Answer and Explanation:
The journal entries are shown below:
Cash Dr $15,000
To Sales $15,000
(Being cash is recorded)
Cost of goods sold Dr $9,000
To Merchandise inventory $9,000
(being cost of the merchandise is recorded)
Sales returns & allowances $1,290
To Cash $1,290
(being sales return is recorded)
Merchandise inventory ($1,290 × $9,000 ÷ $15,000) $774
To Cost of goods sold $774
(being merchandise inventory is recorded)
What are REITs? please help
Answer: REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. These real estate companies have to meet a number of requirements to qualify as REITs. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors.
Explanation: Real Estate Investment Trust
Company
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and commercial forests. Some REITs engage in financing real estate.
You decide to go on a shopping spree. You make a purchase at Sears, and the cashiers says "Can I put your purchase on your Sears Card?" You reply "I don't have a Sears Card." The cashier asks you if you would like to apply for one. You say "Sure!" Throughout your shopping spree you purchase items at many different stores. At each of the stores this same scenario happens, the cashier asks you to apply for credit and you say yes. What will happen to your credit score?
A. It will decrease because of the number of times you have applied for credit.
B. It won't change at all because you were denied the credit card.
C. It will increase because of the number of times you have applied for credit.
Answer:
A and it can raise red flags for future creditors
The summarized balance sheets of Goebel Company and Dobbs Company as of December 31, 2014 are as follows:
Goebel Company
Balance Sheet
December 31, 2014
Assets $1,200,000
Liabilities $ 150,000
Capital stock 600,000
Retained earnings 450,000
Total equities $1,200,000
Dobbs Company
Balance Sheet
December 31, 2014
Assets $900,000
Liabilities $205,000
Capital stock 575,000
Retained earnings 120,000
Total equities $900,000
If Goebel Company acquired a 20% interest in Dobbs Company on December 31, 2014 for $175,000 and the fair value method of accounting for the investment were used, the amount of the debit to Equity Investments (Dobbs) would have been:_________
Answer:
$175,000
Explanation:
Based on the information given we were told that in a situation where Goebel Company tend to acquired an interest of 20 percent in Dobbs Company on December 31, 2014 for the amount of $175,000 in which we were told that the fair value method of accounting were used for the Investment which means that the amount of DEBIT TO EQUITY INVESTMENT (Dobbs) would have been $175,000 which was the amount that was used by Goebel Company to acquired an interest of 20 percent in Dobbs Company on December 31,2014.
On June 10, Blossom Company purchased $7,100 of merchandise from Sunland Company, terms 4/10, n/30. Blossom Company pays the freight costs of $350 on June 11. Goods totaling $600 are returned to Sunland Company for credit on June 12. On June 19, Blossom Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Prepare separate entries for each transaction on the books of Blossom Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Answer:
June 10
Dr Inventory $7,100
Cr Accounts payable $7,100
June 11
Dr Inventory $350
Cr Cash $350
June 12
Dr Accounts payable $600
Cr Inventory $600
June 19
Dr Account payable $6,500
Cr Cash $6,240
Cr Inventory $260
Explanation:
Preparation of a separate journal entries for each transaction on the books of Blossom Company.
Books of Blossom Company
June 10
Dr Inventory $7,100
Cr Accounts payable $7,100
June 11
Dr Inventory $350
Cr Cash $350
June 12
Dr Accounts payable $600
Cr Inventory $600
June 19
Dr Account payable $6,500
($7,100-$600)
Cr Cash $6,240
($6,500-$260)
Cr Inventory $260
(4%*$6,500)
Norton Inc. is a hardware store that is owned by members of Norton family as well as a few close friends of the family what is is this company
Answer:
Closed Corporation
Explanation:
A closed corporation is a company in which the shares would be chosen by some individuals who are closely connected with the business. It could be also called by different names like privately held company, private company etc
Since In the given situation Norton Inc i.e. hardware store owned by the members also there is a few closed friends so this represent a closed corporation
You are the general manager of a firm that manufactures personal computers. Due to a soft economy, demand for PCs has dropped 50 percent from the previous year. The sales manager of your company has identified only one potential client, who has received several quotes for 10,000 new PCs. According to the sales manager, the client is willing to pay $800 each for 10,000 new PCs. Your production line is currently idle, so you can easily produce the 10,000 units. The accounting department has provided you with the following information about the unit (or average) cost of producing three potential quantities of PCs:
10,000 PCs 15,000 PCs 20,000 PCs
Materials (PC components) $600 $600 $600
Depreciation 300 225 150
Labor 150 150 150
Total unit cost $1,050 $975 $900
Required:
Based on this information, should you accept the offer to produce 10,000 PCs at $800 each? Explain.
Answer:
Yes I would
Explanation:
We have these costs
Variable cost:
Materials = 600 dollars for each of component.
Labour is at a rate of 150 dollars each
For fixed cost depreciation = 300 dollars
Now we have to calculate the average variable cost
Cost of production of 1 pc + labour price of 1
= 600 + 150
AVC = 750
The sales price for each of the 10000 pc = 800 dollars
Now we can see that price p is greater than or equal to avc. 800 >=750
So the I have to accept to produce these pcs at the rate of 800 for 1 pc.
800-750 = 50
50x10000 = $500000 from the sale of the 10000 pcs
Marshall Company purchases a machine for $480,000. The machine has an estimated residual value of $40,000. The company expects the machine to produce four million units. The machine is used to make 560,000 units during the current period. If the units-of-production method is used, the depreciation expense for this period is:_____.
a. $38,500.b. $700,000.c. $660,000.d. $35,000.
Answer:
The correct answer is not in the answer options. Depreciation expense = $61,600
Explanation:
Cost of machine = $480000
Residual value = $40,000
The machine is expected to make 4,000,000 units. This is it's useful life.
It makes 560,000 during current period
We solve for depreciation
Depreciation = (machine cost - residual value)/useful life
= $480,000-$40,000/4,000,000
= 440,000/4,000,000
= 0.11
Depreciation expense = 0.11 x 560,000
= $61600
Stanley receives his degree from OCC. Stanley leaves his job at Trump Organization, paying him $100,000 a year. Stanley uses his life saving of $250,000 that he had deposited at Wells Fargo at an annual rate of 5% to start his own clean-energy company. Stanley’s first year revenue and expenses are as follow, Rent $23,000 Salary 57,000 Utility 22,000 Others 13,000 _________ Total 115,000 _________ Revenue for the year $180,000 11. Stanley’s explicit costs for the year is Group of answer choices $215,000 $112,500 $180,000 $216,250 $115,000
Stanley’s explicit costs for the year is $115,000.
Using this formula
Explicit costs=Rent+ Salary+ Utility+ Others
Where:
Rent=$23,000
Salary=$57,000
Utility=$22,000
Others=$13,000
Let plug in the formula
Explicit costs= $23,000+$57,000+$22,000+$13,000
Explicit costs=$115,000
Inconclusion Stanley’s explicit costs for the year is $115,000.
Learn more here:
https://brainly.com/question/13091750
On July 8, Compusoft receives $300,000 from a customer toward a cash sale of $1.10 million for customized computer equipment to be completed on August 1. The remaining $800,000 payment is received upon delivery of the product on August 1. The equipment had a total production cost of $640,000. What journal entries should Compusoft record on July 8 and August 1
Answer:
Date Account Title Debit Credit
July, 8 Cash $300,000
Unearned Sales Revenue $300,000
Date Account Title Debit Credit
August, 1 Cash $800,000
Unearned Sales Revenue $300,000
Sales revenue $1,100,000
August, 1 Cost of Goods sold $640,000
Merchandise inventory $640,000
Hector received three A’s and one b in his college course. What is his grade point average? Assume each course is three credits. A=4.0, b=3.0, c=2.0, d=1.0
Answer:
I think it is A id don't know
Vivian owns a sunglass store in Key West, Florida. This store can sell 100 pairs of sunglasses per month. Currently, the sunglass cost $20 each pair and it takes 5 days to receive an order. Vivian pays the cost of $30 for each time she submits an order. Vivian uses 25% of item costs to compute annual holding costs and works 240 days in a year.
Which statement is Not correct?
A. The annual holding cost is $300.
B. Average inventory level is 60 pairs.
C. Vivian needs to place 10 orders per year.
D. The reorder point is 25 pairs.
E. The average time between two consecutive orders is 20 days.
Answer:
E. The average time between two consecutive orders is 20 days.
Explanation:
Vivian has sunglasses which costs it $20 each. The inventory holding needs to be for 5 days since the lead time is 5 days for each order. The holding cost for the inventory is $500 for the whole year. There will be 10 days in average when two orders are placed for the sunglasses.
explain the difference between a flat tax and a graduated income tax.
Answer:Progressive tax systems have tiered tax rates that charge higher income individuals higher percentages of their income and offer the lowest rates to those with the lowest incomes. Flat tax plans generally assign one tax rate to all taxpayers. ... A flat tax would ignore the differences between rich and poor taxpayers.
I’ll pay somebody 50$ if somebody do this now.
Instructions: Watch this 40 minute video called “Small Business Revolution - Nyce and clean auto detailing” Season 5, Episode 1 then answer the following questions in the picture I’ll need this by 6:00 or 6:30 please help
Answer:
suck 2 be u
Explanation:
i aint doin it
Zachary Airlines is a small airline that occasionally carries overload shipments for the overnight delivery company Never-Fail, Inc. Never-Fail is a multimillion-dollar company started by Wes Never immediately after he failed to finish his first accounting course. The company’s motto is "We Never-Fail to Deliver Your Package on Time." When Never-Fail has more freight than it can deliver, it pays Zachary to carry the excess. Zachary contracts with independent pilots to fly its planes on a per-trip basis. Zachary recently purchased an airplane that cost the company $4,636,000. The plane has an estimated useful life of 24,400,000 miles and a zero salvage value. During the first week in January, Zachary flew two trips. The first trip was a round trip flight from Chicago to San Francisco, for which Zachary paid $420 for the pilot and $370 for fuel. The second flight was a round trip from Chicago to New York. For this trip, it paid $370 for the pilot and $185 for fuel. The round trip between Chicago and San Francisco is approximately 4,300 miles and the round trip between Chicago and New York is 1,300 miles.
Required:a. Select if the costs mentioned below are direct or indirect.b. Determine the total cost of each trip. (Do not round intermediate calculations.)
Answer: See explanation
Explanation:
a. Based on the information given, the direct costs are:
• Pilot Cost
• Fuel Cost.
The indirect cost is:
• Depreciation Cost
b. To know the total cost for each trip, we need to know the depreciation per mile which will be:
= $4,636,000 / 24,000,000
= 0.19
Cost for Trip 1
Pilot Cost = $420
Fuel Cost = $370
Depreciation Cost = (0.19 × 4,300) = $827
Total Cost = $1617
Trip 2
Pilot Cost = $370
Fuel Cost = $185
Depreciation Cost = (0.19 × 1,300) = $247
Total Cost = $802
what is 4 P's in entrepreneur
Answer:
passion, persistence, perseverance, and preparation
Explanation:
Interview can be defined as an attempt to
a.
make two persons communicate
b.
test the suitability of the candidate for the job under consideration
c.
develop relationship between two persons
d.
secure minimum information from the candidate
Answer:
B
Explanation:
Which of the following is not an element of the financial statements as covered in the "Conceptual Framework for Financial Reporting"?
a. Equity
b. Assets
c. Liabilities
d. Profits
Answer:
d. Profits
Explanation:
Financial statement is a statement written in accordance to the conceptual framework for financial reporting which shows the financial position, performance and profit or loss of an entity.
The statements that would reflect in the financial statement of an entity are:
i. statement of profit or loss
ii. statement of change in equity
iii. statement of cash flow
iv statement of financial position
v. notes to the financial statement
All these statements are written considering the assets, liabilities, equity, income and expenses of the entity.
When looking at a firm's behavior, you know it is engaging in price discrimination when it:__________
a. charges a different price to different customers that is not reflective of the firm's costs.
b. charges customers more than they would prefer to pay.
c. asks about personal information such as race, gender, and sexual orientation before offering services.
d. does not accept payment with a smartphon
Answer:
a. charges a different price to different customers that is not reflective of the firm's costs.
Explanation:
The price discrimination strategy occurs when an organization charges a different price to different customers that does not reflect the company's costs, that is, the company divides its potential customers into groups, usually based on customer perceptions and characteristics and demographic data to evaluate which group of customers is willing to pay more or less for a particular product or service.
This is a strategy that can be favorable for companies to charge a maximum price for their product knowing that it will be accepted, but it is effective in large companies that have a high position in the market.
I will give BRAINLY
I need any career name plz
You can be a streamer!
Two Benefits of being a streamer is.
You can earn money.Companies can promote your channel.Two drawbacks of being a streamer is.
Your channel can get taken down or people can be rude to you.You can forgot about uploading and may lose subscribers.Let me know if you have any questions.
~ Lily from Brainly.
Maureen has a net spendable income of $2,100 per month. She sets up the following transportation budget for herself.
3. Transportation (15% - 20%) 350
a. Car payments 150
b. Gas/Oil 120
c. Insurance 60
d. License/Registration 2
e. Taxes 5
f. Maintenance/Repair 50
What has Maureen done wrong?
A.
She budgeted more than the maximum recommended amount of money for transportation.
B.
She has more money in the main category than she budgeted for in the subcategories.
C.
She has more money in the subcategories than she budgeted for in the main category.
D.
She budgeted less than the minimum recommended amount of money for transportation.
Based on your understanding of the impact of macroeconomic factors, identify which of the following statements are true or false?
1. Countries with strong balance sheets and declining budget deficits tend to have lower interest rates.
2. When the economy is weakening, the Fed is likely to increase short-term interest rates. During the credit crisis of 2008, investors around the world were fearful about the collapse of real estate markets, shaky stock markets, and illiquidity of several securities in the United States and several other nations.
3. The demand for US Treasury bonds increased, which led to a rise in their price and a decline in their yields.
4. When the economy is weakening, the Fed is likely to decrease short-term interest rates.
Answer:
TrueFalseTrueTrueExplanation:
When an economy has a strong balance sheet and a declining budget deficit, it means that there is less need to borrow from the market which would keep rates lower.
When the economy is weakening, the Fed will try to stimulate it by engaging in actions that weaken short term interest rates so that people and businesses can borrow at lower cost and invest or buy goods and services.
When investors are worried about the riskiness of other financial assets, they usually come to safer assets like U.S. Treasury bonds so that they do not lose money and this is what happened in the credit crisis of 2008. More demand for the bonds led to a rise in their price.
The cost of manufacturing a specific good in a developing country is less than the cost to manufacture it in the United States. What is the most likely result if that country exports the good to U.S. markets? Prices will decrease and the quantity produced will increase. Companies will expand production to compete in the industry. Congress will raise the rates on international tariffs. Prices will remain stable but quality will decline.
Answer:
Prices will decrease and the quantity produced will increase.
Explanation:
Because labor costs are lower in developing countries, when these countries produce manufactured goods, they do it at a lower cost, meaning that these goods will also have a lower price for the final consumers. If these cheaper goods are exported to the U.S. market, the U.S. market is flooded with more goods at a lower price, something that may affect some U.S. firms, but that benefits the majority of U.S. consumers.
Winnebagel Corp. currently sells 15,000 motor homes per year at $22,500 each, and 6,000 luxury motor coaches per year at $42,500 each. The company wants to introduce a new portable camper to fill out its product line; it hopes to sell 9,500 of these campers per year at $6,000 each. An independent consultant has determined that if Winnebagel introduces the new campers, it should boost the sales of its existing motor homes by 2,250 units per year, and reduce the sales of its motor coaches by 450 units per year.
Required:
What is the amount to use as the annual sales figure when evaluating this project?
Answer:
$88,500,000
Explanation:
Calculation to determine What is the amount to use as the annual sales figure when evaluating this project
Campers sale revenue $57,000,000
(9,500*$6,000)
Add: Increase in motor homes sales $50,625,000
(2,250 units*$22,500 each)
Less: Decrease in luxury motor coaches ($19,125,000)
(450 units per year*$42,500 each)
Annual sales figure $88,500,000
($57,000,000+$50,625,000-$19,125,000)
Therefore the amount to use as the annual sales figure when evaluating this project is $88,500,000
Pam always drives under the speed limit to her risk and keep insurance costs down. Even so, she got into an accident and filed a to cover the expenses of repairing her car. One of the costs of doing so was that her insurance would likely increase in the future.
answers:
1. reduce
2. claim
3. premiums
Answer:
1. reduce
2. claim
3. premiums
just realized u already knew the answers lol....
