Answer and Explanation:
The appropriate journal entry to record the income tax provision is shown below;
Income tax expense $4,031,000
To Deferred tax asset $31,000 ($76,000 - ($180,000 × $0.25)
To Income tax payable ($16,000,000 × 0.25) $4,000,000
(Being income tax expense is recorded)
Here the income tax expense is debited as it increased the expense, credited the deferred tax asset as it decreased the asset and credited the income tax payable as it increased the liabilities
The Kreidler Kids company can produce swing sets for $1,000. Kendra wants a new swing set for her children and will pay $1,500 for it. Kendra finds the swing set she wants and pays $1,500 for it from the Kreidler Kids company. The Kreidler Kids company has
Answer:
The Kreidler Kids company has a producer surplus of $500.
Explanation:
Producer surplus can be described or calculated as the amount a producer is willing to supply or sell goods and the actual amount the supplier received.
For this question, the producer surplus can therefore be calculated as follows:
The amount Kreidler Kids company can produce swing sets = $1,000
The amount paid by Kendra for the the swing set = $1,500
Producer surplus = The amount paid by Kendra for the the swing set - The amount Kreidler Kids company can produce swing sets = $1,500 - $1,000 = $500
Therfore, the Kreidler Kids company has a producer surplus of $500.
Cosmo Company produces its finished product in two processing departments--Assemblyand Packaging. The following information is available for the month of July:
Assembly Department:
The beginning work-in-process inventory cost was $62,744 and consisted of 4,100 units that were 40% completed as to conversion costs.
During July, an additional 16,800 units were started into production. A total of 15,600 units were completed and transferred out to the Packaging Department.
The ending work-in-process inventory consisted of 5,300 units which were 80% complete as to conversion costs.
The following costs were incurred during July: direct materials $124,320; direct labor $140,000; and factory overhead $98,420.
Direct materials are added at the beginning of the process in the Assembly Department and conversion costs are incurred evenly throughout the production process.
Packaging Department:
The beginning work in process inventory cost was $80,936 and consisted of 3 ,200 units that were 20% complete as to conversion costs.
During July, a total of 14,600 units were completed and transferred out to Finished Goods Inventory.
The ending work in process inventory consisted of 4,200 units which were 60% complete as to conversion costs.
The following costs were incurred during July: direct materials $207,320, direct labor $100,000; and factory overhead costs $ 162,032.
Direct materials are added at the end of the process in the Packaging Department and conversion costs are incurred evenly throughout the production process.
REQUIRED:
Prepare a production report for Jul v for the Assembly Departmen.
Answer:
Production Cost Report
INPUTS
units costs
Beginning Inventory
Units 4,100
Cost at the beginning $62,744
Incurred during the period :
Units started 16,800
Materials $124,320
Conversion costs $238,420
Total 20,900 $425,484
OUTPUTS
Completed and transferred 15,600 $302,952
Ending Work in Process 5,300 $90,185
Total 20,900 $393,137
Explanation:
Note : I will use the FIFO method for this question since the information given is only suitable for this method.
Assembly Department
First, calculate the equivalent units of production with respect to materials and conversion costs :
1.Materials
To finish Opening Work In Process (4,100x0%) = 0
Started and Completed ((15,600 - 4,100) x100%) = 11,500
Ending Work In Process (5,300x 100%) = 5,300
Equivalent units with respect to materials = 16,800
2.Conversion costs
To finish Opening Work In Process (4,100x60%) = 2,460
Started and Completed ((15,600 - 4,100) x100%) = 11,500
Ending Work In Process (5,300x 80%) = 4,240
Equivalent units with respect to conversion costs = 19,840
Next, calculate the total costs with respect to materials and conversion costs :
1. Materials
FIFO method only accounts for costs incurred during the period
Costs Incurred during the period = $124,320
Total Material costs = $124,320
2. Conversion Costs
FIFO method only accounts for costs incurred during the period
Costs Incurred during the period ($140,000 + $98,420) = $238,420
Total Conversion costs = $238,420
Next, calculate the cost per equivalent unit of materials, conversion costs and in total
1. Materials
Cost per equivalent = Total Costs / Total Equivalent Units
Therefore,
Cost per equivalent = $124,320/ 16,800
= $7.40
2. Conversion Costs
Cost per equivalent = Total Costs / Total Equivalent Units
Therefore,
Cost per equivalent = $238,420/ 19,840
= $12.02
3. Total
Total unit cost = materials unit cost + Conversion unit cost
= $7.40 + $12.02
= $19.42
Finally, calculate the total cost of units completed and transferred out and units still in process
1. units completed and transferred out
Total cost = units completed and transferred out x total unit cost
= 15,600 units x $19.42
= $302,952
2. units still in process
Total cost = material costs + conversion costs
= 5,300 x $7.40 + 4,240 x $12.02
= $90,184.80
Production Cost Report
INPUTS
units costs
Beginning Inventory
Units 4,100
Cost at the beginning $62,744
Incurred during the period :
Units started 16,800
Materials $124,320
Conversion costs $238,420
Total 20,900 $425,484
OUTPUTS
Completed and transferred 15,600 $302,952
Ending Work in Process 5,300 $90,185
Total 20,900 $393,137
Larned Corporation recorded the following transactions for the just completed month. $74,000 in raw materials were purchased on account. $72,000 in raw materials were used in production. Of this amount, $61,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $115,500 were paid in cash. Of this amount, $101,700 was for direct labor and the remainder was for indirect labor. Depreciation of $195,000 was incurred on factory equipment.
Required:
Record the above transactions in journal entries.
Answer:
a. Dr Raw materials $74,000
Cr Accounts payable $74,000
b. Dr Work in process 61, 000
Dr Manufacturing overhead 11,000
Cr Raw materials $72,000
c. Dr Work in process $101,700
Dr Manufacturing overhead 13800
Cr Selling and administrative expenses $115,500
d. Dr Manufacturing overhead 195,000
Cr Accumulated depreciation 195,000
Explanation:
Preparation of the journal entries
a. Dr Raw materials $74,000
Cr Accounts payable $74,000
b. Dr Work in process 61, 000
Dr Manufacturing overhead 11,000
(72,000-61,000)
Cr Raw materials $72,000
c. Dr Work in process $101,700
Dr Manufacturing overhead 13800
(115,500-101,700)
Cr Selling and administrative expenses $115,500
d. Dr Manufacturing overhead 195,000
Cr Accumulated depreciation 195,000
A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts:
Karaoke Machines CDs
Price Price
Quantity (Dollars) Quantity (Dollars)
2017 20 30 40 8
2018 25 50 60 10
Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is__________
Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is ____________ Which of the following statements is correct? Check all that apply.
a. The inflation rate in 2018 is not the same using the two methods.
b. The CPI allows the basket of goods and services to change.
c. The GDP deflator holds the basket of goods and services constant.
Answer:
1. 52.17%
2. 50.41%
3. a. The inflation rate in 2018 is not the same using the two methods
Explanation:
1.
We are to calculate the % change in overall price level
Market basket:
Year 2017 = (30x2) + (8x4)
= 60 +32
= $92
Year 2018 = (50x2) + (10x4)
= 100+40
= $140
Cpi in 2017 = market basket in this year/market basket in base year x 100
= 92/92 x 100
= 100
Cpi in 2018
= 140/92 x 100
= 152.17
% change = 152.17 - 100 / 100
= 0.5217 x100
= 52.17%
2.
Nominal gdp in year 2017 = (20x30) +(40x8)
= 920 dollars
Real gdp in same year = 920 dollars
Gdp deflator (2018) = nominal/real x 100
= 920/920 x 100
= 100
Real gdp (2018) = (25*30) + (60x8)
= $1230
Nominal gdp(2018) = 25x50 + 60x10
= $1850
Gdp deflator = 1850/1230 x 100
= 150.41
% change in overall price level = 150.41-100/100
= 0.5041 x 100
= 50.41%
3. Using the 2 methods inflation rate in 2018 is not the same. The cpi's rate of inflation holds basket of goods to be fixed. Gdp deflator allows a fluctuation (it changes)
During the phase of the history of U.S. government regulation called industry deregulation, government sought to a. protect competitors by creating new federal agencies to police industry activities. b. prevent chain stores from competing unethically with smaller local operators. c. prevent concentration of industrial power in the hands of a few. d. increase competition in industries such as telecommunications, utilities, and transportation. e. police the Internet and online services.
Answer:
Option d (increase.....................transportation) seems to be the right option.
Explanation:
This same fourth phase throughout the past decades of U.S. regulatory requirements started throughout the late 1970s as well as focuses primarily on industrial protectionism. Throughout that stage of development, the current regime has focused on increasing competitive advantage throughout sectors such as construction, utility services, transshipment as well as wealth management by deactivating an amount of regulation but rather allowing companies to diversify their business processes to developing companies.The interpretation of that same question has been characterized throughout the explanation paragraph below.
The price elasticity of the supply of teenage labor services is approximately 1.36. Suppose the minimum wage rises from $7.25 per hour to $8.75. Using the midpoint formula, what is the approximate change in the quantity of teenage labor supplied
Answer:
0.085
Explanation:
The computation of the expected change in the quantity of teenage is shown below:
As we know that
Price elasticity of supply = Percentage change in quantity supplied ÷ Percentage change in price
where,
Percentage change in price is
= (p1 + p2) ÷ 2 ÷ (p2 - p1)
= ($7.25 + $8.75) ÷ 2 ÷ ($8.75 - $7.25)
= 8 ÷ 0.5
= 16
Now the change in the quantity of supplied is
= 1.36 ÷ 16
= 0.085
Lucas is working in ABC organization. He looks after the logical components of Active Directory which are mapped to the organizational and business requirements of an organization. Which of the following are those logical components?
a. Active Directory domains
b. OUs
c. Groups
Answer:
The logical components of Active Directory are:
a. Active Directory domains
Explanation:
Three main components are identified in the Active Directory. They are the domains, trees, and forests, with several objects like users and devices. The logical components, as administrative entities in Active Directory, assign logical systems, allowing Lucas to organize resources so that their layout in the directory reflects the logical structure of ABC organization.
On average, workers in Australia can produce 3 units of agriculture output or 9 units of manufacturing output per day. In Guyana, workers can produce 4 units of agriculture or 8 units of manufacturing output per day.
1. What is the opportunity cost of agricultural output in Canada? units of manufacturing output?
2. What is the opportunity cost of agricultural output in Guyana? units of manufacturing output?
Answer:
3 UNITS OF MANUFACTURING OUTPUT
2 units of manufacturing output?
Explanation:
Opportunity cost or implicit is the cost of the option forgone when one alternative is chosen over other alternatives.
the opportunity cost of agricultural output in Australia = manufacturing output per day / agricultural output
= 9/3 = 3
the opportunity cost of agricultural output in Guyana = manufacturing output per day / agricultural output
= 8/4 = 2
US GAAP and IFRS differ on treatment of impairment of tangible assets as follows:
A. IFRS, tangible assets are tested only when factors suggest impairment.
B. US GAAP, tangible assets are tested only when factors suggest impairment.
C. Under IFRS, tangible assets are tested annually.
D. There is no difference between US GAAP and the IFRS on this subject.
Answer:
A. IFRS, tangible assets are tested only when factors suggest impairment.
Explanation:
The tested of the tangible assets would be based on some kind of changes that are change in the market value, chnage in the technology, rise or reduction in the rate of interest in the market etc
In addition to this, the intangible assets such as goodwill would be testes on annually basis
Therefore the first option is correct
Swann Company sold a delivery truck on April 1, 2016. Swann had acquired the truck on January 1, 2012, for $45,500. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $3,000. At December 31, 2015, the truck had a book value of $11,500. Required: 1. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for: a. $11,125 b. $7,525 2. How should the gain or loss on disposal be reported on the income statement
Answer:
1.
Journal Entries
a.
Dr. Cash_________________$11,125
Dr. Accumulated Depreciation $36,125
Cr. Truck ________________ $45,500
Cr. Gain on Disposal ________$1,750
b.
Dr. Cash_________________$7,525
Dr. Loss on Disposal ________$1,850
Dr. Accumulated Depreciation $36,125
Cr. Truck ________________ $45,500
2.
a.
The gain is reported as a realized gain in the income statement after operating income for the period.
b.
The loss is reported as a realized loss in the income statement after operating income for the period.
Explanation:
1.
We need to calculate the depreciation for the 3 months of 2016.
Depreciation for the period = ( ( Initial cost -Residual Value ) / Useful life ) x Time Fraction = ( ( $45,500 -$3,000 ) / 5 ) x 3/12 = $2,125
Book Value on April 1, 2016 = Book Value on December 31, 2015 - Depreciation for 2016 = $11,500 - $2,125 = $9,375
Accumulated Depreciation = Initial cost - Book value = $45,500 - $9,375 = $36,125
Now compare The bok value o sale price to calculate the gain or losss
a.
Gain = Sale Value - Book value = $11,125 - $9,375 = $1,750
b.
Loss = Book Value - Sale value = $9,375 - $7,525 = $1,850
2.
An HR manager at FruitGuys wants to measure how well employees are doing on these questions, so she measures customer satisfaction, goal attainment, and projects initiated for each employee. The HR manager is going to give her boss information based on:
Answer:
✓Workforce composition
✓Metrics
✓Rare resources
✓Core capabilities
Explanation:
From the question we are informed about An HR manager at FruitGuys wants to measure how well employees are doing on these questions, so she measures customer satisfaction, goal attainment, and projects initiated for each employee. In this case, the HR manager is going to give her boss information based on:
✓Workforce composition
✓Metrics
✓Rare resources
✓Core capabilities
Human Resources manager is very essential in an organization, it is the role of HR manager to give his total support to the organization so that people-related processes can be delivered. The HR needs to comes up with good strategy and vision that can promote the business in accordance with law, they also gives their support with other colleagues to ensure issues that has to do with employment and staffs are resolved adequately.
Assume that Sonic Foundry Corporation has a contractual debt outstanding. Sonic has available two means of settlement. It can either make immediate payment of $2,600,000, or it can make annual payments of $300,000 for 15 years, each payment due on the last day of the year.
Which method of payment do you recommend, assuming an expected effective interest rate of 8% during the future period?
Answer:
Present value - Immediate payment = $2,600,000
Present value - installments = 2,567,843.61
Based on the comparison of present value for both options, Sonic Foundry Corporation should choose option 2 which is annual payments of $300000 for 15 years as it has a lower present value as compared to immediate payment.
Explanation:
We will first need to calculate the present value of the option with payments in installments for 15 years. To calculate the present value, we will use the formula for present value of annuity ordinary as the payments qualify as ordinary annuity.
The payments qualify as ordinary annuity as the payments are of equal amount, are made after equal intervals of time and are for a limited time period and made at the end of the period. The formula for present value of ordinary annuity is attached.
Present value - Option 2 = 300000 * [(1 - (1+0.08)^-15) / 0.08]
Present value - Option 2 = $2,567,843.606 rounded off to $2,567,843.61
The present value of option 1 which is immediate payment is equal to the payment amount as it is made today and it is $2,600,000.
Based on the comparison of present value for both options, Sonic Foundry Corporation should choose option 2 which is annual payments of $300000 for 15 years as it has a lower present value as compared to immediate payment.
Future Value of Annuity. Twins Jessica andJoshua, both 25, graduated from college andbegan working in the family restaurant business.The first year, Jessica began putting $2,000 peryear in an individual retirement account andcontributed to it for a total of ten years. After tenyears, she made no further contributions untilshe retired at age 65. Joshua did not start makingcontributions to his individual retirement accountuntil he was 35, but he continued making contributions of $2,000 each year until he retired at age 65.Assuming that both Jessica and Joshua receive10% interest per year, how much will Jessica haveat retirement
Answer:
Jessica will have $611,816.70 at retirement.
Explanation:
a) Data and Calculations:
Jessica:
Annual contribution in IRA for 10 years = $2,000
Retirement age = 65 years
Interest rate per year = 10%
Annuity value for investing $2,000 annually is $35,062.33
FV (Future Value) $35,062.33
PV (Present Value) $13,518.05
N (Number of Periods) 10.000
I/Y (Interest Rate) 10.000%
PMT (Periodic Payment) $2,000.00
Starting Investment $0.00
Total Principal $20,000.00
Total Interest $15,062.33
Amount received after investing $35,062.33 for 30 years.
