Answer:
The expense account will be increased by $22,200
Explanation:
During the first year, all purchases were recorded as assets instead of expenses(supplies). This means asset account have been overstated while expenses account have been understated.
The adjusting entry will be
Supplies purchased - Actual year-end supplies
$28,800 - $6,600
$22,200.
The expense account will be increased by $22,200
"Hindi Co. started 3,000 units during the period. Its beginning inventory is 500 units one-fourth complete as to conversion costs and 100% complete as to materials costs. Its ending inventory is 300 units one-fifth complete as to conversion costs and 100% complete as to materials costs. How many units were transferred out this period
Answer: 3,200 units
Explanation:
The Units transferred out during the year will be those that were inherited from the previous period as well as those started during the year less the closing inventory still in progress.
The formula to calculate the units is therefore;
= Opening inventory + Started during the year - Closing Inventory
= 500 + 3,000 - 300
= 3,200 units
Department 1 completed and transferred out 450 units and had ending work in process inventory of 60 units. The ending inventory is 20% complete for materials and 60% complete for labor and overhead. The equivalent units of production for labor and overhead is
Answer:
486
Explanation:
verified 10/29/2020
Prepare journal entries for each of the following. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued a check to establish a petty cash fund of $500. b. The amount of cash in the petty cash fund is $160. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $199 and miscellaneous selling expense, $126. Record any missing funds in the cash short and over account. For a compound transaction, if an amount box does not require an entry, leave it blank.
Answer:
A.Dr Petty cash $500
Cr To Cash Account $500
B. Dr Store supplies $199
Dr Miscellaneous expenses $126
Dr Cash over and short $15
Cr To Cash Account $340
Explanation:
Petty cash can be defined to a small or little amount of currency and coins which a company tend to use to pay small amounts without writing a cheque.
a)The Journal entry to create a petty cash fund with $500 will be recorded as:
Dr Petty cash $500
Cr To Cash Account$500
b) Preparation of the Journal entry to record any missing funds in the cash short and over account.
The total expenses as per receipts will be:
199+126=325
The balance of petty cash will have:
500-325=$175
The balance available in the petty cash fund is given as $160, which is short by $15 (175-160).
Therefore we need to replenish the fund with $ 340 which is Available fund of $160 -Original fund $500
Hence, the difference in the fund due to error will be treated just like an expense in which debit will be given to an account called ''cash over and short"
Thus, the debit is given to the expenses and credit to cash account.
The entry to record replenishing the fund would not credit the Petty Cash account.
The entry will be
Dr Store supplies $199
Dr Miscellaneous expenses $126
Dr Cash over and short $15
Cr To Cash Account $340
The market value of which of the items would be considered double (or multiple) counting in the calculation of GDP? Indicate the following that they are included in GDP or not included in GDP.
a. a used skateboard you buy for your brother
b. the commission paid to the seller of a previously owned collectors skateboard
c. a new building for tony hawk industries
d. used copy of the tony hawk video game
e. previously owned collectors skateboard
f. ticket for the X games bought from a person on a street corner
g. new skateboard you buy for your niece
h. Wheels used to produce a skateboard that will be sold new
Answer:
Included in GDP :
b. the commission paid to the seller of a previously owned collectors skateboard
c. a new building for tony hawk industries
g. new skateboard you buy for your niece
Not Included in GDP :
a. a used skateboard you buy for your brother
d. used copy of the tony hawk video game
e. previously owned collectors skateboard
f. ticket for the X games bought from a person on a street corne
h. Wheels used to produce a skateboard that will be sold new
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Net export = exports – imports
When exports exceeds import there is a trade deficit and when import exceeds import, there is a trade surplus.
Items not included in the calculation off GDP includes:
1. services not rendered to oneself
2. Activities not reported to the government
3. illegal activities
4. sale or purchase of used products
5. sale or purchase of intermediate products
the following items aren't included in the calculation of GDP because they are used items and were included in the year they were produced. adding them to GDP would be regarded as double counting
a. a used skateboard you buy for your brother
d. used copy of the tony hawk video game
e. previously owned collectors skateboard
h. Wheels used to produce a skateboard that will be sold new aren't included in the calculation of GDP because it an intermediate product used in the production of skateboards.
ticket for the X games bought from a person on a street corner aren't included in the calculation of GDP because they have already been paid for.
Dividends are expected to grow at 25% per year during the next three years, 15% over the following year and then 6% per year indefinitely. The required return on this stock is 9% and the stock currently sells for $79 per share. What is the projected dividend for the second year
Answer:
$1.56
Explanation:
Lets assume the dividend paid for year zero is $1. The growth for the first 3 years is 25% which is given in the question. Now we will find the value of the Projected dividend for year 2 using the compounding formula, as under:
The Projected dividend for year 1 = $1 * (1 + 25%)^ 2 years = $1.56
Between any two countries trading two products, where each country has a comparative advantage in producing one of these two products, we know that the regulated trade is always better than the free trade.
a. True
b. False
Answer:
False.
Explanation:
In Economics, comparative advantage is referred to as the advantage of a country enjoyed by producing one of the two goods. In this case, the other country also entertains the comparative advantage by producing other products. However, it cannot be said that regulated trade is better than free-trade.
Splish Brothers Inc. issues $4.8 million, 5-year, 7% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2017, assuming no previous accrual of interest.
Answer and Explanation:
The Journal entries are shown below:-
Interest expense Dr, $316,800
Premium on bonds payable Dr, $19,200 ($96,000 ÷ 5)
To Interest payable $336,000 ($4,800,000 × 7%)
(Being interest expense and bond premium amortization is recorded)
Here we debited the interest expenses and premium on bonds as it increased the expenses and we credited the interest payable as it also increased the liabilities
Ariel, a federal government employee, works in acquisition and procurement. Federal policies require that in contracting with suppliers, at least three bids must be received, and the lowest bid that meets specifications will be accepted. In this case, Ariel is dealing with a(n)
Answer:
Programmed decision
Explanation:
The programmed decision is the decision which are taken on a daily basis or we can day to day basis or routine basis. It is likely for solving the structured problems
In the given case, since minimum three bids are received and the bid who has less value meets the specification that results in an acceptance
Therefore this case is of Programmed decision
In October of the current year, received a $15,520 payment from a client for 32 months of security services she will provide starting on September 1 of this year. This amounts to $485 per month. Janine is a calendar-year taxpayer.
a. When must Janine recognize the income from the $17,360 advance payment for services if she uses the cash method of accounting?
1. Year 1
2. Year 2
3. Year 0
4. Year 1 and year 2
5. Year 0 and year 1
b. When must Janine recognize the income from the $17,360 advance payment for services if she uses the accrual method of accounting?
1. Year 0 and Year 1
2. Year 0
3. Year 1
4. Year 1 and Year 2
5. Year 2
c. Suppose that instead of services, Janine received the payment for a security system (inventory) that she will deliver and install in year 2. When would Janine recognize the income from the advance payment for inventory sale if she uses the accrual method of accounting and she uses the deferral method for reporting income from advance payments? For financial accounting purposes, she reports the income when the inventory is delivered.
1. Year 2
2. Year 1
3. Year 0
4. Year 0 and year 1
5. Year 1 and year 2
d. Suppose that instead of services, Janine received the payment for the delivery of inventory to be delivered next year. When would Janine recognize the income from the advance payment for sale of goods if she uses the accrual method of accounting and she uses the full-inclusion method for advance payments?
1. Year 1
2. Year 1 and year 2
3. Year 2
4. Year 0 and year 1
5. Year 0
Answer:
a. When must Janine recognize the income from the $17,360 advance payment for services if she uses the cash method of accounting?
3. Year 0Cash method of accounting recognizes revenues and expenses when they are received or paid for.
b. When must Janine recognize the income from the $17,360 advance payment for services if she uses the accrual method of accounting?
1. Year 0 and Year 1
c. Suppose that instead of services, Janine received the payment for a security system (inventory) that she will deliver and install in year 2. When would Janine recognize the income from the advance payment for inventory sale if she uses the accrual method of accounting and she uses the deferral method for reporting income from advance payments? For financial accounting purposes, she reports the income when the inventory is delivered.
1. Year 2She will recognize revenue only after the merchandise is delivered.
d. Suppose that instead of services, Janine received the payment for the delivery of inventory to be delivered next year. When would Janine recognize the income from the advance payment for sale of goods if she uses the accrual method of accounting and she uses the full-inclusion method for advance payments?
5. Year 0Under this system, advanced payments are considered revenue on the year that they were received.
The deadweight loss of the profit-maximizing monopoly is identified by what area?
Answer:
area BCA
Explanation:
The deadweight loss of the profit-maximizing monopoly is recognize by area BCA.
Under the deadweight loss of monopoly More is produced under ideal or perfect competition than under monopoly, and deadweight loss is refer to as the amount that buyers value the added or additional output over and above the opportunity costs of producing the additional output.
When a monopoly maximizes profit, the deadweight loss will be larger if demand is in elastic because there will be a reasonable margin of price to marginal cost.
you need to have $32000 in 7 years. you can earn an annual interest rate of 3 percent for the first 4 years, and 3.6 percent for the next 3 years. How much do you have to deposit today?
Answer:
$22,569.48 is amount i must have to deposit today
Explanation:
FV = Future Value , PV = Present Value , r = rate of interest , n= no of period
PV = FV / (1 + r )n
PV = 32000 / (1 + 3%)^4*(1+3.6%)^3
PV= $32,000/ (1 + 0.03)^4*(1+0.036%)^3
PV= $32,000/ (1.03)^4*(1.036%)^3
PV= $32,000/ (1.03)^4*(1.036)^3
PV= $32,000/ 1.12550881 * 1.111934656
PV= $32,000/ 1.251492251
PV = $22,569.47514
PV = $22,569.48
$22,569.48 is amount i must have to deposit today
Parker & Stone, Inc., is looking at setting up a new manufacturing plant in South Park to produce garden tools. The company bought some land 10 years ago for $5 million in anticipation of using it as a warehouse and distribution site, but the company has since decided to rent these facilities from a competitor instead. If the land were sold today, the company would net $9.6 million. The company wants to build its new manufacturing plant on this land; the plant will cost $15.2 million to build, and the site requires $960,000 worth of grading before it is suitable for construction.
What is the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project?
Cash Flow amount $ _____
Answer:
$25,760,000
Explanation:
The net amount of decrease and increase of cash a business or individual owns.
To find the proper cash flow amount used as the initial investment in fixed assets, use the following:
Calculation of initial investment outflow = cost of land + cost of plant + grading cost
= $9,600,000 + 15,200,000, + $960,000
= $25,760,000
Calculation of initial investment outflow = $25,760,000
Therefore the initial investment outflow is $25,760,000
The cost of direct materials transferred into the Bottling Department of Mountain Springs Water Company is $538,900. The conversion cost for the period in the Bottling Department is $592,000. The total equivalent units for direct materials and conversion are 31,700 and 7,400, respectively. Determine the direct materials and conversion cost per equivalent unit.
Answer: 17 per unit; 80 per unit
Explanation:
From the question, we are informed that the cost of direct materials transferred into the Bottling Department of Mountain Springs Water Company is $538,900 and that the conversion cost for the period in the Bottling Department is $592,000 while the total equivalent units for direct materials and conversion are 31,700 and 7,400, respectively.
The direct materials cost per equivalent unit will be the cost of direct materials that is transferred into the Bottling Department of Mountain Springs Water Company which is $538,900 divided by the total equivalent units for direct materials which is 31700. This will be:
= $538,900/31700
= 17 per unit
The conversion cost per equivalent unit will be the conversion cost for the period in the Bottling Department which is $592,000 divided by the total equivalent units for conversion which is 7,400. This will be:
= $59200/7400
= 80 per unit
Lavage Rapide is a Canadian company that owns and operates a large automatic carwash facility near Montreal. The following table provides data concerning the company’s costs:
Fixed Cost Cost per
per Month Car Washed
Cleaning supplies $0.80
Electricity $1,200 $ 0.15
Maintenance $0.20
Wages and salaries $5,000 $0.30
Depreciation $6,000
Rent $8,000
Administrative
expenses $4,000 $0.10
For example, electricity costs are $1,200 per month plus $0.15 per car washed. The company expected to wash 9,000 cars in August and to collect an average of $4.90 per car washed.
