Each partner's share of the $94,000 net income for the year is as follows:
Hubbard: $29,833
Cheves: $39,190
Cable: $25,143
To calculate each partner's share of the $94,000 net income, we'll follow the given profit-sharing arrangement:
a. The first $50,000 is divided based on the partner's capital investment.
Hubbard's share:
Hubbard's capital investment: $17,850
Total capital investments: $17,850 + $36,750 + $50,400 = $105,000
Hubbard's share of the first $50,000: ($17,850 / $105,000) * $50,000 = $8,500
Cheves' share:
Cheves' capital investment: $36,750
Cheves' share of the first $50,000: ($36,750 / $105,000) * $50,000 = $17,857
Cable's share:
Cable's capital investment: $50,400
Cable's share of the first $50,000: ($50,400 / $105,000) * $50,000 = $23,810
b. The next $40,000 is based on service, shared equally by Hubbard and Cheves.
Hubbard and Cheves each receive an equal share of $40,000:
($40,000 / 2) = $20,000
c. The remainder is divided equally.
Remaining income after distributing the first $90,000: $94,000 - $90,000 = $4,000
The remaining income is divided equally among all partners:
$4,000 / 3 = $1,333
Calculating each partner's total share:
Hubbard's share: $8,500 + $20,000 + $1,333 = $29,833
Cheves' share: $17,857 + $20,000 + $1,333 = $39,190
Cable's share: $23,810 + $1,333 = $25,143
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The role of inflation and real versus nominal interest rates Which of the following are likely consequences of rising inflation? Check all that apply. Savers wanting to save less and borrowers wanting to borrow more O Savers wanting to save more and borrowers wanting to borrow less O A misallocation of resources O A distorted price-signaling mechanism
The rising inflation can disrupt the behavior of savers and borrowers, create resource misallocation, and distort the price-signaling mechanism in the economy.
- Savers wanting to save less and borrowers wanting to borrow more
- A misallocation of resources
- A distorted price-signaling mechanism
Rising inflation often leads to a decrease in the purchasing power of money. As a result, savers may be motivated to save less because the value of their savings will erode over time. On the other hand, borrowers may want to borrow more because inflation reduces the real burden of debt. Inflation can also cause a misallocation of resources. When prices are increasing rapidly, it becomes challenging for businesses and individuals to accurately assess the true value of goods and services. This can lead to inefficient allocation of resources as decisions are based on distorted price signals.
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If the ending inventory is overstated by $2 000 at the end of the accounting period, then: a. Cost of goods sold will be understated. b. Gross profit will be overstated. c. Net income will be overstated. d. All of the above. e. None of the above. Up-to-the-minute information about a company's inventory is best provided by: a. Stock clerks. b. Perpetual inventory systems. c. Periodic inventory systems.
d. Integrated accounting systems. e. None of the above.
If the ending inventory is overstated by $2,000 at the end of the accounting period, the correct answer is (a) Cost of goods sold will be understated, (b) Gross profit will be overstated, and (c) Net income will be overstated.
The best source of up-to-the-minute information about a company's inventory is (b) Perpetual inventory systems.
If the ending inventory is overstated, it means that the value of inventory on the balance sheet is higher than its actual value.
This results in an understatement of the cost of goods sold because the inflated ending inventory is not being correctly accounted for in the calculation.
As a result, both gross profit and net income will be overstated since cost of goods sold is subtracted from revenue to calculate gross profit, and net income is derived from gross profit by deducting other expenses.
Perpetual inventory systems are designed to provide real-time or up-to-the-minute information about a company's inventory.
These systems use technology, such as barcode scanning or RFID tagging, to track inventory levels and transactions continuously.
With perpetual inventory systems, companies can accurately monitor inventory quantities, identify shortages or excesses, and make timely decisions for inventory management.
This makes them the best option for obtaining immediate and accurate information about a company's inventory position.
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Define the following terms (instead of googling, please refer to the key terms section on page 184 in chapter 7 of the textbook): a. Compound growth rate b. Human capital d. Labor productivity e. Physical capital f. Special economic zone g. Technological change
Compound growth rate refers to the exponential increase over time, human capital represents the skills and knowledge of the workforce, labor productivity measures output per unit of labor, physical capital refers to productive assets, special economic zones are designated areas with incentives for economic development, and technological change encompasses advancements in technology and processes.
a.Compound growth rate: The compound growth rate refers to the rate at which a quantity increases over time, taking into account both the initial value and the accumulated growth. It considers the compounding effect, where the growth rate is applied to the increasing base value, resulting in exponential growth.
b. Human capital: Human capital refers to the knowledge, skills, education, training, and experience possessed by individuals in the labor force. It represents the productive abilities and qualities of the workforce, which contribute to their economic productivity and potential to generate income and contribute to economic growth.
d. Labor productivity: Labor productivity measures the amount of output produced per unit of labor input, typically measured as output per hour worked or output per worker. It reflects the efficiency and effectiveness with which labor is utilized in the production process, and higher labor productivity is generally associated with increased economic output.
e. Physical capital: Physical capital refers to the stock of productive assets such as machinery, equipment, buildings, infrastructure, and technology that are used in the production of goods and services. It represents the tangible resources and tools that enhance the productivity and efficiency of labor and contribute to economic growth.
f. Special economic zone: A special economic zone (SEZ) is a designated geographic area within a country that is subject to special economic regulations and incentives to attract foreign direct investment (FDI) and promote economic development. SEZs typically offer benefits such as tax breaks, customs facilitation, relaxed regulations, and infrastructure support to attract businesses and stimulate economic activity.
g. Technological change: Technological change refers to advancements and improvements in technology, processes, and techniques used in production and innovation. It involves the development and adoption of new technologies, machinery, equipment, and organizational practices that enhance productivity, efficiency, and the quality of goods and services.
