Answer:
Hello! Your answer would be, BELOW
Explanation:
Job objective should be listed last
Use action words when describing your experience.
These are the statements that are true about resumes. Resumes should include job objectives. However, these should be listed at the end of the resume. A second thing to remember when drafting a resume is that it is important to use action words to describe your experiences. This is because the statements become more interesting, and because this structure will highlight the role that you played in each instance.
Hope I helped! Brainiest plz! Hope you make an 100% and have a wonderful day! -Amelia♥
On July 31, 2020, Vaughn Company had a cash balance per books of $6,132.05. The statement from Dakota State Bank on that date showed a balance of $7,748.15. A comparison of the bank statement with the Cash account revealed the following facts.
1. The bank service charge for July was $25.
2. The bank collected $1,720 for Keeds Company through electronic funds transfer.
3. The July 31 receipts of $1,297.50 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4. Company check No. 2480 issued to L. Taylor, a creditor, for $391 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $319.
5. Checks outstanding on July 31 totaled $1,866.60.
6. On July 31, the bank statement showed an NSF charge of $576 for a check received by the company from W. Krueger, a customer, on account.
Required:
Prepare the bank reconciliation as of July 31.
Answer and Explanation:
The preparation of the bank reconciliation as of July 31 is presented below;
Cash balance as per bank statement $7,748.15
Add: deposit in transit $1,297.50
Less: outstanding checks $1,866.60
Adjusted cash balance per bank $7,179.05
Cash balance as per books $6,132.05
Add: electronic fund transfer received $1,720
Less: error ($391 - $319) -$72
Less: service charges - $25
Less: NSF charges - $576
Adjusted bank balance per books $7,179.05
Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2020 are presented below.
End of Year Beginning of Year
Cash and cash equivalents $750 $81
Accounts receivable (net) 2,060 1,810
Inventory 880 830
Other current assets 570 429
Total current assets $4,260 $3,150
Total current liabilities $2,060 $1,610
For the year, net credit sales were $8,258 million, cost of goods sold was $5,328 million, and net cash provided by operating activities was $1,251 million.
Required:
Compute the current ratio, current cash debt coverage, accounts receivable turnover, average collection period, inventory turnover, and days in inventory at the end of the current year.
Answer:
Nordstrom, Inc.
Current Ratio = Current assets/Current liabilities
= $4,260/ $2,060
= 2.1
Current cash debt coverage = Net Operating Cash/Current liabilities
= $1,251/$2,060
= 0.61
Accounts receivable turnover = Net Sales/Average Receivable
= $8,258/$1,935
= 4.27
Average collection period = 365/4.27
= 85.5 days
Inventory turnover = Cost of goods sold/Average inventory
= $5,328/$855
= 6.2 times
Days in inventory = 365/Inventory turnover
= 58.9 days
Explanation:
a) Data and Calculations:
End of Year Beginning of Year
Cash and cash equivalents $750 $81
Accounts receivable (net) 2,060 1,810
Inventory 880 830
Other current assets 570 429
Total current assets $4,260 $3,150
Total current liabilities $2,060 $1,610
Net credit sales = $8,258 million
Cost of goods sold = $5,328 million
Net operating cash = $1,251 million
Average receivables = $1,935 ($2,060 + $1,810)/2
Average inventory = $855 ($880 + $830)/2
Kemper Company's balance sheet and income statement are shown below (in millions of dollars). The company and its creditors have agreed upon a voluntary reorganization plan. In this plan, each share of the $5 preferred will be exchanged for one share of $1.00 preferred with a par value of $25 plus one 9% subordinated income debenture with a par value of $75. The $9 preferred issue will be retired with cash. The company's tax rate is 30 percent.
Balance Sheet prior to Reorganization (in millions
Current Assets 400 Current liabilities 350
Net fixed assets 450 Advance payments 20
$5 preferred stock, $100 par value (1,000,000) shares 100
$9 preferred stock, no par, callable at 100 (160,000 shares) 30
Common stock, $0.10 par value (10,000,000) shares 50
Retained earnings 300
Total assets 850 Total claims 850
a. Construct the pro forma balance sheet after reorganization takes place. Show the new preferred at its par value.
b. Construct the pro forma income statement after reorganization takes place. How does the recapitalization affect net income available to common stockholders?
