Performing inquiries and analytical procedures is an essential part of a review of financial statements performed in accordance with Statements on Standards for Accounting and Review Services.
Without the ability to perform these procedures, an accountant would not be able to adequately review the financial statements. Without the assurance that the financial statements are accurate and reliable, the accountant would not be able to accept or complete the engagement.
Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes.
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Broker A has a small brokerage, with only 1 sales agent. The sales agent has procured an exclusive right to sell listing agreement with a seller. The agreement authorizes the intermediary relationship with the possibility of appointments. The sales agent has also procured a buyer representation with a prospective buyer, authorizing the intermediary relationship, with the possibility of appointments. The buyer informs her sales agent that she would like to see Broker A's listing. Broker A chooses to act as an intermediary, and appoints his sales agent to communicate with and obey the instruction of the buyer, and appoints himself (Broker A) to communicate with and obey the instruction of the seller. Broker A
Broker A cannot make appointments as it is not allowed under TRELA for a broker to appoint himself to either the buyer or the seller. The broker A will act "as" an intermediary and his sales agent shall act "like" an intermediary.
Both the broker and his sales agent shall not give any advice or share their opinions with the buyer or the seller. The Texas Real Estate License Act (TRELA), makes sure that the higher standards of ethics and conduct are upheld in the real estate sector, is essential to work as a Texas real estate agent. The Texas Real Estate License Act was created by the Texas state government to safeguard the public interest against the dishonest brokers and sales people.
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raynor company has the following data: direct labor $76,000 direct materials used 84,000 total manufacturing overhead 65,000 ending work in process 30,000 beginning work in process 45,000 compute total manufacturing costs. total manufacturing costs $enter total manufacturing costs in dollars compute cost of goods manufactured. cost of goods manufactured $enter cost of goods manufactured in dollars
Manufacturing is the process of creating or producing items with the aid of resources such as machinery, manpower, tools, chemicals, or biological formulations. It is the core of the economy's secondary sector.
goods manufacture The phrase can be used to describe a variety of human endeavors, from handicraft to high-tech, but it is most frequently used to describe industrial design, which entails the massive transformation of raw materials from the primary sector into completed commodities. Such products may be distributed through the tertiary industry to end users and consumers (typically through wholesalers, who in turn sell to retailers, who in turn sell to individual consumers) or sold to other manufacturers for the production of other, more complex products (such as aircraft, home appliances, furniture, sports equipment, or automobiles).
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The promotional objective of the maturity stage of the product life cycle is to a. inform. b. persuade. c. remind. d. sway. e. convinc
The promotional objective of the maturity stage of the product life cycle is c. remind.
In the field of business, such a stage of business when the sales of a product become lower as the product has become old in the market is referred to as the maturity stage of the product life cycle.
On the effective promotional objective at the maturity stage is to remind the customers of the product. Such promotional strategies are used so that the particular product is reminded of the customers so that they can buy it. The basic purpose of the maturity stage is to remind the customers of the product.
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a steptracker object is created with a parameter that defines the minimum number of steps that must be taken for a day to be considered active.
The StepTracker class, which is a representation of a fitness tracking system, is used in this query. The minimum number of steps that must be taken in a day in order for a step tracker object to be considered active is specified by a parameter when it is created.
What does the StepTracker class offer?The constructor and the following methods are offered by the StepTracker class.
addDailySteps, a tracking tool that records your daily steps in one reading,activeDays gives the quantity of active days.averageSteps, which calculates the average daily step count by dividing the total number of steps taken by the number of days recorded, provides the average daily step count.Learn more about tracking tool: https://brainly.com/question/24711866
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the five elements of cooperative learning listed by david and roger johnson (1994) include positive interdependence, individual accountability, group processing, collaborative skills and
The five elements of cooperative learning listed by David and Roger Johnson (1994) include positive interdependence, individual accountability, group processing, collaborative skills and face to face interaction.
