Answer:
S/n General Journal Debit Credit
1. Cash $450,000
Common Stock $450,000
(Issued Common stock $5 par value)
2. Furniture and Fixture $80,000
Cash $32,000
Note Payable $48,000
3. Inventory $180,000
Accounts Payable $180,000
4. Accounts receivable $306,000
Sales $306,000
Cost of goods sold $153,000
Inventory $153,000
5. Rent Expense $4,000
Cash $4,000
6. Prepaid Expense $2,160
Cash $2,160
7. Accounts payable $13,050
Cash $13,050
8. Cash $61,200
Accounts Receivables $61,200
9. Dividend $4,500
Cash $4,500
10. Depreciation Expenses $1,600
Acc. Dep. Furniture & fixtures $1,600
11. Insurance Expense $180 (2,160/12)
Prepaid Expense $180
14) A firm's internal business environment does NOT include its ________.
A) employees
B) patents
C) products
D) technologies
E) customers
Answer:
E) Customers
Explanation:
Took the quiz
Novak Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $ 34,500 $ 21,000 Cost of goods purchased 177,000 155,000 Cost of goods available for sale 211,500 176,000 Less: Ending inventory 36,000 34,500 Cost of goods sold $175,500 $141,500 Novak made two errors: 1. 2021 ending inventory was overstated by $3,450. 2. 2022 ending inventory was understated by $6,350. Compute the correct cost of goods sold for each year.
Answer: See explanation
Explanation:
The correct cost of goods sold for 2021 will be:
= Beginning inventory + Cost of goods bought - Correct ending inventory
= 34500 + 177000 - 32550
= 178950
The correct cost of goods sold for 2022 will be:
= Beginning inventory + Cost of goods bought - Correct ending inventory
= 32550 + 155000 - 40850
= 146700
Note:
Correct ending inventory for 2021 will be: = Ending inventory - Overstated value
= 36000 - 3450
= 32550
Correct ending inventory for 2021 will be: = Ending inventory + Understated value
= 34500 + 6350
= 40850
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $25,581 in the accounts of a sole proprietorship. Of this amount, $1,347 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $807. The amount debited to Accounts Receivable for the new partnership is a.$25,581
Answer:
The amount debited to the Accounts Receivable for the new partnership is:
= $2,434.
Explanation:
a) Data and Calculations:
Accounts receivable balance = $25,581
less amount deemed completely worthless = $1,347
Balance after deduction = $2,434.
Provision for possible future uncollectible accounts = $807
b) The Accounts Receivable balance will not exclude the $807 provision for possible future uncollectible accounts. The probability of not collecting the accounts is not established.
On January 1, 2021, Kapoor Co. sold equipment to its subsidiary, Howard Corp., for $125,000. The equipment had cost $150,000, and the balance in accumulated depreciation was $70,000. The equipment had an estimated remaining useful life of eight years and no salvage value. Both companies use straight-line depreciation. On their separate 2021 income statements, Kapoor and Howard reported depreciation expense of $86,000 and $64,000, respectively. The amount of depreciation expense on the consolidated income statement for 2021 would have been:
Answer:
$144,375
Explanation:
Excess depreciation on gain on sale of asset = [($125,000 - ($150,000 - $70,000)] $80,000) / 8
= ($125,000 - $80,000) / 8
= $45,000 / 8
= $5,625
Consolidated depreciation = $86,000 + $64,000 - $5,625
Consolidated depreciation = $144,375
So, the amount of depreciation expense on the consolidated income statement for 2021 would be $144,375
In year 1 the average price of X is $10, and in year 2 the average price of X is $23. If consumers buy more units of X in year 2 than in year 1, it follows that a. the law of supply does not hold for good X. b. demand for good X could be lower in year 2 than in year 1. c. supply of good X could be less in year 2 than in year 1. d. good X buyers have received an increase in income between year 1 and year 2, and good X is a normal good. e. good X buyers have received a decrease in income between year 1 and year 2, and good X is a normal good.
Answer:
D
Explanation:
Normal goods are goods that are goods whose demand increases when income increases and falls when income falls
If good X is a normal good and the consumers income increases, the demand for good X would increase
It would have been that the Law of demand not supply that didn''t hold
according to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.
