Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company’s fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $88 for janitorial services. b. Paid $53.68 for miscellaneous expenses. c. Paid postage expenses of $53.50. d. Paid $47.15 to The County Gazette (the local newspaper) for an advertisement. e. Counted $62.15 remaining in the petty cashbox. 16 Prepared a company check for $200 to increase the fund to $500. 31 The petty cashier reports that $288.20 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. f. Paid postage expenses of $147.36. g. Reimbursed the office manager for business mileage, $23.50. h. Paid $34.75 to deliver merchandise to a customer, terms FOB destination. 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $100, leaving a total of $400.

Answers

Answer 1

Answer:

The petty cash balance is prepared as follows:

Explanation:

                   The Petty Cash Book for Kiona Co.

Date           Purchase                                  Amount($)     Balance ($)

                   Check                                                300                 300

                   Janitorial services                               88                  212

                   Miscellaneous expenses                    53.68             158.32

                   Postage expenses                               53.5               104.82

                   Country Gazette                                   47.15                57.57

                   Balance as counted                               -                     62.15

                   Company check                                  200                 262.15

                   Balance as reported                              -                     288.20

                   Postage expenses                               147.36              140.84          

                   Reimbursement                                      23.5               117.34

                   Deliveries                                                34.75               82.59

                   Balance at month-end                             -                      82.59

                   Balance for June 1st                                 -                    400

                   Float for June                                            -                    482.59

Answer 2

Preparation of the journal entries for Kiona.Co

1. May 1

Dr Petty cash $300

Cr $300

2. May 15

Dr Janitorial services $88

Dr Miscellaneous expenses $53.68

Dr  Paid postage expenses $53.50

Dr Advertising expenses $47.15

Cr Cash over and short $4.48

($88+$53.68+$53.50+$47.15-$237.85)

Cr Cash $237.85

($300-$62.15)

3. May 16

Dr  Petty Cash Fund $200

Cr Cash Account $200

4. May 31

Dr Postage expenses $147.36

Dr Mileage expense $23.50

Dr Delivery Expense $34.75

Dr Cash over and short $6.19

($211.8-$147.36+$23.50+$34.75)

Cr Cash $211.8

($500-$288.20)

5. May 31

Dr Cash  $100

Cr Petty Cash  $100

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Related Questions

Apply the appropriate label to each market situation. 1. Two countries agree to lower import tariffs on selected goods. (international trade) 2. A country loosens its restrictions on foreign-based land ownership. (flow of funds across national borders) 3. A nation permits private firms to compete with the state-owned mail service. (competitive markets)

Answers

Answer: 1 Bilateral trade agreement, 2. Foreign direct investment , 3. Deregulation

Explanation:

Bilateral trade agreement : This can be defined as the agreement between two countries to give each other a free access to each other market. This kind of agreement create a level playing field for the citizens of both countries to compete favourably in each other market without any form of discrimination or restriction whatsoever. The agreement is reached in order to eliminate tariff on goods coming from each other countries or to lower the tariff on goods coming from each other countries.

Foreign direct investment : This is the free movement of money from one country to another for the purpose of investment in business ventures or in properties in that country. It is the ownership of business or investment in one country by an individual or corporate body based in another country. For instance when a foreigner owns an asset such as land or building in another country or business venture.

Deregulation : This is the economic policy by which a government of a nation decides to remove the existing control or any form of regulation in the market with a view to further promote competition in the market. It applies to when a government allows a privately own business to compete in the same market with the government owned business. In this case each company's will compete favourably for its own share of the market which are previously reserved only for the government owned business to operate.

A classified balance sheet:____________.A. Measures a company's ability to pay its bills on time. B. Organizes assets and liabilities into important subgroups that provide more information. C. Broadly groups items into assets, liabilities and equity. D. Reports operating, investing, and financing activities. E. Reports the effect of profit and dividends on retained earnings.

Answers

Answer:

The correct answer is B

Explanation:

Classified balance sheet is the one which provides or presents the information regarding the assets, shareholder's equity and the liabilities of the entity which is further segregated or classified into the sub- categories of the accounts.

The most common is the Long-term investments and Current Assets.

So, it organizes the assets and the liabilities into vital sub- groups which provide more information.

Write a journal entry about your imagined investment. Answer the following questions as you write.

1. What stock did you buy?

Answers

Answer:

Common Stock $80,000 (debit)

Cash. $80,000 (credit)

Shares of an American Airline AAL

Explanation:

Imagined buying AAL shares

Final answer:

In a journal entry, the student imagined buying stock in an innovative tech company after researching using reputable sources and investment tools. They learned the value of portfolio diversification and utilized an online brokerage for the purchase, gaining insights into market dynamics and investment strategies.

Explanation:Journal Entry on Imagined Investment

Today, I made the decision to buy shares of a company known for its innovative technology and potential for growth. After conducting comprehensive research through reliable sources such as Fortune, The Wall Street Journal, and Business Week, along with investment tools like Moody's and Standard & Poor's, I settled on purchasing the stock of XYZ tech company. I believe that the company's recent developments and expansion plans indicate a bright future, aligning with my strategy to invest in firms with products that cater to the future needs of consumers.

In the process, I learned the importance of diversifying a portfolio to mitigate risk. To purchase the stock, I utilized an online brokerage platform which allowed me to execute trades swiftly. While reflecting on my investment, I considered how fluctuations in stock prices can compare to those in housing markets, and the different types of risk associated with each investment.

Through this hypothetical exercise, I gained valuable insights into the dynamics of the stock market and the analytical skills needed to make informed decisions. My goal throughout this process has been to understand how to build a robust portfolio that thrives over time, taking into account various economic factors and market trends. This exploratory phase has been enriching, and it certainly adds a practical layer to my theoretical understanding of finance and investments.

An article in the New Yorker magazine states, "the main burden of trade-related job losses and wage declines has fallen on middle- and lower-income Americans. But...the very people who suffer most from free trade are often, paradoxically, among its biggest beneficiaries." Explain how it is possible that middle- and lower-income Americans are both the biggest losers and at the same time the biggest winners from free trade. Source: James Surowiecki, "The Free-Trade Paradox," New Yorker, May 26, 2008. It would be possible for middle- and lower-income Americans to be both the biggest losers and at the same time the biggest winners from free trade if they are the ones most likely to O A. work in industries that do not have an absolute advantage and purchase those goods in O B. work in industries that have a comparative advantage and purchase those goods in which O C. work in industries that produce at higher total cost than do other countries and purchase 0 D. work in industries that do not have a comparative advantage and purchase those goods in O E. work in industries that produce at higher opportunity cost than in other countries and which other countries have an absolute advantage. other countries have a comparative advantage. those goods that can be produced at lower total cost in the United States. which the United States has a comparative advantage. purchase those goods that can be produced at lower opportunity cost in other countries.

Answers

Answer:

Option E.

Explanation:

In free trade, a country with a comparative advantage in a good produces that good in the long-term. Therefore, if these people are working in an industry in which it has a higher opportunity cost i.e. it does not have a comparative advantage; they will eventually see job loss or fall in income or both. On other hand, when they purchase goods which has lower opportunity costs in foreign, they get access to these at a lower price and can purchase a higher quantity. So, these people are both harmed and benefitted by free trade.

The Montauk Company has a dividend reinvestment plan in which shareholders owning 27% of its common stock participate. Last year the firm's EPS was $4.20, and its payout ratio was 60%. There are 2 million shares of common stock outstanding. How much new capital did Montauk raise through the reinvestment program?

Answers

Answer:

Total capital gain will be $1360800

Explanation:

We have given EPS = $4.20

Total number of shares = 2000000

So total Net Income = EPS x No. of shares = $4.20 x 2000000 = $8,400,000

Dividend = 60% x 8,400,000 = $5040000

25% shareholder participated in dividend reinvestment

So Capital raised = 27% x $5040000 = $1360800

So total capital gain will be $1360800

On January 1, you sold one February maturity S&P 500 Index futures contract at a futures price of 2,422. If the futures price is 2,505 at contract maturity, what is your profit? The contract multiplier is $50. (Input the amount as positive value.)

Answers

Answer:

The loss will be $4,150.

Explanation:

As the investor sold S&P 500 futures contract, the investor has taken a short position in S&P 500 indexes.

At time of maturity, because the S&P index is higher than the future price ( 2,505 >2,422), the Investor has made a loss from the future contract.

The loss from the future contract is calculated as:

( S&P index at future maturity - S&P future price ) x contract multiplier = ( 2,422 - 2,505) x 50 = $(4,150)

Thus, the loss is $4,150.

IE 11-1 ... AS/AD Model – Assume this economy has now moved from Year 3 back to Year 2 as a result of too much "monetary contraction" by the FED. With the Price Level having fallen to $1.90 and employment down to _______ million, the Nominal Production GDP will be only $3800 billion. In the PPF Model the economy will be at Point _________ ..

Answers

Answer:

110 million. Point U.

Explanation:

This economic system is referred to as a depression and it is a downturn that has occurred over a long period of time. It is a sustained downturn that is more worse than a recession. This normally affects the economic activities. In the economic system above, the employment decreased to 10 million while the economic system is at Point U.

Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par value common stock. During 2020, Lindsey Hunter took part in the following selected transactions.
1. Issued 5,000 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,000.
2. Issued 1,000 shares of stock for land appraised at $50,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance.
3. Purchased 500 shares of treasury stock at $43 per share. The treasury shares purchased were issued in 2016 at $40 per share. .

Instructions

(a) Prepare the journal entry to record item 1.
(b) Prepare the journal entry to record item 2.

Answers

Answer:

(a).

Dr Cash                                                      218,000

Cr Common Stock                                    25,000

Cr Paid-in capital - Common stock          193,000

( to record the issuance of 5,000 share at $45 with cost of $7,000)

(b)

Dr Land appraised expenses            46,000

Cr Common stock                              5,000

Cr Paid-in capital - Common stock   41,000

( to record the issuance of shares in exchange for land appraisal services at market value of shares issuance)

Explanation:

(a)

Cash receipt is 5,000 x 45 - 7,000 = $218,000; Common stock increase by Par value x stock issuance = 5 x 5,000 = $25,000; Paid-in capital increase by (45-5) x 5,000 - 7,000 = $193,000.

