Answer:
Pearse Kennel
1. Activity variance for net operating income in December would be:
= $200
2. The net operating income in the planning budget for December would be:
= $11,400
3. The net operating income in the flexible budget for December would be:
= $11,200
Explanation:
Data and Calculations:
Fixed Variable Planning Flexible Variance
per month per tenant-day Budget Budget
Revenue $32.10 $96,300 $95,658 $642
Wages & Salaries $2,400 $ 7.00 23,400 23,260 140
Food & Supplies $ 900 $11.30 34,800 34,574 226
Facility Expenses $8,600 $ 3.50 19,100 19,030 70
Admin Expenses $6,700 $ 0.30 7,600 7,594 6
Total Expenses $18,600 $22.10 $84,900 $84,458 $442
Net operating income $11,400 $11,200 $200
Suppose the exchange rate for the swiss franc is quoted as SF 1.10 in the spot market and SF 1.13 in the 90-day forward market. Does the financial market expect the franc to strengthen or weaken relative to the dollar?
Answer:
The franc is expected to depreciate relative to the dollar, because it will take more francs to buy one dollar in the future than it does today.
Explanation:
Here it is mentioned that
Swiss Franc is quoted SF 1.10 in the spot market
SF 1.13 in 90 days forward market
Based on the above information
Here the franc approximate that it would be depreciation with respect to the dollar as it considered more francs to purchased in near future as compared with today
Therefore the same is to be considered
A savings account earns 8% interest. If $1,000 is invested, how many years is it until each of the following amounts is on deposit?a. $1,360b. $2,720c. $4,316d. $6,848
Answer:
a. 4 years
b. 19 years
c. 19 years
d. 25 years
Explanation:
The number of years, n is calculated for each future value as follows :
a. $1,360
Pv = - $1,000
Pmt = $ 0
P/y = 1
r = 8 %
Fv = $1,360
n = ?
Using a Financial Calculator, the number of years, n is 3.9953 or 4 years
b. $2,720
Pv = - $1,000
Pmt = $ 0
P/y = 1
r = 8 %
Fv = $2,720
n = ?
Using a Financial Calculator, the number of years, n is 13.00 or 13 years
c. $4,316
Pv = - $1,000
Pmt = $ 0
P/y = 1
r = 8 %
Fv = $4,316
n = ?
Using a Financial Calculator, the number of years, n is 19.00 or 19 years
d. $6,848
Pv = - $1,000
Pmt = $ 0
P/y = 1
r = 8 %
Fv = $6,848
n = ?
Using a Financial Calculator, the number of years, n is 24.9991 or 25 years
What is an Unlimited Liability?
Answer:
An unlimited liability corporation is a Canadian corporation designation, wherein shareholders are liable up to unlimited amounts for any liability, act or default of the corporation. By comparison, in most corporations, shareholders are not usually liable due to a limited liability model.
Explanation:
Suppose you take a short position of 1 million USD in the USD- MXN at 22.4015. What is the flow of MXN in your accounts
Answer:
22,401,500 MXN exit from account
Explanation:
Given:
MXN at 22.4015
Amount = $1,000,000
MXN at short position
Find:
Flow of MXN
Computation:
MXN at short position so, flow is exit
MXN exit = 1,000,000 × 22.4015 )
22,401,500 MXN exit from account
Deon is VP of marketing with a major beverage company and is reviewing the contracts of several film, media, and television personalities who work with the company. Recently, two of them were involved in controversial activities concerning their political beliefs and have been quite vocal regarding several social justice issues. Deon is considering canceling their contracts because it is difficult to establish that their personal views are not the views of his company. Which exchange criteria most directly relates to Deon's cancellation of these sponsorships
Question Completion:
Options:
a. There must be at least two parties.
b. Each party is free to accept or reject the exchange offer.
c. Each party believes it is appropriate or desirable to deal with the other party.
d. Each party has something that might be of value to the other party.
Answer:
c. Each party believes it is appropriate or desirable to deal with the other party.
Explanation:
Criteria C is the criteria that will most directly relate to Deon's cancellation of the sponsorships. Business deals and relationships cannot be established or allowed to subsist when it becomes inappropriate or undesirable to deal with the other party because of controversial activities. This is more so when the activities involve political and social justice beliefs and differences. Ordinarily, business partners should not allow such personal prejudices to becloud their relationships. The best approach, therefore, is for business partners to keep their political and social justice beliefs personal and not make them public issues.
In order to be strategic when participating in the recruiting process, HR professionals must:______.
Answer:
understand the labor market
Explanation:
To understand the labor market is to have vast knowledge in the following areas of labor market amongst others:
1. the availability of competent employees in the area of specialization that needs to be filled.
2. the average salary for each role
3. the average working hours
4. commonly preferred skills and certifications required.
Hence, In order to be strategic when participating in the recruiting process, HR professionals must: "understand the labor market"
Each time a state legislature enacts a law that applies the assumption of risk doctrine to a particular sport, participants in that sport suffer. Fully explain your position and what this statement means to you?
Answer and Explanation:
The assumption of risk doctrine in law is the idea that a person who would normally compensate a victim for damages such as accident injuries would not under this doctrine since it is of the view that risk of loss in the case of injury in sports will not be compensated for by the person who caused such injury.
From the question, this would make people who participate in the sports which has assumption of risk doctrine suffer because there would be no compensation to any victims of injury by the person who caused the injury
Market segments are homogeneous in two ways: prospective buyers have common needs and theya. use traditional forms of media on a regular basis.b. are in the same income bracket.c. are likely to be open to brand-switching.d. can be convinced to share common wants.e. will respond similarly to marketing action.
Answer:
Will Respond Similarly to marketing action
Explanation:
Market segmentation is the process by which customers are grouped based on shared characteristics, so that products can effectively be tailored to meet their needs.
Market segments therefore tend to have common needs and will respond in a similar way to market action.
Market segmentation is used by businesses to identify groups that will behave in a predictable manner to promotional efforts of the company.
This ensures accurate forecast of projected sales by the company.
Please help me in this assignment. Assume a project, other than your assignment, such as real estate, infrastructure development, industrial, or software development etc. and discuss that how guiding principle of PMI Standards for project risk management life cycle shall be undertaken at the organizational level of that particularly identified project (what the organization needs to do).
Answer:
DOES THIS HELP
Explanation
Many different professions contribute to the theory and practice of project management. Engineers and architects have been managing major projects since pre-history. Since approximately the 1960s, there have been efforts to professionalize the practice of project management as a specialization of its own. There are many active debates around this: Should project management be a profession in the same way as engineering, accounting, and medicine? These have professional associations that certify who is legally allowed to use the job title, and who can legally practice the profession. They also provide a level of assurance of quality and discipline members who behave inappropriately.
What is the importance of the Define Phase in terms of its placement in the DMAIC method?
a. It provides the data collection prior to data analysis
b. It clarifies the problem, the process and the customer of the process prior to data collection
c. It provides monitoring of the solution in order to sustain the gains
d. It takes the data and process analysis into account in order to develop solutions
Answer:
b. It clarifies the problem, the process and the customer of the process prior to data collection
Explanation:
DMAIC is an acronym for various phases in carrying out projects and they are Define, Measure, Analyze, Improve, Control.
The Define phase is widely known as the primary phase of DMAIC which is characterized by the project agreement, customer demands and requirements, and process operation strategy.
Hence, the importance of the Define Phase in terms of its placement in the DMAIC method is that " it clarifies the problem, the process and the customer of the process prior to data collection"
Develop an estimate for each of the following situations:_________. a. The cost of a 500-mile automobile trip, if gasoline is $3 per gallon, vehicle wear and tear is $0.50 per mile and our vehicle gets 20 miles per gallon.b. The total number of hours in the average human life, if the average life is 75 years.
Answer:
A.$325
B.657000 hours
Explanation:
We can calculate the cost of a 500-mile automobile trip by adding the cost of gasoline burnt and the cost of wear and tear during the trip. Total number of hours of 75 years old can be calculated by multiplying the number of hours in a day with the total number of days in a year.
DATA
Gasoline per gallon = $3
Vehicle wear and tear = $0.50/mile
Miles per gallon = 20 miles
Hours in a day = 24hours
Days in a year = 365
Number of years = 75
Requirement A
Cost of a 500 mile automobile trip = Cost of gasoline + Cost of vehicle wear ]
Cost of a 500 mile automobile trip = $75 + $250 = $325
Working
Cost of gasoline = (500 miles / 20 miles) * $3 per gallon = $75 Cost of vehicle wear and tear = 500 miles * $0.50 per mile = $250
Requirement A
Total number of hours in 75 years of human life = Life in years x Number of days in a year x Number of hours in a day
Total number of hours in 75 years of human life = 75 years * 365 days * 24 hours = 657000 hours
Paw Locker has the highest Return on Assets in its comparison group. Which of the following could be a secret to its success?
(select all that apply)
(Hint: look carefully at the definition of ROA to find only the items that will affect the ratio)
Company
Return on Equity
Return on Assets
Financial Leverage
Return on Sales
Asset Turnover
Dog Nation
0.177
0.060
3.740
0.026
2.338
Dog Shoe Warehouse
0.178
0.119
1.501
0.065
1.828
Hound Smart
0.177
0.112
1.762
0.03
2.930
Paw Locker
0.177
0.126
1.430
0.065
1.927
Pooch Mart
0.177
0.111
1.639
0.057
1.938
a. Able to charge a higher price than Pooch Mart
b. Holds lower inventory levels than Dog Shoe Warehouse
c. Uses more equity financing than Dog Nation
d. Pays less interest expense than Pooch Mart
e. Uses less debt financing than Hound Smart
Answer:
Paw Locker
The secret to its success include:
c. Uses more equity financing than Dog Nation
d. Pays less interest expense than Pooch Mart
e. Uses less debt financing than Hound Smart
Explanation:
a) Data and Calculations:
Company Dog Shoe Hound Paw Pooch
Warehouse Smart Locker Mart
Return on Equity 0.177 0.178 0.177 0.177 0.177
Return on Assets 0.060 0.119 0.112 0.126 0.111
Financial Leverage 3.740 1.501 1.762 1.430 1.639
Return on Sales 0.026 0.065 0.03 0.065 0.057
Asset Turnover 2.338 1.828 2.93 1.927 1.938
b) Paw Locker's Return on assets (ROA) indicates how profitable it is relative to its total assets. Its ROA gives a manager, investor, or analyst an idea as to how efficient the Paw Locker's management is at using the company's assets to generate earnings. As a percentage, Paw Locker's Return on assets is 12.6% and is better than the other companies' ROAs.
The ratio analysis is the analytical tool that helps in measuring the difference or the relation between two different variables of two same or different financial statements. It helps in taking business and investment decisions by the managers and helps investors for better comparison.
The secret to the success of Paw Locker may include:
c. Uses more equity financing than Dog Nation
d. Pays less interest expense than Pooch Mart
e. Uses less debt financing than Hound Smart
The ROA measures the capability of the business to earn profits from the total assets held. The ROA of the company or the business helps the managers, investors, or analysts to get an idea about the efficiency of the assets of the company.
In the given case the ROA of Law Lockers is 12.6%. When it is compared to other companies the ROA of Paw Lockers is higher. This shows that the company is efficiently using its assets to generate revenues.
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According to the possible trade-off example between warships and drinking water in the text, the policy question that should be considered in Malaysia is do the benefits of the warships exceed their opportunity costs? do the nominal costs of the warships exceed their real costs? do the opportunity costs of the warships exceed their nominal costs? do the real costs of the warships exceed their nominal costs?
Answer:
Explanation:
I will start by explaining the question, although it's incomplete.
This is Economics, first of all. The Malaysian government needs to or wants to spend on some goods. Since the law of Economics states that human needs always exceed the available resources to cater for them all at once; the Malaysian government is in a state of 'choice'!
Choice involves catering for certain needs at one time, while leaving the others undone. So the two goods here are war ships and drinking water.
The Malaysian government economic policy makers are trying to check the benefits and possible effects of trading the provision of drinking water for the purchase of war ships. I suppose they're tending towards the purchase of war ships because presently, there is war or insecurity in the land. If this be the case, the nominal costs, opportunity costs, and real costs of spending more on war ships than on drinking water, should be examined.
Opportunity cost is the cost of the forgone alternative; which is drinking water in this case. Will more people (citizens) die if there are no new war ships provided at this time OR will more people (citizens) die if there is no extra provision of drinking water at this time? This is the summary of all the questions in the question text above!
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SCENARIO:
Marcus, feeling stressed out from work, decided to search for a meditation app for his phone that would help him relax during the day. One app, CalmDown, appeared to be promising. It didn't have any reviews yet and looked to be a brand-new app, so he decided to try it out. He downloaded the app to his phone and opened it up. The first screen required he enter in his name and email address. At the very bottom of the screen it had some small writing, but Marcus didn't notice it and hit the continue button.
Had Marcus clicked on the link at the bottom of the screen, he would have seen the following:
The second screen stated "Three-day trial version- Free! $59.99 annual fee thereafter." Marcus was annoyed that the app would cost him almost $60 but figured he would set a reminder on his phone to cancel the app before the trial period expired so he wouldn't get charged. Plus, he wanted to see the app in action. If it was actually worth the price, he wouldn't mind paying the annual fee. He clicked "Continue" and put in his bank card information on the next screen. The following screen asked Marcus a series of questions about his stress level and what he felt caused stress in his life. He clicked "high" and "work" as the level and cause. He then completed the first CalmDown meditation in the app, but was not impressed with its functionality. Deciding he would cancel his subscription immediately, he went into the profile settings to try to find the cancel option but couldn't. He searched every possible place on the app but didn't see a way to cancel the subscription. Marcus decided to try to find the app's developer through their website, but a quick search didn't turn up anything. Already stressed and becoming more frustrated, Marcus decided to contact the app store. They informed him that he should be able to go into his app store account and cancel the subscription there. However, when Marcus went there, he didn't see the app as an option or as a subscription. Thinking that maybe his subscription didn't process, he just deleted the app from his phone.
Marcus didn't give the app or the subscription any more thought, becoming increasingly more distracted by the amount of stress at work. Four months later, Marcus was looking at his bank account online and noticed it was lower than it should have been. He began reviewing the charges and noticed multiple charges for $59.99 to a merchant named "CDgotU." He immediately remembered the app and contacted his bank to dispute the charges. His bank replied that due to the charges being debit withdraws he needed to dispute them within 2 days of being made. Moreover, if he had been diligent about watching his account, they could have put a block on the account and the remaining fraudulent charges would have been prevented. The bank representative also told him that he should try to get a refund from the company that charged him. After making his case with the bank representative for several hours about how he tried to cancel his subscription, he was unsuccessful. The bank's representative was able to provide Marcus a phone number attached to the Merchant account, but when Marcus called the number it was disconnected. The bank could not provide him with any additional information such as a company address or website.
After more internet searching, Marcus saw a number of other complaints online about the app, and noticed it had been removed from the app store and was no longer available for download. Marcus decided to bring an action against the company for fraud, breach of contract, conversion, and several other claims in his home state of Vermont.
Can Marcus compel the bank or the app store to provide additional information about the creator of CalmDown in order to determine the creator's location and potential assets?
a. No, these records are not subject to being subpoenaed due to their confidential nature.
b. Yes, he can subpoena records during the discovery process from both, but the bank and the app store may ask the judge to deny the request or limit the request due to privacy concerns.
c. Yes, but he must subpoena these records prior to the filing of the complaint.
d. Yes, he can file interrogatories during the discovery process to both the bank and the app store.
Answer: b. Yes, he can subpoena records during the discovery process from both, but the bank and the app store may ask the judge to deny the request or limit the request due to privacy concerns.
Explanation:
Marcus can indeed compel the bank or the app store to provide additional information about the creator of the app should he wish to find out the creator's location and its potential assets so he can purse the case appropriately legal wise.
He can do this by subpoenaing the required information when laying the background for the suit. As this information is considered private and confidential however, both the bank and the store could appeal to the Judge to refuse Marcus's request on the grounds of privacy concerns.
Answer:
the anser is B
Explanation:
A formal budget program will almost always result in:
a. higher sales.
b. more cash inflows than cash outflows.
c. decreased expenses.
d. improved profits.
e. a detailed plan against which actual results can be compared.
Answer:
e. a detailed plan against which actual results can be compared.
Explanation:
A formal budget is a budget that should be planned to accomplish some goals that are targeted with respect to the expenses incurred and the revenue earned.
It provides the standard categorization of expenditure, revenues, losses, should the company earned and incurred in order to make the profit so that the real or actual performance of an organization could be seen and compared with the standard one
Therefore, according to the given situation, the correct option is d.
Co. was organized to sell a single product that carries a 45-day warranty against defects. Engineering estimates indicate that % of the units sold will prove defective and require an average repair cost of per unit. During 's first month of operations, total sales were units; by the end of the month, defective units had been repaired. The liability for product warranties at month-end should be
Answer:
$660 (credit balance)
Explanation:
the question is missing the numbers, so I looked for a similar one:
4% of units will be defectiveaverage repair cost of $201,100 units sold during the first month11 defective units were repairedThe journal entry to record warranty liability:
Dr Warranty expense 880
Cr Warranty liability 880
the journal entry to record actual money spent repairing defective units:
Dr Warranty liability 220
Cr Cash 220
the balance of the warranty liability account at the end of the month = $880 - $220 = $660
The distinguishing feature of economic capital (as opposed to financial capital, like money) is that it is:__________. a. expensive. b. profitable. c. productive.
Answer:
C. Productive
Explanation:
The distinguishing feature of economic capital (as opposed to financial capital, like money) is that it is productive. Thus, option 'C' is the correct option.
What is economic capital?Economic capital is the sum of money employed by a company to safeguard itself against risk, its effects, and any losses brought on by unanticipated risk. It is a gauge of a company's solvency. Economic capital is thought of as a way for a company to protect itself against risks related to its operations, legislative changes, economic factors, and market volatility.
Economic capital determines a firm's operational and market risks. In many cases, the anticipated risk is transformed into capital, which provides a clear picture of a firm's solvency. Capital in finance is frequently described in monetary terms. Financial capital is made up of two parts: debt and equity. The debt-to-equity ratio indicates a company's financial health.
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A team of analysts at Amazon is researching the viability of producing a smart watch. How might they estimate potential demand for their smart watch?
a. Consider the four-step process that many companies follow to estimate the market demand curve for their product. Place the steps in order, with the first step in the highest position and the last step in the lowest position.
survey customers
plot the demand curve
scale up the quantities demanded by the survey respondents
add up the total quantity demanded by the customers at each price point
b. Select two factors that the analysts want to keep in mind to create the most accurate demand estimates.
cost of inputs to production
information about climate change
existing competition in the market
consumer demographic information
Answer:
1. In order to estimate demand the analysts should;
Survey customersAdd up the total quantity demanded by the customers at each price pointScale up the quantities demanded by the survey respondents.Plot the demand curveWhen the analysts go into the market to research, they should start by surveying a sample of customers. They can then add up the quantity that was demanded by the customers at each price point to find out the total demand.
They should then scale up these results to see what the total market demand is. Then finally they should then use the scaled up data to construct a demand curve.
b. Two important factors
existing competition in the market - when creating demand estimates the analysts should keep in mind that they may have competition who are already selling their product. Their demand analysis should take into account factors like the people who have already bought the product and might no longer needing it or the price that the other competitors are selling at.consumer demographic information - demand also depends on demographic factors such as age and economic class. Some products are not very well used by the older generation such as smart watches so the researchers need to ensure that they have the right age groups. The watch might also cost an amount that some people cannot afford so this must be taken into account as well.Angelina is hired to work for Pupco Inc. for two years. Which of the following is true?A. Angelina has the right to quit after six months.
B. Pupco has the right to fire Angelina after six months.
C. Pupco has the power to fire Angelina after six months.
D. Two of these. E. None of these.
Answer:
B. Pupco has the right to fire Angelina after six months.
Explanation:
Angelina as the employee, can decide when to quit freely and Pupco as the employer cannot force her to keep working. Depending on specific clauses, Angelina might have to give a 1 or 2 weeks notice that she is quitting, but ultimately she can quit whenever she wants. The same does not apply to the employer, which cannot fire Angelina immediately or if she does, Pupco will have to pay her normal wages as if she had worked during a minimum amount of time. Laws generally protect the least powerful party and in a labor relationship, the employee is the least powerful party.
Isabella works on a team of one attorney, three
paralegals, and two secretaries. They defend product liability cases brought against their employer, a
medical-device manufacturer.
Answer: Corporation
Explanation:
Paralegals are what you would call legal assistants. Even though they are not called to the bar, they posses legal knowledge that helps them give support to lawyers, corporations, and even Governmental agencies.
As shown from the definition, paralegals can work for various types of employers including lawyers, corporations, Government agencies and sometimes even courts if they freelance. In this scenario, Isabella works for a medical-device manufacturer and so Isabella's employer is a Corporation.
In terms of the production possibilities curve, inefficiency is represented by:_________.
Answer:
The inefficiency is represented by any point that lies inside the curve.
Explanation:
In the case of the production possibility curve, the inefficiency is represented by any point that lies inside the curve. While the point on the curve shows the efficient combination or use and the point beyond or outside the curve exhibits that combination that cannot be achieved. Moreover, the point inside the PPF curve shows that the government or economy is not suing its resources efficiently and the efficient use of an economy can reach the optimal combination of production.
Choose and describe a business that you would expect to have highly liquid assets and share a photo of that business (or company logo). Which specific assets are highly liquid and why do you think that?
Answer:
I have chosen Apple Inc.
Explanation:
Apple Inc is a tech giant and manufactures innovative and most differentiated telecommunication products, music products, computer products, application services, etc which is highly valued among its customers. That's the reason why Apple is one of the most highly valued company in the world with almost $137 billion cash balance. This cash balance has been increased by $20 billion in the last three years which shows its higher profitability and that its inventory is highly liquid asset because it is quickly converted into cash. Furthermore, the greater demand of product and customer loyalty has strengthen its position all because of unmatched innovation introduced in each of its product every year. The greater cash balance shows that the company has greater sales and has higher profit margin on its unmatched product.
The picture of Apple headquarter and of its logo are given below:
Which office do you contact to pay your bill at the University of the Cumberlands?
Answer:
Bursar Office or Admin Office
Explanation:
The Bursar is the person who is assigned the task to manage the financial affairs of the university. So it is better that you visit bursar office so that he can better guide you about the payment process because every university follow different procedures. It is also possible that the bursar's office might not be named as Bursar Office, it may be named as "Admin Office" or "Accounts Office".
Determine the total assets of Novak Corp. at December 31, 2020.
Presented below is selected information related to Novak Corp.
Accounts Payable $4,440 Salaries and Wages Expense $24,420
Cash 13,320 Notes Payable 37,000
Advertising Expense 8,880 Rent Expense 14,504
Service Revenue 79,920 Accounts Receivable 19,980
Equipment 42,920 Dividends 11,100
Answer: $76,220
Explanation:
Total Assets = Current Assets + Fixed Assets
Current Assets = Cash + Accounts Receivable
= 13,320 + 19,980
= $33,300
Fixed Assets = Equipment = $42,920
Total Assets = 33,300 + 42,920
= $76,220
Valuing assets at their liquidation values rather than their cost is consistent with the:_______A. Historical cost principle B. Periodicity assumption C. Expense recognition principle D. None of the above
Answer:
D. None of the above
Explanation:
The historical cost principle refers to that principle in which the asset should be recorded at the purchased price
The periodicity assumption refers to a period in which the period is divided i.e. weeks, monthly, quarterly, semi annually, yearly, etc
And, the expense recognition principle refers to that principle in which the expenses should be recognized in that year in which they are incurred along with it, the revenues are also recognized in which they are earned
Hence, the correct option is D. none of the above
Tootsie Roll Industries is engaged in the manufacture and sale of candy. Major products include Tootsie Roll. Tootsie Roll Pops, Tootsie Pop Drops, Tootsie Flavor Rolls, Charms, and Blow-Pop lollipops. The following items were listed on Tootsie Roll s recent income statement and balance sheet. Mark each item from the balance sheet as an asset (A), liability (L), or shareholders equity (SE) item and mark each item from the income statement as a revenue (R) or expense (E) item.
(1) Bank loans
(2) Selling, marketing, and administrative expenses
(3) Accounts payable
(4) Dividends payable
(5) Retained earnings
(6) Cash and cash equivalents
(7) Accounts receivable
(8) Provision for income taxes
(9) Product cost of goods sold
(10) Machinery and equipment
(11) Net product sales
(12) Inventories
(13) Trademarks
(14) Buildings
(15) Land
(16) Income taxes payable
(17) Rental and royalty costs
(18) Investments (in other companies)
Answer and Explanation:
The categorization is shown below:
1, liability (L) credit balance
2. expense (E) debit balance
3. liability (L) credit balance
4. liability (L) credit balance
5. shareholders equity (SE) item credit balance
6. asset (A) debit balance
7. asset (A) debit balance
8. liability (L) credit balance
9 expense (E) debit balance
10 asset (A) debit balance
11 revenue (R) credit balance
12 asset (A) debit balance
13 asset (A) debit balance
14 asset (A) debit balance
15 asset (A) debit balance
16 liability (L) credit balance
17 expense (E) debit balance
18. asset (A) debit balance
Which source of law takes priority in the following situations, and why?a) A federal statute conflicts with the U.S. constitution.b) A federal statute conflicts with a state constitutional provision.c) A state statute conflicts with the common law of that state.d) A state constitutional amendment conflicts with the U.S. constitution.
Answer:
Kindly check explanation
Explanation:
In the United States, the Supreme law of the country which takes precedence over all laws be it federal, state, or common laws. Hence, In terms of hierarchical arrangement, the U.S constitution is first, then, federal statutes, then state statutes, then common law.
A) A federal statute conflicts with the U.S. constitution., The U. S constitution will subdue the stance of the federal statute as it is the Supreme law.
b) A federal statute conflicts with a state constitutional provision.
Here, in order of hierarchy, the federal statutes take priority above the state as the state provision are behind the federal laws and will almost always conform to the provision of the United States constitution.
C.) A state statute conflicts with the common law of that state.
A state statute will take priority over the common law as statites are always prioritized ahead of common laws.
d) A state constitutional amendment conflicts with the U.S. constitution.
The U. S Constitution takes precedence and is hence prioritized above the state constitution as it is the Supreme law of the land.
Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars):
Information on January 1 (Beginning):
Direct materials inventory $ 36
Work-in-process inventory 48
Finished goods inventory 656
Information for the year:
Administrative costs $ 1,440
Direct labor 4,240
Direct materials purchases 3,280
Factory and machine depreciation 4,640
Factory supervision 840
Factory utilities 360
Indirect factory labor 1,120
Indirect materials and supplies 280
Marketing costs 600
Property taxes on factory 112
Sales revenue 18,160
Information on December 31 (Ending):
Direct materials inventory $ 32
Work-in-process inventory 56
Finished goods inventory 588
Required:
Prepare an income statement with a supporting cost of goods sold statement. (Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).)
Answer:
Income Statement
Sales Revenue $ 18,160
Less Cost of Goods Sold ($14,936)
Gross Profit $3,224
Less Expenses :
Administrative costs $ 1,440
Marketing costs $ 600 ($2,040)
Net Income / (Loss) $ 1,184
Explanation:
Cost of Goods Sold Statement
Beginning Finished goods inventory $ 656
Add Cost of Goods Manufactured $ 14,868
Less Ending Finished goods inventory ($ 588)
Cost of Goods Sold $14,936
Cost of Goods Manufactured
Direct Materials ($ 36 + $ 3,280 - $ 32) $3,284
Direct labor $ 4,240
Factory and machine depreciation $ 4,640
Factory supervision $ 840
Factory utilities $ 360
Indirect factory labor $ 1,120
Indirect materials and supplies $ 280
Property taxes on factory $ 112
Add Beginning Work-in-process inventory $ 48
Less Ending Work-in-process inventory ($ 56)
Cost of Goods Manufactured $14,868
Last year, J&H Corp. reported a book value of exist700 million in current assets, of which 15% is cash, 17% is short-term Investments, and the rest is accounts receivable and inventory. The company reported exist595.0 million of current liabilities including accounts payable and accruals. Interestingly, the company had no notes payable Claims last year. There were no changes in the accounts payables during the reporting period. The company, however, invested heavily in plant and equipment to support its operations. It reported a book value of exist1, 120 million in long-term assets last year. Based on the information given to Jeffrey, he submits a report on January 1 with some important calculations for management to use, both for analysis and to devise an action plan. Which of the following statements in his report are true? Check all that apply. a) J&H Corp.'s total net operating capital consists of its net operating working capital and total investment in long-term assets. b) The company has no notes payable reported in its balance sheet, so all its current liabilities are its operating liabilities. c) Based on the information on industry averages, J&H Corp. would generate higher profits than the other players in the industry if all players had no debt or held no financial assets. d) The company is using -exist14.0 million in net operating working capital acquired by investor-supplied funds. e) Based on the information on industry averages, other players in the industry would generate higher profits than J&H Corp. if they had no debt and held no financial assets.
Complete Question
The complete question is shown on the first uploaded image
Answer:
The correct stalemates are
The company is using -$14 million in net operating working capital
acquired by investor supplied funds.
Based on the information on industry averages , other players in the industry
would generate higher profits than J&H Corp , if they had no debt and
held no financial assets
Explanation:
The calculation is shown on the second and third uploaded image
Match the expense revenues with expenses recognition approaches with the most appropriate accounting event.
Cause-and-effect relationship
Cost of goods sold
Specific time period
Monthly salary payments to an office employee
Without regard to related revenue in the period incurred Advertising expenditures
Answer:
Cause-and-effect relationship - Cost of goods sold
With the Cause and effect relationship, costs are linked to the revenue that they were incurred for to create. Cost of goods would therefore be linked to revenue.
Specific time period - Monthly salary payments to an office employee
Costs are to be recognized in the same period of time they were incurred. The monthly salary is to be paid monthly because it is incurred monthly.
Without regard to related revenue in the period incurred - Advertising expenditures
The advertising costs will be incurred when spent and not when the benefits are accrued.