Answer:
1.You’re unrealistic. We all want to be able to have unlimited amounts of money.
2. You think budgeting is too complicated. Don’t be scared. Budgets are fun!
Explanation:
Strategy: Take it slow and go with the flow don't get so excited about the fact of making money.
Answer:
1.You’re unrealistic. We all want to be able to have unlimited amounts of money.
2. You think budgeting is too complicated. Don’t be scared. Budgets are fun!
(Strategy: Take it slow and go with the flow don't get so excited about the fact of making money.)
Credit goes to marilynnargi!
Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso ’n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021.
Salaries expense $12,400 Sales revenue $63,300
Inventory (July 1, 2021) 1,650 Interest income 2,000
Sales returns 1,100 Cost of goods sold 28,050
Utilities expense 2,950 Rent expense 5,400
Income tax expense 4,700 Interest expense 400
Inventory (July 31, 2021) 1,100
Required:
a. Prepare a multiple-step income statement for the month ended July 31, 2015.
b. Calculate the inventory turnover ratio for the month of July. Would you expect this ratio to be higher or lower in December 2015? Explain.
c. Calculate the gross profit ratio for the month of July.
Answer:
yes
Explanation:
yes
what is the present value of $500 recieved at the end of each year for 15 years? ( assume thatt the first patyment is recieved a year from today. Use a discount rate of 10%, and round your answer to the nearest $10.) g
Answer:
$3800
Explanation:
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow fromyear 1 to 15 = 500
I = 10%
PV = 3800
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
When a stock price breaks through the moving average from below, this is considered to be ______.A. the starting point for a new moving averageB. a bullish signalC. none of these options D. a bearish signal
Answer: a bullish signal
Explanation:
The question depicts a bullish signal. A bullish signal describes an indicator when there's likely to be an increase in price.
An example of a bullish indicator occurs when there's a huge number of margin transactions, as this implies that investors are buying and thus will then bring about an increase in prices.
Therefore, the correct option is B.
Use this balance sheet to do horizontal analysis of the Howard Company. 2019 2018 amount percent Assets Current Assets $13,000 $10,000 Plant Assets $44,000 $50,000 Total Assets $57,000 $60,000 Liabilities $11,000 $20,000 Stockholders' Equity $46,000 $40,000 Total Liabilities and Equity $57,000 $60,000 What is the percent increase or decrease for current assets
Answer: 30%
Explanation:
The the percent increase or decrease for current assets will be:
= Increase in current asset / Old current asset × 100
= (13000 - 10000) / 10000 × 100
= 3000/10000 × 100
= 30%
Therefore, the Percent increase in he current asset is 30%
A principle of the human relation approach is that .
When a company sells property and then leases it back, any gain on the sale should usually bea. deferred and recognized as income over the term of the lease.b. recognized as a prior period adjustment.c. recognized at the end of the lease.d. recognized in the current year.
Answer: A. deferred and recognized as income over the term of the lease.
Explanation:
In a sale-leaseback transaction, that is when a property is sold by a company and leased back, the property seller is the lessee and the property purchase is the lessor. In this case, a sale-leaseback will allow a company to sell an asset so that the company can raise capital, after which the asset can then be leader back.
When a company sells property and then leases it back, any gain on the sale should usually be deferred and recognized as income over the term of the lease.
Beats by Dre produces Beats Studio3 headphones. Currently, it is week 1 for headphones production and there are currently 40 speakers (As) in stock. We need 400 headphones (As) at the start of week 5. If there are scheduled receipts planned for week 3 and week 4 of 120 As each and A has a lead time of 1 week, when and how large of an order should be placed to meet the requirement of 400 As?
a. Week 4, 40 As
b. Week 4, 400 As
c. Week 4, 200 As
d. Week 1, 200 As
e. Week 1, 400 As
Answer:Therefore an order of 120As should be placed at week 4 to meet the requirement of 400 As at the start of Week 5.
Note: The options given do not contain the right answer
Explanation:
Week Quantity Accumulated Quantity
1 40 40
2 0(No Qty ordered) 40
3 120 160
4 120 280 ( Time to order)
5 120 400
From the question, we have that the expectant week is week 5 with a lead time of 1 week.
Therefore, the order should be made at
Week 5 - 1 =Week 4
The Size of order to be placed = Requirement of 400As- Accumulated Quantity at Week 4
Size of order to be placed = 400 - ( 40+120+120)
=400-280=120As
Therefore an order of 120As should be placed as week 4 to meet the requirement of 400 As at the start of Week 5.
Most economists believe the principle of monetary neutrality is a. relevant to both the short and long run. b. mostly relevant to the short run. c. irrelevant to both the short and long run. d. mostly relevant to the long run.
