The effective goodwill close for the message above is Sentence 8. The appropriate response is option C.
What is a goodwill message ?In the workplace, goodwill messages are intended to convey warmth and generosity. Positive feedback, compliments, and expressions of appreciation are a few examples of goodwill messages.
These remarks are only focused on the recipient. You may remark, for example, I truly like how you carried yourself with such grace and poise in the field today given the challenging conditions. It demand a level of sincerity and verbal care that few other situations do.
In the context of professional work, "goodwill" refers to a receptive, cordial, helpful, and trustworthy attitude or sentiment.
Hence, the appropriate response is option C.
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Albert owns 100 acres of land on which he grows spruce trees. His adjusted basis for the land is $89,600. He receives condemnation proceeds of $8,960 when the city's new beltway takes 5 acres along the eastern boundary of his property. He also receives a severance award of $5,376 associated with the possible harmful effects of exhaust fumes on his trees. Albert invests the $14,336 in a growth mutual fund.
Required:
a. Determine the tax consequences to Albert of the condemnation proceeds.
b. Determine the tax consequences to Albert of the severance award.
Answer:
A. Albert has a $4,480 realized gain of which $4,480 is recognized.
B. Adjusted basis $79,744
Explanation:
a. Calculation to determine the tax consequences to Albert of the condemnation proceeds.
Based on the information given Albert has a REALIZED GAIN of the amount of $4,480 of which the amount of $4,480 is RECOGNIZED, calculated as:
=$8,960 - [(5 acres / 100 acres) x $89,600)]
=$8,960 -$4,480
=$4,480
Therefore the tax consequences to Albert of the condemnation proceeds will be $4,480 realized gain of which $4,480 is recognized.
B. Calculation to Determine the tax consequences to Albert of the severance award.
Based on the information the SEVERANCE AWARD tend to decrease Albert's basis of remaining property which therefore means that His ADJUSTED BASIS in the remaining property will be calculated as:
Adjusted basis=($89,600 - $4,480)- $5,376
Adjusted basis=$85,120-$5,376
Adjusted basis=$79,744
Therefore The the tax consequences to Albert of the severance award will be Adjusted basis of $79,744
According to Orlando:_____.
(a) workers have obligations to, but are owed consideration by, their employers.
(b) workers are subject to the legitimate expectations of their employers but employers are not subject to any legitimate expectations of workers.
(c) all of the above.
(d) none of the above.
Answer:
According to Orlando:_____.
(a) workers have obligations to, but are owed consideration by, their employers.
Explanation:
Workers are employed by their employers to carry out their obligations as per instruction. They owe the duty of reasonable care to their employers. They are supposed to be honest in their dealings with their employers. Workers are also required to take safety and health measures to protect themselves and others from harm at the workplace. For all these obligations, the employers of labor must pay adequate consideration to their workers and ensure their safety at work.
Alex and Selena are 25 and love to dream about what they will do when they are retired. They want to own a summer home in Florida, travel to Europe, and spend time visiting family around the U.S. To support this dream, they need a retirement income of $100,000 per year throughout their retirement. At their current retirement contribution level, they will have $2 million saved by age 65.
Does Amit drive a car safely (into statement)
Answer:
Amit drives a car safely
Suppose Blue Hamster Manufacturing Inc, is evaluation a proposed capital budgeting project (project alpha) that will require an initial investment of $500,000. The project is expected to generate the following net cash flows:
Year Cash Flow
Year 1 $325,000
Year 2 $425,000
Year 3 $450,000
Year 4 $400,000
Blue Hamster Manufacturing Inc’s weighted average cost of the capital is 10%, and project alpha has the same risk as the firm’s average project. Based on the cash flows, what is project Alpha’s net present value (NPV)?
a. $871,690
b. $1,157,991
c. $1,182,991
d. $757,991
Answer:
d. $757,991.26
Explanation:
Present value of inflows=cash inflow*Present value of discounting factor(rate%,time period)
= (325,000/1.10) + (425,000/1.10^2) + (450,000/1.10^3) + (400,000/1.10^4)
= $1,257,991.25743
NPV = Present value of inflows - Present value of outflows
NPV = $1,257,991.25743 - $500,000
NPV = 757991.25743
NPV = $757,991.26
Trego Company issued, payable on December 31, 2015, $10,000 face value, 8%, 4-year bonds. Interest will be paid annually each December 31. Market interest rate on similar bonds is 6%. Trego uses the effective interest rate method of amortizing bond discount or premium. (PV of annuity; n; n=4;i=6%)=3.46511 (PV; n=4;i=6%)=0.79209 What is the issuing price?
a. $9,503.
b. $10,735.
c. $10,693.
d. $9,603.
Answer: $10693
Explanation:
The issuing price can.wb calculated thus:
Firstly, we'll calculate the annual interest which will be:
= $10000 × 8%
= $800
The present value of the interest will be:
= 800 × pvifa (6%,4yrs)
= 800 × 3.46511
= 2772.09
Pv of face value will be:
= 1000 × pvif(6%,4yrs)
= 10000*0.79209
=7920.90
Therefore, the issuing price will be:
= PV of interest + present value of face value
= 2772.09 + 7920.90
= 10692.99
= $10693
Therefore, issuing price is $10693.
Calvin and Hobbes run a company that sells only two items: T-shirts and car decals. Calvin is fast at making decals and very slow at making T-shirts, whereas Hobbes is fast at making T-shirts and very slow at making decals. Which statements accurately describe the situation?
a. Company output will be maximized if Calvin makes all the decals and Hobbes makes all the chains.
b. Calvin has a comparative advantage for making decals.
c. Hobbes has a higher opportunity cost for making decals than Calvin.
d. Company output will be maximized if Calvin and Hobbes both divide their time equally between making decals and making chains
Answer:
A
B
C
Explanation:
A person has comparative advantage in production if it produces at a lower opportunity cost when compared to other people.
Opportunity cost of the next best option forgone when one alternative is chosen over other alternatives
A person should specialise in the production of goods for which they have a comparative advantage. this maximises total output
Calvin has a comparative advantage in making decals because he is faster compared to Hobbes. He should specialise in making decals.
Hobbes has a comparative advantage in making shirts because he is faster compared to Calvin. He should specialise in making shirts
The correct statements are that
1. Production output will be maximized if Calvin makes all the decals and Hobbes makes all the t-shirts.
2. Calvin has a comparative advantage for making decals.
3. Hobbes has a higher opportunity cost for making decals than Calvin.
So, the correct options that match the statements quoted above are as given under A, B and C.
Production outputProduction output of a firm is a quantity that is produced by a firm using the available resources, given that other factors remain constant. Looking at the speeds of production, it is advisable that one makes the products only which they are specialized in and are fast at production. Opportunity cost for Hobbes will be higher than Calvin, as he could have made more t-shirts if he chose the alternative of producing decals in equal amount of time. Calvin has a comparative advantage for making decals, as it has been provided that Calvin has a better speed of making decals and Hobbes is slow at making decals.Hence, the correct statements are as under A, B and C which hold true about the production output of Calvin and Hobbes for producing t-shirt and decals.
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In current business publications, find examples of firms whose strategies to increase profits focus primarily on generating more revenue. Compare these cases with firms that are trying to cut costs to increase profits. In your initial post, include a summary of these firms and how the different strategies have been successful or unsuccessful.
Having a nice size profit margin is the goal for most companies. In order to make this happen there has to be a plan/strategy that is carefully thought out and implemented. You want to take your time and make sure things are done correctly and in a way that it is profitable and not detrimental to your company at the same time. One good example of this act comes from McDonalds. One McDonalds franchise in New York increased the price of their Big Mac from $5.98 to $6.28 currently to increase revenue. Prior to this there was an anual increase that took place. "The Golden Arches' pricing in the U.S. Rose 2% year over year in the first quarter, which was still less than the consumer Price Index's overall".
On the other end of the spectrum we have companies like Apple. Apple fired 1,600 full time employees from retail stores to increase their profit margin. "The retail segment reported operating income of $308 million during the second quarter of 2009 down from #334 million....". In cutting down on those full time positions they were able to increase their profits by paying less full time salaries to employees. "Revenue increase 8.7% to 8.16 Billion, which is more than 7.96 billion expected...". I do not feel that this is the best way to go about getting results. A merger of the two would be effective. Gradually increasing sales prices and not eliminating so many positions at once or merging positions even would be effective. You have to take into account that less employees mean more work for the workers that are left, which could leave them in a stressful work environment. In turn could mean customer service quality decreases drastically. Things have to be looked at on both sides of the spectrum.
Answer:
Following are the responses to these question.
Explanation:
The goal of most businesses is to achieve the optimum gross profit. Moreover, to achieve this, a well-designed plan or plan deserves to be placed in place. The management needs to ensure that things are done properly and so that they are successful at the same period and therefore do not harm the business. That fast-food giant Mcdonald's is a good example of this. One of McDonald's' franchises in York City recently increased its Big Mac sales from $5,98 to $6,28. Before all this, Macdonalds would have an annual boost.
"During first 4th quarter, the price of Eiffel Tower in the U.s. Increased two percent year on year was still less than price index"
They need businesses like Apple at another end of the continuum. Apple also fired 1,600 filled retail employees to increase its gross profit. "Operating revenue inside the second quarter of 2009 were down $308 million to $334 million...." We were able to boost their earnings by cutting such full-time jobs. "To 8.16 billion u.s. dollars, which is over 7.96 percent estimated, the economy increased by 8.7%.
It doesn't seem to be the right way of achieving performance. It'd be effective to mix the two. Gradual sale rates are an optimal option, not cutting too many roles at once or combination. It is borne in mind that a decrease in the number of jobs is much more work to left workers who can keep them in a demanding working environment. This could mean a dramatic decline in customer support efficiency. Stuff on all sides of the spectrum must be looked at.
Brazilian real (the currency of Brazil) to US dollar exchange rate (BRLUSD) is currently quoted at 0.2570. The one-year US risk-free rate is 1% and the one-year Brazil risk-free rate is 14% (both expressed with continuous compounding). The current quoted one-year forward BRLUSD rate is 0.2300.
Based on the above information, solve the following
1. What is correct about the spot BRLUSD exchange rate?
A) Brazilian real is currently worth 0.2570 US dollar.
B) US dollar is currently worth 0.2570 Brazilian real.
C) 3.891 US dollar is currently worth 1 Brazilian real.
D) None of the above
2. Theoretically, what should be the 1-year forward BRLUSD rate?
A) 0.1982
B) 0.2257
C) 0.2300
D) 0.2570
3. Which one is an arbitrage strategy that could be taken right now?
A) Borrow USD at 1% interest rate then convert to BRL right now; invest BRL for one year at 14%; after one year, convert BRL back to USD.
B) Borrow BRL at 14% interest rate then convert to USD right now; invest USD for one year at 1%; after one year, convert USD back to BRL.
C) Short the 1-year forward BRLUSD contract at 0.2300; buy back one-year later at whatever the spot rate that time.
D) None of the above
During January, Deluxe Printing pays employee salaries of $0.83 million. Withholdings in January are $76,000 for the employee portion of FICA, $210,000 for federal and state income tax, and $40,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $48,000 for federal and state unemployment tax, and $20,000 for the employer portion of health insurance.
The journal entry to record employer-provided fringe benefits includes:______.
Answer:
Credit to accounts payable (blue cross/blue shield) of $20,000
Explanation:
Based on the information given we were told that the amount of $20,000 is the amount for the employer portion of health insurance which therefore means that The appropiate journal entry to record employer-provided fringe benefits includes:
CREDIT To Accounts Payable (blue cross/blue shield) of $20,000.
Patriot Company produces flak jackets for military use. The company recently adopted a standard costing system and set the following standards for materials per unit of product:
Materials (Ballistic Nylon): 8 yards
$4 per yard During the most recent month, Patriot produced 5,500 units of flak jackets. Actual materials purchased and used were 40,000 yards at the price of $4.20 per yard. Based on the information above, answer the following questions: L 5 points]
(1) What was the total material costs incurred by the company during the month (i.e, actual costs of materials)?
(2) What should be the total material costs allowed for the production during the month (i.e., standard costs of materials)?
