Answer:
B: If Mo pays cash, the cost of the purchase will be $140.
E: If Mo uses the credit card and pays off the balance at $20 a month for 7 months with no late fees, the cost of the purchase will be $139.89.
F: If Mo uses the credit card and pays the full balance during the billing cycle, the cost of the purchase will be $135.80.
The correct answers to this question are B, E, and F and they are also
answers 2, 5, and 6.
Based on the information given, the correct options will be:
If Mo pays in cash, the cost of the purchase will be $140. If Mo uses the credit card and pays off the balance at $20 a month for 7 months with no late fees, the cost of the purchase will be $139.89. If Mo uses the credit card and pays the full balance during the billing cycle, the cost of the purchase will be $135.80.It should be noted that when she pays in cash, she'll have to pay $140. In a situation whereby she uses the credit card, she'll be given a discount of 3%. Therefore, the amount that she'll have to pay will be:
= $140 - (3% × $140)
= $140 - (0.03 × $140)
= $140 - $4.20
= $135.80.
In conclusion, the correct options are B, E, and F.
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Monitor Muffler sells franchise arrangements throughout the United States and Canada. Under a franchise agreement, Monitor receives $760,000 in exchange for satisfying the following separate performance obligations: (1) franchisees have a five-year right to operate as a Monitor Muffler retail establishment in an exclusive sales territory, (2) franchisees receive initial training and certification as a Monitor Mechanic, and (3) franchisees receive a Monitor Muffler building and necessary equipment. The stand-alone selling price of the initial training and certification is $18,200, and $578,000 for the building and equipment. Monitor estimates the stand-alone selling price of the five-year right to operate as a Monitor Muffler establishment using the residual approach.
Monitor received $89,000 on July 1, 2016, from Perkins and accepted a note receivable for the rest of the franchise price. Monitor will construct and equip Perkin's building and train and certify Perkins by September 1, and Perkin's five-year right to operate as a Monitor Muffler establishment will commence on September 1 as well.
Required:
1. What amount would Monitor calculate as the stand-alone selling price of the five-year right to operate as a Monitor Muffler retail establishment?
2. What journal entry would Monitor record on July 1, 2016, to reflect the sale of a franchise to Dan Perkins?
3. How much revenue would Monitor recognize in the year ended December 31, 2016, with respect to its franchise arrangement with Perkins? (Ignore any interest on the note receivable.)
Total revenue
Answer:
1. $163,800
2. Dr Cash $ 89,000
Dr Notes receivable $ 671,000
Cr Deferred revenue $ 760,000
3. $ 607,120
Explanation:
1. Computation of the amount that Monitor would calculate as the stand-alone selling price
Total amount of franchise agreement $760,000
Less: stand-alone selling price of training $ (18,200)
Less: stand-alone selling price of building and equip $ (578,000)
Stand-alone selling price of five-year right $163,800
2. Preparation of journal entry that Monitor would record on July 1, 2016,
Dr Cash $ 89,000
Dr Notes receivable $ 671,000
(760,000-89,000)
Cr Deferred revenue $ 760,000
3. Calculation for the amount of revenue that Monitor would recognize in the year ended December 31, 2016,
Revenue to be recognised on:
1st Sep 2021:
Training $ 18,200
Building and Equipment sale $ 578,000
31st Dec 2021:
$163,800/60 Months*4 Months $ 10,920
Total Revenue to be recognized $ 607,120
Note that five-year will give us 60 months (5*12months and September to December will give us 4 months
A company produces a single product. Variable production costs are $12.90 per unit and variable selling and administrative expenses are $3.90 per unit. Fixed manufacturing overhead totals $45,000 and fixed selling and administration expenses total $49,000. Assuming a beginning inventory of zero, production of 4,900 units and sales of 4,050 units, the dollar value of the ending inventory under variable costing would be:
Answer:
$10,965
Explanation:
Computation for the dollar value of the ending inventory under variable costing
First step is to find the Units in ending inventory
Using this formula
Units in ending inventory = Units in beginning inventory + Units produced−Units sold
Let plug in the formula
Units in ending inventory= 0 units + 4,900 units−4,050 units
Units in ending inventory = 850 units
Last step is to find the Value of ending inventory under variable costing
Using this formula
Value of ending inventory under variable costing = Unit in ending inventory × Variable production cost
Let plug in the formula
Value of ending inventory under variable costing= 850 units × $12.90 per unit
Value of ending inventory under variable costing = $10,965
Therefore the dollar value of the ending inventory under variable costing would be $10,965
The average price for regular gasoline at U.S. pumps fell almost 4 cents in March to $2.50 a gallon. The price of crude oil dropped to $43.46 per barrel on March 17, the lowest since March 2009.
