Answer and Explanation:
The identification is as follows:
As we know that
M! money supply involved all the currecies that have physical existance i.e. notes, coins, demand deposits etc
While on the other hand, M2 involves M1 + near money i.e. mutual funds, checking deposits, money market etc
Since Susan has 2 year CD so it would be classified as a M2 money supply
Since larry withdraw from the bank so it would be included in M1 and M2
And, since raphael has $25,000 in money market so would be classified as a M2 money supply
Paid $4,200 for utilities. Performed services for $21,000 on account. Received $13,000 from charge account customers. Paid salaries of $9,000 to employees. Paid $16,000 to a creditor on account. Owner invested $180,000 in the business. Purchased $53,400 of supplies on account. Purchased equipment for $42,000 cash. Paid $12,000 for rent (in advance). Performed services for $15,600 cash.
Indicate the impact of each of the transactions on the fundamental accounting equation (Assets = Liabilities + Owner's Equity) by placing a ""to indicate an increase and a "D" to indicate a decrease. The first transaction is entered as an example. (If transaction causes one account to increase and another to decrease within the same classification of the accounting equation, select 1/D.)
Transaction Assets = Liabilities + Owner's Equity
1 D = D
2. 3. 4. 5. 6. 7. 8. 9. 10.
Answer:
1. Cash (Assets) DECREASES
Expenses INCREASE
Owner’s Equity DECREASES.
2. Accounts Receivable (Assets) INCREASES
Revenue INCREASES
Owner’s Equity INCREASES
3. Cash (Assets) INCREASES.
Accounts Receivable (Assets) DECREASES.
4. Cash (Assets) DECREASE
Expenses INCREASE
Owner’s Equity DECREASES
5. Cash (Assets) decreases.
Accounts Payable (Liabilities) decreases.
6. Assets INCREASE
Owner’s Equity INCREASES
7. Supplies (Assets) INCREASES.
Accounts Payable (Liabilities) INCREASES
8. Equipment (Assets) INCREASES
Cash (Assets) DECREASES
9. Prepaid Rent (Assets) INCREASES
Cash (Assets) DECREASES
10. Cash (Assets) INCREASE
Revenue INCREASES
Owner’s Equity INCREASES
Explanation:
To Indicate the impact of each of the transactions on the fundamental accounting equation
1. Paid the amount of $4,200 for utilities.
Cash (Assets) DECREASES
Expenses INCREASE
Owner’s Equity DECREASES.
2. Performed services for the amount of $21,000 on account.
Accounts Receivable (Assets) INCREASES
Revenue INCREASES
Owner’s Equity INCREASES
3. Received the amount of $13,000 from charge account customers.
Cash (Assets) INCREASES.
Accounts Receivable (Assets) DECREASES.
4. Paid salaries of the amount of $9,000 to employees.
Cash (Assets) DECREASES
Expenses INCREASE
Owner’s Equity DECREASES
5. Paid the amount of $16,000 to a creditor on account.
Cash (Assets) decreases.
Accounts Payable (Liabilities) decreases.
6. Owner invested the amount of $180,000 in the business.
Assets INCREASE.
Owner’s Equity INCREASES
7. Purchased the amount of $53,400 of supplies on account
Supplies (Assets) INCREASES.
Accounts Payable (Liabilities) INCREASES
8. Purchased equipment for the amount of $42,000 cash
Equipment (Assets) INCREASES
Cash (Assets) DECREASES
9. Paid the amount of $12,000 for rent (in advance).
Prepaid Rent (Assets) INCREASES
Cash (Assets) DECREASES
10. Performed services for the amount of $15,600 cash
Cash (Assets) INCREASE
Revenue INCREASES
Owner’s Equity INCREASES
Misterio Company uses a standard costing system. During the past quarter, the following variances were computed:
Variable overhead efficiency variance $ 24,000 U
Direct labor efficiency variance 120,000 U
Direct labor rate variance 10,400 U
Misterio applies variable overhead using a standard rate of $2 per direct labor hour allowed. Two direct labor hours are allowed per unit produced. (Only one type of product is manufactured.) During the quarter, Misterio used 30 percent more direct labor hours than should have been used.
Required:
1. What were the actual direct labor hours worked? The total hours allowed?
2. What is the standard hourly rate for direct labor? The actual hourly rate?
3. How many actual units were produced?
Answer:
1. Total hours allowed = 40,000
Actual direct labour hours worked = 52,000.
2. Standard hourly rate = $10
Actual rate = $10.2
3. Actual output= 20,000 units
Explanation:
The variable overhead efficiency variance in hours= variable overhead efficiency variance in Dollar/Variable overhead standard rate
= $24,000/$2= 12,000 hours unfavorable
Let the actual hours be V
Let the standard hours for the actual output achieved be = V
The actual hours worked = 130% of the standard hours allowed
Actual hours =130% × V = 1.3V
1.3V - V= 12,000
V=12000/0.3=40,000
Total hours allowed = 40,000
Actual labour hours= 130%× 40,000=52,000
Total hours allowed = 40,000
Actual direct labour hours worked = 52,000.
Standard labour rate =
Labour effciency variance in Dollar /Labour efficiency variance in hours
= 120,000/12,000=$10
Standard hourly rate = $10
Rate variance = (Actual rate - standard rate)× Actual hours
Let the actual rate be = Y
10,400 = ( Y - 10) × 52,000
10,400= 52000Y- 520,000
Y= (520,000 + 10,400)/52,000=10.2
Actual rate = $10.2
Standard labour hours for actual output = Actual output × standard hours
Let the actual output be = m
40,000 = m × 2
m= 40,000/2= 20,000 units
Actual output= 20,000 units
During its first year of operations, Silverman Company paid $15,085 for direct materials and $10,200 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9,200 while general, selling, and administrative expenses totaled $4,700. The company produced 6,050 units and sold 3,700 units at a price of $8.20 a unit. What is the amount of finished goods inventory on the balance sheet at year-end
Answer:
$13,395
Explanation:
Finished Goods Inventory = Production Cost x Ending Units / Units Produced
where,
Production Cost is Calculated as :
Consider only production costs.
Production Cost = $15,085 + $10,200 + $9,200 = $34,485
Ending Units = 6,050 units - 3,700 units = 2,350 units
Units Produced = 6,050 units
therefore,
Finished Goods Inventory = $34,485 x 2,350 units/ 6,050 units = $13,395
Beachfront property owners of the Town of Eden Beach requesteda financed through a note payable, which was to be repaid from taxes raised through a special assessment on their properties. The Town guarantees the debt and accounts for the special assessment through a debt service fund. Assume the special assessments were levied in 2016, recording a special assessment receivable an assessment is to be collected each year and used to pay the interest and principal on the note d deferred inflow in the amount of $480,000. One-third of the
Record the following transactions that occurred in 2017
1 June 30. S160000 of the assessments became due and currently receivable (Hint The special assessment tax is recorded as revenue in the debt service fund when it becomes due)
2. July 31, the $160.000 was collected
3 September 30, interest of $24.000 and principal of $136.000 were paid
4 December 31, the books were closed
If no entry is required for e transaction/event, select "No Journal Entry Required" in the first account field.)
Answer: See explanation
Explanation:
The journal entries for the transaction goes thus:
June30:
Debit Deferred revenue 160,000
Credit Special assessment revenue 160,000
July 31:
Debit Cash 160,000
Credit special assesement tax receivable 160,000
September 30:
Debit interest expenditure 24,000
Debit principal expenditure 136,000
Credit cash 160,000
December 31:
Debit Special assesement revenue 160,000.00
Credit interest expenditure 24,000
Credit Principal expenditure 136,000
During a time of inflation, what happens to the value of the dollar?
Answer:
The impact inflation has on the time value of money is that it decreases the value of a dollar over time. ... Inflation increases the price of goods and services over time, effectively decreasing the number of goods and services you can buy with a dollar in the future as opposed to a dollar today.
Explanation:
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16. The selling of goods and/or services to a customer is called
O A. purchasing
B. food service.
O C. service industry.
D. retail
Answer: retail
Explanation:
Retail refers to the sale of products and/or services to a customer. Thus option (D) is correct.
What are customer?A client is a person who purchases goods, services, or ideas from a seller, vendor, or supplier in exchange for money or another useful consideration. This definition applies to sales, commerce, and economics. A customer is an individual or business that purchases another company's goods or services
An individual or business that purchases goods or services from another company is known as a customer. Customers are crucial to businesses because they generate income; without them, they would cease to exist.
Therefore, option(D) is correct.
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Suppose you invest $20,000 by purchasing 200 shares of Abbott Labs (ABT) at $50 per share, 200 shares of Lowes Companies, Inc. (LOW) at $30 per share, and 100 shares of Ball Corporation (BLL) at $40 per share. Suppose over the next year Ball Corporation has a return of 12.5%, Lowes Companies has a return of 20%, and Abbott Labs has a return of -10%. The return on your portfolio over the year is:
Answer:
Portfolio return = 0.035 or 3.5%
Explanation:
The portfolio return is a function of the weighted average of individual stocks' returns that form up the portfolio. The formula to calculate the portfolio return is as follows,
Portfolio return = wA * rA + wB * rB + ... + wN * rN
Where,
w represents the weight of each stock in the portfolior represents the return of each stockFirst we need to calculate the investment of each stock,
Abbott = 200 * 50 = $10000
Lowes = 200 * 30 = $6000
Ball = 100 * 40 = $4000
Portfolio return = (10000 / 20000) * -0.10 + (6000/20000) * 0.20 +
(4000/20000) * 0.125
Portfolio return = 0.035 or 3.5%
Miller, Inc. has 5,000 shares of 6%, $400 par value, cumulative preferred stock and 100,000 shares of $4 par value common stock outstanding. There were no dividends declared in 2015. The board of directors declared and paid dividends of $200,000 each in 2016 and 2017. What is the amount of dividends received by the common stockholders in 2017
Answer:
$40,000
Explanation:
Calculation to determine the amount of dividends received by the common stockholders in 2017
First step is to calculate the preferred stock
Preferred stock=(5,000 shares*$400)*6%
Preferred stock=$2,000,000*6%
Preferred stock=$120,000
Now let calculate the amount of dividends received by the common stockholders in 2017
Dividend Received=($200,000-$120,000)/2
Dividend Received=$80,000/2
Dividend Received=$40,000
Therefore the amount of dividends received by the common stockholders in 2017 will be$40,000
The Baldwin Company has just purchased $40,900,000 of plant and equipment that has an estimated useful life of 15 years. Suppose at the end of 15 years this plant and equipment can be salvaged for $4,090,000 (1/10th of its original cost). What will be the book value of this purchase (excluding all other Plant and Equipment) after its first year of use
Answer:
$38,446,000
Explanation:
Straight line method charges a fixed amount of depreciation for the period the asset is in used in the business
Depreciation expense = (Cost - Residual Value) ÷ Estimated useful life
therefore,
Depreciation expense = $2,454,000
Book Value = Cost - Accumulated Depreciation
therefore for first year,
Book Value = $40,900,000 - $2,454,000 = $38,446,000
Conclusion
The book value of this purchase (excluding all other Plant and Equipment) after its first year of use is $38,446,000
Match the items with the appropriate definitions. Items which are not definitions will be used.
Barter Double coincidence of wants Money
Answer Bank
paper bills and coins
a situation where two individuals each want some good or service that the other can provide
trading one good for another without the use of money
whatever serves society in three functions: medium of exchange, store of value, and unit of account
an event that occurs in conjunction with an unrelated event
a situation in which money is used to facilitate economic transactions
Answer:
Double coincidence of wants - a situation where two individuals each want some good or service that the other can provide
Double coincidence of wants occurs when in a transaction between two or more individuals, each want to obtain the good or service that the other is offering.
Barter - trading one good for another without the use of money
In barter, people trade a good or service for another good or service, without the use of money as medium of exchange. An example of barter is trading a cow for a sheep.
