Answer:
Under the Mortgage clause of the policy, the insurance company will pay out the insurable interest it would have paid to Ted, to ABC bank.
Ted will now owe the insurance company whatever it was that they paid to the bank and they will be able to legally go after him to pay off that amount using any legal means necessary.
Concord Inc. had beginning inventory of $11,900 at cost and $21,000 at retail. Net purchases were $140,679 at cost and $183,000 at retail. Net markups were $10,900, net markdowns were $7,500, and sales revenue was $132,700. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)
Answer:
See
Explanation:
Retail inventory - Conventional method
Cost Retail
Beginning inventory 11,900 21,000
Purchases 140,679 183,000
Add: Mark up --- 10,900
Current year addition 140,679 193,900
Goods available for sale 152,579 214,900
Less: Mark down ----- 7,500
Sales ----- 132,700
Ending inventory retail ----- 74,700
Ratio of goods available for sale (152,579/214,900) 71%
Ending inventory 53,037
As part of a valuation analysis, you have identified two comparables: KLA Tencor (KLA) and Lam Research (LAM). KLA has company value of $9,600, market value of equity of $8,000, and net income of $400. LAM has company value of $12,000, market value of equity of $6,000, and net income of $500. If KLA has NOPAT of 400 and LAM has NOPAT of 600, the P/E ratios for KLA and LAM should be, respectively: Group of answer choices 20 and 12 14 and 8 Not enough information 40 and 30 24 and 20
Answer:
The correct option is 20 and 12. That is, the P/E ratios for KLA and LAM should be, respectively: 20 and 12.
Explanation:
The price-earnings (P/E) ratio can be calculated using the following formula:
P/E ratio = Market value of equity / Net income ............... (1)
From the question. we hav:
KLA market value of equity = $8,000
KLA net income = $400
LAM market value of equity = $6,000
LAM net income = $500
Using equation (1) and the above information, we have:
P/E ratios for KLA = $8,000 / $400 = 20
P/E ratios for LAM = $6,000 / $500 = 12
Therefore, the correct option is 20 and 12. That is, the P/E ratios for KLA and LAM should be, respectively: 20 and 12.
The calculation of the payback period for an investment when net cash flow is even (equal) is:
Answer:cost of investment/annual net cash flow
Explanation:
The Payback period states the period within which the investment funds are recoupened. The even net cash flow shows that the cash inflows are positive than cash outflows.
The computation of the payback period when the company experiences an even net cash flow would be:
[tex]P=\frac{I}{n}[/tex]
Here, P is the payback period, I is the initial investment and n is net cash flow in each period. Therefore, the payback period will be equal to the initial investment divided by net cash flow per period.
Learn more about the payback period here:
https://brainly.com/question/13978071
what is large office
Answer:
Large office is big organisations with many clerical workers.
I hope it will help you ((:
The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion.
Equivalent Units of Production Direct Materials Conversion
Units transferred out 40,000 EUP 40,000 EUP
Units of ending work in process 4,500 EUP 2,700 EUP
Equivalent units of production 44,500 EUP 42,700 EUP
Costs per EUP Direct Materials Conversion
Costs of beginning work in process $43,950 $5,360
Costs incurred this period 490,050 280,730
Total costs $534,000 $286,090
Units in beginning work in process (all completed during July) 4,000
Units started this period 40,500
Units completed and transferred out 40,000
Units in ending work in process 4,500
Required:
Prepare its process cost summary using the FIFO method.
Answer:
Ashad Company
Molding Department
Process Cost Summary using the FIFO Method:
Costs per EUP Direct Materials Conversion
Costs of beginning work in process $43,950 $5,360
Costs incurred this period 490,050 280,730
Total costs $534,000 $286,090
Equivalent units of production 44,500 EUP 45,900 EUP
Cost per equivalent unit $12 $6.233
Units in beginning work in process Units Degree of Completion
Materials Conversion
(all completed during July) 4,000 100% 20%
Units started this period 40,500
Units completed & transferred out 40,000 100% 100%
Units in ending work in process 4,500 100% 60%
Cost assigned to: Direct Materials Conversion Total
Beginning work in process 3,200 $0 $19,946 $19,946
Completed & transferred out 40,000 480,000 249,320 729,320
Ending work in process 4,500 54,000 16,829 70,829
Total costs assigned $534,000 $286,095 $820,095
Cost Reconciliation: Direct Materials Conversion Total
Costs of beginning work in process $43,950 $5,360 $49,310
Costs incurred this period 490,050 280,730 770,780
Total costs $534,000 $286,090 $820,090
Explanation:
a) Data and Calculations:
Equivalent Units of Production Direct Materials Conversion
Beginning Work in Process 0 EUP 3,200 EUP (4,000*80%)
Units transferred out 40,000 EUP 40,000 EUP
Units of ending work in process 4,500 EUP 2,700 EUP
Equivalent units of production 44,500 EUP 45,900 EUP
Sales made on account are recorded as ____ to the sales account.
A)orders
B)debits
C)payments
D)credits
Answer:
I have a strong feeling it has to be credit
The End Co issued preferred stock for proceeds of $19,000 during 2014. The company paid dividends of $3,500 on the preferred stock. The company issued a long-term note payable for $75,000 in exchange for a building during the year and bought $16,000 of new equipment. The company also purchased treasury stock for $5,000. The financing section of the statement of cash flows will report net cash inflows of
Answer:
The financing section of the statement of cash flows will report net cash inflows of $10,500
Explanation:
The financing section of the statement of cash flows shows results of cash resulting from capital invested by owners, debt issued and repayments to capital and debt.
Cash Flow from Financing Activities
Preferred Stock Issued $19,000
Dividends Paid ($3,500)
Treasury Stock Purchased ($5,000)
Net Cash Provided by Financing Activities $10,500
Plum Corporation will begin operations on January 1. Earnings for the next five years are projected to be relatively stable at about $80,000 per year. The shareholders of Plum are in the 33% tax bracket. With the given scenarios, pick the best choice and explain why.
A. Assume that Plum will reinvest its after-tax earnings in the growth of the company, should Plum Corp operate as a C Corporation or an S Corporation?
B. Assume that Plum will distribute its after-tax earnings each year to its shareholders. Should Plum operate as a C corporation or an S Corporation?
Answer:
Plum Corporation
The best choice is:
B. Assume that Plum will distribute its after-tax earnings each year to its shareholders. Should Plum operate as a C corporation or an S Corporation?
Explanation:
a) Tax is the greatest difference existing between a C corporation and an S corporation. With a C corporation, the earnings are taxed twice. When the C corporation earns income, it is taxed as a corporation. When it distributes the after-tax earnings, the owners are taxed again in income tax. This does not happen with an S corporation. The S corporation does not pay corporate tax, instead, its owners pay their individual income taxes because the corporation's incomes are passed through the members.
Assume that Jones Co. will need to purchase 100,000 Singapore dollars (S$) in 180 days. Today's spot rate of the S$ is $.50, and the 180-day forward rate is $.53. A call option on S$ exists, with an exercise price of $.52, a premium of $.02, and a 180-day expiration date. A put option on S$ exists, with an exercise price of $.51, a premium of $.02, and a 180-day expiration date. Jones has developed the following probability distribution for the spot rate in 180 days:
Possible Spot Rate in 90 Days Probability
$.48 10%
$.53 60%
$.55 30%
The probability that the forward hedge will result in a higher payment than the options hedge is ____
Answer:
10%
Explanation:
Based on the information given we were told that the Possible Spot Rate in 90 Days is $.48 while the Probability is 10% which means that the Probability that call option won't be exercised is 10% which will inturn enables Jones to pay the amount of $48,000($.48*$100,000) reason been that it is much lower than the amount of $53,000($.53*$100,000) that was paid been with the forward hedge.
Therefore The probability that the forward hedge will result in a higher payment than the options hedge is 10%
Please help soon! Click this link to view O*NET’s Skills section for Chefs and Head Cooks.
Note that common skills are listed toward the top, and less common skills are listed toward the bottom.
According to O*NET, what are common skills needed by Chefs and Head Cooks? Select three options.
technology design
monitoring
management of personnel resources
programming
time management
installation
Answer: monitoring, management of personal resources, time management
Explanation:
Answer:
monitoring, management of personnel resources, critical thinking, and time management
Explanation:
EDGE 2021
On January 1, 20X7, Yarrow Corporation had 1,000,000 shares of common stock outstanding. On March 1, the corporation issued 150,000 new shares to raise additional capital. On July 1, the corporation declared and issued a 2-for-1 stock split. On October 1, the corporation purchased on the market 600,000 of its own outstanding shares and retired them.
Compute the weighted average number of shares to be used in computing earnings per share for 2021.
Increase Months
(Decrease) Outstanding Outstanding Share Months
Answer:
Yarrow Corporation
The weighted average number of shares to be used in computing earnings per share for 2021 is:
= 2,125,000 shares.
Explanation:
a) Data and Calculations:
Weighted-Average Number of Shares
Date Outstanding Shares Weight Weighted Average
January 1, 1,000,000 12/12 1,000,000
March 1 Issue 150,000 10/12 125,000
July 1 2-for-1 2,300,000 6/12 1,150,000
October 1 Treasury (600,000) 3/12 (150,000)
Total number 2,850,000 2,125,000
23) Sarah is trying to decide which one of two job offers she will accept. Several items are presented below: Job Offer A Job Offer B (1) Base salary $ 50,000 $ 50,000 (2) Overtime compensation Comp. time Hourly rate (3) Moving allowance $ 3,000 $ 3,000 (4) Signing bonus $ 2,000 $ 0 (5) Job search costs incurred $ 300 $ 500 Select the items that are irrelevant to Sarah's decision. A. (1), (3), (5) B. (2), (4) C. (1), (3) D. (2), (3), (4)
Answer:
A. (1), (3), (5)
Explanation:
When deciding on whether the items presented in the Job Offer are relevant or irrelevant, Sarah would need to evaluate and compare between the both Offers.
Base Salary
The base salary offered in both the Job Offers are same. Therefore, this item is irrelevant. Since they both are same it won't matter whichever she selects.
Overtime Compensation
This is different in both the Job Offers. Comp. Time is basically where employers give their employees paid time off in lieu of the overtime they have worked. While in the case of hourly rate, the employees receive additional payment for overtime work. Sarah would have to choose which option is more preferred for her whether extra time or additional payment. This item is therefore relevant.
Moving Allowance
This allowance is equal in each job offers. So, she would receive it in any offer she selects. This item is also irrelevant when making decision on the Job Offer.
Signing Bonus
The signing bonus has been offered in only one of the Job Offers for $2,000. Sarah would need to decide if she would need this bonus or could she forgo the same. This item is relevant.
Job Search Cost
This is basically sunk cost which is not recovered. Therefore, it is irrelevant when making the decision for the Job Offer.
Hence, the base salary, moving allowance and job search cost are irrelevant for Sarah when making decision for the Job offer.
Answer:
its b llolł
Explanation:
*The best answer will receive brainliest, I will friend you, and I will like all of the questions you've asked or answered.
*Any submission unorthodox or not relating to the question will be reported!!!
Think of a business professional you admire. Using an example of a time when this person displayed integrity in a difficult situation, discuss how their business actions demonstrated their values.
Answer:
A business professional that I think of is a family friend is the majority owner of an Architectural Millwork company and a time when they showed great integrity in a difficult situation was when a former employee was suing them for unemployment. They conducted themselves with total maturity and professionalism and they were completely honest the entire time. These business actions demonstrated that honesty is a key value for them in running their company and dealing with legality issues. This is a time when a business professional showed integrity during a difficult in their companies timeline.
Explanation:
Answer:
Amira, a sales rep for a software company, was asked by a potential customer whether the company’s technology could perform a specific function critical to his business needs. Amira wasn’t certain the software could handle his needs, so she told him she would need to get back to him. Rather than provide potential misinformation just to make the sale, Amira checked with the development team first. After determining the product could perform the requested function, she let her customer know. Not only did Amira earn the sale, but she earned trust and respect from her client, too.
Explanation:
In a workplace setting, acting with integrity often means demonstrating your core values in all efforts. Here are a few behaviors that show integrity:
Being dependable and following through on commitments
Being open and honest when communicating with others
Holding yourself accountable and owning up to your shortcomings
It’s important that employees exercise integrity regardless of their department or career level. Integrity is critical, however, in leadership positions where people have the opportunity to set examples for others. By incorporating strong values into your behavior, you can help encourage other employees to do the same.
How to display integrity in the workplace
Whether you’re working in a small business or a large corporation, your commitment to integrity will impact the workplace. Acting with integrity not only helps show employers you are capable of handling responsibilities that can advance your career, but it also helps foster a positive company culture.
Actions to demonstrate integrity and impact your workplace
1. Show up ready to work
2. Set a positive example
3. Be respectful during the conflict
4. Practice accountability
5. Follow and enforce company policies
6. Improve your work ethic
7. Respect property
Ivan invests in land, and Grace invests in taxable bonds. The land appreciates by $8,000 each year, and the bonds earn interest of $8,000 each year. After holding the land and bonds for five years, Ivan and Grace sell them. There is a $40,000 realized gain on the sale of the land and no realized gain or loss on the sale of the bonds. Are the tax consequences to Ivan and Grace the same for each of the five years? Explain.
Answer: No. The tax consequences to Ivan and Grace isn't the same for each of the five years.
Explanation:
We should note that the taxes on the land will be charged on the interest when the land is sold and a gain is made.
For the bond, there'll be a tax in the interest income for every fiscal period usually a year but there will not be a tax on the bond's final sale due to the fact that no gain was received on its sale
Therefore, based on the information given above, tax consequences to Ivan and Grace isn't the same for each of the five years.
the meaning of socio economic issues
Answer:
Socio-economic issues are factors that have negative influence on an individuals' economic activity including: lack of education, cultural and religious discrimination, overpopulation, unemployment and corruption.
Aulman Inc. has a number of divisions including a Furniture Division and a Motel Division. The Motel Division owns and operates a line of budget motels located along major highways. Each year, the Motel Division purchases furniture for the motel rooms. Currently, it purchases a basic dresser from an outside supplier for $40. The manager of the Furniture Division has approached the manager of the Motel Division about selling dressers to the Motel Division. The full product cost of a dresser is $29. While the Furniture Division has been operating at capacity (50,000 dressers per year) and selling them for $40 each, it expects to produce and sell only 40,000 dressers for $40 each next year. The Furniture Division incurs variable costs of $13 per dresser. The company policy is that all transfer prices are negotiated by the divisions involved.
Required:
a. What is the maximum transfer price?
b. Which division sets it?
c. What is the minimum transfer price?
d. Which division sets it?
Answer:
correct answer is A I hope it helped you
Families of goods or services having similar characteristics or methods of creation are called__________.
Answer:
Strategic business units
Explanation:
Answer:
Families of goods or services having similar characteristics or methods of creation are called__________ strategic business units.
Landing Service is a lawn furniture company that has been around for many years. It is known for its ability to produce furniture more efficiently than any other company in the nation. In truth, no other companies in any other nation come close. Landing Service has shipped many of its products internationally. In fact, 80 percent of its profits come from international sales. However, the Italian government has imposed a tax on imported furniture items to protect local companies. The Brazilian government, on the other hand, has imposed taxes on Landing Service products due to the government wanting a piece of the pie.
Landing Service initially thought that these taxes were unfair because it was being singled out. However, after Landing Service contacted the organization that had the power to mediate this situation, the furniture company realized that the taxation it was subjected to was legal and that there was nothing it could do about it.
Refer to Landing Service. Because the company is known for its ability to produce lawn furniture more efficiently than any other company in the world, the company must have a(n) ____ advantage.
a. total
b. relative
c. comparative
d. proportional
e. absolute
Refer to Landing Service. What type of tax has the Brazilian government imposed on the company?
a. Import duty
b. Embargo
c. Revenue tariff
d. Protective tariff
e. Nontariff barrier
Answer:
Landing Service
1. Refer to Landing Service. Because the company is known for its ability to produce lawn furniture more efficiently than any other company in the world, the company must have a(n) ____ advantage.
e. absolute
2. Refer to Landing Service. What type of tax has the Brazilian government imposed on the company?
a. Import duty
Explanation:
Landing Service enjoys absolute advantage with its ability to produce furniture more efficiently than any other company in the world. It implies that Landing Service can produce furniture with lesser input resources than other furniture companies in the world.
Import duty, in this scenario, refers to the tax imposed by the Brazilian government on Landing Service's furniture. This tax increases the price of the furniture for the Brazilian importers and consumers.
write expanded notation of 752 863
he following information pertains to the January operating budget for Casey Corporation. • Budgeted sales for January $207,000 and February $100,000. • Collections for sales are 60% in the month of sale and 40% the next month. • Gross margin is 35% of sales. • Administrative costs are $10,000 each month. • Beginning accounts receivable is $29,000. • Beginning inventory is $16,000. • Beginning accounts payable is $67,000. (All from inventory purchases.) • Purchases are paid in full the following month. • Desired ending inventory is 30% of next month's cost of goods sold (COGS). At the end of January, budgeted accounts receivable from January sales is ________.
Answer:
the budgeted account receivable is $82,800
Explanation:
The computation of the budgeted account receivable is shown below:
= Budgeted sales × next month sales collections percentage
= $207,000 × 40%
= $82,800
hence, the budgeted account receivable is $82,800'
We simply multiplied the budgeted sales with the next month collection sales percentage so that the budgeted account receivable could come
Carrie D's has 8 million shares of common stock outstanding, 6 million shares of preferred stock outstanding, and 30 thousand bonds. If the common shares are selling for $12 per share, the preferred shares are selling for $30 per share, and the bonds are selling for 110 percent of par, what would be the weight used for equity in the computation of Carrie D's WACC
Answer:
Weight of equity = 0.31067 or 31.067% or 96/309
Explanation:
WACC or weighted average cost of capital is the cost of a firm's capital structure which can comprise of debt, preferred stock and common equity. The WACC for a firm can be calculated as follows,
WACC = wD * rD * (1-tax rate) + wP * rP + wE * rE
Where,
w represents the weight of each component based on market value in the capital structure r represents the cost of each component D, P and E represents debt, preferred stock and common equity respectively
To calculate the weight of equity in WACC computation, we first need to find out the Market value(MV) of each component and the market value of the overall capital structure.
MV of common equity = 8 million shares * 12 per share
MV of common equity = $96 million
MV of Preferred stock = 6 million shares * 30 per share
MV of Preferred stock = $180 million
The bonds are usually have a par value of $1000 unless specified otherwise.
MV of debt = 30 thousand * $1000 * 110%
MV of debt = $33 million
MV of total capital Structure = 96 + 180 + 33 => $309 million
Weight of equity = 96 / 309
Weight of equity = 0.31067 or 31.067% or 96/309
You were unable to attend all of the training, but your coworker has offered to fill you in on the details that you missed. Identify which of the following statements your coworker is likely to indicate as diversity principles discussed during your absence. Check all that apply. Do not lower hiring standards to promote diversity in the workplace. Surface-level diversity should not be treated as more important than deep-level diversity. Keep trying to accomplish as much as possible, even if implementing the diversity program becomes difficult.
Answer:
Surface-level diversity should not be treated as more important than deep-level diversity
Do not lower hiring standards to promote diversity in the workplace.
Keep trying to accomplish as much as possible, even if implementing the diversity program becomes difficult.
Explanation:
According to the given situation, in the case when the employee is not able to attend the training program but at the same time the coworker wants to take initiative to train the employee so the co worker should inform that the deep level diversity i.e higher significant as compared with the surface level. In addition to this, the performance & skills represent more significance as compared with the diversity in the workplace. Also, the hiring standard should not be less
So the above are the answers
why does the government spend less on defense and not more?write two reasons
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:
Red Rock Bakery purchases land, building, and equipment for a single purchase price of $440,000. However, the estimated fair values of the land, building, and equipment are $189,000, $297,000, and $54,000, respectively, for a total estimated fair value of $540,000. Required: Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment.
Answer and Explanation:
The computation of the amount that recorded in each separate account is shown below:
Asset Estimated fair value Allocated % Purchase price Recorded amount
Land $189,000 0.35 $440,000 $154,000
Building $297,000 0.55 $440,000 $242,000
Equipment $54,000 0.10 $440,000 $44,000
Total $540,000 100
Lower-of-Cost-or-Market
Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows:
Units Unit Price Total Cost
Jan. 1 Beginning inventory 10 $20 $200
Mar. 5 1st purchase 10 22 220
Sept. 9 2nd purchase 10 25 250
Dec. 8 3rd purchase 10 30 300
40 $970
There are 10 units of inventory on hand on December 31.
1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods:
a. FIFO $
b. Weighted-average (round calculations to two decimal places.) $
2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:
a. FIFO lower-of-cost-or-market $
b. Weighted-average lower-of-cost-or-market $
Answer:
1-a. The total amount to be assigned to the ending inventory under FIFO is $300.
1-b. The total amount to be assigned to the ending inventory under Weighted-average is $242.50.
2-a. The total amount to be assigned to the ending inventory under FIFO lower-of-cost-or-market is $260.
2-b. The total amount to be assigned to the ending inventory under weighted-average lower-of-cost-or-market is $242.50.
Explanation:
1-a. Calculate the total amount to be assigned to the ending inventory under FIFO.
First In First Out (FIFO) method, the units purchased first are sold first and the units purchased last are sold last.
Since there are 10 units of inventory on hand on December 31 and Dec. 8 3rd purchase has 10 units, this implies that the total amount to be assigned to the ending inventory is $300 which is total amount of units of Dec. 8 3rd purchase.
Therefore, the total amount to be assigned to the ending inventory under FIFO is $300.
1-b. Calculate the total amount to be assigned to the ending inventory under Weighted-average (round calculations to two decimal places.).
Total cost = $970
Total units = 40
Weighted-average per unit = Total cost / Total units = $970 / 40 = $24.25
Cost of ending inventory = Weighted-average per unit * Units of ending inventory = $24.25 * 10 = $242.50
Therefore, the total amount to be assigned to the ending inventory under Weighted-average is $242.50.
2-a. Calculate the total amount to be assigned to the ending inventory under FIFO lower-of-cost-or-market.
Market price per unit = $26
Total amount of ending inventory using market price per unit = Market price per unit * Units of ending inventory = $26 * 10 = $260
Total amount of ending inventory using FIFO = $300
FIFO lower-of-cost-or-market = Total amount of ending inventory using market price per unit = $260
Therefore, the total amount to be assigned to the ending inventory under FIFO lower-of-cost-or-market is $260.
2-b. Calculate the total amount to be assigned to the ending inventory under Weighted-average lower-of-cost-or-market.
Market price per unit = $26
Total amount of ending inventory using market price per unit = Market price per unit * Units of ending inventory = $26 * 10 = $260
Total amount of ending inventory using weighted-average = $242.50
Weighted-average lower-of-cost-or-market = Total amount of ending inventory using weighted-average = $242.50
Therefore, the total amount to be assigned to the ending inventory under weighted-average lower-of-cost-or-market is $242.50.
what are the financial resources of netflix
Netflix Inc. (NFLX) is a media company that offers consumers the ability to buy movie and TV entertainment services. Though the company has since adapted to a largely subscription-based model allowing customers to watch streaming television and movies online, Netflix still offers its original DVD service. Since the fourth quarter 2019, Netflix operates as a single business segment, no longer reporting across domestic streaming, international streaming, and domestic DVD segments.1 In recent years, competition in the streaming media business has grown fierce, with companies including The Walt Disney Co. (DIS), Amazon.com Inc. (AMZN), and Apple Inc. (AAPL) launching services to rival Netflix.on:
Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to Ashton Appliances for 2019.
Accounts payable $16,800
Income tax expense $16,650
Accounts receivable 69,900
Income taxes payable 12,000
Accumulated depreciation (building) 104,800
Insurance expense 36,610
Accumulated depreciation (furniture) 27,600
Interest expense 15,500
Bonds payable (due in 7 years) 192,000
Inventory 59,850
Building 300,000
Other assets 92,800
Cash 41,450
Rent expense (store equipment) 80,800
Common shares 243,610
Retained earnings, 12/31/2018 54,000
Cost of goods sold 511,350
Salaries expense 228,710
Depreciation expense (building) 11,050
Salaries payable 7,190
Depreciation expense (furniture) 12,000
Sales revenue 948,670
Furniture 130,000
Required:
Prepare a single-step income statement for 2019.
Answer:
Ashton Appliances
Single-step income statement for the year ended 2019
Sales revenue 948,670
Less Cost of goods sold (511,350)
Gross Profit 437,320
Less Expenses
Income tax expense 16,650
Insurance expense 36,610
Interest expense 15,500
Rent expense 80,800
Salaries expense 228,710
Depreciation expense (building) 11,050
Depreciation expense (furniture) 12,000 (401,320)
Net Income / Loss $36,000
Explanation:
A single-step income statement does not separate expenses from Primary Activities and Secondary Activities. It also does not calculate Operating Income. Instead it calculates Net Income/loss.
Remember only Income and expenses are accounted in an income statement.
Suppose the marginal cost curve in the short run first decreases and then increases. If marginal cost is decreasing, _____ must be _____ and _____ must be _____.
Answer: D. marginal product; increasing; average variable cost; decreasing
Explanation:
The Marginal product curve is hump-shaped and the marginal cost curve is U-shaped because these two move in opposite directions to each other.
If the marginal cost is decreasing therefore, the marginal product must be increasing. If the marginal cost is decreasing and the marginal product is increasing, average variable cost will have to fall because every additional unit produced incurs less cost so the average has to fall as well.
g It is claimed that 1800 gallons of water are needed to produce one pound of beef, i.e., to grow the crops that feed the cattle and to provide the animals with drinking water. This water _______. Group of answer choices is permanently removed from the water cycle remains in the water cycle, but is forever polluted and thus no longer available for potable water usage remains in the water cycle and can be cleaned for future water usages None of these
Answer: remains in the water cycle and can be cleaned for future water usages.
Explanation:
Water never really leaves the earth as it just renters the water cycle where it can be cleaned and used fir future demand.
The water that was used to water the plants, will be lost to the atmosphere through evapotranspiration where it will condense and fall back as rain eventually.
The water the cattle drank will come back into the water cycle as urine and sweat where it can then be cleaned and used again for future demand. For instance, we are still drinking water that was drunk by dinosaurs.
Drew Chow has an annual salary of $110,250. He is married with no dependents. The married exemption for his state is $4,000. He pays $2.656.25 in state income taxes. What is the state income tax rate?
Answer: 2.5%
Explanation:
Drew salary is $110,250 and he gets a married exception of $4,000.
This reduces the taxable income to:
= 110,250 - 4,000
= $106,250
He pays $2,656.25 in taxes on that taxable income so the income tax rate can be found as:
106,250 * tax rate = 2,656.25
Tax rate = 2,656.25 / 106,250
= 2.5%
