LH
Louie Helsen
Answers (6)
LH
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Identify the impact on the balance sheet if the following information is not used to adjust the accounts.
1. Supplies consumed totaled $2750.
2. Interest accrues on notes payable at the rate of $180 per month.
3. Insurance of $470 expired during the month.
4. Plant and equipment are depreciated at the rate of $1450 per month.
1. Supplies consumed totaled $2750.
2. Interest accrues on notes payable at the rate of $180 per month.
3. Insurance of $470 expired during the month.
4. Plant and equipment are depreciated at the rate of $1450 per month.
On Jul 20, 2024
1. Assets overstated and Owner's Equity overstated by $2750.
2. Liabilities understated and Owner's Equity overstated by $180.
3. Assets overstated and Owner's Equity overstated by $470.
4. Assets overstated and Owner's Equity overstated by $1450.
2. Liabilities understated and Owner's Equity overstated by $180.
3. Assets overstated and Owner's Equity overstated by $470.
4. Assets overstated and Owner's Equity overstated by $1450.
LH
Answered
The accounting rate of return (ARR)is computed by dividing a project's after-tax net income by the amount of the initial investment.
On Jul 17, 2024
False
LH
Answered
Since the year ____,all depository institutions are subject to the Fed's legal reserve requirements.
On Jun 20, 2024
1980
LH
Answered
Gordon Manufacturing earned net income of $100000 during 2015. The company wants to earn net income of $40000 more during 2016. The company's fixed costs are expected to be $147000 and variable costs are expected to be 30% of sales.
Instructions
(a) Determine the required sales to meet the target net income during 2016.
(b) Fill in the dollar amounts for the summary income statement for 2016 below based on your answer to part (a). Sales revenue \quad \quad \quad \quad $
Variable costs
Contribution margin
Fixed costs
Net income \quad \quad \quad \quad \quad $
Instructions
(a) Determine the required sales to meet the target net income during 2016.
(b) Fill in the dollar amounts for the summary income statement for 2016 below based on your answer to part (a). Sales revenue \quad \quad \quad \quad $
Variable costs
Contribution margin
Fixed costs
Net income \quad \quad \quad \quad \quad $
On Jun 17, 2024
(a) 70%×−$147,000=$140,00070 \% \times - \$ 147,000 = \$ 140,00070%×−$147,000=$140,000
Required sales =$410,000($287,000÷.70)= \$ 410,000 ( \$ 287,000 \div .70 )=$410,000($287,000÷.70)
(b)
Sales revenue $410,000 Variable costs ($410,000×30)123,000 Contribution margin 287,000 Fixed costs 147,000‾ Net income $140,000\begin{array}{lr}\text { Sales revenue } & \$ 410,000 \\\text { Variable costs }(\$ 410,000 \times 30) & 123,000 \\\text { Contribution margin } & 287,000 \\\text { Fixed costs } & \underline{147,000} \\\text { Net income } & \$ 140,000\end{array} Sales revenue Variable costs ($410,000×30) Contribution margin Fixed costs Net income $410,000123,000287,000147,000$140,000
Required sales =$410,000($287,000÷.70)= \$ 410,000 ( \$ 287,000 \div .70 )=$410,000($287,000÷.70)
(b)
Sales revenue $410,000 Variable costs ($410,000×30)123,000 Contribution margin 287,000 Fixed costs 147,000‾ Net income $140,000\begin{array}{lr}\text { Sales revenue } & \$ 410,000 \\\text { Variable costs }(\$ 410,000 \times 30) & 123,000 \\\text { Contribution margin } & 287,000 \\\text { Fixed costs } & \underline{147,000} \\\text { Net income } & \$ 140,000\end{array} Sales revenue Variable costs ($410,000×30) Contribution margin Fixed costs Net income $410,000123,000287,000147,000$140,000
LH
Answered
More enduring and deep-seated than our attitudes,____________________ represent the enduring beliefs and strong preferences that motivate us.
On May 21, 2024
values
LH
Answered
Farmer Jones is producing wheat and must accept the market price of $6.00 per bushel. At this time, her average total costs and her marginal costs both equal $5.00 per bushel. Her minimum average variable costs are $3.50 per bushel. In order to maximize profits or minimize losses in the short run, farmer Jones should
A) increase selling price.
B) produce zero output and shut down.
C) continue producing, but reduce output.
D) increase output.
A) increase selling price.
B) produce zero output and shut down.
C) continue producing, but reduce output.
D) increase output.
On May 18, 2024
D