Answer:
Initially, the purchasing power of Frances's $3,000 deposit is 200 mystery novels
Explanation:
The initial purchasing power is the number of mystery novels that the initial deposit of $3,000 can buy at the price of $15 per mystery novel.
Purchasing power=deposit amount/price per mystery novel
purchasing power=$3000/$15
purchasing power=200 mystery novels
On January 1, 2019, Brooks Inc. borrows $90,000 from a bank and signs a 5% installment note requiring four annual payments of $25,381 at the end of each year. Complete the necessary journal entry on 12/31 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
No Date General Journal Debit Credit
1 12/31 Interest expense 4,500
Notes payable 90,000
Answer:
Brooks Inc.
Journal entries
DATE General Journal DEBIT ($) CREDIT ($)
12/31 Interest Expense 4,500.00
(90,000 x 5%)
Notes Payable (Balancing Figure) 20,881.00
Cash 25,381.00
Compute the Cost of Goods Manufactured and Cost of Goods Sold for Blue Sea Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials
(Click the icon to view the data )
Start the calculation for cost of goods manufactured by calculating the direct materials used
Blue Sea Company
Calculation of Direct Materials Used
For Current Year
Beginning raw materials inventory $ 27,000
Plus Purchases of direct materials 79,000
Materials available for use 106,000
Less: Ending raw materials iniventory 31,000
Direct materials used 75.000
Calculate the cost of goods manufactured.
Answer:
Calculate the cost of goods manufactured.
$243,800Explanation:
manufacturing overhead = indirect labor ($46,000) + insurance of plant ($8,000) + depreciation of machines and equipment ($12,700) + repairs and maintenance ($4,100) = $70,800
Beginning raw materials = $27,000
+ Purchases of raw materials = $79,000
- Ending raw materials inventory = -$31,000
= Direct materials used in production = $75,000
+ Direct labor = $83,000
+ Manufacturing overhead = $70,800
= Total manufacturing costs = $228,800
+ Beginning work in process = $43,000
- Ending work in process = -$28,000
= Cost of goods manufactured = $243,800
What is Sharpie's target market?
Answer:
The campaign is aimed at teenagers.
Explanation:
Sharpie's global vice president for marketing, because they “use Sharpie in the most creative, inspiring ways.
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g "Seidman Company manufactures and sells 30,000 units of product X per month. Each unit of product X sells for $16 and has a contribution margin of $7. If product X is discontinued, $85,000 in fixed monthly overhead costs would be eliminated and there would be no effect on the sales volume of Seidman Company's other products. If product X is discontinued, Seidman Company's monthly income before taxes should:"
Answer:
Decreased by $125,000
Explanation:
Calculation for Seidman Company's monthly income before taxes should:"
First step is to find the loss in contribution margin using this formula
Loss in contribution margin = Sales unit× contribution margin
Let plug in the formula
Loss on contribution margin=30,000 × $ 7
= ($210,000)
Second step
Fixed monthly overhead = $85,000
Monthly income before taxes =Loss in contribution margin - Fixed monthly overhead
Monthly income before taxes= ($210,000) - $85,000
Monthly income before taxes= $125,000
Thereforre in a situation where product X is discontinued, this means that Seidman Company's monthly income before taxes would get decreased by $125,000
Each of the following are types of__________allocation methods:
plantwide rate method, departmental overhead rate method and activity-based costing method.
Answer:
Each of the following are types of Overheads allocation methods.
Explanation:
Factory overheads such as rent, electricity or water can not be traced directly to a cost object.
When determining the cost of a cost object these overheads are apportioned to departments they pass through for processing or the actual job using an allocation method.
The common methods for allocating overheads are plant-wide rate method, departmental overhead rate method and activity-based costing method.
what is a title bar in excel?
Answer:
It shows what section you want to go to. This can change your font-size, help a business project calculation, and etc.
Explanation:
Pace corporation acquired 100 percent of spin company's common stock on January 1, 20X9. Balance sheet data for the two companies immediately following the acquisition follow:
Item Pace Corporation Spin Company
Cash $30,000 $25,000
Accounts Receivable 80,000 40,000
Inventory 150,000 55,000
Land 65,000 40,000
Buildings and Equipment 260,000 160,000
Less: Accumulated Depreciation (120,000) (50,000)
Investment in Spin Company Stock 150,000
Total Assets $615,000 $270,000
Accounts Payable $45,000 $33,000
Taxes Payable 20,000 8,000
Bonds Payable 200,000 100,000
Common Stock 50,000 20,000
Retained Earnings 300,000 109,000
Total Liabilities and Stockholders’ Equity $615,000 $270,000
At the date of the business combination, the book values of Spin's net assets and liabilities approximated fair value except for inventory, which had a fair value of $60,000, and land, which had a fair value of $50,000. The fair value of land for Pace Corporation was estimated at $80,000 immediately prior to the acquisition.
1. Based on the preceding information, at what amount should total land be reported in the consolidated balance sheet prepared immediately after the business combination?
a. $130,000
b. $105,000
c. $115,000
d. $120,000
2. Based on the preceding information, what amount of total assets will appear in the consolidated balance sheet prepared immediately after the business combination?
a. $756,000
b. $735,000
c. $750,000
d. $642,000
3. Based on the preceding information, what is the differential associated with the acquisition?
a. $15,000
b. $21,000
c. $6,000
d. $10,000
4. Based on the preceding information, what amount of goodwill will be reported in the consolidated balance sheet prepared immediately after the business combination?
a. $0
b. $21,000
c. $6,000
d. $15,000
5. Based on the preceding information, what amount of liabilities will be reported in the consolidated balance sheet prepared immediately after the business combination?
a. $615,000
b. $406,000
c. $300,000
d. $265,000
Answer:
Pace Corporation and Spin Company
1. Land should be reported in the consolidated balance sheet as
a. $130,000
2. Total assets:
b. $735,000
3. The differential associated with the acquisition:
b. $21,000
4. Goodwill
b. $21,000
5. Amount of liabilities in the consolidated balance sheet:
b. $406,000
Explanation:
a) Data:
Item Pace Spin
Corporation Company
Cash $30,000 $25,000
Accounts Receivable 80,000 40,000
Inventory 150,000 55,000
Land 65,000 40,000
Buildings and Equipment 260,000 160,000
Less: Accumulated Depreciation (120,000) (50,000)
Investment: Spin Company Stock 150,000
Total Assets $615,000 $270,000
Accounts Payable $45,000 $33,000
Taxes Payable 20,000 8,000
Bonds Payable 200,000 100,000
Common Stock 50,000 20,000
Retained Earnings 300,000 109,000
Total Liabilities and Stockholders’
Equity $615,000 $270,000
b) Consolidated Balance Sheets
Item Pace Spin Total
Corporation Company Group
Cash $30,000 $25,000 $55,000
Accounts Receivable 80,000 40,000 120,000
Inventory 150,000 60,000 210,000
Land 80,000 50,000 130,000
Buildings and Equipment 260,000 160,000 420,000
Less: Accumulated
Depreciation (120,000) (50,000) (170,000)
Investment:
Spin Company Stock 150,000 0
Goodwill 21,000
Total Assets $630,000 $285,000 $786,000
Accounts Payable $45,000 $33,000 $78,000
Taxes Payable 20,000 8,000 28,000
Bonds Payable 200,000 100,000 300,000
Common Stock 50,000 20,000 50,000
Retained Earnings 300,000 109,000 300,000
Assets Revaluation 15,000 15,000 30,000
Total Liabilities and Stockholders’
Equity $630,000 $285,000 $786,000
c) Differential on acquisition = investment (of subsidiary) - net assets
= $150,000 - ($270,000 - 141,000) = $21,000
Brian Lee is 30 years and wants to retire when he is 65. So far he has saved (1) $5,850 in an IRA account in which his money is earning 8.3 percent annually and (2) $4,320 in a money market account in which he is earning 5.25 percent annually. Brian wants to have $1 million when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in which he expects to earn 8.22 percent annually. How much will Brian have to invest every year to achieve his savings goal?
Answer:
he must invest $4,855.64 during each of the following 35 years
Explanation:
years until retiring = 65 - 30 = 35 periods
desired future value $1,000,000
first we must find the future value of his current investments:
$5,850 x (1 + 0.083)³⁵ = $95,312.94
$4,320 x (1 + 0.0525)³⁵ = $25,897.47
total future value = $121,210.41
this means that he needs to save $1,000,000 - $121,210.41 = $878,789.59 more by the time he reaches 65 years of age
we need to use the formula to calculate future value of an annuity:
FV = payment x annuity factor (FV annuity, 8.22%, 35 periods)
FV = $878,789.59 annuity factor (FV annuity, 8.22%, 35 periods) = 180.98322$878,789.59 = payment x 180.98322
payment = $878,789.59 / 180.98322 = $4,855.64
he must invest $4,855.64 during each of the following 35 years
The following items are components of a traditional balance sheet. How much is the total equity of the firm?
Plant and equipment $44,600
Common stock 15,000
Cash 7,300
Inventory 22,400
Bad debt reserve 6,000
Paid in excess 6,000
Accumulated depreciation 27,600
Accounts receivable 22,000
Answer:
$50,600
Explanation:
The computation of the total equity is shown below:
= Common stock + paid in excess
= $44,600 + $6,000
= $50,600
We simply added the common stock and the paid in excess as these two are come under the total equity
And, the rest items would be considered as a current assets and the fixed assets so the same is not considered in the computation part
An action for breach of warranty generally must be brought within four years of the breach.
a. True
b. False
Answer:
i The answer is going to be a. true
A company with a decreasing interest expense would see what change to its times interest earned?
a) An increase
b) A decrease
c) No change
d) Cannot be determined
Answer:
a) An increase
Explanation:
The times interest earned ratio is a ratio that measures the portion of the income or earning that can be used to pay for future interest expenses. Times interest earned ratio is also known as the coverage ratio and it can be computed using the following formula:
Times interest earned ratio = EBIT / Interest expense .............. (1)
Where EBIT denotes earning before interest and tax.
From equation, it can be seen that there is a negative relationship between times interest earned and interest expense. That is, as interest expense increases, times interest earned falls. On the other hand, as interest expense falls, times interest earned increases.
Therefore, the correct option is a) An increase, that is a company with a decreasing interest expense would see an increase to its times interest earned.
Using the following information, prepare a bank reconciliation for Blossom Company for July 31, 2022.
a. The bank statement balance is $3,510.
b. The cash account balance is $4,050.
c. Outstanding checks totaled $1,240.
d. Deposits in transit are $1,690.
e. The bank service charge is $81.
f. A check for $76 for supplies was recorded as $67 in the ledger.
Answer and Explanation:
The preparation of the bank reconciliation statement is shown below:
Cash balance as per bank $3,510
Add: Deposits in transit $1,690
Less: Outstanding checks -$1240
Adjusted bank balance $3,960
Cash balance as per books $4,050
Less: Bank service charge -$81
Less: Check for supplies error -$9 ($76 - $67)
Adjusted cash balance $3,960
Therefore both the balances are matched
The controlling account for the cost ledger is Group of answer choices Cost of Goods Sold Materials Finished Goods Work in Process
Answer:
Work in process
Explanation:
The work in process refers to the completion of the project i.e how much work is completed and how much is pending. It shows the status of work or we can say tracking.
There are three levels of inventory
1. Raw material
2. Work in progress
3. Finished goods
After completing the processing the product is called to be finished and it is ready to sell
Therefore for the cost ledger, the controlling account is work in process
At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2011 or 2010. Net income for 2011 was $400,000.
What does the 2011, earnings per common share amount to?
Answer:
$1.94
Explanation:
Computation of what 2011, earnings per common share amounted to
Using this formula
Net income-(Shares of 5%×Par value cumulative preferred stock outstanding× Shares percentage)/Shares of Common stock
Let plug in the formula
Earning per share of common stock =$400,000 – (10,000 × $100 × .05)/$180,000
Earning per share of common stock=$400,000-$50,000/$180,000
Earning per share of common stock=$350,000/$180,000
Earning per share of common stock=$1.94
Therefore the Earning per share of common stock will amount to $1.94
Ye’ Olde Barrel Shop sells oak barrels to a local winery. The Master Cooper would like to reduce her oak lumber inventory by determining the optimal number of oak boards to order. The annual demand averages 55,000 boards and the order cost is $21.00 per order. Holding cost is estimated to be 40%. The purchase cost of each board is $14.00. The standard deviation of daily demand is 5 boards. The standard deviation of lead time is 3.0 days. Assume 268 days in the year and an average lead time of 7 days.
What is the EOQ?
If a service level of 98% is desired during the reorder interval, what is the reorder point? Remember you cannot order partial units. To avoid rounding errors, round to the nearest integer in the LAST step.
Answer:
The EOQ is 642
The reorder point is 2,699
Explanation:
In order to calculate the EOQ we would have to calculate the following formila:
EOQ=√2DS/H
According to the given data we have the following:
D = 55,000
S = 21
H=40%*purchase cost
H=0.4*14 = 5.6
Therefore, EOQ=√(2*55,000*21)/5.6
EOQ=642
To calculate the reorder point If a service level of 98% is desired during the reorder interval, we would have to use the following formula:
reorder point=dL+z√σ∧2dL+σ∧2Ld∧2
reorder point=(7*205.22)+√(2.05*√(5∧2*7)+(3∧2*205.22∧2)
reorder point=2,699
Scenario:
Kleen Waterproofing Dave Docket, the installation manager at Kleen Waterproofing, receives a high number of customer complaints that several crewmembers either come late to the job or they do not show up at all, without any communication with the customers. The job completion dates keep getting delayed, and customer dissatisfaction rate keeps increasing. Dave hires several new employees who are motivated, able to perform their jobs, and have adequate resources. However, they are not sure what tasks are included in their job. Dave wonders how he can understand what is going on with his crew behavior and what he can do to improve the situation. Dave organizes a training program for his employees to teach them how to operate the machines used for working. Which of the following attributes will show a direct improvement because of this training?
a) motivation.
b) organizational citizenship behaviors (OCB).
c) ethical sensitivity.
d) ability.
Answer:
d) ability
Explanation:
Based on the information provided regarding the scenario at hand it seems that Dave is trying to improve his employees' abilities and role-perception. Dave wants this training to allow his employees to gain the knowledge of how to operate correctly and efficiently during work-hours in order to increase overall performance and at the same time customer satisfaction.
Morgan Company issues 10%, 20-year bonds with a par value of $760,000 that pay interest semiannually. The current market rate is 9%. The amount paid to the bondholders for each semiannual interest payment is: Multiple Choice $34,200. $380,000. $38,000. $68,400. $76,000.
Answer:
c. $38,000
Explanation:
Bond is issued at i= 10% = 0.10, n=20, m= 2, p= $760,000
The amount of interest owed to the bondholders for each semiannual interest payment is:
= $760,000 × 0.10 × 6/12
= $760,000 x 0.05
= $38,000
Exhibit 15.1 Zorn Corporation is deciding whether to pursue a restricted or relaxed working capital investment policy. The firm's annual sales are expected to total $4,400,000, its fixed assets turnover ratio equals 4.0, and its debt and common equity are each 50% of total assets. EBIT is $150,000, the interest rate on the firm's debt is 10%, and the tax rate is 40%. If the company follows a restricted policy, its total assets turnover will be 2.5. Under a relaxed policy its total assets turnover will be 2.2. Refer to Exhibit 15.1. Assume now that the company believes that if it adopts a restricted policy, its sales will fall by 15% and EBIT will fall by 10%, but its total assets turnover, debt ratio, interest rate, and tax rate will all remain the same. In this situation, what's the difference between the projected ROEs under the restricted and relaxed policies
Answer:
difference between ROEs = 10.83% (restricted) - 9% (relaxed) = 1.83%
Explanation:
total annual sales = $4,400,000
EBIT = $150,000
net income = $150,000 x (1 - 40%) = $90,000
restricted policy:
asset turnover = 2.5
sales = $3,740,000
EBIT = $135,000
net income = $81,000
assets = $3,740,000 / 2.5 = $1,496,000
equity = $1,496,000 x 50% = $748,000
ROE = $81,000 / $748,000 = 10.83%
relaxed policy:
asset turnover = 2.2
sales = $4,400,000
EBIT = $150,000
net income = $90,000
assets = $4,400,000 / 2.2 = $2,000,000
equity = $2,000,000 x 50% = $1,000,000
ROE = $90,000 / $1,000,000 = 9%
difference between ROEs = 10.83% - 9% = 1.83%
Which of the following measures does not reflect a company's profitability?
Gross Profit Margin
Days Sales in Accounts Receivable
О ЕВАТ
Profit Margin
Answer:
Days Sales in Accounts Receivable
Explanation:
The profitability ratios check the profit of the company. It could be determined by gross profit margin - EBAT and profit margin
The gross profit margin could be
= (Sales - cost of goods sold) ÷ (Sales)
The EBIAT is Earning before interest after taxes it tracks the performance of the company and according to that the profitability could be measured
The profit margin could be calculated
= Net profit ÷ Sales
Therefore the days sales in account receivable is not reflect the company profitability
An investor who was not as astute as he believed invested $264,500 into an account 12 years ago. Today, that account is worth $204,000. What was the annual rate of return on this account
Answer:
-19.061%
Explanation:
interest earned= principal x time x interest rate
Interest earned = $264,500 - $204,000 = $-60,500
$-60,500 = $264,500 x 12 x interest rate
interest rate = -0.19061 = -19.061%
A four-year bond has an 8% coupon rate and a face value of $1000. If the current price of the bond is $878.31, calculate the yield to maturity of the bond (assuming annual interest payments). Group of answer choices
Answer:
Yield to maturity =11.75%
Explanation:
The yield to maturity to Maturity van be worked out using the formula below:
YM =( C + F-P/n) ÷ ( 1/2× (F+P))
C- annual coupon,
F- face value ,
P- current price,
n- number of years to maturity
YM - Yield to maturity
C- 8%× 1000 = 80, P- 878.31, F- 1000
AYM = 80 + (1000-878.31)/4 ÷ 1/2× (1000+878.31)
= 110.4225 ÷ 939.155
= 11.75%
Yield to maturity =11.75%
Kenny Lauren want to establish a nonprofit organization to help orphans find adoptive homes. They know that they will need a large amount of money to start up this organization but they do not have those funds. They also do not know many wealthy people they could borrow money from. They do however have a large social network and are experts in the use of social media. What approach might they used to raise capital for this project?
A. Selling products or services
B. Investors
C. Crowdfunding
D. Loans
Answer: C - Crowdfunding
Explanation: Investors, loans, and selling products and services would not gain them enough financial support, whereas crowdfunding will in an efficient way.
The best way to raise capital to establish a nonprofit organization to help orphans is to enable recurring donations, crowdfunding, using social networks for the investment etc. Thus, the correct option is C). Crowdfunding.
What is the best way to raise capital to establish a nonprofit organization?A nonprofit organization refers to that legal entity and organization that is established for public or social benefit. This entity is also known as not-for-profit organization, or nonprofit institution.
There are various ways through which nonprofit organization can find the funding sources such as ask for sponsorships, by creating a donation page, by sending fundraising letters, crowdfunding campaign can be launched, host a fundraising event etc.
Thus, it can be concluded that the best way to raise capital for the nonprofit organization to help the orphans to find homes is the crowdfunding.
Learn more about nonprofit organization here:-
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Ashley transfers property with a tax basis of $8,180 and a fair market value of $4,660 to a corporation in exchange for stock with a fair market value of $3,520 and $445 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $695 on the property transferred. What is Ashley's tax basis in the stock received in the exchange
Answer:
$3,720
Explanation:
Since the shareholder's tax basis will be to his tax basis in the property transferred of the amount of $8,180 which is a substituted basis minus the amount of $695 which is the liability assumed by the corporation then less the fair market value of boot received.
Therefore if Ashely decide to sells the stock for $3,520, the loss she will recognized will be $3,720($8,180-$4,460) which is an amount equal to the loss deferred of $3,720
Hence ,Ashley's tax basis in the stock received in the exchange will be $3,720
A wireless phone service provider advertises that their average startup fee is $73. Given that their startup fees are $8, $85, $92, and $107, why is this statistic misleading?
Answer:
The reason why it is statisticaly misleading is because, while it is true that the average fee is $73 (the median value in statistical terms), averages are a statistical measure that is very sensitive to extreme values.
That is to say, if a value is very high, or very low, the statistical mean will be biased.
We can see this in the question. Three values are higher than the average, and relatively close: $85, $92, and $107. The third value, however, is way lower, at only $8. This extreme low value alters the median value, making it biased and misleading.
Potential GDP is:
a. minimum amount of output that can be produced given the labor force, capital stock, and technology.
b. maximum amount of output that can be produced given the labor force, capital stock, and technology.
c. varies over the business cycle.
d. none of the above.
Answer:
b. maximum amount of output that can be produced given the labor force, capital stock, and technology.
Explanation:
GDP refers to the gross domestic product which reflects the finalized value of the goods and services produced domestically
On the other side, the potential GDP refers to the maximum level of output that can be produced by considering the labor force, capital stock, technology by taking the constant inflation rate
Therefore option b is correct
20.Assume that you just graduate and get a job. You will work for 40 years and save each year before you retire. During retirement you plan to receive a pension annuity of $100,000 each year for another 40 years. How much money will you need to have at the moment you retire? How much money do you need to save every year before retirement? Assume the interest rate is always 8%. Before retirement, you deposit your saving at the end of each year. During retirement, you receive the annuity at the beginning of each year
Answer:
How much money will you need to have at the moment you retire?
$1,287,858How much money do you need to save every year before retirement?
$4,971.33Explanation:
we have to first determine the amount of money you need to finance your retirement distributions:
using the annuity due present value formula, PV = annuity payment x annuity due factor (PV, 8%, n = 40)
PV = $100,000 x 12.87858 = $1,287,858
now we must use the ordinary annuity future value formula, FV = annuity payment x annuity factor (FV, 8%, n = 40)
annuity payment = FV / annuity factor = $1,287,858 / 259.057 = $4,971.33
According to the classification system for global organizational culture as developed by Hofstede, the degree to which employees are threatened by ambiguity is known as:
Answer:
Uncertainty Avoidance
Explanation:
The term uncertainty avoidance was coined by a man named, Geert Hofstede to explain the extent to which people are willing to remain in a given situation so as to avoid uncomfortable circumstances. It reflects the extent to which people are unwilling to take risks. A low uncertainty avoidance index simply means that the people who have just been studied are willing to accommodate ambiguity and take risks. A high uncertainty avoidance on the other hand means that the people are more comfortable in their given positions and are unwilling to take risks.
So, in the employee situation, the degree to which employees are threatened by ambiguity is known as uncertainty avoidance.
Charley Inc is a large corporation that reported revenue of $80 million and expenses (other than interest) of $78 million in 2019. Included in the expenses is depreciation of $300,000. Charley Inc. paid business interest of $1,000,000 in 2019. What is the maximum amount of interest expense deduction this year
Answer:
The maximum amount of interest expense deduction this year is $690,000
Explanation:
In order to calculate the maximum amount of interest expense deduction this year we would have to calculate first the adjusted taxable income as follows:
adjusted taxable income=reported revenue-expenses+depreciation
According to the given data:
reported revenue=$80,000,000
expenses=$78,000,000
depreciation=$300,000
Therefore, adjusted taxable income=$80,000,000-$78,000,000+$300,000
adjusted taxable income=$2,300,000
maximum amount of interest expense deduction=$2,300,000*30%
maximum amount of interest expense deduction=$690,000
The maximum amount of interest expense deduction this year is $690,000
An individual who is not party to the contract between a CPA and the client, but who is known by both and is intended to receive certain benefits from the contract is known as:
Answer:
Third party beneficiary.
Explanation:
This is easily seen in contracts as it is said that a third party beneficiary is a person that benefits from an agreement between two persons or a contract between two persons. This is despite the fact that this said person has no effect or was not in any way a part of the said contract.
A third party beneficiary can be denied the rights to compensation of the contract, especially when contract is not fulfilled.
Rights which makes the third party beneficiary valid and concretely a part of the contact are been attached and solidified if the said contract comes through.
In cell K2 enter a formula using the IF and OR functions, as well as structured references to determine if Alison Simoneau can be a supervisor
A. Tbe IF function should first determine if the staff member's Service Years is greater than 5 OR if the staff member's college graduate status is "Yes". Remember to use a structured reference to the Service Years and the College Graduate columns.
B. The function should return the text Yes if a staff member meets one or both of those criteria.
C. The function should return the text No if a staff member meets neither of those criteria. tsor and have conlelea Academic Technology training.
Answer:
Enter the following formula in a cell K2:
=IF(OR([at[College Graduate]]="Yes",[at[Service Years]]>5),"Yes","No")
Please replace "at" in the formula with its symbol.
Explanation:
The formula has an IF function which checks a condition.
There are two conditions here to be checked:
A) if the staff member's Service Years is greater than 5.
B) if the staff member's college graduate status is "Yes".
According to the given criteria this IF function should return Yes if a staff member meets one OR both of the above mentioned criteria. Otherwise the function should return No.
This means if any one of the criteria evaluates to true then the text Yes is returned. For example if staff member's Service Years is greater than 5, then function returns Yes. For instance if staff member is a college graduate which means that his college graduate status is "Yes", then the function returns Yes.
The function still returns if either of the two criteria is true. For instance if staff member's Service Years is less than 5 but staff member's college graduate status is "Yes" then the function returns Yes.
However if neither the staff member's Service Years is greater than 5 nor the staff member's college graduate status is "Yes" then the function returns No.
So we use OR function here which with IF function so that the IF function returns true if either of the two criteria is met, otherwise returns false. This takes the form:
IF(OR(Argument 1 is True, Argument 2 is True), YES if True, NO if False)
Also there is at symbol used in the formula. Square brackets are used for structured references. They make clear and easier to reference. Structure reference is used if we want to use a table name in a formula such that we used in this IF OR formula, instead of a normal cell reference. "at" is used to refer only the mentioned/current rows or cells in the table. If you do not use this at then all the columns will be selected. For example [at[Service Years]]>5 is a reference to the cell in the Service Years at the current row. But [[Service Year]] is a reference to the entire column. So only those cells are checked where the Service Year is greater than 5.
Please replace the at word in the formula with its symbol.