The following information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clothing to college students.
Data for Hopkins CPAs
Borrowed $90,000 from the bank to start the business.
Provided $60,000 of services to clients and collected $50,000 cash.
Paid salary expense of $32,000.
Data for Sports Clothing
Borrowed $90,000 from the bank to start the business.
Purchased $60,000 inventory for cash.
Inventory costing $26,000 was sold for $50,000 cash.
Paid $8,000 cash for operating expenses.
Required
Prepare an income statement, balance sheet, and statement of cash flows for each of the companies (Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.)
Answers
Answer:
Please see attached detailed explanation.
Explanation:
Please find attached detailed preparation of income statement, balance sheet and cash flow statement for the above.
Related Questions
An example of a pioneering cost is the cost of Multiple Choice hiring management personnel. competing with existing multinationals. promoting a new product. transport fees. retaining employees.
Answers
Answer:
C. promoting a new product.
Explanation:
A foreign direct investment (FDI) can be defined as an investment made by an individual or business entity (investor) into an investment market (industry) located in another country. The investor here, shares a different country of origin from the country where his investment is located.
When establishing a foreign direct investment, investors are required to consider some basic entry decisions such as free market, political stability, low inflation rates, pioneering costs etc.
In a foreign investment, pioneering cost arises because the business investment differs from that in the firm's domestic market and such it is necessary that, the firm dedicate a good deal of time, money (expenses) and efforts to learning and adapting to the market rules, policies and processes.
Hence, an example of a pioneering cost is the cost of promoting a new product, cost of enlightening and education of customers etc.
Balance Sheet Data Income Statement Data
Cash $600,000 Accounts payable $720,000 Sales $12,000,000
Accounts receivable 1,200,000 Accruals 240,000 Cost of goods sold 7,200,000
Inventory 1,800,000 Notes payable 960,000 Gross profit 4,800,000
Current assets 3,600,000 Current liabilities 1,920,000 Operating expenses 3,000,000
Long-term debt 2,400,000 EBIT 1,800,000
Total liabilities 4,320,000 Interest expense 403,200
Common stock 720,000 EBT 1,396,800
Net fixed assets 3,600,000 Retained earnings 2,160,000 Taxes 488,880
Total equity 2,880,000 Net income $907,920
Total assets $7,200,000 Total debt and equity $7,200,000
If I remember correctly, the DuPont equation breaks down our ROE into three component ratios: the turnover ratio, and the the total asset And, according to my understanding of the DuPont equation and its calculation of ROE, the three ratios provide insights into the company's effectiveness in using the company's assets, and Hydra Cosmetics Inc. DuPont Analysis Ratios Value Correct/Incorrect Value Correct/Incorrect Ratios Asset management ratio Total assets turnover 1.67 Profitability ratios Gross profit margin (%) Operating profit margin (%) Net profit margin (%) Return on equity (%) 40.00 11.64 14.55 40.58 Financial ratios Equity multiplier 1.67 Do not round intermediate calculations and round your final answers up to two decimals. Hydra Cosmetics Inc. DuPont Analysis Calculation Value Numerator Denominator Ratios Profitability ratios Gross profit margin (%) Operating profit margin (%) Net profit margin (%) Return on equity (%) Asset management ratio Total assets turnover Financial ratios Equity multiplier Check all that apply. Reduce the company's operating expenses, its cost of goods sold, and/or the interest rate on its borrowed funds because this will increase the company's net profit margin. Increase the cost and amount of assets necessary to generate each dollar of sales because it will increase the company's total assets turnover. Increase the efficiency of its assets so that it generates more sales with each dollar of asset investment and increases the company's total assets turnover. Increase the interest rate on its notes payable or long-term debt obligations because it will reduce the company's net profit margin.
Answers
Question attached
Answer and Explanation:
Find answer and explanation attached
Snoblo, a manufacturer of snowblowers, sells four models. The base model, Reguplo, has demand that is normally distributed, with a mean of 10,000 and a stand deviation of 1,000. The three other models have additional features, and each has demand that is normally distributed, with a mean of 1,000 and a standard deviation of 700. Currently all four models are manufactured on the same line at a cost of $100 for Reguplo and $110 for each of the other three models. Reguplo sells for $200, whereas each of the other three models sells for $220. Any unsold blowers are sold at the end of the season for $80. Snoblo is considering the use of tailored sourcing by setting up two separate lines, one for Reguplo and one for the other three. Given that no changeovers will be required on the Reguplo line, the production cost of Reguplo is expected to decline to $90. The production cost of the other three products, however, will now increase to $120.
Required:
a. How will tailored sourcing affect the production and profits?
b. Is tailored sourcing more profitable for Snoblo? Why?
Answers
Answer:
Total profits Current Sourcing [One Line] $1,214,280
Total profits Tailored Sourcing [Two Lines] $1,281,670
Explanation:
Particulars Current Sourcing One line : Reguplo ; Other models
Anticipated demand 10,000 ; 1,000
Standard Deviation 1,000 ; 700
Unit Cost $100 , $110
Sales price $200 , $220
Disposal Value $80 , $80
Salvage Value $80 ; $80
Cost of under stock $100 ; $110
Cost of overstock $20 ; $30
Optimal cycle service level 0.8333 ; 0.7857
Optimal production size 10,967 ; 1,554
Expected profits $970,018 ; $81,421
Total profits $1214,280
Particulars Tailored Sourcing Two line : Reguplo ; Other models
Anticipated demand 10,000 ; 1,000
Standard Deviation 1,000 ; 700
Unit Cost $90 , $120
Sales price $200 , $220
Disposal Value $80 , $80
Salvage Value $80 ; $80
Cost of under stock $110 ; $100
Cost of overstock $10 ; $40
Optimal cycle service level 0.9167 ; 0.7143
Optimal production size 11,383 ; 1,396
Expected profits $1,081,602 ; $66,689
Total profits $1,281,670
A machine was purchased for $35,500, having a useful life of 10 years, and a residual value of $6,000. Compute the annual depreciation expense using the straight-line method.
Answers
Answer:
Annual depreciation= $2,950
Explanation:
Giving the following information:
A machine was purchased for $35,500, having a useful life of 10 years, and a residual value of $6,000.
To calculate the depreciation expense under the straight-line method, we need to use the following formula:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (35,500 - 6,000) / 10
Annual depreciation= $2,950
Hector was prosecuted following police seizure of 80 pounds of drugs from his airplane. The seizure was held to be unlawful, the evidence was sup- pressed, and the suit against Hector was dismissed. He sued the government officials involved in his arrest and prosecution to recover $3,500 in bail bond expenses, $23,000 in attorney's fees, and $2,000 in travel costs. The district court held he could not recover the costs incurred during the criminal prosecution. Hector appealed. Can he recover the costs? (Hector v. Watt, 235 F.3d 154, 3rd Cir. (2000)]
Answers
Answer:
Hector will lose.
Explanation:
If someone suffers an illegal search or seizure, he/she can recover any costs associated with that incident, e.g. property damage, injuries (both physical or to their reputation, lawyers, etc.). But if the illegal search actually results in some criminal evidence being discovered, then you cannot recover any costs. Anything seized illegally will be dismissed, but the reward is not going to jail even if they committed a crime, they get no money back.
Why only ask for a refund of his lawyer's fees, he should also ask for a refund for the value of the drugs? This lawsuit is absolutely ridiculous.
Precision Systems manufactures CD burners and currently sells 18,500 units annually to producers of laptop computers. Jay Wilson, president of the company, anticipates a 15 percent increase in the cost per unit of direct labor on January 1 of next year. He expects all other costs and expenses to remain unchanged. Wilson has asked you to assist him in developing the information he needs to formulate a reasonable product strategy for next year.
You are satisfied that volume is the primary factor affecting costs and expenses and have separated the semivariable costs into their fixed and variable segments. Beginning and ending inventories remain at a level of 1,000 units. Current plant capacity is 20,000 units. The following are the current-year data assembled for your analysis.
Sales price per unit $100
Variable costs per unit:
Direct materials $10
Direct labor $20
Manufacturing overhead and selling and administrative expenses 30 60
Contribution margin per unit (40%) $40
Fixed costs $390,000
Required:
a. What increase in the selling price is necessary to cover the 15 percent increase in direct labor cost and still maintain the current contribution margin ratio of 40 percent?
b. How many units must be sold to maintain the current operating income of $350,000 if the sales price remains at $100 and the 15 percent wage increase goes into effect?
c. Wilson believes that an additional $700,000 of machinery (to be depreciated at 20 percent annually) will increase present capacity (20,000 units) by 25 percent. If all units produced can be sold at the present price of $100 per unit and the wage increase goes into effect, how would the estimated operating income before capacity is increased compare with the estimated operating income after capacity is increased? Prepare schedules of estimated operating income at full capacity before and after the expansion.