Money - whatever serves society in three functions: medium of exchange, store of value, and unit of account
Money is any good that serves the three purposes of money, store of value to serve as a medium to save or to accumulate wealth, medium of exchange to trade goods and services, and unit of account to measure the value of goods and services under a common guide.
ABC Company holds a well-diversified portfolio in the amount of $90,000 that has an expected return of 11.0% and a beta of 1.28. It is buying 1,000 shares of DEF Company stock at $10 a share and adding them to its portfolio. DEF Company has an expected return of 13.0% and a beta of 1.50. Currently, the risk free rate is 2.5%, and the stock market return is 8.06%.
What will the beta on the portfolio be after the purchase of the Syngine stock?
a. 1.17
b. 1.29
c. 1.36
d. 1.42
e. 1.23
After a meeting, the Federal Open Market Committee (FOMC) decides that the state of the economy warrants actions to increase real interest rates. a. As a result of the increase in real interest rates, consumption, investment, government spending, and net exports will all . b. With the increase in real interest rates, output will , inflation will , and unemployment will . c. Each of the following situations would cause the FOMC to consider increasing rates except one. The exception is a negative output gap and low inflation. high inflation and a large positive output gap. a large positive output gap. high inflation.
Answer: See explanation
Explanation:
a. As a result of the increase in real interest rates, consumption, investment, government spending, and net exports will all (decrease).
When there is a rise in the interest rate, the coat if borrowing will increase as well, therefore, this will lead to the reduction in investment and consumption and there's also a reduction in the net exports.
b. With the increase in real interest rates, output will (decrease), inflation will (decrease) and unemployment will .(increase).
When the real interest rate increase, the output will reduce as well as inflation since there'll be reduction in demand for goods and services and hence unemployment rises.
c. The situation that can lead the FOMC to consider increasing rates include
• high inflation and a large positive output gap.
• a large positive output gap.
• high inflation
Therefore, the exception will be a negative output gap and low inflation.
The mayor of your city is considering building a new toll road to reduce congestion. The cost of the toll road is $10 million and is estimated to generate a profit (from tolls collected less expenses collecting the tolls and maintaining the road) of $2 million per year. A. What is the present value of the first year's profit of $2 million? (if discount rate is 8% (0.08)) (2points) B. If the discount rate is 8%, how many years would it take before the road is paid for? The number of years it will take to recover the initial $10 million investment. (8points)
At the end of a fiscal period, expense accounts are closed through
Answer:
see the explanation
Explanation:
The temporary accounts get closed at the end of an accounting year. Temporary accounts include all of the income statement accounts (revenues, expenses, gains, losses), the sole proprietor's drawing account, the income summary account, and any other account that is used for keeping a tally of the current year amounts.
Budget philosophies There are several important philosophies regarding budget balances. One way in which they differ is in terms of the time span over which the budget should be balanced. Another difference among budget philosophies involves whether the budget balance is as important as other economic goals. Which of the following budget philosophies advocates keeping the budget in balance every year, except during wartime?
Functional finance
Annually balanced budget
Cyclically balanced budget
A major problem with the implementation of this philosophy is that it:________
Magnifies business cycle fluctuations
Can allow the national debt to burgeon with chronic deficits
Relies upon government officials to budget for surpluses during boom times in order to cover deficits during recessions
Answer:
functional finance
Can allow the national debt to burgeon with chronic deficits
Explanation:
Functional finance is a theory developed by Abba P. Lerne during the World War II. It encourages the government's intervention in the economy to achieve its goals and reduce economic insecurity. It is the current budget philosophy in the US
Advantage
It allows the government to stabilise the economy using fiscal policy
Disadvantage
it encourages deficit spending and this can increase the debt of a country
Annually balanced budget is a budget where at the end of every year, revenue must equal expenditure. this type of budget can magnify the business cycle.
A Cyclically balanced budget is when in a recession, the government makes use of expansionary fiscal policy and in a boom, the government makes use of a contractionary fiscal policy to stabilise the economy
Blue Point Company is formulating its marketing expense budget for the month of September. Sales in units for August amounted to 4,000; sales volume in September is expected to increase by 10%. So far for the current year, fixed marketing expense per month amounted to $5,000 of salaries and $1,500 of depreciation. Variable marketing expense amount to $.15 paid in cash in the month of sale. What is the estimated cash payment for marketing expense in the month of September
Answer:
See below
Explanation:
Computation of estimated cash payment expense is seen below
Variable expenses
Sales in unit for August 4,000
Sales in unit September 4,000 × 110% = 4,400
Total variable expense 4,400 × $0.15 = $660
Fixed expense per quarter
Salaries $5,000 × 3 = $15,000
Depreciation $1,500 × 3 = $4,500
Total = $19,500
Budget total = $20,160
Estimated cash payment = $20,160 - $4,500 = $15,660
Leaders at ElectroExpo Inc. want to develop a results-oriented organizational culture. To do this, they devise a new system to maintain project logs in order to record any lags in project execution. They also encourage their employees to work on every alternate Saturday of a month in order to increase productivity in exchange for additional compensation. However, the leaders face stiff resistance from the employees because they are not comfortable with this change. In this case, which of the following steps should the leaders take?
a. The leaders should take legal actions against the employees who oppose the change or who instigate other employees to resist the change.
b. The leaders should find ways to enable the employees to see the value in changes that are needed for the organization to succeed.
c. The leaders should promise to fulfill all the demands of the employees and empower them to make important business decisions.
d. The leaders should lay off the employees who are resisting the changes in the organization.
Answer: b. The leaders should find ways to enable the employees to see the value in changes that are needed for the organization to succeed
Explanation:
With regards to the information given in the question, the best option will be for the leaders to find ways to enable the employees to see the value in changes that are needed for the organization to succeed.
In every organization, communication is key between the management and the employees. In this case, the leaders should inform the employees about the reason that they are taking the decision and how the decision will have an impact on the organization.
Taking legal steps against the employees or laying them off isn't the right thing to do. The employees should be made to see the value in the changes to be made.
Therefore, the correct option is B.
According to the video, what must Police Patrol Officers be able to do in life-threatening situations? Select all that apply. Stay calm. Provide medical care. Rescue victims. Think clearly. Make good judgments. Identify criminals.
Answer:
ade
Explanation:
Police Patrol Officers must be able to do the following in life-threatening situations: Stay calm; Think clearly and Make good judgments. Thus option (a), (d) and (e) are correct.
Who are Police Patrol Officers?Police patrol officers are law enforcement officers who are responsible for maintaining public safety and order by patrolling designated areas, responding to emergency calls, and enforcing laws and ordinances.
Their duties may include conducting routine patrols, responding to emergencies, investigating accidents and crimes, making arrests, issuing citations, and testifying in court.
Stay calm; Think clearly and Make good judgments are the action which the Police Patrol Officers must must take in life-threatening situations. Therefore, option (a), (d) and (e) are correct.
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Sunrise, Inc., has no debt outstanding and a total market value of $245,000. Earnings before interest and taxes, EBIT, are projected to be $19,000 if economic conditions are normal. If there is strong expansion in the economy, then EBIT will be 25 percent higher. If there is a recession, then EBIT will be 40 percent lower. The company is considering a $58,800 debt issue with an interest rate of 8 percent. The proceeds will be used to repurchase shares of stock. There are currently 5,000 shares outstanding. Ignore taxes for this problem. Assume the stock price is constant under all scenarios.
Required:
a. Calculate earnings per share, EPS, under each of the three economic scenarios before any debt is issued. Also calculate the percentage changes in EPS when the economy expands or enters a recession.
b. Repeat part (a) assuming that the company goes through with recapitalization. What do you observe?
Answer:
Sunrise, Inc.
a. Earnings per share (EPS) under the three economic scenarios before debt is issued:
Scenarios EBIT EPS Percentage Changes
Normal $19,000 $3.80 ($19,000/5,000)
Expansion $23,750 $4.75 ($23,750/5,000) 25% ($0.95/$3.80 * 100)
Recession $11,400 $2.28 ($11,400/5,000) 40% ($1.52/$3.80 * 100)
b. After capitalization, Earnings per share (EPS) under the three economic scenarios:
Repurchase of stock = $58,800/$49 = 1,200 shares
Outstanding shares = 3,800 (5,000 - 1,200)
Interest expense = $4,700 approx.
Net Income (taxes ignored) = $14,300
Scenarios Net income
Normal $14,300 ($19,000 - $4,700 Interest)
Strong Expansion $17,875 ($14,300 * 1.25)
Recession $8,580 ($14,300 * 0.60)
Scenarios Net income EPS Percentage Changes
Normal $14,300 $3.76 ($14,300/3,800)
Expansion $17,875 $4.70 ($17,875/3,800) 25% ($0.94/$3.76 * 100)
Recession $8,580 $2.25 ($8,580/3,800) 40% ($1.51/$3.76 * 100)
Observation:
The EPS changed under each scenario when the debt was issued, but the percentage changes remained similar to the changes before the debt issue. This can be attributed to the change in the outstanding shares from 5,000 to 3,800. With the debt issue, the EBIT is not used in the calculations but the income after taxes.
Explanation:
a) Data and Calculations:
Total market value = $245,000
Outstanding shares = 5,000
Market price per share = $49 ($245,000/5,000)
EBIT (Earnings before interest and taxes) = $19,000 (normal economic condition)
Scenarios EBIT
Normal $19,000
Strong Expansion $23,750 ($19,000 * 1.25)
Recession $11,400 ($19,000 * 0.60)
Debit issue = $58,800
Interest rate of debt = 8%
Knight forward, a division of King Corp., has a net operating income of $60,000 and average operating assets of $300,000. The minimum required rate of return for the company is 15%. If the manager of the Knight forward division is evaluated based on residual income, will she want to make an investment of $100,000 that would generate additional net operating income of $14,000 per year
Required:
What is the division’s ROI?
Answer:
20% and no
Explanation:
The computation of the return on the investment is shown below:
= Net operating income ÷ average operating assets
= $60,000 ÷ $300,000
= 20%
Now based on the investment and extra net operating income
The return on the investment is
= Net operating income ÷ average operating assets
= ($60,000 + $14,000) ÷ ($300,000 - $100,000)
= $74,000÷ $400,000
= 18.5%
Since this ROI would be less than the above ROI so the investment should not be made
In 2020 Ryce contributes non depreciable property with an adjusted basis of $101,600 and a fair market value of $152,400 to the Montgomery Partnership in exchange for a one-half interest in profits and capital. In the next tax year, when the property's fair market value is $162,560, the partnership distributes the property to Jarvis, the other one-half partner. Jarvis's basis in the partnership interest was $162,560 immediately before the distribution. Which partner must recognize the built-in gain, what is the amount recognized, and what is the effect on that partner's basis in the partnership interest
Answer:
A. Ryce
B.$50,800
C. Increase
Explanation:
Based on the information given the partner that must recognize the builtin gain is RYCE
B. Calculation to determine the amount recognized
Using this formula
Amount recognized=Fair market value-Adjusted basis
Let plug in the formula
Amount recognized=$152,400-$101,600
Amount recognized=$50,800
Therefore the amount recognized is $50,800
C. Based on the information given the effect on that partner's basis in the partnership interest is that the basis amount in the partnership interest would be INCREASED by the amount of gain that was recognized or Realized.
Money serves three functions in the economy: medium of exchange, unit of account, and store of value. Which of the following statements describes how inflation affects the ability of money to serve as a unit of account? Check all that apply. Inflation causes menu costs. Inflation erodes money's purchasing power. In some countries with hyperinflation, prices are posted in terms of U.S. dollars rather than the local currency, even though the local currency is still used to purchase the good.
Answer:
Inflation causes menu costs.
In some countries with hyperinflation, prices are posted in terms of U.S. dollars rather than the local currency, even though the local currency is still used to purchase the good.
Explanation:
The inflation that cause menu cost and the hyperinflation would be treated as a unit of account because for menu cost, the seller have to change the cost because of changing in the price
On the other hand, because of the difference in the currencies, inflation would create a problem for measuring the currency units
And, the left one would be represent the store of value as the value of the money would be decrease when the inflation rate is increased
Money has three functions unit if accounts, storm of values and a medium of exchange. Modern economies use flat money that is not a community nor backed by the economy.
The inflation depicts the rise in procs and services and is a reason of the produces of goods and services in the economy. Inflation affects money by reducing the purchasing power of clients.Hence the option B is correct.
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Splish Corporation has retained earnings of $721,100 at January 1, 2020. Net income during 2020 was $1,562,700, and cash dividends declared and paid during 2020 totaled $79,000. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $86,370 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.)
Answer and Explanation:
The preparation of the retained earnings statement is presented below:
Opening retained earning balance $721,100
Add: prior period adjustment $86,370
Add: net income $1,562,700
Less: dividend paid $79,000
Ending retained earnings $2,291,170
The above items would be added and deducted that increase and decrease the retained earnings balance
A distinguishing characteristic of a telecommuter is that these workers?
Answer:
Generally work evenings instead of days. Work from the office on some days, and from home on other days. Send their work electronically to a central office.
On January 1, 20Y2, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,830, beginning on December 31, 20Y2. Journalize the entries to record the following:
20Y2 Jan. 1. Issued the note for cash at its face amount.
Dec. 31. Paid the annual payment on the note, which consisted of interest of $14,000 and principal of $29,830.
20Y5 Dec. 31. Paid the annual payment on the note, included $6,253 of interest. The remainder of the payment reduced the principal balance on the note.
Answer:
Hebron Company
Journal Entries:
Jan. 1, 20Y2:
Debit Cash $175,000
Credit 8% Note Payable (Ventsam Bank) $175,000
To record the issuance of the note.
Dec. 31, 20Y2:
Debit 8% Note Payable (Ventsam Bank) $29,830
Debit Interest Expense $14,000
Credit Cash $43,830
To record the first payment of the note with interest.
Dec. 31, 20Y5:
Debit 8% Note Payable (Ventsam Bank) $29,830
Debit Interest Expense $6,253
Credit Cash $36,083
To record the fourth payment of the note with interest.
Explanation:
a) Data and Analysis:
Jan. 1, 20Y2: Cash $175,000 8% Note Payable (Ventsam Bank) $175,000
Dec. 31, 20Y2: 8% Note Payable (Ventsam Bank) $29,830 Interest Expense $14,000 Cash $43,830
Dec. 31, 20Y5: 8% Note Payable (Ventsam Bank) $29,830 Interest Expense $6,253 Cash $36,083
br.uh + meme =jhhbn b bbv v
Answer:
jhcv njkdqevjkqefvhuiqevhihuerfihuer thank i guess and we have the same name
Explanation:
The awnser to your question is meme
Consider the following multiple regression models (a) to (d) below. DFemme = 1 if the individual is a female, and is zero otherwise; DMale is a binary variable which takes on the value one if the individual is male, and is zero otherwise; DMarried is a binary variable which is unity for married individuals and is zero otherwise, and DSingle is (1-DMarried). Regressing weekly earnings (Earn) on a set of explanatory variables.
Required:
Did you experience perfect multicollinearity in the following cases unless?
Answer:
The answer is "Option C"
Explanation:
Please find the complete question in the attachment file.
In this question except for choice c, all are incorrect which can be defined as follows:
It is inappropriate because when Dfemme and Dmale are paired together, it will core product multicollinearity. It's inaccurate because the sum of Dmarried and Dsingle equals 1 but produces ideal multicollinearity. It's also inaccurate since Dmarried and Dsingle, as well as Dfemme and Dmale, will all add up to one.Ahnberg Corporation had 580,000 shares of common stock issued and outstanding at January 1. No common shares were issued during the year, but on January 1, Ahnberg issued 200,000 shares of convertible preferred stock. The preferred shares are convertible into 400,000 shares of common stock. During the year Ahnberg paid $120,000 cash dividends on the preferred stock. Net income was $1,222,000.
Required:
What were Ahnberg's basic and diluted earnings per share for the year?
Answer:
basic earnings per share = $1.90
diluted earnings per share = $1.25
Explanation:
Basic Earnings per share = Earnings attributable to holders of Common Stock ÷ Weighted Average Number of Common Stocks Outstanding.
where,
Earnings attributable to holders of Common Stock = $1,222,000 - $120,000 = $1,102,000
and
Weighted Average Number of Common Stocks Outstanding = 580,000 shares
therefore,
Basic Earnings per share = $1.90
Diluted Earnings per share = Adjusted Earnings attributable to holders of Common Stock ÷ Adjusted Weighted Average Number of Common Stocks Outstanding.
where,
Adjusted Earnings attributable to holders of Common Stock = $1,222,000
and
Weighted Average Number of Common Stocks Outstanding = 580,000 + 400,000 = 980,000 shares
therefore,
Diluted Earnings per share = $1.25
Identify the type of bond based on each description given below:
a. These bonds are collateralized securities with first claims in the event of bankruptcy.
b. These bonds are not backed by any physical collateral.
c. They are backed by the reputation and creditworthiness of the issuing company.
d. These bonds are considered the riskiest of all corporate bonds and thus offer the highest interest rates.
Answer:
a. These bonds are collateralized securities with first claims in the event of bankruptcy. SENIOR MORTGAGE BONDS.
A senior mortgage bond is one whose collateral is one or more properties. Mortgage bonds generally have priority over other types of bonds and a senior mortgage bond has priority over other mortgage bonds.
b. These bonds are not backed by any physical collateral. They are backed by the reputation and creditworthiness of the issuing company. DEBENTURES
Debentures have no physical collateral backing them and are only back by the reputation of the company. This therefore makes them a bit high risk and so their rates are higher.
d. These bonds are considered the riskiest of all corporate bonds and thus offer the highest interest rates. SUBORDINATED DEBENTURES.
Debentures have higher than normal rates so subordinated debentures will be quite risky. They command the highest rates as a result because in the event of a default, their claim on assets is last.
Clothing Company wants to produce a new line of light weight winter coats. They currently have 2 models of winter coats: a medium weight winter coat and a heavy weight winter coat. They currently sell 55,500 medium weight winter coats each year at a price of $250 per coat. They currently sell 80,200 heavy weight winter coats each year at a price of $320 per coat. If the clothing company decides to sell the light weight winter coat, then they expect to sell 35,700 coats at a price of $190 per coat. If Clothing company sells the light weight winter coat, then they expect to sell only 50,200 medium weight winter coats and 70,800 heavy weight winter coats. What is the incremental revenue generated from potential project
Answer:
Clothing Company
The incremental revenue generated from potential project is:
= $2,450,000.
Explanation:
a) Data and Calculations:
Alternative 1 Alternative 2
Units to be sold:
Sale of light-weight winter coat 35,700
Sale of medium weight winter coat 55,500 50,200
Sale of heavy weight winter coat 80,200 70,800
Total coats sold 135,700 156,700
Selling prices:
Lightweight winter coat = $190 per coat
Medium weight winter coat = $250 per coat
Heavy weight winter coat = $320 per coat
Revenue from Sales:
Alternative 1 Alternative 2 Increment
Units to be sold:
Light-weight winter coat $6,783,000 $6,783,000
(35,700*$190)
Medium weight winter coat $13,875,000 12,550,000 (1,325,000)
(55,500*$250) (50,200*$250)
Heavy weight winter coat 25,664,000 22,656,000 (3,008,000)
(80,200*$320) (70,800*$320)
Total sales revenue $39,539,000 $41,989,000 $2,450,000
b) The computations show that Clothing Company would earn additional $2,450,000 in revenue if it embarked on the new project of making and selling 35,700 lightweight winter coats.