Business College

Budgeted Income Statement Coral Seas Jewelry Company makes and sells costume jewelry. For the coming year, Coral Seas expects sales of $19,700,000 and cost of goods sold of $10,835,000. Advertising is a key part of Coral Seas' business strategy, and total marketing expense for the year is budgeted at $3,546,000. Total administrative expenses are expected to be $788,000. Coral Seas has no interest expense. Income taxes are paid at the rate of 40 percent of operating income.

Required:
Construct a budgeted income statement for Coral Seas Jewelry Company for the coming year. Enter your answers in dollars and not in millions.

Answers

Answer 1

Answer:

The budgeted net income for the coming year is $2,718,600.

Explanation:

The budgeted income statement for Coral Seas Jewelry Company for the coming year can be constructed as follows:

Coral Seas Jewelry Company

Budgeted Income Statement

For the Coming Year

Details Amount ($)

Sales 19,700,000

Cost of Goods Sold (10,835,000)

Gross Margin 8,865,000

Marketing Expenses (3,546,000)

Administrative Expenses (788,000)

Operating income 4,531,000

Income Tax (40%) (1,812,400)

Net Income 2,718,600

Related Questions

contribution marginJayleen Company makes two products: Carpet Kleen and Floor Deodorizer. Operating information from the previous year follows. Carpet Kleen Floor Deodorizer Units produced and sold 5,000 4,000 Machine hours used 5,000 2,000 Sales price per unit $ 7 $ 10 Variable cost per unit $ 4 $ 8 Fixed costs of $20,000 per year are presently allocated equally between both products. If the product mix were to change, total fixed costs would remain the same. The contribution margin per machine hour for Floor Deodorizer is:

Answers

Answer:

Contribution per machine hour = $4 per machine hour

Explanation:

The contribution per machine is the total contribution made divided by the total machine hours consumed.

Contribution per machine hour = Total contribution/Total machine hours

The total contribution made = Unit contribution × unit sold

unit contribution = selling price - variable cost

= 10-8= $2 per unit

Total contribution = $2× 4,000= $8,000

Total machine hour = 2,000

Contribution per machine hour= 8,000/2,000 = $4 per machine hour

Contribution per machine hour = $4 per machine hour

When the Federal Reserve decreases bank's reserves through an open-market operation: ____________

a. deposits increase, currency in circulation increases, and the monetary base remains the same.
b. the monetary base decreases, the money multiplier decreases, and the money supply increases.
c. loans increase, the federal funds rate rises, and the discount rate rises.
d. the monetary base decreases, loans decrease, and the money supply decreases.

Answers

Answer:

d. the monetary base decreases, loans decrease, and the money supply decreases.

Explanation:

In the case when the federal reserve reduce the reserve of the bank via open market operation so it would be resulted in decrease in the monetary base, reduction in the loan and the reduction in the money supply. Overall, all three things would be decrease

Therefore as per the given situation, the option d is correct

And the same would be relevant

The Federal Reserve Board in the United States of America's banking system. After a series of financial panics, the desire for central control of the monetary system to ameliorate debt meltdown led to the passing of the Federal Reserve Act on December 23, 1913.

The correct option is d. the monetary base decreases, loans decrease, and the money supply decreases.

When the Federal Reserve decreases a bank's reserve through an open market operation, the monetary base, loan volume, and money supply are all reduced. All three things would be reduced in total.

As a result, option d is right in the current situation.

To know more about the federal reserve system, refer to the link below:

https://brainly.com/question/14266343

Lauhl Corporation provides janitorial services to several office buildings. During April, Lauhl engaged in the following transactions:______.
a. On April 1, Lauhl received $24,000 from Metro Corporation to provide cleaning services over the next 6 months.
b. On April 5, Lauhl purchased and received $8,500 of supplies on credit from Eagle Supply Company. During the month, Lauhl paid $5,000 to Eagle and used $1,300 of the supplies.
c. On April 20, Lauhl performed one-time cleaning services of $2,500 for Jones Company. Jones paid Lauhl the full amount on May 10.
d. On April 30, Lauhl paid employees wages of $3,400. An additional $850 was owed to employees for work performed in April.
Required:
Calculate the amount of net income that Lauhl should recognize in April under (1) cash-basis accounting and (2) accrual-basis accounting?

Answers

Answer:

Cash-basis accounting $15,600

Accrual-basis Accounting $7,750

Explanation:

A. Calculation to determine the amount of net income that Lauhl should recognize in April under cash-basis accounting

Cash-basis accounting

=$24,000 -$5000-$3,400

Cash-basis accounting =$15,600

Therefore the amount of net income that Lauhl should recognize in April under cash-basis accounting is $15,600

B. Calculation to determine the amount of net income that Lauhl should recognize in April under the accrual-basis Accounting

Accrual-basis Accounting=($24,000/6) -$1300 + $2500 - $3,400 - $850

Accrual-basis Accounting=$4,000-$1,300+$2,500+$3,400-$850

Accrual-basis Accounting=$7,750

Therefore the amount of net income that Lauhl should recognize in April under the accrual-basis Accounting is $7,750

The amount of net income that Lauhl should recognize in April under

(1) Accrual-basis accounting is $7,750

(2) Cash-basis accounting is $15,600

A. What is cash basis accounting?

Cash basis refers to a major accounting method that recognizes revenues and expenses at the time cash is received or paid out.

Calculation of cash-basis accounting

= $24,000 - $500 - $3,400

= $15,600

Hence, the amount of net income that Lauhl should recognize in April under cash-basis accounting is $15,600

B. What is accrual-basis Accounting?

Accrual accounting recognizes revenue when it's earned and expenses when they're incurred, regardless of when money actually changes hands.

Calculation of Accrual-basis accounting.

= ($24,000/6) - $1300 + $2500 - $3,400 - $850

= $4,000 - $1,300 + $2,500 + $3,400 - $850

= $7,750

Hence, the amount of net income that Lauhl should recognize in April under the accrual-basis Accounting is $7,750

Learn more about cash and accrual basis accounting here : https://brainly.com/question/14640855

Exercise 11-15 Dropping or Retaining a Segment [LO11-2] Thalassines Kataskeves, S.A., of Greece makes marine equipment. The company has been experiencing losses on its bilge pump product line for several years. The most recent quarterly contribution format income statement for the bilge pump product line follows: Thalassines Kataskeves, S.A. Income Statement—Bilge Pump For the Quarter Ended March 31 Sales $ 850,000 Variable expenses: Variable manufacturing expenses $ 330,000 Sales commissions 42,000 Shipping 18,000 Total variable expenses 390,000 Contribution margin 460,000 Fixed expenses: Advertising (for the bilge pump product line) 270,000 Depreciation of equipment (no resale value) 80,000 General factory overhead 105,000 * Salary of product-line manager 32,000 Insurance on inventories 8,000 Purchasing department 45,000 † Total fixed expenses 540,000 Net operating loss $ (80,000 ) *Common costs allocated on the basis of machine-hours. †Common costs allocated on the basis of sales dollars. Discontinuing the bilge pump product line would not affect sales of other product lines and would have no effect on the company’s total general factory overhead or total Purchasing Department expenses. Required: What is the financial advantage (disadvantage) of discontinuing the bilge pump product line?

Answers

Answer:

-$150,000

Explanation:

Calculation to determine the financial advantage (disadvantage) of discontinuing the bilge pump product line

First step is to calculate the fixed expense

Using this formula

Fixed expense

= Advertising (for the bilge pump product line) + Salary of product-line manager + Insurance on inventories

Let plug in the formula

Fixed expense= 270,000 + 32,000 + $8,000

Fixed expense= $310,000

Now let calculate the financial advantage (disadvantage)

Using this formula

Financial advantage (disadvantage) = Fixed expense-Contribution margin

Let plug in the formula

Financial advantage (disadvantage) = $310,000-460,000

Financial advantage (disadvantage) = -$150,000

Therefore the financial advantage (disadvantage) of discontinuing the bilge pump product line is -$150,000

what is human resource managment

Answers

Explanation:

Human resource management, or HRM, is defined as the process of managing employees in a company and it can involve hiring, firing, training and motivating employees.

