Answer:
Part 1
Debit :New Machine $55,000
Debit : Profit and Loss $39,400
Credit: Accumulated Depreciation: Old Machine $19,400
Credit :Cost: Old Machine $44,400
Credit : Cash $31,000
Part 2
Debit :New Machine $55,000
Debit : Profit and Loss $31,400
Credit: Accumulated Depreciation: Old Machine $19,400
Credit :Cost: Old Machine $44,400
Credit : Cash $23,000
Explanation:
The Standard on Property, Plant and Equipment States that :
"When exchange has commercial substance, Cost Price of item Acquired is measured at Fair Value.
When Fair Values of both assets acquired and given up can be determined reliably, the Fair Value of Asset given up will be used.
Unless the Fair Value of the Asset acquired is more evident, that Value may be used"
From this, we have on Fair Value of Asset Acquired, so we use that as the Cost of the New Asset. Cost of New Asset in Both Cases will be $55,000.
Recognize the New Cost of Asset, Derecognize the Cash Paid, Derecognize Cost of Old Asset and Accumulated Depreciation in a journal to find the Profit or loss resulting from the exchange as above.
Splish Brothers Music School borrowed $28,200 from the bank signing a 6%, 6-month note on November 1. Principal and interest are payable to the bank on May 1. If the company prepares monthly financial statements, what adjusting entry should the company make at November 30 with regard to the note (round answer to the nearest dollar)
Answer:
Dr Interest expense $141
($28,200 * 6% * 1 month / 12 months)
Cr Interest payable $141
Explanation:
Preparation of the adjusting entry that the company should make at November 30 with regard to the note.
Based on the information given the adjusting entry that the company should make at November 30 with regard to the note will be :
Dr Interest expense $141
($28,200 * 6% * 1 month / 12 months)
Cr Interest payable $141
f the U.S. government were to ban imports of Canadian beef for reasons unrelated to health concerns, what would be the effect on the price of beef in the United States? How would the typical American’s diet change? What if the ban suggested to consumers that there might be health risks associated with beef?(Hint: Again, think about which curve(s) will shift and what would be the effect on price and quantities.)
Answer:
Following are the steps to the given question:
Explanation:
In step 1:
When the Us administration prohibits beef imports through Canada for health reasons, therefore the import and export of beef would affect beef availability, thereby dropping the cost of beef on an Us market, which will also raise.
In step 2:
Its impact on beef consumption would be less required mostly on the U.S. market as well as the degree for effective change depended on relative prices of beef consumption even Among consumers. If this is costly, then citizens may replace this with a lower-price substitute.
In step 3:
In Canada, the beef manufacturers have acquired beef stocks and therefore are selling in the Canadian market at a low price. If beef-related health effects are listed among explanations because of its ban this will deter consumers from eating very little on excess supply but will reduce demand by as much as previously.
Help ASAP!!
1. Are you interested in being an entrepreneur?
2. Which habits do you do already?
3. Which habits would you like to adopt? Explain.
Answer: See explanation
Explanation:
An entrepreneur is someone who creates a business in order for the person to make profit. We should note that the person also bears the risk that are involved in the business.
1. Are you interested in being an entrepreneur?
I am interested in being an entrepreneur. Being an entrepreneur will aid the economic growth and development of the country and also enhance the standard of living of the people which works with me.
2. Which habits do you do already?
Some of the habits I already do from the picture include:
• Giving a head start to tomorrow today.
• Tracking my origress
• Continuing learning
• Tracking my progress.
• Refreshing my self with quality family time.
3. Which habits would you like to adopt?
Some of the habits that I'll like to adopt include:
• Keeping the morning for the toughest jobs.
