Answer:
1. Dr Income tax expense $43,000
Cr Deferred tax liability $2,500
Cr Income tax payable $40,500
2. $157,000
Explanation:
1. Preparation of the Journal entry to record income taxes in 2021
First step is to record income taxes in 2021
TAX RATE % TAX $ RECORDED AS
Pre-tax accounting income $200,000
Less Permanent difference ($28,000)
Income subject to Taxation
$172,000 ×25% $43,000 Income tax expense
Less Temporary difference
($10,000) ×25% - $2,500 Deferred tax liability
Income taxable in current year
$162,000 ×25% $40,500 Income tax payable
Calculation for Temporary difference
Depreciation in 2021 as per taxation=$40,000×50%
Depreciation in 2021 as per taxation=$20,000
Depreciation as per straight line=$40,000/4
Depreciation as per straight line=$10,000
Using this formula to calculate the Temporary difference
Temporary difference=Depreciation as per straight line-Depreciation in 2021 as per taxation
Let plug in the formula
Temporary difference=$20,000-$10,000
Temporary difference=$10,000
Preparation of Southern Atlantic Distributors JOURNAL ENTRY
Dr Income tax expense $43,000
Cr Deferred tax liability $2,500
Cr Income tax payable $40,500
(Being to record income tax expense)
2. Calculation for Southern Atlantic Distributors Net income
Income before income taxes $200,000
Less Income tax expense
Deferred tax liability ($2,500)
Income tax payable ($40,500)
Net income $157,000
($200,000-$2,500-$40,500)
Therefore 2021 Net income is $157,000
hope this help
Godfrey Corporation holds, as a long-term investment available-for-sale securities costing $69,000. At December 31, 2017, the fair value of the securities is $64,100. Show the financial statement presentation of the available-for-sale securities and related accounts. Assume the available-for-sale securities are noncurrent.
GOLDFREY CORPORATION
Balance Sheet Entry field with correct answer
December 31, 2017
Entry field with correct answer Investments
Entry field with correct answer Investment In Stock, at fair value
Entry field with correct answer 64100
Entry field with correct answer Stockholders' Equity
Entry field with correct answer Less :
Entry field with incorrect answer now contains modified data
Entry field with correct answer 4900
Answer:
Godfrey Corporation
GOLDFREY CORPORATION
Balance Sheet (Partial)
December 31, 2017
Noncurrent assets:
Investments:
Investment In Stock, at fair value $64,100
Stockholders' Equity:
Common stock
Retained earnings
Less :
Unrealized loss $4,900
Explanation:
a) Data and Calculations:
Long-term investment available for sale:
Cost = $69,000
Fair value 64,100
Unrealized loss $4,900
b) The correct entry would have been to reduce the net income by the unrealized loss. However, for simplicity, this is showed as a reduction of the Retained Earnings in the balance sheet.
Suppose you are interested in taking an FHA mortgage loan for $350,000 in order to purchase your principal residence. In order to do so, you must pay an additional up-front mortgage insurance premium (UFMIP) of 1.0% of the mortgage balance. If the interest rate on the fully amortizing mortgage loan is 6% and the term is 30 years and the UFMIP is financed (i.e., it is included in the loan amount), what is the dollar portion of your monthly mortgage payment that is designated to cover the UFMIP
Answer:
The answer is "$20.98 ".
Explanation:
[tex]Loan \ Amount = - 350,000\\\\UFMIP (1\%) = - 3500\\\\Total \ Loan \ Amount = - 353,500\\\\\frac{I}{y} =\frac{6\%}{12} = 0.5 \\\\N = 30\times 12 = 360\\\\PV= -353500\\\\ CPT \ PMT = \$2,119.41 \\\\[/tex]
Suppose
[tex]Loan = 100\\\\UFMIP = 1\\\\Loan\ \ Amount = 101\\\\Proportionate\ \ UFMIP = 2119.41 \times ( \frac{1}{101})= 20.98[/tex]
Ahmed Company purchases all merchandise on credit. It recently budgeted the following month-end accounts payable balances and merchandise inventory balances. Cash payments on accounts payable during each month are expected to be: May, $1,600,000; June, $1,490,000; July, $1,425,000; and August, $1,495,000.
