Answer:
land rents were high because grain prices were high..
Explanation:
grain prices were high because land rents were high.
land rents were high because grain prices were high.
grain prices were high because land rents were low.
land rents were high because grain prices were low.
none of the above
David Ricardo was a classical economist known for various economic theory. Some of his theories include :
Labour Theory of ValueRicardian EquivalenceTheory of comparative advantageTheory of rentTheory of rents
David Ricardo defined rest as the part of the produce of an agricultural land that is paid to the landowner for the use of the land. He postulated that benefits of an increase in prices of grain accrue to land owners in the form of rent
He used this theory to answer a question that arose during the Napoleonic wars (18.05-1815) when there was a great increase in corn and land prices. The question was : Did the rise in land prices raise the price of corn or did the high price of corn increase the demand for land and led to an increase in the price of land ?
During fiscal year 2018, BHD Inc. had Cash from Operations of $600 million, and Cash Used for Investing of $1,000 million. During the year the Cash account on the balance sheet decreased by $700 million. This implies that the Financing cash flow was an:________.
a. outflow of $300 million
b. inflow of $300 million
c. outflow of $100 million
d. inflow of $400 million
Answer: outflow of $300 million
Explanation:
The formula to solve for the net decrease in cash and the cash equivalent will be:
= Cashflow from financing activities + Cashflow operating activities + Cashflow from investing activities
-$700 Million = Cash flow from financing activities + $600 Million - $1,000 Million
Therefore, the cash flow from financing activities will then be:
= -$700 + $1,000 - $600
= $1000 - $1300
= $-300 million
Therefore, the cash flow from financing activities is outflow of $300 Million.
Western Company is preparing a cash budget for June. The company has $11,800 cash at the beginning of June and anticipates $30,200 in cash receipts and $34,900 in cash disbursements during June. Western Company has an agreement with its bank to maintain a minimum cash balance of $10,000. As of May 31, the company owes $15,000 to the bank. To maintain the $10,000 required balance, during June the company must: Multiple Choice Borrow $2,900. Repay $2,900. Borrow $10,000. Repay $7,100. Borrow $4,700.
Answer: Borrow $2900
Explanation:
To maintain the $10,000 required balance, during June the amount that the company must borrow will be calculated thus:
Firstly, the ending cash balance without considering borrowings will be:
= Beginning balance + Receipts - Disbursements
= $11800 + $30200 - $34900
= $7100
Therefore, to maintain the $10,000 required balance, during June the company must borrow:
= $10000 - $7100
= $2900
The company must borrow $2900
Paula Brock wants to purchase a four-year-old V6 sedan 4-door, which is advertised at $11,925. The car has no air-conditioning and no power seats. It has been driven 49,000 miles. The used-vehicle guide does not indicate any adjustment for this car’s mileage. What is the average retail price for this vehicle?
Answer: $10975
Explanation:
Your question isn't complete as I got more information online.
With regards to the question, since the vehicle has no air-conditioning and no power seats, we are going to deduct their value from the amount that the vehicle is being advertised and thus will be:
Cost of vehicle = $11925
Less: No air conditioning = $800
Less: No power seats = $150
Average retail price = $10975
The average retail price for this vehicle is $10975.
Adjusting and paying accrued wages LO P1
Pablo Management has five part-time employees, each of whom earns $90 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day. (January 1) was an unpaid holiday.
1. Prepare the year-end adjusting entry for wages expenses.
2. Prepare the journal entry to record payment of the employees' wages on Friday, January 4, 2018.
Answer:
1. Dr Wages expense $450
Cr Wages payable $450
2.Dr Wages expense $1350
Dr Wages payable $450
Cr Cash $1800
Explanation:
1. Preparation of the year-end adjusting entry for wages expenses.
Dec 31
Dr Wages expense $450
Cr Wages payable $450
( 5 employees * $90 per day)
(To record wages expenses)
2. Preparation of the journal entry to record payment of the employees' wages on Friday, January 4, 2018
Jan 4
Dr Wages expense $1350
(3 days*5 employees*$90=$1350)
Dr Wages payable $450
(5 employees * $90 per day)
Cr Cash $1800
($1350+$450 =$1800)
(To record payment of the employees' wages)
On February 1, Alan, a single individual, purchased his first personal residence for $400,000. On July 1, Alan sold this residence for $460,000 because he accepted a new job in another state. Consequently, Alan occupied the home for only 150 days. How much gain must Alan recognize
Answer:
The correct answer is "$8630".
Explanation:
Given:
Residence purchased,
= $400,000
Residence sold,
= $460,000
Alan qualifies,
= [tex]250000\times \frac{150}{730}[/tex]
= [tex]\frac{37500000}{730}[/tex]
= [tex]51370[/tex] ($)
hence,
The gain will be:
= [tex]60000-51370[/tex]
= [tex]8630[/tex] ($)
Roy Micky wants to open a new nakamal (kava bar) in port villa. He knows he is entering a highly competitive market but is determined to give it a ago as it is something his family have always wanted.
There are 96 other Nakamals in port vila that Roy will have to compete with. In addition to this, he does not have an established presence in the market. There are just 2 of his concerns. The others are required to come from you.
1) List and justify (from an operations perspective) 5 key things that he should consider in setting up his business. In answering this question, this of the different chapters that have ccomprised this course - you should get a point from each chapter. 20 marks
NB : This question is asking for 5 points of concern - each carries 4 marks.
Answer:
a) The financial return on investment
b) Demand curve, Is the demand of nakamal is rising or is constant
c) Develop a strategy to create a customer base
d) Devise marketing strategy
e) Value addition in his product and service in order to stand out of others.
Explanation:
a) The financial return on investment
b) Demand curve, Is the demand of nakamal is rising or is constant
c) Develop a strategy to create a customer base
d) Devise marketing strategy
e) Value addition in his product and service in order to stand out of others.
Ricky and Lucy are buying a house using a conforming loan, and they have reached an agreement to receive the max concession from their seller. They have agreed on a $230,000 sales price, and are putting down 10%. What is the amount of the seller concession?
Write the president (me) a memo explaining your reasoning and suggest a new pricing strategy. (You can decide what kind of business we’re in)
Answer:
To: President
From: General Manager Finance
Subject : Pricing strategy for existing products
Date : 20th June 2021
As you are aware about the declining sales of our various products. The main reason identified by our sales and marketing analysts for the declining sales is over pricing of various products. There have been increase competition in the market and new entrants have adopted strategy of economies of scale which enable them to sell the product at low price and gain market share. There we need to cut our costs and then reduce our profit margin to boost sales of our products. We can be profitable from volume sales strategy.
If you need to discuss further on this matter, we can arrange a meeting with head of different department to discuss the business strategy in more detail.
XYZ manufactures dolls in two departments, Molding and Assembly. In the Molding Department, plastic is injected into a lizard-shaped mold. The dolls that come out of the molds are then transferred to the Assembly Department where hair is applied. Kota uses a weighted-average process cost system to collect costs in both departments. On January 1, the Molding Department had 32,000 dolls in process. These dolls were 0% complete with respect to direct materials and 30% complete with respect to conversion cost. During January, Molding completed 600,000 dolls. On January 31, Molding had 50,000 dolls in work in process. These dolls were 0% complete with respect to direct materials and 40% complete with respect to conversion cost. How many dolls were started in the Molding Department during January
Answer:
XYZ Manufacturing Company
The units of dolls started in the Molding Department during January is:
= 618,000.
Explanation:
a) Data and Calculations:
Units Materials Conversion
Beginning work in process = 32,000 dolls 0% 30%
Completed in January 600,000 dolls 100% 100%
Ending work in process 50,000 dolls 0% 40%
Units started during January 618,000 dolls
= Dolls completed in January Plus Ending work in process Minus Beginning work in process
= 618,000 (600,000 + 50,000 - 32,000)
Decker Enterprises Below are the simplified current and projected financial statements for Decker Enterprises. All of Decker's assets are operating assets. All of Decker's current liabilities are operating liabilities. Income statement Current Projected Sales na 1,500 Costs na 1,050 Profit before tax na 450 Taxes na 135 Net income na 315 Dividends na 95 Balance sheets Current Projected Current Projected Current assets 100 115 Current liabilities 70 81 Net fixed assets 1,200 1,440 Long-term debt 300 360 Common stock 500 500 Retained earnings 430 650 If Decker had a financing surplus, it could remedy the situation by a. reducing its dividend. b. borrowing on its line of credit. c. borrowing from its retained earnings d. paying a special dividend e. issuing more common stock.
Answer:
Decker Enterprises
If Decker had a financing surplus, it could remedy the situation by
d. paying a special dividend
Explanation:
a) Data and Calculations:
Income statement
Current Projected
Sales na 1,500
Costs na 1,050
Profit before tax na 450
Taxes na 135
Net income na 315
Dividends na 95
Retained earnings na 220
Balance sheets
Current Projected Current Projected
Current assets 100 115 Current liabilities 70 81
Net fixed assets 1,200 1,440 Long-term debt 300 360
Common stock 500 500
Retained earnings 430 650
Total $1,300 $1,555 Total $1,300 $1,591
boulder corporation uses estimated direct labor hours of 200,200 and estimated manufacturing overhead costs of $920,600 in establishing manufacturing overhead rates. Actual manufacturing overhead was $970,300, and allocated manufacturing overhead was
To bring an action based on breach of warranty, a buyer or lessee has a certain limited period of time from the date of delivery to file suit. a. True b. False
Answer:
True
Explanation:
Upon breach of warranty, the seller has the right to resolve the breach within a certain period. If the breach cannot be resolved, the buyer may claim for damages subject to the limitations agreed in the sale and purchase agreement
1- Introduction to Business class is to observe the use of groups in a large manufacturing business. The students notice that most groups are arranged by reporting relationships. Bill discovers a group of managers who have been placed together to study and recommend a course of action on a flextime schedule for employees. Jane finds that the executives of the company have formed a team consisting of themselves, some middle managers, and a few hourly employees to work on improving work processes and efficiency within the company. This group has been in existence for 5 years and is going strong . The group of managers that Bill discovers is an example of:
A) an informal interest group.
B) a formal group.
C) A fun group.
D) a quality group.
Answer:
Option B (a formal group) is the correct approach.
Explanation:
The formal groupings are created purposefully as well as deliberately together to focus group members' continued efforts, in particular their workers, towards achieving their corporate goals.It must be utilized to aid this same right decision-making, even though many persons come up with competing processes and strategies which would have been seen as superior choices.The other given choices are not connected to the given instance. So the above is the right choice.
An agreement for the sale of securities in which the investment bank handling the transaction gives no assurance that the entire issue will be sold is called a(n) _____.
Answer:
best efforts arrangement
Explanation:
Best efforts can be regarded as agreement which is been entered by a service provider so that they can perform any action required to fulfill the requirements of a contract. As regards to finance,best efforts are been made by underwriter to the issuer, so that much of their securities offering can be sold as much as possible. It should be noted that An agreement for the sale of securities in which the investment bank handling the transaction gives no assurance that the entire issue will be sold is called best efforts arrangement
The ledger of Shamrock, Inc. on March 31, 2017, includes the following selected accounts before adjusting entries.
Debit Credit
Supplies 2,610
Prepaid Insurance 2,480
Equipment 22,500
Unearned Service Revenue 12,000
An analysis of the accounts shows the following.
1. Insurance expires at the rate of $310 per month.
2. Supplies on hand total $960.
3. The equipment depreciates $150 per month.
4. During March, services were performed for two-fifths of the unearned service revenue.
Required:
Prepare the adjusting entries for the month of March.
Answer and Explanation:
The adjusting entries are as follows:
1 Insurance expense Dr $310
To Prepaid Insurance $310
(Being insurance expense is recorded)
2 Supplies expense Dr $1,650 ($2,610 - $960)
To Supplies $1,650
(Being supplies expense is recorded)
3 Depreciation expense Dr $150
To Accumulated Depreciation - Equipment $150
(Being depreciation expense is recorded)
4 Unearned service revenue Dr (two-fifth of $12,000) $4,800
To Service Revenue $4,800
(Being service revenue is recorded)
Which of the following statements about money that is correct? A. Money is a completely stable store of value. B. Credit cards and debit cards are examples of money. C. Inflation brings a rising value of money. D. Money acts as a unit of account comma which is an agreed measure for stating the prices of goods and services.
Answer:
i would say the answer is D. because all the other answers are not totally right.
The statement about money that is correct is D. Money acts as a unit of account comma which is an agreed measure for stating the prices of goods and services.
What is money?
Money serves as a means of exchange for goods and services in economics term.
It is a way to express the value of goods and services and it serves as agreed measure for stating the prices of goods and services.
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ME company sold 200 units of its goods for $5 each. The COGS is $3 each. Prepare journal entries
for the transactions.
i) 10 days later, customer returned 50 units of goods
ii) 10 days later, customer wanted to return 50 defective units of goods, the company agreed to
reduce price to $3, so that the customer accepted the goods and not returned.
Answer:
Explanation:
Sales Returns and Allowances 250
Accounts Receivable 250
Sales Returns and Allowances 600
Accounts Receivable 600
A product returned to the seller by a customer is known as a sales return. Usually, a return is made as a result of defective or overage merchandise being ordered, shipped, or received.
What is a sale and sale return?A retailer pays only for the goods they sell and returns the unsold inventory to the wholesaler or manufacturer under a sale or return arrangement. The retailer can return unsold products under a sale or return arrangement, preventing write-offs.
Following are the necessary journal entries required to pass.
Particular Debit Credit
Sale Return A/c $250
1 Accounts Receivable A/C $250
(Being 50 units of defective goods return at $5)
2 Sale Return A/c $600
Accounts Receivable A/C $600
(Being 200 units of defective goods return at $3)
When goods are returned, the sales returns and allowances account is debited to lower sales, while accounts receivable or cash are credited to give refunds or lower what the consumer owes. To credit the inventory with the returned items, a second entry debiting inventory must be created.
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Escrow Company's multistep income statement shows cost of goods sold of $60,000, a gross margin of $42,000, operating income of $12,000 and a $20,000 loss on the sale of land. Based on this information, the net income or (net loss) amounted to
Answer:
($8000)
Explanation:
Given :
Cost of good sold = $60,000
Gross margin = $42,000
Operating income = $12,000
Loss on land sale = $20,000
Given a multistep income statement;
The net profit or (loss) is obtained by the difference in loss due to land sale and the operating income ;
The net profit(loss) = Operating income - Loss on land sale
The net profit (loss) = $12,000 - $20,000 =($8000)
Since, loss on lab sale is greater than operating income, then it is a loss
Mark Johnson saves a fixed percentage of his salary at the end of each year. This year he saved $2,000. For each of the next 5 years, he expects his salary to increase at an 4% annual rate, and he plans to increase his savings at the same 4% rate. There will be a total of 6 investments, the initial $2,000 plus five more. If the investments earn a return of 15% per year, how much will Mark have at the end of six years
Answer:
Mark will have $19,878.70 at the end of six years
Explanation:
Use the following formula to calculate the present value of cash flows
PV = [tex]A [\frac{1 - (\frac{1+g}{1+r})^n }{r - g} ][/tex]
Where
A = Investment = $2,000
g = growth rate = 4%
r = 15%
n = 6
Placing values in the formula
PV = [tex]2,000 [\frac{1 - (\frac{1+0.06}{1+0.15})^6 }{0.15 - 0.06} ][/tex]
PV = $8,594.11
Now calculate the future value in order to determine the amount Mark will have at the ned of six years
Future value = [tex]PV ( 1 + r )^n[/tex]
Where
PV = $8,594.11
r = 15%
n = 6
Placing values in the formula
Future value = [tex]8,594.11 ( 1 + 0.15 )^6[/tex]
Future value = $19,878.70
Describe the reason that accrued expenses often require adjusting entries but not in every situation. g
Answer:
Following are the solution to the given question:
Explanation:
Accrued Expenses:
The expenses accumulated were costs pending only at the conclusion of the financial day to be paid. Your financial reports would be made around an accrual basis, meaning the revenue would be booked appropriately without receiving the money. Likewise, the costs incurred during the existing fiscal year will be booked irrespective of if they're not paid.
Usually, know that such a cost is incurred only at end of the fiscal year until we have been paid.
When at the conclusion of a fiscal year we won't receive this bill, therefore the costs will have to be modified directly. In case the payment is not received.
X Corporation is considering buying a new $9,000 machine. The projected annual after-tax net income from the machine is $500, after deducting $3,000 for depreciation. The revenue is to be received at the end of each year. The machine has a useful life of 3 years and no salvage value. X considers 12% return on an investment satisfactory. Periods 12% Present Value of $1 12% Present value of an annuity of $1 1 0.8929 0.8929 2 0.7972 1.6901 3 0.7117 2.4018 What is the net present value (NPV) of the machine investment? A. $ (7,799) B. $ (594) C. 1,201 D. $ 8,406 E. $ 9,000
Answer:
b
Explanation:
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Cash flow = net income + depreciation
$500 + $3000 = $3500
Cash flow in year 0 = -9000
Cash flow in year 1 to 3 = 3500
I = 12%
npv = -594
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
contractor decided to bid for a major commercial project. The total price of her bid is $10 million. Estimate the total cost of estimating and preparing the bid proposal.
Answer: $150,000
Explanation:
The total cost of estimating and preparing the bid would normally fall between 1% and 2% of the total price of the bid.
It would therefore be best to use an average rate of these:
= ( 1 + 2) / 2
= 1.5%
The estimate will therefore be:
= 1.5% * 10,000,000
= $150,000
A strategic goal is to get the right balance between exploitation of existing competencies and the exploitation and development of new competencies. Which of the following is not a critical issue in this respect?Select one:a. The breadth and limits of management cognition which influence decision-making.b. The skills and experience of employees and other human capital.c. The internal and external relationships that influence access to information and knowledge.d. The vision, control and power of senior managers.
Answer:
.d. The vision, control and power of senior managers
Explanation:
Strategic goal can be regarded as long-term, they are big picture as well as objective for a business, unlike short-term tactic which give addresses to current challenge. Strategies goal focus on improving the business in way of operation and develop new goals. It should be noted that strategic goal is to get the right balance between exploitation of existing competencies and the exploitation and development of new competencies.
Critical issue in this respect are;
✓The breadth and limits of management cognition which influence decision-making.
✓The skills and experience of employees and other human capital.
✓The internal and external relationships that influence access to information and knowledge.
A firm has an equity beta of 1.2, the risk-free rate is 3.4 percent, the market return is 15.7 percent, and the pretax cost of debt is 9.4 percent. The debt-equity ratio is .47. If you apply the common beta assumptions, what is the firm's asset beta
Answer:
0.82
Explanation:
Calculation to determine the firm's asset beta
Using this formula
Firm's asset beta=Equity beta/(1+/D/E)
Let plug in the formula
Firm's asset beta=1.2/(1+0.47)
Firm's asset beta=1.2/1.47
Firm's asset beta=0.816
Firm's asset beta=0.82 (Approximately)
Therefore the firm's asset beta is 0.82
The unadjusted trial balance of PS Music as of July 31, 2016, along with the adjustment data for the two months ended July 31, 2016, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared:
PS Music
ADJUSTED TRIAL BALANCE
July 31, 2016
ACCOUNT TITLE DEBIT CREDIT
1 Cash 9,945.00
2 Accounts Receivable 4,150.00
3 Supplies 275.00
4 Prepaid Insurance 2,475.00
5 Office Equipment 7,500.00
6 Accumulated Depreciation
-Office Equipment 50.00
7 Accounts Payable 8,350.00
8 Wages Payable 140.00
9 Unearned Revenue 3,600.00
10 Common Stock 9,000.00
11 Retained Earnings
12 Dividends 1,750.00
13 Income Summary
14 Fees Earned 21,200.00
15 Wages Expense 2,940.00
16 Office Rent Expense 2,550.00
17 Equipment Rent
Expense 1,375.00
18 Utilities Expense 1,215.00
19 Music Expense 3,610.00
20 Advertising Expense 1,500.00
21 Supplies Expense 925.00
22 Insurance Expense 225.00
23 Depreciation Expense 50.00
24 Miscellaneous Expense 1,855.00
25 Totals 42,340.00 42,340.00
Required:
1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet on a sheet of paper or using spreadsheet software.
2. Prepare an income statement, a retained earnings statement, and a balance sheet.*
3.
A. Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
B. Post the closing entries. The income summary account is #34 in the ledger of PS Music. Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite the closing entry. No entry is required in theItem column.
4. Prepare a post-closing trial balance.
Answer:
PS Music
1. End of Period Spreadsheet
13 Income Summary (Temporary accounts)
14 Fees Earned 21,200.00
15 Wages Expense 2,940.00
16 Office Rent Expense 2,550.00
17 Equipment Rent Expense 1,375.00
18 Utilities Expense 1,215.00
19 Music Expense 3,610.00
20 Advertising Expense 1,500.00
21 Supplies Expense 925.00
22 Insurance Expense 225.00
23 Depreciation Expense 50.00
24 Miscellaneous Expense 1,855.00
Statement of Retained Earnings (Temporary accounts)
11 Retained Earnings
12 Dividends 1,750.00
Balance Sheet (Permanent accounts)
1 Cash 9,945.00
2 Accounts Receivable 4,150.00
3 Supplies 275.00
4 Prepaid Insurance 2,475.00
5 Office Equipment 7,500.00
6 Accumulated Depreciation
-Office Equipment 50.00
7 Accounts Payable 8,350.00
8 Wages Payable 140.00
9 Unearned Revenue 3,600.00
10 Common Stock 9,000.00
11 Retained Earnings
2. PS Music
Income Statement for the year ended July 31, 2016
14 Fees Earned $21,200.00
15 Wages Expense $2,940.00
16 Office Rent Expense 2,550.00
17 Equipment Rent Expense 1,375.00
18 Utilities Expense 1,215.00
19 Music Expense 3,610.00
20 Advertising Expense 1,500.00
21 Supplies Expense 925.00
22 Insurance Expense 225.00
23 Depreciation Expense 50.00
24 Miscellaneous Expense 1,855.00 $16,245.00
Net income $4,955.00
Statement of Retained Earnings for the year ended July 31, 2016
11 Retained Earnings
Net income $4,955.00
12 Dividends 1,750.00
Retained Earnings $3,205.00
Balance Sheet as of July 31, 2016
1 Cash 9,945.00
2 Accounts Receivable 4,150.00
3 Supplies 275.00
4 Prepaid Insurance 2,475.00
Current assets $16,845.00
5 Office Equipment 7,500.00
6 Accumulated Depreciation (50.00) $7,450.00
Total assets $24,295.00
Liabilities
7 Accounts Payable 8,350.00
8 Wages Payable 140.00
9 Unearned Revenue 3,600.00 $12,090.00
10 Common Stock 9,000.00
11 Retained Earnings 3,205.00 $12,275.00
Total liabilities and equity $24,295.00
3. A. Closing Journal Entries:
14 Debit Fees Earned $21,200.00
13 Credit Income Summary $21,200.00
To close the Fees Earned to Income Summary.
