Answer:
$21,600
Explanation:
The expected life of the equipment is 5 years
Double-declining-balance rate = (1/5) *2 = 40%
Depreciation for 2021 = $60,000*40% = $24,000
Book Value at Dec 31, 2021 = $60,000 - $24,000
Book Value at Dec 31, 2021 = $36,000
Depreciation for 2022 = $36,000*40% = $14,400
Book Value at Dec 31, 2021 = $36,000 - $14,400
Book Value at Dec 31, 2021 = $21,600
Using the double-declining-balance method, the book value at December 31, 2022, would be $21,600.
In some cases, double-breasting appears to be a deliberate strategy designed to maximize company opportunities.
On January 1, 2018, Stoops Entertainment purchases a building for $480,000, paying $110,000 down and borrowing the remaining $370,000, signing a 9%, 10-year mortgage. Installment payments of $4,687.00 are due at the end of each month, with the first payment due on January 31, 2018.
Required:
1. Record the purchase of the building on January 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)
3-a. Record the first monthly mortgage payment on January 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.)
3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places.)
Hart Attorney at Law experienced the follwoing transactions in 2016, the first year of operations:
1. Accepted $36,000 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months.
2. Performed legal services for cash of $54,000.
3. Purchased $2,800 of office supplies on account.
4. Paid $2,400 of the amount due on accounts payable.
5. Paid a cash dividend to the stockholders of $5,000.
6. Paid cash for operating expenses of $31,000.
7. Determined that at the end of the accounting period $200 of office supplies remained on hand.
8. On December 31, Year 1, recognized the revenue that had been earned for services performed in accordance with Transaction 1.
Required:
Draw the effects of the events on the financial statements.
Answer:
Assets = Liabilities + Stockholders’ Equity = $51,800
Explanation:
Note: See the attached excel file for the the effects of the events on the financial statements.
In the attached excel the following calculations are made:
Event 7: Office supplies = Office supplies used or expense = Office supplies purchased - Office supplies remained on hand = $2,800 - $200 = $2,600
Event 8 = Revenue recognised = (Amount accepted on April 1 / Number of months in year) * Number of months from April 1 to Decembe 31 = ($36,000 / 12) * 9 = $27,000
From the attached excel file, the following can be obtained:
Assets = Total assets = $51,600 + $200 = $51,800
Liabilities = Total liabilities = $400 + $9,000 = $9,400
Stockholders’ Equity = Total Stockholders’ Equity = $42,400
Liabilities + Stockholders’ Equity = $9,400 + $42,400 = $51,800
Therefore, the accounting equation holds as follows:
Assets = Liabilities + Stockholders’ Equity = $51,800
When John asked Melanie to babysit Saturday night, he told her that he would pay $7 per hour. She accepted and did the work but has not yet received the money. What type of contract was this
Answer:
Bilateral contract
Explanation:
I got it right on Edmentum :)
RKJ Company has provided the following: 100,000 shares of $5 par value common stock are authorized 66,000 shares were issued 61,000 shares are outstanding. Which of the following statements is correct based only on the above facts?
A) Additional-paid in capital is reported at $112,000 on the balance sheet.
B) Treasury stock is reported at $35,000 on the balance sheet.
C) Common stock is reported at $462,000 on the balance sheet.
D) Common stock is reported at $330,000 on the balance sheet.
Answer: D) Common stock is reported at $330,000 on the balance sheet.
Explanation:
The value of the common stock in the balance sheet is calculated by:
= Shares issued * Par value
= 66,000 * 5
= $330,000
If the shares were sold for higher than the par value, the excess amount would go the Additional Paid-In capital.
Because of local practices and competitive benchmarking, a company chooses a polycentric pricing strategy, and, in the foreign market, sets a product price that is significantly lower than what it charges domestically. Which of the following is a significant risk of choosing such a strategy?
i. Creation of gray markets, or arbitrage opportunities
ii. Lowering of profit margins
iii. Violation of dumping rules
iv. Consumer confusion
a. i and ii
b. ii and iii
c. i, ii, and iii
d. i and iv
Answer:
c. i, ii, and iii
Explanation:
Given - Because of local practices and competitive benchmarking, a company chooses a polycentric pricing strategy, and, in the foreign market, sets a product price that is significantly lower than what it charges domestically.
To find - Which of the following is a significant risk of choosing such a strategy?
Solution -
The correct option is - c. i, ii, and iii
Reason -
Due to adoption of polycentric pricing strategy company is charging different prices for the same local product which is generally in favor of company to earn more profits.
With the adoption, there might be arbitrage profits arises due to fluctuation of foreign currency receipts and when it charging a significantly lower charges it may realize in lower revenue than the revenue if it had been selling in local market.
While charging less price in competitive market, company will be able to capture a large market outside which in turn result in higher orders and thereby results in violation of dumping rules, as there is prohibition to dump in bulk in any other country than the volume in domestic market.
Super-Tees Company plans to sell 12,000 T-shirts at $16 each in the coming year. Product costs include: Direct materials per T-shirt $5.75 Direct labor per T-shirt $1.25 Variable overhead per T-shirt $0.60 Total fixed factory overhead $43,000 Variable selling expense is the redemption of a coupon, which averages $0.80 per T-shirt; fixed selling and administrative expenses total $19,000.
Required:
1. Calculate the following values Round dollar amounts to the nearest cent and round ratio values to three decimal places
a. Variable product cost per unit
b. Total variable cost per unit
c. Contribution margin per unit
d. Contribution margin ratio
e. Total fixed expense for the year ).
2. Prepare a contribution-margin-based income statement for Super- Tees Company for the coming year 1f required, round your per unit answers to the nearest cent Super-Tees Company Contribution-Hargin-Based Operating Income Statement For the Coming Year Per Unt
Answer: See explanation
Explanation:
1a. Variable product cost per unit = 5.75 + 1.25 + 0.60 = 7.60
b. Total variable cost per unit = 5.75 + 1.25 + 0.60 + 0.80 = 8.40
c. Contribution margin per unit = Selling price - Total Variable cost per unit
= 16 - 8.40
= 7.60
d. Contribution margin ratio = (7.6/16) × 100 = 47.5
e. Total fixed expense for the year = 43000 + 19000 = 62000
2. Price per unit. Total
Sales 16. 192000
Less: variable cost 8.40. (100800)
Less: cont. marg per unit (62000)
Net operating Income = 29200
In 200 years an asteroid will destroy Florida. Our only chance to stop the destruction is to launch a missile today to intercept the asteroid. Assume that the nominal value of Florida in 200 years will be $2 trillion. Assume a discount rate of 7%. Let the cost of the missile today be $X . Write a mathematical equation that if true would mean that launching the missile passes a cost-benefit test. (Do not calculate $X explicitly.) Explain each part of your equation in a few words.
Answer:
[ $2 trillion / ( 1.07 )^200 ) - $X ] >= 0
Explanation:
First, we need to determine the equation that determines the present value of Florida
Present value of Florida = Nominal value of Florida in 200 years / ( 1 + discount rate )^numbers of years = $2 trillion / ( 1 + 7% )^200 = $2 trillion / (1.07)^200
Now determine the present value of Missile
Present value of Missile = $X
Hence, the equation for cost-benefit test should be as follow
Present value of Florida - Present value of Missile >= 0
[ $2 trillion / ( 1.07 )^200 ) - $X ] >= 0
Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred: Jackson invested $43,000 cash in the business in exchange for common stock. Jackson contributed $118,000 of equipment to the business. The company paid $3,800 cash to rent office space for the month of March. The company received $34,000 cash for repair services provided during March. The company paid $8,000 for salaries for the month of March. The company provided $4,800 of services to customers on account. The company paid cash of $2,300 for utilities for the month of March. The company received $4,900 cash in advance from a customer for repair services to be provided in April. The company paid $6,800 in cash dividends. Based on this information, net income for March would be:
tambien la necesito
Explanation:
tambine
Type the correct answer in the box. Spell all words correctly.
Which type of facility layout follows a set sequence?
In a ______ layout, the manufacturing process follows a set sequence, and each stage in the sequence assembles the product to its finished state.
Answer:
PRODUCT LAYOUT
Explanation:
big
Answer:
product
Explanation:
James CPA is a consulting firm. The firm uses a job order cost system in which each client represents an individual job. James traces direct labor and travel costs to each job (client). It assigns indirect costs to clients at a predetermined overhead rate based on direct labor hours.
At the beginning of the year, the managing partner prepared the following budget:
Direct labor hours (professional) 5,400 hours
Direct labor costs (professional) $ 540,000
Indirect costs: Support staff salaries $ 73,600
Office rent 59,000
Office supplies 24,000
Total expected indirect costs $ 156,600
Later that same year, in March, James served several clients. Records for two clients appear below: Oliverio McComb Direct labor cost (professional) $ 4,400 $ 3,400 Travel costs 600 200 Direct labor hours 44 hours 34 hours
Required:
Compute Jame’s predetermined overhead rate for the current year. Compute the total cost of serving the clients listed. Assume that James charges clients $210 per hour for his services. How much gross profit would he earn on each of the clients above, ignoring any difference between actual and applied overhead?
Answer:
1. Predetermined overhead rate = Total estimated overhead cost ÷ Estimates direct labor hour
= $156,600 / 5,400
= $29 per direct labor hour
2. Applied overhead cost = Direct labor hours × Overhead rate per direct labor hour
Oliverio Applied overhead cost = 44 * 29 = $1276
McComb Applied overhead cost = 34 * 29 = $986
Cost Of Serving The Clients
Oliverio McComb
Direct labor cost $4400 $3400
Travel costs $600 $200
Applied overhead cost $1276 $986
Total cost $6276 $4586
3. Revenue = Direct labor hours*Charges per labor hour
Oliverio Revenue = 44*$210 = $9240
McComb Revenue = 34*$210 = $7140
Calculation Of Gross Profit
Oliverio McComb
Revenue $9240 $7140
Less: Total Costs $6276 $4586
Gross Profit $2964 $2554
Here are the comparative income statements of Ayayai Corp..
AYAYAI CORP.
Comparative Income Statement For the Years Ended December 31
2017 2016
Net sales $632,600 $521,900
Cost of goods sold 463,600 410,400
Gross Profit 169,000 111,500
Operating expenses 79,300 47,200
Net income $ 89,700 S64,300
Prepare a horizontal analysis of the income statement data for Ayayal Corp, using 2019 as a base. (If amount and percentage are a decrease show the numbers as negative, eg -55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place, eg. 12.1%.)
Answer:
Ayayai Corp.
Horizontal Analysis:
2020 Increase 2019
Net sales $632,600 $110,700 21.2% $521,900
Cost of goods sold 463,600 53,200 13.0% 410,400
Gross Profit 169,000 57,500 51.6% 111,500
Operating expenses 79,300 32,100 68.0% 47,200
Net income $ 89,700 25,400 39.5% $64,300
Explanation:
a) Data and Calculations:
AYAYAI CORP.
Comparative Income Statement For the Years Ended December 31
2020 2019
Net sales $632,600 $521,900
Cost of goods sold 463,600 410,400
Gross Profit 169,000 111,500
Operating expenses 79,300 47,200
Net income $ 89,700 $64,300
Percentage increase or decrease = (Increase/Decrease)/Base Year's Value
The following information is available for Ethtridge Manufacturing Company for the month ending July 31:
Cost of direct materials used in production $1,150,000
Direct labor 966,000
Work in process inventory, July 1 316,400
Work in process inventory, July 31 355,500
Total factory overhead 490,500
Required:
Determine Ethtridge's cost of goods manufactured for the month ended July 31.
Answer:
Statement of cost of goods manufactured
Work in process inventory, July 1 $316,400
Add: Cost of direct materials used in production $1,150,000
Direct labor $966,000
Total factory overhead $490,500
Total manufacturing cost incurred $2,606,500
Total manufacturing costs $2,922,900
Less: Work in process inventory, July 31 $355,500
Cost of goods manufactured $2,567,400
Aztec Company sells its product for $160 per unit. Its actual and budgeted sales follow.
Units Dollars
April (actual) 5,000 $800,000
May (actual) 2,400 384,000
June (budgeted) 5,500 880,000
July (budgeted) 4,500 879,000
August (budgeted) 3,600 576,000
All sales are on credit. Recent experience shows that 26% of credit sales is collected in the month of the sale, 44% in the month after the sale, 26% in the second month after the sale, and 4% proves to be uncollectible. The product’s purchase price is $110 per unit. 60% of purchases made in a month is paid in that month and the other 40% is paid in the next month. The company has a policy to maintain an ending monthly inventory of 24% of the next month’s unit sales plus a safety stock of 95 units. The April 30 and May 31 actual inventory levels are consistent with this policy. Selling and administrative expenses for the year are $1,440,000 and are paid evenly throughout the year in cash. The company’s minimum cash balance at month-end is $110,000. This minimum is maintained, if necessary, by borrowing cash from the bank. If the balance exceeds $110,000, the company repays as much of the loan as it can without going below the minimum. This type of loan carries an annual 11% interest rate. On May 31, the loan balance is $44,500, and the company’s cash balance is $110,000.
Required:
a. Prepare a schedule that shows the computation of cash collections of its credit sales (accounts receivable) in each of the months of June and July.
b. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month.
Answer:
a. We have:
June's total cash collections = $605,760
July's total cash collections = $715,580
b. We have:
June's Loan Balance End of Month = $1,324,163
July's Loan Balance End of Month = $2,226,541
Explanation:
a. Prepare a schedule that shows the computation of cash collections of its credit sales (accounts receivable) in each of the months of June and July.
Note: See part a of the attached excel file for the schedule that shows the computation of cash collections for June and July.
In the part a of the attached excel file, we have:
June's total cash collections = $605,760
July's total cash collections = $715,580
b. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month.
Note: See part b of the attached excel file for cash budget for June and July.
In the cash budget in the attached excel file, the following calculations is made:
June additional loan = Minimum required cash balance - June Preliminary cash balance = $110,000 - (-$1,169,663) = $110,000 + $1,169,663 = $1,279,663
July additional loan = Minimum required cash balance - July Preliminary cash balance = $110,000 - (-$792,378) = $110,000 + $792,378 = $902,378
From the cash budget, we have:
June's Loan Balance End of Month = $1,324,163
July's Loan Balance End of Month = $2,226,541
On September 11, 2016, Home Store sells a mower for $550 cash with a one-year warranty that covers parts. Warranty expense is estimated at 7% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $39 in materials taken from the Repair Parts Inventory.
Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs. (Round your answers to 2 decimal places.)
1. Record the mower sales.
2. Record the estimated warranty expense.
3. Record the cost of warranty repairs.
Answer:
2
Explanation:
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Ana is facing a lottery that pays off $200 with probability 2/3 and $500 with probability 1/3. If Ana has a certainty equivalent of $312 for this lottery, then she must be:
a. either risk averse or risk neutral.
b. only risk neutral.
c. either risk loving or risk neutral.
d. only risk loving.
e. only risk averse.
Answer: only risk loving
Explanation:
From the information given in the question, the expected monetary value (EMV) will be calculated as:
= $200 × (2/3) + $500 × (1/3)
= $300
Since the certain equivalent of $312 is more than the expected monetary value (EMV) of $300, then Ana is only risk loving.
Therefore, the correct option is D.
Community Manufacturing Inc. developed the following standard costs for direct material and direct labor for one of their major products, the 30-gallon heavy-duty plastic container.
