Answer:
Cash basis refers to a major accounting method that recognizes revenues and expenses at the time cash is received or paid out. This contrasts accrual accounting, which recognizes income at the time the revenue is earned and records expenses when liabilities are incurred regardless of when cash is received or paid.
Explanation:
When transactions are recorded on a cash basis, they affect a company's books upon exchange of consideration; therefore, cash basis accounting is less accurate than accrual accounting in the short term. The Tax Reform Act of 1986 prohibits the cash basis accounting method from being used for C corporations, tax shelters, certain types of trusts, and partnerships that have C Corporation partners.
To compute Luong Corporation's federal taxable income and regular tax liability, let's go through the reconciliation process and make the necessary adjustments:
Start with net income per books: $1,000,000
Add back book expenses that are not deductible for tax purposes:
Meal expenses not provided by a restaurant: $8,000
Entertainment costs: $10,000
Total adjustments: $18,000
Net income before book-to-tax adjustments: $1,000,000 + $18,000 = $1,018,000
Deduct tax-exempt income (dividends received):
Dividends received from a 25% stock interest: $10,000
Dividends received from a 5% stock interest: $4,000
Total adjustments: $14,000
Taxable income before book-to-tax adjustments: $1,018,000 - $14,000 = $1,004,000
Add non-deductible expenses for tax purposes:
Capital losses: $10,000
Total adjustments: $10,000
Taxable income after book-to-tax adjustments: $1,004,000 + $10,000 = $1,014,000
Determine depreciation difference:
Book depreciation: $400,000
MACRS depreciation: $475,000
Depreciation difference: $475,000 - $400,000 = $75,000
Taxable income after depreciation adjustment: $1,014,000 - $75,000 = $939,000
Calculate federal taxable income:
Federal taxable income: $939,000
Compute the regular tax liability using the applicable tax rates for the corporation's taxable income.
Please note that the specific tax rates and calculations may vary depending on the tax year and any changes in tax laws or regulations. It is recommended to consult with a tax professional or reference the appropriate tax forms and instructions for accurate calculations based on the current tax laws and regulations.
who is GZStunterOnYT
Answer:
I think it's RG ASPHALT 8
What sport is part of both the ancient and modern Olympic games?
chariot racing
O
gymnastics
swimming
fencing
Answer: Fencing
Explanation:
The sport that is part of both the ancient and modern Olympic games is "fencing." Fencing has been part of the Olympic games since the first modern Olympics in 1896, and it was also included in the ancient Olympics as one of the five original sports.
With EA releasing a FIFA game every year, the company's
may look quite different from other games or industries.
This is true with the With EA releasing a FIFA game every year
What would happen as the EA releases games yearly?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.
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Question
True / false. With EA releasing a FIFA game every year, the company's
may look quite different from other games or industries.
Priya is in charge of a building site, overseeing all the workers who are building a new elementary school. She receives deliveries of lumber and other supplies, and she makes sure that the work matches or exceeds the standards in state and local building codes. What is Priya’s job title MOST likely to be?
A.
General contractor
B.
Surveyor
C.
Architect
D.
Engineer
The correct answer is Priya's job title is MOST likely to be option A, a general contractor.A general contractor is responsible for overseeing and managing construction projects from start to finish.
They work with architects, engineers, and other professionals to ensure that projects are completed on time, within budget, and meet all necessary building codes and regulations.In Priya's case, she is overseeing the construction of a new elementary school and ensuring that the work meets the standards set by state and local building codes. This role requires a broad knowledge of construction and building practices, as well as strong project management and leadership skills.Option B, surveyor, is unlikely as their role is to measure and map out land boundaries and topography, and provide data to architects and engineers.
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Which of the following is the most accurate statement about a mentally impaired person's capacity to contract?
Multiple Choice
None of the parties to a contract can enforce the contract if, before they entered the contract, one of the parties was judged by a court (.e.,
adjudicated) to be mentally incompetent.
A person who suffers from a mental impairment can never have capacity to contract.
A person can disaffirm a contract if the other party to the contract suffers from a mental impairment.
A person with a mental impairment lacks the capacity to contract, even if the impairment does not affect their ability to understand and
evaluate the contract.
