Listed below are selected transactions of Blossom Department Store for the current year ending December 31.
1. On December 5, the store received $490 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15.
2. During December, cash sales totaled $821,100, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month.
3. On December 10, the store purchased for cash three delivery trucks for $110,300. The trucks were purchased in a state that applies a 5% sales tax.
4. The store determined it will cost $96,300 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Blossom estimates the fair value of the obligation at December 31 is $77,400.

Answers

Answer 1

Answer:

1. Dec. 5 Cash$490

Cr Due to customer$490

2. Dec. 1-31

Dr Cash821,100

Cr Sales Revenue782,000

Cr Sales Tax Payable 39,100

Dec. 10

Dr Trucks 115,815

Cr Cash115,815

Dec.31

Dr Land improvements 77,400

Cr Asset Retirement Obligation 77,400

Explanation:

Preparation of Journal entries

1. Dec. 5 Cash 490

Cr Due to customer 490

2. Dec. 1-31

Dr Cash821,100

Cr Sales Revenue782,000

Cr Sales Tax Payable 39,100

(821,100-782,000)

Dec. 10

Dr Trucks 115,815

Cr Cash115,815

Dec.31

Dr Land improvements 77,400

Cr Asset Retirement Obligation 77,400

Workings:

Dec. 1-31

Sales Revenue= ($821,100 ÷ 1.05)

Sales Revenue=$782,000

Sales Taxes Payable =($782,000 ×0.05)

Sales Taxes Payable=$39,100

Dec. 10Trucks= ($110,300 × 1.05)

Trucks =$115,815


Related Questions

Presented below are a number of balance sheet accounts of Deep Blue Something, Inc.
A. Debt Investments.B. Treasury Stock.C. Common Stock.D. Dividends Payable.E. Accumulated Depreciation—Equipment.F. Construction in Process.G. Petty Cash.H. Interest Payable.I. Deficit.J. Equity Investments (ownership stake of less than 20%).K. Income Taxes Payable.L. Unearned Subscriptions Revenue.M. Work in Process.N. Salaries and Wages Payable.Instructions:
For each of the accounts above, indicate the proper balance sheet classification. In the case of borderline items, indicate the additional information that would be required to determine the proper classification.

Answers

Answer:

Balance sheet accounts          Proper balance sheet classification

(a)Debt Investments       -    Current asset

(b)Treasury Stock            -   Stockholders equity

(c)Common Stock            -    Stockholders equity

(d)Dividends Payable       -   Current Liability

(e)Accumulated Depreciation—Equipment   - Property, Plant and Equipment   & Fixed asset

(f)Construction in Process  -  Current asset

(g)Petty Cash.   -   Current asset

(h)Interest Payable  -  Current Liability

(i)Deficit  -  Stockholder's Equity

(j)Equity Investments (ownership stake of less than 20%).  -  Current asset

(k)Income Taxes Payable    -    Current Liability

(l)Unearned Subscriptions Revenue   -   Current Liability

(m)Work in Process  -   Current asset

(n)Salaries and Wages Payable  -   Current Liability

The balance sheet classification works primarily on the principle of the accounting equation which is stated as Assets = Liability + Equity.

Classification of Items in the Balance Sheet

All Assets go on the left side, while all liability and equity-related items go on the right side.

Assets (Left Side of the Balance Sheet)

Current Assets

Petty CashWork in ProcessDebt Investments

Non-Current Assets

Construction in Process

Liabilities (Right side of the Balance Sheet)

Unearned Subscriptions RevenueDividends PayableInterests PayableDeficitsIncome Taxes PayableSalaries and Wages Payable

Equity/Equity Related Items (Right side of the balance sheet under Liabilities)

Common Stock

Contra Assets Items

These items are neither assets or liability. They are:

Accumulated Depreciation of Equipment. This is deducted from the value of assets. Treasury Stock. This is subtracted from shareholder's equity.

Borderline Item

Equity Investments (Onwerhsip stake of less than 20%).

This is a borderline item because where it is placed in the asset section is determined by how long Deep Blue Somthing Inc. intends to hold it. If the company intends to hold it for less than or equal to a year, it is classified as a current asset. If more than a year, it is classed as a Non-current Asset.

See the link below for more about Balance Sheets:

https://brainly.com/question/25225110

Calculating costs
Rosa is working for a consulting firm making $50,000 per year but considers starting her own consulting company. Rosa has determined that to launch the business, she needs to invest $80,000 of her own funds. The annual cost of running the business will include $50,000 for the rent of the office space, $180,000 for employee wages, and $8,000 for materials and utilities. Rosa plans to manage the business, which means that she will have to quit her current job. Suppose that the interest rate (or rate of return) on investments in the economy is 5%.

Answers

Answer:

a. $238,000

b. $292,000

Explanation:

a. Explicit Costs

These are the accounting costs associated with running the business

= Rent + Employee wages + Materials and Utilities

= 50,000 + 180,000 + 8,000

= $238,000

b. Total Cost = Explicit + Implicit Costs

Implicit Costs = Benefits foregone

= 50,000 + (5% * 80,000 if she invests the money instead)

= $54,000

Total cost = 238,000 + 54,000

= $292,000

Present and future value tables of $1 at 3% are presented below:

N FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD $1
1 1.03000 0.97087 1.0000 0.97087 1.0300 1.00000
2 1.06090 0.94260 2.0300 1.91347 2.0909 1.97087
3 1.09273 0.91514 3.0909 2.82861 3.1836 2.91347
4 1.12551 0.88849 4.1836 3.71710 4.3091 3.82861
5 1.15927 0.86261 5.3091 4.57971 5.4684 4.71710
6 1.19405 0.83748 6.4684 5.41719 6.6625 5.57971
7 1.22987 0.81309 7.6625 6.23028 7.8923 6.41719
8 1.26677 0.78941 8.8923 7.01969 9.1591 7.23028
9 1.30477 0.76642 10.1591 7.78611 10.4639 8.01969
10 1.34392 0.74409 11.4639 8.53020 11.8078 8.78611
11 1.38423 0.72242 12.8078 9.25262 13.1920 9.53020
12 1.42576 0.70138 14.1920 9.95400 14.6178 10.25262
13 1.46853 0.68095 15.6178 10.63496 16.0863 10.95400
14 1.51259 0.66112 17.0863 11.29607 17.5989 11.63496
15 1.55797 0.64186 18.5989 11.93794 19.1569 12.29607
16 1.60471 0.62317 20.1569 12.56110 20.7616 12.93794

You want to invest $20,000 today to accumulate $22,500 to buy a car. If you can invest at an interest rate of 3% compounded annually, how many years will it take to accumulate the required amount?

Answers

Answer:

binder: Liquid substance used in paint and other media to bind particles of pigment together.

fresco: Where pigments are mixed with water and then applied to a plaster support, usually a wall or a ceiling.

gouache: A type of watercolor in which white pigment is added creating a duller effect, and a tinted feel.

oil: Painting medium where pigments are binded using oils, usually linseed oil.

painting media: Material made of three components; pigment,vehicle, and binder

pigment: Ground up solids that contain color the color in paint.

tempera: A water based painting medium made with egg yolk, often used to paint frescos and panels.

vehicle: Adjusts the viscosity of the paint.

watercolor: Pigment that is mixed with arabic and gum, and mostly water before it is applied to the paper.

Painting Media

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Explanation:

Sandhill Company expects to have a cash balance of $61,550 on January 1, 2017. These are the relevant monthly budget data for the first two months of 2017.

1. Collections from customers: January $86,550, February $161,550.
2. Payments to suppliers: January $55,550, February $90,550.
3. Wages: January $31,490, February $41,490. Wages are paid in the month they are incurred.
4. Administrative expenses: January $22,490, February $25,490. These costs include depreciation of $1,000 per month. All other costs are paid as incurred.
5. Selling expenses: January $16,490, February $21,490. These costs are exclusive of depreciation. They are paid as incurred.
6. Sales of short-term investments in January are expected to realize $13,490 in cash. Sandhill Company has a line of credit at a local bank that enables it to borrow up to $25,000. The company wants to maintain a minimum monthly cash balance of $35,550.

Required:
Prepare a cash budget for January and February.

Answers

Answer:

                                                                            January                  February

Beginning Cash Balance                                      61,550                  36,570

Add: Receipts

Collections from Customers                               86,550                 161,550

Sale of Marketable Securities                             13,490                      0      

Total Receipts                                                    100,040                  161,550

Total Available Cash                                           161,590                  198,120

Less: Disbursements

Payments to Suppliers                                       55,550                      90,550

Wages                                                                 31,490                       41,490

Admin Expenses                                                21,490                       24,490

Selling  Expenses                                              16,490                       21,490

Total Disbursements                                       125,020‬                     178,020‬

Cash Balance                                                     ‭36,570‬                       ‭20,100‬

Financing

Add: Borrowings                                                   0                              15,450

Less: Repayments                                                0                                    0    

Ending Cash Balance                                        36,570                       35,550

Admin Expenses are independent of Depreciation which is not a cash expense.

The company wants to maintain a minimum monthly cash balance of $35,550 so in February they will have to borrow;

= 35,550 - 20,100  

= $15,450

Unemployment Type Rate (Percent) Frictional 3.2 Cyclical 0.0 Structural 1.1 Total unemployment 4.3 True or False: This economy is not currently at its natural rate of unemployment. gs

Answers

Answer: False

Explanation:

The economy is at its Natural rate of Unemployment when Total Unemployment is the result of only Frictional and structural unemployment because Cyclical Unemployment is as a result of the Economic cycle and so is not counted as part of the natural rate.

Here;

Frictional unemployment (3.2) + Structural Unemployment (1.1) = Total Unemployment (4.3)

This economy is at its Natural rate of unemployment.

Blaine Air Transport Service, Inc., providing air delivery service for businesses, has been in operation for three years. The following transactions occurred in February:

February 1 Paid $275 for rent of hangar space in February.
February 2 Purchased fuel costing $490 on account for the next flight to Dallas.
February 4 Received customer payment of $820 to ship several items to Philadelphia next month.
February 7 Flew cargo from Denver to Dallas; the customer paid $910 for the air transport.
February 10 Paid $175 for an advertisement in the local paper to run on February 19.
February 14 Paid pilot $2,300 in wages for flying in January (recorded as expense in January).
February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.
February 25 Purchased on account $2,550 in spare parts for the planes.
February 27 Declared a $200 cash dividend to be paid in March.

Required:
Prepare journal entries for each transaction. Be sure to categorize each account as an asset (A), liability (L). stockholders' equity (SE). revenue (R). or expense (E).

Answers

Answer:

Entries and their narrations are posted below

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

February 1 (Paid $275 for rent of hangar space in February)

Rent (Expense)     Dr $275

Cash (Asset)                        Cr $275

February 2 (Purchased fuel costing $490 on account for the next flight to Dallas.)

Fuel (Expense)                             Dr $490

Accountt Payable (Liability)                            Cr $490

February 4 (Received customer payment of $820 to ship several items to Philadelphia next month.)

Cash (Asset)    Dr $820

Shipment (R)              Cr $820

February 7 (Flew cargo from Denver to Dallas; the customer paid $910 for the air transport)

Cash (A)   Dr $910

Ticket (R)              Cr $910

February 10 (Paid $175 for an advertisement in the local paper to run on February 19.)

Advertisement (E)    Dr $175

Cash (A)                              Cr $175

February 14 (Paid pilot $2,300 in wages for flying in January (recorded as an expense in January))

Wages payable (L) Dr 2300

Cash (A)                                Cr 2300

February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.

Cash (A)                            Dr 1600

Account Receivable (A)   Dr 2200

Ticket (R)                                             Cr 3800

February 25 Purchased on account of $2,550 in spare parts for the planes.

Spares  (E)                    Dr 2550

Account Payable (L)                   Cr 2550

February 27 (Declared a $200 cash dividend to be paid in March.)

Retained Earnings (SE) Dr 200

Dividend Payable (L)                 Cr 200

For each of the following pairs of goods, state whether the cross-price elasticity is likely positive, negative, or zero. Explain your answers.
a. Hulu and Netflix.
Close to zero. While they are substitutes they are not close substitutes.
Negative. They are complements.
Positive. They are close substitutes.
b. Tortilla chips and salsa.
Close to zero. While they are substitutes they are not close substitutes.
Negative. They are complements.
Positive. They are close substitutes.
c. Movie and popcorn.
Positive. They are close substitutes.
Close to zero. While they are substitutes they are not close substitutes.
Negative. They are complements.
d. Running shoes and high heels.
Negative. They are complements.
Positive. They are close substitutes.
Close to zero. While they are substitutes they are not close substitutes.

Answers

Answer:

a. Hulu and Netflix.

Positive. They are close substitutes

Hulu and Netflix both provides television shows, so a consumer can choose between them. They are good substitutes

b. Tortilla chips and salsa.

Negative. They are complements.

Tortilla chips are consumed with salsa sauce. So a demand for salsa increases so does demand for tortilla chips.

c. Movie and popcorn.

Negative. They are complements.

The more people watch movies the more they will want to buy popcorn.

d. Running shoes and high heels

Close to zero. While they are substitutes they are not close substitutes.

Each has its own time of use. Consumers by them independently.

Explanation:

Cross price elasticity is a measure of the quantity demanded of one good to changes in price of another good.

So when a good's demand reduces with increase in price of another it is negative cross price elasticity. This is common with complements.

When quantity demanded of a good increases with increase in price of another, they are substitutes.

However when there is little effect on the quantity demanded with increase in price of the other good they are unrelated

(D)
Life membership fees received by a club is
A. Revenue receipt
(B)
(C) Both (A) and (B)
(D)
Capital receipt
None of these​

Answers

Answer:

(D)  Capital receipt

Explanation:

The life membership fee is a one-time lump sum amount paid by a new member. It gives a member access to the club facilities for the rest of their lives. Life membership is treated as a capital receipt and added to the capital fund. It appears on the liabilities side in the balance sheet.

Life membership is not treated as income for a particular year because the one-time payments permit a member lifetime access to the club services.

Sandy Kupchack just graduated from State University with a bachelor’s degree in history. During her four years at the university, Sandy accumulated $10,000 in student loans. She asks for your help in determining the amount of the quarterly loan payment. She tells you that the loan must be paid back in five years and that the annual interest rate is 8%. Payments begin in three months.

Required:
Determine Sandy's quarterly loan payment.

Answers

Answer: $611.57 or $612 rounded to nearest dollar.

Explanation:

She would have to make a constant payment per quarter which makes it an annuity.

The $10,000 is the present value of the annuity.

The quarters remaining are = 5 years * 4 = 20 quarters

Quarterly interest = 8%/4 = 2%

10,000 = Annuity * Present Value of Annuity factor, 20 periods, 2%

10,000 = Annuity * 16.3514

Annuity = 10,000/16.3514

= $611.57

QUESTION 1
The prices for all furniture sold at American Furniture Warehouse end in $9.99, such as $599.99, $899.99, etc. American Furniture Warehouse uses
O a. odd-even pricing.
b.price lining
c. bundle pricing.
d. product-line pricing.
Oe. dynamic pricing.

Answers

The answer is E dynamic pricing I think I’m sorry if it is wrong

Park Corporation is planning to issue bonds with a face value of $710,000 and a coupon rate of 7.5 percent. The bonds mature in 8 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Park uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 8.5 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided. Round your final answer to whole dollars.)
Required 1. Prepare the journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answers

Answer:

Journal Entry

Issuance of bond

Dr. Cash                       $$669,387

Dr. Discount on Bond $40,613

Cr. Bond Payable        $710,000

Explanation:

Price of the bond is the present value of all cash flows associated with bond.

Use following formula to calculate the issuance price f the bond

Price of the Bond = C x [ ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]

As per given data

Face Value = $710,000

Coupon payment = $710,000 x 7.5% x 6/12 = $26,625 semiannually

Number of periods = n = 8 years x 2 period per year = 16 period s

Market interest rate = 8.5% annually = 8.5% / 2  = 4.25% semiannually

PLacing values in the formula

Price of the Bond = $26,625 x [ ( 1 - ( 1 + 4.25% )^-16 ) / 4.25% ] + [ $710,000 / ( 1 + 4.25% )^16 ]

Price of the Bond = $304,598.24 + $364,788.66 = $669,386.90 = $669,387

Discount on the bond = $710,000- $669,387 = $40,613

A factory costs $290,000. You forecast that it will produce cash inflows of $85,000 in year 1, $145,000 in year 2, and $230,000 in year 3. The discount rate is 10%. a. What is the value of the factory

Answers

Answer:

The value of the factory is $79,909.84

Explanation:

The computation of the value of the factory is shown below:

= Initial investment + annual year cash flows ÷ (1 + rate of return)^number of years

= -$290,000 + $85,000 ÷ (1.10) + $145,000 ÷ (1.10)^2 + $230,000 ÷ (1.10)^3

After solving this, the value of the factory is equivalent to

= $79,909.84

Hence, the value of the factory is $79,909.84

Your uncle Abdallah is celebrating his 33th birthday today and wants to start saving for his retirement at the age of 63. He wants to be able to withdraw AED 100,000 from his saving account on each birthday for 20 years following his retirement. The first withdraw will be on his 64th birthday. Your uncle intends to invest his money in a local bank in Abu Dhabi that offers 7% interest rate per year. He wants to make equal payments on each birthday into the account established in the local bank for his retirement fund.
1. If your uncle starts making these deposits on his 33th birthday and continues to make deposits until he is 63, what amount must he deposit annually to be able to make the desired withdrawals at retirement?
2. If your uncle has just inherited a large sum of money, so instead of making equal payments, he has decided to pay one lump sum payment on his 33th birthday to cover his retirement needs. What amount does he have to deposit?
3. If your uncle’s employer informs your uncle that he will contribute AED 1,000 to your uncle account every year. Also, if your uncle expects AED100,000 from another investment on his 53th birthday, which he will also put into the retirement account. What amount must he deposit annually now to be able to make the desired withdrawals at retirement.

Answers

Answer:

we can use the present value of an annuity formula to determine how much money your uncle will need when he retires at 63:

PV = annual distribution x annuity factor

annual distribution = $100,000PV annuity factor, 7%, 20 periods = 10.594

PV = $100,000 x 10.594 = $1,059,400

1) the present value of your uncle's retirement account at 63 will become the future value of his contributions, but this time we need to use the future value of an annuity due. He will make 31 deposits in total starting at age 33 and ending at age 63:

$1,059,400 = annual contribution x 102.07304 (FV annuity due factor, 7%, 31 periods)

annual contribution = $1,059,400 / 102.07304 = $10,359.25

2) we should now use the present value formula:

PV = FV / (1 + i)ⁿ

PV = $1,059,400 / (1 + 0.7)³⁰ = $138,907.59

3) the future value of your uncle's employer contributions = $1,000 x 102.07304 = $102,073.04

his $100,000 investment will be worth = $100,000 x (1 + 0.07)¹⁰ = $196,715.14

that means that your uncle still needs to save $1,059,400 - $102,073.04 - $196,715.14 = $760,611.46

his annual contribution will be:

annual contribution = $760,611.46 / 102.07304 = $7,451.64

Estella Osage publishes an online travel magazine. In need of​cash, the business applies for a loan with National Bank. The bank requires borrowers to submit financial statements. With little knowledge of​ accounting, Estella​ Osage, the​ owner, does not know how to proceed.The explanations for how to prepare each​ statementRequirements:1. What are the four financial statements that the business will need to​ prepare?2. Is there a specific order in which the financial statements must be​ prepared?3. Explain how to prepare each statement.Requirements​ 1, 2, and 3. What are the four financial statements that the business will need to​ prepare? Is there a specific order in which the financial statements must be​prepared? Explain how to prepare each statementIn the first​ column, select the four financial statements that the business will need to prepare. In the second​ column, select the number corresponding with the order the financial statements must be prepared. If there is no specific​ order, select​ "n/a" for each statement. In the third​ column, select the letter grouping that corresponds with the proper explanations for how to prepare each statement.1. Financial statement 2. Order 3. How to preparea. Each asset account is listed separately and then totaled. Cash is always listed first.b. Each dollar amount is calculated by evaluating the cash column on the transaction detail.c. Each expense account is listed separately from largest to smallest and then subtotaled if necessary.d. Financing activities include cash contributions by the owner and owner withdrawals of cash.e. Investing activities include the purchase and sale of land and equipment.f. Liabilities are listed separately and then totaled. Liabilities that are to be paid first are listed first.g. Net income is calculated as total revenues minus total expenses.h. Operating activities involve cash receipts for services provided and cash payments for expenses paid.i. The beginning capital is listed first and will always be the ending capital from the previous time period.j. The ending cash balance must match the cash balance on the balance sheet.k. The header includes the name of the​ business, the title of the​statement, and the​ date, listed as a period of time.  l. The header includes the name of the​ business, the title of the​statement, and the​ date, listed as a specific date.m. The​ owner's contribution and net income are added to the beginning capital.n. The​ owner's equity is taken directly from the statement of​owner's equity.o. The​ owner's withdrawals are subtracted from capital. If there had been a net​loss, this would also be subtracted.p. The revenue accounts are always listed first and then subtotaled if necessary.q. This statement must always balance. Assets​ = Liabilities​ + Equity

Answers

Answer:

1. The four financial statements are;

Income StatementStockholder's Equity statementBalance SheetStatement of Cashflows

2. The specific order is done as follows because information from the preceding statement will be needed for the next one.

Income Statement ⇒ Stockholder's Equity statement ⇒ Balance Sheet ⇒ Statement of Cashflows

3. Income Statement

c. Each expense account is listed separately from largest to smallest and then subtotaled if necessary.g. Net income is calculated as total revenues minus total expenses.k. The header includes the name of the​ business, the title of the​statement, and the​ date, listed as a period of time.p. The revenue accounts are always listed first and then subtotaled if necessary.

Stockholder's Equity

i. The beginning capital is listed first and will always be the ending capital from the previous time periodk. The header includes the name of the​ business, the title of the​statement, and the​ date, listed as a period of time.m. The​ owner's contribution and net income are added to the beginning capital.o. The​ owner's withdrawals are subtracted from capital. If there had been a net​loss, this would also be subtracted.

Balance Sheet

a. Each asset account is listed separately and then totaled. Cash is always listed first.f. Liabilities are listed separately and then totaled. Liabilities that are to be paid first are listed first.l. The header includes the name of the​ business, the title of the​statement, and the​ date, listed as a specific daten. The​ owner's equity is taken directly from the statement of​owner's equity.q. This statement must always balance. Assets​ = Liabilities​ + Equity

Statement of Cashflows

b. Each dollar amount is calculated by evaluating the cash column on the transaction detail.d. Financing activities include cash contributions by the owner and owner withdrawals of cash. e. Investing activities include the purchase and sale of land and equipment.h. Operating activities involve cash receipts for services provided and cash payments for expenses paid.j. The ending cash balance must match the cash balance on the balance sheet.k. The header includes the name of the​ business, the title of the​statement, and the​ date, listed as a period of time.

Esquire Company needs to acquire a molding machine to be used in its manufacturing process. Two types of machines that would be appropriate are presently on the market. The company has determined the following (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)Machine A could be purchased for $48,000. It will last 10 years with annual maintenance costs of $1,000 per year. After 10 years the machine can be sold for $5,000.Machine B could be purchased for $40,000. It also will last 10 years and will require maintenance costs of $4,000 in year three, $5,000 in year six, and $6,000 in year eight. After 10 years, the machine will have no salvage value.Required:Assume an interest rate of 8% properly reflects the time value of money in this situation and that maintenance costs are paid at the end of each year. Ignore income tax considerations. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)Calculate the present value of Machine A & Machine B. Which machine Esquire should purchase?

Answers

Answer: Machine B because it has the lower Present Value

Explanation:

Machine A

= Present Value of income - Present Value of Costs

Present value of Income;

Sold for $5,000 after 10 years.

= 5,000/ (1 + 8%)^10

= $2,315.97

Present Value of Costs;

Purchased for $48,000.

Maintenance of $1,000 per year for  years.

Present value of maintenance= 1,000 * Present value factor of annuity,  10 years, 8%

= 1,000 * 6.7101

= $6,710.10

Machine A Present Value

= 2,315.97 - 6,710.10 - 48,000

= ‭-$52,394

Machine B

No salvage value.

Present Value of costs

Purchased for $40,000.

Present value of maintenance = (4,000 / (1 + 8%)^3)  + (5,000 / ( 1 + 8)^6) + (6,000 / ( 1 + 8%)^8)

= -$9,567.79

Present Value = -40,000 - 9,567.79

= -$49,568

12.
Planning is a
a. Useless Function
b. Obsolete Concept
c. Mental Exercise
d. One time process

Answers

C is the answerrrrrr :)
The correct answer is C. Mental Exercise

Have a nice day!

