Answer: d. Kamal loses any surplus he had.
Explanation:
The Consumer Surplus is defined as the difference between what a customer is willing to pay for a good minus the price of the good/ the price they pay.
Kamal was willing to pay $320 and the price was initially $300 which meant that he had a surplus of $20. The price has now increased to $320 which is the amount he is willing to pay so there is no longer a surplus. Kamal loses any surplus he had.
MGM Grand announces plans to open a new casino with a hotel. Workers hired for this new business would
specialize in
O Food Services and Travel and Tourism
O Lodging and Recreation and Amusement
O Lodging and Travel and Tourism
O Food Services and Recreation and Amusement.
Answer:
Answer is B Goodluck that is the answer
I think
Answer:
B.Lodging and Recreation and Amusement.
Explanation:
Please complete the spreadsheet template:
Trans no. Transaction
1. Pamela Wong, the owner, opened a checking account for the business by depositing $48,000 of her personal funds.
2. Paid the monthly rent of $1,500.
3. Bought office furniture on account for $1,000.
4. Pamela Wong invested $3,000 of office equipment in the business.
5. Paid cash for a new computer for the business, $5,000.
6. Paid for an advertisement in the local newspaper, $200.
7. Completed graphic desktop publishing services for a client and sent a bill for $800.
8. Paid $700 on account for the office furniture bought earlier.
9. Received $500 on account from a client.
10. Pamela Wong withdrew $1,000 for personal use.
11. Received $400 cash for desktop publishing services completed for a client.
Answer:
I used an excel spreadsheet sine there is not enough room here.
Explanation:
Excel templates make it simpler to create a spreadsheet with a polished appearance by including all of the following, with the exception of Data.
What is Excel Sheet ?To eliminate the necessity for the user to generate those designs from scratch, templates are made to specify the fundamental structure of each document that is repeated.
A template typically includes formatting and pre-defined formulas. However, it won't include any data as the template's goal is to have a consistent structure but allow for variable values so that it can respond appropriately to the data.
Formatting and pre-made formulas are frequently included in templates. Although the template aims to have a consistent structure and allow for variable values so that it can react appropriately to the data, it won't contain any data.
Any template will therefore include design but not data. We are able to make a new one, modify an existing template, or utilize the default template.
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. Suppose you bought 100 shares of stock at an initial price of $37 per share. The stock paid a dividend of $0.28 per share during the following year, and the share price at the end of the year was $41. (1) What is your total dollar return on this investment
Answer: $428
Explanation:
From the question, we are informed that one bought 100 shares of stock at an initial price of $37 per share and that the stock paid a dividend of $0.28 per share during the following year, and the share price at the end of the year was $41.
The total dollar return on this investment will be calculated as:
= 100(41 - 37 + 0.28)
= $428
An Investment Adviser Representative (IAR) manages the assets of the ABC Corporation Profit Sharing Plan. The trustee of the plan contacts the IAR, explaining to the IAR that he wants a check drawn from the plan account to buy a building that ABC Corporation will occupy. The IAR should:
Answer:
refuse to issue the check because it is a breach of the IAR's fiduciary obligation
Explanation:
This check should not be issued because if it is issued it would be a breach of the investment advisor representative fiduciary obligation. His main responsibility is to offer advices that relates to investment because he is a financial planner. He has to act in the best interest of his client with loyalty and also in good faith.
Computech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect Computech to begin paying dividends, beginning with a dividend of $1.25 coming 3 years from today. The dividend should grow rapidly - at a rate of 32% per year - during Years 4 and 5; but after Year 5, growth should be a constant 6% per year. If the required return on Computech is 17%, what is the value of the stock today? Round your answer to the nearest cent. Do not round your intermediate calculations.
Answer:
P₀ = $12.23
Explanation:
Div₃ = $1.25
Div₄ = $1.65
Div₅ = $2.178
Div₆ = $2.30868
first we must calculate the terminal value using the dividend discount model = $2.30868 / (17% - 6%) = $20.988
now we must discount all the future dividends + terminal value
P₀ = $1.25/1.17³ + $1.65/1.17⁴ + $2.178/1.17⁵ + $20.988/1.17⁵ = $12.23
The transactions listed below are typical of those involving Amalgamated Textiles and American Fashions. Amalgamated is a wholesale merchandiser and American Fashions is a retail merchandiser. Assume all sales of merchandise from Amalgamated to American Fashions are made with terms n/60, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31.
Amalgamated sold merchandise to American Fashions at a selling price of $230,000. The merchandise had cost Amalgamated $175,000. Two days later, American Fashions returned goods that had been sold to the company at a price of $20,000 and complained to Amalgamated that some of the remaining merchandise differed from what American Fashions had ordered. Amalgamated agreed to give an allowance of $5,000 to American Fashions. The goods returned by American Fashions had cost Amalgamated $15,270. Just three days later, American Fashions paid Amalgamated, which settled all amounts owed.
Required:
a. Indicate the effect (direction and amount) of each transaction on the Inventory balance of Readers' Corner.
b. Prepare the journal entries that Readers’ Corner would record and show any computations.
Answer:
Transaction Sales Sales Sales Net Cost of Gross
Revenues returns allowances sales goods sold profit
a. $230,000 230,000 175,000 55,000
b. 20,000 5,000 -25,000 15,270 9,730
c. - - - - - No effect
S/n General Journal Debit$ Credit$
a(1) Accounts receivable 230,000
Sales revenues 230,000
(Sales on account to American Fashions)
a(2) Cost of goods sold 175,000
Inventory 175,000
(Recorded cost of goods sold)
b(1) Sales allowances and returns 25,000
(20000+5000)
Accounts receivable 25,000
(Sales allowances and returns granted)
b(2) Inventory 15,270
Cost of goods sold 15,270
(Cost of goods sold on goods returned)
c Cash 205,000
(230,000-25,000)
Accounts receivable 205,000
Snoblo, a manufacturer of snowblowers, sells four models. The base model, Reguplo, has demand that is normally distributed, with a mean of 10,000 and a stand deviation of 1,000. The three other models have additional features, and each has demand that is normally distributed, with a mean of 1,000 and a standard deviation of 700. Currently all four models are manufactured on the same line at a cost of $100 for Reguplo and $110 for each of the other three models. Reguplo sells for $200, whereas each of the other three models sells for $220. Any unsold blowers are sold at the end of the season for $80. Snoblo is considering the use of tailored sourcing by setting up two separate lines, one for Reguplo and one for the other three. Given that no changeovers will be required on the Reguplo line, the production cost of Reguplo is expected to decline to $90. The production cost of the other three products, however, will now increase to $120.
Required:
a. How will tailored sourcing affect the production and profits?
b. Is tailored sourcing more profitable for Snoblo? Why?
Answer:
Total profits Current Sourcing [One Line] $1,214,280
Total profits Tailored Sourcing [Two Lines] $1,281,670
Explanation:
Particulars Current Sourcing One line : Reguplo ; Other models
Anticipated demand 10,000 ; 1,000
Standard Deviation 1,000 ; 700
Unit Cost $100 , $110
Sales price $200 , $220
Disposal Value $80 , $80
Salvage Value $80 ; $80
Cost of under stock $100 ; $110
Cost of overstock $20 ; $30
Optimal cycle service level 0.8333 ; 0.7857
Optimal production size 10,967 ; 1,554
Expected profits $970,018 ; $81,421
Total profits $1214,280
Particulars Tailored Sourcing Two line : Reguplo ; Other models
Anticipated demand 10,000 ; 1,000
Standard Deviation 1,000 ; 700
Unit Cost $90 , $120
Sales price $200 , $220
Disposal Value $80 , $80
Salvage Value $80 ; $80
Cost of under stock $110 ; $100
Cost of overstock $10 ; $40
Optimal cycle service level 0.9167 ; 0.7143
Optimal production size 11,383 ; 1,396
Expected profits $1,081,602 ; $66,689
Total profits $1,281,670
Joni Splish Brothers Inc. has the following amounts reported in its general ledger at the end of the current year.
Organization costs $23,800
Trademarks 15,700
Discount on bonds payable 36,800
Deposits with advertising agency for ads to promote goodwill of company 11,800
Excess of cost over fair value of net identifiable assets of acquired subsidiary 76,800
Cost of equipment acquired for research and development projects; the equipment has an alternative future use 86,800
Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 82,600
Required:
On the basis of this information, compute the total amount to be reported by Hyde for intangible assets on its balance sheet at year-end.
Answer:
$92,500
Explanation:
The computation of the total intangible asset is shown below:
= Trademarks + Excess of cost over fair value of net identifiable assets of acquired subsidiary
= $15,700 + $76,800
= $92,500
Hence, the total intangible asset is $92,500 and the same is to be considered
We simply applied the above formula
Sanborn Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100,000 for the year.
Activity Cost Pool Cost Driver Est. Overhead Cost Driver Activity
Ordering and Receiving Orders $120,000 500 orders
Machine Setup Setups 297,000 450 setups
Machining Machine hours 1,500,000 125,000 MH
Assembly Parts 1,200,000 1,000,000 parts
Inspection Inspections 300,000 500 inspections
If overhead is applied using traditional-based costing on direct labor hours, the overhead application rate is:___________.
a) 9.60
b) 12.00
c) 15.00
d) 34.17
Answer:
d) 34.17
Explanation:
we must first calculate the total overhead expenses = $120,000 (ordering and receiving) + $297,000 (machine setup) + $1,500,000 (machining) + $1,200,000 (assembly parts) + $300,000 (inspection) = $3,417,000
since overhead is applied based on direct labor hours, then the predetermined overhead rate = total overhead expenses / total direct labor hours = $3,417,000 / 100,000 labor hours = $34.17 per labor hour
Read the following sentences, and identify the error.
a. Paolo recruited job applicants for the company that showed promise.
The error in this sentence is a:_________ .
b. We will be visiting our accounts in California, Oregon, and visiting our accounts in Washington.
The error in this sentence is a:________ .
Before you decide whether to use passive or active voice, you should consider the purpose of your message and the nature of the situation. Read the scenario, and then fill in the blanks.
You work for a printing company, and you realize that your colleague sent incorrect price quotes to a client. You begin to write an e-mail to the client to apologize for the mistake. You want to remedy the situation without criticizing your colleague. The sentence excerpted from the e-mail uses ______________ voice. Given the purpose of your message, this voice ___________ appropriate.
Answer:
a. Paolo recruited job applicants for the company that showed promise.
The error in this sentence is a: AMBIGUITY.
Who showed promise? The company or the job applicants? This sentence is not specific and you really cannot tell whether the job applicants or the company showed promise.
b. We will be visiting our accounts in California, Oregon, and visiting our accounts in Washington.
The error in this sentence is a: LACK OF PARALLELISM.
In order to show parallelism you should include the dates of the visits, since you cannot visit all 3 states in the same day and do your work properly.You work for a printing company, and you realize that your colleague sent incorrect price quotes to a client. You begin to write an e-mail to the client to apologize for the mistake. You want to remedy the situation without criticizing your colleague.
The sentence is missing, so I looked for a similar question:
"Bill made an error when he was processing your invoice."
The sentence excerpted from the e-mail uses ACTIVE voice. Given the purpose of your message, this voice IS NOT appropriate.
The whole purpose of this message is to solve a problem without criticizing Bill, but by using active voice, you are directly criticizing him.Mr. and Mrs. Revel had $206,200 AGI before considering capital gains and losses. Required: For each of the following cases, compute their AGI:
a. On May 8, they recognized an $8,900 short-term capital gain. On June 25, they recognized a $15,000 long-term capital loss.
b. On February 11, they recognized a $2,100 long-term capital gain. On November 3, they recognized a $1,720 long-term capital loss.
c. On April 2, they recognized a $5,000 long-term capital loss. On September 30, they recognized a $4,800 short-term capital loss.
d. On January 12, they recognized a $5,600 short-term capital loss. On July 5, they recognized a $1,500 long-term capital gain.
Answer:
For 2020 the maximum capital loss deductible from taxable income is $3,000 and this applies when capital losses exceed capital gains.
a. Net Gain = 8,900 - 15,000
= -$6,100
Their AGI will be;
= 206,200 - 3,000
= $203,200
b. Net Gain = 2,100 - 1,720
= $380
AGI;
= 206,200 + 380
= $206,580
c. Net Gain = - 5,000 - 4,800
= -$9,800
AGI;
= 206,200 - 3,000
= $203,200
d. Net Gain = 1,500 - 5,600
= -$4,100
AGI;
= 206,200 - 3,000
= $203,200
The computation of Mr. and Mrs. Revel's AGI after inputting capital gains and losses are as follows:
Situation AGI Before Net Capital Gain AGI After
a. $206,200 ($3,000) $203,200
b. $206,200 $380 $206,580
c. $206,200 ($3,000) $203,200
d. $206,200 ($3,000) $203,200
Data and Calculations:
The AGI of Mr. and Mrs Revel before Capital Gains and Losses = $206,200
Case A:
Short-term capital gain = $8,900
Long-term capital loss = $15,000
Net capital gain = ($6,100)
Maximum capital loss allowed in the year = $3,000
Balance carried forward = $3,100 ($6,100 - $3,000)
Case B:
Long-term capital gain =$2,100
Long-term capital loss = $1,720
Net capital gain = $380
Case C:
Long-term capital loss = $5,000
Short-term capital loss = $4,800
Net capital loss = $9,800
Maximum capital loss allowed = $3,000
Capital loss carried forward = $6,800 ($9,800 - $3,000)
Case D:
Short-term capital loss = $5,600
Long-term capital gain = $1,500
Net capital loss = $4,100
Maximum capital loss allowed = $3,000
Capital loss carried forward =$1,100 ($4,100 - $3,000)
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Bali Inc. reported $605,800 net income before tax on this year’s financial statements prepared in accordance with GAAP. The corporation’s records reveal the following information.
• Depreciation expense per books was $53,000, and MACRS depreciation was $27,400.
• Bali sold business equipment for $100,000 cash. The original cost of the equipment was $125,000. Book accumulated depreciation through date of sale was $48,000, and MACRS accumulated depreciation through date of sale was $63,000.
• Bali sold investment land to Coroda, a corporation owned by the same person that owns Bali. The amount realized on sale was $115,000, and Bali’s basis in the land was $40,000.
• Bali sold marketable securities to its sole shareholder. The amount realized on sale was $51,450, and Bali’s basis in the securities was $75,000. Compute ZEJ’s taxable income.
Answer:
$669,950
Explanation:
Computation of taxable income
Bali’s net book income before tax$605,800 Excess of book over tax depreciation25,600
Book gain on equipment sale$(23,000)
(53,000-27,400)
Tax gain on equipment sale38,000 15,000
(23,000-38,000=15,000)
Nondeductible loss on sale to related party 23,550
(75,000-51,450)
Taxable income$669,950
(605,800+25,600+15,000+23,550)
Therefore the taxable income will be $669,950
An example of economies of scope is: Group of answer choices Google utilizing its information processing capabilities to provide data analysis services to other firms. The 200,000 unit production threshold for GM to make a profit on a car model. Decreasing per unit costs given increased unit production. Increasing per unit costs given increased unit production. None of the available answers.
Answer:
Google utilizing its information processing capabilities to provide data analysis services to other firms.
Explanation:
Many people confuse economies of scope with economies of scale. Economies of scope result when producing 2 or more different goods or services together is cheaper than producing them separately. While economies of scale refers to decreasing unit costs as the total output increases.
In the example above, Google already processes information for itself, and it is using that information to sell services to other companies. By producing both services together, the production costs lower.
The given statements pertain to aggregate supply and aggregate demand. Label each statement as being either true or false.
Statement 1: An increase in the cost of energy affects both aggregate supply and aggregate demand.
A. True
B. False
Statement 2: One of the factors that increase aggregate demand is the consumption of more imports.
A. True
B. False
Statement 3: If the value of people's stock portfolios increases or if peoples houses appreciate in value, then this very easily could lead to an increase in aggregated demand.
A. True
B. False
Answer:
Statement 1: An increase in the cost of energy affects both aggregate supply and aggregate demand.
A. TrueAn increase in energy costs reduces both aggregate supply and demand.
Statement 2: One of the factors that increase aggregate demand is the consumption of more imports.
B. FalseIf net exports decrease (exports - imports), then the aggregate demand curve will shift to the left, which means it will decrease.
Statement 3: If the value of people's stock portfolios increases or if peoples houses appreciate in value, then this very easily could lead to an increase in aggregated demand.
A. TrueThis would lead to an increase in the net worth of households, which generally leads to higher spending.
Sunland Diesel owns the Fredonia Barber Shop. He employs 4 barbers and pays each a base rate of $1,440 per month. One of the barbers serves as the manager and receives an extra $520 per month. In addition to the base rate, each barber also receives a commission of $9.15 per haircut. Other costs are as follows.
Advertising $240 per month
Rent $1,100 per month
Barber supplies $0.35 per haircut
Utilities $185 per month plus $0.10 per haircut
Magazines $35 per month Sunland currently charges $16 per haircut.
Vin currently charges $10 per haircut.
Required:
a. Determine the variable costs per haircut and the total monthly fixed costs.
b. Compute the break-even point in units and dollars.
c. Prepare a CVP graph, assuming a maximum of 1,800 haircuts in a month. Use increments of 300 haircuts on the horizontal axis and $3,000 on the vertical axis.
d. Determine net income, assuming 1,600 haircuts are given in a month.
Answer:
a. Variable costs = $9.60 and Fixed Costs = $7,840
b. 1,225 haircuts and $19,600
c. See attachment
d. $2,400
Explanation:
Variable Costs per haircut Calculations
Barber supplies $0.35
Utilities $0.10
Commission $9.15
Total Variable Costs per haircut $9.60
Total Monthly Fixed Costs Calculation
Base Salary (1,440 × 4 + 520) $6,280
Advertising $240
Rent $1,100
Utilities $185
Magazines $35
Total Monthly Fixed Costs $7,840
Contribution per unit = Selling price per unit - Variable Cost per unit
= $16.00 - $9.60
= $6.40
Contribution Margin Ratio = Contribution ÷ Selling Price
= $6.40 ÷ $16.00
= 0.40
Break-even point (units) = Fixed Cost ÷ Contribution per unit
= $7,840 ÷ $6.40
= 1,225 haircuts
Break-even point (dollars) = Fixed Cost ÷ Contribution Margin Ratio
= $7,840 ÷ 0.40
= $19,600
Net income, assuming 1,600 haircuts are given in a month [calculation]
Contribution (1,600 × $6.40) $10,240
Less Fixed Costs ($7,840)
Net Income/(loss) $2,400
A stock has an average expected return of 10.8 percent for the next year. The beta of the stock is 1.22. The T-Bill rate is 5% and the T-Bond rate is 3.4 %. What is the market risk premium
Answer: 4.7%
Explanation:
Expected return is calculated as:
= Risk free return + Beta ( Market risk premium)
10.8% = 5% + (1.22 × Market risk premium)
10.8% - 5% = 1.22market risk premium
5.8%/1.22 = market risk premium
Market risk premium = 0.058/1.22
Market risk premium = 0.047
Market risk premium = 4.7%
Karen works part-time at a local convenience store and earns $10 per hour. She wants to spend next Saturday afternoon attending a music concert. The full price of a concert ticket is $75, but Karen was able to get a discounted price of $50 from a friend who purchased the ticket but has become unable to attend. If Karen took 4 hours off from her job to attend the concert, what was her opportunity cost of attending the concert
Answer:
$25
Explanation:
it said her and her friend.
The opportunity cost for attending the concert is $90. Thus, option (D) is correct.
What is opportunity cost?Opportunity cost refers to the loss of value or benefit that would result from engaging in a certain activity option in comparison to engaging in an alternative activity that offers a higher return on value or benefit. It gives the value of the best alternative chosen in the process of decision-making.
According to the given question, Karen gets paid $10 per hour for her part-time job. She wanted to attend the concert and price of the concert ticket after getting the discount is $50.
The four hours off from the job will cost = $10 × 4 hours
= $40
The opportunity cost for attending the concert = $50+$40
= $90
Therefore, it can be concluded that opportunity cost will be $90. Hence, option (D) is correct.
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Your question is incomplete, but most probably the full question was...
What was her opportunity cost of attending the concert?
a.$40
b.$50
c.$75
d.$90
General store accounts were the easiest forms of credit
-true
-false
Answer:
false
Explanation:
Im just guessing
At Davide Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include:
WIP beginning (60% for conversion) 17,500 units
Units started 114,500 units
Units completed and transferred out 111,700 units
WIP ending (30% for conversion) 20,300 units
Beginning WIP direct materials $22,300
Beginning WIP conversion costs $19,700
Costs of materials added $370,000
Costs of conversion added $280,000
What is the total cost of units completed and transferred out?
Answer and Explanation:
For materials
Equivalent completed units = Completed units + WIP ending
= 111,700 + 20,300
= 132,000 units
Cost of materials = Beginning WIP + Cost of materials added
= 22,300 + 370,000
= $392,300
Cost of material per units = 392,300 ÷ 132,000
= $2.97197
For conversions
Equivalent completed units = Completed units + WIP ending
= 111,700 + 20,300 × 30%
= 117,790 units
Cost of Conversion = Beginning WIP + Cost of conversion added
= 19,700 + 280,000
= $299,700
Cost of conversion per units = 299,700 ÷ 117,790
= $2.54436
Total cost of units completed and transferred out
= 111,700 × (2.97197 + 2.54436)
= $616,174
The stockholders’ equity accounts of Castle Corporation on January 1, 2020, were as follows.
Preferred Stock (8%, $50 par, 10,000 shares authorized) $400,000
Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000
Paid-in Capital in Excess of Par—Preferred Stock 100,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000
Retained Earnings 1,816,000
Treasury Stock (10,000 common shares) 50,000
During 2020, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. 1 Issued 25,000 shares of common stock for $120,000.
Apr. 14 Sold 6,000 shares of treasury stock—common for $33,000.
Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,000.
Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000.
Dec. 31 Determined that net income for the year was $452,000.
Instructions:
A) Journalize the transactions and the closing entry for net income.
B) Enter the beginning balances in the accounts, and post the journal entries to the stockholders’ equity accounts. (Use J5 for the posting reference.)
C) Prepare a stockholders’ equity section at December 31, 2017.
Answer:
Castle Corporation
A) Journal Entries:
Feb. 1:
Debit Cash Account $120,000
Credit Common Stock $25,000
Credit Paid-in Capital in Excess of Stated Value—Common Stock $95,000
To record the issue of 25,000 common stock shares for $120,000
Apr. 14:
Debit Cash Account $33,000
Credit Treasury Stock $33,000
To record the reissue of 6,000 shares of treasury stock- common for $33,000.
Sept. 3:
Debit Patent $35,000
Credit Common Stock $5,000
Credit Paid-in Capital in Excess of Stated Value—Common Stock $30,000
To record the issue of common stock shares for a patent valued at $35,000
Nov. 10:
Debit Treasury Stock $6,000
Credit Cash $6,000
To record the purchase of treasury stock for $6,000
Dec. 31:
Debit Net Income (Income Statement) $452,000
Credit Retained Earnings $452,000
To close the net income on the income statement to the Statement of retained earnings.
B) Stockholders' Equity Accounts:
Preferred Stock (8%, $50 par, 10,000 shares authorized)
Date Accounts Titles Debit Credit
Jan. 1, 2020 Beginning balance $400,000
Common Stock ($1 stated value, 2,000,000 shares authorized)
Date Accounts Titles Debit Credit
Jan. 1, 2020 Beginning balance $1,000,000
Feb. 1, 2020 Cash Account 25,000
Sept. 3 Patent 5,000
Dec. 31 Ending balance $1,030,000
Paid-in Capital in Excess of Par—Preferred Stock
Date Accounts Titles Debit Credit
Jan. 1, 2020 Beginning balance $100,000
Paid-in Capital in Excess of Stated Value—Common Stock
Date Accounts Titles Debit Credit
Jan. 1, 2020 Beginning balance $1,450,000
Feb. 1, 2020 Cash Account 95,000
Sept. 3 Patent 30,000
Dec. 31 Ending balance $1,575,000
Retained Earnings
Date Accounts Titles Debit Credit
Jan. 1, 2020 Beginning balance $1,816,000
Dec. 31 Net Income 452,000
Dec. 31 Ending balance $2,268,000
Treasury Stock (10,000 common shares)
Date Accounts Titles Debit Credit
Jan. 1, 2020 Beginning balance $50,000
Apr. 14 2020 Cash Account $33,000
Nov. 10 2020 Cash Account 6,000
Dec. 31 2020 Ending balance $23,000
C. Stockholders' Equity accounts on December 31, 2020:
Preferred Stock (8%, $50 par, 10,000 shares authorized) $400,000
Common Stock ($1 stated value, 2,000,000 shares authorized) 1,030,000
Paid-in Capital in Excess of Par—Preferred Stock 100,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,575,000
Retained Earnings 2,268,000
Treasury Stock (5,000 common shares) (23,000)
Explanation:
Stockholders' Equity accounts on January 1, 2020:
Preferred Stock (8%, $50 par, 10,000 shares authorized) $400,000
Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000
Paid-in Capital in Excess of Par—Preferred Stock 100,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000
Retained Earnings 1,816,000
Treasury Stock (10,000 common shares) 50,000
on an annal basis, the first set of expenses is ____% of the second set of expenses. MAria spends 17 dollars on lottery tickets every week and spends
Completion Question:
On an annualbasis, the first set of expenses is _______% of the second set of expenses. Maria spends $17 on lottery tickets every week and spends $133 per month on food. On an annual basis, the money spent on lottery tickets is % of the money spent to buy food. (Round to the nearest percent asneeded.)
Answer:
Maria's Spending
On an annualbasis, the first set of expenses is ____55.39___% of the second set of expenses. Maria spends $17 on lottery tickets every week and spends $133 per month on food. On an annual basis, the money spent on lottery tickets is 55.39 % of the money spent to buy food.
Explanation:
Maria spends $17 on lottery tickets every week
Therefore, every 4-week month, she spends $68 ($17 * 4) on lottery tickets
Normally, a year = 52 weeks.
Annually, Maria spends $884 ($17 * 52) on lottery tickets
Also
Maria spends $133 per month on food.
Normally, a year = 12 months.
Annually, she spends $1,596 ($133 x 12) on food
Ratio of Lottery tickets to Food annually:
= $884 : $1,596
= $884/$1,596
= 55.39%
or
0.5539 : 1
b) What is done here is to convert to each cost to its annual equivalent. The cost of Lottery tickets was converted from per week basis to per annum. The cost of food was converted from per month basis to per annum. These conversions make the two variables comparable, since they have been reduced to similar standards of measurement.
Carol really doesn't like her new boss and is not happy with the new tasks she's been assigned and the long hours she's been working. Still, she truly believes in what the company is trying to accomplish. Carol has Question 9 options: 1) low organizational commitment. 2) poor job enrichment. 3) poor job performance. 4) low job satisfaction. 5) low job involvement.
Answer:
4)Low job satisfaction
Explanation:
From the question, we are informed that Carol really doesn't like her new boss and is not happy with the new tasks she's been assigned and the long hours she's been working. But she still truly believes in what the company is trying to accomplish.
In this case , Carol has Low job satisfaction.
Whenever an employee job
has satisfaction, he/she will be motivated, it always result to efficiency in the part of employees, they ten to work harder for acheiving the goal of the organization which in turn result to good overall performance of the organization. But in the situation whereby an employee has
Low job satisfaction, the reverse is the case, he/she will not be happy with task given to him/her, no motivation.
Factors that improve Low job satisfaction are;
✓Assuring job security for employee
✓Job benefits
✓Good relationship between employee and employer.
The difference between a firm's future cash flows if it accepts a project and the firm's future cash flows if it does not accept the project is referred to as the project's: Group of answer choices
Answer:
Incremental cash flows.
Explanation:
An incremental cash flow can be defined as the additional cash flow with respect to operating activities or costs that is generated when an organization from executing a new project entirely.
Hence, the difference between a firm's future cash flows if it accepts a project and the firm's future cash flows if it does not accept the project is referred to as the project's Incremental cash flows.
For example, when Toyota purchase Uber transport.
Selected Information from Balance Sheets (As of Year End for Years 0 and 1)
Year 0 Year 1
Cash 1,000 2,000
Accounts Receivables 1,000 5,000
Inventory 5,000 4,000
Property, Plant and Equipment (net) 12,000 11,000
Accounts Payable 5,000 4,000
Unearned Revenue 2,000 1,000
Bonds Payable 5,000 6,000
Common Stock 3,000 4,000
Retained Earnings 5,000 7,000
Income Statement (Year 1)
Sales 20,000
Costs of Goods Sold (8,000)
Wage Expense (4,000)
Depreciation Expense (2,000)
Loss from PP&E Sale (1,000)
Net Income Before Tax 5,000
Tax Expense (2.000)
Net Income 3.000
In the space provided, prepare the Operating section of the statement of cash flow for Year 1, using the indirect approach.
Answer:
Cash flow from operating activities = $1,000
Explanation:
Statement of Cash flow
Cash from Operating activities
Net Income $3,000
+ Depreciation $2,000
+ Loss from sales of PPE $1,000
Adjustment on Working capital
Increase in accounts receivables -$4,000
(1,000 - 5,000)
Decrease in Inventory $1,000
(5,000 - 4,000)
Decrease in Account payable -$1,000
(4,000 - 5,000)
Decrease in unearned revenue -$1,000
(1,000 - 2,000)
Cash flow from operating activities $1,000
On September 1, 2018, Evansville Lumber Company issued $80 million in 20-year, 10 percent bonds payable. Interest is payable semiannually on March 1 and September 1. Bond discounts and premiums are amortized at each interest payment date and at year-end. g The company’s fiscal year ends at December 31.
Required:
A-1. Prepare the necessary adjusting entries at December 31, 2018, and the journal entry to record the payment of bond interest on March 1, 2019, under the assumption that the bonds were issued at 98.
A-2. Prepare the necessary adjusting entries at December 31, 2018, and the journal entry to record the payment of bond interest on March 1, 2019, under the assumption that the bonds were issued at 101.
B. Compute the net bond liability at December 31, 2019, under assumptions A-1 and A-2 above.
C. Under which of these assumptions, 1 or 2, would the investor's effective rate of interest be higher? Explain.
Answer:
A-1
interest payable 2,693,334 debit
Interest payable 2,666,667 credit
discount on bond payable 26,667 credit
--to record Dec 31st adjusting entry--
interest expense 1,346,666 debit
interest payable 2,666,667 debit
discount on bond payable 13,333 credit
cash 4,000,000 credit
--to record March 1st Payment
A-2
interest expense 2,653,334 debit
premium on bond payable 13,333 debit
Interest payable 2,666,667 credit
--to record Dec 31st adjusting entry--
interest expense 1.326.666 debit
interest payable 2,666,667 debit
premium on bond payable 6,667 debit
cash 4,000,000 credit
--to record March 1st Payment
B)
A-1
78,400,000 + 26,667 = 78,426,667
A-2
80,800,000 - 13,333 = 80,786,667
C)
the effective interest rate is higher under A-1 as the company is paying the same nominal amount of $4,000,000 every six months but, received less cash for the bonds in A-1 case making the effective rate higher .
Explanation:
A-1 issued at 98 points
cash received:
80,000,000 x 98/100 = 78,400,000
discount on bonds: 80,000,000 - 78,400,000 = 1,600,000
On Dec 31st we solve for accrued discoutn and interest:
amortization
1,600,000 / 40 payment = 40,000 per payment
proportional amortization: 40,000 x 4/6 (month accrued) = 26,667
interest paid
principal x rate x time
80,000,000 x 10% x 4/12 = 2,666,667
payment:
8,000,000 x 10% x 6/12 = 4,000,000
proportional amortization: 40,000 x 2/6 (month accrued) = 13,333
accrued interest 8,000,000 x 10% x 2/12 = 1,333,333
A-2 we issue a 101 point
cash received:
80,000,000 x 101/100 = 80,800,000
premuim on bonds: 800,000
On Dec 31st we solve for accrued discount and interest:
amortization
800,000 / 40 payment = 20,000 per payment
proportional amortization: 20,000 x 4/6 (month accrued) = 13,333
interest paid
principal x rate x time
80,000,000 x 10% x 4/12 = 2,666,667
payment:
8,000,000 x 10% x 6/12 = 4,000,000
proportional amortization: 40,000 x 2/6 (month accrued) = 6,667
accrued interest 8,000,000 x 10% x 2/12 = 1,333,333
Apr. 2 Purchased $6,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
3 Paid $390 cash for shipping charges on the April 2 purchase.
4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $500.
17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
18 Purchased $13,100 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.
21 After negotiations, received from Frist a $400 allowance toward the $13,100 owed on the April 18 purchase.
28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.
Required:
Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system.
Answer:
Apr. 2
Merchandise $6,900 (debit)
Accounts Payable : Lyon Company $6,900 (credit)
Purchased Merchandise from Lyon Company on credit
April 3.
Accounts Payable : Lyon Company $390 (debit)
Cash $390 (credit)
Payment of Freight Charges Include in Invoice (FOB)
April 4.
Accounts Payable : Lyon Company $500 (debit)
Merchandise $500 (credit)
Returned Merchandise to Lyon Company
April 17.
Accounts Payable : Lyon Company $6,010 (debit)
Discount Received $120 (credit)
Cash $5,890 (credit)
Payment of amount due to Lyon Company and discount received
April 18.
Merchandise $13,100 (debit)
Accounts Payable: Frist Corp $13,100 (credit)
Purchased Merchandise on credit from Frist Corp
April 2.
Accounts Payable: Frist Corp $400 (debit)
Purchase allowance $400 (credit)
Received and allowance from Frist Corp
April 28.
Accounts Payable: Frist Corp $12,700 (debit)
Discount Received $127 (credit)
Cash $12,573 (credit)
Payment of amount due to Frist Corp and discount received
Explanation:
See the journals and their narrations prepared above.
f Europe has a real GDP growth rate of 5%, and the United States has a real GDP growth rate of 6%, while money growth in Europe is 7%, and money growth in the United States is 5%, what would the monetary exchange rate model predict for exchange rates in the long run
Answer:
the dollar will appreciate by 3% against the euro
Explanation:
long run change in the exchange rate = (growth rate money supply Europe - growth rate money supply US) - (growth rate real GDP Europe - growth rate real GDP US) = (7% - 5%) - (5% - 6%) = 2% - (-1%) = 2% + 1% = 3%
This is a very simplistic approach to the monetary exchange rate model, but since we are given only this information, it's all that we can use.
The technique recommended by the text to organize an analysis of external strategic factors is called
For Coppertone products, evaluations in the postpurchase behavior stage of the consumer purchase decision process that are most likely to cause dissatisfaction are
Answer:
dry skin and acne
Explanation:
Coppertone is an American brand name of a sunscreen. This brand is headquartered in Whippany, New Jersey. Coppertone the Coppertone girl logo and a different kind of fragrance.
For Coppertone products, evaluations in the post purchase behavior stage of the consumer purchase decision process that are most likely to cause dissatisfaction are dry skin and acne.
The company's mission statement tells us...
Answer:
A company mission statement defines what an organization is, why it exists, its reason for being. At a minimum, your mission statement should define who your primary customers are, identify the products and services you produce, and describe the geographical location in which you operate.
Explanation:
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