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3 years ago

You have been given $100 to go school shopping. Identify how you would spend the money based on “needs” and “wants”.

2 answers:

6 0

Well, if I only had $100 to spend in school shopping, I would first buy my needs which would include school supplies. If I had any remaining money left over I would use it towards buying clothing and accessories. (not that $100 is a lot of room to work with)

zhuklara [117]3 years ago

4 0

Always buy what you need first groceries,things for school,ect. Then focus on your wants after that. Save alot too.

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Sylvester Co. takes out a 12% loan of $500,000 on 1/1/2014 to finance construction of a building for the company’s own use. Cons

IRINA_888 [86]

Answer:

2014 36,000

205: 24,000

Explanation:

500,000 x 12% = 60,000 construction realted per year

Capitalize:

timeline:

<--/--/--/--/--/--/--/--/--/--/--/--/-->

each month the company is doing an spending related to the construction. We must capitalize based on the amount investment.

The first month capitalize throught the whole year,

the second month 11 months

the third for 10 months and so on.

Therefore, the capitalize amount will be half of the cost of the year

2014: interest capitalized through the cost of construction

600,000/2 x 12% = 36,000

400,000/2 x 12% = 24,000

That's the maximum amount we can capitalize for construction.

7 0

3 years ago

The Sports Warehouse operates in two distinct segments; equipment and apparel. The income statements for each operating segment

tatuchka [14]

Answer:

Vertical analysis of The Sports Warehouse's two operating segments.

Equipment Apparel

Amount$ % Amount$ %

sales 1,700,000 100 2,850,000 100

Cost of goods sold 1,100,000 64.7 1,400,000 49.1

Gross profit 600,000 35.3 1,450,000 50.9

Operating expenses 250,000 14.7 500,000 17.5

operating income 350,000 20.6 950,000 33.3

other income/expenses 25,000 1.50 (60,000) 2.1

income before tax 375,000 22.1 890,000 31.22

income tax expense 90,000 5.30 280,000 9.8

net income 285,000 16.8 610,000 21.4

The a) Apparel segment is more profitable than the b) Equipment segment

Explanation:

Vertical analysis ios made by taking a percentage of each lsited items of income statement to a base value. Normally the base value is the sales value. In this question I have calculated all the percentage based on the sales value.

Gross Margin

By comparing the Gross margin of both segments, 50.9% of apparel is more than that of 35.3% of Equipment. So, Apparel segment is more profitable.

Net Margin

By comparing the Net margin of both segments, 21.4% of apparel is more than that of 16.8% of Equipment. So, Apparel segment is more profitable.

4 0

3 years ago

Read 2 more answers

Embree Corp. purchased a four-year insurance policy on May 1, Year 2, for $12,000, effective immediately. The company expensed t

BlackZzzverrR [31]

Answer:

a. Debit to Prepaid Insurance of $10,000

* Option for this question was missing so I have attached a similar question with this answer and answered accordingly.

Explanation:

Insurance purchased for four years was actually prepaid insurance on May 1, Year 2.

The company expensed all amount by positing following entry ( which is a wrong entry)

DR. Insurance Expense $12,000

Cr. Cash $12,000

It should be entered as follow:

DR. Prepaid Insurance $12,000

Cr. Cash $12,000

At the end of the year 2 8 months has been passed for which $2,000 is accrued and it will be recorded, as all the amount is charged to the expense account we will adjusted the remaining amount of $10,000 to correct this mistake.

Now at the end of year 2 the correct entry which will settle the expense and prepaid insurance as well is as follow.

DR. Prepaid Insurance $10,000

Cr. Insurance Expense $10,000

6 0

3 years ago

The actual cash received from cash sales was $36,006 and the amount indicated by the cash register total was $36,010. Journalize

andrezito [222]

Answer:

Cash shorting = 36,010 - 36,006 = $4

DR Cash $36,006

Cash Short and Over $ 4

CR Sales $36,010

There is a shortage of cash as the sales figure is more than the cash amount. The Cash Short and Over account will therefore be debited to reflect this expense.

7 0

3 years ago

Identify which of the following statements is true.

JulijaS [17]

Answer:

Explanation:

Organizational expense amortized over fifteen years for purposes of determining taxable income results in an upper adjustment in the initial years to book income on the Schedule Minus−1 when the expense is being amortized over ten years for book income purposes.

4 0

3 years ago