Answers
Answer: 22,038, 22,037, or 22,036
Explanation:
Taxable liability of Ryan is $22,154
Given:
Household and taxable income = $122,500
Find:
Taxable liability
Computation:
Household and taxable income of Ryan is $122,500
So,
Ryan falls [$84,201 - $160,700] tax range
So,
Taxable liability = 12,962 + (122,500 - 84200) × 24%
Taxable liability = 12,962 + (122,500 - 84200) × 0.24
Taxable liability = 12,962 + (38,300) × 0.24
Taxable liability = 12,962 + 9,192
Taxable liability = $22,154
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Related Questions
Over the past four years, the common stock of Jess Electronics Co. produced annual returns of 7.2, 5.8, 11.2, and 13.6 percent, respectively. Treasury bills produced returns of 3.4, 3.3, 4.1, and 4.0 percent, respectively over the same period. What is the standard deviation of the risk premium on Jess Electronics Co. stock for this time period? (Hint: First, calculate the risk premium for the stock in each of the years. Then, use these 4 annual risk premiums to calculate the standard deviation in the normal way that standard deviation is calculated.).
A. 2.23 percent
B. 4.46 percent
C. 3.22 percent
D. 2.86 percent
E. 4.61 percent
Answers
Answer:
Standard Deviation = 0.032 or 3.2%
Therefore, Option C) 3.22 percent is the correct answer
Explanation:
Given the data in the question;
lets make a table;
year market Treasury bills Risk deviation square of
returns returns premium from mean deviation
A B (A - B) Avg - (A - B) (Avg-(A-B))²
1 7.2% 3.4% 3.8% -0.0195 0.0004
2 5.8% 3.3% 2.5% -0.0325 0.0011
3 11.2% 4.1% 7.1% 0.0135 0.0002
4 13.6% 4.0% 9.6% 0.0385 0.0015
sum(∑) 23% 0.0032
Average Avg = ∑(A-B) /n = 23/4 = 5.75%
so Variance = ∑(Avg-(A-B))² / n-1 = 0.0032 / (4-1) = 0.0032 / 3 = 0.0010
Standard Deviation = √variance = √0.0010 = 0.0316 ≈ 0.032 or 3.2%
Therefore, Option C) 3.22 percent is the correct answer
Stone Company produces carrying cases for CDs. It has compiled the following information for the month of June: Physical Units Percent Complete for Conversion Beginning work in process 43,000 46% Ending work in process 38,000 68 Stone adds all materials at the beginning of its manufacturing process. During the month, it started 90,000 units. Required: 1. Using the weighted-average method, reconcile the number of physical units. 2. Using the weighted-average method, calculate the number of equivalent units.
Answers
Answer and Explanation:
a. The number of physical units reconciles is as follows:
Beginning work in process 43,000
Add: Started during the month 90,000
Units accounted 133,000
Completed & transferred units (133,000 - 38,000) 95,000
Ending work in process 38,000
Units accounted 133,000
b. The number of equivalent units is
Particulars Units %Material EUP %Conversion EUP
Units completed 95,000 100% 95,000 100% 95,000
Ending balance 38,000 100% 38,000 68% 25,840
Equivalent units 133,000 120,840
8. Agreement and disagreement among economists Suppose that Tim, an economist from a business school in Georgia, and Alyssa, an economist from a university in Massachusetts, are arguing over government bailouts. The following dialogue shows an excerpt from their debate: Alyssa: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. Tim: Indeed, it's gotten crazy! A government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. Alyssa: I don't know about that. Without a bailout of severely distressed financial firms, the economy will experience a deep recession. The disagreement between these economists is most likely due to .
Answers
Answer:
The disagreement between these economists is most likely due to .
differences between perceptions versus reality.
Explanation:
A bailout occurs when the government provides capital resources to a distressed business or failing company, which it considers to be too big to fail. The purpose is to prevent the consequences of the downfall of such an entity, which may include bankruptcy, default on its financial obligations, economic impact on the wider society. Most bailouts are made for the benefit of the society rather than the business entity. The mindset from which two economists can perceive the reality of bailouts will always differ.
Vito is the sole shareholder of Vito, Inc. He is also employed by the corporation. On June 30, 2020, Vito borrowed $8,000 from Vito, Inc., and on July 1, 2021, he borrowed an additional $10,000. Both loans were due on demand. No interest was charged on the loans, and the Federal rate was 4% for all relevant dates. Vito used the money to purchase a boat, and he had $2,500 of investment income. Determine the tax consequences to Vito and Vito, Inc., in each of the following situations.