• Workout and meditate
Wildcat Corporation has a fiscal year-end of December 31. Please review the following transactions: On October 1, the insurance premium of $23,000 was paid for a one-year fire insurance policy. On June 30, the company advanced its chief financial officer $21,000; principal and interest at 7% on the note are due in one year. Equipment costing $71,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $14,200 per year. If the adjusting entries were not recorded, would net income be higher or lower and by how much
Answer:
S/n General Journal Debit Credit
1. Insurance Expense $5,750
{(23,000/12) * 3}
Prepaid Insurance $5,750
2. Interest Receivable $735
(21,000 * 7% * 6/12)
Interest Revenue $735
3. Depreciation Expense $14,200
Accumulated Dep. $14,200
Effect on Net Income
Net Income would be lower by:
==> ($5,750 - $735 + $14,200)
==> $19,215
Nettle Co. uses process costing to account for the production of rubber balls. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Equivalent units have been calculated to be 12,000 units for materials and 10,000 units for conversion costs. Beginning inventory consisted of $14,000 in materials and $8,000 in conversion costs. April costs were $72,000 for materials and $80,000 for conversion costs. Ending inventory still in process was 4,000 units (100% complete for materials, 50% for conversion). The cost per unit for materials using the FIFO method would be closest to:__________A. $6.0000B. $7.1666C. $14.5000D. $1.8334
Answer: $6.00
Explanation:
The following can be gotten from the question:
From the question, we are informed that April costs were $72,000 for materials with the equivalent units have been calculated to be 12,000 units.
Therefore, the cost per unit for materials using the First-In-First-Out (FIFO) will be:
= $72000 / 12000
= $6.00
The cost per unit for materials using the FIFO method would be closest to Option A. $6.0000.
The calculation is as follows:= Material cost ÷ equivalnet units for materials
= $72000 ÷ 12000
= $6.00
Learn more: https://brainly.com/question/17429689?referrer=searchResults
The weight of a product is normally distributed with a standard deviation of 0.5 grams. If the production manager wants no more than 5% of the products to weigh more than 5.1 grams, then the average weight should be _____.
Answer:
4.28 grams
Explanation:
The z score is used to determine by how many standard deviations the raw score is above or below the mean. The z score is given by the formula:
[tex]z=\frac{x-\mu}{\sigma} \\\\where\ \mu=mean,\sigma=standard \ deviation,\ x=raw\ score[/tex]
Given that:
P(x > 5.1 grams) = 5%, x = 5.1 grams, σ = 0.5 grams
P(x > 5.1 grams) = 5%
P(x < 5.1 grams) = 100% - 5% = 95%
P(x < 5.1) = 95%
From the normal distribution table, 95% corresponds with a z score of 1.645. Hence:
[tex]1.64=\frac{5.1-\mu}{0.5}\\\\5.1-\mu=0.82\\\\\mu=4.28\ grams[/tex]
A W-2 form is a record showing an employee's personal payroll
information, yearly earnings, and deductions.*.
True
Or
False
Answer:
True
Explanation:
On January 2, 2010, York Corp. replaced its boiler with a more efficient one. The following information was available on that date:
Purchase price of new boiler
$150,000
Carrying amount of old boiler
10,000
Fair value of old boiler
4,000
Installation cost of new boiler
20,000
The old boiler was sold for $4,000. What amount should York capitalize as the cost of the new boiler?
A. $150,000.
B. $166,000.
C. $170,000.
D. $160,000.
Dioxin emission that results from the production of paper is a good example of a negative externality because a. self-interested paper producers will not consider the full cost of the dioxin pollution they create. b. self-interested paper firms are generally unaware of environmental regulations. c. toxic emissions cause firms to produce less than the socially optimal amount of paper. d. there are fines for producing too much dioxin.
Answer:
a. self-interested paper producers will not consider the full cost of the dioxin pollution they create.
Explanation:
Externality basically causes the market to produce a large amount or little amount of goods and service, thereby causing an inefficient distribution or allocation of resources.
Therefore, when the manufacturing or consumption of a particular product by the consumers leads to an additional cost for a third party, it is known as negative externality.
Hence, Dioxin emission that results from the production of paper is a good example of a negative externality because self-interested paper producers will not consider the full cost of the dioxin pollution they create.
