Answer:
1. January 07,2021
Dr Common stock $2 million
Dr Paid-in capital—excess of par
Dr Retained earnings $5 million
Cr Cash $13 million
2. August 23,2021
Dr Common stock $4million
Cr Paid-in capital—excess of par $12million
Dr Paid-in capital—share repurchase$4million
Cr Cash $12million
3. July 25, 2022
Dr Cash $24 million
Cr Common stock $3million
Cr Paid-in capital—excess of par $21 million
Explanation:
Preparation of the appropriate journal entry for each of the transaction
1. January 07,2021
Dr Common stock $2 million
(2 million shares *$1)
Dr Paid-in capital—excess of par
[2 million shares *($450/150 million shares)] $6 million
Dr Retained earnings $5 million
($13 million-$2 million-$6million)
Cr Cash $13 million
(2 million shares *$6.50 per share)
(To record 2 million shares reacquired at $6.50 per share)
2. August 23,2021
Dr Common stock $4million
(4 million shares *$1)
Cr Paid-in capital—excess of par $12million
[4 million shares *($450/150 million shares)
Dr Paid-in capital—share repurchase$4million
[($12million+$4million)-$12million)
Cr Cash $12million
(4 million shares * $3.00 per share)
(To record 4 million shares reacquired at $3.00 per share)
3. July 25, 2022
Dr Cash $24 million
(3 million common shares *$8 per share)
Cr Common stock $3million
(3 million shares *$1)
Cr Paid-in capital—excess of par $21 million
( $24 million-$3million)
(To record 3 million shares reacquired at $8.00 per share)
What are the sources and types of the principal agent problem?
Answer:
The three types of agency problems are stockholders v/s management, stockholders v/s bondholders/ creditors, and stockholders v/s other stakeholders like employees, customers, community groups, etc.
Explanation:
5. Karen is listening to a colleague's idea for reducing customer wait time at the store. Which behavior can Karen exhibit to best demonstrate that she agrees with
her colleague's idea?
O A. Cross her arms in front of her chest
O B. Rub her hands together
O C. Rest her chin in one hand
OD. Nod her head
You founded your own firm three years ago. You initially contributed $200,000 of your own money and in return you received 2 million shares of stock. Since then, you have sold an additional 1 million shares of stock to angel investors. You are now considering raising capital from a venture capital firm. This venture capital firm would invest $5 million and would receive 2 million newly issued shares in return. Assuming that this is the venture capitalist's first investment in your firm, what percentage of the firm will the venture capitalist own
Answer:
40%
Explanation:
Calculation to determine what percentage of the firm will the venture capitalist own
Using this formula
% ownership = Number of shares owned/Total number of shares
Let plug in the formula
% ownership=2 million shares /(2million shares + 1 million shares + 2million shares )
% ownership= 2million shares/5million shares
% ownership=0.4*100
% ownership=40%
Therefore what percentage of the firm will the venture capitalist own is 40%
Someone who is applying for a loan from a bank can expect the bank to: O A. investigate the person's parents to see if they were financially responsible B. demand that the person close all of his or her accounts at competing banks C. request proof that the person who graduated from a good college. D. check the person's credit history to make sure he or she pays debts on time, SU
Answer:D
Explanation:
Just got it right on A P E X
Supply and demand determine the relative value of any two currencies through the foreign exchange market
a. True
b. False
Answer:
true
I hope it is helpful to you
Yard Tools manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and unit contribution margin are as follows.
Sales Mix Unit Contribution Margin
Lawnmowers 20% $30
Weed-trimmers 50% $21
Chainsaws 30% $39
Yard Tools has fixed costs of $4,342,800. Compute the number of units of each product that Yard Tools must sell in order to break even under this product mix.
Answer:
Results are below.
