Answer:
I think it’s A
Explanation:
The Consumer Goods Safety Act does not cover the creation of distinct or "case by case" rules for each product (CPSA). As a result, choice (A) is the correct one.
What do you meant by Products Safety Act?Congress in the United States passed the Consumer Safety Act (CPSA) on October 27, 1972. The act should not be confused with an earlier Senate Joint Resolution 33 from November 20, 1967, which just established a temporary National Commission on Product Safety (NCPS) for only 90 days (at a pitiful cost of $100 per day).
The United States Consumer Product Safety Commission (CPSC) was created as a permanent independent agency of the United States federal government under Section 4 of the 1972 legislation, and this section also outlined the CPSC's primary functions. In accordance with the law, the CPSC is empowered to create safety regulations and prosecute product recalls for those that pose a disproportionately high risk of causing harm to customers or their deaths.
Learn more about Products Safety Act, from :
brainly.com/question/2826914
#SPJ3
2. Market size: How many people would be interested in your
offering?
Stock A has a beta of .68 and an expected return of 8.1 percent. Stock B has a beta of 1.42 and an expected return of 13.9 percent. Stock C has beta of 1.23 and an expected return of 12.4 percent. Stock D has a beta of 1.31 and an expected return of 12.6 percent. Stock E has a beta of .94 and an expected return of 9.8 percent. Which one of these stocks is the most accurately priced if the risk-free rate of return is 2.5 percent and the market risk premium is 8 percent
Answer:
Stock B is correctly priced
Explanation:
The expected return is shown below:
For stock A
= 2.5 + 0.68 × 8
= 7.94
For stock B
= 2.5 + 1.42 × 8
= 13.86
For stock C
= 2.5 + 1.23 × 8
= 12.34
For stock D
= 2.5 + 1.31 × 8
= 12.98
For stock E
= 2.5 + 0.94 × 8
= 10.02
So stock B is correctly priced
Define liquidity risk and explain how it relates to bonds and bond yields.
Answer:
Liquidity risk is the inability to quickly sell a bond for its full value. This risk exists primarily in thinly traded issues. Default risk is the likelihood the issuer will default on its bond obligations and is the basis for bond ratings.
Liquidity is a prime determiner of yield spreads, explaining up to half of the cross-sectional variation in spread levels and up to two times the cross-sectional variation in spread changes that is explained by the effects of credit rating alone.
Liquidity risk Liquidity refers to the investor's ability to sell a bond quickly and at an efficient price, as reflected in the bid-ask spread. High-yield bonds can sometimes be less liquid than investment-grade bonds, depending on the issuer and the market conditions at any given time.
(If some parts overlap/relate to the exactly to other parts, I'm sorry. But there ya go !)
ACCOUNTING:
Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data.
BUSINESS SOLUTIONS
Income Statement
For Three Months Ended March 31, 2020
Computer services revenue $ 25,207
Net sales 18,693
Total revenue 43,900
Cost of goods sold $ 14,152
Depreciation expense—Office equipment 330
Depreciation expense—Computer equipment 1,220
Wages expense 3,050
Insurance expense 485
Rent expense 1,475
Computer supplies expense 1,285
Advertising expense 550
Mileage expense 270
Repairs expense—Computer 900
Total expenses 23,717
Net income $ 20,183
BUSINESS SOLUTIONS
Comparative Balance Sheets
December 31, 2019, and March 31, 2020
Mar. 31, 2020 Dec. 31, 2019
Assets
Cash $80,327 $61,482
Accounts receivable 23,767 4,868
Inventory 634 0
Computer supplies 2,035 510
Prepaid insurance 1,080 1,575
Prepaid rent 805 805
Total current assets 108,648 69,240
Office equipment 7,500 7,500
Accumulated depreciation—Office equipment (660) (330)
Computer equipment 19,400 19,400
Accumulated depreciation—Computer equipment (2,440) (1,220)
Total assets $132,448 $94,590
Liabilities and Equity
Accounts payable $0 $1,190
Wages payable 905 540
Unearned computer service revenue 0 2,500
Total current liabilities 905 4,230
Equity
Common stock 107,000 82,000
Retained earnings 24,543 8,360
Total liabilities and equity $132,448 $94,590
Required:
Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2020. Owner Santana Rey contributed $25,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,000 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)
Options for the 1st blank space: Net Income, Net Loss
Options for the rest of the blank spaces: Cash paid for dividends, cash received from stock issuance, decrease in accounts payable, increase/decrease in accounts receivable, increase/decrease in computer supplies, increase/decrease in inventory, increase/decrease in prepaid insurance, increase/decrease in unearned computer service revenue, increase/decrease in wages payable, depreciation expense--computer equipment, depreciation expense--office equipment.
PLEASE DO NOT ANSWER IF YOU DO NOT KNOW! Due by 11:59 PM EST.
Explanation:
why is this so much who assigned you this
E6-9 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3] During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,100 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $1,100 to Diamond Inc. for full credit. 6 Purchased goods from Club Corp. for $1,000 with terms 2/10, n/30. 11 Paid the balance owed to Diamond Inc. 22 Paid Club Corp. in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30.
Answer:
Ace Incorporated
The cost of inventory as of June 30 is:
= $4,000.
Explanation:
a) Data and Calculations:
June 1 Beginning Inventory $0
June 3 Purchased goods for $4,100
June 5 Returned goods costing($1,100)
June 6 Purchased goods for $1,000
June 30 Total available $4,000
b) The cost of inventory is made up of the cost of purchasing the inventory minus purchase returns. In this instance, there were no sales during June. This would have reduced the cost of the inventory available as of June 30.
Moates Corporation has provided the following data concerning an investment project that it is considering: Initial investment $ 310,000 Annual cash flow $ 137,000 per year Expected life of the project 4 years Discount rate 11 % Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using the tables provided. The net present value of the project is closest to: (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
Answer:
$115,035
Explanation:
Calculation for what the The net present value of the project is closest to:
First step is to calculate the Present value of annual cash flows
Using this formula
Present value of annual cash flows = Annual Cash Flow * PVA of * (11%, 4 years)
Let plug in the formula
Present value of annual cash flows = $ 137,000 * 3.1024456895909
Present value of annual cash flows =$425,035
Now let calculate the net present value of the project
Net present value of the project =$425,035-$ 310,000
Net present value of the project=$115,035
Therefore the The net present value of the project is closest to: $115,035
is considered to be the shortest path to failure in business.
Select one:
O a. Inflexibility
O b. Intense competition
c. Inability to deal with stress
O d. Changing market demand
Ce. Undercapitalization
Answer:
c
Explanation:
I thinks it's c because when you deal with stress, you can't do a lot of other things
Assume that the demand for coal is more elastic than the supply. A tax on coal will a. increase the price of coal that sellers really get, and buyers bear a smaller burden of the tax b. decrease the price of coal that sellers really get, and sellers have to bear a bigger burden of the tax c. decrease the price of coal paid by buyers, and buyers have to bear a bigger burden of the tax d. increase the price of coal paid by buyers, and sellers bear a smaller burden of the tax
Answer:
b
Explanation:
Residents of a small nation, Paulastan, idolize the TV show American Idol. All they produce and consume are karaoke machines and CDs. The chart below shows the price and quantity of each good sold in 2015 and 2016.
Karaoke Machines CDs
Quanriry Price Quantity Price
2015 10 $40 30 $10
2016 12 $60 50 $12
Required:
a. Using a method similar to GDP deflator, compute the percentage change in the overall price level. Use 2015 as the base year.
b. Using a method similar to the consumer price index, compute the percentage change in the overall price level. Also, use 2015 as the base year and fix the basket at 1 karaoke machine and 3 CDs.
c. Is the inflation rate in 2016 the same using the two methods? Explain why or why not.
Answer:
A. 37.14
B. 34.70%
C. Not the same
Explanation:
a) Computation of the percentage change in the overall price leve
in 2015 basket price = 1*40+3*10 = $70
in 2015, basket price = 1*60+3*12 = $96
taking 2015 as base year
CPI in 2015 = 70/70 * 100 = 100
CPI in 2016 = 96/70 *100 = 137.14
%age change in price level = 137.14 - 100 = 37.14
b) Computation of the percentage change in the overall price level
GDP deflator = nominal GDP/real GDP * 100
in 2015 : (2015 as base year)
nominal GDP = 10*40+30*10
nominal GDP= $700
real GDP = 10*40+30*10
real GDP = $700
GDP deflator = 700/700 *100
GDP deflator = 100
in 2016 :
nominal GDP = 12*60+50*12
nominal GDP = $1320
real GDP = 12*40+50*10
real GDP = $980
GDP deflator = 1320/980 *100
GDP deflator = 134.70
%age change in price level based on GDP deflator = 134.70 - 100
%age change in price level based on GDP deflator = 34.70%
c) Based on the above calculation for the two methods the inflation rate in 2016 are not the same using the two methods reason been that CPI is 37.14% and GDP deflator is 34.70% .
Bond X is a premium bond making semiannual payments. The bond has a coupon rate of 9.9 percent, a YTM of 7.9 percent, and has 16 years to maturity. Bond Y is a discount bond making semiannual payments. This bond has a coupon rate of 7.9 percent, a YTM of 9.9 percent, and also has 16 years to maturity. Assume the interest rates remain unchanged and both bonds have a par value of $1,000.
1. What are the prices of these bonds today? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
2. What do you expect the prices of these bonds to be in one year? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
3. What do you expect the prices of these bonds to be in three years? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
4. What do you expect the prices of these bonds to be in eight years? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
5. What do you expect the prices of these bonds to be in 12 years? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
6. What do you expect the prices of these bonds to be in 16 years? (Do not round intermediate calculations.)
Answer:
1. What are the prices of these bonds today?
Price bond X = $1,179.88
Price bond Y = $841.03
2. What do you expect the prices of these bonds to be in one year?
Price bond X = $1,173.97
Price bond Y = $845.40
3. What do you expect the prices of these bonds to be in three years?
Price bond X = $1,160.70
Price bond Y = $855.50
4. What do you expect the prices of these bonds to be in eight years?
Price bond X = $1,116.95
Price bond Y = $891.24
5. What do you expect the prices of these bonds to be in 12 years?
Price bond X = $1,067.47
Price bond Y = $935.24
6. What do you expect the prices of these bonds to be in 16 years?
Price bond X = $1,049
Price bond Y = $1,039
I solved this using an Excel spreadsheet and the NPV function.
“Money can not buy one of the most important things vital for your business: relationships. You might think now customer relationships drive your business? That’s true! Good customer relationships are based on good customer experience. Developing strong relations with customers and creating great customer relationship management examples encourage faster business growth, gain new customers, and retain the existing ones.” Based on the statement, explain FIVE (5) reasons why customer relationship is important for business success.
Answer:
The relationship with the customer is a strategic factor for commercial growth.The relationship with customers creates sales opportunities.The relationship with customers creates a relationship of trust.The relationship with customers creates loyalty.The relationship with customers solves problems quickly.Explanation:
The relationship with customers is an essential factor for commercial success. This is because it allows a more personal contact, allowing the recognition of the customer's needs and promoting products, services and marketing that meets those needs, allowing the customer to feel supported by the company and create a loyalty relationship with it.
Consider an organization that has empowered its employees, asking them to improve the quality, productivity, and responsiveness of their processes that involve repetitive work. This work could arise in a manufacturing setting, such as assembling cars or producing chemicals, or in a service setting, such as processing invoices or responding to customer orders and requests. Clearly the workers would benefit from feedback on the quality (defects, yields) and process times of the work they were doing to suggest where they could make improvements. Identify the role, if any, for sharing financial information with these employees to help them in their efforts to improve quality, productivity, and process times. Be specific about the types of financial information that would be helpful and the specific decisions or actions that could be made better by supplementing physical and operational information with financial information.
Answer:
Follows are the solution to this question:
Explanation:
In this question, one of the biggest factors in a company is the employee's wealth, and by evaluate the figures in the financial reports about trends, because then workers know clearly how their job impacts the progress of the company.
It offering information on the non-specific regular costs of business, and by try giving the issue a simple approach is to make the employees fully comprehend it. Finally but not least, the position of the employees throughout the company's general profitability.
Its provision of such knowledge will certainly improve productivity ultimately the quality.
How do taxes impact your weekly/monthly budget?
Answer:
it takes away your money so the liberals can give it to the lazy people who don't want to work
Explanation:
i literaly have 13% of my paycheck taken by the government
Copy Center pays an average wage of $13 per hour to employees for printing and copying jobs, and allocates $18 of overhead for each employee hour worked. Direct materials are assigned to each job according to actual cost. Jobs are marked up 15% above total manufacturing cost to determine the selling price. If Job M-47 used $355 of direct materials and took 20 direct hours of labor to complete, what is the selling price of the job
Answer:
$1,121.25
Explanation:
The computation of the selling price of the job is shown below:
But before that the total cost need to be determined
Total cost is
= Direct Materials + Direct Labor + Factory overhead
= $355 + ($13 × 20) + ($18 × 20)
= $355 + $260+ $360
= $975
Now Selling price of the job is
= Total cost × (100 + 15%)
= $975 × 115%
= $1,121.25
Jennifer has recently found a new job at a local architectural firm. They have offered her a chance to invest money for her retirement. For every 6 percent Jennifer invests from her salary, her company will fund 3 percent. What type of investment does this describe?
A.
money market mutual fund
B.
certificate of deposit
C.
bond
D.
401k
The answer is D.) 401k
Don't worry about the picture it tells you the correct answer
Hope this helps
401k is the investment option offered by Jenifer’s employer to her.
What is a 401K plan?Popularly known as an employer-sponsored retirement plan, a 401(K) plan allows certain eligible employees to make tax-deferred contributions from their pay or compensation, based on pre-established criteria. A 401(k) match is money put into your account by your employer. Up to a predetermined percentage of your pay, your company will match all or a portion of every dollar you put into your 401(k). Employer matching is a crucial perk of your employment that, over time, can greatly increase your 401(k) retirement savings. The employer contribution is pre-tax, whereas the employee contribution is post-tax.
Employers who offer 401(K) plans are also allowed to include a profit-sharing component in the plan as well as make matching or non-elective payments to the plan on behalf of eligible employees.
The typical 401(k) plan is very versatile and provides close to 25 distinct investment possibilities. The fund fees, which were formerly a significant problem, have been steadily declining, which lessens the strain on employees' retirement funds. In fact, the 401(k) contributions that invested a sizeable sum in these index funds as low cost and low risk methods of engaging in the equity markets are responsible for the index funds' quick surge in popularity in the US, including Vanguard and Blackrock. Employees have access to a low-cost way to invest for the future, and since 401(k) contribution limits are inflation-indexed, participants can gradually make higher contributions.
Employers most frequently match worker contributions up to a percentage of annual income. There are a number possible ways to implement this constraint. Your employer has the option of matching all of your contributions up to a certain percentage of your overall compensation or only a portion of them. The latter circumstance necessitates you to make additional contributions to your plan in order to earn the maximum match, even while the overall cap on employer contributions stays the same.
To learn more about 401k plan, click here
https://brainly.com/question/3423296
#SPJ2
An office manager has received a report from a consultant that includes a section on equipment replacement. The report indicates that scanners have a service life that is normally distributed with a mean of 41 months and a standard deviation of 4 months. On the basis of this information, determine the percentage of scanners that can be expected to fail in the following time periods:
a. Before 38 months of service
b. Between 40 and 45 months of service
c. Within ± 2 months of the mean life
Answer:
a) 22.663%
b) 44%
c) 38.3%
Explanation:
An office manager has received a report from a consultant that includes a section on equipment replacement. The report indicates that scanners have a service life that is normally distributed with a mean of 41 months and a standard deviation of 4 months. On the basis of this information, determine the percentage of scanners that can be expected to fail in the following time periods:
We solve the above question using z score formula
z = (x-μ)/σ, where
x is the raw score
μ is the population mean = 41 months
σ is the population standard deviation = 4 months
a. Before 38 months of service
Before in z score score means less than 38 months
Hence,
z = 38 - 41/4
z = -0.75
Probability value from Z-Table:
P(x<38) = 0.22663
Converting to percentage = 0.22663 × 100
= 22.663%
b. Between 40 and 45 months of service
For x = 40 months
z = 40 - 41/4
z = -0.2
Probability value from Z-Table:
P(x = 40) = 0.40129
For x = 45
z = 45 - 41/4
z = 1
Probability value from Z-Table:
P(x = 45) = 0.84134
Between 40 and 45 months of service
= 0.84134 - 0.40129
= 0.44005
Converting to Percentage
= 0.44005 × 100
= 44.005%
= 44%
c. Within ± 2 months of the mean life
+ 2 months = 41 months + 2 months
= 43 months
- 2 months = 41 months - 2 months
= 39 months
For x = 43
z = 43 - 41 /4
z = 0.5
P-value from Z-Table:
P(x = 43) = 0.69146
For x = 39
z = 39 - 41/4
z = -2/4
z = -0.5
Probability value from Z-Table:
P(x = 39) = 0.30854
Within ± 2 months of the mean life
= 0.69146 - 0.30854
= 0.38292
= 38.3%
Elite Stationary employs 20 fulltime employees and 10 trainees. Direct and indirect costs are applied on a professional laborhour basis that includes both employee and trainee hours. Following is information for 2020: Budget Actual Indirect costs $200,000 $300,000 Annual salary of each employee $100,000 $110,000 Annual salary of each trainee $25,000 $30,000 Total professional laborhours 50,000 dlh 60,000 dlh How much should a client be billed in a normal costing system when 1,400 professional laborhours are used?
