Answer:
$507.73
Explanation:
first we need to calculate the expected cost of overhauling the engine in 4 years:
$330 x 10% = $33
$460 x 30% = $138
$750 x 50% = $375
$950 x 10% = $95
Expected cost = $641
now we must find the present value = $641 / (1 + 6%)⁴ = $507.73
Presented below is information related to Splish Company at December 31, 2020, the end of its first year of operations.
Sales revenue $334910
Cost of goods sold 149030
Selling and administrative expenses 54000
Gain on sale of plant assets 32710
Unrealized gain on available-for-sale debt investments 9080
Interest expense 6360
Loss on discontinued operations 11260
Dividends declared and paid 4660
Compute the following:
(a) Income from operations -
(b) Net income -
(c) Comprehensive income
(d) Retained earnings balance at December 31, 2020 -
Answer and Explanation:
The computation is shown below:
a.
Sales Revenue $334,910
Less: expenses
Cost of goods sold $149,030
Selling and administrative expenses $54,000
Income from Operations $131,880
b.
Income from Operations $131,880
Add: Gain on sale of Plant assets $32,710
Less:
Interest expenses $6,360
Loss on discontinued operations $11,260
Net income $146,970
c.
Net income $146,970
Add: Unrealized Gain $9,080
Comprehensive Income $156,050
d.
Retained earnings
Net income $146,970
Less: Dividend declared and paid $4,660
Retained earnings $142,310
Using the table below, calculate the holding inventory costs for all four periods using both average inventory and end inventory values. The holding cost per period per unit is $200. The sequence of cost is (average inventory, end inventory). Periods 1 2 3 4 Usage 100 120 50 80 End Inventory 10 30 70 30
Answer:
Holding cost = Ending inventory for period * Holding cost per unit
Period 1 holding cost Period 2
= 10 * 200 = 30 * 200
= $2,000 = $6,000
Period 3 Period 4
= 70 * 200 = 30 * 200
= $14,000 = $6,000
Total holding cost:
= 2,000 + 6,000 + 14,000 + 6,000
= $28,000
You decide to go on a shopping spree. You make a purchase at Sears, and the cashiers says "Can I put your purchase on your Sears Card?" You reply "I don't have a Sears Card." The cashier asks you if you would like to apply for one. You say "Sure!" Throughout your shopping spree you purchase items at many different stores. At each of the stores this same scenario happens, the cashier asks you to apply for credit and you say yes. What will happen to your credit score?
A. It will decrease because of the number of times you have applied for credit.
B. It won't change at all because you were denied the credit card.
C. It will increase because of the number of times you have applied for credit.
Answer:
A and it can raise red flags for future creditors
Discuss Three (3) types of lobbying in detail please .
Answer:
Legislative lobbying
Regulator advocacy lobbying
Budget advocacy
I need money to buy something.
Answer:
Then, get yourself a job if you want money, even if it's one of the lamest jobs, get a job. Some people want money but, don't want to work. Others do work but, don't reviece money. Don't be like those people.
Explanation:
explain the difference between a flat tax and a graduated income tax.
Answer:Progressive tax systems have tiered tax rates that charge higher income individuals higher percentages of their income and offer the lowest rates to those with the lowest incomes. Flat tax plans generally assign one tax rate to all taxpayers. ... A flat tax would ignore the differences between rich and poor taxpayers.
What is a logical argument for ethical decision-making and ethical impact in a technological society.
Answer:
Kindly check explanation
Explanation:
Technological advancement has without doubt brought a whole lot to our environment ranging from the ease, speed and volume at which we get things done, the making of new and better products to mention just a few. However, like most other impacting strategies, it comes with its own points of concern. The derision of ethics by certain technological processes have raised a few eyebrows, the need to innovate has to be checked and balanced such that it does not infringe upon the values and morals of individuals and businesses. Some of the ethical concerns include ; increased and easy accessibility to immoral viewings. The intrusion of private and public data unsolicited data in other derive or generate insight. This data may often be used for more than it was requested. The threat posed to health due to testing usually from innovative experiment and research.
Which of the following is true?
A. Attaining a passing score on the part of the Uniform CPA Examination that covers professional ethics is evidence of integrity and commitment to ethical conduct.
B. A professional accountant should resign his position rather than become involved in the distribution of financial statements indicating insolvency.
C. Federal securities laws regarding the issuance of misleading financial statements apply not only to the independent auditors, but to management of the company as well.
