Answer:
$4,102.57
Explanation:
we must first calculate the future costs of college:
cost of college year 1 = $16,200 x (1 + 2%)¹⁰ = $19,747.71
cost of college year 2 = $19,747.71 x 1.02 = $20,142.66
cost of college year 3 = $20,142.66 x 1.02 = $20,545.51
cost of college year 4 = $20,545.51 x 1.02 = $20,956.42
in order to determine how much money does the family need to have before college starts we must discount the cost of college by 7.5%:
PV cost of college year 1 = $19,747.71
PV cost of college year 2 = 20,142.66 / 1.075 = $18,737.36
PV cost of college year 3 = $20,545.51 / 1.075² = $17,778.70
PV cost of college year 4 = $20,956.42 / 1.075³ = $16,869.09
total = $73,132.86
the future value of the grandmother's deposits:
$13,000 x (1 + 7.5%)¹⁴ = $35,781.77
$2,900 x (1 + 7.5%)¹² = $6,907.16
total = $42,688.93
that means that you will need to save $73,132.86 - $42,688.93 = $30,443.93 by the time your child turns 18
you will make 4 deposits and their future value will be:
deposit x 1.075¹⁰ = 2.0610D
deposit x 1.075⁹ = 1.9172D
deposit x 1.075⁸ = 1.7835D
deposit x 1.075⁷ = 1.6590D
total = 7.4207D
yearly deposit = $30,443.93 / 7.4207 = $4,102.57
Exercise 6-8 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $104 in cash along with receipts for the following expenditures: transportation-in, $40; postage expenses, $123; and miscellaneous expenses, $80. The petty cashier could not account for a $3 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $400.
Answer:
1.September 09
Dr Petty cash 350
Cr Cash 350
2. September 30
Dr Merchandise inventory 40
Dr Postage expense 123
Dr Miscellaneous expenses 80
Dr Cash short and over 3
Cr Cash 246
3. Dr Petty cash 50
Cr Cash 50
Explanation:
Preparation of Journal entries
1. Preparation of September 9 Journal entry to establish the fund
September 09
Dr Petty cash 350
Cr Cash 350
2. Preparation of September 30 Journal entry to reimburse the fund
September 30
Dr Merchandise inventory 40
Dr Postage expense 123
Dr Miscellaneous expenses 80
Dr Cash short and over 3
Cr Cash 246
(40+123+80+3)
3. Preparation of October 1 Journal entry to increase the fund to $400.
October 01
Dr Petty cash 50
Cr Cash 50
($400-$350)
Privott, Inc., manufactures and sells two products: Product Z9 and Product N0. The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Expected Activity Activity Cost Pools Activity Measures Overhead Cost Product Z9 Product N0 Total Labor-related DLHs $ 326,018 6,600 3,200 9,800 Product testing tests 46,747 500 600 1,100 Order size MHs 472,108 4,200 4,500 8,700 $ 844,873 The activity rate for the Labor-Related activity cost pool under activity-based costing is closest to:
Answer:
$33.27 per DLH
Explanation:
Calculation for the activity rate for the Labor-Related activity cost pool under activity-based costing
Using this formula
Activity rate = Estimated overhead cost ÷ Total expected activity
Let plug in the formula
Activity rate =$ 326,018 ÷ 9,800 DLHs
Activity rate = $33.27 per DLH
Therefore the activity rate for the Labor-Related activity cost pool under activity-based costing is closest to $33.27 per DLH
The Wall Street Journal reports that the rate on 3-year Treasury securities is 7.20 percent, and the 6-year Treasury rate is 7.45 percent. From discussions with your broker, you have determined that expected inflation premium is 2.70 percent next year, 2.95 percent in Year 2, and 3.15 percent in Year 3 and beyond. Further, you expect that real interest rates will be 3.60 percent annually for the foreseeable future. What is the maturity risk premium on the 6-year Treasury security
Answer:
The maturity risk premium on the six year is 0.45%
Explanation:
For computing the maturity risk premium, we need to use the formula which is shown below:
3-year treasury securities = 3-year inflation period + 3-year real interest rate + maturity risk premium
7.20% = 3.15% + 3.60% + maturity risk premium
7.20% = 6.75% + maturity risk premium
Maturity risk premium = 7.20% - 6.75%
Maturity risk premium = 0.45%
Hence, the maturity risk premium on the six year is 0.45%
Madtack Company’s beginning and ending inventories for the month of July are
July 1 July 30
Direct materials $ 67,000 $ 62,000
Work-in-process 145,000 171,000
Production data for the month of July follows:
Direct labor $200,000
Direct materials purchased 163,000
Madtack has one overhead cost account and assigns overhead to production based on direct labor cost. The predetermined allocation rate is 0.7. The company formally reconciles over- or underapplied overhead at year end.
What are the costs of good manufactured for July?
The City of Waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the city’s park. On May 1, the city was notified that it had been awarded a grant of up to $200,000 for the project. The state will provide re-imbursement for allowable expenditures. On May 5, the special revenue fund entered into a short-term loan with the General Fund for $200,000 so it could start bridge construction. During the year, the special revenue fund expended $165,000 for allowable bridge construction costs, for which it submitted documentation to the state. Re-imbursement was received from the state on December 13.
Required:
For the special revenue fund, provide the appropriate journal entries, if any, that would be made for the following. (Assume the city has a fiscal year-end of December 31).
1. May 1, 2017, notification of grant approval.
2. May 5, 2017, loan from General Fund.
3. During FY 2017, bridge expenditures and submission of re-imbursement documentation.
4. December 13, 2017, receipt of the grant re-imbursement funds.
5. December 31, 2017, adjusting and closing entries.
Answer and Explanation:
The Journal entries are shown below:-
1. No Journal entry is required as the eligibility should be completed before recognition.
2. Cash Dr, $200,000
To Inter fund Loans Payable-Current $200,000
(Being cash is recorded)
3. Expenditure Dr, $165,000
To Voucher Payable $165,000
(Being expenses is recorded)
Due from State Government Dr, $165,000
To Revenues $165,000
(Being revenues is recorded)
4. Cash Dr, $165,000
To Due from State Government $165,000
(Being cash is recorded)
5. Revenues Dr, $165,000
To Expenditure $165,000
(Being revenue is recorded)
No Other entry will made as the balance of $35,000 eligibility is not fulfilled.
Garth was amazed to hear that his friend Lindsey always pays off her credit card balance each month. Garth just assumed that everyone used credit cards the same way - buy now, pay later - only in his case, months later. He buys almost everything he needs or wants, including clothes, food, and entertainment with his card. When Lindsey asked him about the balance calculation method, APR, grace period, or other fees and features of his card, Garth was clueless. He reasoned that his credit card was a safe and convenient way to shop and it allowed him to buy expensive items by paying minimum monthly payments. Overall, Garth thought of himself as a responsible credit user, despite the fact he had been late making a few monthly payments, and, once or twice, had gone over his credit limit. He also uses his card regularly to obtain cash advances. After hearing all of this, Lindsey is worried about her friend. She has come to you for help in answering the following questions. a. What type of credit user is Garth? Based on your answer, what is the number one factor that should influence Garth's choice of a credit card?
Answer:
Garth is a "REVOLVER "
Explanation:
Garth is a "Revolver" type of credit user, because he doesn't pay up the monthly payments on his card in full and on time, instead he carries debts over to the other months by paying in monthly installments
Based on the type of credit user Garth is, when picking up a credit card Garth should consider going for credit cards with low interest rate/APR charges and a longer grace period as well.
Jim recently joined the Austin Barter Club, an organization that facilitates the exchange of services between its members. This year Jim provided lawn-mowing services to other club members. Jim received the following from the barter club. Determine the amount, if any, Jim should include in his gross income in each of the following situations:
A. Jim received $275 of car repair services from another member of the club.
B. Jim received a $150 credit that gave him the option of receiving a season pass at a local ski resort from another member of the club. However, he forgot to request the pass by the end of the ski session and his credit expired.
Answer:
Jim's Gross Income:
A. Car Repair $275
B. Option $0
Explanation:
Jim actually received the $275 car repair services from a club member and should include this sum in his gross income. However, since he did not actually receive the credit option of $150 for the local ski resort, because it expired, he should not include it in his gross income. The exchange was not complete since he did not benefit from the Ski Resort's free services.
Winston Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. The total machine hours for the year were 54,300. The actual factory overhead for the year was $1,375,000. Determine the over- or underapplied amount for the year.
a. $118,250 overapplied
b. $17,500 underapplied
c. $118,250 underapplied
d. $17,500 overapplied
Answer:
b. $17,500 underapplied
Explanation:
Calculation to Determine the over- or underapplied amount for the year
First step is to find the Pre determined overhead rate using this formula
Pre determined overhead rate = Estimated factory overheads / Estimated machine hours
Pre determined overhead rate = $1,250,000 / 50000
Pre determined overhead rate = $25 per machine hour.
Second step is to find the Factory overhead amount applied using this formula
Factory overhead amount applied = Pre determined overhead rate * Actual machine hours
Factory overhead amount applied = $25 * 54,300
Factory overhead amount applied = $1,357,500
The last step is to calculate for the over- or underapplied amount for the year
Using this formula
Under applied overhead = Applied overhead - Actual overhead
Let plug in the formula
Under applied overhead = $1,357,500 - $1,375,000
Under applied overhead= $17,500
Therefore the underapplied amount for the year is $17,500
A pension fund manager is considering three mutual funds. The first is a stock fund, the second is a long-term government and corporate bond fund, and the third is a T-bill money market fund that yields a sure rate of 4.7%. The probability distributions of the risky funds are: Expected Return Standard Deviation Stock fund (S) 17 % 37 % Bond fund (B) 8 % 31 % The correlation between the fund returns is .1065. Suppose now that your portfolio must yield an expected return of 15% and be efficient, that is, on the best feasible CAL. a. What is the standard deviation of your portfolio? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Standard deviation % b-1. What is the proportion invested in the T-bill fund? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Proportion invested in the T-bill fund % b-2. What is the proportion invested in each of the two risky funds? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Proportion Invested Stocks % Bonds %
Answer:
A) 30.291
B-1) 1.15%
B-2) proportion of stock = 78.19%
proportion of bond = 20.65%
Explanation:
Given data:
Return on stock = 17% std on stock = 37%
Return on bond = 8% std on stock = 31%
correlation between funds = 0.1065
expected yield on portfolio = 15%
Risk free rate = 4.7%
next we find the covariance between stocks and bonds
= (37 * 31 * 0.1065 ) = 122.1555
next we have to determine the weight of the portfolio ( stocks and bond )
attached below is the remaining part of the solution
A) standard deviation of the portfolio
= 30.291 %
B-1 ) proportion of the portfolio invested in treasury bill
= 1.15%
B-2 ) what proportion is invested in stocks and Bonds
proportion of stock = 78.19%
proportion of bond = 20.65%
Question 2 of 10
What is one major disadvantage of corporations compared to other types of
business organizations?
A. Corporations have a difficult time raising money to get started
B. Corporations have a limited life span if their owners die or quit.
C. Shareholders may remove the original owners from a corporation
D. One owner assumes all the risk and liability in a corporation
SUOMI
Answer:
C. Shareholders may remove the original owners from a corporation
Explanation:
Unfortunately, the founders of a corporation can be removed from the business. The process of removing a shareholder is hectic but still possible. A shareholder's agreement binds the shareholders of a business or a corporation. The agreement is the equivalent of a contract among the shareholder.
A gross violation of the agreement by a shareholder may lead to their removal. The conditions and processes of removal are normally contained in the shareholder's agreement.
Mrs. Nunn, who has a 24 percent marginal tax rate on ordinary income, earned $2,690 interest on a debt instrument this year. Required: Compute her federal income tax on this interest assuming that the debt instrument was: (Round your final answers to the nearest whole dollar amount.) An unsecured note from her son, who borrowed money from his mother to finance the construction of his home. A certificate of deposit from a federal bank. A 30-year General Electric corporate bond. A U.S. Treasury note. A City of Memphis municipal bond.
Answer:
An unsecured note from her son, who borrowed money from his mother to finance the construction of his home.
Not tax exempt so tax is;
= 2,690 * 24%
= $645.60
= $646
A certificate of deposit from a federal bank.
Also not tax exempt so tax is;
= 2,690 * 24%
= $646
A 30-year General Electric corporate bond.
Also not tax exempt so tax is;
= 2,690 * 24%
= $646
A U.S. Treasury note.
Also not tax exempt so tax is;
= 2,690 * 24%
= $646
A City of Memphis municipal bond.
Municipal bond returns are tax exempt so tax payment is $0.
Lorenzo is the sole proprietor of a trampoline shop. During 2019, the following transactions occurred.Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. The land, acquired in 1986, had an allocable basis of $40,000. Lorenzo has additional parking across the street and plans to use the condemnation proceeds to build his inventory.A truck used to deliver trampolines was sold on January 2 for $3,500. The truck was purchased on January 2, 2014, for $6,000. On the date of sale, the adjusted basis was zero.Lorenzo sold an antique rowing machine at an auction. Net proceeds were $4,900. The rowing machine was purchased as used equipment 17 years ago for $5,200 and is fully depreciated.Lorenzo sold an apartment building for $300,000 on September 1. The rental property was purchased on September 1, 2015, for $150,000 and was being depreciated over a 27.5-year MACRS life using the straight-line method. At the date of sale, the adjusted basis was $124,783.Lorenzo's personal yacht was stolen on September 5. The yacht had been purchased in August at a cost of $25,000. The fair market value immediately preceding the theft was $19,600. Lorenzo was insured for 50% of the original cost, and he received $12,500 on December 1.Lorenzo sold a Buick on May 1 for $9,600. The vehicle had been used exclusively for personal purposes. It was purchased on September 1, 2014, for $20,800.Lorenzo's trampoline stretching machine (owned two years) was stolen on May 5, but the business's insurance company will not pay any of the machine's value because Larry failed to pay the insurance premium. The machine had a fair market value of $8,000 and an adjusted basis of $6,000 at the time of theft.Lorenzo had AGI of $102,000 from sources other than those described above.Lorenzo has no non-recaptured § 1231 lookback losses.For each transaction, what are the amount and nature of recognized gain or loss?What is Lorenzo's 2019 Adjusted Gross Income?
Explanation:
we have to get The Amount and nature of recognized gain or loss for each transaction:
a. The condemnation proceeds = $15,000. allocable basis of acquired land = $40,000."
loss = $40,000 - $15,000
= $25,000
b. sale of truck = $3,500. the adjusted basis = 0
Gain = $3,500 - 0 = $3,500
c.
As rowing machine was sold for 4900 and is fully depreciated, with an adjusted basis of 0
Gain = $4,900 - 0 = $4,900
d. sale of apartment = 300000
adjusted basis = $124,783
when we subtract we get :
The Overall gain would be = $300,000 - $124,783 = $175,217
Unrecaptured Section gain = $150,000 - $124,783 = $25,217
Regular long-term capital gain = Overall gain - Uncaptured section gain
This is:
= $175,217 - $25,217 = $150,000
e. his yatch was stolen, it had cost $25,000. The fair market value = $19,600. he was insured for 50% of the original cost, of which he got $12,500 on December 1."
Then Tax loss = Fair market value - Amount received from insurance
$19600-$12,500 = $7,100
so we have here a tax loss of $7,100 ( before any AGI limitation),
f. he sold a Buick for $9,600. It was bought for $20,800."
Loss = $20,800 - $9,600 = $11,200
a non-deductible personal loss.
g. after his trampoline machine was stolen. fair market value was 8000, adjusted basis = 6000
Tax Loss = $6,000
lorenzos Adjusted Gross Income for 2019 = $102,000 + $3,500 + $4,900 + $150,000 - $6,000 = $254,400
Mrs. Cox, a head of household, earned a $313,000 salary and recognized a $29,300 net long-term capital gain this year. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: Compute the income tax on the gain if: (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) None of the gain is collectibles gain or unrecaptured Section 1250 gain. $10,000 is collectibles gain. $15,500 is unrecaptured Section 1250 gain. $1,700 is collectibles gain and $22,000 is unrecaptured Section 1250 gain.
Explanation:
. $4,395 ($29,300 long-term capital gain × 15%)
Kiner Co. computed an overhead rate for machining costs ($520000) of $5 per machine hour. Machining costs are driven by machine hours. If computed based on direct labor hours, the overhead rate for machining costs would be $10 per direct labor hour. The company produces two products, Cape and Chap. Cape requires 62400 machine hours and 20000 direct labor hours, while Chap requires 41600 machine hours and 30000 direct labor hours. Using activity-based costing, machining costs assigned to each product is
Answer:
Cape $312,000
Chap $208,000
Explanation:
Calculation for the machining costs assigned to each product
Using this formula
Machining costs =Machine hours×Machine amount per hour.
Let plug in the formula
Cape= 62,400x $5per machine hour.
Cape=$312,000
Chap= 41,600x $5per machine hour.
Chap=$208,000
Therefore Using activity-based costing, machining costs assigned to each product is:
Cape $312,000
Chap $208,000
As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues, and expenses. In July, the accounts payable clerk has asked you to open an account named New Expenses. You know that an account name should be specific and well defined. You feel that the A/P clerk might want to charge some expenses to that account that would not be appropriate. Why do you think the A/P clerk needs this New Expenses account
Answer:
There are a number of reasons, the A/P clerk could want this New Expenses account to be opened with some of them being suspicious and some of them being out of a lack of knowledge.
Assuming it is the latter (no need to be suspicious, yet), the A/P might not know that expenses accounts should be specific and well defined and so just assumed that New Expenses would serve them well.
You should explain to them how the naming of accounts is done and ask them for the Source document so you can see what name to give the new account.
If the A/P is being uncooperative, it is time to be suspicious and to clarify the issue with the superior of the clerk so as to avoid any issues with the company's books.
It's important to explain to the accounts payable clerk that the account title is inappropriate and therefore needs to be specific with the name.
If the accounts payable clerk doesn't understand, he should be told to show the source document for the expenses incurred like a check, invoice, etc so that the proper name of the account can be decided.
There isn't any reason to be suspicious because the clerk doesn't understand much about accounting. In a situation where he still insists on the account name, then the information should be reported to higher authorities.
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Eric is an inventory manager at a garment manufacturing firm. How should he plan the ordering of inventory? A. He should order less inventory to save on inventory storage cost and ordering cost. B. He should order the exact inventory by forecasting demand. C. He should order excess inventory without calculating the requirement. D. He should order inventory as the requirement arises and avoid planning inventory storage.
Answer:
B
Explanation:
i just took the test and got it correct
B. He should order the exact inventory by forecasting demand.
Explanation:
PLATOAnswer:
what do you think are the adverse effects when sustainable economic development practices in country are not implemented?
Answer:
Ignoring the issues of sustainable development has many possible consequences, such as rising sea levels, extreme droughts, erosion and loss of forests, increases in slum populations, species extinctions and collapsing fisheries.
The correct statement is that when the sustainable economic developments in the country are not met, a direct impact is seen in its growth and financial position of the country is weakened.
When there is no sustainable development the people of the country would ultimately suffer due to the bad policies being implemented regarding the allocation of funds.
A country should look after the developments of a country by allocation of required funds in the right fields and achieve such financial goals. Citizens must disclose their earnings and pay taxes on the true and fair amounts of such incomes. This will help in collection of taxes making the country less deficit in funds.A direct effect will be seen in country's GDP whenever there is no development. As a result of this there will be inflation in the country which will reduce the consumer's purchasing power.Hence, a country's GDP is affected when there is no proper sustainable economic development practice and also leads to inflation situations.
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In its initial S-1 filing, Groupon presented a non-GAAP performance metric called ACSOI. It was subsequently removed after the SEC objected. a. Why did the SEC question the inclusion of ACSOI in Groupon’s financial statements? Explain whether you think the use of ACSOI was appropriate or not. b. Non-GAAP metrics are common in some industries. For example, same-store-sales in retail, revenue-passenger-miles for airlines, etc. Are non-GAAP measures, such as these, ever of value for financial statement users?
Answer:
a. Groupon presented the Adjusted Consolidated Segment Operating Income (ACSOI) because it shows a higher amount than EBITDA. The reason is simple, Groupon wanted to show higher revenues and earnings, and the way they thought that they could do it was to use what I call "creative accounting". If the numbers do not match your expectations, play with them and change them until they do. That is exactly what Groupon did.
ACSOI increases EBITDA (which is a non-GAAP metric but it is accepted as valid by all companies) because it excludes certain expenses, e.g. marketing expenses, stock compensations, etc. It is irrational to believe that marketing expenses in a company like Groupon were irrelevant. Just a few years ago Groupon was the fastest-growing internet services company, and online marketing was essential for that type of growth rate.
b. We can just compare EBITDA and ACSOI, both are non-GAAP metrics, but one is properly designed, useful and actually shows how a company's cost structure works. But ACSOI is deliberately used to fool investors.
Some non-GAAP metrics are very useful, such as managerial accounting. Financial reports are tools and how helpful or useful they are depends on people. If you try to fool investors and trick them, eventually they will realize it.
A local radio station gives away concert tickets at random times everyday to reward listeners. What schedule of reinforcement are they using?
a. fixed interval
b. variable interval
c. fixed ratio
d. variable ration
Answer:
b. variable interval
Explanation:
Schedules of reinforcement based on lapsed time are known as interval schedules. They are either fixed-interval or variable-interval schedules.
Variable-interval schedules provide reinforcement/reward after random time-interval. The interval of time is irregular but revolves around some average length of time. Reinforcement is therefore dispensed unevenly within a stated period.
As of June 30, Year 1, the bank statement showed an ending balance of $17,616. The unadjusted Cash account balance was $16,893. The following information is available: 1. Deposit in transit, $2,785. 2. Credit memo in bank statement for interest earned in June, $10. 3. Outstanding check, $3,504. 4. Debit memo for service charge. $6. Required Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information, (Negative amounts should be indicated with minus sign.)
Bank Reconciliation
Unadjusted bank balance 6/30/Year 1
True cash balance 6/30/Year 1
Unadjusted book balance 6/30/Year 1
True cash balance 6/30/Year 1
Answer: See attachment
Explanation:
A bank reconciliation statement is a statement that simply shows the summary of both the banking and business activity which are used in reconciling and balancing the bank account of a company or organization with the company's financial records.
The bank reconciliation statement shows the deposits, the withdrawals and also does every other things that impacts the bank account of the company for a particular period.
Holly Renfro contributed a patent, accounts receivable, and $20,000 cash to a partnership. The patent had a book value of $8,000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $92,000. The accounts receivable control account was $45,000, with an allowance for doubtful accounts of $3,000. The partnership also assumed a $14,000 account payable owed to a Renfro supplier.Provide the journal entry for Renfro’s contribution to the partnership.
Answer: Please see explanation column for answers
Explanation:
Journal entry to record Renfro's contribution to partnership.
Account Titles and Explanation Debit Credit
Cash $ 20,000
Patent $92,000
Accounts receivables $45,000
Accounts payable $ 14,000
Allowance for doubtful accounts $ 3,000
Holly Renfro, capital $ 140,000
[20,000 + 92,000 + 45,000 - 14000 - 3,000} = $140,000
What is the purpose of Geert Hofstede’s Cultural Dimensions Theory? Review Later To explain why some cultures are not worth time investing into. To assess the net capital expenditure on a particular foreign market and its viability as a long-term market. A model to understand key cultural considerations between different counties, so as to inform global business managers of cultural deviations. A model for predicting financial gain across a globalized market. Two of the answers in this answer set are correct.
Answer:
c. A model to understand key cultural considerations between different countries, so as to inform global business managers of cultural deviations.
d. A model for predicting financial gain across a globalized market.
Explanation:
Culture plays a key role in the advancement of businesses because the local employees have a way of doing things and a system of beliefs that would affect the business in the long-run. So, if businesses want to be successful, managers would have to understand the culture of the people they work with. This prompted the work of Dutch Philosopher Geert Hofstede who classified the cultural orientation of people across six dimensions which include;
Power Distance
Individualism/Collectivism
Masculinity/Femininity
Uncertainty Avoidance
Long-term/Short-term Orientation and
Restraint/Indulgence
The major aim of his work is to provide an understanding of the key cultural considerations between different countries, so as to inform global business managers of cultural deviations. This model would also help managers to predict how successful their business can be given the culture of the area concerned.
Biblio Files Company is making plans for its next fiscal year, and decides to sell two new types of bookshelves, Basic and Deluxe. The company has compiled the following estimates for the new product offerings. Type of Bookshelf Sales Price per Unit Variable Cost per Unit Basic $5.00 $1.75 Deluxe 9.00 8.10 The company is interested in determining how many of each type of bookshelf would have to be sold in order to break even. If we think of the Basic and Deluxe products as components of one overall enterprise product called "Combined," the unit contribution margin for the Combined product would be $2.31. Fixed costs for the upcoming year are estimated at $334,950. Recall that the totals of all the sales mix percents must be 100%. Determine the amounts to complete the following
Answer:
The requirements are missing, so I looked for similar questions:
Percent of Sales Mix = Break-Even Sales in Units = Break-Even Sales in Dollars =Type of Bookshelf Sales Price Variable Cost Contribution M.
Basic $5.00 $1.75 $3.25
Deluxe $9.00 $8.10 $0.90
combined contribution margin = $2.31
total fixed costs $334,950
break even point in units = $334,950 / $2.31 = 149,329 units
3.25b + 0.9d = 2.31
I will first try a 50/50 sales mix
(3.25 x 0.5) + (0.9 x 0.5) = 2.075 ⇒ b must be higher
(3.25 x 0.6) + (0.9 x 0.4) = 2.31 ✓
sales mix:
basic = 60% of sales
deluxe = 40% of sales
total = 100%
break-even sales in units =
basic (60% of sales) = 89,598 units
deluxe (40% of sales) = 59,731 units
total = 149,329 units
break-even sales in dollars =
basic 89,598 units x $5 = $447,990
deluxe 59,731 units x $9 = $537,579
total = $985,569
Wendy is calculating her tax deductions. She finds that she can deduct $5,522 from medical expenses, $7,240 from
charitable donations, and $2,126 from property taxes. What is Wendy's total deduction?
a $5,700
b. $15,104
C. $18,284
d. $14,888
Answer:
d. $14,888
Explanation:
Wendy's total deductions will be the sum of $5,522, $7,240, and $2,126.
Total deductions will be $5,522 + $7,240 + $2,126 =$14,888
The total deduction on Wendy's tax will be $14,888.
What is tax deduction?The tax deduction refers to the amount that will be exempted from total tax payable.
Given deductible amount
Medical expenses = $5,522
Charitable donations = $7,240
Property taxes =$2,126
Wendy's total deduction = $5,522 + $7,240 + $2,126
Wendy's total deduction = $14,888
Hence, the total deduction on Wendy's tax will be $14,888.
Therefore, the Option D is correct.
Read more about Tax deduction
brainly.com/question/936396
arret Company has provided the following selected information for the year ended December 31, 2019: Cash collected from customers was $783,000. Cash received from stockholders in exchange for common stock totaled $91,000. Cash paid to suppliers was $361,000. Cash paid to employees was $204,000. Cash to stockholders for dividends was $33,000. Cash received from sale of a building was $250,000. Cash paid for store rent was $39,000. Cash received for interest and dividends was $7,000. Cash paid for income taxes was $55,000. Based on the selected information provided, how much was Garret's cash flow from operating activities?
Answer:
Cash flow from operating activities = $131,000
Explanation:
Cash flow from operating activities = Collected from customers - Cash paid to suppliers - Cash paid to employees - Cash paid for store rent + Cash received for interest and dividends - Cash paid for income taxes
Cash flow from operating activities = $783,000 - $361,000 - $204,000 - $39,000 + $7,000 - $55,000
Cash flow from operating activities = $131,000
2. The buyer's prepaid expense is the seller's
Which revenue?
Answer:
Unearned revenue
Explanation:
Unearned revenue is money that a business has received for goods and services that it will deliver later. It is not yet revenue in a business sense because the activity that makes revenue be recognized has not yet happened. Unearned revenue is also known as deferred revenue. It is recorded as a liability by the supplier.
Unearned revenue may arise due to prepayment for goods and services, initial deposits when purchasing property, and subscription fees for magazines, TV, and clubs.
The following transactions occurred at the Daisy King Ice Cream Company.
1. Started business by issuing 10,000 shares of common stock for $26,000.
2. Leased a building for three years at $560 per month and paid six months' rent in advance.
3. Purchased equipment for $6,000, signing a two-year, 12% note.
4. Purchased $2,400 of supplies on account.
5. Recorded cash sales of $1,400 for the first week.
6. Paid weekly salaries, $620.
7. Paid for supplies purchased in item (4).
8. Recorded depreciation on equipment, $80.
9. Signed a franchise agreement to pay royalties of 5% of sales.
10. Paid royalites due on 1st weeks sales.
Required:
Prepare journal entries to record each of the transactions listed above.
Answer:
Please find the attached file.
Explanation:
If the rate of growth of output is 8% and the rate of growth of population is 2%, what is the rate of growth of output per capita
Answer and Explanation:
Population and output are related in determining output per capita(per head). Total output divided by total population is equal to output per capita. Output per capita growth rate is the difference between population growth rate and output growth rate.
If output growth rate= 8%
and population growth rate = 2%
Then per capita output growth rate= output growth rate - population growth rate
Therefore per capita output growth rate = 8% - 2% =6%
Per capita output growth rate = 8%
The 16 overhead doors on your loading dock must be replaced now. The deluxe model costs $2,200 each and will last for six years. The standard model costs $1,600 each and will last for four years. The deluxe model is aluminum, so it will have a scrap value of $150 at the end of its life. The standard model is plastic and has no scrap value. The use of the deluxe model on the loading dock will also save your company $1,000 per year in heating costs because of its ability to seal better. If you use an interest rate of 12% and present worth analysis, which door will you recommend
Answer:
You should purchase standard doors because the present value of that purchase is -$25,600, while the NPV of purchasing aluminum doors is -$30,195.56.
Explanation:
we have to compare the present value of both alternatives:
alternative 1: purchase aluminum deluxe doors:
cash flow year 1 = (16 x -$2,200) = -$35,200
cash flow year 1 - 5 = $1,000
cash flow year 6 = $1,000 + (16 x $150) = $3,400
NPV = -$35,200 + $1,000/1.12 + $1,000/1.12² + $1,000/1.12³ + $1,000/1.12⁴ + $1,000/1.12⁵ + $3,400/1.12⁶ = -$35,200 + $892.86 + $797.19 + $711.78 + $635.52 + $497.18 + $1,469.91 = -$30,195.56
alternative 2: purchase standard doors
NPV = 16 x -$1,600 = -$25,600
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what is the difference between salary and fixed rate (give an example for both)
Answer:
salary is a lump sum for work and fixed rate is a fixed rate that changes with amount of hours worked.
Explanation:
salary is a lump sum for work and fixed rate is a fixed rate that changes with amount of hours worked.
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