Business

The maintenance director has grown to value your insights and thoughtful questions when preparing bid packets to support her team's best work. As it turns out, her predecessor verbally modified the LED lights' model ordered by your employer when the original, awarded bid reponse included the model number for LEDs noted by the maintenance staff--that were not compatible with the fixtures of the company buildings/structures. When the maintenance director asks your opinion about her plan to amend the existing contract with the LED supplier to the model numbers actually used, as opposed to the ones listed in the contract that are not compliant with the existing features. That's what they have been doing so you should probably amend the contract as the director suggests, and you will save more time (no rebidding) and money (no additional modifications to the facility) than rebidding.a. Trueb. False
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Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).General Ledger M. Muncel, Capital Acct. No. 301 Salaries Expense Acct. No. 622Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 88,000 May 31 G2 44,000 M. Muncel, Withdrawals Acct. No. 302 Insurance Expense Acct. No. 637Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 63,000 May 31 G2 5,460 Services Revenue Acct. No. 401 Rent Expense Acct. No. 640Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 155,056 May 31 G2 11,520 Depreciation Expense Acct. No. 603 Income Summary Acct. No. 901Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 21,000 Required:1. Prepare closing journal entries from the above ledger accounts.2. Post the above entries to their respective ledger accounts in the order entered under Part 1.
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During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Original Cost Residual Value Estimated Life Accumulated Depreciation (straight line) Machine A $ 39,000 $ 3,000 6 years $ 24,000 (4 years) Machine B 53,000 4,000 8 years 36,750 (6 years) Machine C 76,900 5,200 17 years 50,612 (12 years) The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $14,500 cash. b. Machine B: Sold on December 31 for $10,725; received cash, $2,300, and a $8,425 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: Give all journal entries related to the disposal of each machine in the current year. a. Machine A. b. Machine B. c. Machine C.
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Fiscal policy describes a government's actions related to:O A. punishing crimes.O B. declaring wars.O C. taxing citizens.OD. printing money.
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In order for money to work properly, the different pieces of currency in an economy should look similar to each other. This is an element of which characteristic of money?A.) Limited supplyB.) Divisibility C.) Acceptability D.) Uniformity
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You would expect a bond of the U.S. government and a bond of an Eastern European government to pay different interest rates because of differences in the bonds_____. You would expect a bond that pays the principal in year 2040 and a bond that pays the principal in year 2020 to pay_____interest rates because of differences in the bonds. You would expect a bond from a software company you run in your garage and a bond from Coca-Cola to pay different interest rates because of differences in the bonds_____. You would expect a bond issued by New York State to pay_____interest rate as compared to a bond issued by the federal government.
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Your supervisor has come to you with the following list of expenditures for the year and is asking you whether they should be capitalized or expensed as repairs and maintenance. Indicate all of the expenditures that would most appropriately be capitalized.1. Re-painted the office building. 2. Added a new wing onto the office building. 3. Took their fleet of cars in for servicing (changing the oil, etc.). 4. Added newer electronic locks on the doors in the production building. 5. Had an engine rebuilt in one of their fleet cars.
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Moreno Motors Inc. identifies that bikers are usually the first users of their newly launched products. The firm sends consultants to biker rallies to discover how bikers who use Moreno motorcycles modify them to extend their usage, as well as the desired benefits. Recent visits revealed that bikers were seeking items, such as bolt-on chrome products, horsepower performance enhancers, and improved braking systems in Moreno motorcycles. In this example, Moreno Motors Inc. is studying which of the following groups of customers?a) lead users.b) mainstream customers.c) laggards.d) captive customers.e) spinners.
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You purchase 15 shares of Initech stock at $25 per share. Later, you sell your shares when the price is $30 per share.What is your dollar return? (Answer should be just a number. Do not include a dollar symbol.)
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Alameda Manufacturing manufactures a variety of wooden picture frames using recycled wood from old barns. Alameda Manufacturing has reported the following costs for the previous year. Assume no production inventories.Advertising.. $25,600Cost of hardware (hangers, decorations, etc). $42,300Cost of wood..... .$121,200Depreciation on production equipment.... $32,000Factory property taxes.....$15,500Factory rent.... $50,000Glue.... $3,030Production supervisor salary.. $41,200Sales manager salary. $41,500Utilities for factory. $27,800Wages for maintenance workers.......................................$33,200Wages of assembly workers..............................................$87,400Wages of finishing workers...............................................$74,100A compute the direct material cost 1a.____ $163,500 _______Compute the direct labor cost. 1b.________ $161,500 ________Compute the manufacturing overhead. 1c.____ $232,730 ______Compute the total manufacturing cost. 1d.____ $557,730 _____Compute the prime cost. 1e_________$325,000 ______Compute the conversion cost. 1f.____ $394,230 _____Compute the total period cost 1g.____ $67,100 ________
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Domestic producers of semiconductors send a lobbyist to the U.S. government to request that the government impose trade restrictions on imports of semiconductors. The lobbyist claims that producers in other countries receive subsidies to export semiconductors and that domestic suppliers cant compete in the international marketplace.
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Sharon is opening a new pizza restaurant that will use a combination of workers and ovens to produce pizzas. Sharon knows from experience that the total number of pizzas she can produce in an hour is given by the function q=4K0.5L0.5 , where q is the number of pizzas per hour, K is the number of ovens, and L is the number of workers. Suppose another pizza restaurant in the same town can produce 19 pizzas per hour. Being an extremely competitive person, Sharon wants to produce 20 pizzas per hour. Therefore, his total hourly cost function is given by ____
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In its first year of operations, Pharoah Company recognized $34,000 in service revenue, $8,100 of which was on account and still outstanding at year-end. The remaining $25,900 was received in cash from customers. The company incurred operating expenses of $17,100. Of these expenses, $12,940 were paid in cash; $4,160 was still owed on account at year-end. In addition, Pharoah prepaid $2,780 for insurance coverage that would not be used until the second year of operations.Calculate the first years net earnings under the cash basis of accounting, and the first years net earnings under the accrual basis of accounting. Cash Basis Accrual BasisNet Income $enter net income in dollars $enter net income in dollars
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You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $ 2 comma 356 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 7.500 % (APR). How much do you owe on the mortgage today? (Note: Be careful not to round any intermediate steps less than six decimal places.)
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what are you being for halloween
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On September 3, 2018, Able, a single individual, purchased 1244 stock in Red Corporation from his friend Al for $60,000. On December 31, 2018, the stock was worth $85,000. On August 15, 2019, Able was notified that the stock was worthless. How should Able report this item on his 2019 tax return?
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Newland Company reported retained earnings at December 31, 2019, of $310,000. Newland had 200,000 shares of common stock outstanding at the beginning of 2020. Determine retained earnings balance. The following transactions occurred during 2020. 1. An error was discovered. In 2015, depreciation expense was recorded at $70,000, but the correct amount was $50,000. 2. A cash dividend of $0.50 per share was declared and paid. 3. A 5% stock dividend was declared and distributed when the market price per share was $15 per share. 4. Net income was $285,000.Prepare a retained earnings statement for 2020.
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Support Department Cost Allocation-Direct Method Charlie's Wood Works produces wood products (e.g., cabinets, tables, picture frames, and so on). Production departments include Cutting and Assembly. The Janitorial and Security departments support the Cutting and Assembly departments. The Assembly Department spans about 42,560 square feet and holds assets valued at about $77,520. The Cutting Department spans about 33,440 square feet and holds assets valued at about $126,480. Charlie's Wood Works allocates support department costs using the direct method. If costs from the Janitorial Department are allocated based on square feet and costs from the Security Department are allocated based on asset value. a. Determine the percentage of Janitorial costs that should be allocated to the Assembly Department. b. Determine the percentage of Security costs that should be allocated to the Cutting Department.
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how might a business such as sports direct benefit from buying brand names from struggling firms? (economics question)
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You want your longtime employees to make sure their retirement plans are best suited for their career stages. You think that most employees make wise investment choices when they join the company. However, you find that few employees make adjustments to their retirement plans as they advance in their careers. You are particularly concerned about employees who have worked at the company for more than ten years and haven't updated their retirement packages. Which of the following statements is most likely to persuade longtime employees to attend the presentation about retirement planning?a. Choose a retirement package that best matches your career stage. At this presentation,we'll tell you how we can help you manage your longevity risk on your retirement package.b. Choose a retirement package that best matches your career stage. At this presentation,you'll learn how you can make sure you have enough money for as long as you live.c. Don't miss this opportunity to maximize your retirement income. At this presentation, we'lltell you how we can help you manage your longevity risk on your retirement package.
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state ant Three activities that took place during the forming stage
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A financial institution where the users are the owners and generally share a common bond are known as
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Type the correct answer in the box. Spell the word correctly. Which trait is described in the given sentence? is acting consistently according to one's values and principles.
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This program consists of three lottery-funded scholarships for Florida high school graduates who demonstrate high academic achievement and enroll in eligible Florida public or private postsecondary institutions. Financial Aid Florida Pre-Paid College Plan College Board Bright Futures Scholarship
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