Using an online finance calculator:
FV (Future Value) $611,816.70
PV (Present Value) $35,062.33
N (Number of Periods) 30.000
I/Y (Interest Rate) 10.000%
PMT (Periodic Payment) $0.00
Starting Investment $35,062.33
Total Principal $35,062.33
Total Interest $576,754.37
On February 18, 2018, Union Corporation purchased $1,491,000 of IBM bonds. Union will hold the bonds indefinitely, and may sell them if their price increases sufficiently. On December 31, 2018, and December 31, 2019, the market value of the bonds was $1,449,000 and $1,512,000, respectively.
Prepare the adjusting entry for December 31, 2018 and 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
On December 31, 2018: Debit Loss on available for sale security for $42,000; and Credit Available for sale investment for $42,000.
On December 31, 2019: Debit Available for sale investment $63,000; Credit Loss on available for sale security for $42,000; and Credit Gain on available for sale of securities for $21,000.
Explanation:
Since the bonds are held for trading purpose, they therefore fall under the category of available for sale investment.
The adjusting entry for December 31, 2018 and 2019 will therefore look as follows:
Date Account Title Debit ($) Credit ($)
Dec. 2018 Loss on available for sale security (w.1) 42,000
Available for sale investment 42,000
(To record change in the value of IBM bonds.)
Dec. 2019 Available for sale investment 63,000
Loss on available for sale security 42,000
Gain on available for sale of securities (w.2) 21,000
(To record gain on fair value of IBM bonds.)
Workings:
w.1: Loss on available for sale security = Purchase price - Market value on December 31, 2018 = $1,491,000 - $1,449,000 = $42,000
w.2: Gain on available for sale of securities = Market value on December 31, 2018 - Purchase price = $1,512,000 - $1,491,000 = $21,000
Note:
The loss and and for each of the years 2018 and 2019 respectively are recorded under Other Comprensive Income (OCI) in the Income Statement.
Mansfield, Inc., has two production departments, Assembly and Packaging. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The predetermined overhead rate in the Assembly Department is based on machine hours (MHs) and it is based on direct labor-hours (DLHs) in the Packaging Department. At the beginning of the year, the company made the following estimates:
Assembly Packaging
Direct labor-hours 5,200 62,000
Machine-hours 68, 400 11,900
Total fixed manufacturing overhead cost $390,000 $419,000
Variable manufacturing overhead per DLH $ 3.75
Variable manufacturing overhead per MH $ 3.00 Knowledge Check 01
Required:
What is the estimated total manufacturing overhead in the Assembly Department?
a) $595,200
b) $651,600
c) $809.000
d) $1,246,700
Answer:
Total manufacturing overhead= $595,200
Explanation:
Giving the following information:
The predetermined overhead rate in the Assembly Department is based on machine hours (MHs).
Assembly
Machine-hours 68, 400
Total fixed manufacturing overhead cost $390,000
Variable manufacturing overhead per MH $ 3.00
To calculate the total estimated overhead cost for the Assembly department, we need to calculate the total variable manufacturing overhead:
Total varaible overhead= 3*68,400= $205,200
Now, the total manufacturing overhead:
Total manufacturing overhead= 390,000 + 205,200
Total manufacturing overhead= $595,200
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
a. Indicate the missing amount for each letter.
Case
1 2
Direct materials used $9,600 $
Direct labor 5,000 8,000
Manufacturing overhead 8,000 4,000
Total manufacturing costs 16,000
Beginning work in process inventory 1,000
Ending work in process inventory 3,000
Sales revenue 24,500
Sales discounts 2,500 1,400
Cost of goods manufactured 17,000 22,000
Beginning finished goods inventory 3,300
Goods available for sale 20,000
Cost of goods sold
Ending finished goods inventory 3,400 2,500
Gross profit 7,000
Operating expenses 2,500
Net income 5,000
b. Prepare a condensed cost of goods manaufactures schdule ffor Case1
c. Prepare an Income statement for Case 1
d. Prepare the current assets section of the balance sheet for Case1. Assume that in Case 1 the other items in the current assets section are as follows: Cash $4,000, Receivables (net) $15,000, Raw Materials $600 and Prepaid Expenses $400.