13 Debit Income Summary $16,245.00
Credit:
15 Wages Expense 2,940.00
16 Office Rent Expense 2,550.00
17 Equipment Rent Expense 1,375.00
18 Utilities Expense 1,215.00
19 Music Expense 3,610.00
20 Advertising Expense 1,500.00
21 Supplies Expense 925.00
22 Insurance Expense 225.00
23 Depreciation Expense 50.00
24 Miscellaneous Expense 1,855.00
To close the expenses to the Income Summary.
13 Debit Income Summary $4,955.00
11 Credit Retained Earnings $4,955.00
To close the net income to retained earnings.
11 Debit Retained Earnings $1,750.00
12 Credit Dividends $1,750.00
To close the dividends to retained earnings.
B. Posting the closing entries:
14 Fees Earned
ACCOUNT TITLE DEBIT CREDIT
Balance 21,200.00
Income Summary 21,200.00
15 Wages Expense
ACCOUNT TITLE DEBIT CREDIT
Balance 2,940.00
Income Summary 2,940.00
16 Office Rent Expense
ACCOUNT TITLE DEBIT CREDIT
Balance 2,550.00
Income Summary 2,550.00
17 Equipment Rent Expense
ACCOUNT TITLE DEBIT CREDIT
Balance 1,375.00
Income Summary 1,375.00
18 Utilities Expense
ACCOUNT TITLE DEBIT CREDIT
Balance 1,215.00
Income Summary 1,215.00
19 Music Expense
ACCOUNT TITLE DEBIT CREDIT
Balance 3,610.00
Income Summary 3,610.00
20 Advertising Expense
ACCOUNT TITLE DEBIT CREDIT
Balance 1,500.00
Income Summary 1,500.00
21 Supplies Expense
ACCOUNT TITLE DEBIT CREDIT
Balance 925.00
Income Summary 925.00
22 Insurance Expense
ACCOUNT TITLE DEBIT CREDIT
Balance 225.00
Income Summary 225.00
23 Depreciation Expense
ACCOUNT TITLE DEBIT CREDIT
Balance 50.00
Income Summary 50.00
24 Miscellaneous Expense
ACCOUNT TITLE DEBIT CREDIT
Balance 1,855.00
Income Summary 1,855.00
11 Retained Earnings
ACCOUNT TITLE DEBIT CREDIT
Income Summary 4,955.00
Dividends 1,750.00
Balance 3,205.00
12 Dividends
ACCOUNT TITLE DEBIT CREDIT
Balance 1,750.00
11 Retained Earnings 1,750.00
4. Post-Closing Trial Balance
August 1, 2016
ACCOUNT TITLE DEBIT CREDIT
1 Cash 9,945.00
2 Accounts Receivable 4,150.00
3 Supplies 275.00
4 Prepaid Insurance 2,475.00
5 Office Equipment 7,500.00
6 Accumulated Depreciation
-Office Equipment 50.00
7 Accounts Payable 8,350.00
8 Wages Payable 140.00
9 Unearned Revenue 3,600.00
10 Common Stock 9,000.00
11 Retained Earnings 3,205.00
Total 24,345.00 24,345.00
Explanation:
a) Data and Calculations:
PS Music
ADJUSTED TRIAL BALANCE
July 31, 2016
ACCOUNT TITLE DEBIT CREDIT
1 Cash 9,945.00
2 Accounts Receivable 4,150.00
3 Supplies 275.00
4 Prepaid Insurance 2,475.00
5 Office Equipment 7,500.00
6 Accumulated Depreciation
-Office Equipment 50.00
7 Accounts Payable 8,350.00
8 Wages Payable 140.00
9 Unearned Revenue 3,600.00
10 Common Stock 9,000.00
11 Retained Earnings
12 Dividends 1,750.00
13 Income Summary
14 Fees Earned 21,200.00
15 Wages Expense 2,940.00
16 Office Rent Expense 2,550.00
17 Equipment Rent Expense 1,375.00
18 Utilities Expense 1,215.00
19 Music Expense 3,610.00
20 Advertising Expense 1,500.00
21 Supplies Expense 925.00
22 Insurance Expense 225.00
23 Depreciation Expense 50.00
24 Miscellaneous Expense 1,855.00
25 Totals 42,340.00 42,340.00
Caterpillar’s December 31st, 1998 balance sheet shows accounts receivable of approximately $2.5 billion, accounts payable of approximately $4.0 billion, and an inventory of approximately $3.0 billion. Their 1998 income statement shows Cost of Good Sold (COGS) of approximately $15 billion, sales of approximately $20 billion, and operating costs of approximately $18 billion. How many days, on average, does Caterpillar hold its inventory? Assume a year has 360 days.
