Answer:
Part 1
Debit :New Machine $55,000
Debit : Profit and Loss $39,400
Credit: Accumulated Depreciation: Old Machine $19,400
Credit :Cost: Old Machine $44,400
Credit : Cash $31,000
Part 2
Debit :New Machine $55,000
Debit : Profit and Loss $31,400
Credit: Accumulated Depreciation: Old Machine $19,400
Credit :Cost: Old Machine $44,400
Credit : Cash $23,000
Explanation:
The Standard on Property, Plant and Equipment States that :
"When exchange has commercial substance, Cost Price of item Acquired is measured at Fair Value.
When Fair Values of both assets acquired and given up can be determined reliably, the Fair Value of Asset given up will be used.
Unless the Fair Value of the Asset acquired is more evident, that Value may be used"
From this, we have on Fair Value of Asset Acquired, so we use that as the Cost of the New Asset. Cost of New Asset in Both Cases will be $55,000.
Recognize the New Cost of Asset, Derecognize the Cash Paid, Derecognize Cost of Old Asset and Accumulated Depreciation in a journal to find the Profit or loss resulting from the exchange as above.
Think about a recent order you made (pizza, book, clothes, shoes, etc) online or over the phone. Describe the processes used in taking an order, filling the order, and receiving payment. Create a flowchart showing the steps used. Then, create a second flowchart indicating where you would recommend improvements to the processes and why.
Answer:
Attached below is the required flowchart
Explanation:
Process used in placing an order
Registration/signing up of user selection of goods by userProcess for filing the Order
picking the exact quantity and type of goods placing order on selected items checking outprocess for receiving payment
Paying for goods that are Pay before delivery Cancellation of order incase order was not fulfilledWhich of the following is the most important factor contributing to the specialization of the architect and engineer roles into separate functions?
Specialization ensures that no one person is the only knowledgeable person on a project.
Specialization assists with more precise budget projections.
Specialization ensures one role is not more important than the other roles on a project. Specialization better ensures plans are implemented more efficiently.
Answer:
Its Making budget is working on a company on a city that the budget is high to pay you the boss of the company. I prefer working in the city
Loreal-American Corporation purchased several marketable securities during 2021. At December 31, 2021, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2020, and all are considered securities available-for-sale. Cost Fair Value Unrealized Holding Gain (Loss) Short term: Blair, Inc. $ 520,000 $ 385,000 $ (135,000 ) ANC Corporation 470,000 520,000 50,000 Totals $ 990,000 $ 905,000 $ (85,000 ) Long term: Drake Corporation $ 520,000 $ 580,000 $ 60,000 Aaron Industries 700,000 680,000 (20,000 ) Totals $ 1,220,000 $ 1,260,000 $ 40,000 Required: 1. Prepare appropriate adjusting entries at December 31, 2021. 2. What amount would be reported in the income statement at December 31, 2021, as a result of the adjusting entry
Answer and Explanation:
1. The adjusting entry is
Net unrealised holding gain or loss $45,000 ($85,000 - $40,000)
To Fair value adjustment $45,000
(being net unrealized holding gain or loss is recorded)
2. In the income statement, the amount that should be reported is zero as the net unrealized gain or loss would be reported as an other comprehensive income also it is a part of the stockholder equity
You are the owner of a winter sporting goods store and recently purchased a shipment of 60 sets of snowboards and snowboard bindings at a total cost of $29,000. (You were unable to purchase separately, and the smallest order was for a set of 60.) The community in which your store is located consists of many different types of snowboarders, ranging from expert to beginners. From historical data, you know that different snowboarders value snowboards and bindings differently. However, you cannot profitably price discriminate because you cannot prevent resale (arbitrage). Market research shows there are about 20 advanced snowboarders who value snowboards at $350 and bindings at $250, 20 intermediate snowboards who value snowboards at $250 and bindings at $275, and 20 beginning snowboarders who value snowboards at $175 and bindings at $325. Compare the profits earned under the following two pricing strategies: Selling snowboards and bindings separately at the profit-maximizing prices Bundling snowboards and bindings and selling for one price
Answer:
Profits Comparison:
Sold Separately Bundled
Revenue $32,500 $30,000
Costs 29,000 29,000
Profits $3,500 $1,000
The calculations show that it is far better to sell the snowboards and bindings separately at the profit-maximizing prices than bundling them and selling for one price.
This is because, if the single price is more than $500, the beginners might not buy the items and they will remain unsold.
Explanation:
a) Data and Calculations
Cost of purchase of 60 sets of snowboards and snowboard bindings = $29,000
Unit cost of a set of snowboard and binding = $483.33 ($29,000/60)
Snowboarders Advanced Intermediate Beginners Average
Number 20 20 20
Snowboards $350 $250 $175 $258.33
Bindings 250 275 325 $283.33
Total $600 $525 $500 $541.66
Total revenue: Total
when sold separately $12,000 $10,500 $10,000 $32,500
Total revenue:
when bundled at a price (for example $500 for each) = $30,000 ($500 * 60)
Sold Separately Bundled
Revenue $32,500 $30,000
Costs 29,000 29,000
Profits $3,500 $1,000
What is the main difference between private and government consumer advocacy employers?
a. working directly with consumers
b. who is allowed to work for them
c. funding resources
d. allowance of lobbyism
Answer:
C. funding resources
Your welcome :)
Question 4 of 10
Which budget strategy will reduce a country's national debt the most?
A. Raising taxes while lowering spending
B. Lowering both taxes and spending
C. Lowering taxes while raising spending
D. Raising both taxes and spending
Answer: raising taxes while lowering spending
Explanation: I just got it right on A p e x
Universal Containers is rolling out a new customer service process. Customer service managers will need to edit cases for their subordinates, but not cases for other groups. Managers and users should be able to view all cases. What is the recommended solution to configure this
Answer:
I. Create standard role hierarchies.
II. Set organization-wide sharing defaults to public read/only.
Explanation:
Workflow management systems can be defined as a strategic software application or program designed to avail companies the infrastructure to setup, define, create and manage the performance or execution of series of sequential tasks, as well as respond to workflow participants. Some examples of workflow management systems used around the world; YAWL, Windows Workflow Foundation, Apache ODE, Collective Knowledge, Workflow Gen, PRPC, Salesforce.com, jBPM, Bonita BPM etc.
In this scenario, Universal Containers is rolling out a new customer service process. Customer service managers will need to edit cases for their subordinates, but not cases for other groups. Managers and users should be able to view all cases. Therefore, the recommended solution to configure this are;
I. Create standard role hierarchies: this is to represent the various end users such as managers and their subordinates.
II. Set organization-wide sharing defaults to public read/only: this settings or feature would make it impossible for any user outside of the group (owner) to edit the cases. They will only be able to view but not modify.
The Retained earnings account has a credit balance of $39,000 before closing entries are made. Total revenues for the period are $57,200, total expenses are $40,800, and dividends are $9800. What is the correct closing entry for the expense accounts?
Answer:
Debit income summary $40,800
Credit expense accounts $40,800
Explanation:
The correct closing entry for expense account would be to debit the income summary for $40,800 and then credit the expense accounts for $40,800.
Here, other items such as revenue, retained earnings and dividends would all be ignored because we were specifically asked to get the correct closing entry for expense account, hence; only expense value would be considered.
Manufacturing overhead for the month was overapplied by $3,600. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The work in process inventory at the end of March after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to: (Round intermediate percentage computations to the nearest whole percent.)
Answer: $19,648
Explanation:
This question is missing details that I could not find so I will answer with a similar question. You can use it to answer yours.
Work in process inventory at the end of March= Work in Process - Overapplied Manufacturing overhead overhead allocated to WIP
Percentage of overhead that went towards WIP:
= Manufacturing overhead applied to WIP/ Total overhead
= 5,830 / 51,920
= 11% (nearest whole percent)
Overapplied Overhead going allocated to WIP:
= Percentage of overhead to WIP * Overapplied overhead for the month
= 11% * $4,200
= $462
Work in process inventory at end of March = 20,110 - 462
= $19,648
What is profit motive
Answer:
the desire for financial gain as an incentive in economic activity.
Which of the following statement is correct?
a. firms in monopoly can sell non-commodities while firms in monopolistic competition cannot.
b. firms in monopoly can sell a commodity while firms in monopolistic competition cannot.
c. firms in monopoly are price setters while firms in monopolistic competition are not.
d. firms in monopoly can make economic profit in the short run while firms in monopolistic competition cannot.
Answer:
the correct answer I to this question is c
discussed why present age diseases are different from the pasr
Answer:
in the past we did not have much reshcearch to help figure out what is wrong
now we have the tech to help and we also have vacanation
Explanation:
Answer:
in the past we didn't have nuclear tech that could cause radiation and who knows what else so now we all gonna die within the next 200 years give me big brain plz i can be smart i am right now i gave clear answer then i make meme review part also nice
Explanation:
the federal government has Group of answer choices separate capital and operating budgets only a capital budget an operating budget only a single budget that includes both operating expenses and capital spending
Answer:
A single budget that includes both operating expenses and capital spending.
Explanation:
A budget can be defined as a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis.
In the preparation of a budget, a list of each type of income and expense with respect to the budget is generally considered to be the first step. Also, the final step is making necessary adjustments to the budget by the top executive.
The federal government has a single budget that includes both operating expenses and capital spending on a cash basis.
Additionally, the benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.
Your farm encompasses 900 acres, and you are planning to grow soybeans, corn, and wheat in the coming planting season. Fertilizer costs per acre are: $5 for soybeans, $2 for corn, and $1 for wheat. You estimate that each acre of soybeans will require an average of 5 hours of labor per week, while tending to corn and wheat will each require an average of 2 hours per week. Based on past yields and current market prices, you estimate a profit of $9,000 for each acre of soybeans, $6,000 for each acre of corn, and $3,000 for each acre of wheat. You can afford to spend no more than $5,400 on fertilizer, and your farm laborers can supply 5,400 hours per week. How many acres of each crop should you plant to maximize total profits
Answer:
Using solver, the optimal solution = 900 acres of soybean resulting in $8,100,000 profit
Explanation:
you need to maximize 9000S + 6000C + 3000W
where:
S = acres of soybean
C = acres of corn
W = acres of wheat
constraints:
S + C + W ≤ 900
5S + 2C + 1W ≤ 5400
5S + 2C + 2W ≤ 5400
S, C, W ≥ 0
S, C, W are whole numbers
Using solver, the optimal solution = 900 acres of soybean resulting in $8,100,000 profit
Milton Friedman argued that: appropriate antitrust policy can prevent businesses from causing inflation. inflation is a phenomenon of capitalist economies. prices need to be regulated and set by the government to prevent inflation. general price level increases result from the government printing too much money.
Answer:
Prices need to be regulated and set by the government to prevent inflation.
Explanation:
Milton Friedman was a monetarist. Monetarists believe in the quantity theory of money which states that inflation is a direct result of the growth of the amount of money in an economy. One of the most famous quotes by Friedman is "Inflation is always, and everywhere, a monetary phenomenon".
Under this reasoning, Friedman proposed that the government should control the money supply in order to address and maintain a stable price level, in other words, low inflation.
Friedman policies were implemented in the U.S. since the late 1970s, and emulated in most other countries in the world. Ever since, the monetary policy of most countries in the world has been aimed at controlling inflation and keeping it low.
acquired: Firm A has a margin of 11%, sales of $610,000, and ROI of 17%. Calculate the firm's average total assets. Firm B has net income of $72,000, turnover of 1.40, and average total assets of $920,000. Calculate the firm's sales, margin, and ROI. Firm C has net income of $136,000, turnover of 2.01, and ROI of 23.40%. Calculate the firm's margin, sales, and average total assets.
Answer:
1. Firm's average total assets = Net Income/ROI = $610,000*0.11 / 0.17 = $394,705.88
2. Sales = Assets turnover ratio * Average total assets = 1.40*920,000 = $1,288,000
Margin = Net Income / Sales = $72,000/$1,288,000 = 0.06
ROI = Net Income / Average Total Assets = $72,000/920,000 = 0.078
3. Average Total Assets = Net Income / ROI = $136,000/23.40% = 136,000/0.2340 = $581,196.58
Sales = Assets turnover ratio * Average total assets= 2.01*$581,196.58 = $1,168,205.12
Margin = Net Income / Sales = $136,000/$1,168,205.12 = 0.1164
Which of the following values should be inserted to correctly balance the ledger shown below?
Date Description Deposit Withdrawal Balance
8-13-18 Balance $120.74
8-14-18 Automatic Deposit – Paycheck $343.52
8-14-18 City payment – Water, Trash (Monthly) $53.90
8-14-18 Internet payment (Monthly) $86.40
$222.78
$323.96
$410.36
$464.26
A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $500, was added to the invoice amount. On June 20, it returned $800 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals:
Answer:
the cash paid as on June 24 is $9,424
Explanation:
The computation of the cash paid as on June 24 is as follows:
= Merchandise cost + Freight charge - Purchase returns - Discount Eligible at 3%
= $10,000 + $500 - $800 - [($10,000 - $800) × 0.03]
= $10,000 + $500 - $800 - $276
= $9,424
Hence, the cash paid as on June 24 is $9,424
Suppose the price elasticity of demand for cigarettes is -0.8 and that the government can essentially set the price of cigarettes by altering the tax rate. If the government wishes to reduce the quantity of cigarettes demanded by 15 percent, how much must it raise the price of cigarettes? The government, to achieve its goal, must raise the price of cigarettes by nothing percent. (Enter your response rounded to two decimal places.)
Answer: 18.75%
Explanation:
Price elasticity of demand shows the change in quantity demanded as a result of a change in price.
If the price elasticity is negative, it means that quantity demanded and price move in opposing directions. If prices increase, quantity demanded decreases and vice versa.
Price elasticity of demand = Change in quantity demanded / Change in price
-0.8 = - 15% / x
-0.8x = -15%
x = -15% / -0.8
= 18.75%
A car dealer acquires a used car for $20,000, terms FOB shipping point. Additional costs in obtaining and offering the car for sale include: $120 for transportation-in. $130 for insurance during shipment. $710 for import duties. $140 for advertising. $1,000 for sales staff salaries. For computing inventory, what cost is assigned to the used car
Answer:
17,900
Explanation:
you just add them all together than subtract it from 20k
Answer:
Included in Inventory Cost:
Cost:20,000
Transportation in:120
Import Duties:710
Insurance during shipment:130
Expensed as incurred:
Advertisement:140
Sales Staff salaries:1,000
Explanation:
Virginia owns 100% of Goshawk Company. In the current year, Goshawk Company sells a capital asset (held for three years) at a loss of $40,000. In addition, Goshawk has a short-term capital gain of $18,000 and net operating income of $90,000 during the year. Virginia has no recognized capital gain (or loss) before considering her ownership in Goshawk. How much of the capital loss may be deducted for the year, and how much is carried back or forward if Goshawk is (a) a proprietorship and (b) a C corporation
Answer:
a. IF Goshawk Company is a sole proprietorship, it will deduct a total of $21,000 ($18,000 offset against the capital gain and $3,000 deducted from net operating income) of the $40,000 capital loss and carry forward the remaining $19,000 to subsequent years.
b. IF Goshawk Company is a C corporation, it will carry back and forward the remaining $22,000 to be deducted from its net operating income for previous or future years, after offsetting $18,000 from the $18,000 short-term capital gain.
Explanation:
a) Data and Calculations:
Long-term capital loss = $40,000
Short-term capital gain = $18,000
Capital loss remaining = $22,000 ($40,000 - $18,000)
Net operating income = $90,000
Which factor has had a large impact on the decline of employment in the newspaper, periodical, book, and directory publishing industry? reading ability among U.S. citizens lack of interest in news coverage emergence of digital media all of the above
The answer is periodical and if it is not that then i am sure that it would be book.
Hope this helps !
Answer:
emergence of digital media
Explanation:
East Bay Semiconductor, Inc., currently a small private company, plans to go public via an initial public offering (IPO) and will issue 10 million shares of stock. It is hoping to sell the shares for an offer price of $25. It hires an investment bank, which suggests that the offer price for the stock should be $20 per share to ensure that all the shares can be easily sold. 5. What is the advantage of following the advice of the investment bankers? What is the disadvantage? Is the investment bank’s incentive to sell the shares aligned with the incentives of East Bay Semi? What trade-off does East Bay Semi face in this decision regarding the issue price? Briefly explain
Answer:
What is the advantage of following the advice of the investment bankers? What is the disadvantage?
Whenever a small company decides to carry out an IPO, the risk of not selling all the stocks exists and it has happened many times before. East Bay's executives probably believe that their company is the next Apple or Microsoft, or any other super huge high tech corporation. But the reality is that it is not. If the IPO goes on and not all the stocks are sold, the stock price will plummet by the end of the trading day.
On the other hand, maybe East Bay in a couple of years will be worth more than Tesla, Amazon or any other top corporation, and pricing their stocks too low will only result in losing money.
Actually, no two analysts in the world ever agree on the exact intrinsic price of stocks. Even though math should be the same and they all use the same formulas, several factors are considered differently.
Henry is a manager in an operations department in a computer manufacturing company. He thoroughly studied the production process and calculated how long it takes to get the job done. Then he figured out a more efficient way to put all parts together for a computer. He trains and develops employees to use the new method and works with employees to implement the scientific principles. Which of the following management theories does Henry use in this case?
a. Theory X and Theory Y.
b. Systems management.
c. Human relations management.
d. Scientific management.
Answer:
d. Scientific management.
Explanation:
The management theory used by Henry in this case is scientific management, which can be understood as an administrative model created by Taylor.
The main objective of scientific management is to make work more efficient using less resources and efforts, that is, making work more flexible by rationalizing work and implementing scientific techniques and training employees so that there is efficiency and effectiveness in organizational processes, with the lowest cost, time and continuous improvement.
A supply curve is upward-sloping because At higher prices sellers have a greater incentive to produce more, ceteris paribus. The law of supply states that as price rises, the quantity supplied increases. At lower prices sellers may not be covering their costs of production and are therefore willing to supply less. All of the answers are correct.
Answer:
All of the answers are correct.
Explanation:
The law of supply states that in a production process when the price of. Commodity increases the suppliers are more willing to supply more goods, while when price falls suppliers tend to supply less goods.
This is as a result of lower motivation to sell at a lower price where profit margins are low. The higher the price the more the profit made so they are more motivated.
Also when prices are too low the suppliers may barely cover their cost of production so they tend to supply less.
Attached is a diagram of the supply curve
A company issues a callable (at par) five-year, 7% coupon bond with annual coupon payments. The bond can be called at par in one year after release or any time after that on a coupon payment date. On release, it has a price of $110 per $100 of face value. What is the yield to worst of this bond in percentage when it is released
Answer:
the worse case scenario is that the bond yields -2.73%
Explanation:
the worst case scenario is that the bonds are called one year after they are issued.
you invest $110 today
in one year, you will receive $100 + $7 = $107
your holding period return = ($107 - $110) / $110 = -0.02727 ≈ -2.73%
generally callable bonds are sold at lower prices than regular bonds, so a situation like this is very unlikely since the issue price should probably be lower.
Beachballs, Inc., expects abnormally high earnings for the next three years due to the forecast of unusually hot summers. After the 3-year period, their growth will level off to its normal rate of 6%. Dividends and earnings are expected to grow at 20% for years 1 and 2 and 15% in year 3. The last dividend paid was $1.00. If an investor requires a 10% return on Beachballs, the price she is willing to pay for the stock is closest to:
Answer: $36.50
Explanation:
The price she will be willing to be paid according to the Dividend Discount model is calculated by finding the present value of the future dividends and the terminal value.
Dividend year 1 = 1 * (1 + 20%) = $1.20
Dividend year 2 = 1.20 * (1 + 20%) = $1.44
Dividend year 3 = 1.44 * (1 + 15%) = $1.656
Terminal value = Dividend in year 4 / (required return - growth rate)
= (1.656 * (1 + 6%)) / ( 10% - 6%)
= $43.884
[tex]Price = \frac{1.2}{(1 + 0.10)} + \frac{1.44}{(1 + 0.10)^{2} } + \frac{1.656}{(1 + 0.10)^{3} } + \frac{43.884}{(1 + 0.10)^{3} }\\\\= 36.4959\\\\= 36.50[/tex]
= $36.50
What is currency in economics
Answer:
Currency, in industrialized nations, portion of the national money supply, consisting of bank notes and government-issued paper money and coins, that does not require endorsement in serving as a medium of exchange; among less developed societies, currency encompasses a wide diversity of items (e.g., livestock, stone carvings, tobacco) used as exchange media as well as signs of value or wealth. In the developed nations, where checks drawn on demand deposits are an important means of transaction, currency may actually account for only a small portion of the total money supply
Explanation:
Since the abandonment of the gold standard in the 1930s, governments have not been obligated to repay the holders of currency in any form of precious metal. Consequently the volume of currency is determined by the actions of the government or central bank and not by the supply of precious metals.
A project has been assigned a discount rate of 12 percent. If the project starts immediately, it will have an initial cost of $480 and cash inflows of $350 a year for three years. If the start is delayed one year, the initial cost will rise to $520 and the cash flows will increase to $385 a year for three years. What is the value of the option to wait
Answer: $0.70
Explanation:
The value of the option to wait would be calculated thus:
Year Cash flow PVF at 12% PV
0 $-480 1.000 $(480.00)
1 $350 0.893 $312.50
2 $350 0.797 $279.02
3 $350 0.712 $249.12
Then, the Net present value will be:
= 312.50 + 279.02 + 249.12 - 480.00
= $360.64
Year Cash flow PVF at 12%. PV
0 $-1.000 1.000. 0
1 $-520 0.893 $(464.29)
2 $385 0.797 $306.92
3 $385 0.712 $274.04
4 $385 0.636 $244.67
Net present value = $361.34
The value of the option to wait would then be calculated as:
= $361.34 - $360.64
= $0.70
The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $32,000, Liabilities = ?
Common Stock = $6,200:
Revenue = $13,400,
Dividends = $1,350,
Beginning Retained Earnings = $4,350
Ending Retained Earnings - $8,200
The amount of liabilities reported on the end-of-period balance sheet was:_________
a) $10.550
b) $17.600
c) $21.450
d) $12.550
Answer:
b) $17.600
Explanation:
The computation of the liabilities is shown below:
As we know that
Total assets = Total liabilities + total equity
$32,000 = Total liabilities + $8,200 + $6,200
So, the total liabilities is
= $32,000 - $8,200 - $6,200
= $17,600
hence, the option b is correct