Standard Quantity Standard Price
Direct Materials 0.20 pounds $26 per pounds
Direct labor 0.10 hours $14 per hour
During May, Community produced and sold 10,000 containers using 2,200 pounds of direct materials at an average cost per pound of $24 and 1,050
direct labor hours at an average wage of $14.75 per hour.
1. May's direct material price variance was:
2. May's direct material quantity variance was:
3. May's direct labor cost variance was:
4. May's direct labor rate variance was:
5. May's direct labor efficiency variance was:
Answer:
Particulars Standard Actual
Qty Rate Amount Qty Rate Amount
Materials 2,000 26 52,000 2,200 24 52,800
Labor 1,000 14 14,000 1,050 14.75 15,487.50
Actual output 10,000.00
Materials required (10000*0.20) = 2,000.00
Labor hrs required (10000*0.1) = 1,000.00
1. May's direct material price variance
= (SP-AP)*AQ
= (26 - 24*)2200
= 4,400 F
2. May's direct material quantity variance
= (SQ-AQ)*SP
= (2,000 - 2,200)*26
= 5,200 U
3. May's direct labor cost variance
= Standard Cost - Actual Cost
= 14,000 - 15,487.50
= 1,487.50 U
4. May's direct labor rate variance
= (SR-AR)*AH
= (14 - 14.75)*1,050
= 787.50 U
5. May's direct labor efficiency variance
= (SH-AH)*SR
= (1,000 - 1,050)*14
= 700 U
Teal Mountain Industries produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.3 pounds and 0.1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $0.10 per pound, and receiving and handling costs are $0.07 per pound. The hourly wage rate is $12.00.00 per hour, but a raise which will average $0.30 will go into effect soon. Payroll taxes are $1.20 per hour, and fringe benefits average $2.40 per hour. Standard production time is 2.5 hour per unit, and the allowance for rest periods and setup is 0.1 hours and 0.2 hours, respectively. The standard direct materials price per pound is:______.
Answer:
$2.127.
Explanation:
According to the scenario, computation of the given data are as follows,
Purchase price per pound = $2
Freight (Add) = $0.10
Handling cost (Add) = $0.07
Total cost = $2.17
Discount (Less) = (2% × $2.17) = $0.043
Direct material price = $2.127
Hence, standard direct materials price per pound is $2.127.
Which of these factors can impact your pay?
OA. Having a college degree.
OB. How good you are at your job.
OC. Graduating from high school.
OD. All of the above.
Answer:
The answer will no D .All of the above .
The ledger accounts of the business at June 30, 2007, are listed here in alphabetical order:
Accounts Payable $ 26,100 Notes Payable $180,000
Accounts Receivable 7,450 Notes Receivable 9,500
Animals 189,060 Props and Equipment 89,580
Cages 24,630 Retained Earnings 27,230
Capital Stock 310,000 Salaries Payable 9,750
Cash ? Tents 63,000
Costumes 31,500 Trucks&Wagons 105,840
Instructions
a. Prepare a balance sheet by using these items and computing the amount of Cash at June 30. 2007. Organize your balance sheet similar to the one illustrated in Exhibit 2-10. (After "Accounts Receivable." you may list the remaining assets in any order. ) Include a proper balance sheet heading.
b. Assume that late in the evening of June 30, after your balance sheet had been prepared, a fire destroyed one of the tents, which had cost $14,300. The tent was not insured. Explain what changes would be required in your June 30 balance sheet to reflect the loss of this asset.
Answer:
Balance Sheet
As of June 30, 2007
Assets
Cash $32,520
Accounts Receivable 7,450
Notes Receivable 9,500
Animals 189,060
Props and Equipment 89,580
Cages 24,630
Tents 63,000
Costumes 31,500
Trucks & Wagons 105,840
Total assets $553,080
Liabilities and Equity:
Accounts Payable $ 26,100
Notes Payable 180,000
Salaries Payable 9,750
Capital Stock 310,000
Retained Earnings 27,230
Total liabilities & equity $553,080
b. The required changes to the June 30 balance sheet to reflect the loss of this asset are:
1. Reduce Tents by $14,300 (Loss of Assets)
2. Reduce Retained Earnings by $14,300 (Loss of Assets)
Explanation:
a) Data and Calculations:
Cash $32,520 (Total assets - other assets)
Accounts Receivable 7,450
Notes Receivable 9,500
Animals 189,060
Props and Equipment 89,580
Cages 24,630
Tents 63,000
Costumes 31,500
Trucks & Wagons 105,840
Accounts Payable $ 26,100
Notes Payable 180,000
Salaries Payable 9,750
Capital Stock 310,000
Retained Earnings 27,230
Susie Smith signed a note agreeing to pay "Annie Greene, Mary Hodge" $1,000. The payment was for painting her house. An issue with the note was that it spelled Annie's last name "Greene," whereas Annie spells it simply "Green." Annie and Mary had a disagreement regarding how to split up the funds for painting the house. Annie proceeded to sign the note on the back "Annie Green" and presented it to Bill Brown to satisfy a debt that she owed him. Bill Brown endorsed the note on the back and took it to the bank for payment. Mary is unhappy because she did not obtain any of the funds and stated that Annie could not legally endorse the instrument because it misspelled her name and because Mary did not sign it.
Required:
What is true regarding Mary's claim that the endorsement by Annie was illegal because the note misspelled Annie's name?
Incomplete question. The options read;
Mary is correct, but only because Annie signed the note "Green" instead of "Greene" as indicated on the note.Mary is correct.Mary is incorrect.Mary is correct, but only because two payees are listed.Mary is incorrect unless she can prove that Susie intentionally and purposefully spelled the name wrong to prevent negotiation.Answer:
Mary is incorrect.Explanation:
Indeed, since this just a case of name misspelling, the law in no clear terms states that such an endorsement would be counted as been illegal.
Remember, Mary acknowledges that the amount paid by Susie Smith was meant for both of them (Annie Green and Mary Hodge), hence there should be no question of illegality since funds were meant to be shared. In other words, this minor error can be overlooked.
The following information is available for the XYZ Company for the month of July:
Static Budget Actual
Units 7,000 6,650
Sales revenue $60,000 $55,715
Variable manufacturing costs $15,000 $14,250
Fixed manufacturing costs $20,000 $17,000
Variable selling & administrative expense $10,000 $10,500
Fixed selling & administrative expense $15,000 $12,000
The total sales-volume variance for operating income for the month of July would be:__________
Answer:
XYZ Company
The total sales-volume variance for operating income for the month of July would be:__________
$3,765 Favorable
Explanation:
a) Data and Calculations:
Static Budget Actual
Units 7,000 6,650
Sales revenue $60,000 $55,715
Variable manufacturing costs $15,000 $14,250
Fixed manufacturing costs $20,000 $17,000
Variable selling & administrative exp. $10,000 $10,500
Fixed selling & administrative expense $15,000 $12,000
Flexible Budget Actual
Units 6,650 6,650
Sales revenue = $57,000($60,000/7,000 * 6,650) $55,715
Variable manufacturing costs = $14,300 ($15,000/7,000 * 6,650) $14,250
Fixed manufacturing costs $20,000 $17,000
Variable selling & administrative exp. =$9,500 ($10,000/7,000 * 6,650) $10,500
Fixed selling & administrative expense $15,000 $12,000
Flexible Budget Actual Variance
Units 6,650 6,650
Sales revenue $57,000 $55,715 $1,285 U
Variable manufacturing costs $14,300 $14,250 50 F
Fixed manufacturing costs $20,000 $17,000 3,000 F
Variable selling & administrative exp. $9,500 $10,500 1,000 U
Fixed selling & administrative expense $15,000 $12,000 3,000 F
Operating income ($1,800) $1,965 $3,765 F
Peter Parker, CEO at Spdey Enterprises, finds his profits at $8,000,000 inadequate for his Web-Slinger business. His production manager, Mary Jane Watson, is insisting on an improved profit picture prior to an approval of a loan for new web-shooter manufacturing equipment. Mary Jane suggests to improve the profit line to $14,000,000 so Peter can obtain the necessary loan. The company's sales currently stands at $40,000,000 per year, its Cost of Supply Chain Purchases is $16,000,000 per year, its production costs are $10,000,000 per year, and it has fixed costs of $6,000,000 per year.
Mr. Parker has commissioned you to use a Sales Strategy and figure out the percentage improvement in Sales to achieve the desired profit? If successful, he will give you one of his brand new web-shooters right off the production line.
a. 14.29% increase in sales.
b. 57.14% increase in sales.
c. 42.86% increase in sales.
d. 71.43% increase in sales.
e. 28.57% increase in sales.
Answer:
Spdey Enterprises
The percentage improvement in Sales to achieve the desired profit is:
c. 42.86% increase in sales.
Explanation:
a) Data and Calculations:
Normal profit level = $8 million
Expected profit level = $14 million
Normal Expected
Sales per year $40,000,000 $57,142,857
Cost of purchases 16,000,000 22,857,143
Production costs 10,000,000 14,285,714
Variable costs 26,000,000 37,142,857
Total contribution $14,000,000 $20,000,000
Fixed costs 6,000,000 6,000,000
Profit level $8,000,000 $14,000,000
Expected Contribution = Expected profit level + Fixed Costs
Normal Contribution = 35% of Sales
Normal Variable costs = 65% (100% - 35%)
Expected Contribution = $20,000,000 = 35% of Sales
Therefore, Expected Sales = $57,142,857 ($20,000,000/35%)
Normal Sales = $40,000,000
Expected Sales = $57,142,857
Percentage increase = 42.86% ($57,142,857 - $40,000,000)/$40,000,000
On May 27, Hydro Clothing Inc. reacquired 65,000 shares of its common stock at $6 per share. On August 3, Hydro Clothing sold 48,000 of the reacquired shares at $9 per share. On November 14, Hydro Clothing sold the remaining shares at $5 per share.
Journalize the transactions of May 27, August 3, and November 14.
Answer:
May 27
Dr Treasury Stock $390,000
Cr Cash $390,000
Aug. 3
Dr Cash $432,000
Cr Treasury Stock $288,000
Cr Paid-In Capital from Sale of Treasury Stock $144,000
Nov. 14
Dr Cash $85,000
Dr Paid-In Capital from Sale of
Treasury Stock $17,000
Cr Treasury Stock $102,000
Explanation:
Preparation of the journal entries of May 27, August 3, and November 14.
May 27
Dr Treasury Stock $390,000
(65,000 shares × $6)
Cr Cash $390,000
Aug. 3
Dr Cash $432,000
(48,000 shares × $9)
Cr Treasury Stock $288,000
(48,000 shares × $6)
Cr Paid-In Capital from Sale of Treasury Stock $144,000
[48,000 shares × ($9– $6)]
Nov. 14
Dr Cash $85,000
(17,000 shares × $5)
Dr Paid-In Capital from Sale of
Treasury Stock $17,000
[17,000 shares × ($6 – $5)]
Cr Treasury Stock $102,000
(17,000 shares *$6)
(65,000 shares-48,000 shares=17,000 shares )
Ok, break it down for me boss
How do you create a budget. And how do you manage it.
Answer:
Give the guy above me brainliest
Explanation:
Original Auto Parts has the following estimated sales. Purchases are equal to 70 percent of the following quarter's sales. The accounts payable period is 60 days.
Sales
q1-15900
q2-16800
q3-17500
q4-16400
Assume there are 30 days in each month. How much will the firm owe its suppliers at the end of the quarter :__________
a) $3,718
b) $3,967
c) $5,502
d) $7,653
e) $8,933
Answer:
d) $7,653
Explanation:
the quesiton is missing which quarter it refers to, but I will assume it is quarter 3 since I was able to match an answer:
average purchases = $16,400 x 70% = $11,480
accounts payable period = 60 / (3 x 30) = 60 / 90 = 2/3
approximate debt of the firm at the end of quarter 3 = $11,480 x 2/3 = $7,653.33
Some automobile dealerships employ a nonnegotiable or no-haggle price strategy to sell their cars. A customer who wants to buy a new or used car would pay the posted price. These dealers probably adopted this pricing policy because:______.
a. the industry was discussing the abandonment of self-regulation practices.
b. women have an intense dislike of price negotiation, yet still want to buy a car.
c. many recent immigrants into the United States were not accustomed to negotiation.
d. women distrust men in general and car salesmen in particular.
Answer:
b. women have an intense dislike of price negotiation, yet still want to buy a car.
Explanation:
A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks etc.
Price can be defined as the amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire goods and services.
Thus, price refers to the amount of money a customer or consumer buying goods and services are willing to pay for the goods and services being offered. The price of goods and services are primarily being set by the seller or service provider.
In sales and marketing, pricing of products is considered to be an essential element of a business firm's marketing mix because place, promotion and product largely depends on it.
One of the importance associated with the pricing of products is that, it improves the image of a business firm.
A nonnegotiable or no-haggle price strategy is sometimes adopted by car dealerships to sell their cars.
Therefore, a customer who wants to buy a new or used car is required by the car dealership to pay the posted price without any credit left. These dealers probably adopted this pricing policy because women have an intense dislike of price negotiation or bargaining with the salesperson, yet still want to buy a car.
The project is slightly behind schedule. Things would be worse, except for the fact that the project manager makes daily follow-up calls to each of the team leaders to remind them of his expectations and to receive updates on their progress. Without this level of involvement, deadlines were missed and the project manager believed the project success was in jeopardy. Having to constantly push the team to perform is an example of a lack of:___________
A. Management support
B. Project continuity
C. Team buy-in
D. Team accord
Answer:
C. Team buy-in
Explanation:
It is correct to say that the attitude of constantly pushing the team to carry out the project is influenced by the team's lack of commitment.
This occurs when there are a number of problems in the project team, which can be caused by personal conflicts between the project members, lack of communication, lack of integration and difficulty in understanding the project objective.
The attitude of the project manager corresponds to a management support, which guarantees the continuity of the project through an effective management that coordinates and controls the project and prevents problems from becoming bigger and impacts on the realization of the project.
__________ is a concept that describes how new forms of retail outlets enter the market.
a. Early adopters.
b. Innovative entrants.
c. Wheel of retailing.
d. Retail life cycle.
Answer:
The correct answer is the option C: Wheel of retailing.
Explanation:
To begin with, the term known as "Wheel of retailing" refers to the theory established by Prof. Malcolm Perrine McNair in the year 1931 and that has been around since then until these days yet. The concept focus on the phases that a retailer store goes through in order to become a very large establishement. Therefore that it shows how new forms of retail outlets enter the market.
In the other options, both the early adopters and innovative entrants refers to types of consumers that faces new products at the birth of it. While the retail life cycle refers more to the whole life of the retail store that is showed in a graphic done in order to understand that life.
Splish Brothers Inc. gathered the following reconciling information in preparing its August bank reconciliation:______.
Cash balance per books, 8/31 $33600 Deposits in transit 1400 Notes receivable and interest collected by bank 8200 Bank charge for check printing 190 Outstanding checks 19200 NSF check 1630
The adjusted cash balance per books on August 31 is:_______.
a. $38580.
b. $22040.
c. $23580
d. $39980.
Answer:
d. $39,980
Explanation:
Given the above information, the adjusted cash balance per books on August 31
= Cash opening + Collection by bank - Bank charge check printing - NSF check
The next step is to fix in the values as given above.
= $33,600 + $8,200 - $190 - $1,630
= $39,980
Therefore, the adjusted cash balance per books on August 31 is $39,980