Master Business with Fun Quizzes & Brain Teasers!

Sunny corporation reported the following results for december: Description AmountNumber of units sold 800 unitsSelling price per unit $500 per unitCost of goods sold per unit (all variable) $250 per unitVariable selling expense per unit $45 per unitFixed selling expense $22,100Variable administrative expense per unit $32 per unitFixed administrative expense $15,400 The gross margin for December is:
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Collins Company borrowed $1,250,000 from BankTwo on January 1, 2016 in order to expand its mining capabilities. The five-year note required annual payments of $325,545 and carried an annual interest rate of 9.5%. What is the amount of expense Collins must recognize on its 2017 income statement
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The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. Accounts payable $2,000 Miscellaneous expense $1,030Accounts receivable 10,340 Office expense 1,240Cash 21,420 Supplies 1,670Fees earned 73,450 Wages expense 23,550Land 47,000 Dividends 16,570Building 157,630The common stock was $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Use this information to answer the questions that follow.a. Prepare an income statement for the current year ended March 31.b. Prepare a statement of retained earnings for the current year ended March 31.c. Prepare a balance sheet for Thompson's Computer Service.
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Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,300 of direct materials and used $3,800 of direct labor. The job was not finished by the end of the month, but needed an additional $2,800 of direct materials and additional direct labor of $6,100 to finish the job in October. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost incurred. What is the balance in the Work in Process account at the end of September relative to Job A3B?
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n the summer there are many teenagers looking for minimum wage jobs, so firms are able to fill all open positions easily. This suggests that, at least during the summer, the supply of labor is:
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Oceanside Company uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtful Accounts has a $2,300 credit balance prior to adjusting entries. It has just completed an aging analysis of accounts receivable at December 31, 2018. This analysis disclosed the following information: Age Group Total Percentage considered uncollectiableNot yet due $56,000 1%130 days past due 30,000 4%3160 past due 15,000 6%Required:What is the appropriate balance for Oceanside's Allowance for Doubtful Accounts at December 31, 2018?
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In each of the following examples, identify whether the individual is experiencing cyclical unemployment, frictional unemployment, structural unemployment, or no unemployment.a. Eduardo has recently moved to a new city with his wife who was offered a great job there. He is trying to find a position in the same industry he worked in before relocating.b. Derek worked for a large telecommunications firm that went bankrupt last year due to a recent recession. He has since tried to find work with one of the firm's competitors, but good jobs are currently hard to come by.c. Drew lost his job at a car manufacturer last year. He spent 6 months applying for every job possible before giving up 2 months ago. He now spends his day playing Xbox.d. Paula has 20 years of experience in manufacturing. Her employer, and many other manufacturing firms, recently closed their U.S. plants. She would like to find a similar job but is unable to find anything that utilizes her skills.e. Katherine works part-time at a small retail store. She would like to work full-time, but her employer is currently unable to extend her hours.f. Tyrell just graduated from college with a business degree. He is currently looking for a job in banking in the major city he just moved to.g. Mike is a contractor who has been unable to find work, since most businesses are delaying or canceling their construction plans due to economic uncertainty in the coming year.h. Meg used to own and run her own bookstore. Her sales declined due to competition from online retailers. She has not been able to find any work related to her skills in the diminishing retail industry for books.
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Last winter, your service fraternity volunteered at an elementary school in a lower income neighborhood in your city. You noticed many of the children did not have hats or mittens to wear in the cold weather. You decided to start a business that will provide hats and mittens to children in need. You quickly realize you will need help in this venture and set out to find a cofounder. Which of the following characteristics and traits would you like to see in a cofounder? A) Persistent.B) Economically motivated.C) Hard working.D) Creative.
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According to the Uniform Commercial Code (UCC), _____. Select one: a. the sale of goods between two parties is always legal b. the doctrine of promissory estoppel will always overrule a written contract c. the sale of goods costing $500 or more is not enforceable without a writing or other specified evidence d. there is no need for the formality of writing during sales transactions PREVIOUS PAGE
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On June 25, Gallatin Repair Service extended an offer of $123,000 for land that had been priced for sale at $141,000. On July 9, Gallatin Repair Service accept the seller's counter offer or $134,000. On October 1, the land was assessed at a value of $201,000 for property tax purposes. On December 22, Gallatin Repair Service was offered $214,000 for the land by a national retail chain.At what value should the land be recorded in Easy Repair Service's records?
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A merchandiser has four closing journal entries at the end of an accounting cycle. Select the correct entries below. (Check all that apply.) Close asset accounts. Close the dividends account. Close revenue accounts. Close expense accounts. Close the merchandise inventory account. Close the income summary account.
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Item 9Item 9 On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Jepson makes on September 18 is:
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Last year, Rotterdam, Inc. had sales revenue of $980,000. Costs other than depreciation and interest expense were 20 percent of sales. Depreciation expense was $50,000, interest expense was $95,000, and dividends paid were $23,000. The company also received dividends of $8,000 from a company in which it had 30% ownership stake. Which of the following statements is most CORRECT?a. The firm's taxable income was $637,400. b. The firm's after-tax income was $405,564. c. The firm's marginal tax rate was 39 percent. d. The firm's tax for the year was $113,900. e. None of the above
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Type the correct answer in the box. Spell all words correctly. Whar happens to you tax liability with proper financial planning? You (_____) can you tax liability through proper financial planning.
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If a Starbucks tall latte cost $3.20 in the United States and 3 euros in the Euro area, then purchasing-power parity implies the nominal exchange rate is how many euros per dollar?a. .938 If the exchange rate is less than this, it costs more dollars to buy a tall latte in the U.S. than in the Euro area.b. .938 If the exchange rate is less than this, it costs fewer dollars to buy a tall latte in the U.S. then in the Euro area.c. 1.067 If the exchange rate is less than this, it costs more dollars to buy a tall latte in the U.S. than in the Euro area.d. 1.067 If the exchange rate is less than this, it costs fewer dollars to buy a tall latte in the U.S. than in the Euro area.
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Gilbert Company generated sales revenues of $1,800,000 in 2017. Its cost of goods sold amounted to $990,000. Calculate Gilbert's gross profit percentage. Supporting Materials Cost of goods sold / Group of answer choices 55% 45% 222% 182%
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In the business world, the goal of preventive law is to increase profits by: Select one: a. imposing higher inheritance and income taxes on wealthy people. b. avoiding losses through fines and damage judgments. c. involving the client in the business-planning process. d. creating unenforceable contracts.
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A company received a bank statement showing a balance of $78,000. Reconciling items included outstanding checks of $2,400 and a deposit in transit of $9,400. What is the company's adjusted bank balance
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Eagle Company uses a standard cost system that has provided the following data: Units of output manufactured: 85 Direct labor: Standard hours allowed: 2 hours per unit of product Standard wage rate: $15.10 per hour Actual direct labor: 190 hours, total cost of $3,249 The direct labor rate variance for the period was:
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James used $200,000 from his savings account that paid an annual interest of 10% to purchase a hardware store. After one year, James sold the business for 300,000. His economic profit is:
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The Morrow Company has assembled the following data pertaining to certain costs that cannot be easily identified as either fixed or variable. Morrow Company has heard about a method of measuring cost functions called the high-low method and has decided to use it in this situation. Month Cost Hours January $40,000 3,730 February $37,600 3,200 March $42,800 3,480 April $50,200 5,000 May $68,400 6,000 June $61,200 4,250 What is the estimated total cost at an operating level of 3,400 hours
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Information concerning Department A of Ali Company for the month of June is as follows: Unit MaterialsCosts Work in process, beginning of month 20,000 $14,250 Started in June 85,000 $66,600 Units completed 90,000 Work in process, end of month 15,000 All materials are added at the beginning of the process. Using the average cost method, the cost (rounded to two places) per equivalent unit for materials is: Group of answer choices $0.75. $0.61. $0.77. $0.79.
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If the amount of loss in a manufacturing process is abnormal, it should be classified as a: Group of answer choices a. Period cost. b. Deferred charge. c. Joint cost. d. Product cost.
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Price ceilings may be imposed if: A. suppliers can make strong moral or political arguments for higher prices. B. demanders can make strong moral or political arguments for higher prices. C. demanders can make strong moral or political arguments for lower prices. D. suppliers can make strong moral or political arguments for lower prices.
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