Answer:
b. includes those elements or groups within an organization's industry.
Explanation:
A corporation's task environment are components that affects and can be affected by an organization's mode of operation. They are external factors that could hinder a business from achieving her goals, aims and objectives, such factors includes customers, suppliers, supply of labour, regulations and regulators, etc.
It must be generally noted that every corporation's task environment is always and constantly changing, and this changes comes with their own challenges.
How does the mentor role differ from the facilitator role in an organization explain?
Answer and Explanation:
Mentoring is the way toward building up the mentee's close to home and expert improvement. Tutor go about as a guide, instructor and supporter which impact the mentee. Guides are not nonpartisan and express their sentiment at whatever point required. The relationship of guide and mentee's can be both formal and casual in nature.
Facilitation is the procedure by which the facilitator encourages the gathering to create process so as to meet alluring result. They center around gathering, groups, teams or association. The job of the facilitator relies upon the undertaking or issue that is done through face to face, virtual gathering or work shop. They center around settling the specific issue for enormous crowd. Facilitator should be impartial on the issue and don't favor one side.
Why are all three factors of the Fraud Triangle important, as it relates to the act of fraud?
The absence of one or more factors suggests that...
It is important to recognize that all three factors of the fraud triangle must usually exist for fraud to occur. The absence of one or more factors suggests fraud is unlikely.
Answer:
There are three important factors for fraud which are motive, opportunity and rationalization.
Explanation:
The three factors are also known as the fraud triangle, presence of all three factors is important to commit fraud absence of any one may result in reduction in chances of fraud but it is not completely eliminated. Motive is the need for money or some basic necessity due to which a person is forced to commit fraud. Opportunity is the chance available to commit a fraud. Rationalization is a mindset of a person which justifies his/her acts.
. Suppose Waxwania is producing $600 of real GDP, whereas the potential real GDP (or full-employment real GDP) is $700. How large is its budget deficit? Its cyclically-adjusted budget deficit? Its cyclically-adjusted budget deficit as a percentage of potential real GDP? Is Waxwania’s fiscal policy expansionary or is contractionary?
Answer:
Waxwania’s fiscal policy is expansionary
Explanation:
If Waxwania is producing $600 of real GDP, the budget deficit will be $40 billion ($160 (government spending at $600) – $120 (government revenue at $600)).
If potential real GDP (full employment real GDP) is $700, then the cyclically adjusted budget deficit is $20 billion (=$160 (government spending at $700) – $140 (government revenue at $700)).
Thus, the cyclically adjusted budget deficit as a percentage of potential real GDP equals 2.86 percent ($20/$700 = 0.02857 or approximately 2.86 percent).
Since the government is running a cyclically adjusted budget deficit, this fiscal policy is expansionary.
Fiscal policy is the process through which a country modifies its spending and tax rates in order to track and affect the economy of a country. A central bank influences a country's monetary base through this method, which is similar to monetary policy.
The correct answer for Waxwania’s fiscal policy is expansionary
The budget shortfall will be $40 billion ($160 (government spending at $600) - $120 (federal earnings at $600) if Waxwania produces $600 of real GDP.
The cyclically adjusted budget deficit is $20 billion (=$160 (government spending at $700) – $140 (federal earnings at $700) if potential real GDP (full-employment real GDP) is $700.
In a conclusion, the rapid ratio deficit as a percentage of potential real GDP is 2.86 percent ([tex]\frac{\$20}{\$700}[/tex] = 0.02857, or 2.86 percent).
This fiscal strategy is expansionary since the nation has a cyclically adjusted budget deficit.
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The following is the general ledger for ABC Company as of December 31, 20X1. Use this information to answer questions (1) through (4).
