Answer:
$900,000
Explanation:
I assume the question should be what is the Contribution margin? because the Formula for deriving Net Income is Contribution margin - Fixed costs which does not relate to the question above
Contribution Margin= Sales - Variable (Cost of Goods Sold) - Variable selling and administrative expenses
CM= $1700000 - $460000 - $340000
CM=$900,000
The contribution margin is $900,000
The dates of importance in connection with a cash dividend of $150,000 on a corporation's common stock are January 15, February 15, and March 15. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Jan. 15 Feb. 15 Mar. 15
Answer:
The 3 dates of importance on Cash Dividends are the Date of Declaration, Date of Record, and Date of Payment.
The date of Declaration as inferred is the day the company announces the Dividend. There is an accounting entry for this.
The Date of Record is the day on which the company determines which shareholders are going to get dividends. There is no entry here.
The Date of payment is the day the dividends are disbursed. There is an accounting entry here.
Jan 15
DR Retained Earnings $150,000
CR Cash Dividends Payable $150,000
(To record declaration of Dividends)
Feb 15.
No entry
March 15
DR Cash Dividends Payable $150,000
CR Cash $150,000
(To record payment of Dividends).
Nielson Motors is considering an opportunity that requires an investment of $1,000,000 today and will provide $250,000 one year from now, $450,000 two years from now, and $650,000 three years from now. If the appropriate interest rate is 15%, then Nielson Motors should
Answer:
The NPV is - $14958.49 . The opportunity should not be pursued as the NPV of the project discounted at the interest rate of 15% comes out to be negative . Thus, Nielson Motors should not proceed with the project.
Explanation:
To determine whether the project should be accepted or not, we need to calculate the NPV or Net Present Value of the project. If the NPV is positive, the project should be accepted.
The formula to calculate the NPV is attached.
NPV = - 1000000 + 250000 / (1 + 0.15) + 450000 / (1 + 0.15)² +
650000 / (1 + 0.15)³
NPV = - $14958.49429
The opportunity should not be pursued as the NPV of the project discounted at the interest rate of 15% comes out to be negative. Thus, Nielson Motors should not proceed with the project.
A company using the periodic inventory system has inventory costing $142 on hand at the beginning of a period. During the period, merchandise costing $432 is purchased. At year-end, inventory costing $400 is on hand. The cost of goods sold for the year is
Answer:
$174
Explanation:
The computation of the cost of goods sold is shown below:
As we know that
Cost of goods sold = Opening inventory + Purchase - ending inventory
= $142 + $432 - $400
= $174
By adding the purchase of merchandise and deducting the ending inventory from the opening inventory we can get the cost of goods sold and the same is to be applied
Hence, the cost of goods sold is $174
Critically analyze the difference and points of convergence between floor inspection and functional inspection
Answer:
Please refer to the below;
Explanation:
Difference between Floor inspection and Functional inspection.
• Floor inspection is usually conducted in a production environment. It involves checking of materials while processing in the machine by inspectors. Rather than checking the materials in the machine at the beginning of production, floor inspection checks the materials while in process inorder to ensure that the defected ones are quickly detected and expunged. It also ensure that the equipments used in processing are properly functioning.
• Functional inspection is an inspection that checks the overall function of a product rather than what makes up the component parts. For instance the load capacity and speed of a vehicle can be checked for optimal performance whereas individual parts that make up the vehicle are not checked, yet bring out satisfactory performance when combined together. This form of inspection is concerned with verification of final output and does not provide details about different sections instead provides a wider understanding of comfort that emanate from inspecting same item.
Points of Convergence between Floor inspection and Functional inspection.
• The key objective of both floor and functional inspection is quality output having reviewed and examined their expectations.
• Both floor and functional inspection work to prevent defective product from flowing down the successive operations and avoid loss to the company
• Both floor and functional inspection aim at meeting customers requirements, wants and needs.
Use the following information.
Windswept, Inc.
2010 Income Statement
($ in millions)
Net sales $9,570
Cost of goods sold 7,890
Depreciation 465 Earnings before interest and taxes $1,215
Interest paid 110
Taxable Income $1,105
Taxes 387
Net income $718
Windswept, Inc.
2009 and 2010 Balance Sheets
($ in millions)
2009 2010 2009 2010
Cash $250 $280 Accounts payable $1,470 $1,685
Accounts rec. 1,040 940 Long-term debt 1,140 1,320
Inventory 1,880 1,715 Common stock $3,420 $3,040
Total $3,170 $2,935 Retained earnings 630 880
Net fixed assets 3,490 3,990
Total assets $6,660 $6,925 Total liab. equity $6,660 $6,925
What is the days' sales in receivables for 2017?
a. 62.62 days
b. 31.81 days
c. 31.37 days
d. 45.01 day's
e. 33.85 days
Answer:
35.85 days
Explanation:
I suppose the question reads "What is the days' sales in receivables for 2010?"
To find the days' sales in receivables for 2010, use the following:
Days Sales in Receivales for 2010 = (Accounts Receivable in 2010 / Annual Sales) * 365
Where accounts receivable in 2010 from the information given is 940.
Annual sales = $9,570
Therefore,
Days Sales in Receivales for 2010 = [tex] (\frac{940}{9570}) * 365 [/tex]
= 35.85 days
The days' sales in receivables for 2010 is 35.85 days
A package delivery service uses vans and employees to deliver the maximum number of packages given a fixed budget. The last van added 600 packages to total output, while the last employee added 500 packages. If vans cost exist400 per week and employees earn exist300 per firm:________.
a. could deliver more packages with the same budget by using more employees and fewer Vans
b. could deliver more packages the same budget by using more vans and fewer with employees
c. use more vans and fewer employees because the last dollars spent on vans added more to total output than the last dollar spent on employees
d. is delivering the maximum number of packages given the fixed budget
e. both b and c
Answer: e. both b and c
Explanation:
Van delivered 600 per week and cost $400.
The cost per package for the Van is;
= 600/400
= $1.5 per package
Employees delivered 500 and cost $300 which means the cost per package is;
= 500/300
= $1.67 per package.
The results show that it costs more to deliver with Employees ($1.67) than with the Vans ($1.5). Using more Vans will therefore allow for more packages to be delivered using a fixed budget as the last dollar spent on Vans gave more output than the last dollar spent on Employees.
Zara, an HR manager at Fluxin LLC, is responsible for implementing a guided self-appraisal system using management by objectives in her organization. She has developed specific standards for performance. Which of the following is typically the next step for Zara?
a. Continuing performance discussions
b. Implementation of the performance standards
c. Setting of objectives
d. Job review and agreement
Answer:
The answer is option (c) Setting of objectives.
Explanation:
Solution
The next step for Zara to take from the given question is in the setting of objectives.
Setting of objectives : This is defined as a set of activity of setting objectives or goals for an organization.
In afterwords they are ends that explains specifically how the goals can be achieved or accomplished so they are quantitative in nature.
Explain the elements of managing, monitoring, and controllong project risk that would be important to you as a newly assigned project manager.
Answer:
Risk analysis is the management and control and assessment of risk to a firm.
Explanation:
A risk is a likelihood that a project will fall to meet its objectives. A project risk s a certain event or condition. Risk management focuses on identifying and assessing the risks of the project to minimize the impacts. Some of the management tools to manage risks are to plan risk management, risk identification, perform a quantitative risk analysis. Risk audits, meetings, reserve analysis, variance, and trend analysis, etc. Compute the risk to the stakeholders and monitor and control the risks. Check for incidence and determine future outcomes.Hubert: Demand decreased, but it was perfectly inelastic. Kate: Demand decreased, but supply was perfectly inelastic. Manuel: Demand decreased, but supply increased at the same time. Poornima: Supply increased, but demand was perfectly inelastic. Shen: Supply increased, but demand was unit elastic. Who could possibly be right
The complete part of the question.
