Answer:
$32,300
Explanation:
Begining equity = Begining asset - Begining liabilities
= $231,000 - $96,500 = $134,500
Ending equity = Ending asset - Ending liabilities
= $262,000 - $78,400 = $183,600
We will find the net income for the year using the below formula:
Ending equity = Begining equity + Stock issuance + Net income - Dividend paid, or:
$183,600 = $134,500 + 23,500 + Net income - $6,700.
Solve the above equation we get Net income = $32,300
Final answer:
The net income for the year is calculated by taking the change in equity from the increased assets and decreased liabilities and adjusting for the equity transactions of common stock issued and dividends paid. The correct net income for the year is $32,300.
Explanation:
To calculate the net income for the year, we need to look at the changes in assets, liabilities, and the equity transactions of common stock issuance and dividends paid. We use the accounting equation Assets = Liabilities + Shareholders' Equity to understand these changes.
The assets increased from $231,000 at the beginning of the year to $262,000 at the end of the year, resulting in an increase of $31,000. The liabilities decreased from $96,500 to $78,400, which is a decrease of $18,100.
We can now calculate the change in Shareholders' Equity by adding the increase in assets and the decrease in liabilities: $31,000 + $18,100 = $49,100. This is the change in equity, assuming no dividends were paid or common stock was issued.
Since the company issued $23,500 worth of common stock, this would increase Shareholders' Equity, and paying $6,700 in dividends would decrease it. So, the net effect on equity due to these transactions is $23,500 - $6,700 = $16,800.
To find the net income, we subtract the net effect of equity transactions from the change in Shareholders' Equity: $49,100 - $16,800 = $32,300.
The amount of net income for the year is therefore $32,300, which corresponds to option (d).
Lori purchased educational savings bonds to help finance her son's education. She paid $4,000 for the bonds. The bonds matured at $6,000, and the son used $2,500 to pay his tuition for the first semester. The son quit school after one semester and Lori used the remaining money to buy her son a car. If Lori's AGI is $55,000, how much interest is included in her gross income?
Answer:
$1,167 nterest is included in her gross income.
Explanation:
Interest in this case = $6,000 - $4,000
= $2,000
Amount invested = 2,500/6000
= 41.67%
Interest excluded = 2,000*41.67%
= $833
interest included in Lori’s AGI = $2,000 – $833
= $1,167
Therefore, $1,167 nterest is included in her gross income.
The people assigned to your project have high billable rates, and the project budget doesn't provide much of a buffer over your estimated total project cost. Fortunately, the project finish date has some wiggle room. Which measure of progress is most important to track in this situation?
Explanation:
What are all the possible things which we can do in remaining duration are given below. We need not worry about actual duration or start date. We need to consider the remaining date and give out the best possible.
Call for a meeting and do the following:
Step 1: To identify the pending tasks and the person who is responsible
Step 2: Discuss the reason for delay
Step 3: Explain the current scenario
Step 4: Give tight deadlines and motivate the team to keep up the dates
Step 5: Re-insist on the quality factor
Step 6: Place the responsibility on the team shoulder
Step 7: Ask the team to restart with positive thoughts
Steps to be followed after meeting:
Follow up about the datesFollow up on qualityIdentify the need for hand-holdingMotivate throughoutThe measure of progress that is most important to track the budget here is remaining duration.
What is a remaining duration?In a project management, it means the period of expected or required time that is required to complete a particular activity.
When we employ the remaining duration, we need not worry about actual duration or start date, all that is consider is the remaining date to give out the best possible.
Therefore, the Option B is correct.
Read more about remaining duration
brainly.com/question/25787382
During the current year, Eleanor earns $120,000 in wages as an employee of an accounting firm. She also earns $13,000 in gross income from an outside consulting service she operates. Deductible expenses paid in connection with the consulting service amount to $3,000. Eleanor also incurs a recognized long-term capital gain of $1,000 from the sale of a stock investment. She must pay a self-employment tax on:
Answer:
$10,000
Explanation:
Eleanor's self-employment tax will require an understanding of a few points.
1. Eleanor earns $120,000 as wages working for an accounting firm therefore, this wages do not qualify for self-employment tax
2. Eleanor earns $13,000 as gross income for her own consulting service and this is self-employment income. However, $3,000 qualify as deductible expenses from the gross income. Taxable self-employment income= $13,000-$3,000= $10,000
3. Long term capital gain tax incurred = $1,000. Ordinarily the capital gain tax should increase the tax. However, its inclusion will be based on the federal government's table for calculating payment of long-term capital gain tax for 2019 based on income for the year.
Looking at the table, income from $0 Up to $39,375 will attract 0% payment of long-term capital gain tax. Since, the self-employment income of Eleanor is $10,000, no long-term capital gain tax will be incurred.
It means only the 13,000-3,000= $10,000 will be tax for self employment
You go to a local mechanic to get your tires changed. The tires cost $300. There is a 6% sales tax, but you get a 10% discount. There is also a $10 non-taxable disposal fee for your old tires, which the mechanic tells you is not subject to discount. 18. Write a function, t(x) for the total purchase amount after taxes, ignoring any discounts and fees.
