Answer:
$96,000
Explanation:
Straight line depreciation = $4000000/5
Straight line depreciation = $800000
Deferred tax liability 2020 = ($800,000 - $800,000)*20% = $0
Deferred tax liability 2021 = ($1,280,000 - $800,000)*20% = $96,000
Net deferred tax liability = $0 + $96,000 = $96,000
So, the net deferred tax liability that should be reflected on Lehman's balance sheet at December 31, 2021 will be $96,000.
Splish Brothers Inc. gathered the following reconciling information in preparing its August bank reconciliation:______.
Cash balance per books, 8/31 $33600 Deposits in transit 1400 Notes receivable and interest collected by bank 8200 Bank charge for check printing 190 Outstanding checks 19200 NSF check 1630
The adjusted cash balance per books on August 31 is:_______.
a. $38580.
b. $22040.
c. $23580
d. $39980.
Answer:
d. $39,980
Explanation:
Given the above information, the adjusted cash balance per books on August 31
= Cash opening + Collection by bank - Bank charge check printing - NSF check
The next step is to fix in the values as given above.
= $33,600 + $8,200 - $190 - $1,630
= $39,980
Therefore, the adjusted cash balance per books on August 31 is $39,980
The ledger accounts of the business at June 30, 2007, are listed here in alphabetical order:
Accounts Payable $ 26,100 Notes Payable $180,000
Accounts Receivable 7,450 Notes Receivable 9,500
Animals 189,060 Props and Equipment 89,580
Cages 24,630 Retained Earnings 27,230
Capital Stock 310,000 Salaries Payable 9,750
Cash ? Tents 63,000
Costumes 31,500 Trucks&Wagons 105,840
Instructions
a. Prepare a balance sheet by using these items and computing the amount of Cash at June 30. 2007. Organize your balance sheet similar to the one illustrated in Exhibit 2-10. (After "Accounts Receivable." you may list the remaining assets in any order. ) Include a proper balance sheet heading.
b. Assume that late in the evening of June 30, after your balance sheet had been prepared, a fire destroyed one of the tents, which had cost $14,300. The tent was not insured. Explain what changes would be required in your June 30 balance sheet to reflect the loss of this asset.
Answer:
Balance Sheet
As of June 30, 2007
Assets
Cash $32,520
Accounts Receivable 7,450
Notes Receivable 9,500
Animals 189,060
Props and Equipment 89,580
Cages 24,630
Tents 63,000
Costumes 31,500
Trucks & Wagons 105,840
Total assets $553,080
Liabilities and Equity:
Accounts Payable $ 26,100
Notes Payable 180,000
Salaries Payable 9,750
Capital Stock 310,000
Retained Earnings 27,230
Total liabilities & equity $553,080
b. The required changes to the June 30 balance sheet to reflect the loss of this asset are:
1. Reduce Tents by $14,300 (Loss of Assets)
2. Reduce Retained Earnings by $14,300 (Loss of Assets)
Explanation:
a) Data and Calculations:
Cash $32,520 (Total assets - other assets)
Accounts Receivable 7,450
Notes Receivable 9,500
Animals 189,060
Props and Equipment 89,580
Cages 24,630
Tents 63,000
Costumes 31,500
Trucks & Wagons 105,840
Accounts Payable $ 26,100
Notes Payable 180,000
Salaries Payable 9,750
Capital Stock 310,000
Retained Earnings 27,230
what does the word utilities in business mean?
Answer:
Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. ... The economic utility of a good or service is important to understand, because it directly influences the demand, and therefore price, of that good or service.
IN SIMPLE WORDS:
A utility is an important service such as water, electricity, or gas that is provided for everyone, and that everyone pays for. ... public utilities such as gas, electricity and phones.
