Answer:
INCREASE in Consumption of product Y
DECREASE in Consumption of product X
Explanation:
Based on the information given we were told that the already existing product (X) has a marginal utility of 10 utils as well as the price of the amounts of $5 while the new product (Y) has a marginal utility of 8 utils as well as the price of the amounts of $1 which means that PRODUCT Y marginal utility and price is lower than that of PRODUCT X marginal utility and price.
Therefore equal marginal principle suggests that Oscar should INCREASE his consumption of product Y and DECREASE his consumption of product X reason been that product Y has a lower marginal utility of 8 utils and the price of the amounts of $1 which means that his consumption of Product Y has to be INCREASED while product X on the other has a higher marginal utility 10 utils as well as the price of the amounts of $5 which means that his Consumption of Product X has to DECREASED.
What are chemical contaminants?
Answer:
chemical contaminants are chemical toxic plants and anmials in water ways.
The Work in Process inventory account of a manufacturing Corporation shows a balance of $5,446 at the end of an accounting period. The job cost sheets of the two uncompleted jobs show charges of $880 and $380 for materials, and charges of $660 and $1,160 for direct labor. From this information, it appears that the Corporation is using a predetermined overhead rate, as a percentage of direct labor costs, of:
Answer:
130%
Explanation:
The computation of the predetermined overhead rate is as follows
Manufacturing overhead is
= $5,446 - ($880 + $360 + $660 + $1,160)
= $2,366
Total direct labor is
= $660 + $1,160
= $1,820
Now as we know that
Manufacturing overhead = Predetermined overhead rate × Direct labor
It can be rewrite as
Predetermined overhead rate = Manufacturing overhead ÷ Direct labor
= $2,366 ÷ $1,820
= 130%
The Super Toy Stores inventory records at December 31, revealed the following: Inventory on hand, December 31 $350,000 Merchandise purchased F.O.B. shipping point, shipped by vendor on December 31, expected delivery date---January 4 118,000 Merchandise shipped to customers on December 28 F.O.B. destination, expected delivery date--January 3 75,000 Goods held on consignment by Super Toy Store, not included in inventory on hand 38,000 What was Super Toy Store's ending inventory at December 31
Answer:
The correct answer is $543,000
Explanation:
According to the given scenario, the calculation of the ending inventory is as follows:
= Inventory on hand + merchandise purchased F.O.B shipping point + F.O.B destination
= $350,000 + $118,000 + $75,000
= $543,000
The goods held on consignment i.e. not involved is not relevant
Thus, the calculation of the ending inventory is $543,000
Bonita City College sold season tickets for the 2018 football season for $318000. A total of 8 games will be played during September, October and November. In September, three games were played. The adjusting journal entry at September 30
a. will include a debit to Cash and a credit to Ticket Revenue for $58500.
b. will include a debit to Ticket Revenue and a credit to Unearned Ticket Revenue for $78000.
c. is not required. No adjusting entries will be made until the end of the season in November.
d. will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $87750.
Answer:
Will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $119,250.
Explanation:
Based on the information given we were told that the tickets that was sold for the 2018 football season was the amount of $318,000 which means that if a total of 8 games will be played during the month of September in which in the month of September only three games were played. The adjusting journal entry at September 30 will be :
Dr Unearned Ticket Revenue $119,250
Cr Ticket Revenue for $119,250.
($318,000 × 3games/8games=$119,250)
A purchase ledger control account contains the totals of accounts for:
A. Income of the business
B. Suppliers who provide goods on credit
C. Expenses of the business
D.Customers who buy goods on credit.
