Answer: Both Jeff and Sandra because of the employer's direct liability for wrongful hiring
Explanation:
Based on the information given above, both Jeff and Sandra are liable. Jeff committed the offence and Sandra is liable because of her direct liability for wrongful hiring.
Direct liability refers to an economic entity's legal obligation as a result of an act of negligence which results in damages to properties or injuries to humans.
Therefore, both Jeff and Sandra are liable.
Jose purchased a delivery van for his business through an online auction. His winning bid for the van was $27,250. In addition, Jose incurred the following expenses before using the van: shipping costs of $840; paint to match the other fleet vehicles at a cost of $1,800; registration costs of $4,488, which included $4,200 of sales tax and an annual registration fee of $288; wash and detailing for $87; and an engine tune-up for $337
Required:
What is Jose’s cost basis for the delivery van?
Answer:
$34,090
Explanation:
Calculation to determine Jose's cost basis for the delivery van
Using this formula
Delivery van cost basis=Price + Shipping cost + Paint + Sales tax
Let plug in the formula
Delivery van cost basis=$27,250 + $840 + $1,800 + $4,200
Delivery van cost basis = $34,090
Therefore Jose's cost basis for the delivery van will be $34,090
Suppose that Spain and Switzerland both produce beer and wine. Spain's opportunity cost of producing a bottle of wine is 4 brarrels of beer while Switzerland's opportunity cost of producing a bottle of wine is 10 barrels of beer.
By comparing the opportunity cost of producing wine in the two countries, you can tell that ____ has a comparative advantage int he production of wine and ___ has a comparative advantage in the production of beer.
Suppose that Spain and Switzerland consider trading wine and beer with each other. Spain can gain from specialization and trade as long as it receives mroe that ___ of beer for each bottle of wine it exports to Switzerland. Similarly, Switzerland can gain from trade as long as it receives more than ___ of wine for each barrel of beer it exports to Spain.
Based on your answer to the last question, which of the folloiwing terms of trade ( that is, price of wine in terms of beer) would allow both Switzerland and Spain to gain from trade?
a. 6 barrels of beer per bottle of wine
b. 3 barrels of beer per bottle of wine
c. 9 barrels of beer per bottle of wine
d. 18 barrels of beer per bottle of wine
Answer:
Spain has a comparative advantage in producing wine. While, Switzerland has a comparative advantage in Beer.
Explanation:
Spain's opportunity cost of producing a bottle of wine is 4 barrels of beer while Switzerland's opportunity cost of producing a bottle of wine is 10 barrels of beer.
Spain has a lower opportunity cost of producing wine. Thus, we can say that Spain has a comparative advantage in producing wine.
Spain's opportunity cost of producing a bottle of beer is 1/4 barrels of wine while Switzerland's opportunity cost of producing a bottle of beer is 1/10 barrels of wine.
Switzerland has a lower opportunity cost of producing beer. Thus, we can say that Switzerland has a comparative advantage in producing beer.
Spain's opportunity cost of producing a bottle of wine is 4 barrels of beer. Thus, it can import more than 4 barrels of beer for each bottle of wine it produces and export to Switzerland. Thus, Spain can gain from trade as long as it receives more than 4 barrels of beer for each bottle of wine it exports to Switzerland.
Switzerland's opportunity cost of producing a bottle of beer is 1/10 barrels of wine. Thus, it can import more than 1/10 barrels of wine for each bottle of beer it produces and export to Spain. Thus, Switzerland can gain from trade as long as it receives more than 1/10 barrels of wine for each bottle of beer it exports to Spain.
The price of wine in terms of beer must be between 4 and 10. So it can be
either 6 barrels of beer per bottle of wine or 9 barrels of beer per bottle of wine.
Addison, a human resource intern, was given an assignment by her manager that meant she must obtain information from other departments to complete it, but some departments refused to share information with an intern. Addison was frustrated because she did not have the power to get the information she needed. In the context of this situation, Addison's manager made the mistake of
Explanation:
It is correct to say that Addison's manager made the mistake of delegating responsibility to an employee without adequate authority. In this case, the manager should acknowledge his mistake and formalize his request in the form of a signed memorandum so that the departments could provide the information he needed knowing that it had been requested by an authoritative employee, the trainee being only the transmitter of the information. manager's message.
People are often involved in different activities. In the context of this situation, Addison's manager made the mistake of delegating responsibility without adequate authority.
A person that has been given a particular role must make sure to finish or accomplishes the tasks given to him. When a tasks is not completed, it makes one to give explanations or excuses.
When Responsibility is without adequate authority, this can result to discontent and dissatisfaction among people..
When one delegate responsibility, do ensure that the person set is accountable and also empower them with the right measure of authority.
Learn more about delegating responsibility fromhttps://brainly.com/question/648580
The following account balances come from the records of Ourso Company: Beginning Balance Ending Balance Accounts receivable $ 2,677 $ 3,600 Allowance for doubtful accounts 147 198 During the accounting period, Ourso recorded $12,350 of sales revenue on account. The company also wrote off a $183 account receivable. Required a. Determine the amount of cash collected from receivables.
Answer:
A. $10,694
B.$234
Explanation:
A. Calculation to Determine the amount of cash collected from receivables.
Beginning accounts receivable $ 2,677
Add Sales Revenue $11,800
Less Ending accounts receivable ($ 3,600)
Less Accounts receivable wrote off ($183)
Cash collected from receivables $10,694
Therefore the amount of cash collected from receivables will be $10,694
B. Calculation to Determine the amount of uncollectible accounts expense recognized during the period.
Beginning balance in Allowance for Doubtful Accounts 147
Less Accounts receivable wrote off ($183)
Less Ending balance in Allowance for Doubtful Accounts (198)
Uncollectible accounts expense $234
Therefore the amount of uncollectible accounts expense recognized during the period will be $234
Robert and Becca file jointly. They have taxable income of $60,000 in 2020 (before considering any capital gains or losses). They have a long-term capital gain of $28,000 and a long-term capital loss of $17,000 on sales of stock in the current year. What will their capital gains tax be in the current year
Answer: $0
Explanation:
We should note that based on the information given, Robert and Becca file jointly, therefore, their their capital gains tax be in the current year will be $0.
Assuming they filed separately, their capital gains tax be in the current year will be:
= 15% × ($28,000 - $17,000)
= 0.15 × $11000
= $1650.
But regarding the question, the answer is $0.
How to control quality?
Answer:
Explanation:
1. Set your quality standards.
In some industries, you may have to meet quality standards set by an outside body, such as an industry association, the local health and safety inspector, or a government regulatory agency. In others, there aren't any official quality standards, so you'll need to set your own.
Each department of your business will have different quality control standards. However, they must all be objectively measurable. For example, if you're developing quality control standards for your customer service team, “sounding friendly on the phone" is not a measurable standard. Measurable standards might include:
Answering all customer calls by the second ring
Responding to all customer service emails within four hours
Resolving customer service problems in five minutes or less
2. Decide which quality standards to focus on.
Of course, you want to ensure quality in all aspects of your operation. However, begin by focusing on the most important measures — those that have the biggest effect on your profits and your customer experience. This will enable you to get results quickly and also keeps you and your team from becoming overwhelmed.
For instance, if you own a restaurant, keeping the restrooms clean is definitely something to monitor in your quality control program—but not the most important thing. Getting orders out to customers quickly and accurately is a more important standard because it has a more direct effect on the quality of experience and customer satisfaction.
3. Create operational processes to deliver quality.
W. Edwards Deming, the founder of modern quality control, believed that well-designed processes lead to high-quality products and services. If you create good processes, continually measure the results of the processes, and work to consistently improve the process, your product or service will get better and better.
Starting with your critical operations, create step-by-step processes that include benchmarks. For instance, in a B2B company's accounting department, operational processes might require preparing and delivering invoices within 24 hours after a job is completed or a product is delivered. In a restaurant, operational processes might require servers to pick up food for delivery to the customer’s table within two minutes of it being prepared.
4. Review your results.
Most business software, from financial and accounting apps to customer relationship management or customer service tools, lets you customize the information you collect and use dashboards to view it at a glance. Review your data regularly to see how well your company is meeting its quality standards.
5. Get feedback.
Use measurable feedback from external sources, such as customer surveys, online ratings and reviews and net promoter scores (NPS), to get a fuller picture of product and service quality. Also, get regular feedback from employees. How well are the operational processes working to deliver quality? How could they be improved?
6. Make improvements.
Once you’re meeting your quality control standards, don't stop there. For example, if you own a residential cleaning service business and you can cut the time it takes your maids to clean a home by 25 percent, you’ll be able to handle 25 percent more business without hiring any additional employees. That will really boost your bottom line.
No matter how well your processes are running, quality control shows there's always room for improvement, and making small changes can pay off in big ways.
For calendar year 3, Clark Corp. had depreciation of $300,000 on its income statement. On its Year 3 tax return, Clark had depreciation of $500,000. Clark's income statement also included $50,000 accrued warranty expense that will be deducted for tax purposes when paid in a future year. Clark's enacted tax rates was 25% for all years. These were Clark's only temporary differences. The total deferred tax expense for year 3 should be:
Answer:
Clark Corp.
The total deferred tax expense for year 3 should be:
= $62,500.
