On January 1, year 8, Derek Co.’s defined benefit pension plan had plan assets with a fair value of $750,000, and a projected benefit obligation of $875,000. In addition: Actual and expected return on plan assets – 7% Interest cost – 9% Service costs - $24,000 Unamortized prior service cost - $120,000 Employer contributions to the plan - $45,000 Distributions to employees from the plan - $60,000 Unamortized prior service cost is being amortized over the expected remaining service lives of covered employees, which consists of a total of 9 employees: 2 employees are each expected to have 9 years remaining 3 employees are each expected to have 6 years remaining 4 employees are each expected to have 1 year remaining How much amortization of prior service cost will be included in Derek Co.’s pension expense for year 8?

Answers

Answer 1

Answer: $27,000

Explanation:

Amortization of prior cost = (No. of employees / Total number of years left) * Unamortized prior service cost

Total number of years left:

2 employees are each expected to have 9 years remaining = 2 * 9

= 18 years

3 employees are each expected to have 6 years remaining = 3 * 6

= 18 years

4 employees are each expected to have 1 year remaining = 4 * 1

= 4 years

Total number of years = 18 + 18 + 4

= 40 years

Amortization of prior cost = (9 / 40) * 120,000

= $27,000


Related Questions

Four different corporations, Amber, Blue, Coral, and Daffodil, show the same balance sheet data at at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity, arere summarized as follows:
Total Assets Total Liabilities
Beginning of the year $1,220,000 $990,000
End of the year 1,730,000 1,150,000
On the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year. (First determine the amount of increase or decrease in stockholders' equity during the year).
Amber: No additional common stock was issued and no dividends were paid.
Blue: No additional common stock was issued, but dividends of $60,000 were paid.
Coral: Additional common stock of $140,000 was issued, but no dividends were paid.
Daffodil: Additional common stock of $140,000 was issued and dividends of $60,000 were paid.

Answers

Answer:

Amber

Change in stockholders' equity = $580,000 - $230,000 = $350,000

No additional shares issued, so net income = $350,000

Blue

Change in stockholders' equity = $580,000 - $230,000 = $350,000

No additional shares issued, but dividends paid for $60,000, so net income = $410,000

Coral

Change in stockholders' equity = $580,000 - $230,000 = $350,000

Additional shares issued for $140,000, so net income = $210,000

Daffodil

Change in stockholders' equity = $580,000 - $230,000 = $350,000

Additional shares issued for $140,000, dividends paid for $60,000, so net income = $270,000

Company C had the following investment. Help them determine the financial statement implications of the investment. Tax rate 21% Estimated tax payment 21,000 Investment cost and ending fair values for 20X1 and 20X2: 20X1 20X2 Cost 100,000 100,000 Fair value 110,000 134,000 Total gain 10,000 34,000 20X1 income statement information: Sales 1,670,200 Expenses 1,536,600 Assuming the investement is short-term, what is the ending balance of taxes payable on the 20X1 balance sheet?

Answers

Answer:

$9,156

Explanation:

Income = (Sales-expenses) + $10,000

Income = ($1,670,200 - $1,536,600) + $10,000

Total income = $143,600

Tax = Income * Tax Rate = $143,600 * 0.21 = $30,156

Now, total taxes payable is $30,156,but they estimated that payment to be $21,000, So company C has reserved $21,000 for future tax payments

So, Net deferred tax payable = $30,156 - $21,000 = $9,156. Therefore, ending balance of taxes payable on the 20X1 balance sheet is $9,156.

Lofty Inc. is considering investing in a game which can provide the corporation with the following returns as the outcomes: Probability of Investment States Occurrence Returns State 1: Economic boom 18% 20% State 2: Economic growth 42% 16% State 3: Economic decline 30% 3% State 4: Depression 10% -25% Calculate the expected rate of return for this investment.

Answers

Answer: 16.82%

Explanation:

The expected return of an investment is a weighted average of the different returns given the probabilities that certain states occur in the economy.

=( 18% * 20%) + (42% * 16%) + (30% * 3%) + (10% * -25%)

= 0.036 + 0.0672 + 0.009 - 0.025

= 0.1682

= 16.82%

Use the following bond quotes to answer this question:
Company Coupon Maturity High Low Last Change Yield
Talliru Co 7.60 Nov 2012 100.05 99.68 99.89 0.02
Zeus 8.25 Apr 2016 102.41 101.87 102.03 -0.10
The Zeus Company bond pays interest semi-annually. You own six of these bonds. What is the amount you will receive as your next interest payment?
A. $247.50
B. $76.00
C. $228.00
D. $304.00
E. S190.00

Answers

Answer:

a. $247.50

Explanation:

As bonds are semi annual, every 6 months interest payment will be mad

Face value = 1000

Coupon rate = 8.25%

Number of bonds = 6

Interest payment = 1000 * 8.25% * (6/12) * 6

Interest payment = $247.50

So, the amount i will receive as the next interest payment is $247.50.

Equipment with a book value of $83,500 and an original cost of $162,000 was sold at a loss of $32,000. Paid $106,000 cash for a new truck. Sold land costing $320,000 for $400,000 cash, yielding a gain of $80,000. Long-term investments in stock were sold for $91,400 cash, yielding a gain of $16,250. Use the above information to determine cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.)

Answers

Answer:

Net cash flow from investing activities $417,400

Explanation:

The computation of cash flow from investing activity is given below:

Cash flow from investing activities  

Add: Equipment sold ($83,500 - $32,000) $51,500

(Book value - loss )  

Less : Acquisition of new truck -$106,000

Add : Land sold $400,000

Add : Long term investment sold $91,400

Net cash flow from investing activities $417,400

predetermined overhead rate includes: Multiple Choice estimated total manufacturing overhead cost in the numerator. only the fixed portion of the estimated manufacturing overhead cost in the numerator. only the variable portion of the estimated manufacturing overhead cost in the numerator. estimated total manufacturing overhead cost in the denominator.

Answers

Answer:

estimated total manufacturing overhead cost in the numerator.

Explanation:

Predetermined overhead rate is calculated to apply manufacturing overhead to products. It is usually calculated before production begins. Using estimated overhead cost and the estimated allocation base

The formula is:

Predetermined over head rate = (estimated total manufacturing overhead cost) ÷ (estimated total amount of the allocation base)

The allocation base are the units that are considered in calculating predetermined overhead rate. For example labour hours can be used, machine hours, and direct materials

Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,000 units will be produced, with the following total costs: Direct materials $150,000 Direct labor 50,000 Variable overhead 30,000 Fixed overhead 220,000 Required: If required, round your answers to the nearest cent. 1. Calculate the prime cost per unit. $fill in the blank 1 per unit

Answers

Answer:

1. $3,600

2. $6,100

3. $4,100

4. $8,500

5. Variable units costs stay the same. Fixed overheads are already incurred so they are not affected. So Variable Costs vary with the number of additional units produced that is 5,000 units.  Product Cost = $8,500

Explanation:

Hi, I have attached the full question as pdf below !

Prime Cost is the total of direct materials and direct labor.

Conversion Costs is the total of direct labor and overhead costs.

Variable Costs is the total of direct labor, direct materials and variable overheads.

Total Product Cost is the Sum of all Manufacturing Costs

An analysis of the company's insurance policies provided the following facts.

Policy Date of Purchase Months of Coverage Cost

A April 1, 2017 24 $10,824
B April 1, 2018 36 9,576
C August 1, 2019 12 8,424

The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.)

Required:
So what would my adjusting journal entry be?

Answers

Answer:

Adjusting Journal in the year of payment:

December, 2017: Policy A

Debit Insurance Expense $4,059

Credit Prepaid Insurance $4,059

To record the insurance expense for the year (9 months).

December, 2018: Policy A and B

Policy A:

Debit Insurance Expense $5,412

Credit Prepaid Insurance $5,412

To record insurance expense for the year, 12 months.

