Answer:
The main difference between a debit card and a credit card is that a debit card withdrawals money from your current account balance while a credit card allows you to borrow money that is to be paid back in the future. Immediate vs. Future Payment
Explanation:
On January 1, 2015, Lake Co. purchased a machine for $1,056,000 and calculated depreciation using the straight-line method, with an estimated useful life of eight years, and no salvage value. On January 1, 2018, Lake determined that the machine had a useful life of six years from the date of acquisition, and a salvage value of $96,000. An accounting change was made in 2018 to reflect these data. The accumulated depreciation for this machine should have a balance at December 31, 2018, of ________. Group of answer choices
Answer:
$584,000
Explanation:
The computation of the accumulated depreciation is shown below:
But before that following calculations need to be determined
Depreciation for 3 years = $1,056,000 ÷ 8 years × 3 years
= $396,000
Now the written down value is
= $1,056,000 - $396,000 - $96,000
= $564,000
For one year it would be
= $564,000 ÷ 3
= $188,000
Now the accumulated depreciation is
= $396,000 + $188,000
= $584,000
Consumers spend _______ a year on credit card penalties and fees.
$10 million
$110 billion
$90 billion
$80 million
A large technology Company decides to create an entrepreneurship friendly space, where small enterprises can operate in close proximity to one another. To create this space, which will be called Zone Forty-Two, the Company will construct office space, which will be rented to tenants for free. The Company is considering two start-up firms, B Enterprises (a business software producer) and M Enterprises (a medical software producer). Both firms are currently located in different small towns of California, where they work out of their homes hence pay no rent. The sales volume for a firm if it locates at Zone Forty-Two depends on whether the other firm is also present. These sales volumes, along with the firms’ sales at their current home locations, are presented in Table 1.
table 1 home- town locations zone forty-two(alone) zone forty-two(with other firm)
b enterprises 600 600 670
m enterprises 700 700 950
Give an intuitive explanation why the sales figures are in the last column of Table 1 differ from the first two columns of the table. Hint: Elaborate on different types of economies that are likely to benefit firms locating next to each other in Zone Forty-Two.
Answer:
Zone-Forty-Two
Types of Economies Benefiting Firms Locating Next to Each Other:
Basically, internal and external economies of scale result from firms locating next to one another. While internal economies of scale are specific to a firm because they are internally generated savings, external economies of scale bring about larger changes outside the firm so that all the firms that are located next to one another benefit.
For example, when firms locate next to each other, there is increased procurement management, availability of specialized managers, availability of financial sources, and market improvement. These are internally-focused economies.
On the other hand, the external benefits that come from agglomeration of firms include the availability of common infrastructure, supply chain, innovation and ideas, and ability to lobby the authorities.
As a result of these economies or benefits, firms b and m enterprises are able to generate more increased sales as they locate close to each other at Zone Forty-Two than they could generate while they were located at their home-towns or alone at Zone Forty-Two.
Explanation:
a) Data and Calculations:
Firms' Sales
Firms Hometown Zone forty-two Zone forty-two
locations (alone) (with other firm)
b enterprises 600 600 670
m enterprises 700 700 950
These economies resulting from proximate locations of firms include the growth of technical, marketing, commercial, financial benefits, and some network effects. Therefore, it is always interesting to study how firms grow more as they compete and learn from one another than they do when they dominate their individual hometown markets.
A factory machine was purchased for $385000 on January 1, 2021. It was estimated that it would have a $78000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 38000 hours in the 5 years. The company ran the machine for 3800 actual hours in 2021. If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2021 would be
Answer:
$30,700
Explanation:
Calculation for what the amount of depreciation expense for 2021 would be
Depreciation expense for 2021 =[($385,000 - $78,000) ÷ 38,000] × 3,800
Depreciation expense for 2021 =($307,000÷38,000)×3,800
Depreciation expense for 2021 =8.078947369×3,800
Depreciation expense for 2021 =$30,700
Therefore the amount of depreciation expense for 2021 would be $30,700
Sawyer Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 57,000 actual direct labor-hours and incurred $345,000 of actual manufacturing overhead cost. The Corporation had estimated that it would work 55,000 direct labor-hours during the year and incur $330,000 of manufacturing overhead cost. The Corporation's manufacturing overhead cost for the year was:
Answer:
Underapplied by $3,000
Explanation:
Calculation for what The Corporation's manufacturing overhead cost for the year was:
First step is to calculate the Predetermined Overhead rate
Predetermined Overhead rate=( $ 330,000/ 55,000)
Predetermined Overhead rate= $ 6 per labor hour
Now let calculate the Manufacturing overhead cost
Manufacturing overhead cost= (6 x 57 000)-$345,000
Manufacturing overhead cost=$342,000-$345,000
Manufacturing overhead cost=Underapplied by $3,000
Therefore The Corporation's manufacturing overhead cost for the year was:underapplied by $3,000
Quickbooks Online. IRS guidelines require specific information to substantiate deductible automobile expenses. Which 3 items are included in the substantiation requirements?
Answer:
✓Vehicle type
✓date placed in service
✓total mileage (including business, commuting and personal)
Explanation:
IRS guidelines available for automobile
deductible is that if one is using his cat for business purposes, the entire cost of ownership as well as operation can be deducted. But if the car is for business and personal purposes, the cost for the business use can be deducted.
The three items that are are included in the substantiation requirements are;
✓Vehicle type
✓date placed in service
✓total mileage (including business, commuting and personal)
Who is credited with pioneering the principles of the scientific approach to management ?
Answer:
Frederick Winslow Taylor
Frederick Winslow Taylor was an American mechanical engineer. He was widely known for his methods to improve industrial efficiency. He was one of the first management consultants.
You bought two acres of land for $200,000 ten years ago. Although it is zoned for commercial use, it currently holds eight small, singlefamily houses. A property management firm that wants to continue leasing the eight houses has offered you $400,000 for the property. A developer wants to build a 12-story apartment building on the site and has offered $600,000. What value should you assign to the property
Answer:
$500,000
Explanation:
in order to calculate the value you should determine the expected return or sales price of the land = price of land x probability of sale
In this case, you have two offers and apparently you haven't decided which to choose, so the expected return = ($400,000 x 50%) + ($600,000 x 50%) = $200,000 + $300,000 = $500,000
A firm that has recently experienced an enormous growth rate is seeking to lease a small plant in Memphis, TN; Biloxi, MS; or Birmingham, AL. Prepare an economic analysis of the three locations given the following information: Annual costs for building, equipment, and administration would be $59,000 for Memphis, $69,000 for Biloxi, and $104,000 for Birmingham. Labor and materials are expected to be $7 per unit in Memphis, $5 per unit in Biloxi, and $5 per unit in Birmingham. The Memphis location would increase system transportation costs by $58,000 per year, the Biloxi location by $68,500 per year, and the Birmingham location by $25,400 per year. Expected annual volume is 14,400 units.
Answer:
Total cost for a location = Annual costs for building, equipment, and administration + Labor and materials cost per unit*expected annual volume + Increase in transportation costs
Total cost for Memphis location = $59000 + $7*14400 + $58000
Total cost for Memphis location = $217,800
Total cost for Biloxi location = $69000 + $5*14400 + $68500
Total cost for Biloxi location = $209,500
Total cost for Birmingham location = $104000 + 5*14400 + $25400
Total cost for Birmingham location = $201,400
So, Birmingham location gives the lowest Annual Total Cost.
Roquan, a single taxpayer, is an attorney and practices as a sole proprietor. This year, Roquan had net business income of $90,000 from his law practice (net of the associated for AGI self-employment tax deduction). Assume that Roquan pays $40,000 in wages to his employees, has $10,000 of property (unadjusted basis of equipment he purchased last year), and has no capital gains or qualified dividends. His taxable income before the deduction for qualified business income is $100,000.
1. Calculate Roquan's deduction for qualified business income.
2. Assume the same facts as earlier, except Roquan's taxable income before the deduction for qualified business income is $300,000.
Answer:
A. $18,000
B. No QBI deduction
Explanation:
a) Calculation for Roquan’s deduction for qualified business income.
Using this formula
Roquan's qualified business income.
= 20% x QBI
Let plug in the formula
Roquan's qualified business income
= 20% x $90,000
Roquan's qualified business income= $18,000
Therefore Roquan’s deduction for qualified business income will be $18,000
b) Based on the information given if we assumed that Roquan's taxable income before the deduction for qualified business income is the amount of $300,000 which means that Roquan's income is higher than the amount of $213,300 hence, NO qualified business income deduction (QBI) will be allowed.
Kyle had a splitting headache. His buddy Cyrus gave him a couple of lime-green pills to take away the pain. When Kyle awoke, Cyrus was lying next to him in a pool of blood. If Kyle is tried for a crime, what could be his defense?
insanity
duress
intoxication
necessity
Answer:
necessity
Explanation:
This is necessity beause it might have been on accident to help cyrus but became a bloody murder,seems like a 3rd or a second degree murder,most likely 3rd degree,it just happend.
Answer:
C
Explanation:
bro read it and u'll know other person is wrong
An argument that opposes the idea of high executive pay is: ___________
a. High salaries provide an incentive for innovation and risk-taking.
b. Not many individuals are capable of running today's large, complex organizations.
c. Top athletes and entertainers make a lot of money, so top executives should, too.
d. High salaries divert resources that could be used to invest in the business.
Answer:
D
Explanation:
when pay becomes high with respect to several executives or just one, the resources and expense needed to keep the business growing....will be shortened
1. There are 20 forging presses in the forge shop of a small company. The shop produces batches of forgings requiring a setup time of 3.0 hours for each production batch/machine. Average standard time for each part in a batch is 45 seconds, and there are 600 parts in a batch/machine. The plant workforce consists of two workers per press, two foreman, plus three clerical support staff. (a) Determine how many forged parts can be produced in 1 month, if there are 8 hours worked per day and average of 21 days per month at one shift per day. (b) What is the labor productivity ratio of the forge shop, expressed as parts per worker-hour
Answer:
The solution according to the given scenario is described below.
Explanation:
The given values are:
No. of foreign presses,
= 20
Required setup time,
= 3 hours
Average standard time,
= 45 seconds
Average produced batch,
= 600
Now,
(a)
The number of workers will be:
= [tex]20\times 2+2+3[/tex]
= [tex]40+2+3[/tex]
= [tex]45[/tex]
The total time for batch's production will be:
= [tex]3\times 60+(45\times \frac{600}{60} )[/tex]
= [tex]180+45\times 10[/tex]
= [tex]630 \ minutes[/tex]
or
= [tex]10.5 \ hours[/tex]
The total number of hours per month will be:
= [tex]8\times 21[/tex]
= [tex]168 \ hours[/tex]
then,
The total batches per month will be:
= [tex]\frac{168}{10.5}[/tex]
= [tex]16 \ batches \ per \ month[/tex]
Total batches = [tex]20\times 16[/tex]
= [tex]320[/tex]
Now,
The produced pieces will be:
= [tex]320\times 600[/tex]
= [tex]192000 \ pieces/month[/tex]
(b)
[tex]Labour \ productivity= \frac{ Total \ production}{ Labour \ hours }[/tex]
On substituting the given values, we get
[tex]=\frac{192000}{(8\times 21\times 45)}[/tex]
[tex]=25.4 \ per \ worker \ hours[/tex]
The labor productivity ratio is the ratio analytical tool that determines the efficiency of labor to perform their task and provide higher returns and production in the specified time limit. It is determined by taking into consideration the total number of products and the labor hours provided to each labor per day.
a) The number of forged parts that can be produced in 1 month is 192,000 pieces per month.
b) The labor productivity ratio of the forged shop is 25.40 per labor hour.
Computations:
a)
[tex]\begin{aligned}\text{Number of pieces}&=\text{Total Batch}\times\text{Parts in Batch per Machine}\\&=320\;\text{batches}\times600\;\text{parts}\\&=192,000\;\text{pieces per month}\end{aligned}[/tex]
Working Note:
[tex]\begin{aligned}\text{Number of Workers}&=\left(\text{No. of foreign presses}\times\text{Worker per press}\right)\\&+\text{Worker per press}+\text{Setup Time}\\&=\left(20\times2 \right )+2+3\\&=45\;\text{no. of workers} \end{aligned}[/tex]
[tex]\begin{aligned}\text{Time for batch production}&=\text{Setup Time}\times\text{Average produced batch}\\&+\left(\text{No. of workers}\times\frac{\text{Average produced batch}}{\text{Minutes}} \right )\\&=3\times60+\left(45\times\frac{600}{60}\right)\\&=630\;\text{minutes or}\;10.50\;\text{hours}\end{aligned}[/tex]
[tex]\begin{aligned}\text{Total Batches}&=\text{No. of Foreign Presses}\times\text{Total Batches per month}\\&=20\times\left(\frac{\text{hours per day}\times\text{days per month}}{\text{Total time for batch production}} \right )\\&=20\times\left(\frac{8\times21}{10.50} \right )\\&=320\end{aligned}[/tex]
b) The labor productivity is computed as follows:
[tex]\begin{aligned}\text{Labor Productivity}&=\frac{\text{Total Production}}{\text{Labor hours}}\\&=\frac{192,000}{8\times21\times45}\\&=25.4\;\text{per worker hours}\end{aligned}[/tex]
To know more about labor productivity, refer to the link:
https://brainly.com/question/16016669
Shum Manufacturing, which uses the high-low method, makes a product called Kwan. The company incurs three different cost types (A, B, and C) and has a relevant range of operation between 2,500 units and 10,000 units per month. Per-unit costs at two different activity levels for each cost type are presented below. Type A Type B Type C Total 5,000 units $ 4 $ 9 $ 4 $ 17 7,500 units 4 6 3 13 If Shum produces 10,000 units, the total cost would be:
Answer:
For making 10,000 units
Type A cost = 40,000
Type B Cost = 90,000
Type C Cost = 25,000
Explanation:
Given - Shum Manufacturing, which uses the high-low method, makes a
product called Kwan. The company incurs three different cost
types (A, B, and C) and has a relevant range of operation between
2,500 units and 10,000 units per month. Per-unit costs at two
different activity levels for each cost type are presented below.
Type A Type B Type C Total
5,000 units $4 $9 $4 $17
7,500 units $4 $6 $3 $13
To find - If Shum produces 10,000 units, the total cost would be ?
Proof -
As we know that
Total cost = Variable cost per unit × Units + Fixed Cost
Now,
As per the question ,
Highest Activity unit = 7,500 units
Lowest Activity unit = 5,000 units
Now,
Variable cost per unit = Change in cost / Change in activity unit
= ( Highest Activity cost - Lowest Activity cost ) / ( Highest Activity unit - Lowest Activity unit )
Type A Type B Type C
Highest Activity Cost 30,000 45,000 22,500
Lowest Activity Cost 20,000 45,000 20,000
Variable Cost Per unit 4 0 1
Fixed Cost 0 90,000 15,000
Now,
Statement Showing Total Cost for 10,000 units
Particulars Type A Type B Type C
Variable Cost 40,000 0 10,000
Fixed Cost 0 90,000 15,000
Total 40,000 90,000 25,000
∴ we get
For making 10,000 units
Type A cost = 40,000
Type B Cost = 90,000
Type C Cost = 25,000
When giving feedback, you should get directly to the point.
True
or
False
Answer:
It is completely false
Explanation:
Because you should first tell the reason
3. Why accrue an expense?
Consider an organization that has empowered its employees, asking them to improve the quality, productivity, and responsiveness of their processes that involve repetitive work. This work could arise in a manufacturing setting, such as assembling cars or producing chemicals, or in a service setting, such as processing invoices or responding to customer orders and requests. Clearly the workers would benefit from feedback on the quality (defects, yields) and process times of the work they were doing to suggest where they could make improvements. Identify the role, if any, for sharing financial information with these employees to help them in their efforts to improve quality, productivity, and process times. Be specific about the types of financial information that would be helpful and the specific decisions or actions that could be made better by supplementing physical and operational information with financial information.
Answer:
Follows are the solution to this question:
Explanation:
In this question, one of the biggest factors in a company is the employee's wealth, and by evaluate the figures in the financial reports about trends, because then workers know clearly how their job impacts the progress of the company.
It offering information on the non-specific regular costs of business, and by try giving the issue a simple approach is to make the employees fully comprehend it. Finally but not least, the position of the employees throughout the company's general profitability.
Its provision of such knowledge will certainly improve productivity ultimately the quality.
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.
Issued 30,000 shares of no-par common stock in exchange for $300,000 in cash.
Purchased equipment at a cost of $40,000. $10,000 cash was paid and a notes payable to the seller was signed for the balance owed.
Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system.
Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000.
Paid $5,000 in rent on the warehouse building for the month of March.
Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
Paid $70,000 on account for the merchandise purchased in 3.
Collected $55,000 from customers on account.
Recorded depreciation expense of $1,000 for the month on the equipment.
Prepare journal entries to record each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
Wainwright Corporation
Journal Entries:
a. Debit Cash $300,000
Credit Common Stock $300,000
To record the issue of 30,000 shares of no-par common stock for cash.
b. Debit Equipment $40,000
Credit Cash $10,000
Credit Notes Payable $30,000
To record the purchase of equipment.
c. Debit Inventory $90,000
Credit Accounts payable $90,000
To record the purchase of inventory on account.
d. Debit Accounts receivable $120,000
Credit Sales revenue $120,000
To record the sale of goods on account.
Debit Cost of Goods Sold $70,000
Credit Inventory $70,000
To record the cost of goods sold.
Debit Rent Expense $5,000
Credit Cash $5,000
To record the rent expense for the month.
Debit Prepaid Insurance $6,000
Credit Cash $6,000
To record the prepayment of insurance for one year.
Debit Accounts payable $70,000
Credit Cash $70,000
To record the payment on account.
Debit Cash $55,000
Credit Accounts receivable $55,000
To record the collection of cash from customers.
Debit Depreciation Expense - Equipment $1,000
Credit Accumulated Depreciation - Equipment $1,000
To record the depreciation expense for the month.
Explanation:
General journal entries are used to initially record all types of transaction in the accounting records. They form the basis for posting to the general ledger. They also indicate the accounts to be debited or credited in the general ledger.
Suppose that your marginal federal income tax rate is 40%, and the yield on thirty-year U.S. Treasury bonds is 4.5%. You would be indifferent between buying a thirty-year Treasury bond and buying a thirty-year municipal bond issued within your state (ignoring differences in liquidity, risk, and costs of information) if the municipal bond has a yield of Group of answer choices 10.0%. 2.8%. 1.8%. 2.7%.
Answer:
2.7%
Explanation:
Calculation for the municipal bond yield
Municipal bond yield=(1-.4)*0.045
Municipal bond yield=.6*.045
Municipal bond yield=0.027*100
Municipal bond yield=2.7%
Therefore based on the information given You would be indifferent between buying a thirty-year treasury bond and buying a thirty- year municipal bond issued within your state if the municipal bond has a yield of 2.7%
Joan is a self-employed attorney in New York City. Joan took a trip to San Diego, CA, primarily for business, to consult with a client and take a short vacation. On the trip, Joan incurred the following expenses: Airfare to and from San Diego $ 975 Hotel charges while on business 300 Meals while on business 280 Car rental while on business 90 Hotel charges while on vacation 420 Meals while on vacation 308 Car rental while on vacation 180 Total $2,553
Answer:
$1,505
Explanation:
Calculation for Joan's travel expense deduction for the trip
Travel expense deduction= $975 (flight) + $300 (business hotel) + $140 (business meals $280 x 50%) + $90(business car)
Travel expense deduction=$1,505
Therefore Joan's travel expense deduction for the trip will be $1,505
A company has fixed costs of $96,800. Its contribution margin ratio is 44% and the product sells for $61 per unit.
What is the company's break-even point in dollar sales?
$220,000
Explanation:
Calculation for the company's break-even point in dollar sales
Using this formula
Break-Even point in dollars sales= Fixed Costs ÷ Contribution Margin
Let plug in the formula
Break-Even point in dollars sales=$96,800/44%
Break-Even point in dollars sales=$220,000
Therefore the company's break-even point in dollar sales will be $220,000.
The journal entry to record the purchase of materials on account is a(n)
assume the cost of a college education would be to 325,000 when your child enters college 17 years. You presently have $51,000 to
Answer:
11.51 %
Explanation:
The computation of the interest rate is shown below:
As we know that
Amount = P (1 + rate)^number of years
$325,000 = $51,000 (1+r)^17
(1+r)^17 = $325,000 ÷ $51,000
(1+r)^17 = 6.372549
(1+r) = (6.372549)^1 ÷ 17
1 + r = 1.115097
r = 1.115097 - 1
r = 0.115097
= 11.51 %
Rubin, a freelance software developer, has a meeting with an independent bakery owner to discuss a potential project. Before meeting with the client, Rubin does a thorough research on the client's business and the client's educational background. He develops his proposal accordingly, ensuring to use common words instead of technical jargon. In the given scenario, which of the following communication guidelines does Rubin follow?
A) Avoid bias.
B) Avoid the use of slang.
C) Be concise.
D) Analyze your audience.
Answer:
d
Explanation:
Communication encompasses all the processes of transmitting information from one person to another.
In order to effectively communicate, one must analyse their audience to ensure that the message is effectively communicated.
The income statements of all corporations are in the same format. True or false? Discuss.
Answer:
False
Explanation:
This is false because there are multiple types of statements. There are classified income statements, profit and lose income statement, and an operating statement.
(a) Write down 5 projects you think will lend themselves well to a Cost Benefit Analysis. Include for each of them, reasons as to why you believe they can be properly analyzed.
(b) Write down 5 projects you think do not lend themselves to a Cost Benefit Analysis. Include for each of them, reasons as to why you believe they can not be properly analyzed (e.g. the scope is too broad, information is hard/impossible to obtain, they are technologically infeasible, etc).
(c) Among the projects in part a, choose the one you would be most excited to work on and explain why.
(d) Among the projects in part b, choose the one you would be least excited to work on and explain why.
Answer:
A)
Food chain project, Tech startup, Road construction , expansion of clothing line, construction of dams
B)
Investment in stocks, National economic planning , Railway construction , Employee housing, Investment in Insurance
C) The food chain project
D) Investment in stocks
Explanation:
A) 5 projects that will lend themselves well to a cost benefit analysis
Food chain project ; A food chain project can lend itself properly to cost benefit analysis, The owner or Financier of the project can estimate the exact costs to be incurred in adding various delicacies to the Food chain project and he can also evaluate the revenue that each delicacy can generate at a given time based on the demand hence cost benefit analysis can be applied here A tech startup : A tech startup can effectively implement cost benefit analysis by evaluating the cost of employing programmers based on their input and the revenue expected to be generated from the Tech startup products.Road construction project : A road construction project is usually broken down into different project phases and this phases help the project coordinator to have an overview of the cost benefit of the project.Expansion of a clothing line : In The expansion of a clothing line Cost Benefit Analysis can be applied, I.e. the cost of setting up clothing stores in various regions will be calculated first and then the expected profits from those outlets can be determine within a period construction of dams : The cost benefit analysis will compare the cost of building and the benefit / revenue to be generated in the long runB) 5 projects that do not lend themselves to cost benefit analysis
Investment in stocks : The cost benefit analysis cannot be properly carried out in this can of project because some uncertainties associated with stocks National economic planning project; Cost benefit analysis can not be properly implemented her because the sole aim of National economic planning is to sustain the economy and some uncertainties can erupt which was not included in the economic planRailway project : Due to the terrain of some areas the exact cost benefit analysis can not be properly implemented and also the scope of railway construction is broad in general.Employee housing project : Cost benefit analysis cannot be implemented here because the housing project does not benefit the company that owns the building but just the employees Investment in Insurance : The cost benefit analysis can not be properly implemented due to the uncertainties that life bringsC) In part A The best project for me is
The food chain project and this is due to is simplicity in analysis via the cost benefit analysis
D) In part B the Least project for me is
Investment in stocks and this is due to the Volatility and uncertainty surrounding stock investment and trading
THE
Guy Zone
Janna and her friend Leah both work for telecommunications companies. One night over
dinner, they discuss some new product ideas they think would be successful in their industry.
Janna has a great idea that Leah loves. The next week, Leah presents the idea to her manager
who says he will consider taking it to the next new-product committee meeting. Was Leah's
action ethical? Do you consider this to be "stealing the idea from her friend?
Answer:
Leah should ask from Janna before he discusses the idea with his manager.
Explanation:
Leah action is not ethical since it was Janna idea and Leah presented to his manager as if it is his idea. Janna and Leah both are in same industry so if Leah promotes the Janna idea to his manager his company will be more successful than Janna. Leah should have taken permission from Janna before discussing the idea with his manager.
Consider the following transactions for Huskies Insurance Company:
a. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year.
b. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year.
c. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited.
For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year.
Answer:
31-Dec
Dr Depreciation expense $7,000
Cr Accumulated Depreciation - Equipment $7,000
31-Dec
Dr Interest receivable $1,750
Cr Interest revenue $1,750
31-Dec
Dr Deferred Revenue $4,000
Cr Revenue or Service Revenue $4,000
Explanation:
Preparation of the necessary adjusting entry for Huskies Insurance at its year-end of December 31.
31-Dec
Dr Depreciation expense $7,000
Cr Accumulated Depreciation - Equipment $7,000
(Being to adjust 12 month depreciation)
31-Dec
Dr Interest receivable ($50,000 x 7% x 6/12) $1,750
Cr Interest revenue $1,750
(Being to adjust 6 month interest revenue accrued)
31-Dec
Dr Deferred Revenue ($16,000 x 3/12) $4,000
Cr Revenue or Service Revenue $4,000
(Being to record earned revenue for 3 months)
The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank. a. Materials fill in the blank 0405c7fed078fd8_2 fill in the blank 0405c7fed078fd8_3 Accounts Payable fill in the blank 0405c7fed078fd8_5 fill in the blank 0405c7fed078fd8_6 b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank. b. fill in the blank 6c73b5f42041fa9_2
Answer:
Note: The missing question is attached as picture
a. Accounts title & Explanations Debit$ Credit$
Material inventory 641,200
($122,700+$170,600+$336,200+$11,700)
Accounts payable 641,200
(For material purchased on account)
Note: Both, Direct material and Indirect material is included in Materials
b. Accounts title & Explanations Debit$ Credit$
Work in process inventory 652,300
($233,700+$211,300+$136,200)
Manufacturing Overheads 6,100
Material inventory 658,400
(For material issued for production both as direct and indirect material)
Note: Requisition of direct materials are charged to WIP and requisition of indirect materials forms part of factory overhead.
A household consists of a married couple and their two-year-old daughter. The couple's daughter had no income and lived with her parents all of last year. How many exemptions can the couple claim on last year's tax return if they file with the "Married filing jointly" status?
Answer:
3 is the answer