As part of the cooperative learning technique, students cooperate in smaller groups with the help of the teacher to achieve a shared learning objective. Students have the opportunity to learn by doing in a setting that is more similar to their future workplace is a contribution of cooperative learning practices. Teachers have the opportunity to deal with students' basic competencies as well as their communication and soft skills, which are very important for their success in life and the workplace.
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a $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. the only changes affecting retained earnings are net income and cash dividends paid. new equipment is acquired for $69,600 cash. received cash for the sale of equipment that had cost $60,600, yielding a $3,200 gain. prepaid expenses and wages payable relate to operating expenses on the income statement. all purchases and sales of inventory are on credit.
The balance of Ikiban Inc. as of June 30, 2017, is $102,100.
To calculate the statement for cash movement for Ikban Inc.
Statement of cash movement
Particulars Amount
Cash flow from operating activities:
Net income $117,510
Adjustments to net income
Depreciation expense $67,600
Decrease in inventory $27,200
Decrease in prepaid expenses $1,900
Increase in accounts receivable ($18,500)
Gain from sale of equipment ($3,000)
Decrease in accounts payable ($9,500)
Decrease in wages payable ($9,900)
Decrease in taxes payable ($2,800) $53,000
Net cash flow from operating activities $170,510
Cash flow from investing activities:
Purchase of new equipment ($67,600)
Disposal of old equipment $13,500
Net cash flow from investing activities ($54,100)
Cash flow from financing activities:
Issuance of common stock $69,000
Retirement of note payable ($30,000)
Distributed dividends ($106,310)
Net cash flow from financing activities ($67,310)
Net cash increase $49,100
Cash balance June 30, 2016 $53,000
Cash balance June 30, 2017 $102,100
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The Mod Family Foundation is a $500,000,000 charitable foundation headed by Clarence Mod. The foundation is seeking to purchase a large block of WeariTech, Inc., a Nasdaq listed company, for the foundation's portfolio. Seacoast Securities is assisting with this secondary market transaction. In this example, the Mod Family Foundation is
A) an issuer.
B) an institutional investor.
C) a retail investor.
D) a venture capitalist.
The Mod Family Foundation is (a) an institutional investor.
Institutional investor- A business or organization that makes investments on behalf of customers or members is known as an institutional investor. Examples of institutional investors include endowments, mutual funds, and hedge funds. Institutional investors are frequently under less regulatory scrutiny and are thought to be more intelligent than the common investor.
Pre-investors, passive investors, and active investors are the three categories of investors in a company.
Institutional investors are businesses that collect money from various sources and invest it in a range of different financial products and asset classes on behalf of other people. Investment banks and hedge funds are among them, as are insurance funds, pension plans, and investment vehicles like mutual funds and ETFs.
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The Home Depot supplies all the materials and the labor expertise for Habitat Homes in various regions of the country where the retail giant has a store. Its top management believes that this type of philanthropy better reflects the company’s commitment to the community than simple donations to the American Cancer Society and similar national charities. The Home Depot is using the practice of:
strategic giving
social philanthropy
consumer-based donating
social investing
strategic paternalism
Option a is correct , strategic giving refers to the practice of closely aligning philanthropy with the corporate mission or objectives.
What is Strategic philanthropy?A strategy of designing corporate or business donating and other charitable endeavors of a corporation so that they best fit with the firm's overall mission, goals, and values is known as strategic philanthropy. Meaning that the business has a clearly defined strategy and is aware of how to implement it through its charitable endeavors. Aligning a business's marketing objectives with the desire to increase human welfare is a unique and successful method. Cause-related marketing and community partnering are two other common names for strategic philanthropy, it is a positioning that links a firm with a charitable cause or non-profit organization.
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TRUE/FALSE. a media schedule based on roadblocking buys airtime on all three networks at the same time to give the impression that the advertiser is everywhere.
A media schedule based on roadblocking buys airtime on all three networks at the same time to give the impression that the advertiser is everywhere. It is true.
By running a single commercial solely once or more times within a single program or video, or by running a single advertisement in numerous media vehicles at once, roadblock advertising includes shutting out other advertisements in order to maximize attention.
