Answer:
age= 38 birthday= Dec 8 1982
Answer:
yes no
Explanation:
For a non-current asset to be classified as held-for-sale the asset must be: In saleable condition Converted to cash through use Highly possible to be sold Planned to be sold within two years
Answer:
The answer is it must be highly possible to be sold.
Explanation:
For a non current asset to be classified as held-for-sale, the following must be satisfied:
1. The asset must be available for immediate sale in its present state(condition) and location.
2. The asset's sale is expected to be completed within a year(12 months) as 'held for sale'
3. The sale of the asset must be highly probable(through management's commitment to the sale of the asset and the existence of active marketing for the asset)
(True) or (False)? The total amount of depreciation accumulated for an asset over its entire life will differ depending on the method of depreciation used.
Answer:
True
Explanation:
Let us illustrate this using the below hypothetical case:
Asset acquired-motor vehicle
useful life is 3 years
salvage value $20,000
cost of the asset=$100,000
depreciation methods:
straight-line method
double-declining balance method
depreciation under straight-line method=(cost-salvage value)/useful life
depreciation under straight-line method=($100,000-$20,000)/3=$26,666.67
accumulated depreciation for 3 years=$26,666.67 *3=$80,000
double declining balance method:
double-declining rate=100%/useful life *2=100%/3*2=67%
2 means double
year 1 depreciation=$100,000*67%=$67,000
year 2 depreciation=($100,000-$67000)*67%=$22,110
year 3 depreciation=($100,000-$67000-$22110)*67%=$7,296
accumulated depreciation for 3 years=$67,000+$22,110+$7,296=$96,406
$80,000 not equal to $96,406
Sheridan Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. A profit margin of 30% on selling price is considered normal for each product. Specific data with respect to each product follows: Product #1 Product #2 Historical cost $11 $21 Replacement cost 7 13 Estimated cost to dispose 8 10 Estimated selling price 22 35 In pricing its ending inventory using the lower-of-cost-or-market, what unit values, rounded to the nearest dollar, should Sheridan use for products #1 and #2, respectively?
Answer:
Sheridan Corporation
Value of Ending Inventory:
Product #1 Product #2
Before the new LCM rule:
Ending Inventory $7 $13
After the new LCM rule:
Ending Inventory $ 11 $21
Explanation:
a) Data and Calculations:
Product #1 Product #2
Historical cost $11 $21
Replacement cost 7 13
Estimated cost to dispose 8 10
Estimated selling price 22 35
Net realizable value 14 (22 - 8) 25 (35 - 10)
Less profit margin (30%) 4.2 7.5
Normal historical cost 9.8 17.5
Method of pricing its ending inventory = lower-of-cost-or-market
Product #1 Product #2
Historical cost $11 $21
Replacement cost 7 13
Net realizable value 14 25
Before the new LCM rule:
Ending Inventory 7 13
After the new LCM rule:
Ending Inventory 11 21
The new LCM rule states that the measurement of the ending inventory is solely restricted to the lower of cost and net realizable value.
8. The Maybe Pay Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $20,000 per year forever. If the required return on this investment is 8%, how much will you pay for the policy
Answer:
the present value is $250,000
Explanation:
The computation of the amount that pay for the policy is as follows;
Present Value is
= PMT ÷ required return
= $20,000 ÷ 8%
= $250,000
By dividing the pMT from the required rate of return we can easily determine the present value
hence, the present value is $250,000
What is the variance of returns of a portfolio that produced returns of 20%, 25%, and 30%, respectively
Answer:
16.7
Explanation:
Calculation for What is the variance of returns of the portfolio
First step is to calculate the mean
Mean = (20% + 25% + 30%) / 3
Mean =75% / 3
Mean = 25%
Now let calculate the variance of returns of the portfolio
Portfolio variance of returns = {(20 − 25)^2 + (25 − 25)^2 + (30 − 25)^2} / 3
Portfolio variance of returns=25+0+25/3
Portfolio variance of returns=50/3
Portfolio variance of returns= 16.7
Therefore the variance of returns of the portfolio will be 16.7
A retail outlet for Boxo-witz Calculators sells 720 calculators per year. It costs $2 to store one calculator for a year. To reorder, there is a fixed cost of $5, plus $2.50 for each calculator. How many times per year should the store order calculators, and in
Answer:
The store should order 60 calculators, 12 times per year to minimize inventory cost.
Explanation:
Given that;
Annual demand = 720 calculators
Holding cost (Storage cost) (H) = $2 per calculator
Ordering cost (D) = $5
Economic order quantity (EOQ)
= √ 2 × A × D / H
= √ (2 × 720 × $5) / $2
= √ $7,200 / $2
= √ 3,600
= 60 calculators
Number of orders per year
= Annual demand ÷ EOQ
= 720 ÷ 60
= 12 times
Therefore, the store should order 60 calculators 12 times per year to minimize inventory cost.
Matthew. Inc.. owns 30 percent of the outstanding stock of Lindman Company and has the ability to significantly influence the investee's operations and decision making. On January 1 2021, the balance in the investment in Lindman account is $335,000. Amortization associated with this acquisition is $9.000 per year. In 2021, Lindman earns an income of $90,000 and declares cash dividends of $30.000. Previously, In 2020, Lindman had sold inventory costing $24,000 to Matthew for $40.000. Matthew consumed all but 25 percent of this merchandise during 2020 and used the rest during 2021. Lindman sold additional inventory costing $28,000 to Matthew for $50,000 in 2021. Matthew did not consume 40 percent of these 2021 purchases from Lindman until 2022 a. What amount of equity method income would Matthew recognize in 2021 from its ownership interest in Lindman
Answer:
the amount of equity method is $16,560
Explanation:
The computation of the amount of equity method income recognized in the year 2021 is shown below:
= Accrual equity income - amortization + intra entity profit recognized - intra entity profit deferred
= ($90,000 × 30%) - $9,000 + ($40,000 × 0.25 × 0.3 × 0.4) - ($50,000 × 0.4 × 0.44 × 0.3)
= 27,000 - $9,000 + $1,200 - $2,640
= $16,560
The 0.4 comes from
= $16,000 ÷ $40,000
= 0.4
And, 0.44 comes from
= $22,000 ÷ $50,000
= 0.44
hence, the amount of equity method is $16,560
Questions: a. What amount of equity method income would Matthew recognize in 2021 from its ownership interest in Lindman? 16,560
b. What is the equity method balance in the Investment in Lindman account at the end of 2021? 342,560
A) 30%*90,000=27,000
Less: annual amortization (given) -9,000
Add: Gross Profit from previous yrs
40,000*((40,000-24,000)/40,000)*25%*30%=1,200
Less: unrecognized Gross Profit for current yr. -50,000*((50,000-28,000)/50,000)*30%*40%= -2640
27,000-9,000+1,200-2,640= 16,560
-----------------------=========---------------------
B) 90,000*30%=27,000
40,000-24,000=16,000*30%=4,800*30%=1,440
50,000-28,000=22,000*40%=8,800*30%=2,640
27,000+1,440-9,000-2,640=16,800
335,000+16,560-(30,000*30%)=342,560
You're Welcome #INSTRUCTORJMACK
Which statement accurately describes a business plan?
A). It provides money to the business
B). It describes in detail the idea for the new business and how it will be operated.
C). It provides on how to use an exit strategy for the business.
D). It's meant to be a short summary.
Which types of preferences will always result in an interior optimum for utility maximization (assuming income is greater than $0)
Multiple choice options
Perfect complements
Cobb Douglas
Perfect substitute
Concave IC
Quasi linear
Answer:
Perfect complements
Cobb Douglas
Explanation:
Perfect complements and Cobb Douglas will always result in interior optimum for utility maximization
When we talk of perfect competition, the consumer would always consume both goods and would do so in fixed proportions.
For cobb Douglas, the consumer spends a fixed part of income on the good. The part of income that is spent is dependent on the exponential power of goods it was spent on.
For perfect substitute and concave IC, any of one good is consumed
For quasi linear, first one good is consumed till some unit. After this unit is done with, if anything is left on income, the remaining income will be spent on other good. So at income level, there is corner solution and whereafter there will be interior solution.
What are the major problems caused by worldwide accounting diversity for a multinational corporation
Answer:
Need to reconcile accounting standards
Multinational companies will operate in different countries which may have different accounting standards. American companies for instance are meant to use GAAP but as multinationals will operate in a lot of IFRS using countries.
They will have to reconcile statements from these IFRS using companies to GAAP standards for disclosure requirements in the U.S.
They might also be required to convert their American GAAP statements to IFRS so that the countries they are in can perform investor analysis if need be.
Comparing statements is harder.
When the company has to make foreign decisions, it cannot just make them looking at the financial statements of the local subsidiary. It will have to convert that statement to the one they use so that they can compare effectively and be able to make informed decisions.
Risk of low quality Accounting information.
Some of the countries the MNC operates may not be adequately developed in the financial services sector to ensure proper accounting regulation which means the MNC runs the risk of receiving poor information from subsidiaries.
1. At what level does the supervisor fit in the organizational pyramid? Describe a major trend that is changing the role of the supervisor at that level.
Answer:
1. Supervisors fit in the middle level of the organization pyramid.
2. A major trend that is changing the role of the supervisor at that level is the concepts of mentoring, coaching, and staff training. The supervisor's role is expanding to include these activities that will ensure process improvement, enforce adherence to organization's rules, and enable improved cross-functional relationships.
Explanation:
Primarily, supervisors are known to motivate employees, direct the activities of others, select the most effective communication channel, and resolve conflicts among team members. However, the changing trend now views the supervisor as an educator, sponsor, coach, counselor, and director. Therefore, the supervisor is expected to deplore all his skill-sets, including effective communication in combination with daily conflict resolution, transformational leadership, critical thinking, interpersonal relationship, time and priority management, and problem-solving skills.
In a production cost report using process costing, transferred-in costs are similar to: Conversion costs included in beginning inventory. Conversion costs transferred to the next process. Materials costs added at the end of the process. Materials costs added at the beginning of the process. Conversion costs added during the process.
Answer:
Materials costs added at the beginning of the process.
Explanation:
Process costing is a type of costing system that manufacture companies use when they produce high volumes of identical or homogeneous products. The production of these goods might include several different processes, but they are cumulative. In other words, the production batches accumulate costs during the whole process and at the end, the cost per unit is calculated after assigning overhead costs.
An investor company owns 30% of the outstanding common stock of an investee company, which allows the investor to exercise significant influence over the investee. The Equity Investment was reported at $500,000 as of the end of the previous year. During the year, the investor received dividends of $60,000 from the investee. The investee reports the following income statement for the year:
Answer:
Note: The full question is attached as picture below
a. Equity income that the investor should report in its income = Net income * Investor share = 400,000 * 30% = $120,000
b. Particulars Amount
Equity investment opening 500,000
Add: Equity income 120,000
Less: Dividend paid 60,000
Equity investment at end of year 560,000
c. The fair value of the Investee company will remain at adjusted cost. and the investment is not adjusted to fair value
When determining the markup to be used in a cost-plus pricing formula, many companies base the markup on a target: return on investment. capital turnover. sales margin. earnings per share. debt-to-equity ratio.
Answer:
return on investment
Explanation:
At the time of calculating the markup that used for the formula of cost plus pricing many companies would base the markup on the target return on investment as the return on investment considered the net operating income as it takes after considering all the other type of cost
Therefore as per the given situation the first option is correct
Pure expectations theory The pure expectations theory, or the expectations hypothesis, asserts that long-term interest rates can be used to estimate future short-term interest rates. Based on the pure expectations theory, is the following statement true or false? The pure expectations theory assumes that a one-year bond purchased today will have the same return as a one-year bond purchased five years from now. False True The yield on a one-year Treasury security is 5.8400%, and the two-year Treasury security has a 7.0080% yield. Assuming that the pure expectations theory is correct, what is the market’s estimate of the one-year Treasury rate one year from now? (Note: Do not round your intermediate calculations.) 10.3999% 6.9606% 8.1889% 9.3353% Recall that on a one-year Treasury security the yield is 5.8400% and 7.0080% on a two-year Treasury security. Suppose the one-year security does not have a maturity risk premium, but the two-year security does and it is 0.2%. What is the market’s estimate of the one-year Treasury rate one year from now? (Note: Do not round your intermediate calculations.) 8.8748% 6.6172% 7.7849% 9.8868% Suppose the yield on a two-year Treasury security is 5.83%, and the yield on a five-year Treasury security is 6.20%. Assuming that the pure expectations theory is correct, what is the market’s estimate of the three-year Treasury rate two years from now? (Note: Do not round your intermediate calculations.) 6.53% 6.45% 5.46% 6.69%
Answer:
False
6.9606
9.8868
Explanation:
Forward rates represent the expected future rate. This theory is known as pure expectation theory. The bond purchase today will not have the discount factor affect whereas the bond purchased five years from now will have different return from today. The five year value will need to be discounted in order to find the return on todays date.
Assume your gross pay per pay period is $3,000 and you are in the 28 percent tax bracket. Calculate your net pay and spendable income if you save $300 per pay period after paying income tax on $3,000.
Answer and Explanation:
The computation of the net pay and the spendable income is as follows;
Net pay = Gross pay × (1 - Tax rate)
= $3,000 × (1 - 0.28)
= $2,160
And, the spendable income is
Spendable income = Net pay - Savings
= $2,160 - $300
= $1,860
Hence, it could be determined by applying the above formula
The same is to be considered
What impact is Walmart’s acquisition of nontraditional retailers likely to have on the shopping habits of Walmart’s customers?
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Wright Company recently petitioned for bankruptcy and is now in the process of preparing a statement of affairs. The carrying values and estimated fair values of the assets of Wright Company are as follows: Carrying Value Fair Value Cash $10,000 $10,000 Accounts Receivable 60,000 30,000 Inventory 70,000 40,000 Land 90,000 75,000 Building (net) 200,000 150,000 Equipment (net) 80,000 25,000 Total $510,000 $330,000 Debts of Wright are as follows: Accounts Payable $40,000 Wages Payable (all have priority) 6,000 Taxes Payable 12,000 Notes Payable (secured by receivables and inventory) 90,000 Interest on Notes Payable 5,000 Bonds Payable (secured by land and buildings) 200,000 Interest on Bonds Payable 8,000 Total $361,000 A) Based on the preceding information, what is the total amount owed to general unsecured creditors
Answer:
the total amount owed to general unsecured creditors is $71,000
Explanation:
The computation of the total amount owed to general unsecured creditors is shown below:
= Account payable + wages payable + taxes payable + interest on note payable + interest on bond payable
= $40,000 + $6,000 + $12,000 + $5,000 + $8,000
= $71,000
hence, the total amount owed to general unsecured creditors is $71,000
The same is to be considered
Build a model that shows the details of the 20-year mortgage when the loan amount, APR, and loan date are given. Assume that payments are made on the third workday of each month (disregarding federal holidays).
Answer:
The model is very simple.
We have a mortgage, which is our total payment or principal. The APR is the interest rate. The term is 20 years.
With this information, we can build an amortization schedule, with the following elements:
Period: the period of the payment. The first payment corresponds to the first period, the second payment corresponds to thes second period, and so on.
Principal: the amount of money from the payment that goes to the principal.
Interest: the amount of money from the payment that goest to interest.
Payment: principal + interest of the period added.
Balance: total payment minus the principal payment of the period.
With this model, a simple amortization shcedule can be built, either manually, or on a computer spreadsheet like EXCEL.
The Institute of Management Accountants' Statement of Ethical Professional Practice for management accountants includes the elements of: Competence, confidentiality, independence, and objectivity. Competence, confidentiality, integrity, and credibility. Competence, accuracy, integrity, and independence. Competence, confidentiality, integrity, and relevance.
Answer: Competence, confidentiality, integrity, and credibility.
Explanation:
In the activities of management accountants professionals, the four standards of ethical conduct which the Institute of Management Accountants enacted are simply confidentiality, credibility, competence, and integrity.
This therefore shows that the right option is B.
A market surplus occurs when: People cannot buy the amount of goods and services that they are willing and able to buy.
Answer: b. The quantity supplied exceeds the quantity demanded at a given price.
Explanation:
A market surplus is a situation where suppliers have supplied to the market, more goods than the demand can take at a given price.
This will lead to the suppliers having unsold goods and they will respond by reducing their prices so that they may be able to sell because the law of demand shows that when prices reduce for normal goods, quantity demanded increases.
1. The law of demand relates two variables: price and quantity demanded. A. What is the relationship between these variables
Answer:
A
Explanation:
Compare and contrast between bonds issued with coupon rate and zero-coupon bonds
Answer:
Compare and Contrast
Both bonds have face values.Bond with coupon rate pays the interest whereas zero-coupon bond does not pay such interest periodically.Bond with coupon rate is issued on the market value whereas zero-coupon bond is issued on deep discount value.A Zero-coupon bond is more volatile than a bond with a coupon rate. Usually zero-coupon bond has a higher yield rate than a bond with a coupon rate.A zero-coupon bond may also help to save taxes whereas a bond with a coupon rate has tax consequences for the investor due to interest income.Explanation:
Bond with a coupon rate
The bond issued with coupon rate has an interest rate which is used to calculate the interest payment or income. This bond is issued on the market value.
Zero-coupon Bond
The zero-coupon bond is a bond that does not have any interest and does not pay interest or receive interest income. This bond is issued at a deep discount value.
As a babysitter, what are three things you should consider from a business perspective?
Answer:
Explanation:
Reliability. You want a sitter who respects the babysitting job – and your time enough to show up on time, preparedness. Good sitters come to work with ideas on what to do while they're with your kids, such as games, crafts or other activities, Experience, Ability to take charge
Answer:
Ensuring Child Safety -- This is the most important responsibility, and it's always required. That's why it's number one! Make sure children are safe at home and while 'out and about. Parents expect that children will be under the watchful eye of the sitter at all times. Which gives you and opportunity to gain trust.
Decision – making skills. While taking care of children there are going to be many situations where the child care worker must act quickly and make an appropriate judgment to fix the problem.
If overnight -- You may need to prepare or order dinner, help children with homework, run the bedtime routine which may include a bath, brushing their teeth, putting on their pajamas, and reading a bedtime story. Once the children are asleep, you can tidy up a bit then have some downtime
Hope this helps
Bye
When Uncle Sam receives his interest check from investments overseas, then the balance of payments would
Answer: record a positive entry in the current account.
Explanation:
The current account is used to denote how well a particular economy is doing. It is the addition of balance of trade, net current asset and the net income from abroad.
Therefore, when Uncle Sam receives his interest check from investments overseas, then the balance of payments would indicate a positive entry into the current account
Poodle Corporation was organized on January 3, 2018. The firm was authorized to issue 98,000 shares of $5 par common stock. During 2018, Poodle had the following transactions relating to shareholders' equity: Issued 39,000 shares of common stock at $5.80 per share. Issued 19,000 shares of common stock at $8.30 per share. Reported a net income of $109,000. Paid dividends of $50,000. What is total Paid-in capital at the end of 2018
Answer:
$383,900
Explanation:
Calculation for the total Paid-in capital at the end of 2018
Total Paid-in capital=(39,000 shares of common stock *$5.80per share)+(19,000 shares of common stock * $8.30 per share)
Total Paid-in capital=$226,200+$157,700
Total Paid-in capital=$383,900
Therefore the total Paid-in capital at the end of 2018 is $383,900
Net Income: Multiple Choice Decreases equity. Represents the amount of assets owners put into a business. Equals assets minus liabilities. Occurs when revenues exceed expenses. Represents creditor claims against assets.
Answer:
Occurs when revenues exceed expenses
Explanation:
Net income is equal to revenue less expenses
Shareholders equity represents the amount of assets owners put into a business. It equals assets minus liabilities.
Liabilities represents the amount of assets owners put into a business. Equals assets minus liabilities.
(True) or (False)? The closing process takes place immediately before the preparation of the income statement. Group of answer choices (True) (False)
Answer: False
Explanation:
The closing process is the process that is fine when a particular accounting period ends and when the financial statement for the company have been prepared.
At the closing process, the balance in the temporary account of the company will be reset to zero. The statement in the question is false as the closing process takes place immediately after the income statement has been prepared and not before the income statement is prepared.
Banks are financial intermediaries that: A. have customer deposits as its primary asset and loans to borrowers as their primary liability.
Answer:
False
Explanation:
Exactly the opposite is true: banks are financial intermediaries that have customer deposits as their primary liability, and customer loans as their primary asset.
The reason is that customer deposits can be withdrawn at any time (at least in theory), and the bank is obliged to give back the deposited money to the customer.
Loans, on the other hand, are assets, because they provide the bank with interset, and an asset is simply an economic resource that provides further economic gain to its owner.
what is the effective interest rate of a simple discount note of 8000 at an ordinary bank discount rate of 11%, for 120 days?
Answer:
11.41%
Explanation:
Discount rate = 11%, M = 120 days = 3 month
Effective rate = [(1 + 11% / 3)^3] - 1
Effective rate = [(1 + 0.11/3)^3] - 1
Effective rate = [(1 + 0.0366667)^3] - 1
Effective rate = [(1.0366667)^3] - 1
Effective rate = 1.1140827371 - 1
Effective rate = 0.1140827371
Effective rate = 11.40827371%
Effective rate = 11.41%