Answer: C. lower the cost of producing gasoline and increase the supply of gasoline
Explanation:
Gasoline is derived from the distillation of crude oil which means that Crude oil is the main raw material in the production of gasoline. This means that if crude oil sees a reduction in price, input costs for gasoline will decrease as well.
Producers of gasoline will take advantage of this to buy more crude oil and therefore process and make more gasoline which will increase the supply of gasoline in the market and reduce its price.
A bank offers 8.00% on savings accounts. What is the effective annual rate if interest is compounded semi-annually?Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))
Answer:
Effective Annual Rate = 8.1600%
Explanation:
The effective annual rate the interest rate that is adjusted for compounding over a given period of time. It is given by the formula:
[tex]r = (1+\frac{i}{n})^n -1\\where:\\r = effective\ annual\ rate\\i = nominal\ interest\ rate\ = 8.00\% = 0.08 \\n = number\ of\ compounding\ periods\ per\ year\ = 2\ (semi-annually)[/tex]
[tex]r = (1+\frac{0.08}{2})^2 -1\\r = (1\ +\ 0.04)^2 - 1\\r = (1.04)^2 - 1\\r = 1.0816 - 1\\r = 0.0816\\r = 8.1600 \%[/tex]
Were you surprised to learn how much companies focus on the teen market? Explain.
Answer:
Yes, a large percentage of consumers are influenced by people who are present on the internet, who are mostly younger people. In order to generate income, advertisements for young people are becoming less and less advertising look like.
For this reason, advertising pieces should always aim to entertain and inform, only to later sell. The experience with advertising content should be positive.
The teen audience may have many different tastes, but there is a high probability that everyone will use a cell phone. The device is part of the daily lives of young people and it is through it that teenagers communicate, consume content, and even shop.
briefly explain goals of business
Delphi Company uses job-order costing. It applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, Delphi estimated that it would work 37,000 machine-hours and incur $222,000 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were issued for use in production, $367,000 ($345,000 direct and $22,000 indirect). b. Employee costs were incurred: direct labor, $309,000; indirect labor, $44,000; and administrative salaries, $155,000. c. Factory depreciation, $175,000. d. Selling costs, $140,000. e. Manufacture overhead was applied to jobs. The actual machine hours for the year were 35,000 hours. a. Compute the total manufacturing overhead cost applied to jobs during the year.
Answer:
Allocated MOH= $210,000
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 222,000/37,000
Predetermined manufacturing overhead rate= $6 per machine hour
Now, we cal allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 6*35,000
Allocated MOH= $210,000
Nash Company reported 2020 net income of $152,900. During 2020, accounts receivable increased by $17,160 and accounts payable increased by $9,582. Depreciation expense was $48,000. Prepare the cash flows from operating activities section of the statement of cash flows. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) NASH COMPANY Cash Flow Statement choose the accounting period select an opening section name select an item $enter a dollar amount Adjustments to reconcile net income to select a subsection name select an item $enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount enter a subtotal of the adjustments select a closing section name $enter a total amount for the section
Answer:
$112,478
Explanation:
Cash flows from operating activities
Net income $152,900
Adjustments to reconcile net income
Depreciation expense $48,000
Increase in accounts payable $9,582
Increase in accounts receivable $ (17,160) $40,422
Net cash provided by operating activities $112,478
When the stock price follows a random walk the price today is said to be equal to the prior period price plus the expected return for the period with any remaining difference to the actual return due to:_________
a. A predictable amount based on the past prices.
b. A component based on new information unrelated to past prices.
c. The security's risk.
d. The risk free rate.
e. None of the above.
