The stockholders’ equity section of Concord Corporation’s balance sheet at December 31 is presented here.

Concord Corporation Balance Sheet(partial)
Stockholders’ equity:

Paid-in capital
Preferred stock, cumulative, 8,000 shares authorized, 4,800 shares issued and outstanding $384,000
Common stock, no par, 870,000 shares authorized, 580,000 shares issued 2,900,000
Total paid-in capital 3,284,000
Retained earnings 1,858,000
Total paid-in capital and retained earnings 5,142,000
Less: Treasury stock (8,000 common shares) 52,800
Total stockholders’ equity $5,089,200

From a review of the stockholders’ equity section, answer the following questions.

a. How many shares of common stock are outstanding?
b. Assuming there is a stated value, what is the stated value of the common stock?
c. What is the par value of the preferred stock?
d. If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?
e. If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?

Answers

Answer 1

Answer and Explanation:

The computation is shown below;

a.  

No of Common Stock Outstanding = No. of stocks issued - Treasury stock

= 580,000 shares  - 8,000 shares

= 572,000 shares  

b. Stated Value of Common Stock = $2,900,000 ÷ 580,000 shares

= $5 per share

c.  Par Value of the Preferred Stock = $384,000 ÷ 4,800 shares

= $80 per share

d. Dividend Rate = $36,000 ÷ $384,000

= 9.375%

e. The retained earning after arrears on preferred stock would remain the same i.e. $1,858,000 as they are declared  


Related Questions

DJH Enterprises has 3 departments. Operating results for 2019 are as follows:

Department 1 Department 2 Department 3
Sales $670,000 $322,000 $856,000
Variable costs 445,000 287,000 602,000
Contribution margin $225,000 $35,000 $254,000
Direct fixed expenses $120,000 $27,000 $163,000
Common fixed expenses 75,000 30,000 94,000
Total fixed expenses $195,000 $57,000 $257,000
Operating income (loss) $30,000 ($22,000) ($3,000)

DJH is considering eliminating the departments that show losses. Assume that the direct fixed expenses could be avoided if the department is eliminated. What effect would elimination of Department 2 have on DJ H's total operating income?

Answers

Answer:

DJH Enterprises

The effect of eliminating Department 2 will increase the total operating income to $27,000 from $5,000.

Explanation:

a) Data and Calculations:

Operating Results for 2019 for the three departments:

                                     Department 1  Department 2 Department 3 Total

                                                                                                              ('000)

Sales                                 $670,000      $322,000       $856,000   $1,848

Variable costs                     445,000        287,000         602,000      1,334

Contribution margin        $225,000        $35,000       $254,000      $514

Direct fixed expenses      $120,000        $27,000        $163,000      $310

Common fixed expenses    75,000          30,000            94,000        199

Total fixed expenses       $195,000        $57,000       $257,000       509

Operating income (loss)   $30,000       ($22,000)         ($3,000)        $5

Loss-making departments eliminated:

                                     Department 1    Department 3        Total                                                      

Sales                                 $670,000       $856,000       $1,526,000

Variable costs                     445,000         602,000         1,047,000

Contribution margin        $225,000       $254,000        $479,000

Direct fixed expenses      $120,000        $163,000        $283,000

Common fixed expenses    75,000            94,000           169,000

Total fixed expenses       $195,000       $257,000        $452,000

Operating income (loss    $30,000          ($3,000)            27,000

Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows:

Direct materials: 5 pounds at $9 per pound $45
Direct labor: 3 hours at $14 per hour 42
Variable overhead: 3 hours at $8 per hour 24
Total standard cost per unit $111

The planning budget for March was based on producing and selling 28,000 units. However, during March the company actually produced and sold 34,000 units and incurred the following costs:

a. Purchased 180,000 pounds of raw materials at a cost of $8.50 per pound. All of this material was used in production.
b. Direct laborers worked 69,000 hours at a rate of $15 per hour.
c. Total variable manufacturing overhead for the month was $565,200.

Required:
a. What raw materials cost would be included in the company's planning budget for March?
b. What raw materials cost would be included in the company's flexible budget for March?
c. What is the materials price variance for March?

Answers

Answer:

Preble Company

a. The raw materials cost for the planning budget for March is:

= $1,260,000

b. The raw materials cost included in the company's flexible budget for March

= $1,530,000

c. The materials price variance for March is:

= $90,000

Explanation:

a) Data and Calculations:

Standard Cost Card Per Unit:

Direct materials: 5 pounds at $9 per pound $45

Direct labor:        3 hours at $14 per hour        42

Variable overhead: 3 hours at $8 per hour     24

Total standard cost per unit                           $111

Planning budget production and sales for March = 28,000 units

Actual production and sales  for March =  34,000 units

Purchase of 180,000 pounds of raw materials / 5 = 36,000 units

Purchase cost = $8.50 per pound

Price variance = $0.50 per pound favorable ($9.00 - $8.50)

Total purchase cost = $1,530,000

Direct labor worked = 69,000

Standard labor hours = 34,000 * 3 = 102,000 hours

Direct labor volume variance = 33,000 hours (102,000 - 69,000)

Standard variable manufacturing overhead = $816,000 (34,000 * $24)

a. The raw materials cost for the planning budget for March is:

= $1,260,000 ($9 * 5 * 28,000)

b. The raw materials cost included in the company's flexible budget for March

= $1,530,000 ($9 * 5 * 34,000)

c. The materials price variance for March is:

= $90,000 ($9 - $8.50)180,000

Recording Entries for an Installment Note Payable On January 1, 2020, a borrower signed a long-term note, face amount, $70,000; time to maturity, three years; stated rate of interest, 8%. The market rate of interest of 10% determined the cash received by the borrower. The note will be paid in three equal annual installments of $27,162 each December 31 (which is also the end of the accounting period for the borrower). Required a. Compute the cash received by the borrower and prepare a debt amortization schedule. Note: Round your answer to the nearest whole dollar.

Answers

Answer:

A. $56,000

B. Jan 1, 2020 $70,000

Dec 31, 2020

$27,162 $5,600 -$21,562 $48,438

Dec 31, 2021

$27,162 $3,875 -$23,287 $25,150

Dec 31, 2022

$27,162 $2,012 -$25,150 $0

Total $81,486 $11,487, $70,000

B. Jan 1, 2020

Dr Cash $56,000

Dr Discount on Note Payable $14,000

Cr Note Payable $70,000

Dec 31, 2020

Dr Interest Expense $5,600

Dr Note Payable $21,562

Dr Cash $27,162

Dec 31, 2021

Dr Interest Expense Dr $3,875

Dr Note Payable Dr $23,287

Cr To Cash $27,162

Dec 31, 2022

Dr Interest Expense $2,012

Dr Note Payable $25,150

Cr To Cash $27,162

Explanation:

A. Computation for the cash received by the borrower

Cash received by the borrower=70000*8%/10%

Cash received by the borrower=$56,000

Therefore The Cash received by the borrower is $56,000

B.Preparation of a debt amortization schedule.

DEBT AMORTIZATION SCHEDULE

Date Cash Interest Expense Reduction in N.P Carrying Value

Jan 1, 2020 $70,000

Dec 31, 2020

$27,162 $5,600 -$21,562 $48,438

($70,000*8%=$5,600)

($27,162-$5,600=21,562)

($70,000-$21,562=$48,438)

Dec 31, 2021

$27,162 $3,875 -$23,287 $25,150

(8%*$48,438=$3,875)

($27,162-$3,875=$23,287)

($48,438-$23,287=$25,150)

Dec 31, 2022

$27,162 $2,012 -$25,150 $0

(8%*$25,151=$2,012)

($27,162-$2,012=$25,150)

($25,151-$25,150)

Total

Jan 1, 2020 $70,000

Dec 31, 2020

$27,162 $5,600 -$21,562 $48,438

Dec 31, 2021

$27,162 $3,875 -$23,287 $25,150

Dec 31, 2022

$27,162 $2,012 -$25,150 $0

Total $81,486 $11,487, $70,000

b. Preparation of the required entries for the borrower for the issuance of the note on January 1, 2020, and the interest payments in 2020, 2021, and 2022

Jan 1, 2020

Dr Cash $56,000

Dr Discount on Note Payable $14,000

($70,000-$56,000)

Cr Note Payable $70,000

Dec 31, 2020

Dr Interest Expense $5,600

Dr Note Payable $21,562

Dr Cash $27,162

($21,562+$5,600)

Dec 31, 2021

Dr Interest Expense Dr $3,875

Dr Note Payable Dr $23,287

Cr To Cash $27,162

($3,875+$23,287)

Dec 31, 2022

Dr Interest Expense $2,012

Dr Note Payable $25,150

Cr To Cash $27,162

($2,012+$25,150)

Suppose that an initial $20 billion increase in investment spending expands GDP by $20 billion in the first round of the multiplier process. Also assume that GDP and consumption both rise by $18 billion in the second round of the process. Instructions: Round your answers to 1 decimal place. a. What is the MPC in this economy

Answers

Answer: 0.9

Explanation:

The marginal propensity to consume (MPC) is calculated by using the formula:

= Change in consumption / Change in income

where,

Change in consumption = $18 billion

Change in income = $20 billion

MPC = Change in consumption / Change in income

= $18 billion / $20 billion

= 0.9

Therefore, MPC is 0.9.

Periods 10% 11% 12% 13% 14% 1 0.909 0.901 0.893 0.885 0.877 2 1.736 1.713 1.690 1.668 1.647 3 2.487 2.444 2.402 2.361 2.322 4 3.170 3.102 3.037 2.974 2.914 5 3.791 3.696 3.605 3.517 3.433 6 4.355 4.231 4.111 3.998 3.889 7 4.868 4.712 4.564 4.423 4.288 8 5.335 5.146 4.968 4.799 4.639 Knowledge Check 01 You are expecting a series of annual cash flows of $25,000 for six years. What is the present value of this annuity if the discount rate is 12%

Answers

Answer:

Present value of annuity  = $102,785.2

Explanation:

An annuity is a series of cashflow expected to be received or paid yearly for a certain number of years

The present value of annuity = A×( 1 - (1+r)^(-n) )/r

Where A is the annual cash flow= 25,000

n- number of years = 6

r- rate per period = 12%

25,000   ×   1- (1.12)^(-6)/0.12

25,000× 4.111=$102,785.2

Present value of annuity  = $102,785.2

Your credit card statement had your interest rate at 16.5%. When you open your statement the rate went up to 18.2%. Can the credit card company do that without notifying you?

Answers

Answer:

Definitely not

Explanation:

I mean, it's YOUR account; they can't just do that, to my inderstanding.

Paid $54,000 cash to replace a motor on equipment that extends its useful life by four years. Paid $270 cash per truck for the cost of their annual tune-ups. Paid $216 for the monthly cost of replacement filters on an air-conditioning system. Completed an addition to a building for $303,750 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure. 2. Prepare the journal entries to record the four transactions from part 1.

Answers

Answer:

see explanation

Explanation:

revenue expenditure is cost that improves a capital asset

capital expenditure is cost incurred to maintain daily operations

What is the economic result of too much money being in circulation?

A. Inflation
B. Deflation
C. Recession
D. Price hikes

Answers

A.
The money is overflowing causing (inflation) to the economy.

you observe thundering herd common stoc k selling for $40.00 per share. the next dividen is ecoected to be $2.00, and is expected to grow at a 4% annual rate forever. If your requir4ed rate of return is 12%, you should purchase the stock? A. Yes, because the presemt value of the expected future cash flows is greater than $40 g

Answers

Answer:

no, because the present value of the expected future cash flows is less than $40

Explanation:

The computation of the share price present value is given below:

= Next dividend ÷ (Required rate of return - growth rate)

= $2 ÷ (12% - 4%)

= $25

As we can see that the share price present value would be $25 but the stock selling price is $40 so the present value would be lower  than $40 that means the stock should not be purchased

A hospital needs 2,900 units of a medicine throughout the year. The purchasing cost varies with the size of the order. If the number of units of the medicine that the hospital orders is below 100, the supplier charges $30 per unit; if it is between 100 and 499, the price is $27 each; and if they order 500 units and above, it is $26 per unit. The holding cost per unit per year is $30, as the medicine must be kept in a special device to prevent spoilage. The ordering cost is $10.

Required:
a. How many units of medicine should the hospital order to minimize their total annual cost?
b. What is the minimum annual total cost?

Answers

Answer:

a. 100 units are ordered  

b. Minimum Total annual cost = 80090

Explanation:

Given that,

D=2900.

C = $30 IF q<100

    = $27 IF 100<Q<499.

    = $26 IF Q>500.

C(H) = $30

C(O) = $10.

