Pell company acquires 80% of demers company for $500,000 on january 1, 2014. demers reported common stock of $300,000 and retained earnings of $210,000 on that date. equipment was undervalued by $30,000 and buildings were undervalued by $40,000, each having a 10-year remaining life. any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. based on an annual review, goodwill has not been impaired. demers earns income and pays dividends as follows:
2014 2015 2016
net income $100,000 $120,000 $130,000
dividends 40,000 50,000 60,000
assume the initial value is applied. compute pell's investment in demers at december 31, 2016.
a. $592,400.
b. $500,000.
c. $625,000.
d. $676,000.
e. $620,000.
Answers
By equity method Pell's investment in Demers at December 31, 2016, is = $560,000
To compute Pell's investment in Demers at December 31, 2016, we need to first calculate the goodwill and then apply the equity method to account for the investment.
1. Calculate the goodwill:
Consideration transferred = $500,000
Fair value of net assets acquired = $300,000 + $210,000 + $30,000 + $40,000 = $580,000
Excess consideration transferred over fair value = $500,000 - $580,000 = ($80,000) - this amount represents negative goodwill, which is attributed to the fair value adjustment of assets and liabilities. Since the goodwill has not been impaired, we can assume that the negative goodwill has been fully amortized over the years.
2. Apply the equity method to account for the investment:
- Initial investment: $500,000 x 80% = $400,000
- Share of Demers' net income:
- 2014: $100,000 x 80% = $80,000
- 2015: $120,000 x 80% = $96,000
- 2016: $130,000 x 80% = $104,000
- Share of Demers' dividends:
- 2014: $40,000 x 80% = $32,000
- 2015: $50,000 x 80% = $40,000
- 2016: $60,000 x 80% = $48,000
Pell's investment in Demers at December 31, 2016 is the sum of the initial investment, share of net income, and adjustment for dividends:
= $400,000 + $80,000 + $96,000 + $104,000 - $32,000 - $40,000 - $48,000
= $560,000
Therefore, the answer is not listed among the options provided, and we can conclude that the correct answer is none of the above and Pell's investment in Demers at December 31, 2016, is $560,000 .
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Related Questions
The income tax rate in a state is a flat 10 percent. Based on that rate, who has the higher tax burden?
Annual Income
Alex - $20,000
Beatrice - $190,000
Julio - $80,000
Roberta - $60,000
Alex
Beatrice
Julio
Roberta
Answers
Answer:
Beatrice
Explanation: she makes the most money so she has to pay more in tax
Based on the tax rate and the annual income of the people, the person with the higher tax burden is Beatrice.
Flat Rate Tax Refers to when a specific rate of tax is imposed. Leads to those who are paid higher having a higher tax burden. Leads to lower income earners having less money after tax.Beatrice is the highest earner in the group as they earn $190,000. They will therefore have the highest tax burden of $19,000 as opposed to the others who have lower salaries.
In conclusion, Beatrice is correct.
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Thirsty Dog! Is a zesty beef-flavored, vitamin-enriched, mineral-loaded, lightly carbonated bottled water for your dog. It might have been a great product, but competition over shelf space was fierce and the product could not generate enough sales per square foot for retailers. The makers of this product had
Answers
Eliza Conner owns a small clothing boutique. Eliza uses her personal checking account for both business and personal needs. How would you convince Eliza that she should open a separate
bank account for her business?
Answers
Answer:
1. It will cause them confusion throughout the tax calculating process.
2. Using a single account will make it difficult to keep payroll records.
3. Keep track of your personal expenses and earnings.
Explanation:
1. It is preferable to establish a separate account to separate the firm's actual income and expenses.
2. Payroll expenses are indistinguishable from personal expenses.
3. This allows you to cross-check bank and hand-made documents for income and expenses. Because cash transactions may not be recorded in the bank account, the entrepreneur should preserve receipts in order to compute revenue and expenses, which may result in erroneous financial statements.
The debit balance in a nominal account shows:
a) Gains b) Expenses
c) Assets d) None of the above
(answer the above question correctly)
Answers
TETE
QUESTION 2 / 10
The opportunity cost of earning an advanced college degree is that:
A. You will earn more income during your
career,
B. Some fields require a professional
degree before you can begin working.
C. There may be a low supply of jobs in
your professional field.
D. You will earn less money during the
years that you are in college.
Answers
Which energy system provides energy for tasks that demand a high rate of energy expenditure for a short period of time?
Answers
The energy system which provides energy for tasks that demand a high rate of energy expenditure for a short period of time is 3-5 days/week, 55-90% of HRmax, 20-60 minutes, aerobic activity.
In economics, demand is the amount of a good that customers are inclined and capable of purchase at diverse prices at some point of a given time. the connection between price and quantity demand is likewise referred to as the demand curve
Demand is the amount of consumers who're inclined and in a position to shop for products at numerous fees at some stage in a given period of time. demand for any commodity implies the purchasers' desire to gather the good, the willingness and capability to pay for it.
For instance, if a patron is hungry and buys a slice of pizza, the primary slice can have the finest advantage or application. With every additional slice, the purchaser becomes greater happy, and software declines. In idea, the primary slice may fetch a higher price from the purchaser.
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________ is the sequence of value-adding activities performed to develop, produce, market, and service a product.
Answers
A Value Chain is the sequence of value-adding activities performed to develop, produce, market, and service a product.
It includes the steps right from the manufacturing of goods or services till reach the customers.
Value Chain: From a product's original design to its delivery to a consumer, there are a number of sequential processes that make up a value chain. The supply chain outlines every stage of production, including the sourcing, manufacturing, and marketing phases, where value is added.
Example: design, production, distribution, and so on.
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Why is it not a good idea to make early withdrawals from your 401(k)
Answers
Answer:
- Fees
-Early termination cost
-Loss of interest
Required-: JOURNAL ENTRY (ACCOUNT)
Paid Rs. 28,000 to Sansee stores in fullsettlement of Rs. 30,000 by cheque please help Me with this. I'm still confused in it.
Answers
- Hey there , ronisha!
Answer:
\( \large{ \tt{SEE \: THE \: ATTACHED \: PICTURE}}\)
\( \large{ \tt{E \: X \: P \: L \: A \: N \: A \: T \: I \: O \: N}} : \)
Full settlement generally means DISCOUNT ALLOWED. Firstly , Read out the question and try to understand. It says we purchased some stuffs of Rs 30000 from the sansee stores and we payed Rs 28000 in full settlement which implies that we received the discount of Rs 30000-28000 i.e Rs 2000. You must have known the rules for debit and credit. As we know In case of personal account , Debit : The receiver , We have sansee stores as the receiver so we placed it in debit side. Remember: When the question says that the cash is payed through cheque , you should always consider cheque as a bank. Now , In the case of personal account , Credit : The giver. Who's the giver? Of course , bank! So , we placed it in credit side. Now , In case of nominal account , Credit : the incomes or gains . The question says we received the discount so obviously it's not expenses. So, We placed discount received in credit side. You must have studied that Every debit should have equal credit. And we're done!- Hope this helps! Please let me know if you have any questions regarding my answer and also don't hesitate to reach out to me if you need any other help! :)
A welder goes to trade school to learn more about her craft. She seeks to gain more what kind of worker is this?
Answers
Motivation for welders can vary, including passion, financial rewards, and satisfaction.
What motivates a welder?
The worker in this scenario is a welder who is seeking to further develop their skills and knowledge in their craft by attending trade school. This shows that they are dedicated to their profession and committed to improving their expertise, which can help them become a more skilled and valuable worker in their field.
By pursuing additional education and training, the welder may be positioning themselves for better job opportunities, higher pay, and more career advancement possibilities.
The motivation of a welder can vary based on personal and professional factors. Some welders are passionate about their craft and take pride in creating durable and functional structures, which can drive their motivation.
Others may be motivated by financial rewards, job security, or opportunities for career advancement. Additionally, some welders may be motivated by the satisfaction of working with their hands and seeing a physical result of their labor.
Whatever the source of motivation, welders who are committed to improving their skills and knowledge through education and training are likely to achieve greater success and job satisfaction in their careers.
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Jurgen is one of several middle managers sent to a training course on leadership skills. Through this effort, the organization is attempting:
Answers
Jurgen is one of several middle managers sent to a training course on leadership skills. Through this effort, the organization is attempting Organization development.
What is organizational development?Organizational development involves conscious effort made towards the development of individual or staff of articular organization.
This could involve training for this group of people to help develop some skills that is Paramount to the growth o the business.
When there is organizational development change and growth can be visible.
Therefore, Jurgen is one of several middle managers sent to a training course on leadership skills. Through this effort, the organization is attempting Organization development.
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Interrelated activities that must work together to get goods and services from producers to customers are
Answers
Answer:
Marketing function
Explanation:
Marketing functions are a series of activities that are carried out in marketing. Through marketing functions, goods move from where they were made to where they would be consumed. This function is a link from producer to consumer.
These functions include
1. Promotion of product
2. Selling
3. Management of product
4. Price setting
5. Distribution to consumers
6. Financing
7. Risk management
Juliette formed a new business to sell sporting goods this year. The business opened its doors to customers on June 1. Determine the amount of start-up costs Juliette can immediately expense (not including the portion of the expenditures that are amortized over 180 months) this year in the following alternative scenarios: a. She incurred start-up costs of $4,200. what amount of start-up costs immediately expensed b. She incurred start-up costs of $45,500. what amount of start-up costs immediately expensed
Answers
When starting a new business, some expenditures can be immediately expensed while others must be amortized over time.To determine the amount that Juliette can immediately expense, we subtract $5,000 from her total start-up costs:
$45,500 - $5,000 = $40,500
If Juliette incurred start-up costs of $4,200, she can immediately expense up to $5,000 of the costs, minus the amount by which the costs exceed $50,000. Since her costs are below $50,000, she can immediately expense the full $4,200. If Juliette incurred start-up costs of $45,500, she can still immediately expense up to $5,000, minus the amount by which the costs exceed $50,000. Since her costs are below $50,000, she can immediately expense the maximum allowable amount, which is $5,000.
Remember that these amounts are not including the portion of the expenditures that are amortized over 180 months
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.
On January 1, 2020, Canadian Co. acquired a 70 percent interest
in a Swiss company, for SF500,000. On that date, the exchange rate
was SF1 = C$1.07. Swiss Co is an integrated foreign operation
(i.e.,
Answers
On January 1, 2020, Canadian Co. acquired a 70 percent interest in a Swiss company, for SF500,000. On that date, the exchange rate was SF1 = C$1.07. Swiss Co is an integrated foreign operation (i.e., a subsidiary that maintains its accounting records in Swiss francs, which are its functional currency).
During 2020, Swiss Co reported a net income of SF80,000 and declared dividends of SF20,000 on July 1 and December 31. The exchange rates during 2020 were:Average for the year SF1 = C$1.05December 31, 2020 SF1 = C$1.02Prepare the journal entries that Canadian Co. should make in 2020, and provide the appropriate translation adjustments and gain or loss accounts required by IFRS. Assume that Canadian Co. applies the cost method and that it uses the temporal method to translate Swiss Co.’s financial statements to Canadian dollars.Under the cost method, the investment is initially recorded at cost (SF500,000 × C$1.07 = C$535,000).
Any dividends received are recorded as dividend income. At year-end, the investment’s carrying amount is compared with its fair value, and any impairment is recognized under IFRS. In this case, the investment’s carrying amount (in Swiss francs) is SF350,000 (70 percent × SF500,000) plus the dividends of SF20,000 received during the year, or SF370,000. The investment’s fair value (in Canadian dollars) at December 31, 2020, is SF350,000 × C$1.02 = C$357,000.
The temporal method is used to translate Swiss Co.’s financial statements because the Canadian dollar is the functional currency of Canadian Co. under IFRS. Under this method, monetary assets and liabilities are translated at the current exchange rate (SF1 = C$1.02), while nonmonetary assets and liabilities are translated at historical exchange rates. Revenues, expenses, gains, and losses are translated at the exchange rate in effect at the time they are recognized. The translation gains or losses are recorded in a cumulative translation adjustment (CTA) account, a separate component of other comprehensive income. In this case, translation gains or losses result from translating Swiss Co.’s financial statements from Swiss francs to Canadian dollars.On January 1, 2020, the investment in Swiss Co. is recorded at cost: Dr. Investment in Swiss Co. (at cost) C$535,000 Cr. Cash (C$535,000)During 2020, dividend income is recorded: Dr. Dividend income (C$28,000) Cr.
Investment in Swiss Co. (at cost) (C$28,000)At December 31, 2020,
Swiss Co.’s financial statements are translated to Canadian dollars as follows: Balance Sheet (December 31, 2020) Income Statement (for year ended December 31, 2020) (SF) (C$) (SF) (C$) Cash 105,000 102,900 Revenues 140,000 134,400 Accounts receivable 40,000 38,800 Cost of sales (80,000) (76,800) Inventory 100,000 97,800.
Gross profit 60,000 57,600 Property, plant, and equipment (net) 700,000 679,000 Selling and administrative expenses (20,000) (19,200) Total assets 945,000 916,100 Income before taxes 40,000 38,400 Accounts payable 65,000 63,100 Income tax expense (20,000) (19,200) Dividends declared (20,000) (19,400).
Total liabilities 85,000 82,700 Net income 20,000 19,200 Common shares 450,000 436,500 Retained earnings 410,000 397,900 Total equity 860,000 834,400 Total liabilities and equity 945,000 916,100At December 31, 2020,
the investment in Swiss Co. is adjusted to fair value: Dr. Investment in Swiss Co. (at cost) (C$370,000) Dr. Unrealized gain on investment in Swiss Co. (C$13,000) Cr. Gain on investment in Swiss Co. (C$13,000) Cr. Investment in Swiss Co. (at fair value) (C$357,000)Unrealized gain on investment in Swiss Co. (CTA) is recorded in accumulated other comprehensive income: Dr. Unrealized gain on investment in Swiss Co. (CTA) (C$13,000) Cr. Accumulated other comprehensive income (C$13,000).
Under IFRS, investment in is initially recorded at cost and subsequently adjusted to fair value under the cost or equity method. Under the poral method of translation, monetary assets and liabilities are translated at the current exchange rate, while nonmonetary assets and liabilities are translated at historical exchange rates. Revenues, expenses, gains, and losses are translated at the exchange rate in effect at the time they are recognized. The translation gains or losses are recorded in a cumulative translation adjustment (CTA) account, a separate component of other comprehensive income.
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Two countries, Country A and Country B, produce petroleum and seafood. A 4-column table has 2 rows. The first column is labeled country with entries Country A, Country B. The second column is labeled Cost (units) with entries 1, 1. The third column is labeled Petroleum (units) with entries 16, 8. The fourth column is labeled Seafood (units) with entries 8, 8. Based on the data in the table, has the absolute advantage in producing petroleum.
Answers
Answer:
Country A
Explanation:
Based on the data in the table, has the absolute advantage in producing petroleum is country A.
What is absolute advantage?
A country has an absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries.
Looking at the table, Country A, produces 16 units of pertroluem while Country B produces 8 units. Thus, Country A has an absolute advantage.
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Why is it a good idea to be organized in the workplace?
Answers
It is a good idea to be organized in a workplace because an organized workplace will facilitate increased productivity and increased efficiency.
What is workplace?A workplace is described as a place where an employee or a manager carries out projects, tasks, and jobs. It is important to mention that workplaces are the areas that are located inside a building or can be outside an office building.
An organized workplace means that everything in the workplace is kept in its respective places, and everything is very neat and clean. Such an organized workplace will allow the managers and the employees to focus entirely on the work and be more productive and efficient.
It can be concluded that it is a good idea to be organized in a workplace because an organized workplace will facilitate increased productivity and increased efficiency.
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Size is limited under a Sole Proprietorship.
True
False
Answers
Answer:
True
Explanation:
because 1 person can't control a huge company or business
LETS DEBATE AB ABORTION.
Answers
Answer:
i dont like the idea of them but if you must get one to survive then do it
Explanation:
An offeree whose acceptance is not a mirror of the offer has made a counter offer.
True
False
Answers
If you have had frequent job changes, minimize the negative impression by leaving them off entirely. indicating they were a series of promotions. focusing exclusively on the skills that relate to the position you are applying for. grouping them under a single heading. entioning volunteer experience during those same time periods. Employers view your résumé as a concrete example of your attention to quality and detail, so even minor mistakes can reduce your chances of getting an interview. True False
Answers
To minimize the negative impression of frequent job changes, you may consider leaving them off your resume entirely and indicating them as a series of promotions. Instead, focus on relevant skills for the position you're applying for and group your experiences under a single heading. Additionally, mentioning volunteer experience during those same time periods can be beneficial.
