Answer:
A. Credit $5,000
B. Dr Income tax expense $1,005,000
Cr Income tax pay$1,000,000
Cr Deferred tax liability $5,000
Explanation:
Calculation for What is the deferred tax liability to be reported in the balance sheet
Deferred tax liability=[ (400,000-300,000)*.25]-20,000
Deferred tax liability=($100,000*.25)-$20,000
Deferred tax liability=$25,000-$20,000
Deferred tax liability=$5,000 Credit
Therefore the deferred tax liability to be reported in the balance sheet will be $5,000 Credit
B. Preparation of the appropriate journal entry to record income taxes this year.
Dr Income tax expense $1,005,000
Cr Income tax pay$1,000,000
(4million *.25)
Cr Deferred tax liability $5,000
briefly explain what you consider an entrepreneur to be and describe the three most important attributes you need to develop to become an entrepreneur. Give reasons for your choices.
Answer:
An entrepreneur is a person who finds an economic opportunity in the market, and exploits it for his own benefit and the benefit of his employees and constomers by setting up a firm.
Explanation:
Three characteristic of an entrepreneur:
Opportunity seeking: entrepreneurs "scan" the market, seeking for market niches that have not been exploited.
Work-ethic: entrepreneurship is a difficult task, especially during the first years of the company. It demands very long work hours, and the entrepreneur must be willing to do that in order to be successful.
Risk-taking: entrepreneurs should evaluate risk when taking decisions, but they should not be the most risk-averse indidivuals. They have to take risks in certain situations because otherwise, they would not be able to become entrepreneurs at all.
Select the correct answer.
Workers like authoritarian leaders best.
A. True
B. False
Answer:
A
Explanation:
The liabilities of Oriole Company are $117,000 and the owner’s equity is $227,000. What is the amount of Oriole Company’s total assets?
Answer:
$344,000
Explanation:
Assets, liabilities, and equity combine to form the accounting equation. their relationship in the accounting equation is as follows,
Assets = Equity + Liabilities
In this case,
Asset =??
Liabilities=$117,000
Equity =$227,000
Therefore,
Assets = $117,000 + $227,000
Assets = $344,000
Why does the cost of capital constitute a direct link between return on capital expenditure and the returns required by capital investors
Answer:
The overview of the statement is summarized below.
Explanation:
The capital structure seems to be the ratio of net required by investors toward about there capital expenditure. Investment return capital spending seems to be the return rate required for expenditure. Returns required by financial institutions are much worse than the amount of capital, even before investors necessitate a reasonable level of profitability.Brief Exercise 22-09 Kaspar Industries expects credit sales for January, February, and March to be $211,000, $270,600, and $315,300, respectively. It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month. Compute cash collections from customers for each month.
Answer:
Results are below.
Explanation:
Giving the following information:
Credit sales:
January= $211,000
February= $270,600
March= $315,300
It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month.
Cash collection January:
Sales on credit from January= (211,000*0.75)= 158,250
Total cash collection= $158,250
Cash collection February:
Sales on credit from February= (270,600*0.75)= 202,950
Sales on credit from January= (211,000*0.25)= 52,750
Total cash collection= $255,700
Cash collection March:
Sales on credit from March= (315,300*0.75)= 236,475
Sales on credit from February= (270,600*0.25)= 67,650
Total cash collection= $304,125
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31:
Sales $ 1,350,000
Selling price per pair of skis $ 450
Variable selling expense per pair of skis $ 46
Variable administrative expense per pair of skis $ 19
Total fixed selling expense $ 140,000
Total fixed administrative expense $ 115,000
Beginning merchandise inventory $ 75,000
Ending merchandise inventory $ 120,000
Merchandise purchases $ 315,000
1. Prepare a traditional income statement for the quarter ended March 31.
2. Prepare a contribution format income statement for the quarter ended March 31.
3. What was the contribution margin per unit?
(1) The traditional format income statement for Alpine House, Inc for the quarter ended March 31 is shown below:ParticularsAmount ($)Sales1,350,000Less: Cost of Goods Sold:Beginning merchandise inventory 75,000 Add: Merchandise purchases 315,000 Goods available for sale390,000Less: Ending merchandise inventory 120,000 Cost of goods sold270,000Gross Profit1,080,000Less:
Operating Expenses:Variable selling expense46* units soldVariable administrative expense19* units soldTotal Variable Expenses65 Fixed Selling Expenses 140,000Fixed Administrative Expenses115,000Total Operating Expenses255,000Net Operating Income 825,000*Calculation of variable expenses:Variable selling expense per unit= $46Variable administrative expense per unit= $19Total variable expense per unit= $65($46 + $19)
(2) The contribution format income statement for the quarter ended March 31 is shown below:ParticularsAmount ($)Sales1,350,000Less: Variable Expenses:Variable selling expense (46*3,000 units)138,000Variable administrative expense (19*3,000 units)57,000
Total Variable Expenses195,000Contribution Margin1,155,000Less: Fixed Expenses: Fixed selling expenses140,000 Fixed administrative expenses115,000Total Fixed Expenses 255,000Net Operating Income900,000*Calculation of units sold: 3,000 units were sold (Sales/ Selling price per pair of skis = 1,350,000/450 = 3,000 units)
(3) The contribution margin per unit is $195. ($450 - $255) = $195.Contribution margin per unit is calculated as follows:Contribution margin per unit = Selling price per unit - Total variable expenses per unitSelling price per unit = $450Variable expenses per unit = $65 ($46 + $19)Contribution margin per unit = $450 - $65 = $385
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To compare the different inventory valuation methods, consider the following fictional company preparing a semi-annual balance sheet. Each month 100 units of a raw material is purchased, but the price goes up each period. At the end of six months, the company takes a physical count and sees that 300 units are left and 300 units have been consumed.
Units Cost per Unit Cost
January 100 $10 $1,000
February 100 $11 $1,100
March 100 $12 $1,200
April 100 $13 $1,300
May 100 $14 $1,400
June 100 $15 $1,500
In total, 600 units have been purchased at an average price of___________ for a total cost of_________.
Answer:
In total, 600 units have been purchased at an average price of $12.50 for a total cost of $7,500.
Explanation:
total cost of the 600 units = $1,000 + $1,100 + $1,200 + $1,300 + $1,400 + $1,500 = $7,500
average price per chair = $7,500 / 600 = $12.50
this inventory valuation method is called the weighted average method, and it assigns the same cost regardless of when the units were purchased.
A firm’s accounting cost, defined as actual cash payments for inputs equals:Group of answer choicesthe firm’s implicit cost.the firm’s explicit cost.the firm’s economic cost.the sum of the costs listed above.
Answer:
the firm’s economic cost
Explanation:
The accounting cost of the firm are considered as an explicit cost where the cost is to be incurred for running the business like production cost, lease payment, etc
Also it refers to the actual payment made in cash for the inputs i.e. equivalent to the economic cost of the firm
Hence the second last option is correct
In 2009, Democratic President Barack Obama called on Congress to pass comprehensive health care reform. The goal of the legislation was to expand access to health insurance to the more than 40 million uninsured Americans and lower the overall cost of health care.
The Democratic-controlled House of Representatives considered many different reforms, including a government-sponsored health plan with a public option and a requirement that all individuals purchase health care known as an individual mandate. Republicans opposed both ideas and put forth their own plans which included tax incentives and methods to lower costs when seeing a doctor. In the end, a bill called the Affordable Care Act (ACA) was passed, which included an individual mandate but not a public option. The final vote in the House was 220-215. Only one Republican supported the bill, while 39 Democrats voted against it.
Republicans immediately began campaigning on a platform of repealing the ACA. After regaining control of the House of Representatives in the 2010 elections, the Republicans passed over 60 bills repealing the ACA. Each time, the legislation stalled in the Democratic-controlled Senate. When Republicans became the majority in both chambers following the 2014 elections, they finally passed a repeal of the Affordable Care Act. That legislation was vetoed by President Obama.
After reading the scenario, please respond to A, B, and C below.
a. Referencing the scenario, describe the party control of government when Congress passed legislation in 2014 to repeal the ACA, and explain how that party control could have affected the attempt to repeal the ACA in 2014.
b. Referencing the scenario, explain why a Republican representative following the delegate model of representation might have cast a vote in favor of the ACA bill in 2009 when it was originally passed.
c. Describe how the judicial branch could be used to implement the Republican’s legislative goals despite President Obama’s veto. Explain how this use of the judicial branch might ultimately affect the success of the Affordable Care Act.
Answer:
a. The party control of government when Congress passed legislation in 2014 to repeal the ACA was when Republicans gained majority seats in both chambers of Congress. This Republican control of Congress was the catalyst for the repeal of the ACA in 2014.
b. The Republican representative who cast a vote in favor of the ACA bill in 2009 followed strictly his constituency mandate.
c. When President Obama vetoed the ACA repeal, the Republicans could proceed to court to try to use the judicial branch of government to implement their legislative goals by requesting for constitutional interpretation of the repealed bill.
If this had happened, it would have seriously hampered the implementation and success of the Affordable Care Act for partisan reasons.
Explanation:
a) Congress is the legislative arm of government that makes the law. The executive implements the law. The judiciary is in charge of the interpretation and application the law to real situations. But when the President vetoes a bill, Congress can override the veto by ensuring that 2/3 of both chambers pass the law. Alternatively, Congress can ask for a judicial interpretation.
Congress is termed as the legislative party that focuses on the implementation of the law and framing of the laws for the benefit of the general public and the citizens. The judiciary in congress is held as in charge of the interpretation and the formation of laws.
The answers to the above questions are:
a. The party of the government was the republicans when congress passed the legislation in the year 2014 for the laying of the appeal of ACA. This Republican control of Congress was the catalyst for the repeal of the ACA in 2014.
b. The Republican representative who cast a vote in favor of the ACA bill in 2009 followed strictly his constituency mandate.
c. When President Obama voted for the ACA repeal, the Republicans proceeded to court to use the judicial branch of government for the implementation of the legislative goals in the request of constitutional interpretation of the appealed bill.
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The liabilities of Oriole Company are $117,000 and the owner’s equity is $227,000. What is the amount of Oriole Company’s total assets?
Answer:
$344,000
Explanation:
Assets can be calculated by applying the accounting equations. In the accounting equations
Assets = Liabilities + Equity
In this case, liabilities are $117,000 and Equity is $227,000.
Therefore,
Assets = $117,000 + $227,000
Assets = $344,000
The owner of the business where you work has asked for your advice on restructuring the organization. You know that customer service is the cornerstone of the company. What do you recommend
Answer:
Flatter structures are appropriate for organizations that empower employees to solve customer problems.
Explanation:
These are the options for the question below;
✓A taller structure will improve the speed at which decisions are implemented.
✓Flatter structures are appropriate for organizations that empower employees to solve customer problems.
✓With a tall structure, supervisors can avoid hearing about customer complaints.
✓A flatter structure will further centralize decision making.
From the question, we are informed about an instance, where The owner of the business where i work has asked for your advice on restructuring the organization. Since I know that customer service is the cornerstone of the company. In this case I will recommend Flatter structures which is the best structure for organization that give empowerment to their employees in order to be able to solve problems associated with customers.
Flatter structure in an organization can be regarded as a structure that posses limited level of management or no level existing between the staff employee and the management of the organization. Flatter structure gives little supervision to the employees though it brings in their involvement when it comes to decision making
.
For insight into a government agency's understanding of the laws it administers, one should consult:
Answer:
The agency's interpretive rules.
Explanation:
An interpretive rule can be defined as a document issued by an agency so as to help expound or clarify existing administrative laws, regulations and statutes in the public domain.
Basically, an interpretive rule is not required to meet the minimum requirements or criteria specified by the Administrative Procedure Act (APA). Also, an interpretive rule is not considered as a force of law because it is not binding on the general public.
Hence, for insight into a government agency's understanding of the laws it administers, one should consult the agency's interpretive rules for an explanation on the law and regulations it promulgated,
Sheridan Industries produces and sells a cell phone-operated home security control. Information regarding the costs and sales of security controls during May 2020 are provided below.
Unit selling price of security control $45
Unit variable costs $22
Total monthly fixed costs $120,000
Units sold 8,000
Required:
Prepare a CVP income statement for Cedar Grove Industries for the month of May. Provide per unit values and total values.
Answer and Explanation:
The preparation of the CVP income statement for Cedar Grove Industries for the month of May is presented below;
Particulars Units Amount
net sales $45 $360,000 (8,000 units × $45)
Less:
Variable expense $22 -$176,000 (8,000 units × $22)
Contribution margin $23 $184,000
Less:
Fixed cost -$120,000
Net income $64,000
compare, contrast, and discuss the connections between the ever-changing global business environment and the changes in the dynamic and diverse workplace, including the challenges of global economics and social responsibility.
Explanation:
Globalization and new technologies have impacted social and economic relations around the world. The distances between countries have become shorter as a result of internet communication, in addition to the transport and flow of information, which occurs instantly in everyone today.
This new scenario enabled the expansion of businesses in search of profitability and cost reduction, companies opened new branches in different countries and diversified their work environment, making it multicultural, with workers of different cultures and values. This environment allows a very positive exchange for organizations, which achieve innovation and creativity through people with different worldviews.
Globalization has also impacted the way companies are perceived, they are no longer just profitable entities to become promoters of social and environmental responsibility, due to the way that society changes its consumption and interaction paradigms and encourages companies to adapt to continue meeting society's demand. The organizational image strengthened through social programs and reduction of environmental impact provides long-term competitive and strategic advantages for companies, such as attracting investors, greater value for stakeholders, continuous improvement, etc.
On January 1, Cullumber Corporation purchased a 25% equity in Helbert Corporation for $182,000. At December 31, Helbert declared and paid a $47,900 cash dividend and reported net income of $236,500.
Required:
Journalize the transactions.
Answer:
January 1
Debit : Investment in Helbert Corporation $182,000
Credit : Cash $182,000
Being Investment in Associate
Elimination Journal:
Debit : Investment in Associate ($236,500 x 25%) $59,125
Credit : Share of Profits ($236,500 x 25%) $59,125
December 31
Debit : Cash ($47,900 x 25%) $11,975
Credit : Dividend Income ($47,900 x 25%) $11,975
Being Dividend Income Received from Associate
Elimination Journal:
Debit : Dividend Income $11,975
Credit : Investment in Associate $11,975
Explanation:
Cullumber Corporation 25% equity in Helbert Corporation represents an investment in Associate. This is because, Cullumber Corporation has significant control of Helbert Corporation ( more than 20% voting rights).
Note : I have also included consolidation elimination journals !
What are examples of types of products that are currently being manufactured by joint ventures between the U.S., Canada, Mexico, and developing countries
Answer:
Uber Taxi
Star Bucks
Tata Global Beverages
Siemens and Nokia
Alibaba
Explanation:
Joint venture is the business in which there are two or more parties who shares the ownership. The business management may be mutually decided. There are many examples of Joint ventures in the world. Uber Taxi is one of the finest example of joint venture where Volvo vehicles shares the ownership. The joint venture reduces the investment cost for both the parties. The business can be quickly spread in the world by the efforts of two or more parties that form the joint venture.
The two common stock ratios are the price–earning (PE) ratio and the
ratio. The latter ratio is used to calculate the PE ratio by dividing the
of equity shares by it.
Answer:
The two common stock ratios are the price–earning (PE) ratio and the earnings per share (EPS) ratio. The latter ratio is used to calculate the PE ratio by dividing the price of equity shares by it.