EOQ = √(2*D*C(O)/C(H))

        = √( 2*2900*10/30)

        = √( 1933.3333)

         = 43.97

TAC if 44 units are ordered =  (2*D*C(O)*C(H))+D*C

                                             = 2*2900*10*30+ 2900*30

                                             = 1319.09+ 87000 = 88319.09

TAC if 100 units are ordered  = 2900/100*10+ 100/2*30+ 2900*27

                                                = 29*10+ 50*30+2900*27

                                                = 290+1500+78300

                                                = 1790 + 78300 = 80090

if 500 units are ordered  = 2900/500*10+ 500/2*30+2900*26

                                        = 58+ 7500+75400= 82958.

∴ we get

100 units are ordered  

Minimum Total annual cost = 80090.

1. Which of categories are Internal controls are grouped?
A. Effective operations, financial reporting, and compliance.
B. Efficient operations, financial analysis, and compliance.
C. Efficient operations, financial analysis, and management reporting.
D. Production and operations, financial reporting, and management reporting​

Answers

Answer: A. Effective operations, financial reporting, and compliance.

Explanation:

Internal controls are meant to promote the effectiveness of operations in a company so as to bring about maximum profitability.

Internal controls also fall under financial reporting because they are sometimes done to ensure that the information presented by a company is accurate and complete.

There are compliance controls as well to ensure that the company is complying with the various regulations that apply to them be it federal, state, local or private.


You are the project manager for the KLN Project. You had 19 stakeholders on this project. You have added three team
members to the project. How many more communication channels do you have now than before?
out of
O a. 171
O b. 60
O c. 1
O d. 231

Answers

i think the answer is a

Help soon! Its Sunday and i have too much over due homework ;-;

Answers

Answer:

the first one at the left goes with the third one on the left.

the second on the left goes with the second one .

the third one goes with the first one

and the last one goes with the last one

Commercial paper. ​ Criss-Cross Manufacturers will issue commercial paper for a​ short-term cash inflow. ​ Criss-Cross must raise ​$​, and the paper will have a maturity of days. If this paper has a maturity value of ​$ and is selling at an annual interest rate of ​, what are the proceeds from each​ paper; that​ is, what is the discount rate on the commercial​ paper? What is the discount rate on the commercial​ paper? nothing​% ​(Round to two decimal​ places.)

Answers

Answer:

Proceeds from Commercial paper $48,035.92

Discount rate on commercial paper 3.93%

Explanation:

Calculation to determine the proceeds from each​paper

First step is to calculate 182 days rate

182 days rate = 0.082 * 182/365

182 days rate= 0.040887671

Now let calculate the Proceeds from Commercial paper using this formula

Proceeds from Commercial paper = Par value * 1/(1+i for time of issue)

Let plug in the formula

Proceeds from Commercial paper =$50,000 *1/(1+0.040887671)

Proceeds from Commercial paper=$48,035.92

Therefore The proceeds from commercial paper is $48,035.92

Calculation to determine the discount rate on the commercial​paper

First step is to calculate the Discount

Discount = $50,000-$48035.92

Discount=$1,964.02

Now let calculate the Discount rate on commercial paper

Discount rate on commercial paper =$1964.02./50000

Discount rate on commercial paper = 0.039282*100

Discount rate on commercial paper= 3.93%

Therefore the Discount rate on commercial paper is 3.93%

Prepare general journal entries to record the following transactions.Omit explanations.

Jan.
3 Paid office rent, $1,600.
4 Bought a truck costing $50,000, making a down of $7,000
6 Paid wages, $3,000.
7 Received $1 6,000 cash from customers for services performed.
10 Paid $4,100 owed on last month's bills.
12 Billed credit customers, $5,300
17 Received $1 ,800 from credit customers.
19 Taylor Gordon, the owner, withdrew $1,700.
23 Paid $700 on amount owed for truck
29 Received bill for utilities expense, $255.

