Answer:
total salary = (40 x $18) + (6 x $18 x 1.5) = $882
Dr Salaries expense 882
Cr Federal income tax withholding payable 120
Cr OASDI tax withholding payable 61.74
Cr Medicare tax withholding payable 13.23
Cr Salaries payable 687.03
Dr Payroll tax expenses 119.07
Cr OASDI tax payable 61.74
Cr Medicare tax payable 13.23
Cr SUTA tax payable 35.28
Cr FUTA tax payable 8.82
Instructions: Please prepare a Balance Sheet on your scratch paper based on the following Adjusted Trial Balance and Additional Information below to answer this question and the next three (3) questions.
(Hint: you may also want to prepare a new Income Statement and Statement of Stockholders' Equity before preparing the Balance Sheet to make sure you have the necessary information for the Balance Sheet account balances.)
You will need to know the amounts for total current assets, total long-term assets, total current liabilities, total long-term liabilities, and total stockholders' equity.
Adjusted Trial
Balance As of 12/31/20xx
Accounts Debit Credit
Cash $25,486
Prepaid Rent 5,700
Supplies 4,400
Building 100,000
Accumulated Depreciation $6,000
Accounts Payable 1800
Deferred Revenue 1,300
Notes Payable (due in 24 months 80,486
Common Stock 2,100
Retained Earnings 46,400
Dividends 4,000
Service Revenue 12,400
Rent Expense 900
Supplies Expense 3,000
Utility Expense 1,000
Depreciation Expense 6,000
Totals $150,486 $150,486
Additional Information:
Beginning Balance of Common Stock on 1/1/20xx $2.100
Beginning Balance of Retained Earnings on 1/1/20xx $46,400
No new stock was issued during the accounting period. .
Hint: Please remember the formula for retained earnings when preparing this statement
Question: What is the amount shown for Total Current Assets shown on the Classified Balance Sheet you prepared on your scratch paper?
Answer:
a) Balance Sheet as of December 31, 20xx:
Assets:
Cash $25,486
Prepaid Rent 5,700
Supplies 4,400
Total current assets $35,586
Building 100,000
Acc. Depreciation (6,000) $94,000
Total assets $129,586
Current Liabilities:
Accounts Payable $1,800
Deferred Revenue 1,300
Total current liabilities $3,100
Notes Payable (due in
24 months 80,486
Total liabilities $83,586
Common Stock 2,100
Retained Earnings 43,900 46,000
Total liabilities and equity $129,586
b) Total current assets = $35,586
Explanation:
a) Data and Calculations:
Adjusted Trial
Balance as of 12/31/20xx
Accounts Debit Credit
Cash $25,486
Prepaid Rent 5,700
Supplies 4,400
Building 100,000
Accumulated Depreciation $6,000
Accounts Payable 1,800
Deferred Revenue 1,300
Notes Payable (due in 24 months 80,486
Common Stock 2,100
Retained Earnings 46,400
Dividends 4,000
Service Revenue 12,400
Rent Expense 900
Supplies Expense 3,000
Utility Expense 1,000
Depreciation Expense 6,000
Totals $150,486 $150,486
Additional data:
Beginning Balance of Common Stock on 1/1/20xx $2,100
Beginning Balance of Retained Earnings on 1/1/20xx $46,400
Income Statement for the year ended December 31, 20xx
Service Revenue $12,400
Rent Expense 900
Supplies Expense 3,000
Utility Expense 1,000
Depreciation Expense 6,000 10,900
Net Income 1,500
Statement of Stockholders' Equity:
Beginning Common Stock on 1/1/20xx $2,100
Beginning Retained Earnings on 1/1/20xx 46,400
Net Income 1,500
Dividends (4,000)
Ending Equity balance on 12/31/20xx $46,000
Retained Earnings on 12/31/20xx:
Beginning Retained Earnings on 1/1/20xx 46,400
Net Income 1,500
Dividends (4,000)
Retained Earnings on 12/31/20xx $43,900
During Compute the number of equivalent units with respect to both materials and conversion respectively for March using the weighted-average method. Multiple Choice, the production department of a process operations system completed and transferred to finished goods 20,000 units that were in process at the beginning of March and 100,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 54% complete with respect to conversion. At the end of March, 29,000 additional units were in process in the production department and were 100% complete with respect to materials and 29% complete with respect to conversion. Compute the number of equivalent units with respect to both materials and conversion respectively for March using the weighted-average method.
Answer:
Computing the equivalent units using the weighted-average method:
Materials Conversion
Total equivalent units 129,000 108,410
Explanation:
a) Data and Calculations:
Beginning inventory = 20,000 units
Degree of completion (Materials 100%, Conversion 54%)
Units started and completed in March = 100,000
Units transferred out = 120,000
Ending inventory = 29,000 units
Degree of completion (Materials 100%, Conversion 29%)
Total equivalent units Materials Conversion
Units started & completed 100,000 (100%) 100,000 (100%)
Units in Ending Inventory 29,000 (100%) 8,410 (29%)
Total equivalent units 129,000 108,410
b) In computing the equivalent units of production, the weighted-average method takes into account the units started and completed within the period and the ending work in process. This is unlike the FIFO method, which considers the units completed in the beginning work-in-process during the current period, the units started and completed, and the ending work-in-process inventory based on their various degrees of completion.
Carroll Corporation has two products, Q and P. During June, the company's net operating income was $26,000, and the common fixed expenses were $56,000. The contribution margin ratio for Product Q was 40%, its sales were $141,000, and its segment margin was $48,000. If the contribution margin for Product P was $46,000, the segment margin for Product P was:
Answer:
$34,000
Explanation:
Given the above information, the computation of segment margin for product P is shown below;
Net operating profit = (Segment margin Q + Segment margin P) - Common fixed expenses
$26,000 = ($48,000 + Segment margin P) - $56,000
$26,000 = $48,000 + Segment margin P - $56,000
$26,000 = Segment margin P - $8,000
Segment margin P = $26,000 + $8,000
Segment margin P = $34,000
Brian has a job. The first place he should look for health care coverage is because the costs will probably be the for the generous terms and coverage. Darnell does not have a job. He is a member of the alumni association of his alma mater. Darnell will probably find better coverage for a lower cost through plans offered by because plans spread the costs and risks among more people than plans do. To begin their research, Brian and Darnell should look at in order to .
Answer:
the company he works for
lowest
most
his alumni association
group
individual
indemnity and managed care plans
be thorough
Explanation:
Shen has a job. The first place he should look for health care coverage is his employer because the costs will probably be the most affordable for the generous terms and coverage. Yakov does not have a job. He is a member of the alumni association of his alma mater. Yakov will probably find better coverage for a lower cost through plans offered by health insurance exchanges because these plans spread the costs and risks among more people than individual plans do. To begin their research, Shen and Yakov should look at the websites of health insurance providers in order to compare different plans, costs, and coverage options.
In their pursuit of health care coverage, Shen and Yakov have distinct options based on their employment status. With a job, Shen's best initial choice lies with his employer-provided health insurance, likely offering affordable premiums and comprehensive coverage. Conversely, Yakov's absence of employment leads him to explore health insurance exchanges
As an alumnus, he may access plans with better coverage at lower costs since these plans distribute expenses and risks across a larger pool of individuals. Both should commence their research by reviewing the official websites of local health insurance providers, where they can compare various plans to make informed decisions that align with their specific needs and financial capabilities.
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------------The given question is incomplete, the complete question is:
"FILL IN THE BLANK WITH THE CORRECT WORDS:
Shen has a job. The first place he should look for health care coverage is _____ because the costs will probably be the ______ for the generous terms and coverage. Yakov does not have a job. He is a member of the alumni association of his alma mater. Yakov will probably find better coverage for a lower cost through plans offered by ________ because ________ plans spread the costs and risks among more people than _______ plans do. To begin their research, Shen and Yakov should look at _______ in order to _____________."---------------
UPS, a delivery services company, has a beta of 1.1, and Wal-Mart has a beta of 0.7. The risk-free rate of interest is 4% and the market risk premium is 7%. What is the expected return on a portfolio with 30% of its money in UPS and the balance in Wal-Mart
Answer:
7.78%
Explanation:
Calculation for the expected return on a portfolio
First step is to calculate the portfolio beta
Portfolio beta=30%*1.1+30%*0.7=1.15
Portfolio beta=0.33+0.21
Portfolio beta=0.54
Now let calculate the expected return using this formula
Expected return=rf+(Portfolio beta*mrp)
Let plug in the formula
Expected return=4%+(0.54*7%)
Expected return=7.78%
Therefore the expected return on a portfolio is 7.78%
Lyman Company has the opportunity to increase annual credit sales $100,000 by selling to a new, riskier group of customers. The expenses of collecting credit sales are expected to be 15 percent of credit sales. The company's manufacturing and selling expenses are projected at 70% of sales, and its effective tax rate is 40%. If Lyman accepts this opportunity, its after-tax profits would increase by an estimated:_____.
a. $10,200.
b. $10,000.
c. $9,000.
d. $14,400.
