Answer:
(a) Revenue test.
Only report segments that generate at least 10% of total revenues:
WXY(b) Operating profit (loss) test.
Only report segments that generate at least 10% of profits or losses:
WXY(c) Identifiable assets test.
Only report segments that account for at least 10% of combined assets:
WXExplanation:
Operating Total Operating Identifiable
segment revenue profit (loss) assets
W $60,000 $15,000 $167,000
X $10,000 $3,000 $83,000
Y $23,000 ($2,000) $21,000
Z $9,000 $1,000 $19,000
$102,000 $17,000 $290,000
10% $10,200 $1,700 $29,000
Milano Gallery purchases the copyright on an oil painting for $300,000 on January 1, 2017. The copyright legally protects its owner for 12 more years. The company plans to market and sell prints of the original for 19 years. Prepare entries to record the purchase of the copyright on January 1, 2017, and its annual amortization on December 31, 2017.
Answer and Explanation:
According to the situation, the solution of journal entries are as follows
1. Copyright Dr $300,000
To Cash $300,000
(being the purchase of copyright is recorded)
Here, we debited the copyright as it increased the assets and credited the cash as it decreased the assets
2. Amortization expense Dr ($300,000 ÷ 12 years) $25,000
To Accumulated amortization $25,000
(being the annual amortization is recorded)
Here we debited the amortization expense as it increased the expenses and credited the accumulated amortization as it decreased the assets
Suppose there is an improvement in technology in this market and the price of lamps, a complementary good, increases. What changes do you predict in the equilibrium price and quantity
Answer:
Complementary goods are those goods that, as the word implies, are often used together. For example: milk and cereals, or gasoline and cars.
If the price of a complementary good increases, then, the price of the other complementary good will likely increase as well. The quantity demanded for both will fall, will the supply will increase.
This is exactly what would happen in the case, the price of the good that is complementary to lamps will increase, and its quantity demanded will fall.
can someone tell me how this "attain" amount is calculated PS3 price is 299$ PS3 sold are 11.25 Million per unit total cost is 260.89 $ profit is 38.11 $ Attain = 428.74 do u know how this 'attain' amount is calculated
Answer:
IDK which I need also
Explanation:
....................................................
Answer:
I'm in middle school, sorry mate.
Explanation:
On January 2, 2016, Alpha Corporation issued 5,000 shares of $2 par value common stock. The issue price was $7.50 per share. what is the general ledger journal entry for january 2nd
Answer:
Dr Cash 37,500
Cr Common Stock 10,000
Cr Common Stock 27,500
Explanation:
Preparation of the general ledger journal entry for january 2nd for Alpha Corporation
Since on January 2, 2016 we were told that Alpha Corporation was said to issued 5,000 shares of $2 par value of common stock in which the issue price was $7.50 per share this means we have to Debit Cash with $37,500, Credit Common stock with $10,000 and Credit Common stock with $27,500
1/2/16
Dr Cash 37,500
(5,000 shares × 7.50 per share)
Cr Common Stock 10,000
(5,000 shares ×$2)
Cr Common Stock 27,500
($37,500-$10,000)
Gelb Company currently manufactures 41,000 units per year of a key component for its manufacturing process. Variable costs are $4.05 per unit, fixed costs related to making this component are $83,000 per year, and allocated fixed costs are $78,500 per year. The allocated fixed costs are unavoidable whether the company makes or buys this component. The company is considering buying this component from a supplier for $3.50 per unit. Calculate the total incremental cost of making 41,000 units and buying 41,000 units. Should it continue to manufacture the component, or should it buy this component from the outside supplier
Answer and Explanation:
1. The computation of total incremental is shown below:-
Incremental Costs to Make
Relevant Amount Relevant Fixed Total Relevant
Per Unit Costs Costs
Variable Cost
Per Unit $4.05 $166,050
(41,000 × $4.05)
Fixed manufacturing
cost $83,000 $83,000
Total incremental
cost to make $249,050
Incremental Costs to Buy
Purchase Price Relevant Fixed Total Relevant
Per Unit Costs Costs
Purchase Price
Per Unit $143,500
($3.50 × 41,000)
Total Incremental Cost to Buy $143,500
2. The company should buy from the outside supplier as its a lower and the total incremental cost is $143,500
Classifying Costs as Materials, Labor, or Factory Overhead Indicate whether the following costs of Procter & Gamble, a maker of consumer products, would be classified as direct materials cost, direct labor cost, or factory overhead cost: Cost Classification a. Plant manager salary for the Iowa City, Iowa, plant b. Maintenance supplies c. Salary of process engineers d. Wages paid to Packaging Department employees in the Bear River City, Utah, paper products plant e. Scents and fragrances used in making soaps and detergents f. Wages of production line employees at the Pineville, Louisiana, soap and detergent plant g. Depreciation on assembly line in the Mehoopany, Pennsylvania, paper products plant h. Packaging materials i. Resins for body wash products j. Depreciation on the Auburn, Maine, manufacturing plant
Answer:
a. factory overhead cost
b. factory overhead cost
c. factory overhead cost
d. direct labor cost
e. direct materials cost
f. direct labor cost
g. factory overhead cost
h. direct materials cost
i. direct materials cost
j. factory overhead cost
Explanation:
Direct Material Costs and Direct Labor Costs are easily traceable to the cost object whilst its difficult to trace Factory Overhead Costs to the cost object.
What are the kinds of purchases for which you’ll "spare no expense"? What kinds of purchases do you want to buy spending as little as possible? What are the major differences between these two categories that drive your attitude regarding price?
Answer:
"Spare no Expense" Purchases
When purchasing long-term items (assets) which cannot be consumed within a short-term period, one tends to "spare no expense." These purchases are dictated by their quality and not price. For example, in constructing a building an individual or an entity does not consider the price as a deciding factor. Instead, the entity goes for the best quality at whatever price. In such a situation, it can be described as "sparing no expense" because it can spend as possible as is needed to ensure that the quality of the construction was of the highest standard. A wealthy man does not spare any expense to receive medical treatment. Vacationists spare no expense to go on vacation
These purchases or items come with high prices and they last longer than a year.
On the other hand, one does not want to spend much resources on goods that are not durable. So, the person involved tend to spend as little as possible. No one wants to buy expensive food items. But, the same person can pay for an exorbitant car. No one wants to expend much resources on inner wears, but the same person can spend thousand for the outer wears, to put up appearances.
Ostentatious goods that convey image attract higher prices much more than private goods that others co not care whether you use them or not. This accords with our human natural way of believing in appearances.
The major factors that differentiate between these two categories that drive our attitude regarding price include:
a) Scarcity, b) Longevity, c) Quality, d) Price, e) Durability, f) Ostentation
Explanation:
The expression "spare no expense" means to spend as much financial resources as needed in order to make something happen or bring about an outcome.
Assume that the demand curve for MP3 players shifts to the right and the supply curve for MP3 players shift to the left, but the supply curve shifts more than the demand curve. As a result:________
a. both the equilibrium price and quantity of MP3 players will decrease.
b. the equilibrium price of MP3 players will decrease; the equilibrium quantity will increase.
c. the equilibrium price of MP3 players may increase or decrease; the equilibrium quantity will decrease.
d. the equilibrium price of MP3 players will increase; the equilibrium quantity will decrease.
Answer:
The correct answer is the option D: the equilibrium price of MP3 players will increase; the equilibrium quantity will decrease.
Explanation:
First of all, the supply and demand curves are the graphical representation of the price and the quantity demanded and supplied respectively in each case. Moreover, in the graphic when both curves are in equilibrim that means that there is a single point in where the price and the quantity are established together for the market. Furthermore, when there is a shift of any curve that point will be changed so when there is a shift in the demand curve to the right the price will increase and the quantity will increase but if there is a shift in the supply change to the left and that shift is greater then the price will increase but the quantity will decrease.
Suppose the entire banking system has $50 million in excess reserves and a required reserve ratio of 10 percent. The deposit-creation potential of the banking system is:
Answer: $500 million
Explanation:
The required reserve ratio is the fraction of the total deposit that a bank recieves which is mandated by the central bank to be kept and should not be given out.
If the entire banking system has $50 million in excess reserves and a required reserve ratio of 10 percent. The deposit-creation potential of the banking system will be:
= $50million/10%
= $50million/0.1
= $500 million
zippy had cash inflows from operations $66,500; cash outflows from investing activities of $51,000; and cash inflows from financing of $29,000. The net change in cash was:
Answer:
i wouldchoosetheanswer to 687 or9849
Explanation:
Loster Company reported a net loss of $17,017 for the year ended December 31. During the year, accounts receivable decreased by $7,476, inventory increased by $5,997, accounts payable increased by $15,357, and depreciation expense of $5,495 was recorded. What was the net cash used for or provided by operating activities during the year
Answer:
The answer is $5,314
Explanation:
Net loss ($17,017)
Add back:
Depreciation expense. $5,495
($11,522)
Changes in working capital:
Decrease accounts receivable $7,476
Increase Inventory. ($5,997)
Increase accounts payable. $15,357
Net cash provided by operating activities. $5,314
On May 10, Monty Corp. issues 1,900 shares of $4 par value common stock for cash at $13 per share. Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Answer:
May 10, 2020, 1,900 shares issued at $13
Dr Cash 24,700
Cr Common stock 7,600
Cr Additional paid in capital 17,100
The common stock account increases using the pay value as reference. For example, if the common stock account = $200,000 and the par value of the stocks = $4, then we know that the company has 50,000 common stocks outstanding.