(3) What is the total variance for materials to be reported during the month? Is it favorable (F) or unfavorable (U)? materials price and quantity (usage) variances below. Indicate whether each variance is favorable (F or unfavorable (U
(4) Using either the template (columnar) approach or the formula approach, compute direct
Answer:
Patriot Company
1. The total material costs incurred by the company during the month (actual costs of materials) = $168,000
2. The total material costs allowed for the production during the month (i.e., standard costs of materials) = $176,000
3. The total variance for materials to be reported during the month is $8,000 F.
4. The Direct material price variance is = $8,000 U
5. The Direct material quantity variance is = $16,000 F
Explanation:
a) Data and Calculations:
Standard for materials per unit:
Materials (Ballistic Nylon): 8 yards $4 per yard = $32 per unit
Production in the most recent month = 5,500 units
Actual materials purchased and used = 40,000 yards at $4.20 per yard
1. The total material costs incurred by the company during the month (actual costs of materials) = $168,000 (40,000 * $4.20)
2. The total material costs allowed for the production during the month (i.e., standard costs of materials) = $176,000 (8 * 5,500 * $4.00)
3. The total variance for materials to be reported during the month = $8,000. It is favorable (F)
4. Direct materials price variance = (Standard price - Actual price) * Actual quantity
= ($4.00 - $4.20) * 40,000
= $8,000 U
5. Direct materials quantity variance = Standard quantity - Actual quantity * Standard price
= (44,000 - 40,000) * $4
= 4,000 * $4
= $16,000 F
Conversion cost per equivalent unit is the combined costs of direct materials and factory overhead.
A. True
B. False
Answer:
False
Explanation:
Cost
This is simply defined as a payment of cash or the commitment to pay cash in the future for revenues purpose. E.g. The cash used to purchase a tractor, is the cost of the tractor.
Conversion costs
This is simply regarded as direct materials, direct labor, and factory overhead costs that can be selected together or grouped together for analysis and reporting. It consist of direct labor in factory overhead costs.
The Equation for Conversion cost is simply = Direct Labor Cost + Manufacturing Overhead Cost.
While the Equivalent Units of Production = Number of Units Transferred to the next department + Equivalent Units in Ending Works in Process Inventory.
The equation for Equivalent units of production for conversion cost is given below: Units completed and transferred out + Equivalent units in ending work in process for conversion cost.
The equation for Cost per equivalent unit for conversion cost is simply =
(conversion cost of beginning work in process + conversion cost added during the period)/ Equivalent units of production for conversion cost.
On January 2, 2021, the Jackson Company purchased equipment to be used in its manufacturing process. The equipment has an estimated life of eight years and an estimated residual value of $55,000. The expenditures made to acquire the asset were as follows:
Purchase price $236,500
Freight charges 8,000
Installation charges 11,500
Jackson's policy is to use the double-declining-balance (DDB) method of depreciation in the early years of the equipment's life and then switch to straight line halfway through the equipment's life.
Required:
Calculate depreciation for each year of the asset's eight-year life.
Answer:
2021
Depreciation expense = $64,000
2022
Depreciation expense = $48,000
2023
Depreciation expense = $52,000
2024
Depreciation expense = $51,000
2025
Depreciation expense = $10,250
2026
Depreciation expense = $10,250
2027
Depreciation expense = $10,250
2028
Depreciation expense = $10,250
Explanation:
Depreciation Charge using the double-declining-balance (DDB) method is determined as follows :
Depreciation Charge = 2 x SLDP x BVSLDP
where,
SLDP = 100 ÷ Number of useful life
= 100 ÷ 8
= 12.5 %
and
BVSLDP = cost (in first year) and Book Value thereafter.
therefore,
2021
Depreciation expense = 2 x 12.5 % x $256,000 = $64,000
2022
Depreciation expense = 2 x 12.5 % x ($256,000 - $64,000) = $48,000
2023
Depreciation expense = 2 x 12.5 % x ($256,000 - $48,000) = $52,000
2024
Depreciation expense = 2 x 12.5 % x ($256,000 - $52,000) = $51,000
Now from 2024 we have to switch to straight line method
With Straight Line Method, we charge a fixed amount of depreciation using the formula :
Depreciation expense = (Cost - Residual Value) ÷ Remaining Useful life
But since we have provided for depreciation expenses before, we have to reduce the cost by $215,000 (accumulated depreciation to date). Also we reduce the remaining useful life by the years expired to 4 years.