Accounts Payable Merchandise Inventory
May 31 $150,000 $250,000
June 30 200,000 400,000
July 31 235,000 300,000
August 31 195,000 330,000
Use the available information to compute the budgeted amounts of (1) Merchandise purchases for June, July, and August (2) Cost of goods sold for June, July, and August.
Answer:
Explanation:
The merchandise purchase can be determined by using the formula:
Purchase = Cash payments + Ending Accounts Payable - Beginning Accounts Payable
For June:
Purchase = $(1490000 + 200000 - 150000)
Purchase = $(1690000 - 150000)
Purchase = $1540000
For July:
Purchases: $(1425000+235000 - 200000)
Purchases = $(1660000 - 200000)
Purchases = $1460000
For August:
Purchases: $(1495000 + 195000 - 235000)
Purchases: $(1690000 - 2235000)
Purchases: $1455000
The cost of goods sold = Beginning Inventory + Purchase - Ending inventory
For June:
Cost of goods sold= $(250000 + 1540000 - 400000)
Cost of goods sold= $(1790000 - 400000)
Cost of goods sold = $1390000
For July:
Cost of goods sold = $(400000 + 1460000 - 300000)
Cost of goods sold = $(1860000 - 300000)
Cost of goods sold = $1560000
For August:
Cost of good sold = $(300000+ 1455000 - 330000)
Cost of good sold = $(1755000 - 330000)
Cost ofgood sold = $1425000
At the end of the video, Keith Reinhard says that advertisers have the ability not only to lift up the brands they work for but also to lift up the human spirit. Do you think this is true? Is it their responsibility? Explain.
ahi-dasa-uxy j0in on g00gle meet
should you be concerned about data security? in a recent survey _______ americans reported that they do not trust businesses with their personal information online.
a) less than 30%
b) more than 75%
c) approximately 60%
e) approximately 45%
In a recent survey more than 75% Americans reported that they do not trust businesses with their personal information online. People should you be concerned about data security.
What is data security?Data security refers to the process of protecting data from unauthorized access and corruption throughout its lifecycle. For all apps and platforms, data encryption, hashing, tokenization, and key management are all data security solutions.
Thus, option B, more than 75% is correct.
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e the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $34,006 Accounts receivable 73,344 Accrued liabilities 6,760 Cash 17,227 Intangible assets 43,450 Inventory 88,373 Long-term investments 92,820 Long-term liabilities 79,618 Notes payable (short-term) 28,798 Property, plant, and equipment 675,759 Prepaid expenses 1,646 Temporary investments 34,230 Based on the data for Harding Company, what is the amount of quick assets?
Answer:
The amount of quick assets is $126,447.
Explanation:
Quick assets can be described as the most highly liquid assets of a company.
The amount of quick assets can be calculated for Harding Company as follows:
Amount of quick assets = Accounts receivable + Cash + Prepaid expenses + Temporary investments = $73,344 + $17,227 + $1,646 + $34,230 = $214,820 = $126,447
Fiona is a manager who believes in Theory Y of leadership. What does she assume about her employees according to this theory?
OA. Employees have to be reprimanded for bad ideas.
O B. Employees are self-motivated in their work.
O C. Employees need constant supervision.
OD. Employees are always ready to leave the company.
Answer:
OB. Employees are self-motivated in their work.
Explanation:
PLATO
Employees are self-motivated in their work Employees are self-motivated in their work.
What is Theory Y of leadership?Theory Y of leadership is the theory in which a manager assumes that they have self-motivated employees in the company.
In this, manager gives them responsibility and allowed them to take their own decision for the company. They also make initiatives something by their own.
