Answer: $58000; $148000
Explanation:
Sales = 18000 × $9.00 = $162000
Less: Variable cost = 18000 × $3 = $54000
Contribution margin = $108000
Less: Fixed cost = $50000
Operating income = $58000
Sales = 33000 × $9.00 = $297000
Less: Variable cost = 33000 × $3.00 = $99000
Contribution margin = $198000
Less: Fixed cost = $50000
Operating Income = $148000
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
calculate how much credit created by commercial bank when there is a deposit of 80000, reserve requirement is 8% and withdrawl is 35%?
Answer:
Amount of credit created by commercial bank = 47,840
Explanation:
Given:
Total deposit in bank = 80,000
Reserve requirement = 8%
Withdrawal = 35%
Find:
Amount of credit created by commercial bank
Computation:
Amount available for withdrawal = Total deposit in bank[1 - Reserve requirement]
Amount available for withdrawal = [80,000][1-8%]
Amount available for withdrawal = 73,600
Amount of withdrawal = Amount available for withdrawal[35%]
Amount of withdrawal = 73,600[35%]
Amount of withdrawal = 25,760
Amount of credit created by commercial bank = 73,600 - 25,760
Amount of credit created by commercial bank = 47,840
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 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.
A portfolio is entirely invested into BBB stock, which is expected to return 16.4 percent, and ZI bonds, which are expected to return 8.6 percent. Stock BBB comprises 48 percent of the portfolio. What is the expected return on the portfolio
Answer:
the expected return on the portfolio is 12.34%
Explanation:
The computation of the expected return on the portfolio is shown below:
Expected Return is
= Investment in BBB × Return+ Investment in ZI × Return
= 16.4 × 48% + 8.6 ×52%
= 7.87% + 4.47%
= 12.34%
hence, the expected return on the portfolio is 12.34%
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.
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
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.
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
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
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
What is one thing every good career should provide you
A Forman of a construction company is responsible for a construction crew comprised of many unskilled workers. The work is hard, and employee turnover rate is high with individuals often leaving without notice. Throughout the work week employees record their attendance on separate time cards, which the foreman approves and submits to the payroll department at the end of week. Based on the time cards, the payroll department prepares the paychecks, sends them to the foreman who then distributes the checks to his work crew. Required Identify the segregation of duties problems in the system. What sorts of fraud may result from the above control problem(s)
Solution :
In the context, it is given that foreman in a construction company is responsible for the workers who are unskilled labors.
1. The segregation of the duties which involves the separation of the main functions and have them to conducted by the different workers. But here in this case, the approval of the attendance of the employees and the distribution of the checks to the worker are the important activities that are being conducted by a single employee.
2. This may result into frauds to the company. If the segregation of the duties is not implemented, then the company is at risk. This is because a single employee does the work for the approval of the attendance of the workers and distributing the checks to them for their work. So this can result in a fraud if the foreman wants to do fraud. But distributing the work among two employee will reduce the risk of fraud as one employee many not be willing to do fraud.
Segregation of duties is an internal control designed to prevent error and fraud by ensuring that at least two individuals are responsible for checking and authorizing transactions.
The segregation of the duties which involves the separation of the main functions and have them to conducted by the different workers. In the above scenario, the approval of the attendance of the employees and the distribution of the checks to the worker are the important activities that are being conducted by a single employee.
What sorts of fraud may result from the above control problem?The above may bring about fraud in the company where segregation of the duties is not in place. This means that the company is at risk.
Reason is that a single employee does the work for the approval of the attendance of the workers and distributing the checks to them for their work. Hence, can result in a fraud if the foreman wants to engage in fraud.
Learn more about segregation of duty here : https://brainly.com/question/26589679
You are to make monthly deposits of $1,721 into a retirement account that pays 8 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 5 years?
Answer:
FV= $126,585.60
Explanation:
Giving the following information:
Monthly deposit (A)= $1,721
Interest rate (i)= 0.08/12= 0.0067
Number of periods (n)= 12*5= 60 months
To calculate the future value, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {1,721*[(1.0067^60) - 1]} / 0.0067
FV= $126,585.60
A management decision may be beneficial for a given profit center, but not for the entire company. From the overall company viewpoint, this decision would lead to
Answer:
A management decision may be beneficial for a given profit center, but not for the entire company. From the overall company viewpoint, this decision would lead to:
Sub-optimization.
Explanation:
Suboptimization describes a situation whereby changes effected in a unit of an organization improves the specific component without benefiting the whole organization. It is a common policy mistake that management makes when it uses its success in a department or division to apply the same techniques in a different division without achieving similar results. This implies that management may focus on one component of its organization and make improvements in that one component while the effects on the other components are ignored. Simply, it means optimizing the results of a unit rather than the results of the whole organization.
On April 1, Griffith Publishing Company received $27,180 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The company credited Unearned Fees for the amount received and the subscriptions started immediately. Assuming adjustments are only made at year-end, what is the adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the first year
Answer:
Debit Unearned Fees, $6,795; credit Fees Earned, $6,795.
Explanation:
Based on the information given the appropriate adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the first year will be :
Debit Unearned Fees $6,795
Credit Fees Earned $6,795
[$27,180/36 months*9 months]
April 1 to December 31=9 months
Ano ang dapat nating tandaan kapag nagbibigay ng pangunang lunas?
A group of 10 people have the following annual incomes: $24,000, $18,000, $50,000, $100,000, $12,000, $36,000, $80,000, $10,000, $24,000, $16,000. Calculate the share of total income that each quintile receives from this income distribution. What percent of the total income is represented by the highest quintile
Answer:
48.65%
Explanation:
Given Income are written in increasing order
First Quintile 10,000 12,000
Second Quintile 16,000 18,000
Third Quintile 24,000 24,000
Fourth Quintile 36,000 50,000
Fifth Quintile 80,000 100,000
Total Income % share
First Quintile 10,000 12,000 22,000 5.95
Second Quintile 16,000 18,000 34,000 9.19
Third Quintile 24,000 24,000 48,000 12.97
Fourth Quintile 36,000 50,000 86,000 23.24
Fifth Quintile 80,000 100,000 180,000 48.65
Total income in the economy 370,000 100%
The percentage of the total income of the highest quintile is 48.65%
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)
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
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
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
You currently have $20,000 in a bank account that pays you 5 percent interest annually. You plan to withdraw $800 (starting 1 year from now) every year for the next 10 years in the same account. How much are you going to have in that account at the end of 10 years?
Answer: $22,515.58
Explanation:
Based on the information given, the amount that'll be in the account at the end of the 10 years will be:
Present Value, PV = $20,000
Interest rate = 5% = 0.05
PMT = 800
nper = 10 years
Therefore, the future value will be solved in Excel by using the formula:
= FV(rate,nper,pmt,pv,type)
= FV(0.05,10,800,20000,0)
= $22,515.58
Therefore, the value in the account at the end of 10 years is $22,515.58
James Ryan has been a Budweiser Beer distributor for the past 20 years. James owns a ________ franchise.
Answer:
product and trademark
Explanation:
These are the options for the question
business format
product and business format
product plus
business design
product and trademark
product and trademark
Product franchise can be regarded as franchising agreement in which manufacturers give a retailers access to distribute the products of the manufacturer using the trademark as well as names of the manufacturer. It is right given to to market a product using another person trade mark.
For, instance in the case whereby James Ryan has been a Budweiser Beer distributor for the past 20 years. Then James owns a product and trademark
franchise.
I need money help me!
Answer:
Leadership in restaurants calls for implementing systems that ensure the smooth running of the business. This means setting up systems that help with cash flow management, inventory tracking, staff management, training programs and others. That is not all.
Explanation:
Great knowledge of the restaurant business
Motivate your staff and recognize their achievement
Set Goals
Set training programs
Handle stress
Delegate wisely
Be approachable and trustworthy
Leaders in the restaurant industry are realizing that old vertical leadership styles don't bring the desired results. By generating resentment, dependence, passivity, feelings of inferiority or mistrust, they do not motivate people to give their best, to work with excellence and to be in a continuous learning process; nor do they encourage unity, collaboration, and synergy.
It is for this reason, a growing number of restaurant owners are beginning to practice service-oriented leadership, which I define as servant leadership.
what is the major source of competition for motor carrier?
Answer: The major source of competition for motor carrier is intermodal in nature.
The major source competition for motor carriers is railroad. This is because rail system is quicker than motor carriers and has been used widely. Railroads do not cover all geographical zones but they have been a trend in several regions.
Explanation:
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
The relationships between the dependent variables and the independent variables used in causal forecasting methods are described by two measures. What following best describes these measures?
Answer:
Coefficient of Chaos and Coefficient of Exponential smoothing.
Explanation:
Coefficient of exponential smoothing is the measure to smoothly run the timeseries data without using moving average data. It helps the identification of relationship between dependent and independent variables. It is same as regression model technique which determines the extent of dependence of the two variables.
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
Consider the following game. Harry has four quarters. He can offer Sally from one to four of them. I
Answer:
i think Harry should be nice a gave Sally 2 of them.Then, they well have the same amount
Explanation: