Answer: The aims of standardization are as follows: to make a product, process or service fit for its purpose, controlling variety by using the optimum number of types or sizes, ensuring compatibility of various products, health, safety, protection of the environment, etc. The basic principle of standardization is consensus.
Explanation: there you go
Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $42,000 to her employer's qualified pension fund, all of which was taxable when earned. She elects to receive her retirement benefits as an annuity of $4,200 per month for the remainder of her life. Click here to access Exhibit 4.1 and Exhibit 4.2. a. Assume that Pam retired in June 2019 and collected six annuity payments that year. What is her gross income from the annuity payments in the first year
Answer:
A. $24,000
B. $50,400
Explanation:
A. Calculation for her gross income from the annuity payments in the first year
First step is to calculate the exclusion per payment
Exclusion per payment= $42,000/210
Exclusion per payment= $200
Now let calculate her Gross income
Collections in 2019 $25,200
(6 annuity payments*$4,200)
Less Exclusion for capital recovery ($1,200)
(6 annuity payments*$200)
Gross income $24,000
($25,200-$1,200)
Therefore her gross income from the annuity payments in the first year will be $24,000
B. Calculation for her gross income from the annuity payments in the twenty-fourth year
Gross income=$4,200 × 12 annuity payments
Gross income= $50,400
Therefore her gross income from the annuity payments in the twenty-fourth year will be $50,400
If $2,000,000 of 10% bonds are issued at 97, the amount of cash received from the sale is
a. $2,100,000
b. $2,060,000
c. $2,000,000
d. $1,940,000
The amount of cash received from the sale of $2 million bonds issued at 97% of face value is $1.94 million. The issue price is calculated by multiplying the face value by 97%, which is $1.94 million.
Hence, the correct option is (d).
To calculate the amount of cash received from the sale of $2,000,000 of 10% bonds issued at 97, we need to multiply the bond's face value by the percentage of the issue price.
The issue price is given as 97% of the face value. To find the issue price, we calculate:
Issue price = Face value x (97/100)
= $2,000,000 x (97/100)
= $1,940,000
Therefore, the amount of cash received from the sale is d. $1,940,000.
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On January 1, year 2, Connor Corporation signed a $100,000 noninterest-bearing note due in three years at a discount rate of 10%. Connor elects to use the fair value option for reporting its financial liabilities. On December 31, year 2, Connor's credit rating and risk factors indicated that the rate of interest applicable to its borrowings was 9%. The present value factors at 10% and 9% are presented below.
PV factor .751 10%, 3 periods
PV factor .826 10%, 2 periods
PV factor .909 10%, 1 periods
PV factor .772 9%, 3 periods
PV factor .842 9%, 2 periods
PV factor .917 9%, 1 periods
At what amount should Connor present the note on the December 31, year 2 balance sheet?
Answer:
the amount that should present the note in year 2 is $84,200
Explanation:
The computation of the amount that should present the note in year 2 is shown below:
= Amount of non-interest bearing note × present value factor for 2 years at 9%
= $100,000 × 0.842
= $84,200
hence, the amount that should present the note in year 2 is $84,200
A dam is being built that will cost $500,000. The dam will cost $20,000 per year to operate and will require a maintenance expense of $30,000 every other year beginning two years from now. The dam is expected to last 30 years. If interest is 12%, calculate the capitalized cost. This is the present equivalent assuming the dam will need to last forever.
Answer:
multiplicado todas la cantidades y ese es el resultado
Name and describe three ways that companies can benefit from being ethical.
As you develop your personal marketing plan and career strategy, it is important that you look at ways to match your strengths with careers that will be rewarding financially and personally. Four common jobs that new marketing graduates begin their career in are pricing analyst, fleet manager, salesperson, and event coordinator. Each of these provides an opportunity for a great job and career in marketing. In addition, each requires specific skills that, if developed, will help make graduates in each of these roles successful. Match the specific skills to the job where they are most important. As you do so, think about how your talents and abilities might make you a perfect candidate for one or more of these jobs.
Answer:
1. Superior Listening Skills - Sales person
2. Excellent organizational skills - Event Coordinator
3. Strong quantitative skills - Pricing analyst
4. Good researcher, comfortable scanning the environment - Sales person
5. Time management skills - Event coordinator
6. Patience - Sales person
7. Terrific persuasion skills - Sales person
8. Excellent Vehicle knowledge. - Fleet manager
Explanation:
There are various careers which are suitable for marketing graduates. The four most common career choices by marketing graduates are listed in the scenario. Skills which are required for a sales person is that he must be calm and able to deal with the customers. He should be persuasive in nature so that he ends up the meeting with customers positively. Event manager has to be patient as well as he must have time management skills. It is responsibility of the event manager to organize the event and follow the timelines.
What are three sources that offer specialized information on records management?
Answer:
Organize a records management element in institutional information resource ... Render for sufficient data collection and information path and retrieval; ... and to demand justification for the acquisition of highly specific filing arrangements.
Explanation:
The dictionary incorporates the most significant archival sessions with specific meanings. ... or buying, historical matters from references outside the archival organization. ... DOCUMENT: Recorded information despite pattern or mechanism with three basic ... To build retention periods for prevailing records and provide for their proper ...
Determine the amount of the standard deduction allowed for 2020 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. Amount of the Standard Deduction a. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $12,600 from repairing cars.$fill in the blank 1 b. Mattie, age 18, has income as follows: $600 cash dividends from a stock investment and $4,700 from handling a paper route.$fill in the blank 2 c. Jason, age 16, has income as follows: $675 interest on a bank savings account and $800 for painting a neighbor's fence.$fill in the blank 3 d. Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets.$fill in the blank 4 e. Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting.$fill in the blank 5
Answer:
A. $12,000
B. $5,050
C. $1,150
D.$1,050
E. $5,150
Explanation:
a. Calculation to Determine the amount of the standard deduction allowed for 2020 for Curtis
2020 Standard deduction allowed =$12,600+$350
2020 Standard deduction allowed=$12,950
Based on the above calculation the Standard deduction allowed was $12,950 which is higher or Exceeded the 2020 standard deduction of the amount of $12,000 for a single taxpayer which means that the amount of the standard deduction allowed for 2020 for Curtis will be $12,000.
b. Calculation to Determine the amount of the standard deduction allowed for 2020 for Mattie
2020 Standard deduction allowed =$4,700+$350
2020 Standard deduction allowed=$5,050
Therefore the amount of the standard deduction allowed for 2020 for Mattie will be $5,050
c. Calculation to Determine the amount of the standard deduction allowed for 2020 for Jason
2020 Standard deduction allowed =$800+$350
2020 Standard deduction allowed=$1,150
Therefore the amount of the standard deduction allowed for 2020 for Jason will be $1,150
d. Calculation to Determine the amount of the standard deduction allowed for 2020 for Ayla
Based on the information given the amount of the standard deduction allowed for 2020 for Ayla will be the amount of $1,050 reason been that the 2020 standard deduction allowed for for Ayla cannot in any way exceed the amount of $1,150 or $850 which is Calculated as ($500+$350)
Therefore the amount of the standard deduction allowed for 2020 for Ayla will be $1,050
e. Calculation to Determine the amount of the standard deduction allowed for 2020 for Sarah
2020 Standard deduction allowed =$3,200+$350+$1,600
2020 Standard deduction allowed=$5,150
Note that the amount of $1,600 represent the standard additional deduction.
Therefor thee amount of the standard deduction allowed for 2020 for Sarah will be $5,150
Suppose the same facts as above, except that Kimberly-Clark incurred legal fees resulting from the execution of the lease of $5,000, and received a lease incentive from Sheffield to enter the lease of $1,000. How would the initial measurement of the lease liability and right-of-use asset be affected under this situation
Answer:
Kimberly-Clark
The initial measurement of the lease liability and the right-of-use asset would not be affected under this situation.
Explanation:
a) Data:
Legal fees resulting from the execution of the lease = $5,000
Incentive received from Sheffield to enter the lease = $1,000
b) The legal fees will be expensed, while the lease incentive will be recorded as income. Legal fees paid to professionals for lease agreements can be deducted as operating expenses. In this situation, the legal fees can be reduced by the lease incentive received from the lessor.
Assume that the risk-free rate of interest is 3% and the expected rate of return on the market is 15%. I am buying a firm with an expected perpetual cash flow of $2,000 but am unsure of its risk. If I think the beta of the firm is 0.8, when in fact the beta is really 1.6, how much more will I offer for the firm than it is truly worth
Answer:
The correct solution is "$6,564.01". A further solution is given below.
Explanation:
The given values are:
beta,
= 1.6
market return,
= 15%
cash flow,
= $2,000
risk free rate of interest,
= 3%
Now,
The stock return will be:
= [tex]3+ 1.6\times (15-3)[/tex]
= [tex]3+ 1.6\times 12[/tex]
= [tex]22.2 \ percent[/tex]
The actual worth of the firm will be:
= [tex]\frac{cash \ flow}{rate \ of \ return}[/tex]
= [tex]\frac{2000}{22.2 \ percent}[/tex]
= [tex]\frac{2000}{0.222}[/tex]
= [tex]9,009[/tex]
With 0.8 beta, the stock return will be:
= [tex]3+ 0.8\times (15-3)[/tex]
= [tex]3+ 0.8\times 12[/tex]
= [tex]12.6 \ percent[/tex]
So that I'm paying for the firm,
= [tex]\frac{2000}{12.6 \ percent}[/tex]
= [tex]\frac{2000}{0.126}[/tex]
= [tex]15,573.01[/tex] ($)
Hence,
I'm paying,
= [tex]15,573.01-9,009[/tex]
= [tex]6,564.01[/tex] ($)
What would cause a shift of demand curve for snickers bars
On January 1, Mitzu Co. pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $796,500, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $413,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,740,500. The company also incurs the following additional costs. Cost to demolish Building 1 $ 346,400 Cost of additional land grading 193,400 Cost to construct Building 3, having a useful life of 25 years and a $398,000 salvage value 2,262,000 Cost of new Land Improvements 2 having a 20-year useful life and no salvage value 168,000 Problem 8-3A Part 2 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1.
Answer:
January 1, 202x
Dr Land 2,162,109
Dr Building 2, 742,626
Dr Building 3, 2,262,000
Dr Land improvement 1, 385,065
Dr Land improvement 2, 168,000
Cr Cash 5,719,800
Explanation:
total purchase cost $2,750,000
Building 2 = $796,500
Land improvement 1 = $413,000
Land = $1,740,000
total = $2,949,500
proportional purchase cost building 2 = $2,750,000 x $796,500/$2,949,500 = $742,626
proportional purchase cost land = $2,750,000 x $1,740,000/$2,949,500 = $1,622,309
proportional purchase cost land improvements 1 = $2,750,000 x $416,000/$2,949,500 = $385,065
additional costs to land = $346,400 + $193,400 = $539,800
additional building 3 = $2,262,000
additional land improvement 2 $168,000
January 1, 202x
Dr Land 2,162,109
Dr Building 2, 742,626
Dr Building 3, 2,262,000
Dr Land improvement 1, 385,065
Dr Land improvement 2, 168,000
Cr Cash 5,719,800
XYZ Inc. has a facility with six departments (A, B, C, D, E, and F). A summary of the processing sequence for 10 products and the weekly production forecasts for the products are given in the tables below. a. Develop the from-to chart based on the expected weekly production. b. Develop a block layout using SL
Answer:
hello your question is incomplete attached below is the complete question
answer : attached below
Explanation:
A) develop the from-to chart based on expected weekly production
Firstly we calculate the production quantity processed
i) Qab = 960 + 1200 + 720 + 2400 + 480 + 2400 + 3000 + 960 + 1200 = 13320
ii) Qbd = 2400 + 3000 + 1200 = 6600
B) calculate the values to be entered in cells of table attached below (develop a block layout using SLP )
Cell bc = 11400 + 6600 = 18000
Cell bd = 6600 + 3000 = 9600
Cell be = 4920 + 5400 = 10320
Cell cd = 2400 + 1200 = 3600
Cell ce = 4200 + 7800 = 12000
Cell df = 960 + 1200 = 2160
Andriana Rodriguez is applying for a loan. As she is filling out the paperwork, she comes across a question about her age, which Andriana does not fill in.
Which consumer protection law best supports Andriana's decision to leave this field blank?
- the Equal Credit Opportunity Act (ECOA)
- the Home Mortgage Disclosure Act (HMDA)
- the Truth in Lending Act (TILA)
- the Truth in Savings Act (TISA)
Answer:
ECOA
Explanation:
ECOA Prohibits discrimination based on age (provided they have the capacity to contract)
On June 30, Joanna Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $38,000; at retail $50,000; net sales $40,000; and ending inventory at retail $10,000. Compute the estimated cost of the ending inventory using the retail inventory method. The estimated cost of the ending inventory
Answer: 7600
Explanation:
The estimated cost of the ending inventory would be calculated as thus'
First, we have to calculate the cost to retail percentage which will be:
= cost/retail price
= 38000/50000
= 0.76
The cost of sales would be:
= net sales × cost to retail percentage
= 40000 × 0.76
= 30400
Then, the ending inventory would then be:
= 38000-30400
= 7600
The estimated cost of the ending inventory is $7,600.
First step
Cost to retail percentage= Cost/Retail price
Cost to retail percentage = 38000/50000
Cost to retail percentage = 0.76
Second step
Cost of sales= Net sales × Cost to retail percentage
Cost of sales= 40000 × 0.76
Cost of sales= 30400
Third step
Estimated cost of ending inventory=38,000-30,400
Estimated cost of ending inventory= 7,600
Inconclusion the estimated cost of the ending inventory is $7,600.
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Providing services to customers for $1,000 on account is recorded as: Multiple Choice Debit Accounts Receivable $1,000, credit Service Revenue $1,000. Debit Service Revenue $1,000, credit Cash $1,000. Debit Cash $1,000, credit Accounts Receivable $1,000. Debit Service Revenue $1,000, credit Accounts Receivable $1,000.
Answer: Debit Accounts Receivable $1,000, credit Service Revenue $1,000--A
Explanation:
When services are provided to customers for cash directly, The account to record is to debit from Cash and credit Service Revenue but when services are provided on account, The journal to record includes a debit to Accounts Receivable and Credit to Service Revenue
Therefore
Providing services to customers for $1,000 on account is recorded as:
Accounts titles Debit Credit
Accounts Receivable $1,000
Service Revenue $1,000
Jane's Donut Co. borrowed $200,000 on January 1, 2021, and signed a two-year note bearing interest at 12%. Interest is payable in full at maturity on January 1, 2023. In connection with this note, Jane's should report interest expense at December 31, 2021, in the amount of: Group of answer choices $50,880. $0. $24,000. $48,000.
Answer:
$24,000
Explanation:
The computation of the interest expense is shown below:
= Borrowed amount × rate of interest
= $200,000 × 12%
= $24,000
We simply multiplied the borrowed amount with the rate of interest so that the interest expense could come
hence, the third option is correct
dentify which of the following statements is true. Group of answer choices The gift tax exclusion is available only for a gift of a present interest. A purpose of the annual exclusion is to eliminate the necessity of accounting for and reporting small gifts such as those made for weddings and Christmas. A present interest is an unrestricted right to the immediate use, possession, or enjoyment of property or the income from property. All of the above are true.
