Answer:
Debit : All assets bought at their Fair Value Amounts
Debit : Goodwill (if Payment is greater than Net Assets acquired)
Credit : All liabilities assumed at their Fair Value Amounts
Credit : Method of payment for example cash
Credit : Gain on acquisition (if Net Assets acquired are greater than Payment)
Explanation:
Hi, your question is incomplete, i tried to look for the full question online but i could not find it.
However, below is an explanation to solving the problem.
An acquisition of investee Assets and Liabilities is not a business combination transaction that requires preparation of consolidated financial statements.
A business combination is a transaction or event in which an ACQUIRER obtains CONTROL of one or more Businesses. So, if it is not a business, it is a mere ASSET ACQUISITION transaction.
Thus said, in our question investor purchases the assets and assumes the liabilities of the investee company, this is an Asset Acquisition transaction and not a Business Combination transaction.
The excess of consideration paid over the net assets acquired at fair value is called goodwill and must be recognized. If not the case the excess of net assets acquired over purchase price (gain on acquisition) must be recognized.
Below are the accounting entries to record an Asset Acquisition transaction.
Debit : All assets bought at their Fair Value Amounts
Debit : Goodwill (if Payment is greater than Net Assets acquired)
Credit : All liabilities assumed at their Fair Value Amounts
Credit : Method of payment for example cash
Credit : Gain on acquisition (if Net Assets acquired are greater than Payment)
Your voice mail greeting should include _____. Select all that apply. A. your name and your company's name B. an indication of when the caller can expect to hear from you C. a summary of the purpose for your call D. the phone number of a colleague who may be able to help the caller
Answer:
A,B AND D ARE CORRECT
Explanation:
In case of urgency when voice mail greeting should include basic things is name and the company name. when they can expect to hear and the phone number of someone who can immediately help in case of urgency. So that here the correct option are here A , B and DDirect materials and direct labor of a company total $8300000. If manufacturing overhead is $4150000, what is direct labor cost
Answer:
The direct labor cost cannot be ascertained from the information given in the question
Explanation:
Direct materials+Direct labor cost= $8300000
In order to determine the labor cost of the $8300000, we need a clue as to the percentage of the labor cost in the total of $8300000 or the portion of $8300000 that belongs to direct materials.
Since such a hint is missing,we can simply guess, costs incurred cannot be shared out on a basis that has no relationship with reality,hence, the correct answer is that the direct labor cost cannot be determined based on details provided.
NYC Marketing gave celebrities new, frayed caps with the logo for its sanitation department, which are available for sale online and in city souvenir shops. This is an example of __________________ marketing. Group of answer choices
Answer: Buzz
Explanation:
Based on the information given in the question, the above marketing is an example of buzz marketing. Buzz marketing is using wore of mouth in such a way that it'll work in ones favour whereby people will eventually start sharing it on their own or start talking about that product.
Since NYC Marketing gave celebrities new, frayed caps with the logo for its sanitation department, this can motivate people to start buying the goods sold by the company.
Having _________ information can help you determine your restaurant’s concept and tell you if your business has a chance to succeed to a particular location
50.The only person authorized by the state of California to receive compensation for the sale or transfer of real property is a/an:
Answer: licensed real estate salesperson.
Explanation:
The only person authorized by the state of California to receive compensation for the sale or transfer of real property is referred to as a licensed real estate salesperson.
The Real Estate Salesperson, simply helps their clients purchase or sell their properties and hence can collect compensation for the service rendered.
A dressmaker can sew 400 garments with 100 bolts of fabric and 1,500 hours of labor. Another dressmaker can sew 400 garments with 150 bolts of fabric and 1,000 hours of identical labor. Fabric costs $110 a bolt and labor costs $20 an hour. Is it possible for both methods to be economically efficient
Answer:
No, because the second method has lower total costs of production.
Explanation:
In a bid to make profits businesses must always compare different processes and choose the cheapest one.
This will eventually reflect in the profitability of the business.
In this instance let's get the cost of each process.
Fabric costs $110 a bolt and labor costs $20 an hour.
