Answer:
correct answer is d . $6,778
Explanation:
we get here total federal income tax that will be
as we know that
federal income tax withholding barbara = $2784
federal income tax withholding mark =$2253
form SSA 1099 = $1721
and form 1099 interest income = $20
we get total federal income tax that is sum of all four
total federal income tax = $2784 + $2253 + $1721 + $20
total federal income tax = $6,778
so correct answer is d . $6,778
Crane incurs a weekly payroll of $251000 that includes federal taxes withheld of $38200, FICA taxes withheld of $23970, and 401(k) withholdings of $27300. What is the effect on assets and liabilities from recording this transaction? (Ignore company payroll taxes).
Answer:
First let us define the nature of each of the following as per Balance sheet of a company:
Payroll payable- Liability
FICA taxes withheld- Liability
Federal taxes- Liability
410(k)- Liability
Explanation:
Effect of Transaction on assets and liabilities:
Payroll expense Debit will have no impactPayroll payable, Federal taxes, FICA and 401(k) will increase the current liability.And when they are subsequently paid, cash will be credited hence decreasing the current assets and all these current liabilities shall be debited, hence decreasing the current liability portion.1.The Keynesian AEmodel is a basic representation of the economy in a situation where,for whatever reason, prices don’t change.A.Show, in an AEdiagram, the change in equilibrium Yfrom a given increase inautonomous expenditure. (6 points)B.This simple Keynesian result relies on prices not changing when Yincreases. One reason prices wouldn't change is that input costs don't change. Explain why an increase in GDP might not lead to increased costs for producers. Hint: The economy is operating inside the PPF.
The Keynesian AE model or the expenditure-output model illustrates the economic equilibrium where total spending equals output. An increase in autonomous spending shifts the aggregate demand curve upwards, leading to a higher GDP. Producers may not face increased costs when GDP increases if an economy is operating inside its PPF, as spare resources can be utilized without additional cost.
Explanation:The Keynesian AE model, also known as the expenditure-output model, is utilized to represent the economy in a scenario where prices are unchanging. The equilibrium level of real GDP is essentially determined by the point where the total amount of spending equals the amount of output. This is depicted in the Keynesian cross diagram where aggregate expenditure is plotted on the Y-axis and real GDP, a measure of output, is plotted on the X-axis.
To illustrate how an increase in autonomous expenditure impacts equilibrium Y, consider the model. If autonomous expenditure increases, it causes an upward shift in the aggregate demand (spending) curve. This results in a new, higher equilibrium point, which represents a higher level of real GDP (Y).
Now, with regards to why an increase in GDP might not result in increased inputs costs for producers, we need to consider the idea of an economy operating inside its Production Possibilities Frontier (PPF). When an economy is operating inside the PPF, it indicates the presence of unused resources or inefficiency. Therefore, when GDP rises (due to increased autonomous spending, for example), producers can make use of these previously unused resources to ramp up production without incurring additional costs.
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I have $65,000 that I need to invest but I want to make more than the bank is offering. Where can I get a high return on a short-term investment with limited risk?
Answer:
Several low-risk portfolios With the higher returns:
Municipal Bonds. Credit Card Rewards. Annuities. Savings Bonds. Cash Value Life Insurance.Bank Bonuses.Explanation:
Municipal Bonds: Municipal bonds are loans made to local authorities by the creditors. Cities, territories, districts, or other municipalities.Credit card rewards: Point incentives are given based on each amount you invest-one point per dollar, for example. Usually, points can be exchanged for products in the online shopping store of the incentive scheme.Annuities: Annuities are insurance contracts that pledge either instantly or in the future to pay you a steady income. You may purchase a lump sum annuity or a sequence of installments.Saving bonds: Savings Bonds are US circulated treasury tools. Treasury Department to help pay for the spending requirements of the U.S. government. They are priced at face value.Cash-value life insurance: Cash value protection is long term life insurance since it provides cover for the existence of the policyholder. Cash value insurance historically has lower premiums than term life insurance because of the cash value factor.Bank Bonuses: Bank rewards are monetary incentives anytime you opening a new deposit or checking account. You would have to set up paper checks with the bank to hold the profile up for at least a couple of years to apply for this one-time bonus.Short-term investments with limited risk can include mutual funds, high-yield savings accounts, CDs, or short-term bond funds. The selection depends on the investor's risk tolerance and life stage, with younger individuals able to take on more risk with stock investments for long-term growth.
Explanation:When considering short-term investments with limited risk, it's crucial to understand the tradeoff between risk and return. While the stock market may offer high returns, these are generally associated with a longer investment horizon and come with considerable risk in the short term. For an investor seeking higher returns than bank offers but with limited risk, mutual funds may be a favorable option. Mutual funds provide the benefit of professional management and diversification, potentially reducing risk and transaction costs. However, for short-term investments, individuals may also consider certificates of deposit (CDs), high-yield savings accounts, or short-term bond funds, which offer better returns than traditional savings accounts with relatively low risk.
One must carefully consider their position in life and how much risk they are willing to take on. Young investors, with time to ride out market volatility, may find stocks suitable for long-term growth. Conversely, those nearing retirement might prioritize preserving capital and might lean towards less volatile investments.
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__________ is a technology approach to implementing a business process, but it’s only part of the technology required to implement business processes. Select one: a. MIS b. BPM c. SaaS d. SOA
Answer:
d. SOA
Explanation:
SOA is an acronym for Service-oriented architecture. SOA is utilizes communication protocol to provide independent service to other devices.
SOA is independent because it does not rely on any technology but work via the web, it helps to bring together different components into a single subsystems so as to integrate business processes, data and other systems.
SOA (Service Oriented Architecture) is the correct answer to the question as it is a technology approach to implementing a business process. It helps in the communication between different systems within a network. Other options do not represent the technological approaches in implementing business processes.
Explanation:The answer to your question is d. SOA (Service Oriented Architecture). SOA is a technology approach to implementing a business process, but it is only part of the technology required to implement business processes. It is effective in facilitating the communication between different systems in a network. Meanwhile, MIS (Management Information Systems) deals with the information system used for decision-making, and SaaS (Software as a Service) is a licensing model for software, while BPM (Business Process Management) is the managerial aspect focused on improving corporate performance.
But, only SOA specifically pertains to a way of designing software or systems to provide services to other software or systems.
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During the year, EcoWash Corporation has $ 310 comma 000 in revenues, $ 95 comma 000 in expenses, and $ 6 comma 000 in dividend declarations and payments. Net income for the year was:
Answer:
$215,000
Explanation:
Given that,
EcoWash Corporation has:
Revenues = $310,000
Expenses = $95,000
dividend declarations and payments = $6,000
Hence, the net income is determined by subtracting expenses from the revenues.
Net income:
= Revenues - Expenses
= $310,000 - $95,000
= $215,000
Therefore, the EcoWash Corporation has a net income of $215,000 for the year.
The profit that the vendor makes per day by selling x pretzels is given by the function. P(x) = -0.002x2 + 1.4x - 400. Find the number of pretzels that must be sold to maximize profit.
Answer:
350 the number of pretzels that must be sold to maximize profit.
Explanation:
P(x) = -0.002x2 + 1.4x - 400
Differentiating P(x) with respect to dx:
[tex]P(x)'=\frac{d(-0.002x2 + 1.4x - 400)}{dx}[/tex]
[tex]P(x)'=-2\times 0.002x+1.4[/tex]
Putting , P(x)' =0
[tex]0=-0.004x+1.4[/tex]
[tex]x=\frac{1.4}{0.004}=350[/tex]
we get , x = 350
Differentiating P(x)' with respect to dx:
[tex]P(x)''=-0.004[/tex]
P(x)''<0 (maxima)
350 the number of pretzels that must be sold to maximize profit.
To maximize profit, the vendor should sell 350 pretzels, which will yield a maximum profit of $45.
To find the number of pretzels that must be sold to maximize profit, we need to determine the maximum point of the profit function P(x) = -0.002x² + 1.4x - 400.
The maximum point of a quadratic function of this form occurs at the vertex of the parabola, which can be found using the formula for the x-coordinate of the vertex, [tex]x_v = -\frac{b}{2a}.[/tex]
Let's calculate the x-coordinate of the vertex:
[tex]x_v = -\frac{b}{2a} = -\frac{1.4}{2 \cdot (-0.002)} = -\frac{1.4}{-0.004} = \frac{1.4}{0.004} = 350.[/tex]
Therefore, the number of pretzels that must be sold to maximize profit is 350
The maximum profit can be found by substituting [tex]x_v[/tex] back into the profit function:
P(350) = -0.002(350)² + 1.4(350) - 400 = -0.002(122500) + 490 - 400 = -245 + 490 - 400 = 45.
So, the maximum profit is $45 when 350 pretzels are sold.
In conclusion, to maximize profit, the vendor should sell 350 pretzels, which will yield a maximum profit of $45."
A pro football quarterback has to move to a new house. What would be a good economic reason for him to do his own moving rather than hiring someone else?
a. Physically he is in better shape than ever.
b. He is retiring, so he no longer has the trade- off of missing practice or a game.
c. The bids from moving companies are a bit higher than he expected.
d. He makes 20% less money after the latest contract renewal
Answer: it would be B
Explanation:
Which do you think would be more effective for shaping long-term ethical behavior in an organization: a written code of ethics combined with ethics training or strong ethical leadership? Which would have more impact on you? Why?
Explanation:
A code of ethics can be defined as a set of rules and guidelines that exist in an organization to regulate the behavior and actions of all employees.
Therefore, there is no way to guarantee that only a formal and written code of ethics is necessary for managers and employees to actually practice ethical behavior.
What will define whether the code of ethics is really implemented in the company is its conduct and positioning in the internal and external environment. There is a way for a company to be unethical and have a complete and not exercised code of ethics.
Therefore, for the organizational culture to be based on the values set out in the code of ethics, it is necessary to have strong ethical leadership, as the leader is responsible for motivating and guiding the actions of employees based on their own example, then in the long term , it can be said that an ethical leadership would be more impactful for the formation of the shared values that form the organizational culture.
Simons Company purchased land to build a new factory. The following expenditures were made in conjunction with the land purchase:
O Purchase price of the land, $150,000
O Real estate commissions of 7% of the purchase price
O Land survey, $5,000
O Back taxes, $5,000
1. What is the initial value of the land?
Multiple Choice:
a. $160,000 b. $160,500 c. $165,500 d. $170,500
Answer: attached
Explanation:
Final answer:
The initial value of the land purchased by Simons Company is calculated by adding the purchase price with real estate commissions, land survey fees, and back taxes, totaling to $170,500.
Explanation:
The initial value of the land bought by Simons Company for building a new factory would include the purchase price, any fees, and other necessary expenditures directly related to the acquisition of the land. To calculate this value, we sum up the following:
Purchase price of the land: $150,000
Real estate commissions (7% of the purchase price): $150,000 * 0.07 = $10,500
Land survey: $5,000
Back taxes: $5,000
Therefore, the initial value of the land is calculated as follows:
$150,000 + $10,500 + $5,000 + $5,000 = $170,500
So, the correct answer is d. $170,500.
Could I Industries just paid a dividend of $1.35 per share. The dividends are expected to grow at a rate of 19 percent for the next five years and then level off to a growth rate of 7 percent indefinitely. If the required return is 13 percent, what is the value of the stock today?
Answer:
$38.956
Explanation:
According to dividend valuation model, the value of stock today is the present value of all the dividends that it will receive in future.
Based on the above discussion, the value of stock shall be calculated as follows:
Present value of Year 1 dividend= $1.42
1.6065(1+13%)^-1
Present value of Year 2 dividend= $1.496
1.91(1+13%)^-2
Present value of Year 3 dividend= $1.57
2.27(1+13%)^-3
Present value of Year 4 dividend= $1.66
2.7013(1+13%)^-4
Present value of Year 5 dividend= $1.74
3.21(1+13%)^-5
Present value of dividend after Year 5=$31.07
(3.21(1+7%)/(13%-7%))*(1+13%)^-5
Price of share= $38.956
You just won the TVM Lottery. You will receive $1 million today plus another 10 annual payments that increase by $375,000 per year. Thus, in one year, you receive $1.375 million. In two years, you get $1.75 million, and so on. If the appropriate interest rate is 6.5 percent, what is the value of your winnings today?
Answer:
Total Present value (Sum of all PVs $21,624,467.720
Explanation:
The question is asking for the calculation or computation of the total PV of all the payments . This can be derived by summing up the Present Value (PV) of individual cash received.
Step 1: Calculate the Present Value of each cash payment
Formula= PV= C0 + C1/ (1+r) 1 + C2/ (1+r) 2 + …+ C n/ (1+r) n
C0, C1...Cn= Cash payments for each year for the 10 years
r= The rate each period.... in the question this is 6.5%
Step 2: Use the Formula to calculate annual cash payment
Year Cash payment
0 $1,000,000
1 $1,000,000 + $ 375,000 = $1,375,000
2 $1,375,000 + $ 375000 = $1,750,000
3 $1,750,000 + $ 375000 = $2,125,000
4 $2,125,000 + $ 375000 = $2,500,000
5 $2,500,000 + $ 375000 = $2,875,000
6 $2,875,000 + $ 375000 = $3,250,000
7 3,250,000 + $ 375000 = $3,625,000
8 $3,625,000 + $ 375000 = $4,000,000
9 4,000,000 + $ 375000 = $4,375,000
10 $4,375,000 + $ 375000 = $4,750,000
Step 3: Use the calculated annual cash payments and the formula in step 1 to compute the Total Present Value
Computation of PV:
Yr Cash (C) PV Factor PV Factor @ 6.5 % (F) PV( C x F)
0 1,000,000 1/(1+0.065)^0 1 1,000,000
1 1,375,000 1/(1+0.065)^1 0.939 $1,291,079.812
2 1,750,000 1/(1+0.065)^2 0.882 $1,542,903.745
3 2,125,000 1/(1+0.065)^3 0.828 $1,759,179.320
4 2,500,000 1/(1+0.065)^4 0.777 $1,943,307.727
5 2,875,000 1/(1+0.065)^5 0.730 $2,098,407.405
6 3,250,000 1/(1+0.065)^6 0.685 $2,227,335.886
7 3,625,000 1/(1+0.065)^7 0.644 $2,332,710.029
8 4,000,000 1/(1+0.065)^8 0.604 $2,416,924.751
9 4,375,000 1/(1+0.065)^9 0.567 $2,482,170.372
10 4,750,000 1/(1+0.065)^10 0.533 $2,530,448.669
Total Present value (Sum of all PVs) $21,624,467.720
Answer:
21,624,467.720
Explanation:
If the nominal interest rate equals 5 percent and expected inflation is 3 percent, then the new nominal and real interest rates are respectively:
a) 3% and 5%.
b) 8% and 5%.
c) 5% and 2%.
d) 5% and 7%.
e) 7% and 5%
Answer:
c) 5% and 2%.
Explanation:
Given that
Nominal interest rate = 5%
Expected inflation = 3%
We know that
Real interest rate = Nominal interest rate - inflation rate
= 5% - 3%
= 2%
And the new nominal rate is equal to given nominal interest rate i.e 5%
Therefore, we consider all information which is mentioned in the question.
During a risk assessment, it was discovered the location where the company would like to build a data center in subject to a large number of hurricanes. Management decided to purchase an insurance policy which will pay out in the event the data center is destroyed by a hurricane. This is an example of:
Answer:
risk transfer
Explanation:
Risk transfer is a risk management and control strategy that involves the contractual shifting of a pure risk from one party to another. One example is the purchase of an insurance policy, by which a specified risk of loss is passed from the policyholder to the insurer.
What is the primary reason that the owner of the restaurant wants a new accounting system?
Answer:
The answer is stated below:
Explanation:
The primary and the foremost reason that the restaurant owner wants to have a new system of the accounting because the owner wants to keep the track of how the restaurant is doing daily.
So, the owner wants the system which could track all the inventory as well as the expenses in a way which is more efficient. The owner wants to able to see the week by week statements of the how the company is performing.
The owners wants to keep the track of the bills and wants the system which could record the receipt and the cash register tapes.
Consider the circular flow model when answering the following questions
a. A firm decides to buy an existing factory in town. This would occur in the _______
b. Profits (income generated from entrepreneurial ability) are earned by _______
c. The price of coffee is determined in the ________
Answer:
a. Factor market
b. the firm
c. product market
Explanation:
a, Factory is one of the factors of production, if it must be traded, it will be done in the market for factors of production known as the factor market.
b. Profit is a reward for one of the factors of production called entrepreneur, the entrepreneur, in the circular flow model is the firm
d. Consumer goods like coffee are available in the product market, therefore the price for coffee is determined in the product market.
