If you receive 10 units of utility from consuming one cup of coffee and 16 units of utility from consuming two cups of coffee, which of the following is the likely amount of utility you will receive from consuming three cups of coffee?

Answers

Answer 1

Answer:

26

Explanation:

Answer 2

Answer:

18

Explanation:

1 unit= 10     2 units =16        2/16= 8

3 cups is 18


Related Questions

The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store.Issued 100,000 shares of common stock in exchange for $500,000 cash.Purchased office equipment at a cost of $100,000. $40,000 was paid in cash and a note payable was signed for the balance owed.Purchased inventory on account at a cost of $200,000. The company uses the perpetual inventory system.Credit sales for the month totaled $280,000. The cost of the goods sold was $140,000.Paid $6,000 in rent on the store building for the month of June.Paid $3,000 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2021.Paid $120,000 on account for the merchandise purchased in 3.Collected $55,000 from customers on account.Paid shareholders a cash dividend of $5,000.Recorded depreciation expense of $2,000 for the month on the office equipment.Recorded the amount of prepaid insurance that expired for the month.

Answers

Answer:

Sew below

Explanation:

Sidwell

Debit Cash account $500,000

Credit Common stock $625,00

To record the issue of 100,000 shares for cash

Debit office equipment $100,000

Credit cash account $40,000

Credit notes payable $60,000

To record the purchase of office equipment

Debit inventory $200,000

Credit Accounts payable $200,000

To record the purchase of inventory

Debit Accounts receivables $280,000

Credit Sales revenue $280,000

To record the sales of goods on account

Debit Cost of goods sold $140,000

Credit Inventory $140,000

To record the cost of goods sold

Debit rent expenses $6,000

Credit cash account $6,000

To record the payment of rent for the month

g A department store chain has 15,100 shares of common stock outstanding at a price per share of $75 and a rate of return of 14%. The company also has 400 bonds outstanding, with a par value of $1,500 per bond. The pretax cost of debt is 6.5% and the bonds sell for 98.2% of par. What is the firm's WACC if the tax rate is 29%

Answers

Answer:

10.79%

Explanation:

WACC = Pretax cost of debt*(1 - tax rate)*[(Number of bonds*Par value *selling price) / (Number of bonds*Par value*Selling price*Number of shares *Price per share)] + Rate of return*[(Number of shares*Price per share) / (Number of bonds*Par value*Selling price + Number of shares*Price per share)]

WACC = 0.065 *(1 - 0.29) * [(400*$1,500*98.2%) / (400*$1,500*98.2% + 15,100*$75)] + 0.14 x [(15,100*$75) / (400*$1,500*98.2% + 15,100*$ 75)]

WACC = 4.615%*[$ 589,200 / ($589,200 + $1,132,500)] + 0.14*[$1,132,500 / ($589,200 + $1,132,500)]

WACC= 4.615%*$589,200 / $1,721,700 + 0.14*$ 1,132,500/$ 1,721,700

WACC = 4.615%*0.342219899 + 14%*0.657780101

WACC =  1.579344834% + 9.208921415%

WACC = 10.79%

Jack works for Red, Blue and Green CPAs. Each year Red, Blue and Green asks Jack to fill out a form indicating all of his financial interests and those of his family members and close friends. Red, Blue and Green uses these charts to ensure that their auditors comply with the independence standards as described by the AICPA Code of Professional Conduct.

Code of Professional Conduct contains examples of situations that may impair an auditor's independence. Relationships are divided into three categories for purposes of the interpretations: immediate family, close relatives, and other relatives and friends. It is important for an auditor to understand how existing relationships fit into these categories so that the auditor can determine if there is an effect on his or her independence. Understanding of relationships is of primary importance to understanding the auditor's Code of Professional Conduct regarding independence. Place the following relationships into the appropriate category.

1. Immediate Family
2. Close Relative
3. Other Relative or Friend

a. Dependent
b. Child
c. Father
d. Cousin
e. Spouse
f. Sister
g. Golf
h. Partner
i. Spouse
j. Equivalent
k. Brother
l. Niece
m. Dependent
n. Parent
o. Mother
p. Nephew
q. Independent
r. Child
s. College
t. Friend
u. Grand father
Roommate

Answers

Answer:

1.Immediate Family:

Dependent Child

Spouse

Spouse equivalent

Dependent Parent

2.Close Relatives:

Father

Mother

Sister

Brother

Grand Father

Independent Child

3. Other relatives and Friends:

Cousin

Golf Partner

College Friend

Roommate

Nephew

Niece

Explanation:

Code of Professional conduct is a list of standards which are required to be followed by the CPA professionals. It provides guidance to the professionals about the decision making in certain situations. There are two broad categories which is rules and standard. Rules are mandatory to be followed regardless of the situation and there can not be any deviation allowed from the listed rule. Standard provide guidance for decision making in business scenarios.