D. The existence of generally accepted accounting principles (GAAP) eliminates the need for professional judgment except in very unusual circumstances.
Answer:
The answer is "Choice C".
Explanation:
The federal securities legislation governs its sales or offering of stock, investment management, the companies of some industry professional persons, investment companies like mutual funds, tender documents, proxy statements, and, more particularly, publicly-traded company control. It's not just the external directors, but also the managers of the organization apply to these rules mostly on the release of erroneous financial reports.
If a company receives $11,100 from the owner to establish a proprietorship, the effect on the accounting equation would be:_____.
A. Assets decrease $11,100 and equity decreases $11,100.
B. Assets increase $11,100 and liabilities decrease $11,100.
C. Assets increase $11,100 and liabilities increase $11,100.
D. Liabilities increase $11,100 and equity decreases $11,100.
E. Assets increase $11,100 and equity increases $11,100.
Answer:
E
Explanation:
If a company receives $11,100 from the owner to establish a proprietorship, the effect on the accounting equation would be assets increase $11,100 and equity increases $11,100. Thus, option (e) is correct.
What is company?The term "company" refers to legal entities that are lawfully registered under the Company Act. The company's major goal is to increase profits while maintaining goodwill. With the assistance of management, the organization was flawlessly run. Employees are compensated by the company.
According to the provided statement, the company receives $11,100, and the operator is a proprietorship, and the financial entry is based on the general journal. There was an increase in assets of $11,100 and an increase in equity of $11,100. The value of the industry's asset increased.
As a result, the Therefore, option (e) is correct.
Learn more about on company, here:
https://brainly.com/question/29354835
#SPJ5
Years ago, the United States Armed Forces conducted an experiment called "Operation Snowdrop" to find out what kinds of military personnel seemed to function best under severe arctic climatic conditions. Some of the factors examined were weight, age, blood pressure, and national origin. All of the participants in "Operation Snowdrop" were given a training course in how to survive and function in extreme cold. At the conclusion of the experiment, it was found that only two factors among those studied distinguished between personnel whose performance was rated as "effective" and those rated "not effective" on the arctic exercises. These factors were: (1) desire to participate in the experiment, and (2) degree of knowledge and skill regarding how to live and protect oneself under arctic conditions.
Inference: Participants having normal weight and blood pressure were rated as significantly more effective on the arctic exercises than were the other participants.
A. Definitely true.
B. Probably true.
C. Insufficient data.
D. Probably false.
E. Definitely false.
Answer:
B. Probably true.
Explanation:
The hypothesis test is conducted based on the sample selected from the participants. These participants are rates as effective in exercise or either not effective in exercise. The conclusion drawn may be true based on the knowledge and the given data.
Wilson Animal Feeds has developed the following data to calculate lower of cost or market for its products.
Selling
Price Cost
Large animals:
Cattle $320 $160
Horse 400 400
Small animals:
Cat $360 $320
Dog 120 90
Exotic pets:
Ferret $140 $112
Iguana 70 48
The costs to sell are 20% of selling price.
Required:
Determine the reported inventory value assuming the lower of cost or market rule is applied to categories of feed products. (Round to nearest dollar. Do not include $ or commas.)
Answer:
Wilson Animal Feeds
The reported inventory value is:
= 1130
Explanation:
a) Data and Calculations:
Selling
Price Cost LCMV
Large animals:
Cattle $320 $160 $160
Horse 400 400 400
Small animals:
Cat $360 $320 $320
Dog 120 90 90
Exotic pets:
Ferret $140 $112 $112
Iguana 70 48 48
Total LCMV $1,130
b) This method of valuing inventory requires a comparison between the market value and the cost of each category of feed products. The lower between the two is chosen and then multiplied with the quantity of the item. In this example, the quantities of the items are not given.
Marshall Company purchases a machine for $480,000. The machine has an estimated residual value of $40,000. The company expects the machine to produce four million units. The machine is used to make 560,000 units during the current period. If the units-of-production method is used, the depreciation expense for this period is:_____.
a. $38,500.b. $700,000.c. $660,000.d. $35,000.
Answer:
The correct answer is not in the answer options. Depreciation expense = $61,600
Explanation:
Cost of machine = $480000
Residual value = $40,000
The machine is expected to make 4,000,000 units. This is it's useful life.
