Answer:
d. a prior period adjustment.
Explanation:
Correction of the error when discovered in the next year should be treated as a prior period adjustment. This is basically because the error was already recorded in the past financial report. Since these reports are final and cannot be changed, then the correction to this error needs to be implemented in the next year's financial report and would reflect on that year's income taxes. The process of doing this is known in accounting as a prior period adjustment
When an employee reaches a $200,000 income level, they are required to pay a supplementary percentage to their _______________________ tax deduction?A. Social SecurityB. MedicareC. FederalD. Local
Answer:
B. Medicare
Explanation:
given data
employee reaches income level = $200,000
so they are require to pay a supplementary percentage to their Medicare tax because at an income level above than the each and every employee are required to pay their additional percentage of income as FICA Medicare tax.
and current rate for Medicare is approx 1.45% for the employee and employer.
Consider the estimated equation from your textbook: Test Score = 698.9 - 2.28 times STR, R^2 = 0.051, SER = 18.6 (10.4) (0.52) The t-statistic for the slope is approximately: a) 67.20. b) 4.38. c) 1.76. d) 0.52.
Answer:
b) 4.38
Explanation:.
Calculation for the t-statistic for the slope
Using this formula
Slope = Regression equation / Standard Error
Let plug in the formula
Slope= 2.28 / .52
Slope = 4.38
Therefore the t-statistic for the slope is approximately 4.38
Consider the following information about an asset that is being review for impairment: Book value $ 700,000 Estimate future cash flows 650,000 Fair value 590,000 What is the amount of the impairment loss for this asset?
Answer:
The amount of the impairment loss for this asset is $110,000
Explanation:
A assets is impaired when the fair market value of that assets lowers than the book value of the asset.
To calculate the impairment of an assets following formula is used
Impairent = Book value of Asset - fair market value of the asset
Placing values in the formula
Impairent = $700,000 - $590,000
Impairent = $110,000
The Toyota Mirai is a prime example of advanced technology. However, there are no refueling stations available or planned in the Midwest, so to someone in Michigan, the Mirai would be a poor purchase. This is an example ofa) quality being defined by the buyer.b) poorly designed technology.c) the market not wanting advances in technology.d) a product designed for all markets.e) a product being of low-quality
Answer:
The correct answer is the option C: the market not wanting advances in technology.
Explanation:
To begin with, the fact that the new product is an example of advanced technology it does not exactly engages in the fact that it will work in every market that it will be launched. That is the example presented in the case, the new product is so good but the market where it launched it was not ready yet for its arrival and that is because it did not have the refueling stations so that implicates that if there are not those stations then the demand of that type of cars is not enough and therefore the market is not wanting that kind of advances in technology so that is why that to someone in Michigan the Mirai would be a poor purchase.
Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below.
Direct materials used $ (a) $ 83,000 $ 63,150
Direct labor 50,000 140,000 (h)
Manufacturing overhead applied 42,500 (d) (i)
Total manufacturing costs 145,650 (e) 213,000
Work in process 1/1/14 (b) 15,500 18,000
Total cost of work in process 201,500 (f) (j)
Work in process 12/31/14 (c) 11,800 (k)
Cost of goods manufactured 192,300 (g) 222,000
Case A Case B Case C
Answer:
Instructions. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same.
The Calculation of missing figure.
Particulars Case A Case B Case C
Direct materials used $53,150 $83,000 $63,150
Direct labor $50,000 $140,000 $81000
Manufacturing overhead applied $42,500 $119000 $68850
Total manufacturing costs $145,650 $342,000 $213,000
Work in process 1/1/14 $55,850 $15,500 $18,000
Total cost of work in process $201,500 $357,500 $231,000
Work in process 12/31/14 $9,200 $11,800 $11000
Cost of goods manufactured $192,300 $345,700 $222,000
QUESTION 11
Which of the following is not a type of ethics theory?
O Deontology
O Utilatrianism
Behaviorism
Moral Realitism
The term that does not belong to type of ethics theory is Deontology.
The Bioethics can be regarded as a term that is used in explaining some disciplines such as;
medical ethics animal ethicsenvironmental ethics.Examples of types of ethic theory are;
UtilatrianismBehaviorismMoral RealitismTherefore, Deontology does not belong to type of ethics theory.
Learn more about ethics theory at;
https://brainly.com/question/4207376
Jefferson Company has sales of $300,000 and cost of goods available for sale of $270,000. If the gross profit ratio is typically 30%, the estimated cost of the ending inventory under the gross profit method would be:________.A. $60,000B. $180,000C. $30,000D. $90,000E. $120,000
Answer:
A. $60,000
Explanation
Calculation for what the estimated cost of the ending inventory under the gross profit method would be
First step is to calculate the Gross profit
Gross profit= $300,000 *30%
Gross profit= $90,000
Second Step is to calculate the cost of goods sold
Cost of goods sold=$300,000-$90,000
Cost of goods sold= $210,000
Last step is to calculate the estimated cost of the ending inventory under the gross profit method
Using this formula
Estimated cost of the ending inventory=
Cost of goods available for sale- Cost of goods sold
Let plug in the formula
Estimated cost of the ending inventory=$270,000-$210,000
Estimated cost of the ending inventory=$60,000
Therefore the estimated cost of the ending inventory under the gross profit method would be $60,000
Tri-coat Paints has a current market value of $41 per share with earnings of $3.64. What is the present value of its growth opportunities (PVGO) if the required return is 9%?
Answer:
the present value of its growth opportunities (PVGO) is $0.56
Explanation:
The computation of the present value of growth opportunities is shown below:
= Price per share - (Earnings ÷ required rate of return)
= $41 - ($3.64 ÷ 9%)
= $41 - $40.44
= $0.56
hence, the present value of its growth opportunities (PVGO) is $0.56
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Steve Smith will receive $82,870 on 5 years from now, from a trust fund established by his father. Assuming the appropriate interest rate for discounting is 10% (compounded semiannually), what is the present value of this amount today? (Round factor values to 5 decimal places, e.g. 1.25124. Round answers to the nearest whole dollar, e.g. 5,275.)
Answer:
$50,875
Explanation:
The computation of the present value is shown below:
Given that
NPER = 5 × 2 = 10
RATE = 10% ÷ 2 = 5%
PMt = $0
FV = $82,870
The formula is shown below:
= -PV(RATE;NPER;PMT;FV;TYPE)
After applying the above formula, the present value is $50,875
Hence, the present value is $50,875
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Suppose that real gdp per capita in italy is $33,500. if real gdp per capita is growing at a rate of 1.6% per year, how many years will it take for real gdp per capita to reach $67,000?
Answer:
45 years
Explanation:
The computation of the number of years to reach the $67,000 real GDP per capita is shown below:
Here we use the rule of 72 that doubles the real gdp per capita
= 72 ÷ growth rate
= 72 ÷ 1.6%
= 45 years
In 45 years the real GDP per capita would be doubled that means from $33,500 to $67,000 it would be reached in 45 years
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Both excess supply and excess demand are a result of
equilibrium
disequilibrium
overproduction.
elasticity
Answer:
disequilibrium
Explanation:
Disequilibrium is the state of the market when the external and internal forces are stopping from achieving the market balance, so the market is excessively falling out this balance. It can be short-term, or long-term
Disequilibrium happens when the supply is not equal to the demand, when the market is inequal, it can lead to excess supply and excess demand.
Excess demand and excess supply only affect the market as a result of disequilibrium.
What is Disequilibrium?This is a scenario where the quantity supplied does not match the quantity demanded at a given price. Leads to a lost of balance in economy as well as price problems.When the demand is not enough to meet the supply, this disequilibrium is called excess supply. The reverse is excess demand.
In conclusion, option B is correct.
Find out more on disequilibrium at https://brainly.com/question/657854.
How did the Medici get around the usury laws?
Answer:
they were very large nd rich family.so they used foreign exchange rate to make money
what is the effect of a "payment on account" by the business and by the
customer
Answer:
The Effect of a "Payment on Account"
By the Business:
The payment reduces the balance of the Accounts Payable. A current liability is reduced while cash is also reduced by an equal amount.
By the Customer:
The payment reduces the balance of the Accounts Receivable. One current asset is reduced and a current asset (cash) is increased by an equal amount.
Explanation:
"Payment on account" represents settlement of liabilities by the business or the customer. When the business settles its liability, there is an outflow of cash. When a customer settles its liability to the business, there is an inflow of cash to the business.
If an advertiser wants to enhance the sales of a specific good or service, institutional advertising should be used. Select one: True O False
Answer: True.
Explanation:
Student volunteers take visitors on a tour of 7 campus buildings. How many different tours are possible?
Answer:
7! = 5040
Explanation:
Given that Number of campus buildings = 7
To obtain the number of different possible tours, obtain the factorial of 7
7! = 7 * 6 * 5 * 4 * 3 * 2 * 1
7! = 5040
Monetary policy is linked to fiscal policy when government spending is financed by:_____.a) taxes. b) borrowing from banks. c) borrowing from foreigners. d) printing money.
Answer:
d) printing money.
Explanation:
Fiscal policy in economics refers to the use of government expenditures (spending) and revenues (taxation) in order to influence macroeconomic conditions such as Aggregate Demand (AD), inflation, and employment within a country. Fiscal policy is in relation to the Keynesian macroeconomic theory by John Maynard Keynes.
For instance, measuring the time between when a fiscal policy is implemented and when the people feel its impact in the society refers to a lag.
A fiscal policy affects combined demand through changes in government policies, spending and taxation which eventually impacts employment and standard of living plus consumer spending and investment. Monetary policy affects the money supply in an economy, which then creates an impact on interest rates and the inflation rate.
Additionally, a stimulative fiscal policy when combined by the government with a restrictive monetary policy will result in an increase in the interest rates.
Hence, a monetary policy is linked to fiscal policy when government spending is financed by printing money because the printing of money would significantly increase the circulation of money or money supply and most likely result in inflation.
A partially amortizing mortgage is made for $180,000 for a term of 30 years. The borrower and lender agree that a balance of $40,000 will remain and be repaid as a lump sum at that time. If the interest rate is 6.50%, what must the monthly payment be over the 30 year period?
a. $1,101.56
b. $1,137.72
c. $5,285.36
d. $11,700.00
Answer:
Monthly payment= $1,137.8
Explanation:
Giving the following information:
PV= 180,000
n= 30*12= 360
i= 0.065/12= 0.005417
To calculate the monthly payment, we need to use the following formula:
Monthly payment= (PV*i) / [1 - (1+i)^(-n)]
Monthly payment= (180,000*0.005417) / [1 - (1.005417^-360)]
Monthly payment= $1,137.8
Arthur, the ruler of Avalon, has asked for your help with the economy of his country. Arthur's economic minister provides you with the following information:Work-eligible population: 30 million Labor force: 24 million Employed people: 21 million Frictionally unemployed people: 2 million Structurally unemployed people: 1.5 million Arthur would like to know whether his kingdom is enjoying an expansion or suffering a recession. See if you can advise him. Give all numeric answers to two decimals.King Arthur, right now Avalon's unemployment rate is _____%, but Avalon's natural rate of unemployment is ___%. Therefore, the Avalon economy is currently in a(an) (enter expansion or recession).
Answer:
King Arthur, right now Avalon's unemployment rate is 12.5% but Avalon's natural rate of unemployment is 14.58%. Therefore, the Avalon economy is currently in a expansion.
Explanation:
Number of Unemployed = Labor force - Employed
Number of Unemployed = 24 - 21
Number of Unemployed = 3
The unemployment rate = (3/24)*100
The unemployment rate = 12.5%
The Natural unemployment rate = Frictional Rate + Structural unemployment Rate
The Natural unemployment rate = [(2+1.5)/24]*100
The Natural unemployment rate = (3.5/24) * 100
The Natural unemployment rate = 14.58%
From the solution, the current unemployment rate less than natural rate, thus the Avalon economy is currently in a expansion
A 90-day, 12% note for $10,000, dated May 1, is received from a customer on account. The maturity value of the note is:___________.
a. $10,000
b. $9,550
c. $10,300
d. $450
Answer:
c. $10,300
Explanation:
The computation of the maturity value of the note is shown below:
Maturity value of the note = Face value + interest for 90 days
= $10,000 + $10,000 × 12% × (90 days ÷ 360 days)
= $10,000 + $300
= $10,300
We simply added the face value and the interest for 90 days so that the maturity value would come
Hence, the correct option is c. $103,00
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Which of the following is an advantage of self-employment?
