Answer:
102.47 and 20
Explanation:
What is economic order quantity?
EOQ or the economic order quantity is the level of inventory which is the most optimal level for reducing inventory costs. It assumes that the supplier will supply as and when required and follows a just in time policy.
Now that we are familiar with the concept, let's recall the formula:
EOQ= SQRT( 2* D *k /h)
D - Annual demand, which is 700
k - Replenishment cost, which is $15
h - holding cost, which is 10% of inventory value = 0.1 × $20 = $2
So, EOQ = SQRT(2 * 700 * 15/2) = 102.47 units
Reorder point = daily demand * lead time + safety stock = 700/365*5+10=20 Units
Final answer:
The Economic Order Quantity (EOQ) for the power cutter at ABC Hardware store is approximately 190 units per order, and the reorder point, considering lead time and safety stock, is 20 units.
Explanation:
To calculate the Economic Order Quantity (EOQ) and the reorder point for the power cutter at ABC Hardware store, we will use the EOQ formula and take into consideration the lead time and safety stock for accurately defining the reorder point. The formula for EOQ is {(√2DS)/H}\), where D is the annual demand, S is the replenishment cost per order, and H is the annual holding cost per unit. In this case, D=700 units, S=$15, and H=10% of $20 (cost per unit) equating to $2.
The EOQ formula yields√{(2*700*15)/2}\), which simplifies to approximately 190 units per order. For the reorder point, considering a lead time of 5 days and a daily demand of 2 units (700 units/350 days), we calculate the lead time demand as 10 units (5 days * 2 units/day) plus the safety stock of 10 units, leading to a total of 20 units as the reorder point.
Which of the following gifts would probable be held to be taxable to the person receiving the gift?
a. One thousand dollars given to a taxpayer by his or her father
b. An acre of land given to a taxpayer by a friend
c. A car given to a loyal employee by her supervisor when she retired to recognize her faithful service.
d. A Mercedes-Benz given to a taxpayer by his cousin
e. An interest in a partnership given to a taxpayer by his or her uncle
Answer:
The correct answer is E
Explanation:
The taxable is the term which is defined as the amount of income or gift which is used in order to compute that how much tax the company or an individual owes to the government in the stated or given tax period or year.
In case of gifts, the person pay the tax on the income which arises from the gift. So, in this situation, the gift which is probable to held taxable is an interest in the partnership which is given to the taxpayer through his or her uncle.
Specialization and production possibilities Suppose the United Kingdom produces only tablets and smartphones. The resources that are used in the production of these two goods are not specialized-that is, the same set of resources is equally useful in producing both smartphones and tablets. The shape of the United Kingdom's production possibilities frontier (PPF) should reflect the fact that as the United Kingdom produces more smartphones and fewer tablets, the opportunity cost of producing each additional smartphone increases The following graphs show two possible PPFs for the United Kingdom's economy: a straight-line PPF (PPF1) and a bowed-out PPF ( PPF2).Figure:4 graphs are shown
Answer:
It is explained in the question itself that the resources are not specialized for the production of any one commodity. They have mid that the same resource can be used for the production of both smart phones as well as the tablets. Thus, when the UK increases the production of the smart phones, the opportunity cost of producing the Tablets remains constant or remains the same because the trade-off between the goods will be constant.
Thus, when the opportunity cost remains constant and the economy carries on the production, then the Production Possibility Frontier of the economy will be represented with the help of a straight line PPF. Here in the graphs, Graph 1 represents the straight line PPF and thus, the trade-off between the smart phones and the tablets will be represented by the Graph 1.
The UK's PPF should be a straight line (PPF1) if resources are not specialized and equally useful for both tablets and smartphones. However, the increasing opportunity cost as more smartphones are produced reflects a bowed-out PPF (PPF2). This suggests resources are initially more effective in producing tablets, but as production shifts towards smartphones, each additional smartphone becomes costlier to produce.
Explanation:The Production Possibilities Frontier (PPF) demonstrates the trade-offs in production volume between two choices if the same resources are used effectively. If the resources used to produce smartphones and tablets in the UK are not specialized and equally useful for both, the PPF should be a straight line (PPF1). This is because the opportunity cost is constant - producing one more of either product requires the same resources to be shifted. However, the question suggests that the opportunity cost increases as more smartphones are produced, which reflects a bowed-out PPF (PPF2). This is typically the case when resources are more effective in producing one good over the other. In this scenario, resources would presumably be more effective in producing tablets initially, but as production shifts more towards smartphones, each additional smartphone becomes costlier to produce in terms of foregone tablets.
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On Friday, a snowboard originally priced at $\$100$ was discounted $50\%$. On Monday, that sale price was reduced by $30\%$. In dollars, what is the price of the snowboard after the Monday reduction
Answer:
The answer is $35
Explanation:
Initial amount $100
50% discount (100x50%) $50
30% reduction is $50 (50x30%) $15
Price of Snow board after Monday (100-50-15) $35
Answer:
Explanation:
Discounting a $\$100$ item by $50\%$ reduces the price to $50\%(\$100)= \$50$. Discounting the $\$50$ price by $30\%$ reduces it to $70\%(\$50)=\boxed{35}$ dollars.