When you have had frequent job changes, it can create a negative impression on your resume. To address this, one strategy is to leave off the specific job titles and instead indicate them as a series of promotions within a single company. This approach can give the impression of career growth and stability rather than a series of short-term positions.
In addition to downplaying the frequent job changes, it's important to emphasize the skills that are relevant to the position you're applying for. Highlighting your abilities and accomplishments related to the job requirements can help shift the focus away from the number of job changes and onto your qualifications.
Grouping your experiences under a single heading, such as "Relevant Experience" or "Professional Background," allows you to showcase a cohesive narrative rather than highlighting individual job titles. This approach helps draw attention to your overall experience and skills, rather than the specific details of each position.
Furthermore, mentioning any volunteer experience you had during the same time periods can be beneficial. Volunteering demonstrates your commitment, passion, and initiative, and can help fill any potential gaps in your employment history. It shows that you were actively engaged and making a positive impact, even during periods of job transition.
Remember that your resume is a reflection of your attention to quality and detail. Even minor mistakes can have a negative impact on your chances of securing an interview. Therefore, proofread your resume thoroughly, ensure accurate and consistent formatting, and make sure it presents a compelling case for your qualifications and suitability for the position.
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False.it's crucial to keep in mind that omitting critical information or being misleading in any way is never a good idea on a resume because it can hurt your chances of getting the job.
Employers view your résumé as a concrete example of your attention to quality and detail, so even minor mistakes can reduce your chances of getting an interview is true.
A résumé is the first impression an employer receives of you, and it is your best chance to show off your qualifications.
An employer is less likely to interview someone whose résumé contains spelling or grammatical errors, or one that is cluttered and difficult to read.
If you have had frequent job changes, you should group them under a single heading, minimize the negative impression by leaving them off entirely, mention volunteer experience during those same time periods, indicate they were a series of promotions, and focus exclusively on the skills that relate to the position you are applying for.
These techniques will help minimize any negative effects from frequent job changes.
However, it's crucial to keep in mind that omitting critical information or being misleading in any way is never a good idea on a resume because it can hurt your chances of getting the job.
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which of the following is also known as “the grapevine”
a. upward communication
b. downward communication
c. formal communication
d. informal communication
Answers
Answer:
Explanation:
Among the following options, Option (D) Informal communication is correct. Reason is stated below
Informal communication is also known as grapevine communication. The grapevine communication moves upward, downward, and diagonally in all directions.
Informal communication is unrecognized as it exists between group of people or between two individuals. as there is no direction of the communication it is also reffered as grapevine communication.
This form of communication exists because of the co-existence of people which can benefit the organization.
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Calculate the nominal annual cost of trade credit under each of the following terms. Assume a 365-day year. Do not round intermediate calculations. Round your answers to two decimal places. 1/15, net 20. % 2/10, net 55. % 3/10, net 45. % 2/10, net 45. % 2/15, net 35. %
Answers
The nominal annual cost of trade credit for each is:
18.62%28.22%16.55%37.24%Calculations and ParametersNominal cost of trade Credit = Discount percentage/100- discount percentage * 365/Day Credit 0/s-Discounts period .
1/15, net 20
Here,
Discount percentage = 1 Discount period = 20 day Day credit OKS = 15 days.Nominal cost of trade credit = 1/100 - 1 x 365/20- 15 = 78.73%.
1. 2/10 net 50.
Nominal cost of trade credit = 2/100-2 * 365/50-10= 18.62%
2. 3 /10 net 50.
Nominal cost of trade credit = 3/100-3 * 365/50-10 = 28.22%
3. 2/ 10 net 55
Nominal cost of trade credit = 2/100-2 * 365/55-10 = 16.55%
4. 2/ 15 net 35 =
Nominal cost of trade credit = 2/100-2 * 365/35-15= 37.24%
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On January 2, The Public Legal Clinic issued Check 2108 for $370 to establish a petty cash fund. Indicate how this transaction would be recorded in a cash payments journal.
Answers
To create the petty cash fund, make the following journal entry: debit Petty cash fund account ($430), credit cash account ($430).
What is petty cash fund?A petty cash fund's main objective is to give business units enough money to pay for small expenses. The purpose is to make it easier for staff workers and visitors to get reimbursed for little expenses like taxi rides, postage, office supplies, and other things that often don't cost more than $25.00.
The data can also come from of the petty cash fund. Add up all of the expenses that are mentioned on each petty cash vouchers in the petty cash fund. This sum should be deducted from the calculated cash withdrawal amount. The outcome ought to be 0. There is an excess of cash in the fund if there is a residual balance.
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The _____ process is a noncompetitive application process.
Answers
Answer:procurement
Explanation:buyer will only select the firm that is to buy from or even restricts the bidding criteria to certain firm suppliers.
What is the best way to deal with volatility and get the best return on your investment?
A.
Invest only in very safe investments.
B.
Put your money in a savings account.
C.
Avoid investments that create capital gains.
D.
Use diversification.
Answers
The best way to deal with the volatility and get the best return on your investment is to put your money in a savings account. The correct option is b.
What is a savings account?A Savings Account, by definition, allows you to deposit your money safely with the bank, so you don't have to carry it around with us or hide it in that rusted old steel safe at home. We can withdraw these funds when you need them. There are different types of savings accounts to choose from, and they're not all alike.
The options include traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts and speciality savings accounts.
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Which career would organize, train, and support teachers and educational workers to help them provide better
instruction?
O distance learning coordinator
O education administrator
O instructional coordinator
O regulatory affairs specialist
Answers
Answer:
it is C instructional coordinator
Explanation:
Imagine that you are an Occupational Psychologist, provide your advice on the following scenarios:
Scenario 1
Dominic is the recruitment manager of a digital wallet platform company. He is seeking your advice on the types of employment screening tests to be administered to screen the candidates for the "Business Development Manager" position. Suggest three (3) types of employment screening tests that could be administered by Dominic. Justify the reason(s) for your suggestions.
- Suggest any three (3) types of employment screening test
- Describe the purpose(s) of the tests and briefly describe how the tests to be used.
- Explain the importance of the test in screening for potential employees.
- Ensure your justifications are well-supported by relevant resources.
Answers
As an Occupational Psychologist, I would recommend that Dominic administer three different types of employment screening tests for the “Business Development Manager” position. The three types of employment screening tests that can be administered are described below:
1. Cognitive Ability Tests: This type of test assesses a candidate’s general ability to learn, understand, and solve problems. It is a good predictor of job performance as it measures a candidate’s ability to learn quickly, make decisions, and solve problems. These tests may include abstract reasoning, numerical reasoning, and verbal reasoning tests.
2. Personality Tests: Personality tests assess a candidate’s personal traits, characteristics, and behaviors. The test can provide insight into how well a candidate would fit into the company culture and how well they would work with other employees. These tests may include the Big Five Personality Traits test, DISC Personality Test, and Myers-Briggs Type Indicator (MBTI).
3. Situational Judgment Tests: This type of test measures a candidate’s ability to assess real-life situations and make decisions. The test can help predict how well a candidate would handle situations they might encounter on the job. Situational Judgment Tests can help assess a candidate's judgment skills, problem-solving abilities, and leadership potential.
All three tests are essential in assessing a candidate's potential to perform well in the "Business Development Manager" position. By administering a cognitive ability test, the employer can determine if the candidate is able to learn quickly and can solve problems. By administering a personality test, the employer can assess how well the candidate would fit into the company culture and work with other employees. Finally, by administering a situational judgment test, the employer can determine if the candidate can make sound judgments and decis
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all small indusrties are highly labor intensive true /false given reason
Answers
Answer:
FALSE.
Explanation:
Not ALL small industries are highly labor-intensive. If you start a small industry, it could become highly labor-intensive as a result of insufficient staffing, inventory, and other factors.
TIP: Never use "ALL", "ALWAYS", "NEVER", etc...words like this turn arguments false.
6. Suppose that the required reserve ratio is 15% of the demand deposit and that banks do not hold excess reserves. a. Bank ABC has $40,000 in demand deposits, construct a T-account that fulfills the requirements mentionad above. b. Suppose that an additional $20,000 is deposited into the Bank ABC, construct a new T-account to show the immediate changes from the deposit. c. Immediately after the deposit, what is the reserve ratio and how much more can Bank ABC lend out?
Answers
Bank ABC's T-account with $40,000 in demand deposits and a required reserve ratio of 15% would show $34,000 in loans and $6,000 in reserves.
In response to part (a) of the question, with $40,000 in demand deposits, Bank ABC is required to hold 15% of this amount as reserves. Therefore, the bank would have $6,000 in reserves and can lend out the remaining $34,000.
Moving on to part (b) of the question, where an additional $20,000 is deposited into Bank ABC, the T-account would reflect the immediate changes. The new demand deposit total would be $60,000 ($40,000 + $20,000).
Since the required reserve ratio is 15%, Bank ABC would need to increase its reserves by 15% of the additional $20,000 deposit, which is $3,000. This would leave $57,000 ($60,000 - $3,000) in demand deposits available for loans.
In summary, immediately after the deposit, Bank ABC's T-account would show $57,000 in loans and $9,000 in reserves, with a reserve ratio of 15%. The bank can lend out an additional $57,000.
A reserve ratio is the percentage of customer deposits that banks are required to hold as reserves. These reserves serve as a safety net to ensure that banks can meet the demands of depositors and maintain stability in the banking system. When the required reserve ratio is 15%, it means that banks must hold 15% of their customers' demand deposits as reserves.
Banks typically hold reserves in the form of cash or deposits with the central bank. Excess reserves are any reserves held by banks above the required amount. In this scenario, it is assumed that banks do not hold excess reserves, meaning they only hold the minimum required amount.
The reserve ratio affects a bank's ability to lend out money. In this case, Bank ABC can lend out the amount of demand deposits that exceeds the required reserves. So, if the total demand deposits are $60,000 and the required reserves are $9,000 (15% of $60,000), the bank can lend out $51,000 ($60,000 - $9,000). This demonstrates the impact of the reserve ratio on a bank's lending capacity.
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Santana Rey has found that Business Solutions line of computer desks and chairs has become very popular, and she is finding it hard to keep up with demand. She knows that she cannot fill all of her orders for both items, so she decides she must determine the optimal sales mix given the resources she has available. Information about the desks and chairs follows. Desks Chairs Selling price per unit $ 1,046. 25 $ 301. 00 Variable costs per unit 440. 00 110. 00 Contribution margin per unit $ 606. 25 $ 191. 00 Direct labor hours per unit 5 hours 4 hours Expected demand for next quarter 166 desks 50 chairs Santana has determined that she only has 970 direct labor hours available for the next quarter and wants to optimize her contribution margin given the limited number of direct labor hours available. Required: Determine the optimal sales mix and the contribution margin the business will earn at that sales mix. (Round per unit amounts to 2 decimal places. )
Answers
The optimal sales mix is to produce 132 desks and 37 chairs, and the business will earn a contribution margin of $86,956.25 at this sales mix.
To determine the optimal sales mix, we need to calculate the contribution margin per unit of each product and the contribution margin per unit of the constrained resource (direct labor hours).
For desks:
Contribution margin per unit = Selling price per unit - Variable costs per unit
= $1,046.25 - $440.00
= $606.25
Contribution margin per direct labor hour = Contribution margin per unit / Direct labor hours per unit
= $606.25 / 5 hours
= $121.25 per hour
For chairs:
Contribution margin per unit = Selling price per unit - Variable costs per unit
= $301.00 - $110.00
= $191.00
Contribution margin per direct labor hour = Contribution margin per unit / Direct labor hours per unit
= $191.00 / 4 hours
= $47.75 per hour
To optimize the contribution margin given the limited direct labor hours, we need to allocate the available hours in proportion to the contribution margin per hour of each product.
Let X be the number of desks and Y be the number of chairs.
The total direct labor hours required for X desks and Y chairs are:
5X + 4Y
We need to maximize the contribution margin:
Maximize Z = 606.25X + 191Y
Subject to the constraints:
5X + 4Y <= 970
X >= 0
Y >= 0
We can solve this linear programming problem using the simplex method or graphical method.
Using the graphical method, we plot the constraint 5X + 4Y = 970 as a straight line and shade the feasible region below and to the left of the line. Then, we plot the objective function Z = 606.25X + 191Y as a straight line with a negative slope and find the point where it is tangent to the feasible region.
The optimal sales mix is:
X = 132 desks
Y = 37 chairs
The contribution margin at this sales mix is:
Z = 606.25(132) + 191(37)
= $86,956.25
Therefore, the optimal sales mix is to produce 132 desks and 37 chairs, and the business will earn a contribution margin of $86,956.25 at this sales mix.
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