Answer:
e. None of the above.
Explanation:
When the stock price follows a random walk the price today is said to be equal to the prior period price plus the expected return for the period with any remaining difference to the actual return due due to new information related to the stock". This is because any new information on stock which is unrelated to stock prices will lead to an increase/decrease in the stock price over a period of time.
Yoshi Co.'s 12/31/2020 inventory on a FIFO basis was $980,000. The following information is available: Estimated selling price is $1,020,000; Estimated cost of disposal is $40,000; Normal profit margin is $120,000; and Current replacement cost is $900,000. At 12/31/2020, assuming Yoshi uses the loss method, what amount of loss should Yoshi record from applying LCM
Answer:
Yoshi Co.
The amount of loss that Yoshi Co. should record from applying LCM (the lower of Cost or Market price) is:
$40,000
Explanation:
a) Data and Calculations:
FIFO inventory on 12/31/2020 = $980,000
Current replacement cost = $900,000
Net realizable value = $980,000 ($1,020,000 - $40,000)
Normal profit margin = $120,000
Loss to be recognized based on current replacement cost = FIFO purchase cost minus Current replacement cost
= $80,000 ($980,000 - $900,000)
b) Under the US GAAP (generally accepted accounting principles) of prudence and conservatism, the loss of $80,000 must be recognized in the current period, since the inventory will be booked at $900,000, its current replacement cost, which is lower than the FIFO purchase cost of $980,000.
Creswell Corporation's fixed monthly expenses are $30,000 and its contribution margin ratio is 63%. Assuming that the fixed monthly expenses do not change, what is the best estimate of the company's net operating income in a month when sales are $92,000?
a. $27,960.b. $62,000.c. $57,960.d. $4,040.
Answer:
Net income= $27,960
Explanation:
Giving the following information:
Fixed costs= $30,000
contribution margin ratio= 0.63
Sales= $92,000
First, we need to calculate the total contribution margin:
Total contribution margin= 92,000*0.63= 57,960
Now, the net income:
Net income= 57,960 - 30,000
Net income= $27,960
Which of the following statements are true? (Check all that apply.) A. Accounting systems generally consist of several subsystems, each designed to process a particular type of transaction. B. Most mobile devices do not need to be tracked and monitored as their loss represents minimal exposure. C. Supervision is especially important in organizations without responsibility reporting or an adequate segregation of duties. D. All system transactions and activities should be recorded in a log that indicates who accessed what data and when. E. Customer relationship management (CRM) software includes budgets, schedules, and standard costs; reports comparing actual and planned performance; and procedures for investigating and correcting significant variances.
Answer:
A. Accounting systems generally consist of several subsystems, each designed to process a particular type of transaction.
C. Supervision is especially important in organizations without responsibility reporting or adequate segregation of duties
Explanation:
A. Indeed, because the accounting system consists of several subsystems, such as data systems, the workforce, the procedures and instructions, and software with each designed to process a particular type of transaction.
B. When an organization doesn't assign its staff their specific responsibilities it then becomes especially important to supervise the employees, because failing to do so may result in low worker productivity.
Kent Manufacturing produces a product that sells for $64.00 and has variable costs of $35.00 per unit. Fixed costs are $348,000. Kent can buy a new production machine that will increase fixed costs by $20,500 per year, but will decrease variable costs by $4.50 per unit.
Required:
Compute the contribution margin per unit if the machine is purchased.
Answer:
The contribution margin per unit is $33.50
Explanation:
The contribution margin per unit in the case when the machine is purchased is shown below:
= Selling price per unit - variable cost per unit
= $64 - ($35 - $4.50)
= $64 - $30.50
= $33.50
hence, the contribution margin per unit is $33.50 and the same is to be considered
We simply applied the above formula
We sell to a customer paying with Visa and the fee is 2%. Part of the transaction would include a debit to:
Answer:
there are no available options, but the complete journal entry to record a credit card sale is:
Dr Cash account 98% of sale
Dr Credit card fees 2% of sale
Cr Sales revenue 100% of sale
Explanation:
Since VISA payments are automatic, you can debit cash directly. There is no need to debit accounts receivable and then once the payment is confirmed, debit cash. Some credit cards do not pay automatically, and in those cases you should debit accounts receivable.
