(1) The traditional format income statement for Alpine House, Inc for the quarter ended March 31 is shown below:ParticularsAmount ($)Sales1,350,000Less: Cost of Goods Sold:Beginning merchandise inventory 75,000 Add: Merchandise purchases 315,000 Goods available for sale390,000Less: Ending merchandise inventory 120,000 Cost of goods sold270,000Gross Profit1,080,000Less:
Operating Expenses:Variable selling expense46* units soldVariable administrative expense19* units soldTotal Variable Expenses65 Fixed Selling Expenses 140,000Fixed Administrative Expenses115,000Total Operating Expenses255,000Net Operating Income 825,000*Calculation of variable expenses:Variable selling expense per unit= $46Variable administrative expense per unit= $19Total variable expense per unit= $65($46 + $19)
(2) The contribution format income statement for the quarter ended March 31 is shown below:ParticularsAmount ($)Sales1,350,000Less: Variable Expenses:Variable selling expense (46*3,000 units)138,000Variable administrative expense (19*3,000 units)57,000
Total Variable Expenses195,000Contribution Margin1,155,000Less: Fixed Expenses: Fixed selling expenses140,000 Fixed administrative expenses115,000Total Fixed Expenses 255,000Net Operating Income900,000*Calculation of units sold: 3,000 units were sold (Sales/ Selling price per pair of skis = 1,350,000/450 = 3,000 units)
(3) The contribution margin per unit is $195. ($450 - $255) = $195.Contribution margin per unit is calculated as follows:Contribution margin per unit = Selling price per unit - Total variable expenses per unitSelling price per unit = $450Variable expenses per unit = $65 ($46 + $19)Contribution margin per unit = $450 - $65 = $385
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1. When you played the New York City Budget game, how did this change your opinion on how governments operate cities? What are some of the ways a city can earn revenue?
2. What are the similarities and differences between balancing a city budget and balancing a personal budget?
Scottie Barnes has an investment that will pay him $6,400, $6,450, $7,225, and $7,500 over the next four years. If his opportunity cost is 10 percent, what is the future value of the cash flows he will receive
Answer:
Total FV= $34,947.44
Explanation:
Giving the following information:
Cash flows:
1= $6,400
2= $6,450
3= $7,225
4= $7,500
Opportunity cost= 10%
To calculate the future value of the cash flows, we need to use the following formula on each cash flow:
FV= Cf*(1+i)^n
i= opportunity cost
FV1= 6,400*1.1^4= 9,370.24
FV2= 6,450*1.1^3= 8,584.95
FV3= 7,225*1.1^2= 8,742.25
FV4= 7,500*1.1= 8,250
Total FV= $34,947.44
Listed below are current asset items for Lester Company at December 31, 2019. Finished goods inventory $35,000 Cash 22,000 Prepaid expenses 2,000 Accounts receivable 4,000 Short-term investments 25,000 Raw materials inventory 17,000 Work in process inventory 23,000 Supplies 500 Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
Answer:
Current Assets :
Work in process inventory 23,000
Raw materials inventory 17,000
Finished goods inventory 35,000
Supplies 500
Accounts receivable 4,000
Prepaid expenses 2,000
Short-term investments 25,000
Cash 22,000
Total 128,500
Explanation:
Current Assets are always shows in the order of their liquidity in the Balance Sheet. That is the order in which they are quickly be converted into cash within a period of less than 12 months. Start with the Inventories to cash and cash equivalents as shown above.
This year, Johnson Mills has annual revenue of $37,800, cost of goods sold of $23,200, and administrative expenses of $6,300. The firm paid $700 in dividends, $280 in interest, and has a total tax rate of 21 percent. The firm will add $2,810 to retained earnings. What is the depreciation expense?
Answer:
$3,857
Explanation:
From the above, we do know that;
Revenue - Expenses = Net income
But
Expenses = Revenue - Cost of goods sold - Admin expenses - Depreciation expenses
Also,
Net income tax = Income before taxes × ( 1 - tax rate)
Since we do not know Net income taxes,
Net income - Dividends = Change in retain earnings
Net income = $2,810 + $700
= $3,510
Income before taxes = $3,510 / 0.79
= $4,443
$37,800 - $23,200 - $6,300 - Depreciation expenses = $4,443
Therefore,
Depreciation expenses = $3,857
You know that one of your shortcomings is that you have no real job experience to speak of. You are considering beefing up your resume by exaggerating the extent of the class project you worked on for a few weeks at your brother-in-law’s small consulting firm. You could reword the resume to make it sound as if you were actually employed there and that your responsibilities were greater than they actually were. What would you do?
Answer:
Obviously, I will not reword the resume in order make it sound as if I was employed.
Explanation:
Solution:
Obviously, I will not reword the resume in order make it sound as if I was employed.
Because:
1. It is ethically wrong.
2. If I reword the resume, then obviously, I would present fake certificates to the company in order to prove the rewording or exaggerating presenting in the resume.
3. Fake documents and certificates can not be hidden for long.
4. It is really dangerous and illegal to present fake data and certificates. You can get a job on those fake profiles but after some time, chances are very high that you will be caught red handed. And consequently, you can face severe legal proceedings as well.
Hence, I will definitely not exaggerate or reword the resume. Better way is to get an internship experience for free and then provide real certificates to secure a job.
CCC Company’s most recent income statement shows (in thousands of dollars) sales $2,000, interest payments $100, and net income $140. Its most recent balance sheet shows (also in thousands of dollars) total debt financing $800. If the total asset turnover ratio computed from the company’s most recent financial statements was 1.5, what would we compute return on assets (ROA) to be? (Hint: you should use the DuPont method of analysis.) A. 4.7% B. 10.5% C. 26.7% D. 18.7% E. 3.0%
Answer:
B. 10.5%
Explanation:
The computation of the return on assets is shown below:
As we know that
Return on assets = Net income ÷ total assets
where,
Total assets is
Total asset turnover = Sales ÷ Total assets
1.5 = $2,000 ÷ Total assets
So, the total assets is $1,333.33
Now the return on assets is
= $140 ÷ $1,333.33
= 10.5%
A municipal bond carries a coupon rate of 6.50% and is trading at par. What would be the equivalent taxable yield of this bond to a taxpayer in a 35% combined tax bracket
Answer:
10%
Explanation:
Formula for computation of equivalent taxable yield is r = rm/1-t. Where the tax rate is t, rm is Yield on municipal bond and r is Tax equivalent yield
r = rm/1-t
r = 6.50% / 1 - 35%
r = 6.50% / 0.65%
r = 10%
So, the equivalent taxable yield of this bond to a taxpayer in a 35% combined tax bracket is 10%
What types of firms lend to businesses needing capital or long-term funds?
A) Insurance companies
B) Pension and trust services
C) Commercial finance companies
D) Pension funds
Answer:
c
Explanation:
There are some Companies that lend money and treat loans. The type of firms lend to businesses needing capital or long-term funds is Commercial finance companies.
A financial institution (FI) is known to be a type of company that is involved in the business dealings where financial and monetary transactions such as deposits, loans, investments are made.Commercial finance company is simply known to be a type of finance institution where loans are made available to manufacturers and wholesalers.
Conclusively, this Commercial finance company gives loans that can be paid back in a longer run to people who want to start up business.
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Trends that have contributed to the recent increase in eating disorders in the United States include a(n): a. More competitive workplace b. Increase in the number of divorces c. Focus on being thin as a measure of attractiveness d. Increase in the number of nonnutritional foods consumed ANS: C In most modern societies, a high value is placed on a slim body.
Answer:
The answer is "Option C".
Explanation:
In the US, mental illnesses have increasingly been on the rise, including patterns that are highly valuable in most modern societies. Anorexia and bipolar disorder are also included. These are complicated, severe but potentially destructive. These are also the result of a complex confluence of things such as biology, cell biology, sociology, culture, and the environment.
Select the correct answer.
Workers like authoritarian leaders best.
A True
B. False
Answer:
False
Explanation:
In autocratic leadership, the leader or manager does not allow the team members to contribute to the group's decisions. It is also known as authoritarian leadership. The leader issues command-like instructions that must be followed by everyone.
In general, workers do not like authoritarian leaders. Authoritarian leaders do not consider workers' opinions, nor do they value their inputs in decision making. Discouraging group inputs stifles creativity and innovation. Workers are always demoralized as they do not feel part of the team and its decisions.
Answer:
False!
Explanation:
I just took the test right now!
Which option identifies what can be inferred about Sophie's degree from the following scenario?
Sophie has graduated and obtained a job in the survey research field. She oversees a team of researchers who analyze the effectiveness of survey methodologies for a large market research
mirm.