Policy B:

Debit Insurance Expense $2,394

Credit Prepaid Insurance $2,394

To record insurance expense for the year, 9 months.

December, 2019:

Policy A:

Debit Insurance Expense $1,353

Credit Prepaid Insurance $1,353

To record insurance expense for the year, 3 months.

Policy B:

Debit Insurance Expense $3,192

Credit Prepaid Insurance $3,192

To record insurance expense for the year, 12 months.

Policy C:

Debit Insurance Expense $3,510

Credit Prepaid Insurance $3,510

To record insurance expense for the year, 5 months.

Explanation:

a) Data and Calculations:

Policy  Date of Purchase  Months of       Cost   Monthly

                                          Coverage                    Cost  

A         April 1, 2017                24          $10,824      $451 ($10,824/24)

B         April 1, 2018                36              9,576    $266 ($9,576/36)

C         August 1, 2019            12              8,424    $702 ($8,424/12)

b) The insurance expenses recorded under the three policies have been determined using the monthly rates.  In each year, the months covered are taken into consideration when computing the insurance expense for the year.  In this way, only the expenses incurred for the period are accounted for, in accordance with the accrual concept of accounting.

Over the past decade, many American candy companies have opened factories in Mexico and Canada to produce candy. The companies, including Hershey Company, Brach's Confections, and Ferrara Pan, then ship candy back to the United States for sale. Although lower wages in Mexico might explain part of this move, wages in Canada are comparable to U.S. wages. Price floors (price supports) for the sugar industry encouraged American candy companies to move production out of the United States. Describe how the enactment of a sugar price floor impacted the market for candy in the United States, resulting in the movement of manufacturing.

Answers

Answer:

The sugar industry in the US is very powerful and has been able to establish trade barriers and import quotas that affect domestic prices. Sugar prices in the US are extremely high compared to prices in any other country, including Canada, Mexico, China, European nation, i.e. American sugar is the most expensive in the world.

Besides imposing trade barriers, the government also imposes a binding price floor. Binding price floors always result in deadweight losses since the quantity demanded is lower than equilibrium. This is why American candy manufacturers move their production overseas. the highest cost in the candy industry is actually sugar, and wherever they decide to relocate their factories it will always be cheaper.

Determine the taxable amount of social security benefits for the following situations. If an amount is zero, enter "$0".
a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $36,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.
b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.
c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.

Answers

Answer:

a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $36,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.

Since their income is between $32,000 to $44,000, they have to pay income for 50% of their social security benefits = $12,400 x 50% = $6,200

b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.

Since their income is below $32,000, their social security benefits will not be taxed.

c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.

Since their income is higher than $44,000, they have to pay income for 85% of their social security benefits = $15,000 x 85% = $12,750

On January 1, 2020, Sunland Company purchased land for an office site by paying $2680000 cash. Sunland began construction on the office building on January 1. The following expenditures were incurred for construction: Date Expenditures January 1, 2020 $ 1780000 April 1, 2020 2530000 May 1, 2020 4490000 June 1, 2020 4720000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3650000 was borrowed on January 1, 2020 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2020 was a $1400000, 12%, 6-year note payable dated January 1, 2020. Assume the weighted-average accumulated expenditures for the construction project are $4300000. The amount of interest cost to be capitalized during 2020 is

Answers

Answer:

Sunland Company

The amount of interest cost to be capitalized during 2020 is:

= $948,000.

Explanation:

a) Data and Calculations:

Cost of purchased land = $2,680,000

Construction expenditures:

Date                        Expenditures:

January 1, 2020       $ 1,780,000

April 1, 2020              2,530,000

May 1, 2020               4,490,000

June 1, 2020             4,720,000

Total expenditure $13,520,000

Weighted-average accumulated expenditures = $4,300,000

Debts:

January 1, 2020, 9%, 3-year note payable = $3,650,000

January 1, 2020, 12%, 6-year note payable balance = $1,400,000

Interests capitalization:

Weighted-average accumulated expenditures = $451,500 ($4,300,000 * 10.5%)

3-year note payable = $328,500 ($3,650,000 * 9%)

6-year note payable balance = $168,000 ($1,400,000 * 12%)

Total interest to be capitalized = $948,000

Thompson Refrigerators Inc. needs to prepare pro forma financial statements for the next fiscal year. To do so, the company must forecast its total overhead cost. The actual machine hours and total overhead cost are presented below for the past six months. Month Total Overhead Machine Hours Jan. $8,258 2,134 Feb. 8,006 2,045 Mar. 8,387 2,276 Apr. 8,832 2,743 May 8,921 2,834 June 7,841 2,034 Using the high-low method, total monthly fixed overhead cost is calculated to be:

Answers

Answer:

$5,095.10

Explanation:

The computation of the total monthly fixed overhead cost using the high-low method is given below:

But before that the variable cost per unit is

Variable cost per unit is

= [Total cost at highest level - Total cost at lowest level] ÷ [Highest level - Lowest level]

= ($8,921 - $7,841) ÷ (2,834 - 2,034)

= $1.35

Now

The total fixed cost for the month is

= $8921 - (1.35 × 2,834)

= $5,095.10

g 4. The price of a home is $197,000. The bank requires 20% down payment and four points at closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 4.25%. a. Find the required down payment. b. Find the amount of the mortgage. c. How much will be paid for the four points at closing

Answers

Answer:

a. $39,400

b. $157,600

c. $6,304

Explanation:

a. Down payment

Bank requires 20% down payment

= 20% * 197,000

= $39,400

b. Mortgage amount

= Price of house - down payment

= 197,000 - 39,400

= $157,600

c. Amount at 4 points:

= Mortgage * 4%

= 157,600 * 4%

= $6,304

Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $0.95 and $2.90, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 5,000 Started and completed during the period 63,000 63,000 Transferred out of Filling (completed) 63,000 68,000 Inventory in process, end of period 4,000 1,200 Total units to be assigned costs 67,000 69,200 The beginning work in process inventory had a cost of $3,250. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.

Answers

Answer:

Cost of completed and transferred-out production = $260,300Cost of Ending inventory = $7,280

Explanation:

Costs per equivalent unit of direct materials and conversion are $0.95 and $2.90, respectively.

Cost of completed and transferred-out production:

Units Transferred out of Filling (completed):

Direct materials = 63,000

Conversion = 68,000

= Cost of completed and transferred materials + cost of conversion and transferred + beginning inventory

= (63,000 * 0.95) + (68,000 * 2.90) + 3,250

= ‭59,850‬ + ‭197,200‬ + 3,250

= ‭$‭260,300‬

Cost of Ending inventory:

Inventory in process, end of period

Direct materials = 4,000

Conversion = 1,200

= (4,000 * 0.95) + (1,200 * 2.90)

= $‭7,280‬

In 2018, internal auditors discovered that Fay, Inc., had debited an expense account for the $4,600,000 cost of a machine purchased on January 1, 2015. The machine's useful life was expected to be 20 years with no residual value. Straight-line depreciation is used by Fay. The journal entry to correct the error will include a credit to accumulated depreciation of:_____.

Answers

Answer:

$230,000

Explanation:

Depreciation Charge (Straight line) = (Cost - Residual Value) ÷ Estimated Useful Life

therefore,

2018 Depreciation Charge = ($4,600,000 - $ 0) ÷ 20

                                               = $230,000

The journal entry to correct the error will include a credit to accumulated depreciation of $230,000

Lloyd is the CFO for a firm that uses ISOs as part of its executive compensation plan. He receives $150,000 annually, paid semimonthly, in base salary plus 25 shares of the firm's stock per month. The stock is omitted from gross pay calculations and is valued at $52.50 per share and he may exercise his option within five years at $0.10 per share. What is Lloyd's gross pay for mid-October

Answers

Answer:

Lloyd

Gross pay for mid-October is $6,250.