Answer:
the Average Number of inventory days is 72 days
Explanation:
The computation of the no of days is given below:
We know that
Inventory Turnover Ratio
= Cost of Goods Sold ÷ Average Inventory
= 15 ÷ 3
= 5
Now the Average Number of inventory days is
= 360 ÷ 5
= 72 days
hence, the Average Number of inventory days is 72 days
Presented below are incomplete manufacturing cost data.
Determine the missing amounts for three different situations.
Direct Materials Used Direct Labor Used Factory Overhead Total Manufacturing Costs
(1) $42,700 $64,200 $52,500 $enter a dollar amount
(2) $enter a dollar amount $78,100 $144,000 $298,000
(3) $57,400 $enter a dollar amount $113,000 $314,000
Answer and Explanation:
The computation of the missing amount is as follows:
As we know that
The total manufacturing cost = Direct Materials Used + Direct Labor Used + Factory Overhead
So,
(1)
= $42,700 + $64,200 + $52500
= $159,400
(2)
= $298,000 - $78,100 - $144,000
= $75,900
(3)
= $314,000 - $57,400 - $113,000
= $143,600
The total units to be accounted for is computed by adding beginning units in process to units transferred out. beginning units in process to units started into production. ending units in process to units started into production. ending units in process to total units accounted for.
Answer:
The Correct Answer is = Option 2:
Total units to be accounted for = “Beginning units in Process + Units started into production”
Explanation:
This is a multiple choice question and we are asked to choose the correct option out of it.
So,
The Correct Answer is = Option 2:
Total units to be accounted for = “Beginning units in Process + Units started into production”
Example:
Beginning units = 50000
Units Started = 90000
Total units to be accounted for = 140000
Units Completed = 44000
Ending Units = 96000
Total units to be accounted for = 140000
International trade currently involves about ______________ worth of goods and services moving around the globe.
Answer:
$20 trillion
Explanation:
International trade can be regarded as exchange of capital as well as goods, and services between different international borders/ territories. This is so since there would always be a need or want for a particular goods or services. In most countries,gross domestic product are been represented. Types of international trade are;
1)Export Trade
2)Entrepot Trade.
3)Import Trade
It should be noted that International trade currently involves about $20 trillion worth of goods and services moving around the globe.
Jiang has been working on a risk management plan for his government agency. What information should he include in the report to management when he presents his risk management recommendations
Answer:
The information which must be included in the Risk Management Plan include but are not limited to the following:
Risk IdentificationSource of Risk Risk measurementRisk EvaluationMitigationMonitoringExplanation:
As an avid risk manager, Jiang must be ardent at identifying risks and their sources.
According to the principles of management, what cannot be measured cannot be managed. hence, the report must also contain rubrics that will help the measurement of such risks
When risk measurment metrics have been identified and instituted, then it can be then be evaluated against agreed thresholds. This makes for easy mitigation, monitoring, and management.
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