Answer:
2,291,520
Explanation:
220,000×10.85%=23,870
23,870×96=2,291,520
Match each of the following scenarios with the accounting principle or accounting assumption that it best illustrates.a. Several years after Thomas Company purchased new office equipment, the company’s accounting records still show the original purchase price. b. The home of Rob Elliot, the owner of GGE Enterprises Inc., is not listed among the company’s assets. c. Despite several years of falling sales, Thomas Company continues to forecast sales and make strategic plans to raise revenues and cut expenses. d. Thomas records expenses incurred to produce the sales for the month. e. GGE Enterprises records a deposit received from a customer for work to be performed later in the month. The customer is billed for the remaining amount after the work is complete, and the customer’s payment is recorded. f. Thomas Company provides earnings information to investors at the end of every quarter. g. The accounting records of Thomas Company are in dollars, not euros, although the Ohio-based company is owned by a German firm.
Answer:
Key S - Scenario
A - Accounting Principle or Assumption
S
Several years after Thomas Company purchased new office equipment, the company’s accounting records still show the original purchase price.
A
Historical cost principle
S
The home of Rob Elliot, the owner of GGE Enterprises Inc., is not listed among the company’s assets.
A
Business entity assumption
S
Despite several years of falling sales, Thomas Company continues to forecast sales and make strategic plans to raise revenues and cut expenses.
A
Going concern assumption
S
Thomas records expenses incurred to produce the sales for the month.
A
Expense recognition principle
S
GGE Enterprises records a deposit received from a customer for work to be performed later in the month. The customer is billed for the remaining amount after the work is complete, and the customer’s payment is recorded.
A
Revenue recognition principle
S
Thomas Company provides earnings information to investors at the end of every quarter.
A
Time period assumption
S
The accounting records of Thomas Company are in dollars, not euros, although the Ohio-based company is owned by a German firm.
A
Monetary unit assumption
Explanation:
On January 1, 2018, Wellburn Corporation leased an asset from Tabitha Company. The asset originally cost Tabitha $360,000. The lease agreement is an operating lease that calls for four annual payments beginning on January 1, 2018, in the amount of $31,000. The other three remaining payments will be made on January 1 of each subsequent year. Which of the following journal entries should Tabitha record on January 1, 2018?a. Cash 31,000 Rent expense 31,000 b. Cash 31,000 Lease receivable 31,000 c. Cash 31,000 Rent revenue 31,000 d.Rent revenue 31,000 Cash 31,000
Answer:
C.Dr Cash 31,000
Cr Rent revenue 31,000
Explanation:
Based on the information given we told that the lease agreement which is an operating lease calls for four annual payments which begins on January 1, 2018, in the amount of $31,000 which means that what Tabitha should record on January 1, 2018 will be to:
Dr Cash 31,000
Cr Rent revenue 31,000
One thousand dollars is borrowed for one year at an interest rate of 1% per month (12% compounded monthly). If the same sum of money could be borrowed for the same period at an interest rate of 12% compounded yearly, how much could be saved in interest charges?
Answer:
$6.83
Explanation:
Intereest rate = future value - present value
The formula for calculating future value:
FV = P (1 + r/m)^mn
FV = Future value
P = Present value
R = interest rate
N = number of years
m = number of compounding per year
$1000 compounded monthly = 1000(1.01)^12 = $1126.83
Interest = $1126.83 - $1000 = $126.83
$1000 compounded yearly = 1000(1.12) = $1120
Interest = $1120 - $1000 = $120
Amount saved on interest charges = $126.83 - $120 = $6.83
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows:Inventory,by Product Quantity Per Unit Net Realizable ValueCategory Cost Tools: Hammers 110 $ 4.10 $4.60 Saws 110 9.10 8.10 Screwdrivers 210 1.10 1.70 Paint products: 1-gallon cans 410 5.10 4.10 Paint brushes 110 3.10 3.60 Required:1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory.2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1.
