Answer and Explanation:
The preparation of the correcting entry is as follows;
Retained Earning $37,900 (-$17,200 + $15,500 - $36,200)
To Inventory $17,200
To Accumulated Depreciation $20,700
(Being the correcting entry is recorded)
here the retained earning is debited as it decreased the equity and the other two accounts are credited as it decreased the assets
The balance sheet value of a firm's inventory is $70,000. Suppose that the firm purchases supplies at a cost of $2,000 and adds them to inventory. A day later, the market value of the recently purchased supplies changes to $3,500. Assuming no other changes to inventory, and using the historical cost method, what is the final balance sheet value of inventory?
Answer:
$72,000
Explanation:
Since it is given in the question that the inventory of firm in the balance sheet is $70,000 and the purchase cost of supplies is $2,000 that is added in inventory.
Also the market value of the inventory I.e currently purchased is $3,500 which represent that it changes rapidly
Here by using the historical method, the final amount if inventory that should be reported in the balance sheet is
= Value of the firm's inventory + Purchase cost of supplies
= $70,000 + $2,000
= $72,000
Trình bày các loại hình kiểm soát trong quản trị?
Answer:
Three basic types of control systems are available to executives: (1) output control, (2) behavioural control, and (3) clan control. Different organizations emphasize different types of control, but most organizations use a mix of all three types.
Chrysler has a bond outstanding with eight years remaining to maturity, a coupon rate of 5 percent, and semiannual payments. If the market price of the Chrysler bond is $729.05, what is the yield to maturity
Answer:
10%
Explanation:
Calculation to determine the yield to maturity
Using financial calculator
FV= 1,000
N=2*8= 16
PMT=$1,000(0.05)/2 =$25 semiannual
PV -$729.05
I/Y = 5% semiannual
YTM=?
Hence,
YTM=10% YTM
Therefore the yield to maturity is 10%
jose 25 kg is father is 5 kg less than 3 times jose's weight what is the weight of jose father
Answer:
Jose's father weighs 70 kilos.
Explanation:
Given that Jose weighs 25 kilograms, while his father is 5 kilograms less than 3 times Jose's weight, to determine what is the weight of Jose father the following calculation must be performed:
Jose = 25
Father = (25 x 3) - 5
Father = 75 - 5
Father = 70
Therefore, Jose's father weighs 70 kilos.
A process costing system is employed in those situations where: Group of answer choices full or absorption cost approach is not employed. many different products, jobs, or batches of production are being produced each period. a service is performed such as in a law firm or an accounting firm. where manufacturing involves a single, homogeneous product that flows evenly through the production process on a continuous basis.
Answer:
where manufacturing involves a single, homogeneous product that flows evenly through the production process on a continuous basis.
Explanation:
Process costing can be regarded as accounting methodology which helps in tracing and accumulation of direct costs, s well s allocation of indirect costs of a manufacturing process. In this method, Costs are been assigned to products, and this is usually in a large batch, and could encompass an entire month's production.
It should be noted that process costing system is employed in those situations where where manufacturing involves a single, homogeneous product that flows evenly through the production process on a continuous basis.
Type the correct answer in the box. Spell all words correctly.
What does an employer need to do before beginning the process of hiring?
Before beginning the process of hiring, an employer needs to develop a(n) blank
for the required job position.
An employer needs to develop a job post for the required job position before beginning the process of hiring.
What are the steps concerned in the hiring process?10 Steps of the Hiring Process:
Identification of Need. Understanding the Ideal candidate Creation of Job Posting. Alternative Sourcing Methods. Resume reviews/Job Application Screening Process. Identifying the Interview Panel. Interviewing Relevant Candidates.Reference Checks.Therefore, An employer needs to develop a job post for the required job position before beginning the process of hiring.
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State 3 advantages in setting up a business in Maldives?
Answer:
1. No restrictions on sending their earning profit to their own country
2. It takes maximum of 30 days to complete the entire process of company registration in Maldives
3. The government encourages projects that are environmentally friendly
Assume the licorice industry is perfectly competitive. Each firm produces 2 million strings per year. The strings have an average total cost of $0.20, and sell for $0.30. a. What is the marginal cost of a string? b. Is the industry in long-run equilibrium? Why or why not? Explain.
Answer:
a. $0.30
b. No it is not.
Explanation:
a. In a perfectly competitive industry, the profit is maximized at the point where Marginal Revenue = Marginal cost.
