Instructions: Please prepare a Balance Sheet on your scratch paper based on the following Adjusted Trial Balance and Additional Information below to answer this question and the next three (3) questions.
(Hint: you may also want to prepare a new Income Statement and Statement of Stockholders' Equity before preparing the Balance Sheet to make sure you have the necessary information for the Balance Sheet account balances.)
You will need to know the amounts for total current assets, total long-term assets, total current liabilities, total long-term liabilities, and total stockholders' equity.
Adjusted Trial
Balance As of 12/31/20xx
Accounts Debit Credit
Cash $25,486
Prepaid Rent 5,700
Supplies 4,400
Building 100,000
Accumulated Depreciation $6,000
Accounts Payable 1800
Deferred Revenue 1,300
Notes Payable (due in 24 months 80,486
Common Stock 2,100
Retained Earnings 46,400
Dividends 4,000
Service Revenue 12,400
Rent Expense 900
Supplies Expense 3,000
Utility Expense 1,000
Depreciation Expense 6,000
Totals $150,486 $150,486
Additional Information:
Beginning Balance of Common Stock on 1/1/20xx $2.100
Beginning Balance of Retained Earnings on 1/1/20xx $46,400
No new stock was issued during the accounting period. .
Hint: Please remember the formula for retained earnings when preparing this statement
Question: What is the amount shown for Total Current Assets shown on the Classified Balance Sheet you prepared on your scratch paper?

Answer:

a) Balance Sheet as of December 31, 20xx:

Assets:

Cash                                               $25,486

Prepaid Rent                                      5,700

Supplies                                             4,400

Total current assets                     $35,586

Building                       100,000

Acc. Depreciation         (6,000)   $94,000

Total assets                                $129,586

Current Liabilities:

Accounts Payable                            $1,800

Deferred Revenue                             1,300

Total current liabilities                     $3,100

Notes Payable (due in

24 months                                      80,486

Total liabilities                               $83,586

Common Stock               2,100

Retained Earnings       43,900       46,000

Total liabilities and equity           $129,586

b) Total current assets = $35,586

Explanation:

a) Data and Calculations:

Adjusted Trial

Balance as of 12/31/20xx

Accounts                      Debit            Credit

Cash                            $25,486

Prepaid Rent                   5,700

Supplies                          4,400

Building                       100,000

Accumulated Depreciation            $6,000

Accounts Payable                              1,800

Deferred Revenue                             1,300

Notes Payable (due in 24 months 80,486

Common Stock                                  2,100

Retained Earnings                          46,400

Dividends                      4,000

Service Revenue                             12,400

Rent Expense                  900

Supplies Expense        3,000

Utility Expense              1,000

Depreciation Expense 6,000

Totals                      $150,486    $150,486

Additional data:

Beginning Balance of Common Stock on 1/1/20xx        $2,100

Beginning Balance of Retained Earnings on 1/1/20xx $46,400

Income Statement for the year ended December 31, 20xx

Service Revenue                       $12,400

Rent Expense                  900

Supplies Expense        3,000

Utility Expense              1,000

Depreciation Expense 6,000     10,900

Net Income                                    1,500

Statement of Stockholders' Equity:

Beginning Common Stock on 1/1/20xx         $2,100

Beginning Retained Earnings on 1/1/20xx   46,400

Net Income                                                       1,500

Dividends                                                        (4,000)

Ending Equity balance on 12/31/20xx       $46,000

Retained Earnings on 12/31/20xx:

Beginning Retained Earnings on 1/1/20xx   46,400

Net Income                                                       1,500

Dividends                                                        (4,000)

Retained Earnings on 12/31/20xx              $43,900  

Institute Technologies is choosing new cost drivers for its accounting system. One driver is labor hours, the other is a combination of machine hours for unit variable costs and number of setups for a pool of batch-level costs. Data for the past year follow.
Budget
Labor hours 200,000
Machine hours 360,000
Number of setups 3,000
Unit variable cost pool $1,600,000
Batch-level cost pool $ 900,000
Actual
200,000
450,000
3,300
$2,000,000
$ 990,000
Assume that the two separate pools are used for Institute. The flexible budget dollar amounts for the actual level of machine hours and actual number of setups are: __________.
Unit Variable Cost Pool Batch-Level Cost Pool
a) $1,600,000 $900,000
b) $1,600,000 $990,000
c) $2,000,000 $900,000
d) $2,000,000 $990,000
e) $2,500,000 $ 0

Brandon, the Marketing Manager at a public relations firm, suspects that one of his team members, Ross, has been engaging in substance abuse. Brandon has observed that Ross has lately been aggressive at the workplace, is mostly absent, shows low participation, has low productivity, and exhibits other antagonistic behaviors. Brandon wants to help Ross and does not want him to lose his job, as he had been efficient in the past. In this case, if Ross is a confirmed substance abuser, which of the following programs should Brandon consider using to help Ross's situation?
a. An employee engagement program
b. An employee assistance program
c. The Medicaid program
d. The Healthy People 2020 program

Hoffman Corporation issued $65 million of 5%, 20-year bonds at 104. Each of the 65,000 bonds was issued with 15 detachable stock warrants, each of which entitled the bondholder to purchase, for $26, one share of $1 par common stock. At the time of sale, the market value of the common stock was $31 per share and the market value of each warrant was $4. Prepare the journal entry to record the issuance of the bonds. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Ebay, Inc. went public in September of 1998. The following information on shares outstanding was listed in the final prospectus filed with the SEC. In the IPO, the Ebay issued 3,500,000 new shares. The initial price to the public was $18.00 per share. The final first-day closing price was $44.88. If the investment bankers retained $1.26 per share as fees, what was the net proceeds to Ebay in dollars

Hampton Company reports the following information for its recent calendar year. Income Statement Data Selected Year-End Balance Sheet Data Sales $ 71,000 Accounts receivable increase $ 8,000 Expenses Inventory decrease 4,000 Cost of goods sold 42,000 Salaries payable increase 1,000 Salaries expense 10,000 Depreciation expense 5,000 Net income $ 14,000
Required: Prepare the operating activities section of the statement of cash flows for Hampton Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

A company called Brightline has made a deal with Disney to create a rail station at Disney Springs on its planned route from Miami to Tampa. Read about this. Is a private rail link a good idea? Will it make Amtrak function any better? Will it create openings for private sector rail owner/operators as was the case in the USA before Amtrak and as is the case in the UK where not all rail services are BritRail?

How would the Security Market Line be affected, other things held constant, if the expected inflation rate decreases and investors also become more risk averse? a. The y-axis intercept would decline, and the slope would increase. b. The x-axis intercept would decline, and the slope would increase. c. The y-axis intercept would increase, and the slope would decline. d. The SML would be affected only if betas changed. e. Both the y-axis intercept and the slope would increase, leading to higher required returns.

Madison Foods Corp. is frustrated in its efforts to sell products in Europe because several countries are demanding that the company label products in the specific language associated with the country. These demands are examples of a Multiple Choice trade obstacle. trademark. trade role. trade name.

Which of the statements is not true about a bank run? Bank runs are bad for the bank affected and usually good for the bank's competitors. Fears leading to bank runs can be self-fulfilling. Deposit insurance is designed to reduce the risk of bank runs for depository banks. There was a wave of bank runs during the Great Depression. Since the Great Depression the government has set up regulation that has eliminated most bank runs.

Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $226,800 of raw materials on credit; issued materials to production of $219,000 of which $37,200 were indirect. Minstrel incurred a factory payroll of $164,400, of which $47,200 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel's beginning and ending Work in Process Inventory are $17,900 and $31,800 respectively. Compute the cost of jobs transferred to Finished Goods Inventory.

define hedge fund economics.​

An employee receives an hourly rate of $18, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; cumulative earnings for the year prior to this week, $5,500; Social security tax rate, 7% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 4% on the first $7,000; federal unemployment compensation tax, 1% on the first $7,000. Prepare the journal entries to record the salaries expense and the employer payroll tax expense

The Converting Department of Hopkinsville Company had 640 units in work in process at the beginning of the period, which were 70% complete. During the period, 13,600 units were completed and transferred to the Packing Department. There were 720 units in process at the end of the period, which were 25% complete. Direct materials are placed into the process at the beginning of production.
Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0".
Hopkinsville Company
Number of Equivalent Units of Production
Whole Units Direct Materials Equivalent Units Conversion Equivalent Units
Inventory in process, beginning
Started and completed
Transferred to Packing Department
Inventory in process, ending
Total

Pierce Company issued 11% bonds, dated January 1, with a face amount of $800,000 on January 1, 2021. The bonds sold for $739,816 and mature in 2040 (20 years). For bonds of similar risk and maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31. Pierce determines interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2021, the fair value of the bonds was $730,000. The entire change in fair value was due to a change in the general (risk-free) rate of interest. Pierce's net income for the year will include:

In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) neither deductible for nor deductible from AGI before considering income limitations or the standard deduction. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)
a. Ted paid $30 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned.
Deductible for AGI $
Deductible from AGI $
Not deductible $
b. Tyler paid $154 for minor repairs to the fence at a rental house he owned.
Deductible for AGI $
Deductible from AGI $
Not deductible $
c. Timmy paid $775 for health insurance premiums this year. Timmy is employed full-time and his employer paid the remaining premiums as a qualified fringe benefit.
Deductible for AGI $
Deductible from AGI $
Not deductible $
d. Tess paid $1,880 of state income taxes on her consulting income.

Boxwood Company sells blankets for $40 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 03 Purchase 5 $14 10 Sale 3 17 Purchase 15 $15 20 Sale 5 23 Sale 2 30 Purchase 15 $19 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. a.$50 b.$80 c.$20 d.$110

On October 1, Vista View Company rented warehouse space to a tenant for $2,600 per month. The tennant paid five months rent in advance on that date, with the lease begginning immediately. The cash recipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The adjusting entry needed on December 31 is:

XYZ Corporation is contemplating the replacement of an existing asset used in the operation of its business. The original cost of this asset was $28,000; since date of acquisition, the company has taken a total of $20,000 of depreciation expense on this asset. The current disposal (market) value of this asset is estimated as $18,000. XYZ is subject to a combined income tax rate, t, of 34%. What is the projected after-tax cash flow associated with the sale of the existing asset, rounded to nearest hundred dollars

The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.
April 30 May 31
Inventories
Raw materials $43,000 $52,000
Work in process 10,200 21,300
Finished goods 63,000 35,600
Activities and information for May
Raw materials purchases (paid with cash) 210,000
Factory payroll (paid with cash) 345,000
Factory overhead Indirect materials 15,000
Indirect labor 80,000
Other overhead costs 120,000
Sales (received in cash) 1,400,000
Pre-determined overhead rate based on direct labor cost 70%
Compute the following amounts for the month of May using T-accounts.
1. Cost of direct materials used.
2. Cost of direct labor used.
3. Cost of goods manufactured.
4. Cost of goods sold.
4. Gross profit.
5. Overapplied or underapplied overhead.
Do not consider any underapplied or overapplied overhead.
These are the accounts that are used t(that need to be filled in).
1. Raw Materials (RM)
2. Goods In Process (GIP)
3. Factory Payroll
4. Finished Goods (FG)
5. Factory Overhead
6. Income Statement (Partial)

A corporation is concerned about their exposure to criminal liability after the most recent election cycle placed a number of new legislators in Congress who campaigned against corporate corruption. Select the strategy that would be least effective in reducing the company's criminal liability.
A. It could prioritize ethical leadership when making hiring decisions for management-level positions.
B. It could encourage reporting by establishing internal protections for whistleblowers beyond what is provided by Congressional law.
C. It could strengthen its code of ethics to reflect the current political mood.
D. It could donate to the election campaigns of the new members of Congress to establish goodwill.

The ledger of Blue Spruce Company contains the following balances: Retained Earnings $30,500, Dividends $2,500, Service Revenue $50,500, Salaries and Wages Expense $26,500, and Supplies Expense $7,000. The closing entries are as follows:
(1) Close revenue accounts.
(2) Close expense accounts.
(3) Close net income/(loss).
(4) Close dividends.
Enter the balances in T-accounts, and post the closing entries.
Salaries and Wages Expense select an option Bal. enter a debit amount 26500 select an option enter a credit balance
Supplies Expense select an option enter a debit amount select an option Bal. enter a credit balance 7000
Service Revenue select an option (1) enter a debit balance 50500 select an option Bal. enter a credit amount 50500
Dividends select an option (4) enter a debit amount 2500 select an option Bal. enter a credit balance 2500
Income Summary select an option enter a debit amount 26500 select an option enter a credit amount 50500
select an option enter a debit balance 7000
select an option enter a credit balance 2500
Retained Earnings select an option enter a debit amount
select an option enter a credit amount
select an option enter a debit amount
select an option enter a credit amount
select an option enter a debit balance
select an option enter a credit balance

The cost of direct materials transferred into the Filling Department of Lilac Skin Care Company is $20,250. The conversion cost for the period in the Filling Department is $6,372. The total equivalent units for direct materials and conversion are 45,000 ounces and 42,480 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit.

Vet Meds is the pharmaceutical branch of a large medical research center for animals.Vet Meds often conducts surveys at veterinary hospitals and private vet clinics to identify potential areas for improvisation and growth.The company noted that many domestic pet owners reported finding it extremely difficult to give their dogs oral medication owing to the bitter taste of the medicines,which remained even when the medicines were mixed with food.In response to this finding,Vet Meds released oral medicines for dogs which came in various meat flavors.Which of the following segmentation approaches is used by Vet Meds to satisfy consumer needs?
A) Benefit segmentation
B) Psychographic segmentation
C) A priori segmentation
D) Social segmentation

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Creating a Business Plan: Why is the section on key personnel so important?

Reliable Corporation provides computer consulting services to the local community and keeps its accounting records using cash-basis accounting. For the current year, cash was received from customers, $48,000, and cash salaries to employees were paid, $26,000. At the beginning of the year, customers owe Reliable $1,200. By the end of the year, customers owe $7,600. At the beginning of the year, Reliable owes employee salaries of $6,600. At the end of the year, Reliable owes employee salaries of $3,800. Determine cash-basis net income and accrual-basis net income for the current year.

At the end of 2020, an italian subsidiary of a U.S. parent reports 1000000 euros in equipment purchased when the exchange rate was $.140, and 3000000 euros in equipment purchased when the exchange rate was $1.50. The avrage exchange rate for 2020 is $1.35, and the beginning and ending rates for 2020 are $1.42 and $1.31, respectively. If the Italian subsidiary's functional currency is the U.S. dollar, the equipment account, in U.S. dollars is

Find a false statement on bond duration. Multiple choice question. With time to maturity and yield to maturity held constant, a bond's duration and interest rate sensitivity are higher when the coupon rate is lower. With other factors held constant, the duration of a coupon bond is higher when the bond's yield to maturity is higher. Duration always increases with maturity for a premium bond. The duration of a zero-coupon bond equals its time to maturity.

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When Ian experiences diminishing marginal utility when buying shirts,
a. the price of each additional shirt he purchases falls when he gets volume discounts.
b. the price of each additional shirt he purchases falls when he gets volume discounts.
c. the value of the shirt he purchased start to fall as they wear out over time.
d. the value of the shirt he purchased start to fall as they wear out over time.
e. the personal value of each additional shirt he purchases starts to fall.