Answer:
A. True
Explanation:
Gas and electricity are called necessity goods. They are deemed too important to do without. They are essential to life. These categories of goods are insensitive to changes in income level.
Two primary characteristics that define perfectly competitive markets that necessity goods deviate from are:
· Demand is elastic. In perfect competition demand is inelastic i.e. Increase in price will lead to a significant change in quantity demanded. This is not so in necessity goods because these goods are essential to life. So increase in price of these categories of goods or decrease in income level of households will not have effect on the consumption of the goods.
· Bargaining Power of Supplier is high. In perfect competition, bargaining power of supplier is low i.e. suppliers have little power in influencing the price of goods but for necessity goods, reverse is the case. The bargaining power of suppliers is a little bit higher. Suppliers can influence price while consumers adjust.
Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory. Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank.
a) Journalize Cosimo Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity.
b) Journalize Dixon Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity.
Answer:
Cosimo Enterprises
cash 260,000 debit
note payable 260,000 credit
--to record issuance of the note--
note payable 260,000 debit
interest expense 1,625 debit
cash 261,625 credit
--to record honor of the note--
Dixon Industries
note receivables 260,000 debit
cash 260,000 credit
--to record reception of a note--
cash 261,625 debit
note receivable 260,000 credit
interest reenue 1,625 credit
--to record honor of the note--
Explanation:
principal x rate x time = interest
where time and rate must be express in the same metric.
In this case portion of a 360 year
260,000 x 0.05 x 45/360 = 1,625
At maturity we write-off the note account and reocgnize the interest expense/revenue depending on which side we are.
if we issued the noe, we are doin an interest expense.
If we have the note we receive the cash get interest revenue.
Final answer:
Journal entries for Cosimo Enterprises include the issuance of the note (debit Merchandise Inventory, credit Notes Payable) and payment at maturity (debit Notes Payable and Interest Expense, credit Cash). Dixon Industries' journal entries include the receipt of the note (debit Notes Receivable, credit Merchandise Inventory/Sales) and receipt of payment at maturity (debit Cash, credit Notes Receivable and Interest Revenue).
Explanation:
To address the student's question about journalizing the issuance and payment of a note, we first need to break down the transactions between Cosimo Enterprises and Dixon Industries. Cosimo Enterprises issued a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory, assuming a 360-day year.
For Cosimo Enterprises:
Issuance of the note:
Debit Merchandise Inventory $260,000
Credit Notes Payable $260,000
Payment of the note at maturity (including interest):
Interest calculation: $260,000 × 5% × (45/360) = $1,625
Debit Notes Payable $260,000
Debit Interest Expense $1,625
Credit Cash $261,625
For Dixon Industries:
Receipt of the note:
Debit Notes Receivable $260,000
Credit Merchandise Inventory/Sales $260,000
Receipt of the payment of the note at maturity (including interest):
Debit Cash $261,625
Credit Notes Receivable $260,000
Credit Interest Revenue $1,625
Ashton is an investor looking at the income statements of two different companies. The first company has a very detailed income statement, and the second company has a very condensed income statement. Which company is Ashton more likely to invest in? Why?
Answer:
The first company with detailed information.
Explanation:
Financial statements show the financial position of a company at a particular period in time. The various types are balance sheet, income statement, and cash flow statement.
The income statement shows more clearly value of the company.
When Ashton is studying the income statement, he will need as much detail as possible so that he can make informed decision to invest.
The company with detailed income statement will be a better option. The company with condensed income statement will most likely not reveal some important information that will present itself as an unpleasant surprise in the future.
Ashton is more likely to invest in the company with the condensed income statement. A condensed income statement provides a summary of the company's financial performance in a concise manner. This suggests that the company may be well-managed and focused on key financial metrics.
Explanation:Ashton is more likely to invest in the company with the condensed income statement. A condensed income statement provides a summary of the company's financial performance in a concise manner, making it easier for Ashton to quickly identify key information. In contrast, a detailed income statement may be overwhelming and time-consuming to analyze.
Additionally, a condensed income statement indicates that the company has a good understanding of its financial performance and can present its information efficiently. This suggests that the company may be well-managed and focused on key financial metrics.
Therefore, Ashton is more likely to invest in the company with the condensed income statement as it provides a clearer and more efficient overview of the company's financial performance.
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A certain delivery service offers both express and standard delivery. Seventy-five percent of parcels are sent by standard delivery, and 25% are sent by express. Of those sent standard, 80% arrive the next day, and of those sent express, 95% arrive the next day. A record of a parcel delivery is chosen at random from the company's files.
Answer:
Probability, P(n) = 3/8
Explanation: Let standard delivery be S and express delivery be E.
I) When the parcels were sent:
S(n) = 75/100 and E(n) = 25/100
II) When the parcels arrived:
S(n)← = 80/100 and E(n)← = 95/100
The probability a record of a parcel delivery is chosen, P(n) = S(n)*E(n) + E(n)*S(n) = 75/100*25/100 + 25/100*75/100
P(n) = 3/16 + 3/16 = 6/16
∴ P(n) = 3/8
Kristen, a single taxpayer, receives two 2018 Forms W-2 from the two employers she worked for during the year. One Form W-2 lists her wages in Boxes 1, 3, and 5 as $18,700. Her other employer’s Form W-2 has $43,000 in Box 1 but $46,500 in both Box 3 and Box 5. Kristen participated in the second employer’s 401(k) plan. She also received health care from her second employer. Lastly, her second employer provided $30,000 of group term life insurance to Kristen.
a. What amount should Kristen report as taxable wages in 2018?
$
Feedback
div class="narrative5">
The primary form of reporting wages to an employee is through Form W-2. An employee should receive a Form W-2 from an employer, each year, providing information about the wages paid, taxes withheld, as well as certain employee benefits. The employee uses the information provided on the Form W-2 when filing his or her individual income tax return.
b. What could explain the difference between Box 1 wages and Boxes 3 and 5 on her second employer’s W-2?
Answer:
A) $61,700
B) Kristen's contributions ($3,500) to her employer's 401(k) plan cause the difference between Boxes 3 and 5, and Box 1 in Kristen's second W-2 Form.
Explanation:
A) Kristen's taxable wages = Box 1 of the first W-2 Form: $18,700, plus Box 1 of the second W-2 Form: $43,000. If the group term life insurance was larger than $50,000, Kristen should have reported the premiums as part of her taxable income, but since the amount is lower ($30,000) it is not taxed.
Haulsee Inc. builds 800,000 golf carts a year and purchases the electronic motors for these carts for $370 each. Ordering costs are $540 and Haulsee’s inventory carrying costs average 14% of the inventory value. What is the total inventory costs? a. $565,443 b. $224,331 c. $211,555d. $211,555,120
Answer:
Correct answer is c. $211,555.
Explanation:
Here inventory cost means total ordering cost plus total carrying cost for they year. This can be determine by using simple EOQ (economic order quantity) formula given below.
EOQ =((2* Annaul Requirement * cost per order)/carrying cost per unit)^ (1/2)
EOQ = ((2*800,000*540)/(370*14%))^(1/2)
EOQ = 4,084 units
so
Total order cost = 800.000/4,084 * 540 = 196 (aprox) *540 = 105,840 -A
Total Carrying cost = 4,084/2 * (370*14%) = 105,776-B
Total Cost = A+B = $ 211,555 (aprox)
On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings. TRANSACTIONS The owner invested $94,000 in cash to begin the business. Paid $19,150 in cash for the purchase of equipment. Purchased additional equipment for $13,200 on credit. Paid $11,200 in cash to creditors. The owner made an additional investment of $27,000 in cash. Performed services for $7,600 in cash. Performed services for $5,100 on account. Paid $3,400 for rent expense. Received $2,900 in cash from credit clients. Paid $5,860 in cash for office supplies. The owner withdrew $8,400 in cash for personal expenses. Record in equation form the changes that occur in assets, liabilities, and owner’s equity for the above transactions.
Answer:
The bold letters indicate the changes made and the effects of the transactions.
Where OE= Owner's Equity
AR = Account Receivable
R= revenue
E= expenses
Asset = Liabilities + Owner's Equity
a Cash = OE
+ 94,000= + 94,000
b Asset = Liabilities + Owner's Equity
Cash + Equipment = OE
+ 94,000 = + 94,000
- 19150 + 1950 =
New
Balance 74,850 + 19150 = 94000
c. Asset = Liabilities + Owner's Equity
Cash+ Equipment = Accounts Payable + OE
74,850 + 19150+ 13,200 = 13,200 + 94000
d. Asset = Liabilities + Owner's Equity
Cash+ Equipment = Accounts Payable + OE
74,850 + 19150+ 13,200 = 13,200 + 94000
-11,200 = 11,200
+ 19150+ 13,200 = 2000 + 94000
e Asset = Liabilities + Owner's Equity
Cash+ Equipment = Accounts Payable + OE
74,850 + 19150+ 13,200 = 2000 + 94000
27,000 = 27000
101,850 +19150+ 13,200 = 2000 + 121,000
f. Asset = Liabilities + Owner's Equity + Revenue
Cash+ Equipment = Accounts Payable + OE + R
101,850 +19150+ 13,200 = 2000 + 121,000 + 7600
7600 .
109450+19150+ 13,200 = 2000 + 121,000 + 7600
g. Asset = Liabilities + Owner's Equity + Revenue
Cash+ Equipment + AR = Accounts Payable + OE + R
101,850 + 32350+ 5100 = 2000 + 121,000 + 7600 + 5100
101,850 + 32350+ 5100 = 2000 + 121,000 + 12700
h. Asset = Liabilities + Owner's Equity + Revenue -Expenses
Cash+ Equipment + AR = Accounts Payable + OE + R- E
101,850 (- 3400)+ 32350+ 5100 = 2000 + 121,000 + 12700- 3400
98450+ 32350+ 5100 = 2000 + 121,000 + 12700- 3400
i. Asset = Liabilities + Owner's Equity + Revenue -Expenses
Cash+ Equipment + AR = Accounts Payable + OE + R- E
98450( + 2900)+ 32350+ 5100(-2900) = 2000 + 121,000 + 12700- 3400
101350 + 32350+ 2200= 2000 + 121,000 + 12700- 3400
j. Asset = Liabilities + Owner's Equity + Revenue -Expenses
Cash+ Equipment + AR + Office Supplies = Accounts Payable + OE + R- E
101350(- 5860) + 32350+ 2200 + 5860= 2000 + 121,000 + 12700- 3400
k. Asset = Liabilities + Owner's Equity + Revenue -Expenses
Cash+ Equipment + AR + Office Supplies = Accounts Payable + OE + R- E
101350 + 32350+ 2200 + 5860= 2000 + 121,000 + 12700- 3400
-8400 -8400
92950 + 32350+ 2200 + 5860= 2000 + 121,000 + 12700- 11800
The student's question about recording the transactions of Wrigley Home Appraisal Services involves applying the fundamental accounting equation (Assets = Liabilities + Owner’s Equity) to represent how each business activity affects the company's financial position.
The question involves recording the changes in assets, liabilities, and owner’s equity for Tommy Wrigley’s business transactions in equation form. In accounting, every transaction impacts the accounting equation, which states that assets equal liabilities plus owner’s equity (Assets = Liabilities + Owner’s Equity). We can represent each transaction with its effect on this equation.
The owner invested $94,000 in cash: Assets increase, Owner’s Equity increases.
Paid $19,150 for equipment: Assets increase, Cash (an Asset) decreases.
Purchased $13,200 of equipment on credit: Assets increase, Liabilities increase.
Paid $11,200 to creditors: Liabilities decrease, Cash decreases.
Additional investment of $27,000: Assets increase, Owner’s Equity increases.
Performed services for $7,600 in cash: Cash increases, Owner’s Equity increases (Revenue).
Performed services for $5,100 on account: Accounts Receivable increases, Owner’s Equity increases (Revenue).
Paid $3,400 for rent: Expenses increase (Owner’s Equity decreases), Cash decreases.
Received $2,900 from credit clients: Cash increases, Accounts Receivable decreases.
Paid $5,860 for office supplies: Office Supplies (an Asset) increase, Cash decreases.
Owner withdrew $8,400 for personal use: Cash decreases, Owner’s Equity decreases (Drawings).
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. The opportunity cost of one pair of shoes for the United States is, while the opportunity cost of one pair of shoes for Canada is Multiple Choice A. 2.000 apples: 200 apples B. 5 apples; 2 apples C. 5 apple, ½ apple D. 100 apples; 20 apples
Answer:
The opportunity cost of one pair of shoes for the United States is, while the opportunity cost of one pair of shoes for Canada is B. 5 apples; 2 apples
Explanation:
An American worker can make 20 pairs of shoes or grow 100 apples per day. The opportunity cost of 20 pairs of shoes for the United States are 100 apples. The opportunity cost of one pair of shoes for the United States = 100 apples/20 = 5 apples
A Canadian worker can produce 10 pairs of shoes or grow 20 apples per day.
The opportunity cost of 10 pairs of shoes for Canada are 20 apples.
The opportunity cost of one pair of shoes for Canada = 20 apples/10 = 2 apples
What is the relationship between the Employee class and the Manager class? What concept does this demonstrate
Answer:
Here, The Manager class is a child class of Employee class. There is an “Is-A” relationship between the manager and employee classes. Here Manager class extends from Employee class. That means Manager “is an” Employee.
It means Manager class objects will have the fields of the Employee class but it cannot access them on its own as my Name, my Title and my Age are declared private. It has to use super keyword and super class methods and constructors to access those fields. But, Manager class can access mySalary on its own because it is declared protected. As a sub class object can call super class methods ( which are public and protected ), the sub class objects can access those field indirectly by using super class constructors and methods. It means the Manager class cannot directly control the Employee class fields without using Employee class constructors and methods.
Choose the correct statement regarding the structure of the plasma membrane. Multiple Choice
a. The membrane is composed of water-soluble molecules, to allow movement of water between the fluid compartments.
b. Carbohydrates in the plasma membrane can serve as a source of immediate energy for the cell.
c. The hydrophobic center of the plasma membrane will restrict the movement of fat-soluble substances through the membrane.
d. The movement of proteins in the plasma membrane allows for cellular adaptations to the extracellular environment.
Answer:D
Explanation:
The movement of protein in the plasma membrane allows for cellular adaptation to the extracellular environment
What is true about the structure of the plasma membrane is that the movement of proteins in the plasma membrane allows for cellular adaptations to the extracellular environment.
The plasma membrane is also known as cell membrane because its separates the interior of the cell from the outside.
The plasma membrane in the cell helps to regulates the transport of materials entering and exiting the cell.Hence, it is true that movement of proteins in the plasma membrane allows for cellular adaptations to the extracellular environment.Therefore, the Option D is correct.
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How long will it take for the dollar's purchasing power to be 3/4ths of what it is now, if the general inflation rate is expected to continue at 5%?
To figure out when the dollar's purchasing power will be 3/4 of its current value with a 5% inflation rate, use the exponential decay formula. It will take approximately 5.8 years for the purchasing power to decrease to three-fourths at this inflation rate.
The question concerns how long it will take for the dollar's purchasing power to decrease to three-fourths of its current value with an ongoing inflation rate of 5%. This is a mathematical problem involving exponential decay of purchasing power over time.
To determine when the purchasing power will be 3/4ths of its current value, you can use the formula for exponential decay of purchasing power: P(t) = P0*(1 - r)^t, where P(t) is the purchasing power at time t, P0 is the initial purchasing power, r is the inflation rate, and t is time in years.
To find t, you set P(t)/P0 equal to 3/4ths and solve the equation for t when r is 0.05 (5%). The calculation will yield t ≈ 5.792, meaning it will take approximately 5.8 years for the value of the dollar to decline to three-fourths its current value at a 5% inflation rate.
Klingon Widgets, Inc., purchased new cloaking machinery three years ago for $4.4 million. The machinery can be sold to the Romulans today for $6.6 million. Klingon’s current balance sheet shows net fixed assets of $3.2 million, current liabilities of $750,000, and net working capital of $134,000. If all the current accounts were liquidated today, the company would receive $865,000 cash. a. What is the book value of Klingon’s total assets today? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.) b. What is the sum of the market value of NWC and the market value of fixed assets? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.)
Final answer:
The book value of Klingon's total assets today is $3,334,000. The sum of the market value of net working capital and fixed assets is $7,465,000.
Explanation:
Let's begin by addressing part a of the student's question.
The book value of Klingon’s total assets today is the sum of its net fixed assets and its net working capital (NWC). This is given by the following calculation:
Book Value of Total Assets = Net Fixed Assets + Net Working Capital
Book Value of Total Assets = $3,200,000 (from net fixed assets) + $134,000 (from net working capital) = $3,334,000.
Now, let's continue with part b of the question.
The sum of the market value of NWC and the market value of fixed assets can be calculated by adding the market value of the fixed assets (what they can be sold for today) and the cash that would be received if all current accounts were liquidated (which is effectively the market value of NWC). This is given by:
Sum of Market Values = Market Value of Fixed Assets + Market Value of NWC
Sum of Market Values = $6,600,000 (market value of machinery) + $865,000 (cash on liquidation of current accounts) = $7,465,000.
True or False: The shape of the production function reflects the law of diminishing marginal returns. True False
Answer: True
Explanation: The slope of the production function measures the change in output for each additional unit of input (the marginal return). It can be observed that the production function becomes flatter as more number of input is added. This exhibits the property of diminishing marginal return where at some point, adding an additional factor of production results in smaller increases in output. At this point, the effectiveness of each additional unit of input decreases.
It should be noted that the shape of the production function reflects the law of diminishing marginal returns.
What is production function?Production function, serves as the equation that explains the relationship that exists between the quantities of productive factors as well as the
amount of product obtained.
It helps to reflects the law of diminishing marginal returns.
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Which of the following types of value chain processes directly creates and delivers goods and services to customers? Question 3 options: General management processes Postproduction processes Support processes Core processes
Answer:
Core process:
Explanation:
The value chain is considered to be that network that defines the way of distributing goods and services to the customers. It also consists of details of all transaction that is done throughout the process of distributing goods to the customers.
The Core Process is a process in involves in the value chain which handles the delivery of goods and services directly to the customers
In deciding whether or not to expand operations to Singapore, Digital Control Enterprises performed a(n) _______, in which it identified and analyzed the economic, social and competitive factors that may affect its success.
Answer:
Environmental scanning
Explanation:
Environmental scanning nos done by new businesses that are entering a new market and it involves gathering information about events within a market space and how they affect an organisation's internal and external environment. It is used to determine the future direction of the organisation.
Digital Control Enterprises is performing a environmental scan to determine if they will expand operations in Singapore.
Which of the following executive roles is responsible for overall priority setting, project selection and prioritization, general guidance and encouragement?a. Steering Team b. Sponsor c. Project Management Office d. Chief Projects Officer
The executive role responsible for overall priority setting, project selection and prioritization, general guidance and encouragement is the Steering Team.
Explanation:The executive role responsible for overall priority setting, project selection and prioritization, general guidance and encouragement is the Steering Team.
The Steering Team is usually made up of high-level executives who set the direction and make crucial decisions for the organization. They prioritize projects based on the organization's goals and strategic objectives. They also provide general guidance and encouragement to ensure projects stay on track.
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Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred:
Jan. 1 Issued common stock in exchange for $103,000 cash.
2 Purchased inventory on account for $38,000 (the perpetual inventory system is used).
4 Paid an insurance company $2,760 for a one-year insurance policy. Prepaid insurance was debited for the entire amount.
10 Sold merchandise on account for $12,300. The cost of the merchandise was $7,300.
15 Borrowed $33,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months.
20 Paid employees $6,300 salaries for the first half of the month.
22 Sold merchandise for $10,300 cash. The cost of the merchandise was $6,300.
24 Paid $15,300 to suppliers for the merchandise purchased on January 2.
26 Collected $6,150 on account from customers.
28 Paid $1,000 to the local utility company for January gas and electricity.
30 Paid $4,300 rent for the building. $2,150 was for January rent, and $2,150 for February rent. Prepaid rent and rent expense were debited for their appropriate amounts.
Required:
1. Prepare general journal entries to record each transaction.
2. Post the transactions into the appropriate T-accounts.
3. Prepare an unadjusted trial balance as of January 30, 2021.
Answer:
1. General journal entries to record each transaction.
Jan. 1 Dr. Cr
Cash $103,000
Common Stock $103,000
Jan. 2 Dr. Cr
Inventory $38,000
Account Payable $38,000
Jan. 4 Dr. Cr
Prepaid Insurance $2,760
Cash $2,760
Jan. 10 Dr. Cr
Account Receivable $12,300
Sale $12,300
Cost of Goods Sold $7,300
Inventory $7,300
Jan. 15 Dr. Cr
Cash $33,000
Note Payable $33,000
Jan. 20 Dr. Cr
Salary Expense $33,000
Cash $33,000
Jan. 22 Dr. Cr
Cash $10,300
Sale $10,300
Cost of Goods Sold $6,300
Inventory $6,300
Jan. 24 Dr. Cr
Account Payable $15,300
Cash $15,300
Jan. 26 Dr. Cr
Cash $6,150
Account Receivable $6,150
Jan. 28 Dr. Cr
Utility Expense $1,000
Cash $1,000
Jan. 30 Dr. Cr
Rent Expense $2,150
Prepaid Rent $2,150
Cash $4,300
2.
MS Excel File is attached for T accounts Posting in Worksheet Named as " T Account". Please Find that.
3.
MS Excel File is attached for unadjusted trial balance in Worksheet Named as " Trial Balance". Please Find that.
To compute the firm's accounting profit, subtract the total expenses ($950,000) from the sales revenue ($1 million), resulting in an accounting profit of $50,000 for the year.
Explanation:The question concerns the calculation of a firm's accounting profit, which is determined by subtracting all expenses from sales revenue. To calculate the accounting profit, we take the firm's total sales revenue of $1 million and deduct the costs of labor, capital, and materials, which are $600,000, $150,000, and $200,000 respectively.
Accounting profit = Sales revenue - (Labor costs + Capital costs + Materials costs)
Accounting profit = $1,000,000 - ($600,000 + $150,000 + $200,000)
Accounting profit = $1,000,000 - $950,000
Accounting profit = $50,000
This calculated figure represents the firm's net income or accounting profit for the year, after accounting for the explicit costs.
A product sells for $125, variable costs are $80, and fixed costs are $45,000. If the selling price can be increased by 20% with a similar increase in variable costs, how many fewer units would have to be sold to earn $300,000? (Round the answer to the nearest unit.)
Final answer:
To earn $300,000, we need to set up an equation and solve for the number of units that need to be sold.
Explanation:
To calculate the total revenue, we multiply the selling price by the number of units sold. In this case, the selling price of the product is $125. Let's assume that the number of units sold is x. So, the total revenue is 125x.
With a 20% increase in the selling price and the variable costs, the new selling price would be 1.2 times the original selling price ($125 x 1.2).
Similarly, the new variable costs would be 1.2 times the original variable costs ($80 x 1.2).
To earn $300,000, the total revenue must be equal to the total costs, which include the variable and fixed costs.
So, we can set up the following equation: 1.2(125x) = (80 x 1.2)x + $45,000 + $300,000.
Solving this equation will give us the value of x, which represents the number of units that need to be sold to earn $300,000.
Brief Exercise 12-8 have a carrying Ayayai Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $300,000. The Johnson Division's net assets, including the good amount of $650,000. The fair value of the division is estimated to be $620,000 and the implied goodwill is $270,000 Prepare Ayayai journal entry to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
Answer:
Explanation:
Since the fair value of the division is less than the carrying value of the division so the loss on impairment is recorded
The journal entry to record the impairment of the goodwill is shown below:
Loss on impairment A/c Dr $30,000
To Goodwill A/c $30,000
(Being loss on impairment is recorded)
The computation is shown below:
= Carrying value - fair value
= $300,000 - $270,000
= $30,000
Final answer:
To record the impairment of goodwill, Ayayai Corporation would debit Loss on Impairment of Goodwill for $30,000 and credit Goodwill for the same amount, reflecting the decrease from the previously recorded $300,000 to the new implied goodwill of $270,000.
Explanation:
The student's question involves recording an impairment of goodwill for Ayayai Corporation's purchase of Johnson Company. Initially, goodwill of $300,000 was recorded, but due to impairment, the fair value decreased, and the implied goodwill is now at $270,000. To record the impairment loss, the company would need to make the following journal entry:
Loss on Impairment of Goodwill Debit $30,000According to an integrated marketing communications planning model, which of the following activities is best associated with the step "integrate and implement marketing communications strategies"?
Answer:
Purchasing the media space as well as time
Explanation:
IMC stands for the Integrated Marketing Communication, is the plan or an approach that accomplish the goals of the campaign of the marketing, through the well coordinated use of the different methods of the promotional, which are intended to reinforce with each other.
The activity which best states or linked with the step of implement and integrate the strategies of the marketing communications, is to buy the media space as well as time in order to promote the product or service.
Final answer:
Integrating and implementing marketing communications strategies involves using various communication channels cohesively to create a synergistic marketing campaign that effectively reaches and resonates with the target audience, considering factors like medium effectiveness and audience engagement.
Explanation:
The step "integrate and implement marketing communications strategies" in an integrated marketing communications planning model involves combining various communications channels and tactics to ensure a coherent and synergistic approach to a campaign. This step ensures that all modes of communication—whether social media, textual or non-textual media like images and videos—are effectively used to convey the campaign's message. The integration looks at the effectiveness of combining these modes and assesses how well they reach and resonate with the intended audience.
It considers the appropriateness of the chosen media to support the argument or objective of a marketing campaign. For instance, a campaign promoting healthy eating might utilize songs, flyers, and social media to create a cohesive message that encourages healthy dietary choices. Each piece of the campaign must work together seamlessly to inform, persuade, or remind the target audience about the campaign’s key messages and goals.
The approach takes into account the insights from research, current best practices, and how to build upon or differentiate from existing efforts. It is the comprehensive execution of the campaign, ensuring the strategy is implemented across the selected channels to effectively communicate and engage with the audience.
A company that accepts responsibility for a problem and does all that society expects to solve that problem is using a:_______. a) defensive strategy. b) a proactive strategy. c) an accommodative strategy. d) a reactive strategy.
The company is using an accommodative strategy by accepting responsibility for a problem and doing all that society expects to solve that problem.
What is an Accommodative strategy?An accommodative strategy can be defined as a strategy when an organization chooses to claim responsibility for a crisis and works on the creation of strategies that would avoid the possibilities of future crises.
In business terms, an accommodative strategy is a strategy under which management takes a positive view towards Corporate Social Responsibilities and acts positively to fulfill the needs of society.
Therefore the correct option is C.
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In January, Dieker Company requisitions raw materials for production as follows: Job 1 $970, Job 2 $1,520, Job 3 $810, and general factory use $660. During January, time tickets show that the factory labor of $7,600 was used as follows: Job 1 $2,390, Job 2 $1,730, Job 3 $1,560, and general factory use $1,920.
Prepare the job cost sheets for each of the three jobs.
Answer:
Dieker Company
Job Cost Sheet of
Job1 Job2 Job3
Materials $970 $ 1520 $ 810
Factory Labor $2390 $ 1730 $1560
General Factory
Indirect material $ 660 $ 660 $ 660
Indirect labor $ 1920 $ 1920 $ 1920
Total $ 5940 $5830 $ 4950
Cost of Job 1
Materials $ 970
Factory Labor $ 2390
G. Factory $ 2580
Total $ 5940
Cost of Job 2
Materials $ 1520
Factory Labor $ 1730
G. Factory $ 2580
Total $ 5830
Cost of Job 3
Materials $ 810
Factory Labor $ 1560
G. Factory $ 2580
Total $ 4950
The job cost sheets for Job 1, Job 2, and Job 3 are $3,360, $3,250, and $2,370 respectively, calculated as the sum of each job's raw materials and labor costs.
Explanation:This is about preparing job cost sheets. Here's how to do it for each of the three jobs.
Job 1
Raw materials: $970
Labor: $2,390 Total cost: $3,360
Job 2
Raw materials: $1,520
Labor: $1,730
Total cost: $3,250
Job 3
Raw materials: $810
Labor: $1,560
Total cost: $2,370
Each of these totals represents the combined cost of raw materials and factory labor assigned to each job. General factory use costs are typically not assigned to specific jobs but are accounted as overheads.
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Owners of business firms are the only people who need accounting information. Group of answer choices False True
Answer:
False
Explanation:
There are basically two users who are needed the accounting information
1. External users: The internal users are the users who are outside the business entity. It comprises of suppliers, customers, government agencies, investors, financial institution, etc
2. Internal users: The internal users are the users who are inside the business entity. It comprises of owners, employees, managers. etc
Therefore, all the kind of users are needed the accounting information
Portfolio income included all of the following EXCEPT:
a. Royalties not derived in the ordinary course of the trade or business
b. Dividends from accumulated earnings and profits of an S corporation
c. Guaranteed payments received by a partner
d. Interest
Answer:
Guaranteed payments received by a partner
Explanation:
Guaranteed payments from a partner is considered as passive income.
Portfolio income is income from various investments including shares, mutual funds, annuity, and shares. Such as interest, dividends, royalties, capital gains from stock sales.
The other types of income are earned income and passive income.
Portfolio income includes many types of income but one income it does not include is c. Guaranteed payments received by a partner.
Portfolio income:
Includes income that one earns from investments in companies they do not actively participate in. Includes royalties, dividends, and interest payments.Guaranteed payments to partners are income that are derived from a person actively involved in a company and so will not be considered to be portfolio income.
In conclusion, option c is correct.
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Walborn Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in a particular department consisted of 18,000 units, 100% complete with respect to materials cost and 40% complete with respect to conversion costs. The total cost in the beginning work in process inventory was $25,200. A total of 53,000 units were transferred out of the department during the month. The costs per equivalent unit were computed to be $1.6 for materials and $3.3 for conversion costs. The total cost of the units completed and transferred out of the department was:
A. $259,700
B. $254,180
C. $189,740
D. $225,380
Which of the following statements is FALSE about outsourcing? It saves both direct and indirect management time. It reduces implementation risk. It gains economies of scale. It guarantees a certain a level of quality. It provides easy access to expertise.
Answer: The correct answer is "It guarantees a certain a level of quality.".
Explanation: It is called outsourcing in the business world, the process in which an organization hires other external companies to take over part of its activity or production.
The statement "It guarantees a certain a level of quality." is FALSE because there is no guarantee that outsourcing always means providing a certain level of quality.
The outsourcing has been unable to provide the quality of work to the organization. Thus, option D is correct.
The outsourcing can be defined as the business practice that has been carried out by the hiring of third party for performing a specific task. The outsourcing has been adopted with the decreased level of management.
The outsourcing has been capable of implementing the reduction in the risk factor, as the task has been performed by the third party and they have been responsible for the inappropriate task.
It has been characterized with the easy access as well as the economic profit. However, it has been unable to provide the quality of work to the organization. Thus, option D is correct.
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Segmentation and targeting influence a company’s resource allocation, potentially affecting strategic decisions in all of the following areas except:
A.) price
B.) advertising
C.) mission formulation
D.) customer management
E.) sales force
Answer:
The correct answer is letter "C": mission formulation.
Explanation:
Segmentation and targeting is the process by which companies classify their existing and potential customers by sex, age, race, and income. This is done to analyze specific consumers' preferences and behavior so the firm can provide them with a good or service they are likely to consume.
Segmentation implies analyzing pricing, salesforce, advertising, and customer management but mission formulation is a step that the firm takes before starting segmenting its market.
Segmentation and targeting impact strategic decisions in price, advertising, customer management, and sales force but not mission formulation, which defines a company's core purpose and values.
The question asks which area is not affected by segmentation and targeting in the context of a company's strategic decisions. Options given are price, advertising, mission formulation, customer management, and sales force. While segmentation and targeting directly influence decisions related to price, advertising, customer management, and sales force by determining how resources are allocated towards different market segments, mission formulation stands out as mostly unrelated. The company's mission is generally broad and foundational, defining its purpose, core values, and over-arching goals, which are not typically altered based on segmentation and targeting strategies. Hence, the correct answer is C) mission formulation.
In terms of mission, aspirations, and risk propensity, what are investors looking for in a team? Select one: a. That its missions and aspirations are closely aligned with those of the entrepreneurial team b. That the entrepreneurs are willing to share in the financial risk of the venture c. That the entrepreneurs are ultimately willing to exit the business d. All of the above
Answer:
a.That its missions and aspirations are closely aligned with those of the entrepreneurial team
Explanation:
Separation between the investors and the management team of a business brings about business interest risk. The business interest risk is the probability that the investors interest will be different from the business management interest. In order to align their interests with that of the entrepreneurial team of a business, investors normally for missions and inspirations that are closely aligned with those of the entrepreneurial team.
This congruence is important for boosting investors` confidence in the entrepreneurial team, because it shows that the investors and the entrepreneurial team are on the same page.
Option B is obvious in all business. It can`t be a deciding factor.
Option C is incorrect for this context.
Categorize each statements as a component of Gross Domestic Product (GDP): consumption, investment, government, or net exports. If it is not included in GDP, leave it unplaced. Consumption Investment Goverment Net exports Answer Bank
Answer:
'Government Expenditure' not 'Government' is a component of GD[
Explanation:
GDP is the total value of goods & services produced in an economy during an year.
As per Expenditure method :
It is calculated as 'expenditure' done by all sectors of economy as "one person expenditure is other person income". 4 sectors are : households , firms, government ,rest of the world. Their respective demand expenditures are : Private Final Consumption Expenditure , Government Final Consumption Expenditure, Investment (Gross domestic Capital Formation) , Net Exports.Answer:
Government expenditure---> total government spending on goods and services
net exports--->value of exports minus the value of imports
investment-->investment spending by business on new capital goods
consumption-->the amount households spend on consumer goods and services
Explanation:
Edmentum agreed with me. ;)
Suppose the daily change in price of a stock is normally distributed with mean = .20 and standard deviation = .30. What price change is associated with the 25th percentile?
Answer:
[tex]a=0.2 -0.674*0.3=-0.00235[/tex]
So the value that separates the bottom 25% of data from the top 75% is -0.00235.
Explanation:
Previous concepts
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".
Solution to the problem
Let X the random variable that represent the variable of interest of a population, and for this case we know the distribution for X is given by:
[tex]X \sim N(0.2,0.3)[/tex]
Where [tex]\mu=0.2[/tex] and [tex]\sigma=0.3[/tex]
For this part we want to find a value a, such that we satisfy this condition:
[tex]P(X>a)=0.75[/tex] (a)
[tex]P(X<a)=0.25[/tex] (b)
Both conditions are equivalent on this case. We can use the z score again in order to find the value a.
As we can see on the figure attached the z value that satisfy the condition with 0.25 of the area on the left and 0.75 of the area on the right it's z=-0.674. On this case P(Z<-0.674)=0.25 and P(z>-0.674)=0.75
If we use condition (b) from previous we have this:
[tex]P(X<a)=P(\frac{X-\mu}{\sigma}<\frac{a-\mu}{\sigma})=0.25[/tex]
[tex]P(z<\frac{a-\mu}{\sigma})=0.25[/tex]
But we know which value of z satisfy the previous equation so then we can do this:
[tex]z=-0.674<\frac{a-0.2}{0.3}[/tex]
And if we solve for a we got
[tex]a=0.2 -0.674*0.3=-0.00235[/tex]
So the value that separates the bottom 25% of data from the top 75% is -0.00235.
Bern Company has 100 units costing $200 in beginning inventory. During the year, the company purchases 900 additional units for $1,980. At the end of the year, 200 units remain unsold. If Bern Company utilizes the LIFO method, cost of goods sold will be
Answer:
$1,760
Explanation:
The computation of the cost of goods sold is shown below:
As we know that
Cost of goods sold = Opening inventory units + purchase units - ending inventory units
= 100 units + 900 units - 200 units
= 800 units
Now the per unit is
= $1,980 ÷ 900 units
= $2.2
So, the cost of goods sold under the LIFO method is
= 800 units × $2.2
= $1,760