Answer:
1. Asset and capital will increase
2. Current asset decrease
3. Asset and liability increase
4. Asset decrease
5. Asset increase
6. Asset increase
7. Asset decrease, expense increase
8. Asset increase
9. Asset increase
10. Asset decrease, liability decrease
11. Liability increased
12. Asset decrease
13. Asset decrease
14. Capital decrease
Explanation:
Income Statement for the month of May:
Sales Revenue $11,100
Less: Operating Expenses:
Cleaning service $750
Salary expense $750
Advertising expense $80
Salaries expense $750
Telephone bill $300
Utilities expense $280
Net Profit $8,190
You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Part 5 is optional.
Journalize the closing entries. Then post the journal to the general ledger you created in part 1. Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry. Insert the new balance in the owner's capital account.
If an amount box does not require an entry, leave it blank.
Answer:
Sales (Dr.) $45,000
Income Summary (Cr.) $45,000
Income summary (Dr.) $63,900
Advertising Expense (Cr.) $1,200
Rent expense (Cr.) $5,600
Office Supplies Cost (Cr.) $9,800
Insurance Expense (Cr.) $7,000
Sales Returns (Cr.) $2,900
Interest Expense (Cr.) $3,200
Cost of Goods sold (Cr.) $27,500
Selling and administrative expense (Cr.) $6,700
Income Summary (Dr.) $250,000
Capital investment (Cr.) $ 250,000
Explanation:
Closing entries are prepared to close business transactions that occurred during the month. These transactions are closed with a contra account of Income Summary. All debit balance are credited with a debit of Income summary account and vice versa. the temporary account balances are reset to zero after closing entries are passed.
write short notes on united nations with its diffrent functions
Answer:
can u explain more i ididnt understand
Explanation:
Fran’s Fries has budgeted sales for May, June and July at $500,000, $680,000 and $720,000, respectively. Sales are 80% cash and 20% on account. Assume sales on account are collected in the month following the sale. Compute cash receipts for June and July. Show your work here.
Answer:
Results are below
Explanation:
Giving the following information:
Sales are 80% cash and 20% on account.
Sales:
May= $500,000
June= $680,000
July= $720,000
Cash collection June:
Cash collection from May= (500,000*0.2)= 100,000
Cash collection June= (680,000*0.8)= 544,000
Cash collection June= $644,000
Cash collection July:
Cash collection from June= (680,000*0.2)= 136,000
Cash collection July= (720,000*0.8)= 576,000
Cash collection July= $712,000
Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $435,200 of self-employment income and Ruth has a self-employment loss of $23,100. How much 0.9 percent Medicare tax for high-income taxpayers will Otto and Ruth have to pay with their 2020 income tax return?
Answer: $1,458.90
Explanation:
As they are filing together, the first step would be to find out the taxable income after accounting for Ruth's loss.
Total taxable income = Otto's earnings - Ruth's loss
= 435,200 - 23,100
= $412,100
There is an additional 0.9% Medicare tax on the amount that people file that is above $250,000 when they file jointly and are married..
The additional Medicare will be:
= (412,100 - 250,000) * 0.9%
= $1,458.90
A researcher wants to test the order of integration of some time series data. He decides to use the DF test. He estimates a regression of the form
delta yt = mu + si yt-1 + mut
and obtains the estimate ˆ? = -0.02 with standard error = 0.31.
(a) What are the null and alternative hypotheses for this test?
(b) Given the data, and a critical value of -2.88, perform the test.
(c) What is the conclusion from this test and what should be the next step?
(d) Why is it not valid to compare the estimated test statistic with the corresponding critical value from a t-distribution, even though the test statistic takes the form of the usual t-ratio?
Answer:
a) H0: u = presence of a unit root
HA: u ≠ presence of a unit root ( i.e. stationary series )
b) t stat = -0.064
c) We will reject the Null hypothesis and the next step will be to accept the alternative hypothesis
d) It is not valid to compare the estimated t stat with the corresponding critical value because a random walk is non-stationary while the difference is stationary because it is white noise
Explanation:
a) stating the null and alternative hypothesis
H0: u = presence of a unit root
HA: u ≠ presence of a unit root ( i.e. stationary series )
b) performing the test
critical value = -2.88
T stat = coefficient / std error
= -0.02 / 0.31 = -0.064
c) From the test, the value of T stat > critical value we will reject the Null hypothesis hence the next step will be to accept the alternative hypothesis
d) It is not valid to compare the estimated t stat with the corresponding critical value because a random walk is non-stationary while the difference is stationary because it is white noise
What is the catch‑up effect concerning developed and developing countries? Developing countries never can catch up to developed countries. may grow faster than developed countries because they lack the most basic tools and capital investment leads to higher productivity growth. have greater productivity per unit of capital because they are better at developing new technologies. Developing countries have lower productivity per unit of capital because they are better at developing new technology.
Answer:
Developing countries may grow faster than developed countries because they lack the most basic tools and capital investment leads to higher productivity growth.
Explanation:
The catch‑up effect concerning developed and developing countries is that "Developing countries may grow faster than developed countries because they lack the most basic tools and capital investment leads to higher productivity growth."
This is based on the theory that the law of diminishing marginal returns will at some point occurred to the rate or level of investment at the national level, thereby leading to a slow-down effect on growth rates as the economy of a country matures.
5) name 5 reasonable possibilities to earn money online.
A municipal bond carries a coupon rate of 6.50% and is trading at par. What would be the equivalent taxable yield of this bond to a taxpayer in a 40% combined tax bracket? (Round your answer to 2 decimal places.)
Answer:
the equivalent taxable yield of this bond to a taxpayer in a 40% combined tax bracket is 10.83%
Explanation:
The computation of the equivalent taxable yield of this bond to a taxpayer in a 40% combined tax bracket is shown below:
equivalent taxable yield is
= 6.50% ÷ (1 - 0.40)
= 10.83%
Hence, the equivalent taxable yield of this bond to a taxpayer in a 40% combined tax bracket is 10.83%
A university schedules summer school courses based on anticipated enrollment. The cost for faculty compensation, laboratories, student services, and allocated overhead for a computer class is $8500. If students pay $420 to enroll in the course, how large would enrollment have to be for the university to break even
Answer:
20 student
Explanation:
Break even point = Fixed cost / Contribution
Break even point = $8,500 / $420
Break even point = 20.23809523809524
Break even point = 20 student
So, the enrollment will have to be for 20 student for the university to break even.
According to COSO, an executive's deliberate misrepresentation to a banker who is considering whether to make a loan to an enterprise is an example of which of the following internal control limitations?
Answer:
Management override
Explanation:
Management override can be regarded as ability of management as well as those that are in charge of governance
to prepare fraudulent financial statements or to manipulate accounting records through overriding these controls, in this case, the controls might even shows that it is operating effectively. For management overrides to be prevented, culture that encourages honesty as well as one that supports employees that can speak up in cases whereby when they suspect that something is wrong should be built. It should be noted that According to COSO, An example of Management override internal control limitations is an executive's deliberate misrepresentation to a banker who is considering whether to make a loan to an enterprise
On April 30, 2009, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value. Refer to the information above. Assume that in its financial statements, Tilton Products uses the 200%-declining-balance method and the half-year convention. Depreciation expense in 2009 and 2010 will be: Group of answer choices
Answer:
2009 $11,000
2010 $19,250
Explanation:
Calculation to determine what Depreciation expense in 2009 and 2010 will be:
2009 depreciation expense=$88,000 × 2/8
2009 depreciation expense = $22,000/2
2009 depreciation expense = $11,000
2010 depreciation expense= $77,000 × 2/8 2010 depreciation expense=$19,250
Therefore the Depreciation expense in 2009 and 2010 will be:
2009 $11,000
2010 $19,250
Jennifer is saving up for the closing costs ($4250) and down payment on a home. For a better interest rate and savings on mortgage insurance, she must have a down payment of 10%. She can afford a monthly payment of $900 based on her current earnings and expenses. The amount available for the mortgage is reduced by an estimated $175 per month to cover home insurance and real estate taxes. The current nominal annual interest rate is 3% for a 30-year fixed-rate mortgage loan. How much of a loan can she afford
Answer:
The amount of Loan Jennifer can afford is $171,962.30.
Explanation:
This can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value or the amount of Loan Jennifer can afford =?
P = Monthly payment for the mortgage = Monthly amount she can afford - Estimated monthly home insurance and real estate taxes = $900 - $175 = $725
r = Monthly nominal interest rate = Annual nominal interest / 12 = 3% / 12 = 0.03 / 12 = 0.0025
n = number of months = Number of years * 12 = 30 * 12 = 360
Substitute the values into equation (1) to have:
PV = $725 * ((1 - (1 / (1 + 0.0025))^360) / 0.0025)
PV = $725 * 237.189381504283
PV = $171,962.30
Therefore, the amount of Loan Jennifer can afford is $171,962.30.
On the first day of the fiscal year, Hawthorne Company obtained an $88,000, 7-year, 5% installment note from Sea Side Bank. The note requires annual payments of $15,208, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $4,400 and principal repayment of $10,808. The journal entry Hawthorne would record to make the first annual payment due on the note would include a Group of answer choices debit to cash for $15,208 credit to notes payable for $10,808 debit to interest expense for $4,400 debit to notes payable for $15,208
Answer:
Debit to interest expense for $4400
Explanation:
Based on the information given we were told that the FIRST PAYMENT consists of INTEREST of the amount of $4,400 which means that The Appropriate journal entry Hawthorne would record to make the FIRST ANNUAL PAYMENT due on the note would include a DEBIT TO INTEREST EXPENSE FOR $4400.
Debit to interest expense for $4400
Genent Company manufactures tires. Some of the company's data was misplaced. Use the following information to replace the lost data:
Actual Results Flexible Budget Variances Flexible Budget Saiesminus-Volume Variances Static Budget
Units sold 495,000 495,000 453,750
Revenues $185,150 $4,400 F (A) $6,160 U (B)
Variable costs (C) $880 U $69,780 $10,300 F $88,080
Fixed costs $36,430 $3,770 F $40,200 0 $40,200
Operating income $78,060 (D) $70,770 (E) $66,630
Required:
What is the total sales-volume variance (E)?
a. $4,140 favorable
b. $14,960 favorable
c. $14,960 unfavorable
d. $7,290 unfavorable
Answer:
uhm
Explanation:
mabey have someone else help? im no good at these and dont ask y im awnsering it
Matthewo wns an insurance policy (face amount of $1,630,000) on the life of Emily with Uma listed as the designated beneficiary. Of Emily dies first and the $1,630,000 is paid to Uma, how much is included in the following gross estates?
a. Matthew's gross estate?
b. Emily's gross estate?
Answer:
a. $0b. $0Explanation:
Matthew owns an insurance policy that has designated Uma as the beneficiary. If Emily dies, the money will go to Uma and not to Matthew so Matthew will not include any amount in his estate.
If Emily dies, no amount goes to her estate either because Emily was not the beneficiary, Uma was. Emily dying will simply lead to Uma's estate getting the money and not Emily's.
While digital marketing has generated exciting opportunities for companies to interact with their customers, digital media are also more consumer-driven than traditional media. Internet users are creating and reading consumer-generated content as never before and having a profound effect on marketing in the process. Two factors have sparked the rise of consumer-generated information. The first is the increased tendency of consumers to publish their own thoughts, opinions, and reviews. The second is product discussions through blogs or digital media and consumers' tendencies to trust other consumers over corporations. Consumers often rely on the recommendations of family, friends, and fellow consumers when making purchasing decisions. Marketers who know where online users are likely to express their thoughts and opinions can use these forums to interact with consumers, address problems, and promote their companies. Types of digital media in which Internet users are likely to participate include blogs, wikis, video sharing sites, podcasts, social networking sites, virtual reality sites, and mobile applications.
Match the correct website to the correct type of digital media.
a. Blogs
b. Video Sharing
c. Virtual Worlds
d. Social Networking
e. Wikis
f. Photo Sharing
g. Podcasting
Answer:
a. Blogs ⇒ Web-based Journals; Tu-mblr
b. Video Sharing ⇒ Video Sites; You-Tube.com
c. Virtual Worlds ⇒ Online Avatars; Second Life
d. Social Networking ⇒ Online Meeting Places; T-witter
e. Wikis ⇒ Edited Web Articles; Wik-ipedia.com
f. Photo Sharing ⇒ Photo Sites; Fl-ickr.com
g. Podcasting ⇒ Subscription Media Files; CBC Radio
Which of the following is NOT one of the factors complicating the techniques for addressing the fixed-position layout?
A) The volume of materials needed is dynamic.
B) At different stages of a project, different materials are needed; therefore, different items become critical as the project develops.
C) Takt times at workstations are dynamic.
D) There is limited space at virtually all sites.
E) All of the above are complicating factors
Answer:
C) Takt times at workstations are dynamic.
Explanation:
A fixed-position layout can be regarded as a layout that allow products to stay in one place, and movement of workers and machinery can be moved to it once needed. Some of the Products that are not possible to move are airplanes, construction projects as well as ships. Fixed-position layout is usually used when dealing with product which are too large or heavy to move. Disadvantages is that it takes space, and administration burden is usually high. Factors that could complicate the techniques for addressing the fixed-position layout are;
✓There is limited space at virtually all sites.
✓The volume of materials needed is dynamic.
✓At different stages of a project, different materials are needed; therefore, different items become critical as the project develops.
An emerging industry is an industry in which a large number of small or medium-sized firms operate and no small set of firms has a dominant market share or creates dominant technologies
a. True
b. False
Answer: False
Explanation:
In an emerging market, there are only a few firms as the product is new and so has not been copied extensively yet. As a result, only a small set of firms are dominant in the market.
As the market grows and firms see that there is profit to be made, they will come into the market and this will increase the number of firms and reduce the dominance of the earlier firms.
Which of the following statements concerning product costs versus general, selling, and administrative costs is false?
a. Product costs incused during the period will initially appear as inventory on the balance sheet.
b. General, selling, and administrative costs are always expensed when paid.
c. Product costs may be divided between the balance sheet and income statement.
d. General, selling, and administrative costs never appear as inventory on the balance sheet.
The retained earnings balance was $22,900 on January 1. Net income for the year was $18,100. If retained earnings had a credit balance of $23,800 after closing entries were made for the year, and if additional stock of $5,200 was issued during the year, what was the amount of dividends declared during the year
Answer:
$17,200
Explanation:
Calculation to determine what was the amount of dividends declared during the year
Beginning retained earnings + Net income - Dividends = Ending retained earnings.
$22,900 + $18,100 - Dividends = $23,800
Dividends=$41,000-$23,800
Dividends = $17,200
Therefore the amount of dividends declared during the year is $17,200
Porter Corporation has fixed costs of $660,000, variable costs of $24 per unit, and a contribution
margin ratio of 40 percent.
Compute the following:
a. Unit sales price and unit contribution margin for the above product.
b. The sales volume in units required for Porter Corporation to earn an operating income of
$300,000.
c. The dollar sales volume required for Porter Corporation to earn an operating income of
$300,000
Answer and Explanation:
The computation is shown below:
a. The unit sale price is
But before that the variable cost ratio is
= 100% - 40%
= 60%
Now the unit sale price i
= $24 × 100% ÷ 60%
= $40
Now the contribution margin per unit is
= $40 - $24
= $16
b. the sales volume in units is
= Fixed cost + operating income ÷ contribution margin per unit
= ($660,000 + $300,000) ÷ $16
= 60,000 units
c. Sales volume in dollars is
= Fixed cost + operating income ÷ contribution margin ratio
= ($660,000 + $300,000) ÷ 40%
= $2,400,000
Danielle has loaned $500 to Richard at a 4% annual rate of interest for one year. If the inflation rate is constant at 7% for the entire term of the loan, how much purchasing power is lost after Richard repays the loan in full
Answer:
$15
Explanation:
In order to calculate the purchasing power lost the following formulae will be used:
Purchasing power lost = Loaned amount * (inflation rate - nominal rate)
Purchasing power lost = $500 * (0.07 - 0.04)
Purchasing power lost = $500 * 0.03
Purchasing power lost = $15
Hence, the purchasing power lost after Richard repays the loan in full is $15.
Stacy accidentally added a new transaction to her bank register via the bank feed that should have been matched to an existing transaction. Where in the Banking Center should she go to find the transaction and correct the error?
a. Gear icon
b. Filter
c. For Review
d. Categorized
Answer:
The answer is "Option d"
Explanation:
The classification classifies its organizing and simplification of a world for human beings comprising things, objects, or concepts that exist around them, that's why Stacy has accidentally uploaded a new transaction via a bank feed which will be matched via an existing transaction to her account. She does go to the Banking Center and employ Categorized as a procedure to remedy the error.
Someone from ____________ is most likely to answer the question "Who am I?" by saying, "I am a mother" or "I work for ABC Corporation."
Someone from [tex]\boxed{ Japan }[/tex] is most likely to answer the question "Who am I?" by saying, "I am a mother" or "I work for ABC Corporation."
[tex]\large\mathfrak{{\pmb{\underline{\orange{Mystique35 }}{\orange{ヅ}}}}}[/tex]
Tyra loves to shop at her favorite store, Dollar Barrel, where she can find hundreds of items priced at exactly $1. Tyra has to spend and is thinking of going on a shopping spree at Dollar Barrel, but she is also thinking of investing her money.
a. Suppose the expected rate of inflation is % (so next year, everything at Dollar Barrel will cost $1.01) and Tyra can earn on money that she invests. Approximately what real rate of interest could Tyra earn if she invests her money? How many items can she buy at Dollar Barrel today, and how many can she buy a year from now if she invests her money and goes shopping later? What is the percentage increase in Tyra's purchasing power if she waits a year to go shopping? Compare your answer to the approximate real interest rate on Tyra's investment.
b. Now suppose that the expected inflation rate is % and Tyra can earn % on money that she invests over the year. What is the approximate real rate of interest that Tyra will earn? Calculate the number of items that Tyra could buy next year from Dollar Barrel if she invests her money? What is the percentage increase in her purchasing power if she waits a year to go shopping? Relate your answer back to Tyra's real rate of return.