The actual operating results for August appear below.
Lavage Rapide
Income Statement
For the Month Ended August 31
Actual cars washed 8,800
Revenue $43,080
Expenses:
Cleaning supplies 7,560
Electricity 2,670
Maintenance 2,260
Wages and salaries 8,500
Depreciation 6,000
Rent 8,000
Administrative expenses 4,950
Total expense 39,940
Net operating income $3,140
Required:
Compute the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Answer and Explanation:
The computation of the company's revenue and spending variances for August is shown below:-
Lavage Rapide
Revenue and Spending Variances
For the Month Ended August
Particulars Actual Revenue and Spending Flexible Budget
Results Variances
Actual Cars
Washed 8,800
Revenue $43,080 $40 U $43,120
Less:
Expenses
Cleaning Supplies $7,560 $520 U $7,040
Electricity $2,670 $150 U $2,520
Maintenance $2,260 $500 U $1,760
Wages and
Salaries $8,500 $860 U $7,640
Depreciation $6,000 0 $6,000
Rent $8,000 0 $8,000
Administrative
Expenses $4,950 $70 U $4,880
Total Expense $39,940 $2,100 U $37,840
Net Operating
Income $3,140 $2,140 U $5,280
We simply deduct all expenses from the revenue generated so that the net operating income could arrive
The Lavage Rapide's Revenue and Spending Variances for August are computed as follows:
Income Statement for August
Actual Budget Flexible Budget Variance
Actual cars washed 8,800 8,800
Revenue $43,080 $43,120 $40 U
Expenses:
Cleaning supplies $7,560 $7,040 $520 U
Electricity 2,670 2,520 $150 U
Maintenance 2,260 1,760 $500 U
Wages and salaries 8,500 7,640 $860 U
Depreciation 6,000 6,000 $0 None
Rent 8,000 8,000 $0 None
Administrative expenses 4,950 4,880 $70 U
Total expense $39,940 $37,840 $2,100 U
Net operating income $3,140 $5,280 $2,140 U
Data and Calculations:
Budgeted cars to wash in August = 9,000
Flexible budget = 8,800
Average price per car wash = $4.90
Total budgeted flexible revenue = $43,120 (8,800 x $4.90)
Fixed Cost Cost per Flexible
per Month Car Washed Budget
Cleaning supplies $0.80 $7,040 ($0.80 x 8,800)
Electricity $1,200 $ 0.15 $2,520 ($1,200 + $0.15 x 8,800)
Maintenance $0.20 $1,760 ($0.20 x 8,800)
Wages and salaries $5,000 $0.30 $7,640 ($5,000 + $.30 x 8,800)
Depreciation $6,000 $6,000
Rent $8,000 $8,000
Administrative
expenses $4,000 $0.10 $4,880 ($4,000 + $0.10 x 8,800)
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Consumers have become more selective and better informed about their purchases. This macro-environmental force strongly impacts this industry.
a. True
b. False
Answer:
a. True
Explanation:
The macro-enviromental forces that impact an industry are: demographic, economic, political, ecological, socio-cultural, and technological.
In this case, we can see the socio-cultural macro-enviromental force at play, and perhaps also the demographic macro-enviromental force.
If consumers have become more selective and better informed about their purchases, it is most likely because they have change their culture or social status. Such a change in consumer behaviour can have great impact on an industry: it can boost some goods, while make other decline or disappear.
Such a change can also respond to demographic shift: for example, as consumers age, they tend to become more selective, so a good that used to be favored by a young population, might not be so anymore when that young population grows older.
A lumber mill is capable of producing 10,000 board feet of lumber per day when run ten hours per day with minimal breaks. Over the past year, forestry legislation has reduced the availability of raw materials, so the mill has produced an average of 4,575 board feet per day. What is the utilization of the plant
Answer:
45.75%
Explanation:
When asking for the utilization of the plant, the question is basically referring to how much of its full potential is the plant currently operating at. Therefore this can be calculated by dividing its current output (4,575) by its maximum output (10,000) like so...
