On May 10, 2020, Cullumber Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $1,810 on July 15, 2020. The cost of the goods is $1,050. Cullumber delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Cullumber related to this contract. Either party may terminate the contract without compensation until one of the parties performs.
Answer:
Date Particular Debit Credit
May 10, 2020 No Entry (Note 1) $0 $0
(To record contact entered into)
June 15, 2020 Account Receivable A/c $1,810
To Sales Revenue A/c $1,810
(To record Sales)
June 15, 2020 Cost of goods sold A/c. $1,050
To Inventory A/c $1,050
(To record cost of goods sold)
July 15, 2020 Cash A/c $1,810
To Account Receivable A/c $1,810
(To record payment received)
The broad scope seeks to attract a large group of applicants who have a high probability possessing the characteristics that are needed to perform a specific job and qualifications are specific and specialized.
A. True
B. False
On January 1, 2021, Strato Corporation borrowed $2 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $776,067 on December 31 of each year. The payments include interest at a rate of 8%. Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the nearest dollar amount.)
Answer:
Period Installment Interest Paid Capital Paid Balance
January 1, 2021 $2,000,000
December 31, 2021 $776,067 $160,000 $616,067 $1,383,933
December 31, 2021 $776,067 $110,715 $665,352 $718,581
December 31, 2021 $776,067 $57,486 $718,581 0
Explanation:
Step 1
First clearly identify the parameters of the Loan
PV = $2,000,000
N = 3
PMT = - $776,067
P/YR = 1
i = 8%
FV = $0
Step 2
Since there is no missing parameter, we can then move on to construct our loan amortization schedule.
Period Installment Interest Paid Capital Paid Balance
January 1, 2021 $2,000,000
December 31, 2021 $776,067 $160,000 $616,067 $1,383,933
December 31, 2021 $776,067 $110,715 $665,352 $718,581
December 31, 2021 $776,067 $57,486 $718,581 0
Answer:
The amortization schedule attached, shows beginning balances,interest payments, annual loan repayments as well as the ending balances up until year 3 where the ending balance becomes $0 indicating that the loan principal has been fully amortized(repaid)
Explanation:
In constructing the amortization schedule, the interest payment is the beginning outstanding balance multiplied by the interest rate.
The principal repayment is the annual repayment minus the interest payment whereas the ending balance is the balance at the beginning of the year minus the principal repayment as shown below:
Describe THREE different types of warehousing
Answer:
1. Private Warehouses: Owned and managed by manufacturers and only them can store goods in it.
2. Public Warehouses: Managed by the general public and everyone can store goods in it on payment of rent.
3. Government Warehouses: Owned and managed by the government.
Explanation:
We need various kinds of goods in our everyday life. We may get a portion of these things in mass and store them in our home. Additionally, finance managers likewise need an assortment of products for their utilization. Some of them may not be accessible constantly. However, they need those things over time with no break.
The need for storage emerges both for raw material just as completed items. Storage includes legitimate plan for saving merchandise from the hour of their creation or buy till the real use. At the point when this storage is done for a huge scope and in a predefined way it is called 'warehousing'.
Bruno's Lunch Counter is expanding and expects operating cash flows of $28,500 a year for 6 years as a result. This expansion requires $95,800 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project requires $7,000 of net working capital throughout the life of the project. What is the net present value of this expansion project at a required rate of return of 10 percent
Answer:
$25,276
Explanation:
The computation of the net present value is shown below:
The Present value of inflows is
= Cash inflow × Present value of discounting factor (rate% , number of years)
= $28,500 ÷ 1.1 + $28,500 ÷ 1.1^2 + $285,00 ÷ 1.1^3 + $28,500 ÷ 1.1^4 + $28,500 ÷ 1.1^5 + $28,500 ÷ 1.1^6 + $7,000 ÷ 1.1^6
= $128,076.25
And,
Present value of outflows is
= $95,800 + $7,000
= $102,800
So
As we know that
NPV = Present value of inflows - Present value of outflows
= $128,076.25 - $102,800
= $25,276
explain the scope of macro economic.
Convertible bonds:_________
a) Provide potential benefits only to the issuer.
b) Provide potential benefits only to the investor.
c) Provide potential benefits to both the issuer and the investor.
d) Provide no potential benefits.
Answer:
c) Provide potential benefits to both the issuer and the investor.
