Answers
it's an example of brand localization
Related Questions
A divisional manager receives a bonus based on 10% of the residual income from the division. During the current year, the division reported revenues of $1,000,000 and expenses of $500,000. The division had $2,000,000 in average operating assets. The minimum required rate of return for the division was 15%. What was the amount of the manager's bonus
Answers
Answer:
The amount of the manager's bonus is $20,000
Explanation:
Residual income = Net income - ( average operating assets * minimum rate of return)
Net income= Revenues - Expenses = $1,000,000 - $500,000
Net income = $500,000
Residual income = 500,000 - (2,000,000 * 15%)
= 500,000 - $300,000
= $200,000
Managers bonus = $200,000 * 10%
Managers bonus = $20,000
Using the percentageofsales method, the estimated total uncollectible accounts are . The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of . The Accounts Receivable balance is . The amount of the adjusting entry for UncollectibleAccounts Expense is:
Answers
Answer:
the main part of ur question hasbeen left out so no one could help but i got a answer anyways
Explanation:
it's b
$7,322 + $2,635
= $9,957
Georgia is the primary shareholder in Acme, Inc., a small corporation. After its corporate certificate was issued by the state, there were no other formalities or documentation. In fact, Georgia does not keep separate books for the corporation, and sometimes combines her personal assets with those of the corporation. If she is sued individually by a corporate creditor, what would be the likely outcome
Answers
Answer:
The likely outcome would be the judgement debt being settled from her personal assets.
Explanation:
Georgia being a primary shareholder in the small corporation, it was expected that she should keep accounts that differentiate the corporation from her personal expenses. Unfortunately such didn't happen.
Since she was sued individually by a corporate creditor, it was expected that the judgement debt should be settled from her individual account which is quite different form the corporate account.
Answer: Georgia would likely be liable
Explanation:
Based on the scenario that have been provided in the question, Georgia would likely be liable because the creditors can end up piercing the corporate veil.
This means that Georgia would be held responsible for the activities of the organization.
The Association of Organic Food Growers, which does not include all organic farmers and ranchers, refuses to deal with any parties who do not carry the products of its members. This group boycott is Group of answer choices a situation that neither restrains trade nor harms competition. not within the scope of the Sherman Act. a per se violation of antitrust law. subject to analysis under the rule of reason.
Answers
Answer:
a per se violation of antitrust law.
Explanation:
The antitrust laws can be defined as those laws that are created by the US government to protect consumers from unfair means of competition in market. The aim of creating such laws is to ensure the protection of customers from corruptive business practices and also to ensure safe healthy competitive environment among same business companies.
In the given scenario, the Association of Organic Food Growers is violating the antitrust law by boycotting farmers, ranchers, etc. The antitrust laws are violated by companies in several ways among them is by boycotting.
Boycotting can be defined as an agreement between several companies that excludes a group of customers or market to avert them from buying aanyy goods or products.
This boycotting agreement is a per se violation of antitrust law.
Acme Company’s production budget for August is 17,600 units and includes the following component unit costs: direct materials, $7.70; direct labor, $10.10; variable overhead, $6.20. Budgeted fixed overhead is $33,000. Actual production in August was 18,810 units. Actual unit component costs incurred during August include direct materials, $8.50; direct labor, $9.10; variable overhead, $6.90. Actual fixed overhead was $34,600. The standard direct material cost per unit consists of 11 pounds of raw material at $0.7 per pound. During August, 319,770 pounds of raw material were used that were purchased at $0.50 per pound.
Required:
Calculate the materials price variance and materials usage variance for August.
Answers
Answer:
Instructions are below.
Explanation:
Giving the following information:
Actual production in August was 18,810 units.
During August, 319,770 pounds of raw material were used that were purchased at $0.50 per pound.
The standard direct material cost per unit consists of 11 pounds of raw material at $0.7 per pound.
