The interest on the bonds is payable semiannually on December 31 and June 30. So, the fiscal year of the company is the calendar year.
What is semiannually?
Semiannual simply means that something happens twice a year. For instance, a business might throw company celebrations every two years, a couple might celebrate their marriage every two years, and a family might take a vacation every two years. Anything that occurs twice a year occurs every two years.
Given,
Cash = $40,003,000
Dr Discount on bonds payable = $3,690,764
Cr Bonds payable = $50,000,000
The being issue of the bonds is at discount.
The cash proceeds which were received from the bond issuance of $40,003,000 is lower than the face value of the bond of $50,000,00. Thus, it is safe to say that the bonds were issued at discount of $9,997,000 ($50,000,000 - $40,003,000).
However, the correct entries would be to debit cash account with $40,003,000 debit discount on bonds payable with $9,997,000 and credit bonds payable with $50,000,000.
Hence, the fiscal year of the company is the calendar year.
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the formula to compute cash receipts or cash payments for operating cash flows using the direct method is: multiple choice revenue or expense plus cash receipts minus cash payments revenue or expense plus or minus adjustments for changes in related balance sheet accounts cash receipts or cash payments plus adjustments for changes in related income statement accounts revenue or expense plus or minus adjustments for changes in related income statement accounts
The for-mula to compute cash receipts or cash pay-ments for operating cash flows usi-ng the direct method is: revenue or exp-ense plus or minus adjust-ments for changes in related bal-ance sheet accounts cash receipts or cash pay-ments.
Using the direct meth-od of reporting operating cash flows, the form-ula to compute cash receipts or cash paym-ents is revenue or expense plus or minus adjust-ments for changes in related bal-ance sheet accou-nts equals cash rece-ipts or cash pay-ments.
What Is Cash Flow From Operating Activities (CFO)?Cash flow from operating activities (CFO) indic-ates the amount of money a comp-any brings in from its on-going, regular busi-ness activities, such as manu-facturing and selling goods or pro-viding a service to cust-omers.
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i would like to take a vacation at the end of this month; however, it is a busy time of year at our office. i would like to take a vacation at the end of this month, however it is a busy time of year at our office. i would like to take a vacation at the end of this month: however, it is a busy time of year at our office.
I would like to take a vacation at the end of this month; however, it is a busy time of year at our office. A) Use a semicolon to separate items in a series when one or more of the items containing internal commas is depicted in the mentioned sentence. As Semicolons are best used between two independent clauses.
A holiday (American English) or excursion (British English) is either a depart of absence from a regular process or an example of enjoyment travel faraway from domestic. human beings frequently take a vacation at some stage in particular holiday observances or for particular fairs or celebrations. vacations are regularly spent with buddies or own family.[1] vacations may consist of a particular experience or adventure, usually for the motive of endeavor or tourism. a person might also take an extended destroy from work, together with a sabbatical, gap yr, or professional damage. The concept of taking a holiday is the latest invention and has advanced thru the closing centuries.
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1. If you want to have $60,000 in 8 years, how
much do you need to deposit in the bank today if
the account pays an interest rate of 9%?
Answer: If you want to have $60,000 in 8 years at an interest rate of 9% you need to deposit $30,111.98
Explanation: You can solve this using the Future Value formula.
The worth of a current asset at some point in the future based on an estimated rate of growth is known as future value (FV). For investors and financial planners, the future value is crucial because they use it to predict how much an investment made now will be worth in the future.
Formula for FV is:
Future value = Present value x ( 1 + rate)^ number of years
You have everything except the present value so solve for it:
[tex]60000 = PV * (1+9)^{8}\\60000 = PV * 1.99256264\\PV = 60000/1.99256264\\PV = $30,111.98[/tex]
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An improshare plan is a group-based incentive plan based on the number of hours a firm expects to take to reach a certain level of output.
True
False
A group-based incentive plan based on hours worked is called an improshare plan, it's true.