Answer:
Option D (All of the above are true) would be the right approach.
Explanation:
Future rewards of involvement aren't really able to qualify for allowance from taxation on presents as well as exclusions. Thus, only gifts of even more present involvement were also eligible to claim exemption on presents. This same sets up exemption has been tasked with the responsibility of eliminating the financial statements of thoughtful gifts besides formal events, and so much more.Present interest seems to be a responsibility which really characterizes this same authority for using, possess as well as appreciate the possessions or its earnings instantaneously. So all the points are valid.
EEE Corp. reports the following information for the fiscal year. (in $ million) Revenue $7,015 Expenses $3,890 Beginning retained earnings $4,615 Liabilities at year-end $5,225 Contributed capital at year-end $820 Dividends $500 Effective tax rate 0% What is the total assets of EEE Corp. at the end of the fiscal year
Answer:
See below
Explanation:
First we will compute the ending retained earnings
= Beginning retained earnings $4,615 + Revenue $7,010 - Dividends $500
= $11,125
Then , the total assets of EEE corp. would be
= Capital contributed $820 + Retained earnings $11,125 + liabilities at year end $5,225
= $17,170
Your manager is concerned that costs are being misappropriated due to large balances in ending work in process inventories while currently using the FIFO Method for accounting for beginning work in process inventories. Using examples from your own experience or from the book, explain to the manager which of the methods of process costing you believe should be used and why.
Answer:
The company should use the weighted average method of process costing.
Explanation:
FIFO and Weighted average cost method are the two methods of Process costing. The company is already using the FIFO method for accounting of inventory under which cost are misappropriated into closing WIP.
To solve such issue, the company can use the weighted average method under which cost is calculated by weighted average and then evenly distributed to the unit transferred to other department and the ending work in process.
Example: Suppose company purchased goods lying stock 20000 units at $5 each. Weighted average cost calculated per unit is $3 per unit. Calculate Closing work in process
==> FIFO = 20000*5 = $100,000
==> Weighted average cost = 20000 * 3 = $60,000
Statement of Cash Flows Paige's Properties Inc. reported 2018 net income of $1.90 million and depreciation of $259,000. Paige's Properties, Inc.'s 2017 and 2018 balance sheets are listed below (in millions of dollars).
Current assets 2017 2018
Cash and marketable securities 3.90 2.45
Accounts receivable 4.45 5.98
Inventory 6.98 5.45
Total 15.25 13.88
Current liabilities 2017 2018
Accrued wages and taxes 1.09 1.09
Accounts payable 3.09 4.45
Notes payable 11.07 8.26
Total 15.25 13.88
What is the 2018 net cash flow from operating activities for Paige's Properties, Inc.?
a. $1.450.000
b. $1.900.000
c. $3,519,000
d. $1.619.000
Answer:
See calculations below
Explanation:
With regards to the above we'll simply add back the given depreciation to the net profit for 2018
= Net income $1,090,000 + depreciation
$290,000
= $1,358,000
Cash flow for 201 is $1,358,000
The following costs result from the production and sale of 4,450 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $295 each. The company has a 30% income tax rate. Variable production costs Plastic for casing $ 115,700 Wages of assembly workers 404,950 Drum stands 155,750 Variable selling costs Sales commissions 106,800 Fixed manufacturing costs Taxes on factory 14,500 Factory maintenance 29,000 Factory machinery depreciation 89,000 Fixed selling and administrative costs Lease of equipment for sales staff 29,000 Accounting staff salaries 79,000 Administrative management salaries 159,000 Required: 1. Prepare a contribution margin income statement for the year. 2. Compute its contribution margin per unit and its contribution margin ratio.
