Answer:
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Gibson Products produces cast bronze valves for use in offshore oil platforms. Currently, Gibson produces 1600 valves per day. The 20 workers at Gibson work from 7 a.m. until 4 p.m., with 30 minutes off for lunch and a 15-minute break during the morning work session and another at the afternoon work session. Gibson is in a competitive industry, and needs to increase productivity to stay competitive. They feel that a 20 percent increase is needed.
Gibson's management believes that the 20 percent increase will not be possible without a change in working conditions, so they change work hours. The new schedule calls on workers to work from 7:30 a.m. until 4:30 p.m., during which workers can take one hour off at any time of their choosing. Obviously, the number of paid hours is the same as before, but production increases, perhaps because workers are given a bit more control over their workday. After this change, valve production increased to 2000 units per day.
Calculate labor productivity for the initial situation
Calculate labor productivity for the hypothetical 25 percent increase, and its impact on output.
What is the productivity after the change in work rules?
Question Completion:
It is assumed that the hypothetical increase in labor productivity remains 20% as in the original question.
Answer:
Gibson Products
1. The Labor Productivity for the initial situation = 10
2. The Labor Productivity for the hypothetical 20% increase = 12
3. With the 20% increase in labor productivity, the output increased from 1,600 to 1,920 (1,600 * 1.2).
4. The Labor Productivity after the change in work rules = 12.5
Explanation:
a) Data and Calculations:
Current production = 1,600 valves per day
Number of workers = 20
Schedule of work each day = 7 a.m. to 4 p.m. (9 hours)
Break Time = 1 hour (30 + 15 + 15 minutes)
Total Productivity Time per day = 8 hours (9 - 1) * 20 = 160
Current productivity = Daily output/Daily Labor input
= 1,600/160 = 10
Hypothetical increase in productivity = 10 * 20% = 2
Hypothetical productivity = 12 (10 + 2)
Output with hypothetical productivity increase = 1,920 (1,600 * 1.2)
New Schedule of work = 7:30 a.m. until 4:30 p.m. (9 hours)
Break Time = 1 hour
Total Productivity Time per day = 8 hours (9 - 1) * 20 = 160
New output after the change in work rules = 2,000
Labor productivity for the initial situation = 1,600/160 = 10
Labor productivity for the hypothetical 20% increase = 12
Labor productivity after the change in work rules = 12.5 (2,000/160)
In each of the following cases, determine how supply or demand shifts and how the equilibrium changes.
Select the correct answer in each blank space (_______)
a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the __________________( *Supply of and demand for, *Supply of, or *Demand for) smartphones increase(s), causing the equilibrium price to (*Rise, *Fall, or *Rise, fall or remain unchanged) and the equilibrium quantity to (*Rise, fall or remain unchanged, *Rise, *Fall)
b. ALS medical research funds: The ALS ice bucket challenge goes viral, leading to greater awareness of the benefits of and need for ALS research. As a result, the _____________ ( *Supply of and demand for, *Supply of, or *Demand for) ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to __________ (*Rise, fall or remain unchanged, *Rise, *Fall) and the equilibrium quantity to __________ (*Rise, fall or remain unchanged, *Rise, *Fall)
Answer:
Supply of
fall
rise
b. demand for
rise
rise
Explanation:
A microchip is a complement in the production of smartphones
Complement goods are goods used together.
If the price of microchips reduces, the cost of making smartphones falls and as a result, the supply of smart phones increases. This would lead to a rightward shift of the supply curve. This leads to a decrease in equilibrium price and an increase in equilibrium quantity
Due to the awareness, the demand for ALS research would increase, this would lead to a rise in price and quantity demanded.
You have been engaged to review the financial statements of Whispering Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a good job. You notice a number of irregularities as follows:
1. Year-end wages payable of $3,520 were not recorded because the bookkeeper thought that "they were immaterial."
2. Accrued vacation pay for the year of $34,000 was not recorded because the bookkeeper "never heard that you had to do it."
3. Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $2,568 because "the amount of the check is about the same every year."
4. Reported sales revenue for the year is $2,213,280. This includes all sales taxes collected for the year. The sales tax rate is 6%. Because the sales tax is forwarded to the state’s Department of Revenue, the Sales Tax Expense account is debited. The bookkeeper thought that "the sales tax is a selling expense." At the end of the current year, the balance in the Sales Tax Expense account is $108,580.
Required:
Prepare the necessary correcting entries, assuming that Headland uses a calendar-year basis.
Answer:
1. Dr Salaries and wages expense $3,520
Cr Salaries and wages payable $3,520
2. Dr Salaries and wages expense $34,000
Cr Salaries and wages payable $34,000
3. Dr Prepaid Insurance$2,140
Cr Insurance Expense $2,140
4. Dr Sales Revenue $132,797
Cr Sales tax payable $132,797
5. Dr Sales tax payable $108,580
Cr Sales tax expense $108,580
Explanation:
Preparation of the necessary correcting entries, assuming that Headland uses a calendar-year basis
1. Dr Salaries and wages expense $3,520
Cr Salaries and wages payable $3,520
(Being to record wages payable)
2. Dr Salaries and wages expense $34,000
Cr Salaries and wages payable $34,000
(Being to record accrued vacation payment)
3. Dr Prepaid Insurance$2,140
Cr Insurance Expense $2,140
[$2,568-($2,568*2/12)]
(Being to record 2 months prepaid insurance premium)
4. Dr Sales Revenue $132,797
Cr Sales tax payable $132,797
(6%*$2,213,280)
(Being to record sales tax due)
5. Dr Sales tax payable $108,580
Cr Sales tax expense $108,580
(Being to record prior entry)
Patterson Corporation expects to incur $70,000 of factory overhead and $60,000 of general and administrative costs next year. Direct labor costs at $5 per hour are expected to total $50,000. If factory overhead is to be applied per direct labor hour, how much overhead will be applied to a job incurring 20 hours of direct labor
Answer:
$140
Explanation:
With regards to the above, since the factory overhead is to be applied per direct labor hour
= [$70,000 ÷ ($50,000 ÷ $5) 20 hours]
= $70,000 ÷ 10,000 × 20 hours
= $7 × 20 hours
= $140
Therefore, $120 will be applied to job incurring 20 hours of direct labor
The records of Penny Co. indicated that $397,250 of merchandise should be on hand on December 31. The physical inventory indicates that $394,070 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31.
Chart of Accounts
CHART OF ACCOUNTS
Penny Co.
General Ledger
ASSETS
110 Cash
120 Accounts Receivable
125 Notes Receivable
130 Merchandise Inventory
131 Estimated Returns Inventory
140 Supplies
142 Prepaid Insurance
180 Land
190 Equipment
191 Accumulated Depreciation
LIABILITIES
210 Accounts Payable
216 Salaries Payable
221 Sales Tax Payable
222 Customers Refunds Payable
231 Unearned Rent
241 Notes Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary
REVENUE
410 Sales
EXPENSES
510 Cost of Merchandise Sold
521 Delivery Expense
522 Advertising Expense
523 Depreciation Expense
526 Salaries Expense
531 Rent Expense
533 Insurance Expense
534 Supplies Expense
536 Credit Card Expense
560 Miscellaneous Expense
710 Interest Expense
Answer:
Penny Co.
Adjusting Journal Entry for the inventory shrinkage for the year ended December 31:
Debit 510 Cost of Merchandise Sold $3,180
Credit 130 Merchandise Inventory $3,180
To record inventory shrinkage.
Explanation:
a) Data and Calculations:
Merchandise inventory on December 31 = $397,250
Physical inventory on December 31 = $394,070
Shrinkage = $3,180
b) Inventory Shrinkage is a cost to the business. It occurs when the physical inventory count yields an amount that is less than the amount in the accounting records. It may happen for some reasons, including theft, errors, damage, or loss. The best way to record inventory shrinkage is to debit the Cost of Goods Sold and to credit the Inventory account.
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,770 and two jobs in process: Job No. 429 for $2,430, and Job No. 430 for $1,340. During May, a summary of source documents reveals the following:
Materia Labor Time
Job # Requisition Slips Tickets
429 $2,940 $2,300
430 3,850 3,400
431 4,680 $11,470 8,170 $13,870
General use 940 1,570
$12,410 $15,440
Stine Company applies manufacturing overhead to jobs at an overhead rate of 68% of direct labor cost. Job No. 429 is completed during the month.
The following are summary journal entries to record the requisition slips, time tickets, assignment of manufacturing overhead to jobs, and the completion of Job No. 429:
No. Date Account Tiles and Explanation Debit Credit
1 May 31 Work in Process Inventory 11,470
Manufacturing Overhead 940
Raw Materials Inventory 12,410
2 May 31 Work in Process Inventory 13,870
Manufacturing Overhead 1,570
Factory Labor 15,440
3 May 31 Work in Process Inventory 9,432
Manufacturing Overhead 9,432
4 May 31 Finished Good Inventory 9,234
Work in Process Inventory 9,234
Required:
a. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.
Answer:
Explanation:
WORK IN PROCESS INVENTORY
May 1 balance 3770 May 31 Finished Goods 9234
31-May Material 11470
31-May labour 13870
31-May Overheads 9431.6
may 31 Balance 29307.6
JOB COST SHEET
Job no. Beg. WIP Material Labour Overheads Total
430 1340 3850 3400 2312 10902
431 0 4680 8170 5555.6 18405.6
TOTAL 1340 8530 11570 7867.6 29307.6
Note: Total cost of Job 429 transferred to Finished goods:
Beginning cost 2430
Add: Material 2940
Add: Labour 2300
Add: Overheads (2300*68%) 1564
Total cost of Job 429 9234
Focus groups an example of what type of research
Answer:
i think focus groups would be case studies? i'm not sure though
Explanation:
Methodology :
Types of research.
Correlational research.
Descriptive research.
Ethnographic research.
Cross-sectional studies.
Longitudinal studies.
Case studies.
The Freebird Turbocharger is being recalled. All customers who submitted warranty cards can have their installed turbochargers serviced free by authorized mechanics. If you do not have a warranty with Freebird, bring your original receipt to your local Freebird dealership and they will complete the repairs at cost.
1. What is the primary purpose of this message?
a. To give a price quote
b. To sell a turbocharger
c. To inform a customer about a recall
d. To refuse a refund
2. What is the secondary purpose of this message?
a. To retain the customer’s goodwill
b. To provide a refund
c. To sell more turbochargers
Answer:
C
A
Explanation:
1. c. To inform a customer about a recall
2. a. To retain the customer’s goodwill
The tangible assets of an organization include
A. Company reputation
B. Patents
C. Real estate
D. Technical knowledge
Answer:
a. company reputation
Explanation:
yan po and tamang sagot...god luck po. ..
Given the equity portion of a firm's balance sheets below, determine the average price per share at which new shares were sold by the firm in 2019.
2018 2019
Common Stock ($0.40 par) $620,600 $830,200
Capital Surplus $9,025,000 $13,726,000
Retained Earnings $17,400,000 $19,100,600
No answer text provided.
$12.22 per share
$9.37 per share
$12.62 per share
$8.97 per share
Answer:
$9.37 per share
Explanation:
The computation of the average price per share is shown below:
Common stock in the year 2019 $830,200
Less Common stock in the year 2018 $620,600
Rise in common stock $209,600
Divided by Par value per share $0.40
Number of new common shares sold 524,000
Now
Increase in capital surplus [$13,726,000 - $9,025,000 ] $4,701,000
Add: Increase in common stock $209,600
Total proceeds from sale of new shares $4,910,600
Divided by Number of new common shares sold 524,000
Average price per share 9.37
Insurance company A and B both are life insurance companies that pay claims to a designated beneficiary upon death of an insured life. Company A insures 10,000 lives and expects to receive 525 claims this year. Company B insures 8,700 lives and expects to receive 410 claims this year. The actual number of claims for company A will range 500 < 550. The actual number of claims for company B will range from 369 < 451. Who faces the most objective risk
Answer:
Company B will faces the most objective risk
Explanation:
Company A: As Company A, insures 10,000 lives and expects to receive 525 claims this year.
They will end up saving 947,500,000 and paying 52,500,000 (525 claims*100,000), considering each claim value to be 100,000. Here goes the calculation:
10,000 x 100,000 = 1,000,000,000
1,000,000,000 - 52,500,000 = 947,500,000.
Company B: As Company B, insures 8,700 lives and expects 410 claims this year.
They will end up saving 829,000,000 and paying 41,000,000 (410 claims x 100,000), considering each claim value to be 100,000. Here goes the calculation:
8700 x 100,000 = 870,000,000
870,000,000 - 41,000,000 = 829,000,000.
Hence, the margin of profit is good for company A. Company B will have the face the risk more.
Explain two potential advantages to an airline of outsourcing inflight catering
Answer: See explanation
Explanation:
In-flight catering simply has to do with the delivery of food that have been already prepared and packaged for consumption while a particular airplane is in flight.
The two potential advantages to an airline of outsourcing inflight catering is that it helps in the reduction and of cost in the part of the airline. Outsourcing will help the airline cut costs.
Also, another reason is that the airline can focus on other aspects which are more important and work towards achieving organizational goals.
Suppose Manuel is the only seller in the market for bottled water and Hubert is the only buyer. The following lists show the value Hubert places on a bottle of water and the cost Manuel incurs to produce each bottle of water:
Hubert's Value Manuel's Costs
Value of first bottle: $10 Cost of first bottle: $1
Value of second bottle: $7 Cost of second bottle: $3
Value of third bottle: $3 Cost of third bottle: $7
Value of fourth bottle: $1 Cost of fourth bottle: $10
The following table shows their respective supply and demand schedules:
Price Quantity Demanded Quantity Supplied
$1 or less 4 0
$1 to $3 3 1
$3 to $7 2 2
$7 to $10 1 3
More than $10 0 4
Use Raphae's supply schedule and Larry's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $5, and $8.
A price of____brings supply and demand into equilibrium.
At the equilibrium price, consumer surplus is_____producer surplus is_____, and total surp is_____.
If Raphael produced and Larry consumed one less bottle of water, total surplus would_____.
if instead, Raphael produced and Larry consumed one additional bottle of water, total surplus would_____.
Answer:
Manuel and Hubert
A price of__$5__brings supply and demand into equilibrium.
At the equilibrium price, consumer surplus is__$2___producer surplus is__$2___, and total surplus is__$4___.
If Manuel produced and Hubert consumed one less bottle of water, total surplus would__$6___.
if instead, Manuel produced and Hubert consumed one additional bottle of water, total surplus would_$6____.
Explanation:
a) Data and Calculations:
Hubert's Value Manuel's Costs
Value of first bottle: $10 Cost of first bottle: $1
Value of second bottle: $7 Cost of second bottle: $3
Value of third bottle: $3 Cost of third bottle: $7
Value of fourth bottle: $1 Cost of fourth bottle: $10
The following table shows their respective supply and demand schedules:
Price Quantity Quantity
Demanded Supplied
$1 or less 4 0
$1 to $3 3 1
$3 to $7 2 2
$7 to $10 1 3
More than $10 0 4
Using Manuel's supply schedule and Hubert's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $5, and $8.
Price Quantity Quantity
Demanded Supplied
$2 3 1
$5 2 2
$8 1 3
At the equilibrium price:
Consumer Surplus = $7 - $5 = $2
Producer Surplus = $5 - $3 = $2
Total surplus is $2 * 2 = $4
Doug works as the Heavy Haul Manager for Lone Star Transportation. He is currently working on a wind farm project and deciding which drivers of his team will work on the project and which field supervisors will work on communicating with GE who is building the wind farm. He is also assigning drivers certain sections of the wind turbines to ensure that the parts are delivered in the correct order for the project. Which of the following management functions is Doug undertaking?
A. Scrutinizing.
B. Planning.
C. Organizing.
D. Envisioning.
E. Controlling.
Answer:
C
Explanation:
Here is the ledger for Blossom Company.
Cash
Oct. 1 8,660 Oct. 4 2,060
Oct. 10 2,640 Oct. 12 3,160
Oct. 10 9,660 Oct. 15 360
Oct. 20 810 Oct. 30 410
Oct. 25 3,660 Oct. 31 610
Accounts Receivable
Oct. 6 910 Oct. 20 810
Oct. 20 1,030
Supplies
Oct. 4 2,060 Oct. 31 1,840
Equipment
Oct. 3 4,660
Notes Payable
Oct. 10 9,660
Accounts Payable
Oct. 12 3,160 Oct. 3 4,660
Common Stock
Oct. 1 8,660
Oct. 25 3,660
Dividends
Oct. 30 410
Service Revenue
Oct. 6 910
Oct. 10 2,640
Oct. 20 1,030
Salaries and Wages Expense
Oct. 31 610
Supplies Expense
Oct. 31 1,840
Rent Expense
Oct. 15 360
Required:
Reproduce the journal entries for only the transactions that occurred on October 1, 10, and 20.
b.Prepare a trial balance at October 31.
Answer:
1/Oct : Cash (Dr.) $8,660
Accounts Receivable (Cr.) $8,660
10/Oct : Equipment & Supplies (Dr.) $9,660
Notes Payable (Cr.) $9,660
20/Oct : Accounts Receivable (Dr.) $2,640
Service Revenue (Cr.) $2,640
Explanation:
Debits $16,960
Cash 6,600
Accounts Receivable 1,840
Supplies 1,840
Equipment 4,660
Dividend 2,020
Credits : $16960
Accounts Payable 4,660
Notes Payable 9,660
Service Revenue 2,640
Piekos Corporation incurred $90,000 of actual Manufacturing Overhead costs during June. During the same period, the Manufacturing Overhead applied to Work in Process was $92,000. The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:
Answer:
C. credit to Manufacturing Overhead of $92,000
Explanation:
The journal entry for the application of Manufacturing to Work in Process amounting to $92,000 would be as follows:
Dr. ($) Cr. ($)
Work in Process 92,000
Manufacturing Overhead 92,000
The other options are incorrect either due to wrong particular used or due to incorrect amount such as in option (b) where the Debit to Work in Process is correct but the amount $90,000 is wrong. Hence, the option (c) Credit to Manufacturing Overhead of $92,000 is the correct answer.
Automation Inc. is a company that provides wireless telecommunications network in several cities in the Midwest region, and the company plans to know more about its customers. The company found that one of his customers has a short customer history of 35, an above-average purchase amount of 75, a low repurchase desirability of 25, a weak product preference of 20, and the customer does not recommend the company's services to potential customers.
Required:
Based on the values provided, what is this customer's loyalty index?
Answer:
2,625
Explanation:
The customer's loyalty index is calculated by multiplying the customer's average purchase amount by the average purchasing frequency. Since both of these values are provided to us in the question we can simply go ahead and multiply them together to get his/her loyalty index.
35 * 75 = 2,625
Finally, we can see that the loyalty index of the customer in question is 2,625
You are the director of marketing. Your department has been doing well, but the company as a whole has been losing revenue steadily each quarter. In an effort to stay in business, the company is reducing the salaries of all employees by 15 percent. You need to inform your employees. Your employees are expecting that there will be a pay reduction and unanimously voted to reduce salaries rather than fire employees to balance the budget.
Which outline would be most appropriate in this situation?
I. Thank employees for being willing to make a sacrifice for the good of the company
II. Inform the employees they will receive a 15% pay cut
III. Restate the facts of the company's financial situation
IV. Explain
A. The reasons why the company needs to take drastic action
B. The benefits of the company's strategy
V. Close with a forward-looking statement.
I. State the facts of the company's financial situation
II. Explain
A. The reasons the company needs to take drastic action
B. The benefits of the company's strategy
III. Inform the employees they will receive a 15% pay cut
IV. Close with a forward-looking statement
I. State the facts of the company's financial situation
II. Provide alternatives the company considered
A. Unemployment
B. Bankruptcy
III. Inform the employees they will receive a 15% pay cut
Answer:
I. Thank employees for being willing to make a sacrifice for the good of the company.
II. State the facts of the company's financial situation.
III. Inform employees that they will receive a 15% pay cut.
IV. Close with forward looking statement.
Explanation:
The company's financial situation has led the managers to decide for a pay cut instead of lay off to improve the financial position of the company and stay in the budget. The company should appraise employees that they understand the company's situation and are willing to accept the pay cut. The director should inform employees about the current financial situation and provide details about the pay cut plan. The email should close with a forward looking statement and a statement that as soon as the situation of company gets better the employees will receive full salaries as always.
[The following information applies to the questions displayed below.
Consider the following narrative describing the process of registering a car with the DMV:
Heide lives in California and it is time to renew her automobile registration. The California DMV sends her a renewal form and indicates that she needs a smog check for her automobile. She takes her car to the smog check station. She completes the smog check. If the smog check is successful, she can then go to the DMV website and renew her registration, paying with a credit card. Two weeks later she receives a new registration form and tags for her license plates. She puts the registration in the glove box of her car and places the tags on her license plates.
Required: c. Consider the same narrative as described in the beginning, except include data objects. The renewal form is created when Heide receives mail from the DMV. She uses the renewal form information at the smog check station. The smog check station then provides her a smog check certificate. She uses the certificate information and her renewal form to update her registration on the DMV website.
For each step in the diagram from the beginning, list the data object used or created during that step. Steps 1 and 2 are filled in for example.
Select from the following data objects
a. Renewal forms
b. Smog certificate
c. New registration and tags
(If there is no appropriate label for a particular step, select 'None! If more than one data object is appropriate for a given step, select the choice that represents all possible choices.) Step Data Object Used Symbol(s) Start Message Event Task Data Object Crea None 1 None 2 3 Task Label(s) None Complete Smog Check Submit Renewal Receive New Documents None Place registration in glove box, Put tags on license None Task None New registration and t 6 Parallel Gateway Task, task End Event 7
Answer:
The vehicle are registered with the license plates to identify the owner of the vehicle. For the smog check her certificate will be labelled as smog certificate.
Explanation:
Heide went for renewing the vehicle certificate. She went for smog test and received a smog certificate for her car. She can now add this certificate with her renewal form for further processing. New registration and tag will be provided to her once she is done with all the pre requisites of the renewal process.
Steve has been given the charge of managing unskilled labor in the production units of his company. These workers are primarily motivated by financial incentives and other perks such as discount coupons and free movie or lunch days. In this scenario, which of the following power bases should Steve primarily use to influence the workers to improve their productivity?
a. Referent power
b. Expert power
c. Reward power
d. Information power
Answer:
c. Reward power
Explanation:
Reward power is the power to influence employees or to impress employees by giving them some reward for doing certain things. The reward is clear and vague . so correct option is c. Reward powerAs of December 31, 2019, Sheffield Corp. had $3000 of raw materials inventory. At the beginning of 2019, there was $2500 of materials on hand. During the year, the company purchased $375000 of materials; however, it paid for only $322500. How much inventory was requisitioned for use on jobs during 2019
Answer:
the inventory that was requisitioned is $374,000
Explanation:
The computation of the inventory that was requisitioned as follows:
= Opening inventory + purchased inventory - ending inventory
= $2,500 + $375,000 - $3,000
= $374,000
hence, the inventory that was requisitioned is $374,000
The same would be considered
Fox Corporation has provided its contribution format income statement for June. The company produces and sells a single product: sales (2,700 units), $261,900; variable costs, $102,600; contribution margin, $159,300; fixed costs, $136,300; and operating profit, $23,000.If the company sells 3,000 units, its total contribution margin should be closest to _____.A. $25,556
Answer:
Total contribution margin= $177,000
Explanation:
First, we need to calculate the unitary contribution margin:
Unitary contribution margin= total contribution margin / number of units
Unitary contribution margin= 159,300 / 2,700
Unitary contribution margin= $59
Now, the total contribution margin for 3,000 units:
Total contribution margin= 3,000*59
Total contribution margin= $177,000
Career choice, getting/keeping a job, career changes, career advancement skills are examples of
A. employability skills
B. diversity
C. professional image
D. transferable skills
Answer:
b
Explanation:
Logan, a 50% shareholder in Military Gear Incorporated (MG), is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume MG has a $100,000 tax loss for the year, Logan's tax basis in his MG stock was $150,000 at the beginning of the year, and he received $75,000 ordinary income from other sources during the year. Assuming Logan's marginal tax rate is 24 percent, how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation?
Answer:
$12,000
Explanation:
Calculation for how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation
First step is to calculate the amount he will pay for the taxes if Military Gear Inc. is a C corporation
Tax amount=($75,000 × 24%)
Tax amount=$18,000
Second step is to calculate the amount he will pay for the taxes if Military Gear Inc. is a S corporation
Tax amount=($75,000 -$50,000)*24%
Tax amount=$25,000*24%
Tax amount=$6,000
Now let calculate how much more tax will Logan pay currently
Tax amount=$18,000-$6,000
Tax amount=$12,000
Therefore how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation will be $12,000
Help please! Business questions
Answer:
1. National FFA.
2. DECA.
3. BPA
4. FEA (Educators Rising).
Explanation:
A career and technical student organization (CTSO) is an extracurricular group for students in CTE pathways to further their knowledge and skills by participating in activities, events, and competitions. The nine national CTSOs in the United States of America are;
National Future Farmers of America (National FFA). Distributive Education Clubs of America (DECA). Business Professionals of America (BPA). Health Occupations Students of America (HOSA) Family, Career, and Community Leaders of America (FCCLA). Future Business Leaders of America-Phi Beta LAMBDA (FBLA-PBLA). Technology Student Association (TSA). SkillsUSA. Future Educators of America (FEA).1. Marilyn is a middle-school student who wants to prepare for a career in farming: Therefore, Marilyn should join the National Future Farmers of America (FFA) organization.
2. Janice is a high-school student who wants to start her own business: she should join the Distributive Education Clubs of America (DECA) because they prepare students for business management and administration.
3. Abe is a high-school student who wants to become an information technology worker: Thus, Abe should join the Business Professionals of America (BPA) because they train students on citizenship and leadership in career clusters such as information technology.
4. Rene wants to teach middle-school classes: Therefore, Rene should join the Future Educators of America (FEA) because they prepare students who are interested in teaching.
Answer:
1) National FFA!
2) DECA!
3) BPA!
4) FEA!
Explanation:
Do I look like Dababy be honest
Answer:
No
Explanation:
he does not have a head that looks like a dam football and just NOOOO
The 2020 accounting records of Skysong, Inc. reveal these transactions and events.
Payment of interest $10,800 Collection of accounts receivable $189,200
Cash sales 50,900 Payment of salaries and wages 56,900
Receipt of dividend revenue 19,000 Depreciation expense 16,100
Payment of income taxes 15,700 Proceeds from sale of vehicles 12,100
Net income 38,000 Purchase of equipment for cash 21,900
Payment of accounts payable Loss on sale of vehicles 3,100
For merchandise 115,600 Payment of dividends 14,700
Payment for land 73,700 Payment of operating expenses 27,600
Required:
Prepare the cash flows from operating activities section using the direct method.
Answer:
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Brendan buys a used car in April 2020 from his neighbor for $20,000. After one month, he loses his job and decides to sell the car to get some cash. He sells the car for $22,000 to a car dealer. The dealer fixes a few things here and there and sells the car for $27,000 in July 2020. Because of these transactions, the 2020 nominal GDP increases by ______ dollars.
Answer:
the increase in nominal GDP is $29,000
Explanation:
The computation of increase in nominal GDP is as follows:
= Selling value of car + difference
= $22,000 + ($27,000 - $20,000)
= $22,000 + $7,000
= $29,000
hence, the increase in nominal GDP is $29,000
We simply added the selling value and the difference
The following balance sheet for the Hubbard Corporation was prepared by the company:
HUBBARD CORPORATION
Balance Sheet
At December 31, 2021
Assets
Buildings $754,000
Land 262,000
Cash 64,000
Accounts receivable (net) 128,000
Inventory 248,000
Machinery 284,000
Patent (net) 104,000
Investment in equity securities 68,000
Total assets $1,912,000
Liabilities and Shareholders' Equity
Accounts payable $219,000
Accumulated depreciation 259,000
Notes payable 508,000
Appreciation of inventory 84,000
Common stock (authorized and issued
104,000 shares of no par stock) 416,000
Retained earnings 426,000
Total liabilities and shareholders' equity $1,912,000
Additional information:
The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $54,000 but, due to a significant increase in market value, is listed at $128,000. The increase in the land account was credited to retained earnings. The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $24,000 of which will be sold in the coming year. The remainder will be held indefinitely. Notes payable are all long term. However, a $140,000 note requires an installment payment of $35,000 due in the coming year. Inventory is recorded at current resale value. The original cost of the inventory is $164,000.
Required:
Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2018.
Answer:
Assets
Current assets
Cash $64,000
Accounts receivable (net) $128,000
Inventory $164,000
Available for sale securities $24,000
Total current assets $380,000
Non-current assets
Buildings $754,000
Land $188,000
Machinery $284,000
Patent (net) $104,000
Investment in equity securities $44,000
Accumulated depreciation 259,000
Total non-current assets $1,115,000
Total assets $1,495,000
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable $219,000
Current portion of long term debt $35,000
Total current liabilities $254,000
Long term liabilities
Notes payable $473,000
Total long term liabilities $473,000
Stockholders' equity
Common stock (authorized and issued
104,000 shares of no par stock) $416,000
Retained earnings $352,000
Total equity $768,000
Total liabilities and shareholders' equity $1,495,000
Kingbird, Inc. reported net sales of $267,000, cost of goods sold of $160,200, operating expenses of $48,900, net income of $42,720, beginning total assets of $532,300, and ending total assets of $618,100. Calculate profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.)
Answer and Explanation:
The computation is shown below:
Profit margin = Net income ÷ Net sales
= $42,720 ÷ $267,000
= 16%
Now the gross profit rate is
But before that the gross profit is
Gross profit = Net sales - Cost of goods sold
= $267,000 - $160,200
= $106,800
Now Gross profit rate is
= Gross profit ÷ Net sales
= $106,800 ÷ $267,000
= 40%