the following balance where extracted from the book of Alfsal, a sole trader as at 31/12/2014 capital 198000 ,drawing 10700, building 300000, office equipment (cost le 22000) 15000, patent 24000, delivery van at cost63000, Accumulated depreciation delivery vans 14000, stock 01/01/2014 29000, sale485,000, purchase 196000, return outward 5300, return inward 17000, creditor 21900, debtor 34800, discount received 1400, wages and salaries 105,000, general expenses 13000,stationary 4800, tem loan(received on 01/04/2014) 50,000. vat 17300. provision for bad debts 2500. Advertising 5700. insurance 9,000. loan interest paid 1,000. bank42,600. PRSI/USU 10,200. profit and loss balance 01/01/2014 65,000. you are given the following aditional information: stock for resale at 31/12/2014 was le 19,000. stationary paid in advance was le 1,200. provision should be made for interest due on loan. the rate of interest is 6%per annum. wages and salaries are to be divided 75%for employees and drawings. building 10% of cost. delivery van 10% of net book value. office equipment 20% of cost. provision for bad debts is to be adjusted to 10% of debtors . you are required to prepare a trading and profit and loss account for the year ended 31/ 12/2014. balance sheet as at 31/12/2014.
Here is the trading and profit and loss account for the year ended 31/12/2014:
The Trading and Profit and Loss AccountFor the year ended 31/12/2014
Particulars Amount
Sales €485,000
Less: Cost of Goods Sold €196,000
Gross Profit €289,000
Less: Expenses
- Wages and Salaries (75%) €78,750
- General Expenses €13,000
- Stationary €4,800
- VAT €17,300
- Provision for Bad Debts €3,480
- Advertising €5,700
- Insurance €9,000
- Loan Interest €600
- PRSI/USU €10,200
Net Profit €157,370
Here is the balance sheet as at 31/12/2014:
Balance Sheet
As at 31/12/2014
Assets Liabilities
Cash €42,600
Bank €1,200
Debtors €34,800
Stock €19,000
Capital €213,570
Drawings €10,700
Building €300,000
Office Equipment €15,000
Patent €24,000
Delivery Vans €49,000
Accumulated Depreciation €28,000
Provision for Bad Debts €3,730
Loan €50,000
Profit and Loss €157,370
Total €618,570
Total €618,570
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A sole proprietor in the 37% tax bracket pays her 16-year-old son a reasonable salary of $14,000 for services performed for the proprietorship. Compute the family's income tax savings if the son has no other income and takes a $12,400 standard deduction.
Answer: $5020
Explanation:
The family's income tax savings if the son has no other income and takes a $12,400 standard deduction will be calculated as:
Explanation:
Tax savings from deduction = ($14,000 × 37%) = $5180
Less: Tax on child's taxable income = 10% × ($14,000 - $12,400) = 10% × $1600 = $160
Family's income tax savings = $5180 - $160 = $5020
Compute darryl's total social security and Medicare taxes for the third quarter, if she is self-employed and earns $1,020.00 on a weekly basis.
Answer and Explanation:
The computation of the total security and medicare tax is shown below:
Here we assume the social security and medicare tax is 12.4% and 2.9% respectively
So, first we compute the total earnings which is
= $1,020 × 13 weeks
= $13,260
Now the taxes are
= $13,260 × 12.4% + $13,260 × 2.9%
= $1,644.24 + $384.54
= $2,028.78
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $49,000 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries. Salaries were $500,000 during the period. a. Provide the journal entry for the vacation pay. b. Provide the journal entry for the pension benefit.
Answer:
a. Provide the journal entry for the vacation pay
Debit Vacation and Holiday expense $49,000
Credit Vacation and Holiday payable $49,000
(To record earned Vacation and Holiday expenses)
b. Provide the journal entry for the pension benefit
Debit Pension expense $30,000
Credit Pension liability $30,000
(Being pension benefit recognition)
Explanation:
The earned vacation and holiday expense has to be recognized in line with the accrual principle of accounting.The pension benefit was also recognized in line with the accrual principle of account. The pension plan is a contribution of 6% of employee salaries, which amounted to $500,000. So, 0.06 x 500,000 = $30,000.Your restaurant plans to spend $1,000 on social media ads. Your average meal sells for $10 and food cost is 30%. How
many additional meals do you need to sell to breakeven on your advertising?
Ignore all
other restaurant costs except food cost
a) 100 meals
b) 132 meals
c) 143 meals
d) 1000 meals
Answer:
c) 143 meals
Explanation:
30% of 10 is 3
10-3=7
1000/7=142.857143
round up.
How is the Sole Trading formed?
Answer:
A sole proprietorship is established when an owner begins operating their business.
Explanation:
There are no separate licenses to obtain to form a sole proprietorship. The sole proprietorship will be maintained so long as the owner keeps doing business.
Consider the following per unit data for Jennifer Company, a seller of tables and chairs: What is the weighted-average unit contribution margin for Jennifer Company?
Answer:
$28 per unit
Explanation:
since the information is missing, I looked for similar questions:
contribution margin per chair = $50 - $35 = $15
contribution margin per table = $200 - $120 = $80
sales mix: 4 chairs + 1 table
contribution margin per sales mix = (4 x $15) + $80 = $140
weighted average contribution margin = $140 / 5 = $28
An investor is holding a stock which has been volatile with returns significantly year-over-year. The initial investment was $1,000 in stock ABC, and it returned the following: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Return 10% -15% 20% 22% -30% 40% What is the geometric returns of Stock ABC for six years
Answer:
the geometric returns of Stock ABC for six years is 5.02%
Explanation:
The computation of the geometric returns of Stock ABC for six years is given below:
= [(1 + r1) × (1 + r2) × (1 + r3) × (1 + r4) × (1 + r5) × (1 + r6)]^1 ÷ 6 - 1
= [(1 + 0.10) × (1 - 0.15) × (1 + 0.20) × (1 + 0.22) × (1 - 0.30) × (1 + 0.40)]^(1 ÷ 6) - 1
= 0.0502 or 5.02%
Hence, the geometric returns of Stock ABC for six years is 5.02%
The above formula should be applied
Explain the technique to make change in counter transactions correctly.
Answer:
The correct ways to prepare a customer's change over the counter are:
Explanation:
1. In the cash drawer, store each denomination together in a section
2. As you receive cash, straighten them out and arrange them uniformly. Let every bill be faced in the same direction.
3. Deduct the total price of goods bought from the total amount handed to you by the customer.
4. The result from the above calculation is the customer's change.
5. Peek into the cash drawer and neatly pick out the notes or bills that make up this amount.
6. Carefully replace the shifted bills or coins in the drawer.
7. Place your hands on the desk or in sight of the customer and count the change for them to see.
8. Hand it over to the customer!
After the U.S. film Django Unchained was recut and released in China, it performed poorly, partly because Chinese filmgoers had already seen the unedited film on DVD. What disadvantage of competing globally does this situation reflect?
The situation of Django Unchained's release in China after a month tuning out to be a poor-performing one, mainly because of the fact disadvantage of global access when competing globally.
What is the significance of global competition?Global competition can be referred to or considered as a situation wherein a firm or an organization has a direct competition with the other players in the industry on a global scale. Liberalization leads to be an advantage for global competition, but not in all cases.
One of the main disadvantages that liberalization that global competition brings is the one of eased global access. This also led to failure of the film Django Unchained in China, which released a month in the country a month after its global release.
Therefore, the significance of global competition has been aforementioned.
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You just won a lottery that promises to pay you $1 million exactly 10 years from today. Because the $1 million payment is guaranteed by the state in which you live, opportunities exist to sell the claim today for an immediate lump-sum cash payment. What is the least you will sell your claim for if you could earn 8.73 % on similar-risk investments during the 10-year period
Answer:
The minimum price is $434,214.74.
Explanation:
Giving the following information:
Future Value= $1,000,000
Number of periods= 10 years
Discount rate= 8.73%
The minimum price of the prize is the present value of the payment. To calculate the present value, we need to use the following formula:
PV= FV /(1 + i)^n
PV= 1,000,000 / (1.087^10)
PV= $434,214.74
The minimum price is $434,214.74.
Identify one supply or demand shifting factor that the community could have some control over or do something about
One supply or demand shifting factor that the community could have some control over is consumer preferences and behaviors.
1. Consumer Education: The community can actively engage in educating consumers about the benefits of certain products or services. By providing information on the positive impacts of choosing certain goods or services, consumers may shift their preferences towards those options, influencing the demand.
2. Marketing and Advertising: Local businesses and organizations can collaborate to promote goods and services that align with the values and preferences of the community. Effective marketing strategies can influence consumer demand and encourage them to choose specific products, thereby shifting the demand curve.
3. Support for Local Producers: Community members can actively support local producers and businesses by purchasing their goods and services. By creating a demand for locally sourced products, the community can influence supply chain dynamics and encourage businesses to cater to their preferences.
4. Sustainable Practices: Promoting sustainable practices within the community can also have an impact on supply and demand. By advocating for eco-friendly products and services, such as renewable energy or ethically sourced goods, the community can create a shift in consumer demand, influencing businesses to adjust their supply accordingly.
5. Collaboration with Local Authorities: The community can collaborate with local authorities to enact policies that align with their preferences. For example, advocating for stricter environmental regulations or supporting initiatives that promote fair trade can influence both supply and demand factors.
By actively engaging in these steps, the community can exert some control over consumer preferences and behaviors, thereby shifting the supply and demand dynamics in their favor.
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If you expect to get a substantial raise six months from now, and you are like most people, it will
If you expect to get a substantial raise six months from now, it will not affect your current consumption because you haven't received the money yet.------ False
What does substantive use mean?
Substantial use means that the creator of the intellectual property receives more than normal support for the project or is given time and/or resources dedicated to the project.
What are the Substantial changes?Common "significant changes in circumstances" include:Job loss or acquisition, sudden change in either party's finances, relocation of the party or a child, death, change in child's wishes, etc.
What is substantial force?Significant impact means that, based on current scientific data and knowledge, a species or native plant or animal community falls below a level at which it can sustain itself on a national or regional basis, or a species is threatened with extinction. endangered or endangered.
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High costs are associated with high
unemployment. What economic
phenomena is associated with high
unemployment?
A. Economic Growth
B. Economic Stability
C. Economic Depression
Answer:
C. Economic Depression
Explanation:
Economic Depression is when an economy goes into financial turmoil/ struggles.
Why is it important to begin saving for retirement as soon as you get your first full-time job? Why not wait until you're older?
Answer:
as you get older you will find it harder to find a job, it also helps so you aren't dying once you reach the age of retirement
Explanation:
Which of the following is not a measure of central tendency?
Answer:
Standard deviation is not a measure of central tendency
Explanation:
Deviation means change or distance. But change is always followed by a reference. Hence standard deviation is a measure of change from central tendency i.e. mean. It is not itself a measure of central tendency.
Changes in the market environment impact _____
how competitive the marketplace is
how many offerings are available
how many marketing communication channels are used
how consumers behave
Changes in the market environment impact how competitive the marketplace is, how many offerings are available, how many marketing communication channels are used, and how consumers behave.
Aspects of the business landscape are significantly impacted by changes in the market environment. First and foremost, they have an impact on the level of market competition because changes in variables like technology, rules, and consumer preferences can affect how businesses compete with one another.
Changes in the market environment can also have an impact on the variety and range of goods and services that are offered to customers. New technologies and trends have an impact on how businesses communicate with their target audiences through marketing channels. Last but not least changes in the market environment such as those in the economy in social trends and in technological advancements have a significant impact on consumer behavior causing changes in buying patterns and preferences.
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Write a 1-page memo to the CEO. Include each chart (3) and a paragraph per chart. Each paragraph should explain the story of each visualization and explain why visualizations are important.
STEP 2
Income CATEGORIES PERCENTAGE NUMBER
$100,000 to $124,999 8% 2
$125,000 to $149,999 4% 1
$20,000 to $24,999 4% 1
$25,000 to $34,999 29% 7
$35,000 to $49,999 13% 3
$50,000 to $74,999 17% 4
$75,000 to $99,999 21% 5
Decline to answer 4% 1
24
STEP 3
GENDER PERCENTAGE NUMBER
Female 54% 13
Male 46% 11
24
STEP 4
QUESTION RESPONSES PERCENTAGE NUMBER
0 6% 1
2 11% 2
5 28% 5
6 11% 2
7 17% 3
8 11% 2
9 6% 1
10 11% 2
18
Answer:
[Your Name]
[Your Position]
[Date]
Subject: Insights from our Survey - A Window into the Lives of our Valued Customers
Dear [CEO's Name],
I hope this message finds you well. I wanted to take a moment to share some fascinating insights from the recent survey we conducted among our cherished customer base. To make the data more relatable and easier to grasp, I have transformed the findings into a series of engaging visualizations. These visuals not only bring the data to life but also allow us to truly connect with our customers on a human level. Let's dive into the story behind each visualization and explore why these visual representations are crucial in understanding our customers.
Chart 1: Income Categories - Reflecting the Lives of our Customers
This insightful chart provides a glimpse into the diverse income categories of our survey respondents. As you observe the bars rise and fall, you can visualize the financial landscapes our customers navigate. From the bustling middle-income group, representing 29% of respondents, to the resilient individuals in the $75,000 to $99,999 range, accounting for 21% of participants, we gain an intimate understanding of the financial tapestry that influences their decisions.
By presenting this information in such a humanized manner, we can empathize with the varying needs and aspirations of our customers. This visualization guides us in tailoring our products and services to better address the unique challenges and aspirations of each income segment.
Chart 2: Gender Distribution - Celebrating Diversity and Inclusion
This delightful pie chart celebrates the diversity among our survey participants by highlighting their gender identities. As you glance at the vibrant slices, you witness the vibrant mosaic of our customer base. With 54% of respondents identifying as female and 46% as male, we recognize the importance of inclusivity and strive to ensure our products and services cater to the needs and desires of all genders.
Visualizations like this one allow us to see the human faces behind the data. It reminds us to embrace diversity and equality in our business operations, ensuring that every customer feels heard and valued.
Chart 3: Question Responses - Unveiling Our Customers' Voices
Within this insightful bar chart, we uncover the authentic voices of our customers through their responses to a specific question. The bars rise and fall, revealing the choices they made and their preferences. The most popular response, "5," chosen by 28% of participants, demonstrates the collective sentiment that echoes among our customers. As we observe the varying heights of each bar, we gain a deeper understanding of their thoughts and desires.
Visualizations like this empower us to hear our customers' voices loud and clear. By listening attentively to their responses, we can make informed decisions that resonate with their needs, aspirations, and desires.
In summary, these captivating visualizations humanize our survey data, enabling us to truly connect with our customers and gain invaluable insights. By considering the stories behind each chart, we ensure that our strategies, products, and services align with their lived experiences. Together, we can build lasting relationships, foster inclusivity, and deliver the exceptional experiences our customers deserve.
Thank you for your time and attention. Should you have any questions or require further information, please don't hesitate to reach out.
Warm regards,
[Your Name]
[Your Position]
Explanation:
Which of the following usually provide the investor with the most interest? Checking Account Savings Account Money Market Savings Account Certificate of Deposit
Answer:
Certificate of deposit, or CD: usually has the highest interest rate among savings accounts but the most limited access to funds.
Often a company may start small with one product, and then add variations to that
product, creating a product line. From there, they may add other product lines to
their product mix. This is also sometimes referred to as ....
expanding
branching out
increasing stock
none of the above.
A company's product mix refers to all of the many product lines and unique products or services that it provides. Product portfolio or product assortment are other names for the same thing. Different firms have different product combinations.
A product line is what?A product line is a collection of connected goods sold by the same business and marketed under a single brand name. Businesses market many product lines under their various brand names in an effort to set them apart from one another for easier customer use.
What does a product line serve as?Product lines are used by businesses to broaden their audience and draw in additional customers. To entice current consumers to make more purchases, they broaden their product offerings. The usage of product lines by marketers
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TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Standard Standard Standard Quantity Price Cost Direct Materials 8 pounds $ 1.80 per pound $ 14.40 Direct Labor 0.25 hour $ 8.00 per hour 2.00 $ 16.40 During November, TaskMaster purchased 160,000 pounds of direct materials at a total cost of $304,000. The total factory wages for November were $42,000, 90% of which were for direct labor. TaskMaster manufactured 19,000 units of product during November using 142,500 pounds of direct materials and 5,000 direct labor hours. What is the direct labor rate variance for November
Answer:
The direct labor rate variance for November is $34,200
Explanation:
To find out the direct labor rate variance, we have to multiply the actual standard rate of direct labor into actual hours of direct labor used
Standard hourly rate of direct labor hour = $14.40
Actual direct labor hours = 5,000
Standard direct labor cost
= 5,000 × $14.40
= $72,000
Total factory wages are $42,000 in which direct labor is 90%
= $42,000 × 90%
= $37,800
Actual direct labor cost = $37,800
Therefore,
Direct labor rate variance = Standard direct labor cost - Actual direct labor cost
Direct labor rate variance
= $72,000 - $37,800
= $34,200
What is the difference between the distribution and the consumption of an item?
A. One deals with the creation of an item; the other deals with the use of an item.
B. One deals with transporting the item from where it was produced to the location where it will be sold; the other deals with the consumer's use of the item after purchase.
C. One deals with deciding how much to charge for an item; the other deals with reconstructing the item in another format.
D. One deals with the creation of an item; the other deals with the transportation of the item from where it was made to where it will be sold.
Answer:
A. One deals with the creation of an item; the other deals with the use of an item.
Explanation:
Production means "To make" and consumption is putting to use of something.
suppose you have a student loan with an annual interest rate of 4 percent. one day your lender announces that the interest rate will soon increase to an annual rate of 5 percent. your friend claims that this only one percentage increase in your interest rate. is she correct? why? why not? if she is incorrect, what is the actual percentage increase in your interest rates? what is the percentage point increase in your interest rates? [3 points]
Your friend is incorrect. The actual percentage increase in your interest rate is 25%, not 1%.
The formula for calculating the percentage increase is:
((new rate - old rate) / old rate) x 100 = % increase
Plugging in the numbers:
((5 - 4) / 4) x 100 = 25
So, the actual percentage increase in your interest rate is 25%.
Additionally, the percentage point increase in your interest rate is 1 percentage point or 1%. The percentage point increase is simply the difference between the old rate and the new rate, so in this case it would be 5 - 4 = 1.
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A company has a beta of 2.91. If the market return is expected to be 16% and the risk-free rate is 8%, what is
the company's risk premium?
The additional return investors receive over the risk-free rate in exchange for investing in risky assets is known as the risk premium. The company's risk premium will be 24.90%.
What Are the Components of a Risk Premium?The extra return over the risk-free rate that investors need in order to make up for the increased apprehension associated with hazardous assets is known as the risk premium. Business risk, financial risk, liquidity risk, exchange-rate risk, and country-specific risk are the five key hazards that make up the risk premium.
All five of these risk variables have the potential to lower returns, thus investors must be fairly paid for taking them on. Business risk, financial risk, liquidity risk, exchange-rate risk, and country-specific risk are the five key hazards that make up the risk premium.
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Application of Forensic Accounting Concepts
Complete Case 21 & 28. Refer to the Case in the textbook for detailed instructions.
Answer:
An essential step in the incident response process is digital forensics. In order for law enforcement to use the information about a criminal incident, forensic investigators must identify and document it.
What is Digital Forensics?
In a court of law, rules and regulations governing this procedure are frequently crucial in demonstrating guilt or innocence. A person who is motivated to follow the trail of evidence and virtually solve a crime is a digital forensics investigator.
In this case, a computer forensic analyst would be called in to assess how attackers got onto the network, how they moved around it, and what they did there, including whether they stole data or installed malware.
In similar situations, a digital forensic investigator's job is to recover information such as documents, images, and emails from computer hard disks and other data storage devices, like zip and flash drives, that has been lost, destroyed, or in some other way altered.
Therefore, An essential step in the incident response process is digital forensics. In order for law enforcement to use the information about a criminal incident, forensic investigators must identify and document it.
Explanation:
3. Describe how management theory has progressed from the Industrial Revolution to the 21st century. Give one example of classical management theory being used today. Give one example of modern management theory being used today.
Ingersoll Rand operates as a manufacturer in four segments: Air Conditioning Systems and Services, Climate Control Technologies, Industrial Technologies, and Security Technologies. They installed an Oracle enterprise system, a supply chain system and a customer relationship management system. They boast the following results:
1. Decreased direct product costs by 11%
a.This likely came about by efficiencies gained by a combination of the supply chain system and customer relationship management (by having the right product to the right customer).
b.This likely came about by efficiencies gained by the supply chain system.
c.This was likely caused by a combination of the implementation of supply chain management, customer relationship management and enterprise systems.
d.Uncertain how this is tied to the implementation of supply chain management, customer relationship management and enterprise systems.
2. Increased labor productivity by 16%
a.This likely came about by efficiencies gained by a combination of the supply chain system and customer relationship management (by having the right product to the right customer).
b.This likely came about by efficiencies gained by the supply chain system.
c.This was likely caused by a combination of the implementation of supply chain management, customer relationship management and enterprise systems.
d.Uncertain how this is tied to the implementation of supply chain management, customer relationship management and enterprise systems.
3. Increased inventory turns by four times
a.this likely came about by efficiencies gained by a combination of the supply chain system and customer relationship management (by having the right product to the right customer).
b.This likely came about by efficiencies gained by the supply chain system.
c.This was likely caused by a combination of the implementation of supply chain management, customer relationship management and enterprise systems.
d.Uncertain how this is tied to the implementation of supply chain management, customer relationship management and enterprise systems.
4. Decreased order processing time by 90% and decreased implementation time by 40%
a.this likely came about by efficiencies gained by a combination of the supply chain system and customer relationship management (by having the right product to the right customer).
b.This likely came about by efficiencies gained by the supply chain system.
c.This was likely caused by a combination of the implementation of supply chain management, customer relationship management and enterprise systems.
d.Uncertain how this is tied to the implementation of supply chain management, customer relationship management and enterprise systems.
5. Ensured minimal business disruption
a.this likely came about by efficiencies gained by a combination of the supply chain system and customer relationship management (by having the right product to the right customer).
b.This likely came about by efficiencies gained by the supply chain system.
c.This was likely caused by a combination of the implementation of supply chain management, customer relationship management and enterprise systems.
d.Uncertain how this is tied to the implementation of supply chain management, customer relationship management and enterprise systems.
6. Streamlined three customer centers to one
a.This likely came about by efficiencies gained by a combination of the supply chain system and customer relationship management (by having the right product to the right customer).
b.This likely came about by efficiencies gained by the supply chain system.
c.This was likely caused by a combination of the implementation of supply chain management, customer relationship management and enterprise systems.
d.Uncertain how this is tied to the implementation of supply chain management, customer relationship management and enterprise systems.
1. Option a: This likely came about by efficiencies gained by the supply chain system and customer relationship management (by having the right product to the right customer).
2 Option b: This likely came about by efficiencies gained by the supply chain system.
3. Option a: This likely came about by efficiencies gained by a combination of the supply chain system and customer relationship management (by having the right product to the right customer).
4.Option c: This was likely caused by a combination of the implementation of supply chain management, customer relationship management and enterprise systems.
5 Option d: Uncertain how this is tied to the implementation of supply chain management, customer relationship management and enterprise systems.
6.Option d: Uncertain how this is tied to the implementation of supply chain management, customer relationship management and enterprise systems.
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If Amelia would like to double her money in twelve years, how much interest does she need to earn O 12 percent O 16.6 percent O 6 percent 10 percent
Out of the given answer choices, the interest rate that Amelia needs to earn to double her money in twelve years is 16.6 percent.
To find out how much interest Amelia needs to earn to double her money in twelve years, we need to use the compound interest formula.
This formula is used to determine the future value of an investment based on the principal, the interest rate, the number of compounding periods, and the time involved.
The formula is as follows: FV = PV x (1 + r/n)^(n*t)where FV = future value, PV = present value (the amount of money Amelia currently has), r = annual interest rate, n = number of times the interest is compounded per year, and t = time in years.
To double her money, Amelia needs to have a future value that is twice her present value. Therefore, we can set FV = 2PV and solve for r.
2PV = PV x (1 + r/n)^(n*t)Dividing both sides by PV, we get:2 = (1 + r/n)^(n*t)
Taking the natural logarithm of both sides, we get: ln(2) = ln[(1 + r/n)^(n*t)]
Using the power rule of logarithms, we can simplify the right side of the equation to ln(2) = (n*t) ln(1 + r/n)
Dividing both sides by (n*t), we get:ln(2) / (n*t) = ln(1 + r/n)
Finally, we can solve for r by raising both sides as the power of e: e^(ln(2) / (n*t)) = 1 + r/n
Subtracting 1 from both sides and multiplying by n, we get:r = n x (e^(ln(2) / (n*t)) - 1)
Plugging in the values given, we get:r = n x (e^(ln(2) / (n*12)) - 1)
We don't know the value of n, so we can try each of the answer choices to see which one gives us a value of r that works.
Using a financial calculator or a spreadsheet program like Excel, we can calculate the values of r for each interest rate.
Using 12 percent: r = 1 x (e^(ln(2) / (1*12)) - 1) = 0.0956 or 9.56 percent
Using 16.6 percent: r = 1 x (e^(ln(2) / (1*12)) - 1) = 0.1407 or 14.07 percent
Using 6 percent: r = 1 x (e^(ln(2) / (1*12)) - 1) = 0.0488 or 4.88 percent
Using 10 percent: r = 1 x (e^(ln(2) / (1*12)) - 1) = 0.0794 or 7.94 percent
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Blossom Company accumulates the following data concerning a mixed cost, using miles as the activity level.
Miles Driven Total Cost Miles Driven Total Cost
January 6,400 $11,320 March 6,800 $12,000
February 6,000 10,800 April 6,560 11,592
Required:
Compute the variable cost per mile using the high-low method.
Answer:
just add and subtract the last three numbers and theres your answer love <3
Explanation:
Required:
1. Compute the company’s net sales for the year.
2. Compute the company’s total cost of merchandise purchased for the year.
3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.
4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses.
Valley Company's adjusted trial balance on August 31, 2018, its fiscal year-end, follows.
Debit Credit
Merchandise inventory $ 33,500
Other (noninventory) assets 134,000
Total liabilities $ 38,693
Common stock 10,000
Retained earnings 102,124
Dividends 8,000
Sales 229,140
Sales discounts 3506
Sales return and allowances 15123
Cost of goods sold 89129
Sales salaries expense 31392
Rent expense selling space 10770
Store supplies expense 2750
Advertising expense 19477
Office salaries expense 28647
Rent expense office space 2750
Office supplies expense 917
Totals $379,957 $379,957
On August 31, 2017, merchandise inventory was $27,035. Supplementary records of merchandising activities for the year ended August 31, 2018, reveal the following itemized costs.
Invoice cost of merchandise purchase 98490
Purchase discounts received 2068
Purchase returns and allowances 4728
Costs of transportation-in 3900
Answer:
Valley Company
1. The company's net sales for the year is:
= $210,511.
2. The company's total cost of merchandise purchased for the year is:
= $95,594.
3. Multiple-step Income Statement for the year ended August 31, 2018
Sales 229,140
Sales discounts (3,506)
Sales return and allowances (15,123)
Net Sales 210,511
Cost of goods sold:
Beginning inventory $ 33,500
Purchases 95,594
Goods available for sale $129,094
Less Ending inventory 27,035 89,129
Gross profit 121,382
Selling Expenses:
Sales salaries expense 31,392
Rent expense selling space 10,770
Store supplies expense 2,750
Advertising expense 19,477 64,389
General and Administrative Expenses:
Office salaries expense 28,647
Rent expense office space 2,750
Office supplies expense 917 32,314
Total expenses 96,703
Net Income 24,679
4. Single-step Income Statement for the year ended August 31, 2018
Net Sales 210,511
Cost of goods sold 89,129
Gross profit 121,382
Selling Expenses 64,389
General and Administrative Expenses 32,314
Total expenses 96,703
Net Income 24,679
Explanation:
a) Data and Calculations:
Valley Company's adjusted trial balance on August 31, 2018, its fiscal year-end, follows.
Debit Credit
Merchandise inventory $ 33,500
Other (non-inventory) assets 134,000
Total liabilities $ 38,693
Common stock 10,000
Retained earnings 102,124
Dividends 8,000
Sales 229,140
Sales discounts 3,506
Sales return and allowances 15,123
Cost of goods sold 89,129
Sales salaries expense 31,392
Rent expense selling space 10,770
Store supplies expense 2,750
Advertising expense 19,477
Office salaries expense 28,647
Rent expense office space 2,750
Office supplies expense 917
Totals $379,957 $379,957
Net Sales:
Sales 229,140
Sales discounts (3,506)
Sales return and allowances (15,123)
Net Sales 210,511
Total cost of merchandise purchased:
Purchase 98,490
Purchase discounts received (2,068)
Purchase returns and allowances (4,728)
Costs of transportation-in 3,900
Total cost of purchases = 95,594