Explanation:
Convertible Bonds are Bonds that can be converted to Common Stocks at the the option of the investor or the issuer.
They represents the potential voting rights to the investor if they are converted to Common Stocks. This means the investor can take part in decision making of the company.
They also presents benefits to the issuer in that it reduces the financial risk of defaulting interest payments. This is good for the gearing ratio as well and can attract more investors.
Thought of the Day:
“If everything was perfect, you would never learn and you would never grow.” – Beyoncé
Joke of the Day:
What’s worse than finding a worm in your apple? Finding half a worm.
Random Fact of the Day:
Johnny Cash took only three voice lessons before his teacher advised him to stop taking lessons and to never deviate from his natural voice.
Journal Entry Idea:
What would you do if you were able to communicate with animals?
Answer:
talk to my dog, I think it would be entertaining
Answer:
Thought of the Day:
"People who wonder whether the glass is half empty or half full are missing the point. The glass is REFILLABLE."
Joke of the Day:
Why did the nurse need a red pen at work? In case she needed to draw blood.
Random Fact of the Day:
A giraffe's neck is (ironically) too short to reach the ground..
Journal Entry:
I were able to every communicate with animals, I would try my hardest to win them all over and convince them that they are all loved in the world.
Explanation:
This question was extremely fun! Thank you for posting! :)
Lusk Corporation produces and sells 15,800 units of Product X each month.
The selling price of Product X is $28 per unit, and variable expenses are $22 per unit.
A study has been made concerning whether Product X should be discontinued.
The study shows that $72,000 of the $108,000 in fixed expenses charged to Product X would not be avoidable, even if the product was discontinued.
If Product X is discontinued, the company's overall net operating income would:______.
a. decrease by $58,800 per month
b. Increase by $13,200 per month
c. increase by $49,200 per month
d. decrease by $49,200 per month
Answer:
a. decrease by $58,800 per month
Explanation:
The computation is shown below;
Particulars Amount
Contribution from product X $94,800 ($28 - $22) × 15,800 units
Less: Fixed cost -$108,000
Net loss avoided -$13,200
Non-avoidable fixed cost $72,000
The Total cost in case the product fall $58,800
Hence, the correct option is a.
Your supermarket is trying to determine how many meatloaf dinners should be produced on Monday. The Monday demand for meatloaf dinners is normally distributed with a mean of 100 and a standard deviation of 20. The cost of producing a meatloaf dinner is $2.00, and the dinner sells for $7.00. It costs $0.60 at the end of the day to dispose of each unsold dinner. If the only possible production quantities are 100, 110, 120, and 130, what production quantity would you recommend
Answer:
The recommended production quantity is that which maximizes profit.
Quantity 130
Explanation:
Quantity to produce is the problem here. Remember that this is one of the fundamental questions in the discipline of Economics.
- What to produce? - For whom to produce?
- How to produce? - In what quantity?
Possible Production Quantities:
100, 110, 120, and 130
Mean Demand = 100
Standard Deviation = 20
Lowest possible demand = 100 - 20 = 80units
Highest possible demand = 100 + 20 = 120units
* Solve, using the mean demand for each quantity level. Assume also that on every Monday, the minimum possible quantity is what is purchased. That's the safest assumption anyway.
FOR QUANTITY 100,
Revenue = 7×100 = $700 Direct cost = 2×100 = $200
Indirect cost = 0.6×20 = $12 Total cost = 200 + 12 = $212
PROFIT = 700 - 212 = $488
FOR QUANTITY 110,
Revenue = 7×110 = $770 Direct cost = 2×110 = $220
Indirect cost = 0.6×30 = $18 Total cost = 220 + 18 = $238
PROFIT = 770 - 238 = $532
FOR QUANTITY 120,
Revenue = 7×120 = $840 Direct cost = 2×120 = $240
Indirect cost = 0.6×40 = $24 Total cost = $264
PROFIT = 840 - 264 = $576
FOR QUANTITY 130,
Revenue = 7×130 = $910 Direct cost = 2×130 = $260
Indirect cost = 0.6×50 = $30 Total cost = $290
PROFIT = 910 - 290 = $620
Remember, the base assumption is that only the minimum quantity of 80units is bought each Monday. This is the only way to account for wastage; which costs 0.6 dollar per unit. So, the more the quantity produced, the greater the likelihood of wastage.
HII I've made about 3 give aways with points and still have a bunch, but this question is asking if anyone wants to be friends? send a request!! also the first person to send a request will get 20 points to continue the giveaway!! i will also probably make more giveaways so make sure to friend me to see when another one takes place!!
Answer:
ok I will send bro gg bye
Answer:
okays
Explanation:
Frolic Corporation has budgeted sales and production over the next quarter as follows: August September Sales in units Production in units July 50,000 71,200 62,000 62,300 66,650 The company has 6000 units of product on hand at July 1. 10% of the next month's sales in units should be on hand at the end of each month. October sales are expected to be 81,500 units. Budgeted sales for September would be (in units):__________.
A) 74,800
B) 65,000
C) 74,000
D) 72,850
Katherine Kocher has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $38,550. What is the value of her personal possessions
Answer:
Katherine Kocher
The value of her personal possessions is:
$171,900
Explanation:
a) Data and Calculations:
Checking account = $850
Savings account = 1,200
Home value = 98,000
Furniture & appliances 12,000
Home computer/laptop 3,300
Car 12,500
Investments:
Mutual fund 5,500
Retirement account 38,550
Total value = $171,900
b) Katherine's personal possessions include all her personal assets. Her net worth will be the difference between all her personal assets and her personal debts or liabilities.
The fictional country of Anastialia is a small country with rich resources in minerals. In an 8 hr work day it can produce 100 pounds of silver or 50 pounds of copper. If Anastialia decides to produce copper instead of silver it is ignoring the fact that its silver production has a(n)________ to copper.
a. production advantage
b. absolute advantage
c. comparative advantage
Answer:
c. comparative advantage
Explanation:
As we know that
The one pound of silver would be equivalent to 0.5 pound of copper
And,
one pound of copper would be equivalent to 2 pounds of silver
based on this, there is a comparative advantage with respect to the silver production
Hence, the correct option is c.
Therefore all the other options are incorrect
Read the two statements and decide if they are true or false (I) Classical economists believe that prices are inflexible and that demand creates supply, so we should focus on increasing spending and stimulating aggregate demand to boost the economy out of a recession. (II) Keynesian economists believe that prices are flexible and that supply creates demand, and so we should focus on production rather than just increased spending.
Answer:
Both I and II are false
Explanation:
In the given situation, the condition should be reversed that means The Keynesian economists said that demand created the supply while on the other hand as per the classical economist it said that the supply created the demand
Therefore as per the given situation, both the statements are false as the reversion of the conditions are given in the question
The same is to be considered
A producer of felt-tip pens has received a forecast of demand of 41,000 pens for the coming month from its marketing department. Fixed costs of $26,000 per month are allocated to the felt-tip operation, and variable costs are 35 cents per pen.
a. Find the break-even quantity if pens sell for $1 each.
b. At what price must pens be sold to obtain a monthly profit of $16,000, assuming that estimated demand materializes?
Answer and Explanation:
The computation is shown below:
a. The break even quantity is
= Fixed cost ÷ (selling price per unit - variable cost per unit)
= $26,000 ÷ ($1 - 0.35)
= $26,000 ÷ 0.65
= 40,000
b. The price is
Let us assume the price per pen be x
As we know that
Profit = Revenue - costs
$16,000 = (x)(41,000) - $26,000 - .35(41,000)
$16,000 = 41,000x - 40,350
$56,350 = 41,000x
x = $1.37
Kazi Ltd. a manufacturer of powder soap wants to double their previous financial year profit which was Sh. 5 Million, through improved sales strategies and aggressive marketing. The following data was provided. p = 320, v = 110, f = Sh. 1.2 Million i) Determine Profit if sales are 35,000 units
Answer:
the profit in the case when the sale is 35,000 units is 6,150,000
Explanation:
The computation of the profit is as follows:
= (Selling price - variable cost) × number of units sold - fixed cost
= (320 - 110) × 35,000 units - sh. 1.2 million
= 7,350,000 - 1,200,000
= 6,150,000
Hence, the profit in the case when the sale is 35,000 units is 6,150,000
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Lowell Inc. had a receivable from a foreign customer that is due in the local currency of the customer (stickles). On December 31, 2021, this receivable for §200,000 was correctly included in Lowell’s balance sheet at $167,000. When the receivable was collected on February 15, 2022, the U.S. dollar equivalent was $181,000. In Lowell's 2022 consolidated income statement, how much should have been reported as a foreign exchange gain?
Answer:
the amount reported as a foreign exchange gain is $14,000
Explanation:
The computation of the amount reported as a foreign exchange gain is shown below;
= receivables as on Feb 15 2022 - receivable as on December 31 2021
= $181,000 - $167,000
= $14,000
hence, the amount reported as a foreign exchange gain is $14,000
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Three years ago, Adrian purchased 430 shares of stock in X Corp. for $70,950. On December 30 of year 4, Adrian sells the 430 shares for $64,070. (Leave no answers blank. Enter zero if applicable. Loss amounts should be indicated with a minus sign.)
a. Assuming Adrian has no other capital gains or losses, how much of the loss is Adrian able to deduct on her year 4 tax return?
Answer:
6,880
Explanation:
able below shows the marginal revenue and costs for a monopolist. Demand, Costs, and Revenues Price (dollars) Quantity Demanded Marginal Revenue (dollars) Marginal Cost (dollars) Average Total Cost (dollars) $76 100 $76 $25 $139.00 71 200 66 68 103.30 66 300 56 56 87.50 61 400 46 82 86.00 56 500 36 76 84.00 51 600 26 48 78.00 Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign. a. What is the monopolist's profit-maximizing level of output
Answer:
The profit maximizing output for a monopolist is the output level where marginal cost is equal to marignal revenue.
Explanation:
Price Q Demanded Marginal Revenue Marginal Cost
$76 100 $76 $25
71 200 66 68
66 300 56 56
61 400 46 82
56 500 36 76
51 600 26 48
Arranging the information in the chart above, we can see that for a quantity demanded of 300 units, and a price of $66, marginal revenue and marginal cost are exactly the same, $56.
Thus, the profit-maximizing level of output is 300 units.
Sewtfi951 Corporation makes an extra large part to use in one its fabulous products. A total of 14,500 units of this extra large part are produced and used every year. The company's costs of producing the extra large part at this level of activity are below:
Per Unit
Direct materials $3.20
Direct labor $7.80
Variable manufacturing overhead $8.30
Supervisor's salary $3.70
Depreciation of special equipment $2.10
Allocated general overhead $7.30
An outside supplier has offered to make the extra large part and sell it to Sewt1951 for $32.30 each If this offer is accepted the supervisor's salary and all of the variable costs, including the direct labor, can be avoided The special equipment used to make the extra large part has no salvage value or other use The allocated general overhead representa fixed costs of the entire Sewt1951 company. none of which would be avoided at the part were purchased instead of produced internally. In addition, the space used to make the extra large part could be used to make more of one of the company's other fabulous products, generating an additional segment margin of $34,500 per year for that product
What would be the annual financial advantage (disadvantage) for Sewt1951 Corp as a result of buying the extra large part from the outside supplier?
Answer:
($100,350)
Explanation:
Relevant cost to make
Per Unit 14,500 units
Direct materials $3.20 $46,400
Direct labor $7.80 $113,100
Variable manufacturing overhead $8.30 $120,350
Supervisor's salary $3.70 $53,650
Relevant cost to make $23 $333,500
Relevant Cost to buy
Per Unit 14,500 units
Purchase price $32.30 $468,350
Less: Additional segment margin $34,500
Relevant Cost to buy $433,850
Here, we have financial disadvantage to buy as Relevant cost to make is lesser than Relevant Cost to buy
Financial (Disadvantage to buy) = $333,500 - $433,850
Financial (Disadvantage to buy) = ($100,350)
Xanthe Corporation had the following transactions occur in the current year: 1. Cash sale of merchandise inventory. 2. Sale of delivery truck at book value. 3. Sale of Xanthe common stock for cash. 4. Issuance of a note payable to a bank for cash. 5. Sale of a security held as an available-for-sale investment. 6. Collection of loan receivable. How many of the above items will appear as a cash inflow from investing activities on a statement of cash flows for the current year
Answer:
How many of the above items will appear as a cash inflow from investing activities on a statement of cash flows for the current year?
- Sales of delivery truck at book value.
- Sale of a security held as an available-for-sale investment.
- Collection of loan receivable
Cash flow from investing activities is the section that shows the cash generated or spent relating to investment activities.
why does this app suck i a way? i looked at this question: The managers want to know how many boxes of 12 cookies can be filled with the 3,258 cookies that have been baked. Fatima starts by subtracting the largest number of boxes she can easily calculate. She knows that 100 boxes of 12 cookies can be put into one crate. How many crates can be filled from the total of 3,258 cookies?
then an expert verified its 3 so i put it in and it said incorrect. am i not getting something or is it maybe incorrect in my platform?
Answer:
this app is fine, it has helped me a lot
Explanation:
BUT, you shouldnt rely on it all the time, unless you're genuinely struggling on grasping a topic I suggest trying to teach to yourself.
CTSOs are especially helpful for people who are applying for which things? Check all that apply.
Explanation:
I believe it's for employment, military, college
Answer:
Employment. Military Services. College.
Explanation:
While taking courses at a community college, Patrice also spends time each week assisting at her town's community center. Patrice aides the community center leaders and learns about how the center works. Although she is not paid for this time, she hopes to begin a full-time job at the community center after finishing her courses. Patrice's time at the community center is called
O secondary education.
O doctoral research.
O a certification
O an internship
Answer:
While taking courses at a community college, Patrice also spends time each week assisting at her town’s community center. Patrice aides the community center leaders and learns about how the center works. Although she is not paid for this time, she hopes to begin a full-time job at the community center after finishing her courses. Patrice’s time at the community center is called
Explanation:
D. an internship
People often undergo internship. Patrice's time at the community center is called an internship.
What does an internship implies?An internship is known to be a kind of professional learning experience that people undergo that tends to offers vital, practical work linked to a student's field of study or career interest.
An internship is one that helps student to have an opportunity for career exploration and growth, and to learn a whole lot of skills.
Learn more about internship from
https://brainly.com/question/25385643
Isa is head of housekeeping services at the Ashworth Hotel, a luxury hotel and resort. Last week, she received 29 customer complaints. A total of 428 guests had stayed in the hotel that week. Given this information, find out the errors per million opportunities. a. 400 errors per million opportunities b. 23,456 errors per million opportunities c. 67,757 errors per million opportunities d. 14,758,620 errors per million opportunities
Answer:
c. 67,757 errors per million opportunities
Explanation:
The computation of the errors per million opportunities is shown below:
= Customer complaints last week ÷ total guest stayed in that week × 1,000,000
= 29 customers ÷ 428 guests × 1,000,000
= 67,757 errors per million opportunities
Hence, 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
The 2014 balance sheet of Steelo, Inc., showed current assets of $3,135 and current liabilities of $1,545. The 2015 balance sheet showed current assets of $3,100 and current liabilities of $1,545.
What was the company’s 2015 change in net working capital, or NWC? (Do not round intermediate calculations. Negative amount should be indicated by a minus sign.)
Net working capital $
Answer:
-$35
Explanation:
The computation of the change in net working capital is as follows:
Net working capital = current assets - current liabilities
For 2014,
net working capital i s
= ($3,135 - $1,545)
= $1,590
And,
for 2015,
net working capital is
= ($3,100 - $1,545)
= $1,555
So, the change in net working capital is
= ($1,555 - $1,590)
= -$35
The MM theory with taxes implies that firms should issue maximum debt.There is a difference between theory and practice because:
Answer:
There is a difference between theory and practice because the theory states with taxes implies that firms should issue maximum debt but in practice, this does not occur because it will result in bankruptcy if firms are issuing maximum debt. There should be a balance between how much debt is acquired and how much equity is taken. Therefore bankruptcy becomes a cause of concern if maximum debt is issued.
During March 2019, Virginia Bay Corporation recorded $275,000 of costs related to factory overhead. Virginia Bay's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $260,000 would be incurred, and 8,400 direct labor hours would be worked. During March, 11,000 hours were actually worked. Use this information to determine the standard overhead rate. (round
Answer:
$32.74 per DLH
Explanation:
Standard Oh rate as per DLH = Estimated overheads / Estimated DLH
Standard Oh rate as per DLH = $275,000 / 8,400
Standard Oh rate as per DLH = $32.7381
Thus, OH rate per DLH = $32.74 per DLH
when you should send a email
HubSpot researched open times to find late morning tends to get the most opens. Send emails at 11 a.m. for the best results. Data from MailerMailer also suggests that sending emails in the late morning during work hours gets the best percentage of opens.
Answer:
When the subject matter is objective and informative