At the same time Marginal Revenue in a perfectly competitive industry is equal to Price.
As the price is $0.30 then this must be the Marginal cost as well.
b. When a perfectly competitive industry is in a long term equilibrium, the Average Total cost is at its lowest level.
The Marginal cost would intersect the Average Total cost curve at the lowest which means that the Marginal cost should be the same as the Average Total cost when the industry is in a long term equilibrium.
As they are not the same, the industry is not in a long-run equilibrium.
A corporation has 50,000 shares of $25 par value stock outstanding that has a current market value of $120. If the corporation issues a 2-for-1 stock split, the market value of the stock is expected to:________
a. $5
b. $60
c. $25
d. $24
Answer:
B
Explanation:
A stock split is when a company increases the number of its shares outstanding by a constant proportion
for example, if a company has 50,000 shares outstanding at a price of $25, earning per share is $1 and dividend per share is $2. this company announces a 2 for 1 split:
the number of outstanding shares becomes 2 x 50,000 = 100,000
stock price becomes = $25 / 2 =$12.5
earnings per share = $1 / 2 = $0.50
dividend per share = $2 / 2 = $1
Market value = $120 / 2 = 60
After a stock split, the price of the shares falls. so it can be used to adjust the market price of a stock so it falls within a preferred trading range.
A stock split doesn't affect the balances in shareholders equity account.
Stock split doesn't affect the cash holdings of the firm.
For each of the following scenarios identify the correct term.
Suppose you are a freshman in college and you have not declared a major. One reason you enrolled at your respective college was the school's vibrant social life. At the same time, you want to balance your academic life because you know that your grades will matter for graduate school or job applications. You decide to forgo partying for two hours to study for an upcoming economics exam.
a. To make that decision you weighed your opportunity cost(s),
You start a part-time job as a package handler at a large delivery company. After training, you start your first shift and your supervisor tells you to unload packages from a single truck. Unfortunately, he tells 5 other people to do the same which causes most of you to stand around and wait for your co-workers to get out of the way. There are several other trucks already on the dock waiting to be unloaded.
b. Which of the following terms best describes what your supervisor has failed at?
a) equity.
b) incentive(s).
c) efficiency.
d. market failure.
c. Your professor is presenting you with_____to major in economics.
You are assigned a final group project for your economics course. One member of your group is really good at finding resources for the project, one is really good at proofreading and editing, and you are really good at making a presentation.
d. Based on this, you know that via___you can complete the project more efficiently than if you all did each part together.
Solution :
a). Opportunity cost
In the field of economics, Opportunity cost may be defined as the loss of a potential gain when some other alternatives are chosen from a given set of opportunities.
b). efficiency
c). Our professor presents us the incentives for major in economics.
d). I can complete the project via specialization more efficiently rather than doing it all each part of the project together.
The costs of materials consumed in producing good units in the Forming Department of Thomas Company were $76,000 and $77,350 for September and October, respectively. The number of equivalent units produced in September and October was 800 tons and 850 tons, respectively. Evaluate the change in the cost of materials between the two month
Answer and Explanation:
The computation of the evaluation of change in the cost of materials between the two month is given below;
The Cost per unit in September is
= 76,000 ÷ 800
= $95 per unit
And,
Cost per unit in October = $77,350 ÷ 850
= $91 per unit
Now
Cost per unit of materials has been decreased in October by $4 per unit or instead of is by
= (4 ÷ 95 × 100)
= 4.21% .
3 18.10 International Investment If financial markets are perfectly competitive and the Eurodollar rate is above that offered in the U.S. loan market, you would immediately want to borrow money in the United States and invest it in Eurodollars. True or false
Answer: False
Explanation:
Based on the information given, the statement that "If financial markets are perfectly competitive and the Eurodollar rate is above that offered in the U.S. loan market, one would borrow money in the United States which will then be invested in Eurodollars is incorrect.
When the financial markets are perfectly competitive, it should be noted that the difference between the Eurodollar rate and the rate in the United States will be as a result of the differences in the government regulations and risk and hence, speculation wont be beneficial. Therefore, the answer is false.
