Answer:
May 1
Dr Cash 800,000
Cr Bonds payable 870,000
Nov 1
Dr Interest expense 24,000
Cr Cash 24,000
Dec 31
Dr Interest expense 8,000
Cr Interest payable 8,000
Explanation:
Thomson Co Journal entries
May 1
Dr Cash 800,000
Cr Bonds payable 870,000
Nov 1
Dr Interest expense 24,000
Cr Cash 24,000
(800,000*6%*6/12)
Dec 31
Dr Interest expense 8,000
Cr Interest payable 8,000
(800,000*6%*2/12)
Paying off your debts will most likely____ your credit score.
A. decrease
B. increase
C. ruin
D. not impact
Answer:
increase
Explanation:
Which stage of the product development cycle first involves a deep look into whether the demand is high enough to make the product profitable? A. test market B. financial analysis C. commercialization D. idea evaluation
Answer:
b
Explanation:
An example of “Dispersing Funds Directly”, as it relates to money being lent to a borrower by a lending institution would be:
Sending a Bank Draft to the car dealership to pay for a car that the customer is using the borrowed funds to purchase.
Consolidating all of the customer’s debt into one loan.
Informing the Credit Bureau that the customer will be using the new loan to repay other debt.
Depositing the proceeds of the loan directly into the customer’s bank account.
When money is lent to a borrower by a lending institution, "Dispersing Funds Directly" refers to depositing the loan proceeds directly into the customer's bank account.
Define lending by institutions.The borrower can access the money right away and use it for the intended purpose, such as paying off other debts or making a sizable purchase, by having the loan amount transferred directly into their bank account. Other examples of directly disbursing funds include sending a check or wire transfer to a vendor or supplier on the borrower's behalf or giving them a pre-paid debit card that they can use to make purchases or withdraw cash from ATMs. The primary advantage of this approach is that funds are transferred directly to the borrower or a specified third party, as opposed to being made available to the borrower in the form of a draught or check that can be used however they see fit. "Dispersing Funds Directly" refers to depositing the loan proceeds directly into the customer's bank account.
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Do you think the media has a responsibility to teach young boys how to become men?
Answer:
No, but they will still consider it as their responsibility to teach a young boy how to become the "perfect" person, thus creating pressure and stress to become a man that will fit in society.
Explanation:
categories such as education and household size represent which of the following?
a) Culture
b) Demographic
c) Benefit
d) Psychografic
D&F sneakers is a sneaker manufacturing company. Recently they have introduced a wide
range of sneakers made from recycled plastic waste, especially from ocean plastic. For that
purpose, they made a contract of raw material with an organization working on stopping
plastic waste on beaches. They are focused on environment protection, saving ocean wildlife
and building good brand image.
Requirements:
Q1: Which marketing concept/philosophy is used by D&F sneakers? Justify your answer with
valid arguments.
Q2: Write down the benefits of marketing philosophy used by D&F Sneakers.
Answer:Which marketing concept/philosophy is used by D&F sneakers? Justify your answer with
valid arguments.
Explanation:
Answer:
Explanation:
Q1: Which marketing concept/philosophy is used by D&F sneakers? Justify your answer with valid arguments. (5 marks)
Answer: The marketing concept/philosphy that the D&F sneaker company has used is "Societal Marketing Concept".
It benefits society with making profit.
It is made sure that the products satisfy the needs of the customers, no compromise on that.
Environment conscious people would be attracted towards it, which eventually would grow the potential customers.
The supply chain process would make an impact on the society, nature, and create betterment for humans.
On the bigger aspect, the behavior of the consumer would change from seeking individual benefit to societal benefit.
Q2: Write down the benefits of marketing philosophy used by D&F Sneakers. (5 marks)
Answer: There's a great saying that "People buy with emotions and then later justify with logic".
The societal marketing concept is highly effecting in many ways, such as:
Building a good brand image.
Diversifying audience and expanding potential customers.
Spreading awareness about how plastic is harmful for the environment that surrounds us, and also help the company have attention of environmentalists, who could do good as brand ambassadors for the company.
Boost sales, cause environment influences would promote this product and people would by this product for the benefit of the society.
This approach would boost profit margin cause the expenditure on supply chain would decrease, and the raw material would cost much less than what it would have on other materials than the waste plastic.
Mr. D is the manager of a local walgreens. His biggest concern is to make sure that his store is always making the most profit possible. He cuts costs by focusing on certain logistical decisions. Every other day walgreens receives shipments from pepsi, evian, hershey, and numerous other manufacturers. Walgreens insists on small shipments every two days, which helps to keep their inventory costs low. What system is mr. D using at walgreens to reduce his costs?.
The system is mr. D using at walgreens to reduce his costs is just in time inventory.
What is just in time inventory?JIT, or just-in-time inventory management, involves only ordering products from vendors when they are actually needed. This approach's primary goals are to lower the cost of keeping inventory and boost inventory turnover.With a just-in-time (JIT) inventory system, a business receives products as close as feasible to the moment they are actually required. As a result, if an auto assembly facility wants to install airbags, it doesn't maintain a supply on hand; instead, it gets them as the cars are put together.In conclusion. When used properly, JIT inventory can be a terrific method to reduce costs and boost productivity.
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Reese's Resources faces a smooth annual demand for cash of $15 million, incurs transaction costs of $125 every time they sell marketable securities, and can earn 4.5 percent on their marketable securities. What will be their optimal cash replenishment level?
The optimal cash replenishment level is $1.5 million.
Reese's Resources faces a smooth annual demand for cash of $15 million, incurs transaction costs of $125 every time they sell marketable securities, and can earn 4.5 percent on their marketable securities.
Optimal cash replenishment level:To find the optimal cash replenishment level, we can use the Miller-Orr model.
Miller-Orr model is used to determine the optimal cash balance of a company to minimize the cost associated with holding or having a shortage of cash.
It is designed to help companies determine when they should transfer cash in and out of their account to keep the account balance close to a specified target.
The Miller-Orr model considers two costs: the opportunity cost of holding cash and the transaction cost of transferring money from one account to another.
Lower limit = 3 × T × σ / 4 × C = 3 × 10 × 0.5 / 4 × 125 = $0.75 millionUpper limit = 3 × Lower Limit = 3 × 0.75 = $2.25 millionThe optimal cash balance is the average of the upper limit and the lower limit, which is ($0.75 million + $2.25 million) / 2 = $1.5 million.
The company should try to keep their cash balance around $1.5 million to minimize the cost associated with holding or having a shortage of cash.
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A Moving to another question will save this response.
Question 3
What sort of information do charts usually show?
a. Comparison
b. Distribution
c. Composition
d. Relationship
O 1.a and c
O 2. a and b and cand d
O 3.b and c and d
04. a and b and c
A Moving to another question will save this response.
Based on the question above, the correct answer goes thus:
2. a and b and cand dChartA chart is a graphical representation for data visualization, in which the data is represented by symbols, such as bars in a bar chart, lines in a line chart, or slices in a pie chart.It can show tabular numeric data, functions or some kinds of quality structure and provides different information.In conclusion,we can conclude that a chart can show, Comparison, Distribution, Composition and Relationship.
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. What advice would you give The Container Store on how to hire people who fit the
organization ?
Answer:
The Container Store's Culture IMPROVING FIT AT THE CONTAINER STORE The Container Store wants to hire store employees whose self-motivation, team orientation, and pas sion for customer service will help the company succeed. To accomplish this goal, the company asks every employee to play a role in recruiting.
The average starting salary for this year's graduates at a large university (LU) is $20,000 with
a standard deviation of $8,000. Furthermore, it is known that the starting salaries are normally
distributed.
a. What is the probability that a randomly selected LU graduate will have a starting salary
of at least $30,400? (3 marks)
b. What is the probability that a randomly selected LU graduate will have a salary of
exactly $30,400? (2 marks)
c. Individuals with starting salaries of less than $15600 receive a low income tax break.
What percentage of the graduates will receive the tax break? (2 marks)
d. If 189 of the recent graduates have salaries of at least $32240, how many students
graduated this year from this university? (3 marks)
Answer:
a) The probability that a randomly selected LU graduate will have a starting salary of at least $30,400 = P(x ≥ 30400) = 0.0968
b) The probability that a randomly selected LU graduate will have a salary of exactly $30,400 = 0.000021421
c) Percentage of students that will receive a tax break = 29.12%
d) Total Number of graduates this year = 3,000
Explanation:
This is a normal distribution problem with
Mean = μ = $20,000
Standard deviation = σ = $8,000
a) The probability that a randomly selected LU graduate will have a starting salary of at least $30,400 = P(x ≥ 30400)
We first normalize or standardize $30,400
The standardized score for any value is the value minus the mean then divided by the standard deviation.
z = (x - μ)/σ = (30400 - 20000)/8000 = 1.30
The required probability
P(x ≥ 30400) = P(z ≥ 1.30)
We'll use data from the normal probability table for these probabilities
P(x ≥ 30400) = P(z ≥ 1.30) = 1 - P(z < 1.30)
= 1 - 0.90320
= 0.0968
b) The probability that a randomly selected LU graduate will have a salary of exactly $30,400
Here, we will use the normal distribution formula. The normal distribution formula is presented in the attached image
P(X = x) = f(x) = [1 ÷ σ√(2π)] × e^(-0.5z²)
x = $30,400
σ = $8,000
z = 1.30
P(X = 30400) = f(30400) = 0.000021421
c) Individuals with starting salaries of less than $15600 receive a low income tax break.
What percentage of the graduates will receive the tax break?
Required probability = P(x < 15600)
We first normalize or standardize $15,600
z = (x - μ)/σ = (15600 - 20000)/8000 = -0.55
The required probability
P(x < 15600) = P(z < -0.55)
We'll use data from the normal probability table for these probabilities
P(x < 15600) = P(z < -0.55)
= 0.29116 = 29.116% = 29.12%
d) If 189 of the recent graduates have salaries of at least $32240, how many students
graduated this year from this university?
We first find the percentage of LU graduates with salaries more than $32240
Required probability = P(x ≥ 32240)
We first normalize or standardize $32,240
z = (x - μ)/σ = (32240 - 20000)/8000 = 1.53
The required probability
P(x ≥ 32240) = P(z ≥ 1.53)
We'll use data from the normal probability table for these probabilities
P(x ≥ 32240) = P(z ≥ 1.53) = 1 - P(z < 1.53)
= 1 - 0.93699
= 0.06301 = 6.301%
So, 6.301% of the graduates this year = 189
Total Number of graduates this year = (189/0.06301) = 2999.5 = 3000 graduates this year.
Hope this Helps!!!
Explain what is meant by the saying that consumers "vote" with their dollars every time they buy products in the marketplace
What is meant by means of pronouncing that consumers "vote" with their greenbacks every time they purchase merchandise inside the marketplace when purchasers purchase something, they send a message to companies regarding their shopping for preferences, helping to direct use resources
The definition of a consumer is a person that buys goods and services. An instance of the customer is someone who purchases a brand new tv. A heterotrophic organism feeds on different organisms in a meal chain.
The consumer is the only one who's the end-person of any items or offerings. Any person, aside from the consumer who buys the product or offerings, and consumes the product via taking his/her permission is categorized as a customer.
Consumers represent the top trophic stages. not like producers, they can't make their personal food. To get electricity, they eat vegetation or different animals, even as some devour each. Scientists distinguish between numerous forms of customers. primary clients make up the second one trophic degree.
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Recommend further strategies companies in South Africa may use to protect the environment
Strategies companies in South Africa may use to protect the environment -
1-Provide Filtered Water
If you take a look around your workplace, probabilities are you’ll see a beverage on each desk. For a lot of today’s younger workers, water is the beverage of choice. However plastic water bottles take hundreds of years to completely decompose if they make their manner to landfills. sure, you may provide recycling containers, however the three rules of shielding the environment are, so as, reduce, reuse, and recycle. problem a reusable cup to each new employee for the duration of onboarding.
2-Reduce Paper Waste
Business have made great strides in recent years toward going paperless. but, most places of work nonetheless have a distance to head. if you still rely upon paper-primarily based methods, you can scare off millennials who prefer everything to be carried out electronically. encourage body of workers now not to print e-mail and draft files, providing the ability to send documents to non-public devices if that makes digital evaluation less difficult.
3-Switch to LED Lightbulbs
If you’ve shopped for lightbulbs lately, you’ve probable observed how complicated the selections have become. even though the federal government mandated all lightbulbs emerge as more electricity green, a few are higher at that activity than others. you can conserve power — reducing your utility bills and protective the environment — via switching each bulb to your building.
4-Allow Telecommuting
Telecommuting will help your commercial enterprise appeal to millennials on a couple of ranges. more youthful professionals have said a clean preference for bendy paintings preparations, including being allowed to work at home as a minimum a part of the time.
5-Improve Air Quality with Indoor Plants
Few companies fill their workplace spaces with plant life, however they are able to dramatically enhance the aesthetics. sure, employees can convey in their very own plant life, however seeing that open-plan places of work have end up extra established, people now can see beyond their own desks.
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Many companies have a _____ that their employees are responsible for abiding by. code of unethics code of ethics set of rules set of laws
Answer:
Code of Ethics
Explanation:
Answer: B) code of unethics
Explanation:
Please help!! I don’t have time!!
By offering customers high-interest loans, payday lenders use borrowers' personal property as collateral .
Who are payday lenders ?Payday lenders are short-term lenders who offer loans to borrowers who need quick cash . These loans are typically for small amounts of money and have high interest rates .
Payday lenders require borrowers to sign a promissory note that gives them the right to take the borrower 's personal property if the borrower does not repay the loan on time .
Payday loans are often considered to be predatory lending because they target borrowers who are most likely to default on the loan .
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operations management course concept
The operations management course concept refers to the systematic design, direction, and control of the processes that transform inputs such as raw materials, energy, and labor into outputs such as goods and services that satisfy customer needs.
This management process includes inventory management, scheduling, supply chain management, quality control, and more. The goal of operations management is to create efficient processes that maximize productivity while minimizing costs.
Students taking an operations management course learn about these concepts and how to apply them to real-world situations in various industries. They also study topics like process design, project management, lean principles, and decision-making models.
The course is usually offered as a part of business administration, engineering, or industrial technology programs. Graduates of the course may go on to careers as operations managers, logistics managers, supply chain analysts, process improvement specialists, or manufacturing engineers, depending on their areas of focus and interests.
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Emeril is the owner of a restaurant. He decides to raise the wages of his workers even though he faces an excess supply of labor. His decision:__________
Complete Question:
Emeril is the owner of a restaurant. He decides to raise the wages of his workers even though he faces an excess supply of labor. His decision:
Group of answer choices.
a. might increase profits if it attracts a better pool of workers to apply for jobs at his restaurant.
b. will reduce the excess supply of labor.
c. is an example of the benefits of a minimum-wage law.
d. All of the above are correct.
Answer:
a. might increase profits if it attracts a better pool of workers to apply for jobs.
Explanation:
Emeril is the owner of a restaurant. He decides to raise the wages of his workers even though he faces an excess supply of labor. His decision might increase profits if it attracts a better pool of workers to apply for jobs.
An excess supply of labor refers to the situation where there are too many number of people working in an organization at a particular period of time.
However, Emeril's decision to raise the wages of his workers might increase profits if he's able to recruit better pool of workers who will be willing and able to work more hours effectively and efficiently. As a result, this would help to boost the level of production and increase the rate at which the consumer's needs or wants are meet.
The December 31, 2021 balance sheet accounts of the Apple Company are shown here in alphabetical order:
Accounts payable $ 22,400 Current taxes payable $10,400
Accounts receivable 21,500 Discount on bonds payable 6,900
Accumulated depreciation: buildings 53,000 Equipment 72,400
Accumulated depreciation: equipment 35,100 Inventory 37,200
Additional paid-in capital on Land 30,000
common stock 24,000 Marketable securities (short-term) 6,100
Additional paid-in capital on Patents (net) 9,800
preferred stock 11,500 Preferred stock, $100 par 21,000
A]lowance for doubtful accounts 800 Retained earnings 46,200
Bonds payable (due 2021) 77,000 Salaries payable 2,000
Buildings 144,000 Trademarks 2,600
Cash 2,900
Common stock, $10 par 30,000
REQUIRED:
Prepare the December 31, 2021 Classified Balance Sheet of the Apple Company in proper form
APPLE COMPANY
Classified Balance Sheet
December 31, 2021
ASSETS
Current assets:
Cash $ 2,900
Accounts receivable 21,500
Inventory 37,200
Marketable securities (short-term) 6,100
Total current assets $ 67,700
Property, plant, and equipment:
Buildings $144,000
Less: Accumulated depreciation (53,000)
Equipment 72,400
Less: Accumulated depreciation (35,100)
Net property, plant, and equipment $128,200
Other assets:
Land (net) $ 30,000
Patents (net) 9,800
Trademarks 2,600
Total other assets $ 42,400
Total assets $238,300
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 22,400
Current taxes payable 10,400
Salaries payable 2,000
Total current liabilities $ 34,800
Long-term liabilities:
Bonds payable (due 2021) $ 77,000
Discount on bonds payable (6,900)
Total long-term liabilities $ 70,100
Total liabilities $104,900
Stockholders' equity:
Common stock, $10 par $ 30,000
Preferred stock, $100 par 21,000
Additional paid-in capital on
Common stock and Preferred stock 61,500
Retained earnings 46,200
Total stockholders' equity $158,700
Total liabilities and stockholders' equity $238,300
A common law rule that requires that the terms of the offeree’s acceptance adhere exactly to the terms of the offeror’s offer for a valid contract to be formed is called:
1. The Mirror-Image Rule.
2. A Quasi-Contract.
3. Quantum Meruit.
4. An Option Contract
Economic demand is?
A. the amount of a good or service that consumers are willing and able to buy at one price.
B. the amount of a good or service that consumers are willing and able to buy at various prices.
C.the amount of a good or service that producers are willing and able to produce at various prices.
D. the amount of a good or service that consumers are willing but not able to buy at various prices.
Which of the following is correct?
The correct answer is B. Economic demand is the amount of a good or service that consumers are willing and able to buy at various prices.
It reflects the relationship between the price of a product and the quantity that consumers are willing to purchase at that price. Demand is influenced by factors such as price, consumer preferences, income levels, and availability of substitutes.
As the price of a product decreases, the quantity demanded generally increases, and vice versa, following the law of demand. The demand curve represents this relationship, showing the quantity of a good or service that consumers are willing and able to buy at different price points.
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Perpetual Life Corp. has issued consol bonds with coupon payments of $50. (Consols pay interest forever and never mature. They are perpetuities.)a. If the required rate of return on these bonds at the time they were issued was 5.0%, at what price were they sold to the public
Answer: $1,000
Explanation:
The price of a perpetual bond is calculated like a perpetuity and this is calculated by dividing the coupon payment of the bond by the prevailing required rate of return.
Price of this bond is:
= Coupon payment / Required return
= 50 / 5%
= $1,000
A retail store does not segregate sales and the amount of sales tax on sales. If the sales tax rate is 4% and the register total amounted to $295100, what is the amount of the sales taxes owed to the taxing agency?
$10,850 is the amount of the sales taxes owed to the taxing agency. Option (a) is correct.
What do you mean by Tax?Taxes are compulsory payments made by a government organization, whether local, regional, or federal, to people or businesses. Tax revenues are used to fund a variety of government initiatives, such as Social Security and Medicare as well as public infrastructure and services like roads and schools.
Amount given in the question of $282,100 included 4% sales tax on sales.
If the total sales is $100, then sales tax on sale will be $4 (100*4%) and total amount will be equal to $104 ($100 sales+$4 sales tax on sale).
So from the above explanation, sales tax is segregated from total amount which is shown as follows:-
Sales Tax on Sales = (Total Amount/104)*4
= ($282,100/104)*4 = $10,850
Sales = Total amount - Sales tax
= $282,100 - $10,850 = $271,250
Therefore, Option (a) is correct, The amount of the sales taxes owed to the taxing agency is $10,850.
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Your question is incomplete, your question will be;
A retail store does not segregate sales from the amount of sales tax on sales. If the sales tax rate is 4% and the register total amounted to $282100, what is the amount of the sales taxes owed to the taxing agency?
(a) $10850
(b) $282100
(c) $271250
(d) $11284
a tenant with this insurance policy suffers a substantial loss due to a lightning strike and an apartment fire that erupts as a result of that storm. the tenant should take each of the following steps as soon as possible except
a. call the insurance company and report the loss and damages
b. sign up for additional renters insurance, as this coverage has now been "used up" will be expired
c. divide property into "damaged" and "undamaged" categories and submit a thorough list of everything "damaged"
d. provide receipts, when available, for damaged items, costs associated with living elsewhere, and costs of doing any self-repair on the rental property.
In this case, the tenant should not take the next step, enrolling in additional renters insurance, as this coverage has already been "used" and will expire.
What is an insurance policy?Corresponds to a document containing relevant information about the relationship between the insurer and the insured, that is, when an individual acquires an asset, he can contract formal insurance via a contract that specifies the insurer's obligations towards the asset, such as:
Period of validityRoofFeesAssistanceTherefore, observing the question and the statements, the option that should not be followed by the tenant is to subscribe to the insurance for additional renters, but rather to observe through your contract which coverage the insurer will or will not cover for your damages.
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Cash Received from Customers—Direct Method
Sales reported on the income statement were $225,000. The accounts receivable balance decreased $14,300 over the year.
Determine the amount of cash received from customers.
Based on the sales figure and the change in the accounts receivable balance, the amount of cash received from customers was $14,300.
What was the amount of cash received?The accounts receivable balance refers to the amount that customers owe to the company.
This means that if the accounts receivable balance decreases by the certain amount, it would be because that amount was paid by the customers who owe the business.
The cash paid is therefore the amount of $14,300 which the balance reduced by.
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he financial statements of Denison Furniture Company include the following items: 2019 2018 Cash $53,500 $53,000 Short-term Investments 29,000 15,000 Net Accounts Receivable 92,000 105,000 Merchandise Inventory 162,000 142,000 Total Assets 532,000 551,000 Total Current Liabilities 235,000 215,000 Long-term Note Payable 62,000 60,000 What is the 2019 cash ratio? (Round your answer to two decimal places)
Answer:
The cash ratio is calculated by dividing cash and short-term investments by current liabilities.
Cash ratio for 2019 = (53,500 + 29,000) / 235,000 = 0.39
Rounding to two decimal places, the 2019 cash ratio is 0.39.
Explanation:
Lydia needs someone to help with her elderly mother. She hired Kirsten to go to her mother's house weekly and
help her shower, do her hair and nails, help her eat, and help her move around. What is Kirsten's career?
O Human Service Assistant
O Cosmetologist
O Manicurist
Personal Care Aide
Answer:
D: Personal Care Aide
Explanation:
I got it right
Because she was hired to help with an elderly woman, it's fair to say that Kiersten's career is a personal care aide.
What are the roles of a personal care aide?It is the professional responsible for offering assistance in activities that some individuals cannot perform independently, such as the elderly and disabled. Some of her duties include assisting with personal hygiene, feeding and cleaning.
Therefore, it is essential that the personal care assistant is a trained and responsible professional to meet the needs of the individual with some type of disability effectively.
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Problem 5-1 Health Savings Accounts (LO 5.1) Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2020, Evan has $200 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2021 when he files his tax return. Evan also receives a 2020 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses. Compute the effect of the HSA transactions on Evan's adjusted gross income. These transactions Evan's AGI by $fill in the blank 2
Answer:
Following are the solution to the given points:
Explanation:
In step 1:
For himself, his partner, and two young children, Evan has an interest in HSA conveying a family integration program.
Evan removed and added $100 per month from his check-in 2019. in 2019.
On April 15th, 2020 when he files the returns, Evan makes a one-time pledge of $2000.
In step 2:
The modified gross revenue of Evan shall be lowered by $3200 in HSA transactions.
Working:
\(\to (100 \times 12)+2000 \\\\\to 1200+2000\\\\\to 3200\)
The insurance industry was put into the care and authorization of the individual states by the passing of the _____.
McCarran-Ferguson Act
Health Insurance Portability and Accountability Act
Affordable Care Act
Dodd-Frank Act
The insurance industry was put into the care and authorization of the individual states by the passing of the Health Insurance Portability and Accountability Act.
What is Health Insurance Portability and Accountability Act?The two principal goals of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) could best be summarized as: guaranteeing that employees could maintain continuous health insurance if they lost or changed employment, and preserving the privacy of individual health information.
Streamlining industry inefficiencies, reducing paperwork, making it simpler to detect and prosecute fraud and abuse, and allowing workers in all professions to change occupations even if they (or family members) have pre-existing medical issues are the purposes and objectives of this legislation.
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The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2014. Fortunately, the controller had kept certain statistical data related to the income statement as follows.
1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year.
2. Sales discounts amount to $17,000.
3. 20,000 shares of common stock were outstanding for the entire year.
4. Interest expense was $20,000.
5. The income tax rate is 30%.
6. Cost of goods sold amounts to $500,000.
7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales.
8. Four-fifths of the operating expenses relate to sales activities.
From the foregoing information prepare an income statement for the year 2014 in single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48 and all other answers to 0 decimal places, e.g. 2,520.)
Answer:
LeRoi Jones Inc
Income statement for the year 2014
Sales (100/8 × $100,000) $1,250,000
Less Cost of Sales
Beginning merchandise $92,000
Add Purchases $481,600
Less Ending merchandise ($92,000 - 20%) ($73,600) ($500,000)
Gross Profit $750,000
Less Expenses :
Sales Discounts $17,000
Interest expense $20,000
Administrative expenses ($500,000 × 20%) $100,000 ($137,000)
Profit before tax $613,000
Income tax expense at 30% ($183,900)
Net Income / Loss $429,100
Earnings Per Share $21.46
Explanation:
Notes on income statement preparation
Use the statistical data to fill in the line items of the Income Statement as shown above.
For the Calculation of Sales, first calculate the administrative expenses. Apply the 8% on the administration cost to find sales at 100%.
Earnings Per Share = Earnings attributable to holders of Common Stock ÷ Weighted Average Number of Common Stock
= $429,100 ÷ $20,000
= $21.46
When should you change your gloves? Select all that apply.
Answer:
iu should change in 2hrs
at minimum to guard against possible unseen punctures