research how consumers might use dispute resolution to resolve conflicts with businesses.
Answer:
The two most popular types of dispute resolution are mediation and arbitration. In mediation, a neutral third party — a mediator — helps you and the other party try to resolve the problem through facilitated dialogue. However, it's up to you and the other party to reach an agreement.
Explanation:
Answer:
what I researched is that
Explanation:
Explanation.
Newland Company reported retained earnings at December 31, 2019, of $310,000. Newland had 200,000 shares of common stock outstanding at the beginning of 2020. Determine retained earnings balance. The following transactions occurred during 2020.
1. An error was discovered. In 2015, depreciation expense was recorded at $70,000, but the correct amount was $50,000.
2. A cash dividend of $0.50 per share was declared and paid.
3. A 5% stock dividend was declared and distributed when the market price per share was $15 per share.
4. Net income was $285,000.
Prepare a retained earnings statement for 2020.
Answer:
Retained earnings = $345,000
Explanation:
Particulars Amount
Retained earnings December 31,2019 $310,000
Less: Cash dividend $100,000
(200000 * $0.50)
Less: Stock dividend $150,000
(200,000*5%*$15)
$60,000
Add: Net income $285,000
Retained earnings $345,000
Retained earnings, December 31,2019 $310,000
Less: Cash dividend -$100,000 ($200,000 × 0.50)
Less: Stock dividend -$150,000 ($200,000 × 5% × 15)
Add: Net income $285,000
Retained earnings $345,000
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(D)
Life membership fees received by a club is
A. Revenue receipt
(B)
(C) Both (A) and (B)
(D)
Capital receipt
None of these
Answer:
(D) Capital receipt
Explanation:
The life membership fee is a one-time lump sum amount paid by a new member. It gives a member access to the club facilities for the rest of their lives. Life membership is treated as a capital receipt and added to the capital fund. It appears on the liabilities side in the balance sheet.
Life membership is not treated as income for a particular year because the one-time payments permit a member lifetime access to the club services.
A financial institution where the users are the owners and generally share a common bond are known as
Answer: Credit unions
Explanation:
Credit union is a nonprofit-making money institution whose members can borrow from deposits at low interest rates and share profits with owners.
Their aim is to serve each member by helping them to get funds at low interest .
Hence, a financial institution where the users are the owners and generally share a common bond are known as Credit union.
Toil & Oil processes crude oil to jointly produce gasoline, diesel, and kerosene. One batch produces 3,415 gallons of gasoline, 2,732 gallons of diesel, and 1,366 gallons of kerosene at a joint cost of $12,000. After the split-off point, all products are processed further, but the estimated market price for each product at the split-off point is as follows:
Gasoline $2 per gallon
Diesel 1 per gallon
Kerosene 3 per gallon
Using the market value at split-off method, allocate the $12,000 joint cost of production to each product.
Joint Product Allocation
Gasoline $
Diesel
Kerosene
Totals $
Answer: See attachment
Explanation:
Allocation rate was calculated as:
Gasoline: 6830/13660 × 100 = 50%
Diesel: 2732/13660 × 100 = 20%
Kerosene: 1366/13660 × 100 = 30%
Cost to be allocated:
Gasoline = 50% × $12000 = $6000
Diesel: 20% × $12000 = $2400
Kerosene: 30% × $12000 = $3600
Check the attachment for further details.
what is the difference between accrual and realization concept in accounting
what's your favorite holiday and why?
Answer:
Summer holiday
no coldness
beach time
camping
travel
Answer: Christmas
Explanation:
I think this holiday in particular brings everyone together. Huge festivities are all around and about as well.
Alto Corporation sold two capital assets this year. The first sale resulted in a $13,000 capital gain, and the second sale resulted in a $41,000 capital loss. Alto was incorporated five years ago. Four years ago, Alto recognized $5,000 of net capital gain. Three years ago, Alto recognized $10,000 of net capital gain. Two years ago and last year, Alto recognized no net capital gains.
Required:
Using a 21 percent tax rate, compute Alto's tax refund from the carryback of its current year capital loss. Compute Alto's capital loss carryforward into next year.
Answer:
A. Tax refund $2,100
B. $18,000
Explanation:
A. Calculation for Alto's tax refund from the carryback of its current year capital loss
Based on the information given we were told that Alto has the amount of $28,000 ( 13,000-41,000) as a net capital loss that is non deductible this year which means Alto can
carry the loss back 3 years in order for Alto to deduct against net capital gain in those 3years.
Secondly Alto can as well remove the amount of $10,000 capital loss that was carryback against capital gain 3 years ago in order to have the amount of $2,100 as tax refund which is calculated as ($10,000 × 21%)
B. Computation of Alto's capital loss carryforward into next year.
Alto’s capital loss carryforward = ($28,000 − $10,000).
Alto’s capital loss carryforward =$18,000
Therefore Alto’s capital loss carryforward will be $18,000
Esquire Company needs to acquire a molding machine to be used in its manufacturing process. Two types of machines that would be appropriate are presently on the market. The company has determined the following (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)Machine A could be purchased for $48,000. It will last 10 years with annual maintenance costs of $1,000 per year. After 10 years the machine can be sold for $5,000.Machine B could be purchased for $40,000. It also will last 10 years and will require maintenance costs of $4,000 in year three, $5,000 in year six, and $6,000 in year eight. After 10 years, the machine will have no salvage value.Required:Assume an interest rate of 8% properly reflects the time value of money in this situation and that maintenance costs are paid at the end of each year. Ignore income tax considerations. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)Calculate the present value of Machine A & Machine B. Which machine Esquire should purchase?
Answer: Machine B because it has the lower Present Value
Explanation:
Machine A= Present Value of income - Present Value of Costs
Present value of Income;
Sold for $5,000 after 10 years.
= 5,000/ (1 + 8%)^10
= $2,315.97
Present Value of Costs;
Purchased for $48,000.
Maintenance of $1,000 per year for years.
Present value of maintenance= 1,000 * Present value factor of annuity, 10 years, 8%
= 1,000 * 6.7101
= $6,710.10
Machine A Present Value
= 2,315.97 - 6,710.10 - 48,000
= -$52,394
Machine BNo salvage value.
Present Value of costs
Purchased for $40,000.
Present value of maintenance = (4,000 / (1 + 8%)^3) + (5,000 / ( 1 + 8)^6) + (6,000 / ( 1 + 8%)^8)
= -$9,567.79
Present Value = -40,000 - 9,567.79
= -$49,568
If a firm's beta was calculated as 1.6 in a regression equation, a commonly-used adjustment technique incorporating a weighting on long-run beta of 1.0 would provide an adjusted beta of
Answer: between 1 and 1.6
Explanation:
The Market Beta is 1.0 which is why in the long run, betas will equal 1 and so will move steadily towards 1 overtime.
The adjustment technique will therefore show a beta between 1 and 1.6 because the 1.6 will move on to 1 overtime.
To explain, the adjustment technique is as follows;
Adjusted beta = 2/3(sample beta) + 1/3(1)
= 2/3(1.6) + 1/3
= 1.4
The adjusted beta of 1.4 is between 1 and 1.6.
Pearsall Company's defined benefit pension plan had a PBO of $275,000 on January 1, 2021. During 2021, pension benefits paid were $45,000. The discount rate for the plan for this year was 11%. Service cost for 2021 was $88,000. Plan assets (fair value) increased during the year by $55,000. The amount of the PBO at December 31, 2021, was:
Answer:
$329,150
Explanation:
Calculation for the amount of the PBO at December 31, 2021
PBO/1/1 $265,000
Add Service Cost 80,000
Add Interest Cost 29,150
($265,000 x 11%)
Less Benefits Paid (45,000)
PBO 12/31 $329,150
Therefore The amount of the PBO at December 31, 2021, was: $329,150
Find an approximate annual dollar-weighted yield received by Abiyote for the three-year period from January 1, 1994 until January 1, 1997 using
Answer:
The information about Abiyote's investment is missing, so I looked for similar questions:
Abiyote's time weighted rate of return = [(1 + HP₁ ) x (1 + HP₂) x (1 + HP₃)]¹/³ - 1
HP₁ = ($28,212 - $24,500) / $24,500 = 0.1515
HP₂ = ($15,892 - $18,212) / $18,212 = -0.1274
HP₃ = ($30,309 - $23,892) / $23,892 = 0.2686
TWRR = [(1.1515 x 0.8726 x 1.2686)¹/³ - 1 = 0.08426 = 8.43%
You calculate TWRR in the same way as you calculate geometric mean.
Which activity combines inventory management, order processing, warehousing, material handling, and transportation
Answer:
Physical distribution.
Explanation:
In Business marketing, physical distribution can be defined as all the series of activities with respect to the supply of finished goods from production line (factory) to the end users or consumers.
Physical distribution is an activity which combines inventory management, order processing, warehousing, material handling, customer service, packaging, market forecasting, logistics and transportation.
Basically, physical distribution deals with the planning, organizing, implementation and control of the movement of goods and services in order to meet the demands of consumers.
This program consists of three lottery-funded scholarships for Florida high school graduates who demonstrate high academic achievement and enroll in eligible Florida public or private postsecondary institutions.
Financial Aid
Florida Pre-Paid College Plan
College Board
Bright Futures Scholarship
Answer: Bright Future Scholarship
Explanation:
since it’s for only Florida schools this can be the only answer.
Answer:
bright future
Explanation:
Took the test and got it right
Consider two neighboring island countries called Euphoria and Contente. They each have 4 million labor hours available per week that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor.Country Rye Jeans(Bushels per hour of labor)(Pairs per hour of labor)Euphoria 5 20Contente 8 16 Initially, suppose Contente uses 1 million hours of labor per week to produce rye and 3 million hours per week to produce jeans, while Euphoria uses 3 million hours of labor per week to produce rye and 1 million hours per week to produce jeans. Consequently, Euphoria produces 15 million bushels of rye and 20 million pairs of jeans, and Contente produces 8 million bushels of rye and 48 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of rye and jeans it produces.Euphoria's opportunity cost of producing 1 bushel of rye is ________ of jeans, and Contente's opportunity cost of producing 1 bushel of rye is ____________ of jeans. Therefore, __________ has a comparative advantage in the production of rye, and___________ has a comparative advantage in the production of jeans.Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. In this case, the country that produces rye will produce ________million bushels per week, and the country that produces jeans will produce_________million pairs per week.
Explanation:
here is an explanation and solution to your question
For Euphoria:
The opportunity cost of producing a unit of rye in terms of jeans =20/5 = 4
for contente:
The opportunity cost of producing a unit of rye in terms of jeans = 16/8 = 2
opportunity cost of producing 1 unit of jean in terms of unit of rye:
for euphoria = 5/20 = 1/4
for contente = 8/16 = 1/2
1.
Euphoria's opportunity cost of producing a a bushel of rye is 4 pairs of jeans.
contentes opportunity cost of producing a bushel of rye is 2 pairs of jeans.
2.
contente has comparative advantage in producing rye
euphoria has comparative advantage in jeans production
3
contente produces 8 bushels of rye so with 4 million hours of labor = 8x4 = 32 million bushels in a week.
euphoria 20 pairs of jean in a week, using 4 million hours of labor. 20x4 = 80 pairs of jean a week
Harper Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 25,000 pounds of raw chicken that costs $17,500, the company produces two parts: 4,400 pounds of drumsticks and 6,200 pounds of breast for a processing cost of $3,648. The chicken breast is further processed into 5,400 pounds of steak for a processing cost of $3,400. The market price of drumsticks per pound is $1.85 and the market price per pound of chicken steak is $5.40. If Harper decided to sell chicken breast instead of chicken steak, the price per pound would be $2.70.
Required:
a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base.
a-2. Calculate the gross margin for each product.
a-3. If the drumsticks are producing a loss, should that product line be eliminated?
b-1. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base.
b-2. Calculate the gross margin for each product.
c-1. Should Martin further process chicken breasts into chicken steak? (Use the assumption made in requirement b-1).
c-2. How would the profit be affected by your answer in c-1?
Answer:
Please see answers below
Explanation:
1a . Allocate the joint cost to the joint products
The allocation rate will be computed as follows:
Allocation cost = Total cost / Total number of pounds ( Drumstick + Breast)
= $17,500 + $3,648 / 4,400 + 6,200
= $21,148 / 10,600
= $2.0
Allocation costs of
Drumstick = Allocation rate × Drumstick
= $2.0 × 4,400
= $8,800
Chicken breast = Allocation rate × Chicken breast
= $2.0 × 6,200
= $12,400
Total cost = $8,800 + $12,400 = $21,200
2a. Market price per pound of drumstick $1.85
Market price per pound of chicken breast $2.70
The revenue for drumstick is computed as;
= 4,400 × $1.85
= $8,140
The revenue for chicken breast is computed as;
= 6,200 × $2.70
= $16,740
Compute gross margin.
Gross margin = Revenue cost - Allocation cost
Drumstick = $8,140 - $8,800 = ($660)
Chicken breast = $16,740 - $12,400 = $4,340
3a. No. This is because the drumstick can be eliminated due to the loss they are incurring, hence contribute to the total joint cost
3b. Compute reallocation rate as;
Rate = Total allocation / Total market value of drumstick + Chicken breast
= $21,200 / (4,400 × $1.85) + (6,200 × $2.7)
= $21,200 / $8,140 + $16,740
= $21,200 / $24,880
= $0.85
Compute the market cost of;
Drumstick = $0.85 × 4,400 × $1.85
= $6,919
Chicken breast = $0.85 × 6,200 × $2.70
= $14,229
3b2 Compute gross profit margin for each
Drumstick = $8,140 - $6,919
= $1,221
Chick breast = $16,740 - $14,220
= $2,520
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,283,744 as follows.
Work in process, November 1 Materials $78,600 Conversion costs 48,700 $127,300 Materials added 1,592,280 Labor 225,100 Overhead 339,064 Production records show that 35,200 units were in beginning work in process 30% complete as to conversion costs, 661,000 units were started into production, and 25,400 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.
(a) Determine the equivalent units of production and the unit production costs for the Assembly Department.
(Round unit costs to 2 decimal places, e.g. 2.25.)
Materials Conversion Costs
Equivalent Units
Cost per unit $ $
(b) Determine the assignment of costs to goods transferred out and in process.
(c) Prepare a production cost report for the assembly dept.
Answer:
a.
Equivalent Units : Materials = 696,200 units and Conversion Costs = 680,960 units
Cost per unit : Materials = $2.40 and Conversion Costs = $0.90
b.
goods transferred out = $2,213,640
goods in process = $70,104
c.
Production cost report for the assembly department
Inputs :
Opening Balance $127,300
Costs added during the year :
Materials $1,592,280
Labor $225,100
Overhead $ 339,064
Total Costs $2,283,744
Outputs :
Completed and Transferred Out $2,213,640
Ending Work In Process $70,104
Total Costs $2,283,744
Explanation:
First, calculated the number of units completed and transferred to finished goods.
Number of units completed and transferred = Beginning Inventory Units + Units Started during the period - Ending Inventory Units
Number of units completed and transferred = 35,200 units + 661,000 units - 25,400 units
= 670,800 units
Calculation of Equivalent Units of Production with Respect to Raw Materials and Conversion Costs.
1. Materials
Ending Work In Process (25,400 × 100%) = 25,400
Completed and Transferred (670,800 × 100%) = 670,800
Equivalent Units of Production with Respect to Raw Materials = 696,200
2. Conversion Costs
Ending Work In Process (25,400 × 40%) = 10,160
Completed and Transferred (670,800 × 100%) = 670,800
Equivalent Units of Production in Conversion Costs = 680,960
Calculation of Total Unit Cost
Unit Cost = Total Costs ÷ Total Equivalent Units
1. Materials
Unit Cost = ($78,600 + $1,592,280) ÷ 696,200
= $2.40
2. Conversion Costs
Unit Cost = ($48,700 + $225,100 + $339,064 ) ÷ 680,960
= $0.90
3. Total Unit Cost
Total Unit Cost = Materials + Conversion Costs
= $2.40 + $0.90
= $3.30
Calculation of costs assigned to goods transferred out and in process.
