Answer:
A,D,E
Explanation:
Answer:
A,D,E
Explanation:
Bettner, Inc., is a calendar year corporation whose financial statements for 2015 and 2016 included errors as follows:
Year Ending Inventory Depreciation Expense
2015 $ 12,000 overstated $ 22,300 overstated
2016 8,000 understated 6,000 understated
Assume that inventory purchases were recorded correctly and that no correcting entries were made at December 31, 2015, or December 31, 2016. The errors were discovered in 2017, after the 2016 financial statements were issued.
Required:
Ignoring income taxes, prepare the journal entry Bettner would make in 2017 to correct the errors.
Answer:
i. For the Understatement of Inventory - Rectification
Journal Entry Debit Credit
Inventory A/c $8,000
To Profit and loss adjustment a/c $8,000
ii. To Rectify overstatement of Depreciation Expense
Journal Entry Debit Credit
Profit and loss adjustment A/c $16,300
To Depreciation Expense $16,300
(22,300 - 6,000)
Total Manufacturing Cost, Income Statement, Unit Cost, and Selling Price
Two inventors, recently organized as Innovation, Inc., consult you regarding a planned new product.They have estimates of the costs of materials, labor, overhead, and other expenses for 2016 but need to know how much to charge for each unit to earn a profit in 2016 equal to 15% of their estimated total long-term investment of $560,000 (ignore income taxes).
Their plans indicate that each unit of the new product requires the following:
Direct Material 4 lb. of a material costing $7 per lb.
Direct labor 2 hrs. of a metal former's time at $15.40 per hr. 0.6 hr. of an assembler's time at $11.20 per hr.
Major items of production overhead would be annual rent of $65,044 for a factory building, $40,124 rent for machinery, and $30,380 of indirect material. Other production overhead is estimated to be $326,592. Selling expenses are an estimated 30% of total sales, and non-factory administrative expenses are 20% of total sales.
The consensus at Innovation is that during 2016 10,000 units of product should be produced for selling and another 2.000 units should be produced for the next years beginning inventory. Also, an extra 3,000 pounds of material will be purchased as beginning inventory for the next year. Because of the nature of the manufacturing process, all units started must be completed, so work in process inventories are negligible.
Required
Incorporate the above data into a schedule of estimated total manufacturing costs and compute the unit production cost for 2016.
Answer:
1. Total manufacturing costs = $1,248,380
2. Unit production cost = $104.03 ($1,248,380/12,000)
Explanation:
a) Data and Calculations:
Long-term investment = $560,000
Expected annual profit = $84,000 ($560,000*15%)
Cost of direct materials per unit = $28 (4lb *$7)
Cost of direct labor per unit = $37.52 (2*$15.40) + (0.6*$11.20)
Total manufacturing overheads:
Rent for factory building = $65,044
Rent for machinery 40,124
Indirect materials 30,380
Other overheads 326,592
Total production overheads $462,140
Production:
Units sold = 10,000 units
Ending inventory of finished goods = 2,000 units
Total production for the year = 12,000 units
Direct materials purchase = 12,000 * 4 + 3,000 pounds = 51,000
Estimating the total manufacturing costs:
Direct materials costs = $357,000 ($28 * 12,750) or ($7 * 51,000)
less Ending inventory of raw materials = $21,000
Cost of direct materials used = $336,000 ($28 * 12,000 units)
Cost of direct labor = $450,240 ($37.52 * 12,000)
Production overhead = $462,140
Total manufacturing costs = $1,248,380
Cost per unit = $104.03 ($1,248,380/12,000)
Beth, a recent college graduate, recognizes that she has lots of nice "stuff," largely thanks to her family buying it for her. Beth also recognizes that she has a lot of debt, thanks to her student loans. When Beth considers the difference between the monetary value of her possessions and other financial assets and her debt, she is best described as pondering her:______
a. income.
b. class position.
c. prestige.
d. wealth
Answer:
D
Explanation:
Wealth is the value of all the assets a person owns
Beth is pondering on the value of all her assets less her debt. So, she is pondering on her wealth
Pierce Which of the following statements is therefore necessarily true for Pierce? has a concave utility of wealth function, u(x). Pierce prefers prospect X to prospect Y.
a. CE(X) > CE(Y).
b. U(EV(X)) > U(EV(Y))
c. EU(X) < EU(Y)
d. Y is a mean preserving spread of X.
Answer:
A) CE(X) > CE(Y) is the correct answer.
Explanation:
Solution:
Correct Answer is A) CE(X) > CE(Y)
Because:
1. First of all, we are given that Pierce has a concave utility of wealth function u(x) which means Pierce is a kind of person who does not prefer taking risk.
2. Secondly, we are given that he prefers prospect X to Prospect Y.
3. Thirdly, Pierce will always make sure that Certainty Equivalent should be higher than others as Pierce does not want to take risks.
4. Lastly, he prefers X to Y so, he will make sure CE(X) must be greater than CE(Y) .
Hence,
A) CE(X) > CE(Y) is the correct answer.
Candice is a jewelry shop owner, specializing in beaded necklaces. For each of the following inputs, classify each item as a variable input or a fixed input in the long run.
1. upper management salaries
2. hourly labor
3. shipping
4. two-year lease on office and retail space
5. chairs
6. computers
7. beads
Answer and Explanation:
The classification of the each item as a variable input or fixed input is as follows:
1. upper management salaries = variable input
2. hourly labor = variable input
3. shipping = variable input
4. two-year lease on office and retail space = variable input
5. chairs = variable input
6. computers = variable input
7. beads = variable input
As all the items are calculated as a variable so no fixed input would be considered
if quantity demamded is completely unresponsive to changes in price ,demand is what?
Answer:
If quantity demanded is completely unresponsive to changes in price, demand is Perfectly inelastic.
Explanation:
Perfectly inelastic demand means that quantity demanded remains the same when price increases or decreases. Consumers are completely unresponsive to changes in price.
I hope it's helpful
In 2018, Borland Semi-conductors entered into the transactions described below. In 2015, Borland had issued 195 million shares of its $1 par common stock at $39 per share.
Required:
1. On January 2, 2018, Borland re-acquired 12 million shares at $37.50 per share.
2. On March 3, 2018, Borland re-acquired 12 million shares at $41 per share.
3. On August 13, 2018, Borland sold 1 million shares at $47 per share.
4. On December 15, 2018, Borland sold 2 million shares at $41 per share.
Solution :
Serial No. Date given Journal Debit Credit
1). 02 Jan, 2018 Common stock $ 12
Paid-in-capital
excess of the par $ 456
Paid-in-capital
share repurchased $ 18
Cash $ 450
2). 03 March, 2018 Common-stock $ 12
Paid-in-capital
excess of the par $ 456
Paid-in-capital
share repurchased $18
Retained earnings $ 6
Cash $ 492
3). 15 Dec, 2018 Cash $ 82
Common-stock $ 2
Paid-in-capital
excess of the par $ 80
Mullineaux Corporation has a target capital structure of 60 percent common stock, 5 percent preferred stock, and 35 percent debt. Its cost of equity is 12 percent, the cost of preferred stock is 5 percent, and the pretax cost of debt is 7 percent. The relevant tax rate is 35 percent.
a. What is Mullineaux's WACC?
b. The companies president has approached you about Mullineaux's capital structure. He wants to know why the company doesn't use more preferred stock financing because it costs less than debt. What would you tell the president?
Answer:
a. Mullineaux's WACC = 0.60*12 + 0.05*5 + 0.35*7*(1 - 0.35)
WACC = 7.2 + 0.25 + 0.35*7*0.65
WACC = 7.2 + 0.25 + 1.5925
WACC = 9.0425%
WACC = 9.04%
b. After tax cost of debt = 7*(1 - 0.35)
After tax cost of debt = 7*0.65
After tax cost of debt = 4.55%
So since after tax cost of debt of 4.55% is less than the preferred cost of 5%, company should use debt in its capital structure.
Supervisor: "Our goal is to make add-on sales during 85% of sales. If you make 35
sales, how many add-on sales do you need to make to meet the goal?"
Our goal is to make ad on sales during 85% of sales if you make 35% sales how many add-on on sales do you need to make to meet the goal?
Answer:
Calculate inventory turnover ratio in each of the following alternative cases
case 1: cash sales 25% of credit slaes credit sales Rs 300000 cross profit 20% on revenue form operations ie net sales closing inventory Rs 160000, opening inventory Rs 40000
case 2: cash sales 20% of Total sales, credit sales Rs 450000, Gross profit 25% on soct opening inventroy Rs 375000, closing inventorys 112500
An investor owns 50 shares of a stock worth $15.30 per share. Which of the following is the amount of money to cashed in half of the shares of this stock?
a. $38.250.00 .
b. $382.50
c. $76,500.00
d. $765.00
Solution :
Given that a man owns shares = 50
Cost of one share = $ 15.30
Therefore the total amount of money for 50 shares would be = 50 x 15.30
= $ 765.00
We have to find the amount of money to be cashed in half of the shares for this stock of the investor.
Therefore, half of the shares at this stock is given by :
[tex]$=\frac{765.00}{2} $[/tex]
= 382.50
Therefore the answer is $ 382.50
Hence option (a) is correct.
An internal study by the Technology Services department at Lahey Electronics revealed company employees receive an average of two emails per hour. Assume the arrival of these emails is approximated by the Poisson distribution.
a. What is the probability Linda Lahey, company president, received exactly 1 email between 4 P.M. and 5 P.M. yesterday?
b. What is the probability she received 5 or more emails during the same period?
c. What is the probability she did not receive any emails during the period?
Answer:
0.2706 ; 0.05265 ; 0.1353
Explanation:
Given that :
λ = 2
According to the poisson distribution formula :
P(x = x) = (λ^x * e^-λ) / x!
P(x = 1) = (2^1 *e^-2) / 1!
P(x = 1) = (2 * 0.1353352) = 0.2706
P(x ≥ 5) = 1 - P(x < 5)
1 - P(x < 5) = 1 - [p(x = 0) + p(x = 1) + p(x = 2) + p(x = 3) + p(x = 4)]
We obtain and add the individual probabilities. To save computation time, we can use a poisson distribution calculator :
1 - P(x < 5) = 1 - (0.13534+0.27067+0.27067+0.18045+0.09022)
1 - P(x < 5) = 1 - 0.94735 = 0.05265
P(x ≥ 5) = 1 - P(x < 5) = 0.05265
Probability that no emails was received :
x = 0
P(x = 0) = (2^0 *e^-2) / 0!
P(x = 0) = (1 * 0.1353352) / 1 = 0.1353
what do Librarians need to do after they have jobs?
a. attend conferences where they train other librarians
b. volunteer in schools to advise students about how to use libraries
c. slowly share their knowledge with librarians in other locations
d. continually train to stay up to date on information technology developments
The action that a Librarians need to do after they have jobs is to continually train to stay up to date on information technology developments.
Who is a librarian?In a education sector, the "librarian" is an officer who is responsible for overseeing the daily operations of their library, either at the public or private level. They also work within a schools, religious institutions, in government libraries and research facilities.
Some of the typical roles and responsibilities of a librarian includes:
They provide a customer service for library usersThey provide suggestions to library users about new booksThey help the library users to check out booksThey oversee the team of assistant librarians and library aidsThey also help to develop fun and education programs for youths and adultsIn conclusion, the action that a Librarians need to do after they have jobs is to continually train to stay up to date on information technology developments. Therefore, the Option D is correct.
Read more about Librarians
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Answer:
D.
Explanation:
Edge 2023
Many influential economists, politicians, and business leaders think that a shift toward a more integrated and interdependent global economy is a good thing. There is evidence to support the theory that falling barriers to international trade and investment drive the global economy toward greater prosperity. There are, however, critics who argue against globalization. Anecdotes, evidence, and arguments can be collected to support each side of the debate.
International businesses need to understand the nature of the globalization debate and observe how their own practices may act in support of or against globalization. Understanding how each side sees the issues can lead toward better solutions to the problems caused by globalization.
Evaluate the issues listed on the left. Decide whether the issue is an Argument For Globalization or an Argument Against Globalization and who or what is being affected by the issue. Drag the issue to the appropriate column in the chart.
1. Manufacturing jobs move to low wage countries.
2. Increased efficiency of the whole economy.
3. Lack of adequate regulations to protect the environment.
4. Economic power shifts from nations to international institutions.
5. Tougher environmental regulations follow economic progress.
6. Real power resides with nation-states.
7. The gap between the rich and the poor nations of the world has gotten wider.
8. Living standards improve.
A. Who or what is affected
1. Producers
2. The environment
3. Consumers
4. Workerd
B. Arguments For Globalization
C. Arguments Against Globalization
Answer:
1. Manufacturing jobs move to low wage countries. ⇒ ARGUMENT AGAINST GLOBALIZATION (4. Workers)
2. Increased efficiency of the whole economy. ⇒ ARGUMENT IN FAVOR OF GLOBALIZATION (1. Producers)
3. Lack of adequate regulations to protect the environment. ⇒ ARGUMENT AGAINST GLOBALIZATION (2. The environment)
4. Economic power shifts from nations to international institutions. ⇒ ARGUMENT AGAINST GLOBALIZATION (3. Consumers)
5. Tougher environmental regulations follow economic progress. ⇒ ARGUMENT IN FAVOR OF GLOBALIZATION (2. The environment)
6. Real power resides with nation-states. ⇒ ARGUMENT IN FAVOR OF GLOBALIZATION (3. Consumers)
7. The gap between the rich and the poor nations of the world has gotten wider. ⇒ ARGUMENT AGAINST GLOBALIZATION (3. Consumers)
8. Living standards improve. ⇒ ARGUMENT IN FAVOR OF GLOBALIZATION (3. Consumers)
What are the factors that affect individual productivity?
Answer:
The factors that affect individual productivity is described below in details.
Explanation:
Important Factors Influencing Employee Productivity:
Work Environment: An employee’s work conditions affect their attitude, energy, and overall production in your organization. Processes: Processes, or their inadequacy, has a tremendous influence on organizational potency.Goals: Clearly illustrated work goals are great for boosting potency levels because they’re dimensions of productivity themselves.Provide examples that serve to explain the differences among the following terms: (1) corporate responsibility; (2) corporate social initiatives; (3) corporate philanthropy
Answer: See explanation
Explanation:
Corporate responsibility is when an organization helps the society at large by contributing its own quota to the society and addressing certain social issues in such society. Example include giving scholarship to students.
Corporate social initiatives are used by organizations to address social problems, increase opportunities for the deprived, promote environmental justice etc. Examples include reduction in the carbon footprints and the improvement in labor policies.
Corporate philanthropy is when's business seeks the welfare of others and promote it. This is normally done through donation.
Write down the set of regulations passed by congress in 2020 in an attempt to improve financial reporting and restore investor confidence.
Answer: The Sarbanes-Oxley Act of 2002, often simply called SOX or Sarbox, is U.S. law meant to protect investors from fraudulent accounting activities by corporations.
Explanation:
The Sarbanes-Oxley Act of 2002, often simply called SOX or Sarbox, is U.S. law meant to protect investors from fraudulent accounting activities by corporations. Here are the following sections passed;
Section 302 – Corporate Responsibility for Financial Reports – Every public company is required to file periodic financial reports with the SEC, and the principal executive officer and the principal financial officer must sign each report to indicate they have reviewed it and they certify that the report does not contain any untrue statements and does not omit any material information
Section 404 – Management Assessment of Internal Controls – All annual financial reports must include an Internal Control Report stating that management is responsible for an “adequate” internal control structure, and an assessment by management of the effectiveness of the control structure.
Section 409 – Real Time Issuer Disclosures – Companies are required to disclose to the public in a timely manner any material changes in the financial condition or operations of the company in the interest of protecting investors and the public.
Section 802 – Criminal Penalties for Altering Documents – Anyone who knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the investigation or proper administration of matters before the SEC can be fined, imprisoned for no more than 20 years, or both.
Section 906 – Corporate Responsibility for Financial Reports – The criminal penalty for certifying a misleading or fraudulent financial report can be upwards of $5 million in fines and 20 years in prison.
What is liability? its a study question and i need the answer so i can pass my class
Answer:
the state of being responsible for something, especially by law.
Explanation:
So if you're a liability to someone they are responsible for you. Usually a bad thing like your dead weight.
What are the factors of production?
Answer:
Human, natural, and capital resources are used to make products to be sold.
Explanation:
on edge 2022
Financial managers use data prepared by accountants to develop strategies for improving the financial performance of the firm.
a. True
b. False
Answer:
A
Explanation:
This question tests your understanding of the economics of a commodity tax. Assume that in each case the demand curve slopes down from top left to bottom right and the supply curve slopes up from bottom left to top right If the government halved a commodity tax, what would not always follow?
a. The quantity traded would increase
b. The price exclusive of commodity tax that sellers receive would rise.
c. The price inclusive of commodity tax that buyers pay would fall.
d. Tax revenue would increase.
Answer:
d. Tax revenue would increase.
Explanation:
When government halved commodity tax so they divided into two parts so it is use full them to manage it separately in two different parts. So when government needs more revenue they tax some commodity on their trade. So now government collects different taxes from different parties so their tax revenue increases by that decision.
Mark works for a financial company. He has been tasked to protect customer data. He decides to install a mantrap and an HVAC system in the data center. Which of the following concepts has he addressed?
A. Availability.
B. Integrity.
C. Confidentiality.
D. Recovery.
E. Accountability.
Answer:
a
c
Explanation:
The C&C Candy Company uses machine hours to allocate manufacturing overhead. The company estimates $150,000 worth of manufacturing overhead and 3,000 machine hours. The batch ticket for Batch 127 reveals the following information:
3,000 oz of chocolate at 50 cents per ounce
400 hours of direct labor at $15 per hour
180 machine hours 82,500 candy bars produced Batch Completed July 16, 2019.
Determine the cost of one bar.
Answer:
$0.20
Explanation:
Predetermined overhead rate = Estimated manufacturing overhead / Machine hours = 150000/3000 = 50
Applied overhead = Machine hours worked * Predetermined overhead rate = 180 * $50 = 9000
Direct material $1,500 (3,000*0.50)
Direct labor $6,000 (400 hours*$15)
Manufacturing overhead $9000
Total cost $16,500
Number of units = 82500 candy bars
So, the Unit cost = Total cost / Number of units = $16,500/82,500 units = 0.20
So, the cost of one bar is $0.20
The Institute of Management Accountants' Statement of Ethical Professional Practice for management accountants includes the elements of:
A. Competence, confidentiality, independence, and objectivity.
B. Competence, confidentiality, integrity, and credibility.
C. Competence, accuracy, integrity, and independence.
D. Competence, confidentiality, integrity, and relevance.
Answer: competence, confidentiality, integrity, and credibility.
Explanation:
The Institute of Management Accountants' Statement of Ethical Professional Practice for management accountants reflects on the globalization of the accounting profession. The statement is based on ethical principles such as responsibility, fairness, integrity and honesty.
Also, the statement consist of elements such as competence, confidentiality, integrity, and credibility.
Warner Clothing is considering the introduction of a new baseball cap for sales by local vendors. The company has collected the following price and cost characteristics.
Sales price $15 per unit
Variable costs 5 per unit
Fixed costs 50,000 per month
Required:
a. What number must Warner sell per month to break even?
b. What number must Warner sell per month to make an operating profit of $34,000 and $8,400. Assume that the company plans to sell 9,000 units per month. Consider requirements (b), (c), and (d) independently of each other.
c. What will be the operating profit?
d. What is the impact on operating profit if the sales price decreases by 10 percent? Increases by 20 percent?
Answer:
a. 5,000 units
b. 8,400 units and 5,840 units
c. $40,000
d. decrease of operating profit by 22.50 % and increase of operating profit by 45.00%
Explanation:
Breakeven point is level at which a firm makes neither profit nor loss
Break even units = Fixed Costs ÷ Contribution per unit
Break even units = 5,000 units
Units to achieve target profit = Target Profit + Fixed Costs ÷ Contribution per unit
Units to achieve profit of $34,000 = 8,400 units
Units to achieve profit of $8,400 = 5,840 units
Operating Profit = Contribution - Fixed Costs
= $40,000
The effect on change of operating profit can be best shown by calculation of the Degree of Operating Leverage (DOL)
DOL = Contribution ÷ Profit
= 2.25
Sales decreases of 10 percent = decrease of operating profit by 22.50 % (10 % × 2.25)
Sales Increases of 20 percent = increase of operating profit by 45.00% (20%× 2.25)
As you learned more and more about the complexity of the HRM role, what do you view as the most challenging aspect of HRM in the international context? How do you view the impact of expatriates on your role in HRM?
Answer:
The interpretation including its question would be characterized in the explanatory segment elsewhere here.
Explanation:
(a)
The cultural divide is perhaps the most compelling as that of the complexities of corporation dramatically change in something like a foreign environment. Besides example, a thumbs-up gesture, which would be a complimentary sign throughout the West as well as the US, seems to have a different meaning in several other cultural groups and therefore is construed as bad-mannered throughout Asian countries like Thailand, whereby the significance has been less than that of trying to stick someone's hard to both the West.(b)
The negative effect of ex-pats mostly on the position of HRM would be that individuals start making the importance of HRM so much enlightening. The HR seems to be essential for safeguarding expatriates and then for the HR to safeguard foreign nationals, this should understand the ways of foreign residents such that the HR could even start educating other staff mostly on cultural values of migrants.Work attitudes can be reflected in
an organization through
Select one:
a. All of these
b. Job satisfaction
Organisational Citizenship
Behaviour
d. Organizational commitment
= All of these
Answer:
Indeed it is A
Explanation:
Cash flows is the most relevant variable to measure the returns on debt instruments, while GAAP net income is the most relevant variable to measure the returns on common stock.
a) true
b) false
Answer:
b) false
Explanation:
Cash flow determines the cash position of the company whether the company is able to pay the obligations or not. It could be determined by analyzing the inflows of cash and outflows of cash
While on the other hand GAAP is the accounting principle that is compuslory for each and every organization to follow it
Therefore the given statement is false
what are the similarities between scientific theory and bureaucratic theory?
Answer:
The Scientific Theory is based on using data and human strengths to increase output, while the Bureaucratic management style focuses on hierarchies and tight job roles. Regardless of the organization, the goals remain the same across the board. Every organization strives to minimize costs, while maximizing output.
The act of giving up one thing of value to gain another thing of value is called a/an
Answer:
Trade-off. act of giving up one thing of value to gain another. Opportunity Cost. value of the next best alternative you could have chosen. Marginal Benefit.
Explanation:
Answer:
Explanation:
Trade-off is the answer.
Consider a two-good world: good x and good y. The ICC (income consumption curve) between good x and good y has a negative slope and the Engle curve of good x has a positive slope. Which of the following statements is false?
a. Good x is a normal good.
b. Goody is an inferior good.
c. The Engle curve for good y has a negative slope.
d. The income elasticity for good y is negative.
e. none of the above.
Answer: none of the above.
Explanation:
The Engle curve shows the relationship that takes place between the income of a consumer and the quantity of a particular good purchased.
From the question we are informed that the income consumption curve between good x and good y has a negative slope, this implies that good Y is an inferior good and that it has a negative income elasticity.
Also, since the Engle curve of good X has a positive slope, it implies that good X is a normal good.
Therefore, the answer to the question is "none of the above" as all options are true.