Alice wants to have a portrait painted for her family which career pathway would be the best for Alice to contact
What is the default view in word document
Answer:
When you open one of your business documents in Microsoft Word 2010, it is displayed in the Print Layout view, which is the default view. You can change the view at any time. If you find that you are having to change the view every time you open a document, you can save time by modifying the default open view in Word.
Explanation:
Answer:
EDITING VIEW
Explanation:
If real GDP grew by 6 percent and population grew by 2 percent, then real GDP per person grew by approximately ______ percent.
Answer:
3%
Explanation:
Real GDP per person is a measure of the economic wellbeing of the populace of a country.
Real GDP per person = Real GDP / population
6% / 2% = 3%
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.
A company issues a callable (at par) five-year, 7% coupon bond with annual coupon payments. The bond can be called at par in one year after release or any time after that on a coupon payment date. On release, it has a price of $110 per $100 of face value. What is the yield to worst of this bond in percentage when it is released
Answer:
the worse case scenario is that the bond yields -2.73%
Explanation:
the worst case scenario is that the bonds are called one year after they are issued.
you invest $110 today
in one year, you will receive $100 + $7 = $107
your holding period return = ($107 - $110) / $110 = -0.02727 ≈ -2.73%
generally callable bonds are sold at lower prices than regular bonds, so a situation like this is very unlikely since the issue price should probably be lower.
Question 4 of 10
Which budget strategy will reduce a country's national debt the most?
A. Raising taxes while lowering spending
B. Lowering both taxes and spending
C. Lowering taxes while raising spending
D. Raising both taxes and spending
Answer: raising taxes while lowering spending
Explanation: I just got it right on A p e x
Henry is a manager in an operations department in a computer manufacturing company. He thoroughly studied the production process and calculated how long it takes to get the job done. Then he figured out a more efficient way to put all parts together for a computer. He trains and develops employees to use the new method and works with employees to implement the scientific principles. Which of the following management theories does Henry use in this case?
a. Theory X and Theory Y.
b. Systems management.
c. Human relations management.
d. Scientific management.
Answer:
d. Scientific management.
Explanation:
The management theory used by Henry in this case is scientific management, which can be understood as an administrative model created by Taylor.
The main objective of scientific management is to make work more efficient using less resources and efforts, that is, making work more flexible by rationalizing work and implementing scientific techniques and training employees so that there is efficiency and effectiveness in organizational processes, with the lowest cost, time and continuous improvement.
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 70.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 70.0 when he fully retires, he will begin to make annual withdrawals of $195,078.00 from his retirement account until he turns 94.00. After this final withdrawal, he wants $1.37 million remaining in his account. He he will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions be
Answer:
X = $25,717.13 is the contribution amount that Derek has to plan.
Explanation:
Solution:
Assumption = Interest rate = 4%
Amount required at the age of 70 = value of all withdrawals
So, he will be making withdrawals until 94 years of age.
94 - 70 = 24
Annual Withdrawals = $195,078.00
Interest Rate = 4%
Period = 24 years.
Putting these values into the PVAF function, you will get:
PVAF(4%,24 years) = 15.24
So,
Amount required at the age of 70 = $195,078 x 15.24
Amount required at the age of 70 = 2972988.72
And now, we need to find the amount needed at the age of 65.
Amount required at the age of 65 = Present Value at the age of 65
Amount required at the age of 65 = 2972988.72 x PVF (4%,5 years)
PVF (4%,5 years) = 0.822
Amount required at the age of 65 = 2972988.72 x 0.822
Amount required at the age of 65 = $2443796.72
Let suppose, annual contribution = x
X*[{(1+0.04)40-1]}/0.04] = $2443796.72
95.026X = $2443796.72
X = $25,717.13 is the contribution amount that Derek has to plan.
a) What are the two features in a market economy that stem from self interest?
Answer:
Private property rights and the market.
Explanation:
Jackson, Inc. produces two different products (Product 5 and Product Z) using two different activities:Machining, which uses machine hours as an activity driver, and Inspection, which uses a number of batches as an activity driver. The cost of Machining is $255,000, while the cost of Inspection is $35,000. Product 5 uses 33% of total machine hours and 65% of total batches.What is the total Inspection cost assigned to Product Z?(a) $12,250(b) $17,500(c) $84,150(d) $170,850
Answer:
Inspection costs allocated= $12,250
Explanation:
Giving the following information:
The cost of Machining is $255,000, while the cost of Inspection is $35,000. Product 5 uses 33% of total machine hours and 65% of total batches.
First, we need to determine the allocation rate of Inspection for Product Z:
Allocation rate Product Z= 1 - Product 5 use of batches
Allocation rate Product Z= 1 - 0.65
Allocation rate Product Z= 0.35
Now, we can allocate Inspection costs:
Inspection costs allocated= 35,000*0.35
Inspection costs allocated= $12,250
2.02 What is the benefit of a 529 education saving plan?
earnings in a 529 plan grow federal tax-free and will not be taxed when the money is taken out to pay for college.
Insurance is a financial service that allows
Answer:
allows a consumer to transfer risk to a company.
Explanation:
On the same day that the sales department at Duffin House received an order for 500 packages from the OHaganBooks Texas headquarters, it received an additional order for 150 packages from FantasyBooks, based in California. Duffin House has warehouses in New York and Illinois. The New York warehouse has 500 packages in stock, but the Illinois warehouse is closing down and has only 250 packages in stock. Shipping costs per package of books are as follows: New York to Texas: $20; New York to California: $50; Illinois to Texas: $30; Illinois to California: $40. What is the lowest total shipping cost for which Duffin House can fill the orders
Answer:
Duffin House
The lowest total shipping cost for which Duffin House can fill the orders is:
= $16,000.
Explanation:
a) Data and Calculations:
Orders received from OHaganBooks, Texas = 500 packages
Orders received from FantasyBooks, California = 150 packages
No. of packages in stock at New York Warehouse = 500
No. of packages in stock at Illinois Warehouse = 250
Shipping cost:
New York to Texas: $20;
New York to California: $50;
Illinois to Texas: $30;
Illinois to California: $40
Lowest shipping cost arrangement:
500 packages from New York to Texas at $20 = $10,000
150 packages from Illinois to California at $40 = $6,000
Total shipping cost = $16,000
Other shipping cost arrangement:
150 packages from New York to California at $50 = $7,500
350 packages from New York to Texas at $20 = $7,000
150 packages from Illinois to Texas at $30 = $4,500
Total shipping cost under this arrangement = $19,000
b) The key in making this shipping arrangement is to identify the lowest shipping cost per package. The order that attracts this shipping cost is taken first. Then identify the next lowest shipping cost that is feasible and have the order fulfilled accordingly.
Reeves Co. filed suit against Higgins, Inc., seeking damages for copyright violations. Higgins' legal counsel believes it is probable that Higgins will settle the lawsuit for an estimated amount in the range of $170,000 to $270,000, with all amounts in the range considered equally likely. How should Higgins report this litigation
Answer:
As a liability for the minimum amount of $170,000 along with disclosure of the range
Explanation:
Based on the information given Higgins should report this litigation as a LIABILITY for the amount of $170,000 along with disclosure of the range reason been that we were told he will settle the lawsuit with an amount in the range of $170,000 to $270,000 in which all the amounts in the range are considered to be both equally likely which therefore means that he will have to record the LIABILITY at the amount of $170,000 which is appear to be the minimum amount in the range.
Therefore Higgins should report this litigation As a liability for the minimum amount of $170,000 along with disclosure of the range.
Milton Friedman argued that: appropriate antitrust policy can prevent businesses from causing inflation. inflation is a phenomenon of capitalist economies. prices need to be regulated and set by the government to prevent inflation. general price level increases result from the government printing too much money.
Answer:
Prices need to be regulated and set by the government to prevent inflation.
Explanation:
Milton Friedman was a monetarist. Monetarists believe in the quantity theory of money which states that inflation is a direct result of the growth of the amount of money in an economy. One of the most famous quotes by Friedman is "Inflation is always, and everywhere, a monetary phenomenon".
Under this reasoning, Friedman proposed that the government should control the money supply in order to address and maintain a stable price level, in other words, low inflation.
Friedman policies were implemented in the U.S. since the late 1970s, and emulated in most other countries in the world. Ever since, the monetary policy of most countries in the world has been aimed at controlling inflation and keeping it low.
11. King Arthur is going into battle and he needs to decide how many more swords and helmets he should buy. The tables show the total benefit for swords and helmets. Assume each sword costs two dollars and each helmet costs one dollar. If King Arthur only has $10, how many swords and helmets should he buy to maximize his total benefit
What would cause a shift of demand curve for snickers bars
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,577 Accounts Receivable 2,141 Prepaid Expenses 690 Equipment 15,082 Accumulated Depreciation 4,161 Accounts Payable 1,637 Notes Payable 5,294 Common Stock 1,000 Retained Earnings 9,508 Dividends 709 Fees Earned 7,913 Wages Expense 2,839 Rent Expense 798 Utilities Expense 352 Depreciation Expense 234 Miscellaneous Expense 91 Totals 29,513 29,513 Determine the net income (loss) for the period.
Answer:
Net income $3,599
Explanation:
Fees Earned $7,913
Expenses:
Wages Expense $2,839 Rent Expense $798 Utilities Expense $352 Depreciation Expense $234 Miscellaneous Expense $91 $4,314Net income $3,599
the following accounts are all permanent accounts that belong to the balance sheet, not the income statement:
Cash, Accounts Receivable, Prepaid Expenses, Equipment, Accumulated Depreciation, Accounts Payable, Notes Payable, Common Stock, Retained Earnings
Dividends are not included in the income statement
says that the quantity demanded of a good folls when the price of 1 point the good rises.
A) The Law of Supply
B) The Law of Demand
C) Market Structure
D) Market Equilibrium
Answer:
B) The Law of Demand
Explanation:
The correlation between the volume demanded, and the price of a good is explained by demand law. As per this law, price and the quantity demanded have an indirect or inverse relationship. An increase or decrease in price results in quantity demanded moving in the opposite direction.
Should the prices of a product or service increase, its demand falls.
MacKenzie Company sold $420 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 5.0% service charge for sales on its credit cards. MacKenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be: Multiple Choice
Answer:
See below
Explanation:
Credit card expense = 5% of sales value $420 = $21
acquired: Firm A has a margin of 11%, sales of $610,000, and ROI of 17%. Calculate the firm's average total assets. Firm B has net income of $72,000, turnover of 1.40, and average total assets of $920,000. Calculate the firm's sales, margin, and ROI. Firm C has net income of $136,000, turnover of 2.01, and ROI of 23.40%. Calculate the firm's margin, sales, and average total assets.
Answer:
1. Firm's average total assets = Net Income/ROI = $610,000*0.11 / 0.17 = $394,705.88
2. Sales = Assets turnover ratio * Average total assets = 1.40*920,000 = $1,288,000
Margin = Net Income / Sales = $72,000/$1,288,000 = 0.06
ROI = Net Income / Average Total Assets = $72,000/920,000 = 0.078
3. Average Total Assets = Net Income / ROI = $136,000/23.40% = 136,000/0.2340 = $581,196.58
Sales = Assets turnover ratio * Average total assets= 2.01*$581,196.58 = $1,168,205.12
Margin = Net Income / Sales = $136,000/$1,168,205.12 = 0.1164
To be considered part of a market, an individual must
Answer:
Have both willingness to buy and the financial resources needed to buy.