Explanation:
The Price-earnings ratio measures investors' assessments of an entity's future earnings. It is determined by obtaining the share price of the company's stock and dividing it by the EPS. It is expressed in number of times of the EPS that investors are willing to pay for a share in the company's equity. The earnings per share (EPS) indicates the profit or income which a company generates for each share. It is determined by dividing a company's net profit by the number of outstanding common shares. It is widely used to estimate corporate value.
Answer:market price
Explanation:
LinkedIn targets a specific demographic: working professionals. They tend to be older and better educated. Why might advertisers be more interested in this group over others
Answer: Buying power
Explanation:
As the question says, LinkedIn has working professionals which means that these are people with income sources that can enable them to purchase goods and services.
Advertisers would therefore target them so that they may get them to purchase the goods and services they are advertising because these working professionals have a better chance of patronising the advertisers than other groups of people who may not have the income requirements necessary to do so.
5. Which commandment of computer ethics is violated on doing the following:
a) Hacking b) Software piracy c) Computer Virus
the answer is by hacking
In the food service industry, recipes are invaluable because they provide a way for cooks, no matter who or where they are, to achieve consistency of _____ and ______. volume; scale
strain; tare
quality: yield
weight: gauge
Answer: quality: yield is correct
Explanation: Took the test
In the food service industry, recipes are invaluable because they provide a way for cooks, no matter who or where they are, to achieve consistency of quality and yield. Thus, option (c) is correct.
What is food?The term “food” refers to an edible and consumable material that provides the body with nutrition and vitamins to maintain itself. Plants, humans, animals, and birds all typically eat food. fruits, vegetables, legumes, dairy, and other nutrient-dense foods. The body need the food in order to function, thus it was consumed.
According to the food service sector, was the offered the information of the food as well as the grade of the cuisine. It instructs the cook on what ingredients to use, how to utilize them, and any nutrition facts that may be useful. A recipe's yield is the number of servings it will make.
Therefore, option (c) is correct.
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Sonia has $2,400 a month to spend on clothing and food. The price of clothing is $60 and the price of food is $10. The clothing and food pairs in Sonia's choice set include ________ units of clothing and ________ units of food. A) 40; 100 B) 30; 140 C) 20; 120 D) 0; 400
Answer:
C) 20; 120
Explanation:
The computation of the clothing and food pairs is shown below:
Total money spend = $2,400
= $60 × 20 + $10 × $120
= $1,200 + $1,200
= $2,400
if we take 20 units of clothing and 120 units of food so the total moeny spend would be $2,400
Therefore the third option is correct
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information:
November 30
Debit Credit
Supplies $1,650
Prepaid Insurance 6,600
Salaries Payable $10,300
Deferred Revenue 2,300
The following information is known for the month of December: Purchases of supplies during December total $3,800. Supplies on hand at the end of December equal $3,150. No insurance payments are made in December. Insurance cost is $1,650 per month. November salaries payable of $10,300 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,300. On November 1, a tenant paid Golden Eagle $3,450 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount.
Required:
Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and deferred revenue on December 31.
Answer:
Date General Journal Debit Credit
Dec 31 Supplies expenses $2,300
(1,650+3,800-3150)
Supplies $2,300
(To record the supplies used during the period)
Dec 31 Insurance expenses $1,650
Prepaid expenses $1,650
(To record the insurance expired for December)
Dec 31 Salaries expenses $15,300
Salaries payable $15,300
(To record the unpaid salaries)
Dec 31 Deferred revenue $1,150
(3450/3 months)
Rent revenue $1,150
(To record the revenue earned during the period)
Journal entries are used in accounts for the purpose of recording financial transactions either economic or non-economic for the business.
Adjustment entries are used for making final income and expenditure recordings at the point of their occurrence.
The adjustment entry for the given dataSupplies expenses Dr $2,300
To supplies $2,300
The supplies are recorded during 31 December:
[tex]1,650+3,800-3150\\=2300[/tex]
Dec 31 Insurance expenses Dr. 1650
To Prepaid expenses 1650
Dec 31 Salaries expenses Dr. 15,300
To Salaries payable 15,300
Dec 31 Deferred revenue Dr. 1150
To Rent revenue 1150
Revenue earned during this period is calculated by:
[tex]\frac{3450}{3} \\=1150[/tex]
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If the consumer gets 40 utils from buying four DVDs, 45 utils from buying five DVDs and 48 utils from buying six DVDs, then the consumer's marginal utility is: Group of answer choices decreasing. constant. increasing at an increasing rate. increasing.
Answer:
decreasing
Explanation:
Since in the question it is mentioned that of the consumer buy four DVds and he gets 40 utils and if he buy more he get more utils and so on so the utility of the consumer would be decreased in the case when he consumes more
Therefore as per the given situation the first option is correct
The same is considered and relevant too
On January 1, 2024, Bear Cove Co. issued its 11% bonds in the face amount of $3,000, which mature on January 1, 2034. The bonds were issued for $3,385 to yield 9%. Bear Cove uses the effective-interest method of amortizing the bond premium. Interest is payable annually on December 31. The 12/31/24 bond carrying value is approximately:
Answer: The bond carrying value is approximately $3,332
Explanation:
Given that
Year Int. Expense(A) Interest pmt(B) Pre. amortization Bonds carrying val
9% of previous 11% of face B-A Issue price - prem
carrying value value Amort
0 0 0 0 $3,385
1 (0.09×3385) (0.11×3000) (330 - 304.65) (3,385 - 25.35 )
$304.65 $330.00 $25.35 $3,359.65
2 (0.09×3,359.65) (0.11×3000) (330 - 302.37) (3,359.65-27.63)
$302.37 $330.00 $27.63 $3,332.02
The bond carrying value is approximately $3,332
the decision-makers that experience scarcity.
Answer:
Governments, companies, and individuals
Explanation:
Answer:
goverments companies induvuduaks
Explanation:
In general, a capital-abundant country (such as the United States) tends to specialize in capital-intensive industry and export capital-intensive products, and import labor-intensive products. This statement is an illustration of the ____________________ of comparative advantage.
Answer:
Law
Explanation:
According to the law of comparative advantage, a country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries.
For example, country A produces 20kg of beans and 10kg of rice. Country B produces 10kg of beans and 20kg of rice.
for country A,
opportunity cost of producing beans = 10/20 = 0.5
opportunity cost of producing rice = 20/10 = 2
for country B,
opportunity cost of producing rice = 10/20 = 0.5
opportunity cost of producing beans = 20/10 = 2
Country A has a comparative advantage in the production of beans and country B has a comparative advantage in the production of rice
If a household's income rises by 30%, its budget constraint will A) shift out parallel to the old one. B) pivot at the Y-intercept. C) shift in parallel to the old one. D) be unaffected
Answer:
A
Explanation:
A budget constraint is a graph that shows all the combination of goods a consumer can consume given current prices and income of the consumer.
If income increases, the budget constraint will shift out parallel to the old
If income decreases, budget constraint will shift in parallel to the old one.
Describe three factors that impact cost or revenue within your organization. How might these variables impact your DPI Project deliverables systematic review
Incomplete question. I provided three factors that can impact cost or revenue within an organization.
Explanation:
1. Production capacity: Theoretically, the greater the production capacity, the higher the opportunity for added revenue since more of the goods or services can be rendered.
2. The market segment: A good market segment can result in profitability for the business.
3. Type of labor employed: Many modern-day industrialists believe that organizations that switch to an automated labor force can achieve lower operational cost; thereby leading to more revenue.
Assume your firm has an unused machine that originally cost $75,000, has a book value of $20,000, and a market value of $25,000. Ignoring taxes, what is the opportunity cost of using this machine
Answer:
$25,000
Explanation:
Opportunity costs is based on market value, not historical costs or original costs. So, the opportunity cost of using this machine is $25,000
who has better abs 1 or 2?
Answer:
1
Explanation:
They just look more... real???
Answer:
Lm.ao what
Explanation:
Ig the second one lol