Katherine Stein told her boss, "Dan, a number of our senior staff will be retiring within five years. We can't afford to have the combined expertise, skills, wisdom, and relationships of these retirees walk out the door without first discovering and sharing these intellectual resources. I recommend that we implement a(n) ______________ system to harness this intellect."

Answers

Answer: knowledge management

Explanation:

Based on the information given, knowledge management would be used to harness this intellect.

Knowledge management simply has to do with the creation, and management of information and knowledge for an organization so that the organization's objectives can be achieved.

is adversity the same thing as marketing ?

Answers

Answer:

(I think you meant advertising) no, advertising would be like a commercial, billboard, rdio ad. marketing is coming up with the ad (like people who write jingles)

Explanation:

Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $55,000, $65,000, and $80,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000.
The journal entry to record the flow of costs into Department 2 during the period for direct materials is:________.
A. Work in Process--Department 2 55,000
Materials 55,000
B. Work in Process--Department 2 150,000
Materials 150,000
C. Materials 55,000
Work in Process--Department 2 55,000

D. Work in Process--Department 2 100,000
Materials 100,000

Answers

Answer:

A. Work in Process--Department 2 55,000

Explanation:

The journal entry is shown below:

Work in Process - Department 2 Dr $55,000

         To Materials $55,000

(Being the recording of the flow of cost for the direct material is done)

Here the work in process would be debited as it increased the asset and credited the material as it decreased the asset

Therefore the first option is correct

When should you use capitalization?

Answers

Answer:

you should use capitalization at the beginning of a sentence. you should also use capitalization for pronouns. names of things for example cities and states people names etc

Marge owns land and a building (held for investment) with an adjusted basis of $75,000 and a fair market value of $250,000. The property is subject to a mortgage of $400,000. Because Marge is in arrears on the mortgage payments, the creditor is willing to accept the property in return for canceling the amount of the mortgage.
a. How can the adjusted basis of the property be less than the amount of the mortgage?
b. If the creditor's offer is accepted, what are the effects on the amount realized, the adjusted basis, and the realized gain or loss for Marge?
c. Does it matter in (b) if the mortgage is recourse or nonrecourse?

Answers

Answer:

A. The amount deducted for Depreciation may be higher than the amortized amount of the mortgage principal.

Decrease in the value of the property after they granted the mortgage

Bi $400,000

ii. $75,000

iii. $325,000

C.No

Explanation:

a. The adjusted basis of the property can be tend to be lesser than the amount of the mortgage due to the fact that in the beginning of an asset life the amount that was deducted for Depreciation may be more higher than the amortized amount of the mortgage principal .

Secondly the adjusted basis of the property can be tend to be lesser than the amount of the mortgage when their is Decrease in the value of the property after they granted the mortgage .

Lastly the adjusted basis of the property can be tend to be lesser than the amount of the mortgage when the fair market value of Property are been given instead of the Adjusted basis of the property.

b. Calculation for the effects on the amount realized, the adjusted basis, and the realized gain or loss for

i. Based on the information given the amount that was realized will be the amount of $400,000

ii. Based on the information given the Adjusted basis will be the amount of $75,000

iii. Realized gain=$400,000 − $75,000

Realized gain= $325,000

c.No it don't not matter if the mortgage is recourse or nonrecourse since the amount that was realized was the amount of $400,000 and

to justify the nonrecourse mortgage is that the taxpayer has already enjoy some benefit when the mortgage was acquired due to the increase in Adjusted basis of the property.

Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 6.5% service charge for sales on its credit card and credits the bank account of Mayfair immediately when credit card receipts are deposited. Mayfair deposits the Zisa credit card receipts each business day. When customers use Access credit cards, Mayfair accumulates the receipts for several days before submitting them to Access for payment. Access deducts a 5.5% service charge and usually pays within one week of being billed. Mayfair completes the following transactions in June. (The terms of all credit sales are 2/15, n/30, and all sales are recorded at the gross price.)

4 Sold $600 of merchandise (that had cost $300) on credit to Natara Morris.
5 Sold $9,400 of merchandise (that had cost $4,700) to customers who used their Zisa cards.
6 Sold $5,674 of merchandise (that had cost $2,837) to customers who used their Access cards.
8 Sold $4,250 of merchandise (that had cost $2,125) to customers who used their Access cards.
10 Submitted Access card receipts accumulated since June 6 to the credit card company for payment.
13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $473 balance in McKee’s account stemmed from a credit sale in October of last year.
17 Received the amount due from Access.
18 Received Morris’s check in full payment for the purchase of June 4.

Required:
Prepare journal entries to record the preceding transactions and events.

Answers

Answer:

4-Jun

Dr Accounts receivable—N. Morris 600

Cr Sales 600

4-Jun

Dr Cost of goods sold 300

Cr Merchandise inventory 300

5-Jun

Dr Cash 8,883

Dr Credit card expense 517

Cr Sales 9,400

5-Jun

Dr Cost of goods sold 4,700

Cr Merchandise inventory 4,700

6-Jun

Dr Accounts receivable—Access 5,560

Dr Credit card expense 113.5

Cr Sales $5,674

6-Jun

Dr Cost of goods sold 2,837

Cr Merchandise inventory 2,837

8-Jun

Dr Accounts receivable—Access 4,165

Dr Credit card expense 85

Cr Sales $4,250

8-Jun

Dr Cost of goods sold $2,125

Cr Merchandise inventory $2,125

10-Jun No journal entry required

13-Jun

Dr Allowance for doubtful accounts 473

Cr Accounts receivable—A. McKee 473

17-Jun

Dr Cash 9,725

Cr Accounts receivable—Access 9,725

18-Jun

Dr Cash 588

Dr Sales discounts 12

Cr Accounts receivable—N. Morris 600

Explanation:

Preparation of the journal entries to record the preceding transactions and events.

4-Jun

DrAccounts receivable—N. Morris 600

Cr Sales 600

4-Jun

Dr Cost of goods sold 300

Cr Merchandise inventory 300

(Being to record Sales on credit)

5-Jun

Dr Cash 8,883

(9,400-517)

Dr Credit card expense 517

(5.5%*9,400)

Cr Sales 9,400

5-Jun

Dr Cost of goods sold 4,700

Cr Merchandise inventory 4,700

6-Jun

Dr Accounts receivable—Access 5,560.5

($5,674-113.5)

Dr Credit card expense 113.5

($5,674*2%)

Cr Sales $5,674

6-Jun

Dr Cost of goods sold 2,837

Cr Merchandise inventory 2,837

8-Jun

Dr Accounts receivable—Access 4,165

($4,250-$85)

Dr Credit card expense 85

(2%*$4,250)

Cr Sales $4,250

8-Jun

Dr Cost of goods sold $2,125

Cr Merchandise inventory $2,125

10-Jun No journal entry required

13-Jun

Dr Allowance for doubtful accounts 473

Cr Accounts receivable—A. McKee 473

17-Jun

Dr Cash 9,725

Cr Accounts receivable—Access 9,725

(5,560+4,165)

18-Jun

Dr Cash 588

(600-12)

Dr Sales discounts 12

(2%*600)

Cr Accounts receivable—N. Morris 600

Identifying type and normal balances of accounts Lo C4 For each of the following (1) identify the type of account as an asset, liability equity, revenue, or expense; (2) identify the normal balance of the account, and (3) select debit (Dr or credit (Cr) to identify the kind of entry that would increase the account balance.
Account Type of Account Normal Balance Increase (Dr. or C
a. Land
b. Cash
c. Legal Expense
d. Prepaid Insurance
e. Accounts Receivable
f. Dividends
g. License Fee Revenue
h. Uneaned Revenue
i. Fees Earned
j. Equipment
k. Notes Payable
l. Common Stock

Answers

Answer:

a. Land  -  Asset, Debit, Dr

b. Cash  - Asset, Debit, Dr

c. Legal Expense  - Expense, Debit, Dr

d. Prepaid Insurance  - Asset, Debit, Dr

e. Accounts Receivable  - Asset, Debit, Dr

f. Dividends  - Equity, Credit, Cr

g. License Fee Revenue  - Revenue, Credit, Cr

h. Uneaned Revenue  - Liability, Credit, Cr

i. Fees Earned  - Revenue, Credit, Cr

j. Equipment  - Asset, Debit, Dr

k. Notes Payable  - Liability, Credit, Cr

l. Common Stock - Equity, Credit, Cr

Explanation:

Assets, liabilities and equity are the elements of a balance sheet. These 3 elements form the accounting equation which is given as

Assets = Liabilities + Equity

Assets usually have a debit balance while equity and liabilities are usually credit balances. Expenses like assets usually have a debit balance while revenue usually has a credit balance.

Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended January 30, 2016, are available in the Connect. This material also is available under the Investor
1. What amounts did Target report for the following items for the year ended January 30, 2016?
b) Income from current operations
c) Net income or net loss
d) Total assets
e) Total equity
2) What was Target’s basic earnings per share for the year ended January 30, 2016?
Why do you think Target has chosen to have its fiscal year end on January 30, as opposed to December 31?
3) Regarding Target’s audit report:
Who is Target’s auditor?
Did Target receive a "clean" (unmodified) audit opinion?

Answers

Answer:

1. What amounts did Target report for the following items for the year ended January 30, 2016?

b) Income from current operations

$2,669 million

c) Net income or net loss

$2,737 million

d) Total assets

$37,431 million

e) Total equity

$10,953

2) What was Target’s basic earnings per share for the year ended January 30, 2016?

$4.74 per share

Why do you think Target has chosen to have its fiscal year end on January 30, as opposed to December 31?

I guess that Christmas Holiday season is very important for them and a large percentage of their revenue is generated during November and December. It reports at the end of January to have time to consolidate its financial statements.

3) Regarding Target’s audit report:

Who is Target’s auditor?

Ernst & Young  

Did Target receive a "clean" (unmodified) audit opinion?

yes, it did

National Orthopedics Co. issued 9% bonds, dated January 1, with a face amount of $500,000 on January 1, 2021. The bonds mature on December 31, 2024 (4 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record their issuance by National on January

Answers

Answer:

The price of the bonds $483,841.97    

Journal entry:

Dr cash $483,841.97    

Dr discount on bonds payable $16,158.03    

Cr bonds payable $500,000.00

Explanation:

Using a financial calculator, we determine the bond price by using the following inputs:

N=8(number of semiannual coupons in 4 years=4*2=8)

PMT=22500 (semiannual coupon=face value*coupon rate*6/12= $500,000*9%*6/12=$22,500)

I/Y=5(semiannual yield=10%%*6/12=5%)

FV=500000( the face value is $600,000)

CPT PV=$483,841.97    

Bond discount=face value-bond price

Bond discount=$500,000-$483,841.97    

Bond discount=$16,158.03    

The double entries are to debit cash and discount on bonds payable with $483,841.97 and $16,158.03  respectively while bonds payable is credited with the face value of $500,000

Sheffield Corp. applies overhead to production at a predetermined rate of 90% based on direct labor cost. Job No. 250, the only job still in process at the end of August, has been charged with manufacturing overhead of $11700. What was the amount of direct materials charged to Job 250 assuming the balance in Work in Process inventory is $45000

Answers

Answer:

$20,300

Explanation:

Calculation for What was the amount of direct materials charged to Job 250 assuming the balance in Work in Process inventory is $45000

Direct materials charged to Job 250=$45,000 - ($11,700 / .90) - $11,700

Direct materials charged to Job 250=$45,000 - $13,000- $11,700

Direct materials charged to Job 250= $20,300

Therefore the amount of direct materials charged to Job 250 assuming the balance in Work in Process inventory is $45000 will be $20,300

A professor who teaches at a university is part of which type of career?
A. Education
B. Office administration
C. Management
D. Transportation

Answers

Answer:

A

Explanation:

Education

Answer:

a

Explanation:

Alicia owns a small pottery factory. She can make 1000 pots per year and sell them for $100 each. It costs Alicia $20,000 for the raw materials to produce the 1000 pots. She has invested $100,000 in her factory and equipment: $50,000 from her savings and $50,000 borrowed at 10%. Alicia can work at a competing pottery factory for $40,000/year. What is the accounting profit at Alicia's factory?

Answers

Answer:

$-20,000

Explanation:

Accounting profit = total revenue - total explicit cost

Total revenue = price x quantity produced

$100 x 1000 = $100,000

Total explicit cost = fixed cost + variable cost

Fixed costs are costs that do not vary with output. e,g amount invested in the factory

Variable costs are costs that vary with production. e.g. cost of raw materials

$100,000 + $20,000 = $120,000

Accounting profit = $100,000 - $120,000 = $-20,000

Businesses, individuals, and governments often need to raise capital, while others have surplus funds. In a well-functioning economy, capital flows efficiently from those with surplus capital to those who need it. Transfers can take place in 3 ways: direct transfers without going through any type of financial institution, indirect transfers through investment banks that underwrite the securities, and indirect transfers through financial.

a. True
b. False

Answers

Answer:

The correct answer is the option A: True.

