Answer:10,000
Explanation: i got it in my classkick
Select the correct revenue recognition principle for each of the following. Clear All Recognize revenue over the passage of time. Recognize revenue when the customer takes possession of the product. Recognize revenue when cash is collected. Recognize revenue when service is performed.
Answer:
Recognize revenue when service is performed.
Explanation:
Revenue recognition principle is an accounting principle which states that revenue should only be recognized when it is earned(when service has been rendered or completed) and not when cash is being collected.
What the above means is that revenue can only be earned when services are completed or rendered and not necessarily when payment is made. The reason is that payment may not be made for several weeks even after service has been rendered hence the principle or concept is incorporated into the accrual basis of accounting.
You are reviewing a company's general ledger. It shows consecutive balances of $52,111 and $60,564 for the Accounts Receivable account. Without looking at the transaction column, what was the transaction
Answer:
Accounts Receivable $8453 (debit)
Sales $8453( credit)
Explanation:
The consecutive balances are $52,111 and $60,564 which means that the Accounts Receivable has increased from $52,111 to $60,564.
Increase in Accounts Receivable= $60,564 - $52,111
=$8453
The Accounts Receivable balance increases when sales are made on accounts with certain given terms etc.
So the transaction would be
Accounts Receivable $8453 (debit)
Sales $8453( credit)
The debit in accounts receivable shows that the balance has increased . Also the credit in Sales accounts show that the sales have increased.
- True or False: Professional shoplifters steal primarily for the excitement.
a diamond poem for economy
here is the poem! hope you like it :)
Explanation:
There are some economic ways to live
to prevent monitary disaster
try being thoughtful when you try to give
you will always grow happier faster
conserve and waste not for it shall have cost
money you save is the money you earned
it is hard to get back what you have lost
show every one the knowledge you have learned
try to buy what you need and nothing more
being over indulgence is not good
do not hang out at the department store
would try to go to the park if I could
it's very good for ecnomy to spend
but all the wastifulness has to end
4. Know the market trends of products that are in demand not
only within the local market but also in the international market.
Answer:
oligopoly
Explanation:
it is unique the market is blocked not easy to enter
Locked-In Real Estate (LIRE) is preparing for their Initial Public Equity Offering (IPO). With its holdings consisting of rent controlled apartments, and no plans for expanding, LIRE plans to payout all of its earnings as dividends. These dividends amount to $7.50 per share, forever. If the expected rate of return is 12%, what is the stock price of LIRE
Answer: $62.50
Explanation:
The stock price of Locked-In Real Estate (LIRE) will be calculated thus:
Stock price = D /ke - g
where,
D = Dividend paid per share = $7.50
Ke = expected rate of return on equity = 12% = 0.12
g is growth rate of dividend = 0
Stock price = $7.50/0.12
Stock price = $62.5
Therefore, the stock price is $62.50
Highly Suspect Corp. has current liabilities of $450,000, a quick ratio of .89, inventory turnover of 6.5, and a current ratio of 1.7. What is the cost of goods sold for the company
Answer:
See below
Explanation:
First , we will compute current ratio
Current ratio = Current asset / Current liabilities
1.25 = Current ratio / $415,000
Current asset = $415,000 × 1.25
Current assets = $518,759
Next is to calculate quick ratio
Quick ratio = Current asset - Inventory / Current liabilities
0.79 = $518,750 - Inventory / $415,000
0.79 × $415,000 = $518,750 - Inventory
$327,850 = $518,750 - Inventory
Inventory = $518,750 - $327,850
Inventory = $190,900
Inventory turnover = Cost of goods sold / Inventory
9.5 = Cost of goods sold / $190,900
Cost of goods sold = 9.5 × $190,900
Cost of goods sold = $1,813,550
Your firm is trying to recruit more women. During data analysis you discover that women are offended by some of your behavioral questions during job interviews. You determine that such questions reduce your firm’s attractiveness to women and strongly suggest dropping these gender-biased questions in order to achieve the objective of recruiting more women. This would be ______.
Answer: an insight
Explanation:
The above situation explained in the question depicts an insight. An insight refers to the interpretations of the finding from a research based on the research question.
Insights are downtimes referred to as the output of research. Insight is the understanding of a particular problem.
Class: Finance - Money and Banking
Under what circumstances might you be willing to pay more than $1,000 for a coupon bond that matures in three years, has a coupon rate of 10 percent, and has a face value of $1,000?
Answer:
mmm?mmmm???m?mmmm?mmmmm
The valuation of short-term marketable securities on the balance sheet is likely to be for an amount that is approximately equal to the cost of these investments because:
Answer:
the high quality and close maturity date of the securities cause their market values to be relatively stable.
Explanation:
The short-term marketable securities are also known by the names like short term investments or by the name temporary investments or marketable securities. These are all financial securities or investments that can be converted into cash after a fixed period.
The valuation of these short term securities is the amount of money which is nearly equal to the cost of the investment done as the high quality as well as the close maturity of these securities makes the market values relatively stable.
Waterway Industries is planning to sell 800 buckets and produce 1080 buckets during March. Each bucket requires 200 grams of plastic and one-half hour of direct labor. Plastic costs $10 per 200 grams and employees of the company are paid $15 per hour. Manufacturing overhead is applied at a rate of 110% of direct labor costs. Waterway has 300 kilos of plastic in beginning inventory and wants to have 500 kilos in ending inventory. How much is the total amount of budgeted direct labor for March?
Answer:
See below
Explanation:
From the above,
One bucket requires;
200 grams of plastic and one half of direct labor
The plastic costs $10 per 200 grams and the employees are paid $15 per hour.
Therefore, one bucket costs (material and labor) :
= $10 + $15 × (1/2)hour = $17.5 per plus 1.10 × $7.50 = $25.75
For 1,080 buckets
$25.75 × 1,080 = $27,810
Therefore, the total amount of budgeted direct material for March is $27,810
The market for the fast car with so much horsepower that handling becomes an issue is decreasing. People are more interested in buying SUVs and pickups. As a result, General Motors is stopping production of its Camaro, a car that has had limited sales recently. Since the Camaro can no longer generate enough cash to sustain its manufacture, the BCG portfolio would classify it as a:
Answer:
Dog.
Explanation:
In 1970, Bruce D. Henderson developed and created a growth-share matrix for the Boston Consulting Group (BCG). The Boston Consulting Group (BCG) growth-share matrix is a tool used for analyzing and planning product lines in a business unit. It makes use of a graphical representation of a company's product line and services to analyze and make long-term strategic plans on which to invest more on or sell off.
Generally, products are divided into four (4) main categories in the BCG growth-share matrix;
1. Dogs.
2. Stars.
3. Question marks.
4. Cash cows.
A dog refers to a product or business unit that has a very low growth rate or market share and as such generates insufficient amount of revenues.
In this scenario, Camaro isn't able to generate sufficient (enough) cash to sustain its manufacturing or production process, the Boston Consulting Group (BCG) portfolio would classify it as a dog.
Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $12,750 cash and $54,825 of photography equipment in the company in exchange for common stock. 2 The company paid $3,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,423 cash. 20 The company received $2,050 cash in photography fees earned. 31 The company paid $868 cash for August utilities. Prepare general journal entries for the above transactions.
Answer:
Aug 1
Dr Cash $12,750
Dr Photography equipment $54,825
Cr Common stock $67,575
Aug 2
Dr Prepaid insurance $3,500
Cr Cash $3,500
Aug 5
Dr Office supplies $2,423
Cr Cash $2,423
Aug 20
Dr Cash $2,050
Cr Photography fees earned $2,050
Aug 31
Dr Utilities Expense $868
Cr Cash $868
Explanation:
Preparation of general journal entries for the above transactions
Aug 1
Dr Cash $12,750
Dr Photography equipment $54,825
Cr Common stock $67,575
($12,750+$54,825)
Aug 2
Dr Prepaid insurance $3,500
Cr Cash $3,500
Aug 5
Dr Office supplies $2,423
Cr Cash $2,423
Aug 20
Dr Cash $2,050
Cr Photography fees earned $2,050
Aug 31
Dr Utilities Expense $868
Cr Cash $868
Approximately 395 years ago, the Dutch settler, Peter Schaghen, purchased Manhattan Island from the Lenape Indians for 60 guilders (about $35 USD) worth of various commodities. Assume the Lenape Indians sold the commodities and invested the $35 earning a 7.5% annualized compounded return. What would their investment be worth today (395 years later)
Answer:
the investment be worth today is $90 trillion
Explanation:
The computation of the investment be worth today is shown below:
Amount = $35 × (1 + 0.075 ÷ 1)^1.395
= $35 × 1075^1.395
= $90 trillion
Hence, the investment be worth today is $90 trillion
Basically we applied the above method to compute the same so that the correct amount could come
Baby Day Care, a sole proprietorship, wants to pay as many of its obligations as reasonably possible, and be discharged of the rest. To accomplish this goal, the proprietorship should file a petition in bankruptcy under for relief through:_______
a. a liquidation.
b. a reorganization.
c. a repayment plan.
d. an adjustment plan.
Answer:
b. a reorganization.
Explanation:
Under the chapter 13, the bankruptcy should be filed and it mainly reorganization plan for the payment. It is to be done by splitting the non-secured debt across the various years also it permits the individual to retain the assets
So as per the given situation, in order to attain the goal, the proprietorship should file the petition in bankruptcy under for relief via a reorganization
The seaport town of New Monopoly has become extremely popular with shipping companies due to its superior location. The port has become so congested that ships must wait hours every day just to dock. The mayor of New Monopoly realizes that the congestion at the port costs the shipping companies and his town money. This is an example of marginal analysis. a private good. market failure. a recession.
Answer:
Market failure.
Explanation:
In this scenario, the port became so congested such that ships now have to wait hours queing every day just to dock. The mayor of New Monopoly realizes that the congestion at the port costs the shipping companies and his town money. This is an example of market failure.
A market failure can be defined as a situation in which the market fails to produce an efficient level of productivity or output that is required to meet demand.
This ultimately implies that, a market failure arises when there is inefficiency in the distribution or allocation of goods and services in a free market. Thus, the demand of the consumer of these goods and services are not being met with the level of supply (output) required i.e the forces of demand and supply are not efficient in producing the level of output required by the economy.
Some of the causes of market failure are imperfect information, monopoly, oligopoly, externalities etc.
The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds.
1. Ayayai Corp. redeemed $158,000 face value, 12% bonds on April 30, 2022, at 102. The carrying value of the bonds at the redemption date was $142,674. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded.
2. Kingbird, Inc. redeemed $179,000 face value, 14.0% bonds on June 30, 2022, at 95. The carrying value of the bonds at the redemption date was $193,320. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded.
Answer:
1. April 30
Dr Bonds payable $158,000
Dr Loss on redemption of bonds payable $18,486
Cr Discount on bonds payable $15,326
Cr Cash $161,160
2. June 30
Dr Bonds payable $179,000
Dr Premium on bonds payable $14,320
Cr Gain on redemption of bonds payable $23,270
Cr Cash $170,050
Explanation:
1. Preparation of the appropriate journal entry for the redemption of the bonds.
April 30
Dr Bonds payable $158,000
Dr Loss on redemption of bonds payable $18,486
($161,160+$15,326-$158,000)
Cr Discount on bonds payable $15,326
($158,000-$142,674)
Cr Cash $161,160
($158,000*1.02)
(To record redemption of bonds)
2. Preparation of the appropriate journal entry for the redemption of the bonds.
June 30
Dr Bonds payable $179,000
Dr Premium on bonds payable $14,320
($193,320-$179,000)
Cr Gain on redemption of bonds payable $23,270
($179,000+$14,320-$170,050) .
Cr Cash $170,050
($179,000*.95)
(To record redemption of bonds)
There are two reasons that an industry prefers self-regulation to government regulation: cost and flexibility. True False
Answer:
True.
Explanation:
In general, the vast majority of industrial entrepreneurs prefer self-regulation over government regulation. This is so due to two fundamental factors: on the one hand, the maintenance costs of the government regulatory system are paid for through taxes, which means that the higher the regulations, the higher the taxes that each company must pay, while the self-regulation should not spend. more money than that of the control systems, without allocating sums of money to the government; and on the other, flexibility, that is, the possibility of adapting the processes, systems and needs of each company to the necessary regulations, being able to optimize costs and processes.
Helen Ming receives a travel allowance of $120 each week from her company for time away from home. If this allowance is taxable and she has a 28 percent income tax rate, what amount will she have to pay in taxes for this employee benefit
Answer:
$1,747.2
Explanation:
Calculation to determine what amount will she have to pay in taxes for this employee benefit
First step is to determine the Annual travel allowance
Using this formula
Annual travel allowance=Weekly allowance × 52 weeks
Let plug in the formula
Annual travel allowance=$120 × 52 weeks
Annual travel allowance=$6,240
Now let determine the Annual tax
Using this formula
Annual tax=Annual travel allowance × Tax rate
Let plug in the formula
Annual tax=$6,240 × 0.28
Annual tax=$1,747.2
Therefore the amount that she will have to pay in taxes for this employee benefit is $1,747.2
Ano ang dapat nating tandaan kapag nagbibigay ng pangunang lunas?
Working capital accounts include:Multiple Choicecurrent assets and current liabilities.current assets and all liabilities.all assets.all assets and liabilities.
Answer:
current assets and current liabilities
Explanation:
As we know that
The working capital shows the difference of the current assets and the current liabilities
It can be shown
Working capital = current assets - current liabilities
It is used for liquidity purpose whether the firm is able to pay off the short term obligations or not
Therefore the first option is correct
During year 8, Clark Company manufactured equipment for its own use at a total cost of $2,400,000. The project required the entire year to complete and all costs were incurred uniformly throughout the year. At the beginning of the period, Clark was able to borrow $1,500,000 at 6% specifically for the purchase of materials and the manufacture of the equipment. The entire debt, with interest was repaid on December 31, year 8, replaced with a long-term loan. Throughout year 8, Clark Company had additional debt of $1,000,000 with a weighted average interest rate of 7%. If Clark Company capitalizes the maximum amount of interest allowable under GAAP, how much will Clark report as interest expense in year 8
Answer:
$88,000
Explanation:
Calculation to determine how much will Clark report as interest expense in year 8
First step is to calculate the total interest expense for the year
Total interest expense = ($1,500,000 x 6%) + ($1,000,000 x 7%)
Total interest expense = $90,000 + $70,000
Total interest expense=$160,000
Second step is to calculate the weighted average costs
Weighted average costs = $2,400,000 / 2
Weighted average costs= $1,200,000
Third step is to calculate the capitalize interests
Capitalize interests =$1,200,000 x 6%
Capitalize interests= $72,000
Now let calculate the interest expense in year 8 using this formula
Year 8 Interest expense=Total interests - Capitalized interests
Let plug in the formula
Year 8 Interest expense= $160,000 - $72,000
Year 8 Interest expense= $88,000
Therefore The amount that Clark will report as interest expense in year 8 is $88,000
Explain how mixed costs are related to both fixed and variable costs. A. Mixed costs have a fixed portion that is a cost per unit of cost driver activity. Mixed costs also have a variable portion that is usually a cost per time period. B. Mixed costs are the sum of the fixed and variable costs that are related to equipment costs. These mixed costs are a form of committed costs during the production phase. C. A mixed cost is the sum of fixed costs and the portion of variable costs that are related to salaries and wages. These mixed costs are discretionary costs that easily fluctuate and must therefore be kept separate during a production phase. D. A mixed cost has a fixed portion that is usually a cost per time period. A mixed cost also has a variable portion that is a cost per unit of cost driver activity.
Answer:
D. A mixed cost has a fixed portion that is usually a cost per time period. A mixed cost also has a variable portion that is a cost per unit of cost driver activity.
Explanation:
As we know that
The variable cost is the cost that can change when the level of production increase or decrease
The fixed cost is the cost that remains fixed whether the production level increased or not
ANd, the mixed cost includes some part of the variable cost and some part of the fixed cost
So as per the given options, the option D is correct as the mixed cost involved the fixed portion that could be cost per the time. And, it involved the variable portion i.e cost per unit with respect to the cost driver activity
Suppose that the current one-year rate (one-year spot rate) and expected one-year T-bill rates over the following three years (i.e., years 2, 3, and 4, respectively) are as follows: 1R1 = 0.3%, E(2r 1) = 1.3%, E(3r1) = 9.4%, E(4r1) = 9.75%. Using the unbiased expectations theory, calculate the current (long-term) rates for one-, two-, three-, and four-year maturity Treasury securities. (Round your answers to 3 decimal places. (e.g., 32.161))
Answer:
Year 1 long term rate is the same as first year 1 year rate = 0.3%
Year 2
= √[(1 + year 1 rate%) * (1 + year 2 rate%)] - 1
= √[(1 + 0.3%) * (1 + 1.3%)] - 1
= 0.799%
Year 3
= ³√[(1 + year 1 rate%) * (1 + year 2 rate%) * (1 + year 3 rate%)] - 1
= ³√[(1 + 0.3%) * (1 + 1.3%) * (1 * 9.4)] - 1
= 3.588%
Year 4
= ⁴√[(1 + year 1 rate%) * (1 + year 2 rate%) * (1 + year 3 rate%) * (1 + 4 year rate)] - 1
= ⁴√[(1 + 0.3%) * (1 + 1.3%) * (1 * 9.4) * (1 + 9.75%)] - 1
= 5.095%
Becker and Murphy wrote their article before DVR systems and online streaming services became popular. Nowadays, ads on television are avoidable (to a degree), just like ads in a newspaper. What impact do you think technology has on the types of ads you see on TV?
Answer:
Currently, most people can simply decide to skip ads. When you hire streaming services like Netflix or Disney+, one of the advantages is that there are no ads. People now watch the ads that they like and want to see, unless you are stuck watching the Superbowl or some type of live event. This adds pressure to marketing campaigns since ads need to attract viewers.
Explanation:
Fact Pattern 28-2 Adam, a director of Beta Computer Company, learns that a Beta engineer has developed a new, significantly faster computer chip. Adam buys Beta stock and tells his friend Cathy, who also buys Beta stock. When the new chip is announced three weeks later, Adam and Cathy sell their stock for a big profit.Refer to Fact Pattern 28-2. Regarding Adam's profits on the purchase and sale of Beta stock, under Section l6(b) of the Securities Exchange Act of 1934 Beta may recapturea) 10 percent of Adam's profitsb) half of Adam's profitsc) all of Adam's profits.d) none of the above.
Answer:
C. All of Adam's profits
Explanation:
If Adam is found guilty of using insider information from the company Beta Computer to gain profits by buying and selling stock of the company. He can be sued by the other security holders and will be held liable to pay all of his profits made with that trade. under the Section 16{b} of the Securities Exchange Act of 1934.
The law of increasing opportunity costs Multiple Choice applies to land-intensive commodities but not to labor-intensive or capital-intensive commodities. results in straight-line production possibilities curves rather than curves that are bowed outward from the origin. may limit the extent to which a nation specializes in producing a particular product. refutes the principle of comparative advantage.
Answer:
may limit the extent to which a nation specializes in producing of a particular product.
Explanation:
Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.
Simply stated, it is the cost of not enjoying the benefits, profits or value associated with the alternative forgone or best alternative choice available.
For instance, if you decide to invest resources such as money in a food business (restaurant), your opportunity cost would be the profits you could have earned if you had invested the same amount of resources in a salon business or any other business as the case may be.
The law of increasing opportunity costs can be defined as a principle in business which states that, if an organization or business firm continually raise (increase) its level of production, its opportunity cost also increases (rises).
Consequently, this may limit the extent to which a nation or country in any part of the world specializes in producing of a particular product so as to reduce or lower its opportunity cost.
The following is selected financial information for Osmond Dental Laboratories for 2021 and 2022: 2021 2022 Retained earnings, January 1 $ 53,000 ? Net income 40,000 45,000 Dividends 12,000 25,000 Common stock 78,000 ? Osmond issued 3,000 shares of additional common stock in 2022 for $22,000. There were no other stock transactions. Prepare a statement of stockholders' equity for the year ended December 31, 2022. (Amounts to be deducted should be indicated with minus sign.)
Answer:
Osmond Dental Laboratories
Statement of Stockholders' Equity:
2022
Common stock $90,000
Retained earnings, December 31 101,000
Stockholders' equity $191,000
Explanation:
a) Data and Calculations:
Osmond Dental Laboratories for 2021 and 2022:
2021 2022
Retained earnings, January 1 $ 53,000 ?
Net income 40,000 45,000
Dividends 12,000 25,000
Common stock 78,000 ?
Analysis:
Cash $22,000 Common stock $22,000
Retained earnings, January 1 $ 53,000 81,000
Net income 40,000 45,000
Dividends -12,000 -25,000
Retained earnings, December 31 $ 81,000 $101,000
Common stock on December 31 = $90,000 ($78,000 + $22,000)
Statement of Stockholders' Equity:
Osmond Dental Laboratories for 2021 and 2022:
2021 2022
Common stock $78,000 $90,000
Retained earnings, December 31 81,000 101,000
Stockholders' equity $159,000 $191,000
Suppose you are buying your first condo for $250,000, and you will make a $30,000 down payment. You will finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6% nominal interest rate, with the first payment due in one month. What will your monthly payments be
Answer:
The monthly payments will be
= $1,319.01.
Explanation:
a) Data and Calculations;
Cost of the first condo = $250,000
Down payment = $30,000
Principal loan amount = $220,000 ($250,000 - $30,000)
Period of monthly payments = 30 years or 360 months
Nominal interest rate = 6%
N (# of periods) 360
I/Y (Interest per year) 6
PV (Present Value) 220000
FV (Future Value) 0
Results
PMT = $1,319.01
Sum of all periodic payments $474,844.02
Total Interest $254,844.02
Springfield Bank holds $280 million in total deposits and $40.7 million in total reserves. With a required reserve ratio of 11.5 percent, how much in excess reserves is Springfield Bank holding?
a) $239.3 million
b) $247.8 million
c) $36 million
d) $32.2 million
e) $8.5 million
Answer:
e) $8.5 million
Explanation:
The computation of the excess reserve is shown below:
We know that
Excess reserve = total reserve - required reserve
where
Required reserve is
= Total deposits × required reserve ratio
= $280 × 11.5%
= $32.20
So, the excess reserve is
= $40.7 - $32.20
= $8.5 million