The following information is available for Moiz Company:________.
Debit Credit
Common Stock $30,000
Retained Earnings 20,000
Dividends $30,000
Sales Revenue 510,000
Sales Returns and Allowances 20,000
Sales Discounts 7,000
Cost of Goods Sold 310,000
Freight-Out 2,000
Advertising Expense 15,000
Interest Expense 19,000
Salaries and Wages Expense 55,000
Utilities Expense 18,000
Depreciation Expense 7,000
Interest Revenue 23,000
Using the above information, prepare the closing entries for Moiz Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answers
Answer and Explanation:
1. Interest Revenue $23,000
Sales Revenue $510,000
To Income Summary $533000
(Being closing of revenues accounts are closed)
2. Income Summary $453,000
To Sales returns $20,000
To Sales Discounts $7,000
To Cost Of goods sold $310,000
To Freight out $2,000
To Advertise Exp $15,000
To Interest Exp $19,000
To Salaries & Wages $55,000
To Utility $18,000
To Depreciation $7,000
(Being closing of expenses accounts are closed)
3. Income Summary $80,000
To Retained Earning $80,000
(Being profit is recorded)
4. Retained Earning $30,000
To Dividends $30,000
(Being closing of dividend is recorded)
Related Questions
Manton Manufacturing applies manufacturing overhead costs to products at a budgeted indirectminuscost rate of $ 90 per direct manufacturing laborminushour. A retail outlet has requested a bid on a special order of the Toy Bear product. Estimates for this order include: Direct materials of $ 75 comma 000; 680 direct manufacturing laborminushours at $ 30 per hour; and a 40% markup rate on total manufacturing costs. Manufacturing overhead cost estimates for this special-order total ________.
Answers
Answer:
Allocated MOH= $61,200
Explanation:
Giving the following information:
Predetermined overhead rate= $90 per direct labor-hour.
Estimates for this order include:
direct labor-hours= 680
To allocate overhead, we need to use the following formula:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 90*680= $61,200
On June 30, 2021, Moran Corporation issued $4 million of its 8% bonds for $3.5 million. The bonds were priced to yield 9.4%. The bonds are dated June 30, 2021. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the six months ended December 31, 2021? a) $3,500. b) $4,500. c) $4,800. d) $9,000.
Answers
Answer:
b) $4,500
Explanation:
The computation of the bond discount that should be reduced is given below;
Bond discount to be reduced
= ($3,500,000 × 9.4 × 1 ÷ 2) - ($4,000,000 × 8% × 1 ÷ 2)
= $164,500 - $160,000
= $4,500
hence, the bond discount that should be reduced is $4,500
Therefore the option b is correct
Wally's Walleyes wants to introduce a new product that has a start-up cost of $7,800. The product has a 2-year life and will provide cash flows of $4,500 in Year 1 and $4,300 in Year 2. The required rate of return is 15 percent. Should the product be introduced? Why or why not?
Answers
The calculated NPV is negative, indicating that the present value of expected cash flows does not exceed the start-up cost of the project. In other words, the project is expected to generate a net loss.
To determine whether Wally's Walleyes should introduce the new product, we can calculate the net present value (NPV) of the project. The NPV measures the present value of expected cash flows, taking into account the required rate of return.
To calculate the NPV, we need to discount the cash flows using the required rate of return (15 percent). The formula for calculating NPV is:
NPV = Cash Flow Year 1 / (1 + Required Rate of Return)^1 + Cash Flow Year 2 / (1 + Required Rate of Return)^2 - Start-up Cost
\(NPV = $4,500 / (1 + 0.15)^1 + $4,300 / (1 + 0.15)^2 - $7,800\)
\(NPV = $4,500 / 1.15 + $4,300 / (1.15)^2 - $7,800\)
NPV = $3,913.04 + $3,537.41 - $7,800
NPV = -$350.55
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how can I draw the circular flow of Income in an open economy?
Answers
The unending flow of goods and services, income, as well as expenditure in an economy is referred to as the circular flow. It depicts the circular redistribution of income between the production unit and households. Land, labour, capital, as well as entrepreneurship are examples of these.
The circular flow of diagram's outer loop depicts the flow of factor services from households to firms, as well as the corresponding flow of payments for factors from firms to households.