The price of coffee fell sharply last month, while the quantity sold remained the same. Five people suggest various explanations
Answer:
Kate, Manuel and Poornima
Explanation:
Given that, the price of coffee fell but the quantity sold remained the same.
1. Hubert: Demand decreased, but it was perfectly inelastic.
If an elastic demand shifts the demand curve will move to the left. This would cause both prices as well as quantity to decline. So HUBERT's statement is not correct.
2. Kate: Demand decreased, but supply was perfectly inelastic.
This can be true, because of the inelastic supply curve. If the supply curve is an inelastic vertical line then a fall in demand will not affect quantity while the price will fall. So, KATE's statement can be right.
3. Manuel: Demand decreased, but supply increased at the same time.
If there is a decrease in the demand curve, it will shift to the left. Now, if there is an increase in the supply by the same amount the price will fall but quantity will remain the same. So, MANUEL's statement is right.
4. Poornima: Supply increased, but demand was perfectly inelastic.
Here, the rightward shift in the supply curve will cause the price to fall but quantity will remain the same. So, POORNIMA's statement is right.
5. Shen: Supply increased, but demand was unit elastic.
if the demand curve is unitary elastic, an increase in supply will cause the price to fall and quantity to increase. So, SHEN's statement is not correct.
Which of the following is a community lifeline
Answer:
Safety and security
food, water, and shelter
health and medical
power and fuel
communications and transport
Explanation:
A lifeline allows business and government structures to continue to operate and is beneficial to human health and financial stability. Lifelines are perhaps the most important resources in the community that allow all other facets of society to work when balanced. The interconnected network of resources, services, and securities ( food, water, and shelter, medical care, communications facilities, etc) that provide lifeline services is used on a daily basis to facilitate the community's regularly occurring needs and give all other elements of society to perform efficiently.
Communications are the Community's lifeline. Safety and security, health and medical care, communications, hazardous materials, food, water, shelter, energy (power & fuel), and transportation are the seven community lifelines that FEMA has defined. Thus, option C is correct.
The Community Lifelines idea from the Federal Emergency Management Agency (FEMA) is a framework for event management that gives emergency managers a reporting system to swiftly stabilize a community after a disaster.
Safety and security, health and medical care, communications, hazardous materials, food, water, shelter, energy (power & fuel), and transportation are the seven community lifelines that FEMA has defined. It is a sign that lives are in danger, and daily routines and food chains are disturbed, if any of these Lifelines go down due to a disaster or emergency.
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Your question seems to be incomplete, but most probably the complete question was:
Which of the following is a community lifeline?
a. schools and churches
b. lumber and hardware
c. grocery and fast food
d. communications
Robin Company wants to earn a 6% return on sales after taxes. The company’s effective income tax rate is 40%, and its contribution margin is 30%. If Robin has fixed costs of $240,000, the amount of sales required to earn the desired return is
Answer:
Answer is 1,200,000
Explanation:
return on sales after taxes = 6%
effective income tax rate = 40%, contribution margin = 30%.
Robin has fixed costs = $240,000,
We are to find the amount of sales required to earn the desired return using the information above.
Profit = Contribution - Fixed Cost
Assuming sales = K
6/(100-40)K = (30/100)K -240,000
0.1K =0.3K -240,000
0.2K =240,000
K = 240,000/0.2
so K =1,200,000.
oe Smith, age 75, from Vienna, IL has the winning Powerball lottery numbers which will pay out $13 million at the beginning of each of the next 30 years (reported prize of $390 million). Before claiming his prize, Trusty Insurance Company offers Joe $200 million today in exchange for his winning lottery ticket and prize payout. What rate of return would Trusty Insurance earn if Joe accepts their offer?
Answer:
The IRR is 5%. Rate of return would be 12.5% assuming a discount rate of 4%
Explanation:
The answer depends entirely on the discount rate. The question covers a 30 period timeframe and in each period, the pay off is $13 million. This is a simple time value of money concept in which to calculate the present value, you will simply calculate the present value of each of the cash flows. The formula is 13Mn/[(1+r)^n] where n is the year from 1 to 30, r is the discount rate.
