Answer:
My room is a place where I feel the most comfortable and openly show my personality to myself. This is the place where I do what I want to do and it is the place where I disembark myself when I come home and wake up every day. My room makes me feel very comfortable in my own space so my house is always crazy as my dog barking and siblings moving around making noise around the house. I care about everyone in my home.
Please mark as brainliest if answer is right
Have a great day, be safe and healthy
Thank u
XD
Match the accounting terms with the corresponding definitions.
Accounting term
1. Specific identification
2. Materiality concept
3. Last-in, first-out (LIFO)
4. Conservatism
5. Consistency principle
6. Weighted-average
7. Disclosure principle
8. First-in, first-out (FIFO)
Definitions
A. Treats the oldest inventory purchases as the first units sold.
B. Requires that a company report enough information for outsiders to make knowledgeable decisions.
C. Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
D. Calculates a weighted-average cost based on the cost of goods available for sale and the number of units available.
E. Principle whose foundation is to exercise caution in reporting financial statement items.
F. Treats the most recent/newest purchases as the first units sold.
G. Businesses should use the same accounting methods from period to period.
H. Principle that states significant items must conform to GAAP.
Answer:
Matching Accounting Terms with Corresponding Definitions:
Accounting Terms Definitions:
1. Specific identification C.
2. Materiality concept H.
3. Last-in, first-out (LIFO) F.
4. Conservatism E.
5. Consistency principle G.
6. Weighted-average D.
7. Disclosure principle B.
8. First-in, first-out (FIFO) A.
Explanation:
Definitions
A. FIFO: Treats the oldest inventory purchases as the first units sold.
B. Disclosure principle: Requires that a company report enough information for outsiders to make knowledgeable decisions.
C. Specific identification: Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
D. Weighted-average: Calculates a weighted-average cost based on the cost of goods available for sale and the number of units available.
E. Conservatism: Principle whose foundation is to exercise caution in reporting financial statement items.
F. LIFO: Treats the most recent/newest purchases as the first units sold.
G. Consistency Principle: Businesses should use the same accounting methods from period to period.
H. Materiality Concept: Principle that states significant items must conform to GAAP.
The Five & Dime store has a cost of equity of 15.8%, a pretax cost of 7.7%, and a tax rate of 35%. What is the firm's weighted average cost of capital if the debt-equity ratio is 0.40?
a. 10.18
b. 11.72
c. 12.72
d. 13.49
e. 14.93
Answer: 12.72%
Explanation:
The firm's weighted average cost of capital if the debt-equity ratio is 0.40 will be calculated thus:
= (1 /1+debt equity ratio)(cost of equity) + (Debt Equity ratio/1 + Debt Equity ratio)(Pre-tax cost)(1 - Tax rate)
=(1/1.40)(0.158) + (0.40/1.40)(0.077)(1 - 0.35)
= 12.72%
The firm's weighted average cost of capital is 12.72%
Brad owns a small townhouse complex that generates a loss during the year.
Complete each item below regarding (a) the circumstances where Brad can deduct a loss from the rental activity and (b) any limitations that would apply.
a. Brad might be allowed to deduct up to $ ...............of the passive activity losses from the townhouse complex against ................. income. To qualify for the deduction under the real estate rental exception, Brad must actively participate in the activity and own ................... or more of all interests in the activity for the entire taxable year.
Or, Brad may be allowed to deduct the loss if he works more than .............. hours as a material participant in connection with the townhouse complex and more than ................. of the personal services that he renders are performed in real property businesses where he materially participates. If Brad does not satisfy the the requirements for these two exceptions, he must continue to treat income and losses from real estate rental activities as .............. activity income and losses.
b. If Brad, who files single, qualifies for the real estate rental exception, the maximum deduction is reduced if his AGI exceeds the threshold. The reduction is equal to ............ of AGI in excess of $............... The deduction will be phased out completely if AGI reaches $...................
Answer:
a. Brad might be allowed to deduct up to $25,000
or Brad may be allowed to deduct the loss if he works more than 750 hours as a material participant in connection with the townhouse complex and more than half of personal service.
b. The reduction is equal to 50% of AGI in excess of $100,000. The deduction will be phased out completely if AGI reaches $25,000
Explanation:
Adjusted Gross Income is the final taxable income after all the allowable deductions are adjusted in the income. A tax payer can deduct up to $25,000 for the passive losses. This is standard deduction which Brad can deduct from the income.
The standard cost of Product B manufactured by Pharrell Company Includes 3.7 units of direct materials at $6.8 per unit. During June, 26, 600 units of direct materials are purchased at a cost of $6.70 per unit, and 26, 600 units of direct materials are used to produce 7, 100 units of Product B.
(a) Compute the total materials variance and the price and quantity variances.
Total materials variance $
Materials price variance $
Materials quantity variance $
(b) Compute the total materials variance and the price and quantity variances, assuming the purchase price is $6.90 and the quantity purchased and used is 27,000 units.
Total materials variance $
Materials price variance $
Materials quantity variance %
Answer and Explanation:
The computation is shown below;
(a)
Total materials variance:
= ( AQ × AP ) - ( SQ × SP )
= (26600 × $6.70) - (26270 × $6.8)
= $178220 - $178636
= $416 F
Here
= 7100 × 3.7
=26,270
Materials price variance:
= ( AQ × AP ) - ( AQ × SP )
= (26600 × $6.70) - (26600 × $6.8)
= $178220 - $180,880
= $2660 F
Materials quantity variance:
= ( AQ × SP ) - ( SQ × SP )
= (26600 × $6.8) - (26270 × $6.8)
= $180,880- $178636
= $2244 U
(b)
(a) Total materials variance:
= ( AQ × AP ) - ( SQ × SP )
= (27000 × $6.90) - (26270 × $6.8)
= $186300 - $178636
= $7664 U
Here
= 7100 × 3.7
=26,270
Materials price variance:
= ( AQ × AP ) - ( AQ × SP )
= (27000 × $6.90) - (27000 × $6.8)
= $186300 - $183600
= $2700 U
Materials quantity variance:
= ( AQ × SP ) - ( SQ × SP )
= (27000 × $6.8) - (26270 × $6.8)
= $180,880- $178636
= $4964 U
Super Smarts University has a sticker price of $45,000 per year. Kyle is applying there and uses their online net price calculator, which calculates a net price of $38,000 per year based on the information he is provided. He's #1 in his high school class, and he's got great SAT scores; so he's pretty sure he'll get in. How much will Kyle pay to attend?
Multiple Choice
A.) The exact net price
B.) Within a range of $5000 of the sticker price
C.) $0, because he'll likely get a full ride due to his high school achievements and scores
D.) It's impossible to know how much he'll pay until he receives his financial aid package
Answer:
A
Explanation:
The amount payable by Kyle to attend Super Smarts University is A. the exact net price.
The net price is usually the amount that a student pays to attend an educational institution for an academic year after the subtraction of the scholarships and grants the student receives.
Kyle will not pay $5,000 of the sticker price or $0 because of full scholarships and grants. Again, it is possible to know the amount Kyle will pay with the net price calculator.
Thus, the correct option is A because with the net price calculator, Kyle should determine the amount he will pay attending Super Smarts University annually.
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Please Help!
Rosa works as an administrative assistant for a clothing company. Which of the following tasks might she do in her
job?
Teaching young children how to read
Arranging travel plans for clients
Manage schedules and help with office meetings
Answer:
C. Manage schedules and help with office meetings
Statement 1: "In the game of chicken, two teen agers had cars and were directed to drive as fast as they could at each other and either 'Go for Broke' or 'Wimp Out'. There was a single Nash equilibrium in pure strategies that solved the game."
Statement 2: "If the game of chicken was played repeatedly (with living teens replacing the teens that died along the way in car crashes) then there is incentive for a player to develop a reputation for 'Going for Broke!"
a. Both statements are true
b. Both statements are false.
c. Statement 2 is true, ad 1 is false
d. Statement 1 is true, but 2 is false
Answer:
Statement 2 is true and 1 is false ( C )
Explanation:
From the statements given above we can deduce that statement 2 is true while statement 1 is false and this is because there isn't one pure Nash Equilibrium in a pure strategy game that will solve the game as portrayed in statement 1, instead there will be two(2) pure Nash equilibrium.
The market to book ratio and price earnings ratio indicate:__________
a) the firm's liquidity
b) the firm's ability to quickly liquidate investments and turn them into cash
c) the firm's efficiency in generating funding by selling their common stock
d) market sentiment toward the firm
Answer: d) market sentiment toward the firm
Explanation:
The Price to Earnings ratio is calculated by dividing the market price of a stock by the earnings per share and the market to book ratio checks the market price to the book value of a share.
Both measures use the market price in relation to a company matric. They are therefore checking the sentiment to the company from the market in relation to certain measures of the company such as the earnings per share.
Tiger, Inc., a calendar year S corporation, is owned equally by four shareholders: Ann, Becky, Chris, and David. Tiger owns investment land that was purchased for $160,000 four years ago. On September 14 of the current year when the land is worth $240,000, it is distributed to David. Assume that David's basis in his S corporation stock is $270,000 on the distribution date.
Required:
Discuss any Federal income tax ramifications.
Answer:
Capital gain $80,000
Shareholder $20,000
David Basis $50,000
Explanation:
Calculation to Discuss any Federal income tax ramifications
Calculation to discuss the CORPORATE LEVEL, capital gain Federal income tax ramifications
Using this formula
Capital gain =Land Worth - Purchased value of land
Let plug in the formula
Capital gain= $240,000 - $160,000
Capital gain= $80,000
Therefore CORPORATE LEVEL, capital gain Federal income tax ramifications will be $80,000
SHAREHOLDERS
Based on the information given we have 4 shareholders which means that the amount each shareholder held will be:
Shareholder= $80,000 ÷ 4
Shareholder= $20,000
DAVID BASIS
Based on the information given David Basis in S corporation will be calculated as:
David Basis= $270,000 - $240,000 + $20,000
David Basis= $50,000
Therefore David Basis in S corporation will be $50,000
Organic Laboratories allocates research and development costs to its three research facilities based on each facility's total annual revenue from new product developments:______.
Facility location Kentucky Arizona Illinois Total New product revenue $ 56,000,000 $ 100,000,000 $ 84,000,000 $ 240,000,000
Research & Development $ 90,000,000
Using revenue as an allocation base, the amount of costs allocated to the Illinois research facility is calculated to be:_______.
Answer:
Amount of costs allocated to the Illinois research facility = $31,500,000
Explanation:
Given:
Research cost
Kentucky = $56,000,000
Arizona = $100,000,000
Illinois = $84,000,000
Research and development cost = $90,000,000
Find:
Amount of costs allocated to the Illinois research facility
Computation:
Amount of costs allocated to the Illinois research facility = Research cost of Illinois[Research and development cost / Total research cot]
Amount of costs allocated to the Illinois research facility = 84,000,000[90,000,000 / (56,000,000 + 100,000,000 + 84,000,000)]
Amount of costs allocated to the Illinois research facility = 84,000,000[90,000,000 / (240,000,000)]
Amount of costs allocated to the Illinois research facility = 84,000,000[0.375]
Amount of costs allocated to the Illinois research facility = $31,500,000
do/your/assignment/did/you?
Answer:
Did you do your assignment?
This is your answer
Answer:
I did mine did you?
Explanation:
1. Construct the project network, given the activity precedence information provided.
Activity Immediate Predecessors
A -
B -
C B
D A
E B
F B
G D, E
H F
2. Construct the project network, given the activity precedence information provided.
Activity Immediate Predecessors
A -
B -
C A, B
D B
E B
F C, D, E
G E
Answer:
SO like basically yopujust gea
Explanation:
Paulina Lesky is 27 years old and has accumulated $7,500 in her self-directed defined contribution pension plan. Each year she contributes $2,000 to the plan, and her employer contributes an equal amount. Paulina thinks she will retire at age 63 and figures she will live to age 90. The plan allows for two types of investments. One offers a 3% risk-free real rate of return. The other offers an expected return of 12% and has a standard deviation of 39%. Paulina Lesky is 27 years old and has accumulated $7,500 in her self now has 20% of her money in the risk-free investment and 80% in the risky investment. She plans to continue saving at the same rate and keep the same proportions invested in each of the investments. Her salary will grow at the same rate as inflation. How much can Paulina be sure of having in the safe account at retirement?
