Some consequences of inability of Gregory to pay off the credit card when the payment is due includes:
increase of late feesincrease in interest rate when required payment is unpaidbad credit scores.What is an emergency fund?Basically, an emergency fund refers to a cash reserve that is set aside for unplanned expenses or financial emergencies. Some common use of an emergency fund includes to cater for car repairs, home repairs, medical bills, loss of income etc.
Generally, the emergency savings is used for unplanned bills or payments that are not part of your routine monthly expenses and spending. However, using a credit card for repairs is not a good idea especially when repayment is not in-sight.
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borges machine shop, inc., has a 1-year contract for the production of gear housings for a new off-road vehicle. owner luis borges hopes the contract will be extended and the volume increased next year. borges has developed costs for three alternatives. they are general-purpose equipment (gpe), flexible manufacturing system (fms), and expensive, but efficient, dedicated machine (dm). the cost data follow:
Current contracted volume is 3,405,000
A definition of development cost states that it is the expense incurred by a company while researching and developing a new product or service.
What are the costs of development?A development cost definition will tell you that it is the expense incurred by a company while researching and developing a new product or service. The general rule is that research and development costs should be expensed as soon as they are incurred. Development costs are the expenses incurred by a company when researching, growing, and introducing a new product or service. Development costs are also known as research and development costs. These costs can include a variety of expenses such as marketing research, development engineering, and customer surveys. As a general rule, development costs should be written off to the profit and loss account as they are incurred, just like research costs.Therefore,
DM. Rationale:
GPE=225,000(15)+150,000=3,525,000
FMS=225,000(14.50)+200,000=3,462,500
DM=225,000(13)+480,000= 3,405,000 lowest cost
The complete question is:
Borges Machine Shop, Inc., has a 1-year contract for the production of
225,000 gear housings for a new off-road vehicle. Owner Luis Borges hopes the contract will be extended and the volume increased next year. Borges has developed costs for three alternatives. They are general-purpose equipment (GPE), flexible manufacturing system (FMS), and expensive, but efficient, dedicated machine (DM). The cost data follow:
GPE:
annual units 225,000
annual fixed cost $150,000
per unit variable cost $15
FMS:
annual units 225,000
annual fixed cost $200,000
per unit variable cost $14.50
DM:
annual units 225,000
annual fixed cost $480,000
per unit variable cost $13
Based on the cost, the process that is best suited for the current contracted volume is:
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nathan and emily are hr managers at a large investment firm. they are expecting a labor surplus over the next two years resulting in the organization having 24 more employees than needed. typically, two employees leave the organization each month. which hr strategy should nathan and emily consider, taking into account the length of time they have available?
The strategy which Nathan and Emily consider, taking into account the length of time they have available is the natural attrition.
Natural attrition refers to the natural reduction in a particular business’s workforce which might be due to employees leaving on their own accord. Natural attrition is sometimes also called voluntary turnover. Thus, it is inevitable and uncontrollable across all industries and for all companies.
There are many such reasons for attrition, which are, better job offer outside, lack of growth on present work, poor working condition, problem with work life balance, etc.
Hence, this natural attrition strategy has both positive and as well as the negative effects on a company.
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a recent health canada report argued that there is a strong link between the consumption of steak and heart disease. at the same time, canadian consumers’ incomes rose. if steak is a normal good, what are the combined effects in the market for steak?
The combined effects in the market for steak is an unpredictable change in both the equilibrium price and the quantity.
Changes in the supply and/or demand determinants result in a new equilibrium price and quantity. When supply or demand changes, the old price no longer represents an equilibrium. Instead, there will be a shortage or surplus, and prices will adjust until a new equilibrium is reached.
When supply and demand both change, either the price or the quantity will be uncertain. Price is indeterminate when supply and demand move in the same direction. Because an increase in supply lowers prices while an increase in demand raises prices.
