Use the following information to prepare the September cash budget for PTO Co. The following information relates to expected cash receipts and cash payments for the month ended September 30.Beginning cash balance, September 1, $40,000.Budgeted cash receipts from sales in September, $255,000.Raw materials are purchased on account. Purchase amounts are August (actual), $80,000; and September (budgeted), $110,000. Payments for direct materials are made as follows: 65% in the month of purchase and 35% in the month following purchase.Budgeted cash payments for direct labor in September, $40,000.Budgeted depreciation expense for September, $4,000.Other cash expenses budgeted for September, $60,000.Accrued income taxes payable in September, $10,000.Bank loan interest payable in September, $1,000.

Answers

Answer 1

Answer and Explanation:

According to the scenario, the presentation of the September cash budget is presented below:

                        September Cash Budget for PTO Co.

Particulars                                                                   Amount ($)

Opening cash balance                                                  40,000

Add - Cash receipts                                                225,000

Total cash receipts                                                      265,000

Less - Cash paid for raw material in august (80,000 × 35%) -28,000

Less - Cash paid for raw material in September (110,000 × 65%) -71,500

Less - Direct labor                                                                      -40,000

Less - Cash expenses                                                             -60,000

Less - Income tax paid                                                              -10,000

Less-  Bank interest                                                              -1,000

Ending cash balance                                                             54,500

We simply added the cash receipts as it increased the cash balance and deduct all cash payments as it decreased the cash balance

           


Related Questions

Dmitri and Frances Cuttner live in Swarthmore, PA. Frances's father, Jake, lives in Sweden.
For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M).
Transaction CIGXM
Dmitri's employer upgrades all of its computer systems
using U.S.-made parts.
Frances gets a new refrigerator made in the United States.
Dmitri buys a bottle of Italian wine.
The state of Pennsylvania repaves highway PA 320, which
goes through the center of Swarthmore.
Frances's father in Sweden orders a bottle of Vermont
maple syrup from the producer's website.

Answers

Answer and Explanation:

As we know that

Gross domestic product =  Consumption + Investment + Government purchase + Net exports

where,  

Net exports = Exports - imports

It is the finailzed value of all goods and services that are produced and consumed within the boundary

These are the 5 parts of the gross domestic product. by this we can easily calculate the gross domestic product

Based on the above, the classifications are as follows

Dmitri's employer upgrades all of its computer systems  using U.S.-made parts.  = Investment as it upgrades all the computer system

Frances gets a new refrigerator made in the United States.  = Consumption. As the new refrigerator consume accrodinhg to the need

Dmitri buys a bottle of Italian wine.  = Import and consumption. It is an import plus consumption first it is purchased and then after purchasing it is consumed

The state of Pennsylvania repaves highway PA 320, which  goes through the center of Swarthmore.  = Government purchase as it is for the benefit of the general public

Frances's father in Sweden orders a bottle of Vermont  maple syrup from the producer's website. = export as it is for the third party so the same come under the export

An employee of JHT Holdings, Inc., a trucking company, was responsible for resolving roadway accident claims under $25,000. The employee created fake accident claims and wrote settlement checks of between $5,000 and $25,000 to friends or acquaintances acting as phony "victims." One friend recruited subordinates at his place of work to cash some of the checks. Beyond this, the JHT employee also recruited lawyers, whom he paid to represent both the trucking company and the fake victims in the bogus accident settlements. When the lawyers cashed the checks, they allegedly split the money with the corrupt JHT employee. This fraud went undetected for two years.Answer the following True or False questions concerning the fraud.1. Frauds that are perpetrated with multiple parties in different positions of control make detecting fraud more difficult.2. Claims should be authorized and verified before payment is made.3. The employee made sure each claim had a phony "victim."4. Corrupt lawyers were brought into the fraud to act as attorneys for the claimants.

Answers

Answer:

1) true

2) False

3) True

4) True

Explanation:

When multiple parties collaborate to make a fraud successful, it is extremely difficult to detect and prove the fraud.

Claims were authorized and verified. Each individual's background can't be verified in depth.

The employee made sure each claim had a phony victim to verify claims

Only corrupt lawyers would let this fraud be undetected. Lawyers while questionning are able to find out the truthfulness in the claim.

a company had no office supplies available at the beginning of the year. during the year, the company purchased $370 worth of office supplies. on december 31, $125 worth of office supplies remained. how much should the company report as office supplies expense for the year

Answers

Answer: $245

Supplies expense = Supplies purchased during the period - Ending balance of supplies on hand

= 370-125
= $ 245

A company had no office supplies available at the beginning of the year. during the year, the company purchased $370 worth of office supplies. on december 31, $125 worth of office supplies remained. The company report  $245 as office supplies expense for the year.

What do you mean by Company?

A company is a legal body created by a group of people to conduct and manage a business enterprise, whether it be commercial or industrial. Depending on the corporate legislation of its jurisdiction, a corporation may be set up in a variety of ways for tax and financial liability reasons.

Supplies expense = Supplies purchased during the period - Ending balance of supplies on hand

Supplies expense = 370-125

Supplies expense = $ 245

Therefore, $245 is reported by the company as office supplies expense for the year.

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A company borrowed $500,000 cash from a bank and used it to purchase $500,000 of new manufacturing equipment.Which of the following items would be increased by the bank loan and equipment purchase transactions?
1) Total Liabilities
2) Cash from Financing
3) Cash from Investing
4) Equipment
5) Depreciation

Answers

Answer: Cash from financing

Explanation: Hope this helps

Northwest Catering owns and operates several restaurant services in Oregon, Washington, and Idaho. One restaurant chain has experienced sharply declining profits. The company's management has decided to test the operational assets for possible impairment. The relevant information for these assets is presented:Book value $4.3 millionEstimated total future cash flows 5.4 millionFair value 3.0 million. Determine the amount of the impairment loss, if any.

Answers

Answer:

1.3 million  Impaired asset is the determined amount

Explanation:

Asset impaired as the estimated fair value cash flows is lower than book value

Impairment loss = Fair value - Book value  

= 3.0 million - 4.3 million

= 1.3 million Impaired asset

An impaired asset is an asset that has a market value less than the value which was disclosed on the organisation balance sheet. When an asset is said to be impaired, it will need to be written down on the company's balance sheet to its current market value.

During 2016, the Tastee Partnership reported income before guaranteed payments of $92,000. Stella owns a 90% profits interest and works 1,600 hours per year in the business. Euclid owns a 10% profits interest and performs no services for the partnership during the year. For services performed in 2016, Stella receives a "salary" of $6,000 per month. Euclid withdrew $10,000 from the partnership during the year.

If required, round your answers to the nearest dollar.

a. What is the amount of guaranteed payments made by the partnership during 2016?

b. How much is the partnership’s ordinary income after any deduction for guaranteed payments?

c. For 2016, how much income will Stella and Euclid report?

Stella: $___________

Euclid: $___________

Expert Answer

Answers

Answer: a. $72,000

b) $20,000

c) Stella $90,000

Euclid $2,000

Explanation:

a) The guaranteed payments in this scenario will be the salary that Stella receives per month. Stella is said to receive $6,000 per month.

The period is determined to be a year so she received $6,000 per month for 12 months.

= 6,000 * 12

= $72,000

b) With an income of $92,000, the partnership made guaranteed payments to Stella to the tune of $72,000. The amount after the payment is,

= 92,000 - 72,000

= $20,000

c) The Income after the Payments is $20,000.

Stella is said to have 90% of that so she gets,

= 20,000 * 90%

= $18,000.

Adding that to the $72,000 she was paid,

= 72,000 + 18,000

= $90,000

Stella will report $90,000 as income.

Euclid with 10% of the profit sharing ratio will report,

= 10% * 20,000

= $2,000

Euclid will report $2,000 as Net Income.

The $10,000 withdrawn by Euclid is not considered income.

Ellen's tax client, Tom, is employed at a large company that offers health care flexible spending accounts to its employees. Tom must decide at the beginning of the year whether he wants to put as much as $2,700 of his salary into the health care flexible spending account. He expects that he will have to pay for at least $8,000 of medical expenses for his family during the year since his wife is seeing a psychiatrist every week and his daughter and son are both having their teeth straightened. Tom does not itemize deductions. Should Ellen recommend that Tom put the maximum in his medical flexible spending account, and if so, why?
Karen is a wealthy retired investment advisor who is in the 35 percent tax bracket. She has a choice between investing in a high-quality municipal bond paying 5 percent or a high-quality corporate bond paying 7 percent. Which investment do you think she will make and why?

Answers

Answer: 1. Yes he should

2. Municipal.

Explanation:

1. Tom seems to have a lot of medical expenses coming up and so he should set aside as much as he can to cover them.

Another reason he should is that contributions to this type of account are treated as tax deductible. This means that not only does he get to cover his medical expenses, they can also reduce the taxes that he pays for the year.

2. Municipal Bonds are tax exempt and so Karen stands to gain by investing in Municipal Bonds given her tax bracket.

With her tax bracket, the interest earned on the Corporate bond would be,

After tax interest earned = 7% ( 1 - 0.35)

= 4.55%.

This is less than the 5% she would receive from the high quality Municipal bond so she should invest in the Municipal Bond.

Two types of institutional purchasers exist: one type operates similarly to governments, in that the purchasing process is influenced, determined, or administered by government units. The other type of purchasers ____________.

Answers

Answer:

are organized more like corporations

Explanation:

These other institutional purchasers are non-government organizations that are more organized like corporations. They buy goods and services for the support of their internal operations. The function of institutions is to better their communities, not to essentially make a profit. Examples are churches, hospitals, and colleges.

Mountain View Resorts purchased equipment at the beginning of 2021 for $46,000. Residual value at the end of an estimated four- year service life is expected to be $6,100. The machine operated for 2,100 hours in the first year and the company expects the machine to operate for a total of 12,000 hours over its four-year life. Calculate depreciation expense for 2021, using each of the following depreciation methods: (1) straight-line, (2) double-declining- balance, and (3) activity-based. (Round your intermediate calculations to 2 decimal places.) Depreciation Expense Straight-line Double-declining-balance Activity-based

Answers

Answer:

(1) straight-line = $9,975

(2) double-declining- balance = $23,000

(3) activity-based = $6,982.50

Explanation:

purchase cost $46,000

useful life 4 years

residual value $6,100

total operating hours 12,000

(1) straight-line = ($46,000 - $6,100) / 4 years = $9,975 fo 2021

(2) double-declining- balance = 2 x ($46,000 / 4 years) = $23,000 fro 2021

(3) activity-based = 2,100 hours x [$46,000 - $6,100) / 12,000 hours] = 2,100 x $3.325 = $6,982.50

The double declining method is considered an accelerated depreciation method, that is why it is so high.

Suppose Big Bank offers an interest rate of 10.0​% on both savings and​ loans, and Bank Enn offers an interest rate of 10.5​% on both savings and loans. a. What profit opportunity is​ available? b. Which bank would experience a surge in the demand for​ loans? Which bank would receive a surge in​ deposits? c. What would you expect to happen to the interest rates the two banks are​ offering? a. What profit opportunity is​ available? A. Take a loan from Big Bank at 10.0​% and save the money in Bank Enn at 10.5​%. B. Take a loan from Bank Enn at 10.5​% and save the money in Big Bank at 10.0​%. C. Take a loan from Big Bank at 10.5​% and save the money in Big Bank at 10.0​%. D. Save at both banks.

Answers

Answer:

Option A. Take a loan from Big Bank at 10.0​% and save the money in Bank Enn at 10.5​%.

Explanation:

Take a loan from Big Bank and deposit in Bank Enn. This activity can lead to a profit of 0.5% on the amount.

Assuming you take a Loan of $3000 from Big Bank at 10% interest rate. Present cash in hand is $3000 and the interest to be paid will be 10% of $3000 which is  $300 every period.

If you deposit this amount with Bank Enn who pays an interest of 10.5%. You will receive $315 (10.5% of $3000) every period.

Doing this, you have a gain of $15 by the gap in the interest rates.

QUESTION 1
St Georges Company, manufactures industrial valves. It is engaged in interstate commerce and
has an annual cedi volume of sales of GH10,000,000. The company employs 1,000 people: 900
wage- and 100 salary-based employees. In 2009 the company paid a minimum wage of
GH¢7.25). For work over 40 hours a week (1.e, over 8 hours in any weekday), the company paid
one-half times the regular rate. The company also paid twice the regular rate for work on
weekends (Saturdays, Sundays) and holidays. Let us assume John Smith, an assembly-line
mechanic, worked the following hours during the week of January 23, 2009:
1) 40 regular time hours;
2) 8 overtime hours; and
3) 8 weekend-holiday hours.
Required
Calculate Smith's wage.​

Answers

Answer:

It dosent show a question.

An insurer wishes to compare the information given in an insurance application with previous insurance applications by the same applicant but for different companies. What organization can help the insurer accomplish this?

Answers

Answer:

The Medical Information Bureau

Explanation:

The Medical Information Bureau, established in 1902 has the responsibility of holding in their database, and crosschecking the past information records of applicants and determining if there are any errors or irregularities in documentation. They make this information available through a code so as to ensure the maintenance of privacy.

So, when an Insurer wants to crosscheck the information given in an insurance application, with previous insurance applications by the same applicant, the right place to go to would be the Medical Information Bureau, because they have the database.

The journal entry to record the cost of goods sold in process costing is a(n):______
a) decrease in assets and a decrease in liabilities
b) decrease in an asset and an increase in an expense
c) increase in assets and an increase in an expense
d) increase in assets and an increase in equity

Answers

Answer: b) decrease in an asset and an increase in an expense

Explanation:

In process costing when recording the Cost of Goods sold, goods are to be transferred from the finished goods account to the Costs of Goods sold account to signify that the goods are ready for sale.

In such a situation the account to be debited is the Cost of Goods Sold account. The Account to be credited is the Finished Goods account.

The Cost of Goods sold is an Expense Account and Expense accounts increase when debited so this will result in an increase in Expenses.

The Finished Goods account is an Asset account and asset accounts reduce when they are credited. This will therefore reduce the Assets in the firm.

On January 1, 2021, purchased $100,000 of Anand Company bonds at face value. The Anand bonds pay 6% coupon rate. On the purchase date, the market interest rate was 6% for bonds of similar risk and maturity. The bonds pay interest semiannually on June 30 and December 31 of each year. Rupar accounts for the bonds as a held-to-maturity investment, and uses the effective interest method. On June 30, 2021, Rupar would record a credit to interest revenue of:

Answers

Answer: $3,000

Explanation:

On June 30, 2021, Rupar would have held the bond for 6 months. The coupon rate is an annual figure and so must be translated to a semi annual figure.

To do that simy divide by 2.

= 6% /2

= 3%.

The bond is paid interest on at face value as well.

Therefore the interest on June 30 is,

= 100,000 * 3%

= $3,000

The seven criteria for describing a nation’s economy introduced can be combined in a number of different ways. For example, the United States can be characterized as follows:

Type of economy: advanced industrial state Type of government: democracy with a multiparty system.
Trade and capital flows: incomplete free trade and part of a trading bloc.
The commanding heights: mix of state and private ownership.
Services provided by the state and funded through taxes: pensions and education, but not health care
Institutions: transparency, standards, no corruption, a free press, and strong courts
Markets: free market system characterized by high-risk/high-reward entrepreneurial dynamism.

Required:
a. Use these seven criteria to develop a profile of one of the BRICS nations, or any other country that interests you.
b. What implications does this profile have for marketing opportunities in the country?

Answers

Answer:

A. BRICS is an acronym for for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.

For this study, i,ll work with China.

China:

Type of economy: advanced industrialType of government: Unitary one-party socialist republicTrade and capital flow: incomplete free trade and part of a trading blocThe commanding heights: mix of state and private ownershipServices provided through state and funded through taxes: Transportation, education, pension, but not healthcare.Institution: Non-transparency, highly corruption until recent death penalty for corruption, no protection of human right, no political freedom or freedom, a strong court.Markets: mixed market system characterized by high-risk/high-reward entrepreneurial dynamism

B. China's profile promises a good marketing opportunity so long as one goes in line with the nation's strict laws and business codes.

As a project manager for a large construction company, Kevin decided to make the performance appraisal process as painless as possible for his crew. He spent a considerable amount of time creating performance standards he felt were reasonable, and after six months’ time, he scheduled individual appointments with each worker to discuss strengths and weaknesses and areas that needed improvement according to the standards he privately set. Some employees were sent to vestibule training, and one even got a promotion with additional compensation. What did Kevin fail to do correctly? Provide a pleasant environment for the appraisal such as a restaurant setting. Dismiss at least 10% of the work crew. Communicate the performance standards to the employees so they know what is expected. Copy the HR department on all the results, within 24 hours of each appraisal

Answers

Answer:

Kevin failed to do this correctly:

Communicate the performance standards to the employees so they know what is expected.

Explanation:

Performance standards are the accepted levels of performance by an employee on the job.   They should be based on the position and tasks, and not the individual.  They should specify indicators of success for each skill within a competency map and illustrate “what a good job looks like”.

In setting performance standards and evaluating actual performance of subordinates against the set standards, it is a good practice to communicate the standards' requirements to those who will be evaluated on them.

The communication of performance standards enables the manager to obtain desired outcomes, improve employees' performances, and develop new skills, in the employees and herself.

March 1, 2014 Cardullo's purchased an order of German chocolate from a supplier for $250, but didn't pay cash for the order until March 31, 2014. How would you record this transaction at the time of the purch

Answers

Answer:

Dr Inventory Purchases $250

Cr Trade Payables              $250

Explanation:

At the time of the purchase, Inventory purchases which is an asset in nature has been increased and hence must be debited by $250 and similarly the Payable has been increased which is liability in nature and hence must be credited with $250. The entry would be as under:

Dr Inventory Purchases $250

Cr Trade Payables              $250

Northern Optical ordinarily sells the X-lens for $50. The variable production cost is $10, the fixed production cost is $18 per unit, and the variable selling cost is $1. A customer has requested a special order for 10,000 units of the X-lens to be imprinted with the customer’s logo. This special order would not involve any selling costs, but Northern Optical would have to purchase an imprinting machine for $60,000. What is the rock bottom minimum price below which Northern Optical should not go in its negotiations with the customer? *

Answers

Answer:

$34

Explanation:

The minimum price to accept for the special order is the one that takes into consideration the cost of buying imprinting machine at the cost of $60,000.

The minimum price would contain variable cost of $10,fixed production cost of $18 ,$0 variable selling cost but includes  $6 per unit of the imprinting machine cost i.e $60,000/10,000

The cost sums to be $34 i.e $10+$18+$0+$6.

The fixed cost per unit would also have been excluded if it was confirmed that the company has idle capacity

g Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $33,900 on a future date. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Assume the note indicates that Seneca is to pay Arctic the $33,900 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021. Assume the same facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021. Assume instead that Seneca is to pay Arctic the $33,900 due on the note on December 31, 2022. Prepare the journal entry for Arctic to record the sale on January 1, 2021. Assume instead that Arctic does not view the time value of money component of this arrangement to be significant, and that the note indicates that Seneca is to pay Arctic the $33,900 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021.

Answers

Answer:

Assume the note indicates that Seneca is to pay Arctic the $33,900 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021.

Dr Notes receivable 33,900

    Cr Sales revenue 31,389

    Cr Discount on notes receivable 2,511

Discount on notes receivable is a contra asset account that decreases the net amount of notes receivable.

Assume the same facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021.

Dr Cash 33,900

    Cr Notes receivable 31,389

    Cr Interest revenue 2,511

Assume instead that Seneca is to pay Arctic the $33,900 due on the note on December 31, 2022. Prepare the journal entry for Arctic to record the sale on January 1, 2021.

Dr Notes receivable 33,900

    Cr Sales revenue 29,064

    Cr Discount on notes receivable 4,836

Discount on notes receivable is a contra asset account that decreases the net amount of notes receivable.

Assume instead that Arctic does not view the time value of money component of this arrangement to be significant, and that the note indicates that Seneca is to pay Arctic the $33,900 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021.

Dr Notes receivable 33,900

    Cr Sales revenue 33,900

Explanation:

Non interest bearing notes must be recorded at present value, so we need to determine the present value of the payment:

Payment due December 21, 2021, PV = $33,900 / (1 + 8%) = $31,389

Payment due December 21, 2022, PV = $33,900 / (1 + 8%)² = $29,064

We use the discount on notes receivable account (contra asset account) to decrease the net value of notes receivable.

On December 31, 2020, Grand Company had $1,232,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 25,500 shares of its common stock for $48 per share, receiving $1,224,000 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $8,000 cash, are used to liquidate the $1,232,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021. Show how the $1,232,000 of short-term debt should be presented on the December 31, 2020, balance sheet. (Enter account name only and do not provide descriptive information.)

WileyPlus

Answers

Answer:

Current liabilities:

Notes payable   $8,000

Non-current/long-term liabilities:

Notes payable     $1,224,000

Explanation:

The actual amount of notes payable at 31st December is the difference between the short-term debt and the amount of cash realized from the issue of common stock whose proceeds are meant to be used in liquidating the short-term debt.

The actual amount of notes payable=$1,232,000-$1,224,000=$8,000

By issuing common stock of $1,224,000 to repay the short-term debt,the $1,224,000 is effectively converted to funding of long-term nature,hence classified as long-term liabilities

Types of Businesses a. Indicate whether each of the following companies is primarily a service, retail, or manufacturing business. If you are unfamiliar with the company, use the Internet to locate the company's home page or use the finance Web site of Yahoo. 1. Alcoa Inc. 2. Boeing 3. Caterpillar 4. Citigroup Inc. 5. CVS 6. Dow Chemical Company 7. eBay Inc. 8. FedEx 9. Ford Motor Company 10. Gap Inc. 11. H&R Block 12. Hilton Hospitality, Inc. 13. Procter & Gamble 14. SunTrust 15. Wal-mart Stores, Inc. b. For which of these businesses is the accounting equation relevant? Merchandise Manufacturing Service All of the above

Answers

Answer:

a) Indicating whether the companies are a service, retail, or manufacturing business.

1. Alcoa Inc. : Manufacturing Business

2. Boeing : Manufacturing Business

3. Caterpillar : Manufacturing Business

4. Citigroup Inc. : Service Business

5. CVS : Retail Business

6. Dow Chemical Company : Manufacturing Business

7. eBay Inc. : Service Business

8. FedEx : Service Business

9. Ford Motor Company : Manufacturing Business

10. Gap Inc. : Retail business

11. H&R Block : Service Business

12. Hilton Hospitality, Inc. : Service Business

13. Procter & Gamble : Manufacturing Business

14. SunTrust : Service Business

15. Wal-mart Stores, Inc. : Retail business

b) The accounting equation serves as a foundational block for the accounting system of all companies therefore it is relevant to all businesses.

Explanation:

The explanation is as follows:

a) Indicating whether the companies are a service, retail, or manufacturing business.

1. Alcoa Inc. : Manufacturing Business

2. Boeing : Manufacturing Business

3. Caterpillar : Manufacturing Business

4. Citigroup Inc. : Service Business

5. CVS : Retail Business

6. Dow Chemical Company : Manufacturing Business

7. eBay Inc. : Service Business

8. FedEx : Service Business

9. Ford Motor Company : Manufacturing Business

10. Gap Inc. : Retail business

11. H&R Block : Service Business

12. Hilton Hospitality, Inc. : Service Business

13. Procter & Gamble : Manufacturing Business

14. SunTrust : Service Business

15. Wal-mart Stores, Inc. : Retail business

b) The accounting equation should be for all companies therefore it is relevant to all businesses.

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Choose the most accurate statement concerning the workplace: If wages conform with the law, they are fair wages. Employers have no obligation to dismiss workers as painlessly as possible. An employer's financial capabilities affect what constitutes a fair wage scale for that employer's employees. All instances of nepotism raise serious moral concerns.

Answers

Answer:

An employer's financial capabilities affect what constitutes a fair wage scale for that employer's employees.

Explanation:

It is known by a lot of workers who are aquainted with their working ethics logs even if you’re not given a written contract, you are entitled to a written statement that contain your main employment terms. This basically gives you details of your:

*job title

*pay

*hours of work

*access to in work benefits such as sick pay and holiday entitlement.

That is why in the written statements above, it is noted that an employer's financial capabilities affect what constitutes a fair wage scale for that employer's employees. This is because, no matter your employment status, if you’re working, you are entitled to an employment contract.

These contracts at some points could be verbal agreements, though they have the same legal authority and can sometimes be hard to prove.

The most accurate statement concerning the workplace among the options provided is: An employer's financial capabilities affect what constitutes a fair wage scale for that employer's employees. Hence, option C is the correct answer.

This statement acknowledges that an employer's financial capabilities play a role in determining what can be considered a fair wage scale for their employees.

Different employers may have varying financial capacities, and they may need to take into account factors such as the industry, market conditions, and their own financial situation when setting wages. Fairness in wages is subjective and can be influenced by these factors.

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Enviro Company issues 8%, 10-year bonds with a par value of $250,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 87 ½. The straight-line method is used to allocate interest expense. 1. Using the implied selling price of 87 ½, what are the issuer's cash proceeds from issuance of these bonds? 2. What total amount of bond interest expense will be recognized over the life of these bonds? 3. What is the amount of bond interest expense recorded on the first interest payment date?

Answers

Answer: 1. $218750 ; 2. $231, 250 ; 3. $11562.50

Explanation:

1. The bonds with a par value of $250,000 and implied selling price of 87 ½.

Cash proceed = 250,000 × 87.5%

= $218,750

2. Since it's semiannual interest payments, the total amount of bond interest expense that will be recognized over the life of these bonds will be:

[20 × (250,000 × 8% × 6/12)]+ $250,000 - $218,750

= $200,000 + $250,000 - $218,750

= $231, 250

3. The amount of bond interest expense recorded on the first interest payment date will be:

= Total bond interest expense/number of payments

= $231,250/20

= $11562.50

1. The issuer cash proceed should be $218,750.

2. The total amount of bond interest expense is $231,250.

3 The amount of bond interest expense is $11,562.50.

The calculation is as follows:

1. Cash proceed = 250,000 × 87.5%

= $218,750

2. The total amount of bond interest expense is  

= [20 × (250,000 × 8% × 6/12)]+ $250,000 - $218,750

= $200,000 + $250,000 - $218,750

= $231, 250

3. The amount of bond interest expense is  

= Total bond interest expense ÷ number of payments

= $231,250 ÷ 20

= $11,562.50

Therefore we can conclude that

1. The issuer cash proceed should be $218,750.

2. The total amount of bond interest expense is $231,250.

3 The amount of bond interest expense is $11,562.50.

Learn more: brainly.com/question/13549064

You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashies, flopsicles, and cannies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of splishy splashies decreases by 1%, the quantity of flopsicles sold decreases by 18% and the quantity of cannies sold increases by 3%. Your job is to use the cross-price elasticity between splishy splashies and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the cross-price elasticity between splishy splashies and flopsicles, and then between splishy splashies and cannies. In the second column, determine if splishy splashies are a complement to or a substitute for each of the goods listed. Finally, complete the final column by indicating which good you should recommend marketing with splishy splashies.

Answers

Answer:Please refer to Explanation

Explanation:

Cross Price Elasticity of Demand is a very useful tool in Economics to ascertain if goods are compliments or Substitutes.

Cross Price Elasticity of Demand (CPSD) measures the change in demand in one good due to a change in price is the other good.

If the CPSD is negative then the goods are Compliments meaning that they are used together which is why when the price of one good goes down, the demand of the compliment goes up because more of the original good will be bought due to the lower price.

If the CPSD is Positive, it means that they are Substitutes and a Decrease in price in one good leads to a decrease in demand for the other good because people will demand less of it and switch to the former (now cheaper) good.

The formula is,

=  % change in Quantity Demanded of Product A /% change in Price of Product B

a. Splishy splashies and Flopsicles

CPSD = -18%/-1%

= 18%

The CPSD for both these products is 18% which is a positive figure. This means that they are Substitutes and should not be marketed together.

b. Splishy Splashies and Flopsicles

CPSD = 3%/-1%

= -3%

With the CPSD being a negative figure here, these goods are Compliments.

Splishy Splashies and Flopsicles should be Marketed together as they compliment each other.

Describe how to make an electronic payment

Answers

urn on eifiAnswer:

just t

Explanation:

Answer:

Each bank as similar ways when it comes to making an electronic payment. Once you are in your bank information on your phone or computer, you can set up a payment in the payments/bills section. You add the information to the bill you wish to pay and then you send the amount you want to pay ont he date you schedule it for

Explanation: Set up an account - register your details and follow the instructions.

Connect a bank card - enter your credit or debit card details.

Odeletta Corporation is considering an investment of $ 506 comma 000 in a land development project. The investment will yield cash inflows of $ 212 comma 000 per year for five years. The company uses a discount rate of​ 9%. What is the net present value of the​ investment? Present value of an ordinary annuity of​ $1: ​8% ​9% ​10% 1 0.926 0.917 0.909 2 1.783 1.759 1.736 3 2.577 2.531 2.487 4 3.312 3.24 3.17 5 3.993 3.89 3.791

Answers

Answer:

$318,680

Explanation:

initial investment ($506,000)

cash flow year 1 = $212,000

cash flow year 2 = $212,000

cash flow year 3 = $212,000

cash flow year 4 = $212,000

cash flow year 5 = $212,000

discount rate 9%

present value of an ordinary annuity for 5 years and 9% discount rate = 3.89

the net present value = (yearly cash flow x annuity value) - initial investment = ($212,000 x 3.89) -$506,000 = $824,680 - $506,000 = $318,680

The net present value of an investment equals the difference between the present value of the cash flows generated by the investment minus the initial cost of the investment.

Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. "The total manufacturing costs added during the period are _____________.

Answers

Answer:

debit factory wages payable $150,000 credit cash, $150,000

14) Ruben intends to sell his customers a special round-trip airline ticket package. He is able to purchase the package from the airline carrier for $170 each. The round-trip tickets will be sold for $200 each and the airline intends to reimburse Ruben for any unsold ticket packages. Fixed costs include $5,140 in advertising costs. For every $27,000 of ticket packages sold, operating income will increase by ________.

Answers

Answer:

$4,050

Explanation:

Ticket packages sold $27,000

×

Round-trip tickets $200 -Purchase the package $170 /Round-trip tickets $200

Hence:

$27,000×$30/$200

=$810,000/$200

Therefore the operating income will increase by $4,050

The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following: If sales for the current year were $753,500 and accounts receivable decreased by $48,400 during the year, what was the amount of cash received from customers

Answers

Answer:

The answer is $801,900

Explanation:

Cash received from customers is a line item under operating activities in the cash flow. It is the total amount of money collected from customers for the period.

Cash received from customers equals sales plus decrease in accounts receivable.

Sales = $753,500

Decrease in accounts receivable = $48,400.

Therefore, Cash received from customers = $753,500 + $48,400

$801,900

During 2021, its first year of operations, a company provides services on account of $256,000. By the end of 2021, cash collections on these accounts total $133,000. The company estimates that 11% of accounts receivable will be uncollectible. Record the adjustment for uncollectible accounts on December 31, 2021.

Answers

Answer:

The Record for the adjustment for uncollectible accounts on December 31, 2021 would be the following:

31/12/2021                                       Debit  Credit

Bad Debts Expense                  $   9,250.00  

Allowance for doubtful accounts              $  9,250.00

(To record bad debt expense)  

Explanation:

In order to Record the adjustment for uncollectible accounts on December 31, 2021 we would have to make the following calculation:

Bad Debts Expense=(services on account-cash collections)*11%

Bad Debts Expense=($256,000-$133,000)*11%

Bad Debts Expense=$13,5330

Therefore, the journal entry would be the following:

31/12/2021                                       Debit  Credit

Bad Debts Expense                  $   9,250.00  

Allowance for doubtful accounts              $  9,250.00

(To record bad debt expense)  

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