Explanation:

a) Data and Calculations:

Annual base salary = $150,000

Bi-weekly base salary = $6,250 ($150,000/24)

ISO = 25 shares per month valued at $52.50 per share = $1,312.50

Bi-weekly ISO = $656.25 ($1,212.50/2)

Option exercise price = $0.10 per share

b) ISOs mean incentive stock options, which are performance-based compensations to company executives in the form of shares.

c) The calculation of the mid-October gross pay is based on the division of Lloyd's annual base salary by 12 months * 2 (24 mid-months).

A company purchased $10,700 of merchandise on June 15 with terms of 2/10, n/45, and FOB shipping point. The freight charge, $850, was added to the invoice amount. On June 20, it returned $1360 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals:______

a. $10,003.
b. $9,224.
c. $11,550.
d. $11,210.
e. $11,11Ο.

Answers

Answer:

a. $10,003.

Explanation:

The terms of 2/10, n/45 means that there is a 2% discount if the payment is made within 10 days of the sales date and rhe net credit period is 45 days.

Calculate total invoice value

Total Invoice value = Merchandise value + Freight Charges = $10,700 + $850 = $11,550

As the payment is made on June 24 within the discount period, the discount will be availed

Discount = ( Purchases made - Returns ) x 2% = ( $10,700 - $1,360 ) x 2% = $186.80 = $187

Now the Amount paid

Amount Paid = Invoice value - Return - Discount avaialed = $11,550 - $1360 - 187 = $10,003

The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted.
Accounts Payable $42,770
Accounts Receivable 116,900
Cash ?
Elaine Wells, Capital 75,000
Elaine Wells, Drawing 24,000
Fees Earned 745,230
Insurance Expense 3,600
Land 50,000
Miscellaneous Expense 9,500
Notes Payable 50,000
Prepaid Insurance 21,600
Rent Expense 48,000
Supplies 4,275
Supplies Expense 6,255
Unearned Rent 12,000
Utilities Expense 26,850
Wages Expense 580,700
Prepare an unadjusted trial balance.

Answers

Answer:

Hickory Furniture Company

Unadjusted Trial Balance

As of December 31, 2019

Accounts Title                   Debit         Credit

Accounts Payable                              $42,770

Accounts Receivable    $116,900

Cash                                 33,320

Elaine Wells, Capital                           75,000

Elaine Wells, Drawing     24,000

Fees Earned                                     745,230

Insurance Expense          3,600

Land                               50,000

Miscellaneous Expense  9,500

Notes Payable                                   50,000

Prepaid Insurance         21,600

Rent Expense               48,000

Supplies                          4,275

Supplies Expense          6,255

Unearned Rent                                  12,000

Utilities Expense          26,850

Wages Expense         580,700

Totals                       $925,000   $925,000    

Explanation:

a) Data and Calculations:

Accounts Title                   Debit             Credit

Accounts Payable                                 $42,770

Accounts Receivable    $116,900

Cash ?

Elaine Wells, Capital                              75,000

Elaine Wells, Drawing     24,000

Fees Earned                                       745,230

Insurance Expense          3,600

Land                               50,000

Miscellaneous Expense  9,500

Notes Payable                                    50,000

Prepaid Insurance         21,600

Rent Expense               48,000

Supplies                          4,275

Supplies Expense          6,255

Unearned Rent                                 12,000

Utilities Expense          26,850

Wages Expense         580,700

Totals                        $891,680  $925,000

Cash = $925,000 - $891,680 = $33,320

b) The unadjusted Trial Balance lists the general ledger account balances of Hickory Furniture Company before the adjustment of accounts.  It is the first trial balance that is prepared.

The essential characteristics of financial statement fraud are: The misstatement is material and intentional and the users of the financial statements are investors in publicly traded companies. This misstatement is material and intentional and the preparers of the financial statements have a fiduciary obligation to the organization. The misstatement is material and intentional and the preparers of the financial statements fail to report the misstatement to the SEC or other applicable authority. The misstatement is material and intentional and the users of the financial statements have been misled.

Answers

Answer:

The misstatement is material and intentional and the users of the financial statements have been misled.

Explanation:

Financial statement fraud is defined as the intentional misstatement or ommision of information on the financial statement that is aimed at deceiving users of financial statement.

When a fraud is perpetrated the act is an intentional attempt to misrepresent a situation to illegally gain something that is not legally yours.

For example financial statement fraud can be done to obtain a loan or inflate the price of company shares.

Usually profits, assets, and revenue are overstated. While liabilities, expenses, and losses are understated

Alexa and Maya, married and filing joint income tax returns, derive their entire income from the operation of their retail candy shop. Their 2019 adjusted gross income was $50,000. They itemize their deductions on Schedule-A for 2019. The following unreimbursed cash expenditures were among those made by them during 2019: State income tax $1,200 Self-employment tax $7,650 What amount should they deduct for taxes on Schedule-A for 2019

Answers

Answer:

Alexa and Maya

The amount that they should deduct for taxes on Schedule A for 2019 is:

= $5,025.

Explanation:

a) Data and Calculations:

Adjusted gross income = $50,000

State income tax = $1,200

Self-employment tax = $7,650

Amount they should deduct for taxes on Schedule A for 2019:

State income tax = $1,200

50% of Self-employment tax = $3,825 ($7,650 * 50%)

Total = $5,025

b) Taxpayers who itemize deductions on their federal income tax returns can deduct 50% of self-employment tax and 100% of state and local real estate and personal property taxes, as well as either income taxes or general sales taxes.  Note that state and local taxes have been deductible since the inception of the federal income tax in 1913.

Following are transactions for Valdez Services, a company owned by Brina Valdez. Brina Valdez invested $27,300 cash in the company in exchange for common stock. The company provided services to a client and immediately received $840 cash. The company received $13,700 cash from a client in advance for services to be provided next year. The company received $2,100 cash from a client in partial payment of accounts receivable. 1. Prepare general journal entries for the above transactions of Valdez Services. 2. Listed below are three reasons why a transaction would not yield a revenue. Match each of the reasons to the transaction it properly describes.

Answers

Answer:

No     General Journal           Debit      Credit

1.        Cash                            $27,300  

               Capital, Brina Valdez             $27,300

          (To record investment)

2.       Cash                              $840  

                 Service revenue                    $840

          (To record service revenue)  

3.        Cash                              $13,700

                 Unearned service revenue    $13,700

           (To record unearned service revenue)  

4         Cash                               $2,100

                  Accounts receivable              $2,100

          (To record cash collection from accounts receivable)

2.

Michael won the Powerball jackpot of 57 million dollars. He has two options to collect the cash: (a) 30-year annuities (first payment one year from today) which future value equates the jackpot amount given that the prevailing interest rate is 8% per year; (b) a single payment now, corresponding to the present value of those 30-year annuities. Michael has big plans, hence he prefers option (b). Assuming that there are no taxes, how much money will he be able to collect now

Answers

Answer:

$5,664,627.53

Explanation:

future value of the annuity = $57 million

interest rate = 8%

number of periods = 30

FV annuity factor, 8%, 30 periods = 113.283

annual payment = future value / FV annuity factor= $57,000,000 / 113.283 = $503,164.64

the present value of an annuity = annual payments x PV annuity factor

PV annuity factor, 30 periods, 8% = 11.258

present value of the annuity = $503,164.64 x 11.258 = $5,664,627.53

The following transactions for the month of March have been journalized and posted to the proper accounts. Mar. 1 The business received a $9,000 cash contribution from the owner. Mar. 2 Paid the first month's rent of $600. Mar. 3 Purchased equipment by paying $4,000 cash and executing a note payable for $5,000. Mar. 4 Purchased office supplies for $600 cash. Mar. 5 Billed a client for $10,000 of design services completed. Mar. 6 Received $8,000 on account for the services previously recorded. What is the balance in Accounts Receivable

Answers

Answer:

$2,000

Explanation:

Calculation for What is the balance in Accounts Receivable

Credit sales $10,000

Less : Collection ($8,000)

Account receivable $2,000

Therefore the balance in Accounts Receivable will be $2,000

Green Valley Exporters USA has $100,000 of before tax foreign income. The host country has a corporate income tax rate of 25% and the U.S. has a corporate income tax rate of 35%. If the U.S. has a bilateral trade agreement with the host country that calls for the total tax paid to be equal to the maximum amount that could be paid in the highest taxing country, what is the total amount of income taxes Green Valley Exporters will pay to the host country, and how much will they pay in U.S income taxes on the foreign earned income

Answers

Answer:

Amount paid in host country will be = Income * Tax rate in host country = $100,000*25% = $25,000

Amount paid in US will be Income * Tax rate in US - Tax paid in host country (Since the tax rate in host country is lower than USA) = $100,000*35% - $25,000 = $35,000 - $25,000 = $10,000

Two different suppliers are competing to supply a particular part for a new Boeing airliner. The Japanese supplier charges J(n) dollars for n parts whereas the Italian supplier charges I(n) dollars for n parts. (a) Which supplier should be used to supply a large number of parts if

Answers

Answer:

Italian Supplier will be chosen to supply a Large number of parts.

Explanation:

Note: This question is incomplete and lacks necessary data to solve. However I have found the missing part of this question and will be using that to solve for the sake of understanding and concept.

Data Missing:

Which supplier should be used to supply a large number of parts if:

Lim (n--> infinity) [tex]\frac{J(n)}{I(n)} = 0?[/tex] Now, this condition was missing in the question, now we can solve this question.

Solution:

Here, we can see that, the limit of function is approaching to infinity, which indicates (n--> infinity) we want to make larger number of parts. So, we also know that Limit value of this function = 0.

It means that, numerator must be smallest  and the denominator must be largest to get the value = 0. And, here denominator = I(n) means Italian Supplier.

Otherwise, if we put larger values of numerator then, it is not possible to get the value of 0.

So, if we choose Italian supplier for a large number of parts, then the value of the Limit Function will be zero for it is approaching infinity.

Hence,

Italian Supplier will be chosen to supply a Large number of parts.

During 2020, Starnes Corporation developed a patent. Starnes incurred the following costs related to the development of the patent: tests to perfect the use of the patent for production processes, $9,600; research costs in the research laboratory, $33,600; and depreciation on equipment (that has alternative future uses) used in developing the patent, $6,400. In addition, in late December 2020, the company incurred legal fees for the patent registration, $11,200. The expected life of the patent is 20 years. On September 30, 2021, Starnes Corporation defended its patent in court after incurring legal fees of $4,800. The total estimated life of the patent at that time was adjusted to 15 years remaining from September 30, 2021.

Record journal entries for the following items.

a. Patent development and registration costs incurred in 2020.
b. Legal fees paid in 2021.
c. Amortization expense in 2021.
d. Amortization expense in 2022c. Amortization expense in 2021.

Answers

Answer:

a. Patent development and registration costs incurred in 2020.

Dr Patent 11,200 (only patent registration fees)

Dr Research and development expense 49,600

    Cr Accumulated depreciation 6,400

    Cr Cash 54,400

b. Legal fees paid in 2021.

Dr Patent 4,800

    Cr Cash 4,800

c. Amortization expense in 2021.

Dr Amortization expense 607.50

    Cr Patent 607.50

($11,200/20 x 9/12) + ($15,000/20 x 3/12) = $607.50

d. Amortization expense in 2022

Dr Amortization expense 750

    Cr Patent 750

The  journal entries are as follows:

a. Patent development and registration costs incurred in 2020.

Dr Patent 11,200

Dr Research and development expense 49,600

   Cr Accumulated depreciation 6,400

   Cr Cash 54,400

b. Legal fees paid in 2021.

Dr Patent 4,800

   Cr Cash 4,800

c. Amortization expense in 2021.

Dr Amortization expense 607.50

   Cr Patent 607.50 ($11,200/20 x 9/12) + ($15,000/20 x 3/12)

d. Amortization expense in 2022

Dr Amortization expense 750

   Cr Patent 750

learn more: https://brainly.com/question/10283285?referrer=searchResults

Wattan Company reports beginning inventory of 10 units at $60 each.
Every week for four weeks it purchases an additional 10 units at respective costs of $61, $62, $65 and $70 per unit for weeks 1 through 4. Assume that no sales occur during those four weeks.
1. Calculate the cost of goods available for sale and
2. the units available for sale for this four week period.

Answers

Answer:

1. $3,180

2. 50 units

Explanation:

1. Calculation for the cost of goods available for sale

Beginning Inventory 10units *$60= $600

Week 1 purchase 10 units*$61=$ 610

Week 2 purchase 10units* $62=$ 620

Week 3 purchase 10 units*$65= 650

Week 4 purchase 10units*$70= $700

Cost of goods available for sale =$3,180

($600+$610+$620+$650+$700)

Therefore the cost of goods available for sale will be $3,180

2. Calculation for the units available for sale for this four week period.

Units available for sale =10 units+10 units+10 units+10 units+10 units

Units available for sale=50 units

Therefore the units available for sale for this four week period will be 50 units

The company observed that at 20,000 machine hours of activity, total maintenance costs averaged $10.50 per hour. When activity jumped to 24,000 machine hours, which was still within the relevant range, the average total cost per machine hour was $9.75. On the basis of this information, the company's fixed maintenance costs were:

Answers

Answer:

Total fixed cost element = $90000

Explanation:

To calculate the fixed maintenance cost, first we will use the high-low method to calculate the element of average variable maintenance cost per machine hour in the average total maintenance cost.

The value of highest activity = 24000 * 9.75 = $234000

The value of lowest activity = 20000 * 10.5 = $210000

Average VC per MH = (234000 - 210000) / (24000 - 20000)

Average VC per MH = $6 per machine hour

Total Average variable cost (24000 MH) = 6 * 24000 = $144000

Total fixed cost element = 234000 - 144000 = $90000

Which of the following is an example of Brazil undertaking importing?
a.Brazil buys made-in-China products to sell in its domestic market.
b.China buys raw materials such as iron ore from Brazil.
c.Brazilian companies invest heavily in the housing industry in the country.
d.Chinese companies invest in Brazilian industry.

Answers

I think it’s B but somebody correct me if I’m
Wrong

A good example of Brazil undertaking importation is A. Brazil buys made-in-China products.

The products are made in China and imported into Brazil by businesses, institutions, and individuals resident in Brazil.

Importation does not involve the following options:

Option b, whereby "China buys raw materials such as iron ore from Brazil."  For Brazil, this is an export.

Option c, whereby "Brazilian companies invest heavily in the housing industry in the country."  This is domestic investment for Brazil.

Option d, whereby "Chinese companies invest in Brazilian industry."  This is known Foreign Direct Investment (FDI).

Thus, when Brazilian persons import products and services from another country, they are classified as imports and not exports or domestic investments.

Learn more about imports and exports at https://brainly.com/question/19951960

Martha is a regional supervisor who earns a base salary of $34,400 per year plus a 1% commission on all service contracts that she sells to existing customers. The company pays salaries on a semi monthly basis and contract commissions on a quarterly basis. As of September 30, Martha had made $38,200 in contract sales for the third quarter. What will be her gross pay on her next pay date

Answers

Answer:

Martha gross pay on her next pay date is $1,815.33.

Explanation:

This can be calculated as follows:

Number of semi months in a year = 24

Semi monthly salary = Salary per year / Number of semi months in a year = $34,400 / 24 = $1,433.33

Commission from contract sales for the third quarter = Contract sales for the third quarter * Commission percentage = $38,200 * 1% = $382

Martha gross pay on her next pay date = Semi monthly salary + Commission from contract sales for the third quarter = $1,433.33 + $382 = $1,815.33

Therefore, Martha gross pay on her next pay date is $1,815.33.

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