Answer:
Gross pay is an individual's total earnings throughout a given period before any deductions are made
Explanation:
D. is yo answer
In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows:
Item Debit Credit
1. Net sales $3,040,000
2. Gain on state's condemnation of company property, net of tax 269,000
3. Cost of goods sold $1,551,448
4. Income taxes expense 206,000
5. Depreciation expense 242,500
6. Gain on sale of wholesale business segment, net of tax 790,000
7. Loss from operating wholesale business segment, net of tax 470,000
8. Loss of assets from a meteor strike, net of tax 642,000
Prepare the income statement for the calendar year 2017.
Answer:
Randa Merchandising, Inc
Income Statement
For the year Ended December 31, 2017
Net sales $3,040,000
Expenses
Cost of goods sold $1,551,448
Depreciation Expenses $242,500 $1,793,948
Total Operating Expenses $1,240,052
Other Unusual / infrequent gains (Losses)
Gain on state condemnation of $269,000
company property, net of tax
Loss of assets from meteror strike, ($642,000) $373,000
net of tax
Income from continuing operations before taxes $867,052
Income Tax expenses $206,000
Income from Continuing operations $661,052
Discontinuing segment
Loss from operating wholesale $470,000
business segment (net of tax)
Gain on sales of wholesale ($790,000) $320,000
business segment (net of tax)
Net Income $981,052
During the test, the proctor should: (Check all that apply.) Stop sharing the proctor’s video. Unmute the proctor’s audio only if there is a test taker problem to resolve. Step away from the computer for a brief break. Closely monitor any behaviors that would violate the testing rules.
During the test, the proctor should:
Stop sharing the proctor's video.Unmute the proctor's audio only if there is a test taker problem to resolve.Closely monitor any behaviors that would violate the testing rules.What does the Proctor have to do?The proctor stepping away from the computer for a brief break is not typically a responsibility or action expected during a test.
Proctors are generally expected to remain attentive and actively monitor the testing session.
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Beverly Mills has decided to lease a hybrid car to save on gasoline expenses and to do her part to help keep the environment clean. The car she selected is available from only one dealer in the local area, but that dealer has several leasing options to accom-modate a variety of driving patterns. All the leases are for 3 years and require no money at the time of signing the lease. The first option has a monthly cost of $330, a total mileage allowance of 36,000 miles (an average of 12,000 miles per year), and a cost of $0.35 per mile for any miles over 36,000. The following table summarizes each of the three lease
options:
(See photos below)
Beverly Mills has three leasing options to choose from. Each of these options differs in terms of the monthly cost, the total mileage allowance, and the cost for any miles over the set mileage allowance. Depending on her driving patterns, Beverly Mills can select the option that suits her the best.
Beverly Mills decided to lease a hybrid car to save on gasoline expenses and to do her part to help keep the environment clean. The car she selected is available from only one dealer in the local area, but that dealer has several leasing options to accommodate a variety of driving patterns.All the leases are for 3 years and require no money at the time of signing the lease.
The three lease options available to Beverly Mills are as follows:
Option 1:Monthly cost: $330Total mileage allowance: 36,000 miles (an average of 12,000 miles per year)Cost for any miles over 36,000: $0.35 per mile
Option 2:Monthly cost: $460Total mileage allowance: 45,000 miles (an average of 15,000 miles per year)Cost for any miles over 45,000: $0.45 per mile
Option 3:Monthly cost: $540Total mileage allowance: 60,000 miles (an average of 20,000 miles per year)Cost for any miles over 60,000: $0.55 per mile
Therefore, Beverly Mills has three leasing options to choose from. Each of these options differs in terms of the monthly cost, the total mileage allowance, and the cost for any miles over the set mileage allowance. Depending on her driving patterns, Beverly Mills can select the option that suits her the best.
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Calculate your month 1 expenses by adding the contents of column 8, your month 1 expenses. What is the total amount?
The total amount after adding month 1st expenses in the 8th column is 53,900$.
How to find?Lets add all the values in column 8-
= 2000+3000+3500+3250+4700+5575+6500+7500+8375+9500
= 53,900$
Hence, the total amount is 53,900$.
What are those expenses, exactly?Wages, salaries, repairs, rent, and depreciation are all examples of expenses. Profits are calculated by subtracting expenses from revenue. To lessen the tax burden and increase profits, businesses are permitted to deduct certain costs from taxes.
What are costs and expenses?Expenses are ongoing payments, whereas costs are one-time payments. Cost typically appears on the balance sheet, whereas expense appears on the profit and loss statement.
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Milea Inc. experienced the following events in Year 1, its first year of operations:
Received $20,000 cash from the issue of common stock.
Performed services on account for $56,000.
Paid the utility expense of $2,500.
Collected $48,000 of the accounts receivable.
Recorded $10,000 of accrued salaries at the end of the year.
Paid a $2,000 cash dividend to the stockholders.
Required:
Record the events in general ledger accounts under an accounting equation.
The Accounting equation is Assets = Liabilities + Equity.
a. Assets (Cash) $20,000 = Liabilities + Equity (Common Stock) $20,000
b. Assets (Accounts Receivable) $56,000 = Liabilities + Equity (Service Revenue) $56,000
c. Assets (Cash) ($2,500) = Liabilities + Equity (Utility Expense) ($2,500)
d. Assets (Cash) $48,000 + (Accounts Receivable) ($48,000) = Liabilities + Equity
e. Assets = Liabilities (Salaries Payable) $10,000 + Equity (Salaries Expense) ($10,000)
f. Assets (Cash) ($2,000) = Liabilities + Equity (Dividend) ($2,000)
Data Analysis:
a. Cash $20,000 Common Stock $20,000
b. Accounts Receivable $56,000 Service Revenue $56,000
c. Utility Expense $2,500 Cash $2,500
d. Cash $48,000 Accounts Receivable $48,000
e. Salaries Expense $10,000 Salaries Payable $10,000
f. Dividend $2,000 Cash $2,000
Thus, the general ledger accounts, in bracket, record the events under the accounting equation as showed above in the books of Milea Inc.
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Submission Requirements Hurry Pls Help ASAP!!!
Nine hundred word response.
When submitting written assignments, please remember to:
Submit the assignment question(s) and your responses.
Proofread for spelling, grammar, and punctuation.
Remember complete sentence structure.
Paragraphs need to have minimum of six sentences.
Submit your E.T.H.I.C.S. model of one of the provided scenarios.
When submitting written assignments, please remember to Proofread for spelling, grammar, and punctuation. Hence, option B is correct.
What is meant by Proofread?Proofread is the double-checking of the written assignment or the work that is being already done to the person. It helps the person to identify the little mistakes that they have made during the making of the assignment.
Proofread is always a better solution to understand the work and makes the work complete and perfect. After Proofread, one can identify their mistakes and make them correct.
Thus, option B is correct.
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If the effect of the debit portion of an adjusting entry is to increase the balance of an asset
account, which of the following describes the effect of the credit portion of the entry?
When the debit portion of an adjusting entry is used to increase the balance of an asset account, the credit portion of the entry will decrease the balance of another account, which will be either a liability account or an equity account.
What is the adjusting entry?Adjusting entries are journal entries that are made at the end of an accounting period to modify the accounts' balances. They are done to update and verify revenue and expense accounts' accuracy, as well as to adjust the balance sheet accounts for adjustments that have yet to be recorded.When should adjusting entries be made?Adjusting entries are typically made at the end of an accounting period. For example, adjusting entries may be needed if a company's insurance premiums have been paid in advance, or if a company has earned revenue but has not yet received payment.Adjusting entries are critical in determining the correct profit and loss as well as the balance sheet, which is why they must be accurate and complete.Adjusting entries are required for each financial statement's following types:Income Statement - revenue and expense accounts are adjusted.Balance Sheet - asset, liability, and equity accounts are adjusted.How are adjusting entries made?Adjusting entries are made with the following steps:Step 1: Determine the transaction or event that necessitates an adjustment. Step 2: Determine which accounts are affected by the transaction or event. Step 3: Decide whether each account is to be debited or credited. Step 4: Make the necessary adjusting journal entries.
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Once money metals came into use
it was easier for the seller to cheat the buyer
it was easier for the buyer to cheat the seller
it made no difference on the ease of fraud
products that consumers a regularly without spending much effort on thinking about them are?
