Answer:A
Explanation:
A p e x
Answer:
A. One to two sentences
Explanation:
You dont want whomever is reading your resume to think that you are full of yourself.
Santorino Company produces two models of a component, Model K-3 and Model P-4. The unit contribution margin for Model K-3 is $6; the unit contribution margin for Model P-4 is $14. Each model must spend time on a special machine. The firm owns two machines that together provide 4,000 hours of machine time per year. Model K-3 requires 15 minutes of machine time; Model P-4 requires 30 minutes of machine time. What is the amount of machine time for model P-4 in terms of percent of a machine hour?
a. 50%
b. 25%
c. 30%
d. 20%
e. 10%
Answer:
a. 50%
Explanation:
Model P-4 requires 30 minutes of machine time.
A machine hour consists of 60 minutes
Calculating the machine time of Model P-4 in terms of percent of machine hour:
= (Model P-4 Machine time/Machine Hour)*100
= (30/60)*100
= 0.5 * 100
=50%
So, the percent of Model P-4 machine time in terms of a machine hour is 50%.
The master budget at Western Company last period called for sales of 225,000 units at $8.60 each. The costs were estimated to be $4.00 variable per unit and $270,000 fixed. During the period, actual production and actual sales were 230,000 units. The selling price was $8.70 per unit. Variable costs were $4.75 per unit. Actual fixed costs were $270,000. Required: Prepare a flexible budget for Western.
Answer:
$765,000
Explanation:
Particulars Amount
Sales revenue = (225,000*$8.60) = $1,935,000
Less: Variable Cost = (225,000*$4) = $900,000
Contribution Margin $1,035,000
Less: Fixed Costs $270,000
Operating Profits $765,000
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash $ 21,000 Accounts receivable, net 220,000 Merchandise inventory 320,000 Prepaid expenses 8,000 Total current assets 569,000 Property and equipment, net 860,000 Total assets $ 1,429,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 280,000 Bonds payable, 9% 390,000 Total liabilities 670,000 Stockholders’ equity: Common stock, $10 par value $ 110,000 Retained earnings 649,000 Total stockholders’ equity 759,000 Total liabilities and equity $ 1,429,000
Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $ 3,010,000 Cost of goods sold 1,110,000 Gross margin 1,900,000 Selling and administrative expenses 640,000 Net operating income 1,260,000 Interest expense 35,100 Net income before taxes 1,224,900 Income taxes (30%) 367,470 Net income $ 857,430 Account balances at the beginning of the year were: accounts receivable, $210,000; and inventory, $280,000. All sales were on account.
Required: Compute the following financial data and ratios:
1. Working capital.
2. Current Ratio (round to 2 decimal places)
3. Acid-Test Ratio (round to 2 decimal places)
4. Debt-to-equity Ratio (round to 2 decimal places)
5. Times interest earned Ratio (2 decimal places)
6. Average collection period (days)
7. Average sale period (days)
8. Operating cycle (Days; round intermediate calculations and final answer to 1 decimal place)
Answer and Explanation:
The computation is shown below;
1.
Working capital = Current Asset - Current Liabilities
= $569,000 - $280,000
= $289,000
2.
Current ratio = Current Asset ÷ Current Liability
= $569,000 ÷ $280,000
= 2.03
3.
Acid-test (quick) ratio = {(Current Asset - Inventory - prepaid expense) ÷ Current Liabilities }
= {{$569,000- $320,000 - $8,000) ÷ ($280,000)}
= 0.86 times
4.
Debt-Equity ratio = Total Liability ÷ Shareholders' Equity
= $670,000 ÷ $759,000
= 0.88 times
5.
Times interest earned = EBIT ÷ Interest Charges
= ($1,224,000 + $35,100) ÷ ($35,100)
= 35.87 times
6.
Average collection period
= 365 ÷ ($3,010,00 ÷ $215,000)
= 26 days
The $215,000 comes from
= ($210,000 + $220,000) ÷ 2
= $215,000
7. The average sales period is
= 365 ÷ ($1,110,000 ÷ $300,000)
= 99 days
The $300,000 comes from
= ($280,000 + $320,000) ÷ 2
= $300,000
8. The operating cycle is
= 99 days - 26 days
= 73 days
Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for next year. Beginning Inventory Ending Inventory Raw material* 30,000 40,000 Finished goods 70,000 60,000 * Three pounds of raw material are needed to produce each unit of finished product. If Paradise Corporation plans to sell 510,000 units during next year, the number of units it would have to manufacture during the year would be:
Answer:
500,000 units
Explanation:
Giving the following information,
Beginning inventory = 70,000 units
Ending inventory = 60,000 units
Sales = 510,000 units
We will make use of the formula below to calculate the production required.
Production = Sales + Desired ending inventory - Beginning inventory
Production = 510,000 + 60,000 - 70,000
Production = 500,000 units
On January 1, 2018, UML Company leased a machine to UMB Corporation. The lease qualifies as a sales-type lease. UML paid $240,000 for the machine and is leasing it to UMB for $34,000 per year, an amount that will return 10% to UML. The present value of the lease payments is $240,000. The lease payments are due each December 31, beginning in 2018. What is the appropriate interest entry of UML on December 31, 2018
Answer:
Date Account Title Debit Credit
Dec 11, 2018 Interest receivable $20,600
Interest revenue $20,600
Explanation:
The interest receivable on December 31, 2018 would be based on the lease amount at the end of the year which will be the present value of the lease less the lease amount paid for the year:
Lease amount = 240,000 - 34,000
= $206,000
Interest receivable = 206,000 * 10%
= $20,600
Power Inc. has two divisions, Windsor and Ridge. Following is the income statement for the past month: Windsor Ridge Total Sales $ 360,200 $ 320,100 $ 680,300 Variable Costs 280,200 150,200 $ 430,400 Contribution Margin $ 80,000 $ 169,900 $ 249,900 Fixed Costs (allocated) 121,700 128,200 $ 249,900 Profit Margin $ (41,700 ) $ 41,700 $ 0 What would Power's profit margin be if the Windsor division was dropped and all fixed costs are unavoidable?.
Answer:
- $ 80,000
Explanation:
The existing Power's profit margin is $0 ($41,700 - $41,700 + $0).
Dropping Windsor division has the following effect :
Increase in cost - opportunity cost of $ 80,000
The opportunity is due to lost contribution
Fixed costs are unavoidable thus, they are irrelevant when doing this calculation.
thus,
Power's profit margin will be - $ 80,000 if the Windsor division was dropped.
Who is Ackerman?
A. Levi
B. Petra
C. Erwin
Answer:
levi
Explanation:
Dennis wants to determine if the discount rate really makes any difference in the net present value of a project. He feels that if a project is acceptable at one rate of return, it will be acceptable at all rates of return. To explain why his thinking is incorrect, you are creating an example to illustrate your point. The cash flows you are using are as follows: time zero is -$71,000, years 1 through 4 are $17,500 each, and years 5 and 6 are $22,500 each. What is net present value at a discount rate of 12 percent and 17 percent
Answer:
$6319,92
$-3959.52
Explanation:
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Cash flow in year 0 = -$71,000
Cash flow in year 1 = $17,500
Cash flow in year 2 = $17,500
Cash flow in year 3 = $17,500
Cash flow in year 4 = $17,500
Cash flow in year 5 = $22,500
Cash flow in year 6 = $22,500
NPV when I is 12% = $6319,92
NPV when I is 17% = $-3959.52
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
A company buys a machine for $69,000 that has an expected life of 7 years and no salvage value. The company uses straight-line depreciation. The company anticipates a yearly net income of $3,300 after taxes of 38%, with the cash flows to be received evenly throughout each year. What is the accounting rate of return
Answer:
9.57%
Explanation:
Accounting rate of return = Annual after tax net income/Average investment
Accounting rate of return = $3,300 / ($69,000/2)
Accounting rate of return = $3,300 / $34,500
Accounting rate of return = 0.095652174
Accounting rate of return = 9.57%
Belmont Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $230,000. The equipment will have an initial cost of $1,000,000 and have an 8 year life. If there is no salvage value of the equipment, what is the accounting rate of return? Multiple Choice 18.0% 15.5% 46.0% 23.0%.
Answer:
23.0%
Explanation:
According to the problem, computation of given data are as follows,
Initial cost of equipment = $1,000,000
Net income after tax = $230,000
So, we can calculate the accounting rate of return by using following formula,
Accounting rate of return = Net income after tax ÷ Initial cost of equipment
By putting the value, we get
Accounting rate of return = $230,000 ÷ $1,000,000
= 0.23 or 23%
Hence, accounting rate for the given data is 23%.
Chahana acquired and placed in service $1,185,000 of equipment on August 1, 2019 for use in her sole proprietorship. The equipment is 5-year recovery property. No other acquisitions are made during the year. Chahana elects to expense the maximum amount under Sec. 179, and bonus depreciation is not applied. Chahana's total deductions for 2019 (including Sec. 179 and depreciation) are:___________.
A) $1,020,000.
B) $237,000.
C) $1.185,000.
D) $1,053,000
Answer:
D) $1,053,000
Explanation:
Calculation to determine what Chahana's total deductions for 2019 (including Sec. 179 and depreciation) are
Sec 179 immediate expensing $1,020,000
MACRS depreciation:
Add Basis for depreciation $33,000
[($1,185,000 - $1,020,000 Sec. 179) × .20]
Total depreciation $1,053,000
($1,020,000+$33,000)
Therefore Chahana's total deductions for 2019 (including Sec. 179 and depreciation) are:$1,053,000
Which of the following would be classified as a short-run decision? A restaurant's decision to increase the number of patrons it can accommodate by adding on a new dining room. A firm's decision to decrease the amount of electricity used in day-to-day operations by encouraging employees to adopt conservation strategies, e.g., shut off lights when leaving a room. A university's decision to add a new residence hall. A trucking firm's decision to move to a smaller facility.
Answer:
A university's decision to add a new residence hall. A trucking firm's decision to move to a smaller facility.
Explanation:
Short run decision affects variable factor only. Adding a new facility is a long run decision. Hence a firm's decision to decrease the amount of electricity used in day-to-day operations by encouraging employees to adopt conservation strategies is a short run decision.
Hence, the correct answer would be:
A university's decision to add a new residence hall. A trucking firm's decision to move to a smaller facility.
Here I Sit Sofas has 6,600 shares of common stock outstanding at a price of $89 per share. There are 950 bonds that mature in 25 years with a coupon rate of 6.3 percent paid semiannually. The bonds have a par value of $1,000 each and sell at 106 percent of par. The company also has 5,500 shares of preferred stock outstanding at a price of $42 per share. What is the capital structure weight of the debt
Answer:
55.17 %
Explanation:
We use the Market Values of Sources of Capital to determine their Weight in Capital Structure.
Weight of the debt = Market Value of Debt / Total Market Value x 100
where,
Market Value of Debt = 950 x $1,000 x 106% = $1,007,000
Market Value of Common Stock = 6,600 x $89 = $587,400
Market Value of Preferred Stock = 5,500 x $42 = $231,000
therefore,
Weight of the debt = $1,007,000 / $1,825,400 x 100
= 55.17 %
thus,
The capital structure weight of the debt is 55.17 %
Distributing Cash Dividends to Preferred and Common Shareholders Dechow Company has outstanding 20,000 shares of $50 par value, 6% cumulative preferred stock, and 80,000 shares of $10 par value common stock. The company declares and pays cash dividends amounting to $160,000. a. If no arrearage on the preferred stock exists, how much in total dividends, and in dividends per share, is paid to each class of stock
Answer:
Preferred Stock = $60,000 and $3.00
Common Stock = $100,000 and $1.25
Explanation:
Dividends
Preferred Stock has preference when it comes to dividends payments. The remaining dividends are then paid to Common Stockholders.
Preferred Stock dividend = 20,000 x $50 x 6% = $60,000
Common Stock dividend = $160,000 - $60,000 = $100,000
Dividends per share
Preferred Stock dividend = $60,000 ÷ 20,000 shares = $3.00
Common Stock dividend = $100,000 ÷ 80,000 shares = $1.25
For each item, enter the appropriate amounts in the associated cells.
Scenario Amount Adjusted Gain Gain Sec. 1245 Sec. 1231
realized basis realized recognized recapture gain
Jim exchanged an old machine used
in his trade or business for a new
machine plus $50,000 cash. Jim
purchased the old machine for $345,000
and deducted $45,000 of depreciation on
the old machine. The new machine has a
fair market value of $450,000.
Jerry purchased a new machine for $100,000.
A few years later, Jerry sold the machine for
$90,000. Before selling the machine,
Jerry claimed $40,000 in depreciation.
