Answer and Explanation:
The computation of the financial advantage or disadvantage is as follows:
Particulars Product Q1
Selling price after further processing 13.00
Selling price at split off point 11.00
Incremental revenue per pound or gallon 2.00
Total production 2,200.00
Total Incremental Revenue 4,400.00
Total Incremental Processing costs 10,200.00
Total Incremental profit or loss (5,800.00)
Since there is an incremental loss so the same would be Sold at split off
Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three categories of office expenses are allocated to the two departments using different allocation bases. The following information is available for the current period:
Office Expenses Total Allocation Basis
Salaries $48,000 Number of employees
Depreciation 24,000 Cost of goods sold
Advertising 47,000 Net sales
Item Drilling Grinding Total
Number of employees 1,200 1,800 3,000
Net sales $346,000 $519,000 $865,000
Cost of goods sold $102,600 $167,400 $270,000
The amount of the total office expenses that should be allocated to Drilling for the current period is:
a. $60,120.
b. $90,600.
c. $105,200.
d. $152,000.
e. $600,000.
Answer:
$44,377
Explanation:
Note: The answers (options) attached this question belongs to another question
Particulars Amount
Salaries ($48,000*1,200/3,500) $16,457
Depreciation ($24,000*$102,600/$270,000) $9,120
Advertising ($47,000*$346,000/$865,000) $18,800
Total $44,377
Never-Die Battery manufactures batteries for industrial and consumer use. The company purchased a commercial package policy (CPP) to cover its property exposures. In addition to common policy conditions and declarations, the policy contains a building and personal property coverage form and an equipment breakdown protection coverage form. The policy also contains the causes-of-loss broad form. With respect to each of the following losses, indicate whether or not the loss is covered.
a. An explosion occurred that damaged the building where finished batteries are stored.
b. Because of the explosion, the company incurred expenses for expedited shipping of replacement parts for machines used to manufacture the batteries.
c. The explosion injured several employees who received emergency treatment at a local hospital.
d. An automatic sprinkler system accidentally discharged in the finished goods building. Some recently manufactured batteries were ruined because of water damage and corrosion.
Answer:
a. An explosion occurred that damaged the building where finished batteries are stored. COVERED.
The policy covers their property exposures which includes a building and property coverage which means that damage to the building will be covered.
b. Because of the explosion, the company incurred expenses for expedited shipping of replacement parts for machines used to manufacture the batteries. COVERED.
There is a coverage for equipment breakdown as well and because some machines were damaged in the explosion, they will need to be replaced and as they qualify as broken down, they will be covered.
c. The explosion injured several employees who received emergency treatment at a local hospital. COVERED.
With business and property insurance, employees are covered in the policy when they incur injuries related to business operations so these employees are covered.
d. An automatic sprinkler system accidentally discharged in the finished goods building. Some recently manufactured batteries were ruined because of water damage and corrosion. COVERED.
The sprinkler is considered equipment so in breaking down its effects are covered by the equipment breakdown so this is covered as well.
Direct Materials Variances
The following data relate to the direct materials cost for the production of 2,100 automobile tires:
Actual: 58,400 lbs. at $1.95 $113,880
Standard: 56,600 lbs. at $2.00 $113,200
a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
Price variance $
Quantity variance $
Total direct materials cost variance $
Answer and Explanation:
The computation is given below:
We know that
Direct Material Price variance = (Actual Price - Standard Price) × 58400
= ($1.95 - $2) × 58400
= $2,920 Unfavourable
Direct Material Quantity variance = (Standard Quantity - Actual Quantity) ÷ Standard Price
= (56,600 - 58,400) × 2
= $3,600 Unfavourable
and,
Direct Material Cost variance = Standard Cost - Actual Cost
= $113,200 - $113,880
= $680 Unfavourable
Raymond has a complex question. He would like to use the database to answer the question. He should__
conduct a search
complete a questionnaire
sort
conduct a query
Answer:
conduct a query.
Explanation:
I think it's between search and query.
Statement Of Owner's Equity Jay Pembroke started a business in April. Prepare a Statement of Owner's Equity using the following balances for April transactions. Cash $12,165 Accounts Receivable 1,811 Office Supplies 4,747 Prepaid Insurance 1,492 Accounts Payable 346 Jay Pembroke, Capital 17,536 Jay Pembroke, Drawing 100 Service Fees 3,033 Rent Expense 600 You will need to calculate the net income for April.
Answer:
$2,433
Explanation:
Net Income = Sales - Expenses
where,
Sales = $3,033
and
Expenses = $600
therefore,
Net Income = $3,033 - $600 = $2,433
The following are partial income statement account balances taken from the December 31, 2021, year-end trial balance of White and Sons, Inc.: restructuring costs, $300,000; interest revenue, $40,000; before-tax loss on discontinued operations, $400,000; and loss on sale of investments, $50,000. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with $800,000 income from continuing operations before income taxes. Include appropriate EPS disclosures. The company had 100,000 shares of common stock outstanding throughout the year.
Answer:
White and Sons, Inc.
The Lower Portion of the 2021 Income Statement of White and Sons, Inc.
Income from continuing operations $800,000
Interest revenue 40,000
Loss on discontinued operations, (400,000)
Loss on sale of investments (50,000)
Restructuring costs, (300,000)
Income before tax $90,000
Income tax (25%) (22,500)
Net income $67,500
Explanation:
a) Data and Calculations:
Restructuring costs, $300,000
Interest revenue, $40,000
Before-tax loss on discontinued operations, $400,000
Loss on sale of investments, $50,000
Income tax rate = 25%
Income from continuing operations = $800,000
b) The restructuring costs of $300,000 are non-recurring costs incurred during the reorganization of White and Sons. They are reported as non-operating expenses. Similarly, realized gain or loss on the sale of an investment is reported in the income statement as a separate line item after continuing operations.
Baskin Promotions, Incorporated sells T-shirts decorated for a variety of concert performers. The company has developed the following budget for the coming year based on a sales forecast of 77,000 T-shirts: Sales $ 1,345,190 Cost of Goods Sold 786,940 Gross Profit 558,250 Operating Expenses ($100,000 is fixed) 406,460 Operating Income 151,790 Income Taxes (30% of operating income) 45,537 Net Income $ 106,253 Cost of goods sold and variable operating expenses vary directly with sales, and the income tax rate is 30% at all levels of operating income. If the concert season is slow due to poor weather, Baskin estimates that sales could fall to as low as 57,000 T-shirts. What unit cost did Baskin use in budgeting the cost of goods sold for the year
Answer:
$10.22
Explanation:
The computation of the unit cost used in budgeting the cost of goods sold for the year is shown below;
= Cost of goods sold ÷ number of t-shirts
= $786,940 ÷ 77,000 shirts
= $10.22
By dividing the number of t-shirts from the cost of goods sold we can get the cost of goods sold per unit
hence, the answer is $10.22
Precision Tool is trying to decide whether to lease or buy some new equipment for its tool and die operations. The equipment costs $52,000, has a 3-year life and will be worthless after the 3 years. The pre-tax cost of borrowed funds is 10 percent and the tax rate is 33 percent. The equipment can be leased for $18,500 a year. What is the net advantage to leasing? (Do not round intermediate calculations.)
Answer:
$4,200
Explanation:
Cost of equipment = $52,000
Life of equipment = 3 years
Depreciation through straight line method = 52,000/3 = $17,333
Tax rate = 33%
Pretax cost of debt = 10%
Lease amount of equipment = $18,500
After tax cost of debt = 10%*(1-0.33)
After tax cost of debt = 10%*(0.67)
After tax cost of debt = 0.067
After tax cost of debt = 6.7%
After tax lease payment amount = 18,500*(1-0.33)
After tax lease payment amount = 18,500*0.67
After tax lease payment amount = 12,395
Present Value of 3 lease payment = 12,395/(1+0.067) + 12,395/(1+0.067)^2 + 12,395/(1+0.067)^3
Present Value of 3 lease payment = 12395/1.067 + 12395/1.1385 + 12395/1.2148
Present Value of 3 lease payment = 11616.68 + 10887.13 + 10203.33
Present Value of 3 lease payment = $32,707.14
Present Value of cost involved in purchasing the equipment is $52,000, however there will be a tax shield from depreciation therefore, this amount would reduce the company's cost.
Annual depreciation tax shield = 17,333*0.33 = $5719.89. There will be tax shield on depreciation for 3 years. Therefore, present value of $5719.89 is calculated for three years:
= $5719.89/(1+0.067) + $5719.89/(1+0.067)^2 + $5719.89/(1+0.067)^3
= $5719.89/1.067 + $5719.89/1.1385 + $5719.89/1.2148
= $5360.72 + $5024.06 + $4708.50
= $15,093.28
Present Value of the cost of buying the equipment = $52,000 - $15,093.28 = $36,906.72
Net Advantage Leasing = Present Value of the cost of buying the equipment - Present Value of 3 lease payment
Net Advantage Leasing = $36,906.72 - $32,707.14
Net Advantage Leasing = $4,199.58
Net Advantage Leasing = $4,200.
Lannister Manufacturing has a target debt-equity ratio of .95. Its cost of equity is 11 percent, and its cost of debt is 7 percent. If the tax rate is 24 percent, what is the company’s WACC? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Answer:
WACC= 5.6%
Explanation:
Weighted average cost of capital is the average cost of all of the long-term types of finance used by a company weighted according to the that amount of finance used in relation to the total pool of fund
WACC = (Wd×Kd) + (We×Ke)
After-tax cost of debt = Before tax cost of debt× (1-tax rate)
Kd-After-tax cost of debt
Ke-Cost of equity
Wd-Weight f debt
We-Weight of equity
After tax cost of debt = (1-T)× Before-tax yield on debt
= (1-0.24)× 7
=5.32
Cost of equity = 11%
WACC = (Wd×Kd) + (We×Ke)
We= 5%, Wd= 95%
WACC= (5.32× 95%) + (11%× 5%)
= 5.6%
WACC= 5.6%
Rippelmeyer Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During June, the kennel budgeted for 3,600 tenant-days, but its actual level of activity was 3,550 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for June:
Fixed element per month Variable element per tenant day
Revenue _____________ $34,80
Wages and salaries $3900 $6
Expendables 400 9.7
Facility expenses 9400 4.5
Administrative expenses 7400 0.20
Total expenses 21,100 20.40
Actual results for May:
Revenue $73540
Wages and salaries 16170
Expendables 19735
Facility expenses 18125
Administrative expenses 7600
The net operating income in the planning budget for May would be closest to:
a. $9,140
b. $11,626
c. $12,200
d. $8,420
The net operating income in the flexible budget for May would be closest to:
a. $9,140
b. $8,420
c. $11,626
d. $12,200
Answer:
Rippelmeyer Kennel
The net operating income in the planning budget for May would be closest to:
= $30,740.
Explanation:
a) Data and Calculations:
Budgeted tenant-days = 3,600
Actual tenant-days = 3,550
Actual results for May:
Revenue $73,540
Wages and salaries $16,170
Expendables 19,735
Facility expenses 18,125
Administrative expenses 7,600
Total expenses $61,630
Net operating income $11,910
Fixed element Variable element Total
per month per tenant day
Revenue $34.80 $125,280
Wages and salaries $3,900 $6.00 $25,500
Expendables 400 9.70 35,320
Facility expenses 9,400 4.50 25,600
Administrative expenses 7,400 0.20 8,120
Total expenses 21,100 20.40 $94,540
Net Operating Income $30,740
For Year 2, the Sacramento Corporation had beginning and ending Retained Earnings balances of $179,225 and $199,900, respectively. Also during Year 2, the board of directors declared cash dividends of $19,900, which were paid during Year 2. The board also declared a stock dividend, which was issued and required a transfer in the amount of $15,500 to paid-in capital. Total expenses during Year 2 were $36,916. Based on this information, what was the amount of total revenue for Year 2
Answer:
$92,991
Explanation:
The computation of the amount of total revenue is shown below;
As we know that
Ending retained earnings = Beginning retained earning - dividend + net income
$199,900 = $179,225 - $19,900 - $15,500 + net income
So, the net income is $56,075
Now the total revenue is
= Net income + expense
= $56,075 + $36,916
= $92,991
Hemisphere Electric may purchase equipment to manufacture a new line of wireless devices for home appliance control. The first cost of the equipment will be $90,000, and the life of the equipment is estimated to be 6 years with a salvage value of $10,000. Different people in marketing have provided revenue estimates that the devices will generate. The estimates range from a low of $10,000 to a high of $20,000, with an average of $16,000 per year. If the MARR is 7% per year, use PW to determine if these different estimates will change the decision to purchase the equipment.
The present worth of low estimate range is $___.
The present worth of average estimate range is $___.
The present worth of high estimate range is $___.
The $10,000 revenue estimate____to select the purchase.
The $16,000 revenue estimate____the purchase.
The $20,000 revenue estimat____the purchase.
Answer:
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The Lunch Counter is expanding and expects operating cash flows of $32,500 a year for seven years as a result. This expansion requires $28,000 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project requires $2,800 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 14 percent
Answer:
$109,688.89
Explanation:
According to the scenario, computation of given data are as follows,
Formula for Net present value are as follows,
NPV = -Investment in fixed asset - Net working Capital + Operating cashflow × ( 1 - [tex](1+r)^{-n}[/tex]) ÷ r + Net working capital ×[tex](1+r)^{-n}[/tex]
Where, r = rate of return
n = number of years
By putting the value, we get
NPV = -28,000 - 2,800 + 32,500 × ( 1 - [tex](1+0.14)^{-7}[/tex]) ÷ 0.14 + 2,800 × [tex](1+0.14)^{-7}[/tex]
By solving the above equation, we get
NPV = $109,688.89
If there were no beginning work in process and no ending work in process under the weighted-average process costing method, the number of equivalent units for direct materials, if direct materials were added at the start of the process, would be __________________ A. More than the units started or transferred in during the period. B. Equal to the units completed during the period. C. Less than the units completed during the period. D. Equal to total of units started and units completed during the period.
Answer:
Equal to total of units started and units completed during the period
Explanation:
Equivalent units
These are said to be numbers of complete whole units that could be gotten from the material and effort evident or contained in partially completed units.
Equivalent units of production usually of weighted-average method is defined as the number of units taking oit or transferred to the next department or to finished goods during the timeframe in addition with the equivalent units in the departments' ending work in process inventory.
Equivalent Units of Production is simply known to be equal to the Units Transferred Out plus the Ending Units in Process.
Ending work-in-process
Beginning work in process is the addition that is Started in Process, minus units to be accounted for and minus units transferred out which will equal to ending work in process. Therefore, as a result of the fact that no beginning work-in-process and ending work-in-process is evident, the units started during the period is also the completed units on the same period.
Clean123 Inc. performs $1,000 of cleaning services for a customer. After 30 days, the customer pays 50% of the involce with a check. How will
this transaction be recorded?
The customer's payment will be recorded as a debit to(blank)
and a credit to Accounts Receivable.
Answer:
Debit to CashCredit to Accounts ReceivableExplanation:
When a Receivable pays their bill, the cash account will be debited to show that cash has come into the company because cash is an asset account and assets are debited when they increase.
Accounts Receivable is an asset account as well and when the Receivable pays, they are reducing the amount that they owe(as is the case here) so their account needs to be reduced. Assets are credited when they reduce so this will be credited.
Newport Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $215,000. The equipment will have an initial cost of $977,000 and have a 6-year life. There is no salvage value for the equipment. If the hurdle rate is 8%, what is the approximate net present value? Ignore income taxes..
Answer:
NPV = $16,919
Explanation:
The Net Present value is the present value of cash inflow (cost savings ) from the project less the present value of initial cost.
NPV = Present value of cash inflow - Present value of cash outflow
PV = annual cash flow × (1-1+r^-n)/r
=215,000× (1- 1.08^-6)/0.08
=993919.1
NPV = 993,919.1-977,000= 16,919
NPV = $16,919
Metlock Windows manufactures and sells custom storm windows for three-season porches. Metlock also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Metlock enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,280 and chooses Metlock to do the installation. Metlock charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $630. The customer pays Metlock $1,980 (which equals the standalone selling price of the windows, which have a cost of $1,140) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Metlock completes installation on October 15, 2020, and the customer pays the balance due.
Required:
Prepare the journal entries for Geraths in 2020.
Answer:
June 1 2020
No entry
September 1, 2020
Dr Cash $1,980
Dr Accounts receivable $300
Cr Sales revenue $1,730
Cr Unearned sales revenue $550
September 1, 2020
Dr Cost of goods sold $1,140
Cr Inventory $1,140
October 15 2020
Dr Cash $300
Dr Unearned service revenue $550
Cr Accounts receivable $300
Cr Service Revenue $550
Explanation:
Preparation of the journal entries for Geraths in 2020
June 1 2020
No entry
September 1, 2020
Dr Cash $1,980
Dr Accounts receivable $300
($1,730+$550+$1,980)
Cr Sales revenue $1,730
($1,980/$2,610*$2,280)
($1,980+$630=$2,610)
Cr Unearned sales revenue $550 ($630/$2,610*$2,280)
September 1, 2020
Dr Cost of goods sold $1,140
Cr Inventory $1,140
October 15 2020
Dr Cash $300
Dr Unearned service revenue $550
Cr Accounts receivable $300
Cr Service Revenue $550
An analyst compiled the following information for U Inc. for the year ended December 31, 2018: Net income was $1,700,000. Depreciation expense was $400,000. Interest paid was $200,000. Income taxes paid were $100,000. Common stock was sold for $200,000. Preferred stock (8% annual dividend) was sold at par value of $250,000. Common stock dividends of $50,000 were paid. Preferred stock dividends of $20,000 were paid. Equipment with a book value of $100,000 was sold for $200,000. Using the indirect method, what was U Inc.'s net cash flow from operating activities for the year ended December 31, 2018?
Answer:
Net cash from operating activities=$2,100,000
Explanation:
The net cashflow from operating activities represent how much a business generates doing its ordinary course of business.
It is the net income adjusted for all non-cash items like depreciation e.t.c
Net cash from operating activities = 1,700,000 + 400,000= $2.100,000
Net cash from operating activities=$2,100,000
Jasper makes a $86,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: Multiple Choice Debit Notes Receivable for $86,000; credit Cash $86,000. Debit Accounts Receivable $86,000; credit Notes Receivable $86,000. Debit Cash $86,000; credit Notes Receivable for $86,000. Debit Notes Payable $86,000; credit Accounts Payable $86,000. Debit Notes Receivable $86,000; credit Sales $86,000.
Answer:
Debit Notes Receivable for $86,000; credit Cash $86,000
Explanation:
The journal entry to record the cash loan is given below;
Notes Receivable $86,000
To Cash $86,000
(Being cash loan is recorded)
Here the note receivable is debited as it increased the assets and credited the cash as it decreased the assets
Therefore the first option is correct
Item 1 Lawrin is a real-estate salesperson whose compensation is commission-only. She earns a 3% commission on the sale price of each house that she sells and receives 1.5% commissions at the end of each month (the broker retains the rest per the employment agreement). During the month of July, Lawrin sold two houses totaling $445,260. What is her gross pay for the month of July
Answer:
Gross pay= $13,357.8
Explanation:
Giving the following information:
Gross commission= 3%
Sales= $445,260
The gross pay is the amount earned before tax and other deductions. We need to use the following formula:
Gross pay= commission rate*sales
Gross pay= 0.03*445,260
Gross pay= $13,357.8
The 2020 accounting records of Novak Corp. reveal these transactions and events.
Payment of interest $10,000 Collection of accounts receivable $190,100
Cash sales 50,800 Payment of salaries and wages 57,100
Receipt of dividend revenue 18,800 Depreciation expense 16,300
Payment of income taxes 16,900 Proceeds from sale of vehicles 12,100
Net income 38,400 Purchase of equipment for cash 22,800
Payment of accounts payable Loss on sale of vehicles 2,900
for merchandise 115,600 Payment of dividends 14,200
Payment for land 73,300 Payment of operating expenses 28,300
Required:
Prepare the cash flows from operating activities section using the direct method.
Answer:
Statement of Cash Flows (Direct Method)
For Year Ended December 31, 2020
Particulars Amount
Cash Flows from operating activities:
Cash Receipts from:
Customers ($50800+ $190100) $240,900
Dividend Revenue $18,800 $259,700
Less: Cash payments:
For Interest -$10,000
For Income Taxes -$16,900
To suppliers for Merchandise -$115,600
For Salaries and wages -$57,100
For Operating Expenses -$28,300 -$227,900
Net Cash provided by operating activities $31,800
COLUMN A
COLUMN B
1.1.1 The tenant has paid R45 500, which includes rent | A Materiality
for one month of the following year. Only
R42 000 is recorded in the Income Statement.
1.1.2 Although the cost prices of the stock items are B Prudence
fluctuating the stock is recorded at cost,
assuming that it will be sold some time in future
1.1.3 The partners' salaries must be reflected
Matching
separately from salaries and wages
1.1.4 Land and building is recorded at the original D Going-
B purchase price of RI 200 000
concern
1.1.5 Money lost due to theft of stock is written off even | E historical cost
though there is a possibility that it may be
recovered in future
A recovered in future
Answer:
a
Explanation:
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Peeler Company was incorporated as a new business on January 1, 2017. The corporate charter approved on that date authorized the issuance of 1,100 shares of $100 par, 7% cumulative, non participating preferred stock and 14,000 shares of $5 par common stock. On January 10, Peeler issued for cash 590 shares of preferred stock at $124 per share and 4,100 shares of common stock at $80 per share. On January 20, it issued 1,300 shares of common stock to acquire a building site at a time when the stock was selling for $70 per share.
During 2017, Peeler established an employee benefit plan and acquired 500 shares of common stock at $60 per share as treasury stock for that purpose. Later in 2017, it resold 100 shares of the stock at $65 per share. On December 31, 2017, Peeler determined its net income for the year to be $40,000. The firm declared the annual cash dividend to preferred stockholders and a cash dividend of $5 per share to the common stockholders. The dividends will be paid in 2018.
Required
Develop the Stockholders’ Equity category of Peeler’s balance sheet as of December 31, 2017. Indicate on the statement the number of shares authorized, issued, and outstanding for both preferred and common stock.
Answer:
Peeler Company
Stockholders' Equity
Peeler's Balance Sheet as of December 31, 2017
Authorized share capital:
1,100 shares of $100 par, 7% cumulative, non-participating preferred stock
14,000 shares of $5 par, common stock
Issued share capital:
590 shares of $100 par, 7% cumulative,
non-participating preferred stock $59,000
Additional paid-in capital-Preferred 14,160
5,400 shares of $5 par, Common stock 27,000
400 shares,Treasury stock (2,000)
5,000 shares outstanding, Common stock 25,000
Additional paid-in capital-Common stock 392,000
Additional paid-in capital (treasury stock) (21,500) 370,500
Retained earnings 10,870
Explanation:
a) Data and Analysis:
January 10: Cash $73,160 Preferred stock $59,000 Additional Paid-in Capital-Preferred stock $14,160
January 10: Cash $328,000 Common stock $20,500 Additional Paid-in Capital-Common stock $307,500
January 20: Building site $91,000 Common stock $6,500 Additional Paid-in Capital-Common stock $84,500
Treasury stock $2,500 Additional Paid-in Capital-Common stock $27,500 Cash $30,000
Cash $6,500 Treasury stock $500 Additional Paid-in Capital-Common stock $6,000
Retained earnings:
Net income = $40,000
Dividends:
Preferred stock $4,130 ($59,000 * 7%)
Common stock $25,000 (5,000 * $5)
Total dividends $29,130
Retained earnings $10,870 ($40,000 - $29,130)
Kathy is 42 years old and has been diagnosed with a rare case of early onset Alzheimer's disease. While there are drugs that can control her condition, there is no known cure. When she reads a newspaper article that a claimed cure has been discovered in Sweden, she requests the drug from her doctor who informs her that the drug is not legal in the United States and cannot be purchased outside of Sweden. Kathy files a lawsuit in federal court to allow her to purchase and use the drug. The federal district court determines that the case must be suspended and referred to the Food and Drug Administration for initial review and determination. What is the doctrine that the district court justice is following?
A. Determining proper standing
B. Exhaustion of remedies
C. Primary jurisdiction
D. Judicial delegation
E. Judicial review
Answer:
e I think if not I'm sorry
The district court justice's judicial review doctrine. Thus option (C) is correct.
What is court?A court is any person or institution with the jurisdiction to arbitrate legal disputes between parties and administer justice in civil, criminal, and administrative affairs in conformity with the rule of law. A court, often known as a court of law, is a person or group of people with the legal jurisdiction to hear and settle disputes in civil, criminal, ecclesiastical, or military issues.
The District Court handles significant criminal offenses including burglaries, offenses, assaults, serious fraud, commercial theft, and assaults. Additionally, the District Court has unrestricted jurisdiction over claims for damages for personal injury and adjudicates civil claims up to $750,000.
Therefore, Thus option (C) is correct.
Learn more about the court here:
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Vaughn Manufacturing had the following transactions during 2022:
1. Issued $272500 of par value common stock for cash.
2. Recorded and paid wages expense of $130800.
3. Acquired land by issuing common stock of par value $109000.
4. Declared and paid a cash dividend of $21800.
5. Sold a long-term investment (cost $6540) for cash of $6540.
6. Recorded cash sales of $872000.
7. Bought inventory for cash of $348800.
8. Acquired an investment in Zynga stock for cash of $45780.
9. Converted bonds payable to common stock in the amount of $1090000.
10. Repaid a 6-year note payable in the amount of $479600.
What is the net cash provided by financing activities?
a. $(228900).
b. $250700.
c. $861100.
d. $1318900.
Answer and Explanation:
The computation of the net cash provided by financing activities is given below:
Cash provided by financing activities
Issuance of the common stock for cash $272,500
Less: cash dividend paid -$21,800
Less: repaid note payable $479,600
Net cash used in financing activities -$228,900
The positive means cash inflow and the negative means cash outflow
what's the meaning of GDP?
what's the meaning of GDP?
It means Gross domestic product.
Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.
Gross domestic product tracks the health of a country's economy. It represents the value of all goods and services produced over a specific time period within a country's borders. ... Investors can use GDP to make investments decisions—a bad economy means lower earnings and lower stock prices.
The following information relates to the only product sold by Harper Company. Sales price per unit $ 45 Variable cost per unit 27 Fixed costs per year 247,000 a. Compute the contribution margin ratio and the dollar sales volume required to break even. b. Assuming that the company sells 20,000 units during the current year, compute the margin of safety (in dollars).
Answer and Explanation:
The computation is shown below
a.
For Contribution Margin ratio
We know that
Contribution margin per unit = Sale price per unit - Variable cost per unit
= $45 - $27
= $18
Now
Contribution margin ratio = Contibution Margin per unit ÷ Sale price per unit
= $18 ÷ $45
= 0.4
Now
Break even sales dollar
Break even sales = Fixed Cost ÷ Contribution margin ratio
= $247,000 ÷ 0.4
= $617,500
b.
For Margin of Safety
The Margin of safety = Actual sales - Break Even Sales
where,
Actual sales(in $) = 20000 × 45
= $900,000
So, Margin of safety is
= $900,000 - $617,500
= $282,500
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:
Accounts Debit Credit
Cash $ 24,300
Accounts Receivable 5,700
Supplies 3,600
Land 55,000
Accounts Payable $ 3,700
Common Stock 70,000
Retained Earnings 14,900
Totals $ 88,600 $88,600
During January 2021, the following transactions occur:
January 2 Purchase rental space for one year in advance, $7,500 ($625/month).
January 9 Purchase additional supplies on account, $4,000.
January 13 Provide services to customers on account, $26,000.
January 17 Receive cash in advance from customers for services to be provided in the future, $4,200.
January 20 Pay cash for salaries, $12,000.
January 22 Receive cash on accounts receivable, $24,600.
January 29 Pay cash on accounts payable, $4,500.
The following information is available on January 31.
Rent for the month of January has expired.
Supplies remaining at the end of January total $3,300.
By the end of January, $3,575 of services has been provided to customers who paid in advance on January 17.
Unpaid salaries at the end of January are $5,450.
1. Record the purchase of rental space for one year in advance, $7,500 ($625/month).
2. Record the purchase of additional supplies on account, $4,000.
3. Record the providing of services to customers on account, $26,000.
4. Record the receipt of cash in advance from customers for services to be provided in the future, $4,200.
5. Record the payment of cash for salaries, $12,000.
6. Record the receipt of cash on accounts receivable, $24,600.
7. Record the payment of cash on accounts payable, $4,500.
8. Record the adjusting entry for rent. Rent for the month of January has expired.
9. Record the adjusting entry for supplies. Supplies remaining at the end of January total $3,300.
10. Record the adjusting entry for services provided to customers who paid in advance. By the end of January, $3,575 of services has been provided to customers who paid in advance on January 17.
11. Record the adjusting entry for salaries payable. Unpaid salaries at the end of January are $5,450.
12. Record the entry to close the revenue accounts.
13. Record the entry to close the expense accounts
Answer:
Dynamite Fireworks
1. January 2
Debit Prepaid Rent $7,500
Credit Cash $7,500
To record the purchase of rental space in advance ($625/month).
2. January 9
Debit Supplies $4,000
Credit Accounts Payable $4,000
To record the purchase of additional supplies on account.
3. January 13
Debit Accounts Receivable $26,000
Credit Service Revenue $26,000
To record the provision of services to customers on account.
4. January 17
Debit Cash $4,200
Credit Deferred Revenue $4,200
To record the receipt of cash in advance for future services.
5. January 20
Debit Salaries Expense $12,000
Credit Cash $12,000
To record the payment of salaries.
6. January 22
Debit Cash $24,600
Credit Accounts Receivable, $24,600
To record the receipt of cash on account.
7. January 29
Debit Accounts Payable, $4,500
Credit Cash $4,500
To record the payment on account.
Adjustments on January 31.
8. Debit Rent Expense $625
Credit Prepaid Rent $625
To record the rent expense for January.
9. Debit Supplies Expense $4,300
Credit Supplies $4,300
To record the supplies expense for January.
10. Debit Deferred Revenue $3,575
Credit Service Revenue $3,575
To record revenue for services provided.
11. Debit Salaries Expense $5,450
Credit Salaries Payable $5,450
To accrue unpaid salaries at the end of January.
12. Debit Service Revenue $29,575
Credit Income Summary $29,575
To close the revenue account to the income summary.
13. Debit Income Summary $22,375
Credit:
Salaries Expense $17,450
Rent Expense $625
Supplies Expense $4,300
To close the expense accounts to the income summary.
Explanation:
a) Data and Calculations:
Accounts Debit Credit
Cash $ 24,300
Accounts Receivable 5,700
Supplies 3,600
Land 55,000
Accounts Payable $ 3,700
Common Stock 70,000
Retained Earnings 14,900
Totals $ 88,600 $88,600
Transactions and Analysis:
January 2 Prepaid Rent $7,500 Cash $7,500 ($625/month).
January 9 Supplies $4,000 Accounts Payable $4,000
January 13 Accounts Receivable $26,000 Service Revenue $26,000
January 17 Cash $4,200 Deferred Revenue $4,200
January 20 Salaries Expense $12,000 Cash $12,000
January 22 Cash $24,600 Accounts Receivable, $24,600
January 29 Accounts Payable, $4,500 Cash $4,500
Adjustments on January 31.
Rent Expense $625 Prepaid Rent $625
Supplies Expense $4,300 Supplies $4,300
Deferred Revenue $3,575 Sales Revenue $3,575
Salaries Expense $5,450 Salaries Payable $5,450
The article entitled "Supply Side of the Economy is Flashing" best reflects A. The partiality of money B. That absent increases in labor productivity increases in aggregate demand will only spur inflation in the long run C. Increases in aggregate demand will lower the natural rate of unemployment with will spur increases in supply D. That economic growth can be boosted by "juicing demand, such as with tax cuts or spending increases"
Answer:
D. That economic growth can be boosted by "juicing demand, such as with tax cuts or spending increases"
Explanation:
Supply-side economics represents the theory in which the tax would be cut for the rich population for an economy this would rise the savings and the investment capacity.
The other options would be considered incorrect as the supply side of the economy would not be the partiality of money. The rise in the labor productivity rise the aggregate demand and at the time when there is a rise in the aggregate demand so the natural rate of unemployment would decline also it does not represent the supply side
Expansionary monetary policy occurs when: Group of answer choices a central bank acts to decrease the money supply in an effort to stimulate the economy. Congress and the president increase taxes in an effort to stimulate the economy. Congress and the president decrease taxes in an effort to stimulate the economy. a central bank acts to increase the money supply in an effort to stimulate the economy.
Answer: A central bank acts to increase the money supply in an effort to stimulate the economy.
Explanation:
When a country is seeing an expansionary monetary policy, it means that the Central bank in the country is increasing the money supply in order to stimulate the economy and increase aggregate production in the economy.
Increasing money supply would lead to more people having cash which would reduce the cost of borrowing money since everyone now has more savings. As the cost of borrowing is less, more entities borrow for investment which would then lead to increased production and economic growth.