Answers
Answer:
The first loan for $8,000 could fall under the exemption of employer-employee loan. But then after the second is taken, that exemption would no longer apply. A minimum interest of $18,000 x 4% x 6/12 = $360 should be charged.
If the loan is considered a corporation-shareholder loan, then it doesn't qualify for any type of exemption, resulting in interests = ($8,000 x 4% x 6/12) = $160 for 2020
for 2021, interest applied = [($8,000 + $160) x 4%] + ($10,000 x 4% x 6/12) = $326.40 + $360 = $686.40
It is reported that a 99-year license to use a parking spot at 42 Crosby in New York City is priced at $1 million. The licensee will have to cease using the parking spot thereafter. If the interest rate is fixed at 0.5% per month for the next 99 years, what is the fixed monthly payment on an equivalent 99-year mortgage to finance this purchase
Answers
Answer:
$13.39
Explanation:
future value of an annuity = monthly payment x FV annuity factor
monthly payment = future value / FV annuity factor
future value = $1,000,000
FV annuity factor = [(1 + 0.5%)¹¹⁸⁸ - 1 ] / 0.5% = 74,670.60843
monthly payment = $1,000,000 / 74,670.60843 = $13.39
Susan Marciano invested part of her $38,000 bonus in a fund that paid a 10% profit and invested the rest in stock that suffered a 5% loss. Find the amount of each investment if her overall net profit was $3,350.
Answers
Answer:
Missing word "The amount invested at 10% is $? and The amount invested in stock is ?"
Let Susan invested $x that paid a 10% profit
Then (38,000 - x) suffered loss at 4%
Overall net profit = $3,350
10% of x - 5% of (38,000 - x) = $3,350
10/100*x - 5/100*(38,000 - x) = $3,350
10x - 5*(38,000 - x) = 335,000
10x - 190,000 + 5x = 335,000
15x = 335,000 + 190,000
15x = 525,000
x = 525,000/15
x = 35,000
From (38000 - x) when x = 35,000
==> 38,000 - 35,000
==> $3,000
So, the amount invested at 10% is $35,000 and the amount invested at 5% i.e stock is $3,000
The cost allocation method most widely used because of its accuracy and ability to provide a detailed level of analysis is: Joint product costing. Accounting approach. Activity-based approach. Direct approach. Departmental approach.
Answers
Answer:
Activity-based approach.
Explanation:
Cost allocation in financial accounting can be defined as the process of identifying, gathering and assigning of cost across multiple cost objects such as products, inventory or departments.
There are various types of cost allocation methods and these are;
1. Sequential method.
2. Activity-based management method.
3. Reciprocal services method.
4. Direct method.
The cost allocation method most widely used because of its accuracy and ability to provide a detailed level of analysis is activity-based approach.
This ultimately implies that, activity-based approach gives entrepreneurs or employers all the necessary information on the actual cost of manufacturing, service delivery and other tasks associated with the business. Under the activity-based approach, the relationship between time and cost measurement is used to determine the cost price of goods and services.
What are the five worst selling products based on quantity sold? Group of answer choices Mishi Kobe Niku, Genen Shouyu, Gravad lax, Chocolade, Laughing Lumberjack Lager Camembert Pierrot, Raclette Courdavault, Gorgonzola Telino, Gnocchi di nonna Alice, Pavlova, Alice Mutton, Aniseed Syrup, Boston Crab Meat, Camembert Pierrot, Carnarvon Tigers Zaanse koeken, Wimmers gute Semmelknödel, Vegie-spread, Valkoinen suklaa, Uncle Bob's Organic Dried Pears
Answers
Answer:
Tigers Zaanse
Explanatio
lol Tigers Zaanse
View Policies Current Attempt in Progress At December 31, 2019, Wildhorse Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,579 shares $10,757,900 Common stock, $5 par, 4,074,720 shares 20,373,600 During 2020, Wildhorse did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $21,919,000 Discontinued operations (loss before taxes) $3,300,700 Preferred dividends declared $1,075,790 Common dividends declared $2,181,700 Effective tax rate 35 %
Compute earnings per share data as it should appear in the 2020 income statement of Wildhorse Corporation. (Round answers to 2 decimal places, e.g. 1.48.)
Earnings Per Share
$
$
Answers
Answer:
Wildhorse Corporation
Income Statement (Partial)
For the year ended Dec 31, 2020
Particulars Amount
Net Income
Income from continuing operation $21,919,000
before income tax
Income Tax (35%) $7,671,650
Income from continuing operation $14,247,350
Discontinued operations
Losses before taxes $3,300,700
Less: Income tax (35%) $1,155,245 $2,145,455
Net Income $12,101,895
Preferred dividend declared $1,075,790
Weighted average common share outstanding 4,074,720 shares
Earning per share
Income from continuing operation $3.23
($14,247,350 - $1,075,790)/4074720
Less: Discontinued operation, net of tax -$0.53
($2,145,455/4074720)
Net Income $2.71
($12,101,895 - $1,075,790) / 4074720
For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply.
a. Hubert buys a sweater made in Guatemala.
b. Kate's father in Sweden orders a bottle Of Vermont maple syrup from the producer's website.
c. The State of Pennsylvania repaves highway PA 320, Which goes through the center Of Swarthmore.
d. Kate gets a new refrigerator made in the United States.
e. Hubert's employer upgrades all of its computer systems using U.S.-made parts.
Answers
Answer:
GDP is the total market value of all the goods and services produced in a country at a given period of time. The five components of GDP are:
Explanation:
1. Consumption (C) : This involves all the private consumption spending or consumer spendings on goods and services such as on groceries, jewelry and clothing.
Kyoko gets a new refrigerator made in the United States - This is a form of consumption because the commodity is produced, bought and also consumed within domestic boundaries. Consumption includes durable goods, non-durable goods as well as services.
2. Investment (I) : This involves the private domestic investment and/or capital expenditure. This is incurred when businesses spend money to invest in their business activities.
Jacque’s employer upgrades all of his computer systems using U.S made parts - The money spent on upgrading computer systems will help increase the productivity and efficiency of business processes in the long run, hence is a form of investment.
3. Government spending (G) : This relates to government consumption expenditures and gross investment. Involves government spending on equipment, infrastructure and payroll.
The State of Pennsylvania replaces highway PA320, which goes through the center of Swathmore - The government has utilized its fund to construct a highway, which is an example of improving its infrastructure and benefiting the public, hence a form of government spending.
4. Exports (X) : Goods and services produced domestically, that are bought by those in other countries.
Kyoko’s father in Sweden orders a bottle of Vermont maple syrup from the producer’s website - This is a form of an export because the syrup that is produced domestically is being sold to someone in another country.
5. Imports (M) : The goods and services produced by another country which are brought into the domestic country.
Jacques buys a sweater made in Guatemala - This is a form of imports since it is produced outside domestic borders and is being purchased to be consumed within the country.
Suppose that, in a competitive market without government regulations the equilibrium price of gasoline is $3.00 per gallon.
Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.
Choices for Price Control is:________.
A. Price ceiling
B. Price floor
Choices for Binding or Not is:_______.
A. Binding
B. Non-Binding
Statement Price Control Binding or Not
There are many teenagers who would like to work at gas stations, but they are not hired due to minimum wage law
___________ ___________
The government prohibits gas stations from selling gasoline for more than $2.70 per gallon
___________ ___________
The government has instituted a legal minimum price of $2.70 per gallon for gasolone.
___________ ___________
Answers
Answer:
price floor , binding
price ceiling binding
price floor , non binding
Explanation:
A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price
Because firms are unable to hire workers due to the minimum wage laws., it means it is binding price floor
Equilibrium price is $3 and the maximum price is $2.70 . Thus, it is a binding price ceiling
Equilibrium price is $3 and the minimum price is $2.70 . Thus, it is a binding floor
You are considering an investment in Cruise, Inc. and want to evaluate the firm's free cash flow. From the income statement, you see that Cruise earned an EBIT of $203 million, paid taxes of $50 million, and its depreciation expense was $74 million. Cruise's gross fixed assets increased by $71 million from 2017 to 2018. The firm's current assets decreased by $11 million and spontaneous current liabilities increased by $6.1 million. What is Cruise's operating cash flow, investment in operating capital and free cash flow for 2018, respectively in millions
Answers
Answer: See explanation
Explanation:
Cruise's operating cash flow would be calculated as:
= EBIT + Depreciation + Taxes
= 203 + 74 - 50
= $227 million
Cruise's investment in operating capital will b calculated as:
= 71 - 11 - 6.1
= $53.9 million
Cruise's free cash flow for 2018 will be calculated as:
= operating cash flow - investment in Operating capital
= 227 - 53.9
= $173.1 million
Answer and Explanation:
The computation is shown below:
Operating cash flow = EBIT - taxes + depreciation expense
= $203 million -$50 million + $74 million
= $227 million
The investment in operating capital is
= Gross fixed asset - decrease in current asset + increase in current liability
= $71 million - $11 million + $6.1 million
= $66.1 million
And, the free cash flow is
= Operating cash flow - investment in operating capital
= $227 million - $66.1 million
= $160.90 million
At December 31, 2026, the following balances existed for MICPA Corporation: Bonds Payable (6%) $600,000 Discount on Bonds Payable 50,000 The bonds mature on 12/31/28. Straight-line amortization is used. If 60% of the bonds are retired at 103 on January 1, 2028, what is the gain or loss on early extinguishment
Answers
Answer:
$25,800
Explanation:
The bonds would mature at the end of the year 2028, which means in 2 years, as result, annual discount amortization is computed thus:
annual discount amortization=$50,000/2=$25,000
On January 1,2028, the balance in discount amortization is $25,000
Proceeds for 60% redemption=$600,000*60%*103%=$370,800
60% of bonds payable=$600,000*60%=$360,000
60% of unamortized discount=60%*$25,000=$15,000
In effecting the journal entries, bonds payable is debited with $360,000 while cash and discount on bonds payable are credited with $370,800 and $15,000 respectively.
Total credits=$370,800+$15,000=$385,800
total debit=$360,000
loss on early extinguishment is $25,800($385,800-$360,000)
On November 1, 2020, Stellar Company adopted a stock-option plan that granted options to key executives to purchase 31,800 shares of the company’s $9 par value common stock. The options were granted on January 2, 2021, and were exercisable 2 years after the date of grant if the grantee was still an employee of the company. The options expired 6 years from date of grant. The option price was set at $40, and the fair value option-pricing model determines the total compensation expense to be $477,000. All of the options were exercised during the year 2023: 21,200 on January 3 when the market price was $68, and 10,600 on May 1 when the market price was $77 a share. Prepare journal entries relating to the stock option plan for the years 2021, 2022, and 2023. Assume that the employee performs services equally in 2022 and 202
Answers
Answer:
2021 No entry
The total compensation cost is the amount of $477,000
2021
Dr Compensation Expense 238,500
Cr Paid-in Capital- Stock Options 238,500
2022
Dr Compensation Expense 238,500
Cr Paid-in Capital- Stock Options238,500
1/3/2023
Dr Cash 848,000
Dr Paid-in capital - Stock Options 318,000
Cr Common Stock 190,800
Cr Paid-in Capital in Excess of par 975,200
5/1/2023
Dr Cash 424,000
Dr Paid-in Capital - Stock Options 159,000
Cr Common Stock 95,400
Cr Paid-in Capital in Excess of Par 487,600
Explanation:
Preparation of the journal entries relating to the stock option plan for the years 2021, 2022, and 2023.
2021 No entry
The total compensation cost is the amount of $477,000
2021
Dr Compensation Expense 238,500
Cr Paid-in Capital- Stock Options 238,500
(1/2 * $477,000)]
(Being To record compensation expense for 2021)
2022
Dr Compensation Expense 238,500
Cr Paid-in Capital- Stock Options238,500
(1/2 * $477,000)
(Being To record compensation expense for 2022)
1/3/2023
Dr Cash 848,000
(21,200 * $40)
Dr Paid-in capital - Stock Options 318,000
($477,000 *(21,200/31,800))
Cr Common Stock 190,800
(21,200 * $9)
Cr Paid-in Capital in Excess of par 975,200
[848,000+318,000-(190,800)]
(Being To record issuance of 21,200 shares of $9 par value stock upon exercise of option price set at $40)
5/1/2023
Dr Cash 424,000
(10,600 *$40)
Dr Paid-in Capital - Stock Options 159,000
($477,000 * (10,600/31,800))
Cr Common Stock 95,400
(10,600*$9)
Cr Paid-in Capital in Excess of Par 487,600
[424,000+159,000-(95,400)]
(Being To record issuance of 10,600 shares of $9 par value stock upon exercise of option price set at $40)
Orientation responsibilities are normally shared between:
of 2
Select one:
a. the HR department and top management.
b. mid- and upper-level executives.
C. coworkers and line managers.
d. the HR department and the new employee's immediate manager.
Clear my choice
Answers
Answer:
d. the HR department and the new employee's immediate manager.
Explanation:
An "employee orientation" is part of a new employee's onboarding process, before he's trained. It often happens on the first day of employment. It allows the new employee to feel welcomed in the company, which will make him more successful in achieving his goal.
It is the role of the HR department and direct manager or immediate manager to conduct the orientation. It is the role of the HR to give the employee the company handbook and sign contracts. On the other hand, the immediate manager introduces the new employee to his colleagues and gives him a tour of the company's premise. Some immediate managers provide a welcome party.
A company has the following cash transactions for the period.
Accounts Amounts Cash
received from sale of products to customers 31,500
Çash received from the bank for long-term loan 36,500
Cash paid to purchase factory equipment (41,500)
Cash paid to merchandise suppliers (10,300)
Cash received from the sale of an unused warehouse 11,300
Cash paid to workers (22,300)
Cash paid for advertisement (2,300)
Cash received for sale of services to customers 21,500
Cash paid for dividends to stockholders (4,300)
Assume the balance of cash at the beginning of the period is $3,300.
Required: 1.
Calculate the ending balance of cash. Ending balance
Answers
Answer:
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A change in the supply of one factor of production a. can alter the earnings of all of the other factors. b. alters the earnings of that factor only. c. will not change the marginal productivities of other factors but may change their prices. d. alters the earnings of capital and labor but not land.
Answers
Answer:
a. can alter the earnings of all of the other factors.
Explanation:
In the case when there is any change in the one factor of the supply so it would alter or made changes the earnings of all other factors not change the one factor or any other reason
It would fully impact the all the other factors earnings
Therefore as per the given options the first one is correct
Pina Colada Corp. issued 22000 shares of $1 par common stock for $40 per share during 2022. The company paid dividends of $53000 and issued long-term notes payable of $484000 during the year. What amount of cash flows from financing activities will be reported on the statement of cash flows
Answers
Answer:
Net cash flows from financing activities $1,311,000.
Explanation:
The computation of the amount that would be reported on the financing activities of the cash flow statement is as follows:
Issue of common stock(22,000 shares × $40) $880,000
Less: payment of dividend ($53,000)
Add: Issue of the long term note payable $484,000
Net cash flows from financing activities $1,311,000.
The trial balance of D. Savage Company at the end of its fiscal year, August 31, 2017, includes these accounts: Inventory $17,200, Purchases $149,000, Sales Revenue $190,000, Freight-In $5,000, Sales Returns and Allowances $3,000, Freight-Out $1,000, and Purchase Returns and Allowances $2,000. The ending merchandise inventory is $23,000. Prepare a cost of goods sold section for the year ending August 31 (periodic inventory).
Answers
Answer and Explanation:
The preparation of the cost of goods sold is presented below:
Cost of goods sold statement
Opening inventory $17,200
Add:
Purchase $149,000
Freight in -$4,350
Less:
Purchase Return -$2,000
Less:
Closing inventory -$23,000
Cost of goods sold $136,850
Assume that a national restaurant chain called BBQ builds 10 new restaurants at a cost of $1 million per restaurant. It outfits each restaurant with an additional $300,000 of equipment and furnishings. To help partially defray the cost of this expansion, BBQ issues and sells 200,000 shares of stock at $35 per share.
a. What is the amount of economic investment that has resulted from BBQ’s actions? $ million.
b. How much purely financial investment took place? $ million.
Answers
Answer and Explanation:
The computation is shown below:
a. The economic investment amount is
= Number of resturants × cost per resturant + number of resturant × additional cost
= 10 × $1,000,000 + 10 × $300,000
= $10,000,000 + $3,000,000
= $13,000,000
b. The amount in financial investment took place is
= Number of shares × per value share
= 200,000 shares × $35 per share
= $7,000,000
Oscar owns a bulldog. Another dog owner filed a lawsuit against Oscar alleging that his bulldog injured her pet poodle in a dog park fight. Despite evidence that his bulldog was not present at the dog park when a dogfight broke out, the jury found Oscar liable for injuries caused to the poodle. Based on these facts, Oscar has the legal option to do which of the following?
1) Make a peremptory challenge ((has to do with a juror))
2) File a motion for a judgment notwithstanding the verdict
3) Motion that the court nullify the verdict based on res judicata(no this has to do with not refiling the case)
4) File a motion for a directed verdict at the end of trial testimony before the case goes to the jury that argues that no reasonable jury could find for opposing party and therefore the judge should make a ruling on the case accordingly
Answers
Answer:
File a motion or a judgement notwithstanding the verdict
Explanation:
Answer:
File a motion or a judgement notwithstanding the verdict
Explanation:
10. In which scenario do most homeowners use equity in their home? A). To pay off student loan B). When they have children C). When they sell it to buy a new One D). When they’re threatened with foreclosure.
Answers
Answer:
D. When they're threatened with foreclosure
Explanation:
Most homeowners make use of their equity when they sell their house and purchase a new one. So, option (C) is the best choice.
The difference between a property's current market value and any outstanding liens or mortgages is referred to as equity in a home. Through their recurring mortgage payments and any value growth of the home, homeowners gradually increase the equity in their properties.
Homeowners can utilize the equity they have accumulated to buy a new house if they decide to sell their current one. They can utilize the equity to pay for the down payment on a new house or to lower the size of the mortgage they need to take out. The most typical situation in which homeowners spend their equity in their homes is this one.Therefore, Most homeowners make use of their equity when they sell their house and purchase a new one. So, option (C) is the best choice.
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g The Melville Company sold land for $60,000 in cash. The land was originally purchased for $40,000, and at the time of the sale, $15,000 was stillowed to First National Bank on that purchase. After the sale, The Melville Company paid off the loan to First National Bank. What is the effect of thesale and the payoff of the loan on the accounting equation
Answers
Answer and Explanation:
The impact on the sale and the payoff the loan in an accounting equation is as follows:
But before that
The following journal entries should be recorded
Cash $60,000
To Land $40,000
To Profit on sale of land $20,000
(Being the sale of the land is recorded)
Loan Dr $15,000
To Cash $15,000
(Being the loan is paid)
Here the cash would increased by $5,000, the liabilities would decreased by $15,000 and equity would be increased by $20,000
On May 10, 2020, Splish Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $2,060 on July 15, 2020. The cost of the goods is $1,380. Splish delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Splish related to this contract. Either party may terminate the contract without compensation until one of the parties performs.
Answers
Answer:
May 15, 2020
No Entry
June 15, 2020
Debit: Account Receivable 2,060
Credit Revenue 2,060
Debit COGS 1,380
Credit Inventory 1,380
July 15, 2020
Debit Cash 2,060
Credit Account Receivable 2,060
Explanation:
Preparation of the journal entries for Splish related to this contract.
May 15, 2020
No Entry
June 15, 2020
Debit: Account Receivable 2,060
Credit Revenue 2,060
Debit COGS 1,380
Credit Inventory 1,380
July 15, 2020
Debit Cash 2,060
Credit Account Receivable 2,060
The total assets of Berber Company are $190,000 and its owner's equity is $89,000. What is the amount of its total liabilities?
Answers
Answer:
$101,000
Explanation:
As per the accounting equation, assets are equal to liabilities plus equity.
I.e.,
Assets = Liabilities + Equity
For Berber Company, Assets are $190,000: liabilities = $89,000
Therefore,
$190,000 = $89,000 + Equity
Equity = $190,000 -$89,000
Equity = $101,000
Echo Company uses a normalized job costing system and applies factory overhead on the basis of machine hours. Echo's yearly profit plan disclosed anticipated factory overhead of $4,800,000 if 200,000 machine hours are worked. By year-end, actual factory overhead charges and machine hours worked amounted to $4,730,000 and 215,000, respectively. What amount correctly states the factory overhead applied to Echo's actual year-end overhead
Answers
Answer:
$22
Explanation:
Given the above information, the amount that correctly states the factory overhead applied is ;
= Actual factory overhead charges / Machine hours worked
= $4,730,000 / 215,000
= $22
All-Star Automotive Company experienced the following accounting events during Year 1: Performed services for $14,300 cash. Purchased land for $7,300 cash. Hired an accountant to keep the books. Received $33,000 cash from the issue of common stock. Borrowed $8,600 cash from State Bank. Paid $4,300 cash for salary expense. Sold land for $8,600 cash. Paid $3,300 cash on the loan from State Bank. Paid $4,500 cash for utilities expense. Paid a cash dividend of $1,300 to the stockholders.
Answers
Answer:
Missing word "Indicate how each of these events would be classified on the statement of cash-flow, OA, IA, FA or NA"
EVENTS CLASSIFICATION
Performed services for $14,300 cash. Operating activities
Purchased land for $7,300 cash. Investing activities
Hired an accountant to keep the books. Not applicable
Received $33,000 cash from the issue Financing activities
of common stock.
Borrowed $8,600 cash from State Bank. Financing activities
Paid $4,300 cash for salary expense. Operating activities
Sold land for $8,600 cash. Investing activities
Paid $3,300 cash on the loan from Financing activities
State Bank.
Paid $4,500 cash for utilities expense. Operating activities
Paid a cash dividend of $1,300 to Financing activities
the stockholders.
The following events occurred for Favata Company: Received $15,000 cash from owners and issued stock to them. Borrowed $12,000 cash from a bank and signed a note due later this year. Bought and received $1,300 of equipment on account. Purchased land for $22,000; paid $2,000 in cash and signed a long-term note for $20,000. Purchased $8,000 of equipment; paid $2,000 in cash and charged the rest on account.
Answers
Answer:
a. Dr Cash$15,000
Cr Contributed Capital $15,000
b. Dr Cash $12,000
Cr Notes Payable (short-term) $12,000
c. Dr Equipment $1,300
Cr Accounts Payable $1,300
d. Dr Land $22,000
Cr Cash $2,000
Cr Notes Payable (long-term) $20,000
e. Dr Equipment$8,000
Cr Cash $2,000
Cr Accounts Payable $6,000
Explanation:
Preparation of Journal entries
a. Dr Cash$15,000
Cr Contributed Capital $15,000
b. Dr Cash $12,000
Cr Notes Payable (short-term) $12,000
c. Dr Equipment $1,300
Cr Accounts Payable $1,300
d. Dr Land $22,000
Cr Cash $2,000
Cr Notes Payable (long-term) $20,000
e. Dr Equipment$8,000
Cr Cash $2,000
Cr Accounts Payable $6,000
(8,000-2,000)
Seybert Systems accounts for its investment in Wang Engineering bonds as available-for-sale. Seybert's balance in accumulated other comprehensive income with respect to the Wang investment is a credit balance of $27,000, and Seybert reports the investment as $200,000 on its balance sheet. Seybert purchased the Wang investment for (ignore taxes):________.
Answers
Answer:
Seybert purchased the Wang investment for $173,000
Explanation:
Since there is a credit balance. It means the stock is increased in value by $27,000. So that the stock was purchased at $173,000 ($200,000-$27,000).
Five individuals organized Miami Music Corporation on January 1. At the end of January 31, the following monthly financial data are available:
Total Revenues $ 133,000
Operating Expenses 90,700
Cash 31,800
Accounts Receivable 25,500
Supplies 41,100
Accounts Payable 24,500
Common Stock 31,600
No dividends were declared or paid during January.
a. Does Miami Music Corporation have sufficient resources to pay its liabilities?
Yes
No
b. Which financial statement indicates this?
i. Income Statement
ii. Statement of Retained Earnings
iii. Balance Sheet
iv. Statement of Cash Flows
Answers
Answer:
a. Does Miami Music Corporation have sufficient resources to pay its liabilities?
Yesb. Which financial statement indicates this?
iii. Balance SheetThe balance sheet shows that total accounts payable are $24,500. The company's liquid assets are much higher, especially cash which is $31,800. The company should have enough resources to pay all its liabilities. it is also a profitable company.
Explanation:
Based on the entries in the books of this company, the following are true:
a. Yes they do.b. Balance Sheet. How do we know the company can pay off its debt?Paying off liabilities requires current assets to be larger than liabilities.
The current assets of Account Receivable ($25,500) and Cash ($31,800) are both larger than the Accounts Payable of $24,500. The company can therefore pay off liabilities.
All three accounts are found in the Balance Sheet.
Find out more on the Balance Sheet at https://brainly.com/question/25225110.