The government organization that employs 76 district international trade officers and 10 regional international trade officers throughout the United States as well as a 10-person international trade staff in Washington, D.C. to help potential exporters is the Small Business Administration.
The Small Business Administration (SBA) assists Americans in growing their companies and creating employment by offering resources and tools such as access to funding, opportunities in Federal contracting, access to entrepreneurial education, and disaster relief for businesses, homeowners, and renters.
The Small Business Administration makes loans, disaster loans, and microloans available to individuals in need through banks, credit unions, and other lenders. Many of the most prosperous small firms began with an SBA loan.
The Small Business Administration assists Americans in starting, building, and expanding enterprises. The Small Business Administration helps and defends the interests of small business concerns through an extensive network of field offices and partnerships.
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In a trend balance sheet, each balance sheet item is expressed as a percentage of
Multiple Choice
a. the base year item.
b. equity.
c. sales.
d. total assets.
In a trend balance sheet, each balance sheet item is expressed as a percentage of total assets.
What is trend balance sheet?Many businesses view trended balance sheets as essential month-end reports, and the finance team frequently uses them to examine monthly patterns in assets, liabilities, and equity. The most important feature of this kind of report is how the columns are dynamically populated with the months, starting with January and ending with the present period. Balance Sheet Trend Reports are used by businesses and organizations to swiftly identify upward or downward trends for any specific item on the statement. A company can increase its capacity to swiftly spot trends or exceptions and decrease the possibility that problems are discovered too late in the process with crucial things like cash, receivables, or payables by implementing solid business practices in the Finance & Accounting Department.
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Make a reDemarco and Tanya have received information about three separate mortgage offers. In two or three paragraphs, describe your recommendation for the best financial choice in their situation. Evaluate each of the three offers, compare and contrast their effectiveness, and explain the offer that works best. As you explain your answer, support it using reasons and evidence from the calculations you made based on the information provided in this guide for Analyzing Mortgage Options.
commendation to Tom. Which loan should he use?
When you and a lender enter into a mortgage, the lender is granted the power to seize your property if you are unable to pay back the loan amount plus interest. Hence option 3 should be opt .
What is Mortgage ?To purchase a property or borrow money against the value of a home you currently own, you can use a mortgage loan.
With regard to Mortgage Option 3, not only is the interest rate greater (4.0%) but also the unpaid debt must be paid in full within 8 years. After the down payment, their monthly payment would be $1,605, which would also include the 4.25% fixed interest rate.
A borrower runs the danger of losing their house and equity because of the short payment period if the final payment isn't made on time.not possible to make. The interest rate for Mortgage Option 2 is the lowest at 3.5%, although this rate may change yearly.
They would be able to pay it even though the interest rate is the highest. Tanya and Demarco would be able to make these payments and still have about $3,395 of their monthly income available for spending.
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which of the following rankings lists these assets from the least liquid to the most liquid? responses cash, bonds, house, savings account cash, bonds, house, savings account bonds, house, savings account, cash bonds, house, savings account, cash savings account, cash, bonds, house savings account, cash, bonds, house house, bonds, savings account, cash house, bonds, savings account, cash cash, savings account, bonds, house
House, bonds, savings account, cash among the following rankings lists these assets from the least liquid to the most liquid.
A bond is what?Bonds are a common form of capital raising used by both governments and enterprises. In essence, you are making a loan to the issuer when you buy a bond. In exchange, they promise to pay you interest on the bond on a regular basis, usually twice a year, and to pay back the loan's face amount on a specific date.
How do bonds generate profits?Bonds are one category of investment referred to as fixed-income securities. They are debt obligations in which an investor lends money (the principal) to an organization or an authority for a certain period of time in exchange for a regular stream of interest payments (the yield).
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T/F if you are turned down for a position that you believe was a good fit, employment specialists recommend writing a rejection follow-up letter to the potential employer.
The statement is false. if you are turned down for a position that you believe was a good fit, employment specialists recommend writing a rejection follow-up letter to the potential employer.
Employment is dating among two parties regulating the provision of paid labor offerings. commonly based totally on a settlement, one birthday party, the corporation, which is probably a company, a no longer-for-earnings company, a co-operative, or every other entity, will pay the alternative, the worker, in go back for carrying out assigned work. personnel works in go back for wages, which can be paid on the basis of an hourly charge, by piecework, or an annual salary, depending on the type of work an employee does, the winning conditions of the arena, and the bargaining strength among the parties. personnel in some sectors may additionally get hold of gratuities, bonus bills, or inventory options. In a few sorts of employment, personnel may also get hold of benefits similarly to price. advantages may consist of medical insurance, housing, and disability coverage.
An unbiased contractor gives offerings to the public at huge, not simply to one business, and is liable for disbursing bills from the consumer, paying unreimbursed fees, and offering his or her very own gear to finish the job. 0.33, the connection of the events is frequently evidenced by using a written settlement that specifies that the employee is an independent contractor and isn't entitled to worker blessings; the services furnished by way of the employee aren't key to the enterprise, and the connection is not everlasting.
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Let the price elasticity of supply for a good be 2.0, and the absolute value of the price elasticity of demand be -1.5. Which of the following is true in this case?a. Producers carry the majority of the tax burdenb. consumers carry the majority of the tax burdenc. producers and consumers carry an equal amount of the tax burdend. consumers carry the entire tax
Answer:
consumers carry the majority of the tax burden.
Explanation:
Which of the following answers lists 2 items owned by a debtor either at the time of or prior to the bankruptcy filing that would most likely be included in the bankruptcy estate?
a. The debtor's home and a vintage Ford car that the debtor gave to his sister 3 weeks prior to the debtor's filing bankruptcy.
b. The debtor's retirement IRA accounts and the debtor's car worth $25,000.
c. Ring worth $100,000 (the amount over $25,000) and life insurance proceeds received by the debtor within 90 days after the debtor filed for bankruptcy.
d. The debtor's cash payment made to a creditor 2 years ago who would have received nothing in the bankruptcy and the debtor's furniture.
Option (a), 3 weeks previous to declaring bankruptcy, the debtor gave his sister the debtor's house and a classic Ford automobile.
What occurs when a debtor files for bankruptcy?When you seek bankruptcy relief, a court discharge will free you from the requirement to repay some debts to your creditors. It's crucial to realize that after receiving a debt discharge, your creditors are not allowed to get in touch with you or attempt to collect the debt in any way.
What are the workings of bankruptcy for both creditors and debtors?Your two main bankruptcy options are Chapter 7 and Chapter 13, if you decide to file. Many of your possessions will be liquidated during a Chapter 7 bankruptcy in order to pay off your creditors. In a Chapter 13 bankruptcy, your assets are still protected, but you must repay your obligations over a predetermined period of time.
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TRUE/FALSE. the basic idea of a natural monopoly is that there is one producer, and new sellers are discouraged from entering the market because the current producer is facing a rise in costs due to natural increases in the prices of inputs. the current producer has a patent on its product. there would be legal barriers against entering the market. they would have significantly higher marginal costs than the existing seller in the market.
The fundamental tenet of a natural monopoly is that there is only one producer and that new sellers are prevented from entering the market because the existing producer is forced to raise prices as a result of naturally rising input prices.
A simple definition of monopoly explainedA monopoly is a situation in which there is only one seller operating in the market. In economics, the monopoly situation is frequently seen as the utter antithesis of ideal competition.
What does monopoly imply for the corporate world?A monopoly develops when one manufacturer or seller controls the market. A monopoly limits the variety of product options available and makes it difficult for competitors to enter the market. Consumer dishonesty may result from monopolies.
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Citron is a firm that manufactures electric scooters. Suppose Citron sells its electric scooters to online retailers for $810 each and requires those online retailers to charge at least $840 to shoppers for each electric scooter. Warm Winds is the only firm producing air fryers. It costs $410 to produce one air fryer, and Warm Winds sells each air fryer for $950. After Sirocco, a new firm with the same costs as Warm Winds, enters the market for air fryers, Warm Winds starts selling its air fryers for a price of $330. Wallyâs sells a wide variety of skateboards to retail sporting good outlets. Wallyâs recently rolled out two new skateboards: a popular Dallas II and a much less popular Drydeck 3. Wallyâs requires sporting good outlets to order 15 boards of the Drydeck 3 for every 120 boards of the Dallas II bought. True or False: The only reason for Citron to require retailers to sell electric scooters at a certain price is to reduce competition and extend its market power to the retail market. Therefore, this practice is always economically inefficient.
True
False
False. The practice of requiring retailers to sell electric scooters at a certain price does not necessarily reduce competition or extend market power.
What is extend market power?Extend market power is a term used to describe the ability of a company to influence the market and increase its market share. It refers to the ability of a company to control a larger portion of the market, allowing them to charge higher prices, increase their profits and control the market for a certain product or service. This is often done through aggressive marketing and advertising campaigns, the utilization of strategic alliances and partnerships, and the development of new products and services which cater to a specific market. Companies can also use their extended market power to influence the pricing of products and services within their industry, as well as influence the competition.
It may be done for many reasons, including increasing revenue by capturing a larger share of the market or protecting brand reputation. In some cases, this practice may even be economically efficient, such as when it helps the firm capture a larger share of the market or protect its brand reputation.
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a company purchased inventory on account for $280,000. the company returned $26,000 of the inventory to the supplier for credit.
The journal entry of the company with purchased inventory on account for $280,000 is stated below:
What is a journal entry?A journal entry serves as a record of a company transaction in your accounting records. Every transaction in double-entry bookkeeping requires at least two journal entries. A bookkeeper keeps track of all the changes that a transaction can bring about in a firm by recording them in a diary.
Each journal entry includes information crucial to one specific business transaction, such as the date, the amount to be credited and debited, a succinct explanation of the transaction, and the accounts impacted. It may include a list of the impacted subsidiaries, tax information, and other details, depending on the business. The journal entry of the company is:
(1)
Purchases $280,000
Accounts payable $280,000
[To record purchases on account]
(2)
Accounts payable $26,000
Purchases returns $26,000
[To record purchase returns]
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The complete question is attached below:
the payoff matrix presents the profits for firms x and y under their two individual pricing strategies. suppose both firms have agreed to maximize their combined profits by colluding on their pricing strategies. use the information in this payoff matrix to answer the two questions. firm x strategy firm y strategy low price high price low price firm x profit
Firm Y ought to pick a dominating approach, while Firm X ought to pick a nondominant one.
A pricing strategy is what, exactly?A company can use a variety of pricing strategies when marketing a good or service. In order to choose the most effective pricing strategy, senior executives must first evaluate the company's price position, pricing segment, pricing capacity, and competition's pricing reaction strategy. Businesses, countries, cultures, and industries all have different pricing policies and procedures. Additionally, they fluctuate over time as markets, sectors, and overall economic conditions evolve.
Pricing guidelines determine how much a company can charge for its goods. Pricing can be chosen to increase revenue from either the overall market or from each product sold separately.
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consider the above laffer curve. this curve suggests that as the government raises the tax rate, a point will eventually be reached at which the revenues that are collected will
The concept of Arthur Laffer's tax cuts boosting growth and tax collection was rapidly branded "trickle-down." Both President Herbert Hoover's Great Depression stimulus attempts and President Ronald Reagan's use of income tax cuts were dubbed as "trickle-down."
The Laffer Curve is an economic hypothesis developed by economist Arthur Laffer that proposes that tax rates beyond a particular level lower tax revenue by incentivizing individuals not to work. As a result, it argues that decreasing tax rates encourages individuals to work harder, resulting in higher tax income. The Laffer Curve gained popularity in the 1980s and was a driving factor behind economic policy under the Reagan administration in the United States and Margaret Thatcher's government in the United Kingdom. The principles underpinning the theory have been so embedded in economic discourse that while most people are unfamiliar with the word Laffer Curve, they are familiar with the notion.
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Complete the following table by indicating whether or not each scenario is an example of price discrimination. Hotels charge a higher price for rooms with a nicer view, such as a skyline view or a coastal view. Assume that all consumers receive a higher utility when staying in a room with a nicer view. Last-minute "rush" tickets can be purchased for most Broadway theater shows at a discounted price. They are typically distributed via lottery or on a first-come, first-served basis a few hours before the show. Assume that the theater in questions does not hold seats in reserve for this purpose, but rather offers rush tickets only for seats not before the day of the performance.
In first case we can see in case that hotel is charging same price to anyone who wants to stay in a NICER VIEW. and demand same amount of money. So there is no price discrimination.
What is meant by price discrimination?Price discrimination is a selling strategy that charges customers different prices for the same product or service based on what the seller thinks they can get the customer to agree to. In pure price discrimination, the seller charges each customer the maximum price they will pay.
Why is price discrimination used?Companies practice price discrimination in order to maximize profits. Since a large market typically includes many types of consumers, price discrimination allows companies to offer a high price to well-off consumers and a low price to the most price-sensitive consumers.
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Managers who consider the impact of their organization on the natural environment are said to be practicing:
A) value-based management.
B) ethics-based management.
C) socially responsible management.
D) green management.
Green management is the practice of taking into account how an organization's actions may affect the environment.
The discussion of corporate sustainability and sustainable development led to the establishment of the academic idea of green human resource management. With his proposition that "if a firm is to take an environmentally-aware approach to its activities, the employees are the key to its success or failure," Wehrmeyer is frequently credited with laying the groundwork for this theory. GHRM is described as "the HRM components of Environmental Management" in one of the most popular definitions. GHRM is defined as "phenomena relevant to understanding linkages between organizational activities that impact the natural environment and the design, evolution, implementation, and effect of HRM systems" in a broader sense. One of GHRM's objectives is to inform staff members about environmental problems throughout the world by starting proposal schemes, educate staff members about greener habits, and motivate staff members to participate in and develop sustainable initiatives.
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Green management is the practice of taking into account how an organization's actions may affect the environment.
The discussion of corporate sustainability and sustainable development led to the establishment of the academic idea of green human resource management. With his proposition that "if a firm is to take an environmentally-aware approach to its activities, the employees are the key to its success or failure," Wherever is frequently credited with laying the groundwork for this theory. GHRM is described as "the HRM components of Environmental Management" in one of the most popular definitions. GHRM is defined as "phenomena relevant to understanding linkages between organizational activities that impact the natural environment and the design, evolution, implementation, and effect of HRM systems" in a broader sense. One of GHRM's objectives is to inform staff members about environmental problems throughout the world by starting proposal schemes, educate staff members about greener habits, and motivate staff members to participate in and develop sustainable initiatives.
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on march 1, a designer received a check for $7,500 from a customer for services to be provided after the customer chooses a color scheme for the first floor of her house. on july 31, the designer completed the design work for this customer.
Due to incomplete work in March, the money was not generated; therefore, it was transferred to the Unearned Revenue account.
Date Account Title Debit Credit
March 1 Cash $7,500
Unearned Revenue $7,500
Date Account Title Debit Credit
July 31 Unearned Revenue $7,500
Design Services Revenue $7,500
Now that the designer may recognise the revenue, it will be transferred from the Unearned revenue account to the appropriate revenue account when they are finished in July.
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Sent a check to Lyon Co for the April 2 purchase, net of the discount and the returned merchandise.
Paid $4600 - 600 (returned good) = 4000 x 2% = 80
4000 - 80 = 3920
In the journal entry, the accounts payable will be debited, and the cash and discounts will be credited.
The journal entry to record the financial transaction in the books of Lyon Co. for the April 2 purchase, net of the discount and the returned merchandise, is as given below.
17 April Account payable Ac. Dr. 4,000
TO, Discount received 80
TO, Cash 3,920
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#Complete question
Prepare journal entries to record the following transactions for a retail store.
Sent a check to Lyon Co for the April 2 purchase, net of the discount and the returned merchandise.
Paid $4600 - 600 (returned good) = 4000 x 2% = 80
4000 - 80 = 3920
An investor obtained a fully amortizing mortgage five years ago for $96,400 at 11 percent for 30 years. Mortgage rates have dropped, so that a fully amortizing 25-year loan can be obtained at 10 percent. There is no prepayment penalty on the mortgage balance of the original loan, but three points will be charged on the new loan and other closing costs will be $2,000. All payments are monthly. Should the borrower refinance if he plans to own the property for the remaining loan term? Assume that the investor borrows only an amount equal to the outstanding balance of the loan.
A completely amortized loan is one in which the interest is computed at a set rate throughout the payback duration. The principle and interest installment payments are similarly set.
This program is available to qualifying applicants at a discount of 12% off our existing 30-year fixed-rate mortgage package. For the first 120 installments, the interest rate is fixed (10 years). After ten years, the interest rate will be changed to our current 30-year fixed rate, not to exceed 3% over the promotional rate but not less than the introductory rate. Your principle and interest payments will be adjusted proportionately beginning with the 121st payment and will stay constant for the remainder of the loan's duration (20 years).This loan can be used to purchase a single-family detached home, condominium, or townhouse as a primary or secondary dwelling. (Mobile houses and manufactured homes are not eligible.)
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Larry Mattingly turned 20 years old today. His grandfather had established a trust fund that will pay him $120,000 on his next birthday. However, Larry needs money today to start his college education, and his father is willing to help. Mr. Mattingly has agreed to give Larry the present value of the $120,000 future cash inflow, assuming a 6 percent rate of return.
Determine the amount of cash that Larry Mattingly's father should give him.
There should be $113,207.55 in cash given to Larry Mattingly by his father.
What Is Present Value (PV)?The present value, or PV, of a future sum of money or stream of cash flows is their current value at a specific rate of return. Future cash flows are discounted at the discount rate, so the higher the discount rate, the lower the present value of the future cash flows will be. The current value of a future sum of money is known as its present value. The sum that would be paid today for a promise to pay you, for example, $110 in a year is known as the present value.
How are current values determined?The formula for current value, divides the future value FV by a factor of 1 + I for each interval between the present and future dates.
Present value= [tex]\frac{Future value}{(1 + r)^{n} }[/tex]
Future value= $120,000
Rate (r)= 6%= 0.06
time (n)= 1 year
Present value= [tex]\frac{120,000}{(1 + 0.06)^{1} }[/tex]
Present value= [tex]\frac{120,000}{1.06}[/tex]
Present value= $113,207.55
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You buy an 8% coupon, 20-year maturity bond when its yield to maturity is 9%. (Assume semiannual coupon payments.) Six months later, the yield to maturity is 10%. What is your return over the 6 month?
If a bond's purchase price is equal to its par value, its coupon rate and yield to maturity are identical. A bond's face value, also known as the state company, is its par value. Par values for most bonds are $100 or $1,000.
A bond's interest rate, or the amount it pays the bondholder each year, is represented as a percentage of its par value and is known as the coupon rate. Until it matures, a bond with a $1,000 par value and a 5% coupon rate will accrue $50 in interest annually .Let's say you buy a bond from IBM Corp. with a $1,000 face value and $10 semi-annual installments. Divide the total yearly interest payments by the bond's face value to find the coupon rate. In this instance, the total yearly interest payment is $10 multiplied by 2 to get $20. As a result, the annual coupon rate for the IBM bond is $20 x $1000, or 2%.
No matter what price the bond trades for, the coupons are fixed.
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A broker advised his seller-client, who is selling his principal residence, to provide a completed seller disclosure notice as required by the texas property code. he should also advise the seller, that if a buyer does not receive the disclosure prior to signing a sales contract, the
The broker should advise the seller that they must provide a completed Seller Disclosure Notice as required by the Texas Property Code.
The broker should also explain to the seller that they must provide the disclosure notice to potential buyers prior to signing a sales contract. If the buyer does not receive the disclosure, they may have up to three days after signing the sales contract to terminate the contract without any penalty.
The broker should also explain that failure to provide the disclosure notice could result in a lawsuit against the seller. Additionally, the broker should remind the seller to read the disclosure form carefully and answer all questions truthfully.
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Carlota and Dave formed an S corporation; Carlota owns 75% of the out-standing shares, and Dave owns the rest. When the entity’s AAA balance is $1,000,000, it distributes an asset to each shareholder; the basis of each asset to the corporation is $152,500. Carlota’s asset is worth $213,500, and Dave’s is worth $183,000.
a. How much gain, if any, does the corporation recognize as a result of the distribution? $______
b. By how much, if any, does the distribution increase Dave’s gross income? $_____
c. By how much, if any, does the distribution increase Carlota’s gross income? $_____
The corporation recognized gain is $26000.Mark recognized is $34600 and basis in land is fair market value is $70,400
How much profit, if any, does the company realize from the distribution?we get here recognized is express as
recognized is = fair market value - tax basis
recognized is =$70400 - $44400
recognized gain is = $26000and
Gain raised his stock's basis from $35,800 to $61,800 (26,000 + 35,800).
so we recognized gain allocated is = $70400 - $61800 = $8600
here mark recognized is = gain allocated + recognized gain
mark recognized is = $8600 + $26000
mark recognized is = $34600
basis in land is fair market value = $70,400
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The cost of merchandise sold during the year was $58,706. Merchandise inventories were $12,831 and $8,381 at the beginning and end of the year, respectively. Accounts payable were $5,017 and $4,722 at the beginning and end of the year, respectively. Using the direct method of reporting cash flows from operating activities, find the total cash payments for merchandise. Select the correct answer. a. $5,017 b. $58,706 c. $54,551 d. $53,961
Using the direct method of recording cash flows from operating activities, the total amount paid in cash for items is $53,961. So, the appropriate choice is (d)
For the direct method of reporting cash flows from operating operations, we can perform the following computation to determine the cash payments for goods:
Cash payments for merchandise = Cost of merchandise sold - (Ending inventory - Beginning inventory) - (Ending accounts payable - Beginning accounts payable)
putting the value and we get,
Cash payments for merchandise = $58,706 - ($12,831 - $8,381) - ($5,017 - $4,722)
= $58,706 - $4,450 - $295
= $53961
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refer to the above table. suppose you had a budget of $7 and the price of pretzels was $2 and the price of cookies was $1. what would be the number of pretzels and cookies that you would purchase to maximize your utility given the data in the table?O 1 cookies and 3 pretzels C 6 cookies and 1 pretzels O 5 cookies and 1 pretzels O 3 cookies and 2 pretzels
In a strategic plan known as utility maximization, people and businesses aim to get the most enjoyment possible out of their financial choices. For instance, management will implement a plan of purchasing items or services that deliver the greatest advantage when a company's resources are restricted.
The utilitarian philosopher's John Stuart Mill and Jeremy Bentham created the idea of utility maximization. Alfred Marshall, an economist from England, introduced it into economics.
The cost of a product that a consumer is prepared to pay is a presumption in classical economics that approximates the greatest utility that they obtain from the acquired thing.
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the average (arithmetic mean) of the 5 houses on a certain street is $60,000. if the price of the least expensive house is $55,000, which of the following could not be the price of the most expensive house?
A residence cannot cost more than $80,000 in total.
Explain about the average?Average is defined as the sum of all the numbers divided by all the numbers. The arithmetic mean is another name for it. The ratio of a set of numbers' sum to total count is used to define the average, which displays a single value.
Making decisions for both your personal and professional life can benefit from knowing the average of a group of values. You can make decisions about salaries, output, and purchases using the average value, commonly referred to as the mean. Additionally, it can be helpful in routine data-related tasks.
It is often calculated by dividing the total number of numbers in the list by the number of numbers in the list (the arithmetic mean).
5 houses cost an average of $60,000.
5 homes are priced at a total of $60,000*5=$300,000.
The least priced home costs $55,000.
We must reduce the cost of other items in order to determine the maximum price for a property.
The price of the extra three homes is $55,000 x 4 homes costing a total of $55,000 = $220,000.
A house might cost as much as $300,000 - $220,000
= $80,000.
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Most communities contain a number of tax-exempt properties. All of the following are typically included in the tax-exempt property classification except
Multiple Choice
single-family homes.
places of worship.
universities.
government-owned properties.
The one not include in tax-exempt property classification is Single-family homes.
What is tax exempt property?Real estate taxes are not required for some kinds of properties. These include government, religious, and nonprofit buildings that meet certain criteria. Exemptions are also possible for senior persons, veterans, and STAR (the School Tax Relief programme) participants.The benefit of a tax exemption is unlimited. They are made by the federal, state, and municipal governments to benefit certain citizens, companies, or other organizations under unique circumstances.The majority of taxpayers are entitled to an exemption on their tax return, which works similarly to a deduction in lowering your tax liability. Governments at the federal and state levels commonly exempt groups from paying any income tax when they provide services to the public, such as charities and religious institutions.
