Answer:
The folder name is "script "
Solver provides sensitivity analysis information on all of the following except the a. range of values for objective function coefficients which do not change optimal solution. b. impact on optimal objective function value of changes in constrained resources. c. amount by which the right hand side of the constraints can change and still the shadow price is accurate. d. impact on right hand sides of changes in constraint coefficients.
Answer:
The correct answer is OPTION D (impact on right hand sides of changes in constraint coefficients).
Explanation:
Solver is an excel program that can be used to solve systems of equations even solve for multiple equations, using a powerful iteration technique in a bid to get a closer approximation to the solution of a problem.
A sensitivity report is one of the three reports that can be generated using the solver which can solve for the effect of how changes in the constraints no matter how small could still affect the overall solution.
The objective function is a target cell.
The solver doesn't provide information on how the impact on the right-hand sides of changes in constraint coefficients as information showed is that as long as there is a positive less than or equal constraints, increasing the values of the right-hand side values of constraints would not change the optimal solution.
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 755,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 200,000 units that are 70% complete with respect to conversion. Beginning work in process inventory had $248,300 of direct materials and $179,000 of conversion cost. The direct material cost added in November is $1,661,700, and the conversion cost added is $3,401,000. Beginning work in process consisted of 74,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 74,000 were from beginning work in process and 681,000 units were started and completed during the period.
A. Compute both the direct material cost and the conversion cost per equivalent unit.
B. Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in process inventory.
Answer:
Victory Company
Materials Conversion
A. Cost per equivalent unit $2.00 $4.01
B. Costs assigned to:
i. Units completed and transferred out $1,510,000 $3,027,550
ii. Ending work in process inventory $400,000 $561,400
Explanation:
a) Data and Calculations:
Units Materials Conversion Total
Beginning Work in Process 74,000 $248,300 $179,000 $427,300
Started 881,000 $1,661,700 3,401,000 5,062,700
Units completed 755,000 $1,910,000 $3,590,000 $5,490,000
Ending Work in Process 200,000
Equivalent units:
Started and Completed 755,000 755,000 755,000 (100%)
Ending work in Process 200,000 200,000 140,000 (70%)
Equivalent units 955,000 895,000
Cost per equivalent unit
Total production costs $1,910,000 $3,590,000
Equivalent units 955,000 895,000
Cost per equivalent unit $2.00 $4.01
Cost assigned to:
Units completed and transferred out:
Materials = $1,510,000 ($2 * 755,000)
Conversion = 3,027,550 ($4.01 * 755,000)
Total $4,537,550
Ending Work in Process Inventory:
Materials = $400,000 ($2 * 200,000)
Conversion = 561,400 ($4.01 * 140,000)
Total $961,400
The market equilibrium quantity without the $1.50 excise tax is ______________ units. The market equilibrium quantity with the $1.50 excise tax is ______________ units. The change in equilibrium quantity due to the $1.50 excise tax is ______________ units. (Note: Red colored supply curve should be Qs with no tax and Green supply curve is Qs with tax. Error below in labeling)
Answer:
Equilibrium quantity without excise tax is 130 units.
Equilibrium quantity with excise tax is 110 units.
The change in equilibrium quantity is 20 units decrease due to excise tax.
Explanation:
The quantity demanded without tax is 130 units because this is equilibrium point where quantity supplied equals to quantity demanded. The quantity demanded with tax is 110 units because the price will increase by $1.50 due to excise tax. The new price would be $4.50 after excise tax so the quantity will be declined to 110 units.
In order to get hired as an assembly line specialist, the applicant will have to show that they can perform their task in less than 5 minutes after 1000 tries. During the interview, the applicant was asked to perform their future job five times. The applicant was able to complete the task in 10.8 minutes and the company was to estimate their learning curve to be 90%. Given this information, how much time will the applicant take to perform the task a 1000th time
Answer:
The Applicant will take 3.78 minutes to perform the task a 1000th time.
Explanation:
The Learning curve is the graphical representation that determines that how much time someone takes to learn a special skill.
The time on the 1,000th applicant can be calculated as follow
[tex]T_{1000}[/tex] = [tex]T_{1}[/tex] x [tex]1000^{((log LCR/log2)}[/tex]
Where
[tex]T_{1}[/tex] = 10.8 minutes
LCR = Learning Curve Rate = 90% = 0.90
[tex]T_{1000}[/tex] = 10.8 minutes
Placing values in the formula
[tex]T_{1000}[/tex] = 10.8 minutes x [tex]1000^{((log 0.90/log2)}[/tex]
[tex]T_{1000}[/tex] = 10.8 minutes x [tex]1000^{(-0.152003093)}[/tex]
[tex]T_{1000}[/tex] = 10.8 minutes x 0.349937689
[tex]T_{1000}[/tex] = 3.779327044 minutes
[tex]T_{1000}[/tex] = 3.78 minutes
If the price of an item decreases, producers will create fewer of the item. This is due to the
A.
Law of Demand
B.
Law of Supply
C.
Law of Price
D.
Consumer Choice
Answer:
the answer is B,law of supply
how would you purchase of inventory on credit affect the income statement?
Answer:
The purchase of credit increases both accounts payable and inventory, which are balance sheet accounts. It would, therefore, have no effect on the income statement.
Hope it helps
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Thank you
On July 15, 2019, Matrix Corp. sells 20,000 snow shovels to a distributor for $15 per shovel. The distributor pays the amount on July 15, 2019, and has the right to return any of the snow shovels for any reason within 180 days for a full refund. Matrix uses the expected value method and estimates that 8% of the snow shovels will be returned and it is probable that no more than 8% of the shovels will be returned. How much sales revenue should Matrix recognize on July 15, 2019, from this sale
Answer:
the sales revenue recognized is 276,000
Explanation:
The computation of the sales revenue recognized is shown below;
= (20,000 × $15) - (20,000 × $15 × 8%)
= $300,000 - $24,000
= $276,000
Hence, the sales revenue recognized is 276,000
Dell has been aggressively cutting their days of inventory. In the third quarter of 2009, Dell reported $952 million of inventory, $10,663 million of sales and $12,896 million of cost of goods sold. How many days of inventory did Dell have in the third quarter of 2009
Answer:
27 days
Explanation:
The computation of the days of inventory is given below:
= 365 days ÷ inventory turnover ratio
= 365 days ÷ ($12,896 million ÷ $952 million)
= 365 days ÷ 13.55
= 27 days
We assume that the inventory i.e given in the question is average inventory
Arrabellia Cunningham is 24 years old and single, lives in an apartment with no dependents. Last year she earned $55,000 as a sales representative for Planning Associates. $3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of $142. She takes the standard deduction. Calculate her taxable income, tax liability and tax refund or tax owed for 2018.
Answer:
The Taxable income is $43,142
The Tax liability is $5,430.74
The Tax tax owed for 2018 is $1,520.74
Explanation:
To calculate the taxable income use the following formula
Taxable income = Earnings + Interest income - Standard Deduction
Earnings = $55,000
Interest income = $142
Standard Deduction = $12,000
Placing values in the formula
Taxable income = $55,000 + $142 - $12,000
Taxable income = $43,142
The Tax Liability can be calculated as follow
Tax Liability = 22% of Income above $38,700
Tax Liability = $4,453.50 + ( Taxable income - $38,700 ) x 22%
Tax Liability = $4,453.50 + ( ( $43,142 - $38,700 ) x 22%)
Tax Liability = $4,453.50 + $977.24
Tax Liability = $5,430.74
Tax owed for 2018 = Tax Liability - Tax withheld
Tax owed for 2018 = $5,430.74 - $3,910
Tax owed for 2018 = $1,520.74
Rex, a cash basis calendar year taxpayer, runs a bingo operation that is illegal under state law. During 2020, a bill designated H.R. 9 is introduced into the state legislature, which, if enacted, would legitimize bingo games. In 2020, Rex had the following expenses: Operating expenses in conducting bingo games $247,000 Payoff money to state and local police 24,000 Newspaper ads supporting H.R. 9 3,000 Political contributions to legislators who support H.R. 9 8,000 Of these expenditures, Rex may deduct:
Answer:
$247,000
Explanation:
Based on the information given we were told that the Operating expenses that was used in conducting bingo games was the amount of $247,000 which means that the amount that Rex may DEDUCT is the OPERATING EXPENSES amount of $247,000.
Hence, OPERATING EXPENSES can simply be defined as the amount of money that is been use to run or operate a business, company or organization such as paying for office rent , buying of office Equipment, delivery expenses , Employee wages expense among others.
Therefore Rex may deduct $247,000
Warrants exercisable at $20 each to obtain 94000 shares of common stock were outstanding during a period when the average market price of the common stock was $25. Application of the treasury stock method for the assumed exercise of these warrants in computing diluted earnings per share will increase the weighted average number of outstanding shares by:__________
a. 18800.
b. 75200.
c. 94000.
d. 23500.
Answer: 18800
Explanation:
First and foremost, we have to calculate the outstanding common shares which will be:
= Number of shares / Market price × Warrants Exercisable
= (94000 / 25) × 20
= 75200 shares
Then, the increase in the weighted average number of outstanding shares will be:
= 94000 - 75200
= 18800
Elite Lawn & Plowing (EL&P) is a lawn and snow plowing service with both residential and commercial clients. The owner believes that the commercial sector has more growth opportunities and is considering dropping the residential service.
Twenty employees worked a total of 41,000 hours last year, 30,000 on residential jobs and 11,000 on commercial jobs. Wages were $16 per hour for all work done. Any materials used are included in overhead as supplies. All overhead is allocated on the basis of labor-hours worked, which is also the basis for customer charges. Because of increased competition for commercial accounts,EL&P can charge $60 per hour for residential work, but only $45 per hour for commercial work.
If overhead for the year was $205,000, what were the profits of the residential and commercial services using labor-hours as the allocation base?
Answer:
Results are below.
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 205,000 / 41,000
Predetermined manufacturing overhead rate= $5 per direct labor hour
Now, we can calculate the profit of each service:
Residential:
Revenue= 30,000*60= 1,800,000
Direct labor costs= 30,000*16= (480,000)
Overhead= 5*30,000= (150,000)
Gross profit= $1,170,000
Commercial:
Revenue= 11,000*45= 495,000
Direct labor costs= 11,000*16= (176,000)
Overhead= 5*11,000= (55,000)
Gross profit= $264,000
Buyer and seller enter into a contract for buyer to purchase seller's condominium unit using the TREC Residential Condominium Contract with an effective date of January 31. The roof of the complex is partially destroyed by a fire on February 3. Seller notified buyer on February 5 of the fire. What is the latest date buyer can terminate the contract because of the fire
Answer: February 12
Explanation:
Part of the Texas Real Estate Commission(TREC) Residential Agreement calls for the Seller to send a Seller's Disclosure to the buyer. This will tell the buyer the condition of the house.
After the buyer receives the disclosure, they are allowed to terminate the contract within 7 days of the receipt of said disclosure. 7 days from February 5 is February 12 so this is the latest date the buyer can terminate the contract because of the fire.
Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 52 units at $79 10 Sale 35 units 15 Purchase 27 units at $83 20 Sale 25 units 24 Sale 13 units 30 Purchase 39 units at $86 The business maintains a perpetual inventory system, costing by the first-in, first-out method.
Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated.
Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column and LOWER unit cost first in the Inventory.
Answer:
November 1 Inventory 52 units at $79
November 10 Sale 35 units
COGS = 35 x $79 = $2,765Inventory balance = 17 x $79 = $1,343November 15 Purchase 27 units at $83
November 20 Sale 25 units
COGS = (17 x $79) + (3 x $83) = $1,592Inventory balance = (24 x $83) = $1,992November 24 Sale 13 units
COGS = 13 x $83 = $1,079Inventory balance = 11 x $83 = $913November 30 Purchase 39 units at $86
Inventory balance = $913 + (39 x $86) = $4,267Sunland Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 340 $23 $7,820 April 15 purchase 390 28 10,920 April 23 purchase 270 30 8,100 1,000 $26,840 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $enter a dollar amount Cost of goods sold $
Answer:
Ending inventory cost= $10,900
COGS= $15,940
Explanation:
To calculate the ending inventory using LIFO (last-in, first-out) method, we need to use the cost of the lasts units incorporated into inventory:
Ending inventory in units= 1,000 - 550= 450
Ending inventory cost= 340*23 + 110*28= $10,900
Now, the cost of goods sold:
COGS= 270*30 + 280*28= $15,940
Larkspur, Inc. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below.Date Numer of Units Unit priceMay 7 46 $10July 28 36 15On June 1, Larkspur, Inc. sold 23 units, and on August 27, 36 more units. Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.)
Answer:
Following are the solution to this question:
Explanation:
Calculating the cost of the product sold:
FIFO:
June 1: 23 units costing of [tex]\$ 10[/tex] each [tex]= \$ 230[/tex]
Aug 27: 23 units costing of [tex]\$ 10[/tex] each [tex]= 230[/tex]
13 units costing of [tex]\$ 15[/tex] each [tex]= 195[/tex]
[tex]\$425[/tex]
Total cost of product sold[tex]= \$655[/tex]
LIFO:
June 1: 23 units costing of [tex]\$ 10[/tex] each [tex]= \$ 230[/tex]
Aug 27: 36 units costing of [tex]\$15[/tex] each = 540
Total cost of product sold [tex]= \$ 770[/tex]
Average cost:
June 1: 23 units costing of [tex]\$ 10[/tex] each [tex]= \$ 230[/tex]
Aug 27: 36 units costing of [tex]\$13.051[/tex] each [tex]= \$469.836[/tex]
Total cost of product sold [tex]= \$699.836[/tex]
The Southern Corporation manufactures a single product and has the following cost structure: Variable costs per unit: Production $ 35 Selling and administrative $ 15 Fixed costs per year: Production $120,400 Selling and administrative $101,140 Last year, 6,020 units were produced and 5,920 units were sold. There was no beginning inventory. The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:
Answer:
See below
Explanation:
The computation of carrying value on the balance sheet of the ending inventory of finished goods under variable costing is seen below;
Before that, we have to determine the unit cost
Unit fixed manufacturing overhead = $120,400 ÷ 6,020 units = $20
Then, the difference will be;
= Unit fixed manufacturing overhead × change in inventory in units
= $20 × (6,020 units - $5,920)
= $20 × 100 units
= $2,000 less than absorption costing
Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.:
Violet Lozano, Capital $880,000
Violet Lozano, Drawing 12,000
Fees Earned 702,400
Wages Expense 480,000
Rent Expense 69,000
Supplies Expense 11,000
Miscellaneous Expense 14,600
Required:
Journalize the two entries required to close the accounts.
Answer:
Journal 1
Debit : Fees Earned $702,400
Credit : Income Statement $702,400
Closing off Revenue against Income Statements
Journal 2
Debit : Income Statement $574,600
Credit : Wages Expense $480,000
Credit : Rent Expense $69,000
Credit : Supplies Expense $11,000
Credit : Miscellaneous Expense $14,600
Closing off Expenses against Income Statements
Explanation:
The Income Statement accounts for Incomes and expenses. Therefore, close off the Income Accounts against the Income Statement as well as Expenses Accounts.
Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued $25,000,000 of five-year, 7% bonds, with interest payable semiannually, at a market (effective) interest rate of 9%. Determine the present value of the bonds payable, using the present value tables in Exhibit 5 and Exhibit 7. Round to the nearest dollar. $fill in the blank 1
Answer:
Bond Price or Present value = $23021820.4557 rounded off to $23021820
Explanation:
To calculate the quote/price of the bond today, the present value, we will use the formula for the price of the bond. As the bond is a semi annual bond, the semi coupon payment, semi annual number of periods and semi annual YTM will be,
Coupon Payment (C) = 25000000 * 0.07 * 6/12 = $875000
Total periods (n) = 5 * 2 = 10
r or YTM = 0.09 * 6/12 = 0.045 or 4.5%
The formula to calculate the price of the bonds today is attached.
Bond Price = 875000 * [( 1 - (1+0.045)^-10) / 0.045] +
25000000 / (1+0.045)^10
Bond Price or Present value = $23021820.4557 rounded off to $23021820
Which item shows a credit balance in the Trial Balance?
O
A/P
A/R
Expesnes
O Land
Answer:
Asset and expense accounts appear on the debit side of the trial balance whereas liabilities, capital and income accounts appear on the credit side.
Answer:
A/P
Explanation:
A/R is assets, A/P is liability.
An analyst gathered the following information about a company for a fiscal year: QuarterPurchases in UnitsCost per UnitPurchases in DollarsUnit Sales Per Quarter Q1100$12.00$1,200200 Q2200$14.00$2,800200 Q3300$16.00$4,800300 Q4400$18.00$7,200300 FY total1,000 $16,0001000 Beginning Inventory200$10.00$2,000 Ending Inventory under LIFO perpetual is closest to:
Answer:
Ending Inventory under LIFO perpetual is closest to:
$2,800.
Explanation:
a) Data and Calculations:
Quarter Purchases Cost per Unit Purchases in Sales Per Quarter
in Units Dollars Unit
Beginning 200 $10.00 $2,000
Q1 100 $12.00 $1,200 200
Q2 200 $14.00 $2,800 200
Q3 300 $16.00 $4,800 300
Q4 400 $18.00 $7,200 300
FY total 1,200 $16,000 1000
LIFO Ending Inventory:
Beginning 100 $10.00 $1,000
Q4 100 $18.00 $1,800
Total 200 $2,800
b) LIFO (Last-in, First-out) is based on the assumption that inventory items sold are from the latest units in store and not from the earlier units. This means that items bought last are sold first. Therefore, to determine the value of ending inventory,
Drag the tiles to the correct boxes to complete the pairs.
Match the cash outflows to their cash flow activities.
investing activities
financing activities
administration expenses
operating activities
purchase of fixed assets
repayment of loan
Answer:
Operating activities - - - - - - - - > administration expenses.
Purchase of fixed assets - - - - - - - > investing activities
Repayment of loan - - - - - - - - - - > financing activities.
Explanation:
Houston-based Advanced Electronics manufactures audio speakers for desktop computers. The following data relate to the period just ended when the company produced and sold 44,000 speaker sets:
Sales $3,608,000
Variable costs 902,000
Fixed costs 2,310,000
Management is considering relocating its manufacturing facilities to northern Mexico to reduce costs. Variable costs are expected to average $20.00 per set; annual fixed costs are anticipated to be $1,988,000. (In the following requirements, ignore income taxes.)
Required:
a. Calculate the company’s current income and determine the level of dollar sales needed to double that figure, assuming that manufacturing operations remain in the United States.
b. Determine the break-even point in speaker sets if operations are shifted to Mexico.
c. If variable costs remain constant, by how much must fixed costs change?
Answer:
a. Net Income = $396,000 and Sales to reach Target Profit $4,136,000
b. 32,065 speaker sets
c. $338,002
Explanation:
Part a
Company’s current income
Sales $3,608,000
Less Variable costs ($902,000)
Contribution $2,706,000
Less Fixed costs ($2,310,000)
Net Income $396,000
The level of dollar sales needed to double that figure
Double the Income figure gives $792,000
Sales to reach Target Profit = (Target Profit + Fixed Costs) ÷ Contribution Margin ratio
= ($792,000 + $2,310,000) ÷ 0.75
= $4,136,000
Part b
The break-even point in speaker sets if operations are shifted to Mexico
Break even point = Fixed Cost ÷ Contribution per unit
= $1,988,000 ÷ ($82.00 - $20.00)
= 32,065 speaker sets
Part c
If variable costs remain constant, by how much must fixed costs change
New Fixed Cost = Break even point x Contribution per unit
= 32,065 x ($82.00 -$20.50)
= $1,971,998
Change in Fixed Costs = $2,310,000 - $1,971,998 = $338,002
Danner Company expects to have a cash balance of $53,100 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows.
Collections from customers: January $100,300, February $177,000.
Payments for direct materials: January $59,000, February $88,500.
Direct labor: January $35,400, February $53,100. Wages are paid in the month they are incurred.
Manufacturing overhead: January $24,780, February $29,500. These costs include depreciation of $1,770 per month. All other overhead costs are paid as incurred.
Selling and administrative expenses: January $17,700, February $23,600. These costs are exclusive of depreciation. They are paid as incurred.
Sales of marketable securities in January are expected to realize $14,160 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $29,500. The company wants to maintain a minimum monthly cash balance of $23,600.
Required:
Prepare a cash budget for January and February.
Answer:
Ending Cash Balance:
January = $32,450
February = $23,600
Loan Balance End of Month
January = $0
February = $7,080
Explanation:
Note: See the attached excel file for the cash budget for January and February.
In the attached excel file, the following calculation is made:
Additional loan in February = Minimum monthly cash balance - Preliminary cash balance in February = $23,600 - $16,520 = $7,080
From the attached excel file, we have:
Ending Cash Balance:
January = $32,450
February = $23,600
Loan Balance End of Month
January = $0
February = $7,080
Please Help!!
1. True or False: A tax lien which is a failure of an individual to pay his or her taxes and it can remain on a credit report for up to 10 years.
2. True or False: Credit utilization is the ratio of an individual's credit balance to their credit card limit.
3. True or false: Chapter 7 bankruptcy is focused more on the restructuring of an individual's finances rather than the elimination of debt altogether.
Answer:
1. True
2. True
3. False
Explanation:
1. True (If a tax is unpaid then it remains on the credit report up to 10 years)
2. True ( The statement correctly stats that Credit utilization is the ratio of an individual's credit balance to their credit card limit )
3. False because Chapter 7 bankruptcy is focused more on restructuring of debt altogether.
Quantum Logistics, Inc., a wholesale distributor, is considering the construction of a new warehouse to serve the southeastern geographic region near the Alabama-Georgia border. There are three cities being considered. After site visits and a budget analysis, the expected income and costs associated with locating in each of the cities has been determined. The life of the warehouse is expected to be 12 years, and MARR is 15%/year. City Initial Cost Net Annual Income Lagrange $320,000 $205,000 Auburn $880,000 $35,000 Anniston $1,040,000 $455,000 a. What is the annual worth of each site
Answer:
Lagrange Annual Worth $145,966.15
Auburn Annual Worth $873,543.17
Anniston Annual Worth=$435,814
Explanation:
Calculation to determine the annual worth of each site
Using this formula
Annual worth of Project = A - P* r/(1-(1+r)^-N)
Let plug in the formula
Lagrange Annual Worth = $205,000-$320,000*15%/(1-(1+15%)^-12)
Lagrange Annual Worth = $145,966.15
Auburn Annual Worth = $880,000-$35,000*15%/(1-(1+15%)^-12)
Auburn Annual Worth=$873,543.17
Anniston Annual Worth = $455,000-$104,000*15%/(1-(1+15%)^-12)
Anniston Annual Worth=$435,814
Therefore the annual worth of each site will be :
Lagrange Annual Worth $145,966.15
Auburn Annual Worth $873,543.17
Anniston Annual Worth=$435,814
Jacques, who is age 45, has just resigned from his current job. He worked for Ace, which sponsors a cash balance plan and a standard 401(k) plan. Each of the plans uses the longest permitted vesting schedule and both plans are top heavy. He has a balance of $40,000 in the cash balance plan, has deferred $20,000 into the 401(k) plan and has employer matching contributions of $10,000. If he has been employed for three years, but only participating in the plans for the last two years, how much does he keep if he leaves today
Answer: hahaha
Explanation:
FASB revenue recognition requirements require nonprofits to apply five steps to each type of exchange contract to determine when to recognize revenue. The first 4 steps are (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, and (4) allocate the transaction price to the performance obligations in the contract. What is the 5th step
Answer:
Recognize revenue when (or as) the entity satisfies a performance obligation
Explanation:
The known five steps in the revenue recognition process includes
1. Identifcation of the contract(s) with customers.
2. Identify the separate performance obligations in the contract.
3. Determine the transaction price.
4. Allocate the transaction price to the separate performance obligations.and
5. Recognize revenue when each performance obligation is satisfied.
Recognize revenue is important for an entity especially as it fulfill the performance obligation need through the process of transfer of a promised good or service to a customer. If an entity cannot fulfill a performance obligation need in the cost of time, the performance obligation is then fulfilled at a point in time.
When performance obligation is satisfied, there is a change in control. That is a control is transferred when the customer has the ability to direct the use of and obtain substantially all the remaining benefits from the asset or service. Control is also shows if the customer has the ability to prevent other companies from directing the use of, or receiving the benefit, from the asset or service.
Jim Busby calls his broker to inquire about purchasing a bond of Disk Storage Systems. His broker quotes a price of $1,160. Jim is concerned that the bond might be overpriced based on the facts involved. The $1,000 par value bond pays 10 percent interest, and it has 20 years remaining until maturity. The current yield to maturity on similar bonds is 8 percent. a. Calculate the present value of the bond. (Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume interest payments are annual.)
Answer:
Bond Price or Present value = $1196.362948 rounded off to $1196.36
Explanation:
To calculate the quote/price of the bond today, which is the present value of the bond, we will use the formula for the price of the bond. As the bond is an annual bond, the annual coupon payment, number of periods and annual YTM will be,
Coupon Payment (C) = 1000 * 0.1 = $100
Total periods (n) = 20
r or YTM = 0.08 or 8%
The formula to calculate the price of the bonds today is attached.
Bond Price = 100 * [( 1 - (1+0.08)^-20) / 0.08] + 1000 / (1+0.08)^20
Bond Price or Present value = $1196.362948 rounded off to $1196.36
Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $fill in the blank a69834fa4fcefa6_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. fill in the blank d7bbac03b019006_2 fill in the blank d7bbac03b019006_3 fill in the blank d7bbac03b019006_5 fill in the blank d7bbac03b019006_6 fill in the blank d7bbac03b019006_8 fill in the blank d7bbac03b019006_9
Answer and Explanation:
The computation is shown below:
a The Due date
= (21 days in april + 31 days in may + 30 days in june + 31 days in july + 7 days in august
So the due date is August 7
b The maturity value is
= $450,000 + ($450,000 × 8% × 120 ÷ 360)
= $462,000
c The journal entry is
Cash $462,000
To Notes Receivable $450,000
To Interest Revenue $12,000
(Being the receipts of the payment of the note at maturity is recorded)
A note or promissory note is a written promise to pay a certain amount of money on a future date. A future date is called a maturity date.
What do you mean by maturity of a note?The maturity date of the note is the time and day when interest and principal must be paid in full and must be paid.
The calculation of the maturity date is shown below:
a. The Due date of the note is:
= (21 days in April + 31 days in may + 30 days in June + 31 days in July + 7 days in August
So the due date is August 7
b. The maturity value is
[tex]= \$450,000 + (\$450,000 \times 8\% \times \frac{120}{360} ) \\\\= \$462,000[/tex]
c. The journal entry is
Cash $462,000
To Notes Receivable $450,000
To Interest Revenue $12,000
(Being the receipts of the payment of the note at maturity is recorded)
Hence, The calculation of maturity date, maturity value, and the journal for the receipt of the payment of the note at maturity is passed as shown.
To learn more about maturity date of the note, refer:
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