If the price of output is $1 per unit and we observe the firm hiring four workers, if the firm is maximizing profit, the wage rate must be between ________ and ________. A) $35; $40 B) $30; $35 C) $45; $60 D) $80; $90
Answer:
B. $30; $35
Explanation:
The sole purpose of business is to make profit. When a production company makes products for sale, they try to reduce the cost of production by source cheap or substantial power supply, total usage of the raw materials and the employing cheap labour, both skilled and unskilled. If the price of a company's output after production is $1, they check the profit that would be made in a bash of products, extracting the cost which includes the worker's wages.
They pick the minimum possible value for payment that is favorable to them and is considered fair by the employees.
Your friend wants to put money aside for retirement. He can only afford $5,000 a year max and he wants to make sure that the money is not taxed when he withdraws it after he’s 59 ½. Which account would you recommend? Roth IRA Traditional IRA 401(k) 403(b)
Answer:
Roth IRA
Explanation:
Roth IRA offers tax-free growth and tax-free withdraw in retirement.
Allocation of resources is inefficient only if:________
Answer:
we produce the goods and services that people value less
Explanation:
Remember, an inefficient activity is one that fails to achieve maximum productivity with minimum wasted effort.
Let's take for example a mobile producer (manufacturer) decides to allocate its resorces into producing laptops. However, it later determined that the allocated resources were inefficient since most consumers according to a survey now prefer tablet computers. The company received low sales volume as result.
Assume that an investor owns 30% of an investee, and accounts for its investment using the equity method. At the beginning of the year, the Equity Investment was reported on the investor's balance sheet at $300,000. During the year, the investee reported net income of $105,000 and paid dividends of $20,000 to the investor. In addition, the investor sold inventory to the investee, realizing a gross profit of $42,000 on the sale. At the end of the year, 20% of the inventory remained unsold by the investee.Required:a. How much equity should the investor report for the year?b. What is the balance of the Equity Investment at the end of the year?c. Assume that the remaining inventory is sold in the following year and that the investee reports $150,000 of net income. How much equity income will the investor report for the following year?
Answer:
a.34,020
b.314,020
c.42,600
Explanation:
The equity method is applied when a company's ownership interest in another company is valued at 20–50% of the stock in the investee. The equity method requires the investing company to record the investee's profits or losses in proportion to the percentage of ownership
DATA
Net Income = $105,000
Investor's share = 30%
Inventory unsold = 20%
Gross profit = $42,000
Dividends = $20,000
Requirement 1
Equity to be reported = (investor's share of net income) − (Share of unrealized profit on inventory at the end)
Equity to be reported = ($105,000 × 30%) − ($42,000 × 20% × 30%)
Equity to be reported = $31,500 + $2,520
Equity to be reported = $34,020
Requirement 3
Equity investment at end of year = (Equity investment at the beginning of the year) + (Investor's share of net income) − (Dividendsdeclared)
Equity investment at end of year = $300,000 + $34,020 − $20,000
Equity investment at end of year =$314,020
Requirement 2
Equity to be reported = (Investor′ s share of net income) -(Share of unrealized profit on inventory at the year end)
Equity to be reported =($150,000×30%)−($40,000×20%×30%)
Equity to be reported =$45,000−$2,400
Equity to be reported =$42,600
you have tickets to the 49ers game on Sunday and you have an invitation to a friends party. You cannot go to Bulls. You choose to go to the party. What is the opportunity cost? What is the risk and your decision?
It depends on the day of the party
It depends on the day of the party or wasted money generally on the tickets.
What is Opportunity cost?Opportunity cost is the worth of what you lose while picking either at least two choices.
At the point when you choose, you feel that your decision will have improved results for you paying little heed to what you lose by making it. As a financial backer, opportunity cost implies that your venture decisions will constantly have quick and future misfortunes or gains.
Opportunity cost is the misfortune you take to make an increase, or the deficiency of one increase for another increase. Consider, for instance, the decision between whether to sell stock offers now or clutch them to sell later. Opportunity cost is the benefit lost when one option is chosen over another.
The idea is valuable essentially as a suggestion to inspect all sensible options prior to pursuing a choice. For instance, you have $1,000,000 and decide to put it in a product offering that will create an arrival of 5%.
While the facts confirm that a financial backer could get any quick acquires they could have by selling right away, they miss out on any additions the venture could get them what's in store.
Therefore merely it depends upon the day of the party.
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What technological superiority a major factor in the conquest of the Americas?
Answer: superior military technology
Explanation:
Superior military technology was a major factor in the conquest of the Americans. The Spaniard's horses and cannons got their soldiers afraid while the armor and the metal helmets the Spanish had protected them from arrows and spears.
The discontent and the division in the other party also helped the Spanish. The Spanish also seemed immune to certain diseases, which gave them the impression that their gods was more powerful.
Does Svensons find a refrigerator value that $2300 on sale for $1900 they decided to withdraw $500 from savings to use as a down payment on the purchase of a refrigerator and took out a loan to pay the balance choose the true statement
A.The Svensons Assets increased by $1400
B.The Svensons Assets increased by $1800
C.The SvensonsI said to increase by $1900
D.The Svensons assets increased by $2300
Answer:
B.The Svensons Assets increased by $1800
Explanation:
The Svensons assets increased by $1,800 because even if they purchased the refrigerator for $1,900, the market value of the refrigerator is $2,300, so their assets initially increase by this amount.
However, they also withdraw $500 from their savings to pay for the refrigerator, meaning that this asset account is reduced by the same amount.
Thus, an initial increase of $2,300 minus a later decrease of $500 gives us a final $1,800 increase.
Which of the following Lean principles reflects the ability of a customer to move through a process? a) Value b) Flow c) Pull d) Perfection
Answer:
The correct answer is A) Customer Value
Explanation:
Value is always defined by the paradigm of the Customer.
It starts with the end product in mind then works back to how the product can be achieved, each time modifying the process until all waste is eliminated.
Everything along the production or manufacturing chain that does not contribute to the end-value expected by the customer is eliminated.
Cheers!
Managers are trying to decide on which variables to use in segmenting and selecting a target audience for marketing communications about 5-Hour Energy-a potent energy drink. Which of the following variables are classified incorrectly as demographic or psychographic bases of market segmentation?
A. Individuals with an active lifestyle = psychographic.
B. Consumers living on the West Coast with high household incomes = demographic.
C. Senior citizens (65 years and older) = psychographic.
D. Long-haul truck drivers and college students = demographic.
Answer: Senior citizens (65 years and older) = psychographic.
Explanation:
Psychographic segmentation is simply segmentation that is based on the psychological characteristics of the consumer such as lifestyles, personality, social class etc while Demographics is the study based on factors like sex, age, and race.
Base on the above explanation, "Senior citizens (65 years and older) = psychographic" is the answer. It should be noted that this is demographic related and not psychological.
From the following list of steps in the accounting cycle, identify what two steps are missing:
a. Transactions are analyzed and recorded in the journal. b. Transactions are posted to the ledger. c. An unadjusted trial balance is prepared. d. An optional end-of-period spreadsheet is prepared. e. Adjusting entries are journalized and posted to the ledger. f. An adjusted trial balance is prepared. g. Financial statements are prepared. h. A post-closing trial balance is prepared.
Answer:
d. Adjustment data are assembled and analyzed.
h. Closing entries are journalized and posted to the ledger.
Explanation:
The fourth step is missing which is to adjust the data. After the unadjusted trial balance is prepared, if the debit side and the credit side do not match, the data will need to be adjusted and that is what this step is for.
The penultimate step is also missing being the journalizing of the closing entries and posting them to the ledger. This is done to close out the accounts for the year and bring all accounts except permanent ones to zero.
Classify each cost as (a) either variable or fixed, and (b) either direct or indirect by selecting the appropriate dropdowns. Consider the cost object to be a flight. Flight attendants and pilots are paid based on hours of flight time.Cost Variable or Fixed Direct or Indirect 1. Maintenance on airplanes 2. Beverages served on planes 3. Insurance premium on airplanes 4. Regional vice president salary 5. Airport landing fee (per flight) 6. Fuel used in planes 7. Luggage handler wages 8. Depreciation (straight-line) on ground equipment
Answer:
1) Variable and direct cost
2) Variable and indirect cost
3) Variable and direct cost
4) Fixed and direct cost
5) Variable and direct cost
6) Variable and direct cost
7) Fixed and direct cost
8) Variable and direct cost
Explanation:
On the one hand, the costs known as variable are the ones whose amount changes with the variation of the production and therefore that this costs never the same because it will depend directly on the production. Meanwhile, the fixed costs are the opposite, they do not depend on the production and will always be the same amount, no matter how much the production increases or decreases.
On the other hand, the direct costs are the ones that are directly related to the cost object that is being analized and therefore that this costs are absolutely necessary to pay in order to keep the production of the good. Meanwhile, the indirect costs are the ones that can not be stricly related to the cost object and therefore that sometimes it is not clear how much of them are needed to be attributed to the product.
Can an internal diversity program support an organization’s overall mission and vision? How?
Answer and Explanation:
An internal diversity program support focused on the overall mission and the vision by balancing the diversity in the organization. Also it provides the opportunities for employees so that the organization could be succeeded
It creates an awareness for inclusion area and the intercultural management
By this way it supports overall mission and vision
Manufacturing overhead $ 364,000 $ 416,000 $ 93,600 $ 873,600 Direct labor $ 208,000 $ 104,000 $ 312,000 $ 624,000 Jobs require varying amounts of work in the three departments. The Koopers job, for example, would have required manufacturing costs in the three departments as follows: Department Fabricating Machining Assembly Total Plant Direct materials $ 3,800 $ 400 $ 2,200 $ 6,400 Direct labor $ 4,400 $ 700 $ 7,000 $ 12,100 Manufacturing overhead ? ? ? ?
Answer:
manufacturing overhead is allocated based on direct labor:
fabricating machining assembling total
Direct labor $208,000 $104,000 $312,000 $624,000
Man. overhead $364,000 $416,000 $93,600 $873,600
overhead rate 1.75 4 0.30 1.4
Koopers job: using departmental overhead rates
fabricating machining assembling total
Direct materials $3,800 $400 $2,200 $6,400
Direct labor $4,400 $700 $7,000 $12,100
overhead rate 1.75 4 0.30
Man. overhead $7,700 $2,800 $2,100 $12,600
total cost $15,900 $3,900 $11,300 $31,100
bid price (150% of total manufacturing cost) = $46,650
Koopers job: using plantwide overhead rate
fabricating machining assembling total
Direct materials $3,800 $400 $2,200 $6,400
Direct labor $4,400 $700 $7,000 $12,100
overhead rate 1.4
Man. overhead $16,940
total cost $35,440
bid price (150% of total manufacturing cost) = $53,160
Tony’s business has been struggling for a while his marketing strategy has not worked with the consumers his business has reached the stage words market value is an all time low Tony plans to sell his business Gavin an entrepreneur has been interested in buying Tony’s business for a while currently Gavin is in an ideal position to buy Tony’s business because it is ___ (fill in the blank)
Answer:
selling
Explanation:
expalin Robbin's defination of economics
Answer:
In his landmark essay on the nature of economics, Lionel Robbins defined economics as. “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”
Explanation:
I hope this helps!
Collins Company had the following cost data available. The Collins accountant believes that direct labor hours is the correct cost driver to use to predict and manage these costs.$100,000; 15,000 direct labor hours for January$80,000; 12,000 direct labor hours for February$90,000; 14,000 direct labor hours for March$75,000; 11,000 direct labor hours for April$85,000; 12,500 direct labor hours for May$70,000; 10,000 direct labor hours for JuneUse the high-low method to compute the total amount of monthly fixed costs for Collins Company.
a) $10,000b) $0c) $15,000d) $90,000e) $60,000f) $30,000
Answer:
a) $10,000
Explanation:
The computation of the fixed cost by using high low method is shown below:
Before that first we have to determine the variable cost per direct labor hours which is shown below:
Variable cost per hour = (High Operating cost - low operating cost) ÷ (High labor hours - low labor hours)
= ($100,000 - $70,000) ÷ (15,000 hours - 10,000 hours)
= $30,000 ÷ 5,000 hours
= $6
Now the fixed cost equal to
= High operating cost - (High labor hours × Variable cost per hour)
= $100,000 - (15,000 hours × $6)
= $100,000 - $90,000
= $10,000
hence, the correct option is a . $10,000
Software Riverside Company issued long-term debt of 410 paid dividends of 20 and issued capital stock of 100. Cash flow from financing activities was:_____.a. 410.b. 420.c. 430.d. 440.
Answer:
Cash flow from from financing activities = $490
Explanation:
The cash flow from financing activities includes that entails any or a combination of the following; issuance and redemption of stocks , issuance and redemption of debts and payment of interest and/or dividend, and receipt of dividend and or interest.
Cash flow $
issue of long term debt 410
Cash dividend paid (20)
Capital stock issued 100
Net cash from financing activ. 490
Cash flow from from financing activities = $490
Operating Activity Investing Activity Financing Activity A pharmaceutical company buys marketing rights to sell a drug exclusively in East Asian markets. A company records a decrease in its total raw materials inventory from the previous year. Yum Co. uses cash to repurchase 10% of its common stock Fitzi Chemical Co. carns revenue from its cash receipts from royalties. Len Corp. reported net sales of $300 million last year and generated a net income of $66.00 million. Last year's accounts receivable increased by $29 million. What is the maximum amount of cash that Len Corp. received from sales last year? a. $203.25 million b. $271.00 million c. $95.00 million d. $135.50 million
Answer:
b. $271.00 million
Explanation:
Cash received = Net sales - Increase in accounts receivable
Cash received = $300 million - $29 million
Cash received = $271 million
Hence, the maximum amount of cash that Len Corp. received from sales last year is $271 million
Cynthia, requested a two-week leave from her employer to go on a religious pilgrimage. The pilgrimage was not a requirement of her religion, but Cynthia felt it was a °calling from God." Will it violate Title VII if Cynthia's employer does not grant her the leave? Explain. (Tiano V. Dillard Department Mores, Inc, 1998 WL 117864 (9th Cir. 1998)).
Answer: No. It does not violate Title VII if Cynthia's employer does not grant her the leave.
Explanation:
From the question, we are informed that Cynthia, requested a two-week leave from her employer to go on a religious pilgrimage and that the pilgrimage was not a requirement of her religion, but Cynthia felt it was a calling from God.
Based on the scenario, Title VII is not violated if Cynthia's employer does not grant her the leave. According to the court, when an employee says that based on his or her religious belief, he or she is required to go to a pilgrimage, the person has to prove beyond reasonable doubt.
In this case, her church which is the Roman Catholic didn't call for a pilgrimage as it was her personal choice. Therefore, Title VII is not violated if Cynthia's employer does not grant her the leave.
What jobs would require a point count sample on soil particles?
Answer:
The soil particles sank in the water as it is heavier. It is different from the soil and sand as the lighter particles of the sand are suspended. Soil in the soil bottle looks grainy.
Explanation:
The soil in the soil bottle is just particles of soil whereas that in the soil and sand bottle is a mixture of the soil and sand. The particles at the bottom are the particles with the largest grain size and the heaviest among the soil and sand particles.
Explanation:
Free cash flow and financial statements The primary objective of the corporate management team is to maximize shareholder wealth. The company's board of directors and the shareholders evaluate and review managerial actions based on the growth in the value of the firm.Based on your understanding of what determines a firm's value, review the following: What does the value of a firm depend on? A. The ability to generate cash flow that is available to distribute to the company's investors, including creditors and stockholders.B. The ability to generate cash flow that is available to distribute to the company's stockholders only. Which of the options is most accurate? 1. Option A.2. Option B.When determining the value of a firm, which of the following statements is true? A. Investors are risk neutral. Other things being equal, they prefer to pay more for stocks that are less risky and have uncertain cash flows.B. Investors love risk. other things being equal, they prefer to pay more for stocks that are riskier and have uncertain cash flows. C. Investors are risk averse. other things being equal, they prefer to pay more for stocks that are less risky and that have relatively more certain cash flows than other stocks. Managers strive to increase the value of a firm. An increase in the intrinsic value of the firm's stocks is a good measure of the increase in the value of the firm. Intrinsic value of a firm's stock price is determined by calculating the present values of its free cash flows (FCF) discounted at a rate called the weighted average cost of capital (WACC). Tyler is a team member in Corporate Finance at a digital-content production company. He is required to forecast the free cash flows that the company will be able to generate in the next three years. Tyler takes into account only the following equation in his calculation: FCF = Sales Revenues - Operating Costs - Operating Taxes Will his calculation be an appropriate estimate of the FCF? A. Yes.B. No.Why or why not? A. Because his calculation fails to include the increase in the working capital required to grow sales.B. Because his calculation fails to recognize the increase in sales revenues.C. Because his calculation fails to include the value of the debt that the firm carries on its balance sheet.D. Because his calculation fails to include the costs of the firm's interest and dividend payments.
Complete Question
The complete question is shown on the first uploaded image
Answer:
The correct option for first question is A
The correct option for second question is B
Explanation:
The correct option is A because the value of a firm depends on its ability to generate cash flow that is available to distribute to the company's investors, including creditors and stockholders.
For the second part the answer is B
This because a financial asset will have value only if it can generate future positive cash flows.
Also when valuating the cost at which the asset is acquired is not relevant
The consumer price index measures: ____________.a. The prices of a fixed basket of goods and services in the United States b. The prices of goods and services in Bolivia c. The average change in prices of a fixed basket of goods and services of urban consumers d. The change in prices of a fixed basket of goods and services around the world
Answer:
c. The average change in prices of a fixed basket of goods and services of urban consumers
Explanation:
It is a measure of the average change over time in the price paid by urban households for a set of consumer goods and services. It reflects the spending patterns of each of two population groups: all-urban consumers and urban wage earners and clerical workers, which include professionals, the self-employed, the unemployed, and poor persons.
Suppose that an investor with a 5-year investment horizon is considering purchasing a 7-year 9% coupon bond selling at par. The investor expects that he can reinvest the coupon payments at an annual interest rate of 9.4% and that at the end of the investment horizon 2-year bonds will be selling to offer a yield to maturity of 11.2%. What is the total return for this bond
Answer:
50.34%
Explanation:
initial investment = $1,000 (bond purchased at par value)
annual coupon = $1,000 x 9% = $90
period cash flow
year 0 -$1,000
year 1 $90
year 2 $90 + ($90 x 0.094) = $98.46
year 3 $90 + ($188.46 x 0.094) = $107.71524
year 4 $90 + ($296.17524 x 0.094) = $117.84
year 5 $90 + ($414.02 x 0.094) = $128.92
at the end of year 5, the investor will have $542.94, plus he/she will still own the bond
the price of the bond at year 5 will be:
0.112 = {90 + [(1,000 - MV)/2]} / [(1,000 + MV)/2]
0.112 x [(1,000 + MV)/2] = 90 + [(1,000 - MV)/2]
0.112 x (500 + 0.5MV) = 90 + 500 - 0.5MV
56 + 0.056MV = 590 - 0.5MV
0.556MV = 534
MV = 534 / 0.556 = $960.43
the investor's total return = [($542.94 + $960.43) / $1,000] - 1 = ($1,503.37 / $1,000) - 1 = 0.50337 x 100 = 50.34%
Determine whether each characteristic describes a general partnership (GP), limited liability company (LLC), both, or neither.A. Must pay a business (corporate) income tax.B. When the business cannot pay its debts, creditors can take the owners' personal assets. C. All owners can have management duties. D. The owners are often referred to as members. E. Ownership is split among two types of owners: general and limited partners. F. Owners have limited liability.
Answer and Explanation:
The categorization is shown below:
a. Neither should be selected as partnership and LLC are through entities and for the income tax is calculated on personal income tax
b. General partnership as it contains the unlimited liabilities
c. LLC as it contains the equal status in this type of business organization.
d,. LLC as it is standardized according to the organization articles
e. Neither should be selected as general and limited should be come under the limited partnership
f. LLC should be selected as in this, owners have the limited liability
The actual production of Lululemon's high-quality clothing for yoga and related sports activities using the very best technical fabrics is an example of:___________
Answer:
d. Strategy implementation
Explanation:
Since in the question it is mentioned that the actual production of great quality clothing for the yoga and the sports activities that are related with the yoga should using the best fabrics so here it is an example of strategy implementation as the strategy is implemented to provide the high quality clothing for the yoga purpose
Hence, the correct option is d.
What are the differences among the four levels of managers in the organizational pyramid?
Answer:
The four levels of managers are:
entry level managers, e.g. supervisorslow level managers, e.g. store managersmiddle level managers, e.g. division managerupper level managers, e.g. CEO, CFO, COOThe higher the position on the organizational pyramid, the tasks and responsibilities also differ. Entry level managers generally supervise the tasks of entry level workers, e.g. sales clerks.
Low level managers generally have both supervisory and general management functions, e.g. a store manager must make sure that everyone does their job properly, but also must make administrative decisions like hiring, overseeing inventory, etc.
Middle level managers are generally functional managers, meaning that they are in charge of a certain area within the organization, e.g. human resources, finances, marketing, etc.
Upper level managers are responsible for developing the organization's strategies and long term goals, their focus should always be on the big picture and the future of the organization, not just one part of it.
On February 1, 2020, Aggie Corporation sold its investment in Smith Corporation bonds for $12,500. The bonds have a face value of $12,000 and a stated interest rate of 10%. The market value of the bonds on December 31, 2019 was $12,300.Required: Prepare the journal entries to record the sale of the bonds and the adjustments of the unrealized gain or loss
Answer:
Journal Entries
Date Account Titles and Explanation Debit Credit
Feb. 1 Cash $12,500
Bonds $12,300
Gain on sale of bonds $200
(Being bond issued at premium)
Feb. 1 Unrealized Gain $300
Income Summary $300
(Being unrealized gain transferred)
Notes:
1) The Unrealized gain will be transferred to income statement at the time of sale. $300 ($12,300 - $12,000)
2) It is assumed that interest receivable for January month is included while calculating the selling price of bonds, hence no need to consider again.
Selected transactions for Sophie's Dog Care are as follows during the month of March:March 1: Paid monthly rent of $1,270.3: Performed services for $150 on account.5: Performed services for cash of $80.8: Purchased equipment for $635. The company paid cash of $85 and the balance was on account.12: Received cash from customers billed on March 3.14: Paid wages to employees of $555.22: Paid utilities of $76.24: Borrowed $1,590 from Grafton State Bank by signing a note.27: Paid $230 to repair service for plumbing repairs.28: Paid balance amount owed from equipment purchase on March 8.30: Paid $1,910 for six months of insurance.Journalize the transactions.
Answer:
See answers and explanation below.
Explanation:
The journal entries will look as follows:
Date Account Title Dr ($) Cr ($)
March 1 Rent expenses 1,270
Cash 1,270
(To record payment of monthly rent.)
March 3 Accounts receivable 150
Service revenue 150
(To record services performed on account.)
March 5 Cash 80
Service revenue 80
(To record services performed for cash.)
March 8 Equipment 635
Cash 85
Acct payable - Equip. (w.1) 550
(To record purchase of equipment.)
March 12 Cash 150
Accounts receivable 150
(To record cash from customers billed on March 3.)
March 14 Wages expenses 555
Cash 555
(To record payment of monthly rent.)
March 22 Utilities expenses 76
Cash 76
(To record payment for utilities.)
March 24 Cash 1,590
Note payable 1,590
(To record borrowing from Grafton State Bank.)
March 27 Plumbing repair exp. 230
Cash 230
(To record payment for Plumbing repair.)
March 27 Acct payable - Equip. (w.1) 550
Cash 550
(To record balance paid for equipt purchased on March 8.)
March 30 Insurance expenses (w.2) 318.33
Insurance prepaid (w.3) 1,591.67
Cash 1,910
(To record payment for six months insurance.)
Workings:
w.1: Account payable - Equipment = Equipment cost - Cash paid = $635 - $85 = $550
w.2: Insurance expenses for March = Cash paid / 6 months = $1,910 / 6 = $318.33
w.3: Insurance prepaid = Cash paid - Insurance expenses for March = $1,910 - $318.33 = $1,591.67
Date Account Title Dr ($) Cr ($)
March 1 Rent expenses 1,270
Cash 1,270
(To record payment of monthly rent.)
March 3 Accounts receivable 150
Service revenue 150
(To record services performed on account.)
March 5 Cash 80
Service revenue 80
(To record services performed for cash.)
March 8 Equipment 635
Cash 85
Acct payable - Equip. (w.1) 550
(To record purchase of equipment.)
March 12 Cash 150
Accounts receivable 150
(To record cash from customers billed on March 3.)
March 14 Wages expenses 555
Cash 555
(To record payment of monthly rent.)
March 22 Utilities expenses 76
Cash 76
(To record payment for utilities.)
March 24 Cash 1,590
Note payable 1,590
(To record borrowing from Grafton State Bank.)
March 27 Plumbing repair exp. 230
Cash 230
(To record payment for Plumbing repair.)
March 27 Acct payable - Equip. (w.1) 550
Cash 550
(To record balance paid for equipt purchased on March 8.)
March 30 Insurance expenses (w.2) 318.33
Insurance prepaid (w.3) 1,591.67
Cash 1,910
(To record payment for six months insurance.)
Workings:
1
Account payable - Equipment = Equipment cost - Cash paid
= $635 - $85 = $550
2.
Insurance expenses for March
= Cash paid ÷ 6 months
= $1,910 ÷ 6
= $318.33
3: Insurance prepaid
= Cash paid - Insurance expenses for March
= $1,910 - $318.33
= $1,591.67
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______ The term "under color of state law" refers to:
A) the act of religious institutions and associations discriminating against individuals when performing their activities.
B) the revisions made by states to their pre–Civil War "Slave Codes."
C) a private employer discriminating employees based on their national origin or color.
D) a government employee illegally discriminating against another during performance of his or her official duties.
Answer:
D) a government employee illegally discriminating against another during performance of his or her official duties.
Explanation:
The term, under the colour of state law is used to show the situation whereby an individual claims that his or her actions are legitimized as a result of his role as a governmental agent. This is done when those actions are illegal. For example, denying a person a car lincense just because, the person happens to be of different skin colour.
Partial adjusted trial balance for Pina Colada Corp. at December 31, 2017, includes the following accounts: Retained Earnings $16,700, Dividends $4,700, Service Revenue $36,300, Salaries and Wages Expense $15,000, Insurance Expense $1,980, Rent Expense $4,000, Supplies Expense $1,590, and Depreciation Expense $900. The balance in Retained Earnings is the balance as of January 1.
Prepare a retained earnings statement for the year assuming net income is $10,400. (List items that increase retained earnings first.)
PINA COLADA CORP
Retained Eanings Statement
For the Year Ended December 31, 2017
Retained Earnings, January 1 16,700
Add 10,400
Net Income/ (Loss)
27,100
Less 4,700
Dividends
Retained Earnings, December 31 $22,400
Answer and Explanation:
The presentation of the retained earnings statement for the year is presented below:
Pina Colada Corp
Retained Earnings Statement
For the year Ended December 31, 2017
Retained Earnings, as on January 1 $16,700
Add: Net Income $10,400
Less: Dividend paid -$4,700
Retained Earnings, as on December 31 $22,400