Answer:
A. Dec 31, 2019
Dr Fees Income 46,250
Dr Income Summary 46,250
B. Dec 31, 2019
Dr Income Summary 25,500
Cr Depreciation Expense 2,000
Cr Salaries Expense 15,500
Cr Supplies Expense 2,250
Cr Telephone Expense 1,850
Cr Utilities Expense 3,900
C. Dec 31, 2019
Dr Income Summary 21,250
Cr Maria Lopez, Capital 21,250
D. Dec 31, 2019
Maria Lopez, Capital 12,000
Maria Lopez, Drawing 12,000
Explanation:
A. Preparation of the closing entry for revenue.
Dec 31, 2019
Dr Fees Income 46,250
Dr Income Summary 46,250
(To close revenue accounts)
B. Preparation of the closing entry for expenses.
Dec 31, 2019
Dr Income Summary 25,500
(2,000+15,500+2,250+1,850+3,900)
Cr Depreciation Expense 2,000
Cr Salaries Expense 15,500
Cr Supplies Expense 2,250
Cr Telephone Expense 1,850
Cr Utilities Expense 3,900
(To close expense accounts)
C. Preparation of the closing entry for balance of income summary
Dec 31, 2019
Dr Income Summary 21,250
(46,750-25,500)
Cr Maria Lopez, Capital 21,250
(To close balance of income summary)
D.Preparation of the closing entry for the drawing account
Dec 31, 2019
Maria Lopez, Capital 12,000
Maria Lopez, Drawing 12,000
(To close drawing account)
In 2021, Holyoak Inc. offers a coupon for $15 off qualifying purchases of its new line of products. Holyoak sold 10,600 of these products during the year. By year-end of 2021, 7,700 coupons had been redeemed and the $15 reduction of purchase price provided to customers. Holyoak's historical experience with such coupons indicates that 80% of customers use the coupon. Holyoak recognizes coupon expense in the period coupons are issued. What is the expense that Holyoak should report for its promotional coupons in its 2021 income statement
Answer: $127200
Explanation:
Promotional codes are simply the alphanumeric strings which are offered by online stores in order to encourage purchases. It is a marketing strategy
Based in the information provided in the question, the expense that Holyoak should report for its promotional coupons in its 2021 income statement will.be calculated as:
= $10,600 × 80% × $15
= $10,600 × 0.8 × $15
= $127200
Ban Co purchased 50, 5% Waylan Company bonds on January 1, 2016 for $50,500 cash Interest is payable annually on January 1 the January 1, 2017 annual interest payment would include a:__________.
a. debit to Interest Revenue for $2,500 B.
b. credit to Interest Revenue for $2,525
c. The entry to record C credit to Interest Receivable for $2,500 D.
d. credit to Debt Investments for $2.525
Answer:
a. debit to Interest Revenue for $2,500
Explanation:
Based on the information given we were told that Ban Company made a purchased of 50, 5% Waylan Company bonds for the amount of $50,500 which is a cash Interest that is payable annually which means that the annual interest payment would include a: DEBIT to Interest Revenue for $2,500 calculated as :
Interest Revenue=[(50 x $1,000)×5%]
Interest Revenue=$50,000×0.05
Interest Revenue =$2,500
Prepare a statement of cash flows for MED Corporation. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) Cash flow from Operating Activities $ Cash flow from Investing Activities $ Cash flow from Financing Activities $ Net Change in Cash and marketable securities $
Answer:
Explanation:
Question
Prepare a statement of cash flows for MED Corporation. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) Cash flow from Operating Activities $ Cash flow from Investing Activities $ Cash flow from Financing Activities $ Net Change in Cash and marketable securities $
Which of the following is an example of a middle manager?
Teller at a bank
O Director of marketing
O Chief executive officer
O Salesperson in a retail store
Answer:
Director of marketing
Explanation:
I just got it right in a test
The Director of marketing is an example of a middle manager. Thus, option B is correct.
Who is a manager?A manager is a person who maintains the flow of the business, he is responsible for the smooth running of the business and coordinating between various departments. A manager tends to be the person who is delegating and is responsible for coordinating.
According to the hierarchical positions of the company, there are various positions that need to be filled like workers, staff, managers, executive managers, head of an office, CEO, etc.
From the given options, the middle manager will be the director of marketing the teller of the bank comes at a lower level, the chief executive officer will be at the top most level, and a salesperson will be at the lower middle level. Therefore, option B is the correct option.
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The City of Willford levies a flat 7% tax on individual income in excess of $55,000. Individuals who earn $55,000 or less pay no income tax. Ms. Vello earned $127,200 income this year. Compute her city income tax and determine her average tax rate. Mr. Sui earned $68,900 income this year. Compute his city income tax and determine his average tax rate. Does Willford have a proportionate, progressive, or regressive tax rate structure?
Answer:
Explanation:
• Ms. Vello earned $127,200 income this year. Compute her city income tax and determine her average tax rate.
Ms. Vello's tax is calculated as:
= $72,200 × 7%
= $72000 × 0.07
= $5054
Her average tax rate will be:
= $5,054/$127,200
= 3.97%
• Mr. Sui earned $68,900 income this year. Compute his city income tax and determine his average tax rate.
Mr. Sui's tax will be:
= $13,900 × 7%
= $13900 × 0.07
= $973
His average tax rate will be:
= $973/$68,900
= 1.41%
• Does Willford have a proportionate, progressive, or regressive tax rate structure
Willford has a progressive tax rate. This is because as the base rises, the tax rate also increases. The higher the income, then the higher the tax rate will also be.
Define the internal environments in international business for finance, production and marketing
Answer:
International business can be defined as the trade of goods and services ( e.g technology, capital, consulting, transportation, events, hospitality) globally or across national borders.
Internal environment is composed of elements within the business that can easily be controlled by the company, this include employees, financial resources, productions, management, and marketing.
Explanation:
Internal environment determines the extent to which the business can excel in international market. Internal environment like financial resources will determine the quantity and quality of products the company markets or exports to other nations.
Internal environment are factors that can be easily controlled or altered in order to adjust to the external environment. The external environment cannot be easily controlled but the internal environment can be adjusted constantly to ensure the company is archiving it targets in the international business.
Below is the complete list of accounts of Cobras Incorporated and the related balance at the end of March. All accounts have their normal debit or credit balance. Supplies, $1,100; Buildings, $53,000; Salaries Payable, $300; Common Stock, $33,000; Accounts Payable, $2,100; Utilities Expense, $3,500; Prepaid Insurance, $1,100; Service Revenue, $19,300; Accounts Receivable, $4,000; Cash, $3,300; Salaries Expense, $6,200; Retained Earnings, $17,500. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses.
Answer:
Cobras Incorporated
Trial Balance
For the Month Ended March 31
Account Debit Credit
Cash $3,300
Account Receivable $4,000
Supplies $1,100
Prepaid Insurance $1,100
Buildings $53,000
Account Payable $2,100
Salaries Payable $300
Common stock $33,000
Retained earnings $17,500
Service Earnings $19,300
Salaries Expenses $6,200
Utilities Expenses $3,500
Total $72,200 $72,200
Annuities are a series of constant cash flows that have been received over a certain period of time. However, not all annuities are created equal. Some annuities adjust the payments based on certain macroeconomic factors. Growing annuities are a series of payments that grow at aconstant rate. 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%. What should be your expected real rate of return
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%
A broad differentiation strategy works best in situations where Select one: A. buyers have a low degree of bargaining power and purchase the product frequently. B. buyers incur low costs in switching their purchases to rival brands. C. technological change is slow-paced and new or improved products are infrequent. D. buyer needs and uses of the product or service are diverse. E. buyer needs and uses of the product or service are very similar.
Answer:
D. buyer needs and uses of the product or service are diverse.
Explanation:
broad differentiation strategy helps company to stand out among her competitors, it involves development of business strategy to carry out activities in the company to increase productivity and low production cost in the company.
It should be noted that broad differentiation strategy works best in situations where buyer needs and uses of the product or service are diverse.
If the government decides to raise the minimum wage,ceteris paribus:_________.
A) All workers are better off.
B) All workers are worse off.
C) Some workers are better off and some are worse off.
D) Workers are not affected by a minimum wage increase,only by a decrease.
Answer:
C) Some workers are better off and some are worse off.
Explanation:
If the government raises minimum wages, the cost of hiring labour increases and as a result, some firms would lay off some workers especially those that are low skilled labours.
As a result some would lose their jobs while others would benefit from the increased wages
In a general partnership, each partner is liable for the partnership's obligations only up to a percentage of the obligation equal to that partner's percentage of ownership of the partnership.
a. True
b. False
why do you think wants is less important?
Answer:
Wants is less important because you don't need it/them to survive, you can live with only your needs, you should only get your wants only if you can afford it and still have enough money for needs.
Explanation:
I don't know if that made sense lol
Dave is working on some paperwork for his boss. The company has reported that their estimated indirect labor costs for the year are going to be $130,000, while the direct labor costs for the year will be $200,000. The estimated overhead costs for the year are expected to be $156,000. If overhead is applied based on direct labor cost, what is the predetermined overhead rate for the company?
Answer:
Predetermined manufacturing overhead rate= $1.28 per direct labor dollar
Explanation:
Giving the following information:
Direct labor costs= $200,000.
The estimated overhead costs for the year are expected to be $156,000.
To calculate the predetermined overhead rate, we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 200,000/156,000
Predetermined manufacturing overhead rate= $1.28 per direct labor dollar
Presented below are three transactions. Mark each transaction as affecting owner's investment (I), owner's drawings (D), revenue (R), expense (E), or not affecting owner's equity (NOE). ________(a) Received cash for services performed ________(b) Paid cash to purchase equipment ________(c) Paid employee salaries g
Answer:
a. revenue (R), affecting owner's investment (I)
b. not affecting owner's equity (NOE)
c. expense (E) and affecting owner's investment (I)
Explanation:
Revenues and Expense form Profits which are included in the statement of changes in equity through the Retained Income line item, thus these two also affect owners investment.
Kayleigh is looking over a number of material requisition slips from her employees. She has to sign off on each request after reviewing it, which she thinks is a waste of time and effort. Kayleigh believes that having the name of the employee who requested the materials should be enough. Is she correct?
Answer: B : No, approval by an individual other than the requestor establishes greater accountability over inventory.
Explanation:
The purpose of reviewing the material requisition slips is to ensure that there is greater accountability in inventory acquisition and this is why it is important that someone else apart from the person requesting approves the inventory request as it will reduce chances of fraud.
If the person requesting could also approve, there is a chance that inventory that is not needed will be ordered and then used for purposes other than to benefit the business but to benefit the person who requested it.
Multiple Choice Question The following selected information pertains to Wilson Company. Current liabilities: $100; long-term liabilities: $150; contributed capital: $120; retained earnings: $50; accumulated other comprehensive income: $20. The company's debt to equity ratio (rounded to two digits after the decimal point) is
Answer:
The debt to equity ratio is 1.32
Explanation:
The computation of the debt to equity ratio is shown below;
Debt to equity ratio is
= Debt ÷ equity
where, Debt is long term + current liabilities
And, the equity is contributed capital + retained earnings + other incomes
= ($100 + $150) ÷ ($120 + $50 + $20)
= $250 ÷ $190
= 1.32
Hence, the debt to equity ratio is 1.32
Barnes Corporation manufactures two models of office chairs, a standard and a deluxe model. The following activity and cost information has been compiled: Number of Number of Number of Product Setups Components Direct Labor Hours Standard 22 8 375 Deluxe 28 12 225 Overhead costs $20,000 $40,000 Number of setups and number of components are identified as activity-cost drivers for overhead. Assuming an activity-based costing system is used, what is the total amount of overhead costs assigned to the standard model?
Answer:
Standard= $24,800
Explanation:
Giving the following information:
Number of: Setups Components
Standard 22 8
Deluxe 28 12
Overhead costs $20,000 $40,000
First, we need to calculate the predetermined overhead rate for each activity:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Setups= 20,000 / (22+28)= $400per setup
Components= 40,000 / (8+12)= $2,000 per component
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Standard= 400*22 + 2,000*8
Standard= $24,800
Many checking accounts offer multiple ways of accessing money in addition to checks. Which of these can be used to access money in a checking account? A) debit card B) credit card C) certificate of deposit D) passbook
Answer:
A, debit card
Explanation:
The correct option is A.
The following information regarding the debit card is:
The debit card is the card where the funds for the amount with respect to the purchased should be considered for the checking account. By this we can do shopping, travelling, etc.The products should be purchased to the maximum balance mentioned in the account.Learn more: brainly.com/question/17429689
The percent change in multifactor productivity if Fok can reduce the energy bill by $1,000 per day without cutting production or changing any other inputs
Answer:
The answer is "2.45%".
Explanation:
The answer of option c:
Reduce power by 950 dollars:
In this question it will need to once again take the latest energy cost for analytical hierarchical productivity.
→ Total Input [tex]= 400 \times 12+21000 \times 1 +(5000-950)+10000[/tex]
[tex]= 4800 +21000 + (4050)+10000 \\\\ = 25800+4050+10000 \\\\ = 39850\\[/tex]
Consumer rates [tex]= \frac{1,000}{39,850}[/tex]
[tex]=0.0250[/tex]
Initial efficiency multi-factor= 0.0245
[tex]\to \text{percentage changes} = \frac{\text{New Multi Factor Productivity - Previous Multi-Factor Productivity}}{\text{Originbal Multi-Factor Productivity}}[/tex]
[tex]= \frac{(0.02450.0251)}{0.0245}\\\\ = 2.45 \ \ \%[/tex]
9.20% is the percent change in multifactor productivity if Fok can reduce the electricity bill by $1,000 per day without cut down production or changing any other inputs.
Computation of percentage change:According to the question,
Reduce power by $950,
For analytical hierarchical productivity, we need to calculate the latest energy.
Total New Input(TNI):
Summation of all the inputs:
[tex]\text{TNI}= 400\times12+\$21,000\times1+(\$5,000-950)+\$10,000\\\\\text{TNI}=\$4,800+\$21,000+\$4,050+\$10.000.\\\\\text{TNI}=\$25,800+\$4,050+\$10,000.\\\\\text{TNI}=\$39,850.[/tex]
[tex]\text{Consumer Rates}=\dfrac{\text{Energy bill per day}}{\text{TNI} }.\\\\\text{Consumer Rates}=\dfrac{1,000}{39,850}.\\\\\text{Consumer Rates}=0.0250.[/tex]
Initial efficiency factor: 0.0245 (as per question)
[tex]\text{Percentage changes}=\dfrac{\text{New multifactor productivity-Previous multifactor productivity}}{\text{Original multifactor productivity}}\\\\\text{Percentage changes}=\dfrac{0.2450-0.0194}{2.45}.\\\\\text{Percentage changes}=9.20\%.[/tex]
Hence, 9.20% is the percent change.
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Neha is writing a report comparing the profits of three fashion design houses What type of organizational method should she use? a) Importance b) Component c) Time
Answer:
b) Component
Explanation:
Since in the question it is mentioned that the neha has written a report in which the profits of three fashion design houses could be compared
So in this situation, the component organizational method could help for knowing the strategic and the operational information so that it would be easy for comparing the profits between these three fashion houses
Therefore the option b is correct
The agency problem exists primarily in companies of which:__________.
a. ownership is widely dispersed
b. common stock is closely held
c. management has stock ownership
d. both a & c
Answer: a. ownership is widely dispersed
Explanation:
When ownership of a company is widely dispersed, it means that there are few major holders of stock and no majority shareholder.
This can lead to more instances of the Agency problem ( managers acting for their own welfare instead of that of the shareholders) as there will be fewer people able to call the managers to book unilaterally. The managers will therefore feel more empowered to do as they please.
Costello Corporation reported pretax book income of $500,900. During the current year, the reserve for bad debts increased by $6,800. In addition, tax depreciation exceeded book depreciation by $40,900. Finally, Costello received $3,450 of tax-exempt life insurance proceeds from the death of one of its officers. Costello's deferred income tax expense or benefit would be:
Answer:
Deferred income tax expense = $7,161
Explanation:
Given:
Bed debts increase = $6,800
Depericiation increase = $40,900
Tax-exempt life insurance = $3,450
Computation:
Assume tax rate = 21%
Taxable difference = 40,900 - 6,800
Taxable difference = 34,100
Deferred income tax expense = 34,100 × 21%
Deferred income tax expense = $7,161
g After preparing a bank reconciliation, a journal entry would be required for which of the following: Group of answer choices None is correct. A deposit in transit A deposit made by a company with a similar name and credited to your account. Interest earned on the company's checking account. A check for $48 given to a supplier but not yet recorded by the company's bank.
Answer:
After preparing a bank reconciliation, a journal entry would be required for which of the following:
Interest earned on the company's checking account.
Explanation:
This interest was not recorded in the company before receiving the bank statement. A journal entry would record this by debiting Cash account and crediting Interest Earned account. The other transactions do not require the company to make any entry in its journals because they had earlier being recorded. The bank will make the necessary adjustment and not the company for the 'deposit made by a company with a similar name.'
The Mifflin Cable store in Buffalo is currently offering a fabulous marketing strategy for potential new cable and Internet customers. Mifflin Cable offers new customers who purchase a cable and Internet package a DVR, modem, and all other necessary equipment with a two year contract. In terms of Porter's Five Forces what is Mifflin Cable attempting to achieve with this marketing strategy
Answer:
C. Decrease buyer power
Explanation:
Since in the question it is mentioned that the Mifflin Cable store offers a great marketing strategy that the combos of all the things would be based on the two year contract
So this given situation represents the decrease in buyer power as if there is less bargaining power so the company is able to rise the profit that is actually motive of every organization
Therefore the option C is correct
Which approach describes how leaders act?
a. Trait.
b. Skills.
c. Leader-member exchange.
d. Behavioral
Answer:
d. Behavioral
Explanation:
Behavioral approach defines how a leader interact with its followers. It also includes the actions of a leader towards its followers.
In behavioral approach to leadership, anyone can become a leader if they want to, but such leader trainings and observations for effective leadership. The behavioral approach centers on interpersonal relationship between a leader and its followers. There is also an aspect of behavioral approach - task behavior which focuses on workers achieving set targets at workplace while relationship behavior help workers feel safe and comfortable by their leaders in their place of work.
Angel Corporation reported pretax book income of $1,006,000. During the current year, the net reserve for warranties increased by $25,900. In addition, tax depreciation exceeded book depreciation by $101,500. Finally, Angel subtracted a dividends received deduction of $26,200 in computing its current year taxable income. Angel's hypothetical tax expense in its reconciliation of its income tax expense is:
Answer:
$211,260
Explanation:
Calculation for Angel's hypothetical tax expense in its reconciliation of its income tax expense
Using this formula
Angel's hypothetical tax expense=Pretax book income × Tax rate
Let plug in the formula
Angel's hypothetical tax expense=$1,006,000×21%
Angel's hypothetical tax expense=$211,260
Therefore Angel's hypothetical tax expense in its reconciliation of its income tax expense will be $211,260
At the start of the current year, SBC Corp. purchased 25% of Sky Tech Inc. for $46 million. At the time of purchase, the carrying value of Sky Tech's net assets was $62 million. The fair value of Sky Tech's depreciable assets was $10 million in excess of their book value. For this year, Sky Tech reported a net income of $62 million and declared and paid $10 million in dividends. The total amount of additional depreciation to be recognized by SBC over the remaining life of the assets is:
Answer:
The total amount of additional depreciation to be recognized by SBC over the remaining life of the assets is $2,500,000
Explanation:
The total amount of additional depreciation to be recognized by SBC over the remaining life of the assets is:
= $10,000,000 * 25%
= $10,000,000 * 0.25
= $2,500,000
On January 12, 2021, Jefferson Corporation purchased bonds of Rose Corporation for $52 million at par and classified the securities as available-for-sale. On December 31, 2021, these bonds were valued at $46 million. Nine months later, on October 3, 2022, Jefferson Corporation sold these bonds for $62 million. As part of the multistep approach to record the 2022 transaction, Jefferson Corporation should finally take the third step of recording a sales transaction with a gain of:
Answer:
Transaction gain = $16 million
Explanation:
Given:
Purchase amount = $52 million
December 31, 2021, bonds value = $46 million
October 3, 2022, bonds sold = $62 billion
Computation:
Using multi-step approach
Transaction gain = October 3, 2022, bonds sold - December 31, 2021, bonds value
Transaction gain = $62 million - $46 million
Transaction gain = $16 million
1 Select the correct answer. If a news article contains bias, what should you do.PLS WILL MARK BRAINEIST
A.take it as a fact
B.READ ANOTHER ARTICLE ON THE SAME TOPIC
C.THROW THE ARTICLE AWAY
D.AUTOMATICALLY AGREE WITH THE REPORTER.
Answer:
I'm pretty sure the answer is B.
Explanation:
Answer:
here u can mark the other guy brainliest now. You have to have 2 answers on the question to mark brainliest
Explanation:
What is the most effective learning theory in your opinion? Explain how does it modify one’s behavior? Support your answer with relevant examples.
Answer:
Experiential Learning Theory
Explanation:
I think that the experiential learning theory is the most effective learning theory. This learning theory projects experience as a crucial factor that promotes learning. It also explains that people learn better when they initiate their learning and not when they are forced to learn.
I think this theory is very effective as it makes the lessons learned to stick better and also cause the needed changes. For example, a teenager who is constantly reminded by his parents to avoid late night partying, but rejects the counsel, might learn better if he gets into trouble as a result of the experience. Also, a student who finds it difficult to understand a topic taught by a teacher, might get better at it when he initiates the learning himself by actively researching and studying on his own.