Answers
Answer: $405,000
Explanation:
Crane should report cash provided by operating activities of:
Net income = $370,000
Add: depreciation expense = $62,000
Less: Increase in accounts receivable = 27000
Crane should report cash provided by operating activities of:
= $370,000 + $62,000 - $27,000
= $405,000
Related Questions
Your friend John works producing dress shirts and dress pants. Currently John can work a maximum of 8 hours per day. With the equipment he has, and the current level of expertise, he can finish either 2 shirts or 8 pairs of pants in an hour. This is true when he is performing at full capacity. Meaning doing the best possible work.
1. What is the maximum number of shirts he can make in a day? (10 points)
2. What is the maximum number of pants he can make in a day? (10 points)
3. What is the opportunity cost of making one pair pants (in terms of the amount of shirts he won't be able to make)? As an example, when you give up $20 dollars in exchange for 40 pencils, you can say that the “cost” per pencil was $0.50, because $20/40 = $0.50. (15 points)
4. What is the opportunity cost of making one shirt (in terms of the amount of pants he won't be able to make)? (15 points)
5. John's friend Anne, can make 2 shirts or 10 pairs of pants in an hour. Who has a lower opportunity cost of making shirts? In other words, who has a comparative advantage in the production of shirts? Explain your rationale (15 points)
6. Imagine now, that John and Anne are the only shirt and pants producers in their small town, how would you suggest that they spend their time at work to achieve the highest production of shirts and pants for the town? Explain your rationale. (15 points)
7. Imagine now, that John completes a training that doubles his capacity to make both shirts and pants per hour. a) What is the maximum number of shirts he can make in a day? b) What is the maximum number of pants he can make in a day? (15 points)
8. In 250 words, explain the relationship between comparative advantage and specialization. Support your answer with an example. (5 points)
Answers
To answer the questions provided, we must understand the concept of opportunity cost and comparative advantage and take the data into consideration.
John can make 16 shirts in day, that is, 2 shirts per hour worked, working 8 hours.Working 8 hours a day, John can make 64 pairs of pants, that is, 8 pairs per hour worked.The opportunity cost would be 0.25.The opportunity cost would be 4.Both John and Anne can make the same amount of shirts in an hour, so no one has a comparative advantage for the production of shirts.It would be best for them if Anne focused on making pants, since she can make more pants than John per hour. John would then focus on making shirts.a) John will make 32 shirts in a day, working 8 hours per day. b) John will make 128 pants a day, working 8 hours per day.Comparative advantage refers to being able to produce something at a lower opportunity cost than your competitors. Specialization, that is, the production of one specific product, can increase comparative advantage.What is opportunity cost?In economics, opportunity cost is what we do not gain, that is, what we miss from making a choice over another. If John chooses to use an hour to make 2 shirts, the opportunity cost refers to the pants that he will not make in that same hour.
Comparative advantage is related to who has a lower opportunity cost. Notice how Anne can make more pants than John in an hour. If she chooses to make shirts, she will be losing more than John. Thus, it is better for her to focus on making pants. John, on the other hand, should specialize in shirts, since his opportunity cost is lower.
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Skysong, Inc. began the year with 9 units of marine floats at a cost of $12 each. During the year, it made the following purchases: May 5, 28 unit at $16; July 16, 19 units at $20; and December 7, 24 units at $24. Assume there are 30 units on hand at the end of the period. Skysong uses the periodic approach.
a. Determine the cost of goods sold under FIFO
b. Determine the cost of goods sold under LIFO
c. Calculate average unit cost
d. Determine the cost of goods sold under average-cost. Average-Cost Cost of good sold
Answers
Answer:
Skysong, Inc.
a. The cost of goods sold under FIFO
= $816
b. The cost of goods sold under LIFO
= $1,068
c. Average unit cost
= $18.90
d. The cost of goods sold under average-cost
= $945
Explanation:
a) Data and Calculations:
Date Transaction Units Unit Cost Total
Jan. 1 Beginning inventory 9 $12 $108
May 5, Purchases 28 $16 448
July 16 Purchases 19 $20 380
Dec. 7, Purchases 24 $24 576
Dec. 31 Total 80 $1,512
Dec. 31 Ending inventory 30
Dec. 31 Sales 50
a. The cost of goods sold under FIFO:
Jan. 1 Beginning inventory 9 $12 $108
May 5, Purchases 28 $16 448
July 16 Purchases 13 $20 260
Cost of goods sold $816
b. The cost of goods sold under LIFO:
May 5, Purchases 7 $16 112
July 16 Purchases 19 $20 380
Dec. 7, Purchases 24 $24 576
Cost of goods sold $1,068
c. Average unit cost:
= Total cost/Total units
= $18.9 ($1,512/80)
d. The cost of goods sold under average-cost:
= $945 (50 * $18.90)
Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2022 Christmas season and get married around the end of the year. In 2022, Raphael expects to earn $45,900 and Martina expects to earn $16,800. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemized deductions.
