Following is a list of financial statement items and amounts for Vantage Service as of 12/31/Year 1, the end of its first year in operation.Accounts Receivable $ 41,300Accounts Payable 31,300Cash 10,130Common Stock 21,300Notes Payable 10,260Equipment 50,650Sales Revenue 106,500Fuel Expense 10,130Rent Expense 11,200Advertising Expense 5,130Salaries and Wages Expense 21,300Retained Earnings ?Dividends 19,520Required: Prepare the Income Statement for the year ended December 31, Year 1. Prepare the statement of retained earnings for the year ended December 31, Year 1. Prepare the balance sheet for the year ended December 31, Year 1.

Answers

Answer 1

Answer:

Answer

The answer and procedures of the exercise are attached in a microsoft excel document.

Explanation

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.

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Although ultimate responsibility for implementing and executing strategy falls upon the shoulders of senior executives, a. the success or failure of the implementation/execution effort hinges chiefly on a company's reward system and whether its policies and procedures are strategy-supportive. b. top-level managers still have to rely on the active support and cooperation of middle and lower-level managers in pushing needed changes in functional areas and operating units. c. the pivotal and most decisive strategy-implementing actions are carried out by frontline supervisors who have the day-to-day responsibility of seeing that key activities are done properly. d. the success or failure of the implementation/execution effort hinges chiefly on doing an effective job of empowering employees to make day-to-day operating decisions that support good strategy execution. e. it is a company's employees who most determine whether the drive for good strategy execution will succeed or fail.

Yummy Jams Company produces a line of jams. Yummy's estimated production of jars of jam for the fourth quarter of the year is as follows: October 75,000 November 98,000 December 63,000 Each jar requires half a pound of berries. Yummy prefers to buy the freshest berries, so its policy is to have just 3% of the following month's production needs in ending inventory. On October 1, the company had 1,125 pounds of berries in inventory. Yummy's pays $0.60 per pound of berries. It buys all berries on account and typically pays 40% of a month's purchases in that month, and the remaining 60% the following month. How much cash is paid in November for berry purchases (rounded to the nearest dollar)? a.$32,212 b.$19,963 c.$21,088 d.$28,900 e.$25,258

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Answer:

The answer to this question is E. $25,258.

A first-rate SWOT analysis:_______a. is a way to measure whether a company's value chain is longer or shorter than the chains of key rivals.
b. reveals whether a company is competitively stronger than its closest rivals.
c. is a tool for benchmarking whether a firm's strategy is closely matched to industry key success factors.

Answers

Answer:

The correct answer is letter "B": reveals whether a company is competitively stronger than its closest rivals.

Explanation:

The SWOT analysis is composed of a company's four (4) factors: Strengths, Weaknesses, Opportunities, and Threats. Strengths and weaknesses are inner factors of the entity while opportunities and threats are external factors that could influence the operations of the business.

The first layer of the SWOT analysis involves the strengths of the firm which could be optimal employees attitude towards work, efficient and effective customer service or low-cost manufacturing. These are components make companies stronger than their competitors.

Final answer:

A SWOT analysis helps in crafting a strategy that aligns with a company's internal dynamics and its external environment. It is a broad diagnostic tool rather than a mechanism for direct benchmarking against competitors or industry standards.

Explanation:

A SWOT analysis is a strategic planning tool used to identify the Strengths, Weaknesses, Opportunities, and Threats associated with a company or project. Its purpose is to craft a strategy that capitalizes on the company's strengths, mitigates its weaknesses, leverages opportunities and protects against threats.

An effective SWOT analysis:

Does not directly measure whether a company's value chain is longer or shorter than those of key rivals. Instead, it may highlight areas within the value chain that represent strengths or weaknesses.
May reveal if a company has competitive strengths or weaknesses relative to its closest rivals, but it does not quantify competitive strength.
Helps to determine whether a firm's strategy is aligned with industry key success factors, although it is more of a general tool rather than a specific benchmarking mechanism.

The correct answer to the student's question is option c, as it closely aligns with the intent of SWOT analysis to ensure a firm's strategy is in tune with the key success factors of its industry. However, it's worth noting that a SWOT analysis is a broad diagnostic tool and may not necessarily be used for benchmarking in a strict sense.

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AAA Hardware uses the LIFO method to value its inventory. Inventory at the beginning of the year consisted of 16,000 units of the company’s one product. These units cost $10 each. During the year, 66,000 units were purchased at a cost of $13 each and 67,000 units were sold. Near the end of the fiscal year, management is considering the purchase of an additional 8,000 units at $13.a. What would be the effect of this purchase on income before income taxes?
b. What would be the effect of this purchase on income before income taxes using FIFO method?

Answers

Answer:

1. Net income decreases by $3,000

2. The amount of net income would be remains the same.

Explanation:

1. Under LIFO method

(i) Before 8,000 units purchased:

sales = 67,000 units

Cost of goods sold = Quantity × Price

= (66,000 × $13) + (1,000 × $10)

= $858,000 + $10,000

= $868,000

(ii) If 8,000 units purchased at $13 each then,

Cost of goods sold = Quantity × Price

= 67,000 × $13

= $871,000

As the cost of goods increases as a result there will be decrease in the net income before tax under LIFO method.

The amount of net income would be decreased by:

= $871,000 - $868,000

= $3,000

2. Under FIFO method:

(i) Before 8,000 units purchased:

sales = 67,000 units

Cost of goods sold = Quantity × Price

= (16,000 × $10) + (51,000 × $13)

= $160,000 + $663,000

= $823,000

(ii) If 8,000 units purchased at $13 each then,

Cost of goods sold = Quantity × Price

= (16,000 × $10) + (51,000 × $13)

= $160,000 + $663,000

= $823,000

As there will be no change in the cost of goods sold, so, there will be no change in the net income before tax under FIFO method.

The amount of net income would be remains the same.

How does the loanable funds market translate savings into investment and what adjusts to bring the market to equilibrium? A. The savings provide the supply of loanable funds, while investment is the demand for loanable funds. While financial markets provide a means of transferring savings into investment, it is the inflation rate that changes to bring the market into equilibrium. B. The investments provide the supply of loanable funds, while saving is the demand for loanable funds. While financial markets provide a means of transferring savings into investment, it is the inflation rate that changes to bring the market into equilibrium C. The savings provide the supply of loanable funds, while investment is the demand for loanable funds. While financial markets provide a means of transferring savings into investment, it is the interest rate that changes to bring the market into equilibrium D. The investments provide the supply of loanable funds, while saving is the demand for loanable funds. While financial markets provide a means of transferring savings into investment, it is the interest rate that changes to bring the market into equilibrium.

Answers

Answer:The answer is C

Explanation:

The financial market is a market where short term and long term loan can be obtained, it comprises of the money market and the capital market. The money market provides short term finance to lenders which lenders can use for up to two years before repayment. The money market consist of the commercial banks, Discount houses, merchant banks, finance companies. While the capital market provides long term loans to lenders which lenders can then use for more than two years before repayment. The capital market consist of issuing houses,insurance companies, mortgage bank,the stock exchange.

The simple market for loan able funds is made up of the surplus economic unit which comprises of the savers of funds,the investors as well as the purchaser or buyers of financial claims( assets) while the deficit economic unit is made up of issuers of financial claim and borrowers. This simple market for loan able funds works through process by which the participants in the market mobilized fund from the surplus economic unit to the deficit economic unit for the purpose of investment in the economy. When a borrower needed funds such borrowers will approach a financial institutions to borrow, the financial institutions will lend the money to the borrower from the savings made by the depositors into their account and the financial institutions will charge an interest rate on the loan lend out to the borrowers. The borrowers will then use the loan to invest in the economy.

Final answer:

In the loanable funds market, savings make the supply, and investment provides the demand. These savings are transferred into investments through financial markets. The interest rate adjusts to maintain equilibrium in the loanable funds market.

Explanation:

The loanable funds market functions to convert savings into investments. In this market, savings provide the supply of loanable funds while investment constitutes the demand. Financial markets play an instrumental role in facilitating this transfer. One fundamental principle guiding these interactions is that equilibrium in the market is achieved predominantly through the adjustment of the interest rate. In essence, it is ultimately the interest rate that adapts in response to shifts in supply (savings) and demand (investment) and helps achieve market equilibrium.

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Assume the supply of bananas decreases due to rising costs ofproduction, while demand increases due to consumer preferences. What
will happen to the new equilibrium price and quantity?
A) price increases; quantity increases
B) price increases; quantity is unknown
C)price decreases; quantity decreases
D)price decreases; quantity increases
E)price is unknown; quantity increases

Answers

Answer:

c option price decreases;quantity decreases

Calculate the EOQ size for the following case. What is the EOQ size and the number of orders placed per year? For your answer, round up the figures up to 0 decimal points. (size/number) The annual demand for the item is 2580 units. It costs $500 to place an order and costs $20 per item to carry it a year without passing it to the customer.

Answers

Answer:

EOQ = 359 units

Number of order placed = 7.2 times

Explanation:

The Economic Order Quantity (EOG) is the order size that minimizes the balance of ordering cost and holding cost. At the EOQ, the carrying cost is equal to the ordering cost.

It is computed using he formulae below

EOQ = √ (2× Co× D)/Ch

C0- 500, Ch- 20, D- 2,580

EOQ= √ (2× 500× 2580)/20

=359.16

EOQ = 359 units

Number of order place d per year = Annual demand / order size

Number of order placed = 2,580/ 359

= 7.2 times

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In a press conference, the president of a small country displays a chart showing that GDP has risen by 10 percent every year for five years. He argues that this growth shows the brilliance of his economic policy. However, his chart uses nominal GDP numbers. This chart might be wrong because it: is rare for GDP to increase by the same amount for five years. only uses five years of information. relies on nominal GDP which might have increased because of price increases and not output increases. relies on nominal GDP which might have increased because of output increases and not price increases. If you were a reporter at the press conference, to get a more accurate picture of the country’s economic growth you should ask for the: unemployment rate which reflects changes in international flows. growth rate of real GDP which excludes price changes. growth rate of real GDP which includes price changes. inflation rate which includes price change.

5. The Bureau of Economic Analysis reported that, in real terms, overall consumer spending increased by $345.8 billion in 2015. a. If the marginal propensity to consume is 0.50, by how much will real GDP change in response? Enter your answer in billions of dollars. Change in GDP: $ 172.9 billion b. If there are no changes in autonomous spending other than the increase in consumer spending described in part a, and unplanned inventory investment, I u n p l a n n e d , decreases by $100 billion, what is the change in real GDP? Enter your answer in billions of dollars. Change in GDP: $ billion c. GDP at the end of 2014 was $15,982.3 billion. If GDP were to increase by the amount calculated in part b, what would be the percentage increase in GDP? Round your answer to the nearest hundredth of a percent. Percentage change in GDP: %

Felicia is looking for a new job in the insurance industry. She used to work for the controller of a retail company. What items should she add to her resume to explain her work for the controller? Select the 2 that apply.