Answer:
A. Dec 31, 2019
Dr Fees Income 46,250
Dr Income Summary 46,250
B. Dec 31, 2019
Dr Income Summary 25,500
Cr Depreciation Expense 2,000
Cr Salaries Expense 15,500
Cr Supplies Expense 2,250
Cr Telephone Expense 1,850
Cr Utilities Expense 3,900
C. Dec 31, 2019
Dr Income Summary 21,250
Cr Maria Lopez, Capital 21,250
D. Dec 31, 2019
Maria Lopez, Capital 12,000
Maria Lopez, Drawing 12,000
Explanation:
A. Preparation of the closing entry for revenue.
Dec 31, 2019
Dr Fees Income 46,250
Dr Income Summary 46,250
(To close revenue accounts)
B. Preparation of the closing entry for expenses.
Dec 31, 2019
Dr Income Summary 25,500
(2,000+15,500+2,250+1,850+3,900)
Cr Depreciation Expense 2,000
Cr Salaries Expense 15,500
Cr Supplies Expense 2,250
Cr Telephone Expense 1,850
Cr Utilities Expense 3,900
(To close expense accounts)
C. Preparation of the closing entry for balance of income summary
Dec 31, 2019
Dr Income Summary 21,250
(46,750-25,500)
Cr Maria Lopez, Capital 21,250
(To close balance of income summary)
D.Preparation of the closing entry for the drawing account
Dec 31, 2019
Maria Lopez, Capital 12,000
Maria Lopez, Drawing 12,000
(To close drawing account)
Apple Tree Enterprises allocated overhead based on direct material cost and has a predetermined overhead rate of 160%. During the current period, direct labor cost is $67,000 and direct materials cost is $73,000. In the current period, determine the amount of overhead to be applied by Apple Tree Enterprises.
Answer:
Allocated MOH= $116,800
Explanation:
Giving the following information:
predetermined overhead rate= 160% of direct material
Direct materials= $73,000
To calculate the allocated overhead, we need to use the following formula:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 1.6*73,000
Allocated MOH= $116,800
At the beginning of the current year, Snell Co. total assets were $254,000 and its total liabilities were $177,200. During the year, the company reported total revenues of $99,000, total expenses of $79,000 and dividends of $8,000. There were no other changes in equity during the year and total assets at the end of the year were $266,000. The company's debt ratio at the end of the current year is:
Answer:
66.62%
Explanation:
The debt ratio is the total liabilities divided by total assets. At the end of the year, total assets stood at $266,000, the increase in retained earnings which is the excess of revenue over expenses and dividends payment does not affect liabilities, as a result, liabilities stayed the same at $177,200.
Debt ratio=total liabilities/total assets
debt ratio=$177,200/$266,000
debt ratio=66.62%
Flannigan Company manufactures and sells a single product that sells for $320 per unit; variable costs are $176. Annual fixed costs are $927,000. Current sales volume is $4,260,000. Flannigan Company management targets an annual pre-tax income of $1,185,000. Compute the dollar sales to earn the target pre-tax net income.
Answer:
Break-even point (dollars)= $4,693,333.33
Explanation:
Giving the following information:
Selling price= $320 per unit
Unitary variable costs= $176
Annual fixed costs= $927,000
Desired profit= $1,185,000
To calculate the sales in dollars required, we need to use the break-even point in dollars formula:
Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio
Break-even point (dollars)= (927,000 + 1,185,000) / [(320-176) / 320]
Break-even point (dollars)= 2,112,000 / 0.45
Break-even point (dollars)= $4,693,333.33
Choose the example that is punctuated correctly. Each of the members on the panel was handed a copy of the 30-page proposal. Each of the members of the panel were handed a copy of the 30-page proposal. Each of the members of the panel was handed a copy of the thirty-page proposal. Choose the word that correctly completes the sentence.
Answer: Each of the members on the panel was handed a copy of the 30-page proposal.
Explanation:
The pronoun each is an infinite pronoun as it does not refer to a specific person but still includes all of them. As it is a singular pronoun, it would need to be matched by a singular verb being was instead of were which is a plural verb.
Also, with numbers, it is a general rule that when the number is between one and ten it would be best to write it as a word. When the number is above 11 however, it would be best to write it as numerals. The correctly punctuated example is therefore the first one.
Many checking accounts offer multiple ways of accessing money in addition to checks. Which of these can be used to access money in a checking account? A) debit card B) credit card C) certificate of deposit D) passbook
Answer:
A, debit card
Explanation:
The correct option is A.
The following information regarding the debit card is:
The debit card is the card where the funds for the amount with respect to the purchased should be considered for the checking account. By this we can do shopping, travelling, etc.The products should be purchased to the maximum balance mentioned in the account.Learn more: brainly.com/question/17429689
Jackie is often surprised when she goes to other countries to learn that people do business so differently. For instance, in meetings Jackie is used to getting straight to the point and addressing any relevant issues. However, she has learned that in many countries businesspeople take the time to first make small talk and ask about the family before finally getting down to business. To Jackie this seems to make the meetings unnecessarily long and wastes valuable time. These cultural differences seem strange to Jackie because she is relying on her:________ a. self-reference principle b. international bias c. self-reference criterion d. cultural relativism e. ethical perspectives
Answer:
Self reference criterion ( C )
Explanation:
The cultural differences seem strange to Jackie because she is relying on her self reference criterion
self reference criterion is the influence one's culture will have on the person when the person is exposed to a situation that is suppose to portray the culture the person is used to, but the situation portrays a different culture, hence based on her cultural values and experience she believes that small talks makes the meeting unnecessarily long
The supply of seats for an economics class at 10 a.m. is the same as the supply of seats for the same class at noon. Every student who wants to attend this class at noon can, but there is a shortage of seats in the 10 a.m. class. If tuition does not vary by time of day, it follows that the demand for the 10 a.m. class is __________ the demand for the noon class.
Answer:
The answer is "greater then"
Explanation:
It supplies the economic seat at 10 a.m. or afternoon is identical. It implies sufficient seating resources were able to meet demands around midday, and not enough seating was available to meet that request at 10 a.m.
It remembers at 10 a.m and even at noon, there are many similar amounts of tickets, which implies that a 10 a.m. class prices are higher than the noon class requirement.
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 14,000 Selling price per unit $ 16 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 2 Total fixed selling expense $ 18,000 Total fixed administrative expense $ 16,000 Beginning merchandise inventory $ 11,000 Ending merchandise inventory $ 23,000 Merchandise purchases $ 85,000 Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
Answer:
Results are below.
Explanation:
First, we need to calculate the cost of goods sold:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 11,000 + 85,000 - 23,000= $73,000
Traditional format Income Statement:
Sales= 14,000*16= 224,000
COGS= (73,000)
Gross profit= 151,000
Total selling expense= (2*14,000 + 18,000)= (46,000)
Total administrative expense= (2*14,000 + 16,000)= (44,000)
net operating income= 61,000
Contribution format income statement:
Sales= 14,000*16= 224,000
Total variable cost= (73,000 + 2*14,000 + 2*14,000)= (129,000)
Contribution margin= 95,000
Total fixed selling expense= (18,000)
Total fixed administrative expense= (16,000)
Net operating income= 61,000
Why is the global health organization important?
The World Health Organization (WHO) plays an essential role in the global governance of health and disease; due to its core global functions of establishing, monitoring and enforcing international norms and standards, and coordinating multiple actors toward common goals.
Hope this helps!
Both wages and employment can increase at the same time as long as the:____________
Answer:
supply of labor is lower than the demand
Explanation:
Consider for example a country is in need of Doctors, and the number of available doctors is quite low than the demand; such that hospitals wanting to increase their capacity begin to offer higher wages in other to employ available doctors. This evidently will in the short run lead to an increase in wages and employment for new doctors.
If a company is considering the purchase of a parcel of land that was acquired by the seller for $101,000 is offered for sale at $182,000, is assessed for tax purposes at $111,000, is considered by the purchaser as easily being worth $172,000, and is purchased for $169,000, the land should be recorded in the purchaser's books at:
Answer:
$169,000
Explanation:
Based on the information given we were been told that in a situation were a land which was acquired by the seller for the amount of $100,000 was been purchased at the amount of $169,000 which simply means that the land should be recorded in the purchaser's books at the amount of $169,000 which is the costs or amount in which the land was PURCHASED by the company.
Pension plan assets were $1,200 million at the beginning of the year and $1,252 million at the end of the year. At the end of the year, retiree benefits paid by the trustee were $28 million and cash invested in the pension fund was $32 million. What was the percentage rate of return on plan assets
Answer: 4%
Explanation:
From the question, we are informed that Pension plan assets were $1,200 million at the beginning of the year and $1,252 million at the end of the year and that at the end of the year, retiree benefits paid by the trustee were $28 million and cash invested in the pension fund was $32 million.
Based on the above scenario, the percentage rate of return on plan assets goes thus:
Opening balance of plan assets 1200
Add:- Actual return = 48
Add:- contributions = 32
Less :- retiree benefits = -28
Closing balance of plan assets = 1252
It should be noted that the actual return is the balancing figure which is calculated as:
= 1252 + 28 - 1200 - 32
= 48
The percentage rate of return on plan assets will now be:
= 48/1200
=0.04
= 4%
Which element of informed consent is not required?
Answer:
FJQHSGDDRBC''MODQQQQ DC VNNJUX
Explanation:
gfghcwvC WV shdvg v GEfgd DCnVqjkhds hmm l BBS xnncssbcshjsvvvhgqgf cfgvv v qvfgcvcvhghhhhhhhhhhhhhhhhhhbhhhhhhhghhj
jhhhhvvhgsvdtg
A small company wishes to set up a fund that can be used for technology purchases over the next 6years.Their forecast is for $24,000 to be needed at the end of year1,decreasing by $2,000 each year there after.The fund earns 15 percent peryear.Howmuch money must be deposited to the fund at the end of year 0 to just deplete the fund after the last withdrawal
Answer:
The company should deposit $74,954.02
Explanation:
We have an annuity with a variable installment with arithmetic progression.
[tex](a_1+\frac{d}{r} +d \times n) \times \frac{1-(1+r)^{-time} }{rate} - \frac{d \times n}{r}[/tex]
We plug our values:
C = 24,000
r = -2,000
r = 0.15
n = 6
And we get a PV of 74,954.02
We can build the table to verify:
Beginning Interest Tech payment Endng
1 74,954.02 11,243.11 24,000.00 62,197.14
2 62,197.14 9,329.58 22,000.00 49,526.72
3 49,526.72 7,429.01 20,000.00 36,955.73
4 36,955.73 5,543.36 18,000.00 24,499.09
5 24,499.09 3,674.87 16,000.00 12,173.96
6 12,173.96 1,826.10 14,000.00 0.06
(there is a 6 cent mistake due to rounding but without it It will be zero-out)
he following cost data pertain to the operations of Brentwood Department Stores, Inc., for the month of May: Corporate legal office salaries $ 69,000 Shoe Department cost of sales-Brentwood Store $ 87,000 Corporate headquarters building lease $ 86,000 Store manager's salary-Brentwood Store $ 14,700 Shoe Department sales commissions-Brentwood Store $ 8,700 Store utilities-Brentwood Store $ 13,700 Shoe Department manager's salary-Brentwood Store $ 4,700 Central warehouse lease cost $ 11,700 Janitorial costs-Brentwood Store $ 11,700 The Brentwood Store is just one of many stores owned and operated by the company. The Shoe Department is one of many departments at the Brentwood Store. The central warehouse serves all of the company's stores. What is the total amount of the costs listed above that are NOT direct costs of the Brentwood Store
Answer:
The total amount of the costs listed above that are NOT direct costs of the Brent-wood Store is $166,700
Explanation:
The total amount of the costs listed above that are NOT direct costs of the Brent-wood Store is as listed below:
Details Amount
Corporate Legal Office Salaries $69,000
Corporate Headquarters Building lease $86,000
Central Warehouse lease cost $11,700
Total non-direct cost of the store $166,700
Managing risks refers to identifying any possible
process for
and evaluating risks.
events and taking steps to reduce them. Risk management is a continuous
Reset
Next
Answer:
Uncertain is the first blank and identifying is the second blank
Explanation:
I searched it on a business management website and it worked for Plato
In the month of November, Terpak Industries had the following overhead costs. 1. Property taxes, $22,500 ($10,000 for offices, $12,500 for factory) 2. Insurance, $14,380 ($3,140 for office building insurance, $7,240 for accidental injury insurance on factory workers, $4,000 for factory building insurance) 3. Utilities, $1,843 ($1,200 for factory, $643 for offices) 4. Depreciation, $47,000 ($15,400 for factory equipment, $19,000 for factory building, $12,600 for office building) How much will Terpak debit their Manufacturing Overhead account on November 30
Answer:
The amount Terpak will debit their Manufacturing Overhead account on November 30 is $59,340.
Explanation:
Manufacturing overhead can be described as all indirect costs that are incurred by a firm during the production process.
Manufacturing overhead is also known as factory overhead and it can be calculated by considering all the costs related to the factory.
For this question, the amount Terpak will debit their Manufacturing Overhead account on November 30 can therefore be calculated as follows:
Particulars Amount ($)
Factory tax 12,500
Factory accidental injury insurance 7,240
Factory building insurance 4,000
Factory utilities 1,200
Depreciation of factory equipment 15,400
Depreciation of factory building 19,000
Total manufacturing overhead 59,340
Therefore, the amount Terpak will debit their Manufacturing Overhead account on November 30 is $59,340.
Pineapple International uses a job order costing system. Pineapple's accounting manager estimated that direct labor would be $2,990,000 (230,000 hours at $13/hour) and that factory overhead would be $1,530,000 for the current period. At the end of the period, 210,000 hours of direct labor and $1,230,000 of actual overhead costs were recorded. Determine the predetermined overhead rate using direct labor hours as a base. (Round your answer to two decimal places.) g
Answer:
$6.65 per hour
Explanation:
We can determine the predetermined overhead rate by
Estimated factory overhead cost / Estimated number of direct labor hours.
Estimated factory overhead cost = $1,530,000
Estimated number of direct labor hours = 230,000 hours
= $1,530,000 / 230,000
= $6.65 per hour
Predetermined overhead rate is $6.65 per hour
. Discuss and Implement the Price Adjustment Strategies in current market. Apply each strategy with 3 examples along with picture. (10 Marks) (200 Words)
Answer:
There are many different price adjustment strategies which can be implemented in the current market.
Explanation:
Psychological pricing:
Psychological pricing is a strategy in which the price of a product is displayed with mostly one cent difference so the whole number shown is less by $1 and this difference can get higher if the price of the product is more.
Example 1: The price for a toy in a toy shop is $4.99, if rounded this will be $5 but the whole number visible is $4.
Example 2: The price of a laptop is $193, this again is nearly $200 but the price is reduced by $7 in order to influence their customers into buying the product.
Example 3: The price of a car is $35,995, this again is about $36,000 but the buyer may be influenced by this technique and result in purchasing the product with such price.
Geographical Pricing:
Geographical pricing is a strategy where different prices are charged in different outlets, this strategy is made keeping in mind the purchasing power of the locality, if the local people can pay higher price for a product then the price is high there but same product may have a lower price in an area where people can not pay high price.
Example 1: Price of a T-shirt is $15 in a posh area while the price of the same T-shirt is $5 in an area with poor locality.
Example 2: Price of a hair brush is $10 in a poor area while the same brush is available in a posh area at a rate of $35.
Example 3: Price for a food item is $6 in a restaurant in posh area while the same burger is available for $3 in a restaurant in a poor area.
Lauren Clark works for a pottery shop. She works 40-hour weeks (5 days) and gets paid $25 per hour. If she exceeds her normal 40 hours, she gets paid time and a half. On the first week of the year, she worked a total of 38 hours but got paid 46 hours because the 1st day of the year the pottery shop was closed but she still got paid for the day. The following 4 days, she had 1.5 hours of overtime per day. How much of her pay would be considered direct labor
Answer:
D. $950; 425
Explanation:
Remember, direct labor refers to the actual time spent on working such as using machinery, performing tasks that leads to the production of products or services. Indirect labor involves time activites that do not involve any production of products or services.
First, direct pay:
38 hours of work x $25 = $950$950
Indirect pay;
8 hours from the 46 hours she was paid (8 x $25) = $200For 4 days she had 1.5 hours of overtime per day (4 x 1.5 x 37.5) = $225.Total = $425
Note: by saying if she exceeds her normal 40 hours, she gets paid time and a half implies 1.5 * $25 ($37.5)
Which best ranks Agriculture, Food, and Natural Resources careers from highest to lowest required degree?
O Veterinarian - Nursery Manager - Environmental Engineer - Landscaper
O Landscaper - Environmental Engineer - Nursery Manager - Veterinarian
O Landscaper - Nursery Manager Environmental Engineer – Veterinarian
O Veterinarian - Environmental Engineer - Nursery Manager - Landscaper
Answer:
the answer is d
Explanation:
The best ranks in Agriculture, Food, and Natural Resources careers from highest to lowest required degree is Veterinarian - Environmental Engineer - Nursery Manager - Landscaper. Thus the correct option is D.
What is a Career?A career is referred to what an individual chooses as a profession to earn something. A career of an individual is based on his talents, skills, and abilities which help him to seek growth and development and achieve the goals of life.
A Veterinarian is referred to as an individual who has the expertise to treat animals. These are referred to as professionals who diagnose diseases and provide adequate treatment based on the diagnosis.
Animals are managed manually by the majority of veterinarians in hospital locations as tools and resources are available there. These veterinarians might perform general medicine, providing care for various species of animals.
Therefore, option D is appropriate.
Learn more about Career, here:
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Which method is used to compute depletion?a. Double-declining-balance methodb. Straight-line methodc. Depletion methodd. Units-of-production method
Answer:
d. Units-of-production method
Explanation:
For computing the depletion method, the units of production method is to be used as the straight line method, double declining method are to used for depreciating the fixed assets not for depleting the assets
The units of production method could be used for the depleting the natural resources like mines, etc
So, the correct option is d.
Shore Company reports the following information regarding its production cost:Units produced 38,000 units
Direct labor $28.00 per unit
Direct materials $29.00 per unit
Variable overhead $760,000 in total
Fixed overhead $136,420 in total
Compute production cost per unit under absorption costing.
Answer:
Production cost per unit $80.59
Explanation:
The computation of the production cost per unit using absorption costing is shown below:
Direct labor per unit $28
Direct material per unit $29
Variable overhead per unit $20 ($760,000 ÷ 38,000 units)
Fixed overhead per unit $3.59 ($136,420 ÷ 38,000 units)
Production cost per unit $80.59
We simply added all the cost per unit so that the production cost per unit could come
A portfolio of non-dividend-paying stocks earned a geometric mean return of 5% between January 1, 2010, and December 31, 2016. The arithmetic mean return for the same period was 6%. If the market value of the portfolio at the beginning of 2010 was $100,000,what was the market value of the portfolio at the end of 2016
Answer: $140710
Explanation:
From the question, we are informed that the portfolio of non-dividend-paying stocks earned a geometric mean return of 5% between January 1, 2010, and December 31, 2016 and that the arithmetic mean return for the same period was 6%.
If the market value of the portfolio at the beginning of 2010 was $100,000, the market value of the portfolio at the end of 2016 will be calculated as:
= $100,000 × (1 + 5%)^7
= $140,710
Consider the following cost structures for three oil producers: Fossils R Us Green House Oils Shale Ale Plant and property $900,000 $1,500,000 $1,000,000 Extraction costs (per barrel) $45 $31 $40 Capacity per day 100,000 barrels 140,000 barrels 80,000 barrels If the price for a barrel of oil is currently $42, what is the amount of barrels produced by these suppliers?
Answer:
220,000 barrels per day
Explanation:
Fossils R Us Green House Oils Shale Ale
Plant and property $900,000 $1,500,000 $1,000,000
Extraction costs $45 $31 $40
(per barrel)
Capacity per day 100,000 barrels 140,000 barrels 80,000 barrels
In the short run, companies will continue to operate as long as the selling price is higher than the variable production costs, i.e. marginal revenue ≥ marginal costs. In this case, if the price of oil is $42 per barrel, only Green House Oils and Shale Ale will continue to operate since their production costs are lower than the selling price. Total production = 140,000 + 80,000 = 220,000 barrels
Comet Company is owned equally by Pat and his sister Pam, each of whom hold 165 shares in the company. Pam wants to reduce her ownership in the company, and it was decided that the company will redeem 83 of her shares for $1,660 per share on December 31, 20X3. Pam's income tax basis in each share is $700. Comet has total E&P of $330,000. What are the tax consequences to Pam because of the stock redemption?
Answer: The answer is given below
Explanation:
The following can be gotten from the question
The redemption value of the share = $1660
Less: tax basis = $700
Capital gain: $1660 - $700 = $960
Number of shares that'll b redeemed = 83 shares
Therefore, the capital gain and the tax basis in each of the remaining shares of 700 will be:
= $960 × 83
= $79680
Are the following events recorded in the accounting records? Explain your answer in each case. (a) The owner of the company dies. (b) Supplies are purchased on account. (c) An employee is fired. (d) The owner of the business withdraws cash from the business for personal use. g
Answer:
(a) The owner of the company dies.
This event is not recorded in the accounting records. If the company is a sole-proprietorship, the death of the owner simply causes the end of the firm. If the firm is a corporation, it can continue to operate even if the owner dies, ownership can be transferred.
(b) Supplies are purchased on account.
This event is recorded. Supplies are an asset, and are debited, and because they are purchased on account, the associated liability account is credited.
(c) An employee is fired.
This event is not recorded. Consequences of the firing may be recorded, for example, an indemnization that reduces cash.
(d) The owner of the business withdraws cash from the business for personal use.
This event is recorded. The cash account is debited (decreased), and the personal expenses, or non-operating expenses account is increased.
Carter Pearson is a partner in Event Promoters. His beginning partnership capital balance for the current year is $55,700, and his ending partnership capital balance for the current year is $62,700. His share of this year's partnership income was $5,950. What is his partner return on equity
Answer:
10.05%
Explanation:
Carter Pearson is a partner in event promoters
His beginning partnership balance is $55,700
His ending partnership balance is $62,700
His share of this year's partnership income is $5,950
Therefore his partner return on equity can be calculated as follows
= $5,950/$55,700+$62,700/2
= $5,950/$59,200
= 0.10050 × 100
= 10.05%
Hence his partner return on equity is 10.05%
An advertising agency in Mexico City represents a wide range of accounts. It depicts real Mexicans enjoying everyday life. The agency does not offer assistance to clients who want to reach international markets. From this information, you can surmise that the agency is a(n) _____ agency. A. business-to-business B. transnational C. regional D. in-house E. creative boutique
Answer:
C. regional
Explanation:
The advertising agency described in the question is said to do business with several companies in Mexico City. The agency has clear skills and know-how that cater to the Mexican public.
However, the agency does not do any business with international companies, meaning that the agency is strictly regional in scope.
Henry, who is not a dependent, states he wishes to claim EITC this year for his 35-year-old dependent child. Both reside in the U.S. Henry states that the child lives with Henry, is not married, is disabled, and has not worked during the year. What does Henry's tax preparer need to do to determine if the child can qualify Henry for EITC
Answer:
in order for Henry's child to qualify as a dependent, the following requisites must be met:
since the child is disabled, there is no age limit, but he/she must live with Henry and Henry must pay for at least half of his/her expensesthe disability must be permanent and total (a letter from a doctor, social service worker, or social service agency that provides proof of this is requiredthe child must be Henry's son or daughter, or legally adopted childHenry must have earned income (i.e. Henry must work)Henry's investment income (besides earned income) must be less than $3,650 during the last yearHenry must file as single filer or head of householdHenry must not have received foreign income