4,575 / 10,000 = 0.4575
Now we multiply that by 100 in order to get the percentage.
0.4575 * 100 = 45.75%
Therefore the current utilization of the plant is 45.75%
The entrepreneur's integrity is not relevant to bankers when determining the creditworthiness of a business loan.
A. True
B. False
Answer:
A.True
Explanation:
a person who sets up a business or businesses, taking on financial risks in the hope of profit.
In calculating the creditworthiness of an entrepreneur, integrity is true.
Why is an entrepreneur's integrity not important?Financial establishments try to mitigate the hazard of lending to debtors via means of performing a credit score evaluation on people and companies using a brand new credit score account or loan.
They are called the 5 Cs of credit score because they consist of capacity, capital, conditions, character, and collateral.
So, from the above declaration, it's clear that the option B is true.
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The payroll register for Gamble Company for the week ended April 29 indicated the following:
Salaries $1,560,000
Social security tax withheld 93,600
Medicare tax withheld 23,400
Federal income tax withheld 312,000
In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $260,000 of salaries.
Required:
a. Journalize the entry to record the payroll for the week of April 29.
b. Journalize the entry to record the payroll tax expense incurred for the week of April 29.
Answer and Explanation:
The journal entries are shown below:
1. Salaries expense Dr $1,560,000
To Social security tax payable $93,600
To Medicare tax payable $23,400
To Federal income tax withheld payable $312,000
To Salaries payable $1,131,000
(Being the payroll is recorded)
For recording this we debited the salary expense as it increased the expenses and credited all payable as it also increased the liabilities
2. Payroll tax expense Dr $132,600
To Social security tax payable $93,600
To Medicare tax payable $23,400
To State unemployment tax payable ($260,000 × 5.4%) $14,040
To Federal unemployment tax payable ($260,000 × 0.6%) $1,560
(being the payroll tax expense is recorded)
For recording this we debited the payroll expense as it increased the expenses and credited all payable as it also increased the liabilities
Fields Cutlery, a manufacturer of gourmet knife sets, produced 20,000 sets and sold 23,000 units during the current year. Beginning inventory under absorption costing consisted of 3,000 units valued at $66,000 (Direct materials $12 per unit; Direct labor, $3 per unit; Variable Overhead, $2 per unit, and Fixed overhead, $5 per unit.) All manufacturing costs have remained constant over the 2-year period. At year-end, the company reported the following income statement using absorption costing: Sales (23,000 × $45) $ 1,035,000 Cost of goods sold (23,000 × $22) 506,000 Gross margin $ 529,000 Selling and administrative expenses 115,000 Net income $ 414,000 60% of total selling and administrative expenses are variable. Compute net income under variable costing:
Sales (23,000 × $45) $1,035,000
Cost of goods sold (23,000 × $22) 506,000
Gross margin $529,000
Selling and administrative expenses 115,000000
Net income $414,000
60% of total selling and administrative expenses are variable. Compute net income under variable costing.
a. $414,000
b. $399,000
c. $529,000
d. $429,000
e. $644,000
Answer:
d. $429,000
Explanation:
This can be obtained by preparing an income statement under variable costing. The income statement under variable costing deduct variable costs from the sales revenue to obtain contribution margin firs before deducting fixed costs in order to obtain net income. The income statement under variable costing can therefore be prepared as follows:
Fields Cutlery
Income Statement (Variable Costing)
For the Year End
Particulars $
Sales (23,000 × $45) 1,035,000
Variable cost:
Direct materials ($12 * 23,000) (276,000)
Direct labor ($3 * 23,000) (69,000)
Variable Overhead ($2 * 23,000) (46,000)
Selling $ admin exp (60% * $115,000) (69,000)
Contribution margin 575,000
Fixed cost:
Fixed overhead ($5 * 20,000) (100,000)
Selling $ admin exp (40% * $115,000) (46,000)
Net income 429,000
Note:
1. The variable cost is computed using the 23,000 units sold because the variable cost of the opening 3,000 units from the previous year has to be added to the variable cost of the 20,000 units produced this year. This is to obtain the total variable costs for the 23,000 units sold since variable cost varies with units.
2. The Fixed overhead is computed using the 20,000 units produced this year. This is because the total fixed cost does not change as units of production changes. The Fixed overhead of $5 per unit was actually arrived at by dividing $100,000 by 20,000 units. This Fixed overhead was also $100,000 previous year as it remains constant every year.
An investment, which is worth 26,800 dollars and has an expected return of 4.28 percent, is expected to pay fixed annual cash flows forever with the next annual cash flow expected in 1 year. What is the present value of the annual cash flow that is expected in 4 years from today
Answer:
Present Value = $22,663.69
Explanation:
The present value of a sum expected in the future is the worth today given an opportunity cost interest rate. In another words ,it is amount receivable today that would make the investor to be indifferent between the amount receivable today and the future sum.
The present value of a lump sum can be worked out as follows:
PV = FV × (1+r)^(-n)
PV - Present value - ?
FV - Future value - 26,800
r- Interest rate per period - 4.28%
n- number of periods- 4
PV = 26,800 × (1.0428)^(-4)=22,663.69
PV = $22,663.69
Hodgkiss Mfg., Inc., is currently operating at only 80 percent of fixed asset capacity. Fixed assets are $462,000. Current sales are $550,000 and projected to grow to $790,625. How much in new fixed assets are required to support this growth in sales
Answer:
New Fixed assets required = $69300
Explanation:
To calculate the amount of new fixed assets required to support project sales, we first need to determine the amount of fixed assets required to support $1 of sale.
The sales value at full capacity is,
Full capacity sales = 550000 / 0.8
Full capacity sales = $687500
To calculate the $ amount of fixed asset required to support $1 in sales, we need to calculate the ratio of fixed assets to sales. The ratio is,
Fixed assets to sales = 462000 / 687500
Fixed assets to sales = 0.672
Thus, to support a sales level of $790625, the total amount of fixed assets needed will be,
Total fixed assets needed = 790625 * 0.672 = $531300
New Fixed assets required = 531300 - 462000 = $69300
Which of the following is a creative form of signage?
A. Billboards
B. Scented magazine advertisements
C. Distributing flyers by hand
D. Plane banners
Answer:
D. Plane banners
Explanation:
A signage is the design or use of signs and symbols to communicate a message.
A billboard can be a signage but a more creative form would be a plane banner.
The following is a creative form of signage Plane banners. Hence, option (D) is correct.
What are plane banners?The term banners are a highly-visible commercial enterprise. A tool that allows a large book or number of people and potential customers to view an ad at one time, salvaging both time and resources, while still representing the attention of thousands or even millions.
As the signage is referred to, given to the public, the commercial signs in it as we see there are many as there are different advertisements are being also there in it the signs and symbols to communicate a message. Signage also means signs, collectively or being considered as a group.
Therefore, option(D) is correct.
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Beth Corbin's regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a January pay period, Beth works 50 hours. Beth's federal income tax withholding is $98, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date.
Prepare the journal entries to record:
a. Beth's pay for the period.
b. The payment of Beth's wages.
Answer:
a.
Jan 15
DR Salaries and Wages $770
CR Federal Income tax payable $98
CR FICA taxes payable $58.91
CR Salaries and wages payable $613.09
Working.
Beth's gross pay = (14 * 40 hours) + (21 * 10 extra hours above the 40)
= 560 + 210
= $770
FICA Taxes = 770 * 7.65%
= $58.91
b.
Jan 15
DR Salaries and Wages payable $613.09
CR Cash $613.09
A special tax was levied by Downtown City to retire and pay interest on general obligation bonds that were issued to finance the construction of a new city hall. Where are the receipts from the tax recorded?
a. Capital Projects Fund
b. Special Revenue Fund
c. Debt Service Fund
d. General Fund
e. None of the above
Answer:
C. Debt Service Fund.
Explanation:
Dept service funds can be described as monies or reserves which are been used to pay for capitals, interest and certain dept that have accrued by the company and it can cover for any other form of dept owed by the company.
It's existence is put in place to reduce the risk of a debt security for future investors. This can be paid out monthly mid-monthly, quarterly or possibly yearly.
This why the tax on general obligation bonds that has been put upon Downtown city to finance the hall has it receipts in place at the dept service fund office.
The Cash account of First on AlertSecurity Systems reported a balance of $ 2 comma 430at December31,2018.There were outstanding checks totaling $ 1 comma 000and a December31 deposit in transit of $ 200.The bank statement, which came from ParkCities Bank, listed the December31balance of $ 3 comma 910.Included in the bank balance was a collection of $ 690on account from Jane Lindsey,a First on Alertcustomer who pays the bank directly. The bank statement also shows a $ 20service charge and $ 10of interest revenue that First on Alertearned on its bank balance. Prepare First on Alert'sbank reconciliation at December31.
Answer:
First on Alert's bank reconciliation at December 31, 2018
Cash Account First on Alert Security Systems
Balance , December 31,2018 $2,430
Add: Collection from Jane Lindsey $690
Add: Interest revenue $10
Less:-Service charges $20.00
Adjusted Cash Account balance December 31, 2018 $3,110.00
Bank Account at Park Cities
Balance , December 31,2018 $3,910
Add: Deposit in transit $200
Less: Outstanding cheque $1,000
Adjusted bank balance December 31, 2018 $3,110.00
Dudley is a manager at the SuperCuts franchise. He has had to fire two employees because they were treating walk-in customers with disdain and thus turning away business. Once those employees were gone, he trained new employees on how to greet customers. Business has been improving and he has realized how important personnel are for a retail business. What role do the personnel play at his SuperCuts franchise?
Answer:
they are the interface between the brand and the customer
Explanation:
Based on the information provided within the question it can be said that the personnel in SuperCuts are the interface between the brand and the customer. The personnel are the ones that interact on a daily basis with the shoppers and provide all the information that they need regarding the SuperCut's brand in order to generate sales.
On September 12, Vander Company sold merchandise in the amount of $6,200 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,200. Jepson uses the periodic inventory system and the gross method of accounting for purchases. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Jepson makes on September 18 is:
Answer:
Accounts Payable $ 6200 Dr
Purchases Discounts $ 124 Cr
Cash $ 6076 Cr
Explanation:
Periodic inventory system is one in which the entries are passed periodically after a specific length of time.
In the Books of Jepson
Periodic Inventory
Gross Method
Journal Entry
Particulars Debit Credit
Accounts Payable $ 6200 Dr
Purchases Discounts $ 124 Cr
Cash $ 6076 Cr
Discount within the first ten days will be of 2%
$ 6200 *2%= $124
Remaining amount 6200-124 = 6076 will be paid in cash.
A broker moves his office without telling the FREC where he is moving. Two weeks later, a seller comes in and lists his property. The property sells, but the seller is most unhappy with the way the broker performed. The seller refuses to pay a commission to the broker. Can the seller do this?
Answer:
Yes
Explanation:
In this specific scenario, it can be said that Yes the seller can refuse to pay the broker a commission. This is because the broker's license ceases to be in force when the broker changes his address without notifying the FREC within 10 days. Therefore, since the broker moved and did not notify the FREC where he moved to, and did not register his new address then the seller is within his rights to refuse payment to the broker.
Hillary Pillary, age 22, is a full-time student at Diploma Mills College and is awarded a master s degree at the end of the current year. Her tuition, fees, books, and supplies are $10,000 for the year. During the year, she received the following payments:
Scholarship for the year $7,000
Loan from college financial aid office $3,000
Cash prize awarded in beauty contest $2,000
Gift from Aunt Sue $1,000
What amount of these payments is taxable to Hillary for the current year?
A. $1,000
B. $2,000
C. $3,000
D. $5,000
E. $13,000
Ms. Johnson invested $10,000 in a 10-year zero coupon bond and $20,000 in a 3-year semiannual coupon bond that has a duration of 2.5 years. Her portfolio is immunized from interest rate risk if ______.
Answer:
Her investment horizon is 5 years
Explanation:
If investment = $10,000
10-year zero coupon bond
$20,000 in a 3-year semiannual duration = 2.5 years.
Duration = (1/3 )*10 + (2/3)*2.5
= 5 years