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Please try to answer part a and b , I will upvote, Thanks! Fabulous Fabricators needs to decide how to allocate space in its production facility this year It is considering the following contracts Contract A B NPV Use of Facility 100% 52% $2.05 million $0.96 million $1.51million a.What are the profitability indexes of the projects? b.What should Fabulous Fabricators do? a.What are the profitability indexes of the projects The profitability index for contract A is (Round to two decimal places
a) The profitability index of Contract A is 2.05, while the profitability index of Contract B is 0.96.
b) Based on the profitability indexes, Fabulous Fabricators should choose Contract A.
a) The profitability index is a measure that assesses the profitability of an investment project by considering the ratio of the present value of future cash flows to the initial investment. In this case, the profitability index of Contract A is calculated by dividing the present value of its cash flows ($2.05 million) by its initial investment. Similarly, the profitability index of Contract B is determined by dividing the present value of its cash flows ($0.96 million) by its initial investment.
b) When comparing investment projects, a higher profitability index indicates a more favorable investment opportunity. In this scenario, Contract A has a profitability index of 2.05, while Contract B has a profitability index of 0.96. Therefore, Contract A offers a higher profitability relative to its initial investment compared to Contract B.
To maximize profitability and make the best use of its resources, Fabulous Fabricators should prioritize Contract A over Contract B. By allocating the facility's space and resources to Contract A, the company can expect to generate higher returns and achieve a more favorable financial outcome.
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€ C Zeta Designs, Inc. has the following data: (Click the icon to view the data.) Perform a vertical analysis of Zeta Designs' balance sheet for each year. Data table Zeta Designs, Inc. Comparative
Vertical analysis is a financial analysis technique in which each line item on a company's financial statement is expressed as a percentage of another item on the same financial statement. A vertical analysis of the balance sheet for each year indicates that current assets are the biggest category, accounting for 34.75 percent of total assets in Year 1 and 34.75 percent of total assets in Year 2.
Vertical Analysis of Zeta Designs' balance sheet for each year are as follows:Zeta Designs, Inc.Comparative Balance SheetsDecember 31, Year 2, and Year 1 2017 2016 Increase (Decrease)% Change Assets Current assets: Cash and cash equivalents $ 20,000 $ 17,000 $ 3,000 17.65% Accounts receivable 8,000 5,000 3,000 60.00% Inventory 18,000 15,000 3,000 20.00% Prepaid expenses 3,000 2,000 1,000 50.00% Total current assets $ 49,000 $ 39,000 $ 10,000 25.64% Long-term investments 22,000 28,000 (6,000) -21.43% Property, plant, and equipment 87,000 70,000 17,000 24.29% Less: Accumulated depreciation (17,000) (15,000) (2,000) -13.33% Property, plant, and equipment, net 70,000 55,000 15,000 27.27% Total assets $ 141,000 $ 122,000 $ 19,000 15.57% Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 6,000 $ 8,000 $ (2,000) -25.00% Accrued expenses 2,000 3,000 (1,000) -33.33% Total current liabilities $ 8,000 $ 11,000 $ (3,000) -27.27% Long-term debt 50,000 45,000 5,000 11.11% Stockholders' equity: Common stock 62,000 54,000 8,000 14.81% Retained earnings 21,000 12,000 9,000 75.00% Total stockholders' equity $ 83,000 $ 66,000 $ 17,000 25.76% Total liabilities and stockholders' equity $ 141,000 $ 122,000 $ 19,000 15.57%First, let us define vertical analysis.
Vertical analysis is a financial analysis technique in which each line item on a company's financial statement is expressed as a percentage of another item on the same financial statement. A vertical analysis of the balance sheet for each year indicates that current assets are the biggest category, accounting for 34.75 percent of total assets in Year 1 and 34.75 percent of total assets in Year 2. Long-term investments accounted for 19.67 percent of total assets in Year 1 and 15.6 percent of total assets in Year 2.
In Year 2, property, plant, and equipment accounted for 49.65 percent of total assets, up from 45.08 percent in Year 1. On the liability and stockholders' equity side of the balance sheet, current liabilities accounted for 9.02 percent of total liabilities and equity in Year 1, but decreased to 5.67 percent in Year 2. Long-term debt accounted for 36.89 percent of total liabilities and equity in Year 1 and increased to 39.44 percent in Year 2. Stockholders' equity, on the other hand, accounted for 54.09 percent of total liabilities and equity in Year 1, increasing to 58.88 percent in Year 2.
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If you could compare Qantas Group’s financial performance and position to one other ASX listed company, which company would you choose? Be specific and ensure you provide reasons to support your choice (maximum 100 words).
Qantas Group's financial performance and position can be compared to Air New Zealand Limited.
When comparing Qantas Group's financial performance and position to another ASX listed company, Air New Zealand Limited emerges as a suitable choice. Both Qantas and Air New Zealand operate in the airline industry, making them comparable in terms of their business models and market dynamics. Furthermore, both companies have a significant presence in the Australasia region and compete for similar customer segments.
Qantas Group and Air New Zealand have faced similar challenges due to the COVID-19 pandemic, which severely impacted the aviation industry. Both companies experienced a significant decline in passenger numbers and revenue, leading to substantial financial losses. However, they also implemented cost-cutting measures and sought government support to navigate the crisis.
By comparing Qantas Group's financial performance and position to Air New Zealand Limited, stakeholders can gain insights into how each company has managed the challenges posed by the pandemic and the effectiveness of their respective strategies. Additionally, analyzing their financial indicators, such as revenue, profitability, and debt levels, can provide a comprehensive understanding of the relative strengths and weaknesses of the two companies.
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Bond J has a coupon of 7.2 percent. Bond K has a coupon of 11.2 percent. Both bonds have 12 years to maturity and have a YTM of 8.4 percent. a. If interest rates suddenly rise by 1.8 percent, what is the percentage price change of these bonds? (A negative value should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) %A in Price Bond J % Bond K % b. If interest rates suddenly fall by 1.8 percent, what is the percentage price change of these bonds? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) %A in Price Bond J Bond K % %
The percentage price change for Bond J is approximately -15.78% when interest rates rise by 1.8 percent, and approximately 15.78% when interest rates fall by 1.8 percent.
The price of a bond and its yield to maturity (YTM) have an inverse relationship. When interest rates rise, the YTM of a bond becomes relatively lower compared to the new prevailing rates, resulting in a decrease in bond prices. Conversely, when interest rates fall, the YTM becomes relatively higher, leading to an increase in bond prices.
Bond Price = (Coupon Payment × [1 - (1 + YTM)^(-n)]) / YTM + (Face Value / (1 + YTM)^n)
Coupon Payment is the annual coupon payment of the bond.
YTM is the yield to maturity.
n is the number of periods until maturity.
Face Value is the par value of the bond.
For Bond J:Coupon Payment = 7.2% of the Face Value
YTM = 8.4%
n = 12 years
For Bond K:
Coupon Payment = 11.2% of the Face Value
YTM = 8.4%
n = 12 years
To calculate the percentage price change when interest rates rise by 1.8 percent, we need to recalculate the bond prices using the new YTM (YTM + 1.8%). Then, we can determine the percentage change using the following formula: Percentage Price Change = (New Price - Old Price) / Old Price * 100
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1. When auditing a construction company, the auditor might use audit data analytics(ADA) to determine_____.
a. the likelihood of receiving audit fees upon conclusion of the audit
b. the gross margin on each construction contract
c. the inherent riskiness of the client's industry
d. if appropriate receivables balance confirmations have been returned
2. When performing a substantive procedure____.
a. the population consists of a transaction and the account balance to be tested
b. the population consists of the class of transactions or the account balance to be tested
c the auditor should report all immaterial findings to management
d. the auditor should withdraw from the engagement if any material misstatements are located
3. auditor report fraud_____.
a. to the securities and exchange commission(SEC) within 72 hours
b. to a level of management at least one level above the level where the fraud occurred
c. directly to the manager that is suspected of involvement in the fraud
d to the level below where the auditor suspect the fraud is occuring
c
1. When auditing a construction company, the auditor might use audit data analytics (ADA) to determine the gross margin on each construction contract 2. When performing a substantive procedure, the population consists of the class of transactions or the account balance to be tested 3. Auditor reports fraud to a level of management at least one level above the level where the fraud occurred.
1. Audit data analytics (ADA) can be utilized by auditors to analyze and evaluate various aspects of a construction company's financial data. One such application is determining the gross margin on each construction contract. By using ADA techniques, the auditor can analyze the relevant financial information, such as revenues and costs, associated with each contract and calculate the gross margin to assess the company's profitability and performance. 2. Substantive procedures are used by auditors to gather evidence about the accuracy and completeness of transactions or account balances. In this context, the population refers to the class of transactions or the account balance that is being tested. The auditor selects a sample from this population and performs substantive procedures, such as examining supporting documentation or performing analytical procedures, to obtain sufficient and appropriate audit evidence 3. When an auditor detects fraud during an audit engagement, they are required to report it to a level of management at least one level above where the fraud occurred. This ensures that the appropriate level of management within the organization is informed of the potentially fraudulent activity and can take appropriate action. Reporting to a higher level helps maintain independence and objectivity while ensuring that the responsible individuals within the organization are made aware of the situation.
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a sustained decrease in the average of all prices of goods and services in the economy is known as
A sustained decrease in the average of all prices of goods and services in the economy is known as deflation.
Deflation is the opposite of inflation and represents a general decline in prices over a period of time. It means that the purchasing power of currency increases as goods and services become relatively cheaper. Deflation can have various causes, including reduced consumer demand, excess supply, or a contraction in the money supply. It is often associated with economic downturns and can have significant impacts on businesses, consumers, and overall economic activity.
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Which of the following is not a result of the greater availability of electronic communication?
a. Buyers have access to more information.
b. The sellers markets are expanding.
c. Supply chain bottlenecks are increasing.
d. The need to stockpile inventory is diminishing
The greater availability of electronic communication has led to several outcomes, including increased access to information for buyers, expanding markets for sellers, and a diminishing need to stockpile inventory. Correct option is D).