To calculate the direct material price and quantity variance, we need to use the following formulas:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (0.7 - 0.5)*319,770
Direct material price variance= $63,954 favorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Standard quantity= 18,810*11= 206,910
Direct material quantity variance= (206,910 - 319,770)*0.7
Direct material quantity variance= $79,002 unfavorable
Mark Sports Inc. sold 500 pairs of skates at $50 each in 2012. The management estimates that 4% of the skates sold will need repair within a year. The repair cost for each pair is $10. Which is the correct journal entry for estimating warranty liability
Answers
Answer:
Warranty repair Expense (Dr.) $200
Warranty Payable (Dr.) $200
Explanation:
The warranty expense is the estimate of probable expense that will incur due to fault in the product. The estimated repair is the 4% of skates sold. If 500 pairs of skates are sold then out of them 4% will require repair. The repair for the faulty skates will cost $10. The total cost will be $200,
500 pairs of skates * 4% * $10
A company estimates that it can sell 5,000 headphone each week if it prices each set of headphones at $20. However, its weekly number of sales will increase by 1000 units for each $1 decrease in price. At what price is revenue maximum? What is the maximum revenue and how many sets of headphones should the company expect to sell? Write your conclusions in a sentence.
Answers
Answer:
At what price is revenue maximum?
$13 and $12 per unit (maximum revenue $156,000)What is the maximum revenue and how many sets of headphones should the company expect to sell?
$156,000Write your conclusions in a sentence.
When the price is higher than $12 per unit, demand is elastic, which means any decrease in price will result in a larger proportional increase in quantity demanded. This in turn increases total revenue. Below $12 per unit, demand is inelastic, which means that a decrease in price will result in a smaller increase in quantity demanded.Explanation:
price quantity demanded total revenue
$20 5000 $100000
$19 6000 $114000
$18 7000 $126000
$17 8000 $136000
$16 9000 $144000
$15 10000 $150000
$14 11000 $154000
$13 12000 $156000
$12 13000 $156000
$11 14000 $154000
$10 15000 $150000
$9 16000 $144000
$8 17000 $136000
$7 18000 $126000
$6 19000 $114000
$5 20000 $100000
$4 21000 $84000
3 22000 $66000
2 23000 $46000
1 24000 $24000
Bob: Listen, donuts are made to bring joy into our lives and to wake up our glazed faculties. Just let them be distributed according to unchanging moral principles of justice. The donuts will distribute themselves according to natural principles. We just take what we want and the leftovers will be appreciated by those who enjoy them most. Don't overcomplicate this. Where's the chocolate milk? End Part 2
Answers
Answer:
National law school of thought
Explanation:
The natural law school of thoughts refers to analyze the behavior of humans also it figured out the moral rule occurs from the behaviors.
It is inherent laws that are applied to all societies, communities, etc also it is common for all whether it is mentioned or officially announced
It should be rational and reasonable too
Therefore the given scenario represents the National law school of thought
Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises.
TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2021
($ in thousands)
Sales revenue $ 9,000
Operating expenses:
Cost of goods sold $ 3,800
Depreciation expense 280
Insurance expense 300
General and administrative expense 2,200
Total operating expenses 6,580
Income before income taxes 2,420
Income tax expense (968)
Net income $ 1,452
Balance Sheet Information ($ in thousands) Dec. 31,2021 Dec. 31, 2020
Assets:
Cash $ 380 $ 240
Accounts receivable 770 870
Inventory 700 640
Prepaid insurance 90 40
Equipment 2,500 2,000
Less: Accumulated depreciation (920) (640)
Total assets $ 3,520 $ 3,150
Liabilities and Shareholders' Equity:
Accounts payable $ 320 $ 400
Accrued liabilities (for general & administrative expense) 320 440
Income taxes payable 220 190
Notes payable (due 12/31/2022) 1,040 800
Common stock 980 840
Retained earnings 640 480
Total liabilities and shareholders' equity $ 3,520 $ 3,150
Required:
Prepare Tiger’s statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments).
