Answer:
journal entries for 2017:
Dr Accounts receivable 1,347,100
Cr Sales revenue 1,347,100
Dr Cost of goods sold 983,600
Cr Merchandise inventory 983,600
Dr Bad debt expense 21,100
Cr Accounts receivable 21,100
Dr Cash 667,400
Cr Accounts receivable 667,400
Dr Bad debt expense 16,465
Cr Allowance for doubtful accounts 16,465
Ending balance of accounts receivable = $658,600
Ending balance of allowance for doubtful accounts = $16,465
Bad debt expense for the year = $37,565
journal entries for 2018:
Dr Accounts receivable 1,501,200
Cr Sales revenue 1,501,200
Dr Cost of goods sold 1,291,000
Cr Merchandise inventory 1,291,000
Dr Allowance for doubtful accounts 28,100
Cr Accounts receivable 28,100
Dr Cash 1,282,100
Cr Accounts receivable 1,282,100
Dr Bad debt expense (= 21,240 + 11,635) 32,875
Cr Allowance for doubtful accounts 32,875
Ending balance of accounts receivable = $849,600
Ending balance of allowance for doubtful accounts = $21,240
Bad debt expense for the year = $32,875
_______________________ are numerically small, but well organized groups that are able to exert a disproportionate effect on political outcomes.
a. Bipartisan reform organizations
b. Special interest groups
c. Social scientists organizations
d. Bipartisan campaign reformers
Answer:
b. Special interest groups
Explanation:
Indeed, these special interest groups often use several approaches to make certain political outcomes like lobbying, running online petition signing, etc.
For example, the black lives matter group is an example of a special interest group because they were able to exert political influence to change police tactics throughout the United States.
What is Jensen's alpha of a portfolio comprised of 45 percent portfolio A and 55 percent of portfolio B?
Portfolio Average Return Standard Deviation Beta
A 18.9 % 21.6 % 1.92
B 13.2 12.8 1.27
The risk-free rate is 3.1 percent and the market risk premium is 6.8 percent.
2.04 percent
0.47 percent
1.08 percent
1.46 percent
−1.25 percent
Answer:
Alpha of the overall portfolio = 2.04%
Explanation:
The alpha or abnormal return is the excess return given by a stock or a portfolio over its required rate of return. To calculate the alpha of a portfolio containing two portfolios, we first need to calculate the alpha of each individual portfolio and then take a weighted average of these alphas to determine the overall portfolio alpha.
First we need to calculate the required rate of return of each portfolio and deduct it from the Average return of portfolios to calculate individual portfolio alpha.
Using the CAPM, we can calculate the required rate of return on a stock. This is the minimum return required by the investors to invest in a stock based on its systematic risk, the market's risk premium and the risk free rate.
The formula for required rate of return under CAPM is,
r = rRF + Beta * rpM
Where,
rRF is the risk free rate rpM is the market risk premium
r of A = 0.031 + 1.92 * 0.068 = 0.16156 or 16.156%
Alpha of portfolio A = 18.9 - 16.156 = 2.744%
r of B = 0.031 + 1.27 * 0.068 = 0.11736 or 11.736%
Alpha of portfolio B = 13.2 - 11.736 = 1.464%
Alpha of the overall portfolio = 0.45 * 2.744% + 0.55 * 1.464%
Alpha of the overall portfolio = 2.04%
Which of the following is a type of liability?
Answer:
Accounts Payable
Explanation:
Accounts Payable is the amount of money owed to its investors/creditors. Thus creating debt for the company, creating a liability.
Your local T-Spirit store is having a sale on the latest i-razpod cell phone. The store is also offering financing to those who
qualify. The new cell phone is on sale for $150.00 with a two year contract. The sales associate informs you that the
closed-end installment loan offered by the store is a 24 month installment plan with monthly payments of $8.44.
Determine the finance charge (interest) of the installment loan.
a $52.00
c. $54.30
b. $52.56
d. $56.10
Answer:
$52.56
Explanation:
first, figure out how much you'll be paying during the 24 months.
8.44 x 24 = 202.56
subtract 150, the original price of the phone, from 202.56, the price you would be paying over 24 months.
202.56 - 150 = 52.56
the finance charge is $52.56.
Answer:
B. 52.56
Explanation:
I meant to choose B and accidentally chose A. Says the answers b
The estimate an organization makes regarding the number and quality of its current employees and the availability of workers externally is called a(n):________
Answer:
Labor supply forecast
Explanation:
The estimate an organization makes regarding the number and quality of its current employees and the availability of workers externally is called a labor supply forecast. This information is very important when determining the number of workers required to meet the labor demands of an organization.
Some examples of the economic and qualitative factors that affects the external supply of labor includes transportation, availability of housing, quality of life, number of training institutes or facilities, wages, demographic trends, immigration etc.
Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $388,000, $141,000, and $96,800, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29,800, and work in process at the end of the period totaled $30,000.
Required: a.
(1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials
(2) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct labor
(3) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for factory overhead
b. On September 30, journalize the entry to record the transfer of production costs to the second department, Sifting
Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Answer:
Following are the solution to this question:
Explanation:
In point 1:
Date Title post reference Dr. Cr. 30-sep Method work – refining 141 388000
Materials 131 385000
In point 2:
Date Title post reference Dr. Cr. 30-sep Method work – refining 141 141000
Payable Wages 251 141000
In point 3:
Date Title post reference Dr. Cr. 30-sep Method work – refining 141 96800
Factory overhead- refining 151 96800
In part B:
Date Title post reference Dr. Cr. 30-sep Method work – Sifting 142 625600
[tex](388000+141000+96800+(29800-30000))[/tex]
Method work – refining 141 625600
Performance appraisals can be improved by: Improving appraisal formats Selecting the right raters Training raters to rate more accurately Understanding how raters process information All of the choices are correct
Answer:
All of the choices are correct
Explanation:
Performance appraisals is one of the tools that helps in the maximizing and enhancing the energies of the employees towards achieving the goals. It is the way through which the performance of the employees are evaluated and analyzed. Some of the methods include providing rewards, promoting or demoting the employees and facilitating transfers. It helps in the flow of better communication of the employees and the employers. The improvement in the productivity of the employees, growth in the company's turnover and good relationship are some of the outputs of the performance appraisals.
During the current month, a company that uses a job order cost accounting system purchases $50,000 in raw materials for cash. It then uses $12,000 of raw materials indirectly as factory supplies and uses $32,000 of raw materials as direct materials. Prepare entries to record these three transactions in the given order.
Record the raw materials purchase for $50,000.
Record the raw materials used indirectly in production.
Record the raw materials used directly in production.
Answer:
1. Dr Raw materials inventory 50,000
Cr Cash 50,000
2. Dr Factory overhead 12,000
Cr Raw materials inventory 12,000
3. Dr Work in process inventory32,000
Cr Raw materials inventory 32,000
Explanation:
Preparation or Journal entries
1. Preparation of the journal entry to record the raw materials purchase for $50,000
Dr Raw materials inventory 50,000
Cr Cash 50,000
2. Preparation of the journal entry to Record the raw materials used indirectly in production.
Dr Factory overhead 12,000
Cr Raw materials inventory 12,000
3. Preparation of the journal entry to Record the raw materials used directly in production.
Dr Work in process inventory32,000
Cr Raw materials inventory 32,000
why does location matter?
answer: you need to know where your at
Which displays the data while retaining all the properties of the charts?
Answer:
The appropriate answer is "Pivot table and the straight table".
Explanation:
Without statements, a pivot table could be described, creating a perspective vision to navigate several dimensional depths or rates. This same straight table distinguishes again from pivot table format throughout that this was not capable of showing subclasses and because the definition classification would be displayed throughout the form of such a document, although each row includes the qualities and quantities of the domain.An unfavorable production-volume variance ________. A. is not a good measure of a lost production opportunity B. indicates that the company had reduced its per unit fixed overhead cost to improve sales C. takes into account the effect of additional revenues due to maintaining higher prices D. measures the amount of extra fixed costs planned for but not used
Answer:
d) measures the amount of extra fixed costs planned for but not used
Explanation:
An unfavorable production-volume variance measures the amount of extra fixed costs planned for but not used. As per production-volume variance extra fixed costs planned for but not used has unfavorable production-volume variance.
When production-volume variance is unfavorable, that means the fixed cost are allocated on lesser number of manufactured units, hence it indicates that the fixed costs are not controlled well.
A country has nominal GDP equal to $204.31 billion in 2018. The GDP deflator in 2018 has a value of 112.64. What was the value of real GDP, in billions of dollars. Round to two decimal places. If your answer is 3.2 billion then just enter 3.2.
Answer:
$181.38 billion
Explanation:
The computation of the value of the real GDP is shown below:
As we know that
Real GDP = (Nominal GDP ÷ GDP Deflator) × 100
= ($204.31 billion ÷ 112.64) × 100
= $181.38 billion
Hence, the value of real GDP is $181.38 billion
We simply applied the above formula so that the correct value could come
And, the same is to be considered
If a consumer buys flour because he loves baking, the flour is counted as part of GDP. If a bakery buys flour as an input to bake things in order to sell, the flour is not counted as part of GDP. Briefly explain why we treat these purchases differently.
Explanation:
Remember, the GDP (Gross Domestic Product) is an economic term that refers to the total value of goods and services produced in an economy in a particular period, usually in a period of one year.
Note, the standard way of counting GDP tries to avoid double counting by noting only the final value of goods or services.
Hence, the flour bought by the consumer (the final user) is measured by the producer as output or goods produced, whereas If a bakery buys flour as an input to bake things in order to sell, the flour is not counted as part of GDP because it is not the final value of the goods as value is still going to be transferred to whatever output from the bakery (eg bread, cakes).
You take out a 30-year mortgage to buy a house worth $415,000. The down payment is 17% and the annual interest rate is 3.5%. What are the monthly payments?
Answer:
The monthly payments are $1,546.73
Explanation:
The monthly payments can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value of the mortgage balance = Mortgage worth - (Mortgage worth * Percentage of down payment) = $415,000 - ($415,000 * 17%) = $415,000 - $70,550 = $344,450
P = Monthly payments = ?
r = Monthly interest rate return rate = 3.5% / 12 = 0.035 / 12 = 0.00291666666666667
n = number of months = 30 years * 12 months = 360
Substitute the values into equation (1) and solve for P, we have:
$344,450 = P * ((1 - (1 / (1 + 0.00291666666666667))^360) / 0.00291666666666667)
$344,450 = P * 222.694984964558
P = $344,450 / 222.694984964558
P = $1,546.73442715748
Approximating to 2 decimal places, we have:
P = $1,546.73
Therefore, the monthly payments are $1,546.73.
What should you do during the development phase regardless of the type of event you are implementing?
a) identify your goals and objectives
b) identify the charity for the event profits
c) identify the location of the event
d) identify who will be the master of ceremonies
Answer:
d) identify who will be the master of ceremonies
Explanation:
a) identify your goals and objectives ⇒ Initiation phase b) identify the charity for the event profits ⇒ Initiation phase c) identify the location of the event ⇒ Planning or design phaseOne of the first activities carried out during the operations or development phase should be to establish his/her work team (including master of ceremonies).
Banana Company hired some students to help count inventory during their semester break. Unfortunately, the students added incorrectly and the 2020 ending inventory was overstated by $6,000. What would be the effect of this error in ending inventory?
Answer: a. 2020 net income will be overstated
Explanation:
Ending Inventory is used in the calculation of Cost of Goods sold. It is subtracted from the Cost of Goods sold so if it is Overstated then that means that Cost of Goods sold is understated.
Cost of Goods sold is subtracted from Revenue to find income so if Cost of Goods sold is Understated then Net Income will be Overstated in turn.
Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.
Alpha Company sold on account merchandise costing $3,000 to Bravo Company on May 2, 2016. Selling price was $4,500. Freight charges related to this transaction of $200 were paid by Alpha Company.
Bravo Company returned, to Alpha Company, merchandise with an original cost to Alpha of $300 on May 3, 2016. Merchandise was sold to Bravo for $450.
Use this information to prepare Alpha Company's General Journal entries (without explanation) for May 2 & May 3 entries.
Answer:
May 2
Trade Receivable $4.700 (debit)
Sales Revenue $4,700 (credit)
May 3
Sales Revenue $450 (debit)
Trade Receivable $450 (credit)
Explanation:
First, it is important to identify in whose books we are required to make the accounting entries. In this case we are required to record in Alpha (supplier) records.
Note also that Alpha Company, Alpha Company uses the periodic inventory system for purchase & sales of merchandise. This means inventory valuation is done at the end of financial year.
May 2
This is is the date of sale, we recognize the Revenue and the asset - Account Receivable. The amount should include the freight charges since this is a FOB destination shippment.
May 3
The date that the merchandise was returned. We derecognize the sale and the asset - Trade Receivable to the extent of the selling price of the goods returned
(Fill in the blank)
You first calculate your total income, by adding income generated from all your sources of income. From the sum, deduct your (_____) expenses for a specific period.
The surplus amount derived is your discretionary income.
Answer:
I believe it is average and then surplus
Explanation:
Correct me if im wrong but i think these are the answeres becasue you should subtract your average expenses and the surplus is your income
The December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,415,000, $143,000 in the common stock account, and $2,680,000 in the additional paid-in surplus account. The December 31, 2019, balance sheet showed long-term debt of $1,610,000, $153,000 in the common stock account and $2,980,000 in the additional paid-in surplus account. The 2019 income statement showed an interest expense of $95,500 and the company paid out $148,000 in cash dividends during 2019. The firm’s net capital spending for 2019 was $990,000, and the firm reduced its net working capital investment by $128,000.
1. What was the firm's cash flow to creditors during 2019? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 1,234,567.)2. What was the firm’s cash flow to stockholders during 2019? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations an
Answer:
a. -$99,500
b. -$162,000
Explanation:
a. Cash Flow to Creditors = Interest paid - (Ending long-term debt - Beginning long-term debt)
Cash Flow to Creditors = $95,500 - ($1,610,000 - $1,415,000)
Cash Flow to Creditors = $95,500 - $195,000
Cash Flow to Creditors = -$99,500
b. Cash Flow to Stockholders = Dividends paid - [(Ending common stock + Ending additional paid-in surplus) - (Beginning common stock + Beginning additional paid-in surplus)]
Cash Flow to Stockholders = $148,000 - [($153,000 + $2,980,000) - ($143,000 + $2,680,000)]
Cash Flow to Stockholders = $148,000 - [$3,133,000 - $2,823,000] = $148,000 - $310,000
Cash Flow to Stockholders = -$162,000
The Carbon coal company has 2 mines, a surface mine ad a deep mine. it costs $200 per day to operate the surface mine and $250 to operate the deep mine. Each mine produces a medium grade and a medium-hard grade coal, but in different proportions. This surface mine produces 12 tons of medium grade and 6 tons of medium-hard grade coal per day, and the deep mine produces 4 tons of medium grade and 8 tons of medium-hard grade coal every day. The company has a contract to deliver at least 600 tons of medium grade and 480 tons of medium-hard grade coal within 60 days. How many days should each mine be operated so that the contract can be filled at minimum cost
Answer:
The company should operate the surface mine for 40 days and the deep mine for 30 days. Total costs = $15,500
Explanation:
we have to minimize the following equation: 200S + 250D
where:
S = surface mine
D = deep mine
the constraints are:
12S + 4D ≥ 600 (medium grade coal constraint)
6S + 8D ≥ 480 (medium hard coal constraint
S ≤ 60
D ≤ 60
S, D ≥ 0
S, D are integers
using solver, the optimal solution is 40S + 30D = $15,500
An optimal procedure for organizations to accept projects is to specify a return on investment (ROI) and fund only projects that meet this criterion. A. True B. False
Answer:
False
Explanation:
Capital budgeting is needed in any project work as it entails the process and procedures taken in evaluation and selection of long-term investments that are consistent with the firm's goal of maximizing owner's wealth.
Normally, before a company invest or undergo any project, background work is done to know if the project will yet profit or no, feasibility study is carried out and things are put in place. If it is favourable for the firm and profit is high, firms may choose to invest after weighing the pros and cons (advantage and disadvantage) of the project before investment. So return of investment initial investment is not really considered when taking up a project as all project is done at their own risk.
A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n):____________. a. Account balance. b. Trial balance. c. Ledger. d. Chart of accounts. e. General Journal.
Answer:
b. Trial balance.
Explanation:
In the trial balance the total of debit amount and the total of credit amount would be equivalent to each other. Here the debit involves assets, expenses, dividend while on the other hand the credit involves stockholder equity, liabilities, revenues
hence, the correct option is b.
And, the rest of the options are wrong
A sentence that contains one independent clause and one or more dependent clauses is a
Answer:
Complex sentence they always have one independent clause + 1 or more dependant clause
Joined by using conjunctions!
In a SWOT analysis, what are strengths?
Answer:
A SWOT analysis is an evaluation of your company's strengths, weaknesses, opportunities, and threats.
Explanation:
The SWOT approach is a useful tool to support various brainstorming sessions due to its benefits, such as its ability to address a variety of business difficulties.
What is SWOT analysis?Strengths, Weaknesses, Opportunities, and Threats is referred to as SWOT. Your company's internal strengths and weaknesses are factors over which you have some control and which you can make changes. Examples include your team members, your intellectual property and patents, and your location.
A SWOT analysis is a strategic planning tool that assists businesses in gaining a comprehensive understanding of their key difficulties and in choosing actions that will actually support their success.
The acronym stands for the four principles of strengths, weaknesses, opportunities, and threats in English.
An organization or project's strengths, weaknesses, opportunities, and threats are identified using a SWOT analysis, a planning technique.
With this approach, you concentrate your analysis on the three Cs, or strategic triangle, which are the company, the competitors, and the customers.
Finding the key success factor (KSF) and developing a workable marketing strategy can both be accomplished by carefully examining these three components.
Learn more about SWOT analysis, here
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Wendy is a single taxpayer with adjusted gross income of $92,300 for tax year 2019. She has rental income of $55,000 and rental expenses of $80,000. What can Wendy report on her tax return given this situation?
a. She can deduct $10,000 because her rental expenses exceeded her rental income
b. She can deduct $15,000 because her rental expenses exceeded her rental income
c. She can deduct $25,000 because her rental expenses exceeded her rental income
Answer: c. She can deduct $25,000 because her rental expenses exceeded her rental income
Explanation:
You are allowed a deduction when your rent expenses exceeds your rent income by the amount that the rent expense exceeds your net income by however, this deduction is limited to a maximum of $25,000.
This only applies however if the tax payer's adjusted gross income for the year is less than $100,000 which it is in this case.
= Rental expense - rent income
= 80,000 - 55,000
= $25,000
She can deduct $25,000.
The correct option is c. She can deduct $25,000 because her rental expenses exceeded her rental income
The calculation is as follows:
= Rental expense - rent income
= 80,000 - 55,000
= $25,000
She can deduct $25,000.
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The amount of time it takes Robby to go grocery shopping is continuous and uniformly distributed between 20 minutes and 45 minutes. What is the probability that it takes Robby between 29 and 39 minutes to go grocery shopping? Give your answer as a decimal.
Answer:
0.4
Explanation:
This problem has been solved using the method of integration.
We are required to solve for the probability that it takes Robby between 29 and 39 minutes to go grocery shopping
= X~U(20,45)
= 1/45-20
= 1/25
Then we get computation for p[29<x<39]
When we take the integrals with x = 1/25
We get
Probability that it takes Robby between 29 and 39 minutes to go shopping to be 0.4
________ is the process of training and educating employees to become good managers and then developing their managerial skills over time.A) Management development
B) Vestibule training
C) Pre-mentoring
D) Self-actualization training
Answer:
A) Management development
Explanation:
Management development is the process of training and educating employees to become good managers and then developing their managerial skills over time.
Personnel management can be defined as an administrative task or function which primarily involves the process of hiring employees and developing or training them to become beneficial and valuable for the growth and development of the company.
Hence, the main purpose and focus of personnel management is to provide a quality workforce necessary to successfully achieve the organizational set goals and objectives.
This ultimately implies that, the main purpose of a training focuses is to improve an employee's performance in his or her place of work while development is focused on preparing an employee for higher positions available in an organization.
The following are budgeted data: January February March Sales in units 15,000 20,000 18,000 Production in units 18,000 19,000 16,000 One pound of material is required for each finished unit. The inventory of materials at the end of each month should equal 20% of the following month's production needs. Purchases of raw materials for February would be budgeted to be:______.A) 20,400 pounds.B) 19,600 pounds.C) 18,600 pounds.D) 18,400 pounds.
Answer: 18400 pounds
Explanation:
Based on the information given in the question, the purchase of raw material for February would be budgeted to be:
= (19000 × 1) + (16000 × 1 × 20%) - (19000 × 1 × 20%)
= 19000 + 3200 - 3800
= 18400 pounds
Therefore, purchases of raw materials for February would be budgeted to be 18400 pounds.
The management of Kelso is considering the elimination of the Eastern Division. If the Eastern Division were eliminated, the direct fixed costs associated with this division could be avoided. Given these data, the impact on net income of dropping the Eastern division would be: a. $140,000 Decrease b. $70,000 Increase c. $240,000 Decrease d. $30,000 Increase
Answer:
I could not find the exact details required to solve this so I will use a similar question that you can reference;
The impact of dropping the Eastern division is;
= Consolidated operating income + Direct Fixed costs avoided - Contribution margin lost
= (-75,000 + 15,000) + 180,000 - ( 550,000 - 275,000)
= -60,000 + 180,000 - 275,000
= -$155,000
Loss of $155,000
The following transactions were completed by the company. The company completed consulting work for a client and immediately collected $7,000 cash earned. The company completed commission work for a client and sent a bill for $5,500 to be received within 30 days. The company paid an assistant $2,150 cash as wages for the period. The company collected $2,750 cash as a partial payment for the amount owed by the client in transaction b. The company paid $1,000 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
Answer:
The Company
The Impact of Each Transaction on the Accounting Equation:
1. Assets (Cash + $7,000) = Liabilities + Equity (Retained Earnings + $7,000)
2. Assets (Accounts Receivable + $5,500) = Liabilities + Equity (Retained Earnings + $5,500)
3. Assets (Cash -$2,150) = Liabilities + Equity (Retained Earnings -$2,150)
4. Assets (Cash +$2,750 Accounts Receivable -$2,750) = Liabilities + Equity
5. Assets (Cash -$1,000) = Liabilities + Equity (Retained Earnings -$1,000)
Explanation:
The Company applies the accounting equation, which states that Assets = Liabilities + Equity. With each transaction, the accounting equation is demonstrated as shown above. This means that each transaction that is properly recorded affects the accounting equation in two ways. Note that the accounting equation is the basis for the double-entry system of financial accounting.