Answer:
Net income/loss 41,000
Earning per share:
Net Income 0.41
Explanation:
Preparation of an income statement for 2016 beginning with income from continuing operations
CHANCE COMPANY
Partial Income Statement
For the Year Ended December 31,2021
Income from continuing operations[a] $ 440,000
Discounted operations:
Loss from operations of discontinued component $ (570,000)
Income tax benefit $ 171,000
Loss on discontinued operations[b] $ (399,000)
Net income /[loss][a-b] $ 41,000
Earning per share: 100,000 Shares Outstanding
Income from continuing operations($ 440,000/100,000 Shares) $ 4.40
Loss from discontinued operations($ 399,000/100,000 Shares) $ (3.99)
Net Income($ 41,000/100,000 Shares) $0.41
Calculation of Loss from discontinued operations:
Loss from discontinued operations
Loss on sale of assets(1,090,000 - 640,000) $ (450,000)
Operating loss $ (120,000)
Total before -tax loss $ (570,000)
Less: Income Tax benefit(570,000*30%) $ 171,000
Loss after tax $ (399,000)
Use Apple's financial statements in Appendix A to answer the following. Required: 1. Using fiscal 2014 as the base year, compute trend percents for fiscal years 2014, 2015, and 2016 for net sales, cost of sales, operating income, other income (expense) net, provision for income taxes, and net income. 2. Compute common-size percents for fiscal years 2015 and 2016 for the following categories of assets: (a) total current assets; (b) property, plant and equipment, net; and (c) goodwill plus acquired intangible assets, net. 3. Using current assets as a percent of total assets to measure liquidity, did Apple's asset makeup become more liquid or less liquid in 2016
Answer:
2014 2015 2016
Net Sales 182,795 233,715 (+27.9%) 215,639 (+18.0%)
Cost of Sales 112,258 140,089 (+24.8%) 131,376 (+17.0%)
operating income 52,503 71,230 (+35.7%) 60,024 (+14.3%)
other income
(expense) net 980 1,285 (+31.1%) 1,348 (37.5%)
net income 39,510 53,394 (+35.1%) 45,687 (15.6%)
2015 2016
Total assets 290,345 321,686
Current assets
(% of total assets) 89,378 (30.8%) 106,689 (33.2%)
PP&E 22,471 (7.7%) 27,010 (25.3%)
goodwill plus
intangible assets 9,009 (10.1%) 8,620 (8.0%)
3. Using current assets as a percent of total assets to measure liquidity, did Apple's asset makeup become more liquid or less liquid in 2016
Apple became more liquid in 2016, because current assets as % of total assets were 30.8% in 2015, and 33.2% in 2016.
2014 2015 2016
1. Net Sales [tex]182,795[/tex] [tex]233,715 (+27.9[/tex]%) [tex]215,639 (+18.0[/tex]%)
Cost of Sales [tex]112,258[/tex] [tex]140,089[/tex] [tex](+24.8[/tex]%) [tex]131,376 (+17.0[/tex]%)
operating income [tex]52,503[/tex] 71,230 (+35.7%) [tex]60,024 (+14.3[/tex]%)
other income
(expense) net [tex]980[/tex] 1,285 (+31.1%) [tex]1,348 (37.5[/tex]%)
net income [tex]39,510[/tex] 53,394 (+35.1%) [tex]45,687 (15.6[/tex]%)
Financial statements2015 2016
2. Total assets [tex]290,345[/tex] [tex]321,686[/tex]
Current assets
(% of total assets) [tex]89,378 (30.8[/tex]%) [tex]106,689 (33.2[/tex]%)
PP&E [tex]22,471 (7.7[/tex]%) [tex]27,010 (25.3[/tex]%)
goodwill plus
intangible assets [tex]9,009 (10.1[/tex]%) [tex]8,620 (8.0[/tex]%)
3. When Apple became more liquid in 2016, because current assets as % of total assets were 30.8% in 2015, and also 33.2% in 2016.
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Explain why each function is continuous or discontinuous. (a) The outdoor temperature as a function of longitude, latitude, and time is ---Select--- . Small changes in longitude, latitude or time can produce ---Select--- changes in temperature. (b) Elevation (height above sea level) as a function of longitude, latitude, and time is ---Select--- . Small changes in longitude, latitude, or time can produce ---Select--- changes in elevation. (c) The cost of a taxi ride as a function of distance traveled and time is usually ---Select--- . Small changes in distance traveled or time can produce ---Select--- changes in cost.
Answer:
Continuous or Discontinuous Functions
(a) The outdoor temperature as a function of longitude, latitude, and time is ---continuous--- . Small changes in longitude, latitude or time can produce ---continuous--- changes in temperature.
(b) Elevation (height above sea level) as a function of longitude, latitude, and time is ---continuous--- . Small changes in longitude, latitude, or time can produce ---continuous--- changes in elevation.
(c) The cost of a taxi ride as a function of distance traveled and time is usually ---continuous--- . Small changes in distance traveled or time can produce ---continuous--- changes in cost.
Explanation:
A continuous function does not experience discontinuities. Some human attributes like height, weight, temperature, and body colors are continuous variations. Discontinuous variables have distinct categories that are different. Examples are sex, blood group, etc. Discontinuous functions bear "either or" properties.
Fes Company is making adjusting journal entries for the year ended December 31, 2018. In developing information for the adjusting journal entries, you learned the following:
a. A two-year insurance premium of $6,800 was paid on January 1, 2018, for coverage beginning on that date. As of December 31, points 2018, the unadjusted balances were $6,800 for Prepaid Insurance and $0 for Insurance Expense
b. At December 31, 2018, you obtained the following data relating to supplies:
Unadjusted balance in Supplies on December 31, 2018 $13,000
Unadjusted balance in Supplies Expense on December 31, 2018 68,000
Supplies on hand, counted on December 31, 2018 8,400
Required:
1. Of the $6,800 paid for insurance, what amount should be reported on the 2018 income statement as Insurance Expense? What amount should be reported on the December 31, 2018, balance sheet as Prepaid Insurance?
2. What amount should be reported on the 2018 income statement as Supplies Expense? What amount should be reported on t December 31, 2018, balance sheet as Supplies?
3. Indicate the accounting equation effects of the adjustment required for (a) insurance and (b) supplies.
Answer:
Fes Company
1. Amount to report on the 2018 income statement as Insurance Expense
= $3,400
b. Amount to report on the December 31, 2018 balance sheet as Prepaid Insurance
= $3,400
2. Amount to report on the income statement as Supplies Expense
= $72,600
b. Amount to report on the balance sheet as Supplies = $8,400
3. The accounting equation effects of the adjustment for:
a) Insurance
Assets (Prepaid Insurance -$3,400) = Liabilities + Equity (Retained Earnings -$3,400 as Insurance Expense)
b) Supplies
Assets (Supplies - $4,600) = Liabilities + Equity (Retained Earnings -$4,600 in addition to Supplies Expense)
Explanation:
Adjusting Journal Entries:
a.
Debit Insurance Expense $3,400
Credit Prepaid Insurance $3,400
To adjust for expense for the year.
b.
Debit Supplies Expense $4,600
Credit Supplies $4,600
To adjust for used supplies.
Workings:
Supplies
Dec. 31, 2018 Balance $13,000
Supplies on hand 8,400
Supplies used $4,600
Dec. 31 Supplies Expense Balance $68,000
Supplies used $4,600
Total supplies expense = $72,600
1. When the Amount to report on the 2018 income statement as Insurance Expense
= $3,400
Income statementb. When the Amount to report on the December 31, 2018 balance sheet as Prepaid Insurance = $3,400
2. When the Amount to report on the income statement as Supplies Expense = $72,600
b. Then the Amount to report on the balance sheet as Supplies is = $8,400
3. After that The accounting equation effects of the adjustment for:
a) Insurance
Assets (Prepaid Insurance -$3,400) = Liabilities + Equity (Retained Earnings -$3,400 as Insurance Expense)
b) Supplies
Assets (Supplies - $4,600) = Liabilities + Equity (Retained Earnings -$4,600 in addition to Supplies Expense)
Adjusting Journal Entries:
a. Debit Insurance Expense $3,400
Credit Prepaid Insurance $3,400
To adjust for expenses for the year.
b. Debit Supplies Expense $4,600
Credit Supplies $4,600
To adjust for used supplies.
Workings:
Supplies
Dec. 31, 2018 Balance $13,000
Supplies on hand 8,400
Supplies used $4,600
Dec. 31 Supplies Expense Balance $68,000
Supplies used $4,600
Thus the Total supplies expense is = $72,600
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Use the information in each of the following separate cases to calculate the unknown amount. Corentine Co. had $171,000 of accounts payable on September 30 and $142,000 on October 31. Total purchases on credit during October were $300,000. Determine how much cash was paid on accounts payable during October. On September 30, Valerian Co. had a $112,000 balance in Accounts Receivable. During October, the company collected $112,390 from its credit customers. The October 31 balance in Accounts Receivable was $108,000. Determine the amount of sales on credit that occurred in October. During October, Alameda Company had $121,500 of cash receipts and $122,150 of cash disbursements. The October 31 Cash balance was $28,100. Determine how much cash the company had at the close of business on September 30.
Answer:
1. $329,000
2.$108,390
3. $28,750
Explanation:
1. The computation of cash paid is below
= Opening balance of accounts payable + Purchase made - Ending balance of account payable
= $171,000 + $300,000 - $142,000
= $329,000
2. Computation of sales
= Ending balance of accounts receivable + Cash receipts -Opening balance of accounts receivable
= $108,000 + $112,390 - $112,000
= $108,390
3. Opening cash balance
= Cash disbursements + Ending cash balance - Cash receipts
= $122,150 + $28,100 - $121,500
= $28,750
Suppose that during the past 3 years, equilibrium real GDP in a country rose steadily, from $ billion to $ billion, but even though the position of its aggregate demand curve remained unchanged, its equilibrium price level steadily declined, from to . What could have accounted for these outcomes, and what is the term for the change in the price level experienced by this country? A. Economic growth without an increase in aggregate demand; secular deflation. B. Recession with inflation; stagflation. C. Economic growth with an increase in aggregate demand; secular deflation. D. Increase in aggregate demand without economic growth: disinflation.
Answer:
A. Economic growth without an increase in aggregate demand; secular deflation.
Explanation:
THIS IS THE COMPLETE QUESTION;
✓What could have accounted for these outcomes?
The answer is "Economic growth without an increase in aggregate demand"
The logic is that Whenever there is increase in Aggregate demand, then there would be economic growth. And if the economy experience spare capacity, real GDP rises up,is recorded if there is a rise in Aggregate demand.
✓what is the term for the change in the price level experienced by this country?
The answer is secular deflation.
When there is mild consistent increase in Prices of goods/service for some periods of time, that long period is known as secular deflation period. This could be as a result of human conducts, production and distribution, unbalance on aspect of country money institution.
NOTE:
GDP is use to describe the growth rate as well as the economy of a state.
Aggregate demand is the total demand of all good/service that ha been produce in a particular period in an economy.
Brady, who has ordinary-shaped indifference curves, buys 16 ounces of salt each year. Even when the price of salt doubles, Brady continues to purchase exactly 16 ounces.
To help you answer this question, it may be helpful to use indifference curves and budget constraints to depict Brady's behavior graphically on a sheet of paper.
Which of the following statements is true?
a. Salt is an inferior good for Brady since the income effect is positive.
b. Salt is a normal good for Brady since the income effect is negative.
c. Salt is an inferior good for Brady since the income effect is positive.
d. Salt is a normal good for Brady since the income effect is positive.
Answer:
No option is correct, but I believe that one option was not copied appropriately since A and C are the same (although both are wrong).
The correct answer is Salt is an inferior good for Brady since the income effect is negative.
Explanation:
Brady's demand for salt is perfectly inelastic, in other words, his demand curve for salt is vertical since no matter the price, he always purchases the same amount.
Salt is an inferior good for Brady since the income effect is negative. He will continue to buy salt regardless of its price.
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assuming all quarterly adjusting entries were properly recorded, prepare the necessary year-end adjusting entries at the end of June 30, 2016, for the following situations.
a. On December 1, 2020, the company paid its annual fire insurance premium of $6,800 for the year beginning December 1 and debited prepaid insurance.
b. On August 31, 2020, the company borrowed $107,500 from a local bank. The note requires principal and interest at 8% to be paid on August 31, 2021.
c. Mazzanti owns a warehouse that it rents to another company. On January 1, 2021, Mazzanti collected $25,600 representing rent for the 2021 calendar year and credited deferred rent revenue.
d. Depreciation on the office building is $18,600 for the fiscal year.
e. Employee salaries for the month of June 2021 $19,000 will be paid on July 20, 2021.
Answer:
The Mazzanti Wholesale Food Company
Adjusting Journal Entries:
a.
Debit Insurance Expense $3,969
Credit Prepaid Insurance $3,969
To accrue insurance expense for seven months.
b.
Debit Interest Expense $7,167
Credit Interest Payable $7,167
To accrue interest expense for 10 months.
c.
Debit Deferred Rent Revenue $12,800
Credit Rent Revenue $12,800
To record rent revenue earned.
d.
Debit Depreciation expense-Office Building $18,600
Credit Accumulated Depreciation-Office Building $18,600
To record depreciation expense for the year.
e.
Debit Salaries and Wages $19,000
Credit Salaries and Wages Payable $19,000
To accrue salaries for the month of June 2021.
Explanation:
Mazzanti Wholesale Food Company uses journal entries to identify the accounts involved in each business transaction. Journal entries identify which account is to be debited and the account to be credited, following basic accounting principle and based on the accounting equation of Assets = Liabilities + Equity.
A company has the following information available for the year ending December 31, 2019:_______.
Service Revenue $91,300
Operating Expenses $52,900
Gain on Sale of Land $32,000
Loss on Sale of Equipment ($2,000)
Retained Earnings, 12/31/2019 $100,000
Dividends declared in 2019 $22,000
Required:
Calculate the company's (A) net income or loss for the year ending December 31, 2019 and (B) the balance in Retained earnings on January 1, 2019, the beginning of the fiscal year.
Answer:
a. $4,400
b. $117,600
Explanation:
The computation of the net income or loss for the year is shown below:
= Service revenue + gain on sale of land - operating expenses - loss on sale of equipment
= $91,300 + $32,000 - $52,900 - $2,000
= $4,400
Now the beginning retained earning balance is
As we know that
Ending retained earning balance = Opening retained earning balance + net income - dividend paid
$100,000 = Opening retained earning balance + $4,400 - $22,000
So,
The Opening retained earning balance
= $100,000 + $22,000 - $4,400
= $117,600
Answer:
2019
Explanation:
Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2021. The manufacturing cost of the computers was $19 million. This noncancelable lease had the following terms: Lease payments: $3,060,451 semiannually; first payment at January 1, 2021; remaining payments at June 30 and December 31 each year through June 30, 2025. Lease term: 5 years (10 semiannual payments). No residual value; no purchase option. Economic life of equipment: 5 years. Implicit interest rate and lessee's incremental borrowing rate: 7% semiannually. Fair value of the computers at January 1, 2021: $23 million. What is the outstanding balance of the lease liability in Lone Star's June 30, 2021, balance sheet? (Round your answer to the nearest whole dollar.) Multiple Choice $18,274,866. $18,074,875. $23,000,000. None of these answer choices is correct.
Answer:
We take this as the correct option:
$18,274,866
Explanation:
Present Value of the Lease Payments:
[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]
C 3,060,451
time 10
rate 0.07
[tex]3060451 \times \frac{1-(1+0.07)^{-10} }{0.07} = PV\\[/tex]
PV $23,000,000.0511
Now, we build the lease schedule up to the first two payment:
[tex]\left[\begin{array}{cccccc}$Time&$Beg&$Cuota&$Interest&$Amort&$Ending&1&23,000,000&3,060,451&0&3060451&19,939,549&2&19,939,549&3,060,451&1,395,768&1664683&18,274,866\end{array}\right][/tex]
Blue Jeans Co.., can produce 1,300 pairs of pants per hour, at maximum efficiency. There are three eight-hour shifts each day. Due to unavoidable operating interruptions, production averages 850 units per hour. The plant operates only 28 days per month. Based on the current budget, Blue Jeans Co.., estimates that it will be able to sell only 500,000 units due to the entry of a competitor with aggressive marketing capabilities. But the demand is unlikely to be affected in future and will be around 519,000. Assume the month has 30 days. What is the master-budget capacity utilization level for this budget period
Answer:
500,000 units
Explanation:
Since the demand is likely to be 500,000 units, the master budget capacity utilization level for this budget period will be limited to 500,000 units. The master-budget capacity utilization level is the level of capacity utilization that managers expect for the current budget period.
In March 2018, Daniela Motor Financing (DMF), offered some securities for sale to the public. Under the terms of the deal, DMF promised to repay the owner of one of these securities $5,000 in March 2048, but investors would receive nothing until then. Investors paid DMF $850 for each of these securities; so they gave up $850 in March 2018, for the promise of a $5,000 payment 30 years later.
Required:
a. Assuming you purchased the bond for $850, what rate of return would you earn if you held the bond for 30 years until it matured with a value $5,000?
b. Suppose under the terms of the bond you could redeem the bond in 2025. DMF agreed to pay an annual interest rate of 1.3 percent until that date. How much would the bond be worth at that time?
c. In 2025, instead of cashing in the bond for its then current value, you decide to hold the bond until it matures in 2048. What annual rate of return will you earn over the last 23 years?
Answer:
a. Assuming you purchased the bond for $850, what rate of return would you earn if you held the bond for 30 years until it matured with a value $5,000?
future value = present value x (1 + r)ⁿ
future value = $5,000present value = $850n = 305,000 = 850 x (1 + r)³⁰
(1 + r)³⁰ = 5,000 / 850 = 5.882652
³⁰√(1 + r)³⁰ = ³⁰√5.882652
1 + r = 1.0608444
r = 0.0608444
r = 6.08%
b. Suppose under the terms of the bond you could redeem the bond in 2025. DMF agreed to pay an annual interest rate of 1.3 percent until that date. How much would the bond be worth at that time?
future value = present value x (1 + r)ⁿ
future value = 850 x 1.013⁷ = $930.43
c. In 2025, instead of cashing in the bond for its then current value, you decide to hold the bond until it matures in 2048. What annual rate of return will you earn over the last 23 years?
5,000 = 930.43 x (1 + r)²³
(1 + r)²³ = 5,000 / 930.43 = 5.373859398
²³√(1 + r)²³ = ²³√5.373859398
1 + r = 1.075849638
r = 0.0758
r = 7.58%
HELP ME ASAPP ! Please don’t guess!
Customer service personnel typically need at least
A. a high school diploma.
B. a vocational school certificate.
C.
a community college degree.
D.
a four-year degree.
Answer:
Customer service representatives typically need a high school diploma or equivalent and receive on-the-job training to learn the specific skills needed for the job. They should be good at communicating and interacting with people and should be adept at using computers.
Explanation:
Barton Steel is considering the purchase of a new steel mill. The first option is a top of the line high efficiency mill with a cost of $25 million. This mill will generate cash flows of $10 million per year for the next six years. At the end of the sixth year, Barton will have to reclaim the land under the new mill at a cost of $15 million. The second option is an economy mill that will generate $4 million in cash flows for the next six years, but require no land reclamation. This mill costs $12 million. If Barton estimates its cost of capital to be 9.5% which project should they accept
Answer:
The first project should be chosen
Explanation:
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
To determine which project to accept, calculate the NPV for the two projects
The first option
Cash flow in year 0 = $-25 million
Cash flow each year for year 1 - 5 = $10 million
Cash flow in year 6 = $10 million - $15 million = $-5 million
I = 9.5
NPV = $10.50 million
Option two
Cash flow in year 0 = $-12 million
Cash flow each year for year 1 - 6 = $4 million
I = 9.5
NPV = $5.68 million
The first option should be chosen because the NPV of the first option yields the higher NPV
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Luca wants to identify and quantify the chemicals causing air pollution in a city, but he is using a manual air sampler to collect air samples.The density of gold is 19.3 g/cm3. What is the volume of a 13 g gold nugget? (Density: D = )
Answer:
0.674 cm3
Explanation:
volume= mass / density
Answer each of the following independent questions. Alex Meir recently won a lottery and has the option of receiving one of the following three prizes: (1) $74,000 cash immediately, (2) $26,000 cash immediately and a six-period annuity of $8,300 beginning one year from today, or (3) a six-period annuity of $15,000 beginning one year from today. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. Assuming an interest rate of 6%, determine the present value for the above options. Which option should Alex choose
Answer:
The best alternative is option 1.
Explanation:
Giving the following information:
(1) $74,000 cash immediately
(2) $26,000 cash immediately and a six-period annuity of $8,300 beginning one year from today
(3) a six-period annuity of $15,000 beginning one year from today.
The option with the higher present value is the most profitable.
1) PV= $74,000
2) We need to calculate the present value of the $8,300 annuity. First, we need to calculate the future value:
FV= {A*[(1+i)^n-1]}/i
A= annual cash flow
FV= {8,300*[(1.06^6) - 1]} / 0.06
FV= $57,895.14
Now, the present value:
PV= FV/(1+i)^n
PV= 57,895.14/1.06^6
PV= 40,813.79 + 26,000
Total PV= $66,813.79
3) FV= {15,000*[(1.06^6) - 1]} / 0.06
FV= $104,629.79
Now, the present value:
PV= 104,629.79 / 1.06^6
PV= $73,759.87
The best alternative is option 1.
Pronghorn Corporation began operations on January 1, 2020 when $236,000 was invested by shareholders of the company. On March 1, 2020, Pronghorn purchased for cash $125,000 of debt securities that it classified as available-for-sale. During the year, the company received cash interest of $7,100 on these securities. In addition, the company has an unrealized holding loss on these securities of $13,500 net of tax. Determine the following amounts for 2020: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2020). (Enter negative amounts using either a negative sign preceding the number e.g. -15 or parentheses e.g. (15).)
Answer:
a. $7,100
b. -$6,400
c. -$13,500
d. -$13,500
Explanation:
The computation is shown below:-
a. Net income
Net income = Cash interest
= $7,100
b. Comprehensive Income = Net Income - unrealized holding loss
= $7,100 - $13,500
= -$6,400
c. Other Comprehensive Income = unrealized holding loss
= -$13,500
d. Accumulated other comprehensive income:
Ending Balance of other comprehensive income = Beginning Balance + During this year
= $0 + (-$13,500)
= -$13,500