The question requires us to calculate the return that is the variable 'r'. For this you need to have the present value today so that you can then use the equation to solve for 'r'. However, the only information we have is the time period and the cash flow. We are given $200mn as the initial outlay. So, we can at least use this to calculate the internal rate of return (IRR) which is simply the rate of return (or the value of 'r') at which the present value of each of the 13 Mn to be received over the next 30 years is equal to the initial outlay (i.e 200mn). In short, IRR is the rate of return at which the net present value (NPV) is equal to zero. In our example, and using the formula for each of the cash flow from years 1 to 30, the IRR is computated at 5%. So if the discount rate that the company uses is less than 5%, the company would be better of with Joe accepting the offer because any discount rate below 5% would result in the present value of the cash flows to be in excess of $200Mn.
Lets take an example and assume that the discount rate is 4%, using the formula from year 1 to 30 and summing the values would give us a present value of $225 Mn. So the rate lf return in this case would be (225-200)/200 x 100 = 12.5%.
The following data are provided:
December 31
2018 2017
Cash $ 1,500,000 $ 1,000,000
Accounts receivable (net) 1,600,000 1,200,000
Inventories 2,600,000 2,200,000
Plant assets (net) 7,000,000 6,500,000
Accounts payable 1,100,000 800,000
Income taxes payable 200,000 100,000
Bonds payable 1,400,000 1,400,000
10% Preferred stock, $50 par 2,000,000 2,000,000
Common stock, $10 par 2,400,000 1,800,000
Paid-in capital in excess of par 1,600,000 1,300,000
Retained earnings 4,000,000 3,500,000
Net credit sales 12,800,000
Cost of goods sold 8,400,000
Operating expenses 2,900,000
Net income 1,500,000
Additional information:
Depreciation included in the cost of goods sold and operating expenses is $1,220,000. On May 1, 2018, 60,000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2018.
The accounts receivable turnover for 2018 is____________.
a. 12,800 / 1,600.
b. 8,400 / 1,600.
c. 12,800 / 1,400.
d. 8,400 / 1,400.
The inventory turnover for 2018 is____________.
a. 12,800 / 2,600.
b. 8,400 / 2,600.
c. 12,800 / 2,400.
d. 8,400 / 2,400.
The profit margin on sales for 2018 is______________.
a. 4,400 / 12,800.
b. 1,500 / 12,800.
c. 4,400 / 8,400.
d. 1,500 / 8,400
The return on common stock holders’ equity for 2018 is______________.
a. 1,500 / 7,200.
b. 1,500 / 8,000.
c. 1,300 / 7,200.
d. 1,300 / 8,000.
The book value per share of common stock at 12/31/18 is_____________
a. 7,800 / 240.
b. 7,760 / 240.
c. 7,800 / 220.
d. 8,000 / 220.
Answer:
The accounts receivable turnover for 2018 is 9.14.
accounts receivable turnover = net sales / average accounts receivable, in thousands it would equal:
c. 12,800 / 1,400.
The inventory turnover for 2018 is 3.5.
inventory turnover = cost of goods sold / average inventories, in thousands it would equal:
d. 8,400 / 2,400.
The profit margin on sales for 2018 is 11.72%.
profit margin = net income / net sales, in thousands it would equal:
b. 1,500 / 12,800.
The return on common stockholders’ equity for 2018 is 18.75%.
return on equity = net income / equity, in thousands it would equal:
b. 1,500 / 8,000.
The book value per share of common stock at 12/31/18 is $36.36
book value per share of common stock = (total stockholders' equity - preferred stocks) / average number of common stocks, in thousands it would equal:
d. 8,000 / 220
Indicate which of the following has an effect on financing cash flows.
a. Notes payable with a carrying value of $16,600 are retired for $18,400 cash, resulting in a $1,800 loss.
b. Paid cash dividends of $12,600 to common stockholders.
c. Acquired $21,600 worth of machinery in exchange for common stock.