Explanation:
Sales Mix Unit Contribution Margin
Lawnmowers 20% $30
Weed-trimmers 50% $21
Chainsaws 30% $39
Fixed cosst= $4,342,800
First, we need to calculate the weighted average contribution margin:
weighted average contribution margin= (0.2*30) + (0.5*21) + (0.3*39)
weighted average contribution margin= $28.2
Now, the break-even point in units for the whole company:
Break-even point (units)= Total fixed costs / Weighted average contribution margin
Break-even point (units)= 4,342,800 / 28.2
Break-even point (units)= 154,000
Now, for each product:
Lawnmowers= 0.20*154,000= 30,800
Weed-trimmers= 0.50*154,000= 77,000
Chainsaws= 0.30*154,000= 46,200
The total earnings of an employee for a payroll period is referred to as
Answer:
Net pay.
Explanation:
An employee can be defined as an individual who is employed by an employer of labor to perform specific tasks, duties or functions in an organization.
Basically, an employee is saddled with the responsibility of providing specific services to the organization or company where he is currently employed while being paid a certain amount of money hourly, daily, weekly, or monthly depending on the contractual agreement between the two parties (employer and employee).
Net pay can be defined as the total amount of money earned by an employee for a payroll period. Thus, it is the earnings of an employee after all deductions, fees, or contributions have been subtracted from the gross pay and as such, it is the take home of an employee for a payroll period.
write expanded notation of 752 863
Duo, Inc., carries two products and has the following year-end income statement (000s omitted): Product AR-10 Product ZR-7 Budget Actual Budget Actual Units 2,000 2,800 6,000 5,600 Sales $ $ 6,000 $ 7,560 $ 12,000 $ 11,760 Variable costs 2,400 2,800 6,000 5,880 Fixed Costs 1,800 1,900 2,400 2,400 Total Costs $ 4,200 $ 4,700 $ 8,400 $ 8,280 Operating income $ 1,800 $ 2,860 $ 3,600 $ 3,480 The sales quantity variance that would complement the variance calculated in the previous question is:
Answer:
$480
Explanation:
Calculation to determine what The sales quantity variance that would complement the variance calculated in the previous question is:
First step is to calculate Sales mix: budget for
AR-10
Total units: budget = 2,000 + 6,000
Total units: budget = 8,000
Actual units = 2,800 + 5,600
Actual units= 8,400
Sales mix: budget: 2000/8000
Sales mix: budget = 25%
(8,400-8,000) x.25 x $1.80
= $180 favorable
For ZR-7:Sales mix: budget: 6000/8000 = 75%(8400-8000) x.75 x $1.00 = $300
favorableTotal quantity variance: $180 + $300 = $480
.
Therefore The sales quantity variance that would complement the variance calculated in the previous question is:$480
At the beginning of his current tax year, David invests $11,700 in original issue U.S. Treasury bonds with a $10,000 face value that mature in exactly 10 years. David receives $560 in interest ($280 every six months) from the Treasury bonds during the current year, and the yield to maturity on the bonds is 3.6 percent. (Round your intermediate calculations to the nearest whole dollar amount.)
Answer: $419.96
Explanation:
Question is:
How much interest income will he report this year if he elects to amortize the bond premium?
The interest for the first period will be:
= Bond price * yield * 6/12 months
= 11,700 * 3.6% * 0.5
= $211
Bond premium amortization:
= Interest received - Interest
= 280 - 211
= $69
Bond value in second half of year:
= Bond value - Bond premium amortization:
= 11,700 - 69
= $11,631
Interest for second period:
= 11,631 * 3.6% * 0.5
= $209.36
Total interest = 210.60 + 209.35
= $419.96
Where must food handlers dispose of waste water?
Answer:
Must be dispose in a sanitary sewer
Explanation:
Can not be in a storm drain or on surface ground
The food handlers dispose of waste water must be disposed into a sanitary sewer and never on the surface of the ground or in a storm drain.
Food that is safe to eat does not have any negative health effects after consumption. Consumers believe that the food they buy is safe and of the highest quality. The proper construction, maintenance, and operation of a food establishment protects the general public from unsafe food.
Queensland's food regulatory framework is in place to ensure that all food businesses address these issues, and there are severe penalties for food businesses that do not comply with the law.
Learn more about food, here:
https://brainly.com/question/32109606
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Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three categories of office expenses are allocated to the two departments using different allocation bases. The following information is available for the current period: Office Expenses Total Allocation Basis Salaries $ 39,000 Number of employees Depreciation 29,000 Cost of goods sold Advertising 68,000 Net sales Item Drilling Grinding Total Number of employees 1,800 2,700 4,500 Net sales $ 368,000 $ 552,000 $ 920,000 Cost of goods sold $ 121,600 $ 198,400 $ 320,000 The amount of depreciation that should be allocated to Drilling for the current period is:
Answer: $53820
Explanation:
The amount of depreciation that should be allocated to Drilling for the current period will be:
Salaries = (39000 × 1800/4500) = 15600
Add: Depreciation = (29000 × 121600/320000) = 11020
Add: Advertising = (68000 × 368000/920000) = 27200
Total = 53820
Department B had 3,000 units in Work in Process that were 25% completed at the beginning of the period at a cost of $12,500. 13,700 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 1,700 units were 95% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450, and factory overhead was $18,710. The number of equivalent units of production for the period for materials if the first-in, first-out method is used to cost inventories was a.13,700
Answer:
Number of equivalent units= 13,700
Explanation:
All materials are added at the beginning of the process.
To calculate the equivalent units using the FIFO method, we need to use the following structure:
Beginning work in process = beginning inventory* %incompleted
Units started and completed = units completed - beginning WIP
Ending work in process completed= Ending WIP* %completed
=Number of equivalent units
Replacing:
Beginning work in process = 3,000*0%= 0
Units started and completed = 15,000 - 3,000= 12,000
Ending work in process completed= 1,700*100%= 1,700
Number of equivalent units= 13,700
Which task is most suitable for creating an algorithm?
saving time writing a report
explaining how to set up a mobile phone for use
choosing photos to put on a website
finding the best of three suggested routes to drive to a concert
Answer:
finding the best of three suggested routes to drive to a concert
Answer:
D. finding the best of three suggested routes to drive to a concert
Explanation:
thank the other person :)
Carrie D's has 8 million shares of common stock outstanding, 6 million shares of preferred stock outstanding, and 30 thousand bonds. If the common shares are selling for $12 per share, the preferred shares are selling for $30 per share, and the bonds are selling for 110 percent of par, what would be the weight used for equity in the computation of Carrie D's WACC
Answer:
Weight of equity = 0.31067 or 31.067% or 96/309
Explanation:
WACC or weighted average cost of capital is the cost of a firm's capital structure which can comprise of debt, preferred stock and common equity. The WACC for a firm can be calculated as follows,
WACC = wD * rD * (1-tax rate) + wP * rP + wE * rE
Where,
w represents the weight of each component based on market value in the capital structure r represents the cost of each component D, P and E represents debt, preferred stock and common equity respectively
To calculate the weight of equity in WACC computation, we first need to find out the Market value(MV) of each component and the market value of the overall capital structure.
MV of common equity = 8 million shares * 12 per share
MV of common equity = $96 million
MV of Preferred stock = 6 million shares * 30 per share
MV of Preferred stock = $180 million
The bonds are usually have a par value of $1000 unless specified otherwise.
MV of debt = 30 thousand * $1000 * 110%
MV of debt = $33 million
MV of total capital Structure = 96 + 180 + 33 => $309 million
Weight of equity = 96 / 309
Weight of equity = 0.31067 or 31.067% or 96/309
Under the consumer Credit Protection Act, if you report your credit card
lost or stolen within 30 days, your liability is limited to:
A. $25
B. $50
C. $100
D. $200
Marilyn entered into a contract and sold equipment to Sam who claimed to be acting on behalf of ABC Corporation. Marilyn was not paid, and upon investigation, she learned that while the articles of incorporation were filed for ABC Corporation, they were never issued. Which of the following is the applicable law in regard to her position in a majority of states?
a. The majority of states follow the old MBCA which follows the approach that only promoters who assume to act as a corporation when the certificate of incorporation has not been issued are jointly and severally liable for the business debts.
b. The majority of states follow the old MBCA which follows the approach that all persons who assume to act as a corporation when the certificate of incorporation has not been issued are jointly and severally liable for the business debts.
c. The majority of states follow the revised MBCA under which the filing of the articles of incorporation, regardless of whether there is a return copy stamped by the secretary of state, is conclusive proof of incorporation; and the corporation itself is liable for business debts from that point forward.
d. The majority of states follow the revised MBCA under which the filing of the articles of incorporation, evidenced by the return of the copy stamped by the secretary of state, is conclusive proof of incorporation; and the corporation itself is liable for business debts from that point forward.
Answer:
The applicable law in regard to her position in a majority of states is:
b. The majority of states follow the old MBCA which follows the approach that all persons who assume to act as a corporation when the certificate of incorporation has not been issued are jointly and severally liable for the business debts.
Explanation:
MBCA means the Model Business Corporation Act. It is noteworthy that majority of the states have not adopted fully the Revised Model Business Corporation Act, 2016. This is because some of their Corporation Acts still rely on the old MBCA. This implies that Marilyn has a favorable position and can recover from ABC Corporation the value of the equipment sold to Sam.
Which of the following currencies are not involved in affecting the revenue your company receives on shipment of action-cameras and UAV drones to buyers in the four geographic regions where it competes?
Answer: Indian rupees and Russian rubles
Explanation:
The options are:
a. Singapore dollars and euros.
b. Indian rupees and Russian rubies
c. US dollars and Taiwan dollars
d. The Brazilian real and Taiwan dollars
e. US dollars and euros
Explanation:
It should noted that the currencies that affects the revenues received by the company on the shipments of camera to the retailers in the four geographic regions where it markets cameras include the U.S. dollars, euros, Singapore dollars, Taiwan dollars, and Brazilian real.
Therefore, based on the options given, we can see that option B "Indian rupees and Russian rubles" is the correct answer as the currencies arr not involved in affecting the revenue.
Dubai Corporation is looking to purchase a building costing $830,000 by paying $265,000 cash on the purchase date, and agreeing to make payments every three months for the next five years. The first payment is due three months after the purchase date. Dubai's incremental borrowing rate is 16%. Each of the payments is closest to
Answer:
Each payment is closest to $41,573.69.
Explanation:
This can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value or the balance to pay for the building = $830,000 - $265,000 = $565,000
P =Quarterly payment or payment after every three months = ?
r = Quarterly interest rate = Incremental borrowing rate / Number of quarters in a year = 16% / 4 = = 4%. or 0.04
n = number of quarters = Number of years * Number of quarters in a year = 5 * 4 = 20
Substitute the values into equation (1) and solve for P, we have:
$565,000 = P * ((1 - (1 / (1 + 0.04))^20) / 0.04)
$565,000 = P * 13.5903263449677
P = $565,000 / 13.5903263449677
P = $41,573.69
Therefore, each payment is closest to $41,573.69.
For each transaction in the following table, indicate in which U.S. account it appears as a credit and in which account it appears as a debit.
Account with Account with
Transaction Credit Debit
Miguel, a U.S. resident, buys an HDTV set for $2,500
and sends it to Mexico as a gift to his parents.
Arielle, a French tourist, stays at a hotel in San
Francisco and pays $400 for it with her debit card issued
by a French bank.
The United States forgives $100 million of debt owed by
the government of Mexico.
Answer:
Miguel's transaction will be recorded as a credit to the current account and a debit to the capital account.
Arielle's transaction will be recorded as a credit to the current account and a debit to the financial account.
US government's transaction will be recorded as a credit to the financial account and a debit to the capital account.
Explanation:
What are the steps to create a new estimate in QuickBooks Online?
Answer:
Sales>all sales>New Transaction>Estimate
Explanation:
from the quiz
Crane Corp., a company whose stock is publicly traded, provides a noncontributory defined-benefit pension plan for its employees. The company's actuary has provided the following information for the year ended December 31, 2021: Projected benefit obligation $ 622000 Accumulated benefit obligation 449000 Fair value of plan assets 740000 Service cost 180000 Interest on projected benefit obligation 12000 Amortization of prior service cost 36000 Expected and actual return on plan assets 46500 The market-related asset value equals the fair value of plan assets. No contributions have been made for 2021 pension cost. In its December 31, 2021 balance sheet, Crane should report a pension asset / liability of
Answer:
$118,000
Explanation:
Calculation to determine what Crane should report a pension asset / liability
Fair value of plan assets $740,000
Less Projected benefit obligation ($ 622,000)
Pension asset / liability $118,000
($740,000-$622,000)
Therefore Crane should report a pension asset / liability of $118,000
A construction firm can achieve a $15,000 cost savings in Year 1, increasing by $3000 each year for the next 5 years, by converting their diesel engines for biodiesel fuel. At an interest rate of 15%, what is the equivalent annual worth of the savings?
Answer: $21291.6
Explanation:
The equivalent annual worth of the savings will be calculated thus:
Annual cost savings in year 1 = $15000
Increase in annual cost savings = $3000
Project period = 6 years
Interest rate = 15%
Annual worth of savings = A + G(A/G, 15%, 6)
= 15000 + 3000(15,000/3000, 5%, 6)
= 15000 + 3000(5000, 0.15, 6)
= 15000 + 3000(2.0972)
= 15000 + 6291.6
= 21291.6
Therefore, the annual worth of savings will be $21291.6
Mercury Inc. purchased equipment in 2019 at a cost of $169,000. The equipment was expected to produce 300,000 units over the next five years and have a residual value of $49,000. The equipment was sold for $103,800 part way through 2021. Actual production in each year was: 2019 = 42,000 units; 2020 = 67,000 units; 2021 = 34,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss on the sale. 2. Prepare the journal entry to record the sale. 3. Assuming that the equipment was instead sold for $114,800, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3.
Answer:
Mercury Inc.
1. The loss on the sale of the equipment = $8,000.
2. Journal Entry to record the sale:
Debit Cash $103,000
Credit Sale of Equipment $103,000
To record the receipts from the sale.
Debit Sale of Equipment $111,800
Credit Equipment $111,800
To transfer the account to the Sale of Equipment.
Debit Accumulated Depreciation $57,200
Credit Sale of Equipment $57,200
To transfer the account to sale of equipment.
3. The gain on the sale is $3,000
4. Journal Entry to record the sale in requirement 3:
Debit Cash $114,800
Credit Sale of Equipment $114,800
To record the receipts from the sale.
Debit Sale of Equipment $111,800
Credit Equipment $111,800
To transfer the account to the Sale of Equipment.
Debit Accumulated Depreciation $57,200
Credit Sale of Equipment $57,200
To transfer the account to sale of equipment.
Explanation:
a) Data and Calculations:
Cost of equipment = $169,000
Expected production units = 300,000
Estimated useful life = 5 years
Estimated residual value = $49,000
Proceeds from the sale of equipment = $103,000
Depreciable amount = $120,000 ($169,000 - $49,000)
Depreciation expense per unit = $0.40 ($120,000/300,000)
Actual production: Depreciation Expense for the year
2019 = 42,000 units * $0.40 = $16,800
2020 = 67,000 units * $0.40 = $26,800
2021 = 34,000 units * $0.40 = $13,600
Accumulated depreciation = $57,200
Net book value = $111,800 ($169,000 - $57,200)
Loss on sale of equipment = $8,800 ($111,800 - $103,000)
Sale of equipment for $114,800
Gain on sale of equipment = $3,000 ($111,800 - $114,800)
Sales made on account are recorded as ____ to the sales account.
A)orders
B)debits
C)payments
D)credits
Answer:
I have a strong feeling it has to be credit
Oregon Outfitters issues 1,700 shares of $1 par value common stock at $20 per share. Later in the year, the company decides to purchase 240 shares at a cost of $19 per share.
Required:
a. Record the original issue of the 1,700 shares.
b. Record the purchase of 240 shares
c. Record the entry if Oregon Outfitters resells the 240 shares of treasury stock at $27 per share.
Answer:
A. Dr Cash $34,000
Cr Common Stock $1,700
Cr Paid in capital in excess of par-Common Stock $32,300
B. Dr Treasury stock $4,560
Cr Cash $4,560
C. Dr Cash $6,480
Cr Treasury stock $4,560
Cr To Paid in capital-Treasury stock $1,920
Explanation:
a. Preparation of the journal entry to Record the original issue of the 1,700 shares
Dr Cash $34,000
(1,700 shares × $20)
Cr Common Stock $1,700
(1,700 shares × $1)
Cr Paid in capital in excess of par-Common Stock $32,300
($34,000-$1,700)
(Being issue of common stock is recorded)
b. Preparation of the journal entry to Record the purchase of 240 shares
Dr Treasury stock $4,560
(240 shares × $19 per share)
Cr Cash $4,560
(Being repurchase of treasury stock is recorded)
C. Preparation to record the Journal entry if Oregon Outfitters resells the 240 shares of treasury stock at $27 per share.
Dr Cash $6,480
(240 shares × $27 per share.)
Cr Treasury stock $4,560
(240 shares × $19 per share)
Cr To Paid in capital-Treasury stock $1,920
($6,480-$4,560)
(Being reissue of treasury stock is recorded)
Use the following data to calculate the cost of goods sold for the period:
Beginning Raw Materials Inventory $31,700
Ending Raw Materials Inventory 71,700
Beginning Work in Process Inventory 41,700
Ending Work in Process Inventory 47,700
Beginning Finished Goods Inventory 73,700
Ending Finished Goods Inventory 69,700
Cost of Goods Manufactured for the period 247,700
a. $247,700.
b. $251,700.
c. $259,700.
d. $243,700.
e. $291,700..
Answer:
COGS= $251,700
Explanation:
Giving the following formula:
Beginning Finished Goods Inventory 73,700
Ending Finished Goods Inventory 69,700
Cost of Goods Manufactured for the period 247,700
To calculate the cost of goods sold, we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 73,700 + 247,700 - 69,700
COGS= $251,700
Divisibility" refers to the fact that money is divided into denominations for ease in completing transactions
O a. True
O b. False
Sterling Hotel uses activity-based costing to determine the cost of servicing customers. There are three activity pools: guest check-in, room cleaning, and meal service. The activity rates associated with each activity pool are $8.70 per guest check-in, $18.00 per room cleaning, and $3.00 per served meal (not including food). Julie Campbell visited the hotel for a 5-night stay. Julie had 6 meals in the hotel during the visit. Determine the total activity-based cost for Campbell's visit during the month. Round your answer to the nearest cent.
Answer:
Allocated costs= $116.7
Explanation:
Giving the following formula:
The activity rates associated with each activity pool are $8.70 per guest check-in, $18.00 per room cleaning, and $3.00 per served meal (not including food).
Julie Campbell visited the hotel for a 5-night stay. Julie had 6 meals in the hotel during the visit.
To allocated costs, we need to use the following formula:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated costs= 8.7 + 18*5 + 3*6
Allocated costs= $116.7
What is the cause of prices dropping?
Answer:
When prices drop people usually go buy it even if it is a little drop.
Explanation:
They go because of a phycological difference in price.
Answer:
PEople buy it
Explanation: