Answer: 2018; $21,500
Explanation:
The 't' in D(t) represents how many years after 1995 the function is referring to. This question has the 't' at 23 so this is 23 years after 1995.
= 1995 + 23
= 2018
The average household debt is given in thousands of dollars therefore;
= 21.5 * 1,000
= $21,500
In the year 2018, the total average credit card debt for a U.S. household will be $21,500.
Don receives 100 utils from consuming two oranges. The utility he derives from consuming the second orange equals 30 utils. Which of the following conclusions is derived from the law of diminishing marginal utility?
a. The marginal utility Don receives from consuming the third orange will be less than 30 utils.
b. The marginal utility Don receives from consuming the third orange will be less than 100, but greater than 30 utils.
c. If the price of oranges decreases, Don will buy fewer oranges, ceteris paribus.
d. The total utility Don receives from consuming the first orange is less than the marginal utility from consuming the first orange.
Answer:
A
Explanation:
If he receives 100 utils from 2 oranges, and the second orange gives him 30 utils, we know that the third orange will give him less utils than the last, meaning without knowing the exact until he'll receive, it can be said for sure that he'll receive less than 30 utils from the third orange.
Dansko Integrated Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 9,900 Accounts Payable 2,700 Accounts Receivable 4,500 Debt 3,500 Inventory 3,800 Other Liabilities 1,000 Property Plant & Equipment 16,800 Total Liabilities 7,200 Other Assets 1,600 Paid-In Capital 8,000 Retained Earnings 21,400 Total Equity 29,400 Total Assets 36,600 Total Liabilities & Equity 36,600 Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question. Jan 25. Pay $4,000 owed to a supplier Jan 26. Issue $90,000 in stock Jan 27. Buy $16,000 worth of manufacturing supplies on credit Jan 28. Purchase equipment for $49,000 in cash Jan 29. Borrow $65,000 from a bank What is the final amount in Total Equity?
Answer:
What is the final amount in Total Equity?
$119,400Explanation:
January's balance:
Paid-In Capital 8,000
Retained Earnings 21,400
Total Equity 29,400
Jan 25. Pay $4,000 owed to a supplier
Dr Accounts payable 4,000
Cr Cash 4,000
Jan 26. Issue $90,000 in stock
Dr Cash 90,000
Cr Paid in capital 90,000
Jan 27. Buy $16,000 worth of manufacturing supplies on credit
Dr Inventory 16,000
Cr Accounts payable 16,000
Jan 28. Purchase equipment for $49,000 in cash
Dr Equipment 49,000
Cr Cash 49,000
Jan 29. Borrow $65,000 from a bank
Dr Cash 65,000
Cr Debt 65,000
Dansko Integrated
Balance Sheet
For the Month Ended January 31, 202x
Assets:
Cash $111,900
Accounts Receivable $4,500
Inventory $19,800
Property Plant & Equipment $65,800
Other Assets $1,600
Total Assets $203,600
Liabilities and equity:
Liabilities:
Accounts Payable $14,700
Debt $68,500
Other Liabilities $1,000
Total Liabilities $84,200
Equity:
Paid-In Capital $98,000
Retained Earnings $21,400
Total Equity $119,400
Total Liabilities & Equity $203,600
The range for daily sales for the week, $89,000, $75,000, $98,000, $66,000, and $99,000, is ________. a. $33,000. b. $85,400. c. $427,000. d. $89,000.
Answer:
$33,000
Explanation:
The daily sales for a particular week is given as follows: $89,000, $75,000, $98,000, $66,000, $99,000
Range can be defined as the difference between the highest value and the lowest value within a particular set of number
From the question above;
The highest value is $99,000
The lowest value is $66,000
Therefore, the range for the daily sales for the week can be calculated as follows
Range= Highest value-Lowest value
= $99,000-$66,000
= $33,000
Hence the range is $33,000
Using the overdraft protection line. Isabella Harris has an overdraft protection line. Assume that her October 2015 statement showed a latest (new) balance of $862. If the line had a minimum monthly payment requirement of 5 percent of the latest balance (rounded to the nearest $5 figure), then what would be the minimum amount that she’d have to pay on her overdraft protection line?
Answer:
$45
Explanation:
Calculation for what would be the minimum amount that Isabella Harris have to pay on her overdraft protection line
Using this formula
Percentage of monthly payment requirement × The new balance
Let plug the formula
5% * 862 = 43.1
Now we are going to round it to nearest $5
Thus, to the nearest $5 will be $45.
Therefore what would be the minimum amount that Isabella Harris have to pay on her overdraft protection line would be $45
1. A complaint of sexual harassment by a part-time worker in a hardware business was upheld when the Tribunal found that the employer had failed to take sufficient action in relation to the employee's report of inappropriate behaviour. The alleged sexual harassment included kissing, touching her breasts and leg, persistent requests to have a drink outside work hours despite an ongoing refusal, asking for cuddles, telephoning her at home and making repeated unsolicited sexual remarks. Based on any four ethical theories, explain how these acts constitute unethical behaviours at the workplace
Answer:
Sexual harassment is an unethical behavior both at or outside workplace and this can be explained using these ethical theories; DEONTOLOGY, UTILITARIANISM, INDIVIDUAL CHARACTER ETHICS, WORKPLACE INDIVIDUAL ETHICS
1. DEONTOLOGY: This ethical theory states that a person's actions are either bad or good depending on sets of rules, actions are morally right if it is in accordance with the rules, rights et cetera. in this case the behavior does not follow any rules and there is no right given to anybody to harass a woman. This theory shows that these acts were unethical.
2. UTILITARIANISM: this theory supports actions and behaviors that brings happiness and joy to others and frowns at actions that brings sadness and unhappiness to people around us. In this case the employee is harassed which makes her unhappy so this theory labels sexual harassment as an unethical behavior.
3. INDIVIDUAL CHARACTER ETHICS: It says that there are certain qualities of a person that determine their ethics, this includes; gratitude, benevolence, respect but in this case the individual has no such traits present in him because of his disrespect towards a woman, so this theory shows how unethical those acts were.
4. WORKPLACE INDIVIDUAL ETHICS: It says that the development or presence of certain traits show the work ethics of an individual and the traits are honor, work pride, trustworthiness but in this case he has proved that there is no such trait present in him so it constitute unethical behavior at workplace.
Assume you are holding a business meeting with five people, each from a different continent (North America, South America, Europe, Africa and Asia), you being one of them. Which steps would you take to ensure that everyone is comfortable and that communication is good between everyone?
Explanation:
Holding a meeting with people from different cultures can be a big challenge, so it is necessary to organize the meeting to ensure that the different approaches and needs of each person are taken into account by the leader who will conduct the business meeting.
It is necessary to think of ideas, decisions and conduct that make all participants comfortable and are not a factor that interferes with the positive flow of the meeting. It is therefore important to develop cultural intelligence, which is an essential skill for leaders of large companies who wish to operate in the globalized market.
Cultural intelligence can be defined as the ability of a person to relate and work between different cultures, adapting and increasingly developing that intelligence (cultural quotient) in motivational, behavioral and metacognitive aspects. Through cultural intelligence it is possible for the individual to get involved efficiently in any environment, in business it is an essential skill for survival in the global market.
If the straight-line depreciation method is used, the annual average investment amount used in calculating the accounting rate of return is calculated as (beginning book value + ending book value)/2.
a. True
b. False
Answer:
The answer is true
Explanation:
Accounting Rate of Return is a financial ratio used in capital budgeting decision making. It is the ratio of estimated accounting profit(net income) of a project to the average investment made in the project.
And average investment is calculated as the sum of the beginning and ending book value of the project/investment divided by 2
Depreciation is termed as the phase of the value of the assets when they keep on decreasing year by year or monthly. It is caused due to the overutilization of the assets for the production function of the firm.
The correct answer is true
An Accounting Rate of Return (ARR) is a financial ratio that is used to make capital budgeting decisions. It is the ratio of a project's estimated retained earnings (retained earnings) to a project's average investment.
Investment is equal to the sum of the project/initial investments and ending book values divided by two.
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There is demand for and supply of dollars and a demand for and supply of pesos. Under a flexible exchange rate system, if income growth in the United States is greater than income growth in Mexico, then the
Answer:
There is demand for and supply of dollars and a demand for and supply of pesos. Under a flexible exchange rate system, if income growth in the United States is greater than income growth in Mexico, then the dollar would increase its value over the peso.
Explanation:
Given that in the situation in question the quantities supplied and demanded of both currencies remain stable, in principle there should be no valuation of one over the other for reasons of supply and demand.
Now, since the economic growth in the United States that sustains the value of the dollar is greater than that growth in Mexico that sustains the value of the peso, the greater the value of the dollar in international markets. This will necessarily imply a higher valuation of the American currency, which will widen the gap in the exchange rate with respect to the peso, which instead will remain stable in global markets.
A capital investment evaluation method that measures the expected time for the present value of the net cash flows to equal the initial cost of the investment is the:
Answer:
The Payback Method.
Explanation:
The pay back period is the length of time required for the total cash flows to equal the initial capital investment.
Thus the Payback Method is the investment evaluation method that measures the expected time for the present value of the net cash flows to equal the initial cost of the investment.
Answer:
The correct answer is: Net present value (NPV)
Explanation:
The I-75 Carpet Discount Store in North Georgia stocks carpet in its warehouse and sells it through an adjoining showroom. The store keeps several brands and styles of carpet in stock; however, it s biggest seller is Super Shag carpet. The store wants to determine the optimal order size and total cost for this brand of carpet given an estimated annual demand of 10,000 yards of carpet, an annual carrying cost of $0.75 per yard, and an ordering cost of $150. The store would also like to know the number of orders that will be made annually and the time between orders (i.e, the order cycle) given that the store is open 311 days annually. (a) Calculate the economic order quantity (EOQ) (namely how many orders to place very year in order to minimize total cost?) (b) The total annual inventory cost based on the optimal order quantity calculated from (a), (c) Calculate the number of order per year and the time between orders (i.e., the order cycle.
Answer:
The I-75 Carpet Discount Store
a) Calculation of the economic order quantity (EOQ)
EOQ = the square root of (2 x annual demand x Ordering costs) /Holding cost
EOQ = square root of (2 x 10,000 x $150) / $7,500 = 20
Where Demand (D) = 10,000 yards
Ordering costs (S) = $150
Carrying or Holding cost = $7,500 ($0.75 x 10,000)
Therefore, the EOQ = square root of (2 x 10,000 x $150) / $7,500 = 20
b) The total annual inventory cost based on the optimal order quantity:
=TC = PC + OC + HC
= (10,000 x unit cost (p) + $150 x 10,000/20 + $0.75 x 10,000)
= 10,000p + $75,000 + $7,500
= 10,000p + $82,500
c1) Calculation of the number of order per year:
Number of order per year = Annual Demand / EOQ = 10,000/20 = 500
c2) Calculation of the time between orders or the order cycle
= Annual Demand / EOQ per year = 500/311 = 1.61 days or 2 days.
Explanation:
a) EOQ = the square root of (2 x annual demand x Ordering costs) /Holding cost
EOQ = square root of (2 x 10,000 x $150) / $7,500 = 20
b) The total annual inventory cost based on the optimal order quantity:
=TC = PC + OC + HC,
where TC is the Total Cost;
PC is Purchase Cost;
OC is Ordering Cost; and
HC is Holding Cost
= (10,000 x unit cost (p) + $150 x 10,000/20 + $0.75 x 10,000)
= 10,000p + $75,000 + $7,500
= 10,000p + $82,500
c1) Calculation of the number of order per year:
Number of order per year = Annual Demand / EOQ = 10,000/20 = 500
c2) Calculation of the time between orders or the order cycle = Annual Demand / EOQ per year = 500/311 = 1.61 days or 2 days.
d) The total cost of inventory is the sum of the purchase, ordering and holding costs.
e) Order cycles per year are calculated by dividing the annual demand D by the order quantity Qo. An order cycle is the amount of time between when an order is placed and when the next order after it is placed.
f) EOQ (Economic Order Quantity) calculates the order quantity that minimizes costs. It is also called the optimal order quantity.
Shoe companies pair their logos with exciting athletes in order to get you excited about buying their shoes. Which could be BEST described as the unconditioned stimulus in this scenario
Answer:
Exciting athletes.
Explanation:
In psychology, the term classical conditioning refers to a form of learning in which a stimulus that triggers a natural answer by itself (unconditioned stimulus and unconditioned response) is paired with another stimulus that originally doesn't trigger any answer (neutral stimulus) but, after some repetitions, the answer evoked by the first stimulus starts to show up by presenting the originally neutral stimulus. Then, this answer is known as the conditioned response and the neutral stimulus has become a conditioned stimulus)
In this example the companies are pairing the logos which originally don't trigger any answer (and therefore are the neutral stimulus) to exciting athletes (which trigger a natural answer of excitement and thus are the unconditioned stimulus) in order that you get excited when you see the logo and buy the shoes. So, the answer evoked by the exciting athletes (unconditioned response) starts to show up when you just see the logo (neutral stimulus). Thus, in this scenario, the unconditioned stimulus (the one that triggers an answer by itself) would be the exciting athletes.
A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable $ 358,000 debit Allowance for uncollectible accounts 530 debit Net Sales 803,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.3% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?
Answer:
Debit Bad Debts Expense $2,939; Credit Allowance for Doubtful Accounts $2,939
Explanation:
Estimated Uncollectibles based on the past experience = $803,000 * 0.3%
=$2,409
Debit balance in allowance for doubtful accounts = $530
The total amount of Bad Debts Expense to be provided in the adjusting entry = $2,409 + $530
= $2,939
A project that costs $2,000 to install will provide annual cash flows of $510 for the next 5 years. The firm accepts projects with payback periods of less than 4 years.
Required:
a. What is this project's payback period?
b. What is project NPV if the discount rate is 3%?
c. What is project NPV if the discount rate is 10%?
Answer:
3.92
NPV when I is 3% = $335.65
NPV when I is 10% = $-66.70
Explanation:
Pay back period is the amount of time it takes to recover the amount invested in a project to be recovered from the cumulative cash flows.
Payback period = amount invested / cash flow = $2000 / $510 = 3.92
Net present value is the present value of after tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Cash flow in year 0 = $-2000
Cash flow each year from year 1 to 5 = $510
NPV when I is 3% = $335.65
NPV when I is 10% = $-66.70
To find the NPV using a financial calacutor:
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
I hope my answer helps you
Ms. Jones, the CEO of First Bank, is hoping that her employees will buy into a new performance review system. Which of the following statements would be most likely to help Ms. Jones achieve buy-in?
1. I would like the new performance system im plemented by Monday. Please see that it is done.
2. The new performance system starts on Tuesday of next week. Be prepared to use it.
3. We are implementing a new performance system effective Monday.
4. We will have a meeting Friday with HR to learn how to use it We need to continue to work on the new performance system.
Answer:
The correct answer is the option 4: We will have a meeting Friday with HR to learn how to use it. We need to continue to work on the new performance system.
Explanation:
To begin with, if Ms. Jones is looking forward to get her employees to buy the new system then she must tell them that they are going to use and it is important for the company and even more for them to have it in order to use it later because that will bring more benefits for everyone. Therefore that when she tells them that there is a meeting soon that will focus in the fact of learning how to use it and that it will show the importance of using it, the employees will feel the necessity of acquiring it for that reason.
Target profit a.are when sales and costs are exactly equal. b.can be calculated by modifying the break-even equation. c.equals differential costs. d.cannot be calculated in cost-volume-profit analysis.
Answer:
b. can be calculated by modifying the break-even equation.
Explanation:
As the name implies, target profit can be explained to be the certain amount a business enterprise or a business organisation targets to hit at the end of its sales or at the end of her business dealings.
It can be easily seen in a cash flow planning as it is once modified to approximate cash flow, and also used for revealing expected results to investors and lenders. In all that it is been used for, in the scenario above, it also can be calculated by modifying the break-even equation, and deriving more conservative budgeting packages in business development too.
Adjust the contribution margin per unit and units sold based on an expected sales promotion.
Alter the fixed cost total and the contribution margin per unit for the effects of outsourcing production.
Alter the contribution margin for the effects of changing to a just-in-time production system.
If there is continually a large unfavorable variance between the target and actual profit, it may be necessary to examine the system used to derive the target profit,
The Dean Company has sales of $500,000, and the break-even point in sales dollars of $300,000. What is the company’s margin of safety percentage? _________________________
Answer:
40%
Explanation:
The Dean company have a sales of $500,000
The break-even point in sales dollar is $300,000
Therefore, the company's margin of safety can be calculated as follows
Margin of safety= Sales-break-even sales/sales
= $500,000-$300,000/$500,000
= $200,000/$500,000
= 0.4×100
= 40%
Hencethe company's margin of safety percentage is 40%
The balance in Discount on Bonds Payable
a. would be added to the related bonds payable to determine the carrying amount of the bonds.
b. would be subtracted from the related bonds payable on the balance sheet.
c. should be reported on the balance sheet as an asset because it has a debit balance.
d. should be allocated to the remaining periods for the life of the bonds by the straight-line method, if the results obtained by that method materially differ from the results that would be obtained by the interest method.
Answer:
b. would be subtracted from the related bonds payable on the balance sheet.
Explanation:
A bond is a fixed income instrument that represents the indebtedness of the borrower to the investor or creditor (bond issuer). They're basically loans that are given to large organizations or government.
This ultimately implies that, when an investor or creditor purchases a bond, an agreed amount of money is being borrowed to the issuer as a loan. Consequently, the bond issuer is expected to pay an interest with a return of principal at maturity to the holder (investor or creditor) of the bond.
Hence, bonds payable only arises when a company issues bonds so as to generate cash for its business and plans. Thus, the company is a borrower as the bond issuer while the holder of the bond is a debt-holder (investor or creditor). This further would mean that, the company becomes liable to the investor. Therefore, bonds payable should be recorded on the long-term liability side of the balance sheet being used by the company.
Bonds are issued at par or premium or discount and as such bond issuer records the face value of the bond as bonds payable.
Additionally, the balance in discount on bonds payable would be subtracted from the related bonds payable on the balance sheet because it decreases the value of the bonds.
The information related to interest expense of classic music, inc. is given below:
Net Income $265,000
Income tax expense 105,000
Interest expense 66,000
Based on the above data, which of the following is the times- interest- earned ratio? (round the final answer to two decimal places)
A) 6.61 times
B) 4.15 times
C) 5.02 times
D) 4.02 times
Answer:
The times- interest- earned ratio is 6.61 times. The right answer is A.
Explanation:
In order to calculate the times- interest- earned ratio we would have to make the following calculation:
times- interest- earned ratio=Income before interest and taxes/Interest expense
According to given data
Income before interest and taxes=Net Income+Income tax expense +Interest expense
Income before interest and taxes=$265,000+$105,000+$66,000
Income before interest and taxes=$436,000
Therefore, times- interest- earned ratio=$436,000/$66,000
times- interest- earned ratio= 6.61 times
Suppose the spot and six-month forward rates on the Norwegian krone are Kr 5.83 and Kr 5.98, respectively. The annual risk-free rate in the United States is 3.63 percent, and the annual risk-free rate in Norway is 5.33 percent.
The six-month forward rate on the Norwegian krone would have to be Kr/$ ........... to prevent arbitrage.
Answer:
The six-month forward rate on the Norwegian krone would have to be Kr/$ 5.93 to prevent arbitrage
Explanation:
In order to calculate the six-month forward rate on the Norwegian krone we would have to calculate the following formula:
six-month forward rate = S (1+id) / (1+if)
According to the given data we have the following:
S=5.83
id=5.33%
if=3.63%
Therefore, six-month forward rate =5.83 (1+5.33%) / (1+3.63%)
six-month forward rate =6.14/1.04 = 5.93
The six-month forward rate on the Norwegian krone would have to be Kr/$ 5.93 to prevent arbitrage
Three grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is $1.50 per gram. Budgeted production of Mink Caress is given below by quarters for Year 2 and for the first quarter of Year 3:
Year 2 Year 3
First Second Third Fourth First
Budgeted production, in bottles 60,000 90,000 150,000 100,000 70,000
Musk oil has become so popular as a perfume ingredient that it has become necessary to carry large inventories as a precaution against stock-outs. For this reason, the inventory of musk oil at the end of a quarter must be equal to 20% of the following quarters production needs. Some 36,000 grams of musk oil will be on hand to start the first quarter of Year 2.
Required:
Prepare a direct materials budget for musk oil, by quarter and in total, for Year 2. (Round "Unit cost of raw materials" answers to 2 decimal places.)
Answer:
1. Direct Materials Budget Units( bottles) 66,000 102,000 140,000 94,000 Total 452,000
2. Costs Raw Materials $ 297,000 $ 459,000 $ 630,000 $ 423,000
Total 2034,000
Explanation:
Direct Materials Budget in Bottles & Grams
Year 2 Year 3
First Second Third Fourth First
Budgeted production, 60,000 90,000 150,000 100,000 70,000
Desired Ending Inventory
20 % 0f the Production 18,000 30,000 20,000 14,000
Less Beginning Inventory
36,000/ 3 12,000 18,000 30,000 20,000 14,000
D. Materials Budget 66,000 102,000 140,000 94,000
Grams in a Bottle 3 3 3 3
Raw Materials gms 198,000 306,000 420,000 282,000
Costs $1.50 $1.50 $1.50 $1.50
Costs Raw Materials $ 297,000 $ 459,000 $ 630,000 $ 423,000
We add the desired ending inventory to the budgeted production and subtract the beginning inventory to get the direct materials budget in bottles. This is again multiplied with 3 gms and the cost per gram to get the total costs of the total grams. Each bottle contains 3 grams.
Direct Materials Budget in Bottles & Grams
Year 2
First Second Third Fourth Total
Budgeted production, 60,000 90,000 150,000 100,000 450,000
Add Desired Ending Inventory
20 % 0f the Production 18,000 30,000 20,000 14,000 82,000
Less Beginning Inventory
36,000/ 3 12,000 18,000 30,000 20,000 80,000
D. Materials 66,000 102,000 140,000 94,000 452,000
Grams in a Bottle 3 3 3 3 3
Raw Materials 198,000 306,000 420,000 282,000 1356,000
Costs $1.50 $1.50 $1.50 $1.50 1.50
Costs Raw Materials $ 297,000 $ 459,000 $ 630,000 $ 423,000
Total $ 2034,000
Part 1:
Direct Materials Budget in Bottles & Grams
Year 2
First Second Third Fourth Total
Budgeted production, 60,000 90,000 150,000 100,000 450,000
Add Desired Ending Inventory
20 % 0f the Production 18,000 30,000 20,000 14,000 82,000
Less Beginning Inventory
36,000/ 3 12,000 18,000 30,000 20,000 80,000
D.
Materials 66,000 102,000 140,000 94,000 452,000 Grams in a Bottle 3 3 3 3 3 Raw Materials 198,000 306,000 420,000 282,000 1356,000 Costs $1.50 $1.50 $1.50 $1.50 1.50 Costs Raw Materials $ 297,000 $ 459,000 $ 630,000 $ 423,000
Total Cost of Raw Material = $ 2,034,000
Part 2:
"Unit cost of raw materials"Direct Materials Budget in Bottles & Grams
Year 2 Year 3
First Second Third Fourth First
Budgeted productionProduction = 60,000 90,000 150,000 100,000 70,000
Desired Ending Inventory
20 % of the Production = 18,000 30,000 20,000 14,000
Less Beginning Inventory
Musk oil 36,000/3 = 12,000 18,000 30,000 20,000 14,000
D.
Materials Budget = 66,000 102,000 140,000 94,000
Grams in a Bottle = 3 3 3 3
Raw Materials gms = 198,000 306,000 420,000 282,000
Costs(given) = $1.50 $1.50 $1.50 $1.50
Costs Raw Materials for 4 years is = $ 297,000 $ 459,000 $ 630,000 $ 423,000
Therefore, the correct answer are :
Total Cost of Raw Material = $ 2,034,000
Cost of Raw Materials for 4 years is = $ 297,000 $ 459,000 $ 630,000 $ 423,000
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Mark writes a check to Sally, intending to use it to pay Sally for babysitting Mark's daughter next week. Sally arrives at Mark's house for a visit, and while Mark is in the bathroom, Sally discovers the check on Mark's desk and takes it. She endorses the check over to Bob in exchange for a used tennis racket. Mark ends up not hiring Sally to babysit. When he discovers the check is missing, he stops payment on it. Bob sues Mark to enforce payment of the check. Which of the following statements is true? a. Mark must pay Bob the amount of the check b. Mark could assert the defense of fraud in the inducement against Bob c. Mark can assert the defense of lack of delivery against Bob d. Mark can assert the defense of failure of consideration against Bob
Answer:
Bob sues Mark to enforce payment of the check
d. Mark can assert the defense of failure of consideration against Bob.
Explanation:
Failure of consideration means that there was no consideration since intended contract between Mark and Sally which would have established the consideration upon Sally's performance was frustrated. The contract did not take effect. It is an established point in contract law that there must be consideration for a contract to be valid and enforceable. Since the contract was not finalized and no performance of consideration was carried out by Sally, she had no legal right to collect Mark's check and endorse it to Bob.
Moreover, any potential contract would have been between Bob and Sally and not Mark. So, Mark can plead failure of consideration in the relationship between him and Sally, thus rendering the check's endorsement to a third party, null and void.
A company issued 120 shares of $100 par value common stock for $14,200 cash. The total amount of paid-in capital in excess of par is:
Answer:
The answer is simply $2,200.
Explanation:
Par value of common stock means the price of the stock as stated in the company's charter.The amount paid-in capital in excess of par connotes that the actual cash received for the common stock purchased by subscribers is more than the par value by a certain amountBased on the information provided in the question, the total amount of paid-in capital in excess of par is: $14,200 - (120 shares x $100) = $2,200.
Sondra was expecting a shipment of food from one of her suppliers and it didn't come. When she called the supplier the phone was disconnected. Later Sondra read that the supplier had gone out of business because it couldn't pay its debts. The supplier likely declared Chapter __________ bankruptcy.
Answer: Chapter 7 bankruptcy
Explanation:
Sondra was expecting a shipment of food from one of her suppliers and it didn't come. When she called the supplier the phone was disconnected. Later Sondra read that the supplier had gone out of business because it couldn't pay its debts. The supplier likely declared Chapter 7 bankruptcy.
It should be noted that chapter 7 bankruptcy is a very common form of bankruptcy and does not involve filing of a repayment plan.
Pocahontas School District, an independent public school district, financed the acquisition of a new school bus by signing a note for $90,000 plus interest on the unpaid balance at 6%. Annual principal payments of $30,000, plus interest, are due each July 1. Assuming that the District maintains its books and records in a manner that facilitates the preparation of the fund financial statements, the appropriate entry in the General Fund at the date of acquisition is:_________.
A) Debit Expenditures $90,000; Credit Notes Payable $90,000.
B) Debit Fixed Assets $90,000; Credit Notes Payable $90,000.
C) Debit Expenditures $90,000; Credit Other Financing Sources $90,000.
D) Debit Fixed Assets $90,000; Credit Other Financing Sources $90,000.
Answer:
C) Debit Expenditures $90,000; Credit Other Financing Sources $90,000
Explanation:
A General fund can be defined as the primary fund which are often used by a government entity and they are used to help record all inflows and outflows of resources that are not associated with funds which are for special purpose.
Therefore ,the entry in the General Fund at the date of acquisition will be :
Debit Expenditures $90,000
Credit Other Financing Sources $90,000
Reason been that the acquisition of the new school bus was been financed by signing a note for $90,000 in which the $90,000 is an expenditure which was debited while Other Financing Sources of $90,000 was been credited.
Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for cash on January 1, 2017. Garcia Company issues 9.00%, 15-year bonds with a par value of $400,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 7.00%, which implies a selling price of 115 3/4.
Answer:
Journal Entries for jan 1, 2017
Explanation:
Face value of bond = 400,000
Proceeds = 400,000 X 1.1575 = 463,000
Premium = 463,000 - 400,000 = 63,000
Jan 1, 2017
Debit Credit
Cash 463,000
Premium 63,000
Bond payable 400,000
Brief Exercise 10-3 Cullumber Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,884,000 on March 1, $1,284,000 on June 1, and $3,049,820 on December 31. Cullumber Company borrowed $1,038,290 on March 1 on a 5-year, 13% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,241,900 note payable and an 11%, 4-year, $3,500,300 note payable. Compute the weighted-average interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, e.g. 7.58%.) Weighted-average interest rate %
Answer:
Explanation:
Interest capitalization is the sum of unpaid interest and the principal amount of a loan . Please note that interest are capitalized on outstanding note payable.
Workings
Outstanding note payable
Amount Interest
10% 5 - year note payable - 2,241,900 224,190
11% 4 year note payable - 3,500,300 385,033
Total 5,742,200 609,223
Weighted average interest rate = 609,223/5742200*100= 10.61%
For each of the following, compute the future value (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16)): Present Value Years Interest Rate Future Value $ 2,250 11 13 % $ 8,752 7 9 76,355 14 12 183,796 8 6
Answer:
1. $8,630.69
2. $15,999
3. $373,155.46
4. $292.942.90
Explanation:
The formula for calculating future value = P(1 + r)^n
P = Present value
R = interest rate
N = number of years
1. $ 2,250 (1 + 0.13)^11 = $8,630.69
2. 8,752 (1 + 0.09)^7 = $15,999
3. 76,355 (1 + 0.12)^14 = $373,155.46
4. 183,796(1 + 0.06)^8 = $292.942.90
I hope my answer helps you
For each of the following, the future value can be computed as:
1. $8,630.69
2. $15,999
3. $373,155.46
4. $292.942.90
The worth of a present asset at some point in the future based on an estimated rate of growth is known as future value (FV). For investors as well as financial planners, the future value is crucial because they use it to predict the amount an investment made now is going to be worth throughout the future. Investors may make wise investment choices based on their projected demands by knowing the future worth.
future value = P(1 + r)^n
P = Present value
R = interest rate
N = number of years
1. $ 2,250 (1 + 0.13)^11 = $8,630.69
2. 8,752 (1 + 0.09)^7 = $15,999
3. 76,355 (1 + 0.12)^14 = $373,155.46
4. 183,796(1 + 0.06)^8 = $292.942.90
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Which of these countries has a command economy?
A. Cuba
B. France
C. United States
D. India
Answer:
A. Cuba
Explanation: Command economy , simply means planned economy
Some other countries with command economies are;
North KoreaThe former Soviet Union3. What type of risk is relevant for determining the expected return?
Answer:
Systematic risk.
Explanation:
Systematic risk corresponds to the risk of the financial market as a whole. In other words, it is the risk that affects the economy and it is difficult to predict and prevent it from occurring. As an example, a risk of bankruptcy of financial institutions and banks can be mentioned.
This systemic risk therefore affects the expected return on an investment.
A drought decreases the supply of agricultural products, which means that at any given price a lower quantity will be supplied; conversely, especially good weather would shift the __________________ . Group of answer choices
Answer:
supply curve to the right.
Explanation:
A drought decreases the supply of agricultural products, which means that at any given price a lower quantity will be supplied; conversely, especially good weather would shift the supply curve to the right. Drought refers to a period characterized by little or no rainfall in a geographical location over a specific period of time. When there's a drought, the production of agricultural products will be very much affected, thereby causing a decrease in the quantity of farm products.
On the other hand, a good weather would cause an increase in the quantity of farm products and as a result of this, the supply curve would shift rightward because there's enough product to meet the customer's demands or needs.