The first dress maker can sew 400 garments with 100 bolts of fabric and 1,500 hours of labour
Total cost = (100 bolts * 110) + (1500 * 20)
Total cost = $41,000
For the second dress maker he can sew 400 garments with 150 bolts of fabric and 1,000 hours of identical labour
Total cost = (150 *110) + (1000 * 20)
Total cost = $36,500
As can be seen the second dressmaker has a lower cost of production so he is more efficient than the first dress maker
Olsson Corporation received a check from its underwriters for $78 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $78 per share. Which is the correct entry to record the issue of the stock
Answer:
Dr Cash $78 million
Cr Common stock $5 million
Cr Paid in capital in excess of par $73 million
Explanation:
Preparation of the journal entry to record the issue of the stock
Based on the information given we were told that the a check was received from its underwriters for the amount of $78 million by Olsson Corporation for the issue of one million of its $5 par stock that was expected of the underwriters to sell for $78 per share. Which means that the correct journal entry to record the issue of the stock will be :
Dr Cash $78 million
Cr Common stock $5 million
($1 million*$5 par stock)
Cr Paid in capital in excess of par $73 million
($78 million-$5 million)
ead the news clip, then answer the following question.Each of the gas stations mentioned in the news clip faces a demand that is _____.
Answer: d. highly elastic
Explanation:
Elasticity is a measure of the responsiveness of quantity demanded to a change in price. An elastic good for instance, will see its quantity demand drop if its price increases.
In the above scenario, when one gas station increases prices, less people demand their fuel. The reverse is true. This therefore means that the demand for both of their stations is highly elastic because them changing prices hugely affects the number of people that will come to patronise them.
7. Problems and Applications Q7 A dozen eggs cost $0.96 in December 2000 and $2.75 in December 2015. The average wage for workers in private industries was $14.28 per hour in December 2000 and $21.26 in December 2015. By what percentage did the price of a dozen eggs rise
Answer: 187%
Explanation:
The percentage increase in the price of dozen egg would be:
= ( 2.75-0.96) × 100/ 0.96
= 1.79 × 100 / 0.96
= 186.45%
The percent increase in the price of dozen egg = 187%
By evaluating cost and benefits using competitive market prices, we can determine whether a decision will make the firm and its investors wealthier. This central concept is called:
Answer:
valuation principle
Explanation:
The basis concept behind the valuation principle is that the value of an asset is determined by the market. If an investor is evaluating any type of new project, he/she must use market prices in order to determine whether this new project will make him/her wealthier. E.g. the price of art works is determined by the amount of money that someone is willing to pay for it, not by the fact that you like it or not.
At a total cost of $5,600,000, Herrera Corporation acquired 280,000 shares of Tran Corp. common stock as a long-term investment. Herrera Corporation uses the equity method of accounting for this investment. Tran Corp. has 800,000 shares of common stock outstanding, including the shares acquired by Herrera Corporation. a. Journalize the entries by Herrera Corporation to record the following information:
Answer:
1.
Date Account title Debit Credit
Dec. 31 Investment in Tran Corp. $210,000
Investment Income $210,000
Working:
Herrera owns 280,000 out of 800,000 Tran Corp shares so they will recognize:
= 280,000/800,000 * 600,000
= $210,000 of Tran Corp. net income.
2.
Date Account title Debit Credit
Dec. 31 Cash $140,000
Investment in Tran Corp. $140,000
Working
Cash received as dividend = 0.5 * 280,000 share
= $140,000
Before lean approaches could be implemented successfully, many North American companies needed to make which changes
Answer:
C. Cultural and organizational changes
Explanation:
The many northern american companies required to make the cultural and organization changes prior to the approaches i.e. lean that implemented successfully as if we bring the changes like cultural and organizational one so it would become very challenging task
Therefore as per the given situation the option c is correct
And, the rest of the options are wrong
b. If foreigners spend $7 billion on U.S. exports in a given year and Americans spend $5 billion on imports from abroad in the same year, what is the value of U.S. net exports
Answer:
$2 billion
Explanation:
Foreigners spend $7 billion on U.S net exports
Americans spend $5 billion on imports
Therefore the value of U.S net exports can be calculated as follows
= $7 billion-$5billion
= $2 billion
Hence the value of U.S net exports is $2 billion
Copy Center sells laser printers and supplies. Assume Copy Center started the year with containers of ink (average cost of each, FIFO cost of each, LIFO cost of each). During the year, Copy Center purchased containers of ink at and sold units for each. Copy Center paid operating expenses throughout the year, a total of . Ignore income taxes for this exercise. Prepare Copy Center's income statement for the current year ended December 31 under the average, FIFO, and LIFO inventory costing methods. Include a complete statement heading.