A) $45,473.
B) $62,557.
C) $78,943.
D) $54,968.
E) $74,643.
Answer:
The answer is "Option D".
Explanation:
The amount accrued in the pension system until now [tex]= 7500[/tex]
Danger or security account proportion [tex]= 20 \%[/tex]
The percentage of the amount kept in a safe account [tex](PV) = 7500\times 20\% = 1500\%[/tex]
Number of investment years owned by [tex](n)=63-27=36[/tex]
Risk-free return rate [tex]I = 3\%[/tex]
Combined total amount up to age 63 (formula for the current value) = [tex]Present \ value\times (1+i)^n[/tex]
[tex]=1500\times (1+3\%)^{36}\\\\=4347.417492[/tex]
The contribution is [tex]\$2000[/tex] a year and the employer corresponds with the same amount for the pension plan.
Total annual contribution [tex]= 2000+2000 = 4000[/tex]
Risk-free or healthy account proportion[tex]= 20\%[/tex]
Amount invested annually [tex](P) = 4000\times 20\% = 800 \ (Risk \ free)[/tex]
Annual deposit amount (n) for years[tex]=63-27 =36[/tex]
Returns free of risk [tex]I = 3\%[/tex]
An cumulative sum due to an annuity[tex]= P\times \frac{(((1+i)^n)-1)}{i}[/tex]
[tex]=800\times \frac{(((1+3\%)^{36})-1)}{3\%}\\\\=50620.75541[/tex]
Total amount accumulated in safe account [tex]= FV\ of \ PV + FV[/tex] of annuity
[tex]=4347.417492+50620.75541\\\\=54968.1729\\\\=54968[/tex]
You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: guppy gummies, frizzles, and mookies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of guppy gummies decreases by 20%, the quantity of frizzles sold decreases by 22% and the quantity of mookies sold increases by 7%. Your job is to use the cross-price elasticity between guppy gummies and the other goods to determine which goods your marketing firm should advertise together.
Complete the first column of the following table by computing the cross-price elasticity between guppy gummies and raskels, and then between guppy gummies and mookies.
Cross-Price Elasticity of Demand Complement or Substitute Recommend Marketing with Guppy Gummies
Raskels
Mookies
Answer:
1.1 substitutes do not market together
-0.35 complements market together
Explanation:
1.1
-0.35
Cross price elasticity of demand measures the responsiveness of quantity demanded of good A to changes in price of good B.
If cross price elasticity of demand is positive, it means that the goods are substitute goods.
Substitute goods are goods that can be used in place of another good.
if the price of a good increases, the demand for the substitute increases and if the price of the good reduces, the demand for the substitute increases.
If the cross-price elasticity is negative, it means that the goods are complementary goods.
Complementary goods are goods that are consumed together
Cross price elasticity = percentage change in quantity demanded of good A / percentage change in the price of good B
Frizzles = -22% / -20% = 1.1
Mookies = 7 / -20 = -0.35
On December 31, the trial balance shows wages expense of $390. An additional $130 of wages was earned by the employees, but has not yet been paid. Analyze this adjustment for wages using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.)
(Income Statement)
Wages Expense
(Balance Sheet)
Wages Payable
Page:
CREDIT DATE DOC. POST NO. REF ACCOUNT TITLE DEBIT 1 20- Dec. 31 1 2 2
Answer:
(Income Statement)
Wages Expenses
Trial balance $390 |
Adjustment $130 |
Balance $520 |
(Balance Sheet)
Wages Payable
| Adjustment $130
Date Account Titles Debit Credit
Dec 31 Wages expenses $130
2020 Wages payable $130
The process of identifying the actual measurement scale to assess the variables of interest is called
Answer:
Operationalizing.
Explanation: None
The process of identifying actual measurement scales to asses variables of interest is called as concretizing.
What is variables of interest ?A variable of interest is a changeable quantity that is measured in an experimental investigation. One or more of these elements, also known as the study's variables, are controlled in order to gather information on how the factors affect the response variable, also known as the response.
There are two basic types of variables: category and numeric. Then, each category is divided into two subcategories: discrete or continuous for numeric variables, and nominal or ordinal for categorical variables.
Example: A scientist wants to know how a car's weight impacts its gas mileage. The gas mileage is the variable of interest, thus that is what we are measuring when we respond.
To learn more about variables
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Lehman Corporation purchased a machine on January 2, 2020, for $4,000,000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation is being used for financial statement purposes and the following MACRS amounts will be deducted for tax purposes:
2020 $800,000
2023 $460,000
2021 1,280,000
2024 460,000
2022 768,000
2025 232,000
Assuming an income tax rate of 20% for all years, the net deferred tax liability that should be reflected on Lehman's balance sheet at December 31, 2021 be:________
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.
Which of the following is true of resumes?
A personal cover letter should be included with a resume.
A resume is not necessary if you completed an application.
The formats of electronic and hard copy resumes are the same.
An objective tells an employer what the applicant learned in school.
Answer:
Hello! Your answer would be, BELOW
Explanation:
Job objective should be listed last
Use action words when describing your experience.
These are the statements that are true about resumes. Resumes should include job objectives. However, these should be listed at the end of the resume. A second thing to remember when drafting a resume is that it is important to use action words to describe your experiences. This is because the statements become more interesting, and because this structure will highlight the role that you played in each instance.
Hope I helped! Brainiest plz! Hope you make an 100% and have a wonderful day! -Amelia♥
Alfarsi Industries uses the net present value method to make investment decisions and requires a 15% annual return on all investments. The company is considering two different investments. Each require an initial investment of $15,700 and will produce cash flows as follows:
End of Year Investment
A B
1 $8,000 $0
2 8,000 0
3 8,000 24,000
The present value factors of $1 each year at 15% are: ________
a. 1
b. 0.8696
c. 2
d. 0.7561
e. 0.6575
Answer:
e
Explanation:
the present value factor is the discount rate used to determine the present value of the investment
pv factor = 1 / (1 + r)^n
1 / 1.15^3 = 0.6575
December 1, Smiles, Inc. prepays $2,400 for three months of rent. On December 31, Smiles prepares financial statements. After the appropriate adjusting entry for rent, Smiles’ balance sheet would show:________
a. prepaid Rent of $2,400.
b. rent Expense of $800.
c. prepaid Rent of $1,600.
d. prepaid Rent of $800.
Answer:
c. prepaid Rent of $1,600.
Explanation:
Based on the information given we were told that the company prepays the amount of $2,400 for three months of rent which means that After the appropriate adjusting entry for rent, Smiles’ balance sheet would show: PREPAID RENT OF $1,600.
Prepaid Rent of $1,600
[$2,400-(2,400/3)]
=$2,400-$800
=$1,600
Hoi Chong Transport, Ltd., operates a fleet of delivery trucks in Singapore. The company has determined that if a truck is driven 129,000 kilometers during a year, the average operating cost is 13.7 cents per kilometer. If a truck is driven only 86,000 kilometers during a year, the average operating cost increases to 16.8 cents per kilometer.
Requried:
a. Using the high-low method, estimate the variable and fixed cost elements of the annual cost of the truck operation.
b. Express the variable and fixed costs in the form Y = a + bX.
Answer:
A. Variable cost per unit 0.075 per kilometer
Fixed cost $7,998
B. Y= 0.075 + 7,998X
Explanation:
A. Calculation to estimate the variable and fixed cost elements of the annual cost of the truck operation.
First step is to calculate the operating cost if the Truck is driven 129,000 kilometers during a year in which the average operating cost is 13.7 cents per kilometer
Operating cost= 129,000 x 13.7/100
Operating cost= $17,673
Second step is to calculate the operating cost if Truck is driven only 86,000 kilometers during a year in which the average operating cost increases to 16.8 cents per kilometer.
Operating cost = 86,000 x 16.8/100
Operating cost =$14,448
Calculation for VARIABLE COST PER UNIT using this formula
Variable cost per unit = (Highest activity cost - Lowest activity cost)/(Highest activity - Lowest activity)
Let plug in the formula
Variable cost per unit= $17,673-$14,448)/(129,000-86,000)
Variable cost per unit= 3,225/43,000
Variable cost per unit= 0.075 per kilometer
Calculation for FIXED COST using this formula
Fixed cost = Highest activity cost - Highest activity x Variable cost per kilometer
Let plug in the formula
Fixed cost= $17,673 - 129,000 x 0.075
Fixed cost= $17,673 -$9,675
Fixed cost=$7,998
Therefore the variable is 0.075 per kilometer and fixed cost elements of the annual cost of the truck operation is $7,998
B. Expression of the variable and fixed costs in the form Y = a + bX.
Y = a + bX
Y= 0.075 + 7,998X
Therefore the variable and fixed costs in the form Y = a + bX will be Y= 0.075 + 7,998X
When making a big decision, there's a six-step process that can help you.
True
False
Answer:True
Explanation:
Tillamook Farms invests in a new kind of frozen dessert called polar cream that becomes very popular. So many new customers come to the store that the sales of existing ice cream products are increased. The extra sales revenue:_______
a. should not be counted as incremental revenue for the polar cream project because the sales come from existing products.
b. are synergistic effects that should be counted as incremental revenues for the polar cream project.
c. are cannibalized sales that should be excluded from the analysis.
d. should be included in the analysis, but not the cost of the ice cream that is sold as that is a recurring expense.
Answer:
bb
Explanation:
If I read 12 pages in 15 minutes how many pages while I read in two hours
Answer:
96 pages in two hours
Explanation:
You can read 48 pages in 1 hour because 15 x 4 is 60, and 12 x 4 is 48. So you just double 48 and you get 96.
On January 1, 2021, White Water issues $570,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $570,000. Record the bond issue on January 1, 2021, and the first two interest payments on December 31, 2021, and December 31, 2022.
Required:
1. Complete the first three rows of an amortization schedule.
Date Cash Paid Interest Expense Increase in Carrying Value Carrying Value
01/01/2021
12/31/2021
12/31/2022
2. Record the bond issue on January 1, 2021, and the first two interest payments on December 31, 2021, and December 31, 2022.
Answer:
White Water
1. Schedule
Date Cash Paid Interest Expense Increase in Carrying value FV
01/01/2021 0 $570,000.00
12/31/2021 $39,900.0 $39,900.00 0 $570,000.00
12/31/2022 $39,900.0 $39,900.00 0 $570,000.00
2. January 1, 2021:
Debit Cash $570,000
Credit 7% Bonds Payable $570,000
To record the issue of bonds for cash.
December 31, 2021:
Debit Interest Expense $39,900
Credit Cash $39,900
To record the first interest payment.
December 31, 2022:
Debit Interest Expense $39,900
Credit Cash $39,900
To record the second interest payment.
Explanation:
a) Data and Calculations:
Face value of 7% bonds = $570,000
Proceeds from the bond issue = $570,000
No premiums, no discounts on bonds.
Coupon interest rate = 7%
Market interest rate = 7%
The specific-factors model is often referred to as the short-run model. Why is this the case and how does it relate to the marginal product of labor (MPL) in each sector and the production possibilities frontier (PPF)?
Answer:
A short run model is one in which particular means of production such as land, are fixed and cannot be moved between sectors or businesses. There is unrestricted labour movement amongst these different sectors, therefore each market's marginal product of labour is identical. As a result, an economy's overall workforce level is optimal.
Because greater and greater labour inputs are introduced, there are decreasing returns to scale, as well as the marginal product of labour continues to fall. As a result, the PPF curve is indeed concave and slants downward. To achieve full employment, the country can export or import at any time. The United States, for example, both produces and imports oil.
Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
Feb. 2 Purchased for cash 5,300 shares of Wong Inc. stock for $20 per share plus a $110 brokerage commission.
Mar. 6 Received dividends of $0.30 per share on Wong Inc. stock.
June 7 Purchased 2,000 shares of Wong Inc. stock for $26 per share plus a $125 brokerage commission.
July 26 Sold 6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold.
Sept. 25 Received dividends of $0.40 per share on Wong Inc. stock.
Answer:
Yerbury Corp.
Journal Entries:
Feb. 2 Debit Investment in Wong Inc. $106,110
Credit Cash $106,110
To record the purchase of 5,300 shares of Wong Inc. stock for $20 per share plus a $110 brokerage commission.
Mar. 6 Debit Cash $1,590
Credit Dividend Revenue $1,590
To record the receipt of dividends of $0.30 per 5,300 shares on Wong Inc. stock.
June 7 Debit Investment in Wong Inc. $52,125
Credit Cash $52,125
To record the purchase of 2,000 shares of Wong Inc. stock for $26 per share plus a $125 brokerage commission.
July 26 Debit Cash $210,000
Credit Investment in Wong Inc. $124,354
Credit Gain from Investment in Wong Inc. $85,646
To record the sale of 6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission.
Sept. 25 Debit Cash $ 520
Credit Dividends revenue $ 520
To record the receipt of dividends of $0.40 per 1,300 shares on Wong Inc. stock.
Explanation:
a) Data and Analysis:
Feb. 2 Investment in Wong Inc. $106,110 Cash $106,110
5,300 shares of Wong Inc. stock for $20 per share plus a $110 brokerage commission.
Mar. 6 Cash $1,590 Dividend Revenue $1,590
dividends of $0.30 per share on Wong Inc. stock.
June 7 Investment in Wong Inc. $52,125 Cash $52,125
2,000 shares of Wong Inc. stock for $26 per share plus a $125 brokerage commission.
July 26 Cash $210,000 Investment in Wong Inc. $124,354 Gain from Investment in Wong Inc. $85,646
6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold.
Sept. 25 Cash $ 520 Dividends revenue $ 520 dividends of $0.40 per 1,300 shares on Wong Inc. stock.
The following data are taken from the financial statements of Crane Company.
2022 2021 Accounts receivable (net), end of year $ 567,900 $ 555,000 Net sales on account 4,831,000 4,179,000 Terms for all sales are 1/10, n/45
1) Compute for each year the accounts receivable turnover. At the end of 2015, accounts receivable was $511,500. (Round answers to 1 decimal place, e.g. 12.5.)
2) Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Answer and Explanation:
The computation is shown below;
(1)
As we know that
The receivables turnover = Net credit sales ÷ Average account receivable
For the year 2017
Receivables turnover = $4,831,000 ÷ $561,450 = 8.60 times
for the year 2016:
Receivables turnover = $4,179,000 ÷ $533,250 = 7.84 times
Average net AR = (Beginning AR + Ending AR) ÷ 2
2017 = ($567,900 + $555,000) ÷ 2 = $561,450
2016 = ($555,000 + $511,500) ÷ 2 = $533,250
(2)
The average collection period = 365 days ÷ Receivables turnover
For 2017:
Average collection period = 365 ÷ 8.60 = 42.44 days
For 2016
Average collection period = 365 ÷ 7.84 = 46.56 days
Compute the Work-in-Process transferred to the finished goods warehouse on April 30 using the following information:
Work-In-Process Inventory, April 30 $175
Direct material purchased during April 150
Work-In-Process Inventory, April 1 200
Direct labor costs incurred 300
Manufacturing overhead costs 250
Direct materials used in production 125
a. $1,170.
b. $1,035.
c. $1,120.
d. $985
Answer:
$700
Explanation:
The computation of work-in-progress transferred to the finished goods is given below:
We know that
= Work-In-Process inventory, April 1 + Direct materials used in production + Direct labor costs incurred + Manufacturing overhead costs - Work-In-Process Inventory, April 30
= $200 + $125 + $300 + $250 - $175
= $700
Hence, this is a correct answer
Which statement provides the correct information regarding the parts
and expectations of an IBC?
Take classes, take tests, earn certificates, get hired
Take classes, pass the classes, write an essay, graduate
Successfully pass all courses, take the ACT, take the EOC, fill out FAFSA
O Take classes, score high on tests, fill out applications, get hired
Answer:
I don't know but good luck finding the answer
Explanation: