Sent a check to Lyon Co for the April 2 purchase, net of the discount and the returned merchandise.
Paid $4600 - 600 (returned good) = 4000 x 2% = 80
4000 - 80 = 3920

Answers

Answer 1

In the journal entry, the accounts payable will be debited, and the cash and discounts will be credited.

The journal entry to record the financial transaction in the books of Lyon Co. for the April 2 purchase, net of the discount and the returned merchandise, is as given below.

17 April              Account payable Ac. Dr.                       4,000

                                      TO, Discount received                                  80

                                      TO, Cash                                                   3,920

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#Complete question

Prepare journal entries to record the following transactions for a retail store.

Sent a check to Lyon Co for the April 2 purchase, net of the discount and the returned merchandise.

Paid $4600 - 600 (returned good) = 4000 x 2% = 80

4000 - 80 = 3920


Related Questions

The customer-service department at Park-E Bank complains it is unable to keep track of its new business clients as the department handling data compilation has failed to enable a free exchange of information between the two departments. This has hindered the customer-service department to follow up on its customers' queries and update their relationship status with the bank. This has also impacted the department's sales target. This scenario exemplifies conflict due to

Answers

Answer:

task interdependence

Explanation:

Task interdependence is a form of conflict that occurs when there is more than one department needed to complete a task, and when one of them fails, consequently the other is affected and the task is not completed effectively. This is the case of Park-E Bank, which complains that it is unable to keep up with its new commercial customers, as the department that deals with the compilation of data has failed to allow the free exchange of information between the two departments.

The interdependence of tasks is a conflict that affects organizational activities as a whole, and can bring essential problems for the correct flow of business, it is necessary then that there is a correct management, control and coordination of tasks to reduce the bottlenecks found in organizational processes and improve continuous improvement that is beneficial for all organizational systems to operate correctly.

quarter of employees in the US do not trust their employers, and only about 50% of them believe that their bosses are open with them.


True

False

Answers

True, hope this helps
True, hope you use this help.

The following information is taken from the 2020 general ledger of Swisher Company. Rent Rent expense $48,000 Prepaid rent, January 1 5,900 Prepaid rent, December 31 9,000 Salaries Salaries and wages expense $54,000 Salaries and wages payable, January 1 10,000 Salaries and wages payable, December 31 8,000 Sales Sales revenue $175,000 Accounts receivable, January 1 16,000 Accounts receivable, December 31 7,000 In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct method. Cash payments for rent $ Cash payments for salaries $ Cash receipts from customers

Answers

Answer:

See below

Explanation:

1. Cash payments

= Rent expense + Prepaid rent, December 31 - Prepaid rent January 1

= $48,000 + $9,000 - $5,900

= $51,100

2. Cash payments for salaries

= Salaries and wages expense + salaries and wages payable January 1, - salaries and wages payable December 31

= $54,000 + $10,000 - $8,000

= $56,000

3. Cash receipts from customers

= Sales revenue + Accounts receivables January 1 - Accounts receivables, December 31

= $175,000 + $16,000 - $7,000

= $184,000

Strategic trade policy Suppose there are only two producers of aircraft in the world, AirCraft in the United States and AirEurope in the European Union. The following hypothetical payoff matrices show the profits (in millions of dollars) for each company. In the absence of subsidies, if only one company makes aircraft, it receives a profit of $90 million. If both companies decide to produce, they each lose $2 million, when a company decides not to produce, it earns zero profit.
Air Europe
Produce Not Produce
AirCraft Produce 2,-2 90,0
Not Produce 0,90 0, 0
Suppose that the European Union considers aircraft a strategic industry and gives AirEurope a $9 million subsidy if it produces
Fill in the cells of the following payoff matrix to reflect the $9 million subsidy
AirEurope
Produce Not Produce
AirCraft Produce
Not Produce
With a $9 million subsidy, regardless of whether AirCraft produces or not, AirEurope----------- produce if it wants to maximize its profit.
Because AirEurope will enter the market if given a $9 million subsidy, AirCraft should also produce in this industry.
a. True
b. False

Answers

Answer:

Air Europe should produce aircrafts

a. True

Explanation:

Air Europe has payoff matrix which will maximize the profits if it chooses to produce air crafts. The airline will be able to earn 90 million if it chooses to produces and will loose 2 million if chooses not to produce. There is subsidy of $9 million which is a plus for Air Europe therefore it should produce aircrafts.

Marriott International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.8 billion in net property and equipment. Assume that Marriott replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture:
Furniture (cost) ............................... $8,000,000
Accumulated depreciation .............. ...7,700,000
Required:
1. Give the journal entry for the disposal of the furniture, assuming that it was sold for
a. $300,000 cash
b. $900,000 cash
c. $100,000 cash
2. Based on the three preceding situations, explain the effects of the disposal of an asset.

