Answer:
The notation that is made in a formal business letter that contains additional documents in the envelope is:
“Enc.” or “Att.”
Explanation:
"Enc." means "Enclosures," while "Att." means "Attention." These notations draw the attention of the letter recipient to the fact that there are other documents that may be accompanying the business letter. The plural form of the word "Enclosures" is regularly used with the number of enclosures indicated. But if it is one document, then the word "Enclosure" is preferred, indicating that the document is not more than one. When "Attention" or "Att." is used, the documents are listed.
Which of the following is NOT a step involved in creating a budget?
Gather financial records
O Track spending
O Expand earning avenues
Balance the budget
Answer:
expand earning avenues
Explanation:
Expand Earning Avenues is not a step involved in creating a budget. Hence, option C is appropriate.
What does it mean to Create a Budget?Creating a Budget is one of the most important things, which signifies that during a particular fiscal year or for a short time, a company, an institute, or something of much more importance does follow a certain type of Budget related behavior.
Creating a Budget is being done for a lot of things including the most important thing is to keep proper track of the proceedings which are being gone on.
Budget creation is done annually in the parliament to produce a lot of things on which the Government will run the country. The other most important factor is the process of combining the percentage of the money which is going to be spent.
Hence, option C is correct.
Learn more about Creating Budgets here:
https://brainly.com/question/18484668
#SPJ2
Premium priced products like those offered by Louis Vuitton are not likely to be distributed _______.
Answer:
b. intensively
Explanation:
Louis Vuitton products mostly deal with the suitcases, shoes, watches, jewelleries, sunglasses, etc. Their products would be sold via departments i.e. rental, online websites, stores, etc
So as per the given situation, their premium and pricing products could not be allocated intensively as for many people it cant be afforded due to the high prices.
So the correct option is b.
In choosing between the range of alternative investments typically available to U.S. households, which of the following will play a role in influencing their selection of a particular investment type?
a. the expected rate of return, risk, and liquidity of each kind of investment
b. the interest rate and the expected rate of return
c. whether or not the majority of households are early stage investors
d. the form of dividends, angel investors, future expectations
Answer: B. the interest rate and the expected rate of return
Explanation:
What most firms and Industries look out for when going into a business is the interest rate and the expected return on investment. This is a guide for anyone carrying out a study on any business. If these are not considered it'll be assumed the firm is running a charity organization and would run at a loss sooner or later. What will influence the decision of any investment is the interest rate and the expected rate of return
Which consequences can victims of identity theft face?
Check all that apply.
1. difficulty getting a loan or credit card
2. an increase in debt
3. the loss of a job
4. difficulty keeping assets
5. a loss of money
6. difficulty landing a new job
Answer:
The correct answers would be
1. Difficulty getting a loan or credit card
2. An increase in debt
4. Difficulty keeping assets
5. Loss of money
Explanation:
Hope this helps! Have a Happy New Year!
Barbara is a single taxpayer who had a 2020 adjusted gross income of $25,000 and contributed $4,000 to her traditional IRA. Assuming she has a $2,000 income tax liability for the year, what is her maximum retirement contribution savings credit
Answer:
$200
Explanation:
The retirement contribution savings credit is designed to benefit low and middle income tax payers that contribute to retirement accounts.
The maximum credit ranges from $200 to $1,000 per taxpayer.
Since Barbara earned below $32,500, she applies for this tax credit.
Since her AGI is over $21,251, she can only deduct 10% of the first $2,000 contributed to her IRA account = $2,000 x 10% = $200
Barbara's employer offers health coverage to its employees. However, Barbara feels it is unaffordable and wants to apply for a health insurance premium tax credit. In order for the coverage to be deemed unaffordable in 2020, Barbara's self-only premium must exceed ___% of her household income.
Answer:
9.83%
Explanation:
If the health insurance premium represents 9.83% of Barbara's income or less, it is considered affordable coverage. Only if it exceeds the 9.83% threshold, will Barbara be able to request a health insurance premium tax credit. Theoretically, if Barbara's health insurance was purchased in the Health Insurance Marketplace, the tax credit should be automatic and her premium should be lowered so that it can become affordable.
A firm has market power if it can a. maximize profits. b. minimize costs. c. influence the market price of the good it sells. d. hire as many workers as it needs at the prevailing wage rate.
Answer:
Option C: Influence the market price of the good as it sells
Explanation:
Market Power is simply when a firm is able to raise price above the equilibrium level by not and without losing all of its customers. It depends on largely on the closeness of substiutes.
A firm has market power if it can Influence the market price of the good as it sells to its customer and can regulate it when necessary.
A project begins in January 2014; it is to be completed in October 2016. The contract price is $3,900 and the estimated total cost of the project is $3,000. Additional data for the project is provided below:
2014 2015 2016
Costs Incurred To Date $300 $2,400 $4,200
Estimated cost to Complete 2,700 1,600
Estimated Total Cost $3,000 $4,000 $4,200
Percentage of completion [PC]= (Costs incurred to date)/(Estimated total cost)
Required:
Compute the gross profit/loss recognized for each year under the PC method.
Answer:
The Gross profit/loss recognized for each year under the PC method:
2014 2015 2016
Gross profit(loss) $90 $240 ($630)
Explanation:
a) Data and Calculations:
Project's contract price = $3,900
Estimated total cost of the project = $3,000
2014 2015 2016
Costs Incurred To Date $300 $2,400 $4,200
Estimated cost to Complete 2,700 1,600 0
Estimated Total Cost $3,000 $4,000 $4,200
Percentage of completion [PC]= (Costs incurred to date)/(Estimated total cost)
2014 2015 2016
Percentage of completion: $300/$3,000 $2,400/$4,000
Percentage of completion: 10% 60% 30% (100 - 70)
Revenue Allocation: 2014 2015 2016 Total
2014 $390 (10% of $3,900) $390 $390
2015 $2,340 (60% of $3,900) $2,340 $2,340
2016 $1,170 (30% of $3,900) $1,170 $1,170
Total Revenue $3,900
Actual costs incurred ($300) ($2,100) ($1,800) ($4,200)
Gross profit $90 $240 ($630) ($300)
For the following statement/questions match the assertion that best matches: When auditing the following accounts identify what auditors are primarily concerned with:
a. Revune
b. Assests
c. Liabilities
d. Expenses
1. Overstatments
2. Understatments
Answer:
When auditing the following accounts, auditors are primarily concerned with:
Accounts Assertions
a. Revenue Overstatements
b. Assets Overstatements
c. Liabilities Understatements
d. Expenses Understatements
Explanation:
Auditors are generally concerned about these assertions when auditing financial statements and their related disclosures: accurate recording, completeness, cut-off, existence, rights and obligations, and valuation. For revenue and assets, they want to ensure that these are not overstated. Their overstatement will increase the reported profits of the entity, which is a kind of cooking the books to please analysts. They are also interested in ensuring that liabilities and expenses are not understated for the same purpose.
Abbott Landscaping purchased a tractor at a cost of $29,000 and sold it three years later for $15,700. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account.
Required:
Record the sale of equipment.
Answer:
Cash 15700 Dr
Accumulated depreciation 15000 Dr
Equipment - Tractor 29000 Cr
Gain on sale - Equipment 1700 Cr
Explanation:
The straight line method of depreciation charges a constant depreciation expense per year throughout the useful life of the asset. The formula for depreciation expense under this method is,
Depreciation expense = (Cost - Residual value) / Estimated useful life of the asset
Depreciation expense per year = (29000 - 4000) / 5 = $5000 per year
As the asset was sold after three years, the accumulated depreciation on the asset would be = 5000 * 3 = $15000
The NBV or carrying value of the asset will be = 29000 - 15000 = 14000
The gain on sale of equipment will be = 15700 - 14000 = $1700
Suppose that the market for painting services is perfectly competitive. Painting companies are identical; their long-run cost functions are given by: Market demand is: The long-run equilibrium price in this industry is $____. 173.5 162.5 194.5 155.5
Answer:
b. 162.5
Explanation:
Missing question "long-run cost functions are given by TC(Q)= 6Q^3-30Q^2+200Q"
TC(Q)= 6Q^3-30Q^2+200Q"
Marginal cost = 18Q^2 - 60Q + 200
Average Total Cost = 6Q^2 - 30Q + 200
ЭATC / ЭQ = 0
12Q - 30 = 0
Q = 2.5
ATC = 6Q^2 - 30Q + 200
ATC = 6*(2.5)^2 - 30(2.5) + 200
ATC = 37.5 - 75 + 200
ATC = 162.5
Thus, P = 162.5
SartainC orporation is planning its annual budget and has the following beginning and ending inventory levels planned for the year.
Beginning Inventory Ending Inventory
Finished goods (units) 22,000 32,000
Raw material (grams) 52,000 42,000
Each unit of finished goods requires 3 grams of raw material. The company plans to sell 170,000 units during the year. How much of the raw material should the company purchase during the year?
a. 552,000 grams
b. 540,000 grams
c. 530,000 grams
d. 582,000 grams
Answer:
c.530,000 grams
Explanation:
Calculation for How much of the raw material should the company purchase during the year
First step is to prepare the Production Budget
PRODUCTION BUDGET
Budgeted unit sales 170,000
Add desired ending finished goods inventory
32,000
Total 202,000
(170,000+32,000)
Less beginning finished goods inventory (22,000)
Required production in units 180,000
(202,000-22,000)
Second step is to prepare Materials Budget
MATERIALS BUDGET
Raw materials required for production 540,000
(180,000*3 grams)
Add desired ending finished goods inventory
42,000
Total raw materials needed 582,000
(540,000+42,000)
Less beginning finished goods inventory (52,000)
Required material purchases 530,000 grams
(582,000-52,000)
Therefore the amount of the raw material that the company should purchase during the year is $530,000 grams
Claire Corporation is planning to issue bonds with a face value of $240,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.
Required:
a. Provide the journal entry to record the issuance of the bonds.
b. Provide the journal entry to record the interest payment on March 31, June 30, September 30, and December 31 of this year.
c. What bonds payable amount will Claire report on this year’s December 31 balance sheet?
Answer:
a) issue price
PV of face value = $240,000 / (1 + 3%)⁸ = $189,458
PV of coupon payments = $4,800 x 7.0197 (PV annuity factor, 3%, 8 periods) = $33,695
market price = $223,153
January 1, bonds issued at a discount
Dr Cash 223,153
Dr Discount on bonds payable 16,847
Cr Bonds payable 240,000
b) discount amortization = ($223,153 x 3%) - $4,800 = $1,895
discount amortization = ($225,048 x 3%) - $4,800 = $1,951
discount amortization = ($226,999 x 3%) - $4,800 = $2,010
discount amortization = ($229,009 x 3%) - $4,800 = $2,070
March 31, first coupon payment
Dr Interest expense 6,695
Cr Cash 4,800
Cr Discount on bonds payable 1,895
June 30, second coupon payment
Dr Interest expense 6,751
Cr Cash 4,800
Cr Discount on bonds payable 1,951
September 30, third coupon payment
Dr Interest expense 6,810
Cr Cash 4,800
Cr Discount on bonds payable 2,010
December 31, fourth coupon payment
Dr Interest expense 6,870
Cr Cash 4,800
Cr Discount on bonds payable 2,070
c) bonds' carrying value at December 31 = $231,169
I Need help ASAP pls
Answer:
THis is hard
Explanation:
good luck
Carlos bought a building (AB) for $113,000 in 2014. He added an leasehold improvements addition to the building for $26,000. In 2018, he sold (SP) it for $212,000. What was his long-term capital gain (LTCG) (ignore depreciation
Answer:
Long-term capital gain = $73,000
Explanation:
The long-term capital gain (LTCG) can be calculated using the following formula:
Long-term capital gain = Selling price - Cost of acquisition - Cost of improvement .............. (1)
Where;
Selling price = $212,000
Cost of acquisition = $113,000
Cost of improvement = $26,000
Substituting the values into equation (1), we have:
Long-term capital gain = $212,000 - $113,000 - $26,000 = $73,000
Note:
Since no information on cost inflation index is given in the question, that implies that there is no need to use indexed cost of acquisition and indexed cost of improvement in our calculation. Therefore, the Cost of acquisition and Cost of improvement has to be used as given in the question.
Novak Corp. had accounts receivable of $140,000 on January 1, 2022. The only transactions that affected accounts receivable during 2022 were net credit sales of $3,795,000, cash collections of $3,725,000, and accounts written off of $20,000.
Required:
a. Compute the ending balance of accounts receivable.
b. Compute the accounts receivable turnover for 2016.
c. Compute the average collection period in days.
Answer:
a $210,000
b 21.69 times
c 16.83 average days
Explanation:
a. The ending balance of accounts receivable
= Accounts receivables at the beginning - Cash collections + Net Credit sales
Given that;
Accounts receivables at the beginning = $140,000
Cash collections = $3,725,000
Net Credit sales = $3,795,000
Ending balance of accounts receivable
= $140,000 + $3,795,000 - $3,725,000
= $210,000
b. Compute the accounts receivable turnover
= Net credit sales + [(Beginning account receivable + Ending account receivable) / 2]
= $3,795,000 ÷ [ ($140,000 + $210,000)/2]
= $3,795,000 ÷ $175,000
= 21.69 times
c. Compute the average collection period
= Average accounts receivable ÷ [Annual sales ÷ 365]
= $175,000 ÷ ($3,795,000 ÷ 365)
= $175,000 ÷ $10,397
= 16.83 average days to collect receivables
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Its inventory at that date was $550,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Inventory at Current Date Current Prices Price Index December 31, 2014 $642,000 107 December 31, 2015 725,000 125 December 31, 2016 812,500 130 What is the cost of the ending inventory at December 31, 2014 under dollar-value LIFO
Answer: $603,500
Explanation:
Ending inventory in 2014;
= Ending inventory balance 2013 + (([tex]\frac{Inventory current price 2014}{Price index 2014}[/tex] * 100) - ending inventory 2013)) * Price index 2014/100
= 550,000 + (([tex]\frac{642,000}{107}* 100[/tex]) - 550,000)) * 107/100
= $603,500
Koovuq131 is a division of a large corporation. Data concerning the most recent period appears below:
Sales $18,120,000
Net operating income $1,177,800
Average operating assets $4,450,000
What is Koovuq131's margin (closest to)?
Answer:
0.065
Explanation:
Koovuq131 has sales of $18,120,000
The net operating income is $1,177,800
The average operating assets is $4,450,000
Therefore the margin can be calculated as follows
= Net operating income/sales
= 1,177,800/18,120,000
= 0.065
Hence the margin is closest to 0.065
Kevin McCormick is buying a sports utility vehicle at a car dealership. The base price is $25,565; the factory installed options totaled $2,764; and the destination charge is $495. What is the sticker price?
Answer:
$28, 824
Explanation:
The sticker price is also known as the MSRP, or the manufacturer recommended retail price. It includes any dealer-installed accessories, any fees, and add-on products plus dealer markup.
The sticker price is this scenario will include
The base value $25,565, plus factory installed options $2,764, plus the destination charge $495.
= $25,565 + $2,764 + $495.
= $28, 824
Melinda signs a three year contract for employment as a legal studies lecturer. Does this type of contract fall within the scope of the statute of frauds
Answer: Yes, because it is a contract whose terms prevent possible performance within one year
Explanation:
The Statute of Fraud mandates that certain contracts need to be written down. These contracts include the sale of land, amounts involving more than $500 and contracts that have a timeframe of over a year.
Melinda entered into a contract with terms that have to be fulfilled in more than a year. It is therefore under the Statute of Frauds.
Shelby Cabinets, Inc. produces custom cabinets. The following inventory balances appeared on its balance sheet.
12/31/2012
12/31/2011
Raw materials inventory
$ 8,000
$ 10,000
Work-in-process inventory
600,000
550,000
Finished goods inventory
350,000
410,000
Shelby Cabinets had $1,265,000 in sales for the year ended December 31, 2012. The company also had the following costs for the year:
Selling
$ 90,000
General and administrative
$240,000
Raw materials purchases
$100,000
Direct labor used in production
$125,000
Manufacturing overhead
$630,000
Of the total raw materials placed in production for the year, $12,000 was for indirect materials and must be deducted to find direct materials placed in production.
Using the above information, what was Shelby’s Cost of Goods Manufactured?
(Hint: You must first calculate Direct materials placed in production before calculating the Cost of Goods Manufactured.)
Group of answer choices
$795,000
$845,000
$855,000
$1,395,000
Answer:
$855,000 yippie!!!
Suppose a food pantry received a donation and allowed volunteers to vote on how the funds were to be spent. Three options were provided, with the donation only covering the cost of one project. The projects included improvements to the building, additional purchases of food, and purchasing a vehicle for food delivery. The majority of volunteers voted for purchasing a vehicle for food delivery with building improvements coming in second. Since only one project could be funded, what is the opportunity cost of the decision to purchase a vehicle
Answer:
improvements to the building,
Explanation:
Opportunity cost is the foregone advantage of not setting certain options in decision making. When a particular option is preferred over others, then benefit from the other options not selected are forfeited. The forfeited benefits represent the opportunity cost.
The value of opportunity cost is equated to the value of the next best alternative. Where there were more than two alternatives available, the next best alternative from the chosen option becomes the opportunity cost. In this case, improvement to the building was voted the second preferred option; hence it becomes the opportunity cost.
X Corporation and its two divisions, Domestic and Foreign, appear below:
Sales revenues, Domestic $640,000
Variable expenses, Domestic $371,300
Traceable fixed expenses, Domestic $76,500
Sales revenues, Foreign $493,900
Variable expenses, Foreign $281,800
Traceable fixed expenses, Foreign $63,900
In addition, X's common fixed expenses totaled $173,300 and were allocated as follows: $90,000 to the Domestic division and $83,300 to the Foreign division.
What is the segment margin for the Domestic division?
a. $178,700
b. $371,300
c. $102,200
d. $192,200
Answer:
d. $192,200
Explanation:
Preparation for What is the segment margin for the Domestic division
DOMESTIC division FOREIGN division
Sales revenues $640,000 $493,900
Less Variable expenses ($371,300) ($281,800)
Contribution margin $268,700 $212,100
($640,000-$371,300) ($493,900-$281,800)
Less Traceable fixed expenses ($76,500) ($63,900)
SEGMENT MARGIN $192,200 $148,200
(268,700-$76,500) (212,100-$63,900)
Therefore the segment margin for the Domestic division will be $192,200
In 2020, Cullumber Company reported net income of $585000. It declared and paid preferred stock dividends of $111000 and common stock dividends of $54000. During 2020, Cullumber had a weighted average of 300000 common shares outstanding. Compute Cullumber's 2020 earnings per share.
Answer: $1.58
Explanation:
Earnings per share is the amount of a company's earnings that is available to the common shareholders.
Formula is;
Earnings per share = (Net Income - Preferred dividends) / Weighted average common share outstanding
= (585,000 - 111,000) / 300,000
= $1.58
X Corporation and its two divisions, Domestic and Foreign, appear below:
Sales revenues, Domestic $640,000
Variable expenses, Domestic $371,300
Traceable fixed expenses, Domestic $76,500
Sales revenues, Foreign $493,900
Variable expenses, Foreign $281,800
Traceable fixed expenses, Foreign $63,900
In addition, X's common fixed expenses totaled $173,300 and were allocated as follows: $90,000 to the Domestic division and $83,300 to the Foreign division.
What is the segment margin for the Domestic division?
a. $178,700
b. $371,300
c. $102,200
d. $192,200
Answer: $192,200
Explanation:
Based on the information that have been provided in the question, the segment margin for the domestic division will be calculated as:
Segment Margin = Segment Sales Revenue - Segment Variable Expenses - The Traceable Fixed Cost
= $640,000 - $371,300 - $76,500
= $192,200
Although the cost-plus method approach to product pricing may be used by management as a general guidance, when are some examples of other factors that managers should also consider in setting product prices?
Answer: value-based pricing.
Explanation:
In its literal sense, value-based pricing means basing pricing on the advantages of the product perceived by the consumer rather than on the exact cost of product creation. A painting, for example, may be priced as much more than canvas and paint prices: in fact, the price depends a lot on who the painter is.
Claude received notice that his disability benefits had ended and that he must resume working. What constitutional guarantee is involved?
the due process clause of the Fifth and Fourteenth Amendments
the Preamble of the US Constitution securing "the blessings of liberty"
Answer:
The due process clause of the Fifth and Fourteenth Amendments .
Explanation:
The Due Process Clause establishes that, for a person to be private or limited in relation to their rights, a procedure established by law for this purpose must be followed in advance. Thus, no limitation to the rights of the citizen can be carried out by the simple will or decision of the public administration, but must follow the guidelines established by the Legislative Power and judged as valid by the Judicial Power.
Why is it important to demonstrate a positive work attitude in the workplace?
to be seen as trustworthy and reliable
to be seen as coachable and flexible
to be seen as willing to delegate tasks
to be seen as easily persuadable
Answer:
To be seen as trustworthy and reliable
Explanation:
Cause in a working environment, you want to be known as a trustworthy, and reliable worker. Which allows you to have much more career possibilitties.
Answer:
A. to be seen as trustworthy and reliable
Explanation:
i just took the test
A real estate agent would like to predict the selling price of a single-family house by predicting the price (in thousands of dollars) based on the square footage (in 100 square feet). Predict the price of a 3000 square foot house (in thousands of dollars).
Answer: 134.7088 (thousands of dollars)
Explanation:
This can be solved with a regression equation based on the details in the question.
y being the price of the house.
x as the independent variable is given as 3.8785
c as the intercept is given as 18.3538
The equation s;
y = 3.8785x + 18.3538
x will be 30 because the variables are based on 100 square feet so, 3,000/100 = 30
y = 3.8785 *(30) + 18.3538
= $134.7088 (thousands of dollars)
= $134,708.80
A-One Auto Sales, Inc., employs Best Collection Company as a collection agent. While repossessing goods from Carl, one of A-One's customers, Best causes an accident in which Carl is injured. Carl can recover from
Answer: c. A-One or Best.
Explanation:
Best Collection Company are the ones who cause the accident and so they can be held liable and have to compensate Carl for injuries and harm caused.
Best however, was acting as an agent on behalf of A-One Auto Sales so A-One can be held liable as well for the incident. Carl can therefore also be compensated by A-One as well.
Carl cannot be compensated by both for the same incident as this amounts to double compensation but can be compensated by either one of them.