According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.
Miguel has raised $150 for the local charity, but he has kept $10.00 for himself. He believes no one will notice the missing money. This situation is an example of a lack of moral development in the:__________
A. conventional level.
B. postconventional level.
C. situational level.
D. preconventional level.
Answer:
The conventional level
While raising $150 for the neighborhood charity, Miguel also pocketed $10.00 for himself. He thinks nobody will notice the money is missing. This circumstance serves as an illustration of a lack of moral development .
What is meant by Moral Developement?Moral Development focuses on the emergence, change and understanding of morality from infancy through adulthood. Morality develops across a lifetime and is influenced by an individual's experiences and behavior when faced with moral issues through different periods of physical and cognitive development.Miguel has donated $50 to a local charity in one hand, but he has also saved $10 for himself. He thinks nobody will notice the money is missing. This situation serves as an illustration of a lack of moral growth in the conventional level at the conventional conventional level. Conventional reasoning involves evaluating the morality of actions in light of societal expectations and beliefs. The third and fourth moral development stages make up the customary level.To learn more about Moral Developement refer to:
https://brainly.com/question/15288085
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“Money can not buy one of the most important things vital for your business: relationships. You might think now customer relationships drive your business? That’s true! Good customer relationships are based on good customer experience. Developing strong relations with customers and creating great customer relationship management examples encourage faster business growth, gain new customers, and retain the existing ones.” Based on the statement, explain FIVE (5) reasons why customer relationship is important for business success.
Answer:
The relationship with the customer is a strategic factor for commercial growth.The relationship with customers creates sales opportunities.The relationship with customers creates a relationship of trust.The relationship with customers creates loyalty.The relationship with customers solves problems quickly.Explanation:
The relationship with customers is an essential factor for commercial success. This is because it allows a more personal contact, allowing the recognition of the customer's needs and promoting products, services and marketing that meets those needs, allowing the customer to feel supported by the company and create a loyalty relationship with it.
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $265,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:
Year Ended December 31 Inventory year end costs Cost index(relative to base year)
2021 $340,000 1.02
2022 350,000 1.06
2023 400,000 1.07
2024 430,000 1.10
Required:
Calculate inventory amounts at the end of each year.
Answer:
Avondale Lumber
Rebasing the Inventory at year-end using the dollar-value LIFO inventory method:
Year Ended Inventory year Cost index Inventory Amount
December 31 end costs (relative to base year) at year-end
2021 $340,000 1.02 $333,333
2022 350,000 1.06 $330,189
2023 400,000 1.07 $373,832
2024 430,000 1.10 $390,909
Explanation:
a) Data:
Year Ended Inventory year Cost index
December 31 end costs (relative to base year)
2021 $340,000 1.02
2022 350,000 1.06
2023 400,000 1.07
2024 430,000 1.10
b) The inventory at year-end costs is rebased using the cost index that is relative to the base year, by dividing the inventory costs by the cost index.
Today, you borrowed $12,200 on your credit card to purchase some furniture. The interest rate is 16.8 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $190?
a. 13.7 years
b. 15.2 years
c. 14.5 years
d. 16.9 years
Answer:
13.7 years
Explanation:
Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $19,200. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,850, outstanding checks of $2,700, a NSF check of $1,400, bank service charges of $65 and the EFT from a customer in payment of the customer's account of $2,200. What was the cash balance on the Egrane's books (before the adjustments for items on the bank reconciliation)
Answer:
the cash balance is $17,615
Explanation:
The computation of the cash balance before the adjustment is shown below:
= Ending cash balance + deposit in transit - oustanding checks + NSF + bank service charges - payment
= $19,200 + $1,850 - $2,700 + $1,400 + $65 - $2,200
= $17,615
hence, the cash balance is $17,615
Qtr5g66677
Math problem
Answer:
The dot over a number signifies that it is a repeater which would go on for ever, as when we endeavor to describe 1/3 decimally as 0.33333 . . . . (etc)
With a series of numbers we place the dot over the first and last, as with 0.97979797979 . . . (etc)
The remarkable feature being that a proper fraction divided by 9s e.g. 46/99 is exactly equal to the numerator with the repeater sign followed by the decimal.
Unfortunately, licensing and franchising are not valuable options for a potential business model. a. True b. False
Answer:
B. False
good luck, i hope this helps :)
Are mixed economies the same?why or why not
Answer:
The economic system is the set of practices and principles that regulate the production, trade, distribution and allocation of resources to production in a society, as well as deciding who will produce. It is not possible to consider economic systems purely from a commercial perspective. On the contrary, the most defining feature of economic systems should be of political and ideological origin. The opposite of this proposition is also true, that is, economics is the main factor shaping political approaches. Politics and economics are intertwined and inseparable. From this point of view, it seems the most appropriate method to classify political structures in the world on the basis of economy. A classification of economic systems that are currently or recently applied or whose effects continue can be made as follows.
Breakdown on Daily Allowance
Name:
Р
Daily Allowance:
Less: Daily Expenses
Food
P
Fare
School Supplies
Recreation
Others
Total
P
Answer:
Name : Peter
Daily Allowance: $120
Less daily Expense:
Food $45
Fare $27
School Supplies $5
Recreation $15
Others $20
Total : $8 Savings.
Explanation:
Peter gets daily allowance of $120 for the work. He has daily expenses which he has to fund with his daily allowance. The peter has net saving of $8 everyday. The food and other running expenses are all funded with his daily allowance. The total for all the expense is $112. Net saving is $120 - $112 = $8.
The company’s choice of its name, Plymouth Rock Assurance, and its motto, "More Than Just Insurance," indicates the company is attempting to position itself in a particular manner. Which of the following would most likely be the intended position of the company?
a. Increased brand sponsorship.
b. Less expensive than its competitors
c. Superior customer service through its products and services.
d. Increased product mix other than insurance
e. The nation’s premier insurance company
Answer:
c. Superior customer service through its products and services.
Explanation:
Superior customer service through its products and services. There is a need to make products and services more efficient and better than competitors in the industrywhich gives the company competitiveness and ensures more than just insurance.so correct answer is c. Superior customer service through its products and services.Cover Me, Inc. sells umbrellas in three cities. Management assumes that annual rainfall is the primary determinant of umbrella sales, and it wants to generate a linear regression equation to estimate potential sales in other cities. Given the data below, what is the estimated amount of sales for 96 inches of rain utilizing a linear regression equation? Round to nearest whole number.
Rainfall in X Sales in Dollars of Umbrellas
City A 35 2800
City B 30 2000
City C 12 800
Answer:
7602.28
Explanation:
Given the data:
Rainfall in X Sales in Dollars of Umbrellas
City A 35 2800
City B 30 2000
City C 12 800
Using the linear regression calculator :
The linear model obtained for the data is :
y = - 226.424 + 81.549x
Using the model, the predicted sales for 96 inches of rain will be:
X = 96
y = - 226.424 + 81.549(96)
The predicted sales is 7602.28
Falisari Corporation has computed the following unit costs for the year just ended:
Direct material used $ 25
Direct labor 19
Variable manufacturing overhead 35
Fixed manufacturing overhead 40
Variable selling and administrative cost 17
Fixed selling and administrative cost 32
Which of the following choices correctly depicts the per-unit cost of inventory under variable costing and absorption costing?
Variable Costing Absorption Costing
A. $ 79 $ 119
B. $ 79 $ 151
C. $ 96 $ 119
D. $ 96 $ 151
E. None of the answers is correct.
Answer:
A. $ 79 $ 119
Explanation:
Calculation for the choices that correctly depicts the per-unit cost of inventory under variable costing and absorption costing
Calculation for Variable costing using this formula
Variable costing = Direct materials + Direct labor + Variable Manufacturing Overhead
Let plug in the formula
Variable costing = = $25 + $19 + $35
Variable costing = $79
Calculation for Absorption costing using this formula
Absorption costing = Direct materials + Direct labor + Variable Manufacturing Overhead + Fixed Manufacturing Overhead
Let plug in the formula
Absorption costing= $25 + $19 + $35 + $40
Absorption costing= $119
Therefore the choices that correctly depicts the per-unit cost of inventory under variable costing and absorption costing are :$ 79 $ 119
Rite Bite Enterprises sells toothpicks. Gross revenues last year were $8.0 million, and total costs were $3.9 million. Rite Bite has 1.2 million shares of common stock outstanding. Gross revenues and costs are expected to grow at 4 percent per year. Rite Bite pays no income taxes. All earnings are paid out as dividends. (Do not round intermediate calculations and round your answers to 2 decimal places. (e.g., 32.16))
a. If the appropriate discount rate is 14 percent and all cash flows are received at year’s end, what is the price per share of Rite Bite stock? $35.53
b. Rite Bite has decided to produce toothbrushes. The project requires an immediate outlay of $17.5 million. In one year, another outlay of $6.5 million will be needed. The year after that, earnings will increase by $4.7 million. That profit level will be maintained in perpetuity. What will the new stock price be if the project is undertaken?