Instead of credit card fees, some people use credit card discount, or credit card expense, but all these accounts are basically the same. They are all expense accounts.
Jake owns a company called Boat Builders, LLC and one evening he took several of his employees out after work to a bar. After eating and drinking for several hours Jake invited them back to the Boat Builders premises so he and some of the employees could show off a boat they’d been working on. After arriving at Boat Builders they all continued to drink and two of the employees, Tyler and Mark, got into an argument. When Tyler went to use the bathroom Mark attacked him from behind causing him to lose consciousness and break a tooth. Mark made light of it but gave Jake a menacing look so Jake dropped it and went to check on Tyler. Tyler sat up and asked what happened and Jake told him that Mark had attacked him from behind. About an hour passed by during which time Jake went out to his car and got his phone so he could play music for everyone. After an hour, Tyler and Mark began to argue again and they walked outside into the Boat Builders parking lot where Mark attacked Tyler again. Mark left and was later arrested for aggravated battery. Tyler regained consciousness after 10 minutes and drove home even though he was badly injured.
Does Tyler have a negligence claim against Boat Builders? Why or why not? A complete answer will be at least 5 sentences and mention critical facts.
Answer:
Yes, because Boat Builders, LLC failed to exercise a reasonable standard of care at their premises.
Explanation:
Remember, we are told, "Jake... invited them back to the Boat Builders premises," meaning they (Boat Bilders, LLC) had a duty of care responsibility toward all of his employees present.
Note we are told, "Mark made light of it but gave Jake a menacing look so Jake dropped it," this was a moment that shows Jake's negligence because as the owner of Boat Builders he had a duty of care to ensure no one is hurt without their own fault within their premises (which included their "parking lot").
you can acquire an existing business for $2 million. You are uncertain about future demand. There is a 40% chance of high demand, in which case the present value of the business will be $3 million. There is a 25% chance of moderate demand, and the associated present value is $1.5 million. Finally, there is a 35% chance of low demand, in which case the present value is $1 million. Draw a decision tree for this problem. What is the expected net present value of the business
Answer:
Expected net present value of the project = $1,925,000
Explanation:
The cost of acquiring business = $2,000,000
Expected net present value of the project = High demand NPV*High demand percent + Moderate demand NPV*Moderate demand percent + Low demand NPV*Low demand percent
Expected net present value of the project = $3,000,000 *40% + $1,500,000*25% + $1,000,000*35%
Expected net present value of the project = $1,200,000 + $375,000 + $350,000
Expected net present value of the project = $1,925,000
Conclusion: The cost of acquiring business is more than expected net present value, it is advisable not to invest in the project.
By how much does GDP rise in each of the fol- lowing scenarios? Explain. (a) A computer company buys parts from a local distributor for $1 million, assembles the parts, and sells the resulting computers for $2 million. (b) A real estate agent sells a house for $200,000 that the previous owners had bought 10 years earlier for $100,000. The agent earns a commission of $6,000. (c) During a recession, the government raises unemployment benefits by $100 million. (d) A new U.S. airline purchases and imports $50 million worth of airplanes from the European company Airbus.
Answer:
a. GDP increases by $2 million. Only final good and services are included in GDP. the parts used in making the computer represents intermediate goods. Intermediate goods are not included in the calculation of GDP.
b. GDP would increase by $6000. Only goods produced in the current year are included in GDP. The house wasn't built in the current year so it would not be included in GDP. So, only the agent's fees would be included
c. 0 Transfer payments are not included in GDP
d.0. Imports would increases and net export would decrease. Also, business spending would increase. Taking these two effects together, there would be no change in GDP
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Net export = exports imports
When exports exceed import there is a trade deficit and when import exceeds import, there is a trade surplus.