Answer:
Option c ($9,000) is the correct answer.
Explanation:
The given values are:
Annual increase in sales,
= $100,000
Now,
The collection expenses will be:
= [tex]100,000\times 15 \ percent[/tex]
= [tex]15,000[/tex]
Selling as well as manufacturing expenses will be:
= [tex]100,000\times 70 \ percent[/tex]
= [tex]70,000[/tex]
Tax expense will be:
= [tex]15,000\times 40 \ percent[/tex]
= [tex]6,000[/tex]
After-tax profits increase will be:
= [tex]15,000-6,000[/tex]
= [tex]9,000[/tex] ($)
which of the following qualities that will help you succeed in the work place
Answer:
1. Leadership Skills you have to know how to take charge of something going on.
2. Oraganizing being organized is important becuase it shows the people around you that you have everything in order.
3. verbal communications Knowing how to speak to co- workers and coustumers you have to be clear so you can have good coustumer service.
4. Listening skills are very important that's how you understand the coustumers.
Explanation:
What term is used for the extent to which an individual within an organization displays different behaviors in different situations?
Answer: distinctiveness
Explanation:
The options to the question include:
A. Continuity
B. Integrity
C. stability
D. flexibility
E. distinctiveness
The term that is used for the extent to which an individual within an organization displays different behaviors in different situations is refered to as distinctiveness.
Distinctiveness is the quality that one possesses which makes one standout and different from others. It allows the individual to be easily recognized due to the different behaviors displayed.
The following transactions occur for Badger Biking Company during the month of June: a. Provide services to customers on account for $34,000. b. Receive cash of $26,000 from customers in (a) above. c. Purchase bike equipment by signing a note with the bank for $19,000. d. Pay utilities of $3,400 for the current month. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (Decreases to account classifications should be entered as a negative.)
Answer:
See below
Explanation:
Assets =
Liabilities + Stockholder's equity
Accounts receivables $34,000(+)
Revenue $34,000(+)
Cash $26,000(+)
Accounts receivables $26,000(-)
Bike equipment $19,000(+) Notes payable $19,000(+)
Cash $3,400(-)
Retained earnings $3,400(-)
The first transaction increases asset(account receivable) by $34,000 while revenue(stockholder's equity) increased by the same amount
The cash receipt of $26,000 increases assets cash by $26,000 and decreases an asset , account receivable by the same amount
The purchase of an asset by note payable increases asset, bike equipment by $19,000 while liabilities note payable also increases by $19,000
The payment of utilities for $3,400 decreases asset cash by $3,400 while stockholder's equity retained earnings decreases by same amount.
Required information
[The following information applies to the questions displayed below.]
A + T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: A two-year insurance premium of $6,960 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents.
Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year Shipping supplies on hand, counted on December 31 of the current year 20
Required:
1. Record the adjusting entry for insurance at December 31 of the current year. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Required information Journal entry worksheet Record the adjusting journal entry for insurance premium of $4,800 on December 31 of the current year. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
2. What amount should be reported on the current year's income statement for Insurance Expense? For Shipping Supplies Expense? (Do not round intermediate calculations.) Insurance expense Shipping supplies expense
3. What amount should be reported on the current year's balance sheet for Prepaid Insurance? For Shipping Supplies? (Do not round intermediate calculations.) Prepaid insurance Shipping supplies
Answer:
Missing word
"Shipping supplies on hand, January 1 of the current year $13
Purchases of shipping supplies during the current year $75
Shipping supplies on hand, counted on December 31 of the current year $20"
1. Adjusting entry for insurance at December 31 of the current year.
S/n General Journal Debit Credit
a. Insurance expense $870
(6,960/24)*3=$ 600
Prepaid insurance $870
(Insurance expired)
b. Shipping supplies expenses $68
($13+$75-$20)
Shipping supplies $68
(Supplies used)
2. What amount should be reported on the current year's income statement for Insurance Expense?
Insurance expense = $870
Shipping supplies expense = $68
3. What amount should be reported on the current year's balance sheet for Prepaid Insurance?
Prepaid insurance = ($6,960-$870) = $6,090
Shipping supplies as on Dec 31. = $20
Why are the incentives of a supplier the opposite of the incentives of a demander
Answer:
The incentives of a supplier are the opposite of the incentives of a demander because it is a relationship whose nature makes supply and demand inversely proportional to each other: the higher the supply, the lower the demand for each product and the lower its price; While the lower the supply, the greater the demand for each product and the higher its price. Thus, in many cases, suppliers seek to restrict supply to maximize profits, while demanders seek to lower prices through a greater quantity of goods offered.
The Converting Department of Hopkinsville Company had 640 units in work in process at the beginning of the period, which were 70% complete. During the period, 13,600 units were completed and transferred to the Packing Department. There were 720 units in process at the end of the period, which were 25% complete. Direct materials are placed into the process at the beginning of production.
Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0".
Hopkinsville Company
Number of Equivalent Units of Production
Whole Units Direct Materials Equivalent Units Conversion Equivalent Units
Inventory in process, beginning
Started and completed
Transferred to Packing Department
Inventory in process, ending
Total
Answer:
Whole units 14,320
Direct materials equivalent units 13,680
Conversion costs equivalent units 13,332
Explanation:
Calculation to Determine the number of equivalent units of production with respect to direct materials and conversion costs.
Hopkinsville Company Number of Equivalent Units of Production
WHOLE UNITS
Inventory in process, beginning 640
Started and completed 12,960
(13,600-640)
Transferred to Packing Department 13,600
(640+12,960)
Inventory in Process ending 720
Total 14,320
(13,600+720)
DIRECT MATERIALS EQUIVALENT UNITS
Inventory in process, beginning 0
Started and completed 12,960
(13,600-640)
Transferred to Packing Department 12,960
Inventory in Process ending 720
Total 13,680
(12,960+720)
CONVERSION EQUIVALENT UNITS
Inventory in process, beginning 192
[640-(640*70%)]
Started and completed 12,960
(13,600-640)
Transferred to Packing Department 13,152
(192+12,960)
Inventory in Process ending 180
(720*25%)
Total 13,332
(13,152+180)
For each of the following situations, decide whether the unemployment that occurs is a result of cyclical, frictional, or structural changes.
Items (7 items) (Drag and drop into the appropriate area below)
A new college graduate takes three months to find his first job.
Two hundred automobile workers lose their jobs as a result of a permanent reduction in the demand for automobiles.
Large numbers of workers lose their jobs as the economy goes into a downturn.
A financial analyst quits her current job to look for a better one
Answer:
frictional
structural changes.
Cyclical
frictional
Explanation:
Structural unemployment is an unemployment that occurs as a result of changes in the economy. These changes can be as a result of changes in technology, polices or competition . Structural unemployment tends to be permanent.
Frictional unemployment is the period of time a person is unemployed from the time he leaves his current job and the time he gets another job.
Cyclical unemployment occurs as a result of fluctuations in the economy. In a downturn unemployment is high and in a boom, unemployment is low.
Question 11 (3 points)
When considering the costs and benefits of a decision, you should do something as
long as
a) the benefits are less than the costs
b) the costs are less than the benefits
c) the costs and benefits are both high
d) the costs and benefits are both low
Answer:b
Explanation:
I think it is
Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. On December 31, 2018, the company's board of directors declares a 20 percent stock dividend. This stock dividend will be distributed on January 20, 2019 to the stockholders of record on January 15, 2019. The market price of the company's stock is $10 per share on December 31, 2018.
Complete the necessary journal entry to record the declaration of the stock dividend by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns
list Journal entry worksheet
Mustang Corporation had 100,000 shares of $2 par value common stock outstanding On December 31, 2018, the company's board of directors declares a 20 percent stock dividend. This stock dividend will be distributed on January 20, 2019 to the stockholders of record on January 15, 2019. The market price of the company's stock is $10 per share on December 31, 2018
Note Enter debit before credits
Date General Journal Debit Credit
Dec 31
Record entry Clear entry View General journal
Answer:
1. Dec 31, 2018
Dr Retained Earnings $200,000
Cr Common Stock dividend distributable $40,000
Cr Paid in Capital in Excess of par $160,000
2. Jan 15 , 2019
No Journal Entry is required
3. Jan 20 , 2019
Dr Common Stock dividend distributable $40,000
Cr Common Stock $40,00
Explanation:
Preparation of the necessary journal entry to record the declaration of the stock dividend
1. Dec 31, 2018
Dr Retained Earnings $200,000
(100,000 Shares * 20%* $ 10)
Cr Common Stock dividend distributable $40,000
(100,000 Shares * 20%* $2)
Cr Paid in Capital in Excess of par $160,000
($ 200,000 - $ 40,000 )
2. Jan 15 , 2019
No Journal Entry is required
3. Jan 20 , 2019
Dr Common Stock dividend distributable $40,000
Cr Common Stock $40,000
(100,000 Shares * 20%* $2)
On January 1, 2021, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery was made on January 1, 2021, but payment for the equipment of $10,100 is not due until December 31, 2021. Assuming that Wooten views the time value of money to be a significant component of this transaction and that an 12% interest rate is applicable. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) How much sales revenue would Wooten recognize on January 1, 2021
Answer: $9,017.89
Explanation:
Wooten will recognize the present value of $10,100 as it is to be paid to them in a year and the company sees time value of money as a significant component.
= 10,100 * Present value interest factor, 12%, 1 period
= 10,100 * 0.89286
= $9,017.886
= $9,017.89
The typical firm in a perfectly competitive market earns zero economic profit in the long run because: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a firms in competitive markets tend to focus on revenue rather than profit. b U.S. law is designed so that taxes on earnings will eliminate profits. c there are no barriers preventing new firms from entering the market in the long run. d it is illegal for firms in a market that is comprised of many firms to continue to earn positive economic profit.
Answer:
c. there are no barriers preventing new firms from entering the market in the long run.
Explanation:
In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.
This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.
In a perfectly competitive market in long-run equilibrium, a long-run equilibrium avails firms the opportunity to adjust all inputs and all fixed costs are maximized. Also, it's characterized by free entry and exit, as such there isn't a fixed number of firms. This simply means that, since the number of firms in a long-run equilibrium can change, a firm must exit the market as a result of losses i.e when the firm is unable to cover its fixed costs in the long-run while new firms are allowed entry into the market when it anticipates potential profits or gains.
However, the firms always strive to maximize profits by increasing their level of output, such that P = MC. Also, the firms wouldn't be willing to leave or enter into the market because they are not making any profit, such that P=AC.
In a nutshell, in the long run equilibrium P=MR=MC and P=AC.
Therefore, a typical firm in a perfectly competitive market earns zero economic in the long run because there are no barriers preventing new firms from entering the market in the long run.
Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,125. Fragmental collected the entire $9,000 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be:
Answer:
Debit unearned rent for $3,375
........Credit rent revenue for $3,375
Explanation:
The adjusting entry made by Fragmental Co. on December 31 is calculated as;
Number of months from October 1st to December 31st = 3 months
Rent revenue earned for 3 months = $1,125 × 3 = $3,375
Therefore, the adjusting entry would be;
Debit unearned rent for $3,375
..........Credit rent revenue for $3,375
The adjusting entry made by Fragmental Co. on December 31 would be a debit to Unearned Rent and a credit to Rent Revenue for $3,450. The correct option is d.
$3,450 in unearned rent a/c Dr.
$3,450 in rent revenue.
Unearned rent is deducted because it is the company's liability. The value of unearned rent is reduced due to the company's adjustment of unearned rent into rent income, and a fall in the value of unearned rent is always debited because it is a liability.
Rent revenue is credited since it is a company revenue/gain, and all company revenue/gains are always recognised in the books of accounts.
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The question is incomplete, but the complete question most probably was:
Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,150. Fragmental collected the entire $9,200 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be:
Multiple Choice
a)A debit to Rent Revenue and a credit to Cash for $3,450.
b)A debit to Rent Revenue and a credit to Unearned Rent for $3,450.
c)A debit to Cash and a credit to Rent Revenue for $9,200.
d)A debit to Unearned Rent and a credit to Rent Revenue for $3,450.
e)A debit to Unearned Rent and a credit to Rent Revenue for $5,750
Which one of the following is the reason that bonds may sell at a discount or premium?
A. The market yield rate fluctuated between the time the bond agreement was written and the date the bonds were actually issued to investors
B. Market conditions caused the coupon rate of interest to change between the time the bond agreement was written and the date the bonds were actually issued to investors
C. The bond issuer failed to consider the market yield rate when the bond agreement was created
D. The bond issuer adjusted the coupon rate to match that of other bond issues
Answer:
A. The market yield rate fluctuated between the time the bond agreement was written and the date the bonds were actually issued to investors
Explanation:
Interest rate changes and changes in the market price of outstanding bonds have an inverse relationship. If the market rate of interest is more than coupon rate than the bonds are sold at discount to match the market interest rate and if the coupon rate is more than market rate than bonds are sold at premium for match the market rate of interest.
Coupon rates one decided than there is no change in the life time of the bonds but market rate are always changing and because of this the bonds are sell at discount or premium.
From the next year onwards, Colt Systems is estimated to have an EBIT of $15 million. It will also spend $6 million annually on total capital expenditures and increases in net working capital, and have $3 million in depreciation expenses. Colt is currently an all-equity firm with a corporate tax rate of 35% and a cost of capital of 10%. a) What is the market value of its equity today (assuming all cash flows are paid back to the equity holders at the end of each year)?
Answer: $67.5 million
Explanation:
Since we are given the information that all cash flows are paid back to the equity holders at the end of each year, the market value of its equity today will be:
= [EBIT × (1 - t) + Depreciation - Capital Expenditure - Change in Working capital] / (Cost of Capital - Growth rate)
= ($15 million(1 - 35%) + $3 million - $6 million) / 10%
= [$15 million (1 - 0.35) + $3 million - $6 million] / (10%
= ($15 million × 0.65) + $3 million - $6 million) / 0.1
= ($9.75 million + $3 million - $6 million)/0.1
= $6.75 million / 0.1
= $67.5 million
Sheffield Company took a physical inventory on December 31 and determined that goods costing $218,900 were on hand. Not included in the physical count were $25,610 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $22,510 of goods sold to Alvarez Company for $32,160, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Sheffield report as its December 31 inventory
Answer:
$267,020
Explanation:
Calculation to determine what amount should Sheffield report as its December 31 inventory
Using this formula
December 31 inventory= Goods costing on hand+Goods purchased+Goods sold
Let plug in the formula
December 31 inventory= $218,900+$25,610+$22,510
December 31 inventory=$267,020
Therefore The amount that Sheffield should report as its December 31 inventory is $267,020
Using data spanning 2002-2013 from the ACFE Report to the Nations on Occupational Fraud and Abuse, and made available through the Institute for Fraud Prevention (IFP), the authors examined private company FRF cases in comparison to those at public companies and found several key differences. These included the observation that a stronger antifraud environment in public companies appears to lead public company FRF perpetrators to use ____________ perhaps to make the fraud less obvious, rather than other fraud schemes such as fictitious revenues.
Answer:
Skimming Scheme
Explanation:
Skimming scheme is a fraudulent activity which involves taking cash from daily receipts. The total cash is reported lower and the excess of cash is withdrawn by fraudster. This fraud is difficult to catch red handed. The daily cash reporting should be segregated between two or more employees in order to control this fraud.
Bought equipment for cash, $48,900. Paid $14,700 on the long-term note payable. Issued new shares of stock for $38,050 cash. Dividends of $650 were declared and paid. Other expenses all relate to wages. Accounts payable includes only inventory purchases made on credit. Required: 1. Prepare the statement of cash flows using the direct method for the year ended December 31, current year.
Answer:
Part a
Statement of Cash flows for the year ended December 31
Cash flow from Operating Activities
Net Income 26,800
Add Depreciation 11,700
Adjust for Changes in Working Capital
Increase in Accounts Receivable (6,100)
Increase in Inventory 5,450
Decrease in Accounts Payable (2,500)
Decrease in Wages Payable (700)
Cash flow from Investing Activities
Equipment Purchased (48,900)
Cash flow from Financing Activities
Retired Long term note payable (14,700)
New Stock Issues 38,050
Dividends Paid (650)
Changes in Cash and Cash Equivalent 7,550
Beginning Cash and Cash equivalent 65,700
Ending Cash and Cash equivalent 73,250
Part b
Sources of Cash : Issue of Stock
Uses of Cash : Purchase of Equipment
Explanation:
NOTE : I have attached the full question as image below.
The Indirect method has been required for this question. This means we reconcile the Net Income to Operating Cash flow by adjusting non-cash items in Income and changes in working capital.
Which aspect of production planning might make use of a Gantt chart?
A.
routing
B.
loading
C.
scheduling
D.
dispatching
E.
inspection
g Kally goes to the grocery store each week looking to purchase items that will give her as much utility as possible, given her $100 budget. Last week apples were priced at $4.50 each, and Kally purchased 3 apples. This week apples are on sale for $2.50 each, while all other prices have remained the same, and Kally chooses to purchase 7 apples. Given this information, plot Kally's demand curve for apples.
Answer:
Please check the attached image for the graph
Explanation:
The demand curve is a curve that shows the various quantities of a good that is purchased at different prices.
The demand curve is downward sloping due to the inverse relationship between price and quantity demanded. The higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded. This is known as the law of demand.
It can be seen that the quantity demanded of apples increased from 3 to 7 when price reduced to $2.50
On the demand curve, price is on the vertical axis, while quantity demanded is on the horizontal axis
Abby and Jason are building a new house. They obtained a construction loan of $100,000, which will be rolled over into a conventional 20-year mortgage when the house is complete in 14 months. Simple interest rate of 0.5% per month will be charged on the construction loan. The 20-year mortgage will carry a 6% interest rate with monthly payments (so, it is compounded monthly). What is the monthly payment that Abby and Jason will make
Answer:
Abby and Jason
The monthly mortgage payment that Abby and Jason will make is:
= $766.58.
Explanation:
a) Data and Calculations:
Construction loan = $100,000
Period of construction = 14 months
Simple interest rate = 0.5% per month
Principal amount after 14 months = $ 107,000 ($100,000 * 0.5% * 14)
Mortgage loan = $107,000
Mortgage period = 20 years
Interest rate = 6% compounded monthly
Terms of payment = monthly
From an online financial calculator, the monthly payment for the mortgage will be:
Monthly Pay = $766.58
Monthly Total
Mortgage Payment $766.58 $183,979.50
Total of 240 Mortgage Payments = $183,979.50
Total Interest = $76,979.50
Mortgage Payoff Date Mar. 2041 if the mortgage commenced on March 1, 2021.
Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $100 Units in beginning inventory 0 Units produced 8,800 Units sold 8,400 Units in ending inventory 400 Variable costs per unit: Direct materials $ 15 Direct labor $ 57 Variable manufacturing overhead $ 3 Variable selling and administrative expense $ 7 Fixed costs: Fixed manufacturing overhead $132,000 Fixed selling and administrative expense $ 8,500 What is the net operating income (loss) for the month under variable costing
Answer:
$10,700
Explanation:
The unit product cost = $15 + $57 + $3 = $75
Sale revenue = $100 × 8,400 = $840,000
Less :Variable cost
Variable cost of goods sold = 8,400 × $75 = $630,000
Variable selling and administrative = 8,400 × $7 = $58,800
Contribution margin = $151,200
Fixed manufacturing overhead = $132,000
Fixed selling and administrative expenses = $8,500
Net operating income = $10,700
An example of two way communication
Answer:
Radio, telephone, and computer-aided dispatch systems etc.
Explanation:
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A multinational engineering consulting firm that wants to provide resort accommodations to special clients is considering the purchase of a three-bedroom lodge in upper Montana that will cost $220,000. The property in that area is rapidly appreciating in value because people anxious to get away from urban developments are bidding up the prices. If the company spends an average of $400 per month for utilities and the investment increases at a rate of 0.75% per month, how long would it be before the company could sell the property for $100,000 more than it has invested in it
Answer:
59.5 months
Explanation:
initial investment x (1 + appreciation rate)ⁿ = initial investment + $100,000 + ($400 x n)
$220,000 x (1 + 0.75%)ⁿ = $320,000 + $400n
1.0075ⁿ = $320,000/$220,000 + $400n/$220,000
1.0075ⁿ = 1.4545 + 0.001818n
I tried to solve it by trial and error:
50 months:
1.453 ≠ 1.5454
60 months:
1.566 ≈ 1.564 ⇒ Almost
61 months:
1.577 ≠ 1.565
59 months:
1.554 ≈ 1.562 ⇒ Almost
59.5 months:
1.56 = 1.56
We have a graduated tax system, and the tax brackets are listed in Appendix A. If you are not familiar with the Fair Tax and Flat Tax ideas, do a little research. Share what you think would be best for our country.
Explanation:
i think the graduated tax system is fairest ,it imposes a higher rate on the rich than the poor and all this is done based on the tax payer if this is done it will help the poor to pay for needs such as shelter food and other personal needs it allows the poor to spend most of they money