Answer:
A because its tells that it fell and it is the most likely reason
How many people started new businesses in 2011 according to the Kauffman Foundation?
A) 5%
B) 320 of every 100,000 adults in this country
C) 350 of every 100,000 adults in this country
D) 320,000
Answer:
B) 320 of every 100,000 Adults in this country.
Explanation: this is correct!
Hirons Air uses two measures of activity, flights and passengers, in the cost formulas in its budgets and performance reports. The cost formula for plane operating costs is $57,740 per month plus $3,006 per flight plus $17 per passenger. The company expected its activity in November to be 85 flights and 257 passengers, but the actual activity was 88 flights and 259 passengers. The actual cost for plane operating costs in November was $315,650. The spending variance for plane operating costs in November would be closest to:
Answer:
$10,721
Explanation:
Particulars Amount
Flexible budget ($57,440+($3,006*88)+($17*259)] $326,371
Actual results $315,650
Spending variance $10,721
Thus, the spending variance for plane operating costs in November would be $10,721.
For the products launched by companies to succeed, it is important that Multiple Choice marketing is aggressive and separate from other functional areas. marketing endeavors are directed solely at manipulating consumers. all the functional areas of the business are coordinated with marketing decisions. the marketing environment changes constantly. one environmental force is not interconnected with another environmental force.
Answer:
all the functional areas of the business are coordinated with marketing decisions.
Explanation:
A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks etc.
According to the economist Philip Kotler in his book titled "Marketing management" he stated that, there are five (5) levels of a product. This includes;
1. Core benefit.
2. Generic product.
3. Expected product.
4. Augmented product.
5. Potential product.
The core benefit of a product can be defined as the basic (fundamental) wants or needs that is being satisfied, met and taken care of when a customer purchase a product.
Hence, for the products launched by companies to succeed, it is important that all the functional areas of the business are coordinated with marketing decisions.
Marketing mix can be defined as the choices about product attributes, pricing, distribution, and communication strategy that a company blends and offer its targeted markets (customers) so as to build and maintain a desired response.
Why would a Roth 401(k) investment plan allow you to invest the most amount of money?
Answer:
401k
Explanation:
investment plan allow you to invest the most amount of money? ... A Roth 401(k) plan takes money after tax has been removed from gross income, and has a contribution limit, but withdrawal is tax free. A Roth Individual Retirement Account allows you to draw a fixed amount that is not taxed.
Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.
Units produced this year 35,000 units
Units sold this year 21,000 units
Direct materials $19 per unit
Direct labor $21 per unit
Variable overhead $3 per unit
Fixed overhead $175,000 in total
Given Advanced Company's data, and the knowledge that the product is sold for $71 per unit and operating expenses are $300,000. Compute the net income under absorption costing.
Answer:
$183,000
Explanation:
Advanced Company
Income Statement for the year - absorption costing
Sales ($71 x 21,000 units) $1,491,000
Less Cost of Sales ($1,008,000)
Gross Profit $483,000
Less Expenses
Operating expenses ($300,000)
Net Income $183,000
where,
Cost of Sales = Units Sold x Product Cost
= 21,000 x $48
= $1,008,000
Product Cost = all manufacturing costs (absorption costing)
= $19 + $21 + $3 + ($175,000 ÷ 35,000)
= $48
Baskin Promotions, Incorporated sells T-shirts decorated for a variety of concert performers. The company has developed the following budget for the coming year based on a sales forecast of 77,000 T-shirts: Sales $ 1,345,190 Cost of Goods Sold 786,940 Gross Profit 558,250 Operating Expenses ($100,000 is fixed) 406,460 Operating Income 151,790 Income Taxes (30% of operating income) 45,537 Net Income $ 106,253 Cost of goods sold and variable operating expenses vary directly with sales, and the income tax rate is 30% at all levels of operating income. If the concert season is slow due to poor weather, Baskin estimates that sales could fall to as low as 57,000 T-shirts. What unit cost did Baskin use in budgeting the cost of goods sold for the year
Answer:
$10.22
Explanation:
The computation of the unit cost used in budgeting the cost of goods sold for the year is shown below;
= Cost of goods sold ÷ number of t-shirts
= $786,940 ÷ 77,000 shirts
= $10.22
By dividing the number of t-shirts from the cost of goods sold we can get the cost of goods sold per unit
hence, the answer is $10.22
5. A neighborhood sportswear store sells a pair of Nike sneakers for $40. Due to the recent fitness craze, these shoes are in high demand: 50 pairs of shoes are sold per week. The ordering cost is $20/order, and the annual holding cost is 20 percent of selling price. If the store operates 52 weeks a year, what can you say about the current lot size of 235
Answer: Too large
Explanation:
Thw following information can be gotten from the question:
d = 50 pairs per week
S = ordering cost = $20 per order
H = holding cost = 20% × $40 = $8
n = 52 weeks
D = Annual demand = 50 × 52 = 2600
We'll then calculate the economic order quantity which will be:
= ✓2DS/H
= ✓2×2600×20/8
= ✓13000
= 114 units
Therefore, the current lot size of 235 is too large
Concord Company sells merchandise on account for $5700 to Ivanhoe Company with credit terms of 2/10, n/30. Ivanhoe Company returns $1000 of merchandise that was damaged, along with a
check to settle the account within the discount period. What is the amount of the check?
$4700
$4606
$5586
$5606
Answer:
The right solution is Option b ($4606 ).
Explanation:
The given values are:
Company sells merchandise,
= $5700
Company returns,
= $1000
Now,
The amount of the check will be:
= [tex](5700-1000)\times 98 \ percent[/tex]
= [tex](5700-1000)\times 0.98[/tex]
= [tex]4700\times 0.98[/tex]
= [tex]4606[/tex] ($)
Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for next year. Beginning Inventory Ending Inventory Raw material* 30,000 40,000 Finished goods 70,000 60,000 * Three pounds of raw material are needed to produce each unit of finished product. If Paradise Corporation plans to sell 510,000 units during next year, the number of units it would have to manufacture during the year would be:
Answer:
500,000 units
Explanation:
Giving the following information,
Beginning inventory = 70,000 units
Ending inventory = 60,000 units
Sales = 510,000 units
We will make use of the formula below to calculate the production required.
Production = Sales + Desired ending inventory - Beginning inventory
Production = 510,000 + 60,000 - 70,000
Production = 500,000 units
On January 1, 2021, Pine Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Pine to make annual payments of $800,000 at the beginning of each year for five years beginning on January 1, 2021 with the title passing to Pine at the end of this period. The equipment has an estimated useful life of 7 years and no salvage value. Pine uses the straight- line method of depreciation for all of its fixed assets. Pine accordingly accounts for this lease transaction as a finance lease. The lease payments were determined to have a present value of $3,335,888 at an effective interest rate of 10%. In 2021, Pine should record interest expense of:______.
a. 333,589
b. 253,589
c. 466,411
d. 546,411
Answer:
b. 253,589
Explanation:
According to the scenario, computation of the given data are as follows,
Present value of lease payment = $3,335,888
Payment in 2021 = $800,000
Interest rate = 10%
So, we can calculate the interest expense by using following formula,
Interest expense = (Present value of lease payment - Payment in 2021 ) × interest rate
Interest expense = ($3,335,888 - $800,000) × 10%
= $2,535,888 × 10%
= $253,588.8 or $253,589
In 2021, Pine should record interest expense of $253,589
Your firm is preparing to open a new retail strip mall and you have multiple businesses that would like lease space in it. Each business will pay a fixed amount of rent each month plus a percentage of the gross sales generated each month. The cash flows from each of the businesses has approximately the same amount of risk. The business names, square footage requirements, and monthly expected cash flows for each of the businesses that would like to lease space in your strip mall are provided below:
Square Feet Expected Monthly
Business Name Required Cash Flow
Videos Now 4,000 70,000
Gords Gym 3,500 52,500
Pizza Warehouse 2,500 52,500
Super Clips 1,500 25,500
30 1/2 Flavors 1,500 28,500
S-Mart 12,000 180,000
WalVerde Drugs 6,000 147,000
Multigular Wireless 1,000 22,250
If your new strip mall will have 15,000 square feet of retail space available to be leased, to which businesses should you lease and why?
Answer:
I would like to lease spaces to the following businesses:
Square Feet Expected Monthly
S-Mart 12,000 $180,000
WalVerde Drugs 6,000 147,000
Videos Now 4,000 70,000
They have the highest monthly expected cash flows to be able to pay the monthly rent. Another reason is that the variable part of the rent depends on each business's monthly gross sales. The higher the gross sales, the higher the rent. They also require the highest square space on which the fixed element of the rent depends.
Explanation:
a) Data and Calculations:
Square Feet Expected Monthly
Business Name Required Cash Flow
Videos Now 4,000 $70,000
Gords Gym 3,500 52,500
Pizza Warehouse 2,500 52,500
Super Clips 1,500 25,500
30 1/2 Flavors 1,500 28,500
S-Mart 12,000 180,000
WalVerde Drugs 6,000 147,000
Multigular Wireless 1,000 22,250
Space available for leasing = 15,000 square feet
S-Mart 12,000 $180,000
WalVerde Drugs 6,000 147,000
Videos Now 4,000 70,000
The Mountain Springs Water Company has two departments, Purifying and Bottling. The Bottling Department had 3,840 liters in beginning work in process inventory (30% complete). During the period 64,880 liters were completed. The ending work in process was 5,160 liters (70% completed). All inventories are costed by the first-in, first-out method. What is the total equivalent units for direct materials (using the FIFO method) if materials were added at the beginning of the process
Answer:
Total equivalent units of materials = 64,652
Explanation:
Equivalent units are useful to apportion cost between work in progress and completed units. They are notional whole units which represent incomplete work
Equivalent Units = Degree of work completed (%) × inventory units
Fully worked = 64,880- 3,840= 61,040
Items units workings Equivalent units
Opening inventory 3,840 3840× 70% = 2,688
Fully worked 61,040 61,040× 100 = 61,040
Closing WIP 5,160 5,160× 70% = 3,612
Total equivalent units of materials 64,652
Total equivalent units of materials =64,652
꒻ꁲꌅ?????????????????????????????????????????????????????????????????????????
' ' .
Answer:
what this?
Explanation:
thanks for the points have great day im so sorry if this was suppose to be an educational question
Indirect: Computing cash flows from operation
Case X Case Y Case Z
Net income $7,200 $180,000 $129,600
Depreciation expense 54,000 14,400 43,200
Accounts receivable increase (decrease) 72,000 36,000 (7,200)
Inventory increase (decrease) (36,000) (18,000) 18,000
Accounts payable increase (decrease) 43,200 (39,600 ) 25,200
Accrued liabilities increase (decrease) (79,200 ) 21,600 (14,400)
For each of the above separate cases X, Y, and Z, compute cash flows from operations using the indirect method.
Answer:
CASE X CASE Y CASE Z
NET INCOME $7,200 $180,000 $129,600
ADJUSTMENT TO RECONCILE
NET INCOME TO NET CASH
DEPRECIATION $54,000 $14,400 $43,200
CHANGES IN ASSET & LIABILITIES
ACCOUNT RECEIVABLES $72,000 $36,000 ($7,200)
INVENTORY ($36,000) ($18,000) $18,000
ACCOUNT PAYABLE $43,200 ($39,600) $25,200
ACCRUED LIABILITY ($79,200) $21,600 ($14,400)
NET CASH PROVIDED BY $61,200 $194,400 $194,400
OPERATING ACTIVITY
After comparing the manufacturing costs in the United States and in offshore locations, Alpha Manufacturing has decided to move its operations offshore to increase its profits by reducing manufacturing costs. In the given scenario, Alpha Manufacturing has most likely conducted a ______, a form of utilitarianism commonly applied by firms and government.
Answer:
Cost-benefit analysis.
Explanation:
Cost-benefit analysis is used to examine and compare the cost associated with a project or task and the benefits derived from it.
In the given scenario, Alpha Manufacturing has most likely conducted a cost-benefit analysis, a form of utilitarianism commonly applied by firms and government. Also, it is essentially used by various organizations or business firms in the decision-making process, as all the cost incurred are determined.
Additionally, it may be used to determine how changes in differing levels of activities such as costs and volume affect a company's operating income and net income.
Fixed costs can be defined as predetermined expenses in a business that remain constant for a specific period of time regardless of the quantity of production or level of outputs. Some examples of fixed costs in business are loan payments, employee salary, depreciation, rent, insurance, lease, utilities etc.
Based on the above financial statements, calculate the following ratios for 2021: income statement Sales 480,000 cost of goods sold 243,200 salaries expense 55,200 depreciation expense 24,000 interest expense 4,500 rent expense 36,000 gain on equipment 0 loss on equipment disposal 1,400 364,300 net income 115,700 Statement of Retained Earnings Beginning Balance - Retained Earnings $ 36,300 Plus - Net Income 115,700 Less - Dividends (18,000) Ending Balance - Retained Earnings $ 134,000 Balance sheets 2020 2021 change Assets: Cash 27,500 72,600 45,100 Accounts Receivable 32,600 47,600 15,000 Inventory 48,000 54,800 6,800 prepaid expenses 7,200 5,200 (2,000) Equipment 56,000 77,000 21,000 Accum. Depr - Equipment (26,500) (32,500) (6,000) total assets 144,800 224,700 Liabilities: Accounts Payable 12,700 25,700 13,000 accrued Liabilities 3,800 5,000 1,200 Bonds Payable 72,000 40,000 (32,000) total liabilities 88,500 70,700 shareholders Equity: Common Stock 20,000 20,000 0 Retained Earnings 36,300 134,000 97,700 total equity 56,300 154,000 total liabilities and shareholder equity 144,800 224,700 A. Current Ratio B. Gross Profit Percentage C. Debt Ratio D. Debt to Equity Ratio
Answer:
A. Current Ratio = 5.87
B. Gross Profit Percentage = 49.33%
C. Debt Ratio = 0.31
D. Debt to Equity Ratio = 0.46
Explanation:
The ratios can be calculated for 2021 as follows:
A. Current Ratio
Current ratio = Current assets / Current liabilities ………………… (1)
Where:
Current assets = Current assets in 2021 = Cash in 2021 + Accounts Receivable in 2021 + Inventory in 2021 + Prepaid expenses in 2021 = $72,600 + $47,600 + 54,800 + $5,200 = $180,200
Current liabilities = Current liabilities in 2021 = Accounts Payable in 2021 + accrued Liabilities in 2021 = $25,700 + $5,000 = $30,700
Substituting the values into equation (1), we have:
Current ratio = 180,200 / 30,700 = 5.87
B. Gross Profit Percentage
Gross Profit Percentage = (Gross profit / Sales) * 100 ………………….. (2)
Where:
Gross profit = Sales – Cost of goods sold = $480,000 - $243,200 = $236,800
Sales = $480,000
Substituting the values into equation (2), we have:
Gross Profit Percentage = ($236,800 / $480,000) * 100 = 49.33%
C. Debt Ratio
Debt ratio = Total debts / Total assets …………………………….. (3)
Where:
Total debts = Total liabilities in 2021 = $70,700
Total assets = total assets in 2021 = $224,700
Substituting the values into equation (3), we have:
Debt ratio = $70,700 / $224,700 = 0.31
D. Debt to Equity Ratio
Debt to Equity Ratio = Total debts / Total equity …………………………….. (4)
Total debts = Total liabilities in 2021 = $70,700
Total equity = total equity in 2021 = $154,000
Substituting the values into equation (4), we have:
Debt to Equity Ratio = $70,700 / $154,000 = 0.46
Question: According to a Honda press release on October 23, 2006, sales of the fuel-efficient four-cylinder Honda Civic rose by 7.1% from 2005 to 2006. Over the same period, according to data from the U.S. Energy Information Administration, the average price of regular gasoline rose from $2.27 per gallon to $2.57 per gallon. Using the midpoint method, calculate the cross-price elasticity of demand between Honda Civics and regular gasoline. According to your estimate of the cross-price elasticity, are the two goods gross complements or gross substitutes
Explanation:
because im a grade 3UML Foods reported $940 million in income before income taxes for 2020, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $120 million. The company also had non-tax-deductible expenses of $80 million relating to permanent differences. The income tax rate for 2020 was 35%, but the enacted rate for years after 2020 is 30%. The balance in the deferred tax liability in the December 31, 2020, balance sheet is:
Answer:
$36,000,000
Explanation:
Note: Permanent differences have no impact on deferred taxes.
Deferred tax liability = $120 million * 30%
Deferred tax liability = $120 million * 0.30
Deferred tax liability = $36,000,000
So, the balance in the deferred tax liability in the December 31, 2020, balance sheet is $36,000,000.
Assume that a profit-maximizing firm which competes in a purely competitive product industry has only two factor inputs, labor and capital, and that resource prices remain constant. This firm finds that the marginal revenue product of labor (MRP) when divided by the price for labor (MRC) is less than one. The firm also finds that the marginal revenue product for capital (MRP) when divided by the price (MRC) is greater than one. If this firm wishes to produce the same amount of output with these two resources, but minimize the cost of output, this firm must employ:________
a. less labor and more capital
b. more capital
c. more labor and capital
d. less labor
e. more labor and less capital
Answer: a. less labor and more capital
Explanation:
When the Marginal Revenue Product of Labor (MRP) is divided by the price for labor (MRC), the result is less than 1. This means that for every dollar spent on labor, labor produces less than a dollar. The labor is therefore not efficient.
This is the reverse for capital where the marginal revenue product for capital (MRP) when divided by the price (MRC) is greater than one which means that for every dollar investment in capital, more than a dollar is made.
As capital is more efficient, it would make sense to invest more in capital whilst reducing the investment in labor as this would lead to more gain for the company.
Suppose an economy has two industries producing corn (c) and tractor (t). The production functions for the two industries are.
Yc = min (Lc/2, Kc/1) and Yt = min (Lt/2.5, Kt/3),
where Li and Ki are the amount of labor and capital used in industry i (i = c, t). Constraints for labor and capital endowments are given as follows:
Lc + Lt ≤ 63 and Kc + Kt ≤ 42.
Derive the production transformation curve and show the output vector (Yc, Yt) that corresponds to full employment of both factors? (10 marks)
What range of output price ratio (Pc/Pt) is consistent with the full employment of both factors simultaneously? (10 marks)
Answer:
The answer would be y/b
Explanation:
Its really simple
the total surface area of hemisphere is 4158sq then what is the circumference of the base
Answer:
C = 132 units
Explanation:
Given the following data;
TSA of hemisphere = 4158 sq units
To find the circumference of the base;
Mathematically, the total surface area of a hemisphere is given by the formula;
TSA of hemisphere = 3πr²
First of all, we would determine the radius of the hemisphere.
4158 = 3 * 22/7 * r²
Cross-multiplying, we have;
4158 * 7 = 3 * 22 * r²
29106 = 66r²
r² = 29106/66
r² = 441
Taking the square root of both sides, we have;
r = √441
r = 21 units
Next, we determine the circumference of the base using the same radius;
Circumference of circle, C = 2πr
C = 2 * 22/7 * 21
C = 924/7
C = 132 units
You are considering buying one of two types of health insurance, both with the same premium. You guess that in the next year there is a 1 percent chance of serious illness that will cost you $67,500 in health care, a 9 percent chance of a moderate illness that will cost you $2,500, and a 90 percent chance of regular health care needs that will cost you $500. One type of health insurance is emergency-only coverage; it will cover your expenses for serious illness but not moderate illness or regular care. The other type covers moderate illness and regular expenses, but its payout is capped, so it will not cover the cost of a serious illness.
Required:
a. What is the expected value of payouts from the emergency-only insurance? $.
b. What is the expected value of payouts from the capped-coverage insurance? $.
c. Which is the more risk-averse option?
Answer and Explanation:
The computation is shown below:
a. The expected value of payout arise from emergency is
= 0.01 × $67,500
= $675
b. The expected value of payout arise from capped coverage insuance is
= (0.9 × $500) + (0.09 × $2,500)
= $675
c. The risk averse shows the minimum exposure with respect to the swings of the income or there would be the loss in the income. Since the payout amount is same in both the cases so here we considered option B
Using the estimated sales and production of 140,000 boxes of Chap-Off, the Accounting Department has developed the following manufacturing cost per box: Direct material $ 3.70 Direct labor 2.00 Manufacturing overhead 1.60 Total cost $ 7.30 The costs above relate to making both the lip balm and the tube that contains it. As an alternative to making the tubes for Chap-Off, Silven has approached a supplier to discuss the possibility of buying the tubes. The purchase price of the supplier's empty tubes would be $1.20 per box of 24 tubes. If Silven Industries stops making the tubes and buys them from the outside supplier, its direct labor and variable manufacturing overhead costs per box of Chap-Off would be reduced by 10% and its direct materials costs would be reduced by 20%. Required: 1. If Silven buys its tubes from the outside supplier, how much of its own Chap-Off manufacturing costs per box will it be able to avoid
Answer:
Silven Industries
If Silven buys its tubes from the outside supplier, it will be able to avoid $1.10 of its own Chap-Off manufacturing costs per box
Explanation:
a) Data and Calculations:
Estimated Production and Sales Units of Chap-Off = 140,000 boxes
Manufacturing cost per box: Avoidable costs
Direct material $ 3.70 $0.74 ($3.70 * 20%)
Direct labor 2.00 0.20 ($2.00 * 10%)
Manufacturing overhead 1.60 0.16 ($1.60 * 10%)
Total cost $ 7.30 $1.10
Outside supplier's price for tubes = $1.20 per box
b) Unless there an alternative use for the machine used in making the tubes internally exists, it may not be cost-effective for Silven to buy from the outside supplier. Alternatively, it should renegotiate a price per box that is less than $1.10 in order to stop making the tubes internally.
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Standard Standard Standard Quantity Price Cost Direct Materials 9 pounds $ 1.80 per pound $ 16.20 Direct Labor 0.25 hour $ 7.20 per hour 1.80 $ 18.00 During November, TaskMaster purchased 198,000 pounds of direct materials at a total cost of $376,200. The total factory wages for November were $46,000, 90% of which were for direct labor. TaskMaster manufactured 21,000 units of product during November using 170,000 pounds of direct materials and 6,000 direct labor hours. What is the direct labor efficiency variance for November
Answer:
Direct labor time (efficiency) variance= $5,400 unfavorable
Explanation:
Giving the following information:
Standard= Direct Labor 0.25 hour $ 7.20 per hour
Actual= 6,000 hours
Number of units= 21,000
To calculate the direct labor efficiency variance, we need to use the following formula:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (21,000*0.25 - 6,000)*7.2
Direct labor time (efficiency) variance= (5,250 - 6,000)*7.2
Direct labor time (efficiency) variance= $5,400 unfavorable
The amounts reported for assets and liabilities in the total column for the combining balance sheet for nonmajor governmental funds are also reported in the other governmental funds column of the governmental funds balance sheet.
A. True
B. False
Answer: True
Explanation:
Governmental funds refers to the assets, money, or property, of the government.
It should be noted that the non major governmental fund is also a form of fund as well and therefore, the amounts that are reported for assets and liabilities in the total column for the combining balance sheet for the nonmajor governmental funds will also have to be reported in the other governmental funds column of the governmental funds balance sheet.
Therefore, the correct option is True
At the time of his death on July 9, Aiden held rights in the following real estate: Fair Market Value (on July 9) Apartment building $2,100,000 Tree farm 1,500,000 Pastureland 750,000 Residence 900,000 The apartment building was purchased by Chloe, Aiden's mother, and is owned in a joint tenancy with her. The tree farm and pastureland were gifts from Chloe to Aiden and his two sisters. The tree farm is held in joint tenancy, and the pastureland is owned as tenants in common. Aiden purchased the residence and owns it with his wife as tenants by the entirety. Compute Aiden's gross estate based on the scenarios:
Answer:
The answer is [tex]\$1,200,000[/tex]"".
Explanation:
[tex]\to [\$500,000 (\frac{1}{3} \times \$1,500,000) + \$250,000 (\frac{1}[3} \times \$750,000 + \$450,000 (\frac{1}[2} \times \$900,000]\\\\\\to \$1,200,000[/tex]
Though this tree farm is jointly held, Aiden is assumed to have given 1/3 of the treatment because his mother gave her a gift to create the lease. The tenancy of the major chunk is subjected to the fifty percent spouse exclusion rule. None of the structures is included as Chloe does not escape Aiden.
Cooper Company currently uses the FIFO method to account for its inventory but is considering a switch to LIFO before the books are closed for the year. Selected data for the year are:
Merchandise inventory, January 1 $1,430,000
Current assets 3,603,600
Total assets (operating) 5,720,000
Cost of goods sold (FIFO) 2,230,800
Merchandise inventory, December 31 (LIFO) 1,544,400
Merchandise inventory, December 31 (FIFO) 1,887,600
Current liabilities 1,144,000
Net sales 3,832,400
Operating expenses 915,200
1. Compute the current ratio, inventory turnover ratio, and rate of return on operating assets assuming the company continues using FIFO.
2. Repeat part (a) assuming the company adjusts its accounts to the LIFO inventory method.
Answer:
Cooper Company
1. FIFO:
Current ratio
= 3.15
Inventory turnover ratio
= 1.34
Rate of return on operating assets
= 12%
2. LIFO:
Current ratio
= 2.85
Inventory turnover ratio
= 1.73
Rate of return on operating assets
= 12.8%
Explanation:
a) Data and Calculations:
Merchandise inventory, January 1 $1,430,000
Current assets 3,603,600
Total assets (operating) 5,720,000
Cost of goods sold (FIFO) 2,230,800
Merchandise inventory, December 31 (LIFO) 1,544,400
Merchandise inventory, December 31 (FIFO) 1,887,600
Current liabilities 1,144,000
Net sales 3,832,400
Operating expenses 915,200
FIFO
Merchandise inventory, December 31 (FIFO) $1,887,600
Cost of goods sold (FIFO) 2,230,800
Goods available for sale $4,118,400
Merchandise inventory, January 1 1,430,000
Purchases $2,688,400
LIFO:
Goods available for sale $4,118,400
Merchandise inventory, December 31 (LIFO) 1,544,400
Cost of goods sold (LIFO) $2,574,000
Income Statements FIFO LIFO
Net sales $3,832,400 $3,832,400
Cost of goods sold (FIFO) 2,230,800 2,574,000
Gross profit $1,601,600 $1,258,400
Operating expenses 915,200 915,200
Net income $686,400 $343,200
Merchandise inventory, December 31 (LIFO) 1,544,400
Merchandise inventory, December 31 (FIFO) 1,887,600
Difference between FIFO and LIFO = 343,200
FIFO Difference LIFO
Current assets 3,603,600 343,200 3,260,400
Total assets (operating) 5,720,000 343,200 5,376,800
Cost of goods sold (FIFO) 2,230,800 2,574,000
Merchandise inventory, January 1 1,430,000 1,430,000
Merchandise inventory, December 31 1,887,600 1,544,400
Current liabilities 1,144,000 1,144,000
Average inventory 1,658,800 1,487,200
FIFO:
Current ratio = current assets/current liabilities
= $3,603,600/$1,144,000 = 3.15
Inventory turnover ratio = Cost of goods sold/Average Inventory
= $2,230,800/$1,658,800
= 1.34
Rate of return on operating assets = Net income/Total assets * 100
= $686,400/$5,720,000 * 100
= 12%
LIFO:
Current ratio = $3,260,400/$1,144,000
= 2.85
Inventory turnover ratio = $2,574,000/$1,487,200
= 1.73
Rate of return on operating assets = $686,400/$5,376,800 * 100
= 12.8%
Parties to an administrative hearing may subpoena witnesses if they choose not to testify willingly.
True
False
Answer:
Parties to an administrative hearing may subpoena witnesses if they choose not to testify willingly.
True.
A buyer's closing statement shows different items, including a purchase price of $58,325, an assumable mortgage of $55,000, a survey fee of $250, total debits of $59,925.25, title insurance of $395, 1% loan origination fee, total credits of $58,295, 2% for discount points, contract deposit of $3,000, and rent prorations of $495. Based on this information, how much money does the buyer need to bring to the closing
Answer:
$1,630.25
Explanation:
The computation of the money does the buyer required to bring the closing is given below;
= Total debits - total credits
= $59,925.25 - $58,295
= $1,630.25
The difference of total debits and total credits deemed to be the amount required to bring to the closing
Hence, the answer is $1,630.25
Lewis spends a lot of time socializing while at work. In his interactions with Walid, he constantly asks personal questions and shares information about his family and hobbies. This frustrates Walid who just wants to get his work done. This illustrates ____, one of the intercultural communication challenges in business contexts.
Answer:
task versus relationship priority.
Explanation:
A team can be defined as a group of people or set of individuals with various skill set, knowledge and experience coming together to work on a project or task in order to successfully achieve a set goal and objective.
This ultimately implies that, a team comprises of individuals, workers or employees having complementary skills, knowledge and experience needed to execute a project or task successfully. Therefore, workers working as a team usually interact with the other team members and as a result, this enhances performance and strengthen the level of relationship they share.
In this scenario, Lewis spends a lot of time socializing while at work and he constantly asks Walid personal questions and shares information about his family and hobbies. This actions frustrates Walid who is only interested in getting his work done. This illustrates task versus relationship priority, one of the intercultural communication challenges in business contexts.