Answer: SEC –Securities and Exchange Commission and FASB –Financial Accounting Standards Board.
Explanation: The two primary organizations are SEC –Securities and Exchange Commission and FASB –Financial Accounting Standards Board.
FASB is a private, non-profit organization standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States. It was formed in 1973 to succeed the Accounting Principles Board and carry on its mission.
While the U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government. The Securities and Exchange Commission (SEC) recognizes the FASB as the accounting standard setter for public companies. It is also recognized by state accounting boards, the American Institute of Certified Public Accountants (AICPA), and other organizations in the field.
The two primary organizations in the United States responsible for setting accounting standards are FASB for the private sector and GASB for governmental entities.
The two primary organizations in the United States responsible for setting accounting standards are the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
FASB is responsible for establishing generally accepted accounting principles (GAAP) for public and private companies, ensuring consistency and transparency in financial reporting.
It plays a crucial role in maintaining the integrity and reliability of financial statements for businesses.
GASB, on the other hand, focuses on setting accounting standards for state and local governments and governmental entities.
It ensures that financial reporting in the public sector is transparent, consistent, and useful for decision-makers, promoting accountability and responsible fiscal management.
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Kelly Fisher invested a total of $20,000 invested in two municipal bonds that have yields of 8% (bond A) and 10% (bond B) interest per year, respectively. If the interest Kelly receives from the bonds in a year is $1720, how much did she invest in each bond?
To find out how much Kelly invested in each bond, we can use a system of equations to solve for the values.
Explanation:Let's assume Kelly invested $x in bond A and $y in bond B.
According to the question, the interest Kelly received from the bonds in a year is $1720.
We can set up the following equation to represent the total interest:
x(8/100) + y(10/100) = 1720
To solve for x and y, we can rearrange the equation and substitute the values:
x + y = 20000
Now we have a system of equations. We can solve it using substitution or elimination method to find the values of x and y.
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The amounts Kelly Fisher invested in each bond are 4,000 in bond A (8% yield) and 6,000 in bond B (10% yield).
Let's denote the amount Kelly Fisher invested in bond A as ( x ), and the amount invested in bond B as ( y ).
From the problem statement, we have two pieces of information:
1. The total amount invested is $20,000:
[tex]\[ x + y = 20,000 \][/tex]
2. The total interest received from both bonds in one year is $1,720:
[tex]\[ 0.08x + 0.10y = 1,720 \][/tex]
Now, we will solve these two equations simultaneously to find ( x ) and (y).
First, let's rewrite the equations:
[tex]\[ x + y = 20,000 \][/tex] (Equation 1)
[tex]\[ 0.08x + 0.10y = 1,720 \][/tex] (Equation 2)
To eliminate decimals, multiply Equation 2 by 100:
[tex]\[ 8x + 10y = 172,000 \][/tex] (Equation 3)
Now, we have the system of equations:
[tex]\[ x + y = 20,000 \][/tex]
[tex]\[ 8x + 10y = 172,000 \][/tex]
Let's solve this system using substitution or elimination.
From Equation 1, solve for ( x ):
[tex]\[ x = 20,000 - y \][/tex]
Substitute [tex]\( x = 20,000 - y \)[/tex] into Equation 3:
[tex]\[ 8(20,000 - y) + 10y = 172,000 \][/tex]
Expand and solve for y :
160,000 - 8y + 10y = 172,000
2y = 12,000
y = 6,000
Now that we have y = 6,000, substitute it back into x = 20,000 - y :
x = 20,000 - 6,000
x = 14,000
So, Kelly Fisher invested $14,000 in bond A (yielding 8% interest) and $6,000 in bond B (yielding 10% interest).
In a competitive market, all of the choices along the production possibility frontier display (-----) efficiency, while the specific choice on the frontier that society picks in the one with (-----) efficiency.a. Productive; Allocativeb. Allocative; Productivec. Allocative; Allocatived. Productive; Productive
Answer:
The correct answer is letter "A": Productive; Allocative.
Explanation:
A Production Possibility Frontier (PPF) is a range of answers to the question: what is the company's maximum production capacity? Producing at a maximum level means creating as many jobs and using as many resources as possible. This maximizes employment and minimizes unused resources. Within this approach, the PPF represents productive efficiency. When production represents consumer preferences we are in a case of allocative efficiency.
When paul o’neill joined alcoa as ceo, he set a , that there would be zero workplace accidents. a lot of people in the organization thought this was impossible given how dangerous some aluminum-manufacturing jobs are, but alcoa’s safety record improved tremendously. as the board of governors of the american red cross considers planning, one option is to make strategic plans and then direct managers to align tactical and operational plans accordingly. another option is to have planning specialists managers across the organization make their own plans. why might this organization’s executives opt for the latter approach? check all that apply. (a) the environment is a dynamic one, and department and frontline managers can come up with more responsive plans than can central leadership. (b)resources will be better coordinated across the organization in support of the overall strategy.(c) senior leadership will have more control over the organization’s direction. (d)when managers come up with their own plans, they are likely to be more committed to following through on them.
Answer:
1) stretch goal
2) (a) the environment is a dynamic one, and department and frontline managers can come up with more responsive plans than can central leadership.
(d) when managers come up with their own plans, they are likely to be more committed to following through on them.
Explanation:
1) A stretch goal is a radical, ambitious goal that aims to drastically change (improve) certain KPIs and outcomes in the organization. Usually these goals are deemed as impossible. However, their ultimate cause is not to actually be reachable, but to provide great motivation for employees. Since Alcoa has had substantial accidents in the past, a genuine stretch goal is to have zero workplace accidents.
2) This example demonstrated the debate and choice between centralizing decision power on the one hand, or distributing it across the organization on the other hand. Doing the latter has some benefits. The first one is related to responsiveness, as front-line managers would lose a lot of time when communicating a certain problem to senior managers. They would tackle problems more quickly if they had the decision power. Additionally, when they do have the power to make decisions, they are more likely to stick to created plans and strategies.
Final answer:
Executives might opt for managers across the organization to make their plans as it can lead to a) a more dynamic response to environmental changes, b) better coordination of resources, c) more control and d) a stronger commitment from managers to implement and follow through on these plans.
Explanation:
When determining why executives might opt for department and frontline managers to make their plans, the following reasons stand out:
(a) Dynamic environment: Having managers at different levels create plans allows for more responsive and agile strategies that can adapt quickly to environmental changes.(b) Resources might not necessarily be better coordinated across the organization as a result of decentralized planning, which could potentially be a drawback of this approach.(c) Senior leadership might have less direct control over the organization’s direction, as decentralized planning empowers lower-level managers.(d) Manager commitment: Managers are more likely to be committed to the execution of plans that they have developed, leading to better implementation and follow-through.Comparing to cases like Alcoa's safety success and Herzog Electric's zero accident rate, allowing managers to make plans shaped by their immediate understanding of their departmental needs and hazards can be very effective. This is supported by a safety culture where leadership encourages employee involvement in safety measures and demonstrates the value of bottom-up planning.
In developing Ishikawa diagrams, it is typical for a problem under consideration to be stated on the left side, with the possible causes on the right. Select one: a. true b. false
Answer: FALSE
Explanation: ISHIKAWA DIAGRAM also called FISH BONE DIAGRAM is an analytical tool used in six sigma to identify the root cause of certain events or happenings in an organization. The list for the problem and it's causes can be listed in ANY PART(LEFT OR RIGHT) of the workbook or board depending on the orientation of the person facilitating it,the writing pattern of the persons involved and how easy they will understand. Attached are fishbone diagrams.
Ronald Williams wants to be CEO of Caterpillar one day. For now, he is working hard as an associate engineer, learning as much as he can from more experienced employees and going to school at night. He doesn’t have as much time as he’d like to spend with his friends, but he’s willing to make this short-term sacrifice for long-term gains.
A. Social awarenessB. Relationship managementC. Self-managementD. Emotional contagion
Answer:
The correct answer is letter "C": Self-management.
Explanation:
Self-management is the ability individuals have to direct their behavior towards socially considered good actions and also allows them to make decisions that could potentially be beneficial for themselves in the future. Self-management implies helping an elderly person after slipping on the street instead of laughing or decide to study a career over another according to tot the benefits that one provides over the other.
When information is disclosed to individuals who are not authorized to see it, a _____ has been suffered.
Answer:
loss of confidentiality
Explanation:
A loss of confidentiality is the unauthorized disclosure of information. If a system suffers loss of confidentiality, then data has been disclosed to unauthorized individuals. This could be high level secret or proprietary data, or simply data that someone wasn't authorized to see
Providing information on accountability is the primary financial reporting objective for both governmental and not-for-profit entities.A. TrueB. False
Answer:
The correct answer is letter "A": True.
Explanation:
Accountability implies individuals and entities accept responsibility in their operations. When it comes to the government and political science it involves the process in which citizens secure and evaluate the responsible doing of the public deputies through mechanisms such as transparency and inspection. Non-profit organizations have the same duty.
Soundgarden Company sold 200 color laser copiers on July 10, 2020, for $4,000 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $330. Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2020. Actual warranty costs (inventory) incurred in 2020 were $17,000. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answer:
Explanation:
The journal entries are shown below:
1. Cash A/c Dr $800,000 ($4,000 × 200 color laser copiers)
To Sales revenue A/c $800,000
(Being the sale of the copies are recorded)
2. Warranty expense A/c Dr $17,000
To Inventory A/c $17,000
(Being the warranty expense is recorded)
3. Warranty expense A/c Dr $49,000 (200 × $330 - $17,000)
To Warranty liability A/c $49,000
(Being the accrual warranty is recorded)
On October 1, 20X6, Susan Thompson opened Thompson Decorating Services, a sole proprietorship. Susan began operations with $50,000 cash, 60% of which was acquired via an owner investment. The remaining amount was obtained from a bank loan. A review of the accounting records for October revealed the following:
Asset purchases: Van, $16,000; office equipment, $4,000; and decorator (household) furnishings, $17,000. These amounts were paid in cash except for $2,100 that is still owed for the furnishings acquisition.