Answer:
$114,338
Explanation:
The computation of the amount that should be billed when 1,400 professional labor hours used
But before that determine the actual per hour salary and budgeted indirect cost per hour
Actual per hour salary
= Total actual salary ÷ Total actual professional hours
= ($110,000 × $20 + $30,000× 10) ÷ (60,000)
= ($2,200,000 + $300,000) ÷ (60,000)
= $41.67
And, the budgeted indirect cost per hour is
= $200,000 ÷ $50,000
= $40
Now the amount that should be billed is
= 1,400 hours × ($41.67 + $40)
= $114,338
In 2018, U.S. President Donald Trump proposed a 33% cut in the United States Agency for International Development (USAID) budget for the upcoming fiscal year, which would have reduced USAID spending in 2019 to $16.8 billion. His total proposed 2019 budget for the U.S. federal government was $4.4 trillion. There are many ways one can use to develop a sense of scale to explain the magnitude of foreign aid spending. Which of the following would not be helpful?
It would not help to compare the U.S. federal budget this year to previous years.
Compare foreign aid spending this year to previous years. think about the ratio of foreign aid to the total U.S.
Federal budget. think about the U.S.
Federal budget per person and foreign aid per person.
Answer:
It would not help to compare the U.S. federal budget this year to previous years.
Explanation:
a) Data and Calculations:
Proposed cut in USAID for the upcoming fiscal year of 2019 = 33%
USAID spending in 2019 = $16.8 billion
This would have been $16.8 billion/67% = $25.07 without the proposed cut.
Ratio of actual 2019 USAID spending to the 2019 budget = $16.8 billion/$4.4 trillion = 0.038 or 4%
b) Comparing the U.S. federal budget this year to previous years' is not relevant to the issue of foreign aid spending. Instead, the comparison should concentrate on issues connected to foreign aid.
A borrower takes out a 30-year mortgage loan for $100,000 with an interest rate of 6% plus 2 points. What is the effective annual interest rate on the loan if the loan is carried for all 30 years
Answer:
EAR = 6.4%
Explanation:
Loan amount = 100000
Mortgage rate = 6%
2 Points = 2% * 100000 = 2000
Years = 30
Monthly rate = 0.50%
No of period = 360
PMT = PMT[Rate, N, -Loan)
PMT = PMT(0.50%, 360, -100000)
PMT = 599.55
Net loan amount = 100,000 - 2,000 = $98,000
Monthly cost = Rate [N, PMT, Net loan]
Monthly cost = Rate[360, 599.55, -98000)
Monthly cost = 0.515790%
Effective annual rate = (1 + 0.515790%)^12 - 1
Effective annual rate = 1.00515790^12 - 1
Effective annual rate = 1.06368120129 - 1
Effective annual rate = 0.06368120129
Effective annual rate = 6.4%
Smith and Johnson are partners. Smith's capital balance in the partnership is $56,000, and Johnson's capital balance $42,000. Smith and Johnson have agreed to share equally in income or loss. Smith and Johnson agree to accept Benson for a 25% interest. Benson will invest $40,000 in the partnership. The bonus that is granted to Smith and Johnson equals:
Answer:The bonus that is granted to Smith and Johnson equals:$5,500
that is $2750 each for Smith and Johnson since they share equally.
Explanation:
Given that
Smith's capital balance = $56,000
Johnson's capital balance = $42,000
Since the partners agree to accept Benson with 25% interest
Benson invests $40,000
Now, After allowing Benson,
Total Partnership Equity =Smith's Capital + Johnson's Capital + Benson's Investment
=$56,000 + $42,000 +$40,000 = $138,000
The share of Benson in equity is given as,
$138,000 x 25% = $34,500
The Bonus that is present for Smith and Johnson is
Benson's investment - Benson share of equity
= $40,000 - $34,500
=$5,500
Thus,
When equally shared becomes $2750 each for both Smith and Johnson
Denton and Carlo were employed at an appliance plant. Their job required them to do occasional maintenance work while standing on a wire mesh twenty feet above the plant floor. Other employees had fallen through the mesh, and one was killed by the fall. When Denton and Carlo were asked by their supervisor to do work that would likely require them to walk on the mesh, they refused due to their fear of bodily harm or death. Because of their refusal to do the requested work, the two employees were fired. Was their dis-charge wrongful
Answer:
This is wrongful discharge.
Explanation:
Under the Occupational Safety and Health Act, an employer cannot discharge an employee who files a complaint or who, in good faith, refuses to work in a high-risk area if bodily harm or death might result. Because a previous employee had died because of the high risk maintenance, Darla and Piper were acting in good faith.
Baylor Bank believes the New Zealand dollar will appreciate over the next 15 days from $.90 to $.93. The following annual interest rates apply: Currency Lending Rate Borrowing Rate Dollars 4.50% 6.50% New Zealand dollar (NZ$) 6.40% 8.00% Baylor Bank has the capacity to borrow either NZ$10 million or $9 million. If Baylor Bank's forecast is correct, what will its dollar profit be from speculation over the 15 days period (assuming it does not use any of its existing consumer deposits to capitalize on its expectations)
Answer:
19 milion 86+15=91 19000091
Who is credited with pioneering the principles of the scientific approach to management ?
Answer:
Frederick Winslow Taylor
Frederick Winslow Taylor was an American mechanical engineer. He was widely known for his methods to improve industrial efficiency. He was one of the first management consultants.
Who is the Father of accounting
Answer:
Luca Pacioli
Luca Pacioli, was a Franciscan friar born in Borgo San Sepolcro in what is now Northern Italy in 1446 or 1447.
Brandywine Clinic, a not-for-profit business, had revenues of $10.7 million last year. Expenses other than depreciation totaled 75 percent of revenues, and depreciation expense was $2.1 million. All revenues were collected in cash during the year, and all expenses other than depreciation were paid in cash. Now, suppose the company changed its depreciation calculation procedures (still within GAAP) such that its depreciation expense was halved. How would this change affect Brandywine's net income
Answer:
net income will increase by $1,050,000
Explanation:
current net income = ($10.7 million x 25%) - $2.1 million = $575,000
if depreciation expense is cut by half, then new net income will be:
new net income = ($10.7 million x 25%) - $1.05 million = $1,625,000
this means that net income will increase by $1,625,000 - $575,000 = $1,050,000
During the current year, Robby’s Camera Shop had sales revenue of $168,000, of which $74,000 was on credit. At the start of the current year, Accounts Receivable showed a $18,000 debit balance, and the Allowance for Doubtful Accounts showed a $1,800 credit balance. Collections of accounts receivable during the current year amounted to $55,000. Data during the current year follows:
A. On December 31 an Account Receivable (J. Doe) of $1,000 from a prior year was determined to be uncollectible; therefore, it was written off immediately as a bad debt.
B. On December 31, on the basis of experience, a decision was made to continue the accounting policy of basing estimated bad debt losses on 3.0% of credit sales for the year.
Required:
1. Prepare the required journal entries for the two items on December 31, end of the accounting period.
2. Show how the amounts related to Accounts receivable and Bad debt expense would be reported on the income statement and balance sheet for the current year. Disregard income tax considerations.
Answer:
Robby's Camera Shop
1. Journal Entries:
Debit Bad Debts Expense $1,000
Credit Accounts Receivable $1,000
To write off bad debts (J. Doe).
2. Debit Bad Debts Expense $420
Credit Allowance for Doubtful Accounts $420
To bring the allowance to $2,220 balance.
Explanation:
a) Data and Calculations:
1. Accounts Receivable balance:
Beginning balance (debit) $ 18,000
Credit Sales during the current year $74,000
Collections during the current year (55,000)
Bad debts (written off) (1,000)
Ending balance (debit) $ 36,000
2. Allowance for Doubtful Accounts:
Beginning balance (credit) $1,800
Bad Debts Expense 420
Ending balance (Credit) $2,220
3. Bad Debts Expense:
Accounts receivable $1,000
Allowance for doubtful accounts $420
Total bad debts expense = $1,420
4. 3% of credit sales = $2,220 ($74,000 * 3%)
Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was $4,860, the cost of ending work in process inventory was $1,150, and the cost added to production was $25,800. Required: Prepare a cost reconciliation report for the Baking Department for June.
Answer:
See below
Explanation:
Cost to be accounted for :
Beginning work in process inventory
$4,860
Add:
Cost added to production during the period
$25,800
Total cost accounted for
$30,660
Costs accounted for are as follow
Ending cost of work in process inventory
$1,150
Unit cost competed and transferred out
($4,860 + $25,800 - $1,150)
$29,510
Total cost accounted for
$30,660
What is the tax due for a single taxpayer reporting a taxable income of $65,725?
And you are
If line 43
(taxable
income) is-
At
But
least less
than
Single
Married Married Head of
filing filing household
jointly separately
Your tax is-
65,000
65,000 65,050
65,050 65,100
65,100 65,150
65,150 65.200
11,995
12,008
12,020
12033
8,821
8,829
8,836
SQM
11,995
12,008
12,020
1202
10,509
10,521
10,534
Answer:
[tex]Tax = \$14459.5[/tex]
Explanation:
The question has a lot of confusing and unclear details. I will just answer the part that requests for the amount of tax to be paid by the single person given the taxable income of $65,725
Given
[tex]Taxable\ Income = \$65725[/tex]
Status: Single
Required
Determine the tax amount
For a single person whose taxable income is within the range of $39,476 - $84,200, the tax is 22% of the taxable income.
So, we have:
[tex]Tax = 22\% * Taxable\ Income[/tex]
[tex]Tax = 22\% * \$65725[/tex]
[tex]Tax = 0.22 * \$65725[/tex]
[tex]Tax = \$14459.5[/tex]
Answer:
The right answer is 12,170.
Explanation:
i just took the test.
Nevis Motors manufactures a product requiring 0.5 ounces of platinum per unit. The cost of platinum is approximately $430 per ounce; the company maintains an ending platinum inventory equal to 10% of the following month's production usage. The following data were taken from the most recent quarterly production budget: July August September Planned production in units 3,000 3,100 2,980 The cost of platinum to be purchased to support August production is: Multiple Choice $663,920. $666,500. $669,080.
Answer:
the cost of the platinum to be purchased on august is $663,920
Explanation:
The computation of the cost of the platinum to be purchased on august is shown below:
= (August production - july - september) × required ounces × cost per ounce
= (3,100 - 310 + 298) × 0.5 × $430
= $663,920
hence, the cost of the platinum to be purchased on august is $663,920
EK Chemical Company sells a specialty chemical in packages marked 83 g. In reality, EK has set the process mean at 84.0 g, and the process currently has a standard deviation of 1.85 g. Suppose the customer will accept anywhere from 78 to 88 g, as long as the average package has at least 83 g a. The process capability index for the current manufacturing process is___________(Enter your response rounded to three decimal places.)
Answer:
0.7207
Explanation:
Mean μ = 84g
SD σ = 1.85g
Upper specification limit (USL) = 88g
Lower specification limit (LSL) = 78g
Cpk = Min[USL - μ/3σ, μ-LSL/3σ]
Cpk = Min[88 - 84/3*1.85, 84-78/3*1.85]
Cpk = Min[4/5.55, 6/5.55]
Cpk = Min[0.7207, 1.0811]
Cpk = 0.7207
So, the process capability index for the current manufacturing process is 0.7207
