Answer:
$55.50
Explanation:
Given that
Bid price = $55.25
Ask price = $55.50
The bid price refers to the maximum price that buyer could able to pay for a good
While the ask price refers to the minimum price that seller could take it from the buyer
Based on the above information,
The price at which the trade is executed is equivalent to the ask price i.e $55.50
In the month of November, Carla Vista Co. Inc. wrote checks in the amount of $9,565. In December, checks in the amount of $11,465 were written. In November, $8,825 of these checks were presented to the bank for payment, and $10,285 in December. What is the amount of outstanding checks at the end of November? At the end of December?
Checks written in November $9,750
Less: Checks paid by bank in November $8,800
Checks outstanding at the end of November $950
Add: Checks written in December $11,762
Less: Checks paid by bank in December 10,889
Checks outstanding at the end of December $1,823
hope this helps!
- a random freshman
Q
In the Metropolis forecast example, we are using cash as a plug number. To keep the examis
simple, we assume that the cash is not sitting in an interest-bearing bank account. Imagine the
cash were in an interest-bearing account, meaning the company would earn interest revenue
based on the cash balance. How would this affect your forecast and forecasting process?
Answer:
Consider average cash balance that was at the end of previous month and estimate the current month average cash balance and add or less any major increment that makes the forecasting realistic.Use excel or other softwares for forecasting purposes as it automatically adjusts the worksheet if corrections or additions are included in the computation.Explanation:
The interest earned would be calculated at the end of every day on the cash balance that the company holds in the interest-bearing bank account.
The cash balance would be adjusted to reflect realistic assumptions were made because unrealistic assumptions makes the forecasting unreasonable and meaningless. The first step is to take the previous month end average cash balance and add in it the current month average balance. This will give us the current month cash balance that will be based on realistic assumptions. Use the excel sheets to take affects of estimated cash and other factors that will change due to the change in the cash balances. Excel will take account of all the factors adjusted in the forecasting sheet and adjust these factor's effects within seconds.
distributes a product that sells for $8 per unit. Variable expenses are $4 per unit, and fixed expenses total $20000 annually. Assume that the company sold 21600 units last year. The president wants to increase the sales commission by $0.6 per unit. She thinks that this move, combined with some increase in advertising, would double annual unit sales. Q: By how much could advertising be increased with profits remaining unchanged
Answer:
$60,480
Explanation:
The computation of advertising be increased with profits remaining unchanged is shown below:-
Particulars Current Proposed
Units 21,600 43,200
Sales $172,800 $345,600
($8 × 21,600) ($16 × 21,600)
Less: Variable expenses $86,400 $172,800
(21,600 × $4) (43,200 × $4)
Sales commission - $25,920
Less: Fixed expenses $20,000 $20,000
Net income $66,400 $126,880
So, the difference is $126,880 - $66,400
= $60,480
Max Company uses 20,000 units of Part A in producing its products. A supplier offers to make Part A for $7. Max Company has relevant costs of $8 a unit to manufacture Part A. If there is excess capacity, the opportunity cost of not buying Part A from the supplier is:________
a) $20,000.
b) $0.
c) $160,000.
d) $140,000.
Answer:
$20,000
Explanation:
Max company makes use of 20,000 units of part A to manufacture its product
A supplier offers to produce part A for $7
Max company has relevant costs to $8 per unit to produce part A
Therefore, the opportunity cost of not buying part A from the supplier can be calculated as follows
Opportunity cost= 20,000 units of part A($8-$7)
= 20,000 units×$1
= 20,000×$1
= $20,000
Hence the opportunity cost of not buying part A from the supplier when there is excess capacity is $20,000
A company’s perpetual preferred stock pays an annual dividend of $2.10 per share. The preferred stock’s market value is $36.04 per share and the company’s tax rate is 30%. If the flotation costs for preferred stock are 6%, what is the company’s annual cost of new preferred stock financing? Question 4 options: 1) 5.87% 2) 7.25% 3) 6.54% 4) 6.20% 5) 5.41%
Answer:
6.20%
Explanation:
The company’s annual cost of new preferred stock financing is the annual dividend payable on the preferred stock divided by the net price of the stock
annual dividend is $2.10
net price=market price*(1-flotation cost %)
net price=$36.04 *(1-6%)
net price=$ 33.88
company’s annual cost of new preferred stock financing=$2.10/$33.88
company’s annual cost of new preferred stock financing==6.20%
The country of Morson has decided to privatize the state-owned cable television company. How can the country help this newly privatized industry succeed
Answer:
Government Support
Explanation:
Privatization is better for a country. It minimizes the monopoly and encourages healthy competition. Increased competition in the business world is good. There can be variety of services available to the consumers. Government should support privatization by introducing schemes of interest free loan for investors. There will be large number of firms that might want to enter business world but the money is not available to them for startup.
Identify each of the following items as either a capital expenditure (C), an immediate expense (E), or neither (N):
1. Paid property taxes of $75,000 for the first year the new building is occupied.
2. Paid interest on construction note for new plant building, $550,000
3. Repaired plumbing in main plant, paying $270,000 cash.
4. Purchased equipment for new manufacturing plant, $6,000,000; financed with long-term nc
5. Paid dividends of $40,000.
6. Purchased a computer and peripheral equipment for $29,000 cash.
7. Paved a parking lot on leased property for $300,000.
8. Paid $90,000 in cash for installation of equipment in (4).
9. Paid $148,000 to tear down old building on new plant site.
10. Paid $31 ,000 maintenance on equipment in (4) during its first year of use.
Answer:
Options 2, 4, 6, 7, 8, and 9 are capital expenditure.
Options 1, 3, and 10 are the immediate expenses.
Option 5 is Neither.
Explanation:
Capital expenditure is those expenditures that are incurred to maintain the fixed assets. Thus Options 2, 4, 6, 7, 8, and 9 are capital expenditure. While the expenses that are compulsory and immediate in nature are called the immediate expenses. This means if the equipment requires repairing then it will fall in the category of immediate expense because without repairing it won't work. Therefore, a property tax of $75000, repair of the main plant, and maintenance for equipment are immediate expenses.
Capital budgeting is the process of planning and controlling investments in assets that are expected to produce cash flows for one year or less. This statement is: False True
Answer:
false
Explanation:
Capital budgeting is the process taken to evaluate and determine the profitability of an investment. capital budgeting can be done for projects that have cash flows of more than one year
capital budgeting methods include :
Net present value
internal rate of return
accounting rate of return
payback period
Which of the following is NOT a goal of operations management? (A) Understanding the drivers of customer utility (B) Match supply with demand (C) Make a profit while providing customers what they want *D) Provide great products at low prices to customers
Answer:
The answer is A.
Explanation:
Operations management involves all activities which produce and deliver goods and services. Operation is a core function in any organization.
The primary objective of operations management is to make use of the organizational resources to generate or produce goods and services.
All options except option A(Understanding the drivers of customer utility) are goals of operation management
Garcia Company issues 10%, 15-year bonds with a par value of $230,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 8%, which implies a selling price of 117 1/4. The effective interest method is used to allocate interest expense.
1. Using the implied selling price of 117 1/4, what are the issuer's cash proceeds from issuance of these bonds.
2. What total amount of bond interest expense will be recognized over the life of these bonds?
3. What amount of bond interest expense is recorded on the first interest payment date?
Answer:
A.$269,675
B.$305,325
C.$10,787
Explanation:
Requirement A Cash proceeds
Cash proceeds can find out by multiplying par value with the selling price
Cash proceeds = Par Value x Selling price
Cash proceeds = $230,000 x 117.25%
Cash proceeds = $269,675
Requirement B Interest Expense
Bond interest expense =Total repayment -Amount borrowed(REQ.A)
Bond interest expense = $575,000(w) - $269,675
Bond interest expense = $305,325
Workings
Semi-annual interest expense = $230,000 x 10% x 6/12
Semi-annual interest expense = $11,500
Total payment would be 30 for 15 years
Total payment = $11,500 x 30
Total payment = $345,000
Total repayment = Par value + $345,000
Total repayment = $230,000 + $345,000
Total repayment = $575,000
Requirement C Bond interest expense on the first interest payment date
Bond interest Expense = $269,675(REQ.A) x 8% x 6/12
Bond interest Expense = $10,787
Classify each of the following based on the macroeconomic definitions of saving and investment.
a. Saving Investment Kate purchases stock in Pherk, a pharmaceutical company.
b. Hubert purchases a new condominium in Houston.
c. Clancy purchases a certificate of deposit at his bank.
d. Eileen borrows money to build a new lab for her engineering firm.