Explanation:

To begin with, according to the microeconomics theory regarding the basic model of the economy of a country in where the three major characters are the government, the companies and the families, the way that the surplus capital will go from one to the other is determine by the state of the economy itself, meaning that with everything being in perfect state, the the ones who need the capital will obtain it from the other through the use of intermediaries like the bank or also through a direct transsaction accorded with the owner of the capital as well as and indirect transfer using the financial sector.

The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, Year 2, before the closing entries were recorded.
Consulting revenue $10,100
Cash 7,600
Cash received from common stock issued during 2017 3,400
Travel expense 600
Dividends 1,300
Cash flow from investing activities 2,500
Rent expense 1,900
Payment to reduce debt principal 21,600
Retained earnings, January 1, 2018 14,300
Salary expense 3,300
Cash flow from operating activities 2,050
Common stock, December 31, 2018 11,800
Other operating expenses 1,700
1. Prepare the income statement Nowell would include in its 2018 annual report.
2. Identify the accounts that should be closed to the Retained Earnings account.
3. Determine the Retained Earnings account balance at December 31, 2018.
4. Which of the following statement(s) is true?
a. net income does not include revenue of the current year.
b. retained earnings does not include current year net income, but only the balance from previous years.
c. retained earnings not only includes current year net income, but also the balance from previous years and reductions for dividends.
d. net income only includes revenues and expenses for the current year.

Answers

Solution :

a).                              Income Statement

                     For the year ended December 31, 2018

  Revenues

  Consulting revenue                      $ 10,100

  Total revenue                                                           $ 10,100

   Expenses  

  Travel expense                             $ 600

  Rent expense                                $ 1900

  Salary expense                             $ 3300

 Some operating expenses            $ 1700

 Total expenses                                                         $ 7500

  Net Income                                                               $ 2600

b). Accounts that should be closed to the                         Reason

    retained earnings account.

  Consulting revenue                                

  The Supplies expense                         All the income and the expenses

   Travel expenses                                       accounts & the dividends account

   Dividends                                                 are closed to the retained earning  

   Rent expense                                          account.

    Salary expense

    Other operating expense          

c). The retained earnings account balance at Dec 31, year 2018 = balance at the beginning + net income - dividends

                         = 14,300 + 2,600 - 1,300

                         = $ 15,600

d).   Statements which are true                                   Reasons

  The retained earnings includes                     As evident from formula for

  the net income of the current year. It also     the retained earnings given,

  includes the balances of the previous year  the retained earning balances

 and the reduction for dividends.                    has adjustment for all these.

Net income that includes the revenues and   Net income is derived from

the expenses for the current year.                  income statement that deals

                                                                          with the income and the                    

                                                                         expenses for the current year        

                                                                          only.

Strauch Co. has one class of common stock outstanding and no other securities that are potentially convertible into common stock. During 2024, 100,000 shares of common stock were outstanding. In 2025, two distributions of additional common shares occurred: On April 1, 20,000 shares of treasury stock were sold, and on July 1, a 2-for-1 stock split was issued. Net income was $410,000 in 2025 and $350,000 in 2024. What amounts should Strauch report as earnings per share in its 2025 and 2024 comparative income statements issued early in 2026?
Year 2025 Year 2024
A. $2.34 $3.50
B. $1.78 $3.50
C. $1.78 $1.75
D. $2.34 $1.75

Answers

Answer:

C. $1.78 $1.75

Explanation:

Calculation for What amounts should Strauch report as earnings per share in its 2025 and 2024 comparative income statements issued early in 2026

Calculation for What amounts should Strauch report as earnings per share in its 2025

First step is to calculate the Weighted average shares for year 2025

Weighted average shares 2025 = [100,000 + 20,000(9/12)]÷2

Weighted average shares 2025=(100,000+15,000)*2

Weighted average shares 2025=115,000*2

Weighted average shares 2025= 230,000

Now let calculate the Earnings per share for year 2025

2025 Earnings per share for year= $410,000/230,000

2025 Earnings per share for year= $1.78

Therefore the 2025 Earnings per share for year will be $1.78

Calculation for What amounts should Strauch report as earnings per share in its 2024

First step is to calculate the Weighted average shares for year 2024

Weighted average shares 2024= 100,000(2)

Weighted average shares 2024= 200,000

Now let calculate the Earnings per share for year 2024

2024 Earnings per share = $350,000/200,000 2024 Earnings per share= $1.75

Therefore the Earnings per share for year 2024 will be $1.75

Cost of Goods Sold Section, Multiple-Step Income Statement
Based on the information that follows, prepare the cost of goods sold section of a multiple-step income statement.
Merchandise Inventory, January 1, 20-- $37,000
Estimated Returns Inventory, January 1, 20-- 1,000
Purchases 102,000
Purchases Returns and Allowances 4,200
Purchases Discounts 2,040
Freight-In 800
Merchandise Inventory, December 31, 20-- 30,500
Estimated Returns Inventory, December 31, 20-- 1,500
Income Statement
For Year Ended December 31, 20--
Cost of goods sold:
$
$
$
$

$


$
$
Cost of goods sold $

Answers

Answer and Explanation:

The preparation of the cost of goods sold section of a multiple-step income statement is presented below:

Cost of goods section

Multiple-income statement

Opening inventory         $37,000

Estimated return inventory $1,000

Purchase $102,000

Less purchase returns -$4,200

Less: Purchase discount -$2,040

Add: Freight in $800

Less: closing inventory -$30,500

Less: estimated return inventory -$1,500

Cost of goods sold $102,560

Sally and Tom are about to get a mortgage for their first home. If they want to make the same monthly payments for the life
of the loan, they should get an ARM (Adjustable Rate Mortgage).
True or False

Answers

Answer:

False

Explanation:

An Adjustable Rate Mortgage is the opposite: it is a type of mortgage that has payments that vary throughout the period of loan. They vary according to some index, variable rate, or agreement between the loaner and the borrower.

Sally and Tom should seek a Fixed Rate Mortgage instead. That is a type of mortgage whose payments do not vary across the life of the loan. In other words, a Fixed Rate Mortgage is an annuity.

Common-size and trend percents for Rustynail Company's sales, cost of goods sold, and expenses follow. Common-Size Percents Trend Percents Current Yr 1 Yr Ago 2 Yrs Ago Current Yr 1 Yr Ago 2 Yrs Ago Sales 100.0 % 100.0 % 100.0 % 104.5 % 103.3 % 100.0 % Cost of goods sold 63.7 61.5 57.4 116.0 110.7 100.0 Total expenses 14.3 13.8 14.1 106.1 101.1 100.0 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period?

Answers

Answer:

Rustynail Company

1. The net income for the following years:

Common-Size Percents and Trend Percents

                              Current    1 Yr       2 Yrs       Current    1 Yr       2 Yrs

                                   Yr        Ago       Ago             Yr        Ago       Ago

Sales                       100.0 %  100.0 % 100.0 %   104.5 %  103.3 %   100.0 %

Cost of goods sold  63.7        61.5       57.4       116.0       110.7       100.0

Total expenses         14.3        13.8        14.1       106.1        101.1       100.0

Net Income              22.0       24.7       28.5        77.2        86.7      100.0

2. The net income decrease in this three-year period.

Explanation:

a) Data and Calculations:

Common-Size Percents and Trend Percents

                              Current    1 Yr       2 Yrs       Current    1 Yr       2 Yrs

                                   Yr        Ago       Ago             Yr        Ago       Ago

Sales                       100.0 %  100.0 % 100.0 %   104.5 %  103.3 %   100.0 %

Cost of goods sold  63.7        61.5       57.4       116.0       110.7       100.0

Total expenses         14.3        13.8        14.1       106.1        101.1       100.0

Net Income              22.0       24.7       28.5        77.2        86.7      100.0

b) The net incomes for the common-size percents are obtained by deducting the cost of goods sold and the total expenses from sales.  The net incomes for the trend percents are obtained by stating the base year as 100% and then calculating the other years.  This takes the form of taking the net income for the analysis year/base year's and then multiplying by 100.

Dollar General sells convenience items such as light bulbs, laundry detergent, and milk at a lower price than a customer pays at a grocery store, but the company is still able to maintain satisfactory profit margins. Dollar General is an example of _______ in the convenience store industry.

Answers

Answer:

cost leadership

Explanation:

Here are the options to this question :

Group of answer choices

reengineering

cost leadership

production innovations

efficient labor

A cost leader sells at a lower price when compared to its competitors

On January 1, 2022, Cullumber Company had a balance of $359,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions
Jan. 2 Purchased a patent (7-year life) $313,950.
July 1 Acquired a 8-year franchise; expiration date July 1, 2,030, $583,200.
Sept. 1 Research and development costs $176,500.
Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)
Date Account Titles and Explanation Debit Credit
SHOW LIST OF ACCOUNTS
LINK TO TEXT LINK TO VIDEO
Make an entry as of December 31, 2022, recording any necessary amortization. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)
Account Titles and Explanation Debit Credit
Indicate what the intangible asset account balances should be on December 31, 2022.
Patent $
Franchise $

Answers

Answer:

1. Jan 2

Dr Patent $313,950

Cr Cash $313,950

July 1

Dr Franchise $583,200

Cr Cash $583,200

Sept 1

Dr Research and development expense $176,500

Cr Cash $176,500

2. Dr Amortization expense $81,300

Cr Patent $44,850

Cr Franchise $36,450

Explanation:

1. Preparation of the necessary entries to record the transactions related to intangibles.

Jan 2

Dr Patent $313,950

Cr Cash $313,950

July 1

Dr Franchise $583,200

Cr Cash $583,200

Sept 1

Dr Research and development expense $176,500

Cr Cash $176,500

2. Preparation to the journal entry as of December 31, 2022, recording any necessary amortization.

December 31, 2022

Dr Amortization expense $81,300

($44,850+$36,450)

Cr Patent $44,850

($313,950/7 years)

Cr Franchise $36,450

($583,200/8 years*6/12)

Betty Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.

April 2 Invested $27,750 cash and equipment valued at $12,920 in the business.
2 Hired an administrative assistant at a salary of $305 per week payable monthly.
3 Purchased supplies on account $673. (Debit an asset account.)
7 Paid office rent of $574 for the month.
11 Completed a tax assignment and billed client $1,188 for services rendered. (Use Service Revenue account.)
12 Received $3,207 advance on a management consulting engagement.
17 Received cash of $2,354 for services completed for Ferengi Co.
21 Paid insurance expense $105. 30 Paid administrative assistant $1,220 for the month.
30 A count of supplies indicated that $113 of supplies had been used.
30 Purchased a new computer for $7,092 with personal funds. (The computer will be used exclusively for business purposes.)

Required:
Journalize the transactions in the general journal.

Answers

Answer:

Date               Account Details                                 Debit                     Credit

April 2            Cash                                                 $ 27,750

                      Equipment                                       $12,290

                      Owner's Capital                                                            $40,670

Date               Account Details                                 Debit                     Credit

April 2            Entry not required till payment

Date               Account Details                                 Debit                     Credit

April 3           Supplies                                               $673

                      Accounts Payable                                                            $673

Date               Account Details                                 Debit                     Credit

April 7            Rent expense                                     $574

                      Cash                                                                                   $574

Date               Account Details                                 Debit                     Credit

April 11            Accounts Receivables                     $1,188

                      Service Revenue                                                              $1,188

Date               Account Details                                 Debit                     Credit

April 12           Cash                                                  $3,207

                       Unearned revenue                                                        $3,207

Date               Account Details                                 Debit                     Credit

April 17           Cash                                                   $2,354

                       Service Revenue                                                           $2,354

Date               Account Details                                 Debit                     Credit

April 21           Insurance expense                           $105

                       Cash                                                                                 $105

Date               Account Details                                 Debit                     Credit

April 30         Salaries expense                               $1,220

                      Cash                                                                                 $1,220

Date               Account Details                                 Debit                     Credit

April 30          Supplies expense                             $113

                      Supplies                                                                             $113

Date               Account Details                                 Debit                     Credit

April 30          Equipment                                        $7,092

                       Owner's Capital                                                             $7,092

In each of the following areas, give one example in which the government is involved as a producer, a regulator, or a purchaser of final goods and services distributed directly to individuals or used within government:______.
a. Education
b. Utilities
c. Transportation
d. Credit Markets
e. Insurance markets
f. Food
g. Housing

Answers

Answer:

a. Education

Producer = Provides public schools

Regulator = Government sets graduation requirements

Purchaser of goods = In awarding scholarships, the government is paying for school fees and buying education.

b. Utilities

Producer = Government provides water to residents

Regulator = Government regulates nuclear energy industry

Consumer = Government departments buy electricity for use.

c. Transportation

Producer = Government builds roads for transport

Regulator = The Federal Aviation Administration (FAA) regulates aviation transport.

Consumer = Private contractors transport military and are paid for it.

d. Credit Markets

Producer = Government provides low interest loans to farmers

Regulator = Fed mandates reserve requirements to Banks

Consumer = Fed buys bonds in open market operations.

e. Insurance markets

Producer = Government provides an unemployment scheme

Regulator = Laws governing the rejection of claims by insurer

Consumer = Government pays for Medicaid

f. Food

Producer = Department of Agriculture farms for experimentation purposes

Regulator = FDA requires that food in restaurants are cooked in certain sanitary conditions.

Consumer = Government pays for food stamps which allows people to get food.

g. Housing

Producer = Johnston Square Apartments built by State of Maryland for affordable housing.

Regulator = Housing codes by Counties

Consumer = Government subsidises rent for some people

Mackenzie wants to purchase a new sofa for $900. Her brother tells her that if she can come up with 75% of the purchase price, he will lend her the rest of the amount. If Mackenzie produces the required amount, what will be the amount of the loan she receives from her brother?

Answers

Answer:

$225

Explanation:

The cost of the new sofa is $900.

Mackenzie need to raise 75% of the cost price.

Her brother will lend her the balance, which is equivalent to 75% of the cost price.

Mackenzie needs to raise

= 75% of 900

=75/100 x 900

=$675

Her brother will lend her

= $900 - $675

=$225

A country has constant opportunity cost of production. If they devote all of their resources to the production of blankets they can produce a total of 284 per week. If they devote all of their resources to the production of t-shirts they can produce a total of 612 shirts per week. What is the opportunity cost of producing 1 blanket

Answers

Answer:

2.15 shirts

Explanation:

Opportunity cost or implicit is the cost of the next best option forgone when one alternative is chosen over other alternatives

By producing one more blanket, the country would be forgoing the opportunity to produce one more shirt.

opportunity cost of producing 1 blanket = 612 shirts / 284 = 2.15 shirts

Uncle Fred recently died and left $280,000 to his 45-year-old favorite niece. She immediately spent $80,000 on a town home but decided to invest the balance for her retirement at age 65. What rate of return must she earn on her investment over the next 20 years to permit her to withdraw $75,000 at the end of each year through age 80 if her funds earn 10 percent annually during retirement

Answers

Answer:

6.06%

Explanation:

The computation of the rate of return is shown below:

Given that

NPER = 20 years

PV = ($280,000 - $80,000) = $200,000

PMT = $0

FV = $75,000 × PVIFA factor at 10% for 21 years

= $75,000 × 8.6487

= $648,652.50

The following formula should be applied

= RATE(NPER;PMT;-PV;FV;TYPE)

The present value comes in negative

After applying the above formula, the rate of return is 6.06%

Ben wants to do business in the Middle East where it is an accepted practice to give gifts to government officials. However, Ben may not be able to carry out his plans because he doesn't want to violate The Foreign Corrupt Practices Act (FCPA), which was enacted because Congress was concerned about _______.

Answers

Answer:

U.S. corporations' use of illegal payments and bribes in international business dealings

Explanation:

From the question, we are informed about Ben who wants to do business in the Middle East where it is an accepted practice to give gifts to government officials. However, In this case, Ben may not be able to carry out his plans because he doesn't want to violate The Foreign Corrupt Practices Act (FCPA), which was enacted because Congress was concerned about U.S. corporations' use of illegal payments and bribes in international business dealings.

The Foreign Corrupt Practices can be regarded as one the U.S law of 1977 act. This law is about prohibition of citizens of U.S as well as entities from giving bribes to officials of government of foreign countries in order to be a beneficiary of their business interests

Many small firms seek to establish a particular niche in the market, realizing that they cannot afford to operate on a larger scale without exposing themselves to considerable risk of retaliation from larger companies. When a number of small businesses are operating in this manner, they are forcing the larger businesses to recognize and account for their influence on the market. In this way, small businesses are primarily Question 49 options:

Answers

Answer:

fostering competition

Explanation:

By deciding to focus on a particular niche these smaller firms in effect foster competitions among other larger firms.

For example, if in a market for shoes, a small firm A, that is newly established decides to focus only on selling shoes for children after recognizing they cannot match up with an existing larger company B that sells a variety of shoes (both children and adult shoes). At a point in time when a number of small businesses are operating in this manner, the larger companies would recognize and account for their influence on the market.

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