Answer:
Product category units cost NRV year-end inventory
Tools:
Hammers 110 $4.10 $4.60 $451Saws 110 $9.10 $8.10 $891Screwdrivers 210 $1.10 $1.70 $231Paint products:
1-gallon cans 410 $5.10 $4.10 $1,681 Paint brushes 110 $3.10 $3.60 $3411) carrying value of year-end inventory:
Tools:
Hammers $451Saws $891Screwdrivers $231 sub-total $1,573Paint products: $2,022
1-gallon cans $1,681 Paint brushes $341sub-total $2,022Total $3,595
2) adjustment to tools:
Dr Cost of goods sold 110
Cr Inventory: tools 110
adjustment to paint products:
Dr Cost of goods sold 410
Cr Inventory: paint products 410
or total adjustment to inventory account:
Dr Cost of goods sold 520
Cr Inventory 520
When Proctor and Gamble removed potentially dangerous dyes and chemicals from its Tide detergent product and introduced Tide Free they were making a _____.a) product line contraction.b) quality modification.c) aesthetics modification.d) obsolescence factor.e) functional modification.
Answer: e) functional modification
Explanation:
When a product undergoes functional modification, it means that its makers are aiming to improve its effectiveness and safety amongst other things.
This is usually designed to make the product more appealing to the masses and to avoid running into regulatory problems.
The removal of potentially dangerous dyes and chemicals from the Tide detergent made the product safer so is a functional modification.
Which of the following is an example of a divisional organizational structure? A.Structure is temporary and will likely disband after project is complete. B.Structure is organized either by product or by region. C.Structure allows employees to focus more on department goals rather than company-wide goals. D.Structure groups all employees with the same kind of job together.
Answer:
B.Structure is organized either by product or by region.
Explanation:
The divisional organizational structure is a type of structure in which the functions of the organization are to be transformed into a division. It could be in terms of a product line or the geographical region
Here in a given situation, the example of a divisional organization structure is option B as it represents that the structure would be organized either by a product or region
Hence, the option B is correct
Answer:
B. Structure is organized either by product or by region.
J&H Corp. recently hired Jeffrey. His immediate mandate was to analyze the company. He has to submit a report on the company's operational efficiency and estimate potential investment in working capital. He has the income statement from last year and the following information from the company's financial reports as well as some indust averages Last year, J&H Corp. reported a book value of $650 million in current assets, of which 30% is cash, 32% is short-term investments, and the rest is accounts receivable and inventory The company reported $552.5 million of current liabilities including accounts payable and accruals. Interestingly, the company had no notes payable claims last year. There were no changes in the accounts payables during the reporting period.The company, however, invested heavily in plant and equipment to support its operations. It reported a book value of $1,040 million in long-term assets last year Income Statement For the Year Ended on December 31 (Millions of dollars) Industry Average J&H Corp Net sales $2,700 2,160 108 2,268 $432 $3,375 2,700 135 2,835 $540 81 $459 184 $275 Operating costs, except depreciation and amortization Depreciation and amortization Total operating costs Operating income (or EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes (40%) Net income $389 156 $233 Based on the information given to Jeffrey, he submits a report on January 1 with some important calculations for management to use, both for analysis and to devise an action plan. Which of the following statements in his report are true? Check all that apply a) J&H Corp. has-$110.5 million of noninterest-bearing current assets net of noninterest-charging liabilities b) The company has $442.0 million in operating assets and $552.5 million in operating liabilities c) J&H Corp. has $148.7 million of net operating capital d) The firm uses $929.5 million of total net operating capital to run the business e) Based on the information on industry averages, other players in the industry would generate higher profits
What are the transactions requirements for chase?
Answer:
Complete at least 10 qualifying transactions (including debit card purchases, online bill payments and direct deposits) within 60 days of opening your account. The account must remain open for six months, or Chase may deduct the bonus at closing. When you'll get it: Within 10 business days of completing requirements.
Due to impending labor strife over planned layoffs in its Silicon Valley headquarters, a social networking company has decided to outsource its programming operations to an emerging market, India, to obtain cheaper labor. Since then, this social networking company has encountered criticism that has diminished its current market position and staff productivity. You have been retained by this company to develop an appropriate reactive (emergent) strategy that would begin by
Answer:
putting a halt on the layoffs
Explanation:
This strategy should begin by putting a halt on the layoffs. This should be top priority since the layoffs themselves are the main cause for the criticism that the company is receiving and this criticism is the sole reason as to why its market position and staff productivity has fallen drastically. People think the company is failing and the staff is scared that they will eventually be fired. By stopping layoffs and waiting for a market recovery you give other better options a chance to arise and more efficient strategies to take effect.
Pastina Company sells various types of pasta to grocery chains as private label brands. The company’s reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 30,000 Accounts receivable 40,000 Supplies 1,500 Inventory 60,000 Notes receivable 20,000 Interest receivable 0 Prepaid rent 2,000 Prepaid insurance 6,000 Office equipment 80,000 Accumulated depreciation 30,000 Accounts payable 31,000 Salaries payable 0 Notes payable 50,000 Interest payable 0 Deferred sales revenue 2,000 Common stock 60,000 Retained earnings 28,500 Dividends 4,000 Sales revenue 146,000 Interest revenue 0 Cost of goods sold 70,000 Salaries expense 18,900 Rent expense 11,000 Depreciation expense 0 Interest expense 0 Supplies expense 1,100 Insurance expense 0 Advertising expense 3,000 Totals 347,500 347,500 Information necessary to prepare the year-end adjusting entries appears below. Depreciation on the office equipment for the year is $10,000. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,500. On October 1, 2021, Pastina borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. On March 1, 2021, the company lent a supplier $20,000, and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022. On April 1, 2021, the company paid an insurance company $6,000 for a one-year fire insurance policy. The entire $6,000 was debited to prepaid insurance. $800 of supplies remained on hand at December 31, 2021. A customer paid Pastina $2,000 in December for 1,500 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. On December 1, 2021, $2,000 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $1,000 per month. The entire amount was debited to prepaid rent. I want the answers from question 1-8
Answer:
1.Dr Depreciation expense 10,000
Cr Accumulated depreciation-equipment 10,000
2.Dr Salaries expense 1,500
Cr Salaries payable 1,500
3.Dr Interest expense 1,500
Cr Interest payable 1,500
4.Dr Interest receivable 1,333
Cr Interest revenue 1,333
5.Dr Insurance expense 1,500
Cr Prepaid insurance 1,500
6.Dr Supplies expense 700
Cr Supplies 700
7.Dr Sales revenue 2,000
Cr Unearned revenue 2,000
8.Dr Rent expense 1,000
Cr Prepaid rent 1,000
Explanation:
Preparation of Journal entries
1. Based on the information given we were told that Depreciation on office equipment for the year is the amount of $10,000 which means that the Journal entry will be recorded as:
Dr Depreciation expense 10,000
Cr Accumulated depreciation-equipment 10,000
2. Based on the information given we were told that Salaries earned from 16 December to December 31, 2021, were the amount of $1,500 which means that the Journal entry will be:
Dr Salaries expense 1,500
Cr Salaries payable 1,500
3. Based on the information given we were told that On October 1, 2021, they borrowed the amount of $50,000 with an interest note that have to be paid yearly on September 30 at 12% which means that the transaction will be recorded as:
Dr Interest expense 1,500
(50,000*12%*3/12)
Cr Interest payable 1,500
4. Based on the information given we were told that on March 1, 2021, the company borrowed a supplier the amount of $20,000 with an interest of 8% to be paid on February 28, 2022 which means that the transaction will be recorded as:
Dr Interest receivable 1,333
(20,000*8%*10/12)
Cr Interest revenue 1,333
5. Based on the information given we were told that on April 1, 2021, the company paid an the amount of $6,000 to an insurance company for a one-year fire insurance policy which means that the Journal entry will be:
Dr Insurance expense 1,500
(6,000*3/12)
Cr Prepaid insurance 1,500
Since it is a one year fire insurance we subtracted the different between the month of April 1st and December 31st .
Hence,
12 months- 9 months= 3 months
=6,000 x 3/12
= 1,500
6. Based on the information given we were told that the amount of $800 of supplies remained on hand at December 31, 2021 which means that the transaction will be recorded as:
Dr Supplies expense 700
(1,500-800)
Cr Supplies 700
7. Based on the information given we were told that a customer paid the amount of $2,000 in December which means that the transaction will be recorded as;
Dr Sales revenue 2,000
Cr Unearned revenue 2,000
8. Based on the information given we were told that the payment that was made represented rent for December 2021 and January 2022 at the amount of $1,000 per month which means that the Journal entry will be recorded as:
Dr Rent expense 1,000
Cr Prepaid rent 1,000
What does an risk management plan addendum look like?
Explanation:
Risk Management is the integral part of any project and it is an ongoing process. When the risk management process is initiated at the beginning of the project, most of the risks involved may be identified and it can be controlled or some measures to counter act them can be developed like involved with the Change Management or the program management.
Risk management addendum contains :
-- introduction
-- target levels
-- acute exposure
-- Estimation of Health Effects for Lead
-- Cumulative Risk
The risk characterization must clearly exhibit the core values of consistency, transparency, reasonableness and clarity.
Fair Oaks Farms’ manure management, specifically the use of cow manure to power their facilities and fuel their milk tankers, is most closely related to which managerial challenge?
Answer:
These are the options for the question:
Managing for globalizationManaging for sustainabilityManaging for animal welfareManaging for diversityManaging for information technologyAnd this is the correct answer:
Managing for sustainabilityExplanation:
The use of cow manure to power facilities and fuel milk tankers is a managerial challenge directly related with the sustaniable aspecto of the Farm.
This is because a natural resource: cow manure, is being used in an efficient manner to provide much needed power to the firm's facilities. The amounts of manure, times, and processes that are used, are all part of the sustainability policy of the farm, which has to be overseen by the manager.
Minnesota Office Products (MOP) produces three different paper products at its Vaasa lumber plant: Supreme, Deluxe, and Regular. Each product has its own dedicated production line at the plant. It currently uses the following three-part classification for its manufacturing costs: direct materials, direct manufacturing labor, and manufacturing overhead costs. Total manufacturing overhead costs of the plant in July 2014 are $150 million ($15 million of which are fixed). This total amount is allocated to each product line on the basis of the direct manufacturing labor costs of each line. Summary data (in millions) for July 2014 are as follows:
Supreme Deluxe Regular
Direct material costs $89 $57 $60
Direct manufacturing labor costs $16 $26 $8
Manufacturing overhead costs $48 $78 $24
Units produced 125 150 140
(1) Compute the manufacturing cost per unit for each product produced in July 2014.
(2) Suppose that, in August 2014, production was 150 million units of Supreme, 190 million units of Deluxe, and 220 million units of Regular. Why might the July 2014 information on manufacturing costs per unit be misleading when predicting total manufacturing costs in August 2014?
Answer:
1)
Supreme Deluxe Regular
Direct material costs $89 $57 $60
Direct manufacturing labor costs $16 $26 $8
Manufacturing overhead costs:
Fixed overhead $4.8 $7.8 $2.4
Variable overhead $43.2 $70.2 $21.6
total costs $153 $161 $92
Units produced 125 150 140
cost per unit $1.224 $1.073 $0.657
2) Some product costs are variable, direct materials and direct labor, while other costs are mixed, manufacturing overhead. $15 million of overhead costs are fixed and they are allocated based on direct labor, while the rest is variable and depends on the production output. Since output production was higher during August, the cost per unit should be lower even if all the variable costs remain the same. As the number of total units produced increases, the fixed overhead cost per unit decreases.
Weber Company purchases $50,000 of raw materials on account, and it incurs $60,000 of factory labor costs. Supporting records show that (a) the Assembly Department used $24,000 of raw materials and $35,000 of the factory labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments.
Answer:
Assembly: 56,000 *Debit, Finishing: 40,000 *Debit, and Factory Overhead: 96,000 *Credit
Explanation:
Assembly
DM: 24,000
DL:35,000
FO: 35,000 x 160% =56,000
Finishing 26,000 and 25,000
FO 25,000 x 160% =40,000
Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund shows $181 in cash along with receipts for the following expenditures: postage, $36; transportation-in, $13; delivery expenses, $15; and miscellaneous expenses, $25. Palmona uses the perpetual system in accounting for merchandise inventory.
Prepare journal entry to establish the fund on January 1, reimburse it on January 8, and reimburse the fund and increase it to $320 on January 8, assuming no entry in part 2. (Hint: Make two separate entries for part 3.)
Answer:
Journal Entry for establishing a Petty cash fund
Date Particulars Debit Credit
Jan 1 Petty cash A/c $270
To Cash A/c $270
(Being Petty cash fund established)
Journal Entry for reimbursement of petty cash
Date Particulars Debit Credit
Jan 8 Postage A/c $36
Transportation A/c $13
Delivery Expense A/c $15
Miscellaneous Exp A/c $25
To Cash A/c $89
(Being reimbursement of petty cash expenses
incurred from petty cash fund)
Journal entry for Increasing the limit of Petty cash fund
Date Particulars Debit Credit
Jan 8 Petty Cash A/c $50
To Cash A/c $50
(Being Petty cash fund limit extended to $320 i.e., we have
to add $50 to existing fund in order to make it $ 320.)
What are key values of group work?
Answer:
the key values of group work is adaptability, honesty, responsibility,etc.
Answer: share,work hard,be fair,explain if someone doesnt understand, be positive.
Explanation: if you didnt do those, then the team would have fallen apart because it was lacking the key values. Without being positive, the person would have made alot of mistakes because they'd be thinking negative and being lazy. (You can add in you own stuff if you want to)
Your shift’s productivity is slow because one person is not pulling his share. The rest of the team is getting upset . What would you be most and least likely to do ?
By default, unless you or someone else records or shares information, your employer cannot see any of your Teams activities. However, the company has the option to build or buy a Teams extension to gain access to information and view your Team activities.
What is shift productivity?A desktop program called Shift can be used to combine various emails and web applications into one simple platform. The shift is the ideal productivity tool for anyone who uses one email account and one app, 50 conversations accounts, 50 apps, or anything in between!
Productivity starts with the fundamental idea of making the most of your time. Multitasking, among other things, can make you sluggish. You can focus better on the things that are important by doing one thing at a time. You might also find it easier to enter a state of flow. Select Notifications from the Settings menu, which is located in the upper right corner of the screen. The following options can be selected (to turn on) or cleared (to turn off) in the Notifications dialogue box: I'm given a task by someone.
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How to start a hotel business
Answer:
Franchise or your own?
Explanation:
You are a manager of a soft drinks company that is planning to go head to head with Coca-Cola to increase market share. Your strategy is to increase your product ranges that you plan to offer to Mass Market. Along with the extension of the products and product lines, you want to be responsive to the different geographic regions you plan to serve. So, your main focus is to balance the extended product categories along with the responsiveness to the geographic regions to serve. Currently you have a functional structure which may not be suitable for maintaining Products along with Geographic Responsiveness. So, you are required to IDENTIFY which Organizational Structure (For Example: PRODUCT BASED DIVISION, REGION BASED DEVISIONS, MATRIX STRUCTURE, etc.) would be best suitable if your strategy intends to: a. Lowering cost b. Increasing responsiveness c. or both Provide Rationale for each of the Structural Choices for the aforementioned three strategic intentions.
Answer:
The Orgnisational Structure that is best suited for the strategy highlighte above is the Martrix Organisational Structure.
Explanation:
The Matrix Organisational Structure is a cross between the Functional Organisational Structure and the Divisional organisational structure. In this type of environment, it is not uncommon to have an employee reporting to two line managers. For example, it is possible under this structure for the Sales Manage to report to the Regional Sales Manager and the Human Resources Manager.
The benefits of this type of structure is that is lowers human capital cost as key people in the organisation are shared, it optimizes the balance between the cost and time taken to complete projects.
Cheers!
Like other manufacturers and sellers, Peoples ProductsCorporation labels its goods. Federal labeling andpackaging rules are enforced by the Federal TradeCommission and:________a. the U.S. Department of Commerce.b. the U.S. Department of Health and Human Services.c. the U.S. Department of Justice.d. the U.S. Department of the Treasury.
Answer:
b. the U.S. Department of Health and Human Services
Explanation:
The goal of the department deals in health and human services in United states is to motivate the health and the well being for providing health and human services, social services, etc
Here the labeling and packaging rules are imposed by the commission earned by trade for federal and the department deals in health and human services in the United States
Hence, the correct option is b as the same is equally important
As a new manager, Candace has had to learn a lot, and sometimes her job is more stressful than she expected. As a manager, she needs to fulfill many roles. Candace schedules employees for shifts at the front desk, in the dog play areas, and in the bathing and grooming rooms. This is part of the _______________role of management, which falls under the___________ component. To adapt to being a manager, Candace has had to get things done by working ____________.
Answer: disturbance handler; decisional; more through others.
Explanation:
As a new manager, Candace has had to learn a lot, and sometimes her job is more stressful than she expected. As a manager, she needs to fulfill many roles. Candace schedules employees for shifts at the front desk, in the dog play areas, and in the bathing and grooming rooms.
This is part of the disturbance handler role of management, which falls under the decisional component. To adapt to being a manager, Candace has had to get things done by working more through others.
By 2025, annual consumption in emerging markets will total $30 trillion and contribute more than ________ percent of global GDP growth.a. 81b. 85c. 70d. 78e. 65
Answer:
c. 70
Explanation:
There is the highest growth opportunity in the history of capitalism. As per the top hundred in 2010 in the biggest organization of the headquarter of the world in the nation of developed as it gets 17% of its income which is appear from the markets.
Therefore, their donation was 36% of the global gross domestic product. After this, the economies are expected to give a 70% contribution till 2025. Hence, the cost will rise to $30 trillion from $12 trillion till 2025.
So, the correct answer is c.
Gadget Twin Inc. recently raised capital through an initial public offering (IPO). Its stock can now be purchased on the NYSE. This company is referred to as:
Answer:
This company is referred to as:
a listed entity.
Explanation:
Gadget Twin Inc. becomes a listed entity when it raises capital through an IPO on the NYSE. This means that its share, stock, and debt securities are quoted or listed on a recognized stock exchange, and marketed under the regulations of the New York Stock Exchange. Therefore, Gadget's stockholders and investors can easily sell and buy the shares of the company at the secondary market of the NYSE without any effect on Gadget Twin Inc.
What is a subcontractor
Answer:
a firm or person that carries out work for a company as part of a larger project.
A subcontractor is an individual or a business that signs a contract to perform part or all of the obligations of another's contract. A subcontractor is a company or person whom a general contractor hires to perform a specific task as part of an overall project and normally pays for services provided to the project.
A subcontractor is a person or business who has a contract to complete a portion of work that belongs to another company.
What do you mean by the Subcontractor?An individual or company that enters a contract to carry out some or all of the duties of another's contract is known as a subcontractor. Simply said, a subcontractor's job is to carry out the work for which they have been paid by the main contractor.
A general contractor, prime contractor, or main contractor will hire a subcontractor (or subcontractor) to complete a specific task as part of the overall project. The subcontractor will typically be paid for the services they give to the project.
A subcontractor who enters into a contract with the principal contractor to supply or fix any products or materials or to carry out work that is a component of the principal contract.
Therefore, a subcontractor is a person or business who has a contract to complete a portion of work that belongs to another company.
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The standard long-run model assumes that:_____.
a. technology improves at an increasing rate over time.b. technological advance is impossible.c. technology is fixed.d. costs of production are fixed.
Answer: a. technology improves at an increasing rate over time.
Explanation:
In the long run, companies will aim to be more efficient so that they may be able to produce goods and services at a lower cost and so they will actively seek out new technology to help them with this.
This will result in technology improving at an increasing rate overtime as more and more technology is discovered and then made obsolete. Improvements in tech brings down cost and the company with the least cost will be the most profitable.
Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $0.75 and the price of peanuts is $1.50.
a. Complete the table below showing the alternative combinations of the two products that are available.
Instructions:Enter only whole numbers.
Consumption Alternatives
Goods A B C D E F
Candy Bars 0 4 8 12 16 20
Bags of Peanuts
b. Use the data in the above table to plot a budget line in the graph with candy bars on the horizontal axis.
Answer:
a)
candy bars bags of peanuts
20 0
16 2
12 4
8 6
4 8
0 10
b)
I attached the budget line graph
Managerial accounting information is limited or restricted by which of the following authorities or principles?
A) Securities and Exchange Commission
B) Financial Accounting Standards Board
C) Generally Accepted Accounting Principles
D) Value Added Principle
Answer: B. Financial Accounting Standards Board
Explanation:
In managerial accounting, it should be noted that managers use available accounting information to inform themselves better before they make managerial decisions in their organization.
Managerial accounting information is limited or restricted by Financial Accounting Standards Board. The primary purpose of the board is to establish and also improve accounting principles in the public's interest.
Compute the future value of a $130 cash flow for the following combinations of rates and times. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
a. r = 7%; t = 10 years
b. r = 7%; t = 20 years
c. r = 3%; t = 10 years
d. r = 3%; t = 20 years
Answer:
Future Value formula = Amount * ( 1 + r) ^ no.of periods
a. Future Value = 130 * ( 1 + 7%) ^ 10
= $255.7296
= $255.73
b. Future Value = 130 * ( 1 + 7%) ^ 20
= $503.05898
= $503.06
c. Future Value = 130 * ( 1 + 3%) ^ 10
= $174.709
= $174.71
d. Future Value = 130 * ( 1 + 3%) ^ 20
= $234.794
= $234.79
You were recently hired by the CPA firm of Honson & Hansen. Within two weeks, you were sent to the first- year staff training course.
A. How is audit evidence defined?
B. How does audit evidence relate to assertions and to the audit report?
C. What characteristics of evidence should an auditor be concerned with when searching for and evaluating audit evidence?
Answer:
A. Obtained by the following :
Risk Assessment ProceduresTest of ControlsSubstantive ProceduresProfessional SkepticismB. Audit Evidence and Audit Report
Audit Evidence support assertions made by management in the Financial Reports.
C. Characteristics of Audit Evidence
Sufficient andAppropriateExplanation:
Audit Evidence is evidence obtained by auditors during a financial audit. Audit evidence is used by management to support their assertions in the Financial statements.
An example of audit evidence is an Invoice. The invoice supports the value of sales on the Income Statement, the valuation of Accounts Receivables on the Statement of Financial Position.
Audit evidence that is acceptable must be Sufficient and Appropriate. Invoices in the example above are only sufficient and appropriate if they contain signatures and supported by other documents from third parties.
Natalie has prepared the balance sheet and income statement of Cookie & Coffee Creations Inc. and would like you to prepare the cash flow statement. The comparative balance sheet of Cookie & Coffee Creations Inc. at October 31, 2018 for the years 2018 and 2017 and the income statement for the year ended October 31, 2018, are presented below.COOKIE & COFFEE CREATIONS INC.Balance SheetOctober 31,Assets 2018 2017 Cash $22,324 $5,550 Accounts receivable 3,250 2,710 Inventory 7,897 7,450 Prepaid expenses 5,800 6,050 Equipment 102,000 75,500 Accumulated depreciation— equipment (25,200 ) (9,100 )Total assets $116,071 $88,160COOKIE & COFFEE CREATIONS INC.Balance SheetOctober 31,Liabilities and Stockholders’ Equity 2018 2017Accounts payable $1,150 $2,450Income taxes payable 9,251 7,200Dividends payable 27,000 27,000Salaries and wages payable 7,250 1,280Interest payable 188 0Note payable 10,000 0Preferred stock, no par, $6 cumulative, 3,000 and 2,800 shares issued, respectively 15,000 14,000Common stock, $1 par—25,180 shares issued and outstanding 25,180 25,180Additional paid-in capital—treasury stock 250 250Retained earnings 20,802 10,800Total liabilities and stockholders’ equity $116,071 $88,160COOKIE & COFFEE CREATIONS INC.Income StatementYear Ended October 31, 2018Sales $485,625Cost of goods sold 222,694Gross profit 262,931Operating expenses Salaries and wages expense $147,979 Depreciation expense 17,600 Other operating expenses 48,186 213,765Income from operations 49,166Other expenses Interest expense $413 Loss on disposal of plant assets 2,500 2,913Income before income tax 46,253Income tax expense 9,251Net income $37,0021. Equipment (cost $4,500 and book value $3,000) was disposed of at the beginning of the year for $500 cash and replaced with new equipment purchased for $4,000 cash.2. Additional equipment was bought for $14,000 on November 1, 2017. A $12,000 note payable was signed. The terms provide for equal semi-annual installment payments of $2,000 on May 1 and November 1 of each year, plus interest of 5% on the outstanding principal balance.3. Other equipment was bought for $13,000 cash.4. Dividends were declared on the preferred and common stock on October 15, 2018, to be paid on November 15, 2018.5. Accounts payable relate only to merchandise creditors.6. Prepaid expenses relate only to other operating expenses.Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the year ended October 31, 2018, using the indirect method.Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the year ended October 31, 2018, using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Answer:
2
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