Complete/Correct Question:
Quik Meds hired Frank as a delivery driver. Because there was a backlog of deliveries, the company allowed Frank to work pending the outcome of his background investigation. Shortly after he was hired, Frank was caught stealing a customer's purse. The customer was injured in the scuffle over her purse. The customer later sued Quik Meds for negligent hiring. Quik Meds defended itself by arguing it was not liable for an employee's actions. Is this a viable defense?
Select one:
a. Yes, because employees are liable for their own torts.
b. Yes, because Frank was not acting on behalf of Quik Meds when he engaged in the misconduct.
c. No, because Quik Meds failed to conduct a background search on Frank.
d. No, because Quik Meds is strictly liable for employee on-the-job conduct.
Answer:
C, No, because Quik Medds failed to conduct a background search on Frank.
Explanation:
The defense of Quik Meds in the case of their customer against the company is not viable. This is because the result of the background checks on Frank had not returned or background check before he was employed. This means that if the Quik Meds were patient enough for the background check to have concluded, he might have been found out and no employed but Quik Med.
Cheers.
although the collapse of prices on the new york stock exchange in october 1929 caused severe problems in the united states, it also had immediate and disastrous consequences in europe because
porque al tener una quiebra del mercado de valores de Nueva York, llevo a una deflación haciendo que esta gran potencia no ayude a los otros países económicamente produciendo estas consecuencias en Europa y otros países del mundo que recibían ayuda de esta gran potencia (EEUU)
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. (Round your intermediate and final answers to the nearest whole dollar.)
Monthly gross income $ 3,200
Other debt (monthly payment) $ 185
30-year loan at 7 percent
Down payment to be made (percent of purchase price) 20 percent
Monthly estimate for property taxes and insurance $ 235
1. Affordable monthly mortgage payment $_____
2. Affordable mortgage amount $_____
3. Affordable home purchase $_____
Answer:
Affordable monthly mortgage payment $796
Affordable mortgage amount $119,699
Affordable home purchase price $149,625
Explanation:
1. Calculation for the Affordable monthly mortgage payment
Affordable monthly mortgage payment
=($3,200 x .38) – $185– $235= $751
Affordable monthly mortgage payment=$1,216-$185-$235
Affordable monthly mortgage payment=$796
2. Calculation for the Affordable mortgage amount
Using this formula
Affordable mortgage amount = Affordable payment/ Monthly mortgage factor *1,000
The monthly mortgage factor of a 30-year mortgage at 7% is 6.65.
Let plug in the formula
Hence,
Affordable mortgage amount
796/6.65 x 1000 =
Affordable mortgage amount=119.699×1000
Affordable mortgage amount=$119,699
3. Calculation for affordable home purchase price
Affordable mortgage amount=119.699×1000
Affordable mortgage amount=$119,699
3. Calculation for affordable home purchase price
Affordable home purchase price=119,699/ (1 - .20)
Affordable home purchase pr= $119,699/0.8
Affordable home purchase price=$149,625
Therefore:
Affordable monthly mortgage payment is $796
Affordable mortgage amount is $119,699
Affordable home purchase price is $149,625
Jones Electric Motors uses a Kanban system to make motors for several garage door companies in the southeastern United States. The daily demand for motor housings used in manufacturing is 100 units. The average waiting time for a container of parts is 0.2 day. The processing time for a container of housings is 0.1 day, and a container holds 5 housings. If Jones wishes to use a 10% policy variable, how many containers are needed
Answer:
7 kanban containers are required
Explanation:
Given the following information :
Average Waiting time for containers = 0.2 days
Average processing time = 0.1 days / container
Daily usage (Demand rate) = 100 per day
Container capacity = 5 housings
Policy variable ( Alpha) = 10% = 0.1%
The required number of Kanban containers required by Jones Electric Motor can be calculated thus :
[Number of containers(x) * container size] = (Demand rate (waiting time + processing time)*(1 + alpha))
x * 5 = (100 * (0.2 + 0.1)*(1 + 0.1))
5x = [100 * (0.3)*(1.1)]
5x = [100 * 0.33]
5x = 33
x = 33 / 5
x = 6.6 containers
x = 7
A barcode scanning device manufacturer tried several times to update its products, but each of the attempts failed, leaving the company weaker and weaker in the process. Now, unless something remarkable happens, the company is facing bankruptcy.
A. Dissolution
B. Inaction
C. Crisis
Answer:
C. Crisis
Explanation:
Since in the question it is mentioned that the barcode device for scanning is used for several times for updating the products but every attempt failed due to which the company become weaker and weaker
So this situation represents the crisis that declines the company as all the company resources are depleted and only some remarkable could able to save the company
Hence, the correct option is c.
A person offers you the following deal. You can have the proceeds of $2 doubled each year at the end of 15 years, or you can have $10,000 at the end of 15 years. Which deal should you take? Why?
Answer:
The deal I would take is the first deal.
Explanation:
I would take the first deal because as it's getting doubled by the number after the fourth year you would make $65,536 which is way more money then $10,000 at the end of 15 years.
Suppose that foreigners had reduced confidence in U.S. financial institutions and believed that privately issued U.S. bonds were more likely to be defaulted on. U.S. net exports would a. rise which by itself would increase aggregate demand. b. rise which by itself would decrease aggregate demand. c. fall which by itself would decrease aggregate demand. d. fall which by itself would increase aggregate demand.
Answer:
Option C, fall which by itself would decrease aggregate demand, is the right answer.
Explanation:
Option C is correct because the reduction in the confidence level in U.S financial institutions will decrease the U.S net export. Moreover, if the foreigner feels insecure about the U.S bonds then this insecurity will induce them to demand less. Therefore, when the net export decreases the aggregate demand will also fall. Thus we can say option C is right.
If the world price of a good is below its domestic price, the country will: Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices import that good. export that good. put a price floor on that good. have a surplus of that good.
Answer:
import that good
Explanation:
International trade involves the exchange of goods and services between countries.
Due to comparative advantage that some countries have in producing goods they incur less cost than other countries when manufacturing such goods.
In the give scenario where world price of a good is below its domestic price, the country does not have comparative advantage in producing the good. Their cost of production is higher than world price.
The best option will be to import the good. This will save the country high cost of production locally
Paradise Travels is an all-equity firm that has 6,000 shares of stock outstanding at a market price of $34 a share. The firm's management has decided to issue $40,000 worth of debt and use the funds to repurchase shares of the outstanding stock. The interest rate on the debt will be 7 percent. What are the earnings per share at the break-even level of earnings before interest and taxes? Ignore taxes.
Answer:
$2.38
Explanation:
Number of shares purchased
= $40,000 / $34
= $1,176
EBIT / 6,000 = [EBIT - ($40,000 * 0.07)] / (6,000 - 1176)
EBIT / 6,000 = (EBIT - $2,800) / 4,824
4,824 EBIT = 6000 EBIT - $16,800,000
1,176 EBIT = $16,800,000
EBIT = $14,285.71
Earning per Shares at Break-even level of earning
= [EBIT - ($40,000 * 0.07)] / (6,000 - 1,176)
= ($14,285.71 - $2,800) / 4,824
= $11,485.71 / 4,824
= $2.38
The balance sheet of ABC reports total assets of $400,000 and $450,000 at the beginning and end of the year, respectively. The return on assets for the year is 10%. What is ABC's net income for the year?
Answer:
ABC net income for the year is $42,500
Explanation:
Beginning total assets = $400,000
Ending total assets = $450,000
Average total assets = Beginning total assets + Ending total assets ÷ 2
= ($400,000 + $450,000) ÷ 2
= $425,000
Return on assets = 10%
Therefore,
Net income ÷ Average total assets = Return on assets
Net income = Return on assets × Average total assets
Net income = 0.1 × Average total assets
= $425,000 × 0.1
= $42,500
A higher return on assets (ROA) means that the company is more efficient and more productive in controlling its balance sheet to generate profits.
What is a Return on Assets (ROA)?The term return on assets (ROA) refers to a financial measure that shows how much a company makes a profit compared to the total amount of its assets.
Business executives, analysts, and investors can use the ROA to determine how well a company uses its assets to make a profit.
Higher return on assets (ROA) means that the company is more efficient and more productive while a lower ROA indicates that there is room for improvement.
The formula for calculation of ROA:
[tex]\rm\,Return \; on \;Assets = \frac{Net \; Income}{Total \;Assets} \\\\As \;per \;the \;given \; information:\\\\10\% = \frac{Net \;Income}{\frac{\$400,000 + \$450,000}{2} } \\\\Net \;Income = \$42,500[/tex]
Hence, the Net Income of ABC's for the year is equal to $42,500.