Answer:
X= cost of the tires
t(x)= (.9*X+10)*1.06
If x = 300, then the costo is (.9*300 + 10) *1.06 = (270 + 10)* 1.06 = 280 * 1.06 = $296.80
If the tax is appplied first and then the discount is applied, your formula would be:
t(x) = (x+10)*1.06 - (-1*x)
If x is equal to $300, the cost is $310 * 1.06 - .1*300 = $328.60 - $30 = $298.60
you pay mor if the tax is applied first.
Your discounted price of .9*x stems from x - .10*x which becomes (1-.10)*x wich becomes .9*x
Your cost with tax stems from y + .06*x =(1+.06)*y = 1.06*y
Y is the amount of the cost that is taxed.
if the discuount is applied first, then y is equal to (.9*x + 10)
if the discount is applied after, then y is equal to (x+10).
The difference is the tas on the discount
Explanation:
Answer:
[tex]t(x)= x+0.06x\\[/tex]
or
[tex]t(x)= 1.06*x[/tex]
Explanation:
if we take x as the tyre cost ($ 300)
Tax = 6%
the function ignoring the discounts and fees would be:
[tex]t(x)= x+0.06x[/tex]
Now including discounts and fees, can be done by two ways
1) adding taxes before discount
To the price 300 add 6% tax = 318
discount would be 318 * 10% = 31.8
then the cost is 318 - 31.8 = 286.2
2) adding taxes after discount
To the price (300) we will apply the 10% discount
discount would be 300 * 10% = 30
price now will be 300- 30 = 270
now to the calculated price add the 6% tax
270* 1.06 = 286.2
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 1,000 Advertising expense 500 Mortgage interest 3,500 Property taxes 900 Repairs & maintenance 650 Utilities 950 Depreciation 8,500 During the year, Natalie rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. (Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.)
Using the original facts, complete Natalie’s Form 1040, Schedule E, for this property. Also, partially complete Natalie’s 1040, Schedule A, to include her from AGI deductions related to the condo.
Answer and Explanation:
Natalie's Gross Income = $10,000
75 + 35 = 110 days
Expenses:
Insurance Expense (75/110) x 1000 682
Advertising Expense 500
Mortgage Interest (75/110) x 3500 2386
Property Taxes (75/110) x 900 614
Repairs and Maintenance (75/110) x 650 443
Utilities (75/110) x 950 648
Depreciation (75/110) x 8500 5795
Until the depreciation expenses the total expenses accumulate to 5273. If we deduct that with the gross income total we get 4727. We can only deduct 4727 from the total portion of 5795 depreciation expense.
Therefore, for AGI deductions we take total of (5273 + 4727) = $10,000
For Natalie's personal deduction of AGI
Mortgage interest (35/110) x 3500 1114
Property taxes (35/110) x 900 286
Total personal deduction for AGI $1400
Natalie would calculate the rental portion of her expenses, and use those to compute her rental real estate loss as well as potential deductions on her Schedule A itemized deductions.
Explanation:Natalie would first calculate the rental portion of her expenses since the property is not used solely for rental. The Tax Court method divides the number of rental days by the total number of days the condo was used. In this case, it is 75 rental days divided by 110 total days or 0.6818 as the apportionment ratio.
Next, each expense is multiplied by this ratio:
For the personal portion of the mortgage interest and property taxes, Natalie would be able to include these in her Schedule A itemized deductions. Therefore, she could potentially deduct the remaining $1,114 (Mortgage Interest) and $287 (Property Taxes) on Schedule A.
Learn more about Tax Deduction here:https://brainly.com/question/34046073
The data below relate to the month of April for Monroe, Inc., which uses a standard cost system and a two-variance analysis of factory overhead:
Actual direct labor hours used
16,500
Standard direct labor hours allowed
16,250
Actual total factory overhead
$53,200
Budgeted fixed factory overhead
$12,000
Budgeted activity in hours
16,000
Total overhead application rate per standard direct labor hour
$3.25
Variable overhead application rate per standard direct labor hour
$2.50
What was Monroe's production-volume variance for April?
a.
$187.50 favorable
b.
$187.50 unfavorable
c.
$437.50 favorable
d.
$437.50 unfavorable
Answer:
Fixed overhead absorption rate
= Budgeted fixed overhead
Budgeted activity level
= $12,000
16,000 hours
= $0.75 per hour
Production volume variance
= (Standard hours - Budgeted hours) x Fixed overhead rate
= (16,250 - 16,000) x $0.75
= $187.5(F)
The correct answer is A
Explanation:
First and foremost, we need to calculate fixed overhead absorption rate, which is the ratio of budgeted fixed overhead to budgeted hours. then, we will calculate the production volume variance, which is the difference between standard hours and budgeted hours multiplied by fixed overhead absorption rate.
Final answer:
Monroe, Inc. has a production-volume variance of $187.50 unfavorable for April. This variance is calculated by subtracting the applied fixed factory overhead based on the standard direct labor hours allowed from the budgeted fixed factory overhead. The negative result indicates less efficiency in production volume. Option B
Explanation:
To calculate the production-volume variance for Monroe, Inc., we assess the difference between the budgeted fixed factory overhead and the applied fixed factory overhead. The budgeted fixed factory overhead for April is given as $12,000. Since the total overhead application rate per standard direct labor hour is $3.25, and the fixed portion of this is the total rate minus the variable rate ($3.25 - $2.50), this gives us a fixed overhead rate of $0.75 per standard direct labor hour.
Next, we apply this fixed overhead rate to the standard direct labor hours allowed, which totals to $0.75 \* 16,250 hours = $12,187.50 as the applied fixed factory overhead for the production volume actually achieved.
The production-volume variance is then the difference between the budgeted and applied figures: $12,000 (Budgeted) - $12,187.50 (Applied) = -$187.50. This means that Monroe's production-volume variance for April is $187.50 unfavorable, as the company applied more fixed overhead than budgeted due to the production volume, indicating less efficiency.
A tradable permit system: Group of answer choices
a. requires that each firm reduce its pollution by the same amount.
b. is difficult to implement because regulators do not know the marginal abatement costs of every company.
c. achieves a given amount of pollution reduction at the least cost because firms with lowest marginal abatement costs do most of the reduction.
d. increases pollution because the government gives firms permits that grant them the right to pollute.
Answer:
C.
Explanation:
Achieves a given amount of pollution reduction at the least cost because firms with lowest marginal abatement costs do most of the reduction.
A tradable permit system achieves pollution reduction at the least cost by allowing firms with the lowest marginal abatement costs to do most of the reduction. The correct answer is c.
The correct answer is: A tradable permit system, also known as a cap-and-trade system, is designed to control pollution by providing economic incentives for achieving reductions in the emissions of pollutants.
Here's how it works: the government sets a cap on the total amount of pollution that can be emitted. Permits allowing a certain amount of pollution are then either given to firms or sold to them.
Firms that can reduce pollution at a lower cost will do so and sell their extra permits to firms for whom it is more costly to reduce pollution.
This ensures that the pollution reduction is achieved at the least possible cost to the industry and society.
By enabling firms with the lowest abatement costs to act first, tradable permits optimize overall cost-efficiency in reducing pollution.
Therefore, the correct answer is option c that is "achieves a given amount of pollution reduction at the least cost because firms with lowest marginal abatement costs do most of the reduction."
The structural engineering design section within the engineering department of a regional electrical utility corporation has developed several standard designs for a group of similar transmission line towers. The detailed design for each tower is based on one of the standard designs. A transmission line project involving 46 towers has been approved. The estimated number of engineering hours needed to accomplish the first detailed tower design is 124. Assuming a 94% learning curve, what is your estimate of the number of engineering hours needed to design the eighth tower?
Answer:
102.99 hours needed
Explanation:
Zu = K (U^n)
Zu= estimation of tower which is for 8
U= number of tower which is 8
n= log0.94/log2
[tex]Zu= 124(8^{log0.94/log2} )= 102.99hours[/tex]
Evaluate the current China/Taiwan logistics costs. Assume a current total volume of 190,000 CBM and that 89 percent is shipped direct from the supplier plants in containers. Use the data from the case and assume that the supplier-loaded containers are 85 percent full. Assume that consolidation centers are run at each of the four port locations. The consolidation centers use only 40-foot containers and fill them to 96 percent capacity. Assume that it costs $480 to ship a 20-foot container and $600 to ship a 40-foot container. What is the total cost to get the containers to the United States? Do not include U.S. port costs in this part of the analysis.
Answer:
The total cost involved in shipping the containers to country U.S is $2,594,930
Explanation:
Consider the following information regarding Company WWG:
Total Current volume (CBM) = 190,000
Direct shipping percentage = 0.89
Direct ship Volume (CBM) = 169,100
Consolidation center volume = 190,000 - 169,100 = 20,900
Calculate the shipping cost of the company as shown below:
Shipping Cost calculations
Direct ship by Container type (in Feet) 20 40
Volume (%) 0.21 0.79
Volume (CBM) 169,100*0.21 169,100*0.79
= 35,511 =133,589
Container capacity used 85% 85%
Container center by container type
Volume (%) = 100
Volume (CBM) = 20,900
Container capacity used = 96%
Container capacity (CBM) (34)
Container shipped = 35,511/ (34*0.85) =1,229
Shipping Cost per container = $480
Shipping Cost by container size ($) = 1,229*480 4589,920
Container capacity (CBM) (67)
Container shipped = 133,589/ (0.85*67) + 20,900/ (0.96*67) = 2,671
Shipping Cost per container = $600
Shipping Cost by container size ($) = 2,671*600 = $1,602,600
Calculate the total shipping cost as shown below:
Total shipping cost = $589,920+$1,602,600 = $2,192,520
Calculate the consolidation center operating cost as shown below:
Number of centers = 4
Annual fixed cost per center = $75,000
Total annual fixed cost = $75,000*4 =$300,000
Variable cost per CBM = $4.9
Total annual variable cost = 20,900*$4.9 = $102,410
Total annual consolidation center costs = $300,000+$102,410= $402,410
Calculate the total cost involved in shipping containers to the Country U as shown below:
Total Cost = Total Shipping Cost + Total Annual Consolidation center Cost
= $2,192,520 + $402,410
= $2,594,930
Hence, the total cost involved in shipping the containers to country U.S is $2,594,930.
Final answer:
The total cost to get the containers to the United States is $4,138,960.
Explanation:
To calculate the total cost to get the containers to the United States, we need to consider the logistics costs involved. Let's break it down step by step:
First, we calculate the total volume of containers shipped direct from the supplier plants. 89% of the 190,000 CBM volume is shipped directly, which gives us 169,100 CBM.
Next, we calculate the number of containers needed for the supplier-loaded containers. Assuming the containers are 85% full, we divide the volume by the capacity of a 20-foot container. 169,100 CBM / 20 CBM = 8,455 containers.Now, we calculate the number of 40-foot containers used at the consolidation centers. Assuming the containers are filled to 96% capacity, we divide the number of 20-foot containers by 2 and multiply by 1.04. (8,455 / 2) * 1.04 = 4,402 containers.Finally, we calculate the total cost by multiplying the number of 20-foot containers by the cost to ship a 20-foot container, and the number of 40-foot containers by the cost to ship a 40-foot container. (8,455 * $480) + (4,402 * $600) = $4,138,960.Therefore, the total cost to get the containers to the United States is $4,138,960.
Lucy Corporation purchased and used 129,000 board feet of lumber in production, at a total cost of $1,548,000. Original production had been budgeted for 22,000 units with a standard material quantity of 5.7 board feet per unit and a standard price of $12 per board foot. Actual production was 23.500 units The direct materials quantity vanance is a $63,000 favorable b. $59,400 unfavorable c. $63,000 unfavorable d. $59.400 favorable
Final answer:
The direct materials quantity variance for Lucy Corporation is $59,400 favorable since they used fewer materials than the standard for the actual production level.
Explanation:
The question asks for the calculation of the direct materials quantity variance for Lucy Corporation. This requires understanding standard quantities and prices versus actual figures. The standard quantity for the actual production level (23,500 units at 5.7 board feet each) would be 133,950 board feet. The difference between the standard quantity and the actual quantity used (129,000 board feet) represents a favorable variance if the standard is higher. The standard cost of the variance is calculated as the difference in quantity multiplied by the standard price per board foot.
In this case, the variance is (133,950 - 129,000) board feet × $12 per board foot, amounting to 4,950 board feet × $12 per board foot = $59,400. Since the company used less than the standard quantity, the variance is favorable.
On January 2, 2017, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years, during which time it anticipates performing about 200 concerts. It estimates that after four years it can sell the equipment for $2,000. During year 2017, the band performs 45 concerts. Compute the year 2017 depreciation using the straight-line method.
Answer:
Annual depreciation= $15,950
Explanation:
Giving the following information:
On January 2, 2017, the Matthews Band acquires sound equipment for concert performances for $65,800.
The band estimates it will use this equipment for four years. It estimates that after four years it can sell the equipment for $2,000.
We need to use the following formula:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (65,800 - 2,000)/4= $15,950
In the Month of March, Chester Corporation received orders of 156 units at a price of $15.00 for their product Cozy. Chester uses the accrual method of accounting and offers 30 day credit terms. Chester delivers 104 units in March and the balance of 52 units in April. They received payment for 52 units in March, 52 units in April, and 52 units in May. How much revenue is recognized on the March income statement from this order? How much in the April Income statement? (Answer in thousands)
a. $780 , $780
b. $1,560 , $780
c. $2,340 , 0
d. 0 , $2,340
Answer:
b. $1,560 , $780
Explanation:
Step 1. Given information.
Chester Corporation received orders of 156 units at a price of $15.00 for their product Cozy. Which means $2.340 income.104 units for march and remaining 52 in April.The payment is received in three periods: 52 march, 52 april and 52 May
Step 2. Formulas needed to solve the exercise.
Income in march = Units payed * price per unit
Income in April = Units payed * price per unit
Step 3. Calculation and step 4. Solution.
Income in march = 104 * 14 = $1560
Income in April= 52 * 15 = $780
Note: because receiving order does not mean the sale is done. the 52 unit is dispatched in april, so we will take sales for april as 52 x 15.
Tickets for the historical review of ballroom dancing at the Portsmouth Music Hall cost $42 for the main-floor seats and $25 for the balcony seats. Let m represent the number of tickets sold for the main-floor seats and let b represent the number of tickets sold for the balcony seats. What is the algebraic expression for each of the following amounts?
(a) The cost in dollars of all the main-floor seats that were sold
(b) The total number of seats that were sold for the performance
Answer:
(a) The cost in dollars of all the main-floor seats that were sold: 42m + 25b. (b) The total number of seats that were sold for the performance: m+b.
Explanation:
Its understood that 1 tickect is equal to 1 seat, therefore the number of seats = number of tickets regardless of the type of seat. With this assumption, the algebraic expressions can be done.
You earn $93,000 per year at your job. The index value for the medical care component of the CPI is currently 440 but is expected to increase next year to 481. How much money will you need to earn next year to be able to purchase the same amount of medical care? Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "$," "=," "%," or "," in your answer.
Answer:
$101,665.91
Explanation:
Data provided in the question:
Current earnings = $93,000
Current CPI = 440
Expected future CPI = 481
Now,
The money needed to earn next year to be able to purchase the same amount of medical care will be
= Current earnings × [ Expected future CPI ÷ Current CPI ]
= $93,000 × [ 481 ÷ 440 ]
= $101,665.91
Lorenzo just graduated from college and is now in the market for a new car. He has saved up $4,000 for a down payment. He's deciding between a Super and a Duper. The Super is priced at $23,599, and the Duper is priced at $18,999. After agonizing over the decision, he decides to buy the Duper. He writes the dealership a check for $4,000 and takes out a loan for the remainder of the purchase price.
Answer:
Please see attachment
Explanation:
Please see attachment
Cash dividends are paid on the basis of the number of shares:
a. authorized.b. issued.c. outstanding.d. outstanding less the number of treasury shares.
Answer:
c. outstanding
Explanation:
The cash dividend is paid on the basis of the outstanding number of shares i.e issued shares minus treasury shares
It can't be paid on the basis of authorized, issued or outstanding less the number of treasury shares . The treasury shares are those shares that are held after buyback and do not retire them.
This dividend paid is reflected in the retained earnings statement which is to be deducted from the net income
Your grandmother recently surprised you and gave you $15,000 expressly for the purpose of starting your retirement savings. Her only stipulation is that you have to invest the money now, and not touch any of it for the next 35 years (at which point you plan to retire). What will the value of this account be at the end of the 35 years under each of the following return assumptions (assume annual compounding)?
A. 6% per year
B. 10% per year
C. 14% per year
Answer:
A. $115,291.30
B. $421,536.55
C. $1,471,502.67
Explanation:
The expression that describes the final amount of a $15,000 investment compounded annually for 35 years is:
[tex]A = \$15,000*(1+i)^{35}[/tex]
A. 6% per year
i = 0.06
[tex]A = \$15,000*(1+0.06)^{35}\\A = \$115,291.30[/tex]
B. 10% per year
i = 0.10
[tex]A = \$15,000*(1+0.10)^{35}\\A = \$421,536.55[/tex]
C. 14% per year
i = 0.14
[tex]A = \$15,000*(1+0.14)^{35}\\A = \$1,471,502.67[/tex]
Imagine you are a buyer in a double oral auction with a reservation value of $17 and there is a seller asking for $11
If you accept this offer, you will gain ................$ (Enter your answer as an integer)
If you are the only buyer, and you know that the lowest ask price is $3, should you accept this offer?
A. Yes, since you will gain $14.
B. No, as the only buyer you can extract a lower ask price.
C. Yes, accepting an offer from any other seller will reduce your surplus.
D. Both A and C are correct.
Answer:
Yes, since you will gain $14
Explanation:
1. We're going to get $6 in this case. Because our profit represents the difference in our readiness to pay and the cost charged by the seller.
2. As we are ready to sell the seller is now 3, from this contract we will receive $17-3= $14.
Every other vendor would lower our $14 surplus
The tender price refers to a purchaser's highest price for money. The demand price corresponds to a seller's cheapest price for a product.
This is known as the spread, but the smaller the spread, the larger the visibility of the defence.
The gain from accepting the offer is $6. However, knowing that there's a lower asking price available, it would be more beneficial for the buyer not to accept this offer and negotiate for a price closer to $3, thus increasing his gain.
Explanation:In a double oral auction, a buyer's gain is the difference between their reservation value (the highest price they're willing to pay for a good) and the seller's asking price. In this scenario, the buyer's reservation value is $17, and the seller's asking price is $11, so the buyer would gain $6 if they accept this offer.
However, as the question states, the lowest known asking price is $3. If you're the only buyer, thus having bargaining power, there's a potential to negotiate a lower price, even lower than $11. So, the answer is Option B: No, as the only buyer you can extract a lower ask price.
Learn more about Double Oral Auction here:https://brainly.com/question/29487532
#SPJ3
Wald Corporation's adjusted trial balance shows the following temporary accounts: service revenue: $20,000; salaries expense $8,000; insurance expense: $2,000; utilities expense: $3,000; interest expense $200; and depreciation expense: $1,400. As part of the the closing process, Wald should credit retained earnings for:
a. $5,400
b. $20,000
c. $14,600
During the process of closing accounts in accounting, Wald Corporation should credit its Retained Earnings account for $5,400. This is calculated by subtracting the total expenses from the service revenue. This credited amount represents the company's earnings after accounting for all expenses.
Explanation:In accounting, during the closing process, we aim to clear out the balances of the temporary accounts and transfer their net effect to the permanent accounts, like Retained Earnings. Wald Corporation's adjusted trial balance shows the following temporary accounts which include both revenues and expenses: service revenue, salaries expense, insurance expense, utilities expense, interest expense, and depreciation expense.
The revenue is the income earned by the corporation which is $20,000 in this case, and expenses are the cost incurred to earn this revenue, and here we sum up all the expenses which include salaries expense, insurance expense, utilities expense, interest expense and depreciation expense, we get a total expense of $14,600 ($8,000+$2,000+$3,000+$200+$1,400). Now, the net effect or the result from operations is found by subtracting total expenses from the service revenue which will be credited to the Retained Earnings account. Therefore, Wald Corporation should credit Retained Earnings for $5,400 ($20,000-$14,600).
Learn more about Accounting here:https://brainly.com/question/33068790
#SPJ12
When AS is greater than AD, savings will be greater than investment and economic activity will _________..
Answer:
The correct answer is: decrease.
Explanation:
If Aggregate Supply (AS) is higher than Aggregate Demand (AD), it implies somehow consumers are keeping their income with them. Economic activity will contract as a result but to promote consumption, for instance, banks lower their interest rates on loans with the confidence that consumers will have enough money to cover their debts.
The Federal Open Market Committee (FOMC) makes decisions regarding the___________.
