please explain and post so that half the answer isnt cut off! thank you!
Determining Cash Flows from (Used for) Operating Activities
Yeoman Inc. reported the following data:
Net income. $301,400
Depreciation expense. 58,700
Loss on disposal of equipment. 23,600
Increase in accounts receivable. 28,800
Increase in accounts payable. 11,000
Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows,
cash payments, decreases in cash, or any negative adjustments.
Yeoman Inc.
Statement of Cash Flows (partial)
Cash flows from (used for) operating activities:
Adjustments to reconcile net income to net cash flows from (used for) operating activities:
Changes in current operating assets and abilities:
fet cash flows from operating activities
Answers
Net income $301,400
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation expense 58,700
Loss on disposal of equipment 23,600
Increase in accounts receivable (28,800)
Increase in accounts payable 11,000
Net cash flows from operating activities $365,900
Explanation:
To calculate the cash flows from operating activities using the indirect method, adjustments are made to net income to convert it from an accrual basis to a cash basis. The adjustments include adding back non-cash expenses like depreciation and any losses, and subtracting changes in current operating assets and liabilities.
In this case, net income is $301,400, and depreciation expense is added back since it is a non-cash expense. The loss on disposal of equipment is also added back. There is an increase in accounts receivable, which means that the company received less cash than it earned in sales. Therefore, the increase in accounts receivable is subtracted from net income. There is an increase in accounts payable, which means that the company paid less cash than it incurred in expenses. Therefore, the increase in accounts payable is added to net income.
Finally, the total adjustments are added to net income to arrive at the net cash flows from operating activities, which is $365,900.
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Related Questions
2. Once someone is promoted to facility manager, the job becomes easier because the person has subordinates who can help them. Therefore, they do not need to spend as many hours at the facility. a. True b. false
Answers
The statement "Once someone is promoted to facility manager, the job becomes easier because the person has subordinates who can help them. Therefore, they do not need to spend as many hours at the facility" is false because the promotion to the position of facility manager often means that more responsibilities are entrusted to the person holding that position and the job becomes more challenging.
Facility management involves a wide range of responsibilities and duties that are essential for the smooth operation and maintenance of a facility.
Once someone is promoted to the position of facility manager, they become responsible for supervising the daily operations of the facility, coordinating with various teams, overseeing facility maintenance and repairs, ensuring compliance with safety and health standards, and managing the facility's budget and resources.
As such, the job of a facility manager can become more demanding after their promotion. Although subordinates may provide support, they do not take away the facility manager's responsibility for ensuring that all aspects of the facility's operation are running smoothly.
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Vendors provide restaurants with what?
OA
cooked items
OB.
raw materials
Oc.
furniture
OD.
menu recipes
Answers
Answer:
raw materials
Explanation:
Tracey would like to purchase a condo worth $450,000 with condo fees (includes utilities) of $400/mo. annual taxes of $1,800 and closing costs of $4,500. - She works as a Marketing Coordinator earning $90,000/4 gross income (net income $63,000) - Her current expenses include rent ($1,500/mo), food \& clothes ($500/mo), cell \& intranet ($100/cmR), gym membership ( $50mog), travellentertainment ( $200mo), miscellaneous ( $150/mo) - Assets include: a car ($10,000), RRSPs ($30,000), a savings account ($20,000) and a recent inheritance of $50,000 - Llablities include: a car loan ( $150/m
0
,$900 outstanding), a credt card with a $10,000 limit paid in full monthly. Based on the information above show your calculations for each of the following questions: A) Calculate Tracey's current monthly cash flow. Does she havc a cash flow surplus or shortfall? B) To help Tracey understand how much she will need for a down payment, a) determine 2 down payment options/amounts for Tracey (high ratio \& conventional), b) identily Tracey's source of funds for the down payment C) Calculate Tracey's monthly mortgage payment if she had a convensional mortgage on her new condo with a 5 -year term at a fixed rate of 5.35%, and a 25 year amortization D) Calculate Tracey's Gross Debt Service Ratio if she owned the condo E) Calculate Tracey's Total Debt Service Ratio if she owned the condo F) If Tracey had a good credit score do you think she would be approved for this montgage? Why? 120
Answers
Tracey's current monthly cash flow is $550, indicating a surplus. She has two down payment options: $22,500 for a high ratio mortgage and $90,000 for a conventional mortgage. Her sources of funds for the down payment include her savings account and recent inheritance. The monthly mortgage payment can be calculated using the provided formula. The GDS and TDS ratios can also be calculated to assess Tracey's ability to afford the condo. A good credit score would increase the likelihood of mortgage approval.