On January 2, 2017, Concrete Master Construction, Inc. issued $500,000, ten-year bonds for $574,540. The bonds pay interest on June 30 and December 31. The face rate is 8% and the market rate is 6%. What is the carrying value of the bonds after the first interest payment is made on June 30, 2017
Answer:
The carrying value of the bonds after the first interest payment is made on June 30, 2017, is $571,776
Explanation:
The carrying value of the bond after the first interest payment will be calculated as follow
Carrying value of bond = Bond Issuance value - Amortization of Bond premium
Where
Bond Issuance value = $574,540
Amortization of bond premium = Coupon payment - ( Bond issuance value x Market rate ) = ( $500,000 x 8% x 6/12 ) - ( $574,540 x 6% x 6/12 ) = $20,000 - $17,236 = $2,764
Placing values in the formula
Carrying value of bond = $574,540 - $2,764
Carrying value of bond = $571,776
The WACC is used to _______ the expected cash flows when the firm has ____________. Select one: a. decrease; short term financing on the balance sheet b. discount; short term financing on the balance sheet c. discount; debt and equity in the capital structure d. increase; debt and equity in the capital structure
Answer:
c
Explanation:
WACC = weight of equity x cost of equity + weight of debt x cost of debt x (1 - tax rate)
weight of debt = D / (D + E)
It is used to discount the expected cash flows when the firm has debt and equity in the capital structure. It is suitable because in the calculation of WACC, debt and equity are included
If sales increase from $460,000 to $520,260, and if the degree of operating leverage is 6.60, net operating income should increase by: (Do not round your intermediate calculations and round your final answer to 2 decimal places.)
Answer: $397,716
Explanation:
Degree of Operating Leverage = Change in Net Operating Income/ Change in Sales
6.60 = Change in Net Operating Income / (520,260 - 460,000)
(520,260 - 460,000) * 6.60 = Change in Net Operating Income
Change in Net Operating Income = 62,260 * 6.60
Change in Net Operating Income = $397,716
Winnebagel Corp. currently sells 24,600 motor homes per year at $36,900 each, and 9,840 luxury motor coaches per year at $69,700 each. The company wants to introduce a new portable camper to fill out its product line; it hopes to sell 15,580 of these campers per year at $9,840 each. An independent consultant has determined that if Winnebagel introduces the new campers, it should boost the sales of its existing motor homes by 3,690 units per year, and reduce the sales of its motor coaches by 738 units per year.
Answer:
The amount to use as the annual sales figure when evaluating this project is $1,831,617,600.
Explanation:
Note: This question is not complete as the requirement is not included. To complete question, the requirement is therefore provided before answering the question as follows:
Required: What is the amount to use as the annual sales figure when evaluating this project?
The explanation of the answers is now provided as follows:
New units of motor homes per year = Current units of motor homes per year + Expected increase in the unit of motor homes per year = 24,600 + 3,690 = 28,290
New units of luxury motor coaches per year = Current units of luxury motor coaches per year + Expected decrease in the unit of luxury motor coaches per year = 9,840 - 738 = 9,102
Annual sales figure = (New units of motor homes per year * Unit of motor homes) + (New units of luxury motor coaches per year * Unit price of luxury motor coaches) + (Expected units of portable camper * Unit price of portable camper) = (28,290 * $36,900) + (9,102 * $69,700) + (15,580 * $9,840) = $1,831,617,600
Therefore, the amount to use as the annual sales figure when evaluating this project is $1,831,617,600.
Sales taxes, income taxes, and motor fuel taxes are examples of which class of nonexchange transactions
Answer:
Derived tax revenues.
Explanation:
Derived tax revenues lead from the assessment that are charged on the transactions i.e. exchanged like income tax, sales tax. It lead from the assessment that charged on non government entities except the assessment that imposed on the exchange transactions
So according to the given situation, the sales tax, income tax etc would be the examples of the derived tax revenues
Giả sử Công ty TNHH Đông Đô mua 1 bản quyền công nghệ
sản xuất dứa quả xuất khẩu của Nhật Bản với giá là 500.000USD (tỷ
giá 16.000VNĐ/USD) tính ra bằng 800 triệu VNĐ, thanh toán theo
hình thức thư tín dụng (L/C) thông qua Ngân hàng Ngoại thương Việt
Nam, thuế nhập khẩu 10% và thuế GTGT hàng nhập khẩu 10%. Công
ty đã nộp các khoản thuế trên bằng chuyển khoản. Chi phí đăng ký
pháp lý liên quan đến bản quyền công nghệ trong nước là 16,5 triệu đã
trả bằng tiền mặt (thuế GTGT 10%). Biết rằng doanh nghiệp thực hiện
tính nộp thuế GTGT theo phương pháp khấu trừ.