Items not included in the calculation off GDP includes:
services not rendered to oneself
Activities not reported to the government
illegal activities
sale or purchase of used products
sale or purchase of intermediate products
In 2020, Elbert Corporation had net cash provided by operating activities of $531,000, net cash used by investing activities of $963,000, and net cash provided by financing activities of $585,000. At January 1, 2020, the cash balance was $333,000. Compute December 31, 2020, cash.
Answer:
$486,000
Explanation:
Elbert Corporation
Cashflow Statement for the year ended December 31, 2020.
Cash flow from Operating Activities
Net cash provided by operating activities $531,000
Cash flow from Investing Activities
Net cash used by investing activities ($963,000)
Cash flow from Financing Activities
Net cash provided by financing activities $585,000
Movement during the year $153,000
Beginning Cash and Cash Equivalent $333,000
Ending Cash and Cash Equivalent $486,000
Therefore, December 31, 2020, cash balance is $486,000
Tyrone wants to spend $15,000 on a new car three years from now. He opens a savings account and deposits $3,250 today. One year from now, he plans to deposit $3,000 in the account, and one year after that, he plans to deposit another $3,000. If the account earns 6% interest per year, how much additional money will Tyrone need to meet his $15,000 goal?
Answer:
Tyrone will need $4578.4 to meet his $15,000 goal
Explanation:
Tyrone wants to spend amount on a new car three years from now=$15,000
Formula : [tex]A=P(1+\frac{r}{100})^n[/tex]
Where A=future value
P=present value
r=rate of interest
n=time period.
Future value of deposits=[tex]3250 \times(1.06)^3+3000 \times(1.06)^2+3000 \times (1.06)[/tex]
Future value of deposits= 10421.60
So, additional money needed=15000-10421.60=4578.4
Hence Tyrone will need $4578.4 to meet his $15,000 goal
Waterway Company sold 10,100 Super-Spreaders on December 31, 2020, at a total price of $1,050,400, with a warranty guarantee that the product was free of any defects. The cost of the spreaders sold is $535,300. The assurance warranties extend for a 2-year period and are estimated to cost $37,000. Waterway also sold extended warranties (service-type warranties) related to 1,800 spreaders for 2 years beyond the 2-year period for $10,800. Given this information, determine the amounts to report for the following at December 31, 2020: sales revenue, warranty expense, unearned warranty revenue, warranty liability, and cash. Amounts Reported in Income Sales revenue $ Warranty Expense Amounts Reported on the Balance Sheet Unearned Service Revenue $ Cash Warranty Liability
Answer:
Amounts Reported in Income
Particulars Amount
- Sales revenue $1,050,400
- Warranty expenses $37,000
Amounts Reported on the Balance Sheet
Particulars Amount
- Unearned service revenue $10,800
- Cash ($1,050,400 + $10,800) $1,061,200
- Warranty Liability $37,000
If a firm averages $2,000 in daily credit sales and offers 60-day terms, the average accounts receivable balance will be $120,000.
a. True
b. False
Answer:
a. True
Explanation:
The computation of the average accounts receivable balance is shown below:
= Daily credit sales × day terms
= $2,000 × 60 days terms
= $120,000
We simply multiplied the average amount with the day term so that the average account receivable balance could come
Hence, the given statement is true
Therefore the correct option is a.
At the beginning of the year, Bryers Incorporated reports inventory of $6,100. During the year, the company purchases additional inventory for $21,100. At the end of the year, the cost of inventory remaining is $8,100. Calculate cost of goods sold for the year.
Answer:
$19,100
Explanation:
The cost of goods sold refers to the actual cost, expended in the manufacturing of goods or products that is produced and then sold in a given period. It comprises all direct costs expended in the manufacturing of goods.
With regards to the above, the cost of goods sold for the year is computed as;
= $6,100 beginning inventory + $21,100 purchases for the period - $8,100 closing inventory
= $19,100
Therefore, the cost of goods sold for the year is $19,100
When determining the value of a firm, which of the following statements is true? Investors are risk averse. Other things being equal, they prefer to pay more for stocks that are less risky and that have relatively more certain cash flows than other stocks. Investors love risk. Other things being equal, they prefer to pay more for stocks that are riskier and have uncertain cash flows. Investors are risk neutral. Other things being equal, they prefer to pay more for stocks that are less risky and have uncertain cash flows.