Acme Solutions often hires Nicco to train its employees. He is paid $300 for every session. Hisjob also requires him to travel once a month to different branches of Acme Solutions and trainemployees there. When he is required to travel, the company pays him $450 per session. Alltraining materials have to be provided by Nicco himself. When he is not hired by AcmeSolutions, Nicco works for other smaller companies as a trainer. Thus, Nicco is mostly like a(n):a)full-time employee at Acme Solutions.b)social worker.c)trade creditor.d)independent contractor for Acme Solutions.
Nicco is mostly like an independent contractor for Acme Solutions.
Explanation:
An independent contractor is a licensed person or organization for the other unemployed to complete the work for and would offer services.
Independent contractors are termed sole owners or Limited Liability Companies (LLCs) of single members in the United States of America.
If you are profiting or benefiting from rental homes, you will record your income and expenses under Schedule C of Form 1040 or Schedule E. In addition, self-employment charges are to be submitted to the IRS, normally on the basis of Form 1040-ES every three months.
A company completed the following transactions during the month of October: I. Purchased office supplies on account, $ 5 comma 800. II. Provided services for cash, $ 20 comma 000. III. Provided services on account, $ 35 comma 000. IV. Collected cash from a customer on account, $ 31 comma 000. V. Paid the monthly rent of $ 3 comma 600. What was the company's total revenue for the month?
A. $ 20 comma 000
B. $ 86 comma 000
C. $ 35 comma 000
D. $ 55 comma 000
Answer:
D. $ 55 comma 000
Explanation:
The computation of the total revenue is shown below:
= Provided services for cash + Provided services on account
= $20,0000 + $35,000
= $55,000
In order to find out the total revenue, we considered only that transactions at which the revenues took place. So, only two transactions are relevant for the computation part
____________refers to information being available to users early enough to allow them to use it in the decision process.
Answer:
The correct word for the blank space is: Timeliness.
Explanation:
Timeliness is a characteristic the Financial Statements must meet by which executives in decision-making positions could be able to read and comprehend what the information reflects on the company's well being so they can take proper action to correct the course of the company or find the way to keep it and improve it.
Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement?
Answer:
1) FIFO method
2) LIFO method
Explanation:
1) The cost flow method which would result in the highest inventory amount for the balance sheet is the FIFO method because in this method the inventory which is bought first is expensed first as cost of goods sold and the inventory bought later is still considered as part of the inventory, because prices increase over time, and inventory which is bought later is more expensive, using the FIFO method would result in the highest amount of inventory because the inventory purchased later would be more expensive.
2) The cost flow method which would result in the highest cost of goods sold would be the LIFO method because in this method the inventory which is bought the last is expensed first as cost of goods and sold and because inventory bought later is more expensive, by using this method the cost of goods sold will have a higher value.
The FIFO method is the cost flow method that results in the highest inventory amount for the balance sheet and the LIFO method is the cost flow method that results in the highest cost of goods sold for the income statement.
What is the FIFO method?This results in the highest inventory amount for the balance sheet because the method allows the inventory that is bought first is expensed first as cost of goods sold and the inventory bought later is still considered as part of the inventory.
What is the LIFO method?This results in highest cost of goods sold the because in this method the inventory which is bought the last is expensed first as cost of goods and sold and because inventory bought later is more expensive.
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As the owner of a party store, you have decided to lower the price for all balloons this month. What do you expect to happen?
Answer:
Quantity demanded for balloons will increase.
Explanation:
According to the law of demand, there is an inverse relationship between the price of the commodity and the quantity demanded for that commodity.
This means that if there is an increase in the price of a good then as a result the quantity demanded for that good decreases and on the other hand if there is a fall in the price of a good then as a result the quantity demanded for that good increases.
Therefore,
Fall in the price of balloons will lead to increase the quantity demanded for balloons.
What is the primary reason that the owner of the restaurant wants a new accounting system?
Answer:
The answer is stated below:
Explanation:
The primary and the foremost reason that the restaurant owner wants to have a new system of the accounting because the owner wants to keep the track of how the restaurant is doing daily.
So, the owner wants the system which could track all the inventory as well as the expenses in a way which is more efficient. The owner wants to able to see the week by week statements of the how the company is performing.
The owners wants to keep the track of the bills and wants the system which could record the receipt and the cash register tapes.