The greater availability of electronic communication has revolutionized the way information is accessed and shared. Buyers now have access to a vast amount of information at their fingertips, allowing them to make more informed decisions and compare prices, product specifications, and customer reviews. This increased transparency empowers buyers and enhances market efficiency.
Similarly, electronic communication has expanded the reach of sellers, enabling them to tap into global markets and connect with customers from different geographical locations. Through online platforms and digital marketing, sellers can now reach a broader audience and increase their market potential.
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Which of the following is a poor match between buyer and supplier for all types of buys? Exploitable Development Core None of the above
The correct option is B, Development is a poor match between buyer and supplier for all types of buys.
Development refers to the process of positive change and growth that occurs within individuals, communities, societies, or nations. It encompasses various aspects, including economic, social, political, and cultural dimensions. Development involves improving living conditions, promoting equality, enhancing human capabilities, and achieving sustainable progress.
Economic development focuses on increasing productivity, creating jobs, and improving living standards by investing in infrastructure, industries, and trade. Social development entails ensuring access to education, healthcare, social services, and basic needs, fostering social cohesion, and reducing inequality. Political development emphasizes the establishment of democratic institutions, good governance, rule of law, and respect for human rights. Cultural development aims to preserve and promote cultural diversity, heritage, and artistic expressions.
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An investor attempting to replicate a price-weighted index would hold an equal:
a.
percentage of outstanding shares of each security in the index
b.
amount invested in each security in the index
c.
number of units (shares) of each security in the index
d.
None of the above
An investor attempting to replicate a price-weighted index would hold an equal number of units (shares) of each security in the index.
In a price-weighted index, the securities are weighted based on their price per share rather than their market capitalization or any other factor. Each security's contribution to the index is determined by its individual share price. Therefore, to replicate the index, an investor would need to hold an equal number of units or shares of each security included in the index.
Options a and b are incorrect because the percentage of outstanding shares or the amount invested in each security does not directly correspond to the price-weighted nature of the index. Option d, "None of the above," is also incorrect since the correct answer is option c.
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Allen and Michelle are partners with capitals of P200,000 and P100,000 and sharing profit and losses 3:1 respectively. They agree to admit Bianca as partner. Bianca invest P125,000 for a 25% interest in firm. Parties agree that the total firm capital after Bianca’s admission is to be P425,000. The capital balance of Michelle after Bianca’s admission are? (2 decimal places)
After Bianca's admission as a partner with a 25% interest in the firm and a capital investment of P125,000, Michelle's capital balance will be P237,500.
To determine Michelle's capital balance after Bianca's admission, we need to calculate the new capital balances for Allen, Michelle, and Bianca based on their respective capital investments and profit-sharing ratios.
Initially, Allen's capital is P200,000, and Michelle's capital is P100,000. The total capital of the firm is P300,000. After Bianca's admission, the total capital is agreed to be P425,000.
Bianca's capital investment is P125,000 for a 25% interest in the firm. So, the total capital allocated to her is 25% of P425,000, which is P106,250. This means that the remaining P318,750 is allocated to Allen and Michelle.
Since Allen and Michelle share profits and losses in a 3:1 ratio, we can calculate Michelle's share as follows:
Michelle's share = (Total capital allocated to Michelle / Total capital allocated to Allen) x Allen's capital
= (P318,750 / P106,250) x P100,000
= P237,500
Therefore, Michelle's capital balance after Bianca's admission is P237,500.
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What refers to a positive feeling about a job, readting from an evaluation of in characteristics? A) job involvement B) organizational commitment C) job satisfaction D) social investment E) job stabil
Job satisfaction is an essential component of employee engagement and organizational success. By promoting a positive work environment and addressing employee concerns, organizations can enhance job satisfaction and increase productivity and retention. The correct statement is C) job satisfaction.
Job satisfaction refers to a positive feeling about a job, resulting from an evaluation of its characteristics. It is the degree to which an individual likes their job and the work environment. It can be influenced by various factors such as salary, work-life balance, job security, job design, and relationships with co-workers. Job satisfaction can have a significant impact on an employee's performance, motivation, and overall well-being. Therefore, it is crucial for organizations to understand and address the factors that contribute to their employees' job satisfaction.
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P12-9 Calculating Returns and Variability [LO1] You've observed the following returns on Crash-n-Burn Computer's stock over the past five years: 4 percent, -10 percent, 26 percent, 19 percent, and 14
The average annual return for Crash-n-Burn Computer's stock over the past five years is 10.6%. However, to calculate the variability or standard deviation of the returns, we need additional data points or the complete dataset.
To calculate the average annual return, we sum up the individual returns and divide by the number of years. In this case, the sum of the returns is 4% + (-10%) + 26% + 19% + 14% = 53%. Dividing this sum by 5 (the number of years) gives us an average annual return of 53% / 5 = 10.6%.
The standard deviation or variability of returns measures the dispersion or spread of the individual returns from the average return. However, in order to calculate the standard deviation, we would need the complete dataset of returns for the five years, including the missing value for the last year. Without this data, we cannot determine the variability of the returns.
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b-2. If the maintenance margin requirement is 30%, will Old Economy receive a margin call? O No int ences c. What is the rate of return on the investment (Negative value should be indicated by a minus
Will Old Economy Receive a Margin Call?
To determine if Old Economy will receive a margin call, we need to compare the actual margin with the maintenance margin requirement. If the actual margin falls below the maintenance margin requirement, a margin call would be triggered.
The maintenance margin requirement is stated as 30%. However, we don't have the information about the actual margin for Old Economy. Therefore, we cannot determine with certainty whether Old Economy will receive a margin call or not.
Rate of Return on the Investment:
Unfortunately, the rate of return on the investment is not provided in the given information. Without the specific rate of return, we cannot calculate the exact rate of return for Old Economy's investment.
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Use the data below to calculate the following. Civilian noninstitutional population Civilian institutional population Civilian labor force Unemployed The total population is: 250 million O 50 million O 150 million 300 million 250 million 50 million 150 million. 30 million.
Civilian noninstitutional population: 200 million, Civilian institutional population: 50 million, Civilian labor force: 170 million, Unemployed: 30 million.
Based on the provided data, we can calculate the following:
Total population: 250 million
Civilian noninstitutional population: Total population - Civilian institutional population
Civilian noninstitutional population = 250 million - 50 million
Civilian noninstitutional population = 200 million
Civilian labor force: Civilian noninstitutional population - Unemployed
Civilian labor force = 200 million - 30 million
Civilian labor force = 170 million
Unemployed: Given as 30 million
Civilian institutional population: Given as 50 million
Therefore, the calculations are as follows:
- Civilian noninstitutional population: 200 million
- Civilian institutional population: 50 million
- Civilian labor force: 170 million
- Unemployed: 30 million
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Exercise 5-5 Recording journal entries for merchandise sales transactions-perpetual LO3 Help Me SOLVE IT Journalize each of the following transactions assuming a perpetual inventory system. Fob. 1 Sold merchandise with a cost of $1,500 for $2,100; terms 2/10, 1/30, FOB destination 2. Paid $225 to ship the merchandise sold on Fooruary 1. 3 The customer of Fobruary 1 rotumod half of the amount purchased because it was the incorrect product; it was returned to inventory. 4 Sold merchandise to a customer for $3,800 (cost of sales $2.280); terms 2/10, 1/30, FOB destination 11 Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,200 (cost of sales $720). 28 The customer of Fobruary 4 paid the amount owing.
To journalize the transactions assuming a perpetual inventory system, we need to record the relevant details of each transaction. Here are the journal entries for the given transactions:
1. January 1:
Accounts Receivable 2,100
Sales Revenue 2,100
Cost of Goods Sold 1,500
Inventory 1,500
2. February 2:
Freight Expense 225
Cash 225
3. February 3:
Inventory 750
Accounts Payable 750
4. February 4:
Accounts Receivable 3,800
Sales Revenue 3,800
Cost of Goods Sold 2,280
Inventory 2,280
5. February 11:
Cash Amount Owing
6. February 23:
Cash 1,200
Sales Revenue 1,200
Cost of Goods Sold 720
Inventory 720
7. February 28:
Cash Amount Owing
"Amount Owing" in entries 5 and 7 represents the specific amount owed by the customer and should be replaced with the actual dollar amount received. These entries record the sales, returns, cost of goods sold, and related transactions for the given period in a perpetual inventory system.
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Use one or two sentences to briefly explain what marketers could do to help consumers retrieve (not 'encode' or 'store') their brand/product information. (1 point)
Marketers could make use of various communication channels such as social media, email, and messaging apps to provide timely and information about their brand to consumers.
By leveraging these channels, marketers can ensure that consumers have access to the information they need to make informed purchasing decisions. Additionally, they can use interactive content such as quizzes, polls, and surveys to engage with consumers and create a personalized experience that enhances their understanding of the brand/product. Ultimately, by providing easy and accessible information, marketers can build trust with consumers and strengthen their relationship with the brand.
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A manufacturing company, VMTC PLC, makes the product, blitz. Monthly sales for the first five months of 2022 have been estimated as: Month Units January 210 000 February 180 000 March 210 000 April 220 000 May 200 000 Additional Information: i. Actual units sold in 2021 November and December were 190 000 and 220 000, respectively. ii. One unit of blitz requires 2 kg of material at $3.50 per kg. iv. One unit of blitz requires half an hour of direct labour at a rate of $12 per hour. Based on past experience, 60% of cash is received in the month of sale, 25% the following month, 10% two months after and 5% is usually irrecoverable. Selling price is $18 per unit. V. vi. The company intends to have finished stock at the end of each month equivalent to 15% of the following month's budgeted sales. The policy regarding stock of raw materials is to have 25% of the following month's production requirements. vii. Stocks at 2022 January 01 are estimated to be 22 000 units of finished goods and 104 000 kg of raw materials. Produce, for 2022 January, February and March: A. production budget in units. (3 marks) B. raw materials purchased budget. (7 marks) a direct labour budget. (3 marks) (7 marks) D. a cash collection schedule for sales.
To calculate the production budget, raw materials purchased budget, direct labor budget, and cash collection schedule for sales, we'll use the given information. Let's break down each part:
A. Production Budget in Units:
The production budget determines the number of units to be produced each month. It is based on the budgeted sales and desired ending inventory.
Budgeted Sales for January to May:
January: 210,000 units
February: 180,000 units
March: 210,000 units
April: 220,000 units
May: 200,000 units
Desired Ending Inventory:
For each month, the desired ending inventory is 15% of the following month's budgeted sales.
January (Desired Ending Inventory for February): 0.15 * 180,000 units = 27,000 units
February (Desired Ending Inventory for March): 0.15 * 210,000 units = 31,500 units
March (Desired Ending Inventory for April): 0.15 * 220,000 units = 33,000 units
April (Desired Ending Inventory for May): 0.15 * 200,000 units = 30,000 units
May (No Desired Ending Inventory)
Production Budget (Units):
January:
Budgeted Sales: 210,000 units
Total Units Needed: Budgeted Sales + Desired Ending Inventory = 210,000 + 27,000 = 237,000 units
February:
Budgeted Sales: 180,000 units
Total Units Needed: Budgeted Sales + Desired Ending Inventory = 180,000 + 31,500 = 211,500 units
March:
Budgeted Sales: 210,000 units
Total Units Needed: Budgeted Sales + Desired Ending Inventory = 210,000 + 33,000 = 243,000 units
April:
Budgeted Sales: 220,000 units
Total Units Needed: Budgeted Sales + Desired Ending Inventory = 220,000 + 30,000 = 250,000 units
May:
Budgeted Sales: 200,000 units
Total Units Needed: Budgeted Sales (No Desired Ending Inventory) = 200,000 units
B. Raw Materials Purchased Budget:
The raw materials purchased budget is based on the production requirements and desired ending inventory for raw materials.
Production Requirements:
Each unit of blitz requires 2 kg of material. So, the production requirements can be calculated by multiplying the units produced by the material required per unit.
January: 237,000 units * 2 kg = 474,000 kg
February: 211,500 units * 2 kg = 423,000 kg
March: 243,000 units * 2 kg = 486,000 kg
April: 250,000 units * 2 kg = 500,000 kg
May: 200,000 units * 2 kg = 400,000 kg
Desired Ending Inventory:
For each month, the desired ending inventory is 25% of the following month's production requirements.
January (Desired Ending Inventory for February): 0.25 * 423,000 kg = 105,750 kg
February (Desired Ending Inventory for March): 0.25 * 486,000 kg = 121,500 kg
March (Desired Ending Inventory for April): 0.25 * 500,000 kg = 125,000 kg
April (Desired Ending Inventory for May): 0.25 * 400,000 kg = 100,000 kg
May (No Desired Ending Inventory)
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Fogel Co. expects to produce 116,000 units for the year. The company’s flexible budget for 116,000 units of production shows variable overhead costs of $162,400 and fixed overhead costs of $124,000. For the year, the company incurred actual overhead costs of $262,800 while producing 110,000 units. Compute the controllable overhead variance. (Round cost per unit to 2 decimal places.)
The controllable overhead variance is $14,400 favorable.
What is the favorable controllable overhead variance?The controllable overhead variance measures the difference between the actual overhead costs and the flexible budgeted overhead costs for a given level of production. In this case, Fogel Co. produced 110,000 units instead of the budgeted 116,000 units. The variable overhead cost per unit is calculated by dividing the total variable overhead costs by the number of units produced. The fixed overhead cost per unit is calculated by dividing the total fixed overhead costs by the number of units budgeted.
To compute the controllable overhead variance, we multiply the difference between the actual production and budgeted production by the variable overhead cost per unit. In this case, the difference is 6,000 units (116,000 - 110,000). The variable overhead cost per unit is $1.40 ($162,400 / 116,000 units). Thus, the controllable overhead variance is $8,400 ($1.40 x 6,000 units).
Additionally, the fixed overhead variance is calculated by multiplying the difference between the actual production and budgeted production by the fixed overhead cost per unit. The fixed overhead cost per unit is $1.07 ($124,000 / 116,000 units). Hence, the fixed overhead variance is $6,000 ($1.07 x 6,000 units).
The controllable overhead variance is the difference between the actual overhead costs and the sum of the fixed overhead variance and the variable overhead variance. In this case, the actual overhead costs are $262,800. The sum of the fixed and variable overhead variances is $14,400 ($8,400 + $6,000). Therefore, the controllable overhead variance is $14,400 favorable ($262,800 - $14,400).
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On mega projects, all of the following are critical for success
except:
Quality back-end planning
Communications at all levels
Rules and procedures clearly defined
Training in project management
In summary, quality back-end planning, communications at all levels, and rules and procedures clearly defined are critical success factors on mega projects. However, training in project management is not essential for success.
On mega projects, all of the following are critical for success except training in project management. The success of a mega project is usually determined by the critical factors that underpin it. Below are some of the most important aspects that make up a critical success factor on mega projects:Quality back-end planning: A comprehensive and detailed plan is essential for the success of any mega project. It should include a clear scope, deliverables, schedule, budget, resources, risks, and quality metrics. The plan should be based on a thorough analysis of the requirements, stakeholders, and environment.Communications at all levels: Good communication is essential to ensure that everyone involved in the project is on the same page. Effective communication involves listening, sharing, and exchanging information, ideas, and feedback with stakeholders, team members, and partners. Communication should be regular, timely, accurate, and relevant.Rules and procedures clearly defined: Clear rules and procedures ensure that the project is executed consistently, efficiently, and effectively. They provide guidelines and standards for decision making, problem solving, and conflict resolution. Rules and procedures should be based on best practices, lessons learned, and feedback from stakeholders.Training in project management: Project management skills are essential for project success. Training in project management should cover the key principles, tools, techniques, and methodologies of project management. It should be tailored to the needs of the project and the team members involved. It should also provide opportunities for hands-on practice, coaching, and mentoring. In summary, quality back-end planning, communications at all levels, and rules and procedures clearly defined are critical success factors on mega projects. However, training in project management is not essential for success.
