Answer: ($13,000)
Explanation:
Closing balance of Equity = Opening Balance + Retained earnings
Retained earnings = Net Income - dividends
Formula above shows that equity changes as a result of Retained earnings which is the net of Net Income and Dividends.
Change in equity will be = Net Income - Dividends
= (100,000 - 89,500) - 24,000
= -$13,500
Equity reduces by $13,500
Exercise 2-12 Analyzing and journalizing transactions involving receipt of cash LO P1 Following are transactions for Valdez Services, a company owned by Brina Valdez. Brina Valdez invested $20,000 cash in the company in exchange for common stock. The company provided services to a client and immediately received $900 cash. The company received $10,000 cash from a client in payment for services to be provided next year. The company received $3,500 cash from a client in partial payment of accounts receivable. The company borrowed $5,000 cash from the bank by signing a note payable. 1. Prepare general journal entries for the above transactions of Valdez Services. 2. Listed below are four reasons why a transaction would not yield a revenue. Match each of the reasons to the transaction it properly describes.
Answer:
1. Date General Journal and Explanation Debit Credit
Cash $20,000
Common Stock $20,000
(To record investment in stock)
Cash $900
Service Revenue $900
(To record revenue earned in Cash)
Cash $10,000
Unearned Service Revenue $10,000
(To record advance receipt)
Cash $3,500
Accounts receivables $3,500
(To record cash received)
Cash $5,000
Notes Payable $5,000
(To record issuance of note)
2. Question missing.
All of the following are functions of packaging except:____________.
A) consumer convenience.
B) product protection.
C) entertainment.
D) promotion.
E) added benefits.
Answer:
C. Entertainment
Explanation:
When goods are produced or manufactured, they are usually sealed or placed in containers/boxes, depending on the nature or how big those goods are. Ideally, packaging serves a means of protecting goods from damage. However, packaging also help to facilitate product storage and convenience.
Furthermore, packaging a product could also serve as a means of promoting it by branding the cover either through the producer's logo or any item that will be identified with the producer. There is also the aspect of packaging that facilitate recycling and also help to reduce damage to the environment.
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What is one way a person can use technology to automate a process that may be more efficient doing than manually
Answer:
Business process automation is the use of technology to execute recurring tasks or processes in a business where manual effort can be replaced. It is done to minimize costs, increase efficiency, and streamline processes.
Explanation:
hope this helps
Why is the answer C?
Explanation:
At a price of $4.00, the quantity is 1 + 5 + 8 = 14.
At a price of $2.00, the quantity is 0 + 3 + 4 = 7.
The quantity decreased by 7. So A and B are false.
Ann's supply curve is linear, so her change in quantity will be proportional to the price change. However, Barry and Charlie have nonlinear supply curves, so their change in quantity will not be proportional. So D is false.
Only C is true. At a price of $2.00, Charlie's quantity is 0.
A painting operation is performed by a production worker at a labor cost of $1.40 per unit. A robot spray-painting machine, costing $15,000, would reduce the labor cost to $.20 per unit. If the device would be valueless at the end of 3 years, what is the minimum number of units that would have to have been painted each year to justify the purchase of the robot machine
Answer:
4,166.66 units per year
Explanation:
Break-even is defined as the production volume at which the cost incurred in the production process is equal to the revenue earned.
Production above this point will result in positive revenue for the company.
The formula for break-even is
Break-even= Fixed cost ÷ (Difference in cost of labour per unit)
Difference in labour cost is the gain from this process. When it involves sales the denominator is Sales price less variable cost.
Break-even = 15,000 ÷ (1.4 - 0.2)
Break-even = 12,500 units
Production will have to exceed 12,500 units to justify purchase of the robot for 3 years.
