Answer:
Provision on accounts receivable = $110,000 * 4% = $4,400
Total allowance for doubtful accounts = $4,400 - $1,000 = $3,400
Date Account Titles and Explanation Debit Credit
Bad debt expense $3,400
Allowance for doubtful accounts $3,400
(To record the bad debt expense)
Requirements for legal capacity for an individual are that a person must be at least sixteen and intelligent. true false
Answer:
False
Explanation:
You have to be 18
An accountant of a business needs to prepare an income statement, statement of equity (retained earnings), cash flow statement, and .
Answer:
Balance Sheet
Explanation:
At the end of a financial year, the accountant needs to prepare the income statement, cash flow statement, equity (retained earnings), and balance sheet statement. Each of these statements relates to a company's financial performance and status.
The income statement reports the total profit or losses that the business has made in the financial period.The cash flow statement records and tracts the movement of cash in and out of business. It shows cash balances at the end of the period.The equity statement indicates the changes, if any, on retained earnings in that period.The balance sheet reports the values of assets, liabilities, and equity at the end of a period. Its preparation is guided by the accounting equation that assets equal liabilities plus equity.g The following information pertains to Lee Corp.'s defined benefit pension plan for year 2: Service cost $160,000 Actual and expected gain on plan assets 35,000 Unexpected loss on plan assets related to a year 1 disposal of a subsidiary 40,000 Amortization of unrecognized prior service cost 5,000 Annual interest on pension obligation 50,000 What amount should Lee report as pension cost in its year 2 income statement
Answer:
$180,000
Explanation:
Calculation for the amount that Lee should report as pension cost in its year 2 income statement
Using this formula
Pension cost =Service cost-Actual and expected return on plan assets+Prior service cost amortization+Interest cost
Let plug in the formula
Pension cost =$160,000 – $35,000 + $5,000 + $50,000
Pension cost =$180,000
Therefore the amount that Lee should report as pension cost in its year 2 income statement will be $180,000
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $140,000, and it estimates that 6% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $2,380 credit balance before the adjustment. (b) a $700 debit balance before the adjustment.
Answer:
estimated bad debt expense = $140,000 x 6% = $8,400
a) balance of allowance for doubtful accounts = $2,380
$8,400 - $2,380 = $6,020
Dr Bad debt expense 6,020
Cr Allowance for doubtful accounts 6,020
b) balance of allowance for doubtful accounts = ($700)
$8,400 + $700 = $7,100
Dr Bad debt expense 7,100
Cr Allowance for doubtful accounts 7,100
Allowance for doubtful accounts is a contra asset account with a normal credit balance.
The five competitive forces model suggests the bargaining power of buyers may affect industry competition. Which of the following is an example of a way buyers might affect an? industry?
A. The Technicolor Company no longer has any bargaining power over movie? studios, limiting the profitability of producing color movies.
B. McDonald's has significant bargaining power over napkin' suppliers, which raises the napkin prices they pay.
C. Walmart has limited bargaining power over suppliers, which results in many of their suppliers altering their distribution systems to accommodate Walmart's need to control the stocks of goods in stores.
D. GM has limited bargaining power in the tire market, which lowers tire prices.
E. Walmart has significant bargaining power over its suppliers, which decreases the profitability of the suppliers.
Answer: E. Walmart has significant bargaining power over its suppliers, which decreases the profitability of the suppliers.
Explanation:
Walmart as buyers have significant bargaining power over their suppliers because they are quite large in size and therefore buy in bulk.
As a result of this, they can negotiate prices with suppliers that favor them not the suppliers which will decrease the profitability of the suppliers who would be compelled to sell to Walmart because of how much of their goods Walmart can buy.
Pepsico experienced great success in Latin America with its numeromania contest which lured consumers promise of big cash prize. They used the same contest in Poland successful. This shows that ?
Answer:
E.leverage experience gained in one country can be used in another country
Multiple- choices
A. Numeromania helped in developing a taste for Pepsi in both countries.
B. Numeromania can be used in cash starved countries.
C. Numeromania can be used in different languages.
D. economically squeezed consumers love Pepsi.
E.leverage experience gained in one country can be used in another country
Explanation:
Pepsico is a Multinational operating in different countries. It is common for a multinational to use different marketing strategies s in different countries based on market research findings. It is also reasonable to implement a strategy that has been successful in one country in other countries.
In this scenario, Pepsico took advantage of the contest strategy in Latin America to implement it in Poland. The company must have observed some similarities between the customers in the two countries.
Olive, the owner of Olive’s Orchard, contracts to sell its harvest to Pure Foods, Inc. Later Olive refuses to perform. Pure Foods files a suit to enforce the contract. Olive and Pure Foods are in a state that does not recognize the doctrine of unconscionability. To defend successfully against enforcement of the contract on similar grounds, Olive might rely on traditional notions of a. materiality. b. mistake. c. value. d. fraud.
Answer:
D)fraud
Explanation:
From the question, we are informed about Olive, the owner of Olive’s Orchard, contracts to sell its harvest to Pure Foods, Inc. Later Olive refuses to perform. Pure Foods files a suit to enforce the contract. Olive and Pure Foods are in a state that does not recognize the doctrine of unconscionability. To defend successfully against enforcement of the contract on similar grounds,. In this case, Olive might rely on traditional notions of a fraud. Fraud can be regarded as an act of deception which is intentional to deprive those that fall for it their legal right. It is activities that gives the perpetrator an unlawful gain or to deny a victim their right. It is carried out by people to get financial or personal gain in an unlawful manner. Some types of fraud that are common are are tax fraud, bankruptcy fraud. as well as credit card fraud,
After completing a career search Patrick has decided that he wants to be a paralegal which two skills or abilities are important for him to have in order to excel in this career
A.Research skills be
B.analytical thinking skills
C.creative thinking skills
D.math skills
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash 23000 Accounts payable 21000
Investments (short-term) 34000 Notes receivable (long-term) 36000
Accounts receivable 4200 Accrued liabilities payable 5300
Inventory 26000 Additional paid-in capital 90900
Equipment 49000 Retained earnings 33900
Factory building 101000 Notes payable (current) 48,000
Intangibles 4100
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $8,400 cash.
b. Lent $5,600 to a supplier who signed a two-year note.
c. Purchased equipment that cost $23,000; paid $5,600 cash and signed a one-year note for the balance.
d. Hired a new president at the end of the year. The contract was for $87,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year.
e. Issued an additional 1,400 shares of $0.50 par value common stock for $11,000 cash.
f. Borrowed $16,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $1,900 cash.
h. Built an addition to the factory for $30,000; paid $8,100 in cash and signed a three-year note for the balance.
i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,100.
Required:
Post the current year transactions to T-accounts for each of the accounts on the balance sheet.
Answer:
Jaguar Plastics Company
Cash Account
Account Titles Debit Credit
Balance 23000
Short-term investments $8,400
Notes Receivable 5,600
Equipment 5,600
Common stock 700
Additional capital 10300
Notes payable 16000
Intangible (Patent) 1900
Equipment (refund) 3100
Investments (short-term)
Account Titles Debit Credit
Balance 34,000
Cash 8,400
Accounts Receivable
Account Titles Debit Credit
Balance 4200
Inventory
Account Titles Debit Credit
Balance 26000
Equipment
Account Titles Debit Credit
Balance 49000
Note payable 17400
Cash 5600
Cash (refund) 3100
Factory building
Account Titles Debit Credit
Balance 101000
Cash 8100
Note Payable (long-term) 21900
Notes receivable (long-term)
Account Titles Debit Credit
Balance 36,000
Cash 5,600
Intangibles
Account Titles Debit Credit
Balance 4100
Cash 1900
Notes payable (current)
Account Titles Debit Credit
Balance 48,000
Equipment 17400
Cash 16000
Common Stock (Calculated)
Account Titles Debit Credit
Balance 78200
Cash 700
Additional paid-in capital
Account Titles Debit Credit
Balance 90900
Cash 10300
Notes Payable (Long-term)
Account Titles Debit Credit
Factory building 21900
Explanation:
a) Data and Calculations:
Cash 23000 Accounts payable 21000
Investments (short-term) 34000 Accrued liabilities payable 5300
Accounts receivable 4200 Notes payable (current) 48,000
Inventory 26000 Additional paid-in capital 90900
Equipment 49000 Retained earnings 33900
Factory building 101000 Common Stock (Calculated) 78200
Notes receivable
(long-term) 36000
Intangibles 4100
Marie is expected to receive $25,000 at the end of 7 years. If the interest rate is 10% per year, how much is it worth at the end of 10 years?
Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $60,000, $80,000, and $70,000, respectively, what were the firm's budgeted collections for May
Answer:
Total cash collection May= $60,000
Explanation:
Giving the following information:
Cash collection:
30% are collected in the month of sale
60% are collected in the first month after sale
10% are collected in the second month after sale.
Sales:
April= $60,000
May= $80,000
We need to calculate the cash collection for May:
Cash collection:
Sales in cash May= (80,000*0.3)= 24,000
Sales in account from April= (60,000*0.6)= 36,000
Total cash collection May= $60,000
Indirect labor includes:_________ (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
a. labor of employees working directly on the product.
b. labor of the maintenance employees.
c. labor of the clerical staff.
Answer:
b labor of the maintenance employees
c labor of the clerical staff
Explanation:
During the production or composition of finished goods, some form of labors are directly or indirectly involved in the manufacturing of such finished product. Where labor is not readily traced to the manufacturing of finished product, such is known as indirect labor.
On the other hand, labor that is directly involved in the composition of finished product is known as direct labor. Examples of indirect labor are ; wages of supervisors , clerical staff, general helpers , material handlers and maintenance workers.
A three-month forward contract on a stock index is trading at $1000. The current index level is $985.1. Assuming a continuously compounded interest rate of 5%. Additionally, assume that the stock index does not pay any dividends. Which one of the following statements reflects a potential arbitrage strategy:
I. Long the forward contract, short the stock index, and lend at the risk-free rate
II. Short the stock index and lend at the risk-free rate, while entering in a forward contract agree- ment to purchase the asset in three months for $1000.
(a) I alone
(b) II alone
(c) I and II
(d) None of the above
Answer:
d
Explanation:
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Laramie Trucking's CEO is considering a change to the company's capital structure, which currently consists of 25% debt and 75% equity. The CFO believes the firm should use more debt, but the CEO is reluctant to increase the debt ratio. The risk-free rate, rRF, is 5.0%, the market risk premium, RPM, is 6.0%, and the firm's tax rate is 25%. Currently, the cost of equity, rs, is 11.5% as determined by the CAPM. What would be the estimated cost of equity if the firm used 60% debt?A) 10.95%.
B) 11.91%.C) 12.94%.D) 14.07%.E) 15.29%.
Answer:
Re = 15.29%
Explanation:
beta at current debt level:
11.5% = 5% + (beta x 6%)
6.5% = 6%beta
beta = 6.5% / 6 = 1.083
unlevered beta = 1.083 / {1 + [(1 - tax rate) x debt / equity]} = 1.083 / {1 + [(1 - 40%) x 25 / 75]} = 1.083 / 1.2 = 0.9025
cost of levered beta at 60% debt:
0.9025 = beta / {1 + [(1 - 40%) x 60 / 40]}
0.9025 x 1.9 = beta
beta = 1.7148
Re = 5% + (1.7148 x 6%) = 15.29%
What is one major drawback of globalization?
Answer:
The oppression of weaker and poorer economies by those that are more robust; “the rich get richer, the poor get poorer”
Explanation:
January 1, 20x1, as related to the establishment of the patent. On June 30, 20x2, Pitchfork spent $130,000 to successfully defend a patent infringement case against the drug. As a result, the estimated remaining useful life was determined to be 16 years from June 30, 20x2. Pitchfork uses the straight-line method to amortize intangibles. What is the amount of amortization expense Pitchfork will record on their December 31, 20x2, Income Statement
Answer:
The question is incomplete since the cost of the patent is missing. I will try to answer the question using some random number for the cost:
purchase cost of the patent = $200,000
assuming that the patent originally had a useful life of 10 years
patent amortization for 2021 = $200,000 / 10 = $20,000
patent's carrying value Dec. 31, 2021 = $200,000 - $20,000 = $180,000
since the company incurred legal costs = $130,000 and was able to extend the patent's useful life:
amortization expense January 1 to June 30 2022 = $20,000 x 6/12 = $10,000
carrying value of the patent on June 30, 2022 = $180,000 - $10,000 + $130,000 = $300,000
since the patent's useful life was extended to 16 years, starting June 30, 2022, the amortization expense per year = $300,000 / 16 years = $18,750
total amortization expense during 2022 = $10,000 (for the first 6 months) + $18,750/2 (for the remaining 6 months) = $10,000 + $9,375 = $19,375
You want to be a millionaire when you retire in 40 years. a. How much do you have to save each month if you can earn an annual return of 9.7 percent
Answer:
the amount that saved each month is $173.21
Explanation:
The computation of the amount that saved each month is as follows:
Here we use the PMT formula
Given that
NPER = 40 × 12 = 480
PMT = 9.7% ÷ 12 = 0.81%
PV = $0
FV = $1,000,000
The formula is shown below:
= PMT(RATE;NPER;PV;-FV;TYPE)
The future value comes in negative
After applying the above formula, the pmt is $173.21
Hence, the amount that saved each month is $173.21
Oscar makes purchases of an existing product (X) such that the marginal utility of the last unit he consumes is 10 utils and the price is $5. He also tries a new product (Y) and the marginal utility of the last unit he consumes is 8 utils and the price is $1. The equal marginal principle suggests that Oscar should rev: 04_09_2018 Multiple Choice increase his consumption of product Y and decrease his consumption of product X.
Answer:
INCREASE in Consumption of product Y
DECREASE in Consumption of product X
Explanation:
Based on the information given we were told that the already existing product (X) has a marginal utility of 10 utils as well as the price of the amounts of $5 while the new product (Y) has a marginal utility of 8 utils as well as the price of the amounts of $1 which means that PRODUCT Y marginal utility and price is lower than that of PRODUCT X marginal utility and price.
Therefore equal marginal principle suggests that Oscar should INCREASE his consumption of product Y and DECREASE his consumption of product X reason been that product Y has a lower marginal utility of 8 utils and the price of the amounts of $1 which means that his consumption of Product Y has to be INCREASED while product X on the other has a higher marginal utility 10 utils as well as the price of the amounts of $5 which means that his Consumption of Product X has to DECREASED.
Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee. and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee.
Required:
Prepare the March 31 journal entry to record the March payroll taxes expenses.
Answer: Please see answer in explanation column
Explanation:
Journal To record the employer's payroll taxes Expense on March 31st by Merger Co.
Date Account Titles and Explanations Debit Credit
Mar. 31 Payroll Tax Expenses $2,730
FICA - Social Security Taxes Payable $1,240
FICA - Medicare Taxes Payable $290
Federal Unemployment Taxes Payable $120
State Unemployment Taxes Payable $1,080
Calculation:
FICA - Social Security Taxes Payable= 6.2 % x 2000 x 10 employees
= $1,240
FICA - Medicare Taxes Payable=1.45% x 2000 x 10 employees
=$290
Federal Unemployment Taxes Payable=0.6% x 2000 x 10 employees
=$120
State Unemployment Taxes Payable=5.4% x 2000 x 10 employees
=$1.080
Payroll Tax Expenses= FICA - Social Security Taxes Payable + FICA - Medicare Taxes payable + Federal Unemployment Taxes payable +State Unemployment Taxes= $1,240 + $290 + $120 + $1,080 =$2,730
what are some requirements for Postal Service Mail Carriers?( Check all that apply. )
A.) a valid driver license
B.) a civil service exam
C.) a physical exam
D.) a passport
E.) a vocabulary exam
F.) an experience living in at least two states
G.) an age of at least eighteen years
Answer:
a.b,c,gExplanation:
The requirements to work in United States Postal Service department is: a valid driver license, a civil service exam, a physical exam, and an age of at least eighteen years. Thus, the correct options are a, b, c, and f.
What is United States Postal Service?The United States Postal Service (USPS), often known as the Post Office, U.S. Mail, or Postal Service, is a separate executive branch agency that is in charge of delivering postal service across the United States, including its associated states and insular territories.
The person who is interested to work in United States Postal Service department must have a valid driver's license, cleared the civil service exam and a physical exam, and is at least eighteen years of age.
Therefore, the options that apply to the requirements for Postal Service Mail Carriers are A, B, C, and G.
To learn more about United States Postal Service, click here:
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When people who earn higher incomes pay higher taxes, this represents what role of government?
a supervisory body
one that reallocates income
an entrepreneurship
a source of public good
Answer:
one that reallocates income
Corporation is considering permanently shutting down a department that has an annual contribution margin of $32,000 and $64,000 in annual fixed costs. Of the fixed costs, $16,000 cannot be avoided. The effect of eliminating this department on Fabio's overall net operating income would be:________.
Answer:
an increase of $16,000
Explanation:
Calculation for what The effect of eliminating this department on Fabio's overall net operating income would be
Calculatation of Segment Margin
Contribution Margin 32,000.00
Less Avoidable Fixed Costs( 48,000.00)
(64,000+16,000)
Segment Margin (-$16,000)
Based on the above calculation in a situation where the department was eliminated it means that the company have to eliminate the segment margin department's with negative amount of $16,000 which will lead to the overall net operating income to increase by the amount of $16,000
Therefore The effect of eliminating this department on Fabio's overall net operating income would be:an increase of $16,000
Data for Yvavxs408 Corporation and its two divisions, Domestic and Foreign, appear below:
Sales revenues, Domestic $620,000
Variable expenses, Domestic $359,700
Traceable fixed expenses, Domestic $ 74,100
Sales revenues, Foreign $478,400
Variable expenses, Foreign $273,000
Traceable fixed expenses, Foreign $ 61,900
(ID#54797) In addition, Yvavxs408's common fixed expenses totaled S167.800 and were allocated as follows: 587,100 to the Domestic division and $80.700 to the Foreign division
What is the segment margin for the Domestic division?
Answer:
Segment margin Domestic = $186,200
Explanation:
Giving the following information:
Sales revenues= $620,000
Variable expenses= $359,700
Traceable fixed expenses= $74,100
To calculate the segment margin for the Domestic division, we need to use the following formula:
Segment margin Domestic = segment contribution margin - traceable fixed expense
Segment margin Domestic = (620,000 - 359,700) - 74,100
Segment margin Domestic = $186,200
. In an income statement segmented by product line, the salary of the corporation chief executive officer (CEO) should be: a. allocated to the product lines on the basis of sales dollars. b. allocated to the product lines on the basis of segment margin. c. classified as a traceable fixed expense and allocated to the product lines. d. classified as a common fixed expense and not allocated to the product lines.
Answer:
d. classified as a common fixed expense and not allocated to the product lines.
Explanation:
In the case when the income statement is segmnented by the product line so the salary of the chief executive officer (CEO) would be categorized as a common fixed expenses as it has fixed in a nature so it would not be allocated to the product lines
Therefore as per the given situation, the option D is correct
Hence, the same is to be considered
Furniture purchased from Kailash for Rs. 6,000.
Answer:
What's the question or is this a statement?
Explanation:
?
If an economist is a proponent of free trade amongst nations, what would be concerning about the proliferation of regional trade agreements?
A. The nations involved with regional trade agreements make the economies more independent from each other.
B. Regional trade agreements may restrict trade from outside of the regions in the agreement.
C. Terms of regional trade agreements often conflict with agreements of the Anti- Tariff Act.
Answer: B. Regional trade agreements may restrict trade from outside of the regions in the agreement.
Explanation:
Regional trade agreement is a form of trade agreement usually between two or more countries in a particular region which will allow for easy movement of goods between the borders of that particular region. Examples are North American Free Trade Agreement, European Union etc.
If an economist is a proponent of free trade amongst nations, the economist will be worried that the proliferation of regional trade agreements may restrict trade from outside of the regions in the agreement. This is because there'll only be free trade for the countries that are in that particular region.
People work for many different reasons, including to be around others and to make a co
Please select the best answer from the choices provided
T
F
Answer:
True
Explanation:
People work for different and diverse reasons. The most common one is to earn their livelihood. However, there are those with sufficient resources to last a lifetime, but they still work.
Some people indeed go to work to be with others. They find identity and comfort in the workplace. To them, work is not about making money, but working is a way of life. A workplace provides social and emotional support to such people, which is important to them more than monetary compensation.
A transformational leadership style would not work well with
a project designed by a team
someone who works best independently
those who appreciate regular feedback
employees who had a strong belief in the company that they work for
Answer:
someone who works best independently
Explanation:
A transformational leadership style is the leadership style in which the leader is involved with the team and works in tandem with them to achieve the set goal.
With this in mind, a transformational leadership style would not work well with someone who works best independently.
Bronco High School issues $10 million in bonds on January 1, 2021 that pay interest semi-annually on June 30 and December 31. A portion of the bond amortization schedule appears below: Date Cash Paid Interest Expense Increase in Carrying Value Carrying Value 01/01/2021 $ 8,800,000 06/30/2021 $ 400,000 $ 440,000 $ 40,000 8,840,000 12/31/2021 400,000 442,000 42,000 8,882,000 What is the face amount of the bonds
Answer:
the face amount of the bonds is $10 million
Explanation:
the journal entry to record the issuance of the bonds is:
January 1, 2021, bonds issued at a discount
Dr Cash 8,800,000
Dr Discount on bonds payable 1,200,000
Cr Bonds payable 10,000,000
the face value of the bonds = total amount of the issue, while the carrying value of the bonds = face value - discount = $10,000,000 - $1,200,000 = $8,800,000
• Read one of the following recommended books: Richest Man in Babylon by George S. Clason (HIGHLY RECOMMENDED) Financial Literacy for Teens by Chad Foster The Four Laws of Debt Free Prosperity by Blaine Harris & Charles Coonrandt Rich Dad, Poor Dad by Robert Kiyosaki The Millionaire Next Door by Thomas J. Stanley, Ph.D. Share what you learned with two other people in your social or family circle and summarize your conversation in your write up. Create or choose a graphic organizer to organize a visual representation of what you learned from your book. .Write a 500 word response on how you will apply what you learned from this class and the book you read. Your organizer and response will be graded using the following rubric: Requirement Possible Organizer: Graphic organizer is concise and well arranged with graphic elements representing parts of the book. Contains at least five topics covered in the book The organizer is specific to the main point covered in the book 50 Response: Describes how you plan to apply what you have learned to your financial circumstances. Contains a reflection of the conversation held with social/family circle. 50
Answer:
ok
Explanation:
I know it's late but do you still need the answer
Answer:
Did you ever get it done?
Explanation:
I need the exact same assignment rn.