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employees sharing job postings with their family and friends is a common way to recruit. why is it problematic to use this approach as the only recruitment method?
The first step in the recruitment and selection process is deciding what positions you want to fill. Employer-employee relations govern the delivery of compensated labor services.
One party, the employer—which could be a business, a nonprofit, a co-op, or any other type of organization—pays the other and recruit, the employee, in accordance with the terms of a contract in exchange for doing the job that has been allocated to them to recruit .
Employees are recruited for their labor through wages, which can be made up of an hourly rate, piecework, or an annual salary, depending on the sort of work performed, the industry circumstances in effect, and the bargaining power of the parties. Depending on the industry, some employee may also get stock options or bonuses. Employee may earn benefits in addition to compensation in certain job situations.
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Grande company had credit sales of $20,000 in the current period. Accounts receivable had a beginning balance of $4,000 and an ending balance of $5,000. Compute its cash collections from its credit sales for the current period.
If Grande company had credit sales of $20,000 in the current period and the accounts receivable had a beginning balance of $4,000 and an ending balance of $5,000. its cash collections from its credit sales for the current period is : $19,000.
Cash collectionUsing this formula to determine the cash collection
Cash Collections from Customers = (Beginning Balance of Accounts Receivables + Credit Sales) - Ending Balance of Accounts Receivables
Let plug in the formula
Cash collection =($4,000 + $20,000) - $5,000
Cash collection = $24,000 - $5,000
Cash collection = $19,000
Therefore we can conclude that the cash collection is the amount of $19,000.
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in 2008, the united states began to witness one of the worst recessions since the 1930s. the collapse of the housing bubble in 2006 led to a massive decline in real estate prices, affecting consumers and institutions, especially banking and financial entities. severe liquidity shortfalls in the united states as well as other global markets led to a serious credit crisis. during the credit crisis of 2008–2009, several banks and other businesses went through a reorganization process or were forced to liquidate. consider the following statement: in may 2009, general motors started closing 2,600 of its retail outlets and finally filed for bankruptcy in june. it emerged from the bankruptcy protection by july 2009 after it received funding from the u.s. government, the canadian government, the united automobile workers union, and gm bondholders.
Given that the business has been able to get out of the stage of bankruptcy through the help of funds that it has gotten from the institutions that have been listed here, we would say that they are in reorganization
What is bankruptcy?This is the term that is sued to refer to the financial state that individuals as well as businesses may have to face where they would be unable to pay the outstanding debts that they have accrued as they engage in business.
This is the stage the company general motors entered.
What is reorganization?This is the term that is used to refer to the ways that businesses that have been faced with certain situations are able to pick up after they have faced a situation that almost led them to close their operations.
This is the state that general motors has entered after they are able to get the business back in operation through the help of the union and the governments.
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Complete question
United States began to witness one of the worst recessions since the 1930s. The collapse of the housing bubble in 2006 led to a massive decline in real estate prices, affecting consumers and institutions, especially banking and financial entities. Severe liquidity shortfalls in the United States as well as other global markets led to a serious credit crisis.
During the credit crisis of 2008-2009, several banks and other businesses went through a reorganization process or were forced to liquidate. Consider
the following statement
In May 2009, General Motors started dosing 2.600 of its retail outlets and finally filed for bankruptcy in June. It emerged from the bankruptcy protection by July 2009 after it received funding from the U.5. government, the Canadian government, the United Automobile Workers Union, and GM bondholders
This is an example of
Oreorganization
O Squidation
suppose you’re consulting for a bank that’s concerned about fraud detection, and they come to you with the following problem. they have a collection of n bank cards that they’ve confiscated, suspecting them of being used in fraud. each bank card is a small plastic object, containing a magnetic stripe with some encrypted data, and it corresponds to a unique account in the bank. each account can have many bank cards
The answer to their question that each account can have many bank cards with only O(n log n) invocations of the equivalence tester is T(n) 2T(n/2)+2n O(n log n).
What you mean by Bank Card?
A bank card is often a plastic card that is given to a customer and performs one or more tasks related to enabling the customer access to their bank account.
ALGORITHM:
//Define the function to test the equivalent card.
TestingEquivalence(Set of the cards s_cards
m = |s_cards|
//Check the value of m to be 1.
if m == 1
//Return only one of the card.
return one card.
//Check the value of m to be 2.
if m == 2
//Since, the first and the second card are same.
//Therefore, return a card.
one_card and second_card is same
return one_card
//Consider set1 to be the set of the first half cards.
//Consider set2 to be the set of the second half cards.
//Check whether the cards of the set1 are equivalent.
if TestingEquivalence(set1)
//If the cards are equal in set1 then we have to return a card.
return a card of set1.
//Compare between the returned card with the set of the s_cards.
//Check whether the cards of the set2 that are equivalent.
if TestingEquivalence(set2)
//If the cards are equal in set2 then we have to return a card.
return a card of set2.
//Compare again the returned card with the set of the cards s_cards.
//Return that card, if found for which the count of the equivalent card is more than half of //the cards in set s_card
The algorithm is valid if at least half of the cards are equal. After splitting the set into two parts, at least one of them contains the majority of the comparable cards, yielding the total set of majority equivalent cards. The card with the majority of the equivalence will be the result of the two recursive calls.
Therefore recurrence relation for the algorithm is T(n) 2T(n/2)+2n O(n log n).
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Complete Question
Suppose you're a consultant for a bank concerned with fraud detection, and they come to you with the following issue. They have a collection of n bank cards that they have confiscated because they are suspected of being used in fraud. Each bank card is a small plastic object that contains a magnetic stripe with encrypted data and corresponds to a specific bank account. Each account can have multiple bank cards associated with it, and two bank cards are equivalent if they are associated with the same account. Although reading the account number directly from a bank card is difficult, the bank has a high-tech "equivalence tester" that takes two bank cards and, after performing equivalent. Their question is this: is there a set of more than n/2 cards in the collection of n cards that are all equivalent to one another? Assume that the only thing you can do with the cards is select two of them and plug them into the equivalence tester. Show how to answer their question with only O(n log n) equivalence tester invocations. some calculations that determine whether they are.
with technology changing rapidly and more employees working from remote locations, some experts that in the late 2010s, management by wandering around has evolved into management by
In a typical environment, as technology are changing rapidly and more employees working from remote locations, some experts said that in the late 2010s, the management by wandering around has evolved into management by weekly check-in.
What is a weekly check-in?In a company, a weekly check-in refers to an organized one-on-one meeting with the member of your team in which they discuss their work in the last week, their planned work for the week ahead as well as other questions or concerns you or the staff member have.
Most time, these check-ins are useful for staying informed about the work completed by employees within your organization and for keeping staff happy and on task, it also helps to provides a more informal style of communication with team members than an organized staff meeting or official review.
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dustin is planning to open a catering business. indicate if each of the following examples represents a one-time fixed cost, an ongoing fixed cost, or a variable cost that his new catering business might incur.
The complete Statements for the fixed cost are
The van he purchased is a one-time fixed cost because he paid for the van only once in a lifetime. Cardboard boxes are a variable cost because he has to purchase it according to demand if demand is less then he has the option to purchase less cardboard. Kitchen space is an ongoing fixed cost because it has to be paid every month and even if the business is shut down rent has to be paid.Monthly ad is a variable cost because he has the option to not give and if he feels unnecessary for every month.Grocery purchased is a variable cost because the number of groceries could be reduced according to demand.This is further explained below.
What is the fixed cost?Generally, The vehicle that he bought has a one-time fixed cost since he will only ever buy a van. This means that the cost of the van will never change.
The cost of cardboard boxes is considered variable since he must acquire them in accordance with demand; if demand is lower than expected, he has the option of purchasing a lower quantity of cardboard.
The rent for the kitchen facility is considered a continuing fixed expense since it must be paid every month and must be paid even if the company is closed down.
The cost of the monthly advertisement is flexible since the customer may choose not to purchase the advertisement if he believes that it is not essential for each month.
The quantity of groceries bought is considered a variable cost since the number of groceries purchased may be decreased in response to changes in demand.
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CQ is attached below
Belleville ceramics is evaluating its overall mission, including its strengths, weaknesses, opportunities, and threats. It is engaged in which step of the stp process?.
The overarching strategy or goals are being established by Belleville Ceramics.
The required details for strategy in given paragraph
A strategy is a general plan to carry out one or more long-term or overall aims in the face of uncertainty. It wasn't until the 18th century that the phrase was translated into Western vernacular languages in the sense of the "art of the general," which included a number military strategy, siegecraft, logistics, and other skill subcategories. term was first used in the 6th century C.E. in terminology from the Eastern Roman Empire.
The term "strategy" evolved from that moment forward and throughout the 20th century to refer to "a comprehensive method to try to obtain political ends, including the threat or actual use of force, in a dialectic of wills" in a military fight, in which both adversaries engage.
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for a given before-tax rate of return, the longer the taxpayer defers distributions from a traditional defined contribution plan, the (higher/lower) the taxpayer's after-tax rate of return because deferring the distribution (increases/decreases) the present value of the taxes paid on the distribution.
The higher the taxpayer's after-tax rate of return because deferring the distribution decrease the present value of the taxes paid on the distribution.
The required details about tax rate is mentioned below.
The tax rate in a tax system is the ratio (typically represented as a percentage) at which a business or individual gets taxed. A tax rate can be presented in numerous ways: statutory, average, marginal, and effective. These rates can also be provided using two types of tax base definitions: inclusive and exclusive.
A sales tax may have a flat statutory rate while an income tax may have numerous statutory rates for different income levels.
The statutory tax rate is always higher than the effective tax rate because it is expressed as a percentage.
The average tax rate is the ratio of total taxes paid to total tax base.
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summer fun t-shirt shop has very seasonal sales. for 2014, management is trying to decide whether to establish a sales budget based on average sales or on sales estimated by quarter. the unit sales for 2014 are expected to be 10 percent higher than 2013 sales. unit shirt sales by quarter for 2013 were as follows: children's women's men's total winter quarter 200 200 100 500 spring quarter 200 250 200 650 summer quarter 400 300 200 900 fall quarter 200 250 100 550 total 1,000 1,000 600 2,600 children’s t-shirts sell for $12 each, women’s sell for $16, and men’s sell for $17. assuming a 10 percent increase in sales, prepare a sales budget for each quarter of 2014 using the following: a. average quarterly sales. (hint: winter quarter children’s shirts are 275 [1,000 x 1.10/4].) summer fun t-shirt shop sales budget quarterly for 2014 winter spring summer fall year totals units: children's answer answer answer answer answer women's answer answer answer answer answer men's answer answer answer answer answer dollars: children's answer answer answer answer answer women's answer answer answer answer answer men's answer answer answer answer answer totals answer answer answer answer answer b. actual quarterly sales. (hint: winter quarter children’s shirts are 220 [200 x 1.10].) summer fun t-shirt shop sales budget quarterly for 2014 winter spring summer fall year totals units: children's answer answer answer answer answer women's answer answer answer answer answer men's answer answer answer answer answer dollars: children's answer answer answer answer answer women's answer answer answer answer answer men's answer answer answer answer answer totals answer answer answer answer answer c. suggest advantages of each method. which one is not an advantage to preparing a sales budget using average quarterly sales. reduces the possibility of being out of stock in most quarters minimizes the investment in inventory during low-sales quarters smoothes the investment in inventory throughout the year simplifies the purchasing of inventory
Using average quarterly sales smooths out inventory investment throughout the year and reduces the possibility of being out of stock in the final quarters unless sales differ significantly from the previous period.
Using average quarterly sales method also simplifies inventory purchasing by making it the same every quarter. Using actual quarterly sales reduces inventory investment during low-sales quarters. However, if sales are expected to rise by 10%, the low-sales quarters may rise faster than the high-sales quarters, resulting in out-of-stock situations. Another option is to use actual sales for items with large fluctuations and average sales for items with little variation.
Here is the complete question-
Summer fun t-shirt shop has very seasonal sales. For 2014, management is trying to decide whether to establish a sales budget based on average sales or on sales estimated by quarter. The unit sales for 2014 are expected to be 10 percent higher than 2013 sales. Unit shirt sales by quarter for 2013 were as follows:
children's women's men's total
winter quarter 200 200 100 500
spring quarter 200 250 200 65
summer quarter 400 300 200 900
fall quarter 200 250 100 550
total 1,000 1,000 600 2,600
Children’s t-shirts sell for $12 each, women’s sell for $16, and men’s sell for $17. Assuming a 10 percent increase in sales, prepare a sales budget for each quarter of 2014 using the following: a. average quarterly sales. (hint: winter quarter children’s shirts are 275 [1,000 x 1.10/4].) Suggest advantages of each method. Which one is not an advantage to preparing a sales budget using average quarterly sales?
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chris met ross for an informational interview about a job that ross has now listed as open. at the meeting, ross gave chris a document that describes exactly what the new employee would do, how they should do it, and why it's done that way. this document is typically called a .
Answer: job description
Explanation:
In a business, legal counsel is an important source of information and advice is solely responsible for making decisions about how to resolve a dispute. True or false?.
The resolution of disputes in the company is not just a task for attorneys to do. Legal counsel is a crucially essential source of information and guidance, but ultimately, the managers and owners of the firm decide how to resolve a disagreement. Therefore the given statement is False.
The role of a legal counsel is that of a general attorney who works for the corporation and is not an independent contractor. To ensure that rules are followed, they collaborate with management and staff members inside their company.
A dispute is a disagreement, quarrel, or controversy that frequently results in legal action being taken (such as arbitration, mediation, or a lawsuit). It is argued that the opposing parties are at odds with one another (see also an adverse party).
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A firm has _____ when it is able to spread fixed costs over a greater quantity of output if it increases output, but it has _____ when output increases long-run average total costs.
A firm has Diseconomies of scale when it is able to spread fixed costs over a greater quantity of output if it increases output, but it has Economies of scale when output increases long-run average total costs.
Economies of scale refer to the cost advantage a company experiences when it boosts its output level. The benefit results from the inverse connection between the quantity produced and the fixed cost per unit. The fixed cost per unit decreases as production volume increases.
The phenomenon known as economies of scale occurs when the scale or magnitude of the production produced by a firm increases while the average cost per unit of output decreases.
Bulk purchases allow a major retail establishment to reduce their cost per unit. It can then decide whether to preserve the savings to boost company earnings or to use them as a strategic advantage by passing the savings on to customers and charging less than its rivals.
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A korean steel company produces steel in the united states, with some of its steel being exported to other nations and some of it being sold within the united states. If the prices of this steel increase, then.
If the prices of this steel increase, then the GDP deflator and CPI will both increase.
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the team leader assigns roles, supports the team, monitors the delivery of cpr and makes adjustments in real time. the team members deliver expert care within their assigned roles, assist others as needed (as long as they can maintain their own assigned responsibilities) and communicate effectively with the team leader and each other. true or false?
It is true that team leader assign, supports the team and monitor the delivery of CPR and make adjustments in real time.
A team leader is in charge of leading a group of individuals throughout a given initiative or towards a specific goal. The responsibilities of team manager and leader are usually distinct from those of people manager. In particular, the team leader is in charge of developing a cooperation culture and choosing the course for a certain project or undertaking.
Members of team usually show considerable efforts towards assigned role by the team leader and complete it accordingly and they also assist others if needed. Best teamwork takes place when there is a proper communication between team leader and the other members of team as it leads to cooperation.
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sue wants to work as a chemical engineer for either a large corporation or the government. what would you advise her to do while she is earning her bachelor's degree to gain some real-world experience in the field of chemical engineering while still earning college credits?
intoxicated, efron enters a contract for the sale of his business, freight dispatch, to gretel for less than its market value. this contract is enforceable if, at the time,
Intoxicated, Efron enters a contract for the sale of his business, Freight Dispatch, to Gretel for less than its market value. This contract is enforceable if, at the time, the legal consequences are understood by Efron.
Particularly under illustration (b) thereto, Section 12 of the Contract Act, which specifies when a person can be deemed to be of sound mind for entering into a contract, seems to imply that intoxication can render a person incapable of making a contract. Disaffirmance is the legal term for avoiding or putting aside a contractual commitment. A minor must demonstrate their desire to disaffirm the agreement by doing so verbally or physically.
In most places, people who are minors (under the age of 18) lack the legal competence to enter into a contract. Therefore, a kid who signs a contract has the option of upholding it or having it canceled. However, there are a few outliers. For instance, a minor can often not revoke a contract for basic needs like food, clothing, and housing.
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The given question is incomplete. The complete question is:
Intoxicated, Efron enters a contract for the sale of his business, Freight Dispatch, to Gretel for less than its market value. This contract is enforceable if, at the time,
a. Efron understood the legal consequences.
b.Efron's intoxication was purely voluntary.
c.Gretel was also intoxicated.
d.Gretel fraudulently induced Efron to become intoxicated
the balance in the supplies account before adjustment at the end of the year is $651. the proper adjusting entry if the amount of supplies on hand at the end of the year is $226 would be
Unpaid expenses $425 (debit)
Earned Fees $425 (credit)
The supply account belongs to which account?If supplies have a large financial worth, they may qualify as current assets. Small businesses might enter the quantity of unspent supplies in the asset account under Supplies on their balance sheet if the cost is significant.
What is the supply usage adjusting entry?By debiting supply expense and crediting cash, the adjustment entry must be made. Office supplies are utilized during the time and will become an expense when they are used up, so the credit (reduction in the asset) is required
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a businessperson can take some comfort when faced with an ethical dilemma by talking openly about it with management because ethical decisions will always withstand scrutiny.
A businessperson can take some comfort when faced with an ethical dilemma by talking openly about it with management because ethical decisions will always withstand scrutiny- True.
An ethical dilemma, also known as a moral problem or ethical paradox, arises when a person must choose between two possibilities, none of which are wholly ethically acceptable. The majority of the ethical and moral issues we confront in life have quite simple solutions, despite the fact that we encounter many of them.
Moral conundrums are very difficult problems that are impossible to resolve. Therefore, everyone must have the ability to choose the best course of action in such circumstances.
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23) the premium on a pound put option is $.03 per unit. the exercise price is $1.60. the break-even point is for the buyer of the put, and for the seller of the put. (assume zero transactions costs and that the buyer and seller of the put option are speculators.)
The break even point of buyer is $ 1.63 and the break even point of seller is $ 1. 57.
The break-even point is basically the point at which total cost and total revenue are equal, simply there is no loss or gain for your small business. On other hand , you have reached the level of production at which the costs of production is equals the revenues for a product.
Calculation of break even point:Break even point= exercise price + premium
Break even point of buyer= 1.60+0.03
= $1.63
Calculation of break event point of seller:Break even point= exercise price- premium
= 1.60-0.03
= $ 1.57
Break even point of seller= $1.57
Why is break even point important?The BEP defines an owner the amount of revenue required to cover all expenses, including fixed costs. The BEP, if used wisely , may help the owner to control fixed costs and to understand the point of time in the future to incur more fixed costs.
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What is true about money?
a - Money maintains purchasing power over time.
b - Money stays at the same value over time.
c - Money does not provide a standard unit of measurement.
d - Money retains the same value permanently.
Option (a) Money maintains purchasing power over time is correct.
The statement "Money maintains purchasing power over time." is true about money.
What is purchasing power?The number of goods and services that can be bought with one unit of currency is known as the purchasing power. The worth of a currency is measured by the quantity of products or services that it may be used to purchase. Over time, inflation may cause it to weaken. That's because you may buy fewer products or services as a result of increased prices. The purchasing power of a single US dollar has changed, for instance, if you buy a can of soda for one US dollar one year, but the next year, the same can of soda costs two dollars.Since real income refers to income that has been inflation-adjusted, a greater real income translates to a better purchasing power.Learn more about purchasing power here:
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Answer: a.) - Money maintains purchasing power over time.
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if the actual manufacturing overhead cost for a period exceeds the manufacturing overhead cost applied, then manufacturing overhead would be considered to be overapplied.
Manufacturing overhead would be deemed to have been underapplied if the actual cost for a given time exceeded the amount that had been allocated for it.
The required details for cost in given paragraph
A cost is the value of money that was spent on the making or providing of a good or service and is now unavailable for use in accounting, retail, research, or accounting. In business, the cost may be an acquisition cost, in which case the cost is the total amount of money spent on the acquisition.
The input needed in this case to receive the item is money. This acquisition cost may comprise the original producer's production costs as well as any additional transaction costs payable by the acquirer.
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analyzing and reporting financial statement effects of bond transactions on january 1 of the current year, arbor corporation issued $800,000 of 20-year, 11% bonds for $739,815, yielding a market (yield) rate of 12%. interest is payable semiannually on june 30 and december 31. (a) confirm the bond issue price. round answers to the nearest whole number. present value of principal repayment answer present value of interest payments answer selling price of bonds $739,815 (b) indicate the financial statement effects using the template for (1) bond issuance
The bond issue price is 77777 and the financial statement effects is 662037.
A bond's issue price is determined by the connection between the interest rate paid by the bond and the market interest rate paid on the same date.
Bond prices are established by what somebody is ready to pay – a bid price based on the issuer, its credit rating, coupon rate, time until maturity, and special redemption features – and what a bond owner wants to receive – an offer or ask price.
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forester, inc.’s $180,000 accounts receivable balance at december 31 consisted of $160,000 current balances and $20,000 past-due balances. at december 31, the allowance for doubtful accounts had a credit balance of $1,600. river forest estimated that 2% of current balances and 15% of past-due balances will prove uncollectible.
Expense Allowance for Doubtful Accounts 4,600. Allowance exists as a portion of something given to a person in business for assistance, usually in the form of funds or interests.
What is the difference between expense and allowance?However, they are two separate concepts: a per day allowance is a fixed amount that a company gives its employees up front to cover the expenses for specific items, whereas an expense reimbursement is simply returning the money that the employee has spent on specific items. Allowance is a portion of something given to a person in exchange for service, usually in the form of money or goods. An allowance is money that a parent gives to a child each week in exchange for chores around the house. A portion or share of something, especially money. The expense account or allowance will show you how much money is spent to run your business, whereas an allowance will show you how much money is reimbursed to employees for business expenses.Therefore,
Expense Allowance for Doubtful Accounts 4,600
Allowance required = (2% x $160,000) + (15% x $20,000)
= $6,200 desired balance
Required adjustment through adjusting entry = $6,200 - $1,600 = $4,600
The complete question is:
River Forest, Inc.'s $180,000 Accounts Receivable balance at December 31 consisted of $160,000 current balances and $20,000 past-due balances. At December 31, the Allowance for Doubtful Accounts had a credit balance of $1,600. River Forest estimated that 2% of current balances and 15% of past-due balances will prove uncollectible.
The adjusting entry to record credit losses is:
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the new fund had average daily assets of $3.4 billion in the past year. new fund’s expense ratio was 2.3%, and its management fee was 1.5%. required: a. what were the total fees paid to the fund’s investment managers during the year? (enter your answer in millions rounded to 2 decimal places.)
The overall fees paid to the fund's investment managers for the year were 51 million.
What do investment managers do?Implementing an investment plan and overseeing a fund's trading activity are the responsibilities of a fund manager. They supervise analysts, monitor mutual funds or pensions, carry out research, and make crucial financial decisions.
What do fund manager fees entail?An investment manager will charge a management fee in exchange for administering an investment fund. In order to reward the managers for their time and knowledge spent choosing stocks and overseeing the portfolio, a management fee is used.
In the above question,
Asset= $3.4 billion
ratio of management fees= 1.5%
total fees = $3.4 billion X 1.5%
= $51 million
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prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.
Broadly, the income assertion indicates the direct, indirect, and capital fees an enterprise incurs. Beginning with direct, the top line reviews the level of revenue a company earned over a particular time body. It then shows the prices at once related to earning that sale.
Here are the stairs you want to follow to create a more than one-step income declaration for your business.
Select Your Reporting length. Create a document Header. Upload running sales. Add working expenses. Calculate Gross earnings. Calculate operating income. Upload Non-operating revenues and charges. Calculate internet income.Multi-step profits statement items include sales, fees of products sold, and expenses, which are calculated to arrive at internet income.
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a company purchased two identical inventory items. the first was purchased in october for $100 and the second in november for $110. one item was sold to a customer in december for $150. the cost flow method that will result in the lowest gross margin is .
The cost flow method that will result in the lowest gross margin is last in, first out.
What is a cost flow method?According to the inventory cost flow assumption, an inventory item's cost varies depending on when it is built or acquired and when it is sold. Management requires a formal system for allocating costs to inventory as they develop into sellable goods due to this cost disparity.
Because the flow of costs out of inventory does not have to correspond to how the items were physically removed from inventory, FIFO, LIFO, and average are cost flow methods.
"Last-In, First-Out" is the abbreviation for LIFO. It is a technique used in the calculation of cost of goods sold to support cost flow assumptions. The LIFO method presupposes that the most recent items added to a company's inventory have been sold first. The costs that were paid for those recent products are the ones that were used in the calculation.
As $100 sold at %150 is more profit as it makes %50
and %110 sold at %150 is less profit as it makes %40
There for LIFO methods will result in the lowest gross margin
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a 7-year zero-coupon bond has a face value of $1,000. if its ytm changes from 3.9% to 4.7%, what is the resulting percentage change in its price? use the price determined from the first yield, 3.9%, as the base in the percentage calculation. round to the nearest tenth of a percent
The percentage change in price of zero-coupon bond if its Yield to maturity (YTM) changes over time will be - (5.22%)
Face value = $1,000
Maturity of bond-price = 7
Yield to maturity (YTM)= 3.9%
Bond price at 3.9% YTM (P1) = Face value/(1+YTM) ^7
= $1000/ (1+0.039) ^7
=1000/1.307
= $765.11
Yield to Maturity (YTM) = 4.7%
Bond price at 4.7% YTM (P2) = 1000/ (1+0.047) ^7
= 1000/1.379
= $725.16
Percentage change in price = (P2-P1)/P1*100
= ($725.16- $765.11)/$765.11*100
= -(5.22%)
The yield to maturity (YTM) of a bond is the proportion of total return that is earned presuming the investor continues to hold the asset through till time of maturity. It is the amount of all of its outstanding interest paid. The yield to maturity of a bond increases or decreases based on its market value as well as the number of installments remaining.
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