It makes 560,000 during current period
We solve for depreciation
Depreciation = (machine cost - residual value)/useful life
= $480,000-$40,000/4,000,000
= 440,000/4,000,000
= 0.11
Depreciation expense = 0.11 x 560,000
= $61600
Consider the following financial statement information for the Hop Corporation:
Item Beginning Ending
Inventory $16,284 $19,108
Accounts receivable 11,219 13,973
Accounts payable 13,960 16,676
Net sales $219,320
Cost of goods sold 168,420
Calculate the operating and cash cycles.
Answer:
Operating cycle = 59.29 days
Cash cycle = 26.1115 days
Explanation:
From the information given:
[tex]\text{Beginning Inventory \$16,284} \\ \\ \text{Beginning Accounts receivable 11,219} \\ \\ \text{Beginning Accounts payable 13,960} \\ \\ \text{Ending Inventory $19,108} \\ \\ \text{Ending Accounts receivable 13,973} \\ \\ \text{Ending Accounts payable 16,676} \\ \\ \text{Net sales \$219,320} \\ \\ \text{Cost of goods sold 168,420} \\ \\[/tex]
[tex]\text{Ending Inventory \$19,108} \\ \\ \text{Ending Accounts receivable 13,973} \\ \\ \text{Ending Accounts payable 16,676} \\ \\ \text{Net sales \$219,320} \\ \\ \text{Cost of goods sold 168,420} \\ \\[/tex]
To start with:
[tex]\text{Average inventory = } \dfrac{Beginning \ value +Ending \ value}{2} \\ \\ =\dfrac{ 16,284 + 19,108} {2} \\ \\ = \dfrac{35,392}{ 2} \\ \\ = \$17,696[/tex]
[tex]\text{Average receivable }=\dfrac{ Beginning value + Ending value }{ 2} \\ \\ =\dfrac{ 11,219 + 13,973 }{2} \\ \\ =\dfrac{ 25,192 }{ 2} \\ \\= \$12,596 \\ \\[/tex]
[tex]\text{Average payable }= \dfrac{Beginning \ value + Ending\ value}{ 2} \\ \\ = \dfrac{13,960 + 16,676 }{2} \\ \\= \dfrac{30,636}{2} \\ \\ = \$15,313[/tex]
[tex]\text{Days of inventory outstanding} = \dfrac{Average \ inventory }{ Cost \ of \ goods \ sold } \times 365 \\ \\ \dfrac{= 17,686}{ 168,420} \times 365 \\ \\ = 0.105\times 365 \\ \\= 38.329 \ days[/tex]
[tex]\text{Days \ of \ receivable \ outstanding }= \dfrac{Average \ receivable }{ sales }\times 365 \\ \\ \dfrac{= 12,596 }{ 219,320} \times 365 \\ \\ = 0.0574 \times 365 \\ \\= 20.951 \ days[/tex]
[tex]\text{Days of payable outstanding} = \dfrac{Average payable}{cost of goods sold} \times 365 \\ \\ = \dfrac{15,313 }{ 168,420} \times 365 \\ \\ = 0.0909 \times 365 \\ \\= 33.1785 days[/tex]
[tex]\text{Operating Cycle = Days of inventory outstanding + Days of receivable outstanding} \\ \\ = 38.339 + 20.951 \\ \\ = 59.29 days[/tex]
[tex]\text{Cash Conversion Cycle = Operating cycle - Days of payable outstanding} \\ \\ = 59.29 - 33.1785 \\ \\ = 26.1115 days \\ \\[/tex]
Hector received three A’s and one b in his college course. What is his grade point average? Assume each course is three credits. A=4.0, b=3.0, c=2.0, d=1.0
Answer:
I think it is A id don't know
Pam always drives under the speed limit to her risk and keep insurance costs down. Even so, she got into an accident and filed a to cover the expenses of repairing her car. One of the costs of doing so was that her insurance would likely increase in the future.
answers:
1. reduce
2. claim
3. premiums
Answer:
1. reduce
2. claim
3. premiums
just realized u already knew the answers lol....
Answer:
reduce, claim, premiums
Explanation:
got it right on edge !! :)
Machinery purchased for $72,000 by Oriole Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,800 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,400 at the end of that time. Assume straight-line depreciation.
Prepare the entry to correct the prior years' depreciation, if necessary.
Answer:
No journal entry would be recorded
Explanation:
The journal entry is shown below:
No journal entry would be recorded for recognizing the prior year depreciation
So no journal entry would be passed for the same
Hence, the same would be relevant
What is the role of incentives in the workplace?
Answer:
a way to keep workers motivated to do their job to the best of their ability. having something to look forward to.
