Explanation:
Sustainability can be implemented in different ways in an organization, it can be a set of procedures and policies, through environmental management, environmental management systems, etc.
In the case of products and services, it is very common for the end consumer to realize that a company adopts sustainability through environmental certifications, which is generally represented in the form of a seal on the product packaging.
Environmental certifications are a way for the company to demonstrate its sustainability values to its stakeholders, which strengthens the brand, creates value and reliability in the organization's products and services.
Tierney Company begins operations on April 1. Information from job cost sheets shows the following.
Manufacturing Costs Assigned
Job Number April May June Month Completed
10 $6,200 $4,900 May
11 5,000 4,700 $3,100 June
12 1,500 April
13 5,600 4,600 June
14 7,000 4,100 Not complete
Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion.
What is the balance in Work in Process Inventory at the end of each month?
Answer:
April 30 Work in Process Inventory $11,200
May 31 Work in Process Inventory $22,300
June 30 Work in Process Inventory $11,100
Explanation:
Calculation for the balance in Work in Process Inventory at the end of each month
April 30 Work in Process Inventory=$6,200+$5,000
April 30 Work in Process Inventory=$11,200
May 31 Work in Process Inventory =$5,000+$ 4,700+$5,600+$7,000
May 31 Work in Process Inventory =$22,300
June 30 Work in Process Inventory= $7,000 + $4,100
June 30 Work in Process Inventory= $11,100
Therefore the balance in Work in Process Inventory at the end of each month will be :
April 30 Work in Process Inventory $11,200
May 31 Work in Process Inventory $22,300
June 30 Work in Process Inventory $11,100
What is the proper factor notation for calculating the present worth of a gradient series, given a gradient amount of $500, an interest rate of 2%, and the number of periods equal to 10?
a) P-$500(PIF 290, 10)
b) P-$500(GIP 296, 10)
c) P-$500(PIA 296, 10)
d) P-$500(PIG 296, 10)
Answer:
Explanation:
d) P-$500(PIG 296, 10)
Lei Corporation has bonds on the market with 16.5 years to maturity, a YTM of 7.7 percent, a par value of $1,000, and a current price of $1,065. The bonds make semiannual payments. What must the coupon rate be on these bonds?
Answer: 8.40%
Explanation:
Based on the information given, to solve the coupon rate goes thus using a financial calculator. This will be:
Par value = $1000
NPER = 16.5 × 2 = 33
Present value = $1065
Yield to maturity = 7.7%/2 = 3.85%
Coupon payment = $42.01
Coupon rate = Coupon payment / 1000
= 42.01 / 1000
= 0.04201
Annual coupon rate = Coupon rate × 2 = 4.20 × 2 = 8.40%
Therefore, the coupon rate on the bond will be 8.40%
Note that the NPER is the period for the investment. In this case, the NPER is 33 because it makes semiannual payment which means that we will multiply the years given by 2.
Sheridan Company reported the following year-end information: Beginning work in process inventory$1080000 Beginning raw materials inventory300000 Ending work in process inventory900000 Ending raw materials inventory480000 Raw materials purchased950000 Direct labor850000 Manufacturing overhead820000 Sheridan Company's cost of goods manufactured for the year is
Answer:
$1,800,000
Explanation:
Calculation for what Sheridan Company's cost of goods manufactured for the year is
First step is to calculate Direct material used
Direct material used = 300,000 + 950,000 - 480,000
Direct material used= 770,000
Now let calculate cost of goods manufactured for the year using this formula
Cost of Goods Manufactured for the year= Direct Material Used + Direct Labor + Manufacturing Overhead + Opening Work - Closing Work
Cost of Goods Manufactured for the year= 770,000 + 850,000 + 820,000 + 1,080,000 - 900,000
Cost of Goods Manufactured for the year= $1,800,000
Therefore Sheridan Company's cost of goods manufactured for the year is $1,800,000
Rossdale, Inc., had additions to retained earnings for the year just ended of $641,000. The firm paid out $50,000 in cash dividends, and it has ending total equity of $7.36 million.
1. If the company currently has 730,000 shares of common stock outstanding, what are:
a. Earnings per share?
b. Dividends per share?
c. Book value per share? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
2. lf he stock currently sells or $30.60 per share, what is:
a. the market-to-book ratio?
b. the price earnings ratio?