Please mark as brainliest if answer is right
Have a great day, be safe and healthy
Thank u
XD
Answer
it means water gas or electricity
Explanation:
Utility has several meanings: In economics, it refers to the value for money that people derive from consuming a product or service. ... Value for money, in this context, means 'pleasure and satisfaction. In the world of business, it means a water, gas, or electricity company.
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The project is slightly behind schedule. Things would be worse, except for the fact that the project manager makes daily follow-up calls to each of the team leaders to remind them of his expectations and to receive updates on their progress. Without this level of involvement, deadlines were missed and the project manager believed the project success was in jeopardy. Having to constantly push the team to perform is an example of a lack of:___________
A. Management support
B. Project continuity
C. Team buy-in
D. Team accord
Answer:
C. Team buy-in
Explanation:
It is correct to say that the attitude of constantly pushing the team to carry out the project is influenced by the team's lack of commitment.
This occurs when there are a number of problems in the project team, which can be caused by personal conflicts between the project members, lack of communication, lack of integration and difficulty in understanding the project objective.
The attitude of the project manager corresponds to a management support, which guarantees the continuity of the project through an effective management that coordinates and controls the project and prevents problems from becoming bigger and impacts on the realization of the project.
Original Auto Parts has the following estimated sales. Purchases are equal to 70 percent of the following quarter's sales. The accounts payable period is 60 days.
Sales
q1-15900
q2-16800
q3-17500
q4-16400
Assume there are 30 days in each month. How much will the firm owe its suppliers at the end of the quarter :__________
a) $3,718
b) $3,967
c) $5,502
d) $7,653
e) $8,933
Answer:
d) $7,653
Explanation:
the quesiton is missing which quarter it refers to, but I will assume it is quarter 3 since I was able to match an answer:
average purchases = $16,400 x 70% = $11,480
accounts payable period = 60 / (3 x 30) = 60 / 90 = 2/3
approximate debt of the firm at the end of quarter 3 = $11,480 x 2/3 = $7,653.33
The following information is available for the XYZ Company for the month of July:
Static Budget Actual
Units 7,000 6,650
Sales revenue $60,000 $55,715
Variable manufacturing costs $15,000 $14,250
Fixed manufacturing costs $20,000 $17,000
Variable selling & administrative expense $10,000 $10,500
Fixed selling & administrative expense $15,000 $12,000
The total sales-volume variance for operating income for the month of July would be:__________
Answer:
XYZ Company
The total sales-volume variance for operating income for the month of July would be:__________
$3,765 Favorable
Explanation:
a) Data and Calculations:
Static Budget Actual
Units 7,000 6,650
Sales revenue $60,000 $55,715
Variable manufacturing costs $15,000 $14,250
Fixed manufacturing costs $20,000 $17,000
Variable selling & administrative exp. $10,000 $10,500
Fixed selling & administrative expense $15,000 $12,000
Flexible Budget Actual
Units 6,650 6,650
Sales revenue = $57,000($60,000/7,000 * 6,650) $55,715
Variable manufacturing costs = $14,300 ($15,000/7,000 * 6,650) $14,250
Fixed manufacturing costs $20,000 $17,000
Variable selling & administrative exp. =$9,500 ($10,000/7,000 * 6,650) $10,500
Fixed selling & administrative expense $15,000 $12,000
Flexible Budget Actual Variance
Units 6,650 6,650
Sales revenue $57,000 $55,715 $1,285 U
Variable manufacturing costs $14,300 $14,250 50 F
Fixed manufacturing costs $20,000 $17,000 3,000 F
Variable selling & administrative exp. $9,500 $10,500 1,000 U
Fixed selling & administrative expense $15,000 $12,000 3,000 F
Operating income ($1,800) $1,965 $3,765 F
In some cases, double-breasting appears to be a deliberate strategy designed to maximize company opportunities.
The assumptions of the production order quantity model are met in a situation where annual demand is 5000 units, setup cost is $40, holding cost is $1 per unit per month, the daily demand rate is 20 and the daily production rate is 100. How long is the cycle length (from the moment that production of a new batch starts until the moment all units are consumed)?
A. 10.2 days.
B. 15.5 days.
C. 11.2 days.
D. 16.5 days.
E. 14.6 days.
Answer:
A. 10.2 days.
Explanation:
Production rate(p) = 100 per day
Demand rate(d) = 20 per day
Annual demand(D) = 5000 units
Set up cost(S) = $40
Monthly Holding cost = $1 . So annual holding cost (H) = $1*12 = $12 per unit
Optimum run size(Q) = √{2DS / H [1-(d/p)]}
= √{(2*5000*40) / 12*[1 - (20/100)]}
= √[400000/12*(1-0.20)]
= √ [400000/(12*0.80)]
= √(400000/9.6)
= √41666.66666
= 204.12
Cycle length = Q/d
Cycle length = 204/20
Cycle length = 10.2 days
Professional sales skills
how should the price quotation in your proposal be titled?
A. Investment
B. Price
C. Cost
D.Estimate
Legacy issues $660,000 of 5.5%, four-year bonds dated January 1, 2018, that pay interest semiannually on June 30 and December 31. They are issued at $648,412, and their market rate is 6% at the issue date.
Required:
Determine the total bond interest expense to be recognized over the bonds' life.
Answer:
Legacy
The total bond interest expense to be recognized over the bond's life is:
= $189,172.82
Explanation:
a) Data and Calculations:
Face value of 5.5% bonds issued = $660,000
Proceeds from the bonds issue = 648,412
Bonds discounts = $11,588
Interest payment = semiannually at 2.75% (5.5%/2)
Market interest rate = 6%
Effective semiannual interest rate = 3% (6%/2)
N (# of periods) 8
I/Y (Interest per year) 3
PV (Present Value) 648412
PMT (Periodic Payment) 18150
Results
FV = $982,784.82
Sum of all periodic payments = $145,200.00
Total Interest = $189,172.82
Teal Mountain Industries produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.3 pounds and 0.1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $0.10 per pound, and receiving and handling costs are $0.07 per pound. The hourly wage rate is $12.00.00 per hour, but a raise which will average $0.30 will go into effect soon. Payroll taxes are $1.20 per hour, and fringe benefits average $2.40 per hour. Standard production time is 2.5 hour per unit, and the allowance for rest periods and setup is 0.1 hours and 0.2 hours, respectively. The standard direct materials price per pound is:______.
Answer:
$2.127.
Explanation:
According to the scenario, computation of the given data are as follows,
Purchase price per pound = $2
Freight (Add) = $0.10
Handling cost (Add) = $0.07
Total cost = $2.17
Discount (Less) = (2% × $2.17) = $0.043
Direct material price = $2.127
Hence, standard direct materials price per pound is $2.127.
RKJ Company has provided the following: 100,000 shares of $5 par value common stock are authorized 66,000 shares were issued 61,000 shares are outstanding. Which of the following statements is correct based only on the above facts?
A) Additional-paid in capital is reported at $112,000 on the balance sheet.
B) Treasury stock is reported at $35,000 on the balance sheet.
C) Common stock is reported at $462,000 on the balance sheet.
D) Common stock is reported at $330,000 on the balance sheet.
Answer: D) Common stock is reported at $330,000 on the balance sheet.
Explanation:
The value of the common stock in the balance sheet is calculated by:
= Shares issued * Par value
= 66,000 * 5
= $330,000
If the shares were sold for higher than the par value, the excess amount would go the Additional Paid-In capital.
Harbor Wheel Company manufactures two tractor wheels: the Ultimate which sells for $1,600 and the Standard, which sells for $1,300. The company currently uses traditional costing and assigns overhead on the basis of direct labor hours (DLH). Total estimated overhead was $7,600,000 and estimated total direct labor hours were 200,000. Management is considering using actity-based costing to compare overhead allocations before making a final decision.
Current Traditional Costing:
Ultimate Standard
Direct materials per wheel $700 $420
Direct labor cost per wheel $120 $100
Direct labor hours per wheel 6 5
Total units produced 25,000 10,000
Activity-Based Costing:
Activity Cost Cost Estimated Expected Use Ultimate Standard
Pools Drivers Overhead of Cost Drivers
Purchasing purchase orders $1,200,000 40,000 17,000 23,000
Machine setups machine setups 900,000 18,000 5,000 13,000
Machining machine hours 4,800,000 120,000 75,000 45,000
Quality Control inspections 700,000 28,000 11,000 17,000
$7,600,000
INSTRUCTIONS:
Using the information above, match each item with the correct answer. Hint: Each item has only one correct answer. Overhead applied to a single Ultimate wheel using traditional costing:
Overhead applied to a single Ultimate wheel using traditional costing:
Total manufacturing cost of the Standard wheel using traditional costing:
Activity-based overhead rate for Quality Control:
Machining overhead applied to the Standard wheel using activity-based costing:
Total manufacturing overhead applied to each Ultimate wheel using activity-based costing:
Answer:
Harbor Wheel Company
Overhead applied to a single Ultimate wheel using traditional costing:
= $228
Overhead applied to a single Standard wheel using traditional costing:
= $190
Total manufacturing cost of the Standard wheel using traditional costing:
= $710,000 ($710 * 10,000)
Activity-based overhead rate for Quality Control:
= $25
Machining overhead applied to the Standard wheel using activity-based costing:
= $1,000,000
Total manufacturing overhead applied to each Ultimate wheel using activity-based costing:
= $161.40
Explanation:
a) Data and Calculations:
Total estimated overhead = $7,600,000
Estimated total direct labor hours = 200,000
Predetermined overhead rate = $38 per direct labor hour ($7,600,000/200,000)
Current Traditional Costing:
Ultimate Standard
Selling price per unit $1,600 $1,300
Direct materials per wheel $700 $420
Direct labor cost per wheel $120 $100
Overhead applied per wheel $228 $190
Total cost per wheel $1,048 $710
Direct labor hours per wheel 6 5
Total units produced 25,000 10,000
Overhead to a single wheel $228 (6* $38) $190 (5 * $38)
Activity-Based Costing:
Activity Cost Cost Estimated Expected Use of Cost Drivers
Pools Drivers Overhead Total Ultimate Standard
Purchasing purchase orders $1,200,000 40,000 17,000 23,000
Machine setups machine setups 900,000 18,000 5,000 13,000
Machining machine hours 4,800,000 120,000 75,000 45,000
Quality Control inspections 700,000 28,000 11,000 17,000
Total $7,600,000
Activity-based overhead rates
Purchasing = $30 ($1,200,000/40,000)
Machine setups = $50 ($900,000/18,000)
Machining = $40 ($4,800,000/120,000)
Quality control = $25 ($700,000/28,000)
Machining overhead applied to the Standard wheel using activity-based costing = $1,000,000 ($40 * 45,000)
Total manufacturing overhead applied to each Ultimate wheel using activity-based costing:
Purchasing = $510,000 ($30 * 17,000)
Machine setups = $250,000 ($50 * 5,000)
Machining = $3,000,000 ($40 * 75,000)
Quality control = $275,000 ($25 * 11,000)
Total overhead = $4,035,000
Total units = 25,000
Overhead cost per wheel = $161.40 ($4,035,000/25,000)
On September 11, 2016, Home Store sells a mower for $550 cash with a one-year warranty that covers parts. Warranty expense is estimated at 7% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $39 in materials taken from the Repair Parts Inventory.
Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs. (Round your answers to 2 decimal places.)
