Answer:
the no of days for personal use and rental use is 44 days and 58 days respectively
Explanation:
The computation of the no of days for personal use and rental use is as follows:
For personal use
= 22 + 10 + 8 + 4
= 44 days
And, for rental use it is equivalent to the given rented days i.e. 58 days
hence, the no of days for personal use and rental use is 44 days and 58 days respectively
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, to construct a four-story office building. At that time, Curtiss estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $4,660,000. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Axelrod under the contract were as follows:
At 12-31-2021 At 12-31-2022 At 12-31-2023
Percentage of completion 10% 60% 100%
Costs incurred to date $370,000 $2,982,000 $5,031,000
Estimated costs to complete 3,330,000 1,988,000 0
Billings to Axelrod, to date 731,000 2,390,000 4,660,000
Required:
a. Compute gross profit or loss to be recognized as a result of this contract for each of the three years.
b. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years.
c. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2021 and 2022 as either cost in excess of billings or billings in excess of costs.
Answer:
Explanation:
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, to construct a four-story office building. At that time, Curtiss estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $4,420,000. Curtiss concludes that the contract does not qualify for revenue recognition over time. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Axelrod under the contract were as follows: Percentage of completion Costs incurred to date Estimated costs to complete Billings to Axelrod, to date At 12-31-2021 At 12-31-2022 At 12-31-2023 10% 60% 100% $ 366,000 $2,814,000 $4,747,000 3, 294,000 1,876,000 727,000 2,310,000 4,420,000
Required:
1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years.
2. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years.
3. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2021 and 2022 as either cost in excess of billings or billings in excess of costs.
June 30. Budgeted sales and cash payments for merchandise for the next three months follow: Budgeted April May June Sales $ 31,700 $ 40,300 $ 24,300 Cash payments for merchandise 20,800 16,500 16,900 Sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12,300 in cash, $12,300 in accounts receivable, $11,300 in accounts payable, and a $2,300 balance in loans payable. A minimum cash balance of $12,300 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 2% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and include sales commissions (5% of sales), shipping (3% of sales), office salaries ($5,300 per month), and rent ($3,300 per month). Prepare a cash budget for each of the months of April, May, and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.)
Answer:
From the attached excel file, we have:
a. Ending Cash Balance:
April = $12,300
May = $17,815
June = $21,071
b. Loan Balance End of Month:
April = $2,962
May = $0
June = $0
Explanation:
Note: The opening sentences of the question is as follows:
Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and cash payments for merchandise for the next three months follow:
Budgeted April May June
Sales $31,700 $40,300 $24,300
Cash payments for merchandise 20,800 16,500 16,900
Other information is correctly sated in the question:
The explanation of the answers is now given as follows:
Note: See the attached excel file for the cash budget.
Also note that nothing is mentioned about when the accounts payable of $11,300 will paid in cash. Therefore, it is not treated in the cash budget prepared.
In the attached excel file, the following calculations is made:
April additional loan = Minimum required cash balance - April Preliminary cash balance = $12,300 - $11,638 = $662
These financial conglomerates provide a range of services, such as investment banking, commercial banking, and financial advising. They are owned by members so that members can share funds among themselves. Members who save deposit the funds. These funds are then loaned to members who need the funds. With the use of advanced investment techniques, these largely unregulated portfolios are invested in securities. The investment objective is to offset potential losses by investing in counterbalancing securities. They are open to only a select class of investors.
Answer:
These financial conglomerates provide a range of services, such as investment banking, commercial banking, and financial advising. ⇒ FINANCIAL SERVICES CORPORATIONS.
The institution described is a Financial Services Corporation as they offer many services to customers including all the above services. The firm type depends on the services it offers.
They are owned by members so that members can share funds among themselves. Members who save deposit the funds. These funds are then loaned to members who need the funds. ⇒ CREDIT UNIONS.
This is a Credit Union. Credit Unions were designed to ensure that people had access to low interest loans. They are like banks in that they loan money but they only loan to members. Members own the Union and it is run on a non-profit basis which is why rates are so low.
With the use of advanced investment techniques, these largely unregulated portfolios are invested in securities. The investment objective is to offset potential losses by investing in counterbalancing securities. They are open to only a select class of investors. ⇒ HEDGE FUNDS.
Hedge funds invest in derivatives a lot and are largely unregulated. They use very advanced investment techniques to earn high returns for their exclusive class of investors who pool funds to provide the Hedge fund with capital for investment.
Caruso Inc., which produces a single product, has provided the following data for its most recent month of operations: Number of units produced 4,000 Variable costs per unit: Direct materials $ 39 Direct labor $ 71 Variable manufacturing overhead $ 5 Variable selling and administrative expense $ 8 Fixed costs: Fixed manufacturing overhead $ 220,000 Fixed selling and administrative expense $ 308,000 There were no beginning or ending inventories. The unit product cost under variable costing was: Multiple Choice
Answer: $115
Explanation:
Based on the information given in the question, the unit product cost under variable costing will be calculated as:
= Direct materials + Direct labor + Variable manufacturing overhead
= $39 + $71 + $5
= $115
Therefore, the unit product cost under variable costing was $115.
A price ceiling is Group of answer choices often imposed on markets in which "cutthroat competition" would prevail without a price ceiling. a legal maximum on the price at which a good can be sold. often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price ceiling. All of the above are correct.
Answer:
. a legal maximum on the price at which a good can be sold
Explanation:
price ceiling can be regarded as price Control usually imposed by government or group on Products/ services so that how high a price is been charged can be control/ limit. It is a way government utilized in protection of consumer from buying too expensive commondities i.e buying at extreme price. It should be noted that a price ceiling is a legal maximum on the price at which a good can be sold
Projects A and B are mutually exclusive. Project A has cash flows of −$10,000, $5,100, $3,400, and $4,500 for Years 0 to 3, respectively. Project B has cash flows of −$10,000, $4,500, $3,400, and $5,100 for Years 0 to 3, respectively. What is the crossover rate for these two projects?Projects A and B are mutually exclusive. Project A has cash flows of −$10,000, $5,100, $3,400, and $4,500 for Years 0 to 3, respectively. Project B has cash flows of −$10,000, $4,500, $3,400, and $5,100 for Years 0 to 3, respectively. What is the crossover rate for these two projects?
Presented below is information related to Bobby Engram Company.
Cost Retail
Beginning inventory $58,000 $100,000
Purchases (net) 122,000 200,000
Net markups 10,345
Net markdowns 26,135
Sales revenue 186,000
Required:
a. Compute the ending inventory at retail.
b. Compute a cost-to-retail percentage (round to two decimals) under the following conditions.
1. Excluding both markups and markdowns.
2. Excluding markups but including markdowns.
3. Excluding markdowns but including markups.
4. Including both markdowns and markups.
Answer:
A. $ 98,210
B1. Cost to retail percentage 60%
B2. Cost to retail percentage 65.73 %
B3. Cost to retail percentage 58 %
B4. Cost to retail percentage 63.33 %
Explanation:
A. Computation for the ending inventory at retail
Inventory at Retail
Beginning Inventory $ 100,000
Purchase ( Net ) $ 200,000
Net Markup $ 10345
Less Net Markdown ($26,135)
Less Sales Revenue ($ 186,000)
Ending Inventory $ 98,210
Therefore the ending inventory at retail will be $ 98,210
B1) Computation for a cost-to-retail percentage
Excluding both markups and markdowns.
Cost to Retail Percentage
Excluding both Markup and Markdown
Cost Retail
Beginning Inventory $ 58,000 $ 100,000
Purchase (Net) $ 122,000 $ 200,000
Total $ 180,000 $ 300,000
Cost to retail percentage = $180,000/$300,000 Cost to retail percentage = 60%
B2. Computation for a cost-to-retail percentage Excluding Markups but Including Markdown
Cost Retail
Beginning Inventory $ 58,000 $ 100,000
Purchase (Net) $ 122,000 $ 200,000
Less Mark down ($ 26,135)
Total $ 180,000 $273,865
Cost to retail percentage= $180,000 /$ 273,865*100
Cost to retail percentage= 65.73 %
B3. Computation for a cost-to-retail percentage Excluding Markdowns but including Markups
Cost Retail
Beginning Inventory $ 58,000 $ 100,000
Purchase Net $ 122,000 $ 200,000
Add Net Markups $ 10,345
Total $180,000 $ 310,345
Cost to retail percentage = $180,000 / $ 310,345*100
Cost to retail percentage = 58 %
B4. Computation for a cost-to-retail percentage Including both Markups and Markdown
Cost Retail
Beginning Inventory $58,000 $100,000
Purchase Net $ 122,000 $ 200,000
Net Markups $ 10,345
Less Net Mardown ($26,135)
Total $ 180,000 $ 284,210
Cost to retail percentage = $ 180,000/ $ 284,210 × 100
Cost to retail percentage = 63.33 %
Therefore the cost-to-retail percentage are:
B1. Cost to retail percentage 60%
B2. Cost to retail percentage 65.73 %
B3. Cost to retail percentage 58 %
B4. Cost to retail percentage 63.33 %
Ornaments, Inc.,is an all-equity firm with a total market value of $520,000 and 18,500 shares of stock outstanding. Management believes the earnings before interest and taxes (EBIT) will be $73,000 if the economy is normal. If there is a recession, EBIT will be 10% lower, and if there is a boom, EBIT will be 20% higher. The tax rate is 40%. What is the EPS in a recession?
Answer:
Ornaments, Inc.
In a recession, the EPS is $2.13 per share.
Explanation:
a) Data and Calculations:
Normal Recession Boom
EBIT $73,000 $65,700 (10% lower) $87,600 (20% higher)
Taxes (40%) 29,200 26,280 35,040
Net income $43,800 $39,420 $52,560
EPS = $2.37 $2.13 $2.84
= Net Income/18,500 or (EBIT -(1 - 40%))/Outstanding shares
EPS = Earnings per share. It is computed by dividing the net income by the number of outstanding shares. It indicates how much dollars Ornaments, Inc. makes for each share held by a common stockholder.
Identify what type of unemployment each of the individuals faces.
1. James is an architect who has been laid off owing to a slump in the demand for property. He feels he will have to wait until the economy picks up before he can get a new job. James is facing Eric is an experienced project manager who lost his job at a tech start-up because the company's product failed to become popular. He is confident he can get a new job and has already rejected a number of offers.
2. Eric is facing Craig lost his job several months ago. He is having a hard time finding a job that pays him more than unemployment insurance does.
3. Craig is facing Sarah is a recent economics graduate who is entering a difficult labor market, due to a severe recession. She is continuing to look for work but is having a hard time getting interviews.
4. Sarah is facing Hamid has just graduated as a lawyer from an esteemed law school. He is confident of getting a job and has already refused a few lower‑paying jobs.
5. Hamid has just graduated as a lawyer from an esteemed law school. He confident of getting a job and has already refused a few lower paid jobs.
Answer:
1.James - CYCLICAL UNEMPLOYMENT
Eric frictional unemployment
2.Craig - structural unemployment
3. Sarah cyclical unemployment
4. Hamid - frictional unemployment.
Explanation:
structural unemployment is an unemployment that occurs as a result of changes in the economy. These changes can be as a result of changes in technology, polices or competition . Structural unemployment tends to be permanent.
Frictional unemployment . the period of time a person is unemployed from the period he leaves his current job and the time he gets another job.
Voluntary unemployment : e.g. worker at a fast-food restaurant who quits work and attends college.
Cyclical unemployment : it occurs as a result of fluctuations in the economy. Unemployment would be high in a downturn and low in a boom
Larry writes scripts for TV shows. The show he currently works for, Curb, required him to sign a contract prohibiting him from writing scripts for any other TV shows while working for Curb. Larry has run in to some trouble recently, after making it appear that he was responsible for a fire that burnt down the home of his friend, Jerry. Larry swears it was not his fault, but Jerry demands that Larry write the script of a competing TV show to compensate Jerry for the loss of the house. If Larry writes for this show while working for Curb, will a court likely enforce the non-compete agreement against Larry?
a. Yes, it is likely to be enforceable during Larryâs employment with Curb.
b. A court would bar this prohibition because it is exculpatory.
c. This prohibition against competing is enforceable only after Larry quits Curb.
d. No, the restriction is unenforceable as a restraint on trade and is against public policy.
Answer:
a. Yes, it is likely to be enforceable during Larry's employability with Curb.
Explanation:
Larry has signed a contract with Curb that he will not be writing script for any other show while he is working with him. If Larry writes the script for Jerry he will be held responsible for breach of contract terms, and the agreement is likely to be enforceable by court against Larry.
Statute of frauds is used as a defense to a lawsuit and not as an offense. For example, S owns a lot that B wishes to purchase. They enter into a verbal contract whereby B will deliver $6,000 at noon on Friday to S, and S will provide B with the deed to the property. If either party breaches the contract for the sale of the real estate lot and is sued by the other party, the defendant may raise statute of frauds as a defense, saying that there is nothing in writing or signed by the defendant.
Required:
What is the result?
Answer:
Since both parties can breach the contract without fearing any penalty as a result of doing it, its execution will depend on the good will of both parties. It will also require a coordinated action where B hands out the money at the same time they are receiving the deed. If both things do not occur simultaneously, for example, S promises to deliver the deed the next day or B promises to pay the next day, they will not do it. For example, B pays the $5,000 and S decides to increase the price to $10,000. Or S gives the deed and B says that the agreed price was $1,000.
In 2019, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference
Answer:
Total tax ( Sheryl ) = $802
Explanation:
Tax status of Sheryl = Single
The rates to be used are
Tax rate = 10% for single taxpayers with income between $0 through $9700Tax for income from estates that is between $2600 through $9300 will be $260 + 24% of excess over $2600kiddie tax is applicable on earned income above $2200 ( defined by IRS )
attached below is a detailed table
Genesis Scents has two divisions: the Cologne Division and the Bottle Division. The Bottle Division produces containers that can be used by the Cologne Division. The Bottle Division's variable manufacturing cost is $2, shipping cost is $0.10, and the external sales price is $3. No shipping costs are incurred on sales to the Cologne Division, and the Cologne Division can purchase similar containers in the external market for $2.60. The Bottle Division has sufficient capacity to meet all external market demands in addition to meeting the demands of the Cologne Division. Using the general rule, the transfer price from the Bottle Division to the Cologne Division would be:
Answer:
Hence, the minimum transfer price = $2
Explanation:
Transfer price is the price at which goods are exchange between branches or divisions of the same group
Where a division is operating at the less than the existing capacity, to optimist the group profit, the minimum transfer price should be set as follows
Minimum transfer price = Variable cost
It is worthy of note that there is no opportunity cost associated with any transfer to the Cologne division because the Bottle division is currently having excess capacity- it can meets all demands both external and internal.
Therefore, any offering price equal to or above the variable manufacturing cost of $2 would be acceptable and optimize the group profit.
Hence, the minimum transfer price = $2
Assume that Amazon has a stock-option plan for top management. Each stock option represents the right to purchase a share of Amazon $1 par value common stock in the future at a price equal to the fair value of the stock at the date of the grant. Amazon has 4,900 stock options outstanding, which were granted at the beginning of 2020. The following data relate to the option grant. Exercise price for options $39 Market price at grant date (January 1, 2020) $39 Fair value of options at grant date (January 1, 2020) $6 Service period 5 years. The following data relate to the option grant.
Exercise price for options $38
Market price at grant date (January 1, 2017) $38
Fair value of options at grant date (January 1, 2017) $6
Service period 5 years
Required:
a. Prepare the journal entries for the first year of the stock-option plan.
b. Prepare the journal entries for the first year of the plan assuming that, rather than options, 700 shares of restricted stock were granted at the beginning of 2017.
Answer:
A. 1/1/2020
No entry
12/31/2020
Dr Compensation Expense $5,880
Cr Paid-in Capital—Stock Options $5,880
B. 1/1/2020
Dr Unearned Compensation $26,600
Cr Common Stock $700
Cr Paid-in Capital in Excess of Par $25,900
12/31/2020
Dr Compensation Expense $5,320
Cr Unearned Compensation $5,320
Explanation:
A. Preparation of the journal entries for the first year of the stock-option plan.
1/1/2020
No entry
12/31/2020
Dr Compensation Expense $5,880
($6 X 4,900 ÷ 5)
Cr Paid-in Capital—Stock Options $5,880
B. Preparation of the journal entry (ies) for the first year of the plan assuming that 700 shares of restricted stock were granted at the beginning of 2020.
1/1/2020
Dr Unearned Compensation $26,600
($38 X 700)
Cr Common Stock $700
($1 X 700)
Cr Paid-in Capital in Excess of Par $25,900
($26,600-$700)
12/31/2020
Dr Compensation Expense $5,320
($26,600 ÷ 5)
Cr Unearned Compensation $5,320
Describe good cash management practices involving inventory purchases. (Check all that apply.) Multiple select question. Buyers should take advantage of early payment discounts. Inventory should be purchased with cash whenever possible. Invoices should be paid on the last day of the discount period. Invoices should be paid on the first day of the discount period.
Answer:
Invoices should be paid on the last day of the discount period.
Buyers should take advantage of early payment discounts.
Explanation:
Cash management can be regarded as
process involvinh collection and management of cash flows. Cash management is very crucial for individuals as well as companies as far as financial stability is concerned. It should be noted that good cash management practices involving inventory purchases;
✓Invoices should be paid on the last day of the discount period.
✓Buyers should take advantage of early payment discounts.
Good cash management practices involving inventory purchases include taking advantage of early payment discounts, negotiating payment terms with suppliers, purchasing inventory in bulk, tracking your inventory levels closely, and using a cash flow management tool.
Here are the specific practices that you should do:
Take advantage of early payment discounts. This is a great way to save money on inventory purchases. If you can pay your invoices within the discount period, you can usually save 1% to 3% on the purchase price.
Negotiate payment terms with suppliers. You may be able to get better payment terms from your suppliers, such as longer payment periods or discounts for paying early. This can help you improve your cash flow and save money on inventory purchases.
Track your inventory levels closely. This will help you avoid overstocking or understocking inventory. Overstocking can lead to wasted cash while understocking can lead to lost sales.
Use a cash flow management tool. This can help you track your cash flow and identify areas where you can improve. There are many different cash flow management tools available, so you can find one that fits your needs.
By following these good cash management practices, you can improve your cash flow and save money on inventory purchases. This can help you improve your business's bottom line and make it more successful.
Learn more about inventory , here:
https://brainly.com/question/30468582
#SPJ6
Computer Wholesalers restores and resells notebook computers on eBay. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells with a 90-day warranty against defects. Based on previous experience, Computer Wholesalers expects warranty costs to be approximately 4% of sales. By the end of the first year, sales and actual warranty expenditures are $490,000 and $17,500, respectively1. Does this situation represent a contingent liability? Yes No2. Record the necessary entries in Journal Entries3. What is the balance in the Warranty Liability account after the entries in Part 2?
Answer:
1. Yes
2. Dr Warranty expense $19,600
Cr Warranty Liability $19,600
Dr Warranty Liability $17,500
Cr Cash $17,500
3. $2,100
Explanation:
1. Yes, based on the information given this situation represent a contingent liability reason been that a contingent liability is tend to be probable because the amount can be estimated.
2. Preparation to Record the necessary entries in Journal Entries
Dr Warranty expense $19,600 (490,000*4%)
Cr Warranty Liability $19,600
Dr Warranty Liability $17,500
Cr Cash $17,500
3. Calculation for the balance in the Warranty Liability account after the entries in Part 2
Balance in the Warranty Liability=$19,600-$17,500
Balance in the Warranty Liability=$2,100
At December 31, DePaul Corporation had the following cumulative temporary differences associated with its operations:
Estimated warranty expense, $36 million temporary difference: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty).
Depreciation expense, $116 million temporary difference: straight-line in the income statement; MACRS on the tax return. Income from installment sales of properties, $60 million temporary difference:
income recorded in the year of the sale; taxable when received equally over the next five years.
Rent revenue collected in advance, $36 million temporary difference; taxable in the year collected; recorded as income when the performance obligation is satisfied in the following year.
Required: Assuming DePaul will show a single noncurrent net amount in its December 31 balance sheet, indicate that amount and whether it is a net deferred tax asset or liability. The tax rate is 25%. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).)
Answer: $26 million Net deferred tax liability
Explanation:
Net deferred tax liability (asset) = (Taxable temporary differences - Deductible temporary differences)* Tax rate
Taxable temporary differences = Depreciation expense + Income from installment sales
= 116 + 60
= $176 million
Deductible tax differences = Estimated warranty expense + rent revenue collected in advance
= 36 + 36
= $72 million
Net deferred tax liability (asset) = (176 - 72) * 25%
= $26 million
what is employment equity act?
Answer:
Employment equity, as defined in federal Canadian law by the Employment Equity Act, requires federal jurisdiction employers to engage in proactive employment practices to increase the representation of four designated groups: women, people with disabilities, Aboriginal peoples, and visible minorities.
Wikipedia
Practice Brief Exercise 02 Swifty Corporation has 44,000 shares of $10 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market price per share is $19. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend.
Answer:
Dec-31
Dr Stock Dividend $83,600
Cr Stock Dividend Distributable $44,000
Cr Paid - in - capital in excess of Par (44,000 * m
Dec-31
Dr Stock Dividend Distributable $44,000
Cr Common stock $44,000
Explanation:
Preparation of the entries for the declaration and issuance of the stock dividend
Dec-31
Stock Dividend $83,600
(44,000* 10% * $19)
Cr Stock Dividend Distributable $44,000
($44,000 *10% *$10)
Cr Paid - in - capital in excess of Par (44,000 * 10% *$9) $39,600
($19+$10=$9)
(Being to record Stock dividend declared)
Dec-31
Dr Stock Dividend Distributable $44,000
Cr Common stock $44,000
(Being to record issuance of the stock dividend)
Oriole Company has the following inventory data:
July 1 Beginning Inventory 45 units at $22 $990 7 Purchases 157 units at $24 3768 22 Purchases 22 units at $25 550 $5308
A physical count of merchandise inventory on July 30 reveals that there are 56 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is:______.
a. $3774.
b. $3908.
c. $4054.
d. $3942.
Answer:
$3,942
Explanation:
Step 1 : Determine number of units sold
Units Sold = Total units available for sale - Units remaining in inventory
= (45 + 157 + 22) - 56
= 168 units
Step 2 : Determine Cost of goods sold
FIFO assumes that the units to arrive first will be sold first.
Cost of goods sold = (45 units x $22) + (123 units x $24)
= $3,942
The amount allocated to cost of goods sold for July is: $3,942
During the annual Black Friday Sale, The OLX sold a pair of ski boots, regularly priced at $245.00, at a discount of 40%. The boots cost $96.00 and expenses are 26% of the regular selling price. For how much were the ski boots sold?
Answer: $147
Explanation:
First find what 40% of $245.00 is:
= 40% * 245
= $98.00
The boots are sold at a discount of 40%. This means that 40% - which is $98 - was deducted from the value.
The selling price is therefore:
= 245 - 98
= $147
During 2020, Concord Company started a construction job with a contract price of $1,580,000. The job was completed in 2022. The following information is available.
2020 2021 2022
Costs incurred to date $430,000 $766,500 $1,067,000
Estimated costs to complete 570,000 328,500 –0–
Billings to date 297,000 900,000 1,580,000
Collections to date 272,000 817,000 1,411,000
1. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.
Gross profit recognized in 2017 225,700
Gross profit recognized in 2018 175,140
Gross profit recognized in 2019 149,160
2. Prepare all necessary journal entries for 2018.
Answer:
1. 2020 $249,400
2021 $90,100
2022 $422,900
2. Dr Construction in process$336,500
Materials,cash, payables etc $336,500
Dr Accounts receivable $603,000
Cr Billings on construction in process $603,000
Dr Cash $545,000
Cr Accounts receivable $547,000
Dr Construction in process ($336,500
Dr Construction expenses $90,100
Cr Revenue from long term contracts $426,600
Explanation:
1. Computation for the amount of gross profit to be recognised each year, using percentage of completion method.
2020 2021 2022
Contract price $1,580,000 $1,580,000 $1,580,000
Less: Estimated cost to date ($430,000) ($766,500) ($1,067,000)
Estimated cost to complete (570,000) (328,500) 0
Estimated total costs ($1,000,000) ($1,095,000) ($1,067,000)
Estimated gross profit $580,000 $485,000 $513,000
($1,580,000-$1,000,000=$580,000)
($1,580,000-$1,095,000=$485,000)
($1,580,000-$1,067,000=$513,000)
Percentage completed 43% 70% 100%
($430,000/1,000,000=43%)
($766,500/$1,095,000=70%)
($1,067,000/$1,067,000=100%)
Revenue recognised in prior year - $249,400 $90,100
(43%*$580,000=$249,400)
($339,500-$249,400=$90,100)
Total revenue recognised $249,400 $339,500 $513,000
(70%*$485,000=$339,500)
Gross profit recognised $249,400 $90,100 $422,900
($513,000-$99,100=$422,900)
Therefore Gross profit recognized are :
Gross profit recognized in 2020 $249,400
Gross profit recognized in 2021 $90,100
Gross profit recognized in 2022 $422,900
2. Preparation of all necessary journal entries for 2020,2021,2022
Dr Construction in process($766,500-430,000) $336,500
Materials,cash, payables etc $336,500
(To record cost of construction)
Dr Accounts receivable(900,000-297,000) $603,000
Cr Billings on construction in process $603,000
(To record process Billings)
Dr Cash(817,000-272,000) $545,000
Cr Accounts receivable $547,000
(To record collections)
Dr Construction in process ($766,500-430,000) $336,500
Dr Construction expenses $90,100
Cr Revenue from long term contracts $426,600
($336,500+$90,100)
(To recognise revenue and gross profit)
what is the financial definition for bond? write in your own words.
Answer:
Bond
Explanation:
It would be like a loan given to a place, government, company, etc. that pays the people (investors) pay a rate of return over a specific timeframe.
Since World War II, globalization has been driven by two major factors: the decline in barriers to the free flow of goods, services, and capital, and technological change.
a. True
b. False
Answer: True
Explanation:
Globalization, simply refers to the interaction and the integration that takes place among the economic entities worldwide. Since the 18thbcentiry, there's been an acceleration in globalization as a result of the advancement in transportation, communication technology and the reduction in trade barriers.
Therefore, the statement above is true.
You have been promoted to the Chief Procurement Officer (CPO) position within your organziation. The Chief Operations Officer wants to add a requirement to all contracts involving vehicle-related acquisition (transportation services, vehicle purchase, etc.) requiring the installation of a monitoring system. The system would provide information on vehicle speed and location, among other data. You have reservations, and know that, in the same way having a second set of eyes proofread a paper is helpful, another person can provide affirming or corrective perspective. Also, having an ally to support your views in a meeting offers valuable credibility beyond your interpretation of facts and data. The Chief Risk Officer (CRO) shares some of your concerns, which may include:
a. Information collection is boring.
b. No one will monitor the data collected.
c. Both "a" and "b" are correct.
d. As a company, your risk of being sued is increased, and data could be used to support a claim against you if there is an accident, critical materials shipment delay, or other conflict.
Answer:
d. As a company, your risk of being sued is increased, and data could be used to support a claim against you if there is an accident, critical materials shipment delay or other conflict.
Explanation:
There can be claims against the company and this data can be used as evidence against the company itself. The company should monitor the data and keep the data to limited personnel access. There can be monitoring in other ways which can help the company to keep track of all the vehicles related transactions.
You are considering buying a share of stock in Company ABC. At the end of years 1, 2, and 3 the stock will pay you a dividend of $10. In addition, at the end of the third year you expect to sell the share of stock for $200. If the interest rate is 5%, how much is the share of ABC stock worth to you today
Answer:
$200
Explanation:
The computation of the share of the ABC stock worth to you today is shown below:
PV = Annual dividend (P/A, i, n) + Sale value (P/F, i, n)
i denotes the interest rate
n denotes the time period
= $10 (P/A, 5%, 3) + $200 (P/F, 5%, 3)
= ($10 × 2.7232) + ($200 × 0.8683)
= $27.23 + $172.76
= $199.99
= $200
Basically we determine the present value
Windsor, Inc. just began business and made the following four inventory purchases in June:
June 1 129 units $890 June 10 172 units 1340 June 15 172 units 1440 June 28 129 units 1140 $4810
A physical count of merchandise inventory (rounded to whole dollar) on June 30 reveals that there are 180 units on hand. The inventory method which results in the highest gross profit for June is:_______.
a. the FIFO method.
b. the LIFO method.
c. the average cost method.
d. not determinable.
Answer:
c. the average cost method.
Explanation:
Windsor INC. purchased inventory during the month of June as follows:
June 1 129 units at $890
June 10 172 units at $1340
June 15 172 units at $1440
June 28 129 units at $ 1140
and at the end of the period, there are 180 units on hand.
In order to get highest gross profit the closing sock should be the highest, accordingly the value of inventory at hand should as as follows under different method explain below:
Under FIFO method the inventory first enter into the enterprise is available for sale at first so the inventory of 180 units at end should be values at the last price mentioned in the question i.e $1140, therefore the value amounts to $1140*180 units=$205200
Under LIFO method, likewise the last entered inventory will be available for sale and the inventory at the end of period will be valued at the price at which the inventory first bought i.e $890, therefore the value amounts to 180 units*$890=$160200
Under Average cost method the effect of differential price is distributed over the quantity bough during a period so that the company remains in ineffective condition during the period from the price change
Average cost per unit= (129*$890 +172*$1340+ 172*$1440+129*$1140)/602 units
=$1229.29
and for the 180 units the value amounts to 180*$122.29=$221271.429
so, as per explanation given above, it is certain that the highest value will be in average cost method.
The correct option is - c. the average cost method.
The following information is from the annual financial statements of Raheem Company. Year 3 Year 2 Year 1 Net sales $ 436,000 $ 367,000 $ 421,000 Accounts receivable, net (year-end) 43,900 41,700 38,400 (1) Compute its accounts receivable turnover for Year 2 and Year 3. (2) Assuming its competitor has a turnover of 15.3, is Raheem performing better or worse at collecting receivables than its competitor
Answer:
Year 2 receivable days = 8.8 times
Year 3 receivable days =9.9 times
Explanation:
Days sales receivables is the average length of time it takes a business to collect the amount owing in respect of credit sales transaction. The shorter the days, the better. If the receivable is computed in the number of times, the higher the better.
Receivable days = Average receivables /Credit sales × 365 days
Year 2 receivable days = 367000/41700× 365=8.8
Year 3 receivable days = 436,000/43900× 365=9.9
The receivable turnover of Raheem company is lower than that of the competitors, this implies that it takes the company a longer period to collects its receivables than its competitor. Hence, Raheem is less competitive
Year 2 receivable days = 8.8 times
Year 3 receivable days =9.9 times
Carla Vista Co. had the following assets on January 1, 2017. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $63,900 Jan. 1, 2007 10 $ 0 Forklift 27,000 Jan. 1, 2014 5 0 Truck 30,064 Jan. 1, 2012 8 2,704 During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $10,800. The truck was discarded on December 31. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016.
Answer:
I have no Idea ask your teacher
Business ethics are
A) an individual’s personal set of values in the workplace.
B) the way a company interacts with employees and customers.
C) are universal principles that govern how people behave in life.
D) subject to expensive fines and legal prosecution.
Business ethics are an individual’s personal set of values in the workplace. The correct option is A. Business ethics refers to the morals, practices, and policies that guide business decision-making and the resolution of controversies or issues.
What is the importance of ethics?Ethics is what motivates us to tell the truth, keep our promises, and assist those in need. On a daily basis, an ethical framework underpins our lives, assisting us in making decisions that have a positive impact and steering us away from unjust outcomes.
The standards for morally right and wrong business behavior are referred to as business ethics. The law defines some of the behavior, but "legal" and "ethical" are not always synonymous. Business ethics strengthens the law by defining acceptable behaviors outside of government control.
Thus, the ideal selection is option A.
Learn more about Business ethics here:
https://brainly.com/question/27824491
#SPJ6