Answer:
a. Savings
b. Investment
c. Savings
d. Investment
Explanation:
Remember,
In macroeconomics, we often see Investments as purchases made with the aim of producing more goods or more wealth in the future. The examples are;
- Kate purchases stock in Pherk, a pharmaceutical company.
-Hubert purchases a new condominium in Houston.
While, Savings refers to the extra money a households have left after paying all their other expenses. Examples here are:
- Clancy purchases a certificate of deposit at his bank.
- Eileen borrows money to build a new lab for her engineering firm.
Journalizing issuance of stock—at par and at a premium
Colorado Corporation has two classes of stock: common, $3 par value; and preferred $30 par value.
Requirements
Journalize Colorado’s issuance of 4,500 shares of common stock for $6 per share.
Journalize Colorado’s issuance of 4,500 shares of preferred stock for a total of $135,000.
Answer:
a.
Cash 27000 Dr
Common Stock 13500 Cr
Paid in capital in excess of par-Common stock 13500 Cr
b.
Cash 135000 Dr
Preferred Stock 135000 Cr
Explanation:
a.
When we issue stock at premium, we always record the amount received from such issuance of stock at full. So, the cash account will be debited for 4500 * 6 = 27000
However, we record the common stock issued at par value and the remaining is credited under the reserve account which is Paid in capital in excess of par.
Thus the common stock will be credited by its par value of 4500 * 3 = 13500 and the remaining 4500 * 3 will be credited to the Paid in Capital account.
b.
The par value of the preferred stock is 4500 * 30 = 135000
Thus the preferred stock is issued at par and we simply debit the cash received from the issue and credit the preferred stock.
The Donut Stop acquired equipment for $11,000. The company uses straight-line depreciation and estimates a residual value of $2,200 and a four-year service life. At the end of the second year, the company estimates that the equipment will be useful for four additional years, for a total service life of six years rather than the original four. At the same time, the company also changed the estimated residual value to $1,200 from the original estimate of $2,200.
Required:
Calculate how much the donut stop should record each year for depreciation in years 3 to 6?
Answer:
$1350
Explanation:
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
depreciation expense under the initial assumptions
($11,000 - $2,200) / 4 = $2200
Accumulated depreciation at the end of year 2 = $2200 x 2 = $4400
Book value at the beginning of year 3 = $11,000 - $4400 = $6600
Depreciation expense using the new assumptions
($6600 - $1200) / 4 = $1350
Q3) At an output level of 45,000 units, you calculate that the degree of operating leverage is 2.79. If output rises to 48,000 units, what will the percentage change in operating cash flow be
Answer: 18.6%
Explanation:
Degree of operating leverage = % change in Operating cash flow / % change in output
% change in Output
= [tex]\frac{48,000 - 45,000}{45,000}[/tex]
= 6.7%
Degree of operating leverage = % change in Operating cash flow / % change in output
2.79 = % change in Operating cash flow/ 6.7%
% change in Operating cash flow = 2.79 * 6.7%
% change in Operating cash flow = 18.6%
Data for 2021 were as follows: PBO, January 1, $243,000 and December 31, $278,000; pension plan assets (fair value) January 1, $186,000, and December 31, $233,000. The projected benefit obligation was underfunded at the end of 2021 by:
Answer:
$45,000
Explanation:
Computation for the projected benefit obligation
December 31 PBO($278,000)
December 31 Plan assets 233,000
Funded status($45,000)
Therefore the projected benefit obligation was underfunded at the end of 2021 by: $45,000
Gaines Corporation invested $126,000 to acquire 26 comma 000 shares of Owens Technologies, Inc. on March 1, 2018. On July 2, 2019, Owens pays a cash dividend of $ 3.25 per share. The investment is classified as equity securities with no significant influence. Which of the following is the correct journal entry to record the transaction on July 2, 2019?
a. Cash 78,000
Equity Investments 78,000
b. Cash 78,000
Retained Equipment 78,000
c. Equity Investments 78,000
Cash 78,000
d. Cash 78,000
Dividend Revune 78,000
Answer:
Cash Dr, $84,500
Dividend revenue $84,500
Explanation:
The Journal entry is shown below:-
Cash Dr, $84,500 (26,000 × $3.25)
To Dividend revenue $84,500
(Being dividend is recorded)
To record the dividend, we debited the cash as it increased the assets and we credited the dividend revenue as it also increased the revenue
Therefore the above entry is the right and the same is not given in the option.
Given the agile manifesto 4 values, describe what value would be the easiest and what value would be the hardest for you to implement in your organization and why.
Answer and explanation:
values of agile manifesto are:
1. Individual and interactions over process and tools.
2. Working software over comprehensive documentation.
3. Customer collaboration over contract negotiation.
4. Responding to change over following a plan.
Customer collaboration is by far the easiest to implement given the very fact that we are able to communicate and collaborate with the customers in every step of the way during development ensuring that we produce exactly what the customer wants through continuous feedback
The hardest however is the responding change over plan agile value. This is indeed one of the most important as it ensures a dynamic system in development but not quite easy to implement given the need to make changes to features as at when required while sticking to and modifying plans as needed
During the current month, Grey Company transferred 60,000 units of finished production out of the Mixing Department at a cost of $6 each. They were transferred to finished goods. The journal entry to record the transfer would be which of the following?
a. Finished Goods 360,000
Work in Process 360,000
b. Finished Goods 360,000
Cost of Goods Sold 360,000
c. Work in Process 600,000
Finished Goods 600,000
d. Work in Process 600,000
Cost of Goods Sold 600,000
Answer:
a. Finished Goods 360,000
Work in Process 360,000
Explanation:
During transfer, de-recognize the cost of finished and transferred production from the Work In Process Account of the Mixing Department (Credit) and accumulate the cost in the Finished Goods Account (Debit).
When the units are finally sold, Cost of Goods Sold is recognized (Debit) and the Finished Goods Account is De-recognized (Credit).
The number of new domestic wind turbine generators installed each year in a particular country has been forecast to increase at a constant multiplicative rate of 15% per annum for the foreseeable future. This year (t = 0) 100 new generators were installed. What is the total number of new generators including this year's, that would have been installed within the next ten years (that is up to and including year t = 9)? Use a discrete model for the growth process.
a. 2030
b. 235
c. 1679
d. 900
Answer:
2030
Explanation:
The computation of the total number of new generators including this year is shown below
Given that
(A) = 100
Common Ratio (r) = 1.15
n = 10
Now
Sum of 10 terms Sn is
= A × (r n - 1) ÷ (r - 1)
= 100 × (1.1510 - 1) ÷ (1.15 - 1)
= 100 × 3.0456 ÷ 0.15
= 2030
We simply applied the above formula so that the total number of new generators could come
Prior to the first month of operations ending October 31 Marshall Inc. estimated the following operating results:
Sales (20,000 x $71) $1,420,000
Manufacturing costs (20,000 units):
Direct materials 852,000
Direct labor 202,000
Variable factory overhead 94,000
Fixed factory overhead 112,000
Fixed selling and administrative expenses 30,500
Variable selling and administrative expenses 36,800
The company is evaluating a proposal to manufacture 22,400 units instead of 20,000 units, thus creating an Inventory, October 31 of 2,400 units. Manufacturing the additional units will not change sales, unit variable factory overhead costs, total fixed factory overhead cost, or total selling and administrative expenses.
Required:
a. Prepare an estimated income statement, comparing operating results if 20,000 and 22,400 units are manufactured in the absorption costing format.
b. What is the reason for the difference in income from operations reported for the two levels of production by the absorption costing income statement?
Answer:
a.
Estimated income statement, comparing operating results if 20,000 and 22,400 units are manufactured
20,000 22,400
Sales (20,000 x $71) $1,420,000 $1,420,000
Less Cost of Goods Sold ($1,260,000) ($1,248,000)
Opening Stock $ 0 $0
Add Cost of Goods Manufactured $1,260,000 $1,397,760
Less Closing Stock $0 ($149,760)
Gross Profit $160,000 $172,000
Less Expenses
Selling and administrative expenses
Fixed ($30,500 ) ($30,500 )
Variable ($36,800) ($36,800)
Net Income / (Loss) $92,700 $104,700
a. Reasons
Variable Production Costs have increased for the Manufacture of 22,400 units.
Fixed assets have been deferred in Inventory for the Manufacture of 22,400 units.
Explanation:
Cost of Goods Manufactured
Manufacturing costs (20,000 units):
Direct materials 852,000
Direct labor 202,000
Variable factory overhead 94,000
Fixed factory overhead 112,000
Total 1,260,000
Cost of Goods Manufactured
Manufacturing costs (22,400 units):
Direct materials (852,000 / 20,000 × 22,400) = $954,240
Direct labor (202,000 / 20,000 × 22,400) = $226,240
Variable factory overhead (94,000 / 20,000 × 22,400) = $105,280
Fixed factory overhead = $112,000
Total = $1,397,760
Closing Inventory = $1,397,760 / 22,400 × 2,400
= $149,760
The estimated net income in the manufacturing of 22,400 units is more than the income of 20,000 units by applying the method of absorption costing.
What do you mean by Absorption costing?Absorption costs, sometimes referred to as “total costs,” are a management method of taking into account all the costs associated with producing a particular product.
Direct and indirect costs, such as direct assets, direct employment, rent, and insurance, are calculated using this method.
a) The calculation of the estimated income statement for 22,400 units and 20,000 units is shown in the image below.
b) The reason for the difference in the income from operations for the two production levels is because of the presence of closing inventories, which reduces the cost of goods sold and increases the income from operations.
Working note:
[tex]\rm\,Cost \; of \;Goods \;Manufactured \;=\\Manufacturing \; Costs (20,000 units)= Direct \;Materials \;+ Direct \; Labor + Variable \;factory \;overhead + Fixed \;factory \;overhead\\\\Manufacturing costs (20,000 units)=852,000+202,000+94,000+112,000\\\\Manufacturing costs (20,000 units) = \$1,260,000[/tex]
Cost of manufacturing when 22,400 units are produced:
Manufacturing costs (22,400 units):
[tex]\rm\,Manufacturing \; Costs (22,400 units):\\Direct \; Materials (\dfrac{852,000}{20,000} \times 22,400) = $954,240\\\rm\,Direct \;labor \;\dfrac{202,000}{20,000}\times 22,400 = $226,240\\Variable factory overhead \dfrac{94,000}{20,000 }\times 22,400 = $105,280\\Fixed factory overhead = $112,000[/tex]
[tex]\rm\,Cost \; of \;Goods \;Manufactured \;= Manufacturing \; Costs (22,400 units)= Direct \;Materials \;+ Direct \; Labor + Variable \;factory \;overhead + Fixed \;factory \;overhead\\\\\rm\,Cost \; of \;Goods \;Manufactured \; = 954,240+26,240+105,280+ 112,000\\\\\rm\,Cost \; of \;Goods \;Manufactured \; = \$1,397,760\\\\Closing \,Inventory = \dfrac{\$1,397,760}{22,400}\times 2,400 \\\\Closing \,Inventory = \$149,760[/tex]
Hence, it can be concluded that the estimated net income in the manufacturing of 22,400 units is more than the income of 20,000 units by applying the method of absorption costing.
Refer to the image to know the calculation of Estimated Net Income.
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Brooke and Katie went shopping for cleaning supplies. Brooke chose products from well-known brands. However, Katie compared the price difference between well-known brands and the local store brands. Brooke explained that her mother always used well-known brands and taught her that local store brands just don’t clean as well. Apparently, _____ factors were a major influence on Brooke’s choices.
Answer:
Social
Explanation:
Social defines the status in a society or in a company and where we are living in the society interacts with the people to enhance our status, skills, etc.
Therefore according to the given situation Brooke and Katie went for purchasing to buy cleaning supplies. Here Katie is comparing the products price with local store while Brooke selects well known brands.
In this scenario Brook makes understand to Katie that local product is not good in comparison to well know brand. So, social factors affects on Brooke choice.
