The journal entry to record the initial transaction (Right of Use Asset and Lease Liability of $50,000) for Ely Roofing Contractors, who enters into a lease for the use of new equipment for 3 years at an annual lease payment of $6,000 is as follows:
Journal Entry:Debit Right of Use Asset $50,000
Credit Lease Liability $50,000
To record the initial transaction of the Lease Liability and the Right of Use Asset.How to record the initial lease transactions?The present value of annual lease payments is first computed.
With this figure, the recording of the asset and liability is completed by debiting the Right of Use Asset and crediting the Lease Liability account.
Data and Calculations:Annual lease payment = $6,000
Present value of lease payments = $50,000
Economic life of the equipment = 5 years
Lease term = 3 years
Nature of lease = finance lease
Initial Transaction Analysis:Right of Use Asset $50,000 Lease Liability $50,000
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The percentage change in the quantity supplied in response to a percentage change in the price is known as the
Select one:
A.
slope of the supply curve.
B.
excess supply.
C.
price elasticity of supply.
D.
All of these.
Answer:
I think it is A I don't think I am correct so yeah
Vinodh Wants to access his credit report. he can get his credit report from three different agencies. which is NOT one of the credit reporting agencies?
Answer:
The answer is A-Monetarion
Explanation:
I just took the test:)
Monetarion is not one of the credit reporting agencies where Vinohd can get his credit report.
Who are the credit reporting agencies?These are businesses that specializes in the maintainance of historical credit information on individuals and businesses.
In the list given, the company named "Monetarion" is not one of the credit reporting agencies where Vinohd can get his credit report.
Therefore, the Option A is correct.
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What the 10 president
Answer:
John tyler
Explanation:
He was the tenth president of the USA
The Purchase and sales agreement provides for release of earnest money to the seller after the buyer's property inspection. The seller requests the earnest money prior to the property inspection. The broker should *
The broker should refuse to release the earnest money even after the seller requested the earnest money prior to the property inspection.
What is earnest money?Earnest money refers to the deposit paid by a buyer to a seller, reflecting the good faith of a buyer in purchasing a home.
It is the money paid to a merchant or seller to complete a contract or money paid to a merchant / seller to show good faith in the transaction.
Hence, the broker should refuse to release the earnest money even after the seller requested the earnest money prior to the property inspection.
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Fund P has one-third of its funds invested in each of the three stocks. The risk-free rate is 4.5%, and the market is in equilibrium. (That is, required returns equal expected returns.) What is the market risk premium (rM - rRF)
The market risk premium of Fund P will be 5.5%.
How to calculate the market risk premium?It should be noted that as per CAPM, the return in stock will be:
= Risk free rate + Beta × Market risk premium
8.90% = 4.5% + 0.8 × Market risk premium.
Market risk premium = 5.5%
In conclusion, the market risk premium of Fund P will be 5.5%.
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True or False: Cutting advertising expenses often causes an erosion of profit
Answer:
So True
Explanation:
What is the scope of AS-26
A. All of these
B.Rights and Expenditure on the exploration for or development of Minerals
C. Financial Assets
D. Intangible Assets that are covered by another as
Answer:
Maybe the answer C. or B.
Norton Company has accounts receivable of $40,000 in its general ledger at July 31: During August, the following transactions occurred. Aug. 1 Added 1% finance charges to $13,000 of credit card balances for not paying within the 30 day grace period. 15 Sold $21,000 of accounts receivable to Iron Factors Inc. who charge a 4% commission. 28 Collected $8,000 from Norton credit card customers which included $400 of finance charges previously billed.
Required:
a. Journalize the transactions.
b. Indicate the statement presentation of finance and service charges.
1.The journal entries to record the transactions of Norton Company during August are as follows:
Aug. 1 Debit Interest Receivable $130
Credit Interest Revenue $130
Aug. 15 Debit Accounts Receivable (Iron Factors Inc.) $20,160
Debit Sales Commission $840
Credit Sales Revenue $21,000
4% commission.
Aug. 28 Debit Cash $8,000
Credit Accounts Receivable (Norton credit card) $7,600
Credit Interest Receivable $400
2. The statement presentation of finance and service charges is as follows:
Income Statement:Interest revenue $130 (Credit)
Sales commission $840 (Debit)
Data and Calculations:Accounts receivable at July 31 = $40,000
Transactions:Aug. 1 1% finance charges to $13,000 = $130 ($13,000 x 1%)
Aug. 1 Interest Receivable $130 Interest Revenue (finance charges) $130
Aug. 15 Accounts Receivable (Iron Factors Inc.) $20,160 Sales Commission $840 Sales Revenue $21,000
4% commission.
Aug. 28 Cash $8,000 Accounts Receivable (Norton credit card) $7,600 Interest Receivable $400
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If a single banks faces a required reserve ratio of 20 percent, has total reserves of $500,000, and checkable deposit liabilities of $400,000, what is the maximum amount of money this bank could create (add to the money supply)
Tthe maximum amount of money this bank could create given the checkable deposits is $2,000,000.
What is the maximum amount of money the banik can create?The maximum amount of money the bank create is a function of the reserve ratio and the checkable deposits. Reserve ratio is the percentage of deposits that must be kept as reserves.
Maximum deposit = deposits / reserve ratio
$400,000/ 0.2 = $2,000,000
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What is the difference between the distribution and the consumption of an item?
A. One deals with the creation of an item; the other deals with the use of an item.
B. One deals with transporting the item from where it was produced to the location where it will be sold; the other deals with the consumer's use of the item after purchase.
C. One deals with deciding how much to charge for an item; the other deals with reconstructing the item in another format.
D. One deals with the creation of an item; the other deals with the transportation of the item from where it was made to where it will be sold.
Answer:
A. One deals with the creation of an item; the other deals with the use of an item.
Explanation:
Production means "To make" and consumption is putting to use of something.
Part of the job for an architectural designer is obtaining which of the following from different contractors for a construction project?
A: A business license
B: A bid
C: Permission
Answer:
B. A bid
Explanation:
1. How should Dow Corning make good use of its two brands to grasp the China to maintain its long-term growth
The way Dow Corning has to use its brands to maintain long term growth would be to:
use its brands to provide value added service to its customers that are in China.To engage in more innovation and product design that would keep customer interest.Making sure that the brand is loyal to customers.Continuous engagement in research.What is the Dow Corning business?
This is a silicone technology based company that is interested in having a presence in China.
The market in China is a large market and the company through its product is able to supply raw materials to other diversifying businesses.
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James has a credit card balance $5000 after Black Friday and he decides to pay $300 at the beginning of every month at 2.1% annual interest rate . In how many months can he pay off the balance
Answer:
16 months
Explanation:
2.1% of 300 is 6.3, 5000/3.06.3 = 16.32
Vaccinations are an example of which role of government?
A) a supervisory body
B) a source of public good
C) reallocation of income
D) entrepreneurship
Answer:
B
Explanation:
You have to pay for a vaccination, and people want and sometimes need the vaccine. The taxes the hospital pays are from the public indirectly. Therefore, vaccinations are sources of the public good.
Answer:
b
Explanation:
bc it was right
Using the following data from both Garçon company and Popper company for the year ended December 31th to compute (1) the cost of goods manufactory and (2) the cost of goods sold for each company. Hint: Not all information is needed for the solution
Garcon Co. Pepper Co.
Finished Goods inventory, beginning $12,000 $16, 450
Work-in-process inventory, beginning 14,500 19,950
Raw material inventory, beginning 7,250 9,000
Rental cost on Factory equipment 27,000 22,750
Direct labor 19,000 35,000
Finished goods inventory, ending 17,650 13,300
Work in process inventory, ending 22,000 16,000
Raw material inventory, ending 5,300 7.200
Factory utilities 9,000 12,000
General and administrative expenses 21,000 43,000
Indirect Labor 9,450 10,860
Repairs -Factory equipment 4,780 1, 500
Raw Materials Purchases 33,000 52,000
Selling expenses 50.00 46,000
Sales 195,030 290,010
Cash 20,000 15,700
Accounts receivable, net 13,200 19,450
Based on the various balances of Garcon Co. and Pepper Co. the following are true:
Cost of goods manufactured:
Garcon Company = $96,680.Pepper Company = $139,860.Cost of goods sold:
Garcon Company = $91,030.Pepper Company = $143,010.What was the cost of goods manufactured for Garcon Company?This can be found as:
= Beginning raw material Inventory + Raw material Purchases - Ending Raw material Inventory + Direct labor + Rental cost of Factory Equipment + Factory Utilities + Indirect Labor + Repairs-Factory Equipments + Beginning Work in Progress - Ending Work in progress
= 7,250 + 33,000 - 5,300 + 19,000 + 27,000 + 9,000 + 9,450 + 4,780 + 14,500 - 22,000
= $96,680
What was the cost of goods manufactured for Popper Company?Using the same formula as above:
= 9,000 + 52,000 - 7,200 + 35,000 + 22,750 + 12,000 + 10,860 + 1,500 + 19,950 - 16,000
= $139,860
What is the cost of goods sold for Garcon Company?= Beginning finished goods + Cost of goofs manufactured - Ending finished goods
= 12,000 + 96,680 - 17,650
= $91,030
What is the cost of goods sold for Pepper Company?Using the same formula as above:
= 16,450 + 139,860 - 13,300
= $143,010
Please note that Factory supplies used is missing in question and so was not added to cost of goods manufactured.
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poor farmer intends to cultivate three acres of paddy but the necessary credit facilities for such farming. The farmer needs money to prepare and till the land. Farmer approaches you for expert advice on how to get the necessary credit facilities. Advise the farmer on the best mode of Islamic microfinance for their needs and explain the procedure and conditions for the validity of the contract.
The advice which I would give to a poor farmer who intends to collect a loan to cultivate three acres of paddy with Islamic microfinance is that he should show his business plan to the bank.
The procedure which he needs to take include:
Submitting his business plan.Checking his credit history/worthiness.Talk to the bank finance advisor about their loan plans and validity.What is a Loan?This refers to the money collected for the purpose of solving a need or making an investment in a business.
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Why is sea transport particularly important to the Caribbean?
Answer:
Transportation is recognised to be an inherently crucial component in supporting economic activities as well as providing opportunities for economic development. The provision of transport infrastructure has long been a common priority for governments, as the region has long been considered to be lacking in this area
Explanation:
Big brain
During May, 2021, Breakfront Corporation announced a 2-for-1 stock split. This brought the number of shares outstanding from 25,000,000 shares to _____ shares, and its $2.00 par value to _____ per share.
Answer:
50,000,000 shares. $1.00 per share.
Explanation:
A 2:1 split doubles the shares and halves the value.
Shares are fractional ownership interests in a corporation. For some businesses, shares are a type of financial instrument that allows for the equitable distribution of any declared residual profits in the form of dividends.
Answer : 50,000,000 shares. $1.00 per share.
A 2:1 split doubles the shares and halves the value.
How do you determine the price per share?Take a company's net income and deduct preferred dividends to get earnings per share. Subtract that sum from the typical number of outstanding ordinary shares.
For instance, if you decide to set the par value of your company's shares at $1, all stock buyers are required to pay a minimum of this sum for each share they buy. If you buy 10,000 shares, you must invest at least $10,000 to do so.
Gains Margins : Day traders experience a wide range of outcomes, which are mostly influenced by the amount of capital they are willing to risk and their money management prowess. A successful day could result in a gain of 5%, or $500, on a $10,000 trading account.
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In business letters the salutation must address a position. a. True O b. Rarely OC. Always O d. False
Answer: True
Hope that helps!
The interest rate that lenders publish or advertise is usually:
A. the nominal interest rate.
B. the compound interest rate.
C. the simple interest rate.
ОО
D. the lowest interest rate.
Help me
Answer:
It’s A the nominal interest rate
Explanation:
Answer:
the nominal interest rate
Explanation:
larner corporation is a diversified
A manufacturing company has budgeted direct labor hours of 600 at a variable overhead rate per direct labor hour of $20. The budgeted fixed cost is $500 per month. The total budgeted overhead cost will be $: ____________
Based on the labor hours and the overhead rate as well as the fixed cost, the total budgeted overhead cost will be $12,500.
What is the budgeted overhead cost?This can be found as:
= (Variable cost per labor hour x Number of labor hours) + Fixed overhead cost
Solving gives:
= (20 x 600) + 500
= 12,000 + 500
= $12,500
In conclusion, the total overhead cost that would be budgeted is $12,500.
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Megan, Inc. has fixed costs of $390,000, sales price of $46, and variable cost of $38 per unit. How many units must be sold to earn profit of $50,000
Based on the information given the number of units that must be sold to earn profit of $50,000 is 55,000 units.
Number of units soldUsing this formula
Units sold=(Fixed cost+Profit)/( Sales price-Variable cost)
Let plug in the formula
Units sold= ($390,000 + $50,000)/($46 - $38)
Units sold=$440,000/8
Units sold=55,000 units
Inconclusion the number of units that must be sold to earn profit of $50,000 is 55,000 units.
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A company has agreed to provide a customer with a package of standard car maintenance services for $100. The package consists of an oil change, for which the company normally charges $75, and a tire rotation, for which the company normally charges $50. What amount of revenue should be recognized?
The amount of revenue that should be recognized by the company is $100 (divided into Oil change, $60, and Tire rotation, $40).
What is revenue recognition?According to the revenue recognition principle under the U.S. GAAP and IFRS, revenue is recognized when some performance criteria have been met.
The principle also recognizes that revenue recognition should be based on the percentage of the value when there is more than one performance criterion involved.
Data and Calculations:Standard car maintenance services price = $100
Oil change = $75
Tire rotation = $50
Total normal cost = $125
Percentage of oil change to normal cost = 60% ($75/$125 x 100)
Percentage of tire rotation to normal cost = 40% ($50/$125 x 100)
Revenue recognition:
Oil change = $60 ($100 x 60%)
Tire rotation = $40 ($100 x 40%)
Thus, the amount of revenue that should be recognized is $100 (divided into Oil change, $60, and Tire rotation, $40).
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The Circular shape of a roundabout reduces what
Taking over a project with several problems. What is the first step in tackling the problems?
Answer:
Define the problem
Get all types of answers
Implement the most appropriate method to solve the problem
When complimentary trading firms have specialized workers and processes in a particular product, and they engage in intra-industry trade, it creates benefits from working together by creating ________.
When complimentary trading firms have specialized workers and engage in intra-industry trade, it creates benefits from working together by creating: Economic gain.
What is a Complimentary Trade?It is a form of trade that specializes in free trade. They compliment Each other. It can also be seen as a free-market idea that applies to international trade.
When trading firms have specialized workers and do intra-industry trade, especially in a complimentary trade, it helps the economy grow faster and also increases output.
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Which source of credit is most likely to result in the greatest loss if you
default on payments?
A. Title lender
B. Payday lender
C. Bank or credit union
D. Credit card company
The defaulting on a payday loan is the source of credit that is most likely to result in the greatest loss if one defaults on payments.
What is payday loan?A payday loan refers to a short-term borrowing whereby a lender will extend high-interest credit based on your income.
The reason that payday loan is most likely to result in the greatest loss is because of the option of extending the high-interest credit.
Therefore, the Option B is correct.
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Answer:
The correct answer is A. Title Lender
Agricultural managers need, at the bare minimum, what kind of degree in order to obtain their first job in that role?
A: Associates degree
B: Bachelors degree
C: Doctorate degree
D: Masters degree
Why is it necessary to clean vent hood filters on a regular basis?
A.It makes the air cooler
B.It prevents the buildup of grease that could drip into food
C.It prevents a pest infestation
D.It helps the food cook more evenly
Answer:
i think the answer is D
Explanation:
to me it makes the most sense
Cleaning the vent hood filters prevents the grease buildup that could drip into the food.
What is the significance of cleaning filters?The cleaning of filters not only maintains long life of the filters, but also prevents the drawbacks it may bring if not cleaned. The vapor forms grease into the filters over a period.
It is important to clean these filters of the vent hood, so that the filters work effectively without grease buildup that may result in getting dripped into the food while in preparation.
Hence, option B holds true regarding cleaning the filters.
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