Painter Corporation was organized by five individuals on January 1 of the current year. At the end of January of the current year, the following monthly financial data are available:Total revenues $ 299,000Total expenses (excluding income taxes) 192,000Income tax expense (all unpaid as of January 31) 33,200Cash balance, January 31 66,950Receivables from customers (all considered collectible) 33,200Merchandise inventory (by inventory count at cost) 95,700Payables to suppliers for merchandise purchased from them (will be paid during February current year) 27,350Common stock 94,700No dividends were declared or paid during January.Required1. Complete an Income Statement for Painter Corporation.2. Complete Painter Corporation's Balance Sheet.

Answers

Answer 1

Answer:

Painter Corporation

Income Statement

For the month ended January, 202x

Total revenues   $299,000

Total expenses  ($192,000)

EBIT                      $107,000

Income taxes       ($33,200)

Net income           $73,800

Painter Corporation

Balance Sheet

For the month ended January, 202x

Assets:

Cash $66,950

Accounts receivables $33,200

Merchandise inventory $95,700

Total assets                                                          $195,850

Liabilities:

Accounts payable $27,350

Stockholders' equity

Common stock $94,700

Retained earnings $73,800

Total stockholders' equity $168,500

Liabilities + stockholders' equity                           $195,850


Related Questions

Managers are trying to decide on which variables to use in segmenting and selecting a target audience for marketing communications about 5-Hour Energy-a potent energy drink. Which of the following variables are classified incorrectly as demographic or psychographic bases of market segmentation?
A. Individuals with an active lifestyle = psychographic.
B. Consumers living on the West Coast with high household incomes = demographic.
C. Senior citizens (65 years and older) = psychographic.
D. Long-haul truck drivers and college students = demographic.

Answers

Answer: Senior citizens (65 years and older) = psychographic.

Explanation:

Psychographic segmentation is simply segmentation that is based on the psychological characteristics of the consumer such as lifestyles, personality, social class etc while Demographics is the study based on factors like sex, age, and race.

Base on the above explanation, "Senior citizens (65 years and older) = psychographic" is the answer. It should be noted that this is demographic related and not psychological.

Minnesota Office Products (MOP) produces three different paper products at its Vaasa lumber plant: Supreme, Deluxe, and Regular. Each product has its own dedicated production line at the plant. It currently uses the following three-part classification for its manufacturing costs: direct materials, direct manufacturing labor, and manufacturing overhead costs. Total manufacturing overhead costs of the plant in July 2014 are $150 million ($15 million of which are fixed). This total amount is allocated to each product line on the basis of the direct manufacturing labor costs of each line. Summary data (in millions) for July 2014 are as follows:

Supreme Deluxe Regular
Direct material costs $89 $57 $60
Direct manufacturing labor costs $16 $26 $8
Manufacturing overhead costs $48 $78 $24
Units produced 125 150 140
(1) Compute the manufacturing cost per unit for each product produced in July 2014.

(2) Suppose that, in August 2014, production was 150 million units of Supreme, 190 million units of Deluxe, and 220 million units of Regular. Why might the July 2014 information on manufacturing costs per unit be misleading when predicting total manufacturing costs in August 2014?

Answers

Answer:

1)

                                                            Supreme   Deluxe   Regular

Direct material costs                               $89          $57       $60

Direct manufacturing labor costs           $16          $26         $8

Manufacturing overhead costs:            

Fixed overhead                                      $4.8         $7.8      $2.4

Variable overhead                                 $43.2      $70.2    $21.6

total costs                                               $153         $161       $92

Units produced                                        125          150        140

cost per unit                                          $1.224     $1.073    $0.657

2) Some product costs are variable, direct materials and direct labor, while other costs are mixed, manufacturing overhead. $15 million of overhead costs are fixed and they are allocated based on direct labor, while the rest is variable and depends on the production output. Since output production was higher during August, the cost per unit should be lower even if all the variable costs remain the same. As the number of total units produced increases, the fixed overhead cost per unit decreases.

If the price of output is $1 per unit and we observe the firm hiring four workers, if the firm is maximizing profit, the wage rate must be between ________ and ________. A) $35; $40 B) $30; $35 C) $45; $60 D) $80; $90

Answers

Answer:

B. $30; $35

Explanation:

The sole purpose of business is to make profit. When a production company makes products for sale, they try to reduce the cost of production by source cheap or substantial power supply, total usage of the raw materials and the employing cheap labour, both skilled and unskilled. If the price of a company's output after production is $1, they check the profit that would be made in a bash of products, extracting the cost which includes the worker's wages.

