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Elenna [48]
3 years ago
8

Gary threw a tantrum at the mall because his parents refused to buy an expensive toy. After returning home, his parents asked hi

m for a time-out. What do you think the parents wished to convey to Gary through the punishment? A.)That the parents will not comply with all his whims.
B.) That the parents cannot always buy him expensive toy.
C.) That the parents will not tolerate his unacceptable behavior.
D.)That every mistake that he makes will have harsh consequences.
Business
1 answer:
Zepler [3.9K]3 years ago
6 0
Throwing a tantrum was unacceptable behavior. Answer: C
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The Company is in the process of evaluating a new product using the following information: ∙ A new transformer has three product
Bad White [126]

Answer:

total loss for first year = ($96,000)

Explanation:

direct costs per 5,000 transformers = $55,000, or $11 per unit

indirect manufacturing overhead per 5,000 transformers = $45,000 or $9 per unit

destination charges per transformer = $2 each

customer service expenses = $0.40 per transformer

sales price:

year 1 = $20 x 15,000 = $300,000

year 2 = $24 x 15,000 = $360,000

year 3 = $28 x 15,000 = $420,000

total revenue = $1,080,000

total costs:

development costs = $45,000

setup costs = $15,000 x 3 per year x 3 years = $135,000

direct costs = $11 x 45,000 units = $495,000

manufacturing overhead costs = $9 x 45,000 = $405,000

sales and administrative costs = $2.40 x 45,000 = $108,000

total = $1,188,000

total operating life cycle loss = $1,080,000 - $1,188,000 = -$108,000

life cycle operating loss for first year:

total revenue = $300,000

- setup costs = $45,000

- direct costs = $165,000

- manufacturing overhead costs = $135,000

- S&A costs = $36,000

- 1/3 of development costs = $15,000

total loss = -$96,000

4 0
3 years ago
Rip garage, inc. (459 ellis avenue, harrisburg, pa 17111), is an accrual basis taxpayer that repairs automobiles. in late decemb
mixas84 [53]

Answer:

<u>MEMO</u>

To: Treasurer of Trip Garage, Inc.

From: Me

Subject: Dispute over accrued revenue

Mrs. S. Apple,

Good evening. Regarding your dispute over accrued revenue generated form the repair of Mr. Mosley's car, I must inform you the following:

Trip Garage, Inc., is an accrual basis taxpayer, therefore, revenues must be recorded once the repair service was completed, not when the invoice was collected.

In future occasions when similar problems show up, you should record an allowance for doubtful accounts. This way, if you believe that an account receivable is unlikely to be collected, it will be not considered for the year's financial records. This adjusting journal entry must be recorded before the end of the year, if not, all related revenues must be included in the years income statement.

Regards,

Me

Explanation:

Accrual taxpayers are required to record revenues once the revenue generating activity has been completed, i.e. Trip should have recorded $1,000 in revenue during 2017:

Dr Accounts receivable 1,000

    Cr Service revenue 1,000

If Trip didn't consider that it would be able to collect the $1,000 receivable, then it should have recorded it as bad debt expense:

Dr Bad debt expense 1,000

    Cr Allowance for doubtful accounts 1,000

If thy did not record the bad expense, then the IRS agent is right, and the $1,000 must be included in the 2017 income statement.  

3 0
3 years ago
At December 31, Riverbed Corporation reports net income of $454,000. Prepare the entry to close net income. (Credit account titl
Tpy6a [65]

Answer:

Dr Profit and loss account $454,000

Cr Retained earnings $454,000

Explanation:

Preparation of the Journal entry to close net income for Riverbed Corporation

Based on the information given we were told that the Corporation reports net income of the amount of $454,000 on December 31 this means the Journal entry to close the account will be recorded as:

Dr Profit and loss account $454,000

Cr Retained earnings $454,000

3 0
3 years ago
Smith Jewelry Store sells 20 pieces of jewelry per day at an average price of $20 per piece. Assume Smith’s cost for the jewelry
Ipatiy [6.2K]

Answer:

$12,000

Explanation:

Take 20 pieces $20 average price per piece 30 days

= $12,000 expected sales for the month

3 0
3 years ago
While sitting beside a swimming pool, your neighbor Bob, a roof installer, tells you that you should buy stock in HotNet because
Nesterboy [21]

Answer: d) Cannot sue Bob for misrepresentation

Explanation: A misrepresentation is a false statement made from one person to another that a certain fact is true or accurate when it is indeed false. The fact that the value of the stock I bought on Bob's opinion does not give me the right to sue him for misrepresentation (intentional). The reason is this, Bob's expression of his opinion concerning the HotNet stock does not usually constitute a misrepresentation even when it turns out that his opinion is incorrect. It wasn't intended, however, he could be sued for negligent misrepresentation.

8 0
3 years ago
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