The Western Capital Growth mutual fund has: Total assets$812,000,000Total liabilities$12,000,000Total number of shares 40,000,000 What is the fund's net asset value (NAV) per share?
Answer:
The fund's net asset value (NAV) per share is $20.
Explanation:
Net Asset Value (NAV) = (Assets - Liabilities) ÷ Number of Shares
= ($812,000,000 - $12,000,000) ÷ 40,000,000
= $20
Conclusion :
The fund's net asset value (NAV) per share is $20.
Consider a service company that provides carpet cleaning and uses straight-line depreciation. Classify the cost of the depreciation on the carpet cleaning machines.
a. Fixed
b. Indirect
Answer:
Both :
a. Fixed and,
b. Indirect
Explanation:
The depreciation expense on production machinery form part of the product or service cost.
The cost however, can not be traced to the product or service that is why it is an Indirect cost as opposed to the direct costs which can be traced directly on the product or service.
Straight line method charges a fixed amount of depreciation thus the depreciation is a fixed charge.
Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $6.10 dividend every year, in perpetuity. If this issue currently sells for $80.65 per share, what is the required return?
Answer:
7.56%
Explanation:
Calculation for the required return for Smiling Elephant
Using this formula
Required return =D/P0
Where,
D=$6.10
P0=$80.65
Let plug in the formula
Required return =$6.10/$80.65
Required return =0.0756×100
Required return =7.56%
Therefore the Required return for Smiling Elephant Inc will be 7.56%
Both Bond Sam and Bond Dave have 7 percent coupons, make semiannual payments, and are priced at par value. Bond Sam has six years to maturity, whereas Bond Dave has 19 years to maturity.
a) If interest rates suddenly rise by 2 percent, what is the percentage change in the price of Bond Sam and Bond Dave? (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
b) If rates were to suddenly fall by 2 percent instead, what would be the percentage change in the price of Bond Sam and Bond Dave? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
Answer:
a. If interest rates suddenly rise by 2 percent, what is the percentage change in the price of Bond Sam and Bond Dave?
Bond Sam's price will change by -9.12%Bond Dave's price will change by -18.05%b. If rates were to suddenly fall by 2 percent instead, what would be the percentage change in the price of Bond Sam and Bond Dave?
Bond Sam's price will change by 10.26%Bond Dave's price will change by 24.35%Explanation:
Bond Sam
9% / 2 = 4.5% semiannual payments
6 years to maturity = 12 payments
present value = future value = 1000
PV of face value = 1,000 / (1 + 4.5%)¹² = $589.66PV of coupon payments = 35 x 9.11858 (PV annuity factor, 4.5%, 12 periods) = $319.15new market price = $589.66 + $319.15 = $908.81
if interest increases by 2%, present value (market value) will decrease by $91.19 ⇒ 9.12% decrease
if market interest rates decrease by 2%:
5% / 2 = 2.5% semiannual payments
6 years to maturity = 12 payments
present value = future value = 1000
PV of face value = 1,000 / (1 + 2.5%)¹² = $743.56PV of coupon payments = 35 x 10.25776 (PV annuity factor, 2.5%, 12 periods) = $359.02new market price = $743.56 + $359.02 = $1,102.58
if interest decrease by 2%, present value (market value) will increase by $102.58 ⇒ 10.26% increase
Bond Dave
9% / 2 = 4.5% semiannual payments
19 years to maturity = 38 payments
present value = future value = 1000
PV of face value = 1,000 / (1 + 4.5%)³⁸ = $187.75PV of coupon payments = 35 x 18.04999 (PV annuity factor, 4.5%, 38 periods) = $631.75new market price = $187.75 + $631.75 = $819.50
if interest increases by 2%, present value (market value) will decrease by $180.50 ⇒ 18.05% decrease
if market interest rates decrease by 2%:
5% / 2 = 2.5% semiannual payments
6 years to maturity = 12 payments
present value = future value = 1000
PV of face value = 1,000 / (1 + 2.5%)³⁸ = $391.28PV of coupon payments = 35 x 24.3486 (PV annuity factor, 2.5%, 38 periods) = $852.20new market price = $391.28 + $852.20 = $1,243.48
if interest decrease by 2%, present value (market value) will increase by $243.48 ⇒ 24.35% increase
Assume instead that the equipment was disposed of in 2022 and the original error was discovered in 2023 after the 2022 financial statements were issued. Prepare the correcting entry in 2023.
Answer:
No journal entry is required
Explanation:
As if we assume that the disposal of equipment is done in the year 2022 but the original error was discovered in the year 2023 after issuing the 2022 financial statements
Based on the above information, the correct entry for the year 2023 is that no journal entry is required for this transaction and the same is to be considered
The following equation summarizes the trend of quarterly sales of condominiums over a long cycle. Sales also exhibit seasonal variation.
Ft = 40 - 6.5t + 2t2
Ft = Unit sales
Where t = 0 the first quarter of last year
Quarter Relative
1 .95
2 .90
3 .45
4 1.70
Prepare a forecast of quarterly sales for next year and the first quarter of the year following that.
Quarter Forecast
1
2
3
4
1
Answer:
Quarter: 1-4, 1. Forecast:
128.92, 146.10, 107.40, 280.67, 282.48
Explanation:
The quarterly sales trend for the quarter is represented by the following equation: 1-4, 1. Forecast
What are representatives?The term representative refers that the person who is serving to represent something as we see there are some diplomats are being there who represent the country, and there is someone who represents the states as there are different peoples who are being there in it. As there are different players as we see, they represent the nation as well.
Quarter: 1-4, 1. Forecast
128.92, 146.10, 107.40, 280.67, 282.48
Therefore, the quarter is represented by the following equation: 1-4, 1. Forecast
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Quarter: 1-4, 1. Forecast:
128.92, 146.10, 107.40, 280.67, 282.48
Bloomfield Bakers accounts for its investment in Clor Confectionary under the equity method. Bloomfield carried the Clor investment at $150,650 and $165,300 at December 31, 2020, and December 31, 2021, respectively. During 2021 Clor recognized $75,600 of net income and paid dividends of $20,500. Assuming that Bloomfield owned the same percentage of Clor throughout 2021, its percentage ownership must have been: (Round your answer to the nearest whole percent):
Answer:
Suppose that in year 2021, Bloomfield had equal share of percentage of ownership in Clor as they had in previous year i.e 2020, it means that in 2021, the share of percentage that will be held by Bloomfield in Clor will be 26.59%
Explanation:
From the above, we will assume that Bloomfield stake in Clor using equity method and also investment in 2020 was $150,650 and $165,300 in 2021.
Inorder to calculate the percentage , we can make it Y hence we will add amount in 2020 with Y% of (Net income - Dividend declared) inorder to arrive at the total amount in 2021.
Solution.
$150,650 + Y% (75,600 - $20,500) = $165,300
$150,650 + $55,100Y = $165,300
$55,100Y = $165,300 - $150,650
$55,100Y = $14,650
Y% = $14,650/$55,100
Y% = 0.26588
Y = 0.26588 × 100
Y = 26.59
Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following accounts and amounts for the month of August. Use this information to prepare an August income statement for the business.
Cash $25,360 Dividends $6,000
Accounts receivable 22,360 Consulting fees earned 27,000
Office supplies 5,250 Rent expense 9,550
Land 44,000 Salaries expense 5,600
Office equipment 20,000 Telephone expense 860
Accounts payable 10,500 Miscellaneous expenses 520
Common stock 102,000
Answer:
Carmen Camry
Income Statement for August 31
$
Consulting fees earned 27,000
Less Expenses :
Rent expense (9,550)
Salaries expense (5,600)
Telephone expense (860)
Miscellaneous expenses (520)
Net Income / (Loss) 10,470
Explanation:
Income Statement shows the Incomes and expenses for the business for the specific period of operation.
Wang Co. manufactures and sells a single product that sells for $450 per unit; variable costs are $270 per unit. Annual fixed costs are $800,000. Current sales volume is $4,200,000. Compute the contribution margin ratio.
Answer:
contribution margin ratio= 0.4
Explanation:
Giving the following information:
Selling price per unit= $450
Unitary variable costs=$270
To calculate the contribution margin ratio, we need to use the following formula:
contribution margin ratio= contribution margin/selling price
contribution margin ratio= (450 - 270) / 450
contribution margin ratio= 0.4