Question Completion:
Dec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable.
Answer:
Journal Entries:
Jan. 27 Debit Cash $9,595
Credit Notes Receivable (Miranda Lee) $9,500
Credit Interest Revenue $95
To record the full settlement of note and interest.
Mar. 3 Debit Notes Receivable (Tomas Company) $5,000
Credit Accounts Receivable (Tomas Company) $5,000
To record the acceptance of a 10%, 90-day note.
17 Debit Notes Receivable (H. Cheng) $2,000
Credit Accounts Receivable (H. Cheng) $2,000
To record the acceptance of a 30-day, 9% note
Apr. 16 Debit Accounts Receivable (H. Cheng) $2,015
Credit Notes Receivable (H. Cheng) $2,000
Credit Interest Revenue $15
To record the dishonoring of Cheng's note.
May 1 debit Allowance for Doubtful Accounts $2,105
Credit Accounts Receivable (H. Cheng) $2,015)
To record the write-off of H. Cheng's account.
June 1 Debit Cash $5,125
Credit Notes Receivable (Tomas Company) $5,000
Credit Interest Revenue $125
To record the full settlement of Tomas' account.
Explanation:
a) Data and Calculations:
Jan. 27 Cash $9,595 Notes Receivable (Miranda Lee) $9,500 Interest Revenue $95
Mar. 3 Notes Receivable (Tomas Company) $5,000 Accounts Receivable (Tomas Company) $5,000, 10%, 90-day note
17 Notes Receivable (H. Cheng) $2,000 Accounts Receivable (H. Cheng) $2,000 30-day, 9% note
Apr. 16 Accounts Receivable (H. Cheng) $2,015 Notes Receivable (H. Cheng) $2,000 Interest Receivable $15
May 1 Allowance for Doubtful Accounts $2,105 Accounts Receivable (H. Cheng) $2,015)
June 1 Cash $5,125 Notes Receivable (Tomas Company) $5,000 Interest Revenue $125
Interest amounts
Which type of market
buys goods and
services to produce
public services or to
transfer them to others
who need them?
a.
retail
b.
consumer
C.
government
d.
wholesaler
government i think correct me if im rwong l
Bonita Industries financed the purchase of a machine by making payments of $29000 at the end of each of five years. The appropriate rate of interest was 8%. The future value of one for five periods at 8% is 1.46933. The future value of an ordinary annuity for five periods at 8% is 5.86660. The present value of an ordinary annuity for five periods at 8% is 3.99271. What was the cost of the machine to Bonita?
Answer:
Cost of Machine today = $115788.59
Explanation:
To calculate the cost of machine to Bonita in today's term, we need to calculate the present value of annuity. We know that the payments made are in form of an ordinary annuity because the amount of payment is fixed (29000) , the payments are made after equal interval of time (at the end of each year) and are made in finite number (5 years).
We will multiply the annuity payment per period by the PV of ordinary annuity factor as provided in the question to calculate the value or price of machine today.
Cost of Machine today = 29000 * 3.99271
Cost of Machine today = $115788.59
Measuring actual performance can be done through:
a.
Assessing the behavior of employee
b.
Assessing the output of employee
c.
Both are correct
d.
Non are correct
Answer: c. Both are correct
Explanation:
Assessing the output of an employee shows some of the actual performance of that employee as it shows just how much they have contributed to the overall output of the company.
Assessing employee behavior also shows actual performance because behavior can influence output for example, how often the employee shows up to work and their work ethic when there. In the service industry as well, behavior can affect company sales as people react to how they are treated. It is therefore an important matric for actual performance evaluation.
The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash $ 53,000 Liabilities $ 38,000 Noncash assets 138,000 Hendrick, capital 98,000 Mitchum, capital 73,000 Redding, capital (18,000 ) This partnership is being liquidated. Hendrick and Mitchum are each entitled to 40 percent of all profits and losses with the remaining 20 percent going to Redding. What is the maximum amount that Redding might have to contribute to this partnership because of the deficit capital balance
Answer:
$45,600
Explanation:
Particulars Amount
Redding capital $18,000
Potential loss of non-cash Assets (138,000*20%) $27,600
Maximum amount contributed by Redding, Capital $45,600
So, the maximum amount that Redding might have to contribute to this partnership because of the deficit capital balance is $45,600.
The Wiz Co. owes $60 to its bondholders for the payment of principal and interest. The company expects to have a cash flow of $136 if the economy continues as it is but that cash flow will decrease to $54 if the economy enters a recession. Should the company ever face the real possibility of bankruptcy, it will incur legal and other fees of $30. What amount will the bondholders be paid in the case of a recession
Answer:
$24
Explanation:
Cashflow If economy as it is = $136
Cashflow if economy in recession = $54
In the event that the company goes bankrupt due to the recession, it will have to pay $30 in legal and other costs, so the company will set aside $30.
So, Bondholders payment = Cashflow in recession - legal & other cost
= $54 - $30
= $24
Hence, the bondholders will be paid $24 in the case of a recession.
Crane, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 200 pressure gauges were produced, and overhead costs of $72,750 were estimated. An analysis of estimated overhead costs reveals the following activities. Activities Cost Drivers Total Cost 1. Materials handling Number of requisitions $30,000 2. Machine setups Number of setups 23,750 3. Quality inspections Number of inspections 19,000 $72,750 The cost driver volume for each product was as follows. Cost Drivers Instruments Gauges Total Number of requisitions 375 625 1,000 Number of setups 175 300 475 Number of inspections 225 250 475
Answer:
Requirement: Determine the overhead rate for each activity "Materials handling, Machine setups, Quality inspections"
Materials handling overhead rate = Total cost / Cost driver volume
Materials handling overhead rate = $30,000 / 1,000
Materials handling overhead rate = $30
Machine setups overhead rate = Total cost / Cost driver volume
Machine setups overhead rate = $23,750 / 475
Machine setups overhead rate = $50
Quality inspections overhead rate = Total cost / Cost driver volume
Quality inspections overhead rate = $19,000 / 475
Quality inspections overhead rate = $40
Betram Chemicals Company processes a number of chemical compounds used in producing industrial cleaning products. One compound is decomposed into two chemicals: anderine and dofinol. The cost of processing one batch of compound is $73,000, and the result is 5,600 gallons of anderine and 7,600 gallons of dofinol. Betram Chemicals can sell the anderine at split-off for $13.00 per gallon and the dofinol for $7.45 per gallon. Alternatively, the anderine can be processed further at a cost of $7.50 per gallon (of anderine) into cermine. It takes 2 gallons of anderine for every gallon of cermine. A gallon of cermine sells for $65.
Required:
1. List the relevant benefits and costs for each alternative.
2. Which alternative is more cost effective and by how much?
3. What if the production of anderine into cermine required additional purchasing and quality inspection activity? Every 500 gallons of anderine that undergo further processing required 20 more purchase orders at $10 each and 15 more quality inspection hours at $25 each. Which alternative would be better and by how much?
Answer:
Betram Chemicals Company
1. Relevant benefits and costs for each alternative:
Sale at split-off Sale after
further processing
Revenue $129,420 $238,620
Joint Costs 73,000 73,000
Cost for further processing - 42,000
Gross profit $56,420 $123,620
Additional profit $0 $67,200
2. Further processing of Anderine is more cost-effective by $67,200.
3. Further processing of Anderine is still better by $60,760.
Explanation:
a) Data and Calculations:
Anderine Dofinol Cermine Total Costs
Gallons 5,600 7,600 $73,000 $73,000
Selling price per gal. $13.00 $7.45
Sales revenue $72,800 $56,620 $129,420
Gross profit $56,420
Further processing $42,000
Total costs of production $115,000 $115,000
Output (5,600) 7,600 2,800
Selling price per gallon $7.45 $65
Sales revenue $56,620 $182,000 $238,620
Gross profit $123,620
Profit from further processing:
Gross profit with further processing $123,620
Gross profit before further processing 56,420
Additional profit $67,200
1. Relevant benefits and costs for each alternative:
Sale at split-off Sale after
further processing
Revenue $129,420 $238,620
Joint Costs 73,000 73,000
Cost for further processing - 42,000
Gross profit $56,420 $123,620
Additional profit $0 $67,200 ($123,620 - $56,420)
What if:
Purchasing order cost (5,600/500 * 20 * $10) = $2,240
Quality inspection cost (5,600/500 * 15 * $25) = $4,200
Additional costs = $6,440
Reduced additional profit = $60,760 ($67,200 - $6,440)
Journalize the entries to record the following selected bond investment transactions for Hall Trust (refer to the Chart of Accounts for exact wording of account titles):
Apr. 1 Purchased for cash $240,000 of Medina City 6% bonds at 100 plus accrued interest of $3,600, paying interest semiannually.
June 30 Received first semiannual interest payment.
July 31
Sold $120,000 of the bonds at 98 plus accrued interest of $600.
CHART OF ACCOUNTSHall TrustGeneral Ledger
ASSETS
110 Cash
111 Petty Cash
120 Accounts Receivable
121 Allowance for Doubtful Accounts
131 Notes Receivable
132 Interest Receivable
141 Merchandise Inventory
145 Office Supplies
161 Investments-Medina City Bonds
165 Valuation Allowance for Trading Investments
166 Valuation Allowance for Available-for-Sale Investments
181 Land
193 Office Equipment
194 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
221 Notes Payable
231 Interest Payable
241 Salaries Payable
EQUITY
311 Common Stock
312 Paid-In Capital in Excess of Par-Common Stock
321 Preferred Stock
322 Paid-In Capital in Excess of Par-Preferred Stock
331 Treasury Stock
332 Paid-In Capital from Sale of Treasury Stock
340 Retained Earnings
350 Unrealized Gain (Loss) on Available-for-Sale Investments
351 Cash Dividends
352 Stock Dividends
390 Income Summary
REVENUE
410 Sales
611 Interest Revenue
612 Dividend Revenue
631 Gain on Sale of Investments
641 Unrealized Gain on Trading Investments
EXPENSES
511 Cost of Merchandise Sold
512 Bad Debt Expense
516 Cash Short and Over
520 Salaries Expense
531 Advertising Expense
534 Selling Expenses
535 Rent Expense
537 Office Supplies Expense
562 Depreciation Expense-Office Equipment
590 Miscellaneous Expense
710 Interest Expense
731 Loss on Sale of Investments
741 Unrealized Loss on Trading Investments
Answer:
1) Dr Investments-Medina City Bonds $240,000
Cr Interest Receivable $3,600
Cr Cash $243,600
2) Dr Cash $7,200
Cr Interest Receivable3600
Cr Interest Revenue $3,600
3) Dr Cash $118,200
Dr Loss on sale of investments $2,400
($120,000+$600-$118,200)
Cr Interest Revenue $600
Cr Investments- medina city bonds $120,000
Explanation:
Preparation of the journal entries
1) Dr Investments-Medina City Bonds $240,000
Cr Interest Receivable $3,600
Cr Cash$243,600
($240,000+$3,600)
2) Dr Cash $7,200
($240,000 x 6% x ½ =$7,200)
Cr Interest Receivable $3,600
Cr Interest Revenue $3,600
($7,200+$3,600)
3) Dr Cash $118,200
[ (120,000 x .98)-$600]
Dr Loss on sale of investments $2,400
($120,000+$600-$118,200)
Cr Interest Revenue $600
Cr Investments- medina city bonds $120,000
Use the following information to prepare the July cash budget for Pinkie Pie Company for July 31, 2021.
a.) Beginning cash balance on July 1: $55,000.
b.) Cash receipts from sales: 10% is collected in the month of sale, 50% in the next month, and 40% in the second month after sale. Sales amounts are: May (actual), $1,700,000; June (actual), $1,000,000; and July (budgeted), $1,500,000.
c.) Payments to suppliers for merchandise purchases: 85% in the month of purchase and 15% in the month following purchase. Purchases amounts are: June (actual), $590,000; and July (budgeted), $770,000.
d.) Budgeted cash disbursements for salaries in July: $297,000.
e.) Budgeted depreciation expense for July: $10,000.
f.) Other cash expenses budgeted for July: $190,000.
g.) Cash dividends to be paid in July: $70,000.
Answer:
Pinkie Pie Company
Cash Budget for the month of July:
Beginning balance $55,000
Expected cash receipts 1,330,000
Cash in hand $1,385,000
Payments:
Purchases $743,000
Salaries 297,000
Other cash expenses 190,000
Cash Dividends 70,000
Expected cash payments $1,300,000
Expected cash balance $85,000
Explanation:
a) Data and Calculations:
a. Beginning cash balance on July 1: $55,000.
b. Cash receipts from sales: May (acetual) June (actual) July (budgeted)
Sales $1,700,000 $1,000,000 $1,500,000
10% month of sale 150,000
50% in the next month 500,000
40% in the second month 680,000
Total expected cash collections in July $1,330,000
c. Payments on merchandise purchases:
June (actual) July (budgeted)
Purchases $590,000 $770,000
85% in the month 654,500
15% in the following month 88,500
Total payment for purchases $743,000
d. Salaries in July: $297,000
f. Other cash expenses $190,000
g. Cash Dividends $70,000
You have just been elected to public office and you have been informed that the government does not have money to pay all of its bills.
You have been told that if you were to cut the marginal tax rate, tax revenue would actually increase. Is this true and if so, what would
be the reason for this?
Choose one
Answer:
Yes. But I actually don't know the reason
please if you get the answer, pleasetext me. sorry for bothering you
Monsanto Company, a large chemical and fibers company, invested $37 million in state-of-the-art systems to improve process control, laboratory automation, and local area network (LAN) communications. The investment was not justified merely on cost savings but was also justified on the basis of qualitative considerations. Monsanto management viewed the investment as a critical element toward achieving its version of the future. What qualitative and quantitative considerations do you believe Monsanto would have considered in its strategic evaluation of these investments
Solution :
The investment which was made by the Monsanto Company had both qualitative as well as quantitative aspects. The quantitative aspect of the investment represents the strategic evaluation which relates to the investment in order to improve the process control and the laboratory automation. While improving the process control helps in controlling the working process of the machines and the human force which reduces the wastage to a large extent, it also increases the efficiency and it reduces the cost per unit.
The laboratory automation increases the efficiency of working and also increases the production. Strengthening the LAN network improves the organizations' communication and also reduces the unnecessary delays in the work saving cost. Improving the local area network provides qualitative improvement and it speeds up the work thus reducing the wastage of time and promotes effective communication.
assess the way in which a business would benefit from a low interest rate 6 mark
Answer:
one way that a business would benefit from a low intrest rate is that there will be more customer because the borrowing rate is low
Explanation:
One strategy for investing is to start with riskier investments and work your way to investments that are less niste
True
False
Swifty Company manufactures and sells three products. Relevant per unit data concerning each product are given below. Product A B C Selling price $9 $14 $18 Variable costs and expenses $6 $12 $15 Machine hours to produce 2 1 2 Compute the contribution margin per unit of limited resource (machine hours) for each product. (Round contribution margin per unit to 2 decimal places, e.g. 1.50.) Product A Product B Product C Contribution margin per unit of limited resource $ $ $ Assuming 3,000 additional machine hours are available, which product should be manufactured
Answer:
Product A = 1.50
Product B = 2
Product C = 1.50
Explanation:
Contribution margin = (price - variable cost) / total number of hours
Product A = ($9 - $6) / 2 = 1.50
Product B = ($14 - $12) / 1 = 2
Product C = ($18 - $15) / 2 = 1.50
Product B would be produced because its contribution margin is the highest
You are the manager for a Pizza restaurant. Currently, your restaurant pre-makes pizzas that are ordered the most to increase the number of pizzas being made on time for your customers. Over time, many customers have complained that their pizzas were cold upon delivery and not fresh, requesting refunds or remakes of their pizza. Your location is losing money from these wasteful practices, therefore, you want to create a Kanban based on the following basic principles:
1. A later process tells an earlier process when new items are required. This means that unless a customer orders a pizza, no pizzas will be made. Pull!
2. The earlier process produces what the later process needs.
3. No Items can be made without a Kanban card (order request). This allows the process to be transparent so everyone knows what is going on.
4. Defects are not passed on to the next stage.Create a Kanban board for your pizza company that delivers. You must have 4-6 columns with headings for each.
Required:
Decide what your Kanban cards will represent. Set Rules for your Kanban.
Answer:
RULES OF KANBAN BOARD
Yellow – A Slice of Pizza
• Blue – Full Pizza
• Green – Soda
• Green jumps from Queue to Pack only
• No pizza will be delivered without quality check
• Pizza will return to the backlog, if it is found with inferior quality during quality check
• A unique token number will be given for each order
• Orders with multiple pizza or a combo order will be given same unique token number
• Pizza will be prepared in the order of token number
• Token number will include initials “C” for carry out, “D” for dine in
THE ATTACHED IMAGE HAS THE REPRESENTATIONS OF KANBAN CARDS.
rr Co. adopted the dollar-value LIFO inventory method on December 31, Year 12.Farr's entire inventory constitutes a single pool. On December 31, Year 12, the inventorywas $480,000 under the dollar-value LIFO method. Inventory data for Year 13 are asfollows:12/31/13 inventory at year-end prices$660,000Relevant price index at year end (base year Year 12)110Using dollar value LIFO, Farr's inventory at December 31, Year 13 isa.$528,000.b.$612,000.c.$600,000.d.$660,000
Answer:
b. $612,000
Explanation:
Dec 31, 2013 inventory = $660,000
Value of Dec 31, 2013 inventory at base year (2012) prices = $660,000/110*100 = $600,000
The real-dollar quantity increase in inventory = ($600,000 - $480,000) = $120,000
Value of this real dollar quantity increase in inventory at Dec 31, 2013 prices= $120,000 * 110/100 = $132,000 (LIFO layer to the Dec 31, 2012 inventory)
Value of Dec 31, 2013 inventory = Dec 31, 2012 inventory + The value of LIFO layer formed
Value of Dec 31, 2013 inventory = $480,000 + $132,000
Value of Dec 31, 2013 inventory = $612,000
Always accept a job offer before discussing its salary and benefits.
Answer:
Acepting he job before getting inforamtion about it is not a good way to geta job. That is how you get a bad job that doesnt have a good salary or many beefits.
Sorry for the spelling erros my computer is not working correctly
The following information pertains to Brian Stone Corporation: Beginning fixed manufacturing overhead in inventory $60,000 Ending fixed manufacturing overhead in inventory 45,000 Beginning variable manufacturing overhead in $30,000 inventory Ending variable manufacturing overhead in inventory 14,250 Fixed selling and administrative costs $724,000 Units produced 5,000 units Units sold 4,800 units What is the difference between operating incomes under absorption costing and variable costing
Answer:
$15,000
Explanation:
Calculation to determine What is the difference between operating incomes under absorption costing and variable costing
Using this formula
Rifference between operating incomes under absorption costing and variable costing=Beginning fixed manufacturing overhead in inventory -Ending fixed manufacturing overhead in inventory
Let plug in the formula
Diifference between operating incomes under absorption costing and variable costing=$60,000-$45,000
Diifference between operating incomes under absorption costing and variable costing=$15,000
Therefore the difference between operating incomes under absorption costing and variable costingis $15,000
Cameron Industries is purchasing a new chemical vapor depositor in order to make silicon chips. It will cost $7,000,000 to buy the machine and $20,000 to have it delivered and installed. Building a clean room in the plant for the machine will cost an additional $3 million. The machine is expected to raise gross profits by $4,500,000 per year, starting at the end of the first year, with associated costs of $1 million for each of those years. The machine is expected to have a working life of seven years and will be depreciated over those seven years. The marginal tax rate is 40%. What are the incremental free cash flows associated with the new machine in year 0?
A) -$10,020,000
B) -$7,000,000
C) -$9,018,000
D) $1,002,857
Answer:
A) -$10,020,000
Explanation:
Year 0 cash flow = -(Cost of Machine + Installation Cost + Clean Room Cost)
Year 0 cash flow = -($7,000,000 + $20,000 + $3,000,000)
Year 0 cash flow = -$10,200,000
So, the incremental free cash flows associated with the new machine in year 0 is ($10,200,000).
Terry Wade, the new controller of Hellickson Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2015. His findings are as follows.
Date Accumulated Depreciation Useful life in Years Salvage Value
Type of Asset Acquired Cost 1/1/15 Old Proposed Old Proposed
Building 1/1/09 $806,700 $115,410 40 50 $37,300 $50,210
Warehouse 1/1/10 114,000 21,940 25 20 4,300 19,610
All assets are depreciated by the straight-line method. Hellickson Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry’s proposed changes.
1) Compute the revised annual depreciation on each asset in 2015. ( Building and Warehouse)
2) Prepare the entry to record depreciation on the building in 2015. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Answer: See explanation
Explanation:
1) Compute the revised annual depreciation on each asset in 2015.
The revised annual depreciation for building will be:
= ($806700 - $115410 - $50210)/44
= $64180 / 44
= $14570
The revised annual depreciation for warehouse will be:
= ($114000 - $21940 - $19610) / 15
= $72450 / 15
= $4830
2) Prepare the entry to record depreciation on the building in 2015.
Debit Depreciation expense $14570
Credit Accumulated Depreciation- Building $14570
(To record Depreciation expense)
Charise is considering how much to charge for her small business’s products. Charise is involved in
Group of answer choices
Answer:
charity
Explanation:
Given a reserve requirement of 12.5%, a bank currently meets their reserve requirements with $15,000,000 in excess reserves. If the reserve requirement increases and the bank must hold an additional $1,800,000, by how many percentage points did the reserve requirement increase
Answer:
1.5%
Explanation:
Reserves is the total amount of a bank's deposit that is not given out as loans
Required reserves is the percentage of deposits required of banks to keep as reserves by the central bank
Excess reserves is the difference between reserves and required reserves
Total increase in reserve = $15,000,000 + $1,800,000= $16,800,000
New excess reserve = total increase in reserve x initial reserve requirement) / initial excess reserve
($16,800,000 x 12.5%) / $15,000,000 = 14%
Increase in reserve requirement = 14% - 12.5% = 1.5%
Time Warner Inc. is a leading media and entertainment company with businesses in television networks, filmed entertainment, and publishing. The company's recent annual report contained the following information (dollars in millions):
Net loss $(13,402 )
Depreciation, amortization, and impairments 34,790
Decrease in receivables 1,245
Increase in inventories 5,766
Decrease in accounts payable 445
Additions to equipment 4,377
Required:
a. Based on this information, compute cash flow from operating activities using the indirect method.
b. What were the major reasons that Time Warner was able to report a net loss but positive cash flow from operations? Why are the reasons for the difference between cash flow from operations and net income important to financial analysts?
Answer and Explanation:
a. The cash flow from operating activities using the indirect method is
Net loss $(13,402 )
Add: Depreciation, amortization, and impairments $34,790
Add: Decrease in receivables $1,245
Less: Increase in inventories -$5,766
Less: Decrease in accounts payable -$445
Net cash flow from operating activities $16,442
b. The reasons for net loss but positive cash flow from operations are
Change in current assets, liabilities, depreciation
ANd, the reasons for having a difference is that the operating activities records the cash payment & cash receipt related to operating activities and the rest of things would be ignored
Use the following stockholders' equity section of Marcy Company on December 31, 2004 to answer questions 45 through 50. Treat each question independent of the other questions - so your answer to question 46 should not be influenced by the answer to question 45, and so on:
Preferred Stock - 6% cumulative, $20 par value, 10,000 shares authorized, 5,000 shares issued and outstanding . .$100,000
Contributed Capital in excess of par value, Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
Common Stock, $5 par value, 20,000 shares authorized, 10,000 shares issued and outstanding. . . . . . . . . . . . . . . . 50,000
Contributed Capital in excess of par value, Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,000
Total Contributed Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $850,000
Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000
Total Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,000,000
The average issue price per share of preferred stock must have been: _________
Answer:
$70.00
Explanation:
Average issue price per share of preferred stock = (Preferred stock capital + Contributed capital in excess of par value, Preferred Stock) / Number of shares issues & outstanding
Average issue price per share of preferred stock = ($100,000 + $250,000) / 5,000 shares
Average issue price per share of preferred stock = $350,000 / 5,000 shares
Average issue price per share of preferred stock = $70.00
Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $26.10 million cost of the patent on a straight-line basis since it was acquired at the beginning of 2017. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the end of 2021 (before adjusting and closing entries.
Required:
Prepare the appropriate adjusting entry for patent amortization in 2013 to reflect the revised estimate.
Answer:
Original Cost = $26.10
Annual Amortization (Old) = $26.10 / 9 years
Annual Amortization (Old) = $2.9 million
Amortization till Date (2017 - 2021) = $2.9*4 = $11.6 million
Unamortized Value = $26.10 million - $11.6 million
Unamortized Value = $14.5 million
Remaining Life = 6 - 4
Remaining Life = 2 Years
New Amortization = Unamortized Value/Remaining Life
New Amortization = $14.5/2
New Amortization = $7.25 million
Journal Entry
Amortization Expense Debit - $7.25 million
Patent Credit - $7.25 million
What are the different aspects by which an emerging technology is defined?
What are the different aspects by which an emerging technology is defined?
(you can choose more than one sentence)
Emerging technologies are mostly those that arise from new knowledge. Emerging technologies may develop in new markets, this makes it easier to determine their demand. However, at times, the market for this technology may be non-existent. These technologies can be evaluated by using existing technologies as heuristics. SCORE is an example of a heuristic evaluation method. There are no standard methods used to evaluate emerging technologies.
Answer:
this dude got da same question. check out the answer https://brainly.com/question/13301403
Explanation:
Answer: BEHOLD!!
Explanation:
The following facts relate to Coronado Corporation.
1. Deferred tax liability, January 1, 2020, $20,200.
2. Deferred tax asset, January 1, 2020, $0.
3. Taxable income for 2020, $95,950.
4. Pretax financial income for 2020, $202,000.
5. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $242,400.
6. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $35,350.
7. Tax rate for all years, 20%.
8. The company is expected to operate profitably in the future.
Compute income taxes payable for 2020:
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Answer: See explanation
Explanation:
a. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.
Debit Income Tax Expense $40400
Debit Defered Tax Asset $7070
Credit Income Tax Payable $19190
Credit Defered tax liability $28280
(To record income tax expense and defered tax/liability).
Note that:
Income Tax Expense was gotten as:
= $202,000 × 20%
= $202000 × 0.2
= $40,4000
Income Tax Payable was gotten as:
= $95,950 × 20%
= $95950 × 0.2
= $19,190
2. Prepare the income tax expense section of the income statement for 2020.
Income statement for year ended 31 December 2020
Income before tax = $202000
Less: Income Tax expense - Current = $19190
Less: Income Tax expense - Defered = $21210
Net income = $161600
explain the topic 'market structure' in economics
Answer:
Market structure, in economics, refers to how different industries are classified and differentiated based on their degree and nature of competition for goods and services. It is based on the characteristics that influence the behavior and outcomes of companies working in a specific market.
Explanation:
I hope this helps, correct me if I am wrong :) DO NOT CLICK ON RANDOM LINKS AS THEY CONTAIN VIRUSES!
Answer:
Market structure refers to characteristics or properties of marketing economy.
They are mainly represented by curves such as monopolistic characteristics which comprises of perfect and imperfect Monopoly.
And oligopolistic factor.
Charles lives in Houston and runs a business that sells boats. In an average year, he receives $851,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $476,000; he also pays wages and utility bills totaling $281,000. He owns his showroom; if he chooses to rent it out, he will receive $71,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Charles does not operate this boat business, he can work as an accountant, receive an annual salary of $34,000 with no additional monetary costs, and rent out his showroom at the $71,000 per year rate. No other costs are incurred in running this boat business.
Implicit Cost
Explicit Cost
The salary Bob could earn if he worked as an accountant
The wholesale cost for the boats that Bob pays the manufacturer
The rental income Bob could receive if he chose to rent out his showroom
The wages and utility bills that Bob pays
Complete the following table by determining Bob's accounting and economic profit of his boat business.
Profit
(Dollars)
Accounting Profit
Economic Profit
Answer and Explanation:
The classification is as follows;
When bob worked as an accountant so he could earn the salary so this represent the implicit cost
The cost for the boats that bob paid to the manufactured represent the explicit cost
The rental income that received by bob represent the implicit cost
The wages and utility bills paid by bob represent the explicit cost
The Accounting profit is
= Revenue - explicit cost
= $851,000 - $476,000 - $281,000
= $94000
And, the Economic profit is
= Accounting profit - implicit cost
= $94,000 - $71,000 - $34,000
= -$11,000
Whistle Works sells each whistle for $12. It takes 3 ounces of metal to produce each whistle at a cost of $0.50 per ounce. They prefer to have 10% of materials required for the following month's production in ending inventory as well. How many ounces of direct materials does Whistle Works need to purchase in October to meet production needs
The question is incomplete. The complete Question is as follows,
Whistle Works manufacturers safety whistle keychains. They have the following information available to prepare their master budget:
Units to be produced
October 4,500
November 4,750
December 5,200
Whistle Works sells each whistle for $12. It takes 3 ounces of metal to produce each whistle at a cost of $0.50 per ounce. They prefer to have 10% of materials required for the following month's production in ending inventory as well. How many ounces of direct materials does Whistle Works need to purchase in October to meet production needs?
A) 4,500 ounces
B) 13,575 ounces
C) 13,425 ounces
D) 4,525 ounces
Answer:
Purchases = 13575 ounces
Option B is the correct answer
Explanation:
To calculate the purchases of material for October, we first need to calculate the inventory needed to produce the desired number of units in October along with the desired ending inventory and adjust it for the available opening inventory at start of October.
Material available at Start - October = 10% * 4500 units * 3 ounces per unit Material available at Start - October = 1350 ounces
Material required at end - October = 10% * 4750 units * 3 ounces per unit
Material required at end - October = 1425 ounces
Material required to produce required units in October = 4500 * 3 = 13500
Production = Opening Inventory + Purchases - Closing Inventory
13500 = 1350 + Purchases - 1425
13500 + 1425 - 1350 = Purchases
Purchases = 13575 ounces