The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: Inventory that had cost $15,000 was sold for $27,000 under terms 2/20, net/30. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $660. The merchandise had cost Ozark $400. All customers paid their accounts within the discount period. Selling and administrative expenses amounted to $2,835. Interest expense paid amounted to $200. Land that had cost $6,000 was sold for $6,900 cash.
Required
a. Determine the amount of net sales. (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
b. Prepare a multistep income statement. (Round your intermediate calculations and final answer to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign.)
c. Where would the interest expense be shown on the statement of cash flows?
Operating activities
Investing activities
Financing activities
d. How would the sale of the land be shown on the statement of cash flows?
A. The full sales price of the land, $9,250, would be shown as a cash inflow from financing activities on the statement of cash flows.
B. The full sales price of the land, $9,250, would be shown as a cash inflow from investing activities on the statement of cash flows.
C. The full sales price of the land, $9,250, would be shown as a cash inflow from operating activities on the statement of cash flows

Answer: See explanation

Explanation:

a. Sales = $27000

Less: sales returned = -$660

Less: discount at 2% = ($27000 - $660) × 2% = -$526.8

Net sales = $25813.2

b. Net sales = $25813.2

Less: cost of goods sold = $15000 - $400 = -$14600

Gross profit = $11213.2

Operating expense:

Less: Selling and administrative expenses = -$2835

Operating income = $8378.2

Non-operating items:

Less: Interest expense = ($200

Add: Gain on land Sales = $900

Net Income= $9078.2

c. The interest expense be shown on the statement of cash flows in the operating expenses section. It'll be recorded in the operating activities.

d. The sale of the land would be under the investing activity as it's capital asset of the business. Therefore, the full sales price of the land, $9,250, would be shown as a cash inflow from investing activities on the statement of cash flows.

Option B is the correct answer.

need help in these question​

In respect to organizational structure and decision making, a "Flat Structure" is best characterized as:___________
a) A management structure characterized by an overall narrow span of management, a relatively large number of hierarchical levels, tight control, and reduced communication overhead. Decision-making can be quite rapid, if it occurs from the top down.
b) A management structure characterized by a wide span of control and relatively few hierarchical levels, loose control, and ease of delegation. Decision-making is often slower, as it involves a high degree of integration across the company.
c) The location of decision making authority near top organizational levels.
Similar to a tall structure, this expedites decision-making from the top down.
d) The location of decision making authority is relatively evenly dispersed across the company. This works well when creativity and independent operations create value for the organization.
e) None of the answers in this answer set are correct.

Help me please thank you

This outcome of an expansionary period would be considered negative for those living on a
fixed income
Unemployment
Full Employment
Peak
Inflation

Sanborn Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100,000 for the year.
Activity Cost Pool Cost Driver Est. Overhead Cost Driver Activity
Ordering and Receiving Orders $120,000 500 orders
Machine Setup Setups 297,000 450 setups
Machining Machine hours 1,500,000 125,000 MH
Assembly Parts 1,200,000 1,000,000 parts
Inspection Inspections 300,000 500 inspections
If overhead is applied using traditional-based costing on direct labor hours, the overhead application rate is:___________.
a) 9.60
b) 12.00
c) 15.00
d) 34.17

Write down
any
four importance of employment​

Indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2017.

a. Athleticus, a U.S. shoe company, produces a pair of sneakers at a plant in Vietnam on March 10, 2017. Athleticus imports the pair of sneakers into the United States on May 20, 2017.
b. An accountant starts a client's 2017 tax return on April 14, 2018, finishing it just before midnight on April 15, 2018.
c. Graincorp, a U.S. agricultural company, produces corn syrup at a plant in Iowa on September 13, 2017. It sells the corn syrup to Crunchy's for use in the production of cereal that will be made in the United States in 2017. (Note: Focus exclusively on whether production of the corn syrup increases GDP directly, and ignore the effect of production of the cereal on GDP.)
d. Tasty's, a U.S. fast-food company, produces a hamburger at one of its many St. Louis locations on January 21, 2017. It sells the hamburger to a customer that same day.
e. Chocolate Express, a Swiss chocolate company, produces a chocolate bar at a plant in Illinois on December 5, 2017. An elementary school student buys the chocolate bar on December 24.

Sherrie, a member, performs various bookkeeping functions for her very small closely held clients including posting cash receipts and disbursements to the client's general ledger. The client provides Sherrie with copies of check stubs and deposit slips where the client has provided account codes that Sherrie merely records in the general ledger. In addition, on a monthly basis, Sherrie calculates adjusting journal entries for depreciation, amortization, and tax accruals and posts these entries to the client's general ledger. Which of the following statements is true regarding Sherrie's independence with regard to these bookkeeping clients?

a. Sherrie's posting of client coded cash receipts and disbursements does not impair independence.
b. Sherrie's posting of adjusting journal entries does not impair independence whether or not she discusses them withthe client because these are routine accounting entries that small clients do not understand.
c. Neither of the described functions would impair independence under any circumstances.
d. None of the above statements is true.

University Printers has two service departments Maintenance and Personnel and two operating departments Printing and Developing. Management has decided to allocate maintenance costs on the basis of machine-hours in each department and personnel costs on the basis of labor-hours worked by the employees in each.
The following data appear in the company records for the current period:
Maintenance Personnel Printing Developing
Machine-hours ? 455 455 2,590
Labor-hours 315 ? 294 1,491
Department direct cost 11,000 $23,000 $25,000 $23,000
Required: Allocate the service department costs using the reciprocal method. Negative amounts should be indicated by a minus sign. Do not round intermediate calculations.

Chance company had two operating divisions, one manufacturing farm equipment and other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on Sept. 1, 2016, the company adopted a plan to sell the assets of the division.
The actual sale was completed on Dec. 15, 2016, at the price of $600,000. The book value of the division's assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. The division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through Dec. 15. The income tax rate is 40%. Chances after-tax income from its continuing operations is $350,000.
Required:
Prepare an income statement for 2016 beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout the year.

ogan Products computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 40,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $466,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. Logan's actual manufacturing overhead for the year was $713,400 and its actual total direct labor was 41,000 hours.
Required:
Compute the company's pre-determined overhead rate for the year.

During the current year, the Town of Salo Alto recorded the following transactions related to its property taxes:

a. Levied property taxes of $3,300,000, of which 2 percent is estimated to be uncollectible.
b. Collected current property taxes amounting to $2,987,500.
c. Collected $26,500 in delinquent taxes and $2,400 in interest and penalties on the delinquent taxes.
d. These amounts had been recorded as Deferred Inflows of Resources in the prior year.
e. Imposed penalties and interest in the amount of $3,750 but only expects to collect $3,100 of that amount. None is expected to be collected this year or within 30 days of year-end.
f. Reclassified uncollected taxes as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year.

Required:
Prepare the journal entries.

Alternative price indexes
Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator. The GDP deflator for this year is calculated by dividing the_____using______by the_____using_____and multiplying by 100. However, the CPI reflects only the prices of all goods and services.
Indicate whether each scenario will affect the GDP deflator or the CPI for the United States.
Scenario Shows up
in the...
GDP Deflator
Index CPI
An increase in the price of a Chinese-
made phone that is popular among
U.S. consumers.
A decrease in the price of a Treewood
Equipment feller buncher, which is a
commercial forestry machine made in
the U.S. but not bought by U.S. consumers.

A company has the following aging schedule of its accounts receivable with the estimated percent uncollectible:______.
Age Group Amount Receivable Estimated Percent Uncollectible
Not yet due $ 175,000 4 %
0-60 days past due $ 40,000 10 %
61-120 days past due $ 10,000 30 %
More than 120 days past due $ 5,000 60 %
Assuming the balance of Allowance for Uncollectible Accounts is $3,000 (credit) before adjustment, which of the following would be recorded in the year-end adjusting entry?

The City of Waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the city’s park. On May 1, the city was notified that it had been awarded a grant of up to $200,000 for the project. The state will provide reimbursement for allowable expenditures. On May 5, the special revenue fund entered into a short-term loan with the General Fund for $200,000 so it could start bridge construction. During the year, the special revenue fund expended $165,000 for allowable bridge construction costs, for which it submitted documentation to the state. Reimbursement was received from the state on December 13, 2017.

Required:
For the special revenue fund, provide the appropriate journal entries, if any, that would be made for the following.

a. May 5, 2017, loan from General Fund.
b. During FY 2017, bridge expenditures and submission of reimbursement documentation.
c. December 13, 2017, receipt of the grant reimbursement funds.
d. December 31, 2017, adjusting and closing entries.

The text presents five signs of organizational culture: mission statement, stories & language, physical layout, rules & policies, and rituals. Select an organization where you have worked or are familiar with and identify an example of each sign of organizational culture. How do you think each of these things conveyed the organizational culture to employees and customers/clients.

Which action taken by a central bank would reflect expansionary monetary policy?

With respect to dividends and priority in liquidation, what has priority over common stock? Group of answer choices Treasury Stock Debt Capital Preferred Stock nonconvertible common equity

Amy and Mitchell share equally in the profits, losses, and capital of the accrual basis AM Products LLC. The LLC does not need to report financial information to any third parties, so capital accounts are determined using tax rules (rather than GAAP). Amy is a managing member of the LLC (treated as a general partner) and is a U.S. person. At the beginning of the current tax year, Amy's capital account has a balance of $960,000, and the LLC has debts of $624,000 payable to unrelated parties. The debts are recourse to the LLC, but neither of the LLC members has personally guaranteed them. Assume that all LLC debt is shared equally between the partners. The following information about AM's operations for the current year is obtained from the LLC's records.


Ordinary income $900,000
W-2 wages to employees 200,000
Depreciation expense 300,000
Interest income from bond 4,000
Long-term capital loss 6,000
Short-term capital gain 12,000
Charitable contribution 4,000
Cash distribution to Amy 20,000
Unadjusted basis of partnership depreciable property 1,600,000

Year-end LLC debt payable to unrelated parties is $140,000.

Required:
What income, gains, losses, and deductions does Amy report on her income tax return?

Selected Information from Balance Sheets (As of Year End for Years 0 and 1)
Year 0 Year 1
Cash 1,000 2,000
Accounts Receivables 1,000 5,000
Inventory 5,000 4,000
Property, Plant and Equipment (net) 12,000 11,000
Accounts Payable 5,000 4,000
Unearned Revenue 2,000 1,000
Bonds Payable 5,000 6,000
Common Stock 3,000 4,000
Retained Earnings 5,000 7,000
Income Statement (Year 1)
Sales 20,000
Costs of Goods Sold (8,000)
Wage Expense (4,000)
Depreciation Expense (2,000)
Loss from PP&E Sale (1,000)
Net Income Before Tax 5,000
Tax Expense (2.000)
Net Income 3.000
In the space provided, prepare the Operating section of the statement of cash flow for Year 1, using the indirect approach.

Assume that on January 1, 2012, a parent company acquired a 70% interest in a subsidiary's voting common stock. On the date of acquisition, the fair value of the subsidiary's net assets equaled their reported book values except for machinery and equipment, which had a fair value of $480,000 and a reported book value of $250,000. The machinery and equipment had a 5 year remaining useful life and no salvage value. The following are the highly summarized pre-consolidation income statements of the parent and subsidiary for the year ended December 31 , 2013:


Income Statement Parent Subsidiary
Revenues $2,160,000 $288,000
Equity income 60,200
Expenses 1440000 144,000
Net income $780,200 144,000

For the year ended December 31, 2013, what amounts will be reported for (1) consolidated net income and (2) net income attributable to the non-controlling interest, respectively, in the parent's consolidated financial statements?

Parent Inc acquired 90% of Sub Inc on January 1, 20X8. Parent paid 50% of the acquisition price by cash and fund the rest with a notes payable. The book value of Sub’s individual assets and liabilities approximated their acquisition-date fair values. On the date of acquisition, Sub reported the following:

Cash and Receivables $116,000
Accounts Payable 531,000
Inventory 331,000
Buildings & Equipment (net) 621,000
Common Stock 585,000
Land 748,000
Retained Earnings 700,000
Total $1,816,000
Total 1,816,000

During the year Sub reported $800,000 in net income and declared $432,000 in dividends. Parent reported $506,000 in net income and declared $196,000 in dividends. Parent accounts for their investment using the equity method.

Required:
a. What journal entry will Parent make on the date of acquisition to record the investment in Son Inc.?
b. If Parent were to prepare a consolidated balance sheet on the acquisition date (January 31, 20X2), what is the basic consolidation entry Parent would use in the consolidation worksheet?
c. What is Parent’s balance in "Investment in Son Inc." prior to consolidation on December 31, 20X2?
d. What is the basic consolidation entry Parent would use in the consolidation worksheet on December 31, 20X2?

Janet enjoys eating jelly sandwiches and drinking milk. She is particular about proportions, though: For every jelly sandwich she eats, she must drink exactly one glass of milk, and vice versa. Janet can purchase the jelly for her sandwiches in two jar sizes: 20 ounces and 40 ounces. Janet cares only about the total amount of jelly she has available and not at all about the jar size. In other words, she's just as happy with two 20-ounce jars as she is with one 40-ounce jar.
In this scenario, jelly sandwiches and glasses of soda are:___________
a. perfect complements
b. perfect substitutes
c. neither complements or susitutes)

Wight Corporation has provided its contribution format income statement for June. The company produces and sells a single product. Sales (4,400 units) $ 162,800 Variable expenses 79,200 Contribution margin 83,600 Fixed expenses 44,800 Net operating income $ 38,800 If the company sells 4,500 units, its total contribution margin should be closest to:

Payton Inc. reports in its Year 7 annual report, sales of $6,544 million and cost of goods sold of $2,618 million. For next year, you project that sales will grow by 3% and that cost of goods sold percentage will be 1 percentage point higher. Projected cost of goods sold for Year 8 will be:

‘Buffer stock’ is the level of stock​

What are the five steps to understanding how foreign born labor impacts native born workers?

A workplace is where people

Which of the following is a key role that a human resource manager can play in a company?

A. Public Relations officer
B. Marking Analyst
C. Training specialist
D. Sales supervisor

Case in Discussion Extensive Enterprise’s management plans to finance its operations with bank loans that will be repaid as soon as cash is available. The company’s management expects that it will take 60 days to manufacture and sell its products and 50 days to receive payment from its customers. Extensive’s CFO has told the rest of the management team that they should expect the length of the bank loans to be approximately 110 days. Which of the following responses to the CFO’s statement is most accurate?

a. The CFO is not taking into account the amount of time the company has to pay its suppliers. Generally, there is a certain length of time between the purchase of materials and labor and the payment of cash for them.
b. The CFO can reduce the estimated length of the bank loan by this amount of time.
c. The CFO’s approximation of the length of the bank loans should be accurate, because it will take 110 days for the company to manufacture, sell, and collect cash for its goods.
d. All these things must occur for the company to be able to repay its loans from the bank.