Answer:
The question is incomplete, so I looked for a similar one:
Copy Center sells laser printers and supplies. Watson Copy Center started the year with 90 containers of ink (average cost of $ 8.50 each, FIFO cost of $ 8.90 each, LIFO cost of $ 7.80each). During the year, Watson Copy Center purchased 720 containers of ink at $ 10.30 and sold 600 units for $ 19.75 each. Watson Copy Center paid operating expenses throughout the year, a total of $ 5000. Watson Copy Center's income statement-excluding the effects of income tax under each of theaverage-cost, FIFO, and LIFO inventory costing methods--is given.
Total sales revenue = 600 x $19.75 = $11,850
COGS under weighted average = {[(90 x $8.50) + (720 x $10.30)] / 810} x 600 = $6,060
COGS under FIFO = (90 x $8.90) + (510 x $10.30) = $6,054
COGS under LIFO = 600 x $10.30 = $6,180
Copy Center
Income Statement for the year 202x
(using weighted average)
Sales revenue $11,850
COGS ($6,060)
Gross profit $5,790
Operating expenses ($5,000)
Net income $790
Copy Center
Income Statement for the year 202x
(using FIFO)
Sales revenue $11,850
COGS ($6,054)
Gross profit $5,796
Operating expenses ($5,000)
Net income $796
Copy Center
Income Statement for the year 202x
(using LIFO)
Sales revenue $11,850
COGS ($6,180)
Gross profit $5,670
Operating expenses ($5,000)
Net income $670
After a few days of orientation and getting to meet with other managers and employees in the company, what should be Mike's first priority in the business unit
Answer: Request a meeting with Betty, the previous manager
Explanation:
When assuming a role in an organization it's best to get in touch with the previous manager or head of the department you want to assume and get to know how the office was ran before now that you're about to take over the position. This gives you a platform or a ground on which you as the new manager can work on or work with.
The first priority Mike should look into is meeting with the previous manager, Betty, so she can give him guidance and information
Mike's first priority in the business unit after some days of orientation of the company is to Set up a meeting with employees in his production line.
Production line:It's miles an association of machines or series of operations worried with one production operation or manufacturing process, Product line is a collection of associated merchandise all advertised below a single emblem call this is offered with the aid of using the similar/identical company,Companies promote more of product traces below their diverse emblem names, looking for to differentiate them from every different for higher usability for consumers.
Therefore, the Mikes first priority in the business unit is to Set up a meeting with employees in his production line.
Learn more about production refer:
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Which of the following is the best example of a pure service?
counseling
oil change
heart transplant
electric Co-Op
restaurant
Answer:
counseling
Explanation:
the service of counseling is not tangible
Clancy is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Clancy has only 20 hours this week that he can devote to training. Each hour he spends swimming is an hour that he can't spend biking or running. Which basic principle of individual choice do these statements best illustrate?
Answer: People face trade off
Explanation:
The basic principle of individual choice that these statements best illustrate is referred to as trade off.
Trade-off occurs when one has to make a compromise between two particular things such that when one increases one, the other decreases. A gain for a particular thing is a loss for something else.
Explain why zoning laws, which allow certain land uses only in specific locations, might be justified in dealing with a problem of negative externalities. Explain why tax breaks to businesses that set up in areas of high unemployment might be justified in view of positive externalities. Explain why ex- cise taxes on beer might be justified in dealing with a prob- lem of external costs.
Answer:
(A) Zoning Laws: As certain activities generate negative externalities to neighbors zoning prevents this. As the factory noises and smells are taken away. Also, the traffic of large trucks going towards the factory to provide raw materials and taking finished goods.
As a side note, it also creates positive externalities when commercial zoning is applied as generates more trade value
(B) tax breaks: The tax-break decreases the financial cost of operation in the are making profitable more project thus, giving more attraction to investment to generate jobs and lower unemployment in the area.
(C) excise tax is levied on manufacturing: As beer generates alcoholism, beer producers don't have to deal with it. There is a social cost not included in the brewing process. Thus, the excise tax represents that.
This type of tax usually has a specific destination to engage in the social cost. In this case, alcoholism.
Explanation:
The answer is the explanation.
Answer 1:
The zoning laws, which allow certain land uses only in specific locations, might be justified in dealing with a problem of negative externalities :
Zoning prevents this because certain activities create negative externalities for neighbors. Removes factory noise and odors. Also, the traffic volume of heavy trucks driving towards the factory to provide raw materials and receive finished products.Answer 2 :
The tax breaks to businesses that set up in areas of high unemployment might be justified in view of positive externalities :
Tax incentives are the finance of more profitable projects. Reduce operating costs and make investment more attractive, job creation and unemployment rates are low in the region. Excise tax is levied on.Answer 3:
Excise taxes on beer might be justified in dealing with a problem of external costs:
Manufacturing the Beer causes alcoholism, so beer makers don't have to deal with it. There are social costs not included in the brewing process. So this is an excise tax. This type of tax usually has the specific purpose of covering social costs.Learn more :
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Aiden and Sophia are married and they have always filed Married Filing Jointly. Aiden died May 5, 2020 at the age of 58. Sophia, age 56, has not remarried. Aiden earned $5,000 in wages and Sophia earned $51,000 in wages. Sophia paid all the cost of keeping up a home and provided all the support for their two children, Mia and Oliver, who lived with them all year. Mia is 11 years old and Oliver is 15 years old. Sophia does not have enough deductions to itemize, but she did make a $500 cash charitable contribution to a qualified charitable organization in tax year 2020. Aiden, Sophia, Mia, and Oliver are all U.S. citizens with valid Social Security numbers. 5. What is most advantageous filing status allowable that Sophia can claim on the tax return for tax year 2020
Answer:
Married filing jointly
Explanation:
Since Sophia is a widow and did not remarry during 2020, she can still file as married filing jointly. She can do that for up to two years after her spouse (Aiden) died, as long as she doesn't remarry.
The standard deduction for married filing jointly is $24,800 for 2020, which is much higher than single filers or heads of household.
It is December 31, the end of the year, and the controller of Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Before any year-end adjustments, reports the following data: Cost of goods sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $425,000 Historical cost of ending inventory, as determined by a physical count. . . . . . . . . . . . . 55,000 determines that the current replacement cost of ending inventory is . Show what should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears.
Answer:
Inventory will be reported on the Statement of Financial Position / Balance Sheet at $43,000.
Cost of Goods Sold will be reported on the Income Statement / Statement of Profit and Loss at $455,000
Explanation:
Hie, I have attached the full question as images below
When applying the lower-of-cost-or-market (LCM) rule to inventories, inventories are valued at the amount whichever is lower between the Historical Cost of Inventory and the Net Realizable Value of Inventory (Estimated amount after sale).
Where,
Historical Cost of Inventory = $58,000
Net Realizable Value of Inventory = $43,000
Therefore
Inventories will be valued at $43,000 which is lower. The write down of Inventory of $15,000 ($58,000 - $43,000) will increase the Cost of Goods Sold
Thus, the new Cost of Goods Sold will be $455,000 ($440,000 + $15,000)
Define ethics, and describe the role that it plays in discretionary decision making. Give an example.
Explanation:
Ethics can be defined as the study of the behaviors that guide human behavior, that is, society is developed through a set of moral behaviors that define its values and its conception of which human behaviors and attitudes are positive or negative. Ethics then emerges as the standardization of these behaviors and moral values, it is a code of conduct for positive actions by man in society in all areas of life.
In discretionary decisions, in which there is a possibility of interpretation by the legislators, ethics appears as a normative instrument for the conduct of decisions, being a guide for the legislator to decide for what will have greater ethical value and benefits for society.
Sage Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $384,300. The estimated fair values of the assets are land $73,200, building $268,400, and equipment $97,600. At what amounts should each of the three assets be recorded
Answer: See explanation
Explanation:
The following can be calculated from the information given:
Total Asset Fair Value which will be:
= Land + Building + Equipment
= 73200 + 268400 + 97600
= $439200
Recorder Amount will now be:
Land = 73200 / 439200 × 384300
Land = 64050
Building = 268400 / 439200 × 384300
Building = 234850
Equipment = 97600 / 439200 × 384300
Equipment = 85400
Andrew owns a cooperative apartment and would like to verify if he is allowed to install a washer/dryer in his unit. Where should Andrew look to find this information...?
Answer:
Cooperative house rules
Explanation:
A cooperative house rules can be defined as the set of rules and regulations that are set by mortgage companies to regulate the activities and actions of the house owners.
In this scenario, Andrew owns a cooperative apartment and would like to verify if he is allowed to install a washer/dryer in his unit. Therefore, Andrew should look at the cooperative house rules to find the information pertaining to whether or not, he's permitted (allowed) to install a washer or dryer in his unit.
ou owe your credit company $25,000 and plan to make no payments on your credit card for 1.0 year. Due to your current credit score, your credit card company charges you an APR of 30.0%. If, however, you took immediate measures to improve your credit score by 100points, your credit card company agrees to improve your APR by 5.0%. Assuming you are then unable to make any payments for 12 months, how much money would you save by taking immediate actions to improve your credit score
Answer: $1,603.93
Explanation:
APR is monthly so figures have to be adjusted to monthly figures for a year.
If you fail to improve your credit score, the interest you will pay is:
= 25,000 * [(1 + 30%/12)¹² - 1]
= $8,622.22
If you improve your credit score, your APR will decrease to 25.0% from 30%.
Interest paid would be:
= 25,000 * [(1 + 25%/12)¹² - 1]
= $7,018.29
Savings = 8,622.22 - 7,018.29
= $1,603.93
Answer:
1,603.93
Explanation:
Cash flows from collections on credit sales are usually reported in the statement of cash flows as part of:
Answer:
Operating Activity
Explanation:
Multiple options " Investing activities, Noncash activities, This is not reported in the statement of cash flows, Operating activities, Financing activities."
Cash Flows Collected From the Credit Sales are Reported as an operating activity on the Cash flow Statement. Cash flows Statement Reports the Cash inflows and Cash outflows resulted from the operating, Financing and Investing Activities. Cash flow from operating activities are cash flow from the normal business activity of buying and selling goods and services.
The basic purpose of bookkeeping is to: Multiple Choice Provide financial information about an economic entity. Develop the types of information best-suited to specific managerial decisions. Record the financial transactions of an economic entity. Determine the taxable income of individuals and business entities.
Answer:
Record the financial transactions of an economic entity
Explanation:
Bookkeeping is the recording of business transactions in the appropriate books of accounts. So bookkeeping takes raw data and converts it into information by recording it in books of accounts such as the Sales Day Book, General Journal or Purchases Day Book. Thus, the basic purpose of bookkeeping is to record the financial transactions of an economic entity.
You receive five annual cash flows of $10,000 with the first cash flow being received today and the last cash flow occurring 4 years from today (i.e., there are 5 total cash flows). You place each $10,000 cash flow into the bank as soon as you receive it. The bank's APR (r) is 6% and compounding is done on an annual basis. Ten years from today, you take all your money out of the bank. How much total do you have
Answer:
FV= $75,437.02
Explanation:
Giving the following information:
Number of cash flows= 5
Cash flow= $10,000
Total number of periods= 10 years
Interest rate= 6% compounded annually
First, we need to calculate the future value of the 5 cash flows in 5 years using the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {10,000*[(1.06^5) - 1]} / 0.06
FV= $56,370.93
Now, the value at the end of 10 years:
FV= PV*(1+i)^n
FV= 56,370.93*(1.06^5)
FV= $75,437.02
If $1000 is invested at 6% interest, compounded annually, then after n years the investment is worth an
Answer:
Results are below.
Explanation:
Giving the following information:
Initial investment= $1,000
Annual interest rate= 6% = 0.06
Number of periods= n
To calculate the future value after "n" periods, we need to use the following formula:
FV= PV*(1+i)^n
For example:
n= 6 years
FV= 1,000*(1.06^6)
FV= $1,418.52
If the liabilities of a business increased $75,000 during a period of time and the owner's equity in the business decreased $30,000 during the same period, the assets of the business must have:
Answer:
the assets of the business must have increased by $45,000
Explanation:
It is important to remember that the Accounting Equation is stated as :
Assets = Equity + Liabilities
From the Information the amounts an be established as :
Liabilities = + $75,000 (increase)
Equity = - $30,000 (decrease)
Thus, substituting these amounts and taking careful considerations at the signs they carry the effect on the Assets can be determined as :
Assets = - $30,000 + $75,000
= + $45,000
We have arrived at a positive amount. Therefore, the assets of the business must have increased by $45,000
The CFO of US company Tin Man Corp. knows that under IFRS, foreign currency translations starts with identifying the functional currency for parent and the foreign operations, then translating backwards into functional currency and then translating further into presentational currency. Tin Man is listing its stock exchange and presenting its financial statement under IFRS. The CFO forgets the IFRS rules of translations. She is:
Answer: Not compliance with the IFRS
Explanation:
From the question, we are informed that when Tin Man is listing its stock exchange and presenting its financial statement under IFRS, the CFO forgets the IFRS rules of translations, thus simply means that she is not compliance with the IFRS.
Even though no fraud has been committed, the fact that she didn't follow the IFRS rules with regards to translation shows that she hasn't followed IFRS and therefore didn't comply with the IFRS.