The answer is B.
An excise tax applies to specific products.
Hopes this helps :)
The difference between excise tax and sales tax is that an excise tax applies to specific products.
So, option B). is correct.
Excise tax and sales taxSales tax is applied to practically everything you buy, whereas excise tax is only applied to certain goods and services. Excise duty is charged on the manufacture of goods, whereas sales tax is levied on the selling of commodities.
One distinction between sales and excise taxes is that sales taxes are computed as a percentage of the purchase price, whereas excise taxes are assessed per unit. The difference between excise tax and sales tax is that an excise tax applies to specific products.
So, option B). is correct.
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As operations manager, you are concerned about being able to meet sales requirements in the coming months. You have just been given the following production report: JAN FEB MAR APR Units produced 2,300 1,800 2,800 3,000 Hours per machine 325 200 400 320 Number of machines 3 5 4 4 Find the average of the monthly productivity figures (units per machine hour). (Do not round intermediate calculations. Round your answer to 2 decimal places.) Average productivity 2.06 correct units per machine hour
Answer: 2.36
Explanation: Hours per machine * # of machines
325 * 3 = 975
Units produced/ Machine Hour
2,300/975 = 2.36
The average of the monthly productivity figures is 2.36.
Who are managers?"Manager can be defined as a person who is in charge of managing or looking after an organization he is an acting leader who helps in delegating the responsibilities as well as setting the goals also he possesses some leadership qualities that help in running an organization smoothly."
Hours per machine 325
In total there are 3 units that are producing that the operation manager needs to focus on intaking the decision.
Total machine hour is calculated as:
Hours per machine * number of machines
= 325 * 3
= 975
The average of monthly productivity that the operating manager needs to incur for the smooth running of the business is:
Units produced/ Machine Hour
= 2,300/975
= 2.36
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A company is considering two mutually exclusive expansion plans. Plan A requires a $40 million expenditure on a large-scale integrated plant that would provide expected cash flows of $6.39 million per year for 20 years. Plan B requires a $13 million expenditure to build a somewhat less efficient, more labor-intensive plant with an expected cash flow of $2.91 million per year for 20 years. The firm's WACC is 9%.Calculate each project's NPV. Round your answers to two decimal places. Enter your answers in millions. For example, an answer of $10,550,000 should be entered as 10.55.Plan A $ millionPlan B $ millionCalculate each project's IRR. Round your answer to two decimal places.Plan A %Plan B %Graph the NPV profiles for Plan A and Plan B and approximate the crossover rate to the nearest percent.Calculate the crossover rate where the two projects' NPVs are equal. Round your answer to the nearest hundredth.%
Answer:
Project A:
initial outlay -$40 million
cash flows $6.39 million for 20 years
PV of cash flows = $6,390,000 x 9.1285 (PV annuity factor, 9%, 20 periods) = $58,331,115
NPV = -$40,000,000 + $58,331,115 = $18,331,115 ≈ $18.33 million
IRR = 15%
Project B:
initial outlay -$13 million
cash flows $2.91 million for 20 years
PV of cash flows = $2,910,000 x 9.1285 (PV annuity factor, 9%, 20 periods) = $26,563,935
NPV = -$13,000,000 + $26,563,935 = $13,563,935 ≈ $13.56 million
IRR = 22%
Crossover rate = 11.4%
I solved the cross over rate the following way:
project A project B difference
-40 -13 -27
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
6,39 2,91 3,48
Using a financial calculator or excel spreadsheet, find the IRR of the difference and that is the crossover rate (discount rate at which both projects have the same NPV).
In the long run, a decrease in the money supply will
decrease real Gross Domestic Product (GDP).
decrease the price level.
increase real Gross Domestic Product (GDP).
increase the price level.
Answer:
decrease real Gross Domestic Product (GDP).
Explanation:
GDP represents the total value of a country output. The calculation of GDP using the expensive method is identical to that of the aggregate demand. Aggregate demand is the total of government spending, consumer spending, investment, and net exports. Therefore, GDP and aggregate demand are the same.
A decrease in the money supply leads to firms and households having less money to spend. Reduction in disposable income results in reduced consumer spending, which has adverse effects on aggregate demand. Therefore, reduced money supply results in a decline in consumer spending and reduced aggregate demand, leading to a reduction in a country's output.
During the month of September, the Texas Go-Kart Company had the following business activities:
a- On September 1, paid rent on the track facility for six months at a total cost of $13,800.
b. On September 1, received $58,800 for season tickets for 12-month admission to the race track.
c. On September 1, booked the race track for a private organization that will use the track one day per month for $2,500 each time, to be paid in the following month. The organization uses the track on September 30.
d. On September 1, hired a new manager at a monthly salary of $3,400, to be paid the first Monday following the end of the month.
Required: 1. Prepare the journal entry, if any, required to record each of the initial business activities on September
1. (If no entry is required for a transaction/event, select ''No Journal Entry Required'' in the first account field.) Journal Entry Worksheet Record the payment of rent on the track facility for six months at a total cost of $13,800. Transaction General Journal Debit Credit
2. Prepare the adjusting journal entries, if any, required on September 30. (if no entry is required for a transaction/event, select ''No Journal Entry Required'' In the first account field.) Journal Entry Worksheet Record the payment of rent on the track facility for six months at a total cost of $13,800.
Record the adjusting entry for the payment of rent on the track facility for six months at a total cost of $13,800.
Answer:
a- On September 1, paid rent on the track facility for six months at a total cost of $13,800.
Dr Prepaid rent 13,800
Cr Cash 13,800
September 30, accrued rent expense
Dr Rent expense 2,300
Cr Prepaid rent 2,300
b. On September 1, received $58,800 for season tickets for 12-month admission to the race track.
Dr Cash 58,800
Cr Unearned revenue 58,800
September 30, accrued ticket revenue
Dr unearned revenue 4,900
Cr Ticket revenue 4,900
c. On September 1, booked the race track for a private organization that will use the track one day per month for $2,500 each time, to be paid in the following month. The organization uses the track on September 30.
no journal entry required
September 30, ticket revenue
Dr Accounts receivable 2,500
Cr Ticket revenue 2,500
d. On September 1, hired a new manager at a monthly salary of $3,400, to be paid the first Monday following the end of the month.
no journal entry required
September 30, accrued wages expense
Dr Wages expense 3,400
Cr Wages payable 3,400
Larner Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the following six activity cost pools and activity rates:
Activity Cost Pool Activity Rates
Labor-related $7.00 per direct labor-hour
Machine-related $3.00 per machine-hour
Machine setups $40.00 per setup
Production orders $160.00 per order
Shipments $120.00 per shipment
General factory $4.00 per direct labor-hour
Cost and activity data have been supplied for the following products:
J78 B52
Direct materials cost per unit $6.50 $31.00
Direct labor cost per unit $3.75 $6.00
Number of units produced per year 4,000 100
Total Expected Activity J78 B52 Direct labor-hours 1,000 40
Machine-hours 3,200 30
Machine setups 5 1
Production orders 5 1
Shipments 10 1
Required:
Compute the unit product cost of each product listed above.
First, The unitary production cost J78 is = $15.95
Second The unitary production costB52 is = $45.4
How to Compute the unit Product Cost?Firstly, we need to allocate overhead to each product that is:
Then Allocated MOH is = Estimated manufacturing overhead rate × Actual amount of allocation base
The cost and activity data of J78:
The Labor-related is = 7.00×1,000= 7,000
Then Machine-related is = 3.00×3,200= 9,600
After that Machine setups is = 40.00×5= 200
Then Production orders is = 160.00×5= 800
Then Shipments is = 120.00×10= 1,200
The General factory is = 4.00×1,000= 4,000
Therefore, The Total overhead is = $22,800
Then the Unitary overhead is = 22,800/4,000= $5.7
The cost and activity data of B52:
The Labor-related is = 7.00×40= 280
Then Machine-related is = 3.00×30= 90
After that Machine setups is = 40.00×1= 40
Then Production orders is = 160.00×1= 160
Then Shipments is = 120.00×1= 120
After that General factory is = 4.00×40= 160
Therefore The Total overhead is = $850
Then Unitary overhead is = 850/100= $8.5
Now, we calculate the unitary production cost is:
The unitary production cost J78= 6.5 + 3.75 + 5.7= $15.95
The unitary production cost B52= 31 + 6 + 8.5= $45.4
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The contract drawings prepared by the architect are generally not specific enough to facilitate accurate fabrication of the materials involved. Therefore, to produce the necessary materials for a project, subcontractors and suppliers must provide ________________________ to amplify/clarify the contract drawings.
Answer:
construction specifications
Explanation:
Construction contracts must always include construction specifications. These specifications refer to what materials, installations and specialized labor is required to perform correctly the building process.
Architects are paid for their blueprints, i.e. their designs. Sometimes an architect can recommend certain materials that fit his/her design, but the contractor is responsible for carrying on the actual construction.
The contractor has to specify which materials will be used and how the construction process will be carried out. E.g. it is not the same to build a house with luxurious materials like expensive floors and ceilings than a normal house.
In general, research and development costs for projects other than software development should be: A. None of the answer choices are correct. B. Expensed if unsuccessful; capitalized if successful. C. Expensed in the period they are determined to be unsuccessful. D. Expensed in the period they are determined to be successful. E. Deferred pending determination of success.
Answer:
Research and development costs must be expended during the period that they occur, they are not capitalized. Whether the project is successful or not does not affect the expensing of the R&D costs.
Both options C and D are correct:
C. Expensed in the period they are determined to be unsuccessful. D. Expensed in the period they are determined to be successful.Explanation:
On the other hand, software companies are allowed to capitalize some (not all) R&D costs.
The following selected accounts from the Bramble Corp.’s general ledger are presented below for the year ended December 31, 2022:
Advertising expense $54,000 Interest revenue $32,000
Common stock 249,000 Inventory 66,000
Cost of goods sold 1,084,000 Rent revenue 24,000
Depreciation expense 124,000 Retained earnings 534,000
Dividends 149,000 Salaries and wages expense 674,000
Freight-out 24,000 Sales discounts 8,600
Income tax expense 69,000 Sales returns and allowances 43,000
Insurance expense 15,000 Sales revenue 2,399,000
Interest expense 69,000
Required:
Prepare a multiple-step income statement.
Answer:
$ $
Sales Revenue 2,399,000
Less:
Sales return and allowances 43,000
Sales discount 8,600
2,347,400
Net sales
Cost of goods sold 1,084,000
Gross profit 1,263,400
Operating expenses;
Advertising expense 54,000
Depreciation expense 124,000
Freight out 24,000
Insurance expense 15,000
Salaries and wages expense 674,000
Total operating expense 891,000
Income from operation 372,400
Other revenue and gains
Interest revenue 32,000
Rent revenue 24,000
56,000
Other expenses and loss
Interest expense 69,000
Income before income taxes 359,400
Income tax expense 69,000
Net income 290,400
PLEASE HELP What platforms do digital media campaigns use to reach customers?
Question 1 options:
Websites
Social Media
Live Chats
All of the Above
Fidelity Stereo Company has provided the following information regarding its activity-based costing system:Purchasing department costs are allocated based on purchase orders, and the predetermined overhead allocation rate is $77 per purchase order.Assembly department costs are allocated based on the number of parts used, and the predetermined overhead allocation rate is $5 per part.Packaging department costs are allocated based on the number of units produced, and the predetermined overhead allocation rate is $4 per unit produced.Each stereo produced has 50 parts, and the direct materials cost per unit is $70. There are no direct labor costs. Fidelity Stereo has an order for 1200 stereos, which will require 45 purchase orders in all. What is the total cost for the 1200 stereos?a. $392,265b. $303,465c. $388,800d. $307,950
Answer:
a. $392, 265
Explanation:
Given that:
i. Purchasing department, overhead allocation rate is $77 per purchase order.
ii. Assembly department, overhead allocation rate is $5 per part.
iii. Packaging department, overhead allocation rate is $4 per unit.
iv. Direct material cost is $70 per unit.
v. Each stereo has 50 parts.
Total parts required = 1200 x 50
= 60000
vi. 45 purchase order was required for 1200 stereos.
Thus:
i. $77 x 45 = $3465
ii. $5 x 60000 = $300000
iii. $4 x 1200 = $4800
iv. $70 x 1200 = $84000
Therefore,
total cost for 1200 stereos = $3465 + $300000 + $4800 + $84000
= $392, 265
You just deposited $3,000 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now
Answer:
Total FV= $16,599.29
Explanation:
We will calculate each investment separately, and then the total future value.
FV= PV*(1+i)^n
Deposit 1:
PV= 3,000
n= 12
i= 0.04/4= 0.01
FV= 3,000*(1.01^12)
FV= $3,380.48
Deposit 2:
PV= $5,000
n= 8
i= 0.01
FV= 5,000*(1.01^8)
FV= $5,414.28
Deposit 3:
FV= 7,500*(1.01^4)
FV= $7,804.53
Total FV= $16,599.29
During its first year of operations, Drone Zone Corporation (DZC) bought goods from a manufacturer on account at a cost of $55,000. DZC returned $8,500 of this merchandise to the manufacturer for credit on its account. DZC then sold $43,000 of the remaining goods at a selling price of $69,600. DZC records sales returns as they occur and then records estimated additional returns at year-end. During the year, customers returned goods that had been sold at a price of $7,300. These goods were in perfect condition, so they were put back into DZC’s inventory at their cost of $4,500. At year-end, DZC estimated $9,510 of current year merchandise sales would be returned to DZC in the following year; DZC estimates $5,800 as its cost of this merchandise.
Required:
Prepare journal entries to record DZC's transactions and estimates, assuming DZC uses a perpetual inventory system.
Answer:
Explanation:
Journal Entries
Event Account Title and Explanation Debit Credit
1 Inventory (or merchandise) $ 55,000
Accounts Payable $ 55,000
To record the purchase on account
2 Accounts Payable $ 8,500
Inventory (or merchandise) $ 8,500
To record return the merchandise
3. Cash ( or Accounts receivable) $69,600
Sales Revenue $ 69,600
To record sales revenue
4. Cost of goods sold $43,000
Inventory (or merchandise inventory) $43,000
To record cost of goods sold
5. Sales return and allowances $7,300
Cash (or Accounts receivable) $7,300
To record the sales return
6. Inventory (or merchandise Inventory) $ 4,500
Cost of goods sold $4,500
To record the reversal of COGS (Cost of goods sold)
7. Sales return and allowances $ 9510
Allowances for sales return $9510
To record the allowances for the estimated return
8. Inventory - Estimated Return $5,800
Cost of goods $5,800
To record the allowances for the estimated -
return of the cost of goods sold
On December 31, 2019, Mass Construction Inc. signs a contract with the state of Massachusetts Department of Transportation to manufacture a bridge over the Merrimack. Mass Construction anticipates the construction will take three years. The company's accountants provide the following contract details relating to the project:
Contract price $520 million
Estimated construction costs $300 million
Estimated total profit $220 million
During the three-year construction period, Tri-State incurred costs as follows:
2020 $60 million
2021 $150 million
2022 $90 million
Tri-State uses the percentage of completion method to recognize revenue. Which of the following represent the profits recognized in 2020, 2021, and 2022?
a. $52 million, $312 million, $156 million
b. $12 million, $72 million, $36 million
c. $140 million, $140 million, $140 million
d. $30 million, $180 million, $90 million
e. None of the above
Answer:
2020 - $44 million
2021 - $110 million
2022 - $66 million
Explanation:
Using the percentage of completion method, the profit for the year will be the percentage of the total estimated costs incurred in that year multiplied by the estimated total profit of the contract.
2020
= (60/300) * 220
= $44 million
2021
= (150/300) * 220
= $110 million
2022
= (90/300) * 220
= $66 million
The options are not for this question.
when is y'all birthday i'm trying to see if i have the same birthday as somebody
Answer:
6th October, when is yours..?
Lovely Lotion Inc. produces three different lotions: hand, body, and foot. The lotions are produced jointly in a mixing process that costs a total of $250 per batch. At the split-off point, one batch produces 80, 40, and 25 bottles of hand, body, and foot lotion, respectively. After the split-off point, hand lotion is sold immediately for $2.50 per bottle. Body lotion is processed further at an additional cost of $0.25 per bottle and then sold for $5.75 per bottle. Foot lotion is processed further at an additional cost of $0.85 per bottle and then sold for $4.00 per bottle. Assume that body and foot lotion could be sold at the split-off point for $3.00 and $3.20 per bottle, respectively.
1. Using the market value at split-off method, allocate the joint costs of production to each product.
2. A lotion manufacturing company produces three types of lotions. After the split-off point the company continues to sell the body lotion and makes $0.25 profit per bottle. The foot lotion generates $0.05 loss per bottle. Which lotion should be continued after the split-off point?
A. Hand lotion.
B. Body lotion.
C. Foot lotion.
D. Body and foot lotion.
3. Allocate the joint costs of production to each product using the net realizable value method.
Answer:
1) Hand lotion : Joint cost = $250
body lotion : joint cost = $250
foot lotion : Joint cost = $250
2) Body lotion
The joint costs of production for each product is : $250
Explanation:
cost per batch = $250
At spit off point
one batch produces : 80 bottles of hand lotion, 40 body lotions, 25 foot lotion
After spit-off point : Hand lotion is $2.5 per bottle
cost of further processing of body lotion = $0.25
value of body lotion = $5.75
cost of further processing of foot lotion = $0.85
market value of foot lotion = $4.00
Assuming that body and foot lotion could be sold at the split-off point for $3.00 and $3.20 per bottle, respectively.
1 ) using the market value at split-off method to allocate the joint costs of production to each product
Hand lotion : Joint cost = $250
body lotion : joint cost = $250
foot lotion : Joint cost = $250
this is because the joint cost of producing each product in every batch is the same
2) The lotion that should be continued after split-off is
Body lotion because the market value after split-off - cost for further production is better off other lotions ( highest market value after split-off)
i.e : $5.75 - $0.25 = $ 5.50
The joint costs of production for each product is : $250
For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply.Transaction C |I |G| X |M|The Federal Aviation Administration expands the runways at Philadelphia International Airport, which is just a few miles from Antonio and Caroline's house.Dmitri buys a new set of tools to use in his plumbing business.Caroline buys a new BMW, which was assembled in Germany.Antonio's employer assigns him to provide consulting services to an Australian firm that's opening a manufacturing facility in China.Caroline gets a haircut.
Answer:
The given transactions categorised as being parts of C / I / G / X - M, from GDP
Explanation:
Federal Aviation Administration expands the runways at Philadelphia International Airport, which is just a few miles from Antonio and Caroline's house : Government Purchase
Dmitri buys a new set of tools to use in his plumbing business : Investment
Caroline buys a new BMW, which was assembled in Germany : Imports
Antonio's employer assigns him to provide consulting services to an Australian firm that's opening a manufacturing facility in China : Export
Caroline gets a haircut : Consumption
Marin Company produces two software products (Cloud-X and Cloud-Y) in two separate departments (A and B). These products are highly regarded network maintenance programs. Cloud-X is used for small networks and Cloud-Y is used for large networks. Marin is known for the quality of its products and its ability to meet dates promised for software upgrades. Department A produces Cloud-X, and department B produces Cloud-Y. The production departments are supported by two support departments, systems design and programming services. The sources and uses of the support department time are summarized as follows:_______.
To Total
Department Department Labor
From Design Programming A B Hours
Design - 5,000 1,000 9,000 15,000
Programming 400 - 600 1,000 2,000
The costs in the two service departments are as follows:_______.
Design Programming
Labor and materials (all variable) $ 50,000 $ 36,000
Depreciation and other fixed costs 40,000 4,000
Total $ 90,000 $ 40,000
Required:1. Determine the total support costs allocated to each of the producing departments using (a) the direct method, (b) the step method (design department goes first), and (c) the reciprocal method? (Do not round intermediate calculations. Round your final answer to nearest whole dollar amount.)2. The company is considering outsourcing programming services to DDB Services Inc. for $52.00 per hour. Should Marin do this?Note: there's 2 requirements , please make sure you do both with explaination :)
Answer and Explanation:
Year1-Year Forward Rate 15.8% 26.4% 37.1% 47.3% 57.4%What would the yield to maturity be on a four-year zero-coupon bond purchased today
Answer:
b. 6.65%
Explanation:
Note: The organized question is attached below
Yield of maturity = [(1+forward rate of years 1) * (1+forward rate of years 2) * (1+forward rate of years 3) * (1+forward rate of years 4)]^(1/4) - 1
Yield of maturity = [(1+5.8%) * (1+6.4%) * (1+7.1%) * (1+7.3%)]^(1/4) - 1
Yield of maturity = (1.058 * 1.064 * 1.071 * 1.0730)^(1/4) - 1
Yield of maturity = 1.293649093296^(1/4) - 1
Yield of maturity = 1.06648345438 - 1
Yield of maturity = 0.06648345438
Yield of maturity = 6.6483%
Yield of maturity = 6.65%
Assume you are a business consultant. The owner of a company sends you an e-mail expressing concern that the company is not taking advantage of its discounts offered by vendors. The company currently uses the gross method of recording purchases. The owner is considering a review of all invoices and payments form the previous period. Due to the volume of purchased, however, the owner recognizes that this is time-consuming and costly. The owner seeks your advice about monitoring purchase discounts in the future.
Required:
Provide a response in memorandum form.
Answer:
i have no clue
Explanation: :)
Christiansen Corporation uses an activity-based costing system with the following three activity cost pools: Activity Cost Pool Total Activity Fabrication 70,000 machine-hours Order Processing 500 orders Other Not applicable The Other activity cost pool is used to accumulate costs of idle capacity and organization-sustaining costs. The company has provided the following data concerning its costs: Wages and Salaries $420,000 Depreciation 160,000 Occupancy 200,000 Total $780,000 The distribution of resource consumption across activity cost pools is given below: Activity Cost Pools Fabrication Order Processing Other Total Wages and Salaries 60% 20% 20% 100% Depreciation 5% 60% 35% 100% Occupancy 25% 50% 25% 100%
The activity rate for the Order Processing activity cost pool is closest to:_______.
A. $312 per order
B. $676 per order
C. $780 per order
D. $560 per order
Answer:
D. $560 per order
Explanation:
For computing the activity rate first determine the total allocation cost which is shown below:
The Total allocation cost is
= Wages & salaries + depreciation + occupancy
= $420,000 × 20% + $160,000 × 60% + $200,000 * 0.50
= $84,000 $96,000 + $$100,000
= $280,000
Now the activity rate is
= $280,000 ÷ 500 orders
= $560 per order
hence, the option D is correct
X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it purchased $400 of merchandise on account with terms of 2/15, n/40. On May 3, X-Mart returned $50 of merchandise due to defect. Assuming that the purchase was paid for within the discount period, demonstrate the required journal entry for X-Mart to record the payment by selecting all of the correct actions below.
A. Credit Purchase Discounts $7.
B. Credit Cash $392.
C. Credit Merchandise Inventory $7.
D. Debit Accounts Payable $350.
E. Credit Cash $343.
F. Debit Merchandise Inventory $7.
G. Credit Accounts Payable $350.
Answer:
C. Credit Merchandise Inventory $7
D. Debit Accounts Payable $350
E. Credit Cash $343
Explanation:
Based on the information given we were told the company made purchased of the amount of $400 of merchandise which include a terms of 2/15, n/40 and On May 3 the company returned the amount of $50 of merchandise due to defect which means that if the purchase was been paid for within the discount period the correct required journal entry for X-Mart to record the payment will be :
Credit Merchandise Inventory $7
[(2%*400)-(2%-50)]
=$8-$1
=$7
Debit Accounts Payable $350
($400-$50)
=$350
Credit Cash $343
($400-$50)-[(2%*400)-(2%-50)]
=$350-($8-$1)
=$350-$7
=$343
The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic inventory system.
Jan. 2 Purchased $18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30.
5 Paid freight of $190 on the January 2 purchase.
6 Returned $2,750 of the merchandise purchased on January 2.
13 Sold merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of goods sold was $22,400.
15 Paid freight of $215 for the merchandise sold on January 13.
17 Paid for the purchase of January 2 less the return and discount.
23 Received payment on account for the sale of January 13 less the discount.
Journalize the entries to record the transactions of Air Systems Company.
Answer:
Date Account Titles and Explanation Debit Credit
2-Jan Purchase $18,200
Accounts payable $18,200
5-Jan Freight In $190
Cash $190
6-Jan Accounts payable $2,750
Purchased return and allowance $2,750
13-Jan Account receivable $37,300
Sales $37,300
Cost of goods sold $22,400
Merchandise Inventory $22,400
15-Jan Delivery expenses $215
Cash $215
17-Jan Account payable $15,450
Purchase discount $309
Cash $15,141
23-Jan Cash $36,927
Sales discount $373
Account receivables $37,300
The amount of cash received = $37,300 - {$37,300*1%} = 36,927
The amount of sale discount = $37,300 - $ 36,927 = $373
You are an administrator working for the Maine Department of Environmental Protection, a state administrative agency. You are tasked with implementing a new and controversial pollution control rule. The media will be watching closely to ensure all required procedures are followed. Local citizens are requesting that the rule be implemented immediately and without a hearing because, they argue, the need for controls are so acute. A California environmental group is requesting that you consider the impacts of the rule on their state. A manufacturing lobbyist has asked you to decrease relevant pollution standards in the rule by 90%, even though you have significant evidence that current pollution levels are dangerously high. Assuming that Maine administrative law, including the Administrative Procedure Act, is substantially the same as federal law discussed in this chapter, evaluate your responses to these requests in light of rules you need to follow. You want to avoid having your rule held unlawful and set aside by a court.
Answer:
the answer to this question has been well explained. Thank you!
Explanation:
the environmental protection department has to apply the pollution control rule through a good examination of the effect it would have on all stakeholders if it is passed.
local citizens: for this group the best way to respond to their request is by making sure that the rule is applied in a timely manner. they have to be given the assurance that environmental implications would be reduced to the highest possible extent by this rule and that this rule would prove to be effective.
california environmental group: the request of this group is valid and they have to get the assurance that the effect of rule on the state have been studied well enough and that policies to lower environmental effects would be put in place as much as possible.
manufacturing lobbyist: theirs is a critical request. passing the rule would obviously increase necessary pollution standards. to ensure the lobbyist is made awarebof this, administrative agency has to have a meeting with the lobbyist and the person has to be made aware of the new position and current standards that are obtainable to organizations that are in manufacturing, as well the opportunities that are open to them. it is good to do this clearly in other to avoid any future confrontations of any kind.
Use the information in the ledger accounts.
Cash Nov. 1 144,000
Nov. 8 40,320
Nov. 25 14,400
Nov. 30 1,680
Land Nov. 8 84,000
Building Nov. 8 70,320
Office Equipment Nov. 15 3,840
Nov. 21 576
Vehicles Nov. 30 11,280
Notes Payable Nov. 25 14,400
Nov. 8 114,000
Nov. 30 9,600
Accounts Payable Nov. 21 576
Nov. 15 3,840
Capital Stock
Nov. 1 144,000
Prepare a trial balance for Avenson Insurance Company dated November 30.
Answer:
Avenson Insurance Company
Trial Balance as at 30 November
Debit Credit
$ $
Cash 1,680
Land 84,000
Building 70,320
Office Equipment 21 576
Vehicles 11,280
Notes Payable 9,600
Accounts Payable 3,840
Capital Stock 144,000
Total $188,856 $157,440
Explanation:
A trial balance is prepared as at the end of the financial year. It is used to check the arithmetical accuracy of double entry.
Consider only the balances at the date of financial year end - November 30.
If a company sold $1,000 worth of goods in a period, the closing entry for the
revenue accounts would show a
A. $1,000 credit to Sales Expense
B. $1,000 debit to Income Summary
C. $1,000 debit to Sales Revenue
D. $1,000 credit to Sales Revenue
Answer:
Explanation:C. $1,000 debit to sales revenue
Answer:$1,000 debit to sales revenue
Explanation:
Lane Stevens is to retire from the partnership of Stevens and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows: Lane Stevens, $150,000; Cherrie Ford, $70,000; and LaMarcus Rollins, $60,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by $22,300 and the allowance for doubtful accounts should be increased by $1,300. Stevens agrees to accept a note for $100,000 in partial settlement of his ownership equity. The remainder of his claim is to be paid in cash. Ford and Rollins are to share equally in the net income or net loss of the new partnership.
a. Journalize the entry to record the adjustment of the assets to bring them into agreement with current market prices.
b. Journalize the entry to record the withdrawal of Stevens from the partnership.
Answer: See attachment
Explanation:
a. Journalize the entry to record the adjustment of the assets to bring them into agreement with current market prices.
The journal entry has been prepared and attached.
b. Journalize the entry to record the withdrawal of Stevens from the partnership.
The journal entry has been prepared and attached.
The following transactions occurred during a recent year:
a. Paid wages of $1,600 for the current period (example).
b. Borrowed $8,000 cash from local bank using a short-term note.
c. Purchased $3,200 of equipment on credit.
d. Earned $640 of sales revenue; collected cash.
e. Received $1,280 of utilities services, on credit.
f. Earned $2,700 of service revenue, on credit.
g. Paid $480 cash on account to a supplier.
h. Incurred $110 of travel expenses; paid cash.
i. Earned $640 of service revenue; collected half in cash, with balance on credit.
j. Collected $180 cash from customers on account.
k. Incurred $460 of advertising costs; paid half in cash, with balance on credit.
Required:
1. For each of the transactions, complete the table below, indicating the account, amount, and direction of the effect (+ for increase and - for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first transaction, which is provided as an example.
Assets = Liabilities + Stockholders' Equity
a Cash (1,600) Salaries & wages expense (1,600)
b Cash 8,000 Notes Payable (short-term) 8,000
c Equipment 3,200 Accounts Payable 3,200
d Cash 640 Sales revenue 640
e Accounts Payable 1,280 Utilities expense (1,280)
f Accounts Receivable 2,700 Service revenue 2,700
g Cash (480) Accounts Payable (480)
h Cash (110) Travel expense (110)
i Cash 320
Accounts Receivable 320 Service revenue 640
j Cash 180
Accounts Receivable (180)
k Cash (230) Accounts Payable 230 Advertising expense (460)
2. Determine the company's preliminary net income.
Answer:
1) I used an excel spreadsheet because there is not enough room here.
2) preliminary income = $530
preliminary earnings are $530.
What is a transaction?
Economic transactions involve the exchange of products, the provision of services (such as risk-taking and saving), and the movement of funds and other investments between nationals of different countries. The following two types of economic transactions.
The phrase can also be used to describe the entire group of consumers of a commodity or service. In a market, buyers and sellers come together to exchange goods and services. A country's economic exchanges with the rest of the world are summarized in the balance of payments.
The export and import of products, services, and financial assets, as well as transfer payments, are among these transactions (like foreign aid). For 'open' economies like Australia, the balance of payments is a crucial economic indicator.
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Your monthly mortgage payment on your house is $593.90. It is a 30 year mortgage at 7.8% compounded monthly. How much did you borrow
Answer:
The amount borrowed is $82,500
Explanation:
The computation of the amount borrowed is shown below:
But before that we do the following calculations
Total Periods is
= 30 × 12
= 360
Interest Rate = 7.8% ÷ 12 = 0.65%
Now
Amount Borrowed is
= $593.90 × (PVA $1 for 360 Periods at 0.65%)
= $593.90 × (138.913874 )
= $82,500
Hence the amount borrowed is $82,500
For each of the following scenarios, indicate whether we would use time series or cross-sectional data.
ITEMS
A. TO DETERMINE IF ENROLLMENT IN HIGHER EDUCATION IS INCREASING.
B. TO COMPARE THE CURRENT PRICE OF A GALLON OF GASOLINE ACROSS DIFFERENT GAS STATIONS IN LOS ANGELES, CA.
C. TO SEE IF THERE ARE DIFFERENCES IN THE AVERAGE NUMBER OF CALORIES CONTAINED IN SCHOOL LUNCHES SERVED IN EACH OF THE FIFTY STATES ON DECEMBER 1, 2015.
D. TO COMPARE THE INSECT POPULATION IN A GEOGRAPHIC REGION BEFORE AND AFTER AN INSECTICIDE WAS APPLIED.
Answer:
A. Time-Series data
B. Cross-sectional data
C. Cross-sectional data
D. Time-Series data
Explanation:
For Your Understanding:
If the time period is single then use Cross-sectional data.
If their are multiple time periods then use time-series.
A. To determine whether or not the enrollment in higher education is increasing we will use time-series data because enrollment of students is a periodical event and occurs every year. So this means periodic study would be better with time-series data.
B. For comparing the current price of a gallon of gasoline across different gas stations in Los Angeles, CA: we are considering prices in a single time period. Thus the we will use cross-sectional data.
C. For finding see any differences in the average number of calories contained in school lunches served in each of the fifty states on December 1, 2015: we are considering a single time period. Thus we will use here cross-sectional data.
D. To find out the insect population and comparing them with insect population in a geographic region before and after insecticide was used: we will consider two time periods. As the time periods are more than one, hence we will use time-series data here.
Analyzing the effects of transactions on the accounting equation.
On July 1, Alfred Herron established Herron Commercial Appraisal Services, a firm that provides expert commercial appraisals and represents clients in commercial appraisal hearings.
Instructions:
Analyze the following transactions. Record in equation form the changes that occur in assets, liabilities, and owner's equity.
Transactions:
The owner invested $200,000 in cash to begin the business.
Paid $40,500 in cash for the purchase of equipment.
Purchased additional equipment for $30,400 on credit.
Paid $25,000 in cash to creditors.
The owner made an additional investment of $50,000 in cash.
Performed services for $19,500 in cash.
Performed services for $15,600 on account.
Paid $12,000 for rent expense.
Received $11,000 in cash from credit clients.
Paid $15,100 in cash for office supplies.
The owner withdrew $24,000 in cash for personal expenses.
Analyze: What is the ending balance of cash after all transactions have been recorded?
Answer:
I used an excel spreadsheet to record the accounts using the accounting equation.
What is the ending balance of cash after all transactions have been recorded?
$163,900
The Cash ending balance after the recording of the transactions is $163,900.
Data Analysis:
a. Cash $200,000 Capital, Alfred Herron $200,000
b. Equipment $40,500 Cash $40,500
c. Equipment $30,400 Accounts Payable $30,400
d. Accounts Payable $25,000 Cash $25,000
e. Cash $50,000 Capital, Alfred Herron $50,000
f. Cash $19,500 Service Revenue $19,500
g. Accounts Receivable $15,600 Service Revenue $15,600
h. Rent Expense $12,000 Cash $12,000
i. Cash $11,000 Accounts Receivable $11,000
j. Supplies $15,100 Cash $15,100
k. Drawings, Alfred Herron $24,000 Cash $24,000
Thus, the total cash receipts are $280,500, while the total cash disbursements are $116,600, leaving an ending balance of $163,900 in cash.
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