Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $278 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items:
Office party decorations (petty cash) 72
Lawn maintenance (credit card 102
Fuel for delivery (credit card) 67
Postage (credit card) 57
Required:
Record the establishment of the petty cash fund on September 4, all expenditures made during the month, and the replenishment of the petty cash fund on September 30. The credit card balance is not yet paid.
Answers
Answer:
1. September 04
Dr Petty Cash $350
Cash $350
2. September 30
Dr Repairs and Maintenance expense $102
Dr Postage expense $57
Dr Delivery expense $67
Cr Accounts payable $226
3. September 30
Dr Entertainment expense $72
Cr Petty Cash $72
Explanation:
1. Preparation of the journal entry to Record the establishment of the petty cash fund on September 4
September 04
Dr Petty Cash $350
Cash $350
(Being To record the establishment of petty cash fund)
2. Preparation of the journal entry to record all expenditures made during the month
September 30
Dr Repairs and Maintenance expense $102
Dr Postage expense $57
Dr Delivery expense $67
Cr Accounts payable $226
($102+$57+$67)
(Being to record all expenditures made )
3. Preparation of the journal entry to record the replenishment of the petty cash fund on September 30
September 30
Dr Entertainment expense $72
Cr Petty Cash $72
(Being to record the replenishment of the petty cash fund)
Related Questions
Michael's Machine Shop reports the following information for the quarter.
Sales price $70
Fixed costs (for the quarter)
Selling and administrative 47,620
Production 142,860
Variable cost (per unit)
Materials 18
Labor 15
Plant supervision 8
Selling and administrative 9
Number of units (for the quarter) 23,810 units
Required:
Select the answer for each of the following costs.
a) Variable cost per unit.
b) fixed cost amount
c) breakeven point
d) expected sales
Answers
Answer:
Results are below.
Explanation:
First, we need to calculate the variable cost per unit:
Variable cost per unit= Materials + Labor + Plant supervision + Selling and administrative
Variable cost per unit= 18 + 15 + 8 + 9
Variable cost per unit= $50
Now, the fixed cost:
Fixed costs= Selling and administrative + Production
Fixed costs= 47,620 + 142,860
Fixed costs= $190,480
To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 190,480 / (70 -50)
Break-even point in units= 9,524
Finally, the expected sales:
expected sales= 23,810*70
expected sales= $1,666,700
person who provides services directly to individuals
Answers
Answer:
I just need to respond answers LUL
Explanation:
REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows.
KENDRA, COGLEY, AND MEI
Balance Sheet
May 31
Assets Liabilities and Equity
Cash $ 103,900 Accounts payable $ 258,000
Inventory 537,600 Kendra, Capital 76,700
Cogley, Capital 172,575
Mei, Capital 134,225
Total assets $641,500 Total liabilities and equity $641,500
Required:
For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.)
(1) Inventory is sold for $608,400.
(2) Inventory is sold for $469,200.
(3) Inventory is sold for $358,800 and any partners with capital deficits pay in the amount of their deficits.
(4) Inventory is sold for $298,800 and the partners have no assets other than those invested in the partnership.
Complete this question by entering your answers in the tabs below.
Required:
Inventory
Complete the schedule allocating the gain or loss on the sale of inventory is $608,400.
1. Record the sale of inventory.
2. Allocate the gain(loss) on the sale of inventory to the partners.
3. Record the payment of the liabilities.
4. Record the disbursement of the remaining cash to the partners.
Answers
Answer
1)a
Dr Cash 608,400
Cr Inventory 537,600
Cr Gain on Sale of Inventory 70,800
b.
Dr Gain on Sale of Inventory 70,800
Cr Kendra' Capital 35,400
Cr Cogley's Capital 23,600
Cr Mei' Capital 11,800
c.
Dr Accounts Payable 258,000
Cr Cash 258,000
d.
Dr Kendra' Capital 112,100
Dr Cogley's Capital 196,175
Dr Mei, Capital 146,025
Cr Cash 454,300
2a.
Dr Cash 469,200
Dr Loss on Sale of Inventory 68,400
Cr Inventory 537,600
b.
Dr Kendra' Capital 34,200
Dr Cogley's Capital 22,800
Dr Mei' Capital 11,400
Cr Loss on sale of Inventory 68,400
c.
Dr Accounts Payable 258,000
Cr Cash 258,000
d.
Dr Kendra' Capital 42,500
Dr Cogley's Capital 149,775
Dr Mei' Capital 122,825
Cr Cash 315,100
3a.
Dr Cash 358,800
Dr Loss on Sale of Inventory 178,800
Cr Inventory 537,600
b.
Dr Kendra' Capital 89,400
Dr Cogley's Capital 59,600
Dr Mei' Capital 29,800
Cr Loss on sale of Inventory 178,800
c.
Dr Cash 12,700
Cr Kendra' Capital 12,700
d.
Dr Accounts Payable 258,000
Cr Cash 258,000
e.
Dr Cogley's Capital 17,100
Dr Mei' Capital 104,425
Cr Cash 121,525
4a.
Dr Cash 298,800
Dr Loss on Sale of Inventory 238,800
Cr Inventory 537,600
b.
Dr Kendra' Capital 119,400
Dr Cogley's Capital 79,600
Dr Mei' Capital 39,800
Cr Loss on sale of Inventory 238,800
c.
Dr Cogley's Capital 28,466
Dr Mei' Capital 14,234
Cr Kendra' Capital 42,700
d.
Dr Accounts Payable 258,000
Cr Cash 258,000
e.
Dr Cogley's Capital 64,509
Dr Mei' Capital 80,191
Cr Cash 144,700
Explanation:
Preparation of the Prepare journal entries to record the sales of inventory
1)a
Dr Cash 608,400
Cr Inventory 537,600
Cr Gain on Sale of Inventory 70,800
(608,000-536,600)
b
Dr Gain on Sale of Inventory 70,800
(608,000-536,600)
Cr Kendra' Capital 35,400
(3/6×70,800)
Cr Cogley's Capital 23,600
(2/6×70,800)
Cr Mei' Capital 11,800
(1/6×70,800)
c.
Dr Accounts Payable 258,000
Cr Cash 258,000
d.
Dr Kendra' Capital 112,100
(76,700+35,400)
Dr Cogley's Capital 196,175
(172,575+23,600)
Dr Mei, Capital 146,025
(134,225+11,800)
Cr Cash 454,300
(112,100+196,175+146,025)
2)Preparation of the Journal entries to Allocate the gain(loss) on the sale of inventory to the partners.
a.
Dr Cash 469,200
Dr Loss on Sale of Inventory 68,400
(469,200-537,600)
Cr Inventory 537,600
b.
Dr Kendra' Capital 34,200
(3/6×68,400)
Dr Cogley's Capital 22,800
(2/6×68,400)
Dr Mei' Capital 11,400
(1/6×68,400)
Cr Loss on sale of Inventory 68,400
c.
Dr Accounts Payable 258,000
Cr Cash 258,000
d.
Dr Kendra' Capital 42,500
(76,700-34,200)
Dr Cogley's Capital 149,775
(172,575-22,800)
Dr Mei' Capital 122,825
(134,225-11,400)
Cr Cash 315100
(42,400+149,775+122,825)
3)Preparation of the Journal entries to Record the payment of the liabilities
a.
Dr Cash 358,800
Dr Loss on Sale of Inventory 178,800
(358,800-537,500)
Cr Inventory 537,600
b.
Dr Kendra' Capital 89,400
(3/6×178,800)
Dr Cogley's Capital 59,600
(2/6×178,800)
Dr Mei' Capital 29,800
(1/6×178,800)
Cr Loss on sale of Inventory 178,800
(89,400+59,600+29,800)
c.
Dr Cash 12,700
Cr Kendra' Capital 12,700
(76,700 - 89,400)
d.
Dr Accounts Payable 258,000
Cr Cash 258,000
e.
Dr Cogley's Capital 17,100
(76,700-59,600)
Dr Mei' Capital 104,425
(134,225-29,800)
Cr Cash 121,525
(17,100+104,425)
4) Preparation of the Journal entries to Record the disbursement of the remaining cash to the partners
a.
Dr Cash 298,800
Dr Loss on Sale of Inventory 238,800
(298,800-537,600)
Cr Inventory 537,600
b.
Dr Kendra' Capital 119,400
(3/6×238,800)
Dr Cogley's Capital 79,600
(2/6×238,800)
Dr Mei' Capital 39,800
(1/6×238,800)
Cr Loss on sale of Inventory 238,800
(119,400+79,600+39,800)
c.
Dr Cogley's Capital 28,466
(2/3×42,700)
Dr Mei' Capital 14,234
(1/3×42,700)
Cr Kendra' Capital 42,700
(76,700 - 119,400)
d.
Dr Accounts Payable 258,000
Cr Cash 258,000
e.
Dr Cogley's Capital 64,509
(172,575 - 79,600 - 28,466)
Dr Mei' Capital 80,191
(134,225 - 39,800 - 14,234)
Cr Cash 144,700
(80,191+64,509)
Venus Corp. prohibits its employees from smoking in its premises. This is an example of a(n)_______.
Answers
The banning of smoking by employees of Venus Corp. in the company is known as a Rule.
What is a Company rule?These are requirements that the company imposes on employees. They are often done to meet company objectives and values.Venus Corp. is imposing the requirement that its employees do not smoke whilst on duty. This is most probably to meet a value of theirs which makes this a rule.
Find out more on company values at https://brainly.com/question/24553900.
Arizona Crystal is a distributor of feldspar, amethyst and other mystically powerful types of crystals. The owner of Arizona Crystal, Geri Moonbeam, is proud to be a part of the movement that is contributing to the higher spirituality of the world. Geri buys crystals from local collectors and then ships them out to wholesalers throughout the country. Geri pays cash for the crystals, but she extends credit to the wholesalers. As the business has grown, problems have arisen. When Geri buys more crystals than she can sell, inventory increases and cash flow problems arise. When Geri doesn’t buy enough crystals, then she can’t fill orders and that creates problems with her customers. She needs to base her buying decisions on accurate forecasts of the demand for crystals so she can avoid these problems. After consulting her tarot cards, Geri visits a friend from El Paso, Texas, who channels for a Wall Street tycoon who didn’t survive the crash of 1929. He recommends that, since she only has twelve months of data, she should try using a moving average or exponential smoothing forecasting model. So Geri contacts you. She provides you with data on the number of crystals (in thousands) ordered during each of the past twelve months and asks you to help her develop a forecasting model. 8. Use a five period moving average model to forecast the demand in January of 1993. Also calculate the RMSE for this model. Use the table below to carry out your calculations. How does this model compare with the three period model? Month Demand (A) Demand (F) (A-F)2 Jan-92 25.6 Feb-92 24.7 Mar-92 21.3 Apr-92 13.9 May-92 12.6 Jun-92 18.0 Jul-92 21.5 Aug-92 22.3 Sep-92 30.7 Oct-92 15.0 Nov-92 13.8 Dec-92 22.6
Answers
Answer:
Explanation:
Month Demand (A) Demand (F) (A-F)²
Jan-92 25.6 - 0
Feb-92 24.7 - 0
Mar-92 21.3 - 0
Apr-92 13.9 - 0
May-92 12.6 19.62 49.28
Jun-92 18.0 18.1 0.01
Jul-92 21.5 17.46 16.32
Aug-92 22.3 17.66 21.53
Sep-92 30.7 21.02 93.7
Oct-92 15.0 21.5 42.25
Nov-92 13.8 20.66 47.06
Dec-92 22.6 20.88 29.58
The demand for january of 1993 is 20.88
RMSE² = 49.28+0.01+16.32+21.53+93.7+42.25+47.06+29.58
=299.73
\(=\frac{299.73}{12} \\\\= 24.98\)
RMSE = √24.98
=4.99
The model has higher values of demand and RMSE than that of three month moving average model
00 For Market failures means that the market has not achieved its optimum production outcome. This means that it has not produced the correct quantity of goods and services. QUESTION 1 Conduct a research to any small business that is manufacturing goods in your community. Make an appointment to interview the owner for the purpose of collecting the information using the questionnaire below. 1.1 General information: ● Name of the firm / business Specify the type of goods or service ● ● Position of the person interviewed ● Date of the interview 1,2 Explain briefly the negative impact the following factors have in your business. (10) Lack of information: ● Price discrimination Immobility of factors of production with special reference to: Physical capital Structural changes ● ● (1) ● (1) (1) (1) [14] QUESTION 2: Interview 3-4 community members that reside near the business you have visited. 2.1 Ask them to name any TWO negative externalities and TWO positive externalities caused by the local business, (2 x 2) (4) 2.2 Request them to list any TWO characteristics of public goods. (2 x 1) (2) 2.3 Use the negative externality and positive externality graphs to explain the impact this business have to the society (10) [16]
Answers
The first step in researching a small business in your neighborhood is to find a suitable nearby manufacturing company.
Once you do, contact the manager or owner to arrange an interview. Gather general information during the interview, such as the name of the company or business, what types of products or services they provide, the interviewer's position, and the time and date of the interview.
Then, focus on the detrimental effects different situations can have on the company. Briefly describe the impact on business of informational gaps, price discrimination, immobility of production variables (with a focus on physical capital), and structural changes.
Interview three to four locals who live close to the establishment you just visited. Ask them to list two unfavorable and two beneficial externalities brought about by the neighborhood business. Ask them to add two properties of public goods to the list as well.
Finally, use the data from the interviews to create graphs showing the positive and negative externalities of business on society. These infographics will graphically describe the costs and benefits that the company's neighborhood has.
Learn more about business, here:
https://brainly.com/question/15826604
#SPJ1
Identify the cultural differences between Greece and Switzerland as per the GLOBE project
Answers
your answer is here
12. Suppose the demand and supply functions for Gob3 Special are given as;
3P-100-Qx
-2p=20-Qx
a) Represent the functions above graphically
b) At what price is the quantity consumer wish to buy equal to the quantity
producers wish to suppy
c) Find the equilibrium quantity
d) If a price ceiling of Ghs12.00 is imposed, what will be the shortage in the
market? Graph your answer.
e) If minimum price of Ghs20.00 is set, what would you expect to happen in
the market? Graph your answer.
13. If the demand for Banku and Okro is given by Qd = 236-20P and the supply
ction is Qs = 88 + 40P. If the government impose a per unit tax of 1.05, what is the
a) Old and New equilibrium price and quantity
b) The tax revenue to the government after imposing the tax
Answers
Gob3 Special's supply and demand functions may be represented graphically as intersecting lines. The price at which supply and consumer demand are equal is in equilibrium is $30.
What is the equation describing how supply and demand work?Assume that the market supply function is generated as in Leibniz 8.4 and the market demand function is Q=QD(P). The supply curve tells us the entire amount of an item that sellers are willing to offer at each price, whereas the demand curve shows the total amount of a good that buyers in the market desire at each price.
The tax income received by the government following the imposition of the tax, and b) the Old and New Equilibrium Price and Quantity?With 138.75 units and a tax rate of 1.05 per unit, the new equilibrium price is $6.75. In the previous equilibrium, 115 units were purchased at a price of $7.50. b) After collecting the tax, the government receives $145.69 in income.
To know more about consumer visit:-
https://brainly.com/question/20622769
#SPJ1
You (or your parents) purchase a used car for $15,867.00 plus 5.25% sales tax. The down payment is 10% of the total cost and you (or your parents) have an excellent credit rating. What is your principal balance at the start of the loan?
Answers
The principal balance at the start of the loan is $15,113.31.
What is a principal balance of a loan?A loan's principal balance is the original amount borrowed, whereas interest is what we pay for the privilege of borrowing money. Most loans divide your monthly payment into principal and interest.
The down payment is calculated as 10% of the cost.
Down payment = $15,867 × 10%
= $1,586.7
The principal amount of the loan is calculated using the formula:-
(Sale price)(1 + Sales tax rate) - (down payment)
= $15,867 ×1.0525 -1,586.7
= $15,113.31
Therefore, $15,113.31 will be our principal balance at the start of the loan.
To learn more about principal balance of a loan, click here:
https://brainly.com/question/26506453
#SPJ1
a crawling peg is a system where the exchange rate is constantly devalued true or false
Answers
Answer:
False
Explanation:
A crawling peg is a system of exchange rate adjustments in which a currency with a fixed exchange rate is allowed to fluctuate within a band of rates.
____ is a set of focused steps that deal primarily with the safety and state of the people from the organization who are involved in the disaster.
Answers
Emergency response is a set of focused steps that deal primarily with the safety and state of the people from the organization who are involved in the disaster.
What is emergency response?Any plan for disaster management must include emergency response as a key element. It refers to a series of deliberate actions designed to guarantee the security and wellbeing of members of an organization who are involved in a disaster. Depending on the kind and extent of the disaster, the reaction may vary, but it usually entails a well-planned and coordinated effort involving a number of stakeholders, including emergency services, local government, and volunteers. The assessment of the situation, communication channel creation, evacuation of the affected areas, provision of emergency medical services, and other vital services, as well as the start of recovery operations, are important components of emergency response.
To learn more about emergency visit here:
https://brainly.com/question/28433446
#SPJ1
Consider total cost and total revenue, given in the following table:
In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.)
Total Cost Marginal Cost
(Dollars)
Quantity (Dollars)
0
1
2
3
4
5
6
7
5
6
8
11
15
20
26
35
05
06
07
Total Revenue Marginal Revenue
(Dollars)
(Dollars)
0
6
12
18
24
30
36
42
AAAAAAA
Profit
(Dollars)
In order to maximize profit, how many units should the firm produce? Check all that apply.
04
Answers
The solution to the given question when we consider total cost and total revenue, given in the following table:
The Financial TableQuantity | Total Cost | Marginal Cost | Total Revenue | Marginal Revenue | Profit
------- | -------- | -------- | -------- | -------- | --------
0 | 5 | 5 | 0 | 0 | -5
1 | 11 | 6 | 6 | 6 | 1
2 | 17 | 6 | 12 | 6 | 5
3 | 24 | 7 | 18 | 6 | 4
4 | 31 | 8 | 24 | 6 | -7
5 | 39 | 8 | 30 | 6 | -9
6 | 47 | 8 | 36 | 6 | -11
7 | 55 | 8 | 42 | 6 | -13
As you can see, the firm's profit is maximized at quantity 3. This is because the marginal revenue is equal to zero at this point, which means that the firm is not making any additional profit by producing more units. In fact, if the firm produces more units, it will actually start to lose money.
Therefore, the answer to the question is 3.
In summary:
The firm's profit is maximized at quantity 3.This is because the marginal revenue is equal to zero at this point.If the firm produces more units, it will start to lose money.Therefore, the answer to the question is 3.Read more about marginal revenue here:
https://brainly.com/question/13444663
#SPJ1
Let's says prices on average increase 6 percent each year. The State of Oregon allows rents to increase 7 percent each year (in nominal terms). Is the law allowing the rent to increase each year in real terms?
Question 10 options:
a)
Yes
b)
No
c)
Neither in nominal nor real terms
Answers
Answer:
a) Yes
Explanation:
An increase in real terms is when the real percentage increase in rent is a number greater than zero. The real rate is determined by subtracting the inflation rate from the nominal rate of interest.
Inflation refers to an increase in prices in the economy. If prices are increasing by 6 percent, the inflation rate is also 6 percent. The nominal rate of interest is the quoted rate. In this case, it is 7 percent.
The real rate of interest will be 7% - 6% = 1%.
Rent is increasing by a real rate of 1 percent per year.
For which person would renting a home be a better option than getting a mortgage?
A.
Someone who considers it important that the home help build his or her wealth
B.
Someone who wants his or her monthly payments to remain stable for years
C.
Someone who wants to be able to easily move within the next year
D.
Someone who plans to take on major construction projects in the home
Answers
Answer: C; Someone who wants to be able to easily move within the next year
Explanation:Just did it on A pex
The person whom renting a home would be a better option than getting a mortgage is:
C. Someone who wants to be able to easily move within the next yearAccording to the given question, we are asked to state the person to whom renting a home would be a better option than getting a mortgage
As a result of this, we can see that the person who does not plan to stay long in the particular area and on the property would be better off renting a home, instead of taking a mortgage because it is a long term loan.
Therefore, the correct answer is option C
Read more about mortgage here:
https://brainly.com/question/24732162
A population of 478 rats has been undergoing linear growth over a five-year period. if the average growth rate was 1.4 rats per year, what was the approximate size of the initial population
Answers
Answer:
I think is 471, because the population have a LINEAR GROWTH over FIVE year, so we just need to do some math here to find the initial population: 1.4*5=7 478-7=471. Hope it helps :).
Explanation:
The approximate size of the initial population of the rats given the linear growth rate is 471.
What is the approximate size of the initial population?
When a population grows linearly,it increases by a fixed number each year. The equation that can be used to represent the linear growth is:
initial population + (growth rate x number of years)
Initial population = population now - growth rate x number of years)
478 - (1.4 x 5) = 471
To learn more about linear functions, please check: https://brainly.com/question/26434260
#SPJ2
As a multinational corporation, Starbucks is able to
A establish coffee prices for all companies
B lower product standards
C sell coffee only in the United States
D sell coffee to other parts of the world
Answers
As a multinational corporation, Starbucks can D. sell coffee to other parts of the world.
Characteristics of a multinational corporation: It is registered and has business operations in more than one country.For example, Starbucks has its headquarters in the U.S.It can operate wholly or partially owned subsidiaries in other countries.Sell its franchise to other companies using its brand name.
Starbucks may not establish coffee prices for all companies or lower product standards, or sell coffee only in the United States.
Thus, Starbucks can sell coffee to other parts of the world.
Learn more about multinational corporations here: https://brainly.com/question/13312055
Answer: d
Explanation:
what is the background of the unilever company?
Answers
Answer:
Ueliever somthing i forgot
Explanation:
Red Mountain, Inc. has the following information from its payroll records: Salaries and wages earned by employees $ 180,000 Less: income taxes withheld from employees 27,000 Less: FICA taxes withheld from employees 9,000 Net pay to employees $ 144,000 The employer amount of FICA taxes that Red Mountain is required to pay is equal to the amount that it withholds from its employees. Assume no other payroll taxes are incurred at this time. What is Red Mountain's total expense with regards to this payroll
Answers
Answer:
Red Mountain's total expense with regards to this payroll is $189,000
Explanation:
In order to calculate Red Mountain's total expense with regards to this payroll we would have to make the following calculation:
Red Mountain's total expense=Salaries and wages earned by employees+FICA taxes
According to given data:
Salaries and wages earned by employees=$ 180,000
FICA taxes=$9,000
Therefore, Red Mountain's total expense=$ 180,000+$9,000
Red Mountain's total expense=$189,000
Red Mountain's total expense with regards to this payroll is $189,000
Which of the following is an example of unearned income?
Compensation received by a self-employed, freelance writer for services provided.
Interest earned on a savings account.
Tips.
Wages from a part-time job.
Answers
Answer:
c
Explanation:
Interest earned on a saving account represent the example of unearned income.
The following information regarding the unearned income is:
Unearned income means income i.e. not earned from regular employment.It is like a passive income like interest or any dividends from investments etc.Learn more: brainly.com/question/17429689
France Corp sells small laptops. Based on the information below, calculate the sales required in units to earn the target profit.You must show your work to receive credit. Selling price per unit $150 Variable cost per unit $60 Fixed Costs per year $30,000 Target Profit $15,000
Answers
Answer:The answer is to sell 300 units to make $15,000 in proft
Explanation: add $30,000 and $15,000 then divide the sum of that with 150 to get how many units are needed to solve.
Indirect costs can be assigned to products or services using ______. multiple select question. the activity rate methodthe activity proportion method
Answers
Products or services can be given indirect costs by employing direct costs.
What is meant by Indirect Cost ?Costs that are indirect are those that are not accounted for by a cost object directly (such as a particular project, facility, function or product). Both fixed and variable indirect costs are possible, just as direct costs.
Personnel, administration, and security expenditures are examples of indirect costs. These are the expenses that aren't directly associated with manufacturing.
While certain overhead expenses may be considered indirect, other overhead costs can be directly linked to a project and are therefore considered direct costs.
Indirect costs come in two varieties. One is the fixed indirect expenses, which are constant for a certain project or business, such as the cost of transporting workers to the site of the work, constructing makeshift roadways, etc.
Learn more about Indirect Cost, from :
brainly.com/question/23896706
#SPJ1
A snowshoe hare with the trait of unusually strong legs is able to run faster than other snowshoe hares in the population. This trait may cause changes in future generations of snowshoe hares because the fast snowshoe hare will
Answers
The snowshoe hare cycle is almost fully understood at this point. Predation and food availability cooperate to produce the 10-year cycle .
What was snowshoe hares physical charactestics ?Although clearly, predation is the more important component. Food has a significant and primarily indirect wintertime impact.
Up to four litters can be born by a mother hare per year. After a year, the hares are mature. Few hares live to be this old. However, some hares have a five-year lifespan in the wild.
Hares are slightly bigger than rabbits, and they often have longer ears and taller hind legs.
Learn more about Snowshoe here
https://brainly.com/question/1254142
#SPJ1
5 questions you would ask your self before writing a business plan
Answers
2) What is my niche and who is my target customer?
3) Who will be on my team to help with my new business?
4) What amount of funding do I need to start?
5) What business structure should I choose?
Accounting and subsequently violates the covenant not to complete, what equitable remedy is available to big three accounting inc
Answers
Injunction equitable remedy is available to Big Three Accounting, Inc. Thus option D is correct.
What is Accounting?Accounting is the act of documenting a business's monetary operations. All transactions are compiled, examined, and reported to factor in making, regulatory bodies, and tax collection organizations as part of the accounting cycle.
A lawsuit for an injunction is brought to court when someone infringes any contract clause relating to not competing. An equitable relief is where a court directs a party to carry out a certain act or desist from doing so. Therefore, option D is the correct option.
Learn more about Accounting , Here:
https://brainly.com/question/29108212
#SPJ1
After passing his CPA exam, Mohammad is hired by Big Three Accounting, Inc. Part of his contract includes a covenant not to compete. If, after working for three years, Mohammad retires from Big Three Accounting and subsequently violates the covenant not to compete, what equitable remedy is available to Big Three Accounting, Inc.?
a. Rescission O b. Specific Performance O c. Reformation O d. Injunction
Forten company current year income statement, comparative balance sheets and additional information follow. For the year all sales are credit sales. all credits to accounts recievable reflect cash reciepts from customers. all purchases of inventory are on credit. all debits to account payable reflectr cash payments for inventory and other expenses are paid in advance and are initially debited to prepaid expenses.
Assets 2013 2012
Cash $70,944 $72,000
Accounts receivable 79,125 61,125
Merchandise inventory 259,906 230,800
Prepaid expenses 1,600 2,100
Equipment 162,600 120,000
Accum- depreciation - Equipment (53,800) (60,000)
Total assets $520,375 $426,025
Liabilities and Equity
Accounts payable $58,075 $111,200
Short-term notes payable 10,000 6,000
Long-term notes payable 24,175 43,000
Common stock, $5 par value 167,500 150,000
Paid-in capital excess of par,
common stock 52,500 0
Retained earnings 206,025 115,825
Total liabilities and equity $520,375 $426,025
FORTEN COMPANY Income Statement For Year Ended December 31, 2013
Sales $635,000
Cost of goods sold 306,000
Gross profit 329,000
operating expenses
Depreciation expense $20,000
Other expenses 128,300 148,300
Other gains (losses)
Loss on sale of equipment (4,500)
Income before taxes 176,200
Income taxes expense 31,000
Net income $145,200
Additional information on Year 2013 transactions:
a. The loss on the cash sale of equipment was $4,500 (details in b)
b. Sold equipment costing $45,800 with accumulated depreciation of $26,200, for $15,100 cash.
c. Purchased equipment costing $88,300 by paying $63,000 cash and signing a long-term note payable for the balance.
d. Borrowed $4,000 cash by signing a short-term note payable.
e. Paid $44,125 cash by signing a short-term note payable.
f. Issued 3,500 shares of common stock for $20 cash per share.
g. Declared and paid cash dividends of $53,000.
Required
Prepare a complete statement of cash flows; report its operating activities using the indirect method. (Amounts to be deducted should be indicated with a minus sign)
Answers
Answer:
Forten Company
Statement of Cash Flows
For the year ended December 31, 2013
Cash flow from operating activities:
Net income $145,200
Adjustments to net income:
+ Depreciation expense $20,000+ Loss on sale of equipment $4,500+ Decrease in prepaid expenses $500- Increase in accounts receivable $18,000- Increase in merchandise inventory $29,106- Decrease in accounts payable $53,125 -$75,231Net cash flow from operating activities $69,969
Cash flow from investing activities:
Cash inflow from sale of equipment $15,100
Cash outflow from purchase of equipment -$63,000
Net cash flow from investing activities -$47,900
Cash flow from financing activities:
Cash inflow from issuance of common stock $70,000
Cash inflow from bank's short term notes payable $4,000
Cash outflow from bank's short term notes payable -$44,125
Cash outflow from dividends -$53,000
Net cash flow from financing activities -$23,125
Net cash decrease -$1,056
Cash balance December 31, 2012 $72,000
Cash balance December 31, 2013 $70,944
On January 1, 2021, Legion Company sold $300,000 of 10% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $265,590, priced to yield 12%. Legion records interest at the effective rate. Legion should pay cash interest for the six months ended June 30, 2021, in the amount of:
Answers
Answer:
$15,000
Explanation:
Calculation to determine what Legion should pay as cash interest for the six months ended June 30, 2021
Cash interest for the six months ended June 30, 2021 =$300,000*10%*6/12
Cash interest for the six months ended June 30, 2021=$15,000
Therefore Legion should pay cash interest for the six months ended June 30, 2021, in the amount of $15,000
Equilibrium price formula
Answers
Answer:
SQ=DQ, Quantity Supplied = Quantity Demanded
Explanation:
Equilibrium price refers to the price in the market at which the demand for a particular product is equal to the supply of that particular product. This price is a stable quantity and does not change until and unless there is a change in demand or the supply of products.
The sole purpose of determining the equilibrium price is to find a price at which buying and selling of the product can be agreed upon.
Quantity Supplied is equal to Quantity of product * price per unit
SQ = Q + yP
Quantity demand is equal to Quantity of product * price per unit
DQ = Q + yP
So, SQ = DQ
In June, The Forest Ltd. received a $5,000 cash payment for work billed the previous month. During June, the company replanted a clear-cut area of northern Alberta for which it sent out an invoice for $21585. At the beginning of the month the company had $1,000 of trees for planting. During the month the company purchased $4,000 more, and at the end of the month it was left with trees that had cost $500. The company's expenses were $1,000 in rent for its office and $3,000 in other expenses. Amortization on the truck and office equipment was calculated to be $500. The company's expenses were $1000 in rent for its office and $3,000 in other expenses. Amortization on the truck and office equipment was calculated to be $500. The income tax rate is 10%. The revenue for June was:
Answers
Answer:
The Forest Ltd.
The revenue for June was:
$21,585.
Explanation:
a) Data:
Cash receipt from customers for May = $5,000
Invoice for June services rendered = $21,585
Beginning inventory of trees = $1,000
Purchases of trees = $4,000
Ending inventory of trees = $500
Cost of trees planted = $4,500
Office rent expense = $1,000
Miscellaneous expenses = $3,000
Depreciation on truck and office equipment = $500
Income tax rate = 10%
Revenue for June = $21,585
b) The revenue of Forest Ltd. for the month of June can be calculated as the number of trees replanted multiplied by the average price of replanting services provided. Assuming that cost of the trees replanted and other expenses incurred are subtracted from the company's revenue, then one arrives at the income before tax. After the deduction of the tax expense for the month, the resulting balance is called the net income or loss.
An entrepreneur is someone who develops a business around an innovation. They manage the business and assume the risk for its success.
O True
O False
Answers
Answer:
true
Explanation:
the exact definition of an entrepreneur is: a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
The Thakor Corporation’s purchases from suppliers in a quarter are equal to 75 percent of the next quarter’s forecasted sales. The payables period is 60 days. Wages, taxes, and other expenses are 20 percent of sales, and interest and dividends are $90 per quarter. No capital expenditures are planned. Projected quarterly sales are: Q1 Q2 Q3 Q4 Sales $ 2,100 $ 2,400 $ 2,100 $ 1,800 Sales for the first quarter of the following year are projected at $2,430. Calculate the company’s cash outlays by completing the following:
Answers
The calculation of Thakor Corporation’s cash outlays is completed as follows:
Q1 Q2 Q3 Q4
Payment of accounts $1,725 $1,650 $1,425 $1,665
Wages, taxes, other expenses $420 $480 $420 $360
Long-term financing expenses
(interest and dividends) $90 $90 $90 $90
Total $2,235 $2,220 $1,935 $2,115
Data and Calculations:
Q1 Q2 Q3 Q4 Q1
Sales $2,100 $2,400 $2,100 $1,800 $2,430
Purchases $1,800 $1,575 $1,350 $1,823
Payment $1,200 $1,650 $1,425 $1,665
Purchases = 75% of next quarter's sales
Purchases for previous year's quarter = $1,575 ($2,100 x 75%)
Accounts Payable from previous year's quarter is estimated to be $525 ($1,575 x 30/90)
Payments for purchases = $Purchase x 60/90 + previous quarter's balance
Wages, taxes, etc $420 $480 $420 $360
Wages, etc. = 20% of sales
Interest & dividend $90 $90 $90 $90
Learn more: https://brainly.com/question/8707644