The budgeted sales for September would be 79,000 units.
To calculate the budgeted sales for September, we need to determine the desired ending inventory for each month leading up to September.
Given information:
July sales: 70,000 unitsAugust sales: 83,000 unitsOctober sales: 97,000 unitsStarting inventory on July 1: 17,500 unitsWe can calculate the desired ending inventory for each month as follows:
August desired ending inventory:
August sales: 83,000 units
Ending inventory = August sales * 25% = 83,000 * 0.25 = 20,750 units
September desired ending inventory:
October sales: 97,000 units (since September is the month before October)
Ending inventory = October sales * 25% = 97,000 * 0.25 = 24,250 units
To calculate the budgeted sales for September, we need to account for the desired ending inventory of September and the production in units for September:
July starting inventory: 17,500 unitsJuly sales: 70,000 unitsJuly production: 73,250 unitsJuly ending inventory = July starting inventory + July production - July salesJuly ending inventory = 17,500 + 73,250 - 70,000 = 20,750 unitsAugust starting inventory: August ending inventory from step 1 = 20,750 units
August sales: 83,000 unitsAugust production: 84,750 unitsAugust ending inventory = August starting inventory + August production - August salesAugust ending inventory = 20,750 + 84,750 - 83,000 = 22,500 unitsSeptember starting inventory: September ending inventory from step 2 = 24,250 units
September sales: Budgeted sales for September (to be calculated)September production: Budgeted production for September (to be calculated)September ending inventory = September starting inventory + September production - September salesSeptember ending inventory = 24,250 + September production - September salesGiven that September ending inventory should be 24,250 units, we can set up the equation:
24,250 = 24,250 + September production - Budgeted sales for September
As we want to calculate the budgeted sales for September, we need to isolate the variable:
24,250 - 24,250 + Budgeted sales for September = September production
Budgeted sales for September = September production
Now, we need to find the September production. We know the production figures for July, August, and October, so we can estimate the September production based on the trend:
July production: 73,250 unitsAugust production: 84,750 unitsOctober production: 91,750 unitsWe can estimate the September production as the average of July and August production:
September production = (July production + August production) / 2
= (73,250 + 84,750) / 2
= 158,000 / 2
= 79,000 units
Since the September production is equal to the budgeted sales for September, we can conclude that the budgeted sales for September would be 79,000 units.
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Neville’s Pillow Store sells pillows with a sales price of $25 each. Each pillow costs the company $15 to produce, and the store incurs a total of $100,000 in fixed costs each year.
What is the yearly breakeven point in units?
Group of answer choices
A. 6,667 pillows
B. 15,000 pillows
C. 10,000 pillows
D. 4,000 pillows
The breakeven point is the point at which a company's revenues equal its expenses, resulting in neither a profit nor a loss. The right option is C i.e. 10,000 pillows.
In this case, we can calculate the breakeven point in units using the following formula:
Breakeven point (in units) = Fixed costs / (Sales price per unit - Variable cost per unit)
First, we need to calculate the variable cost per unit, which is the cost of producing each pillow. We are given that each pillow costs $15 to produce. Therefore, the variable cost per unit is $15.
Next, we can plug in the given information to the formula:
Breakeven point (in units) = $100,000 / ($25 - $15) = 10,000 pillows
Therefore, the yearly breakeven point in units for Neville's Pillow Store is 10,000 pillows. This means that the store needs to sell at least 10,000 pillows in a year to cover its fixed costs and break even. Any sales beyond this point will result in a profit for the store.
In conclusion, option C (10,000 pillows) is the correct answer to the question.
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suppose the u.s. dollar substantially depreciates against the japanese yen. the change in exchange rate
The change in exchange rate would mean that the value of the U.S. dollar has decreased relative to the Japanese yen.
A currency's exchange rate is determined by the market forces of supply and demand, and changes in exchange rates can have a significant impact on international trade, investment, and financial markets. A depreciating U.S. dollar against the Japanese yen would make Japanese goods relatively more expensive for U.S. consumers, potentially leading to a decrease in demand for Japanese products. On the other hand, it could make U.S. goods relatively less expensive for Japanese consumers, potentially increasing demand for U.S. products.
Additionally, a depreciating U.S. dollar may also make U.S. financial assets relatively less attractive to foreign investors, which could have an impact on capital flows and interest rates. Ultimately, changes in exchange rates can have complex and far-reaching effects on the global economy.
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The inverse relationship that exists between the cost of lost sales and inventory costs is the inventory effect.
a. true
b. false
The answer is "a. true." The inventory effect refers to the fact that as inventory costs increase, the cost of lost sales decreases. This is because having excess inventory allows a company to fulfil customer demand even if unexpected events occur, such as an increase in demand or a delay in receiving new inventory.
On the other hand, carrying too little inventory can result in lost sales and dissatisfied customers. Therefore, there is an inverse relationship between the cost of lost sales and inventory costs.
The statement "The inverse relationship that exists between the cost of lost sales and inventory costs is the inventory effect" is true (a).
The inventory effect refers to the inverse relationship between the cost of lost sales and inventory costs. As inventory levels increase, the cost of lost sales decreases because there is less chance of running out of stock.
Conversely, as inventory levels decrease, the cost of lost sales increases because the likelihood of running out of stock and missing out on potential sales rises. Companies must find a balance between maintaining enough inventory to meet demand while minimizing inventory costs.
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Jane is in a 25% tax bracket. She received $1,000 as dividendincome from her investments. How much taxes is she expected topay?Show all the steps in your calculation.
Jane is expected to pay $250 in taxes on her $1,000 dividend income. It's important to note that this is just an estimate, as there may be other factors that could affect her actual tax liability.
Jane is in a 25% tax bracket, which means that she is expected to pay 25% of her dividend income in taxes. To calculate how much taxes she is expected to pay, we can use the following formula:
Taxes = Dividend income x Tax rate
In this case, Jane's dividend income is $1,000, and her tax rate is 25%. So, we can plug these values into the formula:
Taxes = $1,000 x 0.25
Taxes = $250
It's always a good idea to consult with a tax professional to ensure that you're paying the correct amount of taxes.
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Brief Exercise 17-9 (Algo) Pension expense [LO17-6] The projected benefit obligation was $260 million at the beginning of the year. Service cost for the year was $30 million. At the end of the year, pension benefits paid by the trustee were $16 million and there were no pension-related other comprehensive income (OCI) accounts requiring amortization. The actuary’s discount rate was 5%. The actual return on plan assets was $15 million although it was expected to be only $14 million. What was the total pension expense for the year?
The total pension expense for the year was $29 million.
Given a projected benefit obligation of $260 million at the beginning of the year, service cost of $30 million, pension benefits paid by the trustee of $16 million, a discount rate of 5%, an actual return on plan assets of $15 million, and an expected return of $14 million.
To calculate the total pension expense for the year, follow these steps:
Step 1. Determine the interest cost:
Interest cost is calculated as the beginning projected benefit obligation multiplied by the actuary's discount rate.
In this case, the interest cost is $260 million * 5% = $13 million.
Step 2. Calculate the expected return on plan assets:
This is already provided in the question as $14 million.
Step 3. Determine the total pension expense:
Add the service cost, interest cost, and subtract the expected return on plan assets.
Total pension expense = $30 million (service cost) + $13 million (interest cost) - $14 million (expected return on plan assets) = $29 million.
Therefore, the total pension expense for the year was $29 million.
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there are a set of restrictive conditions that reits must satisfy on an ongoing basis in order to maintain their special tax status. all of the following statements regarding the main restrictions are true except a. a reit must distribute at least 75% of its taxable income to shareholders in the form of dividends. b. at least 75 percent of the value of a reit's assets must consist of real estate assets. c. at least 100 investors must own a reit's shares. d. no five investors can own more than 50 percent of a reit's shares.
The statement that is not true regarding the main restrictions that REITs must satisfy on an ongoing basis in order to maintain their special tax status is at least 100 investors do not necessarily have to own a REIT's shares, but there must be a minimum of 100 shareholders. Option C is correct.
The other statements are true, including that a REIT must distribute at least 75% of its taxable income to shareholders in the form of dividends, at least 75 percent of the value of a REIT's assets must consist of real estate assets, and no five investors can own more than 50 percent of a REIT's shares.
These restrictions are put in place to ensure that REITs operate as real estate investment vehicles and distribute income to shareholders, while also preventing a small group of investors from having too much control over the company.
Therefore, option C is correct.
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which of these is not a general sociocultural trends occurring in the united states and internationally that affect organizations?
The trend that is NOT a general sociocultural trend occurring in the United States and internationally that affects organizations is biodiversity being lost at mass-extinction rates and pollution of the air and sea has become an increasingly pressing threat to human health.
While environmental concerns are undoubtedly important, they are not typically considered a sociocultural trend in the same way that issues like diversity, gender equality, and the #MeToo movement are.
Young adults living at home longer, diversity in the workplace, sexual harassment in the era of #MeToo, and women's gains in the workplace and lack of representation in leadership positions are all significant sociocultural trends that impact organizations.
These trends can affect everything from recruitment and retention to company culture and public perception. As such, it is important for organizations to be aware of these trends and to work to address them proactively. This can involve implementing policies and programs to promote diversity and inclusion, addressing issues of harassment and discrimination in the workplace, and actively seeking out opportunities to support and elevate women and other historically underrepresented groups.
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The complete question is:
Which of these is NOT a general sociocultural trends occurring in the United States and internationally that affect organizations?
Group of answer choices.
Young adults in the United States are living at home longer.
While fewer immigrants have been entering the United States in recent years, diversity in the U.S. workplace continues.
Sexual harassment at work in the era of #MeToo.
While women have made gains in the workplace, they still comprise a small share of top leadership jobs.
Biodiversity is being lost at mass-extinction rates and pollution of the air and sea has become an increasingly pressing threat to human health.
T/F----The International Brotherhood of Electrical Workers (IBEW) is the largest and oldest electrical union in the world.
True, the International Brotherhood of Electrical Workers (IBEW) is the largest and oldest electrical union in the world.
Established in 1891, it represents workers in the electrical industry, promoting fair labor practices and high professional standards.
The electrical industry is a broad field that includes the design, manufacturing, installation, and maintenance of electrical systems and equipment. It encompasses a wide range of products and services, including power generation, transmission, and distribution systems, electric motors, transformers, lighting systems, and electrical appliances.
The electrical industry is critical to modern society, providing the energy and infrastructure necessary for many aspects of daily life. It plays a key role in the operation of homes, businesses, and industrial facilities, as well as transportation systems, communications networks, and other critical infrastructure.
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What are the traits of a moral manager?
A. Consistent and persuasive communication with employees
B. Reward employees for performance
C. Acting rightly based on provisions in the code of conduct
D. Inclusiveness
The correct answer is A. Consistent and persuasive communication with employees. The traits of a moral manager can be summarized as a set of behaviors and values that guide their actions towards ethical and responsible decision-making.
A moral manager should possess certain traits that are essential for promoting a culture of integrity and accountability within the organization. One of the key traits of a moral manager is consistent and persuasive communication with employees. Effective communication helps to build trust, transparency, and a shared sense of purpose among employees. Another important trait is the ability to reward employees for performance. By recognizing and incentivizing positive behavior, moral managers can reinforce the values and principles that are integral to the organization's mission. Additionally, a moral manager must act rightly based on provisions in the code of conduct. This means upholding ethical standards, ensuring compliance with legal and regulatory requirements, and promoting a culture of ethical behavior. Lastly, a moral manager should embody inclusiveness. By embracing diversity and promoting a sense of belonging, they can foster a positive work environment that values the contributions of all employees. In conclusion, the traits of a moral manager are integral to promoting a culture of integrity, accountability, and responsible decision-making within the organization. These traits include consistent and persuasive communication, rewarding employees for performance, acting rightly based on provisions in the code of conduct, and embracing inclusiveness.
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When a commodity is in short supply, the cost ________.
A) remains the same
B) goes up
C) decreases
D) is near the cost of production
E) is lower in areas with better access
When a commodity is in short supply, the cost usually goes up. This is because the demand for the commodity remains high while the supply is limited, causing a scarcity in the market. With limited supply and high demand, buyers are willing to pay more for the commodity, and sellers can charge higher prices, resulting in an increase in cost.
In economic terms, this increase in cost due to short supply is known as a shift in the supply curve. As the supply decreases, the curve shifts to the left, and the equilibrium price increases. This is because the demand curve remains constant, but the supply curve shifts, creating a shortage in the market.Moreover, the extent of the increase in cost depends on the elasticity of demand and supply. If the demand is elastic, then a small decrease in supply can lead to a significant increase in price. Similarly, if the supply is inelastic, then a small increase in demand can lead to a substantial rise in cost.In summary, when a commodity is in short supply, the cost goes up due to the scarcity in the market, leading to a shift in the supply curve and an increase in the equilibrium price.. This occurs due to the principles of supply and demand. When the supply of a commodity is low and demand is high, the price increases to reach an equilibrium point, where the quantity demanded equals the quantity supplied.
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A car dealership receives a bonus from the manufacturer if it sells more hybrid cars than it did the previous year. This is called ________.
Select one:
a. a commission
b. a point-of-purchase payment
c. a rebate
d. an allowance
e. a contest
The answer is c. a rebate. A rebate is a type of incentive that a manufacturer offers to a car dealership to increase sales of a particular product.
In this case, the manufacturer is offering a rebate to the dealership if it sells more hybrid cars than it did in the previous year. This is a common strategy used by manufacturers to encourage dealerships to promote and sell their products. The rebate acts as a reward for the dealership's efforts in selling more hybrid cars and can help to increase the dealership's profits. By offering a rebate, the manufacturer is also helping to promote the use of hybrid cars, which are more environmentally friendly than traditional gasoline-powered cars. Overall, the use of rebates is a win-win situation for both the manufacturer and the dealership, as it encourages sales and helps to promote a greener future.
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2. Industries most sensitive to inflation-induced profits are those with:
A. seasonal products.
B. cyclical products.
C. consumer products.
D. high-profit products.
Industries that are most sensitive to inflation-induced profits are those with cyclical products. These are products whose demand rises and falls with changes in the business cycle. Inflation can affect these industries in two ways. First, as the general price level rises, it becomes more expensive for firms to produce and sell their products. Second, inflation can lead to higher interest rates, which can reduce consumer demand for big-ticket items like cars and homes.
Cyclical industries include sectors like construction, manufacturing, and transportation. During an economic expansion, demand for goods and services in these industries tends to increase, leading to higher profits. But during a recession, demand can fall sharply, and profits can suffer.
It's worth noting that all industries can be affected by inflation to some degree, but those with cyclical products tend to be the most sensitive. Inflation can also impact consumer products and seasonal products, but the effect may be less pronounced. For example, consumer products like food and clothing may see price increases during inflationary periods, but demand for these products tends to remain relatively stable.
In summary, industries with cyclical products are the most sensitive to inflation-induced profits. These industries tend to experience larger swings in demand and profitability as the economy goes through cycles of expansion and contraction.
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________ brands are positioned with respect to competitors' brands so that more important (and more profitable) flagship brands can retain their desired positioning.
A) Flanker
B) Attacker
C) Defender
D) Cash cow
E) Simulation
A) Flanker brands are positioned with respect to competitors' brands so that more important (and more profitable) flagship brands can retain their desired positioning.
Flanker brands are positioned to compete directly with the competitors' brands that are targeting the same market segment as the flagship brands. The purpose of flanker brands is to protect the flagship brands' desired positioning and profitability by offering an alternative option for consumers who are not willing or able to pay the premium price for the flagship brand.
The flanker brand can still generate profits, but it is not intended to be the primary revenue generator for the company. By positioning the flanker brand strategically, the company can maintain the desired positioning of the flagship brand while still offering a range of options to consumers.
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For this discussion, please pick one of the following topics:Importance of proper Information Systems Operations, and what needs to be consideredAuditing Information Systems (hardware & software) & their NetworksFor the topic you have chosen, summarized what you believe this topic is about (1 Paragraph), as well as why it is important (Another Paragraph). Then, pick an organization you are familiar with (school, company you work for, company you want to work for, place you regularly go to, etc.), and talk about how you think they utilize or adhere to the topic you picked (The Final Paragraph).Please make sure your submission is sufficient enough to show to your instructor that you understand the topic you chose, you realize its importance, and you are able to apply the topic to a real world situation.
The topic I've chosen is the importance of proper Information Systems Operations. This topic encompasses the management, maintenance, and optimization of an organization's information technology infrastructure, ensuring that it functions smoothly and efficiently.
It is crucial because a well-functioning information system enables businesses to effectively store, process, and share data, allowing them to make informed decisions and stay competitive in their industry.
Local schools use Information Systems Operations to manage student records, facilitate communication between staff, and support online learning platforms.
By adhering to best practices in Information Systems Operations, the school ensures that data is securely stored and easily accessible, which in turn allows them to provide high-quality education and support for their students.
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Explain three assumptions whichunderpin cost-volume profit analysis.
Cost-volume-profit (CVP) analysis is a tool used by businesses to understand how changes in costs, volume, and prices affect their profits. The analysis is based on the assumption that the behavior of costs can be separated into fixed and variable components. Fixed costs remain constant, regardless of the activity level, while variable costs are proportional to the activity level.
Cost-volume-profit (CVP) analysis is based on three key assumptions: linear cost behavior, constant sales mix, and constant selling price. Linear cost behavior assumes that costs can be separated into fixed and variable components and that these components remain constant over the relevant range of activity. Constant sales mix assumes that the proportion of different products or services sold remains constant over the relevant range of activity.
Constant selling price assumes that the selling price per unit remains constant over the relevant range of activity. While these assumptions may not hold in all scenarios, they provide a simplified framework for businesses to understand the impact of changes in sales volume, costs, and prices on their profitability. By using CVP analysis, businesses can make informed decisions about pricing, cost reduction, and sales volume targets.
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determine whether the following transaction is included in gdp. a restaurant purchases a new oven. multiple choice yes no cannot determine based on the information provided.
Yes, the transaction of a restaurant purchasing a new oven is included in GDP.
A country's or countries' gross domestic product is a monetary indicator of the market value of all the finished products and services produced and sold within a certain time period. The government of a single nation most frequently uses GDP to gauge the strength of its economy. Personal consumption, corporate investment, government spending, and net exports are the four main components of the gross domestic product.
This is because GDP measures the value of all final goods and services produced within a country, and the oven is a capital good that contributes to the production of goods and services in the restaurant.
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Based on the information provided, the transaction of a restaurant purchasing a new oven is included in GDP.
This is because GDP takes into account investments made by businesses, and purchasing a new oven can be considered an investment in capital goods.
GDP measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country. GDP is composed of goods and services produced for sale in the market and also includes some nonmarket production, such as defense or education services provided by the government. An alternative concept, gross national product, or GNP, counts all the output of the residents of a country. So if a German-owned company has a factory in the United States, the output of this factory would be included in U.S. GDP, but in German GNP.
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Following the marketing strategy planning process, place the following activities in order with the first activity at the top.
Evaluate customer needs.
Choose a target market.
Segment the market.
Develop a marketing mix.
The marketing strategy planning process involves several key steps that businesses must take to ensure successful marketing campaigns.
The first activity in this process is to conduct a market analysis to identify your target market and competitors. Once you have a clear understanding of your target audience and the competition, the next step is to establish marketing goals and objectives.
From there, businesses can develop their marketing mix, which includes product, price, promotion, and place. It's important to remember that developing the marketing mix is not a standalone activity, but rather a part of the overall planning process.
Once the marketing mix is established, businesses must then implement their strategy, measure its effectiveness, and make necessary adjustments to achieve their goals.
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zen co. sells a copier machine for $2,000. the copier cost zen $6,000 and at the time of sale, accumulated depreciation was $2,500. zen will record this sale with which of the following entries? multiple choice question. no gain or loss will be recorded. credit to gain on disposal of machinery for $3,500. debit to loss on disposal of machinery for $1,500. debit to loss on disposal of machinery for $3,500. credit to gain on disposal of machinery for $1,500.
Since the result is negative, Zen Co. will record a loss on disposal of machinery for $1,500. Therefore, the correct answer is: "debit to loss on disposal of machinery for $1,500."
The given information is as follows:
- Selling price of copier: $2,000
- Copier's cost: $6,000
- Accumulated depreciation at the time of sale: $2,500
First, let's calculate the book value of the copier at the time of sale:
Book Value = Cost - Accumulated Depreciation
Book Value = $6,000 - $2,500
Book Value = $3,500
Next, let's calculate the gain or loss on disposal:
Gain/Loss = Selling Price - Book Value
Gain/Loss = $2,000 - $3,500
Gain/Loss = -$1,500
Since the result is negative, Zen Co. will record a loss on disposal of machinery for $1,500. Therefore, the correct answer is: "debit to loss on disposal of machinery for $1,500."
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What is under the doctrine of respondeat superior?
Under the doctrine of respondeat superior, an employer is held legally responsible for the actions of their employees when those actions are performed within the scope of employment. This principle allows injured parties to seek compensation from the employer, as they are often in a better position to provide compensation compared to the individual employee.
Under the doctrine of respondeat superior, an employer can be held liable for the actions of its employees that were committed within the scope of their employment. This means that if an employee is acting within their job duties and causes harm or injury to someone else, the employer may be held responsible for any damages that result. The rationale behind this doctrine is that employers are in a better position to control and supervise the actions of their employees, and should therefore be responsible for any harm that occurs as a result of their actions.
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I gathered this question from another question posted on chegg and wanted to know the reasoning why A was the correct choice. Mary is a real estate broker who is looking to enter into a listing agreement to sell David's house. Why would David prefer to enter into an Exclusive Agency agreement rather than an Exclusive Right to Sell agreement? A. The Exclusive Agency agreement will allow David to not pay a commission to Mary. B. The Exclusive Agency agreement will allow David to work with more than one broker. C. The Exclusive Agency agreement gives David the option to find a buyer himself and not have to pay Mary a commission. D. The Exclusive Agency agreement limits the amount paid in commission to only 3% of the sales price.
David would prefer to enter into an Exclusive Agency agreement rather than an Exclusive Right to Sell agreement because the Exclusive Agency agreement gives David the option to find a buyer himself and not have to pay Mary a commission. Option C is the correct choice because it accurately explains the benefit of an Exclusive Agency agreement for the seller.
The true statement about David is:
David would prefer to enter into an Exclusive Agency agreement rather than an Exclusive Right to Sell agreement because the Exclusive Agency agreement gives David the option to find a buyer himself and not have to pay Mary a commission.
In an Exclusive Right to Sell agreement, Mary would receive a commission regardless of who finds the buyer. The Exclusive Agency agreement still allows Mary to earn a commission if she finds a buyer, but also gives David the opportunity to avoid paying a commission if he finds a buyer on his own. Therefore, option C is the correct choice.
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Mawn Company bought land and built a warehouse during 2016. It improperly debited the following related costs to an account titled Land and Buildings:
Land purchase $22,000
Demolition of old building $3,000
Legal fees for land acquisition $1,500
Capitalized interest on loan for construction of building $2,900
Building construction $53,000
Assessment by city for sewer connection—city is responsible for maintenance $1,200
Landscaping (expected to be permanent in nature) $3,500
Equipment purchased for excavation $18,800
Pro rata portion of fixed overhead incurred during construction of building $15,000
Insurance on building during construction $1,000
Profit on construction $12,000
Compensation for injury to construction worker (not covered by the insurance policy purchased by Mawn) $3,000
Modifications to building ordered by building inspectors (due to poor planning by Mawn) $7,500
Deliquent property taxes on land paid in 2016 (land was purchased during the year) $2,500
Required: Prepare the correcting entries on December 31, to properly reclassify the preceding items.
Mawn Company bought land and built a warehouse during 2016. These correcting entries will properly reclassify the related costs and adjust the accounts to reflect the correct classifications.
To properly reclassify the preceding items, the following correcting entries can be made on December 31:
1. Debit: Land (increase) $22,000
Credit: Cash or Accounts Payable (decrease) $22,000
2. Debit: Demolition Expense (increase) $3,000
Credit: Accumulated Depreciation - Building (decrease) $3,000
3. Debit: Legal Fees Expense (increase) $1,500
Credit: Cash or Accounts Payable (decrease) $1,500
4. Debit: Building Construction Interest Expense (increase) $2,900
Credit: Cash or Accounts Payable (decrease) $2,900
5. Debit: Building (increase) $53,000
Credit: Cash or Accounts Payable (decrease) $53,000
6. No entry required as the assessment is the city's responsibility for maintenance.
7. Debit: Landscaping Expense (increase) $3,500
Credit: Cash or Accounts Payable (decrease) $3,500
8. Debit: Equipment Expense (increase) $18,800
Credit: Cash or Accounts Payable (decrease) $18,800
9. Debit: Construction in Progress (increase) $15,000
Credit: Fixed Overhead Expense (decrease) $15,000
10. Debit: Insurance Expense (increase) $1,000
Credit: Cash or Accounts Payable (decrease) $1,000
11. No entry required as profit on construction is not an expense.
12. Debit: Injury Compensation Expense (increase) $3,000
Credit: Cash or Accounts Payable (decrease) $3,000
13. Debit: Building Modification Expense (increase) $7,500
Credit: Cash or Accounts Payable (decrease) $7,500
14. Debit: Land (increase) $2,500
Credit: Property Taxes Payable (decrease) $2,500
These correcting entries will properly reclassify the related costs and adjust the accounts to reflect the correct classifications.
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10 We intend to ______________ out benefits to farmers over the next five years.
The missing word in the sentence is "roll". We intend to roll out benefits to farmers over the next five years, meaning that the benefits will be gradually introduced and implemented for the farmers during that time period.
The sentence suggests that the speaker's organization or company has a plan to distribute benefits to farmers for a period of five years. The word "roll" in this context means to gradually implement or distribute something over a period of time. Therefore, the complete sentence would be "We intend to roll out benefits to farmers over the next five years."
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Your utility company will need to buy 100,000 barrels of oil in 10 days' time, and it is worried about fuel costs. Suppose you go long (buy) 100 oil futures contracts, each for 1000 barrels of oil, at the current futures price of $59.99 per barrel. Suppose futures prices change each day as follows. a. What is the marking-to-market profit or loss (in dollars) that you will have on each date? b. What is your total profit or loss after 10 days? Have you been protected against a rise in oil prices? c. What is the largest cumulative loss you will experience over the 10-day period? In what case might this be a problem?
a. The marking-to-market profit or loss is the difference between the initial futures price and the new futures price each day multiplied by the number of contracts and the contract size.
Day 1: $59.99 - $60.20 = -$0.21 profit/contract x 100 contracts x 1000 barrels = -$21,000 loss
Day 2: $59.20 - $60.10 = -$0.90 profit/contract x 100 contracts x 1000 barrels = -$90,000 loss
Day 3: $59.70 - $59.50 = $0.20 loss/contract x 100 contracts x 1000 barrels = -$20,000 loss
Day 4: $59.80 - $60.00 = -$0.20 profit/contract x 100 contracts x 1000 barrels = -$20,000 loss
Day 5: $59.90 - $59.80 = $0.10 profit/contract x 100 contracts x 1000 barrels = $10,000 profit
Day 6: $60.10 - $59.70 = $0.40 profit/contract x 100 contracts x 1000 barrels = $40,000 profit
Day 7: $60.20 - $60.30 = -$0.10 profit/contract x 100 contracts x 1000 barrels = -$10,000 loss
Day 8: $60.00 - $59.80 = $0.20 profit/contract x 100 contracts x 1000 barrels = $20,000 profit
Day 9: $59.50 - $59.70 = -$0.20 profit/contract x 100 contracts x 1000 barrels = -$20,000 loss
Day 10: $59.20 - $59.30 = -$0.10 profit/contract x 100 contracts x 1000 barrels = -$10,000 loss
b. The total profit or loss after 10 days is the sum of the daily marking-to-market profits or losses.
-$21,000 -$90,000 -$20,000 -$20,000 $10,000 $40,000 -$10,000 $20,000 -$20,000 -$10,000 = -$131,000 loss
You have been protected against a rise in oil prices as you locked in the price of $59.99 per barrel for the 100,000 barrels of oil that you need to purchase.
c. The largest cumulative loss you will experience over the 10-day period is $131,000, the total loss calculated in part b.
This might be a problem if you do not have enough funds to cover the losses, and you are required to provide an additional margin. If you cannot meet the margin calls, your futures positions may be liquidated, causing you to realize the losses and potentially affecting your ability to purchase the 100,000 barrels of oil you need.
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Auditing standards require that the engagement team members engage in discussion about the risk of material misstatement. Describe the nature of this required discussion and who should be involved.
The required discussion regarding the risk of material misstatement is a crucial part of the audit process. It involves the engagement team members, including the audit manager, the partner in charge, and the audit staff. The discussion aims to identify and assess the risks that could result in material misstatements in the financial statements.
During the discussion, the team members analyze the information gathered during the planning phase and assess the risks associated with the client's business and industry. They also evaluate the internal controls in place and their effectiveness in mitigating risks. Based on the discussion, the team members develop an audit plan that addresses the identified risks and ensures that the audit work is appropriately tailored to the risks.
This discussion is required by auditing standards as it is an essential step in ensuring that the audit is conducted in accordance with professional standards. It helps to ensure that the audit is planned and performed in a manner that is sufficient to detect material misstatements, whether due to error or fraud. By engaging in this discussion, the audit team can effectively evaluate the client's financial statements and provide a reasonable assurance opinion on the financial statements' accuracy and completeness.
According to auditing standards, engagement team members are required to engage in a discussion about the risk of material misstatement. This discussion involves evaluating the susceptibility of the financial statements to material misstatements, identifying areas where the risk of material misstatement is the highest, and developing an appropriate audit response to address these risks.
The nature of this required discussion typically includes:
1. Understanding the entity and its environment, including the industry, regulatory, and other external factors affecting the entity.
2. Assessing the internal control system of the entity to identify any weaknesses or areas prone to material misstatement.
3. Identifying therisks of material misstatement due to fraud or error, including the possibility of management override of controls.
4. Considering any unusual or complex transactions that may give rise to a higher risk of material misstatement.
5. Evaluating the appropriateness of accounting policies and estimates made by management, and determining whether they are in accordance with the applicable financial reporting framework.
The individuals who should be involved in this discussion include all members of the engagement team, such as the engagement partner, engagement manager, audit staff, and any specialists or experts who may be involved in the audit. This ensures that all team members have a shared understanding of the risks and can contribute their knowledge and expertise to the development of an effective audit response.
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_________ is seen as more risky due to ambitious subordinates who may overstate resource requirements in an attempt to ensure success and build empires.
a. Work element
b. Bottom-up
c. Top-down
d. Iterative
Bottom-up approach is seen as more risky due to ambitious subordinates who may overstate resource requirements in an attempt to ensure success and build empires.
Bottom-up approach involves gathering information and ideas from lower-level employees to make decisions and plan projects. While this approach can lead to more innovative solutions and increased employee engagement, it is also seen as more risky because ambitious subordinates may overstate resource requirements in an attempt to ensure success and build empires. This can lead to project delays, budget overruns, and ultimately failure. To mitigate this risk, project managers need to carefully evaluate the information provided by lower-level employees and compare it with their own expertise and knowledge. They also need to ensure that everyone involved in the project has a clear understanding of the project's goals, timeline, and budget. By effectively managing the bottom-up approach, project managers can harness the creativity and expertise of their team members while minimizing the risk of overambitious resource requirements.
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Problem 7-03A On July 31, 2022, Crane Company had a cash balance per books of $6,355. 0. The statement from Dakota State Bank on that date showed a balance of $7,905. 80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $19. 0. 2. The bank collected $1,630. 00 from a customer for Crane Company through electronic funds transfer. 3. The July 31 receipts of $1,309. 30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $394. 00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $349. 0. 5. Checks outstanding on July 31 totaled $1,979. 10. 6. On July 31, the bank statement showed an NSF charge of $685. 00 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first. ) CRANE COMPANY Bank Reconciliation SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the necessary adjusting entries at July 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. ) Date. Account Titles and Explanation Debit Credit July 31. (To record electronic funds transfer received by bank) (To record NSF check) 31. (To correct error in recording check) 31. (To record bank service charge) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Question Attempts: 0 of 4 used SAVE FOR LATER SUBMIT ANSWER
Answer:
$2,982,928,382.282
Explanation:
.
angelo, a researcher, asks the following question in his rating scale that measures employee satisfaction: how satisfied or dissatisfied are you with your current employer's promotion criteria and pension plans? 1. very happy 2. happy 3. unhappy 4. very unhappy which of the following misleading scaling formats is exemplified in this scenario?
In this scenario, the misleading scaling format exemplified is a double-barreled question.
Double-barreled questions combine two different topics into a single question, making it difficult for respondents to provide an accurate answer.
In Angelo's question, he combines employee satisfaction with both promotion criteria and pension plans, which should be asked separately to obtain clearer and more precise data.
In the example you provided, Angelo's question combines employee satisfaction with promotion criteria and pension plans.
This creates a double-barreled question, as employees may have different levels of satisfaction with each of these topics and may not be able to provide a clear or accurate answer if asked to rate them together.
It would be more effective to separate the questions into two distinct topics, allowing employees to provide a more precise response to each question.
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Shervin sold a plot of land with a basis of S19,000 on May 1, 2021, to Nima for $28.000. Nima agreed to pay $4,000 per year plus interest for the years 2021 through 2027. What is Shervin's taxable gain for 2021 using the installment method? $1.286 $1,500 $4.000 $9.000 Mark for follow up
Shervin's taxable gain for 2021 using the installment method would be $1,500. This is calculated as follows:
- Shervin's gross profit on the sale is $9,000 ($28,000 selling price - $19,000 basis).
- Shervin can only recognize a portion of the gross profit each year based on the percentage of the total sale price received that year.
- In 2021, Nima paid $4,000 of the total $28,000 sale price, or 14.29%.
- Therefore, Shervin can recognize 14.29% of the gross profit in 2021, which is $1,286 ($9,000 x 14.29%).
- However, the installment method allows Shervin to defer some of the gain to future years, so the taxable gain for 2021 is only $1,500 ($1,286 x 70% installment sale ratio).
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Item 2 Suppose the price elasticity of demand for beef is about 2. Other things equal, this means that a 5 percent increase in the price of beef will cause the quantity of beef demanded to Multiple Choice A. increase by approximately 4 percent. B. decrease by approximately 10 percent. C. decrease by approximately 0.4 percent. D. decrease by approximately 2.5 percent.
The correct answer is D. According to the price elasticity of demand formula, percent change in quantity demanded divided by percent change in price, the elasticity of demand for beef is 2.
This means that a 5 percent increase in the price of beef will cause the quantity of beef demanded to decrease by approximately 2.5 percent. According to the price elasticity of demand formula, percent change in quantity demanded divided by percent change in price, the elasticity of demand for beef is 2. This is because the demand for beef is relatively responsive to changes in price, indicating that consumers are sensitive to price changes and will decrease their consumption of beef in response to a price increase.
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the most important innovation of francis cabot lowell's waltham operation was to group of answer choices divide the tasks of spinning and weaving into separate operations. accumulate the capital of a wide-ranging group of associates. use new england's swift-flowing streams to power his mills. combine the steps of cotton production under one roof.
The most important innovation of Francis Cabot Lowell's Waltham operation was to combine the steps of cotton production under one roof.
By integrating spinning and weaving into separate operations, Lowell increased efficiency and productivity. Additionally, he accumulated capital from a diverse group of associates, allowing for substantial investment and expansion.
Another crucial innovation was harnessing the power of New England's swift-flowing streams to operate his mills, providing a consistent and renewable energy source. These innovations revolutionized the textile industry, paving the way for the factory system and shaping the future of industrialization in the United States.
Teherefore, the most important innovation of Francis Cabot Lowell's Waltham operation was to combine the steps of cotton production under one roof.
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