Answer:
checking account deposits.
Explanation:
In economics or financial accounting, money can be defined as any asset used by an individual or business entity to make purchases of goods and services at a specific period of time.
Simply stated, money refers to any asset which can be used to purchase goods and services by customers.
This ultimately implies that, money is any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.
Additionally, the rate at which an asset can be used to purchase any goods or services refers to its liquidity. Thus, liquidity is a quality or characteristics of money as a medium of exchange. Therefore, money is a generally accepted medium of exchange around the world.
The three (3) main functions of money all over the world are;
I. Medium of exchange.
II. Unit of account.
III. Store of value.
However, most payments in the United States for goods and services are made using checking account deposits.
WAX-D Inc. has a division that manufactures a component that sells for $150 and has a variable cost of $45. Another division of the company wants to purchase the component. Fixed cost per unit of component is $25. What is the minimum transfer price if the division is operating below its capacity
Answer: $70
Explanation:
If the division producing the component is operating below its capacity then it means that supplying the division that needs the component will not lead to opportunity costs in terms of foregone orders from outside the company for the component.
In such a case, the transfer price from one department to another should be the cost of producing the good which in this case is:
= Variable cost per unit + Fixed cost per unit
= 45 + 25
= $70
Fill in the missing amounts.
Crane Company Sheridan Company
Sales revenue $94,200 $enter a dollar amount Sales returns and allowances enter a dollar amount $ 3,000 Net sales 80,200 100,000 Cost of goods sold 54,200 enter a dollar amount Gross profit $enter a subtotal of the two previous amounts 50,000 Operating expenses 14,700 enter a dollar amount Net income $enter a total net income 15,600
Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e.g. 15.5%. )
Crane Company Sheridan Company
Profit margin
Gross profit rate
SHOW LIST OF ACCOUNTS
LINK TO TEXT LINK TO TEXT
Answer:
Find my analysis below
Explanation:
The gross profit rate is the portion of net sales earned as gross profit prior to considering operating expenses as indicated by the formula below:
gross profit rate=gross profit/net sales
The profit margin measures the net income as a percentage of net sales
profit margin=net income/net sales
Crane company Sheridan company
Sales revenue $94,200 $103,000
sales returns and allowance $14,000 $3,000
Net sales $80,200 $100,000
cost of goods sold $54,200 $50,000
Gross profit $26,000 $50,000
Operating expenses $14,700 $34,400
Net income $11,300 $15,600
Gross profit rate=gross profit /net sales 32.4% 50.0%
Profit margin=net income/net sales 14.1% 15.6%
Crane company Sheridan company
Sales revenue 94200 =F5+F4
sales returns and allowance =E3-E5 3000
Net sales 80200 100000
cost of goods sold 54200 =F5-F7
Gross profit =E5-E6 50000
Operating expenses 14700 =F7-F9
Net income =E7-E8 15600
Gross profit rate=gross profit /net sales =E7/E5 =F7/F5
Profit margin=net income/net sales =E9/E5 =F9/F5
KJ Company, a manufacturer, uses the indirect method for preparing its statement of cash flows. The company has provided the following information pertaining to its recent year of operation: Cash flow from operating activities, $156,000 Accounts payable increased $13,000 Prepaid assets decreased $10,000 Depreciation expense was $14,000 Accounts receivable increased $25,000 Loss on sale of a depreciable asset was $8,000 Wages payable decreased $11,000 Unearned revenue decreased $21,000 Patent amortization expense was $5,000 How much was KJ's net income
Answer:
Net income $163,000
Explanation:
The computation of the net income is shown below:
Cash flow from operating activities
Net income $163,000
Add: Patent amortization expense $5,000
Add: Accounts payable increased $13,000
Add; Prepaid assets decreased $10,000
Add: Depreciation expense $14,000
Less: Accounts receivable increased $25,000
Add: Loss on sale of a depreciable asset $8,000
Less: Wages payable decreased $11,000
Less: Unearned revenue decreased $21,000
net cash flows from operating activities $156,000
Taylor Company neglected to amortize the discount on outstanding ten-year bonds payable. What is the effect of the failure to record discount amortization on interest expense and bond carrying value, respectively
Answer:
Taylor Company
The negligence to amortize the discount on outstanding ten-year bonds payable is the understatement of interest expense for each year. This means that the interest expense will be the same for each year instead of increasing by the amortized discount amount. The same applies to the bond carrying value, which will remain the same throughout the period.
Explanation:
The discount on bonds payable is an additional interest expense, which is written off yearly over the bonds' maturity period through amortization. It increases the amount of the periodic interest payment by the amortized discount.
onsider the following scenario. Inflation in Argentina pushes the price of Argentine wine up 25%. Inflation in the United States pushes the price of California wine up 10%. If the exchange rate remains constant, the U.S. demand for wine from Argentina a. decreases. b. increases. c. remains constant. d. California wine is better than Argentine wine, so there never is a U.S. demand for wine from Argentina.
Answer:
If the exchange rate remains constant, the U.S. demand for wine from Argentina
a. decreases.Explanation:
Since the inflation rate in Argentina is much higher than the inflation rate in the United States, the price of Argentinean wine will increase in its domestic currency, the Argentinean peso. If the exchange rate is fixed, then Argentinean wine will become more expensive. As a good becomes more expensive, its demand tends to decrease.
Bill thought he had received the best deal on his new car. Shortly after the purchase, Bill started to notice certain disadvantages of his new car as he learned more about other cars available. Bill is experiencing ________.a. postpurchase cultureb. selective perceptionc. information evaluationd. postpurchase cognitive dissonancee. purchase decision
Answer:
cognitive dissonance
Explanation:
Cognitive dissonance defines the situation where it includes the attitudes i.e. conflicted, behaviors, etc. It generated the mental discomfort feeling that would result in change in the attitude, belief, etc in order to decreased the discomfort also at the same time it would restore the balance
Therefore as per the given situation, it is cognitive dissonance
I can only put away $2,000 a year toward retirement. I am 25 and plan on retiring at 65 and earning 5%. How much will I have at retirement?
Answer: $241599.55
Explanation:
The following information can be gotten from the question:
Initial deposit, PV = $0
Rate charged on annuity, RATE= 5%
Number of periods, NPER = 65 - 25 = 40
Annuity payments, PMT = $2000
The amount that'll be gotten at the end of retirement will be gotten after entering the values in a financial calculator and the answer will be:
= $241599.55
List four natural resources that you think would go into the production of the following products
Answer:
sorry I think u got yr question incomplete..
Explanation:
Oil, coal, natural gas, metals, stone and sand are natural resources. Other natural resources are air, sunlight, soil and water. Animals, birds, fish and plants are natural resources as well.
stay safe healthy and happy.On December 1, 2020, Swifty Corporation purchased a tract of land as a factory site for $770000. The old building on the property was razed, and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds realized during December 2020 were as follows: Cost to raze old building $69000 Legal fees for purchase contract and to record ownership 9900 Title guarantee insurance 16400 Proceeds from sale of salvaged materials 6900 In Swifty's December 31, 2020 balance sheet, what amount should be reported as land
Answer:
the amount reported as land is $858,400
Explanation:
The computation of the amount reported as land is shown below;
= Purchase cost + raze old building cost + ownership cost + title guarantee cost - Proceeds from sale of salvaged materials
= $770,000 + $69,000 + $9,900 + $16,400 - $6,900
= $858,400
hence, the amount reported as land is $858,400
The same would be considered
Terps Corp.'s transactions for the year ended December 31, 2021 included the following: Acquired 50% of Gant Corp.'s common stock for $300,000 cash which was borrowed from a bank. Issued 5,000 shares of its preferred stock for land having a fair value of $480,000. Issued 600 of its 11% debenture bonds, due 2026, for $588,000 cash. Purchased a patent for $330,000 cash. Paid $180,000 toward a bank loan. Sold investment securities for $1,194,000. Had a net increase in returnable customer deposits (long-term) of $132,000. Terps Company's net cash provided by investing activities for 2021 was
Answer: $564,000
Explanation:
Investing Activities cash flow involves the cash transactions that have to do with fixed assets and the securities of other companies. Purchase of fixed assets and the securities reduces the investing cashflow and sales increases it.
