Answer:
the cost of the land that should be reported on the balance sheet is $343,120
Explanation:
The calculation of the cost of the land that should be reported on the balance sheet is given below:
= cash payment + Short term note payable + legal fees paid + delinquent taxes + fees paid for removing out the old building - salvage value
= $31,000 + $278,000 + $2,220 + $15,700 + $20,800 - $4,600
= $343,120
hence, the cost of the land that should be reported on the balance sheet is $343,120
On December 28, I. M. Greasy, Catering completed $600 of catering services. As of December 31, the customer had not been billed nor had the transaction been recorded. Demonstrate the required adjusting entry by choosing the correct statement below.
Credit Acciunts receivable for $600.
Credit Catering revenue for $600.
Debit Unearned revenue for $600.
Debit Accounts receivable for $600.
Answer: Debit Accounts receivable for $600.
Explanation:
The customer had not been billed so that means that they still owe the company. This would make them an accounts receivable so the adjusting entry will have to debit the Accounts Receivable account for $600 to show that it is increasing.
This amount will be credited to the Accrued revenue account to show that the cash has not yet been received.
The Northern Division of Southwest Clothing Inc. forecasts (has budgeted) the following income statement for the upcoming year: Sales $850,000 Variable Costs (520,000) Contribution Margin 330,000 Fixed Costs (480,000) Operating loss ($150,000) Unfortunately, every other division in the company is also expecting an operating loss for the coming year. The company's management is considering shutting down the Northern Division and has determined that $350,000 of the $480,000 Fixed Costs shown would be eliminated if that happens. If the Northern Division is shutdown, what is the change (impact) in Southwest's forecast operating results
Answer:
Operating loss will decrease by $20,000
Explanation:
Operating loss from normal business activities and if the division is not shut down = $150,000.
Operating loss if division is shut down by the management = $130,000 ($480,000 - $350,000) because the management has determined that $350,000 of the $480,000 Fixed Costs shown would be eliminated if that happens.
So, if the Northern Division is shutdown, the Operating loss will decrease by $20,000 (From $150,000 to $130,000)
Panther Co. had a quality-assurance warranty liability of $340,000 at the beginning of 2021 and $318,000 at the end of 2021. Warranty expense is based on 5% of sales, which were $50 million for the year. What amount of warranty costs were paid during
Answer: $2,522,000
Explanation:
Warranty costs paid during 2021 = Opening warranty liability + Warranty expense for the year - Closing warranty liability
Warranty expense for the year:
= 50,000,000 * 5% warranty expense
= $2,500,000
Warranty costs paid during 2021 = 340,000 + 2,500,000 - 318,000
= $2,522,000
a face value of $450 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2022. The effective interest rate established by the market was 8%. Assuming that Auerbach issued the bonds for $388,844,955, what interest expense would it recognize in its 2021 income statement
Answer:
$7,776,899
Explanation:
Calculation to determine what interest expense would it recognize in its 2021 income statement
Interest expense= $388,844,955 * 8% * (3 months/12 months)
Interest expense= $31,107,596.4 * 3/12
Interest expense= $7,776,899
Therefore the interest expense that would be recognize in its 2021 income statement is $7,776,899
An overhead variance report includes which of the followings: _________
a. Variable and fixed flexible budget costs
b. Variable and fixed actual results
c. Variable and fixed sales results
d. Variable and fixed variances
Answer: a. Variable and fixed flexible budget costs
Explanation:
An overhead variance report shows the difference between the overhead that was actually incurred to either produce or sell vs the overhead that was budgeted.
Overhead can either be fixed or variable so an overhead report will include both fixed and variable budgeted costs which will then be compared to fixed and variable actual overhead costs.
Suppose that hiring a third worker at the campus coffee shop increases sales from $115 per hour to $130 per hour. What is the marginal product of labor per hour from adding that third worker
Answer: $15 per hour
Explanation:
The marginal product of labor in this instance is the increase in total sales as a result of one additional worker being hired:
= Change in sales/ change in number of workers
= (130 - 115) / 1
= 15/1
= $15 per hour
A manager spent 5 hours of his day in meetings. If he said that he spent 70% of his day, how many total hours did he work?
Answer:
The total hours the manager worked
= 7.14 hours
Explanation:
a) Data and Calculations:
Time spent by a manager in meetings per day = 5 hours
Percentage of time spent in meetings = 70%
Total hours the manager worked per day = 5/70% = 7.14 hours
b) The total hours that the manager worked per day = 7.14 hours or 7 hours 9 minutes (approximately). This is obtained by dividing the hours spent in meetings by the equivalent proportion that meetings consumed per day.
theo bạn, 1 sản phẩm đáng bán rất tốt có cần thiết đưa hàng hóa đó lên mạng không?
A company has already incurred $7,200 of costs in producing 6,000 units of Product XY. Product XY can be sold as is for $31 per unit. Instead, the company could incur further processing costs of $10 per unit and sell the resulting product for $35 per unit. Should the company sell Product XY as is or process it further
Answer: Sell as is or lose $36,000
Explanation:
If the company sells as is, they could sell at a price of $31 per unit.
If they process further and sell at $35, they would incur a cost of $10 per unit which leaves them with profit of:
= 35 - 10
= $25
This is lower than the selling price if they sell as is and will therefore give a loss of:
= (31 - 25) * 6,000 units
=- $36,000
Company should sell as is so as not to lose $36,000
Many exchange-traded funds limit their portfolios to:___________
a. high quality securities
b. stocks and bonds of companies in a particular industry
c. stocks included in an aggregate measure of stock prices
d. stocks that respond to changes in consumer prices (the Consumer Price Index or CPI)
The following data relate to direct materials for the month for the Hodge Wax Company: The standard costs for the work done was 5,900 pounds of wax at $9.50 per pound. The actual costs were 6,300 pounds at $9 per pound. What is the direct materials efficiency variance
Answer: $3800 U
Explanation:
The direct material efficiency variance will be calculated as follows:
Direct material efficiency variance = (Standard quantity - Actual quantity) × Standard price of material
= (5900 - 6300) × 9.50
= 400 × 9.50
= $3800 U
Therefore, the direct material efficiency variance is $3800 Unfavorable.
1.
Marketing can be viewed as consisting of two general tasks; (1) finding out what
consumers need and then (2) developing strategies to satisfy those needs.
Propose the process of how marketers go about determining and satisfying
customer needs for lounge-wear during the pandemic?
[40 marks, 400 words)
Finding out what consumers need;
To determine your consumers' demands, collect input from them at each stage of your process. You may discover consumer requirements in a variety of methods, such as through focus groups, monitoring to your consumers or social networking sites, or doing keyword research.Effects of pandemic on marketing;
Epidemic has led in adjustments to promoting, marketing, commercial, and media spending, requiring businesses and kinds to rethink existing and future advertising and marketing efforts in order to maintain a steady stream of economic reward.
Pandemic has rendered people's lives and livelihoods helpless all over the world. It has also prompted a reassessment of what client care entails for vulnerable individuals and hence the potential customers that serve them. Examining customer journeys and satisfaction indicators to determine what consumers would want to have given rise to an extreme need to cope with what they have.
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You would like to have enough money saved to receive $80,000 per year in perpetuity after retirement for you and your heirs. How much would you need to have saved in your retirement fund to achieve this goal
Answer:
$1,000,000
Explanation:
The full question is shown below:
You would like to have enough money saved to receive $80,000 per year in perpetuity after retirement for you and your heirs. How much would you need to have saved in your retirement fund to achieve this goal? (Assume that the perpetuity payments start one year from the date of your retirement. The annual interest rate is 8 percent.)
In order to receive $80,000 per year forever, one needs to save the present value of the annual cash flow using the present value formula for perpetuity as provided below:
PV of perpetuity=annual cash flow/annual interest rate
PV of perpetuity=$80,000/8%
PV of perpetuity=$1,000,000
Suppose that you have generated the estimates listed below from a pro forma analysis for a company that had requested a three year loan. The loan is a $1.5 million term loan with the equal annual payments of principals. The P&I payments are due at the end of each year with the annual interest rate = Prime rate + 2%.
Yr.1 Yr. 2 Yr. 3
Capital expenditure 250,000 125,000 75,000
Cash dividends 140,000 140,000 140,000
Cash flow from operations before
interest expense 750,000 780,000 800,000
Assuming the Prime rate = 8% each year. What will be the interest payment at year 2?
a. 25,000.
b. 50,000.
c. 100,000.
d. 150,000.
e. 200,000.
The answer is "Option c" and its calculation can be defined as follows:
Calculation:
Year To be paid in principal Paid Interest Paid Principal [tex]1\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$1,500,000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$150,000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$500,000\\\\2\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$1,000,000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$100,000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$500,000\\\\3\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$500,000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$50,000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$500,000[/tex]
That's why "Option c" is the only correct choice.
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Elderly woman purchases a table from a local furniture store for $5,000. She decides she does not want the table because of a defect. The woman successfully cancels the payment on the credit card for payment of the table, and continues to keep the table despite the store requesting to pick the table up from woman. What statement is true:
Answer:
She cannot keep the table
Explanation:
In the given scenario we will look at the different parties and wether they are satisfied with the transaction.
The buyer picked the table after which she complained about a defect and refused to pay. Because she refused to pay she cannot take ownership of the table so she has to return it.
The store did not receive payment for the table so they have the right to request for the table back from the elderly woman.
So she cannot keep the table.
The statement that is true is that she cannot keep the table
In the given scenario, we will look at the different parties and whether they are satisfied with the transaction.
Here, the buyer picked the table after which she complained about a defect and refused to pay. Because she refused to pay she cannot take ownership of the table so she has to return it.
Now, the store did not receive payment for the table so they have the right to request for the table back from the elderly woman.
In conclusion, the statement that is true is that she cannot keep the table
Read more about statement
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On January 1, a machine with a useful life of 10 years and a residual value of $76000 was purchased for $280000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation
Answer:
ill try but no promises ok
Shelton Co. purchased a parcel of land six years ago for $860,500. At that time, the firm invested $132,000 in grading the site so that it would be usable. Since the firm wasn't ready to use the site itself at that time, it decided to lease the land for $47,500 a year. The company is now considering building a warehouse on the site as the rental lease is expiring. The current value of the land is $912,000. What value should be included in the initial cost of the warehouse project for the use of this land
The value should be included in the initial cost of the warehouse project for the use of this land is $912,000.
When embarking on a project, the value of the assets to be used should be their current market value because they reflect the current state of the assets at the time the project was embarked on thereby allowing for more accurate analysis for instance in terms of depreciation or net worth of the project.
The current market price of the parcel of land as the firm is about to embark on a project is $912,000 so this should be the considered the initial cost of project in terms of land.
Additional information on market value can be found at https://brainly.com/question/13950288.
Which of the following statements accurately describe the effect of the increase in government borrowing?
a. National saving decreases by less than $20 billion.
b. Investment increases by less than $20 billion.
c. Public saving decreases by exactly $20 billion.
d. Private saving increases by less than $20 billion.
Answer:
d. Private saving increases by less than $20 billion.
Explanation:
Because the interest rate has increased, investment and national saving decline and private saving increases. The increase in government borrowing reduces public saving. From the figure you can see that total loanable funds (and thus both investment and national saving) decline by less than $20 billion, while public saving declines by $20 billion and private saving rises by less than $20 billion.
quizlet
At the end of the previous year, a customer owed Days Company $400. On February 1 of the current year, the customer paid $600 total, which included the $400 owed plus $200 owed through February 1st. The journal entry on February 1 is? (Check all that apply.)
Answer:
The relevant journal entry would be:
Date Account Title Debit Credit
February 1 Cash $600
Accounts Receivable $400
Revenue $200
The entire $600 will be debited to cash to show that $600 was received in cash.
$400 will go to Accounts Receivable to cancel out the debt owed by the customer.
Revenue will be credited $200 for the amount owed through February 1st. Revenue is credited when it increases.
Answer: Cash will debited for $600
Accounts receivable will be credited for $400
Service revenue would be credited for $200
Explanation: it’s was the correct answer on the homework
Senior managers are responsible for making specific plans to implement the strategy. The above statement is true or false. explained
Answer:
True
Explanation:
Wood used in the production of furniture. select a type of costs 2. Fuel used in delivery trucks. select a type of costs 3. Straight-line depreciation on factory building. select a type of costs 4. Screws used in the production of furniture. select a type of costs 5. Sales staff salaries. select a type of costs 6. Sales commissions. select a type of costs 7. Property taxes. select a type of costs 8. Insurance on buildings. select a type of costs 9. Hourly wages of fur
Answer:
Variable costs change with the volume of production.
Fixed costs remain constant for a certain level of production.
Mixed costs have an element of both in that they are constant but will change if a certain level of production is passed.
1. Wood used in production of furniture ⇒ Variable cost
2. Fuel used in delivery trucks ⇒ Variable cost
3. Straight-line depreciation on factory building ⇒ Fixed cost
4.Screws used in production of furniture ⇒ Variable cost
5. Sales staff salaries ⇒ Fixed cost
6. Sales commissions ⇒ Variable cost
7. Property taxes ⇒ Fixed cost
8. Insurance on buildings ⇒ Fixed cost
9. Hourly wages of furniture craftsmen ⇒ Variable cost
Sales variance analysis is used by managers for: Select one: a. Planning purposes only. b. Budgeting purposes only. c. Control purposes only. d. Planning and control purposes. e. Planning and budgeting purposes.
Answer:
e. Planning and budgeting purposes.
Explanation:
Sales variance analysis is used by managers for planning and budgeting purposes, as this analysis allows managers to better understand the company's sales scenario in a given period in relation to different variables such as budgeted quantity, quantity sold and amount of profit made.
Through analysis, greater control and strategic planning and future budgets are possible so that an organization remains profitable and competitive in the market.
Sandhill, Inc. has a unit selling price of $920, variable cost per unit of $510, and total fixed costs of $280,850. Compute the break-even sales units and sales dollars.
Answer:
(A) 685 UNITS
(B) 630,200 DOLLARS
Explanation:
Variable cost + Fixed cost = Total Cost
The break-even sales units would be the number of units Sandhill Inc. will sell in order to break even; that is, in order for their total cost to equal their total revenue.
If break-even point is the point where TR = TC then it is the same point at which PROFIT = 0
Recall that profit is the positive difference between total revenue and total cost. The negative difference (that is when TR < TC) is called loss.
Let X be = the break-even quantity or number of units, then we have
920x = 510x + 280850
Remember that VC varies or increases with the number of units produced, and so it has the x attached to it in this equation. FC on the other hand remains the same, regardless of the number of units produced.
So the left hand side of the equation has the total revenue, while the right hand side of the equation has the total cost.
Solving algebraically.
920x - 510x = 280850
410x = 280850
x = 280850 ÷ 410 = 685
ANSWER 1
The break-even sales units is 685 units.
The second computation is Sales in Dollars; at break-even sales units.
This revenue or sales is derived thus: Price per unit x Number of units
$920 x 685units = $630,200
ANSWER 2
The break-even total sales or total revenue is $630,200
KUDOS!
On January 1, 2021, Calloway Company leased a machine to Zone Corporation. The lease qualifies as a sales-type lease. Calloway paid $330,000 for the machine and is leasing it to Zone for $40,000 per year, an amount that will return 10% to Calloway. The present value of the lease payments is $330,000. The lease payments are due each January 1, beginning in 2021. What is the appropriate interest entry on December 31, 2021
Answer:
Dr Interest receivable $29,000
Cr Interest revenue $29,000
Explanation:
Preparation of the appropriate interest entry on December 31, 2021
December 31, 2021
Dr Interest receivable $29,000
Cr Interest revenue $29,000
[($330,000-$40,000)*10%]
($290,000*10%)
(To record Interest)
Larned Corporation recorded the following transactions for the just completed month.
$79,000 in raw materials were purchased on account.
$77,000 in raw materials were used in production. Of this amount, $65,000 was for direct materials and the remainder was for indirect materials.
Total labor wages of $109,500 were paid in cash. Of this amount, $100,900 was for direct labor and the remainder was for indirect labor.
Depreciation of $195,000 was incurred on factory equipment.
Required:
Record the above transactions in journal entries.
Answer:good question. Wait for the answer
Explanation:
Desks by Daisy sells a student desk for $100 per unit. The variable cost per desk is $40 and Daisy's fixed costs of producing the desks equals $15,000 per month. Daisy needs to sell _______ desks per month in order to break-even.
Answer:
250
Explanation:
Breakeven quantity are the number of units produced and sold at which net income is zero
Breakeven quantity = fixed cost / price – variable cost per unit
$15,000 / (100 - 40)
$15,000 / 60
250
(Economics)
Which of the following best explains why the money supply is increased when
the Fed buys Treasury bonds?
A. When the Fed buys Treasury bonds, it increases the amount of
deposits in people's bank accounts.
O B. When the Fed buys Treasury bonds, the available supply of bonds
decreases, which drives up bond prices.
C. When the Fed buys Treasury bonds, the demand for bond
purchases and for money in general is increased.
D. When the Fed buys Treasury bonds, there are more bonds on
reserve to enable overnight loans.
Answer:
D.whene the fed buys Treasury bonds,there are more bonds on
Answer:
C. When the Fed buys Treasury bonds, it increases the amount of deposits in people's bank account.
Explanation:
Trust me
It is January 2nd and senior management of Baldwin meets to determine their investment plan for the year. They decide to fully fund a plant and equipment purchase by issuing $10,000,000 in bonds. Assume the bonds are issued at face value and leverage changes to 2.7. Which of the following statements are true?
a. Total liabilities will be $132,709,346
b. The total investment for Baldwin will be $12,728,474
c. Working capital will remain the same at $12,936,641
d. Baldwin's long term debt will rise by $10,000,000
e. Total assets will rise to $212,378,526
Answer:
b.The total investment for Baldwin will be $12,728,474
The debt to owners' equity ratio is a common type of liquidity ratio
Answer: No
Explanation: D/E is a solvency ratio. Liquidity ratios are quick and current ratios.
Fore Farms reported a pretax operating loss of $137 million for financial reporting purposes in 2021. Contributing to the loss were (a) a penalty of $5 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2021 and (b) an estimated loss of $12 million from accruing a loss contingency. The loss will be tax deductible when paid in 2022. The enacted tax rate is 25%. There were no tem
Answer: Hello your question is incomplete attached below is the complete question
answer:
1) attached below
2) Net operating income ( loss ) = - $104 million
Explanation:
Pretax operating loss = - $137 million
Non deductible Losses ; $5 million fine paid in 2021 ,
estimated $12 million loss from contingency that will be tax deductible in 2022
Enacted tax rate = 25%
Taxable operating income = - $120 million
attached below is the solution
