BUSINESS COLLEGE

Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $11.50 5/5 Purchase 200 $10.50 5/10 Sales 300 $25 5/15 Purchase 200 $12.50 5/20 Sales 250 $28 5/25 Purchase 150 $12.50 Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.

Answers

Answer 1
Answer:

Answer:

Total ending inventory $  2,162.5‬ LIFO perpetual method

Explanation:

At the time of each sale we determinate the last untis available for sale:

Beginning 175

Purchase 200

Slaes of 300

We use the entire 200 units purchase and 100 of the beginning inventory leaving

Beginning inventory of 75

Now, we continue:

Beginning inventory 75

5/15 purchase 200

Sales of 250 units

we use the entire 200 untis form the purchase and 50 units from beginning inventory

leaving

Beginning inventory 25 at 11.50 = 287.5

5/25 purcahse 150 units at 12.50 = 1875  

Total ending inventory                    2,162.5‬

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Here are the U.S. tax rates and their corresponding tax brackets based on filing status for single individuals (i.e. not corporations) If taxable income is: Then income tax equals: Not over $9,875 10% of the taxable income Over $9,875 but not over $40,125 $987.50 plus 12% of the excess over $9,875 Over $40,125 but not over $85,525 $4,617.5 plus 22% of the excess over $40,125 Over $85,525 but not over $163,300 $14,605.5 plus 24% of the excess over $85,525 Over $163,300 but not over $207,350 $33,271.5 plus 32% of the excess over $163,300 Over $207,350 but not over $518,400 $47,367.5 plus 35% of the excess over $207,350 Over $518,400 $156,235 plus 37% of the excess over $518,400 Layla's taxable income for 2019 was $182,431. How much are her federal income taxes to the nearest dollar
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Ivanhoe Electronics reported the following information at its annual meetings: The company had cash and marketable securities worth $1,235,455, accounts payables worth $4,159,357, inventory of $7,145,200, accounts receivables of $3,489,700, short-term notes payable worth $1,138,700, and other current assets of $121,455. What is the company's net working capital
The concept of materiality: a. Affects only items reported in the income statement. b. Results in financial statements that are less useful to decision makers because many details have been omitted. c. Justifies ignoring the matching principle or the realization principle in certain circumstances. d. Treats as material only those items that are greater than 2% or 3% of net income.

On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash $ 27,200 Dr. 111 Accounts Receivable 15,800 Dr. 121 Supplies 2,000 Dr. 131 Prepaid Rent 38,600 Dr. 141 Equipment 44,000 Dr. 142 Accumulated Depreciation—Equip. 1,000 Cr. 202 Accounts Payable 6,500 Cr. 301 Emilio Gonzalez, Capital (12/1/2019) 45,620 Cr. 302 Emilio Gonzalez, Drawing 6,200 Dr. 401 Fees Income 112,400 Cr. 511 Advertising Expense 3,800 Dr. 514 Depreciation Expense—Equip. 800 Dr. 517 Rent Expense 2,600 Dr. 519 Salaries Expense 18,800 Dr. 523 Utilities Expense 5,720 Dr. Required: Journalize the closing entries in the general journal. Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Analyze: What is the balance of the Salaries Expense account after closing entries are posted?

Answers

Answer:

Fees Income 112,400 debit

   Income Summary 112,400 credit

Income Summary 31,720 debit

    Advertising Expense 3,800 credit

    Depreciation Expense—Equip 800 credit

    Rent Expense 2,600 credit

    Salaries Expense 18,800 credit

   Utilities Expense 5,720 credit

income summary   80,680‬  debit

    Emilio Gonzalez, Drawing   6,200 credit

    Emilio Gonzalez, Capital    74,480 credit

Explanation:

We close the temporary account which are, reveneus and expenses against income summary then we close this account balance against Emilio Capital Account along with Emilio's drawings.

Suppose the economy starts off producing Natural Real GDP. Next, aggregate demand rises, ceteris paribus. As a result, the price level rises in the short run. In the long run, when the economy has moved back to producing Natural Real GDP, the price level will be- (A) higher than it was in short-run equilibrium.

(B) lower than it was in short-run equilibrium but higher than it was originally (before aggregate demand increased).

(C) lower than it was originally (before aggregate demand increased).

(D) equal to what it was originally (before aggregate demand increased).

Answers

Answer:

The answer is (A) higher than it was in short-run equilibrium.

Explanation:

A principle under which the intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person, rather than by the party's own secret, subjective intentions is called:_________

Answers

Answer:

Objective Theory

Explanation:

The Objective theory states that the intent to form a contract will be judged by outward objective facts such as the words and actions of the party instead of the secret, subjective intentions. This theory replaced the Subjective theory in the late nineteenth century. The former theory was of the opinion that the meeting of minds, which translates to the unexpressed intentions of the party would form a basis for interpreting the intent to form a contract.

The objective theory is important as it advocates freedom to a fair hearing, freedom of contract, and personal independence or sovereignty.  

An example of contractionary fiscal policy is: a. an increase in government expenditures, or an increase in taxes, or both.
b. a decrease in government expenditures, or a decrease in taxes,
c. or both. an increase in government expenditures, or a decrease in taxes, or both.
d. a decrease in government expenditures, or an increase in taxes, or both.
e. increasing government expenditures while holding taxes constant.

Answers

Final answer:

An example of contractionary fiscal policy is: d. a decrease in government expenditures, or an increase in taxes, or both.

Explanation:

Contractionary fiscal policy aims to reduce aggregate demand in an economy, which is to typically to combat inflation or cool down an overheating economy. It can be achieved through various means, including reducing government expenditures and increasing taxes.

Both actions decrease the overall amount of money circulating in the economy, which can lead to reduced consumer spending and business investment, helping to bring down inflationary pressures. Thus, generally combining a decrease in government expenditures with an increase in taxes can be an even more potent form of contractionary fiscal policy, as it addresses both the particular sides of the fiscal equation.

Learn more about Contractionary fiscal policy here:

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At the beginning of the period, the Fabricating Department budgeted direct labor of $51,000 and equipment depreciation of $59,000 for 3,400 hours of production. The department actually completed 4,100 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting. $

Answers

Answer:

=  $120,500.00

Explanation:

Flexible budget is that which  is that which recognizes the cost behavior and is used for control purpose. It is prepared based on the actual level of activity achieved.

Kindly note that the $59,000 depreciation is a fixed cost which do not vary with the hours of production.

The flexible budget for the department will be

Direct Labour budget = ( 51000/3400) × 4,100

                         =  $61,500.00

Equipment depreciation= $59,000

Total flexible budget = $61,500.00 + $59,000

                                   =  $120,500.00

On January 1 st, you make plans to travel to Switzerland the following summer. The direct quote for Swiss francs is $0.30.Since it will be a short trip, you believe $3000 in spending money will be sufficient. On June 1 st, the direct quote for Swiss francs is $0.40.As a result, How much Swiss francs will buy your $3000.

Answers

Answer:

On January 1st, the $3,000 could buy 10,000 Swiss francs (3,000/0.3).

On June 1st, the $3,000 would buy 7,500 Swiss francs (3,000/0.4).

Explanation:

On January 1st, each Swiss francs could only purchase $0.30 while on June 1st, each Swiss francs could purchase $0.40.

These show that the Swiss francs had appreciated in value relative to the US Dollars with a positive change of 33%.  Therefore, the dollar had weakened against the Swiss francs by the same rate.

Answer:

7500 Swiss francs

Explanation:

Working

January 1, Swiss francs = $0.3

$3000 will by 3000/0.3 = 10,000 Swiss francs.

June 1 , Swiss Francs = $ 0.4

$3000 will buy 7500 Swiss francs.

This also mean that in January 3.33 Swiss francs will buy 1 $

In June 1 , 2.5 Swiss francs will buy one dollar.

This shows that Swiss francs has appreciated in value against dollar over the months
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