3. If total sales were $10.66 million, what is the price-sales ratio?
Answer:
1. a. Earnings per share:
= Total earnings / No. of shares
= (Addition to retained earnings + Dividends) / No. of shares
= (641,000 + 50,000) / 730,000
= $0.95
b. Dividends per share:
= Dividends / No. of shares
= 50,000 / 730,000
= $0.07
c. Book Value per share:
= Ending total equity / No. of shares
= 7,360,000 / 730,000
= $10.08
2. a. Market to book ratio
= Market price / Book value
= 30.60 / 10.08
= 3.06 times
b. Price - earnings ratio:
= Market price / Earnings per share
= 30.60 / 0.95
= 32.21 times
3. Price - sales ratio
= Market value of equity / Sales
= (30.60 * 730,000 shares) / 10,660,000
= 2.1 times
You're prepared to make monthly payments of $310, beginning at the end of this month, into an account that pays 4 percent interest compounded monthly. How many payments will you have made when your account balance reaches $20,175
Answer:
59 Payments
Explanation:
Future value = $20,175
Monthly payment= $310
Interest rate= 4%/12 = 0.3333% per month
How many payments will you have made when your account balance reaches $20,175?
Now we use Ms Excel to calculate the number of payment
Number of payment = N(FV, -PMT, I/Y)
Number of payment = N(20,175 , -310 , 0.3333%)
Number of payment = 58.9989
Number of payment = 59.
Weisman, Inc. uses activity-based costing as the basis for information to set prices for its six lines of seasonal coats.
Activity Cost Pools Estimated Overhead Estimated Use of Cost Drivers per Activity
Designing $448,260 12,400 designer hours
Sizing and cutting 4,009,050 151,000 machine hours
Stitching and trimming 1,419,075 79,500 labor hours
Wrapping and packing 299,250 31,500 finished units
Compute the activity-based overhead rates using the following budgeted data for each of the activity cost pools.
a. Designing
b. Sizing and cutting
c. Stitching and trimming
d. Wrapping and packing
Answer and Explanation:
The computation of the activity based overhead rate is shown below:
= Estimated overhead ÷ cost driver per activity
a. For designing
= $448,260 ÷ 12,400
= $36.15 per design hour
b. For sizing and cutting
= $4,009,050 ÷ 151,000
= $26.55 per machine hour
c. For stiching and trimming
= $1,419,075 ÷ 79,500
= $17.85 per labor hour
d. For wrapping and packing
= $299,250 ÷ 31,500
= $9.5 per finished units
Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
A. The equipment was purchased on account for $25,000. Credit terms were 2/10, n/30. Payment was made within the discount period and the company records the purchases of equipment net of discounts.
B. Connors gave the seller a noninterest-bearing note. The note required payment of $27,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 10% properly reflects the time value of money in this situation.
C. Connors traded in old equipment that had a book value of $6,000 (original cost of $14,000 and accumulated depreciation of $8,000) and paid cash of $22,000. The old equipment had a fair value of $2,500 on the date of the exchange. The exchange has commercial substance.
D. Connors issued 1,000 shares of its nopar common stock in exchange for the equipment. The market value of the common stock was not determinable. The equipment could have been purchased for $24,000 in cash.
Required:
For each of the above situations, prepare the journal entry required to record the acquisition of the equipment. (If no entry is required for a transaction, select "No journal entry required" in the first account field.) (Show your work)
Answer and Explanation:
The journal entries are shown below:
A. Equipment $24,500 ($25,000 × 98%)
To Accounts Payable $24,500
(Being the equipment is purchase on account)
B. Equipment $24,545
Discount on Notes Payable $2,455
To Note Payable $27,000
(Being note payable is recorded)
C. New Equipment $24,500
Accumulated Depreciation $8,000
Loss on Equipment $3,500
To Cash $22,000
To Old Equipment $14,000
(Being equipment is recorded)
D. Equipment $24,000
To Common Stock $24,000
(Being equipment purchased)
Martinez Corp. has the following transactions during August of the current year.
Aug. 1 Issues shares of common stock to investors in exchange for $10,930.