Answers

Answer:

Marriott International

Journal Entries:

a. $300,000 cash

Debit Sale of Assets $8,000,000

Credit Furniture $8,000,000

To transfer the account to sale of assets account.

Debit Accumulated Depreciation $7,700,000

Credit Sale of Assets $7,700,000

To transfer the account to sale of assets account.

Cash $300,000

Sale of Assets $300,000

To record the cash receipts from the sale of assets.

No gain or loss on disposal.

b. $900,000 cash

Debit Sale of Assets $8,000,000

Credit Furniture $8,000,000

To transfer the account to sale of assets account.

Debit Accumulated Depreciation $7,700,000

Credit Sale of Assets $7,700,000

To transfer the account to sale of assets account.

Debit Cash $900,000

Credit Sale of Assets $900,000

To record the cash receipts from the sale of assets.

Sale of Assets $600,000

Gain on Disposal $600,000

To record the gain on the disposal of the furniture.

c. $100,000 cash

Debit Sale of Assets $8,000,000

Credit Furniture $8,000,000

To transfer the account to sale of assets account.

Debit Accumulated Depreciation $7,700,000

Credit Sale of Assets $7,700,000

To transfer the account to sale of assets account.

Debit Cash $100,000

Credit Sale of Assets $100,000

To record the cash receipts from the sale of assets.

Loss on Disposal $200,000

Sale of Assets $200,000

To record the loss on disposal of the furniture.

2. The disposal of an asset creates either a loss on disposal or a gain on disposal, which is normally regarded as a capital loss or a capital gain, as the case may be.

Explanation:

a) Data and Calculations:

Furniture (cost) ............................... $8,000,000

Accumulated depreciation .............. ...7,700,000

Net book value = $300,000

a. $300,000 cash

Sale of Assets $8,000,000

Furniture $8,000,000

Accumulated Depreciation $7,700,000

Sale of Assets $7,700,000

Cash $300,000

Sale of Assets $300,000

b. $900,000 cash

Sale of Assets $8,000,000

Furniture $8,000,000

Accumulated Depreciation $7,700,000

Sale of Assets $7,700,000

Cash $900,000

Sale of Assets $900,000

c. $100,000 cash

Sale of Assets $8,000,000

Furniture $8,000,000

Accumulated Depreciation $7,700,000

Sale of Assets $7,700,000

Cash $100,000

Sale of Assets $100,000

The definition of environmentalism is_____.

A) Company policies aimed at curbing air and water pollution and over-harvesting of forest

B) The study of geology and how climate and to rain affect the evolution of societies

C) A worldwide movement that began in the 1970s and whose purpose is to protect the air, land, and water

D) The study of how children are affected more strongly by their environment than they are by heredity

Answers

Answer:

C

Explanation:

because of the word "environmentalism" which gives meaning and purpose to the term as a group or movement.

Relevance has always been the challenge of the advertising industry. Summarize Kristi Roger's assessment of the advertising industry in her Ted Talk. Considering her hypothesis and results, what are some implications for marketing managers as they seek to improve the ROI of marketing expenditures on all forms of marketing communications

Answers

Answer:

Advertising is a paid sort of promotion utilized by organizations for product promotion, hence being of a vital usage and a significant part in organizations. The achievement of any firm is reliant on the correct sort of advertising channels utilized.  

Explanation:

In her Ted talk, it is clear Kristi Roger had conducted an extraordinary advertising analysis, in this way contending that relevance is a fundamental factor assuming an enormous part in advertising. She contends that the planned message of promotion should contact the perfect person at the perfect time. To guarantee this assertion is accomplished, an advertiser has the obligation to utilize the correct technology undeniably to make a pertinent directive for the correct crowd.  

In addition, marketing managers are obligated to recognize the significant challenges in the market. They ought to get updated changes occurring in the market to stay away from any significant impacts on the Return On Investment (ROI).  

To profit more from advertising, marketing managers should recruit the ideal person who is acceptable in quantitative skills rather than creative skills in light of the fact that the market analysis is of more significance than benefiting creative products into the market. A person with extraordinary quantitative skills can examine the market situations appropriately, henceforth s/he can dispose of a portion of the cycles that occur in computerized crusade improvement. To carry extraordinary outcomes to the organization, quantitative specialists guarantee important advertisements contact the perfect person at the perfect time.

YZ Company is rethinking the way it ships to its 62 customers in another city 220 miles away.
Current Shipping/Delivery Method
They currently hire an LTL (less-than-truckload) carrier to pick up and deliver these shipments. Each customer order shipped via LTL carrier costs $147.
Alternate Shipping/Delivery Method
A 3PL (third-party logistics provider) has approached XYZ Company and suggested that they make full truckload (TL) shipments from their facility to the 3PL's warehouse in the customers' city. The 3PL would then break the bulk shipment (TL or truckload shipment) into individual customer orders to be shipped locally by an LTL carrier. The relative data for this alternate shipping method are as follows:
Full TL shipment cost (220 miles) = $675
Average order weight = 750 lbs.
Warehouse break-bulk fee (per 100 lbs., a.k.a. per "hundred weight") = $13
Local LTL delivery fee = $36
1. What is the total cost of delivering to all customers via LTL carrier (current method
R=_______.
2. How much money would XYZ company save by using the alternate shipping/delivery method?
R=______.
3. At what number of customers would the cost of these two methods be the same?
R=______.

Answers

Answer:

1. Total cost of customer order shipped via LTL carrier is $9,114.

2. XYZ company would save $162 by using the alternate shipping/delivery method.

3. The cost of these two methods would be the same when the number of customers is approximately 6.

Explanation:

To ease answering the question, let us first the define as follows:

N = Number of customers = Number of Order

A = Each customer order shipped via LTL carrier costs = $147

B = Average order weight = 750

C = Warehouse break-bulk fee per hundred weight = 13

D = Total cost of weight = ((N * B) / 100) * C

E = Local LTL delivery fee = $36

F = Total Local LTL delivery fee = N * E

G = Full TL shipment cost (220 miles) = 675

H = Total cost of shipping using 3PL = D + F + G

I = Total cost of customer order shipped via LTL carrier = N * A

J = Difference between the cost of the two methods = I - H

1. What is the total cost of delivering to all customers via LTL carrier (current method

This can be calculated using E above as follows:

Total cost of customer order shipped via LTL carrier = E = N * A = 62 * $147 = $9,114

2. How much money would XYZ company save by using the alternate shipping/delivery method?

From the definitions above, we have:

N = Number of orders = 62

D = Total cost of weight = ((N * B) / 100) * C = ((62 * 750) / 100) * 13 = $6,045

F = Total Local LTL delivery fee = N * E = 62 * 36 = $2,232

G = Full TL shipment cost (220 miles) = $675

H = Total cost of shipping using 3PL = D + F + G = $6,045 + $2,232 + $675 = $8,952

I = Total cost of customer order shipped via LTL carrier = $9,114

J = Difference between the cost of the two methods = I - H = $9,114 - $8,952 = $162

Therefore, XYZ company would save $162 by using the alternate shipping/delivery method.

3. At what number of customers would the cost of these two methods be the same?

H = Total cost of shipping using 3PL = D + F + G = (((N * B) / 100) * C) + (N * E) + G ............ (1)

Substituting all the relevant value into equation (1), we have:

H = (((N * 750) / 100) * 13) + (N * 36) + 675

I = N * 147

Equating H and I and solve for N, we have:

(((N * 750) / 100) * 13) + (N * 36) + 675 = N * 147

((N0.01 * 7.50) * 13) + 675 = N147 - N36

(N0.075* 13) + 675 = N111

N0.975 + 675 = N111

675 = N111 - N0.975

N110.025 = 675

N = 675 / 110.025

N = 6.13496932515337.

By approximating to a whole number since we are talking about human being, we have:

N = 6

At what number of customers would

Therefore, the cost of these two methods would be the same when the number of customers is approximately 6.

An oligopolistic market structure is distinguished by several characteristics, one of which is difficult entry because barriers are significant. What are some other characteristics of this market structure? Check all that apply. Market control by a few large firms Either homogeneous or differentiated products Interdependence among firms Neither interdependence nor dependence among firms Market control by many small firms

Answers

Answer:

Market control by a few large firms Either homogeneous or differentiated products Interdependence among firms

Explanation:

An Oligopolistic market structure is very concentrated which means that it is controlled by a few large firms who can decide to collude to influence market prices.

There is interdependence among the firms as the pricing decision of one firm affects the rest because it could either increase or decrease the market share that each firm enjoys. e.g. if one firm charges a lower price and the other firms don't, the lower price company will gain market share.

The goods sold in this market are either homogeneous or differentiated products which is why there is so much interdependence because products can be substituted.

From the perspective of corporate management, the use of budgetary slack ______________ (chapter 13) A. increases the effectiveness of the corporate planning process B. increases the ability to identify potential budget weaknesses C. encourages the use of effective corrective actions D. increases the likelihood of inefficient resource allocation

Answers

Answer:

D. Increases the likelihood of inefficient resource allocation

Explanation:

Budgetary slack can be regarded as under-estimation of budgeted revenue which comes deliberately , and it could be over-estimation of budgeted expenses. It should be noted that From the perspective of corporate management, the use of budgetary slack Increases the likelihood of inefficient resource allocation

The total cost of producing q units of a certain product is described by the function C = 4,000,000 + 300q + 0.01q2 where C is the total cost stated in dollars. (1) How many units should be produced in order to minimize the average cost per unit? (2) What is the minimum average cost per unit? (3) What is the total cost of production at this level of output? Make sure to include appropriate units.

Answers

Answer:

(1) 20,000 units should be produced in order to minimize the average cost per unit.

(2) The minimum average cost per unit is $700 per unit.

(3) The total cost of production at this level of output is $14,000,000.

Explanation:

The given total cost function is correctly stated as follows:

C = 4,000,000 + 300q + 0.01q^2 …………………………… (1)

(1) How many units should be produced in order to minimize the average cost per unit?

AC = Average cost per unit = C / q

Substituting for C from equation (1), we have:

AC = (4,000,000 + 300q + 0.01q^2) / q …………………. (2)

Marginal cost can be obtained by taking the derivative of equation (1) as follows:

MC = C’ = 300 + (2 * 0.01)q

MC = 300 + 0.02q …………………………………………. (3)

AC is minimum when MC = AC. Therefore, equate equations (2) and (3) and solve for q as follows:

300 + 0.02q = (4,000,000 + 300q + 0.01q^2) / q

(300 + 0.02q)q = 4,000,000 + 300q + 0.01q^2

300q + 0.02q^2 = 4,000,000 + 300q + 0.01q^2

300q + 0.02q^2 - 300q - 0.01q^2 = 4,000,000

0.01q^2 = 4,000,000

q^2 = 4,000,000 / 0.01

q^2 = 400,000,000

q = 400,000,000^(1/2)

q = 20,000 units

Therefore, 20,000 units should be produced in order to minimize the average cost per unit.

(2) What is the minimum average cost per unit?

Substituting q = 20,000 into equation (2), we have:

AC = (4,000,000 + (300 * 20,000) + (0.01 * 20,000^2)) / 20,000

AC = $700 per unit

Therefore, the minimum average cost per unit is $700 per unit.

(3) What is the total cost of production at this level of output?

Substituting q = 20,000 into equation (1), we have:

C = 4,000,000 + (300 * 20,000) + (0.01 * 20,000^2)

C = $14,000,000

Therefore, the total cost of production at this level of output is $14,000,000.

Objectives of pep stores

Answers

Answer:

The answer is below

Explanation:

PEP is a big store that is located in South Africa and other African countries.

Based on the PEP mission and vision and according to the company's website, the Objectives of PEP stores are:

1. To be the friendliest and most trusted retailer for this market.

2. To offer wanted products and services at the lowest possible prices

3. To meet changing consumer needs.

Teal Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $3,420,000 on March 1, $2,280,000 on June 1, and $5,700,000 on December 31. Teal Company borrowed $1,900,000 on March 1 on a 5-year, 10% note to help finance construction of the building. In addition, the company had outstanding all year a 12%, 5-year, $3,800,000 note payable and an 11%, 4-year, $6,650,000 note payable. Compute avoidable interest for Teal Company. Use the weighted-average interest rate for interest capitalization purposes

Answers

Answer:

$418,790

Explanation:

Computation for the avoidable interest for Teal Company using the weighted-average interest rate for interest capitalization purposes

First step is to calculate the Expenditure for the year

Expenditure for the year

Mar-01 $3,420,000*10/12=$2,850,000

Jun-01 $2,280,000 *7 12=$1,064,000

Dec-31 $5,700,000*0/ 12=$ -

Total $ 11,400,000 $3,914,000

Second step is to compute the Weighted Average rate of all debt

Weighted Average rate of all debt:-

$3,800,000*12%=$456,000

$6,650,000*11%=$731,500

Total $10,450,000 $1,187,500

Weighted Average rate of all debt=($1,187,500 / $10,450,000)

Weighted Average rate of all debt = 11.36%

Now let compute the avoidable interest

AVOIDABLE INTEREST

$3,914,000

Less:$1,900,000*10%=$190,000

Balance$ 2,014,000*11.36% =$228,790

($3,914,000-$1,900,000=$ 2,014,000)

Avoidable Interest =$418,790

($190,000+$228,790)

Therefore the avoidable interest for Teal Company using the weighted-average interest rate for interest capitalization purposes will be $418,790

Identify which of the following statements are true for the corporate form of organization.

a. Shareholders are not personally liable for corporate acts.
b. The sale of shares from one stockholder to another does not impact operations.
c. An exception is when it changes the makeup or directors It has many of the same rights as an individual it does not end with the death of an owner.
d. Corporations are often subject to fewer regulations than partnerships
e. Stockholders are expected to hire and fire key executives.
f. The president and vice presidents choose the board of directors.

Answers

Answer:

?

Explanation:

The statements are true for the corporate form of organization is-

Shareholders are not personally liable for corporate acts.An exception is when it changes the makeup or directors It has many of the same rights as an individual it does not end with the death of an owner.The sale of shares from one stockholder to another does not impact operations.Corporations are often subject to fewer regulations than partnerships.Stockholders are expected to hire and fire key executives.

What is the Importance of a corporate form of organization?

A corporation protects its owners' personal assets from liabilities and improved opportunities for financial resources, expert management, continuity, and the ability to continue operating in the event of a death.

In comparison to partnerships, corporations frequently face fewer restrictions. Key executives should be hired and fired by stockholders. Corporate actions are not personally accountable to shareholders so their personal assets are protected.

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Consider the following statements when answering this question I. Increases in the demand for a good, which is produced by a competitive industry, will raise the short-run market price. II. Increases in the demand for a good, which is produced by a competitive industry, will raise the long-run market price. I is true, and II is false. I and II are true. I is false, and II is true. I and II are false.

Answers

Answer:

I and II are true

Explanation:

I. Increases in the demand for a good, which is produced by a competitive industry, will raise the short-run market price

In the short run of the competitive industry when the market demand for goods rises then the price of these goods will also increase. This is because the price equals marginal revenue. Therefore, when price rises then marginal revenue will increase and as a result, the marginal cost curve moves up and firms produce more quantity of goods. This statement is therefore true.

II. Increases in the demand for a good, which is produced by a competitive industry, will raise the long-run market price

The effect of the increase in goods demand is the same in the long run of the competitive industry as it is in the short run. Therefore, a rise in demand would raise the price of the goods above ATC (Average Total Cost). Hence, the above statement is also true.

Which tasks are common to all Education and Training career pathways? assessing students on learning and approving budgets communicating with schools and families and enforcing rules that govern behavior teaching students and collaborating with teachers on instructional content developing instructional content for teachers and assessing student learning through exams

Answers

it’s the second one hope i helped yeah have a good.......

The tasks associated with Education and Training career pathways is communicating with schools and families.

What is a career pathways?

Career pathways serves as a profession path that individuals choose to follow in the rest of his life.

Therefore, second option is correct because going along Education and Training career pathways ,enforcing rules that govern behavior teaching is needed

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In its first year of operations, Crane Company recognized $31,700 in service revenue, $7,700 of which was on account and still outstanding at year-end. The remaining $24,000 was received in cash from customers. The company incurred operating expenses of $16,600. Of these expenses, $12,690 were paid in cash; $3,910 was still owed on account at year-end. In addition, Crane prepaid $3,260 for insurance coverage that would not be used until the second year of operations.

Required:
Calcuate the first year's net earnings under the cash basis of accounting, and calculate the first years net earnings under the accrual basis of accouriting.

Answers

Answer:

Under the cash basis, expenses and revenue are recorded in the period the cash is received or spent.

Under the Accrual basis, expenses and revenue are recorded in the period incurred.

Under Cash basis:

= Cash Revenue - cash expenses - Prepaid expenses

= 24,000 - 12,690 - 3,260

= $8,050

Under Accrual basis:

= Revenue for the year - Expenses for the year

= 31,700 - 16,600

= $15,700

Click this link to view O*NET’s Skills section for General and Operations Managers. Note that common skills are listed toward the top and less common skills are listed toward the bottom. According to O*NET, what are common skills needed by General and Operations Managers? Select four options.

speaking

critical thinking

active listening

computer repair

reading comprehension

equipment selection

Answers

Answer:

i got bcde

Explanation:

abce

Explanation:

Describing Skills for General and Operations Managers

Wings Co. budgeted $570,000 manufacturing direct wages, 3,000 direct labor hours, and had the following manufacturing overhead:
Overhead Cost Budgeted Budgeted Level for Overhead
Pool Overhead Cost Driver Cost Driver
Cost
Materials handling $188,000 4,700 pounds Weight of materials
Machine setup 21,600 540 setups Number of setups
Machine repair 1,260 31,500 machine
hours Machine hours
Inspections 12,400 310 inspections Number of inspections
Requirements for Job 971 which manufactured 4 units of product:
Direct labor 20 hours
Direct materials 130 pounds
Machine setup 30 setups
Machine hours $15.000 machine hours
Inspections 15 inspections
1. Using ABC, overhead cost assigned to Job #971 for machine setup is:____.
a. $2,300.
b. $990.
c. $6,500.
d. $690.
e. $1,020 .
2. Using ABC, overhead cost assigned to Job #971 for machine repair is:____.
a. $2,300.
b. $990.
c. $6,500.
d. $690.
e. $1,020.

Answers

Answer:

Results are below.

Explanation:

First, we need to calculate the allocation rates:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Machine setup=  21,600/540= $40 per setup

Machine repair= 1,260/31,500= $0.04 per machine hour

Now, we can allocate costs to Job 971:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Machine setup= 40*30= $1,200

Machine repair= 0.04*15,000= $600

Speedy Delivery Company purchases a delivery van for $32,000. Speedy estimates that at the end of its four-year service life, the van will be worth $6,000. During the four-year period, the company expects to drive the van 130,000 miles. Actual miles driven each year were 35,000 miles in year 1 and 38,000 miles in year 2.

Required:
Calculate annual depreciation for the first two years of the van using each of the following methods.

Answers

Answer:

(1) Straight-line.

Year 1 depreciation expense = $6,500

Year 2 depreciation expense = $6,500

(2) Double-declining-balance.

Year 1 depreciation expense = $16,000

Year 2 depreciation expense = $8,000

(3) Activity-based.

Year 1 depreciation expense = $7,000

Year 1 depreciation expense = $7,600

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Speedy Delivery Company purchases a delivery van for $32,000. Speedy estimates that at the end of its four-year service life, the van will be worth $6,000. During the four-year period, the company expects to drive the van 130,000 miles. Actual miles driven each year were 35,000 miles in year 1 and 38,000 miles in year 2.

Required:

Calculate annual depreciation for the first two years of the van using each of the following methods.

(1) Straight-line.

(2) Double-declining-balance.

(3) Activity-based.

The explanation of the answers is now given as follows:

(1) Straight-line.

Depreciable amount = Cost of the delivery van – Salvage value = $32,000 - $6,000 = $26,000

Annual depreciation rate = 1 / Number of useful years = 1 / 4 = 0.25, or 25%

Year 1 depreciation expense = Depreciable amount * Annual depreciation rate = $26,000 * 25% = $6,500

Year 2 depreciation expense = Depreciable amount * Annual depreciation rate = $26,000 * 25% = $6,500

(2) Double-declining-balance.

Note: The salvage value is taken care of in the computation of the depreciation expense for the last useful year under the double-declining-balance method.

Therefore, we have:

Cost of the delivery van = $32,000

Annual depreciation rate = Straight line annual depreciation rate * 2 = 25% * 2 = 50%

Year 1 depreciation expense = Cost of the delivery van * Annual depreciation rate = $32,000 * 50% = $16,000

Book value at the end of year 1 = Cost of the delivery van - Year 1 depreciation expense = $36,000 - $16,000 = $16,000

Year 2 depreciation expense = Book value at the end of year 1 * Annual depreciation rate = $16,000 * 50% = $8,000

(3) Activity-based.

Depreciable amount = Cost of the delivery van – Salvage value = $32,000 - $6,000 = $26,000

Depreciation rate = Actual miles driven each year / Expected driven miles for four years ……….. (1)

Depreciation expense for each year = Depreciable amount * Depreciation rate …………… (2)

Using equations (2), we have:

Year 1 depreciation expense = $26,000 * (35,000 / 130,000) = $7,000

Year 1 depreciation expense = $26,000 * (38,000 / 130,000) = $7,600

Anna Conda purchased a new Toyota Tundra pickup truck for $45,000 and financed $41,000 with a 5 year, 3.5% loan. Following the format of the loan disclosure statement, answer the following question. What is the total of all of the loan payments made?

Answers

Answer:

Anna Conda

The total of all the loan payments made is

= $48,708.

Explanation:

a) Data and Calculations:

Cost of the new Toyota Tundra pickup truck = $45,000

Loan to finance the purchase of the truck = $41,000

Period of loan = 5 years

Interest rate on the loan for financing the purchase = 3.5%

Future Value Factor at 3.5% for 5 years from a FV table = 1.188

Future Value of the loan = $41,000 * 1.188 = $48,708

The total interest on the loan = $7,708 ($48,708 - $41,000)

Based on the available data, the total of all of the loan payments made would be:

$48,708.

According to the given question, we need to find the total of all the loan payments which have been made by Anna Conda based on her purchase of a new Toyota Tundra and her repayment plan.

As a result of this, we can see that we would use the available data to make the necessary calculations which would be first listed out as:

Price of the truck= $45,000

Loan gotten= $41,000

Time duration of loan= 5 years

Interest rate= 3.5%

Future Value at 3.5% for 5 years would be= 1.19

Therefore, the FV of the loan would be $41,000 x 1.19 = $48,708

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A company paid an old bill from a previous month for $300 cash. The effect of this transaction in the basic accounting equation is *
A decrease in Cash and an increase in Accounts Payable
A decrease in Cash and an increase in Owner’s Capital
An increase in Accounts Payable and a decrease in Owner’s Capital
None of the above

Answers

Answer:

None of the above

Explanation:

Given the situation described above in the question and considering the available options, the right answer to

-The effect of this transaction in the basic accounting equation is that "the account payable decreases and the cash increases"

This answer is not part of the available option. Hence, the correct answer is "None of the above"

Ziva is an organic brocolli farmer, but she also spends part of her day as a professional organizing consultant. As a consultant, Ziva helps people organize their houses. Due to the popularity of her home-organization services, Farmer Ziva has more clients requesting her services than she has time to help if she maintains her farming business. Farmer Ziva charges $40 an hour for her home-organization services. One spring day, Ziva spends 9 hours in her fields planting $130 worth of seeds on her farm. She expects that the seeds she planted will yield $300 worth of brocolli.

Required:
What is the total opportunity cost of the day that Farmer Ziva spent in the field planting brocolli?

Answers

Answer:

$790

Explanation:

$300 --- ($40 * 9 hours) + 130

Add

300 + 130

430

Then, multiply

40 and 9

= 360.

Therefore, Add the results together to get your answer, which is $790

uestion 31 Oriole Company has the following inventory data: July 1 Beginning inventory 114 units at $19 $2166 7 Purchases 399 units at $20 7980 22 Purchases 57 units at $22 1254 $11400 A physical count of merchandise inventory on July 30 reveals that there are 190 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is $3686. $3914. $7486. $7714.

Answers

Answer:

$7,714

Explanation:

The computation of the cost of good sold under LIFO method is shown below

But before that following calculations need to be done

Goods sold = Beginning inventory + Purchases - Ending inventory

= 114 + (399 + 57) - 190

= 380 units

Now 380 units sold would include 57 units of July 22 purchases and balance i.e. (380-57)  323 units of July 7 purchases

So, cost of goods sold

= (57 × 22) + (323 ×20)

= $7,714

Which of the following statements is CORRECT?
a. Suppose you are managing a stock portfolio, and you have information that leads you to believe the stock market is likely to be very strong in the immediate future. That is, you are convinced that the market is about to rise sharply. You should sell your high-beta stocks and buy low-beta stocks in order to take advantage of the expected market move.
b. Collections Inc. is in the business of collecting past-due accounts for other companies, i.e., it is a collection agency. Collections' revenues, profits, and stock price tend to rise during recessions. This suggests that Collections Inc.'s beta should be quite high, say 2.0, because it does so much better than most other companies when the economy is weak.
c. Suppose the returns on two stocks are negatively correlated. One has a beta of 1.2 as determined in a regression analysis using data for the last 5 years, while the other has a beta of %u22120.6. The returns on the stock with the negative beta must have been negatively correlated with returns on most other stocks during that 5-year period.
d. If the market risk premium remains constant, but the risk-free rate declines, then the required returns on low-beta stocks will rise while those on high-beta stocks will decline.
e. You think that investor sentiment is about to change, and investors are about to become more risk averse. This suggests that you should rebalance your portfolio to include more high-beta stocks

Answers

Answer: C. Suppose the returns on two stocks are negatively correlated. One has a beta of 1.2 as determined in a regression analysis using data for the last 5 years, while the other has a beta of %u22120.6. The returns on the stock with the negative beta must have been negatively correlated with returns on most other stocks during that 5-year period.

Explanation:

From the options given, the correct option is option C "Suppose the returns on two stocks are negatively correlated. One has a beta of 1.2 as determined in a regression analysis using data for the last 5 years, while the other has a beta of %u22120.6. The returns on the stock with the negative beta must have been negatively correlated with returns on most other stocks during that 5-year period".

Option A is wrong because when there is information that a particular stock will be strong in the future, one should not sell your high-beta stocks and buy low-beta stocks rather the low best stocks should be sold and high beta stocks should be bought.

Option B is wrong because during recession, collections' revenues, profits, and stock price tend to fall and not rise. During recession, there is decrease in economic growth, unemployment and other negative effects in the economy.

Option D and E are wrong as well as the reverse is the case in both situations. The correct option is C.

Olivia believes that the employees in her company require constant supervision and are not naturally motivated. She believes she should push them to reach their goals. Which theory of leadership can she utilize that would relate to her situation? Olivia can utilize in her company.

Answers

Answer:

Transformational Leadership Theory

The Transformational Leadership theory, also known as Relationship theories, focuses on the relationship between the leaders and followers. This theory talks about the kind of leader who is inspirational and charismatic, encouraging their followers to transform and become better at a task.

Transformational leaders typically motivated by their ability to show their followers the significance of the task and the higher good involved in performing it. These leaders are not only focused on the team's performance but also give individual team members the required push to reach his or her potential. This leadership theories will help you to sharp your Skill.

Transactional Theories

Transactional Theories, also referred to as Management theories or exchange theories of leadership, revolve around the role of supervision, organization, and teamwork. These theories consider rewards and punishments as the basis for leadership actions. This is one of the oft-used theories in business, and the proponents of this leadership style use rewards and punishments to motivate employees.

The theory of leadership she utilizes that would relate to her situation is Transformational leadership. This is further explained below.

What is Transformational leadership?

Generally, Transformational leadership is simply described as a style of leadership that affects both people and societal systems.

In conclusion, Transformational leadership is the leadership idea that Olivia may use in her position.

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Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors. An outside supplier has offered to sell one type of carburetor to Troy Engines, Ltd., for a cost of $34 per unit. To evaluate this offer, Troy Engines, Ltd., has gathered the following information relating to its own cost of producing the carburetor internally:
Per Unit 21,000 Units
Per Year
Direct materials $ 14 $ 294,000
Direct labor 12 252,000
Variable manufacturing overhead 2 42,000
Fixed manufacturing overhead, traceable 9 * 189,000
Fixed manufacturing overhead, allocated 12 252,000
Total cost $ 49 $ 1,029,000
Required:
1. Assuming the company has no alternative use for the facilities that are now being used to produce the carburetors, what would be the financial advantage (disadvantage) of buying 17,000 carburetors from the outside supplier?
2. Should the outside supplier’s offer be accepted?
3. Suppose that if the carburetors were purchased, Troy Engines, Ltd., could use the freed capacity to launch a new product. The segment margin of the new product would be $170,000 per year. Given this new assumption, what would be financial advantage (disadvantage) of buying 17,000 carburetors from the outside supplier?
4. Given the new assumption in requirement 3, should the outside supplier’s offer be accepted?

Answers

Answer:

Troy Engines, Ltd.

1. Financial advantage of buying from outside supplier = $51,000 ($629,000 - $578,000)

2. The outside supplier's offer should be accepted.

3. The financial advantage would increase by $170,000 to $221,000.

4. The outside supplier's offer should still be accepted.

Explanation:

a) Data and Calculations:

Outside supplier's selling price = $34 per unit

Costs of producing in-house:

                                                               Per Unit   21,000 Units     Per Year

Direct materials                                        $ 14      $ 294,000

Direct labor                                                  12         252,000

Variable manufacturing overhead               2           42,000

Fixed manufacturing overhead, traceable  9                *             189,000

Fixed manufacturing overhead, allocated 12                             252,000

Total cost                                                 $ 49    $ 1,029,000

Cost of buying 17,000 carburetors from the outside supplier at $34 per unit = $578,000

Relevant cost of making 17,000 carburetors in-house ($37 * 17,000) = $629,000

1. Financial advantage of buying from outside supplier = $51,000 ($629,000 - $578,000)

2. The outside supplier's offer should be accepted.

3. The financial advantage would increase by $170,000 to $221,000.

4. The outside supplier's offer should still be accepted.

The Tradition Corporation is considering a change in its cash-only policy. The new terms would be net one period. The required return is 2.4 percent per period. Based on the following information, what is the break-even price per unit that should be charged under the new credit policy? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Price per unit Cost per unit Unit sales per month
Current Policy $ 93 $ 44 2.675
New Policy ? $ 44 2,750

Answers

Answer:

The Tradition Corporation

The break-even price per unit that should be charged under the new credit policy is $95.23.

Explanation:

a) Data and Calculations:

Required rate of return = 2.4% per period

                             Price      Cost      Unit Sales    Total Sales   Total Cost

                          per unit  per unit   per month     Revenue

Current Policy      $ 93       $ 44        2,675         $248,775     $117,700

New Policy                ?        $ 44        2,750        

New price = $93 * 1.024 = $95.23

b) The new price of $95.23 with the required rate of return will ensure that revenue is not lost as a result of the new credit policy.  This implies that all things being equal, The Tradition Corporation would still be in a position to make the normal revenue that it was making under the cash policy.

Journalizing Purchases Transactions
Journalize the following transactions in a general journal:
May 3 Purchased merchandise from Reed, $6,780. Invoice No. 321, dated May 1,
terms n/30.
9 Purchased merchandise from Omana, $2,550. Invoice No. 614, dated May
8, terms 2/10, n/30.
18 Purchased merchandise from Yao Distributors, $2,100. Invoice No. 180,
dated May 15, terms 1/15, n/30.
23 Purchased merchandise from Brown, $5,240. Invoice No. 913, dated May
22, terms 1/10, n/30.

Answers

Answer:

May 3

Dr Purchases $6,780

Cr Accounts Payable/Reed $6,780

Invoice No. 321

May 9

Dr Purchases $2,550

Cr Accounts Payable/Omana $2,550

Invoice No. 614

May 18

Dr Purchases $2,100

Cr Accounts Payable/Yao Distributors $2,100

Invoice No. 180

May 22

Dr Purchases $5,240

Cr Accounts Payable/Brown $5,240

Invoice No. 913

Explanation:

Preparation of the purchase transactions in a general journal

May 3

Dr Purchases $6,780

Cr Accounts Payable/Reed $6,780

Invoice No. 321

May 9

Dr Purchases $2,550

Cr Accounts Payable/Omana $2,550

Invoice No. 614

May 18

Dr Purchases $2,100

Cr Accounts Payable/Yao Distributors $2,100

Invoice No. 180

May 22

Dr Purchases $5,240

Cr Accounts Payable/Brown $5,240

Invoice No. 913

We have implicitly assumed that Ace Airline starts paying the salary of $15,000 per month only at the end of the two-month school. Such a practice drew significant complaints from the trainees. Ace decided to change its practice and pay the trainees during the training session as well. How would the new policy change Ace's class size

Answers

Answer:

Ace Airline class size will increase as more trainees would be willing to work with Ace Airlines.

Explanation:

Ace airlines is paying trainees $15,000 per month after they complete their training. There was a complain by trainees that they are not paid for the training and the training expense is born by the trainees themselves. Ace decides to pay the trainees for the training sessions as well and this will attract more trainees to work for Ace.

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