At the end of the year, a company offered to buy 4,860 units of a product from X Company for $12.00 each instead of the company's regular price of $19.00 each. The following income statement is for the 60,200 units of the product that X Company has already made and sold to its regular customers:
| Sales | $1,143,800 | |
| Cost of goods sold | 471,968 | |
| Gross margin | $671,832 | |
| Selling and administrative costs | 144,480 | |
| Profit | $527,352 | |
For the year, variable cost of goods sold were $353,374, and
variable selling and administrative costs were $65,016. The special
order product has some unique features that will require additional
material costs of $0.85 per unit and the rental of special
equipment for $3,000.
4. Profit on the special order would be
5. The marketing manager thinks that if X Company accepts the
special order, regular customers will be lost unless the selling
price for them is reduced by $0.14. The effect of reducing the
selling price will be to decrease firm profits by
In: Accounting
At the end of the year, a company offered to buy 4,510 units of a product from X Company for $11.00 each instead of the company's regular price of $18.00 each. The following income statement is for the 61,100 units of the product that X Company has already made and sold to its regular customers:
| Sales | $1,099,800 | |
| Cost of goods sold | 543,790 | |
| Gross margin | $556,010 | |
| Selling and administrative costs | 167,414 | |
| Profit | $388,596 | |
For the year, fixed cost of goods sold were $120,367, and fixed
selling and administrative costs were $76,375. The special order
product has some unique features that will require additional
material costs of $0.70 per unit and the rental of special
equipment for $5,000.
4. Profit on the special order would be
5. The marketing manager thinks that if X Company accepts the
special order, regular customers will be lost unless the selling
price for them is reduced by $0.16. The effect of reducing the
selling price will be to decrease firm profits by
In: Accounting
Discussion of the legislation that established the federal minimum wage, the year that it was established, and the major reasons for establishing the legislation.
In: Economics
The size of the raccoon population at a national park last year was 180. This year, the population is 189. If the population increases exponentially, find the population of raccoons in 4 years. Use P = P0ekt where P0 represent the initial population. Round to the nearest whole number.
In: Math
preparation of adjusting entries at the end of the financial year is required:
| a. |
To ensure that cash inflows and cash outflows are accurately measured |
|
| b. |
To correct errors made during the year in the accounts |
|
| c. |
To provide for the correct recognition of income and expenses for the period |
|
| d. |
To achieve accurate reporting of all expenses paid at balance date |
|
| e. |
To eliminate the need for closing entries to be made in the accounts |
preparing the financial statements of a business, which of the following statements concerning the Equity figure found in the Balance Sheet is correct?
| a. |
It is decreased by any Drawings made by the owners |
|
| b. |
It is the amount owed by the entity to both outside and internal parties |
|
| c. |
It is the owners claim to the Liabilities of the entity after deducting Assets |
|
| d. |
It is fixed at the amount initially contributed when the business was formed |
|
| e. |
It is increased by a Net Loss during the financial period |
preparing the accounts, at the end of the financial year management forgot to include an item of Dividend Income earned during the period. This will result in an:
| a. |
Overstatement of liabilities and an understatement of net profit and equity |
|
| b. |
Understatement of assets and an overstatement of net profit and equity |
|
| c. |
Understatement of assets, net profit, and equity |
|
| d. |
Overstatement of assets, net profit, and equity |
|
| e. |
Overstatement of equity, and understatement of liabilities |
Van Gough Pty Ltd borrows $222 000 cash from Ozzie Bank Ltd in 2010 and intends to pay it back in 2020.
How would the transaction have originally been recorded in the books of Van Gough Pty Ltd back in 2010, when the loan was taken out.
| a. |
Debit - Accounts Payable $222 000; Credit - Cash at Bank $222 000 |
|
| b. |
Debit - Cash at Bank $222 000; Credit - Accounts Receivable $222 000 |
|
| c. |
Debit - Bank Loan $222 000; Credit - Cash at Bank $222 000 |
|
| d. |
Debit - Bank Loan $222 000; Credit - Capital $222 000 |
|
| e. |
Debit - Cash at Bank $222 000; Credit - Bank Loan $222 000 |
following is not an enhancing Qualitative Characteristic:
| a. |
Verifiability |
|
| b. |
Materiality |
|
| c. |
Timeliness |
|
| d. |
Understandability |
|
| e. |
Comparability |
following is not an important consideration in developing an accounting system:
| a. |
Eliminating all fraud |
|
| b. |
Compatibility |
|
| c. |
Internal Control |
|
| d. |
Flexibility |
|
| e. |
Costs incurred and benefits provided |
following statements concerning accrual accounting is correct?
| a. |
Net profit is the excess of cash inflows from income over cash outflows for expenses |
|
| b. |
Expenses should be recognised in the period in which they are paid |
|
| c. |
For most businesses the cash approach gives a better measure of economic performance than does the accrual approach |
|
| d. |
Net profit is the excess of income earned over expenses incurred during the financial period |
|
| e. |
Revenue is recognised in the period in which it is received in cash |
Closing the accounts refers to which of the following:
| a. |
Writing off all accounts in the balance sheet so there are zero balances |
|
| b. |
Establishing a zero balance in the cash at bank account |
|
| c. |
Establishing zero balances in all ledger accounts |
|
| d. |
Transferring income and expense account balances to the profit and loss summary account, which is then closed off to the equity account |
|
| e. |
All of the above |
publishers of ‘Guide to the Stock Market’, a magazine published monthly, received $396 in advance, including $36 GST on 1 March, 2019 for a whole one year’s subscription (12 issues) beginning with the March issue. On receipt of the subscription which entry will the company make in their books?
| a. |
Debit - Cash $396; Credit - Subscriptions Revenue $396 |
|
| b. |
Debit - Cash $396; Credit - GST Collections $36, Credit -Unearned Subscriptions (Liability) $360 |
|
| c. |
Debit - Cash $396; Credit - GST Collections $36, Credit - Subscriptions Received in Advance (Asset) $360 |
|
| d. |
Debit - Cash $360; Credit - Subscriptions Revenue $360 |
|
| e. |
None of the above |
In: Accounting
An 87 year old female is admitted to the hospital with a diagnosis of a hip fracture secondary to a fall in her home. What clinical manifestations would you expect to see when assessing this patient?
What would be three nursing management
considerations for this patient pre-operatively?
What would be three nursing management considerations post-surgical
repair?
What would your neurovascular assessment of the lower extremity
include?
Are there any positioning considerations, if so what are they?
In: Nursing
An 87 year old female is admitted to the hospital with a diagnosis of a hip fracture secondary to a fall in her home.
What clinical manifestations would you expect to see when assessing this patient?
What would be three nursing management considerations for this patient pre-operatively?
What would be three nursing management considerations post-surgical repair?
What would your neurovascular assessment of the lower extremity include? Are there any positioning considerations, if so what are they?
In: Nursing
At the beginning of the school year, Katherine Malloy decided to prepare a A budget of estimated cash receipts and payments.cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget:
| Cash balance, September 1 (from a summer job) | $8,840 |
| Purchase season football tickets in September | 120 |
| Additional entertainment for each month | 310 |
| Pay fall semester tuition in September | 4,800 |
| Pay rent at the beginning of each month | 430 |
| Pay for food each month | 240 |
| Pay apartment deposit on September 2 (to be returned December 15) | 600 |
| Part-time job earnings each month (net of taxes) | 1,100 |
a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except an overall cash decrease which should be indicated with a minus sign.
| KATHERINE MALLOY | ||||
| Cash Budget | ||||
| For the Four Months Ending December 31 | ||||
| September | October | November | December | |
| Estimated cash receipts from: | ||||
| Part-time job | $ | $ | $ | $ |
| Deposit | ||||
| Total cash receipts | $ | $ | $ | $ |
| Estimated cash payments for: | ||||
| Season football tickets | $ | |||
| Additional entertainment | $ | $ | $ | |
| Tuition | ||||
| Rent | ||||
| Food | ||||
| Deposit | ||||
| Total cash payments | $ | $ | $ | $ |
| Overall cash increase (decrease) | $ | $ | $ | $ |
| Cash balance at beginning of month | ||||
| Cash balance at end of month | $ | $ | $ | $ |
Feedback
b. Are the four monthly budgets that are
presented prepared as A budget that does not adjust to changes in
activity levels.static budgets or A budget that adjusts for varying
rates of activity.flexible budgets?
c. Malloy can see that her present plan
sufficient cash. If Malloy did not budget but went ahead with the original plan, she would be $
at the end of December, with no time left to adjust
In: Accounting
For any given year, the probability that a McDonalds makes a
profit is 0.78 and the probability that they make charitable
contributions is 0.23.
Assuming that these two events are independent, find the
probability (rounded to 4 decimal places) that McDonalds will make
a profit and make charitable contributions in 2020:
In: Statistics and Probability
A stock price is currently $50. It is known that at the end of one year it will be either $40 and $60. The exercise price of a one-year European call option is $55. The risk free interest rate is 5% per annum.
a. construct a binomial tree to show the payoff of the call option at the expiration date.
b. based on the binomial tree model, what is the value of the call option?
c. Address the relation between the binomial tree model and the Black-Scholes model
In: Finance