Thus, option B is correct.
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Bramble Corporation purchased machinery on January 1, 2022, at a cost of $300,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $35,000. The company is considering different depreciation methods that could be used for financial reporting purposes.
Required:
Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate.
Answer:
Straight-line method
Year Depreciation Book value
1 $66,250 $233,750
2 $66,250 $167,500
3 $66,250 $101,250
4 $66,250 $35,000
Declining-balance method
Year Depreciation Book value
1 $150,000 $150,000
2 $75,000 $75,000
3 $37,500 $37,500
4 $2,500 $35,000
On January 1, 2016, Telespace Inc. grants 6 million non-qualified stock options to its employees. The stock options have exercise price of $20, which is equal to the grant-date price. All options will vest in three years. The grant date fair value of the options is $15 per option. All 6 million options are expected to vest. On January 1, 2019, all 6 million vested options are exercised when the stock price is $50. The applicable tax rate for all periods is 40%. The company has sufficient taxable income for the stock option tax deductions to reduce income taxes payable in all periods.
How much compensation expense should Telespace recognize for the year of 2016?
Answer:
$30,000,000
Explanation:
compensation expense = total number of stocks granted x grant date value = 6,000,000 x $15 = $90,000,000
this expense will be allocated proportionally during the vesting period = $90,000,000 / 3 years = $30,000,000 per year
compensation expense per year (2016, 2017, 2018) = $30,000,000
Which situation(s) would be considered unethical design practices?
Select all that apply.
copying a design idea
making false claims about a product
designing a political campaign
using your own photographs
Answer:
I think A
Explanation:
copying a design idea
Maria, a citizen and resident of Mexico, received the following investment income during 2018: $1,000 of dividend income from ownership of stock in a U.S. corporation, $2,000 interest from a bond issued by a U.S. corporation, $3,000 of rental income from property located in the United States, and $500 capital gain from sale of a stock in a U.S. corporation. How much of Maria’s income will be subject to U.S. taxation in 2018?
Answer: $6,000
Explanation:
Maria is a citizen and resident of Mexico so the only way the U.S. can tax Maria is by taxing income that is in U.S. jurisdiction before it comes to Maria.
This will include the dividend from ownership of stock in a U.S. Corporation, the interest from a U.S. company issued bond and rental income from a property located in the U.S.
The U.S. will be unable to tax the capital gain from sale of stock however because the sale might not be conducted in the U.S.
Income subject to U.S. taxation is therefore:
= 1,000 + 2,000 + 3,000
= $6,000
Problem solving and critical thinking are ______ because they use logic and reasoning to develop and evaluate options
Wildhorse Company produces golf discs which it normally sells to retailers for $7 each. The cost of manufacturing 24,200 golf discs is:
Materials $ 12,342
Labor 36,542
Variable overhead 25,894
Fixed overhead 47,916
Total $122,694
Wildhorse also incurs 5% sales commission ($0.35) on each disc sold.
McGee Corporation offers Wildhorse $4.80 per disc for 4,800 discs. McGee would sell the discs under its own brand name in foreign markets not yet served by Wildhorse. If Wildhorse accepts the offer, its fixed overhead will increase from $47,916 to $53,006 due to the purchase of a new imprinting machine. No sales commission will result from the special order.
(a) Prepare an incremental analysis for the special order. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Reject
Order Accept
Order Net Income
Increase
(Decrease)
Revenues $ $ $
Materials
Labor
Variable overhead
Fixed overhead
Sales commissions
Net income $ $ $
(b) Should Wildhorse accept the special order?
Wildhorse should
reject/accept
the special order .
Answer:
Wildhorse Company
Incremental Analysis for the special order:
Sales Revenue (4,800 * $4.80) $23,040
Variable cost (4,800 * $3.09) 14,832
Contribution margin $8,208
Fixed overhead increase 5,090
Net Income $3,118
b) Wildhorse should accept the special order.
