Answer:
Net Loss: Gross Profit - Total Expenses = -$3,854 - $47,328 = -$51,182
This means that for the first three months of operation, the business had a net loss of $51,182.
Explanation:
Here's a profit-and-loss (P&L) statement based on the provided information for the first three months of operation:
Sales Revenue: $3,546
Cost of Sales (Wages and Supplies): $7,400
Gross Profit: $3,546 - $7,400 = -$3,854 (negative number indicates a loss)
Expenses:
Rent: $2,100
Renovations: $30,000
Utilities: $228
Equipment: $15,000
Total Expenses: $47,328
Net Loss: Gross Profit - Total Expenses = -$3,854 - $47,328 = -$51,182
This P&L statement shows that for the first three months of operation, the business had a net loss of $51,182. This is largely due to the high costs associated with renovations and equipment, which were necessary to start the business but did not generate immediate revenue. The negative gross profit is an indication that the cost of sales (wages and supplies) exceeded the revenue generated from sales during this period. The business will need to generate more revenue and/or reduce expenses in order to achieve profitability in the future.
REQUIRED: prepare the Accounting Equation or Journal Entries for the following:
1) On 9/1/19, Strand Corp received a copyright. Cost = $200,000. Copyright had a 7 year legal life
and an estimated useful life of 5 years. Record transaction.
2) Calculate and record Amortization expense for the year 2019 AND 2020
3) Explain the difference between Tangible Assets and Intangible Assets
4) Provide at least 3 examples of Tangible Assets and Intangible Assets
5) Complete E12-12 (page #642) from textbook (see Goodwill notes from Part 4 below)
1. Accounting Equation:
Assets = Liabilities + Equity
Copyright = $200,000 + 0
Journal Entry:
Date: 9/1/19
Copyright Cost Expense Dr. $200,000
Cash Cr. $200,000
2. Amortization Expense Calculation:
Amortization Expense = (Cost - Residual Value) / Estimated Useful Life
Amortization Expense for 2019 = ($200,000 - ($51,500 * 0.49)) / 5 = $19,490
Amortization Expense for 2020 = ($200,000 - ($51,500 * 0.49)) / 5 = $19,490
Journal Entry for 2019:
Date: 12/31/19
Amortization Expense - Copyright Dr. $19,490
Accumulated Amortization - Copyright Cr. $19,490
Journal Entry for 2020:
Date: 12/31/20
Amortization Expense - Copyright Dr. $19,490
Accumulated Amortization - Copyright Cr. $19,490
3. Tangible assets are physical assets that can be seen and touched, while intangible assets are non-physical assets that cannot be seen or touched but have value, such as patents, copyrights, trademarks, and goodwill.
4. Examples of Tangible Assets: land, buildings, equipment, vehicles, inventory
Examples of Intangible Assets: patents, copyrights, trademarks, goodwill, brand names
5. E12-12
On December 31, 2021, the balance sheet of Calhoun Corp. includes the following shareholders' equity accounts.
Common stock, $10 par, 60,000 shares authorized, 40,000 shares issued and outstanding $400,000
Retained earnings 240,000
Total shareholders' equity $640,000
The following items may be reported as other comprehensive income (OCI).
Unrealized gain on available-for-sale securities, net of tax $22,000
Unamortized loss on pension liability, net of tax $11,000
Foreign currency translation gain, net of tax $31,000
Instructions
(a) Prepare the shareholders' equity section of the balance sheet at December 31, 2021.
(b) Assume that Calhoun Corp. decides to disclose comprehensive income in a separate statement. Indicate how OCI items would be reported in the separate statement.
(a) Shareholders' Equity Section:
Common stock $400,000
Retained earnings 240,000
Accumulated other comprehensive income 42,000
Total shareholders' equity $682,000
(b) Comprehensive Income Statement:
Net income $XX
Other comprehensive income:
Unrealized gain on available-for-sale securities, net of tax $22,000
Unamortized loss on pension liability, net of tax ($11,000)
Foreign currency translation gain, net of tax $31,000
Total other comprehensive income $42,000
Total comprehensive income $XX
Bob's Textile Company sells shirts for men and boys. The average
selling price and variable cost for each product are as follows:
Men's
Selling Price $28.80
Variable Cost $20.40
Boys'
Selling Price $24.00
Variable Cost $16.80
Fixed costs are $38,400.
Required:
a. What is the breakeven point in units for each type of shirt, assuming the sales mix is 2:1 in favor of men's shirts?
b. What is the operating income, assuming the sales mix is 2:1 in favor of men's shirts, and sales total 9,000 shirts?
a. Total Breakeven Point is 11,200 units and b. Operating Income is $217,200.
a. To find the breakeven point in units, we can use the following formula:
Breakeven Point = Fixed Costs / (Selling Price - Variable Cost)
For men's shirts:
Breakeven Point = $38,400 / ($28.80 - $20.40) = 3,200 units
For boys' shirts:
Breakeven Point = $38,400 / ($24.00 - $16.80) = 4,800 units
Since the sales mix is 2:1 in favor of men's shirts, the total breakeven point would be:
Total Breakeven Point = 2(Men's Breakeven Point) + Boys' Breakeven Point
Total Breakeven Point = 2(3,200) + 4,800 = 11,200 units
b. First, let's calculate the total contribution margin per unit for each type of shirt:
Men's: Selling Price - Variable Cost = $28.80 - $20.40 = $8.40
Boys': Selling Price - Variable Cost = $24.00 - $16.80 = $7.20
Since the sales mix is 2:1 in favor of men's shirts, we can calculate the weighted average contribution margin per unit:
Weighted Average Contribution Margin = (2/3)(Men's CM) + (1/3)(Boys' CM)
Weighted Average Contribution Margin = (2/3)($8.40) + (1/3)($7.20) = $8.20
Total operating income can be calculated as follows:
Total Sales = 9,000 shirts x 2/3 (men's shirts) x $28.80 + 9,000 shirts x 1/3 (boys' shirts) x $24.00 = $489,600
Total Variable Costs = 9,000 shirts x 2/3 (men's shirts) x $20.40 + 9,000 shirts x 1/3 (boys' shirts) x $16.80 = $234,000
Total Contribution Margin = $489,600 - $234,000 = $255,600
Operating Income = Total Contribution Margin - Fixed Costs = $255,600 - $38,400 = $217,200
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Maintenance expenses for a bridge on the Ohio River are estimated to be $20,000 per year for the first eight years, followed by two separate $100,000 expenditures in years 12 and 18. The expected life of the bridge is 30 years. If i= 6% per year, what is the equivalent uniform annual expense over the entire 30-year period?
The equivalent uniform annual expense over the entire 30-year period is approximately $16,118.85.
We can use the formula for the present value of an annuity: P = A * (1 - 1 / (1 + i)^n) / i . where P is the present value of the annuity, A is the equivalent uniform annual expense, i is the interest rate per year, and n is the number of years. In this case, we have three different expenses: $20,000 for the first 8 years, $100,000 in year 12, and $100,000 in year 18. To find the present value of these expenses, we need to discount them back to the present using the interest rate of 6%.
PV1 = $20,000 * (1 - 1 / (1 + 0.06)^8) / 0.06 = $119,018.05
PV2 = $100,000 / (1 + 0.06)^12 = $44,968.16
PV3 = $100,000 / (1 + 0.06)^18 = $29,558.09
The total present value of the expenses is:
PV = PV1 + PV2 + PV3 = $193,544.30
Now we can use the same formula to solve for the equivalent uniform annual expense, A: A = P * i / (1 - 1 / (1 + i)^n) . A = $193,544.30 * 0.06 / (1 - 1 / (1 + 0.06)^30) = $16,118.85 .
Therefore, the equivalent uniform annual expense over the entire 30-year period is approximately $16,118.85.
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In a make or buy decision , which of the costs below are relevant ? 1. Fixed costs that will not change regardless of the decision . 2. Fixed costs that can be avoided in the future if the decision is to buy . 3. Only direct material costs . 4. Only conversion costs.
Option (2) "Fixed costs that can be avoided in the future if the decision is to buy" is the correct answer.
In a make or buy decision, relevant costs are those costs that are affected by the decision and can help in making a rational decision.
Fixed costs that will not change regardless of the decision are irrelevant in a make or buy decision since they are sunk costs and cannot be altered by the decision. Fixed costs that can be avoided in the future if the decision is to buy are relevant in the decision-making process as they can be saved by choosing to buy from an external supplier rather than producing internally. Direct material costs and conversion costs are both relevant in a make or buy decision. Direct material costs are the cost of raw materials required to produce a product or service, while conversion costs are the costs of labor and manufacturing overhead needed to convert raw materials into finished products. By comparing the costs of producing internally versus purchasing from an external supplier, a company can determine which option is more cost-effective.
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consider a two country world consisting of the united kingdom (uk) and the us. if the us goes into a recession, then the uk would rather have the us conduct expansionary monetary policy rather than fiscal policy since with expansionary us monetary policy us citizens will expenditure switch from us goods and services towards uk goods and services.
The UK would prefer the US to conduct expansionary monetary policy rather than fiscal policy if the US goes into a recession.
Expansionary monetary policy involves lowering interest rates and increasing the money supply in an economy to stimulate economic growth. By doing so, it makes borrowing cheaper and encourages spending and investment. Therefore, expansionary monetary policy in the US would likely lead to increased demand for goods and services, including those produced in the UK. This would lead to a positive spillover effect on the UK economy, boosting exports and increasing economic growth.
On the other hand, fiscal policy involves government spending and taxation. If the US implemented expansionary fiscal policy, it would increase government spending and reduce taxes to stimulate the economy. While this may also increase demand for goods and services, it may also lead to an increase in domestic production, thereby reducing demand for foreign goods and services, including those produced in the UK. Therefore, the UK would prefer the US to conduct expansionary monetary policy rather than fiscal policy if the US goes into a recession.
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Before considering any public project, the government should (i) compare the total cost and total benefits of the (ii) conduct a cost-benefit (iii) infer that citizens who vote for a project are willing to pay equally for a. (i) only
b. (ii) only
c. (i) and (ii) only d. (i), (ii), and (iii)
The answer to this question is (d) (i), (ii), and (iii).
Before considering any public project, the government should (i) compare the total cost and total benefits of the (ii) conduct a cost-benefit (iii) infer that citizens who vote for a project are willing to pay equally for it
What is a public project? A public project is a form of investment undertaken by the government to provide public goods and services to the public. A public project is financed by the government or government institutions with the aim of benefiting the public. Infrastructure development, education, and healthcare are examples of public projects. What is a cost-benefit analysis? A cost-benefit analysis (CBA) is a technique that compares the total costs of a project to the total benefits it provides. A cost-benefit analysis assesses the desirability of a public project by weighing the expected costs of the project against its expected benefits. Cost-benefit analysis is important because it helps to ensure that resources are allocated effectively and efficiently.
What can be inferred when citizens vote for a project? When citizens vote for a public project, it can be inferred that they are willing to pay equally for it. It means that the citizens have assessed the benefits of the project and believe that the benefits are worth the cost. Therefore, it is important for the government to compare the total cost and total benefits of a public project, conduct a cost-benefit analysis and infer that citizens who vote for a project are willing to pay equally for it before considering any public project.
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You are hiring a new project manager to take over a project with several teams that often disagree on what they are supposed to do. Which competency would you feel is most important in a candidate for this situation?
A project manager with strong people management skills would be the most important candidate.
What are people management skills?
People management skill is the ability of an individual to effectively lead and supervise a team of individuals in order to achieve specific goals and objectives.
Someone who is good at communicating effectively, motivating team members, providing constructive feedback, delegating tasks appropriately, and managing conflicts that may arise within the team can be said to have strong people management skills.
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When auditing financial statements of a private company, the minimum work an auditor must perform in connection with a company's internal control is best described by which of the following statements?
a Determine whether the company's control policies are designed well enough to prevent material misstatements.
b Perform exhaustive tests of accounting controls and evaluate the company's control system effectiveness.
c Design procedures to search for significant deficiencies in the actual operation of the company's internal control.
d Prepare auditing working papers that document the auditor's understanding of the company's internal control.
The minimum work an auditor must perform in connection with a private company's internal control is best described by statement D: Prepare auditing working papers that document the auditor's understanding of the company's internal control.
This means that the auditor must document their understanding of the company's internal control structure and the extent to which they will rely on it in conducting the audit. This includes evaluating the design of the control system, assessing the risk of material misstatement, and identifying any weaknesses or deficiencies in the control system that may affect the audit. While the auditor may perform additional testing and evaluation of the company's control system, documenting their understanding of the system is the minimum requirement for an auditor in connection with a private company's internal control.
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Item1
2
points
Return to question Item 1
Rizio Company purchases a machine for $12,600, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $126 discount. Transportation costs of $285 were paid by Rizio. The machine required mounting and power connections costing $871. Another $411 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $180 worth of repairs were made.
Complete the below table to calculate the cost recorded for this machi
Rizio Business spent a total of $14,261 on the installation of new equipment.
Investment Outlay: What Is It?The cost of buying a fixed asset is referred to as a capital expenditure, and it is reported on the balance sheet rather than the income statement. The cost of the asset is increased by any costs necessary to put it to its intended use.
What is covered by the initial purchase of the equipment?The initial cost of an object includes all measurable components. For instance, a company could decide to invest $20,000 on a piece of equipment. There are extra costs above and above the purchase price, including $3,000 for installation and warranty, $1,000 in fees, and $700 for freight and delivery.
Amount
Machine cost $12,600
Discount ($12,500 * 2%) -$126
Net purchase price $12,474
Mounting and power connections cost $871
Transportation costs $285
Assembling cost $411
Materials used $40
Repairs $180
Total cost $14,261
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. A customer is suing the company for $800,000 in damages because her child was injured in November 2016 while riding an escalator that stopped suddenly in one of its stores. The child was hurt when he tripped and fell while walking “down” an escalator that was going “up.” Legal counsel feels that the child is partially at fault, but that it is probable that the lawsuit will be settled for between $50,000 and $100,000, with $80,000 being the most likely amount. 2. Fallon has discovered that a skateboard it began manufacturing and selling in 2016 has defective bearings, sometimes causing a wheel to fall off. Fallon has issued a “recall” notice in newspapers and magazines in which it offers to replace the bearings. It estimates a cost of $200,000 for these repairs. No lawsuits have been filed for injury claims, although the company feels that there is a reasonable possibility that claims may total as high as $2 million. 3. Fallon has an incinerator behind one of its retail outlets which is used to burn cardboard boxes received in shipments of inventory from suppliers. The state environmental protection agency filed suit against the company in August 2016 for air pollution. Fallon expects to stop using the incinerator and begin recycling. However, its lawyers believe that it is probable that a fine of between $40,000 and $60,000 will be levied against the company, although they cannot predict the exact amount. 4. In early 2016, Fallon signed a contract with a computer vendor to install “state of the art” cash registers in all of its retail outlets. Because of the vendor’s inability to acquire sufficient cash registers, the vendor canceled the contract. Fallon has filed a breach of contract suit against the vendor, claiming $300,000 in damages. The company’s lawyers expect that it will settle the suit “out of court” for $150,000.
Company F took its vendor to court. According to conservatism, estimated gain contingency cannot be recorded before it is earned. Both IFRS and GAAP apply to this principle.
What are IFRS and GAAP?The term "Generally Accepted Accounting Principles" refers to the United States' generally accepted standards for financial reporting. The acronym IFRS refers to a set of internationally accepted accounting standards that are utilized by the majority of nations worldwide.
The reason for IFRS is that elements have normal bookkeeping decides that permit fiscal summaries to be steady, solid, and tantamount between each business in any country.
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Further answer attached below:
Problem 5-46 Straightforward ABC calculations (LO 5-1, 5-2, 5-3, 5-4, 5-5)
1. Machine-related costs for REG line: $135,000
2. Total cost per unit, under ABC, for GMT line: $663.90 5. Cost distortion per unit for ADV line: overcosted by $8.85
Kitchen King's Toledo plant manufactures three product lines, all multi-burner, ceramic cook tops. The plant's three product models are the Regular (REG), the Advanced (ADV), and the Gourmet (GMT). Until recently, the plant used a job-order product-costing system, with manufacturing overhead applied on the basis of direct-labor hours. The following table displays the basic data upon which the traditional costing system was based.
(pic 1 that has 2 tables)
Kitchen King's pricing policy is to set a target price for each product equal to 130 percent of the full product cost. Due to price competition from other appliance manufacturers, REG units were selling at $525, and ADV units were selling for $628. These prices were somewhat below the firm's target prices. However, these results were partially offset by greater-than-expected profits on the GMT product line. Management had raised the price on the GMT model to $800, which was higher than the original target price. Even at this price, Kitchen King's customers did not seem to hesitate to place orders, Moreover, the company's competitors did not mount a challenge in the market for the GMT product line. Nevertheless, concern continued to mount in Toledo about the difficulty in the REG and ADV markets. After all, these were the plant's bread-and-butter products, with projected annual sales of 5,000 REG units and 4,000 ADV units.
Kitchen King's director of cost management, Angela Ramirez, had been thinking for some time about a refinement in the Toledo plant's product-costing system. Ramirez wondered if the traditional, volume-based system was providing management with accurate data about product costs. She had read about activity-based costing, and wondered if ABC would be an improvement to the plant's product-costing system. After some discussion, an ABC proposal was made to the company's top management, and approval was obtained. The data collected for the new ABC system is displayed in the following table.
(pic 2 that has 1 table)
1. Show how the company's overhead rate of $12 per direct-labor hour was calculated.
2. Complete an activity-based costing analysis for Kitchen King's three product lines. Display the results of your ABC analysis in a table similar to Exhibit 5-7 in the text.
3. Prepare a table similar to Exhibit 5-8, which computes the new product cost for each product line under
ABC
1. Prepare a table similar to Exhibit 5-9, which compares the overhead cost, total product cost, and target price for each product line under the two alternative costing systems.
2. Was each of Kitchen King's three product lines overcosted or undercosted? By how much per unit?
The Overhead Absorption Rate and other related information is given below:
1) Overhead Absorption RateOverhead Absorption Rate = Annual Budgeted Overhead cost /Budgeted direct labour hours
=$1,224,000/102,000DLH
=$12 per DLH
Working
a b c= a*b
Product Units DLH/unit Total DLH
REG 5,000 9 45,000
ADV 4,000 11 44,000
GMT 1,000 13 13,000
Totl Budgeted DLH 102,000
DLH = direct labour hours
2)
ABC Analysis
Machine Related 310,500 Machine hours 115,000 $ 2.70 REG 50,000 $ 135,000 5,000 $ 27.00
$ 2.70 ADV 48,000 $ 129,600 4,000 $ 32.40
$ 2.70 GMT 17,000 $ 45,900 1,000 $ 45.90
Total 115,000 $ 310,500
Material Handling 52,500 Production runs 100 $ 525.00 REG 40 $ 21,000 5,000 $ 4.20
$ 525.00 ADV 40 $ 21,000 4,000 $ 5.25
$ 525.00 GMT 20 $ 10,500 1,000 $ 10.50
Total 100 $ 52,500
Purchasing 75,000 Purchase Orders 300 $ 250.00 REG 100 $ 25,000 5,000 $ 5.00
$ 250.00 ADV 96 $ 24,000 4,000 $ 6.00
$ 250.00 GMT 104 $ 26,000 1,000 $ 26.00
Total 300 $ 75,000
Set Up 85,000 Production runs 100 $ 850.00 REG 40 $ 34,000 5,000 $ 6.80
$ 850.00 ADV 40 $ 34,000 4,000 $ 8.50
$ 850.00 GMT 20 $ 17,000 1,000 $ 17.00
Total 100 $ 85,000
Inspection 27,500 Inspection hours 1,100 $ 25.00 REG 400 $ 10,000 5,000 $ 2.00
$ 25.00 ADV 400 $ 10,000 4,000 $ 2.50
$ 25.00 GMT 300 $ 7,500 1,000 $ 7.50
Total 1,100 $ 27,500
Shipping 66,000 Shipments 1,100 $ 60.00 REG 500 $ 30,000 5,000 $ 6.00
$ 60.00 ADV 400 $ 24,000 4,000 $ 6.00
$ 60.00 GMT 200 $ 12,000 1,000 $ 12.00
Total 1,100 $ 66,000
Engineering 32,500 Engineering hours 650 $ 50.00 REG 250 $ 12,500 5,000 $ 2.50
$ 50.00 ADV 200 $ 10,000 4,000 $ 2.50
$ 50.00 GMT 200 $ 10,000 1,000 $ 10.00
Total 650 $ 32,500
Facility 575,500 Machine hours 115,000 $ 5.00 REG 50,000 $ 250,000 5,000 $ 50.00
$ 5.00 ADV 48,000 $ 240,000 4,000 $ 60.00
$ 5.00 GMT 17,000 $ 85,000 1,000 $ 85.00
Total 115,000 $ 575,000
***
1) Activity pool rate = Activity pool cost/Cost driver quantity
2) Activity cost for product = Activity pool rate* Cost driver quantity per product
3) Activity cost per unit/product = Activity cost per product/ unit of production per product
3. Total product cost for each product line as per ABC
Total product cost for each product line
Particulars REG ADV GMT
Direct material $ 129.00 $ 151.00 $ 203.00
Direct labour (Excuding of setup time) $ 171.00 $ 209.00 $ 247.00
REG =9hr*$19
ADV =11 hr*$19
GMT =13hr*$19
Manufactured Overhead (as per ABC)
Machine Related $ 27.00 $ 32.40 $ 45.90
Material Handling $ 4.20 $ 5.25 $ 10.50
Purchasing $ 5.00 $ 6.00 $ 26.00
Set Up $ 6.80 $ 8.50 $ 17.00
Inspection $ 2.00 $ 2.50 $ 7.50
Shipping $ 6.00 $ 6.00 $ 12.00
Engineering $ 2.50 $ 2.50 $ 10.00
Facility $ 50.00 $ 60.00 $ 85.00
Total overhead cost /unit $ 103.50 $ 123.15 $ 213.90
Total product cost /unit $ 403.50 $ 483.15 $ 663.90
4. Comparision
Particulars REG ADV GMT
Manufactured Overhead
As per Traditional costing $ 108.00 $ 132.00 $ 156.00
As per ABC $ 103.50 $ 123.15 $ 213.90
Product Cost
As per Traditional costing $ 408.00 $ 492.00 $ 606.00
As per ABC $ 403.50 $ 483.15 $ 663.90
Sales price (130% of product cost)
As per Traditional costing $ 530.40 $ 639.60 $ 787.80
As per ABC $ 524.55 $ 628.10 $ 863.07
Actual current Selling price $ 525.00 $ 628.00 $ 800.00
5.
Under/over costing of product
Particulars REG ADV GMT
Product Cost
As per Traditional costing $ 408.00 $ 492.00 $ 606.00
As per ABC $ 403.50 $ 483.15 $ 663.90
difference $ 4.50 $ 8.85 $ (57.90)
Under/over costing of product over costing over costing Under costing
6. If machine related cost pools change and facility cost pools are changed.
ABC Analysis
Machine Related 621,000 Machine hours 115,000 $ 5.40 REG 50,000 $ 270,000 5,000 $ 54.00
$ 5.40 ADV 48,000 $ 259,200 4,000 $ 64.80
$ 5.40 GMT 17,000 $ 91,800 1,000 $ 91.80
Total 115,000 $ 621,000
Material Handling 52,500 Production runs 100 $ 525.00 REG 40 $ 21,000 5,000 $ 4.20
$ 525.00 ADV 40 $ 21,000 4,000 $ 5.25
$ 525.00 GMT 20 $ 10,500 1,000 $ 10.50
Total 100 $ 52,500
Purchasing 75,000 Purchase Orders 300 $ 250.00 REG 100 $ 25,000 5,000 $ 5.00
$ 250.00 ADV 96 $ 24,000 4,000 $ 6.00
$ 250.00 GMT 104 $ 26,000 1,000 $ 26.00
Total 300 $ 75,000
Set Up 85,000 Production runs 100 $ 850.00 REG 40 $ 34,000 5,000 $ 6.80
$ 850.00 ADV 40 $ 34,000 4,000 $ 8.50
$ 850.00 GMT 20 $ 17,000 1,000 $ 17.00
Total 100 $ 85,000
Inspection 27,500 Inspection hours 1,100 $ 25.00 REG 400 $ 10,000 5,000 $ 2.00
$ 25.00 ADV 400 $ 10,000 4,000 $ 2.50
$ 25.00 GMT 300 $ 7,500 1,000 $ 7.50
Total 1,100 $ 27,500
Shipping 66,000 Shipments 1,100 $ 60.00 REG 500 $ 30,000 5,000 $ 6.00
$ 60.00 ADV 400 $ 24,000 4,000 $ 6.00
$ 60.00 GMT 200 $ 12,000 1,000 $ 12.00
Total 1,100 $ 66,000
Engineering 32,500 Engineering hours 650 $ 50.00 REG 250 $ 12,500 5,000 $ 2.50
$ 50.00 ADV 200 $ 10,000 4,000 $ 2.50
$ 50.00 GMT 200 $ 10,000 1,000 $ 10.00
Total 650 $ 32,500
Facility 1,150,000 Machine hours 115,000 $ 10.00 REG 50,000 $ 500,000 5,000 $ 100.00
$ 10.00 ADV 48,000 $ 480,000 4,000 $ 120.00
$ 10.00 GMT 17,000 $ 170,000 1,000 $ 170.00
Total 115,000 $ 1,150,000
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Perpetual Inventory Using LIFO
The following units of a particular item were available for sale during the calendar year:
I understand how to do jan. 1, apr. 19, and part of june 30. but the rest I cant figure out
LIFO (last-in, first-out) is a cost flow assumption used by firms to value their inventory, in which the last goods placed in inventory are the first items sold. As a result, the oldest acquired or generated inventory remains at the conclusion of the term.
Can LIFO be used on perpetual inventory system?The final expenses available at the moment of sale are the first to be withdrawn from the Inventory account and charged to the Cost of Goods Sold account under everlasting LIFO. We cannot wait till the end of the year to estimate the final cost because this is a perpetual system. (as is done with periodic LIFO).
Based on the given information, the schedule of cost of goods sold under LIFO method can be prepared as follows:
Date Quantity Unit Cost Total Cost Cost of Goods Sold Inventory Balance
Jan. 1 4,000 $40 $160,000 - $160,000
Apr. 19 2,500 $44 $110,000 $100,000 $70,000
June 30 2,500 $44 $110,000 - $180,000
Sept. 2 4,500 $46 $207,000 $187,500 $92,500
Nov. 15 2,000 $46 $92,000 $92,000 $500
To calculate the cost of goods sold and inventory balance, we use the LIFO method, which assumes that the last units purchased are the first to be sold.
On Jan. 1, the company had 4,000 units in inventory at a cost of $40 each, which gives a total inventory value of $160,000.
On Apr. 19, 2,500 units were sold. The most recent purchase was on June 30, when 4,500 units were purchased at a cost of $44 each. Since the most recent purchase was used up first, we assume that the cost of goods sold is based on these units, resulting in a cost of goods sold of 2,500 units x $44 = $110,000. The inventory balance is now 4,000 units (Jan. 1 inventory) - 2,500 units (sold) + 4,500 units (purchased) = 6,000 units at a total cost of $270,000. We assume that the units from the Jan. 1 inventory and the June 30 purchase are still in inventory at this point, but the units from the April 19 sale have been sold.
On June 30, 2,500 units were sold. The most recent purchase was on Nov. 15, when 2,000 units were purchased at a cost of $46 each. Since the most recent purchase was used up first, we assume that the cost of goods sold is based on these units, resulting in a cost of goods sold of 2,500 units x $46 = $115,000. The inventory balance is now 4,000 units (Jan. 1 inventory) + 4,500 units (June 30 purchase) - 2,500 units (sold) - 2,000 units (sold) = 4,000 units at a total cost of $184,000. We assume that the units from the Jan. 1 inventory and the June 30 and Nov. 15 purchases are still in inventory at this point, but the units from the April 19 and Sept. 2 sales have been sold.
On Sept. 2, 5,000 units were sold. The most recent purchase was on Nov. 15, when 2,000 units were purchased at a cost of $46 each. Since the most recent purchase was used up first, we assume that the cost of goods sold is based on these units, resulting in a cost of goods sold of 2,000 units x $46 = $92,000. The remaining 3,000 units sold are assumed to come
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types of business organizations chapter 8 assessment what are the advatages of a sole proprietorship
Some advantages of a sole proprietorship as a business organization include: simplicity in setting up and dissolving, complete control by the owner, flexibility in decision-making, and potential tax benefits.
The advantages of a sole proprietorship are as follows:Easy to create and terminateA sole proprietorship is the simplest and easiest form of a business to establish, and it does not require much legal paperwork. It can be set up and closed down quickly without much hassle. The proprietor has full control of the business, and he or she has the flexibility to make decisions at will.Tax benefitsA sole proprietorship provides tax benefits. The proprietor is the only one responsible for paying taxes, and he or she is not subject to double taxation as in the case of corporations.
The profits and losses of the business are added to the proprietor's personal tax returns, and the taxes paid are based on the proprietor's tax bracket.Limited LiabilitySole proprietorship is not a separate legal entity from the proprietor. As a result, the proprietor is solely responsible for the company's debts and liabilities. This means that if the company is sued, the proprietor's personal assets are at risk. However, the risks are significantly reduced because the business is small and limited to a single proprietor. Therefore, a sole proprietorship may be preferable to individuals who do not require a lot of capital to start their business.
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Rank order the vendors, keeping the Seasonal Product Team's needs in mind.
1
M
Rank
2 D
4
P
K
Flexibility
Vendor
O Low Amount
↑ Increasing 10%
Castomer Issues
Quantity Shipped
O
O
Shipped On Time
Moderate Amount
Decreasing 10%
●T
High Amount
D
Since the primary goal of the seasonal team is to guarantee that products are available as and when needed and in the appropriate quantities, the vendor must have some qualities.
These include-
Flexibility to make changes in product demand, Fewer customer issues, Above average ratings in product shipping, And the ability to ship the products on schedule.Analysis of Vendors-
1. The advantages of vendor P-
-P include great flexibility and little customer complaints. The amount transported is small, despite the fact that delivery times are long and rising by 10%. P cannot thus be suggested.
2. Vendor D-
D is very adaptable, customer problems are growing by 10%. Furthermore, despite the great quantity, only a small percentage of the items are delivered on time. D thus cannot be suggested.
3. Vendor K -
K has a modest level of flexibility and some growing customer difficulties (the latter by 10%). While they are delivered on time, the amount sent is fair. K is therefore advised.
Hence keeping the Seasonal Product Team's needs in mind, the vendors K, P, D can be ranked in orders as 1,2,3 respectively.
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the tax liability for a married couple with taxable income of $141,325 is: use the appropriate tax tables and tax rate schedules. note: all answers should be rounded to the nearest dollar.
The tax liability for a married couple with a taxable income of $141,325, filing jointly, can be calculated using the 2021 U.S. federal tax brackets. Here's the breakdown:
1. 10% on income up to $19,900: 0.10 x $19,900 = $1,990
2. 12% on income between $19,901 and $81,050: 0.12 x ($81,050 - $19,900) = $7,338
3. 22% on income between $81,051 and $141,325: 0.22 x ($141,325 - $81,050) = $13,260.50
Now, add up the amounts from each bracket:
$1,990 + $7,338 + $13,260.50 = $22,588.50
Round to the nearest dollar: $22,589
The tax liability for this married couple with a taxable income of $141,325 is approximately $22,589.
The tax liability for a married couple with taxable income of $141,325 is $26,951.50. This can be found by using the appropriate tax tables and tax rate schedules.What are tax tables?Tax tables are the official charts or tables which demonstrate the tax liability or tax refund for taxpayers who file their taxes. To determine the amount of tax payable, you will need to refer to the tax tables that are relevant to the tax year you are completing the return for.Tax rate schedules help determine the tax liability based on the level of taxable income. It applies to taxpayers who earn above a certain amount. The Internal Revenue Service (IRS) annually issues the tax tables and tax rate schedules based on the inflation rate.What are the tax rates for married couples in 2021?In 2021, married couples filing jointly have the following tax rates:For taxable income up to $19,900, the tax rate is 10%.For taxable income over $19,900 up to $81,050, the tax rate is 12%.For taxable income over $81,050 up to $172,750, the tax rate is 22%.For taxable income over $172,750 up to $329,850, the tax rate is 24%.For taxable income over $329,850 up to $418,850, the tax rate is 32%.For taxable income over $418,850 up to $628,300, the tax rate is 35%.For taxable income over $628,300, the tax rate is 37%.Therefore, to determine the tax liability for a married couple with taxable income of $141,325, we need to use the tax rate schedules.
Here's how to calculate the tax liability:Taxable income: $141,325Tax on $81,050 (22% bracket): $17,831.00Tax on $60,275 (24% bracket): $14,401.00Total tax liability: $17,831.00 + $14,401.00 = $26,951.50 (rounded to the nearest dollar).Thus, the tax liability for a married couple with taxable income of $141,325 is $26,951.
The tax liability for a married couple with a taxable income of $141,325, filing jointly, can be calculated using the 2021 U.S. federal tax brackets. Here's the breakdown:
1. 10% on income up to $19,900: 0.10 x $19,900 = $1,990
2. 12% on income between $19,901 and $81,050: 0.12 x ($81,050 - $19,900) = $7,338
3. 22% on income between $81,051 and $141,325: 0.22 x ($141,325 - $81,050) = $13,260.50
Now, add up the amounts from each bracket:
$1,990 + $7,338 + $13,260.50 = $22,588.50
Round to the nearest dollar: $22,589
The tax liability for this married couple with a taxable income of $141,325 is approximately $22,589.
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assuming that the machine was used directly in the production of one of the products that the company manufactures and sells, what factors might management consider in selecting a preferable depreciation method in conformity with the expense recognition (matching) principle ?
While selecting a depreciation method in accordance with the expense recognition principle, management may take into account the nature and estimated life of the asset, the company's financial status, tax consequences, and regulatory requirements.
Management might consider several factors in selecting a preferable depreciation method in conformity with the expense recognition (matching) principle, including the estimated useful life of the machine, the residual value of the machine, the method's impact on the company's income statement and balance sheet, and the tax implications of the method.
The matching principle requires that expenses be recognized in the same period as the revenue they help generate, so selecting a depreciation method that best matches the machine's use to the periods in which it is generating revenue is crucial. This may involve considering the pattern of use over time, and whether it is more appropriate to use a method that front-loads depreciation expenses or spreads them out evenly.
Additionally, tax laws may influence the choice of depreciation method, as some methods may provide more favorable tax treatment than others. Overall, the goal is to select a depreciation method that most accurately reflects the machine's contribution to revenue generation over its useful life, while also considering the financial and tax implications of the method.
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choose the correct
1) The Financial System main function is to
a) Channeling funds from surplus units to deficit units
b) Transfer money from those who haven’t productive use of fund to other who have c) Derive the economy to efficiency
d) All of the above
2) The financial market consider to be
a) The indirect route to transfer funds from surplus to deficit units
b) The direct route to transfer funds from surplus to deficit units
c) Where the surplus units makes deposit
d) Where the deficit units takes loan
3) The balance sheet describe
a) The financial position of the company
b) The operation of the company
c) The sources of finance of the company
d) All of the above
4) In order to calculate the weighted average cost of capital, we obtain
a) Cost of debt
b) Cost of equity
c) Cost of both (debt and equity)
d) None of above
5) The income statement describe
a) The financial position of the company
b) The operation of the company
c) The sources of finance of the company
d) All of the above
6) If the ROA of a company is 17.5% , profit margin is 12.5% and ROE is 30% and the interest on deposits is 18%. It would be better for the investors to invest in: a) the company
b) the bank
c) divided the money into both
d) need more information
7) If the present value of cash flows greater than initial investment, so we shall
a) Accept the project
b) Reject the project
c) Need more information
d) None of the above
8) In the cash flow, it is better for the company to have from operating activity:
a) Positive cash flow
b) Negative Cash flow
c) It doesn’t differ
d) None of the above
9) The financial ratio that measure the management efficiency
a) Return on equity
b) The current ratio
c) The debt to equity
d) Return on Assets
10) The country risk premium will increase if
a) The economic position of the country stable
b) The economic position of the country unstable
c) From one year to another
d) If the political status become stable
11) The first step to obtain make budgeted financial statement
a) Determine expected distributed dividends
b) Determine expected purchase of raw material
c) Determine expected sales revenue
d) Determine expected organization structure
12) The breakeven point for a company reached when :
a) Revenue equal variable cost
b) Revenue equal fixed cost
c) Revenue equal total cost
d) Fixed cost equal variable cost
What should the business have in place to protect them from being responsible/sued? What is the business liable for? What aren’t they responsible for? If it was your business what would you do? THIS IS DUE SOON PLEASE HELP
Businesses should have several measures in place to protect themselves from being held responsible or sued.
What is the business liable for?Some business measures can include:
Legal compliance: Businesses should ensure that they comply with all relevant laws and regulations in their industry. This includes employment laws, health and safety regulations, and consumer protection laws.
Insurance: Businesses should consider purchasing liability insurance to protect themselves from potential lawsuits. This can include general liability insurance, professional liability insurance, and product liability insurance.
Clear contracts and agreements: Businesses should ensure that all contracts and agreements they enter into with clients, suppliers, and other parties are clear and unambiguous. This can help prevent misunderstandings and disputes down the line.
Strong data protection measures: If the business collects and stores customer data, they should have strong data protection measures in place to prevent data breaches and protect customer privacy.
Employee training: Businesses should provide their employees with appropriate training to ensure they understand their responsibilities and obligations, as well as how to handle potential legal issues.
In terms of liability, businesses can be held responsible for a range of issues, including:
Negligence: If the business fails to take reasonable care, they can be held responsible for any harm caused as a result of that negligence.
Breach of contract: If the business breaches a contract or agreement with another party, they can be held responsible for any resulting damages.
Product liability: If a product sold by the business causes harm to a customer, the business can be held liable.
Employment issues: If the business violates employment laws or discriminates against employees, they can be held responsible.
There are also certain things that businesses are not responsible for, such as:
Acts of nature: Businesses are not responsible for damage caused by natural disasters or other events beyond their control.
Criminal acts: If a third party commits a criminal act against the business or their customers, the business is not typically held responsible.
If it were my business, I would ensure that we have all the necessary legal and insurance measures in place to protect ourselves from potential legal issues. I would also prioritize employee training and data protection to minimize the risk of any potential liability.
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What is human resource management?
Answer:
Investment in workers, protecting their safety, and effective staffing management are the main priorities of HRM.
Explanation:
The recruitment, hiring, training, compensating, rewarding, motivating, and retaining of personnel are within the purview of human resource management.
Munoz Company operates three segments. Income statements for the segments imply that profitability could be improved if Segment A were eliminated.
MUNOZ COMPANY
Income Statements for Year 2
Segment A B C
Sales $ 163,000 $252,000 $249,000
Cost of goods sold (129,000) (90,000) (84,000)
Sales commissions (22,000) (25,000) (28,000)
Contribution margin 12,000 137,000 137,000
General fixed operating expenses (allocation of president’s salary) (37,000) (49,000) (38,000)
Advertising expense (specific to individual divisions. (3,000) (17,000) 0
Net income (loss) $(28,000) $71,000 $99,000
Required
A. Prepare a schedule of relevant sales and costs for Segment A.
B. Prepare comparative income statements for the company as a whole under two alternatives: (1) the retention of Segment A and (2) the elimination of Segment A.
Answer:??
Explanation:
PLEASE HELP. I NEED TO FINISH THIS TODAY OR IM GROUNDED
Beginning to invest early for retirement is beneficial because it allows you to take advantage of the power of compounding returns.
What is beneficial?Beneficial means something that is helpful or advantageous. In general, it refers to something that is good or has a positive effect. For example, good health is beneficial, as it can help us live longer and happier lives. Exercise is also beneficial, as it can keep us strong and help us stay in shape. Education is also beneficial, as it can open doors to new opportunities, help us gain knowledge and skills, and provide us with a better future.
Compounding returns means that the longer you leave your money in an investment, the more it will grow. This is because the returns are reinvested and compounded or multiplied over time. As you invest earlier in life, you will have more time for your money to grow and benefit from compounding returns. Additionally, taxes are generally lower on investments made by younger investors, and investing at a young age can also help to raise your credit score. Finally, younger people often have fewer expenses, making it easier to invest and set money aside for retirement.
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during its first week of operations ending january 7, fasttrack sports incorporated completed six transactions with the dollar effects indicated in the following schedule: accounts dollar effect of each of the six transactions ending balance 1 2 3 4 5 6 cash $15,000 $66,000 $(9,000) $(4,800) $(8,700) $(10,000) notes receivable (short-term) 4,800 store fixtures 8,700 operating lease right-of-use assets 141,000 notes payable (due in three months) 66,000 (10,000) long-term lease liabilities 132,000 common stock (15,000 shares) 1,500 additional paid-in capital 13,500 required: 2. prepare a classified balance sheet for fasttrack sports incorporated on january 7.
Each transaction that FastTrack Sports Inc. directed during its most memorable seven-day stretch of tasks interestingly affected the organization's financial records.
The first transaction that FastTrack Sports Inc. conducted was the receipt of cash, which increased the cash balance by $15,000.
The second transaction involved the receipt of notes receivable, which increased the company's short-term notes receivable by 4,800.
The third transaction involved the purchase of store fixtures, which decreased the company's cash balance by $8,700.
The fourth transaction involved the acquisition of land, which increased the company's land balance by $15,000.
The fifth transaction involved the payment of notes payable, which decreased the company's cash balance by $9,000.
The sixth and final transaction involved the issuance of common stock, which increased the company's additional paid-in capital by 13,500.
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Explain in your what is the difference between a policy and a rule
Answer:
A policy tells you what needs to be done
A rule is something you must do
Explanation:
please help with this one
Instead of waiting for income tax season to start figuring out what deductions you can claim, you made sure to start keeping track of these items from the very beginning. Create a deduction spreadsheet with the following information from January. Be sure to sort your list by date.
Deduction Category: Travel Expense
Gas from This Town’s Gas’n’Go for flower deliveries:
$25.06 on 1/12/14, $32.01 on 1/23/14, and $40.13 on 1/30/14
Deduction Category: Office Supplies
Paper from This Town’s Office Supply Shop:
$36.00 on 1/2/14
Cleaning supplies from This Town’s Office Supply Shop:
$8.00 on 1/12/14 and $4.50 on 1/16/14
Creating a deduction spreadsheet can be a great way to keep track of expenses and deductions throughout the year, so you're well-prepared come tax season.
Here's an example of what your deduction spreadsheet could look like based on the given information:
Date Deduction Category Expense Description Amount
1/2/14 Office Supplies Paper from This Town’s Office Supply Shop $36.00
1/12/14 Travel Expense Gas from This Town’s Gas’n’Go for flower deliveries $25.06
1/12/14 Office Supplies Cleaning supplies from This Town’s Office Supply Shop $8.00
1/16/14 Office Supplies Cleaning supplies from This Town’s Office Supply Shop $4.50
1/23/14 Travel Expense Gas from This Town’s Gas’n’Go for flower deliveries $32.01
1/30/14 Travel Expense Gas from This Town’s Gas’n’Go for flower deliveries $40.13
In this example, we've organized the expenses by date and categorized them by deduction category to make it easier to find and calculate deductions at tax time. It's important to keep track of all deductible expenses throughout the year so you don't miss out on any potential savings. By being proactive and keeping a detailed record of expenses, you'll be able to file your taxes more efficiently and accurately.
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explain the role of economic in business
Answer:
Economics plays a crucial role in the world of business. Businesses exist to create and distribute goods and services that satisfy the needs and wants of consumers, and the principles of economics help them to do so in a more efficient and effective manner. Here are some of the ways economics influences business:
Understanding markets: Businesses must be able to understand the markets in which they operate, including the supply and demand for their products, the behavior of consumers, and the actions of competitors. By studying economic principles such as market structures, elasticity, and pricing strategies, businesses can make more informed decisions about how to allocate resources, set prices, and promote their products.
Allocating resources: One of the most important decisions businesses make is how to allocate their resources, such as labor, capital, and raw materials. Economic principles such as opportunity cost, marginal analysis, and production efficiency can help businesses to make more effective decisions about where to invest their resources.
Managing risk: Every business faces risks, such as changes in market conditions, new competitors, and economic downturns. Economic principles such as diversification, risk management, and cost-benefit analysis can help businesses to manage these risks and make better decisions about how to allocate their resources.
Understanding the role of government: Businesses must also be aware of the role that government plays in the economy, including regulations, taxes, and subsidies. Economic principles such as externalities, public goods, and market failures can help businesses to understand the impact of government policies on their operations and plan accordingly.
Overall, economics provides businesses with a framework for understanding the broader economic environment in which they operate and making more informed decisions about how to allocate their resources, manage risks, and create value for their stakeholders.
Explanation:
Economics plays a crucial role in business as it helps organizations make informed decisions about the production, pricing, marketing, and distribution of goods and services. Businesses need to understand economics to make decisions that maximize their profits and minimize their costs.
Why is economics important?People can better grasp their surroundings by studying economics. In order to effectively adapt to the challenges and possibilities that arise when things change, it enables people to comprehend individuals, organizations, markets, and governments.
Economics helps businesses understand the concept of supply and demand. This understanding is critical for determining the right price point for a product or service.
Economics is used to analyze market trends and gather insights into consumer behavior. By understanding the needs and wants of their target market, businesses can create products and services that are in high demand.
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What does it mean for a company to manage diversity effectively?
Answer: Managing diversity means acknowledging people's differences and recognizing these differences as valuable; it enhances good management practices by preventing discrimination and promoting inclusiveness. Good management alone will not necessarily help you work effectively with a diverse workforce.
Explanation:
Answer:
acknowledging people's differences and recognizing these differences as valuable
Explanation:
Match the following cultural values based on T. Hall's cultural values.
1. High Territoriality versus Low
Territoriality
2. Polychronic versus Monochronic Time |
3. Proximics
4. High Context versus Low Context
a. Mark is an American studying abroad in France. One of the things that he just couldn't get used to is how close everyone stands
b. Sally (from the US) and her friend Mae (Japan) go to the beach one Saturday afternoon. Sally was very particular about the
c. Omar is from Saudi Arabia and his classmate Gunar is from Germany. The two of them are working on a project together and
d. Jennifer is doing in internationship in Argentina. She was very quick to understand the relationships of her co-workers because
Answer:
Based on the given information and T. Hall’s cultural values, the following matches can be made:
High Territoriality versus Low Territoriality: b. Sally (from the US) and her friend Mae (Japan) go to the beach one Saturday afternoon. Sally was very particular about the…
Polychronic versus Monochronic Time: c. Omar is from Saudi Arabia and his classmate Gunar is from Germany. The two of them are working on a project together and…
Proxemics: a. Mark is an American studying abroad in France. One of the things that he just couldn’t get used to is how close everyone stands…
High Context versus Low Context: d. Jennifer is doing an internship in Argentina. She was very quick to understand the relationships of her co-workers because…
3. Following are the particulars available for Z and X, LLP
retained earnings
accounts receivable
supplies
salaries payable
equipment
unearned revenue
accounts payable
cash
prepaid insurance
common stock
a. Calculate the amount of -
• total assets
●
● total liabilities excluding stockholder equity
total stockholders' equity
668
240
500
- 167
1000
475
200
1170
100
1500
(5 Marks)
The total assets are $3,010, total liabilities excluding stockholder equity are $508, and total stockholders' equity is $2,168.
What is Assets?
Assets are economic resources that are owned or controlled by an individual, a company, or an organization. Assets can take many forms, including cash, investments, property, equipment, inventory, and accounts receivable, among others.
Using the given information, we can calculate the total assets, total liabilities excluding stockholder equity, and total stockholders' equity as follows:
Total assets = accounts receivable + supplies + equipment + cash + prepaid insurance
= 240 + 500 + 1000 + 1170 + 100
= 3,010
Total liabilities excluding stockholder equity = accounts payable + salaries payable + unearned revenue
= 200 + (-167) + 475
= 508
Total stockholders' equity = retained earnings + common stock
= 668 + 1500
= 2,168
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Multiple Choice Question
If sales = $100,000, turnover = 2.0, and ROI = 10 percent, then
O net income = $5,000 and margin = 5%
O net income = $20,000 and margin = 5%
O net income = $5,000 and margin = 10%
O net income = $10,000 and margin is indeterminable
Answer:
The formula for ROI (Return on Investment) is:
ROI = Net Income / Investment
We know that ROI is 10%, so we can write:
0.10 = Net Income / Investment
We also know that turnover is 2.0, which means that the investment is equal to:
Investment = Sales / Turnover
Substituting the given values, we get:
Investment = $100,000 / 2.0 = $50,000
Now we can solve for net income:
0.10 = Net Income / $50,000
Net Income = 0.10 x $50,000 = $5,000
The formula for margin is:
Margin = Net Income / Sales
Substituting the given values, we get:
Margin = $5,000 / $100,000 = 0.05 = 5%
Therefore, the answer is:
Net income = $5,000 and margin = 5%.
which of the following occurs when the promisor indicates before the time for his performance that he is unwilling or unable to carry out the contract?
a.Anticipatory repudiation
b.special damages
c.Constructive condition
d.quasi-contract.
The correct answer is a. Anticipatory repudiation. Anticipatory repudiation occurs when the promisor indicates before the time for his performance that he is unwilling or unable to carry out the contract.
This means that the promisor has essentially breached the contract before the actual performance is due. The non-breaching party can either wait until the time for performance has passed and then sue for breach of contract or treat the anticipatory repudiation as an immediate breach and sue for damages immediately. The non-breaching party can also request assurance from the breaching party that they will perform as agreed, and if the breaching party fails to provide adequate assurance, this can also be considered anticipatory repudiation. Anticipatory repudiation gives the non-breaching party the right to seek damages or to cancel the contract and pursue other remedies.
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