E. None of these
Estes Park, Inc., has declared a dividend of $6.20 per share. Suppose capital gains are not taxed, but dividends are taxed at 30 percent. New IRS regulations require that taxes be withheld at the time the dividend is paid. The company's stock sells for $113 per share, and the stock is about to go ex-dividend. What do you think the ex-dividend price will be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
the ex-dividend price is $108.66
Explanation:
The computation of the ex-dividend price is shown below:
The Aftertax dividend is
= Dividend × (1 - tax rate)
= $6.20 (1 - 0.30)
= $4.34
Now the exdividend price is
= Selling price of a share - after tax dividend
= $113 - $4.34
= $108.66
hence, the ex-dividend price is $108.66
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Tamarisk Corporation acquired a 39% interest in Sheffield Company on January 1, 2021, for $490,000. At that time, Sheffield had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2021, Sheffield paid cash dividends of $162,000 and thereafter declared and issued a 5% common stock dividend when the fair value was $2 per share. Sheffield's net income for 2021 was $356,000. What is the balance in Tamarisk's equity investment account at the end of 2021
Answer:
$565,660
Explanation:
Calculation for the balance in Tamarisk's equity investment account at the end of 2021
Cost$490,000
Share of net income $138,840
(.39 × $356,000)
Less Share of dividends ($63,180)
(.39 × $162,000)
Balance in equity investment account$565,660
Therefore the balance in Tamarisk's equity investment account at the end of 2021 will be $565,660
The following information was available from the inventory records of Sheffield Corp. for January: Units Unit Cost Total Cost Balance at January 1 9200 $9.73 $89516 Purchases: January 6 6400 10.31 65984 January 26 7900 10.71 84609 Sales January 7 (7700 ) January 31 (11300 ) Balance at January 31 4500 Assuming that Sheffield does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar
Answer:
$45,990
Explanation:
The Weighted Average Cost Method, calculates a new Unit Cost with every purchase that is made. This is applicable to perpetual Inventory method. In this case we are required to use the periodic Inventory method (Sheffield does not maintain perpetual inventory records). Thus our Unit Cost is calculated from Inventory available for Sale.
Step 1
Units Available For Sales Calculation :
Opening Balance 9,200
Add Purchases (6,400 + 7,900) 14,300
Units Available for Sale 23,500
Less Units Sold (7700 + 11300) (19,000)
Ending Inventory Units 4,500
Step 2
Unit Cost = Total Cost ÷ Units Available for Sale
= ($89,516 + $65,984 + $84,609) ÷ 23,500
= $10.22
Step 3
Ending Inventory = Units in Stock × Unit Cost
= 4,500 × $10.22
= $45,990
Which of the following statements is true regarding the functions of culture in an organization? A) It hinders the generation of commitment to something larger than individual self-interest among employees. B) It conveys a sense of identity for organization members. C) It reduces the stability of the organizational system. D) It reduces distinctions between one organization and others. E) It does not affect employees' attitudes and behavior.
Answer:
B; It conveys a sense of identity for organization members
The correct option is B. It conveys a sense of identity for organization members that statement is true regarding the functions of culture in an organization.
How does culture influence a member of the organization?The culture shapes the working environment within the company and has an impact on the type of long-term goals that help the company achieve its vision. The rules and procedures that help the organization fulfill its mission on a daily basis are also determined by culture.
Members of the organization get a sense of identity from it. It encourages the development of commitment to goals greater than one's own self-interest. The stability of the social system is improved. It acts as a "sense-making" and control mechanism that directs and molds employees' attitudes and conduct.
Thus, The best choice is B. When a statement about the roles of culture in an organization is true, it gives members of the organization a sense of identity.
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Mr. Dealer bought a fleet of SUVs (sport utility vehicles) from General Motors (GM) on credit, GM agreeing not to assign the resulting account receivable without Dealer's consent. GM later, without debtor dealer's consent, assigned the account to The Bank of New York (BNY) for consideration. Dealer made payments to BNY, but claimed damages from GM for breach of contract. 1. Could Dealer collect damages from GM
Answer:
Yes, Dealer could collect damages from GM because basically GM breached the contract. Any time a contract is breached, the non-breaching party can sue. But the real question here is what amount could the court assign to Dealer as compensation for damages incurred. If you want to rephrase this question, it would be: What damages did Dealer suffer due to GM's breach.
If the damages are not significant, then the court will probably assign some amount for nominal damages. To be honest, the greatest expenses here are actually the legal costs of the lawsuit. Unless Dealer can prove that assigning the contract actually hurt them (which I doubt), then the court will assign a small amount. Sometimes nominal damages can be very small and mostly symbolic, e.g. $1.
The Dealer could not collect damages from GM because he did not suffer any harm from the assignment of the account receivable.
The Dealer could have refused to pay the Bank of New York and claimed a breach of contract against GM Motors. But it was not a material breach.
Secondly, the sales agreement with GM Motors only required the debtor dealer's consent before the assignment. It did not forbid GM Motors from assigning the account. It does not seem that any penalty was agreed upon for breach of this clause.
Thus, the Debtor Dealer could not collect damages from GM Motors because he cannot substantially prove that GM's action put him in financial loss.
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Kokomochi is considering the launch of an advertising campaign for its latest dessert product, the Mini Mochi Munch. Kokomochi plans to spend $4.13 million on TV, radio, and print advertising this year for the campaign. The ads are expected to boost sales of the Mini Mochi Munch by $8.31 million this year and by $6.31 million next year. In addition, the company expects that new consumers who try the Mini Mochi Munch will be more likely to try Kokomochi’s other products. As a result, sales of other products are expected to rise by $2.38 million each year.
Kokomochi’s gross profit margin for the Mini Mochi Munch is 35%, and its gross profit margin averages 25% for all other products. The company’s marginal corporate tax rate is 35% both this year and next year. What are the incremental earnings associated with the advertising campaign?
YEAR 1
Incremental Earnings Forecast ($ million)
Sales of Mini Mochi Munch $ ?????
Other Sales $ ?????
Cost of Goods Sold $ ?????
Gross Profit $ ?????
Selling, General, and Administrative $ ?????
Depreciation $ ?????
EBIT $ ?????
Income Tax at 35% $ ?????
Unlevered Net Income $ ?????
Calculate the unlevered net income for year 2 below:
YEAR 2
Sales of Mini Mochi Munch $ ?????
Other Sales $ ?????
Cost of Goods Sold $ ?????
Gross Profit $ ?????
Selling, General, and Administrative $ ?????
Depreciation $ ?????
EBIT $ ?????
Income Tax at 35% $ ?????
Unlevered Net Income $ ?????
Answer:
Kokomochi
YEAR 1
Incremental Earnings Forecast ($ million)
Sales of Mini Mochi Munch $8,310,000
Other Sales $2,380,000
Other sales revenue $10,690,000
Cost of Goods Sold $7,186,500
Gross Profit $3,503,500
Selling, General, and Administrative $4,130,000
Depreciation $0
EBIT ($ 626,500)
Income Tax at 35% $0
Unlevered Net Income $0
Calculate the unlevered net income for year 2 below:
YEAR 2
Sales of Mini Mochi Munch $6,310,000
Other Sales $2,380,000
Total sales revenue $8,690,000
Cost of Goods Sold $5,886,500
Gross Profit $2,803,500
Selling, General, and Administrative $ 0
Depreciation $0
EBIT $2,803,500
Income Tax at 35% $981,225
Unlevered Net Income $1,822,275
Explanation:
a) Data and Calculations:
Advertising campaign expenses = $4.13 million
Incremental sales revenue from Mini Mochi Munch = $8.31 million
Next years incremental sales revenue from Mini Mochi Munch = $6.31 million
Incremental sales revenue from other products = $2.38 million each year
Gross profit margin or the Mini Mochi Munch = 35%
Gross profit margin for other products = 25%
Marginal corporate tax rate = 35%
Cost of goods sold:
Year 1:
Mini Mochi Much = 65% (100 - 35%) of sales = 65% * $8.31 m = $5,401,500
Other products = 75% (100 - 25%) of sales = 75% * $2.38 m = $1,785,000
Total cost of goods sold = $7,186,500
Year 2:
Mini Mochi Much = 65% (100 - 35%) of sales = 65% * $6.31 m = $4,101,500
Other products = 75% (100 - 25%) of sales = 75% * $2.38 m = $1,785,000
Total cost of goods sold = $5,886,500
b) The company will incur a loss in the first year, which will be recovered by the second year's profit, because advertising expense are not capitalized or spread over the two years.
Tevebaugh Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year The cost of goods available for sale is:________
Beginning inventories:
Finished goods $ 30,000
Estimated total manufacturing overhead at the beginning of the year $ 568,000
Estimated direct labor-hours at the beginning of the year 32,000 direct labor-hours
Results of operations:
Raw materials (all direct) requisitioned for use in production $ 501,000
Direct labor cost $ 683,000
Actual direct labor-hours 33,000 direct labor-hours
Manufacturing overhead:
Indirect labor cost $ 176,000
Other manufacturing overhead costs incurred $ 420,000
Selling and administrative:
Selling and administrative salaries $ 219,000
Other selling and administrative expenses $ 346,000
Cost of goods manufactured $ 1,567,000
Sales revenue $ 2,498,000
Cost of goods sold (unadjusted) $ 1,376,000
The net operating income is:
$892,750
$765,750
$546,750
$1,111,750
Answer:
c
Explanation:
The difference in testing for impairment of a finite-life versus indefinite-life intangible asset is: Multiple Choice The measure of an impairment loss for an indefinite-life intangible assets is not based on book value. Subsequent recovery of an impairment loss is allowed for a finite-life intangible asset. The cash flow recoverability test is omitted for an indefinite-life intangible asset. Companies are not required to recognize impairment losses on finite-life intangible assets.
Answer:
c. The cash flow recover ability test is omitted for an indefinite life intangible asset
Explanation:
The difference in testing for impairment of a finite-life versus indefinite-life intangible asset is the cash flow recover ability test is omitted for an indefinite life intangible asset. The cash flow recover ability test is omitted from the Indefinite life intangible asset because most of the it meet this test easily since their cash flow occur for indefinite life. Whereas under definite life tangible asset, this test is used since their cash flow is limited to some years only.
MANAGING THE HEWLETT-PACK..
William R. Hewlett and David Packard, two organisational leaders who demonstrated
a
Eventually they built a very successful company that now produces more than 10,000
products, such as computers, peripheral equipment, test and measuring instruments, and
handheld calculators. Perhaps even better known than its products is the distinct managerial
style preached and practiced at Hewlett-Packard (HP). It is known as the HP way.
The values of the founders - who withdrew from active management in 1978 - still
permeate the organization. The HP way emphasizes honesty, a strong belief in the value of
people, and customer satisfaction. The managerial style also emphasizes an open-door policy,
which promotes team effort. Informality in personal relationships is illustrated by the use of
first names. Management by objectives is supplemented by what is known as managing by
wandering around. By strolling through the organization, top managers keep in touch with
what is really going on in the company.
This informal organizational climate does not mean that the organization structure has
not changed. Indeed, the organizational changes in the 1980s in response to environmental
changes were quite painful. However, these changes resulted in extraordinary company
growth during the 1980s.
Questions :
1.Is the Hewlett-Packard way of managing creating a climate in which employees are
motivated to contribute to the aims of the organization? What is unique abot the HP way?
2.Would the HP managerial style work in any organization? Why, or why not? What are
the conditions for such a style to work
Answer:
Hewlett-Packard (HP)
1. Yes. The HP way of managing is creating a climate in which employees are motivated to contribute to the organizational goals, aims, and objectives. The HP way encourages informality in personal relationships.
2. The HP managerial style would work in any organization if the organization's culture is developed to accept the style. This implies that if the organization's culture does not promote informality, it may not work.
Explanation:
Every organization develops its own cultural practices to suit its climate and structure. These will detect how the organization achieves its objectives and goals. Some organizations develop very formal structures, while others work better in informal climates. The choice depends on the business strategy that the organizations adopt to pursue their business goals.
When screening prospective new ventures, venture capital firms must consider the nature of the proposed industry Which of the following is not part of the screening of the proposed industry?
a. market attractiveness
b. managerial references
c. potential size
d. technology
e. threat resistance
Answer:
B
Explanation:
Venture capital firms are firms that invest in start up firms.
Venture capital firms use large amount of capital to fund their operations and so must be assured of the market attractiveness of the firm before undertaking the project to ensure profitability.
Potential size of the new venture has to be determined so as to ascertain the financial resources that would be needed.
Threat of resistance can reduce profitability and should also be considered.
Given the following history, use a three-quarter moving average to forecast the demand for the third quarter of this year. Note, the 1st quarter is Jan, Feb, and Mar; 2nd quarter Apr, May, Jun; 3rd quarter Jul, Aug, Sep; and 4th quarter Oct, Nov, Dec.
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Last year 130 150 155 215 225 230 175 165 155 230 255 280
This year 155 155 205 220 245 250
Answer:
665
Explanation:
The computation fo the demand expected for the third quarter is as follows:
Oct 230
Nov 255
Dec 280 sum 765
Jan 155
Feb 155
March 205 sum 515
April 220
May 245
June 250 sum 715
Mow the third quarter moving average is
= (765 + 515 + 715) ÷ 3
= 665
The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each.
For the current tax year, Allwardt reports the following.
Ordinary income $100,000
Long-term capital gains 30,000
Trustee commission expense, allocable to corpus 5,000
The trust instrument allocates the capital gain to income.
a. Each beneficiary is entitled to receive income of $_________ .
b. The trust's DNI is $_______ .
c. The trust's Selecttaxable incomelossCorrect 1 of Item 3 is $__________ .
d. Each of the beneficiaries can report _____________ of gross income.
Answer:
a. Each beneficiary will receive;
= Ordinary income / 2
= 100,000/2
= $50,000
b. Trust's DNI is;
= Accounting income + exemption - long term capital gains
= (Ordinary income + long term gain - commission - personal exemption) + exemption - long term capital gains
= (100,000 + 30,000 - 5,000 - 300) + 300 - 30,000
= $95,000
c. Taxable income = Long term gain - exemption
= 30,000 - 300
= $29,700
d. Each beneficiary can report;
= DNI/ 2
= 95,000/2
= $47,500
You decide to invest in a portfolio consisting of 40 percent Stock A, 30 percent Stock B, and the remainder in Stock C. Based on the following information, what is the expected return of your portfolio?
Probability of State Return if State Stock
State of Economy of Economy Stock A Stock B Stock C
Recession -20 -18.2% 3.6% -22.5%
Normal -51 10.8% 8.2% 16.8%
Boom -29 28.0% 15.5% 31.4%
a. 11.14%.
b. 13.73%.
c. 12.59%.
d. 71.62%.
e. 10.65%.
Answer: e. 10.65%.
Explanation:
First find the expected return of the individual stocks;
Stock A = (0.2 * - 0.182) + (0.51 * 0.108) + (0.29 * 0.28) = 9.99%
Stock B = (0.2 * - 0.036) + (0.51 * 0.082) + (0.29 * 0.155) = 7.96%
Stock C = (0.2 * - 0.225) + (0.51 * 0.168) + (0.29 * 0.314) = 13.17%
Expected return of portfolio = ∑(Stock expected return * weight)
= (0.4 * 0.0999) + (0.3 * 0.0796) + (0.3 * 0.1317)
= 10.65%
Question is missing detail. Stock B return in recession is negative figure.
Newcastle Enterprises had net income for 2024 of . Newcastle had shares of common stock outstanding at the beginning of the year and shares of common stock outstanding at the end of the year. There were shares of preferred stock outstanding all year. During 2024, Newcastle declared and paid preferred dividends of . What is Newcastle's earnings per share? (Round the answer to two decimal places.)
Answer:
1.80
Explanation:
Calculation for the earnings per share
First step is to calculate the Average number of common shares outstanding
Average number of common shares outstanding=($39,000 + $43,000) / 2
Average number of common shares outstanding = $41,000
Now let calculate the Earnings Per Share using this formula
Earnings Per Share = (Net income - Preferred dividends) / Average number of common shares outstanding
Let plug in the formula
Earnings Per Share = ($103,000 - $29,000) / $41,000
Earnings Per Share =$74,000/$41,000
Earnings Per Share = $1.80
Therefore the Earnings Per Share will be $1.80
You have an absolutely brilliant child who is six years old and will be attending a private college in twelve years. You know that a four-year college now costs at least $30,000 per year, including tuition, books, and room and board. The cost of sending a child to college has increased by 7 percent per year, and you believe this will be true for the next twelve years. How much will the annual tuition be when your child is eighteen
Answer:
$270,263
Explanation:
Costs = $30,000 per year
Cost for 4 years = $30000*4 = $120,000
A = P(1+r/100)^n
A = 120000*(1+0.07/100)^12
A = 120000*2.252191
A = 270262.92
A = $270,263
Therefore, the annual tuition when the child is eighteen will be $270,263.
who Is the most county plz tell it location?
California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $35 per share. Later in the year, the company decides to purchase 100 shares at a cost of $38 per share. Record the purchase of treasury stock.
Answer:
Dr Treasury Stock 3,800
Cr Cash 3,800
Explanation:
Preparation of the journal entry to Record the purchase of treasury stock.
Based on the information given we were told that the Clothing Company issues 1,000 shares which means that if the company made decision to purchase 100 shares at the amount of $38 per share later in the year the journal entry to Record the purchase of treasury stock will be :
Dr Treasury Stock 3,800
Cr Cash 3,800
(100 Shares x $38.00 per share)
(Being to record the purchase of treasury stock)
E12.3 (LO 1), AP Cushenberry Corporation had the following transactions. Prepare journal entry and determine effect on cash flows. 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid salaries of $9,000. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,000. 6. Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.
Answer:
Transaction 1
Cash $15,000 (debit)
Profit and Loss $ 3,000 (credit)
Land $12,000 (credit)
Cash Flow Effect : Increase $15,000
Transaction 2
Cash $20,000 (debit)
Common Stock $20,000 (credit)
Cash Flow Effect : Increase $20,000
Transaction 3
Depreciation Expense $17,000 (debit)
Accumulated Depreciation Expense $17,000 (credit)
Cash Flow Effect : No Change
Transaction 4
Salaries Expenses $9,000 (debit)
Cash $9,000 (credit)
Cash Flow Effect : Decrease $9,000
Transaction 5
Equipment $8,000 (debit)
Common Stock $1,000 (credit)
Paid In Excess of Par $7,000 (credit)
Cash Flow Effect : No Change
Transaction 6
Cash $1,200 (debit)
Accumulated Depreciation $7,000 (debit)
Profit and Loss $1,800 (debit)
Equipment at Cost $10,000 (credit)
Cash Flow Effect : Increase $1,200
Explanation:
All Cash transactions will have an effect on cash flow. Non Cash transactions will not have an effect and these include exchanges of assets and other financial instruments.
Jill runs a factory that makes lie detectors in Little Rock,Arkansas.This month,Jill's 34 workers produced 690 machines.Suppose Jill adds one more worker and,as a result,her factory's output increases to 700.Jill's marginal product of labor from the last worker hired equals ________.A) 10B) 20C) 690D) 700E) None of the above answers is correct.
Answer:
1077927
Explanation:
*$-$)7794459०२2८जेइकेप्ग्व्व्ज्सोबीओस्क्ब्सु
स्ज्व्ह्जेहेगेओज्स्ज्स ज्श्स्सीज्झ्र्क
Sheridan, Inc. is a calendar-year corporation whose financial statements for 2020 and 2021 included errors as follows: Year Ending Inventory Depreciation Expense 2020 $254000 overstated $200000 overstated 2021 121000 understated 79500 understated Assume that purchases were recorded correctly and that no correcting entries were made at December 31, 2020, or at December 31, 2021. Ignoring income taxes, by how much should Sheridan's retained earnings be retroactively adjusted at January 1, 2022
Answer:
the retained earnings retroactively adjusted is $241,500
Explanation:
The computation of the retained earning retroactively adjusted is as follows:
Net income overstated -$54,000 ($254,000 - $200,000)
Net income understated $41,500 ($121,000 - $79,500)
Inventory $254,000
Increase in retained earnings $241,500
Hence, the retained earnings retroactively adjusted is $241,500
April's credit card has a balance of $483.42, but the amount that she needs to pay to bring the
card to a $0 balance is $726.18 because she missed a payment. What is April's interest rate?
The interest rate for April is 50.29%.
What is Interest ?In the fields of finance and economics, interest is the payment of a sum over and above the principal amount to a lender or depositor by a borrower or deposit-taking financial institution at a set rate.
It is not the same as a fee that the borrower might pay to the lender or another entity.
Given that April's credit card debt is $483.42 but that he needs to make a payment of $726.18, the interest rate for non-payment that he is subject to is as follows:
483.42 = 100
726.18 = X
((726.18 x 100) / 483.42) = X
= X
Consequently,
since 150.29 = 150.29 - 100 = 50.29 %
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On July 1, 2018, Larkin Co. purchased a $440,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2018 as follows: Demolition of existing building on site Legal and other fees to close escrow Proceeds from sale of demolition scrap $65,000 13,500 9,400
What would be the balance in the land account as of December 31, 2018?
a) $440,000.
b) $505,000.
Answer:
The balance in the land account as of December 31, 2018 woulf be $509,100.
Explanation:
Note: The data in the question are merged together. They are therefore sorted before answering the question by representing the question as follows:
On July 1, 2018, Larkin Co. purchased a $440,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2018 as follows:
Demolition of existing building on site = $65,000
Legal and other fees to close escrow = $13,500
Proceeds from sale of demolition scrap = $9,400
What would be the balance in the land account as of December 31, 2018?
The explanation to the answer is now given as follows:
The balance in the land account as of December 31, 2018 can be calculated using the following formula:
Balance in the land account as of December 31, 2018 = Purchase price + Demolition of existing building on site + Legal and other fees to close escrow - Proceeds from sale of demolition scrap ..................... (1)
Substituting the relevant values from the question into equation (1), we have:
Balance in the land account as of December 31, 2018 = $440,000 + $65,000 + $13,500 - $9,400 = $509,100
Therefore, the balance in the land account as of December 31, 2018 woulf be $509,100.
During 2020, LAL Corp. had the following cash flows: (1) received cash of $5,000 billed to a customer in 2020; (2) earned $20,000 of net income; (3) paid interest of $6,000 on a corporate bond issue; (4) paid dividends of $8,000 to its stockholders; (5) borrowed $50,000 from a local bank; and (6) purchased its own shares of common stock for $15,000. What is LAL's net cash flows from financing activities for 2020
Answer: $21,000
Explanation:
Financing activities refer to those that a company engages in, in relation to capital needed to run the affairs of the business which means it included Equity and Debt.
Financing Activities: Interest paid, dividends paid, money borrowed from bank, stock repurchase
Net cash flows from financing = Money borrowed from bank - Interest paid - dividends paid - Stock repurchase
= 50,000 - 6,000 - 8,000 - 15,000
= $21,000
Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,300 units at $36 May 10 650 units at $38 May 12 910 units May 20 585 units at $40 May 14 780 units May 31 390 units Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
Answer:
total cost of goods sold = $78,520
Explanation:
Inventory Purchases Sales
May 1 1,300 units at $36
May 10 650 units at $38
May 12 910 units
Cost of goods sold = (650 x $38) + (260 x $36) = $34,060
May 20 585 units at $40
May 14 780 units
Cost of goods sold = (585 x $40) + (195 x $36) = $30,420
May 31 390 units
Cost of goods sold = 390 x $36 = $14,040
total cost of goods sold = $34,060 + $30,420 + $14,040 = $78,520
In a few brief sentences attack or defend the following statement - It is a true statement that if the fixed expenses of an organization double, then the break-even point in units would double. Provide support for your conclusion.
Answer: I choose to defend it
Explanation:
The formula for the breakeven point is;
= Fixed expenses/ Contribution margin
If the fixed expenses were to double without the contribution margin changing, the breakeven point in units would have to double as well.
For instance, assume Fixed expenses are $400,000 and the Contribution margin is $4,000. The breakeven point would be;
= 400,000/4,000
= 100 units
Assume fixed expenses double to $800,000 and contribution margin remains unchanged at $4,000. New breakeven point will be;
= 800,000/4,000
= 200 units
Statement is proven that should the fixed expenses double, the breakeven point would double as well.