A. Control over time
B. Long hours
C. Risk of failure
D. Legal issues
Please select the best answer from the choices provided
А.
B
OOOO
с
Answer:
A. Control over time
Explanation:
I just took the test, and that was the correct option :)
Jumber Corp makes one product. Budgeted unit sales are shown belowJan 7300Feb 8600March 10100April 13600The ending finished goods inventory should equal 30% of the following month's sales. The budgeted required production for February is closest to:A) 8600 unitsB) 11630 unitsC) 9050 unitsD) 14210 units
Answer: 9050 units
Explanation:
From the information given in the question, the following can be deduced:
Budgeted sales for February = 8,600
Add: Desired ending inventory = 3% × 10100 = 0.3 × 10100 = 3,030
Total needs = 8600 + 3030 = 11630
Less: Beginning inventory = (2,580)
Required production = 9050
The budgeted required production for February is 9050 units
Steady Company’s stock has a beta of 0.20. If the risk-free rate is 6% and the market risk premium is 7%, what is an estimate of Steady Company’s cost of equity?
Answer:
the estimation of the cost of equity is 7.4%
Explanation:
The computation of the estimation of the cost of equity is shown below:
Here we used the Capital Asset Pricing model formula i.e.
Cost of equity = Risk free rate + Beta × market risk premium
= 6% + 0.20 × 7%
= 6% + 1.4%
= 7.4%
Hence, the estimation of the cost of equity is 7.4%
We simply applied the above formula so that the correct value could come
And, the same is to be considered
A management concept based on an understanding of the changing wants and needs of customers, and which leads to flexible product designs and production processes, is called:_______.A. Continuous improvement. B. Customer orientation. C. Just-in-time. D. Theory of constraints. E. Total quality management.
Answer:
customer orientation
Explanation:
customer orientation can be regarded as business approach where the company helps the customer to achieve their aim and goals.
Organization ________ refers to the formal arrangement of roles, responsibilities, and relationships within an organization.
Answer:
A) structure
Explanation:
The organization structure is the structure where the arrangement of the rule, roles, responsibilities, relationships in a formal way could be done in an organziations.
It tells the way to accomplish the goals and the objectives of the company
Therefore according to the given situation, the option A is correct
hence, the same is to be considered
The following balances are available for Chrisman Company:
December 31, 2016 December 31, 2015
Cash $8,000 $10,000
Accounts receivable 20,000 15,000
Inventory 15,000 25,000
Prepaid rent 9,000 6,000
Land 75,000 75,000
Plant and equipment 400,000 300,000
Accumulated depreciation (65,000) (30,000)
Totals $462,000 $401,000
Accounts payable $12,000 $10,000
Income taxes payable 3,000 5,000
Short-term notes payable 35,000 25,000
Bonds payable 75,000 100,000
Common stock 200,000 150,000
Retained earnings 137,000 111,000
Totals $462,000 $401,000
Bonds were retired during 2016 at face value, plant and equipment were acquired for cash, and common stock was issued for cash. Depreciation expense for the year was $35,000. Net income was reported at $26,000.
Required:
Prepare a statement of cash flows for 2016 using the indirect method in the Operating Activities section. Use the minus sign to indicate cash payments, cash outflows, or decreases in cash.
Answer:
Chrisman Company
Statement of Cash Flows for the year ended December 31, 2016
(using the indirect method):
Operating activities:
Adjusted cash from operations $61,000
Changes in working capital:
Accounts receivable -5,000
Inventory 10,000
Prepaid rent -3,000
Accounts payable 2,000
Income taxes payable -2,000
Short-term notes payable 10,000
Net cash from operating activities 73,000
Investing activities:
Equipment -100,000
Financing activities:
Bonds -25,000
Common stock 50,000 25,000
Net cash flows -$2,000
Explanation:
a) Data and Calculations:
December 31 December 31 Changes
2016 2015
Cash $8,000 $10,000 -$2,000
Accounts receivable 20,000 15,000 5,000
Inventory 15,000 25,000 -10,000
Prepaid rent 9,000 6,000 3,000
Land 75,000 75,000 0
Plant and equipment 400,000 300,000 100,000
Accumulated depreciation (65,000) (30,000) 35,000
Totals $462,000 $401,000
Accounts payable $12,000 $10,000 $2,000
Income taxes payable 3,000 5,000 -2,000
Short-term notes payable 35,000 25,000 10,000
Bonds payable 75,000 100,000 -25,000
Common stock 200,000 150,000 50,000
Retained earnings 137,000 111,000 26,000
Totals $462,000 $401,000
b) Net income $26,000
Depreciation 35,000
Adjusted cash from operations = $61,000
c) The statement of cash flows can be prepared using either the direct method or the indirect method. The indirect method affects mainly the operating activities section and starts with the net income and adjusts it with non-cash items before considering the changes in the working capital. The statement is a financial statement that classifies the cash flows during the period into three main categories: operating, investing, and financing activities. There are also non-cash flows involving accounts that do not cause any cash flows.
On May 2, you receive your bank statement showing a balance of $1,641.18. Your checkbook shows a balance of $1,427.15. Outstanding checks are $167.31, $245.66, and $302.56. The account earned $62.11. Deposit in transit amount to $555.61, and there is a service charge of $8.00. Calculate the reconciled balance. CHECKBOOK BALANCE STATEMENT BALANCE Add: Interest Earned & Other Credits Add: Deposits in Transit SUBTOTAL SUBTOTAL Deduct: Services Charges & Other Debits Deduct: Outstanding Checks ADJUSTED CHECKBOOK BALANCE ADJUSTED STATEMENT BALANCE
Answer and Explanation:
The computation is shown below:
Particulars Amount ($) Particulars Amount ($)
Checkbook balance 1,427.15 Statement balance 1,641.18
Add: Interest earned and Add: Deposits in transit 555.26
other credits 62.11
Less: Service charges Less: Outstanding checks (715.53)
and other debits (8.00)
Adjusted checkbook balance 1,481.26 Adjusted statement balance 1,481.26
The outstanding checks would be total of
= $167.31 + $245.66 + $302.56
= $715.53
Sarah's dog had purebred puppies that she decided to sell on www.puppyfind.com. She ships them using an airline. If a puppy dies and the buyer decides to sue, who can he sue?
Sarah
the sole proprietorship
the airline carrier
all of the above
Answer:
The buyer should sue the airline carrier
Explanation:
Because it is the airlines job to make sure that the puppy are safe and health
why is specialization a good idea in trade ?
Answer:
it tells the other side of the trade you know what to do with the product and to fullfill the other sides expections
Explanation:
Please help! Tina Technology is looking to raise $85,000 worth of capital, and she is looking to raise that money through the internet and still fall under an SEC exemption. How should Tina go about raising that money? Due to the amount of capital she is looking to raise, will Tina be subject to any other special requirements?
Answer:
Throughout this circumstance, the financing approach may be used by Tina Technology through fundraising as well as demand protection from either the SEC.
Explanation:
The following were all those requirements:
The Crowdfunding framework encourages eligible organizations to deliver as well as sell entrepreneurship security.
The principles mandate all transactions together underneath the Crowdfunding Legislation to take place online by an SEC-registered representative, whether through a distributor provider or via a fundraising access.Control the amount that individual financial professionals will impose on certain cryptocurrency donations over a term of one year. For even the most portion, insurance purchased through a crowdfunding marketplace will not be traded once per season. General guide Crowdfunding donations rely on exclusion structures for "troublemakers".Your local T-Spirit store is having a sale on the latest i-razpod cell phone. The store is also offering financing to those who
qualify. The new cell phone is on sale for $150.00 with a two year contract. The sales associate informs you that the
closed-end installment loan offered by the store is a 24 month installment plan with monthly payments of $8.44.
Determine the finance charge (interest) of the installment loan.
a $52.00
C. $54.30
b. $52.56
d. $56.10
Answer:
$52.56 on edge 2020
Explanation:
Answer:
b
Explanation:
yep