Answer:
a. Calculation of PV of the gross revenue
PV(revenue) = $8,000,000*(1+4%) / (14%-4%) = $83,200,000
Calculation of PV of the total cosst
PV(revenue) = $3,900,000*(1+4%) / (14% - 4%) = $40,560,000
Since there is no tax, the Pv of divided will be: Dividend = $83,200,000-$40,560,000 = $42,640,000
Calculation of price per share
Price per share = Present value dividend / Share outstanding = $42,640,000 / 1,200,000 = $35.53
b. Increase in Stock prcie= (-Immediate outlay - Another outlay next year/1.14 + (Increase in Earning in year 2/14%)/1.14)/Outstanding Share
Increase in Stock price= (-17.5 -6.5/1.14 + (4.7/14%)/1.14)/1.2
Increase in Stock price = $5.21
New stock price = $35.53 + 5.21
New stock price = $40.74
Which type of delivery format would be the best choice for the keynote speech that welcomes employees?
a. manuscript
b. memorized
c. extemporaneous
d. impromptu
Who prepares the annual housekeeping budget?
OA.
the executive housekeeper
OB.
the general manager
Ос.
the front office manager
OD
the accounting manager
Answer:
oa
Explanation:
OA.
the executive housekeeper.
this is the correct answer.
Answer:
B. The General Manager
Explanation:
The correct answer is - B. The General Manager
Reason -
In a smaller scale hotel or facility usually there is Front Office, Housekeeping and Maintenance and the expenses are controlled mainly by the Owner through the General Manager.
They were the key decision maker in preparing the yearly budget with the assistance of an accountant or accounting firm.
The Fourth Amendment protects an individual from ______.
testifying against himself in court
unreasonable searches and seizures
arrest
all searches and seizures
You are comparing two investments, both of which provide annuity payments in exchange for a lump sum investment today. Each annuity has the same monthly payment for the same number of years. You require the same rate of return for each of these investments. Annuity A pays at the beginning of each month and annuity B pays at the end of each month. Given this information, which one of the following statements is correct?
A. Both annuities have the same equal future value.
B. Annuity B is worth more today because of the timing of its cash flows.
C. Annuity A is worth more today because you will receive one more payment whereas Annuity B receives one less payment.
D. Annuity A has a higher present value and a lower future value than annuity B.
E. Annuity A has a higher future value than annuity B.
Nelson Company experienced the following transactions during 2016, its first year in operation.
1. Issued $6,600 of common stock to stockholders.
2. Provided $2,900 of services on account.
3. Paid $1,750 cash for operating expenses.
4. Collected $2,200 of cash from accounts receivable.
5. Paid a $130 cash dividend to stockholders.
35.
The amount of net income recognized on Nelson Company's 2016 income statement is:_______.
a. $1,020.
b. $700.
c. $830.
d. $1,150.
Answer:
d. $1,150
Explanation:
Calculation for what The amount of net income recognized on Nelson Company's 2016 income statement is:
Using this formula
Net income = Service Revenue - Operating Expenses
Let plug in the formula
Net income= $2,900-$1,750
Net income=$1,150
Therefore The amount of net income recognized on Nelson Company's 2016 income statement is:$1,150
1. Identify a research problem in your study area and coin topic based on the problem.
The correct answer to this open question is the following.
The research problem in my study area is the way industries and corporations are affecting climate change. The specific topic based on this problem is "How modern industries are impacting the environment."
