BUSINESS COLLEGE

Imagine you are reviewing a business plan. In which section of the business plan would you expect to find the answers to the following questions?Question Financial Statements Marketing & Sales Management Service or Product Line
How much money will the owners invest in the business start-up?
How will the salespeople for this business be compensated?
What are the unique features of this business’s merchandise?

Answers

Answer 1
Answer:

Answer:

Hence,

The money which the owners invest in the business start-up is by Financial statements.

The salespeople for this business be compensated is by Marketing & sales management.

The unique features of this business’s merchandise are by Service or product line.

Explanation:

Financial statements show how much money will the owners invest in the business start-up.

Marketing & sales management shows how will the salespeople for this business be compensated.

Service or product line shows What are the unique features of this business’s merchandise
Answer 2
Answer:

In a business plan, the 'Financial Statements' section provides information about the owner's start-up investment, compensation of salespeople is detailed in the 'Marketing & Sales Management' section, and unique merchandise features could be found in the 'Service or Product Line' section.

In a business plan, you would typically find the answers to your questions in the following sections:

  • The amount of money that the owners will invest in the business start-up would typically be found in the Financial Statements section. This part of the business plan provides a detailed view of the business’s financial forecasts, including equity investment from owners.
  • Information about how salespeople for the business will be compensated can be found in the Marketing & Sales Management section. This usually outlines the business's sales strategies, including employee compensation models.
  • The unique features of a business's merchandise would be detailed in the Service or Product Line section. This illustrates what the business plans to sell, highlighting unique selling points and differentiators that make its products or services unique.

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Beginning inventory Merchandise $302,000 Finished goods $604,000 Cost of purchases 420,000 Cost of goods manufactured 760,000 Ending inventory Merchandise 202,000 Finished goods 196,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2017.

Answers

Answer:

A. $520,000

B. $1,168,000

Explanation:

Computation to determine the cost of goods sold for each of these two companies for the year ended December 31, 2017.

a. UNIMART Partial income statement

For the year ended December 31,2017

COST OF GOODS SOLD

Beginning merchandise inventory $302,000

Cost of purchase $420,000

Goods available for sale $722,000

Less; Ending merchandise inventory ($202,000)

Cost of goods sold $520,000

b) PRECISION Manufacturing

Partial income statement

For the year ended December 31,2017

COST OF GOODS SOLD

Beginning finished goods inventory $604,000

Cost of manufactured $760,000

Goods available for sale $1,364,000

Less; Ending finished goods inventory ($196,000)

Cost of goods sold $1,168,000

Therefore the cost of goods sold for each of these two companies for the year ended December 31, 2017 will be:

Unimart $520,000

Precision $1,168,000

Both nondeductible contributions to a traditional IRA and contributions to a Roth IRA are similar in the sense that neither provides a tax deduction at the date of contribution. Which of the two types would be most advantageous to taxpayers and why

Answers

Answer:

The query definition is mentioned in the clarification section following.

Explanation:

  • Throughout the particular instance of Roth IRA, more stability and fewer constraints along with existing lower federal premiums allow Roth IRA a safer long-term taxpayer option. It is recommended that the taxpayer should do so. Employers can opt for something like a non-qualified retirement package if the company wishes to attract prospective workers with extra perks.
  • It will include insurance as well as tax detention incentives along with extra payments. Non-qualified programs are more versatile which are used to accomplish specialized targets.

Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2017, for $210,000 in cash. The book value of Kinman’s net assets on that date was $400,000, although one of the company’s buildings, with a $60,000 carrying amount, was actually worth $100,000. This building had a 10-year remaining life. Kinman owned a royalty agreement with a 20-year remaining life that was undervalued by $85,000. Kinman sold inventory with an original cost of $60,000 to Harper during 2017 at a price of $90,000. Harper still held $15,000 (transfer price) of this amount in inventory as of December 31, 2017. These goods are to be sold to outside parties during 2018. Kinman reported a $40,000 net loss and a $20,000 other comprehensive loss for 2017. The company still manages to declare and pay a $10,000 cash dividend during the year. During 2018, Kinman reported a $40,000 net income and declared and paid a cash dividend of $12,000. It made additional inventory sales of $80,000 to Harper during the period. The original cost of the merchandise was $50,000. All but 30 percent of this inventory had been resold to outside parties by the end of the 2018 fiscal year. Prepare all journal entries for Harper for 2017 and 2018 in connection with this investment. Assume that the equity method is applied.

Answers

Answer:

Harper investment      160,000

building over fair value 16,000

royalty over fair value  34,000

                         cash              200,000

----

2017 entries:

loss on Harper Investment  32,000

              Harper investment                32,000

---

Cash    4,000

              Harper investment                4,000

----

Unrealized gain 2,000

  Harper Investment 2,000

---

royalty over fair value 1,700

bulding over fair value 1,600

         harper investment          3,300

---

2018 entries:

Harper Investment 16,000

  Gain on Harper Investent 16,000

----

Cash    4800

              Harper investment                4800

----

Unrealized gain 1,600

  Harper Investment 1,600

---

royalty over fair value 1,700

bulding over fair value 1,600

         harper investment          3,300

Explanation:

400,000 x 40% = 160,000

40,000 increase infair value of building x 40% = 16,000

royalty 85,000 x 40% = 34,000

total equity value 200,000

payment of           200,000

no goodwill.

amortization:

building: 16,000 / 10 = 1,600

royalty: 34,000 / 20 = 1,700

2017

loss: 60,000 x 40% = (32,000)

dividends 10,000 x 40% = (4,000)

unrealized gain: it kept 15,000/90,000 = 0.1667 = 16.67%

90,000 - 30,000 = 30,000 gain x 16.67% = 5,000 unrealized gain

5,000 x 40% = 2,000

2018

income 40,000 x 40% = 16,000

dividends 12,000 x 40% = (4,800)

unrealized gain kept 30%

80,000 - 50,000 = 30,000 x 30% = 9,000

the company has 40% so 9,000 x 40% = 3,600 unrealized

as we recognize 2,000 before we adjust for the difference of 1,600

You buy one Home Depot June 60 call contract and one June 60 put contract. The call premium is $5 and the put premium is $3. Your maximum loss from this position could be a. $300. b. $800. c. None of the options are correct. d. $200. $500.

Answers

Answer:

b. $800

Explanation:

The calculation of maximum loss from this position is shown below:-

Maximum Loss from this position = (Assume figure × Call premium) + (Assume figure × Put premium)

= (100 × $5) + (100 × $3)

= $500 + $300

= $800

Therefore for computing the maximum loss from this position we simply applied the above formula.

A company sells 10,000 shares of previously authorized stock at the par value of $10 per share. What's the correct entry to record the transaction?

Answers

The correct entry to record the transaction concerning the company's sale of 10,000 shares of previously authorized stock is a debit to Cash of $100,000 and a credit to Common Stock $100,000.

Data Analysis:

Number of shares sold = 10,000

Par value =$10 per share

Cash $100,000 Common Stock $100,000

Thus, the correct entry to record this stock sale is a debit to Cash of $100,000 and a credit to Common Stock $100,000.

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Final answer:

The correct journal entry to record the transaction would be to debit Cash for $100,000 and credit Common Stock for $100,000 in line with the number of shares sold and their par value.

Explanation:

When a company sells shares of its authorized stock at par value, the funds received are recorded in the company's financial accounts. The correct journal entry would be to debit (increase) Cash, and credit (increase) Common Stock. In this scenario, where 10,000 shares of stock are sold at a par value of $10 per share, this would result in a $100,000 increase in both the company's Cash and Common Stock accounts. The journal entry would look like this:

  • Debit Cash $100,000
  • Credit Common Stock $100,000

It is crucial to understand the stock issuing process, such as rate of return, in the business world. Investors purchase stock with an expectation either to receive dividends or to experience a capital gain- an increase in the stock value.

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The Converting Department of Hopkinsville Company had 1,160 units in work in process at the beginning of the period, which were 30% complete. During the period, 24,400 units were completed and transferred to the Packing Department. There were 1,280 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0".

Answers

Answer and Explanation:

The computation of the number of equivalent units for direct material and conversion cost is shown below:

For materials

= units started and completed  × completion percentage + ending work in process inventory × completion percentage

=  (24,400 - 1,160) × 100% + 1,280 units × 100%

=  23,240 units + 1,280 units

= 24,520 units

For conversion

= Opening work in process inventory × remaining percentage + units started and completed  × completion percentage + ending work in process inventory × completion percentage

= 1,160 units × 70% + (24,400 - 1,160) × 100% + 1,280 units × 60%

= 812 units + 23,240 units + 768 units

= 24,820 units

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Marv Company's direct labor costs for manufacturing its only product were as follows for October: Standard direct labor hours (DLHs) per unit of product 2 Budgeted finished units for the period 7,100 Actual number of finished units produced 5,700 Standard wage rate per direct labor hour (SP) $ 20.00 Direct labor costs incurred $ 234,000 Actual wage rate per direct labor hour (AP) $ 18.00 The direct labor efficiency variance for October, rounded to the nearest dollar, was: a. $32,000 unfavorable. b. $20,600 favorable. c. $26,000 favorable. d. $3,200 unfavorable. e. $52,600 unfavorable.
Assuming the cost of direct materials used is $1,500,000, compute the total manufacturing costs using the information below. Raw materials inventory, January1 $ 30,000 Raw materials inventory, December 31 60,000 Work in process, January 1 27,000 Work in process, December 31 18,000 Finished goods, January 1 60,000 Finished goods, December 31 48,000 Raw materials purchases 1,500,000 Direct labor 690,000 Factory utilities 225,000 Indirect labor 75,000 Factory depreciation 500,000 Operating expenses 630,000.
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