Answer:
Kemper Company
a. Pro forma Balance Sheet after Reorganization (in millions)
Current Assets 400
Net fixed assets 450
Total assets 850
Current liabilities 350
Advance payments 20
9% subordinated Debenture,
$75 par value (1,000,000) 75
$1 preferred stock, $25 par value
(1,000,000) shares 25
Common stock, $0.10 par value
(10,000,000) shares 50
Retained earnings 300
b. Pro forma Income Statement after Reorganization (in millions)
Retained earnings 300
Income tax 128.6 ($300/(1 - 0.3) - $300)
add $5 preferred dividend 5
$9 preferred dividend 1.44
Less: 9% debenture interest (6.75)
Income before taxes $428.29
Income tax 128.49
Income after taxes $299.80
Preferred dividend 1.00
Retained earnings $298.80
The recapitalization reduces the net income available to common stockholders by $0.2 million.
Explanation:
a) Data and Calculations:
Kemper Company
Balance Sheet prior to Reorganization (in millions
Current Assets 400
Net fixed assets 450
Total assets 850
Current liabilities 350
Advance payments 20
$5 preferred stock, $100 par value
(1,000,000) shares 100
$9 preferred stock, no par,
callable at 100 (160,000 shares) 30
Common stock, $0.10 par value
(10,000,000) shares 50
Retained earnings 300
Total assets 850 Total claims 850
Transaction Analysis:
$5 preferred stock, $100 par value (1,000,000) shares $100 $1 Preferred stock, $25 par value (1,000,000) shares $25 9% subordinated Debenture, $75 par value (1,000,000) $75
$9 preferred stock, no par, callable at 100 (160,000 shares) 30 Cash $30
Total assets 850 Total claims 850
A 15-year maturity bond with par value of $1,000 makes annual coupon payments at a coupon rate of 10%. Find the bond equivalent and effective annual yield to maturity of the bond for the following bond prices.
List Bond Equivalent Annual Effective annual
bond prices Yield to maturity Yield to maturity
a $940 % %
b $1,000 % %
c $1,040 % %
Answer:
A. Bond equivalent 10.82%
Effective annual yield to maturity of the bond 11.11%
B. Bond equivalent 10%
Effective annual yield to maturity of the bond 10.25%
C. Bond equivalent 9.49%
Effective annual yield to maturity of the bond 9.73%
Explanation:
A. Calculation to Find the bond equivalent
We would determine the yield to maturity on a semi-annual basis using Financial Calculator which is:
N = 10*2 = 30
PV = -940
PMT = [10%/2]*1000 = 50
FV = 1000
Press CPT, then I/Y, which gives us 5.41%
Bond equivalent yield to maturity=5.41% × 2
Bond equivalent yield to maturity= 10.82%
Calculation to determine the Effective Annual Yield To Maturity of the bond
Effective annual yield to maturity = (1+.0541)^2– 1
Effective annual yield to maturity = (1.0541)^2– 1
Effective annual yield to maturity =1.1111 – 1
Effective annual yield to maturity = 0.1111 *100
Effective annual yield to maturity = 11.11%
Therefore the bond equivalent and effective annual yield to maturity of the bond will be:
Bond equivalent 10.82%
Effective annual yield to maturity of the bond 11.11%
b. Calculation to determine the bond equivalent
Based on the information given the bond is selling at par which therefore means that the yield to maturity on a semi annual basis will be the same as the semi annual coupon 5%.
Bond equivalent yield to maturity =5%*2
Bond equivalent yield to maturity= 10%.
Calculation to determine Effective annual yield to maturity
Effective annual yield to maturity = (1+.05)^2– 1
Effective annual yield to maturity = (1.05)^2– 1
Effective annual yield to maturity=1.1025-1
Effective annual yield to maturity=.1025*100
Effective annual yield to maturity =10.25%
Therefore the bond equivalent and effective annual yield to maturity of the bond will be:
Bond equivalent 10%
Effective annual yield to maturity of the bond 10.25%
c.Calculation to determine the bond equivalent
N = 10*2 = 30
PV = -1,040
PMT = [10%/2]*1000 = 50
FV = 1000
Bond equivalent yield to maturity=9.49%, or 4.75% on a semi-annual basis.
Calculation to determine the Effective Annual Yield To Maturity of the bond
Effective annual yield to maturity = (1+.0475)^2– 1
Effective annual yield to maturity = (1.0475)^2– 1
Effective annual yield to maturity =1.0973– 1
Effective annual yield to maturity = 0.0973*100
Effective annual yield to maturity = 9.73%
Therefore the bond equivalent and effective annual yield to maturity of the bond will be:
Bond equivalent 9.49%
Effective annual yield to maturity of the bond 9.73%
For what reason might keeping an accounts payable subsidiary ledger be unnecessary for a business? A. if the business is very small B. if the business processes invoices for payment. C. if the business pays only on account D. if the business has more customers then vendors
Answer:
A. if the business is very small
Explanation:
Subsidiary ledgers are maintained to support the entries in the main ledger. They give more details of the individual items in the main ledger.
They are usually used when a company has large sales volumes to make sure transactions are accurate.
However in small businesses there no need for subsidiary ledger in a small company.
Accounts payable subsidiary ledger shows details of amounts owed to suppliers by a business.
When the business is very small there will be no need for this.
home trade helps in proper utilization of local resources how
1. Higher trade volumes
2. Greater opportunities to capitalize on comparative advantages
3. More efficient use of raw materials
4. Stronger economic growth
The following information is available for the XYZ Company for the month of July:
Static Budget Actual
Units 7,000 6,650
Sales revenue $60,000 $55,715
Variable manufacturing costs $15,000 $14,250
Fixed manufacturing costs $20,000 $17,000
Variable selling & administrative expense $10,000 $10,500
Fixed selling & administrative expense $15,000 $12,000
The total sales-volume variance for operating income for the month of July would be:__________
Answer:
XYZ Company
The total sales-volume variance for operating income for the month of July would be:__________
$3,765 Favorable
Explanation:
a) Data and Calculations:
Static Budget Actual
Units 7,000 6,650
Sales revenue $60,000 $55,715
Variable manufacturing costs $15,000 $14,250
Fixed manufacturing costs $20,000 $17,000
Variable selling & administrative exp. $10,000 $10,500
Fixed selling & administrative expense $15,000 $12,000
Flexible Budget Actual
Units 6,650 6,650
Sales revenue = $57,000($60,000/7,000 * 6,650) $55,715
Variable manufacturing costs = $14,300 ($15,000/7,000 * 6,650) $14,250
Fixed manufacturing costs $20,000 $17,000
Variable selling & administrative exp. =$9,500 ($10,000/7,000 * 6,650) $10,500
Fixed selling & administrative expense $15,000 $12,000
Flexible Budget Actual Variance
Units 6,650 6,650
Sales revenue $57,000 $55,715 $1,285 U
Variable manufacturing costs $14,300 $14,250 50 F
Fixed manufacturing costs $20,000 $17,000 3,000 F
Variable selling & administrative exp. $9,500 $10,500 1,000 U
Fixed selling & administrative expense $15,000 $12,000 3,000 F
Operating income ($1,800) $1,965 $3,765 F
There are three equally-sized distinct subpopulations in Utopolis: unemployed, workers, and retirees. There are four possible social states which result in different utility levels for the three subpopulations:
Social State Unemployed Workers Retirees
A 12 50 10
B 20 20 20
C 15 15 15
D 1 40 1
a. Which social states might plausibly be chosen by the government of Utopolis? And Why?
b. There is a government election in Utopolis with two candidates: a Rawlsian and a Utilitarian candidate. Each candidate promises to enact one of the social states above. If the majority of citizens elect the candidate, which social state will be enacted?
Answer:
Utopolis
a. Social states chosen by the government of Utopolis are:
Social State Unemployed Workers Retirees
A 12 50 10
D 1 40 1
The reason for choosing these social states is that the social states of A and D reduce the headache felt by the government in managing unemployment and paying pensions to retirees, unlike the social states of B and C, which have equal numbers of the distinct subpopulations.
b. The enacted social state will be D. This is the social state preferred by the majority of citizens. There is a utopian economic condition achieved with social state D unlike with other social states.
Explanation:
a) Data and Calculations:
Utility levels in Utopolis:
Social State Unemployed Workers Retirees
A 12 50 10
B 20 20 20
C 15 15 15
D 1 40 1
Waterway Industries estimates its sales at 240000 units in the first quarter and that sales will increase by 26000 units each quarter over the year. They have, and desire, a 25% ending inventory of finished goods. Each unit sells for $35. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale. Cash collections for the third quarter are budgeted at:
a. $5,735,800.
b. $11,574,800.
c. $8,380,400.
d. $10,056,200.
Answer:
d. $10,056,200.
Explanation:
The computation of the cash collection for the third quarter is shown below;
Sales in quarter 1 is 240,000 units
Sales in quarter 2 is 240,000 + 26000 units = 266,000 units
And, the sales in quarter 3 is 266,000 units + 24000 units = 292,000 units
Now
= (292,000 units × $35 × 40%) + (292,000 × $35 × 60% × 70%) + (266,000 units × $35 × 60% × 30%)
= $4,088,000 + $4,292,400 + $1,675,800
= $10,056,200
ECB Co. has 1.25 million shares outstanding selling at $25 per share. It plans to repurchase 97,000 shares at the market price. What will be its market capitalization after the repurchase? What will be its stock price? The market capitalization after the repurchase is million. (Round to three decimal places.)
Answer:
Market cap = 28.825 million
Stock price = $25
Explanation:
Current outstanding shares = 1,250,000
Current price per share = $25
So, ECB current market cap = 1,250,000 × $25 = $31,250,000
Repurchase shares = 97,000
So repurchase value = 97,000 × $25 = $2,425,000
Hence, Market capitalization after repurchase = current market cap - repurchase value
= $31,250,000 - $2,425,000 = 28,825,000 or 28.825 million
Stock price = $25
Grouper Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase.
List price of new melter $21,804
Cash paid 13,800
Cost of old melter (5-year life, $966 salvage value) 15,456
Accumulated Depreciation-old melter (straight-line) 8,694
Secondhand fair value of old melter 7,176
Required:
Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Sage’s fiscal year ends on December 31, and depreciation has been recorded through December 31, 2020.
Answer and Explanation:
The journal entries are shown below;
a. the exchange has commercial substance
Depreciation expense (($15,456 - $966) ÷ 5 × 4 ÷ 12 ) $966
To Accumulate depreciation $966
(being depreciation expense is recorded)
New Melter ($13,800 + $7,176) $20,976
accumulated depreciation ($8,694 + $966) $9,660
To loss on sale of melter $1,380
To old melter $15,456
To cash $13,800
(being equipment exchange is recorded)
b. The exchange lacks commercial substance
Depreciation expense (($15,456 - $966) ÷ 5 × 4 ÷ 12 ) $966
To Accumulate depreciation $966
(being current depreciation expense is recorded)
New Melter ($13,800 + $7,176) $20,976
accumulated depreciation ($8,694 + $966) $9,660
To loss on sale of melter $1,380
To old melter $15,456
To cash $13,800
(being equipment exchange is recorded)
In the trade-off theory, debt levels chosen to balance interest tax shield against the costs of financial distress imply:________
a. an interior optimum (firm value maximizing) debt ratio
b. that investors are irrational, since they require lower returns the hgher the risk
c. that a firm would use little to no debt
d. that a firm would borrow as much as possible
Answer:
a) an interior optimum (firm value maximizing) debt ratio
Explanation:
Trade off Theory is about capital structure of an economic unit. It mentions about the benefit of debt - ie tax saving, as interest on debt is tax deductible; & cost of debt - bankruptcy & insolvency risk, due to fix interest cost.
The theory depicts the debt level, which is best to - balance interest tax shield against the costs of financial distress imply, which implies that it seeks a balance between benefit & cost of debt.
So, the theory finds the best interior optimum (firm value maximising) debt equity ratio.
Splish Brothers Inc. gathered the following reconciling information in preparing its August bank reconciliation:______.
Cash balance per books, 8/31 $33600 Deposits in transit 1400 Notes receivable and interest collected by bank 8200 Bank charge for check printing 190 Outstanding checks 19200 NSF check 1630
The adjusted cash balance per books on August 31 is:_______.
a. $38580.
b. $22040.
c. $23580
d. $39980.
Answer:
d. $39,980
Explanation:
Given the above information, the adjusted cash balance per books on August 31
= Cash opening + Collection by bank - Bank charge check printing - NSF check
The next step is to fix in the values as given above.
= $33,600 + $8,200 - $190 - $1,630
= $39,980
Therefore, the adjusted cash balance per books on August 31 is $39,980
Dennis sells short 100 shares of ARC stock at $152 per share on January 15, 2020. He buys 200 shares of ARC stock on April 1, 2020, at $190 per share. On May 2, 2020, he closes the short sale by delivering 100 of the shares purchased on April 1
a. What are the amount and nature of Dennis’s loss upon closing the short sale?
b. When does the holding period for the remaining 100 shares begin?
c. If Dennis sells (at $27 per share) the remaining 100 shares on January 20, 2017, what will be the nature of his gain or loss?
Answer: See explanation
Explanation:
a. What are the amount and nature of Dennis’s loss upon closing the short sale?
Sales consideration = $100 × $152 = $15200
Less: Closing Value of Short sales = 100 × $190 = $19000
Short term capital loss = $3800
b. When does the holding period for the remaining 100 shares begin?
The holding period for the remaining 100 shares begin on May 2, 2020, which was when the short sale was closed.
c. If Dennis sells (at $27 per share) the remaining 100 shares on January 20, 2017, what will be the nature of his gain or loss?
Sales consideration = 100 × $27 = $2700
Less: Base value = $19000
Short term capital loss = $16300
Kenji and Lucia are building their portfolios. Kenji purchases shares in a mutual fund and pays fees to a manager who actively manages the mutual fund's portfolio. He does so because he believes that the manager can identify inexpensive stocks that will rise in value. Lucia is not convinced. She buys shares in an index fund—a type of mutual fund that simply buys all of the stocks in a given stock index rather than actively managing a portfolio.
Kenji builds his portfolio on the supposition that:________
a. Stock analysts can use fundamental analysis to identify undervalued stocks.
b. Stock prices follow a random walk
c. The stock market exhibits informational efficiency.
Answer:
a. Stock analysts can use fundamental analysis to identify undervalued stocks.
Explanation:
Since in the question it is mentioned that he would trust the manager that it could identify the inexpensive stock that would increase the value but on the other side lucia not convinced, so she purchased the shares
So the kenji create his portfolio based on that the stock analyst would applied the fundamental analysis in order to analyze the undervalue of the stock
hence, the option a is correct
Kenji and Lucia are building their portfolios. Kenji purchases shares in a mutual fund and pays fees to a manager who actively manages the mutual fund's portfolio. He does so because he believes that the manager can identify inexpensive stocks that will rise in value. Lucia is not convinced. She buys shares in an index fund—a type of mutual fund that simply buys all of the stocks in a given stock index rather than actively managing a portfolio.
Kenji builds his portfolio on the supposition that:________
A. Stock analysts can use fundamental analysis to identify undervalued stocks.B. Stock prices follow a random walk
C. The stock market exhibits informational efficiency.
-KeonLee
I hope it help
#Carry on learning
Revenue and expense data for Bluestem Company are as follows:
Year 2 Year 1
Administrative expenses $37,720 $20,300
Cost of goods sold 360,000 319,900
Income tax 41,000 32,200
Sales 820,000 700,000
Selling expenses 154,160 109,900
Required:
Prepare a comparative income statement, with vertical analysis, stating each item for both years as a percent of sales.
Answer and Explanation:
The preparation of a comparitive income statement, with vertical analysis, stating each item for both years as a percent of sales is prepared below with the help of the attached spreadsheet:-
The formula that we have used is shown below:-
Gross profit percent = Gross profit / Sales revenue
Cost of goods sold percent = Cost of goods sold / Sales revenue
and in a similar way operating expenses items.
The Varone Company makes a single product called a Hom. The company has the capacity to produce 40,000 Homs per year. Per unit costs to produce and sell one Hom at that activity level are: Direct materials $20 Direct labor $10 Variable manufacturing overhead $5 Fixed manufacturing overhead $7 Variable selling expense $8 Fixed selling expense $2 The regular selling price for one Hom is $60. A special order has been received at Varone from the Fairview Company to purchase 8,000 Homs next year at 15% off the regular selling price. If this special order were accepted, the variable selling expense would be reduced by 25%. However, Varone would have to purchase a specialized machine to engrave the Fairview name on each Hom in the special order. This machine would cost $10,800 and it would have no use after the special order was filled. The total fixed costs, both manufacturing and selling, are constant within the relevant range of 30,000 to 40,000 Homs per year. Assume direct labor is a variable cost. If Varone has an opportunity to sell 37,960 Homs next year through regular channels and the special order is accepted for 20% off the regular selling price, the effect on net operating income next year due to accepting this order would be:________
a. $33,320 decrease
b. $35,480 decrease
c. $33,320 increase
d. $35,480 increase
Answer:
$69,200 Increase
Explanation:
Calculation to determine what the effect on net operating income next year due to accepting this order would be:
Incremental revenue $408,000
(8,000 units × $51 per unit)
[$60 × (1 − 15%) = $51]
Less incremental costs:
Direct materials $160,000
(8,000 units × $20 per unit)
Direct labor $80,000
(8,000 unit × $10 per unit)
Variable manufacturing overhead $40,000
(8,000 units × $5per unit)
Variable selling expense $48,000
[$8 × (1 − 25%) = $6]
(8,000 units × $6 per unit)
Special machine $10,800
Total incremental cost $338,800
Incremental net operating income$69,200
($408,000-$338,800)
Therefore the effect on net operating income next year due to accepting this order would be:
$69,200 Increase
The Aleander Company plans to issue $10,000,000 of 20-year bonds at par next June, with semiannual interest payments. The company's current cost of debt is 10 percent. However, the firm's financial manager is concerned that interest rates will increase in coming months, and has decided to take a short position in U. S. government t-bond futures. See the settlement data below for t-bond futures. (Note: One standard futures contract is $100,000).
a. Calculate the present value of the corporate bonds if rates increase by 2 percentage points.
b. Calculate the gain or loss on the corporate bond position.
c. Calculate the number of contracts required to cover the bond position. Then calculate the current value of the futures position.
d. Calculate the implied interest rate based on the current value of the futures position.
e. Interest rates increase as expected, by 2 percentage points. Calculate the present value of the futures position based on the rate calculated above plus the 2 points.
f. Calculate the gain or loss on the futures position.
g. Calculate the overall net gain or loss.
h. Is this problem an example of a perfect hedge or a cross hedge? Is it an example of speculation or hedging? Why?
Delivery Month Open High Low Settle Change Open Interest
(1) (2) (3) (4) (5) (6) (7)
Dec 103'14 103'14 102'11 102'17 -6 678,000
Mar 102'11 102'23 100'28 101'01 -5 135,855
June 101'14 101'26 100'02 100'12 -5 17,255
I have tried to explain it in extremely simple words and kept it precise too. I have made an excel file and compiled the answer in that clearly. All the parts are clearly mentioned. Please download the document and understand clearly. All the parts are solved independantly. Please find the attached file. Thanks.
What are the requirements for something to be used as money?
Britos Hyundai Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. After aging the accounts, it is estimated that $4,500 will not be collected. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment:
1. Allowance for Doubtful Accounts has a credit balance of $710.
2. Allowance for Doubtful Accounts has a debit balance of $305.
Required:
Journalize the entries.
Answer:
Explanation:
a. Total bad debts expenses = Estimated uncollectible accounts - Credit balance in the allowance account before adjustment
= $4500 - $710
= $3,790
Date Account title Debit Credit
Dec 31 Bad Debt Expense $3,790
Allowance for Doubtful Accounts $3,790
a. Total bad debts expenses = Debit balance in the allowance account before adjustment + estimated uncollectible accounts
= $305+ $4500
= $4,805
Date Account title Debit Credit
Dec 31 Bad Debt Expense $4,805
Allowance for Doubtful Accounts $4,805
Property that a business uses to secure a loan is
Answer:
Business loans are usually secured with collateral, which is an asset pledged to the lender by the borrower for the life of the loan. The collateral can be seized and sold to repay the loan if the borrower defaults. Lenders use collateral to reduce the risk of losing money on the loan.
Explanation:
A 2 kg object traveling at 5 m/s on a frictionless horizontal surface collides head-on with and sticks to a 3 kg object initially at rest. Which of the following correctly identifies the change in total kinetic energy and the resulting speed of the objects after the collision?
Kinetic Energy Speed
(A) Increases 2 m/s
(B) Increases Soold 3.2 m/s
(C) Decreases 2 m/s
(D) Decreases 3.2 m/s
Answer:
Decreases 2 m/s
Explanation:
This is an inelastic collision :
m1u1 + m2u2 = (m1 + m2)v
Where ;
m1 and u1 = mass and initial velocity of object 1
m2 and u2 = mass and initial velocity of object 2
v = final velocity of the objects
m1 = 2kg ; m2 = 3kg ; u1 = 5 m/s ; u2 = 0 ; v =?
m1u1 + m2u2 = (m1 + m2)v
(2*5) + (3*0) = (2 + 3)v
10 + 0 = 5v
10 = 5v
v = 10/5
v = 2m/s
Money is neutral in:___________
A. the short run, since it cannot alter the real aggregate output or price level in the short run.
B. both the short and long run, since it cannot alter price levels or aggregate output in the long and short run.
C. the long run, since it only affects the price level, but not aggregate output or interest rates.
D. the short run, since it cannot alter the price levels or interest rate in the short run.
Answer:
C
Explanation:
Money neutrality is a theory which submits that money supply only affect nominal variable and not real variables.
Nominal variables include price, wages and exchange rate
real variables include employment and real GDP
Money is only neutral in the long run and not in the short run because of money illusion. Money illusion causes economic agents to respond to money supply changes.
Money is neutral only in the long run
On May 13, 2020, Otto, Parker and Quentin bought a parcel of land as tenants in common. The deed provided that Otto owned 1/2 the property and Parker and Quentin each owned 1/4 each. If Quentin dies, the property will be divided as follows:
a. Otto 1/2. Parker 1/2
b. Otto 5/8, Parker 3/8
c. Otto 1/3, Parker 1/3, Quentin's heirs 1/3
d. Otto 1/2. Parker 1/4, Quentin's heirs 1/4
Answer:D. Otto 1/2. Parker 1/4, Quentin's heirs 1/4
Explanation:
Based on the information given in the question, if Quentin dies, the property will be divided as Otto 1/2. Parker 1/4, Quentin's heirs 1/4.
When a tenant in common dies, it should be noted that their share of a property will be passed to their legal heir and thesame percentage of ownership will be shared by the co-owners. Hence the correct option is D
Nontariff barriers are: _________
a. numerical limitations on the quantity of products that a country can import
b. rules, regulations, inspections, and paperwork which make it more costly or difficult to import products
c. taxes levied on the value of imported goods
d. all of the above
Answer:
The correct answer is the option D: All of the above. T
Explanation:
To begin with, the term known as "Non-Tariff Barriers" in the field of economics and business management refers to the barriers imposed by the government to the trade of imports and exports of goods and services in a country with the main difference that they use other mechanism rather than the commonly imposition of tariffs. Therefore that this tool can refer to rules, regulations or numerical limitations and many other impositions. That is why that it consists of any obstacle to international trade.
The following data are taken from the financial statements of Bar Harbor Company:
2017 2016
Average accounts receivable $530,000 $550,000
Net sales on account 5,800,000 5,200,000
Terms for all sales are 2/10, n/30
a) Compute the accounts receivable for both years.
b) Compute the average collection period for both years.
Answer:
a. Accounts receivable turnover = Net sales on account/Average accounts receivable
2017
Accounts receivable turnover = $5,800,000/$530,000
Accounts receivable turnover = 10.94
2016
Accounts receivable turnover = $5,200,000 / $550,000
Accounts receivable turnover = 9.45
b. Average collection period = 365 days/Accounts receivable turnover
2017
Average collection period = 365/10.94
Average collection period = 33 days
2016
Average collection period = 365/9.45
Average collection period = 39 days
Ever since e-commerce started rising in prominence, the value of the retail showroom has diminished significantly. After all, consumers no longer need to visit a store to see what types of products are available for purchase. Not only does a quick search on Amazon accomplish this goal within seconds, but the site also provides helpful resources such as customer reviews and recommendations. Nevertheless, the online retail model doesn't work the same way for all products. Consumers on the whole still visit showrooms when they're looking to buy big expensive items like cars or mattresses.
Thanks to a new wave of startups, however, online retailers are beginning to break through these barriers of size and expense. While many consumers remain reluctant to purchase a car without driving it, online mattress sellers like Casper and Leesa Sleep are winning over thousands with a streamlined approach. Customers simply select the size they want, pay for it, and then wait for the mattress to arrive at their doorstep compressed into a single box. Most showrooms contain a variety of mattresses that can greatly fluctuate in price depending on what sales are happening at the moment. Customers then learn all these intricate details from assertive salespeople on the hunt for a commission.
Today's online mattress sellers cut out this rigmarole by using simplified inventory and fixed prices. But that doesn't necessarily mean these brands provide customers with the best deal possible. For instance, a king from Casper costs $950, not exactly a bargain for a foam mattress. In fact, customers could likely get a better deal if they were simply willing to do some haggling at a showroom. For Casper's customers, though, the company's appeal lies in its convenience rather than its value. There's also little risk in trying out a compressed mattress: Casper offers free shipping, 100-day guarantees and free returns on all of their products. While it remains to be seen if these upstarts can take on the $14 billion U.S. mattress industry, Casper's $100 million in sales during its first year of operation suggests that they're certainly on the right track.
Requried:
a. Intermediaries can be eliminated, but their activities cannot. Describe the activities provided by retail showrooms that manufacturers like Leesa and Casper are now providing. Specifically, what utility are the manufacturers providing?
b. Would you ever purchase a car or an expensive refrigerator direct from the manufacturer without seeing the product in person or testing the product? Explain why or why not. If not, what would you need from the manufacturer in order to purchase direct from them?
Explanation:
a. Formerly, these manufacturers have to provide storage space to display their inventory of mattresses, however, online retail sellers have taken up this activity by holding the various sizes of the available inventory, and then simply display them on photos/videos on their website.
b. No. The decision to purchase a car direct from the manufacturer without seeing the product in person or testing the product isn't the most preferred option for many, however, an expensive refrigerator could be purchased without seeing or testing it out. Usually, the following factors are considered:
Would this product match the description stated?Would the cost of return be worth it if there happens to be a problem with the product?determine your targetarket
Answer:
A target market refers to a group of customers to whom a company wants to sell its products and services, and to whom it directs its marketing efforts. Consumers who make up a target market share similar characteristics including geography, buying power, demographics, and incomes.
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As seen on an income statement:
a. interest is deducted from income and increases the total taxes incurred.
b. depreciation reduces both the pretax income and the net income.
c. depreciation is shown as an expense but does not affect the taxes payable.
d. the tax rate is applied to the earnings before interest and taxes when the firm has both depreciation and interest expenses.
e. interest expense is added to earnings before interest and taxes to get pretax income.
Answer:
b. depreciation reduces both the pretax income and the net income.
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.
An income statement comprises of the financial information about the income and expenses of an organization over a specific period of time.
Depreciation can be defined as the reduction of cost of a fixed asset systematically until the value of the asset becomes zero.
The Modified Accelerated Cost Recovery System (MACRS) can be defined as a depreciation system that avails business owners or companies the ability and opportunity to recover or recoup the cost basis of physical assets that have experienced deterioration over a specific period of time.
In the United States of America, the Modified Accelerated Cost Recovery System (MACRS) is used mainly for tax purposes because it gives room for faster depreciation of a physical asset in its first years or initial usage and reduces depreciation as it is being used over a long period of time.
Generally, it can be deduced from an income statement that depreciation reduces both the pretax income and the net income of a business firm or an organization.
Answer:
b. depreciation reduces both the pretax income and the net income.
Explanation:
As seen on an income statement: depreciation reduces both the pretax income and the net income.
On September 30, 2018, Corso Steel acquired a patent from Thermo Steel. The agreement specified that Corso will pay Thermo $1,000,000 immediately and then another $1,000,000 on September 30, 2020. An interest rate of 8% reflects the time value of money for this type of loan agreement.
What amount of interest expense, if any, would Corso record on December 31, 2019, the company’s fiscal year end?
a. $68,687.
b. $80,000.
c. $60,000.
d. $69,959.
Answer: $69,959
Explanation:
The amount of interest expense, that Corso will record on December 31, 2019, the company’s fiscal year end will be calculated thus:
First, we calculate the present value of payment which will be made on September 30,2020 and this will be:
= $1000000 × 0.857339
= $857339
Then, the interest expense on December 31,2018 will be:
= $857339 × 8%/12 × 3
= $17147
Therefore, the Interest expense on December 31,2019 will be:
= ($857339 + $17147) × 8%
= $874486 × 0.08
= $69959