Answer:
$69,660
Explanation:
Calculation for how much should be charged to interest expense in 2014 Using the effective-interest method of computing interest
2014 Interest expense =($1,384,000 × .05) =
2014 Interest expense=[$1,384,000 + ($1,384,000 × .05 - $60,000)] × .05
2014 Interest expense=[$1,384,000 + ( $69,200- $60,000)] × .05
2014 Interest expense=[$1,384,000 +$9,200] × .05
2014 Interest expense=$1,393,200×0.05
2014 Interest expense=$69,660
Therefore Using the effective-interest method of computing interest, how much should be charged to interest expense in 2014 is $138,860
Theories aim to _____________.
Select the correct answer below:
a) create applied (or empirical) representations
b) take a complex, real-world issue and simplify it down to its essentials
c) implement a method to view the world through the same lens as other disciplines, such as anthropology and biology
d) build a physical model that sits on a tabletop
Answer:
B) take a complex, real-world issue and simplify it down to its essentials
Explanation:
Theory can be regarded as contemplative as well as rational type of abstract, it is a generalizing thinking regarding a phenomenon and it could be the results of such thinking. The theory is associated with process such as observational study as well as research. It should be noted that Theories aim to take a complex, real-world issue and simplify it down to its essentials
The accounting equation elements and their balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or withdrawals by J. Trendsetter during the year.
Accounts payable $12,000 J. Trendsetter, capital
(January 1) $10,000
Accounts receivable 14,000 Supplies 1,000
Cash 18,000 Income taxes expense 1,300
Computer equipment 21,000 Utilities expense 8,000
Fees earned 78,000 Wages expense 25,000
Rent expense 10,000 Supplies expense 1,700
Prepare an income statement, statement of owner's equity and a balance sheet as of December 31.
Answer:
A. $32,000
B. $42,000
C. $54,000
Explanation:
A.Preparation of an income statement
J. Trendsetter Income StatementFor the Year Ended December 31
Fees earned$78,000
Less Operating expenses:
Wages expense$25,000
Rent expense10,000
Utilities expense8,000
Supplies expense1,700
Income taxes expense1,300
Total expenses 46,000
Net income$32,000
($78,000-46,000)
Therefore Income StatementFor the Year Ended December 31 will be $32,000
B. Preparation of statement of owner's equity
J. Trendsetter Statement of owners equity
As at December 31
J. Trendsetter, Capital 1/1 $10,000
Add Net income $32,000
Capital 12/31 $42,000
Therefore Statement of owners equity
As at December 31 will be $42,000
C.Preparation of balance sheet as of December 31.
J. Trendsetter Balance Sheet
As at December 31
ASSETS
Computer Equipment 21,000
Accounts Receivable 14,000
Supplies 1,000
Cash 18,000
Total Assets $54,000
Liabilities and Owner's Equity
CURRENT LIABILITIES
Accounts Payable $12,000
Owner's Equity $42,000
Total liabilities and owner's equity $54,000
Therefore balance sheet as of December 31 for both Total Assets and Total Liabilities will be $54,000
what are the 6 critcal elements of a successful business
Answer:
Capital
Invest ment
Skilled manpower
High quality products
Machinery
Raw materials
What is a whistleblower
Answer:
A whistle-blower is a person who informs on a person or an organization that is engaged in an illicit activity.
Rushmont, Inc. operates a small package delivery service in the Nashville suburbs. If the company uses a regression equation to forecast total operating costs, the coefficient of the equations independent variable would correspond to the: Multiple Choice fixed operating costs. total operating costs. variable operating cost per delivery. number of deliveries. total variable operating costs.
Answer:
variable operating cost per delivery.
Explanation:
The regression equation to find out the total operating cost is
Y = a + bx
here
Y denotes total operating cost
a denotes fixed operating cost
b denotes coefficient of independent variable
x denotes variable operating cost per delivery
Therefore the above represent the answer
Concord Company sells televisions at an average price of $887 and also offers to each customer a separate 3-year warranty contract for $93 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 318 televisions and 238 warranty contracts for cash. It estimates the 3-year warranty costs as $22 for parts and $42 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty revenues occurs.
Required:
a. Record any necessary journal entries in 2014:
b. What liability relative to these transactions would appear on the December 31, 2014, balance sheet and how would it be classified? In 2015, Dos Passos Company incurred actual costs relative to 2014 television warranty sales of $2,000 for parts and $4,000 for labor.
c. Record any necessary journal entries in 2015 relative to 2014 television warranties.
d. What amounts relative to the 2014 television warranties would appear on the December 31, 2015, balance sheet and how would they classified?
Answer:
A. Dr Cash 304,200
Cr Sales Revenue 282,066
Cr Unearned Warranty Revenue 22,134
Explanation:
A. Preparation of entry to Record any necessary journal entries in 2014:
Dr Cash 304,200
,(282,066+22,134)
Cr Sales Revenue 282,066
($887*318)
Cr Unearned Warranty Revenue (238*93)22,134
The Package Store hires workers to wrap packages. The store sells this service for $5. The marginal revenue product of this store's fifth worker is $50. The marginal product of the fifth worker is A) 0.01 package. B) 1 package. C) 10 packages. D) indeterminate from this information
Answer: 10 packages
Explanation:
Marginal revenue (MR) is defined as an increase in the revenue that a company makes which is gotten from an additional sale that is made from a unit of output.
The marginal product of the fifth worker will be calculated as:
= Marginal Revenue Product / Price
= 50/5
= 10
are capital markets also organisational markets?
Answer:A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold.[6] Capital markets channel the wealth of savers to those who can put it to long-term productive use, such as companies or governments making long-term investments.[a] Financial regulators like Securities and Exchange Board of India (SEBI), Bank of England (BoE) and the U.S. Securities and Exchange Commission (SEC) oversee capital markets to protect investors against fraud, among other duties.
Modern capital markets are almost invariably hosted on computer-based electronic trading platforms; most can be accessed only by entities within the financial sector or the treasury departments of governments and corporations, but some can be accessed directly by the public. As an example, in the United States, any American citizen with an internet connection can create an account with TreasuryDirect and use it to buy bonds in the primary market, though sales to individuals form only a tiny fraction of the total volume of bonds sold. Various private companies provide browser-based platforms that allow individuals to buy shares and sometimes even bonds in the secondary markets. There are many thousands of such systems, most serving only small parts of the overall capital markets. Entities hosting the systems include stock exchanges, investment banks, and government departments. Physically, the systems are hosted all over the world, though they tend to be concentrated in financial centres like London, New York, and Hong Kong.
Explanation:
Cost of Direct Materials Used in Production for a Manufacturing Company Walker Manufacturing Company reported the following materials data for the month ending June 30: Materials purchased $154,700 Materials inventory, June 1 48,800 Materials inventory, June 30 40,700 Determine the cost of direct materials used in production by Walker during the month ended June 3
Answer:
the direct material used is $162,400
Explanation:
The computation of the direct material used is as follows:
= Opening inventory + material purchased - ending inventory
= $48,400 + $154,700 - $40,700
= $162,400
Hence, the direct material used is $162,400
We simply applied the above formula so that the correct value could come
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $348,400 and direct labor hours would be 47,000. Actual manufacturing overhead costs incurred were $304,000, and actual direct labor hours were 52,400. The journal entry to apply the factory overhead costs for the year would include a
Answer:
Journal Entry
Debit Work-in-Process $388,284
Credit Manufacturing Overhead $388,284
To record the application of factory overhead costs for the year.
Explanation:
a) Data and Calculations:
Estimated factory overhead costs = $348,400
Estimated direct labor hours = 47,000
Predetermined overhead rate = $7.41 ($348,400/47,000)
Actual overhead costs = $304,000
Actual direct labor hours = 52,400
Applied overhead costs = $388,284 (52,400 * $7.41)
b) The overhead applied to the production for the year will be the actual direct labor hours by the predetermined overhead rate. This yields a cost that is greater than the actual overhead costs, which means that the manufacturing overhead was overapplied. The cause of this situation is the number of actual direct labor hours worked vis-a-vis the actual overhead costs and the predetermined rate.
A company's ledger is: Group of answer choices A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item. A journal in which transactions are first recorded. A collection of documents that describe transactions and events entering the accounting process. A list of all accounts a company uses with an assigned identification number. A record containing all accounts and their balances used by the company.
Answer:
A record containing all accounts and their balances used by the company.
Explanation:
A company's ledger is a record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item.
When a transaction occurs, it is initially recorded in a journal, which serves as the first entry point for documenting transactions. The journal provides a chronological order of transactions. These transactions are then transferred to the ledger, where they are organized by account.
The ledger consists of individual accounts, each assigned an identification number. These accounts represent different categories, such as cash, accounts payable, inventory, sales revenue, etc. Every transaction affecting these accounts is recorded in the ledger, indicating the increases or decreases in their respective balances.
Overall, the ledger provides a comprehensive snapshot of the company's financial position and helps in generating financial statements. It allows businesses to monitor their financial health, track transactions accurately, and prepare financial reports for analysis and decision-making.
Hence the correct option is (a).
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Brief Exercise 1-1 (Algo) Accrual accounting [LO1-2] Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $290,000; Cash paid for rent, $30,000; Cash paid to employees for services rendered during the year, $110,000; Cash paid for utilities, $40,000. In addition, you determine that customers owed the company $50,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $1,000 at year-end, and the rent payment was for a two-year period. Calculate accrual net income for the year.
Answer:
Net Income for the year is $174,000
Explanation:
Net Income Calculation for the year is done below:
Particulars $
Revenues (290,000 + 50,000) 340,000
Less: Rent (30,000 / 2) (15,000)
Less: Salaries (110,000)
Less: Utilities (40,000 + 1,000) (41,000)
Net Income 174,000
Please note the following with regard to the calculation done above:
Revenue includes both the cash collected from customers and cash owed by the customers, which received later on at the end of the year.Rent has been divided by two, this is due to the fact that calculation of net income is done for the current period so only one year rent is taken.Utilities include cash paid for utilities and the amount company owed to gas & electric company.Woodman Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Estimated and actual data for direct labor and manufacturing overhead for last year are as follows:
Estimated Actual
Direct Labor Hours: 600,000 550,000
Manufacturing Overhead Estimated $720,000 $680,000
Answer:
Underapplied overhead= $20,000
Explanation:
Giving the following information:
Estimated Actual
Direct Labor Hours: 600,000 550,000
Manufacturing Overhead Estimated $720,000 $680,000
I assume that we need to calculate the over/under applied overhead.
First, we need to determine the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 720,000/600,000
Predetermined manufacturing overhead rate= $1.2 per direct labor hour
Now, we apply overhead based on actual hours:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 1.2*550,000
Allocated MOH= $660,000
Finally, the under/over applied overhead:
Under/over applied overhead= real overhead - allocated overhead
Under/over applied overhead= 680,000 - 660,000
Underapplied overhead= $20,000
Same information as the previous question Company A started business on January 1, 20X1, and bought the following piece of equipment. Cost of asset $150,000 Useful life 3 Tax rate 21% 20X1 estimated tax payment 1,800 Depreciation for book and tax purposes is as follows: Book Tax 20X1 40,000 100,000 20X2 40,000 20,000 20X3 40,000 0 20X1 income statement information: Sales 638,000 Expenses (does not include depreciation expense and tax expense) 510,000 What the ending balance of deferred taxes payable as of December 31, 20X1?
Answer:
$12,600
Explanation:
Excess tax depreciation 20X1 = 100,000 - 40,000
Excess tax depreciation 20X1 = $60,000
Tax rate = 21%
Ending balance of deferred taxes payable = Excess tax depreciation 20X1 * Tax rate
Ending balance of deferred taxes payable = $60,000*21%
Ending balance of deferred taxes payable = $12,600
So, the ending balance of deferred taxes payable as of December 31, 20X1 is $12,600.
Joanna is a Master Sergeant in the U.S. Air Force. In June of 2019, her duty station changed from Offutt Air Force Base in Nebraska to Lackland Air Force Base in Texas. She drove 918 miles and spent $1,300 to move her household items. Joanna also incurred costs of $880 when she sold her home in her former city. Included on her Form W-2, in box 12, is code P for $1,484. Joanna's moving expenses adjustment is
Answer:
$1,300
Explanation:
Based on the information given we were told that She drove 918 miles in which spent the amount of $1,300 to move all her household items which simply means that her moving expenses adjustment will be the amount of $1,300 which was the amount spent to move her household items from Nebraska to Texas.
Therefore Joanna's moving expenses adjustment is $1,300.
The terms and conditions of an online sale are not binding on the buyer if the buyer did not read them.
Select one:
O True
O False
Answer:
True
Explanation:
i hope this help you
Sue views hot dogs (H) and hot dog buns (B) as perfect complements in her consumption, and the corners of her indifference curves follow the 45-degree line: H-B. Suppose the price of hot dogs is $5 per package (8 hot dogs), the price of buns is $3 per package (8 hot dog buns), and Sue's budget is $48 per month. What is her optimal choice under this scenario?
A. 6 packages of hot dogs and 6 packages of buns.
B. 6 packages of hot dogs and 8 packages of buns.
C. 8 packages of hot dogs and 8 packages of buns.
D. 8 packages of hot dogs and 6 packages of buns.
Answer:
A
Explanation:
a budget constraint is the total amount of goods and services an individual can buy given the price of the products and the income of the consumer.
Sue is constrained by her income. Thus, she must spend within $48
The equation for this is :
$5H + $3B = $48
where
H = hot dogs
B = Hot dog buns
(5 x 6 ) + (3 x 6 ) = $48
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation.
a. The company hired a new treasurer
b. Deposit made on September 30 after the bank dosed.
c. Bank fees for Check printing are not yet recorded by the company.
d. Checks written and mailed to payees on October 2.
e. A note receivable is collected by the bank for the company but not yet recorded by the company
f. NSF check shown on bank statement but not yet recorded by company.
g. Interest earned on the account
h. Deposit mace on September 5 and processed by bank on September 6.
i. Check written by another depositor but charged against this company's account.
j. Bank service charge.
k. Checks outstanding on August 31 that cleared the bank in September.
l. Check written against the company's account and cleared by the bank; erroneously not recorded by the company's record-keeper
Answer:
Bank Book Balance Shown or not shown
balance on reconciliation
a. NA NA-NA Not shown
b Added NA-NA Shown
c NA Subtract-CR Shown
d NA NA-NA Not shown
e NA Added-DR Shown
f NA Subtract-CR Shown
g NA Added-Dr Shown
h NA NA-NA Not shown
i Added NA-NA Shown
j NA Subtract-CR Shown
k NA NA-NA Not shown
l NA Subtract- CR Shown
The European Union (EU) has been importing beef from the U.S. for decades, but over the last decade the U.S. has ramped up its genetically modified beef program. There has been not enough testing on the effects of this change to cows over a significant length of time so the EU now bans the import of beef from the U.S. What is this an example of with regards to protectionism?
Answer:
A value quota barrier.
Explanation:
Protectionism is defined as the act of restricting the imports made from another nation by the use of methods like tariffs, import quotas, and other government regulations.
A value quota is imposed in a trade trade deal to restrict or stop the volume of trade between two countries.
This decision is driven by various reasons. In this scenario it is the concern about genetically modified beef from the United states.
Developing the cash flow for each alternative in a study is a pivotal, and usually the most difficult, step in the engineering economic analysis procedure. An integrated approach for developing cash flows includes three major components:
a. A work breakdown structure (WBS) definition of the project.
b. A cost and revenue structure that identifies all the cost and revenue elements involved in the study
c. Estimating techniques (models).
Required:
Discuss the concept of equivalence - if two cash flows (or a series of cash flows) are equivalent for a stated interest rate, and under what circumstances you would be willing to trade one for the other.
Answer:
The concept of equivalence, also known as economic equivalence, describes the reduction of a series of cash inflows (benefits) and cash outflows (costs) to a single point in time, using a single interest rate, which enables the cash flows to be compared or equated. This implies that while the amounts and timing of the cash flows (both inflows and outflows) may differ, an appropriate interest rate, factoring in the time value of money, will cause one set to be equal to the other. Therefore, to establish economic equivalence, series of cash flows that occur at different points in time must be equalized using a single interest rate through present value calculations.
Explanation:
The concept of equivalence describes a combination of a single interest rate and the idea of the time value of money. This combination helps to determine the different amounts of money at different points in time that are equal in economic value, such that a person would not hesitate to trade one for the other.
For example, if the interest rate is 10% in Year 1 and in Year 2 and you are to be paid $1,000 in Year 1, it will not make any difference to you if you are paid $1,100 in Year 2. This is because, given the prevailing interest rate of 10%, the value you receive in Year 1 and Year 2 are equivalent.
The primary objective of financial accounting is to: Group of answer choices Serve the decision-making needs of internal users. Provide accounting information that serves external users. Monitor and control company activities. Provide information on both the costs and benefits of looking after products and services. Know what, when, and how much product to produce.
Answer:
Provide accounting information that serves external users.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB). The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors.
Financial reporting can be defined as the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. Examples of financial statements includes Balance sheet, cash-flow and income statement.
Hence, the primary objective of financial accounting is to provide accounting information that serves external users so as to enable them have a good understanding of the financial inclination of a business firm and thus, make an informed decision whether or not to invest in the business firm.
Dale and Dana work at a self-service gas station and convenience store. Dale opens up every day, and Dana arrives later to help stock the store. They are both paid the current market wage of $9.50 per hour. But Dale feels he should be paid much more because the revenue generated from the gas pumps he turns on every morning is much higher than the revenue generated by the items that Dana stocks.
Required:
Assess this argument.
Answer is given below :
Explanation:
Dale argument is wrong, because the business owner hires workers for up to $9.50 per hour, the last person's marginal product. This implies that all other hired workers will have a marginal product value of more than 9.50 per hour, although wages equal to 50 9.50 will be paid. Therefore any employee who opens a station, be it Dala or Dana, has more value than a marginal product than any other person who reports for work.An example of structural unemployment is a(n):_______.
A) autoworker who is temporarily laid off because of a decline in sales.
B) geologist who is permanently laid off because of an increase in wages won by labor unions.
C) worker at a fast-food restaurant who quits work and attends college.
D) real estate agent who leaves a job in Texas and searches for a similar, higher-paying job in California.
Answer:
b
Explanation:
structural unemployment is an unemployment that occurs as a result of changes in the economy. These changes can be as a result of changes in technology, polices or competition . Structural unemployment tends to be permanent.
The geologist lost his hob permanently due to increase in wages (polices)
Other forms of unemployment includes :
Frictional unemployment . the period of time a person is unemployed from the period he leaves his current job and the time he gets another job. Eg. when a real estate agent who leaves a job in Texas and searches for a similar, higher-paying job in California.
Voluntary unemployment : e.g. worker at a fast-food restaurant who quits work and attends college.
Cyclical unemployment ; UNEMPLOYMENT that occurs as a result of fluctuations in the economy
What is one key advantage to an employer-sponsored retirement plan?
Answer:
An employee's funds grow tax deferred in the plan. They don't pay taxes on investment earnings until they withdraw their money from the plan. An employee will pay income taxes and possibly an early withdrawal penalty if they withdraw their money from the plan.
Explanation:
I hope this helps. :D
One key advantage of an employer-sponsored retirement plan is the opportunity for employees to receive matching contributions from their employer.
Many employers offer a matching contribution as part of their retirement plan, which means that for every dollar an employee contributes to their retirement account, the employer will also contribute a certain amount, up to a specified limit.
This matching contribution is essentially free money provided by the employer to help employees save for retirement. It serves as an additional incentive for employees to participate in the retirement plan and contribute to their own savings.
Hence, The matching contribution is the key advantage to an employer-sponsored retirement plan.
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What are the five components of internal control briefly explain each component?
Answer: The five components of internal control are control environment, risk assessment, control activities, information and communication, and monitoring.
Explanation:
The five components of internal control are control environment, risk assessment, control activities, information and communication, and monitoring.
Control environment; is also known as internal control environment. These are set of standards and structures that guides the basis of carrying out internal control within an organization. It is the awareness, attitude and action of the management team regarding internal control and it's relevance to the organization
Risk assessment is used to describe the process and method of identifying hazard and risk which have potentials to raise harm in an environment
Control activities are policies, techniques and procedures that are pit in place to manage or reduce risk in an environment. Their actions carried out to minimize or limit risk in an environment
Information and communication is a method of information being passed through systems by means of communication. To place everyone involved in the system enlightened by communicating properly to them.
Monitoring is the act of observing a process to control both success and failure that may tend to arise within the process.
Ricky’s Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 6,800 Accounts Payable $ 12,600 Accounts Receivable 32,750 Deferred Revenue (deposits) 3,250 Supplies 1,850 Notes Payable (long-term) 45,500 Equipment 14,500 Common Stock 7,500 Land 10,050 Retained Earnings 17,300 Building 20,200 Following are the January transactions: Received a $870 deposit from a customer who wanted her piano rebuilt in February. Rented a part of the building to a bicycle repair shop; $355 rent received for January. Delivered five rebuilt pianos to customers who paid $12,775 in cash. Delivered two rebuilt pianos to customers for $6,400 charged on account. Received $5,300 from customers as payment on their accounts. Received an electric and gas utility bill for $675 for January services to be paid in February. Ordered $945 in supplies. Paid $1,750 on account in January. Paid $11,000 in wages to employees in January for work done this month. Received and paid cash for the supplies in (g). Post the journal entries to the T-accounts. Show the unadjusted beginning and ending balances in the T-accounts
Answer:
Ricky’s Piano Rebuilding Company
Cash
Account Titles Debit Credit
Beginning Balance $ 6,800
Deferred Revenue 870
Rent Revenue 355
Service Revenue 12,775
Accounts Receivable 5,300
Accounts Payable $1,750
Wages Expense 11,000
Balance $13,350
Totals $26,100 $26,100
Accounts Receivable
Account Titles Debit Credit
Beginning Balance $32,750
Service Revenue 6,400
Cash $5,300
Balance $33,850
Totals $39,150 $39,150
Supplies
Account Titles Debit Credit
Beginning Balance $1,850
Equipment
Account Titles Debit Credit
Beginning Balance $14,500
Building
Account Titles Debit Credit
Beginning Balance $20,200
Land
Account Titles Debit Credit
Beginning Balance $10,050
Utilities Expense
Account Titles Debit Credit
Accounts Payable $675
Wages Expense
Account Titles Debit Credit
Cash $11,000
Accounts Payable
Account Titles Debit Credit
Beginning Balance $12,600
Cash $1,750
Balance 10,850
Totals $12,600 $12,600
Deferred Revenue (deposits)
Account Titles Debit Credit
Beginning Balance $3,250
Cash 870
Balance $4,120
Totals $4,120 $4,120
Rent Revenue
Account Titles Debit Credit
Cash $355
Service Revenue
Account Titles Debit Credit
Cash $12,775
Accounts Receivable 6,400
Balance $19,175
Totals $19,175 $19,175
Notes Payable (long-term)
Account Titles Debit Credit
Beginning Balance $45,500
Common Stock
Account Titles Debit Credit
Beginning Balance $7,500
Retained Earnings
Account Titles Debit Credit
Beginning Balance $17,300
Explanation:
a) Data and Calculations:
Beginning Balance Sheet
As of January 1, Year 2:
Cash $ 6,800
Accounts Receivable 32,750
Supplies 1,850
Equipment 14,500
Building 20,200
Land 10,050
Accounts Payable $ 12,600
Deferred Revenue (deposits) 3,250
Notes Payable (long-term) 45,500
Common Stock 7,500
Retained Earnings 17,300
Totals $86,150 $86,150
The journal entries to record the January transactions for Ricky's Piano Rebuilding Company are as follows. The unadjusted beginning and ending balances for the accounts are also shown in Sheet 1.
A journal entry is used to record a business transaction in the accounting records of a business.
A journal entry is usually recorded in the general ledger; alternatively, it may be recorded in a subsidiary ledger that is then summarized and rolled forward into the general ledger. The general ledger is then used to create financial statements for the business.
Here are the journal entries to record the January transactions for Ricky's Piano Rebuilding Company:
Attached is sheet 1.
Unadjusted Beginning and Ending Balances are shown in Sheet 2 attached.
Ending Balances:
The ending balance is the net residual balance in an account. It is usually measured at the end of a reporting period, as part of the closing process. An ending balance is derived by adding up the transaction totals in an account and then adding this total to the beginning balance.
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ergunt! please help me
Jolanta earned $80,000 and had the following income or expenses: Qualified dividend income $8,000 Credit card interest $ 250 Qualified mortgage interest $5600 Un-reimbursed employee medical expenses $12,000 Assuming she had no other income or expenses, what will be the amount of itemized deductions allowed on her federal tax return for 2018
Answer:
Jolanta
The amount of itemized deductions allowed on her federal tax return for 2018:
= $5,600
Explanation:
a) Data and Calculations:
Jolanta's earnings = $80,000
Other income or expenses:
Qualified dividend income $8,000
Credit card interest $ 250
Qualified mortgage interest $5600
Unreimbursed employee medical expenses $12,000
Itemized Deductions:
Qualified mortgage interest $5600
b) The Tax Cuts and Jobs Act eliminated the deduction for unreimbursed employee expenses for the tax year 2018 to 2025. This means that Jolanta cannot include the unreimbursed employee medical expenses of $12,000 in her itemized deductions. Credit card interest is not an allowed item under itemized deductions as the tax law classifies it as a personal interest.
You buy a share of The Ludwig Corporation stock for $19.20. You expect it to pay dividends of $1.11, $1.1833, and $1.2614 in Years 1, 2, and 3, respectively, and you expect to sell it at a price of $23.26 at the end of 3 years. Calculate the growth rate in dividends. Round your answer to two decimal places. % Calculate the expected dividend yield. Round your answer to two decimal places. % Assuming that the calculated growth rate is expected to continue, you can add the dividend yield to the expected growth rate to obtain the expected total rate of return. What is this stock's expected total rate of return (assume market is in equilibrium with the required rate of return equal to the expected return)
Answer:
P0 = $19.20
D1 = $1.11
D2 = $1.1833
D3 = $1.2614
P3 = $23.26
a. Dividend growth rate = (1.2614-1.1833)/1.1833 = 0.0781/1.1833 = 0.06600186 = 6.60%
b. Expected Dividend Yield=(Expected Dividend/Price)*100 = $1.11/$19.20 = 0.0578125 = 5.78%
c. Total Rate of Return = 6.60% + 5.78% = 12.38%
If a firm is to capture all consumer surplus with twopart pricing when customers are different A. it must set unit price below marginal cost. B. it must set unit price above marginal cost. C. it cannot charge different prices for access fees. D. it must be able to charge different access fees.
Answer: D. it must be able to charge different access fees.
Explanation:
Two part pricing refers to the charging of two prices for access to a service which are a fixed price(lumpsum) and a variable price for every unit used.
If one wants to capture all consumer pricing with this strategy and customers are different, the company simply needs to be able to charge different access fees.
This way they'll be able to charge the different customers different prices based on their willingness to pay such that they will capture all consumer surplus.