films to theaters to give people who enjoyed them the first time a chance to see the movies again. This is an example of a market penetration strategy.
TRUE FALSE
Bank Reconciliation and Entries
The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $81,145. During November, the total cash deposited was $293,150, and checks written totaled $307,360. The bank statement indicated a balance of $112,675 on November 30, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
hecks outstanding totaled $41,840.
A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement.
A check for $7,250 had been incorrectly charged by the bank as $2,750.
A check for $760 returned with the statement had been recorded by Collegiate Sports Co. as $7,600. The check was for the payment of an obligation to Ramirez Co. on account.
The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000.
Bank service charges for November amounted to $125.
A check for $2,500 from Hallen Academy was returned by the bank because of insufficient funds.
Required
Collegiate Sports Co.
Bank Reconciliation
November 30, 20Y9
Cash balance according to bank statement $
Adjustments:
Deposit of November 30, not recorded by bank $
Bank error in charging check as $7,250 instead of $2,750
Outstanding checks
Total adjustments
Adjusted balance $
Cash balance according to company's records $
Adjustments:
Proceeds of note collected by bank, including $385 interest $
Error in recording check as $7,600 instead of $760
Check returned because of insufficient funds
Bank service charges
Total adjustments
Adjusted balance $
2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound entry, if an amount box does not require an entry, leave it blank.
20Y9 Nov. 30 Cash
Notes Receivable
Interest Revenue
Accounts Payable-Ramirez Co.
Nov. 30 Accounts Receivable-Hallen Academy
Miscellaneous Expense
Cash
3. If a balance sheet were prepared for Collegiate Sports Co. on November 30, 20Y9, what amount should be reported as cash?
$\
Answer:
1. Collegiate Sports Co.
Bank Reconciliation
November 30, 20Y9
Cash balance according to bank statement $112,675
Adjustments:
Deposit of November 30, not recorded by bank $12,200
Bank error in charging check as ($4,500)
$7,250 instead of $2,750
Outstanding checks ($41,840)
Total adjustments ($34,140)
Adjusted balance $78,535
Cash balance according to company's records $66,935
($81,145+$293,150-$307,360)
Adjustments:
Proceeds of note collec. Date ted by bank, $7,385
including $385 interest
Error in recording check as $7,600 instead of $760 $6,840
Check returned because of insufficient funds ($2,500)
Bank service charges ($125)
Total adjustments $11,600
Adjusted balance $78,535
2. Date Account Titles Debit Credit
Nov 30 Cash $14,225
Notes receivables $7,000
Interest revenue $385
Account payable $6,840
Nov 30 Account Receivable $2,500
Miscellaneous expenses $125
Cash $2,625
3. The cash to be reported is $78,535.
Assuming a 12% annual interest rate, determine the present value of a five-period annual annuity of $3,500 under each of the following situations:
a. The first payment is received at the end of the first year, and interest is compounded annually.
b. The first payment is received at the beginning of the first year, and interest is compounded annually.
c. The first payment is received at the end of the first year, and interest is compounded quarterly.
Answer:
a. The first payment is received at the end of the first year, and interest is compounded annually.
present value = annual payment x PVIFA
annual payment = $3,500
PVIFA, 12%, 5 periods = 3.6048
present value = $12,616.80
b. The first payment is received at the beginning of the first year, and interest is compounded annually.
annual payment = $3,500
PVIF annuity due, 12%, 5 periods = 4.0373
present value = $14,130.55
c. The first payment is received at the end of the first year, and interest is compounded quarterly.
present value = annual payment x PVIFA
annual payment = $3,500
effective interest rate = 1.03⁴ - 1 = 12.55%
PVIFA, 12.55%, 5 periods = 3.5562
present value = $12,446.70
On February 1, 2021, the Xilon Corporation issued 47,000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon's common stock had a fair value of $16 per share. An office building was constructed on the site by an independent contractor. The building was completed on November 2, 2021, at a cost of $6,800,000. Xilon paid $4,400,000 in cash and the remainder was paid by the city of Monrovia.
Assuming that Xilon prepares its financial statements according to International Financial Reporting Standards, select all the correct alternatives the company has for recording the acquisition of the office building.
a. Same treatment as GAAP.
b. Deduct the amount of the grant in determining the initial cost of the office building.
c. Record the grant as a liability, deferred income, in the balance sheet and recognize it in the income statement systematically over the office building's useful life.
Answer:
a. Same treatment as GAAP.
Explanation:
the journal entry should be:
Dr Land 752,000
Dr Building 6,800,000
Cr Common stock 752,000
Cr Cash 4,400,000
Cr Donation revenue 2,400,000
the donation is not a deferred liability, nor the basis of the building be reduced by it.