Explanation:
a) Data and Calculations:
Accounting depreciation expense = $300,000
Tax depreciation expense = $500,000
Temporary Difference = $200,000 ($500,000 - $300,000)
Accrued Warranty Expense 50,000
Total temporary differences = $250,000
Clark's enacted tax rate = 25%
Total deferred tax expense = $62,500 ($250,000 * 25%)
A company purchased equipment valued at $190,000. It traded in old equipment for a $108,000 trade-in allowance and the company paid $82,000 cash with the trade-in. The old equipment cost $170,000 and had accumulated depreciation of $68,000. This transaction has commercial substance. What is the recorded value of the new equipment
Answer: $190,000
Explanation:
The recorded value of the new equipment will be the summation of the trade in allowance and the cash that was paid. This will be:
= $108,000 + $82,000
= $190,000
Capalbo Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 52,000 labor-hours. The estimated variable manufacturing overhead was $2.78 per labor-hour and the estimated total fixed manufacturing overhead was $1,192,360. The actual labor-hours for the year turned out to be 52,600 labor-hours. The predetermined overhead rate for the recently completed year was closest to:______.
a. $2.78
b. $25.45
c. $25.71
d. $22.93
Answer:
Predetermined overhead Absorption rate = $22.93. per labour hour
Explanation:
Predetermined Overhead absorption rate(POAR) = Estimate overhead /Estimated labour hours
Estimated overhead = $1,192,360
Estimated labour hours =52,000 hours
Overhead absorption rate = $1,192,360/52,000 hours =$22.93 per labour hour
Predetermined overhead Absorption rate = $22.93. per labour hour
Single Plantwide Factory Overhead Rate Scrumptious Snacks Inc. manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company has budgeted the following costs for the upcoming period: Factory depreciation $9,472 Indirect labor 23,475 Factory electricity 2,677 Indirect materials 5,560 Selling expenses 13,179 Administrative expenses 7,413 Total costs $61,776 Factory overhead is allocated to the three products on the basis of processing hours.The products had the following production budget and processing hours per case: Budgeted Processing Hours Volume (Cases) Per Case Tortilla chips 3,000 0.25 Potato chips 6,000 0.10 Pretzels 3,500 0.30 Total 12,500 If required, round all per unit answers to the nearest cent. Determine the single plantwide factory overhead rate. $ 86.25 X per processing hour.
Answer:
The single plantwide overhead rate= $4.94
Explanation:
The single factory wide overhead absorption rate is that which is used to charge overhead to different product units. The amount to be charged to units would depend on the number of processing hours required
The single plantwide overhead rate = Budgeted overhead/Budgeted processing hours
= 61,776/12,500=$4.94 per hour
The single plantwide overhead rate= $4.94
A manufacturing process consists of three processes. Step 1 requires 10 minutes per unit, step 2 requires 6 minutes per unit and step 3 requires 7 minutes per unit. 40% of units that complete the third step require rework, which means those units must start the process over at step 2 (processing times are the same for units being reworked) and rework is always successful. Demand at the shop is 0.4 units per minute.What is the capacity of the shop (in units per units per minute)?
Answer: 0.1 units per minute
Explanation:
Step 1 time = 10 minutes per unit
Step 2 time = 6 minutes + (0.4 * 6 minutes for those units reworked)
= 8.4 minutes
Step 3 time = 7 minutes + (0.4 * 7 minutes for those units reworked)
= 9.8 minutes
Step 1 will determine the process capacity because it is the one that takes the most time and therefore is the bottleneck process.
Capacity of process = 1 / Bottleneck minutes
= 1 / 10
= 0.1 units per minute
You manage an equity fund with an expected risk premium of 10% and an expected standard deviation of 15%. The rate on Treasury bills (risk-free rate) is 5%. Your client chooses to invest $60,000 of her portfolio in your equity fund and $40,000 in a T-bill money market fund. The expected return and standard deviation of your client's overall portfolio is:__________ a. 11.0% and 9.0% b. 10.0% and 8.4% c. 15.0% and 9.0% d. 5.0% and 15.0%
Answer:
Portfolio Mean return = 11%
Portfolio Stdev = 0.09 or 9%
Option a is the correct answer
Explanation:
The mean return of a portfolio consisting of two securities can be calculated by multiplying the weight of each security in the portfolio by the mean return of that security and adding the products for each security. The formula for two asset or security portfolio return (mean) can be written as follows,
Portfolio Mean = wA * rA + wB * rB
Where,
w represents the weight of each security r represents the mean return of each security
The return on the equity fund = risk free rate + risk premium
The return on the equity fund = 5% + 10% = 15%
Portfolio Mean return = 60% * 15% + 40% * 5%
Portfolio Mean return = 11%
The standard deviation is a measure of the total risk. The standard deviation of a portfolio consisting of two securities, one of which is a risk free security and has zero standard deviation, can be calculated as follows,
Portfolio Stdev = Weight of risky security * Standard deviation of risky security
Portfolio Stdev = 0.6 * 0.15
Portfolio Stdev = 0.09 or 9%
Duration measures Group of answer choices weighted-average time until a bond's half-life. weighted-average time until cash flow payment. the time required to make excessive profit from the investment. weighted-average time until a bond's half-life and the time required to make excessive profit from the investment. weighted-average time until cash flow payment and the time required to make excessive profit from the investment.
Answer:
weighted average time until cash flow payment.
Explanation:
Duration is simply known as a market value based model. It was set up so as to be able to manage interest rate risk. It is also defined as the effective measure of the interest rate risk of an asset.
Duration is commonly known as the weighted average time to maturity of a loan (fixed-income instrument) using the relative PV's of the CF's as weights. It is used commonly in bond investment and analysis application. it can be applied to individual fixed income instruments, a liability, or an entire portfolio.
features of duration includes: duration and maturity, duration & yield and duration & coupon.
The following production data were taken from the records of the Finishing Department for June:
Inventory in process, June 1, 30% completed 4,000 units
Completed units during June 65,000 units
Ending inventory, 60% completed 65,000 units
The number of materials equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories and materials were added at the beginning of the process, is:______
Answer:
the equivalent units of production related to the material is 126,000 units
Explanation:
The computation of the equivalent units of production related to the material is shown below:
= Completed units + Ending inventory units - Beginning inventory units.
= 65,000 units + 65,000 units - 4,000 units
= 126,000 units
hence, the equivalent units of production related to the material is 126,000 units
You overhear your coworker say that only the balance sheet and income statement are needed to evaluate a firm's financial health. Do you agree with this assessment? Why, or why no
Answer:
I do not agree.
Explanation:
The financial health of a company involves more elements than the balance sheet and the statement of results.
For the success or failure of a company to be truly evaluated, it is necessary that in addition to the factors shown above, it is necessary to analyze: the company's profitability in relation to its fixed and variable costs, the level of indebtedness, the balance point between demand and supply and gross and net profit.
As a project engineer, you received the AW analysis below from the finance department. It is for a new piece of equipment you ordered some months ago. You were told the interest rate used was 10% per year, but no first cost or projected salvage value was provided and you want to know them. Determine the values of P and S using the AW values for the year 3. Note: The AW values are equivalent values through the given year, not costs for the single year.
Answer and Explanation:
The computation of the value of P and the value of S is shown below:
For P
The Annual worth of the first cost for the year 3 is $18,899
Now
Annual worth = First Cost(A/P, 10%, 3)
$18,899 = P[0.1(1 + 0.1)^3 ÷ ((1 + 0.1)^3 - 1)]
$18,899 = 0.4021P
P = $46,999
For S
The Annual worth of the salvage value for the year 3 is $6,648
Now
Annual worth = Salvage value(A/F, 10%, 3)
$6,648 = S[0.1 ÷ ((1 + 0.1)^3 – 1)]
$6,648 = 0.30211S
S = $22,005
A Rhode Island company produces communion wafers for churches around the country and the world. The little company produces a lot of wafers, several hundred million per year. When in production, the process produces wafers at the rate of 112 per second. During this production process, the wafers must spend 12 minutes passing through a cooling tube.
Required:
How many wafers does the cooling tube hold on average when in production?
Answer:
80,640 wafers
Explanation:
Calculation to determine How many wafers does the cooling tube hold on average when in production
Using this formula
I = R x T
Where,
R = 112 wafers per second x 60
R = 6720 wafers per minute
T = 12 minutes
Let compute for I using the formula aboi
I = 6720 x 12
I = 80,640 wafers
Therefore How many wafers does the cooling tube hold on average when in production are 80,640 wafers
To calculate compound interest earnings, the formula requires that you know the amount of principal, the number of time periods, and
O the age of the depositor
O the amount of bank fees
o the interest rate
O the inflation rate
Answer:
the interest rate.
Explanation:
Compound interest is generally calculated based on the interest rate on a loan, principal and the accumulated interest gained from previous periods.
This ultimately implies that, to calculate compound interest earnings, the formula requires that you know the amount of principal, the number of time periods, and the interest rate.
To find the future value, we use the compound interest formula;
[tex] A = P(1 + \frac{r}{n})^{nt}[/tex]
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
n is the number of times the interest is compounded in a year.
t is the number of years for the compound interest.