1. Record the mower sales.
2. Record the estimated warranty expense.
3. Record the cost of warranty repairs.
Answer:
2
Explanation:
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Because of local practices and competitive benchmarking, a company chooses a polycentric pricing strategy, and, in the foreign market, sets a product price that is significantly lower than what it charges domestically. Which of the following is a significant risk of choosing such a strategy?
i. Creation of gray markets, or arbitrage opportunities
ii. Lowering of profit margins
iii. Violation of dumping rules
iv. Consumer confusion
a. i and ii
b. ii and iii
c. i, ii, and iii
d. i and iv
Answer:
c. i, ii, and iii
Explanation:
Given - Because of local practices and competitive benchmarking, a company chooses a polycentric pricing strategy, and, in the foreign market, sets a product price that is significantly lower than what it charges domestically.
To find - Which of the following is a significant risk of choosing such a strategy?
Solution -
The correct option is - c. i, ii, and iii
Reason -
Due to adoption of polycentric pricing strategy company is charging different prices for the same local product which is generally in favor of company to earn more profits.
With the adoption, there might be arbitrage profits arises due to fluctuation of foreign currency receipts and when it charging a significantly lower charges it may realize in lower revenue than the revenue if it had been selling in local market.
While charging less price in competitive market, company will be able to capture a large market outside which in turn result in higher orders and thereby results in violation of dumping rules, as there is prohibition to dump in bulk in any other country than the volume in domestic market.
The following information is available for Zetrov Company. The cash budget for March shows an ending bank loan of $19,000 and an ending cash balance of $59,700. The sales budget for March indicates sales of $138,000. Accounts receivable are expected to be 70% of the current-month sales. The merchandise purchases budget indicates that $90,800 in merchandise will be purchased on account in March. Purchases on account are paid 100% in the month following the purchase. Ending inventory for March is predicted to be 780 units at a cost of $35 each. The budgeted income statement for March shows net income of $49,800. Depreciation expense of $2,800 and $27,800 in income tax expense were used in computing net income for March. Accrued taxes will be paid in April. The balance sheet for February shows equipment of $82,200 with accumulated depreciation of $31,800, common stock of $34,000, and ending retained earnings of $9,800. There are no changes budgeted in the equipment or common stock accounts.
Prepare a budgeted balance sheet for March.
Answer:
Zetrov Company
Budgeted Balance Sheet for the month of March
Assets
Current assets:
Cash $59,700
Accounts receivable 96,600
Inventory 27,300 $183,600
Long-term assets:
Equipment $82,200
Accumulated depreciation (34,600) $47,600
Total assets $231,200
Liabilities and Equity:
Current liabilities:
Bank loan payable $19,000
Accounts payable 90,800
Income tax payable 27,800 $137,600
Equity:
Common stock $34,000
Retained earnings 59,600 $93,600
Total liabilities and equity $231,200
Explanation:
a) Data and Calculations:
Ending Bank Loan = $19,000
Ending cash balance = $59,700
Accounts receivable = $96,600 ($138,000 * 70%)
Accounts payable = $90,800
Ending inventory = $27,300 (780 * $35)
Net income = $49,800
Income tax payable = $27,800
Equipment at cost = $82,200
Accumulated depreciation, beginning $31,800
Depreciation for the month = 2,800
Accumulated depreciation, ending = $34,600
Retained earnings, beginning = $9,800
Net income 49,800
Retained earnings, ending $59,600
FCIA deduction consists of
The following information is available for Ethtridge Manufacturing Company for the month ending July 31:
Cost of direct materials used in production $1,150,000
Direct labor 966,000
Work in process inventory, July 1 316,400
Work in process inventory, July 31 355,500
Total factory overhead 490,500
Required:
Determine Ethtridge's cost of goods manufactured for the month ended July 31.
Answer:
Statement of cost of goods manufactured
Work in process inventory, July 1 $316,400
Add: Cost of direct materials used in production $1,150,000
Direct labor $966,000
Total factory overhead $490,500
Total manufacturing cost incurred $2,606,500
Total manufacturing costs $2,922,900
Less: Work in process inventory, July 31 $355,500
Cost of goods manufactured $2,567,400
Susie Smith signed a note agreeing to pay "Annie Greene, Mary Hodge" $1,000. The payment was for painting her house. An issue with the note was that it spelled Annie's last name "Greene," whereas Annie spells it simply "Green." Annie and Mary had a disagreement regarding how to split up the funds for painting the house. Annie proceeded to sign the note on the back "Annie Green" and presented it to Bill Brown to satisfy a debt that she owed him. Bill Brown endorsed the note on the back and took it to the bank for payment. Mary is unhappy because she did not obtain any of the funds and stated that Annie could not legally endorse the instrument because it misspelled her name and because Mary did not sign it.
Required:
What is true regarding Mary's claim that the endorsement by Annie was illegal because the note misspelled Annie's name?
Incomplete question. The options read;
Mary is correct, but only because Annie signed the note "Green" instead of "Greene" as indicated on the note.Mary is correct.Mary is incorrect.Mary is correct, but only because two payees are listed.Mary is incorrect unless she can prove that Susie intentionally and purposefully spelled the name wrong to prevent negotiation.Answer:
Mary is incorrect.Explanation:
Indeed, since this just a case of name misspelling, the law in no clear terms states that such an endorsement would be counted as been illegal.
Remember, Mary acknowledges that the amount paid by Susie Smith was meant for both of them (Annie Green and Mary Hodge), hence there should be no question of illegality since funds were meant to be shared. In other words, this minor error can be overlooked.
Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred: Jackson invested $43,000 cash in the business in exchange for common stock. Jackson contributed $118,000 of equipment to the business. The company paid $3,800 cash to rent office space for the month of March. The company received $34,000 cash for repair services provided during March. The company paid $8,000 for salaries for the month of March. The company provided $4,800 of services to customers on account. The company paid cash of $2,300 for utilities for the month of March. The company received $4,900 cash in advance from a customer for repair services to be provided in April. The company paid $6,800 in cash dividends. Based on this information, net income for March would be:
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Explanation:
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You have been asked to estimate the market value of an income-producing property. The table below provides 5 years of projected cash flows for the property. Use the discounted cash flow approach to income valuation to calculate the market value. Assume that you sell the property at the end of year 5 and that the net proceeds from the sale are $5.0 million. Also assume that the discount rate is 7.5%.
Year 1 Year 2 Year 3 Year 4 Year 5
PGI $750,000 $780,000 $811,200 $843648 $877394
EGI $627500 $663000 $717,101 $689,520 $745785
NOI $318715 $331,500 $334,760 $358,550 $372,892
a. $4.18 million
b. $6.11 million
c. $4.12 million
d. $4.40 million
If we will assume that that the discount rate is 7.5%. then the answer is $4.18 million.
What is discount rate?The discount rate of return applied in corporate finance to reduce future cash flows to their present value is known as a discount rate. This rate is commonly a company's Weighted Average Cost of Capital (WACC), needed rate of return, or the minimum rate that investors hope to attain in order to assess the risk of the investment.
Seven annual free cash flow are received from the investment, each worth $100. An analyst uses a five percent hurdle rate to evaluate the investment's net present value, arriving with a value of $578.64. This contrasts with a whole cash flow of $700 that is not discounted.
Shareholders are essentially saying, "I don't care if I get $578.64 at once and today or $100 a year for 7 years." This claim takes into consideration the investor's perception of the investment's risk profile and a multiplier effect that indicates the earning potential on other investments.
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Create a firm model that shows how economists explains the firm level of production that maximizes its profit. Do not use numbers. Just graphs and detailed explanation. Make sure to explain the concavity of the production function and what does it mean.
Answer:
MC ( marginal cost ) = MR ( marginal revenue )
Explanation:
A Firm's level of production that maximizes the profit of the firm is the level where by the MC = MR. i.e. Marginal Cost = Marginal Revenue as shown in the graph attached . shade part depict region where Firm will make the most profit
Attached below is th graphical illustration as required by the question
James CPA is a consulting firm. The firm uses a job order cost system in which each client represents an individual job. James traces direct labor and travel costs to each job (client). It assigns indirect costs to clients at a predetermined overhead rate based on direct labor hours.
At the beginning of the year, the managing partner prepared the following budget:
Direct labor hours (professional) 5,400 hours
Direct labor costs (professional) $ 540,000
Indirect costs: Support staff salaries $ 73,600
Office rent 59,000
Office supplies 24,000
Total expected indirect costs $ 156,600
Later that same year, in March, James served several clients. Records for two clients appear below: Oliverio McComb Direct labor cost (professional) $ 4,400 $ 3,400 Travel costs 600 200 Direct labor hours 44 hours 34 hours
Required:
Compute Jame’s predetermined overhead rate for the current year. Compute the total cost of serving the clients listed. Assume that James charges clients $210 per hour for his services. How much gross profit would he earn on each of the clients above, ignoring any difference between actual and applied overhead?
Answer:
1. Predetermined overhead rate = Total estimated overhead cost ÷ Estimates direct labor hour
= $156,600 / 5,400
= $29 per direct labor hour
2. Applied overhead cost = Direct labor hours × Overhead rate per direct labor hour
Oliverio Applied overhead cost = 44 * 29 = $1276
McComb Applied overhead cost = 34 * 29 = $986
Cost Of Serving The Clients
Oliverio McComb
Direct labor cost $4400 $3400
Travel costs $600 $200
Applied overhead cost $1276 $986
Total cost $6276 $4586
3. Revenue = Direct labor hours*Charges per labor hour
Oliverio Revenue = 44*$210 = $9240
McComb Revenue = 34*$210 = $7140
Calculation Of Gross Profit
Oliverio McComb
Revenue $9240 $7140
Less: Total Costs $6276 $4586
Gross Profit $2964 $2554
Ok, break it down for me boss
How do you create a budget. And how do you manage it.
Answer:
Give the guy above me brainliest
Explanation:
Concord Company had bonds outstanding with a face value of $325,000. On April 30, 2017, when these bonds had an unamortized discount of $15,000, they were called in at 104. To pay for these bonds, Concord had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 102 (face value $325,000).
Required:
Compute the gain or loss.
Answer:
Loss on bonds redemption is $21,500
Explanation:
Note the cash received from the new bonds would be debited to the cash account while the cash paid on the bonds called would be credited to the cash account as it is an outflow of cash.
Also, the unamortized discount which was a debit entry the initial bonds were issued would be credited to the discount on the bonds payable account.
Cash received from the new issuance of bonds=$325,000*102%
Cash received from the new issuance of bonds=$331,500
Cash paid on bonds called=$325,000*104%
Cash paid on bonds called=$338,000
Dr cash $331,500
Dr loss on redemption(bal fig) $21,500
Cr cash $338,000
Cr discount on bonds payable $15,000
The Feedforward system cannot anticipate problems before it occurs.
A) True
B) False
__________ is a concept that describes how new forms of retail outlets enter the market.
a. Early adopters.
b. Innovative entrants.
c. Wheel of retailing.
d. Retail life cycle.
Answer:
The correct answer is the option C: Wheel of retailing.
Explanation:
To begin with, the term known as "Wheel of retailing" refers to the theory established by Prof. Malcolm Perrine McNair in the year 1931 and that has been around since then until these days yet. The concept focus on the phases that a retailer store goes through in order to become a very large establishement. Therefore that it shows how new forms of retail outlets enter the market.
In the other options, both the early adopters and innovative entrants refers to types of consumers that faces new products at the birth of it. While the retail life cycle refers more to the whole life of the retail store that is showed in a graphic done in order to understand that life.
Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts Receivable. Name two other accounts related to Accounts Receivable and Notes Receivable that would be reported on the income statement and indicate whether each would appear before, or after, Income from Operations for Execusmart Consultants
Answer:
Accounts Receivable ⇒ Bad Debt expense ⇒ Before Income from Operations
Bad debt expense is related to accounts receivable as it shows the amount that credit customers defaulted on. It is an expense and will be shown before the Income from operations is calculated.
Notes Receivable ⇒ Interest Receivable ⇒ After Income from Operations
Interest receivable will be a gain to be received from Notes receivable. It is however only added to the Income from operations after the Income has been calculated.
Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2020 are presented below.
End of Year Beginning of Year
Cash and cash equivalents $750 $81
Accounts receivable (net) 2,060 1,810
Inventory 880 830
Other current assets 570 429
Total current assets $4,260 $3,150
Total current liabilities $2,060 $1,610
For the year, net credit sales were $8,258 million, cost of goods sold was $5,328 million, and net cash provided by operating activities was $1,251 million.
Required:
Compute the current ratio, current cash debt coverage, accounts receivable turnover, average collection period, inventory turnover, and days in inventory at the end of the current year.
Answer:
Nordstrom, Inc.
Current Ratio = Current assets/Current liabilities
= $4,260/ $2,060
= 2.1
Current cash debt coverage = Net Operating Cash/Current liabilities
= $1,251/$2,060
= 0.61
Accounts receivable turnover = Net Sales/Average Receivable
= $8,258/$1,935
= 4.27
Average collection period = 365/4.27
= 85.5 days
Inventory turnover = Cost of goods sold/Average inventory
= $5,328/$855
= 6.2 times
Days in inventory = 365/Inventory turnover
= 58.9 days
Explanation:
a) Data and Calculations:
End of Year Beginning of Year
Cash and cash equivalents $750 $81
Accounts receivable (net) 2,060 1,810
Inventory 880 830
Other current assets 570 429
Total current assets $4,260 $3,150
Total current liabilities $2,060 $1,610
Net credit sales = $8,258 million
Cost of goods sold = $5,328 million
Net operating cash = $1,251 million
Average receivables = $1,935 ($2,060 + $1,810)/2
Average inventory = $855 ($880 + $830)/2
Hart Attorney at Law experienced the follwoing transactions in 2016, the first year of operations:
1. Accepted $36,000 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months.
2. Performed legal services for cash of $54,000.
3. Purchased $2,800 of office supplies on account.
4. Paid $2,400 of the amount due on accounts payable.
5. Paid a cash dividend to the stockholders of $5,000.
6. Paid cash for operating expenses of $31,000.
7. Determined that at the end of the accounting period $200 of office supplies remained on hand.
8. On December 31, Year 1, recognized the revenue that had been earned for services performed in accordance with Transaction 1.
Required:
Draw the effects of the events on the financial statements.
Answer:
Assets = Liabilities + Stockholders’ Equity = $51,800
Explanation:
Note: See the attached excel file for the the effects of the events on the financial statements.
In the attached excel the following calculations are made:
Event 7: Office supplies = Office supplies used or expense = Office supplies purchased - Office supplies remained on hand = $2,800 - $200 = $2,600
Event 8 = Revenue recognised = (Amount accepted on April 1 / Number of months in year) * Number of months from April 1 to Decembe 31 = ($36,000 / 12) * 9 = $27,000
From the attached excel file, the following can be obtained:
Assets = Total assets = $51,600 + $200 = $51,800
Liabilities = Total liabilities = $400 + $9,000 = $9,400
Stockholders’ Equity = Total Stockholders’ Equity = $42,400
Liabilities + Stockholders’ Equity = $9,400 + $42,400 = $51,800
Therefore, the accounting equation holds as follows:
Assets = Liabilities + Stockholders’ Equity = $51,800