Answer:
" values are ideas that underlie conversations about business ethics " is the answer
Among the following, an incorrect statement regarding values is Values are ideas that underlie conversations about business ethics. Thus the correct option is D.
What are Values?Values are a person's personal ideas that guide their behavior. They act as norms for how individuals should behave. Our values are significant as they aid in the development of the future we desire.
Ethics and values interact because values are our understanding of the goals we hope to achieve by taking certain actions which help in decision-making.
Values reflect our perception of what is right or desirable. Values are moral concepts that reflect a person's sense of what is right and acceptable.
Therefore, option D Values are ideas that underlie conversations about business ethics is appropriate.
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The Osgood county refuse department runs two recycling centers. Center 1 costs $40 to run for an eight hour day. In a typical day, 140 pounds of glass and 60 pounds of aluminum are deposited at Center 1. Center 2 costs $50 for an eight hour day, with 100lbs of glass and 180lbs of aluminum deposited per day. The county has a commitment to deliver at least 1540lbs of glass and 1440lbs of aluminum per week. How many days per week should the county open each center to minimize its cost and still meet the requirements?
Answer:
Center 1 should be open 7 days a week, and center 2 should be open 6 days a week. Total cost = $580
Explanation:
minimize the following equation 40A + 50B
where:
A = center 1
B = center 2
constraints:
140A + 100B ≥ 1540
60A + 180B ≥ 1440
A ≤ 7
B ≤ 7
A, B ≥ 0
using Solver, the optimal solution is 7A + 6B = 580
what is Amazon's current price-to-book value?
Answer:
The current price to book value of Amazon as on date (25 February 2021) is 16.48
Explanation:
The current price to book value of Amazon as on date (25 February 2021) is 16.48
However, on 24th February 2021, the price to book value of Amazon was 17.03
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:
1. Accepted $18,700 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months.
2. Performed legal services for cash of $64,000.
3. Purchased $1,250 of office supplies on account.
4. Paid $1,125 of the amount due on accounts payable.
5. Paid a cash dividend to the stockholders of $6,000.
6. Paid cash for operating expenses of $20,000.
7. Determined that at the end of the accounting period $125 of office supplies remained on hand.
8. On December 31, Year 1, recognized the revenue that had been earned for services performed in accordance with Transaction 1.
Required
Show the effects of the events on the financial statements using a horizontal statements model. The first event has been recorded as an example. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.)
Answer:
1. Cash will increase by $18,700 for the services to be rendered over the 12 months.
2. Cash will reduce by $64,000 for the legal service acquired.
3. No effect on cash as the transaction is on accounts.
4. Cash will decrease by $1,250 for the supplies purchased.
5. Cash will decrease by $6,000 for the dividends paid.
6. Cash will decrease by $20,000 due to operating expenses
7. no effect on cash
8. no effect on cash.
Explanation:
The business transactions recorded by Hart, Attorney at Law, These transactions have impact on the cash. The inflow and outflow of cash is recorded in the cash flow statement. Transaction no. 3, 7 and 8 will have no effects on cash balance of the company.
Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.2 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 7% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end.
Required:
a. Prepare the journal entries on October 1, 2021, to record (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank.
2. Record the adjustments on December 31, 2021, for (a) Precision Castparts and (b) Midwest Bank.
3. Prepare the journal entries on September 30, 2021, to record payment of (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank.
Answer:
a. Prepare the journal entries on October 1, 2021, to record (a) the notes payable for Precision Castparts
Dr Cash 40,200,000
Cr Notes payable 40,200,000
and (b) the notes receivable for Midwest Bank.
Dr Notes receivable 40,200,000
Cr Cash 40,200,000
2. Record the adjustments on December 31, 2021, for (a) Precision Castparts and
Dr Interest expense 703,500
Cr Interest payable 703,500
(b) Midwest Bank.
Dr Interest receivable 703,500
Cr Interest revenue 703,500
3. Prepare the journal entries on September 30, 2021, to record payment of (a) the notes payable for Precision Castparts and
Dr Interest expense 2,110,500
Dr Notes payable 40,200,000
Dr Interest payable 703,500
Cr Cash 43,014,000
(b) the notes receivable for Midwest Bank.
Dr Cash 43,014,000
Cr Interest revenue 2,110,500
Cr Notes receivable 40,200,000
Cr Interest receivable 703,500
The following are the transactions of Spotlighter, Inc., for the month of January:
a. Borrowed $5,540 from a local bank on a note due in six months.
b. Received $6,230 cash from investors and issued common stock to them.
c. Purchased $2,600 in equipment, paying $1,000 cash and promising the rest on a note due in one year.
d. Paid $1,100 cash for supplies.
e. Bought and received $1,500 of supplies on account
Required:
Prepare a classified balance sheet for Spotlighter, Inc., as of January 31.
Answer:
Spotlighter Inc.
Classified Balance Sheet as at January 31
ASSETS
Equipment $2,600
Supplies ($1,100 + $1,500) $2,600
Cash ($5,540 + $6,230 - $1,000 - $1,100) $9,670
TOTAL ASSETS $14,870
EQUITY AND LIABILITIES
LIABILITIES
Accounts Payable $1,500
Bank note $5,540
Note Payable $1,600
TOTAL LIABILITIES $8,640
EQUITY
Common Stock $6,230
TOTAL EQUITY $6,230
TOTAL EQUITY AND LIABILITIES $14,870
Explanation:
A Balance Sheet shows the Assets, Liabilities and Equity existing at the Reporting Date.
The balance sheet above was prepared through the following steps
Step 1 : Identify the Accounts Affected by the transactions
Step 2: Classify the Accounts Affected in into Assets, Liabilities and Equity
Step 3: Record in the classified balance sheet
A company that sells running shoes online wants to compare two new marketing strategies. They will test the strategies on 10 weekdays. In the morning of each day, a web page describing the comfort of the running shoes will be displayed. In the afternoon of each day, a web page describing the discounted price for the shoes will be displayed. Sales of the featured running shoes in the morning will be compared with sales in the afternoon at the end of the experiment. What are the experimental units, the treatments, and the outcomes for this experiment
Answer:
The explanation of the three factors and they conclusion are below.
Explanation:
To begin with, when we talk about experimental units we refer to the entities that the researcher looks forward to make inferences about, so that means that in this case the experimental units of the situation will be all the people who got to visit the website in both schedules, the morning shift and the afternoon shift.
Secondly, the treatments is understood to be the process or the way, it could be said, that the researchers administrate to the experimental units. So that implicates that in this case the treatments will be the morning with its comfort described and the afternoon on the other side with its discounted prices shown.
Finally, the most probable outcomes for this experiments will be that the statics will show how the people interact with the variables and which of them generated more interest, that being either price or comfort. It will also show the behavior of the people when it comes to understand if the tend more to visit the web site at morning or afternoon.
What is the focus of fiscal policy?
A. Judicial appointments
B. Foreign diplomacy
C. Taxation and spending
D. Environmental regulation
Answer:c
Explanation:
The focus of fiscal policy is primarily on taxation and government spending. Hence option C is correct .
What is the focus of fiscal policy?Fiscal policy refers to the actions taken by a government to influence its economy, particularly in terms of managing the levels of inflation, unemployment, and economic growth.
One of the key tools of fiscal policy is taxation, which refers to the government's ability to collect money from individuals and businesses based on their income or consumption. The government can use taxation to either increase or decrease the amount of money in circulation in the economy, thus affecting economic activity and growth.
Government spending is another important aspect of fiscal policy. The government can use its spending power to invest in various sectors of the economy, such as education, infrastructure, or healthcare. This can have a significant impact on economic growth and job creation.
In general, the focus of fiscal policy is to create a stable and sustainable economic environment that promotes growth and prosperity for all citizens. While other issues such as judicial appointments or foreign diplomacy may be important,
Thus option C is correct .
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Actual demand for a product for the past three months was
Three months ago 390 units
Two months ago 340 units
Last month 295 units
a. Using a simple three-month moving average, make a forecast for this month. (Round your answer to the nearest whole number.)
b. If 290 units were actually demanded this month, what would your forecast be for next month, again using a 3-month moving average? (Round your answer to the nearest whole number.)
c. Using simple exponential smoothing, what would your forecast be for this month if the exponentially smoothed forecast for three months ago was 440 units and the smoothing constant was 0.20? (Round your answer to the nearest whole number.)
Answer:
a) This month = 342
b) Next month = 308
c) This month using simple exponential smoothing = 352.
Explanation:
a) Data and Calculations:
Month Demand 3-month Moving
Average
3 months ago 390
2 months ago 340
1 month ago 295
This month 342
b)
Month Demand 3-month Moving
Average
3 months ago 390
2 months ago 340
1 month ago 295
This month 290
Next month 308
c) Simple exponential smoothing
Forecast for three months ago = 440
Smoothing constant = 0.20
Forecast for this month = 440 * (1- 0.20) = 352
d) For the simple exponential smoothing, the most recent period's forecast is multiplied by (one minus the smoothing factor).
To correct for positive externalities, the government should:_________
(A) do nothing, since no harm is done by positive externalities
(B) levy a tax on the output of the good or service
(C) pay a subsidy equal to the marginal external benefit
(D) impose a price ceiling on the good to discourage its production
(E) impose a price floor on the good at which the marginal private benefit equals the marginal social cost
Answer:
e
Explanation:
A good has positive externality if the benefits to third parties not involved in production is greater than the cost. an example of an activity that generates positive externality is research and development. Due to the high cost of R & D, they are usually under-produced. Government can encourage the production of activities that generate positive externality by granting subsidies.
Cost of Goods Manufactured and Sold
Direct labor cost $495,900
Purchases of direct materials 378,890
Freight-in on materials 7,500
Factory supplies used 18,500
Factory Utilities 54,000
Commissions paid 78,983
Factory supervision and indirect labor 165,000
Advertising 145,600
Materials handling 16,900
Work-in-process inventory, January 1 201,000
Work-in-process inventory, December 31 117,400
Direct materials inventory, January 1 37,200
Direct materials inventory, December 31 34,600
Finished goods inventory, January 1 59,200
Finished goods inventory, December 31 62,700
Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year:
1. Prepare a cost of goods manufactured statement.
2. Prepare a cost of goods sold statement.
Answer:
Schedule for manufacturing cost
Beginning raw material 37200
Add Purchase of raw material 378890
Add Freight in on materials 7500
Total 423590
Less Ending Raw material 34600
Raw material used in production 388990
Add Direct labor 495900
Manufacturing overheads
Factory supplies 18500
Factory utilities 54000
Factory supervision and indirect labor 165000
Material handling 16900
Add Total overhead cost 254400
Total manufacturing cost 1139290
Cost of goods sold statement
Total manufacturing cost 1139290
Add Beginning work in progress 201000
1340290
Less Ending work in progress 117400
Cost of goods manufactured 1222890
Add Beginning finished goods inventory 59200
Cost of goods available for sale 1282090
Less Ending finished goods inventory 62700
Cost of goods sold 1219390
Record the December 31 adjusting entries for the following transactions and events in general journal form. Assume that December 31 is the end of the annual accounting period. (5 p.)
a. The Prepaid Insurance account shows a debit balance of $2,340, representing the cost of a two-year fire insurance policy that was purchased on October 1 of the current year and has not been adjusted to-date.
b. The Store Supplies account has a debit balance of $400; a year-end inventory count reveals $80 of supplies still on hand.
c. On November 1 of the current year, Unearned Rent was credited for $1,500 for a three-month rent period beginning Nov. 1.
d. Estimated depreciation on store equipment is $600.
e. Accrued salaries amount to $1,400.
Answer:
a.
Insurance expense $292.5 Dr
Prepaid Insurance $292.5 Cr
b.
Supplied expense $320 Dr
Supplies $320 Cr
c.
Unearned rent $1000 Dr
Rent Revenue $1000 Cr
d.
Depreciation expense $600 Dr
Accumulated depreciation - Equipment $600 Cr
e.
Salaries expense $1400 Dr
Salaries Payable $1400 Cr
Explanation:
a.
Insurance expense has been debited for three month period of current year from October to December. The insurance expense for 3 month period was
Insurance expense = 2340 * 3/24 = $292.5
b.
The supplies worth 400 - 80 = 320 have been used and should be recorded as a debit to supplies expense and a credit to supplies
c.
Rent for two months period worth 1500 * 2/3 = $1000 has been earned by the end of December and should be recorded as rent revenue and debit to unearned rent.
d.
The depreciation expense should be recorded.
e.
The salaries are payable and recorded as an expense and a liability to show that they are still payable
Use each of these key terms to best complete the following sentences. Use each term no more than once. Agreeableness
1. Neuroticism
2. Extraversion
3. Conscientiousness
4. Openness
5. Machiavellianism
6. Authoritarianism
a. Ted is willing to listen to new ideas and to change his beliefs and attitudes in response to new information. Ted is likely high in this personality trait.
b. Eduardo tends to be insecure and often has mood swings at work that make his coworkers uncomfortable. Eduardo is likely to be high in this personality trait.
c. Aidan is often late with projects and seems disorganized. He is likely low in this personality trait
d. Betty is sociable, talkative, and one of the first employees to welcome a new hire and offer to show him or her around. Betty is likely high in this personality trait.
Answer:
4
1
3
2
Explanation:
The big 5 personality traits include
Openness - it includes people who are open to new things and enjoy learning new things.
Ted is high on this trait
Extraversion - it includes people who enjoy meeting new people and are very sociable.
Betty is high on this trait
Conscientiousness - includes people that are organised and pay attention to details. Aiden is low on this trait
Agreeableness - includes people that trust people easily and are kind
Neuroticism - includes people that are usually moody or sad
The Fisher equation tells us that the real interest rate approximately equals the nominal rate minus the inflation rate. Suppose the inflation rate increases from 3% to 5%. Does the Fisher equation imply that this increase will result in a fall in the real rate of interest
The Fisher equation does not imply that the increase in inflation will result in a fall in the real rate of interest.
The Fisher equation states the nominal interest rate in the sum of inflation rate and the real interest rate
(1 + nominal interest rate) = (1 + real interest rate) x (1 + inflation rate)
Based on the above equation, an increase in inflation rate would lead to a rise in the nominal interest rate. The real interest rate is taken as given in the equation and it is not affected by changes in inflation rate. If inflation rate increases from 3% to 5%, the nominal rate of interest would increase by about 2%.
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Green Day Corporation has outstanding 500,000 shares of $10 par value common stock. The corporation declares a 70% stock dividend when the fair value of the stock is $45 per share. Prepare the journal entries for Green Day Corporation for both the date of declaration and the date of distribution.
Date of Declaration:
Dr: Retained Earnings 22,850,000
Cr: Common Stock Dividend Distributable 350,000
Cr: Paid-in Capital in Excess of Par-Common 22,500,000
500,000*45 = 22,500,000
22,500,000+350,000=22,850,000
Date of Distribution:
(70%*500,000) = 350,000
Dr: Common Stock Dividend Distributable 350,000
Cr: Common Stock 350,000
After visiting several automobile dealerships, Richard selects the car he wants. He likes its $20,000 price, but financing through the dealer is no bargain. He has $4,000 cash for a down payment, so he needs a loan of $16,000. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $16,000 for a period of four years at an add-on interest rate of 11 percent.
a. What is the total interest on Richard's loan?
Total interest
b. What is the total cost of the car?
Total cost
c. What is the monthly payment?
Monthly payment
Answer and Explanation:
The computation is shown below:
a. The total interest is
= Principal × rate of interest × time period
= $16,000 × 4 years × 11%
= $7,040
b. The total cost of the car is
= Price of the car + interest
= $20,000 + $7,040
= $27,040
c. The monthly payment is
= (Principal amount + interest) ÷ number of months
= ($16,000 + $7,040) ÷ 48 months
= $480
11) Which of the following sections of the statement of cash flows includes activities that increase and decrease long-term liabilities and stockholders' equity? A) the investing activities section B) the financing activities section C) the operating activities section D) the non-cash investing and financing section
Answer:
A) the investing activities section
Explanation:
A financial statement is a written report that quantitatively describes a firm's financial health. Under the financial statements is a cash-flow statement, which is used to record the cash inflow and cash equivalents leaving a business firm.
Cash flow statement, also known as the statement of cash flows, contains financial information about operating, financial and investing activities.
1. Operating cash flow: all cash generated from the business activities of an organization.
2. Financing cash flow: all payments made by an organization and profits from issuance of debts and equity.
3. Investing cash flow: costs associated with purchasing of capital assets and investments of cash resources in other businesses.
Generally, investing activities comprises of purchasing physical assets, investing in securities and the sale of assets or securities associated with the company.
Hence, the investing activities section of the statement of cash flows includes activities that increase and decrease long-term liabilities and stockholders' equity in the business they have invested their money in.
Does the government control all market activity in the United States?
Answer:
Not directly. That would be fascist. There are some regulations placed on some businesses, but owners direct their own businesses.
LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant:Direct materials inventory ..... $62,400Work-in-process inventory ..... 33,900Finished goods inventory ..... 55,600During June, direct labor cost was $143,000, direct materials purchases were $346,000, and the total overhead cost was $375,800. The inventories at the end of June were:Direct materials inventory ..... $63,000Work-in-process inventory ..... 37,500Finished goods inventory ..... 50,800Required:1. Prepare a cost of goods manufactured statement for June.2. Prepare a cost of goods sold schedule for June.
Answer and Explanation:
1. The preparation of the cost of goods manufactured statement as follows:
Statement of Cost of Goods Manufactured
Direct Material:
Beginning Raw material Inventory $62,400
Add: Cost of raw material purchased $346,000
Material available $408,400
Less: Ending Raw material inventory -$63,000
Direct Materials used in Production $345,400
Direct Labor Cost $143,000
Total overhead cost $375,800
Total Manufacturing cost added $864,200
Add: Opening Work in Progress $33,900
Less: Closing Work in Progress -$37,500
Cost of Goods manufactured $860,600
2. The preparation of a Cost of Goods Sold is presented below:
Statement of Cost of Goods Sold
Opening Finished goods inventory $55,600
Add: Cost of Goods manufactured $860,600
Total goods available for Sale $916,200
Less: Closing finished goods inventory -$50,800
Cost of Goods Sold $865,400
A company maintains its records using cash-basis accounting. During the year, the company received cash from customers, $32,000, and paid cash for salaries, $25,000. At the beginning of the year, customers owe the company $3,600. By the end of the year, customers owe $5,200. At the beginning of the year, the company owes salaries of $3,700. At the end of the year, the company owes salaries of $5,400. Determine cash-basis net income and accrual-basis net income for the year.
Answer:
Cash-basis net income is $7,000
Accrual-basis net income is $6,900
Explanation:
Cash-basis net income
Cash basis Net income is the net of cash receipt as income and paid as an expense. The net value of cash received from customers and paid for the salaries is considered as net income.
Net income = Cash received From Customers - Cash Paid for salaries = $32,000 - $25,000 = $7,000
Accrual-basis net income
Accrual-basis net income is the net value of accrued income and accrued expenses regardless of the receipt or payment of cash
First calculate the sales value
Ending account receivable = Beginning account receivable + Credit sales for the period - Cash received in the period
$5,200 = $3,600 + Credit sales for the period - $32,000
$5,200 = Credit sales for the period - $28,400
Credit sales for the period = $5,200 + $28,400 = $33,600
Now calculate the accrued salary expense for the period
Ending salaries payable = Beginning salaries payable + Salaries expense for the period - Cash paid in the period
$5,400 = 3,700 + Salaries expense for the period - $25,000
$5,400 = Salaries expense for the period - $21,300
Salaries expense for the period = $5,400 + $21,300 = $26,700
The net income is
Net Income = Accrued Sales - Accrued Expense = $33,600 - $26,700 = $6,900
A retail store is doing a $50 gift card giveaway by selecting 1 customer from a pool of registered customers. The pool of registered customers has males and females of all ages with 52% of the pool being female and 18% of the pool being over the age of 65. The probability of the winner being female or over age 65 (the union of female and over age 65) is 70%.
a. True
b. False
Answer:
False
Explanation:
Given
[tex]P(Female) = 52\%[/tex]
[tex]P(Age>65) = 18\%[/tex]
Required
Determine [tex]P(Female\ or\ Age>65)[/tex]
The events of being a female and over the age of 65 are non-mutually exclusive events.
We know this because the question says the pool is from all ages.
So, the required probability is calculated using:
[tex]P(A\ or\ B) = P(A) + P(B) - P(A\ and\ B)[/tex]
In this case, it is:
[tex]P(Female\ or\ Age>65) = P(Female) + P(Age>65) - P(Female\ and\ Age>65)[/tex]
This gives:
[tex]P(Female\ or\ Age>65) = 52\% + 18\% - P(Female\ and\ Age>65)[/tex]
[tex]P(Female\ or\ Age>65) = 70\% - P(Female\ and\ Age>65)[/tex]
Because the pool is from all ages,
[tex]P(Female\ and\ Age>65) > 0\%[/tex]
So:
[tex]P(Female\ and\ Age>65) < 70\%[/tex]
The solution to this question is b. False
Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021.
Account Title Debits Credits
Cash $29, 000
Accounts receivable 148, 000
Raw materials 33, 000
Notes receivable 109, 000
Interest receivable 12, 000
Interest payable $14,000
Investment in debt securities 41, 000
Land 59, 000
Buildings 1,480, 000
Accumulated depreciation—buildings 629,000
Work in process 51,000
Finished goods 98, 000
Equipment 318,000
Accumulated depreciation—equipment 139000
Patent (net) 129,000
Prepaid rent (for the next two years 69 , 000
Deferred revenue 45,000
Accounts payable 189,000
Notes payable 490,000
Restricted cash (for payment of notes payable) 89,000
Allowance for uncollectible accounts 22,000
Sales revenue 980,000
Cost of goods sold 459,000
Rent expense 37,000
Additional Information: The notes receivable, along with any accrued interest, are due on November 22, 2022. The notes payable are due in 2025. Interest is payable annually. The investment in debt securities consist of treasury bills, all of which mature next year. Deferred revenue will be recognized as revenue equally over the next two years.
Required:
Determine the company's working capital (current assets minus current liabilities) at December 31, 2021.
Answer: $308,000
Explanation:
Current Assets:
Cash 29,000
Accounts receivable (net) 126,000
Raw materials 33,000
Notes receivable 109,000
Interest receivable 12,000
Investment in debt securities 41, 000
Work in process 51,000
Finished goods 98,000
Prepaid rent 34,500
Total $533,500
Accounts receivable (net) = Accounts receivable - Allowance for uncollectible accounts
= 148,000 - 22,000
= $126,000
Prepaid rent is for 2 years:
= 69,000 / 2
= $34,500
Current Liabilities
Interest Payable 14,000
Deferred revenue 22,500
Accounts Payable 189,000
Total $225,500
Deferred revenue is to be recognized over 2 years = 45,000 / 2
= $22,500
Working Capital = 533,500 - 225,500
= $308,000
Based on the following data, determine the cost of merchandise sold for November:
Increase in estimated returns inventory $7,900
Merchandise inventory, November 1 13,200
Merchandise inventory, November 30 25,300
Purchases 263,400
Purchases returns and allowances 9,000
Purchases discounts 5,300
Freight in 3,700
Answer:
See below
Explanation:
The computation of the cost of merchandise sold for November is
= Opening inventory + net purchases - ending inventory
Where
Opening inventory = $13,200
Net purchases = $263,400 - $9,000 - $5,300 + $3,700 = $252,800
Ending inventory = $25,300
Merchandise sold = $13,200 + $252,800 - $25,300 = $240,700
Who prepares, creates, and is solely accountable for the official Financial Statements of a publicly traded company
A major argument of the podcast is that corporations have the power to change their employee's behaviors and even how they see the world, and that's how they can achieve social change- at a grassroots level. How does this relate to your own understanding of business ethics, and do you think it makes sense to look at corporate's capacity for global change at this level? Why or why not?
The correct answer to this open question is the following.
This can relate to my own understanding of business ethics in that corporations do really have a certain influence on employee's behaviors, but up to the point of reference or comparison. Employees have their own belief systems inherited by parents, family, and primary groups of reference.
It could make sense to look at corporate's capacity for global change at this level if the leaders are truly committed to sharing positive values that not only impact the workplace but can be extended to all areas of life.
Indeed, the workplace is where most people spend most of the time during the week. So it would be good that corporate leaders could create the kind of corporate culture in which employees feel comfortable, listened to, and appreciated.
If this is the case, corporations really can have a certain influence on employee's behaviors. Unfortunately, in most corporations, employees can see their leaders setting the example. On the contrary, these leaders are the ones that first break the rules and behave in different or questionable ways.
Adjusting Entries and Adjusted Trial Balances
Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 20Y6, Emerson Company's accounting clerk prepared the following unadjusted trial balance:
Emerson Company
Unadjusted Trial Balance
October 31, 20Y6
Debit Credit
Balances Balances
Cash 3,930
Accounts Receivable 35,640
Prepaid Insurance 6,640
Supplies 1,810
Land 104,800
Building 269,090
Accumulated Depreciation—Building 128,060
Equipment 125,950
Accumulated Depreciation—Equipment 91,210
Accounts Payable 11,180
Unearned Rent 6,340
Suzanne Emerson, Capital 285,400
Suzanne Emerson, Drawing 13,890
Fees Earned 302,030
Salaries and Wages Expense 180,010
Utilities Expense 39,570
Advertising Expense 21,140
Repairs Expense 16,010
Miscellaneous Expense 5,740
824,220 824,220
The data needed to determine year-end adjustments are as follows:
Unexpired insurance at October 31, $4,450.
Supplies on hand at October 31, $540.
Depreciation of building for the year, $2,950.
Depreciation of equipment for the year, $2,550.
Unearned rent at October 31, $1,650.
Accrued salaries and wages at October 31, $2,880.
Fees earned but unbilled on October 31, $16,910.
Required:
1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense. If an amount box does not require an entry, leave it blank.
2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.
Answer:
Emerson Company
1. Adjusting Journal Entries
Debit Insurance expense $2,190
Credit Prepaid Insurance $2,190
To record expired insurance expense for the year.
Debit Supplies expense $1,270
Credit Supplies $1,270
To record supplies expense for the year.
Debit Depreciation expense of building $2,950
Credit Accumulated depreciation - building $2,950
To record depreciation expense for the year.
Debit Depreciation expense of equipment $2,550
Credit Accumulated depreciation - equipment $2,550
To record depreciation expense for the year.
Debit Unearned rent $4,690
Credit Rent Revenue $4,690
To record rent earned for the year.
Debit Salaries and wages Expense $2,880
Credit Salaries and wages payable $2,880
To record accrued salaries and wages.
Debit Accounts receivable $16,910
Credit Fees earned $16,910
To record fees earned but unbilled.
2. Adjusted Trial Balance as of October 31, 20Y6
Emerson Company
Adjusted Trial Balance as of October 31, 20Y6
Debit Credit
Cash $3,930
Accounts Receivable 52,550
Prepaid Insurance 4,450
Supplies 540
Land 104,800
Building 269,090
Accumulated Depreciation—Building $131,010
Equipment 125,950
Accumulated Depreciation—Equipment 93,760
Accounts Payable 11,180
Salaries and Wages Payable 2,880
Unearned Rent 1,650
Suzanne Emerson, Capital 285,400
Suzanne Emerson, Drawing 13,890
Fees Earned 318,940
Rent Revenue 4,690
Salaries & Wages Expense 182,890
Utilities Expense 39,570
Advertising Expense 21,140
Repairs Expense 16,010
Miscellaneous Expense 5,740
Insurance Expense 2,190
Supplies Expense 1,270
Depreciation Exp. Building 2,950
Depreciation Exp. Equip. 2,550
Totals $849,510 $849,510
Explanation:
a) Data and Calculations:
Emerson Company
Unadjusted Trial Balance as of October 31, 20Y6
Debit Credit
Cash $3,930
Accounts Receivable 35,640
Prepaid Insurance 6,640
Supplies 1,810
Land 104,800
Building 269,090
Accumulated Depreciation—Building $128,060
Equipment 125,950
Accumulated Depreciation—Equipment 91,210
Accounts Payable 11,180
Unearned Rent 6,340
Suzanne Emerson, Capital 285,400
Suzanne Emerson, Drawing 13,890
Fees Earned 302,030
Salaries & Wages Expense 180,010
Utilities Expense 39,570
Advertising Expense 21,140
Repairs Expense 16,010
Miscellaneous Expense 5,740
Totals $824,220 $824,220
Adjustments:
Prepaid Insurance balance = $4,450
Insurance expense = $2,190 (6,640 -4,450)
Supplies balance = $540
Supplies expense = $1,270 (1,810 - 540)
Depreciation expense of building = $2,950
Accumulated depreciation - building = $131,010 (128,060 + 2,950)
Depreciation expense of equipment = $2,550
Accumulated depreciation - equipment = $93,760 (91,210 + 2,550)
Unearned rent = $1,650
Rent Revenue = $4,690 (6,340 - 1,650)
Salaries and wages payable = $2,880
Salaries and wages = $182,890 (180,010 + 2,880)
Accounts receivable = $52,550 (35,640 + 16,910)
Fees earned = $318,940 (302,030 + 16,910)
Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions:
a. Terry Mason invested $30,000 in Succulent Express in exchange for common stock.
b. Pald $5,400 on February i for an insurance premium on a one-year policy.
c. Purchased supplies on account, $1,800.
d. Received fees of $57,000 during February
e. Paid expenses as follows: wages, 521,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200.
f. Paid dividends of $8,000.
Record the preceding transactions using the integrated financial statement framework. After each transaction, enter a balance for each item. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts using the minus sign.
Answer:
Net cash flow = $39,600
Net income = $18,050
Explanation:
Note: There is an error in the wages amount stated in the question. The correct amount of the wages is $21,600 not 521,600.
Explanation of the answer is now provided as follows:
Note: See the attached excel file for the integrated financial statement which comprises of Balance Sheet, Statement of Cash Flow and the Income Statement.
An integrated financial statement framework can be described as a type of framework which presents the balance sheet, cash flow statement, and income statement of a company.
In the attached excel file the following are used:
Insurance premium paid under Retained Earnings = Insurance premium paid * (11 Months / 12 Months) = $5,400 * (11 / 12) = $4,950
Prepaid insurance = Insurance premium paid - Insurance premium paid under Retained Earnings = $5,400 - $4,950 = $450
Expenses paid = wages + rent + utilities + miscellaneous = $21,600 + $6,400 + $2,800 + $3,200 = $34,000
The income statement for the Timberline Golf Club Inc. for the month ended July 31 shows Service Revenue $18,530; Salaries and Wages Expense $9,100; Maintenance and Repairs Expense $4,190; and Income Tax Expense $1,110. The statement of retained earnings shows an opening balance for Retained Earnings of $20,590 and Dividends $1,830.Prepare closing journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answer and Explanation:
The closing journal entries are as follows:
1. Service revenue Dr $18,530
To Income summary $18,530
(being revenue account is closed)
2. Income summary Dr $14,400
To Salaries and Wages Expense $9,100
To Maintenance and Repairs Expense $4,190
To Income Tax Expense $1,110
(being expenses account is closed)
3. Income summary Dr $4,130 ($18,530 - $14,400)
To retained earnings $4,130
(Being closing of the net income is recorded)
4. Retained earnings Dr $1,830
To Dividend $1,830
(being dividend account is closed)
The wholesale cost of a video game is $459.45. The original markup was 51% based on selling price. Find the final sale price after the following series of price changes: a markup of 24%, a markup of 17%, and a markdown of 10%.
Answer:
234.3399
Explanation:
The wholesale cost of a video game is $459.45. The original markup was 51% based on selling price. The final sale price after the following series of price changes would be a markup of 24%. Thus option (a) is correct.
What is a cost?The cost is the expenditure or spending required or incurred to create and sell products and services, or to acquire assets.
When a product is sold or consumed, a cost is charged to expense. In the case of a buying of an asset, the charge to expense could be significantly deferred.
The cost concept underlies the transition of assets from the balance sheet to expenses in the income statement.
The cost can be a fixed cost like the lease of a building which will not vary every month or can be a variable cost like the telephone cost which can vary every month.
Learn more about the cost here:
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Identify the choice that best completes the statement.
Economic models:_______.
a. cannot be useful if they are based on false assumptions
b. were once thought to be useful, but that is no longer true.
c. must incorporate all aspects of the economy if they are to be useful.
d. can be useful, even if they are not particularly realistic.
Answer:
The correct answer is the option D: Can be useful, even if they are not particulary realistic.
Explanation:
To begin with, the economic models are believed to have been made decades ago by classical economists like Adam Smith and David Ricardo so that explains that nowadays there is a whole different context around the world and the economy of every country and about how those country see and treat they economics objectives so that means that even though that the models created years ago are not quite realistic nowadays and everything falls out when it comes to the real world and the practice, those models can be quite useful in order to understand how some things in the economy works.
The August 31 balance shown on the bank statement is $9,813.
a. There is a deposit in transit of $1,263 at August 31.
b. Outstanding checks at August 31 totaled $1,877.
c. Interest credited to the account during August but not recorded on the company's books amounted to $116.
d. A bank charge of $35 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived.
e. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $626 had been recorded as a disbursement of $373. The August 31 balance in the general ledger Cash account, before reconciliation, is $9,371.
Required:
Prepare a bank reconciliation as of August 31 from the above information.
Answer:
Adjusted Balance per bank $9,199
Adjusted Balance per books $9,199
Explanation:
Preparation of a bank reconciliation as of August 31
Balance per bank on August 31 $9,813
Add Deposit in transit $1,263
Less Outstanding checks ($1,877)
Adjusted Balance per bank $9,199
Balance per books on August 31 $9,371
Add Interest earned $116
Less Bank charge ($35)
Less Error in Books ($253)
($626-$373)
Adjusted Balance per books $9,199
Therefore the bank reconciliation as of August 31 will be:
Adjusted Balance per bank $9,199
Adjusted Balance per books $9,199