Answer:
d. mostly relevant to the long run.
Explanation:
In economics or financial accounting, money can be defined as any asset used by an individual or business entity to make purchases of goods and services at a specific period of time.
Simply stated, money refers to any asset which can be used to purchase goods and services by customers.
This ultimately implies that, money is any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.
Additionally, the rate at which an asset can be used to purchase any goods or services refers to its liquidity. Thus, liquidity is a quality or characteristics of money as a medium of exchange. Therefore, money is a generally accepted medium of exchange around the world.
The three (3) main functions of money all over the world are;
I. Medium of exchange.
II. Unit of account.
III. Store of value.
The principle of monetary neutrality typically based on the idea that changes in any stock of money would affect only nominal variables such as exchange rate, wages and price in the economy of a particular country.
Most economists believe the principle of monetary neutrality is mostly relevant to the long run.
Most economists believe that the principle of monetary neutrality is mostly relevant to the long run. Therefore, option d is correct.
Monetary neutrality, a principle in economics, posits that changes in the money supply have no significant impact on real variables, such as output and employment, in the long run.
According to this concept, monetary policy actions, such as altering the money supply or interest rates, primarily affect nominal variables, like prices and inflation, rather than real economic activity.
The principle suggests that in the long run, the real economy is driven by factors other than changes in the money supply, such as productivity, technology, and institutional factors, which have a more substantial influence on economic growth and development.
Therefore, option d is correct.
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Harry and Wanda were married in Texas, a community property state, but moved to Virginia, a common law state. The calculation of their income on a joint return: a.Will increase as a result of changing their state of residence. b.Will not change as a result of changing their state of residence. c.Will decrease as a result of changing their state of residence. d.Will not be permitted.
Answer:
b.Will not change as a result of changing their state of residence.
Explanation:
Moving from a community property state to a common law state doesn't affect federal taxes while filing as a married couple. Community property states laws regarding assets acquired while two people are married; they are owned by both spouses. While in common law states, the spouse that purchased an asset is the owner.
g had reported a deferred tax asset of $130 million with no valuation allowance. At December 31, 2021, the account balances of Ross showed a deferred tax asset of $170 million before assessing the need for a valuation allowance and income taxes payable of $90 million. Ross determined that it was more likely than not that 30% of the deferred tax asset ultimately would not be realized. Ross made no estimated tax payments during 2021. What amount should Ross report as income tax expense in its 2021 income statement
Answer: $101 million
Explanation:
The amount that Ross should report as income tax expense in its 2021 income statement will be calculated thus:
First, we'll calculate the deferred tax asset in valuation allowance which will be:
= Deferred tax asset before valuation allowance - Deferred tax asset after valuation allowance
= $170 million - $130 million
= $40 million
Then, income tax expense will be:
Income taxes payable= $90 million
Add: DTA not be realized = $170 million × 30% = $51 million
Less: Deferred tax asset in valuation allowance = ($40 million)
Income tax expense = $101 million
If a firm borrowed money on a six-month bank loan, the firm's working capital immediately after obtaining the loan, relative to its working capital just prior to the loan, would be:
Answer:
kkphoyc7cfiv8g88gccucxyuxyxyxxu
Vilas Company is considering a capital investment of $190,100 in additional productive facilities. The new machinery is expected to have a useful life of 5 years with no salvage value. Depreciation is by the straight-line method. During the life of the investment, annual net income and net annual cash flows are expected to be $15,600 and $49,500, respectively. Vilas has a 12% cost of capital rate, which is the required rate of return on the investment.
Answer:
9.49%
Explanation:
Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested
IRR can be calculated with a financial calculator
Cash flow in year 0 = $190,100
cash flow each year from year 1 to 5 = $49,500
IRR = 9.49%
To find the IRR using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the IRR button and then press the compute button.
Precision Tool requires a 12 percent rate of return and uses straight-line depreciation to a zero book value over the life of its equipment. A Machine it is using has an initial cost of $892,000, annual operating cash flow (OCF) of -$26,300, and a 5-year life. The machine will be replaced at the end of its useful life. What is the EAC of the machine
Answer: -$273,747.85
Explanation:
EAC of machine = Net Present Value / Present value interest factor of Annuity(PVIFA)
Net Present value = Present value of cashflow - Initial investment
= -26,300 * PVIFA, 12%, 5 years - 892,000
= -26,300 * 3.6048 - 892,000
= -$986,806.24
EAC of machine = -986,806.24/ 3.6048
= -$273,747.85
A building with an appraisal value of $129,668 is made available at an offer price of $158,618. The purchaser acquires the property for $36,973 in cash, a 90-day note payable for $24,989, and a mortgage amounting to $56,481. The cost basis recorded in the buyer's accounting records to recognize this purchase is
Answer:
$118,443
Explanation:
Calculation to determine what the cost basis recorded in the buyer's accounting records to recognize this purchase is
Using this formula
Cost Basis= Cash + Note payable + Mortgage amount
Let plug in the formula
Cost Basis= $36,973 + $24,989 + $56,481
Cost Basis= $118,443
Therefore the cost basis recorded in the buyer's accounting records to recognize this purchase is
$118,443
*Please note - these are new numbers from the previous problems* A product has an annual demand of 15,696 units. The unit price is $52 each and the ordering cost is $71. The store uses a yearly inventory holding cost of 20% of the unit price. The company has decided to order 46 units every time they order and to order 92 times per year. There are 250 business days in a year. How many days should they wait between orders
Answer:
The company should wait 2.72 days.
Explanation:
a) Data and Calculations:
Annual demand = 15,696 units
Unit price = $52
Ordering cost = $71
Inventory holding cost = 20% of $52 = $10.40 per unit
Determined order quantity = 46 units
Number of orders per year = 92 times
Total quantity that can be ordered = 4,232 (46 * 92)
This implies that there should be inventory of 11,464 at the beginning of the period (15,696 - 4,232)
The days to wait between orders = 2.72 days (250/92)
A large distributor has 4 retail outlets. Currently each outlet manages its ordering independently. Demand at each retail outlet averages 1000 per day. Assume there are 250 days per year. Each unit of product costs 120 dollars, and holding cost per unit of product per year is 12% of the product cost. The fixed cost of each order (administrative plus transportation) is 900 dollars in the decentralized system. The fixed cost of each order in the centralized system is twice of the decentralized system. Holding cost per unit are the same in the two systems.
3a. How much should ALL the warehouses order together to minimize the total cost in the CENTRALIZED system?The potential answers are:_______.A: 14606 units.
B: 15811 units.C: 19365 units.D: 12344 units.E: 12500 units.3B. How much does EACH warehouse need to order individually to minimize the total cost in the DECENTRALIZED system?The potential answers are:_______.A: 5164 units.B: 6124 units.C: 3904 units.D: 3953 units.E: 5590 units.
Answer:
a. Units to be ordered to minimize the total cost in the CENTRALIZED system:
= B: 15811 units.
b. Units to be ordered to minimize the total cost in the DECENTRALIZED system:
= E: 5590 units.
Explanation:
a) Data and Calculations:
Demand at each retail outlet = 1,000 per day
Number of days in a typical retail year = 250 days
Total annual demand at each retail outlet = 250,000 (1,000 * 250)
Total annual demand at the distributor = 1,000,000 (250,000 * 4)
Cost of each unit of product = $120
Total cost of product at each retail outlet = $30,000,000 ($250,000 * $120)
Total cost of product at the distributor = $120 million
Holding cost per unit = $14.40 ($120 * 12%)
Ordering cost per order at each retail outlet = $900
Ordering cost per order at the distributor = $1,800 ($900 * 2)
a. Units to be ordered to minimize the total cost in the CENTRALIZED system:
= EOQ = square root of (2 x D x S/H)
where D = annual demand
S = ordering cost
H = Holding cost
= square root of (2 * 1,000,000 * $1,800)/$14.40
= square root of 250,000,000
= 15,811 units
= square root of (2 * 250,000 * $900)/$14.40
= square root of 31,250,000
= 5,590 units
g Mickey Company provided the following information for the year 2020: Retained earnings, beginning balance: $125,000 Retained earnings, ending balance: $147,000 Dividends Payable, beginning balance: $95,000 Dividends Payable, ending balance: $84,000 If Mickey Company reported a net income of $78,000 for the year, what was the amount of dividends paid during the year
Answer:
$56,000
Explanation:
Ending Retained Earnings = Opening Retained Earnings + Net Income - Dividends
therefore,
Dividend = Opening Retained Earnings + Net Income - Ending Retained Earnings
thus
Dividend = $56,000
A truck was acquired on July 1, 2010, at a cost of $162,000. The truck had a nine-year useful life and an estimated salvage value of $18,000. The straight-line method of depreciation was used. On January 1, 2014, the truck was overhauled at a cost of $15,000, which extended the useful life of the truck for an additional two years beyond that originally estimated (salvage value is still estimated at $18,000). In computing depreciation for annual adjustment purposes, expense is calculated for each month the asset is owned. Instructions: Prepare the appropriate entries for January 1, 2014 and December 31, 2014.
Answer:
January 1st 2014
DR Truck {Property, plant and equipment} $15,000
CR Cash $15,000
December 31st, 2014
DR Income Summary $13,733
CR Depreciation expense $13,733
Explanation:
Depreciation per year
$162,000 - $18,000
=$144,000
=$144,000 / 9 years
=$16,000/year
=$16,000 * 3.5 years
=$56,000
Net Book Value of Truck on January 1st 2014
=$162,000 - $56,000
=$106,000
The truck was overhauled for $15,000 {It is a capital expenditure because life is increased}
On January 1st 2014
DR Truck {Property, plant and equipment} $15,000
CR Cash $15,000
Net Book Value after repair
$106,000 + $15,000
=$121,000
Calculate depreciation for the next years
$121,000 - $18,000
=$103,000 / 7.5 years {9 years - 3.5 years + 2 years}
=$13,733 / year
On December 31st, 2014
DR Income Summary $13,733
CR Depreciation expense $13,733.
The following information is provided for Oriole Company and Sheffield Corporation. (in $ millions) Oriole Company Sheffield Corporation Net income 2022 $155 $370 Net sales 2022 1365 4830 Total assets 12/31/20 1035 2270 Total assets 12/31/21 1290 3150 Total assets 12/31/22 1170 4080 What is Oriole's return on assets for 2022
Answer:
13.25 %
Explanation:
Return on assets measures the firm`s effectiveness in generating profit with its assets.
Return on assets = Net income / Total Assets x 100
therefore,
Oriole's return on assets for 2022 = $155 / $1170 x 100
= 13.25 %
The company cost of capital for a firm with a 60/30/10 debt/common/preferred split, 8% cost of debt, 15% cost of equity, preferred stock sells for $50 today, and will pay a $6 dividend in year 1. Assume a 35% tax rate, solve for WACC.
a. 7.02%
b. 8.82%
c. 10.50%
d. 13.62%
Answer:
b. 8.82%
Explanation:
WACC = Cost of equity x Weight of equity + Cost of Preferred Stock x Weight of Preferred Stock + Cost of Debt x Weight of Debt
Cost of Preferred Stock calculation :
Cost of Preferred Stock = Expected dividend / Market Price x 100
= $6 / $50 x 100
= 12 %
After tax cost of debt calculation :
After tax cost of debt = Interest x (1 - tax rate)
= 8 % x (1 - 0.35)
= 5.20 %
therefore,
WACC = 15% x 30 % + 12 % x 10 %+ 5.20 % x 60 %
= 8.82 %
A(n) ________ bank is an institution, such as Credit Suisse First Boston, that acts as an underwriter or agent for a firm engaged in an initial public offering.
Answer:
Public bank
Explanation:
A public bank is a bank, or a financial institution where a state, municipality would be the owners also it is an entrerprise that are controlled by the government
So as per the given situation the given boston would be acted as an underwriter and engaged in the initial public offering so this represent the public bank
hence, the same would be relevant
National Geographic Magazine brought a bit of nature to New York as part of a week-long event promoting the magazine's cover story on parks. The magazine hosted an interactive photography exhibit, which celebrated international and national parks. Invitations to representatives of the news media were an attempt to use which element of the promotional mix?
Answer:
public relations
Explanation:
Promotional mix is the combination of various promotional methods by a business to meet its set goals.
It is made up of the following elements: advertising, sales promotion, public relations, personal selling, and direct marketing.
In the given scenario an invitation to news media to attend an interactive photography exhibit, which celebrated international and national parks is an attempt to improve the public relations of the event.
The news media is expected to publicise the event thereby meeting the Magazine's public relations need.
The records of Orange Company showed the following information about a delivery truck purchased for $34,250: Accumulated depreciation as of December 31, Year 3: $12,000 On July 1 of Year 4, Orange Company sold the truck for $18,600. What gain/loss should Orange Company records related to the sale
Answer:
a loss of $3650
Explanation:
Book value at the time of the sale = purchase price - accumulated depreciation
$34,250 - 12,000 = $22,450
the sales price is less than the book price, thus it is sold at a loss
22,450 - 18600 = 3650
Hungry Hippos Corp is a fast-growth company. Dividends are expected to grow at a rate of 30 percent for the next three years, with the growth rate falling off to a constant 5 percent thereafter. If the required return is 11 percent, and the company just paid a dividend of $2.80, what is the current share price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
$86.22
Explanation:
P3 = D3 * (1+g) / (R - g)
P3 = D0*(1+g)^3*(1+g) / (R - g)
P3 = $2.80*(1+0.30)^3*(1+0.05) / (0.11-0.05)
P3 = $6.45918 / 0.06
P3 = $107.653
P0 = $2.80(1.3)/(1.11) + $2.80(1.3)^2/(1.11)^2 + $2.80(1.3)^3/(1.11)^3 + $107.65/(1.13)^3
P0 = $3.2792 + $3.8406 + $4.4980 + $74.6068
P0 = $86.2246
P0 = $86.22
Thus, the price of the stock today is $86.22.
If fixed costs are $821,000 and variable costs are 63% of sales, what is the break-even point in sales dollars
Answer:
Break-even point (dollars)= $2,218,919
Explanation:
Giving the following information:
Fixed costs= $821,000
Variable costs rate= 63%
If the variable cost rate is 63%, then the contribution margin rate is:
Contribution margin ratio= 1 - 0.63
Contribution margin ratio= 0.37
Now, the break-even point in sales revenue:
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 821,000 / 0.37
Break-even point (dollars)= $2,218,919
Which of the following is true? O You should plan to do difficult tasks during your least productive hours. O You can learn from failures. O Your supervisor will always take time to recognize your achievements. O You should initially plan your schedule assuming that everything will go as planned.
The statement "you can learn from failures" is true.
A statement is true if it applies to the correct or right aspect or information. This is to say that a statement can be accepted or regarded as true if it applies to a certain way of things.
Among the given statements, the point about learning from one's mistakes is true. This is because it is an accepted notion or belief that mistakes make us learn lessons and then change accordingly. For instance, buying things online can be easy but if fake products are delivered, we learn not to trust that buyer for the next purchase. Statement 1 is wrong as there is no specific rule of when to plan difficult tasks. Statement 3 is wrong as supervisors never always take the time to recognize the achievements of their workers. Statement 4 is wrong as there is no specification on planning a schedule on the assumption that everything will go as planned.True statements maybe when the stated fact or information is reliable or true to a point. Thus, the correct answer is the second option.
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Lamar & Co., makes and sells two types of shoes, Plain and Fancy. Data concerning these products are as follows:
Plain Fancy
Unit selling price $ 25.00 $ 36.00
Variable cost per unit 13.00 20.00
Sixty percent of the unit sales are Plain, and annual fixed expenses are $45,000.
Assuming that the sales mix remains constant, compute the total number of units of each product that the company must sell to break even.
Show all computations.
Answer:
Results are below.
Explanation:
First, we will calculate the weighted average contribution margin:
Weighted average contribution margin= (weighted average selling price - weighted average unitary variable cost)
Weighted average contribution margin= (0.6*25 + 0.4*36) - (0.6*13 + 20*0.4)
Weighted average contribution margin= $13.6
Now, the break-even point for the whole company:
Break-even point (units)= Total fixed costs / Weighted average contribution margin
Break-even point (units)= 45,000 / 13.6
Break-even point (units)= 3,309
Now, for each product line:
Plain= 0.6*3,309= 1,985
Fancy= 0.4*3,309= 1,324
Dartford Company reported the following financial data for one of its divisions for the year; average investment center total assets of $3,700,000; investment center income $640,000; a target income of 12% of average invested assets. The residual income for the division is:
Answer:
$196,000
Explanation:
Investment income= $6,700,000
Operating assets = $340,000
Rate of return = 12%
Residual income = [$640,000 - ($3,700,000*12%)}
Residual income = $640,000 - $444,000
Residual income = $196,000
A supermarket building was purchased for $600,000. The down payment was 15%. The balance was financed at 7.86% for 28 years. Find the monthly payment.
Answer:
The monthly payment is:
= $3,759.76.
Explanation:
a) Data and Calculations:
Cost of a Supermarket Building = $600,000
Downpayment (15%) = 90,000
Principal loan = $510,000
Interest rate for financing loan = 7.86%
Period of loan = 28 years or 336 months
Monthly payment from an online financial calculator is:
N (# of periods) 336
I/Y (Interest per year) 7.86
PV (Present Value) 510000
FV (Future Value) 0
Results
PMT = $3,759.76
Sum of all periodic payments $1,263,278.64
Total Interest $753,278.64
On August 2, Jun Co. receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Round your answers to nearest whole dollar value. Use 360 days a year.)
Answer:
Oct 31
Dr Cash $7,201
Cr Notes receivable—R. Albany $7,000
Cr Interest revenue $201
Explanation:
Preparation of Jun's journal entry assuming the note is honored by the customer on October 31, of that same year
Oct 31
Dr Cash $7,201
($7,000+$201)
Cr Notes receivable—R. Albany $7,000
Cr Interest revenue $201
(11.5%*7,000*90/360)