The McMillan Corporation incorporated on September 2, 2011. The company engaged in the following transactions during its first month of operations:
Sept. 2 Issued capital stock in exchange for $900,000 cash.
Sept. 4 Purchased land and a building for $350,000. The value of the land was $50,000, and
the value of the building was $300,000. The company paid $200,000 cash and issued a note payable for the balance.
Sept. 12 Purchased office supplies for $600 on account. The supplies will last for several
months.
Sept. 19 Billed clients $75,000 on account.
Sept. 29 Recorded and paid salary expense of $24,000.
Sept. 30 Received $30,000 from clients billed on September 19.
A partial list of the account titles used by the company includes:
Cash
Accounts Receivable
Office Supplies
Land
Building
Notes Payable
Accounts Payable
Capital Stock
Client Revenue
Salary Expense
a.
Prepare journal entries, including explanations, for the above transactions.
b.
Post each entry to the appropriate ledger accounts (use the T account format illustrated in
Exhibit 3-8 on page 108).
c.
Prepare a trial balance dated September 30, 201 1

Using present value formula, it will take a time of 40 years to have a future value of $1million

To determine how long it would take to retire with at least $1 million and how much to invest each month, we need to use the present value formula, which can be rearranged as follows:

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

where PV is the desired future value, PMT is the regular payment, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.

If we plug in the given values, we get:

$1,000,000 = PMT x [(1 - (1 + 0.10/12)^(-12t)) / (0.10/12)]

Solving for PMT, we get:

PMT = $1,000,000 / [(1 - (1 + 0.10/12)^(-12t)) / (0.10/12)]

Using a financial calculator or spreadsheet, we can find that it would take approximately 38 years to reach $1 million if we invest $742.47 per month, assuming a 10% annual rate of return.

To determine at what age we could retire if we started investing at age 25, we can use the same formula and set PV equal to $1 million, PMT equal to $742.47, r equal to 10%, n equal to 12, and t equal to the number of years until retirement.

Assuming a retirement age of 65, we get:

$1,000,000 = $742.47 x [(1 - (1 + 0.10/12)^(-12t(65-25))) / (0.10/12)]

Solving for t, we get:

t = 40 years

Therefore, if we start investing at age 25, we could retire at age 65 and have at least $1 million if we invest $742.47 per month for 40 years with a 10% annual rate of return.

Learn more on present value here;

https://brainly.com/question/24703884

#SPJ1

1. To Provide Stability: Foreign exchange reserves are an important tool for a country like Kenya to provide greater stability to the economy.

Economy is the large scale management of resources, goods, and services to meet the needs of society.

This means that when the value of the local currency fluctuates due to global events, the country can use its foreign exchange reserves to support the exchange rate. This can help to maintain the purchasing power of the local currency and keep the exchange rate from becoming too volatile.

2. To Protect from Speculation: Foreign exchange reserves can also be used as a buffer against speculation. Speculation can create rapid changes in the foreign exchange markets, which can have a destabilizing effect on a country’s economy. By having foreign exchange reserves, a country can protect itself from the effects of speculation.

3. To Support Growth: Foreign exchange reserves can be used to support economic growth. By having foreign exchange reserves, a country can make sure it has access to the foreign currency it needs to finance its imports. This can help to promote economic growth by allowing a country to access the materials and resources it needs to produce goods and services.

The effects of having foreign exchange reserves in a country can be significant. Having reserves can help to maintain the stability of the exchange rate, protect the economy from speculation, and support economic growth.

To learn more about economy

https://brainly.com/question/28210218

#SPJ1

Answer:

Buy the cheapest items no matter what.

Buy items at the check-out lane, even if they are not on your list.

Use your credit card, even if you don't know your balance.

The above calculations, the market price of the bond is $996.92, calculated as follows are Market Price = $1,000 x (1 - $3.08/$118.17) = $996.92.

Market price is the current price at which a particular good or service can be bought or sold. It is determined by the forces of supply and demand in the market, and it is constantly changing. Market price reflects the overall sentiment of buyers and sellers in the market, and it can be affected by a variety of factors such as economic conditions, competition, and even emotions. Market price is used in many different industries, including commodities, stocks, and currencies, to determine the value of goods and services.

The market price of the bond is calculated using the following formula:

Market Price = Face Value x (1 - Present Value of Coupons/Present Value of Par Value)

Using the given information, we can calculate the present value of the coupon payments and the present value of the par value:

Present Value of Coupons = 5% x ($1,000/2) x (1/(1.04)^40) = $3.08

Present Value of Par Value = $1,000/(1.04)^40 = $118.17

To learn more about Market Price

https://brainly.com/question/29455179

#SPJ1

Answer:

The ethics of "Photoshopping" depend on its purpose. Artistic or creative editing may be ethical, but manipulation or deception is not. In journalism, where accuracy is vital, "Photoshopping" should be discouraged. It can harm media credibility and misrepresent facts. In fashion or advertising, "Photoshopping" can promote harmful beauty standards and contribute to negative body image. In such cases, it should be discouraged, and body positivity and diversity should be promoted.

Between FIFO and LIFO, FIFO is preferable in terms of net income and income taxes paid. FIFO results in a higher net income.The LIFO inventory method would result in the lowest net income.

Net income is the total amount of money that a company earns after accounting for all of its expenses. It is also known as the company's bottom line or net profit. Net income is an important metric used to measure the financial health of a business and can be calculated by subtracting total expenses from total revenue. Net income is typically reported on an organization's income statement and can be used to determine the company's overall profitability.

To learn more about net income

https://brainly.com/question/28390284

#SPJ1

One way to use your earning power to increase your total income is to take on additional jobs or side hustles.

A job is a form of work or occupation, typically involving regular responsibilities and remuneration. Jobs are typically found in the public and private sector, with some positions requiring specialized skills or qualifications. Jobs can range from entry-level roles to professional positions, depending on the sector and the individual's experience and qualifications. Many people start their careers in entry-level positions and gradually progress to more senior roles over time. Working in a job can provide individuals with a sense of purpose, satisfaction, and financial security.

To learn more about jobs

https://brainly.com/question/30239030

#SPJ1

Therefore, the schedule of expected collections from customers for June is:

Credit sales refer to the sale of goods or services where payment is deferred until a later date, typically with a payment term specified in the sales agreement. In other words, the buyer is allowed to purchase goods or services on credit and pay for them at a later date, rather than paying cash at the time of purchase. This is a common practice in many industries and can help businesses increase sales by allowing customers to purchase goods or services even if they do not have immediate access to funds.

To prepare a schedule of expected collections from customers for June, we need to determine the number of credit sales made in April, May, and June and then calculate the expected collections from each month's credit sales.

First, let's calculate the credit sales for each month:

Next, we need to determine the expected collections from each month's credit sales:

April credit sales:

May credit sales:

June credit sales:

Therefore, the schedule of expected collections from customers for June is:

To learn more about the agreement, click

https://brainly.com/question/9110522

#SPJ1

In the given problem, the endogenous nominal money supply for this small, open economy is 48.75 - (i/2).

To calculate the endogenous nominal money supply, we need to use the LM curve equation and the given values for output (Y), price level (P), and interest rate (i).

From the LM curve equation:

Y = (2M/P) + 2i

We can rearrange it to solve for the nominal money supply (M):

M = (Y - 2i) * (P/2)

Substituting the given values for the price level (P=1) and the interest rate in the rest of the world (i*=5), we get:

M = (Y - 2i) * (P/2)

= (100 - i + 2.5E - 2i*) * (1/2)

= (100 - i + 2.5E - 2(5)) * (1/2)

= (100 - i + 2.5(2) - 10) * (1/2)

= (97.5 - i) * (1/2)

= 48.75 - (i/2)

Therefore, the endogenous nominal money supply for this small, open economy is 48.75 - (i/2). Note that the interest rate (i) used in the calculation is not the same as the interest rate in the rest of the world (i*=5).

Learn more about money supply here: https://brainly.com/question/20039182

#SPJ1

Mail surveys have the disadvantages of being less random and harder to determine a sample size.

Due to the numerous follow-up mailings needed to get a respectably high response rate, a mail survey's lengthy field period is one of its biggest drawbacks.

Disadvantages: Questionnaires may not be valid because they can limit or skew the responses of respondents. The researcher or the questions may persuade respondents to provide particular responses. If the survey is sent via postal mail, a significant number of respondents may choose not to respond.

To know more about surveys visit:-

https://brainly.com/question/30504929

#SPJ1

Explanation:

Middle-income and Low-income countries are less attractive to international business because they offer less consumer demand and lack the public infrastructure necessary for reliable production and distribution of goods and services.

Camille has launched a photography business and is debating whether to aim for widespread exposure or a more specialized audience. She is thinking about promotion.

The phrase "promotions" refers to the entire spectrum of activities carried out to educate people about a specific product, brand, or service. The goal is to pull in customers, raise consumer awareness, and convince them to pick this product over rivals. There are numerous variations of promotions.

The right exposure has been employed if neither the highlights nor the shadows lose their detail. In other words, the exposure is what makes the most of the camera's sensor's ability to record as much information as it can from the scene, capturing detail in both the shadows and the highlights.

The majority of the markets consist of celebrations like weddings, anniversaries, graduations, parties, and professional events like conferences or award ceremonies. You may approach the subjects directly for this kind of work, or you could approach event planners like wedding planners, conference coordinators, or hotel managers.

Learn more about promotion: https://brainly.com/question/20472836

#SPJ9

This is true with the With EA releasing a FIFA game every year

Yes, EA's approach to releasing a new FIFA game every year is quite unique and different from other games or industries. Most other games are typically released on a less frequent basis, often taking several years to develop and release a new title.

EA's strategy of releasing a new FIFA game every year is driven by a few key factors. Firstly, the game is based on real-world football, which is a constantly evolving sport. New players are added to teams, tactics change, and leagues are restructured. By releasing a new game every year, EA is able to keep up with these changes and provide players with the most up-to-date experience possible.

Read more on gaming here:https://brainly.com/question/28031867

#SPJ1

Question

True / false. With EA releasing a FIFA game every year, the company's

may look quite different from other games or industries.

The perpetual inventory system is applied by Abbott. How do the financial statements get affected by this transaction? Both inventory and accounts payable should be increased.

Each time the business makes a sale or buys new goods, adjustments are recorded by software together into sales revenue account. The accounting records will accurately represent the balances in the impacted accounts thanks to this method of registering sales. The cost charged is also recorded by the software.

If the weekly inventory system is being used, in which account are purchases being made recorded? Purchases are noted in the Market Inventory account in a system of perpetual inventory. Purchases are noted there in Purchases account in a regular inventory process.

To know more about inventory system Visit:

https://brainly.com/question/13822280

#SPJ1

Herbert Simon's work "The Proverbs of Administration" shifts approach to management from focus on structural design to focus on human behavior.

Any organisation, including businesses, nonprofits, and political entities, can be controlled by management. To manage resources for a company effectively, art and science are needed. Management involves establishing the goals of an organisation and organising the efforts of its staff (or volunteers) to achieve those goals through the use of resources like money, the environment, technology, and people. In management, the terms "run the company" and "change the business" are used to distinguish between continuing to offer goods or services and tailoring the same goods or services to satisfy shifting customer needs. In addition to referring to the people in charge of a business, the term "management" can also be used to describe managers.

To learn more about management, visit:

https://brainly.com/question/29023210

#SPJ9

Explanation:

Classification of the customers is done under three risk categories viz. low, medium, and high. Customer’s identity, Social/financial status, Nature of business activity, Information about the client’s business and their location, etc. are some of the parameters in the risk assessment strategy of the financial institutions.

According to the question of expenses, Yes, the advertising budget should be increased.

Expenses refer to the costs incurred by an individual or company in order to generate revenue and profit. Expenses can include a wide range of items, from the cost of raw materials used in production to rent, insurance, marketing, and other overhead costs. Expenses are typically divided into two categories: fixed expenses, which remain the same regardless of activity level, and variable expenses, which vary depending on the level of activity. Companies must carefully track and manage their expenses in order to maximize their profits.

This is because the increase in sales of $15,000 would result in an increase in contribution margin of $6,000 ($15,000 x 40%) which would exceed the additional advertising cost of $8,000. Therefore, the increase in advertising cost would result in a net increase of $2,000 in profits.

To learn more about expenses

https://brainly.com/question/14697297

#SPJ1

Answer:

E-businesses, or businesses that conduct their operations online, can provide a wide range of benefits for entrepreneurs. Here are some of the ways e-businesses can benefit entrepreneurs:

Increased reach: By operating online, e-businesses can reach customers and clients from all over the world. This can significantly expand the potential customer base for entrepreneurs, giving them access to markets that may have been previously out of reach.

Lower overhead costs: E-businesses often have lower overhead costs compared to traditional brick-and-mortar businesses. Rent, utilities, and other expenses associated with physical storefronts can be significantly reduced or eliminated altogether with an e-business.

Greater flexibility: E-businesses can often be operated from anywhere with an internet connection, providing entrepreneurs with greater flexibility and freedom to work on their own terms.

Improved customer targeting: E-businesses can use data analytics and other tools to better understand and target their ideal customers. This can lead to more effective marketing campaigns and higher conversion rates.

Streamlined operations: E-businesses can automate many of their operations, such as inventory management and payment processing, reducing the need for manual labor and improving efficiency.

Overall, e-businesses can provide entrepreneurs with a range of benefits that can help them grow and succeed in today's digital age. By leveraging the power of the internet, entrepreneurs can expand their reach, reduce costs, and improve their operations, ultimately leading to greater success and profitability.

Explanation:

E-businesses, or companies that operate online, can offer a variety of advantages to business owners.

Reduced overhead expenses: When compared to conventional brick-and-mortar enterprises, e-businesses frequently have fewer overhead expenses. With an e-business, rent, utilities, and other costs related to physical storefronts can be drastically lowered or even eliminated.

More flexibility: E-businesses may frequently be run from any location with an internet connection, giving entrepreneurs more freedom and flexibility to work as they see fit.

Data analytics and other tools can be used by e-businesses to better understand and target their ideal clients. Higher conversion rates and more successful marketing strategies may result from this.

Streamlined operations: E-businesses may automate many of their processes, including payment processing and inventory management, which saves time and increases productivity.

Thus, E-businesses, or companies that operate online.

For more information about some of the ways e-businesses can benefit entrepreneurs, click here

https://brainly.com/question/31007970

#SPJ5

Correct answer is If a person has a mental impairment that deprives him of capacity at the time he enters into a contract, the person can never have capacity to ratify the contract at a later time.

Being mentally handicapped refers to having any mental or psychological condition, including specific learning impairments, organic brain syndrome, developmental disabilities, and mental illnesses.

When a person's mind is damaged or not working properly, it is said that they have a mental impairment. A mental impairment, according to the policy, is a decline in mental capacity that requires close supervision in order to protect your safety and the protection of others.

To know more about mental impairment visit:

https://brainly.com/question/13029932

#SPJ1

The total overhead rate is $6

The variable overhead rate is $3.5

The fixed overhead rate is 2.5 per hour

1. Variable factory overhead controllable variance = standard variable overhead - actual variable overhead

(standard hours x standard rate of variable overhead) - actual overhead

= (76,000 x 3.5) - 263,300

= 2,700 favorable

2. Fixed factory overhead volume variance = absorption rate of fixed overhead  x (standard hours - actual hours)

2.5 (76,000 - 75,000)

2500 favorable

3. Total factory overhead cost variance = actual overhead - standard overhead

= (263,300 + 188,800) - (456,000)

= 3900 favorable

Read more about overhead cost here:

https://brainly.com/question/26454135

#SPJ1

The Resource-Based View (RBV) is a collection of theories that contends businesses can create a competitive edge by utilizing internal resources that are valuable, uncommon, uncopyable, and structured for value capture.

According to the resource-based view (RBV), a company's capacity to preserve a competitive edge rests on its access to valuable, unusual, distinctive, and irreplaceable resources (Barney, 1991). The effectiveness and competitiveness of businesses in the marketplace are influenced by their capacity to develop or acquire these resources.

In accordance with the resource-based theory of competitive advantage, innovations gain a long-term competitive advantage by accumulating and utilizing resources to satisfy customer requirements in ways that are difficult to duplicate or replace. It asserts that variables other than the innovation itself determine whether an invention is successful.

Learn more about Resource-Based View (RBV): https://brainly.com/question/30469739

#SPJ9

1. Journal Entries: A. Raw materials inventory (debit) $410,000 ,Accounts payable (credit) $410,000.

Gross profit is the revenue earned by a company minus the direct costs associated with producing and selling its products or services. In other words, it is the amount of money that a company has left over from its sales after deducting the cost of goods sold (COGS).

B. Work in process inventory (debit) $380,000

Raw materials inventory (debit) $360,000

Manufacturing overhead (debit) $20,000

Accounts payable (credit) $380,000

C. Direct labor (debit) $75,000

Indirect labor (debit) $110,000

Sales commissions expense (debit) $90,000

Administrative salaries expense (debit) $200,000

Accrued salaries and wages payable (credit) $475,000

D. Sales travel expense (debit) $17,000

Accounts payable (credit) $17,000

E. Utilities expense (debit) $43,000

Accounts payable (credit) $43,000

F. Advertising expense (debit) $180,000

Accounts payable (credit) $180,000

G. Depreciation expense (debit) $350,000

Accumulated depreciation - factory assets (credit) $280,000

Accumulated depreciation - selling and administrative assets (credit) $70,000

H. Factory insurance expense (debit) $7,000

Selling and administrative insurance expense (debit) $3,000

Prepaid insurance (credit) $10,000

I. Work in process inventory (debit) $360,000

Manufacturing overhead (debit) $90,000

Accrued manufacturing overhead (credit) $450,000

J. Finished Goods Inventory $900,000

Work in Process Inventory $900,000

K. Accounts Receivable $1,500,000

Sales $1,500,000

Cost of Goods Sold $870,000

Finished Goods Inventory $870,000

L. Manufacturing Overhead $20,000

Cost of Goods Sold $20,000

2. T-Accounts:

Raw Materials Inventory

Beginning Balance: $20,000

Purchases: $410,000

Materials Used: ($360,000)

Ending Balance: $70,000

Work in Process Inventory

Beginning Balance: $15,000

Direct Materials: $360,000

Direct Labor: $75,000

Manufacturing Overhead: $90,000

Jobs Completed: ($900,000)

Ending Balance: $540,000

Finished Goods Inventory

Beginning Balance: $30,000

Cost of Goods Manufactured: $900,000

Jobs Sold: ($870,000)

Ending Balance: $60,000

Manufacturing Overhead

Applied to Production: $90,000

Actual Overhead: ($603,000)

Closing Entry: $20,000

Ending Balance: $-493,000

3. Closing Entry:

Manufacturing Overhead $493,000

Cost of Goods Sold $493,000

4. Income Statement:

Sales $1,500,000

Cost of Goods Sold ($870,000)

Gross Profit $630,000

Operating Expenses:

Direct Labor $75,000

Indirect Labor $110,000

Sales Commissions $90,000

Administrative Salaries $200,000

Sales Travel Expenses $17,000

Utility Costs $43,000

Advertising Expenses $180,000

Depreciation Expense - Factory Assets $280,000

Depreciation Expense - Selling and Administrative Assets $70,000

Insurance Expense $10,000

Total Operating Expenses ($1,075,000)

Operating Income ($445,000).

To know more about Direct labor, visit:

https://brainly.com/question/14348614

#SPJ1

When the price of shoes declines, consumer surplus increases by $55.

Consumer surplus is the difference between the price of a good or service and the amount the consumer is willing to pay for the good.

Consumer surplus = willingness to pay - price of the good

Consumer surplus for Matthew when the price is $175 = $180 - $175 = $5

Consumer surplus for Victoria when the price is $175 = 0

Total surplus = $5 + 0 = $5

Consumer surplus for Matthew when the price is $120 = $180 - $120 = $60

Consumer surplus for Victoria when the price is $120 = $120 - $120 = 0

Total surplus = $60 + 0 = $60

Increase in total surplus = $60 - $5 = $55

To learn more about consumer surplus, please check: https://brainly.com/question/15282739

#SPJ1

The probability that the product is from machine C given that it is defective is 0.4.

Product is an item or service that is created by a business to be sold for a profit. Products can include tangible items such as clothing or electronics, or intangible items such as services, experiences, or digital content. Products are created with the intent of satisfying customer needs and wants, and are typically marketed through various channels in order to reach the desired target audience. The success of a product is largely determined by its quality, price, and availability.

P (C | D) = P (C ∩ D) / P (D)
P (C ∩ D) = 0.20 * 0.09 = 0.018
P (D) = 0.30 * 0.05 + 0.50 * 0.10 + 0.20 * 0.09 = 0.045
P (C | D) = 0.018 / 0.045 = 0.4
Therefore, the probability that the product is from machine C given that it is defective is 0.4.

To learn more about product
https://brainly.com/question/25922327
#SPJ1

Expected cost = Current price x factor ∧ number of months = 14,000 * 0.99 ∧ 1 = 13 860; 14,000 * 0.99 ∧ 6 = 13 180.72; 14,000 * 0.99 ∧ 12 = 12 409.39

Companies looking to reduce their operational expenses frequently employ a Kaizen System in the context of supply chain management. The Kaizen System has a structure that mandates constant efficiency improvement in a business in order to lower costs and boost quality. Kaizen is the process of continuously enhancing operations and cutting expenses. The idea often produces slow, steady progress over time. By including projected cost cuts into the anticipated outcomes of a corporation, this idea can be used to budgeting.

To know more about Kaizen visit:

https://brainly.com/question/16960276

#SPJ1

Answer:

The Balance Sheet is prepared at a particular date usually the end of the financial year, while the Profit and Loss account is prepared for a particular period.

The answer is  D) liquidity. Liquidity is the characteristic  that an asset must have  in order to count as a current asset.

A current asset is anything that appears on the balance sheet of a business that is either cash, a cash equivalent, or that may be converted into cash within a year.

Short-term assets are ones that can be swiftly liquidated and utilized for a company's urgent requirements. Noncurrent Assets are long-term and have a useful life of over a year.

To know more about Current Asset visit:

https://brainly.com/question/14287268

#SPJ9

A Cost of Quality Report is a tool that identifies and analyzes the costs associated with producing goods or services with a focus on improving quality and reducing waste.

Prevention Costs (Employee Training) = $83,200

Appraisal Costs (Inspecting Cleanliness of Rooms) = $41,600

Internal Failure Costs (Rework of Room Service Meal) = $62,400

External Failure Costs (Processing Lost Reservations) = $20,800

Total Quality Costs = $208,000

Quality Cost as a percentage of Sales = Total Quality Costs / Sales * 100 = 16% (rounded to one decimal place)

The Cost of Quality Report helps organizations to identify the costs associated with producing products or services of acceptable quality, as well as those associated with poor quality, and to make informed decisions about quality improvement efforts. It can also be used to evaluate the effectiveness of quality control measures and to determine whether they are yielding the desired results.

To know more about Cost of Quality Report visit:

https://brainly.com/question/14189958

#SPJ1

Answer:

Natural Ingredients: The Non-Shedder Shampoo is made from a blend of natural ingredients, including aloe vera, oatmeal, and omega-3 fatty acids. These ingredients work together to nourish and strengthen the dog's hair follicles, which helps to reduce shedding.

pH-Balanced Formula: The Non-Shedder Shampoo is pH-balanced to ensure that it does not cause any irritation or dryness on the dog's skin. This makes it safe for regular use, which is important for maintaining healthy skin and fur.

Gentle Cleansing: The shampoo uses a gentle cleansing formula that removes dirt and debris from the dog's coat without stripping it of its natural oils. This is important for maintaining healthy skin and fur, as well as reducing shedding.

Long-Lasting Results: The Non-Shedder Shampoo is designed to provide long-lasting results, meaning that it helps to reduce shedding for several days after each use. This is important for maintaining a healthy coat and reducing the amount of hair that the dog sheds.

Overall, the Non-Shedder Shampoo from Pride and Groom is an effective product for reducing shedding in dogs. Its blend of natural ingredients, pH-balanced formula, gentle cleansing, and long-lasting results make it a popular choice among dog owners who want to keep their pets' coats healthy and reduce shedding.

Explanation:

Answer: For planning and scheduling projects.