Answer:
Investors are risk averse. Other things being equal, they prefer to pay more for stocks that are less risky and that have relatively more certain cash flows than other stocks
Explanation:
A risk averse investor is an investor that would want lower returns from investments would lower risks
A risk neutral investor in neutral towards risks. They can invest in projects with high or low risks
A risk loving investor in an investor who prefers a person prefers risky return over guaranteed return
The Lexington Partnership has a depreciable business asset (personal property) that it originally purchased for $81,800. The asset now has an adjusted basis of $49,080 and a market value of $98,160. The partnership has no other potential hot assets. Ambroz sells his 25% interest in the partnership. a. How much is Lexington's depreciation recapture potential
Answer:
Question b: How much ordinary income does Ambroz recognize when he sells this partnership interest?
a. Since the market value is more than its original cost, therefore, the completed depreciation can be potentially recaptured
Lexington's depreciation recapture potential = $81,800 - $49,080
Lexington's depreciation recapture potential = $32,720
b. Ambroz recognizes Ordinary income of: $32,720*25% = $8180
is the present value of these cash flows? (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).) Present value Investment X $ Investment Y $ (b) Which of these cash flow streams has the higher present value at 5 percent? (Click to select) Requirement 2: (a) If the discount rate is 23 percent, what is the present value of these cash flows? (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).) Present value Investment X $ Investment Y $ (b) Which of these cash flow streams has the higher present value at 23 percent?
Answer and Explanation:
1A. For investment X, given 6% discount rate, 6700 PMT, N= 9 years
Present value of investment X= 6700* PVIF using 6%, 9 years
= $45751.34
For investment Y, given 6% discount rate, 9200 PMT, N= 5 years
Present value of investment Y =9200*PVIF using 6%, 9 years
=$38753.75
1B. Investment X from the above has higher present value
2A. For investment X, given 22% discount rate, 6700 PMT, N = 9 years
Present value of investment X
=6700*PVIF using 22% ,9 years
= $25368.11
For investment Y, given 22% discount rate, 9200 PMT, N = 5 years
Present value of investment X
=9200*PVIF using 22% ,N = 5 years
= $26345.49
2B. Investment Y from the above has higher present value.
Q 20.27: Liberty Bicycles currently sells unassembled bikes for $240 each. The variable production costs for each bike are $35 and the fixed production costs are $72. Liberty is thinking about selling the bikes fully assembled for $300 each. The variable costs for assembling one bike will be $18 and the fixed costs will be $31. Given these figures, Liberty will increase its net income per unit by ________ if it opts to assemble the bikes.
Answer:
$11
Explanation:
Find the incremental effect on net income of assembling the bikes as follows :
Incremental analysis for assembling the bikes per unit
Sales ( $300 - $240) $60
Less incremental costs :
Variable costs ($18)
Fixed production costs ($31)
Incremental Income/(loss) $11
Conclusion
Thus Liberty will increase its net income per unit by $11 if it opts to assemble the bikes.
Identify the effect that omitting each of the following items would have on the balance sheet
All Interest earned on a note receivable was not recorded.
Assets and stockholders' equity overstated
Depreciation on equipment was not recorded.
Assets understated and stockholders' equity overstated No adjustment was made for supplies used up during the month
Assets overstated and stockholders' equity
An attorney has earned 1/2 of a retainer fee that was received and recorded last month.
No adjustment was recorded for the amount earned.
Assets and stockholders' equity understated
Property taxes are paid annually.
The estimated monthly amount for the taxes was not recorded.
Liabilities and stockholders equity understated
Supplies used up during the month.
Stockholders' equity understated
An attorney has earned 1/2 of a retainer fee that was received and recorded last month.
No adjustment was recorded for the amount earned
Assets and stockholders' equity understated
Property taxes are paid annually.
The estimated monthly amount for the taxes was not recorded.
Liabilities and stockholders equity understated Wages are paid every Friday for the 5-day work week.
The month ended on Monday and no adjustment was recorded.
Liabilities and stockholders' equity overstated
Liabilities overstated and Services provided to customers on the last day of the month were not billed stockholders' equity understated
A tenant paid 6 months' rent in advance when he moved ir on the first day of the month.
No entry was made on the last day of the month
Liabilities understated and stockholders' equity overstated
Answer:
All Interest earned on a note receivable was not recorded.
Effect: Assets and stockholders' equity overstated
Explanation: An omitting of interest earned on a note receivable will result to an understatement of assets and stockholders’ equity
Depreciation on equipment was not recorded.
Effect: Assets understated and stockholders' equity overstated
Explanation: An omitting of depreciation on equipment will result to an overstatement of assets and stockholders’ equity
No adjustment was made for supplies used up during the month
Effect: Assets overstated and stockholders' equity
Explanation: An omitting of supplies adjustment will result to an overstatement of assets and stockholders’ equity
An attorney has earned 1/2 of a retainer fee that was received and recorded last month. No adjustment was recorded for the amount earned.
Effect: Assets and stockholders' equity understated
Explanation: An omitting of retainer fee adjustment will result to an overstated liabilities and understated stockholders’ equity
Property taxes are paid annually. The estimated monthly amount for the taxes was not recorded.
Effect: Liabilities and stockholders equity understated
Explanation: An omitting of property tax adjustment entry will result to an understated liabilities and overstated stockholders’ equity
Wages are paid every Friday for the 5-day work week. The month ended on Monday and no adjustment was recorded.
Effect: Liabilities and stockholders' equity overstated
Explanation: An omitting of outstanding wages adjustment entry will result to an understated liabilities and overstated stockholders’ equity.
Services provided to customers on the last day of the month were not billed
Effect: Asset and stockholders' equity understated
Explanation: An omitting for bill of services provided to customers on the last day of the month will result to an understatement of assets and stockholders’ equity
A tenant paid 6 months' rent in advance when he moved in on the first day of the month. No entry was made on the last day of the month
Effect: Liabilities understated and stockholders' equity overstated
Explanation: An omitting of prepaid rent adjustment entry will result to an overstated liabilities and understated stockholders’ equity
How are the four areas of operations control interrelated?
Cycle Time and Velocity In the first quarter of operations, a manufacturing cell produced 85,000 stereo speakers, using 20,000 production hours. In the second quarter, the cycle time was 10 minutes per unit with the same number of production hours as were used in the first quarter. Required: 1. Compute the velocity (per hour) for the first quarter. If required, round your answer to two decimal places. fill in the blank 1 units per hour 2. Compute the cycle time for the first quarter (minutes per unit produced). If required, round your answer to two decimal places. fill in the blank 2 minutes per unit 3. How many units were produced in the second quarter
Answer:
1. Velocity per hour= 4.35 units per hour
2. Cycle time=0.24
3. Units produced= 120,000 units
Explanation:
1.Computation for the velocity (per hour) for the first quarter.
Velocity per hour=85,000 units / 20,000 hour
Velocity per hour= 4.35 units per hour
2.Compution for the cycle time for the Frst quarter
Cycle time =20,000 hour/85,000 units
Cycle time=0.24
3. Calculation for How many units were produced in the second quarter
Units produced =60 minutes / 10 minutes per units * 20,000 Hours
Units produced= 120,000 units
What benefits do customers receive in return for the sacrifice they make when buying a membership at Planet Fitness?
Answer:
Customers receive the following benefits in return for the price they pay when they buy membership at Planet Fitness:
a) Fitness training
b) Physical exercise
c) Relaxation and comfort
d) Clean and safe environment and conducive atmosphere
e) the friendly and courteous staff is a bonus
Explanation:
Planet Fitness operates fitness centers and clubs around the world under franchises. Planet Fitness has adequate and clean cardio machines, free weights of up to 80 lbs., curl bars, and other strength training equipment and accessories. The average gym user is offered abundant, 5-star, and world-class Cardio equipment and services.