Business

The following types of contracts should be in writing: Contracts involving interests in land. Contracts that cannot, by their terms, be Select within one year from the day after the date of formation. Select or secondary, contracts, such as promises to answer for the debt or duty of another. Promises made in Select of marriage. Under the Uniform Commercial Code, contracts for the sale of goods priced at Select or more.
1 Answer
Hoffman Corporation issued $60 million of 9%, 15-year bonds at 106. Each of the 60,000 bonds was convertible into one share of $1 par common stock. Prepare the journal entry to record the issuance of the bonds. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1 Answer
Taking a smartphone to the gym when you work out becomes more popular. What is the result of this event?As a result, _______.A. the quantity of smartphones demanded increasesB. the demand for smartphones increasesC. the quantity of smartphones demanded decreasesD. the demand for smartphones decreases
2 Answers
Jane Cooper's Department Stores allocates the costs of the Personnel and Payroll departments to three retail sales departments, Housewares, Clothing, and Furniture. In addition to providing services to the operating departments, Personnel and Payroll provide services to each other. Copper's allocates Personnel Department costs on the basis of gross payroll. Cost and allocation information for June is as follows: Personnel Payroll Housewares Clothing FurnitureDirect department cost $15,600 $6,400 $24,400 $40,000 $33,500Number of employees 15 12 24 32 12Gross payroll $12,000 $6,600 $21,200 $26,100 $16,200A) Determine the percentage of total Personnel Department services that was provided to the Payroll DepartmentB) Determine the percentage of total Payroll Department services that was provided to the Personnel Department.C) Prepare a schedule showing Personnel Department and Payroll Department cost allocations to the operating departments, assuming Cooper's uses the step method.
1 Answer
convert the following temperature to Celsius scale (a) 450 k, (b) 273 k, (c) 73 k.
1 Answer
Which of the following is not a benefit of contributing to a retirementaccount?A. Contributions earning interest once depositedB. Contributions equaling "free money"O C. Reduction in taxable incomeD. Employer matching
2 Answers
What factor might an Irrational decision maker consider when making economic decisions?*A emotions B perceptions C sunk costs D any of the above
1 Answer
Suppose that Federal Reserve policy leads to higher interest rates in the U.S. If the U.S. is a closed economy in the short run, real GDP will _________ increase stay the same decrease . If the U.S. is an open economy real GDP will _______ increase stay the same decrease by ________ more than in a closed economy the same amount as in a closed economy less than in a closed economy .
1 Answer
Max wanted to open a pizza and sub restaurant. He compared purchasing a well-known franchise to opening his own restaurant as a small business. Which of the following would be a disadvantage to the franchise option? Max will be able to use the business model provided by the franchise. Max will have many competitors that offer pizzas and similar Italian fast food. Max will have to use his savings and borrow some money to start his business. Max will have to use the franchise's pizza sauce instead of his family recipe
2 Answers
The Labor Market End of Chapter Problem The number of bank tellers declined from an aver-age of 20 per branch in 1988 to 13 in 2004, as ATMs replaced human tellers. This meant that the cost of running each branch fell. Banks responded by increasing the number of urban bank branches by 43% in the same time period, which increased the total number of bank employees. So ATMs shifted employees' work from routine tasks like deposits and withdrawals towards skills machines cannot provide, such as sales and customer service. When the use of ATMs became more prevalent, reducing the banks' overall costs, the ______ was dominant. On net, labor and capital would be considered _______ in this industry.
1 Answer
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Match each of the following transactions to the journal in which it would be entered. Clear All Revenue journal Cash receipts journal Purchases journal Cash payments journal General journal Recognized depreciation on the building Journalized the adjusting entry for supplies used during the period Closed the revenue account at the end of the period Received cash from the bank in exchange for a note payable Withdrew cash for personal use (by owner)
1 Answer
Kier Company issued $700,000 in bonds on January 1, Year 1. The bonds were issued at face value and carried a 4-year term to maturity. The bonds have a 6.50% stated rate of interest and interest is payable in cash on December 31 each year. Based on this information alone, what are the amounts of interest expense and cash flows from operating activities, respectively, that will be reported in the financial statements for the year ending December 31, Year 1
1 Answer
Suppose that fixed costs for a firm in the automobile industry (start-up costs of factories, capital equipment, and so on) are $5 billion and that variable costs are equal to $17,000 per finished automobile. Because more firms increase competition in the market, the market price falls as more firms enter an automobile market, or specifically P = 17,000 + (150/n), where n represents the number of firms in a market. Assume that the initial size of the U.S, and the European automobile markets are 300 million and 533 million people, respectively.a. Calculate the equilibrium number of firms in the U.S. and European automobile markets without trade.b. What is the equilibrium price of automobiles in the United States and Europe if the automobile industry is closed to foreign trade?c. Now suppose that the United States decides on free trade in automobiles with Europe. The trade agreement with the Europeans adds 533 million consumers to the automobile market, in addition to the 300 million in the United States. How many automobile firms will there be in the United States and in Europe combined? What will be the new equilibrium price of automobiles?d. Why are prices in the United States different in (c) than in (b)? Are consumers better off with free trade? In what ways?
1 Answer
Faux Stamp company contemplating the acceptance of a special order has the following cost behavior, based on production of 10,000 units. The company is currently operating at 70% of its manufacturing capacity. A customer wants to purchase 2,000 units at a special unit price of $25. The normal price per unit is $50. Direct materials are $4 per unit, direct labor is $10 per unit, variable overhead is $8 per unit, and fixed overhead is $60,000 total. Perform an incremental analysis to determine the effect on net income if the special order is accepted, and decide whether management should accept the special order. What is the impact on net income if you accept the order?
1 Answer
Based on the readings: match the following business example with its associated product cost term A businessowner pays for rent and equipment at their office An airline considers the costs of serving food and beverages to its passengers A company considers the costs it pays to its employees A clothing manufacturer buys new machines for its factory A. variable costs B. fixed costs C. fixed cost D. variable costs
1 Answer
The Toronto Maple Company (TMC) produces maple syrup and syrup based products. During the current period, the firm's Production Department started production of 210,000 gallons of syrup. During the period, the firm completed and transferred 205,000 gallons to the Shipping Department. The firm ended the period with 12,500 gallons in ending inventory. All direct materials costs are added at the beginning of the production cycle. Weighted-average costing is used by the company. Part 1 (4 points): What were the equivalent units for conversion costs for the period if the beginning inventory was 75% complete as to conversion costs and the ending inventory was 40% complete as to conversion costs
1 Answer
Logan Township acquired its water system from a private company on June 1. No receivables were acquired with the purchase. Therefore, total accounts receivable on June 1 had a zero balance. Logan plans to bill customers in the month following the month of sale, and 70% of the resulting billings will be collected during the billing month. In the next following month, 90% of the remaining balance should be collectable. The remaining uncollectible amounts will relate to citizens who have moved away. Such amounts are never expected to be collected and will be written off.Water sales during June are estimated at $4,000,000, and expected to increase 30% in July. August sales will be the same as July sales.Required:Estimate the monthly cash collections for June, July, August, and September.
1 Answer
X Company uses determined that the net realizable value of its accounts receivable at December 31, 2018, based on an aging of the receivables, was $63,500. Additional information is as follows: Allowance for doubtful account, 1/1/2018 $3,200 Uncollectible accounts written off during 2018 $650 Uncollectible accounts recovered during 2018 $300 Unadjusted accounts receivable at 12/31/2018 $67,200For the year ended December 31, 2018, Ace's bad debt expense would be:_______.
1 Answer
Part of the screening process when choosing which markets to expand to involves gathering information on local markets. One way to gain information is by participating in trade fairs and trade missions. However, companies will often need additional information on markets that require further research. Collecting primary data in foreign markets can present some challenges in researchers especially because of cultural and technical differences between the markets. Identify whether each statement about the research process is most kikely to be associated with cuftural differences between markets or technical differences.a. The meaning of words can change from one region to another. b. Research instruments may need to be translated. c. Social desirability bias may exist. d. Street signs may be unreadable. e. Mail service may be unreliable. 1. Cultural Differences 2. Technical Differences
1 Answer
Which of these best describes the FederalReserve System?-It is an independent agency thatsupervises and manages the financialsystem.-It is an agency through which Congresssupervises and manages the financialsystem.-It is an agency through which the judiciarysupervises and manages the financialsystem.-It is an agency through which theexecutive branch supervises and managesthe financial system.
1 Answer
Using these data from the comparative balance sheet of Rollaird Company, perform horizontal analysis. December 31, 2020 December 31, 2019Accounts receivable $524,000 $400,000Inventory 868,000 620,000Total assets 3,018,600 2,580,000Increase or (Decrease)December 31, 2020 December 31, 2019 Amount PercentageAccounts receivable $524,000 $400,000 $ %Inventory 868,000 620,000 $ %Total assets 3,018,600 2,580,000 $ %
1 Answer
A bank with $500 million in deposits holds $35 million in vault cash, has $40 million on deposit with the Fed, and owns $50 million in government securities. If a fall in the reserve requirement ratio generates excess reserves of $25 million, and prior to the fall the bank had no excess reserves, then the former reserve ratio was _____ and the new reserve ratio is _____.
1 Answer
Universal Foods has a debt-to-value ratio of 36%, its debt is currently selling on a yield of 8%, and its cost of equity is 12%. The corporate tax rate is 40%. The company is now evaluating a new venture into home computer systems. The internal rate of return on this venture is estimated at 13.4%. WACCs of firms in the personal computer industry tend to average around 14%.a. What is Universal's WACC? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) WACC b. Will Universal make the correct decision if it discounts cash flows on the proposed venture at the firm's WACC? A. Yes B. No c. Should the new project be pursued? A. Yes B. No
1 Answer
Explain Business Management Definition
1 Answer