Answer:
Misappropriation refers to the use of another person's intellectual property including their name or likeness without prior permission from the person which can then cause harm to that person.
This is indeed an example of misappropriation because the company tried to use Bette's likeness in the commercial. After being rebuffed by Bette saying that she does not do commercials for whatever business or personal reasons known to her, they still sought to use her popularity and image to make their products more popular.
To do so they hired a backup singer and told her to sing as much like Bette as she could so much so that even Bette's close acquaintances thought that it was Bette. If her close acquaintances could think it was her, imagine the general public.
They therefore made it seem as though Bette did their commercial which then would mean that Bette does in fact do commercials which would do damage her assertion that she does not do same. This would bring harm to her business relationships if for instance she had rebuffed other companies in the past when they sought her to do their commercials.
This is a case of Misappropriation and Bette should sue.
How many years would it take for Jughead to save an adequate amount for retirement if he deposits $2,000 per month into an account beginning today that pays 12 percent per year if he wishes to have a total of $1,000,000 at retirement
Answer:
The number of year needed to save the amount = 36.2739
Explanation:
The annual deposit amount (A) = $2000
Annual interest rate (r ) = 12 %
The retirement amount or the expected amount at the time of retirement (FV) = $1000000
Number of years = n
So if the Jughead want the retirement amount $1000000 that has interest rate 12 percent then we need to calculate the number of years.
Below is the calculation of number of years.
[tex]FV = A \frac{(1 + r)^{n}}{r} \\1000000 = 2000 \frac{(1 + 12 \ percent )^{n} - 1}{12 \ percent} \\\frac {1000000}{2000} = \frac{(1 + 12 \ percent )^{n} - 1}{12 \ percent} \\500 = \frac{(1 + 0.12)^{n} - 1}{0.12} \\ n = 36.2739 \ years[/tex]
A firm expects to have net income of $5,000,000 during the next year. The company’s target capital structure is 35% debt and 65% equity. The company's director of capital budgeting has determined that the optimal capital budget for the coming year is $6,000,000. If SL Computer follows a residual distribution policy (with all distributions in the form of dividends) to determine the coming year’s dividend, then what is the firm’s expected dividend payments?
Answer:
$1,100,000
Explanation:
The firm expected to have 5,000,000 as net Income
Capital Structure; Debt=35% , Equity= 65%
$6,000,000 is determined to be the Optimal capital budget for the coming year
The firm’s expected dividend payments following a residual distribution policy is = Net Income – [Total Capital Budget x Equity Ratio]
Where Net Income =5,000,000 Total capital budget =6,000,000 Equity Ratio= 65%
Hence Total Dividend Payment = $5,000,000 – [$6,000,000 x 65%]
= $5,000,000 - $3,900,000
= $1,100,000
The firm’s expected dividend payments is = $1,100,000,
Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement: Sales $ 1,535,000 Variable expenses 553,150 Contribution margin 981,850 Fixed expenses 1,080,000 Net operating income (loss) $ (98,150) In an effort to resolve the problem, the company would like to prepare an income statement segmented by division. Accordingly, the Accounting Department has developed the following information: Division East Central West Sales $ 355,000 $ 660,000 $ 520,000 Variable expenses as a percentage of sales 53 % 23 % 41 % Traceable fixed expenses $ 296,000 $ 331,000 $ 202,000 Required: 1. Prepare a contribution format income statement segmented by divisions. 2-a. The Marketing Department has proposed increasing the West Division's monthly advertising by $28,000 based on the belief that it would increase that division's sales by 16%. Assuming these estimates are accurate, how much would the company's net operating income increase (decrease) if the proposal is implemented
Answer:
Wingate Company
1. Contribution Format Income Statement (segmented by divisions):
East Central West Total
Sales $ 355,000 $ 660,000 $ 520,000 $ 1,535,000
Variable Expenses 188,150 151,800 213,200 553,150
Contribution 166,850 508,200 306,800 981,850
Traceable Fixed Exp. 296,000 331,000 202,000 829,000
Non-Traceable Fixed Expenses 251,000
Net operating income/
(Loss) (129,150) 177,200 104,800 (98,150)
2a) Increasing the West Division's monthly advertising by $28,000 based on the belief that it would increase that division's sales by 16%:
East Central West Total
Sales $ 355,000 $ 660,000 $ 603,200 $ 1,618,200
Variable Expenses 188,150 151,800 213,200 553,150
Contribution 166,850 508,200 390,000 1,065,050
Traceable Fixed Exp. 296,000 331,000 230,000 857,000
Non-Traceable Fixed Expenses 251,000
Net operating income/
(Loss) (129,150) 177,200 160,000 (42,950)
2b) The net operating income will increase by $55,200, thus reducing the loss from $98,150 to $42,950.
Explanation:
Segmenting the income statement into divisions helps management to trace the loss making division as Division East. The division has a traceable fixed cost that is far above its contribution to profit. The fixed expense must be studied, otherwise the division may be up for closure.
Banfield Corporation makes three products that use compound W, the current constrained resource. Data concerning those products appear below: VP YI WX Selling price per unit $ 248.04 $ 230.66 $ 505.44 Variable cost per unit $ 190.71 $ 172.14 $ 388.80 Centiliters of compound W 3.90 3.80 8.10
Answer:
B) YI, VP, WX
Explanation:
VP YI WX
Selling price per unit
$248.04 $230.66 $505.44
Variable cost per unit
190.71 $172.14 $388.80
Contribution margin per unit
(Selling price - variable cost)
$57.33 $58.52 $116.64
The amount of the constrained resource that would be required to produce one unit
3.90 3.80 8.10
Therefore:
$57.33÷3.90=$14,70
$58.52÷3.80 =$15.40
$116.64÷8.10=$14.40
Therefore the Contribution margin per unit of the constrained resource would be
$14.70 $15.40 $14.40
Therefore the Ranking the products in order of their current profitability from most profitable to least profitable would be:
YI =$15.90
VP=$14.70
WX=$14.40
Which is YI VP WX
The year-end 2009 balance sheet for Tom's Copy, Inc. lists common stock ($1.00 par value) of $ 5,870 , capital surplus of $ 17,290 and retained earnings of $ 47,076 . On the 2010 year-end balance sheet, retained earnings are listed as $ 50,350 . The firm's net income in 2010 was $ 9,811 . No stock was issued or repurchased in 2010. What were dividends per share paid by the firm in 2010
Answer:
$1.11 per share
Explanation:
For computing the dividend per share first we have to determine the dividend by applying the following formula
Amount of dividend = Beginning balance of retained earnings + Net Income - Ending balance of retained earnings
= $47,076 + $9,811 - $50,350
= $6,537
And, the number of shares is
= $5,870 ÷ $1 par
= 5,870 shares
So, the Dividend per share is
= Dividend ÷ number of shares
= $6,537 ÷ 5,870 shares
= $1.11 per share
g A decrease in the price of a good would a. increase the supply of the good. b. increase the quantity demanded of the good. c. give producers an incentive to produce more to keep profits from falling. d. shift the supply curve for the good to the left.
Answer:
. b. increase the quantity demanded of the good
Explanation:
An decrease in the price of the good increases the demand for the good according to the law of demand.
The law of demand states that the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.
An increase in price would increase supply.
A change in price leads to a movement along either the demand or supply curve.
Other factors other than the change in price leads to a movement of these curves.
I hope my answer helps you
Answer:
A decrease in the price of a good would increase the supply of the good.
A decrease in the price of a good would NOT increase the quantity demanded of the good.
A decrease in the price of a good would NOT give producers an incentive to produce more to keep profits from falling.
As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Soria Company for the month of October.
