Answer:
$14,000
Explanation:
Given the above information,
the excess cash available for Disbursement in July is computed as;
= Budgeted cash receipts total - Budgeted cash disbursement total + Budgeted beginning cash balance
= $182,000 - $181,000 + $13,000
= $14,000
Therefore, the excess(deficiency) of cash available over disbursement in July will be $14,000
You are the manager of a local bank. Due to unstable financial conditions, savers are worried that your bank may fail. When they show up in large numbers to withdraw their savings, you find that you do not have enough cash to meet the obligations. Where can you turn for a loan if no other bank will lend to you? The stock market The bond markets The discount window The market for overnight loans
Answer:
The discount window
Explanation:
As we can see that there is a liquidity problem for the bank as it has not enough funds to payoff back to the depositors. Also No other bank is ready to lend.
The discount window would be the monetary policy instrument that controlled by the central bank in which it permits the institutions that they are eligible for borrow the money so that they could meet their shortage and this money would be lend for short term duration by the central bank
Therefore it is a discount window
You founded your own firm three years ago. You initially contributed $200,000 of your own money and in return you received 3 million shares of stock. Since then, you have sold an additional 3 million shares of stock to angel investors. You are now considering raising capital from a venture capital firm. This venture capital firm would invest $6 million and would receive 3million newly issued shares in return. After the venture capitalist's investment, what percentage of the firm will you own
Answer:
33.33%
Explanation:
Own shares = $3,000,000
Angel shares = $3,000,000
Shares issued to venture capital = $3,000,000
Total shares = $9,000,000
% of the firm i will own = Own shares/Total shares
% of the firm i will own = $3,000,000/$9,000,000
% of the firm i will own = 0.333333333
% of the firm i will own = 33.33%
Answer:
28.57
Explanation:
Its right on the quiz
During a period of high inflation, whDuring a period of high inflation, what government actions can preserve the value of money? Select two options.
forcing producers to sell at a certain price
selling gold for use as an alternate currency
restricting the money supply by adjusting interest rates
providing increased benefits to people harmed by inflation
decreasing the demand for money by lowering the price of real estateat government
Answer:
selling gold for use as an alternate currency
restricting the money supply by adjusting interest rates
Answer:
b and c
Explanation:
mark me brainliest please <3
Bricktan Inc. makes three products, basic, classic, and deluxe. The maximum Bricktan can sell is 721,000 units of basic, 468,000 units of classic, and 180,000 units of deluxe. Bricktan has limited production capacity of 114,000 hours. It can produce 10 units of basic, 8 units of classic, and 4 units of deluxe per hour. Contribution margin per unit is $15 for the basic, $25 for the classic, and $55 for the deluxe. What is the most profitable sales mix for Bricktan Inc.
Answer:
Profitable sales mix :
Deluxe - 180,000 units,
Classic - 58,500 units,
Basic- 365,000 units
Explanation:
When a business is faced with a problem of shortage of a resource which can be used to produced more than one product type, to maximize the use of the resource , the business should allocate the scare resource for production purpose in such a way that it maximizes the contribution per unit of the scare resource.
The labour hours required per unit of scarce resource=
Basic = 1/10 hr= 0.10
Classic =1/8 hr = 0.13
Deluxe= 1/4 hr = 0.25
Basic Classic Deluxe
Contribution per unit 15 25 55
Hour per unit 0.10 0.13 0.25
Contribution per hour 150 200 220
Product Unit Hours used
Deluxe 180,000 180000× 0.25 45,000
Classic 468,000 468,00× 0.13 58,500
Basic 365,000** 365,000×0.10 36,500*
Total hours 140,000
* = 140,000 - 45,000-58500= 36,500 hours
** = 36,500 hours/0.1 hour = 365,000 units
Units to be produced = 36,500/0.10= 365,000 units
Profitable sales mix :
Deluxe - 180,000 units,
Classic - 58,500 units,
Basic- 365,000 units
1. Cullumber Cosmetics acquired 13% of the 301,200 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Elite declared and paid a $70,100 dividend. On December 31, Elite reported net income of $226,500 for the year. At December 31, the market price of Elite Fashion was $15 per share.
