Answer:
Jane owes 8% commission to Broker Sarah and 7% commission to Broker Marty
Explanation:
Since Marty showed Paul the house while his agreement with Jane was valid, Paul is a prospective buyer that was originally registered as such by Marty. Since the safety period is 6 months, and Paul eventually bought the house only 5 months after Marty's agreement expired, Paul was still Marty's prospective buyer for up to 6 months.
Since Sarah negotiated the sale with Paul, Paul is also Sarah's buyer. If Paul had directly negotiated with Jane, she would only a commission to Marty.
Generally, when properties are listed again with different brokers, the list of prospective buyers form the previous broker is passed to the new broker. The seller of the house can request that the new and old broker get in touch and share a commission if any prospective buyer returns, but that has to be done before the sale is closed. It cannot be done afterwards, since the seller will then have to pay double commissions.
A corporation sold 10,000 shares of its $10 par value common stock at a cash price of $12 per share. The entry to record this transaction would include
Answer: A credit to common stock for $100,000.
Explanation:
From the question, we are informed that a corporation sold 10,000 shares of its $10 par value common stock at a cash price of $12 per share. The entry to record this transaction would include a credit to common stock for $100,000.
The journal would therefore be:
Debit cash account $120,000($10000 × 12)
Common stock will be $100,000 i.e ($10,000 × 10)
Paid-in Capital in the excess of par Value will be:
= $120,000 - $100,000
= $20,000
If a corporation sold 10,000 shares of its $10 par value common stock at a cash price of $12 per share. The entry to record this transaction would include: a credit to Common stock for $100,000.
The journal entry will be:
Debit Cash $120,000
(10,000 ×$12)
Credit Paid-in Capital in the excess of par value $20,000
[10,000×($12-$10)]
Credit Common stock $100,000
(10,000 × $10)
(To record issuance of shares )
Inconclusion if a corporation sold 10,000 shares of its $10 par value common stock at a cash price of $12 per share. The entry to record this transaction would include: a credit to Common stock for $100,000.
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Under perfect competition, a firm is a price taker because:________.a. setting a price higher than the going price results in zero salesb. each firm's product is perceived as differentc. each firm has a significant market shared. all of the above
Answer:
a. setting a price higher than the going price results in zero sales
Explanation:
Perfect competition markets are theoretical since there is not perfectly competitive market in the world, but some markets, specially commodities, work in similar ways. All the markets that work similarly to perfect competition markets have many sellers and buyers, and that prevents any individual seller or buyer from having to much market power, so all of them must be price takers if they want to sell their goods.
A company receives a 10%, 120-day note for $1, 500. The total interest due on the maturity date is:______.a) $50,00. b) $150,00. c) $75,00. d) $37, 50. e) $87, 50.
Answer:a) --A -$50.00
Explanation:
Using days of year = 360 days
Interest due = Principal x rate x period
= $1500 x 10% x 120/360
= $50
The total interest due on the maturity date is:__$50.00___
Electronic Component Company (ECC) is a producer of high-end video and music equipment. ECC currently sells its top of the line "ECC" video player for a price of $250. It costs ECC $210 to make the player. ECC's main competitor is coming to market with a new video player that will sell for a price of $220. ECC feels that it must reduce its price to $220 in order to compete. The sales and marketing department of ECC believes the reduced price will cause sales to increase by 15%. ECC currently sells 200,000 video players per year. Assuming sales and marketing are not correct in their estimation and the volume of sales is not changed and ECC meets the competitive price, what is the target cost if ECC wants to maintain its same income level
Answer:
ECC and Target Costing
Target cost to maintain same income level is:
$180
Explanation:
a) Data and Calculations:
Unit Selling price = $250
Unit Cost price = $210
Competitors' unit selling price = $220
Current annual quantity sold = 200,000
Target unit profit = $40 ($250 - 210)
b) For ECC to meet the competitive price of $220 and still maintain the same income level of $40 per unit, the target cost will not exceed $180 ($220 - 40). The target cost is the cost that ECC must not exceed in order to achieve a target contribution or profit of $40 per unit of video players sold.
In the basic model of dyadic communication, there are three parts. Which of the following is NOT one of the parts?
a. source
b. receiver
c. message
d. transfer agent
If the price level falls and the money wage rate does not change, some firms ________ and there is ________.
Answer:
1. shut down;
2. a decrease in the quantity of real GDP supplied
Explanation:
The price level is finance or business term that describes the general price of the cost of commodities; this includes products and services in an economy at a given period.
Hence, in a situation whereby the price level falls and the money wage rate does not change, some firms have to SHUT DOWN and which in turn will lead to "a decrease in the quantity of real Gross Domestic Product supplied."
A vice president of operations wants to evaluate the impact of reducing manufacturing expenses on the firm's return on assets. Which measurement should be examined
Available Options Are:
a. Cost of Goods Sold
b. Net Profit Margin
c. None of these
d. Asset Turnover
Answer:
Option B. Net Profit Margin
Explanation:
The increase or decrease in cost of Goods sold can not tell whether the return on assets has increased or decreased becuase it would only tell that the expense are decreased or increased not the profit. Which means it only tells one side of the story hence Option A is incorrect.
Option B is correct because it talks about the profit. If the manufacturing cost has been decreased then the it must increase the profit. Because if the profits has increased then the return on asset will increase. Hence the Option B is correct here.
Option D is incorrect because asset turnover formula is:
Asset Turnover = Sales / Total Assets
The decrease in manufacturing cost will not increase the sales because sales and total assets are independent of manufacturing expenses hence the Option D is incorrect.
Leonora Whatley is the head of the marketing research department for a cosmetics manufacturer. Whatley delegates as much authority as possible to her fourteen subordinates although she still retains ultimate responsibility. Whatley manages a _____ department.
Answer:
Decentralised
Explanation:
A decentralised department is when a department where decision making and authority is delegated to mid and lower level staffs by management. This differs from a centralised department where all decisions are taken by the top management.
Advantages of a decentralised department
Decisions are made fasterEmployees have greater autonomyIt relieves some of the burden that top management might feel if they have to make all the decisionsprepare a financial report that compares what ashley and jason each owns and owes on september 30. make a list of any decisions you had to make when preparing your report
Question Completion:
On September 30, Ashley and Jason started arguing about who is better off. Jason said he was better off because he owned a PlayStation console that he bought last year for dollar 250. He figures that, if needed, he could sell it to a friend for dollar 180. Ashley argued that she was better off because she had dollar 1, 000 cash in her bank account and a piece of art that she bought two years ago for dollar 800 but could now probably sell for dollar 1, 400. Jason countered that Ashley still owed dollar 250 on a loan and that Jason's dad promised to buy him a Porsche if he does really well in his accounting class. Jason said he had dollar 6, 000 cash in his bank account right now because he just received a dollar 4, 800 student loan. Ashley knows that Jason also owes a tuition installment of dollar 800 for this term. Ashley and Jason met again in early November. They asked how each other was doing. Ashley claimed that she'd become much more successful than Jason. She had a part-time job, where she earned dollar 1, 500 per month. Jason laughed at Ashley because he had won dollar 1, 950 on a lottery ticket he bought in October, and that was merely for the "work" of standing in line for a minute. It was just what he needed because his apartment costs dollar 800 each month. Ashley, on the other hand, pays dollar 470 for her share of the rent. Both Ashley and Jason have other normal living costs that total dollar 950 each month.
Answer:
a) Comparison of Assets and Liabilities as of September 30:
List of Assets (ownings) and Liabilities (owings):
Ashley Jason
Net Worth $2,150 $680
Ashley is certainly better off as of September 30.
Explanation:
a) Data and Calculations:
List of Assets (ownings) and Liabilities (owings):
Ashley Jason
Playstation $280
Cash balance $1,000 $6,000
Artwork 1,400
Porsche car
Liabilities:
Payable (250) (4,800)
Tuition Payable (800)
Net Worth $2,150 $680
b) To compare what Ashley and Jason own and owe, I list their assets and liabilities by preparing a balance sheet as of September 30 for each person. This helps to determine the missing value called "net worth." The missing value is the basis for making the comparison. Therefore, I subtract the liabilities from the assets, to obtain the net worth of each individual. In a business setting, it is called the Owners' Equity. This actually shows what belongs to Ashley and Jason when their liabilities are taken away from their assets. The Porsche had no value attached as it is a contingent asset (it depends on Jason getting a good grade in accounting). The event is not probable and the amount of the promise cannot be reasonably ascertained at this point.
The following partially completed T-accounts summarize last year's transactions for Kelshaw Company. At the end of the year, the company closes out the balance in the Manufacturing Overhead account to Cost of Goods Sold.
Raw Materials:
Beg Balance 4,000 (1) 18,000______(2) 20,000
Work in Progress
Beg Balance 8,000 (2) 12,000 (4) 15,000 (6) 28,000_______(7) 50,000
Manufacturing Overhead (2) 8,000 (3) 12,000 (4) 5,000 (4) 5,000______(6) 28,000
Accounts Payable No Debits (1) 18,000 (5) 4,000
Finished Goods
Beg Balance 17,000 (7) 50,000 End Balance: 12,000
Wages and Salaries Payable: No Debits______Beg Balance 6,000 (4) 30,000
Sales Salaries Expense (4) 10,000
Cost of Goods Sold
Accumulated Depreciation (Factory) No Debits______Beg Balance: 90,000 (3) 12,000
1. The indirect labor cost is:_____.
2. The cost of goods manufactured is:_____.
3. The cost of goods sold (after adjustment for underapplied or overapplied overhead) is:_____.
4. The manufacturing overhead applied is:______.
5. The cost of direct materials used is:______.
Answer: 1. The indirect labor cost is:___$5000_.
2. The cost of goods manufactured is:_$50000____.
3. The cost of goods sold (after adjustment for underapplied or overapplied overhead) is:__$180000___.
4. The manufacturing overhead applied is:__$194000____.
5. The cost of direct materials used is:_$52000_____.
Explanation:
Assume that the required reserve ratio is set at 0.125 . What is the value of the money (deposit) multiplier
Answer:
8
Explanation:
the money multiplier = 1 / required reserve ratio = 1 / 0.125 = 8
The money multiplier refers to the capacity of the banking system to "create" money, e.g. John deposits $1,000 dollars in bank A. Then bank A lends $875 to Frank which buys a bike from Sarah. Then Sarah deposits the $875 in bank B, which in turn borrows $765.63 to Anne. Anne pays her rent to Adam, who deposits the money in bank C and then bank C lends $669.92 to Joe, and ...
An increase in the interest rate A. increases the percentage yield of holding money. B. decreases the opportunity cos
Answer:
increases the opportunity cost of holding money
Explanation:
An increase in the interest rate actually increases the opportunity cost of holding money.
The opportunity cost of holding money is the nominal interest rate. Opportunity cost can be referred to as the interest rate that is forgone on alternative assets. So, when interest rate increases, the opportunity cost of holding money also increases.
With any successful hedge, you can avoid the accounting ramifications of a loss on one side by keeping it off the books. you are guaranteed to lose money on one side. you are guaranteed to lose money on one side, but you can avoid the accounting ramifications of a loss on one side by keeping it off the books. none of the options
Answer:
none of the options
Explanation:
Hene in accounting is the situation whereby hedge managers where able to raise capital for a given business venture. The invested money helps in making further money for those hedge companies or its manager.
Daniele Corporation uses an ABC system with the following three cost pools:Cost Pool Total ActivityFabrication 50,000 Machine HoursOrder Processing 500 OrdersOther Not ApplicableThe company has provided the following data concerning its costs:Wages and Salaries $280,000Depreciation $200,000Occupancy $140,000Total $620,000The distribution of resource consumption across activity cost pools is given below:Fabrication Order Processing Other TotalWages/Salaries 60% 30% 10% 100%Depreciation 20% 35% 45% 100%Occupancy 10% 50% 40% 100%The activity rate for the Fabrication cost pool is:
Answer:
$4.44 per machine hour
Explanation:
The computation of the activity rate for the fabrication cost pool is shown below:
= (Wages and salaries × given percentage + depreciation × given percentage + occupancy × given percentage) ÷ (fabrication hours)
= ($280,000 × 60% + $200,000 × 20% + $140,000 × 10%) ÷ (50,000 machine hours)
= ($168,000 + $40,000 + $14,000) ÷ (50,000 machine hours)
= $4.44 per machine hour
A corporation received $550 from a customer as a deposit and the company uses cash basis accounting. The effect of this transaction is to: Group of answer choices
Answer: increase asset
Explanation:
Cash basis accounting is an accounting method that is used to records revenue as at the point that the cash is received. Also, the expenses are recorded when expenses are paid in cash.
From the question, we are informed that a corporation received $550 from a customer as a deposit and the company uses cash basis accounting. The effect of this transaction is to increase assets.
Answer: a. Increase assets
Explanation:
The cash basis of accounting recognises revenues and expenses only when actual cash has been exchanged. As a result, when the customer paid the $550, this amount would be reflected immediately as a cash inflow to the company.
As cash is an asset, when it is received into the company it increases the asset account.
Suppose the Federal Reserve (Fed) decides the current money supply of $2.1 trillion is too low, and that an increase of $400 billion is necessary. What tool can the Fed use to accomplish this increase? Assume the current reserve ratio is 0.1 a. Sell govenment securities b. Buy govemment securities c. Increase the reserve ratio d. Increase the interest paid on bank reserves
Answer:
b. Buy government securities
Explanation:
By buying government securities, the FED will engage in an expansionary monetary policy that should increase the money supply to its desired level. Theoretically, since the reserve ratio is 10%, the money multiplier is 1/10% = 10, so the increase in the money supply should be accomplished by purchasing $40 billion in securities.
This can also be done by lowering the reserve ratio.
A country has a total civilian population (over age 16) of 300 million. Of this population, 225 million are employed, 25 million are unemployed, and the remainder of the population is not in the labor force. Then, the unemployment rate is:________
a. .100. b. .150. c. .111. d. .083.
Answer:
Unemployment rate= 0.1
Explanation:
Giving the following information:
Labor force= 225 + 25= 250
Employed people= 225
Unemployed people= 25
To calculate the unemployment rate, we need to use the following formula:
Unemployment rate= unemployed people / labor force
Unemployment rate= 25/250
Unemployment rate= 0.1
Which of the following instruments are traded in the capital markets? Check all that apply. Commercial paper Long-term bank loans Bankers’ acceptances Common stocks Eurodollar time deposits
Answer:
Commercial paperLong-term bank loans Common stocksEurodollarExplanation:
The financial assets listed above can be traded in the capital market. Note that a capital market represents a place where savings and investments are transacted between
the suppliers who have capital andbuyers in need of capital.Thus, an investor can decide which assets interests him or her.
The ability to see organizations as systems is called: A. system decomposition. B. systems thinking. C. organizational analytics. D. algorithmic analysis. E. analytical thinking.
Answer:
B. systems thinking
Explanation:
System thinking refers to thinking in which the person is helped in order to present a system in a broad perspective that involves entire structure, its patters, cycles instead of seeing in only specific events occurred in the system
In the given situation, the capability to view an organization as a system we called as a system thinking and the same is to be considered
Hence, the correct option is b.
Sue now has $125. How much would she have after 8 years if she leaves it invested at 8.5% with annual compounding
Answer:
FV= $240.08
Explanation:
Giving the following information:
Sue now has $125.
Number of periods= 8 years
Interest rate= 8.5% with annual compounding
To calculate the future value of the investment, we need to use the following formula:
FV= PV*(1+i)^n
FV= 125*(1.085)^8
FV= $240.08
Which of the following types of tools is usually recommended for small projects and single users?
a. Low-end
b. Midrange
c. Upper range
d. High-end
Answer:
a. Low-end
Explanation:
Low end tools is usually recommended for small projects and single users. Low end is referred to the lowest priced merchandise in a manufacturer's line. This is good for smaller projects and freelancers. Low-end tools provide basic project management features and generally cost less for each user They are often recommended for small projects and single users.
In an unregulated, competitive market consumer surplus exists because:___________.
1. some sellers are willing to take a lower price than the equilibrium price.
2. some consumers are willing to pay more than the equilibrium price.
3. some sellers will only sell at prices above equilibrium price (or actual price).
4. some consumers are willing to make purchases only if the price is below the actual price.
Answer: some consumers are willing to pay more than the equilibrium price.
Explanation:
Consumer Surplus is simply the difference between the price that is paid by a consumer and the price that the consumer was willing to pay in the first place.
In an unregulated, competitive market consumer surplus exists because some
consumers are willing to pay more than the equilibrium price.
"A registered representative ("RR") has entered an order to buy 100 shares of ABC at $50 per share for a customer. The transaction is executed at $50 per share, and when the representative is reporting the trade to the customer, she notices that the account number on the executed order ticket is wrong. Which statement is TRUE?"
Answer: The "RR" may change the account number on the order ticket to the correct number if the branch manager approves in writing
Explanation: According to the scenario described above, the error in the executed order can only be effected based on approval by the branch manager after being notified by the registered representative of the error in the order ticket. The official approval to effect the change in the error made in the account details must be put into writing by the branch Manager for privacy and documentation sake as making such change to an order ticket requires following due process.
The survival of an organization depends on not just how productive the organization is, but also on ________. which products they produce their economy of scale the strength of their competitors their geographic expansion how well they fit in the environment
Answer:
on what they produce, yh
"Finn Company reported assets of $1,000 and stockholders’ equity of $600. What amount will Finn report for liabilities?"
Answer:
Liabilities = $400
Explanation:
The basic accounting equation that is used states that the value of total assets is always equal to the value of the sum of total liabilities and total equity. The we can state the equation as,
Assets = Liabilities + Equity
To calculate the value of liabilities, we input the available value of assets and equity in the equation.
1000 = Liabilities + 600
1000 - 600 = Liabilities
Liabilities = $400
Which of the following statements is CORRECT?
A. The beta of a portfolio of stocks is always smaller than the betas of any of the individual stocks.
B. If you found a stock with a zero historical beta and held it as the only stock in your portfolio, you would by definition have a riskless portfolio.
C. The beta coefficient of a stock is normally found by regressing past returns on a stock against past market returns. One could also construct a scatter diagram of returns on the stock versus those on the market, estimate the slope of the line of best fit, and use it as beta. However, this historical beta may differ from the beta that exists in the future.
D. The beta of a portfolio of stocks is always larger than the betas of any of the individual stocks.
E. It is theoretically possible for a stock to have a beta of 1.0. If a stock did have a beta of 1.0, then, at least in theory, its required rate of return would be equal to the risk-free (default-free) rate of return, rRF.
Answer: C. The beta coefficient of a stock is normally found by regressing past returns on a stock against past market returns. One could also construct a scatter diagram of returns on the stock versus those on the market, estimate the slope of the line of best fit, and use it as beta. However, this historical beta may differ from the beta that exists in the future.
Explanation:
The beta coefficient is used by an economic entity to measure how volatile an individual stock is when such stock is being compared to the market's systematic risk.
Of the options given in the question, the correct answer is option C which states that "C. The beta coefficient of a stock is normally found by regressing past returns on a stock against past market returns. One could also construct a scatter diagram of returns on the stock versus those on the market, estimate the slope of the line of best fit, and use it as beta. However, this historical beta may differ from the beta that exists in the future"
Crane Company reported the following on its income statement: Income before income taxes $504000 Income tax expense 153000 Net income $351000 An analysis of the income statement revealed that interest expense was $80000. Crane Company's times interest earned was
Answer:
Crane Company's times interest earned was 6.30 times.
Explanation:
The Times Interest Earned ratio (TIE) shows how well a company covers its interest obligation.
Times Interest Earned ratio (TIE) = Earnings Before Interest and Tax (EBIT) ÷ Interest
= $504,000 ÷ $80,000
= 6.30 times
All of the following statements regarding FICA taxes are true except:_________.
a. FICA taxes are deducted from the employee.
b. Employers must pay withheld FICA taxes to the IRS.
c. The amount of FICA deducted from the employee is credited to a liability account.
d. A self-employed person is exempt from FICA taxes.
e. An employer must pay FICA taxes equal to the amount withheld from the employee.
Answer: d. A self-employed person is exempt from FICA taxes
Explanation:
The Federal Insurance Contributions Act is a federal payroll contribution in the United States that is paid by every employers and employees and employers in order to fund Medicare and the Social Security.
All of the following statements regarding FICA taxes are true except self-employed person is exempt from FICA taxes.
In January 2002, the Argentine peso changed in value from Ps1.00/$ to Ps1.40/$, thus, the Argentine peso ___________________ against the U.S. dollar. Question 50 options: stregthened weakened appreciated maintain natural parity
Answer:
Weakened
Explanation:
When initially in January 2002, the rate of exchange was 1 Argentine Peso for 1 U.S. Dollar.
Later on, it is observed that the rate of exchange is 1.40 Argentine Peso for 1 U.S. Dollar.
It is clear that buying capacity of dollar has increased and that of peso has decreased.
Argentine Peso is depreciated by 40% that earlier 1 Dollar = 1 Peso
Now, decreased value = 1.4 Peso - 1 Peso = 0.4 Peso.
Thus, (change in value)/(Actual Initial Value) = 0.4/1 = 40%
Peso has depreciated or weakened by 40%.
A dispute between a registered representative and a member firm is submitted to arbitration. If either party is dissatisfied with the decision:___________. A. an appeal may be filed with FINRIA B. an appeal may be filed with the Securities and Exchange Commission C. an appeal may be filed in Federal Court D. no appeal is permitted because the decision is binding
A dispute between a registered representative and a member firm is submitted to arbitration. If either party is dissatisfied with the decision an appeal may be filed with FINRA. The correct option is A.
How long do you have to file a complaint with FINRA?According to FINRA Rule 4530(b), a member firm must notify FINRA within 30 calendar days of the time it determines—or reasonably should have determined—that an enumerated violation has occurred.
FINRA investigates complaints made against brokerage firms and their employees through its complaint program. FINRA has the authority to penalize brokers and the businesses they work for. Fines, suspensions, a ban from the securities industry, and other suitable sanctions are all possible sanctions.
Thus, the ideal selection is option A.
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