Answers
Answer: b. preparing the financial statements
Explanation: As accounting involves recording, classifying, summarizing, and the interpretation financial information, the accounting process, is considered a series of procedures that are employed in the collection, processing, and communication of financial information. In the accounting process, journal entries are first adjusted (identifying and analyzing business transactions and events) after which they are posted. This represents the first and second steps. Then the adjusted trial balance is prepared, followed lastly by the preparation of financial statements. Therefore, the preparation of financial statements is completed last.
Final answer:
The last step in the accounting process among the options provided is b. preparing the financial statements. The process begins with journalizing, leading through posting, and preparing the adjusted trial balance, before culminating in the financial statement's preparation.
Explanation:
The last step in the accounting process among those provided would be b. preparing the financial statements. The accounting process usually follows these steps: Firstly, transactions are d. journalized (recorded in the journal). Next, these journal entries are a. posted to the ledger. Then, an unadjusted trial balance is prepared to check the equality of debits and credits. The next step is adjusting entries and c. preparing the adjusted trial balance. Finally, the accounting period ends with the preparation of the financial statements, reflecting the company's financial health.
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Related Questions
Assume that your credit sales for March was $12,764,for April was $27,406 and May was $28,706. If credit sales are collected 55% during the month of sale, 25% the month following the sale, and 15% in the second month following the sale, what is the total expected cash collections to be received in May? Round your answer to one dollar.
For the current year ending January 31, Ringo Company expects fixed costs of $178, 500 and a unit variable cost of $41.50. For the coming year, a new wage contract will increase the unit variable cost to $45. The selling price of $50 per unit is expected to remain the same. Compute the break-even sales (in units) for the current year. Compute the anticipated break-even sales (in units) for the coming year, assuming the new wage contract is signed.
What type of maintenance is repair and return to the user, which includes maintenance actions performed by operators and is often performed on or near the unserviceable piece of equipment or weapon system utilizing line replaceable units (FRUs) or modules and competent replacement or repair?
Marshall Enterprises charged the following amounts of overhead to jobs during the year: $20,000 to jobs still in process, $60,000 to jobs completed but not sold, and $120,000 to jobs finished and sold. At year-end, Marshall Enterprise's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should Marshall make at year-end?a. No entry is needed. b. Debit Factory Overhead $5,000; credit Cost of Goods Sold $5,000. c. Debit Cost of Goods Sold $5,000; credit Factory Overhead $5,000. d. Debit Factory Overhead $5,000; credit Work in Process Inventory $5,000. e. Debit Factory Overhead $5,000; credit Finished Goods Inventory $5,000.
Answers
Answer:
None of the above
Explanation:
NONE of of the following assumptions is likely to be met in the real world.
Assumptions which include
A) All labor has zero costs of mobility. B) Demand for labor is identical in every labor market. C) All labor is homogeneous. D) Non pecuniary factors in each job are not the same are NOT likely to be met in the real word
Answers
In the year 2013, the nation that had the highest GDP per capita out of the options was Switzerland.
What was the GDP per capita of Switzerland in 2013?
In 2013, Switzerland had the very high GDP per capita of $88,109.49 which put it higher than the United States and Brazil.
This high GDP per capita meant that the Swiss economy was strong and that the people were mostly well off.
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Answer:
Switzerland the answer
Answers
Answer:
$185,947
Explanation:
Approximately how many hours per year will the solar panels need to operate to enable this project to break even?
Answers
Answer:
It will take 6,534.31 hours per year for the solar panels to operate to enable this project to break even
Explanation:
Discount rate = 30% = 0.3
Looking at one hour of operation in each year = 200 kW x $0.30 Kw/hr
= $60 value of electricity per year
Compound interest factor for a discount rate of 30% = 3.3158
(taken from compound interest factor table or computed using formula ∑1/(1+r)^t , where r = 30%, and t = 1 to 30)
Present value of operating the solar panels for 1 hour per year = 60 × 3.3158 = $ 198.95
For break even it would need to run = 1.3 million ÷ 198.95
= 6,534.31 hours per year
The solar panels need to operate for approximately 236,364 hours per year to enable this project to break even.
To determine the number of hours per year the solar panels need to operate to break even, we can calculate the present value of operating the solar panels for 1 hour per year over the 20-year lifespan of the panels.
The annual operating cost is $0.30 per kWh, and the capacity of the solar panels is 200 kW. So, for each hour of operation, the cost is:
Cost per hour = 200 kW * $0.30/kWh = $60
Now, we'll calculate the present value of this cost over 20 years at a 30% discount rate:
PV Cost = $60 / ≈ $5.50
The university spent $1.3 million upfront to install the panels. To break even, the present value of operating the panels should cover this cost:
$1,300,000 = $5.50 * X
Where X is the number of hours per year the panels need to operate. Solving for X:
X ≈ $1,300,000 / $5.50 ≈ 236,364 hours per year.
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B. Manager salaries.
C. Insurance.
D. Direct materials.
E. Straight-line depreciation.
Answers
Answer:
Correct answer is D. Direct materials
Explanation:
Among the given choices, direct materials is most likely to be classified as variable cost. Direct materials are the supplies used in manufacturing products which can be directly identified in the output production. It is a main component which is traceable to create or produce products. Basically, all manufacturing industries used direct materials as their variable cost in their production.
b) should the new computer system be purchased?
Answers
Galvanized Products consideration to buy a new computer system for their enterprise data management system with the purchase price of $100,000 is being a good decision
Explanation:
Purchase value $100,000
cash on hand 75,000 + bank loan 1/4 of $100,000= $25000 =$100,000
Estimated Income
(increased efficiencies-payment to technician+MARR )× 5( life span )+ 5000 (salvage value )
(($55,000-$25,000=30,000)+(100,000×18÷100)=18000))×5 =$240,000+5000 = $245,000
Expected liabilities
bank loan interest=((P*(1+i)^n) - P)=(25,000×(1+0.15)^3-25,000)= 13,022
Net value of the purchase proposal
(Estimated Income - Expected liabilities) - Purchase price
= (245,000 - 13,022) = $231,978 - $100,000 = $131,978 (profit)
Hence ,the Galvanized Products consideration to buy a new computer system is a good decision.
Final answer:
The present worth of this investment is -$30,911.60, and the new computer system should not be purchased as the current estimates show that the benefits do not outweigh the costs at the 18% discount rate.
Explanation:
To determine whether the investment is worth it, we will need to calculate the Net Present Value (NPV) of the investment. This takes into account the present value of both the costs and the benefits associated with the investment.
Let's start by calculating the present value of the costs:
- The system itself costs $100,000.
- The loan is $25,000, compounded annually at a rate of 15% over 3 years, which results in a total repayment of roughly $31,357.50 using the formula P(1+r)^n.
- The technician costs amount to a total of $125,000 over 5 years. If we discount these payments back to their present value using the rate of 18%, we get approximately $88,938.24. Using the formula [P/(1+r)^n] for each year and adding them up.
The total present value of costs is therefore roughly $220,295.74.
Next, let’s calculate the present value of the benefits. This is comprised of the $55,000 savings per year due to increased efficiencies, discounted back to present value over 5 years at a rate of 18%, which results in approximately $184,384.14. Then we add the salvage value of the system, which is $5,000, because this value is already in present terms.
The total present value of the benefits is thus around $189,384.14.
The net present value (NPV), calculated by subtracting the present value of costs from the present value of benefits, is thus around -$30,911.60. Since this is a negative value, this suggests that the anticipated benefits of the system does not outweigh its costs at the 18% discount rate.
Therefore: a) the present worth of this investment is about -$30,911.60 and b) the new computer system should not be purchased, based on these calculations and assumptions.
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