6. Ruben earned a salary of $60,000 in 2001 and $80,000 in 2006. The consumer price index was 177 in 2001 and 221.25 in 2006. Ruben's 2001 salary in 2006 dollars is Ruben earned a salary of $60,000 in 2001 and $80,000 in 2006. The consumer price index was 177 in 2001 and 221.25 in 2006. Ruben's 2001 salary in 2006 dollars is
Answer:
Ruben's 2001 salary in 2006 dollars is $75,000.
Explanation:
This can be calculated as follows:
Ruben's 2001 salary = $60,000
Consumer price index in 2001 = 177
Consumer price index in 2006 = 221.25
Therefore, wee have:
Ruben's 2001 salary in 2006 dollars = Ruben's 2001 salary * (Consumer price index in 2006 / Consumer price index in 2001) ............... (1)
Substituting the relevant valued into equation (1), we have:
Ruben's 2001 salary in 2006 dollars = $60,000 * (221.25 / 177) = $75,000
Therefore, Ruben's 2001 salary in 2006 dollars is $75,000. This indicates that Reuben's purchasing power increased between 2001 and 2006.
Sunrise, Inc., has no debt outstanding and a total market value of $245,000. Earnings before interest and taxes, EBIT, are projected to be $19,000 if economic conditions are normal. If there is strong expansion in the economy, then EBIT will be 25 percent higher. If there is a recession, then EBIT will be 40 percent lower. The company is considering a $58,800 debt issue with an interest rate of 8 percent. The proceeds will be used to repurchase shares of stock. There are currently 5,000 shares outstanding. The company has a tax rate of 21 percent and the stock price remains constant.
a-1. Calculate earnings per share, EPS, under each of the three economic scenarios before any debt is issued. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
a-2. Calculate the percentage changes in EPS when the economy expands or enters a recession. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
b-1. Calculate earnings per share, EPS, under each of the three economic scenarios assuming the company goes through with recapitalization. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
b-2. Given the recapitalization, calculate the percentage changes in EPS when the economy expands or enters a recession. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
Answer:
hi
Explanation:
Lewis Incorporated and Clark Enterprises report the following amounts for the year. Lewis Clark Inventory (beginning) $18,000 $44,000 Inventory (ending) 12,000 54,000 Purchases 174,000 181,600 Purchase returns 9,000 54,000 Required:1. Calculate cost of goods sold for each company.2. Calculate the inventory turnover ratio for each company.3. Calculate the average days in inventory for each company.
4. Explain which company appears to be managing its inventory more efficiently.
Answer:
Lewis Incorporated and Clark Enterprises
Lewis Clark
1. Cost of goods sold $171,000 $117,600
2. Inventory turnover ratio 11.4 2.4
3. Average days in inventory 32 152
4. Given the ratios and the figures, Lewis Incorporated is managing its inventory more efficiently than Clark Enterprises.
Explanation:
a) Data and Calculations:
Lewis Clark
Inventory (beginning) $18,000 $44,000
Purchases 174,000 181,600
Purchase returns (9,000) (54,000)
Inventory (ending) (12,000) (54,000)
Cost of goods sold $171,000 $117,600
Inventory (beginning) $18,000 $44,000
Inventory (ending) 12,000 54,000
Total inventory $30,000 $98,000
Average inventory $15,000 $49,000
Inventory turnover ratio = Cost of goods sold/Average Inventory
Cost of goods sold $171,000 $117,600
Average inventory $15,000 $49,000
Inventory turnover
ratio 11.4 2.4
Average days in inventory = 365/Inventory turnover ratio
= 32 152
Assume Caterpillar, Inc. (CAT) reports investments in affiliated companies, consisting mainly of its 50% ownership of Shin Caterpillar Mitsubishi, Ltd. Caterpillar reports those investments on its balance sheet at $576 million, and provides the following footnote in its 10-K report.
Investments in unconsolidated affiliated companies Our investments in affiliated companies accounted for by the equity method consist primarily of a 50% interest in Shin Caterpillar Mitsubishi Ltd. (SCM) located in Japan. Combined financial information of the unconsolidated affiliated companies accounted for by the equity method (generally on a three-month lag, e.g., SCM results reflect the periods ending September 30) was as follows:
Years Ended December 31 (Millions of Dollars) 2011 2010 2009
Results of operations:
Sales $4,007 $4,420 $4,140
Cost of sales 3,210 3,526 3,257
Gross profit $797 $894 $883
Profit $157 $187 $161
Caterpillar's profit $73 $81 $73
Sales from SCM to Caterpillar of approximately $1.67 billion, $1.81 billion and $1.73 billion in 2011, 2010 and 2009 respectively, are included in the affiliated company sales. In addition, SCM purchased $268 million, $273 million and $282 million of products from Caterpillar in 2011, 2010 and 2009, respectively.
December 31 (Millions of Dollars) 2011 2010 2009
Financial position:
Assets
Current assets $2,062 $1,807 $1,714
Property, plant and equipment-net 1,286 1,119 1,120
Other assets 173 176 194
3,521 3,102 3,028
Liabilities
Current liabilities 1,546 1,394 1,348
Long-term debt due after one year 269 309 318
Other liabilities 393 145 188
2,208 1,848 1,854
Ownership $1,313 $1,254 $1,174
Ceterpillar's investment in unconsolidated affiliated
companies, December 31 (millions of dollars) 2011 2010 2009
Investment in equity method companies $576 $542 $540
Plus: Investment in cost method companies 16 20 25
Investment in unconsolidated affiliated companies $592 $562 $565
Required:
What assets and liabilities of unconsolidated affiliates are included on CAT's balance sheet as a result of the equity method of accounting for those investments?
Answer:
The assets and liabilities of the unconsolidated affiliates are not included on CAT's balance sheet using the equity method of accounting.
The only accounts that are included are CAT's investments in the unconsolidated affiliated companies of $592, $562, and $565 for the three years and CAT's share of Shin Caterpillar Mitsubishi, Ltd. profits or losses, totalling $157, $187, and $161 for the years 2011, 2010, and 2009 respectively.
Explanation:
a) Data:
Caterpillar's investment in unconsolidated affiliated companies,
December 31 (millions of dollars) 2011 2010 2009
Investment in equity method companies $576 $542 $540
Plus: Investment in cost method companies 16 20 25
Investment in unconsolidated affiliated companies $592 $562 $565
Shin Caterpillar Mitsubishi, Ltd.
December 31 (millions of dollars) 2011 2010 2009
Profit $157 $187 $161
Caterpillar's share (50%) $78.5 $93.5 $80.5
b) The equity method does not require consolidating the accounts of the subsidiaries with the parent's. The parent reports its investments in the and its share of profits from the subsidiaries.
The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,935 cash in full payment of Arlene’s account. Apr. 3. Wrote off the $11,090 balance owed by Premier GS Co., which is bankrupt. July 16. Received 25% of the $19,900 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,155 cash in full payment. Dec. 31. Wrote off the following accounts as uncollectible (one entry): Cavey Co.,$8,340; Fogle Co., $2,475; Lake Furniture, $6,365; Melinda Shryer, $1,800. Dec. 31. Based on an analysis of the $979,800 of accounts receivable, it was estimated that $42,600 will be uncollectible. Journalized the adjusting entry.
Answer:
The Wild Trout Gallery
Adjusting Journal Entry:
Dec. 31:
Debit Bad Debts Expense $87,595
Credit Allowance for Doubtful Accounts $87,595
To record bad debts expense for the year and bring the Allowance for Doubtful Accounts to a credit balance of $42,600.
Explanation:
a) Data and Analysis:
Jan. 19: Accounts receivable (Arlene Gurley) $1,935 Allowance for Doubtful Accounts $1,935
Apr. 3: Allowance for Doubtful Accounts $11,090 Accounts receivable (Premier GS Co.) $11,090
July 16: Cash $4,975 Allowance for Doubtful Accounts $14,925 Accounts receivable (Hayden Co.) $19,900
Nov. 23: Accounts receivable (Harry Carr) $3,155 Allowance for Doubtful Accounts $3,155
Dec. 31: Allowance for Doubtful Accounts $18,980 Accounts receivable $18,980 (Cavey Co.,$8,340; Fogle Co., $2,475; Lake Furniture, $6,365; Melinda Shryer, $1,800)
Dec. 31: Bad Debts Expense $87,595 Allowance for Doubtful Accounts $87,595
Allowance for Doubtful Accounts
Accounts Title Debit Credit
Accounts receivable (Arlene Gurley) $1,935
Accounts receivable
(Premier GS Co.) $11,090
Accounts receivable
(Hayden Co.) $14,925
Accounts receivable (Harry Carr) $3,155
Accounts receivable $18,980
Bad Debts $82,505
Balance c/d $42,600
Aloma, a university graduate who started a successful business, wants to start an endowment in her name that will provide scholarships to CE students. She wants the scholarship to provide $11,000 per year and expects the first one to be awarded on the day she fulfills the endowment obligation. If Aloma plans to donate $250,000, what rate of return must the university realize in order to award the annual scholarship forever
Answer:
the rate of return is 4.60%
Explanation:
The computation of the rate of return is shown below;
= Scholarship provided per year ÷ (Expected donated amount - Scholarship provided per year)
= $11,000 ÷ ($250000 - $11,000)
= $11,000 ÷ $239,000
= 4.60%
Hence, the rate of return is 4.60%
A fee charged by a mutual fund company when selling a mutual fund is
Answer: back end load
Explanation:
It just is
A fee charged by a mutual fund company when selling a mutual fund is the shareholder fee.