2025
Depreciation expense = ($256,000 - $215,000) ÷ 4 = $10,250
2026
Depreciation expense = ($256,000 - $215,000) ÷ 4 = $10,250
2027
Depreciation expense = ($256,000 - $215,000) ÷ 4 = $10,250
2028
Depreciation expense = ($256,000 - $215,000) ÷ 4 = $10,250
Paul had a great job as a bank executive. Unfortunately, his bank came under scrutiny by federal regulators, and although Paul had done nothing illegal, he ended up being fired. Unfortunately for Paul, he had a number of debts. Among his assets were a house worth $250,000 on which he owed $150,000 to a bank that held a security interest; three vehicles; an expensive watch worth $5,000; and $120,000 in an Individual Retirement Account (IRA). He owed $900 per month in child support to his ex-wife Suzy and was behind on payments in the amount of $1,800. He also owed $2,000 in wages consisting of four months of back pay to Bob who took care of Paul's landscaping needs and swimming pool care. All creditors angrily demanded payment from liquidation of Paul's assets. Paul, on the other hand, claims that he needs all the above-mentioned assets and that he should not have to give up anything. Only federal bankruptcy exemptions apply to Paul's case. Which of the following is true regarding Paul's claim to his Individual Retirement Account (IRA)?
a. The IRA is entirely exempt from the claims of creditors.
b. The IRA is entirely subject to the claims of creditors.
c. The IRA is exempt up to $1,000.
d. The IRA is exempt up to $10,000.
e. The IRA is exempt up to $100,000.
Answer:
The answer is "Choice a".
Explanation:
The Jessica Co. has the following errors on its books as of December 31, 2018. The books for 2018 have not yet been closed.
a. On January 1, 2016, a machine had been purchased for $6,500. The machine had an estimated life of five years, but it was expensed in error. Straight-line depreciation with no salvage value should have been used.
b. On January 1, 2017, the company bought a four-year insurance policy for $800 and immediately charged the full premium to expense.
Required:
Prepare journal entries to correct these errors on December 31, 2018. Ignore income taxes.
Answer and Explanation:
The journal entry is given below;
a. Machine or equipment $6,500
To Accumulated depreciation ($6,500 × 3 ÷ 5) $3,900
To Retained earnings $2,600
(being the correction of the error is recorded)
b. Prepaid insurance Dr ($800 ÷ 4 × 2 ) $400
To Retained earnings $400
(being the correction of the error is recorded)
These two entries should be recorded to correct the given errors
On Thursday, Justin flies from Baltimore (where the office for his sole proprietorship is located) to Cadiz (Spain). He conducts business on Friday and Tuesday; vacations on Saturday, Sunday, and Monday (a legal holiday in Spain); and returns to Baltimore on Thursday. Justin was scheduled to return home on Wednesday, but all flights were canceled due to bad weather. As a result, he spent Wednesday watching floor shows at a local casino.
a. For tax purposes, what portion of Justin’s trip is regarded as being for business?
b. Suppose Monday was not a legal holiday. Would this change your answer in (a)? Explain.
c. Under either (a) or (b), how much of Justin’s airfare qualifies as a deductible business expense?
Answer:
a. For tax purposes, what portion of Justin’s trip is regarded as being for business?
The whole trip is considered a business trip because Justin started working before the weekend and continued to work after the holiday was over. He is not responsible for bad weather conditions.
b. Suppose Monday was not a legal holiday. Would this change your answer in (a)? Explain.
Yes, it would make a difference since a legal holiday counts as a labor day, so Justin legally worked immediately after the weekend, but if Monday wasn't a holiday and he got back to work on Tuesday, then he couldn't consider Saturday, Sunday nor Monday as business days.
c. Under either (a) or (b), how much of Justin’s airfare qualifies as a deductible business expense?
the airfare is 100% deductible under any scenario
The portion of Justin’s trip that is regarded as being for business is the whole trip.
It should be noted that the whole trip is considered a business trip due to the fact that Justin started working before the weekend and continued to work after the holiday was over. If Monday was not a legal holiday, it'll make a difference since a legal holiday counts as a labor day, so Justin legally worked immediately after the weekend.Under either (a) or (b), the amount of Justin’s airfare that qualifies as a deductible business expense is the whole amount which is 100% of the amount.Read related link on:
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Tickets Today contracts with the producer of Riverdance to sell tickets online. Tickets Today charges each customer a fee of $6 per ticket and receives $15 per ticket from the producer. Tickets Today does not take control of the ticket inventory. Average ticket price for the event is $150. How much revenue should Tickets Today recognize for each Riverdance ticket sold?
a. $6 because the $15 from the producer is similar to a negative cost of goods sold
b. $150 because the $135 is cost of goods sold paid to the Riverdance producer
c. $21 because both the fee from the customer and the producer are earned
d. $156 because the $135 is cost of goods sold paid to the Riverdance producer
e. None of the above
Presente perOW IS INTormation rerarea Orrounder company.
Retail
Cost
$148,740
1,359,000
Beginning inventory
Purchases
Markups
Markup cancellations
Markdowns
Markdown cancellations
Sales revenue
$285,000
2,148.000
96.200
16,300
31,800
4,700
2,209,000
Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, eg.
78% and final answer to O decimal places, eg. 28,987.)
Ending inventory using conventional retail inventory method
$
Answer:
Note: "The complete and organized question is attached below as picture"
Conventional Inventory Method
Particulars Cost Retail
Beginning inventory A $148,740 $285,000
Purchases $1,359,000 $2,148,000
Markups-net $79,900
Current year's addition B $1,359,000 $2,227,900
Goods available for sale C=A+B) $1,507,740 $2,512,900
Markdown-net ($27,100)
Sales ($2,209,000)
Ending inventory at retail $276,800
Cost-to-retail percentage = $1,507,740 / $2,512,900*100
Cost-to-retail percentage = 0.6 * 100
Cost-to-retail percentage = 60%
Ending inventory at cost = Ending inventory at retail * Cost-to-retail percentage
Ending inventory at cost = $276,800 * 60%
Ending inventory at cost = $166,080
Which of the following is not true of a mass customization process strategy?
Answer:
phone
Explanation:
A difference between periodic review and continuous review inventory systems is:________
a. Periodic review is more expensive than continuous review
b. Continuous review usually required more safety stock than periodic review
c. In one system, time triggers orders, in the other, quantity triggers orders
d. Periodic review requires real-time monitoring systems
Answer:
The correct answer is the option C: In one system, time triggers orders, in the other, quantity triggers orders.
Explanation:
On the one hand, the term known as "Periodic review inventory system" refers to a type of inventory system that mainly is focus on the time that the order takes, therefore that it is said that the system is triggered by time because the orders are taken at the same time every period.
On the other hand, the "Continuous review inventory system" actually is triggered by the quantity of orders that take place every period. Therefore that this system keeps track of the exact amount every period and when that number goes down the system automatically order more of the same amount.
On October 1, 2021, Sonoma Company leased equipment from Napa Inc. in lease payable in five equal annual payments of $540,000, beginning Oct 1, 2022. Similar transactions have carried an 11% interest rate. The right-of-use asset would be recorded at:________ (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Answer:
$1,995,786
Explanation:
Calculation to determine what The right-of-use asset would be recorded at:
Using this formula
Right-of-use asset=Annual payments*PV ordinary annuity
Where,
Annual payments=$540,000
PV ordinary annuity of $1: n = 5; i = 11%=3.69590
Let plug in the formula
Right-of-use asset= $540,000 × 3.69590
Right-of-use asset = $1,995,786
Therefore The right-of-use asset would be recorded at:$1,995,786
why would you put money into a savings account everfi
Answer:
I would put money in a savings account so When i become the age i can buy myself a nice car and a nice apartment
One of the most straightforward ways to generate interest on your money is through savings accounts.
What is a savings account?Money that you just don't intend to spend straight away should be kept in savings accounts. They may be used to save for goals that are both short and long-term, and the majority of savings accounts offer back on donations to help you increase the amount that you save.
They nevertheless make it simple to spend and draw money while providing a greater rate of interest than a standard checking account.
These accounts might serve as secure storage facilities for money that you don't plan to use soon enough. These savings accounts are helpful for long-term goals like saving money for a deposit on a house as well as short-term necessities like emergency funds.
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The following selected account balances appeared on the financial statements of Washington Company:
Accounts Receivable, January 1 $16,209
Accounts Receivable, December 31 6,108
Accounts Payable, January 1 4,533
Accounts Payable, December 31 8,086
Merchandise Inventory, January 1 7,281
Merchandise Inventory, December 31 13,264
Sales 62,595
Cost of Merchandise Sold 32,767
Washington Company uses the direct method to calculate net cash flow from operating activities. Cash collections from customers were
a. $52,494
b. $62,595
c. $85,315
d. $72,696
Answer: $72,696
Explanation:
Cash collections from customers = Sales + Decrease in Accounts Receivable:
= 62,595 + (16,209 - 6,108)
= $72,696
Sales represents cash sales and decrease in accounts receivable will represent the amount collected from the debtors.
Standard Product Cost, Direct Materials Variance
Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,500 pounds) has the following standards:
Standard Quantity Standard Price
Whole tomatoes 4,200 lbs. $0.45 per lb.
Vinegar 230 gal. $2.70 per gallon.
Corn syrup 20 gal. $10.00 per gal.
Salt 92 lbs. $2.50 per lb.
The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch K-111 were as follows:
4,400 lbs. of tomatoes
221 gal. of vinegar
21 gal. of corn syrup
91 lbs. of salt
a. Determine the standard unit materials cost per pound for a standard batch.
b. Determine the direct materials quantity variance for batch K-111. If required, round amounts to the nearest cent.
Answer:
A. $1.18
B. Whole tomatoes $90 Unfavorable
Vinegar ($24.30) Favorable
Corn syrup $10 Unfavorable
Salt ($2.50) Favorable
Total direct materials quantity variance $73.20 Unfavourable
Explanation:
a. Calculation to Determine the standard unit materials cost per pound for a standard batch.
Ingredient Standard quantity* Standard price= Standard Cost per Batch
Whole tomatoes 4,200 lbs.*$0.45 per lb=$1,890
Vinegar 230 gal.*$2.70 per gallon=$621
Corn syrup 20 gal.*$10.00 per gal=$200
Salt 92 lbs.* $2.50 per lb=$230
Total $2,941
Standard unit materials cost per pound=$2,941/$2,500 Standard unit materials cost per pound=$1.18
Therefore the standard unit materials cost per pound for a standard batch $1.18
[b] Calculation to determine the direct materials quantity variance for batch K-111
Ingredient Standard quantity-Actual Quantity =Difference* Standard price= Materials Quantity Variance Favorable/Unfavorable
Whole tomatoes 4,200 lbs -4,400 lbs=200 lbs*$0.45=$90 UNFAVORABLE
Vinegar 230 gal- 221 gal=(9gal)*$2.70=($24.30) FAVORABLE
Corn syrup 20 gal-21 gal=1gal*$10=$10 UNFAVORABLE
Salt 92 lbs-91 lbs=(1lbs)*$2.50=($2.50)FAVOURABLE
Total direct materials quantity variance $73.20 Unfavourable
($90-$24.30+$10-$2.50)
Therefore the direct materials quantity variance for batch K-111 will be:
Whole tomatoes $90 Unfavorable
Vinegar ($24.30) Favorable
Corn syrup $10 Unfavorable
Salt ($2.50) Favorable
Total direct materials quantity variance $73.20 Unfavourable
How do family environment influence moral development during adolescence?
Answer:
Explanation:
In the family environment, children come to consider their actions not only in terms of justice but also in terms of emotional needs. Children learn the value of social support from their families and develop motivations based on kindness, generosity, and empathy, rather than on only personal needs and desires.
Answer:
In the family environment, children come to consider their actions not only in terms of justice but also in terms of emotional needs. Children learn the value of social support from their families and develop motivations based on kindness, generosity, and empathy, rather than on only personal needs and desires.
Explanation:
A worthless security had a holding period of six months when it became worthless on December 10, 2020. The investor who had owned the security had a basis of $20,000 for it. Which of the following statements is correct?
a. The investor has a long-term capital loss of $20,000.
b. The investor has a short-term capital loss of $20,000.
c. The investor has a nondeductible loss of $20,000.
d. The investor has a short-term capital gain of $20,000.
Answer: B. The investor has a short-term capital loss of $20,000.
Explanation:
A short-term loss occurs when a deficit is realized when there's a sale of an asset which has been held by the person for a period of one year or less.
In this case, since the security was worthless, it's a loss and was also help for six months which is less than one year, then it's a short term capital loss.
Therefore, the correct option is B
The current price of a non-dividend-paying stock is $80. Over the next six months it is expected to rise to $90 or fall to $74. An investor buys six month maturity put options with a strike price of $80. What is necessary to hedge the position?
Answer:
Buy 0.8 shares for each option purchased
Explanation:
Calculation to determine What is necessary to hedge the position
Using this formula
N=Vu-Vd/U-D
U = stock price in case of an up move = $36
D = stock price in case of an down move = $26
VU = put option value if stock goes up = $0
VU = put option value if stock goes down = $32 - $26 = $6
Using this formula
N=
−
V
U
−
V
D
U
−
D
N
=
−
0
−
6
36
−
26
N
Now let calculate What is necessary to hedge the position
Value =74 x + 6
Hence,
90x=74x + 6,
x=6/(90-74)
x=6/16
x=.375
Suppose that the tuna industry is in long-run equilibrium at a price of $5 per can of tuna and a quantity of 150 million cans per year. Suppose that the Centers for Disease Control (CDC) announces that a chemical found in tuna is causing bacterial infections to spread around the world.
The CDC's announcement will cause consumers to demand _________tuna at every price. In the short run, firms will respond by __________
Answer:
less
producing less & incurring loss
Explanation:
Due to the announcement by the CDC, residents would want to avoid consuming tuna. this would lead to a reduction in the demand for tuna. This would lead to a leftward shift of the demand curve for tuna
in the short run, some factors of production are variable, while at least one factor of production is fixed.
the firms would respond by reducing the quantity of tuna supplied
In sampling for attributes (i.e. test of controls) the determination of sample size is a function of:___________
a. risk of assessing control risk too low
b. tolerable rate
c. estimated population deviation rate.
Answer:
b. tolerable rate
Explanation:
A sample is defined as a representative part of a population that is used in a study to replicate the characteristics of the population.
For a sample to be any good it must effectively reflect the characteristics of the population.
When sampling for attributes there are three determinants of sample size that is put into consideration:
- risk of incorrect acceptance
- tolerable rate or error
- expected error
Tolerable rate is the largest deviation or variance that can be acceptable in a sample and this reflects on reliability of specific controls.
It is the allowable deviation in population that still allows original plan to be executed
The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year:
2016:
July 1 Issued $75,100,000 of 20-year, 8% callable bonds dated July 1, 2016, at a market (effective) rate of 10%, receiving cash of $62,213,861. Interest is payable semiannually on December 31 and June 30.
Oct. 1 Borrowed $440,000 by issuing a six-year, 7% installment note to Nicks Bank. The note requires annual payments of $92,310, with the first payment occurring on September 30, 2017.
Dec. 31 Accrued $7,700 of interest on the installment note. The interest is payable on the date of the next installment note payment.
31 Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment.
31 Closed the interest expense account.
2017:
June 30 Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment.
Sept. 30 Paid the annual payment on the note, which consisted of interest of $30,800 and principal of $61,510.
Dec. 31 Accrued $6,624 of interest on the installment note. The interest is payable on the date of the next installment note payment.
31 Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment.
31 Closed the interest expense account.
2018:
June 30 Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $11,597,527 after payment of interest and amortization of discount have been recorded. (Record the redemption only.)
Sept. 30 Paid the second annual payment on the note, which consisted of interest of $26,494 and principal of $65,816.
Required:
a. Journalize the entries to record the foregoing transactions. Round all amounts to the nearest dollar. Be sure to include the year in the date for the entries. Refer to the Chart of Accounts for exact wording of account titles.
b. Indicate the amount of the interest expense in (a) 2016 and (b) 2017.
c. Determine the carrying amount of the bonds as of December 31, 2017.
Answer:
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