Answers
Answer:
a. What increase in the selling price is necessary to cover the 15 percent increase in direct labor cost and still maintain the current contribution margin ratio of 40 percent?
estimated production costs per unit:
direct materials $10
direct labor $23
overhead $30
total $63
if we want contribution margin to remain at 40%, then selling price = $63 / (1 - 40%) = $105
to verify our answer, contribution margin = $105 - $63 = $42 / $105 = 40%
b. How many units must be sold to maintain the current operating income of $350,000 if the sales price remains at $100 and the 15 percent wage increase goes into effect?
if sales price doesn't change, then contribution margin = $37 (not $40)
units sold to keep profit at $350,000 = ($350,000 + $390,000) / $37 = 20,000 units per year
c. Wilson believes that an additional $700,000 of machinery (to be depreciated at 20 percent annually) will increase present capacity (20,000 units) by 25 percent. If all units produced can be sold at the present price of $100 per unit and the wage increase goes into effect, how would the estimated operating income before capacity is increased compare with the estimated operating income after capacity is increased? Prepare schedules of estimated operating income at full capacity before and after the expansion.
working at full capacity, sales price $100 (unchanged) and direct labor costs increasing by 15%
capacity 20,000 capacity 25,000
sales revenue $2,000,000 $2,500,000
direct labor $460,000 $575,000
direct materials $200,000 $250,000
overhead $600,000 $750,000
fixed costs $390,000 $670,000
operating revenue $350,000 $255,000
The expansion will result in lower operating profits ($95,000 less) so it should be discarded.
On July 1, 2020, Culver Inc. made two sales. 1. It sold land having a fair value of $902,220 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,419,656. The land is carried on Culver's books at a cost of $590,900. 2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $402,150 (interest payable annually). Culver Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest.
Record the two journal entries that should be recorded by Sunland Inc. for the sales transactions above that took place on July 1, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No. Date Account Titles and Explanation Debit Credit
1. July 1, 2020
2. July 1, 2020
Answers
Answer:
1) July 1, 2020, sale of land
Dr Notes receivable 1,419,656
Cr Land 590,900
Cr Discount on notes receivable 517,436
Cr Gain on sale of land 311,320
Discount on notes receivable $1,419,656 - $902,220 = $517,436
Gain on sale of land $902,220 - $590,900 = $311,320
2) July 1, 2020, service revenue
Dr Notes receivable 402,150
Cr Service revenue 342,218.69
Cr Discount on notes receivable 59,931.31
annual interests = $402,150 x 3% = $12,064.50
discount on notes payable = present value of annual interest = $12,064.50 x 4.9676 (PV annuity factor, 12%, 8 periods) = $59,931.31
On September 1, 2019, Fast Track, Inc., was started with $25,000 invested by the owners as contributed capital. On September 30, 2019, the accounting records contained the following amounts:
Unearned revenue $ 500
Accounts payable 2,200
Prepaid expenses $ 1,000
Dividends declared 2,300
Accounts receivable 2,200
Office equipment 20,000
Accumulated depreciation 500
Office supplies 1,750
Cash 9,500
Office supplies expense 600
Consulting fees revenue 19,200
Rent expense 2,400
Contributed capital 25,000
Salary expense 6,900
Depreciation expense 500
Telephone expense 250
Required:
Prepare a classified income statement, a statement of retained earnings and a classified balance sheet for the first month of Fast Track’s operation.
Answers
Answer:
Fast Track, Inc.
Income Statement
For the year ended December 31, 2019
Revenues:
Consulting fees revenue $19,200
Expenses:
Office supplies expense $600 Rent expense $2,400 Salary expense $6,900 Depreciation expense $500 Telephone expense $250 ($10,650)Net income $8,550
Fast Track, Inc.
Statement of Retained Earnings
For the year ended December 31, 2019
Beginning balance September 1, 2019 $0
Net income $8,550
Subtotal $8,550
Dividends ($2,300)
Ending balance December 31, 2019 $6,250
Fast Track, Inc.