Answer:
reduce, claim, premiums
Explanation:
got it right on edge !! :)
most ________ do not cover damage by accidents
A. Promotional prices
B. Warranties
C. Assets
D. Generic goods
(Personal finance)
Answer:
warranties b
I searched it up and I told some of my friends and they think that too
hope this helps
Years ago, the United States Armed Forces conducted an experiment called "Operation Snowdrop" to find out what kinds of military personnel seemed to function best under severe arctic climatic conditions. Some of the factors examined were weight, age, blood pressure, and national origin. All of the participants in "Operation Snowdrop" were given a training course in how to survive and function in extreme cold. At the conclusion of the experiment, it was found that only two factors among those studied distinguished between personnel whose performance was rated as "effective" and those rated "not effective" on the arctic exercises. These factors were: (1) desire to participate in the experiment, and (2) degree of knowledge and skill regarding how to live and protect oneself under arctic conditions.
Inference: Participants having normal weight and blood pressure were rated as significantly more effective on the arctic exercises than were the other participants.
A. Definitely true.
B. Probably true.
C. Insufficient data.
D. Probably false.
E. Definitely false.
Answer:
B. Probably true.
Explanation:
The hypothesis test is conducted based on the sample selected from the participants. These participants are rates as effective in exercise or either not effective in exercise. The conclusion drawn may be true based on the knowledge and the given data.
What are some specific examples of how they can be used?
During the spring and summer of 2016, when gasoline prices were rising quickly, politicians in several countries proposed and a moratorium on some or all gasoline taxes to help consumers. In the Uniter States, one of Republican candidate for president, proposed suspending the federal gasoline tax of $0.4 for the summer, when demand tends to be high. An active candidate for the Democratic nomination for president, also pushed the plan. How would these short-run policies have affected the prices on consumers if the price had been enacted?
Answer:
consumers would find it cheaper to buy gasoline
Explanation:
In the short run a tax cut or tax suspension as we have In this question is able to increase demand because it increases peoples disposable income. This tax cut of $0.4 would remove burden on gasoline consumers. By removing the tax on gasoline the price of gasoline would become lower and consumers would find it easier and cheaper to purchase
Which of the following is true?
A. Attaining a passing score on the part of the Uniform CPA Examination that covers professional ethics is evidence of integrity and commitment to ethical conduct.
B. A professional accountant should resign his position rather than become involved in the distribution of financial statements indicating insolvency.
C. Federal securities laws regarding the issuance of misleading financial statements apply not only to the independent auditors, but to management of the company as well.
D. The existence of generally accepted accounting principles (GAAP) eliminates the need for professional judgment except in very unusual circumstances.
Answer:
The answer is "Choice C".
Explanation:
The federal securities legislation governs its sales or offering of stock, investment management, the companies of some industry professional persons, investment companies like mutual funds, tender documents, proxy statements, and, more particularly, publicly-traded company control. It's not just the external directors, but also the managers of the organization apply to these rules mostly on the release of erroneous financial reports.
Wilson Animal Feeds has developed the following data to calculate lower of cost or market for its products.
Selling
Price Cost
Large animals:
Cattle $320 $160
Horse 400 400
Small animals:
Cat $360 $320
Dog 120 90
Exotic pets:
Ferret $140 $112
Iguana 70 48
The costs to sell are 20% of selling price.
Required:
Determine the reported inventory value assuming the lower of cost or market rule is applied to categories of feed products. (Round to nearest dollar. Do not include $ or commas.)
Answer:
Wilson Animal Feeds
The reported inventory value is:
= 1130
Explanation:
a) Data and Calculations:
Selling
Price Cost LCMV
Large animals:
Cattle $320 $160 $160
Horse 400 400 400
Small animals:
Cat $360 $320 $320
Dog 120 90 90
Exotic pets:
Ferret $140 $112 $112
Iguana 70 48 48
Total LCMV $1,130
b) This method of valuing inventory requires a comparison between the market value and the cost of each category of feed products. The lower between the two is chosen and then multiplied with the quantity of the item. In this example, the quantities of the items are not given.