Answers
Answer:
42 days.
Explanation
Note: The full question is attached as picture below
Account receivable turnover ratio = $612,000 / $70,422
Account receivable turnover ratio = 8.69
Account collection period = 365 / 8.69
Account collection period = 42.00230.
Thus, the firm’s sales uncollected for year is 42 days.
Related Questions
Consumers use ____________ while trying to judge the value of a product bundle (like a computer, printer, and a digital camera sold together). Specifically, the perceived value of the most important item in the bundle forms the initial assessment, which is then shifted upward/downward, based on the perceived value of the remaining items.
Select one:
a. availability heuristic
b. mood
c. ongoing search
d. anchoring and adjustment
e. imagery
Answers
Answer: anchoring and adjustment
Explanation:
Anchoring and adjustment has to do with the adjustment in the idea that a person has based on some initial occurence.
Anchoring and adjustment can be used
in sales when a consumer's subsequent negotiations is based on the previous negotiation or purchases. Therefore, consumers use anchoring and adjustment while trying to judge the value of a product
Zuri had specified costs of $6,000 for the adoption of Imani, who is a U.S. citizen minor child who was in the custody of a California state public agency. All costs were directly related to the adoption and meet all other criteria. What amount can Zuri claim for the California Child Adoption Costs Credit
Answers
Answer:
The correct response is "$2,500". A further explanation is given below.
Explanation:
Zuri may assume 50 percent of the cost as either a California Kids Adoption expense, but the maximum number would be $2,500, which could be attempted to claim as something of borrowing through one year.⇒ [tex]$6,000\times 50 \ percent[/tex]
⇒ [tex]3,000 \ or \ 2,500[/tex]
Less than two are going to have been credit for the very first year.
In January 2019, • labor force participation in the United States was 62.3%. • official unemployment was 4.1%. • the proportion of short-term unemployment (14 weeks or less) in that month on average was 68.9%. • moderately long-term unemployment (15-26 weeks) was 12.7%. • very long-term unemployment (27 weeks or longer) was 18.4%. Based on these statistics, what proportion of the labor force was unemployed very long term in January 2019, to the nearest tenth of a percent?
Answers
Answer:
0.8
Explanation:
Proportion to labor force unemployed very long term = Unemployment rate * Very long unemployment
Official unemployment = 4.1%
Very long-term unemployment (27 weeks or longer) was 18.4%.
Proportion to labor force unemployed very long term = 4.1 * 18.4% = 4.1 * 0.184 = 0.7544 ≅ 0.8
So, based on these statistics, the proportion of the labor force for unemployed very long term in January 2019 is 0.8
Which of the following statements is false regarding Form 8949 - Sales and Other Dispositions of Capital Assets?
A. The taxpayer uses Form 8949 to report sales and exchanges of capital assets
B. Form 8949 allows the taxpayer and the IRS to reconcile amounts that were reported to him or her and the IRS on Form 1099-B or 1099-S (or substitute statement) with the amounts he or she reports on his or her income tax return
C. If all Forms 1099-B the taxpayer received (and all substitute statements) show basis was reported to the IRS and if no correction or adjustment is needed, the taxpayer must always file Form 8949 and attach a statement of these transactions
D. Corporations and partnerships use Form 8949 to report undistributed long-term capital gains from Form 2439
Answers
Answer: C. . If all Forms 1099-B the taxpayer received (and all substitute statements) show basis was reported to the IRS and if no correction or adjustment is needed, the taxpayer must always file Form 8949 and attach a statement of these transactions.
Explanation:
IRS Form 8949: Sales and Other Dispositions of Capital Assets is basically utilized by individuals or organizations to report the capital gains and the losses that are incurred from investments.
When filling the IRS Form 8949, it should be noted that Form 1099-B and Schedule D are also required. The IRS Form 8949 is also used by individuals to report the worthlessness of s particular security and to also report bad debts.
From the options given above, the statement that is false regarding Form 8949 - Sales and Other Dispositions of Capital Assets is option C.
Joe Donney operates a roller skating center. He has just received the monthly bank statement at August 31 from Citizens National Bank, and the statement shows an ending balance of $638. Listed on the statement are an EFT rent collection of $375, a service charge of $9, two NSF checks totaling $137, and a $20 charge for printed checks. In reviewing his cash records, Donney identifies outstanding checks totaling $756 and an August 31 deposit in transit of $1,695. During August, he recorded a $280 check for the salary of a part-time employee as $28. Donney’s Cash account shows an August 31 cash balance of $1,620. How much cash does Donney actually have at August 31, 2014?
Answers
Answer:
Donney actually have $1,577 at August 31, 2014
Explanation:
Prepare a Bank reconciliation to determine the accuracy of the Cash Balance using the following steps
Step 1
Update the Cash Book (Bank Column) Balance
Cash Book (Bank Column)
Debit :
Balance as at August 31 $1,620
Rent collection $375
Total $1,995
Credit :
Service charge $9
Dishonored Checks $137
Printing Charge $20
Error : Understatement $252
Balance as per updated CB $1,577
Total $1,995
Step 2
Prepare a Bank Reconciliation Statement
Bank Reconciliation Statement as at August 31
Balance at Bank as per updated Cash Book $1,577
Add Unpresented Checks $756
Less Lodgements not yet credited ($1,695)
Balance as per Bank Statement $638
Conclusion :
Now that we have reconciled the Updated Cash Balance of $1,577 to the Bank Statement we can safely say Donney actually has $1,577 cash at August 31, 2014.
Choose the example that is inconsistent with the provisions of the UCC for contract remedies for a seller's breach of contract.
1. In its sales contract, a software company specifies that its sole obligation in the event that its software is defective is to replace it with a non-defective copy.
2. An appliance company sells a defective stove that injures its owner. The sales contract excludes responsibility for consequential damages except those deemed unconscionable, so the company replaces the stove and compensates the woman for her injury.
3. The sales contract for a shoe company specifies that the statute of limitations for any charges of breach of contract shall be limited to two years.
4. In order to be more competitive with buyers, the sales contract for a television manufacturer extends the statute of limitations for breach of contract claims to six years.
Answers
Answer:
The sales contract for a swimming pool supply store allows for a single remedy for any contract breaches.
Explanation:
The remedies incorporate:
· Depreciation for Non-delivery· Assistance for violation of warranty· Specific Performance.The sales agreement for a purchaser electronics corporation eliminates specific achievement as a relief for non-delivery of items bought by the customer, but it provides for refunds. This represents the remedy for non-delivery of any commodity or service.
Illustrate graphically how each of the following events will impact the demand for cups of coffee and explain why demand changes.
a. Average hourly wages increase in the United States.
b. The state of California requires all coffee houses to post warnings to consumers of the cancer-causing components of coffee.
c. Coffee houses increase the price of coffee in order to pay their baristas more.
Answers
Answer:
A. If average hourly wages increases, this would incentivise workers to work more hours so as to earn more wages. As a result of increased hours, more cups of coffee would be produced. This would lead to a rightward shift of the demand curve
B. As a result of the warning, individuals would be less willing to buy coffee. This would lead to a leftward shift of the demand curve
C. If the price of coffee increases, it would lead to a upward shift up along the demand curve as people would be less willing to buy coffee.
Please check the attached images for the graphs
Explanation:
Only a change in the price of a good leads to a movement along the demand curve.
Other factors affecting demand lead to a movement of the demand curve either rightward or leftward
In our newly networked world, reading is:
A. the taking in of words.
B. a comment
c. a conversation,
D. only about producing words.
Answers
Answer:c
Explanation:
Your company is contemplating replacing their current fleet of delivery vehicles with Nissan NV vans. You will be replacing 5 fully-depreciated vans, which you think you can sell for $3,200 apiece and which you could probably use for another 2 years if you chose not to replace them. The NV vans will cost $31,000 each in the configuration you want them, and can be depreciated using MACRS over a 5-year life. Expected yearly before-tax cash savings due to acquiring the new vans amounts to about $3,900 each. If your cost of capital is 8 percent and your firm faces a 34 percent tax rate, what will the cash flows for this project be?
Answers
Answer:
initial cash outlay (year 0) = -$144,440
cash flow year 1 = $23,410
cash flow year 2 = $29,734
cash flow year 3 = $22,988.40
cash flow year 4 = $18,941.04
cash flow year 5 = $18,941.04
cash flow year 6 = $15,905.52
Explanation:
initial cash outlay (year 0) = (-$31,000 x 5) + ($3,200 x 5 x 0.66) = -$155,000 + $10,560 = -$144,440
cash flow year 1 = {[($3,900 x 5) - ($155,000 x 20%)] x (1 - 34%)} + ($155,000 x 20%) = $23,410
cash flow year 2 = {[($3,900 x 5) - ($155,000 x 32%)] x (1 - 34%)} + ($155,000 x 32%) = $29,734
cash flow year 3 = {[($3,900 x 5) - ($155,000 x 19.20%)] x (1 - 34%)} + ($155,000 x 19.20%) = $22,988.40
cash flow year 4 = {[($3,900 x 5) - ($155,000 x 11.52%)] x (1 - 34%)} + ($155,000 x 11.52%) = $18,941.04
cash flow year 5 = {[($3,900 x 5) - ($155,000 x 11.52%)] x (1 - 34%)} + ($155,000 x 11.52%) = $18,941.04
cash flow year 6 = {[($3,900 x 5) - ($155,000 x 5.76%)] x (1 - 34%)} + ($155,000 x 5.76%) = $15,905.52
Select the correct answer.
Jonathan is an operations manager in a manufacturing company. He estimates of the cost and number of machines t
to manufacture the next lot of products, Based on Jonathan's estimate, the company might need to buy more machin
subfunction of planning is Jonathan about to perform to maximize his company's operations?
OA production planning
OB. facility designing
OC. conversion process
OD. organizing
OE. Staffing
Reset
Next
Answers
Answer:
The answer is A, production planning
Explanation:
Using production planning, operations managers calculate the amount of output that the business needs to manufacture.
In this question, the output is the number of machines needed, so because Jonathan is changing the number of machines, the answer is production planning.
Answer:
conversion process 100% right PLATO
Explanation:
gang
Using the following information, determine the location quotient for Motor City: employment in motor vehicle manufacturing within Motor City: 12,643; total employment in Motor City: 560,379; employment in motor vehicle manufacturing (nationally): 152,750; total employment (nationally): 106,201,232. Multiple Choice 0.1 12.1 15.7 44.3
Answers
Answer:
15.7
Explanation:
In this question we have the following information
Employment in Motor Vehicle manufacturing within city = 12643
Total employment in motor city = 560379
Total individual employment = 152750
Total employment = 106201232
We get the location quotient as
(12643/560379)/152750/106201232
0.02256/0.001438
= 15.69
This is approximately
15.7
Therefore the location quotient = 15.7
5) On July 12, Reliable Repair Service extended an offer of $150,000 for land that had been priced for sale at $185,000. On September 3, Reliable Repair Service accepted the seller's counteroffer of $167,500. Describe how Reliable Repair Service should record the land.
Answers
Answer:
The price should be recorded as $167,500
Explanation:
As per the accounting principles, assets should be recorded at the price they were paid for. In case of a purchase, the accountant should record in the books the amount the company paid to acquire the asset. For sales, the amount received from the buyer is the figure to be recorded in the books.
For Reliable Repair Service, there were different prices quoted, but the buyer paid $167,500. It means the company sold the land for $165,000. This is the amount that should be recorded in the books.
What should you do if you start having a hard time paying your mortgage
Answers
Answer:
sorry I dont understand your question
Which of the following is a provision of the CARD Act? Group of answer choices Lenders cannot bribe an appraiser to misstate a home's value. Manufacturers must report all potentially hazardous product defects within 24 hours of discovery. Credit card bills must be mailed at least 21 days ahead of their due dates. All of these are correct.
Answers
Answer:
Credit card bills must be mailed at least 21 days ahead of their due dates.
Explanation:
A credit card can be defined as a small rectangular-shaped plastic card issued by a financial institution to its customers, which typically allows them to purchase goods and services on credit based on the agreement that the amount would be paid later with an agreed upon interest rate.
CARD is an acronym for Card Accountability Responsibility and Disclosure and it is an act (federal statute) signed by President Barack Obama on the 22nd of May, 2009 after it was passed by the Congress of the United States of America.
A provision of the CARD Act is that, Credit card bills must be mailed at least 21 days ahead of their due dates so as to avail the card holders (users) an ample amount time to pay from the time it was mailed.
write short notes on access to information
Answers
Because a bond is a legal contract, what could happen if a borrower fails to meet their obligation?
a. The bond could be reevaluated by a rating agency.
b. The lender could then own the bond outright.
c. The borrower could be required to prepare an offering memorandum.
d. The borrower could face bankruptcy proceedings.
Answers
Answer:
d) The borrower could face bankruptcy proceedings.
Explanation:
legal bond is can be regarded as a bond that as a written agreement so that a specific act is performed, in this obligation of contract should be fulfilled. It should be noted that if a bond is a legal contract, and a borrower fails to meet their obligation, The borrower could face bankruptcy proceedings.
expansionary fiscal policy conducted in an economy at full employment will have which combination of effects in the short run
Answers
Answer:
An increase in real output and a little increase in nominal output.
Explanation:
Expansionary fiscal policy can be as activities that are been performed government to expands the supply of money in the economy. Such activities could be tax cuts, rebate as well as
transfer payments, government increase in discretionary spending, It should be noted that the expansionary fiscal policy conducted in an economy at full employment will have combination of
✓increase in real output
✓little increase in nominal output.
effects in the short run.
Which of the following is an example of an operational risk for a company that manufactures automobiles?A. A state tax increase that makes buying and registering a car more expensive
B. Rising interest rates that affect the terms of car loans, thereby decreasing demand
C. Damage to completed cars held on a storage lot
D. A national car rental agency backing out of a contract to buy a certain volume of new cars
E. Jerome needs funding to help start a business selling school supplies. He uses a website that connects him directly with a lender who charges a below-market interest rate.
Answers
Answer:C. Damage to completed cars held on a storage lot
Explanation:
Operational risk are the hazards and the uncertainties that are faced by companies in the day to day activities. It may be caused as a result of system failure or manufacturing components.
An example of operational risk for a company that manufactures automobiles would be damage to completed cars held on a storage lot.
Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in December 2021 of a circuit flaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable, estimated to cost the company $4 million. The fiscal year ends on December 31.
Required:1. Should this contingent liability be reported, disclosed in a note only, or neither? Explain.2. What loss, if any, should Top Sound report in its 2021 income statement?3. What liability, if any, should Top Sound report in its 2021 balance sheet?4. What entry, if any, should be recorded?
Answers
Answer:
Top Sound International
1. The contingent liability should be reported in the financial statements. According to generally accepted accounting principles, a contingent liability must be recognized in the financial statements, if at the end of the accounting period, it is established that the liability is likely to occur and the amount of the contingent liability can be reasonably estimated.
2. The amount of the loss that should be reported by Top Sound in its 2021 income statement is $4 million.
3. The liability that Top Sound should report in its 2021 balance sheet is a contingent liability of $4 million.
4. The entry is a debit to the Contingent Loss Account and a credit to the Contingent Liability in the sum of $4 million.
Explanation:
a) Data:
Cost of product recall = $4 million
b) This product recall will give rise to contingent liability and loss in the financial statements of Top Sound. To establish this liability, Top Sound first recognizes it in the income statement as a loss before recording it in the balance sheet as a contingent liability. A contingent liability should be recognized when the event is likely, and the amount of the liability can be reasonably estimated.
A company knows that unit cost C and unit revenue R from the production and sale of x units are related by C=R^2/100,000 + 3064. Find the rate of change of revenue per unit when the cost per unit is changing by $11 and the revenue is $4000.
Answers
Answer:
The rate of change of revenue per unit is $137.50.
Explanation:
Given;
C = R^2/100,000 + 3064 = (1/100,000)R^2 + 3064 = 0.00001R^2+ 3064 ............ (1)
Differentiating equation (1) with respect to x, we have:
dC/dx = (2 * 0.00001)R * dR/dx
dC/dx = 0.00002R * dR/dx ,,,,,,,,,,,,,,,,,,,, (2)
Where;
dC/dx = Change in cost per unit = $11
R = Revenue = $4000
dR/dx = the rate of change of revenue per unit = ?
Substituting the relevant values into equation (2) and solve for dR/dx, we have:
11 = (0.00002 * 4000) * dR/dx
11 = $0.08 * dR/dx
dR/dx = 11 / 0.08
dR/dx = 137.50
Therefore, the rate of change of revenue per unit is $137.50.
there is afair .......... work left to do
Answers
a. Discuss possible reasons a corporation may want to grow its international business.
b. Describe the risks that a potential multinational corporation may no longer face as it ceases to be a domestic corporation.
c. Discuss total and unique risks for a potential multinational corporation.
Answers
Answer:
explanations below
Explanation:
Discuss possible reasons a corporation may want to grow its international business.
Different businesses at some point decide to go international because they intend to generate more revenue for themselves, compete for new sales opportunities, diversity into other business streams, and recruit new talents.
Describe the risks that a potential multinational corporation may no longer face as it ceases to be a domestic corporation.
Businesses operating in one country may face the risk of getting blown away by the political and economic nature of the country. When they explore other overseas markets, they would be immune to instant business collapse from political and economic issues [eg, localized recessions] a single country could bring to them.
Discuss total and unique risks for a potential multinational corporation.
Corporations may face currency risks. They are likely going to pay wages and taxes in the local currency of the various nations they operate in. if the currency of their base country loses value at any point, which may likely increase their costs in oversea nations.
Businesses that produce goods in one country and sell in another through retailers may face energy risks. This could happen when the prices of oil increase which consequently causes increase in cost of transportation of those goods.
Review the following scenario, then choose the appropriate response describing steps a paid tax preparer must take to demonstrate due diligence. Henry (21) comes in to your office to have his tax return prepared. He states that he is a full- time college student with income from a part-time job, and his parents will not claim him as a dependent. He wants to claim the American Opportunity Tax Credit (AOTC). Which of the following describes an appropriate question to ask or action to tako?
a) Ask him if he has ever been convicted of a misdemeanor offense or had his driver's license revoked
b) Inform him that he may be assessed a penalty of $530 if he fails to provide all the information required.
c) Inform him he must provide copies of all transcripts before you can prepare his retum.
d) Request a copy of his Form 1098-T Tuition Statement, and inquire into when and how his educational and other living expenses were paid.
Answers
Answer:
The appropriate question to ask or action to take is:
b) Inform him that he may be assessed a penalty of $530 if he fails to provide all the information required.
Explanation:
The penalty for not meeting the due diligence requirements is $530 for tax returns filed in 2020. The practitioner must get Henry to fill the Form 8867. The purpose of this form is to ensure that the practitioner has considered all applicable eligibility criteria for certain tax credits, especially the American opportunity tax credit (AOTC), which Henry is applying for.
Write down the steps which are included in the planning phase of the data analysis process?
Answers
Answer:
Step 1: Knowing and Defining your questions:
Step 2: Measurement
Step 3: Data Collection
Step 4: Analyzing the Data:
Step 5: Interpreting the results
Explanation:
Data Science is no doubt the most necessary science today. Every company, business or government need lots of data to make their decision making efficient and accurate.
For efficient decision making, data analysis is the key tool to utilize.
Data Analysis is basically the converting millions of billions of raw data into something useful out of it in terms of decision making of anything.
Data Analysis has 5 simple steps to follow, which are discussed below one by one.
Step 1: Knowing and Defining your questions:
Knowing right questions is the first and most critical steps in the data analysis process. Wrong questions will lead to wrong decisions. Therefore, make clear, concise and problem oriented questions.
For example: Our company is experiencing a downfall in revenues, can we afford to cut down the manpower?
Step 2: Measurement
For this step to complete, you must need to know what to measure and how to measure it.
For example: For cutting down of manpower, what type of data we need to measure? obviously we will be needing data relating to manpower and our companies revenues to generate the relation between them. Furthermore, it is equally necessary to know how to measure it. What factors do we include in it. What is our time frame etc etc.
Step 3: Data Collection
Obviously, this is the feed of all the process. For data analysis, you need to have sufficient data in the first place.
Step 4: Analyzing the Data:
After acquiring all the steps in the process, it is time to analyze the data more deeply. You will be searching for correlations in your data with your problem. In this step, you will be finding different parameters such as maximum, minimum, standard deviation, variance et. Moreover, you will needing graphs to plot the data that you have acquired.
Step 5: Interpreting the results
Lastly, you need to correctly interpret the results that you have got from the previous step. Right interpretation will lead to right decision making which will make a fortune of your company and wrong interpretation will lead to wrong decision making and you will be going otherwise,
The purpose of the general journal is to show accounting events in their __________ sequence.
Answers
Answer:
Chronological
Explanation:
For accounting day to day business transactions, there is a proper sequence of accounting cycle i.e.
1. Transactions
2. Journal entries
3. ledger posting
4. Trial balance
5. Worksheet
6. Journal entries i.e. adjusted
7. Financial statements
8. Books closing
So it would be chronological
In QuickBooks Online, where do you go to see all a company's categories organized into account types?
Answers
Answer:
The answer is "Chart of Accounts".
Explanation:
The chart of a financial report is the index of the general ledger of its financial accounts. In short, this is an organization tool that offers a digestible overview between subgroups of any money transfers performed by either a company in such an accounting period. It also using accounting graphs in Quickbooks to see those sections of a company grouped through account forms.
How can a sales user relate an opportunity to. a campaign? (2 answers) A. Select the primary campaign source for the opportunity. B. Use the campaign influence related list on the opportunity. C. Select the campaign record type when creating the opportunity. D. Use the campaign hierarchy related list on the opportunity.
Answers
Answer:
A. Select the primary campaign source for the opportunity.
B. Use the campaign influence related list on the opportunity.
Explanation:
The sales can be related with an opportunity in a following cases
1. Chose the source of the primary campaign for the opportunity purpose
2. And, use the same for influence related list
In this way, the sales user related the opportunity to a campaign
Hence, the same is to considered
CMS Energy Corp has an operating cycle of 157 days. The firm's days' sales in inventory is 87 days. How much does the firm have in receivables if it has credit sales of $600,000?
a. $126,922
b. $115,068
c. $81,171
d. $195,183
Answers
Answer:
b. $115,068
Explanation:
The computation of the receivables is shown below:
As we know that
operating cycle = days sale of inventory + days sales outstanding
157 days = 87 days + days sales outstanding
So,
credit days is
= 157 days - 87 days
= 70 days
Now
receivables is
= $600,000 × 70 ÷ 365
= $115,068
Therefore the correct option is second
Palmer Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $105,000. The equipment will have an initial cost of $473,000 and have a 10 year life. If the salvage value of the equipment is estimated to be $84,000, what is the payback period?A. 10.00 yearsB. 5.25 yearsC. 4.50 yearsD. 3.29 years
Answers
Answer:
D. 3.29 years
Explanation:
Payback period = Initial cost / (An annual increase in net income after tax + Depreciation per year )
Payback period = $473,000 / [$105,000 + ($473,000-$84,000)/10]
Payback period = $473,000 / [$105,000+$38,900
Payback period = $473,000 / $143,900
Payback period = 3.28700
Payback period = 3.29 years
what possible happen if anti trust law would be removed
Answers
Answer:
Antitrust laws are laws that aim to promote competition between traders, among other things, avoiding market failures such as cartels and monopolies. Antitrust laws are important in a modern market economy and are defended in all the economic systems that guarantee the presence of the state as a market regulator. If there were no such laws, there would inevitably be the generation of different monopolies that would control the market for a certain good or service, which would limit the ability of consumers to choose and their access to better prices as a result of competition between companies. Business.