KW Steel Corp. uses the LIFO method of inventory valuation. Waretown Steel, KW’s major competitor, instead uses the FIFO method. The following are excerpts from each company’s 20X1 financial statements:

KW Steel Corp. Waretown Steel ($ in millions)
20X1 20X0 20X1 20X0
Balance sheet inventories $797.6 $692.7 $708.2 $688.6
LIFO reserve 378.0 334.9
Sales 4,284.8 4,029.7 3,584.2 3,355.8
Cost of goods sold 3,427.8 3,226.5 2,724.0 2,617.5

Required:
a. Compute each company’s 20X1 gross margin percentage and inventory turnover using cost of goods sold as reported by each company. Restate KW’s cost of goods sold and inventory balances to the FIFO basis. On the basis of its adjusted data, recompute KW’s gross margin percentage and inventory turnover.
b. Restate KW's cost of goods sold and inventory balances to the FIFO basis. On the basis of its adjusted data, re-compute KW's gross margin percentage and inventory turnover. Explain how the revised figures alter your earlier comparisons.

Answers

Answer 1

Answer:

KW Steel Corp. and Waretown Steel

LIFO and FIFO Inventory Valuation Methods:

a. Computation of each company's 20X1 gross margin percentage and inventory turnover:

                                         KW Steel Corp.           Waretown Steel

                                         ($ in millions)                ($ in millions)

                                        20X1         20X0           20X1         20X0

B/sheet inventories      $797.6      $692.7         $708.2      $688.6

LIFO reserve                   378.0        334.9

Sales                            4,284.8     4,029.7         3,584.2     3,355.8

Cost of goods sold     3,427.8     3,226.5         2,724.0      2,617.5

Gross margin               $857.0     $803.2          $860.0      $738.3

Gross margin %             20%                                24%

Average Inventory =  $745.15                         $698.4        

Inventory Turnover    4.6 ($3,427.8/$745.15)  3.9  ($2,724.0/$698.4)

b. Restatement of KW's cost of goods sold and inventory balances to FIFO:

                                     KW Steel Corp.           Waretown Steel

                                       ($ in millions)                ($ in millions)

                                     20X1         20X0           20X1         20X0

Sales                         4,284.8     4,029.7         3,584.2     3,355.8

Cost of goods sold $3,805.8  $3,561.40

Gross margin             $479.0     $468.3          $860.0      $738.3

Gross margin %           11.2%                                24%

Inventory Turnover    9.8 ($3,805.8/$388.75)  3.9  ($2,724.0/$698.4)

c. The performance of KW Steel worsened with the reinstatement of the LIFO reserves.  Before the reinstatement, KW Steel was running closely behind its competitor, Waretown Steel.  But after the reinstatement, Waretown gave KW Steel more gap in performance.  This reinstatement shows that when the performances of two companies are compared based on different criteria, the financial analyst will likely arrive at a wrong conclusion.

Explanation:

a) Data and Calculations:

                                         KW Steel Corp.           Waretown Steel

                                         ($ in millions)                ($ in millions)

                                        20X1         20X0           20X1         20X0

B/sheet inventories      $797.6      $692.7         $708.2      $688.6

LIFO reserve                   378.0        334.9

Sales                            4,284.8     4,029.7         3,584.2     3,355.8

Cost of goods sold     3,427.8     3,226.5         2,724.0      2,617.5

Gross margin               $857.0     $803.2          $860.0      $738.3

Gross margin %             20%                                24%

Average Inventory =  $745.15                         $698.4        

Inventory Turnover    4.6 ($3,427.8/$745.15)  3.9  ($2,724.0/$698.4)

c.

                                     KW Steel Corp.           Waretown Steel

                                       ($ in millions)                ($ in millions)

                                     20X1         20X0           20X1         20X0

B/sheet inventories   $797.6      $692.7         $708.2      $688.6

LIFO reserve                378.0        334.9

FIFO balance             $419.6      $357.8

Cost of goods sold  3,427.8     3,226.5         2,724.0      2,617.5

LIFO reserve               378.0        334.9

Average Inventory =  $745.15                         $698.4

New Average Invt.      388.75      


Related Questions

Mindy Novak is writing a paper and he must determine which of Porter's three generic strategies Beulah’s Boutiques has implemented. Mindy finds out that Beulah’s Boutiques offers specialty products found only in boutiques around the world to affluent customers. What would Mindy determine Beulah’s Boutiques is using as its generic strategy?

Answers

Answer:

The answer to this question can be defined as follows:

Explanation:

Mindy Novak writes a report, also determines, whether Beulah's boutiques have adopted Porter's three generic techniques. Mindy discovers Beulah's Boutiques only offer affluent clients premium brands in shops throughout the world, and he determines Mindy, that standard strategy of the boutiques of Beulah, which canister be defined as follows:  

High expense, to the broad market  Low cost, a narrow market.  Low-cost, wide market  High cost, narrow market  High cost, narrow market

Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions, and they had $3,550 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice is 18 years of age, the Jacksons may only claim the child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.)
Comprehensive Problem 4-55 Parts-c through f
a. What would their taxable income be if their itemized deductions totaled $28,000 instead of $16,500?
b. What would their taxable income be if they had $0 itemized deductions and $6,000 of for AGI deductions?
c. Assume the original facts but now suppose the Jacksons also incurred a loss of $5,000 on the sale of some of their investment assets. What effect does the $5,000 loss have on their taxable income?

Answers

Answer:

a. Taxable income = $80,000

b. Taxable income = $77,600

c. Taxable income = $80,600

Explanation:

Taxable income refers to the amount of income that is used to determine the amount of tax that will be paid to the government by an individual or firm in given year. The taxable income is arrived at after all the relevant addition and allowable deductions have been made.

The requirements are therefore answered as follows:

a. What would their taxable income be if their itemized deductions totaled $28,000 instead of $16,500?

Note: See part a of the attached excel file see the effect on taxable income.

The itemized deductions total of $28,000 instead of $16,500 makes the taxable income to be $80,000.

In the attached excel file, the following calculations is used:

Qualified business income deduction = Qualified business income * Parentage of deduction allowed = $10,000 * 20% = $2,000

b. What would their taxable income be if they had $0 itemized deductions and $6,000 of for AGI deductions?

Note: See part b of the attached excel file for the calculations of the taxable income.

This makes the taxable income to be equal to $77,600.

c. Assume the original facts but now suppose the Jacksons also incurred a loss of $5,000 on the sale of some of their investment assets. What effect does the $5,000 loss have on their taxable income?

Note: See part c of the attached excel file for the calculations of the taxable income.

The loss of loss of $5,000 on the sale of some of their investment assets incurred by the Jacksons is capital loss.

For tax purposes, capital loss of can be deducted as a loss on tax return by tax payers with a maximum of $3,000 to be deducted per year.

Therefore, the Jacksons will deduct $3,000 as a capital loss from their tax return, and the effect of this is to reduce the taxable income by $3,000.

This makes the taxable income to be equal to $80,600.

The Sisyphean Company has a bond outstanding with a face value of $1000 that reaches maturity in 5 years. The bond certificate indicates that the stated coupon rate for this bond is 10.0% and that the coupon payments are to be made semiannually. Assuming the appropriate YTM on the Sisyphean bond is 7.5%, then this bond will trade at ________.

Answers

Answer:

$1,513.30

Explanation:

The Trading  price of the Bond is it Present Value (PV) and is calculated as :

Fv = $1000

n = 5 × 2 = 10

pmt = ($1000 × 10.0%) ÷ 2 = $100

p/yr = 2

i = 7.5%

Pv = ?

Using a Financial Calculator, the Price of the Bond (PV) is $1,513.30.

- Which of the following is NOT a Factor of Production
A. Money
B. Land
C. Labor
D. Capital

Answers

Money.


The rest are all factors so your answer is A

In a large open economy , an investment tax credit raises the real interest rate, __________ the trade balance, and __________ net capital inflow.

Answers

Answer:

The correct approach will be "decreases, decreases."

Explanation:

The investment tax incentive helps corporations to exclude a portion of the expense including its investment towards taxes. This raises disposable income unintentionally. This increase in household inflation rate is contributing to something like an increase in the rate of trade.As either the significance of the domestic country's currency, export industries decreasing trend as well as imports rise, resulting throughout a decline throughout the terms of payment. The capital flows grow and indeed the outflow declines even as actual interest rates go up, the decline in net investment output.

Balance Sheet Data Income Statement Data
Cash $600,000 Accounts payable $720,000 Sales $12,000,000
Accounts receivable 1,200,000 Accruals 240,000 Cost of goods sold 7,200,000
Inventory 1,800,000 Notes payable 960,000 Gross profit 4,800,000
Current assets 3,600,000 Current liabilities 1,920,000 Operating expenses 3,000,000
Long-term debt 2,400,000 EBIT 1,800,000
Total liabilities 4,320,000 Interest expense 403,200
Common stock 720,000 EBT 1,396,800
Net fixed assets 3,600,000 Retained earnings 2,160,000 Taxes 488,880
Total equity 2,880,000 Net income $907,920
Total assets $7,200,000 Total debt and equity $7,200,000
If I remember correctly, the DuPont equation breaks down our ROE into three component ratios: the turnover ratio, and the the total asset And, according to my understanding of the DuPont equation and its calculation of ROE, the three ratios provide insights into the company's effectiveness in using the company's assets, and Hydra Cosmetics Inc. DuPont Analysis Ratios Value Correct/Incorrect Value Correct/Incorrect Ratios Asset management ratio Total assets turnover 1.67 Profitability ratios Gross profit margin (%) Operating profit margin (%) Net profit margin (%) Return on equity (%) 40.00 11.64 14.55 40.58 Financial ratios Equity multiplier 1.67 Do not round intermediate calculations and round your final answers up to two decimals. Hydra Cosmetics Inc. DuPont Analysis Calculation Value Numerator Denominator Ratios Profitability ratios Gross profit margin (%) Operating profit margin (%) Net profit margin (%) Return on equity (%) Asset management ratio Total assets turnover Financial ratios Equity multiplier Check all that apply. Reduce the company's operating expenses, its cost of goods sold, and/or the interest rate on its borrowed funds because this will increase the company's net profit margin. Increase the cost and amount of assets necessary to generate each dollar of sales because it will increase the company's total assets turnover. Increase the efficiency of its assets so that it generates more sales with each dollar of asset investment and increases the company's total assets turnover. Increase the interest rate on its notes payable or long-term debt obligations because it will reduce the company's net profit margin.

Answers

Question attached

Answer and Explanation:

Find answer and explanation attached

Minion, Inc., has no debt outstanding and a total market value of $211,875. Earnings before interest and taxes, EBIT, are projected to be $14,300 if economic conditions are normal. If there is strong expansion in the economy, then EBIT will be 20 percent higher. If there is a recession, then EBIT will be 35 percent lower. The company is considering a $33,900 debt issue with an interest rate of 6 percent. The proceeds will be used to repurchase shares of stock. There are currently 7,500 shares outstanding. Assume the company has a tax rate of 21 percent
a-1. Calculate earnings per share, EPS, under each of the three economic scenarios before any debt is issued. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
a- Calculate the percentage changes in EPS when the economy expands or enters a 2. recession. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answers as a percent rounded to the nearest whole number, e.g., 32.)
b-1.Calculate earnings per share, EPS, under each of the three economic scenarios after the recapitalization. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
b- Calculate the percentage changes in EPS when the economy expands or enters a 2. recession assuming recapitalization has occurred.

Answers

Answer:

Please see attached.

Explanation:

a. Calculate earnings per share EPS under each of the three economic scenarios

a.2 Calculate the percentage changes in earnings per share EPS for economic expansion, or recession.

b-i calculate economic per share EPS, under each of the three economic scenarios after recapitalisation.

b-2 calculate the percentage changes in EPS when the economy enters or expand a recession assuming no recapitalisation occurred.

Please find attached detailed solution to the above questions.

12
-
50what is the answer please​

Answers

Answer:

-38

Explanation:

-38

brainliest plz i only need one more

A machine was purchased for $35,500, having a useful life of 10 years, and a residual value of $6,000. Compute the annual depreciation expense using the straight-line method.

Answers

Answer:

Annual depreciation= $2,950

Explanation:

Giving the following information:

A machine was purchased for $35,500, having a useful life of 10 years, and a residual value of $6,000.

To calculate the depreciation expense under the straight-line method, we need to use the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (35,500 - 6,000) / 10

Annual depreciation= $2,950

Firms may not include all income taxes for a period on the line for income tax expense in the income statement. Other places that income tax expenses may occur include all of the following except: Select one: a. Extraordinary Items b. Other Comprehensive Income c. Common Stock d. Discontinued Operations

Answers

Answer:

Option C

Explanation:

Firms may not include all income taxes for a period on the line for income tax expense in the income statement. Other places that income tax expenses may occur include all of the following except Common Stock. Common stock is a form of corporate equity ownership, a type of security. Common stock is reported in the stockholder's equity section of a company's balance sheet.

Which best explains why there are many job opportunities in the Lodging pathway?
O The pathway requires a college education.
O The pathway offers seasonal positions.
O The pathway includes low-paying jobs.
The pathway has a high turnover rate.

Answers

Answer:

the pathway includes low-paying jobs.

Explanation:

The pathway has a high turnover rate. Because there are many job opportunities are there, In the lodging pathway.

What is employment?

In most cases, employment refers to the status of having a paid job—of being employed. Employing someone is paying them to work. Employees are employed by an employer. Employment can also refer to the act of hiring individuals, as in We're trying to hire more women.

An excessively high turnover rate indicates that more employees than is typical for your industry to have left the company. Depending on the sector you work in, a high turnover rate can mean different things. The anticipated turnover rates fluctuate between industries and nations.

Therefore. The correct option is (D)

Learn more about employment here:

https://brainly.com/question/1361941

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Payton Inc. reports in its Year 7 annual report, sales of $6,544 million and cost of goods sold of $2,618 million. For next year, you project that sales will grow by 3% and that cost of goods sold percentage will be 1 percentage point higher. Projected cost of goods sold for Year 8 will be:

Answers

Answer:

The projected cost of goods sold is $2,763 million

Explanation:

The computation of the projected cost of goods sold for the year 8 is shown below:

The Projected cost of goods sold is

= ($6,544 × 1.03 × ($2,618 ÷ $6,544) + 1%)  

= ($6,740  × (0.40 + 1%)

= $6,740 × 0.41

= $2,763 million

Hence, the projected cost of goods sold is $2,763 million

The same is to be considered

what has the U.S customs created to force importing companies like wal-mart to provide more detailed information about

Answers

Answer: The Customs-Trade Partnership Against Terrorism (CTPAT)

Explanation:

The Customs-Trade Partnership Against Terrorism (CTPAT) is a partnership program between the public and private sector created by the US Customs to improve border and cargo security.

When a firm like Wal-Mart becomes a member of the CTPAT, the likelihood of their goods being examined at a port of entry falls but this is because of the oversight requirements imposed on the firms such as ensuring the members provide detailed information about their suppliers and transportation companies.

Making Podcasts and Wikis Work for BusinessPodcasts and wikis are part of Web 2.0, which allows users of the web to create content. Prudent business use of Web 2.0 applications can help businesses build and maintain their reputations online. Understanding how to use Web 2.0 communication tools will be important when you are on the job.Businesses have embraced podcasting to broadcast (confidential/ legal/ repetitive?) information that doesn’t require interaction. For example, some companies use podcasts to broadcast HR policies that can be accessed on demand. What function can companies improve by using wikis for collaboration?A. Communication with investors.B. Project management.
C. Customer interaction.
Consider the scenario:You work on the marketing team for a software development company. You have sales representatives in different locations around the globe. When a product update is released, your team holds teleconferences to demo new features. Due to time differences, these demos are difficult to schedule and usually require multiple demo sessions to accommodate different geographic regions. You want to streamline the new product demos and decide to recommend an electronic communication tool to help facilitate this. Which electronic communication tool would you recommend?A. A podcast.B. A wiki.C. An e-mail.

Answers

Answer:

(a) Businesses have adopted podcasting to communicate static material that doesn't need contact.  

(b) Project management.

(c) A podcast

A further explanation is given below.

Explanation:

(a)

Podcasts should never be used to exchange legal or sensitive information because certain persons even within the company should readily determine it.

(b)

Wikis could also be used for a fully customizable ecosystem which would be appropriate again for software engineering, as it means helping to work collaboratively, facilitate constructive criticism, as well as a supermarket recommendation for various use.

(c)

Many persons may use podcasts throughout the current time, which does never demand conversation, it may be used to supplement the expensive conversation methods used. Emails as well as wiki shouldn't be used throughout this circumstance because that necessitates visuals among others to have been used.

What are the limitations and risks of a marketing strategy that does not contemplate the responses of your competitors

Answers

Answer:

Throughout the clarification section following, the definition of the given query is explained.

Explanation:

Right, businesses face fierce competition through competitiveness throughout today's time, because it has become extremely necessary for organizations to develop a marketing campaign that makes companies contemplate consumer response.

After all, if any business marketing plan doesn't somehow anticipate competition reaction, then all these threats can occur:

Someone's brand sales should decline as consumers should choose the brand of their rivals. Your company's market position as well as business growth would decline as well as the brand's rivals will rise. Throughout the life cycle of the product, your company will hit the decline point. Your business's share price could decline.

A company has total equity of $2,160, net working capital of $240, long-term debt of $1,070, and current liabilities of $4,500. What is the company's net fixed assets?

Answers

Answer:

$2,990

Explanation:

A company's fixed asset consist of its plants and machineries, motor vehicles , buildings etc.

To get the company's net fixed asset, we would subtract the networking capital from total equity and add up long term debt.

Therefore,

Net fixed asset = $2,160 total equity - $240 working capital + $1,070 long term debt

= $2,990

Hence net fixed asset is $2,990

University Printers has two service departments Maintenance and Personnel and two operating departments Printing and Developing. Management has decided to allocate maintenance costs on the basis of machine-hours in each department and personnel costs on the basis of labor-hours worked by the employees in each.
The following data appear in the company records for the current period:
Maintenance Personnel Printing Developing
Machine-hours ? 455 455 2,590
Labor-hours 315 ? 294 1,491
Department direct cost 11,000 $23,000 $25,000 $23,000
Required: Allocate the service department costs using the reciprocal method. Negative amounts should be indicated by a minus sign. Do not round intermediate calculations.

Answers

Answer:

Machine hour percentages -Allocation of Maintenance Costs  

455 + 455 + 2,590 = 3,500 total machine hrs

Personnel = 455 / 3,500 = 13%

Printing  = 455 / 3,500 = 13%

Developing = 2,590 / 3,500 = 74%

Labor hr. percentages--Allocation of Personnel costs  

315 + 294 + 1,491 = 2,100 total labor hrs.    

Maintenance = 315 / 2,100 = 15%

Printing  = 294 / 2,100 = 14%

Developing = 1,491 / 2,100 = 71%

                                                                   Service

                                     Maintenance   Personnel   Printing    Developing

Costs before allocation          11,000    23,000       25,000       23,000

Allocate maintenance costs -11,000      1,430          1,430          8,140

                                                     0        24,430

Allocate personnel costs       3664.5      -24430        3420.2       17345.3

Allocate maintenance costs -3664.5      476.39        476.39         2711.73

Allocate personnel costs         71.46       -476.39          66.69       338.24

Allocate maintenance costs     -71.46       9.29              9.29        52.88

Allocate personnel costs         1.39           -9.29           1.3006      6.5959

Allocate maintenance costs    -1.39             0                 0                1.39

Total costs                                0.00           0.00          30403.87  51596.13

Workings

Allocate maintenance costs

Personnel = (11000 * 13%) = 1430

Printing = (11000 * 13%) = 1430

Developing =  (11000 * 74%) =  8140

Allocate personnel costs

Maintenance = 24430 * 15% =

Printing = (24430 * 14%) =

Developing = (24430 * 71%)  =

Allocate maintenance costs

Personnel = (3664.5 * 13%)

Printing = (3664.5 * 13%)

Developing = (3664.5 * 74%)

Allocate personnel costs

Maintenance = (476.39 * 15%)  

Printing = (476.39 * 14%)

Developing = (476.39 * 71%)

Allocate maintenance costs

Personnel = (71.46 * 13%)

Printing = (71.46 * 13%)

Developing = (71.46 * 74%)

Allocate personnel costs

Maintenance= (9.29 * 15%)

Printing = (9.29 * 14%)

Developing = (9.29 * 71%)

Snoblo, a manufacturer of snowblowers, sells four models. The base model, Reguplo, has demand that is normally distributed, with a mean of 10,000 and a stand deviation of 1,000. The three other models have additional features, and each has demand that is normally distributed, with a mean of 1,000 and a standard deviation of 700. Currently all four models are manufactured on the same line at a cost of $100 for Reguplo and $110 for each of the other three models. Reguplo sells for $200, whereas each of the other three models sells for $220. Any unsold blowers are sold at the end of the season for $80. Snoblo is considering the use of tailored sourcing by setting up two separate lines, one for Reguplo and one for the other three. Given that no changeovers will be required on the Reguplo line, the production cost of Reguplo is expected to decline to $90. The production cost of the other three products, however, will now increase to $120.

Required:
a. How will tailored sourcing affect the production and profits?
b. Is tailored sourcing more profitable for Snoblo? Why?

Answers

Answer:

Total profits Current Sourcing [One Line] $1,214,280

Total profits Tailored Sourcing [Two Lines] $1,281,670

Explanation:

Particulars  Current Sourcing One line : Reguplo ; Other models

Anticipated demand 10,000 ; 1,000

Standard Deviation 1,000 ; 700

Unit Cost $100 , $110

Sales price $200 , $220

Disposal Value $80 , $80

Salvage Value $80 ; $80

Cost of under stock $100 ; $110

Cost of overstock $20 ; $30

Optimal cycle service level 0.8333 ; 0.7857

Optimal production size 10,967 ; 1,554

Expected profits $970,018 ; $81,421

Total profits $1214,280

Particulars  Tailored Sourcing Two line : Reguplo ; Other models

Anticipated demand 10,000 ; 1,000

Standard Deviation 1,000 ; 700

Unit Cost $90 , $120

Sales price $200 , $220

Disposal Value $80 , $80

Salvage Value $80 ; $80

Cost of under stock $110 ; $100

Cost of overstock $10 ; $40

Optimal cycle service level 0.9167 ; 0.7143

Optimal production size 11,383 ; 1,396

Expected profits $1,081,602 ; $66,689

Total profits $1,281,670

Hector was prosecuted following police seizure of 80 pounds of drugs from his airplane. The seizure was held to be unlawful, the evidence was sup- pressed, and the suit against Hector was dismissed. He sued the government officials involved in his arrest and prosecution to recover $3,500 in bail bond expenses, $23,000 in attorney's fees, and $2,000 in travel costs. The district court held he could not recover the costs incurred during the criminal prosecution. Hector appealed. Can he recover the costs? (Hector v. Watt, 235 F.3d 154, 3rd Cir. (2000)]

Answers

Answer:

Hector will lose.

Explanation:

If someone suffers an illegal search or seizure, he/she can recover any costs associated with that incident, e.g. property damage, injuries (both physical or to their reputation, lawyers, etc.). But if the illegal search actually results in some criminal evidence being discovered, then you cannot recover any costs.  Anything seized illegally will be dismissed, but the reward is not going to jail even if they committed a crime, they get no money back.

Why only ask for a refund of his lawyer's fees, he should also ask for a refund for the value of the drugs? This lawsuit is absolutely ridiculous.

By using focus group feedback, Kraft was able to develop a positioning strategy. Focus groups are what type of research?

Answers

Answer:

qualitative research

Explanation:

qualitative research deals with non-numerical data, it involves collection and analysing of data by open question method to gather in-depth information about the service/product situation from the respondent.

It should be noted that, Focus groups are qualitative research type research.

Focus groups can be as well regarded as market research, it is base on the logic of seeking the opinion, view, of people about a particular concept, product/services. It involves sourcing some number of people with purchase history or idea about a product to give "feedback".

Learning design software, applying to college and creating a website to showcase work are examples of ______ that lead to a career as a graphic artist?

Answers

Answer:

Long term goals

Explanation:

goals are later on

Answer:

Long term goals

Explanation:

hopes this helps<3

On September 1, 2019, Fast Track, Inc., was started with $25,000 invested by the owners as contributed capital. On September 30, 2019, the accounting records contained the following amounts:
Unearned revenue $ 500
Accounts payable 2,200
Prepaid expenses $ 1,000
Dividends declared 2,300
Accounts receivable 2,200
Office equipment 20,000
Accumulated depreciation 500
Office supplies 1,750
Cash 9,500
Office supplies expense 600
Consulting fees revenue 19,200
Rent expense 2,400
Contributed capital 25,000
Salary expense 6,900
Depreciation expense 500
Telephone expense 250
Required:
Prepare a classified income statement, a statement of retained earnings and a classified balance sheet for the first month of Fast Track’s operation.

Answers

Answer:

Fast Track, Inc.

Income Statement

For the year ended December 31, 2019

Revenues:

Consulting fees revenue                              $19,200

Expenses:

Office supplies expense $600 Rent expense $2,400 Salary expense $6,900 Depreciation expense $500 Telephone expense $250                 ($10,650)

Net income                                                    $8,550

Fast Track, Inc.

Statement of Retained Earnings

For the year ended December 31, 2019

Beginning balance September 1, 2019      $0

Net income                                               $8,550

Subtotal                                                    $8,550

Dividends                                                ($2,300)

Ending balance December 31, 2019       $6,250

Fast Track, Inc.

Balance Sheet

For the year ended December 31, 2019

                             ASSETS

Current assets

Cash $9,500

Accounts receivable $2,200

Office supplies $1,750

Prepaid expenses $1,000

Total current assets                            $14,450

Property, plant and equipment

Office equipment $20,000

Accumulated depreciation ($500)

Total P, P & E                                        $19,500

Total assets                                                             $33,950

              LIABILITIES AND EQUITY

Current liabilities

Unearned revenue $500

Accounts payable $2,200

Total liabilities                                         $2,700

Equity

Common stock $25,000

Retained earnings $6,250

Total equity                                            $31,250

Total liabilities + equity                                             $33,950

Robert needs his daily fix of coffee in the mid-afternoon and visits different coffee shops that will give him as much utility as possible, given his $20/month food budget. On Monday, the Blue Coffee Shop was selling espresso shots for $3 each and Robert added 3 shots to his cappuccino. By Friday, the Purple Coffee Shop offered espresso shots for $2 each, while all other prices remained the same, so Robert was bold and added 4 espresso shots to his hot beverage.

Required:
Given this information, plot Robert's demand curve for espresso shots.

Answers

Answer:

I drew Robert's demand curve for espresso shots assuming that it was a linear curve since the information contained in the question is limited to that.  

A demand curve generally is downward sloping, since an increase in price will usually result in a higher quantity demanded (at least for normal goods).  

Who was the first missionary to arrive in Africa?​

Answers

the london missionary sent david livingstone to south africa in 1840.

Answer:

David Livingstone in 1840.

Hope this helps ; )   Enjoy your day!

Suppose there is a policy debate over whether the United States should impose trade restrictions on imported ball bearings:________.
Domestic producers of ball bearings send a lobbyist to the U.S. government to request that the government impose trade restrictions on imports of ball bearings. The lobbyist claims that the U.S. ball-bearing industry is new and cannot currently compete with foreign firms. However, if trade restrictions were temporarily imposed on ball bearings, the domestic ball-bearing industry could mature and adjust and would eventually be able to compete in the world market.
Which of the following justifications is the lobbyist using to argue for the trade restriction on ball bearings?
A. Infant-industry argument
B. Saving-domestic-jobs argument
C. Using-protection-as-a-bargaining-chip argument
D. National-security argument
E. Unfair-competition argument

Answers

Answer:

A)Infant-industry argument

Explanation:

We are informed about a Supposed policy debate over whether the United States should impose trade restrictions on imported ball bearings. Whereby

Domestic producers of ball bearings send a lobbyist to the U.S. government to request that the government impose trade restrictions on imports of ball bearings.

In the case whereby, The lobbyist claims that the U.S. ball-bearing industry is new and cannot currently compete with foreign firms, the justifications the lobbyist was using to argue for the trade restriction on ball bearings is Infant-industry argument.

Infant-industry argument can be regarded as an economic rationale that provides protection for new industries that are yet to reach a certain economic scale like the existing industries, this theory offer protection to this new/developing industry from some form pressure as well as their products that can emerge from compitition from other mature industries.

What was the intrinsic value of SmileWhite Co. stock when the analyst was evaluating the stock (that is in year 2008)

Answers

Answer: $28.96

Explanation:

Using the Dividend discount model, the intrinsic value will be a sum of the present values of the dividends in addition to the present value when the dividends become constant.

First use CAPM to calculate the required return

= Risk free rate + Beta * (market return - risk free rate)

= 4.5% + 1.15 * (14.5% - 4.5%)

= 16%

The required return will be used to discount the dividends.

2009 dividends = 1.72 * 1.12 = $1.93

2010 = 1.93 * 1.12 = $2.16

2011 = 2.16 * 1.12 = $2.42

Dividends grow at 9% from 2011

Stock terminal value in 2011 = (2.42 * 1.09) / (16% - 9%) = $37.68

[tex]= \frac{1.93}{1.16} + \frac{2.16}{1.16^{2} } + \frac{2.42}{1.16^{3} } +\frac{37.68}{1.16^{3}}\\\\= 28.959397679[/tex]

= $28.96

Tom Cruise Lines Inc. issued bonds five years ago at $1,000 per bond. These bonds had a 20-year life when issued and the annual interest payment was then 13 percent. This return was in line with the required returns by bondholders at that point as described below:
Real rate of return 4 %
Inflation premium 5
Risk premium 4
Total return 13 %
Assume that five years later the inflation premium is only 3 percent and is appropriately reflected in the required return (or yield to maturity) of the bonds. The bonds have 15 years remaining until maturity. Use Appendix B and Appendix D.

Answers

Answer:

$1,161.23

since the coupon rate is higher than the market rate, the bonds will be priced at a premium

Explanation:

In order to calculate the current market price of the bonds we can use the yield to maturity formula:

YTM = {coupon + [(face value - market value)/n]} / [(face value + market value)/2]

YTM = 11%n = 15 yearscoupon = $130face value = $1,000

0.11 = {130 + [(1,000 - market value)/15]} / [1,000 + market value)/2]

0.11 x [1,000 + market value)/2] = 130 + [(1,000 - market value)/15]

0.11 x (500 + 0.5M) = 130 + 66.67 - 0.067M

55 + 0.055M = 196.67 - 0.067M

0.122M = 141.67

M = 141.67 / 0.122 = $1,161.23

A deposit of $10,000 is made a year from now, a second deposit of $10,000 is made at the end of the year 5, and a deposit of $3000 is made at the end of year 8. The account earns 6% interest. You want to withdraw an equal amount, X at the end of each year for the next 10 years. What is the amount of X if the goal is to empty the account

Answers

Answer:

$4068.77

Explanation:

We calculate the Future value of all the three deposits at the end of year 8

FV = CF1 *(1+r)^8-1 + CF5*(1+r)^8-5 + CF8 * (1+r)^8-8

FV = 10000 *(1+0.06)^7 + 10000*(1+0.06)^3 + 3000 * (1+0.06)^0

FV = 15,036.30 + 11,910.16 + 3,000

FV= $29,946.46

We have to calculate the annuity payments that have a Present value = $29,946.46

PV = PMT * 1-(1+r)^-n / r

PV = 29,946.46, PMT= ?, r = 6%, n = 10

29,946.46 = PMT * 1-(1+0.06)^-10 / 0.06

29,946.46 = PMT * 1 - 1.06^-10 / 0.06

29,946.46 = PMT * 1 - 0.558395 / 0.06

29,946.46 = PMT * 0.441605 / 0.06

29,946.46 = PMT * 7.36008

PMT = 29,946.46/7.36008

PMT = 4068.768274257889

PMT = $4068.77

Thus, amount of X is $4068.77 if the goal is to empty the account.

Consider a second-price, sealed-bid auction with a seller who has one unit of the object which he values at s and two buyers 1, 2 who have values of v1 and v2 for the object. The values s, v1, v2 are all independent, private values. Suppose that both buyers know that the seller will submit his own sealed bid of s (and will keep the item if bid s wins), but they do not know the value of s. The buyers know that the seller must submit his bid before seeing the buyer’s bids and they know that the seller will actually run a second price auction with the three bids he has: his own bid and the two buyer’s bids. Each buyer knows his own value but not the other buyer’s value.

Now suppose that the seller opens the bids from the buyers and then submits his own bid after seeing the bids from the two buyers. The seller runs a second price auction with these bids in the sense that the object is awarded to the highests bidder (one of the two buyers or the seller) and that bidder pays the second highest bid. Now is it optimal for the buyers to bid truthfully; that is, should they each bid their true value? Give a brief explanation for your answer.

Answers

Answer and Explanation:

Given that this is a second price bid auction whereby the second highest bid is the price that the highest bidder pays for the item up for auction sale, so that b1>b2 then b1 gets item for the price of b2.

Truthfulness of true value is the dominant strategy here which means each player should aim to be truthful with their bid regarding their true value regardless of what other bidders are bidding. Therefore truthfulness of value is the optimal strategy with the best payoff for bidders

At January 1, 2021, Cafe Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. The lease agreement specifies annual payments of $29,000 beginning January 1, 2021, the beginning of the lease, and at each December 31 thereafter through 2028. The equipment was acquired recently by Crescent at a cost of $207,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. (Because the lease term is only 9 years, the asset does have an expected residual value at the end of the lease term of $94,113.) Crescent seeks a 12% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease.

Required:
a. What will be the effect of the lease on Cafe Med's earnings for the first year (ignore taxes)?
b. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Café Med (ignore taxes)?

Answers

Answer:

Café Med

a. Café Med's earnings for the first year will be reduced by $58,000 (Operating lease expense for January 1 and December 31, 2021).

b. In Café Med's Balance Sheet, at the end of the first year, there will be a liability balance or Lease Expense Payable of $29,000 for the balance due to be paid on December 31, 2021.

Explanation:

Lease annual payments = $29,000

First payment date = January 1, 2021

Subsequent payment dates = December 31, 2021 to 2028.

Period of lease agreement = 9 years < 75% (9/13)

Cost of equipment to Crescent = $207,000

Lifespan of equipment = 13 years

Residual value at end of the lease term = $94,113

b) Café Med will recognize this lease arrangement as an operating lease.  This is based on periodic rental payment on a straight-line basis, which is recorded as an operating lease expense.  The liability arising will be for unpaid rentals at the end of the accounting period.

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