Items Amount Effect on financing cash flows
a. Notes payable
b. Dividends
c. Machinery
Answer:
Item Amount Effect
A.Notes Payable ($16,600) Decrease
B.Dividends ($1,800) Decrease
C.Machinery $ 21,600 or $ 0 No effect
Explanation:
Indicating the items that has an effect on financing cash flows
Item Amount Effect
A.Notes Payable ($16,600) Decrease
Because the cash are repaid
B.Dividends ($1,800) Decrease
Because the Dividend are been paid out in cash
C.Machinery $ 21,600 or $ 0 No effect
No effect because it is a non cash activity.
Your neighbors have offered to pay you to look after their dog while they are on vacation. It will take you one hour per day to feed, walk, and care for the dog, which you can do either before or after you go to work. Your regular job pays $10 per hour, and you can work up to eight hours per day. The smallest amount of money you would accept to look after your neighbor’s dog each day is equal to:
Answer:
C the value you place on one hour of leisure
Explanation:
Here are the options to this question:
OA $15, because overtime wages are generally 1.5 times your regular wage when you work more than eight hours a day OB. $10, because that is your opportunity cost of one hour of work OC the value you place on one hour of leisure OD. zero, because your regular job is not available for more than eight hours per day
Caring for the dog won't interfere with my job as I can care for the dog either before or after work.
What I would be sacrificing to care for the dog would be the time I would have spent resting or doing leisure activities. So the least amount I should charge is the value i place on one hour of leisure.
I hope my answer helps you
During the month of May, direct labor cost totaled $20,405 and direct labor cost was 55% of prime cost. If total manufacturing costs during May were $73,600, the manufacturing overhead was:
Answer:
$36,500
Explanation:
Calculation for manufacturing overhead
Direct labor = $20,405
The Total manufacturing cost = $73,600
Prime cost = Direct labour cost ÷0.55
Prime cost = $20,405 ÷ 0.55 =
Prime cost = $37,100
Using this formula for Tot Manufacturing cost
Total manufacturing cost = Prime cost + Manufacturing overhead cost
$73,600 = $37,100 + Manufacturing overhead cost
Manufacturing overhead cost = $36,500
Therefore tthe manufacturing overhead was:$36,500
White Company budgeted for $200,000 of fixed overhead cost and volume of 40,000 units. During the year, the company produced and sold 39,000 units and spent $210,000 on fixed overhead. The fixed overhead cost spending variance is: $5,000 unfavorable. $10,000 unfavorable. $5,000 favorable. $10,000 favorable.
Answer:
$8,000
Explanation:
this is the answer hopefully....
The fixed overhead cost spending variance is $5,000 unfavorable. Thus the correct option is 1.
What is fixed overhead?Costs known as fixed overheads are expenses that don't vary based on variations in the volume of business activity each month. These expenses are necessary in order to run a business.
The calculation for fixed overhead is
Fixed overhead rate= Budgeted overhead cost/ Budgeted volume
= 200,000/40,000
= 5 per unit of output
The Fixed overhead absorption rate is 5 per unit of output.
Calculation for fixed overhead cost spending variance
= (Actual output- budgeted output) * Fixed overhead absorption rate
=(39,000-40,000)* $5
=$5,000 unfavorable
Hence, the fixed overhead cost spending variance is $5,000 unfavorableTherefore, option 1 is appropriate.
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Tracy and Brett are married. Their current assets $9,243 Their current liabilities $6,921 Their monthly nondiscretionary expenses $4,693 Their annual combined income $70,000 Their annual debt payments (excluding monthly housing costs) $22,084 What is Tracy and Brett's emergency fund ratio in months
Answer:
1.3355
Explanation:
Current ratio = cash + cash equivalents ÷ current liabilities =$9,243 ÷ $6,921 =1.3355
Hope this helps & plz mark brainiest
$1.3355 is Tracy and Brett's emergency fund ratio in months. As Tracy and Brett are married. Their current assets $9,243 Their current liabilities $6,921 Their monthly nondiscretionary expenses $4,693.
What are current assets?Current assets are all of a company's assets that are planned to be sold or used in the course of normal business operations during the course of the following year.
Current assets include things like cash, cash equivalents, receivables, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets.
Current assets are items that a corporation utilizes, replaces, or turns into cash during a typical operating cycle. They are also known as short-term assets It sets them apart from long-term assets, or those that a company uses for longer than a year.
Thus, it is $1.3355.
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Hannah Roberts owns and operates Hannah's Pool Service Company. On January 1, Hannah Roberts, Capital had a balance of $309,170. During the year, Hannah invested an additional $22,040 and withdrew $39,010. For the year ended December 31, Hannah's Pool Service Company reported a net income of $55,080.
Prepare a statement of owner's equity for the year ended December 31. Hannah's Pool Service Company Statement of Owner's Equity For the Year Ended December 31.
Answer:
Hannah's Pool Service Company
Statement of owner equity for the year ended December 31
Particulars Amount
Capital (January 1) $309,170
Investment during the year $22,040
Net Income $55,080
Withdrawals during the year (-$39,010)
Increase in the owner equity $38,110
Capital (December 31) $347.280
Workings
a. Increase in the owner equity = Investment during the year + Net income - withdrawal during the year
=$22040+$55080 -$39010
=$38110
b. Capital (December 31) = Capital on January 1 + Increase in owner equity
=$309170 +$38110
=$347280
In Ricci v. DeStefano, Ricci, a white firefighter, took and passed the City of New Haven firefighter's test, required of all applicants for promotion in the city's fire department. The test was thrown out when it was discovered that minorities scored poorly and the city feared a disparate impact-based lawsuit. How did the court rule?
A) An employer may not simply disregard a test based on unwanted results unless the test is shown to be biased or deficient.
B) Even though the test was prepared by a professional testing organization, the city has the right to reject the test results if minorities do not score adequately
C) Deliberately oversampling minorities to seek to create a fair test is irrelevant if the test results show that minorities still scored poorly
D) Ricci, as a member of the white majority, had no grounds to sue when the city was seeking the legitimate aim of nondiscrimination
Answer:
The correct answer is A. In Ricci v. DeStefano, the Supreme Court ruled that an employer may not simply disregard a test based on unwanted results unless the test is shown to be biased or deficient.
Explanation:
Ricci v. DeStefano is a Supreme Court ruling of 2009, after a lawsuit by nineteen firefighters who claimed to have been discriminated against in terms of career development. They denounced that they had been discriminated after having passed the admission tests and still had not been promoted, since no African-American candidate had passed the tests. They also denounced that they had not been promoted because the Fire Department did not want to promote a group of new recruits without including within it any member of racial minorities.
Finally, the Supreme Court established that said procedure violated Title VII of the Civil Rights Act of 1964, since in the case equal access to employment was not guaranteed (in this case, favoring minorities over white firefighters), for set different demands for purely racial reasons.
Clay Earth Company sells ceramic pottery at a wholesale price of $ 5.00 per unit. The variable cost of manufacture is $ 1.25 per unit. The fixed costs are $ 6 comma 700 per month. It sold 4 comma 200 units during this month. Calculate Clay Earth's operating income (loss) for this month. A. $ 9 comma 050 B. $ 14 comma 300 C. ($ 6 comma 700) D. ($ 9 comma 050)
Answer:
A. $ 9 comma 050
Explanation:
The operating income(loss) of a business is the result of the sales less operating costs. The operating cost is made up of the fixed cost and the variable cost.
If the Sales is more than the operating cost, the business makes an income otherwise, a loss.
Sales = $5 * 4200
= $21,000
Operating cost = $1.25 * 4200 + $6,700
= $11,950
Operating income(loss) = $21,000 - $11,950
= $9,050
The following inventory balances have been provided for the most recent year: The cost of goods manufactured was $714,000. What was the cost of goods sold? Select one: a. $738,000 b. $693,000 c. $714,000 d. $733,000
Answer:
a. $738,000
Explanation:
Calculation for the cost of goods sold
Beginning Finished goods inventory $57,000
Add: Cost of goods manufactured $714,000
Goods available for sale $771,000
($714,000+$57,000)
Less Ending Finished goods inventory $33,000
Cost of goods sold $738,000
($771,000-$33,000)
Therefore the cost of goods sold will be $738,000
Why are adjustments made to the accounting records at the end of the period? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
Answer: a. To ensure assets and liabilities are reported at appropriate amounts.
b. To ensure the related revenues and expenses are reported in the proper period.
Explanation:
Adjustments must be made at the end of the period to make sure that the figures in the books are the proper and true reflection of the transactions that took place. That way records are neither overstated or understated thereby giving the users of the Accounting records a proper and accurate opportunity to assess the company's financial standing.
Records must also be adjusted to abide by the Accrual basis in accounting which posits that revenues and expenses should be recorded only in the periods when they occured regardless of if money has been received or paid for them. This way it is easier to match Expenses as well as Revenue to their respective periods.
(a) Blossom Company retires its delivery equipment, which cost $45,890. Accumulated depreciation is also $45,890 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,400 instead of 45,890.
Answer: The answer has been attached
Explanation:
Here is the complete question:
Prepare journal entries to record these transactions:
(a) Blossom Company retires its delivery equipment, which cost $45,890. Accumulated depreciation is also $45,890 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,400 instead of 45,890
The journal entries has been prepared and attached. It should be noted that the loss on the sale of the equipment was calculated as:
= $45,890 - $37,400
= $8,490
Check the attachment for the journal entries.
You purchased a machine for $ 1.15 million three years ago and have been applying straight-line depreciation to zero for a seven-year life. Your tax rate is 40 %. If you sell the machine today (after three years of depreciation) for $ 793 comma 000, what is your incremental cash flow from selling the machine? g
Answer:
The incremental cash flow from selling the machine is $738,657
Explanation:
In order to calculate the incremental cash flow from selling the machine we would have to calculate the following formula:
incremental cash flow = sale price - (sale price - book value)*tax
Book value = $1,150,000 - $1,150,000/7*3
Book value =$657,142.86
Therefore, incremental cash flow =$793,000-($793,000-$657,142.86 )*40%
incremental cash flow =$738,657
The incremental cash flow from selling the machine is $738,657
Carlos had been thinking of setting up a graphic design service business for quite some time. He knew that he wanted to work at home and he now had several leads for prospective customers. He also knew how much money he needed to make to cover his expenses. He had several ways to approach his new business including working by himself or taking on a partner. Both ways needed more thought to determine what each would involve. In terms of the rational decision-making model, Carlos is in which of the following steps?A. Defining the situation.
B. Describing and collect needed information.
C. Develop alternatives.
D. Develop agreement among those involved.
Answer: Develop alternatives
Explanation:
From the question, we are informed that Carlos had been thinking of setting up a graphic design service and has several leads for prospective customers and also has different ways to approach his new business which. include either by working alone or having a partner and he is critically thinking to determine the best option.
This means that he is developing alternatives. He is looking at a range of options in order to choose the.best one that will help him achieve his objective. Alternatives should reflect the different ways to tackle a problem.
Valotic Tech Inc. sells electronics over the Internet. The Consumer Products Division is organized as a cost center. The budget for the Consumer Products Division for the month ended January 31 is as follows (in thousands):
1. Customer service salaries $546,840.00
2. Insurance and property taxes 114,660.00
3. Distribution salaries 872,340.00
4. Marketing salaries 1,028,370.00
5. Engineer salaries 836,850.00
6. Warehouse wages 586,110.00
7. Equipment depreciation 183,792.00
8. Total $4,168,962.00
During January, the costs incurred in the Consumer Products Division were as follows:
1. Customer service salaries $602,350.00
2. Insurance and property taxes 110,240.00
3. Distribution salaries 861,200.00
4. Marketing salaries 1,085,230.00
5. Engineer salaries 820,008.00
6. Warehouse wages 562,632.00
7. Equipment depreciation 183,610.00
8. Total $4,225,270.00
Required:
1. Prepare a budget performance report for the director of the Consumer Products Division for the month of January. Enter all amounts as positive numbers.
Valotic Tech Inc.
Budget Performance Report—Director, Consumer Products Division
For the Month Ended January 31, 2016
1 Budget Actual Over Budget Under Budget
2 Customer service salaries
3 Insurance and property taxes
4 Distribution salaries
5 Marketing salaries
6 Engineer salaries
7 Warehouse wages
8 Equipment depreciation
9 Total
2. For which costs might the director be expected to request supplemental reports?
Answer:
Total Over budget = $112370
Total Under Budget= $ 56062
Explanation:
Valotic Tech Inc.
Budget Performance Report—Director, Consumer Products Division
For the Month Ended January 31, 2016
Budget Actual (Over) Under Budget
Customer service salaries $546,840 $602,350 (55,510)
Insurance & property taxes 114,660 110,240 4420
Distribution salaries 872,340 861,200 11,140
Marketing salaries 1,028,370 1,085,230 (56,860)
Engineer salaries 836,850 820,008 16842
Warehouse wages 586,110 562,632 23478
Equipment depreciation 183,792 183,610 182
Total $4,168,962 $4,225,270 (56308)
Total Over budget = $112370
Total Under Budget= $ 56062
Over budget means that the amount is spent more than the amount budgeted.
The Customer service salaries and Marketing salaries are over budgeted and the the director is expected to request supplemental reports of these to analyze where the amount has been overspent.
Prom Night Formal Wear has the following stockholders' equity accounts at December 31, 2018: Common Stock, $1 par value, 1,900,000 shares; Additional Paid-in Capital, $23 million; Retained Earnings, $16 million; and Treasury Stock, 40,000 shares, $1.85 million. Prepare the stockholders' equity section of the balance sheet. (Enter your answers in dollars, not in millions. Amounts to be deducted should be indicated with a minus sign.)
Answer:
Prom Night Formal Wear
Balance sheet
Stockholders' equity section
December 31, 2018
PARTICULAR AMOUNT
Stockholders equity
Common stock $1,900,000
Additional Paid-in capital $23,000,000
Total Paid-Up Capital $24,900,000
Retained earning $16,000,000
Treasury stock ($1,850,000)
Total Stockholder equity $39,050,000
The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was $190,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year. Accounts payable $1,200 Miscellaneous expense $370 Accounts receivable 12,340 Office expense 560 Cash 32,990 Supplies 1,670 Fees earned 68,980 Wages expense 25,580 Land 65,000 Drawing 3,000 Building 143,670 Prepare an income statement for the current year ended March 31. Thompson Computer Services Income Statement For the Year Ended March 31
Answer:
Thompson Computer Services
Income statement for the current year ended March 31.
Particulars Amount
Fees Earned $68,980
Expenses
Miscellaneous expense $370
Office expense $560
Wages expense $25,580
Total Expenses $26,510
NET INCOME $42.470
According to Mikey, the founder, Holden Outerwear does not manufacture its garments in the United States because of the: aplicated procedure to acquire a manufacturing license. b.limited control over manufacturing partners. c.legal and political risks. d.high production costs.
Answer:
d
Explanation:
The complete question is mentioned in attachment. According to 2nd line and 2nd last line, option d is the ocrrect answer.
According to Mikey, the founder, Holden Outerwear does not manufacture its garments in the United States because of the: limited control over manufacturing partners. Therefore, the correct option is B.
The manufacturing in any place abroad brings many challenges in maintaining the same level of vigilance and control over the production processes as comparatively to having manufacturing processes in the company's home nation.
The offshore manufacturing mainly involves working with third-party or manufacturing partners, which may bring problems and issues related to quality control, supply chain management, and communication.
Thus, the ideal selection is option B.
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The complete question might be:
According to Mikey, the founder, Holden Outerwear does not manufacture its garments in the United States because of the: a. aplicated procedure to acquire a manufacturing license. b.limited control over manufacturing partners. c.legal and political risks. d.high production costs.