Explanation:
a) Data and Calculations:
Materials $ 12,342
Labor 36,542
Variable overhead 25,894
Total variable cost $74,778
Unit variable cost $3.09 ($74,778/24,200)
Fixed overhead 47,916
Total $122,694
Units produced = 24,200
Selling price per unit = $7
Additional cost:
Sales commission = $0.35 per disc
Special order for 4,800 discs at $4.80
Increase in fixed overhead $5,090 ($53,006 - $47,916)
Absorption and Variable Costing Comparisons Red Arrow Blueberries manufactures blueberry jam. Because of bad weather, its blueberry crop was small. The following data have been gathered for the summer quarter of last year: Beginning inventory (cases) 0 Cases produced 8,000 Cases sold 7,000 Sales price per case $ 115 Direct materials per case $ 25 Direct labor per case $ 40 Variable manufacturing overhead per case $ 10 Total fixed manufacturing overhead $ 192,000 Variable selling and administrative cost per case $ 2 Fixed selling and administrative cost $ 38,000 Functional Income Statement Contribution Income Statement Ending Inventory Analysis (a) Prepare a functional income statement for the quarter using absorption costing. (Round answers to the nearest dollar. Do not use negative signs with your answers, EXCEPT if you calculate a net loss.) RED ARROW BLUEBERRIES Functional (Absorption Costing) Income Statement For the Summer Quarter (Last Year) Sales Answer 805,000 Cost of goods sold: Variable costs Answer 616,000 Fixed costs Answer 192,000 Goods available Answer 808,000 Ending inventory Answer 99,000 Answer 693,000 Gross profit Answer 112,000 Operating expenses: Variable selling and administrative Answer 14,000 Fixed selling and administrative Answer 38,000 Answer 52,000 Net income (loss) Answer 60,000
Answer:
Red Arrow Blueberries
RED ARROW BLUEBERRIES Functional (Absorption Costing) Income Statement For the Summer Quarter (Last Year)
Sales $805,000
Cost of goods sold:
Variable costs 600,000
Fixed costs 192,000
Goods available 792,000
Ending inventory 99,000 693,000
Gross profit 112,000
Operating expenses:
Variable selling & administrative 14,000
Fixed selling and administrative 38,000
Total operating expenses 52,000
Net income (loss) 60,000
Explanation:
a) Data and Calculations:
Beginning inventory (cases) 0
Cases produced 8,000
Cases sold 7,000
Ending inventory (cases) 1,000 (8,000 - 7,000)
Sales price per case $ 115
Direct materials per case $ 25
Direct labor per case $ 40
Variable manufacturing overhead per case $ 10
Total fixed manufacturing overhead $ 192,000
Variable selling and administrative cost per case $ 2
Fixed selling and administrative cost $ 38,000
Variable costs:
Direct materials per case $ 25
Direct labor per case $ 40
Variable manufacturing
overhead per case $ 10
Total variable cost per case $ 75
Total variable costs = $600,000 ($75 * 8,000)
Ending cost of
17. Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contributes $29,000 of cash and land with an FMV of $74,000. Her basis in the land is $39,000. Andrew contributes equipment with an FMV of $31,000 and a building with an FMV of $52,000. His basis in the equipment is $27,000, and his basis in the building is $39,000. How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew
Answer:
SA General Partnership
The amount of gain that SA General Partnership must recognize on the transfer of these assets from Sue and Andrew is:
= $52,000.
Explanation:
a) Data and Calculations:
Contributions by partners
Sue Andrew Partner's Partnership
FMV FMV Basis Gain/(Loss)
Cash $29,000 $29,000
Property:
Land 74,000 39,000 $35,000
Equipment 31,000 27,000 4,000
Building 52,000 39,000 13,000
Total property $74,000 $83,000 $134,000 $52,000
Partner's' basis $103,000 $83,000 $134,000 $52,000
A person who files bankruptcy ends up paying a 6% higher fixed interest rate on a 30-year home loan than a person
who has not filed bankruptcy. The person who files bankruptcy pays a 12% interest rate on their home loan. If the loan
amount is $150,000, how much more in total interest do they pay than the person who has not filed bankruptcy?
