Answer:
Reduces the time, effort and cost of recordkeeping.
Explanation:
Advantages of technology in accounting
It has improved the clerical accuracy of accounting. The errors made have reduced. It reduces the time, effort and cost of recordkeeping.It has reduced the reliability of accounting information generated because of increased accuracyDespite the advantages of technology in accounting, technology is yet to replace man as decision makers because man is still needed to interpret the data generated by technology and take appropriate actions based on the interpretation of the generated data
Business Finance 344 Homework You plan to retire in 39 years. You are debating whether to deposit $69,931 into an account earning 9 percent annually today or waiting 14 years before making the deposit. How much more will be in the account when you retire in 39 years if you make the deposit today as opposed to waiting 14 years to make the first deposit
Answer:
If you made the deposits now, you would have $1,412,109.77 more than waiting 14 years.
Explanation:
Giving the following information:
Initial investment (PV)= $69,931
Interest rate (i)= 9%
Number of periods= 39 or 25
To calculate the future value, we need to use the following formula:
FV= PV*(1 + i)^n
Wait 14 years:
FV= 69,931*(1.09^25)
FV= $603,020.65
Deposit now:
FV= 69,931*(1.09^39)
FV= $2,015,130.42
If you made the deposits now, you would have $1,412,109.77 more than waiting 14 years.
Stealth Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 29,500 $ 42,000 Inventory 30,000 39,000 Net sales (all credit) 196,000 197,000 Cost of goods sold 124,000 110,000 Total assets 429,000 409,000 Total stockholders' equity 250,000 227,000 Net income 39,500 33,000 Stealth Company's 2021 receivables turnover ratio is:_______.
Answer:
5.48 times
Explanation:
Calculation to determine what Stealth Company's 2021 receivables turnover ratio is
Using this formula
Receivables turnover ratio= 2021 Net sales/(2021 Accounts receivable+2021 Accounts receivable)/2
Let plug in the formula
Receivables turnover ratio= $196,000($29,500 +$42,000)/2
Receivables turnover ratio= $196,000/($71,500/2)
Receivables turnover ratio= $196,000/$35,750
Receivables turnover ratio= 5.48 times
Therefore Stealth Company's 2021 receivables turnover ratio is 5.48 times
If a company provides an online service that delivers physical products and services but does not exist as a brick-and-mortar store, it is considered which type of brand
Answer: a. an e-brand brand
Explanation:
An e-brand is one that provides just an online service for merchandise sales. These companies do not have physical locations but rather show you all that they sell on their websites and then when you purchase something, they deliver it as a physical good. The most popular example of such is Amazon.
The advantage of such brands is that they get to save on the rental and other property costs related to establishing brick-and-mortar stores because they are online.
Based on a predicted level of production and sales of 20,000 units, a company anticipates total variable costs of $96,000, fixed costs of $24,000, and operating income of $163,200. Based on this information, the budgeted amount of contribution margin for 17,000 units would be:
The budgeted value of the contribution margin for 17,000 units should be $159,120.
But before determining the contribution margin value first determine the following amounts:
Current contribution margin = Fixed costs + Target operating income
= $24,000 + $163,200
= $187,200
Now contribution margin per unit is
= $187,200 ÷ 20,000 units
= $9.36 per unit
And, finally the contribution margin value should be
= 17,000 units × $9.36 per unit
= $159,120
Therefore, we can conclude that The budgeted value of the contribution margin for 17,000 units should be $159,120.
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In a project schedule, the sequence of activities which cannot be delayed during the course of the project without extending the project end date is referred to as the:
Answer:
Critical path
Explanation:
Project
This is simply known as a temporary work with a clearly state out timeframe or timeline from its starting (beginning) to the ending. it often brings about a unique product, service, or event. The various tasks in a project is specific to the defined project goal or objective and can be described within limits of time.
Critical path
This is simply regarded as the longest path via a network diagram, that shows the shortest amount of time by when project can or should be completed. the critical path method commonly called CPM is broken down into:
Earliest start time (ES) - This is simply the fastest or earliest a said activity can start without starting before any formal activities.
Earliest finish time (EF) - This is how fast or earliest an activity can finish.
Latest start time (LS) - This is simply known as the latest time an activity can start without delaying the entire project.
Latest finish time (LF) - This is simply the latest time an activity can finish without delaying the entire project.
Critical Path Analysis is a known project management tool that lets out all the individual activities that make up a larger project and it often shows the order in which activities have to be undertaken etc,
Any point on the budget constraint Multiple Choice Gives the consumer the highest level of utility. Represent a combination of two goods that are affordable. Represents combinations of two goods that yield the same utility. Reflects the price of one good divided by the price of another good.
Answer: Represent a combination of two goods that are affordable
Explanation:
The budget constraint simply represents all the combinations of goods and services which a particular consumer can buy given the current prices of the goods within their given income.
The concepts of budget constraint is used in examining the parameters of the choices of the consumers. It should be noted that any point on the budget constraint simply represents a combination of two goods that are affordable.
Paris Summer 20 Company sells small laptops. Based on the information below, calculate the Break even point in sales dollars for the year.
Selling price per unit $150
Variable cost per unit $60
Fixed Costs per year $21,000
Answer:
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Explanation:
Direct Labor Variances The following data relate to labor cost for production of 20,000 cellular telephones: Actual: 8,450 hrs. at $22.50 Standard: 8,400 hrs. at $23.00
a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance $ Time variance $ Total direct labor cost variance $
b. The employees may have been less-experienced or poorly trained, thereby resulting in a labor rate than planned. The lower level of experience or training may have resulted in efficient performance. Thus, the actual time required was than standard.
Answer and Explanation:
The computation is given below:
a)
Direct labor rate variance = (Actual rate - Standard rate) × Actual hours
= ($22.50 - $23) × 8,450 hours
= -$4,225.00 Favorable
Direct labor time variance = (Actual hours - Standard hours) × Standard rate
= (8,450 hours - 8,400 hours) × $23
= $ 1,150.00 Unfavorable
Total direct labor cost variance is
= Direct labor rate variance + Direct labor time variance
= $4,225 Favorable + $1,150 Unfavorable
= -$3,075.00 Favorable
b. In the case when the employees are not much experienced or they are poorly trained so the less experience cause to less performance due to which the actual time needed should be more than the standard one
Let illustrate what you you know about materiality concept.
Answer:
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its a study meeting of girls i am also girl here we only study boy were not allowed because he disturb here we only study its safe meeting of girl here we only study
Jack is a married male, while John is single. Your company has an assignment in a branch in Mexico that would last a couple of years. Management feels that John would be better for this assignment because he is single and is free to move. Is this decision fair?
No, It is an unfair decision by an employer to discriminate based on an applicant's marital status or perceived marital status. Although in contradict to this situation there is evidence that employers prefer and promote men who are married with children, especially compared to their childless male peers and to mothers as married men are often seen as more responsible and dedicated workers.
What is a marital status?Civil status, or marital status, are the distinct options that describe a person's relationship with a significant other. Married, single, divorced, and widowed are examples of civil status. Whether or not marital status discrimination is illegal depends on the laws of your state. Federal law doesn't prohibit discrimination on the basis of an employee's or applicant's marital status. However, almost half of the states and the District of Columbia have outlawed this type of discrimination Employers in California are prohibited from asking certain types of questions during a job interview. This includes questions about an applicant's race, religion, or marital status.
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Brown Co. issued $100 million of its 10% bonds on April 1, 2016, at 99 plus accrued interest. The bonds are dated January 1, 2016, and mature on December 31, 2035. Interest is payable semiannually on June 30 and December 31. What amount did Brown receive from the bond issuance?
a) $87.8 million
b) $99.0 million
c) $100.0 million
d) $101.5 million
Answer:
d) $101.5 million
Explanation:
The computation of the amount received from the bond issuance is given below:
Interest Rate: 10%
Time period: 3 months (from 01.01.2016 to 31.03.2016)
Par Value=$100 million
Accrued Interest be 2.53 million
So,
Amount receive from Bond Issuance is
= 99 + 2.53
= $101.5 million
Precision Construction entered into the following transactions during a recent year.
January 2 Purchased a bulldozer for $250,000 by paying $20,000 cash and signing a $230,000 note due in five years.
January 3 Replaced the steel tracks on the bulldozer at a cost of $20,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency.
January 30 Wrote a check for the amount owed on account for the work completed on
February 1 Replaced the seat on the bulldozer and wrote a check for the full $800 cost.
March 1 Paid $3,600 cash for the licensing rights to use computer software for a two-year period.
Required:
Prepare the journal entries for each of the above transactions.
Answer:
Jan-02
Dr Bulldozer $ 250,000
Cr Cash $ 20,000
Cr Note Payable $ 230,000
Jan-03
Dr Bulldozer $ 20,000
Cr Accounts Payable $ 20,000
Jan-30
Dr Accounts Payable $ 20,000
Cr Cash $ 20,000
Feb-01
Dr Repair and Maintenance Expense $ 800
Cr Cash $ 800
Mar-01
Dr Computer Software $ 3,600
Cr Cash $ 3,600
Explanation:
Preparation of the journal entries for each of the above transactions.
Jan-02
Dr Bulldozer $ 250,000
Cr Cash $ 20,000
Cr Note Payable $ 230,000
(Purchased bulldozer)
Jan-03
Dr Bulldozer $ 20,000
Cr Accounts Payable $ 20,000
(Replaced tracks on bulldozer)
Jan-30
Dr Accounts Payable $ 20,000
Cr Cash $ 20,000
(Paid cash)
Feb-01
Dr Repair and Maintenance Expense $ 800
Cr Cash $ 800
(Repaired seat of bulldozer)
Mar-01
Dr Computer Software $ 3,600
Cr Cash $ 3,600
(Purchase computer software)
A differentiation strategy allows a company to charge a(n) __________ price for its product, if it chooses to do so. a. premium b. exorbitant c. low d. average e. escalating
Answer:
A
Explanation:
A differentiation strategy entails making ones product different from that of other firms in the industry. This would enable the firm that has a differentiated product sell at a premium. The aim of this strategy is to have a competitive advantage
Advantages of a differentiation strategy
products are unique. This reduces the competition the product faces with other products in the industry it increases brand loyaltyBarton Corporation acquires a coal mine at a cost of $1,800,000. Intangible development costs total $360,000. After extraction has occurred, Barton must restore the property (estimated fair value of the obligation is $180,000). Barton estimates that 6,000 tons of coal can be extracted. What is the amount of depletion per ton
Answer: $390 per ton
Explanation:
The depletion per ton is:
= Total cost of acquiring the coal mine / Number of tons that can be extracted
= (Acquisition cost + intangible development cost + Fair value of restoration) / Number of tons that can be extracted
= (1,800,000 + 360,000 + 180,000) / 6,000
= $390 per ton
On Friday of each week, Prawn Company pays its factory personnel weekly wages amounting to $55,000 for a five-day work week.
Required:
a. Prepare the necessary adjusting entry at year end, assuming December 31 falls on Wednesday.
b. Prepare the journal entry for payment of the week’s wages on the payday which is Friday, January 2 of the next year.
Answer and Explanation:
The journal entry is shown below:
a.
Wages Expense $33,000 ($55,000 ÷ 5 days ×3days)
To Wages Payable $33,000
(being wages expense is recorded)
Here wages expense is debited as it increased the assets and credited the wages payable as it also increased the liabilities
b. Wages Expenses $22000
Wages Payable $33000
To Bank $55,000
(Being payment is recorded)
Here wages expense is debited as it increased the assets, the wages payable is also debited as it decreased the liabilities and credited the bank as it decreased the assets
Assume there is a perfectly competitive market for tangerines. What will happen in the long run for the market to achieve both allocative and productive efficiency if the price for tangerines is lower than the marginal cost of producing tangerines?
Answer: Producers will either exit the market or produce less tangerines
Explanation:
If the marginal cost of producing tangerines is more than the price of producing them, it means that the supply of tangerines is quite high which is why the market reduced the price of tangerines.
The producers in the market will therefore act to reduce supply. They will do this by either reducing the number of producers so that the smaller number of producers will produce less or they will reduce production jointly in order to reduce supply. As this is a perfectly competitive market, the former scenario is more likely.
Comparing Three Depreciation Methods Waylander Coatings Company purchased waterproofing equipment on January 6 for $502,200. The equipment was expected to have a useful life of four years, or 9,600 operating hours, and a residual value of $41,400. The equipment was used for 3,600 hours during Year 1, 3,000 hours in Year 2, 1,700 hours in Year 3, and 1,300 hours in Year 4.
Required:
Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method.
Answer:
Please find the complete question in the attached file.
Explanation:
[tex]Year\ \ \ \ \ \ \ \text{Straight - line method} \ \ \ \ \ \ \text{Units-of-Activitymethod}\ \ \ \ \ \ \text{Double-declining-balance method}\\\\[/tex][tex]1\ \ \ \ \ \ \ \ \$211,200\ \ \ \ \ \ \ \ \$316,800\ \ \ \ \ \ \ \ \$460,400\\\\2\ \ \ \ \ \ \ \ \$211,200\ \ \ \ \ \ \ \ \$264,000\ \ \ \ \ \ \ \ \$230,200\\\\3\ \ \ \ \ \ \ \ \$211,200\ \ \ \ \ \ \ \ \$149,600\ \ \ \ \ \ \ \ \$115,100\\\\4\ \ \ \ \ \ \ \ \$211,200\ \ \ \ \ \ \ \ \$114,400\ \ \ \ \ \ \ \ \$39,100\\\\[/tex]
[tex]Total\ \ \ \ \ \ \ \ \$844,800\ \ \ \ \ \ \ \ \$844,800\ \ \ \ \ \ \ \ \$844,800\\\\[/tex]
Ultimo Co. operates three production departments as profit centers. The following information is available for its most recent year. Which department has the greatest departmental contribution to overhead (in dollars) and what is the amount contributed
Answer: Department 3 had the greatest contribution to overhead of $362,000
Explanation:
Contribution to overhead = Sales - Cost of Goods sold - Direct expense
Department 1:
= 1,140,000 - 714,000 - 114,000
= $312,000
Department 2:
= 540,000 - 164,000 - 54,000
= $322,000
Department 3:
= 840,000 - 314,000 - 164,000
= $362,000
Terms of trade refers to: Group of answer choices The opportunity costs incurred in trade. The rate at which goods are exchanged. The degree to which one country has an absolute advantage. Which country pays the transportation costs when trade occurs
Answer:
The rate at which goods are exchanged.
Explanation:
It is the ratio of a country's export prices to import prices
Terms of trade = (export / import) x 100
export would comprise of goods and services produced in the US that are been sold to foreign countries
Import would comprise of foreign produced goods and services that are been sold in the US
Terms of trade that exceeds 100 is a positive economic indicator
for example let us assume export is $1000 and import is $500
terms of trade = (1000 / 500) x 100 = 200
According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes.
Required:
Calculate the employer's payroll taxes.
a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.
Answer:
$9800
Explanation:
This question requires us to calculate the employer's payroll taxes
His social security tax = $110000*6.0%
= 110000x0.06
=$6600
His Medicare tax = $110000*1.5%
= 110000*0.015
= $1650
His state and federal unemployment tax = 25000 dollars
State = 25000x5.4%
= $1350
Federal = 25000x0.8%
= $200
Total employers payroll tax
$(6600+1650+1350+200)
= $9800
Jagadison Co. leases computer equipment to customers under sales-type leases. The equipment has no residual value at the end of the lease and the leases do not contain purchase options. Jagadison desires a return of 12% interest on a five-year lease of equipment with a fair value of $989,065.Jagadison Co. leases computer equipment to customers under sales-type leases. The equipment has no residual value at the end of the lease and the leases do not contain purchase options. Jagadison desires a return of 12% interest on a five-year lease of equipment with a fair value of $989,065.
Required:
What is the total amount of interest revenue that Jagadison will earn over the life of the lease?
Answer: $235,844
Explanation:
Interest revenue = Total lease payments - Fair value of equipment
The lease payments are constant and so are an annuity and will be an annuity due because the first lease payment of such leases are made immediately.
Present value of lease payments = Annuity * Present value factor of Annuity due, 5 years, 12%
989,065 = Annuity * 4.0373
Annuity = 989,065 / 4.0373
= $244,981.79
Total lease payments = Lease payments * number of years
= 244,981.79 * 5
= $1,224,908.95
Interest revenue = 1,224,908.95 - 989,065
= $235,843.95
= $235,844
Last year Aft charged $1,220,293 Depreciation on the Income Statement of Andrews. If early this year Aft purchased a new depreciable asset, the effect on Andrews's financial statements would be (all other items remaining equal):
Answer: No impact on Net Cash from operations.
Explanation:
There are three main sections in the cash flows statement and these are the operating activities which includes the cash transactions which has an effect on the net income; the investing activites which are the cash transactions that has to do with non-current assets and the financing activities which are the cash transactions that involves the non current liabilities and equity.
It should be noted that the purchase of the long-term assets is an investing activities. Therefore, the item will be recorded in the Investing activities in the cash flow statement.
There will be a reduction in cash while there'll be an increase in the fixed. The income statement is also affected due to the fact that there will be an increase in the depreciation expense that's recorded.
Therefore, there'll be no impact on the net cash from operations.
MC Qu. 97 The standard materials cost to produce... The standard materials cost to produce 1 unit of Product R is 7 pounds of material at a standard price of $47 per pound. In manufacturing 6,000 units, 41,000 pounds of material were used at a cost of $48 per pound. What is the total direct materials cost variance
Answer:
total direct materials cost variance is $6,000 Favourable
Explanation:
first we get here Standard cost to manufacture
Standard cost to manufacture 6,000 units is = 7 × $47 × 6,000
Standard cost = $1,974,000
and
now we get here Actual cost to manufacturing
Actual cost to manufacturing 6,000 units is = 41,000 × $48
Actual cost = $1,968,000
and
now we get here Direct material cost variance that is express as
Direct material cost variance = Standard cost - Actual cost ..........1
put here value
Direct material cost variance = $1,974,000 - $1,968,000
Direct material cost variance = $6,000 Favourable
The company currently has $10.035 billion in long-term debt; assume $9.5 billion is in bonds. The company wishes to refinance its $9.5 billion bonds; therefore, it will reissue bonds. The structure of the new bonds is as follows: Maturity = 35 years, Coupon Rate = 3.5%, and they have a face value of $1,000 each. Similar bonds in the market have a yield-to-maturity (YTM) of 2.75%. What is the price of each bond? Are they trading at a discount or premium?
Answer:
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Explanation:
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A firm with earnings before interest and taxes of $500,000 needs $1 million of additional funds. If it issues debt, the bonds will mature after 20 years and pay interest of 8 percent. The firm could issue preferred stock with a dividend rate of 8 percent. The firm has 100,000 shares of common stock outstanding and is in the 30 percent income tax bracket. What are the (1) earnings per common share under the two alternatives, (2) the times-interest-earned if the firm uses debt financing, and (3) the times-dividend-earned if the firm uses preferred stock financing
Answer:
Calculation of Earning Per Share
Particulars Debt Alternative($) Preferred Stock($)
Amount Required 1,000,000 1,000,000
Earning before Interest and Tax 500,000 500,000
Less: Interest Cost(8%) 80,000 ----
Earning After Interest 420,000 500,000
Tax(30%) 126,000 150,000
Earning After Tax 294,000 350,000
Less: Dividend to Pref. Shares 80,000
Earning Avai. for C. Stockholders 294,000 270,000
Outstanding shares 100,000 100,000
Earning Per Common Share 2.94 2.70
2. Times Interest Earned Ratio = EBIT / Interest
Times Interest Earned Ratio = 500,000 / 80,000
Times Interest Earned Ratio = 6.25 Times
3. Times Dividend Earned Ratio = Net Income / Preferred Dividend
Times Dividend Earned Ratio = 350,000 / 80,000
Times Dividend Earned Ratio = 4.375 Times
Suppose that in 2014, currency in circulation was $950 billion, required reserves were $60 billion, and excess reserves were $840 billion. At that time, the value of open market operations by the Federal Reserve was $70 billion. The monetary base was
Answer: $1,850 billion
Explanation:
The following were given in the question:
Currency in circulation = $950 billion
Required reserves = $60 billion
Excess reserves = $840 billion
Open market operations = $70 billion
The monetary base will be the value of all the currency in circulation plus the reserves that is held by the banks and this will be:
= $950billion + $60billion + $840billion
= $1,850 billion
Leigh sued an overzealous bill collector and received the following settlement:
Damage to her automobile that the collector attempted to repossess: $3,300
Physical damage to her arm caused by the collector: $15,000
Loss of income while her arm was healing: $6,000
Punitive damages 80,000
a. What effect does the settlement have on Leigh's Gross income?
b. Assume that Leigh also collected $25,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leigh's employer and other creditors. Is this $25,000 included in Leigh's gross inome? Explain.
Answer and Explanation:
a.
The punitive damages of $80,000 should be involved in the gross income of leigh. The amounts like $15,000 and $6,000 should not be included as this is a physical personal injury except the $3,300 that for the damaged as this amount is untaxable also here the capital is recovered because it decreased the basis by $3,300
b. The $25,000 should be included in the gross income of leigh as it does not occur from the physical personal injury
MC Qu. 97 Bioclean Co. sells a biodegradable... Bioclean Co., a merchandiser, sells a biodegradable cleaning product and has predicted the following sales for the first four months of the current year: Jan. Feb. March April Sales in Units1,800 2,000 2,200 1,700 Ending inventory for each month should be 30% of the next month's sales, and the December 31 inventory is consistent with that policy. How many units should be purchased in February
Answer: 2,060 units
Explanation:
The Beginning inventory of February is 30% of the sales in February.
The ending inventory in February is 30% of March sales.
February beginning inventory = 30% * 2,000 = 600 units
Ending inventory = 30% * 2,200 = 660 units
Units to be purchased in February = Sales for February + Ending inventory - Beginning units
= 2,000 + 660 - 600
= 2,060 units
The following information is available for Birch Company at December 31:
Money market fund balance $2,790
Certificate of deposit maturing June 30 of next year $10,000
Postdated checks from customers $1,475
Cash in bank account $21,430
NSF checks from customers returned by bank $650
Cash in petty cash fund $200
Inventory of postage stamps $24
U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $5,000. Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of: ___________
Answer:
the cash and cash equivalent is $29,420
Explanation:
The computation of cash and cash equivalent is given below:
Money market fund balance $2790
Cash in Bank Account $21,430
Cash in Petty cash funds $200
U.S Treasury bill purchased on Dec.15 $5,000
cash and cash equivalent $29420
Hence, the cash and cash equivalent is $29,420
The same is to be considered and relevant too
A company has two segments with total sales of $500,000 and total variable costs of $343,750. Traceable fixed expenses are $50,000 and common fixed expenses are $80,000. The break even in dollars for the company as a whole equals $ _______. (Enter your answer as a whole number.)
Answer:
$416,000
Explanation:
The computation of the break even in dollars for the company is given below:
Total fixed expenses = Traceable fixed expenses + Common fixed expenses
= $50,000 + $80,000
= $130,000
Now
Contribution margin ratio = (Sales - Variable costs) ÷Sales × 100
= ($500,000 - $343,750) ÷ $500,000 × 100
= 31.25%
Now
Break-eve dollars = Fixed expenses ÷ Contribution margin ratio
= $130,000 ÷ 31.25%
= $416,000