ABC Company
General Ledger
As of December 31, 20X1
Amount
Assets
Cash
$29,400
Accounts receivable
8,100
Supplies
4,900
Prepaid rent
20,200
Equipment (net)
63,800
Liabilities
Accounts payable
$ 6,300
Salaries payable
4,000
Interest payable
1,100
Utilities payable
3,700
Bonds payable
38,400
Stockholders' equity
Common stock
$60,900
Retained earnings
0
Dividends
2,100
Revenues
Sales revenue
$54,200
Interest revenue
1,400
Expenses
Cost of goods sold
$15,100
Salaries expense
7,100
Rent expense
4,900
Supplies expense
1,300
Utilities expense
4,800
Depreciation expense
2,500
Interest expense
2,100
Income tax expense
3,700
What is the amount of gross profit to be reported on ABC Company’s 12/31/X1 income statement?
$40,500
$14,100
$39,100
$17,800
What is the amount of operating income (EBIT) to be reported on ABC Company’s 12/31/X1 income statement?
$36,100
$18,500
$14,800
$14,100
What is the amount of earnings before taxes (EBT) to be reported on ABC Company’s 12/31/X1 income statement?
$15,000
$17,800
$12,000
$18,500
What is the amount of net income to be reported on ABC Company’s 12/31/X1 income statement?
$17,800
$12,000
$14,100
$18,500
Answer:
What is the amount of gross profit to be reported on ABC Company’s 12/31/X1 income statement?
Gross Profit = Sales Revenue - Cost of Goods Sold
= $54,200 - 15,100
= $39,100
What is the amount of operating income (EBIT) to be reported on ABC Company’s 12/31/X1 income statement?
EBIT = Sales Revenue - Cost of Goods Sold - Operating Expenses
We have the following operating expenses:
Salaries expense $7,100
Rent expense = $4,900
Supplies expense = $1,300
Utilities expense = $4,800
Depreciation expense = $2,500
Total operating expenses = $20,600
Now we substract this figure from the gross profit we found above
EBIT = $39,100 - 20,600
= $18,500
What is the amount of earnings before taxes (EBT) to be reported on ABC Company’s 12/31/X1 income statement?
EBT = Sales Revenues + Interest Revenue - Cost of Goods Sold - Operating Expenses - Non-Operating Expenses.
EBT = $54,200 + $1,400 - $15,100 - $20,600 - $2,100
= $17,800
What is the amount of net income to be reported on ABC Company’s 12/31/X1 income statement?
Net Income = Sales Revenues + Interest Revenue - Cost of Goods Sold - Operating Expenses - Non-Operating Expenses - Tax Expense
We simply substract the Tax Expense ($3,700), from the EBT.
Net Income = $17,800 - $3,700
= $14,100
The gross profit is $40,500, operating income is $14,800, EBT is $18,500, and net income is $17,800 on ABC Company's 12/31/X1 income statement.
Explanation:The gross profit to be reported on ABC Company's 12/31/X1 income statement is $40,500. This is calculated by subtracting the cost of goods sold ($15,100) from the sales revenue ($54,200).
The operating income (EBIT) to be reported on ABC Company's 12/31/X1 income statement is $14,800. This is calculated by subtracting all of the expenses (salaries expense, rent expense, supplies expense, utilities expense, depreciation expense, interest expense, income tax expense) from the gross profit.
The earnings before taxes (EBT) to be reported on ABC Company's 12/31/X1 income statement is $18,500. This is calculated by subtracting the interest expense from the operating income.
The net income to be reported on ABC Company's 12/31/X1 income statement is $17,800. This is calculated by subtracting the income tax expense from the EBT.
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Scott and Andy provide support and learning opportunities, coach, and guide their employees. Andy and Scott discuss their approach at Barcelona as one that is empowering. "This is your restaurant," Andy tells new managers. Scott says, "I think you’re limiting your ability to get better," when you tell managers what to do.
Scott and Andy’s empowering view of management is most closely related to which management theory?
a. Behavioral management perspective
b. Classical management perspective
c. Quantitative management perspective
d. Scientific management perspective
Answer:
The correct answer is letter "A": Behavioral management perspective.
Explanation:
The Behavioral management perspective proposes understanding the human aspects of employees at work is likely to improve their productivity. That analysis could contribute to the motivation, group dynamics, and diverse interpersonal processes within companies. The approach goes after American psychologist Abraham Maslow (1908-1970) human hierarchy of needs study and American economist Douglas McGregor (1906-1964) research about people at work.
An employee scans his badge to open a door, and the door opens. The employee does not have access to the room as part of the job. This is an example of a:
Answer:
The correct answer is: False positive.
Explanation:
In statistics, a False positive outcome refers to the scenario when ac action is carried out expecting a negative result but eventually the action works. The term is widely used in medicine in cases, for instance, when women have positive results on pregnancy tests but they are not expecting a baby.
If lead time is longer than the review period, the order quantity at any review point is the amount needed for the inventory on hand plus all outstanding orders to reach the replenishment level. Group of answer choices False True
Answer: True.
Explanation:
The periodic review model for probabilistic demand explains that the order quantity at any review point comprises of all outstanding order to reach the replenishment level and amount needed for inventory when lead time is longer than review period.
Distinguish between management process, practice, performance, and environment.
Why does demand not change when the price of a good changes with no change in the other influences on buying plans?
Consider the demand for onions. The demand for onions does not change when a change in _______ occurs.
A. the price of onions
B. the price of tomatoes (tomatoes are a complement of onions)
C. the population
D. the expected future price of onions
An increase in the price of onions _______.
A. decreases the demand for onions and shifts the demand curve for onions leftward
B. increases the demand for onions and shifts the demand curve for onions rightward C. increases the quantity of onions demanded and results in a movement down along the demand curve for onions
D. decreases the quantity of onions demanded and results in a movement up along the demand curve for onions
Answer:
The is because the price of the product is not a factor that causes change in demand
A. the price of onions
D. decreases the quantity of onions demanded and results in a movement up along the demand curve for onions
Explanation:
Change in demand is an increase or decrease in demand caused by every other factors affecting demand save price. Some of the other factors affecting demand are change in price of other goods, change in population size, change in consumer expectation,change in income, e.t.c
The demand for onion cannot change when a change in the price of onions occurs, The only thing that changes isquantity demanded of onions.
Changes in the price of a good, like onions, affect the quantity demanded, not the demand itself. An increase in the price reduces the quantity demanded (a movement up the demand curve), while a decrease in the price increases the quantity demanded (a movement down). Changes in demand are caused by other factors, like changes in the price of related goods, population, or future price expectations.
Explanation:The demand for a good, like onions, does not directly change because of the price of the good. Rather, a change in price affects the quantity demanded. So, when the price of onions increases, the quantity of onions demanded decreases and there's a movement up along the demand curve for onions (Option D). When the price falls, the quantity demanded increases, reflecting a movement down the demand curve.
Changes in demand itself — that is, a shift of the entire demand curve — occur due to other factors, like changes in the price of related goods (e.g., tomatoes if they're a complement for onions), changes in population, or changes in the expected future price of onions, not due to changes in the price of the good itself.
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Staley Inc. reported the following data:Net income $396,200Depreciation expense 61,250Loss on disposal of equipment 27,600Increase in accounts receivable 9,000Increase in accounts payable 3,350Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required.Staley Inc.Statement of Cash Flows (partial)
Answer:
$479,400
Explanation:
The preparation of the Cash Flows from Operating Activities - Indirect Method is presented below:
Cash flow from Operating activities - Indirect method
Net income $396,200
Adjustment made:
Add : Depreciation expense $61,250
Add: Loss on disposal of equipment $27,600
Less: Increase in accounts receivable -$9,000
Add: Increase in accounts payable $3,350
Total of Adjustments $83,200
Net Cash flow provide by Operating activities $479,400
IE 6-3....AS/AD model – With an equilibrium at the $2.34 Price Level, employment will be __________ million people producing a Physical Output of _________ billion units valued at a Real GDP of $5200 billion..
A. 115 ... 225
B. 122 ... 2600
C. 120 ... 2500
D. 115 ... 2250
Answer:
B. 122 ... 2600
Explanation:
With an equilibrium at the $2.34 Price Level, employment will be 122 million people producing a Physical Output of 2600 billion units valued at a Real GDP of $5200 billion.
