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tensa zangetsu [6.8K]

3 years ago

15

Harvey puts up a guitar for bids on eWay, a Web auction site. Faith makes the highest bid and sends the payment, which Harvey re

ceives, but he does not send the guitar to her. This is online: _____.
1. Auction fraud.
2. Puffery.
3. Retail fraud.
4. Frustration but not fraud

1 answer:

Svetllana [295]3 years ago

8 0

I might not be right but it’s 3

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Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The follow

taurus [48]

Answer:

<em>a. raw materials purchases</em>

raw materials 505,000 debit

account payable 505,000 credit

<em>b. direct materials usage</em>

Weaving WIP 304,000 debit

Sewing WIP 84,000 debit

Raw Materials 388,000 credit

<em>c. indirect materials usage</em>

Factory overhead 164,000 debit

Raw Materials 164,000 credit

<em>d. direct labor usage</em>

Weaving WIP 1,275,000 debit

Sewing WIP 485,000 debit

Wages Payables 1,760,000 credit

<em>e . indirect labor usage</em>

Factory overhead 1,525,000 debit

Wages Payables 1,525,000 credit

<em>f. other overhead costs</em>

Factory Overhead 186,000 debit

Other Account Payable 186,000 credit

<em>g. overhead applied</em>

Weaving WIP 1,083,750 debit

Sewing WIP 751,750 debit

factory Overhead 1,760,000 credit

<em>h. payment of total wages costs.</em>

Wages Payable 3,285,000 debit

Cash 3,285,000 credit

Explanation:

the direct cost is assigned to each department while the indirect cost into factory overhead

g) overhead calculations:

Weaving $1,275,000 labor x 85% = 1,083,750

Sewing $ 485,000 labor x 155% =<u> 751,750</u>

Total applied overehead: 1,835,500

h) total wages cost:

Wages payable T-account

DEBIT CREDIT

--------------------------------------

d) 1,760,000

e) <u> 1,525,000</u>

Balance 3,285,000

6 0

3 years ago

Joe Keho and Mike McLain share income on a 6:4 basis. They have capital balances of $90,000 and $70,000, respectively, when Lind

lions [1.4K]

Answer:

A.

Joe’s Capital (existing partner) = $90,000

Mike’s Capital (existing partner) = $70,000

Profit-sharing ratio = 6:4

Admission of Linda (new partner) with bonus to existing partners:

$100,000 cash contributed for 25% share

So, implied value of partnership firm after admission = $100,000 / 25% = $400,000

However, actual value of partnership firm after admission will be = $90,000 + $70,000 + $100,000 = $260,000

Linda’s Capital in new partnership = 25% * $260,000 = $65,000

However, Linda is contributing $100,000

So, bonus accruing to existing partners = $100,000 - $65,000 = $35,000

Bonus to be split in profit sharing ratio

Bonus accruing to Joe = $35,000 * 6/10 = $21,000

Bonus accruing to Mike = $35,000 * 4/10 = $14,000

Joe'sCapital

$21,000

Mike'sCapital

$14,000

Lindia's Capital

$65,000

b. Admission of Linda (new partner) with bonus to the new partner:

$36,000 cash contributed for 25% share

So, implied value of partnership firm after admission = $36,000 / 25% = $144,000

However, actual value of partnership firm after admission will be = $90,000 + $70,000 + $36,000 = $196,000

Linda’s Capital in new partnership = $196,000 * 25% = $49,000

However, contribution by Linda= $36,000

So, bonus accruing to Linda = $49,000 - $36,000 = $13,000

Joe’s share in bonus to Linda = $13,000 * 6/10 = $7,800

Mike’s share = $13,000 * 4/10 = $5,200

Joe'sCapital

$7,800

Mike'sCapital

$5,200

Lindia's Capital

$49,000

6 0

3 years ago

A restaurant sells salsa and guacamole, each of which can be eaten with the tacos that the restaurant sells. The manager of the

sergiy2304 [10]

Answer:

The cross price elasticity of salsa and guacamole is 0.2. The two goods are substitutes.

Explanation:

The price of guacamole is increased from $2 to $2.5.

Percentage change in price

= $\frac{new price\ -\ initial\ price}{initial\ price} \times100$

= $\frac{2.50\ -\ 2}{2} \times100$

= 25%

The demand for salsa rises by 5%.

The cross price elasticity will be

= $\frac{percenatge\ change\ in\ quantity\ demanded}{percenatge\ change\ in\ price}$

= $\frac{5}{25}$

= 0.2

We see that the cross price elasticity is positive. This means that the two goods are substitutes. When price of one good will increase consumers will prefer the cheaper substitute, increasing its demand.

3 0

4 years ago

True or false: A flexible budget reporting sales volumes at three different levels will have the same fixed costs.

lapo4ka [179]

Answer:

True

Explanation:

A flexible budget is a budget in which you modify the activity levels to reflect changes in sales to help the company adjusts to different circumstances that may occcur. Also, in this budget the fixed costs remain constant and the variable costs change with the activity levels. According to this, the answer is that the statement that says that a flexible budget reporting sales volumes at three different levels will have the same fixed costs is true.

5 0

3 years ago

Satchel Inc purchases 10,000 shares of its own previously issued $10 par common stock for $290,000. Assuming the shares are held

BaLLatris [955]

Answer:

a. No effect

b. Decreases in total asset

c. No effect

d. Decreases in total stockholder equity

Explanation:

Given that

Number of shares purchased = 10,000 shares

Par value = $10

Common stock = $290,000

By using the above information, we can interpret that

a. There is no effect on the net income

b. The total asset is decreased by $290,000 as it reduces the cash balance for $290,000

c. There is no effect on the total paid-in-capital

d. Total stockholder equity is decreased by $290,000

We assume that treasury stock is accounted for using the cash method

5 0

3 years ago