Answer:
A
Explanation:
Prior to money people bartered goods
The money function as a medium of exchange as it allows people to more easily buy and sell products.
What is a medium of exchange?Any item that is commonly accepted in exchange for goods and services is referred to as a medium of exchange.
Currency or money is the most widely utilized medium of exchange in modern economies, and money serves as a medium of exchange by making it easier for people to buy and sell goods.
Therefore, option A is correct.
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Which of the following scenarios BEST illustrates the role of money as a medium of exchange?
A
Jane writes a $600 check to pay her rent.
B
Jane has a $500 balance on her credit card.
C
Jane puts 5% of her income into savings each month.
D
Jane uses her investments as collateral for a business loan.
Answer:it’s A
Explanation: I just took a test with this question
Scenarios that best illustrates the role of money as a medium of exchange is Jane writes a $600 check to pay her rent. Option (a) is correct.
What do you mean by Exchange?Giving or receiving something in exchange for another is known as an exchange.
As a means of exchange, money makes transactions for goods and services easier. Producers trade money for the products they sell to wholesalers. Retailers then sell the goods to consumers in exchange for money from wholesalers, who in turn sell their products to them.
The first function of money is that it is a medium of trade, which implies that it works as a go-between for buyers and sellers. The accountant now trades accounting services for money instead of shoes when they were first introduced.
Therefore, Option (a) is correct. Scenarios that best illustrates the role of money as a medium of exchange is Jane writes a $600 check to pay her rent.
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Marin Company's accounts receivable arising from sales to customers amounted to $131000 and $114000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $498000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is
Answer:
$481,000
Explanation:
To determine the cash flows from operating activities, the net Income for the year must be adjusted by non - cash items and changes in working capital items.
Therefore, given a decrease in Accounts Receivable $17,000 ($131000 - $114000) . Then the cash flows from operating activities to be reported on the statement of cash flows is $481,000 ($498000 - $17,000) .
Accounts Receivable account has a beginning balance of $52,000 and an ending balance of $69,000. If $47,000 was sold on account during the year, what were the total collections on account
Answer:
$30,000
Explanation:
Total collections on account is computed as;
= Accounts receivable at the beginning + Sales during the year - Accounts receivable at the end
Given that;
Accounts receivable at the beginning = $52,000
Sales during the year = $47,000
Accounts receivable at the end = $69,000
Therefore,
Total collections on account
= [($52,000 + $47,000) - $69,000]
= $30,000
A firm has a tax burden of 0.6, a leverage ratio of 1.2, an interest burden of 0.7, and a return-on-sales ratio of 14%. The firm generates $2.64 in sales per dollar of assets. What is the firm's ROE
Answer:
18.63%
Explanation:
Calculation for the firm's ROE
Using this formula for
ROE=(Tax burden)(Leverage ratio)(Interest burden)(Return-on-sales ratio)(Sales per dollar of assets)
Let plug in the formula
ROE = (.6)(1.2)(.7)(.14)(2.64)
ROE=18.63%
Therefore the firm's ROE is 18.63%
Dragon makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for June, July, and August were $120,000, $160,000, and $220,000, respectively, what were the firm's budgeted collections for August and the company's budgeted receivables balance on August 31?
Answer: $174000
Explanation:
The firm's budgeted collections for August and the company's budgeted receivables balance on August 31 would be calculated as:
= (30% × $220,000) + (60% × $160,000) + (10% × $120,000)
= (0.3 × $220,000) + (0.6 × $160,000) + (0.1 × $120,000)
= $66000 + $96000 + $12000
= $174000
Nikoto Steel Co. budgeted manufacturing costs for 50,000 tons of steel are:Fixed manufacturing costs $50,000 per monthVariable manufacturing costs $12.00 per ton of steelNikoto produced 40,000 tons of steel during March. How much is the flexible budget for total manufacturing costs for March?a) $520,000b) $650,000c) $480,000d) $530,000
Answer:
d) $530,000
Explanation:
The computation of the total manufacturing cost for the march month is shown below
= Fixed manufacturing cost + (produced tons × variable manufacturing cost per ton)
= $50,000 + (40,000 Tons × $12.00 per ton)
= $50,000 + $480,000
= $530,000
hence, the total manufacturing cost for the march month is $530,000
Therefore the correct option is d.
