Problem 1 16 points Total Prepare the Budgets given the following information Budgeted sales are expected to be: January 200 Units February 300 Units March 400 Units April 300 Units May 400 Units Selling Price $10 Per unit A. Prepare the sales Budget (5 points) Sales Budget January February March Quarter Budgeted sales in units 200 300 400 900 Times selling price per unit $10 $10 $10 $10 Budgeted sells in dollars $2,000 $3,000 $4,000 $9,000 B. Prepare the Production Budget (5 points)

The income tax expense is $120k

The DTA year-end balance is $10k

The DTL year-end balance is $40k

The origination amount for the future deductible amount is $15k, and the reversing amount is also $15k.

1. To calculate the income tax expense, we need to first calculate the taxable income.

Taxable Income = $400k

Tax rate = 30%

Income tax expense = Taxable Income * Tax rate

Income tax expense = $400k * 30% = $120k

2. The DTA (Deferred Tax Asset) year-end balance can be calculated as follows:

Beginning Balance DTA = $10k

Future deductible amounts = $50k

Origination amount for the deductible amount = $50k * 30% = $15k

Reversing amount for the deductible amount = $15k

DTA year-end balance = Beginning Balance DTA + Origination amount - Reversing amount

DTA year-end balance = $10k + $15k - $15k = $10k

3. The DTL (Deferred Tax Liability) year-end balance can be calculated as follows:

Beginning Balance DTL = $40k

Future taxable amounts = $30k

Origination amount for the taxable amount = $30k * 30% = $9k

Reversing amount for the taxable amount = $9k

DTL year-end balance = Beginning Balance DTL + Origination amount - Reversing amount

DTL year-end balance = $40k + $9k - $9k = $40k

4. The originating/reversing amount for the future taxable amount and the future deductible amount of the current year have already been calculated in questions 2 and 3. The origination amount for the future taxable amount is $9k, and the reversing amount is also $9k. The origination amount for the future deductible amount is $15k, and the reversing amount is also $15k.

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Answer:

The Effect of a "Payment on Account"

By the Business:  

The payment reduces the balance of the Accounts Payable.  A current liability is reduced while cash is also reduced by an equal amount.

By the Customer:

The payment reduces the balance of the Accounts Receivable.  One current asset is reduced and a current asset (cash) is increased by an equal amount.

Explanation:

"Payment on account" represents settlement of liabilities by the business or the customer.  When the business settles its liability, there is an outflow of cash.  When a customer settles its liability to the business, there is an inflow of cash to the business.

Answer:

Evanson Company

Evanson Company

Flexible Monthly Budget

Activity Level:

Finished goods (Units)          40,000         60,000          80,000

Variable costs:

Direct materials                $560,000     $840,000    $1,120,000

Direct labor                         600,000       900,000     1,200,000

Manufacturing overhead   640,000       960,000     1,280,000

Total variable costs       $1,800,000  $2,700,000  $3,600,000

Fixed manufacturing

 overhead                          135,000         135,000        135,000

Total production costs $1,935,000  $2,835,000  $3,735,000

Explanation:

a) Data and Calculations:

Expected production units per year = 540,000

Average monthly production units = 45,000 (540,000/12)

Manufacturing costs per unit:

Direct materials                            $ 14

Direct labor                                      15

Variable manufacturing overhead 16

Fixed manufacturing overhead       3

Total yearly fixed overhead = $1,620,000 (540,000 * $3)

Monthly fixed overhead = $135,000 ($1,620,000/12)

b) A flexible budget has varying activity levels from one period to the next.  One interesting feature of the flexible budget is that the variable costs are fixed per unit, but their totals vary with the volume levels.  On the other hand, the fixed costs remain static in totals but vary per unit.

Entrepreneurs could leverage culture on e-business platforms by incorporating cultural elements into their branding, marketing, and user experience.

For example, they could use culturally relevant visuals, symbols, and language to appeal to their target audience. They could also tailor their products and services to meet the unique needs and preferences of different cultural groups.

Additionally, entrepreneurs could engage with their audience through culturally relevant content, such as blog posts, social media updates, and videos. By doing so, they can create a sense of community and foster a deeper connection with their customers.

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In economics, goods are things that fulfill human needs and offer usefulness, such as to a customer buying a fulfilling product. It is usual practice to distinguish between transferable commodities and non-transferable services

Goods are any products, raw resources, or consumables that are sold to customers, businesses, or governmental organizations.

Services are tasks carried out for the benefit of the recipients, whereas goods are physical commodities offered to clients. Automobiles, home products, and apparel are a few examples of goods.

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Answer:

True

Explanation:

The change in price level changes the supply of goods. When price level increases, producers or suppliers will be willing to produce and supply more. However, when prices reduce, producers or suppliers may decide to supply less because they wont be making much money as they should if the price level did not fall.

In monopolistic competition, compared to a firm with a higher marginal cost, a firm with a lower marginal cost will set a lower price, produce more output, and earn higher profits.

A monopolist's desire to maximize profits is one of its traits. A monopolist can regulate the price and the quantity required because there is no competition in a monopolistic market. By equating a monopoly's marginal cost and marginal revenue, the level of output that maximizes profit can be determined.

The markup is the distinction between the price and the marginal cost. A perfect competition structure has a price that is equal to the marginal cost, hence there is no markup. Although the price is always higher than the marginal cost, monopolistic competition does, however, result in a product markup.

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Answer:

There are several contributory factors for greater demand for professional nurses in the future, some of which are: lower cost of the workforce and greater autonomy to assume responsibilities.

Explanation:

It is possible to see an increase in the demand for nursing professionals, and this demand will continue to increase in the future, and the reasons for this increase is the increase in the valuation of the profession, since there is still a lack of primary care doctors, being nurses the most suitable professionals to assume this position, having for this reason an increase in responsibilities, such as autonomy in the decision-making process, the possibility of prescribing medications and tests to certain patients.

There is also the fact that they provide essential care to the patient with a satisfactory cost-benefit, and these professionals are also able to provide family care and in outpatient centers, where the presence of nurses is extremely necessary. Therefore, it will be increasingly necessary for nurses to qualify and develop skills in the decision-making process.

Answer:

1. not all people want to wear a mask when they walk into their store

2. a lot of their workers probaly quit or have corona, this would make it harder to make decisions with not a lot people to work!

Explanation:

Answer:

In 2020, a company receives advance payments from its customers. The company will deliver the products in 2021. At the end of 2020, the company will ____1______ related to this transaction (enter 1, 2, 3, or 4 that represents the correct answer).

1. record a deferred tax asset

Explanation:

For having paid income tax in 2020 on the cash received for deferred revenue, the company will record a deferred tax asset.  This deferred tax asset will then be offset in 2021 when the sales revenue will be recorded according to the financial income accounting.  Deferred tax asset arises from the overpayment or advance payment of taxes.  The opposite of a deferred tax asset is called a deferred tax liability, representing income tax owed, which will be settled in the coming years.

Answer:

D. Do not record the transaction in the general journal

Explanation:

There is no need to record the transaction in the general journal since the money that was actually spend by Sam Snead happens to be his own personal fund rather than the company's fund (That is, the Golf Wear company). Funds belonging to the company are those that deserve to be recorded in the general journal.

Answer:

A

Explanation:

they have to know what the person is being arrested for

Answer: C. 40.4%

Explanation:

To find the rate of change in production, we can use the following formula:

Rate of change = (New value - Old value) / Old value * 100

Where,

Old value = Production of last month = 900

New value = Production of this month = 1264

Substituting the values in the formula,

Rate of change = (1264 - 900) / 900 * 100= 364 / 900 * 100= 0.404 * 100= 40.4%

Therefore, the rate of change in production is 40.4%, which is an option (c). I hope that this answer has helped you!

Answer:

The correct answer is C.

Explanation:

The rate of change in production is: (1264 - 900) / 900 = 0.404 or 40.4%. So, the correct answer is c. 40.4%

The items that would appear on the statement of stockholders' equity are dividends, net income and beginning balance of retained earnings

What is statement of stockholders' equity?

The statement of stockholders' equity is one of the final accounts or financial statements of the company which shows the transactions between the company and its stockholders for the current period as well as the balances of prior periods.

The statement of stockholders' equity would contain dividends, which are paid to shareholders as the returns on their investment for the current period, net income, which is the profits of the business after paying taxes to relevant tax authority and the opening of retained earnings.

Note that property, plant and equipment would be shown on the balance sheet and the cash received in cash flow statement

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A checking account offers easy access to your money for your daily transactional needs and helps you cash secure.

In today's world it is important to have a checking account, for example in India even in rural areas people have checking accounts, which makes transactions easy and secure and it can become expensive if not have a checking account, for example, if a shopkeeper is not having change and you don't have a checking account then the transaction can become expensive, moreover, you will require to carry cash which will become expensive with less security.

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Answer:

Citizens of South Africa should endeavor to acquire skills that would make them financially independent.

Explanation:

Poverty and unemployment still remain major problems bedeviling African countries, South Africa inclusive. To uplift themselves, South African people should endeavor to acquire skills that would make them independent. Since the government cannot cater to the needs of everyone, learning a trade or two will help the teeming youths to be productively engaged.

This will go a long way to curb unemployment and its negative consequences such as crime perpetrated by young people. They could learn hard skills like fashion designing, Catering, Mechanized farming, etc. Soft skills would also help them to grow professionally.

An example of what the citizens of South Africa can do to uplift themselves is to develop their community and get the necessary skills and education.

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The specific information characteristic that suffered in the given scenario is accuracy.

Whenever a customer applies to open an account with a bank, they are required to register with the bank's system. This registration allows them to access the required services whenever the need arises. However, in Abebe's case, the customer had been registered but was unable to get the required service because of an error in data entry recording his personal information. As a result, the teller was unable to verify Abebe's account even though the customer was registered with the bank. This error in data entry illustrates that accuracy suffered in this scenario. This shows the importance of accurate data entry, especially in the banking sector where mistakes could lead to customer dissatisfaction and loss of trust.

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Answer:

Air France La Première Lounge, Paris is the first best Airline lounge in the World.

Explanation:

The Air France La Première Lounge gives its customer one of the fashionable flying experiences in the world, as it includes freshening up the cozy cocktail bar to be brighter and more inviting, adding semi-private relaxation areas and installing new pieces of art.

In addition to having one of the best first class inflight experiences available, Air France also provides an outstanding ground experience in Paris. Best food is also offered at the restaurant there.

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Answer: D

Explanation:

Answer:

D. gift giving

Explanation:

In a case whereby my  friend is trying to decide what career to pursue after college but cannot make up his mind because he’s confused by the number of possible options the way I can encourage him to take control of his own life course are:

A career can be described as the professional part that is been taken by individuals through out his life time which is his job.

It should be noted that to choose a career one needs to Seek out professional resources as well as reflecting on on his motivations.

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Health and safety legislation affects customer service delivery as it requires staff in an organization to ensure the safety of themselves and others, and act responsibly.

There are many perspectives like Changes to tax regulations and rates can have a significant impact on a business. For example, a fall in the rate of corporation tax reduces the amount of tax that corporations have to pay on their profits.

Customer service staff who deal with customers should know about the impacts and effects of legislation and regulations that protect the consumer when buying goods and services.

Governments issue regulations related to environmental practices, employee practices, advertising practices, and much more.

Government regulations affect how companies structure their businesses, where companies decide to locate, how they classify their employees and thousands of other things.

Environmental regulations, intended to protect human health and the environment, generally result in higher production costs and lower productivity in firms, which can lead them to shift investment and production to less stringent locations.

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Answer:

2. Lease as much as you can.

Explanation:

The term 'bootstrapping' can be defined as a process used by entrepreneurs to bringing in use their own assets as the capital resource. These resources can include personal savings, personal property area, etc. An enterprenuer can use these resources to ensure positive cash flow.

The most common way of bootstrapping is to lease your resources. One can lease his/her resources as much as one can under bootstrapping technique.

Therefore, option 2 is correct.

During an inflation, people  are likely to spend their pay checks instead of placing their money in a savings account.

Inflation is a period that is characterised by a general increase in the price levels of goods and services. During an inflation, the value of money would erode quickly. This would discourage people from saving it. They would instead prefer to spend their monies.

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The total amount borrowed is $22,500 - $4,000 = $18,500.

To calculate the total interest, we need to first calculate the total amount of payments over 4 years. There are 12 months in a year, so the total number of payments will be 12 x 4 = 48 payments.

To calculate the monthly payment, we can use the formula for a fixed-payment loan:

Monthly payment = [P x r x (1 + r)^n] / [(1 + r)^n - 1]

where P is the principal (amount borrowed), r is the monthly interest rate, and n is the total number of payments.

The monthly interest rate is 6% / 12 = 0.005.

Monthly payment = [18500 x 0.005 x (1 + 0.005)^48] / [(1 + 0.005)^48 - 1] = $430.87 (rounded to the nearest cent)

The total amount paid over 4 years is $430.87 x 48 = $20,666.62.

The total interest paid is $20,666.62 - $18,500 = $2,166.62.

Therefore, the interest owed to the bank for borrowing the money is $2,166.62.

The cost of the car per month paid over 4 years is $430.87.

Answer:

$ 2,103,479

Explanation:

Maximum total depreciation deduction $ 2,103,479 Chaz Corporation has taxable income in 2020 of $368,000 for purposes of computing the §179 expense and acquired the following assets during the year: Assume CARES Act applies.

A 37.65% equity for each limited partnership (and the total) for the year using the above data from Rugged Sports Enterprises LP.

The state of being a partner is referred to by the term partnership. A partnership is a type of business concern in which two or more persons share control as well as administration of the company and the financial gain or losses bring forth by the business.

Rugged Sports Enterprises LP is organized as a limited partnership:

Hockey LP:

Annual net income is $36,664

average equity = ($345,000 + $381,664) ÷ 2

return on equity= $36,664 ÷ $363,332

Football LP:

Annual net income is $751,612

average equity = ($1,414,500 + $2,046,112) ÷ 2

return on equity = $751,612 ÷ $1,730,306

Annual net income is $788,276

average equity=($1,759,500+ $2,427,776) ÷2

return on equity = $788276 ÷ $2093638

As a result, the conclusion of the partnership are the aforementioned.

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Your question is incomplete, but most probably the full question was.

Rugged Sports Enterprises LP is organized as a limited partnership consisting of two individual partners: Hockey LP and Football LP. Hockey LP Football LP Total Beginning-year balance $ $345,000 $1,414,500 1,759,500 Annual net income 36,664 751,612 788,276 Cash distribution — (120,000 ) (120,000 ) Ending-year balance $ 381,664 $ 2,046,112 $ 2,427,776 Compute partner return on equity for each limited partnership (and the total) for the year using the above data from Rugged Sports Enterprises LP.

Answer:

$18,711,000

Explanation:

Based on the information given the amount of more revenue would it have brought to Chester Corp will be $18,711,000

Answer:

I agree, I see the strength in your work