Yêu cầu : Xác định nguyên giá TSCĐ vô hình vừa mới được mua
(Biết rằng TSCĐ vô hình được đưa vào sử dụng ngay)
Answer:fjdkndnfnf
Explanation:bfnfnndndnfnfnwd
The area of accounting aimed at serving the decision-making needs of internal users is: Group of answer choices External auditing. SEC reporting. Managerial accounting. Financial accounting.
Answer:
Managerial accounting
Explanation:
Managerial accounting can be regarded as accounting practice involving identification as well as measurement and interpretation of financial information and communication of it to managers so that it can be used to achieve organization's goals. It should be noted that the The area of accounting aimed at serving the decision-making needs of internal users is Managerial accounting
When creating a budget, you need to account for fixed expenses. What is an example of a fixed expense?
Ο Α. .
utility payments
OB.
rent
Ос.
entertainment
OD
car repairs
Answer:
B) Rent
Explanation:
Expenses that do not change from month to month are fixed. Expenses that can fluctuate from month to month are variable.
Rent is usually based on agreement where the lease says the specific fixed amount to be paid each month. The rest of the expenses listed such as utility bills, entertainment, and car repairs can vary based on how much light you use, how many nights you go out for drinks or how many fixes your car needs...
When creating a budget, you need to account for fixed expenses. Rent is an example of a fixed expense. The correct option is B. Regardless of production output, fixed costs remain the same. Payments for insurance, rent or lease, and interest are examples of fixed costs.
Why is rent expense a debit?Rent expense is an example of an expense, so it is a debit in accounting. Due to the fact that a debit entry is used to journalize the increase in the account's value, all expenses are considered debit accounts under debit and credit rules.
Car payments, rent or mortgage payments, insurance premiums, and property taxes are examples of common fixed expenses. These costs are typically difficult to change. They are paid regularly and typically remain the same, so they are advantageously simple to budget for.
Thus, the ideal selection is option B.
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Ryan Campbell has invested in a fund that will provide him a cash flow of $11,700 for the next 20 years. If his opportunity cost is 8.5 percent, what is the present value of this cash flow stream?
Answer:
PV= $110,721.04
Explanation:
Giving the following information:
Annual payment= $11,700
Number of periods= 20 years
Interest rate= 8.5%
To calculate the value of the payments today (PV), we need to use the following formula:
PV= A*{(1/i) - 1/[i*(1 + i)^n]}
PV= 11,700*{(1/0.085) - 1/ [0.085*(1.085^20)]}
PV= $110,721.04
g On January 1, 2021, Leardon Inc. purchased equipment for $25,000. The company is depreciating the equipment at the rate of $1,000 per month. At January 31, 2022, the balance in Accumulated Depreciation is:
Answer:
$24,000
Explanation:
The Straight line method of depreciation charges a fixed amount of depreciation. The the rate of $1,000 per month presents that the company uses straight line method.
For the balance of accumulated depreciation, we simply count the number of months from January 1, 2021 to January 31, 2022 and multiply by $1,000.
Accumulated Depreciation = 24 months x $1,000 = $24,000
At January 31, 2022, the balance in Accumulated Depreciation is $24,000.
A buyer uses a periodic inventory system, and on December 5, it purchases $4,000 of merchandise on credit terms of 2/10, n/30. Complete the journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.Date Account Title Debit Credit Dec. 15
Answer and Explanation:
The journal entry is shown below:
On dec 5
Purchase Dr $4,000
To account payable $4,000
(being inventory purchase on account is recorded)
Here the inventory is to be debited as it increased the assets and credited the account payable as it also increased the liabilities
Luke sold a building and the land on which the building sits to his wholly owned corporation, Studemont Corp., at fair market value. The fair market value of the building was determined to be $380,000; Luke built the building several years ago at a cost of $357,500. Luke had claimed $81,000 of depreciation expense on the building. The fair market value of the land was determined to be $280,000 at the time of the sale; Luke purchased the land many years ago for $193,500. Luke's brother will use the building in his business.
a. What is the amount and character of Luke's recognized gain or loss on the building?
b. What is the amount and character of Luke's recognized gain or loss on the land?
Dolan Company reports its income from investments under the equity method and recognized income of $25,000 from its investment in Moss Co. during the current year, even though no dividends were declared or paid by Moss during the year. On Dolan's statement of cash flows (indirect method), the $25,000 should:________. A) not be shown. B) be shown as cash inflow from investing activities. C) be shown as cash outflow from financing activities. D) be shown as a deduction from net income in the cash flows from operating activities section.
Answer:
The answer is B.
Explanation:
The correct option is B.
Dolan company has an investment in Moss which gave him an income(inflow) of $25,000. So on Dolan's statement of cash flow, this transaction will be under 'Cash flow from Investing Activities' and the line item will be:
Cash inflow from Investing Activities - $25,000.
It doesn't matter whether a cash flow is prepared in a direct or indirect manner for Investing Activities or Financing Activities, it only affect Operating Activities.
Calculate the number of months of additional inventory that was produced for each product. Evaluate the forecasting skills of Team Baldwin. If the goal was to have less than 3 months of inventory at the end of the year and not stockout, then which product had the best unit forecast
Question Completion:
Production Information
Primary Units Unit
Name Segment Sold Inventory
Baker Trad 1,391 898
Bead Low 1,899 873
Bid High 212 558
Bold Pfmn 572 108
Buddy Size 483 0
Answer:
1. Number of months of additional inventory that was produced for each product:
Primary Units Unit Number of
Name Segment Sold Inventory Months of inventory
Baker Trad 1,391 898 7.75 (898/1,391 * 12)
Bead Low 1,899 873 5.52 (873/1,899 * 12)
Bid High 212 558 31.58 (558/212 * 12)
Bold Pfmn 572 108 2.27 (108/572 * 12)
Buddy Size 483 0 0 (0/483 * 12)
2. Team Baldwin's forecasting skills are lacking in exactness and require more refining.
3. The product that had the best unit forecast is Bold with less than 3 months of inventory at the end of the year (2.27 months).
Explanation:
a) Data and Calculations:
Production Information
Primary Units Unit Number of
Name Segment Sold Inventory Months of inventory
Baker Trad 1,391 898 7.75 (898/1,391 * 12)
Bead Low 1,899 873 5.52 (873/1,899 * 12)
Bid High 212 558 31.58 (558/212 * 12)
Bold Pfmn 572 108 2.27 (108/572 * 12)
Buddy Size 483 0 0 (0/483 * 12)
When creating a company's security policy, it is not necessary that the scope align with the company's annual information security budget. True False
Answer:
False, you would want them to align.
Explanation:
Evaluation of the amount of costs incurred should be based on the actual volume of activity rather than the planned volume of activity. True False
Answer:
False
Explanation:
The Performance Evaluation may be defined as the formal as well as a productive procedure to help measure the work of the employee and results is based on their job responsibilities.
For any performance evaluation, the cost that is actually incurred should not be compared to the cost which would have been incurred to the actual volume of the activity or work rather than the planned activity.
Thus the answer is false.
A city government is planning to install a sewage line at a cost $10M with an estimated life of 50 years and an estimated salvage value of $2M. Assume that the line may be replaced at the same cost every 50 in perpetuity. Determine the capitalized cost if the interest rate is 9%Choose the most appropriate answer from the choices below.
A. $8.2M
B. $10.1M
C. $12M
D. None of these
Answer:
B. $10.1M
Explanation:
The capitalized cost of this investment is the present value of the cost that has just been incurred as well as the present of the replacement asset every 50 years.
The present value of cost incurred is the same as the amount incurred since it is stated in today's terms i.e $10M
The present value of replacement asset=replacement cost/50 year effective interest rate
In 50 years' time, the old sewage line would be sold for $2M and another bought of $10M, effectively replacement is $8M($10M-$2M)
the effective interest rate for 50 years=(1+9%)^50-1=7335.75%
capitalized cost of the sewage line=$10+$8/7335.75%
capitalized cost of the sewage line=$10.1M
Gross Domestic Product equals $1.2 trillion. If consumption equals $690 billion, investment equals $200 billion, and government spending equals $260 billion, then:
Answer:
imports exceed exports by $50 billion.
Explanation:
Calculation to determine how much imports exceed exports
Gross Domestic Product $1.2 trillion
Less Consumption ($690 billion)
Less Investment ($200 billion)
Less Government spending ($260 billion)
($1.2 trillion-$690 billion-$200 billion-$260 billion)
Then:imports exceed exports by $50 billion