Services performed: Total billings on account, $18,300. Clients have remitted a total of $14,200 in settlement of their balances due.
Expenses incurred: Salaries, $8,700; advertising, $2,500; taxes, $150; postage, $1,800; utilities, $100; interest, $450; and miscellaneous, $200. These amounts had been paid by month-end with the exception of $700 of the advertising expenditures.
Further information revealed that Thompson withdrew $5,500 of cash from the business on October 31.
Instructions
Prepare an income statement for the month ending October 31, 20X6.
Prepare a statement of owner's equity for the month ending October 31, 20X6.
Prepare a balance sheet as of October 31, 20X6.
Answer: income statement: Net income $5,100, Statement of owners Equity :Total $35,100, Balance sheet : Total Liabilities $53,200, Total Asset $53,200
Explanation:
Thompson Decoration Services
Income Statement for the month ended 31 st October 20X6
$
Revenue. 18,300
Less Expenses
Salaries. 8,700
Advertising 2,500
Less: outstanding 700
-------
1,800
Taxes. 150
Postage. 1,800
Utilities. 100
Interest. 450
Miscellaneous. 200
------------
13,200
--------------
Net income. 5,100
-----------------
Statement of owners Equity for the month ended 31st October 20X6
Common Stock. Paid in capital. Retained Earnings Treasury stock Total
Balance Oct 1. 30,000. 30,000
Issued share for cash. - - - - -
Purchase of treasury stock - - - - -
Net income. - - 5,100. 5,100
Cash dividend. - - - - -
Stock dividend. - - - - -
------ ------ --------- ---------- -------------
Balance on Oct 31. - - 5,100 - 35,100
---------- -------- -------- ---------- --------------
Thompson Decoration Service
Balance sheet for the month ended 31st October 20X6
$
Current Asset
Debtors. 4,100
Account Receivable 14,200
-----------
Total Current Asset. 18,300
Fixed Asset
Van. 16,000
Office Equipment. 4,000
Furnishing. 14,900
-----------
Total Fixed Asset. 34,900
--------------
Total Asset. 53,200
---------------
Long term Liabilities
Capital. 30,000
Add: Net income 5,100
----------
35,100
Less: Drawing. 5,500
-----------
29,600
Loan. 20,000
-----------
Total Long term Liabilities 49,600
Current Liabilities
Outstanding 2,800
Interest. 450
Taxes. 150
Miscellaneous 200
--------------
Total Current Liabilities 3,600
--------------
Total Liabilities. 53,200
----------------
Answer:
Susan Thompson
Income Statement
For the Month Ending October 31, 20x6.
Income $ $
Billings 18,300
Less:Operating Expenses
Salaries 8,700
Advertising 2,500
Postage 1,800
Utilities 100
Interest 450
Miscellaneous 200 (13,750)
Profit Before Tax 4550
Tax ( 150)
Profit After Tax 4400
Susan Thompson
Statement of Owner`s Equity
For the Month Ending October 31, 20x6
$
Equity at the beginning (October 1st, 20x6) 30,000
Profit During the year 4,400
Subtotal 34,400
Drawings (5,500)
Equity at the End( October 31, 20x6) 28,900
Susan Thompson
Balance Sheet
As at October 31, 20x6
$ $
Asset
Non-current
Van 16,000
Office Equipment 4,000
Decorator Furnishing 17,000
37,000
Current Asset
Cash 10,600
Debtors 4,100
14,700
Total Asset 51,700
Financed by
Equity 28,900
Current Liabilities
Owing Furniture Expenditure 2,100
Accrued Advertising Expenses 700 2800
Non-Current Liability
Bank Loan 20,000
Total Equity & Liabilities 51,700
Explanation:
When a sole proprietor is starting a new business, the opening capital for the business has to be recorded.
Here, Susan Thompson is starting the business with $50,000 cash, 60% of which was her own investment and the remaining 40% as bank loan. The accounting entries are as follow:
(Debit) Cash $50,000
(Credit) Owner`s Equity (60% of $50,000) $30,000
(Credit) Bank Loan (40% of $50,000) $20,000
After this, the transactions during the month has to be recorded in the ledger and later transfer to trial balance.
Acquisition of assets:
(Debit) Van $16,000
(Debit) Office Equipment $4,000
(Debit) Decorator Furnishing $17,000
(Credit) Cash ($16,000+$4,000+$17,000-$2100) $34,900
(Credit) Owning- Decorator Furnishing $2,100
Business transactions during the year:
(Credit) Billings $18,300
(Debit) Cash-Amount remitted by clients $14,200
(Debit) Debtors ($18,300-$14,200) $4,100
(Debit) Salaries $8,700
(Debit) Advertising $2,500
(Debit) Taxes $150
(Debit) Postage $1,800
(Debit) Utilities $100
(Debit) Interest $450
(Debit) Miscellaneous $200
(Debit) Drawing $5,500
(Credit) Cash $18,700
(Credit) Accrued Advertising Expenses $700
After this, the balances in the ledger has to be extracted to the trial balance where the figure will be used for preparation of income statement, statement of owner`s equity and balance sheet.
Trial Balance Dr($) Cr($)
Owner`s Equity 30,000
Bank Loan 20,000
Cash ($50,000+$14,200-$34,900-$18,700) 10,600
Van 16,000
Office Equipment 4,000
Decorator Furnishing 17,000
Owing-Decorator Furnishing 2,100
Billings 18,300
Debtors 4,100
Salaries 8,700
Advertising 2,500
Taxes 150
Postage 1,800
Utilities 100
Interest 450
Miscellaneous 200
Drawing 5,500
Accrued Advertising Expenses ______ 700
71,100 71,100
Preparation of Accounts
Income Statement
After the extraction of the trial balance, the income statement is prepared.
In this question, cost of good sold is not determined as the entity is a service business. So the profit is equal to income -operating expenses.
Also,the depreciation rate is not given, so no depreciation is required to be calculated as such the opening value of the assets equals their closing value at the end of the month. In a case where depreciation rate is given, the depreciation will be charged against the individual value and the depreciation amount taken to income statement.
Statement of owner`s equity.
The owner`s equity at the end of the period equals opening equity + profit after tax for the year - drawings from the business.
Opening equity (60% of $50,000) + Profit for the year ($4,400) - drawing( 5500) =$28,900.
Balance Sheet
The balances of assets and liabilities from the trial balance prepared is taken to balance sheet, with inclusion of owner`s equity at the end of the period.
The Guardian Express, a community newspaper, has identified a potential new customer segment for its product. What next step should it take to validate that the new market is large enough to pay for the targeted marketing campaign and grow its circulation and revenues?
a)conduct market research
b)identify the unique products it’s selling
c)figure out its customer segmentation
Answer:
Option "A" is the correct answer to the following statement.
Conduct Market Research .
Explanation:
The aim of doing consumer research is to arm yourself with the knowledge you need to make intelligent strategic decisions regarding companies, creativity, development and commodity, size, position , and promotion. Brand-Improve the good or service depending on what the clients want rather than need.
To serve the needs of current customers and how they have selected our company over rivals, we use analysis. Take business choices about your product well educated, and establish effective methods.The next step The Guardian Express should take is to conduct market research to validate the potential new customer segment and assess its size and purchasing power.
Explanation:The next step that The Guardian Express should take to validate that the new market is large enough to pay for the targeted marketing campaign and grow its circulation and revenues is to conduct market research. Market research involves gathering and analyzing data about the new customer segment to determine its size, needs, preferences, and purchasing power.
By conducting market research, The Guardian Express can assess the demand for its product within the new market and determine whether it is worth investing in a targeted marketing campaign. The research should include surveys, interviews, and analysis of existing data to gather insights and validate the potential market size.
Once the market research is completed, The Guardian Express can use the findings to make informed decisions about its marketing strategy, target audience, pricing, and product offerings. This will help ensure that the marketing campaign is effectively reaching the desired customer segment and driving circulation and revenues.
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Which of the following is subtracted from national income to get to personal income?
A . Retained earnings
B . Personal interest income.
C . Depreciation.
D . Personal Taxes.
Answer:
The answer is "Option A"
Explanation:
RE stands for retained income, In this system also requires the net income to be used in the accounting and cash flows, while the statement of money flow, which is not released as dividends of shareholder value, is used instead for new investments within the company, and other options are were wrong that can be described as follows:
Option B and option D are similar to each other because, both used for payment on personal and consumer loans, that's why it is not correct. In option C, It is used in the calculation, that's why it is not correct.University Company produces collegiate apparel. From its accounting records, it prepares the following schedule and financial statements on a yearly basis.
(a) Cost of goods manufactured schedule.
(b) Income statement.
(c) Balance sheet.
The following items are found in its ledger and accompanying data.
For each item, indicate the schedule and/or financial statement(s) in which the item will appear.
1. Direct labor
Balance SheetCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Income StatementIncome Statement
2. Raw materials inventory, 1/1
Income Statement and Balance SheetBalance SheetCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured Schedule and Income StatementIncome Statement
3. Work in process inventory, 12/31
Cost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleIncome StatementBalance Sheet
4. Finished goods inventory, 1/1
Income Statement and Balance SheetCost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Income StatementBalance SheetIncome Statement
5. Indirect labor
Cost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured ScheduleIncome Statement and Balance SheetIncome StatementBalance Sheet
6. Depreciation on factory machinery
Balance SheetIncome StatementCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule
7. Work in process, 1/1
Income Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule and Balance SheetIncome StatementCost of Goods Manufactured ScheduleBalance Sheet
8. Finished goods inventory, 12/31
Income StatementCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleBalance Sheet
9. Factory maintenance salaries
Cost of Goods Manufactured Schedule and Income StatementBalance SheetCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Balance SheetIncome StatementIncome Statement and Balance Sheet
10. Cost of goods manufactured
Cost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured ScheduleBalance SheetIncome Statement and Balance SheetIncome Statement
11. Depreciation on delivery equipment
Cost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured ScheduleIncome StatementBalance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income Statement
12. Cost of goods available for sale
Income Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleIncome StatementCost of Goods Manufactured Schedule and Balance SheetBalance Sheet
13. Direct materials used
Cost of Goods Manufactured ScheduleIncome StatementCost of Goods Manufactured Schedule and Income StatementBalance SheetCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance Sheet
14. Heat and electricity for factory
Balance SheetCost of Goods Manufactured ScheduleIncome StatementCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income Statement
15. Repairs to roof of factory building
Cost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleIncome StatementBalance SheetIncome Statement and Balance Sheet
16. Cost of raw materials purchases
Cost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Balance SheetIncome StatementBalance SheetIncome Statement and Balance Sheet
Answer:
The answer is stated below:
Explanation:
The items which will appear in which account is stated below:
Balance Sheet - It is the one which records the assets and the liabilities of the company.
Income Statement - It is the one which records the income as well expenses incurred by business.
Cost of goods manufactured schedule - It is that schedule which states the items related to the manufacture of the goods.
1. Direct labor - It is the item of the Cost of goods manufactured schedule.
2. Raw materials inventory - It is the item of the Cost of goods manufactured schedule.
3. Work in process inventory - It is the item of the Cost of goods manufactured (COGM) schedule.
4. Finished goods inventory - It is the item of the Cost of goods manufactured (COGM) schedule.
5. Indirect labor - It is the item of the Cost of goods manufactured schedule.
6. Depreciation on factory machinery - It is the item of the Balance Sheet.
7. Work in process - It is the item of the Cost of goods manufactured (COGM) schedule.
8. Finished goods inventory - It is the item of the Cost of goods manufactured (COGM) schedule.
9. Factory maintenance salaries - It is the item of the Income Statement.
10. Cost of goods manufactured - It is the item of the Cost of goods manufactured (COGM) schedule.
11. Depreciation on delivery equipment - It is the item of the Balance Sheet.
12. Cost of goods available for sale - It is the item of the Cost of goods manufactured (COGM) schedule.
13. Direct materials used - It is the item of the Cost of goods manufactured (COGM) schedule.
14. Heat and electricity for factory - It is the item of the Income statement.
15. Repairs to roof of factory building - It is the item of the Income statement.
16. Cost of raw materials purchases - It is the item of the Cost of goods manufactured (COGM) schedule.
Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $15,000 and that Bright should receive a $20,000 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner’s share of the current year’s net income of $52,000.
Answer:
Share of Stolton is $23,500
Share of Bright is $28,500
Explanation:
The present net income amounts to $52,000, from which the Stolton (S) will receive $15,000 as the salary allowance whereas the Bright (B) will receive $20,000 as a salary allowance.
So, the balance amount is:
Balance amount = Present Net income - Salary allowance of Stolton - Salary allowance of Bright
= $52,000 - $15,000 - $20,000
= $17,000
This remaining balance is to be shared equally among the S and B. So, the amount will be $8,500 per partner.
The aggregate amount would be:
S = $15,000 + $8,500
= $23,500
B = $20,000 + $8,500
= $28,500
Answer:
$23,500 for Stolton and $28,500 for Bright
Explanation:
The partners agreed to allocate the profit based on the salaries given to the partners and divide the excess equally.
Stolton Bright Total
Salary 15,000 20,000 35,000
Excess 8,500 8,500 17,000
TOTAL 23,500 28,500 52,000
The salary allowances agreed by the partners must be given first to the partners and any excess will be divided equally. In case, the salary exceeds the net income for the period, the loss will be divided same as the ratio of the profit.
Instead of deciding to finish high school, you could have decided to work full-time. How would an economist explain your decision to receive your high school degree?
a. The benefit of working full-time was greater than the cost of going to high school.
b. The benefit of working full-time was greater than the benefit of going to high school.
c. The cost of working full-time was greater than the benefit of going to high school.
d. The cost of going to high school was greater than the benefit of working full-time.
e. The benefit of going to high school was greater than the benefit of working full-time.
Answer:
The correct answer is letter "E": The benefit of going to high school was greater than the benefit of working full-time.
Explanation:
Opportunity cost refers to the difference between choosing an option over another. It represents the benefit (if any) of the chosen option over the potential benefit obtained over the option that was forgone. In some cases represents what was "left on the table".
If choosing going to high school instead of working full-time, that implies, for that person, graduating provides a higher benefit than being paid monthly for a regular job.
An economist would explain the decision to receive a high school degree as having greater benefits than working full-time, contributing to society's human capital and economic growth, and providing higher wages for college-trained individuals.
Explanation:An economist would explain your decision to receive your high school degree by stating that:
The benefit of going to high school was greater than the benefit of working full-time.By acquiring more education, society allocates resources to produce education, enhancing human capital and economic growth.The payoff from college can be measured by comparing the wages of college-trained workers to high-school-trained workers, illustrating the value of obtaining a college degree.Consider the following scenario where marginal social benefit equals marginal social cost at a quantity of 20 and a price of $50; and, the marginal private cost equals the marginal private benefit at a quantity of 30 and a price of $70. The government will offer a ___________ to achieve market equilibrium.
The government will offer a $20 as tax to achieve market equilibrium.
Explanation:
Socially optimum point occurs at that level of production which is the best point of production. There is optimum utilization of resources at that this point of production.
At the situation, when Private marginal cost is equal to the private marginal benefit, it occurs at a point which is above the socially optimum point. This means that at this level there is exploitation of resources. So the government should encourage the reduction in the level of production. For this it should impose tax on the production equal to the amount of $70-$50 = $20.
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue $ 78,500 Rent expense 21,000 Postage expense 1,500 Salaries expense 22,000 Legal fees expense 2,600 Supplies expense 20,000 In addition, the balance of common stock at the beginning of the year was $175,000, and the balance of retained earnings was $36,000. During the year, the company issued additional shares of common stock for $30,000 and paid dividends of $20,000. Required: Prepare an income statement. Prepare a statement of stockholders’ equity.
Answer:
Answer in Attachment
Explanation:
Fighting Okra Cooking Services had a net income of $11,400 for the year, and a total stockholders' equity of $221,000.
Explanation:Income Statement:
Service Revenue: $78,500Rent Expense: $21,000Postage Expense: $1,500Salaries Expense: $22,000Legal Fees Expense: $2,600Supplies Expense: $20,000Total Expenses: $67,100
Net Income: $11,400
Statement of Stockholders' Equity:
Beginning Balance of Common Stock: $175,000Additional Shares of Common Stock: $30,000Balance of Retained Earnings: $36,000Dividends: $20,000Total Stockholders' Equity: $221,000
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In which method of sales compensation is salespersons pay totally determined as a percentage of sales?
Answer:
The correct answer is: straight commission.
Explanation:
The straight commission compensation method consists of giving employees a payment based on the percentage of the sales they process instead of providing them a fixed amount for salary every month. This is done to push salespeople to sell more so their income strictly depends on their performance.
What counting rule involves the computation of the number of ways that a set of objects can be arranged in order
Answer:
Permutaion
Explanation:
Permutations deals with ordering or reordering objects that a unique. it deals with arranging the elements of a set of items into and agreed order or rearranging such items in an agreed order, this is called permuting.
Permutation is a tool embraced by mathematicians and all variants of mathematics, as well as many fields of science. it helps in the tasks that deals with sequence, analysis and sorting. the number of permutation of a set on n unique terms is n factorial (n!)
Riverside Manufacturing designs and manufactures bathtubs for home and commercial applications. Riverside recorded the following data for its commercial bathtub production line during the month of March:
Standard DL hours per tub 5
Standard variable overhead rate per DL hour $ 4.50
Standard variable overhead cost per unit $ 22.50
Actual variable overhead costs $ 30,375
Actual DL hours 4,050
Actual variable overhead cost per machine hour $ 7.50
Actual tubs produced 1,000
1. What is the variable manufacturing overhead rate variance in March?
Answer:
Explanation:
Variable MOH rate variance = Actual Hours × (Actual Rate - Standard Rate)
= 4050 × ($7.50 - $4.50)
= 12150
On December 31, 2020, Pronghorn Inc. has a machine with a book value of $1,372,400. The original cost and related accumulated depreciation at this date are as follows. Machine $1,898,000 Less: Accumulated depreciation 525,600 Book value $1,372,400 Depreciation is computed at $87,600 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal.
The machine's book value is calculated by subtracting the accumulated depreciation from the original cost. Each year, the depreciation is subtracted to update the book value. The journal entries for recording this annual depreciation would be a debit to Depreciation Expense account and a credit to Accumulated Depreciation account.
Explanation:The machine's book value is calculated by subtracting the accumulated depreciation from the original cost. In the case of Pronghorn Inc., the original cost is $1,898,000 and the accumulated depreciation is $525,600. Hence, the book value of the machine is $1,372,400. Each year, the depreciation of $87,600 is subtracted to update the book value. The journal entries for recording this annual depreciation would be a debit to Depreciation Expense account and a credit to Accumulated Depreciation account.
To record the depreciation for the year, the journal entry would be:
Debit: Depreciation Expense $87,600.
Credit: Accumulated Depreciation $87,600.
This journal entry reflects the decrease in the value of the machine due to the wear and tear over the year, and it ensures that the book value of the machine is accurate at the time of its disposal.
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An analyst selects a model as a champion because it shows better model fit than a competing model with more predictors. Which statistic justifies this rationale?
Answer:
The correct answer is: The Akaike information criterion (AIC).
Explanation:
Named after Japanese mathematic Hirotugu Akaike (1927-2009), the Akaike Information Criterion (AIC) is a relative quality statistical model that estimates the quality of a model based on the quality of others based on the amount of information the model losses: the lesser, the higher quality.
Rodriguez Corporation issues 19,000 shares of its common stock for $152,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has neither par nor stated value. 2. The stock has a S2 par value. 3. The stock has a SS stated value.
Answer:
1. Debit Cash $152,000
Credit Common stock $152,000
Being Issue of 19,000 common stock at neither par nor stated value
2. Debit Cash $152,000
Credit Common stock $38,000
Credit Additional paid-in capital $114,000
Being Issue of 19,000 common stock at $2 par value
3. Debit Cash $152,000
Credit Common stock $95,000
Credit Additional paid-in capital $57,000
Being Issue of 19,000 common stock at $5 stated value
Explanation:
1. The stock has neither par nor stated value
When stock has neither par nor stated value, the entire proceeds of issue are credited to common stock account.
JOURNAL ENTRY
Debit Cash $152,000
Credit Common stock $152,000
Being Issue of 19,000 common stock at neither par nor stated value
2. The stock has a $2 par value
Compute the par value, any excess of issue proceed over par value is credited to 'additional paid-in capital' account or any shortage is debited to 'discount on common stock' account.
Par Value = Number of shares issued X Par value
Par Value = 19,000 X $2 = $38,000
Additional paid-in capital = Issued value - Par Value
= $152,000 - $38,000 = $114,000
JOURNAL ENTRY
Debit Cash $152,000
Credit Common stock $38,000
Credit Additional paid-in capital $114,000
Being Issue of 19,000 common stock at $2 par value
3. The stock has a $5 stated value.
First compute the par value as in 2 above
Par Value = Number of shares issued X Par value
Par Value = 19,000 X $5 = $95,000
Additional paid-in capital = Issued value - Par Value
= $152,000 - $95,000 = $57,000
JOURNAL ENTRY
Debit Cash $152,000
Credit Common stock $95,000
Credit Additional paid-in capital $57,000
Being Issue of 19,000 common stock at $5 stated value
Note, the amount that goes to the common stock account must be par value of share issued.
Tour Corp., which had earnings and profits of $400,000, made a nonliquidating distribution of property to its shareholders during the current year. This property, which had an adjusted basis of $30,000 and a fair market value of $20,000 at date of distribution, did not constitute assets used in the active conduct of Tour's business. How much loss did Tour recognize on this distribution?
Answer:
Adjusted basis less Market value=$30000-$20000=$10000
Explanation:
In actual terms the property was worth $30000 but commanded only $20000 in the market,invariably $10000 is lost
An ethics committee is typically: a. Composed of employees from all functional areas and managerial levels. b. A nonessential organization in multinational corporations. c. Assigned the task of writing employee handbooks. d. Responsible for disciplining wrongdoers. e. Charged with eliminating ethical dilemmas.
Answer:
The correct answer is letter "D": Responsible for disciplining wrongdoers.
Explanation:
Within an organization, the ethics committee is represented by a group of high-rank executives who are in charge of protecting the company's ethical culture, enforcing rules in front of problematic matters, and disciplining troublemakers whenever necessary.
Final answer:
An ethics committee is essentially a group within an organization that guides and oversees ethical behavior, taking into account the importance of an ethical organizational culture emphasized by values such as integrity, honesty, and trust. Their role is crucial in multinational corporations to ensure ethical decision-making and prevent corporate failures.
Explanation:
An ethics committee is typically composed of employees from various functional areas and managerial levels within an organization. Their primary role is to oversee and guide the ethical practices and policies within a company. They are responsible for ensuring that the company's culture reflects important values such as integrity, honesty, and trust, which are essential for creating an ethical work environment. An ethics committee is not typically tasked with writing employee handbooks or solely disciplining wrongdoers, nor are they responsible for eliminating ethical dilemmas; instead, they play a vital supporting role in the ethical decision-making process and may participate in the development of codes of ethics or conduct.
It is crucial for multinational corporations to maintain an effective ethics committee in order to foster an ethical organizational culture. As research suggests, without a strong ethical culture, even mandatory ethics training programs might not be successful. Creating and maintaining such a culture is key to enabling employees to behave ethically, which, in turn, helps prevent the sort of corporate failures seen in the cases of WorldCom and Enron. Hence, an ethics committee is far from being a nonessential organization within multinational corporations.
Coronado Industries, which has a taxable payroll of $1350000, is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of stable employment experience, the company’s state rate has been reduced to 2%. What is the total amount of federal and state unemployment tax for Coronado Industries?
Answer:
= $37,800
Explanation:
Step 1: Bring out the important figures for the calculation
Coronado Industries taxable payroll = $1,350,000
Federal Unemployment Tax Act (FUTA) rate = 6.2%
State Unemployment Tax Acy (SUTA) rate is 5.4% of the the FUTA's 6.2%
Third very important information: SUTA has been reduced to 2%
Step 2: Apply the information before the reduction
FUTA rate = 6.2% - 5.4% = 0.8%
Meaning FUTA = 0.8% x $1,350,000= $10,800
SUTA = 5.4% x 1,350,000= 72,900
Total = $83,700
Step 3: Calculate the new total FUTA and SUTA based on reduction of SUTA to 2%
First, FUTA remains constant
= 0.8% of $1, 350,000= $10,800
Secondly, SUTA is now 2%
= 2% (0.02) x $1,350,000= $27,000
Total amount of FUTA and SUTA for Coronado Industries
= $10,800 + $27,000
= $37,800
Services, Inc., began 2018 with total assets of $220 million and ended 2018 with total assets of $375 million. During 20182018, McKayMcKay Services earned revenues of $ 400$400 million and had expenses of $161 million. McKay Services declared and paid dividends of $21 million in 2018. Prepare the company's income statement for the year ended December 31, 2018, complete with an appropriate heading.
This income statement reflects McKay Services, Inc.'s financial performance for the year ended December 31, 2018, showing total revenues, total expenses, dividends paid, and the resulting net income of $218 million
To prepare McKay Services, Inc.'s income statement for the year ended December 31, 2018, we'll use the formula:
[tex]\[Net\ Income = Revenues - Expenses - Dividends\][/tex]
Given:
- Revenues = $400 million
- Expenses = $161 million
- Dividends = $21 million
1. Calculate Net Income:
[tex]\[Net\ Income = 400 - 161 - 21\][/tex]
[tex]\[Net\ Income = 218\][/tex]
2. Construct Income Statement:
[tex]\text{Income Statement for McKay Services, Inc.} \\[/tex]
[tex]\text{For the Year Ended December 31, 2018} \\[/tex]
[tex]\text{Revenues} & \$400 \text{ million} \\[/tex]
[tex]\text{Expenses} & \$161 \text{ million} \\[/tex]
[tex]\text{Dividends} & -\$21 \text{ million (negative because it's an outflow)} \\[/tex]
[tex]\text{Net Income} & \$218 \text{ million} \\[/tex]
This income statement reflects McKay Services, Inc.'s financial performance for the year ended December 31, 2018, showing total revenues, total expenses, dividends paid, and the resulting net income of $218 million.
Anthony, a self-employed plumber, makes a maximum contribution to a SEP for his employee, Debra. Debra's compensation is $40,000 for the year. How much is he allowed to contribute to the plan for Debra?
Answer:
$10,000
Explanation:
The maximum contribution you can made to SEP shall not exceed the lower of the following two limits for 2020:
1. 25% of total compensation paid to employee.
2. $57,000
By applying the above rule to the given scenario in question, the maximum contribution allowed by the Anthony to be made to SEP for Debra shall not exceed:
25% of total compensation=25%*40,000=$10,000
Zenni Optical is an online store that allows a high degree of customization of the glasses you buy, including a variety of frames and lenses, so that you can custom-build the exact pair of glasses you want. No two consumers may end up with an identical pair. This firm is probably using an) targeting strategy. O A) undifferentiated O B) concentrated O ) differentiated OD) micromarketing
Answer:
This firm is probably using a micromarketing targeting startegy.
Explanation:
Market targeting strategy the method through which a firm will satisfy customers by segmenting them according to some predefined criterion; either age, gender, income and so on.
Micro marketing relates to the firm's process of aligning products and services to each and every customers' particular needs. The interaction between the firm and the consumer is mostly at a personal level and also practiced generally by small businesses. It could also be referred to as customised marketing because it takes into account the uniqueness of every customer and matches income accordingly. The other types of targeting strategies are undifferentiated, differentiated and concentrated strategies.
Zenni Optical uses a micromarketing strategy by offering highly customized glasses to meet individual customer preferences.
Explanation:The targeting strategy that Zenni Optical is employing, where it allows customers to customize their glasses resulting in highly individualized products, is known as micromarketing. Micromarketing focuses on tailoring products to suit the preferences of individual customers or very small segments, which aligns with Zenni Optical's approach of offering a high degree of customization. This is in contrast to undifferentiated marketing (mass marketing), concentrated marketing (targeting a specific, narrow market segment), or differentiated marketing (targeting multiple market segments with different offerings).
2. What is the risk premium for a stock where the risk free rate is 5.1%; the equity market risk premium is 5.0%; and the beta of the stock is 1.2.?
Answer:
6%
Explanation:
First we have to the calculate the expected return on the stock using capital asset pricing model which is as follow:
Expected return=Risk free return+Beta*Market risk premium
Expected return=5.1%+1.2*5%=11.1%
Now we have to calculate the risk premium by taking difference between the expected return and the risk free return.
Risk premium=Expected return-Risk free return
=11.1%-5.1%=6%
What is the present value of the following cash-flow stream if the interest rate is 5%
Year Cash Flow
1 $ 190
2 390
3 290
Answer:
The present value of the cash flows is $ 786.
Explanation:
This problem requires us to calculate present value of cash flows given in the question. The present value can be calculated by discounting cash flows using interest rate (5%) as discount factor.
PV= (190* (1+5%)^-1)+(390* (1+5%)^-2)+(290* (1+5%)^-3)
PV = 181 + 354 + 251
PV = $ 786
(Discount factor = CF (1+interest rate)^-period)