The total carrying value of the ending inventory would be $44,215.
The lower of cost or market method is a way to value inventory where the inventory is valued at either its cost or its market value, whichever is lower. In this case, the accountant for Murphy Company has prepared an analysis of its inventory at year-end and has provided the cost per unit and the net realizable value for each item.
1. To compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by-item basis, we compare the cost per unit with the net realizable value for each item. The carrying value is the lower of these two values. Using this method, the carrying value of the ending inventory would be:
- RSK-89013: 470 units x $38 per unit = $17,860
- LKW-91247: 329 units x $45 per unit = $14,805
- QEC-57429: 462 units x $25 per unit = $11,550
Therefore, the total carrying value of the ending inventory would be $44,215.
2. The journal entry required to value the inventory at a lower of cost or market would be:
Cost of Goods Sold $X
Inventory (Inventory adjustment to market value) $X
This entry records the adjustment of the inventory carrying value to the lower of cost or market, and the corresponding impact on cost of goods sold. The exact dollar amount would depend on the calculations in part 1.
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What kinds of plans are of most concern to the working supervisor? why?
Working supervisor should make the following plans:
Manpower planning: In this planning supervisor determines how much manpower is required by him and what will be their skills.
Scheduling: After manpower planning supervisor prepares the schedule of works.
Communication: The schedules prepared are then communicated by the supervisor.
After the communication the plan is set and implemented however the supervisor oversights the plan at that time and if there remains any discrepancy it is controlled by the supervisor.
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A good percentage to start with for saving is ________________ percent of your teaching income.
A good percentage to start with for saving is. At least 20% percent of your teaching income
The term "revenue" generally refers to the transfer of money, property, and other value received over a period of time in exchange for services or products. There is no single standard definition. Income is defined according to the context in which the concept is used.
While individuals usually earn their income through wages or salaries, businesses generate income from the sale of goods or services in excess of their production costs. Most forms of income are subject to tax.
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The entry made at the end of the accounting period to record wages incurred but unpaid is:________
The entry made at the end of the accounting period to record wages incurred but unpaid is Accrued expenses, An expense that is recorded on the books before it has been paid is referred to as an accumulated expense, also known as accrued liabilities.
The accounting period in which the expense is incurred is used to record it. Accrued expenses are listed as current liabilities on a company's balance sheet since they represent a company's obligation to make future cash payments. An estimated expense may not match the supplier's invoice, which will arrive at a later time.
According to the accrual method of accounting, costs are recorded as incurred rather than as paid when they are actually incurred.
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What is the total of tim’s liabilities if he has recorded $50,000 in assets and $40,000 equity on a balance sheet?
Total assets = Total liabilities + Total stockholders' equity
Total liabilities = Total assets - Total stockholders' equity
Total liabilities = $50,000 - $40,000
Total liabilities = $10,000
Hence, the total of Tim's liabilities is $10,000.
Responsibility is the responsibility of the individual or company and is usually the amount. Debts are settled over time by the transfer of economic interests, including money, goods, or services. The liabilities shown on the right side of the balance sheet include loans, liabilities, mortgages, income receivable, borrowings, guarantees, and accrued expenses.
Liability can be compared to assets. Debt is what you owe or owe. An asset is something you own or owe. In general, liability is an obligation between one party and another that has not yet been exempted or paid. In the accounting world, financial liabilities are also obligatory but are more likely to be defined by past commerce, events, sales, asset or service exchanges, or those that will generate economic benefits in the future.
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The first institution to contact if you know you have been an identity theft victim is
The first institution that should be contacted in the case of identity theft is the Federal Trade Commission (FTC).
Why should you contact the Federal Trade Commission (FTC)?If you have fallen victim to identity fraud, you should call the Federal Trade Commission immediately.
They will then help you report to the relevant law enforcement agencies such as the FBI and local police.
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Assume figures were presented for the past 5 years on merchandise sold at Chicago department and discount stores ($ million). Sales in 2022 were $3,314; in 2021, $3,574; in 2020, $3,048; in 2019, $3,312; and in 2018, $3,376. Using 2018 as the base year, complete a trend analysis.
Based on the sales given for the Chicago department and discount stores, the trend analysis:
2018 - 100%2019 - 98%2020 - 90%2021 - 106%2022 - 98%How is a trend analysis done?To complete a trend analysis, you divide succeeding amount of a measure, by the base amount.
In this case, the succeeding figures would be the sales after 2018 while the base year is 2018.
Trend analysis:
2018:
= 3,376 / 3,376
= 100%
2019:
= 3,312 / 3,376
= 98%
2020:
= 3,048 / 3,376
= 90%
2021:
= 3,574 / 3,376
= 106%
2022:
= 3,314 / 3,376
= 98%
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Income from long-term investments in equity securities with significant influence is reported in the earnings from equity method investment account. this account is a temporary account, closed to the?
Income from long-term investments in equity securities with significant influence is reported in the earnings from equity method investment account. this account is a temporary account, closed to the income summary account.
At the conclusion of an accounting period, all revenue and expense accounts from the income statement are moved into a temporary account called the income summary account.
The business's net profit or loss for the period is equal to the net amount placed into the income summary account.
Debiting the revenue account for the whole amount of revenue recorded for the period and crediting the income summary account are the results of shifting revenue out of the income statement.
Similarly, to remove expenses from the income statement, one must debit the income summary account and credit all of the expense accounts with the total amount of expenses incurred during the period. Utilizing the income summary account begins with this action.
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The money supply term that includes accounts that can be accessed quickly and easily and most savings accounts, mutual funds, and Certificates of Deposit is
The money supply term that includes accounts that can be accessed quickly and easily and most savings accounts, mutual funds, and Certificates of Deposit is M-2.
What is M-2?
The M2 is broader measure of MS although it is has a less liquid measure compared to M1 and consists of currency, traveler’s checks, checking deposits, savings accounts, money market mutual funds etc.
M2 = M1 + savings accounts deposits + money market mutual funds.
M2 includes all M1 plus near money such as savings deposit, money mutual fund and other time deposit that are less liquid and not easily transferrable to physical money. M2 is a broader definition. M2 includes M1, certificates of deposit, money market account balances, and savings account balances.
M2 is a proportion of the cash supply that incorporates money, checking stores, and effectively convertible near money. M2 is a more extensive proportion of the cash supply that M1, which simply incorporate money and checking deposits.
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Associations detected between measures of neighborhood environmental conditions and human microbiome diversity.
Association detected between measures of neighborhood environmental conditions and human microbiome diversity are as follows
Michigan state university , Department of geography , Environment and Spatial Science , East Lansing USAUniversity of Otago , Department of Public Health , Wellington , New Zealand Michigan State University Department of Entomology, East Lansing USAUniversity of Melbourne , Melbourne School of Population and Global Health Melbourne AustraliaWhile emerging research suggest urban green space revegetation increases soil microbiota diversity and native plant species affect skin microbiome diversity, there is still a relationship between neighborhood environment condition and human microbiome.
The environment condition of neighborhood may influence our microbiome through several pathways .
This study provide data on human microbiome samples . They evaluated relationship betweens microbiome and measures of environmental conditions near the home of 126 decendents . There were no potential indicator taxon among NDVI quartiles.
Some highlights of study between measures of neighborhood environmental conditions and human microbiome diversity
This study test how neighborhood environment may effect the human microbiome .For the rectum microbiome NDVI sd mouth and nose shows negative associations with diversity .For the mouth microbiome , they found and effect of percent trees on diversity.Learn more about measures of neighborhood environmental conditions and human microbiome diversity:
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An asset's book value is $19,500 on December 31, Year 5. Assuming the asset is sold on December 31, Year 5 for $13,500, the company should record: Multiple Choice Neither a gain nor a loss is recognized on this transaction. A gain on sale of $6,000. A gain on sale of $12,750. A loss on sale of $6,000. A loss on sale of $12,750.
The company should record a loss on sale of $6,000.
What is asset book value?
Book value is the worth of the asset or the amount left undepreciated at a particular point in time.
This implies that if the cash received in respect of the asset is more than the book value, there would be gains, and when the cash is less, that would result in losses. But in this case, the latter situation applies as shown in the loss computation below:
Selling an asset whose worth is $19,500 for $13,500 means that the company has lost $6,000 as computed thus:
Loss on asset=sales proceeds-book value
loss on asset=$13,500-$19,500
loss on asset=-$6,000
In essence the second to the last option is correct.
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A company purchased a delivery van for $28,400 with a salvage value of $3,900 on september 1, year 1. it has an estimated useful life of 5 years. using the straight-line method, how much depreciation expense should the company recognize on december 31, year 1
The deprecation expense in year 1 is $1225.
What is the depreciation expense in year 1?
Depreciation is a method that is used to expense the carrying value of an asset. Straight line depreciation is a depreciation method that allocates the deprecation expense evenly across the useful life of the asset.
Straight line depreciation expense is a function of the useful life of the asset, the cost of the asset and the salvage value of the asset.
Straight line depreciation expense = (number of months from Sept to Dec / number of months in a year) x (Cost of asset - Salvage value) / useful life
(3/12) x [(28,400 - 3900) / 5]
1/4 x (24,500/5) = $1225
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A Palm Beach County property is being sold for $98,350 and the buyer is taking title subject to an existing mortgage in the amount of $61,220. What is the total amount of taxes due in this transaction
The total amount of taxes due in this transaction is: $688.80.
Total amount of taxesState documentary or stamp tax on deed is calculated at rate $.70 per $100 of value
First step
Tax units=$98,350 ÷ $100
Tax units = 983.5
Tax units=984 (Approximately)
Second step
Documentary stamp tax = 984x $.70 cents
Documentary stamp tax = $688.80 (debit to the seller)
Therefore the total amount of taxes due in this transaction is: $688.80.
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A company has current assets (cash, property, inventory, and accounts receivable) of $200,000 and current liabilities (taxes, loans, and accounts payable) of $50,000. How much can it borrow if it wants its ratio of assets to liabilities to be no less than 2
Based on the current assets and the current liabilities, the amount that can be borrowed to about exceeding the ratio of assets to liabilities is $100,000.
How much can the company borrow?= Assets / Liabilities
If the value that can be borrowed is x, the formula would be:
2 = (200,000 + x) / (50,000 + x)
x = $10,000
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The company can borrow $100,000 if it wants its ratio of assets to liabilities to be no less than 2.
What is the ratio of assets to liabilities called?The ratio of assets to liabilities or liabilities to assets is called the debt-to-asset ratio.
The debt-to-asset ratio shows the degree to which assets are funded by debts, the level of the financial risk faced by the company, and how capital-intensive a company is.
Data and Calculations:Before Borrowing:
Assets Liabilities
Amount $200,000 $50,000
Debt ratio 4 : 1
After Borrowing:
Amount $300,000 $150,000 ($50,000 + $100,000)
New Debt ratio 2 : 1
Thus, the company can borrow $100,000 if it wants its ratio of assets to liabilities to be no less than 2.
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According to traditional Keynesian economics, expansionary fiscal policy initiated by the federal government
According to traditional Keynesian economics, an expansionary fiscal policy initiated by the federal government is an appropriate way to prevent recessions and depressions (Option B).
This is because an expansionary fiscal policy like tax cuts increases consumption and investment as well as increases government spending. This shifts the aggregate demand (AD) curve to the right.
In the diagram below, if the initial AD was ADR indicating that the economy is suffering from recession, then the suitable policy for the government would be to shift the AD curve to the right. As the AD shifts to ADF, the economy would be at full employment level and potential GDP.
According to Keynesian economics, aggregate income = aggregate expenditures.
Aggregate expenditures are classified into two basic types – consumption (spending on goods and services) and investment (expenditure on means of production).
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Your question is incomplete. please read below to find the full content.
According to traditional Keynesian economics, an expansionary fiscal policy was initiated by the federal government.
A) will always fail due to crowding out effects.
B) is an appropriate way to prevent recessions and depressions.
C) is never appropriate.
D) is an appropriate way to slow down an over-heated economy.
A business in Italy purchased 200 Kazuri necklaces at a cost of 481 720 Kenyan
Shillings (KES).
In February 2020 the exchange rate was 1 euro (€) = 120.43 KES.
(i) Calculate the cost of buying the 200 Kazuri necklaces in euros in February
2020. You are advised to show your working.
Explanation:
200kazuri was bought 481720ksh
in 20201 euro was = 120.43kes
to get the money in euro u get 481,720/120.48
Ans =4000
200 kaziri was bought by 4000 euro
Which of the following refers to the practice of paying to have a product appear favorably in a TV show or movie
Product placement refers to the practice of paying to have a product appear favorably in a TV show or movie This is further explained below.
What is Product placement?Generally, producers of goods and services pay for their items to be included in films and television shows to obtain publicity for them.