Answer:
B
Explanation:
122...2600
In reviewing the agreement between AdCreate and Anchor Motors, Jacob Stein found that sales ofAnchor rose 2.8% compared to the previous year in the third quarter. AdCreate paid the media$450,000 for Anchor Motors ads during the same period. Based on this information, which of thefollowing is true for the third quarter billings? 1. AdCreate billed Anchor Motors $502,941 for the third quarter in 2010. 2. AdCreate's income from the Anchor Motors account for the third quarter of 2010 was$79,4123. AdCreate billed Anchor Motors $529,412 for the third quarter in 2010
Answer:
AdCreate billed Anchor Motors $529,412 for the third quarter in 2010
Explanation:
The advertizing company usually takes a 15% commision
Which means from the total amount billed to customer 15% ar commision which means:
money paid to media + 15% comission of the billed amount= total amount billed
450,000 + 0.15X = X
Now, we try to solve for X and get the amount billed to anchor motors.
X = 450,000/.85 = 529.411,76
Without direct data from the official financial records or bills, it's impossible to accurately determine AdCreate's third quarter billings for Anchor Motors in 2010.
Explanation:Based on the information provided, it is not possible to definitively confirm any of the options regarding AdCreate's third quarter billings for Anchor Motors in 2010. The data on hand reveals that Anchor Motors' sales rose by 2.8% and AdCreate paid the media $450,000 in the same period for ads. However, this does not provide a clear insight into the exact invoiced amount by AdCreate to Anchor Motors. Confidentiality aspects often associated with business agreements also makes it challenging to derive specific details. The correct information can usually be obtained directly from financial statements or billing records of these entities.
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Describe two methods a business or agency can use to reduce the risk of unauthorized release of personal information by employees.
Answer:
The two approaches used by an organization or a corporation to minimize the risk of unauthorized access to personal data by employees as set out below.
Explanation:
Training courses to protect workers from inadvertently delivering informationBuild a website that gives users only the details they will have to complete their work nothing more. Ensure that each consumer has his or her own set of passwords and that payments are logging in.Hence, it is the right answer
Businesses can reduce the risk of unauthorized release of personal information by implementing methods such as data encryption and access controls, along with conducting regular privacy training.
Explanation:Businesses and agencies can use various methods to decrease the risk of unauthorized disclosure of personal information by employees.
Data Encryption: All personal data stored and transmitted should be encrypted. This makes the data unreadable to the unauthorized person even if it’s leaked. Access Controls: Limiting the employees' access to information to 'need to know' basis. This can restrict unauthorized access to sensitive information.
Conduct regular training and awareness programs to ensure all employees understand the importance of personal information privacy and the implications of unauthorized data disclosure.
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Kyle Carlson invested $10,000 in a savings account paying 12% interest compounded quarterly. Assuming that he makes no withdrawals, how much interest will he earn during the second quarter of the first year?
Answer:
Explanation:
Initial deposit = $10,000
Interest = 12% compounded quarterly
Quarterly interest = 12/4 = 3%
Interest earned for quarter 1 = 10,000 x 3% = $300
Deposit value after quarter 1 = 10,000 + 300 = $10,300
Interest earned for quarter 2 = 10,300 x 3% = $309
One of the most important applications of ratio analysis is to compare a company's performance with that of other players in the industry or to compare its own performance over a period of time. Such analyses are referred to as a comparative analysis and trend analysis, respectively The analysis that involves calculating the growth rates of all items from the balance sheet and income statement relative to a base year is called a: A. Common size balance sheet analysis B. Cash flow change analysis C. Percentage change analysis D. Common size income statement analysis
Answer:
The correct answer is letter "C": Percentage change analysis.
Explanation:
Percentage change analysis is an approach used to measure the change on certain assets over time. When it comes to the financial statement, it portraits how much two items have changed from one period to the next or from one quarter to another if used in the balance sheet.
The analysis method involving calculation of growth rates of all items from balance sheet and income statement relative to a base year is Percentage Change Analysis. It's useful in understanding company's growth over time.
Explanation:The analysis method that involves calculating the growth rates of all items from the balance sheet and income statement, relative to a base year, is referred to as Percentage Change Analysis. In such an analysis, you measure the variation of each item relative to the initial year's base amount. This specific type of analysis is crucial in comprehending a company's development and progression over a specific period. For example, if a company's revenue increased by 10% compared to the previous year, it signifies growth. However, if a particular cost increased by 15%, it might indicate an area that needs focus and improvement.
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The current price of Parador Industries stock is $78 per share. Current earnings per share are $5.1, the earnings growth rate is 4 percent, and Parador does not pay a dividend. The expected return on Parador stock is 22 percent.
1.
Calculate the earning per share one-year ahead. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)
2.
Calculate the P/E ratio one-year ahead. (Round your answer to 2 decimal places.)
Answer:
1. $5.3
2. 17.95
Explanation:
1. Earning per share today = $5.1
Earning growth in one year = 4%
So, the EPS one-year ahead:
= Earning per share today × (1 + Earning growth in one year)
= 5.1 × 1.04
= $5.3
2 . Market price one-year ahead:
= Current price × (1 + expected return on Parador stock)
= 78 × 1.22
= $95.16.
P/E Ratio = Market price per share ÷ Earning per share
P/E Ratio = 95.16 ÷ 5.3
= 17.95
Becoming a manager meams
Profound transformation in the way people think of themselves, called personal identity letting go of deeply held attitudes and habits and learning new ways of thinking T/F
Answer:
The statement is: True.
Explanation:
Being a manager implies handling groups of people with diverse cultures, experiences, and personalities. To perform a proficient work, executives should have a well-defined method of working but be able to adapt it according to their subordinates and the situation the firm is facing. In some cases, their ego will have to be left behind to reach the company's goals.
Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. Microeconomics Macroeconomics The effect of a large government budget deficit on the economy's price level The effects of the Internet on the pricing of used cars The effect of an increase in consumer income on demand for smart phones
Answer:
MICRO ECONOMICS: 2,3. MACRO ECONOMICS : 1.
Explanation:
Micro Economics is the study of individual consumers, firms & industries. Eg: Price of a Product.
Macro Economics is the study of economy as a whole. Eg: An Economy's general price level.
Although both have certain level of aggregation- microeconomics has market demand, macroeconomics has aggregate demand. But, the level of aggregation in microeconomics is lesser than that of macroeconomics and former is 'bottom to top' view, latter is 'top to bottom view'.
1. The effect of a large government budget deficit on the economy's price level : studies the implications of a macro economic govt decision i.e budget on a macro economic factor i.e general price level - is Macro Economics Topic
2., 3 :The effects of the Internet on the pricing of used cars, The effect of an increase in consumer income on demand for smart phones: are specific factors impact on a particular product market demand. These are Micro Economics topics.
The effects of a large government budget deficit on the economy's price level are studied in macroeconomics, while topics like the effect of the internet on used car prices and the impact of increased consumer income on smartphone demand are studied in microeconomics.
Explanation:The effect of a large government budget deficit on the economy's price level is a topic that would be studied in macroeconomics. This is because macroeconomics deals with the economy as a whole and includes the study of topics such as government budget deficits, inflation, and economic growth.
The effects of the Internet on the pricing of used cars and the effect of an increase in consumer income on demand for smart phones are topics that would be studied in microeconomics. Microeconomics focuses on individual units within the economy, such as household or business decisions. It concerns itself with issues like consumer behavior, pricing, and supply and demand.
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Which of the following does NOT constitute an act of "investment" as economists use the term?
A)A department store increases its inventory of football jerseys before the Super Bowl.
B)A retiree buys 50 shares of stock at $10 a share and then sells the stock at a profit for $20 ashare.
C)The city council authorizes the construction of a new fire station.
D)An accountant attends a seminar on changes in the federal tax code.
Answer:
B)A retiree buys 50 shares of stock at $10 a share and then sells the stock at a profit for $20 ashare.
Explanation:
In economy an investiment is the purchase, production or use of goods today to generate wealth in the future. This means that in the present, the goods will not be consumed.
In this problem, the only option in which the goods are consumed today is the retiree which buys the stock and then resells it.
So the correct answer is:
B)A retiree buys 50 shares of stock at $10 a share and then sells the stock at a profit for $20 ashare.
Final answer:
The act that does not constitute an "investment" in economic terms is a retiree buying and selling stock for a profit, as investment in economics refers to creating new capital rather than financial transactions.
Explanation:
The question which does NOT constitute an act of "investment" as economists use the term is: A retiree buys 50 shares of stock at $10 a share and then sells the stock at a profit for $20 a share. According to economic terminology, investment refers to activities that increase the economy's stock of capital, rather than financial transactions like the purchase of stocks or bonds. This distinction is crucial because, in economics, investment is specifically about the creation of new capital such as machinery, buildings, or inventory that contributes to production capacity, rather than financial investments which do not add to the physical capital stock.
A project will generate annual cash flows of $237,600 for each of the next three years, and a cash flow of $274,800 during the fourth year. The initial cost of the project is $750,600. What is the internal rate of return of this project
The internal rate of return of this project is 12.086%.
Gather the data:
Initial cost: $750,600
Annual cash flows for years 1-3: $237,600 each
Annual cash flow for year 4: $274,800
Use an IRR calculator or spreadsheet function:
Input the initial cost as a negative value and the annual cash flows as positive values.
Solve for the IRR, which will be the discount rate that makes the net present value (NPV) of the project equal to zero.
Alternatively, use a manual iterative process:
Guess an initial IRR value.
Calculate the present value of each cash flow using the guessed IRR.Add up the present values of all cash flows and the initial cost.
If the sum is positive, your guess is too low, increase the IRR and repeat.
If the sum is negative, your guess is too high, decrease the IRR and repeat.
Continue iterating until the sum is as close to zero as possible.
Using either method, you should arrive at an IRR of approximately 12.086%. This means that if you invest $750,600 today and receive the estimated annual cash flows, your investment will earn an annual return of 12.086% over the four-year period.
Therefore, yes, the answer of 12.086% is accurate for the IRR of this project based on the information you provided.
Management is the attainment of organizational goals in an effective and efficient manner through ______, ______, ______, and ______ organizational resources. a. environment, technology, leading, and enabling b. planning, organizing, leading, and controlling c. authority, organizing, learning, leadership d. authority, communication, opportunity, and direction
Answer:
b. planning, organizing, leading, and controlling
Explanation:
The management is an achievement of organizational goals in an effective as well as an efficient way through organizing, planning, controlling and leading organizational sources. Basically organizational goals are strategically placed aims that plan expected outcomes furthermore supervise subordinates' efforts. There are three kinds of organizational goals they are as follows:
* Tactical
* Strategic
* Operational goals
Organizing, planning, controlling and leading are the qualities that are very effective.
The attainment of organizational goals in management involves the functions of planning, organizing, leading, and controlling organizational resources. Through these four elements, managers can set and achieve goals, arrange resources, inspire and motivate workers, and ensure organizational goals are met.
Explanation:Management is fundamental to any organization's success. The correct phrase that fills the blank is: Management is the attainment of organizational goals in an effective and efficient manner through planning, organizing, leading, and controlling organizational resources. These four elements are known as the 'functions of management'.
For example, planning involves setting goals and deciding how to achieve them. Organizing is arranging tasks, people, and other resources to work together to meet those goals. Leading is inspiring and motivating workers to work hard to achieve organizational goals, and controlling is measuring performance and making sure organizational goals are being met.
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At the beginning of the year (January 1), Buffalo Drilling has $12,000 of common stock outstanding and retained earnings of $6,200. During the year, Buffalo reports net income of $6,500 and pays dividends of $1,200. In addition, Buffalo issues additional common stock for $6,000.
Required:
Prepare the statement of stockholders' equity at the end of the year (December 31).
Answer:
Explanation:
The preparation of the statement of stockholders' equity at the end of the year is presented below:
Buffalo Drilling
Statement of stockholders' equity
At the end of the year (December 31)
Particulars Common Stock Retained earnings Total
Beginning
Balance $12,000 $6,200 $18,200
Net income $6,500 $6,500
Dividend paid -$1,200 -$1,200
Additional
common stock $6,000 $6,000
Total $18,000 $11,500 $29,500
When direct labor employees contribute to the production process, the cost of their labor is recorded by debiting: O Wages Expense. Direct Labor. Work in Process Inventory. Manufacturing Overhead
Answer:
The correct answer is letter "C": Work in Process Inventory.
Explanation:
Work in Process Inventory is an asset in the company's Balance Sheet. It represents the accumulated cost of unfinished goods that are currently in the manufacturing process. Companies that manufacture large or customer-made items typically use a work in progress inventory system to record labor, raw material, and overhead.
Inventory Costing Methods and the Periodic Method Lambeth Company experienced the following events in February: Date Event Units Unit Cost Total Cost Feb. 1 Purchased inventory 100 @ $20 $2,000 Feb. 4 Sold inventory 50 Feb. 9 Purchased inventory 100 @ 22 $2,200 Feb. 27 Sold inventory 100 If the Lambeth Company uses the LIFO inventory costing method, calculate the company’s cost of goods sold and ending inventory as of February 28 assuming the periodic method. Cost of goods sold $Answer Ending inventory
Answer:
Closing Inventory : $ 1,000
Cost of Goods Sold: $ 3,200
Explanation:
The inventory balance as at February 28 is 50 units. This is calculated by adding the total purchases of 100 on February 01 and 100 on February 9 reduced by the sales of 50 units on February 4 and 100 units on Feb 27.
In a LIFO costing method, the last purchased inventory is costed first hence the term Last In First Out (LIFO). The inventory balance of 50 units shall be valued from the first purchase @ $ 20. Thus the inventory value is $ 1000. ( $ 20 x 50 units)
For the cost of goods sold of the units sold aggregating to 150 units, the last purchased units will be considered first and then the remaining shall be considered from the first purchase.
Computation of cost of goods sold
100 units @ $ 22 $ 2,200
50 units @$ 20 $ 1,000
Total Cost of goods sold for 150 sold units $ 3,200
Under the LIFO inventory costing method, the cost of goods sold is $3,100 and the ending inventory is $5,500.
Explanation:Under the LIFO (Last-In, First-Out) inventory costing method, the cost of goods sold is calculated by assuming that the most recently acquired inventory is sold first. In this case, Lambeth Company purchased inventory on February 9 at $22 per unit, so the cost of goods sold would be (50 x $22) + (50 x $20) = $2,100 + $1,000 = $3,100.
The ending inventory as of February 28 would be calculated by subtracting the number of units sold from the total units purchased, and then multiplying by the unit cost. In this case, (100 - 50) x $22 = $5,500.
Which of the following is a manufacturing overhead cost? A. labor cost of plant workers that can be traced accurately and easily B. to a particular product overtime premiums paid C. to plant workers cost of materials that can be traced D. to individual products in an economically feasible manner the use of direct materials in the making of a finished good
Answer:
The correct answer is letter "B": to a particular product overtime premiums paid.
Explanation:
Overhead costs is an accounting term used for expenses that have to be paid, even if the business does not earn any revenue. The business would not be able to operate without paying its overhead expenses even if the expenses do not directly relate to the product or service being produced.
Examples of overhead costs are rent, utilities, office supplies, repairs and maintenance, insurance, taxes, or the salaries of human resources and accounting personnel. Overtime premiums paid to plant workers fall into this category as well.
For the following questions, you need to determine whether each of the four factors given creates a positive demand shock, a negative demand shock, a positive supply shock, or a negative supply shock for the market in bold. For example, if you are told, "Automobile workers receive higher wages: automobiles," you would indicate that the supply of automobiles will decrease due to higher input costs, and the supply curve will shift to the left.
Answer:There will be negative shift in demand and a negative shift in supply.
Explanation:The increase in workers wages is a is a major determinant the inluences the cost of production.It therefore stand to reason that if the cost production in increasesd by workers wages,then the total cost of production will equally be increased leading to an increase in price of the product in question.The increases will be passed on the consumers in a form of higher prices which will eventually reduce tje demand for the product and hence a negative shift in demand and supply.
You decide to start your own business as a professional corporation. You purchase an office building for $35,000 from your mother even though your real estate agent said it was worth $500,000 in the current market. The corporation recorded the building at $500,000. Which of the following concepts or principles of accounting did the corporation violate?
Going concern assumption
money unit assumption
lower of cost of market principle
cost principle
Answer:
Cost principle
Explanation:
Cost principle -
It refers to the amount of the specific object to be recorded during the time of acquiring , is referred to as cost principle .
Cost principle is also called historical cost principle.
During the acquisition , the amount recorded need to be correct , any alteration in the amount leads to the violation of the cost principle.
Similar situation is showcased in the question,
Hence , from the given options the correct option is cost principle.
Caralee’s coworker Mohammed, who is Muslim, celebrates Ramadan for one month each year; during this time, he fasts from sunrise to sunset. Donuts and muffins are usually served at meetings in their company. Caralee is demonstrating______ when she does not order snacks for meetings during Ramadan.a. ethnocentrismb. low cultural intelligencec. high cultural intelligence
Wyatt Co. has a probable loss that can only be reasonably estimated within a range of outcomes. No single amount within the range is a better estimate than any other amount. The loss accrual should be
A. The maximum of the range.
B. The mean of the range.
C. Zero.
D. The minimum of the range.
Answer:
D. The minimum of the range
Explanation:
First, it is essential to note the accrual of loss contingency is accruable only if the amount is estimable to a reasonable extent and the loss is also probable. Wyatt Co's loss is actually both probable and reasonably estimated so it meets the two criteria.
Furthermore, since it is reasonable within a rang of outcomes, Accounting Standards Codification Topic 450 (of the Financial Accounting Standard Board) dictates the amount to be accrued should be the better estimate of all amounts within the range.
The standard further states that in a situation where a better estimate can not be determined among the other amounts within the range then the amount accrued should be the one at the range's low end or the minimum amount of the range.
All these criteria shows that Wyatt CO's loss should accrue the minimum amount in the range
Retained Earnings Statement
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow:
Fees earned $900,000
Office expense 300,000
Miscellaneous expense 15,000
Wages expense 450,000
Prepare a retained earnings statement for the year ended May 31, 2018.
Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000.
Answer:
$425,000
Explanation:
The Retained earning statement of the Paradise travel can be calculated using the following formula:
Closing Retained earnings=opening retained earnings+net income-dividend paid
opening retained earnings=$300,000
Net income=Fees earned-office expense- miscellaneous expense-wages expense
Net income=900,000-300,000-15,000-450,000=$135,000
Dividends paid=$10,000
Closing retained earnings=$300,000+$135,000-$10,000
=$425,000
After calculating the net income for the year by subtracting expenses from revenues, we update the Retained Earnings Statement by adding the net income and additional investment to the initial retained earnings, and subtracting the dividends paid. The final retained earnings at the end of the year would be $465,000.
Explanation:To prepare a Retained Earnings Statement for Paradise Travel Service for the year ended May 31, 2018, we need to first calculate the net income for the year and then update the retained earnings.
Net income is calculated by subtracting expenses (Office expense, Miscellaneous expense and Wages expense) from revenues (Fees earned). So, $900,000 - $300,000 - $15,000 - $450,000 = $135,000.
So, now we update our Retained Earnings Statement. Start with the initial Retained Earnings of $300,000, add the net income of $135,000, add the additional investment of $40,000, and subtract the dividends paid of $10,000. Therefore, the retained earnings at the end of the year would be: $300,000 + $135,000 + $40,000 - $10,000 = $465,000.
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