Answer: Convenience, Shopping, Speciality and Unsought
Explanation: Next time please be more specific Thanks
Thirty-year-old Henry tells his wife that he has 51,000,000 saved already. She tells him they should go on a big vacation soon. Henry tells
her. "No. The $1,000,000 is in my 401k account." What is Henry MOST likely saving this $1,000,000 for?
А. to pay his current mortgage
B. to purchase bonds
C. to use during retirement
D. to pay for his education
Because the funds is in his 401k account, he is most likely saving the $1,000,000 therein for retirement purpose.
What is 401k account?A 401k account is an account related to retirement plan where an employees and employers can contribute income for retirement purpose.
Hence,he is most likely saving the $1,000,000 therein for retirement purpose.
Therefore, the Option C is correct.
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Robyn was a lawyer for the Department of State who has been disbarred for ethical lapses including dishonesty and interfering with investigations.
After losing his license to practice law, he was fired from the State Department. What MOST likely must Robyn do now?
A. Appeal his case to the American Bar Association.
B. Find a new career outside the legal profession.
C. Wait a year and reapply for his license.
D. Take his case to an appeals court.
The most likely thing for Robyn to do is B. Find a new career outside the legal profession.
Why does Robyn need to leave the legal profession ?Since he has lost his license to practice law, he would not be able to continue working as a lawyer or in any other legal capacity. In addition, his firing from the State Department would likely make it difficult for him to find employment in a related government agency.
Therefore, the most realistic option for Robyn would be to seek employment in a different field or industry. Appealing his case to the American Bar Association or taking his case to an appeals court would likely not be fruitful options, as his disbarment and firing from the State Department suggest that his ethical lapses were significant and serious.
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a. The Marketing Department has estimated sales as follows for the remainder of the year (in units):
July
August
30,000 October
70,000
November
September 50,000
December
The selling price of the beach umbrellas is $12 per unit.
b. All sales are on account. Based on past experience, sales are collected in the following pattern:
20,000
10,000
10,000
30% in the month of sale
65% in the month following sale
5% uncollectible
Sales for June totaled $300,000.
c. The company maintains finished goods inventories equal to 15% of the following month's sales. This requ
end of June.
d. Each beach umbrella requires 4 feet of Gilden, a material that is sometimes hard to acquire. Therefore, th
the ending inventory of Gilden be equal to 50% of the following month's production needs. The inventory
beginning and end of the quarter will be:
The Marketing Department projects the following sales for the remaining months of the year (in units): 30,000 in July, 50,000 in August, 70,000 in September, 30,000 in October, and 10,000 in December. The remaining sales for the year will total $1,080,000 at a selling price of $12 per unit.
b. According to prior sales data, 20% of June's sales will be collected in the month of the sale, 65% of sales will be collected in the month after the sale, and 5% of sales will be uncollectible. Thus, $240,000 will be the entire amount collected in June.
c. The business keeps completed products inventories equivalent to 15% of the sales for the following month. As a result, the final completed products inventory for June will be $90,000.
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Following is the information listed below for Carter State Bank. What is the bank's net profit margin? Net income Total operating revenue Total assets Total equity Capital $ 55 million $ 650 million $4,055 million $ 350 million Multiple Choice 8.46 percent 16.03 percent
18.18 percent is the bank's net profit margin.
Net profit margin= Total operational revenue - net income
= $350 + $650 / $55
= 18.18%
The net profit margin, or simply net margin, is the amount of net income or profit generated as a proportion of revenue. or simply net margin. It is the proportion of a company's or business segment's net profits to revenues. The answer is OPTION D.
Although it can also be expressed in decimal form, net profit margin is frequently expressed as a percentage. According to the general rule of thumb, a net profit margin of 10% is considered average, a margin of 20% is considered good, and a margin of 5% is considered low. A higher net profit margin demonstrates a company's capacity to manage expenses and sell goods for a profit.
The que is incomplete complete que is given below.
a. 8.46 percent b. 16.03 percent c. 10.34 percent d.18.18 percent
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Is investing in stocks something you plan on doing? Why or why not?
Answer:
yea I already do it and mad we 6 million you just have to be smart and not go for short term go for long term growth
Describe the risks involved in auditing financial investments, including why the auditors might need specialized skills.
The risks involved in auditing financial investments, including the auditors might need specialized skills is fraud risk.
What is an investment?An Investment is the dedication of an asset to gain an increase in value over a period of time. Investment needs a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is to generate a return from the invested asset in a time period.
As a consequence of the constant corporate scandals linked to corruption as well as the emergence of new regulations worldwide, many executives recognize/identifies that the risk of fraud and irregular behaviors inevitably integrates their agendas, and they are fully aware of the need to create specific measures aimed at its timely and effective management.
Effective fraud risk management provides organizations the tools to manage risk in accordance with regulatory requirements, as well as with the needs of the business, the organization and market expectations.
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why would it probably be a surprise to a stockbroker when a stock is priced very low and then goes on to increase in value quite suddenly?
Answer:
Well, it started low and suddenly started to go up. It's something that just isn't expected especially in stocks.
Magnificent Blooms is a florist specializing in floral arrangements for weddings, bo graduations, and other events. Magnificent Blooms has a fixed cost associated with space and equipment of $100 per day. Each worker is paid $50 per day. The daily production § function for Magnificent Blooms is shown in the accompanying table. © Macmil Submit All Quantity of labor (workers) 0 1 2 3 4 5 a. Calculate the marginal product of each worker. Quantity of floral arrangements 0 5 9 12 14 15 Marginal product Quantity of labor (workers) 1 2
The marginal product of each worker for Magnificent Blooms is as follows: Worker 0: N/A: Worker 1: 5: Worker 2: 4: Worker 3: 3: Worker 4: 2: Worker 5: 1
To calculate the marginal product of each worker for Magnificent Blooms, we need to determine the change in the quantity of floral arrangements resulting from each additional worker.
Here's how to calculate the marginal product for each worker:
Worker 0: Since there are no workers (0 workers), the quantity of floral arrangements is 0. Therefore, the marginal product for worker 0 cannot be calculated.
Worker 1: The quantity of floral arrangements with 1 worker is 5. To calculate the marginal product for worker 1, we subtract the quantity of floral arrangements with 0 workers from the quantity with 1 worker: 5 - 0 = 5.
Worker 2: The quantity of floral arrangements with 2 workers is 9. To calculate the marginal product for worker 2, we subtract the quantity of floral arrangements with 1 worker from the quantity with 2 workers: 9 - 5 = 4.
Worker 3: The quantity of floral arrangements with 3 workers is 12. To calculate the marginal product for worker 3, we subtract the quantity of floral arrangements with 2 workers from the quantity with 3 workers: 12 - 9 = 3.
Worker 4: The quantity of floral arrangements with 4 workers is 14. To calculate the marginal product for worker 4, we subtract the quantity of floral arrangements with 3 workers from the quantity with 4 workers: 14 - 12 = 2.
Worker 5: The quantity of floral arrangements with 5 workers is 15. To calculate the marginal product for worker 5, we subtract the quantity of floral arrangements with 4 workers from the quantity with 5 workers: 15 - 14 = 1.
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Acellus
Help Resources
If a corporation makes $20 million in one year,
after taxes are paid (at 35%), that company
will have a net income of
million
A $7
B. $10
C. $13
Answer:
A) 7 million
Explanation:
20 000 000 X 35÷100 = 7 million
The income statement of Trixle Motors Inc. is given to you. What is the net profit for the given period? A.
$1,600,000
B.
$ 43,500
C.
$1,665,600
D.
$1,556,500
Answer:
D.$1,556,500
Explanation:
Net profit is calculated by subtracting total expenses from total revenue.
In the case, total revenue is equal to sales revenue + interest revenue
=1,580,000 + 20,000
=1,600,000
Total expenses will be salaries + Rent + advertisement + repair
=26,000 + 6,000 + 7,000 +4500
=43,500
net profit = 1,600,000 - 43,500
net profit =1,556,500
Answer:
D.
$1,556,500
Explanation:
Which situation is an example of indirect taxation?
OA. Stores charge sales tax on each purchase and give that money to
the government.
OB. Homeowners must pay a percentage of their home's worth to the
government.
OC. Businesses must send a portion of their income each year to the
government.
OD. Every citizen sends the government money to support the armed
forces.
SUBMIT
Option A is the correct answer. Indirect taxation is the situation where taxes are imposed on products or services and not directly on individuals. Therefore, the example of indirect taxation in the situation given is when stores charge sales tax on each purchase and give that money to the government.
Stores charge sales tax on each purchase and give that money to the government is an example of indirect taxation.Indirect taxation is a method of taxation in which individuals are not taxed directly, but instead, the tax is paid through an intermediary.
The tax is generally imposed on products or services. This tax, which is passed on to the customer as part of the price of the good or service, is then collected by the seller and forwarded to the government.
Sales tax, excise tax, and customs duty are all examples of indirect taxes.
Therefore, Option A is the correct answer.
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Boehm Incorporated is expected to pay a $1.10 per share dividend at the end of this year (i.e., D1 = $1.10). The dividend is expected to grow at a constant rate of 4% a year. The required rate of return on the stock, rs, is 15%. What is the estimated value per share of Boehm's stock? Do not round intermediate calculations. Round your answer to the nearest cent. $
Answer:
$10
Explanation:
The dividend is $1.10
The constant rate is 4%
The required rate of return in the stock is 15%
Therefore the estimated value per share can be calculated as follows
= 1.10(0.15-0.04)
= 1.10/(0.11)
= $10
Hence the estimated valuee is $10
Assume that Stillwater Designs produces two automotive subwoofers:
S12L7 S12L5.
First quarter 2014 800 1300
Second quarter 2014 2200 1400
Third quarter 2014 5600 5300
Fourth quarter 2014 4600 3900
First quarter 2015 900 1200
The vice president of sales believes that the projected sales are realistic and can be achieved by the company.
Required:
Prepare a sales budget for each quarter of 2014 and for the year in total. Show sales by product and in total for each time period. Do not include a multiplication symbol as part of your answer.
Answer:
Stillwater Designs
Sales Budget 2014
Year 2014
Product First Second Third Fourth Total
quarter quarter quarter quarter
S12L7 800 2,200 5,600 4,600 13,200
S12L5 1,300 1,400 5,300 3,900 11,900
A sales budget gives us an estimate of how many units (and $) the company will sell in the following months, quarters or even years.
assume a companies require production in units for April are 94,000 units the direct labor hours per unit is 1.50 hours in a direct labor wage rate is 19 per hour. what is the budgeted direct labor cost for April
The budgeted direct labor cost for April is $2,679,000 when require production in units for April are 94,000.
To calculate the budgeted direct labor cost for April, we need to multiply the number of units to be produced by the direct labor hours per unit and the direct labor wage rate.
Budgeted direct labor cost for April = Number of units * Direct labor hours per unit * Direct labor wage rate
Number of units to be produced in April = 94,000
Direct labor hours per unit = 1.50 hours
Direct labor wage rate = $19 per hour
Budgeted direct labor cost for April = 94,000 * 1.50 * $19
= $2,679,000
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A buyer and seller have a serious disagreement regarding a defect in the swimming
pool. The buyer gives up and demands the deposit back. The seller disagrees and
demands the earnest money as liquidated damages. What should the broker do?
The broker will treat real estate as deposits as liquidated damages.
What is demand?Demand is the consumer's intention to buy a specific product or service.
The demand for a specific good on the market is known as market demand. The total demand for goods and services in the economy is known as aggregate demand. The price of an item or service is determined by how well supply and demand match. Recognizing the idea of demand.
Thus, the buyer demand for money has void.
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How might a companies mission, vision, or values support or detract from it’s competitive advantage and customer value proposition?
A company's mission, vision, and values can significantly impact its competitive advantage and the customer value proposition.
What is competitive advantage?A competitive advantage is the unique set of qualities or attributes that allow a business to outperform its competitors. This could be anything from proprietary technology, access to resources or distribution channels, superior customer service, or a strong brand reputation. Essentially, it is what makes a company stand out and succeed in its industry. A competitive advantage enables a business to generate more revenue, acquire and retain customers, and ultimately achieve a greater market share. It is important for businesses to identify and cultivate their competitive advantages to maintain their position in the marketplace and continue to grow. However, it's worth noting that competitive advantages are often short-lived, and businesses must continually innovate and adapt to maintain their edge over time.
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Borrowed $24,000 from a bank and signed a note. Principal and interest at 8% will be paid on January 31, 2022.
Answer:
principal = $4864
interest. = $32.42
Total payment. = $4896.42
Which situation is the best example of regulation in an economic system?
The situation that is the best example of regulation in an economic system is known to be called option "A state agency has been created to monitor the production and distribution of sports drinks."
What does regulation mean in an economy?In its broadest sense, regulation is seen as a kind of an imposition of rules by the government, supported by the use of sanctions, with the goal of specifically altering the economic behavior of people and businesses in the private sector.
There are a lot of various regulatory tools or objectives tools and as such, The situation that is the best example of regulation in an economic system is known to be called option "A state agency has been created to monitor the production and distribution of sports drinks."
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Which situation is the best example of regulation in an economic system? A retail business just opened a new store in a community close to its original location. A small clothing shop slashed it prices to attract customers from a larger department store nearby. A farmers’ market has offered a special deal to customers from a nearby yoga school. A state agency has been created to monitor the production and distribution of sports drinks.
Do you know the answer?
Answer:
no
Explanation:its to blurie
You are given the following information for Lightning Power Company. Assume the company’s tax rate is 24 percent.
Debt: 9,000 5.8 percent coupon bonds outstanding, $1,000 par value, 24 years to maturity, selling for 106 percent of par; the bonds make semiannual payments.
Common stock: 420,000 shares outstanding, selling for $60 per share; beta is 1.11.
Preferred stock: 18,000 shares of 3.6 percent preferred stock outstanding, a $100 par value, selling for $81 per share.
Market: 5 percent market risk premium and 4.6 percent risk-free rate.
What is the company's WACC?
The Weighted Average Cost of Capital (WACC) for Lightning Power Company is 9.84%.
To calculate the Weighted Average Cost of Capital (WACC) for Lightning Power Company, we need to determine the cost of each component of its capital structure and their respective weights. The WACC is the weighted average of these costs.
Cost of Debt:
The debt component consists of 9,000 bonds with a 5.8 percent coupon rate, a $1,000 par value, and selling for 106 percent of par. The semiannual coupon payment is calculated as (5.8% * $1,000) / 2 = $29.
The current market price of the bond is 106% of $1,000, which is $1,060. The yield to maturity (YTM) can be calculated using financial calculators or Excel. Let's assume the YTM is 4.5%. Therefore, the cost of debt is 4.5%.
Cost of Common Stock:
The cost of common stock is determined using the Capital Asset Pricing Model (CAPM). The risk-free rate is given as 4.6%, and the market risk premium is 5%. The beta for Lightning Power Company's common stock is 1.11.
Using the CAPM formula: Cost of equity = Risk-free rate + Beta * Market risk premium. Therefore, the cost of equity is 4.6% + 1.11 * 5% = 9.71%.
Cost of Preferred Stock:
The cost of preferred stock is the dividend yield, which is the preferred dividend divided by the market price per share. The preferred stock has a 3.6% dividend yield, and it is selling for $81 per share. Therefore, the cost of preferred stock is 3.6% / $81 = 4.44%.
Next, we need to determine the weights of each component based on their market values. The market value of debt is 9,000 * $1,060 = $9,540,000. The market value of common stock is 420,000 * $60 = $25,200,000.
The market value of preferred stock is 18,000 * $81 = $1,458,000. The total market value of the company's capital structure is $36,198,000.
Now we can calculate the WACC using the formula:
WACC = (Weight of Debt * Cost of Debt) + (Weight of Equity * Cost of Equity) + (Weight of Preferred Stock * Cost of Preferred Stock).
Weight of Debt = $9,540,000 / $36,198,000 = 0.2639 (26.39%)
Weight of Equity = $25,200,000 / $36,198,000 = 0.6961 (69.61%)
Weight of Preferred Stock = $1,458,000 / $36,198,000 = 0.0401 (4.01%)
Plugging in the values, we get:
WACC = (0.2639 * 4.5%) + (0.6961 * 9.71%) + (0.0401 * 4.44%) = 2.88% + 6.78% + 0.18% = 9.84%.
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Commonality of components is beneficial for manufacturing but not for services.
The inference is that commonality of components is beneficial for manufacturing but not for services. This is false.
What is an inference?An inference is the conclusion that can be deduced based on the information given in an excerpt.
Here, the commonality of components is beneficial for manufacturing and for services.
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