O Sophie eamed a degree in survey methodology
O Sophie camed a professional researcher certification,
O Sophie eamed a bachelor's degree
O Sophie eamed an advanced degree
Answer:
O Sophie earned a degree in survey methodology
Explanation:
Sophie is a manager in the survey company. Her team is made up of researchers who analyze the effectiveness of survey methodologies. For Sophie to effectively manage a team of researchers, she needs to be good at research work. This suggests that Sophie must have graduated with a degree in survey methodology. The minimum requirement for a manager in many professions is a degree in the relevant field of study.
The answer is NOT:
Sophie earned a professional researcher certification.
No-Toxic-Toys currently has $400,000 of equity and is planning an $160,000 expansion to meet increasing demand for its product. The company currently earns $100,000 in net income, and the expansion will yield $50,000 in additional income before any interest expense. The company has three options: (1) do not expand, (2) expand and issue $160,000 in debt that requires payments of 8% annual interest, or (3) expand and raise $160,000 from equity financing. For each option, compute (a) net income and (b) return on equity (Net Income ÷ Equity). Ignore any income tax effects. (Round "Return on equity" to 1 decimal place.)
Answer:
OPTION 1:
net income = $100,000
return on equity = $100,000 / $400,000 = 25%
OPTION 2:
net income = $100,000 + $50,000 - ($160,000 x 8%) = $150,000 - $12,800 = $137,200
return on equity = $137,200 / $400,000 = 34.3% (yields highest returns but also increases risk)
OPTION 3:
net income = $100,000 + $50,000 = $150,000
return on equity = $150,000 / ($400,000 + $160,000) = $150,000 / $560,000 = 26.79%
Governor Patrick Cote of Vermont is beginning his primary campaign for the presidency and is considering whether or not to accept public funds set aside for primary candidates in the Presidential Election Campaign Fund. Cote is concerned that his primary opponents may forgo revenue from the fund with the hope of raising money beyond its established limits. From which group could Cote solicit funds to maximize donations to his primary campaign, thereby allowing him the option of declining money from the Presidential Election Campaign Fund
Question Completion with Options:
a. Political action committees
b. Professional organizations
c. Corporations
d. Labor unions
Answer:
The group from which Cote could solicit funds to maximize donations to his primary campaign, thereby allowing him the option of declining money from the Presidential Election Campaign Fund is called:
Political action committees
Explanation:
A political action committee is a committee set up primarily to raise funds for the political campaign of a candidate. The committee collects funds from various individuals, better called contributors, and then distributes the funds to candidates who support the same ideals as the contributors. The establishment of a political action committee by supporters of a political aspirant enables the committee to collect funds for distribution to a candidate's political course. The committee is established based on ideology and political interests.
How does GDP accounting record the following events? For each of them, describe how they would be computed in GDP accounts using the income method, the production method, and the expenditure method.
a. Tom purchases a brand new Volkswagen from Germany for his start up ride sharing business for $20,000. He provides ride-sharing services earning him revenues of $40,000. During the course of the year, the Volkswagen depreciates by $2,000. Tom has no other costs.
b. An army battalion is deployed to the border to repel a threatened Canadian invasion. The soldiers earn wages of $10,000 and use ammunition that the government bought for $5,000. The ammunition was produced using $2,000 of imported steel and 100 hours of work, for which the workers were paid $1,000. Hint: two things are produced in this example, what is the value added for each of them?
c. The government collects $1000 in income taxes from Pam.
d. Pam earns $4000 for working as a babysitter and pays $1000 in income taxes.
Answer:
a. Tom purchases a brand new Volkswagen from Germany for his start up ride sharing business for $20,000. He provides ride-sharing services earning him revenues of $40,000. During the course of the year, the Volkswagen depreciates by $2,000. Tom has no other costs.
GDP increases by $20,000:
It will increase $40,000 by the services provided (consumption) but will decrease $20,000 due to the imported car (negative net exports).
b. An army battalion is deployed to the border to repel a threatened Canadian invasion. The soldiers earn wages of $10,000 and use ammunition that the government bought for $5,000. The ammunition was produced using $2,000 of imported steel and 100 hours of work, for which the workers were paid $1,000. Hint: two things are produced in this example, what is the value added for each of them?
GDP increases by $13,000:
Government spending increases by $15,000.
Net imports decrease by $2,000.
c. The government collects $1000 in income taxes from Pam.
GDP doesn't change. Taxes are not included in the GDP
d. Pam earns $4000 for working as a babysitter and pays $1000 in income taxes.
GDP increases by $4,000 (consumption).