Answers
Raphael and Martina should get married on December 31, 2019 to save $130
Who has any itemized deductions?
Other common itemized deductions include state income taxes, local income taxes, personal property taxes, and disaster losses. Itemizing most often makes sense for higher-income earners who also have a number of large expenses to deduct.If the amount on Line 12a of last year's Form 1040 ends with a number other than 0, you itemized. If this amount ends with 0, it's likely you took the Standard Deduction. If your return included Schedule A, you itemized.If the value of expenses that you can deduct is more than the standard deduction (as noted above, for the tax year 2023 these are: $13,850 for single and married filing separately, $27,700 for married filing jointly, and $20,800 for heads of households) then you should consider itemizing.To learn more about itemized deductions refers to:
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A stockbroker predicts whether a stock will go up or down by tossing a coin and so has a 50% chance of making a correct prediction. Another broker, who is skilled, has a 60% chance of making a correct prediction. You don’t know which broker is which, so you watch their predictions for three days. Each broker gets all three predictions correct. What are the relevant probabilities? How do you decide who is the skilled broker? Search entries or author
Answers
Answer:
A skilled broker will be right at 60% of time compared to 50%
Explanation:
Solution
Given that:
Now,
Let X be represented as = number of correct predictions/outcomes
X foll binomial distribution with n = 3 and p = 0.5 for broker who use a toss coin
Thus,
P(X = 3) = p^3 = 0.5^3 which gives us = 0.125
So,
For a skilled broker, Y goes with the binomial distribution with n = 3 and p is = 0.6
Then,
P(Y = 3) = 0.6^3 = 0.216
We can therefore conclude who is skilled broker by making large number of observations
Hence, we say that a skilled broker will be correct 60% of time compared to 50% .
Does Nike have a longer operating cycle than Walmart?
Answers
Answer:
yes
Explanation:
bc I already learned that
a client company is selling high value specialized assets, and your company has specialist expertise. your firm is approached by 4 potential bidders. can you work for more than one bidder?
Answers
The inference based on the information given about the bidders is that one can't work for more than one bidder.
What is an inference?It should be noted that an inference simply means the conclusion that can be deduced based on the information given.
Here, one can't work. for more than one bidder as there will be a clash of interest and bias.
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You are analyzing the after-tax cost of debt for a firm. You know that the firm’s 12-year maturity, 15.50 percent semiannual coupon bonds are selling at a price of $1,117.25. These bonds are the only debt outstanding for the firm. What is the current YTM of the bonds and after-tax cost of debt for this firm if the bonds are selling at par?
Answers
Answer:
Note: The complete question is attached as picture below
Nper = 12*2 = 24
PMT = $77.50 (1000*0.0155*1/2)
Pv = 1.117.25
Fv = 1,000
1. Pretax cost of debt = Rate(nper, pmt, -pv, fv) * 2
Pretax cost of debt = Rate(24, 77.5, -1117.25, 1000) * 2
Pretax cost of debt = 0.0675 * 2
Pretax cost of debt = 0.135
Pretax cost of debt = 13.5%
2. After tax cost of debt = Pretax cost of debt * (1 - tax rate)
After tax cost of debt = 0.1350*(1-0.34)
After tax cost of debt = 0.0891
After tax cost of debt = 8.91%
3. Nper = 12*2 = 24
PMT = $77.50 (1000*0.0155*1/2)
Pv = 1,000
Fv = 1,000
Pretax cost of debt = Rate(nper, pmt, -pv, fv) * 2
Pretax cost of debt = Rate(24, 77.5, -1000, 1000)
Pretax cost of debt = 0.0775 * 2
Pretax cost of debt = 0.1550
Pretax cost of debt = 15.50%
After tax cost of debt = Pretax cost of debt * (1-tax rate)
After tax cost of debt = 0.1550*(1-0.34)
After tax cost of debt = 0.1023
After tax cost of debt = 10.23%
PlastiPharm customizes medical device bags for 350-400 clients. Customer demand for bags, which range from eight inches to four feet in length, is excellent. The company has embraced lean manufacturing practices. What reason best explains why PlastiPharm would pursue a lean journey
Answers
The best reason that explains why PlastiPharm would pursue a lean journey is that starting the lean journey signals to others that the company wants to reduce waste, maximize value, and contribute to society.
What is a Lean Journey?Lean Journey basically means the the process of introducing the Lean processes or the Lean culture to your organisation.
The lean principle includes value, value stream, flow, pull, and perfection.
In conclusion, the best reason that explains why PlastiPharm would pursue a lean journey is that starting the lean journey signals to others that the company wants to reduce waste, maximize value, and contribute to society.
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Discuss the challenge created for financial accountants by the presence of uncertainty.
Answers
Uncertainty creates challenges for financial accountants in accurately measuring, reporting, and disclosing financial information.
The presence of uncertainty poses significant challenges for financial accountants. Uncertainty refers to the lack of predictability or reliability in future events or outcomes, which makes it difficult to accurately measure and report financial information. Here are some key challenges created by uncertainty:
Measurement and valuation: Uncertainty makes it challenging to determine the appropriate measurement and valuation of assets, liabilities, revenues, and expenses.
Financial accountants must make estimates and judgments based on available information, assumptions, and professional judgment. However, the accuracy of these estimates may be compromised by the inherent uncertainty.
Financial statement presentation: Uncertainty affects the presentation of financial statements. Accountants must disclose the nature and extent of significant uncertainties that could impact the company's financial position and performance. However, determining which uncertainties are material and require disclosure can be subjective and complex.
Risk assessment: Uncertainty introduces risk into financial reporting. Accountants need to assess and manage risks associated with uncertain events, such as changes in market conditions, legal disputes, or environmental factors. They must consider the potential impact of these risks on financial statements and disclose them appropriately.
Forecasting and decision-making: Uncertainty makes forecasting and decision-making challenging for financial accountants. They need to analyze financial data and projections while considering the potential impacts of uncertain factors.
This requires them to use sophisticated models, scenario analysis, and sensitivity analysis to assess the range of possible outcomes.
Regulatory compliance: Financial accountants must comply with accounting standards and regulatory requirements. Uncertainty adds complexity to compliance efforts, as new and evolving regulations may require additional disclosures or adjustments to financial statements to reflect uncertain events or future obligations.
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in 2022, which of the following types of income is excluded from gross income? a) unemployment compensation b) income earned illegally c) dividends from foreign corporations d) corporate bond e) interest income f) scholarship used for tuition
Answers
In 2022, the following types of income are excluded from gross income:a) Unemployment compensation, b) Income earned illegally, d) Corporate bond,f) Scholarship used for tuition
What is gross income ?Your gross income is the total amount of money you make before deducting taxes and other expenses. You can receive your earned income in a variety of ways, including salary, bonuses, tips, hourly pay, rental income, dividends from stocks and bonds, and interest on savings accounts.
It's important to note that while the above types of income may be excluded from gross income, they may still be subject to taxation in certain circumstances. Additionally, it's important to report all sources of income, even if they are excluded from gross income, as failure to do so can result in penalties and fines.
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an advertisement has been placed on your company’s and on major recruitment websites for a great opportunity to be employed as country manager at abc insurance company in the uae. you read the job description and believe you are a fir for this position. you want to negotiate with the general manager, dr david smith, that you would like to excel and get promoted as the ‘country manager’, from your current position as the ‘dubai’s branch manager’. this position will provide you with many opportunities such as a higher salary, more responsibilities, and utilizing more of your technical and leadership skills. in addition, you have been working with the company since september 2015 as a full-time employee and have made enormous contributions to the organization. from your experience, you have also determined that dr smith is a ‘thinker’ personality type as per the myers-briggs type indicator.
What are the essential techniques and strategies in the context of negotiation?
Answers
An advertisement, otherwise known as an advert or ad, is generally considered a public communication that promotes a product, service, brand, or event.
What is an advertisement?Advertisement sometimes referred to as an advert and ad, is typically seen as a form of public discourse that supports a good, service, organization, or event. Some people may view the phrase as going even further than that, encompassing any form of sponsored advertising intended to inform or persuade.
Direct mail, comparative, cooperative, educational, and outdoor advertising are a few types of product advertising. Television, radio, print, websites, social media, outdoor/billboards, as well as digital placement are all examples of advertisement channels.
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A machine that cost $400,000 has an estimated residual value of $40,000 and an estimated useful life of 20,000 machine hours. The company uses units-of-production depreciation and ran the machine 3,000 hours in year 1, 8,000 hours in year 2, and 6,000 hours in year 3.
Answers
Answer:
The depreciation expense for year 1 is $54,000, for year 2 is $144,000, and for year 3 is $108,000.
Explanation:
To calculate the depreciation expense using the units-of-production method, we need to determine the depreciation rate per machine hour.
Step 1: Calculate the depreciable cost.
Depreciable cost = Cost of the machine - Residual value
Depreciable cost = $400,000 - $40,000
Depreciable cost = $360,000
Step 2: Calculate the depreciation rate per machine hour.
Depreciation rate per machine hour = Depreciable cost / Estimated machine hours of useful life
Depreciation rate per machine hour = $360,000 / 20,000 machine hours
Depreciation rate per machine hour = $18
Step 3: Calculate the depreciation expense for each year.
Year 1: 3,000 machine hours
Depreciation expense = Depreciation rate per machine hour * Hours in year 1
Depreciation expense = $18 * 3,000
Depreciation expense = $54,000
Year 2: 8,000 machine hours
Depreciation expense = Depreciation rate per machine hour * Hours in year 2
Depreciation expense = $18 * 8,000
Depreciation expense = $144,000
Year 3: 6,000 machine hours
Depreciation expense = Depreciation rate per machine hour * Hours in year 3
Depreciation expense = $18 * 6,000
Depreciation expense = $108,000
Therefore, the depreciation expense for year 1 is $54,000, for year 2 is $144,000, and for year 3 is $108,000.
Hope this helps!
Which of the following is true with regards to the course policy?
Answers
The one that is true with regards to the course policy is option B. The full-length films selected for study in the course are broadly agreed upon as the best examples of excellence in film music.
A film music is a selection of recorded songs that accompany a film. Also known as an original soundtrack (OST), this musical selection can include original songs or pre-existing songs that played during the film or were specifically recorded for the film.
What informs film music?Often times, film music is written by a film composer hired for the production. The film score heightens the film's emotion, creating an aural mood for each scene, along with sound effects and dialogue. The film's composer writes the original score, often with the help of an orchestrator.
Therefore, the correct answer is as given above
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The complete question goes thus:
Which of the following is true with regards to the course policy?
A) The course will examine the role of music in film, but not sound effects or dialog
B) The full-length films selected for study in the course are broadly agreed upon as the best examples of excellence in film music
C) The course will examine various artistic approaches to the use of music in film
D) The focus of the course is to provide a comprehensive history of film music
What should you do when you open a checking account?
A) Open a savings account and link it to your checking account.
B)Try to sign up for true overdraft protection, even though you have to pay
for it.C. Both A and B.
Answers
Answer: both a and b
Explanation:
Manton Manufacturing applies manufacturing overhead costs to products at a budgeted indirectminuscost rate of $ 90 per direct manufacturing laborminushour. A retail outlet has requested a bid on a special order of the Toy Bear product. Estimates for this order include: Direct materials of $ 75 comma 000; 680 direct manufacturing laborminushours at $ 30 per hour; and a 40% markup rate on total manufacturing costs. Manufacturing overhead cost estimates for this special-order total ________.
Answers
Answer:
Allocated MOH= $61,200
Explanation:
Giving the following information:
Predetermined overhead rate= $90 per direct labor-hour.
Estimates for this order include:
direct labor-hours= 680
To allocate overhead, we need to use the following formula:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 90*680= $61,200
You are the financial manager of Monsteria (Pty) Ltd ("Monsteria"), a company within the horticultural industry. Monsteria currently runs a very popular online store supplying indoor and outdoor plants to both corporate and private clients. Monsteria has grown at an exponential rate and now wishes to raise funds for the building of their very first brick-and-mortar retail store which will offer the public an opportunity to shop in store for their plant needs. In your capacity as financial manager, you will need to calculate the weighted average cost of capital (WACC) to assess the expected minimum return from the project. You have been provided with the following information. The following is an extract from the statement of financial position as at 30 April 2022: EQUITY AND LIABILITIES Total Equity Ordinary Shares 10% Preference Shares Non-current liabilities 11.5% Long term loan 8% Debentures Current Liabilities Trade and other payables Bank overdraft Total Equity and Liabilities Notes Additional Information: 5. The current prime rate is 9.25% 6. The corporate taxation rate is 28%. Notes Required: 1 2 3 4 5 R'000 5 500 800 2 000 6 000 500 1. Ordinary shares were initially issued at R6.40 per share. The shares currently have a market value of R7.80 per share. MonExt has a beta of 1.5, a risk-free rate of 8% and a market risk premium of 7%. 2. Three years ago, the preference shares were issued at R4 each. Similar preference shares are currently trading at 10%. 3. The long-term loan, issued on 30 April 2020, is repayable in full in five years' time. The effective pre-tax cost of debt is 4% above prime. 4. The debentures were issued at the beginning of this current financial year (1 May 2021) and will be redeemed at a discount of 7% on 30 April 2025. The market rate for similar debentures is 8,5%. 1 000 Using the information above, fill in the WACC table provided to calculate the final WACC.
Answers
The financial manager of Monsteria (Pty) Ltd ("Monsteria"), an employer in the horticultural enterprise.
The WACC table is provided to calculate the final WACC: WACC primarily based on the given statistics and take a look at whether the funding return of five.5% exceeds its value of capital if the tax price is 32%.
Financial managers perform data evaluation and advocate for senior managers on earnings-maximizing ideas. economic managers are liable for the financial health of an employer. they invent financial reports, direct funding activities, and develop plans for the long-term economic dreams of their company.
To be a successful financial manager calls for abilities that include forecasting, growing economic reviews, developing dealerships, making sure compliance, and information licensed public accounting.
Financial managers normally oversee the monetary health of an organization and assist make certain its persisted viability. They supervise vital functions, along with tracking coins float, figuring out profitability, managing costs, and generating accurate economic records.
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A refrigerator costs $800 on an installment plan that requires a down payment of $140 and monthly payments for 12 months. What are the monthly payments of the plan?
Answers
The reasoning for this would be that after taking out the $140 down payment from the $800 would leave you with $660 once you get that number you divide it by 12. Which would give you your monthly payment of $55 per month.
What are some of the reasons businesses fail?
Answers
Answer:
The most common reasons businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.
Some of the reasons businesses fail are lack of knowledge, lack of planning, lack of management of resources effectively.
What is business?An economic activity that involves the exchange of goods and services with the help of buying and selling with the objective to gain some profit is called Business.
A business can possibly fail when there is no planning of things like what to do and how to do it. For a business, to be effective, there should be a plan or roadmap which needs to be followed step by step in order to succeed.
A business will fail when it is unable to manage the capital as well as the workforce effectively and make optimum utilization of it in order to produce and achieve productivity in abundance.
When a business does not have expertise or knowledge about the field as well as current market trends and competitors it will go to fail as it is unable to cope with the trend
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8
Tracy has heard about government bonds before, but she isn't sure what they are. She is very conservative by nature and is really hesitant
about trying new things. What can you tell her about government bonds that might actually convince her to invest?
OA. They always have a very high Interest rate.
OB. They are extremely difficult to find.
O c. They allow you constant access to your investment Income.
OD. They are relatively risk-free.
Reset
Next
Answers
Answer: They are relatively risk-free.
Which type of bond is sold at face value?
SEP
CD
Series I Savings Bond
Series EE Savings Bonds
Answers
The type of bond sold at face value are Series I savings bond and Series EE savings Bonds.
An IOU-like debt security is called a bond. Borrowers issue bonds to attract capital from investors ready to extend a loan to them for a specific period of time. When you purchase a bond, you are making a loan to the issuer, a corporation, a government, or a municipality.
Governments and businesses both issue bonds to raise money. By purchasing a bond, you are making a loan to the issuer, who agrees to repay the face value of the loan on a specific date and you pay along the way, you will receive periodic interest payments—typically twice a year.
The correct answer are both "3rd and 4th" option.
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Sandy Kupchack just graduated from State University with a bachelor’s degree in history. During her four years at the university, Sandy accumulated $10,000 in student loans. She asks for your help in determining the amount of the quarterly loan payment. She tells you that the loan must be paid back in five years and that the annual interest rate is 8%. Payments begin in three months.
Required:
Determine Sandy's quarterly loan payment.
Answers
Answer: $611.57 or $612 rounded to nearest dollar.
Explanation:
She would have to make a constant payment per quarter which makes it an annuity.
The $10,000 is the present value of the annuity.