= -300,000 + (-330,000) + 1,194,000
= $564,000
Patents are a type of fixed assets so will be accounted for in the Investing activities if it was purchased with cash.
Diehl Corporation manufactures a variety of parts for use in its product. The company has always produced all of the necessary parts for its product, including all of the electronic circuits. The company sells 16,000 units of its product per year. An outside supplier has offered to sell electronic circuits to the company for a cost of $35 per unit. To evaluate this offer, the company has gathered the following information relating to its own cost of producing the electronic circuits internally:
Per Unit 16,00 Unit per Year
Direct materials $16 $256,000
Direct labor 12 192,000
Variable manufacturing overhead 3 48,000
Fixed manufacturing overhead, traceable 3* 48,000
Fixed manufacturing overhead, allocated 6 96,000
Total cost $40 $640,000
One-third supervisory salary, two-thirds depreciation of special equipment (no resale value).
Suppose that if BuyorM-1509 purchases the electronic circuits, the division supervisor position could be eliminated. Fixed manufacturing overhead will be allocated to other products made by the company. Also, the company could use the freed production capacity to launch a new product. The segment margin of the new product would be $210,000 per year. How much would be the financial advantage of buying 21,000 electronic circuits from the outside supplier?
a. $80,000.
b. $132,000.
c. $112,000.
d. $96,000.
Answer: $112000
Explanation:
The financial advantage of buying 21,000 electronic circuits from the outside supplier will be:
Previous cost = $640000
Less: Purchases 16000×35 = $560000
Add: Additional benefit = $16000
Less: Fixed cost = $96000
Less: Depreciation = 2/3 × $48000 = $32000
Financial advantage = $112000
Courts Distributors needed two hundred compact refrigerators on a rush basis. It contacted Eastinghouse Corporation, a manufacturer of refrigerators. Eastinghouse said it would take some time to quote a price on an order of that size. Courts replied, "Send the refrigerators immediately and bill us later." The refrigerators were delivered three days later, and the invoice arrived ten days after that. The invoice price was $140,000. Courts believe that the wholesale market price of the refrigerators is only $120,000. Do the parties have a contract? If so, what is the price? Explain.
Answer:
Courts Distributors and Eastinghouse Corporation
Dispute over Contract Price
The two parties have a legal contract. The contract was established when Courts requested Eastinghouse to send the refrigerators and bill later.
The exact price for the contract is in dispute. This dispute can be resolved between the parties. Reference to the market price will help resolve the dispute, otherwise, the parties may seek alternative dispute resolutions, like litigation, mediation, or arbitration.
Explanation:
a) Data and Analysis:
Eastinghouse's invoice price for the refrigerators = $140,000
Courts' adopted market price = $120,000
b) Since Courts' reference to the price is with regard to the wholesale market price, it may be that Eastinghouse quoted the retail price instead. Since Courts is a distributor, it has the right to be charged a wholesaler's price and not a retailer's. Therefore, we can conclude that after due reference to the prevailing market price of similar refrigerators, the two parties may agree to a price of $120,000 or a little higher.
which of the following jobs function check accounting in the ledger and financial statements?
Answer:
Audit is the one who check .....
3. An investor shorts 100 shares when the share price is $20 and closes out the position six months later when the share price is $18.2. The shares pay a dividend of $0.2 per share during the six months. How much does the investor gain or lose (losses are indicated by a negative sign and profits by a plus sign)
Answer:
$160
Explanation:
Calculation to determine How much does the investor gain or lose
Investor gain =[($20-$18.2)*100 Shares]- ($0.2*100 shares)
Investor gain=($1.8*100 shares)-($0.2*100 shares)
Investor gain=$180-$20
Investor gain=$160
Therefore The amount that the investor gain is $160
Financial institutions act as intermediaries between suppliers and demanders of funds. They accept savers' deposits and invest them in such things as business loans or mortgages. This process is called:_____
Answer:
The correct answer is: Intermediation.