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In two to three sentences, explain how you will address
each area of competition to help make your business
successful against this competitor.
To begin your plan, you will need to know about your
competition and decide how you will attempt to compete.
Your competitor is called Create Your Own Yogurt, and it
uses artificial flavors that customers use to create their
own yogurt
In the lesson, you learned about three techniques
businesses can use to compete with one another.
Explanation:
1. Since my competitor– 'Create your own yogurt' uses artificial flavors, I need to determine what those flavors are, and why they may be better than mine.
2. After noting the recipe used by my competitors, I will improve my own recipe using natural flavors which are medically advisable, while improving on branding and marketing efforts.
3. Price is usually going to be my greatest advantage over my competitor, followed by quality, and so I will consider a reduction in my yogurt prices, while striving at maintaining superior quality.
Answer:
sample response: First, I will focus on lowering prices. I will do this by making sure my costs to run the business are low, and I will start by running the shop myself. I will create a better product by using healthier, better ingredients to attract more customers. Finally, I will be innovative by offering ingredients that aren't sold anywhere else.
Explanation:
________ marketing is about making sure the brand and its marketing are as personally relevant as possible to as many customers as possible–a challenge, given that no two customers are identical.
Answer:
personalized
Explanation:
The term being described in this question is known as personalized marketing. Also known as one-to-one marketing or individual marketing, this marketing strategy is when organizations use specific generalized data analysis and digital technology in order to deliver special personalized advertisement messages to a select group of potential customers. This is done in order to get the right product in front of the right people who are more likely to buy that product.
10. In earned value analysis (EVA), we found: SV = -$7,800 at certain point. If the project has a total budget = $65,000 and total duration of 25 days. The project is: a. On schedule b. Ahead of schedule by 0.33 day c. Ahead of schedule by 3 days d. Behind schedule by 0.33 day e. Behind schedule by 3 days
Answer:
3.5
Explanation:
Which situations are examples of how credit scores determine nonfinancial opportunities for consumers? Check all that apply.
Answer:
An employer hiring someone to handle financial information.
An apartment owner determine whether to rent a unit to someone.
A car insurance company predicting the likelihood of future claims.
Explanation:
Mark me brainliest
The situations which determine the non-financial opportunity are an employer determining whether a job candidate is smart, an apartment owner determining whether to rent a unit to someone and a car insurance company predicting the likelihood of future claims. Thus option (A), (D) and (F) are correct.
What is Credit scores?Credit scores refer to the creditworthiness of a consumer, is indicated by a number between 300 and 850. The better a borrower seems to potential lenders, the higher their score.
A credit score is based on a person's credit history, including the number of open accounts, total amount of debt, history of repayment, and other elements.
The non-financial opportunity is determined by circumstances such as an employer evaluating a job applicant's intelligence, an apartment owner choosing whether to rent a space to a certain person, and a car insurance provider estimating the possibility of future claims.
Therefore, it can be concluded that option (A), (D) and (F) are correct.
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Your question is incomplete, but most probably the full question was...
List of options:
A. an employer determining whether a job candidate is smart
B. an employer hiring someone to handle financial information
C. an apartment owner gauging whether a tenant might break the rules
D. an apartment owner determining whether to rent a unit to someone
E. a car insurance company setting rates based on where someone lives
F. a car insurance company predicting the likelihood of future claims
Recall on February 1, Derrick Company established a $200 petty cash fund. On February 15, when the fund balance reached $7, the petty cash custodian prepared a petty cash report that summarized receipts for postage ($140) and printing ($54). Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus.
Answer with its Explanation:
The double entry to record the postage expenses of $140 and the printing expense of $54 is as under:
Dr Postage Expenses $140
Dr Printing Expenses $54
Cr Petty Cash Account $193
Cr Cash Over and Short Account $1
According to the summarized Report, the cash at hand is $7 which must be $6 ($200 - $194). This difference can adjusted in Cash Over and Short Account which is used to adjust minor differences in cash balance.
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Which is NOT one of the similarity between projects and operations Both are Performed by Individuals Both are Limited by constraints (e.g.) Resources Both needs to be Planned, Executed, Monitored and Controlled Both are ongoing
Answer:
Both are ongoing
Explanation:
Remember, projects do not go on forever. Rather, projects are usually marked by deadlines. However, operations are simply ongoing activities in which resources are planned, executed, monitored and controlled by individuals.
which may be constrain
A none similarity between projects and operations is that, they both are not ongoing .
shows the amount of savings and borrowing in a market for loans to purchase homes, measured in millions of dollars, at various interest rates. What is the equilibrium interest rate and quantity in the capital financial market
Answer:
7% and 135
Explanation:
The computation of the equilibrium interest rate and the quantity is shown below:
As we can see in the attached figure that at the interest rate of 7% the Qd is equivalent to Qs i.e 140
And when it the interest rate is 8% the quantity of lending is 145 and the quantity of borrowing is 135 that decreased the quantity of lending by 140 to 135 so we considered the 135
When going into a partnership, you should always:_________.
a. put all terms of the partnership into writing in a partnership agreement.
b. make sure that you have limited liability while you are in charge.
c. make sure all the profits are reinvested into the company.
Answer: A. put all terms of the partnership into writing in a partnership agreement.
Explanation:
The most important terms in a partnership agreement is ensuring that all terms are noted down and binded legally, this is to help partners know when need to do something and don't feel cheated or be cheated by someone or something. Avoidance of reaching out to terms noted down will further make things complex either when the business is growing or when there is need to shutdown or during operations.
Loren has a $200 annual (calendar year) deductible on her health insurance plan. By the end of 2018, she had paid $175 in medical expenses. On January 4, 2019 she went to the doctor for the first time that year and was charged $60 for an office visit. How much of that must she pay for herself
Answer:
$60
Explanation:
Based on the information given about Loren the amount that she must pay herself will be $60 reason been that the amount of $175 she paid for her medical expenses at the end of 2018 was based on her health insurance plan, while the $60 was the amount of money she paid her self or the amount she was charge her for visiting the doctor for the first time on January 4, 2019.
Generally, deductibles are calculated on a calendar year basis. This means that, excluding copays, coinsurance, and non-covered charges, your health care bills must surpass your deductible between January and December for the insurance provider to begin paying.
Based on the information given about Loren the amount that she must pay herself will be $60 reason been that the amount of $175 she paid for her medical expenses at the end of 2018 was based on her health insurance plan, while the $60 was the amount of money she paid her self or the amount she was charge her for visiting the doctor for the first time on January 4, 2019.
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Suppose a company owns a fancy 3D printer which cost $1500 to buy. The printer depreciates $200 per year. (a) If the interest rate is 3 percent, what is the implicit rental price of the printer per year? (b) Does your answer to part (a) depend on whether the company used its own money to buy the printer, or if it took out a loan? Why? Suppose a newer edition of the 3D printer comes out for $2000. Because better technology is used, there is less depreciation; it only depreciates by $150 a year. (c) Calculate the implicit rental price for the new edition of the printer. Which edition of the printer - old or new - has a larger implicit rental price? (d) Suppose the interest rate was instead 5 percent, rather than 3 percent. Which edition of the printer - old or new - has a larger implicit rental price? Compare your answer with part (c), and comment on any difference.
Answer:
a) Implicit Rental Price:
Normal annual cost = $200
3% of $1,500 = 45
Implicit rental price = $245
b) The answer to part (a) does not depend on whether the company used its own money to buy the printer or if it took out a loan, provided that the cost of the loan remains within the 3% accepted rate. The reason for my answer is that the calculation of the implicit rental price is an economic measurement that tries to capture the opportunity cost of a project and not just the actual cost.
c) Implicit Rental Price:
Normal annual cost = $150
3% of $2,000 = 60
Implicit rental price = $210
The old edition of the printer has a larger implicit rental price.
d) Interest rate = 5%
Old edition: Implicit Rental Price:
Normal annual cost = $200
5% of $1,500 = 75
Implicit rental price = $275
New Edition:
Normal annual cost = $150
5% of $2,000 = 100
Implicit rental price = $250
The old edition of the printer still has a higher implicit rental price of $270 compared to the new edition's $250, with a difference of $20.
Explanation:
Determining the implicit rental price for the 3D printer, one is forced to consider the lost interest that the investment in the printer would occasion. By this, the use of the implicit rental price ensures that the only cost of a project is not the direct costs, but also includes some opportunity costs. Opportunity costs are costs incurred from the revenue lost because another option is chosen.
Will's Whitewater Rafting sold 3 acres of land used in the business. The sales price was $6,000 and the adjusted basis of the land was $4,200. Will receives a down payment of $4,000 at the time of sale and will receive the remaining $2,000 early next year. The realized gain on the sale is $
Answer:
The realized gain on the sale is $1,800
Explanation
Adjusted basis is defined in tax accouting as the residual cost after deducting various related tax items.
