You are a financial adviser. Your client, Mena, does not like risk and wants Federal Deposit Insurance Corporation (FDIC) insurance. I would suggest him to invest in a bank savings account.
What does a financial advisor do?A financial advisor assists clients in developing long-term plans for accumulating money and controlling risk. They can assist you in monitoring, managing, and balancing your investment portfolio. They can also offer valuable guidance on a variety of other financial decisions and difficulties.
Better financial advisor or accountant?Financial planners assist individuals with asset management and retirement planning while accountants handle auditing tasks, financial forecasting, and the creation of financial statements. While financial planners are stronger at sales and networking, accountants are typically more detail-oriented and numerate.
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One of two methods must be used to produce expansion anchors. Method A costs $80,000 initially and will have a $15,000 salvage value after 3 years. The operating cost with this method will be $30,000 per year. Method B will have a first cost of $120,000, an operating cost of $8,000 per year, and a $40,000 salvage value after its 3-year life. At an interest rate of 8% per year, the present worth of Method B is closest to:
Answer:
At an interest rate of 8% per year, the present worth of Method B is closest to:
= $108,856.
Explanation:
a) Data and Calculations:
Method A Method B
Initial investment $80,000 $120,000
Salvage value 15,000 40,000
Period of investment 3 years 3 years
Annual operating costs $30,000 $8,000
Interest rate per year 8% 8%
Present value annuity factor = 2.577
Discounted present value factor = 0.794
Present worth:
Method B Method A
Initial investment cost ($120,000 * 1) $120,000 $80,000
Operating costs = ($8,000 * 2.577) = 20,616 77,310
Salvage value = $40,000 * 0.794 = (31,760) (11,910)
Present worth = $108,856 $145,400
b) Using the present worth analysis technique, Method B should be used to produce the expansion anchors, as it costs less than Method A. The present worth analysis method is an equivalence method of discounting a project's cash flows to a single present value. With this analysis, it becomes easier to determine the project that should be accepted or rejected based on their economic realities.
An office building is expected to create operating cash flows of $30,500 a year for three years, based on tenants' rental income. The purchase of the fixed assets for this building will cost $63,000. These assets will have no value at the end of the project. An additional $2,000 of net working capital will be required throughout the life of the project. Calculate the net present value of this project if the required rate of return is 14 percent
Answer:
The net present value of this project is $5,809.78.
Explanation:
Note: See the attached excel file for the calculation of net present value of this project.
In the attached excel file, the discounting factor is calculated as follows:
Discounting factor = 1 / (100% + required rate of return)^n
Where n is a particular year in focus.
From the attached excel file, we have:
Net present value = $5,809.78
Therefore, the net present value of this project is $5,809.78.
The following is the sales budget for Coore, Inc., for the first quarter of 2019: JanuaryFebruaryMarch Sales budget$135,000$152,000$167,000 Credit sales are collected as follows: 60 percent in the month of the sale 30 percent in the month after the sale 10 percent in the second month after the sale The accounts receivable balance at the end of the previous quarter was $96,000 ($78,800 of which was uncollected December sales). a. Compute the sales for November. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b.Compute the sales for December. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c.Compute the cash collections from sales for each month from January through March. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)
Answer: See explanation
Explanation:
a. . Compute the sales for November.
This will be:
= ($96,000 - $78,800) / 10%
= $17200 / 10%
= $17200/0.1
= $172,000
b. Compute the sales for December.
This will be:
= $78800 / (10% + 30%)
= $78800 / 40%
= $78800 / 0.4
= $197000
c. Compute the cash collections from sales for each month from January through March.
January cash collection:
= ($172000 × 10%) + ($197000 × 30%) + ($135000 × 60%)
= $17200 + $59100 + $81000
= $157300
February cash collection:
= ($197000 × 10%) + ($135000 × 30%) + ($152000 × 60%)
= $19700 + $40500 + $91200
= $151400
March cash collection:
= ($135000 × 10%) + ($152000 × 30%) + ($167000 × 60%)
= $13500 + $45600 + $100200
= $159300
If the spending multiplier equals 5 and equilibrium income is $2 billion below potential GDP, then _____ to reach the potential real GDP level. Group of answer choices total spending needs to increase by $0.1 billion nominal GDP needs to increase by $1.2 billion total spending needs to decrease by $6 billion nominal GDP needs to decrease by $12 billion total spending needs to increase by $0.4 billion
Answer:
total spending needs to increase by $0.4 billion
Explanation:
Calculation to determine how much total spending needs to increase or decrease
Using this formula
Increase or Decrease in total spending=Equilibrium income/Spending multiplier
Let plug in the formula
Increase or Decrease in total spending=$2 billion/5
Increase or Decrease in total spending=$0.4 billion
Therefore If the spending multiplier equals 5 and equilibrium income is $2 billion below potential GDP, then TOTAL SPENDING NEEDS TO INCREASE BY $0.4 BILLION to reach the potential real GDP level.
Dinnertime
A professor is planning an informal gathering for 100 or so of his closest friends. The project breaks down as follows:
Activity Time Predecessor
Call planner 12
Book caterer 10
Hire quartet 9 Call planner
Schedule cleaning crew 15 Call planner
Stock wine cellar 7 Book caterer
Hire valets 8 Schedule cleaning crew, Stock wine cellar
Schedule butler overtime 13 Hire quartet, Hire valets
1. Refer to Table I, Which of these is not a critical path activity?
1) schedule cleaning crew
2) hire quartet
3) hire valets
4) schedule butler
2. Refer to Table I, What is the slack time for the Stock wine cellar activity?
1) 14
2) 8
3) 10
4) 12
3. Refer to Table I, What is the fastest this project can be completed?
1) 38
2) 48
3) 34
4) 44
Answer:
1. 2) hire quartet
2. 3) 10
3. 1) 38
Explanation:
Hiring the quartet is not a critical path activity as dinner can be arranged if this activity is not carried out. There is need for hiring the valet service, scheduling of cleaning crew and schedule butler. All these activities are critical path activities. The slack time for stock wine cellar activity is 10.
Superior Company has provided you with the following information before any year-end adjustments: Net credit sales are $122,500. Historical percentage of credit losses is 4%. Allowance for doubtful accounts has a credit balance of $650. Accounts receivables ending balance is $52,000. What is the estimated bad debt expense using the percentage of credit sales method
Answer:
The estimated bad debt expense using the percentage of credit sales method is $4,250.
Explanation:
Credit losses = Net credit sales * Historical percentage of credit losses = $122,500 * 4% = $4,900
Allowance for doubtful accounts has a credit balance = $650.
The estimated bad debt expense can therefore be calculated as follows:
Bad debt expense = Credit losses - allowance for doubtful accounts credit balance = $4,900 - $650 = $4,250
Therefore, the estimated bad debt expense using the percentage of credit sales method is $4,250.
Abigail does not feel that the company is paying her enough money to live on, despite the fact that she works hard. The quality of this_____________ (lack of belongingness, motivator, lack of power, hygiene factor) will make her dissatisfied with her work, according to Frederick Herzberg.
Answer:
hygiene factor
Explanation:
Since in the question it is mentioned that Abigail was not feel that the company would not pay sufficient money accrding to her work so here the quality of the hygiene factor would dissatisfied with her work
As the attributes that are along with the job satisfaction is known as hygiene factor
So as per the given situation, the above represent the answer
The outstanding checks total_________.
1. $158.53
2. $246.53
3. $48.00
4. $914.47
Answer:
1,367.53
Explanation:
Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2021: Operating income $ 269,000 Income on discontinued operations 55,000 All income statement items are subject to a 25% income tax rate. In its 2021 income statement, Freda's separately stated income tax expense and total income tax expense would be:
Answer:
the separately stated income tax expense and total income tax expense is $67,250 and $81,000 respectively
Explanation:
The computation of the separated stated income tax expense and total income tax expense is shown below
Income tax expense is
= $269,000 × 25%
= $67,250
And, the Total income tax expense is
= ($269,000 + $55,000) × 25%
= $81,000
hence, the separately stated income tax expense and total income tax expense is $67,250 and $81,000 respectively
Tiffany promised to sell Lillian her diamond necklace and Lillian promised to pay $2,000. What type of contract is this?
Answer:
This is a verbal agreement
Explanation:
not sure if that is what you wanted :)
Tiffany promised to sell Lillian her diamond necklace, and Lillian promised to pay $2,000 in a bilateral contract. Thus, option D is correct.
What is the contract?A contract can be defined as an agreement that can be written or as well as oral which is considered a binding agreement between two or more parties, it is a legally enforced document regarding the promise that has been made.
A contract needs to be done by both parties with their concern and to be acceptable to them.
Tiffany and Lillian both have agreed to sell their necklace to another one as promises are being made, therefore this contract would be termed a bilateral contract in which promises are made by both parties, and later they have to oblige about the same. Therefore, option D is the correct option.
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the question is incomplete, the complete question will be:
A unilateral contract
A liquidated contract
A quasi-contract
A bilateral contract
An executed contract
Rizzo Company has debentures ($1,000 par) outstanding that are convertible into the company's common stock at a price of $25. The convertibles have a coupon interest rate of 8% and mature in 12 years. In addition, the convertible debenture is callable at 110% of the par value. Straight debt of equivalent risk is yielding 12%. The company's common stock is selling at $22 per share. The company has a marginal tax rate of 40%. Determine the conversion value of the issue
Answer:
A. $880
B. -$752.23
Explanation:
Calculation to determine the conversion value of the issue
First step is to calculate the Conversion ratio using this formula
Conversion ratio=Per value of security/ Conversion price
Let plug in the formula
Conversion ratio=$1,000/$25
Conversion ratio=40
Now let determine the Conversion value using this formula
Conversion value =Conversion ratio*Conversion price
Let plug in the formula
Conversion value=40*$22 per share
Conversion value=$880
Therefore the conversion value of the issue is $880
B. Calculation to determine the Straight bond value of the issue
Using financial calculator to the Present Value (PV)
PMT=8%*1,000=80
N=12 years
1/Y=12%
FV=1,000
PV=-$752.23
Therefore the Straight bond value of the issue is -$752.23
Schweitzer realized that in many cases individuals could only accomplish direct human service in collaboration with official organization. What he wanted was: to help fund such organizations. to be a leader in such organizations. an absolutely personal and independent activity. to increase the number of official organizations dedicated to direct human service.
Answer: an absolutely personal and independent activity
Explanation:
Since Schweitzer realized that direct human service can only be accomplished when one collaborates with an official organization, this shows that he wanted to be an absolutely personal and independent activity.
In such case, he wants an activity that will be free from the outside control. Other options are wrong as he wasn't really interested in funding of organizations, or increasing the number of official organizations that are dedicated to direct human service.
Wildhorse Co. just began business and made the following four inventory purchases in June: June 1 168 units $1008 June 10 224 units 1568 June 15 224 units 1792 June 28 168 units 1512 $5880 A physical count of merchandise inventory on June 30 reveals that there are 224 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is
Answer:
Ending inventory= $1,848
Explanation:
Giving the following information:
June 1: 168 units $1,008
June 10: 224 units 1,568
June 15: 224 units 1,792 ($8)
June 28: 168 units 1,512 ($9)
A physical count of merchandise inventory on June 30 reveals that there are 224 units on hand.
To calculate the ending inventory using the FIFO (first-in, first-out) method, we need to use the cost of the last units incorporated into inventory.
Ending inventory= 168*8 + 56*9
Ending inventory= $1,848
According to the literature on organizational conflict, constructive conflict Question 1 options: tends to produce beneficial outcomes, particularly better decision making. is the main source of conflict in organizations. is the only conflict management style that has high assertiveness and low cooperativeness. is one of the most common outcomes of organizational conflict.
Answer:
tends to produce beneficial outcomes, particularly better decision making.
Explanation:
Constructive conflict occurs when there are problems that need to be solved by a team in the organization, and thus influence people to cooperate with creative and innovative ideas for solving the problem that can help to produce beneficial results, especially better decisions.