Explanation:
To begin with, in the financial and business field the process in where the financial institutions act in the middle of money's lenders and money's borrowers is known basically as intermediation. This term consists of the simple action of matching those who needs money with those who are willing to lend money in order to obtain a profit from that lending. Therefore that when the banks, for example, accept the money of people who are saving it decides to use that money to put it in circulation in another activity in the economy in order to make the money grow.
The Heath Corporation reported net income for 20X1 of $177,500. Heath began the year with 100,000 shares of $5 par value common shares outstanding and 2,500 shares of $100 par value 8% preferred shares outstanding. On October 1, Heath sold 10,000 shares of common stock for $6 per share. Heath paid dividends to the common shareholders in December. The weighted average number of common shares used to compute earnings per share for 20X1 is:
Answer:
107,500 shares
Explanation:
weighted average number of common shares = 100,000 shares + 10,000 shares x 3/12
= 107,500 shares
The weighted average number of common shares used to compute earnings per share for 20X1 is: 107,500 shares
Suppose that Under Armor and Nike are the sole producers of a particularly comfortable athletic shoe. The two firms currently charge the same price for their products. If neither firm reduces the price of its particularly comfortable athletic shoe, each firm earns $30 million in profit. If both firms reduce their prices, then each firm will earn $8 million in profit. If one firm reduces its price and the other does not, then the firm that reduces price will earn a profit of $70 million while the other firm will earn a profit of $2 million. Assuming that collusion is not a possibility, the Nash equilibrium occurs when ____________
a. Nike will reduce its price and Under Armor will maintain its current price
b. both firms will reduce their price.
c. Under Armor will reduce its price and Nike will maintain its current price
d. both firms will maintain their current price.
Answer:
b. both firms will reduce their price.
Explanation:
The Nash equilibrium is a decision-making theorem that lies inside the game theory where the player could attain the expected result by not deviating to the beginning strategy. In this, the strategy of the each player is optimal at the time when the other player decisions are relevant
So as per the given situation, both the firm should decrease their price
hence the option b is correct
Use the information below to answer the following questions. Currency per U.S. $ Australia dollar 1.2376 6-months forward 1.2357 Japan Yen 100.3200 6-months forward 100.0600 U.K. Pound .6793 6-months forward .6780 Suppose interest rate parity holds, and the current six month risk-free rate in the United States is 3 percent. Use the approximate interest rate parity equation to answer the following questions. a. What must the six-month risk-free rate be in Australia
Answer:
A. 3.00%
B. 2.99%
C. 2.99%
Explanation:
A. Calculation to determine What must the six-month risk-free rate be in Australia
As per Interest Rate Parity:-
Forward Rate/Spot Rate = Interest in Australia/ Interest In USA
1.2357/1.2376=Interest in Australia/0.03
Hence,
Interest in Australia=1.2357*0.03/1.2376
Interest in Australia= 2.995%
Interest in Australia=3.00%
Therefore What must the six-month risk-free rate be in Australia is 3.00%
B. Calculation to determine What must the six-month risk-free rate be in Japan
Forward Rate/Spot Rate = Interest in Japan/ Interest In USA
100.0600/ 100.3200 =Interest in Japan/0.03
Hence,
Interest in Japan =100.0600 *0.03/ 100.3200
Interest in Japan= 2.99%
Therefore What must the six-month risk-free rate be in Japan is 2.99%
3. Calculation to determine What must the six-month risk-free rate be in Great Britain
Forward Rate/Spot Rate = Interest in Great Britain/ Interest In USA
.6780 /.6793=Interest in Great Britain/0.03
Hence,
Interest in Great Britain= .6780*0.03/0.6793
Interest in Great Britain=2.99%
Therefore What must the six-month risk-free rate be in Great Britain is 2.99%
What is an advantage of using Excel’s built-in templates to create invoices?
a The setting and data heading are already made and the data just needs to be inserted.
b A built-in template cannot be modified in any way, so the file’s look will be consistent.
c Only one invoice template is available, so it will be easy to learn how to use a template.
d Templates take a lot of time to set up initially, but then they save time for future applications.