The inner loop depicts the flow of goods and services from firms to households, as well as the flow of consumer spending from households to firms. The entire amount of money paid by firms as factor payments is returned to the firms by the factor owners.
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For each item, enter the appropriate amounts in the associated cells.
Scenario Amount Adjusted Gain Gain Sec. 1245 Sec. 1231
realized basis realized recognized recapture gain
Jim exchanged an old machine used
in his trade or business for a new
machine plus $50,000 cash. Jim
purchased the old machine for $345,000
and deducted $45,000 of depreciation on
the old machine. The new machine has a
fair market value of $450,000.
Jerry purchased a new machine for $100,000.
A few years later, Jerry sold the machine for
$90,000. Before selling the machine,
Jerry claimed $40,000 in depreciation.
Answers
Answer:
Jim exchanged an old machine used in his trade or business for a new machine plus $50,000 cash. Jim purchased the old machine for $345,000 and deducted $45,000 of depreciation on the old machine. The new machine has a fair market value of $450,000
Amount realized: $500,000 ($450,000+$50,000)
Adjusted basis: $300,000 ($345,000-$45,000)
Gain realized: $200,000 ($500,000-$300,000)
Gain recognized: $200,000
Sec. 1245 Recapture: $45,000
Sec. 1231 Gain: $155,000 ($200,000 - $45,000)
Jerry purchased a new machine for $100,000. A few years later, Jerry sold the machine for $90,000. Before selling the machine, Jerry claimed $40,000 in depreciation
Amount realized: $90,000
Adjusted basis: $60,000 ($100,000-$40,000)
Gain realized: $30,000
Gain recognized: $30,000
Sec. 1245 Recapture: $30,000
Sec. 1231 Gain: - ($30,000-$40,000)
Select the correct answer.
Occupational codes are:A. A Career clusters
B. Personality types
C. Personality traits
D. Types of jobs
Answers
Answer:
The answer is "Option D".
Explanation:
In Day-to-day life it allows the person to survive, work towards their familiars & engage in the greater community. According to Occupational therapy, it is used to identify occupations as personality, productivity, and recreation. It has the four-character term, which is used to identifying the specific profession of its worker, that's why we can say that the choice d is correct.
Answer:
D, Types of jobs
Explanation:
have a great day and stay happy
List 3 things that would increase the amount you pay each month for car insurance.
Answers
car crash
n traffic violations
Answer: 1.kilometres you would put on
2. Vehicle make/ model
3. Amount of time you’ve been driving
Explanation:
1.The more kilometres the more you pay because you’re more likely to get in an accident.
2. Vehicle make and model matters because newer and sportier vehicles are more expensive because they usually cost more
3. The newer you are as a driver the more expensive it will be because you have no experience and are more likely to get in an accident
which is one of the greatest risks of being entrepreneur
Answers
One of the greatest risks of being entrepreneur is the risk of business failure
What is one of the greatest risks of being entrepreneur?One of the greatest risks of being an entrepreneur is the possibility of business failure. Starting a new business is inherently risky, as there is no guarantee that the business will be successful.
Entrepreneurs may invest significant time, money, and resources into their businesses, but still be unable to generate sufficient revenue to cover their costs or turn a profit. Business failure can be financially and emotionally devastating for entrepreneurs, as well as damaging to their reputation and future career prospects.
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When prices rise, a. real estate is a better unit of account than money. b. money is a worse medium of exchange than real estate. c. money is a better store of value than real estate. d. real estate is a better store of value than money.
Answers
When prices rise, d. real estate is a better store of value than money.
What is increase in price?Increase in price is when the price of goods and service is on the high side and this tend to occur when the cost of production is high. The effect of price rise is the it lead to low demand of goods and service.
When rise investing in real estate is a goods choice based on the fact that it enables you to invest and have value for your money because investing in real estate is an asset.
Therefore the correct option is D.
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Question 5 of 10
Why do business often add fees to their invoices?
O A. To help pay for business expenses
B. To attract new customers
C. To reward customers' for their loyalty
D. To make more profit than their competitors
Answers
Answer: I think it's A
Explanation:
Answer:
Its A!
Explanation:
Just took the quiz
what is The principle that describes how a change in a property affects the overall property value?
Answers
The principle that describes how a change in a property affects the overall property value is know as principle of contribution.
Write a short note on principle of contribution.This is what some of texts could refer to as the marginal contribution principle. The value of an improvement is determined by what it adds (or contributes) to the market value of the total property, not by how much it cost to install the improvement, according to the concept of contribution. When considering whether to make improvements to ones already made, this is a crucial consideration.
The common misconception among real estate buyers is that if they spend money making improvements to their home, the market worth of the home will increase by the amount of the improvement. For instance, a lot of people have remodeled their homes or added swimming pools because they think that these additions will greatly increase the market value of their homes. This isn't always the situation.
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What regulates employee exposure to potentially toxic substances and informs employees about the possible hazards of materials used in the workplace?
Answers
Answer:
Occupational Safety & Health Administration (OSHA)
Explanation:
. Based on precedence diagram given below, use the longest task time heuristic to balance the line. Cycle time = 1.3 minute\
What is the balance delay?
Out of all workers placed which worker is the happiest (has most remaining time)?
Answers
Balance delay time refers to the amount of downtime on manufacturing assembly lines caused by uneven job distribution across operators or stations.
What is balance delay?The amount of downtime on manufacturing assembly lines brought on by uneven work distribution among operators or stations is known as balance delay time.
It has to do with how the overall task is divided up and to what extent.
The jobs are arranged according to decreasing processing times according to the longest processing time rule.
The biggest job that is currently available will start processing whenever a machine is released.
The minimum makespan of a schedule can be determined using this approach, which is a heuristic.
The operational time needed for that element plus the times for all items that must come after it equals the positional weight.
The elements are arranged according to their positional weights in descending order.
Therefore, balance delay time refers to the amount of downtime on manufacturing assembly lines caused by uneven job distribution across operators or stations.
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Correct question:
What is balance delay?
Jose deposits $2,100.00 into a savings account at her credit union. The annual compound interest rate is 1.5%. How much money will Jose have after 20 years?
Answers
4. What was the closing price of the corporation on July 26th?
Answers
The closing price of a security, such as a stock or a commodity, is the final price at which it was traded on a particular trading day. The calculation of the closing price depends on the market in which the security is traded.
What is closing price?If you have access to the historical data of the security, you can easily calculate the closing price by finding the last recorded price of the security on a given trading day. Many financial websites and data providers offer this information in their daily summary of a security's trading activity.
However, if you are looking to calculate the closing price in real-time, you can use a real-time data provider that offers the latest market quotes for the security you are interested in. The closing price is usually determined at the end of the trading day, which varies depending on the market and the security being traded.
In general, to calculate the closing price of a security, you need to find the last traded price of the security for the day. This information can be obtained from various sources, such as stock exchange websites, financial news websites, or real-time data providers. Once you have this information, you can use it to calculate the closing price of the security for that particular trading day. An overview was given.
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What is a premium?
A. the amount paid by the policyholder before the insurance policy starts paying on the claim
B. the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached
C. the maximum amount a policy will pay out in any one year
D. the amount paid by the policyholder to the insurer on a regular basis for the policy
Answers
Answer: 1. a policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event
2. the amount paid by the policyholder to the insurer on a regular basis for the policy
3. the amount paid by the policyholder before the insurance policy starts paying on the claim
4. Health insurance policies for those who do not have access to employer-provided health plans or who do not qualify for government-provided plans, offered through a marketplace, and purchased by individuals for themselves and their families.
5. Medicare
Explanation: My quizlet name is Aron_Sonn so consider dropping by :)
Premium refers to the amount paid by the policyholder to the insurer on a regular basis for the policy. Thus, Option (D) is correct.
The premium is an essential component of an insurance contract and is determined based on various factors such as the type of coverage, the risk profile of the insured individual or property, and the desired coverage limits.
Policyholders make regular premium payments, which could be monthly, quarterly, or annually, in order to maintain their insurance coverage. These payments ensure that the insurance policy remains in effect and that the policyholder is eligible to receive the benefits and financial protection outlined in the policy.
Thus, Option (D) correctly shows that the premium serves as the financial consideration for the insurance company's assumption of risk and provision of coverage.
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If laying the distribution lines cost twice as much under water as it does on land,, what path should the distribution linees follow in order to minimize the cost?
Answers
Answer:
Explanation:
Normally, running underground distribution line is expensive to run and also to maintain(repair) though running it underground makes it last longer by keeping it safe away from things like ice.
Just like it is given in the Question/problem above that "laying the distribution lines cost twice as much under water as it does on land". It can be observed that the cost of taking the distribution line under water is higher than it does on the land. So, in order to minimize cost the following should be done;
=> Major part of the distribution line should be done on the land and drawn along the side of the water body. The minor part of the distribution line can then go down(under the water).
If $2,000,000 of 10% bonds are issued at 97, the amount of cash received from the sale is
a. $2,100,000
b. $2,060,000
c. $2,000,000
d. $1,940,000
Answers
The amount of cash received from the sale of $2 million bonds issued at 97% of face value is $1.94 million. The issue price is calculated by multiplying the face value by 97%, which is $1.94 million.
Hence, the correct option is (d).
To calculate the amount of cash received from the sale of $2,000,000 of 10% bonds issued at 97, we need to multiply the bond's face value by the percentage of the issue price.
The issue price is given as 97% of the face value. To find the issue price, we calculate:
Issue price = Face value x (97/100)
= $2,000,000 x (97/100)
= $1,940,000
Therefore, the amount of cash received from the sale is d. $1,940,000.
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name two recent kmi/kmv initiatives that carry out by pick n pay
Answers
The two recent kmi/kmv initiatives that carry out by pick n pay are:
Feed the nation Food gardening education project.What is the project about?The project is to feed the nation and it is one that partners with Pick n Pay, together to join their efforts to give an opportunity to Feed The Nation.
Note that Feed The Nation is seen to be a collectively raised amount of money and provided a lot of millions of meals to children and other people who are vulnerable.
Hence, The two recent kmi/kmv initiatives that carry out by pick n pay are:
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Willie Lohmann travels from city to city for business. Every other year he buys a used car for about $15,000. The dealer allows about $8000 as a tradein allowance, so Willie spends $7000 every other year for a car. Willie keeps accurate records of his expences, which total 32.3 per mile. Willie's employer has two plans to reimburse car expenses: Actual expenses: Willie will recieve all his operating expenses, and $3500 each year for the car's decline in value. Standard mileage rate: Willie will recieve 56.5 per mile but no operating expenses and no depreciation allowance. If Willie travels 18,000 miles per year, which method gives him the larger reimbursement? At what annual mileage do the two methods give the same reimbursement?
Answers
Answer:
Plan B is better.
Computation:
Total travel = 180,00 miles
Plan A:
Actual Expenses
Total Reimbursement = $3,500 + [18,000 x 32.3]
Total Reimbursement = $3,500 + $5,814
Total Reimbursement = $9,314
Plan B:
Standard Mileage
Total Reimbursement = 18000 x 56.5
Total Reimbursement = $10,170
So,
Plan B is better.
Difference in fixed reimbursement = $3500 Plan A
Difference in mileage rate = 56.5 - 32.3
Difference in mileage rate = 24.2 cents per mile
Difference in mileage rate = $0.242 per mile
Difference in fixed reimbursement = $3500 Plan A
a. The method that gives Willie Lohmann the larger reimbursement is Plan A.
b. The annual mileage where the two methods give the same reimbursement to Willie is 144.63 miles.
Data and Calculations:
Cost of used car = $15,000
Trade-in Allowance 8,000
Amount spent yearly = $7,000
Total expenses per mile = $32.3
Amount reimbursed with Plan A = $32.3 m + $3,500
Amount reimbursed with Plan B = $56.5 m
where m = per mile
Distance traveled per year = 18,000
Reimbursement from Plan A = $584,900 ($32.3 x 18,000 + $3,500)
Reimbursement from Plan B = $1,017,000 ($56.5 x 18,000)
For Plan A to equal Plan B, $56.5 m = $32.3 m + $3,500
From the equation, $56.5 m - $32.3 m = $3,500
Therefore, $24.2 m = $3,500
m = 144.63 ($3,500/$24.2)
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Customers might sometimes describe contradictory needs
Answers
Customers might sometimes describe contradictory needs which means Option C. Customers sometimes describe needs that oppose each other.
When customers require two different things that cannot be addressed by the same product, it is referred to as a conflicting requirement. There are many reasons why customers may have conflicting needs. Some customers might have a requirement for a product to be both inexpensive and of high quality, for example. Others may desire a product that is both small and powerful. Customers may sometimes find it difficult to articulate what they want, which might result in vague descriptions.
This might make it more difficult for the supplier to provide a solution that satisfies the customer’s needs. Customer service staff must be trained to engage with customers and listen actively to their concerns. They must also be able to identify when there is a contradictory requirement and provide solutions that address the customer's needs in a way that satisfies the customer's expectations while also meeting the supplier's operational needs. Understanding customer needs is an important part of the customer service profession, and it may take some time and effort to develop the necessary skills.
Some customers are very detailed in describing their needs, which can be beneficial for suppliers because it allows them to provide an appropriate solution for the customer. Overall, being aware of conflicting customer requirements is essential in the customer service sector to provide an effective solution. Therefore, the correct option is C.
The question was incomplete, Find the full content below:
Customers might sometimes describe contradictory needs.
A. A customer's needs can sometimes be confusing.
B. Customers might sometimes give vague descriptions.
C. Customers sometimes describe needs that oppose each other.
D. Some customers are extremely thorough in describing their needs.
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Select the correct answer from each drop-down menu.
Which functions of management do manufacturing and service businesses use to maximize their operations?
Manufacturing and service businesses use the four management functions—planning,
,
, and controlling—to increase the productivity of their operations.
Answers
Answer:
organising and staffing
Explanation:
Answer:
Organizing and staffing
Explanation:
Plato/Edmentum
When an existing contract is replaced with an entirely new contract , it is called
Answers
Answer:
novation
Explanation:
What amenities are included in a Coli Spaces co-living apartment?
Answers
Coli Spaces co-living apartments include amenities such as fully furnished rooms, shared living areas, high-speed internet, cleaning services, on-site laundry, utilities, security measures, and community events.
Coli Spaces co-living apartments offer a range of amenities to ensure a comfortable and convenient living experience. Some of the amenities included in a Coli Spaces co-living apartment are:
1. Fully Furnished Rooms: Each apartment is equipped with high-quality furniture, including beds, desks, chairs, and storage units, providing a ready-to-move-in experience.
2. Shared Living Areas: Residents have access to spacious and well-designed common areas such as living rooms, dining areas, and kitchen facilities. These spaces are thoughtfully furnished and encourage social interaction among residents.
3. High-Speed Internet: Coli Spaces provides fast and reliable internet connectivity, allowing residents to stay connected and work or study from home without any disruptions.
4. Cleaning Services: Regular cleaning services are provided to ensure that the common areas and shared facilities are well-maintained and hygienic.
5. On-site Laundry: Co-living apartments at Coli Spaces are equipped with laundry facilities, making it convenient for residents to do their laundry without leaving the building.
6. Utilities: Basic utilities such as electricity, water, and gas are included in the rent, simplifying the payment process for residents.
7. Security: Coli Spaces prioritizes the safety of its residents, and therefore, co-living apartments are equipped with security measures such as CCTV cameras, secure access systems, and on-site staff.
8. Community Events: Coli Spaces organizes community events and activities to foster a sense of belonging among residents, providing opportunities to socialize and network.
By providing these amenities, Coli Spaces aims to create a comfortable and inclusive co-living environment that meets the needs of modern urban dwellers.
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Type the correct answer in the box. Spell all words correctly.
Which trait represents the ability to find solutions and achieve goals, even with limited resources?
is the ability to find solutions and achieve goals, even with limited resources, by thinking creatively and coming up with alternative ideas.
Answers
Resourcefulness is the trait that represents the ability to find solutions and achieve goals even with limited resources.
What is the trait that enables individuals to overcome limitations?Resourcefulness is a valuable trait that empowers individuals to overcome limitations and achieve their goals even when faced with limited resources. It involves the ability to think creatively, adapt to changing circumstances and make the most of available assets.
Resourceful individuals are adept at finding innovative solutions, leveraging their existing resources efficiently and identifying alternative approaches when necessary. They possess a problem-solving mindset that allows them to navigate challenges and constraints effectively often leading to successful outcomes despite the scarcity of resources.
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Use the information below to answer questions 7-10 Mandated Company Ltd has established the following inventory levels for his manufacturing establishment: Normal usage Minimum usage Maximum usage Economic Order Quantity (EOQ) Delivery period 7. What is the re-order level? 20,000 units /day 12,000 units /day 26,000 units /day 100,000 units 26-30 days
Answers
The re-order level can be calculated by adding delivery period to the time it takes to receive an order. Therefore, the re-order level is 806,000 units.
What is re-order level?Re-order level is a term used in inventory management that refers to the minimum quantity of a product that a business needs to have on hand before placing a new order. It is also known as the reorder point or the minimum stock level. The purpose of setting a re-order level is to ensure that a business never runs out of stock, which could lead to lost sales and unhappy customers. The re-order level is determined by considering various factors such as lead time, demand variability, and safety stock. It is calculated by subtracting the lead time demand from the desired service level and adding the safety stock. By setting a re-order level, businesses can optimize their inventory management, reduce the risk of stockouts, and ensure they always have enough product to meet customer demand.
Re-order level = Maximum usage × (Delivery period + Time to receive an order) - Minimum usage
Re-order level = 26,000 units/day × (28 days + 5 days) - 12,000 units/day
Re-order level = 26,000 units/day × 33 days - 12,000 units/day
Re-order level = 818,000 units - 12,000 units/day
Re-order level = 806,000 units
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What items or brands represent Beauty, Luxury, Sophistication and/or Elegance for you? What is appealing to you about these (or what turns you off)? (Bonus points awarded for examples of each one of the following categories) Food & drink Clothing styles Settings & scenery
Answers
The items or brands represent Beauty, Luxury, for you is computer and wrist watches.
What is appealing to you about these?The one that is appealing to me is the different brands of computers.
What are Luxury goods?A luxury good is said to be a good that has the demand to often increases more than what is said to be the income rises.
Hence, The items or brands represent Beauty, Luxury, for you is computer and wrist watches.
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Sadie is a reporter who has researched an in-depth article about the prevalence of mercury found in local fish. During her investigation she finds that although a few fish have been caught with high levels of mercury, for the most part, they are rare. Considering that Sadie’s organization needs to sell ad space, which title will she MOST likely pick for this article?
A.
No Cause for Alarm with Local Fish
B.
Few Fish Affected by Mercury, Study Finds
C.
Mercury Levels Not an Issue Here
D.
Toxic Ingredients in Local Seafood
Answers
The title that Sadie is most likely to pick for the article, considering that her organization needs to sell ad space, is B. Few Fish Affected by Mercury, Study Finds.
Why is the title appropriate ?The title of Sadie's investigation accurately portrays the rarity of local fish with high mercury levels. It puts forward an optimistic perspective by emphasizing the low incidence of mercury within these aquatic species, possibly sparking interest from advertisers and readers.
However, choosing option A which says No Need to Worry About Local Fish, may undermine concerns related to mercury poisoning risks in fish, hindering engagement from people and marketers alike.
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John Regan, an employee at Home Depot, made deposits of $800 at the end of each year for 4 years. Interest is 4% compounded annually. What is the value of John’s annuity at the end of 4 years? (Use Table 13.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Answers
John Regan, an employee at Home Depot, made deposits of $800 at the end of each year for 4 years. The value of John’s annuity at the end of 4 years is; John's annuity $3,397.20. This is further explained below.
What is an annuity?Generally, An annuity is a kind of financial instrument that provides its owner with a predetermined and ongoing stream of payments. This type of product is often purchased by retirees in order to supplement their income during their golden years.
In conclusion, During his four years as an employee at Home Depot, John Regan deposited a total of $8,000 at the conclusion of each calendar year. At the conclusion of four years, John's annuity will be worth $3,397.20, which is the value of John's annuity.
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_____________ is when your company makes an effort to actively control and shape your brand image with your target market.
A.
Market penetration
B.
Market segmenting
C.
Data mining
D.
Market positioning
Answers
Answer:
D. (Market positioning)
Explanation:
The definition is pretty much in the question itself! hope this helps