Constructive conflict helps the organization to be more productive by aggregating different ideas about the same problem and focusing on the solution to the resolution, which increases the sense of team integration, participation and understanding of different alternatives that will be improved so that the organization has the best decision making for such a problem.
Given the following information, calculate the going-in capitalization rate for the following apartment complex. In your calculations, assume no miscellaneous income and above-the-line treatment of capital expenditures.
Number of apartment units: 15
Monthly rent per unit: $3,000
Vacancy and collection loss: 10% of potential gross income
Operating expenses: 5% of effective gross income
Capital expenditures: 10% of effective gross income
Acquisition price: $3,420,000
a. 0.81%
b. 1.01%
c. 13.50%
d. 15.79%
e. 12.08%
Answer:
The correct option is b. 1.01%.
Explanation:
This can be calculated as follows:
Potential gross income = Number of apartment units * Monthly rent per unit = 15 * $3,000 = $45,000
Therefore, we have:
Details Amount ($)
Potential gross income (PGI) 45,000
Vacancy and collection loss (10% of PGI) (4,500)
Effective gross income (EGI) 40,500
Operating expenses: 5% of effective gross income (2,025)
Capital expenditures (10% of effective gross income) (4,050)
Net operating income 34,425
Acquisition price = 3,420,000
Going-in capitalization rate = Net operating income / Acquisition price = $34,425 / $3,420,000 = 0.0101, or 1.01%
Therefore, the correct option is b. 1.01%.
Journalize the entries to record the following:
a. Check No. 12-375 is issued to establish a petty cash fund of $500.
b. The amount of cash in the petty cash fund is now $40. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $212; miscellaneous selling expense, $156; miscellaneous administrative expense, $61. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.)
Required:
1. Journalize the entry to establish the petty cash fund.
2. Journalize the entry to replenish the petty cash fund.
Answer:
a. Dr Petty cash $500
Cr Cash $500
b. Dr Office supplies $212
Dr Miscellaneous selling expense $156
Dr Miscellaneous administrative expense $61
Dr cash over and short $31
Cr Cash $460
Explanation:
a. Preparation of the journal entry to establish the petty cash fund.
Dr Petty cash $500
Cr Cash $500
(To establish the petty cash fund)
b. Preparation of the journal entry to replenish the petty cash fund.
Dr Office supplies $212
Dr Miscellaneous selling expense $156
Dr Miscellaneous administrative expense $61
Dr cash over and short $31
($460-$212-$156-$61)
Cr Cash ($500-$40) $460
(To replenish the petty cash fund)
Exercise 8-4A (Static) Determining sales and variable cost volume variances LO 8-3 Cherokee Manufacturing Company established the following standard price and cost data. Sales price $ 12.00 per unit Variable manufacturing cost $ 7.20 per unit Fixed manufacturing cost $ 3,600 total Fixed selling and administrative cost $ 1,200 total Cherokee planned to produce and sell 2,000 units. Actual production and sales amounted to 2,200 units. Required Determine the sales and variable cost volume variances. Classify the variances as favorable (F) or unfavorable (U). Determine the amount of fixed cost that will appear in the flexible budget. Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity.
Answer:
Cherokee Manufacturing Company
a. Sales volume variance is:
= $2,400 F
b. Variable cost volume variance is:
= $1,440 U
c. Fixed cost in the flexible budget = $4,800
d. Fixed cost per unit:
1. Planned activity = $2.40
2. Actual activity = $2.18
Explanation:
a) Data and Calculations:
Standard price and cost data:
Sales price $ 12.00 per unit
Variable manufacturing cost $ 7.20 per unit
Fixed manufacturing cost $ 3,600 total
Fixed selling and administrative cost $ 1,200 total
Planned production and sales = 2,000 units
Actual production and sales = 2,200 units
Sales volume variance = Actual sales - Standard sales multiplied by Standard price
= 2,200 - 2,000 * $12
= 200 * $12
= $2,400 F
Variable cost volume = Actual production - Standard production multiplied by Standard Variable Cost
= 200 * $7.20
= $1,440 U
Flexible fixed costs:
Fixed manufacturing cost = $ 3,600 total
Fixed selling and administrative cost = $ 1,200 total
Total fixed costs = $4,800
Fixed cost per unit:
Planned activity = $2.40 ($4,800/2,000)
Actual activity = $2.18 ($4,800/2,200)
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $63,000, and it estimates that 5% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,071 credit balance before the adjustment. (b) a $315 debit balance before the adjustment.
Answer:
A. Dr Bad debt expense $2,079
Cr To Allowance for Doubtful Accounts
$2,079
B. Dr Bad debt expense $3,465
Cr To Allowance for Doubtful Accounts $3,465
Explanation:
(a) Preparation of the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: a $1,071 credit balance before the adjustment
Dr Bad debt expense $2,079
Cr To Allowance for Doubtful Accounts $2,079
(Being bad debt expense recorded)
Bad debt expense= (Outstanding accounts receivable × uncollectible percentage) - Credit balance
Bad debt expense= ($63,000 × 5%) - $1,071
Bad debt expense= $3,150 - $1,071
Bad debt expense= $2,079
(b) Preparation of the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has:a $315 debit balance before the adjustment.
Dr Bad debt expense $3,465
Cr To Allowance for Doubtful Accounts $3,465
(Being bad debt expense recorded)
Bad debt expense= (Outstanding accounts receivable × uncollectible percentage) - Dredit balance
Bad debt expense= ($63,000 × 5%) - $315
Bad debt expense= $3,150 -+ $315
Bad debt expense= $3,465
Brent is a full-time exempt employee in Clark County, Indiana. He earns an annual salary of $39,360 and is paid semimonthly. He is married with 3 withholding allowances. His state income tax is $52.97, and Clark County income tax is $29.52 per pay period. What is the total of FICA, Federal, state, and local deductions per pay period, assuming no Pre-Tax Deductions
Answer:
Federal Income tax ⇒ $80FICA ⇒ $125.46 State income tax ⇒ $52.97Local deduction - Clark County Income tax ⇒ $29.52Explanation:
Brent gets paid semi-monthly so his pay per period is:
= 39,360 / (12 months *2)
= $1,640
Based on the table therefore, his federal tax is:
= $80
This figure is based on the intersection between income of $1,640 and 3 withholding allowances.
FICA tax rate is 7.65% so his FICA tax is:
= 1,640 * 7.65%
= $125.46
State income tax = $52.97
Local deduction - Clark County Income tax = $29.52
Total deductions:
= Federal tax + FICA + State income tax + Clark County income tax
= 80 + 125.46 + 52.97 + 29.52
= $287.95
What is the basic economic problem that happens because people have unlimited wants but resources are limited? *
A opportunity cost
B sunk cost
C needs
D scarcity
Answer:
D
Explanation:
Scarcity is the basic economic problem that happens because people have unlimited wants but resources are limited.
hope this helps
Just before the year ended, a company offered to buy 4,120 units for $14.95 each. X Company had the capacity to produce the additional 4,120 units, but because the special order product was slightly different than the regular product, direct material costs were expected to increase to $2.40 per unit, and some special equipment would have to be rented for a total of $19,000.
Sales $1,225,500
Cost of goods sold 521,805
Gross margin $703,695
Selling and administrative costs 153,510
Profit $550,185
Fixed cost of goods sold for the year was $130,935, and fixed selling and administrative costs were $72,885. The special order product has some unique features that will require additional material costs of $0.90 per unit and the rental of special equipment for $3,000. Assume the following fact: regular variable selling and administrative costs include sales commissions equal to 4% of sales, but there will be no sales commissions on the special order. This will cause the special order profit to increase by:__________
Answer:
4%
Explanation:
Profit on special order = 7847.7 or 7848 Selling price 11 Variable cost special material 0.72 Cost of goods sold 6.69 Selling and administrative cost 1.02 Total variable cost per unit Particulars Per Unit 64500 Units Sales 19 1225500 Less: Variable cost Cost of Goods Sold (521805-130935) 6.06 390870 Sales commission (Sales*4%) 0
You are getting paid biweekly at the rate of $12 per hour. Calculate your net pay, the gross pay, and every deduction applicable utilizing the image above for reference.
Answer:
i need to quit that job if i'm only getting payed 12 bucks an hour hell i need a better job....
Explanation:
Ultimo Co. operates three production departments as profit centers. The following information is available for its most recent year. Department 1's contribution to overhead as a percent of sales is:
Dept. Sales Cost of Goods Sold Direct Expenses Indirect Expenses
1 1,080,000 708,000 102,000 88,000
2 480,000 158,000 48,000 108,000
3 780,000 308,000 158,000 28,000
a) 56.7%
b) 25.0%
c) 34.7%
d) 34.0%
e) 61.6%
Answer:
b) 25.0%
Explanation:
Calculation to determine what Department 1's contribution to overhead as a percent of sales is
First step is to calculate the Contribution to overhead
Using this formula
Contribution to overhead=Sales - Cost of goods sold - Direct expenses
Let plug in the formula
Contribution to overhead=1,080,000 - $708,000 - 102,000
Contribution to overhead= $270,000
Now let calculate the Contribution to overhead as a percent of sales using this formula
Contribution to overhead as a percent of sales=Contribution to overhead/Sales
Let plug in the formula
Contribution to overhead as a percent of sales=$270,000/$1,080,000
Contribution to overhead as a percent of sales= 25%
Therefore Department 1's contribution to overhead as a percent of sales is 25%
What is an example of a 'Sunk cost" ? *
A the price of food when cooking a meal
B. the price of a video game when buying a birthday present
C. the price of last month's car repairs when getting your car fixed
D the price of college when getting a job
Answer:
C. the price of last month's car repairs when getting your car fixed.
Explanation:
The correct option is - C. the price of last month's car repairs when getting your car fixed.
Reason -
A sunk cost is a past cost that you can’t recover.
Sonic Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget: Rumble Thunder Estimated inventory (units), June 1 284 79 Desired inventory (units), June 30 327 69 Expected sales volume (units): Midwest Region 4,300 4,800 South Region 5,050 4,400 Unit sales price $95 $225
Answer:
Sonic Inc.
a. Sales Budget for the month of June:
Rumble Thunder Total
Midwest Region 4,300 4,800 9,100
South Region 5,050 4,400 9,450
Total units sold 9,350 9,200 18,550
Sales price $95 $225
Expected Sales Revenue $888,250 $2,070,000 $2,958,250
b. Production Budget for the month of June:
Rumble Thunder Total
Desired inventory (units), June 30 327 69 396
Total units sold 9,350 9,200 18,550
Total units available for sale 10,287 9,269 19,556
Estimated inventory (units), June 1 284 79 363
Units to be produced 10,003 9,190 19,193
Explanation:
a) Data and Calculations:
Rumble Thunder
Estimated inventory (units), June 1 284 79
Desired inventory (units), June 30 327 69
Expected sales volume (units):
Midwest Region 4,300 4,800
South Region 5,050 4,400
Unit sales price $95 $225
Areas of land are divided by appropriate authorities into zones within which various uses are permitted. Thus, zoning is a technique of land-use planning as a tool of urban planning used by local governments in most developed countries. Because of the importance of zoning and regulating the manner of property use, which of the following statements is most accurate?
a. changing zoning to allow some landowner to use property other than what is permitted for that land is 'spot zoning' and unlawful in most states
b. it is almost impossible to obtain a variance in zoning
c. variances were rendered unlawful pursuant to the federal civil rights laws because they were used to discriminate against people unlawfully
d. it is possible to obtain a variance to use property for purposes other than how the property is zoned, but in granting permission for such a special use the governing entity granting such permission must use its discretion to insure compatible use and that zoning scheme is not disrupted
Answer: d. it is possible to obtain a variance to use property for purposes other than how the property is zoned, but in granting permission for such a special use the governing entity granting such permission must use its discretion to insure compatible use and that zoning scheme is not disrupted.
Explanation:
Variances are exceptions to the zoning rules and laws applied by the governing entity in charge of the zoning and enable users to use a property for other reasons that the zone permit may allow.
The type of variance being sought and the governing entity are very important because some variances are easier to get and some entities are more flexible.
In all cases however, when a variance is granted, the governing entity should ensure it uses its discretion to make sure that the variance is used well and that the zoning scheme is not disrupted.
Answer:
D. it is possible to obtain a variance to use property for purposes other than how the property is zoned, but in granting permission for such a special use the governing entity granting such permission must use its discretion to insure compatible use and that zoning scheme is not disrupted
Explanation:
Hope this helps
TB MC Qu. 10-149 (Algo) ABC Corporation makes a product ... ABC Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.7 grams $ 2.30 per gram Direct labor 0.5 hours $ 23.00 per hour Variable overhead 0.5 hours $ 7.30 per hour The company produced 5,500 units in January using 39,610 grams of direct material and 2,410 direct labor-hours. During the month, the company purchased 44,700 grams of the direct material at $2.00 per gram. The actual direct labor rate was $22.30 per hour and the actual variable overhead rate was $7.10 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for January is:
Answer:
Direct labor rate variance= $482 favorable
Explanation:
Giving the following information:
Variable overhead 0.5 hours $ 7.30 per hour
Actual direct labor hours= 2,410
The actual variable overhead rate was $7.10 per hour.
To calculate the variable overhead rate variance, we need to use the following formula:
Variable manufacturing overhead rate variance= (standard rate - actual rate)* actual quantity
Variable manufacturing overhead rate variance= (7.3 - 7.1)*2,410
Variable manufacturing overhead rate variance= $482 favorable
Journalize the entry for Hot Rod Service using the following data from the payroll register:
Regular earnings $16,370
Overtime earnings 903
Federal income tax withheld 2,268
Social Security tax withheld 827
Medicare tax withheld 194
Pension contribution from employees 711
Health insurance premiums 807
If an amount box does not require an entry, leave it blank.
Date Description Post Ref. Debit Credit
Answer: See explanation
Explanation:
Debit: Wages and Salaries Expense = $17,273
Credit: Employee Income tax payable = $2,268
Credit: Social Security tax payable = $827
Credit: Medicare tax payable = $194
Credit: Pension plan deduction payable = $711
Credit: Health Insurance premium payable = $807
Credit: Cash (Balancing Figure) = $12,466
Note that wages and salaries expense was calculated as:
= Regular earnings + Overtime earnings
= $16,370 + $903
= $17,273
Assume there is an economy with a single bank, and the central bank sets the reserve requirement ratio at 5%. Assume also that the only bank had no transactions (i.e., no loans, reserves, or deposits) prior to an individual who deposits $2000 of currency with the bank.
a. As a result of this deposit, calculate the amount of required reserves, actual reserves, and excess reserves.
b. After the bank has issued the maximum amount of loans, what will be the total amount of loans, deposits, and money in the economy?
c. What is the size of the money multiplier for this economy?
Answer:
An Economy with a Single Bank
a. The amount of required reserves = $100
The amount of actual reserves = $100
The amount of excess reserves = $0.
b. The total amount of loans, deposits, and money in the economy
= $40,000
c. The size of the money multiplier for this economy
= 20
Explanation:
a) Data and Calculations:
Reserve requirement ratio = 5%
Customer's deposit = $2,000
Amount of required reserves
= Initial deposits multiplied by reserve ratio
= $100 ($2,000 * 5%)
Actual reserves = $100
Excess reserves = $0
Total amount of loans, deposits, and money in the economy
= Initial Deposits/Reserve Ratio
= $40,000 ($2,000/0.05)
The size of the money multiplier for this economy = Total money supply in the economy divided by the initial money deposits
= $40,000/$2,000
= 20
b) The Money Multiplier refers to how the initial deposit of $2,000 leads to a bigger final increase in the total money supply of $40,000. It means that the money multiplier is 20 or that the initial deposit of $2,000 has multiplied by 20 to $40,000.
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