A media planning approach called a roadblock. In digital media, it occurs when a brand pays for all of an announcement's website impressions for a specific time frame. In this manner, exclusivity would be guaranteed because no other advertising would appear on the page.
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consolidated group members each are jointly and severally liable for the entire consolidated federal income tax liability
The correct answer is True. Each member of a consolidated group is jointly and severally liable for the total consolidated federal income tax liability.
Any "affiliated group" (as defined in Section 1504(a) of the Code) that includes a Business Subsidiary, as well as any comparable group of corporations that includes a Business Subsidiary and files foreign, state, local, or non-U.S. Tax Returns on a combined, consolidated, or unitary basis, are considered Consolidated Tax Groups.
Even though it is 100% owned by members of an affiliated group, a partnership cannot be included in a consolidated return because it is not a corporation. However, the income or loss that is taxable for the consolidated group includes a member's profits that originate from a partnership.
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FILL IN THE BLANK. The best choice for showing changes in a company's monthly sales during a fiscal year is a(n) ________.
pie chart
line chart
flow chart
organization chart
The best choice for showing changes in a company's monthly sales during a fiscal year is an organization chart. A diagram that depicts an organization's structure.
As well as the relationships and relative ranks of its parts and positions/jobs, is known as an organisational chart, also known as an organigram, organogram, or organization' breakdown structure (OBS). An organisational chart is most often used to display the structure of a company, agency, or other organisation. Org charts can be constructed in a variety of ways and are useful for a variety of purposes. They could be utilised, for instance, as a personnel directory, planning tool, or management tool.
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19. Cost Equation
Suppose the cost to produce 10 units of a
product is $40 and the cost of 20 units is $70. If cost, c, is linearly
related to output, q, find a linear equation relating c and q. Find
the cost to produce 35 units.
The given information can be used to find a linear equation relating the cost, c, to the output, q. To do this, we can use the two points (10, $40) and (20, $70). These points can be plugged into the slope-intercept form of a linear equation: y = mx + b, where y is the cost, x is the output, m is the slope, and b is the y-intercept.
To find the slope, we can use the formula: m = (y2 - y1)/(x2 - x1). Plugging in the values from the given points, we get: m = ($70 - $40)/(20 - 10) = $30/10 = $3.
To find the y-intercept, we can plug in the slope and one of the points into the slope-intercept form of the equation. If we plug in the point (10, $40) and the slope ($3), we get: $40 = $3(10) + b. Solving for b, we get: b = $40 - $30 = $10.
So, the linear equation that relates the cost, c, to the output, q, is: c = $3q + $10.
To find the cost to produce 35 units, we can plug in q = 35 into the equation: c = $3(35) + $10 = $105 + $10 = $115.
What is linear equation?A linear equation refers to an algebraic equation of the form y=mx+b concerning mainly a constant and a first-order (linear) term, where m is the slope and b is the y-intercept. Usually, the notation refers to a "linear equation of two variables," where y and x are the variables.
Therefore, the cost to produce 35 units is $115.
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You are operating a small scale (micro)-hydro plant that generates $200 worth of electricity every day. Every day, there is 0.02 probability that the plant fails at the beginning of the day*, which requires $1000 to repair. If the hydro plant fails, it cannot produce electricity during the day. Calculate the expected daily revenue Calculate the standard deviation for the daily revenue
The expected daily revenue is $176 and the standard deviation for the daily revenue is $168. Daily Revenue is the sum of the Company's net revenue for any period divided by the number of days in that period.
Average Daily Revenue is calculated by dividing the total gross revenue that Supplier has received or is due in connection with the relevant Order or this Agreement as a whole (as applicable) for the three full calendar months prior to the calendar month in which Supplier receives Embarq's notice of termination under this Section 6.3 by the number of days in such period. Average Daily Income is defined as (x) the total revenue made by linked gaming software during a given month, less any relevant service fees, divided by (y) the number of days during that month.
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Product P is formed by components A, B, and part C. Component A is formed by parts M and N. Component B is formed by parts C and D.
For the following bill of material, if we need to produce 19 units of finished product P, how many component C do we need? Assume there is no on-hand inventory.
P(19) A(5) B(5) C(4) M(4) N(2) C(3) D(4)
P is 95 units, hence 361 units of component C are required to manufacture 19 units of the finished unit.
The term "finished unit" refers to a plotter unit created by combining an engine Unit given by Copier with an image controller created by CalComp and additional materials that were not provided by Copier, excluding tubing systems.
A finished or final product in the production process is one that is offered for sale. An oil company's end output, for instance, is oil. When the veggies have completed the entire growth process, the farmer sells them as his finished product.
Five units of B must be produced in order to make one unit of P.
Therefore, the total number of units of B required = 19 * 5
= 95 units
P needs 4 units of C and B needs 3 units of C.
Therefore, number of C = 19 * 4 + 95 * 3
= 361 units
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California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $29 per share. Later in the year, the company decides to purchase 100 shares at a cost of $32 per share. Record the transaction if California Surf resells the 100 shares of treasury stock at $32 per share.
The transaction if California Surf resells the 100 shares of treasury stock at $32 per share is 3,200.
Repurchase Journal entry for treasure stock :
Particular Debit($) Credit($)
Treasure Stock A/c (32×100) 3,200
to Cash A/c (32×100) 3,200
(being treasure stock repurchase)
If the company Resells the Treasure stock,
Journal entry will be :
Particular Debit($) Credit($)
Cash A/c (34×100) 3,400
to additional paid-up Capital A/c 200
to Treasure Stock A/c 3,200
(being treasure stock resell )
A treasury inventory or reacquired stock is stock that is offered lower back by way of the issuing business enterprise, decreasing the amount of amazing stock on the open marketplace ("open market" inclusive of insiders' holdings).
Inventory repurchases are used as a tax-efficient approach to position coins into shareholders' palms, in place of paying dividends, in jurisdictions that deal with capital profits extra favorably. on occasion, companies repurchase their stock after they sense that it is undervalued at the open market. different times, companies repurchase their stock to reduce dilution from incentive repayment plans for employees. any other cause for inventory repurchase is to defend the enterprise against a takeover risk. when shares are repurchased, they may both be canceled or held for reissue. If now not canceled, such shares are known as treasury stocks. Technically, a repurchased proportion is a corporation's very own percentage that has been offered lower back after having been issued and completely paid.
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providing for doubtful accounts at the end of the current year, the accounts receivable account has a debit balance of $1,132,000 and sales for the year total $12,840,000. the allowance account before adjustment has a debit balance of $15,300. bad debt expense is estimated at 3/4 of 1% of sales. the allowance account before adjustment has a debit balance of $15,300. an aging of the accounts in the customer ledger indicates estimated doubtful accounts of $49,000. the allowance account before adjustment has a credit balance of $6,700. bad debt expense is estimated at 1/4 of 1% of sales. the allowance account before adjustment has a credit balance of $6,700. an aging of the accounts in the customer ledger indicates estimated doubtful accounts of $55,600. determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. assumption amount a. $fill in the blank 1 111,600 b. $fill in the blank 2 64,300 c. $fill in the blank 3 25,400 d. $fill in the blank 4 48,900 feedback area
The allowance account before adjustment has a debit balance of $15,300. Bad debt expense is estimated at 3/4 of 1% of sales.
What Is an Expense for Bad Debt?When a customer is unable to pay an outstanding debt owing to bankruptcy or other financial difficulties, a receivable is no longer recoverable, and a bad debt expense is recorded.
What types of expenses result from bad debts?Bad debt is defined as a debt that is no longer collectible and is written off as a loss or expense. Bad debt might include things like bank loans and purchases acquired on credit.
How are bad debt expenses recorded?You must credit an allowance for dubious accounts and debit bad debt expense when recording bad debt expenses. The write-off approach does not require a contra asset account to track bad debt costs. As a result, the balance of accounts receivable will be shown in full on the balance sheet as a current asset.
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one of the advantages of formal planning is group of answer choices does not become burdened by setting forth the resources required to complete the plan it precedes and ties together the other management functions of organizing, leading, and controlling the smaller the organization, the more time will be spent in a formalized planning process once written, assumptions are not difficult to change
One benefit of formal planning is that once assumptions are written down, they are easy to modify, allowing for more time to be spent on the process.
An organization is more likely to survive in the long run when formal planning is done. Therefore, it may be claimed that planning must provide the plan a feeling of vision, direction, justification, and purpose. These that are clear and understandable to other team members demonstrate the organization's commitment to achieving its objectives. Thus, it is simple to challenge such presumptions. Therefore, an explicit methodology is required for formal strategic planning. Formal planning necessitates a methodical process for weighing the many options. To make sure the options do not go against any limits, they must first be examined.
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The Probate Process When people die, they usually own property, owe debts, and may be owed money by other people. The probate process is often required to settle an estate. If the decedent has a valid will, he or she may have appointed a personal representative known as an to supervise the probate process and settle the estate. However, if the decedent does not ha administrator probate process is usually supervised by a court-appointed executor The individual supervising the probate process becomes the decedent's legal representative, taking care of such matters as collecting bank accounts and money owed to the decedent, paying off debts, creating clear title to make real estate marketable, and distributing the remainder to those who are entitled to it by the decedent's will or by the state's intestate laws.
The procedure of authenticating a last will and testament, if one was left by the deceased, is known as probate and is supervised by the court.
This process includes locating and valuing the deceased's assets, paying off his obligations and taxes, and distributing the remaining assets to the deceased's rightful heirs and procedure. The process through which a court formally acknowledges a person's passing and authorises the administration and distribution of their assets is known as probate. The simple objective of probate is to transfer assets from a deceased person's name into the names of the living court. Despite the fact that there is no definite deadline for requesting probate.
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Among 4 internationalization strategies (Global strategy, international strategy, Transnational strategy or multi-domestic strategy), what strategy should Vietnamese coffee company should use when joining the US coffee market?
The best strategy for a Vietnamese coffee company entering the US coffee market is an International Strategy. This strategy involves investing in a few countries and creating a standardized product to seek economies of scale. This allows the company to benefit from the size and scope of the market while reducing costs by taking advantage of differences in labor, taxes, and other costs. Additionally, this strategy can be used to create a global brand name that can be leveraged in other markets.
FILL IN THE BLANK. Business loans available from commercial banks with terms generally five to twelve years and secured or unsecured are called _____ loans.
Business loans available from commercial banks with terms generally five to twelve years and secured or unsecured are called term loans.
What are term loans?In finance, a term loan means a type of loan that provides borrowers with a lump sum of cash upfront in exchange for specific borrowing terms. Term loans are usually meant for established small businesses with sound financial statements.
In an exchange for a specified amount of cash, the borrower agrees to certain repayment schedule with a fixed or floating interest rate. However, the term loan may require substantial down payments to reduce the payment amounts and the total cost of the loan.
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Add criteria to this query to return only the records where the value in the Credits field is less than 90 and the value in the Classification field is Jr or Sr. Run the query to view the results.
In the given case the query is
Click the Credits field's criteria row, type ">90". Click the Classification field's criteria row, type "Sr". On the Design tab, in the Results group, click the Run button.How does this occur?
Through the process of executing a query, the relational database relies on itself to quickly retrieve and evaluate your data. Any query's SQL code can be viewed by switching to design view.Simply described, queries are methods for finding and combining data from one or more tables.It allows one to access data from one or more tables in accordance with a set of explicit search criteria.Discover more about Query from
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ayayai company makes swimsuits and sells these suits directly to retailers. although ayayai has a variety of suits, it does not make the performance suit used by highly skilled swimmers. the market research department believes that a strong market exists for this type of suit. the department indicates that the performance suit would sell for approximately $100. given its experience, ayayai believes the performance suit would have the following manufacturing costs.
Ayayai's manufacturing costs for its performance suit would include the cost of raw materials, labour, overhead, shipping, and taxes.
Raw materials: The cost of the raw materials used to make the performance suit would include fabric, thread, labels, and any other materials needed to make the suit.
Labour: The cost of labor would include the wages of the workers who are involved in the production process, such as the pattern makers, cutters, and sewers.
Overhead: Overhead costs would include rent, utilities, equipment, and other expenses related to running the factory.
Shipping: Shipping costs would include the cost of packing and shipping the suits to retailers.
Taxes: Taxes would include any applicable sales tax and any other taxes related to the production and sale of the suits.
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which of the following will help you become less nervous and prepare for successful interviews? • breathe deeply. • speak slowly and loudly. • find a focal point.
An activity that will help you to become less nervous and be able to prepare for successful interviews is to A. Breathe deeply.
How can you prepare for successful interviews ?There are several ways that you can prepare yourself for an interview such as by doing some background research on the company so that you know some facts to throw in when you are being interviewed.
It is easy to become nervous during preparations and one of the best things to do here is to take a deep breathe. This has the effect of calming you down by getting more blood to circulate.
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Answer: you should breathe deeply
Explanation:
The US Centers for Disease Control and Prevention (CDC) said in a statement on October 22 local time that the director of the agency, Wollensky, tested positive for COVID-19 on the evening of the 21st and had mild symptoms. Wolenski has been vaccinated with the latest COVID-19 vaccine, and is currently isolated at home and will participate in the meeting online.
The reason why Wolenski would have to participate in the meeting online, even though they have taken the latest COVID-19 vaccine, is because they might still be contagious.
Why do Covid - 19 patients need isolation ?The COVID-19 virus affects individuals differently. Most infected people will only experience mild to moderate illness and will recover without needing to be hospitalized.
It is important that during this time, a person is isolated as there is a good chance that they would spread this to other people. This is why Wolenski needs to stay isolated at home and only participate in the meeting online.
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suppose that monetary neutrality and the fisher effect both hold and the money supply growth rate has been the same for a long time. other things the same a higher money supply growth would be associated with group of answer choices neither a higher inflation rate nor a higher nominal interest rate. both higher inflation and higher nominal interest rates. a higher inflation rate, but not higher nominal interest rates. a higher nominal interest rate, but not higher inflation. next
A higher money supply growth would be associated with both higher inflation and higher nominal interest rates.
What Is the Fisher Effect?
The Fisher Effect, an economic theory developed by Irving Fisher, explains how inflation and both real and nominal interest rates interact. According to the Fisher Effect, the real interest rate is the nominal interest rate less the expected inflation rate. Real interest rates therefore decline when inflation increases unless nominal interest rates increase at the same rate as inflation. According to Fisher's equation, the real interest rate can be computed by subtracting the expected inflation rate from the nominal interest rate. The Fisher Effect has been included in studies of the money supply and international currency exchange.
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True or False: The total specialization rule states that an entity instance of a supertype is allowed not to belong to any subtype.
The total specialization rule states that an entity instance of a supertype is allowed not to belong to any subtype. Given Statement are false.
An entity instance of a supertype is permitted to not belong to any subtype, according to the entire specialization rule. The process of generalization is top-down. Each super type object may be required to belong to at least one subtype in the relationship according to a completeness requirement.
A Super type may also be a subtype.A super type may contain one or more subtypes, and vice versa for subtypes. A subtype can be a super type of another subtype, and vice versa for supertypes and subtypes.
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You are ready to buy a house, and you have $30,000 for a down payment and closing costs. Closing costs are estimated to be 5% of the loan value. You have an annual salary of $48,000, and the bank is willing to allow your monthly compounding (50bps per month) for a 30-year fixed rate loan. How much can you offer for the house?
on july 1, 2019, the city of corfu received a gift of debt securities of xyz company with a nominal (par) value of $1,500,000. income is to be used to make awards for civic achievements. as of the date of the gift, the securities had a market value of $1,563,000. included in this amount is accrued interest of $18,750. the bonds carried an annual interest rate of 5%, payable semiannually on april 1 and october 1. during the fiscal year ended june 30, 2020, the following transactions took place:
A journal is a book that contains the initial documentation of all business transactions. Journalising refers to the act of entering transactions in a journal.
a.) Journal entries
Date Account Debit Credit
Jul-01 Trading XYZ bonds $1,563,000
Contribution $1,563,000
Oct-01 Cash $37,500
Interest Income $37,500
Apr-01 Cash $37,500
Interest Income $37,500
Apr-01 Cash $1,558,000
Realized Loss on the sale $5,000
of Trading XYZ bonds
Trading XYZ bonds $1,563,000
Apr-01 Trading ABC bonds $1,558,000
Cash $1,558,000
Jun-30 Interest Receivable $19,475
Interest Income $19,475
Jun-30 Awards $60,000
Contribution $60,000
Jun-30 Trading ABC bonds
($1,560,000 - $1,558,000) $2,000
Unrealized Gain on
Trading ABC bonds $2,000
b. Statement of Changes in Fiduciary Net Assets for the City of Corfu Private-Purpose Trust Fund
Statement of Changes in Fiduciary Net Assets
Particulars Amount Amount
Contributions: Trading XYZ bonds $1,563,000
Interest Income: $75,000
Sale of XYZ bonds -$1,563,000
Net Investment Earnings: $75,000
Contributions: Trading ABC bonds $1,558,000
Interest Income: $19,475
Contributions: Awards $60,000
Unrealized Gain on Trading ABC bonds $2,000
Net Investment Earnings: $1,639,475
Net Assets-End of Year $1,714,475
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The right question is given below:
Whispering Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,076,000 on March 1, $1,224,000 on June 1, and $3,076,600 on December 31.
Whispering Company borrowed $1,155,090 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 9%, 5-year, $2,376,900 note payable and an 10%, 4-year, $3,397,000 note payable. Compute the weighted-average interest rate used for interest capitalization purposes.
The weighted-average interest rate used for interest capitalization purposes is 4.38%.
The weighted-average interest rate is calculated by taking the sum of the interest rates of all loans divided by the total number of loans. For example, if you have three loans with interest rates of 3%, 5%, and 7%, the weighted-average interest rate would be (3+5+7)/3 = 5%.
Calculate the total amount of borrowing:
Total borrowing = $1,155,090 + $2,376,900 + $3,397,000 = $7,929,090
Calculate the total amount of interest paid on the loans:
Interest paid on the 5-year, 12% note = ($1,155,090 x 0.12) x (5/12) = $77,133
Interest paid on the 9%, 5-year note = ($2,376,900 x 0.09) x (5/12) = $134,983
Interest paid on the 10%, 4-year note = ($3,397,000 x 0.10) x (4/12) = $134,917
Total interest paid = $77,133 + $134,983 + $134,917 = $347,033
Calculate the weighted-average interest rate:
Weighted-average interest rate = (Total interest paid / Total borrowing) x 100
= ($347,033 / $7,929,090) x 100
= 4.38%
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under accrual basis accounting, if cash is received from the customer before the product is delivered to that customer, in addition to the cash that is received, which of the following is reported by the company? multiple choice an asset (other than cash) on the balance sheet an expense on the income statement a liability on the balance sheet a revenue on the income statement
based on accrual accounting. If clients pay cash in addition to the cash already obtained before the goods is delivered to those customers, Company reports a liability on the balance sheet.
A corporation can use accrual accounting, a financial accounting technique, to record revenue before receiving payment for products or services sold and expense data as it is incurred. In other words, regardless of when money changes hands, the income made and costs incurred are recorded in the company's journal. Cash basis of accounting, which records revenue when the products and services are actually purchased, is sometimes contrasted with accrual accounting. The fundamental idea behind accrual accounting is that transactions should be recorded when an item or service is delivered, not when money is sent or received. Additionally, entries for debts and payments are made.
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