SORIA COMPANY
Budget Report
For the Month Ended October 31, 2017
Budget Actual Difference
Favorable
Unfavorable
Neither Favorable nor Unfavorable
Sales in units 7,800 10,000 2,200 Favorable
Variable expenses
Sales commissions $1,872 $2,400 $528 Unfavorable
Advertising expenses 936 900 36 Favorable
Travel expense 3,120 4,000 880 Unfavorable
Free samples given out 1,794 1,300 494 Favorable
Total variable 7,722 8,600 878 Unfavorable
Fixed expenses
Rent 1,700 1,700 -0- Neither Favorable nor Unfavorable
Sales salaries 1,100 1,100 -0- Neither Favorable nor Unfavorable
Office salaries 800 800 -0- Neither Favorable nor Unfavorable
Depreciation-autos (sales staff) 400 400 -0- Neither Favorable nor Unfavorable
Total Fixed 4,000 4,000 -0- Neither Favorable nor Unfavorable
Total expenses $11,722 $12,600 $876 Unfavorable
As a result of this budget report, Joe was called into the president's office and congratulated on his fine sales performance. He was reprimanded, however, for allowing his costs to get out of control. Joe knew something was wrong with the performance report that he had been given. However, he was not sure what to do, and comes to you for advice.
Prepare a budget report based on flexible budget data to help Joe. (List variable costs before fixed costs. Do not leave any answer field blank. Enter 0 for amounts.)
SORIA COMPANY
Selling Expense
Flexible Budget Report
Clothing Department
For the Month Ended October 31, 2017
Difference
Favorable /Unfavorable /Neither Favorable nor Unfavorable
Budget Actual
Answer:
The flexible budget report shows that variable costs were $1,300 below budget.
Explanation:
SORIA COMPANY
Selling Expense Flexible Budget Report
Clothing Department
For the Month Ended October 31, 2017
Budget Actual Difference
Fav /Unfav /Neither
Fav nor Unfav
Sales in units 10,000 10,000 -0- Neither Fav nor Unfav
Variable Expenses
Sales in Commission
(0.24) 2400 2400 -0- Neither Fav nor Unfav
Advertising Expenses
936/7800* 10,000 1200 900 300 Fav
Travel Expense
3120/7800 *10,000 4000 4000 -0- Neither Fav nor Unfav
Free Samples Given Out
1794/7800 *10,000 2300 1300 1000 Fav
Total Variable
Expenses (0.99) 9,900 8,600 1300 Fav
Fixed Expenses
Rent 1700 1,700 -0- Neither Fav nor Unfav
Sales salaries 1,100 1,100 -0- Neither Fav nor Unfav
Office salaries 800 800 -0- Neither Fav nor Unfav
Depreciation-autos (sales staff)
400 400 -0- Neither Fav nor Unfav
Total Fixed 4,000 4,000 -0- Neither Fav nor Unfav
Total Expenses 13900 12600 1300 Favorable
From the above flexible budget report, variable costs were $1,300 below budget.
The flexible budget report shows that the variable costs is $1,300 below the budget.
SORIA COMPANY
Selling Expense Flexible Budget Report
For the Month Ended October 31, 2017
Particulars Budget Actual Difference (F/U)
Sales in units 10,000 10,000 -
Variable Expenses
Sales in Commission 2,400 2,400 -
(0.24*10,000)
Advertising Expenses 1,200 900 300 F
(936/7800*10,000)
Travel Expense 4,000 4,000 -
(936/7800*10,000)
Free Samples given out 2,300 1,300 1,000 F
(1794/7800 *10,000)
Total Variable Cost 9,900 8,600 1,300 Fav
Fixed Expenses
Rent 1,700 1,700 -
Sales salaries 1,100 1,100 -
Office salaries 800 800 -
Depreciation - autos 400 400 -
Total Fixed Cost 4,000 4,000 -
Total Expenses 13,900 12,600 1,300 Fav
In conclusion, the flexible budget report shows that the variable costs is $1,300 below the budget.
See similar solution here
brainly.com/question/16237446
Every year, the U.S. Census Bureau conducts an income survey of about 60,000 American families carefully selected to represent the whole population. The data collected help to measure income inequality in the economy. Which of the following causes the census data to inaccurately measure income inequality?
a) Very few people move from one income quintile to another over the years.
b) Higher-income families tend to have more persons to support.
c) In-kind transfers do not add to people's incomes but are counted as income.
Answer:
c) In-kind transfers do not add to people's incomes but are counted as income.
Explanation:
In the given scenario the aim of the census is to measure income inequality in the population selected.
If however the amount of income earned by individuals is not estimated accurately the results of the study will be inaccurate.
In kind transfers are usually goods and services that a person gets for free of at a reduced rate. They are not considered to be income.
When in kind transfers are counted as income and do not actually add up to income, we cannot get a true picture of income of participants of the income survey.
People who have low income but high in kind transfers will be considered high income earners which is not true.
Mr. Grove's argument is to provide additional incentives to U.S. firms for domestic investment in more mass production. If implemented, this would have the largest impact on firms using which of the four integration-responsiveness strategies?A) Transnational strategy because such incentives help differentiation.B) Multi-domestic strategy because incentives would increase global responsiveness.C) Global-standardization strategy because incentives would lower domestic costs.D) International strategy because these incentives would reduce pressure for responsiveness globally.E) Global-standardization strategy because incentives align with the death-of-distance.
Answer:
The correct answer is the option C: Global-standarization strategy because incentives would lower domestic costs.
Explanation:
To begin with, the term of ''global-standarization strategy'' in the field of business is known because of being part of the group of the four integration-responsiveness strategies and is the one that focus in the standarization of the product in a globally way. Therefore that this type of strategy is the one that would be used in the case of looking for an investment in the mass production locally due to the fact that the firms will be producing goods in a standard way and therefore that they would use universal supplies in every production in order to increase the amount of the production to achieve a mass number.
Suppose a stock had an initial price of $92 per share, paid a dividend of $2.30 per share during the year, and had an ending share price of $75.50. a. Compute the percentage total return. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What was the dividend yield
Answer:
(a) Percentage return = -$14.20 ÷ $92 = -15.43%
(b) Dividend Yield = $2.30 ÷ $92 = 2.50%
Explanation:
Initial price per share= $92.00
Ending share price = $75.50
Capital loss = $75.50 - $92.00 = -$16.50
Dividend = $2.30
Net return = -$16.50 + $2.30 = -$14.20
(a) Percentage return = (-$14.20 ÷ $92) × 100% = -15.43%
(b) Dividend Yield = ($2.30 ÷ $92) × 100% = 2.50%
The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 110,500 fans. Assume the stadium sells out all six home games before the season begins, and the athletic department collects $86.19 million in ticket sales. Required: 1. What is the average price per season ticket and average price per individual game ticket sold
Answer:
The average price per season ticket is $780
The average price per individual game ticket is $130
Explanation:
The season involves 6 home games. Thus, a season ticket entitles you to attend six home games. The capacity of the stadium is 110500 fans per game. Thus, for a season of 6 games, the number of total fans to attend will be,
Season total attendance = 6 *110500 = 663000 fans
Average ticket price per game will be = 86,190,000 / 663,000
Average ticket price per game will be = $130
As the season involves 6 games and the average ticket price per game is $130, the average price per season ticket will be,
Average price per season ticket = 130 * 6 = $780
Acquisition of Land and Building
On February 1, 2016, Edwards Corporation purchased a parcel of land as a factory site for $100,000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2016. Costs incurred during this period are:
Demolition of old building $8,000
Architect’s fees 25,000
Legal fees for title investigation and purchase contract 4,000
Construction costs 650,000
Edwards sold salvaged materials resulting from the demolition for $2,000.
Required:
At what amount should Edwards record the cost of the land and the new building, respectively?
If an input box should be blank, enter a zero.
Land Building
Purchase price of land $ $
Demolition of old building
Architect's fees
Legal fees
Construction costs
Salvaged materials
Total
Answer: The total cost of land will be $110,00 while the total cost of building will be $675,000.
Explanation:
The total cost of land will be $110,00 while the total cost of building will be $675,000. Total cost of land is gotten by ($100,000 + $8,000 + $4,000 - $2,000) = $110,000
Total cost of building is gotten by adding $25,000 + $650,000 = $675,000.
Further explanation has been attached
In no case can "market" in the lower-of-cost-or-market rule be more than:_______.
a. estimated selling price in the ordinary course of business.
b. estimated selling price in the ordinary course of business less reasonably predictable costs of completion and disposal, an allowance for an approximately normal profit margin, and an adequate reserve for possible future losses.
c. estimated selling price in the ordinary course of business less reasonably predictable costs of completion and disposal.
d. estimated selling price in the ordinary course of business less reasonably predictable costs of completion and disposal and an allowance for an approximately normal profit margin.
Answer:
b. estimated selling price in the ordinary course of business less reasonably predictable costs of completion and disposal, an allowance for an approximately normal profit margin, and an adequate reserve for possible future losses.
Explanation:
Note that the lower of cost market rule is explicitly encouraging businesses to record the lowest cost of inventory; for example using the original cost or its current market price, whichever is favourable.
Thus, the "market" must not be more than the estimated selling price in the ordinary course of business, with an allowance for an approximately normal profit margin, and an adequate reserve for possible future losses.
client becomes dissatisfied with the progress that Engineer A is making on his project. As a result, he terminates the services of Engineer A and hires Engineer B to complete the work. Engineer B: Must be able to document his or her effort of reworking the entire design process. Must take complete responsibility for the documents.s Must notify Engineer A, by certified mail, of his intentions to reuse already sealed documents. All of the ab
Answer:
The correct answer is all of the above.
Explanation:
Solution
When a client is not happy with the work of the former Engineer A on his project, if he hires Engineer B to finish the work, the new Engineer must take into consideration the past work of his predecessor.
He has to check the overall work manual of the previous engineer, so as to input his own idea to make the work much better and satisfactory for the client.
He (Engineer B) should be able to keep track in documenting his or her effort while redoing the entire design process stage.
He can also asked questions from the previous Engineer in case he his not understanding dome things or facing some issues towards the project work.
The four option here, are correct
A stock you own earned: $200, $500, $100, and $700 over the last four years. What was the mean annual gain in value over the four years?
Answer:
$375
Explanation:
200+500+100+700= 1,500
1,500/4=375
Answer:
The answer is $375 (B)
Explanation:
First, add all the numbers (200, 500, 100, 700) to get 1,500
Divide by the mean which is 4 (1500/4)
Here's your answer $375 (B)
Hope this helps!
g For a period during which the quantity of inventory at the end was smaller than that at the beginning, income from operations reported under variable costing will be smaller than income from operations reported under absorption costing. Group of answer choices False True
Answer: True
Explanation:
Variable costing is a method which is used to assign the variable costs to the inventory. In this approach, all the overhead costs will be charged to expense during the period that they were incurred, while the direct materials and the variable overhead costs will be assigned to the inventory.
In this scenario, for a period whereby the quantity of inventory at the end was smaller than the quantity of inventory at the beginning, the income from operations that is reported under the variable costing will be smaller than the income from the operations that is reported under absorption costing. This is because the beginning inventory inventory has been released at a rate that is higher at than the ending inventory thereby making the income under the absorption costing to be smaller.
Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September:
Sep. 1 : Inventory20 units at $20
Sep. 4 : Sold10 units
Sep. 10 : Purchased30 units at $25
Sep. 17 : Sold20 units
Sep. 30 : Purchased10 units at $30
a) If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is:___________.
a.$800
b.$750
c.$650
d.$700
b) If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is:__________.
a.$800
b.$700
c.$650
d.$750
Answer:
lLIFO-option B is correct ,$750
FIFO-option A is correct,$800
Explanation:
In using LIFO, each item sold is from the last inventory received while the FIFO is of the opinion that item sold is the oldest stock of inventory.
Under LIFO, cost of ending merchandise is as follows:
10 units (20-10) at $20=$200
10 units (30-20) at $25=$250
10 units at $30 =$300
Total value of inventory =$750
The correct option is B,$750
Under FIFO, cost of ending inventory is as follows:
20 units at $25 =$500
10 units at $30 = $300
total value of inventory =$800
The correct option is A,$800
Miguel works at LoftCo, Inc., and has been asked to help lead the development of the company's new balanced scorecard. He and his multifunctional team developed strategic objectives and performance metrics for each of the four perspectives. This work constitutes the complete set of steps in developing a BSC performance management system.
a. true
b. false
Answer:
The correct answer is A. True
Explanation:
Solution
Balanced scorecard performance management system: It is define as a management system and strategic planning that companies or firms use in communicating their set target and objectives.
Furthermore, a balanced scorecard is a measurement of management performance which can recognize and refine internal functions and external results.
A company plans to replace one of its machines 5 years from now. If they deposit $6,827 a month in an account that gives them 0.65% interest per month. How much money will they still need to pay for the machine if the cost is $1,123,553 at that time in the future?
Answer:
They would require $624,532.94 more
Explanation:
The first task is to compute the future value of the monthly deposit of $6,827 with an interest of 0.65% per month for five years.
=fv(rate,nper,-pmt,pv)
rate id 0.65% per month
nper is the number of deposits =5 years*12=60
pmt is the monthly deposit of $6,827
pv is the present value of deposits,it is unknown and taken as zero
=fv(0.65%,60,-6827,0)=$499,020.06
balance of the required funds=required funds-future value of the deposits
balance of required funds= $1,123,553-$499,020.06=$624,532.94
United Resources Company obtained a charter from the state in January of this year. The charter authorized 206,000 shares of common stock with a par value of $3. During the year, the company earned $493,000 Also during the year, the following selected transactions occurred in the order given: Sold 88,000 shares of the common stock in an initial public offering for $14 per share. Repurchased 26,000 shares of the previously issued shares for $17 per share. Resold 8,000 shares of treasury stock for $20 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.)
Answer:
United Resources Company
Stockholders section of the balance sheet at the end of the year:
Common Stock:
Authorized 206,000 shares at $3 par value
Issued 88,000 shares $264,000
Additional Paid-in Capital
($968,000 -364,000 + 136,000) 740,000
Treasury Stock ($78,000 - 24,000) (54,000)
Total Equity $950,000
Explanation:
a) The authorized common stock is stated in the balance sheet as a memorandum record. It does not form part of the calculation of equity since all the shares have not been issued.
b) Issued common stock is valued at 88,000 * $3 = $264,000
c) The difference in the par value and the issue price is recorded in the Additional Paid-in Capital Account. It is also where the increases and decreases in Treasury stock above or below par values are recorded.
d) Treasury Stock is a common stock contra account which records the repurchase and resale of common stock. Two methods are used. One recognizes the whole cost of treasury stock in the Treasury Stock account. It is called the costing method. The other method, called the par-value method, recognizes the above and below par value in the Additional Paid-in Capital.
Tamarisk Corporation had the following 2020 income statement. Sales revenue $189,000 Cost of goods sold 129,000 Gross profit 60,000 Operating expenses (includes depreciation of $20,000) 54,000 Net income $6,000 The following accounts increased during 2020: Accounts Receivable $14,000, Inventory $10,000, Accounts Payable $12,000. Prepare the cash flows from operating activities section of Tamarisk’s 2020 statement of cash flows using the indirect method.
Answer:
Kindly check attached picture for Tamarisk Corporation Statement Of Income 2020 (indirect method)
Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare): (Round your answers to the nearest cent.)