The quarters remaining are = 5 years * 4 = 20 quarters
Quarterly interest = 8%/4 = 2%
10,000 = Annuity * Present Value of Annuity factor, 20 periods, 2%
10,000 = Annuity * 16.3514
Annuity = 10,000/16.3514
= $611.57
The fact that Black Diamond has employees working in the organization from all around the world demonstrates:
Ethnocentrism
Stereotypes
Cultural competence
Like me bias
Answers
Answer:
The answer is Cultural competence
The fact in which the black diamond has the employees working in the company represents cultural competence.
The information related to cultural competence is as follows:
It is the capability for understanding, communicating, and interacting with people from different kinds of cultures. Also, it is should be presented in the black diamond.Thus all other options are wrong.
Therefore we can conclude that The fact in which the black diamond has the employees working in the company represents cultural competence.
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Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and
the gross method.
August 1 Purchased merchandise from Aron Company for $8,000 under credit terms of 1/10, n/30, FOB destination, invoice dated
August 1.
August 5 Sold merchandise to Baird Corporation for $5,600 under credit terms of 2/10, n/60, FOB destination, invoice dated August
5. The merchandise had cost $4,000.
August 8 Purchased merchandise from Waters Corporation for $7,000 under credit terms of 1/10, n/45, FOB shipping point, invoice
dated August 8.
August 9 Paid $190 cash for shipping charges related to the August 5 sale to Baird Corporation.
August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was
restored to inventory.
August 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price
reduction from Waters of $700 off the $7,000 of goods purchased. Lowe's debited accounts payable for $700.
August 14
At Aron's request, Lowe's paid $160 cash for freight charges on the August 1 purchase, reducing the amount owed (accounts
payable) to Aron.
August 15 Received balance due from Baird Corporation for the August 5 sale less the return on August 10.
August 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12.
August 19
Sold merchandise to Tux Company for $4,800 under credit terms of n/10, FOB shipping point, invoice dated August 19. The
merchandise had cost $2,400.
August 22
Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's gave a
price reduction (allowance) of $800 to Tux and credited Tux's accounts receivable for that amount.
August 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22.
August 30 Paid Aron Company the amount due from the August 1 purchase.
Answers
Based on the given merchandising transactions, a journal entry has been prepared below:
Journal EntriesNo Date General Journal Debit Credit
1 Aug 01 Merchandise inventory $6,000
Accounts payable-Aron $6,000
2 Aug 05 Accounts receivable-Baird $4,200
Sales $4,200
3 Aug 05 Cost of goods sold $3,000
Merchandise inventory $3,000
4 Aug 08 Merchandise inventory $5,000
Accounts payable-Waters $5,000
5 Aug 09 Delivery expense $200
Cash $200
6 Aug 10 Sales return and allowances $1,000
Accounts receivable-Baird $1,000
7 Aug 10 Merchandise inventory $500
Cost of goods sold $500
8 Aug 12 Accounts payable-Waters $500
Merchandise inventory $500
9 Aug 14 Accounts payable-Aron $190
Cash $190
10 Aug 15 Cash ($3,200 - $3,136) $3,136
Sales discounts ($3,200 x 2%) $64
Accounts receivable-Baird ($4,200 - $1,000) $3,200
11 Aug 18 Accounts payable-Waters ($5,000 - $500) $4,500
Merchandise inventory ($4,500 x 1%) $45
Cash ($4,500 - $4,455) $4,455
12 Aug 19 Accounts receivable-Tux $3,600
Sales $3,600
13 Aug 19 Cost of goods sold $1,800
Merchandise inventory $1,800
14 Aug 22 Sales return and allowances $600
Accounts receivable-Tux $600
15 Aug 29 Cash ($3,600 - $600) $3,000
Accounts receivable-Tux $3,000
16 Aug 30 Accounts payable-Aron ($6,000 - $190) $5,810
Cash $5,810
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Describe the General Ledger after the adjusting & closing entries have been posted.All expense accounts and Owners Withdrl account will be zero balance. Income Summary will show three closing entries. The abbrevaitions adj. and clos will be entered in the explanation columns on the ledger.
Answers
After the adjusting and closing entries have been posted, the General Ledger will show a zero balance for all expense accounts and the Owner's Withdrawal account.
The Income Summary account will show three closing entries, one for revenues, one for expenses, and one for Owner's Capital.
The closing entries will transfer the balances from the temporary accounts (revenues and expenses) to the Owner's Capital account. The amounts transferred will be the net income (or loss) for the period.
In the explanation column of the ledger, the abbreviations "adj." and "clos." will be entered to indicate whether the entry is an adjusting or closing entry.
The final balances in the General Ledger will include only the permanent accounts, such as assets, liabilities, and equity accounts. These balances will be carried forward to the next accounting period.
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For your speech to be effective, you must carefully consider what your specific
a. purpose
b. audience
c. thesis
d. research
Please select the best answer from the choices provided
A
AB
C
OD
is.
Answers
for this question
Candy Company had sales of $240,000 and cost of goods sold of $103,200. What is the gross profit margin (ratio of gross profit to sales)?
Answers
Answer:
gross profit= sales- cost of goods
1- The Net Operating Profit after Taxes (NOPAT) using the bottom-up method is provided by:
a. operating income minus tax benefit minus taxes as reported
b. operating income plus tax benefit minus taxes as reported
c. net income plus net financial expenses minus tax benefit
Answers
The bottom-up method yields the Net Operating Profit after Taxes (NOPAT) as follows: a. the reported operating income minus the tax benefit minus the taxes .
What Is the Net Operating Profit After Tax?A financial metric known as net operating profit after taxes (NOPAT) depicts a company's core operations, net of taxes, performance. NOPAT is a more accurate measurement of operating efficiency for leveraged businesses and is frequently used in economic value added (EVA) calculations. The tax savings that numerous businesses obtain as a result of existing debt are not included in NOPAT. A company's potential cash earnings if its capitalization were unleveraged, or devoid of debt, are referred to as its net operating profit after taxes (NOPAT). There are no one-time expenses or losses included in the figure; These do not accurately reflect an organization's profitability. Even though they may have an impact on the company's bottom line that year, charges arising from a merger or acquisition may not always provide an accurate picture of the business's operations.
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Given the information below, calculate the net cash provided from operating activities for Baskin Peter Pty. Ltd.
Receipts from customers $279,247
Payments for property, plant & equipment $42,310
Interest paid $4,231
Proceeds from issue shares $25,836
Payments to supplier and employees $220,013
Repayment of borrowings $53,331
GST paid $16,924
Payments for motor vehicle $37,985
Interest received $6,770
Select one:
$61,773
$44,849
$55,345
$49,080
Answers
The cash inflows from operating activities are:
Receipts from customers: $279,247
Interest received: $6,770
Total cash inflows from operating activities: $286,017
The cash outflows from operating activities are:
Payments to suppliers and employees: $220,013
GST paid: $16,924
Total cash outflows from operating activities: $236,937
Therefore, the net cash provided from operating activities is:
Net cash provided from operating activities = Cash inflows from operating activities - Cash outflows from operating activities
Net cash provided from operating activities = $286,017 - $236,937
Net cash provided from operating activities = $49,080
Therefore, the net cash provided from operating activities for Baskin Peter Pty. Ltd. is $49,080.
So the answer is D) $49,080.
Seaside Vistas leases an apartment to Tori. During a severe storm, the premises are destroyed by flood. Under most state laws, liable for the rent for the rest of the lease term isa.Tori only.b.Seaside and Tori in proportionate amounts.c.no one.d.Seaside only.
Answers
No one is liable to pay rent for the causality of premises due to a severe storm. So, option (c) is correct answer.
What is lease?The terms and conditions of the renting are spelled out in a lease, which is a contract between a landlord and a tenant. It cannot be modified while it's still in force without consent from both parties.Oral or written leases are acceptable for non-rent-stabilized flats. The parties might want to create a written agreement to prevent disagreements. To be subject to the conditions of the lease, a party must sign it.
You have the right to ask for a rent reduction in the event that your apartment sustains significant damage. You can ask for the lease to be cancelled so you can leave if the damage to your unit makes it necessary for you to go. Send a certified letter to your landlord after putting everything in writing. You are liable for payment up until your lease is formally ended. Upon moving out, your landlord must return your security deposit.
So, we can say that no one is liable for the rent for the rest of the lease term.
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The postal service of St. Vincent, an island in the West Indies, recently introduced a limited edition deluxe souvenir sheet priced at $15.00 each. The initial market response was quite positive, with an increase in unit sales compared to the regular souvenir sheets. The postal service sold a total of 50,000 units of the deluxe souvenir sheet.
Based on the given information, calculate the following:
What was the postal service's increase (decrease) in total contribution margin when it sold 50,000 deluxe souvenir sheets at $15.00 each, compared to selling 80,000 regular souvenir sheets at $8.00 each?
By what percentage did the St. Vincent post office increase the selling price for the deluxe souvenir sheet compared to the regular souvenir sheets? Additionally, calculate the percentage increase in unit sales for the deluxe souvenir sheet compared to the regular souvenir sheets. (Round your answers to one-tenth of a percent.)
If the postal service wants to maintain the same total contribution margin per unit for the deluxe souvenir sheets as it did for the regular souvenir sheets, what selling price should they set for the deluxe souvenir sheet? (Round your answer to the nearest whole dollar.)
Calculate the number of deluxe souvenir sheets the postal service would need to sell at the price determined in question 3 to equal the total contribution margin earned by selling 80,000 regular souvenir sheets at $8.00 each. (Round your answer to the nearest whole number.)
Please show your calculations and provide explanations for each answer.
Answers
1. the postal service experienced an increase in total contribution margin of $7.00
2. The unit sales for the deluxe souvenir sheets decreased by 37.5% compared to the regular souvenir sheets.
3. The postal service should set the selling price for the deluxe souvenir sheet at $15.00
4. The exact number of deluxe sheets is 45.
Calculation of the increase (decrease) in total contribution margin:
The contribution margin is calculated as the selling price minus the variable cost per unit. Given the information, we have:
Selling price of regular souvenir sheets: $8.00
Selling price of deluxe souvenir sheets: $15.00
Number of regular souvenir sheets sold: 80,000
Number of deluxe souvenir sheets sold: 50,000
To calculate the increase (decrease) in total contribution margin, we need to compare the contribution margin of the two scenarios:
Contribution margin regular souvenir sheets = Selling price - Variable cost
= $8.00 - Variable cost
Contribution margin deluxe souvenir sheets = Selling price - Variable cost
= $15.00 - Variable cost
To find the increase (decrease), we'll subtract the contribution margin of regular souvenir sheets from that of deluxe souvenir sheets:
Increase (decrease) in contribution margin = Contribution margin deluxe - Contribution margin regular
= ($15.00 - Variable cost) - ($8.00 - Variable cost)
= $15.00 - $8.00
= $7.00
So, the postal service experienced an increase in total contribution margin of $7.00 when selling 50,000 deluxe souvenir sheets compared to selling 80,000 regular souvenir sheets.
2. Calculation of the percentage increase in selling price and unit sales:
Percentage increase in selling price = [(Selling price deluxe - Selling price regular) / Selling price regular] * 100
= [(15.00 - 8.00) / 8.00] * 100
= 87.5%
Therefore, the St. Vincent post office increased the selling price for the deluxe souvenir sheet by 87.5% compared to the regular souvenir sheets.
Percentage increase in unit sales = [(Unit sales deluxe - Unit sales regular) / Unit sales regular] * 100
= [(50,000 - 80,000) / 80,000] * 100
= -37.5%
The unit sales for the deluxe souvenir sheets decreased by 37.5% compared to the regular souvenir sheets.
3. Calculation of the selling price for the deluxe souvenir sheet to maintain the same total contribution margin per unit:
To maintain the same total contribution margin per unit, the selling price for the deluxe souvenir sheet should be equal to the selling price for the regular souvenir sheet plus the increase in contribution margin per unit:
Selling price deluxe = Selling price regular + Increase in contribution margin
= $8.00 + $7.00
= $15.00
So, the postal service should set the selling price for the deluxe souvenir sheet at $15.00 to maintain the same total contribution margin per unit.
4. Calculation of the number of deluxe souvenir sheets to be sold to equal the total contribution margin earned from selling 80,000 regular souvenir sheets:
Total contribution margin from selling regular souvenir sheets = Contribution margin regular * Number of regular sheets sold
= ($8.00 - Variable cost) * 80,000
To calculate the number of deluxe souvenir sheets to be sold, we'll set the total contribution margin equal to that of regular sheets and solve for the number of deluxe sheets:
Contribution margin deluxe * Number of deluxe sheets = Contribution margin regular * Number of regular sheets
($15.00 - Variable cost) * Number of deluxe sheets = ($8.00 - Variable cost) * 80,000
Simplifying the equation:
Number of deluxe sheets = (Contribution margin regular * Number of regular sheets) / (Contribution margin deluxe)
= ($8.00 - Variable cost) * 80,000 / ($15.00 - Variable cost)
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