Balance Sheet
For the year ended December 31, 2019
ASSETSCurrent assets
Cash $9,500
Accounts receivable $2,200
Office supplies $1,750
Prepaid expenses $1,000
Total current assets $14,450
Property, plant and equipment
Office equipment $20,000
Accumulated depreciation ($500)
Total P, P & E $19,500
Total assets $33,950
LIABILITIES AND EQUITYCurrent liabilities
Unearned revenue $500
Accounts payable $2,200
Total liabilities $2,700
Equity
Common stock $25,000
Retained earnings $6,250
Total equity $31,250
Total liabilities + equity $33,950
10. ________________ is the extent to which employees have positive or negative feelings about various aspects of their work.
Answers
Answer:
A. Job satisfaction
Explanation:
Job satisfaction can be influenced by a number of significant factors. There may be motivation or lack of motivation according to the working conditions, such as job perception, management, organizational culture, reward system, etc.
There needs to be active management to analyze what are the main factors that affect job satisfaction in an organization, so that there is greater motivation, productivity, positive business climate, ethical behaviors, etc.
- Which of the following is NOT a Factor of Production
A. Money
B. Land
C. Labor
D. Capital
Answers
The rest are all factors so your answer is A
Tom Cruise Lines Inc. issued bonds five years ago at $1,000 per bond. These bonds had a 20-year life when issued and the annual interest payment was then 13 percent. This return was in line with the required returns by bondholders at that point as described below:
Real rate of return 4 %
Inflation premium 5
Risk premium 4
Total return 13 %
Assume that five years later the inflation premium is only 3 percent and is appropriately reflected in the required return (or yield to maturity) of the bonds. The bonds have 15 years remaining until maturity. Use Appendix B and Appendix D.
Answers
Answer:
$1,161.23
since the coupon rate is higher than the market rate, the bonds will be priced at a premium
Explanation:
In order to calculate the current market price of the bonds we can use the yield to maturity formula:
YTM = {coupon + [(face value - market value)/n]} / [(face value + market value)/2]
YTM = 11%n = 15 yearscoupon = $130face value = $1,0000.11 = {130 + [(1,000 - market value)/15]} / [1,000 + market value)/2]
0.11 x [1,000 + market value)/2] = 130 + [(1,000 - market value)/15]
0.11 x (500 + 0.5M) = 130 + 66.67 - 0.067M
55 + 0.055M = 196.67 - 0.067M
0.122M = 141.67
M = 141.67 / 0.122 = $1,161.23
If the expected sales volume for the current period is 9,000 units, the estimated the beginning inventory is 200 units and the desired ending inventory is 300 units, calculate the production budget for the current period.Group of answer choices9,0008,9008,7009,100
Answers
Answer:
Production= 9,100 units
Explanation:
Giving the following information:
Sales= 9,000 units
Beginning inventory= 200 units
Desired ending inventory= 300 units
To calculate the budgeted production for the period, we need to use the following formula:
Production= sales + desired ending inventory - beginning inventory
Production= 9,000 + 300 - 200
Production= 9,100 units
Suppose there is a policy debate over whether the United States should impose trade restrictions on imported ball bearings:________.
Domestic producers of ball bearings send a lobbyist to the U.S. government to request that the government impose trade restrictions on imports of ball bearings. The lobbyist claims that the U.S. ball-bearing industry is new and cannot currently compete with foreign firms. However, if trade restrictions were temporarily imposed on ball bearings, the domestic ball-bearing industry could mature and adjust and would eventually be able to compete in the world market.
Which of the following justifications is the lobbyist using to argue for the trade restriction on ball bearings?
A. Infant-industry argument
B. Saving-domestic-jobs argument
C. Using-protection-as-a-bargaining-chip argument
D. National-security argument
E. Unfair-competition argument
Answers
Answer:
A)Infant-industry argument
Explanation:
We are informed about a Supposed policy debate over whether the United States should impose trade restrictions on imported ball bearings. Whereby
Domestic producers of ball bearings send a lobbyist to the U.S. government to request that the government impose trade restrictions on imports of ball bearings.
In the case whereby, The lobbyist claims that the U.S. ball-bearing industry is new and cannot currently compete with foreign firms, the justifications the lobbyist was using to argue for the trade restriction on ball bearings is Infant-industry argument.
Infant-industry argument can be regarded as an economic rationale that provides protection for new industries that are yet to reach a certain economic scale like the existing industries, this theory offer protection to this new/developing industry from some form pressure as well as their products that can emerge from compitition from other mature industries.
Who was the first missionary to arrive in Africa?
Answers
Answer:
David Livingstone in 1840.
Hope this helps ; ) Enjoy your day!
Carmel Corporation is considering the purchase of a machine costing $38,000 with a 4-year useful life and no salvage value. Carmel uses straight-line depreciation and assumes that the annual cash inflow from the machine will be received uniformly throughout each year. In calculating the accounting rate of return, what is Carmel's average investment?
Answers
Answer:
$19,000
Explanation
Calculation for Carmel's average investment
Using this formula
Average investment=Investment/2
Let plug in the formula
Average investment=($38,000 + $0)/2
Average investment=$19,000
Therefore Carmel's average investment will be $19,000
Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions, and they had $3,550 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice is 18 years of age, the Jacksons may only claim the child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.)
Comprehensive Problem 4-55 Parts-c through f
a. What would their taxable income be if their itemized deductions totaled $28,000 instead of $16,500?
b. What would their taxable income be if they had $0 itemized deductions and $6,000 of for AGI deductions?
c. Assume the original facts but now suppose the Jacksons also incurred a loss of $5,000 on the sale of some of their investment assets. What effect does the $5,000 loss have on their taxable income?
Answers
Answer:
a. Taxable income = $80,000
b. Taxable income = $77,600
c. Taxable income = $80,600
Explanation:
Taxable income refers to the amount of income that is used to determine the amount of tax that will be paid to the government by an individual or firm in given year. The taxable income is arrived at after all the relevant addition and allowable deductions have been made.
The requirements are therefore answered as follows:
a. What would their taxable income be if their itemized deductions totaled $28,000 instead of $16,500?
Note: See part a of the attached excel file see the effect on taxable income.
The itemized deductions total of $28,000 instead of $16,500 makes the taxable income to be $80,000.
In the attached excel file, the following calculations is used:
Qualified business income deduction = Qualified business income * Parentage of deduction allowed = $10,000 * 20% = $2,000
b. What would their taxable income be if they had $0 itemized deductions and $6,000 of for AGI deductions?
Note: See part b of the attached excel file for the calculations of the taxable income.
This makes the taxable income to be equal to $77,600.
c. Assume the original facts but now suppose the Jacksons also incurred a loss of $5,000 on the sale of some of their investment assets. What effect does the $5,000 loss have on their taxable income?
Note: See part c of the attached excel file for the calculations of the taxable income.
The loss of loss of $5,000 on the sale of some of their investment assets incurred by the Jacksons is capital loss.
For tax purposes, capital loss of can be deducted as a loss on tax return by tax payers with a maximum of $3,000 to be deducted per year.
Therefore, the Jacksons will deduct $3,000 as a capital loss from their tax return, and the effect of this is to reduce the taxable income by $3,000.
This makes the taxable income to be equal to $80,600.
What are the limitations and risks of a marketing strategy that does not contemplate the responses of your competitors
Answers
Answer:
Throughout the clarification section following, the definition of the given query is explained.
Explanation:
Right, businesses face fierce competition through competitiveness throughout today's time, because it has become extremely necessary for organizations to develop a marketing campaign that makes companies contemplate consumer response.
After all, if any business marketing plan doesn't somehow anticipate competition reaction, then all these threats can occur:
Someone's brand sales should decline as consumers should choose the brand of their rivals. Your company's market position as well as business growth would decline as well as the brand's rivals will rise. Throughout the life cycle of the product, your company will hit the decline point. Your business's share price could decline.University Printers has two service departments Maintenance and Personnel and two operating departments Printing and Developing. Management has decided to allocate maintenance costs on the basis of machine-hours in each department and personnel costs on the basis of labor-hours worked by the employees in each.
The following data appear in the company records for the current period:
Maintenance Personnel Printing Developing
Machine-hours ? 455 455 2,590
Labor-hours 315 ? 294 1,491
Department direct cost 11,000 $23,000 $25,000 $23,000
Required: Allocate the service department costs using the reciprocal method. Negative amounts should be indicated by a minus sign. Do not round intermediate calculations.
Answers
Answer:
Machine hour percentages -Allocation of Maintenance Costs
455 + 455 + 2,590 = 3,500 total machine hrs
Personnel = 455 / 3,500 = 13%
Printing = 455 / 3,500 = 13%
Developing = 2,590 / 3,500 = 74%
Labor hr. percentages--Allocation of Personnel costs
315 + 294 + 1,491 = 2,100 total labor hrs.