Answers
Answer and Explanation:
The Preparation of Tiger’s statement of cash flows, using the indirect method is shown below:-
TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2021
Particulars Amount
Cash flow from operating activities
Net income $1,452
Non cash adjustment effects
Depreciation expenses $280
Changes in operating assets and liabilities
Decrease in accounts receivable $100
Increase in inventory ($60)
Increase in prepaid insurance ($50)
Decrease in accounts payable ($80)
Decrease in accrued liabilities ($120)
Increase in income tax payable $30 $100
Net cash flow from operating activities $1,552
Cash flow from investing activities
Equipment purchased ($500)
Net cash flow investing activities ($500)
Cash flow from financing activities
Issuance of notes payable $240
Issuance of common stock $140
Payment of dividends ($1,292)
Net cash flow from financing activities ($912)
Net increase in cash $140
Jan 1 Cash $240
Dec 32 Cash $380
Working note:-
Retained earning Opening balance $480
Add: Net income $1,452
Less: Retained earning closing balance $640
Paid dividend $1,292
Prepare journal entries to record the following four separate issuances of stock. A corporation issued 9,000 shares of $10 par value common stock for $108,000 cash. A corporation issued 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $49,500. The stock has a $1 per share stated value. A corporation issued 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $49,500. The stock has no stated value. A corporation issued 2,250 shares of $25 par value preferred stock for $105,750 cash.
Answers
Answer: Please see answer in explanation column
Explanation:
1. Being issued in excess of par value
Account titles & Explanations Debit Credit
Cash $108,000
Common stock(9,000 x 10) $90,000
paid in capital in excess of par value
Common Stock(108,000 - 90,000) $18,000
2.Being issued to promoters at stated value
Account titles & Explanations Debit Credit
Organisational expense $49,500
common stock (4500 x 1 ) $4,500
paid in capital in excess of stated value
Common stock (49,500 -4,500) $45,000
3 Being issued to promoters at no stated value
Account titles & Explanations Debit Credit
organisational expense $49,500
Common stock of no par value $49,500
4 Being issued of preferred shared in excess of par value
Account titles & Explanations Debit Credit
Cash $105,750
Preferred Stock(2,250 X $25) $56,250
paid in capital in excess of par value
of preferred stock ( $105,750- $56,250) $49,500
12-8. Dealerships for Subaru and other automobile manufacturers keep records of the mileage of cars they sell and service. Mileage data are used to remind customers of when they need to schedule service appointments, but they are used for other purposes as well. What kinds of decisions does this piece of data support at the local level and at the corporate level
Answers
Answer:
The Dealerships for Sabaru and other automobile manufacturers keeps records of the mileage of cars they sell and service due to various reasons. At the local level, it afford them the opportunity to know the car brand with the highest mileage being used by their customers.
Also, the ability to know the brand of car with least requirement for servicing. On the other-hand, at the corporate level, the records afford them the opportunity to know the automobile manufacturers which they will keep on trading with under dealership due to feedback from their customers.
Explanation:
The decisions that this piece of data supports at the local level and at the corporate level include the car that requires the least servicing.
From the complete information, it should be noted that the dealerships for Sabaru and other automobile manufacturers keep records of the mileage of cars they sell and service.
This can be pivotal in order to know the car brand with the highest mileage being used by their customers. Also, it's important to know the brand of car with the least requirement for servicing. At the corporate level, it's vital to know the automobile manufacturers that they'll continue trading with.
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Identify the trade-restraining practice that this example demonstrates. Tubifor, Inc. purchases all available imported lumber so it can resell it at a quantity and rate that it prefers.
Answers
Answer:
"Pursuit of monopoly power" is the correct solution,
Explanation:
Through a party, the shareholders of such a monopoly have had the authority to adjust rates, eliminate rivals, thereby dominate the competition within the specific geographical region. Antitrust laws in the United States discourage monopolies and whatever other practices which unduly restrict competitor's commerce. The form of trade restriction shown by this illustration is the acquisition of monopoly control.Therefore the answer to the above was its right one.
Suppose that we have the following information concerning the government's finances and the macroeconomy for a given year: Government Debt: $12 trillion Inflation: 10% Nominal Deficit: $1.5 trillion What is the real deficit for the year
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Answer: $300 billion
Explanation:
The real deficit that a Government has is one that has been adjusted for inflationary effects. It is calculated by subtracting the inflation rate times the total debt from the nominal deficit.
= Nominal deficit - (Inflation rate * Total debt)
= 1.5 trillion - ( 10% * 12 trillion)
= 1.5 trillion - 1.2 trillion
= $300 billion
Zapper has beginning equity of $293,000, net income of $69,000, dividends of $58,000 and stockholder investments of $24,000. Its ending equity is:
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Answer:
$328,000
Explanation:
As we all know that:
Ending Equity = Opening Equity + Share Issues + Net Income – Net Loss – Dividends Paid
Here,
Opening Equity is $293,000
Money raised through Shares Issuance was $24,000
Net Income would be $69,000
Dividends paid were $58,000
There were no losses as their is Profit for the year (Net Income).
By putting values, we have:
Ending Equity = $293,000 + $24,000 + $69,000 - $58,000
= $328,000
Josh is a hockey player on his university's team. He practices four times a week with his team and sometimes attends Friday night open skate with his friends. If Josh decides to attend the Friday night skate, the cost is $5. Which of the following is economically true regarding Josh's decision to join his friends on Friday night?
A. Josh will only attend Friday night skate if there is no charge, a fifth time skating will not benefit him at all.
B. Since Josh already skates four times a week with his hockey team, he will never choose to skate a fifth time that week.
C. If Josh decides to join his friends, he must feel that he gains at least $5 in fun by attending a fifth weekly session on the ice.
D. Josh should never attend Friday night open skate--he could get hurt and jeopardize his hockey career.
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Answer:
C. If Josh decides to join his friends, he must feel that he gains at least $5 in fun by attending a fifth weekly session on the ice.
Answer:
C. If Josh decides to join his friends, he must feel that he gains at least $5 in fun by attending a fifth weekly session on the ice.
Explanation:
It is the most fun for him
The stock in Bowie Enterprises has a beta of .87. The expected return on the market is 11.70 percent and the risk-free rate is 2.89 percent. What is the required return on the company's stock
Answers
Answer:
10.55%
Explanation:
The stock in Bowie's enterprise has a beta of 0.87
The expected return on the market is 11.70%
The risk free rate is 2.89%
Therefore, the required return on the company stock can be calculated as follows
= 2.89%+0.87(11.70%-2.89%)
= 2.89%+10.179%-2.5143%
= 2.89%+7.6647%
= 10.55%
Hence the required return on the company's stock is 10.55%
Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $410,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $21,000; title insurance, $1,100; and miscellaneous closing costs, $4,200. The warehouse is immediately demolished at a cost of $21,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land.
Answers
Answer:
$457,300
Explanation:
FVI purchased a land and warehouse at the cost of $410,000
The following expenditures were incurred
Broker's commission = $21,000
Title insurance= $1,100
Miscellaneous closing costs= $4,200
Demolition of the warehouse= $21,000
Therefore, the amount in which FVI should record as cost of the land can be calculated as follows
=$410,000+$21,000+$1,100+$4,200+$21,000
= $457,300
Hence the amount that FVI should record as the cost of the land is $457,300
What is the yield to maturity of a -year, bond with a % coupon rate and semiannual coupons if this bond is currently trading for a price of ?
Answers
What is the yield to maturity of a five-year, $5000 bond with a 4.5% coupon rate and semi-annual coupons if this bond is currently trading for a price of $4876?
A) 6.30%
B) 4.50%
C) 4.30%
D) 5.07%
E) 8.60%
Answer:
5.07%
Explanation:
Given the following parameters from the question:
Number of years = 5
N => Number of compounding periods = 5 * 2 = 10
FV => Face Value = $5,000
PV => Present Value = $4876
Percentage rate = 4.5%
PMT => Annuity Payment = Face Value * percentage
=> 5,000 * 0.045 = 225
Given that, it is semi annual rate, we have 225 / 2 = 112.5
CPT YTM or I/Y => Yield to Maturity = 2.53 * 2 = 5.07%
Hence, the final answer is 5.07%
Exercise 7-9 Variable and Absorption Costing Unit Product Costs and Income Statements [LO7-1, LO7-2, LO7-3]
Walsh Company manufactures and sells one product. The following information pertains to each of the company’s first two years of operations:
Variable costs per unit:
Manufacturing:
Direct materials $ 25
Direct labor $ 15
Variable manufacturing overhead $5
Variable selling and administrative $2
Fixed costs per year:
Fixed manufacturing overhead $250,000
Fixed selling and administrative expenses $80,000
During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, it produced 40,000 units and sold 50,000 units. The selling price of the company’s product is $60 per unit.
Required:
1. Assume the company uses variable costing:
a. Compute the unit product cost for Year 1 and Year 2.
b. Prepare an income statement for Year 1 and Year 2.
2. Assume the company uses absorption costing:
a. Compute the unit product cost for Year 1 and Year 2.
b. Prepare an income statement for Year 1 and Year 2.
3. Reconcile the difference between variable costing and absorption costing net operating income in Year 1.
Answers
Answer:
1 a. Year 1 unit product cost = 45
Year 2 unit product cost = 45
Notes: Unit product cost = Direct materials + direct labor + Variable manufacturing overhead = 25 + 15 + 5 = 45 units
1 b. Income statement
Year 1 Year 2
Sales 2,400,000 3,000,000
(40000*60); (50000*60)
Less:
Variable cost of goods sold 1,800,000 2,250,000
Variable selling and adm. 80,000 100,000
Contribution margin 520,000 650,000
Less:
Fixed manufacturing overhead 250,000 250,000
Fixed selling & adm expense 80,000 80,000
Net income $190,000 $320,000
2 a. Notes
Year 1 Year 2
Direct materials 25 25
Direct labor 15 15
Variable manufacturing overhead 5 5
Fixed manufacturing overhead 5 6.25
(250,000/50,000); (250,000/40000)
Unit product cost 50 51.25
b. Income statement
Year 1 Year 2
Sales 2400000 3000000
Less: cost of goods sold 2000000 2550000
Gross margin 400,000 450,000
Less: Selling and 160,000 180,000
administrative expense
Net income 240,000 270,000
Workings
Cost of goods sold for year 2 = (10,000* 50) + (40000 * 51.25)
= 500,000 + 2,050,000
= 25,500,000
3. Reconciliation Year 1 Year 2
Variable costing net operating 190,000 320,000
income (loss)
Add: Deferred fixed overhead 50,000
in ending inventory (10000*5)
Less: Fixed overhead realized -50,000
in beginning inventory(10000*5)
Absorption costing net operating $240,000 270,000
income (loss)
Answer 1:
Part a
Unit product cost = Direct materials + direct labor + Variable manufacturing overheadUnit product cost = 25 + 15 + 5 Unit product cost = 45 unitsYear 1 -unit product cost = 45
Year 2 -unit product cost = 45
Part b :
Income statement
Year 1 Year 2
Sales 2,400,000 3,000,000
(40000*60) (50000*60)
Less:
Variable cost of goods sold 1,800,000 2,250,000
Variable selling and adm. 80,000 100,000
Contribution margin 520,000 650,000
Less:
Fixed manufacturing overhead 250,000 250,000
Fixed selling & adm expense 80,000 80,000
Net income $190,000 $320,000
Answer 2 :
Part a
Year 1 Year 2
Direct materials 25 25
Direct labor 15 15
Variable manufacturing overhead 5 5
Fixed manufacturing overhead 5 6.25
(250,000/50,000); (250,000/40000)
Unit product cost 50 51.25
Part b.
Income statement
Year 1 Year 2
Sales 2400000 3000000
Less: cost of goods sold 2000000 2550000
Gross margin 400,000 450,000
Less: Selling and 160,000 180,000
Net income 240,000 270,000
An income statement for Year 1 - 240,000and Year 2-270,000.
(Working Notes):
Cost of goods sold for year 2 = (10,000* 50) + (40000 * 51.25)
Cost of goods sold for year 2 = 500,000 + 2,050,000
Cost of goods sold for year 2 = 25,500,000
Answer 3:
The difference between variable costing and absorption costing net operating income in Year 1.
Reconciliation Year 1 Year 2
Variable costing net operating 190,000 320,000
income (loss)
Add: Deferred fixed overhead 50,000in ending inventory (10000*5)
Less: Fixed overhead realized -50,000in beginning inventory(10000*5)
Absorption costing net operating $240,000 270,000
The difference between variable costing and absorption costing net operating income in Year 1 is $2,40,000.
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A restaurant owner just found out that his pizza bistro is losing money. What is one possible explanation for this loss
Answers
Answer:
Explanation:
There could be multiple reasons as to why the pizza bistro is losing money.
Waste not being counted accurately.
Food being replaced for wrong orders and not being accounted for.
Theft.
Orders not being entered correctly.
7. Ms. House utilizes a strategy of "Check 1 – 2- 3". Why does she do this? How do you think this was initially taught?
Answers
Explanation:
To get her student's attention. Remember, the check 1 2 3 strategy allows teachers to get an inside into the students understanding.
However, in this scenario, Ms. House uses the strategy to lower her student's voices, so as to get their attention. She likely started using this strategy at the start of the school year and kept doing it.
Jock and Kyla decide to wager, in violation of a state statute, on the outcome of a football game. They each deposit money with Len, who agrees to pay the winner of the bet. Before the game begins, Kyla tells Len that she changed her mind about the bet. Kyla can recover Group of answer choices
Answers
Answer:
The amount of her bet only
Explanation:
A wager is a gamble on a particular outcome of a situation. In this case the outcome of a football match.
However wagering in such a manner is a violation of state staute. So this is an illegal activity.
Jock and Kyla deposit funds for the wager with Len. Before the bet of Kyla changes her mind she can recover the money she deposited.
Len will not be able to withhold he deposit because she can sue and claim this is an illegal activity that she does not want to be part of. Len will be forced.to return at least her own money.
. Which of these statements is true about the field of organizational behavior? 1 point A. It examines how individuals and teams in organizations relate to one another and to their counterparts in other organizations. B OB researchers systematically study various topics at a common level rather than at multiple levels. C. Information technology has almost no effect on organizational behavior. D. The field of organizational behavior relies exclusively on ideas generated within the field by organizational behavior scholars. E. The origins of organizational behavior are traced mainly to the field of economics.
Answers
Answer:
A. It examines how individuals and teams in organizations relate to one another and to their counterparts in other organizations.
Explanation:
Organizational behavior examines how individuals and teams in organizations relate to one another and to their counterparts in other organizations.
An organizational behavior can be defined as the study of people's opinions, feelings, actions and how people perceive an organization.
This ultimately implies that, an organizational behavior is the study of people's opinions, feelings, actions and how people perceive an organization.
Basically, it measures how an organization relates with its external environments. This is very key to formulating policies, mission and achieving a successful long-term organizational goals and objectives.
Michael and Kathy have one dependent, Dustin, who is in his third year of college. Michael is taking classes in the evening toward an MBA. What credits can Michael and Kathy claim related to tuition they pay for these programs. I. American Opportunity Tax Credit II. Lifetime Learning Credit
Answers
Answer: I and II
I. American Opportunity Tax Credit
II. Lifetime Learning Credit
Explanation:
From the question, we are informed that Michael and Kathy have one dependent, Dustin, who is in his third year of college and that Michael is taking classes in the evening toward an MBA.
The credits that Michael and Kathy can claim related to tuition they pay for these programs are American Opportunity Tax Credit and the Lifetime Learning Credit.
Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations:
Selling price $90
Units in beginning inventory 0
Units produced 3,400
Units sold 3,000
Units in ending inventory 400
Variable costs per unit:
Direct materials $21
Direct labor $38
Variable manufacturing overhead $6
Variable selling and administrative expense $4
Fixed costs:
Fixed manufacturing overhead $54,400
Fixed selling and administrative expense $3,000
What is the unit product cost for the month under variable costing?