Answer:
A. The setting and data heading are already made and the data just needs to be inserted.
Explanation:
here's your answer..
Selecting a Bank. Julie wants to open a bank account with $75. Julie estimates that she will write 20 checks per month and use her ATM card at the home bank. She will maintain a $200 bal-ance. Which bank should Julie choose
Answer:
holaaaaaaAAAAAA
Explanation:
jhhrjtffgtfffgyuuuuiuiii
The internal rate of return for a project will increase if: the initial cost of the project can be reduced. the total amount of the cash inflows is reduced. each cash inflow is moved such that it occurs one year later than originally projected. the required rate of return is reduced. the discount rate is increased.
Answer:
the initial cost of the project can be reduced
Explanation:
As we know that the internal rate of return is the return where the net present value comes to zero or we can say that the initial investment would be equivalent to the present value of annual cash inflows
In the case when the internal rate of return is rise up so the initial investment or initial cost would be decreased
Therefore the first option is correct
You have just retired with savings of $2 million. If you expect to live for 57 years and to earn 7% a year on your savings, how much can you afford to spend each year (in $ dollars)
Answer:
Annual withdraw= $143,023.66
Explanation:
Giving the following information:
Present value (PV)= $2,000,000
Number of periods (n)= 57
Interest rate (i)= 7% a year
To calculate the annual withdrawal, we need to use the following formula:
Annual withdraw= (PV*i) / [1 - (1+i)^(-n)]
Annual withdraw= (2,000,000*0.07) / [1 - (1.07^-57)]
Annual withdraw= $143,023.66
Question 17 of 25
In the business cycle, which term best fits the labeled point on the graph?
Production output
Time
Answer: Trough
Explanation:
Just took the test
In the business cycle, trough best fits the labeled point on the graph. Therefore, option (B) is correct.
A business cycle is a recurring pattern of economic expansion and contraction, characterized by fluctuations in gross domestic product (GDP), employment, and other economic indicators. The cycle is marked by four distinct phases: expansion, peak, contraction, and trough. During the expansion phase, the economy is growing, unemployment rates are low, and consumer spending is strong.
At the peak, economic growth begins to slow, and employment levels may start to decline. During the contraction phase, the economy is in decline, with falling GDP, rising unemployment, and decreasing consumer spending. The trough marks the end of the contraction phase, and is characterized by the economy's lowest point before it begins to recover and enter the expansion phase once again. The business cycle is influenced by a variety of factors, including government policy, natural disasters, and global economic conditions.
Learn more about business cycle, here:
https://brainly.com/question/30167425
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Your grandmother would like to share some of her fortune with you. She offers to give you money under one of the following scenarios (you get to choose): 1. $8,750 a year at the end of each of the next seven years 2. $48,750 (lump sum) now 3. $99,350 (lump sum) seven years from now Calculate the present value of each scenario using a 6% interest rate. Which scenario yields the highest present value
Answer:
The most profitable option is the third one.
Explanation:
Escenario 1:
$8,750 a year at the end of each of the next seven years
First, we need to calculate the future value using the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual payment
FV= {8,750*[(1.06^7) - 1]} / 0.06
FV= $73,446.08
Now, the present value:
PV= FV / (1 + i)^n
PV= 73,446.08 / 1.06^7
PV= $48,845.78
Escenario 2:
Lump-sum= $48,750
Escenario 3:
$99,350 (lump sum) seven years from now
PV= 99,350 / 1.06^7
PV= $66,073.42
The most profitable option is the third one.
it my bday hihihihihihhihhi
Answer:
happy birthday dude or girrrrrllll
Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. Statement Consumer Surplus Producer Surplus Neither Even though I was willing to pay up to $73 for a watch, I bought a watch for only $65. I paid $53 for a jersey sweater last week. This week, the same store is selling sweaters for $43. I sold a used textbook for $45, even though I was willing to go as low as $36 in order to sell it.
Answer:
I was willing to pay up to $73 for a watch, I bought a watch for only $65. consumer surplus
Neither - I paid $53 for a jersey sweater last week. This week, the same store is selling sweaters for $43.
I sold a used textbook for $45, even though I was willing to go as low as $36 in order to sell it. producer surplus
Explanation:
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
Consumer surplus = willingness to pay – price of the good
the consumer surplus for the individual buying the watch = $73 - $65 = $8
Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product
the producer surplus for the textbook seller = $45 - $36 = $9
the jersey purchase statement represent neither consumer or producer surplus because the willingness to pay and the highest amount the seller would be willing to sell was not indicated
Producer surplus = price – least price the seller is willing to accept
Splish Brothers Inc. reported net income of $194,800 for 2022. Splish Brothers also reported depreciation expense of $47,700 and a loss of $5,900 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $16,700 for the year, a $18,700 increase in accounts payable, and a $3,000 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method.
Answer:
Operating activities section of the statement of cash flows for 2022
Net Income $194,800
Adjustment for non cash items :
Depreciation $47,700
Loss on disposal $5,900
Adjustments for changes in working capital :
Increase in accounts receivable ($16,700)
Increase in accounts payable $3,000
Net Cash Provided by Operating Activities $234,700
Explanation:
Operating activities section of the statement of cash flows reconciles the Net Income to Operating Cashflow when the indirect method is used as shown above.
Olenka Corporation hires 13 individuals on March 12, 2020, all of whom qualify for the work opportunity credit. Nine of these individuals receive wages of $16,500 during 2020, and each individual works more than 400 hours during the year. The remaining four employees worked 100 hours and earned $2,100 during the year. a. Calculate the amount of Olenka's work opportunity credit. $fill in the blank 1 b. If Olenka pays total wages of $312,000 to its employees during the year, how much of this amount can Olenka deduct, 2020, assuming the work opportunity credit is taken
Answer:
a. $21,600
b. $290,400
Explanation:
a. The amount of work opportunity credit that can be claimed is subject to a limit of $6,000. 40% can be claimed for those who work 400 hours and above and none can be claimed for those who worked fewer than 120 hours.
= 9 employees * 6,000 limit * 40%
= $21,600
b. Deductible amount is:
= Total wages - Work opportunity tax credit
= 312,000 - 21,600
= $290,400
On November 10 of the current year, Flores Mills sold carpet to a customer for $7,700 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date
Answer:
Flores Mills:
The correct entry for Flores on November 17 using the gross method of accounting for sales discounts is as follows:
Journal Entry
November 17:
Debit Cash $7,546
Debit Cash Discounts $154
Credit Accounts Receivable $7,700
To record the receipt of cash from a customer on account, including 2% discounts allowed for payment within 10 days.
Explanation:
a) Data and Analysis:
November 10: Accounts Receivable $7,700 Sales Revenue $7,700
with credit terms 2/10, n/30.
November 17: Cash $7,546 Cash Discounts $154 Accounts Receivable $7,700
Sunland Company began operations on January 1, 2020, and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the LIFO method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed:
Final Inventory 2020 2021
FIFO $350000 $ 390000
LIFO 270000 330000
Net Income (computed under the FIFO method) 530000 780000
Based on the above information, a change to the LIFO method in 2021 would result in net income for 2021 of:________.
Answer:
$720,000
Explanation:
Calculations of change in net income of 2021 due to change to LIFO method
Net income = Net income as per FiFO method - (Inventory as per FIFO - Inventory as per LIFO)
Net income = $780,000 - ($390,000 - $330,000)
Net income = $780,000 - $60,000
Net income = $720,000
Therefore, a change to the LIFO method in 2021 would result in net income for 2021 of $720,000.