2. Bramble Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey’s 32,700 outstanding shares of common stock at a total cost of $10 per share on January 1, 2019. On June 15, Kasey declared and paid a cash dividend of $31,600. On December 31, Kasey reported a net income of $116,000 for the year.
Required:
Prepare all the necessary journal entries for 2019 for Cullumber Cosmetics.
Answer:
1. 18-Mar
Dr Available for Sale Securities $548,184
Cr Cash $548,184
30-Jun
Dr Cash $9,113
Cr Dividend Revenue $9,113
31-Dec
Dr Securities Fair Value Adjustment $39,156
Cr Unrealized Holding Gain $39,156
2.1-Jan
Dr Investmeht in Nadal Corp. $81,750
Cr Cash $81,750
15-Jun
Dr Cash $7,900
Cr Investment in Nadal Corp. $7,900
31-Dec
Dr Investment in Nadal $29,000
Cr Revenue from Investment in Sub $29,000
Explanation:
1.Preparation of all the necessary journal entries for 2019
18-Mar
Dr Available for Sale Securities $548,184
Cr Cash $548,184
(13%*301,200*$14)
(To purchase 10% of Ramirez Fashion)
30-Jun
Dr Cash $9,113
Cr Dividend Revenue $9,113
(13%$70,100)
(To record a 13% dividend revenue $70,100)
31-Dec
Dr Securities Fair Value Adjustment $39,156
Cr Unrealized Holding Gain $39,156
[($15-$14)*13%*301,200]
(To adjust securities to FMV in an Equity account)
2.1-Jan
Dr Investmeht in Nadal Corp. $81,750
Cr Cash $81,750
(25%*32,700*$10)
(To purchase 25% of Nadal Corp.)
15-Jun
Dr Cash $7,900
Cr Investment in Nadal Corp. $7,900
(25%$31,600)
(To record cash dividend of $31,600)
31-Dec
Dr Investment in Nadal $29,000
Cr Revenue from Investment in Sub $29,000
(25%*$116,000)
(To record 25% revenue of $116,000 from Nada)
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb. 1 Repurchased 160 shares of the company's own common stock at $25 cash per share. b. Jul. 15 Sold 90 of the shares purchased on February 1 for $26 cash per share. c. Sept. 1 Sold 60 of the shares purchased on February 1 for $24 cash per share.
Answer:
a. Dr Treasury stock $4,000
Cr Cash $4,000
b. Dr Cash $2,340
Cr Treasury stock $2,250
Cr Additional paid-in capital $90
c. Dr Cash $1,440
Dr Additional paid-in capital $60
Cr Treasury stock $1,500
Explanation:
Preparation of the journal entries
a. Dr Treasury stock $4,000
Cr Cash $4,000
(160*$25)
b. Dr Cash $2,340
(90*$26)
Cr Treasury stock $2,250
(90*$25)
Cr Additional paid-in capital $90
($2,340-$2,250)
c. Dr Cash $1,440
(60*$24)
Dr Additional paid-in capital $60
($1,500-$1,440)
Cr Treasury stock $1,500
(60*$25)
Bacchus Enterprises has $12B in book value of common stock selling at a book to market rate of 1.35 and a beta of 1.5. The combined preferred stock is valued at $8.5B with a beta of 1.23. The restructured debt has a book value of $4.8B in book value and has a coupon of 6%, maturing in 9 years, and selling at 102.5%. The market is doing quite well and is returning 14% with a risk free asset returning 4%. What is the Cost of Preferred Stock
Answer: 16.3%
Explanation:
Given the details in the question, the cost of preferred capital can be calculated using the CAPM method.
Cost of preferred stock using the Capital Asset Pricing Model is:
= Risk free rate + Beta * ( Market return - Risk free rate)
= 4% + 1.23 * (14% - 4%)
= 16.3%
The following materials standards have been established for a particular product: Standard quantity per unit of output 5.9pounds Standard price$14.70per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 7,050pounds Actual cost of materials purchased$64,380 Actual materials used in production 6,550pounds Actual output 850units The direct materials purchases variance is computed when the materials are purchased. What is the materials quantity variance for the month
Answer:
Usage variance = $22,564.5 unfavorable
Explanation:
A material usage variance occurs when the standard quantity required to active a particular level of production is higher or lower than than the actual actual quantity used. A favorable variance would mean than less quantity of materials were used than the standard to achieve a given output level. And an adverse variance would mean the opposite
Pounds
850 units should have used ( 850× 5.9 pounds) 5,015
but did use 6,550
Usage variance 1,535 unfavorable
× standard price $14.70
Usage variance 22,564.5 unfavorable
Usage variance = $22,564.5 unfavorable
At Kelly's company there have been an abnormal amount of on-site accidents
from falls. She has seen the effects that these accidents can have on those
who have been injured. What is the best way for Kelly to prevent herself from
having an accident?
A. Move as quickly as possible to get through the work day
B. Make sure she moves about carefully at the workplace
C. Tell her supervisor that she doesn't feel safe
D. Get hurt on purpose so that she can blame her employer
SUBMIT
Relix, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year before recording any Federal net deferred tax asset or net deferred tax liability.
Tax Debit/(Credit) Book Debit/(Credit)
Assets Cash $500 $500
Accounts receivable 8,000 8,000
Buildings 750,000 750,000
Accumulated depreciation (450,000) (380,000)
Furniture and fixtures 70,000 70,000
Accumulated depreciation (46,000) (38,000)
Total assets $332,500 $410,500
Liabilities Accrued litigation expense $0 ($50,000)
Note payable (78,000) (78,000)
Total liabilities ($78,000) ($128,000)
Stockholders' Equity Paid-in capital ($10,000) ($10,000)
Retained earnings (244,500) (272,500)
Total liabilities and stockholders' equity ($332,500) ($410,500)
Based on this information, determine Relix's net deferred tax asset or net deferred tax liability at year end. Assume a 21% Federal corporate tax rate and no valuation allowance.
Answer:
($3,528)
Explanation:
Calculation to determine Relix's net deferred tax asset or net deferred tax liability at year end.
Beginning of the Year Current year difference End of Year
Building-Accumulated depreciation
($57,000) ($13,000) ($70,000)
($57,000-$70,000=-$13,000)
Furniture and fixtures-Accumulated Depriciation ($4,200) ($3,800) ($8,000)
($4,200-$8,000=$3,800)
Subtotal ($61,200) ($16,800) ($78,000)
($57,000+$4,200=$61,200)
($13,000+$3,800=$16,800)
($70,000+$8,000=$78,000)
Applicable tax rate 21% 21% 21%
Gross deferred tax liability
($12,852) ($16,380)
(21%*$61,200=$12,852)
(21%*$78,000=$16,380)
Change in deferred tax liability ($3,528)
(21%*$16,380)
Therefore net deferred tax liability at year end is ($3,528)
Robert Company, which allocates overhead to production on the basis of machine hours, reported the following data for the period just ended:
Actual units produced: 12,000
Actual variable overhead incurred: $77,770
Actual machine hours worked: 18,800
Standard variable overhead cost per machine hour: $4.50
Robert estimates that it takes 1.5 hours to manufacture a completed unit.
Required:
Compute all standards & variances. Prepare all journal entries using standard costing.
Answer:
Variable overhead rate variance = Actual Variable overhead incurred - Actual Hours of Input, at Standard Rate
Variable overhead rate variance = ($4.5*18800 - $77,700)
Variable overhead rate variance = $6,900 Favorable
Variable overhead efficiency variance = Actual Hours of Input, at Standard Rate - Standard Hours allowed for Actual Output at Standard Rate
Variable overhead efficiency variance = (12000*1.5 - $18,800)*$4.5 =
Variable overhead efficiency variance = $3,600 Unfavorable
Variable overhead cost variance = Actual Variable overhead incurred - Standard Hours allowed for Actual Output at Standard Rate
Variable overhead cost variance = (12000*1.5*$4.5) - $77,700
Variable overhead cost variance = $3,300 Favorable
Copybold Corporation is a start-up company that has a capital structure with a debt/assets ratio equal to 0.75. Copybold has no preferred stock. There are two possible scenarios with respect to the firm's operations : Feast or Famine. The Feast scenario has a 60 percent probability of occurring, and the forecast earnings before interest and taxes (EBIT) in this scenario is $60,000. The Famine scenario has a 40 percent chance of occurring, and the EBIT is expected to be $20,000. Further, the firm's cost of debt is 12 percent. The firm has $400,000 in total assets, and its marginal tax rate is 40 percent. The company has 10,000 shares of stock outstanding. What is the difference between the earnings per share (EPS) forecasts for the Feast scenario and the Famine scenario
Answer:
The value of the difference between the earnings per share (EPS) forecasts for Feast and Famine is $2.40
Explanation:
The solution is as evident in the attached Excel Sheet. In the excel sheet the formulas are used which are also given in the second sheet.
For the data values from the question are used.
Purvell Corporation has just acquired a new machine with the following characteristics (Ignore income taxes.): Cost of the equipment $ 50,000 Annual cash savings $ 15,000 Life of the machine 8 years The company uses straight-line depreciation and a $5,000 salvage value. Assume cash flows occur uniformly throughout a year except for the initial investment and the salvage at the end of the project. The simple rate of return would be closest to:
Answer:
18.75%
Explanation:
Calculation to determine what The simple rate of return would be closest to:
First step is to calculate the Depreciation using this formula
Depreciation = (Cost - Salvage value)/ life
Let plug in the formula
Depreciation= ($50,000-$5000)/8 years
Depreciation=$40,000/8
Depreciation=$5,625
Second step is to calculate the annual net cash savings:
Annual cash savings $15,000
Less: Depreciation ($5,625)
(45,000/8 = $5,625)
Annual net cash savings $ 9,375
($15,000-$5,625)
Now let calculate the Simple rate of return
Using this formula
Simple rate of return = Annual net cash savings / Initial investment
Let plug in the formula
Simple rate of return= $9,375/$50,000
Simple rate of return= 18.75%
Therefore The simple rate of return would be closest to:18.75%
Tamarisk, Inc. purchased a delivery truck for $29,200 on January 1, 2020. The truck has an expected salvage value of $2,200, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 16,100 in 2020 and 12,800 in 2021.
1. Calculate depreciation expense per mile under units-of-activity method.
2. Compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double- declining-balance method.
3. Prepare the journal entry to record 2020 depreciation.
4. Assume that Marigold uses the straight-line method. Show how the truck would be reported in the December 31, 2020, balance sheet.
Answer:
1. Depreciation expense per mile = $0.27 per mile
2-1. The straight-line method
We have:
Depreciation expense for 2020 = $3,375
Depreciation expense for 2021 = $3,375
2-2. Units-of-activity method
We have:
Depreciation expense for 2020 = $4,347
Depreciation expense for 2021 = $3,456
2-3. The double-declining-balance method
We have:
Depreciation expense for 2020 = $7,300
Depreciation expense for 2021 = $5,475
3. See the journal entries below.
4. Net book value = $25,825
Explanation:
1. Calculate depreciation expense per mile under units-of-activity method.
Depreciation expense per mile = (Purchase price delivery truck - Expected salvage value) / Expected driven miles = ($29,200 - $2,200) / 100,000 = $0.27 per mile
2. Compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double- declining-balance method.
2-1. The straight-line method
Annual depreciation expense = (Purchase price of the delivery truck - Expected salvage value) / Estimated useful life = ($29,200 - $2,200) / 8 = $3,375
Therefore, we have:
Depreciation expense for 2020 = Annual depreciation expense = $3,375
Depreciation expense for 2021 = Annual depreciation expense = $3,375
2-2. Units-of-activity method
Depreciable amount = Purchase price of the delivery truck - Expected salvage value = $29,200 - $2,200 = $27,000
Therefore, we have:
Depreciation expense for 2020 = Depreciable amount * (Actual miles driven in 2020 / Expected driven miles) = $27,000 * (16,100 / 100,000) = $4,347
Depreciation expense for 2021 = Depreciable amount * (Actual miles driven in 2021 / Expected driven miles) = $27,000 * (12,800 / 100,000) = $3,456
2-3. The double-declining-balance method
Straight-line method depreciation rate = 1 / Estimated useful life = 1 / 8 = 0.1250, or 12.50%
Double-declining-balance method depreciation rate = Straight-line method depreciation rate * 2 = 12.50% * 2 = 25%
Therefore, we have:
Depreciation expense for 2020 = Purchase price of the delivery truck * Double-declining-balance method depreciation rate = $29,200 * 25% = $7,300
Depreciation expense for 2021 = (Purchase price of the delivery truck - Depreciation expense for 2020) * Double-declining-balance method depreciation rate = ($29,200 - $7,300) * 25% = $5,475
3. Prepare the journal entry to record 2020 depreciation.
3-1. The straight-line method
Date Particulars Debit ($) Credit ($)
2020 Depreciation expense 3,375
Accumulated dep. – Delivery truck 3,375
(To record 2020 depreciation expense.)
3-2. Units-of-activity method
Date Particulars Debit ($) Credit ($)
2020 Depreciation expense 4,347
Accumulated dep. – Delivery truck 4,347
(To record 2020 depreciation expense.)
3-3. The double-declining-balance method
Date Particulars Debit ($) Credit ($)
2020 Depreciation expense 7,300
Accumulated dep. – Delivery truck 7,300
(To record 2020 depreciation expense.)
4. Assume that Marigold uses the straight-line method. Show how the truck would be reported in the December 31, 2020, balance sheet.
Tamarisk, Inc.
Balance sheet (Partial)
As at the Year Ended December 31, 2020
Details $
Fixed Assets
Delivery truck 29,200
Accumulated depreciation (3,375)
Net book value 25,825
Milton Friedman and Edmund Phelps argued in the late 1960s that in the long run the Phillips curve is a. downward-sloping, which implies that monetary and fiscal policies can influence the level of unemployment in the long run. b. downward-sloping, which implies that monetary and fiscal policies cannot influence the rate of inflation in the long run. c. vertical, which implies that monetary and fiscal policies cannot influence the level of unemployment in the long run. d. vertical, which implies that monetary and fiscal policies cannot influence the rate of inflation in the long run
Answer: c. vertical, which implies that monetary and fiscal policies cannot influence the level of unemployment in the long run.
Explanation:
The Phillip Curve is used to show that unemployment and inflation have an inverse relationship such that when inflation is increasing, unemployment is decreasing. Fiscal and monetary policies can be used to increase or decrease inflation and unemployment.
In the long run however, the Philips Curve is vertical which means that unemployment will no longer be affected by fiscal and monetary policies that aim to impart inflation because the economy will be at the natural rate of unemployment.
On July 1, 2018, Fred City ordered $1,500 of office supplies.They were to be paid for out of the general fund. Entry under:
Governmental fund financial statements Government-wide financial statements
A) Dr. Encumbrances – Office supplies No entry
Cr. Encumbrances outstanding
B) No entry No entry
C) Dr. Encumbrances outstanding Dr. Encumbrances – Office supplies
Cr. Encumbrances – Office supplies Cr. Encumbrances outstanding
D) No entry Dr. Encumbrances outstanding
Cr. Encumbrances – Office supplies
a. Option 1
b. Option B.
c. Option C.
d. Option D.
Answer:
A) Dr. Encumbrances – Office supplies No entry
Cr. Encumbrances outstanding
Explanation:
The journal entry is given below;
For Governmental fund financial statements
Encumbrances-Office Supplies $1,500
To Encumbrances Outstanding $1,500
(Being Office Supplies ordered is recorded)
For Government-wide financial statements
No journal entry is required as under the accrual accounting, no entry should be recorded until the transaction does not arise
Therefore the option a is correct
Santa Fe Corporation manufactured inventory in the United States and sold the inventory to customers in Mexico. Gross profit from the sale of the inventory was $200,000. Title to the inventory passed FOB: shipping point. How much of the gross profit is treated as foreign source income for purposes of computing the corporation's foreign tax credit in the current year
Answer: $0
Explanation:
None of this income should be treated as foreign source income as they are all U.S. based/ sourced income.
FOB shipping point means that the seller takes responsibility of the goods as soon as the goods are shipped. This is essentially saying that the Santa Fe Corporation should recognize the sale as soon as they ship the goods.
The goods were shipped in the United States so the sale should be recognized as having happened in the United States which means that it is a U.S. sourced income.
When the sales department needs to hire more staff, the corporate skills inventory system was used to determine if any current employees had the skills needed for the new position. This is an example of :________. .
Answer: Internal recruiting
Explanation:
Internal recruiting is when an organization fills its vacancies from its existing workforce.
In this case, rather than looking for applicants to the position outside the company, the company fills the available position with some of its staff. On the other hand, external recruitment is when the position is filled by outsiders.
nventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 21,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $30 Direct labor 18 Fixed factory overhead 22 Variable factory overhead 14 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costing $fill in the blank 1 Variable costing $fill in the blank 2
Answer:
Results are below.
Explanation:
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).
First, we will calculate the unitary and ending inventory cost under variable costing:
Unitary production cost= 30 + 18 + 14= $62
Ending inventory= 21,500*62= $1,333,000
Now, under the absorption costing:
Unitary production cost= 62 + 22= $84
Ending inventory= 21,500*84= $1,806,000
A company had credit sales of $46,000 and cash sales of $18,000 during the month of May. Also during May, the company paid wages of $16,000 and utilities of $5800. It also received payments from customers on account totaling $15,800. At the beginning of May, the company had a cash balance of $25,000. What is the company's cash balance at the end of May
Answer:
the cash balance at the end of May is $37,000
Explanation:
The computation of the cash balance at the end of May is shown below:
= Opening cash balance + cash sales + received payment - paid wages - utilities
= $25,000 + $18,000 + $15,800 - $16,000 - $5,800
= $37,000
Hence, the cash balance at the end of May is $37,000
We simply applied the above formula to determine the cash balance at the end of May
The following transactions occur for Cardinal Music Academy during the month of October: Provide music lessons to students for $7,500 cash. Purchase prepaid insurance to protect musical equipment over the next year for $3,060 cash. Purchase musical equipment for $10,500 cash. Obtain a loan from a bank by signing a note for $11,000.
Record the transactions. The company uses the following accounts:
Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue.
Answer and Explanation:
The journal entries are shown below:
cash Dr $7,500
To Service revenue $7,500
(being cash receipts is recorded)
Prepaid insurance $3,060
To cash $3,060
(being cash paid is recorded)
Musical equipment Dr $10,500
To cash $10,500
(being cash paid is recorded)
Cash Dr $11,000
To note payable $11,000
(being receipt of the loan is recorded)
These four journal entries are need to be recorded
State the main responsibilities of a sales manager. Think about your own potential strengths and weaknesses as a sales manager. For each function (responsibiity), briefly state why you would enjoy or would not enjoy it, and whether you think you would be good at it and why you feel this way. Your response should be between 150 and 300 words.
Answer:
A sales manager has several responsibilities that, when performed effectively, are able to increase the profitability and positioning of a company in the market.
Explanation:
The sales area in an organization is one of the most important for a company to achieve its objectives and goals defined in strategic planning. The sales department's goal is to manage the sales process of a company's products and services according to its objectives. That is why the role of a sales manager is essential, it is he who will be responsible for managing, leading and building relationships with the sales team so that sales occur as planned.
So there are some responsibilities of the sales manager:
Create a sales planset sales goalsmonitor sales progressanalyze sales data and informationsupervise the sales teamEach role of the sales manager is essential for optimal coordination between the process and the company's objectives, so each step must be monitored and controlled in real time, correcting possible bottlenecks, ordering the objectives, motivating the sales team and seeking always the continuous improvement of processes.
The following information pertains to Sheridan Video Company.
1. Cash balance per bank, July 31, $7,943.
2. July bank service charge not recorded by the depositor $37.
3. Cash balance per books, July 31, $7,964.
4. Deposits in transit, July 31, $1,840.
5. Bank collected $1,240 note for Sheridan in July, plus interest $45, less fee $29. The collection has not been recorded by Sheridan, and no interest has been accrued.
6. Outstanding checks, July 31, $600.
Required:
Prepare a bank reconciliation at July 31.
Answer:
Bank reconciliation for the month ended July 31
Particulars Amount
Balance as per bank $7,943
Add: Deposit in transit $1,840
Less: Outstanding checks $600
Adjusted balance as per bank $9,183
Balance as per books $7,964
Add: Direct collections by bank $1,256
($1,240 + $45 - $29)
Less: Bank charges $37
Adjusted balance as per books $9,183
A year ago, you graduated from college and decided to open your own computer software company. Over the past year, your firm generated $500,000 in revenue. You hired two software engineers and paid each of them $150,000 over the past year. You also purchased computer equipment that cost a total of $30,000. To save money, you decided to use the basement of your house for the business. Previously, you had rented this space to a tenant for $6,000 per year. Instead of opening your own business, you could have gone to work for Microsoft and earned $200,000 over the past year.
a. What were your accounting profits of your firm over the past year? 170000
b. What were the economic profits of your firm over the past year? $ 506000 should not have
c. Given this information, you launched your own business.
Answer:
20000
Explanation:
A jobless recovery means that gross domestic product (GDP) decreases while there is no increase in employment. gross domestic product (GDP) decreases while there is an increase the unemployment rate. gross domestic product (GDP) increases while there is an increase in the labor force participation rate. gross domestic product (GDP) increases while there is no increase in employment..
Answer:
gross domestic product (GDP) decreases while there is no increase in employment.
Explanation:
Unemployment rate refers to the percentage of the total labor force in an economy, who are unemployed but seeking to be gainfully employed. The unemployment rate is divided into various types, these include;
I. Natural Rate of Unemployment (NU).
II. Frictional unemployment rate (FU).
III. Structural unemployment rate (SU).
IV. Actual unemployment rate (AU).
V. Cyclical unemployment rate (CU).
Gross Domestic Products (GDP) is a measure of the total market value of all finished goods and services made within a country during a specific period.
Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country.
A jobless recovery can be defined as an economic period in which the economy of a country recovers from an economic meltdown (recession) but without a tangible reduction in the level of unemployment (unemployment rate) within the country.
Hence, a jobless recovery simply means that gross domestic product (GDP) decreases without an equivalent increase in the level of employment i.e a decrease in the unemployment rate.
Answer:
Answer:
gross domestic product (GDP) decreases while there is no increase in employment.
Explanation:
Explanation:
Unemployment rate refers to the percentage of the total labor force in an economy, who are unemployed but seeking to be gainfully employed. The unemployment rate is divided into various types, these include;
I. Natural Rate of Unemployment (NU).
II. Frictional unemployment rate (FU).
III. Structural unemployment rate (SU).
IV. Actual unemployment rate (AU).
V. Cyclical unemployment rate (CU).
Gross Domestic Products (GDP) is a measure of the total market value of all finished goods and services made within a country during a specific period.
Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country.
A jobless recovery can be defined as an economic period in which the economy of a country recovers from an economic meltdown (recession) but without a tangible reduction in the level of unemployment (unemployment rate) within the country.
Hence, a jobless recovery simply means that gross domestic product (GDP) decreases without an equivalent increase in the level of employment i.e a decrease in the unemployment rate.
Coronado Industries reported the following year-end information: Beginning work in process inventory $ 25000 Beginning raw materials inventory 9000 Ending work in process inventory 28000 Ending raw materials inventory 6000 Raw materials purchased 560000 Direct labor 210000 Manufacturing overhead 120000 How much is Coronado’s total cost of work in process for the year?
Answer:
$890,000
Explanation:
The computation of the total cost of work in process is shown below
But before that following calculations are needed
Cost of Raw material consumed = Beginning inventory + Raw material purchased - Closing inventory
= $9,000 + $560,000 - $6,000
= $563,000
And,
Cost of manufacturing = Cost of raw material consumed + Direct labor + Manufacturing overhead
= $563,000 + $210,000 + $120,000
= $893,000
Now
Cost of work in progress = Beginning WIP inventory - Ending WIP inventory + Cost of manufacturing
= $25,000 - $28,000 + $893,000
= $890,000
Which of the following products CANNOT be sold BOTH the consumer and industrial markets?
O Pens
O X-Ray Machine
O Microwave
O Water
The X-Ray machine can only be sold to the industrial market
A government had the following transfers reported in its governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances: (1) a transfer from the General Fund to a debt service fund in the amount of $1,100,000; and (2) a transfer from the General Fund to a special revenue fund in the amount of $500,000. The amount that would be shown as a transfer out in the governmental activities column in the Statement of Activities would be: $0. $500,000. $1,100,000. $1,600,000.
Answer:
The amount that would be shown as a transfer out in the governmental activities column in the Statement of Activities would be:
= $0.
Explanation:
a) Data and Calculations:
Transfer from the General Fund to a debt service fund = $1,100,000
Transfer from the General Fund to a special revenue fund = $500,000
Transfer out = $0
b) The transfers of $1,100,000 to the Debt Service Fund and $500,000 to the Special Revenue Fund are Internal Service funds involving governmental activities. They are unlike enterprise funds that reach the control of the government's internal services. In this case, therefore, there is no transfer out, as the transfers were within or internal.
For the quarter ended March 31, 2020, Croix Company accumulates the following sales data for its newest guitar, The Edge: $315,200 budget; $303,200 actual. In the second quarter, budgeted sales were $382,000, and actual sales were $392,700. Prepare a static budget report for the second quarter and for the year to date.
Answer:
Croix Company
Static budget report
Second quarter Year to date
Product line Budget Actual Diff Budget Actual Diff
New guitar 382,000 392,700 10,700F 697,200 695,900 1,300 U
Explanation:
Total budgeted sales for 2020 = Sales of first quarter + Sales of second quarter
Total budgeted sales for 2020 = $315,200 + $382,000
Total budgeted sales for 2020 = $697,200
Total actual sales for 2020 = Sales of first quarter + Sales of second quarter
Total actual sales for 2020 = $303,200 + $392,700
Total actual sales for 2020 = $695,900
On January 2, 2020, Marigold Corp. began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2021. Expenditures for the construction were as follows: January 2, 2020 $ 592000 September 1, 2020 1806000 December 31, 2020 1806000 March 31, 2021 1806000 September 30, 2021 1219000 Marigold Corp. borrowed $3330000 on a construction loan at 10% interest on January 2, 2020. This loan was outstanding during the construction period. The company also had $12100000 in 7% bonds outstanding in 2020 and 2021. What were the weighted-average accumulated expenditures for 2020
Answer:
Marigold Corp.
The weighted-average accumulated expenditures for 2020 is:
= $3,000,000.
Explanation:
a) Data and Calculations:
Amount borrowed for construction = $3,330,000
Construction loan interest = 10%
Date of loan = January 2, 2020
Other loans:
7% bonds = $12,100,000
Date Expenditure Weight Weighted-Average
Expenditure
January 2, 2020 $ 592,000 21/21 $592,000
September 1, 2020 1,806,000 13/21 1,118,000
December 31, 2020 1,806,000 9/21 774,000
March 31, 2021 1,806,000 6/21 516,000
September 30, 2021 1,219,000 0/21 0
Weighted-average accumulated expenditure $3,000,000
Capitalized interest = $3,000,000 * 10% = $300,000