Answer:
1-a. The amount that will be in your account at the end of 6 years is $11,643.14.
1-b. The amount that will be in your account at the end of 6 years is $11,992.43.
2-a. The amount you need in your retirement account the day you retire is $590,938.17.
2-b. The amount you need in your retirement account the day you retire is $679,578.89.
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
1. You plan to deposit $1,800 per year for 6 years into a money market account with an annual return of 3%. You plan to make your first deposit one year from today.
a. What amount will be in your account at the end of 6 years? Round your answer to the nearest cent. Do not round intermediate calculations.
b. Assume that your deposits will begin today. What amount will be in your account after 6 years? Round your answer to the nearest cent. Do not round intermediate calculations.
2. You and your wife are making plans for retirement. You plan on living 30 years after you retire and would like to have $90,000 annually on which to live. Your first withdrawal will be made one year after you retire and you anticipate that your retirement account will earn 15% annually.
a. What amount do you need in your retirement account the day you retire? Round your answer to the nearest cent. Do not round intermediate calculations.
b. Assume that your first withdrawal will be made the day you retire. Under this assumption, what amount do you now need in your retirement account the day you retire? Round your answer to the nearest cent. Do not round intermediate calculations.
The explanation of the answers is now provided as follows:
1-a. What amount will be in your account at the end of 6 years? Round your answer to the nearest cent. Do not round intermediate calculations.
Since you plan to make your first deposit one year from today, this can be calculated using the formula for calculating the Future Value (FV) of an Ordinary Annuity as follows:
FV = D * (((1 + r)^n - 1) / r) ................................. (1)
Where,
FV = Future value or the amount that will be in your account at the end of 6 years = ?
D = Annual deposit = $1,800
r = Annual return rate = 3%, or 0.03
n = number of periods = 6
Substituting the values into equation (1), we have:
FV = $1,800 * (((1 + 0.03)^6 - 1) / 0.03) = $11,643.14
Therefore, the amount that will be in your account at the end of 6 years is $11,643.14.
1-b. Assume that your deposits will begin today. What amount will be in your account after 6 years? Round your answer to the nearest cent. Do not round intermediate calculations.
Since it is assumed that your deposits will begin today, this can be calculated using the formula for calculating the Future Value (FV) of an Annuity Due as follows:
FV = M * (((1 + r)^n - 1) / r) * (1 + r) ................................. (2)
Where,
FV = Future value or the amount that will be in your account at the end of 6 years = ?
D = Annual deposit = $1,800
r = Annual return rate = 3%, or 0.03
n = number of years = 6
Substituting the values into equation (2), we have:
FV = $1,800 * (((1 + 0.03)^6 - 1) / 0.03) * (1 + 0.03) = $11,992.43
Therefore, the amount that will be in your account at the end of 6 years is $11,992.43.
2-a. What amount do you need in your retirement account the day you retire? Round your answer to the nearest cent. Do not round intermediate calculations.
Since your first withdrawal will be made one year after you retire, this can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (3)
Where:
PV = Present value or the amount you need in your retirement account the day you retire = ?
P = Annual withdrawal = $90,000
r = Annual return rate = 15%, or 0.15
n = number of years = 30
Substituting the values into equation (3), we have:
PV = $90,000 * ((1 - (1 / (1 + 0.15))^30) / 0.15) = $590,938.17
Therefore, the amount you need in your retirement account the day you retire is $590,938.17.
2-b. Assume that your first withdrawal will be made the day you retire. Under this assumption, what amount do you now need in your retirement account the day you retire? Round your answer to the nearest cent. Do not round intermediate calculations.
Since it is assumed that that your first withdrawal will be made the day you retire, this can be determined using the formula for calculating the present value of an annuity due as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) * (1 + r) …………………………………. (4)
Where:
PV = Present value or the amount you need in your retirement account the day you retire = ?
P = Annual withdrawal = $90,000
r = Annual return rate = 15%, or 0.15
n = number of years = 30
Substituting the values into equation (4), we have:
PV = $90,000 * ((1 - (1 / (1 + 0.15))^30) / 0.15) (1 + 0.15) = $679,578.89
Therefore, the amount you need in your retirement account the day you retire is $679,578.89.
Look up Selling Manager Pro on eBay’s site. Compare the free and paid versions.
On eBay, Selling Manager Pro is a tool for organising and monitoring sales. The paid version includes advanced features like inventory management and sales reporting, while the free version only has basic features.
Why do people prefer free apps?For a number of reasons, people favour free apps. Free apps are a desirable option for people who may not have the funds or desire to pay for an app because they are accessible and don't require any financial commitment. Free apps also frequently offer a basic level of functionality, which may be adequate for many users. Additionally, they can be used to evaluate an app's features before purchasing a paid version. Finally, advertisements are frequently used to subsidise free apps, which can give developers access to additional revenue streams without negatively affecting users. Overall, the popularity of free apps illustrates how important affordability and accessibility are in the contemporary digital market.
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Trent Inc. needs an additional worker on a multiyear project. It could hire an employee for a $88,000 annual salary. Alternatively, it could engage an independent contractor for a $95,000 annual fee. Trent's income tax rate is 21 percent. Required: Compute the annual after-tax cost of each option and indicate which minimizes the after-tax cost of obtaining the worker
Answer: The cheaper cost is to hire an additional worker.
Explanation:
Employee:
With an employee, Trent is going to have to pay payroll taxes.
After-tax cost of hiring employee:
= Salary * (1 + Payroll tax)
= 88,000 * ( 1 + 7.5%)
= $94,600
The subtract the income tax from this amount:
= 94,600 * ( 1 - 21%)
= $74,734
Contractor:
With a contractor, only the marginal income tax is accounted for:
= 95,000 * (1 - 21%)
= $75,050
The cheaper cost is to hire an additional worker.
(10 points) The Wall Street journal recently reported that the Chinese central bank has decided to increase its reserve holdings of U.S. government bonds. What effect might this policy change have on the U.S. bond markets, currency valuations, and the U.S. Balance of Payments
Answer:
China is that the largest creditor to the USA with over 1 trillion dollars. China has decided to scale back holding folk's bonds to retaliate against actions of the US govt.
Such action by the Chinese government will increase the value of borrowing for the United States government and therefore the value of bonds is probably going to fall.
While China is going to be getting an exchange by selling its bond holdings. The currency of china will appreciate while the US dollar will depreciate thanks to the outflow of currency.
Ivanhoe Diesel owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base rate of $1,380 per month. One of the barbers serves as the manager and receives an extra $535 per month. In addition to the base rate, each barber also receives a commission of $3.75 per haircut.
Other costs are as follows.
Advertising $270 per month
Rent $1,010 per month
Barber supplies $0.50 per haircut
Utilities $160 per month plus $0.15 per haircut
Magazines $35 per month
Ivanhoe currently charges $11 per haircut.
Determine the variable costs per haircut and the total monthly fixed costs. (Round variable costs to 2 decimal places, e.g. 2.25.)
Total variable cost per haircut
$enter a dollar amount rounded to 2 decimal places
Total fixed
$enter a dollar amount
eTextbook and Media
Compute the break-even point in units and dollars.
Break-even point
enter the Break-even point in units
haircuts
Break even sales
$enter the Break-even sales in dollars
eTextbook and Media
Determine net income, assuming 1,670 haircuts are given in a month.
Net income / (Loss)
$enter net income in dollars
Answer:
Fredonia Barber Shop
a. Variable costs per haircut = $4.40
Total monthly fixed costs = $8,910
b. Break-even point in units = 1,350
Break-even point in sales dollars = $14,850
Net income with 1,670 haircuts = $2,120
Explanation:
a) Data and Calculations:
Fixed costs:
Wages of barbers per month = $6,900 ($1,380 * 5)
Manager's allowance per month = $535
Advertising per month = $270
Rent per month = $1,010
Utilities per month = $160
Magazines per month = $35
Total fixed costs per month = $8,910
Ivanhoe currently charges $11 per haircut.
Variable costs per haircut:
Commission per haircut = $3.75
Barber supplies per haircut = $0.50
Utilities per haircut = $0.15
Total variable costs per unit $4.40
Contribution margin per haircut = $6.60 ($11 - $4.40)
Contribution margin ratio = 0.6
Break-even point in units = $8,910/$6.60 = 1,350
Break-even point in sales dollars = $8,910/0.6 = $14,850
Net income assuming 1,670 haircuts for a month:
Sales revenue = $18,370 ($11 * 1,670)
Variable costs = 7,340 ($4.40 * 1,670)
Contribution $11,030
Fixed costs 8,910
Net income $2,120
Portman company operating at full capacity sold 1000000 units at a price of $188 per unit during the current year , it’s income statement is as follows
Answer:
Portman Company
1. The total variable costs and the total fixed costs for the current year are:
Total variable costs $88,000,000
Total fixed costs $40,000,000
2. Determination of (a) the unit variable cost and (b) the unit contribution margin for the current year.
a) Unit variable cost $88
b) Unit contribution margin $100
3. The break-even sales (units) for the current year are:
= 400,000 units.
4. The break-even sales (units) under the proposed program for the following year are:
= 450,000 units.
5. The amount of sales (units) that would be necessary under the proposed program to realize the $60,000,000 of operating income that was earned in the current year is:
= 1,050,000,000 units.
6. The maximum operating income possible with the expanded plant is:
= $61,000,000.
7. If the proposal is accepted and sales remain at the current level, the operating income or loss be for the following year will be:
= $55,000,000.
8. Based on the data given (1 - 6), would you recommend accepting the proposal?
In favor of the proposal because of the possibility of increasing income from operations.
Explanation:
a) Data and Calculations:
Sales units = 1,000,000
Selling price = $188
Total
Sales $188,000,000
Cost of goods sold (100,000,000)
Variable cost of goods sold = $70,000,000
Fixed cost of goods sold = $30,000,000
Gross profit $88,000,000
Expenses:
Selling expenses $16,000,000
Variable selling expenses $12,000,000
Fixed selling expense = $4,000,000
Administrative expenses 12,000,000
Variable administrative expenses = $6,000,000
Fixed administrative expenses = $6,000,000
Total expenses (28,000,000)
Operating income $60,000,000
The division of costs between variable and fixed is as follows:
Variable Fixed
Cost of goods sold 70% 30%
Selling expenses 75% 25%
Administrative expenses 50% 50%
Total Unit Cost
Variable cost of goods sold = $70,000,000 $70
Variable selling expenses 12,000,000 12
Variable administrative expenses 6,000,000 6
Total variable costs = $88,000,000 $88
Contribution margin = $100 ($188 - $88)
Fixed cost of goods sold = $30,000,000
Fixed selling expense = 4,000,000
Fixed administrative expenses = 6,000,000
Total fixed costs = $40,000,000
Break-even sales units = $40,000,000/$100 = 400,000 units
Proposal:
Sales revenue increase = $11,280,000
Fixed costs by $5,000,000 to $45,000,000 ($40 million + $5 million)
Sales units increase = 60,000 ($11,280,000/$188)
Break-even sales units = 450,000 ($45,000,000/$100)
Units to realize target profit of $60,000,000:
= ($45,000,000 + $60,000,000)/$100
= $105,000,000/$100
= 1,050,000,000 units
Profit with the expanded plan
= Total contribution - Fixed Costs
= $100 * 1,060,000 - $45,000,000
= $106,000,000 - $45,000,000
= $61,000,000
With sales at current level of 1,000,000 units
Sales revenue = $188,000,000
Variable costs 88,000,000
Contribution $100,000,000
Fixed costs 45,000,000
Operating income $55,000,000
a granary allocates the cost of unprocessed wheat to the production of feed flour and starch 100000. how much of the 120000 cost should be allocated to feed if the value basis is used
Question is incomplete : Find complete version in the comment section:
Answer:
$42,000
Explanation:
Product __ pound ___ price/pound ____ value
Feed ___ 100000 ____ 0.70 ________ 70000
Flour ___ 50000 _____ 2.20 ________ 110000
Starch __ 20000 _____ 1.00 ________ 20000
Total value _____________________ 200000
In value basis :
Feed's percentage of total value :
(Feed value / total value) * 100%
(70000 / 200000) * 100%
0.35 * 100% = 35%
Feed percentage * joint cost
35% * 120,000 = 42,000
Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.
Apr. 1 Sold merchandise for $2,000, granting the customer terms of 2/10, End of Month; invoice dated April 1. The cost of the merchandise is $1,400.
Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, is returned to inventory.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.
Answer:
Apr 01
Dr Accounts receivable $2,000
Cr Sales $2,000
Apr 01
Dr Cost of goods sold $1,400
Cr Merchandise inventory $1,400
Apr 04
Dr Sales returns and allowances $500
Cr Accounts receivable $500
Apr 04
Dr Merchandise inventory $350
Cr Cost of goods sold $350
Apr 11
Dr Cash $1,500
Cr Accounts receivable $1,500
Explanation:
Preparation of the journal entries to record each of the following sales transactions of a merchandising company
Apr 01
Dr Accounts receivable $2,000
Cr Sales $2,000
Apr 01
Dr Cost of goods sold $1,400
Cr Merchandise inventory $1,400
Apr 04
Dr Sales returns and allowances $500
Cr Accounts receivable $500
Apr 04
Dr Merchandise inventory $350
Cr Cost of goods sold $350
Apr 11
Dr Cash $1,500
Cr Accounts receivable $1,500
($2,000-$500)
Country A and Country B have had an informal trading arrangement for many years wherein merchants on the border of the countries may freely trade goods without the restriction of fees. Which of the following is true?
a. The government of Country A may not arbitrarily begin to charge fees for items brought in from Country B.
b. Country A and Country B have a binding agreement to this arrangement under customary international law.
c. Country A and Country B have no binding agreement under customary international law.
d. More than one response is correct.
Answer:
d. More than one response is correct.
Explanation:
Even though international law does not follow common law, and informal agreements are not enforceable between countries, they tend to facilitate the relationship between them. For example, Canada and the US do not have a strict border patrol and no one is asking for a wall to be built on the Canadian border. It is accepted that US and Canadian citizens cross almost freely as tourists. If someone tried to enforce a strong border policy, the other government would oppose it and it would turn into a diplomatic mess and would probably not be enforceable at all.
Assume that Zonk is a potential leveraged buyout candidate. Assume that the buyer intends to put in place a capital structure that has 70 percent debt with a pretax borrowing cost of 14 percent and 30 percent common equity. Compute the revised equity beta for Zonk based on the new capital structure.
Answer: 4.35
Explanation:
The revised equity beta for Zonk based on the new capital structure will be gotten as follows:
= 1.13 × [1 + (1 - 35%)][70% /30%]
= 1.13 × [1+(1-0.35)][0.70/0.30]
= 1.13 × [1 + 0.65][2.33]
= 1.13 × (1.65)(2.33)
= 4.35
Therefore, the revised equity beta for Zonk is 4.35.
Various financial data for the past two years follow. LAST YEAR THIS YEAR Output: Sales $ 200,200 $ 202,000 Input: Labor 30,005 40,005 Raw materials 34,500 44,500 Energy 5,000 6,100 Capital 48,990 48,990 Other 2,000 3,005 a. Calculate the total productivity measure for this company for both years.
Answer:
The total productivity measures for this company for both years are:
LAST YEAR THIS YEAR
Total productivity 1.66 1.42
Explanation:
a) Data and Calculations:
LAST YEAR THIS YEAR
Output: Sales $ 200,200 $ 202,000
Input: Labor 30,005 40,005
Raw materials 34,500 44,500
Energy 5,000 6,100
Capital 48,990 48,990
Other 2,000 3,000
Total input 120,495 142,595
Total productivity = Output/Input
= $ 200,200/120,495 $ 202,000/142,595
= 1.66 1.42
Increased demand for bonds tends to reduce the yield from holding bonds.
Answer:
Bonds have an inverse relationship to interest rates. When the cost of borrowing money rises (when interest rates rise), bond prices usually fall, and vice-versa.
At first glance, the negative correlation between interest rates and bond prices seems somewhat illogical. However, upon closer examination, it actually begins to make good sense.
Assuming that the desired rate of return is 12%, determine the net present value for the
proposal.
Answer:
Error
Explanation
1
K Company estimates that overhead costs for the next year will be $3,441,000 for indirect labor and $930,000 for factory utilities. The company uses direct labor hours as its overhead allocation base. If 93,000 direct labor hours are planned for this next year, how much overhead would be assigned to a product requiring 5 direct labor hours
Answer:
$235.00
Explanation:
Calculation to determine how much overhead would be assigned to a product requiring 5 direct labor hours
Overhead assigned to direct labor hours=[($3,441,000 + $930,000)/93000 direct labor hours]*5 direct labor hours
Overhead assigned to direct labor hours=($4,371,000/93,000)* 5 direct labor hours
Overhead assigned to direct labor hours= $47 per direct labor hour* 5 direct labor hours
Overhead assigned to direct labor hours= $235.00
Therefore how much overhead would be assigned to a product requiring 5 direct labor hours will be $235
The board of commissioners of the City of Hartmoore adopts a general fund budget for the year ending June 30, 2020. It includes revenues of $1,530,000, bond proceeds of $402,500, appropriations of $1,100,000, and operating transfers out of $502,500. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? What later entry is required?
Solution :
Estimated revenues = $1,530,000
Other financing sources - bond proceeds = $402,500
Appropriations = $1,100,000
Est other fin uses = $502,500
Budgetary fund balance = $195,000
Appropriations = $1,100,000
Est other fin uses = $502,500
Budgetary fund balance = $195,000
Est Rev = $1,530,000
Other fin sources bond proceeds = $402,500
The balance in a company's Cash account on August 31 was $18,800 before the bank reconciliation was prepared. After examining the August bank statement and items included with it, the company's accountant found: Checks outstanding $ 3,300 NSF check 110 Note collected by bank for the Colt Company 1,650 Deposits outstanding 2,800 Bank service fees 220 What is the amount of cash that should be reported in the balance sheet as of August 31
Answer:
$20,340
Explanation:
The amount of cash to be recognize is the adjusted amount after considering the transactions that were omitted from the bank statement and cash book and properly recognizing the erroneous entries into the two books.
Considering the reconciling items,
Checks outstanding $ 3,300 - This has been recognized in the company's Cash account and as such need no adjustment in the company's books
NSF check 110 - This has been deducted from the company's cash book but was not honored by the bank as such, it will be added back to the company's cash book balance
Note collected by bank for the Colt Company 1,650 - This has been recognized by the bank and as such will be added to the company's cash book balance
Deposits outstanding 2,800 - This has been recognized in the company's Cash account and as such need no adjustment in the company's books.
Bank service fees 220 - This has been recognized by the bank and as such will be deducted as a charge to the company's cash book balance
Hence the amount of cash that should be reported in the balance sheet as of August 31 will be
= $18,800 + $110 + $1650 - $220
= $20,340
Saturation of domestic markets in the industrialized parts of the world has forced many companies to look for marketing opportunities beyond their _______________.
Answer:
national borders.
Explanation:
Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace.
Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world.
On a related note, the saturation of domestic (local) markets in the industrialized parts of the world has forced many companies into searching for better marketing opportunities beyond their national borders or shores of their country.
This ultimately implies that, as a result of having too many businesses in domestic (local) markets, many businesses have looked outwardly in search of better marketing opportunities by exporting their goods and services to foreign countries.
Export typically involves the sales of goods produced in a domestic country to a foreign country.
Payback comparisons Colorado Cleaning has a 5-year maximum acceptable payback period. The firm is considering the purchase of a new washing machine and must choose between two alternative ones. The first machine requires an initial investment of $25,000 and generates annual after-tax cash inflows of $6,500 for each of the next 8 years. The second machine requires an initial investment of $75,000 and provides an annual cash inflow after taxes of $9,500 for 15 years.
a. Determine the payback period for each machine.
b. Comment on the acceptability of the machines, assuming that they are independent projects.
c. Which machine should the firm accept? Why?
d. Do the machines in this problem illustrate any of the weaknesses of using payback? Discuss.
Answer:
determine The pay back period for eachmachine
Which assertion relates to the following statement? "Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts
Answer: Valuation
Explanation:
The assertion that assertion relates to the statement that Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts is the valuation assertion.
According to the assertion of accuracy and valuation, it simply means that all the figures that are presented in a financial statement are known to be accurate and are based on proper valuation of the assets, the liabilities and the equity balances
Ransom Widgets allocates the estimated cost of its accounting department, $200,000, to its production and sales departments since the accounting department supports these departments with regard to payroll and accounts payable functions. The accounting department costs will be allocated based on the number of employees using the direct method. Information regarding employees follows:
Department Employees
Accounting 4
Production 36
Sales 12
How much of the accounting department costs will be allocated to the production and sales departments, respectively?
a. Production Sales
$150,000 $50,000
b. Production Sales
$180,000 $60,000
c. Production Sales
$1,800,000 $600,000
d. Production Sales
$22,222 $66,667
Answer:
a. Production Sales
$150,000 $50,000
Explanation:
Given that
Number of employees in Production Dept. 36
Number of employees in Sales Dept. 12
So,
Total Number of employees is
= 36 + 12
=48
Now
Cost allocated to Production Dept. is
= $200,000 × 36 ÷ 48
= $150,000.00
And, the Cost allocated to Sales Dept. is
= $200,000 × 12 ÷ 48
= $50,000.00
The Public Company Accounting Oversight Board (PCAOB) has authority to establish which of the following relating to public companies?
Attestation Standards Independence Standards
A. Yes Yes
B. Yes No
C. No Yes
D. No No
a. Option A
b. Option B
c. Option C
d. Option D
Answer: a. Option A
Explanation:
The Public Company Accounting Oversight Board (PCAOB) was formed by the Sarbanes-Oxley Act in the aftermath of the disastrous accounting policies of companies like WorldCom and Enron in the early 2000s to protect investors from such happening again.
The PCAOB monitors companies to ensure that they are complying by the provisions of the Sarbanes-Oxley Act and do so by coming up with both attestation and independence standards that these companies are to adhere to.
Rita managed a group of financial advisors. She decided to let her employees set their own goals for an appraisal period. She thought they would be more motivated to reach goals they had defined for themselves. Which theory below does this scenario illustrate? Management By Objectives Expectancy Theory Participative Management and Empowerment Goal Setting Theory
Answer:
The correct answer is the third option: Participative Management
Explanation:
To begin with, in the field of business management the concept known as "Participative Management" refers to the process of giving a great involvement to the employees of the company when it comes to deciding things or goals so they will be more involved in completing those goals effectively. This type of management is used as an alternative to traditional vertical management structures and that is basically for the direct defect that the PM strikes. And that is the participation from the employees when the goals are set by their superiors who do not do it properly.
. If Canace Company, with a break-even point at $313,500 of sales, has actual sales of $570,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales? Round the percentage to the nearest whole number. 1. $fill in the blank 1 2. fill in the blank 2 % b. If the margin of safety for Canace Company was 25%, fixed costs were $1,419,375, and variable costs were 75% of sales, what was the amount of actual sales (dollars)? (Hint: Determine the break-even in sales dollars first.) $fill in the blank 3
Answer:
Canace Company
a-1) Margin of safety is:
= $256,500.
a-2) Margin of safety is:
= 55%.
b) The amount of actual sales is:
= $5,677,500.
Explanation:
a) Data and Calculations:
Break-even point sales = $313,500
Actual sales = $570,000
Margin of safety = $256,500 ($570,000 - $313,500)
Margin of safety as a percentage of sales = 55% ($313,500/$570,000 * 100)
2) Margin of safety = 25%
Fixed costs = $1,419,375
Break-even point in sales dollars = $1,419,375
Variable costs = 75% of sales
Contribution margin at break-even point = 25% (100% - 75%) = $1,419,375
Actual sales in dollars = $5,677,500 ($1,419,375/25%)
At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $308,000 and in Allowance for Uncollectible Accounts of $910 (credit) before any adjustments. An analysis of Amy Jo's December 31 accounts receivable suggests that the allowance for uncollectible accounts should be 4% of accounts receivable. Bad debt expense for the year should be: Multiple Choice $13,230. $12,320. $11,410. $11,911.
An employee on the Internet-facing part of a company's website submits a 20-character phrase in a small textbox on a web form. The website returns a message back to the browser stating Error: Table 'advprofile' entry into column 'Inane' has exceeded number of allowed characters. Error saving database information. Of which of the following is this an example?
A. Resource exhaustion
B. Buffer overflow
C. Improperly configured account Improper error handing
Answer:
(B) Buffer Overflow
Explanation:
The description in the question is an example of a Buffer Overflow. This is also called a Buffer Overrun.
As the question depicts, the employee input more characters than was required in the text box. The text box was programmed to allow a more limited number of characters; maybe 15, 12, 18, etc but not up to 20.
A buffer is a storage space that holds data temporarily while it's being transported to a new space. An overrun on the buffer will occur if or when the inputed data exceeds the storage capacity of the buffer.
This overrun can cause the program to crash or access errors to develop; like the errors displayed in the question.
Use the following selected information from Whitman Corp. to determine the Year 1 and Year 2 common size percentages for cost of goods sold using Net sales as the base.
Year 2 Year 1
Net sales $276,200 $231,400
Cost of goods sold 151,900 129,590
Operating expenses 55,240 53,240
Net earnings 27,820 19,820
Answer:
Year 1 56%
Year 2 55%
Explanation:
Calculation to determine the Year 1 and Year 2 common size percentages for cost of goods sold using Net sales as the base.
Year 1
Using this formula
Common size percentage for cost of goods sold for year 1 = Cost of good sold/Net sales
Let plug in the formula
Common size percentage for cost of goods sold for year 1= 129,590/231,400
Common size percentage for cost of goods sold for year 1= 56%
Year 2
Using this formula
Common size percentage for cost of goods sold for year 2 = Cost of good sold/Net sales
Let plug in the formula
Common size percentage for cost of goods sold for year 2 = 151,900/276,200
Common size percentage for cost of goods sold for year 2 = 55%
Therefore the Year 1 and Year 2 common size percentages for cost of goods sold using Net sales as the base is :Year 1 56% and Year 2 55%
At the beginning of the year, Nothing More, Corp., had a long-term debt balance of $38,554. During the year, the company repaid a long-term loan in the amount of $11,714. The company paid $4,710 in interest during the year, and opened a new long-term loan for $10,250. What was the cash flow to creditors during the year
Answer: $6,174
Explanation:
Cash flow to creditors during the year is the amount that was paid to creditors less the amount that was received from them.
The relevant formula is:
= Long term loan repaid + Interest paid - Addition to long term loan
= 11,714 + 4,710 - 10,250
= $6,174
Whispering Winds Corp. has the following inventory data: July 1 Beginning Inventory 37 units at $18 $666 7 Purchases 129 units at $19 2451 22 Purchases 18 units at $20 360 $3477 A physical count of merchandise inventory on July 30 reveals that there are 46 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
Answer:
Whispering Winds Corp.
Using the FIFO inventory method, the amount allocated to cost of goods sold for July is:
= $2,585
Explanation:
a) Data and Calculations:
Date Description Units Unit Cost Total Cost
July 1 Beginning Inventory 37 $18 $666
July 7 Purchases 129 $19 2,451
July 22 Purchases 18 $20 360
July 30 Total available 184 $3,477
July 30 Ending inventory 46
July 30 Units sold 138
Cost of goods sold, using FIFO inventory method:
Date Description Units Unit Cost Total Cost
July 1 Beginning Inventory 37 $18 $666
July 7 Purchases 101 $19 1,919
Total cost of goods sold = $2,585
Ending inventory = $892 (18 * $20 + 28 * $19)
A bookstore organizes its stock by topic. It has a mystery novel section, a romance novel section, a how-to-do-it section, a travel book section, etc. The bookstore is obviously using a _____ presentation. horizontal style/item usage book cover
Answer:
The correct answer is the second option: Item usage book cover.
Explanation:
To begin with, in the field of business management that focus specifically in the bookstores when they talk about an "item usage book cover" presentation it means that the managers decide to organize the stock by topic and that is related to the book cover and therefore to its item so that is why that they would have a mystery novel section, a romance novel section and much more of that. So every customer will understand inmediately that the bookstore is structured by the item of the book that could be easily recognize sometimes with its cover.
During its first month of operations, Purrfect Pets purchased 5,100 bags of dog food at a cost of $7 a bag and sold all 5,100 bags of dog food on account with payment terms of 1/10, n/30 for $11 each. A total of 2,100 of these bags were sold to customers who paid within the discount period; the other customers paid after the discount period had ended. Sales allowances totaling $220 were granted to customers whose dogs did not like the dog food. Required: Calculate the gross profit for the month. Calculate the gross profit percentage for the month.
Answer:
Purrfect Pets
The gross profit for the month is:
= $20,180.
The gross profit percentage for the month is:
= 36.11%.
Explanation:
a) Data and Calculations:
Quantity of dog food purchased = 5,100 bags
Cost per bag = $7
Quantity of dog food sold = 5,100 bags
Sales price per bag = $11
Sales revenue $56,100 ($5,100 * $11)
Less Sales allowances 220
Net Sales $55,880
Cost of goods (dog food) sold 35,700 (5,100 *$7)
Gross profit $20,180
Discounts (2,100 * $11 * 1%) 231
Net operating income $19,949
Gross profit percentage = Gross profit/Net Sales * 100
= $20,180/$55,880 * 100
= 36.11%
Technology: Multiple Choice Has replaced accounting. Has not improved the clerical accuracy of accounting. Reduces the time, effort and cost of recordkeeping. In accounting has replaced the need for decision makers. In accounting is only available to large corporations.
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