Your Boston-headquartered manufacturing company, Wruck Enterprises, obtained a 54-million-peso loan from a Mexico City bank last month to fund the expansion of your Monterrey, Mexico, plant. The exchange rate was 14 U.S. cents per peso when you took out the loan, but since then the exchange rate has dropped to 7 U.S. cents per peso. Has Wruck Enterprises made a gain or a loss due to the exchange rate change, and how much
Answer: 3.78 million dollars
Explanation:
Based on the information given in the question, the amount of money that Wruck Enterprises would pay when the exchange rate is 7 US cents per peso would be:
= 54-million × 7 cent
= 378,000,000 cent
= 3.78 million dollars
When the exchange rate was 14 U.S. cents per peso , the amount paid would have been:
= 54 million × 14 cent
= 756,000,000 cent
= 7.56 million dollars
Therefore, Wruck Enterprises made a gain of (7.56 million - 3.78 million) = 3.78 million dollars
In 2010, the $471 billion deficit on the U.S. current account was offset by a surplus of $255 billion on financial account. This difference is the result of:_________.
A. budget deficit.
B. statistical discrepancy.
C. trade deficit.
D. national debt.
Answer:
B. statistical discrepancy.
Explanation:
Since it is mentioned that the $471 million represents the deficit in the US current account i.e. counterbalanced by a surplus of $255 billion
So here the difference represents the statistical discrepancy
Therefore as per the given situation, the correct option is B
And, the rest of the options are wrong
What is the maximum hourly output from a process with four steps having outputs of 20 units/hour, 25 units/hour, 30 units/hour and 15 units/hour?
Answer:
The maximum hourly output from the process with four steps is:
22.5 units/hour.
Explanation:
a) Data and Calculations:
Outputs:
20 units/hour,
25 units/hour,
30 units/hour and
15 units/hour
Total units 90
Total hours = 4
Maximum hourly output = Total output units divided by the total hours
= 90/4
= 22.5 units per hour.
b) This implies that the process can produce 22.5 units per hour at its maximum performance. This is also the average output from the four processing steps.
Baker is single and earned $225,200 of salary as an employee in 2018. How much should his employer have withheld from his paycheck for FICA taxes? (Rounded to the nearest whole dollar amount)
A) $11,453
B) $10,861
C) $10,415
D) $15,892
Answer: $11,453
Explanation:
In 2008:
FICA-Social Security tax was payable at 6.2% of a limit of $128,400.
FICA-Medicare tax was payable at 1.45% of the total amount of $225,200.
Additional Medicare tax was payable on any amount in excess of $200,000 at 0.9%.
= (6.2% * 128,400) + (225,200 * 1.45%) + ( (225,200 - 200,000) * 0.9%))
= $11,453
The buck store is considering a project that will require additional inventory of 216,000 and will increase accounts payable by 181,000. accounts receivable are currently 525,000 and are expected to increase by 9% if this project is accepted. what is the projects initial cash flow for net working capital?
a. -$82,250b. -$12,250c. $12,250d. $36,250e. $44,250
Answer:
a. -$82,250
Explanation:
Calculation for what is the projects initial cash
flow for net working capital
Initial cash flow=-$216,000 + $181,000 - ($525,000 *0.09)
Initial cash flow=-$216,000 + $181,000 - $47,250
Initial cash flow = - $82,250
Therefore the projects initial cash
flow for net working capital will be - $82,250
Kim's Bridal Shoppe has 10,200 shares of common stock outstanding at a price of $36 per share. It also has 215 shares of preferred stock outstanding at a price of $87 per share. There are 520 bonds outstanding that have a coupon rate of 5.5 percent paid semiannually. The bonds mature in 17 years, have a face value of $1,000, and sell at 93 percent of par. What is the capital structure weight of the common stock?
Answer:
26.43 %
Explanation:
The Capital Structure is based on the Market Weight of the Sources of Finance as shown below :
Equity market value = Number of shares × price/share
Equity market value = 10,200 × $36
Equity market value = $367,200
Current debt value = Number of bonds × price/bond
Current debt value = 520 × (1930)
Current debt value = $1,003,600
Preferred stock value = Number of shares × price/share
Preferred stock value = 215 × $87
Preferred stock value = $18,705
Total capital = Common equity value + Debt value + Preferred stock value
Total capital = $367,200 + $1,003,600 + $18,705
Total capital = $1,389,505
Weight of Equity = Equity value / Total capital
Weight of Equity = $367,200 / $1,389,505
Weight of Equity = 26.43 %
A firm has a capital structure with $14 in equity and $72 of debt. The cost of equity capital is 14.16% and the pretax cost of debt is 5.34%. If the marginal tax rate of the firm is 28.94% Compute the weighted average cost of capital of the firm.
Answer: 5.48%
Explanation:
Total capital = 14 + 72 = $86
Weight of equity = 14/86
Weight of debt = 72/86
WACC = (Weight of debt * Cost of debt * ( 1 - tax)) + (Weight of equity * cost of equity)
= (72/86 * 5.34% * (1 - 28.94%)) + (14/86 * 14.16%)
= 0.0317687776744186 + 0.02305116279
= 5.48%
Bramble Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 4 boxtops from Bramble Frosted Flakes boxes and $2. The company estimates that 60% of the boxtops will be redeemed. In 2021, the company sold 809000 boxes of Frosted Flakes and customers redeemed 352000 boxtops receiving 88000 bowls. If the bowls cost Bramble Company $4 each, how much liability for outstanding premiums should be recorded at the end of 2021
Answer: $66700
Explanation:
Number of boxtops that was sold = 809000
Estimated boxtops to be redeemed = 809,000 × 60% = 485400
Less: Boxtops received = 352000
Estimated boxtops not received yet = 133400
The number of boxtops that will be needed per bowl will then be:
= 133400 / 4
= 33350
Therefore, liability for outstanding premiums that should be recorded at the end of 2021 would be:
= 33350 × ($4 - $2)
= 33350 × $2
= $66700
On December 31, Strike Company traded in one of its batting cages for another one that has a cost of $500,000. Strike receives a trade-in allowance of $11,000. The old equipment had an initial cost of $215,000 and has accumulated depreciation of $185,000. Depreciation has been recorded up to the end of the year. The difference will be paid in cash. What is the amount of the gain or loss on this transaction
Answer:
the amount of loss is $19,000
Explanation:
The computation of the amount of the gain or loss is shown below:
Old equipment cost is
= Initial cost of the equipment - accumulated depreciation
= $215,000 - $185,000
= $30,000
Now the gain or loss is
= Book value of an equipment - trade in allowance
= $30,000 - $11,000
= $19,000
hence, the amount of loss is $19,000
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Which of the following should not be a major consideration when it comes to selecting your career path?
What your parents think you should do
What you are passionate about
What you are naturally good at
What your interests are
Answer: I believe its : what your interest's are
Explanation:
The manager of Stock Division projects the following for next year: Sales $185,000 Operating income $58,500 Operating assets $375,000 The manager can invest in an additional project that would require $40,000 investment in additional assets and would generate $6,000 of additional income. The company's minimum rate of return is 14%. What is the residual income for Stock Division without the additional investment
Answer: $6000
Explanation:
The residual income for Stock Division without the additional investment will e calculated as:
= Operating Income - (Operating assets × Required rate of return)
= $58500 - ($375000 × 14%)
= $58500 - $52500
= $6000
Vaughn Company made a purchase of merchandise on credit from Ivanhoe Company on August 8, for $8900, terms 2/10, n/30. On August 17, Vaughn makes the appropriate payment to Ivanhoe. The entry on August 17 for Vaughn Company is: Accounts Payable 8900 Purchase Returns and Allowances 178 Cash 8722 Accounts Payable 8900 Cash 8900 Accounts Payable 8722 Cash 8722 Accounts Payable 8900 Inventory 178 Cash 8722
Answer:
Accounts Payable 8900 Inventory 178 Cash 8722
Explanation:
The journal entry is shown below:
Accounts payable $8,900
To inventory $178 ($8,900 × 2%)
To Cash $8,722
(Being the payment is recorded)
Here the account payable is debited as it decreased the liabilities and the inventory and cash is credited as it also decreased the assets
Therefore the last option is correct
12.Sunnydale Organics, Inc. harvests crops in roughly 90-day cycles based on a 360-day year. The firm receives payment from its harvests sometime after shipment. Due in part to the firm's rapid growth, it has been borrowing to finance its harvests using 90-day bank notes on which the firm pays 12 percent discount interest. If the firm requires $60,000 in proceeds from each note, what must be the face value of each note
Answer: $61857
Explanation:
Let the face value of each note be represented by y.
We should also note that we are given a time period of 90 days = 3 months.
Discount interest = 12%. This will be 3% for every 3 months.
Face value of each nite will then be:
y = 60000/(100%-3%)
y = 60000 / 97%
y = 60000/0.97
y = 61,856.67
plz answer dedo yaar
An expense that is readily traced to a department because it is incurred for that department's sole benefit is a(n):________.
a. Common expense.
b. Direct expense.
c. Administrative expense.
d. Indirect expense.
e. Recurring expense.
Answer:
b . Direct expense
Explanation:
Direct expense is an expense whose cost can be easily identified with a department due to the fact that the expense is incurred for the benefit of the department solely. This means that this expense can be traced directly to a department.
Also, some expenses are known to be directly related to buying of materials , products for use whether in a department or a company; such expenses are classified as direct expenses.
Examples of direct expense includes cost of raw materials , rent of factory, wages etc.
Universities A and B are substitutes in the minds of many college students. Initially the student tuition at each university is the same and far below the equilibrium tuition. Then, the tuition at A is raised and B is not. As a result of a rising tuition at A, some students who would have applied and enrolled in A, apply to B instead. Based on the logic presented in one of the theories discussed in the textbook, we would expect that
Answer:
the options are missing (see attached image), the correct answer is:
the fourth option: A and B
Explanation:
Since the demand for University B increased, their teachers should be more relaxed, resulting in a decrease of their performance, e.g. less punctual. On the other, the teachers of University A which lost students, should try to increase their performance level, e.g. being more punctual.
Documents created with Calc are saved as which file extension?
A.
.com
B.
.odp
C.
.org
D.
.ods
Please select the best answer from the choices provided
A
B
C
D
Answer:
D. .ods
Explanation:
edge
What are the differences between the five-stage model of team development and the punctuated equilibrium model?
Answer: The five stage model of a team Development include; forming, storming, norming, performing and adjourning, Punctuated Equilibrium, suggest there are no steps, just 2 phases during research.
Explanation:
The five stage model of a team Development include; forming, storming, norming, performing and adjourning.
Forming involves acquittance with the members, understand scope of the project and establish good relationships.
Storming involves members accepting they're part of the project group and resist constraint on individualism.
In norming, the group establishes how they can work together.
Performing is being functional
Adjsuting, the team prepares for high disbandment
Punctuated Equilibrium, suggest there are no steps, just 2 phases during research.
If a trader buys an option at an implied volatility of 10%, and plans to delta hedge it, over the life of the option she hopes realized volatility will be:
Answer:
b. lower than 10%
Explanation:
Missing word "a. higher than 10%, b. lower than 10%, c. if its three month option then she hopes its 10/3, d. irrelevant where realized will be"
If a trader buys an option at an implied volatility of 10%, and plans to delta hedge it, over the life of the option she hopes realized volatility will be lower than 10%. When hedging implied volatility through delta hedging is done, it means that the trader is expecting that volatility will decline and it has taken the position on the the downside of the implied volatility as it is reflected by the delta hedging. Delta hedging is not about betting on the upside of implied volatility.
Weyerhaeuser Co decides to buy multi-line phone system for its business operations from Norway. The cost of multi-line phone system is 49,300 Norwegian krones. Approximately, how much in U.S. dollars will Weyerhaeuser Co pay if $1 is equal to 7.1429 Norwegian krones (Norwegian krone/$)?
a) $8,282
b) $16,135
c) $6,902
d) $7.977
e) none of the answers is correct
Answer:
c) $6,902
Explanation:
Cost of system = 49300 Krones
Exchange rate : $1 = 7.1429 Krones
So, Amount in $ = Cost of system / Exchange rate
Amount in $ = 49300 / 7.1429
Amount in $ = 6901.958588248471
Amount in $ = $6,902
In September 2008, the stock market fell sharply and continued to perform poorly due to the financial crisis. How did this change impact GDP in the economy?
Answer:
Many people's wealth is held in stocks and as the price of stocks collapsed, they lost wealth.
Imagine that this happened to you. One day you are rich and that affects your spending habits. In a matter of few days or weeks, you lose a large portion of your wealth. So now, you are less rich or even poor. So your spending habits will be altered, i.e. you will spend less.
If you consider the economy as a whole, aggregate demand will fall, resulting in a decrease of aggregate supply, and an overall decrease of the GDP.
An investor is bearish on a particular stock and decided to buy a put with a strike price of $44. Ignoring commissions, if the option was purchased for a price of $.93, what is the break-even point for the investor
Answer:
$43.07
Explanation:
Strike price of Put Option = $44
Option purchased price = $0.93
Break-even point for the investor = [Strike price - Put Option purchased price}
= $44 - $0.93
= $43.07
Therefore, the Break-even point for the investor is $43.07
Pepe, Incorporated acquired 60% of Devin Company on January 1, 2018. On that date Devin sold equipment to Pepe for $45,000. The equipment had a cost of $120,000 and accumulated depreciation of $66,000 with a remaining life of 9 years. Devin reported net income of $300,000 and $325,000 for 2018 and 2019, respectively. Pepe uses the equity method to account for its investment in Devin.What is the consolidated gain or loss on equipment for 2018
Answer: $9000
Explanation:
Based on the values given in the question, the consolidated gain or loss on equipment for 2018 would be calculated as:
Cost of equipment = $120,000
Less accumulated depreciation = $66,000
Less: Amount Devin sold equipment to Pepe = $45,000
Consolidated loss= $120,000 - $66000 - $45000
= $9000
Exeter has a materials standard of 1 pound per unit of output. Each pound has a standard price of $25 per pound. During July, Exeter paid $138,000 for 5,040 pounds, which it used to produce 4,780 units. What is the direct materials price variance?
Answer:
$19,595 unfavorable
Explanation:
The computation of direct material price variance is shown below;
= (Actual price - Standard price) × Actual quantity used
Given that;
Actual price = $138,000/4,780 units
= $28.87 × 1 pound
= $28.87 per pound
Actual quantity used = 4,780 units
Standard price = $25 per pound
= ($28.87 per pound - $25 per pound) × 4,780 units
= ($3.87 per pound) × 5,040 pounds
= $19,595 unfavorable
The direct material price variance is unfavorable because actual price is more than standard price.