Wildhorse Co. had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $68,000 Jan. 1, 2012 10 $ 0 Forklift 27,000 Jan. 1, 2019 5 0 Truck 33,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,700. The truck was discarded on December 31. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit account titles are automatically indented when the 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.)

Solution :

Journal Entry

Date               Account and Explanation                          Debit             Credit

1 Jan,2022   Accumulated depreciation-machine            $ 68,000

                     Machine                                                                           $ 68,000

30 June,       Depreciation expense, [tex]$\left(\frac{27000}{5} \times \frac{6}{12}\right)$[/tex]              $ 2700

2022             Accumulated depreciation- Forklift                                  $ 2700

30 June,        Cash                                                             $ 11,700

2022             Accumulated depreciation- Forklift,           $ 18,900

                     [tex]$\left(\frac{27000}{5} \times 3.5 \right)$[/tex]

                    Gain on sale of forklift                                                         $ 3600

                    Forklift                                                                                $ 27000

31 Dec,         Depreciation expense, [tex]$\left( \frac{33400-3000}{8}\right)$[/tex]        $ 3800

2022            Accumulated depreciation - Truck                                   $ 3800

31 Dec,         Accumulated depreciation - Truck,              $ 22800

2022            [tex]$\left( \frac{33400-3000}{8} \times 6\right)$[/tex]

                     Loss on disposal of truck                            $ 10600

                     Truck                                                                                $ 33400

Novak Corp. has 6000 shares of 5%, $100 par value, cumulative preferred stock and 12000 shares of $1 par value common stock outstanding at December 31, 2020. There were no dividends declared in 2018. The board of directors declares and pays a $55800 dividend in 2019 and in 2020. What is the amount of dividends received by the common stockholders in 2020

Present Value of Ordinary Annuity Period/Rate 5% 6% 7% 8% 9% 10 7.7217 7.3601 7.0236 6.7101 6.4177 11 8.3064 7.8869 7.4987 7.1390 6.8052 12 8.8633 8.3838 7.9427 7.5361 7.1607 13 9.3936 8.8527 8.3577 7.9038 7.4869 Knowledge Check 01 Clean Tel, Inc. is considering investing in an 11-year project with annual cash inflows of $1,000,000. These cash inflows have an initial investment of $7,139,000. At what discount rate would this present value be the same as the initial investment

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section.
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:
1 Dec 31, 20Y8 Dec 31, 20Y7
2 Assets
3 Cash $75,170 $92,110
4 Accounts Receivable (net) 115,500 124,180
5 Merchandise Inventory 165,000 153,920
6 Prepaid Expenses 6,720 4,660
7 Equipment 336,110 275,760
8 Accumulated depreciation-equipment (87,390) (67,630)
9 Total Assets $611,110 $583,000
10 Liabilities and Stockholder's Equity
11 Accounts Payable (merchandise creditors) $128,330 $121,850
12 Mortgage note payable 0 174,900
13 Common stock, $1 par 19,000 12,000
14 Paid-in capital: Excess of issue price over par-common stock 297,000 164,000
15 Retained Earnings 166,780 110,250
16 Total Liabilities and Stockholders' Equity $611,110 $583,000
Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:
A Net Income, $144,720
B Depreciation reported on the income statement, $42,650
C Equipment was purchased at a cost of $83,240, and fully depreciated equipment costing $22,890 was discarded, with no salvage realized
D The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty
E 7,000 shares of common stock were issued at $20 for cash
F Cash dividends declared and paid, $88,190
Yellow Dog Enterprises Inc
Statement of Cash Flows
For the year ended December 31, 20Y8
1 Cash flows from operating activities
2
3 Adjustments to reconcile net income to net cash flow from operating activities
4
5 Changes in current operating assets and liabilities
6
7
8
9
10 Net cash flow from operating activities
11
12 Cash flows from (used for) investing activities
13
14 Net cash flow used for investing activities
15
16 Cash flows from (used for) financing activities
17
18
19
20 Net cash flow used for financing activities
21
22 Cash at the beginning of the year
23
24 Cash at the end of the year
25

g Customers arrive at the window at a rate of 12 per hour and it take the teller 4 minutes, on average, to serve a customer. Use this information to calculate the requested items in columns a and b. The BHFC's operations manager is considering adding a second window to this branch which would cost the bank $20,000 annually. The operations manager also estimates the bank's revenue will increase by $2,000 annually for each minute of reduction in custimer waiting time. Should the BHFC add the second window?

Baltimore Inc. reported pretax GAAP income of $45,000 in 2020. In analyzing differences between GAAP income and taxable income, the company determined that it had deducted $5,000 in nondeductible fines and added $2,800 in tax-exempt municipal interest revenue to GAAP income. The statutory tax rate is 25%. Determine the following:

a. Taxable income
b. Income tax payable
c. Income tax expense
d. Net income

Jameson Corporation was organized on May 1. The following events occurred during the first month.
A. Received $67,000 cash from the five investors who organized Jameson Corporation. Each investor received 110 shares of $10 par value common stock.
B. Ordered store fixtures costing $10,000.
C. Borrowed $16,000 cash and signed a note due in two years.
D. Purchased $18,000 of equipment, paying $1,400 in cash and signing a six-month note for the balance.
E. Lent $1,700 to an employee who signed a note to repay the loan in three months.
F. Received and paid for the store fixtures ordered in (b).
Required:
Prepare journal entries for each transaction.

Jayden, a calendar year taxpayer, paid $16,000 in medical expenses and sustained a $20,000 casualty loss in 2020 (the loss occurred in a Federally declared disaster area). He expects $12,000 of the medical expenses and $14,000 of the casualty loss to be reimbursed by insurance companies in 2021. Before considering any limitations on these deductions, how much can Jayden include in determining his itemized deductions for 2020

You discover a technical ‘anomaly’ in the US stock market. You find that stocks that go up X% or more 2 days in a row have an expected alpha of X/100% the following day (for example if a stock goes up 6% and 9%, then the next day its expected alpha is 0.06%). Suppose stock A has a BID-ASK spread of 0.2%, and has gone up 10% and 15% percent in the last 2 days. What is your expected profit (in dollars) if you choose to implement your strategy and take a $1000 position in the stock for one day?

Simon's most recent income statement is given below. Sales (8,000 units) $160,000 Less variable expenses (68,000) Contribution margin 92,000 Less fixed expenses (50,000) Net income $42,000 Required: a. Contribution margin per unit is b. If sales are doubled total variable costs will equal c. If sales are doubled total fixed costs will equal d. If 20 more units are sold, profits will increase by e. Compute how many units must be sold to break even. f. Compute how many units must be sold to achieve operating income of $60,000. g. Compute the revenue needed to achieve an after tax income of $30,000 given a tax rate of 30%.

which of the following is a reason to approach smaller banks for a business loan



​

The Davis family grows organic vegetables to sell at a local farmer’s market. Which are factors that directly affect their profit? Check all that apply.

an increase in the cost of farm equipment
a rise in demand for organic produce
an increase in customers at the market
a change in the market price for non-organic fruit
a sale on organic meats at the market

(answer is abc)

On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The company borrowed $2,000,000 at 13% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021: $5,000,000, 17% bonds $3,000,000, 13% long-term note Construction expenditures incurred during 2021 were as follows: January 1 $ 820,000 March 31 1,420,000 June 30 1,064,000 September 30 820,000 December 31 620,000 Required: Calculate the amount of interest capitalized for 2021 using the specific interest method.

Which of the following is NOT an example of fixed expenses?

Select the best answer from the choices provided.
A.
Health insurance premium

B.
Interest on college loans

C.
Apartment Rent

D.
The amount of gas to fill up your tank

Dinham Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During March, the kennel budgeted for 3,700 tenant-days, but its actual level of activity was 3,740 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for March: Data used in budgeting: Fixed element per month Variable element per tenant-day Revenue - $ 34.60 Wages and salaries $ 2,600 $ 7.60 Food and supplies 1,600 14.10 Facility expenses 8,100 3.10 Administrative expenses 6,600 0.10 Total expenses $ 18,900 $ 24.90 Actual results for March: Revenue $ 125,356 Wages and salaries $ 28,560 Food and supplies $ 54,875 Facility expenses $ 19,150 Administrative expenses $ 7,096 The spending variance for food and supplies in March would be closest to:

Q4) The price of a luxury car increased from 42.000 euros to 44.000 euros. Then the demand for
this car declined from 100 units to 20 units. Calculate the price elasticity of demand for the car.

Rabbit Foot Motors has been approached by a new customer with an offer to purchase 5,000 units of its hands-free, Wi-Fi-enabled automotive model—the SMAK—at a price of $18,000 per automobile. Rabbit Foot’s other sales would not be affected by this new customer offer. Rabbit Foot normally produces 100,000 units of its SMAK model per year but only plans to produce and sell 90,000 in the coming year. The normal sales price is $35,000 per SMAK. Unit cost information for the normal level of activity is as follows:

Fixed overhead will not be affected by whether or not the special order is accepted.

1. What are the relevant costs and benefits of the two alternatives (accept or reject the special order)?

a. Special order price, direct materials, direct labor, and variable overhead.
b. Special order price, direct materials, direct labor, variable overhead, and fixed overhead
c. Normal price, direct materials, direct labor, and variable overhead.
d. Normal price, direct materials, direct labor, variable overhead, and fixed overhead.

2. By how much will operating income increase or decrease if the order is accepted?
a. increase by $_______
b. decrease by $_________

Bonita Industries had 80000 shares of treasury stock ($10 par value) at December 31, 2020, which it acquired at $11 per share. On June 4, 2021, Bonita issued 40000 treasury shares to employees who exercised options under Bonita's employee stock option plan. The market value per share was $13 at December 31, 2020, $15 at June 4, 2021, and $18 at December 31, 2021. The stock options had been granted for $12 per share. The cost method is used. What is the balance of the treasury stock on Bonita's balance sheet at December 31, 2021

Before negotiating a long-term construction contract, build- ing contractors must carefully estimate the total cost of completing the project. Benzion Barlev of New York University proposed a model for total cost of a long-term contract based on the normal distribution(Journal of Business Finance and Accounting, July 1995). For one particular construction contract, Barlev assumed total cost, x, to be normally distributed with mean $850,000 and standard deviation $170,000. The revenue, R, promised to the contractor is $1,00,000.

Required:
a. The contract will be profitable if revenue exceeds total cost. What is the probability that the co ntract will be profitable for the contractor?
b. What is the probability that the project will result in a loss for the contractor?
c. Suppose the contractor has the opportunity to renegotiate the contract. What value of R should the contractor strive for in order to have a .99 probability of making a profit?

This entire rach of children's clothes has a 25% off sign. Can you tell me how much this coat is with the discount? It's priced at $54.99?

Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 185,000 $ 100,000 $ 38,000 $ 17,000 $ 14,000 $ 16,000 Percent uncollectible 1 % 2 % 4 % 6 % 10 % 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $3,000 credit.

Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 3.0 ounces $ 7.50 per ounce $ 22.50 Direct labor 0.6 hours $ 13.50 per hour $ 8.10 Variable overhead 0.6 hours $ 6.00 per hour $ 3.60 The company reported the following results concerning this product in February. Originally budgeted output 7,600 units Actual output 7,400 units Raw materials used in production 22,040 ounces Actual direct labor-hours 4,640 hours Purchases of raw materials 23,640 ounces Actual price of raw materials $ 7.25 per ounce Actual direct labor rate $ 12.10 per hour Actual variable overhead rate $ 5.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for February is:homeworklib

Metaline Corp. uses the weighted average method for inventory costs and had the following information available for the year. Calculate the equivalent units of production for the year: Beginning Work in Process (30% complete, $2,500) 340 units Ending inventory of Work in Process (70% complete) 540 units Total units started during the year

Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $368,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $23,000; factory rent, $39,000; factory utilities, $24,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow.
Job 306 Job 307 Job 308
Balances on March 31
Direct materials $ 31,000 $ 37,000
Direct labor 21,000 18,000
Applied overhead 10,500 9,000
Costs during April
Direct materials 135,000 200,000 $ 115,000
Direct labor 102,000 153,000 104,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process
a. Materials purchases (on credit).
b. Direct materials used in production.
c. Direct labor paid and assigned to Work in Process Inventory.
d. Indirect labor paid and assigned to Factory Overhead.
e. Overhead costs applied to Work in Process Inventory.
f. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.)
g. Transfer of Jobs 306 and 307 to Finished Goods Inventory.
h. Cost of goods sold for Job 306.
i. Revenue from the sale of Job 306.
j. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.)
2. Prepare journal entries for the month of April to record the above transactions.
Transaction General Journal Debit Credit
a. Raw materials inventory 560,000
Accounts payable 560,000
b. Work in process inventory 450,000
Raw materials inventory 450,000
c. Work in process inventory 359,000
Cash 359,000
d. Factory overhead 23,000
Cash 23,000
e. Work in process inventory
Factory overhead
f(1). Factory overhead
Raw materials inventory
f(2). Factory overhead 24,000
Cash 24,000
f(3). Factory overhead 56,000
Accumulated depreciation-factory equipment 56,000
f(4). Factory overhead 39,000
Cash 39,000
g. Factory overhead
Work in process inventory
h. Cost of goods sold
Finished goods inventory
i. Cost of goods sold
Finished goods inventory
j. Cost of goods sold
Factory overhead

has any questions or problems.
4. It is the development of an ongoing connection between a company and its customers. The
relationship involves marketing communications, sales support, technical assistance and
customer service​

Oriole Corporation has retained earnings of $682,100 at January 1, 2020. Net income during 2020 was $1,558,700, and cash dividends declared and paid during 2020 totaled $81,300. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $89,160 (net of tax) was charged to maintenance and repairs expense in 2019.

The statement of cash flows (as well as the balance sheet) includes within cash the notion of cash equivalents. The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on cash equivalents using the FASB Accounting Standards Codification at the FASB website (www.fasb.org). What is the specific seven-digit Codification citation (XXX-XX-XX) that describes the guidelines for determining what items should be deemed cash equivalents

What is segregated fund.

Hoda is creating a report in Access using the Report Wizard. Which option is not available for adding fields using the wizard?

Tables
Queries
Reports
All are available options.

Someone who gives money or goods to an organization
A. Donor
B. Provider

Dana Ashbrook Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $19,384 plus trade-in, f.o.b. factory. Dana Ashbrook Inc. paid $19,384 cash and traded in used equipment. The used equipment had originally cost $150,226; it had a book value of $101,766 and a secondhand fair value of $115,819, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $2,665.
1) Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance.
2) Assuming the same facts as in (a) except that fair value information for the assets exchanged is not determinable. Prepare the general journal entry to record this transaction.