Answers
Answer:
$65 per unit
Explanation:
Calculation for the unit product cost for the month under variable costing for Aaron Corporation.
Variable costs per unit:
Direct materials $21
Direct labor $38
Variable manufacturing overhead $6
Variable costing unit product cost $ 65
Therefore the unit product cost for the month under variable costing will be $65 per unit.
Universal Travel Inc. borrowed $497,000 on November 1, 2018, and signed a 12-month note bearing interest at 4%. Interest is payable in full at maturity on October 31, 2019. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2018, in the amount of:
Answers
Answer:
Dec 31, 2018
Interest expense 3313.33 Dr
Interest Payable 3313.33 Cr
Explanation:
The note interest is payable at an annual rate of 4%. The interest will be paid at maturity however, an adjusting entry will be made on December 31, 2018 following the accrual basis of accounting to record the interest expense that relates to the period from November to December of 2018. The interest expense will be debited and as the interest will be paid at maturity, interest payable will be credited.
Interest expense = 497000 * 0.04 * 2/12 = $3313.33
Expenses that are not easily associated with a specific department, and which are incurred for the joint benefit of more than one department, are:
Answers
Answer:Indirect Expenses
Explanation: Indirect Expenses are those expenses which are not directly related to the product manufactured or service rendered by a company but are generally incurred in the operating and running of a business and cannot be traced to a particular department because the benefits are enjoyed collectively-The reason why its expenses are usually shared among departments or sectors.
Examples of indirect expenses include Rent, salaries to employees, legal charges, insurance of building, depreciation, printing charges, office expenses, telephone bills, advertising, marketing, stationery etc.
Farmers and ranchers are considered to be part of the ________ which is the subdivision of the food industry that produces agricultural commodities.
Answers
Answer: producers sector
Explanation:
Farmers, rancher, and so on are part of the producers sector of the food industry where they engage in the production of raw food, fiber, and other agricultural products or commodities. In the case of farmers, they work the land and/or keep livestock, especially on the farm. Ranchers operate large plots of land for raising cattle, sheep or other livestock.
other major sectors of the food industry would include: -Farm Service , Processors , and Marketers.
In January 2022, the management of Blossom Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following transactions occurred.
Jan. 1 Purchased 75 $1,000, 8% TRC bonds for $75,000. Interest is payable annually on December 31.
Feb. 1 Purchased 1,295 shares of LAF common stock for $53,095.
Mar. 1 Purchased 540 shares of NCL common stock for $18,900.
July 1 Received a cash dividend of $0.80 per share on the LAF common stock.
Aug. 1 Sold 217 shares of LAF common stock at $40 per share.
Sept. 1 Received $2 per share cash dividend on the NCL common stock.
Dec. 31 Received the annual interest on the TRC bonds.
31 Sold the TRC bonds for $77,665.
At December 31, the fair values of the LAF and NCL common stocks were $37 and $28 per share, respectively. These stock investments by Blossom Company provide less than a 20% ownership interest.
Required:
Journaline the transactions and post to the accounts Debt Investments and Stacklestments.
Answers
1 de agosto Vendió 217 acciones ordinarias de LAF a $ 40 por acción.
1 de septiembre Recibió un dividendo en efectivo de $ 2 por acción sobre las acciones ordinarias de NCL.
31 de diciembre Recibió el interés anual de los bonos TRC.
31 Vendió los bonos de TRC por $ 77,665.
fremont which uses the high-low method reported total cost of $10 per unit its lowest production level, 5000 units. when production tripled to its highest level, the total cost per unit dropped to $5 variable cost per unit
Answers
Answer:
$2.50
Explanation:
Calculation for the estimation of variable cost per unit
Units Total cost
High method 15,000×$5 per units =$75,000
(5,000*3)=15,000
Low method 5,000*$10 per units=$50,000
Difference 10,000 $25,000
Variable cost per unit =$25,000/10,000
Variable cost per unit=$2.50
Note: Based on the information given we were told that production tripled to its highest level which means the high method units will be 15,000 units (5,000 units*3)
Therefore Fremont would estimate its variable cost per unit as: $2.50