Maintenance = 315 / 2,100 = 15%
Printing = 294 / 2,100 = 14%
Developing = 1,491 / 2,100 = 71%
Service
Maintenance Personnel Printing Developing
Costs before allocation 11,000 23,000 25,000 23,000
Allocate maintenance costs -11,000 1,430 1,430 8,140
0 24,430
Allocate personnel costs 3664.5 -24430 3420.2 17345.3
Allocate maintenance costs -3664.5 476.39 476.39 2711.73
Allocate personnel costs 71.46 -476.39 66.69 338.24
Allocate maintenance costs -71.46 9.29 9.29 52.88
Allocate personnel costs 1.39 -9.29 1.3006 6.5959
Allocate maintenance costs -1.39 0 0 1.39
Total costs 0.00 0.00 30403.87 51596.13
Workings
Allocate maintenance costs
Personnel = (11000 * 13%) = 1430
Printing = (11000 * 13%) = 1430
Developing = (11000 * 74%) = 8140
Allocate personnel costs
Maintenance = 24430 * 15% =
Printing = (24430 * 14%) =
Developing = (24430 * 71%) =
Allocate maintenance costs
Personnel = (3664.5 * 13%)
Printing = (3664.5 * 13%)
Developing = (3664.5 * 74%)
Allocate personnel costs
Maintenance = (476.39 * 15%)
Printing = (476.39 * 14%)
Developing = (476.39 * 71%)
Allocate maintenance costs
Personnel = (71.46 * 13%)
Printing = (71.46 * 13%)
Developing = (71.46 * 74%)
Allocate personnel costs
Maintenance= (9.29 * 15%)
Printing = (9.29 * 14%)
Developing = (9.29 * 71%)
Payton Inc. reports in its Year 7 annual report, sales of $6,544 million and cost of goods sold of $2,618 million. For next year, you project that sales will grow by 3% and that cost of goods sold percentage will be 1 percentage point higher. Projected cost of goods sold for Year 8 will be:
Answers
Answer:
The projected cost of goods sold is $2,763 million
Explanation:
The computation of the projected cost of goods sold for the year 8 is shown below:
The Projected cost of goods sold is
= ($6,544 × 1.03 × ($2,618 ÷ $6,544) + 1%)
= ($6,740 × (0.40 + 1%)
= $6,740 × 0.41
= $2,763 million
Hence, the projected cost of goods sold is $2,763 million
The same is to be considered
on an annal basis, the first set of expenses is ____% of the second set of expenses. MAria spends 17 dollars on lottery tickets every week and spends
Answers
Completion Question:
On an annualbasis, the first set of expenses is _______% of the second set of expenses. Maria spends $17 on lottery tickets every week and spends $133 per month on food. On an annual basis, the money spent on lottery tickets is % of the money spent to buy food. (Round to the nearest percent asneeded.)
Answer:
Maria's Spending
On an annualbasis, the first set of expenses is ____55.39___% of the second set of expenses. Maria spends $17 on lottery tickets every week and spends $133 per month on food. On an annual basis, the money spent on lottery tickets is 55.39 % of the money spent to buy food.
Explanation:
Maria spends $17 on lottery tickets every week
Therefore, every 4-week month, she spends $68 ($17 * 4) on lottery tickets
Normally, a year = 52 weeks.
Annually, Maria spends $884 ($17 * 52) on lottery tickets
Also
Maria spends $133 per month on food.
Normally, a year = 12 months.
Annually, she spends $1,596 ($133 x 12) on food
Ratio of Lottery tickets to Food annually:
= $884 : $1,596
= $884/$1,596
= 55.39%
or
0.5539 : 1
b) What is done here is to convert to each cost to its annual equivalent. The cost of Lottery tickets was converted from per week basis to per annum. The cost of food was converted from per month basis to per annum. These conversions make the two variables comparable, since they have been reduced to similar standards of measurement.
Company sells a nature guide. The following information was reported for a typical month: Total Per Unit Sales $ 17,600 $ 16.00 Variable expenses 9,680 Contribution margin 7,920 Fixed expenses 3,600 Net operating income $ 4,320 What is Bear's current break-even point in unit and dollars
Answers
Answer:
500 units and $8,000
Explanation:
The computation is shown below:
Break even point in units
= Fixed cost ÷ Contribution margin per unit
= ($3,600) ÷ ($7,920 ÷ ($17,600 ÷ $16)
= ($3,600) ÷ ($7.2)
= 500 units
Now the break even point in dollars is
= Fixed cost ÷ Contribution margin ratio
= ($3,600) ÷ ($7.2 ÷ $16)
= $3,600 ÷ 0.45
= $8,000
We simply applied the above formula and the same is to be considered
. Suppose you bought 100 shares of stock at an initial price of $37 per share. The stock paid a dividend of $0.28 per share during the following year, and the share price at the end of the year was $41. (1) What is your total dollar return on this investment
Answers
Answer: $428
Explanation:
From the question, we are informed that one bought 100 shares of stock at an initial price of $37 per share and that the stock paid a dividend of $0.28 per share during the following year, and the share price at the end of the year was $41.
The total dollar return on this investment will be calculated as:
= 100(41 - 37 + 0.28)
= $428
The Sisyphean Company has a bond outstanding with a face value of $1000 that reaches maturity in 5 years. The bond certificate indicates that the stated coupon rate for this bond is 10.0% and that the coupon payments are to be made semiannually. Assuming the appropriate YTM on the Sisyphean bond is 7.5%, then this bond will trade at ________.
Answers
Answer:
$1,513.30
Explanation:
The Trading price of the Bond is it Present Value (PV) and is calculated as :
Fv = $1000
n = 5 × 2 = 10
pmt = ($1000 × 10.0%) ÷ 2 = $100
p/yr = 2
i = 7.5%
Pv = ?
Using a Financial Calculator, the Price of the Bond (PV) is $1,513.30.
Making Podcasts and Wikis Work for BusinessPodcasts and wikis are part of Web 2.0, which allows users of the web to create content. Prudent business use of Web 2.0 applications can help businesses build and maintain their reputations online. Understanding how to use Web 2.0 communication tools will be important when you are on the job.Businesses have embraced podcasting to broadcast (confidential/ legal/ repetitive?) information that doesn’t require interaction. For example, some companies use podcasts to broadcast HR policies that can be accessed on demand. What function can companies improve by using wikis for collaboration?A. Communication with investors.B. Project management.
C. Customer interaction.
Consider the scenario:You work on the marketing team for a software development company. You have sales representatives in different locations around the globe. When a product update is released, your team holds teleconferences to demo new features. Due to time differences, these demos are difficult to schedule and usually require multiple demo sessions to accommodate different geographic regions. You want to streamline the new product demos and decide to recommend an electronic communication tool to help facilitate this. Which electronic communication tool would you recommend?A. A podcast.B. A wiki.C. An e-mail.
Answers
Answer:
(a) Businesses have adopted podcasting to communicate static material that doesn't need contact.
(b) Project management.
(c) A podcast
A further explanation is given below.
Explanation:
(a)
Podcasts should never be used to exchange legal or sensitive information because certain persons even within the company should readily determine it.(b)
Wikis could also be used for a fully customizable ecosystem which would be appropriate again for software engineering, as it means helping to work collaboratively, facilitate constructive criticism, as well as a supermarket recommendation for various use.(c)
Many persons may use podcasts throughout the current time, which does never demand conversation, it may be used to supplement the expensive conversation methods used. Emails as well as wiki shouldn't be used throughout this circumstance because that necessitates visuals among others to have been used.A deposit of $10,000 is made a year from now, a second deposit of $10,000 is made at the end of the year 5, and a deposit of $3000 is made at the end of year 8. The account earns 6% interest. You want to withdraw an equal amount, X at the end of each year for the next 10 years. What is the amount of X if the goal is to empty the account
Answers
Answer:
$4068.77
Explanation:
We calculate the Future value of all the three deposits at the end of year 8
FV = CF1 *(1+r)^8-1 + CF5*(1+r)^8-5 + CF8 * (1+r)^8-8
FV = 10000 *(1+0.06)^7 + 10000*(1+0.06)^3 + 3000 * (1+0.06)^0
FV = 15,036.30 + 11,910.16 + 3,000
FV= $29,946.46
We have to calculate the annuity payments that have a Present value = $29,946.46
PV = PMT * 1-(1+r)^-n / r
PV = 29,946.46, PMT= ?, r = 6%, n = 10
29,946.46 = PMT * 1-(1+0.06)^-10 / 0.06
29,946.46 = PMT * 1 - 1.06^-10 / 0.06
29,946.46 = PMT * 1 - 0.558395 / 0.06
29,946.46 = PMT * 0.441605 / 0.06
29,946.46 = PMT * 7.36008
PMT = 29,946.46/7.36008
PMT = 4068.768274257889
PMT = $4068.77
Thus, amount of X is $4068.77 if the goal is to empty the account.
A company has total equity of $2,160, net working capital of $240, long-term debt of $1,070, and current liabilities of $4,500. What is the company's net fixed assets?
Answers
Answer:
$2,990
Explanation:
A company's fixed asset consist of its plants and machineries, motor vehicles , buildings etc.
To get the company's net fixed asset, we would subtract the networking capital from total equity and add up long term debt.
Therefore,
Net fixed asset = $2,160 total equity - $240 working capital + $1,070 long term debt
= $2,990
Hence net fixed asset is $2,990
The inventory of a large grocery store client is material, and it is the largest current asset on the balance sheet. The cost of inventory items ranges from very small amounts (like individual candy at the checkout line) to larger amounts (like prime meat and specialty deli items). Typical risks for a grocery store are theft and spoilage of inventory. During the second quarter, the client caught three employees in a scheme of stealing produce and meats from the store and selling them, at a discount, to friends and family. Based on an investigation by authorities and store management, the scheme had been operating for about two months.
Required:
Based on the information, evaluate which accounts and assertions are at risk of misstatement.
Answers
Answer:
The auditor of the large grocery store can identify the accounts at risk of misstatement to include Inventory account, Cost of Goods Sold account, and Accounts Payable account. They have some relationships. A misstatement in the Inventory account will lead to a misstatement in the Cost of Goods Sold, which eventually affects the Net Income.
The auditor should be aware that the assertions that are at risk of misstatement include existence, completeness, accuracy and valuation, and disclosure of Inventory. Assuming that the pilfering scheme had gone on for more months, the employees could have devised more sinister schemes.
Explanation:
The management of this large grocery store must attest to the assertions of existence, completeness, rights and obligations, accuracy and valuation, and presentation and disclosure with regard to the accuracy of the information contained in the financial statements: the balance sheet, income statement, and statement of cash flows. This implies that its management must declare that it has truthfully measured and presented the financial information about its activities.
By using focus group feedback, Kraft was able to develop a positioning strategy. Focus groups are what type of research?
Answers
Answer:
qualitative research
Explanation:
qualitative research deals with non-numerical data, it involves collection and analysing of data by open question method to gather in-depth information about the service/product situation from the respondent.
It should be noted that, Focus groups are qualitative research type research.
Focus groups can be as well regarded as market research, it is base on the logic of seeking the opinion, view, of people about a particular concept, product/services. It involves sourcing some number of people with purchase history or idea about a product to give "feedback".
Which best explains why there are many job opportunities in the Lodging pathway?
O The pathway requires a college education.
O The pathway offers seasonal positions.
O The pathway includes low-paying jobs.
The pathway has a high turnover rate.
Answers
Answer:
the pathway includes low-paying jobs.
Explanation:
The pathway has a high turnover rate. Because there are many job opportunities are there, In the lodging pathway.
What is employment?In most cases, employment refers to the status of having a paid job—of being employed. Employing someone is paying them to work. Employees are employed by an employer. Employment can also refer to the act of hiring individuals, as in We're trying to hire more women.
An excessively high turnover rate indicates that more employees than is typical for your industry to have left the company. Depending on the sector you work in, a high turnover rate can mean different things. The anticipated turnover rates fluctuate between industries and nations.
Therefore. The correct option is (D)
Learn more about employment here:
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what has the U.S customs created to force importing companies like wal-mart to provide more detailed information about
Answers
Answer: The Customs-Trade Partnership Against Terrorism (CTPAT)
Explanation:
The Customs-Trade Partnership Against Terrorism (CTPAT) is a partnership program between the public and private sector created by the US Customs to improve border and cargo security.
When a firm like Wal-Mart becomes a member of the CTPAT, the likelihood of their goods being examined at a port of entry falls but this is because of the oversight requirements imposed on the firms such as ensuring the members provide detailed information about their suppliers and transportation companies.