The summer season is approaching, and

Your friend james plans to open a barber shop. james states that he does not have time to develop and implement a system of inte

Vladimir79 [104]

<span>A system of internal controls is needed in the barber shop like in any other business. These controls may include the use of cameras and having checking professionals who are checking the activities to make sure that there are no frauds.</span>

6 0

3 years ago

During the current month, Tomlin Company incurs the following manufacturing costs.

Marina86 [1]

Answer:

(a) Dr Raw materials inventory $16,940

Cr Accounts payable $16,940

(b) Dr Factory labor $38,528

Cr Factory wages payable $32,281

Cr Employer Payroll Taxes Payable $6,247

(c) Dr Manufacturing overhead $13,438

Cr Prepaid Property Taxes $2,008

Cr Accumulated Depreciation-Buildings $8,322

Cr Utilities Payable $3,108

Explanation:

Preparation of journal entries for each type of manufacturing cost.

(a) Dr Raw materials inventory $16,940

Cr Accounts payable $16,940

(b) Dr Factory labor $38,528

Cr Factory wages payable $32,281

Cr Employer Payroll Taxes Payable $6,247

(c) Dr Manufacturing overhead $13,438

($3,108+$8,322+$2,008)

Cr Prepaid Property Taxes $2,008

Cr Accumulated Depreciation-Buildings $8,322

Cr Utilities Payable $3,108

7 0

3 years ago

Jimmy has $255,906 accumulated in a 401k plan. the fund is earning a low, but safe, 3% per year. the withdrawals will take place

Trava [24]

In this problem, we have to calculate the number of years it takes to fully exhaust the fund if Jimmy withdraws 30,000 per year

This can be calculated using NPER function in excel as in =NPER(rate,pmt,pv) where

RATE = annual interest rate = 3% = 0.03

PMT = annual withdrawal amount = 30000

PV = Present value of accumulated savings = 255906

Number of years =NPER(0.03,-30000,255906) = 9.9999 years = 10 years

(Note the PMT is input with a negative sign since it is a withdrawal and is a cash outflow)

Number of years it takes to completely exhaust the fund = 10 years

5 0

3 years ago

A customer has purchased 5,000 shares of ABC corporation stock in lots of 100 shares over an extended period of time at varying

mrs_skeptik [129]

Answer:

c. IRS rules allow the taxpayer to specify which shares being sold

Explanation:

Given that

Number of shares purchased = 5,000

Number of lots for shares = 100

The Number of shares sold = 500

based on the above information,

According to the internal service revenue (IRS) the taxpayer should be permitted to specify that shares which are sold i.e 500 shares so the same is to be considered

hence, the option c is correct

5 0

3 years ago

Suppose that an inventor discovers a new chemical compound that can change the color of a person's eyes with no negative side ef

pentagon [3]

Answer:

d) The inventor should produce all the units for which marginal revenue equals or exceeds marginal cost.

Explanation:

The inventor has a new and innovative product that can change the color of a person's eyes with no negative side effects.

She now has a monopoly in the market. To maximise her profits she needs to set price of the product so marginal revenue is equal to or greater than the marginal cost.

Marginal revenue is the additional income earned per unit produced, while marginal cost is the additional cost incurred with extra unit produced.

When MR is equal to MC the business breaks even, and when MR is greater than MC the business is making profit.

8 0

3 years ago