They pick the minimum possible value for payment that is favorable to them and is considered fair by the employees.

Assume that an investor owns 30% of an investee, and accounts for its investment using the equity method. At the beginning of the year, the Equity Investment was reported on the investor's balance sheet at $300,000. During the year, the investee reported net income of $105,000 and paid dividends of $20,000 to the investor. In addition, the investor sold inventory to the investee, realizing a gross profit of $42,000 on the sale. At the end of the year, 20% of the inventory remained unsold by the investee.Required:a. How much equity should the investor report for the year?b. What is the balance of the Equity Investment at the end of the year?c. Assume that the remaining inventory is sold in the following year and that the investee reports $150,000 of net income. How much equity income will the investor report for the following year?

Answers

Answer:

a.34,020

b.314,020

c.42,600

Explanation:

The equity method is applied when a company's ownership interest in another company is valued at 20–50% of the stock in the investee. The equity method requires the investing company to record the investee's profits or losses in proportion to the percentage of ownership

DATA

Net Income = $105,000

Investor's share = 30%

Inventory unsold = 20%

Gross profit = $42,000

Dividends = $20,000

Requirement 1

Equity to be reported = (investor's share of net income)  − (Share of unrealized profit on inventory at the end)

Equity to be reported = ($105,000 × 30%) − ($42,000 × 20% × 30%)

Equity to be reported = $31,500 + $2,520

Equity to be reported = $34,020

Requirement 3

Equity investment at end of year = (Equity investment at the beginning of the year)  + (Investor's share of net income)  − (Dividendsdeclared)

Equity investment at end of year  = $300,000 + $34,020 − $20,000

Equity investment at end of year  =$314,020

Requirement 2

Equity to be reported = (Investor′ s share of net income)  -(Share of unrealized profit on inventory at the year end)

Equity to be reported =($150,000×30%)−($40,000×20%×30%)

Equity to be reported =$45,000−$2,400

Equity to be reported =$42,600

What are key values of group work?

Answers

Answer:

the key values of group work is adaptability, honesty, responsibility,etc.

Answer: share,work hard,be fair,explain if someone doesnt understand, be positive.

Explanation: if you didnt do those, then the team would have fallen apart because it was lacking the key values. Without being positive, the person would have made alot of mistakes because they'd be thinking negative and being lazy. (You can add in you own stuff if you want to)

When Proctor and Gamble removed potentially dangerous dyes and chemicals from its Tide detergent product and introduced Tide Free they were making a _____.a) product line contraction.b) quality modification.c) aesthetics modification.d) obsolescence factor.e) functional modification.

Answers

Answer: e) functional modification

Explanation:

When a product undergoes functional modification, it means that its makers are aiming to improve its effectiveness and safety amongst other things.

This is usually designed to make the product more appealing to the masses and to avoid running into regulatory problems.

The removal of potentially dangerous dyes and chemicals from the Tide detergent made the product safer so is a functional modification.

Software Riverside Company issued long-term debt of 410 paid dividends of 20 and issued capital stock of 100. Cash flow from financing activities was:_____.a. 410.b. 420.c. 430.d. 440.

Answers

Answer:

Cash flow from from financing activities = $490

Explanation:

The cash flow from financing activities includes that entails any or a combination of the following; issuance and redemption of stocks , issuance and redemption of debts and payment of interest and/or dividend, and receipt of dividend and or interest.  

Cash flow                                    $

issue of long term debt           410

Cash dividend paid                  (20)

Capital stock issued                  100

Net cash from financing activ.  490

Cash flow from from financing activities = $490

Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $0.75 and the price of peanuts is $1.50.
a. Complete the table below showing the alternative combinations of the two products that are available.
Instructions:Enter only whole numbers.
Consumption Alternatives
Goods A B C D E F
Candy Bars 0 4 8 12 16 20
Bags of Peanuts
b. Use the data in the above table to plot a budget line in the graph with candy bars on the horizontal axis.

Answers

Answer:

a)

candy bars         bags of peanuts

20                       0

16                        2

12                        4

8                         6

4                         8

0                         10

b)

I attached the budget line graph

 

Manufacturing overhead $ 364,000 $ 416,000 $ 93,600 $ 873,600 Direct labor $ 208,000 $ 104,000 $ 312,000 $ 624,000 Jobs require varying amounts of work in the three departments. The Koopers job, for example, would have required manufacturing costs in the three departments as follows: Department Fabricating Machining Assembly Total Plant Direct materials $ 3,800 $ 400 $ 2,200 $ 6,400 Direct labor $ 4,400 $ 700 $ 7,000 $ 12,100 Manufacturing overhead ? ? ? ?

Answers

Answer:

manufacturing overhead is allocated based on direct labor:

                               fabricating      machining     assembling        total

Direct labor            $208,000        $104,000       $312,000     $624,000

Man. overhead       $364,000        $416,000        $93,600     $873,600

overhead rate             1.75                    4                     0.30            1.4

Koopers job: using departmental overhead rates

                               fabricating      machining     assembling        total

Direct materials        $3,800               $400           $2,200         $6,400

Direct labor               $4,400               $700           $7,000         $12,100

overhead rate              1.75                     4                  0.30

Man. overhead          $7,700             $2,800           $2,100        $12,600

total cost                   $15,900            $3,900          $11,300        $31,100

bid price (150% of total manufacturing cost) = $46,650

Koopers job: using plantwide overhead rate

                               fabricating      machining     assembling        total

Direct materials        $3,800               $400           $2,200         $6,400

Direct labor               $4,400               $700           $7,000         $12,100

overhead rate                                                                                   1.4

Man. overhead                                                                              $16,940

total cost                                                                                       $35,440

bid price (150% of total manufacturing cost) = $53,160

Natalie has prepared the balance sheet and income statement of Cookie & Coffee Creations Inc. and would like you to prepare the cash flow statement. The comparative balance sheet of Cookie & Coffee Creations Inc. at October 31, 2018 for the years 2018 and 2017 and the income statement for the year ended October 31, 2018, are presented below.COOKIE & COFFEE CREATIONS INC.Balance SheetOctober 31,Assets 2018 2017 Cash $22,324 $5,550 Accounts receivable 3,250 2,710 Inventory 7,897 7,450 Prepaid expenses 5,800 6,050 Equipment 102,000 75,500 Accumulated depreciation— equipment (25,200 ) (9,100 )Total assets $116,071 $88,160COOKIE & COFFEE CREATIONS INC.Balance SheetOctober 31,Liabilities and Stockholders’ Equity 2018 2017Accounts payable $1,150 $2,450Income taxes payable 9,251 7,200Dividends payable 27,000 27,000Salaries and wages payable 7,250 1,280Interest payable 188 0Note payable 10,000 0Preferred stock, no par, $6 cumulative, 3,000 and 2,800 shares issued, respectively 15,000 14,000Common stock, $1 par—25,180 shares issued and outstanding 25,180 25,180Additional paid-in capital—treasury stock 250 250Retained earnings 20,802 10,800Total liabilities and stockholders’ equity $116,071 $88,160COOKIE & COFFEE CREATIONS INC.Income StatementYear Ended October 31, 2018Sales $485,625Cost of goods sold 222,694Gross profit 262,931Operating expenses Salaries and wages expense $147,979 Depreciation expense 17,600 Other operating expenses 48,186 213,765Income from operations 49,166Other expenses Interest expense $413 Loss on disposal of plant assets 2,500 2,913Income before income tax 46,253Income tax expense 9,251Net income $37,0021. Equipment (cost $4,500 and book value $3,000) was disposed of at the beginning of the year for $500 cash and replaced with new equipment purchased for $4,000 cash.2. Additional equipment was bought for $14,000 on November 1, 2017. A $12,000 note payable was signed. The terms provide for equal semi-annual installment payments of $2,000 on May 1 and November 1 of each year, plus interest of 5% on the outstanding principal balance.3. Other equipment was bought for $13,000 cash.4. Dividends were declared on the preferred and common stock on October 15, 2018, to be paid on November 15, 2018.5. Accounts payable relate only to merchandise creditors.6. Prepaid expenses relate only to other operating expenses.Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the year ended October 31, 2018, using the indirect method.Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the year ended October 31, 2018, using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Answers

Answer:

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What is a subcontractor

Answers

Answer:

a firm or person that carries out work for a company as part of a larger project.

A subcontractor is an individual or a business that signs a contract to perform part or all of the obligations of another's contract. A subcontractor is a company or person whom a general contractor hires to perform a specific task as part of an overall project and normally pays for services provided to the project.

A subcontractor is a person or business who has a contract to complete a portion of work that belongs to another company.

What do you mean by the Subcontractor?

An individual or company that enters a contract to carry out some or all of the duties of another's contract is known as a subcontractor. Simply said, a subcontractor's job is to carry out the work for which they have been paid by the main contractor.

A general contractor, prime contractor, or main contractor will hire a subcontractor (or subcontractor) to complete a specific task as part of the overall project. The subcontractor will typically be paid for the services they give to the project.

A subcontractor who enters into a contract with the principal contractor to supply or fix any products or materials or to carry out work that is a component of the principal contract.

Therefore, a subcontractor is a person or business who has a contract to complete a portion of work that belongs to another company.

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you have tickets to the 49ers game on Sunday and you have an invitation to a friends party. You cannot go to Bulls. You choose to go to the party. What is the opportunity cost? What is the risk and your decision?

Answers

It depends on the day of the party

It depends on the day of the party or wasted money generally on the tickets.

What is Opportunity cost?

Opportunity cost is the worth of what you lose while picking either at least two choices.

At the point when you choose, you feel that your decision will have improved results for you paying little heed to what you lose by making it. As a financial backer, opportunity cost implies that your venture decisions will constantly have quick and future misfortunes or gains.

Opportunity cost is the misfortune you take to make an increase, or the deficiency of one increase for another increase. Consider, for instance, the decision between whether to sell stock offers now or clutch them to sell later. Opportunity cost is the benefit lost when one option is chosen over another.

The idea is valuable essentially as a suggestion to inspect all sensible options prior to pursuing a choice. For instance, you have $1,000,000 and decide to put it in a product offering that will create an arrival of 5%.

While the facts confirm that a financial backer could get any quick acquires they could have by selling right away, they miss out on any additions the venture could get them what's in store.

Therefore merely it depends upon the day of the party.

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You were recently hired by the CPA firm of Honson & Hansen. Within two weeks, you were sent to the first- year staff training course.
A. How is audit evidence defined?
B. How does audit evidence relate to assertions and to the audit report?
C. What characteristics of evidence should an auditor be concerned with when searching for and evaluating audit evidence?

Answers

Answer:

A. Obtained by the following :

Risk Assessment ProceduresTest of ControlsSubstantive ProceduresProfessional Skepticism

B. Audit Evidence and Audit Report

Audit Evidence support assertions made by management in the Financial Reports.

C. Characteristics of Audit Evidence

Sufficient andAppropriate

Explanation:

Audit Evidence is evidence obtained by auditors during a financial audit. Audit evidence is used by management to support their assertions in the Financial statements.

An example of audit evidence is an Invoice. The invoice supports the value of sales on the Income Statement, the valuation of Accounts Receivables on the Statement of Financial Position.

Audit evidence that is acceptable must be Sufficient and Appropriate. Invoices in the example above are only sufficient and appropriate if they contain signatures and supported by other documents from third parties.

Partial adjusted trial balance for Pina Colada Corp. at December 31, 2017, includes the following accounts: Retained Earnings $16,700, Dividends $4,700, Service Revenue $36,300, Salaries and Wages Expense $15,000, Insurance Expense $1,980, Rent Expense $4,000, Supplies Expense $1,590, and Depreciation Expense $900. The balance in Retained Earnings is the balance as of January 1.
Prepare a retained earnings statement for the year assuming net income is $10,400. (List items that increase retained earnings first.)
PINA COLADA CORP
Retained Eanings Statement
For the Year Ended December 31, 2017
Retained Earnings, January 1 16,700
Add 10,400
Net Income/ (Loss)
27,100
Less 4,700
Dividends
Retained Earnings, December 31 $22,400

Answers

Answer and Explanation:

The presentation of the retained earnings statement for the year is presented below:

                                          Pina Colada Corp

                                     Retained Earnings Statement

                                For the year Ended December 31, 2017

Retained Earnings, as on January 1  $16,700

Add: Net Income                                 $10,400

Less: Dividend paid                            -$4,700

Retained Earnings, as on December 31 $22,400

As a new manager, Candace has had to learn a lot, and sometimes her job is more stressful than she expected. As a manager, she needs to fulfill many roles. Candace schedules employees for shifts at the front desk, in the dog play areas, and in the bathing and grooming rooms. This is part of the _______________role of management, which falls under the___________ component. To adapt to being a manager, Candace has had to get things done by working ____________.

Answers

Answer: disturbance handler; decisional; more through others.

Explanation:

As a new manager, Candace has had to learn a lot, and sometimes her job is more stressful than she expected. As a manager, she needs to fulfill many roles. Candace schedules employees for shifts at the front desk, in the dog play areas, and in the bathing and grooming rooms.

This is part of the disturbance handler role of management, which falls under the decisional component. To adapt to being a manager, Candace has had to get things done by working more through others.

Your shift’s productivity is slow because one person is not pulling his share. The rest of the team is getting upset . What would you be most and least likely to do ?

Answers

Most likely to try/works things out with the person who’s not pulling his share.

Least likely to yell and scream at the person not pulling his share. Might get mad a little but I would hopefully try and not scream at the person not pulling his share.

By default, unless you or someone else records or shares information, your employer cannot see any of your Teams activities. However, the company has the option to build or buy a Teams extension to gain access to information and view your Team activities.

What is shift productivity?

A desktop program called Shift can be used to combine various emails and web applications into one simple platform. The shift is the ideal productivity tool for anyone who uses one email account and one app, 50 conversations accounts, 50 apps, or anything in between!

Productivity starts with the fundamental idea of making the most of your time. Multitasking, among other things, can make you sluggish. You can focus better on the things that are important by doing one thing at a time. You might also find it easier to enter a state of flow. Select Notifications from the Settings menu, which is located in the upper right corner of the screen. The following options can be selected (to turn on) or cleared (to turn off) in the Notifications dialogue box: I'm given a task by someone.

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Managerial accounting information is limited or restricted by which of the following authorities or principles?
A) Securities and Exchange Commission
B) Financial Accounting Standards Board
C) Generally Accepted Accounting Principles
D) Value Added Principle

Answers

Answer: B. Financial Accounting Standards Board

Explanation:

In managerial accounting, it should be noted that managers use available accounting information to inform themselves better before they make managerial decisions in their organization.

Managerial accounting information is limited or restricted by Financial Accounting Standards Board. The primary purpose of the board is to establish and also improve accounting principles in the public's interest.

Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows:Inventory,by Product Quantity Per Unit Net Realizable ValueCategory Cost Tools: Hammers 110 $ 4.10 $4.60 Saws 110 9.10 8.10 Screwdrivers 210 1.10 1.70 Paint products: 1-gallon cans 410 5.10 4.10 Paint brushes 110 3.10 3.60 Required:1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory.2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1.

Answers

Answer:

Product category        units           cost          NRV   year-end inventory

Tools:

Hammers             110            $4.10        $4.60            $451Saws                    110            $9.10         $8.10            $891Screwdrivers       210            $1.10         $1.70            $231

Paint products:

1-gallon cans       410            $5.10        $4.10          $1,681 Paint brushes      110             $3.10       $3.60            $341

1) carrying value of year-end inventory:

Tools:                        

Hammers             $451Saws                    $891Screwdrivers       $231 sub-total            $1,573

Paint products:         $2,022

1-gallon cans     $1,681 Paint brushes      $341sub-total           $2,022

Total                          $3,595

2) adjustment to tools:

Dr Cost of goods sold 110

    Cr Inventory: tools 110

adjustment to paint products:

Dr Cost of goods sold 410

    Cr Inventory: paint products 410

or total adjustment to inventory account:

Dr Cost of goods sold 520

    Cr Inventory 520

One thousand dollars is borrowed for one year at an interest rate of 1% per month (12% compounded monthly). If the same sum of money could be borrowed for the same period at an interest rate of 12% compounded yearly, how much could be saved in interest charges?

Answers

Answer:

$6.83

Explanation:

Intereest rate = future value - present value

The formula for calculating future value:

FV = P (1 + r/m)^mn

FV = Future value  

P = Present value  

R = interest rate  

N = number of years  

m = number of compounding per year

$1000 compounded monthly = 1000(1.01)^12 = $1126.83

Interest = $1126.83 - $1000 = $126.83

$1000 compounded yearly = 1000(1.12) = $1120

Interest = $1120 - $1000 = $120

Amount saved on interest charges = $126.83 - $120 = $6.83

How to start a hotel business

Answers

Answer:

Franchise or your own?

Explanation:

What are the differences among the four levels of managers in the organizational pyramid?

Answers

Answer:

The four levels of managers are:

entry level managers, e.g. supervisorslow level managers, e.g. store managersmiddle level managers, e.g. division managerupper level managers, e.g. CEO, CFO, COO

The higher the position on the organizational pyramid, the tasks and responsibilities also differ. Entry level managers generally supervise the tasks of entry level workers, e.g. sales clerks.

Low level managers generally have both supervisory and general management functions, e.g. a store manager must make sure that everyone does their job properly, but also must make administrative decisions like hiring, overseeing inventory, etc.

Middle level managers are generally functional managers, meaning that they are in charge of a certain area within the organization, e.g. human resources, finances, marketing, etc.

Upper level managers are responsible for developing the organization's strategies and long term goals, their focus should always be on the big picture and the future of the organization,  not just one part of it.

Which of the following Lean principles reflects the ability of a customer to move through a process? a) Value b) Flow c) Pull d) Perfection

Answers

Answer:

The correct answer is A) Customer Value

Explanation:

Value is always defined by the paradigm of the Customer.

It starts with the end product in mind then works back to how the product can be achieved, each time modifying the process until all waste is eliminated.

Everything along the production or manufacturing chain that does not contribute to the end-value expected by the customer is eliminated.

Cheers!

The consumer price index measures: ____________.a. The prices of a fixed basket of goods and services in the United States b. The prices of goods and services in Bolivia c. The average change in prices of a fixed basket of goods and services of urban consumers d. The change in prices of a fixed basket of goods and services around the world

Answers

Answer:

c. The average change in prices of a fixed basket of goods and services of urban consumers

Explanation:

It is a measure of the average change over time in the price paid by urban households for a set of consumer goods and services. It reflects the spending patterns of each of two population groups: all-urban consumers and urban wage earners and clerical workers, which include professionals, the self-employed, the unemployed, and poor persons.

Which of the following is an example of a divisional organizational structure? A.Structure is temporary and will likely disband after project is complete. B.Structure is organized either by product or by region. C.Structure allows employees to focus more on department goals rather than company-wide goals. D.Structure groups all employees with the same kind of job together.

Answers

Answer:

B.Structure is organized either by product or by region.

Explanation:

The divisional organizational structure is a type of structure in which the functions of the organization are to be transformed into a division. It could be in terms of a product line or the geographical region

Here in a given situation, the example of a divisional organization structure is option B as it represents that the structure would be organized either by a product or region

Hence, the option B is correct

Answer:

B. Structure is organized either by product or by region.

Compute the future value of a $130 cash flow for the following combinations of rates and times. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
a. r = 7%; t = 10 years
b. r = 7%; t = 20 years
c. r = 3%; t = 10 years
d. r = 3%; t = 20 years

Answers

Answer:

Future Value formula = Amount * ( 1 + r) ^ no.of periods

a. Future Value = 130 * ( 1 + 7%) ^ 10

= $255.7296

= $255.73

b. Future Value = 130 * ( 1 + 7%) ^ 20

= $503.05898

= $503.06

c. Future Value = 130 * ( 1 + 3%) ^ 10

= $174.709

= $174.71

d. Future Value = 130 * ( 1 + 3%) ^ 20

= $234.794

= $234.79

Allocation of resources is inefficient only if:________

Answers

Answer:

we produce the goods and services that  people value less

Explanation:

Remember, an inefficient activity is one that fails to achieve maximum productivity with minimum wasted effort.

Let's take for example a mobile producer (manufacturer) decides to allocate its resorces into producing laptops. However, it later determined that the allocated resources were inefficient since most consumers according to a  survey now prefer tablet computers. The company received low sales volume as result.

Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund shows $181 in cash along with receipts for the following expenditures: postage, $36; transportation-in, $13; delivery expenses, $15; and miscellaneous expenses, $25. Palmona uses the perpetual system in accounting for merchandise inventory.
Prepare journal entry to establish the fund on January 1, reimburse it on January 8, and reimburse the fund and increase it to $320 on January 8, assuming no entry in part 2. (Hint: Make two separate entries for part 3.)

Answers

Answer:

      Journal Entry for establishing a Petty cash fund

Date      Particulars     Debit      Credit

Jan 1      Petty cash A/c     $270  

                    To Cash A/c                  $270

            (Being Petty cash fund established)

Journal Entry for reimbursement of petty cash

Date      Particulars             Debit      Credit

Jan 8     Postage A/c                  $36  

             Transportation A/c        $13  

             Delivery Expense A/c   $15  

             Miscellaneous Exp A/c $25  

                    To Cash A/c                           $89

            (Being reimbursement of petty cash expenses

             incurred from petty cash fund)

Journal entry for Increasing the limit of Petty cash fund

Date      Particulars             Debit      Credit

Jan 8     Petty Cash A/c             $50  

                   To Cash A/c                             $50

        (Being Petty cash fund limit extended to $320 i.e., we have

          to add $50 to existing fund in order to make it $ 320.)

______ The term "under color of state law" refers to:
A) the act of religious institutions and associations discriminating against individuals when performing their activities.
B) the revisions made by states to their pre–Civil War "Slave Codes."
C) a private employer discriminating employees based on their national origin or color.
D) a government employee illegally discriminating against another during performance of his or her official duties.

Answers

Answer:

D) a government employee illegally discriminating against another during performance of his or her official duties.

Explanation:

The term, under the colour of state law is used to show the situation whereby an individual claims that his or her actions are legitimized as a result of his role as a governmental agent. This is done when those actions are illegal. For example, denying a person a car lincense just because, the person happens to be of different skin colour.

J&H Corp. recently hired Jeffrey. His immediate mandate was to analyze the company. He has to submit a report on the company's operational efficiency and estimate potential investment in working capital. He has the income statement from last year and the following information from the company's financial reports as well as some indust averages Last year, J&H Corp. reported a book value of $650 million in current assets, of which 30% is cash, 32% is short-term investments, and the rest is accounts receivable and inventory The company reported $552.5 million of current liabilities including accounts payable and accruals. Interestingly, the company had no notes payable claims last year. There were no changes in the accounts payables during the reporting period.The company, however, invested heavily in plant and equipment to support its operations. It reported a book value of $1,040 million in long-term assets last year Income Statement For the Year Ended on December 31 (Millions of dollars) Industry Average J&H Corp Net sales $2,700 2,160 108 2,268 $432 $3,375 2,700 135 2,835 $540 81 $459 184 $275 Operating costs, except depreciation and amortization Depreciation and amortization Total operating costs Operating income (or EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes (40%) Net income $389 156 $233 Based on the information given to Jeffrey, he submits a report on January 1 with some important calculations for management to use, both for analysis and to devise an action plan. Which of the following statements in his report are true? Check all that apply a) J&H Corp. has-$110.5 million of noninterest-bearing current assets net of noninterest-charging liabilities b) The company has $442.0 million in operating assets and $552.5 million in operating liabilities c) J&H Corp. has $148.7 million of net operating capital d) The firm uses $929.5 million of total net operating capital to run the business e) Based on the information on industry averages, other players in the industry would generate higher profits

Answers

I think I just did this one but I’ll check and get back to you

Cynthia, requested a two-week leave from her employer to go on a religious pilgrimage. The pilgrimage was not a requirement of her religion, but Cynthia felt it was a °calling from God." Will it violate Title VII if Cynthia's employer does not grant her the leave? Explain. (Tiano V. Dillard Department Mores, Inc, 1998 WL 117864 (9th Cir. 1998)).

Answers

Answer: No. It does not violate Title VII if Cynthia's employer does not grant her the leave.

Explanation:

From the question, we are informed that Cynthia, requested a two-week leave from her employer to go on a religious pilgrimage and that the pilgrimage was not a requirement of her religion, but Cynthia felt it was a calling from God.

Based on the scenario, Title VII is not violated if Cynthia's employer does not grant her the leave. According to the court, when an employee says that based on his or her religious belief, he or she is required to go to a pilgrimage, the person has to prove beyond reasonable doubt.

In this case, her church which is the Roman Catholic didn't call for a pilgrimage as it was her personal choice. Therefore, Title VII is not violated if Cynthia's employer does not grant her the leave.

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