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Related Questions
Sudoku Company issues 26,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $235,000 and the building at $380,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.
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Answer and Explanation:
The journal entry to record the issuance of the stock in exchange of the land and the building is as follows:
Land $235,000
Building $380,000
To Common stock, $8 par value (26,000 shares × $8) $208,000
To Paid-in capital in excess of par value, common stock $407,000
(To record the issuance of the stock in exchange of the land and the building)
Here the land and building is debited as it increased the assets and the common stock and its paid in capital is credited as it also increased the stockholder equity
Derby Inc. manufactures a product which contains a small part. The company has always purchased this motor from a supplier for $125 each. Derby recently upgraded its own manufacturing capabilities and now has enough excess capacity (including trained workers) to begin manufacturing the motor instead of buying it. The company prepared the following per unit cost projections of making the motor, assuming that overhead is allocated to the part at the normal predetermined overhead rate of 150% of direct labor cost.
Direct material $38Direct labor 50Overhead fixed and variable 75
Total 163
The required volume of output to produce the motors will not require any incremental fixed overhead. Incremental variable overhead cost is $21 per motor. What is the effect on income if Derby decides to make the motors?
a. Income will decrease by $16 per unit.
b. Income will increase by $16 per unit.
c. Income will increase by $23 per unit
d. Income will decrease by $23 per unit.
e. Income will increase by $39 per unit.
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Answer:
Derby Inc.
If Derby decides to make the motors,
b. Income will increase by $16 per unit.
Explanation:
a) Data and Calculations:
Bought-in cost = $125
Predetermined overhead rate = 150% of direct labor cost
Direct material $38
Direct labor 50
Overhead fixed and variable 75
Total cost per unit $163
Incremental variable overhead cost = $21
Total variable cost = $109 ($38 + 50 + 21)
Differential Income per unit = $16 ($125 - $109)
b) Making the motors in-house will increase income by $16 than buying it outside. This differential income is obtained by comparing the cost of buying the motors from suppliers and the cost of making the motors internally.
Andrew sold a painting to Henry claiming it was an original Matisse. However, Andrew had recently bought the painting from an artist who specializes in reproducing original masters. When Henry showed the painting to an arts dealer, the dealer pointed out that it was a fake. Thus, Henry was a victim of _____.a. unconscionability.b. fraud.c. negligent mis-representation.d. slander.
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Answer:
B) fraud
Explanation:
From the question, we are informed about Andrew who sold a painting to Henry claiming it was an original Matisse. However, Andrew had recently bought the painting from an artist who specializes in reproducing original masters. When Henry showed the painting to an arts dealer, the dealer pointed out that it was a fake. In this case Henry was a victim of fraud.
Fraud can be regarded as an intentional deception by someone or group of people to secure a personal or financial gain which is unlawful. It could be explained as criminal deception to deprive someone his/legal right. However, it is punishable under law.
Live Nation operates music venues, provides management services to music artists, and promotes more than 22,000 live music events annually. The company merged with Ticketmaster and acquired concert and festival promoters in the United States, Australia, and Great Britain. How has the company used horizontal mergers and acquisitions to strengthen its competitive position? Are these moves primarily offensive or defensive? Has either Live Nation or Ticketmaster achieved any type of advantage based on the timing of its strategic moves?
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Answer:
This is a horizontal merger since both companies competed against each other in the past with similar products or services. As the number of firms decreases, competition between the remaining firms will become fierce.
This is an offensive move by Live Nation since its aim is to gain competitive advantages and market power. Competitive advantages resulting from this merger might be: higher market share, lower operating costs, synergy and efficiency.
If we look at it form Ticketmaster's point of view, this could be considered a defensive move. The main advantage achieved by Ticketmaster is less competition since Live Nation was the world's largest concert promoter.
Even though the merger happened during the great recession, 2009, the value of the new company has increased from a little over $800 million to almost $3 billion. That means that did something right. They were basically able to use resources more efficiently and gain even more market share. They are so large now, that some accuse them of being a monopoly.
In this case, the merger between Live National and Ticketmaster is a horizontal merger.
From the information given, it is a horizontal merger because it is a merger between the companies that are in the same or similar industry. In this case, there would be a strengthening of competitive position as there will be an increase in market share.
The merger is important as it will help reduce cost as well as increase efficiency. With this strategic move, Live Nation or Ticketmaster has allowed itself to gain a more competitive advantage. By creating a larger market share, the timing will make it harder for new entrants to gain entry into the market.
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What does a credit score measure?
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A manufacturer reports the information below for three recent years. Year 1 Year 2 Year 3 Variable costing income $ 116,000 $ 120,800 $ 123,950 Beginning finished goods inventory (units) 0 1,400 900 Ending finished goods inventory (units) 1,400 900 1,000 Fixed manufacturing overhead per unit $ 4.40 $ 4.40 $ 4.40 Compute income for each of the three years using absorption costing.
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Answer:
Absorption costing income
Year 1: $122,160
Year 2: $118,600
Year 3: $124,390
Explanation:
As per given data
_________________________________ Year 1 ___ Year 2 ___Year 3
Variable costing income ____________ $116,000 __ $120,800 __$123,950
Beginning finished goods inventory (units) 0 _______ 1,400 _____ 900
Ending finished goods inventory (units) __ 1,400 ____ 900 ______ 1,000
Fixed manufacturing overhead per unit __ $4.40 ____ $4.40 ____ $4.40
Absorption costing income
_________________________________ Year 1 ___ Year 2 ___Year 3
Variable costing income ____________ $116,000 _ $120,800 __$123,950
Fixed OH in Beginning finished goods _ ($0) _____ ($6,160) ___ ($3,960)
Fixed OH in Ending finished goods ____ $6160 ___ $3,960 ___ $4,400
Absorption costing income __________ $122,160 _ $118,600 __ $124,390
Direct labor cost is an example of a controllable cost for the supervisor of a manufacturing department.
a. True
b. False
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Answer:
a. True
Explanation:
Direct labor cost can be defined as the amount of money associated with paying of workers wages who are saddled with the responsibility of producing the goods and providing services.
Direct labor cost is an example of a controllable cost for the supervisor of a manufacturing department.
A borrower who wants to minimize interest should try to:
A. select a loan with a low simple interest rate.
B. select a credit card with a high compound interest rate.
C. select a loan with a low compound interest rate.
D. select a credit card with a high simple interest rate.
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Answer:
A. select a loan with a low simple interest rate.
Explanation:
A borrower who wants to minimize interest should try to: Select a loan with a low simple interest rate. Because low simple rate provides the lowest rate as compared to other interest.
What is interest rate?Interest rate is the amount charge by the lender on the money which is taken by the borrower . Annual percentage rate is used to calculate the total amount.
In annual percentage rate add fees and discount points, on with the interest rate.
Thus, option A is correct.
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A company calls its bonds at a price of $105,000. The face value is $100,000 and the carrying value of the bonds at the retirement date is $103,745. The issuer's journal entry to record the retirement will include a:_________.A. Debit to Premium on Bonds.B. Credit to Bonds Payable.C. Debit to Discount on Bonds.D. Credit to Gain on Bond Retirement.E. Credit to Premium on Bonds.
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Answer: A. Debit to premium on bonds
Explanation:
From the information, we are informed that a company calls its bonds at a price of $105,000 and that the face value is $100,000 and the carrying value of the bonds at the retirement date is $103,745.
The issuer's journal entry to record the retirement will include:
Debit bonds payable $100,000
Debit premium on bonds $3,745
Debit loss on bond retirement $1255
Credit cash $105,000
Therefore, the correct option is A.
Nina Corp. uses no debt. The weighted average cost of capital is 6 percent. The current market value of the equity is $16 million and the corporate tax rate is 35 percent.
What is EBIT? (Enter your answer in dollars, not millions of dollars, i.e. 1,234,567. Round your answer to 2 decimal places. (e.g., 32.16))
EBIT $
Answers
Answer:
$1,476,923.08
Explanation:
The company is an all-equity firm, hence, the value of the firm can be determined using the formula below:
value of firm=EBIT*(1-tax rate)/average cost of capital
Value of firm=$16,000,000
EBIT is the unknown
tax rate=35%
average cost of capital=6%
16,000,000=EBIT*(1-35%)/6%
16,000,000=EBIT*0.65/6%
16,000,000*6%=EBIT*0.65
EBIT=16,000,000*6%/0.65
EBIT=$1,476,923.08
Financial information is presented below:
Operating expenses $ 32000
Sales returns and allowances 6000
Sales discounts 5000
Sales revenue 190000
Cost of goods sold 93000
Gross profit would be:_________
a. 0.34.
b. 0.40.
c. 0.36.
d. 0.64.
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Answer:
0.49
Explanation:
First, we need to compute gross profit. See computation of gross profit below;
Sales revenue
$190,000
Less :
Sales returns and allowance
($6,000)
Net sales
$184,000
Less:
Cost of goods sold
($93,000)
Gross profit
$91,000
Therefore,
Gross profit rate = Gross profit ÷ Sales
Gross profit = $91,000 ÷ $184,000
Gross profit rate = 0.49
Parsons Company is planning to produce 2,900 units of product in 2020. Each unit requires 2.00 pounds of materials at $7.00 per pound and a half-hour of labor at $16.00 per hour. The overhead rate is 60% of direct labor.
(a) Compute the budgeted amounts for 2020 for direct materials to be used, direct labor, and applied overhead.
Direct materials
Direct labor
Overhead
(b) Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.)
Standard cost $
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Answer:
Results are below.
Explanation:
First, we need to calculate the total cost of producing 2,900 units:
Total cost= direct material + direct labor + allocated overhead
Total cost= (2*7)*2,900 + (0.5*16)*2,900 + [(0.5*16)*0.6]*2,900
Total cost= 40,600 + 23,200 + 13,920
Total cost= $77,720
Now, the unitary standard cost:
Unitary cost= total cost/number of units
Unitary cost= 77,720 / 2,900
Unitary cost= $26.8
Marigold Lake Corporation’s accounting records show the following at year-end December 31, 2017:
Purchase Discounts
$5,960
Beginning Inventory
$33,550
Freight-In
8,710
Ending Inventory
28,600
Freight-Out
10,940
Purchase Returns and Allowances
3,810
Purchases
163,210
Assuming that Marigold Lake Corporation uses the periodic system, compute cost of goods purchased and cost of goods sold.
Cost of goods purchased ______________________
Cost of goods sold ___________________________
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Answer:
Cost of Goods Purchased;
= Purchases - Purchase Returns and Allowances - Purchase Discounts + Freight-In
= 163,210 - 3,810 - 5,960 + 8,710
= $162,510
Cost of Goods Sold
= Beginning Inventory + Cost of Goods Purchased - Ending Inventory
= 33,550 + 162,510 - 28,600
= $167,100
Unlike other forms of persuasion, manipulation involves:_________
a. emotion a call to action.
b. rationales.
c. deductive reasoning.
d. deception.
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Tool Manufacturing has an expected EBIT of $63,000 in perpetuity and a tax rate of 35 percent. The firm has $170,000 in outstanding debt at an interest rate of 7.9 percent, and its unlevered cost of capital is 12 percent. What is the value of the firm according to MM Proposition I with taxes?
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Answer:
$400,750
Explanation:
Calculation for the value of the firm according to MM Proposition I with taxes
First step is to calculate the value of the unlevered firm using this formula
Value of the unlevered firm= EBIT(1 - Tax rate)/Unlevered cost of capital
Let plug in the formula
Value of the unlevered firm= ($63,000)(1 - 0.35)/0.12
Value of the unlevered firm=$63,000*0.65/0.12
Value of the unlevered firm=$40,950/0.12
Value of the unlevered firm= $341,250
Last step is to calculate the value of the levered firm using this formula
Value of the levered firm = Value of the unlevered firm+ (Tax rate*Outstanding debt)
Let plug in the formula
Value of the levered firm =$341,250 + 0.35($170,000)
Value of the levered firm=$341,250+59,500
Value of the levered firm = $400,750
Therefore the Value of the levered firm will be $400,750
On January 1, a machine with a useful life of four years and a salvage value of $16000 was purchased for $80000. What is the depreciation expense for year 2 under straight-line depreciation?a. $80000.b. $20000. c. $40000. d. $44000.
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Answer: Year 2 depreciation= $16,000
Correct answer is not among the options
Explanation:
Using the straight line depreciation method we have that
Annual Depreciation = Purchase cost - Salvage value/ useful life
=$80000-$16000 / 4
$64,000/ 4
= $16,000
If Annual depreciation= $16,000 , then Deprecation expense for year 2 = $16,000
Intemet
Explorer
1.
is a system where related goods and integrated services are bundled together and
sold in the place of independent and isolated items.
Word 2013
Systems selling
Systems buying
Modified rebuy
Straight rebuy
Excel 2013
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is a system where related goods and integrated services are bundled together and
sold in the place of independent and isolated items.
Word 2013
Systems selling
Systems buying
Modified rebuy
Straight rebuy
Excel 2013
The following information was available for Swifty Corporation at December 31, 2022: beginning inventory $89000; ending inventory $128000; cost of goods sold $604000; and sales $992000. Swifty inventory turnover ratio in 2022 was:____.a. 9.2 times. b. 10.0 times. c. 6.0 times. d. 7.2 times.
Answers
Answer:
c. 6.0 times.
Explanation:
The computation of the inventory turnover ratio is shown below:
As we know that
Inventory turnover ratio is
= Cost of goods sold ÷ average inventory
= $604,000 ÷ ($89,000 + $128,000) ÷ 2
= $604,000 ÷ $108,500
= 5.57 times
= 6 times
Hence, the inventory turnover ratio of Swifty is 6.0 times
Therefore the correct option is c.
We simply applied the above formula so that the correct value could come
And, the same is to be considered
HOW DOES THIS AGENCIES PERFORM THEIR SERVICES?
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Answer:
The agencies perform the services by hiring CEOs (or the ceos of the company) by assigning them jobs and then hiring people that meet the qualifications. Also, if they are at least 16 then they should have everything they need to work or volunteer.
Explanation:
Larkspur, Inc. issued $432,000, 7%, 20-year bonds on January 1, 2020, at 104. Interest is payable annually on January 1. Larkspur uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds.
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Answer and Explanation:
The Journal entry to record the issuance of the bond is as follows:
Cash Dr $449,280 ($432,000 × 1.04)
To Bond payable $432,000
To Premium on bond payable $17,280
(Being the issuance of the bond is recorded)
here the cash is debited as it increased the assets and credited the bond payable and the premium on bond payable as it also increased the liabilities
Concord Corporation developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories:_______. Product Cost Market A $91000 $96000 B 64000 61000 C 128000 130000 After Concord Corporation applies the LCNRV rule, the value of the inventory reported on the balance sheet would be:________.
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Answer:
the value of the inventory reported is $280,000
Explanation:
The computation of the inventory reported on the balance sheet is shown below:
As we know that the inventory should be recorded at lower cost of cost or market value. So here the same is applied
= Lower amount of market A + Lower amount of market B + Lower amount of market C
= $91,000 + $61,000 + $128,000
= $280,000
hence, the value of the inventory reported is $280,000
Sullivan signs an employment agreement with Keller Construction. Two days after signing, Sullivan receives a job offer from Big Sky Construction for considerably more money. He explains the situation and asks to be released from the Keller contract. Keller agrees orally, provided Sullivan will help them find a replacement. Is this release valid?
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Answer:
Yes,
Explanation:
Yes, in this scenario a verbal release would be valid and enforceable. In any scenario where a verbal agreement is made that includes exchanging two things of value automatically becomes valid and enforceable. In this case, Keller Construction is giving up the contract with Sullivan which is valuable to them in exchange for Sullivan's service in finding another suitable candidate that can provide similar value to the company. Therefore making it a proper exchange of value.
Which of the following is not an economic system?
A.market
B.command
C.revisionist
D.mixed
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Answer:
the answer is C
Explanation:
this is what I found listing:
-Pure Market Economy.
-Pure Command Economy.
-Traditional Economy.
-Mixed Economy
Answer:
The answer is C
Explanation:
What is a Capital Gain on an investment?
A. Money that you are paid as a result of owning stock in a company that is earning a profit.
B. Money that you are paid for letting others borrow your money for a period of time.
C. Money that you are paid for letting others borrow your money for a period of time.
D. Increase in value of an equity investment that is a result of appreciation of that asset.
Answers
Answer:
B and C are the same, and none of the answers are correct
Explanation:
Capital gain is the amount of money you earn after selling a property or investment. It's essentially (the price you sold it for) -- (the price you paid for it)
eg if you bought stock for $100 and sold it for $200, you'd have a capital gain of $100 (200-100)
Six months ago, you purchased 3,000 shares of ABC stock for $47.06 a share. You have received dividend payments equal to $.80 a share. Today, you sold all of your shares for $49.74 a share. What is your total dollar return on this investment?a. $2,400.b. $10,050.c. $8,040.d. $10,440.e. $20,880.
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Answer:
Total dollar return = 2400 + 8040 = $10440
Option d is the correct answer
Explanation:
To calculate the total dollar return on the investment, we will calculate the value of dividend received from the shares and the capital gain made on this investment. The capital gain is the appreciation in value less the initial cost paid for the investment.
First we calculate the value of dividend received on the investment.
Dividend received = 3000 * 0.8 = $2400
Now we calculate the value of capital gain.
Capital gain = (Sale price - Initial cost) * Number of shares
Capital gain = (49.74 - 47.06) * 3000
Capital gain = $8040
Total dollar return = 2400 + 8040 = $10440
1. What is the difference between pricing objectives and pricing constraints?
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Answer: pricing constraints are factors that limit the range of price a firm May set,such as newness of the product (alternative) , demand for the product class, product, and brand (alternative), cost of producing in marketing the product (alternative), competitors prices.
Pricing objectives-include maximizing profit, increasing sales volume, matching competitors prices,each pricing requires a different price-setting strategy in order to successfully achieve.
Explanation:
a document that tracks a company's income and expenses is referred to as
Answers
Answer:
a financial statement
Explanation:
Financial statements are a direct product of accounting reporting systems that, in their essence and purpose, reflect performance, ie. performance of the company for a certain period of time, its financial and structural position, as well as the position of liquidity on the selected balance sheet date.
The main purpose of their compilation is reflected in the information service of various interest groups that rely on them in the process of making important decisions, often as the only available source of information. As such, they are prepared and presented at the end of the business year, with the possibility of semi-annual or quarterly reports.
The accrual basis of accounting applicable to proprietary fund types requires that exchange revenues be recognized when:___________
A. Earned.
B. Collected in cash.
C. Authorized by the budget ordinance.
D. Measurable and available.
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Answer:
A. Earned.
Explanation:
The accrual basis of accounting applicable to proprietary fund types requires that exchange revenues be recognized when earned. In Accrual Accounting, revenue is recognized when it is earned and is recognizable to be collected in future, not when cash is received against that revenue.
The market for clothes has the structure of monopolistic competition. What impact will fewer firms in the industry have on you as a customer? Address the following issues.
A- Variety of clothes
B- Differences in quality of service
C- Price
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Answer:
Explanation:
A monopolistic market basically means that a single company is running/controlling the entire market. Therefore, having fewer firms in the industry would make a difference. For starters, the variety of clothing would be very minimal as the remaining stores would most likely be owned by a single large entity and therefore sell the same style of clothing. Quality of service will also be constant throughout the stores due to being all from the same production. The price is where things will be drastically affected since there is a single entity that controls the entire market this means that they can ultimately charge what they want and fewer firms mean that prices will most likely increase.
What is a stock? What is an IPO?
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Answer:
Explanation initial public offering is a company's first time offering it's stock for sale to the public and is generally coincides with listening it shares on a public Stock Exchange