What are five groups of people to whom business communication might write letters of appreciation?
Answer:
expressing thanks for a gift, sending thanks for a favor, extending thanks for hospitality, and recognizing employees for their contribution, to answer a congratulatory note.
Final answer:
In the realm of business communication, letters of appreciation are written to customers, employees, suppliers, business partners, and community organizations or volunteers, aimed at acknowledging their support and fostering strong relationships.
Explanation:
In business communications, letters of appreciation are often sent to various groups of people to acknowledge their contributions or express gratitude for a positive action or relationship. Here are five groups that might receive such letters:
Customers: To thank them for their loyalty or feedback that helps the company to improve its services or products.Employees: To recognize their hard work, dedication, or to celebrate work anniversaries and other achievements.Suppliers and vendors: To appreciate their reliable service, quality products, or to acknowledge a successful collaboration.Business partners: To show gratitude for their part in joint ventures or continued support throughout business endeavors.Community organizations or volunteers: To thank them for their contribution to community events or corporate social responsibility activities that the business has been involved in.These letters not only convey thanks but also help to strengthen relationships, which can be vital for continued business success.
Design or name any methods of internal controls you think could prevent or detect the unethical behavior in the future.
Answer:
As we know the internal controls are not effective after a passage of time because there are familiarity threats which might result in the unethical behavioral implications. So to prevent or detect the management unethical behavior, we can do the following things:
Segregation of Duties
Checking the effectiveness of the internal control after every year or semi year.
Using only company bank account for all the payments and receipt.
Redesigning policies of the organization to ensure effective working of the internal controls.
Bank reconciliation at the month end
A special form of licensing in which one company grants another company the right to market its product in accordance with its standards in exchange for a financial commitment is called a. direct licensing. b. a strategic alliance. c. franchising. d. contract manufacturing. e. a joint venture.
Final answer:
The business model where one company grants another the right to operate under its brand for a financial commitment is called franchising.
Explanation:
The special form of licensing where one company allows another to market its product under specific standards in exchange for a financial commitment is known as c. franchising. In this arrangement, the franchisor provides the franchisee with support such as training, supply chain assistance, and help in setting up operations.
In return, the franchisee is required to pay a franchise fee and ongoing royalty fees. This system can provide benefits, such as brand recognition and an established business model, but it also requires adherence to the franchisor's standards and rules.
Using the Du Pont method evaluate the effects of the following relationships for the company.
A. Butters Corporation has a profit margin of 7 percent and its return on assets ( investments) is 25.2. What is its assets turnover
B. If the Butters corporation has a debt to total assets ratio of 50 percent, what would the firms return on equity be?
C. What would happen to return on equity if the debt to total assets ratio decreased to 35 percent?
Answer:
Explanation:
A. Profit margin*Total asset turnover=Return on assets(investment)
0.07*TAT=25.2
TAT=360
B. Return on equity=Return on assets/(1-debt/assets)=25.2/(1-0.5)=50.40%
C. Return on equity=Return on assets/(1-debt/assets)=25.2/(1-0.35)=38.77%
Which one of the following statements is true regarding JIT inventory?
A) It exists just in case something goes wrong.
B) It hides variability.
C) It is the minimum inventory necessary to keep a perfect system running.
D) It is minimized with large lot production
Answer:
The correct answer is letter "C": It is the minimum inventory necessary to keep a perfect system running.
Explanation:
Just in Time (JIT) inventory is a system of supplying goods as close as possible to when they are needed. For a company that resells, this means goods arrive just before hitting the shelves for customer purchases. For a manufacturing company, it means part and raw materials arrive just before they are added to the final product.
Keeping less inventory on hand means a company has more available cash and credit for other users.
The true statement about JIT inventory is that it is the minimum inventory necessary to keep a perfect system running. JIT aims to reduce waste and increase efficiency by reducing inventory costs, not hiding variability nor relying on large lot production.
Explanation:The correct statement regarding JIT (Just In Time) inventory is: It is the minimum inventory necessary to keep a perfect system running. This inventory management strategy aims to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, thus reducing inventory costs. JIT inventory ensures that the production system operates with the minimum amount of inventory necessary to maintain a smooth workflow.
JIT inventory is not just there 'just in case' (A), it does not hide variability but rather exposes issues (B), and it is not minimized with large lot production; in fact, the opposite is true as JIT aims to minimize inventory levels (D).
In the 1980s, companies like Honda implemented JIT delivery to improve quality control and efficiency. Quality control is better with JIT because it allows immediate detection of defective parts before they are mass-produced. This leads to suppliers being generally located within one day's drive of the main assembly plant to ensure timely delivery.
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Determine how each of the following would affect the U.S. Production Possibilities Frontier (PPF).
Scenario Shift Outward Shift Inward Movement to a Point Closer to the Frontier Movement to a Point Inside the Frontier
1. An increase in the number of illegal immigrants
2. A war that takes place on U.S. soil
3. A decrease in the unemployment rate
4. The discovery of a new oil field
5. A law that requires individuals to enter lines of work for which they are not suited
Answer:
1. shift outward
2. shift inward
3. movement to a point closer to the frontier
4. shift outward
5. movement to a point inside the frontier
Explanation:
1. An increase in the number of illegal immigrants - shift outward
Causing the increase the number of cheap labor which can produce more goods in the economy.
2. A war that takes place on U.S. soil - shift inward
The war destroys the capital of the country which means that less can be produced.
3. A decrease in the unemployment rate - movement to a point closer to the frontier
The decrease in unemployment rate means more efficient utilization of resources.
4. The discovery of a new oil field - shift outward
The New oil field means that cheaper oil which will increase the production of goods in the economy .
5. A law that requires individuals to enter lines of work for which they are not suited - movement to a point inside the frontier
The Law that requires individuals to jobs for which they are not suites will lead to inefficient use of resources.
Ozark Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Ozark Sports is owned and operated by Eric Griffith, a well-known sports enthusiast and hunter. Eric’s wife, Linda, owns and operates Lake Boutique, a women’s clothing store. Eric and Linda have established a trust fund to finance their children’s college education. The trust fund is maintained by Missouri State Bank in the name of the children, Mark and Steffy. a. For each of the following transactions, identify which of the entities listed should record the transaction in its records. EntitiesL Lake BoutiqueM Missouri State BankO Ozark SportsX None of the above 1. Linda authorized the trust fund to purchase mutual fund shares.2. Linda purchased two dozen spring dresses from a St. Louis designer for a special spring sale.3. Eric paid a breeder’s fee for an English springer spaniel to be used as a hunting guide dog.4. Linda deposited a $2,000 personal check in the trust fund at Missouri State Bank.5. Eric paid a local doctor for his annual physical, which was required by the workmen’s compensation insurance policy carried by Ozark Sports.6. Eric received a cash advance from customers for a guided hunting trip.7. Linda paid her dues to the YWCA.8. Linda donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.9. Eric paid for dinner and a movie to celebrate their twelfth wedding anniversary.10. Eric paid for an advertisement in a hunters’ magazine. b. What is a business transaction?
Answer:
(a)
1. Linda authorized the trust fund to purchase mutual fund shares.
Missouri State Bank
2. Linda purchased two dozen spring dresses from a St. Louis designer for a special spring sale.
Lake Boutique
3. Eric paid a breeder’s fee for an English springer spaniel to be used as a hunting guide dog.
Ozark Sports
4. Linda deposited a $2,000 personal check in the trust fund at Missouri State Bank.
Missouri State Bank
5. Eric paid a local doctor for his annual physical, which was required by the workmen’s compensation insurance policy carried by Ozark Sports.
Ozark Sports
6. Eric received a cash advance from customers for a guided hunting trip.
Ozark Sports
7. Linda paid her dues to the YWCA.
None of the above
8. Linda donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.
Lake Boutique
9. Eric paid for dinner and a movie to celebrate their twelfth wedding anniversary.
None of the above
10. Eric paid for an advertisement in a hunters’ magazine
Ozark Sports
(b) Business Transaction:
A business transaction is an activity or event that can be measured in terms of money and which affects the financial position or operations of the business entity. For instance, an asset is acquired or a loan is paid off
Explanation:
(a)
1. The transaction pertains to Trust fund, hence it should be recorded by Missouri State Bank
2. The transaction pertains to the clothing boutique, hence it should be recorded by Lake Boutique
3. The transaction pertains to the business expenditure of Ozark Sports, hence it should be recorded by Ozark Sports
4. The transaction pertains to the bank, hence it should be recorded by Missouri State Bank
5. The transaction pertains to the business expenditure of Ozark Sports, hence it should be recorded by Ozark Sports
6. The transaction pertains to the business expenditure of Ozark Sports, hence it should be recorded by Ozark Sports
7. The transaction is not a business transaction.
8. The transaction pertains to the donations made via lake boutique, hence it should be recorded by Lake Boutique
9. The transaction is not a business transaction.
10. The transaction pertains to the business expenditure of Ozark Sports, hence it should be recorded by Ozark Sports
Transactions involving business operations or financial activities related to Lake Boutique, Ozark Sports or Missouri State Bank should be recorded by their respective entities. Transactions of personal nature do not involve the entities mentioned.
Explanation:1. Missouri State Bank should record the transaction of Linda authorizing the trust fund to purchase mutual fund shares.
2. The purchase of two dozen spring dresses from a St. Louis designer for a special spring sale should be recorded by Lake Boutique.
3. Eric's payment of a breeder’s fee for an English springer spaniel to be used as a hunting guide dog should be recorded by Ozark Sports.
4. The deposit of a $2,000 personal check in the trust fund at Missouri State Bank should be recorded by Missouri State Bank.
5. Eric's payment for his annual physical required by the workmen’s compensation insurance policy should be recorded by Ozark Sports.
6. The cash advance received from customers for a guided hunting trip should be recorded by Ozark Sports.
7. Linda's payment of her dues to the YWCA should be recorded by none of the entities, thus X.
8. The donation of several dresses from inventory for a local charity auction should be recorded by Lake Boutique.
9. Eric's payment for dinner and a movie to celebrate their wedding anniversary should be recorded by none of the entities, thus X.
10. Eric's payment for an advertisement in a hunters’ magazine should be recorded by Ozark Sports.
A business transaction is an economic event that is initiated by an entity and results in changes in its financial position.
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Bose Company issued $600,000, 14 % bond on January 1
What is the journal entry if they issued it at 100?
What is the journal entry if they issued it at 95?
What is the journal entry if they issued it at 105?
What is the journal entry for interest payment at July 1?
Answer:
1) If bonds are issued as 100 entry will be
Debit Credit
Cash 600,000
Bonds payable 600,000
2) If bonds are issued at 95
Debit Credit
Cash 570,000
Discount 30,000
Bonds payable 600,000
3) If bonds are issued at 105
Cash 630,000
Bonds payable 600,000
Premium 30,000
4)
Debit Credit
Interest payable 42,000
Cash 42,000
Explanation:
1) If the bonds are issued at 100 then the company will receive the same amount of cash as the face value so they will receive 600,000 cash and will owe the bond buyers 600,000 so they will debit 600,000 cash and credit 600,000 bonds payable.
2) If bonds are issued at 95 then the company will receive cash 95% of 600,000 which is 570,000 so they will debit 570,000 cash, 30,000 will debited as discount and 600,000 bonds payable.
3) If bonds are issued at 105 then the company will receive cash 105% of 600,000 which is 630,000 so they will debit 630,000 cash and will credit 600,000 bonds payable and 30,000 as premium.
4) The bonds are issued on January 1 and there is a journal entry of interest payment at July 1 so we assume that the bond has semi annual payments.
14% of 600,000 is 84,000 and we will divide it by 2 to find the semi annual payment which will be 42,000, so we will debit interest payable by 42,000 and credit cash by 42,000.
Network cooperative strategies among Silicon Valley firms have been successful, in part, because they are geographically close together.
O True O False
Last year Oliver Inc had a total assets turnover of 1.60 and an equity multiplier of 1.85. Its sales were $200,000 and its net income was $10,000. The CFO believes that the company could have operated more efficiently, lowered its costs, and increased its net income by $5,000 without changing its sales, assets, or capital structure. Had it cut costs and increased its net income in this amount, by how much would the ROE have changed
Answer:
7.4%
Explanation:
As we know that
ROE = Profit margin × Total asset turnover × Equity multiplier
where,
Profit margin = (Net income ÷ Sales) × 100
= ($10,000 ÷ $200,000) × 100
= 5%
So, the ROE would be
= 5% × 1.60 × 1.85
= 14.8%
Now if the net income is increased by $5,000
So, the updated profit margin would be
= (Net income ÷ Sales) × 100
= ($15,000 ÷ $200,000) × 100
= 7.5%
And updated ROE would be
= 7.5% × 1.60 × 1.85
= 22.2%
So, the change in ROE would be
= 22.2% - 14.8%
= 7.4%
If 14,700 units are produced, the total amount of manufacturing overhead cost is closest to:
Fixed manufacturing overhead per unit (a) = $ 3.10
Number of units budgeted (b) = 12,200
Total fixed manufacturing cost (a) × (b) = $ 37,820
Variable overhead per unit (a) = $ 1.60
Number of units produced (b) = 14,700
Total variable overhead cost (a) × (b) = $ 23,520
Answer:
Total manufacturing overhead cost will be closest to 61,340
Explanation:
As we can see there is not step-up fixed cost that is no additional fixed cost will incurred upon producing extra units, therefore fixed cost will remain same that is 37,820.
Variable overhead cost will increase with increase in units therefore, variable cost for producing 14,700 units will be 1.6 x 14,700 = 23,520.
To find total overhead cost we will simply add fixed and variable overhead cost:
Total overhead cost = fixed overhead cost + variable overhead cost
Total overhead cost = 37,820 + 23,520
Total overhead cost = 61,340
The idea that nominal variables, such as the money stock, do not affect real variables in the long run, such as real output, is referred to asA. the velocity conceptB. the Mankiw effectC. price effectD. monetary neutrality
Answer:
The correct answer is letter "D": monetary neutrality.
Explanation:
Austrian economist Friedrich A. Hayek (1899-1992) referred to Monetary Neutrality as a theory that states that only nominal variables and not real variables affect money supply. At the same time, the money supply will affect prices and wages in the market but will not influence the output of the overall economy.
Over the last 50 years in the US, GDP per person has grown at approximately 1% per year, while capital per person has been accumulating at around 0.5% per year. Assume a capital share of 0.3. What is the growth rate of the Solow residual?
Answer:
Explanation:
Growth rate of GDP per worker = growth rate of technology + capital share X growth rate of capital per worker
0.01 = growth rate of solow residual + 0.3*0.005
growth rate of solow residual = 0.0085 =8.5%
Which of the following gifts would probable be held to be taxable to the person receiving the gift?
a. One thousand dollars given to a taxpayer by his or her father
b. An acre of land given to a taxpayer by a friend
c. A car given to a loyal employee by her supervisor when she retired to recognize her faithful service.
d. A Mercedes-Benz given to a taxpayer by his cousin
e. An interest in a partnership given to a taxpayer by his or her uncle
Answer:
The correct answer is E
Explanation:
The taxable is the term which is defined as the amount of income or gift which is used in order to compute that how much tax the company or an individual owes to the government in the stated or given tax period or year.
In case of gifts, the person pay the tax on the income which arises from the gift. So, in this situation, the gift which is probable to held taxable is an interest in the partnership which is given to the taxpayer through his or her uncle.
Feel Good Inc. is a multinational sports goods manufacturer that uses a different strategy in each of its subsidiaries and operations. Moreover, all decision making is decentralized, which leaves the company open for the threat of opportunistic behavior. Since expatriate managers do not rely on headquarters expertise, there is also a great imbalance in transference of information and specialized knowledge. In the context of the four intemational strategies proposed by Bartlett and Goshal, Feel Good Inc. uses the ___.
a. global strategy
b. multidomestic strategy
c. universal strategy
d. international strategy
Answer:
The correct answer is letter "B": Multi domestic strategy.
Explanation:
The Bartlett & Ghoshal Matrix (1989) proposes there are four (4) strategies companies could use to make international businesses: Multi domestic, Global, Transnational and International. The Multi domestic strategy implies having a presence in different countries by adapting the product or service offered to the region. This strategy is characterized by low integration between subsidiaries and decisions are taken by the decentralized subsidiaries on their own.