Answer:
Real interest rate= 0.0749= 7.49%
Explanation:
Giving the following information:
You invested in an aggressive growth fund and expect to earn 14.84% annually over the next five years. However, due to strong growth, inflation is expected to be 7.35%.
The inflation rate provokes the opposite effect than the interest rate. It decreases the value of money through time, reducing the purchasing price of the nominal value of money.
Real interest rate= nominal interest rate - inflation rate
Real interest rate= 0.1484 - 0.0735
Real interest rate= 0.0749= 7.49%
Mize Company provided $45,500 of services on account, and collected $38,000 from customers during the year. The company also incurred $37,000 of expenses on account, and paid $32,400 against its payables. How do these events impact the elements of the horizontal financial statements model
Answer:
Total asset will increase
Explanation:
Equity and Liability Amount Effect
Service Revenue $45,500
Expenses $37,000
Profit $8,500 Increase in equity
Account Payable $4,000 Increase in liability
($37,000 - $32,400)
Total $13,100 Increase in Total assets
Asset
Cash $5,600
($38,000 - $32,400)
Account Receivables $7,500
($45,500 - $38,000)
Total $13,100 Increase in Total assets
A firm has a P/E ratio of 12 and a ROE of 13% and a market to book value of what?
Answer:
1.56
Explanation:
Calculation for the market-to-book value
First step is to calculate for the P/E ratio
P/E ratio=1/12
P/E ratio= 0.0833
Now let find the market-to-book value using this formula
Market-to-book value = ROE percentage/P/E ratio
Let plug in the formula
Market-to-book value=0.13/0.0833
Market-to-book value= 1.56
Therefore the Market-to-book value will be 1.56
The market to book value is 1.56.
The calculation is as follows:
ROE = Net income ÷ Book Value of shareholders equity
P/E = (Price per share ) ÷ (EPS per share)
or P/E = Market Capitalization ÷ Net Income
So,
12 = Price ÷ Net Income
Price = 12 Net Income-------------Equation 1
Now
0.13 = Net Income ÷ Book Value of shareholders equity
Book Value = Net Income ÷ 0.13----------------Equation 2
Now
Market/ Book Value = 12 Net Income ÷ Net Income/0.13
= 12 × 0.13
= 1.56
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Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $400,000. During 2021, Halifax sold merchandise on account for $13,400,000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned $661,000 in sales for credit, with $365,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the amount of the year-end refund liability after the adjusting entry is recorded
Answer:
actual returns:
refund liabilities 365,000 debit
cash 365,000 credit
inventory 237,250 debit
inventory-returns 237,250 credit
--returns on the previous year--
refund liabilities 296,000 debit
account receivables 296,000 credit
inventory 237,250 debit
inventory-returns 237,250 credit
--returns in the current year--
192,400
adjusting entry:
sales return 670,000 debit
refund liability 670,000 credit
inventory-returns 237,250 debit
cost of goods sold 237,250 credit
--returns in the current year--
Balance of allowance for sales refunds: 409,000
Explanation:
When returning their goods the customer's receivables are canceled.
We also need to calculate the cost of these goods that return to the company's inventory.
365,000 x 65% = 237,250
296,000 x 65% = 192,400
credit-sales: 13,400,000
estimated returns: 5% >> 670,000
estimated inventory-returns 670,000 x 65% = 435,500
We work with our liabilities and return accounts rather than the cost of good sold and sales returns as these are adjusted at year-end based on credit sales.
Balance:
beginning 400,000
returns (661,000)
year-end
adjust 670,000
ending 409,000
Consider two perfectly negatively correlated risky securities, K and L. K has an expected rate of return of 12% and a standard deviation of 17%. L has an expected rate of return of 9% and a standard deviation of 11%. The risk-free portfolio that can be formed with the two securities will earn _____ rate of return.
Answer:
We need the compute the weight of K and L
Weight of K = Standard deviation of security L / Standard deviation of security K + Standard deviation of security L
Weight of K = 11% / 17% + 11%
Weight of K = 11% / 28%
Weight of K = 0.39286
Hence, the weight of security K is 0.39286
Weight of L = Standard deviation of security K / Standard deviation of security L + Standard deviation of security K
Weight of L = 17% / 11% + 17%
Weight of L = 17% / 28%
Weight of L = 0.607143
Hence, the weight of security L is 0.607143
Now we compute the rate of return risk-free portfolio as follow:
Return of portfolio = [Return of K * Weight of K] + [Return of L * Weight of L]
Return of portfolio = [12% * 0.39286] + [9% * 0.607143]
Return of portfolio = 0.0471432 + 0.05464287
Return of portfolio = 0.10178607
Return of portfolio = 10.18%
Hence, the rate of return of risk-free portfolio is 10.18%
g Assume that Fan-Tastic Sports Gear Inc. used the allowance method last year, and the allowance account at the end of the year had a debit balance of $2,240. The company estimated uncollectible accounts expense using the percent of credit sales method and expected 0.75% of credit sales to be uncollectible. What is the amount of the adjusting entry to provide for doubtful accounts on December 31
Answer: $16,275
Explanation:
The amount for the adjusting entry to provide for doubtful accounts at year end is;
= Credit sales * Percentage of accounts expected uncollectible
= ( 3,100,000 * 70%) * 0.75%
= $16,275
You are in talks to settle a potential lawsuit. The defendant has offered to make annual payments of $18,000, $26,500, $46,000, and $69,000 to you each year over the next four years, respectively. All payments will be made at the end of the year. If the appropriate interest rate is 4.3 percent, what is the value of the settlement offer today
Answer:
Total PV= $140,465.69
Explanation:
Giving the following information:
Cash flows:
Cf1= $18,000
Cf2= $26,500
Cf3= $46,000
Cf4= $69,000
The appropriate interest rate is 4.3 percent.
To calculate the present value, we need to apply the following formula on each cash flow:
PV= FV/(1+i)^n
Cf1= 18,000/1.043= 17,257.91
Cf2= 26,500/1.043^2= 24,360
Cf3= 46,000/1.043^3= 40,541.97
Cf4= 69,000/1.043^4= 58,305.81
Total PV= $140,465.69
What is the best way to share functions across more than one project?
Answer:Place the code for the functions in a module and add that module to each project.
Explanation:
The typical starting point of any firm's marketing mix is the:____________
A) analysis of what production equipment is available and owned by the company
B) design of the promotion campaign to be used for the product
C) selection of the places through which the good or service will be sold
D) determination of the product's price, enabling future revenues and budgets to be estimated
E) development of the good or service to be sold
Answer: E. development of the good or service to be sold
Explanation:
The typical starting point of any firm's marketing mix is the development of the good or service to be sold. The marketing mix is simply a mix of the marketing strategies that are vital to achieve marketing aims and increase sales.
It should be noted that marketing mix begins with the product and without this, distribution, pricing and the promotion are not relevant.
The most recent financial statements for Alexander Co. are shown here: Income Statement Balance Sheet Sales $ 49,800 Current assets $ 23,400 Long-term debt $ 52,500 Costs 37,900 Fixed assets 90,000 Equity 60,900 Taxable income $ 11,900 Total $ 113,400 Total $ 113,400 Taxes (34%) 4,046 Net income $ 7,854 Assets and costs are proportional to sales. The company maintains a constant 30 percent dividend payout ratio and a constant debt–equity ratio. What is the maximum dollar increase in sales that can be sustained assuming no new equity is issued? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Maximum increase in sales $
Answer:
$4945.14
Explanation:
The computation of the maximum increase in sales is shown below:
But before that we need to do the following calculations
Return on Equity = Net Income ÷ Total Equity × 100
= $7,854 ÷ 60,900 × 100
= 12.9%
And, Dividiend Payaout Ratio = 30%
So, retention ratio = 100% - 30%
= 70%
Now
Sustainable Growth rate equation is
= [(Return on Equity × retention Ratio) ÷ ([1 - (Return on Equity × retention ratio)]
= [(0.129 × 0.7) ÷ [1 - (0.129 × 0.7)]
= [( 0.0903) ÷ [1 -(0.0903)]
= 0.993
= 9.93%
So, Maximum dollar increase in sales os
= $49,800 × 9.93%
= $4945.14
Imagine you’re an angel investor looking to invest in young companies. What questions would you ask the management team at Project Repat before making a final decision about investing in it?
Choose the example that is punctuated correctly. Each of the members on the panel was handed a copy of the 30-page proposal. Each of the members of the panel were handed a copy of the 30-page proposal. Each of the members of the panel was handed a copy of the thirty-page proposal. Choose the word that correctly completes the sentence.
Answer: Each of the members on the panel was handed a copy of the 30-page proposal.
Explanation:
The pronoun each is an infinite pronoun as it does not refer to a specific person but still includes all of them. As it is a singular pronoun, it would need to be matched by a singular verb being was instead of were which is a plural verb.
Also, with numbers, it is a general rule that when the number is between one and ten it would be best to write it as a word. When the number is above 11 however, it would be best to write it as numerals. The correctly punctuated example is therefore the first one.
Which of the following is NOT a role of the closure facilitator?a. Use several questionnaires as a starting point to conduct the post-project retrospectiveb. Get delivery acceptance from the customerc. Elicit a 360-degree view and input from all stakeholders to create a more complete picture of project issuesd. Lead the team in exploring new ways for solving problemse. Create an environment in which stakeholders feel safe to provide input
Question options:
A. Create an environment in which stakeholders feel safe to provide input.b)Get delivery acceptance from the customer.c)Elicit a 360-degree view and input from all stakeholders to create a more complete picture of project issues.d)Use several questionnaires as a starting point to conduct the post-project retrospective.e)Lead the team in exploring new ways for solving problems
Answer:
b)Get delivery acceptance from the customer
Explanation:
The closure facilitator can be the project manager and does not get delivery acceptance from customer in project management. The closure facilitator is the one in charge of ensuring project objectives are met by drafting the agendas and looking for ways to achieve meeting objectives in project facilitation. The project facilitator creates an environment that makes it possible for the group and everyone involved in the project to put heads together to solve problems in the project
Which best ranks Agriculture, Food, and Natural Resources careers from highest to lowest required degree?
O Veterinarian - Nursery Manager - Environmental Engineer - Landscaper
O Landscaper - Environmental Engineer - Nursery Manager - Veterinarian
O Landscaper - Nursery Manager Environmental Engineer – Veterinarian
O Veterinarian - Environmental Engineer - Nursery Manager - Landscaper
Answer:
the answer is d
Explanation:
The best ranks in Agriculture, Food, and Natural Resources careers from highest to lowest required degree is Veterinarian - Environmental Engineer - Nursery Manager - Landscaper. Thus the correct option is D.
What is a Career?A career is referred to what an individual chooses as a profession to earn something. A career of an individual is based on his talents, skills, and abilities which help him to seek growth and development and achieve the goals of life.
A Veterinarian is referred to as an individual who has the expertise to treat animals. These are referred to as professionals who diagnose diseases and provide adequate treatment based on the diagnosis.
Animals are managed manually by the majority of veterinarians in hospital locations as tools and resources are available there. These veterinarians might perform general medicine, providing care for various species of animals.
Therefore, option D is appropriate.
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Financing that individuals or institutions have provided to a corporation is: Multiple Choice always classified as a liability. classified as a liability when provided by creditors and as stockholders' equity when provided by owners. always classified as equity. classified as a stockholders' equity when provided by creditors and a liability when provided by owners.
Answer:
classified as a liability when provided by creditors and as stockholders' equity when provided by owners
Explanation:
Corporate finance can be explained as how the revenue, asset as well as is been taken care of in business. The financing could be by individual or institution.
It should be noted that Financing that individuals or institutions have provided to a corporation is classified as a liability when provided by creditors and as stockholders' equity when provided by owners
Question 2 of 10
What are two types of strategies businesses use to directly influence the
environment?
A. Social media and strategic financing
B. Social media and rebranding
C. Formal organizational structure and informal organization
D. Lobbyists and flames
Answer:social media and strategic financing
Explanation:
Apex
During October, a firm had the following transactions involving revenue and expenses. Paid $1,275 for rent for October Provided services for $2,900 in cash Paid $280 for the October telephone service Provided services for $2,050 on credit Paid salaries of $1,750 to employees Paid $380 for the monthly office cleaning service Calculate the net income or net loss for the period?
Answer:
Net income $1,265
Explanation:
The computation of the net income or net loss is shown below:
Revenues
Cash revenues $2,900
Credit revenue $2,050
Total revenues (a) $4,950
Less:
Expenses :
Rent ($1,275)
Telephone ($280)
Salaries ($1,750)
Office cleaning service ($380)
Total expenses (b) ($3,685)
Net income $1,265 (a - b)
Security A has an expected rate of return of 6%, a standard deviation of returns of 30%, a correlation coefficient with the market of -0.25, and a beta coefficient of -0.5. Security B has an expected return of 11%, a standard deviation of returns of 10%, a correlation with the market of 0.75, and a beta coefficient of 0.5. Which security is riskier
Answer:
Security B
Explanation:
The risk of an asset is measured by beta
Market beta is measured by 1. Securities that move more than the market have a beta greater than 1 .
Securities that moves less than the market have a beta less than 1
The beta of security A is less than that of security B. Thus, security B is more risky
The National Income and Product Accounts identity states:__________A) Expenditure Production Income.B) Production Expenditure Income.C) Production Expenditure Income.D) Expenditure Production Income.E) Production Expenditure Income.
Answer:
I. National Income Accounting:
National income accounts are an accounting framework is useful in measuring economic activity.
A. Three approaches—all produce the same measurement of the production of the economy.
1. product approach: how much output is produced
2. income approach: how much income is created by production
3. Expenditure approach: how much purchasers spend
B. Why all three approaches are the same: Assumes no unsold goods (at this point) then the market values of goods and services produced must equal the amount buyers spend to purchase them (product approach=expenditure approach). What the seller receives (income) must equal what is spent (expenditure).
II. Gross Domestic Product (GDP)
A. GDP vs. GNP
GNP= output produced by domestically owned factors or production. (By our people)
GDP= includes production produced by foreign owed factors of production within the countries border and excludes domestically owned production in foreign countries. (On our soil)
1. GDP = GNP – net factor payment from abroad (NFP)
2. How big is the difference?
B. Product approach: The market value of all final goods and services produced within a nation during a fixed period of time.
1. Market value: allows comparison between different goods. Has some problems – ignores some goods. underground economy, and government services.
2. Final goods and service: Treatment of inventories; Capital goods; Avoids double counting; Value added.
3. New production: Ignores goods produced in previous periods
C. Expenditure approach: Total spending on final goods and services produced within a nation during a specified period of time.
1. Income expenditure identity and four categories of spending: Consumption (C), Investment (I), government purchases of goods and services (G) and net exports (NX)
Y = C + I + C + NX
2. Consumption(C): Spending by domestic households on final goods and services
a. Consumer durable goods: Long lasting goods
b. Nondurable goods used up quickly
c. Services
3. Investment (I): Spending on new capital goods by business
a. Business fixed investment
b. Residential fixed investment
c. Inventory investment: Changes in the amount of unsold goods, goods in progress and new materials
4. Government purchases of goods and services (G):
a. State and local vs. Federal spending
b. Transfers and interest payments on debt are not counted. They are counted in total government expenditure which is not the same as government purchases of goods and services.
5. Net exports (NX): exports minus imports
a. Need to subtract imports since they are counted in C. I and G can add goods produced within the country purchased by foreign interests (exports).
D. Income approach adds up income received by producers, including profits and taxes paid to the government
1. Income generated by production
a. National income =
compensation of employees
+ proprietors income
+ rental income of persons
+ corporate profits
+ net interest
+ taxes on production
+ business transfers
+ surplus of gov enterprises
b. National income + statistical discrepancy = Net National Product (NNP)
Note: This changed a couple years ago. If you have an old addition, you may see the indirect business tax. It is no long used in this equation!
c. NNP + depreciation = GNP
d. GNP – NFP = GDP
2. Income of private sector and government
a. Private disposable income = income of private sector = private sector income earned at home (Y or GDP) and abroad (NFP) + payments from the government sector (transfers TR and interest on debt INT) – taxes paid to government (T) = Y + NFP + TR + INT – T
b. Government net income = T- TR – INT
III. Saving and Wealth
A. Wealth Difference between assets and liabilities
B. Measures of aggregate savings
1. Saving = current income – current spending; saving rate = saving/current income
2. Private saving (Spvt) Spvt = Y + NFP – T + TR + INT – C
3. Government Saving (Sgovt) Sgovt = T – TR- INT – G
a. Government saving = Government budget surplus (deficit = -Sgovt)
4. National Saving= private saving + government saving
S = Spvt + Sgovt = Y + NFP - C – G = GNP - C – G
C. The uses of private saving
1. S = I + (NX + NFP) = I + CA
CA = NX + NFP = current account balance
2. The use of savings identity
Spvt = I – Sgovt + CA
If the budget deficit increases one or a combination of the following happen
1) private saving must rise
2) investment must fall
3) the current account balance must fall
IV. Prices Indexes, Inflation and Interest Rates
A. Nominal vs. Real variables
Nominal Variables – Measures the economic variable in terms of the current market value.
Real Variable—Measure the variable valued at the prices in a base year.
B. Real vs. Nominal: Calculation the differences
Examples Small country only produces base balls and baseball bats
Explanation:
Medicare and Social Security are paid through which type of federal tax?
A sales tax
B. excise tax
C. payroll tax
D. corporate income tax
Answer: C. payroll tax
Explanation: got it correct on ed2020
The most recent financial statements for Schenkel Co. are shown here: Income Statement Balance Sheet Sales $ 14,500 Current assets $ 12,000 Debt $ 16,500 Costs 8,400 Fixed assets 29,000 Equity 24,500 Taxable income $ 6,100 Total $ 41,000 Total $ 41,000 Taxes (40%) 2,440 Net income $ 3,660 Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 30 percent dividend payout ratio. No external equity financing is possible. What is the sustainable growth rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Sustainable growth rate %
Answer:
0.1046 or 10.46%
Explanation:
The computation of the sustainable growth rate is shown below:
The Sustainable growth rate of the firm is
= Return on Equity × ( 1 - Dividend Payout Ratio )
where,
Dividend Payout Ratio = 30%
And,
Return on equity is
= Net Income ÷ Shareholder 's equity
= $3660 ÷ $ 24,500
= 0.14938
So,
Sustainable growth rate is
= 0.14938 × (1 - 30%)
= 0.1046 or 10.46%
exxon mobile corporation explores, produces, refines, markets, and supplies crude oil, natural gas, and petroleum products in the United States and around the world. Indicate how the accounts normally should be categorized on a classified balance sheet. common stock notes and loans payable
Answer:
As some of the answers are already in the list I'll focus on the ones that are not.
3. Common Stock
Balance Sheet Classification ⇒ SE
Debit or Credit Balance ⇒ Credit
4. Patents
Balance Sheet Classification ⇒ NCA - Non current asset
Debit or Credit Balance ⇒ Debit
5. Income Taxes Payable
Balance Sheet Classification ⇒ CL
Debit or Credit Balance ⇒ Credit
7. Marketable Securities (short term- Investments)
Balance Sheet Classification ⇒ CA
Debit or Credit Balance ⇒ Debit
8. Property, Plant and Equipment
Balance Sheet Classification ⇒ NCA
Debit or Credit Balance ⇒ Debit
9. Investments ( Long - term)
Balance Sheet Classification ⇒ NCA
Debit or Credit Balance ⇒ Debit
For spring break, Melanie will either stay home or go to Daytona Beach. At home, Melanie pays $10 per day for food and earns $90 a day at her job. At Daytona Beach, Melanie will stay with friends and so has no lodging cost. She will pay $20 per day for food. In terms of dollars, Melanie's opportunity cost per day of going to Daytona Beach is how much
Answer:
$100
Explanation:
Opportunity cost or implicit is the cost of the option forgone when one alternative is chosen over other alternatives
If Melanie goes to the beach, she would not be able to stay at home. Staying at home is the opportunity cost of going to the beach.
The total opportunity cost of going to the beach = $10 + $90 = $100
Are the following events recorded in the accounting records? Explain your answer in each case. (a) The owner of the company dies. (b) Supplies are purchased on account. (c) An employee is fired. (d) The owner of the business withdraws cash from the business for personal use. g
Answer:
(a) The owner of the company dies.
This event is not recorded in the accounting records. If the company is a sole-proprietorship, the death of the owner simply causes the end of the firm. If the firm is a corporation, it can continue to operate even if the owner dies, ownership can be transferred.
(b) Supplies are purchased on account.
This event is recorded. Supplies are an asset, and are debited, and because they are purchased on account, the associated liability account is credited.
(c) An employee is fired.
This event is not recorded. Consequences of the firing may be recorded, for example, an indemnization that reduces cash.
(d) The owner of the business withdraws cash from the business for personal use.
This event is recorded. The cash account is debited (decreased), and the personal expenses, or non-operating expenses account is increased.
A study examining the performance of numerous assets from the United States and around the world confirms that a. U.S. equities are highly correlated with world government bonds and with the commodities index. b. most assets (including common stocks) have positive correlations with inflation. c. riskier assets with lower standard deviations experienced higher returns. d. beta did a better job of explaining the returns than standard deviation. e. riskier assets with higher standard deviations experienced lower returns.
Answer:
d. beta did a better job of explaining the returns than standard deviation
Explanation:
Beta measures the systemic risk associated with the particular investment, it do not compute the total risk associated, which is more logical.
Standard deviation computes the total risk associated.
Some risk is natural, like the risk of floods, natural calamities, earthquake, etc:
That risk shall not counted as for comparison as that is associated universally. Further, the risk associated with particular factors like bankruptcy of a company, or some legal case issue of a company are precisely described by beta coefficient.
Thus, beta provides better details about explaining the returns.
How is it useful to identify emerging patterns in looking for a trends?
Answer:
It is very useful to identify emerging patterns when looking for trends. Emerging patterns help to discover inherent differences in a dataset. They are powerful for constructing accurate and complete classifications of the dataset.
Explanation:
Emerging patterns present themselves as items with frequency changes that are significantly different from one dataset to another. Trends show the general directions of some variables. One discovers emerging patterns by looking at two datasets for two time periods. The trend will show if the pattern has increased or decreased in size, totally disappeared, or new patterns have currently emerged when compared to previous patterns.
There are different kinds of trends. Emerging patterns are useful as they;
They act as a means of knowing or finding out the distinctions present amidst a collection of data group.They are powerful tool for constructing right classifiers.What are Emerging Patterns?Theses are known as the patterns of the groups of items whose frequency changes very well from one dataset to another.
They are known to be very vital in getting the multi-dimensional differences between datasets/ or classes.
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The Widget Co. purchased all of its fixed assets three years ago for $6 million. These assets can be sold today for $3 million. The current balance sheet shows net fixed assets of $2,500,000, current liabilities of $1,375,000, and net working capital of $725,000. If all the current assets were liquidated today, the company would receive $1.8 million in cash. The market value of the company’s total assets today is $____________(in dollars, not millions).
Answer:
$4,800,000
Explanation:
Widget corporation purchased all of its fixed assets three years ago for $6 million
These assets can be sold today for $3 million
The company receives $1.8 million in cash after liquidation of current assets
Therefore the market value of the company's total assets today can be calculated as follows
Market value = $3,000,000 + $1,800,000
= $4,800,000
Hnence the company's market value for today is $4,800,000
Strength and weakness of each open/flexible business organization forms
Answer:
The overview of the discussion is mentioned throughout the clarification segment elsewhere here.
Explanation:
There have been lesser supervisors because they can improve the efficiency and effectiveness of service, which tends to increase business income. It has a broader spectrum of influence, making it more difficult to track and handle employees. It has a vague direction to pursue, and workers have uncertain responsibilities that find it difficult to attract staff.Employees would have a much wider workplace satisfaction thanks to their educational and welcoming atmosphere.Use your understanding of ethics to complete the sentence.
When managers use environmental and social impacts as criteria in all their decision making,
their philosophy
is an important part of
____
Answer: d. sustainability
Explanation:
Sustainability refers to the maintenance of resources such that they can be used in perpetuity.
When managers use environmental and social impacts as criteria in all their decision making, this is an important part of sustainability because they will be able to see how their actions affect the environment and thus adjust these actions in order to achieve sustainability of the resources we have on Earth.
Marina Corp. applied overhead to jobs during the period as follows: Jobs finished and sold $ 46,000 Jobs started and in process 54,000 Jobs finished and unsold 100,000 The application of overhead has resulted in a $5,600 credit balance in the Factory Overhead account. The entry to dispose of this remaining factory overhead balance is:
Answer: Debit factory overhead $5600; credit cost of goods sold $5600
Explanation:
The journal entry simply has to do with the keeping of records of transactions in a company and it shows both the debit balances and the credit balances of the company.
The factory overhead, also referred to as the manufacturing overhead is simply the total cost that is involved in production which can't be traced to a product directly like the indirect cost and the indirect labor.
The journal entry for the above transaction is:
Debit Factory overhead. 5600
Credit Cost of good sold 5600
Therefore, the entry to dispose of this remaining factory overhead balance is: Debit factory overhead $5600; credit cost of goods sold $5600.
Which of the following statements is true about the audit opinion formulation process presented in this chapter?
a. The audit opinion formulation process is significantly different for the financial statement only audit and the integrated audit.
b. The audit opinion formulation process is based on the premise that management has responsibility to prepare the financial statements and maintain internal control over financial reporting.
c. The audit opinion formulation process is comprised of seven phases.
d. All of the above are true statements regarding the audit opinion formulation process.
Answer:
b. The audit opinion formulation process is based on the premise that management has responsibility to prepare the financial statements and maintain internal control over financial reporting.
Explanation:
The audit opinion formulation generally, is based on the premise that management has responsibility to prepare the financial statements and maintain internal control over financial reporting.
This entails that if there has not been sufficient internal controls to to enable fair presentation of Financial Statements, the entity gets a qualified audit opinion (negative report) otherwise if in place, the company gets a unqualified audit opinion (positive report).