Explanation:
Norton Inc. is a hardware store that is owned by members of Norton family as well as a few close friends of the family what is is this company
Answer:
Closed Corporation
Explanation:
A closed corporation is a company in which the shares would be chosen by some individuals who are closely connected with the business. It could be also called by different names like privately held company, private company etc
Since In the given situation Norton Inc i.e. hardware store owned by the members also there is a few closed friends so this represent a closed corporation
When looking at a firm's behavior, you know it is engaging in price discrimination when it:__________
a. charges a different price to different customers that is not reflective of the firm's costs.
b. charges customers more than they would prefer to pay.
c. asks about personal information such as race, gender, and sexual orientation before offering services.
d. does not accept payment with a smartphon
Answer:
a. charges a different price to different customers that is not reflective of the firm's costs.
Explanation:
The price discrimination strategy occurs when an organization charges a different price to different customers that does not reflect the company's costs, that is, the company divides its potential customers into groups, usually based on customer perceptions and characteristics and demographic data to evaluate which group of customers is willing to pay more or less for a particular product or service.
This is a strategy that can be favorable for companies to charge a maximum price for their product knowing that it will be accepted, but it is effective in large companies that have a high position in the market.
What are REITs? please help
Answer: REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. These real estate companies have to meet a number of requirements to qualify as REITs. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors.
Explanation: Real Estate Investment Trust
Company
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and commercial forests. Some REITs engage in financing real estate.
On June 10, Blossom Company purchased $7,100 of merchandise from Sunland Company, terms 4/10, n/30. Blossom Company pays the freight costs of $350 on June 11. Goods totaling $600 are returned to Sunland Company for credit on June 12. On June 19, Blossom Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Prepare separate entries for each transaction on the books of Blossom Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Answer:
June 10
Dr Inventory $7,100
Cr Accounts payable $7,100
June 11
Dr Inventory $350
Cr Cash $350
June 12
Dr Accounts payable $600
Cr Inventory $600
June 19
Dr Account payable $6,500
Cr Cash $6,240
Cr Inventory $260
Explanation:
Preparation of a separate journal entries for each transaction on the books of Blossom Company.
Books of Blossom Company
June 10
Dr Inventory $7,100
Cr Accounts payable $7,100
June 11
Dr Inventory $350
Cr Cash $350
June 12
Dr Accounts payable $600
Cr Inventory $600
June 19
Dr Account payable $6,500
($7,100-$600)
Cr Cash $6,240
($6,500-$260)
Cr Inventory $260
(4%*$6,500)
I will give BRAINLY
I need any career name plz
You can be a streamer!
Two Benefits of being a streamer is.
You can earn money.Companies can promote your channel.Two drawbacks of being a streamer is.
Your channel can get taken down or people can be rude to you.You can forgot about uploading and may lose subscribers.Let me know if you have any questions.
~ Lily from Brainly.
Interview can be defined as an attempt to
a.
make two persons communicate
b.
test the suitability of the candidate for the job under consideration
c.
develop relationship between two persons
d.
secure minimum information from the candidate
Answer:
B
Explanation:
The cost of manufacturing a specific good in a developing country is less than the cost to manufacture it in the United States. What is the most likely result if that country exports the good to U.S. markets? Prices will decrease and the quantity produced will increase. Companies will expand production to compete in the industry. Congress will raise the rates on international tariffs. Prices will remain stable but quality will decline.
Answer:
Prices will decrease and the quantity produced will increase.
Explanation:
Because labor costs are lower in developing countries, when these countries produce manufactured goods, they do it at a lower cost, meaning that these goods will also have a lower price for the final consumers. If these cheaper goods are exported to the U.S. market, the U.S. market is flooded with more goods at a lower price, something that may affect some U.S. firms, but that benefits the majority of U.S. consumers.
On July 8, Compusoft receives $300,000 from a customer toward a cash sale of $1.10 million for customized computer equipment to be completed on August 1. The remaining $800,000 payment is received upon delivery of the product on August 1. The equipment had a total production cost of $640,000. What journal entries should Compusoft record on July 8 and August 1
Answer:
Date Account Title Debit Credit
July, 8 Cash $300,000
Unearned Sales Revenue $300,000
Date Account Title Debit Credit
August, 1 Cash $800,000
Unearned Sales Revenue $300,000
Sales revenue $1,100,000
August, 1 Cost of Goods sold $640,000
Merchandise inventory $640,000
Journalize the following transactions for Henderson Company. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction.
