Answer: please refer to the explanation section for journals and notes
Explanation:
1 April
DR Inventory 23000
CR Trade Payable 23000
inventory is purchased on Free on Board Shipping terms, risks and Ownership of inventory transfers to Kerber Co the moment Wilkes company ships the inventory. inventory must be recognised
6 April
DR Freight costs 900
CR Bank 900
DR Inventory 900
CR Freight costs 900
Kerber Co Paid Freight costs of $900. There are two events happening in this transaction being the payment of freight costs and the capitalisation of freight costs. Freight costs are capitalised (included in the value of inventory) as they are costs necessary to get the inventory in to the premises of the customer (Kerber Co).
7 April
DR Equipment 26000
CR Creditor/Liability 26000
Kerber Co purchase inventory on credit. equipment is debited because Equipment is an asset and liability is credited.
8 April
DR Trade Payable 3000
CR inventory 3000
Damaged inventory returned will decrease inventory balance and also decrease the amount owed to the creditor (Wilkes Company) . Trade Payable account is Debited and inventory account is credited to record the decrease in inventory and amount payable
15 April
DR Trade Payable 20000
CR Bank 20000
23000 - 3000 = 20 000
recording payment made to the Creditor for inventory purchased or settlement of the trade payable account
If a company pays dividends of $8000, total stockholders:______.a. equity will be reduced by $8000. b. retained earnings will be reduced by $8000. c. both retained earnings and total stockholders equity will be reduced by $8000. d. net income will be reduced by $8000.
Answer:
b. retained earnings will be reduced by $8000
Explanation:
The journal entries are as follows:
Retained earning A/c Dr $8,000
To Dividend payable A/c $8,000
(Being the dividend is declared)
Dividend payable A/c Dr $8,000
To Cash A/c $8,000
(Being the dividend is paid in cash)
So at the time of dividend paid, the retained earnings got reduced by $8,000
The County Commission of Canyon County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000. The budgeted excess of estimated revenues over appropriations will be recorded as:_______.A. A credit to Surplus Revenues, $300,000. B. A debit to Estimated Excess Revenues, $300,000.
C. A credit to Budgetary Fund Balance, $300,000.
D. A memorandum entry only.
Answer:
The correct answer is "C".A credit to Budgetary Fund Balance. $300,000
Miller Company makes two types of chairs. One of the chairs is a rocking chair. The other is a straight-back chair. Both chairs are made by hand. Miller Company uses a companywide overhead rate that is based on direct labor hours to assign overhead costs to the two products. If Miller automates the production of straight-back chairs and continues to use direct labor hours as a companywide allocation basis:
Answer:
C. straight back chairs will be overcosted
Explanation:
Miller Company makes two types of chairs. One of the chairs is a rocking chair. The other is a straight-back chair. Both chairs are made by hand. Miller Company uses a company-wide overhead rate that is based on direct labor hours to assign overhead costs to the two products. If Miller automates the production of straight-back chairs and continues to use direct labor hours as a company-wide allocation basis:
A. rocking chairs will be undercosted
B. There should be no impact on unit cost
C. straight back chairs will be overcosted
D. rocking chairs will be overcosted.
EXPLANATION
If Miller automates the production of straight-back chairs and continues to use direct labor hours as a company-wide allocation basis then the straight back chairs will be overcosted because the automation process directly implies that it no longer drives labor hours since it is no longer made by hand.
Automated processes should use machine hours rather than labor hours, for the allocation of its overhead.
Answer:
The question is incomplete, the options include:
a). rocking chairs will be undercosted
b). there should be no impact on unit cost
c). straight back chairs will be overcosted
d). rocking chairs will be overcosted. is Correct
Explanation:
The immediate working hours of straight back chairs will be shortened following the automation of straight back chairs, and that of rocking chairs will remain unchanged.
Suggesting the overall overhead remains unregulated, Gross Direct working hours would minimize the ratio of Direct rocking chair working hours in total direct working hours.
And the overhead distribution on the basis of Direct Labor hours for Rocking chair would also increase as before. And it would overcost the rocking chairs.
Elise recently quit her job at a well-known insurance company and started a home-based business preparing medical transcriptions for doctors. Based on recent statistics, she can expectA. a negative reaction from friends and family who wonder when she will get a real job.B. the government will discourage her attempts to create a home-based business in the hopes that she will opt for locating in an enterprise zone.C. the emergence of affordable technology will make it less challenging for her to compete with larger firms offering the same service.D. to find security, routine, and a paycheck from her new enterprise.
Answer:C. The emergence of affordable technology will make it less challenging for her to compete with larger firms offering the same service.
Explanation: Medical transcription is an health based field which involves transcribing that is putting voice recorded messages or oral lectures into written form. Most medical transcriptions work with physicians, hospitals as most of the voice recordings are made by physicians and other health workers. There are also third party companies who are involved in medical transcription.
The emergence of affordable technology will make it less challenging for Elsie to compete with larger firms offering the same service, as there are many word processing softwares which can be used at very affordable cost or rate coupled with knowledge of medical terminologies and grammar.
Amber, a district manager for a large restaurant chain, is comparing the goals of her restaurants with recent sales. She knows that two restaurants are underperforming, so she plans on meeting with those managers to discuss corrective action; this process is the controlling managerial function. True or false?
Answer:
True
Explanation:
Amber who is the district manager is charged with the responsibilities to ensure the overall progress of the restaurant company. and every organization has their policy, set goals and objectives and methods of operation. so if it is observed that any of the restaurants are underperforming or not meting up to the required standard then it is the responsibility of the Manager in this scenario Amber to call for meeting to review the goals and policy and carry out a SWOT (Strengths, Weaknesses, Opportunities, and Threats, analysis.
Dita takes out a student loan from Everloan Bank. When she fails to make the scheduled payments for six months, Everloan advises her of further action that it will take. This violates
Answer:This violates no federal law
Explanation:
Federal laws are bills that have passed both houses of Congress, been signed by the president, passed over the president's veto, or allowed to become law without the president's signature. Individual laws, also called acts, are arranged by subject in the United States Code.
Direct strategies of power are used when: A. one is an expert or has more knowledge. B. one is a novice or has less knowledge. C. indirect styles have not worked; D. it's the strategy of last resort. one is female.
Answer:
(A) one is an expert or has more knowledge.
Explanation:
Power is an individual's ability to influence others and do what the individuals wants as well as persons ability to resit the influence attempts of others.
Answer: what he said was right^^^
Explanation:
The Lory Company had net earnings of $127,000 this past year. Dividends of $38,100 were paid. The company's equity was $1,587,500. If Lory has 100,000 shares outstanding with a current market price of $11.625 per share, and a dividend growth rate is 5.6%, what is the firm’s discount rate?
Answer:
Rate = 9.05%
Explanation:
To calculate the Dividend per share we'll have to
= Total Dividends Paid / Total Shares
= 38,100/100,000
= 0.38 Dividend per share
So, if we are to be using the constant Growth Model,
P = Price of Stock
= Estimated Dividends for next period
r = Required rate of return
g = Growth Rate
11.625 = 0.38(1.056)/(r - 0.056)
r = 9.05%
Hint: Round your answers in the first row down to the nearest baseball cap. For example, if you find that the deposit will cover 20.7 baseball caps, you would round the purchasing power down to 20 baseball caps under the assumption that Alyssa will not buy seven-tenths of a baseball cap.
Answer:
is equal to 200 baseball caps.
given the following inflation rates, how does the purchasing power of Alyssa change:
inflation rates for 1 year 5% 10% 15%
new price of caps $15.75 $16.50 $17.25
in 1 yer Alyssa will have $3,300 $3,300 $3,300
purchasing power 209 200 191
Supervisor: "We reached our goal by helping 2000 customers this month which is 14% more than last month." Employee: "That means that we must have helped __________ customers last month."
The correct word for the blank is approximately 1,754 customers. This means that 1,754 customers were helped last month.
The given information in the context are:
Total number of Customers = 2000
The percentage of the customers that were served = 14%
Let the number of customers helped last month be x customers.
Therefore, the total number of customers is 1754.
To know more about the number of customers, refer to the link below:
brainly.com/question/25322426
Answer:
Approximately 1,754 customers were helped last month
Explanation:
The question asks to know the number of customers helped last month given that percentage change.
Let the number of customers helped last month be x customers.
This means :
14/100 * x = 2000 - x
14x = 100(2000-x)
14x = 200,000 - 100x
114x = 200,000
x = 200,000/14
x = 1,754
Approximately, 1,754 customers were helped last month
Broker Nina and Broker Vesta work for Principal Broker Griffin. Vesta is working with Marlin, who is interested in purchasing a property in McMinnville. Nina's client, Cody, is also looking to purchase a property in McMinnville. A very well priced property has recently been listed by a competing brokerage. Nina and Vesta present the property to their buyers and both Cody and Marlin are interested in making an offer on the property. Broker Vesta is in a ____________ relationship with Buyer Marlin.A. Disclosed limited agency.B. Single agency.
Answer:
B) Single agency.
Explanation:
In real estate, a single agency relationship means that the broker can only represent one of the parties involved in the transaction, either the buyer or the seller, but he/she cannot represent both parties. Most broker-client relationships are single agencies, since that way the broker should pursuit his/her client's best interest.
In a dual agency relationship, the broker represents both he seller and the buyer.
Stone and brick are substitutes in home construction. Suppose the price of stone increases due to new regulations for the stone quarrying industry. Illustrate the impact this will have on the market for bricks. 1. The Brick Market, Equilibrium price:_______.a. increases.b. decreases.c. remains constant.d. change is ambiguous. 2. Equilibrium quantity:_______. a. increases.b. decreases.c. remains constan. d. change is ambiguous.
Answer:
1. The Brick Market, Equilibrium price: A) INCREASES
2. Equilibrium quantity: A) INCREASES
Explanation:
When the price of a good A increases, the quantity demanded for its substitute good B increases. This situation eventually will lead to a new equilibrium price which matches the price of both goods. The substitute good B's equilibrium price and quantity will increase, and the price of the good A should decrease due to lower demand.
An economy's factors of production and its production function determine the economy's:_______. a. labor force participation rate. b. population growth rate. c. budget surplus or deficit. d. output of goods and services.
Answer:D.Output of goods and service
Explanation:
Output in economics is the "quantity of goods or services produced in a given time period, by a firm, industry, or country", whether consumed or used for further production. The concept of national output is essential in the field of macroeconomics.
Answer:
d. output of goods and services.
Explanation:
According to the economists the economy's factors of production can be divided into four which are:
-Land
-Capital
-Labour
-Entrepreneurship
all this factors listed above can be used in determining the economy's output of goods and services. How can this be achieved, let's take for an example land, you can find so many resources embedded in land that be exchanged in form of goods and services example of such resources are coal, natural gas, trees, water e.t.c.
Suppose you are a Social Security recipient. In 2006 you receive $600 per month in Social Security benefits. In October of that year, the Social Security Administration announces that the cost-of-living adjustment for 2007 will be 3.3 percent, roughly matching the overall inflation rate. a. How much will your 2007 monthly benefit be?
b. In real terms, do your benefits go up, go down, or stay the same?
Answer:
a. How much will your 2007 monthly benefit be?
b. In real terms, do your benefits go up, go down, or stay the same?
Frictional unemployment is: A.unemployment that is due to the friction of competing ideological systems.
B.unemployment caused by lack of training and education.
C.unemployment caused by automation in the workplace.
D.unemployment that is due to normal turnover in the labor market.
Answer:
D.unemployment that is due to normal turnover in the labor market.
Explanation:
Frictional unemployment occurs as as result of normal movement of workers in an economy due to changing of jobs. It is also called transitional employment.
This type of employment can occur even when there is full employment in the economy and people want to move from one job to the other.
Frictional unemployment could be due to quitting, termination, seasonal employment, or term employment.
A securities analyst reports that a cyclical change in non-durable goods has occurred on the downside over the last quarter. Which of the following has probably been a poor investment over the last three months?[A] Shares in a steel company[B] Industrial revenue bonds[C] Shares in a home appliance manufacturer[D] Shares in a brewery
Answer:
D) Shares in a brewery
Explanation:
Beer is not a durable good, and the security analyst reported non-durable goods are not going to perform well. The analyst didn't specify which non-durable goods would not perform well, but beer is the only possible option. The other three alternatives all relate to durable goods (steel, industries, home appliances).
Frictional unemployment occurs when:____.A. there is friction between an employer and employee. B. a worker decides to quit one job to seek a different job. C. a large corporation transfers a worker to another city. D. college students go back to school at the end of the summer.
Answer:
B. a worker decides to quit one job to seek a different job.
Explanation:
Frictional unemployment is a temporary form of unemployment that occurs when employees leave their current jobs. After quitting work, workers will be said to frictionally unemployed until they find other jobs. College graduates who are yet to find their first employment are also frictionally unemployed.
Frictional unemployment is not caused by a boom or and a decline in economic activities. Even when the economy is full employment, frictional unemployment will be present are workers search for better opportunities elsewhere. New workers entering the job markets cause frictional employment even when the economy is doing well.
Gina is working as a marketing trainee for a streaming video company. Her boss called a meeting for next week with one thing on the agenda: "Bring with you your ideas about how we can gain a competitive advantage." Gina plans to provide the following response:
Answer:
C) Create a customer-driven environment where we constantly try to create customer value.
Explanation:
A competitive advantage basically refers to offering a better service at the same price as your competition, or offering the same service as your competition but at a lower price. In this case, Gina's idea focuses on offering a differentiated and better service than the competition, and hopefully be able to sell it at the same price.
In order to create a customer driven environment, the company must identify its customers's needs and it must do everything it can to satisfy those needs. This will increase both the perceived quality of the service and consumer satisfaction.
At the end of Year 1, Fulton Corporation estimates uncollectible accounts to be $10,000. Actual bad debts during Year 2 totaled $12,000. This indicates that management’s estimate of uncollectible accounts in Year 1 was:_____________
Answer:
too low
Explanation:
This indicates that management’s estimate of uncollectible accounts in Year 1 was too low
The basis for an action in strict liability that are set forth in section 402a of the restatement (second) of torts can be summarized as a set of six requirements: 1. The product must be in a defective condition when the defendant sells it.
2. The defendant must normally be engaged in the business of selling (or otherwise distributing) that product.
3. The product must be unreasonably dangerous to the user or consumer because of its defective condition (in most states). The three types of product defects that have traditionally been recognized in product liability law-manufacturing defects, design defects, and inadequate warnings.
4. The plaintiff must incur physical harm to self or property by use or consumption of the product.
5. The defective condition must be the proximate cause of the injury or damage.
6. The goods must not have been substantially changed from the time the product was sold to the time the injury was sustained.
Answer:
4. The plaintiff must incur physical harm to self or property by use or consumption of the product.
6. The goods must not have been substantially changed from the time the product was sold to the time the injury was sustained.
Explanation: