The given statement ''one of the important factors to consider in the selection of contract type is the degree of risk for the seller and the buyer that each type of contract presents'' is true.
What is contract selection?The choice of a contract is made based on the scope's ambiguity, the distribution of risk, the requirement for predictable costs, and the significance of achieving deadlines. When the scope is well specified, the whole fixed cost is one price.Fixed-price and cost-reimbursement contracts with the federal government are the two primary categories that are most frequently used. Incentives, time-and-materials, labor-hour, indefinite delivery, and letter contracts are examples of other contract forms.Fixed-price agreements. When someone is certain of the scope of the task, this sort of contract is the best. This contract, sometimes referred to as a lump sum agreement, is the most effective technique to keep expenses down when you can foresee the scope.Learn more about contract refer to :
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Some advertising campaigns aim to change consumer attitudes about a product. When a firm is trying to change attitudes, advertising campaign objectives are stated in ____ terms. Which of the following is not a public relations tool? a. News release. b. Publicity. c. Free samples d. Press conference e. Feature article Many trade sales promotion methods, such as temporary price reductions, encourage the marketing channel to "overload" the channel with inventory that will not be sold soon. Overloading can increase sales in the short run but hurt sales in the longer term. Which trade sales promotion method can fight channel overloading?
Answer:
Advertising Campaigns
1. When a firm is trying to change attitudes, advertising campaign objectives are stated in ____ terms.
persuasive
2. Not a public relations tool:
e. Feature article
3. The trade sales promotion method that can fight channel overloading is the offer of discounts to retailers, wholesalers, or other business buyers.
Explanation:
Feature articles are in-depth descriptions and analyses of a place, a person, an idea, or an organization. Generally, feature articles concentrate on topical events, people, or issues and are written by experts to provide background information on newsworthy topics with the writer's personal slant or experience.
When a firm is trying to change attitudes, advertising campaign objectives are stated in persuasive terms.
Some advertising campaigns aim to change consumer attitudes about a product. It should be noted that a feature article is not a public relations tool.
In conclusion, the trade sales promotion method that can fight channel overloading is the offer of discounts to retailers, and wholesalers.
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Ellis Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Raw materials purchased on account $475,000 Raw materials (all direct) requisitioned for use in production $476,000 Direct labor cost $640,000 Manufacturing overhead: Indirect labor cost $174,000 Other manufacturing overhead costs incurred $498,000 Cost of goods manufactured $1,469,000 Cost of goods sold (unadjusted) $1,430,000 6. The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:
Answer:
It is the Cost of Goods Manufactured that should be transferred to the Finished Goods account. As both of them are asset account, adding to the Finished Goods account would debit it and taking from the Work in Process account would credit it.
Date Account Title Debit Credit
XX-XX-XXX Finished Goods $1,469,000
Work in Process $1,469,000
Click this link to view O*NET’s Work Context section for Human Resources Managers. Note that common contexts are listed toward the top, and less common contexts are listed toward the bottom. According to O*NET, what are some common work contexts for Human Resources Managers? Check all that apply.
cramped work space, awkward positions
freedom to make decisions
electronic mail and telephone
sound, noise levels are distracting
extremely bright or inadequate lighting
face-to-face discussions
Answer:
b c f
Explanation:
Oops, they done did it again
Another mate dead, misplaced his head
Oh, who could it be?
I mean, it definitely wasn't me
No clue where that charlatan ran?
I've been around the Skeld, only know too well
Villain vampires want fresh blood
So now everyone's sus
Are you crawling 'round the vents
Or can you prove your innocence?
Don't go lyin' to me!
I saw a body lyin' there!
Don't go lyin' to me
Don't go lyin', don't go lyin'
I ain't gonna let there be
No more dyin', no more dyin'
Don't go lyin' to me!
I saw a body lying there!
It was right there!
So Jordan was in Medbay, Ellie in elec'
Jerome was roaming through the hallways
Guess we gotta, gotta do a triple-check
It ain't the killer's holiday
Are you crawling 'round the vents
Or can you prove your
Don't go lyin' to me!
I saw a body lyin' there!
Don't go lyin' to me
Don't go lyin', don't go lyin'
I ain't gonna let there be
No more dyin', no more dyin'
Don't go lyin' to me!
I saw a body lying there!
It was right there!
(Don't go lyin' to me!)
(Do-do-don't go lyin' to me!)
It was right there!
It was right there!
(Don't go lyin' to me!)
(Do-do-don't go lyin' to me!)
It was right there!
Listen to me, listen now, lend me your ears
Let me lay it out easy so to lessen all your fears
Just living and loving, not about to let you down
Let's look at this logically, figure this out
We can likely verify each other's alibis
No need to allegate, litigate, itemize lies
I just wanna live free, liberty, let me be
And I won't be ejected, not a liability
Back off!
Don't go lyin' to me!
I saw a body lyin' there!
Don't go lyin' to me
Don't go lyin', don't go lyin'
I ain't gonna let there be
No more dyin', no more dyin'
Don't go lyin' to me!
I saw a body, a body!
Don't go lyin' to me!
I saw a body lyin' there!
Don't go lyin' to me
Don't go lyin', don't go lyin'
I ain't gonna let there be
No more dyin', no more dyin'
Don't go lyin' to me!
I saw a body lying there!
It was right there!
Answer:
wow that's ummmmmmmmm cool
The following data pertain to Frontier Enterprises:
Variable manufacturing cost $ 70
Variable selling and administrative cost 20
Applied fixed manufacturing cost 40
Allocated fixed selling and administrative cost 15
What price will the company charge if the firm uses cost-plus pricing based on variable manufacturing cost and a markup percentage of 110%?
A. $84.
B. $147
C. $210.
D. $231
E. Some other amount.
Answer:
D. $231.
Explanation:
With regards to the above, first we need to compute the total manufacturing cost.
Total manufacturing cost = Variable manufacturing cost + Applied fixed manufacturing cost
= $70 + $40
= $110
Then,
= $110 + ($110 × 1.1)
= $110 + $121
= $231
Therefore , the company will charge $231 if cost- plus pricing based is used.
urendra’s personal residence originally cost $340,000 (ignoring the value of the land). After living in the house for five years, he converts it to rental property. At the date of conversion, the fair market value of the house is $320,000. As to the rental property, calculate Surendra’s basis for: Loss. Depreciation. Gain. Could Surendra have obtained better tax results if he had sold his personal residence for $320,000 and then purchased another house for $320,000 to hold as rental property? Explain. Summarize your answer to this problem in an e-mail to your instructor.
Answer:
a. Loss
When a property is converted from being for personal use to being for business use, the basis for loss is the lower of the basis after it is adjusted for its new purpose or; the fair market value.
Adjusted = $340,000
Fair market value = $320,000
Loss basis will therefore be the lower value of $320,000
b. Depreciation:
Again, when a situation arises that a personal use property is converted to business, the depreciation is the same as the loss basis. This is the same as the loss basis because the residence was converted from personal use to business use.
= $320,000
c. Gain
= Adjusted basis of the property
= $340,000
d. No.
Capital loss on personal property sales is recognized for deduction so Surendra would have incurred a loss of $20,000 had he sold the residence. He would not have obtained better tax results if he had sold the residence.
Absorption and Variable Costing; Inventory Valuation Bondware Inc., has a highly automated assembly line that uses very little direct labor. Therefore, direct labor is part of variable overhead. For March, assume that it incurred the following unit costs: Direct materials $500 Variable overhead 440 Fixed overhead 160 The 100 units of beginning inventory for March had an absorption costing value of $90,000 and a variable costing value of $76,000.
For March, assume that Bondware Inc. produced 500 units and sold 540 units.
Compute Bondware's March amount of ending inventory under both absorption and variable costing if the FIFO inventory method was used.
Ending Inventory
Absorption Costing $ (Answer)
Variable Costing $ (Answer)
Answer:
Bondware Inc.
FIFO Inventory Method:
Ending Inventory (60 units):
Absorption Costing = $66,000
Variable Costing = $56,400
Explanation:
a) Data and Calculations:
Unit Production Costs for March:
Direct materials $500
Variable overhead 440
Total variable cost $940
Fixed overhead 160
Total manufacturing
costs per unit $1,100
Calculation of Ending Units of Inventory:
Beginning units 100
Units produced = 500
Units sold = (540)
Ending units = 60
Beginning Inventory, 100 units:
Absorption costing value = $90,000
Variable costing value = $76,000
FIFO Inventory Method:
Ending Inventory:
Absorption Costing = 60 * $1,100 = $66,000
Variable Costing = 60 * $940 = $56,400
Universal Foods issued 10% bonds, dated January 1, with a face amount of $176 million on January 1, 2021 to Wang Communications. The bonds mature on December 31, 2035 (15 years). The market rate of interest for similar issues was 12%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. to 3. Prepare the journal entries to record the purchase of the bonds by Wang Communications on January 1, 2021, interest revenue on June 30, 2021 and interest revenue on December 31, 2028
Answer:
January 1, 2021
Dr Investment in bonds $176 million
Cr Discount in Investment in bonds $24,226,136
Dr Cash $151,773,864
June 30, 2021
Dr Cash $8,800,000
Dr Discount in Investment in bonds $897,538
Cr Interest Revenue $9,607,538
December 31, 2028
Dr Cash $8,800,000
Dr Discount in Investment in bonds $897,538
Cr Interest Revenue $9,607,538
Explanation:
1. to 3. Preparation of the journal entries to record the purchase of the bonds by Wang Communications on January 1, 2021, interest revenue on June 30, 2021 and interest revenue on December 31, 2028
January 1, 2021
Dr Investment in bonds $176 million
Cr Discount in Investment in bonds $24,226,136
($151,773,864-$176 million)
Dr Cash $151,773,864
(To record purchase of bonds)
June 30, 2021
Dr Cash $8,800,000
($176 million*10%/2)
Dr Discount in Investment in bonds $897,538
($24,226,136/30)
Cr Interest Revenue $9,607,538
($8,800,000+$897,538)
(To record Interest Revenue)
December 31, 2028
Dr Cash $8,800,000
($176 million*10%/2)
Dr Discount in Investment in bonds $897,538
($24,226,136/30)
Cr Interest Revenue $9,607,538
($8,800,000+$897,538)
(To record Interest Revenue)
Present value of an ordinary annuity of $1 n=30 I=6%
Present value of an ordinary annuity of $1 =13.76483
Present value of $1 n=30 I=6%
Present value of $1=0.17411
Interest ($176 million *5%*13.76483) $121,130,504
Principal ($176 million*0.17411) $30,643,350
=$151,773,864
Old Economy Traders opened an account to short-sell 1,300 shares of Internet Dreams at $46 per share. The initial margin requirement was 50%. (The margin account pays no interest.) A year later, the price of Internet Dreams has risen from $46 to $59, and the stock has paid a dividend of $3.50 per share. a. What is the remaining margin in the account? (Round your answer to the nearest whole dollar.)
Answer: $8450
Explanation:
First, we need to calculate the total initial asset which will be the value of shares sold and the margin which will be:
= (1300 × $46) + (50% × 1300 × $46)
= $59800 + $29900
= $89700
We will then calculate total liability which will be:
= (1300 × $59) + (1300 × $3.50)
= $76700 + $4550
= $81250
The remaining margin will then be:
= $89700 - $81250
= $8450
Expenditures for major additions, improvements and flight equipment modifications are capitalized when such costs are determined to extend the useful life of the asset or are part of the cost of acquiring the asset. Expenditures for equipment overhaul costs of engines or airframes prior to their operational use are capitalized as part of the cost of such assets as they are costs required to ready the asset for its intended use. Maintenance and repairs costs are charged to expense as incurred.
Assume that FedEx made extensive repairs on an existing building and added a new wing. The building is a garage and repair facility for delivery trucks that serve the Denver area. The existing building originally cost $720,000, and by the end of 2010 (10 years), it was half depreciated on the basis of a 20-year estimated useful life and no residual value. Assume straight-line depreciation was used. During 2011, the following expenditures related to the building were made:
a. Ordinary repairs and maintenance expenditures for the year, $7,000 cash.
b. Extensive and major repairs to the roof of the building, $122,000 cash. These repairs were completed on December 31, 2011.
c. The new wing was completed on December 31, 2011, at a cash cost of $230,000.
Required:
Apply the policies of FedEx.
Answer:
FedEx
Applying the policies of FedEx:
a and b. Total repairs and maintenance expenses to be charged to the income statement = $129,000 ($7,000 + $122,000).
c. The building extension cost of $230,000 will be capitalized.
The Building will now have a total cost value of $950,000 Accumulated Depreciation of $396,000.
Therefore, the net book value of building at the end of December 31, 2011 will be $554,000 ($950,000 - $396,000).
Explanation:
a) Data and Analysis:
Cost of existing building = $720,000
Book value of existing building = $360,000 ($720,000 * 10/20)
Transactions and adjustments during 2011:
a. Repairs and Maintenance Expenses $7,000 Cash $7,000
b. Repairs and Maintenance Expenses $122,000 Cash $122,000
c. Building extension $230,000 Cash $230,000
d. Depreciation Expense on existing building = $36,000 ($720,000/20).
e. Accumulated Depreciation on Building, Dec. 31, 2011 = $396,000 ($360,000 + $36,000)
Suppose it is announced that industry analysts are predicting that decreased oil supplies from one of the exporter countries will cause gasoline prices to rise, beginning next month. In the current week, the announcement would: Shift the supply of gasoline right Shift the demand for gasoline right Shift the demand for gasoline left no effect on the demand or supply of gasoline
Answer: Shift the demand for gasoline right
Explanation:
If it is announced that there'll be an increase in the prices of gasoline starting from the following month, this will bring about a situation whereby people will start rushing to buy gasoline before the following month when there will be an increase in its price.
In such case, there'll be a shift in the demand for gasoline to the right as there'll be an increase in the demand for gasoline.
On January 1 of this year, Nowell Company issued bonds with a face value of $240,000 and a coupon rate of 6.0 percent. The bonds mature in five years and pay interest semiannually every June 30 and December 31. When the bonds were sold, the annual market rate of interest was 6.0%.
1. What was the issue price on January 1 of this year?
2. What amount of interest expense should be recorded on June 30 and December 31 of this year?
3. What amount of cash is owed to investors on June 30 and December 31 of this year?
4. What is the book value of the bonds on December 31 of this year, December 31 of next year?
Answer:
1. What was the issue price on January 1 of this year?
since the coupon rate was 6% and the market rate was the same, the bonds will be sold at par, so their issue price = $240,000
2. What amount of interest expense should be recorded on June 30 and December 31 of this year?
interest expense = coupon rate = $7,200 (for both June 30 and December 31)
3. What amount of cash is owed to investors on June 30 and December 31 of this year?
Face value = $240,000
4. What is the book value of the bonds on December 31 of this year, December 31 of next year?
Face value = $240,000
The issue price is $240,000, interest expenses will be $7,200 each time. the company owes the investor the interest and the book value is $240,000.
What is face value?Face value is the original cost with which the shares are shown/ registered on the stock exchange. It is the amount that the company has to pay to the holder of the bonds in maturity, it is the par value for bonds.
1. The issue price of 6% coupon rate bonds is $240,000.
2. The amount of interest expense that should be recorded on June 30 and December 31
$240,000 X 6%=$14,400annually
but it is paid semi-annually so=$14,400/2= $7,200 for each time
3. The amount owed to the investor by the company will be the interest amount i.e $7,200 each on June 30 and December 31.
4. The book value of the bond will be the face value for which it was issued i.e $240,000.
Therefore the above statements aptly explain the facts.
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You invest $3,000. You have speculated that you will earn an average of 7% on your initial investment each year. What do you expect the total value to be in ten years?
Answer:
$5,100 Dollars
Explanation:
3,000 x .07 = 210
210 x 10 = 2100
3,000 + 2100 = 5100
You will have $5,100 dollars total value in 10 years!
Using the supply and demand analysis of the market for reserves, indicate what happens to the federal funds rate, borrowed reserves, and nonborrowed reserves, holding everything else constant, under the following situations. a. The economy is surprisingly strong, leading to an increase in the amount of checkable deposits. b. Banks expect an unusually large increase in with-drawals from checking deposit accounts in the future. c. The Fed raises the target federal funds rate. d. The Fed raises the interest rate on reserves above the current equilibrium federal funds rate. e. The Fed reduces reserve requirements. f. The Fed reduces reserve requirements and then off-sets this action by conducting an open market sale of securities.
Answer:
The federal fund rate will increase, non borrowed reserves will decrease and no change in borrowed reserves.
Explanation:
Federal fund rate is an interest rate which banks pay off each night on depository funds. This rate can be above the discount rate because banks prefer to pay higher market rate than to borrow from Fed. When the fed raises target federal fund than federal fund rate will increase causing a decline in no borrowed reserves.
Please help me to solve this question.
Answer:
the reproduction in which fertilization takes place is called sexual reproduction.ii . multiple fission
hope it is helpful to you
Selected information from the payroll register of Barbara's Stables for the week ended September 28, 20--, is as follows: Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% of gross earnings, FUTA tax is 0.8%, and SUTA tax is 5.4% each on the first $7,000 of earnings.
Employee Name Cumulative Pay Before Current Earnings Current Gross Pay
Jordahl, Stephanie $6,600 $1,190
Keesling, Emily 6,150 1,070
Palmer, Stefan 55,200 2,410
Soltis, Robin 54,300 2,280
Stout, Hannah 29,050 2,030
Xia, Xu 116,630 2,850
Required:
a. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes.
b. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.
Explanation:
Selected information from the payroll register of Barbara's Stables for the week ended September 28, 20-, is as follows: Social Security tax is 6.2% on the first $110,100 of earnings for each employee. Medicare tax is 1.45% of gross earnings, FUTA tax is 0.8%, and SUTA tax is 5.4% each on the first $7,000 of earnings. Taxable Earnings Unemployment Social Compensation Security Employee Name Carlos, Peggy Sanchez, Carmela Delaney, Roger Weitz Alana Dunhill, Craig Bella, Stephen Cumulative Pay Current Before Current Gross Earnings Pay $ 84,240 $2,350 81,900 2,100 109,800 3,320 6,300 1,100 6,800 1,000 42,330 1,850 1. Calculate the number of taxable earnings for unemployment and Social Security taxes. Cumulative Pay Current Taxable Earnings Before Current Gross Unemployment Social Employee Name Earnings Pay Compensation Security Carlos, Peggy $ 84,240 $2,350 Sanchez, Carmela 81,900 2,100 Delaney, Roger 109,800 3,320 Weita, Alana 6,300 1,100 Dunhill, Craig 6.800 Bella, Stephen 42,330 1,050 1.000 2. Prepare the journal entry to record the employer's payroll taxes as of September 28, 20, If required, round your answers to the nearest cent. If an amount has not required an entry leave it blank
Fiona is a manager who believes in Theory Y of leadership. What does she assume about her employees according to this theory? A. Employees have to be reprimanded for bad ideas. B. Employees are self-motivated in their work. C. Employees need constant supervision. D. Employees are always ready to leave the company.
Answer:
b
Explanation:
Employees are self-motivated in their work.
The dollar-value LIFO method was adopted by Bramble Corp. on January 1, 2020. Its inventory on that date was $298,300. On December 31, 2020, the inventory at prices existing on that date amounted to $280,000. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. Your Answer Correct Answer Correct answer iconYour answer is correct. Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method. Inventory 12/31/20 under dollar-value LIFO method $ 250000 eTextbook and Media Solution
Answer:
8642$ i think
Explanation:
Answer:
On December 31, 2020, the inventory at prices existing on that date amounted to $280,000. The price level on January 1, 2020, was 100.
Explanation:
The-dollar-value LIFO method was adopted by Bramble Corp. on January 1, 2020. Its inventory on that date was $298,300. On December 31, 2020, the inventory at prices existing on that date amounted to $280,000. The price level on January 1, 2020, was 100, and the price level on December 31, 2020, was correct.
g Jesse Co. reports a taxable and pretax financial loss of $800,000 for 2019. Jesse's taxable and pretax financial income and tax rates for the last two years were: 2017 $800,000 20% 2018 800,000 35% The amount that Jesse should report as an income tax refund receivable in 2019, assuming that it uses the carryback provisions and that the tax rate is 40% in 2019, is
Answer:
$160,000
Explanation:
Calculation to determine The amount that Jesse should report as an income tax refund receivable in 2019
Using this formula
2019 income tax refund receivable=Taxable and pretax financial income * Tax rate
Let plug in the formula
2019 income tax refund receivable =($800,000 × 20%)
2019 income tax refund receivable= $160,000
Therefore The amount that Jesse should report as an income tax refund receivable in 2019 is $160,000
make balance sheet
1.sold all the stock for 5000 and receive a cheque
2. a trade receivable paid 600 by cheque
3. the owner took 800 from the bank for personal use
4. withdrew 2000 from the bank for business expenses
Answer:
Balance Sheet as at year end
ASSETS
Cash (5000 + 600 - 800 - 2000) $2,800
Trade Receivable ( -600) ($600)
TOTAL ASSETS $2,200
EQUITY AND LIABILITIES
EQUITY
Retained Earnings (5000 -800 - 2000) $2,200
TOTAL EQUITY $2,200
LIABILITIES
Liabilities $0
TOTAL LIABILITIES $0
TOTAL EQUITY AND LIABILITIES $2,200
Explanation:
The Balance sheet contains balances of Assets, Liabilities and Equity as at the Reporting date.
So given the above transactions above, we have to identify which accounts (Assets, Liabilities or Equity) are affected by each transaction, than record under the relevant heading as shown in the solution.
The Wheat Company has used the LIFO method for inventory valuation since the start of business 15 years ago. The current year ending inventory is $375,000. If the FIFO method of inventory had been used, the inventory would be $450,000. If Wheat Company had used the FIFO inventory method, pre-tax income would have been: Multiple Choice
Answer: $75,000 higher over the 15 year period.
Explanation:
Current year ending inventory using LIFO = $375,000
Current year ending inventory assuming FIFO was used = $450,000
If Wheat Company had used the FIFO inventory method, there will have been a difference of ($450,000 - $375,000) = $75,000 in pre-tax income over the 15 years period.
Therefore, if Wheat Company had used the FIFO inventory method, pre-tax income would have been $75,000 higher over the 15 year period.
Ayayai Corp. uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows: Units Per unit price Total Balance, 1/1/2022 280 $5 $1400 Purchase, 1/15/2022 140 ..5 700 Purchase, 1/28/2022 140 ..5 700 An end of the month (1/31/2022) inventory showed that 230 units were on hand. How many units did the company sell in January 2022
Answer: 330 units
Explanation:
Units sold in January = Units available for sale - Ending inventory
Units available for sale = Beginning inventory + Purchases
= 280 + 140 + 140
= 560 units
Units sold = 560 - 230
= 330 units
Which of the following is considered important in a company's attempt to strengthen partner relationships? Group of answer choices The partnership's objectives should move beyond tactical issues and toward a more strategic path The partnership should have a shared vision and objectives The partnership should have measurable objectives The vision and objectives should be accepted and formally agreed upon by both parties All of the above are considered important in strengthening partner relationships
Answer:
All of the above are considered important in strengthening partner relationships
Explanation:
Partner relationship exists when two or more people come together to undertake a business venture. Profits and losses are between all partners.
Maintaining a good partner relationship ensures that the business performs and meets its goals.
A strategic path for objectives of the partners means the business does not only plan but executes its plans.
Shared vision and objectives ensures the partners work in harmony to achieve set targets.
The obejecives should be measureable, this sets realistic milestones.
Also shared vision and objectives should be formally agreed to by all parties.
Identify a product you use every day. Assume you are the marketer of the product and want to convey the ways your product differs from competing products in the marketplace. Create a differentiation strategy to promote your product and create a competitive advantage
Answer:
Being a marketer for a product like Nike shoe, here, Nike shoe is different from other shoes as this shoe has unique brand value include swoosh logo, design of the shoe that could be customized, highly comfortable for various.
The following information pertains to Sandhill Company.
1. Cash balance per books, August 31, $7,374.
2. Cash balance per bank, August 31, $7,338.
3. Outstanding checks, August 31, $708.
4. August bank service charge not recorded by the depositor $60.
5. Deposits in transit, August 31, $3,710.
In addition, $3,026 collected for Sandhill Company in August by the bank through electronic funds transfer. The accounts receivable collection has not been recorded Sandhill Company.
1. Prepare a bank reconciliation at August 31, 2022. (List items that increase balance as per bank & books first.)
CULLUMBER COMPANY
Bank Reconciliation
2. Journalize the adjusting entries at August 31 on the books of Cullumber Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
July 31 (To record electronic funds transfer received by bank)
July 31 (To record bank service charge)
Answer:
Sandhill Company
Bank Reconciliation Statement for August
$
Cash balance per books 7374
Outstanding checks 708
August bank service charge (60)
Deposits in transit (3710)
Electronic funds transfer 3026
Balance per bank 7338
Adjusting entries
August bank service charge
Dr Bank charge $60
Cr Cash account $60
Being entries to record the bank charge for August
Electronic funds transfer
Dr Cash Account $3026
Cr Accounts receivable $3026
Being entries to record cash received from a customer
Explanation:
The bank reconciliation statement identifies transactions that have been correctly recorded by the bank but are yet to be correctly recorded in the books (if recorded).
Considering the given transactions;
Outstanding checks have been deducted from the cash book but are yet to be deducted from the bank.
The bank charge has been deducted from the bank balance but is yet to be recorded in the cash book.
Deposits in transit has been added to the cash book balance but is yet to be added to the bank balance hence it is deducted from the cash book balance to reconcile it to the bank balance.
Electronic funds transfer has been added to the bank balance and will be added to the cash book balance.
Only the bank charge and electronic transfer are yet to be adjusted for in the books hence adjusting entries are required for these 2 items.
How and why would the accounting profession use the results of behavioural research in accounting
Answer:
Behavioral accounting is a subset of accounting that, in addition to accounting expertise, is concerned with behavior. It is concerned with people's attitudes and behaviors when confronted with an accounting phenomenon, which defines the actions that they will exhibit in decisionmaking. This accounting specialization addresses issues such as human informationprocessing activity, judgement accuracy, accounting problems caused by accounting information users and suppliers, and accounting information users' and producers' decisionmaking skills.
Behavioral psychology seeks to understand how people make choices, communicate with others, and affect economies and societies. The impact of accounting knowledge on conduct, administrative management (budget engagement, nonfinancial interventions, leadership, and balanced scorecard), auditing (auditorclient negotiations, auditor's judgement, and decisionmaking), and ethics (ethical decisionmaking, ethical orientation, and rationalizations for unethical behavior) are all included under the Behavioral accounting definition.
The accounting profession use the results of behavioural research in accounting so that they can understand the behaviour of different entities like a consumer or a retailer and use that in the accounting so that it can help in making a better conclusion.
What is research ?Research is a defined as the whole process of making hypothesis, collection of data; and analysis and interpretation of that data/information, in accordance with suitable methodologies and drawing the conclusion.
Behavioral research tries to find out how individuals make decisions, interact and influence other individuals, organizations, markets, and society. Behavioral research about individuals like consumers is used in accounting to analyze and study about the outcome or result like profits.
So we can say that behavioural research plays an important role in analyzing the data and for drawing the conclusion in accounting.
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What happens to the equilibrium price and quantity in the market for orange juice in Florida if a hurricane causes a seasonal orange shortage and the price of apple juice falls substantially. Select the correct answer below: the equilibrium price of orange juice will fall the equilibrium price of orange juice will rise the equilibrium quantity will rise the equilibrium quantity will fall
Answer:
equilibrium quantity would fall
Explanation:
orange is an input for making orange juice
As a result of the hurricane, orange farms would be destroyed. there would be less orange to make orange juice. this would shift the supply curve for orange juice to the left. as a result, equilibrium price would rise and equilibrium quantity would fall
I am assuming that apple juice is a substitute for orange juice. A decrease in the price of apple juice would lead to an increase in the demand for apple juice and decrease the demand for orange juice. the demand curve for orange juice would shift inwards. Equilibrium price and quantity would fall
taking these two effects together, equilibrium quantity would fall. there would be an indeterminate effect on equilibrium price
The following cost behavior patterns describe anticipated manufacturing costs for 2019: raw material, $7.50/unit; direct labor, $10.50/unit; and manufacturing overhead, $297,500 $8.50/unit. Required: If anticipated production for 2019 is 35,000 units, calculate the unit cost using variable costing and absorption costing. (Round your answers to 2 decimal places.)
Answer:
Unit cost
$
Variable costing 18
Absorption costing 26.5
Explanation:
Variable costing values every unit produced at the marginal cost. Marginal cost is the sum of direct material, direct labor and variable overhead.
Marginal cost = 7.50 + 10.50 =$18
Absorption costing values every unit at full cost. Full cost is the sum of marginal and fixed overhead cost per unit,
Fixed overhead cost per unit = $297,500/35,000=8.5
Full cost = 7.50 + 10.50 + 8.50= $26.5
Unit cost
$
Variable costing 18
Absorption costing 26.5
An advantage of organization in the u.s. that compete globally is
Answer:
An advantage of organization in the U.S. that compete globally is:
a. Poor quality of Japanese companies
b. Strong entrepreneurial spirit
c. Government regulations
d. Protectionist sentiment
Please mark my answer as brainliest for further answers :)Patterson and Clay Companies both use cost-plus pricing formulas and arrived at a selling price of $1,000 for the same product. Patterson uses absorption manufacturing cost as the basis for computing its dollar markup whereas Clay uses total cost. Which of the following choices correctly denotes the company that would have (1) the higher cost basis for deriving its dollar markup and (2) the higher markup percentage?
Cost Basis Patterson Patterson Clay Clay More information is needed to judge Markup Percentage Patterson Clay Patterson Clay More information is needed to judge
A. Choice A
B. Choice B
C. Choice C
D. Choice D
E. Choice E
Answer:
Patterson and Clay Companies
1. Higher cost basis for marking up is:
= Clay Company
2. Higher markup percentage is:
= Patterson Company
Explanation:
a) Data and Analysis:
Costing formulas:
Patterson:
Absorption manufacturing cost
Markup = Higher markup rate
Selling price $1,000
Clay:
Total cost = Higher cost basis for marking up
Markup
Selling price $1,000
b) Total cost is higher than total manufacturing costs. It includes more than the total manufacturing costs. Absorption manufacturing costs only include the variable manufacturing costs and fixed manufacturing overhead costs. Total costs include all the absorption costs and other selling, administrative, and distribution costs.