Goods transferred out = Units completed and transferred × total unit cost
= 670,800 × $3.30
= $2,213,640
Units in Process = Material Costs + Conversion Cost
= (25,400 × $2.40) + (10,160 × $0.90)
= $70,104
What should be the initial markup percent in a department that has the following figures: Net sales $320,000 Markdowns 7,800 Expenses 105,000 Employee discounts 1,950 Shortages 2,750 Alterations 1,025 Cash discounts 950 Profit 7.5%
Answer:
42.58%
Explanation:
Calculation for What should be the initial markup percent
First step is to calculate the gross margin using this formula
Gross Margin = Profit + Expenses,
Let plug in the formula
Gross margin = 105,000+24,000
Gross margin= 129,000
Second step is to calculate the reduction using this formula
Reduction = Markdown + Employee discount + Shortages
Let plug in the formula
Reduction = 7,800+1,950+2,750
Reduction = 12,500
Last step is to calculate the Intial Markup Percentage using this formula
Intial Markup Percentage = ( Gross margin + Reduction + Alteration - Cash Discount) / (Sales + Reduction)
Let plug in the formula
Intial Markup Percentage = (129,000+12,500+1,025-950) / (320,000+12,500)
Intial Markup Percentage = =141,575/332,500
Intial Markup Percentage =42.58%
Therefore What should be the initial markup percent is 42.58%
Which action is the best example of appropriate e-mail use at work?
providing urgent updates
sending meeting reports
sharing personal finances
giving criticism to someone
Answer:
B
Explanation:
Took the test
Answer:
The answer is B.) Sending meeting reports
Explanation:
E-mail is a great tool to use when you want to:
* document an event or an agreement. For example, “Thanks for agreeing to meet with my intern tomorrow morning.”
* send data and information in the form of files.
* provide updates that are not time critical. For example, “I wanted to let you know that the graphic design team expects to finish their changes by Monday.”
Now that you have had some time to think about appropriate ways to use e-mail, next you will learn about some inappropriate uses for e-mail.
I hope this helps. Have a happy day.
Dodie Company completed its first year of operations on December 31. All of the year's entries have been recorded except for the following: At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. At year-end, the company had earned interest revenue of $1,500. The cash will be collected March 1 of the next year.
Required: 2. Prepare the required adjusting entry for transactions (a) and (b). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
A. Dr Wages expense 4,000
Cr Wages payable 4,000
B. Dr Interest receivable 1,500
Cr Interest revenue 1,500
Explanation:
Preparation of Journal entries
A. Based on the information given we were told that the company employees earned wages of the amount of $4,000, which will be paid on in January of next year which means that the Journal entry will be:
Dr Wages expense 4,000
Cr Wages payable 4,000
B. Based on the information given we were told that the company had earned the amount of $1,500 as interest revenue which means that the Journal entry will be recorded as:
Dr Interest receivable 1,500
Cr Interest revenue 1,500
Megan, a human resource manager, recently approved the hiring of five summer interns. She will use ________ to decide which departments would benefit from the interns’ employment. As production manager, part of Jennifer’s job is to determine what raw materials will be needed to meet production needs. Sales forecasts may help Jennifer with this ______ function of management. Wesley’s company just began offering online ordering for their products. Wesley uses _______ to delegate tasks to each department that is affected.
Choose the management function being performed in each of the examples.
Example of managerial work Planning Organizing Leading Controlling
A construction project manager from Iron Horse
Construction uses a team of experts to design the
development of a new property on the top of a
very steep ridge.
The team includes geotechnical consultants, erosion
control specialists, and contractors. Jessica Lee,
director of global employer brand and communications
at Marriott International, realizes the mobile app created
by a vendor does not integrate with the company's
existing software.
George Steinbrenner transferred his passion for winning
to everyone in the New York Yankees organization.
His famous quote is, "Winning is the most important thing
in my life, after breathing. Breathing first, winning next."
Taco Bell CEO, Brian Niccol, considers what the technical
and logistical needs would be in order to offer delivery to
customers.
Answer:
FIRST QUESTION:
Organizing
Planning
Organizing
SECOND QUESTION:
Explanation:
FIRST QUESTION
Megan, a human resource manager, recently approved the hiring of five summer interns. She will use ___Organizing ____ to decide which departments would benefit from the interns’ employment. As production manager, part of Jennifer’s job is to determine what raw materials will be needed to meet production needs. Sales forecasts may help Jennifer with this___ Planning __ function of management. Wesley’s company just began offering online ordering for their products. Wesley uses ____Organizing___ to delegate tasks to each department that is affected.
Management functions involves process, action taken by the management to achieve the goals of the organization effectively. They are:
Planning
Organizing
Controlling
and others
✓Organizing in management can described as dividing task between departments, work group . It involves human resources allocation within the organization.
✓Planning on management inolves steps, ways that are deviced to carried out actions in an organization in future time inorder to achieve the goals of the organization.
✓Controlling are ways management use to monitor the set goals of the organization, is a way to supervise the running of the organization from all departments and level of the organization to efficiency.
✓Leading involves setting example for the follower to follow, it's a way in which leader in organization influence the worker/employee to achieve the organizational goals.
SECOND QUESTION
1)A construction project manager from Iron Horse Construction uses a team of experts to design the development of a new property on the top of a very steep ridge. The team includes geotechnical consultants, erosion
control specialists, and contractors. ( EXAMPLE OF ORGANIZING)
2)Jessica Lee,
director of global employer brand and communications at Marriott International, realizes the mobile app created by a vendor does not integrate with the company's existing software.
."(EXAMPLE OF CONTROLLING)
3)George Steinbrenner transferred his passion for winning to everyone in the New York Yankees organization.
His famous quote is, "Winning is the most important thing in my life, after breathing. Breathing first, winning next(EXAMPLE OF LEADING)
4)Taco Bell CEO, Brian Niccol, considers what the technical
and logistical needs would be in order to offer delivery to customers.(EXAMPLE OF PLANNING)
The management functions that is performed in different examples are as follows :
1. Megan - organizing
2. As production manager, Jennifer - planning
3. Wesley’s company - organizing
4. A construction project manager - organizing
5. Jessica Lee - Controlling
6. George Steinbrenner - Leading
7. Taco Bell CEO - Planning
Management Functions
Management functions are defined as a set of functions or disciplines which is used to run an organization. It consists of : planning, leading, organizing, staffing and controlling.
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Cougar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following:
Cash $ 23,000
Accounts payable $ 19,000
Investments (short-term) 2,100
Accrued liabilities payable 3,100
Accounts receivable 4,600
Notes payable (short-term) 5,200
Inventory 27,000
Notes payable (long-term) 41,000
Notes receivable (long-term) 2,700
Common stock 10,700
Equipment 57,000
Additional paid-in capital 96,300
Factory building 91,000
Retained earnings 36,600
Intangibles 4,500
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $8,600 cash.
b. Lent $6,300 to a supplier who signed a two-year note.
c. Purchased equipment that cost $24,000; paid $4,900 cash and signed a one-year note for the balance.
d. Hired a new president at the end of the year.
e. The contract was for $86,000 per year plus options to purchase company stock at a set price based on company performance.
f. Issued an additional 2,300 shares of $0.50 par value common stock for $19,000 cash.
g. Borrowed $19,000 cash from a local bank, payable in three months.
h. Purchased a patent (an intangible asset) for $1,100 cash.
i. Built an addition to the factory for $29,000; paid $8,700 in cash and signed a three-year note for the balance.
j. Returned defective equipment to the manufacturer, receiving a cash refund of $2,400.
Prepare a classified balance sheet at December 31of the current year.
Answer:
a. Purchased short-term investments for $8,600 cash.
Dr short term investments 8,600
Cr cash 8,600
b. Lent $6,300 to a supplier who signed a two-year note.
Dr notes receivable 6,300
Cr cash 6,300
c. Purchased equipment that cost $24,000; paid $4,900 cash and signed a one-year note for the balance.
Dr equipment 24,000
Cr cash 4,900
Cr notes payable 19,100
d. Hired a new president at the end of the year.
no entry
e. The contract was for $86,000 per year plus options to purchase company stock at a set price based on company performance.
no entry
f. Issued an additional 2,300 shares of $0.50 par value common stock for $19,000 cash.
Dr cash 19,000
Cr common stock 115
Cr additional paid in capital 18,885
g. Borrowed $19,000 cash from a local bank, payable in three months.
Dr cash 19,000
Cr notes payable 19,000
h. Purchased a patent (an intangible asset) for $1,100 cash.
Dr patent 1,100
Cr cash 1,100
i. Built an addition to the factory for $29,000; paid $8,700 in cash and signed a three-year note for the balance.
Dr building 29,000
Cr cash 8,700
Cr notes payable 20,300
j. Returned defective equipment to the manufacturer, receiving a cash refund of $2,400.
Dr cash 2,400
Cr equipment 2,400
Cougar Plastics CompanyBalance SheetFor the year ended December 31, 202xAssetsCurrent assets:
Cash $33,800
Accounts receivable $4,600
Inventory $27,000
Investments (short-term) $10,700
Total current assets $76,100
Long term investments:
Notes receivable $9,000
Total long term investments $9,000
Property, plant and equipment:
Equipment $78,600
Factory building $120,000
Total P, P & E $198,600
Intangible assets:
Intangibles $4,500
Patent $1,100
Total intangible assets $5,600
Total assets $289,300
Liabilities and stockholders' equityCurrent liabilities:
Accounts payable $19,000
Accrued liabilities payable $3,100
Notes payable (short-term) $43,300
Total current liabilities $65,400
Long term liabilities:
Notes payable $61,300
Total long term liabilities $61,300
Stockholders' equity:
Common stock $10,815
Additional paid-in capital $115,185
Retained earnings $36,600
Total stockholders' equity $162,600
Total liabilities + stockholder's equity $289,300
Question 9 of 10
How should an annual business license fee be recorded in a journal entry?
A. As a credit, because it is an increased liability
B. As a credit, because it creates equity
C. As a debit, because it is an increased expense
D. As a debit, because it is a loss
SNBMIT
Answer:
Explanation:
As a debit, because it is an increased expence
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Answer: its a baby. 2 hours
Explanation:
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Bren Co.'s beginning inventory at January 1, 2005 was understated by $26,000, and its ending inventory was overstated by $52,000. As a result, Bren's cost of goods sold for 2005 was:
Answer:
Change in COGS= $78,000 increase
Explanation:
We know that to calculate the cost of goods sold, we use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
If the beginning inventory is understated, it will increase the value of COGS.
If the ending inventory is overstated, the COGS increase.
Change in COGS= 26,000 + 52,000
Change in COGS= $78,000 increase
Katie, a single taxpayer, is a shareholder in Engineers One, a civil engineering company. This year, Katie’s share of net business income from Engineers One is $200,000 (net of the associated for AGI self-employment tax deduction). Assume that Katie’s allocation of wages paid by Engineers One to its employees is $300,000 and her allocation of Engineers One’s qualified property is $150,000 (unadjusted basis of equipment, all purchased within past three years). Assume Katie has no other business income and no capital gains or qualified dividends. Her taxable income before the deduction for qualified business income is $400,000.
Required:
A. Calculate Katie’s deduction for qualified business income.
B. Assume the same facts provided above, except Katie’s net business income from Engineers One is $400,000 (net of the associated for AGI self-employment tax deduction), and her taxable income before the deduction for qualified business income is $350,000.
Answer:
A) Katie's maximum deduction is $200,000 x 20% = $40,000
But we must check that her deduction meets 3 requirements:
cannot exceed 50% of her earned wages = $300,000 x 50% = $150,000 ✓ requirement metcannot exceed 25% of her earned wages + 2.5% of qualified property = ($300,000 x 25%) + ($150,000 x 2.5%) = $78,750 ✓ requirement metcannot exceed 20% of taxable income = $400,000 x 20% = $80,000 ✓ requirement metB) Katie's maximum deduction is $400,000 x 20% = $80,000, but since her net business income is higher than her taxable income, she must calculate 20% x $350,000 (taxable income) = $70,000 (same as requirement 3 in previous answer)
On February 1, 2018, Wolf Inc. issued 10% bonds dated February 1, 2018, with a face amount of $270,000. The bonds sold for $323,440 and mature in 20 years. The effective interest rate for these bonds was 8%. Interest is paid semiannually on July 31 and January 31. Wolf's fiscal year is the calendar year. Wolf uses the effective interest method of amortization.
Required:
1. Prepare the journal entry to record the bond issuance on February 1, 2018.
2. Prepare the entry to record interest on July 31, 2018.
3. Prepare the necessary journal entry on December 31, 2018.
4. Prepare the necessary journal entry on January 31, 2019.
Answer:
Required 1
Cash $323,440 (debit)
Bonds Payable $323,440 (credit)
Required 2
Interest Expense $12,938 (debit)
Bond Payable $12,938 (credit)
Required 3
J1
Interest Expense $12,961 (debit)
Bond Payable $12,961 (credit)
Interest accrued on Bond
J2
Bond Payable $12,938 (debit)
Cash $12,938 (credit)
Interest Cash outflow
Required 4
J1
Interest Expense $12,961 (debit)
Bond Payable $12,961 (credit)
Interest accrued on Bond
J2
Bond Payable $12,938 (debit)
Cash $12,938 (credit)
Interest Cash outflow
Explanation:
First, determine the coupon payments as follows :
FV = ($270,000)
PV = $323,440
N = 20
P/yr = 1
I = 8%
PMT = ?
Using a Financial Calculator, the annual coupon payments will be $27,042 ($12,938 semi-annually).
July 31,2018
Effective Interest Calculation
Effective Interest = $323,440 × 8% × 1/2
= $12,938
Brown Company's bank statement for September 30 showed a cash balance of $1,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was also available as of September 30.
a. A $125 debit memoranda is included with the bank statement and dealt with a customer's check for $100 marked NSF and returned to Brown Company by the bank. In addition, the bank charged the company's a $25 processing fee.
b. The September 30 cash receipts, $1,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement.
c. A $15 debit memorandum for checks printed by the September 30 bank was included with the canceled checks.
d. Outstanding checks amounted to $1,145.
e. A customer's note for $900 was collected by the bank. A collection fee of $25 was deducted by the bank and the difference was deposited in the account.
f. Included with the canceled checks was a check for $275, drawn on another company, Browne Inc.
Omitted question. Prepare Bank reconciliation for Brown's company for September 30.
Answer:Please see explanation for answers.
Explanation:
Brown Company"s Bank Reconciliation for September 30
Cash Balance as per bank statement $ 1,350
Add:
Deposit in transit + $ 1,250
Bank error in recording of check + $ 275
Deduct:
Outstanding checks - $ 1,145
Adjusted bank balance $ 1,730
Cash balance per books $995
Add: Electronic transfer collected by bank
(900-25) +$875
Deduct:
Bank service charges (25+15) - $40
NSF Check -$100
Adjusted book balance $ 1,730
What is a "debt-to-income" ratio?
OA. How much money you have to make every year in your job.
OB. How much money you owe in total versus how much you make.
O C. How much money you have to pay back on your income.
How much money you owe on your student loan compared with how much
OD.
you want to make in your job.
Use the following data to calculate the current ratio. Koonce Office Supplies Balance Sheet December 31, 2014
Cash $130,000 Accounts payable $100,000
Accounts receivable $100,000 Salaries and wages payable $20,000
Inventory $110,000 Mortgage payable 160,000
Prepaid insurance $60,000 Total liabilities 320000
Stock investments $170,000 Common stock $240,000
Land 180000 Retained earnings $500,000
Buildings 210000 Total stockholders' equity 740000
Less: Accumulated depreciation ($40,000) Total liability and 1.060,000
$170,000 stockholder equity
Trademarks $140,000
Total assets $1.060,000
a. 2.50:1
b. 2.13:1
c. 1.44:1
d. 2.86:1
Answer:
a. 2.50:1
Explanation:
Calculation for Current ratio
First step is to Calculate the Total current assets :
Cash $130,000
Accounts receivables $100,000
Inventory $110,000
Prepaid insurance $60,000
Total current assets (a) $400,000
Second step is to Calculate the Total current liabilities :
Accounts payable $140,000
Salaries and wages payable $20,000
Total current liabilities (b) $160,000
Now let find the current ratio using this formula
Current ratio = Total current assets / Total current liabilities
Let plug in the formula
Current ratio =$400,000 / $160,000
Current ratio =2.50 : 1
Therefore the Current ratio will be 2.50 : 1