Answer:
Break-even point
Explanation:
The Break-even point is the level of sales where the revenue realized matches the costs incurred. At the break-even point, the business does not make any profits or losses.
Helen has reached the break-even point. By selling 25 cups of lemonade, her revenue equals the total of her fixed and variable costs. A sale of 25 cups does not generate any profits or losses.
The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31:
Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,630 cash in full payment of Arlene’s account.
Apr. 3. Wrote off the $9,340 balance owed by Premier GS Co., which is bankrupt.
July 16. Received 25% of the $16,800 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible.
Nov. 23. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,655 cash in full payment.
Dec. 31. Wrote off the following accounts as uncollectible (one entry): Cavey Co.,$7,025; Fogle Co., $2,085; Lake Furniture, $5,365; Melinda Shryer, $1,515.
Dec. 31. Based on an analysis of the $825,700 of accounts receivable, it was estimated that $35,900 will be uncollectible. Journalized the adjusting entry.
Required:
1. Record the January 1 credit balance of $34,200 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts.
2. a. Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $825,700 balance in accounts receivable reflects the adjustments made during the year.
3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).
4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ½ of 1% of the sales of $5,100,000 for the year, determine the following:
a. Bad debt expense for the year.
b. Balance in the allowance account after the adjustment of December 31.
c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).
Answer:
The Wild Trout Gallery
1. T-accounts:
Allowance for Doubtful Accounts
Date Account Titles Debit Credit
Jan. 1 Balance $34,200
Dec. 31 Uncollectible Expense 1,700
Dec. 31 Balance $35,900
2. Journal Entry:
Jan. 19:
Debit Accounts Receivable $1,630
Credit Uncollectible Expense $1,630
To reinstate the account of Arlene Gurley written off as uncollectible.
Debit Cash Account $1,630
Credit Accounts Receivable $1,630
To record the receipt of cash from Arlene Gurley.
Apr. 3:
Debit Uncollectible Expense $9,340
Credit Accounts Receivable $9,340
To record the write-off of balance owed by Premier GS Co.
July 16:
Debit Cash $16,800
Debit Uncollectible Expense $50,400
Credit Accounts Receivable $67,200
To record the receipt of 25% of balance and write-off of remaining debt.
Nov. 23:
Debit Accounts Receivable $2,655
Credit Uncollectible Expense $2,655
To reinstate the account of Harry Carr written off as uncollectible.
Debit Cash Account $2,655
Credit Accounts Receivable $2,655
To record the receipt of cash from Harry Carr.
December 31:
Debit Uncollectible Expense $15,990
Credit Accounts Receivable $15,990
To record the write-off of uncollectibles.
Debit Uncollectible Expense $1,700
Credit Allowance for Doubtful Accounts $1,700
To record the estimated uncollectibles.
Dec. 31:
Debit Uncollectible Expense $1,700
Credit Allowance for Doubtful Accounts $1,700
To record the uncollectible expense.
3. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry):
Accounts Receivable balance $825,700
Allowance for Doubtful Accounts 35,900
Net realizable value $789,800
4. Allowance for Doubtful Accounts = 0.5% of $5,100,000 = $25,500
a. Bad Debt Expense for the year:
Jan. 19 Reinstatement of written off account -$1,630
Apr. 3 Premier GS Co. write-off 9,340
July 16 Hayden Co. write-off 50,400
Nov. 23 Reinstatement of Harry Carr account -2,655
Dec. 31 Write-off of: Cavey Co., 7,025
Fogle Co., 2,085
Lake Furniture, 5,365
Melinda Shryer, 1,515
Dec. 31 Allowance for Doubtful Accounts -8,700
Amount of bad debt expense $62,745
b. Balance in the allowance account after the adjustment of December 31:
= $25,500
Journal Entry:
Debit Allowance for Doubtful Accounts $8,700
Credit Bad Debts Expense $8,700
To record the reduced allowance for doubtful accounts.
c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry):
Accounts Receivable balance $825,700
Allowance for Doubtful Accounts 25,500
Net realizable value $800,200
Explanation:
a) Data and Calculations:
Hayden Co.:
Cash receipt = $16,800 or 25%
Total balance = $67,200 ($16,800/25%)
Uncollectible write-off = $50,400 ($67,200 * 75%)
b) The allowance for doubtful accounts will be increased by $1,700 to arrive at a new balance of $35,900 from $34,200.
c) If allowance for uncollectible accounts is based on 1/2% of 1% of sales, then the allowance for uncollectible accounts will be reduced by ($34,200 - 25,500) $8,700 from $34,200 to $25,500.
Select the benefits of mentoring goal process PLS HELP ASAP
Answer:
Mentoring relationships can result in the following:
Increased knowledge transfer.
Job satisfaction.
Smart succession planning.
Development of leadership skills.
Motivation for professional development and accountability.
Achievement of goals and objectives.
Stronger internal networks.
Increased teamwork.
Explanation:
The __________ is an integrated set of actions taken to produce goods or services (at an acceptable cost) that customers perceive as being varied in ways that are important to them.
Answer:
Differentiation strategy
Explanation:
This question defines the differentiation strategy. It is an approach which businesses develop whereby they provide their customers with unique and different goods and services than what other competing firms may have to offer in the market. The main goal is to have an advantage increase in the market compared to others.
According to the video, what is the main purpose of Insurance Underwriters’ work?
to protect insurance companies
to investigate insurance claims
to sell insurance policies
to advise individual investors
Answer:
A
Explanation:
just did it lol
Answer:
A. to protect insurance companies
Explanation: Just got done on edge
1. Why do you think that there’s a huge gap in theory (what we know we should do) and practice (what we’re actually doing) of leadership development?
2. What are some reasons that companies might not be addressing Gen Y leadership development programs?
Answer:
1. Theories are based on assumptions. It is practice that verifies the underlying assumptions behind every theory, using real-life experiences. If theories are not put to use, they remain theories with untested assumptions.
2. The current leadership does not understand the millennials. The millennials are operating with tools that look too sophisticated for the current leadership. There is much confusion between what the Gen Y millennials want to achieve and the expected achievement targets being set by the current leadership. Leadership development programs for the Gen Y can only be implemented when misunderstanding is removed.
Explanation:
Leadership development includes all the processes that expand the capacities of individuals to perform in leadership positions by facilitating the execution of a company's strategy, building alignments, and winning mindsets while growing the capabilities of others to succeed the current leaders.
There is a more gap between the theory and the practice because the theories are totally based on the assumptions whereas the practice is fully depending on the theory.
Why there is a gap between theory and practice?(1).
There is a huge gap in theory and practice in the leadership style because the theories are established or fully founded on assumptions.
But in the practice, it confirms the implicit premises or assumptions behind every theory by using real experiences of life.
Its theories are not taken place, then the practice is also not works.
(2).
The cutting-edge management does now no longer recognize the time period.
The time period is run away with power train, that visual aspect too state-of-the-art for the cutting-edge management.
Leadership improvement packages for the Gen Y can handiest be carried out whilst false impression is removed.
There is a lot of confusion among what the Gen Y millennials need to accomplish, and the expected fulfillment targets being set through the cutting-edge management.
Therefore, there are the difference between the theory and practice.
Learn more about leadership, refer to:
https://brainly.com/question/7177953
XYZ Corp issued $600,000 of 9% , 10-year bonds on June 30,2020, for $562,500. This price provided a yield of 10% on the bonds. Interest is payable semiannually on December 31 and June 30. If XYZ uses the effective- interest method , what is the amount of interest expense that has accrued if the accounting period ends on October 31, 2020.
a. $27,000
b. $28,125
c. $18, 750
d. $20,000
Answer:
c. $18, 750
Explanation:
The computation of the amount of interest expense i.e. accrued is shown below:
= Issued amount × yield on the bonds × given months ÷ total number of months in a year
= $562,500 × 10% × 4 months ÷ 12 months
= $18,750
The 4 months is calculated from July 1 to October 31
Hence, the correct option is c. $18,750
You borrow $10,000 today at a nominal rate of 5%; inflation for the past 10 years has been exactly 2%. Today, inflation instantly rises to 7% and stays that way for the duration of your loan. Based on the above information, ceteris paribus (all else equal), today: Group of answer choices
Here is the answer choice to the question
a. the real rate of interest on your loan is 14%.
b. the real rate of interest on your loan was previously 10% and is now 35%.
c. the real rate of interest on your loan is now –2%.
d. you will pay the lender back exactly $9,500.
e. you will pay the lender back exactly $10,700
Answer:
C. the real interest rate on your loan is now -2%
Explanation:
The real interest rate of can be gotten by subtracting the nominal interest rate from the inflation rate from nominal interest rate
Inflation rate = 7%
Nominal interest rate= 5%
= 5 percent - 7 percent
= -2%
The real interest rate can be defined as the rate of interest an investor, saver or lender is going to receive after they have allowed for inflation.
In the steady state, investment is ________ and net investment is ________.
c. positive; zero
Answer:
c. positive; zero
Explanation:
In the steady state, investment is positive and net investment is zero.
A steady-state describes a scenario where the investment level in an economy matches depreciation. New investments increase capital stock. Growth or positive investment is possible where new investments are greater than depreciation. In a steady-state, the net investment is zero because depreciation erodes the value of new investments.
Professional Properties is considering remodeling the office building it leases to Heartland Insurance. The remodeling costs are estimated at $3.4 million. If the building is remodeled, Heartland Insurance has agreed to pay an additional $820,000 a year in rent for the next 5 years. The discount rate is 15 percent. What is the benefit of the remodeling project to Professional Properties? A) -$651,233 B) -$489,072 C) $5,214 D) $128,399 E) $311,417
Answer:
A) -$651,233
Explanation:
The computation of the benefit generated of the remodelling project is shown below:
If we considered the discounted rate i.e. 15% for 5 years of $820,000 so its present value would be $2,748,767 ($820,000 × 3.3521)
And, the predicted cost is $3,400,000
So here the cost is there instead of the benefit of
= $2,748,767 - $3,400,000
= -$651,233
Hence, the correct option is A
Earth Movers, Inc., uses dynamite to prepare land for highway projects. Strict liability is imposed on this activity because:_______
a. Earth Movers is a corporation
b. The activity is inherently negligent
c. The activity is abnormally dangerous
d. The government pays for highway Construction
Answer: c. The activity is abnormally dangerous
Explanation:
Strict liability is also referred to as the absolute liability, and this term means legal responsibility for injury or damages, despite the fact that the individual or business that's found strictly liable wasn't negligent or probably at fault for the injury to damages.
In this case, if Earth Movers, Inc., uses dynamite to prepare land for highway projects, a strict liability is imposed on this activity because it is abnormally dangerous.
Zara collects massive amounts of data on its SKUs, orders, sales patterns, store inventories, and other variables. This information is stored in a(n)
Answer: D. data warehouse.
Explanation:
A Data warehouse is to data what money is to banks. Here, the data that a company has gathered from its many sources will be stored for easier access.
This data can then be analysed and reported sometimes with relation to one another in such a way that detailed reports are created and better decisions made.
Zara is most likely using a data warehouse to store the massive amounts of data collected from all the listed sources.
International trade specialists that buy goods at a discount from a small businesses and resell them abroad are called
A. commission house brokers
B. exporting trade companies
C. business trade unions
D. domestic channel companies
Answer: B. exporting trade companies
Explanation:
Trade unions are the organisations that are out in place so as to protect the interest of workers. They negotiate for better wages and salaries, provide job security, and seek better working conditions for their workers.
Export trading company is simply referred to as an independent company that helps in the provision of support services to the companies that are involved in the exportation of goods and services.
Commission house brokers is simply an individual who helps in representing people who have properties.
Therefore, the answer is exporting trade companies.
Mustang Corporation reports the following for the month of April:
Finished goods inventory, April 1 $ 31,300
Finished goods inventory, April 30 25,500
Total cost of goods manufactured 1 18,700
The cost of goods sold for April is:_______.
a. $61,900.
b. $124,500.
c. $112,900.
d. $173,700.
e. $150,000.
Answer:
COGS= $124,500
Explanation:
Giving the following information:
Finished goods inventory, April 1 $ 31,300
Finished goods inventory, April 30 25,500
Total cost of goods manufactured 118,700
To calculate the cost of goods sold, we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 31,300 + 1$118,700 - 25,500
COGS= $124,500
Determine the order in which the following budgets are generally prepared.
A. Material purchases budget select a number.
B. Sales budget select a number.
C. Budgeted income statement select a number.
D. Production budget select a number.
Answer:
The order in which the following budgets are generally prepared are as arranged below:
1. Sales budget
2. Production budget
3. Material purchases budget
4. Budgeted income statement
In an attempt to expatiate the decision above. We must observe that income statement starts with revenue. Similarly here, the budget will starts with sales. The revenue section is followed by production budget which from which various budgets like material, direct labor and overhead budget are prepared from. After the Production budget, follow the Material purchase budget, then Budgeted Income Statement
What is the competitive position of Emirates in the industry and how does this position influence the competitive forces it faces
Answer:
Emirates Airline is considered a major airline in the Middle East. It operates approximately 2,200 flights weekly across Dubai and the United Arab Emirates (Doganis, 2002). Its headquarters are conveniently located in Dubai where most of it flights are coordinated. Emirates Airline is also known to operate one of the longest flights in the world. Emirates Airline is part of the Emirates Group. The airline is owned by the Dubai government, one of the countries within the United Arab Emirates group. The Emirates Airline was established in 1985 following the collapse of the Gulf Air.
Consider a production function that only uses labor as its variable input, and all other inputs are fixed. Within this procution, it is optimal to hire labor units in the short run as long as:______.
1) value marginal product of labor is greater than wage.
2) marginal product of labor is less than product price.
3) average product of labor is greater than wage.
4) value marginal product of labor is less than product price.
Answer:
1) value marginal product of labor is greater than wage.
Explanation:
In the case when the labor is considered to be the variable input while the other inputs are considered to be fixed
So, the equation would be
VMPL = MPL x Output price
where,
VMPL = Function of labor demand
And, in the short run, the hiring is the optimum as bigger as VMPL as it is more than or equivalent to the wage rate
Therefore the correct option is 1.
You invested in a 3-month certificate of deposit at your bank. Your investment was $1,902, and at the end of the term you will receive $2,178.
a. What is the holding period return (HPR) on your investment? (Round your answer to 2 decimal places.)
b. What is the annual percentage rate (APR)? (Round your answer to 2 decimal places.)
c. What is the effective annual rate (EAR)? (Round your answer to 2 decimal places.)
Answer and Explanation:
The computation is shown below:
a. Holding period return would be
= Income + (End of Period Value - Initial Value) ÷ Initial Value
= 0 +($2,178 - $1,902) ÷ $1,902
= 0 + $276 ÷ $1,902
= 14.51%
b. The annual percentage rate is
For 3 months, the rate is 14.51%
Now
For 12 months, it is
= 14.51% ÷ 3 × 12
= 14.51 % × 4
= 58.04%
c. The effective annual rate is
= ( 1 + r ÷ m)^m - 1
= (1 + 58.04% ÷ 4)^4 - 1
= (1 + 0.5804 ÷ 4)^4 - 1
= (1 + 0.1451)^4 - 1
= (1.1451)^4 - 1
= 1.719387079 - 1
= 0.719387079 or 71.94%
WHAT IS IT?
1.it can be use as thickening agent or as a weak glue
3.a food spread made from dry roasted peanuts
Answer:
I believe its Peanut Butter.
A building is acquired on January 1, at a cost of $920,000 with an estimated useful life of 10 years and salvage value of $82,800. Compute depreciation expense for the first three years using the double-declining-balance method. (Round your answers to the nearest dollar.)
Answer:
when you compute depreciation expense using the double declining method, the salvage value is not included in the depreciation calculation. You continue to depreciate the asset until you reach its salvage value:
depreciation expense year 1 = 2 x 1/10 x $920,000 = $184,000depreciation expense year 2 = 2 x 1/10 x $736,000 = $147,200depreciation expense year 1 = 2 x 1/10 x $588,800 = $117,760Employers can attract employees by offering
a. better health benefits
b. flexible working hours
C. longer vacation periods
d. all of the above
Answer:
D ALL OF THE ABOVE
Explanation:
The term _____ refers to a private piece of a company's Internet network that is made available to customers and/or vendor partners on the basis of secured access by unique password.v
Answer:
intranet
Explanation:
The term that is being described in this question is known as the company's intranet. This network is mainly used in order for the company's public tools and information to be accessed by anyone that may need it and has been giving access to it. This facilitates many different aspects and partnerships for the company, as those who have access can quickly and easily grab and use what they need off of the network to easily get things done and solve problems without needing direct involvement from the company.
Lynn purchases a house for $52,000. She converts the property to rental property when the fair market value is $115,000. After deducting depreciation (cost recovery) expense of $1,130, she sells the house for $120,000. What is her recognized gain or loss?
a. $0.
b. $6,130.
c. $37,630.
d. $69,130.
Answer:
d. $69,130.
Explanation:
The computation of the recognized gain or loss is shown below:
= Sale value of the house - (Purchase value of the house - depreciation expense)
= $120,000 - ($52,000 - $1,130)
= $120,000 - $50,870
= $69,130
Hence, the above amount represents the recognized gain
Therefore the correct option is d. $69,130
Navajo Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer worth $3,300. Navajo also paid $500 in the transaction.Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Account Titles and Explanation Debit Credit_______________________ ______________ _______________ _______________________ _______________ ________________ _______________________ ________________ ________________ _______________________ _________________ ______________________________________ __________________ _______________
Answer and Explanation:
The journal entry is shown below:
Equipment/Computer $3,300
Accumulated depreciation -Truck $18,000
To Truck $20,000
To Gain on disposal of truck $800
To Cash $500
(Being the exchange is recorded)
Here the equipment and accumulated depreciation is debited as it increased the assets while the truck, gain and cash is credited as it decreased the assets but at the same time it increased the revenue
One of the draw backs of the profitablity index as a criteria for judging whether to accept a capital investment project is that:_______
Answer:
It might lead to over-optimistic projections
Explanation:
In simple words, the problem with using profitability index as the index criteria lies with the procedure of estimating it. In order to consider the business situation, the organisational finance group requires to settle with the corporation supervisors.
Leadership may be too enthusiastic about their assignment, so forecasts for cash flow may be too substantial. Consequently, in predicting the profitability index, there may be an uptrend prejudice.
Southeast Airline had retained earnings of $1.5 million, sales of $5 million and net income of $0.5 million this year. It also paid dividends of $0.2 million this year. If the sales is projected to increase by 20% next year, what is the projected retained earnings for next year?
Answer:
$1.86 million
Explanation:
Given the above data, we can calculate the retained earning for next year to be;
Retained earning this year end = $1.5 million retained earning at the beginning + $0.5 million net income - $0.2 million dividends
= $1.8 million
When dealing with tangible products, consistency is usually measured in terms of:_____.
A. Features.
B. Attributes.
C. Systems.
D. Defects.
Answer:
D. Defects
Explanation:
In order to meet the unending needs and wants of consumers, to satisfactorily provide products that meets their requirements, tastes or preferences various manufacturing companies use five (5) main methods of production, and these are; labour-intensive production, mass production, batch production, capital-intensive production and job production.
Generally in Economics, the question of how goods are produced, determines how resources are combined in the production of goods.
This ultimately implies that, before a manufacturer produce its goods it determines the amount of resources that are available. These resources that are to be combined for the purpose of production of goods are entrepreneur, land, labor, and capital, which are generally referred to as the four (4) factors of production.
A tangible product refers to any product that can be physically touched by the end users or consumers such as electronic gadgets, bread, furniture, cooking utensils, etc.
When dealing with tangible products, consistency is usually measured in terms of defects. Any goods (products) manufactured by a company that is consistently devoid of defects such as broken parts or missing parts is generally considered to be of high quality and as such consumers would feel safe to use or buy such tangible products at all times.
The following information is available for Silver Company for the three months ended March 31, 2019:
Merchandise inventory, January 1,
2013 $900,000
Purchases 34,00,000
Freight-in 2,00,000
Sales 48,00,000
The gross margin recorded was 25% of sales. What should be the merchandise inventory at March 31, 2019?
a. $700,000
b. $1,125,000
c. $900,000
d. $1,200,000
Answer:
c. $900,000
Explanation:
The ending inventory is calculated as;
Beginning inventory
$900,000
Add: Purchases
$3,400,000
Add: Freight in
$200,000
Total purchase Balance
$3,600,000
Cost of goods available
$4,500,000
Less: Cost of (goods estimated)
($3,600,000)
Ending inventory
$900,000
Therefore, the merchandise inventory at March 31, 2019 is $900,000
Who owns the factors of production in a planned economy?
A.
Individuals
B.
Nobody
C.
The church
D.
The government
Answer:
D.
Explanation:
Under a command economy, governments own the factors of production. This is also sometimes referred to as a planned economy. (I like to call it a command economy, but it's the same thing.)
On its first day of trading, Twitter closed at $41.57 per share. Two years later and the price was $26.85, what was the annual return on the stock if returns are compounded daily?
A. 21.86%.
B. -21.85%.
C. -5.99%.
D. -19.63%.
Answer:
B. -21.85%.
Explanation:
Calculation for the annual return on the stock
First step is to calculate the Number of periods
Number of periods = 2 * 365 days in a year
Number of periods= 730
Second Step is to calculate the Daily return using this formula
Daily return = (Future value / initial value)^1/n - 1
Let plug in the formula
Daily return = (26.85 / 41.57)^1/730 - 1
Daily return = (0.645898)^1/730 - 1
Daily return = 0.999401 - 1
Daily return = -0.00059861*100
Daily return = -0.059861%
Last step is to calculate annual return
Using this formula
Annual return=Daily return/ Numbers of days in a year
Annual return = -0.059861% * 365
Annual return = -21.85%
Therefore the annual return on the stock if returns are compounded daily will be 21.85%
Question Mode Multiple Choice Question Preferred stockholders: Multiple choice question. have the right to receive dividends only if there are enough dividends to pay the common stockholders too. must receive dividends every year. must receive more dividends per share than the common stockholders. have the right to receive dividends only in the years the board of directors declares dividends.
Answer:
d. have the right to receive dividends only in the years the board of directors declares dividends.
Explanation:
Preferred shareholders have the right to receive dividends in the priority to the common shareholders of the company unit. In other words, if there is sufficient funds with the company to declare dividends both to preferred and common shareholders, then in that case, preferred shareholders will be entitled the right to receive dividends first, and remaining amount will be distributed to common shareholders. Only that, they have this right only when the board of directors declares dividends.