A. $258,375.30
B. $643.59
C. $149,536.52
D. $231,693.52
Answer:
D 231,692.52
Explanation:
got it right on edge21
Based on the interest rates given to the person who has filed for bankruptcy and the person who hasn't, the additional amount in total interest that the person with bankruptcy will pay is D. $231,693.52.
What would the person who declared bankruptcy pay?The amount that they pay can be found as:
Loan amount = Amount x ( 1 - ( 1 + rate) ^ -number of periods) / rate
Rate is: Number of periods:
= 12% / 12 = 30 x 12
= 1% per month = 360 months
The amount paid monthly is:
150,000 = Amount x ( 1 - (1 + 1%) ⁻³⁶⁰) / 1%
150,000 = Amount x 97.218331079
Amount = 150,000 / 97.218331079
= $1,542.92
What would the person who has never declared bankruptcy pay?They pay a 6% less than the person who has declared bankruptcy so they will pay:
= 12% - 6%
= 6%
Rate is therefore:
= 6% / 12
= 0.5%
Amount paid monthly is:
150,000 = Amount x ( 1 - (1 + 0.5%) ⁻³⁶⁰) / 0.5%
150,000 = Amount x 166.7916143923
Amount = 150,000 / 166.7916143923
= $899.33
What is the difference in interest?= (Amount paid by person with previous bankruptcy - Person with no history of bankruptcy) x 360 months
= (1,542.92 - 899.33) x 360
= $231,693.52
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Decca Publishing paid $230,000 to acquire Thrifty Nickel, a weekly advertising paper. At the time of the acquisition, Thrifty Nickel balance sheet reported total assets of $130,000 and liabilities of $70,000. The fair market value of Thrifty Nickels assets was $100,000. The fair market value of Thrifty Nickel liabilities was $70,000.
Required:
a. How much goodwill did Decca Publishing purchase as part of the acquisition of Thrift Nickel?
b. Journalize Decca Publishing's acquisition of Thrifty Nickel.
Answer:
Part a
$200,000
Part b
Debit : Investment in subsidiary $230,000
Credit : Cash $230,000
Explanation:
Goodwill is the excess of the Purchase Price over the Net Assets taken over at the acquisition date.
Assets and liabilities are taken over at their acquisition date Fair Values instead of Book Values so be sure to adjust any items shown at Book Value.
Net Assets = Assets at Fair Value - Liabilities at Fair Value
= $100,000 - $70,000
= $30,000
Goodwill = Purchase Price - Net Assets Taken over
= $230,000 - $30,000
= $200,000
Identify which economic indicator should be used to track each of the following. a. The overall size of the economy the unemployment rate real GDP nominal GDP real GDP growth b. Labor market performance inflation business confidence the unemployment rate consumer confidence c. The future trajectory of economic activity the employment cost index real GDP inflation annual growth of the S&P 500 d. Wages and benefits business confidence real GDP the employment cost index consumer confidence
Answer:
a. The overall size of the economy ⇒ real GDP
The real GDP is adjusted for inflation and so would show the overall size of the economy in more accurate terms.
b. Labor market performance ⇒ the unemployment rate
The unemployment rate is best used to show how the labor market is performing because it shows the amount of people who are employed and those who are not in a given period.
c. The future trajectory of economic activity ⇒ annual growth of the S&P 500
The S&P 500 shows the performance of 500 large companies in the U.S. Their performance can be used to anticipate the trajectory of future economic activity because they influence the economy due to their large size.
d. Wages and benefits ⇒ the employment cost
The employment cost shows the wages and benefits that have to be paid to labor.
Presented below is information for Marin Company.
1. Beginning-of-the-year Accounts Receivable balance was $23,100.
2. Net sales (all on account) for the year were $104,700. Marin does not offer cash discounts.
3. Collections on accounts receivable during the year were $85,400.
Marin is planning to factor some accounts receivable at the end of the year. Accounts totaling $13,900 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,075.
Required:
Prepare (summary) journal entries to record the items noted above.
Answer:
Debit Accounts Receivable for $104,700; and Credit Sales Revenue for $104,700.
Debit Cash for $85,400; and Credit Accounts Receivable for $85,400.
Explanation:
The (summary) journal entries to record the items noted will look as follows:
Particulars Debit ($) Credit ($)
Accounts Receivable 104,700
Sales Revenue 104,700
(To record net sales (all on account) for the year.)
Cash 85,400
Accounts Receivable 85,400
(Collections on accounts receivable during the year.)
The following information relates to Mountain Transportation for its first year of operations (data in millions of dollars): Pretax accounting income: $ 300 Pretax accounting income included: Overweight fines (not deductible for tax purposes) 8 Depreciation expense 80 Depreciation in the tax return using MACRS: 160 The applicable tax rate is 40%. There are no other temporary or permanent differences. Mountain's net income ($ in millions) is:
Answer:
the net income is $176.80 millions
Explanation:
The computation of the net income is shown below"
Pre tax accounting income $300
Less: income tax expense
tax payable (($300 + $8 - $80) × 40%) -$91.2
Deferred tax liability ($80 × 0.40) -$32
net income $176.80
Hence, the net income is $176.80 millions
We simply deduct the income tax expense from the pre tax accounting income so that the net income could come
Please help me with this question
18. When a court says that an agreement is illegal, it most likely means that the agreement: A. has not mentioned a time period for which the agreement is valid.B. does not identify the parties involved in the agreement.C. is related to buying and selling of trade secrets.D. violates public policy.
When a court says that an agreement is illegal, it most likely means that the agreement violates public policy. Thus the correct answer is D.
What is an agreement?When two individuals or parties are ready to provide consent on similar gaols to achieve the common objective with teh help of offer and acceptance indicates the occurrence of agreement.
The agreement violates public policy as it is illegal which harms the society or citizens of the country. The action breaks the law, and negatively affects the welfare of the people it is declared to be against public policy.
Therefore, option D violates public policy is the appropriate answer.
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The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 158,800 $ 123,000 Accounts receivable 84,000 95,000 Inventory 98,000 83,000 Investments 4,300 2,300 Long-term assets: Land 510,000 510,000 Equipment 820,000 700,000 Less: Accumulated depreciation (458,000 ) (298,000 ) Total assets $ 1,217,100 $ 1,215,300 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 102,000 $ 88,000 Interest payable 7,500 12,300 Income tax payable 9,500 5,300 Long-term liabilities: Notes payable 100,000 200,000 Stockholders' equity: Common stock 730,000 730,000 Retained earnings 268,100 179,700 Total liabilities and stockholders' equity $ 1,217,100 $ 1,215,300 Additional information for 2021: Net income is $88,400. Sales on account are $1,628,900. Cost of goods sold is $1,230,800. Required: 1. Calculate the following risk ratios for 2021: (Round your answers to 1 decimal place.)
Answer:
Missing word: "a. Receivables turnover ratio b. Inventory turnover ratio c. Current ratio d. Acid-test ratio d. Debt-equity ratio"
a. Receivable turover ratio = Net credit sales/ Average receivbles
= $1,628,900/ (($84000+$95000)/2)
= $1,628,900 / $89,500
= 18.2 Times
b) Inventory Turnover ratio = Cost of goods sold / Average inventory
= $1,230,800/ (($98,000+$83,000)/2)
= $1,230,800/$90,500
= 13.6 Times
c) Current ratio = Current assets / Current liabilities
= ($158,000+$84,000+$98,000+$4,300) / ($102,000+$7,500+$9,500
= $344,300/$119,000
= 2.893277311
= 2.89 to 1
d) Acid test ratio = ( Current assets - Inventory ) / Current liabilities
= ($344,300 - $98,000) / $119,000
= $246,300 / $119,000
= 2.0697478992
= 2.07
e) Debt-equity ratio = Total Liability (Current + Non-current) / Stockholders' equity
= ($119,000+$100,000) / ($730,000+$268,100)
= $219,000 / $998,100
= 0.2194169
= 22%
Finance charges always include which of the following?
a. Mortgage broker fee
b. Title insurance charges
c. Document preparation fees
d. Credit report fee
Answer:
I believe the answer is C: Document Preparation Fees.
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation:
Cash and cash equivalents
Accounts receivable (net) 5,700
Inventory l 27,000
Property, plant, and equipment (net) 67,000
Accounts pay able 46,000
Salaries payable 18,000
Paid-in capitapoints 135,000
The only asset not listed is short-term investments. The only liabilities not listed are $37000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.6:1
Required: Determine the following at December 31, 2021:
1. Total current assets
2. Short-term investments
3. Retained earnings
Answer:
1. Total current assets = $104,000
2. Short term investments = $4,300
3. Retained earnings = $27,000
Explanation:
Note: The data given in the question are not complete and merged together. The complete sorted data are now given as follows:
Details Amount ($)
Cash and cash equivalents 5,700
Accounts receivable (net) 27,000
Inventory 67,000
Property, plant, and equipment (net) 160,000
Accounts pay able 46,000
Salaries payable 18,000
Paid-in capital 135,000
The explanation of the answer is now given as follows:
1. Total current assets
Current liabilities = Accounts playable + Salaries payable + Accrued interest = $46,000 + $18,000 + $1,000 = $65,000
Current ratio = 1.6:1
Current ratio = Current assets / Current liabilities .............. (1)
Substituting the relevant values into equation (1) ans solve for Current assets, we have:
1.6 = Current assets / $65,000
Current assets = 1.6 * $65,000 = $104,000
Therefore, wee have:
Total current assets = $104,000
2. Short-term investments
Current assets = Cash and cash equivalents + Accounts receivables + Inventory + Short term investments ............... (2)
Substituting the relevant values into equation (2) ans solve for Short-term investments, we have:
$104,000 = $5,700 + $27,000 + $67,000 + Short term investments
$104,000 = $99,700 + Short term investments
Short term investments = $104,000 - $99,700 = $4,300
3. Retained earnings
Long term liabilities = Notes payable due in two years = $37,000
Fixed assets = Property, plant, and equipment (net) = $160,000
Current assets + Fixed assets = Current liabilities + Long term liabilities + Paid in capital + Retained earnings ................. (3)
Substituting the relevant values into equation (3) ans solve for Retained earnings, we have:
$104,000 + $160,000 = $65,000 + $37,000 + $135,000 + Retained earnings
$264,000 = $237,000 + Retained earnings
Retained earnings = $264,000 - $237,000 = $27,000
The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda $ 180,000 Adams 160,000 Fergie 150,000 Gomez 140,000 Total capital $ 630,000 Answer each of the following independent questions: Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $183,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners
Answer:
Goodwill Calculation
Amount paid to Fergie $183,000
Less: Fergie Capital $150,000
Goodwill $33,000
Fergie's share is 20% in Goodwill. Total Goodwill = $33,000 / 20% = $165,000
Calculation of Capital Balance After Fergie's retirement
Pineda Adams Fergie Gomez Total
Opening Balance $180,000 $160,000 $150,000 $140,000 $630,000
Add: Goodwill $49,500 $49,500 $33,000 $33,000 $165,000
(Distributed - 3:3:2:2)
Less: Amount Paid - - ($183,000) - ($183,000)
Balance $229,500 $209,500 - $173,000 $612,000
How can social media help employers during the hiring process ? Check all that apply
Social Media often provides a place for employers to begin their search, social media can fill in gaps on resumes or provide additional details, some sites can be a platform for recruiters to promote job openings.
