Answer:
(D) Dr Sales Returns and Allowances 150,000
Cr Sales Refund Payable 150,000
Dr Inventory Returns Estimated 90,000
Cr Cost of goods sold 90,000
Explanation:
Based on the information given The adjusting Journal entry or entries to record the expected sales returns is (are):
Dr Sales Returns and Allowances 150,000
Cr Sales Refund Payable 150,000
[(8%*2,000,000)-10,000]
Dr Inventory Returns Estimated 90,000
Cr Cost of goods sold 90,000
[(8%*1,200,000-6,000]
A team has been assembled to work on the company's new marketing campaign. Bill, the creative one of the group, has been charged with coming up with ideas; Claire, who has a background in accounting, will take charge of the budget; and Fabi, a graphic design artist, will work on the promotion layout. This division of labor is based on job specialization. work ethic. work coordination. the span of control.
Answer:
Job specialization.
Explanation:
Analyzing the scenario of the question above, it is possible to state that the division of labor related to this team is the division by specialization of labor.
The work subdivision that turns the general task into smaller tasks that will be the responsibility of just one member of the team, is called work specialization. This concept was very widespread by Taylor in scientific administration, as he believed that specialization increases the productivity and efficiency with which tasks are performed.
Becoming an expert in a task means that the employee will have enough competence, knowledge and technique to perform that task more quickly and effectively, which reduces organization costs with training, increases the team's speed, innovation and motivation .
how do i give brainlyest
Answer:
when you ask a question and you get one answer you cant give someone brainliest until another person answers and after two people answer you chose which one is the best by clicking the little crown in the upper right corner of their answers
Explanation:
ABC Company purchases DEF Company for $4,200,000 cash on January 1, 2021. The book value of DEF Company's net assets reported on its December 31, 2020 financial statement was $3,600,000. An analysis indicated that the fair value of DEF's tangible assets exceeded the book value by $600,000, and the fair value of identifiable intangible assets exceeded book value by $320,000. What amount of gain or goodwill is recognized by ABC
Answer:
$320,000
Explanation:
Calculation for What amount of gain or goodwill is recognized by ABC
Using this formula
Gain/Goodwill =[Tangible assets -( Cash - Net assets)+Fair value ]
Let plug in the formula
Gain/Goodwill =[$600,000-( $4,200,000- $3,600,000)+$320,000]
Gain/Goodwill=$600,000-$600,000+$320,000
Gain/Goodwill=$320,000
Therefore the amount of gain or goodwill is recognized by ABC will be $320,000
The Financial Calculator Company proposes to invest $12 million in a new calculator-making plant that will depreciate on a straight-line basis. Fixed costs are $3 million per year. A financial calculator costs $10 per unit to manufacture and sells for $30 per unit. If the plant lasts for four years and the cost of capital is 20 percent, what is the accounting break-even level of annual sales? (Assume no taxes.)
Answer:
the accounting break-even level of annual sales is 300,000 units
Explanation:
The computation of the accounting-break even level of annual sales is shown below"
= (Fixed cost + depreciation expense) ÷ (contribution margin per unit)
= ($3 million + ($12 million ÷ 4 years) ÷ ($30 - $10)
= $6 million ÷ $20
= 300,000 units
hence, the accounting break-even level of annual sales is 300,000 units
We simply applied the above formula so that the correct value could come
And, the same is to be considered
The indirect method for the preparation of the operating activities section of the statement of cash flows: Group of answer choices Is required if the company is a merchandiser. Must not be used in all circumstances. Reports net income and then adjusts it for items necessary to determine net cash provided or used by operating activities. Separately lists each major item of operating cash payments. Separately lists each major item of operating cash receipts.
Answer:
Reports net income and then adjusts it for items necessary to determine net cash provided or used by operating activities.
Explanation:
FASB is an acronym for Financial Accounting Standards Board. The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors. It was founded in 1972 but began operations fully on the 1st of July, 1973 by replacing the Accounting Principles Board (APB) and American Institute of Certified Public Accountants (AICPA).
When the operating activities section of the statement of cash flows is reported using the indirect method, the FASB requires that, you report net income and then adjusts it for items necessary to determine net cash provided or used by operating activities.
Hence, the indirect method for the preparation of the operating activities section of the statement of cash flows reports net income and then adjusts it for items necessary to determine net cash provided or used by operating activities.
Some examples of operating activities are cash revenue from the sales of a product, cash paid as an expense for merchandise etc.
g CVP analyses (18 points) MusicWizard, Inc. manufactures and sells trombones with the following price and cost characteristics: Selling price per unit $125.00 Variable manufacturing cost per unit $50 Variable marketing cost per unit $25 Total fixed manufacturing costs $100,000 Total fixed administrative costs $80,000 a. How many units of products must MusicWizard sell to make an operating profit of $120,000 for the year
Answer:
Break-even point in units= 6,000
Explanation:
Giving the following information:
Selling price per unit $125.00
Total unitary variable cost= $75
Total fixed costs= $180,000
Desired profit= $120,000
To calculate the number of units to be sold, we need to use the following formula:
Break-even point in units= (fixed costs + desired profit) / contribution margin per unit
Break-even point in units= (180,000 + 120,000) / (125 - 75)
Break-even point in units= 6,000
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Sheffield Corp. bought a machine on January 1, 2011 for $814000. The machine had an expected life of 20 years and was expected to have a salvage value of $82000. On July 1, 2021, the company reviewed the potential of the machine and determined that its future net cash flows totaled $408000 and its fair value was $273000. If the company does not plan to dispose of it, what should Sheffield record as an impairment loss on July 1, 2021
Answer:
$156,700
Explanation:
Depreciation expense = [Cost-salvage value] /useful life
Depreciation expense = [814000 - 82000]/20
Depreciation expense = $36600
1 January 2011 - 1 July 2021 = 10.5 years . Total depreciation = 10.5 * $36600= 384,300
Book value as on 1 July 2021 = Cost - Accumulated depreciation
Book value as on 1 July 2021 = 814000-384300
Book value as on 1 July 2021 = 429700
Net realizable value = Lower of future cash flow or fair value
Lower of 408000 or 273000
Net realizable value = 273000
Now, since the Book value is more than net realizable value, Asset is impaired
Impairment loss = $273,000 - $429,700
Impairment loss = $156,700
Thus, Sheffield should record $156,700 as an impairment loss on July 1, 2021.
Calistoga Produce estimates bad debt expense at 0.20% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,620, respectively, at December 31, 2020. During 2021, Calistoga's credit sales and collections were $327,000 and $308,000, respectively, and $1,740 in accounts receivable were written off. Calistoga's accounts receivable at December 31, 2021, are:
Answer:
$488,260
Explanation:
Calculation for Calistoga's accounts receivable at December 31, 2021
Accounts Receivable 1/1/2021 $471,000
Credit sales$327,000
Less Collections (308,000)
Less Write-offs (1,740)
Accounts Receivable 12/31/2021 $488,260
Therefore Calistoga's accounts receivable at December 31, 2021, are:$488,260
A- graph A only
B graph B only
C graph c only
D graph B and C
Answer:
the answer is believe ably c
HP20 Corporation is considering permanently shutting down a department that has an annual contribution margin of $30,000 and $70,000 in annual fixed costs.
Of the fixed costs, $12,000 cannot be avoided.
What would be the annual financial advantage (disadvantage) for HP20 Corporation. if the company shuts down the department?
Answer: Financial advantage of $28,000
Explanation:
The segment margin is;
= Contribution margin - fixed costs + unavoidable fixed cost
= 30,000 - 70,000 + 12,000
= -$28,000
Eliminating the department would eliminate the negative segment margin of $28,000 which means that net income will increase by that much making it a financial advantage.
Conducting a survey of your friends to see how many might go to a trampoline park is an example of
Answer: Primary research
Explanation: Primary research is defined as the type of research where the person himself collects information. In this type of research, surveys, observation, and interviews are used.
In the primary research, the information is collected directly and not depending on other research that has been done previously. One of the advantages of this research is that it is carried out around a specific problem and with this information find a solution.
Chang, an Non Resident Alien, is employed by Fisher, Inc., a foreign corporation. In November, Chang spends 10 days in the US performing consulting services for Fisher’s U.S. branch. She earns $5,000 per month. A month includes 20 workdays. How much is her U.S.-sourced income, is it exempt or non-exempt, and why?
Answer and Explanation:
The computation of the amount considered as US sourced income is as follows;
= $5,000 × 10 days ÷ 20 days
= $2,500
The following are the requirement related to the fully exempt US source income is as follows:
1. The service should be perfomed by an United States NRA for 90 days or less
2. The compensation should not be more than $3,000
3. The service should be performed on behalf of
a. NRA, foreign corporation or partnership who not engaged in US trade
b. The office should be maintained in US by an individual who should be the citizen of US
So the same is not allowed for exemption
Sunland, Inc. had pre-tax accounting income of $2100000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from Jane, Co. for 2022 $90000 Municipal bond income $114000 Depreciation for tax purposes in excess of book depreciation $54000 Installment sales profit to be taxed in 2022 $156000 For 2021, what is the amount of income taxes payable for Sunland, Inc
Answer:
Income Taxes Payable = $373,200
Explanation:
Taxable Income = Pre-Tax Accounting Income + Rent received - Municipal Bond Income - Tax Depreciation in excess of Book depreciation - Installment Sales Profit to be taxed in 2022
Taxable Income = 2100000 + 90000 - 114000 - 54000 - 156000
Taxable Income = 1,866,000
Income Taxes Payable = Taxable Income * Tax Rate
Income Taxes Payable = 1,866,000 * 20%
Income Taxes Payable = $373,200
Lowell Inc. had a receivable from a foreign customer that is due in the local currency of the customer (stickles). On December 31, 2021, this receivable for §200,000 was correctly included in Lowell’s balance sheet at $167,000. When the receivable was collected on February 15, 2022, the U.S. dollar equivalent was $181,000. In Lowell's 2022 consolidated income statement, how much should have been reported as a foreign exchange gain?
Answer:
the amount reported as a foreign exchange gain is $14,000
Explanation:
The computation of the amount reported as a foreign exchange gain is shown below;
= receivables as on Feb 15 2022 - receivable as on December 31 2021
= $181,000 - $167,000
= $14,000
hence, the amount reported as a foreign exchange gain is $14,000
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Thought of the Day:
“If everything was perfect, you would never learn and you would never grow.” – Beyoncé
Joke of the Day:
What’s worse than finding a worm in your apple? Finding half a worm.
Random Fact of the Day:
Johnny Cash took only three voice lessons before his teacher advised him to stop taking lessons and to never deviate from his natural voice.
Journal Entry Idea:
What would you do if you were able to communicate with animals?
Answer:
talk to my dog, I think it would be entertaining
Answer:
Thought of the Day:
"People who wonder whether the glass is half empty or half full are missing the point. The glass is REFILLABLE."
Joke of the Day:
Why did the nurse need a red pen at work? In case she needed to draw blood.
Random Fact of the Day:
A giraffe's neck is (ironically) too short to reach the ground..
Journal Entry:
I were able to every communicate with animals, I would try my hardest to win them all over and convince them that they are all loved in the world.
Explanation:
This question was extremely fun! Thank you for posting! :)
Analysts look for red flags in financial statements that may signal financial trouble. Which of the following is a red flag that suggests that a company may be in trouble? A. a consistent movement in sales, merchandise inventory, and accounts receivable B. operating activities are a major source of cash flows C. a significant decrease in net income for several years in a row D. a reduction in the debt ratio
Answer:
C. a significant decrease in net income for several years in a row
Explanation:
A significant decrease in net income for several years in a row show that the firm is generating less revenue or its expenses are generally increasing at a rate greater than the sales. This may soon lead into a loss. A loss making firm will eventually have challenges in cashflow. So, this signals financial trouble.
Bruno's Lunch Counter is expanding and expects operating cash flows of $28,500 a year for 6 years as a result. This expansion requires $95,800 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project requires $7,000 of net working capital throughout the life of the project. What is the net present value of this expansion project at a required rate of return of 10 percent
Answer:
$25,276
Explanation:
The computation of the net present value is shown below:
The Present value of inflows is
= Cash inflow × Present value of discounting factor (rate% , number of years)
= $28,500 ÷ 1.1 + $28,500 ÷ 1.1^2 + $285,00 ÷ 1.1^3 + $28,500 ÷ 1.1^4 + $28,500 ÷ 1.1^5 + $28,500 ÷ 1.1^6 + $7,000 ÷ 1.1^6
= $128,076.25
And,
Present value of outflows is
= $95,800 + $7,000
= $102,800
So
As we know that
NPV = Present value of inflows - Present value of outflows
= $128,076.25 - $102,800
= $25,276
A company has two products: A1 and B2. It uses activity-based costing and has prepared the following analysis showing budgeted cost and activity for each of its three activity cost pools:
Budgeted Activity
Activity Cost Pool Budgeted Cost Product A1 Product B2
Activity 1 $60,000 2,400 6,000
Activity 2 $75,000 3,440 5,960
Activity 3 $104,000 8,400 2,000
Annual production and sales level of Product A1 is 9,680 units, and the annual production and sales level of Product B2 is 23,510 units. What is the approximate overhead cost per unit of Product B2 under activity-based costing?
A) $7.14
B) $7.98
C) $10.00
D) $13.28
E) $4.70
Answer:
The overhead cost per unit of product A1 under activity based costing is $13.53
Explanation:
This is a good question to ask during an interview A) How many vacation days do I get? B) What kind of products or services do you provide? C) How many hours of training will I need? D) None of the above
Answer:
C) How many hours of training will I need?
An agency contract is terminated by an act of the parties when the principal and the agent have mutually agreed on:
Answer:
Termination.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
Hence, it is an important criteria that parties to a contract should be in agreement before proceeding to execute the terms in the contract.
In a nutshell, mutual assent connotes agreement, acceptance and consent to a contract by both parties.
Therefore, an agency contract is terminated by an act of the parties when the principal and the agent have mutually agreed on termination.
An agency contract is terminated by an act of the parties when the principal and the agent have mutually agreed on termination of Agency.
Termination of Agency is often done sometimes by operation of Law. This is done on the death of either the agent or the principal, the agency is rightly terminated as a person cannot act on behalf of non-existent person.The parties can terminate the agency through mutual agreement. An agency relationship often needs the mutual assent of the parties and both the parties is entitled to the power to withdraw their assent.
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On May 10, 2020, Cullumber Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $1,810 on July 15, 2020. The cost of the goods is $1,050. Cullumber delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Cullumber related to this contract. Either party may terminate the contract without compensation until one of the parties performs.
Answer:
Date Particular Debit Credit
May 10, 2020 No Entry (Note 1) $0 $0
(To record contact entered into)
June 15, 2020 Account Receivable A/c $1,810
To Sales Revenue A/c $1,810
(To record Sales)
June 15, 2020 Cost of goods sold A/c. $1,050
To Inventory A/c $1,050
(To record cost of goods sold)
July 15, 2020 Cash A/c $1,810
To Account Receivable A/c $1,810
(To record payment received)
All of the following actions lead to the payment of a credit card fee EXCEPT...
I need the picture so I can see it
Answer:
D
Explanation:
paying your credit card bill in full and on time every month
paying your bills on time is a great way to create a good credit score so paying what you owe wont get you a fee since your doing a good thing.
The broad scope seeks to attract a large group of applicants who have a high probability possessing the characteristics that are needed to perform a specific job and qualifications are specific and specialized.
A. True
B. False
Privett Company Accounts payable $34,234 Accounts receivable 69,135 Accrued liabilities 6,513 Cash 15,673 Intangible assets 43,529 Inventory 71,631 Long-term investments 90,421 Long-term liabilities 76,608 Marketable securities 31,804 Notes payable (short-term) 21,712 Property, plant, and equipment 614,336 Prepaid expenses 1,617 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point
Answer:
1.87%
Explanation:
Based on the above information, the formula for Quick ratio is
= ( Cash + Marketable securities + Accounts receivables ) / Current liabilities
Where;
Cash = $15,673
Marketable securities = $31,804
Accounts receivables = $69,135
Current liabilities = Accounts payable + Accrued liabilities + Notes payable
= $34,234 + $6,513 + $21,712
= $62,459
Quick ratio
= ($15,673 + $31,804 + $69,135) / $62,459
= $116,612 / $62,459
= 1.87%
What is “active listening”?
Answer:
Active listening is a technique that is used in counseling, training, and solving disputes or conflicts
Answer:
an active listener fully concentrates, understands, responds and then remembers what is being said. It is being an active participant in the conversation. It differs from passive listening in that the person is making a conscious effort to not only remember what is being said but also fully comprehend it.
Explanation:
Xanthe Corporation had the following transactions occur in the current year: 1. Cash sale of merchandise inventory. 2. Sale of delivery truck at book value. 3. Sale of Xanthe common stock for cash. 4. Issuance of a note payable to a bank for cash. 5. Sale of a security held as an available-for-sale investment. 6. Collection of loan receivable. How many of the above items will appear as a cash inflow from investing activities on a statement of cash flows for the current year
Answer:
How many of the above items will appear as a cash inflow from investing activities on a statement of cash flows for the current year?
- Sales of delivery truck at book value.
- Sale of a security held as an available-for-sale investment.
- Collection of loan receivable
Cash flow from investing activities is the section that shows the cash generated or spent relating to investment activities.
multiple participants in a particular product's supply chain, the job of managing that integration is called ____.
Answer:
supply chain management
Explanation:
Supply chain management consists of drawing up control plans and actions that assist in the efficiency and effectiveness of the supply chain. As a supply chain is a set of integrated activities to achieve a final objective, it is necessary that each functional area of the chain is properly managed, tracing the best parameters and operations to all activities, coordinating and controlling resources and raw materials. raw materials to reduce costs and waste along the chain, faster processes, less stock, more training for those in charge, technology that facilitates work, etc., that is, management actions that provide continuous improvement, so that supply chain reaches the main goal of delivering the final product in the right quality, in the right quantity, at the right time to the right customer.
A teacher buys 4.25 ounces of a compound for an experiment. The compound costs $5.76 per ounce. The teacher pays with a $50 bill. How much change does the teacher receive?
Answer:
hi!!!
$21.88 is the answer!!!
hope it helps!!!
Based on the module, describe three strategies that can help you use credit wisely.
The number of individuals who experience credit problems has grown in recent years. What factors have contributed to this growth? What should be done to reduce this
Answer:
If you're talking about credit card for the first question here u go... Spend within your means. The best way to avoid credit card debt is to pay your balance in full each month.Make monthly payments on time. ...Keep a low utilization ratio. Understand your credit card terms. Don't open too many accounts in a short period of time.
Explanation:
....
I hope this is helpful?