(b)

Common stock increase by par value x stock issuance = 1,000 x 5 = $5,000; Appraisal Expenses is increased at the market value of the shares issuance = 1,000 x 46 = $46,000; Paid-in capital account increase by the amount calculated as ( Share price - Par value) x share issuance = (46-5) x 1,000 = $41,000.

Final answer:

In item 1, the journal entry to record the issuance of 5,000 shares of stock at $45 per share would include a debit to Cash and a credit to both Common Stock and Additional Paid-in Capital. In item 2, the journal entry to record the issuance of 1,000 shares of stock for land appraised at $50,000 would include a debit to Land and a credit to both Common Stock and Additional Paid-in Capital.

Explanation:

(a) Prepare the journal entry to record item 1:

Issued 5,000 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,000.

DR Cash $220,000 ($45 x 5,000)

CR Common Stock $25,000 ($5 x 5,000)

CR Additional Paid-in Capital $198,000 ([$45 - $5] x 5,000 - $7,000)

(b) Prepare the journal entry to record item 2:

Issued 1,000 shares of stock for land appraised at $50,000.

DR Land $50,000

CR Common Stock $5,000

CR Additional Paid-in Capital $45,000

The Chief Marketing Officer of the Kimberly-Clark Company will be using a percentage of sales method to set the advertising budget for the year. Historically, the company uses 7% of sales for promoting their brand of toilet paper each year. Based on market data, the company estimates to achieve $2.8 million dollars in sales this coming year. What will their budget be for promoting the brand?

Answers

Answer:

The budget for promoting the brand

= 7% x $2.8 million

= $0.196 million

Explanation:

Since the budget for promoting the brand is estimated at 7% of sales, thus, the budget for promoting the brand is 7% x $2.8 million.

Final answer:

To calculate the advertising budget for Kimberly-Clark's brand of toilet paper using the percentage of sales method, multiply 7% by the estimated sales of $2.8 million, resulting in an advertising budget of $196,000 for the year.

Explanation:

The question at hand requires applying the percentage of sales method to calculate the advertising budget for a specific product within the Kimberly-Clark Company. With historical data indicating that the company spends 7% of its sales on advertising for their brand of toilet paper, and projected sales of $2.8 million for the upcoming year, the calculation is straightforward. By multiplying 7% (or 0.07 in decimal form) by the projected sales amount of $2.8 million, we can determine the advertising budget allocated for the brand.

Calculating this gives us: 0.07 x $2,800,000 = $196,000. Therefore, the budget for promoting the Kimberly-Clark brand of toilet paper will be $196,000 for the coming year.

Craig bought a new boat. He made a 18% down payment. He financed the rest through his bank for 4 years. His bank charged 4% per year compounded monthly and his monthly payments were $500. What was the original price of the boat?

Answers

Answer:

$27,005.62

Explanation:

Data provided in the question:

Down payment made = 18%

Monthly payment = $500

Interest rate, i = 4% per year compounded monthly

Time = 4 years

Now,

Present value of annuity = Monthly payment × [tex]\left[ \frac{1-(1+i)^{-n}}{i} \right][/tex]

n = number of periods

Here,

number of periods , n = 4 × 12 = 48 months

Interest rate per period, i = 0.04 ÷ 12 = 0.003333

on substituting the values

Present value of annuity = $500 × [tex]\left[ \frac{1-(1+0.003333)^{-48}}{ 0.003333 } \right][/tex]

or

Present value of annuity = $500 ×  [tex]\left[ \frac{1 - 1.003333^{-48}}{ 0.003333} \right] [/tex]

or

Present value of annuity = $500 × [tex]\left[ \frac{1 - 0.852384}{ 0.003333} \right][/tex]

or

Present value of annuity = $500 × 44.289229

or

Present value of annuity = $22,144.61

also,

Present value of annuity is (100% - Down payment) i.e (100% - 18%) 82% of the original price

Therefore,

Original price of the boat =  $22,144.61 ÷ 82%

= $22,144.61 ÷ 0.82

= $27,005.62

Final answer:

The original price of Craig's boat is approximately $26,065.21.

Explanation:

Craig's problem can be solved using the formula for an amortizing loan, which is expressed as:

PV = PMT / [(1 - (1 + r)^-n) / r]

, where PV is the loan amount, PMT is the monthly payment, r is the monthly interest rate, and n is the number of payments. Since Craig's monthly payment was $500 and the interest rate was 4% compounded monthly (hence, r=4/12/100=0.00333) for 4 years, or 48 months (hence, n=48). Substituting these values into the formula, we get the loan amount for the boat that Craig financed:

PV = $500 / [(1 - (1 + 0.00333)^-48) / 0.00333]

= $21,375.67. Remember, Craig made an 18% down payment, so the original price of the boat is the loan amount divided by 82% (100% - 18%) = $21,375.67 / 0.82 = $26,065.21.

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Fighting Irish Incorporated pays its employees $3,640 every two weeks ($260/day). The current two-week pay period ends on December 28, 2018, and employees are paid $3,640. The next two-week pay period ends on January 11, 2019, and employees are paid $3,640.1. Record the adjusting entry on Dec. 31, 20182. Record the payment of salaries on Jan. 11, 20193. Calculate the 2018 year-end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2018 is $0)

Answers

Answer:

1. Salaries expense A/c $780

               To Salaries payable A/c $780

(Being adjusting salary is recorded)

2. Salaries expense A/c Dr $2,860   ($260 × 11 days)

Salary payable A/c Dr $780

    To Cash A/c $3,640

(Being the payment is recorded)

3. $780

Explanation:

1. The adjusting entry is presented below:

Salaries expense A/c $780

               To Salaries payable A/c $780

(Being adjusting salary is recorded)

The salaries expense is calculated below:

= Salary per day × number of days

= $260 × 3 days

= $780

The number of days is calculated from Dec 28 to Dec 31

2. The entry would be

Salaries expense A/c Dr $2,860   ($260 × 11 days)

Salary payable A/c Dr $780

    To Cash A/c $3,640

(Being the payment is recorded)

3. The year-end adjusting balance would be

= Salaries Payable before adjustment + adjustment balance

= $0 + $780

= $780

Bonita Cosmetics acquired 10% of the 218,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2017. On June 30, Martinez declared and paid $71,300 cash dividend to all stockholders. On December 31, Martinez reported net income of $118,000 for the year. At December 31, the market price of Martinez Fashion was $14 per share. Situation 2 Windsor, Inc. obtained significant influence over Seles Corporation by buying 30% of Seles’s 32,300 outstanding shares of common stock at a total cost of $8 per share on January 1, 2017. On June 15, Seles declared and paid cash dividends of $35,200. On December 31, Seles reported a net income of $82,000 for the year.

Answers

Answer:

See explanation section

Explanation:

Req. A: Situation 1

Mar 18   Available for sale of stocks of MF  Debit   $283,400

                                                Cash               Credit             $283,400

Note: As Bonita acquired 10% of Martinez shares at $13, total cash has to be paid to Martinez Fashion = (218,000*10%) × $13 = 21,800 shares × $13 = $283,400.

Jun 30       Cash                                             Debit   $7,130

                                    Dividend Revenue    Credit                $7,130

Note: As Martinez declared $71,300 to all stockholders, Bonita will receive 10% of those dividends as they acquired 10% of the total stocks. The cash received from the MF is = $71,300 × 10% = $7,130.

Securities Fair Value

Dec 31        Adjustment                      Debit     $21,800

                        Unrealized holding gain (loss)- Equity    Credit     $21,800

Note: As the market price of the share increased to $14-$13 = $1, Bonita would gain from the increased market price. Total gain = $1 × (218,000 shares × 10%) = $21,800.

Req. B Situation 2

Investment in Seles

Jan 1          Common stock of Seles Corp.     Debit      $77,520

                                       Cash                         Credit             $77,520

Note: As Windsor, Inc. obtained 30% of Martinez shares at $8, total cash has to be paid to Martinez Fashion = (32,300*30%) × $8 = 9,690 shares × $8 = $77,520.

Jun 15        Cash                                           Debit         $10,560

                            Dividend Revenue          Credit             $10,560

Note: As Seles declared $32,300 to all stockholders, Windsor, Inc. will receive 30% of those dividends as they acquired 30% of the total stocks. The cash received from the MF is = $32,300 × 30% = $10,560.

                  Investment in Seles

Dec 31        Cash                   Debit          $24,600

                                    Revenue     Credit                       $24,600

Note: As Seles reported a net income of $82,000, due to acquiring 30% of Seles stock, Windsor, Inc. will receive 30% of its net income. The revenue is = $82,000 × 30% = $24,600.

Situation 1 Bridgeport Cosmetics acquired 10% of the 184,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2020. On June 30, Martinez declared and paid $69,400 cash dividend to all stockholders. On December 31, Martinez reported net income of $113,000 for the year. At December 31, the market price of Martinez Fashion was $14 per share.

Situation 2 Indigo, Inc. obtained significant influence over Seles Corporation by buying 30% of Seles’s 31,400 outstanding shares of common stock at a total cost of $9 per share on January 1, 2020. On June 15, Seles declared and paid cash dividends of $39,100 to all stockholders. On December 31, Seles reported a net income of $85,000 for the year.

Required:

1. Prepare all necessary journal entries in 2020 for both situations.

Answers

Answer:

Please see find the answer in the explanation!

Explanation:

Situation 1:

First entry:

Bridgeport acquired 10% of shares of Martinez Fashion, the double entry would reduce the cash of Bridgeport and increase the asset, see as follows:

Shares Dr $239200 (18400× $13)

           Cash  Cr $239200

On June 30, Martinez declared and paid $69400 cash to all stockholders, Bridgeport will be entitled to 10% of the declared and paid dividend, therefore, dividend income will have to be recorded as follows:

Cash/bank Dr $6940

            Dividend Income Cr $6940

Situation 2:

Indigo Inc obtained significant influence over Seles corporation (making her an Associate). In a group situation, an associate is equity accounted and is recorded as an investment in the statement of financial position and is also entitled to the profits with the proportion of their ownership. First entry would be to record the associate as an investment, see as follows:

Investment in Associate Dr $84780

                                      Bank/Cash Cr $84780

On june 15 Seles declared and paid cash dividend, Indigo Inc will be entitled to 30% of the dividend, see as follows:

Dividend income= $39100× 30%

Dividend income= $11730

Entry:

Cash/Bank Dr $11730

      Dividend income Cr $11730

Unlike Bridgeport Corporation, Indigo Inc will be entitled to 30% of the reported net income as well. The entry is as follows;

Cash/Bank Dr $ 25500 ($85000× 30%)

                 Income Cr $ 25500

Lexington Company sells product 1976NLC for $50 per unit. The cost of one unit of 1976NLC is $45, and the replacement cost is $43. The estimated cost to dispose of a unit is $10, and the normal profit is 40%.

At what amount per unit should product 1976NLC be reported, applying lower-of-cost-or-market?
a. $20.
b. $40.
c. $43.
d. $45.

Answers

Answer:

b. $40.

Explanation:

We select the lower of each of the following for reporting purposes.

Cost = $45

Replacement cost = $43

Neat realizable value = Selling price - disposal and completion costs

NRV = 50 - 10 = $40

We use lower of the values to take into account obsolete inventory or deterioration of inventory and as such the lowest of NRV is used for recording purposes.

Hope that helps.

Stockholders' equity is generally classified into two major categories:
a. contributed capital and appropriated capital.
b. appropriated capital and retained earnings.
c. retained earnings and unappropriated capital.
d. earned capital and contributed capital.

Answers

Answer:

d. earned capital and contributed capital.

Explanation:

The statement of stockholder's equity comprises common stock, preferred stock , and retained earnings.

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

And, the ending balance of the common stock = Beginning balance of common stock + issued shares

The contributed capital comprises of common stock and the preferred stock whereas the earned capital includes retained earnings

Final answer:

Stockholders' equity is classified into two major categories: contributed capital and retained earnings, corresponding to the money from share investments and reinvested profits, respectively.

Explanation:

Stockholders' equity is typically divided into two major categories: contributed capital and retained earnings. Therefore, the correct answer is letter d: earned capital and contributed capital. Contributed capital represents the money that shareholders invest directly in the company by purchasing shares of stock, which can be described as a firm's claim on partial ownership divided into individual portions. Retained earnings, on the other hand, are the cumulative profits that a corporation has earned and reinvested in the business rather than paid out as dividends to shareholders. Retained earnings can be accumulated through several means, including early-stage investors, reinvesting profits, borrowing through banks or bonds, and selling stock in the form of an initial public offering (IPO).

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Being undecided on what to do with $100,000 just received on F's policy, decides to leave the proceeds on deposit with the insurer at interest. The rate being paid is 5%. In one year, what amount will be taxable?

Answers

Answer:

$5,000

Explanation:

If these are death benefit funds then it must be noted that tax is not applicable on the lump sum amount of death benefit but the interests paid on the amount left on deposit with the insurer is taxable. In simple terms, if dividends are left on deposit to earn interest then this interest is taxable!

Interest rate= 5%

Amount= $100,000

Tax= 0.05x100,000

Tax= $5,000

It is estimated that there are 34 deaths for every 10 million people who use airplanes. A company that sells flight insurance provides​ $100,000 in case of death in a plane crash. A policy can be purchased for​ $1. Calculate the expected value and thereby determine how much the insurance company can make over the long run for each policy that it sells.

Answers

Answer:

Explanation:

The probablility of having to pay a death claim on the policy is

[tex]\frac{34}{10,000,000}[/tex]

insurance companys loss  = $1 - $100,000 = -$99,999

Consider the outcome in which there is no death claim on the policy.

1 − Probability of death claim = Probability of no death claim

1 - [tex]\frac{34}{10,000,000}  = 0.9999966[/tex]

If the insurance company does not need to pay a death​ claim, its gain​ is:

Profit − Cost = Gain or Loss

The expected value is calculated by multiplying the gain or loss for each possible outcome by its​ probability, and then adding these products together.

-$99,999 [tex]\frac{34}{10,000,000}[/tex]+$1(0.9999966) = $0.66

Over the long​ run, the insurance company can expect to make ​$0.66 on each policy that it sells.

Final answer:

The expected value for each policy sold by the insurance company is $1,000,000.4, meaning that the insurance company can make approximately $1,000,000.4 for each policy sold.

Explanation:

To determine the expected value, we need to multiply the probability of each outcome by its associated value and sum them up. In this case, we have two outcomes: death and no death.

Since 34 out of 10 million people die, the probability of death is 34/10,000,000. The value associated with death is $100,000. The probability of no death is 1 - (34/10,000,000). The value associated with no death is $0.

The expected value is calculated as follows:

Expected Value = (Probability of death * Value of death) + (Probability of no death * Value of no death)

= (34/10,000,000 * $100,000) + (1 - (34/10,000,000) * $0)

= $3.4 + $999,997

= $1,000,000.4

Therefore, the expected value for each policy sold by the insurance company is $1,000,000.4. This means that over the long run, the insurance company can make approximately $1,000,000.4 for each policy sold.

The marginal product of labor is the:

a. additional amount of output that can be produced from hiring one more worker.
b. additional amount of inputs a firm demands based on a change in consumer demand for the output.
c. decreasing amount of output that can be produced from hiring one more worker.
d. value of production from the last worker hired.
e. additional amount of consumer goods that can be bought from an additional hour’s worth of work.

Answers

Answer:

Option (a) is correct.

Explanation:

The Marginal product of labor is defined as the extra units of output produced from hiring one more labor. The formula for marginal product of labor is as follows:

Change in output per unit change in labor:

[tex]MP_{L}=\frac{Change\ in\ o/p}{change\ in\ Labor}[/tex]

Graphically, the marginal product of labor is the slope of the production function for a particular firm and it is calculated by differentiating production function with  respect to labor.

Suppose on January 1 Adam​'s Tavern prepaid rent of $ 20 comma 400 for the full year. At March 31​, how much rent expense should be recorded for the period January 1 through March 31​?

Answers

Answer:

$5,100

Explanation:

Assuming a constant monthly rent rate throughout the year, the amount that should be recorded as rent expense, per month, is:

[tex]M = \frac{\$20,400}{12}\\M=\$1.700[/tex]

From January 1st through March 31​st there are three full months. Therefore, the amount that should be recorded is:

[tex]A = 3*\$1,700\\A = \$5,100[/tex]

Bourne Incorporated reports a cash balance at the end of the month of $2,395. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($76), an NSF check from a customer ($260), a customer’s note receivable collected by the bank ($1,000), and interest earned ($26).Required:Record the necessary entries the balance of cash. Transaction #1 record the entries that increase cash. Transaction #2 record the entries that decrease cash.

Answers

Answer:

Increase in Cash/bank = $1000+ $26 = $1026

Decrease in Cash/bank = $76+$260 = $336

Explanation:

The entries for each transaction is as follows:

1- Bank service charges:

Service charges exp Dr $76

                               Bank  Cr $76

(Note: Bank has provided us with banking services, the charges of which is an expense for Bourne incorporated and the settlement of which will reduce our bank balance, a credit.)

2- NSF check from a customer:

Entry:

Acc receivable Dr $260

                        Bank Cr $260

(Note: A NSF check is a non-sufficient funds check which implies that the customer doesn't have sufficient funds to pay for whatsoever services rendered by us. Upon receipt of such a check we must have increased our bank and decreased our receivable but since it has been dishonored we need to reverse the entry by decreasing our bank and increasing our receivable balance until it's settled by the customer.)

3- Customer's note receivable collected by the bank:

Entry:

Bank Dr $1000

     Receivable Cr $1000

(Note: Bank has received a note against a receivable which results in an increase in our bank balance and decrease in or respective customer account and/or receivable.)

4- Interest earned:

Entry:

Bank Dr $26

   Interest income Cr $26

(Note: The money deposited by Bourne Incorporated has earned interest which by nature is an income for Bourne. So Bank is debited and interest income is credited to increase both bank and income simultaneously.)

Final answer:

Bourne Incorporated debits Cash by $1,000 and $26 for the notes receivable collected and the interest earned, respectively, and credits matching accounts. For the NSF check and the service fee, they debit respective expense and account receivable accounts by $260 and $76, respectively and credit Cash.

Explanation:

In accounting, when Bourne Incorporated records its cash transactions, it must consider both increases and decreases in cash balance. Let's take a look at these transactions separately:

Entries that increase cash:

For Bourne Incorporated, the cash transactions that increase their balance is the customer's note receivable collected by the bank. Thus, they would debit Cash by $1,000 and credit Notes Receivable by $1,000. Additionally, they earned $26 of interest, thus they would debit Cash by $26 and credit Interest Revenue by $26.

Entries that decrease cash:

The bank service fees and the NSF check from a customer are cash transactions that decrease their balance. For the bank service fees of $76, they would debit Bank Service Expense by $76 and credit Cash by $76. For the NSF check, they would debit Accounts Receivable by $260 and credit Cash by $260.

Learn more about Recording Cash Transactions here:

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1. The Cozy Company manufactures slippers and sells them at $ 10 a pair. Variable manufacturing cost is $ 5.75 a​ pair, and allocated fixed manufacturing cost is $ 1.75 a pair. It has enough idle capacity available to accept a​ one-time-only special order of 25,000 pairs of slippers at $ 7.50 a pair. Cozy will not incur any marketing costs as a result of the special order.

What would the effect on operating income be if the special order could be accepted without affecting normal​ sales:

(a)​ $0,
(b) $ 43,750 ​increase,
(c) $ 143,750 ​increase, or​
(d) $ 187,500 ​increase?

Show your calculations.

Answers

The effect on operating income be if the special order could be accepted without affecting normal​ sales:(b) $ 43,750 ​increase.

Effect on operating income

Sales             $187,500

(25,000×$ 7.50)                    

Less Variable manufacturing  ($143,750)

(25,000× $ 5.75)

Net Income/(loss)                     $43,750

($187,500-$143,750)

Inconclusion the effect on operating income be if the special order could be accepted without affecting normal​ sales:(b) $ 43,750 ​increase.

Learn more about effect on operating income here:https://brainly.com/question/25895372

Upon accepting a special order of 25,000 pairs of slippers at $7.50 per pair, The Cozy Company would see an increase in operating income of $43,750. This is calculated by subtracting the additional variable costs from the special order revenue and noting that fixed costs and marketing costs do not change.

The question from The Cozy Company relates to evaluating the impact of accepting a special order on operating income. The company sells slippers for $10 per pair with variable manufacturing costs of $5.75 per pair and allocated fixed manufacturing costs of $1.75 per pair. For a special order of 25,000 pairs at $7.50 a pair, we need to compare the additional revenue from the special order against the additional variable costs of producing the slippers, since fixed costs remain unchanged and no marketing costs are incurred.

Special Order Revenue: 25,000 pairs x $7.50/pair = $187,500

Additional Variable Costs: 25,000 pairs x $5.75/pair = $143,750

Additional Operating Income: $187,500 - $143,750 = $43,750

Therefore, the effect on operating income if the special order is accepted would be an increase of $43,750.

With regard to the OIP,Multiple Choice

the composition of the optimal international portfolio is identical for all investors, regardless of home country.

the OIP has more return and less risk for all investors, regardless of home country.

the composition of the optimal international portfolio is identical for all investors of a particular country, whether or not they hedge their risk with currency futures contracts.

none of the options

Answers

Answer:

D:  None of the options

Explanation:

All the three options are not true with regards to OIP

Managers can monitor __________ to track progress toward goal achievement.a.action plans and their implementationb.proximal and distal goalsc.one-way and two-way evaluative techniquesd.framing and non-framing goalse.open-ended and close-ended techniques

Answers

Answer: (B) Proximal and distal goals

Explanation:

  According to the given question, the proximal and the distal goals are basically monitor by the manager for the purpose of tracking the overall progress in terms of goal achievement.

The main objective of the proximal goal is that it is the short term goal with some specific and the detailed information. It motivate for increase in the productivity and receiving the feedback.

On the other hand, the distal goals is refers as the long term goals and it takes longer time for attain its specific tasks. The main benefit of the distal goals is that it helps in boost the self confidence.

Therefore, Option (B) is correct.

When multiple performance obligations exists in a contract, they should be accounted for as a single performance obligation when

the product is distinct within the contract.
determination cannot be made.
each service is interdependent and interrelated.
both performance obligations are distinct but interdependent.

Answers

Answer: each service is interdependent and interrelated.

Explanation:

An interdependent and interrelated service means the service cannot be separated, one cannot be said to have been concluded without concluding the other, invariably they will be accounted for as a single performance obligation.

The product cannot be distinct for a distinct product means the performance can be separated and it must be determinable for this an obligatory attribute of a contract.

A distinct performance obligation means it's not a multiple performance obligation.

As the owner of a small business, Sally would like to move the sale of her candles from storefronts to the Internet. Why is it possible for her to so easily make that move for the success of her business?a. The Internet and the World Wide Web are not for everyone. Small companies struggle to get started and move slower.b. The Internet and the World Wide Web allow almost anyone to be global, with two varying results: Small companies can get started more easily but move slower.c. The Internet and the World Wide Web allow almost anyone to be global, with two important results: Small companies can get started more easily and can maneuver faster.d. The Internet and the World Wide Web allow few to be global. Small companies struggle to get started but once started can maneuver faster.e. The Internet and the World Wide Web allow almost anyone to be global, with differing important results: Small companies struggle to get started yet, they can maneuver faster.

Answers

Answer:

The answer is: letter c. The Internet and the World Wide Web allow almost anyone to be global, with two important results: Small companies can get started more easily and can maneuver fast.

Explanation:

Sally, as a small business owner, would have an easier time to sell on the Internet and the World Wide Web because anyone can access it. This will make her online store more global since anyone can visit her site or can see her online advertisement.

For small business owners like her, it will be easier to display her items according to their own styles. This can also become readily available for anyone to buy. It will then allow her to maneuver fast because she can connect with her customers easily at the touch of her fingers.

Selling via Internet and the web will largely depend on her skill in advertising her products.

Thus, this explains the answer.

Answer:

C. The Internet and the World Wide Web allow almost anyone to be global, with two important results: Small companies can get started more easily and can maneuver faster

Explanation:

Internet is a global platform which allows people and businesses to connect with each other efficiently. If small businesses like Sally shift towards internet instead of store display, it would save her a lot of physical cost. She would be able to expose her candles to buyer from all around the globe due to increased access and visibility on the internet.

Her business would be expected to grow faster due to increased outreach around the globe.

Almora, a developing open economy, is experiencing an economic boom since it discovered oil reserves off its coast two years ago. Bill Hudson, an economist with the Finance Ministry of Almora, said in an interview that the oil boom has improved the average standard of living in the economy. Robin Peters is an industry analyst who does not agree with Hudson's view. In one of his recent articles in the country's leading business daily, Robin claimed that the high rate of inflation following the boom has actually weakened the expansionary impact on the economy.Which of the following, if true, will support Robin's argument?A.Employment in the country's oil industry reported an annual growth of 15 percent this year.B.The construction sector has expanded by 20 percent in the last two years.C.Almora reduced its petroleum imports this year.D.Almora's agriculture and manufacturing sectors have become less competitive in the world market.E.The government of Almora is expected to have a budget surplus of $2 billion in the current financial year.

Answers

Answer:D. Almora agriculture and manufacturing sectors have become less competitive in the world market.

Explanation:

In increased standard of living means the populace can afford more essential commodities, an expansionary economy means more investment which has lead to more employment. An inflation is the continuous rise in price of goods and services which is as a result of large volume of money in circulation used in exchange for the few available goods and services.

In the above scenario the huge revenue from the oil boom as surpassed the agriculture and manufacturing outputs and this has lead to increase in price and hitherto a fall in demand and which have made them less competitive.

The increase in employment in the oil industry and expansion of the construction industry are positive development. The surplus budget means goverments expected revenue is greater than is expenditures, this will invariably increase savings and threafter investment.

Describe the meaning and the components of a financial reporting system. Explain the budget process. Describe a budget contingency plan. Give an example of financial guidelines that ICBI should follow to successfully plan for finance management. Identify and describe at least 5 basic financial guidelines.

Answers

Answer:

Consider the following explanation

Explanation:

Financial Reporting System is the means of guidance by which the management team can have an idea about the financial standings in the near future or current state. usually with the help of an excel.

Budget Process

Processing of the required spending over a future time by each department inside a company with justifiable proof based on past spending and future inflation. It will presented to the top level and needs to approved to have a budget. Usually it will be have once a year in a detailed way and 5 year plan in a brief.

Budget Contingency plan

the best way to have a foolproof is to considered more than one financial ratio. The available ratios includes IRR, EBIT, EBITDA,P/E,ROCE,NPV. Based on the size of the company and the nature of the product, we should carefully select the ratios required.

i would suggest to refer IRR and EBITDA for ICBI, IRR should be 10% or more, which ensure the return of the investments done and combined with EBITDA 15% or above, this needs to be referred to have the knowledge about the profit which the ICBI will have before spending on the Interest,tax and depreciation.

5 Basic Financial guidelines.

1, Know all the costs, and record all, don't ignore any while budgeting

2. Have a standard rule, and never deviate

3. Keep check on the interest rate, and tax

4. Have a monitoring system on the spending, least a monthly report on the performance

5. Track your net worth, and see the performance and compare it with the market

Business-to-consumer companies are more likely to emphasize a ________ promotion strategy, while business-to-business companies are more likely to emphasize a ________ promotion strategy.

A) pull; pushB) push; pullC) pulse; pullD) blitz; pullE) push; blitz

Answers

Answer:

Letter A is correct. Pull; Push.

Explanation:

The pull strategy is most emphasized by business-to-consumer companies because it is used to attract consumers through intense marketing and advertising communication, whose primary goal is to create brand value through customer loyalty.

The push strategy is more commonly used in business-to-business as it means pushing and bringing the products or services to the customer, is a strategy that involves direct selling usually exposed to the potential customer in showrooms and involves negotiations with retailers for example, offering discounts and special conditions to sell your products at your points of sale.

B2C companies usually employ a pull promotion strategy, creating direct consumer demand. B2B companies often use a push strategy, where products are promoted along the supply chain. The correct answer is option A) pull; push

Business-to-consumer (companies) are more likely to emphasize a pull promotion strategy, where the aim is to attract consumers directly, often through methods that make the product appealing and easy for consumers to acquire, such as e-commerce platforms. This aligns with the modern trend of giving power to the consumers, allowing them to direct their demand toward manufacturers. On the other hand, business-to-business companies usually utilize a push promotion strategy, where products are pushed through the marketing channel from manufacturers to wholesalers, and then retailers. In this type of strategy, the goal is to create demand at the supplier or retailer level, pushing the products toward the end user through the supply chain.

What is the difference between a callable bond and a convertible bond?

Answers

Explanation:Convertible bonds. Are corporate bonds that can be converted by the holder into the common stock of the issuing company.

Callable bonds. Called provision option held by the company to repurchase the bond at specific price. Is also called redeemable bonds, jump up etc. While most callable bonds are coupon bonds.

There are no big differences between the two, convertible bonds are often callable, eg corporate bonds can be convertible/callable or the both.

A callable bond is a bond that can be called back in by the issuer prior to maturity. For example, a 10 year bond issued today could be called back in 8 years.

A convertible bond is a bond that converts into the equity of the underlying company. For example, the bond of XYZ company can be converted into the stock of XYZ company under certain conditions.

A convertible bond has the advantage in that there is upside when the owner converts into stock.

All of the following are characteristics of long-run equilibrium for firms in a monopolistically competitive market except:

A. price equals marginal cost.
B. price equals average total cost.
C. price exceeds the minimum of average total cost.
D. marginal cost equals marginal revenue.

Answers

Answer:

C. price exceeds the minimum of average total cost.

Explanation:

In a monopolistic competitive market, the firm makes profit when MC (Marginal Cost) equals MR (Marginal Revenue).  Price also equal average total cost.

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