4 Pays insurance in advance for 3 months, $1,760.
16 Receives $810 from clients for services rendered.
27 Pays the secretary $570 salary.
Journalize the transactions.
Answer:
Aug 1
Cash $10930 Dr
Common Stock $10930 Cr
Aug 4
Prepaid Insurance $1760 Dr
Cash $1760 Cr
Aug 16
Cash $810 Dr
Service Revenue $810 Cr
Aug 27
Salary Expense $570 Dr
Cash $570 Cr
Explanation:
Aug 1
The receipt of cash in exchange of common stock is recorded as a debit to cash which is an asset and a credit to common stock which is capital
Aug 4
Prepayment of any expense is recorded as a current asset. Thus, prepaid insurance is debited as asset increases and cash is credited as cash decreases.
Aug 16
The receipt of cash in exchange of service provision is recorded as a credit to service revenue and a debit to cash
Aug 27
Payment of salary is an expense and is recorded as a debit to salary expense and a credit to cash.
At the beginning of the recent period, there were 1,230 units of product in a department, 35% completed. These units were finished and an additional 6,100 units were started and completed during the period. 1,240 units were still in process at the end of the period, 25% completed. Using the weighted average method, the equivalent units produced by the department were:
Answer:
7,640 units
Explanation:
Calculation for what the equivalent units produced by the department were Using the weighted average method
First step is to calculate the units Completed & transferred out
Completed & transferred out =6,100+1,230
Completed & transferred out=7,330
Second step is to calculate the EGIP
EGIP= (1,240*25%)
EGIP=310
Now let calculate the equivalent units produced by the department
Equivalent units produced=7,330+310
Equivalent units produced=7,640 units
Therefore Using the weighted average method, the equivalent units produced by the department were:7,640 units
You work at a construction company with a stated cost of capital of 12%. Your company is currently deciding between two different projects. Project A will pay you $800,000 up front and $1.5 million after 4 years. You will have to spend $300,000 now, and $400,000 once a year for the next 4 years. Project B will pay you $1.2 million up front and cost you $1.1 million in 4 years.
A. What is the net present value of Project A?
B. What is the net present value of Project B?
Answer:
$1,453,277.12
$1,899.069.89
Explanation:
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Project A
Cash flow in year 0 = $800,000 - $500,000 = $300,000
Cash flow in year 1 = 0
Cash flow in year 2 =0
Cash flow in year 3 =0
Cash flow in year 4 = 1.5 million
NPV =
Poject B
Cash flow in year 0 = $1.2 MILLION
Cash flow in year 2 =0
Cash flow in year 3 =0
Cash flow in year 4 = -1.1 MILLION
NPV =
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Which of the following types of insurance allows individuals to keep a former employer's group coverage for a set period of time?
COBRA
Individual health insurance
Hospital indemnity policy
Group health insurance
Answer:
group health insurance
At the beginning of Year 1, a company reported a balance in common stock of $164,000 and a balance in retained earnings of $64,000. During the year, the company issued additional shares of stock for $54,000, earned net income of $44,000, and paid dividends of $11,400. In addition, the company reported balances for the following assets and liabilities on December 31.
Assets Liabilities
Cash $53,600 Account payable $9,100
Supplies 13,400 Un-earned revenue 2,400
Prepaid rent 24,000 Salaries payable 3,500
Land 200,000 Notes payable 15,000
Required:
a. Prepare a statement of stockholders' equity.
b. Prepare a balance sheet.
Answer:
Explanation:
The preparation of the statement of stockholder equity and balance sheet is presented below:
a. Statement of stockholder equity
Particulars Common stock Retained earnings Total stock equity
Beg balance $150000 $50,000 $200,000
Add: Addi shares $40,000 $40,000
Add: Net income $30,000 $30,000
Less: dividend -$10000 -$10000
Total $190,000 $70,000 $260,000
b. Balance sheet
Assets Amount
Cash $52,600
Supplies $13,400
Prepaid rent $24,000
Land $200,000
Total assets $290,000
Liabilities Amount
Account payable $9,100
Un-earned revenue $2,400
Salaries payable $3,500
Notes payable $15,000
Stockholder equity $260,000
Total liabilities & stockholder equity $290,000
What is a benefit of joining a professional organization for your chosen career path?
Answer: experience
Explanation: This will give the opportunity to show off your skills in the organization you have chosen plus it would be hands on and they can show you things to enhance your skills you learned.
Njal had been working as a chainsaw operator for the past 15 years when his company decided to upgrade its equipment from chainsaws to timber harvesters, which are large pieces of equipment that require a new set of skills. The company was unwilling to train existing workers on the new equipment, so Njal needed to find :_________
Answer: when annal company upgrades its operations it will no longer employ chainsaw operations like Neal.Najal is not trained to do what the company needs so he is laid off answer: structural.
After looking for work.....Answer: not in the labor force
Neal signs up for six month government.... Answer: not on the labor force
After completing a part time job..... answer: frictional unemployment
Njali takes a part time job with a computer repair......Answer:U-6
Njali starts his own computer repair company......Answer: part of the labor force
Explanation:
Firebaugh Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Raw materials purchased on account $ 520,000 Raw materials (all direct) requisitioned for use in production $ 467,000 What is the journal entry to record raw materials used in production
Answer:
Dr Work In Process 467,000
Cr Raw Materials 467,000
Explanation:
Preparation of the journal entry to record raw materials used in production
Based on the information given if the Raw materials that was requisitioned for use in the production was the amount of $ 467,000 which means that the journal entry to record raw materials used in production will be :
Dr Work In Process 467,000
Cr Raw Materials 467,000
Read the descriptions and identify which region each one describes.
1. Historically, this region has suffered from extreme poverty, which continues to this day. Growth has been effectively zero since the 1960s. Problems such as political instability, poor public health and a lack of effective institutions have all contributed to its stagnation.
2. Until the middle of the last century, these countries were relatively poor. Beginning in the mid 1970s, real GDP per capita growth has averaged 6% per year. The growth was achieved in part because of high levels of investment spending in the development of human and physical capital and rapid technological progress.
3. In the early 1990s, this region was in the middle of substantial social and economic reform. Countries in this region have experienced variable growth rates, depending on their ability to adapt to the modern market economy.
4. In the early 20th century, this region was reasonably prosperous. Since that time, however, growth has stagnated, owing to government instability, banking failures, and runaway inflation. Recently, some countries in the region have begun to grow more consistently, with one country becoming a powerhouse of world economic development.
A. European Transition Economies
B. North Africa
C. South Africa
D. Asian Tigers
E. North America
F. Western Europe
G. South America
H. Sub-Saharan Africa
Answer:
Identifying regions with appropriate descriptions:
Description Region
1. H. Sub-Saharan Africa
2. D. Asian Tigers
3. A. European Transition Economies
4. G. South America
Explanation:
One factor which promotes negative economic growth is political instability. There is also the lack of human and physical development and social and economic reforms, including inconsistencies in governmental policies. For the economy of a region to grow out of poverty, governments must collaborate to pursue reforms on a large scale.
a. A ______ of accounts is a list of all accounts a company uses, not including account balances. b. The ______ is a record containing all accounts used by a company, including account balances. c. A(n) ______ describes transcations entering an accounting system, such as a purchase order. d. Increases and decreases in a specific asset, liability,
Answer:
a. A general ledger of accounts is a list of all accounts a company uses, not including account balances.
b. The Chart of accounts is a record containing all accounts used by a company, including account balances.
c. A source document describes transactions entering an accounting system, such as a purchase order.
d. An account contains a record of decreases and increases in a specific revenue, expense, asset, liability, or equity
You have received two bids from outside companies to conduct guest satisfaction surveys for you. You want at least 320 responses. Company A charges $3,200 + $6 per respondent. Company B charges $4,000 + $3 per respondent. Which company will cost you less?
a) Company A
b) Company B
From the two bids received from outside companies to conduct guest satisfaction surveys, the company that would cost me less will be Company B which charges $4,000 + $3 per respondent.
What is a bid?A bid is the price offer that a corporation or individual is willing to pay in the context of auctions, stock exchanges, or real estate. Bidding is an individual or business's offer to set a price for a product or service, or a demand that something is done. Bidding is a method of determining the price or worth of something.
Bidding can be done by a person who is influenced by a product or service in a given setting. It is used by numerous economic niches to determine demand and thus the worth of a commodity or property. In today's modern technology environment, the Internet is a preferred platform for giving bidding services.
Therefore, from the bids received it can be concluded that Company B would cost less.
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Wildhorse Co., a ski tuning and repair shop, opened on November 1, 2016. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2017.
Cash Receipts Cash Payments
Issuance of common shares $19,900
Payment to purchase repair shop equipment $9,430
Payments to landlord 1,225
Newspaper advertising payment 365
Utility bill payments 885
Part-time helper's wage payments 2,950
Income tax payment 10,000
Cash receipts from ski and snowboard repair services 30,400
Subtotals 50,300 24,855
Cash balance 25,445
Totals $50,300 $50,300
The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlord are made at the beginning of each month. The payments to the landlord included a security deposit of $175. The part-time helper is owed $495 at April 30, 2017, for unpaid wages. At April 30, 2017, customers owe Wildhorse Co. $455 for services they have received but have not yet paid for.
Answer and Explanation:
The preparation is as follows:
1. Accrual basis Income statement
Revenues ($30,400 + $455) $30,855
Less: Expenses
News paper advertising -$365
Rent expense -$1,225
Utility bill payments -$885
Part time helpers wages ($2,950 + $495) -$3,445
income tax payment -$10,000
Depreciation expense
($9,430 ÷ 5 × 6 ÷ 12) -$943
total expense -$16,863
Net income $13,992
b) Balance sheet
Assets
Current assets
Cash $25,445
Account receivable $455
total current assets $25,900
PP&E
Equipment $9,430
less Accumulated depreciation -$943
total $8,487
total Assets $34,387
Liabilities
Current liabilities
Salaries and Wages payable $495
total liabilities $495
Stockholders Equity
common stock $19,900
Add: Retained Earnings $13,992
Stockholders Equity $33,892
total liabilities & Equity $34,387
Which of the following is an incorrect statement regarding values?
Values come from the interplay of ethics.
Values represent our understanding of the purposes we will fulfill by making particular decisions.
Values are positive abstractions.
D
Values are ideas that underlie conversations about business ethics.
E
Values capture our sense of what is good or desirable.
Answer:
" values are ideas that underlie conversations about business ethics " is the answer
Among the following, an incorrect statement regarding values is Values are ideas that underlie conversations about business ethics. Thus the correct option is D.
What are Values?Values are a person's personal ideas that guide their behavior. They act as norms for how individuals should behave. Our values are significant as they aid in the development of the future we desire.
Ethics and values interact because values are our understanding of the goals we hope to achieve by taking certain actions which help in decision-making.
Values reflect our perception of what is right or desirable. Values are moral concepts that reflect a person's sense of what is right and acceptable.
Therefore, option D Values are ideas that underlie conversations about business ethics is appropriate.
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Can someone help me with this ?
Answer:
come over
Explanation:
girls only and ima need hella yay
Identify the following as financing activities (F) or investing activities (I):
a. Purchase of equipment
b. Purchase of treasury stock
c. Reduction of long-term debt
d. Sale of building
e. Resale of treasury stock
f. Increase in short-term debt
g. Issuance of common stock
h. Purchase of land
i. Purchase of common stock of another firm
j. Payment of cash dividends
k. Gain on sale of land
l. Repayment of debt principal
Answer:
Explanation:
Financial activities would basically be anything that involves money but is does not involve an asset with value. This would instead be considered Investing activities if you are buying or selling any asset financial asset. Therefore the following would be considered...
a. Purchase of equipment (F)
b. Purchase of treasury stock (I)
c. Reduction of long-term debt (F)
d. Sale of building (I)
e. Resale of treasury stock (I)
f. Increase in short-term debt (F)
g. Issuance of common stock (I)
h. Purchase of land (I)
i. Purchase of common stock of another firm (I)
j. Payment of cash dividends (I)
k. Gain on sale of land (I)
l. Repayment of debt principal (F)
Nittany Company borrowed $60,000 from Lion Corporation on September 1, 2018 signing a 9-month payable with an interest rate of 3%. Nittany Co operates on a calendar year basis and is preparing its year-end financial statements In preparing its Income Statement for 2018, what amount of Interest Expense should Nittany Co. report from this note payable
Answer:
the interest expense that should be recorded in the income statement is $600
Explanation:
The computation of the interest expense is shown below:
= Borrowed amount × rate of interest × given months
= $60,000 × 0.03 ÷ 12 × 4 months
= $600
Hence, the interest expense that should be recorded in the income statement is $600
The following Information applies to the questions displayed below.) Bargain Rental Car offers rental cars in an off-airport location near a major tourist destination in California. Management would like to better understand the variable and fixed portions of It car washing costs. The company operates its own car wash facility in which each rental car that is returned is thoroughly cleaned before being released for rental to another customer. Management belleves that the variable portion of its car washing costs relates to the number of rental returns. Accordingly, the following data have been compiled:
Month Rental Returns Car Wash Costs
January 2,380 $ 10,825
February 2,421 $ 11,865
March 2,586 $ 11,332
April 2725 $ 12422
May 2968 $ 13850
June 3281 $ 14419
July 3,353 $ 14,935
August 3,489 $ 15,738
September 3,057 $ 13,563
October 2,876 $ 11,889
November 2,735 $ 12,683
December 2,983 $ 13,796
Using least-squares regression, estimate the variable cost per rental return and the monthly fixed cost Incurred to wash cars. (Round Fixed cost to the nearest whole dollar amount and the Varlable cost per unit to 2 decimal places.)
Answer:
a. The variable cost per rental return is $4.04.
b. The monthly fixed cost Incurred to wash cars is $1,376.
Explanation:
Note: See the attached excel file for the calculations of Rental Returns (x), Car Wash Costs (y), xy, and x^2.
Since Σ = Total of or summation of, we can therefore obtain the following from the attached excel file:
Σx = 34,854
Σy = 157,317
Σxy = 462,541,971
Σx^2 = 102,623,516
N = Number of months = 12
a. calculation of variable cost per rental return
To calculate the variable cost per rental return, the following formula is used:
Variable cost per rental return = (NΣxy − ΣxΣy) /((NΣx²) − (Σx)²) ……………… (1)
Substituting the relevant values into equation (1), we have:
Variable cost per rental return = ((12 * 462,541,971) - (34,854 * 157,317)) / (((12 * 102,623,516) - 34,854^2)
Variable cost per rental return = 4.03917240317595
Rounding to 2 decimal places as required, we have:
Variable cost per rental return = $4.04
Therefore, the variable cost per rental return is $4.04.
b. Calculation of monthly fixed cost Incurred to wash cars
To calculate the monthly fixed cost Incurred to wash cars, the following formula is used:
Fixed Cost per month = {Σy - (Variable cost per rental return * Σx) / N ....... (2)
Substituting the relevant values into equation (2), we have:
Fixed Cost per month = (157,317 - (4.04 * 34,854)) / 12
Fixed Cost per month = $1,375.57
Rounding to the nearest whole dollar amount as required, we have:
Fixed Cost per month = $1,376
Therefore, the monthly fixed cost Incurred to wash cars is $1,376.
The variable cost per rental return is $4.04 and the fixed cost per month is $1378.
The following can be depicted from the question
Σx = 34,854
Σy = 157,317
Σxy = 462,541,971
Σx² = 102,623,516
N = number of months = 12
Variable cost per rental return will be:
= ( N Σxy − Σx Σy)/{(N Σx²) − (Σx)²}
= {( 12 × 462,541,971) - (34,854 × 157,317) } / {(12 ×102,623,516) - (34,854)²}
= (5,550,503,652 - 5,483,126,718) / (1231482192 - 1214801316)
= 67,376,934 / 16680876
= $4.04
Fixed Cost per month will be:
= {Σy - ( Variable cost per rental return × Σx )/N
= {157,317 - (4.04 × 34,854)} /12
= ( 157,317 - 140,810.16) /12
= $1378
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Assume that the British government eliminates all controls on imports by British companies. Other things being equal, the U.S. demand for pounds would ____, the supply of pounds for sale would ____, and the equilibrium value of the pound would ____. a. remain unchanged; increase; decrease b. remain unchanged; increase; increase c. decrease; increase; decrease d. increase; increase; increase
Answer:
increase
increase
decrease
The following information was taken from the records of Waterway Inc. for the year 2020: Income tax applicable to income from continuing operations $216,920; income tax applicable to loss on discontinued operations $29,580, and unrealized holding gain on available-for-sale securities (net of tax) $17,400.
Gain on sale of equipment $110,200
Cash dividends declared $174,000
Loss on discontinued operations 87,000
Retained earnings January 1, 2020 2,640,000
Administrative expenses 278,400
Cost of goods sold 986,000
Rent revenue 46,400
Selling expenses 348,000
Loss on write-down of inventory 69,600
Sales Revenue 2,204,000
Shares outstanding during 2020 were 100,000.
Required:
Prepare a single-step income statement.
Answer:
Waterway Inc.
Single-step income statement
Particular Amount
Sales Revenue $2,204,000
Add: Rent Revenue $46,400
Total Revenue $2,250,400
Less: Expense
Cost of goods sold $986,000
Selling Expense $348,000
Administrative Expenses $278,400
Total Expenses $1,612,400
Income from operations $638,000
Other revenues and gains
Add: Gain on sale of equipment $110,200
Other expenses and losses
Less: Loss on write-down of inventory $69,600
Income from continuing operations $678,600
before income taxes
Less: Income taxes $216,920
Income from continuing operations $461,680
Discontinued operations:
Loss on discontinued operations $87,000
Income tax at loss on discontinued $29,580 $116,580
operation
Net Income $345,100
Per share of common stock:
Income from continuing operations (income from continuing operations /share outstanding = ($461,680/ 100000) = $4.62
Loss on discontinued operations, net of tax ($116,580 /100000) = $1.17
Net Income ($345,100/100,000) = $3.45
Stocks offer an expected rate of return of 18% with a standard deviation of 22%. Gold offers an expected return of 10% with a standard deviation of 30%. a. In light of the apparent inferiority of gold with respect to both mean return and volatility, would anyone hold gold
You owe $5,000 on your credit card and you can pay the following monthly payments:
Month 1 2 3 4 5 6 7 8
Payment 500 550 600 650 700 750 800 850
IF the credit card company charges an interest rate of 1.5% per month, is this enough to pay off your credit card, and if so, by how much?
A. No, this cash flow falls short of paying off the credit card.
B. Yes, this cash flow exceeds the balance by $320.
C. Yes, this cash flow will pay off the credit card with $23.75 remaining.
D. No, this will only pay off $4,793.63 of the credit card.
Answer:
C. Yes, this cash flow will pay off the credit card with $23.75 remaining.
Explanation:
Calculation for how much will be enough to pay off your credit card
First step will be to use financial calculator to find the Net Present Value (NPV) of the payment amount from 1 month which is 500 to 8 month which is 850.
Hence,
NPV=$5,023.75
Now let calculate how much will be enough to pay off your credit card
Credit card pay off Amount =$5,023.75-$5,000
Credit card pay off Amount=$23.75
Therefore YES it will be enough to pay off the credit card and the amount that will be enough to pay off your credit card will be $23.75.
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year.
Accounts Receivable. At year-end, the L. Cole Company has completed services of $20,500 for a client, but the client has not yet been billed for those services.
Interest Receivable. At year-end, the company has earned, but not yet recorded, $450 of interest earned from its investments in government bonds.
Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job is now complete. The customer has not yet been billed for the $1,420 of work.
Answer:
1. Dr Account receivable $20,500
Cr Service revenue $20,500
2. Dr Interest receivable $450
Cr Interest revenue $450
3. Dr Account receivable $1,420
Cr Service revenue $1,420
Explanation:
Preparation of the adjusting journal entries for each of the following for year ended December 31.
Based on the information given the adjusting journal entries for each of the following for year ended December 31 will be :
1. Dr Account receivable $20,500
Cr Service revenue $20,500
(Being to record Accounts Receivable)
2. Dr Interest receivable $450
Cr Interest revenue $450
(Being to record Interest receivable)
3. Dr Account receivable $1,420
Cr Service revenue $1,420
(Being to record Accounts Receivable)