LaRoe Lawns’ inventory increased during the year by $6 million. Its accounts payable increased by$5 million during the same period. What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $25 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.
Answers
The amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $25 million is $26 million.
To calculate the amount of cash LaRoe Lawns paid to suppliers during the reporting period, we need to consider the increase in inventory, increase in accounts payable, and the cost of goods sold. LaRoe Lawns' inventory increased by $6 million and its accounts payable increased by $5 million during the same period. The cost of goods sold was $25 million.
To find the cash paid to suppliers, we first add the increase in inventory to the cost of goods sold: $25 million + $6 million = $31 million. Then, we subtract the increase in accounts payable: $31 million - $5 million = $26 million. Therefore, LaRoe Lawns paid $26 million in cash to suppliers during the reporting period.
The summary entry representing the net effect of merchandise purchases during the reporting period would be:
Debit: Purchases $31 million (Cost of goods sold $25 million + Increase in Inventory $6 million)
Credit: Accounts Payable $5 million
Credit: Cash $26 million
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Related Questions
What is demand comprised of
Answers
hen a company changes its work processes, such as changes in the sequence of workstations or assembly line processes, the change is in the area of .
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Hen a company changes its work processes, such as changes in the sequence of workstations or assembly line processes, the change is in the area of operations management.
What is the change?When a company changes its work processes, such as changes in the sequence of workstations or assembly line processes, it is making changes in the area of operations management.
Process changes can be made to improve efficiency, reduce costs, increase quality, or better meet customer needs. By changing the sequence of workstations or assembly line processes, a company may be able to reduce the time it takes to produce a product or service, reduce the risk of errors, or better utilize resources.
Overall, the objective of changing work processes is to improve the performance of the company's operations, which can ultimately lead to increased profitability, customer satisfaction, and competitive advantage.
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A surplus of computers is supplied. What does this indicate about the demand of the computers? How would the price change affect the computer company’s supply and demand equilibrium?
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A surplus in the supply of computers indicate that the demand for computers is less than the supply of computers.
The price change would lead to an increase in the equilibrium quantity of computer demanded and supplied.
A surplus in supply means that the quantity supplied of a good exceeds the demand for the good. It means that the demand for the good is less than the supply of the good. When the supply of a good increases, the equilibrium price of the good decreases and the equilibrium quantity of the good increases. On a demand and supply curve, a surplus would be shown as a rightward shift of the supply curve.
As a result of the decline in price, the quantity demanded of computers would increase. This would lead to a rise in equilibrium price and quantity.
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why do sole proprietorship often find it difficult to raise money for investment?
Answers
Answer:
Unquestionably, there are no means to sell shares in a sole proprietorship because there is only one owner and the ownership cannot be divided to generate money. As a result, it is difficult for a sole proprietor to obtain money for promotion and new goods and services.
Explanation:
select all that apply when preparing the operating activities section of the statement of cash flows using the indirect method blank . multiple select question. items that do not affect cash flow are removed from net income. only cash payments for expenses are reported cash collected from customer is reported instead of revenues net income is adjusted to a cash basis
Answers
When preparing the operating activities section of the statement of cash flows using the indirect method, the following options apply (multiple select question):
- Items that do not affect cash flow are removed from net income.
- Only cash payments for expenses are reported.
- Cash collected from customers is reported instead of revenues.
- Net income is adjusted to a cash basis.
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Your beginning inventory was $46,000, your ending inventory is $37,000, your cost of goods sold was $19,000. How much were your purchases?
Answers
Answer:
$9000
Explanation: Because 46,000 minus 37,000 equals 9000.
Are there any Aries in here and if so is it true that you liked to be touched on the head?
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Answer:
umm no i dont no one can touch my hair to prove i am an aries my birthday is on march 28
Explanation:
please give brainliest
You can use the continuous feedback loop known as the ______ cycle to ensure you're headed in the right direction once you've made plans.
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It is important one uses the planning and controlling cycle to ensure we are headed in the right direction once you've made plans.
What is the planning and controlling?Both the planning and controlling are important function of management because one's activities helps to accomplish the planned objectives while the other direct and monitor business process,
In conclusion, the adoption of the planning and controlling cycle is important in ensuring we are headed in the right direction once you've made plans.
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In business writing, the main idea of a written work should be located
a. At the end of the first paragraph
b. In the body of the document
At the beginning of the first paragraph
d. In the salutation of the document
C.
Please select the best answer from the choices provided
Ο Α
B
С
OD
Answers
Answer:
c
Explanation:
cccccccccccccccccccccccccc
Answer:
well i blive its c
Explanation:
_____ has become a major recipient of FDI and hit a record of $139 billion in 2018. Multiple choice question.
Answers
What range of interest rate on a
traditional loan can a company in good
financial standing expect from a bank?
A. 1% up to 10%
B. 15% up to 25%
C. 30% up to 45%
D. 50% and up.
Answers
When building a team, which profession is most similar to that of the team leader
A. builder
B. teacher
C. physician
D. coach
Answers
Answer:D
Explanation:
When building a team, a profession is most similar to that of the team leader is a coach. Thus, the correct answer is option D.
What is leadership?The ability of an individual or a group of people to influence and direct followers or members of an organization, society, or team is referred to as leadership. Leadership is frequently associated with a person's title, seniority, or position in a hierarchy.
A leadership position requires us to handle a problem, a team, or an entire organization in an ethical and effective manner. Leaders can influence and direct their teams towards a common goal. Coaching needs to be focused on set of skills in which a person needs improvement. A coach provides guidance to help the team members to reach up to their maximum potential and achieve the goal. It derives its authority from the position on the team.
Therefore, coach would be the appropriate position which is similar to that of a team leader.
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Based on the details of the scenario, determine what will most likely occur. Jillian and Chase are making a contract in which Jillian ships beaver pelts to Chase, who then makes the pelts into hats to sell. A year into their contract, it becomes illegal to buy or sell beaver pelts in the U.S.
Answers
Answer: Contract is voided
Explanation:
From the question, we are informed that Jillian and Chase are making a contract in which Jillian ships beaver pelts to Chase, who will then makes the pelts into hats to sell.
We are further told that a year into their contract, it becomes illegal to buy or sell beaver pelts in the United States. Based on the scenario explained, the contact will be voided.
A void contract is referred to as a formal agreement that cannot be enforceable and is not legitimate. Since it is illegal to either purchase or sell beaver pelts, it means that the context cannot be carried out anymore and should the be void.
A big mining company wants to open a mine . The social costs are greater than the social benefits. Should the company carry on with this project or not?
Answers
Answer: They should not
Explanation:
The Social cost of a project refers to the total cost that society incurs as a result of the project. This includes the actual costs to the investors as well as the cost to society such as pollution. Likewise the social benefit is the entire benefit that accrues from the project.
When using the Social Cost Benefit Analysis, one should not pick a project that has a higher social cost than social benefit because it would lead to a social loss. In order words, the project would cost society more than society would benefit from it so there is no need to embark on such a project.
Your credit card has a balance of $3400 and an annual interest rate of 14%. You decide to pay off the balance over five years. If there are no further purchases charged to the card, you must pay $79 10 each month and you will pay a total $1346.00. Assume you decide to pay off the balance over one year rather than five. How much more must you pay each month and how much less will you pay in total interest? P Use PMT= to determine the regular payment amount. - nt - (₁+2) COL You will pay $ more each month. (Round to the nearest cent as needed.)
Answers
=PMT(14%/12, 12, 3400)
To find out how much more you must pay each month, you can subtract the $79.10 monthly payment from the new monthly payment:
$306.44 - $79.10 = $227.34
Therefore, you would need to pay an additional $227.34 each month to pay off the balance over one year instead of five.
To calculate the total interest paid over one year, you can use the following formula:
=(((14%/12)*12*3400)/2)*(1+1/(1+(14%/12))^12)
This gives a total interest payment of $270.88 over one year.
To find out how much less you would pay in total interest, you can subtract the total interest payment for one year from the total interest payment over five years:
$1346.00 - $270.88 = $1075.12
Therefore, you would pay $1075.12 less in total interest by paying off the balance over one year instead of five.
You are managing a project to build an urgent care clinic. Your company is expanding and has constructed 25 clinics so far. Which estimating technique makes the most sense to use in this situation?
Answers
Answer:
Delphi technique
Explanation:
The Delphi model is a technique of group communication in which a panel of experts reach consensus on a set of questions and discussions. This is used to predict or to forecast. First, choose an effective facilitator and experts with relevant expertise, and ensure that the issue is well established after that they reach with a decision
Therefore in the given case, the delphi technique is used
The production possibilities curve illustrates which two of the following essential principles?
A. Factors of production and price signals.
B. Scarce resources and opportunity cost.
C. Market mechanisms and lassiez faire.
D. Economic growth and market failure.
Answers
The production possibilities curve illustrates, the two of the following essential principles is "Scarce resources and opportunity cost". The correct option is B.
The opportunity cost is the cost if you buy the one product and services then on the other hand you lose other alternative of the products and services.
The production possibilities curve or PPC is the curve of the production and utility of the product or service relationship through the concept of the PPC which refers if the product or services of one commodity increases then the product or services of other commodity of another commodity decreases.
THE production possibilities curve illustrates by two principle Scarce resources and opportunity cost.
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What is insurance?
ANSWER PLSSS
Answers
Answer:
is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement
Explanation:
What do most business people think is the primary purpose of business?
A. To fix the problems of society
B. To invest all profits back into the business
C. To protect private property
D. To generate wealth
Answers
The most business people think generating wealth is the primary purpose of business. Therefore, option D is the correct option.
What is business?Businesses are economic activities. The activity of the business is performed by the people either in order to make money or to make simply a living. The activity of the business is performed by manufacturing goods, producing services, buying, and selling.
The major purpose of business is to earn profits. However, some businesses are in social service as well, they produce goods and services for the betterment of the society and the environment. Also, corporate social responsibility, which is paid by the business to the government helps in many ways.
The majority of businesspeople believe that making wealth is the main goal of their industry. As a result, choice D is the best one.
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1. You are long 300 shares of a technology stock. The stock's annualized standard deviation of changes in price is 26 . You wish to hedge this position over a one-year horizon with a technology index. The index value has an annual standard deviation of 20. The correlation between the two annual changes is 0.8. How many units of the index should you hold to have the "best" hedge; should you be long or short?
Answers
You are long 300 shares of a technology stock. The stock's annualized standard deviation of changes in price is 26 . You wish to hedge this position over a one-year horizon with a technology index.
Given the following: Initial investment (shares of technology stock): 300Technology stock's annualized standard deviation of changes in price: σs = 26 Technology index's annual standard deviation of changes in price: σi = 20. Correlation between the two annual changes: ρ = 0.8. Now, we have to calculate the best hedge for long position in 300 shares of technology stock. Let's solve the problem step by step:
Calculate the number of units of technology index required for the best hedge:
Hedging ratio (β) = ρ (σs/σi)β = 0.8 (26/20)β = 1.04
Thus, to have the best hedge, we should be long in 312 units of the index.
We have calculated the number of units of the technology index to hold for the best hedge when we are long in 300 shares of technology stock. As the calculated value of the beta is more than 1, it indicates that we should be long in the technology index to have the best hedge. So, we should take a long position in 312 units of the technology index.
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Vertical Integration is when a company _____________.
Answers
Answer:
Vertical integration is when a company owns or controls its suppliers, distributors or retail locations to control its value or supply chain
Maddox Auto Parts, Inc., contracted with Billy's Mufflers Co. to purchase 35 mufflers from their warehouse supplies. All the mufflers Maddox Auto Parts ordered were already made and packaged and merely required transportation to Maddox Auto Parts. Billy's Mufflers wrote out an order form designating which 35 mufflers were to go to Maddox Auto Parts. If a question as to when Maddox Auto Parts acquired an insurable interest in the mufflers were to arise, a court would likely hold that
Maddox Auto Parts gained an insurable interest in the mufflers:
A. at the time of contracting.
B. at the time the mufflers were
C. given to the carrier.
D. at the time of delivery.
E. 24 hours before delivery.
Answers
Answer: A. at the time of contracting.
Explanation:
Insurable interest is the reasonable concern to obtain insurance against unforeseen events such like losses or death. Insurable interest is when the loss of an object or damage would result in a financial loss.
Based on the information given, Maddox Auto Parts gained an insurable interest in the mufflers at the time of contracting. An individual will gain an insurable interest immediately s contract takes place.
Therefore, the correct option is A.
Losses from a line of insurance follow a Pareto distribution 2 and 0 = 2000. An insurer sells policies that pay 100% of each loss up to 5000. Next year, the insurer changes the policy terms so that it will pay 80% of each loss after applying a 100 deductible. The 5000 limit continues to apply on the original loss amount. Inflation will be at 4%. Calculate the decrease in the insurer's expected payment per loss.
Answers
The decrease in the insurer's expected payment per loss is $880.
What are the main components of the income statement and how are they calculated?To calculate the decrease in the insurer's expected payment per loss, we need to compare the expected payment under the original policy terms and the expected payment under the new policy terms.
Under the original policy terms:
The insurer pays 100% of each loss up to 5000.The losses follow a Pareto distribution with shape parameter α = 2 and scale parameter θ = 2000.Under the new policy terms:
The insurer pays 80% of each loss after applying a 100 deductible.The losses still follow the same Pareto distribution.To calculate the decrease, we need to find the difference between the expected payment per loss under the original policy and the expected payment per loss under the new policy.
Please provide a moment while I calculate the decrease in the insurer's expected payment per loss.
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4. You earn $64,000 per year. The government takes 35% in taxes.
a) What's your monthly net pay?
b) You have four months to save for a $3,000 car downpayment. If you save 20% of your net pay
each month, can you reach your savings goal?
Answers
Answer:
Explanation:
35% of $64,000 is $22,400
Yes you can cause if you save 20% of your monthly net pay in 4 months your gonna have $17,920
The statement and equations show various ways of defining ways of defining average variable cost, marginal cost, and average total cost. TC is used to abbreviate total cost, VC is used to abbreviate variable cost, and Q is used to abbreviate quantity. Classify each statement or equation according to whether it describes average variable cost, marginal cost, or average (total) cost.
Change in total cost divided by change in output.
A. Average variable cost
B. Average (total) cost
C. Marginal cost
Answers
The given statement, "Change in total cost divided by change in output," describes the concept of marginal cost (C). Marginal cost is a key concept in microeconomics, and it represents the additional cost incurred when producing one more unit of a good or service.
In contrast, average variable cost (A) is defined as the total variable cost (VC) divided by the quantity of output (Q). It reflects the cost of producing each unit on average, excluding any fixed costs. The average variable cost typically decreases initially as output increases, due to economies of scale, and then increases as diminishing returns set in.
Average total cost (B) is the sum of the average variable cost and average fixed cost. It is calculated by dividing the total cost (TC) by the quantity of output (Q). This measure takes into account both fixed and variable costs in the production process, and it is useful for determining the breakeven point at which a firm's revenues cover all its costs.
In summary, the statement "Change in total cost divided by change in output" refers to marginal cost, while average variable cost and average total cost are calculated by dividing variable cost and total cost by the quantity of output, respectively. These three measures are essential for understanding the cost structure of a firm and for making informed decisions about production levels and pricing strategies. Hence, C is the correct option.
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Kerry, the new sales director, just completed her first staff meeting to set annual goals. She managed to get the team's consensus on increasing sales volume by 10 percent over the next year. Kerry had suggested that the team focus on increasing sales of the base model first and then focus attention on the premium offerings. In closing, she reminded the group that the whole team would share responsibility for ensuring that sales goals were met. As they left the meeting, her company president, Richard, congratulated her on her planning but suggested there was one thing she might reconsider. What did he notice? Kerry had ...
Answers
Answer:
I notice two possible issues here:
First, focusing on selling only the base model might increase total sales volume but might not increase profits. Generally, premium models are more expensive and yield a higher contribution margin. I might be wrong here because there is no mention to contribution margins, but generally things work differently. E.g. car salespeople do not usually offer the base model first, they generally show the highest trims.
Second, in countries like Japan, common goals for groups might work since the culture is much more collaborative between group members. But in the US, where performance and success is measured on a much more personal way, it might not work very well. It doesn't mean that team work is no good, but making the whole group responsible for reaching a certain sales goal is not adequate. Imagine that you manage to increase your sales by 15%, but since the total sales of the entire group didn't increase as much and didn't meet the stated goals. What will happen to you? Under normal conditions, increasing sales in such a way would probably result in a bonus besides higher sales commissions.
Which step of the financial planning process involves devising strategies to help accomplish financial goals?.
Answers
Identifying courses of action involves devising strategies to help accomplish financial goals.
Distinguishing courses of activities includes distinguishing diverse ways and strategies to get the objectives of the organization. The victory of the corporate key accomplishment depends basically on the victory of this organization.
Financial planning is the arrangement required for evaluating the support prerequisites of a trade and deciding the sources for the same.
It incorporates producing a budgetary outline for the company’s future exercises. It is ordinarily done for 3-5 years-broad in scope and for the most part incorporates long-term speculation, development, and financing choices.
In common utilization, a financial plan could be a comprehensive assessment of an individual's current pay and future monetary state by utilizing current known factors to foresee future salary, resource values, and withdrawal plans.
This regularly incorporates a budget that organizes an individual's funds and in some cases incorporates an arrangement of steps or specific objectives for investing and sparing within the future.
This arrangement apportions future income to different sorts of costs, such as lease or utilities, conjointly saving a few wages for short-term and long-term investment funds.
A money-related arrangement is now and then alluded to as a venture arrangement, but in the individual funds, a budgetary arrangement can center on other particular ranges such as hazard administration, domains, college, or retirement.
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Customer needs, and requirements are essential objectives of product planning. True False Production ramp-up is the pre-series production step of product development step. True False PNCA targets optimization of interaction between firms and their customers. True False
Answers
Customer needs and requirements are essential objectives of product planning.
True or False?
True.
Production ramp-up is the pre-series production step of product development step.
True or False?
True.
PNCA targets optimization of interaction between firms and their customers.
True or False?
True.
PNCA stands for Personalized Nutrition Communication Alliance. It is an EU-funded project with the primary objective to optimize the interaction between firms and their customers.
This will create benefits for both companies and customers. This project aims to address the needs and preferences of individual consumers, who may have varying dietary needs and requirements, by leveraging digital technologies and big data to deliver personalized nutrition communication and guidance.
With the help of data analytics and technological advancements, companies can develop more personalized products and services that better cater to their customers' needs.
By focusing on customer needs and requirements, companies can improve their product development and production processes, resulting in increased customer satisfaction and loyalty.
In conclusion, the statement "Customer needs and requirements are essential objectives of product planning" is true, and so are the other two statements.
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In most states, an individual can be an officer or a director of a corporation, but not both at the same time. true or false
Answers
"In most states, an individual can be an officer or a director of a corporation, but not both at the same time"
This statement is False.
Corporations behavior business, understand a earnings or loss, pay taxes and distribute earnings to shareholders. A agency's earnings are taxed withinside the agency whilst the earnings are generated after which taxed whilst they're dispensed as dividends to shareholders. This creates double taxation.
A corporation is an organization (typically a collection of human beings or a corporation) certified with the aid of using the State to behave as an unmarried entity and diagnosed as such with the aid of using regulation for a particular purpose. Early integrated entities had been hooked up with the aid of using charter. Most jurisdictions now permit the formation of recent businesses thru registration.
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In the Month of March, Baldwin received orders of 156 units at a price of $15.00 for their product Bolt, and in April receives an order for 39 units of their product Bolt at $15.00. Baldwin uses the accrual method of accounting and offers 30-day credit terms. Baldwin delivers 0 units in March, 156 units in April and 39 units in May. They received payment for 156 units in April and payment for 39 units in May.
Required:
How much revenue is recognized on the March income statement from this order?