Units produced per year will be
12,500 ÷ 3 = 4,166.66 units per year
Which expression is another way of saying "marginal cost"?A) total costB) additional costC) average costD) scarcity
Answer:
Explanation:
additional cost i believe. sorry if i'm wrong
Marina Corp. applied overhead to jobs during the period as follows: Jobs finished and sold $ 46,000 Jobs started and in process 54,000 Jobs finished and unsold 100,000 The application of overhead has resulted in a $5,600 credit balance in the Factory Overhead account. The entry to dispose of this remaining factory overhead balance is:
Answer: Debit factory overhead $5600; credit cost of goods sold $5600
Explanation:
The journal entry simply has to do with the keeping of records of transactions in a company and it shows both the debit balances and the credit balances of the company.
The factory overhead, also referred to as the manufacturing overhead is simply the total cost that is involved in production which can't be traced to a product directly like the indirect cost and the indirect labor.
The journal entry for the above transaction is:
Debit Factory overhead. 5600
Credit Cost of good sold 5600
Therefore, the entry to dispose of this remaining factory overhead balance is: Debit factory overhead $5600; credit cost of goods sold $5600.
Storm Concert Promotions Valle Home Builders Actual indirect materials costs$12,400 $7,000 Actual indirect labor costs 55,900 46,900 Other overhead costs 16,000 48,900 Overhead applied 91,600 98,300 Storm Concert Promotions Determine whether overhead is overapplied or underapplied. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Valle Home Builders Determine whether overhead is overapplied or underapplied. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold.
Answer and Explanation:
Storm Concert Promotions
The computation of overhead is shown below:-
Factory Overhead-Storm
Indirect materials $12,400 Applied overhead 91,600
Indirect Labor $55,900
Other overhead
costs $16,000
Overapplied overhead $7,300
The Journal entry is shown below:-
Factory overhead Dr, $ 7,300
To Cost of goods sold $7,300
(Being cost of goods sold is recorded)
Valle Home Builders
The computation of overhead is shown below:-
Factory Overhead-Value home builders
Indirect materials $7,000 Applied overhead 98,300
Indirect Labor $46,900
Other overhead
costs $48,900
Overapplied overhead $4,500
Factory overhead Dr, $ 4,500
To Cost of goods sold $4,500
(Being cost of goods sold is recorded)
Takeover target is run by entrenched management that insists on reinvesting 60% of its earnings in projects that provide a ROE of 10%, despite the fact that the firm’s capitalization rate is r=15%. The firm’s year-end dividend will be $2 per share, paid out of earning of $5 per share. At what price will the stock sell? What is the present value of growth opportunities (PVGO)? Why such a firm be a takeover target for another firm?
Answer:
Growth = ROE * Retention ratio
Growth = 10% * 60%
Growth = 6%
Price of Stock = Dividend / (Capitalization Rate - Growth)
Price of Stock = 2/(15%-6%)
Price of Stock = 2 / 0.09
Price of Stock = 22.22
The stock will sell at per $22.22
PVGO = Stock Price - Earnings per share / Cost of Equity
PVGO = 22.22 - 5 / 15%
PVGO = 22.22 - 5 / 0.15
PVGO = 22.22 - 33.33
PVGO = -$11.11
Conclusion: Since Present Value of Growth Opportunities (PVGO) is negative, the ROE will decrease and share price will fall. So the investor can takeover the firm at lower price in future .
Marci is trying to determine the predetermined overhead rate for her company. She knows that the estimated annual overhead costs for the company are $255,000. The Work in Process inventory has amounted to $35,000 for March and April, and the overall estimated direct labor cost is $300,000. If overhead is applied based on direct labor cost, what is the predetermined overhead rate?
Answer:
Predetermined manufacturing overhead rate= $0.85 per direct labor dollar
Explanation:
Giving the following information:
She knows that the estimated annual overhead costs for the company are $255,000.
The estimated direct labor cost is $300,000.
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= 255,000/300,000
Predetermined manufacturing overhead rate= $0.85 per direct labor dollar
The following cost data pertain to the operations of Rademaker Department Stores, Inc., for the month of March: Corporate headquarters building lease $ 94,000 Cosmetics Department sales commissions-Northridge Store $ 6,600 Corporate legal office salaries $ 58,600 Store manager's salary-Northridge Store $ 11,600 Heating-Northridge Store $ 12,600 Cosmetics Department cost of sales-Northridge Store $ 32,600 Central warehouse lease cost $ 7,600 Store security-Northridge Store $ 14,600 Cosmetics Department manager's salary-Northridge Store $ 5,600 The Northridge Store is just one of many stores owned and operated by the company. The Cosmetics Department is one of many departments at the Northridge Store. The central warehouse serves all of the company's stores. What is the total amount of the costs listed above that are direct costs of the Cosmetics Department
Answer:
Rademaker Department Stores, Inc.
Direct costs of the Cosmetics Department:
= $44,800
Explanation:
a) Data and Calculations:
Cosmetics Department
Cosmetics Department Sales commissions - Northridge Store $ 6,600
Cosmetics Department cost of sales-Northridge Store $ 32,600
Cosmetics Department manager's salary-Northridge Store $ 5,600
Total direct costs for Cosmetics Department $44,800
b) The direct costs for the Cosmetics Department are those costs that are directly attributable to the department. They are not the shared costs arising from either the Northridge Store or from the Corporate headquarters.
Which of the following is exchange traded?
A. forwards.
B. futures.
C. options.
D. both b and
Answer:
C. options.
Explanation:
Exchange traded funds are mutual funds traded on equity in which the exchanges are based on an index. This aim to reflect the performance of its base index to the investors.
Which of the following benefits could an organization reasonably expect from an effective budget program? Select one: a. Better control of the organization's costs. b. Better coordination of an organization's activities. c. Better communication of the organization's objectives. d. All of the above.
Answer: d. All of the above.
Explanation: Budgeting is simply the activity of constructing a budget which in turn is defined as any amount of money or resources earmarked for a particular institution, activity or time-frame. An effective budget program is quite significant to both planning and controlling processes and is employed by managers and executives to plan, monitor and control various activities at every level of an organization or business creating better and tighter controls on an organization's costs, activities and communication.
Using the information below, calculate gross profit for the period. Sales revenues for the period $ 1,254,000 Operating expenses for the period 234,000 Finished Goods Inventory, January 1 35,500 Finished Goods Inventory, December 31 40,500 Cost of goods manufactured for the period 515,000
Answer:
$744,000
Explanation:
The computation of the gross profit is shown below:
But before that determine the cost of goods sold which is
Cost of goods sold is
= Opening finished goods balance + cost of goods manufactured - ending finished goods balance
= $35,500 + $515,000 - $40,500
= $510,000
now the gross profit is
= Sales - cost of goods sold
= $1,254,000 - $510,000
= $744,000
Read the scenario:You are writing a research report on financial derivatives.
What should you do when performing secondary-source research? A. Search electronic databases for relevant material.
B. Conduct interviews with subject experts.
C. Go to the library, and look for books on the subject.
D. Hold focus groups.
Answer:
A. Search electronic databases for relevant material.
C. Go to the library, and look for books on the subject.
Explanation:
In a research study, a secondary source is a term that describes a form of source which is not the original source to the interpreted data. In other words, it involves already prepared data which can easily be found in places like academic books and journals
Hence, in this case, when performing secondary-source research, the following should be done amongst others:
1. Search electronic databases for relevant material.
2. Go to the library, and look for books on the subject.
This is because the aforementioned involves a place to get a secondary source and it will save time and effort.
On the other hand, Holding focus groups and conducting interviews involves primary source research
Kostelnik Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $237,000, variable manufacturing overhead of $3.90 per machine-hour, and 30,000 machine-hours. The company has provided the following data concerning Job A496 which was recently completed: Number of units in the job 20 Total machine-hours 80 Direct materials $ 500 Direct labor cost $ 2,160 The amount of overhead applied to Job A496 is closest to: (Round your intermediate calculations to 2 decimal places.)
Answer:
Allocated MOH= $944
Explanation:
Giving the following information:
Estimated overhead= $237,000
Variable manufacturing overhead= $3.90 per machine-hour
Estimated machine-hours= 30,000 machine-hours.
Job A496:
Total machine-hours 80
First, we need to calculate the predetermined overhead rate, using the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (237,000/30,000) + 3.9
Predetermined manufacturing overhead rate= $11.8 per machine-hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 11.8*80
Allocated MOH= $944
By using only the aggregate demand curve, what can we determine
this question is in which lesson
In a _____ organizational structure, project managers work full-time on projects, while team members report to both functional managers and project managers
Answer:
Strong matrix
Explanation:
"Variable costs are expenses that" ________. A. remain constant on a per-unit basis but change in total based on activity level B. decrease on a per-unit basis as activity level increases C. remain constant in total regardless of activity level within a relevant range D. remain constant on a per-unit basis and remain constant in total regardless of activity level
Answer:
A. remain constant on a per-unit basis but change in total based on activity level
Explanation:
In the short run, variable costs only vary according to the total output of the company. E.g. a company's variable cost of manufacturing product X is $10 per unit. If it produces 10,000 units, total variable costs will = $10 x 10,000 = $100,000.
In the long run variable costs will probably vary because production processes will also vary or the cost of inputs change.
Which of the following is not true about production possibilities frontiers?a. moving from one point to another on a PPF incurs a tradeoffb. economic growth is shown by shifting the PPF outwardc. unemployment of resources is shown by shifting the PPF inwardd. a PPF can shift inward or outward
Answer:
c. unemployment of resources is shown by shifting the PPF inwards
Explanation:
The production possibilities frontiers (PPF) would be moved from one point to another that represents the trade off between the two goods. In case of the expansion in an economy the PPF would be shift outwards and when there is a loss than the same is to be shifted inward
And, the movement of the shift could be based on the economy condition
Therefore in the given case, the option C should be selected
If the required reserve ratio is 10 percent, what is the simple deposit multiplier? a. 20 b. 100 c. 5 d. 10
Answer:
D.) 10
Explanation:
Given the question:
Required reserve ratio equals 10 percent, Calculate the simple deposit multiplier?
Given that :
Reserve ratio (RR) = 10% = 0.1
The simple deposit multiplier is the reciprocal of the required reserve ; mathematically expressed as :
Simple deposit multiplier = 1 / RR
Simple deposit multiplier = 1 / 0.1
Hence simple deposit multiplier = 10
How is it useful to identify emerging patterns in looking for a trends?
Answer:
It is very useful to identify emerging patterns when looking for trends. Emerging patterns help to discover inherent differences in a dataset. They are powerful for constructing accurate and complete classifications of the dataset.
Explanation:
Emerging patterns present themselves as items with frequency changes that are significantly different from one dataset to another. Trends show the general directions of some variables. One discovers emerging patterns by looking at two datasets for two time periods. The trend will show if the pattern has increased or decreased in size, totally disappeared, or new patterns have currently emerged when compared to previous patterns.
There are different kinds of trends. Emerging patterns are useful as they;
They act as a means of knowing or finding out the distinctions present amidst a collection of data group.They are powerful tool for constructing right classifiers.What are Emerging Patterns?Theses are known as the patterns of the groups of items whose frequency changes very well from one dataset to another.
They are known to be very vital in getting the multi-dimensional differences between datasets/ or classes.
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Why do companies use predetermined overhead rates rather than actual manufacturing overhaed costs to apply overhead to job?
Answer:
to avoid delaying the product costing exercise.
Explanation:
The actual overhead costs are usually not readily available when costing a product. Waiting for the actual costs would delay the product costing exercise, thus a company uses estimates (predetermined overhead rates) and later adjust for the over or under - application when actual information is available.
g An accelerated depreciation method: Group of answer choices Results in reporting higher earnings every year. Depreciation an asset over a shorter life than does the straight-line method. Recognizes more depreciation expense in the early years of an asset's useful life and less in the later years. Is required for assets that become technologically obsolete before they physically wear out.
Answer:
The correct answer is the third option: Recognizes more depreciation expense in the early years of an asset's useful life and less in the later years.
Explanation:
To begin with, the name of "Accelerated Depreciation" is refered to a method used in the accouting fields in order to determine how much of a permanent asset has been worn out by the time that has passed and to put that amount in the accounts of the company so that there is a record of the money that has been lost for those depreciations. Moreover, in difference with the traditional method, this one uses a process in where the depreciation will be higher in the early years of the asset while in the latest will be less depreciation.
Clarence draws detailed plans for highways and bridges. His job is best described as one focused on . Denise assembles roofing materials on new buildings. Her job is best described as one focused on .
Answer:
Clarence: architecture
Denise: construction
Explanation:
just finished the question.
Answer:
Clarence wants to be an architect and Denise wants to be a construction worker.
Explanation:
Which element of informed consent is not required?
Answer:
FJQHSGDDRBC''MODQQQQ DC VNNJUX
Explanation:
gfghcwvC WV shdvg v GEfgd DCnVqjkhds hmm l BBS xnncssbcshjsvvvhgqgf cfgvv v qvfgcvcvhghhhhhhhhhhhhhhhhhhbhhhhhhhghhj
jhhhhvvhgsvdtg
An elderly father owns a classic car that was purchased many years ago for $7,500. The father dies and bequeaths the car to his son. At the date that the car was bequeathed to the son, the car was valued at $20,000. A few years later, the son sells the car for $22,500. What is the tax consequence to the son
The available options are:
A. No capital gain or loss because the item sold was personal property
B. $2,500 long term capital gain
C. $12,500 long term capital gain
D. $22,500 long term capital gain
Answer:
$2,500 long term capital gain
Explanation:
Given that the classic car, that is an item under consideration is inherited, therefore, the cost basis to the recipient is the market value at the date of death.
Hence, the market value of the date of death is $20,000
The amount the classic car is sold is $22,500
To get the capital gain or loss, subtract the value at the date of death from the amount sold, which is $22,500 - $20,000 = $2,500
Hence, the correct answer is $2,500 long term capital gain
Which programs or projects are most likely funded by taxes paid by the citizens of the United States? Select three options.
constructing a highway
public school funding
developing a vacation resort
building of private homes
maintaining state parks
Answer:
constructing a highway public school fundingmaintaining state parksExplanation:
The projects and programs funded by taxes of the United States includes social security, national security, medicare, social services, etc.
The three programs that's been listed in the options given above, that are funded by taxes paid by the citizens of the United States are:
Constructing a Highway: Highway is an important mode of transportation, thus the government pay taxes to construct highways and roadways. The government cares about the public infrastructures.Public School Funding: Public School Funding is another program that if funded by taxes by the government. The government is concerned about the future of youth and new generation, thus they invest in the future of the country.Last but not the least, maintaing state parks: Maintenance of state parks is another program funded by the government. State parks are the place that attracts tourism and many people love to go to parks thus for the welfare of public the government funds for the maintenance of state parks.Thus the correct options are constructing a highway , public school funding, and maintaining state parks.
Which programs or projects are most likely funded by taxes paid by the citizens of the United States? Select three options.
constructing a highway
public school funding
developing a vacation resort
building of private homes
maintaining state parks
Suppose the government sets an effective price floor (that is, a price above equilibrium) in the market for oranges and agrees to buy all oranges that go unsold at that price. The oranges purchased by the government are discarded. Illustrate the number of oranges purchased by the government. Illustrate the gains and losses to all relevant groups of Americans and the dead weight loss.
Answer:
If the market floor is over demand, there is a surplus supply at that point. As a result , the number for oranges bought by the state would be Q1Q2 across the table.
Benefit is to the growers growing oranges as they've been having a better price and the cost is to the customers and community at large as it increases in deadweight losses. The triangular region in the graph reflects a moral hazard, DWL.
Types of controls used to assess the effectiveness of marketing operations