Answer:
patriotism is a synonym for Nationalism; a feeling of extreme pride for one's country.
Explanation:
Answer:
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
Explanation:
The rule of 70 indicates that a 6% annual increase in the level of real GDP would lead to the output doubling in approximately _____ years.
Answer:
11.67
Explanation:
the time it would take real GDP to double = 70 / growth rate of real GDP = 70 / 6 = 11.67 years
Generating ideas often includes brainstorming or brainwriting. These techniques can be an effective way to produce the best ideas if they are done correctly. Read the scenario, and then identify how the brainstorming or brainwriting process could be improved. Jeanne, a girls’ outdoor adventure leader, created a meeting agenda to address a problem her troop had. Their cookie fundraiser was in trouble: The mint chocolate chip cookies were not selling. Jeanne wanted the girls to come up with new cookie ideas and innovative ways to sell them. The group began the session by yelling out cookie ideas ranging from real mud pies to snickerdoodles in the shape of a bear. It was an amazing session; everyone participated. The group came up with 50 new cookie ideas in less than 12 minutes, but they could remember only a few of them at the end of the meeting. To improve the group’s brainstorming, Jeanne should:_________
a. Use flip-charts and classify ideas
b. Create an agenda
c. Encourage out-of-the-box thinking
Choose whether the following situation represents crowdsourcing, crowd-storming, or crowdfunding. You own a local coffeeshop. Recently, you noticed that customers were doodling on your white paper cups. Intrigued, you set up a contest, and asked your customers to submit their best doodles to you. You chose your favorite doodle, and put it on a reusable cup. This is an example of:
a. Crowd-storming
b. Crowdsourcing
c. Crowdfunding
Answer:
1- a. Use flip-charts and classify ideas.
2) a. Crowd-storming.
Explanation:
1- To improve the group's brainstorm, Jeanne should use flipcharts and classify ideas.
Flipcharts is a whiteboard used as a visual resource, which allows the best visualization of graphics, new ideas, etc., in a dynamic and summarized way, since this visual resource attracts attention, records and helps in the fixing of content and central ideals.
2- The situation represents crowdstorming, which is a marketing strategy used when an organization wants to improve the services and products offered through interaction with groups of employees who can even be consumers, as in the case above.
This strategy helps in better brand positioning, by receiving direct feedbacks from the potential public, which helps in better meeting their wants and needs.
The Board acknowledges your analysis and agrees with your conclusion. They are now curious about how Charles Schwab can use strategies of a mature industry to increase its revenue. You present them two options. One is to implement a product proliferation strategy to establish a presence in the niches that the new entrants are targeting. This strategy has proven to be very successful in the past and can be a very timely advantage. Another plausible strategy is product development to enhance current products. Research shows that the current product line is still fresh in the consumers’ eyes. Which is the wiser choice?
Explanation:
Analyzing the two strategies, the wisest choice would be the product proliferation strategy to establish a presence in the niches that the new competitors are aiming for.
This strategy consists of increasing a company's product mix, in order to increase its positioning in the market through the conquest of new market shares, which consists in the increase of consumers and a greater competitiveness for the company in entering new niches.
The other product development strategy to improve current products may not be a good strategy at the moment, as we have information that the current product is still fresh in the eyes of consumers, so the product is growing, which means that consumers already know the product and there are growth rates in the purchase and repurchase of the product.
Promises Made in Consideration of Marriage. After twenty-nine years of marriage, Robert and Mary Lou Tuttle were divorced. They admitted in court that before they were married, they had signed a prenuptial agreement. They both acknowledged that the agreement had stated that each would keep his or her own property and anything derived from that property. Robert came into the marriage owning farmland, while Mary Lou owned no real estate. During the marriage, ten different parcels of land, totaling about six hundred acres, were acquired, and two corporations, Tuttle Grain, Inc., and Tuttle Farms, Inc., were formed. A copy of the prenuptial agreement could not be found.
Required:
Can the court enforce the agreement without a writing? Why or why not?
Answer:
Explanation:
From the question, we are informed about Promises Made in Consideration of Marriage. And After twenty-nine years of marriage, Robert and Mary Lou Tuttle were divorced. They admitted in court that before they were married, they had signed a prenuptial agreement.
In this case with the rest information from the question, that A copy of the prenuptial agreement could not be found, then the court cannot enforce the agreement without a writing Prenuptial agreements.
Reason behind this is that a Prenuptial agreements can only be enforced if it is writing.Prenuptial agreements is usually signed before two people marry each other, so in case of death or divorce in the future, the ownership of their asset would have been defined.
f Europe has a real GDP growth rate of 5%, and the United States has a real GDP growth rate of 6%, while money growth in Europe is 7%, and money growth in the United States is 5%, what would the monetary exchange rate model predict for exchange rates in the long run
Answer:
the dollar will appreciate by 3% against the euro
Explanation:
long run change in the exchange rate = (growth rate money supply Europe - growth rate money supply US) - (growth rate real GDP Europe - growth rate real GDP US) = (7% - 5%) - (5% - 6%) = 2% - (-1%) = 2% + 1% = 3%
This is a very simplistic approach to the monetary exchange rate model, but since we are given only this information, it's all that we can use.
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $360,000. During 2021, Halifax sold merchandise on account for $12,100,000. Halifax's merchandise costs is 70% of merchandise selling price. Also during the year, customers returned $594,000 in sales for credit, with $328,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year.
Required:
1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021, and (c) adjust the refund liability to its appropriate balance at year-end.
2. What is the amount of the year-end refund liability after the adjusting entry is recorded?
1a. Record the actual sales return of merchandise sold prior to 2021.
1b. Record the cost of merchandise returned for goods sold prior to 2021.
1c. Record the actual sales return of merchandise sold during 2021.
1d. Record the cost of merchandise returned for goods sold during 2021.
1e. Record the year-end adjusting entry for estimated returns.
1f. Record the adjusting entry for the estimated return of merchandise to inventory.
3. What is the amount of the year-end refund liability after the adjusting entry is recorded?
Answer:
Halifax Manufacturing
a. Record the actual sales return of merchandise sold prior to 2021.
Debit Refund Liability $328,000
Credit Accounts Receivable $328,000
To record actual returns for sales prior to 2021.
1b. Record the cost of merchandise returned for goods sold prior to 2021.
Debit Inventory $229,600
Credit Estimated Inventory Returns $229,600
To record the cost of merchandise returned for goods sold prior to 2021.
1c. Record the actual sales return of merchandise sold during 2021.
Debit Sales Returns $266,000
Credit Accounts Receivable $266,000
To record actual returns for the current year.
1d. Record the cost of merchandise returned for goods sold during 2021.
Debit Inventory $186,200
Credit Cost of Goods sold $186,200
To record the cost of goods returned for sales during the year.
1e. Record the year-end adjusting entry for estimated returns.
Debit Sales Returns $591,700
Credit Refund Liability $591,700
To record sales returns adjusting entry for the current year.
1f. Record the adjusting entry for the estimated return of merchandise to inventory.
Debit Estimated Inventory Returns $414,190
Credit Cost of goods sold $414,190
To record the adjusting entry for the estimated inventory returns.
3. What is the amount of the year-end refund liability after the adjusting entry is recorded?
= $623,700
Explanation:
a) Data and Calculations:
Refund liability (beginning balance) = $360,000
Sales = $12,100,000
Cost of merchandise = $8,470,000 (70% * $12,100,000)
Actual returns during the year = $594,000
Returns for prior years = 328,000
Returns for current year = 266,000
Estimated sales returns allowance = 5% for year-end adjusting entry.
Refund liability (beginning balance) = $360,000
Actual return for prior years = (328,000)
Allowance for current year = 591,700
Refund liability (ending balance) = $623,700
On December 15, 2013, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance in two equal annual installments payable on December 15, 2014, and December 15, 2015. Ignore interest charges. Rigsby has a December 31 year-end. In its December 31, 2013, balance sheet, Rigsby would report:
a. Realized gross profit of $100,000.
b. Deferred gross profit of $100,000.
c. Installment receivables (net) of $3,200,000.
d. Installment receivables (net) of $4,
Answer:
a. Realized gross profit of $100,000.
Explanation:
In 2013, Rigsby Sales Co would realize:
Gross profit percentage = ($4,500,000 - $3,600,000) /4,500,000
Gross profit percentage = 0.20
Gross profit percentage = 20%
Gross profit to be realized is
Gross profit = Installment received * Percentage of gross profit
Gross profit = $500,000*20%
Gross profit = $100,000
Joni Metlock Inc. has the following amounts reported in its general ledger at the end of the current year.
Organization costs $22,300
Trademarks 12,700
Discount on bonds payable 35,300
Deposits with advertising
agency for ads to promote
goodwill of company 10,300
Excess of cost over fair
value of net identifiable
assets of acquired subsidiary 75,300
Cost of equipment acquired for
research and development projects;
the equipment has an alternative future use 85,300
Costs of developing a secret formula for a
product that is expected to be marketed for
at least 20 years 79,600
On the basis of this information, compute the total amount to be reported by Metlock for intangible assets on its balance sheet at year-end.
Answer:
Joni Metlock Inc.
Computation of the total amount of Intangible Assets on the Balance Sheet at year-end:
Organization costs $22,300
Trademarks 12,700
Goodwill acquired 75,300
Secret formula Development cost 79,600
Total amount of intangibles $189,900
Explanation:
Data:
Organization costs $22,300
Trademarks 12,700
Discount on bonds payable 35,300
Deposits with advertising
agency for ads to promote
goodwill of company 10,300
Excess of cost over fair
value of net identifiable
assets of acquired subsidiary 75,300
Cost of equipment acquired for
research and development projects;
the equipment has an alternative future use 85,300
Costs of developing a secret formula for a
product that is expected to be marketed for
at least 20 years 79,600
b) Metlock's intangible assets are the non-physical assets like Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights.
CAM charges for retail leases in a shopping mall must be calculated. The retail mall consists of a total area of 2.8 million square feet, of which 800,000 square feet has been leased to anchor tenants that have agreed to pay $2 per rentable square foot in CAM charges. In-line tenants occupy 1.3 million square feet, and the remainder is a common area, which the landlord believeswill require $8 per square foot to maintain and operate each year. If the owner is to cover total CAM charges, how much will in-line tenants have to pay per square foot?
Answer:
$3.08 per square foot
Explanation:
Calculation for how much will in-line tenants have to pay per square foot
First step is to find the common area
Common area = 2,800,000−800,000−1,300,000 Common area= 700,000
Second step is to find Common area operating costs
Common area operating costs = 700,000×8
Common area operating costs= $5.6 million
Third step is to find the Operating costs charged to in-line tenants
Operating costs charged to in-line tenants = 5,600,000−800,000×2
Operating costs charged to in-line tenants = 4,000,000
Last step is to calculate the In-line CAM charges using this formula
In-line CAM charges=Operating costs charged to in-line tenants -In-line tenants square feet
Let plug in the formula
In-line CAM charges = 4,000,000 ÷ 1,300,000
In-line CAM charges= $3.08
Therefore the amount that in-line tenants have to pay per square foot will be $3.08 per square foot.
The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies.
Economy Real Income per Person in 1960 Real Income per Person in 2010 Annual Growth Rate
(Dollars) (Dollars) (Percent)
Canada 12,946 35,810 2.06
United Kingdom 11,884 32,034 2.00
Korea 1,610 28,702 5.93
Hong Kong 4,518 44,070 4.66
Guatemala 1,985 3,859 1.34
Indicate which economy satisfies each of the following statements.
Statement Canada Guatemala Hong Kong Korea Niger United Kingdom
This economy had the highest level of real income per person in the year 2010.
This economy experienced the fastest rate of growth in real income per person from 1960 to 2010.
Consider the following list of four economies. Which economy began with a level of real income per person in 1960 that was well below that of the United Kingdom and grew fast enough to catch up with and surpass the United Kingdom's real income per person by 2010?
a. Canada
b. Guatemala
c. Hong Kong
d. Korea
The economy began with a level of real income per person in 1960 that was well below that of the United Kingdom and grew fast enough to catch up with and surpass the United Kingdom's real income per person by 2010 is Korea. Thus the correct option is D.
What is the Economy?The economy of any country is determined by the ratio of production and consumption that takes place within a year and evaluates the flow of funds in the market by analyzing the purchasing parity of an individual.
In the given report one can observe that the real income per person in the year 1960 in the United Kingdom was 11,884 with the Real Income per Person in 2010 being 32,034.
Based on the information from the table, it is concluded that Korea is the economy that grew fast enough to catch up with and surpass the United Kingdom's real income per person by 2010.
As of 1960, Korea has Real Income per Person was 1,610 which grew to 28,702 in 2010 showing quick development.
Therefore, option D is appropriate.
Learn more about the Economy, here:
https://brainly.com/question/951950
#SPJ2
Precision Systems manufactures CD burners and currently sells 18,500 units annually to producers of laptop computers. Jay Wilson, president of the company, anticipates a 15 percent increase in the cost per unit of direct labor on January 1 of next year. He expects all other costs and expenses to remain unchanged. Wilson has asked you to assist him in developing the information he needs to formulate a reasonable product strategy for next year.
You are satisfied that volume is the primary factor affecting costs and expenses and have separated the semivariable costs into their fixed and variable segments. Beginning and ending inventories remain at a level of 1,000 units. Current plant capacity is 20,000 units. The following are the current-year data assembled for your analysis.
Sales price per unit $100
Variable costs per unit:
Direct materials $10
Direct labor $20
Manufacturing overhead and selling and administrative expenses 30 60
Contribution margin per unit (40%) $40
Fixed costs $390,000
Required:
a. What increase in the selling price is necessary to cover the 15 percent increase in direct labor cost and still maintain the current contribution margin ratio of 40 percent?
b. How many units must be sold to maintain the current operating income of $350,000 if the sales price remains at $100 and the 15 percent wage increase goes into effect?
c. Wilson believes that an additional $700,000 of machinery (to be depreciated at 20 percent annually) will increase present capacity (20,000 units) by 25 percent. If all units produced can be sold at the present price of $100 per unit and the wage increase goes into effect, how would the estimated operating income before capacity is increased compare with the estimated operating income after capacity is increased? Prepare schedules of estimated operating income at full capacity before and after the expansion.
Answer:
a. What increase in the selling price is necessary to cover the 15 percent increase in direct labor cost and still maintain the current contribution margin ratio of 40 percent?
estimated production costs per unit:
direct materials $10
direct labor $23
overhead $30
total $63
if we want contribution margin to remain at 40%, then selling price = $63 / (1 - 40%) = $105
to verify our answer, contribution margin = $105 - $63 = $42 / $105 = 40%
b. How many units must be sold to maintain the current operating income of $350,000 if the sales price remains at $100 and the 15 percent wage increase goes into effect?
if sales price doesn't change, then contribution margin = $37 (not $40)
units sold to keep profit at $350,000 = ($350,000 + $390,000) / $37 = 20,000 units per year
c. Wilson believes that an additional $700,000 of machinery (to be depreciated at 20 percent annually) will increase present capacity (20,000 units) by 25 percent. If all units produced can be sold at the present price of $100 per unit and the wage increase goes into effect, how would the estimated operating income before capacity is increased compare with the estimated operating income after capacity is increased? Prepare schedules of estimated operating income at full capacity before and after the expansion.
working at full capacity, sales price $100 (unchanged) and direct labor costs increasing by 15%
capacity 20,000 capacity 25,000
sales revenue $2,000,000 $2,500,000
direct labor $460,000 $575,000
direct materials $200,000 $250,000
overhead $600,000 $750,000
fixed costs $390,000 $670,000
operating revenue $350,000 $255,000
The expansion will result in lower operating profits ($95,000 less) so it should be discarded.
Based on the preceding information, which of the following is an consolidating entry needed to prepare a full set of consolidated financial statements at December 31, 20X8:
A. Common Stock 200,000
Retained Earnings 150,000
Income from Tester Co. 40,000
Dividends declared 10,000
Investment in Tester Co. 285,000
NCI in NA of Tester Co. 95,000
B. Depreciation Expense 5,000
Income from Tester Co. 4,000
NCI in NI of Tester Co. 1,000
C. Common Stock 200,000
Retained Earnings 150,000
Income from Tester Co. 30,000
NCI in NI of Tester Co. 10,000
Dividends declared 10,000
Investment in Tester Co. 285,000
NCI in NA of Tester Co. 95,000
D. Patents 50,000
Accumulated Depreciation 10,000
Investment in Tester Co. 30,000
NCI in NA of Tester Co. 10,000
Answer:
Based on the preceding information, which of the following is an consolidating entry needed to prepare a full set of consolidated financial statements at December 31, 20X8:
Based on the preceding information, which of the following is an consolidating entry needed to prepare a full set of consolidated financial statements at December 31, 20X8:
A. Common Stock 200,000
Retained Earnings 150,000
Income from Tester Co. 40,000
Dividends declared 10,000
Investment in Tester Co. 285,000
NCI in NA of Tester Co. 95,000
Explanation:
Data:
A is the only correct answer. With it, the following accounts are debited:
Common Stock 200,000
Retained Earnings 150,000
Income from Tester Co. 40,000
And these accounts are credited:
Dividends declared 10,000
Investment in Tester Co. 285,000
NCI in NA of Tester Co. 95,000
With these, the debit side and the credit side are made to be equal. Again, debiting and crediting the above accounts eliminate them from the combined or consolidated financial statements since they are reflected on opposite sides of the parent and subsidiary's financial statements.
Dale takes out a loan of $8,000 with a 15.2% interest rate that is compounded semi-annually.
If he pays off the loan in 3 years, how much will he end up paying?
Round your answer to the nearest cent.
DO NOT round until you have calculated the final answer.
Answer:
$12,415.48
Explanation:
The formula for calculating compound interest is
FV = PV × (1+r)^ n.
For Dale , FV = the amount he will pay?
PV = $8,000
r = 15.2%
n =3 years
Since interest is compounded semi-annually, the applicable r will be 15.2% divided by 2, n will be 3 years x 2
Fv= $8,000 x ( 1 + {15.2 %/ 2}^6
Fv = $8,000 x (1+ 7.6/100) ^ 6
Fv= $8,000 x ( 1.076) ^6
Fv = $8000 x 1.551934858492184
Fv=$12,415.482
Fv= $12,415.48
Dale will end up paying $12,415.48
Answer: 12,415.48
Explanation:
Use the compund interest formula for calculating the future value, A=P(1+rn)n⋅t where A is the unknown future value, P is the principal, so P=$8,000, r is the rate written as a decimal, so r=0.152, n is the number of periods of compounding which is 2 when compounded semi-annually,so n=2, and t is the time in years, so t=3. Substitute the values into the formula.
Use the compound interest formula and substitute the given values: A=$8,000(1+0.1522)2(3). Simplify using the order of operations: A=$8,000(1.076)6=$8,000(1.551935358)≈$12,415.48.
Consider an economy described by the following equations:
Y=C+I+G
C=120+0.8×(Y−T)
I=500−50×r G=150
T=125
where Y is GDP, C is consumption, I is investment, G is government purchases, T is taxes, and r is the interest rate. If the economy were at full employment (that is, at the natural rate of output), GDP would be $2,850.
Identify the equation(s) each of the following statements describes.
a. It is a function of disposable income.
b. It depends on the interest rate.
The marginal propensity to consume in this economy is:____________ .
Suppose the central bank's policy is to adjust the money supply to maintain the interest rate at 3%, so r = 3. When the interest rate is 3%, GDP is __________$ .
GDP at an interest rate of 3% is the full-employment level.
a. True
b. False
Assuming no change in monetary policy, (a decrease, an increase) in government purchases by ____ would restore GDP to the full-employment level. (Note: Assume that such change in fiscal policy has no crowding-out effect.) Assuming no change in fiscal policy, (a decrease. an increase) in the interest rate by ___ would restore GDP to the full-employment level.
Answer:
Consumption c is a function of disposable income
Investment I is a function of interest rate
Marginal propensity to consume equals 0.8
If this 3, I = investment
= 500-(3*50)
= 500-150
= 350
We have Y= C+I+G
Y = 120+0.8(Y-125)+350+150
Y = 120+0.8Y-100+350+150
Y-0.8Y = 120-100+350+150
0.2Y = 520
Y = 520/0.2
Y = 2600
GDP and interest rate falls below full employment
If there is no change in monetary policy an increase in government purchases by 50dollars takes gdp back to full employment
If no change in fiscal policy when interest rate decreases by 1.4% God goes back to full employment.
Brett, the manager at Warson’s Diner, plans to promote Keisha, one of the waitresses, to the position of an assistant manager. However, the owner, being racially biased, prevents him from doing so. Later, when Brett wants to promote one of the delivery boys to waiter, the owner again vetoes his recommendation on the grounds that his customers would feel uncomfortable having a black man deliver their food. Brett, extremely frustrated, offers Keisha and the delivery boy their promotions as he finds them deserving. Subsequently, Brett gets fired. Which of the following holds true in this scenario?
a. Brett has a cause of action against Warson’s Diner for retaliatory discharge under Title VII of the Civil Rights Act of 1964.
b. Brett has a cause of action against Warson’s Diner based on the bona fide occupational qualification defense.
c. Brett is liable for racial discrimination because as a manager he failed to change the company’s policy regarding promotion of African-Americans.
d. Brett is liable because he failed to follow the instructions provided by his employer.
Answer:
a)Brett has a cause of action against Warson's Diner for retaliatory discharge under Title VII of the Civil Rights Act of 1964.
Explanation:
From the question, we are informed about Brett, the manager at Warson’s Diner, who plans to promote Keisha, one of the waitresses, to the position of an assistant manager. We are also told that the owner, being racially biased, prevents him from doing so and in the end , Brett gets fired
What holds true in this scenario described above is that Brett has a cause of action against Warson's Diner for retaliatory discharge under Title VII of the Civil Rights Act of 1964.
Title VII of the Civil Rights Act of 1964. Is a law, of Act of 1964 that oversee any form of discrimination against employee of an organization and shield them from been discriminated because of race they belong to, their sex , their National origin an so on . The law doesn't only forbid discrimination that is intentional, but all actions that speak discrimination wether intentional or not.
In 2010, Toyota recalled millions of automobiles to fix a potentially hazardous problem known as sudden acceleration. Writing in the Wall Street Journal, James Stewart gave investors the following advice: "Toyota shares were over $90 as recently as Jan. 19, 2010. They closed Tuesday (February 02, 2010) at $78.18, which strikes me as a modest decline under the circumstances. If I owned shares, I’d seize the chance to get out.
Required:
Would a believer in the efficient markets theory be likely to follow Stewart's advice?
Answer:
Of course not. Someone that believes in the efficient market theory (or hypothesis as it is generally called), believes that the market is always right. As an individual investor, you might be right or wrong, but the market as a whole has access to perfect information and the price of each stock already has been determined factoring all possible events and outcomes. I.e. the market's price is always the correct price and there is no way in which an individual investor can make a profit by buying or selling undervalued or overvalued stocks.
Personally, I disagree with this hypothesis, and the reason why most people call is a hypothesis is that they disagree with it. If the market is always right, then this theory is no good.
A deposit of $10,000 is made a year from now, a second deposit of $10,000 is made at the end of the year 5, and a deposit of $3000 is made at the end of year 8. The account earns 6% interest. You want to withdraw an equal amount, X at the end of each year for the next 10 years. What is the amount of X if the goal is to empty the account
Answer:
$4068.77
Explanation:
We calculate the Future value of all the three deposits at the end of year 8
FV = CF1 *(1+r)^8-1 + CF5*(1+r)^8-5 + CF8 * (1+r)^8-8
FV = 10000 *(1+0.06)^7 + 10000*(1+0.06)^3 + 3000 * (1+0.06)^0
FV = 15,036.30 + 11,910.16 + 3,000
FV= $29,946.46
We have to calculate the annuity payments that have a Present value = $29,946.46
PV = PMT * 1-(1+r)^-n / r
PV = 29,946.46, PMT= ?, r = 6%, n = 10
29,946.46 = PMT * 1-(1+0.06)^-10 / 0.06
29,946.46 = PMT * 1 - 1.06^-10 / 0.06
29,946.46 = PMT * 1 - 0.558395 / 0.06
29,946.46 = PMT * 0.441605 / 0.06
29,946.46 = PMT * 7.36008
PMT = 29,946.46/7.36008
PMT = 4068.768274257889
PMT = $4068.77
Thus, amount of X is $4068.77 if the goal is to empty the account.
Tommy is from a small town and quit high school to get married. He and his wife have five kids, and his wife stays home with the children. Tommy is a hard worker and strives to provide for his family, although his skills are limited. Tommy has been a butcher for his entire career. He has been with his present company, a large retail grocer, for the past six years performing the same job. There are twelve people in the meat department, and each one specializes in cutting certain types of meat. Tommy's job is to cut ribeye steaks. Cutting ribeye steaks is very precise and requires holding and using a knife in the same way every day. This requirement has started to cause Tommy pain in his right hand. Although Tommy still likes his work, he is getting a little bored of the repetition and is bothered by the pain.
The quality of Tommy’s work has not suffered, but the store managers can tell that he is getting bored. What could they do to keep him better engaged?
a. Purchase special ergonomic mats to help with the pain associated with standing on the hard floor every day.
b. Motivate Tommy by giving him feedback about how skilled he is in cutting ribeye and explain that customers visit the store for his custom steaks.
c. Offer Tommy more money because he is so good at cutting meat.
d. Cross train the employees in the meat department, so beef cutters can learn how to cut pork and vice versa.
e. Administer a work personality quiz to Tommy to see if there is another area in the store where he could move to, such as the produce department.
Answer: d. Cross train the employees in the meat department, so beef cutters can learn how to cut pork and vice versa.
Explanation:
Since the quality of Tommy’s work has not suffered, but the store managers can tell that he is getting bored, the thing that could be done to keep him better engaged is to cross train the employees in the meat department, so beef cutters can learn how to cut pork and vice versa. Cross training helps the workers in the company appreciate the workers of others in other department and shows workers flexibility.
Assume that Ms. Sawyer's salary is $35,000, up from $31,000 last year, while the CPI is 187.5 this year, up from 180 last year. This means that Ms. Sawyer's real income has ____________ since last year.
Answer:
Increased
Explanation:
Based on the information given we were told Ms. Sawyer's salary is the amount of $35,000, up from the amount of $31,000 last year which means that Ms. Sawyer's salary had INCREASED from $31,000 last year to $35,000 this year
Secondly we were told that the CPI is 187.5 this year which is up from 180 last year which means that Ms. Sawyer's CPI had INCREASED
from 180 last year to 187.5 this year.
Therefore this simply means that Ms. Sawyer's real income has INCREASED since last year.
Read the following paragraph and copy and paste the sentence which contains the central idea:
The strength in global growth is broad-based across countries that growth has recently exceeded its post-crisis average across almost all major DM and EM countries. Among advanced economies, the three-month moving average of the CAI has been particularly strong in the Euro area and Sweden (around 2pp above their post-crisis average), Japan (1.3pp) and the US (1.1pp). A number of EM economies have recently outpaced their post-crisis average, although growth is likely still below potential in a number of emerging economies.
Answer:
The third sentence.
Explanation:
The third sentence contains the central idea of the passage/paragraph.
- A number of DM (Developed Market) economies have recently outpaced their post-crisis average, although growth is likely still below potential in a number of EM (Emerging Market) economies.
The first sentence somewhat defines "strength in global economic growth". The second sentence gives statistics, particularly on the quality of growth in advanced economies (DM economies).
The third sentence summarizes both points and clarifies that potential for growth is still existent in emerging economies.
Freeport-McMoRan Copper & Gold Inc., headquartered in Phoenix, Arizona, is a leading international mining company of copper, gold, and molybdenum. Its revenues were over $16 billion with net income of nearly $2 billion in a recent year.
Assume that in February 2020, Freeport-McMoRan paid $800,000 for a mineral deposit in Indonesia. During March, it spent $70,000 in preparing the deposit for exploitation. It was estimated that 1,000,000 total cubic yards could be extracted economically. During 2020, 60,000 cubic yards were extracted. During January 2021, the company spent another $6,000 for additional developmental work that increased the estimated productive capacity of the mineral deposit.
Required:
a. Compute the acquisition cost of the deposit in 2020.
b. Compute depletion for 2020.
c. Compute the net book value of the deposit after payment of the January 2021 developmental costs.
Answer:
A. $ 870,000
B. $52,200
C. $823,800
Explanation:
a. Computation for acquisition cost.
Using this formula
Acquistion cost= 800,000 +70,000
Acquistion cost=$ 870,000
2. Computation for depletion
Depletion for 2020=
(870,000/1,000,000)*60,000
Depletion for 2020=0.87*60,000
Depletion for 2020= $52,200
3. Computation for the net book value
Net book value =$870,000 -$52,200 +$6,000
Net book value=$823,800
________ is used to make purchases while ________ is the total collection of pieces of property that serve to store value.
Answer:
Money; wealth.
Explanation:
Money can be defined as any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.
Basically, money is a currency used for the purchase of goods and services such as food, clothes, perfume, shoes, automobile etc.
Hence, money is used to make purchases while wealth is the total collection of pieces of property that serve to store value. This simply means, wealth refers to the total or overall assets that is being owned by an individual or organization at a specific period of time.
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?
Answer: $14,000
Explanation:
Estimated Uncollectible = (4% * 175,000) + ( 10% * 40,000) + ( 30% * 10,000) + (60% * 5,000)
= 7,000 + 4,000 + 3,000 + 3,000
= $17,000
The credit balance on the Allowance account will be used to account for some of the uncollectibles. The remaining amount will be the year-end adjusting entry;
= 17,000 - 3,000
= $14,000
discuss the importance of diversity in all its forms in an organization and provide specific examples/scenarios.
Answer:
Explanation below
Explanation:
Workplace diversity can be attained when people from different races, ethnic groups, ages, languages, nationalities, gender and religions are well represented within the company.
Diversity benefits the company in different ways.
When it comes to the marketing of company products and services, a diverse workforce can be able to build trust in the company’s brand with a diverse market they are targeting.
When your product development team have diverse individuals that is in sync with your target market, they can be able to create new products and services that can satisfy the needs of the market they are targeting
The accounts in the ledger of Dependable Delivery Service contain the following balances on July 31, 2022.
Accounts Receivable $11,400
Prepaid Insurance $1,800
Accounts Payable 7,400
Maintenance and Repairs Expense 1,200
Cash 15,940
Service Revenue 15,500
Equipment 59,360
Dividends 800
Utilities Expense 950
Common Stock 40,000
Insurance Expense 600
Salaries and Wages Expense 8,400
Notes Payable, due 2024 31,450
Salaries and Wages Payable 900
Retained Earnings (July 1, 2022) 5,200
Required:
Prepare classified balance sheet for July 31, 2022.
Answer:
Dependable Delivery Service
Classified balance sheet as at July 31, 2022
Non Current Assets
Equipment $59,360
Total Non Current Assets $59,360
Current Assets
Accounts Receivable $11,400
Prepaid Insurance $1,800
Cash $15,940
Total Current Assets $29,140
Total Assets $88,500
Equity and Liabilities
Equity
Common Stock $40,000
Retained Earnings $8,750
Total Equity $48,750
Liabilities
Non Current Liabilities
Notes Payable, due 2024 $31,450
Total Non Current Liabilities $31,450
Current Liabilities
Accounts Payable $7,400
Salaries and Wages Payable $900
Total Non-Current Liabilities $8,300
Total Liabilities $39,750
Total Equity and Liabilities $88,500
Explanation:
Its very important to calculate the Retained Earnings Balance at the end of July 2020.
To do this, we need to first calculate the Net Income for the period as follows :
Income Statement for the year ended July 31, 2022
Service Revenue 15,500
Less Expenses :
Maintenance and Repairs Expense 1,200
Utilities Expense 950
Insurance Expense 600
Salaries and Wages Expense 8,400 (11,150)
Net Income/(loss) 4,350
Then, calculate the Retained Earnings Balance as follows :
Retained Earnings Calculation
Beginning Balance 5,200
Add Net Income during the period 4,350
Less Dividends (800)
Ending Balance 8,750
You are analyzing two companies that manufacture electronic toys--Like Games Inc. and Our Play Inc. Like Games was launched eight years ago, whereas Our Play is a relatively new company that has been in operation for only the past two years. However, both companies have an equal market share with sales of $200,000 each. You've gathered up company data to compare Like Games and Our Play. Last year, the average sales for industry competitors was $510,000. As an analyst, you want to make comments on the expected performance of these two companies in the coming year. You've collected data from the companies' financial statements. This information is listed as follows:
Like Games
Accounts receivable: 5,400
Net fixed assets: 110,000
Total assets: 190,000
Our Play
Accounts receivable: 7,800
Net fixed assets: 160,000
Total assets: 250,000
Industry Average
Accounts receivable: 7,700
Net fixed assets: 433,500
Total assets: 469,200
Using this information, complete the following statements in your analysis.
1. A _____ days of sales outstanding represents an efficient credit and collection policy. Between the two companies, _____ is collecting cash from its customers faster than _____, but both companies are collecting their receivables less quickly than the industry average.
2. Our Play's fixed assets turnover ratio is _____ than that of Like Games. This could be because Our Play is a relatively new company, so the acquisition cost of it fixed assets is _____ that the recorded cost of Like Games's net fixed assets.
3. Like Games's total assets turnover ratios is _____, which is _____, than the industry's average total assets turnover ratio. In general, a higher total assets turnover ratio indicates greater efficiency.
Answer:
1. A LOWER days of sales outstanding represents an efficient credit and collection policy. Between the two companies, LIKE GAMES is collecting cash from its customers faster than OUR PLAY, but both companies are collecting their receivables less quickly than the industry average.
2. Our Play's fixed assets turnover ratio is LOWER than that of Like Games. This could be because Our Play is a relatively new company, so the acquisition cost of it fixed assets is HIGHER that the recorded cost of Like Games's net fixed assets.
3. Like Games's total assets turnover ratios is 1.05, which is LOWER than the industry's average total assets turnover ratio. In general, a higher total assets turnover ratio indicates greater efficiency.
Explanation:
DSO = (accounts receivable / credit sales) x 365
DSO industry = (7,700 / 510,000) x 365 = 5.5 days
DSO Like Games = (5,400 / 200,000) x 365 = 9.9 days
DSO Our Play = (7,800 / 200,000) x 365 = 14.2 days
Fixed asset turnover ratio = net sales / average fixed assets
Fixed asset turnover ratio industry = 510,000 / 433,500 = 1.18
Fixed asset turnover ratio Like Games = 200,000 / 110,000 = 1.82
Fixed asset turnover ratio Our Play = 200,000 / 160,000 = 1.25
Total asset turnover ratio = net sales / average total assets
Total asset turnover ratio industry = 510,000 / 469,200 = 1.09
Total asset turnover ratio Like Games = 200,000 / 190,000 = 1.05
Total asset turnover ratio Our Play = 200,000 / 250,000 = 0.8
During 2020, PC Software Inc. developed a new personal computer database management software package. Total expenditures on the project were $3,000,000, of which 40% occurred after the technological feasibility of the product had been established. The product was completed and offered for sale on January 1, 2021. During 2021, revenues from sales of the product totaled $4,800,000. The package is expected to be successfully marketable for five years, and the total revenues over the life of the product are estimated to be $20,000,000.
Required
A. Prepare the journal entry to account for the development of this product in 2020.
B. Prepare the journal entry to record the amortization of capitalized computer software development costs in 2021.
C. What disclosures are required in the December 31, 2021, financial statements regarding computer software costs?
At December 31, 2021, the unamortized software intangible asset totals ______. This is equal to _____ originally capitalized less amortization in 2021 of _______. The amount charged to expense as amortization of software intangible asset in 2021 was ______. The estimated net realizable value of computer software is greater than the remaining unamortized software intangible asset.
Answer:
Answer:
PC Software Inc.
A. Journal Entry to account for the development of software in 2020:
Debit Software $1,200,000
Debit Development Expenses $1,800,000
Credit Cash Account $3,000
To capitalize 40% software development costs.
B. Journal Entry to amortize Capitalize Computer Software Development in 2021:
Debit Amortization Expense $240,000
Credit Accumulated Amortization - Software $240,000
To record the amortization of the capitalized software.
C. At December 31, 2021, the unamortized software intangible asset totals _$960,000_____. This is equal to _$1,200,000____ originally capitalized less amortization in 2021 of _ $240,000______. The amount charged to expense as amortization of software intangible asset in 2021 was _$240,000_____. The estimated net realizable value of computer software is greater than the remaining unamortized software intangible asset.
Explanation:
The choice is for PC Software Inc. to follow the US GAAP rule, which states that development costs incurred for an internally-generated software should be capitalized only when the software is commercially feasible. Based on this, only 40% of the software expenditures are capitalized.
On September 1, Boylan Office Supply had an inventory of 30 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
Sept. 6 Purchased with cash 80 calculators at $20 each from Guthrie Co.
Sept. 9 Paid freight of $80 on calculators purchased from Guthrie Co.
Sept. 10 Returned 3 calculators to Guthrie Co. for $63 cash (including freight) because they did not meet specifications.
Sept. 12 Sold 26 calculators costing $21 (including freight) for $31 each on account to Lee Book Store, terms n/30.
Sept. 14 Granted credit of $31 to Lee Book Store for the return of one calculator that was not ordered.
Sept. 20 Sold 30 calculators costing $21 for $32 each on account to Orr's Card Shop, terms n/30.
Journalize the September transactions.
Answer:
Sept 6. DR Inventory (80 * 20) 1,600
CR Accounts Payable $1,600
Sept 9. DR Inventory 80
CR Cash 80
Sept 10. DR Accounts Payable 63
CR Inventory 63
Sept 12. DR Accounts Receivable (26 * 31) 806
CR Sales Revenue 806
DR Cost of Goods Sold (21 * 26) 546
CR Inventory 546
Sept 14. DR Sales Returns and Allowances 31
CR Accounts Receivable 31
DR Inventory 21
CR Cost of Goods Sold 21
Sept. 20 DR Accounts Receivable (30 * 32) 960
CR Sales Revenue 960
DR Cost of Goods Sold (30 * 21) 630
CR Inventory 630
In the official government National Income and Product Accounts (NIPA), what component of investment includes purchases of new houses?
Answer:
Residential
Explanation:
National Income and Product Accounts often referred to as NIPA are a form of details obtained and released by the United States Bureau of Economic Analysis of the Department of Commerce. The purpose is to depict the different elements of national income and output in the economy in a given period of time. However, under national product accounts, a component of investment that includes purchases of new houses is "RESIDENTIAL"
Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. They are also able to claim $2,900 in recovery rebate credit ($2,400 for Marc and Michelle and $500 for Matthew). Assume they did not receive the recovery rebate in advance. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules).
A. What is Marc and Michelle’s gross income?
B. What is Marc and Michelle’s adjusted gross income?
C. What is the total amount of Marc and Michelle’s deductions from AGI?
D. What is Marc and Michelle’s taxable income?
E. What is Marc and Michelle’s taxes payable or refund due for the year?
Answer:
I will use the 2020 tax schedule since recovery rebate credit applies to 2020:
Marc and Michelle's gross income = Marc's and Michelle's salaries + interest from corporate bonds = $64,000 + $12,000 + $500 = $76,500
they should choose the standard deduction since it is higher than their itemized deductions = ($24,400)
contribution to IRA = ($2,500)
alimony payment = ($1,500) the divorce agreement was settled on 2005
Marc and Michelle's taxable income = $48,100
Marc and Michelle's tax liability = $1,975 + [12% x ($48,100 - $19,750)] = $5,377
Interests on municipal bonds is not taxable.
The amount of taxes that they owe = $5,377 - $3,500 (federal tax withholdings) = $1,877
Refundable tax credits:
$2,000 in child tax credit
$2,900 in recovery rebate credit
total = $4,900
taxes payable or refund = tax liability - refundable tax credits = $1,877 - $4,900 = -$3,023.
Marc and Michelle should get a refund for $3,023