An example of human resource management is the way in which a company hires new employees and trains those new workers.

noun

Answer:Human aid management is the strategic approach to the powerful management of people in a agency or corporation such that they assist their business gain a competitive benefit. it's far designed to maximise employee overall performance in provider of an corporation's strategic targets.

Explanation:

Tara incorporates her sole proprietorship, transferring it to newly formed Black Corporation. The assets transferred have an adjusted basis of $290,000 and a fair market value of $300,000. Also transferred by Tara was $50,000 in liabilities, all related to the business. In return for these transfers, Tara receives all of the stock in Black Corporation.

a. Black Corporation has a basis of $241,000 in the property.
b. Black Corporation has a basis of $240,000 in the property.
c. Tara’s basis in the Black Corporation stock is $241,000.
d. Tara’s basis in the Black Corporation stock is $249,000.
e. None of the above.

Answers

Answer:

Black Corporation

e. None of the above.

Explanation:

a) Data and Calculations:

Adjusted basis of assets = $290,000

Fair market value of assets = $300,000

Liabilities transferred = $50,000

Black Corporation's basis = $250,000 ( $300,000 - $50,000)

Tara's basis in the Black Corporation = $240,000

b) According to U.S. Code 351, no gain or loss shall be recognized for Tara if property is transferred to Black Corporation by Tara solely in exchange for stock in Black Corporation, and immediately after the exchange, Tara comes into the control of Black Corporation.

Friar's Corporation expects to sell 22,000 pool cues for $12 each. Direct materials costs are $3, direct manufacturing labor is $4, and manufacturing overhead is $0.84 per pool cue. The following inventory levels apply to 2019: Beginning inventory Ending inventory Direct materials 33,000 units 33,000 units Work-in-process inventory 0 units 0 units Finished goods inventory 1,400 units 2,500 units 21) On the 2019 budgeted income statement, what amount will be reported for cost of goods sold

Answers

Answer:

see explanation

Explanation:

Cost of goods sold = Opening Finished Goods + Cost of Goods Manufactured - Ending Finished Goods

Therefore apply the 22,000 to determine the Cost of Goods Manufactured and then the Cost of goods sold.

On January 1, 2019, the stockholders' equity section of Green Mountains Corporation's balance sheet reported the following: Common stock, par $1, authorized 100,000 shares, issued 10,000 shares $10,000 Additional paid-in capital 150,000 Retained earnings 160,000 During 2019, the following selected transactions occurred (assume they occurred in the order given):
April 1 Issued a 10% stock dividend when the market price was $20. The stock dividend is considered small.
May 1 200 shares of treasury stock were purchased at $18 per share.
September 1 Announced 2 for 1 stock split
December 1 Declared and paid a cash dividend of $0.5 per share.
Required: Journalize all the transactions listed above for equity during 2019.

Answers

Answer:

Date Account Titles and Explanation Debit Credit

Apr 1 Retained earnings $20,000

[10000*10%]*$20

To common stock $1,000

{1000*$1]

To additional Paid-in-capital $19,000

-Common stock [1000*(20-1)

(To record stock dividends)

May 1 Cash $3,600

(200*$18)

To treasury stock $3,600

(To record purchase of treasury stock)

Sept 1 No entry

Dec 1 Retained earnings $10,800

[(10000+1000-200)*2]*$0.5

To cash $10,800

(To record declaration and payment of cash dividends)

Three magazines—Car Fancier, Automobeat, and Autos Illustrated—direct their messages at a similar target audience. The following data show the number of ad pages sold for each magazine last year:

Car Fancier: 337.5
Automobeat: 604
Autos Illustrated: 408.5

Calculate the percentage share Car Fancier has for the time period.