Answer:
Jim exchanged an old machine used in his trade or business for a new machine plus $50,000 cash. Jim purchased the old machine for $345,000 and deducted $45,000 of depreciation on the old machine. The new machine has a fair market value of $450,000
Amount realized: $500,000 ($450,000+$50,000)
Adjusted basis: $300,000 ($345,000-$45,000)
Gain realized: $200,000 ($500,000-$300,000)
Gain recognized: $200,000
Sec. 1245 Recapture: $45,000
Sec. 1231 Gain: $155,000 ($200,000 - $45,000)
Jerry purchased a new machine for $100,000. A few years later, Jerry sold the machine for $90,000. Before selling the machine, Jerry claimed $40,000 in depreciation
Amount realized: $90,000
Adjusted basis: $60,000 ($100,000-$40,000)
Gain realized: $30,000
Gain recognized: $30,000
Sec. 1245 Recapture: $30,000
Sec. 1231 Gain: - ($30,000-$40,000)
If direct materials are added at the beginning of a process, the equivalent units completed of direct materials will be: Group of answer choices Equal to equivalent units completed of conversion costs Equal to the physical units completed Less than physical units completed None of the above
Answer:
Equal to the physical units completed
Explanation:
If direct materials are added at the beginning of a process, the equivalent units completed of direct materials will be Equal to the physical units completed. This is because at the end of the process the equivalent units will be 100% complete as to direct materials.
Joe Sullivan and Mark Holland, members of the top management at EuAir, a European airlines, were preparing for a meeting to discuss strategies to combat the recent rise in fuel prices. Before the meeting began, Joe and Mark were discussing how oil prices significantly impact the health of the world economy. Joe spoke of how higher oil prices since 1999, partly the result of OPEC supply management policies, contributed to the global economic downturn in 2000-2001 and have not been stable since. Mark agreed but added that the right kind of strategy could help them overcome this challenge, and that they could even use the situation to hike fares and generate additional revenues. Which of the following statements, if true, would denote the occurrence of groupshift in Mark's opinions during the meeting?
A) Mark proposed that the prices be hiked and additional customer service measures be included so costumers have the best experience flying with EuAir.
B) Mark encouraged the top-management team to consider laying off surplus employees and rightsizing EuAir to enhance its efficiency and lower costs.
C) Mark agreed with Joe's opinion that providing the best service possible, even if it meant incurring a loss in the short run, would be the best strategy.
D) Mark felt that EuAir should suspend some of its less profitable flights in the short run in favor of the routes that have greater demand among consumers.
E) Mark proposed that this was an opportunity for EuAir to use its brand name effectively and diversify into other products and services.
The statement that would denote the occurrence of group shift in mark's opinions during the meeting is that Mark proposed that the prices be hiked and additional customer service measures be included so customers have the best experience flying with EuAIR
What is customer service?Customer service can be defined as the one-on-one interaction between the person buying the product and the person that is the representative of the seller. Most retailers consider this interaction as the most important and critical one as it ensures the buyer satisfaction and encouraging repeat business. Even today when the customer service option is becoming automated the option to talk to a human representative is still present as business consider it service leadership.
At many companies, the customer service representatives are the ones who meet or greet the people who buy the products from the organization. They are the ones that have the direct contact with the consumers. The buyer's perception of the company and the product are shaped in part by their experience in dealing with that person. For this reason, many companies work hard to increase their customer satisfaction levels.
Customer service should be a single-step process for the consumer. If a customer calls a helpline, the representative should whenever possible follow the problem through to its resolution.
What is price hike?
Price hiking is an normal economic phenomenon that typically happens when there is a dramatic increase in demand and/or a dramatic decrease in supply for a good or service. Usually this is due to a short run situation
The best remedy is to increase the supply. The market will respond to high prices for a good or service by producing more of the product. The price hike will encourage firms to innovate and increase production. Again, this may not be possible or may be difficult in the short run.
The alternative is for government to install rationing and/or price controls. This will inevitably require some sort of legal enforcement; for example fines for “price gouging” and such. It is also a fertile ground for the creation of black markets: where consumers and sellers get together illegally, and negotiate a price that is usually somewhat higher (due to increased risks) than what would be the market price.
Hence, option A is the correct answer
To learn more about customer services here,
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Bindy Crawford created a corporation providing legal services, Skysong, Inc., on July 1, 2022. On July 31 the balance sheet showed: Cash $4,600; Accounts Receivable $7,400; Supplies $730; Equipment $9,900; Accounts Payable $9,100; Common Stock $11,700; and Retained Earnings $1,830. During August the following transactions occurred.
Aug. 1 Collected $1,200 of accounts receivable due from customers.
4 Paid $2,770 cash for accounts payable due.
9 Performed services worth $6,050, of which $3,510 is collected in cash and the balance is due in September.
15 Purchased additional office equipment for $4,180, paying $510 in cash and the balance on account.
19 Paid salaries $1,390, rent for August $760, and advertising expenses $330. 23 Paid a cash dividend of $670.
26 Borrowed $5,700 from American Federal Bank; the money was borrowed on a 4-month note payable.
31 Incurred utility expenses for the month on account $370.
Prepare a tabular analysis of the August transactions beginning with July 31 balances.
Prepare an income statement for August, a retained earnings statement for August and a classified balance sheet at August 31.
Answer:
Bindy Crawford
1. Tabular Analysis of the August Transactions:
Cash Accounts Supplies Equipment Accounts Common Retained
Receivable Payable Earnings
7/31 $4,600 $7,400 $730 $9,900 $9,100 $11,700 $1,830
8/1 +1,200 -1,200
8/4 -2,770 -2,770
8/9 +3,510 +2,540 +6,050
8/15 -510 +4,180 +3,670
8/19 -2,480 -2,480
8/23 -670 -670
8/26 +5,700 +5,700
8/31 -370 -370
8/31 $8,210 $8,740 $730 $14,080 $15,700 $11,700 $4,360
2. Income Statement for the month of August
Service revenue $6,050
Salaries expense $1,390
Rent expense 760
Advertising expenses 330
Utility expenses 370 2,850
Net income $3,200
3. Retained Earnings Statement for the month of August
Retained earnings, July 31 $1,830
Net income 3,200
Dividends (670)
Retained earnings, Aug. 31 $4,360
4. Classified Balance Sheet as of August 31
Assets
Current Assets:
Cash $8,210
Accounts receivable 8,740
Supplies 730 $17,680
Long-term Assets:
Equipment $14,080
Total assets $31,760
Liabilities and Equity
Current liabilities:
Accounts Payable 10,000
Notes Payable 5,700 $15,700
Equity:
Common stock 11,700
Retained earnings 4,360 $16,060
Total liabilities and equity $31,760
Explanation:
a) Data and Analysis:
8/1 Cash $1,200 Accounts receivable $1,200
8/4 Accounts payable $2,770 Cash $2,770
8/9 Accounts receivable $2,540, Cash $3,510 Service revenue $6,050
8/15 Equipment $4,180 Cash $510 Accounts payable $3,670
8/19 Salaries expense $1,390, Rent expense $760, Advertising expenses $330 Cash $6,150
8/23 Cash dividend $670 Cash $670
8/26 Cash $5,700 Note payable (American Federal Bank) $5,700
8/31 Utility expenses $370 Cash $370
Tabular Analysis of the August Transactions:
Cash Accounts Supplies Equipment Accounts Common Retained
Receivable Payable Earnings
7/31 $4,600 $7,400 $730 $9,900 $9,100 $11,700 $1,830
8/1 +1,200 -1,200
8/4 -2,770 -2,770
8/9 +3,510 +2,540 +6,050
8/15 -510 +4,180 +3,670
8/19 -2,480 -2,480
8/23 -670 -670
8/26 +5,700 +5,700
8/31 -370 -370
8/31 $8,210 $8,740 $730 $14,080 $15,700 $11,700 $4,360
Question 1(Multiple Choice Worth 10 points)
(04.04 LC)
Which is a possible effect of identity theft?
Increased mental stress
O Increased purchasing power
Decreased loan balances
Decreased debt to credit load
Answer:
Option A, Increased mental stress
Explanation:
Increased mental stress is one of the possible effect of identity theft.
It can cause following negative impacts on the mental and physical health of an individual
a) It causes sleep disturbance
b) Physical symptoms such as aches and pains, heart palpitations, sweating and stomach issues arises
c) Post stress disorder
d) Anxiety
Hence, option A is correct
Answer:
Option A, Increased mental stress
Explanation:
took the test
Indiana Co. began a construction project in 2021 with a contract price of $162 million to be received when the project is completed in 2023. During 2021, Indiana incurred $40 million of costs and estimates an additional $84 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed.
Suppose that, in 2022, Indiana incurred additional costs of $65 million and estimated an additional $52 million in costs to complete the project. Indiana (Do not round your percentage calculated):
A) Recognized $8.91 million gross profit on the project in 2022.
B) Recognized $11.91 million gross profit on the project in 2022.
C) Recognized $3.00 million loss on the project in 2022.
D) Recognized $8.91 million loss on the project in 2022.
Answer:
D) Recognized $8.91 million loss on the project in 2022.
Explanation:
The computation is shown below:
For Year 2021:
Percentage of work completed in the year 2021 is
= $40 ÷ ($40 + $84)× 100
= $40 ÷ $124 × 100
= 32.26%
Profit on the contract is
= Contract price - Already incurred cost - Expected cost
= $162 - $40 - $84
= $38
Profit to be recognized in the year 2016 is
= profit × percentage of completion
= $38 × 32.26%
= $12.256
For Year 2022:
Percentage of work completed in the year 2017 is
= ($40 + $65) ÷ ($40 + $65 + $52)
= $105 ÷ $157 × 100
= 66.88%
Profit on the contract is
= Contract price - Already incurred cost - Expected cost
= $162 - $40 - $65 - $52
= $5
Profit that should be recognized till the year 2017 is
= profit × percentage of completion
= $5 × 66.88%
= $3.344
Profit to be recognized in the year 2017 is
= $3.344 - $12.256
= 8.91 million loss
How micro and macro economics are interdependent to each other?
good research should ideally be...
Answer:
What constitutes a good research question?
A good research question requires original data, synthesis of multiple sources, interpretation and/or argument to provide an answer. The answer to the question should not just be a simple statement of fact: there needs to be space for you to discuss and interpret what you found.
Explanation:
Wall Street bond trader turned on the television one day and saw a news report accusing him of committing a large securities scam. This trader learned that his employer had accused him of creating $300 million of phony profits and, as a result, getting bogus bonuses of $8 million. He claimed he was innocent, and it took about three years for him to prove his innocence. In the months that followed the accusations, he was investigated by the SEC, the National Association of Securities Dealers, and the Justice Department. Three years later, the bond trader was cleared of all major charges brought against him
Required:
a. Assume that you are the employer. What type of legal action would you seek against this bond trader? Why?
b. To what type of court would your case most likely be assigned? Why?
Answer:
A. From a civil standpoint, I will report the body of proof against the bond broker. Once the dissension has been brought to the attention of the offending party, a standard legal procedure will be followed. The protest will go into detail about the offence as well as monetary provisions for the damage suffered.
B. The case will most likely be signed to the district courts in which the company is registered.
At the end of 2020, Pharoah Co. has accounts receivable of $762,200 and an allowance for doubtful accounts of $60,300. On January 24, 2021, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $5,800. On March 4, 2021, Pharoah Co. receives payment of $5,800 in full from Megan Gray. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answer:
To reverse the transaction, the journal entry is:
Date Account title Debit Credit
March 4, 2021 Accounts receivable - Megan Gray $5,800
Allowance for doubtful accounts $5,800
To record the receipt of cash:
Date Account title Debit Credit
March 4, 2021 Cash $5,800
Accounts receivable - Megan Gray $5,800
Liam works at an IT firm. He finds that the activities carried out by his team are very complex and struggles to complete his tasks on time. He learns that some of his team members are also facing the same issue. Even though there is clarity of the target among the team members, the team struggles to efficiently carry out its task. Which of the following should the team do in order to ensure the completion of the tasks?
It should change the output and retain the workforce.
It should use informal communication to carry out its tasks.
It should standardize the work activities through flowcharts.
It should conduct an in-house training program to bring employees up to speed.
Team-based organizational structures are usually organic and highly decentralized.
True
False
Answer:
It should conduct an in-house training program to bring employees up to speed.
true
Explanation:
An inhouse training would be appropriate to help team members overcome their struggles with the complexity of the tasks. the training would provide more clarification on the tasks to be carried out. this would have the effect of making the task look less complex. Even though there is clarity on the target, there is no clarity on the steps to take to reach the target. Thus, a training is needed.
Team-based organizational structures is when the employees of an organisation are divided into teams. these teams work separately but they work towards a common goal . The structure is usually decentralised. Decisions are made within teams instead of decisions been made by one central body.
Advantages of Team-based organizational structures
communication between employees are faster and more effectiveit increases teamwork Problems are resolved fasterDisadvantages of Team-based organizational structures
it might be difficult to identify employees with low performance as they might be able to hide behind their teamsCharacteristics of an organic organisation includes :
few levels of management,decentralized decision-making, a short chain of command.these are characteristics of a team based organisational structure
Jackson Company has developed the following sales projections for the calendar year:
May $108,000
June 128,000
July 148,000
August 168,000
September 158,000
October 138,000
Normal cash collection experience has been that 50% of sales is collected during the month of sale and 45% in the month following the sale. The remaining 5% of sales are never collected. Jackson's budgeted cash collections for the third calendar quarter are: _______
Answer:
Total cash collection 3rd quarter= $436,800
Explanation:
We need to calculate the cash collection for each month of the third quarter:
Cash collection July:
Sales from June= 128,000*0.45= 57,600
Sales from July= 148,000*0.50= 74,000
Total cash collection July= $131,600
Cash collection August:
Sales from July= 148,000*0.45= 66,600
Sales from August= 168,000*0.5= 84,000
Total cash collection August= $150,600
Cash collection September:
Sales from August= 168,000*0.45= 75,600
Sales from September= 158,000*0.5= 79,000
Total cash collection September= $154,600
Total cash collection 3rd quarter= $436,800
Quan Enterprises purchased and consumed 56,000 gallons of direct material that was used in the production of 15,000 finished units of product. According to engineering specifications, each finished unit had a manufacturing standard of four gallons. If a review of Quan's accounting records at the end of the period disclosed a material price variance of $5,600U and a material quantity variance of $2,800F, what is the actual price paid for a gallon of direct material
Answer:
Total Direct Materials Cost Variance = Direct Material Price Variance + Direct Material Quantity Variance
Total Direct Materials Cost Variance = $5,600U + (-$2,800F)
Total Direct Materials cost Variance = $2,800 Unfavorable
Direct Material cost Variance = (Actual rate * Actual quantity) - (Standard Rate * Standard Quantity)
$2,800 U = (AR*56000) - (SR * (15,000*5)
$2,800 U = (AR*56000) - (SR * 75000)
We need Standard Price per Gallon to calculate the actual price paid for a gallon of direct material. But, we have no information about it.
What are some tasks commonly performed in Logistics Planning and Management Services jobs? Check all that apply.
processing customer payments
analyzing a product’s supply chain
overseeing budgets
organizing and tracking information
operating heavy machinery
hiring, training, and supervising workers
investigating causes of accidents and hazards
Answer:
the answers be B C D F
Explanation:
ya welcome god bless
Answer:
b
c
d
f
is correct shawty
Explanation:
Why do you think most companies make use of celebrities in their marketing promotional activities?
Answer:
Celeberties get a lot of attension, companies want attension to sell the goods or serveicef they see a celebirty they feel safe in buying their things.
Explanation:
Answer:
Celebrity endorsement builds credibility and can expose a brand to new markets, The celebrity effect is ability of famous people to influence other companies. Companiesn can use that star power and influence to boost their own products and services, celebrities can add credibility and glamour to a brand
Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,300,000 in 2021 for the mining site and spent an additional $660,000 to prepare the mine for extraction of the copper. After the copper is extracted in approximately four years, the company is required to restore the land to its original condition, including repaving of roads and replacing a greenbelt. The company has provided the following three cash flow possibilities for the restoration costs:
Cash Outflow Probability
1 $360,000 20%
2 460,000 45%
3 660,000 35%
To aid extraction. Jackpot purchased some new equipment on July 1, 2021, for $180,000. After the copper Is removed from this mine, the equipment will sold. The credit-adjusted. risk-free rate of interest is 12%.
Required:
a. Determine the cost Of the copper mine.
b. Prepare the Journal entries to record the acquisition costs of the mine and the purchase of equipment.
Answer and Explanation:
The computation is shown below;
a. The Cost of Copper Mine is
Mining Site $1,300,000
Development Cost $660,000
Restoration Cost $324,115
Cost of Copper Mine $2,284,115
working note
Restoration Cost
$360,000 × 20% = $72,000
$ 4,60,000 × 45% = $207,000
$ 6,60,000 × 35% = $231,000
Total $510,000
Present Value of Restoration Cost = $3,24,115
($510000 × 0.63552)
Present Value of $ 1, n = 4, i=12%
b. The journal entries are given below:
1 Copper mine $2,284,115 ($1300,000 + $6,60,000)
To Cash $1,960,000
To Assets retirement liability $324,115
(Being acquisition of mine recorded)
2 Equipment $180,000
To Cash $180,000
(Being Equipment purchased recorded)