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The company's adjusted trial balance includes the following accounts balances Cash, $15,000, Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Retained earnings, $63,500, Dividends, $2,000, Sales, $56,000 Sales Returns and Allowances, $3,000 Sales Discounts, $1,500, Depreciation Expense, $25,000 and Salaries Expense, $23,000 All accounts have normal balances Prepare the second closing entry by selecting the account names from the pull down menus and entering dollar amounts in the debit and credit columns.
DEBIT: INCOME SUMMARY $52,500 (depreciation expense $25,000 + Salaries expense $23,000 + sales discounts $1,500 + sales and returns an allowances $3,000 = total income of $52,500) Credit sales discounts $1,500, sales returns and allowances $3,000, depreciation expense $25,000 salaries expense $23,000
First Knowledge Check The following account balances are included in the company's adjusted trial balance: Accounts Payable: $10,000; Equipment: $85,000; Accumulated Depreciation: $25,000; Retained Earnings: $63,500; Dividends: $2,000; Sales: $56,000 Sales Allowances and Returns, $3,000 $1,500 in sales discounts, $25,000 in depreciation costs, and $23,000 in salary costs. All accounts are balanced normally. By choosing the account names from the pull-down options and entering dollar amounts in the debit and credit fields, you may prepare the second closing entry. look at the transaction list Worksheet for journal entries The following account balances are included in the company's adjusted trial balance: $15,000 in cash; $85,000 in equipment; $25,000 in accumulated depreciation; $10,000 in accounts payable; and $63,500 in retained earnings. $2,000 in dividends, $56,000 in sales, and $2,000 in sales returns and allowances Note: List debits first, then credits. Dec. 31 Debit Credit General Journal
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Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.
FIFO (first in, first out) inventory management seeks to value inventory so the business is less likely to lose money when products expire or become obsolete. LIFO (last in, first out) inventory management is better for nonperishable goods and uses current prices to calculate the cost of goods sold.
a) Ending Merchandise Inventory and Cost of Goods Sold under FIFO:
Beginning Inventory, 17 units at $15each $255
Plus Purchases:
June 12 Purchase, 5 units at $19each 95
June 24 Purchase, 11 units at $23each 253
Cost of Goods Available for Sale $603
Less Ending Inventory 138
Cost of Goods Sold $465
b) Ending Merchandise Inventory and Cost of Goods Sold under LIFO:
Beginning Inventory, 17 units at $15each $255
Plus Purchases:
June 12 Purchase, 5 units at $19each 95
June 24 Purchase, 11 units at $23each 253
Cost of Goods Available for Sale $603
Less Ending Inventory 90
Cost of Goods Sold $513
c) Ending Merchandise Inventory and Cost of Goods Sold under Weighted Average:
Beginning Inventory, 17 units at $15each $255
Plus Purchases:
June 12 Purchase, 5 units at $19each 95
June 24 Purchase, 11 units at $23each 253
Cost of Goods Available for Sale $603
Less Ending Inventory 109.62
Cost of Goods Sold $493.38
2. Ending Inventory = 6 units (17 units + 5 - 14 + 11 - 13)
FIFO LIFO Weighted Average
Ending Inventory value = $23 *6 = $138; $15 *6 = $90; $18.27 *6 = $109.62
Weighted Average = Cost of Goods Available for Sale / Quantity Available for Sale = $603/33 = $18.27 per unit
FIFO: First In, First Out: This is a method of costing inventory which assumes that goods remaining in stock are those that were brought in last. This means that goods are sold out according to the time they are bought, with earlier bought goods being sold before later bought goods.
LIFO: Last In, First Out: This costing method assumes that goods that are sold are those that were bought later leaving those bought earlier to remain in stock. The entity using this method exhausts the last quantity bought before selling the earlier quantities.
Weighted Average: This is another technique which weighs the averages of the cost of inventory before determining the value of inventory. The weighted average method divides the cost of the goods available for sale by the number of those units still on the shelf. The result is the weighted average cost per unit, which can be used to assign a cost to both the ending inventory and the cost of goods sold.
Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.
Additional Information:
June.1 Beginning merchandise inventory 17 units at $15each
12 Purchase 5 units at $19each
20 Sale 14 units at $37each
24 Purchase 11 units at $23each
29 Sale 13 units at $37each
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You will require $700 in 5 years. If you earn 5% interest on your funds, how much will you need to invest today in order to reach your savings goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value
To reach your savings goal of $700 in five years at a rate of 5%, you will need to put $548.47 into investments today.
Providing the following details:
In five years, you will require $700. Your money earns you 5% interest.
The following formula must be utilized in order to determine the initial investment:
PV = FV/(1+i)n PV is the present value, FV is the future value, n is the number of years, and i is the interest rate. PV = 700/(1.055) PV is $548.47
What is meant by "present value"?
The current value of a future sum of money or stream of cash flows at a certain rate of return is known as present value (PV). A discount rate or the interest rate that could be earned if invested is added to the future value for present value.
How is the present value determined?
Future Value (FV) = Present Value (PV) / (1 + r) n
Rate of Return, or r.
n = Number of Periods.
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FILL IN THE BLANK the___(the interest rate banks charge each other on overnight loans) is highly sensitive to money market factors and well exemplifies the interaction of supply and demand for banking funds.
The fed fund rate (the interest rate banks charge each other on overnight loans) is highly sensitive to money market factors and well exemplifies the interaction of supply and demand for banking funds.
What interest rate do banks charge one another for short-term and overnight loans?far, or the federal funds rate The interest rate that banks charge one another for overnight loans of $1 million or more is known as the federal funds rate. This rate is said to be the most variable of all the benchmark interest rates because overnight loans are the shortest and short-term interest rates are the most volatile.
Quizlet: What is the overnight interest rate and what function does it serve in monetary policy?The interest rate that banks charge one another for loans in the overnight funds market is known as the overnight interest rate. In that market, loans are frequently made for relatively short periods of time—often just one day.
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If a company issues 10,000 shares of $1 par value common stock at a market price of $50 per share, which of the following is the correct balance sheet entry? Select one: O a. Increase cash by $500,000 and increase earned capital by $500,000 O b. Increase revenues by $500,000 O c. Increase common stock and cash by $10,000 O d. Increase cash by $500,000 and increase contributed capital by $500,000
d. Correct balance sheet entry to increase cash by $500,000 and increase contributed capital by $500,000.
This is the correct balance sheet entry because when a company issues 10,000 shares of $1 par value common stock at a market price of $50 per share, the company will receive cash equal to $500,000 (10,000 x $50). This amount should be recorded as an increase in cash on the balance sheet.
The other side of this entry should be an increase in contributed capital, which is the value of the shares issued in the market. In this case, the company has issued 10,000 shares of $1 par value common stock for $50 each, resulting in a contributed capital of $500,000 (10,000 x $50). This should be recorded as an increase in contributed capital on the balance sheet.
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This exercise examines the effect of a new destructive pest in Iowa on the price of corn in the United States and daily wages of corn harvesters in Nebraska. Assume that buyers of corn have no preference for corn grown in Iowa versus Nebraska. On the following graph, show the effect the new destructive pest in Iowa has on the market for corn in the United States by shifting either the demand curve, the supply curve, or both. Based on the graph for the market for corn in the United States, the new destructive pest has caused the price of corn in the United States to The following graph shows the daily market for corn pickers in Nebraska. Show the effect of the change in the price of corn in the United States on the market for corn pickers in Nebraska by shifting either the demand curve, the supply curve, or both. LABOR (Thousands of workers)
According to the demand schedule, quantity required reduces as price increases and vice versa.
What is demand curve?In economics, a demand curve is a chart that depicts the relationship between the cost of a given commodity and the quantity that is demanded at that price. Levels can increase can be used to analyse the connection between price and quantity for a single client or for all customers in a particular market.
The demand curve is built on the demand schedule. The demand schedule details the exact quantity of units to be ordered atvarious prices of an item or service. It is significant to remember that the amount required rises as the price falls.
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