Answer:
$40 will go towards Margaret shopping spree
Explanation:
Companies must disclose when they give products to online reviewers.
Question 15 options:
True
False
Answer:
True
Explanation:
In simple terms, whenever an individual works with brands to recommend or endorse a product you must disclose the partnership. You have to declare your relationship to the brand even if you are not being compensated.
You want to borrow $85,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,450, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 72-month APR loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Answer:
7.02% per annum
Explanation:
The computation of the highest rate is shown below;
Given that
Present value be $85,000
PMT is $1,450
NPER is 72
Future value be $0
The formula is
=RATE(NPER,PMT,-PV,FV,TYPE)
After applying the above formula, the rate should be 0.59% per month
Annually, it should be
= 0.59% × 12 months
= 7.02% per annum
Companies must disclose when they give products to online reviewers. rue or false
1. Given the following demand and supply functions Qd = 500 - 3P Qs = 100 + 5P Calculate; i. The equilibrium price and the equilibrium quantity ii. The consumer surplus iii. The producer surplus)R
Given:
The demand and supply functions are:
[tex]Q_d=500-3P[/tex]
[tex]Q_s=100+5P[/tex]
To find:
i. The equilibrium price and the equilibrium quantity.
ii. The consumer surplus .
iii. The producer surplus.
Explanation:
(i) At equilibrium, the demand and supply are equal. So, equating both functions, we get
[tex]500-3P=100+5P[/tex]
[tex]500-100=3P+5P[/tex]
[tex]400=8P[/tex]
Divide both sides by 8, we get
[tex]\dfrac{400}{8}=P[/tex]
[tex]50=P[/tex]
Putting [tex]P=50[/tex] in the demand function, we get
[tex]Q_d=500-3(50)[/tex]
[tex]Q_d=500-150[/tex]
[tex]Q_d=350[/tex]
Therefore, the equilibrium price is 50 and the equilibrium quantity is 350.
(ii)
The area under the demand curve and above the equilibrium price is known as consumer surplus. It is represent by the green area in the below figure.
The area of a triangle is:
[tex]A=\dfrac{1}{2}\times base \times height[/tex]
So, the area of consumer surplus is:
[tex]A=\dfrac{1}{2}\times 50 \times (500-350)[/tex]
[tex]A=25 \times 150[/tex]
[tex]A=3750[/tex]
Therefore, the consumer surplus is 3750.
(iii)
The area above the supply curve and below the equilibrium price is known as producer surplus. It is represent by the purple area in the below figure.
So, the area of producer surplus is:
[tex]A=\dfrac{1}{2}\times 50 \times (350-100)[/tex]
[tex]A=25 \times 250[/tex]
[tex]A=6250[/tex]
Therefore, the producer surplus is 6250.
A Consumer Expenditure Survey in the city of Firestorm shows that people buy only firecrackers and bandages. A Consumer Expenditure Survey in 2019 shows that the average household spent $44 on firecrackers and $12 on bandages. In 2019, the reference base year, the price of a firecracker was $1, and the price of bandages was $3 a pack. In the current year, 2020, firecrackers are $6 each and bandages are $3 a pack.
Calculate the CPI in 2012 and the inflation rate in 2012.
Solution :
Base year : 2019
Expenditure on crackers : $44
Expenditure on bandages : $12
Price of a firecracker : $1
Price of bandages : $3 per pack
Number of crackers bought = [tex]$\frac{44}{1}$[/tex]
= 44
Number of bandages bought = [tex]$\frac{12}{3}$[/tex]
= 4
Total expenditure in 2019 = $44 + $12
= $56
Year 2020
Price of a firecracker = $6
Price of a bandage = $3
Expenditure on the crackers = $ 6 x 44
= $ 264
Expenditure on the bandages = $ 3 x 4
= $ 12
Total expenditure in 2020 = $ 264 + $ 12
= $ 276
CPI in the year 2020 (base year 2019) = [tex]$\frac{276}{56}\times 100$[/tex]
= 492.8
Inflation in 2020 (2019 base year = 100) = [tex]$\frac{492.8-100}{100 \times 100}$[/tex]
= 0.039
= 3.9%
So, CPI = 492.8
Inflation rate = 3.9%