I come up with this topic because it really concerns me.
Up until today, most companies and corporations' approach has been to earn money at all costs. However, the planet is suffering the consequences of over-exploiting raw materials and natural resources, directly impacting the environment.
Air pollution, water pollution, noise pollution, water scarcity, weather changes affection farming and the production of food, lack of rain in some parts of the planet, excessive storms in other parts of the globe, earthquakes, constant volcanic explosions, are some of the consequences of this irresponsible way of overexploiting raw materials that have seriously impacted our environment.
The invitation for the next generation of businessmen would be for a better form of Capitalism, focused on restoring some of the resources that have been exploited, and taking into consideration the employee's situations in the workplace. It is fine to think about getting rich. But no more at all costs.
Getting rich, yes. But now, thinking about practical ways to give back and taking care of planet Earth, and helping workers and employees to really prosper and grow.
The predetermined overhead allocation rate is calculated by dividing ________. A) the estimated overhead costs by total estimated quantity of the overhead allocation base B) the total estimated overhead costs by total number of days in a year C) the estimated amount of cost driver by actual total overhead costs D) the actual overhead costs by actual amount of the cost driver or allocation base
The Darwin Company reports the following information that occurred during the current period: Sales commissions expense $15,600 Administrative office supplies 7,300 Depreciation on factory equipment 4,700 Indirect factory labor 5,900 Direct labor 10,500 Factory rent 4,200 Factory utilities 1,200 Sales 76,500 Administrative Office salaries expense 8,900 Indirect materials used 1,200 Manufacturing Overhead applied 17,200 Using the information provided above for Darwin Company, calculate the total costs that will be expensed when incurred on the income statement for the period:'
Answer:
$31,800
Explanation:
All Non Manufacturing expenses are treated as Period costs. Period Costs are expensed in Income Statement.
Calculation of Total Period Costs
Sales commissions expense $15,600
Administrative office supplies $7,300
Administrative Office salaries expense $8,900
Total $31,800
Conclusion
The total costs that will be expensed when incurred on the income statement for the period is $31,800.
Project X and project Y have the same number of activities (500 activities each). Project X has 25 critical paths and project Y has 3 critical paths through the network. As a result, project X has several more activities in the critical paths than that of project Y. Which project will most likely be harder to manage (i.e., completing the project on-time by the due date) for the project manager
Answer:
Project X
Explanation:
Project X is going to be more difficult for the manager to manage. This is because X has many critical paths which are multiple compared to that of project Y.
More of these critical paths means that there would be a reduction in the likelihood of the project being successful. These critical paths and activities can affect the date of completion that was planned for the project. A project like X can be time consuming and expensive for the manager
Stock A has a beta of .68 and an expected return of 8.1 percent. Stock B has a beta of 1.42 and an expected return of 13.9 percent. Stock C has beta of 1.23 and an expected return of 12.4 percent. Stock D has a beta of 1.31 and an expected return of 12.6 percent. Stock E has a beta of .94 and an expected return of 9.8 percent. Which one of these stocks is the most accurately priced if the risk-free rate of return is 2.5 percent and the market risk premium is 8 percent
Answer:
Stock B is correctly priced
Explanation:
The expected return is shown below:
For stock A
= 2.5 + 0.68 × 8
= 7.94
For stock B
= 2.5 + 1.42 × 8
= 13.86
For stock C
= 2.5 + 1.23 × 8
= 12.34
For stock D
= 2.5 + 1.31 × 8
= 12.98
For stock E
= 2.5 + 0.94 × 8
= 10.02
So stock B is correctly priced
Percentage of college students that graduate
with student loans:
As a company owner, you are trying to grow your party supply sales by reaching new customers. You know most of your customers are college students in their early 20s, but you conduct more research of your sales and discover customers who are business with events. This market is located within a 25 mile radius, they are mid- to small-sized companies with main holiday events and smaller birthday and retirement parties. You have just contacted customer:_________
A) targeting
B) segmentation
C) customization
Answer:
B)segmentation
Explanation:
Market segmentation can be regarded as process involving sectioning of heterogeneous market into a homogenous segments using some kind of parameters such as psychographic, geographic as well as
behavioural and others factors