What is a mutual fund?A mutual fund is a professionally managed investment vehicle that pools money from a number of individuals to buy securities.
The word is commonly used in the United States, Canada, and India, with similar structures such as the SICAV in Europe and the open-ended investment company in the United Kingdom.
Any costs a person pay when buying or selling fund shares are known as shareholder fees. These are usually one-time expenses.
They include operating charges for the mutual fund, such as investment advising fees.
Therefore, a shareholder fee is charged by the mutual fund company when selling a mutual fund.
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Uptown Bank provides lockbox services. They estimate that you can reduce your average mail time by 2.2 days and your combined clearing and processing time by .75 days by implementing their system. Your firm receives 65 checks a day with an average value of $298 each. The current T-Bill rate is .01 percent per day. Assume a 365-day year. The bank will charge your firm $.15 per check. What is the annual net savings from installing this system?
Answer: $1473.067
Explanation:
First, we calculate the total time that's saved by the firm when it installs the lockbox services. This will be:
= 2.2 days + 0.75 days
= 2.95 days
Then, the gross amount that the firm will save will be:
= 65 × 2.95 × 298 × 0.01%
= $5.7142 per day
Since the bank charges the firm $0.15 per check and the firm receives 65 checks per day, the total cost to the firm will then be:
= 65 × $0.15
= $9.75 per day
The net loss will then be calculated as:
= $9.75 - $5.7142
= $4.0358 per day
Then, to get that for annual, we multiply the above value by 365. This will be:
= $4.0358 × 365
= $1473.067 per annum.
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company: Apr. 2. Swan Company sold merchandise on account to Bird Company, $19,900, terms FOB shipping point, 1/10, n/30. Swan Company paid freight of $435, which was added to the invoice. The cost of the merchandise sold was $12,500. 8. Swan Company sold merchandise on account to Bird Company, $25,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $15,000. 8. Swan Company paid freight of $650 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $11,200, terms FOB shipping point, n/45. The cost of the merchandise sold was $6,700. 26. Bird Company paid freight of $280 on April 24 purchase from Swan Company. Required: 1. Journalize the April transactions for Bird Company (the buyer). If an amount box does not require an entry, leave it blank.
Answer:
1. Bird Company (Buyer)
Apr-02 Dr Merchandise Inventory $20,335
Cr Accounts Payable $20,335
Apr-08 Dr Merchandise Inventory $25,000
Cr Accounts Payable $25,000
Apr-08 No entry
Apr-12 Dr Accounts Payable $20,335
Cr Cash $19,937
Cr Merchandise Inventory $ 398
Apr-18 Dr Cash $ 2,000
Cr Merchandise Inventory $ 2,000
Apr-23 Dr Accounts Payable $25,000
Cr Cash $24,750
Cr Merchandise Inventory $ 250
Apr-24 Dr Merchandise Inventory $11,200
Cr Accounts Payable $11,200
Apr-26 Dr Merchandise Inventory $280
Cr Cash $280
2.Swan Company (Seller)
Apr-02 Dr Accounts Receivable $20,335
Cr Sales Revenue $19,900
Cr Cash $435
Dr Cost of Goods Sold $12,500
Dr Merchandise Inventory $12,500
Apr-08 Dr Accounts Receivable $ 25,000
Cr Sales Revenue $ 25,000
Dr Cost of Goods Sold $15,000
Cr Merchandise Inventory $15,000
Apr-08 Dr Delivery Expense $650
Cr Cash $650
Apr-12 Dr Cash $19,937
Dr Sales Discounts $ 398
Cr Accounts Receivable $20,335
Apr-18 Dr Sales Returns and allowances $ 2,000
Cr Cash $ 2,000
Apr-23 Dr Cash $ 24,750
Dr Sales Discounts $ 250
Cr Accounts Receivable $25,000
Apr-24 Dr Accounts Receivable $11,200
Cr Sales Revenue $11,200
Dr Cost of Goods Sold $6,700
Cr Merchandise Inventory $6,700
Apr-26 No entry
Explanation:
1. Preparation of the journal entry for Bird Company (the buyer).
Bird Company (Buyer)
Apr-02 Dr Merchandise Inventory $20,335
Cr Accounts Payable $20,335
($19,900+$435)
Apr-08 Dr Merchandise Inventory $25,000
Cr Accounts Payable $25,000
Apr-08 No entry
Apr-12 Dr Accounts Payable $20,335
($19,900+$435)
Cr Cash $19,937
($20,334-$398)
Cr Merchandise Inventory $ 398
($19,900*2%)
Apr-18 Dr Cash $ 2,000
Cr Merchandise Inventory $ 2,000
Apr-23 Dr Accounts Payable $25,000
Cr Cash $24,750
($25,000-$250)
Cr Merchandise Inventory $ 250
(1%*$25,000)
Apr-24 Dr Merchandise Inventory $11,200
Cr Accounts Payable $11,200
Apr-26 Dr Merchandise Inventory $280
Cr Cash $280
2. Preparation of the journal entry for Bird Company the (Seller).
Swan Company (Seller)
Apr-02 Dr Accounts Receivable $20,335
($19,900+$435)
Cr Sales Revenue $19,900
Cr Cash $435
Dr Cost of Goods Sold $12,500
Dr Merchandise Inventory $12,500
Apr-08 Dr Accounts Receivable $ 25,000
Cr Sales Revenue $ 25,000
Dr Cost of Goods Sold $15,000
Cr Merchandise Inventory $15,000
Apr-08 Dr Delivery Expense $650
Cr Cash $650
Apr-12 Dr Cash $19,937
($20,335-$398)
Dr Sales Discounts $ 398
(2%*$19,900)
Cr Accounts Receivable $20,335
(19,900+435)
Apr-18 Dr Sales Returns and allowances $ 2,000
Cr Cash $ 2,000
Apr-23 Dr Cash $ 24,750
Dr Sales Discounts $ 250
(1%*25,000)
Cr Accounts Receivable $25,000
Apr-24 Dr Accounts Receivable $11,200
Cr Sales Revenue $11,200
Dr Cost of Goods Sold $6,700
Cr Merchandise Inventory $6,700
Apr-26 No entry
The U.S. Chamber of Commerce provides a free monthly bank reconciliation template at business.uschamber/tools/bankre_m.asp. Hanna Lind just received her bank statement notice online. She wants to reconcile her checking account with her bank statement and has chosen to reconcile her accounts manually. Her checkbook shows a balance of $715. Her bank statement reflects a balance of $1,386. Checks outstanding are No. 2146, $53; No. 2148, $93; No. 2152, $178; and No. 2153, $490. Deposits in transit are $122 and $77. There is a $18 service charge and $9 ATM charge in addition to notes collected of $68 and $15.
Prepare Hanna’s bank reconciliation.
Answer:
Hanna’s bank reconciliation Statement.
Balance as per Bank Statement $1,386
Add Outstanding Lodgments :
Lodgments ($122 + $77) $199
Less Unpresented Checks :
No. 2146, $53
No. 2148, $93
No. 2152, $178
No. 2153, $490 ($814)
Balance as per Cash Book $771
Explanation:
The Bank Reconciliation Statement is used to provide an accurate cash balance figure and is prepared as above.
2
Type the correct answer in the box. Spell all words correctly.
Why are we forced to make choices in day-to-day life?
resources.
We are forced to make choices in day-to-day life because Recourses
Answer:
help us stay alive and live
Explanation:
Sole Purpose Shoe Company is owned and operated by Sarah Charles. The company manufactures casual shoes, with manufacturing facilities in your state. Sarah began the business this year, and while she has a great deal of experience in manufacturing popular and comfortable shoes, she needs some help in evaluating her results for the year, and asks for your help.
Sarah’s first questions for you have to do with the general ideas and terminology used to evaluate variances.
1. Why might Sarah want to use standard costs to compare with her actual costs?
a. Management can evaluate the differences between standard costs and actual costs to focus on correcting the cost variances.
b. Standard costs give management a cost structure for products that is applicable for the entire life of the business.
c. Standard costs allow management to motivate employees by comparing their performance to what it would be under perfect conditions.
2. What are some possible drawbacks to using standard costs that Sarah might consider? Check all that apply.
a. Since standards are impossible to attain, they are a distraction from the work at hand.
b. Since standards never change, they do not reflect reality.
c. Standards limit operating improvements because employees may be discouraged from improving beyond the standards.
d. Employees may focus only on efficiency improvement and their own operations rather than considering the larger objectives of the organization.
e. Standards may become "stale" in a dynamic manufacturing environment.
Answer:
1. The reason Sarah might want to use standard costs to compare with her actual costs is:
a. Management can evaluate the differences between standard costs and actual costs to focus on correcting the cost variances.
2. Drawbacks of using Standard Costs are:
c. Standards limit operating improvements because employees may be discouraged from improving beyond the standards.
d. Employees may focus only on efficiency improvement and their own operations rather than considering the larger objectives of the organization.
e. Standards may become "stale" in a dynamic manufacturing environment.
Explanation:
Standard costs encourage the pursuit of management goals. They are the costs that should be under a particular type of circumstances. They are usually compared with actual costs to determine their differences or variances. Their use helps management to focus on how to improve overall performance.