How does an incentive strategy work?An agreement wherein employees receive additional money as a means of boosting production. a three-year incentive program connected to long-term corporate goals. The business uses an incentive program to encourage performance.
What do incentives serve as a vehicle for?Offering incentives is a terrific approach to keep your staff motivated to perform their duties to the best of their abilities. They have something to strive for when there is something they can get if they attain a goal or accomplish something.
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colony corporation issued 3000 7% 5-year, $1,000 bonds dated january 1, 2022, at face value. interest is paid each january 1.
The journal entries for bonds issuance of Colony corporation are:
January 1, 2022
Cash $3,000,000
Bonds Payable $3,000,000
Adjusting journal entry to record interest expense:
December 31, 2022
Interest Expense $210,000
Interest Payable $210,000
Journal entry to record interest paid:
January 1, 2023
Interest Payable $210,000
Cash $210,000
Let's disucss every transaction event
On January 1, 2022 Colony corportaion issued 3,000 bonds with interest rate of 7%, 5-years, and face value of $1,000. Hence the total bond values is:
Total bonds value = Number of Bonds issued x face value
Total bonds value = 3,000 x $1,000
Total bonds value = $3,000,000
Accrued interest expense
When adjusting its financial statements, Colony Corporation should record the interest expense for the year. The interest expense accrued at December 31, 2022 is:
Accrued Interets expense = Total bonds value x Interest rate
Accrued Interest expense = $3,000,000 x 7%
Accured Interest expense = $210,000
Payment of interest expense
On January 1, 2023 Colony corporation should pay the accrued interest expense recorded at December 31, 2022 which is $210,000.
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Complete Question:
Colony Corporation issued 3,000 75 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1.
a. Prepare the journal entry to record the sale of these bonds on January 1, 2022.
b. Prepare the adjusting journal entry on Decembe 31, 2022, to record interest expense.
c. Prepare the journal entry on January 1, 2023, to record interest paid.
josh drove to a restaurant and handed his car keys to the valet at the entrance. after dinner, josh learned that the valet accidentally left the car unlocked and the car was stolen. in the context of bailment relationships, the restaurant is most likely
Unless it can demonstrate that the valet operated with reasonable care, the restaurant is likely to be responsible as a bailee, according to the statement.
Why does a restaurant succeed?Some of the essential aspects of successful restaurants include a strong sense of brand identity, hiring and motivating staff, creating a positive work environment, becoming intimately acquainted with loss and profit statements, developing a menu that is profitable, and acquiring knowledge how to market your strongest dishes.
Why are restaurants crucial?It fosters a sense of community and togetherness. Every town has a few eateries that everyone is familiar with. They are familiar with the location as well as the owners and employees. In some senses, the restaurant is made by the sense of belonging it fosters.
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whichof het following procedures is not usually performed by the accountant during a review engagement of a nonissuer in accordance with statements on standards for accounting and review services
In accordance with the statements on standards for accounting and review services, the accountant's communication of any material deficiencies found while considering internal control is the one procedure that is typically skipped. Hence, Option D is correct.
Accounting standards can be any type of statement that contains laws and regulations established by accounting organisations for the preparation of uniform and consistent financial accounts.
Disclosures that the various users of accounting information are also calling for are included below. A set of procedures and guidelines known as an accounting standard is utilised by various businesses and throughout time to systematically perform bookkeeping and other accounting activities.
Small and medium enterprises frequently adhere to less stringent criteria and make any additional disclosures that may be necessary to satisfy their particular shareholders and lenders.
Therefore, Option D is correct.
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The complete question has been attached in text form:
Which of the following procedures is not usually performed by the accountant during a review engagement of a nonissuer in accordance with statements on standards for accounting and review services.
A. Inquiring about actions taken at meetings of the board of directors that may affect the financial statements.
B. Issuing a report stating that the review was performed in accordance with standards established by the AICPA.
C. Reading the financial statements to consider whether they conform with generally accepted accounting principles.
D. Communicating any material weaknesses discovered during the consideration of internal control.
FILL IN THE BLANK The ________ section of an informal proposal may include a request for approval or authorization, a reminder of key benefits, and a deadline beyond which the offer is invalid.
An informal proposal's conclusion section may include a request for permission or authorization, a reminder of major benefits, and a date after which the offer is no longer valid. Thus, the correct answer is conclusion.
What is the conclusion?The conclusion is the final paragraph of an academic essay. The conclusion should reiterate your response to the inquiry while also summarizing key themes. It has no novel concepts or information.
If your essay is lengthy, you may need two or three paragraphs to conclude. The last paragraph of your essay is the conclusion. A conclusion usually accomplishes one of two things, although it can do both: it summarizes the argument. Some educators predict that your conclusion will include no new information.
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a(n) __ allows money to be exchanged electronically more quickly and more economically than with paper checks.
Electronic Funds transfer (ETF) allows money to be exchanged electronically more quickly and more economically than with paper checks.
What is Electronic Funds transfer?A digital transfer of funds from one bank account to another is known as an electronic funds transfer (EFT), otherwise known as a direct deposit.
These transfers are conducted without the involvement of bank workers. It is a digital transaction, thus no paper documentation are required.
The most common tools for making these transaction used through banking channel are IMPS (Immediate payment service, National electronic fund transfer, real time gross settlement, unified payment interface through various payment bank application.
Thus Electronic Funds transfer (ETF) make easier way of transferring funds now a days.
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heather is the store manager for a national grocery retailer, and she received the yearly tactical plan from sanjay, her district manager. heather is meeting with her department managers to plan how to implement the specific tasks outlined in sanjay's plan for the next year. heather is engaged in operational planning.
TRUE/FALSE
The given statement is true. During the operational planning cycle, financial management or the business obligations are portrayed exhaustively and founded on the timetable for the operational arrangement.
Operational planning makes a nitty gritty guide in view of a key plan.The operational arrangement adjusts timetables, action things and key achievements that finance or the business needs to finish to execute on the well defined course of action. Along these lines, an operational arrangement frames the association's critical targets and objectives and explains how the association will accomplish them.
During the operational planning cycle, financial management or the business obligations are portrayed exhaustively and founded on the timetable for the operational arrangement. The time span ought to rely upon run of the mill hierarchical speed; making a yearly operational arrangement is a liquid, evolving process, so keeping clearness and joint effort is essential for progress.
A thoroughly thought out business operational arrangement keeps colleagues teaming up without a hitch, guarantees everybody understands what should be finished and what their part in it is, and directs basic choices about long-term strategy.
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compute conversion costs given the following data: direct materials, $356,900; direct labor, $194,700; factory overhead, $183,200 and selling expenses, $48,800.
The conversion cost for a company with following data : direct materials $356,900; direct labor $194,700; factory overhead $183,200 and selling expenses $48,800 is $377,900.
It is a production cost required to convert from raw materials into ready to sell products. The concept is used in cost accounting to derive the value of ending inventory, which is then reported in the balance sheet.
From the information given at the question, direct labor and manufacturing / factory overhead will influence the conversion cost. So, from here, we can assume that conversion cost is an expense for overhead and direct labor related to the conversion of raw materials into final products.
Now, let's calculate the conversion cost with the data given
Direct materials $356,900
Direct labor $194,700
Factory overhead $183,200
Selling expense $48,800
Conversion cost = Direct labor + Manufacturing overhead
= $194,700 + 183,200
= $377,900
Therefore, the conversion cost is $377,900.
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After visiting with a career counselor and participating in an internship at a local accounting firm, Joe has decided to become an accountant He has finally reached which identity status
Identity achievement is the identity status reached by Joe when he decided to become an accountant.
Identity exploration and the subsequent comprehension of that identity's significance in one's own life are two steps in the cognitive process known as "identity achievement."
This can occur when an adult makes significant changes to their lives or careers. Examples of this include businessmen who decide to seek religious vocations in their middle years or someone who leaves a well-paying job to pursue art or a considerably lower-paying (but more personally fulfilling) job.
Identity attainment describes people who, following exploration, have taken a stand. It takes time to complete this process, and it rarely does so before the end of adolescence.
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orleans co., a cash-basis taxpayer, prepares accrual-basis financial statements. since year 1, orleans has applied fasb asc 740 - income taxes. in its year 3 balance sheet, orleans' deferred income- tax liabilities increased compared to year 2. which of the following changes would cause this increase in deferred income tax liabilities? i. an increase in pre-paid insurance. ii. an increase in rent receivable. iii. an increase in warranty obligations. i only. i and ii. ii and iii. iii only.
i and ii cause this increase in deferred income tax liabilities.
A profits tax is a tax imposed on people or entities in respect of the income or profits earned by means of them. income tax generally is computed because the fabricated from a tax price instances the taxable earnings. Taxation fees might also range via kind or characteristics of the taxpayer and the sort of income.
The time period “income tax” refers to a form of tax that governments impose on profits generated by corporations and people inside their jurisdiction. by means of law, taxpayers need to record an income tax return yearly to determine their tax responsibilities.
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condensed financial data of windsor, inc. follow. windsor, inc. comparative balance sheets december 31 assets cash accounts receivable inventory prepaid expenses long-term investments plant assets accumulated depreciation total 2022 $116,300 92,700 111,200 29,000 140,900 275,000 (46,800) $718,300 2021 $48,400 33,400 102,100 25.500 113,300 241,100 (52,000) $511,800
Windsor, Inc Statement of Cash Flows
Cash flow from operating activities
Net income $108,206
Adjustments to net income $19,005
$32,550 was spent on depreciation.
losses of $5,250 on asset sales
Pre-paid expenses increased by $1,680.
$24,290 more in accounts payable
Unpaid invoices have accumulated to the tune of $34,860
Growth in inventory ($6,755)
Payments and accumulated expenses decreased by $3,150.
Total cash from operating activities was $123,851.
Money flow from investments
Increased long-term investments of $20,300
spending $70,00 on new factory equipment
Earnings from the sale of assets of $1,050
Total cash flow from operations of investment $89,250
Cash flow resulting from financial activity Common stock publication $31,500
Expendable bonds ($25,200)
paid ($18,221) in dividends
Financing operations' total cash flow was $11,921
Additional cash totaling $22,680
At the end of the year, there were $33.880 in the bank.
The full question was
Condensed financial data of Windsor, Inc. follow. Windsor, Inc. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $56,560 $33,880 Accounts receivable 61,460 26,600 Inventory 78,750 71,995 Prepaid expenses 19,880 18,200 Long-term investments 96,600 76,300 Plant assets 199,500 169,750 Accumulated depreciation (35,000) (36,400) Total $477,750 $360,325Liabilities and Stockholders' Equity Accounts payable $71,400 47,110 Accrued expenses payable 11,550 14,700 Bonds payable 77,000 102,200Common stock 54,000 122,500Retained earnings 1,163,800 73,815Total $477,75 $360,325 Windsor, Inc. Income Statement Data For the Year Ended December 31, 2022 Sales revenue Less: Cost of goods sold $94,822 Operating expenses, excluding depreciation 8,687 Depreciation expense 32,550 Income tax expense 19,096 Interest expense 3,311Loss on disposal of plant assets 5,250 163,716Net income $108,206 Additional information: 1. New plant assets costing $70,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $40,250 and accumulated depreciation of $33,950 were sold for $1,050 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $18,221 was declared and paid during the year. Prepare a statement of cash flows using the indirect method.
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company a income statement for the years ended december 31 year increase (decrease) year 2 year 1 amount % net sales $17,900,000 $14,600,000 cost of goods sold 13,532,400 6,467,800 gross profit 4,367,600 8,132,200 operating expenses 1,360,400 992,800 depreciation expense 787,600 787,600 inventory write-down 35,800 loss (litigation) 1,270,900 219,000 income before tax 912,900 6,132,800 income tax expense 268,500 1,752,000 net income $644,400 $4,380,800
Net Sales increased by $3,300,000, or 22.7%, from Year 1 to Year 2.
Cost of Goods Sold increased by $7,064,600, or 109.7%, from Year 1 to Year 2.
Gross Profit decreased by $3,764,600, or 46.3%, from Year 1 to Year 2.
Operating Expenses increased by $368,600, or 37.2%, from Year 1 to Year 2.
Depreciation Expense remained the same from Year 1 to Year 2.
Inventory Write-down decreased by $35,800 from Year 1 to Year 2.
Loss (Litigation) increased by $1,051,900, or 477.7%, from Year 1 to Year 2.
Income Before Tax decreased by $5,220,900, or 85.1%, from Year 1 to Year 2.
Income Tax Expense decreased by $1,483,500, or 84.7%, from Year 1 to Year 2.
Net Income decreased by $3,736,400, or 84.9%, from Year 1 to Year 2.
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Which of the following statements about the classifications of interest and dividends on the statement of cash flow are true? (Select all that apply.) Check All That Apply Under US GAAP, cash outflows for interest payments and cash inflows from interest and dividends received as classified as operating cash flows. Under US GAAP. cash outflows for interest and dividend payments and cash inflows from interest and dividends received as classified as operating cash flows. Under IFRS, Interest and dividends paid are classified as either operating or financing cash flows and interest and dividends received as classified as either operating or investing cash flows. Under IFRS, interest and dividends paid are classified as either operating or investing cash flows and interest and dividends received as classified as either operating or financing cash flows.
Under IFRS and US GAAP, the prerequisites must be met for interest and dividends to appear in cash flow statements:
Interest and dividends generated are classed both as operations or investment cash flows, depending on the IFRS definition of "interest and dividends" (C).
US GAAP: A. Operating cash flows are defined as cash outflows comprising interest payments and residual income for interest income received.
GAAP definition:
The Accounting Principles Board's accounting standard (GAAP) are an uniform set of accounting rules, standards, and processes (FASB). American public companies' accountants must follow GAAP while compiling their financial statements.
Ten basic concepts serve as the foundation for the rules-based standards framework known as GAAP. It usually stands in contrast to the IFRS, that are thought of as something of a guidelines benchmark. Due to IFRS's status as an increasingly uniform rule, significant initiatives have been taken to transition away from GAAP accounting.
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Show diagrammaticall the impact of firms profit in short run demand for the product reduces
The impact on the firms profit in the short run would be that : Demand declines will result in lower equilibrium prices and, perhaps, lower firm outputs (in monopolistically competitive industries or monopolies), which would result in lower profits.
How does demand impact the profit of the firm in the short run?The firms Maximizes short-term profits By deciding to produce at the level where its marginal income and cost are equal, a company may optimize its earnings.
When marginal revenue is higher than marginal cost, the business may produce more product and increase profits. The corporation loses money when marginal revenue is lower than marginal cost, thus it must cut back on output to be profitable.
The amount of output the company picks where its marginal revenue and cost are equal to optimize profits.
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All of the following activities illustrate a risk response strategy designed to exploit an opportunity EXCEPT:
A. identify trigger condition
B. assign more or better resources
C. purchase insurance
D. give the project more visibility
With the exception of identifying trigger conditions, all of the ensuing steps demonstrate a risk response plan intended to take advantage of an opportunity.
What are the types of risk?Risk Types: There are several methods to classify the various dangers. Market risk, credit risk, operating risk, strategic risk, liquidity risk, and incident risk are just a few of the categories into which risks may be divided. One of the risks identified with the highest priority for every firm is financial risk.
How is risk measured?Employing statistical techniques that are historical predictors of investment risk and volatility, risk—or the probability of a loss—can be quantified. Standard deviation, Sharpe ratio, and beta are examples of commonly used risk management strategies.
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You own a portfolio consisting of the securities listed below. The expected return for each security is as shown. What is the expected return on the portfollo? Stock NumberPrice Expected of per Return 250 | S15 16 4% 100 24 5% O 10.86 percent O 12.09 percent O 11.41 percent 1176 percentO 11.23 percent
The expected return for each security is Expected Return = 11.41%
What is Expected Return?Value of Stock A = 250 shares * $15
Value of Stock A = $3,750
Value of Stock B = 300 shares * $27
Value of Stock B = $8,100
Value of Stock C = 500 shares * $38
Value of Stock C = $19,000
Value of Stock D = 100 shares * $9
Value of Stock D = $900
Total Value of Portfolio = $3,750 + $8,100 + $19,000 + $900
Total Value of Portfolio = $31,750
Weight of Stock A = $3,750/$31,750
Weight of Stock A = 0.1181
Weight of Stock B = $8,100/$31,750
Weight of Stock B = 0.2551
Weight of Stock C = $19,000 /$31,750
Weight of Stock C = 0.5984
Weight of Stock D = $900 /$31,750
Weight of Stock D = 0.0284
Expected Return = 0.1181 * 11.2% + 0.2551 * 16.4% + 0.5984 * 8.7% + 0.0284 * 24.5%
Expected Return = 11.41%
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Consider a monopolistically competitive firm in a market in long-run a equilibrium. This firm is likely earning no economic profit since it is charging a price equal to its marginal cost. no economic profit since it is charging a price equal to it average total cost. a positive economic profit since it is charging a price above marginal cost. a positive economic profit since it is charging a price above its average total cost.
Consider a firm that operates monopolistically in a long-term equilibrium market. Given that it is charging a price equal to its average total cost, this company is probably not making any economic profit.
In the long term, a monopolistically competitive company never makes a profit. When a producer does not make any financial gains, the price is equal to the average total cost, or P = ATC.
Due to the freedom of entry and exit from the market, monopolistically competitive markets are similarly to perfectly competitive markets in that producers experience long-term economic losses. Therefore, option b is the correct answer.
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the vals framework group of answer choices is a well-known personality assessment. involves applying cognitive learning theory to segments that have low awareness of a product. examines the intersection of psychology, demographics, and lifestyles. is a study on the hierarchy of needs. is a form of geodemographic segmentation.
The VALS framework examines the intersection of psychology, demography and lifestyle.
What is VALS Framework?The US VAL framework will help you to segment the addressable market into different groups based on customer psychometric measurement behavior. This framework explains how each customer will behave differently in terms of values, attitudes, and lifestyles, commonly referred to as VALs. The eight current types of VALS are: Innovator, thinker, achiever, tester, believer, striver, creator and survivor. After individuals are classified based on their lifestyle, the marketer determines how the marketing elements fit into their lives.
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Organizations strive to control employees' behavior by linking ______ systems to their control systems. a. disciplinary b. disincentive c. reporting
By connecting their incentive systems to their control systems, firms try to manage the behaviour of their workforce or strategic planning.
Strategic planning is the process of setting rules, procedures, and goals to increase a company's or organization's competitiveness. The basic objective of strategic management is to allocate personnel and resources efficiently to accomplish these objectives.
Strategic management is often thought to have both financial and non-financial advantages. A strategic management process enables a firm and its leadership to think about and make plans for the future, which is a major responsibility of a board of directors.
Strategic management determines the direction of the company and its workforce. In contrast to static strategic plans, competent strategic management continuously plans, monitors, and tests an organization's operations, boosting operational effectiveness, market share, and profitability.
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the property you own in your own name that can be transferred according to the terms of a will (or under intestate laws, if you have no valid will) is your ______ estate.
The property you own in your own name that can be transferred according to the terms of a will (or under intestate laws, if you have no valid will) is your whole estate.
In the absence of a will, who inherits?Children of a person who passes away without leaving a will inherit the entire estate if there is no surviving partner. No matter how much the estate is valued, this holds true. The estate will be equally split between the children if there are two or more of them.
Therefore, The question of who receives what when a person dies intestate is decided by law, whether it be through customary law, Islamic law, English law, or the Administration of Estate Law.
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selected financial statement data for schmitzer inc. is shown below: 2021 2020 balance sheet: inventories 61,000 49,000 ratios: gross profit ratio for 2021 45 % inventory turnover ratio for 2021 4 what was the amount of net sales for 2021?
The amount of net sales for Schmitzer inc. for the year 2021 is $400,000 as per the given inventory and gross profit ratio
Financial ratios are a useful indicator of the financial health of a company and can also be used to compare the performance of a company over different periods or with different companies in the same or different industries.
First, we determine the cost of goods sold using the data available for inventory turnover and ending inventory balances, as follows:
[tex]Inventory\ Turnover = \frac{Cost\ of\ Goods\ Sold}{\frac{Beginning\ Inventory + Ending\ Inventory}{2}}[/tex]
The above formula is the inventory turnover and gives an indication of the number of times the inventory of a company is sold.
Cost of goods sold = Inventory Turnover*(Beginning inventory + Ending inventory)/2
= 4*(49000 + 61000)/2
Cost of goods sold = $220000
Next, we use the calculated amount of cost of goods sold amounting to $220,000 and the gross profit ratio to determine the net sales:
Net sales = Cost of goods sold/100% - Gross profit Ratio
= 220000/100% - 45%
= 220000/0.55
= $400000
Note that the denominator used above (100% - 40%) is the cost of goods sold ratio, which is the proportion of the cost of goods sold of net revenues. Hence, dividing the cost of goods sold would yield the number of net sales of $400,000.
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which one of the following income statement and balance sheet items is least likely to spontaneously vary with the level of sales?
Accrued expenses on the income statement and balance sheet are most likely to change naturally with sales
What do you mean by accrued expenses?Unpaid expenses are those for which there are no invoices or other documents. They are classified as current liabilities. This means that it must be paid within 12 months and appear on the company's balance sheet.
Examples of accrued expenses are: A bonus, salary or wage paid. Unused vacation or sick leave. Future warranty payments, return or repair costs by the customer.
Are accrued expenses an asset?Accrued expenses are recorded on the company's balance sheet. A balance sheet shows what a company owns (“assets”) and what it owes (“liabilities”) as of a particular date, along with its equity. In the above example, all but liabilities are accrued expenses.
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jones manufacturing sells a part to lear corporation. lear puts this part into a radio, which lear then sells to ford. from ford's point of view, jones manufacturing is a(n) supplier. (refer to chapter 1) group of answer choices echelon 1 echelon 2 tier 1 tier 2
Lear Corporation purchases a part from Jones Manufacturing. This component is integrated into a radio that Lear then sells to Ford. Ford, in Lear's opinion, is a (n)
Tier 2 (because in supply chain management, a supplier's supplier is referred to as tier 2).
The head company is Tier 1.
The distribution system or channels are Echelon 1 and 2.)
A corporation is a collection of people or a business that has been given legal status as a single entity by the state and is used for specific legal purposes. Early corporations were created with a charter. The majority of governments currently permit the registration of new corporations.
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sunland photography reported net income of $96,000 for 2022. included in the income statement were depreciation expense of $6,900, patent amortization expense of $3,800, and a gain on disposal of plant assets of $3,700. sunland's comparative balance sheets show the following balances. accounts receivable accounts pavable 12/31/22 $20,400 8,300 12/31/21 $25,100 5,600 Calculate net cash provided by operating activities for Novak Photography. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Calculate net cash provided by operating activities for Novak Photography. (Show amounts that decrease cash flow with either a sign e.g.-15,000 or in parenthesis e.s. (15,000).) Novak Photography Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Patent Amortization Expense Gain on Disposal of Plant Assets Decrease in Accounts Receivable : 5000 Increase in Accounts Receivable $ Net Cash Provided by Operating Activities
The net cash provided by operating activities of Sunland photography is equal to $97200.
To calculate the net cash provided by operating activities for Sunland Photography for the year ended December 31, 2022, you need to start with the net income of $96,000 and make adjustments to reconcile the net income to net cash provided by operating activities. The adjustments include adding back depreciation expense of $6,900, patent amortization expense of $3,800, and subtracting the gain on disposal of plant assets of $3,700. Additionally, you need to consider the changes in accounts receivable and accounts payable during the year.
The net cash provided by operating activities for Sunland Photography for the year ended December 31, 2022 can be calculated as follows:
Net Income $96,000
Depreciation Expense $6,900
Patent Amortization Expense $3,800
Gain on Disposal of Plant Assets $3,700
Decrease in Accounts Receivable $(5,100)
Increase in Accounts Payable $2,700
= Net Cash Provided by Operating Activities $97,200
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monopolistic competition normally consists of 25 to 75 firms rather than hundreds or thousands and involves which of the following characteristics?
Monopolistic competition typically consists of 25 to 75 firms, rather than hundreds or thousands, and includes: Small market share. No consent. Act independently
What is Monopolistic competition?When numerous businesses provide competing goods or services that are comparable but not exact alternatives, monopolistic competition occurs. Barriers to entry in a proprietary and highly competitive industry are low, and no single firm's decisions directly affect its competitors.
Examples of monopolistic competition: It's a restaurant business. hotels and pubs. General specialty store. Consumer services (Beautician).
Why is it called monopoly competition?In essence, what is called a competitive monopoly is that while firms compete with each other to some degree for the same group of customers, each firm's product is slightly different from all the other firms.
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b. prepare a purchases budget in units and dollars for october. do not use a negative sign with your answers. comfy cushions purchases budget for the month of october october november production requirements answer answer desired ending inventory answer raw materials requirements answer less beginning inventory answer purchase requirements (units) answer purchase requirements (in dollars) answer
Production requirements 42,000 (8,400*5) Desired to end inventory 13,250 (10,600*25%*5) Raw materials requirements 55,250 Less beginning inventory 10,500 Purchase requirements (units) 44,750 Purchase requirements (in dollars) $40,275 (44,750*$0.9).
A purchases budget contains the number of inventory that a corporation should purchase throughout every budget period. the number expressed within the budget is that the amount required to build sure|to confirm} that there's spare inventory readily available to satisfy client orders for products. At the only level, the purchase budget can merely match the precise number of units expected to be oversubscribed in the budget period.
However, there is a variety of extra issues which will make the purchases budget significantly a lot of complexes. The purchases budget is most ordinarily employed by a merchandiser or wholesaler, that doesn't manufacture their own goods. These entities generally combine purchases into product categories for budgeting purposes, instead of making an attempt to budget at the individual product level.
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A buyer uses a perpetual inventory system, and on December 7, it contacts its supplier to report that some of the merchandise purchased on December 5 was defective. The seller offered to reduce the merchandise price by $400. The buyer agreed to keep the defective merchandise under those terms. Hote: Enter debits before credits. General Journal Debit Credit Date Dec. 7 Record entry Clear entry View general journal A buyer uses a perpetual inventory system, and it purchases merchandise on terms of FOB shipping point. On December 20, the shipping company sends an invoice for $125 to the party responsible for the freight charges, and cash payment is made immediately. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 20 Record entry Clear entry View general journal
Record a $400 debit on accounts payable and a $400 credit on merchandise inventory, is the solution.
What class of account does the inventory of goods belong to?Goods inventories are included in asset accounts. Inventory of goods is a current asset on a retailer's balance sheet. A current asset is one that will provide revenue within a given accounting term, often a year.
How do you manage your product inventory?Put the balance of your merchandise inventory's closing inventory in the Balance Sheet Debit column. In the event of unearned revenue, enter the revenue account in the balance sheet credit column and the unearned revenue account in the income statement credit column.
The purchaser must record a debit of $400 on accounts payable and a credit of $400 for inventory of goods.
When you record a debit for accounts payable, you are reducing a liability.
Since inventory of goods is a current asset, recording a credit reduces it.
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