October 1 Sold goods costing $9,000 to Hernandez Company for cash, $15,000.
October 7 Hernandez Company returned undamaged merchandise, purchased on
October 1, for a cash refund, $1,290.
Answer and Explanation:
The journal entries are shown below:
Cash Dr $15,000
To Sales $15,000
(Being cash is recorded)
Cost of goods sold Dr $9,000
To Merchandise inventory $9,000
(being cost of the merchandise is recorded)
Sales returns & allowances $1,290
To Cash $1,290
(being sales return is recorded)
Merchandise inventory ($1,290 × $9,000 ÷ $15,000) $774
To Cost of goods sold $774
(being merchandise inventory is recorded)
Maureen has a net spendable income of $2,100 per month. She sets up the following transportation budget for herself.
3. Transportation (15% - 20%) 350
a. Car payments 150
b. Gas/Oil 120
c. Insurance 60
d. License/Registration 2
e. Taxes 5
f. Maintenance/Repair 50
What has Maureen done wrong?
A.
She budgeted more than the maximum recommended amount of money for transportation.
B.
She has more money in the main category than she budgeted for in the subcategories.
C.
She has more money in the subcategories than she budgeted for in the main category.
D.
She budgeted less than the minimum recommended amount of money for transportation.
Based on your understanding of the impact of macroeconomic factors, identify which of the following statements are true or false?
1. Countries with strong balance sheets and declining budget deficits tend to have lower interest rates.
2. When the economy is weakening, the Fed is likely to increase short-term interest rates. During the credit crisis of 2008, investors around the world were fearful about the collapse of real estate markets, shaky stock markets, and illiquidity of several securities in the United States and several other nations.
3. The demand for US Treasury bonds increased, which led to a rise in their price and a decline in their yields.
4. When the economy is weakening, the Fed is likely to decrease short-term interest rates.
Answer:
TrueFalseTrueTrueExplanation:
When an economy has a strong balance sheet and a declining budget deficit, it means that there is less need to borrow from the market which would keep rates lower.
When the economy is weakening, the Fed will try to stimulate it by engaging in actions that weaken short term interest rates so that people and businesses can borrow at lower cost and invest or buy goods and services.
When investors are worried about the riskiness of other financial assets, they usually come to safer assets like U.S. Treasury bonds so that they do not lose money and this is what happened in the credit crisis of 2008. More demand for the bonds led to a rise in their price.
impact of strategy evaluation and control in gaining competitive advantage
Answer:
Explanation: For the better part of a decade, strategy has been a business buzzword. Top executives ponder strategic objectives and missions. Managers down the line rough out product/market strategies. Functional chiefs lay out “strategies” for everything from R&D to raw-materials sourcing and distributor relations. Mere planning has lost its glamor; the planners have all turned into strategists.
Zachary Airlines is a small airline that occasionally carries overload shipments for the overnight delivery company Never-Fail, Inc. Never-Fail is a multimillion-dollar company started by Wes Never immediately after he failed to finish his first accounting course. The company’s motto is "We Never-Fail to Deliver Your Package on Time." When Never-Fail has more freight than it can deliver, it pays Zachary to carry the excess. Zachary contracts with independent pilots to fly its planes on a per-trip basis. Zachary recently purchased an airplane that cost the company $4,636,000. The plane has an estimated useful life of 24,400,000 miles and a zero salvage value. During the first week in January, Zachary flew two trips. The first trip was a round trip flight from Chicago to San Francisco, for which Zachary paid $420 for the pilot and $370 for fuel. The second flight was a round trip from Chicago to New York. For this trip, it paid $370 for the pilot and $185 for fuel. The round trip between Chicago and San Francisco is approximately 4,300 miles and the round trip between Chicago and New York is 1,300 miles.
Required:a. Select if the costs mentioned below are direct or indirect.b. Determine the total cost of each trip. (Do not round intermediate calculations.)
Answer: See explanation
Explanation:
a. Based on the information given, the direct costs are:
• Pilot Cost
• Fuel Cost.
The indirect cost is:
• Depreciation Cost
b. To know the total cost for each trip, we need to know the depreciation per mile which will be:
= $4,636,000 / 24,000,000
= 0.19
Cost for Trip 1
Pilot Cost = $420
Fuel Cost = $370
Depreciation Cost = (0.19 × 4,300) = $827
Total Cost = $1617
Trip 2
Pilot Cost = $370
Fuel Cost = $185
Depreciation Cost = (0.19 × 1,300) = $247
Total Cost = $802