Answer:
Initial Investment= $94,769.7
Explanation:
Giving the following information:
Annual payment (A)= $25,000
Interest rate (i)= 10%
Number of periods (n)= 5 years
To calculate the initial investment, we need to use the following formula:
PV= A*{(1/i) - 1/[i*(1 + i)^n]}
PV= 25,000*{(1/0.1) - 1/[0.1*(1.1^5)]}
PV= $94,769.7
If you advertise and your rival advertises, you each will earn $4 million in profits. If neither of you advertises, you will each earn $10 million in profits. However, if one of you advertises and the other does not, the firm that advertises will earn $1 million and the non-advertising firm will earn $5 million. If you and your rival plan to be in business for only one year, the Nash equilibrium is: _______.
a. for your firm to advertise and the other not to advertise.
b. for neither firm to advertise.
c. for each firm to advertise.
d. None of the answers is correct.
Answer:
D. None of the answers is correct.
Explanation:
Identify whether each of the following statements is or is not a provision of Occupational Safety and Health Act (OSHA).
a. Employers can be cited and fined for not complying with OSHA workplace standards.
b. OSHA is authorized to enter, after a one-month delay, any factory, plant, establishment, construction site or other areas, workplace, or environment where work is performed by an employee of an employer to inspect or investigate.
c. OSHA is authorized to inspect and investigate during work hours at any place of employment and all pertinent conditions and to question privately any employer, owner, operator, agent, or employee.
Answer:
a. PROVISION.
Under OSHA, an employee can be cited, fined or docked pay if they refuse to comply with the standards as these are to help save lives and maintain an accident free workplace.
b. NOT A PROVISION.
OSHA is authorized to act immediately and enter without any delay, into any workplace in order to investigate to see if they are enforcing OSHA provisions.
c. PROVISION.
In order to be as effective as possible. OSHA is allowed to inspect and investigate during work hours as well as off work hours in order to ensure that regulations are followed at all times.
in 2020, Mathis Co. at the first year of operations, has financial income of $1,200,000. It has an litigation expense of $3,000,000, and installment sales of $2,4000,000. The estimated litigation expense of $3,000,000 will be deductible in 2022 when it is expected to be paid. The installment sales will be realized in the amount of $1,200,000 in each of the next two years. The income tax rate is 20% for all years. what is tax payable for 2020
Answer:
Mathis Co.
The Tax payable for 2020 is:
= $1,320,000
Explanation:
a) Data and Calculations:
2020 Financial income = $1,200,000
add Litigation expense 3,000,000
add installment sales 2,400,000
Adjusted taxable income $6,600,000
Income tax rate = 20%
Tax payable for 2020 = $1,320,000
b) The litigation expense was deducted from the financial income. This is added back to the income. Installment sales were not included in the revenue for the financial income of 2020. This is also added to the financial income. The net result is the figure for taxable income. This forms the basis for the application of the income tax rate of 20%.
Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2020, for $115,000. On December 12, 2020, Kevin purchases an additional 750 shares of Bluebird stock for $80,500. According to market quotations, Bluebird stock is selling for $115 per share on 12/31/20. Kevin sells 500 shares of Bluebird stock on March 1, 2021, for $64,400.
Required:
a. What is the adjusted basis of Kevin’s Bluebird stock on December 31, 2020?
b. What is Kevin’s recognized gain or loss from the’ sale of Bluebird stock on March 1, 2021, assuming dial the shares sold are from the shares purchased on December 12, 2020?
c. What is Kevin’s recognized gain or loss from the sale of Bluebird stock on March 1, 2021, assuming that Kevin cannot adequately identify the shares sold?
Answer:a)$195,500 b) $10,735 c)$6,900
Explanation
a)adjusted basis of Kevin’s Bluebird stock on December 31, 2020?
1,000 shares was bought for $115,000
Therefore it was bought at $115 per share
Also
750 shares was bought at $80,500 and therefore bought at 107.33 per share
So in total of 1750 shares, He spent $195,500 ($115,000+ $80,500)
b.On December 12, 2020,he bought shares at 107.33 per share
500 shares would be 500 x $107.33=$53, 665
Therefore, Kevin’s recognized gain or loss from the’ sale of Bluebird stock on March 1, 2021 would be
$64,400- $53, 665 = $10,735
c.Assuming he cannot identify the shares sold, then we can say they are sold on a FIFO ( first in first out) basis. So we would consider the shares bought on October 3, 2020
so we have that
500 x $115=$57,500
$64,400 - $57,500 = $6,900
Seidman Company manufactures and sells 20,000 units of product X per month. Each unit of product X sells for $17 and has a contribution margin of $8. If product X is discontinued, $45,000 in fixed monthly overhead costs would be eliminated and there would be no effect on the sales volume of Seidman Company's other products. If product X is discontinued, Seidman Company's monthly income before taxes should:
Answer:
Effect on income= $115,000 decrease
Explanation:
Giving the following information:
Fixed costs= $45,000
Number of units= 20,000
Unitary contribution margin= $8
To calculate the effect on income, we need to use the following formula:
Effect on income= decrease in fixed costs - decrease in contribution margin
Effect on income= 45,000 - 20,000*8
Effect on income= $115,000 decrease
what are examples of body language
Answer:
Biting nails, putting your hands on your cheek, touching your nose, rolling eyes, and this list is endless.
Explanation:
Body language is something everybody uses every day. It is a type of nonverbal communication in which physical behavior is used to express or convey. Most people use it if they don't want to express themselves in words.
Write a conversation between florist and customer for ordering a bouquet to gift for mom on Mother's Day - write with etiquette
Answer:
sorry sir you would have to do this on your own
Your friend Brian just graduated from medical school. He is excited to begin his new career but is worried about how he will be able to pay back his nearly $150000 in student loans if he were to become disabled. You have recommended a long-term own-occupation disability policy. Approximately how much will Brian pay per month in premiums for this type of policy if the monthly benefit is $6800
Answer:
$204
Explanation:
Monthly benefit = $6800
Monthly premium = monthly benefit * 3%
= 6800 * 3% = $204
Brian just graduated from school.
and under own occupation disability policy ranges between 1% to 3%.
since Brian is worried about his ability to pay back his student loan if he gets disabled we will assume that Brian has a higher risk to injury therefore he will most likely contribute more to his premium which ≈ $204
Suppose an economy has two industries producing corn (c) and tractor (t). The production functions for the two industries are.
Yc = min (Lc/2, Kc/1) and Yt = min (Lt/2.5, Kt/3),
where Li and Ki are the amount of labor and capital used in industry i (i = c, t). Constraints for labor and capital endowments are given as follows:
Lc + Lt ≤ 63 and Kc + Kt ≤ 42.
Derive the production transformation curve and show the output vector (Yc, Yt) that corresponds to full employment of both factors? (10 marks)
What range of output price ratio (Pc/Pt) is consistent with the full employment of both factors simultaneously? (10 marks)
Answer:
The answer would be y/b
Explanation:
Its really simple
Although RICO was passed to prevent gangsters from taking money they earned illegally and investing it in legitimate businesses, it is now often used against businesspeople who break the law.
a) true
b) false
Grant Corporation is looking to purchase a building costing $1,300,000 by paying $500,000 cash on the purchase date, and agreeing to make payments every quarter for the next five years. The first payment is due three months after the purchase date. Grant's borrowing rate for this transaction is 8% (this is an annual interest rate). Required: Calculate how much each of the payments should be.
Answer:
Grant Corporation
The payments should be $42,133.16 every quarter.
Explanation:
a) Data and Calculations:
Building cost = $1,300,000
Down payment = $500,000
Interest rate = 8% per year
Payment terms = quarter for 5 years
From an online calculator, the payments should be:
N (# of periods) 20
I/Y (Interest per year) 2
PV (Present Value) 800000
FV (Future Value) 0
Results
PMT = $42,133.16
Sum of all periodic payments $842,663.23
Total Interest $42,663.23
A company has developed a new gadget. If the gadget is successful, the present value of the payoff (at the time the product is brought to market) is $6.2 million. If the gadget fails, the present value of the payoff is $1.80 million. If the gadget goes directly to market, there is a 50 percent chance of success. Alternatively, the company can delay the launch by one year and spend $0.25 million to test-market the product. Test-marketing would allow the company to improve the product and increase the probability of success to 75%. The appropriate discount rate is 11%. Should the firm conduct test-marketing?
a. No, because NPV is lower by $0.25 million
b. No, because NPV is lower by approximately $0.31 million
c. No, because NPV is lower by approximately $0.11 million
d. Yes, because NPV is higher by approximately $0.34 million
e. Yes, because NPV is higher by approximately $0.19 million
Answer:
d. Yes, because NPV is higher by approximately $0.34 million
Explanation:
Calculation to determine whether the firm should conduct test-marketing
Calculation for Going directly to market:
Since there is a 50 percent chance of success First step is to calculate the Probability of failure
Probability of failure = 100% - 50%
Probability of failure = 50%
Now let calculate the NPV of going directly to market
NPV of going directly to market = 50% * $6.2 million + 50% * $1.80 million
NPV of going directly to market =$3,100,000+$900,000
NPV of going directly to market = $4,000,000
Calculation for Test marketing before going to market:
Since the probability of success is 75 percent the first step is to calculate the Probability of failure
Probability of failure = 100% - 75%
Probability of failure= 25%
Second step is to calculate Year 1 value
Year 1 value = 75% * $6.2 million + 25% * $1.80 million
Year 1 value=$4,650,000+$450,000
Year 1 value = $5,100,000
Now let calculate the NPV of test marketing before going to market
NPV of test marketing before going to market = $5,100,000 /(1 + 11%) - $250,000
NPV of test marketing before going to market=$4,344,595
Therefore based on the above calculation the firm should conduct test-marketing before going to the market because the NPV is higher by approximately $0.34 million ($4,344,595-$4,000,000)
Old Quartz Gold Mining Company is expected to pay a dividend of $8 in the coming year. Dividends are expected to decline at the rate of 2% per year. The risk-free rate of return is 6%, and the expected return on the market portfolio is 14%. The stock of Old Quartz Gold Mining Company has a beta of -0.25. The intrinsic value of the stock is
Answer:
$133.33
Explanation:
Cost of equity (Ke) = Rf + beta*(Rm-Rf)
Cost of equity (Ke) = 6% - 0.25*(14%-6%)
Cost of equity (Ke) = 4%
Cost of equity (Ke) = 0.04
According to the dividend distribution model Ke = D1/ P0 + g. P0 = D1/(ke-g, where D1 = 8, g = -0.02 and Ke = 0.04
P0 (Intrinsic price) = 8/(0.04+0.02)
P0 (Intrinsic price) = 8/0.06
P0 (Intrinsic price) = $133.33
Therefore, he intrinsic value of the stock is $133.33.
Robert is the sole shareholder and CEO of ABC, Inc., an S corporation that is a qualified trade or business. During the current year, ABC has net income of $287,000 after deducting Robert's $86,100 salary. In addition to his compensation, ABC pays Robert dividends of $200,900.
a. What is Robert's qualified business income?
b. Would your answer to part (a) change if you determined that reasonable compensation for someone with Robert's experience and responsibilities is $181,050?
Answer:
A. $287,000
B. $192,050
Explanation:
a. Based on the information givenwe were told that company ABC had net income of the amount of $287,000 after deducting Robert's salary of the amount of $86,100 which therefore means that ROBERT'S QUALIFIED BUSINESS INCOME will be the amount of $287,000.
b. Calculation to determine whether your answer to part (a) would change if you determined that reasonable compensation for someone with Robert's experience and responsibilities is $181,050
Based on the information given the amount of $192,050 will be the additional amount of salary that can be deducted which is Calculated as:
=[$287,000 - ($181,050-$86,100)]
=$287,000-$94,950
=$192,050
Yesterday, a company announced an unexpected decrease in dividend from $.0.10 per share to $0.09. The share price probably
A. fell because the change conveyed negative information about the firm’s future cash flows.
B. was unaffected because it is a small change and investors and managers do not worry about small changes in dividends.
C. rose because the investors would now receive more returns via capital gains and these gains are taxed at a lower rate.
D. rose because the decrease indicated the managers’ desire to de-emphasize dividends.
Answer:
A because its tells that it fell and it is the most likely reason
Which era came immediately after World War II?
Answer:
The postwar era, 1945-1950.
Cusic Music Company is considering the sale of a new sound board used in recording studios. The new board would sell for $24,700, and the company expects to sell 1,640 per year. The company currently sells 1,990 units of its existing model per year. If the new model is introduced, sales of the existing model will fall to 1,660 units per year. The old board retails for $23,100. Variable costs are 53 percent of sales, depreciation on the equipment to produce the new board will be $1,035,000 per year, and fixed costs are $3,250,000 per year. If the tax rate is 24 percent, what is the annual OCF for the project
Answer: $9,524,922
Explanation:
The annual OCF of the project will be calculated as
= EBIT + Depreciation - taxes
First, we have to calculate the EBIT which will be:
= [ $24,700 x 1,640 - ( 1,990-1,660 x $23,100 ]
= $40,508,000 - (330 × $23100)
= $40,508,000 - $7,623,000
= $ 32,885,000
Variable cost will then be:
= $32,885,000 × 53%
= $32,885,000 x 0.53
= $ 17,429,050
Therefore, EBIT will be:
= $32,885,000 - $ 17,429,050 - Fixed cost - depreciation
= $32,885,000 - $ 17,429,050 - $3,250,000 - $1,035,000
= $11,170,950
Then, we calculate the value of tax which will be:
= $11,170,950 x 0.24
= $2,681,028
Therefore, OCF will be:
= EBIT + Depreciation - taxes
= $11,170,950 + $1,035,000 - $2,681,028
= $9,524,922
You are considering buying one of two types of health insurance, both with the same premium. You guess that in the next year there is a 1 percent chance of serious illness that will cost you $67,500 in health care, a 9 percent chance of a moderate illness that will cost you $2,500, and a 90 percent chance of regular health care needs that will cost you $500. One type of health insurance is emergency-only coverage; it will cover your expenses for serious illness but not moderate illness or regular care. The other type covers moderate illness and regular expenses, but its payout is capped, so it will not cover the cost of a serious illness.
Required:
a. What is the expected value of payouts from the emergency-only insurance? $.
b. What is the expected value of payouts from the capped-coverage insurance? $.
c. Which is the more risk-averse option?
Answer and Explanation:
The computation is shown below:
a. The expected value of payout arise from emergency is
= 0.01 × $67,500
= $675
b. The expected value of payout arise from capped coverage insuance is
= (0.9 × $500) + (0.09 × $2,500)
= $675
c. The risk averse shows the minimum exposure with respect to the swings of the income or there would be the loss in the income. Since the payout amount is same in both the cases so here we considered option B
On March 1, Bartholomew Company purchased a new stamping machine with a list price of $87,000. The company paid cash for the machine; therefore, it was allowed a 5% discount. Other costs associated with the machine were: transportation costs, $3,000; sales tax paid, $6,520; installation costs, $1,850; routine maintenance during the first month of operation, $2,900. What is the cost of the machine
Answer:
$94,020
Explanation:
Calculation for the cost of the machine using the formula below:
Cost of the machine = New stamping machine - (New stamping machine × Discount percentage) + Transportation + Sales tax + Installation
= $87,000 - ($87,000 × 5%) + $3,000 + $6,520 + $1,850
= $87,000 - $4,350 + $3,000 + $6,520 + $1,850
= $94,020
Therefore, cost of the machine is $94,020
PRODUCT MIX DECISION, SINGLE CONSTRAINT
Sealing Company manufactures three types of DVD storage units. Each of the three types requires the use of a special machine that has a total operating capacity of 15,000 hours per year. Information on the three types of storage units is as follows:
Basic Standard Deluxe
Selling price $9.00 $30.00 $35.00
Variable cost $6.00 $20.00 $10.00
Machine hours required 0.10 0.50 0.75
Sealing Company's marketing director has assessed demand for the three types of storage units and believes that the firm can sell as many units as it can produce.
Required:
1. How many of each type of unit should be produced and sold to maximize the company's contribution margin? What is the total contribution margin for your selection?
2. Now suppose that Sealing Company believes that it can sell no more than 12,000 of the deluxe model but up to 50,000 each of the basic and standard models at the selling prices estimated. What product mix would you recommend, and what would be the total contribution margin?
Answer:
1.. Unit produce 20,000 deluxe units per year
Units sold $33.33
Total contribution margin $500,000
2. Basic 50,000 units
Standard 2,000 units
Deluxe 12,000 units
$470,000
Explanation:
1. Calculation to determine How many of each type of unit should be produced and sold to maximize the company's contribution margin? What is the total contribution margin for your selection?
BASIC STANDARD DELUXE
Price $9 $30 $35
Less Variable cost 6 20 10
=Contribution margin (A) 3 10 25
Machine hours (B) 0.1 0.5 0.75
Contribution margin per
machine hours (A/B) $30 $20 $33.33
Unit produce=(15,000/0.75)
Unit produce=20,000 deluxe units per year.
In order to maximize the company's contribution margin the company should sell deluxe unit with contribution margin of the amount of $ 33.33 per machine hour
Total contribution margin= 20,000 units,*$25
Total contribution margin= $500,000.
Therefore The amount of unit that should be produced is 20,000 units and $33.33 will be sold to maximize the company's contribution margin while the the total contribution margin for your selection is $500,000
2. Calculation to determine product mix would you recommend, and what would be the total contribution margin
The product mix to recommend will be:
Basic 50,000 units
Standard 2,000 units
Deluxe 12,000 units
Calculation to determine Total contribution margin
Total contribution margin= ($3 × 50,000) + ($25 × 12,000) + ($10 × 2,000)
Total contribution margin=$150,000+$300,000+$20,000
Total contribution margin = $470,000
Therefore Total contribution margin is$470,000
Which of the following adjustments to convert net income to net cash provided by operating activities is incorrect? Add to Net Income Deduct from Net Income A. Accounts Receivable decrease increase B. Prepaid Expenses increase decrease C. Inventory decrease increase D. Accounts Payable increase decrease
Answer:
B. Prepaid Expenses increase decrease
Explanation:
When the net income would be converted to net cash provided by operating activities so the above answer would be held incorrect
As the correct adjustment would be when there is decrease in the prepaid expense so the same would be added to the net income and when it increased so the same would be deducted from the net income
Therefore, the option b is correct
Hence, the other options would be incorrect
The daily operations of a corporation involved in producing and selling its product, generating revenues, as well as fundamental management and software maintenance, are referred to as operating activities. Fabrication, marketing, promotion, and branding are all important aspects of a company's operations.
The correct answer that is not in the context of the operating activities is B. Prepaid Expenses increase decrease
When net income is converted to net cash generated by operational operations, the answer given above is erroneous.
As the appropriate correction, when the prepaid expense lowers, it is credited to the net revenue, and when it grows, it is removed from the net earnings.
Therefore, option b is the correct answer.
To know more about the adjustments of the operating activities, refer to the link below:
https://brainly.com/question/25656124
Jayleen Company makes two products: Carpet Kleen and Floor Deodorizer. Operating information from the previous year follows. Carpet Kleen Floor Deodorizer Units produced and sold 6,000 5,000 Machine hours used 6,000 2,000 Sales price per unit $ 8 $ 13 Variable cost per unit $ 6 $ 10 Fixed costs of $38,000 per year are presently allocated equally between both products. If the product mix were to change, total fixed costs would remain the same. The contribution margin per machine hour for Floor Deodorizer is:
Answer:
$7.50 per machine hour
Explanation:
Calculation to determine what The contribution margin per machine hour for Floor Deodorizer is:
First step is to calculate the CM
CM = $13 – 10
CM= $3/ unit
Second step is to calculate Hours/ unit
Hours/ unit= 2,000 / 5,000
Hours/ unit= 0.4 hours
Now calculate the contribution margin per machine hour
Contribution margin per machine hour=$3/ 0.4 hours
Contribution margin per machine hour= $7.50 per machine hour
Therefore The contribution margin per machine hour for Floor Deodorizer is:$7.50 per machine hour
On the first day of 2021, Paccar had 100,000 shares of common stock outstanding. The following transactions occurred during 2021: March 1: Reacquired 2,000 shares, accounted for as treasury stock. September 30: Sold all the treasury shares. December 1: Sold 11,000 new shares for cash. December 31: Reported a net income of $287,750. Required: Calculate Paccar's basic earnings per share for the year ended December 31,
Answer:
Paccar
Earnings per share for the year ended December 31
= $2.59
Explanation:
a) Data and Calculations:
January 1, 2021:
Outstanding shares of common stock = 100,000
During 2021:
March 1 Treasury stock 2,000 shares
September 30 Treasury stock (2,000) shares
December 1 Issue of 11,000 new shares
December 31: Outstanding shares of common stock = 111,000
Reported net income = $287,750
Earnings per share for the year ended December 31 = Net income/Outstanding shares of common stock
= $287,750/111,000
= $2.59
Conclusions and recommendations are the most widely read sections of any report. Conclusions summarize and explain your findings and are the heart of your report. The ability to draw sound conclusions and make clear recommendations from your research is crucial to business success. Companies value employees who can analyze data and use it to help answer questions and solve problems.
1. When drawing conclusions, make sure you (use consistent evaluation criteria / are open to sensationalization or exaggeration / avoid relating them to the initial report problem).
Consider the scenario, and then answer the question.
You are making recommendations after researching and writing a report on sports club discounts and employee health.
2. What should you remember about your reader before preparing your recommendations?
A. Readers prefer specific, practical recommendations.
B. Readers may want to know how to implement the suggestions.
C. Readers should have no influence on how your recommendations are developed.
D. Readers prefer that your recommendations be shared indirectly.
E. Readers want to know how your data relate to the problem being studied.
Determine whether each of the following statements is the finding, the conclusion, or the recommendation.
Employee attrition rate after four years with our company is 35 percent, which is 17 percent higher than that of our aspirational peers. Typical employee promotions occur after five years in our company and after four years in competitive firms.
3. This is the (conclusion / finding / recommendation) .
We are losing trained and promising employees more often than our competition due to slow promotion practices within our company.
4. This is the (conclusion / finding / recommendation) .
Implement a leadership development program for promising new employees, and decrease the time before employees are eligible for promotion in order to retain the most promising employees.
5. This is the (conclusion / finding / recommendation) .
Answer:
Conclusions and Recommendations
1. When drawing conclusions, make sure to:
use consistent evaluation criteria
2. What to remember about the reader before preparing recommendations:
A. Readers prefer specific, practical recommendations.
3. This is the finding.
4. This is the conclusion.
5. This is the recommendation.
Explanation:
Findings in a report are the discoveries made about the subject. Conclusions are evidence-based summaries of the findings. They are the results of the research effort. Convincing conclusions always relate to the initial report problems. Recommendations are action points that should be followed to resolve the prevailing problems.
Most agency matters are resolved through adjudication.
False
True
Most agency matters are resolved through adjudication.
True.
Answer:
true is the required answer for your question
hope it helps you
Corporate structure may be defined as
A. the way a corporate building is structured
B. whether a company pays corporate taxes
C. the method a company uses to pay its employees
D. the way a businss is organized
Answer:
it is D. the way a business is organized
Explanation:
The corporate structure consists of several strata of positions with their own specific responsibilities within the company.
The end result of each position will be integrated with one another and all of them will contribute to whether company manages to achieve its goal or not.
Ocean Company estimated that April sales would be 150,000 units with an average selling price of $6.00. Actual sales for April were 149,000 units, and average selling price was $6.12. The sales revenue flexible budget variance was: A. $6,120 favorable. B. $17,880 favorable. C. $6,000 unfavorable. D. $17,880 unfavorable.
Answer:
B. $17,880 favorable.
Explanation:
Sales revenue flexible budget variance = (149,000 units × $6.12 per unit) − (149,000 units × $6.00 per unit)
Sales revenue flexible budget variance = $911,880 − $894,000 = $17,880 favorable
Since actual sales were greater than the flexible budget amount, the variance is favorable.
Analysis of Transactions Charles Chadwick opened a business called Charlie's Detective Service in January 20--. Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furniture; Accounts Payable; Charles Chadwick, Capital; Charles Chadwick, Drawing; Professional Fees; Rent Expense; and Utilities Expense. The following transactions occurred during the first month of business. Record these transactions in T accounts. After all transactions are recorded, foot and balance the accounts if necessary. (a) Invested cash in the business, $30,369. (b) Bought office supplies for cash, $379. (c) Bought office furniture for cash, $5,320. (d) Purchased computer and printer on account, $8,118. (e) Received cash from clients for services, $2,850. (f) Paid cash on account for computer and printer purchased in transaction (d), $3,615. (g) Earned professional fees on account during the month, $9,322. (h) Paid cash for office rent for January, $1,303. (i) Paid utility bills for the month, $889. (j) Received cash from clients billed in transaction (g), $6,442. (k) Withdrew cash for personal use, $2,823.
Answer:
Charlie's Detective Service
T-accounts:
Cash
Account Titles Debit Credit
Charles Chadwick, Capital $30,369
Office supplies $379
Office furniture 5,320
Professional Fees 2,850
Accounts Payable 3,615
Rent Expense 1,303
Utilities Expense 889
Accounts Receivable 6,442
Charles Chadwick, Drawing 2,823
Balance $25,332
Totals $39,661 $39,661
Accounts Receivable
Account Titles Debit Credit
Professional Fees $9,322
Cash $6,442
Balance $2,880
Office Supplies
Account Titles Debit Credit
Cash $379
Computer Equipment
Account Titles Debit Credit
Accounts Payable $8,118
Office Furniture
Account Titles Debit Credit
Cash $5,320
Accounts Payable
Account Titles Debit Credit
Computer and printer $8,118
Cash $3,615
Balance $4,503
Charles Chadwick, Capital
Account Titles Debit Credit
Cash $30,369
Charles Chadwick, Drawing
Account Titles Debit Credit
Cash $2,823
Professional Fees
Account Titles Debit Credit
Cash $2,850
Accounts Receivable 9,322
Balance $12,172
Rent Expense
Account Titles Debit Credit
Cash $1,303
Utilities Expense
Account Titles Debit Credit
Cash $889
Explanation:
a) Data and Analysis:
(a) Cash $30,369 Charles Chadwick, Capital $30,369
(b) Office supplies $379 Cash $379
(c) Office furniture $5,320 Cash $5,320
(d) Computer and printer $8,118 Accounts Payable $8,118
(e) Cash $2,850 Professional Fees $2,850
(f) Accounts Payable $3,615 Cash $3,615
(g) Accounts Receivable $9,322 Professional Fees $9,322
(h) Rent Expense $1,303 Cash $1,303
(i) Utilities Expense $889 Cash $889
(j) Cash $6,442 Accounts Receivable $6,442
(k) Charles Chadwick, Drawing $2,823 Cash $2,823
Eagle Company uses a standard cost system that has provided the following data: Units of output manufactured 90 Direct labor Standard hours allowed 2 hours per unit of product Standard wage rate $ 15.60 per hour Actual direct labor 200 hours, total cost of $3,520 The direct labor rate variance for the period was: Multiple Choice $712 favorable. $400 favorable. $400 unfavorable. $712 unfavorable.\
Answer:
Direct labor rate variance= $400 unfavorable
Explanation:
To calculate the direct labor rate variance, we need to use the following formula:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (15.6 - 17.6)*200
Direct labor rate variance= $400 unfavorable
Actual rate= 3,520 / 200= $17.6
Rebecca wants to start her own hair salon as a side business. In order to do so, she needs to buy a professional hair dryer for $700.00 and hair coloring supplies for $232.00. She believes she will be able to schedule 18 clients in per week. If she wants to begin making a profit at the end of two weeks, how much will each client need to pay Rebecca for their hair
Answer:$25.89
Explanation:
The amount that each client need to pay Rebecca for their hair in order to make a profit goes thus:
Total cost = $700 + $232 = $932
Number of clients in 2 weeks = 2 × 18 = 36
Therefore, each client will pay:
= $932/36
= $25.89