Answers

Answer:

Jan 3

Debit : Rent  $1,600

Credit : Cash $1,600

Explanation:

if there is no immediate payment of cash raise a liability - accounts payable

Use the following information to answer Questions 12 - 15. Below is selected data for Gertup Corporation as of 12/31/05: Gertup has maintained the same inventory levels throughout 2005. If end of year inventory turnover was increased to 12 through more efficient relationships with suppliers, how much cash would be freed up (pick closest number)

Answers

Answer:

the cash that should be freed up is $267

Explanation:

The computation of the cash that would be freed up is shown below:

As we know that

The inventory turnover is

= Cost of goods sold ÷ average inventory

12 = $14,800  ÷ average inventory

So, the average inventory is 1,233

Now the cash that should be freed up is  

= 1,500 - 1,233

= $267

hence, the cash that should be freed up is $267

in damselflies a basal quadrangular cell in the wing venation is called​

Answers

The answer is discoidal cell

Suppose a Geographic Information Systems (GIS) research firm is approached by the state legislature and asked to provide data about vehicle movement within the state for all cars that can be tracked with direct GPS or through the owner's smartphone. Based on the movement of the cars (and phones) over a certain time, the police can decide when a car was speeding. They intend on using this data to send speeding tickets to those who moved too far, too fast. Also, if an underage driver spends too long parked by an adult only establishment, police will be notified to investigate. If you are the research firm, would you supply the data?

Answers

Answer:

No. I would not supply the data.

Explanation:

Was the GIS research firm commissioned by the state legislature?  The state lacks the authority to demand the GIS information.  Moreover, the data subjects did not give their consent for the information to be used for this purpose.  It will be a violation of data privacy rules to provide the data when the consents of the data subjects were not obtained.

Advanced Products Corporation has supplied the following data from its activity-based costing system:
Overhed Costs
Wages and salaries $300,000
Other overhead costs 100,000
Total overhead costs $400,000
Activity Cost Pool Activity Measure Total Activity
for the Year
Supporting direct labor Number of direct labor-hours 20,000 DLHs
Order processing Number of customer orders 400 orders
Customer support Number of customers 200 customers
Other This is an organization-
sustaining activity Not applicable
Distribution of Resource Consumption Across Activities
Supporting Direct Order Customer Other Total
Labor Processing Support
Wages and salaries 40% 30% 20% 10% 100%
Other overhead costs 30% 10% 20% 40% 100%
During the year, Advanced Products completed one order for a new customer, Shenzhen Enterprises. This customer did not order any other products during the year. Data concerning that order follow:
Data Concerning the Shenzhen Enterprises Order
Units ordered 10 units
Direct labor-hours 2 DLHs per unit
Selling price $300 per unit
Direct materials $180 per unit
Direct labor $50 per unit
1. Using Exhibit, prepare a report showing the first-stage allocations of overhead costs to the activity cost pools.
2. Using Exhibit, compute the activity rates for the activity cost pools.
3. Prepare a report showing the overhead costs for the order from Shenzhen Enterprises including customer support costs.
4. Using Exhibit, prepare a report showing the customer margin for ShenzhenEnterprises.

Answers

Answer:

1. Direct labor Support $150,000

Order processing $100,000

Customer Support $80,000

Other $70,000

Totals $400,000

2. Activity cost pool Activity rate

Supporting direct labor $ 7.50 per DLH

Order processing $ 250 per order

Customer Support $ 400 per customer

3. Overhead cost $800

4.$-100

Explanation:

1. Prepare of the report showing the first-stage allocations of overhead costs to the activity cost pools.

Direct labor Support Order processing Customer Support Other Totals

Wages and salaries $120,000 $90,000 $60,000 $ 30,000 $300,000

(40%*$300,000=$120,000)

(30%*$30,000=$90,000)

(20%*$300,000=$60,000)

(10%*$300,000=$30,000)

(100*$300,000=$300,000)

Other overheads cost $ 30,000 $10,000 $20,000 $ 40,000 $ 100,000

(30%*$100,000=$30,000)

(10%*$100,000=$10,000)

(20%*$100,000=$20,000)

(40%*$100,000=$40,000)

(100%*$100,000=$100,000)

TOTAL COST $150,000 $100,000 $80,000 $70,000 $400,000

Therefore the first-stage allocations of overhead costs to the activity cost pools are :

Direct labor Support $150,000

Order processing $100,000

Customer Support $80,000

Other $70,000

Totals $400,000

2. Computation for the activity rates for the activity cost pools.

Activity cost pool Activity rate

Supporting direct labor $ 7.50 per DLH

($150,000/20,000=$ 7.50)

Order processing $ 250 per order

($100,000/400=$250)

Customer Support $ 400 per customer

($80,000/200=$400)

Therefore the activity rates for the activity cost pools are:

Activity cost pool Activity rate

Supporting direct labor $ 7.50 per DLH

Order processing $ 250 per order

Customer Support $ 400 per customer

3. Preparation of a report showing the overhead costs for the order from Shenzhen Enterprises including customer support costs.

Activity cost pool ABC cost

Supporting direct labor $150

($7.50*2*10)

Order processing $250

($100,000/400=$250)

Customer Support $400

($100,000/200=$400)

Overhead cost $ 800

($150+$250+$400)

Therefore the overhead costs for the order from Shenzhen Enterprises including customer support costs is $800

4. Preparation of a report showing the customer margin for Shenzhen Enterprises

Shenzhen Enterprises

Customer Margin - ABC Analysis

Sales (10* $300) 3,000

Less Costs:

Direct materials (10*$180) $1,800

Direct labor (10 * $50) $ 500

Overhead cost $800

($150+$250+$400)

Total cost ($3,100)

Customer margin $-100

($3,000-$3,100)

Therefore the customer margin for Shenzhen Enterprises is $-100

Jallouk Corporation has two different bonds currently outstanding. Bond M has a face value of $30,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $2,400 every six months over the subsequent eight years, and finally pays $2,700 every six months over the last six years. Bond N also has a face value of $30,000 and a maturity of 20 years; it makes no coupon payments over the life of the bond. The required return on both these bonds is 6% compounded semi-annually. What are the current price of bond M and bond N?

Answers

Answer:

um

Explanation:

Residual Income The operating income and the amount of invested assets in each division of Otte Industries are as follows: Operating Income Invested Assets Retail Division $ 8,000,000 $40,000,000 Commercial Division 12,750,000 75,000,000 Internet Division 270,000 1,800,000 Assume that management has established a 10% minimum acceptable rate of return for invested assets. a. Determine the residual income for each division. Retail Division Commercial Division Internet Division Operating income $8,000,000 $12,750,000 $270,000 Minimum acceptable operating income as a percent of invested assets fill in the blank 1 fill in the blank 2 fill in the blank 3 Residual income $fill in the blank 4 $fill in the blank 5 $fill in the blank 6

Answers

Answer: See explanation

Explanation:

The residual income for each division will be calculated as follows:

Retail division:

Operating income = $8,000,000

Less: Minimum acceptable operating income as a percentage of invested assets = 10% × $40,000,000 = $4,000,000

Residual income = $4,000,000

Commercial division:

Operating income = $12,750,000

Less: Minimum acceptable operating income as a percentage of invested assets = 10% × $75,000,000 = $7,500,000

Residual income = $5,250,000

Internet division:

Operating income = $270,000

Less: Minimum acceptable operating income as a percentage of invested assets = 10% × $1,800,000 = $180,000

Residual income = $90,000

From the information above, we can also see that the commercial division has the highest residual value.

C Corporation is investigating automating a process by purchasing a machine for $808,200 that would have a 9 year useful life and no salvage value. By automating the process, the company would save $141,000 per year in cash operating costs. The new machine would replace some old equipment that would be sold for scrap now, yielding $22,800. The annual depreciation on the new machine would be $89,800. The simple rate of return on the investment is closest to (Ignore income taxes.): Multiple Choice 11.28% 5.28% 6.52% 16.88%

Answers

Answer:

6.52%

Explanation:

According to the scenario, computation of the given data are as follows,

New machine cost = $808,200

Scrap sold = $22,800

Cost of investment = $808,200 - $22,800 = $785,400

Saving from new machine = $141,000

Annual depreciation of machine = $89,800

Net operating income = $141,000 - $89,800 = $51,200

Now we can calculate the rate of return by using following formula,

Simple rate of return = Net operating income ÷ Cost of Investment

= $51,200 ÷ $785,400

= 6.52%

During the year, Walt who is self-employed travels from Seattle to Tokyo, Japan, on business. His time was spent as follows: two days travel (one day each way), two days business, and two days personal. His expenses for the trip were as follows (meals and lodging reflect only the business portion): Airfare $3,000 Lodging 2,000 Meals 1,000 Presuming no reimbursement, Walt's deductible expenses are: a.$3,500. b.$6,000. c.$4,500. d.$5,500.

Answers

Answer:

d.$5,500.

Explanation:

The computation of the deductible expense is shown below:

= Airfare + lodging + 50% of meals

= $3,000 + $2,000 + 50% of $1,000

= $3,000 + $2,000 + $500

= $5,500

hence, the deductible expense is $5,500

Here we take 100% of airfare &  lodging but we took 50% for the meals

hence, the option d is correct

In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Metlock, Inc. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $34,500 and sales taxes $1,725. 2. Carla Vista Co. does not segregate sales and sales taxes. Its register total for April 15 is $24,804, which includes a 6% sales tax. Prepare the entries to record the sales transactions and related taxes for Metlock, Inc. and Carla Vista Co..

Answers

Answer:

1. Metlock, Inc.

Dr Cash $36,225

Cr Sales revenue $34,500

Cr Sales Tax Payable $1,725

2. Carla Vista Co

Dr Cash $24,804

Cr Sales revenue $24,082

Cr Sales Tax Payable $722

Explanation:

Preparation of the entries to record the sales transactions and related taxes for Metlock, Inc. and Carla Vista Co..

1. Metlock, Inc.

Dr Cash $36,225

($34,500+$1,725)

Cr Sales revenue $34,500

Cr Sales Tax Payable $1,725

2. Carla Vista Co

Dr Cash $24,804

Cr Sales revenue $24,082

($24,804/1.06)

Cr Sales Tax Payable $722

($24,804-$24,082)

A warranty guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it.


t or f

Answers

Answer:

True

Explanation:

A warantee is a written assurance that some product or service will be provided or will meet certain specifications.

Hope this helps! <3

The answer should be C. Bc clip art can have text illustrations etc!

Answers

It’s C ..................,..

Using information from the news article you read and your knowledge of economics, compose a paragraph in response to the article. Your comment on the article should state your opinion on government intervention. Use economic analysis to guide your opinions. In your writing, be sure to use proper grammar as well as a topic sentence and introductory and concluding statements.

Answers

Answer:

I commend the governments of Peachtree City and Fayette County for their recent intervention, which will be beneficial to our economy. Earlier, the city reduced the water level in the lake so that people who live on the lake could maintain the shoreline. When the council started to refill the lake, city staff noted problems with the dam and spillway and brought it to the attention of Fayette County. There were financial constraints to completing this project, but the Peachtree City government decided to spend additional money to finish the project. That was the right course of action. The residents’ properties (and property values) have been restored, and the lake will once again draw visitors to the town to enjoy the lake and spend money in our town’s businesses.

Explanation:

PLATO word for word, just in case <3

On January 1, 2017, Alexis Company purchased a delivery truck for $60,000. They estimated the useful life of the truck to be 6 years, and the salvage value to be $12,000. On July 1, 2022, they sold the truck for a loss of $1,200. Assuming the company uses straight line depreciation, what was the selling price of the truck

Answers

Answer:

$14,800

Explanation:

The computation of the selling price of the truck is shown below:

The depreciation expense is

= ($60,000 - $12,000) ÷ 6 years

= $8,000

Now the depreciation for 5.5 years is

= $8,000 × 5.5 years

= $44,000

Now book value is

= $60,000 - $44,000

= $16,000

ANd, finally the selling price of the truck is

= $16,000 - $1,200

= $14,800

Use the following information to compute the cost of direct materials used for the current year. (Assume no indirect materials.)
January 1 December 31.
Inventories Raw materials inventory $ 6,900 $ 11,600
Work in process inventory 12,600 12,000
Finished goods inventory 9,700 7,400
Activity during current year
Materials purchased $ 133,500
Direct labor 104,000
Factory overhead 46,500
Cost of Direct Material Used is Computed as:________

Answers

Answer:

$128,800

Explanation:

Open a Direct Materials T - Account to calculate the Cost of Direct Material Used.

Direct Materials T - Account

Debit :

Beginning Materials Inventory                $ 6,900

Materials Purchases                              $ 133,500

Total                                                        $140,400

Credit :

Materials Used (Balancing figure)       $128,800

Ending Materials Inventory                    $ 11,600

Total                                                       $140,400

Therefore,

Cost of Direct Material Used is $128,800

Analyse the benefits of employee training to a business.​

Answers

Explanation:

Boosts Employee Performance. ...

Improve Morale and Job Satisfaction. ...

Ensures Opportunities for Learning. ...

Opportunity to Identify Weaknesses. ...

Provide a Framework to Develop Strengths. ...

Encourages Innovation and Risk Acceptance. ...

Boosts Adherence to Quality Standards

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