Answer:
See below
Explanation:
1. Contribution margin income statement
Sales (4,450 × $295)
$1,312,750
Less: Variable costs
Plastic for casting
$115,700
Wages
$404,950
Drum stand
$155,750
Variable selling
$106,800
Contribution
$529,550
Less : Fixed costs
Taxes on factory
$14,500
Factory Maintenance
$29,000
Depreciation
$89,000
Lease of equipment
$29,000
Accounting staff salaries
$79,000
Admin management salaries
$159,000
Profit before tax
$130,050
Less :
Tax at 30%
$39,015
Profit after tax
$91,035
2. Contribution margin per unit
Contribution margin per unit = Total contribution / Number of units
Contribution margin per unit = $529,550 / 4,450
Contribution margin per unit = $119 per unit
•Contribution margin ratio
= Contribution margin per unit / Unit cost of drum
= $119 / $295
Contribution margin ratio = 40.34%
Insurance expense incurred on a factory building would be treated as aInsurance expense incurred on a factory building would be treated as aInsurance expense incurred on a factory building would be treated as aInsurance expense incurred on a factory building would be treated as a
Answer:
product cost
Explanation:
Product costs are simply defined all costs incurred when acquiring or making a product. It is any materials that is a part of the product, it entails also the cost of workers who touch the product to produce it with all the costs of the facility and management that is needed to make the product. There are simply 3 main categories of product costs which are direct materials, direct labor and manufacturing overhead.
Insurance Expense gives proper details about an insurer's profitability by line of business, allocation of other underwriting expenses, allocation of pretax profit by line, on a net basis and allocation of pretax profit by line, on a direct basis.
1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. 2. Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 28,000 units with a cost of $13.40). 3. Determine the amount Treynor would report for its LIFO reserve at the end of the year. 4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $18,000.
Answer:
1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system
FIFO 1.226.400
Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 28,000 units with a cost of $13.40
LIFO 1.204.000
Explanation:
Jan. 1 Inventory on hand—28,000 units; cost $13.90 each.
Feb. 12 Purchased 78,000 units for $14.20 each.
Apr. 30 Sold 50,000 units for $21.70 each.
Jul. 22 Purchased 58,000 units for $14.50 each.
Sep. 9 Sold 78,000 units for $21.70 each.
Nov. 17 Purchased 48,000 units for $14.90 each.
Dec. 31 Inventory on hand—84,000 units.
FIFO
Begginnin inventory 28000 13.4 375200
Purchased 78000 14.2 1107600
Sold 50000
Sold 28000 13.4 375200
Sold 22000 14.2 312400
Inventory 56000 14.2 795200
Purchased 58000 14.5 841000
Sold 78000
Sold 20000 14.2 284000
Sold 58000 14.5 841000
Inventory 36000 14.2 511200
Purchased 48000 14.9 715200
Ending Inventory 84000
LIFO
Begginnin inventory 28000 13.4 375200
Purchased 78000 14.2 1107600
Sold 50000
Sold 50000 14.2 710000
Inventory 28000 13.4
Inventory 28000 14.2 397600
Purchased 58000 14.5 841000
Sold 78000
Sold 20000 14.2 284000
Sold 58000 14.5 841000
Inventory 28000 13.4 375200
Inventory 8000 14.2 113600
Purchased 48000 14.9 715200
Ending Inventory 84000 1204000
On April 11 of the current year, Zack Corporation had a market price of $48 per share of common stock. Its par value was $10 per share. For the previous year, Zack paid an annual dividend of $3.90 per share. Zack's gross revenues and net income was $5,000,000 and $2,500,000, respectively. The dividend yield for Zack Corporation would be:_________a) 8%.b) 0.8%.c) 39%.d) None of these choices are correct.
Answer:
8%
Explanation:
Dividend yield is a measure of business performance, used by investors which compares dividend paid by a stock to its market share.
Given the above information,
Dividend yield = $3.90/$48 × 100 = 8.13%
Please help ASAP!
Lisa is thinking about a career in Hospitality and Tourism. She has always wanted to run a small bed and breakfast. What area might have just the right economy for Lisa?
A. a concentrated manufacturing district
B. a farming community with chicken houses everywhere
C. a small town close to the beach
D. a cold, icy community in a rural area
Answer:
C
Explanation:
Answer:
C. a small town close to the beach
Explanation:
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.
Your company manufactures and sells a variety of personal care products such as hair dryers and curling irons. Every hair dryer is properly labeled and contains safety precautions against misuse. Patrick purchases an SF9000 hair dryer from your company website. After a month of use where the hair dryer functions properly, Patrick accidentally drops it in water causing him an electric shock. Patrick sues your company for breach of the implied warranty of merchantability. Discuss whether the implied warranty of merchantability exists for this product and whether it has been violated in this situation.
Answer:
Product Implied Warranty
According to the Uniform Commercial Code, a product warranty guarantees that a product will work when used for its intended purposes. There are two key types of implied warranties: merchantability and fitness. The implied warranty of merchantability states that a product will meet reasonable expectations of the buyer. The implied warranty of fitness means that the product will meet the buyer's intended use.
Based on the above, we can conclude that the implied warranty of merchantability actually exists for the hair dryer. However, Patrick clearly violated it in this situation through the accident of dropping it in water.
Having thus violated the warranty, he cannot reasonably recover any damages from the company.
Explanation:
a) Facts of the case:
1. Every hair dryer is properly labeled and contains safety precautions against misuse.
2. The SF9000 hair dryer that Patrick purchased functioned properly for a month.
3. Patrick accidentally drops the hair dryer in water, causing him an electric shock.
4. Patrick sues for breach of the implied warranty of merchantability.
For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. Entry to record consulting services performed but not yet billed or recorded. Entry to record service revenues performed but not yet billed or recorded. Entry to record rent expense incurred but not yet paid. Entry to record expiration of prepaid rent. Entry to record supplies used as supplies expense.
The accounts to be debited are:
A) Entry to record consulting services performed but not yet billed is debited to Accounts Receivable. This is a balance sheet item. In balance sheets, Accounts receivables are listed as assets. To increase assets in the balance sheet, you debit. To decrease it, you credit. Liabilities on the other hand are increased by crediting and decreased by debiting the same.
B) Entry to record service revenues performed but not yet billed or recorded is debited to Accounts Receivable. This also follows the same format in A above.
C) Entry to record rent expense incurred but not yet paid is credited to Accounts payable. This is also a balance sheet item. Recall the principle in A above.
D) Entry to record expiration of prepaid rent: This is an Income statement posting. Given that the rent was paid for but now expired that is, unusable, it, therefore, is an expense. The expense account will be credited.
E) Entry to record supplies used as supplies expense is credited to Supplies Expenses account. This is an income statement account. According to the principle of double-entry, you debit the receiver and credit the giver.
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Answer:a.accounts receivable (balance sheet)
a. service rev (income statement)
b.acc receivable(balance)
b.service rev(income)
c.rent expense(income)
c. rent payable(balance)
d.rent expense(income)
d.prepaid rent (balance)
e.supp expense(income)
e.supplies(balance)
Explanation:
John, who has just completed his first finance course, is unsure whether he should take a course in business analysis and valuation using financial statements, since he believes that financial analysis adds little value, given the efficiency of capital markets. Explain to John when financial analysis can add value, even if capital markets are efficient.
Answer:
Following are the solution to the given question:
Explanation:
The financial analysis allows you to understand the strong a corporation's finances throughout the study of capital markets, which's very helpful. Mercedes typically produce short-term misprice for resources as well as the returns are created by an investor/fund manager. These gains also are called Alpha. Economic analysis shows whether an organization handles its money. Economic reporting in project management is useful to recognize its competitive edge of a capital market business and, ultimately, that company(asset) sells efficiently over a lengthy sector.