ZK
Zybrea Knight
Answers (8)
ZK
Answered
The Consumer Products Division of Goich Corporation had average operating assets of $1,000,000 and net operating income of $91,700 in May. The minimum required rate of return for performance evaluation purposes is 9%.What was the Consumer Products Division's residual income in May?
A) $(1,700)
B) $8,253
C) $1,700
D) $(8,253)
A) $(1,700)
B) $8,253
C) $1,700
D) $(8,253)
On Aug 03, 2024
C
ZK
Answered
Hayley loans David $20,000 by taking a mortgage on David's land on February 1,but does not record a mortgage.On April 1,Gavin loans David $15,000 taking a mortgage on the same land and records the mortgage on April 4.Hayley then records her mortgage on April 8.Discuss the proceedings in case David is unable to pay either of the lenders.
On Aug 02, 2024
In case David is unable to repay the loans by Hayley and Gavin,the mortgage will be foreclosed.Gavin has priority,having first recorded a mortgage on April 4,provided he is unaware about Hayley's mortgage and has recorded his mortgage properly.However,failure to record the first mortgage does not remove the obligation of David to Hayley.The debt is simply an unsecured one.
ZK
Answered
Innovations that lower production costs or create new products
A) are rare in competitive industries.
B) discourage new firms from entering the industry.
C) often generate short-run economic profits that do not last into the long run.
D) usually generate long-run economic profits for the innovator.
A) are rare in competitive industries.
B) discourage new firms from entering the industry.
C) often generate short-run economic profits that do not last into the long run.
D) usually generate long-run economic profits for the innovator.
On Jul 04, 2024
C
ZK
Answered
One application of internal control when taking a physical count of inventory is the use of pre-numbered inventory tickets.
On Jul 03, 2024
True
ZK
Answered
Laurie Company applied FIFO to its inventory and got the following results for its ending inventory.
DVRs 140 units at a cost per unit of $60
DVD players 210 units at a cost per unit of $75
iPods 175 units at a cost per unit of $80
The cost of purchasing units at year-end was DVRs $68 DVD players $70 and iPods $76.
Instructions
Determine the amount of ending inventory at lower-of-cost-or-market.
DVRs 140 units at a cost per unit of $60
DVD players 210 units at a cost per unit of $75
iPods 175 units at a cost per unit of $80
The cost of purchasing units at year-end was DVRs $68 DVD players $70 and iPods $76.
Instructions
Determine the amount of ending inventory at lower-of-cost-or-market.
On Jun 04, 2024
Market Value Lower-of-Cost- Cost ‾ Market‾ Market value‾ DVRs $8,400$9,520$8,400 DVD players 15,75014,70014,700 Ipods 14,00013,30013,300 Total inventory $38,150$37,520$36,400\begin{array}{lrrr}&&\text { Market }\\&&\text { Value }&\text { Lower-of-Cost- } \\& \underline{\text { Cost }}& \underline{ \text { Market} } & \underline{\text { Market value}}\\\text { DVRs } & \$ 8,400 & \$ 9,520 & \$ 8,400 \\\text { DVD players } & 15,750 & 14,700 & 14,700 \\\text { Ipods } & 14,000 & 13,300 & 13,300 \\\text { Total inventory } & \$ 38,150 & \$ 37,520 & \$ 36,400\end{array} DVRs DVD players Ipods Total inventory Cost $8,40015,75014,000$38,150 Market Value Market$9,52014,70013,300$37,520 Lower-of-Cost- Market value$8,40014,70013,300$36,400
ZK
Answered
The LLC is not ordinarily liable for the wrongful acts of:
A) manager members in a member-managed LLC.
B) nonmanager members in a manager-managed LLC.
C) nonmanager members in a member-managed LLC.
D) manager members in a manager-managed LLC.
A) manager members in a member-managed LLC.
B) nonmanager members in a manager-managed LLC.
C) nonmanager members in a member-managed LLC.
D) manager members in a manager-managed LLC.
On Jun 03, 2024
B
ZK
Answered
The price of one currency stated in terms of another currency is called a foreign exchange rate.
On May 05, 2024
True
ZK
Answered
Free goods are usually efficiently allocated without government intervention.
On May 04, 2024
False