Ryan Olson organized a new company, MeToo, Inc. The company provides networking management services on social network sites. You have been hired to record the following transactions. a. May 1: Issued 850 shares of common stock to investors for $20 per share. b. May 15: Borrowed $46,500 from the bank to provide additional funding to begin operations; the note is due in two years. c. May 31: Paid $4,800 for a one-year fire insurance policy with coverage starting June 1. TIP: For convenience, simply record the full amount of the payment as an asset (Prepaid Insurance). At the end of June, this account will be adjusted to its proper balance. d. June 3: Purchased furniture for the store for $22,600 on account. The amount is due within 30 days. e. June 5: Placed advertisements in local college newspapers today for a total of $715 cash. f. June 9: Provided services for $605 cash. g. June 14: Made full payment for the furniture purchased on account on June 3.

Answer:

$60,030.54

Explanation:

In this question, we use the FV formula that is presented in the spreadsheet.

The NPER shows the time period.

Given that,  

Present value = $0

PMT = Monthly payments = $5,000

NPER = 10

Rate of interest = 4%

The formula is presented below:

= -FV(Rate;NPER;PMT;PV;type)

So, after solving this, the future value is $60,030.54

Answer:

The adjustment is:

Debit Unrealized Loss Account with $4,000

Credit Trading Debt Fair Value Adjustment Account with $4,000.

Explanation:

Held for trading assets are form of investment that an entity holds for the purpose of selling them within a short term period. The changes in these investments are recognized in the statement of comprehensive income for the period and are taken to fair value adjustment account.

The accounting entries to pass for each event are listed below:

Increase in market value: Debit the asset fair value adjustment account

                                          Credit the unrealized gain account.

Decrease in market value: Credit the asset fair value adjustment account

                                          : Debit the unrealized loss account.

In the case of Littlefield industries, there was a loss of $4,000 ( $200,000 - $196,000). So the fair value adjustment account will be credited with $4,000 to bring the investment value down to $196,000 and a corresponding debit entry will be recognized as unrealized loss and transfer to income statement for the year.

Answer:

1. Total Production Cost = $413400

2. Cost per unit of production for the previous month = $25.44

   Cost per unit of production for the next month = $25.44

Explanation:

GIVEN:

Direct Material for 12,500 unit = $111,500

Direct Labor for 12,500 unit = $206,500

Calculate:

Direct Material for 16,250 unit = $111,500*16,250/12,500 = $144,950

Direct Labor for 16,250 unit = $206,500*16,250/12,500 = $268,450

Total Production Cost =  $144,950 + $268,450

Total Production Cost =  $413,400

Cost per unit of production = Total Production Cost / Total unit

For Previous month  = ($111,500 + $206,500) / 12,500

                                  = $318000/ 12,500

                                  = $25.44

For Next month = ($413400) / 16,250    

                           = $25.44

Answer:

Department B had an ending balance of 125 units.

Explanation:

Ending inventory balance of Department B = beginning inventory balance + additional units - transfered out units.

Department B had a beginning inventory balance of 150 units. During the accounting period, the department started an additional 950 units and 975 units were completed and transfered out.

Ending inventory balance of Department B = 150 + 950 - 975 = 125 units

Answer :

Department B had an ending balance of 125 units.

Explanation :

As per the question, the Ending inventory balance of the Department of B equals to the beginning of inventory balance plus the additional units minus the transferred out units.

Department B has a beginning inventory balance of about 150 units. At period, the department started with  950 units, and the 975 units were completed. Hence the ending inventory balance of
Department B = 150 + 950 - 975 = 125 units.

Find out more information about the inventory.

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Answer:

25,150 units

Explanation:

The question is to determine the number of production units that were started during the month.

Note that the company uses the First In First Out method for Process costing

Description                          Units in Process   completion (%)   Equivalent    

                                                                                                     completed (units)                              

The Equivalent Units             28,000                     100              28,000

Subtract:

Opening Work-in- progress    7,500                       60                 4,500

Closing Work in Progress       5,500                        70                3,850

Equivalent Units Started and Completed                                  19,650

Step 2: Equivalent Units Started

= Eqivalent Units started and completed +  Total Ending Units    

= 19,650 + 5,500 =     25,150 units

Answer:

The correct answer is: $319.8.

Explanation:

The Annual Percentage Rate or APR is the cost per year of borrowing. By law, all financial institutions must show customers the APR of a loan or credit card, which indicates the real cost of the loan. APR is not compounded. Annual Percentage Yield (APY) is.  

Thus, in the example:

Answer:

$247,300

Explanation:

Given that

Invested amount = Present value = $11,2000

Time = 10 years × 4 quarter = 40

The rate = 8% ÷ 4 = 2%

So, we have to applying the future value formula which is presented below:

Future value = Present value × (1 + interest rate)^ time period

                      = $112,000 × (1 + 0.02)^40

                      = $112,000 × 1.02^40

                      = $112,000 ×2.2080396636

                      = $247,300

To calculate the amount accumulated by Juan Garza, we can use the formula for compound interest and the financial calculator method. The final amount accumulated by Juan Garza is approximately $251,829.05.

To calculate the amount accumulated by Juan Garza, we can use the formula for compound interest: A = P(1 + r/n)^(nt), where A is the final amount, P is the principal (initial investment), r is the annual interest rate (as a decimal), n is the number of times the interest is compounded per year, and t is the number of years. In this case, P = $112,000, r = 0.08 (8% as a decimal), n = 4 (quarterly compounding), and t = 10 years.

Using the formula: A = 112000(1 + 0.08/4)^(4*10), we can calculate the final amount accumulated by Juan Garza.

Financial Calculator Method:

Using a financial calculator, we can input the values P = $112,000, r = 8%, n = 4, and t = 10, and calculate the accumulated amount directly.

Approximate Answer using Appendix A:

If you're looking for an approximate answer, you can use the values from Appendix A. From Appendix A, you can find the factor for 8% compounded quarterly over 10 years, which is approximately 2.208.

Final Calculation:

Using the formula: A = 112000(1 + 0.08/4)^(4*10), we find that the final accumulated amount by Juan Garza is approximately $251,829.05.

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Answer:

A. The allowance method matches losses with related sales better than the direct write-off method.

Explanation:

Credit losses refers to those losses which arise as a consequence of an enterprise extending credit to it's customers. This is in the form of default by customers upon payment, termed as bad debts losses.

Under the allowance method, a percentage of sales which is estimated as non recoverable is provided for as Bad debts for the current period and recorded via an adjusting entry at the end of accounting period.

It represents a provision created against debtors as doubtful debts. This is an estimation. Later when such bad debts are confirmed, following journal entry is passed:

Allowance for Bad and doubtful debts                        Dr.

      To Accounts Receivables

(Being loss on account of bad debts recorded)

Under direct write off method, bad debts losses are directly written off as and when they occur and no allowance or provision is made in advance against them.

Answer:

a) $400 b)$350 c) $350 d)$220 e) $150

Explanation:

The question is divided into 5 parts:

Part a) Determine the Gross Domestic Product Contribution by Barry's company

GDP represents a total of goods and services consumed within a nation's borders within a certain period of time. Barber, Inc contribution is the value of haircut service rendered to the citizens which is $400

Part b) Net National Product This represents Barry's total income when the depreciation is subtracted  from the income.

Income is $400 and equipment depreciation is $50

Net national Product = $400 - $50 = $350

Part c) Barber Inc's contribution to national income: The national income represents the total income earned by the resident of a country and it is usually calculated as the same value as the Net National Product. The contribution to national income = $350

Part d) Personal Income: this is seen as Barry the Barber, inc's income. The figure usually excludes indirect business taxes as well as retained earnings. The formula is= national Income - Retained earnings - Sales tax

= $350- 100-30 = $220

Part e) Disposable Personal Income: This represents the income left to a business after it has paid government dues such as personal taxes.

It is calculated as Personal Income- personal tax

=220-70 = $150

Answer:

The purpose of a debt service fund is to pay back long term debt issued to finance a specific government project alongside with the principal and interest accrued to it.

Part B: Yes

Explanation:

A debt service fund require budgeting because with budgeting, payments of debts are easily managed and it also ensures fund availability as at the moment it is needed.

Answer:

The correct answer is letter "C": Is personally liable for partnership debts.

Explanation:

A Partnership is an entity that operates a company with two or more owners. They share the profits in proportion to their relationship benefit in percentage terms. There are two types of partnerships: general partnerships (unlimited liability) and limited partnership (liability according to the percentage contributed to the partnership).

Answer:

67,860 WAFERS

Explanation:

The question is to determine the number of wafers the cooling tube holds on average when in production?

First, what is the rate of wafers that are produced per second during the production process = 87 wafers

Secondly, we determine the entire time it takes a  batch of wafers (in seconds) to completely pass through the cooling tube as follows

=Time to pass through x 60 seconds (to convert the minutes to seconds)

= 13 Minutes x 60 seconds = 780 Seconds

Finally, we determine the number of wafers the cooling tube can hold as follows:

The number of seconds it takes to pass through the cooling tube x the number of wafers produced per second

= 780 seconds x 87 wafers

= 67,860 Wafers.

The cooling tube therefore holds on average 67,860 WAFERS when it is in production.

To find out how many wafers the cooling tube holds on average when in production, multiply the rate of production per second (87 wafers) by the total seconds the wafers spend in the tube (780 seconds), which equals 67,860 wafers.

The first step in figuring out how many wafers are in the cooling tube on average when in production is to find out how many seconds are in the amount of time that the wafers are in the tube. There are 13 minutes in the cooling tube, which we can convert to seconds by multiplying by 60 because there are 60 seconds in a minute. Thus, 13 * 60 = 780 seconds.

The company produces wafers at the rate of 87 per second. So, to find out the number of wafers in the cooling tube on average while in production, multiply this rate by the number of seconds the wafers spend in the tube. Therefore, 87 * 780 = 67,860. So on average, the cooling tube holds 67,860 wafers when in production.

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Answer:

b) razors to increase.

Explanation:

The announcement by the American Medical Association will cause an increase in demand for razors since the perception will be men that shave their hair are less likely to die of heart attack.

There will be a shift in demand to the right, resulting in increase in demand at all prices.

A shift in demand occurs when other factors except for price causes a change in demand of a good.

The shift in demand is illustrated in the attached diagram.

Answer:

A. Attempt to see things from the audience's perspective.

Explanation: Proofreading is the process of ensuring that a document is void of major errors,in proofreading,the person involved is trying to read from the perspective of audience to ensure that the document meets certain criteria as stated if it is an academic project or research to be submitting or if it's a Novel or an article, effective proofreading will help to guarantee that the audience will find it Acceptable.

Final answer:

To revise and proofread a document effectively, one must adopt the audience's perspective, be open to feedback, and vet the writing through multiple revisions for both major structural changes and detailed proofreading.

Explanation:

To effectively revise and proofread a document, it is crucial to adopt the audience's perspective to better understand how your writing will be received. This approach involves several stages, starting with a substantial revision to see the big picture, which includes reorganizing and refining ideas and arguments to better suit the document’s purpose and reader's expectations. After taking a break to gain fresh eyes, engage a series of revisions, where each pass focuses progressively on fine-tuning the language, style, and accuracy of the text.

One key method for gaining perspective is to employ a checklist that centers on the audience's view of your work, allowing you to diagnose issues that may not be immediately apparent. Moreover, being open to feedback from others can offer invaluable insights that may not emerge in isolation. Importantly, revisions should go beyond mere editing to encompass substantive changes that improve the overall coherence and effectiveness of the document.

The revision process is not simply about finding new ways to rephrase words but about enhancing the entire document to ensure clarity, coherence, logical flow, and the fulfillment of the assignment’s objectives. In addition to self-review, seeking unbiased feedback and being open to constructive criticism can lead to significant improvements before finalizing the document.

Remember that effectively revising and proofreading are about refining both the global aspects of the document and the minutiae, ultimately resulting in a polished and comprehensible piece of writing that resonates with the intended audience.

Answer:

Manufacturing cost of job 532 = $46140

Explanation:

Given Data:

Direct Material Cost= $5,100

Direct Labor Cost=$36,900

Predetermined manufacturing overhead rate based on machine hours=$18

Direct labor hours worked =4,000

Machine hours used= 230

Required:

Manufacturing cost of Job​ 532=?

Solution:

Manufacturing cost=Direct Material Cost+Direct Labor Cost+(Manufacturing overhead rate * Machine hours used)

Manufacturing cost= $5,100+$36,900+($18*230)

Manufacturing cost= $46140

The total manufacturing cost of Job 532 is $46,140, calculated by adding up the costs of direct materials ($5,100), direct labor ($36,900), and manufacturing overhead ($4,140).

The total manufacturing cost for Job 532 includes the costs of direct materials, direct labor and overhead. The direct materials cost is $5,100 and direct labor cost comes to $36,900. The predetermined overhead rate is $18 per machine hour, therefore the overhead cost is the predetermined rate times the number of machine hours used, which equals to $18 x 230 = $4,140. Once you add up these three costs, you'll have the total manufacturing cost of Job 532, which is $5,100 (Direct material) + $36,900 (Direct labor) + $4,140 (Overhead) = $46,140.

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Answer:

Binding

$100

200

200

Shortage

Explanation:

A price ceiling is when the government or an agency of the government sets the maximum price for a good.

A price ceiling is binding when the price ceiling is below the equilibrium price.

To find the equilibrium price, equate qs to qd because at equilibrium, quantity supplied is equal to quantity demanded.

2P = 300 - P

3P = 300

P = 100

Equilibrium price is $100.

$100 > $90. Therefore, price ceiling is binding.

To find quantity supplied, plug in the value of P into the equation for quantity supplied

QS = 2(100) = 200

To find quantity demanded, plug in the value of P into the equation for quantity demanded

QD = 300 - 100 = 200

when price is below equilibrium price, quantity demanded increases while the quantity supplied decreases. This leads to a shortage.

I hope my answer helps you

Given the supply and demand curves, when the government imposes a price ceiling of $90, it is binding. At this price, the quantity supplied is 180, the quantity demanded is 210, therefore resulting in a shortage.

The market condition is described by the supply curve QS = 2P, and the demand curve QD = 300−P. A price ceiling is a maximum price set by a government above which the market price cannot rise. Given a price ceiling of $90, first, let's see if it is binding or non-binding. The equilibrium price is found where the quantity demanded equals the quantity supplied, if you equate these two: 2P = 300-P, solving this you find P = 100. This is the price without government intervention. Since the price ceiling is below this price (90 < 100), we can say that the price ceiling is binding.

At the price ceiling of $90, the quantity supplied can be computed by substituting the value into the supply equation: QS = 2P => QS = 2 * 90 = 180, and the quantity demanded by substituting into the demand equation: QD = 300−P => QD = 300 - 90 = 210. Therefore, a price ceiling of $90 will result in a shortage as the quantity demanded (210) is more than the quantity supplied (180).

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Answer:A

Explanation:

A regressive tax is a tax impose in such a manner that the tax rate decreases as the amount subject to taxation increases.

You just got hired as a quality intern for a small startup making 3D printers. Each printer uses a number of small motors and one of your jobs is to make sure that these motors, received from a small supplier, meet your RPM (revolutions per minute) specifications. The supplier sends you an mean chart (x-bar chart) with each batch of motors to show you that the average RPMs for each batch meets your specifications. Notwithstanding this information from the supplier, you are seeing some unexpected inconsistent performance among the motors within each batch. What should be your first step to help you and the supplier get to the bottom of this issue?

A. Make sure the supplier's manufacturing process is capable of meeting your design specifications

B. Instruct the supplier to send you a range chart with each batch and to not send you any more mean charts

C. In addition to a mean chart, have the supplier create and send you a range chart with each batch

D. Have the supplier create and send you a p-chart with each batch so that you can understand what proportion of all motors are bad

Answer:

Option C is correct.

Explanation:

Range chart is also known as a variable control chart which the range of the subgroup is used to establish instantaneous variation and used to evaluate how stable the variability is.

Answer:

Company C's expected cash flow is $2,400,000

Explanation:

Costs other than depreciation of Company C = 75% x $12,000,000 = $9,000,000

Income before tax = Sales - Costs other than depreciation - Depreciation expense = $12,000,000 - $9,000,000 - $1,500,000 = $1,500,000

The company's federal plus state tax rate is 40%,

Tax = $1,500,000 x 40% = $600,000

Company C's expected cash flow = Sales - Costs other than depreciation - Tax = $12,000,000 - $9,000,000 - $600,000 = $2,400,000

Note: Depreciation is a non-cash accounting expense, so it doesn't involve cash flow

Answer: Life cycle assessment

Explanation: Life cycle assessment is the systematic analysis of environmental impacts of products from design stage through end-of-life, raw materials and energy inputs to its disposal with the ultimate goal to reduce environmental impact. It is concerned with every stage of the life-cycle (from raw material extraction, processing of raw materials, production, distribution, usage and disposal) of a product, process, or service.

Answer:

The bonds were sold at $1,000 to yield as the market rate at the time.

Explanation:

To determinate the value of the bonds we divide the annual cash received on the coupon payment against the market rate at the time:

The formula for the value of a perpetuity is as  follows:

[tex]\frac{C}{r} =Value[/tex]

60 / 0.06 = 1,000

Answer:

Explanation:

The lease rent that depends  upon CPI rate and operating expenses has more risk than normal increase in value rent alternatives. Reason being that CPI can be increased or decreased in future and this will affect the builder's cashflow.

Likewise, operating expense is also an increase or decrease because the builder's cashflow can increase or decrease .

The risk level of all the four alternatives is shown below

Net lease with steps- Less risky

Net lease with CPI - Highly risky

Gross lease - Moderately risky

Gross lease with CPI - Highly risky

Leasing alternatives are ranked from lowest to highest risk based on cost predictability and expense responsibility. Net leases present less risk to property owners, while gross leases with operating expense responsibilities are riskier. Leases with CPI adjustments offer moderate risk due to potential variability in inflation.

The ranking of lease alternatives in terms of risk to the property owner depends primarily on the volatility of costs and the certainty of revenue over time. For instance:

Net lease with steps: This lease has increasing rent but transfers all operating expenses to the tenant, representing a lower risk since the income increases over time, and there's no risk associated with operating costs.

Net lease with CPI adjustments: This lease option also transfers all operating expenses to the tenant and adjusts rent based on CPI, which can be more uncertain depending on inflation rates, resulting in moderate risk.

Gross lease: The owner is responsible for operating expenses, which increases the risk if these expenses rise faster than the fixed rent received.

Gross lease with expense stop and CPI adjustment: This mitigates risk by having an expense stop, but variability in the CPI still introduces some risk.

In these scenarios, a step lease tends to offer more predictability and thus lower financial risk. The gross lease poses the highest risk since the owner must absorb any increases in operating expenses beyond the first year. Lastly, leases tied to the CPI can vary in risk depending on economic conditions.

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Answer:

a. Productive; Allocative

Explanation:

At full production capacity, all of the choices (no matter the trade-off) are productive by all means. However, the choice of a particular economy regarding the pinpoint on the production possibility frontier is representing allocative efficiency. One of the crucial tasks of economics is to efficiently allocate the resources in order to achieve full production capacity.

Answer:

Find it below

Explanation:

1. Expense Recognition - Record expenses in the preiod the related revenue is recognized

2. Periodicity - The life of an enterprise can be divided into artificial time periods.

3. Historical cost principle - The original transaction value or cost upon acquistion.

4. Materiality - Concerns the relative size of an item and its effect on decisions

5. Revenue recognition - Criteria usually satisfied for products at point of sale.

6. Going concern assumption - The entity will continue indefinitely

7. Monetary unit assumption - A common denominator is the dollar

8. Economic entity assumption - The enterprise is separate from its owners and other entities.

9. Full-disclosure principle - All information that could affect decisions should be reported

.

Final answer:

The provided list matches accounting concepts, such as the Expense Recognition and the Revenue Recognition, to their definitions, like recording expenses in the period revenue is recognized and criteria usually satisfied at the point of sale, respectively.

Explanation:

The question involves pairing accounting terms with their appropriate descriptions. Here is the correct association between List A and List B:

The principles and assumptions discussed are integral to accounting and provide a framework for financial reporting that ensures consistency and comparability across different entities.

Answer:

The correct answer is letter "B": industry-wide differentiation.

Explanation:

Industry-wide differentiation is a technique used by companies when they diversify their line of goods to reach unexplored sectors of the market and increase their chances of collecting higher revenue. Normally, this practice is carried out by large entities with enough funds for investment and covering risks.

Answer:

$233,677,865.61

Explanation:

The computation of the present value of this liability is given below:

As we know that

Future value = Present value ×  (1 + rate)^number of years

So,

Present value = Future value ÷ (1 + rate)^number of years

                       = $568,000,000 ÷ (1 + 6.1%)^15

                       = $568,000,000 ÷ 2.430696628

                       = $233,677,865.61

Answer:

The annuity will be $40916.60

Explanation:

Future value of land = Present value of land*(1 + rate)^n

Annuity = Future value of land*rate/(1 - 1/(1 + rate)^t)

             = $95,000*1.14^8*14%/(1 - 1/1.14^20)

             = $40916.55871562

Therefore, The annuity will be $40916.60

After investing $95,000 in land that increases in value by 14% annually for 8 years, the value of the land would be about $248,003.58. This is then turned into a 20-year annuity, generating an annual payment of approximately $3,546.67.

Morgan Jennings, a geography professor, first invests $95,000 in a parcel of land that is expected to increase in value by 14 percent per year for the next eight years. We use compound interest formula to calculate the future value of this investment: A = P*(1 + r/n)^(nt), where P is principal amount ($95,000), r is annual interest rate (14%, or 0.14), t is time the money is invested for (8 years), and n is number of times interest applied per time period (assumed to be 1 here).

After eight years, the value of the land would be $95,000 * (1 + 0.14)^8 = $248,003.58 approximately.

Next, Jennings will turn this into a 20-year annuity. The annuity payment can be found using the annuity formula: PVA = PMT * [(1 - (1 + r)^-t) / r], where PVA is present value of annuity ($248,003.58), PMT is annuity payment, r is annual interest rate (14%, or 0.14), and t is number of periods (20 years).

After rearranging, PMT = PVA * r / [(1 - (1 + r)^-t)], we get PMT = $248,003.58 * 0.14 / [(1 - (1 + 0.14)^-20)] = $3,546.67 approximately.



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Answer:

The correct answer is "Federal Register"

Explanation:

In the Federal Register we can find the rules of government agencies and public notices.

This is an approach that the government uses so that people have knowledge about new laws and regulations, requirements and guidance of the government. All proposed and approved government regulations are published in the Federal Register. For this reason, the Equal Employment Opportunity Commission is based on the Federal Register.

Answer:

a. the advertisements wasted money and time because they were not targeted properly

Explanation:

The advertisement is not well targeted, with the increased unemployment in this region and the fact that the major source of economic wealth ( the beer manufacturer) has been bought and relocated, means the economy is not well profiled for the luxury cars that are advertised.

The company should first of all do it's research to gauge how well profiled the residents of the economy is to their products.

Ideally the target if the advertisement should be a thriving economy where there is excess cash to purchase luxury goods.

The car dealership missed segmenting the market appropriately and identifying the need its business addressed. By running mass marketing TV advertisements without targeting the specific needs and preferences of the audience in the region hit hard by the recession, the dealership wasted money and time.

The car dealership missed segmenting the market appropriately and identifying the need its business addressed. By running mass marketing TV advertisements without targeting the specific needs and preferences of the audience in the region hit hard by the recession, the dealership wasted money and time.

Instead of focusing on high-end luxury vehicles, the dealership could have focused on offering affordable options, addressing the need for reliable transportation in a time of rampant unemployment. By understanding the economic circumstances of the target market and adapting their marketing strategy accordingly, the dealership could have been more effective in reaching potential customers.

Segmenting the market would have involved identifying specific groups within the region, such as budget-conscious consumers or individuals looking for fuel-efficient cars. Tailoring advertisements and promotions to these segments would have increased the chances of attracting customers who were more likely to consider purchasing a car despite the recession.

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Answer:

B. Each​ product, or​ job, uses the department to a different extent.

Explanation:

Departmental overhead rates uses a standard charge that is based on produced units attributed to a department.

Costs are applied with high precision.

When this model is used, the standard rate is multiplied by the number of units produced in the department, so there is no over allocation of resources.

For example if we consider the hours a machine operates. With a standard rate of $10 per hour, machine operation of 6 hours will give $10* 6 hours= $60