your answer is FALSE
why is education considered as an investment
Which of the following stocks had the highest trading price at the end of the day?
the answer is D, I had the same problem
The correct option is D. Search Engine had the highest trading price at the end of the day. Because the low is 470.56 which highest among all of them.
What is stock?A stock is a type of instrument that denotes the holder's ownership stake in the issuing company and is typically traded on stock markets. To raise money to run their businesses, corporations issue stock.
Thus, the highest trading price at the end of the day is because search engine makes a high of 477.65 in the day which is the highest among all of them.
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Garcia Co. owns equipment that cost $81,600, with accumulated depreciation of $43,200. Garcia sells the equipment for cash. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $50,600 cash, (2) $38,400 cash, and (3) $33,300 cash. Record the sale of equipment assuming Garcia sells the equipment for $50,600 cash.
Answer:
1. Cash Debit $ 47,000
Accumulated Depreciation equipment Debit $ 40,800
Gain on sale of equipment Credit $ 11,000
Equipment Credit $ 76,800
To record sale of equipment for $ 47,000 and gain on sale of $ 11,000
2. Cash Debit $ 36,000
Accumulated Depreciation equipment Debit $ 40,800
Equipment Credit $ 76,800
To record sale of equipment for $ 36,000
3. Cash Debit $ 31,000
Accumulated Depreciation equipment Debit $ 40,800
Loss on sale of equipment Debit $ 5,000
Equipment Credit $ 76,800
To record sale of equipment for $ 31,000 and loss on sale of $ 5,000
Explanation:
Computation of net book value
Cost of equipment $ 76,800
Less: Accumulated depreciation $ 40,800
Net book value $ 36,000
In first step where the equipment is sold of $ 47,000, the differential between the sale value and the net book value is the gain on sale and is credited in the accounting entry.
In the second step, where the equipment is sold for $ 36,000, the sale proceeds is exactly equal to the net book value and no gain or loss is recorded.
In the third step, the equipment is sold for $ 31,000 and the differential between the net book value and the sale proceeds is a loss and recorded as a debit in the accounting entry
The is recorded as Book value of old equipment = $81,600 − $43,200 =38,400 which is consider as Cash.
What is depreciation?As a result of use, damage, or obsolescence, an asset's monetary worth drops in value over time indicating depreciation. This depreciation cause due wear and tear, expiration, or consumption.
The calculation for the sale of equipment is attached with the answer.
Therefore, the Gain on sale of Equipment is calculated as 12,200 and the Loss on sale of equipment as 5,100 under separate cases.
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what issues should be covered in the negotiations between your organization and the outsourcing organization. You can list the issue, and then follow up with a couple of sentences to explain. Some groups think of this as what goes into the contract, although there are issues to consider that might not be in the contract. Cultural differences between the two organizations would be an example of an issue that is important to consider, but may not be put in the contract.
The correct answer to this open question is the following.
Although there are no options attached we can say the following.
The issues that should be covered in the negotiations between your organization and the outsourcing organization are the following.
As it is written in the question, the corporate culture of the outsourcing company is one of the issues to be discussed because it is important that the outsource company understand your values, mission, and mission, so the relationship could be professional and amicable.
Then, one important aspect of the negotiation must be the lines of communication to be "on the same page."
Another issue is the services to be provided, the price for each service and the way results are going to be measured.
As important as the previous issue, is the quality of the people who are going to be temñporarly hired, so there are no big differences between the quality of work from the employees of your company vs. the employees recommended and hired by the outsourcing company.
The level of expertise at suppliers is a major concern of your company. The outsourcing company has to show ways provable ways that guaranteed the expertise of suppliers.
One final important aspect is the solution of controversies in case there are problems between suppliers and your company, knowing that the outsourcing company is responsible for the hirings and contracts with the outsourced workers.
Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the following expenses and losses during the year:
Medical expenses (before the 7.5%-of-AGI limitation) $33,000
State and local income taxes 4,800
State sales tax 1,300
Real estate taxes 6,000
Home mortgage interest 5,000
Automobile loan interest 750
Credit card interest 1,000
Charitable contributions 7,000
Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000
Unreimbursed employee business expenses 7,600
Calculate Linda’s allowable itemized deductions for the year.
$______________.
*The AGI limit for medical expenses is 7.5% now for 2018. It was 10% in previous years.*
*Also in 2018, taxpayers can't claim unreimbursed employee expenses because it is now considered personal exp in 2018-2025 due to new tax rules.*
Answer:
$27,000
Explanation:
Calculation to determine Linda’s allowable itemized deductions for the year.
Local and state taxes $10,000
Home mortgage interest $5,000
Charitable contributions $7,000
Unreimbursed employee expenses Eliminated from 2019
Medical Expense $5,000
[$33,000-(280,000*10%)]
Casualty Loss Eliminated from 2019
Linda's Allowable itemized deduction for the year $27,000
($10,000+$5,000+$7,000+$5,000)
Therefore Linda's Allowable itemized deduction for the year is $27,000
Cobb Company produces 8,000 parts each year, which are used in the production of one of its products. The unit product cost of a part is $36, computed as follows: Variable production costs $16 Fixed production costs 20 The parts can be purchased from an outside supplier for only $24 each. If the part is outsourced, fixed production costs would be reduced by one-fourth. If the parts are purchased from the outside supplier, the annual impact on the company's operating income will be:
Answer:
Explanation:
Total unit product cost = $36
If purchased from outside, then fixed costs will be only $15 because 25% of 20 will be reduced.
So, if purchased from outside,
Total unit cost = 24 + 15
Total unit cost = $39
So, it is more when purchased from outside. Total operating income will decrease by = 8,000 * (39 - 36) = $24,000
Windmill Corporation,a Dutch corporation,is owned by the following unrelated persons: 50 percent by a U.S.corporation,5 percent by a U.S.individual,and 45 percent by a Swiss corporation.During the year,Windmill earned $2,000,000 of subpart F income.Which of the following statements is true about the application of subpart F to the income earned by Windmill?
A) Windmill is a CFC and the U.S. corporation and U.S. individual will have a deemed dividend of $1,000,000 and $100,000, respectively.
B) Windmill is a CFC and only the U.S. corporation will have a deemed dividend of $1,000,000.
C) Windmill is a CFC and the U.S. corporation, U.S. individual, and Swiss corporation will have a deemed dividend of $1,500,000, $100,000, and $900,000, respectively.
D) Windmill is not a CFC and none of the shareholders will have a deemed dividend under subpart F.
Answer: Windmill is not a CFC and none of the shareholders will have a deemed dividend under subpart F.
Explanation:
Subpart F income include insurance income, illegal bribes, foreign base company income, international boycott factor income, etc.
It should be noted that Windmill isn't a controlled foreign corporation that is the company isn't a corporate entity which is duly registered and then conducts business in another country that's different from its home country. Therefore, none of the shareholders will have a deemed dividend under subpart F.
how do you think customer service can contribute to a retail business?
Answer:
In retail, examples good customer service include remembering and appreciating repeat customers, forging a local connection with shoppers, putting your product knowledge to good use, and more.
The following information is taken from the production budget for the first quarter: Beginning inventory in units 1200 Sales budgeted for the quarter 356000 Capacity in units of production facility 402000 How many finished goods units should be produced during the quarter if the company desires 3200 units available to start the next quarter
Answer:
358,000
Explanation:
The number of units to be produced is dependent on the desired closing units, the sales and opening balance
Hence,
Opening balance + Units produced - Sales = Closing balance
Let the goods produced be y
1,200 + y - 356,000 = 3,200
y = 3,200 + 356,000 - 1,200
y = 358,000
The company should produce 358,000 units during the quarter if company desires 3,200 units available to start the next quarter.
Beginning investments should be?
Answer:
Investment Beginner
There are plenty of investments for beginners, including mutual funds and robo-advisors.