Which of the following statements is CORRECT? Select one: a. The capital structure that minimizes a firm's weighted average cost of capital is also the capital structure that maximizes its stock price. b. The capital structure that minimizes the firm's weighted average cost of capital is also the capital structure that maximizes its earnings per share. c. If a firm finds that the cost of debt is less than the cost of equity, increasing its debt ratio must reduce its WACC. d. Other things held constant, if corporate tax rates declined, then the Modigliani-Miller tax-adjusted tradeoff theory would suggest that firms should increase their use of debt. e. A firm can use retained earnings without paying a flotation cost. Therefore, while the cost of retained earnings is not zero, its cost is generally lower than the after-tax cost of debt.
Answer:
b. The capital structure that minimizes the firm's weighted average cost of capital is also the capital structure that maximizes its earnings per share.
Explanation:
The optimal capital structure is estimated by calculating the mix of debt and equity that minimizes the weighted average cost of capital (WACC) while maximizing its market value. The lower the cost of capital, the greater the present value of the firm’s future cash flows, discounted by the WACC. Thus, the chief goal of any corporate finance department should be to find the optimal capital structure that will result in the lowest WACC and the maximum value of the company (shareholder wealth).
The correct statement is that if a firm finds the cost of debt is less than the cost of equity, increasing its debt ratio must reduce its WACC.
Explanation:The correct statement from the given options is c. If a firm finds that the cost of debt is less than the cost of equity, increasing its debt ratio must reduce its WACC.
When the cost of debt is lower than the cost of equity, adding more debt in the firm's capital structure will lower the overall weighted average cost of capital (WACC). This is because debt is cheaper for the firm, and by increasing the amount of debt, the firm can reduce the overall cost of capital.
Using the example of a student loan, if a student finds a loan with a lower interest rate than their other student loans, taking on more of the lower-interest loan will reduce the average interest rate across all their loans, resulting in a lower cost of borrowing.
For a single-server queueing system, which of the following is TRUE? A high utilization factor will result in a system that performs well. A high utilization factor will result in a system that performs poorly. A low utilization factor will result in a system that performs efficiently.
Answer:
II only. A high utilization factor will result in a system that performs poorly is TRUE for a single-server queueing system. As it states that when designing a single-server queueing system, beware that giving a relatively high utilization factor (workload) to the server provides surprisingly poor measures of performance for the system.
True that queueing models enable finding an appropriate balance between the cost of service and the amount of waiting.
Explanation: RATE BRAINLIEST PLEASE
B- A high utilization factor will result in a system that runs and performs poorly in case of a single-server queuing system. This will happen due to less efficiency experienced in as the number of objects in a queue increases.
Single server queuing system will also help identify the fact that if the firm is in severe need of additional servers so as to make the system run well and to the expectancy of the org.
A single server queuing system is designed especially for firms where the server is mandatory but not of high usage and the firm has installed the system just for the sake of it.This system loses its efficiency when there is a great deal of requirements in the firm and the saturation of the firm is much higher than the capacity of the server.A firm will soon have to install additional server to its system to be able to manage the subjects and the objects of the firm's workload with an increase seen throughout and requirement to deploy such system is really required.Hence, the correct option is B that the high utilization factor will lead to the result in a system that performs poorly.
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The difference between GDP and NDP The accumulation of capital stock The consumption of fixed capital
Answer:
The consumption of fixed capital
Explanation:
GDP is Gross Domestic Product : Gross value of all final (finished) goods produced within an economy during an year.
NDP is Net Domestic Product : Net value of all final (finished) goods produced within an economy during an year.
GDP is the the production valued at its gross original price i.e at price excluding depreciation cost .
NDP is production valued at its net price , after deducting depreciation cost from gross value.
Depreciation is also called Consumption of Fixed Capital.
GDP - Depreciation/Consumption of fixed capital = NDP
A freehold estate is an ownership interest of indeterminable length that ends when the holder dies.
O True O False
Answer:
The statement is: False.
Explanation:
A freehold estate is a property given to a tenant for that person to enjoy the possession of the property for an unspecific time. That period ends when the owner of the property passes away or when the tenant breaches some of the conditions of temporarily owning the property like wasting it.
A company has a share price of $24.50 and 118 million shares outstanding. Its book equity is $688 million, its book debt-equity ratio is 3.2, and it has cash of $890 million.
How much would it cost to take over this business assuming you pay its enterprise value?
Answer:
Enterprise value = $ 3,033
Explanation:
The enterprise value is full value of business. It includes total equity and debt. However cash and cash equivalent are not included in it. Detail calculations are given below.
Enterprise Value = Market value of equity/common stock + Total debt- Cash
MV of equity = 24.5 * 118 = $ 2,891
Total Debt = 688/2*3 = $ 1,032
Cash = ($ 890)
Enterprise value = $ 3,033
A pro football quarterback has to move to a new house. What would be a good economic reason for him to do his own moving rather than hiring someone else?
a. Physically he is in better shape than ever.
b. He is retiring, so he no longer has the trade- off of missing practice or a game.
c. The bids from moving companies are a bit higher than he expected.
d. He makes 20% less money after the latest contract renewal
Answer: it would be B
Explanation:
The holder of a life estate has the right to use property for whatever purpose he or she sees fit without regard to the rights of its fee simple owner. True False
Answer:
The statement is: False.
Explanation:
A life estate comprehends the property that someone owns during a lifetime. The benefit of a life estate is that property will transfer without the need of the beneficiary appearing in the will after the holder is deceased. They cannot put the property on sale until the holder's decease, though. As well, holders cannot do anything at will without consulting their simple-fee owners.
The statement is false. The holder of a life estate can use and benefit from the property but must do so in a way that preserves its value for future owners.
The statement that the holder of a life estate has the right to use property for whatever purpose he or she sees fit without regard to the rights of its fee simple owner is false. A life estate grants the holder the right to use, occupy, and benefit from a property for the duration of their life. However, this right is not absolute and must be exercised with regard to the rights of the remainderman or reversioner, who holds fee simple interest. The life tenant is obligated to avoid actions that would damage the property or significantly alter its value. Therefore, while they can make use of the property, their use is constrained by the need to preserve the property's value for future owners.
On January 1, Martinez Inc. issued $3,000,000, 11% bonds for $3,195,000. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Martinez uses the effective-interest method of amortizing bond premium. At the end of the first year, Martinez should report unamortized bond premium of______________.a. $185,130b. $184,500c. $173,550d. $165,000
Answer:
correct option is b. $184,500
Explanation:
given data
issued amount = $3,000,000
rate = 11%
bonds for = $3,195,000
market rate of interest = 10 %
solution
firs we get here Cash paid that is
Cash paid = $3,000,000 × 11%
Cash paid = $330,000
and
Interest expense will be
Interest expense = $3,195,000 × 10%
Interest expense = $319,500
so premium amortization is
premium amortization = $330,000 - $319,500
premium amortization = $11,500
and premium over the 3 million = 195,000
so
New premium will be as
New premium = $195,000 - $11,500
New premium = $184,500
so correct option is b. $184,500
The unamortized bond premium at the end of the first year for Martinez Inc. should be reported as $184,500. This is calculated by subtracting the amortized bond premium from the initial bond premium.
Explanation:The unamortized bond premium at the end of the first year can be calculated as follows: The premium on the bonds is initially $195,000 (issued price of $3,195,000 minus face value of $3,000,000). The interest expense for the first year is the carrying amount of the bond times the market interest rate, which is $3,195,000 × 0.10 = $319,500. However, the bond actually pays interest based on its face value times the coupon rate, $3,000,000 × 0.11 = $330,000. The difference between these two figures, $330,000 - $319,500 = $10,500, is the amount of premium amortized in the first year. So, the unamortized bond premium at the end of the first year is the initial premium of $195,000 minus the amortized amount of $10,500, giving us $184,500.
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A salesperson can create an express warranty to which his/her company is legally bound.
Answer:
The statement is: True.
Explanation:
An express warranty is a protection on a product given by a salesperson to consumers indicating they will be in charge of repairs or refunds in front of failures. Usually, this type of promise is given to consumers so the buyer can accept the sale. If the product is higher than $15, the warranty must also be given written according to the Magnuson-Moss Warranty Act of 1975. In all moments, the company the salesperson works for is liable for accomplishing the warranty if necessary.
Consider the circular flow model when answering the following questions
a. A firm decides to buy an existing factory in town. This would occur in the _______
b. Profits (income generated from entrepreneurial ability) are earned by _______
c. The price of coffee is determined in the ________
Answer:
a. Factor market
b. the firm
c. product market
Explanation:
a, Factory is one of the factors of production, if it must be traded, it will be done in the market for factors of production known as the factor market.
b. Profit is a reward for one of the factors of production called entrepreneur, the entrepreneur, in the circular flow model is the firm
d. Consumer goods like coffee are available in the product market, therefore the price for coffee is determined in the product market.
Which ratio measures the number of dollars of operating earnings available to meet the firm's interest dollars and other fixed charges?
Answer:
The correct answer is: Fixed Charge Coverage Ratio.
Explanation:
The Fixed Charge Coverage Ratio (FCCR) is an accounting calculation that shows a company's ability to pay its fixed costs -expenses that generally do not vary with production level. This may include leases and insurance costs. This ratio is often used by lenders to see if a company is creditworthy. The FCCR is especially helpful when a company has a lot of debt.
On April 1, 2020, Tamarisk Company received a condemnation award of $447,200 cash as compensation for the forced sale of the company’s land and building, which stood in the path of a new state highway. The land and building cost $62,400 and $291,200, respectively, when they were acquired. At April 1, 2020, the accumulated depreciation relating to the building amounted to $166,400. On August 1, 2020, Tamarisk purchased a piece of replacement property for cash. The new land cost $93,600, and the new building cost $416,000.
Prepare the journal entries to record the transactions on April 1 and August 1, 2020.
Answer:
The forced sale is also accounted as disposal and any net gain or loss is reported in income statement. The accounting enteries are given below.
April 1, 2020.
Debit Cash Asset $ 447,200
Debit accumulated depreciation $ 166,400
Credit Land Asset $ 62,400
Credit Building Asset $ 291,200
Credit Profit on Disposal $ 260,000
August 1, 2020
Debit Land Asset $ 93,600
Debit Building Asset $ 416,000
Credit Cash Asset $ 509,600
Ute Co. had the following capital structure during Year 1 and Year 2: Preferred stock, $10 par, 4% cumulative, 25,000 shares issued and outstanding $ 250,000 Common stock, $5 par, 200,000 shares issued and outstanding 1,000,000 The preferred stock is not convertible. Ute reported net income of $500,000 for the year ended December 31, Year 2. Ute paid no preferred dividends during Year 1 and paid $16,000 in preferred dividends during Year 2. In its December 31, Year 2, income statement, what amount should Ute report as basic earnings per share?
Answer:
Basic Earnings Per Share = $2.45
Explanation:
Expectation: Calculate the Basic Earnings per Share
First, what is the net income for the year= $500,000
Preference dividend = $16
However, since the preference share is cumulative and no preference dividend was paid in the first year. It means the preference dividend of $16,000 paid was both for the first and second year
Hence, preference dividend for the second year = 4% x $250,000= 0.04x $250,000= $10,000
As such the Basic earning per share
= (Net income - Preference Dividend for the year 2)/Outstanding common shares
= ($500,000- $10,000)/200,000 shares
=$2.45
Ozark Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Ozark Sports is owned and operated by Eric Griffith, a well-known sports enthusiast and hunter. Eric’s wife, Linda, owns and operates Lake Boutique, a women’s clothing store. Eric and Linda have established a trust fund to finance their children’s college education. The trust fund is maintained by Missouri State Bank in the name of the children, Mark and Steffy. a. For each of the following transactions, identify which of the entities listed should record the transaction in its records. EntitiesL Lake BoutiqueM Missouri State BankO Ozark SportsX None of the above 1. Linda authorized the trust fund to purchase mutual fund shares.2. Linda purchased two dozen spring dresses from a St. Louis designer for a special spring sale.3. Eric paid a breeder’s fee for an English springer spaniel to be used as a hunting guide dog.4. Linda deposited a $2,000 personal check in the trust fund at Missouri State Bank.5. Eric paid a local doctor for his annual physical, which was required by the workmen’s compensation insurance policy carried by Ozark Sports.6. Eric received a cash advance from customers for a guided hunting trip.7. Linda paid her dues to the YWCA.8. Linda donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.9. Eric paid for dinner and a movie to celebrate their twelfth wedding anniversary.10. Eric paid for an advertisement in a hunters’ magazine. b. What is a business transaction?
Answer:
(a)
1. Linda authorized the trust fund to purchase mutual fund shares.
Missouri State Bank
2. Linda purchased two dozen spring dresses from a St. Louis designer for a special spring sale.
Lake Boutique
3. Eric paid a breeder’s fee for an English springer spaniel to be used as a hunting guide dog.
Ozark Sports
4. Linda deposited a $2,000 personal check in the trust fund at Missouri State Bank.
Missouri State Bank
5. Eric paid a local doctor for his annual physical, which was required by the workmen’s compensation insurance policy carried by Ozark Sports.
Ozark Sports
6. Eric received a cash advance from customers for a guided hunting trip.
Ozark Sports
7. Linda paid her dues to the YWCA.
None of the above
8. Linda donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.
Lake Boutique
9. Eric paid for dinner and a movie to celebrate their twelfth wedding anniversary.
None of the above
10. Eric paid for an advertisement in a hunters’ magazine
Ozark Sports
(b) Business Transaction:
A business transaction is an activity or event that can be measured in terms of money and which affects the financial position or operations of the business entity. For instance, an asset is acquired or a loan is paid off
Explanation:
(a)
1. The transaction pertains to Trust fund, hence it should be recorded by Missouri State Bank
2. The transaction pertains to the clothing boutique, hence it should be recorded by Lake Boutique
3. The transaction pertains to the business expenditure of Ozark Sports, hence it should be recorded by Ozark Sports
4. The transaction pertains to the bank, hence it should be recorded by Missouri State Bank
5. The transaction pertains to the business expenditure of Ozark Sports, hence it should be recorded by Ozark Sports
6. The transaction pertains to the business expenditure of Ozark Sports, hence it should be recorded by Ozark Sports
7. The transaction is not a business transaction.
8. The transaction pertains to the donations made via lake boutique, hence it should be recorded by Lake Boutique
9. The transaction is not a business transaction.
10. The transaction pertains to the business expenditure of Ozark Sports, hence it should be recorded by Ozark Sports
Transactions involving business operations or financial activities related to Lake Boutique, Ozark Sports or Missouri State Bank should be recorded by their respective entities. Transactions of personal nature do not involve the entities mentioned.
Explanation:1. Missouri State Bank should record the transaction of Linda authorizing the trust fund to purchase mutual fund shares.
2. The purchase of two dozen spring dresses from a St. Louis designer for a special spring sale should be recorded by Lake Boutique.
3. Eric's payment of a breeder’s fee for an English springer spaniel to be used as a hunting guide dog should be recorded by Ozark Sports.
4. The deposit of a $2,000 personal check in the trust fund at Missouri State Bank should be recorded by Missouri State Bank.
5. Eric's payment for his annual physical required by the workmen’s compensation insurance policy should be recorded by Ozark Sports.
6. The cash advance received from customers for a guided hunting trip should be recorded by Ozark Sports.
7. Linda's payment of her dues to the YWCA should be recorded by none of the entities, thus X.
8. The donation of several dresses from inventory for a local charity auction should be recorded by Lake Boutique.
9. Eric's payment for dinner and a movie to celebrate their wedding anniversary should be recorded by none of the entities, thus X.
10. Eric's payment for an advertisement in a hunters’ magazine should be recorded by Ozark Sports.
A business transaction is an economic event that is initiated by an entity and results in changes in its financial position.
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Management accountants need a wide variety of skills for their roles in organizations. These skills can be classified as either technical or nontechnical For each of the following skills, indicate whether it is a technical competency or a nontechnical competency for a management accountant. a. Planning, budgeting, and forecasting b. Leadership c. Financial statement analysis d. Adaptability e. Strategic thinking f. Change management g. Investment decision making h. Cost management i. Technology j. Internal financial reporting k. Collaboration I. Process improvement m. Performance management n. Customer service o. Enterprise risk management p. Decision analysis q. Communication r. Ethics s. Internal controls t. Business acumen
Answer:
See explanation section
Explanation:
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Management accountants require both technical and non-technical competencies. Technical competencies include skills such as planning, budgeting, financial statement analysis, investment decision making, cost management, and internal controls. Non-technical competencies include leadership, adaptability, strategic thinking, change management, collaboration, process improvement, performance management, customer service, enterprise risk management, decision analysis, communication, ethics, and business acumen.
Explanation:Technical CompetenciesPlanning, budgeting, and forecasting: This is a technical competency as it involves the use of financial data and analysis to create plans, budgets, and forecasts.Financial statement analysis: This is a technical competency as it involves the analysis and interpretation of financial statements to assess the financial health and performance of an organization.Internal financial reporting: This is a technical competency as it involves the preparation and presentation of financial reports for internal use within an organization.Investment decision making: This is a technical competency as it involves the analysis and evaluation of investment options to make informed decisions.Cost management: This is a technical competency as it involves the use of accounting techniques and cost analysis to control and manage costs within an organization.Internal controls: This is a technical competency as it involves the design, implementation, and monitoring of internal control systems to safeguard assets, ensure accuracy of financial records, and prevent fraud.Non-Technical CompetenciesLeadership: This is a non-technical competency as it involves the ability to guide and motivate others towards the achievement of organizational goals.Adaptability: This is a non-technical competency as it involves the ability to adjust and respond positively to changes and challenges in the work environment.Strategic thinking: This is a non-technical competency as it involves the ability to think critically and strategically, and make long-term plans to achieve organizational objectives.Change management: This is a non-technical competency as it involves managing and facilitating change within an organization, including communication, training, and stakeholder engagement.Collaboration: This is a non-technical competency as it involves working effectively with others, fostering teamwork, and building relationships to achieve common goals.Process improvement: This is a non-technical competency as it involves analyzing and improving business processes to increase efficiency and effectiveness.Performance management: This is a non-technical competency as it involves setting and monitoring performance goals, providing feedback and coaching to improve performance.Customer service: This is a non-technical competency as it involves understanding and meeting customer needs and expectations.Enterprise risk management: This is a non-technical competency as it involves identifying, assessing, and managing risks that could impact an organization's ability to achieve its objectives.Decision analysis: This is a non-technical competency as it involves using data and analytical techniques to analyze and evaluate options and make informed decisions.Communication: This is a non-technical competency as it involves effectively conveying information and ideas to others through various communication channels.Ethics: This is a non-technical competency as it involves acting with integrity, honesty, and ethical principles in all professional activities.Business acumen: This is a non-technical competency as it involves understanding and applying business knowledge and insights to make informed decisions and drive organizational success.1.The Keynesian AEmodel is a basic representation of the economy in a situation where,for whatever reason, prices don’t change.A.Show, in an AEdiagram, the change in equilibrium Yfrom a given increase inautonomous expenditure. (6 points)B.This simple Keynesian result relies on prices not changing when Yincreases. One reason prices wouldn't change is that input costs don't change. Explain why an increase in GDP might not lead to increased costs for producers. Hint: The economy is operating inside the PPF.
The Keynesian AE model or the expenditure-output model illustrates the economic equilibrium where total spending equals output. An increase in autonomous spending shifts the aggregate demand curve upwards, leading to a higher GDP. Producers may not face increased costs when GDP increases if an economy is operating inside its PPF, as spare resources can be utilized without additional cost.
Explanation:The Keynesian AE model, also known as the expenditure-output model, is utilized to represent the economy in a scenario where prices are unchanging. The equilibrium level of real GDP is essentially determined by the point where the total amount of spending equals the amount of output. This is depicted in the Keynesian cross diagram where aggregate expenditure is plotted on the Y-axis and real GDP, a measure of output, is plotted on the X-axis.
To illustrate how an increase in autonomous expenditure impacts equilibrium Y, consider the model. If autonomous expenditure increases, it causes an upward shift in the aggregate demand (spending) curve. This results in a new, higher equilibrium point, which represents a higher level of real GDP (Y).
Now, with regards to why an increase in GDP might not result in increased inputs costs for producers, we need to consider the idea of an economy operating inside its Production Possibilities Frontier (PPF). When an economy is operating inside the PPF, it indicates the presence of unused resources or inefficiency. Therefore, when GDP rises (due to increased autonomous spending, for example), producers can make use of these previously unused resources to ramp up production without incurring additional costs.
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Compare the financial statements of American Eagle (Appendix A) and Buckle (appendix B) at the end of the book. Determine which company's growth rate in total assets, net sales, and net income is greater. Why do you think this might be the case? Explain
Answer:
American Eagle
Explanation:
Total assets of American Eagle corporation as of February 3, 2018 was $1,816,313 (in thousands). On the other hand, total assets of Buckle corporation at the same time was $538,116 (in thousands).
For the year ended, February 3, 2018
American Eagle (in thousands) Buckle (in thousands)
Net sales $3,795,549 $913,380
Net Income $204,163 $89,707
American Eagle corporation is bigger than Buckle corporation. The number of retail stores of Eagle company is higher than the Buckle corporation. Therefore, the revenue is higher. Again, the company has more non-current assets from which American Eagle company can generate more revenues. So, for those reasons, American Eagle is a better company.
American Eagle has a greater growth rate in total assets, net sales, and net income compared to Buckle.
Explanation:When comparing the financial statements of American Eagle and Buckle, it is important to look at the growth rates in total assets, net sales, and net income to determine which company is experiencing greater growth. In the case of American Eagle, the growth rate in total assets is 3.63%, while Buckle's growth rate is -8.12%. This indicates that American Eagle is experiencing positive growth in its assets, while Buckle is seeing a decline.
Similarly, American Eagle's growth rate in net sales is 8.59%, whereas Buckle's growth rate is -9.91%. This shows that American Eagle is generating more sales and experiencing positive growth, while Buckle's sales are declining. Finally, in terms of net income, American Eagle's growth rate is 72.76%, whereas Buckle's growth rate is -31.92%. This indicates that American Eagle is earning more profit and experiencing significant growth, while Buckle's profitability is declining.
The reason for the differences in growth rates could be attributed to various factors such as differences in business strategies, target markets, product offerings, and management decisions. It is important to analyze additional information and factors to gain a comprehensive understanding of the reasons for the differences.
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Design or name any methods of internal controls you think could prevent or detect the unethical behavior in the future.
Answer:
As we know the internal controls are not effective after a passage of time because there are familiarity threats which might result in the unethical behavioral implications. So to prevent or detect the management unethical behavior, we can do the following things:
Segregation of Duties
Checking the effectiveness of the internal control after every year or semi year.
Using only company bank account for all the payments and receipt.
Redesigning policies of the organization to ensure effective working of the internal controls.
Bank reconciliation at the month end
On the job, Jack acts purely in his own best interest. He follows company rules only to avoid being fired. At what level of moral development is Jack most likely functioning?
a. Unrestricted
b. Principled
c. Conventional
d. Mature
e. Preconventional
Answer:
e. Preconventional
Explanation:
In Kohlberg's Stages of Moral Development, Pre-conventional level doesn’t have a personal code of morality. Instead, moral code is shaped by the standards of adults i.e Jack follows company rules only to avoid being fired and the consequences of following or breaking their rules.
Pursuant to plan of reorganization adopted in the curren year, newman corporation exchanged property with an adjusted basis of 80,000 for 5,000 shares of jabot corporation stock. The Jabot shares had a fair market value of 95,000 on the date of the exchange. Newman Corporation was liquidated shortly after the exchange with its sole shareholder. Victor, receiving the jabot shares. Victor had a dollar 90,000 basis in the Newman shares surrendered.
1. As a result of the exchange, what are Victor's recognized gain and his basis in the jabot stock?
Answer:
Explanation:
Victor's recognized gain equals to zero, because this exchange qualifies under Sec. 368 as a tax-free reorganization.
Victor's recognized gain from the exchange is $0, and the basis in the Jabot stock he received is $90,000, following the tax-free reorganization rules of the Internal Revenue Code.
The question deals with the tax consequences of a corporate reorganization transaction. To answer what Victor's recognized gain and basis in the Jabot stock are, we must apply the Internal Revenue Code (IRC) regulations pertaining to these types of exchanges.
Firstly, the exchange by Newman Corporation of property for Jabot Corporation stock is a tax-free reorganization if it qualifies under IRC Section 368. Assuming it does, no gain or loss is recognized on the exchange of the property for stock. This means Victor's recognized gain is $0.
Now, to determine Victor's basis in the Jabot stock, we need to consider the basis rules for tax-free reorganizations. The basis of the Jabot stock in Victor's hands will be the same as his basis in Newman Corporation shares, since the stock was received in a qualifying reorganization.
Victor's basis in Newman Corporation was $90,000. Therefore, his basis in the Jabot shares will also be $90,000, assuming Newman Corporation had no other liabilities that might affect this amount.
Noah, age 65, and Ella, age 54, are married. They elect to file Married Filing Jointly.
Their son Leo is 23 years old and a full-time college student in his third year of study. He is pursuing a degree in Business Administration and does not have a felony drug conviction. His 2018 Form 1098-T did not have an amount entered in box 2.
Their son Freddie is 26 years old and graduated from college in June 2019. He had a part-time job where he earned $7,000 in 2019.
Noah and Ella paid more than half the cost of maintaining a home and provided over half the support for both Leo and Freddie. Noah retired in 2019 and received interest income, Social Security benefits, and wages from a part-time job. Ella received disability pension benefits. She has not reached minimum retirement age.
Noah and Ella made estimated tax payments of $500 for 2019. Noah and Ella do not have enough deductions to itemize.
Leo received a scholarship and the terms require that it be used to pay tuition. Noah and Ella paid the cost of Leo's tuition and course-related books in 2019 not covered by scholarship. They paid $75 for a school sweatshirt for homecoming and $4,500 for a meal plan.
If Noah and Ella receive a refund, they would like to deposit half into their checking account and half into their savings account. Documents from County Bank show that the routing number for both accounts is: 111000025. Their checking account number is 987654321 and their savings account number is 234567890.
14. Ella's disability pension is reported as wages and considered earned income for the purposes of the earned income tax credit.
True/False
15. Amounts paid for room and board and meal plan are qualified education expenses for claiming the American opportunity credit.
True/False
16. How much of Noah's Social Security is taxable?
a. $0
b. $6,851
c. $2,175
d. $31,000
17. What is the amount of Noah and Ella's standard deduction? $
18. Which of the following items are included in the total payments on Noah and Ella's tax return?
a. Federal income tax withheld from Forms W-2 and 1099
b. $500 estimated tax payment
c. Refundable credits
d. All of the above
19. Leo and Freddie are dependents on Noah and Ella's 2019 tax return.
True/False
Answer: 1.True, 2. False, 3.d $31,000 4 .$4,575 5. b $500 estimated tax payment 6.False
Explanation:
Tax credit is the allowance on tax given to those whose income is low in the country. In this case disability pension is considered earned income The amount of rooms and board and meal plan does not qualify as education expenses for the purpose of claiming credit on tax. The limit that is taxable is $31,000 on social security.
The amount of Noah and Ella standard deduction is $75 for sweatshirt plus $4,500 for meal plan totaling 4,575 . Noah and Ells paid ,$500 estimated tax payment because their income is low. Also, only Leo is qualify as dependent on Noah and Ells tax return
Ella's disability pension is not considered earned income for tax credit. Room and board don't qualify as education expenses for opportunity credit. The amount of Noah's Social Security that's taxable, their standard deduction, and if Leo and Freddie can be included as dependents, depend on additional specifications. Federal income tax, estimated tax payment, and refundable credits are all included in their total payments.
Explanation:14. False, Ella's disability pension is not considered as earned income for the earned income tax credit.
15. False, amounts paid for room and board and meal plan do not qualify as education expenses for the American opportunity credit.
16. The answer depends on additional information including Noah's total income and the amount of his Social Security benefits. Therefore, without these specific details, it is not possible to definitively say how much of his social security is taxable.
17. Noah and Ella's standard deduction amount would be reliant on the rules applicable for the tax year 2019. Normally, standard deduction for a married couple filing jointly in 2019 is $24,400.
18. d. All of the above, Federal income tax withheld from Forms W-2 and 1099, $500 estimated tax payment, and refundable credits are all factors in the total payments on Noah and Ella's tax return.
19. True, Leo and Freddie can be claimed as dependents on Noah and Ella's 2019 tax return as they meet the relative test, age test, residency test, and support test.
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