Answers

Answer: 25%

Explanation:

First find the total number of ad pages sold for all the magazines:

= 337.5 + 604 + 408.5

= 1,350 pages

Car Fancier has 337.5 pages out of that so their percentage share is:

= 337.5 / 1,350

= 25%

Crane, Inc. a manufacturer of gourmet potato chips, employs activity-based costing. The budgeted data for each of the activity cost pools is provided below for the year 2020.

Activity Cost Pools Estimated Overhead Estimated Use of Cost Drivers per Activity
Ordering and receiving $117,600 16,000 orders
Food processing 530,625 62,500 machine hours
Packaging 1,701,120 443,000 labor hours

For 2020, the company had 11,600 orders and used 50,900 machine hours, and labor hours totaled 490,000.

Required:
Calculate the overhead rates for each activity.

Answers

Answer:

Ordering and receiving = $7.35 per order

Food processing = $8.49 per machine hour

Packaging = $3.84 per labor hour

Explanation:

According to the scenario, computation of the given data are as follows,

We can calculate overhead rate by using following formula,

Overhead Rate = Estimated Overhead ÷ Estimated Use of Cost Drivers per Activity

So, by putting the value in the formula, we get

Overhead rate of Ordering and receiving = $117,600 ÷ 16,000 = $7.35 per order

Overhead rate of Food processing = 530,625 ÷ 62,500 = $8.49 per machine hour

Overhead rate of Packaging = 1,701,120 ÷ 443,000 = $3.84 per labor hour

Both Nadia and Samantha are applying to insure their car against theft. Nadia lives in a secure neighborhood, where the probability of theft is 10%. Samantha lives in a lesser secure neighborhood where the probability of theft is 25%. Both Nadia and Samantha own cars worth $10,000, and are willing to pay $100 over expected loss for insurance.
1. How much would Nadia be willing to pay for the insurance?
2. How much would Samantha be willing to pay for the insurance?
3. Suppose the insurance company cannot tell them apart but expects them to be different values and charges them an average premium of $1850. Who is more likely to buy this insurance?
4. Suppose the insurance company cannot tell them apart but expects them to be different values and charges them an average premium of $1850. How much profit would it make?
5. If the insurance company can correctly anticipate the adverse selection, what premiums should it charge??
6. If the insurance company can correctly anticipate the adverse selection, who would be insured?

Answers

Answer:

i dont lknow like

When donating non-cash items to a charity, which of the following is not
recommended?
Donating the items locally
Donating the items to non-local charities
Considering selling the items and donating cash instead
Determining whether or not the items you wish to donate are useful

Answers

Answer:

Considering selling the items and donating cash instead

Answer:

Considering selling the items and donating cash instead.

plz mark as brainliest if you want!

start and explain five importance of HRM

Answers

Answer:

Human Resource Management deals with issues related to compensation, performance management, organisation development, safety, wellness and others. HRM plays a role in managing people and the workplace culture and environment

Explanation:

Getaway Travel Company reported net income for 2021 in the amount of $68,000. During 2021, Getaway declared and paid $18,000 in cash dividends on its nonconvertible preferred stock. Getaway also paid $28,000 cash dividends on its common stock. Getaway had 58,000 common shares outstanding from January 1 until 28,000 new shares were sold for cash on July 1, 2021. A 2-for-1 stock split was granted on July 5, 2021. What is the 2021 basic earnings per share

Answers

Answer:

$0.35 per share

Explanation:

According to the scenario, computation of the given data are as follows,

Net income = $68,000

Preferred cash dividend = $18,000

So, we can calculate the basic earning per share by using following formula,

Basic Earning per share = ( Net income - Preferred cash dividend) ÷ Outstanding common shares

= ($68,000 - $18,000) ÷ [( 58,000 × 2) + (28,000 × 2 × 6/12)

= $50,000 ÷ [ 116,000 + 28,000]

= $50,000 ÷ 144,000

= $0.35 per share

Consider each of the transactions below. All of the expenditures were made in cash.
The Edison Company spent $25,000 during the year for experimental purposes in connection with the development of a new product.
In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $8,500.
In March, the Cleanway Laundromat bought equipment. Cleanway paid $19,000 down and signed a noninterest-bearing note requiring the payment of $24,500 in nine months. The cash price for this equipment was $38,000.
On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $41,000.
The Mayer Company, plaintiff, paid $25,000 in legal fees in November, in connection with a successful infringement suit on its patent.
The Johnson Company traded its old machine with an original cost of $13,900 and a book value of $6,900 plus cash of $10,600 for a new one that had a fair value of $13,900. The exchange has commercial substance.

Answers

Answer:

1. Dr Research and development expenses $25,000

Cr Cash $25,000

2. Dr Legal fees expenses $8,500

Cr Cash $8,500

3. Dr Equipment $38,000

Dr Discount on Note Payable $5,599

Cr Cash $19,000

Cr Note Payable $24,500

4. Dr Building - sprinkler system $41,000

Cr Cash $41,000

5. Dr Patent $25,000

Cr Cash $25,000

6. Dr Equipment new $13,900

Dr Accumulated Depreciation - equipment $7,000

Dr Loss on trade in $3,600

Cr Cash $10,600

Cr Equipment - old $13,900

Explanation:

Preparation of the journal entries

1. Dr Research and development expenses $25,000

Cr Cash $25,000

2. Dr Legal fees expenses $8,500

Cr Cash $8,500

3. Dr Equipment $38,000

Dr Discount on Note Payable $5,599

($38,000-$19,000-$24,500)

Cr Cash $19,000

Cr Note Payable $24,500

4. Dr Building - sprinkler system $41,000

Cr Cash $41,000

5. Dr Patent $25,000

Cr Cash $25,000

6. Dr Equipment new $13,900

Dr Accumulated Depreciation - equipment ($13,900 - $6,900) $7,000

Dr Loss on trade in $3,600

($10,600+$13,900-$13,900-$7,000)

Cr Cash $10,600

Cr Equipment - old $13,900

Burcham Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's book equivalent of taxable income. - Use this number to compute the company's total income tax provision or benefit, assuming a tax rate of 34%.

Answers

Answer: See explanation

Explanation:

Pre-tax book income = $600,000

Less: Tax exempt interest = $300,000

Book equivalent of taxable income = $600,000 - $300,000 = $300,000

The company's total income tax provision or benefit, assuming a tax rate of 34% will be:

= 34% × $300,000

= 0.34 × $300,000

= $102,000

Why is it important to reconcile your bank statements?

Answers

Answer:

hen you reconcile your business bank account, you compare your internal financial records against the records provided to you by your bank. A monthly reconciliation helps you identify any unusual transactions that might be caused by fraud or accounting errors, and the practice can also help you spot inefficiencies.

Explanation:

Answer:

When you reconcile your business bank account, you compare your internal financial records against the records provided to you by your bank. A monthly reconciliation helps you identify any unusual transactions that might be caused by fraud or accounting errors, and the practice can also help you spot inefficiencies.

Which of the following is a true statement?

(A) New products introduce risk into a portfolio as well as future potential profits.

(B) A company’s product portfolio is assured of success by adding new products.

(C) New products bring great rewards with little risk.

Answers

Answer:

I think it's C, New products bring great rewards with little risk

The correct option is (A) .As we know introducing a product is not that much fast and easy because it automatically contains greater risk in it.

What does the new product mainly contain?

Introducing a new product is the most important component of a product portfolio. As it contains greater risk but it also contains greater rewards too.

How can we explain it with a help of an example?

When a company launches new products it automatically contains the risk that if it would be opened in the market what would be the customer's reaction, whether a customer would like it or not. If the customer like the product risk would convert into a reward for the company and if not then it would get a loss to the company. This profit and loss to the company affect the portfolio the most.

Learn more about portfolio here: https://brainly.com/question/14213764

#SPJ2

Assume that three identical units of merchandise are purchased during October, as follows: Units Cost October 5 Purchase 1 $ 5 12 Purchase 1 7 28 Purchase 1 9 Total 3 $21 Assume one unit is sold on October 31 for $15. Determine Cost of Merchandise Sold, Gross profit, and Ending Inventory under the FIFO method.

Answers

Answer:

Cost of merchandise sold = $5

Closing inventory=$16

Gross profit =$20

Explanation:

Under the FIFO system , inventories are priced using the price of the oldest batch in the stock, after which the price of the next oldest batch and this is done in turn. It is based on the principle that the first batch that arrives the store should be issued first.

Using the FIFO method of the perpetual inventory, the 1 unit sold by the company will be priced as follows:

1 units at a price of $5 = 1× $5= $5

Cost of merchandise sold = $5

Closing inventory = Total cost of golds in stock less the cost of goods sold

= 21 - 5= 16

Gross profit = Sales value - cost of goods sold

= $15-$5= $20

Cost of merchandise sold = $5

Closing inventory=$16

Gross profit =$20

The Pines Company, which manufactures office equipment, is ready to introduce a new line of portable copiers. The following copier data are available:
Variable manufacturing cost $ 180
Variable selling and administrative cost 90
Applied fixed manufacturing cost 60
Allocated fixed selling and administrative cost 75
What price will the company charge if the firm uses cost-plus pricing based on total manufacturing cost and a markup percentage of 160%?

Answers

Answer:

$ 624

Explanation:

Given :

Variable manufacturing cost = $ 180

Applied fixed manufacturing cost = $ 60

Therefore, total manufacturing cost = 180 + 60

= $ 240

Mark up percentage = 160%

Price to be charged = 240 + 160% of 240

= 240 + 384

= $ 624

What is the relationship between organizational design and human resources?

Answers

Answer:

There is a clear relationship between organizational design and human resources. Thus, the main purpose of organizational design is to organize the human resources of a certain project or business, with the aim of maximizing the performance of each of the human components that are part of the organization.

Therefore, between organizational design and human resources there is a structural dependency relationship, by means of which human resources are organized and therefore function according to the organizational design proposed by the managers of the organization.

Production Budget and Direct Materials Purchases Budget
Jani Subramanian, owner of Jani's Flowers and Gifts, produces gift baskets for various special occasions. Each gift basket includes fruit or assorted small gifts (e.g., a coffee mug, deck of cards, novelty cocoa mixes, scented soap) in a basket that is wrapped in colorful cellophane. Jani has estimated the following unit sales of the standard gift basket for the rest of the year and for January of next year.
September 250
October 200
November 230
December 380
January 100
Jani likes to have 10% of the next month's sales needs on hand at the end of each month. This requirement was met on August 31.
Two materials are needed for each fruit basket:
Fruit 1 pound
Small gifts 6 items
The materials inventory policy is to have 10% of the next month's fruit needs on hand and 30% of the next month's production needs of small gifts. (The relatively low inventory amount for fruit is designed to prevent spoilage.) Materials inventory on August 31 met this company policy.
Required:
1. Prepare a production budget for September, October, November, and December for gift baskets. (Note: Round all answers to the nearest whole unit.)
Jani's Flowers and Gifts
Production Budget for Gift Baskets
For September, October, November, and December
September October November December
Sales
Desired ending inventory
Needed
Less: Beginning inventory production
Total
2. Prepare a direct materials purchases budget for the two types of materials used in the production of gift baskets for the months of September, October, and November. (Note: Round answers to the nearest whole unit.)
Jani's Flowers and Gifts
Direct Materials Purchases Budget
For September, October, and November
Fruit: September October November
Production
Pounds of fruit
Required for production
Desired ending inventory
Total needs
Less: Beginning inventory
Pounds purchased
Small gifts:
Production
Items required
Needed for production
Desired inventory
Total needs
Less: Beginning inventory
Items purchased

Answers

Answer:

Jani's Flowers and Gifts

1. Jani's Flowers and Gifts

Production Budget for September, October, November, and December for Gift Baskets:

Sept Oct. Nov. Dec.

Estimated sales units 250 200 230 380

Estimated ending inventory 20 23 38 10

Units available for sale 270 223 268 390

Beginning inventory 25 20 23 38

Production required 245 213 245 352

2. Jani's Flowers and Gifts

Direct Materials Purchases Budget

For September, October, and November

Sept Oct. Nov.

Fruit (1 pound):

Production requirement 245 213 245

Ending inventory: 21 25 35

Total needs 266 238 280

Beginning inventory: 25 21 25

Pounds purchased 241 217 255

Small Gifts (6 items each):

Production requirement 1,470 1,278 1,470

Ending inventory: 383 441 634

Total needs 1,853 1,719 2,104

Beginning inventory: 441 383 441

Items Purchased 1,412 1,336 1,663

Explanation:

a) Data and Calculations:

Sept Oct. Nov. Dec. Jan.

Estimated sales units 250 200 230 380 100

Estimated ending inventory 20 23 38 10

Units available for sale 270 223 268 390

Beginning inventory 25 20 23 38 10

Production required 245 213 245 352

Jani's Flowers and Gifts

Direct Materials Purchases Budget

For September, October, and November

Sept Oct. Nov. Dec.

Fruit 1 pound:

Production requirement 245 213 245 352

Ending inventory: 21 25 35 106

Total needs 266 238 280 458

Beginning inventory: 25 21 25 35

Pounds purchased 241 217 255 423

Small Gifts 6 items each:

Production requirement 1,470 1,278 1,470 2,112

Ending inventory: 383 441 634 1,899

Total needs 1,853 1,719 2,104 4,011

Beginning inventory: 441 383 441 634

Items Purchased 1,412 1,336 1,663 3,377

Branch Adjustment account is in the nature of :
Real account
O Nominal account
Personal account
>
O None of these

Answers

Answer:

B. Nominal Account.

Explanation:

Branch accounting is a system of bookkeeping that uses a system of separate branch accounting. This branch is also known as the operating locations of an organization.

The account which uses branch adjustment accounting is a nominal account. The nominal account is the general ledger account that closes its account at the end of every year, using branch accounting.

Therefore, option B is correct.

Your best friend Sue has always wanted to be an FBI agent for the U.S. government. However, because of the recent restructured changes in the FBI (due to the in creased terrorism threat), Sue is uncertain whether she wants to pursue an FBI career. She feels that the FBI does not provide as much career security as she once thought that it did. Sue is excellent with numbers, taxes, law, and communication.

Required:
a. Explain the purpose and mission of the CI Division.
b. Explain what other governmental agencies the CI Division works with.
c. Explain the requirements for an entry-level CI spe cial agent.

Answers

Answer:

Explanation:

The purpose of Criminal Investigation Division, or popularly called the CI Division is to be able investigate tax related frauds, to bring to justice citizens who one way or the other do not file tax returns m(whether or not this is intentional) or those who refuse to pay their taxes or do not play complete taxes. Remember, paying of taxes is the civic responsibility of citizens. CI also looks into other cases that are related to money laundering crimes.

One of the major requirements is a bachelor's degree and a minimum of at least three years of experience in high-level investigative work or even in criminology. This is what is required.

how market forces would act to return the market to state of equilibrium at the new equilibrium position.

Answers

Answer:

market forces would shift upwards or downwards

Explanation:

during a situation of high demand, supply would shift to the right in order to achieve more sales or in a situation of high supply the demand can be shifted to the right by decreasing prices. At low supply demand can be shifted leftwards by increasing prices and when demand is lower, supply falls due to lower sales

Market factors would change to the upside or downside would act to return the market to state of equilibrium at the new equilibrium position.

What do you mean by equilibrium?

When economic forces are in balance, there is said to be an economic equilibrium. In the absence of outside influences, economic variables essentially hold true to their equilibrium levels. Market equilibrium and economic equilibrium are two different concepts.

The set of economic factors that the economy is normally driven toward by supply and demand and other conventional economic processes is known as economic equilibrium.

The concept of economic equilibrium can also be used to describe a wide range of elements, including interest rates or overall consumer spending.

The point of equilibrium denotes a theoretical state of rest where all economic activities that "should" occur have actually happened, given the initial conditions of all significant economic variables.

Economists who think of economic processes as akin to physical phenomena like velocity, friction, heat, or fluid pressure draw the notion of equilibrium from the physical sciences. Nothing else changes once a system's physical forces are in equilibrium.

Learn more about equilibrium, here

https://brainly.com/question/28527601

#SPJ2

Desmond is 25 years old and he participates in his employer’s 401(k) plan. During the year, he contributed $3,000 to his 401(k) account. What is Desmond’s 2016 saver’s credit in each of the following alternative scenarios?
a) Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $34,000.
b) Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $17,500.
c) Desmond files as a head of household and has an AGI of $44,000.
d) Desmond and his wife file jointly and report an AGI of $30,000 for the year.

Answers

Answer: See explanation

Explanation:

The savers credit is mostly used to motivate taxpayers so that they'll contribute to their retirement plans.

a. Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $34,000.

In this case, there'll be no credit that's available for Desmond as he'll be all under files AGI and his maximum savers credit will be $0.

b) Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $17,500.

Since he's single and doesn't have dependents, and his AGI is $17500, therefore, the saver's credit of Desmond will be 50% of $2000 which will be:

= 50% × $2000.

= 0.5 × $2000

= $1000

c) Desmond files as a head of household and has an AGI of $44,000.

Here, his percentage of saver's credit will be 10% of $2000 because he AGI of $44,000 which falls between $30001 - $46125. Therefore savers income will be:

= 10% × $2000

= 0.1 × $2000

= $200

d) Desmond and his wife file jointly and report an AGI of $30,000 for the year.

Here, the saver's percentage used will be 50% of $2000 and this will be:

= 50% × $2000

= 0.5 × $2000

= $1000

On January 3, 2020, Hanna Corporation signed a lease on a machine for its manufacturing operation and the lease commences on the same date. The lease requires Hanna to make six annual lease payments of $12,000 with the first payment due December 31,2020. Hanna could have financed the machine by borrowing the purchase price at an interest rate of 7%. a. Prepare the journal entries that Hanna Corporation would make on January 3 and December 31, 2020, to record this lease assuming. i. the lease is reported as an operating lease. ii. the lease is reported as a finance lease. b. Post the journal entries of part a to the appropriate T-accounts. c. Show how the entries posted in part b would affect the financial statements using the financial statement effects template.

Answers

Answer:

Hanna Corporation

a. Journal entries that Hanna Corporation would make on January 3 and December 31, 2020 to record this lease assuming:

i. the lease is reported as an operating lease:

January 3, 2020: No journal entry

December 31, 2020:

Debit Lease Expense $12,000

Credit Cash $12,000

To record the payment for the operating lease.

ii. the lease is reported as a finance lease:

January 3, 2020:

Debit Right to Use Asset $57,198.48

Credit Lease Liability $57,198.48

To recognize the right to the leased asset and establish the related liability.

December 31, 2020:

Debit Lease Liability $7,996,11

Debit Interest Expense $4,003.89

Credit Cash $12,000

To record the payment for the lease liability and interest expense.

b. T-accounts;

Operating lease:

Cash Account