…
Here are six investments that are well-suited for beginner investors.
401(k) or employer retirement plan.
A robo-advisor.
Target-date mutual fund.
Index funds.
Exchange-traded funds (ETFs)
Investment app
Explanation:
Firm 1 and firm 2 are competing for a franchise. The present value of the net revenues generated by the franchise are equal to R. Each firm’s probability of winning the franchise is given by its proportion of the total spent by the two firms on lobbying the local government committee that awards the franchise. That is, if I1 and I2 represent the lobbying expenditures of firms 1 and 2, respectively, then firm 1’s probability of winning is given by I1/(I1 + I2), while firm 2’s probability of winning is I2/(I1 + I2). If each firm assumes that the other firm’s spending is independent of its own, what is the equilibrium level of spending for each firm?
Answer:
Equilibrium level of spending = R
Explanation:
Firm 1 : I1 ( lobbying expenditure ) , P of firm 1 = I1/(I1 + I2 )
Firm 2 : I2( lobbying expenditure) , P of firm 2 = I2/(I1 + I2 )
The equilibrium level of spending for each firm will be = present value of net revenues that is being generated by the Franchise
i.e. equilibrium level of spending = R
The candy company is considering a new manufacturing process that costs $0.30 per unit for the first 400,000 units. For additional units, up to 725,000, the cost is $0.20 per unit. For all additional units over 725,000, the cost is $0.10 per unit. Which of the following ranges of total units contains the point where the cost of the new process is equal to the cost of the original process (where the cost is $0.21 for the first 500,000 units and $0.13 for all additional units)?
a. From 2,335,000 to 2,345,000
b. From 2,325,000 to 2,335,000
c. From 2,345,000 to 2,355,000
d. From 2,365,000 to 2,375,000
As the manager in an insurance company, Emanuel is responsible for reviewing the following two plans that he will offer to the public:
1. Low-deductible, high-premium health insurance plan
2. High-deductible, low-premium health insurance plan
Required:
Which plan would someone choose if he or she were concerned that doctors may order too many tests
Answer:
1. Low-deductible, high-premium health insurance plan
Explanation:
The premium paid for a health insurance plan is the amount of money an individual, a family, or a company must pay for a health insurance policy.
The deductible paid on a health insurance plan is the amount paid for medical expenses as an upfront payment before the insurance company pays for the remaining medical expense.
A high-deductible health plan saves more money in the form of lower monthly premiums it gives, and it is cheaper provided the individual or group choosing this service is not someone that have medical ailments that require frequent hospital visits, and doesn't have costly medical bills.
Low deductibles have higher premiums and are best when an individual predicts seeing the doctor often or he/she is not healthy.
Santiago Incorporated has a constructing company in which he does major constructing jobs and also leases his heavy-duty equipment to help supplement his income. His cash account is very important in the running of both of his businesses as he uses the accrual basis of accounting . What method would you suggest that Jay Santiago use for recording cash flow from operating activities and why?
Answer:
"Direct Method" is the right answer.
Explanation:
The direct approach provides a clearer overview of how a company receives currency. And therefore it is regarded as equivalent to the alternative manner.Compared to the price of something like the money market account throughout the particular circumstance, the above direct method of registering cash balance somewhat from operations would be advised.An engineer is trying to decide which process to use to reduce sludge volume prior to disposal. Belt filter presses (BFP) will cost $203,000 to buy and $85,000 per year to operate. Belts will be replaced one time per year at a cost of $5500. Centrifuges (Cent) will cost $396,000 to buy and $119,000 per year to operate, but because the centrifuge will produce a thicker "cake", the sludge hauling cost to the monofill will be $37,000 per year less than for the belt presses. The useful lives are 5 and 10 years for alternatives BFP and Cent, respectively, and the salvage values are assumed to be 10% of the first cost of each process whenever they are closed down or replaced. Use PW evaluation to select the more economical process at an interest rate of 6% per year over (a) the LCM of lives, and (b) a study period of 8 years. Are the decisions the same?
Consider a market with two firms, Hewlett-Packard (HP) and Dell, that sell printers. Both companies must choose whether to charge a high price ($) or a low price ($) for their printers. These price strategies with corresponding profits are depicted in the payoff matrixLOADING... to the right. HP's profits are in red and Dell's are in blue. Suppose HP and Dell are initially at the game's Nash equilibrium. Then, HP and Dell advertise that they will match any lower price of their competitors. For example, if HP charges $, then Dell will match that price and also charge $. What effect will matching prices have on profits (relative to the Nash equilibrium without price matching)? Assuming HP and Dell can coordinate to maximize profits, HP's profit will change by $ nothing and Dell's profit will change by nothing. (Enter either positive or negative numeric responses using integers.)
Answer: Hello your question is poorly written attached below is the complete question
answer : Change in profits
= $55 , $55
Explanation:
From the Question( Nash equilibrium ) we can see that there four combination of charges
HP, Dell ($450, $450 ) : profit ( $100, $100 )
HP ,Dell ($450, $250 ) :
HP, Dell ( $250, $450 )
HP, Dell ( $250, $250 ) profit ( $45, $45 )
when lower price is adopted profit made = ( $45 , $45 )
when Higher price is adopted profit made = ( $100, $100 )
Hence The effect of matching prices on profits (relative to the Nash equilibrium without price matching)
Assuming HP and Dell coordinates
HP's profit will changes by = $100 - $45 = $55
Dell's profit will change by = $100 - $45 = $55
What is a BFOQ? Should BFOQs be allowed?
Answer:
In employment law, a bona fide occupational qualification (BFOQ) (US) or bona fide occupational requirement (BFOR) (Canada) or genuine occupational qualification (GOQ) (UK) is a quality or an attribute that employers are allowed to consider when making decisions on the hiring and retention of employees—a quality that when considered in other contexts would constitute discrimination and thus be in violation of civil rights employment law. Such qualifications must be listed in the employment offering.[citation needed]
Explanation:
Canada
The law of Canada regarding bona fide occupational requirements was considered in a 1985 Canadian court case involving an employee of the Canadian National Railway, K. S. Bhinder, a Sikh whose religion required that he wear a turban, lost his challenge of the CNR policy that required him to wear a hard hat.[1] In 1990, in deciding another case, the Supreme Court of Canada amended the Bhinder decision: "An employer that has not adopted a policy with respect to accommodation and cannot otherwise satisfy the trier of fact that individual accommodation would result in undue hardship will be required to justify his conduct with respect to the individual complainant. Even then the employer can invoke the BFOQ defence."[2]
United States
In employment discrimination law in the United States, both Title VII of the Civil Rights Act of 1964 and the Age Discrimination in Employment Act contain a BFOQ defense. The BFOQ provision of Title VII provides that:
[I]t shall not be an unlawful employment practice for an employer to hire and employ employees, for an employment agency to classify, or refer for employment any individual, for a labor organization to classify its membership or to classify or refer for employment any individual, or for an employer, labor organization, or joint labor-management committee controlling apprenticeship or other training or retraining programs to admit or employ any individual in any such program, on the basis of his religion, sex, or national origin in those certain instances where religion, sex, or national origin is a bona fide occupational qualification reasonably necessary to the normal operation of that particular business or enterprise ...[3]
i'm not able to add the balance of the answer so pls go to https://en.wikipedia.org/wiki/Bona_fide_occupational_qualification
the required return on the stock of moe's pizza is 12.1 percent and after tax required return on the company's debt is 3.79 percent. the company's market value capital structure consists of 73 percent equity. the company is considering a new project that is less risky than current operations and it feels the risk adjustment factor is minus 2.2 percent. the tax rate is 40 percent. what is the required return for the new project
Answer:
7.65%
Explanation:
required return = (percent of stock x required return on stock) + (after tax cost of debt x percent of debt) - adjustment factor
Percent of debt = 100 - 73 = 27%
(12.1 x 0.73) + (3.79 x 0.27) - 2.2 = 7.65%
Explain why different communication methods are used in the business environment?
Answer:
Different communication methods are used in different circumstances because sometimes a certain method will be more effective in terms of cost, time and impact, and sometimes it will be more appropriate.
Explanation:
Different communication methods are used in the business environment to suit different situations and needs. It is important to choose the right method of communication to ensure effective communication and to avoid misunderstandings.
There are some important communication methods are:
Face-to-face communication is utilized when there needs to be rapid clarification, feedback, or discussion.
When a written record of the conversation is required or the receiver cannot be reached in person, email is the preferred means of communication.
When a formal debate or presentation is required, this approach is employed in business meetings.
Social media is a technique utilized when a wide audience has to be reached fast.
Applications for team messaging are utilized when quick, informal communication is required among team members.
As a result, the significance of the different communication methods are used in the business environment are the aforementioned.
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Scenario: Elly owns a small coffee shop. She has only one employee. One weekend, she decides to take a break from work. She is wondering whether she should trust her employee to run the shop in her absence. If she does not trust him, she would have to keep the shop closed, in which case neither she nor her employee will be able to make money. In contrast, if she trusts him, he can either cooperate and run the shop or he can defect and steal from the shop. If he cooperates, both of them will earn money. If he steals from the shop, he will make more money while she will lose. -Refer to the scenario above.Which of the following is likely to happen if Elly is known to be vengeful?
A) Neither of them will make money.
B) Only Elly will make money.
C) Only Elly's employee will make money.
D) Both Elly and her employee will earn money.
Answer:
you can fin your answer here bit.^{} ly/3gVQKw3
the part of the technical report should follow this sequence
Answer:
The title page.
The introduction.
The summary.
Experimental details.
Results and discussions.
The body.
Conclusion.
Explanation:
Hope this helps you
The following information is provided for Ivanhoe Company and Sarasota Corporation.
(in $ millions) Ivanhoe Company Sarasota Corporation
Net income 2022 $170 $350
Net sales 2022 1790 4790
Total assets 12/31/20 1075 2340
Total assets 12/31/21 1285 3150
Total assets 12/31/22 1195 4070
What is Bridgeport's return on assets (rounded) for 2017?
Answer: 9.695%
Explanation:
Based on the information given in the question, Bridgeport's return on assets for 2022 will be:
= Net income / Average total assets
= $350 / ($3150+$4070/2)
= $350/($7220/2)
= $350/$3610
= 0.09695
= 9.695%
Therefore, Bridgeport's return on assets for 2022 will be 9.695%
The Kentucky government approves tax incentives to encourage more industry to move to the state. Which of the following statements best describes a potential negative externality? (1 point)
a
Development results in reduction of green space.
b
Taxes for local road maintenance decrease.
c
The state gambling industry fails to fund education.
d
The state park system loses positive media coverage.
Answer:
a
Explanation:
A good has positive externality if the benefits to third parties not involved in production is greater than the cost. an example of an activity that generates positive externality is research and development. Due to the high cost of R & D, they are usually under-produced. Government can encourage the production of activities that generate positive externality by granting subsidies.
A good has negative externality if the costs to third parties not involved in production is greater than the benefits. an example of an activity that generates negative externality is pollution. Pollution can be generated at little or no cost, so they are usually overproduced. Government can discourage the production of activities that generate negative externality by taxation. Taxation increases the cost of production and therefore discourages overproduction. Tax levied on externality is known as Pigouvian tax.
Government can regulate the amount of externality produced by placing an upper limit on the amount of negative externality permissible
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized:
Current Year Previous Year
Balance Sheet at December 31
Cash $ 33,300 $ 28,250
Accounts Receivable 34,000 27,500
Inventory 40,000 37,500
Equipment 113,500 95,000
Accumulated Depreciation—Equipment (29,000) (24,500)
Total Assets $ 191,800 $ 163,750
Accounts Payable $ 35,000 $ 26,500
Salaries and Wages Payable 1,500 1,650
Note Payable (long-term) 33,500 39,000
Common Stock 85,600 72,100
Retained Earnings 36,200 24,500
Total Liabilities and Stockholders’ Equity 191,800 163,750
Income Statement
Sales Revenue 115,000
Cost of Goods Sold 67,500
Other Expenses 35,800
Net Income 11,700
Additional Data:
Bought equipment for cash, $18,500.
Paid $5,500 on the long-term note payable.
Issued new shares of stock for $13,500 cash.
No dividends were declared or paid.
Other expenses included depreciation, $4,500; salaries and wages, $19,500; taxes, $5,500; utilities, $6,300.
Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash.
Required:
1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
XS SUPPLY COMPANY
Statement of Cash Flows
For the Year Ended December 31
Cash Flows from Operating Activities:
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Cash Flows from Investing Activities:
Cash Flows from Financing Activities:
Answer:
XS Supply Company
XS Supply Company
Statement of Cash Flows
For the current year ended December 31
Cash Flows from Operating Activities:
Net Income $11,700
Non-cash expenses: Depreciation 4,500
Changes in working capital:
Accounts Receivable -6,500
Inventory -2,500
Accounts Payable 8,500
Salaries and Wages Payable -150
Net cash from operations $15,550
Investing activities:
Purchase of Equipment -$18,500
Financing activities:
Note payable repaid -$5,500
Issue of common stock 13,500
Net cash from financing $8,000
Net cash flows $5,050
Reconciliation:
Cash in hand, beginning $ 28,250
Net cash flows 5,050
Ending balance $ 33,300
Explanation:
a) Data and Calculations:
Current Previous
Balance Sheet at December 31 Year Year Changes
Cash $ 33,300 $ 28,250 +$5,050
Accounts Receivable 34,000 27,500 +6,500
Inventory 40,000 37,500 +2,500
Equipment 113,500 95,000 +18,500
Acc. Depreciation—Equipment (29,000) (24,500) (4,500)
Total Assets $ 191,800 $ 163,750
Accounts Payable $ 35,000 $ 26,500 +$8,500
Salaries and Wages Payable 1,500 1,650 -150
Note Payable (long-term) 33,500 39,000 -5,500
Common Stock 85,600 72,100 +13,500
Retained Earnings 36,200 24,500 +11,700
Total Liabilities and Stockholders’ Equity 191,800 163,750
Income Statement
Sales Revenue 115,000
Cost of Goods Sold 67,500
Other Expenses 35,800
Net Income 11,700
Additional data:
Purchase of Equipment $18,500
Note payable repaid $5,500
Issue of common stock $13,500
Depreciation $4,500
In the Month of March, Digby received orders of 159 units at a price of $15.00 for their product Drat, and in April receives an order for 40 units of their product Drat at $15.00. Digby uses the accrual method of accounting and offers 30 day credit terms. Digby delivers 0 units in March, 159 units in April and 40 units in May. They received payment for 159 units in April, and payment for 40 units in May. How much revenue is recognized on the March income statement from this order
Answer: 0
Explanation:
Accrual accounting method simply means when revenue or expenses are written down and recorded at the time that the transaction took place and not when payment was gotten.
The revenue that is recognized on the March income statement will be 0. This is because the delivery was in April and none took place in March.
An entity had the following account balances at year end. Sales $452,000 Cash 23,400 Accounts payable 14,300 Rent expense 3,700 Accounts receivable 9,400 Cost of goods sold 214,000 Land 104,000 Unearned revenue 6,800 Gain on sale 17,500 Equipment 28,800 Inventories 2,200 Notes payable 67,000 What is the amount of total current assets reported on the balance sheet
Answer:
Total Current Assets = 35000
Explanation:
The current assets are the assets of a business which are expected to be used or sold within a year. These assets normally include cash, cash at bank, accounts receivables, inventory etc. The total current assets for the given question will be,
Current Assets
Inventory 2200
Accounts Receivable 9400
Cash 23400
Total 35000
For which of the following errors would the appropriate amount be subtracted from the balance per books on a bank reconciliation? Check written for $53, but recorded by the company as $35. Deposit of $200 recorded by the bank as $20. Check written for $58, but recorded by the company as $85. A returned $600 check recorded by the bank as $60.
Answer:
Check written for $53, but recorded by the company as $35.
Explanation:
In this, the check is written for $53 which means that the bank would debited the books by $53 but the books of the company represent only $35 in the credit sid. So here the company should have to deduct the additional amount i.e. $18 for making the amount same in both the books
Therefore the above statement represent the answer
The following transactions occurred during April 2021 at the Kanthere, a retailer selling headphones. For the selected transactions below, show the amount and impact (increase or decrease) on the accounting equation below. If a transaction impacts the income statement, indicate in the description column the specific income statement line item.
Transaction
1 Purchased a delivery truck for $90,000 that will be used for 4 years. The truck doesn’t have a salvage value.
2 Sold a $100 gift card to a customer for cash.
3 Paid rent for the month of $10,000.
4 Purchased 20 headphones at $30 each on account. Payment is due in 45 days.
5 Sold 4 headphones for $70 each on account.
Answer:
Assets = Liabilities + Stockholders’ Equity = -$6,500
Explanation:
Note: See the attached excel file for recording of the impact (increase or decrease) of April 2021 transactions on the accounting equation.
From the attached excel file, we can obtain the following:
Assets = Total assets = -$99,900 + $90,000 + $600 + $2,800 = -$6,500
Liabilities = Total liabilities = $600
Stockholders’ Equity = Total Stockholders’ Equity = -$7,100
Liabilities + Stockholders’ Equity = $600 - $7,100 = -$6,500
Therefore, the accounting equation holds as follows:
Assets = Liabilities + Stockholders’ Equity = -$6,500
Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $18,700. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,600, outstanding checks of $2,200, a NSF check of $900, bank service charges of $40 and the EFT from a customer in payment of the customer's account of $1,700. What is the up-to-date ending Cash balance
Answer:
Up-to-date cash balance $18,100
Explanation:
The computation of the up to date ending cash balance is shown below:
Cash balance as per bank statement $18,700
Add: Deposit-in-transit $1,600
Less: Outstanding checks -$2,200
Up-to-date cash balance $18,100
Here we add the deposits and subtracted the outstanding checks so that the up to date cash balance could come
The same would be considered
Kelly’s Kites began operations on 1/1/11. When preparing her budget for 2012, Kelly estimated in January that she would sell 5,000 kites to local beach shops, for $10 per kite. She estimated that sales would increase 5% each month from the prior month. All sales are made to the local beach shops on credit. Kelly estimates that 50% of the sales will be collected within the same month of the sale, 40% will be collected the following month, and 10% will be collected two months after the sale. Sales in November, 2011 were 3,500 kites, and in December 2011 were 4,000 kites.
a. Prepare the sales budget for the 1st quarter of 2012.
b. Prepare the cash receipts budget for the 1st quarter of 2012.
Answer:
Total sales for the Quarter1 is $157,630
Total cash receipts for Quarter1 is $148,315
Explanation:
SALES BUDGET
Jan Feb Mar Q1
Budgeted Sales units 5,000 5,250 5,513 15,763
Selling price per unit 10 10 10 10
Total Sales 50,000 52,500 55,130 1,57,630
EXPECTED CASH COLLECTIONS
Jan Feb Mar Q1
Nov month sales 3,500 3,500
Dec month sales 16000 4000 20000
Jan Month sales 25,000 20000 5000 50,000
Feb month sales 26250 21000 47,250
March month sales 27565 27,565
Total Cash Collections 44,500 50,250 53,565 1,48,315