Answer: b. Open Item
Explanation:
The statement that Heather wants to help a client send out is to include unpaid invoices, unapplied payments, and Credit Memos which are essentially signs that the creditor has not been paid.
An open item statement would therefore work best because it is to include open accounts that are yet to be paid so will include all those entries described above.
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31.
Cash balance per books, May 31 $3,457
Deposits in transit 131
Notes receivable and interest collected by bank 853
Bank charge for check printing 47
Outstanding checks 1,567
NSF check 180
a. $3,816.
b. $2,730.
c. $1,195.
d. $1,979.
Answer:
$4,083
Explanation:
Preparation of the Adjusted Cash Balance per Books on May 31
Adjusted Cash Balance per Books on May 31
Cash Balance per Books on May 31 $3,457
Add Notes Receivable and Interest Collected by Bank $853
Less Bank Charge for Check Printing ($47)
Less NSF Check ($180)
Adjusted Cash Balance per Books on May 31 $4,083
Therefore the Adjusted Cash Balance per Books on May 31 will be $4,083
Why is it important to regain the confidence of a customer in an adjustment message? How can it be done?
Answer:
The reasons are:
They do not like extra information.
They want the main points on the subject.
Also, they do not like long messages that waste their time being that they may have busy schedules.
The messages need not be long, but clear and straight to the point.
Explanation:
Answer:
Regaining trust of the customers is an important factor in adjustment messages. It makes the customers feel safe and secure. Adjustment messages help to build a strong relationship and loyalty of the customers, when the company accepts its mistake and provides a mutual acceptable solution.
Why are short sentences and short paragraphs appropriate for business communication?
Answer:
Objs. 4 For business communications it is essential to express ideas and facts eloquently. The shorter the sentences and paragraph are, the brief the letter, memo or notice. This will save the reader's and writer's time.
Hamby Inc. has sales of $2,065,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses.
Variable Fixed
Cost of goods sold $772,000 $620,000
Selling expenses 97,900 62,800
Administrative expenses 84,700 69,000
Required:
Prepare a CVP income statement for the quarter ended March 31, 2017.
Answer:
See below
Explanation:
Sales
$2,065,000
Less Variable costs:
Cost of goods sold
($772,000)
Selling expenses
(97,900)
Administrative expenses
($84,700)
Contribution
$1,110,400
Less fixed costs;
Cost of goods sold
($620,000)
Selling expenses
($62,800)
Solid Oak Bureau Company uses job costing. Solid Oak Bureau Company has two departments, Trimming and Finishing. Manufacturing overhead is allocated based on direct labor cost in the Trimming Department and direct labor hours in the Finishing Department. The following additional information is available:
Estimated amounts Trimming Dept. Finishing Dept.
Direct labor cost $320,000 $400,000
Direct labor hours 25,000 40,000
Manufacturing overhead costs $416,000 $260,00
Actual amounts Trimming Dept. Finishing Dept.
Direct Material requisitioned $22,500 $52,500
Direct Labour cost $35,400 $37,100
Direct Labour hours 5400 5000
What is the predetermined manufacturing overhead rate for the Trimming Department?
a. 77% of direct labor cost
b. 107% of direct labor cost
c.130% of direct labor cost
d. 100% of direct labor cost
Answer:
c. 130% of direct labor cost
Explanation:
Note : Manufacturing overhead is allocated based on direct labor cost in the Trimming Department.
Where,
Budgeted Overheads are $416,000
Total Direct Labor Cost are $320,000
Therefore,
Predetermined Overhead Rate = Budgeted Overheads ÷ Total Direct Labor Cost
= $416,000 ÷ $320,000
= $1.30 or 130 %
The predetermined manufacturing overhead rate for the Trimming Department is 130 %
If the state minimum hourly wage is higher than the federal minimum hourly wage, employers
Answer:
If the state minimum hourly wage is higher than the federal minimum hourly wage, employers
are expected to pay the higher minimum hourly wage.
Explanation:
The US minimum wage fixes a legally mandated price floor on hourly wages. Below this minimum, non-exempt workers may not be offered or accept a job. For the year 2020, the federal minimum wage rate in the United States is put at $7.25 per hour. However, individual states, cities, and localities are free to pass different minimum wage requirements, which must not be below the federally mandated minimum.
If price of bag of chips increases from $1.00 to $2.00 and the quantity demanded drops from 100 to 90, what does the price elasticity of demand equal
Answer:
Price elasticity of demand = -0.1
Explanation:
Price elasticity of demand = % change in quantity demanded ÷ % change in price
% change in price = (difference in price ÷ the initial price) x 100
% change in price = (($2.00 - $1.00) ÷ $1.00) x 100
= 100 %
% change in quantity demanded = (difference in quantity demanded ÷ the quantity demanded) x 100
since quantity demanded fell it will be negative
% change in quantity demanded = ((90 - 100) ÷ 100) x 100
= - 10
Price elasticity of demand = - 10 ÷ 100
= -0.1
What would be the net annual cost of the following checking accounts?
Monthly fee, $3.75; processing fee, 25 cents per check; checks written, an average of 14 a month.
Interest earnings of 4 percent with a $500 minimum balance; average monthly balance, $600; monthly service charge of $15 for falling below the minimum balance, which occurs three times a year (no interest earned in these months).
Answer:
A.$87 cost
B. $17 net cost
Explanation:
Calculation for the net annual cost
A. Net annual cost=(14 checks×12 months×$0.25) + ($3.75×12 months)
Net annual cost=$42+$45
Net annual cost= $87 cost
Therefore the Net annual cost will be $87 cost
B. Net annual cost=[($600×.04)×9/12 ]-(4%*500+15)
Net annual cost=$18-$35
Net annual cost=$17 net cost
Therefore Net annual cost will be $17 net cost
Which of the following statements accurately describes the free enterprise
system in the United States?
Answer:
The statement which accurately describes the free enterprise system in the United States is:
A market system.
Explanation:
The free enterprise system or capitalist system is a free market system where the government does not restrict much of the business activities or property ownership of its citizens. The main features of a free enterprise system are citizens can own private property, supply and demand (or market forces) drive productive activities, consumers and producers are free to make their own economic decisions, and the citizens can freely accumulate wealth. These features expand on the four great principles of a free enterprise system, which are: private property rights, profit motive, equal individual rights, and unrestricted competition.
bonds is selling at $1,132, with 15 years to maturity; it makes an annual coupon payment at 8%. 5 years after the issue, the market interest rate declined and the corporation decided to call the bond at $1,080. The face value of the bond is $1,000. What is the Yield to Call on the bonds
Answer:
6.26%
Explanation:
The yield to call is the rate of return earned by bondholders over the 5-year period before the bonds were called.
It can be determined using excel rate function as well as financial calculator as shown thus:
=rate(nper,pmt,-pv,fv)
nper=the period between bond issuance and the call in years=5
pmt=annual coupon=face value*coupon rate=$1000*8%=80
pv=the initial purchase price=-1132
fv=the price at which the bonds were called after 5 years=1080
=rate(5,80,-1132,1080)=6.26%
Financial calculator:
N=5
PMT=80
PV=-1132
FV=1080
CPT I/Y=6.26%
Classify each of the following items as an operating,investing,or financing activity.
1. Dividends paid.
2. Repayment of notes payable.
3. Payment for inventory.
4. Purchase of equipment.
5. Interest paid.
Answer:
Operating Activities
3. Payment for inventory.
5. Interest paid.
Investing Activities
4. Purchase of equipment.
Financing Activities
1. Dividends paid.
2. Repayment of notes payable.
Explanation:
Operating Activities involves activities in the trading operations of the business.
Investing Activities involves activities in acquisition and sale of Company assets or Investments
Financing Activities involves activities in the sourcing and repayment of sources of finance to holders of the instruments.
A company prepared the following journal entry:
Dr: Interest expense 10,000
Cr: Discount on bonds payable 2,000
Cr: Cash 8,000
Which of the following statements correctly describes the effect of this journal entry on the financial statements?
A. The bonds payable book value increases by $8,000.
B. CFFF decreases by $2,000.
C. The bonds payable book value decreases by $2,000.
D. CFFO decreases by $8,000.
Answer:
D. CFFO decreases by $8,000.
Explanation:
First and foremost, the amortization of discount on bonds payable would increase the book value of the bond by $2,000 since discount amortized is added to book value while premium amortized is deducted.
As a result, option A which stated that bonds payable book value increases by $8000 is wrong as well as option C since a discount amortization increases bonds payable book value and not the way around.
Cash account with a credit of $8,000 showed that the cash paid to bondholders was $8,000, hence, cash flows from operations (CFFO) should decrease by $8,000
A quality analyst wants to construct a control chart for determining whether four machines, all producing the same product, are under control with regard to a particular quality attribute. Accordingly, she inspected 1,000 units of output from each machine in random samples, with the following results: Show your work.
Machine Total Defectives
1 23
2 15
3 29
4 13
What is the sample proportion of defectives for machine # 1?
A) .023
B) .02
C) .0115
D) .0058
E) .005
Answer:
A) 0.023
Explanation:
Sample size = 1,000
Number of defectives collected from Machine #1 = 23
So, the sample proportion of defectives for machine #1 = Number of defective output / Sample size = 23/1000 = 0.023
Choose the term that best matches the description given.
A marketing term that refers to factors that affect a firm's ability to maintain successful relationships is called the
marketing strategy I believe
Answer:
Marketing environment
Explanation:
trusssssst
deductive reasoning usually takes place in
The possible choices are ; production cost report, total manufacturing cost per unit, equivalent units of production, units transfered out, unit production costs, cost reconciliation schedule, total units accounted for, and physical units.
Match the following statements to the appropriate terms.
A summary of both production quantity and cost data for a production department.
Shows that the total costs accounted for equal the total costs to be accounted for.
Work done during a period expressed in fully completed units.
Costs expressed in terms of equivalent units of production.
Actual units to be accounted for during a period, irrespective of any work performed.
Units transferred out during the period plus units in ending work in process.
Unit materials costs plus unit conversion costs.
Total units accounted for minus units in ending work in process.
Answer:
Statement Appropriate terms
A summary of both production Production cost report
quantity and cost data for a
production department.
Shows that the total costs accounted Cost reconciliation schedule
for equal the total costs to be
accounted for.
Work done during a period expressed Equivalent units of production
in fully completed units.
Costs expressed in terms of equivalent Unit production costs
units of production.
Actual units to be accounted for during Physical units
a period, irrespective of any work
performed.
Units transferred out during the period Total units accounted for
plus units in ending work in process.
Unit materials costs plus unit Total manufacturing cost
conversion costs. per unit
Total units accounted for minus units Units transferred out
in ending work in process.
A policy change that would reflect the input view of healthcare would be Group of answer choices subsidizing health insurance for low-income children. subsidizing construction of neighborhood walking trails. eliminating payments by consumers for annual checkups. All of the above.
Answer: Subsidizing health insurance for low-income children.
Explanation:
Subsidizing health care for low-income children will lead to more children being insured which will give them access to much needed medical care when they need it much like the Affordable care act.
This would reflect that access to healthcare services are an input in the public health of a nation and its economy.
Which of the following is not a characteristic of a perfectly competitive market?
Answer:
Do you have a picture
Explanation:
The characteristic of a perfectly competitive market does not involve that it is difficult for the firm to enter & exit the market.
The following represent the characteristics of the perfectly competitive market:
It deals with homogeneous products. There are many buyers and sellers. Free entry & exit. Each firm should be the price taker.Therefore, we can conclude that the characteristic of a perfectly competitive market does not involve that it is difficult for the firm to enter & exit the market.
Learn more: brainly.com/question/20421012
1. For financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units
Question Completion:
Kubin Company’s relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows:
Average Cost per Unit
Direct materials $7.00 $7.00
Direct labor $4.00 $4.00
Variable manufacturing overhead $1.50 $1.50
Fixed manufacturing overhead $5.00 $5.00
Fixed selling expense $3.50
Fixed administrative expense $2.50
Sales commissions $1.00
Variable administrative expense $0.50
Total $25.00 $17.50
Required:
1. For financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units?
Answer:
For financial accounting purposes, the total amount of product costs incurred to make 20,000 units is:
$350,000.
Explanation:
a) Data and Calculations:
Relevant product cost elements:
Average Cost per Unit
Direct materials $7.00
Direct labor $4.00
Variable manufacturing overhead $1.50
Fixed manufacturing overhead $5.00
Total product cost per unit $17.50
Total product costs for 20,000 units = $17.50 * 20,000 = $350,000
b) Product costs are the costs that are incurred to make a product. These costs usually include costs of direct labor, direct materials, consumable production supplies, and factory overhead.
Universal Sports Supply began the year with an accounts receivable balance of $200,000 and a year-end balance of $220,000. Credit sales of $750,000 generate a gross profit of $250,000. Calculate the receivables turnover ratio for the year. (Round your final answer to 1 decimal place.)
Receivables Tumover Ratio
Universal Sports Supply = times
Answer:
3.6
Explanation:
The receivables turnover for the year is calculated as;
= Net sales(credit sales) ÷ Average accounts receivables
Average account receivables
= ($200,000 + $220,000) ÷ 2
= $210,000
Therefore, Receivables turnover
= $750,000 ÷ $210,000
= 3.6