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.
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.
Who are the mentally impaired?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.
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Cost of Quality Report
A quality control activity analysis indicated the following four activity costs of a hotel:
Inspecting cleanliness of rooms $41,600
Processing lost customer reservations 20,800
Rework incorrectly prepared room service meal 62,400
Employee training 83,200
Total $208,000
Sales are $1,300,000. Prepare a cost of quality report. Round percent of sales to one decimal place.
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.
According to the given data: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)
What is the work of cost of Quality Report?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.
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In a manufacturing plant, machine A produces 30% of a certain product, machine B produces 50% of this product, and machine C produces 20% of this product. Five percent of machine A products are defective, 10% of machine B products are defective, and 9% of machine C products are defective. The company inspector has just sampled a product from this plant and has found it to be defective.
P (C | D) = ______ ?
The probability that the product is from machine C given that it is defective is 0.4.
What is product?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.
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Having money set aside for retirement is a common long-term financial goal. If your goal is to retire with at least $1 million, how long would it take—and how much would you need to invest each month—if your anticipated rate of return is 10%? At what age could you retire if you started investing at age 25?
ramsey classroom
Using present value formula, it will take a time of 40 years to have a future value of $1million
What age could one retire if he started saving at age of 25 years to have 1 million saved?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.
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The data related to Shunda Enterprises Inc.'s factory overhead cost for the production of 50,000 units of product are as follows:
IVE INCLUDED PHOTOS OF THE FULL PROBLEM
The total overhead rate is $6
The variable overhead rate is $3.5
The fixed overhead rate is 2.5 per hour
How to solve1. 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
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The work of both Herbert Simon "The Proverbs of Administration" shifts the approach to management from concerns with the structure to concerns with human behavior. What does this mean?
Herbert Simon's work "The Proverbs of Administration" shifts approach to management from focus on structural design to focus on human behavior.
What is management?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.
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describe three purposes of foreign exchange reserves in a country like Kenya. What effects do such foreign exchange reserves have in a country? (10marks)
1. To Provide Stability: Foreign exchange reserves are an important tool for a country like Kenya to provide greater stability to the economy.
What is 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.
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What are the 3 primary Health Insurance
coverage areas?p
Answer:
life, health, long-term disability
Explanation:
The three main types of health insurance that the majority of financial professionals advise are life, health, auto , accident, and long-term disability.
Camille has started a photography business and is try8ng to decide between working toward mass ex0sure or a more exclusive appeal . she is thinnking about which of the 4p
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.
Why do you call it "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.
What makes an exposure successful from a photographic standpoint?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.
Whom does photography intend to appeal to?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.
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Less randomness and more difficulty in obtaining a sample size are disadvantages of
O a. social media.
O b. mail surveys.
O c. personal interview surveys.
d. telephone surveys.
e. online experimentation.
Mail surveys have the disadvantages of being less random and harder to determine a sample size.
What are the drawbacks of mailing surveys?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.
What drawbacks are there to questionnaires?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.
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matthew and victoria are shopping for a new pair of running shoes. victoria is willing to pay $180 and matthew is willing to pay $120 for a new pair of shoes. what is the total gain in surplus when the price of shoes decreases from $175 to $120?
When the price of shoes declines, consumer surplus increases by $55.
What is the change in consumer surplus?
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
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Moorcroft Company’s budgeted sales and direct materials purchases are as follows:
Budgeted Sales Budgeted D.M. Purchases
April $301,000 $42,000
May 288,000 50,000
June 399,000 62,000
Moorcroft’s sales are 40% cash and 60% credit. Credit sales are collected 20% in the month of sale, 50% in the month following sale, and 26% in the second month following sale; 4% are uncollectible. Moorcroft’s purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month following the purchase and 60% in the second month following the purchase.
Instructions:
(a) Prepare a schedule of expected collections from customers for June.
Therefore, the schedule of expected collections from customers for June is:
April credit sales = $173,376May credit sales = $165,888June credit sales = $229,824Total expected collections = $569,088What does credit sales imply?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:
April credit sales = $301,000 x 60% = $180,600May credit sales = $288,000 x 60% = $172,800June credit sales = $399,000 x 60% = $239,400Next, we need to determine the expected collections from each month's credit sales:
April credit sales:
20% collected in April = $180,600 x 20% = $36,12050% collected in May = $180,600 x 50% = $90,30026% collected in June = $180,600 x 26% = $46,9564% uncollectible = $180,600 x 4% = $7,224Total expected collections from April credit sales = $36,120 + $90,300 + $46,956 = $173,376May credit sales:
20% collected in May = $172,800 x 20% = $34,56050% collected in June = $172,800 x 50% = $86,40026% collected in July = $172,800 x 26% = $44,9284% uncollectible = $172,800 x 4% = $6,912Total expected collections from May credit sales = $34,560 + $86,400 + $44,928 = $165,888June credit sales:
20% collected in June = $239,400 x 20% = $47,88050% collected in July = $239,400 x 50% = $119,70026% collected in August = $239,400 x 26% = $62,2444% uncollectible = $239,400 x 4% = $9,576Total expected collections from June credit sales = $47,880 + $119,700 + $62,244 = $229,824Therefore, the schedule of expected collections from customers for June is:
April credit sales = $173,376May credit sales = $165,888June credit sales = $229,824Total expected collections = $569,088To learn more about the agreement, click
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which statement is prepared for only one date?
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.
Creekside Corporation data is as follows: Selling price is $75 per unit; Variable expenses are $45 per unit (60% of sales), and contribution margin is $30 per unit (40% of sales). Fixed expenses are $75,000 per month and the company is selling 3,000 units per month.
a. The marketing manager believes that an $8,000 increase in the monthly advertising budget would increase monthly sales by $15,000. Should the advertising budget be increased?
According to the question of expenses, Yes, the advertising budget should be increased.
What is expenses?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.
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. This question relates to a small, open economy with fixed prices and a fixed exchange rate. The rate of interest in the rest of the world (1*) is 5% (Important: for your calculations use i*=5 not 0.05!), the exchange rate (E) is to be fixed at E=2 and the price level is p=1.. The IS- carve of this small, open economy is described by the function Y=100-i+2.5E, the LM curve is described by Y=2M/P+2i. a) Calculate the end dogenous nominal money supply.
In the given problem, the endogenous nominal money supply for this small, open economy is 48.75 - (i/2).
How to Calculate the Endogenous Nominal Money Supply?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).
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Using a perpetual inventory system, payment during the discount period for inventory purchased previously on account will have what effect on the financial statements?
Multiple Choice
Decrease assets
Decrease expenses
Decrease revenues
Decrease stockholders’ equity
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.
How do financial statements change as a result of a perpetual inventory system?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.
What account does the periodic inventory system record purchases in?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.
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The Resource Based View (RBV) of the firm is a strategic management theory that explains the differences in firm’s prosperity and exposes the resource requirements that underlie competitive advantage. With the help of a diagram, discuss the main Postulates of RBV of the firm and the challenges they raise for organizations.
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.
What does "resource-based perspective" in strategic management (RBV) mean?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.
What role, in terms of the resource-based view (RBV), do resources and capabilities have in a company's ability to obtain a competitive advantage?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.
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HELPPPP
i need help with the base idea with this or whatever, help
One way to use your earning power to increase your total income is to take on additional jobs or side hustles.
What is jobs ?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.
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Ethiopia's incomes and expenditures are as follows (in billion bire) in 2009
Wages
at what approach 100
Social security contributions
7
Interest income
5
Personal taxes
20
Consumption expenditure by households
60
Government purchases of goods and services
150
50
Transfer payments
100
Corporate profit
30
Investment expenditures by business
20
Corporate Income taxes
50
Indirect business taxes
Undistributed corporate profit
90
Consumption of fixed capital( depreciation)
40
Non income charges
65
Expenditures by foreigners
25
Net foreign factor income earned domestically
25
a. Using expenditure approach, what is GDP?
The GDP of Ethiopia using the expenditure approach in 2009 was 205 billion bire.
What is Ethiopia's GDP?By adding up all of the expenditures on finished goods and services produced domestically, we may compute the GDP using the expenditure method. The following formula is used to determine GDP when utilizing the spending method:
GDP = C + I + G + (X - M)
where:
C = Consumption expenditure by households
I = Investment expenditures by business
G = Government purchases of goods and services
X = Expenditures by foreigners on domestically produced goods and services
M = Expenditures by domestic residents on foreign-produced goods and services
Using the given values for Ethiopia's incomes and expenditures in 2009, we can further input the values to calculate the GDP as;
GDP = C + I + G + (X - M)
= 60 + 20 + 150 + (25 - 25)
= 205 billion bire
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How do differences in income levels among countries affect international businesses?
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.
which did not explain the theories of idealism A, human beings believed peace & harmony B, depicts optimism C, depicts pessimism D, war is not the means to solve conflicts
"War is not the means to solve conflicts" does not explain the theories of idealism.
Therefore, Option C is the correct option.
What is Theory of Idealism?Theories of idealism are philosophical ideas that emphasize the importance of ideas, values, and consciousness in shaping human experience and understanding of the world. While they may be related to beliefs about peace and harmony, they do not necessarily explain them.
Optimism and pessimism are attitudes or perspectives that reflect positive or negative expectations about the future, respectively. While idealism may be related to optimism, it does not necessarily depict it, nor does it necessarily depict pessimism.
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Gantt charts are most helpful when:
Answer: For planning and scheduling projects.
ECONOMICS PLEASE HELP
Economics is a social science that examines how products and services are produced, distributed, and consumed as well as the decisions that people, corporations, governments, and nations make when allocating resources.
What serves as economics' support?
Those who study economics are better able to comprehend their surroundings. It makes it possible for individuals to comprehend other people, organisations, markets, and governments, enabling them to better react to the challenges and possibilities that arise when circumstances change. Economics is the study of scarcity and how it affects how resources are used, how commodities and services are produced, how production and welfare increase over time, and a wide range of other complicated concerns that are extremely important to society.
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88) What characteristic must an asset have in order to count as a current asset? A) tangibility B) liability C) goodwill D) liquidity
The answer is D) liquidity. Liquidity is the characteristic that an asset must have in order to count as a current asset.
What do you mean by current assets?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.
What current and non-current assets actually entail?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.
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1. Prepare journal entries to record the preceding transactions.
2. Post the entries prepared in step 1 to their respective T-accounts.
3. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.
4. Prepare and income statement for the year.
Information and Data
White Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows:
Raw Materials $20,000
Work in Process $15,000
Finished Goods $30,000
The company applies overhead cost to jobs on the basis of machine-hours worked. For the current year, the company's predetermined overhead rates was based on a cost forumulat that estimated $450,000 of total manufacturing overhead for an estimated activity level of 75,000 machine-hours. The following transactions were recorded for the year:
A. Raw materials were purchased on account, $410,000.
B. Raw materials were used in production, $380,000 ($360,000 direct materials and $20,000 indirect materials).
C. The following costs were accrued for employee services: Direct Labor, $75,000; Indirect Labor, $110,000; Sales Commissions, $90,000; and Administrative Salaries, $200,000.
D. Sales travel costs (on account) were $17,000.
E. Utility costs (on account) in the factory were $43,000.
F. Advertising costs (on account) were $180,000.
G. Depreciation was recorded for the year, $350,000 ($280,000 relates to factory assets and $70,000 relates to selling and administrative assets).
H. Insurance expired during the year, $10,000 ($7,000 relates to factory operations and the remaining relates to sellling and administrative activities.
I. Manufacturing overhead was applied to production. Due to greater than expected demand for its products, the company worked 80,000 machine hours on all jobs during the year.
J. Jobs costing $900,000 to manufacture according to their job cost sheets were completed during the year.
K. Jobs were sold on account to customers during the year for a total of $1,500,000. The jobs cost $870,000 to manufacture according to their job cost sheets.
L. Close out entry to for Underapplied / Overapplied Manufacturing Overhead (as stated in item 3 above).
1. Journal Entries: A. Raw materials inventory (debit) $410,000 ,Accounts payable (credit) $410,000.
What is the meaning of Gross Profit?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).
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2.3. Motivate how E-businesses benefit the entrepreneur?
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.
What are some of the ways e-businesses can benefit entrepreneurs?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.
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