Answer:
Social Security tax = $7,960.80
Medicare tax = $1,861.80
Explanation:
Let's begin by listing out the information given:
Social Security tax rate = 6.2%,
Medicare tax rate = 1.45%,
Income = $128,400
To calculate for the deductions(tax), we use the formula:
Tax = Tax rate * Income
For Social Security
Tax = Tax rate * Income
Tax = 6.2% * $128,400
T = 0.062 * $128,400
T = $7,960.80
∴ $7,960.80 of the employee's income is deducted for Social Security tax
For Medicare
Tax = Tax rate * Income
Tax = 1.45% * $128,400
T = 0.0145 * $128,400
T = $1,861.80
∴ $1,861.80 of the employee's income is deducted for Medicare tax
XYZ began operations in 2018. The company reported $128,000 of depreciation expense on its income statement in 2018 and $84,000 in 2019. On its tax returns, the company deducted $192,000 for depreciation in 2018 and $112,000 in 2019. The 2019 tax return shows a tax obligation (liability) of $132,000 based on a 25% tax rate.
Calculate the income tax expense for 2019.
Answer:
The income tax expense for 2019 is $128,000
Explanation:
Income tax payable for 2019 is $132,000
Deferred tax asset for 2018 will be:
(128,000-112,000) * 25%
=16000 x 25%
=$4,000
Income Tax Expenses for 2019 will be:
Income tax payable - Deferred Tax asset
=$132,000 - $4,000
=$128,000
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $330,000. During 2021, Halifax sold merchandise on account for $11,800,000. Halifax's merchandise costs is 70% of merchandise selling price. Also during the year, customers returned $345,000 in sales for credit, with $191,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year.
Required:
a. Prepare the entry to record the merchandise returns and the year-end adjusting entry for estimated returns.
b. What is the amount of the year-end allowance for sales returns after the adjusting entry is recorded?
Answer:
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $330,000. During 2021, Halifax sold merchandise on account for $11,800,000. Halifax's merchandise costs is 70% of merchandise selling price. Also during the year, customers returned $345,000 in sales for credit, with $191,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year.
Explanation:
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $330,000. During 2021, Halifax sold merchandise on account for $11,800,000. Halifax's merchandise costs is 70% of merchandise selling price. Also during the year, customers returned $345,000 in sales for credit, with $191,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year.
A jeweler can potentially use two inputs in her handcrafted jewelry: copper or bronze. She finds that when she minimizes her costs, she either uses copper or bronze but not both. This means that copper and bronze are perfect substitutes and that her isoquant curve is right-angled.
Answer: straight lines that are parallel to each other
Explanation: Q: A jeweler can potentially use two inputs in her handcrafted jewelry: copper or bronze. She finds that when she minimizes her costs, she either uses copper or bronze but not both. What must her isoquants look like?
An isoquant curve is defined as a line of equal or constant economic production on a graph, chart or map which describes all the combinations of inputs that produce the same level of output. If the jeweler either uses copper or bronze but not both, it means that the copper and bronze are perfect substitutes, that is, they are two inputs that can be substituted for each other at a constant rate and at the same time maintaining the same output level. Her isoquants would appear as straight lines that are parallel to each other because all that matters is the sum of the two variables (copper and bronze), and not their individual values.
The Lone Cactus Nursery has the following general ledger account balances as of August.
Purchases $56,211
Freight In 3,000
Purchases Returns and Allowances 500
Purchases Discounts 300
Calculate the net delivered cost of purchases for August.
Answer:
Net delivered cost of purchase $58,411
Explanation:
Computation of net delivered cost of purchase.
Particular Amount
Purchases $56,211
Freight In $3,000
$59,211
Less: Purchases Returns $500
Less: Purchases Discounts $300
Net delivered cost of purchase $58,411
Consider the market for mobile applications, smartphones, and conventional phones. For each pair, identify whether they are complements or substitutes:
Pairs of Goods and Services Complements Substitutes
Mobile applications and smartphones
Mobile applications and conventional phones
Smartphones and conventional phones
Answer:
Mobile Applications and Smart Phones are Complements
Smart Phones and Conventional Phones are Substitutes
Mobile Applications and Conventional Phones are substitutes.
Explanation:
Complement goods are goods that can be used or consumed together. E.g. car and gas. A car would not work without gas. A rise in price of a good leads to a fall in demand of the complement good.
Subsituite goods rival one another in consumption. They can be used in place of another good.
A rise in price of a good leads to a rise in demand of the other good.
I hope my answer helps you
Alphonse Company manufactures staplers. The budgeted sales price is $ 12 per stapler, the variable costs are $ 3 per stapler, and budgeted fixed costs are $ 12 comma 000. What is the budgeted operating income for 4 comma 500 staplers?
Answer:
Operating income $28,500
Explanation:
The budgeted income is the difference between the budgeted sales revenue and budgeted costs
$
Budgeted revenue ( 12× 500) 54,000
Variable cost (3× 4500) (1,500)
Contribution 52500
Budgeted fixed cost (12,000)
operating income 28,500
Operating income $28,500
On September 30, 2018, the San Fillipo Corporation issued 8% stated rate bonds with a face amount of $480 million. The bonds mature on September 30, 2038 (20 years). The market rate of interest for similar bonds was 10%. Interest is paid semiannually on March 31 and September 30.
Required:
Determine the price of the bonds on September 30, 2018.
Answer:
The price of the bonds today is $397.64 million (rounded off to two decimal places)
Explanation:
The price of a bond is calculated as the present value of the face value of the bond discounted at the market interest rate plus the present value of the annuity of interest payments related to the bond discounted at the market interest rate or the Yield to Maturity (YTM).
The formula for the price of the bond is attached hereby.
Semi annual coupon rate = 8%/2 = 4%
Semi annual market interest rate = 10% / 2 = 5%
Number of semi annual interest periods = 20 * 2 = 40 periods
The interest paid by the bond semi annually is = 480 * 0.04 = $19.2 million
Price of the bond = 19.2 * [(1 - (1+0.05)^-40) / 0.05] + 480 / (1+0.05)^40
Price of the bond = $397.6363855 million rounded off to $397.64 million
The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $36,016. During October, the total cash deposited was $138,030, and checks written totaled $138,571. The bank statement indicated a balance of $43,940 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: A. Checks outstanding totaled $6,281. B. A deposit of $1,796 representing receipts of October 31, had been made too late to appear on the bank statement. C. The bank had collected for Coastal Bike Co. $5,670 on a note left for collection. The face of the note was $5,400. D. A check for $570 returned with the statement had been incorrectly charged by the bank as $750. E. A check for $210 returned with the statement had been recorded by Coastal Bike Co. as $120. The check was for the payment of an obligation to Rack Pro Co. on account. F. Bank service charges for October amounted to $26. G. A check for $1,394 from Bay View Condos was returned by the bank due to insufficient funds.
Answer:
Explanation:
This is an incomplete question and the missing part is as listed.
A) Prepare a bank reconciliation as at October 31, 20Y9
B)Jornalize the necessary entry
C)If a balanced sheet was prepared for Coastal Bike Co., what amount should be reported as cash?
Solution
Opening cash balance - 36,016
Cash deposited - 138,030
Check written - (138,571)
35,475
Bank reconciliation for Coastal bike as at October 31 20Y9
Cash balance according to Bank statement - 43,940
Unrecorded deposit 1796
Bank error (750-570) 180
Outstanding checks 6281
Total adjustment 4,305
Adjusted balance 39,635
Cash balance after considering the month,s transaction 35,475
Note collected by bank 5670
Bank charges 26
Returned checks 1,394
Error in recording check(210-120) 90
Total adjustment 4160
Adjusted balance 39,635
B
Entries that increase cash
Description Debit Credit
Cash 5670
Note receivable 5400
Interest Income 270
Accounts payable (Rack pro) 90
Accounts receivable (Bay view) 1394
Bank charges 26
Cash 1510
c
Amount to be recorded as cash in balanced sheet
Opening cash balance - 36,016
Cash deposited - 138,030
Check written - (138,571)
35,475