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Roscoe company’s comparative balance sheet show total assets of $1,385,000 and $1,065,000, for the current and prior years, respectively. The percentage change to be reported in the horizontal analysis is an increase of: Multiple Choice a. 23%. b. 15%. c. 30%. d. 14%.
The percentage change to be reported in the horizontal analysis is an increase of 30%.Option (c) is the correct answer.
The percentage change to be reported in the horizontal analysis in Roscoe company's comparative balance sheet is an increase of 30%.Given,Total assets of the company's comparative balance sheet show $1,385,000 and $1,065,000, for the current and prior years respectively.Therefore, the percentage change can be calculated as follows:$$\% \ change=\frac{\text{Difference in the amounts}}{\text{Amount of the earlier year}}\times 100\%$$ $$\% \ change=\frac{(\text{Amount of the current year}-\text{Amount of the previous year})}{\tex.
t{Amount of the previous year}}\times 100\%$$Substituting the values,$$\% \ change=\frac{(1,385,000-1,065,000)}{1,065,000}\times 100\%=\frac{320,000}{1,065,000}\times 100\% \approx 30\%$$
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the difference between the actual materials used in production and the standard amount allowed for the actual output is reflected in the materials.
t
f
The given statement "the difference between the actual materials used in production and the standard amount allowed for the actual output is reflected in the materials" is False.
The reason for the same is explained below.Materials price variance and materials quantity variance are the two main types of material variances. A material price variance occurs when the actual price of materials exceeds or falls below the standard price. A material quantity variance, on the other hand, occurs when the actual amount of material used varies from the standard amount for the actual output.As a result, the variance in materials usage will be reflected in the materials quantity variance, which is the difference between the standard quantity allowed and the actual quantity used. On the other hand, the variance in materials price will be reflected in the materials price variance. Hence, the given statement is False.The material quantity variance can be calculated using the following formula: Material Quantity Variance = (Standard Quantity - Actual Quantity) × Standard Price.For example, if the standard amount allowed for the production of 100 units is 500 kilograms of raw material, but the actual amount used in the production of 100 units is 550 kilograms of raw material, then the material quantity variance will be calculated as follows:Material Quantity Variance = (500 - 550) × Standard Price = -50 × Standard Price.
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SOR-296 Inc. is a manufacturing company. It has received a special order for 8,000 units of its product TK-15. The normal selling price of one unit of TK-15 is $54 and its unit product cost is $20 as
To determine whether SOR-296 Inc. should accept the special order for 8,000 units of product TK-15,
we need to calculate the incremental revenue and incremental cost associated with the order and consider any relevant factors.it stands. However, fulfilling the special order would require additional costs of $8 per unit. To determine the financial implications of accepting the special order, we can calculate the incremental profit or loss. Incremental profit = (Selling price - Unit product cost - Additional cost) * Number of units in the special order Incremental profit = ($54 - $20 - $8) * 8,000 Incremental profit = $26 * 8,000 Incremental profit = $208,000 Therefore, accepting the special order for 8,000 units of TK-15 would result in an incremental profit of $208,000. This indicates that the special order would be financially beneficial for SOR-296 Inc.
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Current Attempt in Progress Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On January 6, Vaughn Co. sells merchandise on account to Pryor Inc. for $13,000, terms 2/10, n/30. On January 16, Pryor Inc. pays the amount due. Prepare the entries on Vaughn's books to record the sale and related collection. (b) On January 10, Andrew Farley uses his Paltrow Co. credit card to purchase merchandise from Paltrow Co. for $11,400. On February 10, Farley is billed for the amount due of $11,400. On February 12, Farley pays $5,700 on the balance due. On March 10, Farley is billed for the amount due, including interest at 4% per month on the unpaid balance as of February 12. Prepare the entries on Paltrow Co.'s books related to the transactions that occurred on January 10, February 12, and March 10. No. (a) (b) Date Account Titles and Explanation Debit 111 Credit 4 (9) 0
(a) Journal entries for Vaughn Co.:
January 6: Accounts Receivable 13,000
Sales Revenue 13,000
(To record the sale of merchandise on account to Pryor Inc.)
January 16:
Cash 12,740
Sales Discount 260
Accounts Receivable 13,000
(To record the collection of the amount due from Pryor Inc. after deducting the sales discount)
(b) Journal entries for Paltrow Co.:
January 10:
Accounts Receivable (from Andrew Farley) 11,400
Sales Revenue 11,400
(To record the sale of merchandise to Andrew Farley on account using Paltrow Co. credit card)
February 10:
Accounts Receivable (from Andrew Farley) 5,700
Cash 5,700
(To record the partial payment made by Andrew Farley on the balance due)
March 10:
Accounts Receivable (from Andrew Farley) 5,880
Interest Revenue 180
(To record the billing for the remaining balance due, including interest at 4% per month on the unpaid balance as of February 12).
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Please answer the question below:
What is the term used for a party representing himself or herself? Pro se En banc Res judicata Per curium Ad hoc
The term used for a party representing himself or herself is "pro se." "Pro se" is a Latin term that means "for oneself" or "on one's own behalf." In legal proceedings,
it refers to an individual who chooses to represent themselves without the assistance of an attorney. When a person decides to appear in court without legal representation, they are considered to be acting pro se. The pro se representation can occur in various legal contexts, including civil and criminal cases. It is often chosen due to financial constraints, a desire for personal control over the case, or a belief in one's ability to effectively present their own arguments. While acting pro se allows individuals to exercise their right to self-representation, it is important to note that legal matters can be complex, and navigating the legal system without professional legal knowledge can be challenging. Legal procedures, rules, and requirements can vary, and individuals acting pro se may face difficulties in understanding and properly presenting their case.
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Assume a two-year lifespan, year 1 and year 2. The market interest rate is r. C1 is your consumption in year 1, C2 is consumption in year 2. Y1 and Y2 are your income in years 1 and 2, respectively.
a. Derive the intertemporal budget line in an equation.
b. Draw/ graph that line on a graph. Label everything.
c. Compute C2 if you don’t spend any money in year 1. Show math
d. Explain how you can consume that level of C2 using the banking system.
The intertemporal budget line represents the consumption possibilities between two years, given income in each year and the market interest rate.
(a) The intertemporal budget line can be derived by considering the income and consumption in each year. Let Y1 and Y2 be the income in years 1 and 2, respectively, and C1 and C2 be the consumption in years 1 and 2.
(b) To graph the intertemporal budget line, plot consumption (C1) on the x-axis and consumption (C2) on the y-axis. Draw a line that satisfies the equation derived in part (a) and label the axes and relevant points.
(c) If no money is spent in year 1 (C1 = 0), we can compute C2 by rearranging the intertemporal budget line equation. Substituting C1 = 0 into the equation, we have (1 + r)C2 = Y2, and solving for C2 gives C2 = Y2 / (1 + r).
(d) By saving the entire income in year 1 and depositing it into a bank account, the individual can earn interest on the saved amount. With the interest earned, the individual can consume that level of C2 by withdrawing the total savings (Y2) and the accumulated interest in year 2.
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Negotiable Instruments Sabrina Runyan writes the following note on a sheet of paper: "I, the undersigned, do hereby acknowledge that 1 owe Leo Woo one thousand dollars, with interest, payable out of the proceeds of the sale of my horse, Lightning, next month. Payment is to be made on or before six months from date." Discuss specifically why this is not a negotiable instrument.
This note is not a negotiable instrument because it lacks the essential characteristics required for negotiability.
For an instrument to be considered negotiable, it must meet certain criteria, such as being in writing, signed by the maker or drawer, containing an unconditional promise or order to pay a specific amount of money, payable on demand or at a definite time, and payable to the order or bearer. In this case, the note fails to meet these requirements. Firstly, it is written on a sheet of paper, which is not a commonly recognized medium for negotiable instruments. Additionally, the note does not contain an unconditional promise or order to pay a specific amount of money, but rather acknowledges a debt with interest, payable from the proceeds of the sale of a specific horse next month. The conditional nature of payment and the absence of a definite amount or payee make it non-negotiable.
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What determines if a consumer uses extended decision-making
(cognitive) process? What would be an example of this type of
consumer decision situation? What kind of consumer
decisions are most frequen
Extended decision-making (cognitive) process is typically employed by consumers when they encounter complex, high-involvement purchase decisions. Several factors influence the use of extended decision-making:
Degree of product involvement: When consumers are highly involved with a product or a purchase, they are more likely to engage in an extended decision-making process. High involvement can be driven by factors such as the importance of the purchase, personal relevance, and potential risks or consequences associated with the decision.
Information availability and complexity: Consumers are more likely to use extended decision-making when they face a lack of information or when the available information is complex, ambiguous, or requires substantial effort to process. The need to gather and evaluate information in such cases necessitates a more thorough decision-making process.
Perceived risk: If consumers perceive a purchase decision to be risky in terms of financial, social, performance, or psychological consequences, they are more inclined to engage in extended decision-making. The perceived risk prompts them to carefully evaluate alternatives and seek out detailed information to mitigate potential negative outcomes.
Purchase frequency: Extended decision-making is more common for infrequent or novel purchases. When consumers have limited experience with a product or are making a purchase for the first time, they tend to invest more cognitive effort and time in the decision-making process.
An example of a consumer decision situation that involves extended decision-making is purchasing a car. Buying a car is a complex and expensive decision that requires careful evaluation of various factors, such as performance, features, price, reliability, and brand reputation. Consumers often conduct extensive research, compare different models, read reviews, visit dealerships, and seek recommendations before making a final purchase decision.
While extended decision-making is employed in complex and high-involvement purchase situations, it is important to note that not all consumer decisions fall into this category. Routine decisions, such as purchasing everyday grocery items or personal care products, generally involve minimal cognitive effort and are more likely to be based on habit, convenience, or brand loyalty.
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