Answer:
to determine how an audio file will appear on a slide
Explanation:
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Journalize the following transactions for the Evans Company. Assume the company uses a perpetual inventory system.
a. Sold merchandise for $645 cash. The cost of goods sold was $375.
b. Sold merchandise for $432 and accepted VISA as the form of payment. The cost of goods sold was $195.
c. Sold merchandise on account for $670. The cost of goods sold was $438.
d. Paid credit card fees for the
Answer:
Part a
Cash $645 (debit)
Cost of Sales $375 (debt)
Sales Revenue $645 (credit)
Merchandise $375 (credit)
Part b
Cash $432 (debit)
Cost of Sales $195 (debt)
Sales Revenue $432 (credit)
Merchandise $195 (credit)
Part c
Trade Receivables $670 (debit)
Cost of Sales $438 (debt)
Sales Revenue $670 (credit)
Merchandise $438 (credit)
Explanation:
The Perpetual Inventory system keeps record of the value of stock and records the cost of goods sold after every transaction. This is contrary to the the periodic inventory system which measures stock and cost of sales after a period.
For the Journal entries, note that we are recording from the perspective of Evans Company.
Firms that make investment decisions based on the payback rule may be biased toward rejecting projects:__________
a. with short lives.
b. with long lives.
c. with late cash inflows.
d. that have negative NPVs.
Answer:
c. with late cash inflows.
Explanation:
The Payback method focus on the time it takes for the Cash Inflows of the Project to equal the Initial investment made into the project. This means that projects which takes a short period (early cash flows) are preferred over those that take a long period (late cash flows) for the cash flows to equal the initial cost.
In universal banking model, banks: Select one: a. Have growth of loans portfolio as their main strategy b. Focus on maximizing their net interest margins c. Offer wide range of financial services to their clients d. All choices are correct e. None of the choices is correct
The following data pertains to Michalko Corp. Assuming that the risk-free rate is 4.2% and the market risk premium is 6.2%, calculate Michalko's weighted-average cost of capital.
Michalko Corp.
Total Assets $14,680
Interest-Bearing Debt $19,100
Average borrowing rate for debt 11%
Common Equity:
Book Value $5,120
Market Value $25,700
Marginal Income Tax Rate 40%
Market Equity Beta 1.25
Answer:
Michalko's weighted-average cost of capital is 9.65 %.
Explanation:
Weighted Average Cost of Capital (WACC) is the return that is required by providers of Long term sources of finance.
WACC = Ke x (E/V) + Kp x (P/V) + Kd x (D/V)
Therefore,
Ke = Cost of Equity
= Return on Risk free Security + Beta x (Return on Market Portfolio - Return on Risk free Security)
= 4.2% + 1.25 × 6.2%
= 11.95 %
E/V = Market Weight of Equity
= $25,700/ ($25,700 + $19,100)
= 0.57
Kd = Cost of Debt
= Market Interest x ( 1 - tax rate)
= 11% × (1 - 0.40)
= 6.60 %
D/V = Market Weight of Debt
= $19,100/($25,700 + $19,100)
= 0.43
Thus,
WACC = Ke x (E/V) + Kd x (D/V)
= 11.95 % × 0.57 + 6.60 % × 0.43
= 9.65 %
Which of the following costs will not affect cost of goods sold?
A. Inventory-related selling costs.
B. Inventory inspection costs.
C. Inventory preparation costs.
D. Freight charges incurred to bring inventory to the warehouse.
Answer:
A. Inventory-related selling costs
Explanation:
Cost of goods sold is the carrying value of a good produced by a company. It involves all the costs that were incurred by a business in transporting and processing the product before it is ready for sales.
This includes inspection costs, inventory preparation costs, and freight charges.
However costs related to sales are not part of cost of goods sold. It does not add to the cost of producing the good.
Rather this is classified as general and administrative expenses
Ross Island Co. issues 22,000 shares of no-par value preferred stock for cash at $66.00 per share. The journal entry to record the transaction will consist of a debit to Cash for $1,452,000 and a credit (or credits) to: _______
Answer:
it credited to preferred stock
Explanation:
The journal entry for issuance of the preferred stock is as follows:
Cash Dr $1,452,000
To Preferred stock (22,000 shares × $66) $1,452,000
(Being the issuance of the preferred stock is recorded)
Here the cash is debited as it increased the assets and credited the preferred stock as it increased the stockholder equity
Therefore it credited to preferred stock
a + a + y +y what is the answer to this question please tell its on maths
What are the two major issues related to the translation of foreign currency financial statements?
Answer: are: (1) which method should be used.
2) where should the resulting translation adjustment be reported in the consolidated financial statements.
Explanation:
The two major problems which are usually encountered when translation of foreign financial statements are concerned are,
a. What method should be used, he the method to be used is discussed and one agreed on.
b. Where should the adjustments arrived at be reported on the consolidated financial statements. were it should be reported and recorded down on the financial statements is also decided.
Skysong, Inc. returned $140 of goods originally purchased on credit from Concord Industries. Using the periodic Inventory approach, Skysong would record this transaction as:_____.
Accounts Payable 190
Sales Returns and Allowances 190
Sales Returns and Allowances 190
Accounts Receivable 190
Inventory 190
Accounts Receivable 190
Accounts Receivable 190
Sales Returns and Allowances 190
Answer:
Sales Returns and Allowances $140 and Accounts Receivable $140
Explanation:
When goods are returned, the sales revenue decreases through Sales Returns and Allowances which is an expense so it is debited and the goods sold on account so the Accounts Receivable which is an asset decreases so it is credited.
Date Account Titles and Explanations Debit Credit
Sales Returns and Allowances $140
Accounts Receivable $140
(To record sales returns)
Jennifer receives an increase in her nominal income. She complains that the current inflation rate of five percent erodes the real purchasing power of her additional nominal income. This is false:__________.a. if her wealth decreasesb. since inflation always reduces purchasing powerc. if the increase in her nominal income is more than five percentd. if the increase in her nominal income is less than five percent
Answer:
Option C: if the increase in her nominal income is more than five percent.
It is true only if only if the increase in her nominal income is less than five percent.
Explanation:
An inflation is simply an increase (slight or Sharp) in the average price level of prices of goods and services of which the opposite is deflation.
INFLATION RATE is simply an annual percentage rate of increase in the average price level of commodities/services.
NOMINAL INCOME
Is defined simply as the amount of money received in a given period of time. It is usually measured in current dollars and does not change or simply as the numbers of dollars received as wages, rents, interests, or profits.
nominal incomes tend to rise with inflation
If inflation is higher than what was expected, creditors receive a lower real interest rate than they had anticipated and vice versa.
As the price level rises, the value of money decreases, so people must hold more money to purchase goods and services.
Damages awarded in a civil lawsuit to punish the wrongdoer in cases involving willful or malicious misconduct are called_________
Answer: punitive damages
Explanation:
Damages awarded in a civil lawsuit to punish the wrongdoer in cases involving willful or malicious misconduct are called punitive damages.
Punitive damages can also be referred to as exemplary damages and they're awarded so as to prevent the defendant from commiting such offence again and for.others to also learn and not do such in the future.
Consider a 3-year bond with a par value of $1,000 and an 8% annual coupon. If interest rates change from 8 to 6% the bond's price will:___________
a. Increase by $51.54
b. Decrease by 51.54
c. Increase by $53.46
d. Decrease by $53.46
If the world price of cotton is less than the price that would occur domestically without trade, then a country will:_________.
a) export cotton.
b) import cotton.
c) decrease its demand for cotton, and increase its demand for cotton substitutes.
d) increase its demand for cotton, and decrease its demand for cotton substitutes.
Answer: b) import cotton.
Explanation:
If the international price is cotton is less than the price that a country produces it at, it is best that the country imports the cotton than produce it because they do not have a competitive advantage in producing the cotton.
Should they then import, the resources that were being used to produce the cotton can be used on other things that they do have competitive advantage in.
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Answer:
Thank you, appreciate it.
Explanation:
Because I secretly love you.
It is always more profitable to operate a full flight at a lower cost per ticket than a partially full flight at a higher price.
a. True
b. False
Answer: False
Explanation:
It is not always more profitable to operate a full flight at a lower cost per ticket because this depends on the unique situation in question. If the tickets are so low that even with the amount of people in the airplane the company is unable to recuperate its cost, then the condition does not hold.
Meanwhile sometimes the partially full price might see the prices being paid would offset the costs of the flight which would bring profits to the company. It therefore depends on the unique situation.
During the coming accounting year, Baker Manufacturing, Inc., anticipates the following costs, expenses, and operating data:_______.
Direct material (16,000 lb.) $ 160,000
Direct labor (at $17.50/hr.) 245,000
Indirect material 24,000
Indirect labor 44,000
Sales commissions 68,000
Factory administration 32,000
Non factory administrative expenses 40,000
Other manufacturing overhead* 96,000
*Provides for operating 61,250 machine hours.
a. Compute the predetermined factory overhead rate under three different bases: (1) direct labor hours, (2) direct labor costs, and (3) machine hours. (Round amounts to 2 decimal places.)
b. Assume that actual factory overhead was $308,000 and that Easton Incorporated elected to apply factory overhead to Work in Process based on direct labor hours.
Answer:
Baker Manufacturing, Inc.
a) Predetermined factory overhead rate under the three different bases:
(1) direct labor hours = $196,000/14,000 = $14 per DLH
(2) direct labor costs = $196,000/$245,000 = $0.80 per DLC
(3) machine hours = $196,000/61,250 = $3.20 per MH
b) Based on the actual factory overhead of $308,000, there will be under-absorption of the factory overhead by $112,000.
Explanation:
a) Data and Calculations:
Direct material (16,000 lb.) $ 160,000
Direct labor (at $17.50/hr.) 245,000
Indirect material 24,000
Indirect labor 44,000
Sales commissions 68,000
Factory administration 32,000
Non factory administrative expenses 40,000
Other manufacturing overhead* 96,000
*Provides for operating 61,250 machine hours.
Factory overhead costs:
Indirect material 24,000
Indirect labor 44,000
Factory administration 32,000
Other manufacturing overhead 96,000
Total factory overhead costs $196,000
Estimated direct labor-hours = $245,000/$17.50 = 14,000 hours
a) Predetermined factory overhead rate under the three different bases:
(1) direct labor hours = $196,000/14,000 = $14 per DLH
(2) direct labor costs = $196,000/$245,000 = $0.80 per DLC
(3) machine hours = $196,000/61,250 = $3.20 per MH
b) Actual factory overhead assumed to be $308,000:
Under-absorbed factory overhead = $112,000 ($308,000 - 196,000)
a. The predetermined factory overhead rate under three different bases: Application base are: Direct labor hours $14, Direct labor costs 80%, Machine hours $3.20.
Predetermined overhead rate:First step
Total manufacturing overhead:
Total manufacturing overhead=Indirect materials + Indirect labor + Factory admin + Other manufacturing overheads
Total manufacturing overhead= 24,000+44,000+32,000+96,000
Total manufacturing overhead= 196,000
Second step
Method 1
Direct labor hours = 245,000/17.5
Direct labor hours = 14,000
Direct labor costs=196,000/14,000 = $14
Direct labor costs= $14
Method 2
Direct labor cost =Total manufacturing overhead/Direct labor
Direct labor cost = 196,000/245,000
Direct labor cost = 80%
Method 3:
Machine hours = Total manufacturing overhead/Provided operating machine hours
Machine hours = 196,000/61,250
Machine hours = $3.20
b. Actual factory overhead:
Under-absorbed factory overhead = $308,000 - $196,000
Under-absorbed factory overhead =$112,000
Inconclusion the predetermined factory overhead rate under three different bases: Application base are: Direct labor hours $14, Direct labor costs 80%, Machine hours $3.20.
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A trucking company sold its fleet of trucks for $55,200. The trucks originally cost $1,416,000 and had Accumulated Depreciation of $1,271,000 recorded through the date of disposal. What gain or loss did the trucking company record when it sold the fleet of trucks?A. Loss of $55,600.
B. Gain of $55,600.
C. Gain of $105,400.
D. Loss of $105,400.
Answer:
the loss at the time of sale is $89,800
Explanation:
The computation of the gain or loss at the time of sale is shown below:
Written down value of trucks at the sale date is
= Cost - Accumulated Depreciation
= $1,416,000 - $1,271,000
= $145,000
And, the sale value is $55,200
So, the loss would be
= $145,000 - $55,200
= $89,800
This is the answer but the same is not provided in the given options
hence, the loss at the time of sale is $89,800
The United States and France both produce sweaters and caps. Suppose that a US worker can produce 50 caps per hour or 1 sweater per hour and a French worker can produce 40 caps per hour and 2 sweaters per hour. Based on this scenario, which statement is true? A. The United States has a comparative advantage producing caps. B. France has a comparative advantage producing caps. C. The United States has a comparative advantage producing sweaters. D. Neither country has a comparative advantage producing either good.
Answer:
The United States has a comparative advantage producing caps
Explanation:
got a 100 yw dawg
What are the parts of a proposal?
Given the data below for production equipment,Initial Cost, P = $50,000 Salvage Value at the end of 5 years, S = $10,000. Depreciable Life. N = 5 Years Year Projected Production units Actual Production units 1 4,500 5,0002 5,000 4,000 3 3,500 3,0004 5,500 5,000 5 6,500 Not knownTotal 25,0001. Determine the depreciation in year 4 using the UOP method. A. $5, 600.B. $8,000.C. $4,000.D. $3, 200. 2. If the equipment is sold at the end of year 4 for $30,000, what is the depreciation recapture on this equipment?A. $8, 400.B. $5, 600.C. $7, 200.D. $4,000.
Answer:
1. B. $8,000
2. C. $7,200
Explanation:
Units or production (UOP) method of depreciation bases the depreciation expense of a machine or equipment on how much it is actually used during the period.
depreciable value = $50,000 - $10,000 = $40,000
depreciation rate per unit = $40,000 / 25,000 = $1.60
Year Projected Production units Actual Production units
1 4,500 5,000
2 5,000 4,000
3 3,500 3,000
4 5,500 5,000
5 6,500 Not known
Total 25,000
depreciation expense year 4 = $1.60 x 5,000 = $8,000
accumulated depreciation year 4 = $1.60 x 17,000 = $27,200
book value = $50,000 - $27,200 = $22,800
if sold at $30,000, gain resulting from sale = $30,000 - $22,800 = $7,200
1. Prepare journal entries to record the following hypothetical 2006 events:a. A customer deposits $50,000 in WaMu savings account on 1/1/2006.b. WaMu pays a 1% (annual) interest on that deposit on 3/31/06.c. WaMu lends the $50,000 to another customer for a 6% home loan on 1/1/06.d. WaMu accrues interest on that loan as of 3/31/06.2. How much net interest income (profit) did WaMu earn in the first quarter of 2006 on this deposit and the corresponding loan?
Answer:
1. A. Dr Cash 50,000
Cr Customers Saving Account 50,000
B.Dr Interest Expense 125
Cr Cash 125
C. Dr Loan Receivables 50,000
Cr Cash 50,000
D. Dr Interest Receivables 750
Cr Interest Income 750
2. $625
Explanation:
Answer and Explanation:
1. Preparation of journal entries
a. In a situation where A customer made deposits of the amount of $50,000 in WaMu savings account on 1/1/2006 the Journal entry will be:
Dr Cash 50,000
Cr Customers Saving Account 50,000
(Being to record the deposit from customers)
b. In a situation where WaMu pays a 1% as annual interest on the deposit on 3/31/06 the journal entry will be:
Dr Interest Expense 125
(50,000*1%*3/12)
Cr Cash 125
(Being to record the payment of interest Expense)
c. In a situation where WaMu lends out the
amount of $50,000 to another customer the Journal entry will be:
Dr Loan Receivables 50,000
Cr Cash 50,000
(Being to record the receivable lent to customers)
d. In a situation where WaMu accrues interest on this date 3/31/06 the journal entry will be:
Dr Interest Receivables 750
(50,000*6%*3/12)
Cr Interest Income 750
(Being to record the interest accrued)
2. Calculation for How much net interest income (profit) did WaMu earn in the first quarter
First step is to calculate the Net Interest Rate
Interest Rate on Receivables 6%
Less Interest Rate on Payable 1%
Net Interest Rate 5%
Second Step will be to calculate the Annual Net Interest
Using this formula
Annual Net Interest=Principal *Net Interest Rate
Let plug in the formula
Annual Net Interest=50,000*5%
Annual Net Interest= 2,500
Last step is to calculate the first quarter net interest income
Using this formula
First quarter net interest income=Time*Annual Net Interest
Let plug in the formula
First quarter net interest income= 3/12*2,500
First quarter net interest income= $625
Therefore the First quarter net interest income will be $625
A consumer has a choice of spending $20,000 on a Honda or $14,000 on a Kia. She was observed buying a Kia during the weekend. Does this mean the consumer prefers the Kia to the Honda?
Answer: Not necessarily
Explanation:
Consumer purchase decisions are dependent on multiple factors such as price, income and preference. It could be that the customer purchased the Kia because the price was less than that of the Honda and so she wanted to save and costs and bought the less expensive choice.
It could also mean that the Kia was all she could afford based on her income so she bought that. It could however also mean that the Kia is her preference as compared to the Honda so she chose that instead.
It is therefore not a foregone conclusion that she bought the Kia simply because she preferred it. More information would be needed to reach that conclusion definitively.
You bought a stock three months ago for $51.27 per share. The stock paid no dividends. The current share price is $55.36. What is the APR and EAR of your investment? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
Answer:
APR= 23.91%
EAR= 8%
Explanation:
A stock was bought at $51.27 three months ago
The current share price is $55.36
Therefore the APR of the investment can be calculated as follows
= 55.36-51.27/51.27
= 4.09/51.27
= 0.0797
= 7.97%
APR= 3×7.97
= 23.91%
EAR= (1+0.079/3)^3-1
= 1+0.0263^3-1
= 1.026^3-1
= 0.08×100
= 8%
l a fixed asset for $72,376 when its book value is $43,070. If your company's marginal tax rate is 25 percent, what will be the after-tax cash flow of this sale?
Answer:
Cash flow= $64,847
Explanation:
Giving the following information:
Sellin price= $72,376
Tax rate= 25%
Book value= $43,070
First, we need to calculate the gain from the sale and the tax:
Gain= 72,376 - 43,070= $29,036
Tax= gain*tax rate
Tax= 29,036*0.25= $7,259
Now, we can calculate the after-tax cash flow:
Gain= 29,036
Tax= (7,259)
Book value= 43,070
Cash flow= $64,847
Mobile Minutes Company offers Nate an unlimited number of monthly phone minutes for $4.50 per month. Nate accepts. If a dispute arises, a court would likely:____________.
a) enforce the deal after questioning the adequacy of the consideration.
b) not question the adequacy of the consideration.
c) rewrite the deal after questioning the adequacy of the consideration.
d) set aside the deal after questioning the adequacy of the consideration.
Answer:
b) not question the adequacy of the consideration.
Explanation:
In the context, Nate was given an offer of unlimited number for a monthly phone minutes for 4.50 dollar in one month by the Mobile Minutes Company. Nate was happy by the offer and she accepted the offer. Now if any difference or any disputes arises , the court would not question the company about the adequacy of the consideration as Nate had agreed to the terms and conditions before accepting the offer.
A customer in the 28% tax bracket has $6,000 of capital gains and $9,000 of capital losses. How much unused loss is carried forward to the next tax year?
Answer:
Nill
Explanation:
Given that;
Capital gain tax = $6,000
Capital losses = $9,000
Net loss = Capital loss - Capital gain
Net loss = $9,000 - $6,000
Net loss = $3,000
Recall that maximum net loss deductible from taxes in a year is $3,000
Therefore,
Unsecured loss carried into next year
= Net loss - Deductible
= $3,000 - $3,000
= Nil
a. How does capacity utilization affect the intensity of internal rivalry in the commercial airline industry?
b. How does capacity utilization affect the extent of entry barriers in this industry?
Answer:
Barriers to entry, Internal industry rivalry, Supplier power, buyer power,etc.
Explanation:
Firms that are capable of excessive productions could boost sales volume by increasing the productions at cost advantage of reducing price. But firms that are incapable of increasing the productions capacity will be unable to produce extra quantity to gain any market share.
Barrier to entry : A established large MES of the industry prevents small entrants from entering into the industry.
On January 1, 2017, Banek Inc. issued $350,000 of 8%, 9-year bonds for $309,086, which implies a market (yield) rate of 10%. Semiannual interest is payable on June 30 and December 31 of each year. a.Show computations to confirm the bond issue price. b.Indicate the financial statement effects using the template for (1) bond issuance, (2) semiannual inter- est payment and discount amortization on June 30, 2017, and (3) semiannual interest payment and discount amortization on December 31, 2017.
The Bond issuance, semiannual interest payment, and semiannual interest payment and amortization are:
Amortization refers to an accounting methodology that is employed to lower the book value of a loan or an intangible asset over a set period of time, in a periodic fashion.
It is important because it helps the decision makes to comprehend and predict or forecast or anticipate their future costs over a space of time.
The calculations are as follows:
1) . PV of principal = 350,000 x (0.04 x 18)
PV of principal = 350,000 x 0.41552
PV of principal = $145,432
PV of interest = 350,000 x 0.08/2 x (0.05, 18)
PV of interest = 350,000 x 0.04 x 11.68959
PV of interest = $163,654
Issue price = 145,432 + 163,654
Issue price = $309,086
2) Recall that Interest payable = Principal amt. x rate x time period
Interest payable = 350,000 x 0.08 x 6/12 (semiannual)
Interest payable = $14,000
Interest expense = bond carrying amt. x rate x time
Interest expense = 309,086 x 0.08 x 6/12
Interest expense = $15,454
3. Amortization = Interest expense-Interest payable
Amortization = 15,454-14,000
Amortization = $1,454;
Interest expense = (309,086+1,454) x 0.10 x 6/12
Interest expense = $15,527.
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Ivanhoe Company issued $1520000 of 6%, 5-year bonds at 95, which pay interest annually. Assuming straight-line amortization, what is the total interest cost of the bonds?a. $636,000.
b. $632,400.
c. $628,800.
d. $639,600.
Answer:
the journal entry to record bond issuance:
Dr Cash 1,444,000
Dr Discount on bonds payable 76,000
Cr Bonds payable 1,520,000
amortization of discount on bonds payable = $76,000 / 5 = $15,000
coupon payment = $91,200
total interest expense per year = $106,200
total interest expense for the 5 year period = $106,200 x 5 years = $531,000
What is the present value of $5,000 received 5 years from now if the discount rate is 5% (rounded to the nearest dollar?a. $6,380.b. $3,918.c. $3,200.d. $3,560.
Answer:
The correct option is b. $3,918.
Explanation:
This can be calculated using the simple present value (PV) formula as follows:
PV = FV / (1 + r)^n ............................ (1)
Where;
PV = Present value of the amount = ?
FV = Future value of the amount = $5,000
r = Discount rate = 5%, or 0.05
n = number of years = 5
Substituting the values into equation (1), we have:
PV = $5,000 / (1 + 0.05)^5
PV = $5,000 / 1.05^5
PV = $5,000 / 1.2762815625
PV = 3,918
Therefore, the correct option is b. $3,918.