Since
Selling Price = $6,000
Adjusted basis = $4,200
Therefore, the gain realized on the sale is
Sales - Adjusted basis
= $6,000 - $4,200
= $1,800
A company paid dividends of $15,000, generated total sales of $845,000, and incurred total expenses of $792,000 in the current year. If ending retained earnings is $165,000, what was beginning retained earnings?
Answer:
The beginning retained earnings will be "127,000".
Explanation:
The given values are:
Total sales,
= $845,000
Company paid,
= $15,000
Total expenses,
= $792,000
Retained earning,
= $165,000
Now,
⇒ [tex]Retained \ earning \ this \ year = Profits-Dividends[/tex]
⇒ [tex]=845,000-792,000 -$15,000[/tex]
⇒ [tex]=38,000[/tex]
and,
⇒ [tex]Beginning \ retained \ earnings = Ending \ RE-this \ year \ RE[/tex]
⇒ [tex]=165,000-38,000[/tex]
⇒ [tex]=127,000[/tex]
Q-mart failed to include inventory that was kept in a separate warehouse in its 12/31 end-of-the-period inventory count. Consequently, the ending inventory on 12/31 was understated on the balance sheet. Explain how this error will effect the income statement. (Check all that apply.)
Answer:
If the ending inventory was understated, that means that the cost of goods sold will be overstated. If the cost of goods sold was overstated, then net profits were understated.
Explanation:
Imagine a company that sells shoes:
It bought 100 shoes at $100 each during the whole year and their ending inventory was 10 units. This means that cost of goods sold was (100 - 10) x $100 = $9,000. But someone discovered 5 pairs in some shelf that were not included in the ending inventory, then the real ending inventory was 15 units = $1,500 and not $1,000. That also means that the cost of goods sold was $8,500, not $9,000. Lower costs = higher profits.
Answer:
Explanation:
The current year's cost of goods will be too high
The current year's income will be too low
Brokerage relationships must be disclosed in writing prior to : Eliciting or accepting confidential information from a buyer concerning buyer's real estate needs, motivation, or financial qualifications
Answer:
Correct
Explanation:
Brokerage relationships must involve both parties signing an agrerment to the relationship. This means that there must be a written agreement signed by both parties that the agent(broker) will represent the other party exclusively in the transaction. This agreement should be available and should be disclosed in writing before the broker can go ahead to represent the buyer on-call transactions that will involve buyers confidential information
Assume that Matt, Joe, and Teresa are the only citizens in a community. A proposed public good has a total cost of $1,000. All three citizens will share an equal portion of this cost in taxes. The benefit of the public good is $500 for Matt, $280 for Joe, and $260 for Teresa. In a majority vote, this proposal will most likely be
Answer: Defeated; two against and one in favor
Explanation:
The options to the question are:
a. Accepted; two in favor and one against
b. Defeated; two against and one in favor
c. Accepted; three in favor and none against
d. Defeated; none in favor and three against
A majority vote is a voting system whereby the person who wins is the person that has more than fifty percent of the vote.
In this question, we are told that Matt, Joe, and Teresa will share an equal portion of this cost in taxes and that the benefit of the public good is $500 for Matt, $280 for Joe, and $260 for Teresa.
In a majority vote, this proposal will most likely be defeated as there will be two against and one in favor. Joe and Teresa will be against it ane only Matt will be in support as he will receive more in benefit than the others.
Suppose a competitive firm pays a wage of $12 an hour and sells its product at $3 per unit. Assume that labor is the only input. If hiring another worker would increase output by five units per hour, then to maximize profits the firm should Group of answer choices
Answer:
The answer is 'hire the additional worker'
Explanation:
The firm should hire the additional worker.
An organization should hire additional workers to increase its profits if the marginal revenue product of labor is more than the wage rate.
Let's do the calculation:
The firm sells the product at $3
And hiring another product will increase the output by 5units
The total cost will be 3 x 5
= $15
And the firm pays the labour $13 for producing the 5 units.
The gain is $2 ($15 - $13).
Therefore, the firm should hire the additional worker.
A married man with a wife, a 10-year-old son, and a job that brings in $57,000 a year purchases life insurance. He uses the single parent method to determine how much to insure his wife's life. How much should the policy pay out
Answer:
$80,000
Explanation:
The calculation is fairly simple, just subtract the child's age from 18 = 18 - 10 = 8 years, and then multiply by $10,000.
The single parent method generally recommends that the parent that stays at home (in this case the wife) must be insured for approximately $10,000 for each year that the child needs to reach 18 and become an adult.
Assume a firm's resources and capabilities are costly to imitate. This is because rival companies do not clearly understand the relationship between the resources and capabilities controlled by the firm. In this case, the firm's competitive advantage is protected against imitation by causal ambiguity. dependence complexity. social complexity. path dependence.
Answer:
Option A (Causal ambiguity) is the correct choice.
Explanation:
Causal ambiguity seems to be the circumstance in which it would be difficult to properly link the results or potential impact of some kind of occurrence including its initial values as well as triggers in strategic decisions and therefore in the formulation of strategy.A category of instruments used throughout economic analysis to assess the competitive advantage of a firm is very much at its fingertips.The other given choice are not related to the given instance. So that option would be the appropriate choice.
In this case, the firm's competitive advantage is protected against imitation by causal ambiguity. Thus, option C is appropriate.
According to Einhorn and Hogarth (1986), causal ambiguity is a state of uncertainty that includes a lack of understanding and knowledge. However, performance turns into a matter of luck rather than strategy if no one within or outside of an organization is aware of the causal relationships between resources, activities, and outcomes.
A lack of comprehension of resource-competitive advantage cause-and-effect connections is referred to as causal ambiguity. Imitability is constrained by causal ambiguity.
Causal ambiguity simply means that it's not quite evident where your benefit came from.
Thus, option C is correct.
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how to calculagte this answer- A buyer is getting a fully amortized loan for $220,000. The bank will give the buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%. To the nearest dollar, what is the difference between the monthly payments for these two loans?
Answer: $409.20
Explanation:
given;
loan amount = $220,000
loan option 1 = 15 years at 5.5%
loan option 2 = 30 years at 6.5%
solution:
1. monthly payment for loan 1.
$220,000/$1000 = 220
15 years at 5.5% = $8.18 * 220
= $1799.60
2. monthly payments for loan 2.
30 years at 6.5% = $6.32 * 220
= $1390.40
difference between both monthly payments.
loan option 1 monthly payment - loan Option 2 monthly payment
= $1799.60 - $1390.40
= $409.20
The difference between the monthly payments for these two loans is $409.20
The calculation is as follows:monthly payment for loan 1.
$220,000 ÷ $1000 = 220
15 years at 5.5% = $8.18 × 220
= $1799.60
2. monthly payments for loan 2.
30 years at 6.5% = $6.32 × 220
= $1390.40
difference between both monthly payments.
= loan option 1 monthly payment - loan Option 2 monthly payment
= $1799.60 - $1390.40
= $409.20
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The following expenditures were incurred by Wildhorse Co. in purchasing land: cash price $83,000, accrued taxes $4,900, attorneys’ fees $3,400, real estate broker’s commission $1,700, and clearing and grading $3,600. What is the cost of the land? Cost of the land $enter the cost of the land in dollars
Answer: $ 96,600
Explanation:
Given, The following expenditures were incurred by Wildhorse Co. in purchasing land:
Cash price $83,000
Accrued taxes $4,900
Attorneys’ fees $3,400
Real estate broker’s commission $1,700
Clearing and grading $3,600.
Then, the cost of the land = Cash price + Accrued taxes + Attorneys’ fees + Real estate broker’s commission + Clearing and grading
= $(83,000 + 4,900 + 3,400 + 1,700 + 3,600)
= $ 96,600
Hence, Cost of the land = $ 96,600
On March 3, Sheridan Company sells $707, 700 of its receivables to National Factors Inc. National Factors Inc. assesses a service charge of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 5% of the amount of receivables sold.
Prepare the entry on Sheridan Company books to record the sale of the receivables.
Answer: The answer is given below
Explanation:
From the question, we are informed that on March 3, Sheridan Company sells $707, 700 of its receivables to National Factors Inc. National Factors Inc. assesses a service charge of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 5% of the amount of receivables sold.
The entry on Sheridan Company books to record the sale of the receivables has been prepared and attached. It should be noted that the service charge expense was calculated as:
= 5% × $707,700
= 0.05 × $707,700
= $35,385.
Other information has been attached.