A) To calculate Tracey's current monthly cash flow, we need to subtract her expenses from her net income.
Net income: $63,000/12 = $5,250 per month
Expenses: Rent ($1,500) + Food & Clothes ($500) + Cell & Internet ($100) + Gym membership ($50) + Travel & Entertainment ($200) + Miscellaneous ($150) + Condo fees ($400) + Taxes ($1,800) = $4,700 per month
Cash flow: Net income - Expenses = $5,250 - $4,700 = $550 per month
Since Tracey's monthly cash flow is positive ($550), she has a cash flow surplus.
B) For the down payment on the condo, Tracey has two options: high ratio and conventional.
High ratio: A minimum down payment of 5% is required. 5% of $450,000 = $22,500
Conventional: A minimum down payment of 20% is required. 20% of $450,000 = $90,000
Tracey's sources of funds for the down payment include her savings account ($20,000) and her recent inheritance ($50,000), totaling $70,000.
C) To calculate Tracey's monthly mortgage payment, we need to use the formula:
M = P [i(1+i)^n] / [(1+i)^n - 1]
Where M is the monthly payment, P is the principal amount (purchase price minus down payment), i is the monthly interest rate (5.35% divided by 12), and n is the number of payments (25 years times 12 months).
Using these values, we can calculate Tracey's monthly mortgage payment.
D) The Gross Debt Service (GDS) ratio is the percentage of a person's gross income that is used to cover housing-related expenses. To calculate the GDS ratio, we need to divide Tracey's annual housing expenses (mortgage payment, property taxes, and condo fees) by her gross annual income.
E) The Total Debt Service (TDS) ratio is the percentage of a person's gross income that is used to cover all debt obligations. To calculate the TDS ratio, we need to divide Tracey's total annual debt payments (including housing expenses) by her gross annual income.
F) To determine if Tracey would be approved for the mortgage, the lender will consider her credit score, which reflects her creditworthiness. A good credit score indicates responsible financial behavior, making it more likely for Tracey to be approved for the mortgage.
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Think about a country where most economic production results in air pollution that creates lots of smog. What would be the trade-off if the bad result (air pollution) were reduced?
A. less of the activity that creates lots of smog
B. lower incomes
C. higher incomes
D. more of the activity that creates lots of smog
it is not A
Answers
Answer:
Option B is correct.
Explanation:
A specific risk of minimizing or eliminating bad operation must be paid. That would increase that general amount of inflation as well as lower productivity and profits, as a majority of the expenses must be borne by the government instead.
That's the compromise social system has to deal with, increased costs of earnings with far more pollution, or reduced earnings smog.
Option A is incorrect according to the following scenario because the activity that generates a range of pollution could not be achieved. Option C is incorrect according to the following scenario because we already describe that lower-income is the appropriate option. Option D is incorrect according to the following scenario because more activity, which generates much pollution, isn't really feasibleComplete the paragraph describing how to initiate an informational interview by filling in the missing words or phrases correctly.
After you research the career field that you’re interested in, you should identify someone to interview. You can contact friends, family members, social media connections, or
to help you get in touch with someone to interview. You could contact this person through email or by phone to request the interview. You should be prepared to tell the person about the interview’s objective, why you chose that person, and
.
Answers
It's critical to thank them for their time and willingness to share their knowledge.
When requesting an interview, it's also a good idea to suggest some specific dates and times that work for you and to inquire about their preferred method of communication. Remember to be accommodating and considerate of their schedule and availability.
What is an informational interview ?An informational interview is a conversation between a person interested in a specific career field and a professional who works in that field.
The goal of an informational interview is to gain insight into the industry, learn about the day-to-day responsibilities of the job, and network with professionals with relevant experience. It's a chance to ask questions, get advice, and gather information that can help you make career decisions.
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Answer:
Part 1: B
Part 2: C
Explanation:
After you research the career field that you’re interested in, you should identify someone to interview. You can contact friends, family members, social media connections, or
[B: human resources employees]
to help you get in touch with someone to interview. You could contact this person through email or by phone to request the interview. You should be prepared to tell the person about the interview’s objective, why you chose that person, and
[C: job requirements]
.
Why is inflation considered an economic problem? please refrain from irrelevant answers.
Answers
Answer: it is an economic problem because it is the devaluation of currency. Meaning that money is worth less than what it was before. (prices will go up
but wages will stay the same)
Explanation:
A 40-acre tract was sold for $2,200 per acre. The seller realized a 14.5% profit from the sale. What was the original cost of the tract?
Answers
To determine the original cost of the tract, we can use the concept of profit percentage. the original cost of the tract is approximately $87,966.
With the given information about the sale price, profit percentage, and size of the tract, we can calculate the original cost. The profit percentage is given as 14.5%. We know that the sale price per acre is $2,200, and the tract size is 40 acres.
To find the original cost, we need to calculate the profit made from the sale. The profit is equal to the profit percentage multiplied by the original cost: 14.5% * Original Cost = Profit. We also know that the sale price is equal to the original cost plus the profit: Sale Price = Original Cost + Profit. Substituting the given values, we have the equation: 40 * $2,200 = Original Cost + (14.5% * Original Cost). Simplifying the equation, we can solve for the Original Cost: Original Cost = (40 * $2,200) / (1 + 14.5%).
Therefore, the original cost of the tract is approximately $87,966.
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Read the following Case study-
From a small kiosk in a shopping mall established in 1997, Dr Cafe has become one of the leading coffee-shop chain in the Middle East with over 600 branches in the world. Dr Cafe success has built upon its popularity among young and trendy people and its unique approach of selecting the "best beans" in the world. Between 2008 and 2010, Dr Cafe has continued its aggressive expansion to Malaysia and Singapore with more branches in sight. In fact, in its plans for 2030, Dr Cafe has set its vision to expand globally and increase its network to over 30,000 branches!
The marketing department has been assigned by Dr Cafe's CEO to investigate and propose possible options for expansion into a completely new area; Europe.
Being a student of marketing management, how you can help to the marketing manager in this regard with the following questions.
Discussion Question : Which market entry strategy you would suggest most suitable to enter into the global market and why?
Answers
A combination of franchising and direct investment would be the most suitable market entry strategy for Dr Cafe to enter the European market.
Which market entry strategy would be most suitable for Dr Cafe to enter the global market, specifically Europe?As a student of marketing management, I would suggest that Dr Cafe considers a combination of market entry strategies to enter the global market, specifically Europe. The most suitable approach would be a combination of franchising and direct investment.
Franchising would allow Dr Cafe to leverage local knowledge and resources through partnerships with local entrepreneurs or investors. This strategy would enable rapid expansion and brand presence in various European countries while minimizing financial risk and capital investment.
Simultaneously, direct investment in key strategic locations can provide Dr Cafe with greater control over operations and ensure consistent quality standards. Direct investment would involve setting up company-owned branches in prominent European cities, targeting high footfall areas and catering to the local preferences and culture.
Additionally, Dr Cafe should focus on adapting its marketing strategy to suit the European market. This would involve conducting market research to understand consumer preferences, tailoring the menu and ambiance to appeal to European tastes, and creating effective branding and advertising campaigns that resonate with the target audience.
By combining franchising and direct investment, Dr Cafe can achieve a balanced approach that capitalizes on local expertise and resources while maintaining control over its brand and quality standards.
This strategy would position Dr Cafe for successful expansion into the European market and help it achieve its vision of becoming a global coffee-shop chain.
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The clerk who opens mail is assigned responsibility for preparing a document which identifies all cash collections received in the mail for a given day. this document is called
Answers
The clerk who opens mail is assigned responsibility for preparing a document which identifies all cash collections received in the mail for a given day. This document is called Cash receipt prelist.
A clerk is a person who works in an office, typically doing administrative or secretarial work. Clerks are often responsible for keeping records, filing documents, and performing other office tasks.
In some cases, clerks may also be responsible for customer service or sales. Clerks typically work in business or government offices, though they may also be found in other settings such as schools or hospitals.
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What is the meaning of “place” in the 4 Ps of marketing?
A. where a company is situated
B. the site of a company’s warehouse
C. the location from which a customer can purchase products
D. the location where the purchased product is kept
Answers
Answer:
C. the location from which a customer can purchase products
Explanation:
In the marketing mix, place describes the venue or the selling location. Place defines where to sell the products and how customers will get the purchased items.
Place describes the ideal locations for converting potential customers to actual paying customers. It answers the question, ''where will sales be conducted ?'' In a store, a specialized retail center, a supermarket, online, or all.
Answer:
D. the location where the purchased product is kept
Explanation:
Helpp!!!
What type of Economy do we have in the United States?
A. Market
В.Mixed
C.Command
D. Traditional
Answers
Answer:
mixed
the us economy has a mixed economy
asar1:sajan commerce business with cash rs150000and furniture rs5000
asar5:purchased goods form raj rs5000 on cash and 10000 on credit.
asar11:good sold to hair for rs10000 on credits.
asar15:cash received from hair rs 5000
Answers
Answer: i think its B
Explanation:
What is a transaction that has not been processed yet by a financial
institution?
An annual transaction
An overdraft transaction
An insured transaction
A pending transaction
Answers
A pending transaction that has not been processed yet by a financial
institution.
Transaction which haven't been completely executed yet are referred to as pending transactions.
The transaction would no keep showing a delayed description available on the internet or via mobile banking after the bank delivers the business the money due, and it will be done accordingly or posted.
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Answer:
d pending transaction
Explanation:
How should work history be listed
a{with the most recent experience last
b{in a separate document
c[in your cover letter
D{with the most recent experience first
Answers
Answer:
It depends on whether you have a lot of work experience- if you do then you want to list your work history first and if you don't then you want to list your education first.
Explanation:
Answer: with most recent experience first
Explanation: I took the test
when the reserve requirement changes, which of the following will immediately change for an individual bank?
a. Total deposits b. Total reserves c. Required reserves d. Excess reserves e. Unused lending capacity
Answers
Option (c), When the reserve requirement changes, the required reserves of an individual bank will immediately change.
The reserve requirement is the percentage of deposits that banks are required to hold as reserves either in their vaults or on deposit at a Federal Reserve Bank. When the reserve requirement changes, the amount of required reserves for an individual bank will also change accordingly. This means that the bank will need to adjust the amount of reserves it holds, either by increasing or decreasing its deposits at a Federal Reserve Bank or by holding more or less cash in its vaults.
The change in required reserves will directly impact a bank's excess reserves and unused lending capacity. Excess reserves are the reserves held by banks in excess of their required reserves. Therefore, if the required reserves increase, the excess reserves will decrease. This will impact the bank's unused lending capacity, which is the amount of funds available for the bank to lend out to customers. If the excess reserves decrease, the unused lending capacity will also decrease.
However, the change in reserve requirement will not immediately impact the total deposits of an individual bank. Total deposits are determined by the bank's lending and deposit-taking activities and are not directly related to the reserve requirement.
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New Agency Debby Just got a job as an assistant in a new federal agency called the Accounting Commission that was set up to regulate the accounting and auditing profession. The agency is headed by commissioners who serve for fixed terms and cannot be removed except for cause. Additionally, no more than a majority of the commissioners may be from the same political party. Her agency is getting ready to Issue rules. The enabling legislation that set up the Accounting Commission specified that the agency could make rules but said nothing about the form of the rules. Debby's boss, Blare, gave her some proposed rules and asked her to be sure that they were published and to take care of the next step in the approval process. Blalte also told her that at this point she was not very interested in hybrid rule making. After publication, What would be the next step in obtaining enactment of the proposed rules?
A. vote in the United States Congress
B. Approval by the US president through the stance of an active order
C. Apublic hearing
D. An opportunity for parties to be witten comments
E. Ang before medie lige IAL
Answers
Answer:
D. An opportunity for parties to be written comments
Explanation:
New agency is making some new rules for legislation. Blare, the boss of Debby gave her some of the proposed rules and asked her to publish them for the people and prepare for the next approval process.
So for the next step after Debby provides a public notice to its citizens is the opportunity for the common public and the interested parties to study the rules and sends their thoughts and comments on the rules made so that the agency can analyze those comments and consider the positive views in the rules and can also respond to their comments.
Thus the correct option is (D).
Has the Cannabis Act changed the way we view Cannabis in
Canada?
Answers
Yes, the Cannabis Act has changed the way we view cannabis in Canada. The Cannabis Act was introduced in Canada in 2018, and it legalizes recreational cannabis use across the country.
The legalization of cannabis has created a significant shift in how Canadians view cannabis. Canadians have a more positive view of cannabis, and the stigma around cannabis has reduced, which has made people more open to discussing its use. The Cannabis Act has also helped to regulate the cannabis industry, ensuring that the quality of the product is consistent, and that consumers are aware of the risks and potential side effects of using cannabis. The Act also prohibits the sale of cannabis to minors, and it provides penalties for those who violate the regulations.Overall, the Cannabis Act has been a significant step towards changing the way we view cannabis in Canada. It has reduced the stigma around cannabis and created a more positive view of the substance. The Act has also helped to regulate the industry, ensuring that consumers have access to safe and high-quality products. The legalization of cannabis has been a positive move for Canada, and it will continue to have an impact on the country in the years to come.For more questions on risks
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How education is medium to enhance the ability of human beings?
Answers
The general education of a populace enhances the overall ability of humans by allowing a greater number of humans to be given the (intellectual) tools necessary (in agreence with Rene Descartes theory of obtaining “new knowledge” to improve upon previously held inclinations or even create new ones in order to increase efficiency or another set of reasons one might alter their natural inclinations. With that being said, general education is a tool that, when used properly, can be used to increase the overall ability of humans by means of increased intellectual ability.
Joji is a 37-year-old married business owner. He runs a dry cleaning service with three locations in Toledo, Ohio. His personal obligations are the home that he owns with his wife, who works for a large financial consulting firm; the healthcare of his family; and his commitment toward saving for his three children's college educations. Joji knows that two of his locations require a large infusion of cash to pay for new and expensive dry cleaning equipment. Although his wife's job provides the family with health insurance, it also places the family in a higher income tax bracket. Joji would certainly like to minimize his taxes. Which of the following forms of business ownership would you suggest for him?A. Joji should consider a limited liability company because he will only be liable for what he has invested in the business. His personal assets will be protected, and he can be taxed like a sole proprietorship.
B. Joji should consider a sole proprietorship due to the fact that it pays its own taxes and it has limited liability.
C. Joji should consider a corporation because he can avoid the negative aspect of limited liability. Corporations are always taxed at a lower rate than individuals.
D. Joji should consider a sole proprietorship due to the fact that it has unlimited liability and it will protect the family's personal assets.
Answers
Answer:
a
Explanation:
For the situation given above where Joji wants to save his taxes, it would be advisable for him to consider incorporation of a limited liability company because he will only be liable for what he has invested in the business. His personal assets will be protected, and he can be taxed like a sole proprietorship. Therefore, the option A holds true.
What is the significance of a limited liability company?A limited liability company can be referred to or considered as a company where the members who hold ownership share in the company have an advantage of protecting their personal liabilities in case of insolvency of the firm.
The members of the limited liability company are joint owners, and also hold the liability for the profits and losses of the firm in the regular functioning. Taxation for members is done in the capacity of a sole proprietor, if there is a single member in the company.
Therefore, the option A holds true and states regarding the significance of a limited liability company.
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It takes six weeks for a tire order to be delivered to the Auto & Tire Center in the Walmart Supercenter in Wisconsin. Tires are ordered every five weeks. Currently, there are 90 tires on hand and another 340 on order. Sales are expected to use 120 tires per week and the department maintains a reserve of 40 tires. It's time to reorder tires.
How many tires is the department open to receive?
If the tires that are ordered cost the company $43 per tire, and the retail price of the tires is determined by marking up the cost by 57%, what is the total retail value of the tires being ordered?
Answers
The department should be open to receive 760 tires with a total retail value of $51,307.60.
Data and Calculations:
Beginning inventory = 90
New order of tires = 340
Total units available = 430 (90 + 340)
Sales of tires per week = 120
Expected ending inventory = 40
Therefore, the number of tires the department should be open to receive is 760 (40 + (120 x 6).
Cost per tire = $43
Markup = 57%
Retail price per tire = $67.51 ($43 x 1.57)
Thus, the total retail value of the 760 tires being ordered is $51,307.60.
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why is using sales dollars as an allocation base usually a poor choice for allocating fixed costs to operating departments?
Answers
Using sales dollars as an allocation base is usually a poor choice for allocating fixed costs to operating departments because it does not take into account the actual amount of resources consumed by each department.
Fixed costs, by definition, do not vary with changes in sales volume or revenue. Therefore, using sales dollars as an allocation base could result in departments with higher sales volumes being unfairly burdened with a larger share of fixed costs, even if they are not actually consuming a proportionate amount of resources.
This can lead to inaccurate cost information and decisions that may adversely affect the profitability and competitiveness of the organization.
Instead, a more appropriate allocation base for fixed costs would be based on the actual usage of resources by each department, such as machine hours or labor hours.
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Question 11When the price of jackfruit decreased 50%, total revenues earned by jackfruit sellersdecreased.What can be concluded based on this information?A.
Answers
When the price of jackfruit decreased 50%, total revenues earned by jackfruit sellers decreased then the demand and supply of jackfruit will also decrease.
What are the generalities of demand?
Demand is an profitable conception that relates to a consumer's desire to buy goods and services and amenability to pay a specific price for them. An increase in the price of a good or service tends to drop the volume demanded.
What's conception of force?
Image result for conception of demand and force
force is a abecedarian profitable conception that describes the total quantum of a specific good or service that's available to consumers. force can relate to the quantum available at a specific price or the quantum available across a range of prices if displayed on a graph.
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Country Q has experienced a rapid increase in its unemployment rate and a sharp decline in its GDP. What might policymakers do in the face of these economic indicators?
A) encourage a decrease in purchasing until employment figures increase
B) try to trade with other nations to increase production and create new jobs
C) increase taxes so the government has more money to spend
D) implement controls on wages, forcing employers to pay higher wages
The Answer is:: B) try to trade with other nations to increase production and create new jobs
Answers
Answer:
B). Try to trade with other nations to increase production and create new jobs.
Explanation:
Country Q has encountered a brisk fall in its rate of unemployment and as a consequence, a sharp downturn in its GDP. In such a situation, the most significant action to go on would be to 'create new job opportunities' and that can be done by making efforts to encourage trade with other nations which will help in increasing production and more production would generate job opportunities and increase GDP automatically. The increased trade will increase productivity and assist in bringing the economy back on track. Thus, option B is the correct answer.
Answer:
b
Explanation:
The Fed's response to the zero lower bound problem. It is when the Fed purchases bonds in order to increase the amount of reserves in the banking system. It is not intended to lower interest rates
Answers
The Fed's response to the zero lower bound problem is to purchase bonds in order to increase the amount of reserves in the banking system.
When the short-term nominal interest rate is at or close to zero, a liquidity trap is created, restricting the central bank's ability to promote economic development. This is known as the zero lower bound (ZLB), which is a macroeconomic issue. Quantitative easing (QE) is the term used when the Fed buys bonds to boost the number of reserves in the banking system. The goals of QE are to decrease interest rates and expand the money supply.
This is known as quantitative easing (QE) and is used to stimulate economic growth and prevent deflation. QE is not intended to lower interest rates directly, but rather to increase the money supply and encourage lending and investment. However, the increased reserves can lead to lower interest rates over time as banks compete for borrowers. Overall, the Fed's response to the zero lower bound problems involves using unconventional tools such as QE to promote economic growth and stability.
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From page 3−8 of the VLN, using the practice on the bottom of the page, assume R Company borrowed the money on November 1
st
instead of December 1
st
. How much interest expense would the company report on their income statement for the year ended 12/31/20XA ? Practice-Accrued expense: R Company borrowed $100,000 at 9% interest for six months on December 1, 20XA. How much interest expense should be reported on the income statement for the year-ending 12/31/20×A?
Answers
Given information: R Company borrowed $100,000 at 9% interest for six months on December 1, 20XA. Let's solve for the interest expense of R Company in this case.R Company borrowed the money on December 1, 20XA.
So, the time period for which the company has borrowed the money is from December 1, 20XA to June 1, 20XB, where 20XB is the year-end. Therefore, R Company borrowed money for six months in this case. Now, we can use the simple interest formula, I = Prt, to find out the interest expense incurred by R Company during this period. Here, P is the principal amount, r is the rate of interest, and t is the time for which the interest is charged.
I = P x r x tI = $100,000 x 0.09 x 6/12I = $4,500
R Company's interest expense for the year ended 12/31/20XA is $4,500.
Now, let's assume that R Company borrowed the money on November 1st, instead of December 1st. In this case, R Company borrowed the money for seven months. Therefore, the time period for which the company has borrowed the money is from November 1, 20XA to June 1, 20XB. Using the simple interest formula again, we can calculate the interest expense.
I = P x r x tI = $100,000 x 0.09 x 7/12I = $5,250
Therefore, if R Company borrowed the money on November 1st, instead of December 1st, the company would report an interest expense of $5,250 on their income statement for the year ended 12/31/20XA.
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1. Wooden Doll House Data for December Doll houses produced and sold Selling price per dollhouse Materials - board feet of wood per doll house Cost per board foot of wood Labor hours to assemble one doll house Cost of direct labor (per hour) Variable Overhead Costs (utilities, indirect supplies, etc.) Fixed Overhead Costs (facility rent, insurance, etc.) Static Actual Budget 1,100 1.000 $190 $180 8.7 9.0 $2.90 $2.85 1.8 2.0 $22 $20 $3,900 $3,500 $10,500 $10,000 What is the efficiency variance for direct labor?
a. $4,400F
b. $400U
c. $4,400U
d. $400F
2. Beginning finished goods inventory Ending finished goods inventory Sales revenue Cash collected from customers Materials purchased (all paid for in 2021) Materials used Direct labor costs Manufacturing overhead Office/admin salaries Marketing expenses $100.000 $125.000 $3.000.000 $2.700.000 $975,000 $935.000 $365.000 $200.000 $100.000 $21.000 What is budgeted Cost of Goods Sold for 2022?
a. $1,475,000
b. $1.515.000
c. $1,500.000
d. $1.354.000
Answers
1. The efficiency variance for direct labor is $4,400U.
2. The budgeted Cost of Goods Sold for 2022 is $1,475,000.
1. To calculate the efficiency variance for direct labor, we need to compare the actual labor hours used to assemble the dollhouses.The formula for efficiency variance is:
Efficiency Variance = (Standard Hours Allowed - Actual Hours Used) x Standard Rate
In this case, the standard labor hours allowed for the 1,100 dollhouses produced is 1,100 x 2.0 = 2,200 hours. The actual labor hours used is 1,100 x 1.8 = 1,980 hours.
Efficiency Variance = (2,200 - 1,980) x $20 = $4,400U
2. The budgeted Cost of Goods Sold for 2022 can be calculated using the formula:
Budgeted Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory
Cost of Goods Manufactured = Materials Used + Direct Labor Costs + Manufacturing Overhead .In this case, we have the following values:
Beginning Finished Goods Inventory = $100,000
Ending Finished Goods Inventory = $125,000
Materials Used = $935,000
Direct Labor Costs = $365,000
Manufacturing Overhead = $200,000
Cost of Goods Manufactured = $935,000 + $365,000 + $200,000 = $1,500,000
Budgeted Cost of Goods Sold = $100,000 + $1,500,000 - $125,000 = $1,475,000
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The total amount paid on a 35 year loan was $98,000. if the interest rate was 4.1% and compounded monthly, what was the principal? round your answer to the nearest dollar.
Answers
Rounded to the nearest penny, P equals principal $ 23,392.45
How is annual compound interest calculated?The initial loan amount, or principal, is multiplied by the annual interest rate raised to the number of compound periods minus one to get compound interest.
The formula for compound interest
A = P(1 + 2/2) nt, where A = The future value of interest included. loan P is the initial 10an amount; n is the annual interest rate multiplied by CEED Compounded; t is the time annual; and r is the interest rate in decimal form.
Time Amount minus (A) = 35 years, $98,000, and Rate (8) = 4.14 are given.= 100 0.041 8= 0.041 n = 12 (Due to the compound interest).monthly.
Assess the need for P (the initial loan amount)
Replace "p" in the compound evaluation formula with these interest given formula values.
=0.041 12 98.000 = J +(12x35)
98000 = P(1.0034167) 420
98000 D P ( 4.1894)π
98000 4.1894 = P
P = $23, 392.P = $ 23,392.45 when rounding to the nearest cent.
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Match each law with its correct description.
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Answer:
Not too sure but I think it goes 1.Fair credit billing act 2.Credit CARD act 3.Uniform commercial code 4.Truth in lending act.
Match the law terms and definition:
Truth in Lending Act - requires lenders to establish standardized disclosures regarding terms and how they calculate fees.
Through the meaningful disclosure of loan conditions, which enables customers to evaluate standardized credit terms more easily and intelligently, the Truth in Lending Act (TILA) aims to safeguard consumer protection and promote competition among financial institutions.
Match the law terms and definition:
Truth in Lending Act - requires lenders to establish standardized disclosures regarding terms and how they calculate fees.Fair Credit Billing Act: allows consumers to exercise their rights regarding disputes and billing errors.Uniform Commercial Code: a set of laws that govern US commercial transactions.Credit CARD Act: prohibits unfair and abusive credit practices and ensures the transparency of fees.As a result, the significance of the law terms and definition are the aforementioned.
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Which of the following is NOT true about the Free Application for Federal Student Aid (FAFSA)?
You can fill out the FAFSA if you are an independent or a dependent.
The earliest you can submit your FAFSA is January 1st of each year.
You can fill the form out online or on paper.
Each state may have a different deadline for state financial aid.
Answers
Answer:
A
Explanation:because its true
Your older sister is planning on saving money by paying her bills, spending money on fun, and then saving whatever is leftover. Why is this not the best option for saving her money?
Answers
Answer:
spend money on bills first then food then save the leftover money for later