A. discount rate
B. reserve requirements
C. margin requirements on stock purchases (primarily common stock)
D. buying and selling of securities (primarily Treasury bonds)
Answer:
The correct answer is letter "D": buying and selling of securities (primarily Treasury bonds).
Explanation:
The Federal Open Market Committee or FOMC is a department of the Federal Reserve Board in charge of establishing monetary policy. There are different meetings within a year they held to determine to continue with the current policy or to change it. A change in monetary policy represents the purchase or sale of government securities (treasury bonds) on the open market to stimuli the economy.
Mercury Inc. purchased equipment in 2019 at a cost of $400,000. The equipment was expected to produce 700,000 units over the next five years and have a residual value of $50,000. The equipment was sold for $210,000 part way through 2021. Actual production in each year was: 2019 = 100,000 units; 2020 = 160,000 units; 2021 = 80,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date.
Prepare the journal entry to record the sale.
Answer:
See explanation section
Explanation:
We know,
Annual depreciation rate under Units-of-production = Depreciable amount/Overall (expected) production
Given,
Purchase value = $400,000
Residual value = $50,000
Expected production = 700,000 units
Depreciable Amount = $(400,000 - 50,000) = $350,000
Annual depreciation rate = $350,000/700,000
Depreciation rate = $0.50
Thrrefore, Accumulated depreciation from 2019 to 2021 = (100,000 + 160,000 + 80,000)*$0.50
= $170,000
We know, Book value of asset = Cost price - Accumulated depreciation
Book value = $400,000 - $170,000 = $230,000
Again, Loss on sale of equipment = Book value - Sales price
Loss on sale of equipment = $230,000 - $210,000
Loss on sale of equipment = $20,000
The journal entry to record the sale =
Debit Cash $210,000
Debit Accumulated Depreciation $170,000
Debit Loss on sale $20,000
Credit Equipment $400,000
Answer:
YY 2021, disposal of equipment:
Dr Cash 210,000
Dr Accumulated depreciation 170,000
Dr Loss on disposal 20,000
Cr Equipment 400,000
Explanation:
depreciation per unit produced = (cost - resale value) / estimated production = ($400,000 - $50,000) / 700,000 units = $350,000 / 700,000 units = $0.50 per unit
the journal entries should be:
XX 2019, purchase of equipment:
Dr Equipment 400,000
Cr Cash 400,000
December 31, 2019, equipment depreciation:
Dr Depreciation expense 50,000 (= 100,000 units x $0.50)
Cr Accumulated depreciation - equipment 50,000
December 31, 2020, equipment depreciation:
Dr Depreciation expense 80,000 (= 160,000 units x $0.50)
Cr Accumulated depreciation - equipment 80,000
YY, 2019, equipment depreciation:
Dr Depreciation expense 40,000 (= 80,000 units x $0.50)
Cr Accumulated depreciation - equipment 40,000
YY 2021, disposal of equipment:
Dr Cash 210,000
Dr Accumulated depreciation - equipment 170,000
Dr Loss on disposal 20,000
Cr Equipment 400,000
You're traveling in Ireland and are thinking about buying a new digital camera. You've decided you'd be willing to pay $150 for a new camera, but cameras in Ireland are all priced in Euros. If the exchange rate is 0.83 Euros per dollar, what's the highest price in Euros you'd be willing to pay for a camera? A. 124.50 Euros B. 174.70 Euros C. 180.72 Euros D. 128.65 Euros E. 120.35 Euros
Answer:
A. 124.50 Euros
Explanation:
Willingness to pay is can be considered as the consumers’ intent to pay for the product. More deeply, it is the maximum price or less than that maximum price that the consumers will pay and buy that product.
Now, if you have some money and you have willingness to pay for 150$ to buy new camera in Ireland but the case is that in Ireland, the currency is euro not dollar, so you will have to exchange some dollars to euro. You know that 1 dollar equals 0.83 euros and you just want to pay maximum 150 dollars for the camera. After all, it will equal to ==> 150*0.83=124.5 euros. As a result, your willingness to pay for the camera in Ireland will equal to 124.5 euros.
Final answer:
To determine the highest price in Euros the student is willing to pay, multiply their maximum dollar amount ($150) by the exchange rate (0.83 Euros/dollar), resulting in €124.50.
Explanation:
The student is asking about the highest price in Euros they would be willing to pay for a camera in Ireland, given an exchange rate and their maximum dollar amount they are willing to spend. We can calculate this by converting the maximum dollar amount they are willing to spend into Euros using the provided exchange rate of 0.83 Euros per dollar.
To find out how much €150 is worth in dollars, we multiply 150 by the exchange rate:
150 dollars * 0.83 (Euros/dollar) = 124.50 Euros.
Therefore, the highest price in Euros the student would be willing to pay for a camera is €124.50.
Compare a hypothetical DVC with a hypothetical IAC. In the DVC, average per capita income is $5000 per year. In the IAC, average per capita income is $40,000 per year. If both countries have a savings rate of 10 percent per year, the amount of savings per capita in the DVC will be $ per person per year, while in the IAC it will be $ per person per year.
Answer:
The amount of savings per capita in the DVC will be $500 per year.
The amount of savings per capita in the IAC it will be $4,000 per year.
Explanation:
- The average savings per capita is calculated as:
* Average per capita income x saving rates.
- Thus, for DVC, amount of savings per capita is calculated as:
* Average per capita income of DVC x saving rates of DVC = $5,000 x 10% = $500.
- and for IAC, amount of savings per capita is calculated as:
* Average per capita income of IAC x saving rates of IAC = $40,000 x 10% = $4,000.
In a company that employs continuous budgeting on a quarterly basis and has an accounting period that ends December 31 of each year, what period would the first revision and update to the January through December 2015 budget cover? Select one: a. February 2015-January 2016 b. March 2015-February 2016 c. December 2015-November 2016 d. April 2015-March 2016 e. January 2016-December 2016
Answer:
d. April 2015-March 2016
Explanation:
After March 2015, The Continuous budget will be updated for the 12-month, period starting from April 2015 to March 2016.
such that:
Quarter 1 - January to March
Quarter 2 - April to June
First revision and update will be on the basis of outcomes of Quarter 1, for the one year year period starting from Quarter 2.
Therefore, The period would the first revision and update to the January through December 2015 budget cover April 2015 to March 2016.
Sam comes home from work one day and finds two letters in his mailbox. One is an eviction notice from his landlord,Quinn, telling him he has to be out of the apartmentin 30 days because his barking device has been bothering the other tenants. It also states that Sam was not allowed to conduct a business from his apartment. Sam is angry because he specifically told Quinn that he was working on a new invention, and Quinn had wished him luck. The second letter is from the chain store, demanding that Sam deliver the promised 1,000 units immediately. Specifically,the following critical elements must be addressed:
A. Analyze the elements of this case to determine whether a valid contract exists between Sam and the chain store. Support your response by identifying the elements of a valid contract in your analysis.
B. Assume there is not a valid contract between Sam and the chain store. Analyze the elements of a quasi-contract and a promissory estoppel to determine whetherthe chain store would prevail on a claim of either. Why or why not? Include support for your analysis.
C. Identify the rights and obligations of both the landlord and tenant under a standard residential lease agreement.
D. Based upon those rights and obligations, does Sam’s landlord have groundsto evict? Why or why not?
E. Further, what defenses might Sam raise to an eviction action? Support your response.
Answer:
Consider the following explanations
Explanation:
Answer to the first question:
No valid contract exists between Sam and the chain store. For any contract to be valid, it should come under the purview of law. All the conditions and liabilities must be properly written down and registered and they should be agreed upon by both the parties. Though an oral contract is a valid one, it can be hard to prove the legality of such contract as there are no written legal bindings.
Answer to the second question:
The quasi contract case of the chain store will not prevail, as quasi contract is a contract which is enforced by a court of law upon the parties, whether they may agree to it or not. In this case, court's order was not involved.
Promissory Estoppel helps and affected party to recover from a loss suffered due to one's promise not kept. For legal enforcement, it must have the three elements, promisor, promisee and detriment suffered by the promisee. In this case, the promisee is the chain store which was promised by Sam, the promisor that he will ship 1000 instruments to the chain store. However, he was not able to supply the same because of the eviction notice given by the landlord of Sam. Hence, the detriment is suffered by the Chain store due to promise of Sam which was not kept. This needs to be proved by the chain store in a court with reasonable belief that they have actually suffered losses. If reasonable cause is produced by the chain store they have a strong case on the basis of promissory estoppel.
Answer to the third question:
Rights of landlord:
Access to property for inspection, repair and maintenance.
Timely receipt of rent payment with gradual increase in rent over a period of time.
Collection of security deposit before signing lease agreement.
Can restrict tenant from sub-letting his property.
Can evict tenant if property is damaged or lease contract terms are violated.
Obligations of landlord:
To provide tenant with a property with proper living conditions.
To provide tenant with electric and water supply.
To carry out necessary repair and maintenance of the property for which he is responsible under the contract.
To get the lease agreement registered with proper authority.
To provide the tenant with prior written notice before terminating the contract.
Rights of tenant:
To live a peaceful and happy life. If disturbance occurs due to some neighbor, he can ask them or the landlord to stop or can make a formal complaint.
Entitled for a standard accommodation with electric supply and water supply.
Entitled for privacy and landlord cannot enter his accommodation without his prior permission except in case of emergency.
Entitled for reimbursement for any repairs carried out for which the landlord is responsible.
Right to prior written notice for termination of contract or review in rent.
Obligations of tenant:
Pay the rent on time.
Pay the charges mention in the lease agreement.
Keep the property maintained and in good condition.
To inform the landlord for carrying out any repairs in the property.
To give access to the landlord for inspection, with prior appointment.
To live in a socialized manner without causing disturbance to the landlord and neighbors.
To comply with all the terms and conditions of the lease agreement.
To give prior written notice before evicting the property or ending the lease agreement.
Answer to the fourth question:
Based on the above rights and obligations of the tenant and landlord, Sam's landlord has proper ground to evict Sam from his property. As per the lease agreement, Sam was given the property for residential purpose only and not for carrying out any scientific work or invention. His work was causing nuisance and disturbance to the neighbors which was breach of terms of the lease agreement. Sam was entitled for use of the property only for living and peaceful purposes.
Answer to the fifth question:
Sam can raise his defense that he had told the landlord before signing the lease agreement that he was working on a new invention and at that time landlord never raised any objection. He also never questioned about the type of work that will be carried out by Sam in the rented property. He also did not include the terms in the lease agreement on which Sam was insisting hard, to avoid any future obligations.
The Giving Voice to Values framework distinguishes between organizational and individual values because:
1-Organizational values are influenced by ethical leadership while individual values are influenced by perceptions of organizational values.
2-Organizational values are internal to each individual while individual values are highly visible within the organization.
3-Organizational values are highly visible within the organization while individual values are internal to the very core of individuals.
4-Organizational values create perceptions of ethical leadership while individual values are innate to the individual.
Answer:
The correct answer is 3
Explanation:
GVV stands for Giving Voice to Values is an approach which is very innovative as the drives the leadership development in the business workplace and the education.
It is not regarding the people persuading to be more ethical but concerned that the organizational values should be highly visible in the organization wheras in the individual values, which are internal to the core of the individuals.
A small manufacturer that makes clothespins and other household products buys new injection molding equipment for a cost of $500,000. This will allow the manufacturer to make more clothespins in the same amount of time with an estimated increase in sales of 25%. If the manufacturer currently makes 75 tons of clothespins per year, which sell at $18,000 per ton, what will be the increase in revenue next year from the new equipment?
A) $837,500
B) $303,750
C) $125,000
D) $337,500
Answer:
The correct answer is D.
Explanation:
Giving the following information:
New injection molding equipment for a cost of $500,000.
Increase in sales of 25%.
The manufacturer currently makes 75 tons of clothespins per year, which sell at $18,000 per ton.
First, we need to calculate the new sales level:
New sales (units)= 75t* 1.25= 93.75 tons
Increase in sales (dollars)= (93.75 - 75)*18,000= $337,500
Final answer:
The increase in revenue from the new equipment for the clothespin manufacturer is projected to be $337,500 next year. This figure is calculated by determining the additional revenue generated from the 25% increase in production, which amounts to an additional 18.75 tons of product sold at the existing price of $18,000 per ton.
Explanation:
The student is asking how the purchase of new injection molding equipment, which allows for a 25% increase in production capacity, will affect the revenue of a small manufacturer that makes clothespins. With the current production at 75 tons per year, sold at $18,000 per ton, we can calculate the increase in revenue from the anticipated sales boost.
Calculate the current annual revenue: 75 tons x $18,000 per ton = $1,350,000.
Determine the additional tons produced due to the 25% increase: 75 tons x 25% = 18.75 tons.
Calculate the additional revenue from the sale of the extra tons: 18.75 tons x $18,000 per ton = $337,500.
Thus, the increase in revenue next year from the new equipment is $337,500, which corresponds to option D.
Samantha, who is single and has MAGI of $36,000, recently was employed by an accounting firm. During the year, she spends $1,650 for a CPA exam review course and begins working on a law degree in night school. Her law school expenses were $4,275 for tuition and $900 for books (which are not a requirement for enrollment in the course).
Assuming no reimbursement, how much can Samantha deduct for the:
a. CPA exam review course? $X
b. Law school expenses? $X
Answer:
a) $0
b) $4,000
Explanation:
a)
No deduction will be allowed to samantha for the amount spent on CPA exam review course.
So, Samantha can deduct $0.
b)
Under section 222 of IRS Code, maximum amount of deduction allowed to tax payer (whose adjusted gross income is less than $65,000) on account of tuition fees and other education expenses is $4,000.
So, Samantha can deduct $4,000.
Hope this helps!
Final answer:
Samantha may not be able to deduct expenses for her CPA exam review course unless such employee expense deductions are allowed, which are currently suspended by the Tax Cuts and Jobs Act. Her law school expenses also are not deductible as they are for education that qualifies her for a new profession. She may, however, be eligible for education credits like the Lifetime Learning Credit.
Explanation:
Samantha, who has a MAGI of $36,000 and is pursuing further education and professional development, can expect different tax treatments for her CPA exam review course and her law school expenses. The deductibility of these expenses depends on current tax laws and eligibility for education-related tax benefits.
For the CPA exam review course, if it maintains or improves skills required in her current job, she may be able to deduct it as an unreimbursed employee expense if such deductions still exist. However, if these deductions have been eliminated or suspended in the current tax law (e.g., by the Tax Cuts and Jobs Act which suspended these deductions for tax years 2018-2025), then she would not be able to claim a deduction.
Regarding law school expenses, she cannot deduct the tuition and related expenses as they are for education that qualifies her for a new profession, which is not deductible. Nonetheless, Samantha could potentially be eligible for education credits if she falls within the income threshold, such as the Lifetime Learning Credit, which may provide a credit of up to $2,000 for qualified education expenses.
For many waiting line situations, the arrivals occur randomly and independently of other arrivals and it has been found that a good description of the arrival pattern is provided by:a. a normal probability distribution.b. an exponential probability distribution.c. a uniform probability distribution.d. a Poisson probability distribution.
Answer:
D. A Poisson Probability Distribution
Explanation:
Poisson Probability Distribution
This is a probability distribution is used in probability theory and statistics to express the probability of a number of events that occur with a known rate or interval of distance, area, volume or time. Specifically, the Poisson probability distribution named after Simeon Denis Poisson, a French mathematician, is used to express probability where events occur one independent of the other.
Comparing this definition with the waiting line situations, one thing is common, arrivals occur independently of other arrivals and this distribution can be described using the Poisson Probability Distribution.