Explanation: just got it right e2020
Employers frequently start their search on social media; it can complete information gaps on resumes or provide new information, and some sites can be used as a platform by recruiters to advertise job openings.
What is media?The term media, which is the word form of medium, refers to the human activity channels through which we disseminate news, music, movies, education, promotional messages, and other data This can include anything from black and white paper to digital data and includes art, news, educational content and numerous other forms of information.
Social media sites can be used to advertise job openings, find prospects, and confirm applicant backgrounds. Promote your employer brand. Sharing media about corporate values and employee events can assist build an employer brand to draw potential employees and clients.
Social media platforms provide human resources hiring departments with significantly more candidate information than they would have otherwise had at their fingertips. Employers have typically been restricted to the data that candidates include on their paper resumes.
Therefore, Thus option (B) is correct.
Learn more about media here:
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In the month of November, Oriole Company Inc. wrote checks in the amount of $10,410. In December, checks in the amount of $11,075 were written. In November, $8,245 of these checks were presented to the bank for payment, and $10,700 in December. There were no outstanding checks at the beginning of November. What is the amount of outstanding checks at the end of November
Answer: $2165
Explanation:
Based on the information given, the amount of outstanding checks at the end of November will be the difference between the amount of checks written in November and the amount of checks that were presented to the bank for payment. This will be:
= $10,410 - $8245
= $2165
Therefore, the answer is $2165.
You have been offered an investment that will pay you a lump sum of $30,000 25 years from today, along with a payment of $1,000 per year for 25 years starting one year from today. How much are you willing to invest today to have this investment in your portfolio assuming you wish to earn a rate of 6 percent compounded annually
Answer:
$5,793.40
Explanation:
The amount you invest is called the Principle Value (PV). Therefore the question requires us to determine the Principle Amount that will pay you a lump sum of $30,000 25 years from today.
FV = $30,000
N = 25
PMT = ($1,000)
P/Yr = 1
I = 6 %
PV = ?
Using a Financial Calculator to input the values as shown above, the Principle Value (PV) is calculated as $5,793.40.
Therefore, you will be willing to invest $5,793.40 today to have this investment in your portfolio
Alden Co.’s monthly unit sales and total cost data for its operating activities of the past year follow. Management wants to use these data to predict future fixed and variable costs. Predict future total costs when sales volume is (a) 376,000 units and (b) 416,000 units.
Question Completion:
Month Units Sold Total Cost
1 318,000 $155,500
2 163,000 99,250
3 263,000 203,600
4 203,000 98,000
5 288,000 199,500
6 188,000 110,000
7 362,000 292,624
8 268,000 149,750
9 76,400 67,000
10 148,000 128,625
11 92,000 92,000
12 98,000 83,650
Estimate both the variable costs per unit and the total monthly fixed costs using the high-low method. (Do not round intermediate calculations.)
Answer:
Alden Co.
Future total costs when sales volume is:
(a) 376,000 units (b) 416,000 units
Variable costs $297,040 $328,640
Fixed costs 6,644 6,644
Total costs $303,684 $335,284
Explanation:
a) Data and Calculations:
Highest: Month 7 362,000 $292,624
Lowest: Month 9 76,400 $67,000
Difference 285,600 $225,624
Variable cost = $0.79 ($225,624/285,600)
Total variable cost:
At Highest Level = $285,980 ($0.79 * 362,000)
Fixed cost = Total costs - Total variable cost
= $6,644 ($292,624 - $285,980)
Check:
At lowest level:
Variable cost = $60,356 ($0.79 * 76,400)
Fixed costs = $6,644 ($67,000 - $60,356)