If investors pay any amount over the stocks' par value, that amount must be reported as additional paid in capital, in this case for common stock.
21. Find the present values of these ordinary annuities. Discounting occurs once a year. a. $400 per year for 10 years at 10%. b. $200 per year for 5 years at 5% c. $400 per year for 5 years at 0% d. Rework parts a-c assuming they are annuities due.
Answer:
a.
PV = $2457.826842 rounded off to $2457.83
b.
PV = $865.8953341 rounded off to $865.90
c.
PV = $400
d.
PV = $2703.609527 rounded off to $2703.61
PV = $909.1901008 rounded off to $909.19
PV = $400
Explanation:
An annuity is a series of cash flows that are constant, that occur after equal interval of time and that are for a defined period of time.
An ordinary annuity is the one whose cash flows occur at the end of the period. While an annuity due is the one whose cash flows occur at the start of the period. The formula for the present value of both the ordinary and the due annuity are attached.
a.
PV = 400 * [(1 - (1+0.1)^-10) / 0.1]
PV = $2457.826842 rounded off to $2457.83
b.
PV = 200 * [(1 - (1+0.05)^-5) / 0.05]
PV = $865.8953341 rounded off to $865.90
c.
PV = 400 * [(1 - (1+0.0)^-5) / 0.0]
PV = $400
d.
PV = 400 * [(1 - (1+0.1)^-10) / 0.1] * (1+0.1)
PV = $2703.609527 rounded off to $2703.61
PV = 200 * [(1 - (1+0.05)^-5) / 0.05] * (1+0.05)
PV = $909.1901008 rounded off to $909.19
PV = 400 * [(1 - (1+0.1)^-10) / 0.1]
PV = $400
Brief Exercise 5-3 Flint Company buys merchandise on account from Windsor, Inc.. The selling price of the goods is $1,050, and the cost of the goods is $660. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Answer:
Flint Company
DR Merchandise $1,050
CR Accounts Payable $1,050
(To record purchase of merchandise)
Windsor Inc.
DR Accounts Receivable $1,050
CR Sales $1,050
(To record sale of merchandise)
DR Cost of Goods Sold $660
CR Merchandise Inventory $660
(To record change in stock from sale of merchandise)
The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a balance sheet and which is based on an estimate of bad debts, is an application of the
Answer:
The answer is: application of matching principle and contra-asset
Explanation:
The allowance for doubtful accounts is a management estimate of bad debts (amount owed by the customers that is deemed uncollectible). In order to demonstrate the recoverable amount of the accounts receivable, it is usually applied as a reduction in the asset (accounts receivable) by applying contra asset (that is, a way of netting the two accounts).
The estimate of bad debt is in conformity with the matching principle of accounting. The principle states that the revenue generated in a particular accounting period must be matched against the expense for that particular period. In this instance, the the bad debt expense is the expense.
The gift from Rebecca Smith (see previous question) earned $50,000 this year. The city council decides that these resources should be used to construct new sand volleyball courts for public use. Which fund should be used to account for the construction of the courts
Answer: a. Capital Projects Fund
Explanation:
This is a fund that is used by the Government in it's accounting records to record the various transactions related to embarking on a capital project.
It includes how the funds were sourced and how they will be disbursed.
Once the project is finished this fund is usually terminated.
A jeans maker is designing a new line of jeans called Slims. The jeans will sell for $205 per pair and cost $164 per pair in variable costs to make.(1) Compute the contribution margin per pair.(2) Compute the contribution margin ratio.
Answer:
Results are below.
Explanation:
Giving the following information:
The jeans will sell for $205 per pair and cost $164 per pair in variable costs to make.
The contribution margin per unit is calculated using the selling price per unit and the unitary variable cost:
Unitary contribution margin= 205 - 164= $41
Now, to calculate the contribution margin ratio, we need to use the following formula:
contribution margin ratio= contribution margin/selling price
contribution margin ratio= 41/205
contribution margin ratio= 0.2
Susan can brew 5 gallons of root beer in an hour or she can make 4 pizzas in an hour. Becky can brew 7 gallons of root beer in an hour or she can make 5 pizzas in an hour. Susan's opportunity cost of making a pizza is 4 gallons of root beer. Becky's opportunity cost of making a pizza is 7 gallons of root beer.
Requried:
Who has an absolute advantage in making pizza?
Answer:
Becky
Explanation:
A person has absolute advantage in the production of a good if she produces more quantities of the good compared to the other person.
Susan produces 4 pizzas in an hour while Becky produces 5 pizzas in an hour. So, Becky has an absolute advantage in the production of pizzas.
I hope my answer helps you
Wayman Corporation reports the following amounts in its December 31, 2021, income statement.
Sales revenue $ 425,000
Income tax expense $ 55,000
Interest expense 25,000
Cost of goods sold 135,000
Salaries expense 45,000
Advertising expense 35,000
Utilities expense 55,000
Required:
Prepare a multiple-step income statement.
Answer:
Wayman Corporation
Multiple-step income statement
Sales $425,000
Less: Cost of goods sold $135,000
Gross Profit $290,000
Operating Expenses
Salary Expenses $45,000
Utility Expenses $55,000
Advertising Expenses $35,000
Total Operating Expenses ($135,000)
Net Operating Income $155,000
Other Income and Expenses
Interest expense $25,000
Net Income before Tax $130,000
Income tax expense $55,000
Net Income $75,000
n preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: Net income for the year was $52,000 Accounts payable decreased by 18,000 Accounts receivable increased by 25,000 Inventories increased by 5,000 Depreciation expense was 30,000 Net cash provided by operating activities was:
Answer:
$34,000
Explanation:
Calculation for the Net cash provided by operating activities
Net income 52,000
Adjustments :
Add Depreciation expense 30,000
Less Decrease in Accounts payable (18,000)
Less Increase in accounts receivables (25,000)
Less Increase in inventories (5,000)
Net cash provided by operating activities $34,000
Therefore Net cash provided by operating activities was: $34,000
Samantha owns 1,000 shares in Evita, Inc., an S corporation, that uses the calendar year. Her stock basis at the beginning of the tax year was $60,000. Evita's ordinary income for the year was $22,000 through the date of sale, and Samantha receives a distribution of $35,000 on May 3rd. Her stock basis at the end of the year is:
Answer:
$47,000
Explanation:
Stock basis at the time of sales = Stock basis at the beginning + Ordinary income for the part year - Distribution received
it is provided that opening Stock = $60,000
Ordinary income for the part-year = $22,000
Distribution amount received = $35000
Her stock basis at the end of the year is = $60,000 + $22,000 - $35,000
= $82,000 - $35,000
= $47,000
If the real money demand is greater than the real money supply, interest rates must rise to reach equilibrium in the money market as institutions sell bonds to obtain more money.1. True2. False
Answer:
2. False
Explanation:
The market for money is like the market for any other good: if demand is higher than supply, then, the price of money (the interest rate), will have to be lowered, so that money becomes cheaper and more abundant, and supply and demand become equal and reach equilibrium.
In this case, the centrla bank needs to lower the interest rates by buying bonds. When the central bank buys bonds, it prints more money that is put in the market, effectively increasing the supply of money, and lowering the interest rate in the meantime.
Michael is unaware that it is very important for those from Japan to establish close personal relationships before talking about business. His violation of such ____, which concerns routine social conventions, is probably the main reason that he fails to have Norio sign the contract.
Answer:
Mores
Explanation:
Mores are the behaviors and customs that people have in a particular place and usually, they expect that you adhere to them when you are there and you would probably be judge based on that. According to this, the answer is that Michael's violations of such mores, which concerns routine social conventions, is probably the main reason that he fails to have Norio sign the contract because he didn't follow the custom people have in Japan to establish close personal relationships before talking about business and that affected his image because Michael's behavior was not acceptable for them.
Skolnick Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 5.00 Direct labor $ 4.50 Variable manufacturing overhead $ 1.60 Fixed manufacturing overhead $ 112,000 Sales commissions $ 1.20 Variable administrative expense $ 0.50 Fixed selling and administrative expense $ 35,200 Required: a. If 8,000 units are produced, what is the total amount of direct manufacturing cost incurred? (Do not round intermediate calculations.) b. If 8,000 units are produced, what is the total amount of indirect manufacturing costs incurred?
Answer:
Results are below.
Explanation:
Giving the following information:
Direct materials $5.00
Direct labor $4.50
Variable manufacturing overhead $1.60
Fixed manufacturing overhead $112,000
First, we need to calculate the direct production costs if 8,000 units are produced:
Direct costs= direct material + direct labor
Direct costs= (5+4.5)*8,000= $76,000
Now, the indirect costs of production for 8,000 units.
Indirect costs= total variable costs total fixed costs
Indirect costs= 1.6*8,000 + 112,000
Indirect costs= $124,800
Repbulic LLC exchanged land used in its business for some new land to be used in the business. Republic LLC originally purchased the land it exchanged for $37,500. The new land had a fair market value of $39,750. Arlington also received $11,500 of cash in the transaction. What is Republic LLC's recognized gain or loss on the exchange
Answer:
Republic LLC's recognized gain on the exchange is $11,500
Explanation:
In order to calculate Republic LLC's recognized gain or loss on the exchange we would have to calculate first the Realized gain and then compare it with the amount received by cash and value with less amount would be the recognized gain or loss on the exchange.
Therefore, Realized gain=Fair Market value of property received + Cash received - Adjusted basis of the property transferred
Realized gain=$39,750+$11,500-$37,500
Realized gain=$13,759
The cash in the transaction was $11,500.
Therefore, Republic LLC's recognized gain on the exchange is $11,500
Companies increasingly strive to achieve the ______ performance when formulating their corporate strategy.
Answer:
triple bottom line
Explanation:
Companies increasingly strive to achieve the triple bottom line performance when formulating their corporate strategy. The triple bottom line (TBL) is a framework used in business that focuses on equally on social/environmental concerns as well as profits, thus creating three equal points of interest (bottom lines) which are profit, people, and the environment. This leads to a successful and balanced company.
When longer-term employees' salaries are lower than those of workers entering the firm today, ______ has occurred.
Answer: Salary compression
Explanation:
Salary compression is a situation that occurs when there is a negligible differences in pay between the workers in an organization despite the experience and skills level.
It usually occurs when the pay of the current employees that are working with a company does not keep up with the rise in market pay rate thereby giving rise to a situation whereby new employees are employed at a identical pay or better pay to those that have been at the organization.
Identify the advantages and disadvantages of each entry mode.
1. Tight control
2. Cost avoidance
3. Lower costs lost
4. Most costly method
5. Little future
6. Revenue
7. Lost economies
8. Access to local
9. Expertise
10. Profit from
11. Processes
12. Low capital
13. Requirement
14. Battles for control
a. Entry Mode
b. Exporting
c. Turnkey Project
d. Licensing
e. Joint Venture
f. Wholly-Owned
g. Subsidiary
Answer:
Exporting
Advantage
Cost avoidance
Disadvantage
Lower Costs Loss.
With Exporting, one can get into a country with lower costs because they will not have to set up. However they stand to have the disadvantage of losing lower costs.
Turnkey Project
Advantage
Profit from Processes
Disadvantage
Little Future Revenue
Turnkey projects involve building a facility for another company and then fully equipping it. When it is ready you hand it over. You stand to make profits from the process of building but because the facility is given to the purchaser, there is little chance for future revenue.
Licensing
Advantage
Low capital Requirement
Disadvantage
Lost Economies
With Licensing, one does not have to spend a lot to get into a country as other companies just use your license. You however stand the risk of losing your control in the country.
Joint Venture
Advantage
Access to Local Expertise
Disadvantage
Battles for Control
With Joint Venture, an International firm will have access to the expertise of its partners who are locals and know how things are done. However, because the locals know how things are done and are in their country, there might be battles between the partners about who should dominate.
Wholly-Owned Subsidiary
Advantage
Tight Control
Disadvantage
Most Costly Method
With a wholly-owned Subsidiary, an international company will have complete control over the affairs of the business and not have to battle for it with anyone. The drawback however is the cost it will take to set up. Large amounts will always have to be spent on starting a fresh company in a different country.
May 23 Cash 22,000 Common Stock 22,000 This journal entry will
Answer:
The Journal entry will Increase cash and as well Increase Common stock
Explanation:
Based on the information given where we have Cash of the amount of $22,000 and Common Stock of the amount $22,000 on May 23 this means that the journal entry will Increase cash and as well Increase Common stock. And since cash is an asset this mean that it will increased by debit While Common stock will increased by Credit becauee Common stock is a Capital .
An example of a political force of concern in market screening is a(n) Group of answer choices change in voter registration numbers. entry barrier established by the host government. local blue law prohibiting sales on Sunday. change in the general platform of the ruling democratic party.
Answer:
entry barrier established by the host government
Explanation:
Market screening is a term in business or economics which describes a process of markets analysis in accordance to the total competencies and business objectives of the company. In other words, it is the company's evaluation of a tradable asset for the purpose of determining a fair deal for the asset.
Hence, an example of a political force of concern in market screening is entry barrier established by the host government.