ABC's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. ABC's inventory turnover ratio equals how many times a year?
A) 5 times.
B) 30 times.
C) 10 times.
D) 20 times.
Answer:
C) 10 times
Explanation:
Calculation to determine ABC's inventory turnover ratio equals how many times a year
Using this formula
Inventory turnover ratio =Cost of goods sold equals /Average inventory
Let plug in the formula
Inventory turnover ratio=$20,000/[($1,600+$2,400)/2]
Inventory turnover ratio=$20,000/($4,000/2)
Inventory turnover ratio=$20,000/$2,000
Inventory turnover ratio=10 times
Therefore ABC's inventory turnover ratio will equals 10 times a year
ABC's sales equal $60,000 and cost of goods sold equals $20,000. The, ABC's inventory turnover ratio equals to 10 times a year.
What is Inventory Turnover ratio?
Inventory turnover ration represents the total inventory that is sold, but and replaced by person. It can be calculated by dividing cost of goods sold by average inventory.
Calculation to determine ABC's inventory turnover ratio:-
Inventory turnover ratio =Cost of goods sold equals /Average inventory
Inventory turnover ratio=$20,000/[($1,600+$2,400)/2]
Inventory turnover ratio=$20,000/($4,000/2)
Inventory turnover ratio=$20,000/$2,000
Inventory turnover ratio=10 times
Therefore, correct option is C.
Learn more about inventory turnover ratio, refer to the link;
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The final phase of the systems development life cycle is systems ________. Select one: a. implementation b. maintenance c. operation d. design e. analysis
Answer:
b. maintenance
Explanation:
The systems development life cycle contains 5 steps i.e.
1. Planning
2. Analysis
3. Design
4. Implementation
5. Maintenance
The final phase is the maintenance & required regular updated. It occurs when the end users could fine the system in the case when they want to increase the performance, or add new capabilities or meeting extra user requirements so it can be done under this step
Jefferson's recently paid an annual dividend of $7 per share. The dividend is expected to decrease by 1% each year. How much should you pay for this stock today if your required return is 14% (in $ dollars)
Answer:
the stock price that need to pay for the stock today is $46.2
Explanation:
The computation of the stock price is shown below:
= Dividend × (1 - growth rate) ÷ (required return - growth rate)
= $7 × (1 - 0.01) ÷ (14% - (-1%))
= $6.93 ÷ 0.15
= $46.2
Hence, the stock price that need to pay for the stock today is $46.2
Basically we applied the above formula so that the correct stock price could come
A(n) ________ bank is an institution, such as Credit Suisse First Boston, that acts as an underwriter or agent for a firm engaged in an initial public offering.
Answer:
Public bank
Explanation:
A public bank is a bank, or a financial institution where a state, municipality would be the owners also it is an entrerprise that are controlled by the government
So as per the given situation the given boston would be acted as an underwriter and engaged in the initial public offering so this represent the public bank
hence, the same would be relevant
Suppose the required reserve ratio is 15%. A $10 million deposit will, at most, allow an expansion of the money supply to $250 million. $150 million. $147.5 million. $66.7 million.
Answer:
$66.7 million
Explanation:
Calculation to determine expansion of the money supply
Using this formula
Money supply expansion=Deposit/Required reserve ratio
Let plug in the formula
Money supply expansion=$10 million/.15
Money supply expansion=$66.66 million
Money supply expansion=$66.7 million (Approximately)
Therefore A $10 million deposit will, at most, allow an expansion of the money supply to $66.7 million
Brief Exercise 24-01 Wildhorse Company uses both standards and budgets. For the year, estimated production of Product X is 565,000 units. Total estimated cost for materials and labor are $1,243,000 and $1,638,500. Compute the estimates for (a) a standard cost and (b) a budgeted cost.
Answer and Explanation:
The computation is shown below:
a. The standard cost is
Fo material
= $1,243,000 ÷ 565,000 units
= $2.20 per unit
And, for labor it is
= $1,638,500 ÷ 565,000 units
= $2.90 per unit
b. The budgeted cost would be remian the same as the total cost i.e. $1,243,000 and $1,638,500
Hence, the same would be considered and relevant
Splish Brothers Inc. began operations on April 1 by issuing 52,300 shares of $5 par value common stock for cash at $15 per share. On April 19, it issued 1,800 shares of common stock to attorneys in settlement of their bill of $28,900 for organization costs. In addition, Splish Brothers issued 1,100 shares of $1 par value preferred stock for $6 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded.
Answer:
Date Account titles and Explanation Debit Credit
Apr 1 Cash $679,900
Common stock $261,500
(52,300*5)
Paid in common stock in excess of par $418,400
(52,300*$13-$5)
(To record common stock issued)
Apr 19 Organisation expenses $28,900
Common stock $9,000
(1800*5)
Paid in common stock in excess of par $19,900
(To record issuance of comm1,100on stock for attorney.s fees)
Apr 19 Cash (1,100*$6) $6,600
Preferred stock (1,100*$1) $1,100
Paid in preferred capital in excess of par $5,500
(To record common preferred stock for cash)
Tabitha sells real estate on March 2 of the current year for $334,000. The buyer, Ramona, pays the real estate taxes of $16,700 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year.
Answer:
Requirement "Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona. Tabitha"
Tabitha will pay the Real estate tax until March 1 and this would be deductible from Tabitha. No of days = 60 days (January 1 to March 1)
Amount of tax deductible from Tabitha = $16,700* (60/365)
= $16,700 * 0.1644
= $2,745.48
= $2,745
Amount of tax deductible from Ramona = $16,700 * (305/365)
= $16,700 * 0.8356
= $13954.52
= $13,955
Assume you own a churro stand. Also assume the next unit of labor that you hire produces 16 churros per hour, and the next machine you could buy makes 21 churros per hour, Assuming you were seeking to expand churro production, which should you as a profit-maximizing firm hire next
Answer: Not enough information because the cost of each resource is not given.
Explanation:
With regards to the question, there's no enough information given in order to know the factor to hire next as a profit-maximizing firm.
Even though from the question given, the machine can make more churros per hour than the next unit of labor, the coat of both resources isn't given, therefore we cannot be certain on which one to choose.
When a company sells property and then leases it back, any gain on the sale should usually bea. deferred and recognized as income over the term of the lease.b. recognized as a prior period adjustment.c. recognized at the end of the lease.d. recognized in the current year.
Answer: A. deferred and recognized as income over the term of the lease.
Explanation:
In a sale-leaseback transaction, that is when a property is sold by a company and leased back, the property seller is the lessee and the property purchase is the lessor. In this case, a sale-leaseback will allow a company to sell an asset so that the company can raise capital, after which the asset can then be leader back.
When a company sells property and then leases it back, any gain on the sale should usually be deferred and recognized as income over the term of the lease.
Beauty Island Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 2,000 shares of common stock to attorneys in settlement of their bill of $27,500 for organization costs. In addition, Beauty Island issued 1,000 shares of $1 par value preferred stock for $6 cash per share.Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded
Answer:
Date Account Title Debit Credit
April 1 Cash $780,000
Common stock $300,000
Paid in Capital in excess of par - $480,000
Common stock
Working
Cash = 60,000 shares * 13 = $780,000
Common stock = 60,000 * 5 = $300,000
__________________________________________________________
Date Account Title Debit Credit
April 1 Organization costs - Attorney fees $27,500
Common Stock $10,000
Paid in Capital in excess of par - $17,500
Common stock
Working
Common stock = 2,000 * 5 par value = $10,000
__________________________________________________________
Date Account Title Debit Credit
April 1 Cash $6,000
Preferred stock $1,000
Paid in Capital in excess of par - $5,000
Common stock
Working
Cash = 1,000 * $6 = $6,000
Preferred stock = 1,000 * $1 = $1,000
What is the Net Present Value of the following cash flow streams at an interest rate of 8.25%: at year 0: $0; year 1: $75; year 2: $225; year 3: $0; and year 4: $300. $__.
Answer:
the net present value is $479.7743
Explanation:
The computation of the net present value is shown below:
= cash flow ÷ (1+interest rate)^number of years
= $75 ÷ (1.0825) + $225 ÷ (1.0825)^2 + $300 ÷ (1.0825)^4
= $479.7743
Hence, the net present value is $479.7743
We simply applied the above formula so that the correct amount could come
National Geographic Magazine brought a bit of nature to New York as part of a week-long event promoting the magazine's cover story on parks. The magazine hosted an interactive photography exhibit, which celebrated international and national parks. Invitations to representatives of the news media were an attempt to use which element of the promotional mix?
Answer:
public relations
Explanation:
Promotional mix is the combination of various promotional methods by a business to meet its set goals.
It is made up of the following elements: advertising, sales promotion, public relations, personal selling, and direct marketing.
In the given scenario an invitation to news media to attend an interactive photography exhibit, which celebrated international and national parks is an attempt to improve the public relations of the event.
The news media is expected to publicise the event thereby meeting the Magazine's public relations need.
At the beginning of 2019, Sunshine Corporation issued 18,000 shares of $100 par, 7%, cumulative, preferred stock for $110 per share. No dividends have been paid to preferred or common shareholders. What amount of dividends will a preferred shareholder owning 100 shares receive in 2021 if Sunshine pays $1,000,000 in dividends
Answer:
the amount of dividend that would be paid to the preferred shareholder is $2,100
Explanation:
The computation of the amount of dividend that would be paid to the preferred shareholder is shown below;
= Par value × dividend rate × number of shares × number of years
= $100 × 7% × 100 × 3 years
= $2,100
hence, the amount of dividend that would be paid to the preferred shareholder is $2,100
The same is to be relevant
Harry and Wanda were married in Texas, a community property state, but moved to Virginia, a common law state. The calculation of their income on a joint return: a.Will increase as a result of changing their state of residence. b.Will not change as a result of changing their state of residence. c.Will decrease as a result of changing their state of residence. d.Will not be permitted.
Answer:
b.Will not change as a result of changing their state of residence.
Explanation:
Moving from a community property state to a common law state doesn't affect federal taxes while filing as a married couple. Community property states laws regarding assets acquired while two people are married; they are owned by both spouses. While in common law states, the spouse that purchased an asset is the owner.
Which type of graphic organizer would best organize your notes on how to start a small business?
A). a timeline
B). a Venn diagram
C). problem-solution chart
D). a cluster diagram
Answer:
a Venn diagram
Explanation:
Dartford Company reported the following financial data for one of its divisions for the year; average investment center total assets of $3,700,000; investment center income $640,000; a target income of 12% of average invested assets. The residual income for the division is:
Answer:
$196,000
Explanation:
Investment income= $6,700,000
Operating assets = $340,000
Rate of return = 12%
Residual income = [$640,000 - ($3,700,000*12%)}
Residual income = $640,000 - $444,000
Residual income = $196,000
Suppose that the Central Bank of the country of Keynesland decreases the supply of money; at the same time, the governmet of Keynesland passes a new investment tax credit. How would each policy affect the aggregate demand (AD)
Answer: a. The money supply decrease would shift the AD to the left; the new investment tax credit would shift AD to the right.
Explanation:
If the money supply is decreased, it means the amount of money available in the economy for people to buy goods and services will reduce. When this happens, people will demand less because they have less cash. This will end up pushing the demand curve to the left.
When an investment tax credit is declared however, companies will feel more inclined to invest in the economy because they will pay less tax. As they invest more, people will be employed and will increase their spending thereby pushing the AD curve to the right.
A large distributor has 4 retail outlets. Currently each outlet manages its ordering independently. Demand at each retail outlet averages 1000 per day. Assume there are 250 days per year. Each unit of product costs 120 dollars, and holding cost per unit of product per year is 12% of the product cost. The fixed cost of each order (administrative plus transportation) is 900 dollars in the decentralized system. The fixed cost of each order in the centralized system is twice of the decentralized system. Holding cost per unit are the same in the two systems.
3a. How much should ALL the warehouses order together to minimize the total cost in the CENTRALIZED system?The potential answers are:_______.A: 14606 units.
B: 15811 units.C: 19365 units.D: 12344 units.E: 12500 units.3B. How much does EACH warehouse need to order individually to minimize the total cost in the DECENTRALIZED system?The potential answers are:_______.A: 5164 units.B: 6124 units.C: 3904 units.D: 3953 units.E: 5590 units.
Answer:
a. Units to be ordered to minimize the total cost in the CENTRALIZED system:
= B: 15811 units.
b. Units to be ordered to minimize the total cost in the DECENTRALIZED system:
= E: 5590 units.
Explanation:
a) Data and Calculations:
Demand at each retail outlet = 1,000 per day
Number of days in a typical retail year = 250 days
Total annual demand at each retail outlet = 250,000 (1,000 * 250)
Total annual demand at the distributor = 1,000,000 (250,000 * 4)
Cost of each unit of product = $120
Total cost of product at each retail outlet = $30,000,000 ($250,000 * $120)
Total cost of product at the distributor = $120 million
Holding cost per unit = $14.40 ($120 * 12%)
Ordering cost per order at each retail outlet = $900
Ordering cost per order at the distributor = $1,800 ($900 * 2)
a. Units to be ordered to minimize the total cost in the CENTRALIZED system:
= EOQ = square root of (2 x D x S/H)
where D = annual demand
S = ordering cost
H = Holding cost
= square root of (2 * 1,000,000 * $1,800)/$14.40
= square root of 250,000,000
= 15,811 units
= square root of (2 * 250,000 * $900)/$14.40
= square root of 31,250,000
= 5,590 units
Southern California Publishing Company is trying to decide whether to revise its popular textbook, Financial Psychoanalysis Made Simple. The company has estimated that the revision will cost $75,000. Cash flows from increased sales will be $20,900 the first year. These cash flows will increase by 3 percent per year. The book will go out of print four years from now. Assume that the initial cost is paid now and revenues are received at the end of each year. If the company requires a return of 8 percent for such an investment, calculate the present value of the cash inflows of the project.
Answer:
$72,195.71
Explanation:
Calculation to determine the present value of the cash inflows of the project
Using this formula
PV = C {[1/(r – g)] – [1/(r – g)] × [(1 + g)/(1 + r)]^n}
Where,
C represent cash flow=$20,900
r represent rate of return = 8%
g represent growth rate=3%
n represent Period
Let plug in the formula
PV= $20,900*{[1/(0.08-0.03)] - [1/(0.08-0.03)] × [(1+0.03) /(1+0.08)]^4}
PV= $20,900*{20-[20*(1.03/1.08)^4]}
PV= $20,900*[20-(20*0.827283)]
PV= $20,900*(20-16.54566)
PV= $20,900*3.45434
PV= $72,195.71
Therefore the present value of the cash inflows of the project will be $72,195.71
In the short run, any fall in EP /P, regardless of its causes, will cause A) an upward shift in the aggregate demand function and an expansion of output. B) an upward shift in the aggregate demand function and a reduction in output. C) a downward shift in the aggregate demand function and an expansion of output. D) an downward shift in the aggregate demand function and a reduction in output. E) an upward shift in the aggregate demand function but leaves output intact.
Answer: D) an downward shift in the aggregate demand function and a reduction in output.
Explanation:
EP/P is the real exchange rate. Any fall in this rate will mean that the demand will decrease because the currency becomes weaker and is therefore unable to buy as much as it used to.
For that same reason, output will reduce because producers will find that the inputs to production will become more expensive which would mean that they have to produce less in order to maintain profitability.
Star Wars Cereal started a program at the beginning of 2021 in which it would provide a figurine of Baby Yoda in exchange for four proof-of-purchase box tops. Star Wars Cereal estimates that 40% of box tops will be redeemed. The Baby Yoda figurines cost Yummy Rice $1.20 each. In 2021, 5,480,000 boxes of cereal were sold. By year-end 912,000 box tops had been redeemed.
Required:
Calculate the premium expense that Star Wars Cereal should recognize for the year ended December 31, 2021.
Answer:
sorry here for points
Explanation:
On August 2, Jun Co. receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Round your answers to nearest whole dollar value. Use 360 days a year.)
Answer:
Oct 31
Dr Cash $7,201
Cr Notes receivable—R. Albany $7,000
Cr Interest revenue $201
Explanation:
Preparation of Jun's journal entry assuming the note is honored by the customer on October 31, of that same year
Oct 31
Dr Cash $7,201
($7,000+$201)
Cr Notes receivable—R. Albany $7,000
Cr Interest revenue $201
(11.5%*7,000*90/360)
An industry has 5 firms. Firm A has 30% of the market, Firm B and Firm C each have 25% of the market, Firm D has 15% of the market, and Firm E has 5% of the market. What is the HHI for this industry
Answer:
2400
Explanation:
The HHI is calculated by squaring the market share of each firm in the industry.
30² + 25² + 25² + 15² + 5² = 2400
During 2020, Royce has an adjusted gross income (AGI) of $40,000. What is the maximum amount Royce can deduct for qualified contributions charitable made to qualified organizations if he itemizes his deductions? A. $0 B. $10,000 C. $24,000 D. $40,000
The maximum amount Royce can deduct for qualified contributions charitable made to qualified organizations is Option C. $24,000.
The calculation is as follows;Contributions to charity as the deduction is limited to 60% of adjusted gross income.
But qualified contributions are not subject to this limitation.
Since AGI = $40,000
So,
Deduction as charitable contribution should be
[tex]= \$40,000 \times 60\%[/tex]
= $24,000
Learn more: brainly.com/question/16911495
Based on Royce's Adjusted Gross Income (AGI), the amount that Royce can deduct is D. $40,000.
When a person is deducting for charity, charity contributions are capped at 60% of AGI.
If these contributions are qualified contributions however, they will not be subject to this cap and so can be deducted entirely from the AGI.
In conclusion, Royce can deduct $40,000.
Find out more about qualified contributions at https://brainly.com/question/25995915.
A supermarket building was purchased for $600,000. The down payment was 15%. The balance was financed at 7.86% for 28 years. Find the monthly payment.
Answer:
The monthly payment is:
= $3,759.76.
Explanation:
a) Data and Calculations:
Cost of a Supermarket Building = $600,000
Downpayment (15%) = 90,000
Principal loan = $510,000
Interest rate for financing loan = 7.86%
Period of loan = 28 years or 336 months
Monthly payment from an online financial calculator is:
N (# of periods) 336
I/Y (Interest per year) 7.86
PV (Present Value) 510000
FV (Future Value) 0
Results
PMT = $3,759.76
Sum of all periodic payments $1,263,278.64
Total Interest $753,278.64
Eastline Corporation had 11,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 3,520 shares. At the time of the stock dividend, the market value per share was $14. The entry to record this dividend is:______.
a. Debit Retained Earnings $49.280 Credit Common Stock Dividend Distributable $49.280
b. No entry is needed
c. Debit Common Stock Dividend Distributable $49,280, credit Retained Earning 549.280.
d. Debit Retained Earnings $35200. cred Common Stock Dividend Distribble $35.200
e. Debit Retained Emming $49.280 credit Common Stock Dividend Darts $35.200, credit Peld in Capital in Bress of Par Value. Common Stock $14,080
Answer:
e. Debit Retained earning $49,280 Credit Common stock dividend distributable $35,200
Credit Paid in capital in excess of par value(Common stock) $14,080
Explanation:
The journal entry is as follows:
Retained earnings (3,520 shares × $14)
Dr $49,280
_______ Common stock dividend distributable (3,520 shares × $10)
Cr $35,200
_______ Paid in capital in excess of par value ($49,280 - $35,200)
Cr $14,080
ou own a portfolio that has $2,700 invested in Stock A and $3,800 invested in Stock B. Assume the expected returns on these stocks are 12 percent and 18 percent, respectively. What is the expected return on the portfolio
Answer:
the expected return on the portfolio is 15.50%
Explanation:
The computation of the expected return on the portfolio is shown below:
Total investment is
= $2,700 + $3,800
= $6,500
Now
Expected return of portfolio is
= ($2,700 ÷ $6,500) × 12 + ($3,800 ÷ $6,500) × 18
= 4.98% + 10.52%
= 15.50%
Hence, the expected return on the portfolio is 15.50%
Selena Company has two products: A and B. The company uses activity-based costing. The estimated total cost and expected activity for each of the company's three activity cost pools are as follows: The activity rate under the activity-based costing system for Supporting Customers is closest to: Multiple Choice $18.53 $46.33 $21.67 $65.00
Answer:
the activity rate for Supporting Customers is $21.67
Explanation:
The computation of the activity rate under the activity-based costing system for Supporting Customers is shown below;
= Estimated overhead cost ÷ Total expected activity
= $26,000 ÷ 1,200
= $21.67
hence, the activity rate for Supporting Customers is $21.67
Therefore the third option is correct
Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso ’n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021.
Salaries expense $12,400 Sales revenue $63,300
Inventory (July 1, 2021) 1,650 Interest income 2,000
Sales returns 1,100 Cost of goods sold 28,050
Utilities expense 2,950 Rent expense 5,400
Income tax expense 4,700 Interest expense 400
Inventory (July 31, 2021) 1,100
Required:
a. Prepare a multiple-step income statement for the month ended July 31, 2015.
b. Calculate the inventory turnover ratio for the month of July. Would you expect this ratio to be higher or lower in December 2015? Explain.
c. Calculate the gross profit ratio for the month of July.
Answer:
yes
Explanation:
yes