Answer:
Stock DEC 31st 2017 23,680
Carriage outward 2,000
Carriage inwards 3,100
Returns 2050 3,220
Purchases and sales 118,740 186,000
Salaries and wages 38,620
Rent 3040
Insurance 780
Motor expenses 6,640
Office expenses 2160
Lighting and heating expenses 1,660
General expenses 3140
Premises 50,000
Motor vehicles 18,000
Fixtures and fittings 3,500
Debtors and creditors 38,960 17,310
Cash at bank 4820
Drawings 12,000
Capital 126,360
332,890 332,890
Additional information
i) Closing stock was valued at ksh 29,460 as at 30th June 2018
ii) Mr kalekeno took part of the stock amounting to ksh 3000 for personal use
iii) Salaries and wages amounting to ksh 8,000 were pre-paid and ksh 360 of motor expenses accrued
iv) Bad debts written off amounted to 860
v) Depreciation is to be provided for as follows:
Premises at 20%
Fixtures and fittings at 15%
Motor vehicles at 25%
All of a above asset were depreciated at cost
a) The income statement for the year ended 30 th June 2018 ( 5marks)
b) The statement of financial position (5 Marks)
Explanation:
Wexim Toys sold merchandise to a customer on credit, terms 2/10, n/30 for $11,700. Three days later, the customer returned $2,300 of the merchandise. When recording the return transaction, Wexim Toys would record:__________
a) $2,300 in the Accounts Payable Cr. column and $2,300 in the Inventory Dr. column of the purchases journal. b) Debit Sales Returns and Allowances $2,300 and credit Accounts Receivable $2,300 in the general journal. c) $2,300 in the Cash Dr. column and $2,300 in the Inventory Cr. column in the cash receipts journal. d) Debit Cash $2,300 and credit Inventory $2,300 in the general journal. e) $2,300 in the Accounts Payable Dr. column and $2,300 in the Cash Cr. column of the cash payments journal.
Answer:
b) Debit Sales Returns and Allowances $2,300 and credit Accounts Receivable $2,300 in the general journal.
Explanation:
When goods were sold on account, Accounts receivables is debited, and Sales is credited. When goods are returned, Sales Return & Allowances is debited, and Accounts receivables is credited.
Thus, the entry will include Debit in Sales Returns and Allowances $2,300 and Credit in Accounts Receivable $2,300
On January 15, 2021, James Company received a two-month, 4%, $7,000 note from Peter Long for the settlement of his open account. The entry by Jaymes Company on January 15, 2016 would include a:________
a. debit of $7,047 to Notes Receivable.
b. debit of $7,000 to Notes Receivable.
c. credit of $7.047 to Accounts Receivable.
d. credit of $7,000 to Notes Receivable,
Answer: b. debit of $7,000 to Notes Receivable.
Explanation:
James Company received a Note Receivable of $7,000 from Peter Long to settle the Receivable account so Notes Receivable will increase. As it is an asset, it will be debited when it increases so Note Receivable has to be debited $7,000.
Accounts Receivable will be credited with the same $7,000 indicate that the Receivables account has been settled by the Note.
The entry would include debit of $7,000 to Notes Receivable.
Here, James Company received a Note Receivable of $7,000 from Peter Long to settle the Receivable account, hence, the Notes Receivable will increase.
Since the Notes Receivable is an asset, it will be debited when it increases, thus, Note Receivable has to be debited with the amount of $7,000.
However, the Accounts Receivable will be credited with $7,000 to show that the Receivables account has been settled by the Note.
Hence, the Option B is correct because the entry by Jaymes Company on January 15, 2016 would include debit of $7,000 to Notes Receivable.
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Anthony currently earns $25 an hour and works 40 hours a week. When his boss offers to pay him $29 per hour, Anthony decides to accept the offer, but decides to keep working 40 hours. What is the effect of Anthony's decision on the labor supply curve?
Answer:
substitution and income effects will counteract each other totally
Explanation:
A labor supply curve is an economic analysis tool that shows the number or workers that are available to work or that can work at various wage rates.
The labor supply curve can either be bending backwards or sloping downwards or upward curving but it shows the relationship between labour and wage rates.
A labor supply curve can be affected by factors such as population, changes in social behaviour, opportunities in other markets, among other things.
From the above question, it is seen that a change in wage rate for Anthony from $25 to $29 does not affect his work hours positively of negatively. His work hours is the same despite the increase in hourly wage.
The effect of the Anthony sticking to 40 hours of work despite an increase in wage, which could have served as some motivation for him to put in more hours is his labor curve remains same. An increase in wage has done noting to affect the number of hours he works and as such his income vs work rate counters each other.
Cheers.
A partnership has the following balance sheet prior to liquidation (partners’ profit and loss ratios are in parentheses):Cash $ 33,000 Liabilities $ 50,000Other assets 100,000 Playa, capital (40%) 24,000Bahia, capital (30%) 29,000Arco, capital (30%) 30,000Total $ 133,000 Total $ 133,000During liquidation, other assets are sold for $80,000, liabilities are paid in full, and $15,000 in liquidation expenses are paid. What amount of cash does each partner receive as a result of this liquidation?Multiple ChoicePlaya, $16,000; Bahia, $23,000; Arco, $24,000.Playa, $19,200; Bahia, $14,400; Arco, $14,400.Playa, $6,000; Bahia, $4,500; Arco, $4,500.Playa, $10,000; Bahia, $18,500; Arco, $19,500.
Answer:
Playa, $10,000; Bahia, $18,500; Arco, $19,500.
Explanation:
Cash $33,000
Other assets $100,000
Total $133,000
Liabilities $50,000
Playa, capital (40%) $24,000
Bahia, capital (30%) $29,000
Arco, capital (30%) $30,000
Total $133,000
other assets sold for $80,000 resulting in a $20,000 loss
cash = $33,000 + $80,000 = $113,000
- liabilities ($50,000)
$63,000
- liquidation expenses ($15,000)
remaining cash $48,000
total loss = $20,000 + $15,000 = $35,000
partners' share of loss:
Playa = $14,000
Bahia = $10,500
Arco = $10,500
remaining capital accounts:
Playa = $24,000 - $14,000 = $10,000
Bahia = $29,000 - $10,500 = $18,500
Arco = $30,000 - $10,500 = $19,500
To this day, many companies believe that service is a cost rather than a revenue producer. Why might they hold this view? How would you argue the opposite view?
Answer: Difficulty involved in tracing the link between service and financial returns.
Explanation:
Many companies believe that service is a cost rather than a revenue producer due to the following reasons;
- There is this difficulty in tracing the link between service and financial returns.
- Profits are not directly linked to service provided most times, so it seems as though the service rendered was a cost rather than a revenue
- When service is rendeded most times, the results are not seen immediately, as it would require time to get tvalue and profit for what was done.
Which of the following choices include only accounts that appear in the asset section of the balance sheet?Multiple Choice Prepaid supplies, unearned revenue, accounts payable Accounts payable, equipment, prepaid insurance Cash, prepaid rent, accounts receivables Common stock, prepaid rent, notes payable
Answer:
C. Cash, prepaid rent, accounts receivables.
Explanation:
A balance sheet can be defined as the financial statement that gives a detailed summary of the financial balance of a business firm or individual at a specific period of time. Therefore, it typically comprises of assets, liabilities, capital, debt, equity etc.
In Financial accounting, Accounts Receivable are considered to be a current asset because it is the payment a business firm would receive from its customers for goods purchased or services taken on credit. Also, cash, rent and accounts receivable are recorded in the current assets section of the balance sheet because they add value to a business firm.
Generally, current assets are considered to be liquid because they are listed on the balance sheet in the order (descending) in which they are expected to turn or be converted to cash within a relatively short term period.
Hence, account receivables, cash and rent are assets on the balance sheet, which are listed in order of liquidity.
The choice that include only accounts that appear in the asset section of the balance sheet are Cash, prepaid rent, and accounts receivables.
What was the economy like before the corona virus??
Please help!!
5-8 lines
Answer:
BEFORE the virus, the economy was running (not perfectly) but smoothly. You could go to school without the worry of a death sentence. Marriages were more common before the virus. Concerts were available. You could go out and do things. Bears didn't have to leave the mountains for food. Businesses were running easier.
Explanation:
I hope this helps.
Organizations must use software tools to process data into meaningful information to make _____ useful.
Answer:
data warehouses
Explanation:
In the science of computing, we can also call a data warehouse, to be an enterprise data warehouse, this is a system that is used for reporting and also analysing data, a data warehouse is known to be a very central part of business intelligence.
Organizations must use software tools to process data into meaningful information to make data warehouses useful.
If your nominal rate of return is 14.38 percent and your real rate of return is 4.97 percent, what is the inflation rate
Answer:
try 1.35Explanation:
Raymond Co. has $1.1 million of debt, $2 million of preferred stock, and $2.1 million of common equity. What would be its weight on preferred stock?
Answer:
0.3846
Explanation:
Given that :
Amount of debt = $1.1 million
Amount of preferred stock = $2 million
Amount of common equity = $2.1 million
Total value of company's finance funds :
(Amount of debt + Amount of Preffered stock + Amount of common equity)
(1.1 million + 2 million + 2.1 million)
= $5.2 million
Hence, weight on preferred stock:
Amount of preferred stock / total value of company's finance
$2 million / $5.2million
= 0.3846
Hence, weight of Preffered stock = 0.3846
BIZZ0 estimated that income for January would be $53,500 and expenses would be $37,250. The actual income was $48,500 and the actual expenses were $35,000. What is the variance for the balance (income − expenses)?
Answer:
the variance for the balance is $2,750 favorable
Explanation:
The computation of the variance for the balance is shown below:
= Income - expenses
= (Estimated income - actual income) - (estimated expenses - actual expenses)
= ($53,500 - $48,500) - ($37,250 - $35,000)
= $5,000 - $2,250
= $2,750 favorable
Hence, the variance for the balance is $2,750 favorable
We simply applied the above formula so that the correct value could come
And, the same is to be considered
A $5,000 face value bond has a coupon rate of 6.5%, sells for $5,937, and matures in 7 years. What is its yield to maturity?a. 3.44%.b. 5.47%.c. 6.12%.d. 4.08%.
Answer:
YTM = 0.03495343461 or 3.495343461% rounded off to 3.50%
Explanation:
The yield to maturity or YTM is the yield or return that an investor can earn on the bond if the bond is purchased today and is held till the bond matures. The formula to calculate the Yield to maturity of a bond is as follows,
YTM = [ ( C + (F - P / n)) / (F + P / 2) ]
Where,
C is the coupon payment
F is the Face value of the bond
P is the current value of the bond
n is the number of years to maturity
Assuming that the bond pays coupon annually,
Coupon payment = 5000 * 0.065 = $325
Number of periods remaining till maturity = 7
YTM = [ (325 + (5000 - 5937 / 7)) / (5000 + 5937 / 2)
YTM = 0.03495343461 or 3.495343461% rounded off to 3.50%
Ticker IBS is traded on the Pacific, Gulf and Atlantic stock Exchanges. The sequence of bids in the consolidated record is:
Time Exchange Bid
10:00:01 Atlantic 23.33
10:00:02 Pacific 23.32
10:00:03 Gulf 23.34
10:00:04 Pacific 23.40
10:00:05 Gulf 23.45
10:00:06 Pacific 23.44
10:00:07 Atlantic 23.43
10:00:08 Gulf 23.40
The NBB at 10:00:07 is:_______
a. 23.32
b. 23.43
c. 23.45
d. 23.44
Answer:
c. 23.45
Explanation:
National best bid (NBB) is the highest bid price across all the nation at a given point of time. In this question, 23.45 is the highest bid price from Gulf before 10:00:07
what do you mean by business organisation
Answer:
Business organization, an entity formed for the purpose of carrying on commercial enterprise.Such an organization is predicated on systems of law governing contract and exchange, property rights, and incorporation.
What kind of ideas are not patentable according to the U.S. Patent Office?
Answer:
A presentation of information
Explanation:
On January 1, 2020, Smith Co. issued eight-year bonds with a face value of $6,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%.
Present value of 1 for 8 periods at 6% 0.627
Present value of 1 for 8 periods at 8% 0.540
Present value of 1 for 16 periods at 3% 0.623
Present value of 1 for 16 periods at 4% 0.534
Present value of annuity for 8 periods at 6% 6.210
Present value of annuity for 8 periods at 8% 5.747
Present value of annuity for 16 periods at 3% 12.561
Present value of annuity for 16 periods at 40% 11.652
a. The present value of the interest is:_________
b. The present value of the principal is:_________
c. The price of bond is:_________
Answer:
a. The present value of the interest is:_________
PV of coupon payments = coupon x PV annuity factor, 4%, 16 periods = $180,000 x 11.652 = $2,097,360
b. The present value of the principal is:_________
PV of face value = face value x PV 4%, 16 periods = $6,000,000 x 0.534 = $3,204,000
c. The price of bond is:_________
market price of the bonds = $2,097,360 + $3,204,000 = $5,301,360
since the market rate is higher than the coupon rate, the bonds will always be sold at a discount
According to the Institute of Management Accountants (IMA), the final step in resolving an ethical dilemma is to:
Answer: A. consult your own attorney as to legal obligations and rights concerning the ethical conflict.
Explanation:
After considering the relevant implications of an ethical dilemma, the final step is to reach out to your own lawyer to find out your legal rights as well as obligations concerning the courses of action that are presenting the dilemma.
The logic is that your own attorney should have your best interests at heart and so will tell you what each action could do to you which will then help you decide which course of action to take.
Alison was just hired around the Grand Stores. She soon learned that all new hires in the company are required to go through mandatory health and drug testing. She consulted her superiors and found that this was not a breach of her privacy right. Which reason for such testing would NOT qualify as a breach of Alisons privacy rights?
A. Pre-employment condition
B. Vacation allotment
C. Fitness for duty
D. Personality assessment
Answer:
A. Pre-employment condition
Explanation:
The answer is A. because if the testing is a requirement for getting the job then you know beforehand. You're aware of this requirement before they employ you so it's not breaching your privacy rights.
Answer:
a
Explanation:
The company can allow whoever they want into the company and it is their choice to test their employees for drugs.
If a central bank wishes to reduce inflation, it should announce its intentions and follow through with them, thereby using _________ monetary policy.
A. visible
B. integral
C. credible
D. authoritative
Answer:
C. credible
Explanation:
A credible monetary policy is the policy where the problem of inconsistency of time can be avoided also the biasness of the inflation also it keeps the inflation under a control.
Therefore in the case when the central bank wants to decrease the inflation so they are using the credible monetary policy
Hence, the correct option is C.
A ball rolls across a floor with an acceleration of 0.100 m/s2 in a direction opposite to its velocity. The ball has a velocity of 4.00 m/s after rolling a distance 6.00 m across the floor. What was the initial speed of the ball?a. 4.15 m/s.
b. 5.85 m/s.
c. 4.60 m/s.
d. 5.21 m/s.
e. 3.85 m/s.
Answer:
a. 4.15 m/s.
Explanation:
Given the following data;
Acceleration, a = -0.100 because it's in the opposite direction.
Final velocity = 4
Distance = 6
To find the initial velocity of the ball, we would use the third equation of motion;
[tex] V^{2} = U^{2} + 2aS [/tex]
Where;
V represents the final velocity measured in meter per seconds. U represents the initial velocity measured in meter per seconds. a represents acceleration measured in meters per seconds square. S represents the displacement measured in meters.[tex] V^{2} = U^{2} + 2aS [/tex]
Making U the subject, we have;
[tex] U^{2} = V^{2} - 2aS [/tex]
Substituting into the equation, we have;
[tex] U^{2} = 4^{2} - 2*(-0.100)*(6) [/tex]
[tex] U^{2} = 16 + 1.2 [/tex]
[tex] U^{2} = 17. 2[/tex]
Taking the square root of both sides;
U = 4.147m/s ≈ 4.15m/s
Therefore, the initial speed of the ball is 4.15m/s.
Assume the beta for the stock market in general is 1.0 and the beta for World-Wide Television Productions is 2.8. If the stock market increases in value by 5 percent, what is the expected increase in value for the World-Wide Productions stock?
Answer:
Stock increase = 14%
Explanation:
Market increase = 5%
Stock Beta = 2.8
Stock increase = Stock beta * Market Increase
Stock increase = 2.8*5%
Stock increase = 0.14
Stock increase = 14%
You would like to invest $24,000 and have a portfolio expected return of 11.5 percent. You are considering two securities, A and B. Stock A has an expected return of 18.6 percent and B has an expected return of 7.4 percent. Approximately how much should you invest in Stock A if you invest the balance in Stock B? a) $7,137 b) $7,411 c) $8,786 d) $8,626 e) $7,807
Answer:
c) $8,786
Explanation:
0.186A + 0.074B = (24,000 x 0.115)
0.186A + 0.074B = 2,760
A + B = 24,000
where A = amount invested in stock A and B = amount invested in stock B
A = 24,000 - B
0.186(24,000 - B) + 0.074B = 2,760
4,464 - 0.186B + 0.074B = 2,760
4,464 - 0.112B = 2,760
4,464 - 2,760 = 0.112B
1,704 = 0.112B
B = 1,704 / 0.112 = $15,214.29
A = $24,000 - $15,214.29 = $8,785.71 ≈ $8,786
Which type of supply chain collaboration includes collaborative processes across the supply chain using a set of processes and technology models including a joint business plan, sales forecasting, order planning and forecasting, order generation, and order fulfillment?
Answer:
Collaborative Planning, Forecasting and Replenishment (CPFR)
Explanation:
Supply chain management can be defined as the effective and efficient management of the flow of goods and services as well as all of the production processes involved in the transformation of raw materials into finished products that meet the insatiable want and need of the consumers. Generally, the supply chain management involves all the activities associated with planning, execution and supply of finished goods and services to the consumers.
The fundamental principle of supply chain management is basically a collaboration between multiple firms. These multiple firms include a company that is saddled with the responsibility of manufacturing, a wholesaler, and a retailer who typically sells the products to the customers or consumers.
Basically, these three (3) firms or individuals are required to collaborate with each other so as to meet the needs of the customers in a timely manner or fashion and at a fair price too.
Collaborative Planning, Forecasting and Replenishment (CPFR) is a type of supply chain collaboration which includes collaborative processes across the supply chain using a set of processes and technology models including a joint business plan, sales forecasting, order planning and forecasting, order generation, and order fulfillment.
A company expects to sell 15,000 units in the first quarter, 18,000 units in the second quarter, and 20,000 units in the third quarter. The company desires to maintain an inventory at the end of each quarter equal to 10% of next quarter expected sales. How many units does the company plan to produce in the second quarter?
Answer:
the number of units produced in the second quarter is 18,200 units
Explanation:
The computation of the number of units that have to plan for producing in the second quarter is shown below:
= Sales units - opening inventory units + closing inventory units
= 18,000 units - (18,000 units × 10%) + (20,000 units × 10%)
= 18,000 units - 1,800 units + 2,000 units
= 18,200 units
hence, the number of units produced in the second quarter is 18,200 units
40 points Please answer
Discuss how the marketing mix affects your daily life. How might you use what you know about marketing in your career?
Explanation
I cannot even count the amount of times in our daily lives where we have to make decisions. If you invest a few minutes in analyzing it, the result would be the thought of endless products, services and life decisions being made every day some of them without even much thought
What should I wear
What should I eat
What am I going to do today
What school should I choose
Will I be buying my coffee from Starbucks, McCafe or at my local coffee shop?
In particular, product and services related decisions have turned to be routine answers made automatically every day, they help move the economy of cities, countries and ultimately the world.
a community hospital in pennsylvania has a 15% supply expense ratio. If total operating expenses are $1 million this month, what is the total annual cost of supplies
Answer:
$150,000
Explanation:
The question says that the total operating expenses of the hospital is 1 million, while also saying that it has a supply expense ratio of 15%. An expense ratio can be by dividing a fund's total operating expenses it's average dollar value of its assets under it's management. This is what gave us the 15% we got in the question. Now, to get the total supply cost in dollars (not percentage), all we is multiply the percentage by the total cost we were given. Thus,
Total annual cost of supply =
15% * 1,000,000 =
15/100 * 1,000,000 =
$150,000.
Therefore, the total annual cost of supply is $150,000
The year-end balance sheet of Fine Foods Inc. reports operating assets of $4,391 million, operating liabilities of $1,653 million, and total liabilities of $2,494 million.
Fine Food’s average net operating assets are:__________
a. $2,738 million
b. $1,897 million
c. $6,044 million
d. There is not enough information to calculate the amount.
e. $4,391 million
A company had total sales of $610,000, net sales of $566,400, and an average accounts receivable of $96,000. Its accounts receivable turnover equals:
Answer:
5.9
Explanation:
Calculation for It's accounts receivable turnover using this formula
Accounts Receivable Turnover = Net Sales amount /Average Accounts Receivable amount
Let plug in the formula
Accounts Receivable Turnover =$566,400/$96,000
Accounts Receivable Turnover = 5.9
Therefore Its accounts receivable turnover equals: 5.9
True or False? A Product is a good or service that a customer needs. It can also be an experience that a customer wants.
Answer:
I think it is true.
EXERCISE 5–2 Prepare a Cost-Volume-Profit (CVP) Graph LO5–2 Karlik Enterprises distributes a single product whose selling price is $24 per unit and whose variable expense is $18 per unit. The company’s monthly fixed expense is $24,000. Required: 1. Prepare a cost-volume-profit graph for the company up to a sales level of 8,000 units. 2. Estimate the company’s break-even point in unit sales using your cost-volume-profit graph.
Answer:
Cost volume profit analysis (CVP) refers basically to determining the break-even point of a company and how we can use that information to predict how different changes might affect it. When you are performing a CVP analysis you have to decide which variables will be constant, i.e. ceteris paribus, and which will be altered to predict the effect on the company’s operating income.
1)
sales level total revenue variable costs fixed costs total costs
2,000 48,000 36,000 24,000 60,000
4,000 96,000 72,000 24,000 96,000
6,000 144,000 108,000 24,000 132,000
8,000 192,000 144,000 24,000 168,000
2) break even point = 4,000 units
sales level total revenue variable costs fixed costs total costs
2,000 48,000 36,000 24,000 60,000
4,000 96,000 72,000 24,000 96,000
6,000 144,000 108,000 24,000 132,000
8,000 192,000 144,000 24,000 168,000
2) thus, reach point = 4,000 units
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