BUSINESS COLLEGE

A budget that spends more money than the revenue coming in is known as a _______ budget. A. surplus B. federal C. balanced D. deficit

Answers

Answer 1
Answer:

Answer:

D. deficit

Explanation:

A budget surplus is income left over during a budget period after all budget expenses have been paid.

A federal budget is the government's estimate of revenue and spending for each fiscal year.

A balanced budget is a budget in which revenues are equal to expenditures.
Answer 2
Answer:

Answer:

D. deficit

Explanation:

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Related Questions

Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing $28,000 were put into production. Direct labor of $28,000 (10 workers x 100 hours x $28 per hour) was incurred. Manufacturing overhead equaled $55,000. By the end of the week, the company had manufactured 5,600 hockey sticks.1.Calculate the total prime cost for last week.$2. Calculate the per-unit prime cost. Round your answer to the nearest cent.$ per unit3. Calculate the total conversion cost for last week.$4. Calculate the per-unit conversion cost. Round your answer to the nearest cent.$ per unit
Provided $1,350 of piano lessons to students who paid in cash.Provided $1,060 of piano lessons on account.Collected $795 from students who took piano lessons during April.Paid April’s piano rental bill of $600.Received May’s piano rental bill of $650 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for May?Multiple Choice
Moorcroft Company’s budgeted sales and direct materials purchases are as follows:Budgeted Sales Budgeted D.M. PurchasesApril $327,000 $42,000May 292,000 51,000June 407,000 61,000Moorcroft’s sales are 40% cash and 60% credit. Credit sales are collected 20% in the month of sale, 50% in the month following sale, and 26% in the second month following sale; 4% are uncollectible. Moorcroft’s purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month following the purchase and 60% in the second month following the purchase.Instructions: (a) Prepare a schedule of expected collections from customers for June. (b) Prepare a schedule of expected payments for direct materials for June. (c) Moorcroft's assistant controller suggested that Moorcroft hire a part-time collector to encourage customers to pay more promptly and to reduce the amount of uncollectible accounts. Sales are still 40% cash and 60% credit but the assistant controller predicted that this would cause credit sales to be collected 30% in the month of the sale, 50% in the month following sale, and 18% in the second month following sale; 2% are uncollectible. Prepare a schedule of expected collections from customers for June How did these changes impact cash collections? Would it be worth paying the collector $1,000 per month? (d) The assistant controller also suggested that the company switch their purchases to 40% cash and 60% on account to help stretch out their cash payments. There is no additional interest charge to do this and Moorcroft is still paying their bills on time. There is no change to the company's payment pattern. Prepare a schedule of expected payments for direct materials for June. How did these changes impact the cash payments for June?
9. Suppose an investor has two choices:Choice 1: invest in a Bond A which is a 2-year bond with an interest rate of 12% Choice B: two 1-year bonds with sequential interest payment of 10% and 14%?Which Choice would produce a greater return if the pure expectations theory was to hold true. *A) Choice AB) Choice BC) Both of the choices would produce the same returnD) We can’t tell.
Describe some strategic differences between these firms. What type of trade-off decisions have these firms made

In need of extra​ cash, Troy and Lily decide to withdraw ​$2 comma 100 from their traditional IRA. They are both 40 years old. They are in a 35​% marginal tax bracket. What will be the tax consequences of this​ withdrawal?

Answers

Answer:

Calculate the tax consequence of withdrawal from retirement account.

T and L are 40 years old and decide to withdraw $2,100 from their IRA. They lie in a 35% marginal tax bracket.

Analysis

They are withdrawing some amount from their retirement fund. They have to pay the tax and penalty for early withdrawals from the retirement fund. The withdrawal amount is $2,100 so they have to pay tax on it. The tax rate will be 35% which is their marginal tax bracket.

Calculation of tax consequences if withdrawal amount is $2,100:

Ordinary income tax amount calculates by multiplying the withdrawal amount with the ordinary tax rate.

= $2100 × 35%

= $735

The withdrawal amount attracts the 10% penalty. So, the penalty amount is calculated as follows: Penalty on withdrawn funds calculates by multiplying the withdrawn funds with the percentage of penalty.

= $2100 × 10%

= $210

(NOTE: - T and L have to pay ordinary income tax along with the penalty on their withdrawal because they are withdrawing funds from their IRA before age 59.5.)

Total expenses include the tax amount and penalty charge on withdrawal amount. So, it is calculated as follows:

Total expenses =$735 + $210

Total expenses = $945

Conclusion

Therefore, T and L would incur a tax of $945 on their withdrawal. This $945 is the sum of income tax amount and penalty on withdrawal balance.

A company purchases a remote building site for computer operations. The building will be suitable for operations after some expenditures. The wiring must be replaced to computer specifications. The roof is leaky and must be replaced. All rooms must be repainted and recarpeted and there will also be some plumbing work done. Which of the following statements is true?a. The cost of the building will not include the repainting and recarpeting costs.b. The cost of the building will include the cost of replacing the roof.c. The cost of the building is the purchase price of the building, while the additional expenditures are all capitalized as Building Improvements.d. The wiring is part of the computer costs, not the building cost.

Answers

Answer:

B. The cost of the building will include the cost of replacing the roof.

Atlantis Corporation has 13,000 shares of 14​%, $81.00 par noncumulative preferred stock outstanding and 30,000 shares of no−par common stock outstanding. At the end of the current​ year, the corporation declares a dividend of $186,000. How is the dividend allocated between preferred and common​ stockholders?

Answers

Answer:

The dividend of $147,420 is allocated to preferred stockholders

A dividend of $38,580 is allocated common stockholders

Explanation:

The preferred stock has a fixed amount of dividend which is a percentage of its  par value computed thus:

preferred dividend=13,000*$81*14%=$ 147,420.00  

However, when preferred stock dividend is taken away from the total dividends, the result is dividends for common stockholders

Common stockholders' dividends=$186,000-$147,420=$38,580.00  

Consider the following information: Probability of State Rate of Return if State Occurs
Economy of Economy Stock A Stock B
Recession .20 .010 – .35
Normal .55 .090 .25
Boom .25 .240 .48
a. Calculate the expected return for the two stocks.'

Answers

Answer:

11.15%

Explanation:

The formula to compute the expected rate of return is shown below:

Expected rate of return = (Recession probability× Possible Returns ) + (Normal Probability  × Possible Returns ) + (Boom Probability  × Possible Returns 3)

= (0.20 × 0.010) + (0.55 × 0.090) + (0.25 × 0.240)

= 0.002+ 0.0495 + 0.06

= 11.15%

Simply we multiply the probability with its return so that accurate rate could come.

The Work-in-Process inventory account of a manufacturing firm shows a balance of $3,960 at the end of an accounting period. The job cost sheets of two uncompleted jobs show charges of $640 and $440 for materials, and charges of $540 and $740 for direct labor. From this information, it appears that the company is using a predetermined overhead rate, as a percentage of direct labor costs, of:

Answers

Answer: 125%

Explanation:

Manufacturing overhead = Predetermined overhead rate * Direct labor

Manufacturing Overhead

= Work in process balance - Direct labor - Direct materials

= 3,960 - 640 - 440 - 540 - 740

= $1,600

The rationale behind the above is that that the Work in process account is made up of Direct labor, material and overhead. The Overhead would therefore be the balance less the Direct material and labor.

Direct Labor = 540 + 740

= $1,280

Manufacturing overhead = Predetermined overhead rate * Direct labor

1,600 =  Predetermined overhead rate * 1,280

Predetermined overhead rate = 1,600/1,280

= 1.25

= 125%

Which of the following could be considered a cost driver? Select one: a. A service provided by an architecture firm b. A product produced by a manufacturer c. A tax return prepared by a local CPA firm d. All of the above

Answers

Answer: d. All of the above

Explanation:

A cost driver refers to the activity that causes an actual change in the cost of a transaction and by extension it's local cost.

For example, cost driver of labor would be the number of people working or cost driver of Electricity paid would be the actual number of units consumed.

In the above, the products and services mentioned are the integral activities for those firms so they are cost drivers to those firms.

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