Answer:
Cost of goods manufactured schedule for Case1
Opening Work In Process $1,000
Add Total Manufacturing Costs $16,000
Less Ending Work In Process ($3,000)
Cost of goods manufactured $14,000
Income statement for Case 1
Sales $24,500
Less Sales discounts ($2,500)
Net Sales Revenue $22,000
Less Cost of Goods Sold
Beginning Finished Goods Inventory $3,300
Add Cost of goods manufactured $14,000
Less Ending Finished Goods Inventory ($3,400) ($13,900)
Gross Profit $8,100
Less Operating expenses ($2,500)
Net Income $2,500
Current assets section :
Inventory :
Raw Materials $600
Work In Process $3,000
Finished Goods $3,400
Receivables (net) $15,000
Prepaid Expenses $400
Cash $4,000
Total Current Assets $26,400
Explanation:
Part b
Cost of Goods Manufactured = Opening Work In Process + Total Manufacturing Costs - Ending Work In Process
Part c
Income statement shows the Profit earned during the reporting period
Profit = Gross Profit - Operating expenses
Part d
The current assets section will include assets of a short term nature (not exceeding a period of 12 months). For a manufacturing company, it is important to show each inventory balance in the inventory categories of Raw Materials, Work In Process and Finished Goods among other items.
Note : Current Assets are shown in their order of liquidity in the Balance Sheet as above.
Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to social security tax was $180,000, while the amount of wages subject to federal and state unemployment taxes was $24,000. Tax rates are as follows: Social security 6.0% Medicare 1.5 State unemployment 5.3 Federal unemployment 0.8 The total amount withheld from employee wages for federal income taxes was $32,000. Required: 1. Journalize the entry to record the payroll for the week of December 10. If an amount box does not require an entry, leave it blank. fill in the blank 772b2b050feafc9_2 fill in the blank 772b2b050feafc9_3 fill in the blank 772b2b050feafc9_5 fill in the blank 772b2b050feafc9_6 fill in the blank 772b2b050feafc9_8 fill in the blank 772b2b050feafc9_9 fill in the blank 772b2b050feafc9_11 fill in the blank 772b2b050feafc9_12
Answer:
1. Dr Wages Expense200,000
Cr Social Security Tax Payable 10,800
Cr Medicare Tax Payable 3,000
Cr Employees Federal Income Tax Payable 32,000
Cr Wages Payable 154,200
2. Dr Payroll Tax Expense15,264
Cr Social Security Tax Payable10,800
Cr Medicare Tax Payable3,000
Cr State Unemployment Tax Payable 1,272
Cr Federal Unemployment Tax Payable 192
Explanation:
1. Preparation of Journal entry to record the payroll for the week of December 10.
Dr Wages Expense200,000
Cr Social Security Tax Payable 10,800
($180,000 x 6%)
Cr Medicare Tax Payable 3,000
($200,000 x 1.5%)
Cr Employees Federal Income Tax Payable 32,000
Cr Wages Payable 154,200
[200,000-(10,800+3,000+32,000)]
2) Preparation of the Journal entry to record the payroll tax expense incurred for the week of December 10.
Dr Payroll Tax Expense15,264
(10,800+3,000+1,272+192)
Cr Social Security Tax Payable10,800
Cr Medicare Tax Payable3,000
Cr State Unemployment Tax Payable 1,272
($24,000 x 5.3%)
Cr Federal Unemployment Tax Payable 192($24,000 x 0.8%)
In 2018 the NFL football team, the Carolina Panthers, have an owner accused of sexual harassment. The fans’ demand for team jerseys has dropped with the scandal this year. At about the same time the cost to manufacture the jerseys in China increased by 20%. Describe what the new equilibrium price and quantity is like compared with the prior year’s Panthers’ jersey market before the scandal and increased manufacturing costs?
Question Completion with Options:
1. The demand curve shifted to the right, the supply curve shifted to the left, the equilibrium price and quantity increased from 2017
2. Supply and demand curves have shifted to the left and the equilibrium quantity has decreased from 2017 but it is impossible to determine the effect on the equilibrium price.
3. The demand curve shifted to the left, the supply curve shifted to the right, the equilibrium price and quantity increased from 2017 Od.
4. Supply and demand curves have shifted to the left and the equilibrium price and quantity for Panthers' jersey market has decreased since 2017.
Answer:
This is how the new equilibrium price and quantity are like compared with the prior year’s Panthers’ jersey market before the scandal and increased manufacturing costs:
2. Supply and demand curves have shifted to the left and the equilibrium quantity has decreased from 2017 but it is impossible to determine the effect on the equilibrium price.
Explanation:
The scenario presents a decrease in supply of the jersey caused by the increase in the cost of production by 20%. This is why supply shifted to the left. Based on this factor, price is supposed to increase but this does not reflect on the data because the scandal also dampened demand. No wonder demand also shifted to the left, resulting in further decrease. These two leftward shifts caused the equilibrium quantity to decrease. However, we cannot establish whether the price decreased as well because it is supposed to increase due to the increased production cost in China.
The key to using the cost-benefit principle is to think about _____ aspects of a decision. Group of answer choices only nonfinancial neither financial nor nonfinancial only financial both financial and nonfinancial
Answer:
both financial and nonfinancial
Explanation:
The cost benefit analysis means the approach where we analyze the strength and weakness of the alternatives available and determine the optimal solution that help in accomplish the benefits.
So in order to use the cost-benefit principle here both financial and non-financial should be used
Therefore the last option is correct
The following are several figures reported for Allister and Barone as of December 31, 2021 Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 500,000 $300,000 not given 230,000 J00,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth \$78,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $130,000 to Allister for $180,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021 Amounts Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest
Answer and Explanation:
The balances of the following items are as follows;
Inventory ($500,000 + $300,000 - $5,000) $795,000
Sales ($1,000,000 + $800,000 - $180,000) $1,620,000
Cost of goods sold ($500,000 + $900,000 + $5,000 - $180,000) $725,000
Operating expenses ($230,000 + $300,000 + ($78,000 ÷ 4 years) $549,500
Net income attributable to noncontrolling interest ($100,000 × 10% - $19,500 × 10% - $5,000 × 10% ) $7,550
The $5,000 comes from
= ($180,000 - $130,000) × 10%
= $5,000
The first step in the recording process is to Group of answer choices prepare financial statements. analyze each transaction for its effect on the accounts. post to a journal. prepare a trial balance.
Answer:
analyze each transaction for its effect on the accounts
Explanation:
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
The first step in the recording process is to analyze each transaction for its effect on the accounts.
The other two (2) steps are;
I. Enter the information about the transaction into a journal.
II. Transfer the information in the journal to the right or correct account.
The Federal Reserve buys $14.00 million in Treasury securities. If the required reserve ratio is 5.00%, and all currency is deposited into the banking system, and banks hold excess reserves of 10%, then the maximum amount the money supply can increase is $ ______ million. (Insert your answer in millions; if you think the answer is $30 million, just enter 30. Round your answer to two decimal places.)
Answer:
$93.33
Explanation:
The computation of the increase the maximum account in supply is shown below:
As we know that
Money multiplier = 1 ÷ (excess reserve ratio + required reserve ratio)
= 1 ÷ (0.05 + 0.10)
= 6.67
Now increase in money supply is
= $14 million ×6.67
= $93.33
The maximum amount the money supply can increase is $93.33
First step is to find the multiplier
Reserve= (Excess reserve ratio + Required reserve ratio)
Reserve = (0.05 + 0.10)
Reserve=0.15
Second step
Increase in money supply = $14 million/0.15
Increase in money supply= $93.33
Inconclusion the maximum amount the money supply can increase is $93.33
Learn more here:https://brainly.com/question/23287541
Brief Exercise 22-02 Paige Company estimates that unit sales will be 10,100 in quarter 1, 12,100 in quarter 2, 14,800 in quarter 3, and 18,800 in quarter 4. Using a sales price of $82 per unit. Prepare the sales budget by quarters for the year ending December 31, 2020.
Answer:
Paige Company
Sales budget by quarters for the year ending December 31, 2020:
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total
Sales in units 10,100 12,100 14,800 18,800 55,800
Unit sales price $82 $82 $82 $82 $82
Sales value $828,200 $992,200 $1,213,600 $1,541,600 $4,575,600
Explanation:
a) Data and Calculations:
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total
Sales in units 10,100 12,100 14,800 18,800 55,800
Unit sales price $82 $82 $82 $82 $82
Sales value $828,200 $992,200 $1,213,600 $1,541,600 $4,575,600
b) Paige's sales budget is a financial plan which computes the expected sales revenue based on an expected selling price and sales unit. Paige uses the sales budget to forecast its future sales revenue. The preparation of the sales budget by Paige Company will ensure the efficient allocation of business resources, thereby saving time, effort, and money.
Locate the website of any company that publishes a corporate social responisbility report (also referred to as a sustainability report). Describe three nonfinancial performance measures included in the report. Why do you think the company publishes this report
Answer:
Employee turnover
Customer complains
Repairs and warranty claims
Explanation:
Corporate social responsibility is an important part which is included in financial statements. The companies report their attitude towards the betterment of society and ensure that there is no harm to the society and environment by the business activities. Non financial measures are important as they are contributors to business success. Employees turnover should not be high as it indicates the customers that business is not motivating its employees and retaining skilled employee is difficult for the business.
When a company changes from one inventory costing method to another, the change must be fully disclosed in a footnote to the financial statements explaining the reasons for the change and the effect on net income.
A. True
B. False
Answer:
A. True
Explanation:
In the case when the company wants to change from one method of inventory to the other method of inventory so this would be disclosed in the foot note of the financial statement with a proper reason and also the impact on the net income would be disclosed
Therefore the given statement is true
Using the SMART goal-writing criteria, what refers to being willing and able to work toward a goal?
Realistic
Timely
Attainable
Specific
Answer:
its Attainable
Explanation:
What I learned about Joe Biden's presidential inauguration
Answer: He is trying to make better decisions than Trump and he is trying to keep the world peaceful and try his best to make sure he is doing the right thing.
Explanation:
On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)
Answer:Please find answers in explanation column
Explanation:
Accrued interest revenue on December 31=
Principal x Time X Rate
$10,000 X 6%x 30/360(Dec1st - 31st)
$50
Accrued interest revenue on Maturity date=
Principal x Time X Rate
$10,000 X 6%x 45/360
=$75
Journal to record Interest revenue accrued at the end of year.
Date Account Title Debit Credit
Dec31Interest Receivables $50Dr
Interest Revenue$50Cr
Journal to Record the receipt of note with interest
15th Jan Cash $10,075 Dr
Interest Recivable $50 Cr
Interest Revenue $25 Cr
Note Receivables $10,000 Cr
Honeywell, Goodrich, and UTC Aerospace are among the suppliers to Embraer. If these companies want to look for other export opportunities or information on exporting, the most comprehensive source of information in the United States is the
Answer:
U.S. Department of Commerce.
Explanation:
The U.S Department of Commerce can be defined as a governmental organization that is saddled with the responsibility of promoting economic growth and development, better standard of living for the citizens and provision of job opportunities.
Basically, the U.S Department of Commerce have specialized tools and resources to help gather economic information and demographic data such as amount of export and imports into the United States of America.
In this scenario, Honeywell, Goodrich, and UTC Aerospace are among the suppliers to Embraer. If these companies want to look for other export opportunities or information on exporting, the most comprehensive source of information in the United States is the U.S. Department of Commerce.
What would a risk be based on the following information: Marty is 60 percent certain that he can get the facility needed for $45,000, which is $7000 less than what was planned for
Answer:
Marty is 60 percent sure that he can save the project the amount of $7,000 which means that the amount of $4,200 will tend to depict the 60 percent certainty Amount of the savings
Explanation:
What would the risk be based on the information given in a situation where he is 60 percent sure that he can get the facility needed for the amounts of $45,000 in which the amount is lower that the amount of $7000 that was planned for is that Marty is 60 percent sure that he can save the project the amount of $7,000 which means that the amount of $4,200 which is simply calculated as (60%*$7,000) will tend to depict the 60 percent certainty Amount of the savings.