A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,400) to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is to record the cost part.
Date Account Title Debit Credit
April 4 selectMerchandise InventoryAccounts ReceivableCashCost of Goods SoldSales select2,4002,5002,6005,000 select2,4002,5002,6005,000
selectMerchandise InventoryAccounts ReceivableCashCost of Goods SoldSales select2,4002,5002,6005,000 select2,4002,5002,6005,000
selectMerchandise InventoryAccounts ReceivableCashCost of Goods SoldSales select2,4002,5002,6005,000 select2,4002,5002,6005,000
selectMerchandise InventoryAccounts ReceivableCashCost of Goods SoldSales select2,4002,5002,6005,000 select2,4002,5002,6005,000

Answers

Answer:

1. Dr Accounts Receivable $5,000

Cr Sales for $5,000

2. Dr Cost of Goods Sold for $2,400

Cr Merchandise Inventory for $2,400

Explanation:

1.,Preparation of the journal entry to record the revenue part of the transaction

Based on the information given we were told that on April they sells the amount of $5,000 in merchandise which means that the Journal entry will be :

Dr Accounts Receivable for $5,000

Cr Sales for $5,000

2. Preparation of Journal entry to record the cost part

Based on the information given we were told that the its cost the amount of $2,400 which means that the Journal entry will be :

Dr Cost of Goods Sold for $2,400

Cr Merchandise Inventory for $2,400

Answer the following questions about prepaid​ expenses:
a. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year.
b. On ​1, Tree Service paid for supplies. At ​31, has of supplies on hand. Make the required journal entry at 31. Then post all amounts to the accounts and show their balances at 31. Assume no beginning balance in supplies.
c. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at 31.

Answers

Answer:

the numbers are missing, so I looked for a similar question:

a. On ​1, Tree Service prepaid $7,200 for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year.

Dr Rent expense 1,200 (= $7,200 / 6)

    Cr Prepaid rent 1,200

Balances:

Prepaid rent 6,000

Rent expense 1,200

b. On ​1, Tree Service paid $1,050 for supplies. At ​31, has $400 of supplies on hand. Make the required journal entry at 31. Then post all amounts to the accounts and show their balances at 31. Assume no beginning balance in supplies.

Dr Supplies expense 650 (= $1,050 - $400)

    Cr Supplies 650

Balances:

Supplies 400

Supplies expense 650

c. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at 31.

SAME AS QUESTION A

When an employee has perfect attendance for the month, he or she is given a $25 bonus. This would be an example of ________.

Answers

Answer:

An incentive

Explanation:

Incentive is simply said to be an action, belief and others that is made to alter or intended to change the behavior, response or workload of another person. Incentives seek to to get people to do something, do their best or even not do something.

Incentives are mostly of monetary andNon monetary Incentives, social insult monetary Incentive has money as incentive in all task given.

Pearl Corporation factors $270,300 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.

Required:
a. Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2020, for Pearl to record the sale of receivables, assuming the recourse obligation has a fair value of $4,280.
b. What conditions must be met for a transfer of receivables with recourse to be accounted for as a sale?

Answers

Answer:

A. Aug 15 2020

Dr Cash 254,082

Dr Due from factors 10,812

Dr Loss on Sale of receivables 9,686

Cr Recourse Liability $ 4,280

Cr Accounts receivables $ 270,300

B. 1. The asset that was transferred is far way from the person who makes the transfer or initiated the transfer which is the transferor as well as it's creditors.

2. The transferees of the asset have as well receive the right to either pledge or exchange the receivables

3. The transferor who makes the transfer of the asset has not agreed or come to agreement to replace receivables

Explanation:

A. Preparation of August 15, 2020 journal entry

Aug 15 2020

Dr Cash 254,082

($270,300 * 94%)

Dr Due from factors 10,812

( $270,300* 4%)

Dr Loss on Sale of receivables 9,686

[($ $270,300*2%) + $4, 280]

Cr Recourse Liability $ 4,280

Cr Accounts receivables $ 270,300

B. The conditions that must be met include the following::

1. The asset that was transferred is far way from the person who makes the transfer or initiated the transfer which is the transferor as well as it's creditors.

2. The transferees of the asset have as well received the right to either pledge or exchange the receivables

3. The transferor who makes the transfer of the asset has not agreed or come to agreement to replace receivables

for countries the term specialization refers to

Answers

Answer:

we need more info

Explanation:

there's only those words nothing else

Specialization. Refers to the people, companies or countries focusing on providing a single good or service. This is so they can increase their efficiency and profit. Productivity. The amount of goods and services produced by a worker or business in a given time period. Hope this helps you out!! Please mark me brainliest!! Thank you!! :))

The CIS Department at Tiny College maintains the Free Access to Current Technology (FACT) library of e-books. FACT is a collection of current technology e-books for use by faculty and students. Agreements with the publishers allow patrons to electronically check out a book, which gives them exclusive access to the book online through the FACT website, but only one patron at a time can have access to a book. A book must have at least one author but can have many. An author must have written at least one book to be included in the system but may have written many. A book may have never been checked out but can be checked out many times by the same patron or different patrons over time. Because all faculty and staff in the department are given accounts at the online library, a patron may have never checked out a book or they may have checked out many books over time. To simplify determining which patron currently has a given book checked out, a redundant relationship between BOOK and PATRON is maintained.

Required:
Write a query that will display all the Books that were published in 2016.

Answers

Answer:

Select BOOK_TITLE, BOOK_YEAR, BOOK_SUBJECT from book order by BOOK_SUBJECT asc, BOOK_YEAR desc, BOOK_TITLE asc;

BOOK_PUBLISH 2016;

Explanation:

The books subject will be displayed in ascending order, book year will be displayed in descending orders and book title will be displayed in ascending order. The query used will display all the books entered in the system. If there is specific year in which the search is used then the query will be update with year number instead of year such as BOOK_PUBLISH, 2016; This will show the list of all books that are published in 2016.

Assuming the same interest rate, amount borrowed, and amortization period, which compounding (payment) period - monthly or annually - would result in less interest being paid by the borrower? Why?

Answers

Answer:

The shorter the payment period, the better for the borrower. Every time you make a payment, the principal decreases, so the next payment will include lower interests.

We can analyze this using an example:

You borrow $10,000, with a 12% interest rate and must pay it back in 3 years.

option A, 36 monthly payments

monthly payment = $10,000 / 30.10751 (PV annuity factor, 1%, 36 periods) = $332.14

total payments = $332.14 x 36 = $11,957.04

total interests paid = $1,957.04

option B, 3 annual payments

monthly payment = $10,000 / 2.40183 (PV annuity factor, 12%, 3 periods) = $4,163.49

total payments = $4,163.49 x 3 = $12,490.47

total interests paid = $2,490.47

a. Using the information below, and assuming that you want to maintain your purchasing power from 2011, what nominal wage should you demand in each of the given years? Instructions: Round your answers to 2 decimal places. CPI Values and Nominal Wages YearCPINominal Wage (dollars)2011211.7$78,5202012213.5370902013223.82014221.1 b. Assume that your annual wage in 2014 was $82,920. This represents

Answers

Answer:

a)

Year                CPI              Nominal Wage (dollars)

2011                 211.7                     $78,520

2012                213.5               = (213.5/211.7) x $78,520 = $79,187.62

2013                223.8              = (223.8/211.7) x $78,520 = $83,007.92

2014                221.1                = (221.1/211.7) x $78,520 = $82,006.48

b) if you annual wage in 2014 was $82,920, it would be equivalent to (211.7/221.1) x $82,920 = $79,394.68 in 2011.

The CPI can be used to calculate equivalent dollars and works both ways, to determine past or future equivalencies.

Western University has only one women’s softball scholarship remaining for the coming year. The final two players that Western is considering are Allison Fealey and Emily Janson. The coaching staff has concluded that the speed and defensive skills are virtually identical for the two players, and that the final decision will be based on which player has the best batting average. Crosstabulations of each player’s batting performance in their junior and senior years of high school are as follows:
Allison Fealey
Outcome Senior Junior
Hit 15 75
No Hit 25 175
Total At-Bats 40 250
Emily JansonOutcome Senior JuniorHit 70 35No Hit 130 85Total At-Bats 200 120
Western University has only one women’s softball scholarship remaining for
A player’s batting average is computed by dividing the number of hits a player has by the total number of at-bats. Batting averages are represented as a decimal number with three places after the decimal.
a. Calculate the batting average for each player in her junior year. Then calculate the batting average of each player in her senior year. Using this analysis, which player should be awarded the scholarship? Explain.
b. Combine or aggregate the data for the junior and senior years into one crosstabulation as follows:
Western University has only one women’s softball scholarship remaining for
Calculate each player’s batting average for the combined two years. Using this analysis, which player should be awarded the scholarship? Explain.
c. Are the recommendations you made in parts (a) and (b) consistent? Explain any apparentinconsistencies

Answers

Answer:

Explanation:

virtually identical for the two players, and that the final decision will be based on which player has the best batting average. Crosstabulations of each player’s batting performance in their junior and senior years of high school are as follows:

Allison Fealey

Outcome Senior Junior

Hit 15 75

No Hit 25 175

Total At-Bats 40 250

Emily JansonOutcome Senior JuniorHit 70 35No Hit 130 85Total At-Bats 200 120

Western University has only one women’s softball scholarship remaining for

A player’s batting average is computed by dividing the number of hits a player has by the total number of at-bats. Batting averages are represented as a decimal number with three places after the decimal.

a. Calculate the batting average for each player in her junior year. Then calculate the batting average of each player in her senior year. Using this analysis, which player should be awarded the scholarship? Explain.

b. Combine or aggregate the data for the junior and senior years into one crosstabulation as follows:apparentinconsistencies

Antwaun wants to purchase new photography equipment. He sees an advertisement on a store's website for a 35% sale on 85mm lenses this weekend . If the original price of the lens he wanted is $599, what is the new price of the lens once it goes on sale ?​

Answers

Answer:

$389.35

Explanation:

The original price is $599,

The advertised discount is 35%.

Price after discount will be

=$599- (35% of $599)

=$599 - (35/100 x $599)

=$599 - $209.65

=$389.35

Yancey Productions is a film studio that uses a job-order costing system. The company’s direct materials consist of items such as costumes and props. Its direct labor includes each film’s actors, directors, and extras. The company’s overhead costs include items such as utilities, depreciation of equipment, senior management salaries, and wages of maintenance workers. Yancey applies its overhead cost to films based on direct labor-dollars.At the beginning of the year, Yancey made the following estimates:Direct labor-dollars to support all productions $ 8,260,000Fixed overhead cost $ 4,956,000Variable overhead cost per direct labor-dollar $ 0.17Required:1. Compute the predetermined overhead rate. (I found the answer: .77 per DL$)2. During the year, Yancey produced a film titled You Can Say That Again that incurred the following costs:Direct materials $ 1,386,000Direct labor cost $ 2,478,000Compute the total job cost for this particular film.Direct Materials: $1,386,000Direct Labor: $2,478,000

Answers

Answer and Explanation:

The computation is shown below:

Predetermined overhead rate is

= Variable overhead cost per direct labor hours + Fixed overhead cost ÷ Direct labor-dollars

= $0.17 + $4,956,000 ÷ 8,260,000

= $0.17 + $0.6

= $0.77

Now the total cost is

= Direct material cost + direct labor cost + manufacturing cost

= $1,386,000 + $2,478,000 + ($2,478,000 × $0.77)

= $5,772,060

Assume that you have a $100,000 account and you are willing to risk 5% of your capital on an idea. You determine that the there is $4 of risk in your trade. What should be your maximum position size

Answers

Answer:

$1,250 Shares

Explanation:

Calculation for What should be your maximum position size

First step is to calculate the 5% risk of your capital

Capital risk =5%*$100,000

Capital risk=$5,000

Last step is to calculate What should be your maximum position size

Maximum position size=$5,000/$4

Maximum position size=$1,250 Shares

Therefore What should be your maximum position size is $1,250 Shares

The Sheridan Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Sheridan has decided to locate a new factory in the Panama City area. Sheridan will either buy or lease a site depending upon which is more advantageous. The site location committee has narrowed down the available sites to the following three very similar buildings that will meet their needs.
Building A: Purchase for a cash price of $612,100, useful life 26 years.
Building B: Lease for 26 years with annual lease payments of $71,490 being made at the beginning of the year.
Building C: Purchase for $655,200 cash. This building is larger than needed; however, the excess space can be sublet for 26 years at a net annual rental of $6,850. Rental payments will be received at the end of each year. The Sheridan Inc. has no aversion to being a landlord.
In which building would you recommend that The Sheridan Inc. locate, assuming a 11% cost of funds?

Answers

Answer:

Present value of Building A = $612,000

Present value of Building B = $71,490 + $71,490*Present value of Annuity for n=25,i=11% = $71,490 + $602,070.53 = $673,560.53

Present value of Building C = $655,200 - $6,850*Present value of Annuity for n=26,i=11% = $655,200 - $58,143.20 = $597,056.80

                       Net Present Value

Building A       $612,000

Building B       $673,560.53

Building C       $597,056.80

Conclusion: The Sherdian Inc. should locate itself in Building C as it has least Net Present Value

The mean value of land and buildings per acre from a sample of farms is ​$1400​, with a standard deviation of ​$200. The data set has a​ bell-shaped distribution. Assume the number of farms in the sample is 74. ​
(a) Use the empirical rule to estimate the number of farms whose land and building values per acre are between ​$1200 and ​$1600.
(b) If 29 additional farms were​ sampled, about how many of these additional farms would you expect to have land and building values between ​$1200 per acre and ​$1600 per​ acre?

Answers

Answer:

The answer is below

Explanation:

The Empirical Rule (or 3 sigma rule) states that for a normal distribution (bell shaped distribution) 68% of the data falls within one standard deviation (μ ± σ), 95% percent within two standard deviations (μ ± 2σ), and 99.7% within three standard deviations from the mean (μ ± 3σ).

Given that the mean (μ) = $1400, standard deviation (σ) = $200

a) The percentage of data within one standard deviation = μ ± σ = (1400 ± 200) = (1200, 1600)

Hence 68% of the land are between ​$1200 and ​$1600.

Number of farms = 68% × number of sample = 0.68 × 74 = 50.23 ≈ 51 farms

b) For an additional 29 farms, the number of additional farms between ​$1200 per acre and ​$1600 per​ acre = 29 × 0.68 ≈ 20 farms

a)The land is between $1200 and $1600. The number of farms is 51, b. The number of additional farms between $1200 per acre and $1600 per acre is 20 farms.

According to the Empirical Rule (or 3 sigma rule), for a normal distribution (bell shaped distribution), 68% of the data falls within one standard deviation (ut o), 95% fall within two standard deviations (u 20), and 99.7% fall within three standard deviations (+30). Given that the mean () is $1400 and the standard deviation () is $200,

a) The percentage of data within one standard deviation=uo=(1400+ 200) (1200, 1600)

Hence 68% of the land are between $1200 and $1600. Number of farms- 68% x number of sample - 0.68 74 50.23 51 farms

b) For an additional 29 farms, the number of additional farms between $1200 per acre and $1600 per acre- 29 x 0.68 = 20 farms.

Learn more about farms, here:

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