In conclusion, Paying for a product to be featured prominently in a TV program or movie is known as product placement.
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What is the posting reference that will be found in the cash account?
In accounting, to “post” a transaction means to record it in the journal and/or the account ledgers. A post reference is a code that can guide anyone looking at a specific account ledger (such as accounts payable or accounts receivable) to the corresponding entry in the journal, or vice versa.
A journal entry is the act of recording any transaction, whether one that is economic or not. An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
In your company's books, a journal entry serves as a record of a business transaction. Every transaction requires at least two journal entries in double-entry bookkeeping. A bookkeeper keeps track of all the changes that a transaction can bring about in a business by recording them in their journal.
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One disadvantage of discretionary fiscal policy is that it can return the economy to its potential level of output but at the cost of increasing the price level.
"One disadvantage of discretionary fiscal policy is that it can return the economy to its potential level of output but at the cost of increasing the price level." This statement is TRUE.
The main limitations of discretionary fiscal policy are: (1) Information lag: Governments must have the relevant and reliable data they need to change taxes and government spending. Collecting, classifying, aggregating, and analyzing data takes a long time.
Trade-offs – Trade-offs can occur when a government adopts a combination of expansionary and contractionary fiscal policies. When a country wants to increase spending and raise more money to fuel economic growth, it can issue bonds to its citizens.
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The Jackson Company incorrectly omitted $100,000 of merchandise from its 20X1 ending inventory. In addition, a merchandise purchase of $40,000 was incorrectly recorded as a $4,000 debit to the purchases account. As a result of these errors, 20X1 before-tax income is:
$64,000
In error, $100,000 worth of goods were left out of The Jackson Company's 20X1 closing inventory. A $40,000 purchase of goods was also mistakenly recorded as a $4,000 debit to the purchasing account. These mistakes result in a $64,000 before-tax income for 20X1.
Due to the company leaving $100,000 out of the stock account, the cost of products sold will increase by $100,000 as well as Earn $100,000. A $4000 negative to the purchase account would result in a $36,000 profit reduction and a $4,000 drop in the cost of goods sold.
Total understate Tax income = $100,000 - $36,000
= $64,000
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How are enterprise state roaming (esr) profiles different from other traditional user profiles?
Answer:
ESR keeps corporate and personal data separate
Explanation:
ESR lets users securely synchronize user and application settings data to the cloud
enterprise usually means business
so a person can upload their work to their server but that doesn't mean they get to see anyone else's work...like corporate secrets, salaries, etc
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quizlet
When initiating communications with predecessor auditors, prospective auditors should expect:______.
When initiating communications with predecessor auditors, prospective auditors should expect the following:
-For taking responsibility for obtaining the client's consent for the predecessor to give information about prior audits.
-For conducting interviews with the partner and manager in charge of the predecessor in the public accounting firm's engagement.
-For obtaining copies of some or all of the audit documentation of predecessor auditors'
An auditor is a person who is authorized to review and verify the accuracy of financial records.
An auditor ensures that companies comply with tax laws. They protect businesses from fraud and point out discrepancies in accounting methods.
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The type of organizational-level reward in which employees receive a percentage of the organization's previous year's profits is called a:_______
The type of organizational-level reward in which employees receive a percentage of the organization's previous year's profits is called a profit sharing.
Profit sharing is a system where employees are paid a portion of the net earnings of the firm they work for, according to a predetermined written formula. These payments, which may differ based on salary or compensation, are separate from and in addition to ordinary income.
Profit sharing refers to various incentive programs that companies have implemented that give employees direct or indirect compensation based on the company's profitability in addition to their base pay and bonuses. These schemes often involve the distribution of shares to employees in publicly traded corporations.
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People who receive a promotional impression and who give some thought to buying the product are considered:______.
People who receive a promotional impression and who give some thought to buying the product are considered: Sales leads
An impression is an imprint, either in one's mind or on an object.an opinion or feeling that you have about someone or something you have seen but do not know very well.
Impressions fall into three basic categories:
patentlatentplastic.An example of an impression is the mark you make when you press your finger into clay.
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True or false: the residual value of a leased asset always impacts the lessee's accounting.
A. True
B. False
False, the residual value of a leased asset not always impacts the lessee's accounting.
What is the residual value of the leased assets?
The estimated value of a fixed asset after its useful life or lease term is known as the residual value, sometimes known as salvage value. In lease agreements, one of the lessor's main methodologies for figuring out how much the lessee must pay in periodic lease payments is the residual value.
How does residual value affect a lease?
Your monthly payment is affected by the residual value (a higher residual value means a higher monthly payment, compared to a lower residual value for the same vehicles MSRP). Every month and every year, the residual value is different. All leased cars depreciate over time.
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You are a consultant who is working with an organization and want to incorporate the practice of teaming into their company. Which of the following would be the strongest approach
The strongest approach is to develop team charters that formally outline the rules within pre-established teams. This is further explained below.
What is the organization?Generally, an organized collection of individuals with a specific goal, such a company or government agency.
In conclusion, Team charters are the best way to codify the rules of play for established teams.
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When a tax is placed on the buyers of lemonade, the a. buyers bear the entire burden of the tax. b. sellers bear the entire burden of the tax. c. burden of the tax will be shared by the buyers and the sellers, but the division of the burden is not always equal. d. burden of the tax will always be equally divided between the buyers and the sellers.
When a tax is imposed on lemonade buyers, the burden of the tax will be shared by the buyers and the sellers, however the distribution of the burden is not always equal.
when a tax is imposed on product purchasers?The supply curve is shifted by a tax paid by sellers, whereas the demand curve is shifted by a tax paid by buyers. Regardless of who pays the tax, the result is the same. With a tax on a good, consumers pay more, sellers are paid less, and there are fewer sales overall.
What is the tax split between buyers and sellers?The cost of a sales tax is split between buyers and sellers under the scenario of demand and supply curves with normal shapes. The ratio of supply and demand elasticity determines how much of a tax will fall on either the buyers or the sellers, or both.
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To avoid having ethical situations become problematic for a firm, the short-term goals of each employee must:______
To avoid having ethical situations become problematic for a firm, the short-term goals of each employee must be aligned with the long-term goals of the firm.
In order to avoid ethical situations which can later become problematic for a firm, an employee's short-term goals must be aligned with the long-term goals of the firm. As it helps to sustain employee motivation by helping employees measure the impact of their actions.
When personal goals are aligned with a firm's goal, an individual takes accountability of the tasks in hand. Thus, an individuals short-terms goals act as a milestone in their journey to reach the long-term goals of their life.
Hence, the short-term goals of an employee must be aligned with the long-term goals of the firm.
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Stag industries, annually rewards the top ten employees in terms of goal achievement with a trip to the caribbean. This action of stag industries is based on _____
Stag industries, annually rewards the top ten employees in terms of goal achievement with a trip to the Caribbean. This action of stag industries is based on Behavior modification theory.
Stag industries are a real estate investment trust which focuses on the acquisition and operation of industrial properties throughout the United States. Stag has developed an investment strategy that helps investors to find a powerful balance of income plus growth.
Behavior modification theory is an approach that, over time, may replace undesirable actions and behaviors with more desirable ones. Here it can be seen Stag industries desirable action and behavior, as they are annually rewarding the top ten employees in terms of goal achievement with a trip to the Caribbean.
Hence, the action of stag industries rewarding their employees is based on behavior modification theory.
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Depreciation on factory equipment would be reported in the statement of cash flows prepared by the indirect method in.
Depreciation on factory equipment would be reported in the statement of cash flows prepared by the indirect method in the cash flows from investing activities section.
What is depreciation?
Depreciation is an accounting technique that distributes an asset's cost throughout its anticipated useful life. Depreciation is a recurring expense that businesses report on their income statement. Assets degrade with time, losing value.
Which activities are reported on the statement of cash flows?
Transactions must be divided into the three categories of operating, investing, and financing activities that are shown on the statement of cash flows.
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Output per hour of work is the definition of:_______
a. the marginal product of labor
b. increasing returns to labor
c. labor productivity
d. diminishing returns to labor
When someone refers to the output per hour of work that is done, this is another way of talking about c. labor productivity.
What is labor productivity?
This refers to the amount of work that a worker is able to carry out within a period of time which is usually an hour. It can be calculated by dividing the units produced by the number of hours worked.
This therefore gives the output per hour of work. Labor productivity is best when it is high because it means that a company is producing more goods and services per hour.
The more goods and services produced, the more a company stand to make revenue when it sells these goods and services.
In conclusion, output per hour of work is called labor productivity.
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