Answer:
When you reconcile your business bank account, you compare your internal financial records against the records provided to you by your bank. A monthly reconciliation helps you identify any unusual transactions that might be caused by fraud or accounting errors, and the practice can also help you spot inefficiencies.
Meaning:
A bank statement is a list of all transactions for a bank account over a set period, usually monthly. The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period.
7. The price of a movie ticket goes from $7.00 to $8.50. What should happen to the demand for these tickets?
Answer: The price increses
Explanation: Goes t0 7.00 to 8.50 increses a 1.50
The demand has went up
Income statement under absorption costing and variable costing
The following information applies to the questions displayed below.
Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 42,000 units and sold 34,000 units at a price of $140 per unit.
Manufacturing costs
Direct materials per unit $60
Direct labor per unit $22
Variable overhead per unit $8
Fixed overhead for the year $504,000
Selling and administrative costs
Variable selling and administrative cost per unit $12
Fixed selling and administrative cost per year $115,000
1a. Assume the company uses absorption costing. Determine its product cost per unit.
1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing.
2a. Assume the company uses variable costing. Determine its product cost per unit.
2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing.
Answer:
Results are below.
Explanation:
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).
1)
First, we need to calculate the unitary fixed manufacturing overhead:
Fixed unitary manufacturing overhead= 504,000 / 42,000= $12
Now, the unitary production cost under the absorption costing method:
Unitary production cost= 60 + 22 + 8 + 12= $102
Finally, the income statement:
Sales= 34,000*140= 4,760,000
COGS= 34,000*102= (3,468,000)
Gross profit= 1,292,000
Total selling and administrative cost= 115,000 + 34,000*12= (523,000)
Net operating income= 769,000
2)
Unitary production cost= 60 + 22 + 8= $90
Now, the income statement:
Sales= 4,760,000
Total variable cost= (90 + 12)*34,000= (3,468,000)
Total contribution margin= 1,292,000
Total fixed overhead= (504,000)
Total selling and administrative cost= (115,000)
Net operating income= 673,000
Assume a company is preparing a budget for its first two months of operations. During the first and second months it expects credit sales of $48,000 and $76,000, respectively. The company expects to collect 60% of its credit sales in the month of the sale and the remaining 40% in the following month. What is the expected cash collections from credit sales during the first month
Answer:
$28,800
Explanation:
Follow the given collection policy :
Cash Collection = 60 % in month of the sale + 40 % in the following month
therefore,
During the first month :
Cash Collection = 60 % in month of the sale only
= $48,000 x 60 %
= $28,800
The expected cash collections from credit sales during the first month is $28,800
Which section of a business plan gives details about a business's core products and services?
The
section of a business plan talks about a business's core products and services, and their features and benefits
to the consumers.
Answer:
an executive summary is compelling which reveals the company's mission statement, along with a short description of its products and services. its also good to briefly explain why you're starting your company and include details about your experience in the industry that you're entering
Given the following cost and activity observations for Smithson Company's utilities, use the high-low method to calculate Smithson's fixed costs per month. Round your final answer to the nearest dollar. Do not round interim calculations. Cost Machine Hours January $26,000 10,500 February 37,100 17,700 March 29,000 11,500 April 30,900 15,300 a.$9,812 b.$16,680 c.$7,850 d.$31,398
Answer:
Fixed Cost = $9812.499999941 rounded off to $9812
Option A is the correct answer
Explanation:
The high-low method is used to separate the components of a mixed cost and it calculates the variable cost component in a mixed cost. The formula to calculate the variable cost per unit under the high-low method is as follows,
VC/unit = [Highest Activity cost - Lowest Activity Cost] / [Highest Activity units - Lowest Activity units]
VC/unit = [37100 - 26000] / [17700 - 10500]
VC/unit = 1.54166666667 rounded off to $1.54
The total fixed costs will be,
Fixed cost = 37100 - [1.54166666667 * 17700]
Fixed Cost = $9812.499999941 rounded off to $9812
Nancy Fur Supply has been selling fur coats to Patricia's Fur Shop pursuant to an existing contract. The price of fur pelts goes up sharply and Nancy concludes that she can no longer continue to supply the coats to Patricia's at the agreed price. Nancy asks Patricia to agree to a 10 percent increase in the price of the coats and Patricia agrees but then later changes her mind and refuses to pay the additional 10%. In that case, Patricia:
Answer:
In that case, Patricia:
is still liable to pay the additional 10%.
Explanation:
The 10% price increase was preceded by an agreement between the two parties. Patricia is bound to honor her agreements with her business partner to sustain the business relationship. Refusing to pay a debt just by a change of mind does not repudiate the contract. Nancy can enforce the agreement in the court for specific performance of the contract because this additional agreement simply modifies the earlier contract and remains enforceable.
You own a portfolio equally invested in a risk-free asset and two stocks. If one of the stocks has a beta of 1.12 and the total portfolio is equally as risky as the market, what must the beta be for the other stock in your portfolio
Answer:
Beta for the other stock = 1.88
Explanation:
A portfolio is said to be as risky as the market where its beta is exactly equal to 1. A beta of greater than 1 implies the portfolio is riskier than the average market, and less risky where the beta is less than 1.
A portfolio that has an equal proportion of three asset would mean a weight of 1/3 for each asset
So we can represent the portfolio beta as follows:
1 = 1/3×(0) + 1/3× (1.12) + 1/3×y
1= 0.37 + 0.33y
0.33y = 0.626
y= 0.626/0.33
y= 1.88
Beta for the other stock = 1.88
Select the communication type that is being used in the following example.
Two coworkers near the copy machine are discussing the upcoming company meeting.
o external formal communication
o external informal communication
O internal formal communication
O internal informal communication
Thing
Answer:
When the federal government spends more money than it receives in taxes in a ... spending over time in nominal dollars is misleading because it does not take ... defense spending as a share of GDP has generally declined since the 1960s, ... Healthcare expenditures include both payments for senior citizens (Medicare), ...
Explanation:
What leads to excess demand?
A. More people want a good or service than producers can supply.
B. Prices for a good or service increase more than consumers are willing
to pay.
C. Sellers decrease the prices of their goods or services.
D. The supply of a good or service is equal to the amount consumers want.
Job Number Manufacturing Costs as of June 30 Manufacturing Costs in July 101 $ 3,800 102 3,200 103 960 $ 2,000 104 2,200 4,300 105 6,200 106 3,300 During July, jobs no. 103 and 104 were completed, and jobs no. 101, 102, and 104 were delivered to customers. Jobs no. 105 and 106 are still in process at July 31. a. Compute the work in process inventory at June 30. b. Compute the finished goods inventory at June 30. c. Compute the cost of goods sold during July. d. Compute the work in process inventory at July 31. e. Compute the finished goods inventory at July 31.
Answer:
(a) $3,160
(b) $7,000
(c) $13,500
(d) $9,500
(e) $2,960
Explanation:
(a). Work in Process = Manufacturing cost of 103 in June + Manufacturing cost of 104 in June
Work in Process = $960 + $2,200 = $3,160
(B). Finished goods = Manufacturing cost of 101 in June + Manufacturing cost of 102 in June
Finished goods = $3,800 + $3,200 = $7,000
(C) Cost of goods sold during July = Manufacturing cost of 101 in June + Manufacturing cost of 102 in June + Manufacturing cost of 104 in June + Manufacturing cost of 104 in July
Cost of goods sold during July = $3,800 + $3,200 + $2,200 + $4,300 = $13,500
(D) Work in process inventory = Manufacturing cost of 105 in July + Manufacturing cost of 106 in July
= $6,200 + $3,300 = $9,500
(E) Finished goods inventory = Manufacturing cost of 103 in June + Manufacturing cost of 103 in July
Finished goods inventory = $960 + $2,000 = $2,960
What would be the effects if a business didn't follow the matching principle?
sa inyo na points! :)
Answer:
THANK YOUUU
Explanation:
Have a nice day/nightt :)
Determine the future value if $5,000 is invested in each of the following situations: 7 percent for seven years
Help! Will give brainliest to the first correct answer!
Answer:
1. Four years college degree
2. An on job training experience
3. an endorsement from a professional, nongovernment organization
4. 2 year college degree
5. Earned after masters or bachelors degree
Explanation:
Hope that helps
Inventory records for Marvin Company revealed the following:
Date Transaction Number
of Units Unit
Cost
Mar. 1 Beginning inventory 990 $7.25
Mar. 10 Purchase 570 7.73
Mar. 16 Purchase 710 8.20
Mar. 23 Purchase 520 8.60
Marvin sold 1,900 units of inventory during the month. Cost of goods sold assuming FIFO would be
Suppose the Federal Reserve sets the reserve requirement at 14%, banks hold no excess reserves, and no additional currency is held. Instructions: In part a, round your answer to 1 decimal place. In parts b and c, enter your answers as a whole number. If you are entering a negative number include a minus sign. a. What is the money multiplier
Answer:
7.1%
Explanation:
Money multiplier measures the total increase in money multiplier
Money multiplier =1 / reserve requirement
1 / 14% = 7,1%
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Answer:
Explanation:na
Fischer Company uses 12,000 units of a part in its production process. The costs to make a part are: direct material, $15; direct labor, $27; variable overhead, $15; and applied fixed overhead, $32. Heath has received a quote of $60 from a potential supplier for this part. If Fischer buys the part, 75 percent of the applied fixed overhead would continue. Fischer Company would be better off by
Answer: $60,000
Explanation:
Total cost of producing the good internally:
= No. of units * (Direct material + Direct labor + Variable overhead + Applied fixed overhead)
= 12,000 * (15 + 27 + 15 + 32)
= $1,068,000
If the good is acquired externally for $60, they would still incur 75% of the applied fixed overhead:
= 12,000 * [ 60 + (75% * 32)]
= $1,008,000
If Fischer received from the supplier, they would save:
= 1,068,000 - 1,008,000
= $60,000
Fischer Company would be better off by $60,000 to buy the part.
You think the price of AMZN stock, which is currently $900 is likely to change significantly over the next three months, you are just not sure which direction. So you buy a long strangle position, with a call and put option, worth $10 and $3 per share, respectively, three months to expiration, and strike prices of 910 (call) and 890 (put). If at expiration AMZN is trading at $865, what is your net profit per share
Central Park Inc. is a company that sells women's clothing. It recently shut down its physical store and is operating as an app-based store now. The app allows users to access the store's products anytime and anywhere using their cell phones, and it also has features that allow users to compare the prices of similar products across different online stores. This scenario exemplifies _______. a. dual distribution b. a drop and shop program c. M commerce d. multichannel marketing
Answer:
c. M commerce
Explanation:
Since in the given situation it is mentioned that it recently shut down its physical store and operate now on app-based. In this the user could access at any time and anywhere via cell phones also it give the benefit to compare the prices
So this represent the m-commerce means mobile commerce. Users can operate it any time at anywhere without any use of laptop or desktop.
ABC company is an all equity company and has 100,000 shares outstanding with a market price of $30 per share. It is considering alternative capital structures that use debt. If the company replaces 25% of its shares with debt, how much would be the total market value of the company under the new capital structure
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Sheffield Company had sales in 2019 of $1,842,400 on 65,800 units. Variable costs totaled $1,184,400, and fixed costs totaled $498,000. A new raw material is available that will decrease the variable costs per unit by 20% (or $3.60). However, to process the new raw material, fixed operating costs will increase by $93,000. Management feels that one-half of the decline in the variable costs per unit should be passed on to customers in the form of a sales price reduction. The marketing department expects that this sales price reduction will result in a 5% increase in the number of units sold. (a) Prepare a projected CVP income statement for 2020, assuming the changes have not been made. SHEFFIELD COMPANY CVP Income Statement Total Per Unit $ $ $ $
Answer:
Assuming that no changes happened, 2020 sales and expenses should be similar to 2019's:
Total Per unit
Total sales $1,842,400 $28
Variables costs ($1,184,400) ($18)
Contribution margin $658,000 $10
Fixed costs ($498,000) ($7.57)
Operating income $160,000 $2.43
Assume Cluck Home Remedy reported the following adjusted account balances at year-end. 2019 2018 Accounts Receivable $ 1,730,200 $ 1,380,920 Allowance for Doubtful Accounts (96,000 ) (79,900 ) Accounts Receivable, Net $ 1,634,200 $ 1,301,020 Assume the company recorded no write-offs or recoveries during 2019. What was the amount of Bad Debt Expense reported in 2019
Answer: $16100
Explanation:
From the information given, we should note that the amount of bad debt expense reported in 2019 will be:
= Ending balance of the allowance account - Bginning balance of the allowance account.
= $96000 - $79900
= $16100
Therefore, the bad debt expense is $16100
When the money market is drawn with the value of money on the vertical axis, an increase in the money supply causes the equilibrium value of money Group of answer choices to decrease, while the equilibrium quantity of money increases. and equilibrium quantity of money to decrease. and equilibrium quantity of money to increase. to increase, while the equilibrium quantity of money decreases.
Answer:
to decrease, while the equilibrium quantity of money increases.
Explanation:
an increase in money supply, leads to a rightward shift of the money supply curve. As a result, interest rate falls. money supply increases. There is an increase in equilibrium money supply but equilibrium value falls
Today is your birthday, and you decide to start saving for your college education. You will begin college on your 18th birthday and will need $4,000 per year at the end of each of the following 4 years. You will make a deposit 1 year from today in an account paying 12 percent annually and continue to make an identical deposit each year up to and including the year you begin college. If a deposit amount of $2,542.05 will allow you to reach your goal, what birthday are you celebrating today
Answer:
yes,a very simple celebration
Fatuma invests a total of $22,000 in two accounts. The first account earned a rate of return of 15% (after a year). However, the second account suffered a 7% loss in the same time period. At the end of one year, the total amount of money gained was $110.00. How much was invested into each account
Answer:
$7,500 was invested in the account that gained 15%, while $14,500 was invested in the account that lost 7%.
Explanation:
Given that Fatuma invests a total of $ 22,000 in two accounts, and the first account earned a rate of return of 15% after a year while the second account suffered a 7% loss in the same time period, and at the end of one year the total amount of money gained was $ 110.00, to determine how much was invested into each account, the following calculation must be performed:
11,000 x 0.15 - 11,000 x 0.07 = 880
5,000 x 0.15 - 17,000 x 0.07 = -440
8,000 x 0.15 - 14,000 x 0.07 = 220
7,000 x 0.15 - 15,000 x 0.07 = 0
7,500 x 0.15 - 14,500 x 0.07 = 110
Therefore, $ 7,500 was invested in the account that gained 15%, while $ 14,500 was invested in the account that lost 7%.
Find below the financial statements for Kenning Corp. Income Statement Balance Sheet Sales $5,000 Assets $14,800 Debt $11,000 Costs 3,410 Equity 3,800 Net income $1,590 Total $14,800 Total $14,800 Assume no income taxes. Assets and costs are proportional to sales. Debt and equity are not. No dividends are paid and next year's sales are projected to be $5,970. What is the EFN?
Answer: $972.74
Explanation:
From the information given, the external finance is calculated thus:
Sales growth = ($5970 - $5000) / $5000 × 100 = $970/$5000 × 100 = 19.4%
Then, we calculate the net income which will be:
= Sales - Cost
= $5970 - ($3410 × 1.194)
= $5970 - $4071.54
= $1898.46
Total asset = $14800 × 1.194 = $17671.20
Total equity = $3800 + $1898.46 = $5698.46
External financing needed:
= Total assets - Total equity - Debt
= $17671.20 - $5698.46 - $11,000
= $972.74
Direct materials purchases are estimated to be $300,000, $360,000 and $450,000 for June, July, and August, respectively. Cash payments are paid such that 60% are paid in the month incurred and 40% are paid in the following month. What are the budgeted cash payments for July and August, respectively
Answer:
$336,000 and $414,000
Explanation:
The computation of the budgeted cash payments for July and August is shown below:
For July month
= 60% of $360,000 (July) = $216,000
And,
= 40% of $300,000(June)
= $120,000
Total = $336,000
For August
= 60% of $450,000(Aug)
= $270,000
And,
= 40% of $360,000(July)
= $144,000
Total = $414,000
Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (5,000 bars) are as follows: Ingredient Quantity Price Cocoa 500 lbs. $1.40 per lb. Sugar 100 lbs. $0.50 per lb. Milk 250 gal. $1.60 per gal. Determine the standard direct materials cost per bar of chocolate. Round to two decimal places. $fill in the blank 1 per bar
Answer:
Standard direct materials cost per bar of chocolate = $0.23 per bar
Explanation:
This can be calculated as follows:
Total standard cost of cocoa in a batch = 500 * $1.40 = $700
Total standard cost of Sugar in a batch = 100 * 0.50 = $50
Total standard cost of Milk in a batch = 250 * 1.60 = $400
Total standard costs for a batch of chocolate = $700 + $50 + $400 = $1,150
Number bars of chocolate in batch = 5,000
Therefore, we have:
Standard direct materials cost per bar of chocolate = Total standard costs for a batch of chocolate / Number bars of chocolate in batch = $1,150 / 5,000 = $0.23 per bar
user add controls to a form
Answer: meeeeep
Explanation:
Manoel
