Answer:
sorry po hindi ko po alam pag alam ko po sasabihin ko po sa inyo promise
Mountain High Ice Cream Company transferred $80,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $7,000). Mountain High anticipates a $5,000 recourse obligation. The bank charges a 2% fee (2% of $80,000), and requires that amount to be paid at the start of the factoring arrangement.
Required:
Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met.
Answer:
The answer is "$70,400 and $7,600"
Explanation:
Given:
Debit Cash[tex]=\$70,400[/tex]
Debit Loss on Sale of Receivables[tex]= \$7,600[/tex]
Debit on receivable from Factor[tex]= \$7,000[/tex]
Credit on the recourse liability[tex]= \$5,000[/tex]
Credit on receivable accounts[tex]= \$80,000[/tex]
[tex]\to (2\% \ of \ \$80,000) = 1,600[/tex]
Calculating the Debit cash:
[tex]\to (80,000 \times 0.90) - (80,000 \times 0.02) \\\\\to 72,000-1,600\\\\\to 70,400[/tex]
Calculating the Debit Loss on Sale of Receivables:
[tex]\to (5,000 + 80,000) - (70,400 + 7,000) \\\\\to 85,000 - 77,400 \\\\\to 7,600[/tex]
The following information was taken from the segmented income statement of Restin, Inc., and the company's three divisions:
Restin, Inc. Los Angeles Division Bay Area Division Central Valley Division
Revenues $1,216,000 $352,000 $387,000 $477,000
Variable operating expenses 683,600 193,600 215,000 275,000
Controllable fixed expenses 267,000 84,000 94,000 89,000
Noncontrollable fixed expenses 117,000 34,000 39,000 44,000
In addition, the company incurred common fixed costs of $23,700. Assuming use of a responsibility accounting system. What amounts should be used to evaluate the performance of the Los Angeles division manager?
Answer:
Los Angeles Division
Particulars Amount
Revenue $352,000
Less: Variable operating expenses $193,600
Less: Controllable fixed expenses $84,000
Controllable profit margin $74,400
Non-controllable and common fixed cost is not related to a particular division, therefore, will not br considered while evaluating the performance of a division manager.
The following account appears in the ledger prior to recognizing the jobs completed in January:
Work in Process
Balance, January 1 $17,510
Direct materials 142,360
Direct labor 153,560
Factory overhead 80,720
Jobs finished during January are summarized as follows:
Job 210 $70,950
Job 224 $82,770
Job 216 43,360
Job 230 161,600
Required:
a. Journalize the entry to record the jobs completed.
b. Determine the cost of the unfinished jobs at January 31.
Answer:
Following are the solution to this question:
Explanation:
In point a:
Journal Entry :
Account Dr Cr.
Goods completed [tex]\$358,680[/tex]
Processing work [tex]\$358,680[/tex]
Complete total labour costs
[tex]= \$70,950 + \$82,770 + \$ 43,360 + \$ 161,600 \\\\ = \$ 358680[/tex]
In point b:
Uncompleted jobs cost:
[tex]\text{Balance, January 1} \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$17,510\\\\\text{Direct materials} \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$142,360\\\\ \text{Direct labor } \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$153,560\\\\\text{Factory overhead } \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$80,720\\\\\text{Cost of Finished Goods Transferred} \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ (\$ 358680)\\\\\text{Cost of Unfinished Jobs on Aug 31} \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$ 35470\\\\[/tex]
2. Below are mixed SWOT factors of KFC case study. Fill the chart to Identify each SWOT factor. (2points each)
• With over 15,000 establishments in 120 countries, KFC is an internationally recognized venue.
• Increasing numbers of competitors.
• Serving high-fat foods; considering how health-conscious the public is these days, greasy chicken is not going to cut it anymore.
• KFC is in the prime spot to dive into the vegetarian market. Adding new vegetarian options will improve the relationship between KFC and health-conscious and vegetarian consumers.
• KFC became popular thanks to its good chicken.
• Raw material prices are rising.
• By maintaining the same price point with new menu options, KFC is positioned to enter a new market without sacrificing the beloved chicken-focused meals.
• KFC follows a franchise management system, meaning each one is individually managed. It is not uncommon for one KFC to have high reviews while another, just down the street, is collecting bad press.
• Alongside KFC, Taco Bell and Pizza Hut also share the same corporate owner brands. Brands have the influence, power, and resources to improve KFC as a restaurant.
• Introduce new products fish and deals menu that will attract more customers.
SWOT Analysis of KFC
Strengths
Weaknesses
Opportunities
Threats
Answer:
Strengths :
1. With over 15,000 establishments in 120 countries, KFC is an internationally recognized venue.
2. Alongside KFC, Taco Bell and Pizza Hut also share the same corporate owner brands. Brands have the influence, power, and resources to improve KFC as a restaurant.
3. KFC became popular thanks to its good chicken
Weaknesses :
1. Serving high-fat foods; considering how health-conscious the public is these days, greasy chicken is not going to cut it anymore.
2. KFC follows a franchise management system, meaning each one is individually managed. It is not uncommon for one KFC to have high reviews while another, just down the street, is collecting bad press.
Opportunities :
1. By maintaining the same price point with new menu options, KFC is positioned to enter a new market without sacrificing the beloved chicken-focused meals
2. KFC is in the prime spot to dive into the vegetarian market. Adding new vegetarian options will improve the relationship between KFC and health-conscious and vegetarian consumers
3. Introduce new products fish and deals menu that will attract more customers.
Threats :
1. Increasing numbers of competitors.
2. Raw material prices are rising.
For Accounting, I need help knowing how to journalize the following transaction:
Paid freight bill of $70 on September 3 purchase.
The accounts that are available to use are:
- Accounts Payable
- Accounts Receivable
- Cash
- Cost of Goods Sold
- Delivery Expense
- Estimated Returns Inventory
- Freight In
- Merchandise Inventory
- Purchase Discounts
- Purchase Returns and Allowances
- Purchases
- Refunds Payable
- Sales Revenue
I'd appreciate any help I can get with this!
Answer:
SI PAPIIIII
ExplanatioLOLn:
TE AMO
Dale’s young son does not know much about his dad’s job but he does know that his dad works at the Chevy Manufacturing Plant. Dale explains to his son that he works in “Quality Control.” How might Dale simply describe the place that he works in and some of the tasks he performs to his son? How might Dale explain the jobs of other people in his plant?
Answer:
Dale would explain that he makes sure that everything is running smoothly and that he has to make sure that everyone is doing everything correctly.
Explanation:
I got 15/15 on the questions. :)
Also, make sure you rewrite a few words so you don't get in trouble!
Answer:
Dale can start by explaining what he does on a daily basis? and how he got his job? By explaining these to his son he can understand his dad's job better.
Dale can inform his son that he works in the career pathway called Quality Assurance which falls under the Manufacturing career cluster, where he makes sure that all standards and procedures are followed to ensure that every product is top-notch, high quality, and good enough to send out. In addition, he can express the kind of education he requires for this job, such as the type of degrees/diplomas necessary. The educational requirements for his job range from a high school diploma to a master's degree. Furthermore, Dale can point to a few of his co-workers who are inspectors, lab technicians, process technicians, and quality engineers.
During 2007, the U.S. economy was hit by a price shock when the price of oil increased from around $60 per barrel to around $130 per barrel by June 2008. While inflation increased during the fall of 2007 (from around 2.5% to 4.0%), unemployment did not change significantly (it even increased slightly). Explain the relationship between inflation and unemployment in 2007 using the modern Phillips curve concept.
Answer:
The "old" Phillips curve hasn't been used since the 1980s. Since then it was adapted to show long term relationships between the inflation rate and the unemployment rate. When a upwards price shock in the aggregate supply curve occurs, the whole unemployment curve shifts to he right (upwards) and the new unemployment equilibrium is given by the intersection between the unemployment curve and the long run Phillips curve (vertical line).
Explanation:
hey is it free real estate?
A division can sell externally for $40 per unit. Its variable manufacturing costs are $15 per unit, and its variable marketing costs are $6 per unit. The variable marketing costs can be avoided if the units are transferred internally. What is the opportunity cost of transferring internally, assuming the division is operating at capacity
Answer:
$19
Explanation:
The opportunity cost of transferring internally is the lost contribution of selling the units externally.
Contribution = Sales - Variable Costs
where,
Sales = $40
Variable Costs = $15 + $6 = $21
therefore,
Lost Contribution = $40 - $21 = $19
Conclusion
the opportunity cost of transferring internally is $19.
Sandhill Corp. factors $444,000 of accounts receivable with Teal Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Teal Finance, which will receive the collections. Teal Finance assesses a finance charge of 1.80% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale.
Required:
a. Prepare the journal entry on July 1, 2020, for Reynolds Corp. to record the sale of receivables without recourse.
b. Prepare the journal entry on July 1, 2020, for Mateer Finance Corporation to record the purchase of receivables without recourse—please think through this.
c. Explain the difference between sale of receivables with recourse as oppose to without recourse.
Answer:
a. Date Account Title and Explanation Debit Credit
1 - Jul Cash ($440,000-$22,000-$7,920) $410,080
Due from Factor ($440,000*5%) $22,000
Loss on sale of receivables ($440,000*1.8%) $7,920
Accounts receivable $440,000
(To record sale of accounts receivable to Factor)
b. Date Account Title and Explanation Debit Credit
1 - Jul Accounts receivable $440,000
Due to customer $22,000
Interest revenue $7,920
Cash $410,080
(To record purchase of accounts receivable)
c. Sale or financing of accounts receivables with recourse is a transaction in which a company sells its accounts receivable to a factoring company with an assurance to cover the risk of uncollectible.
Sale or financing of accounts receivables without recourse is a transaction in which the company selling its accounts receivables to a factoring company, in which the factoring company bears the risk of uncollectible.
If a retailer cannot offer the same services as its competitors:
Answer:
If a retailer cannot offer the same services as its competitors, it can opt to offer lower prices.
Explanation:
The answer above comes directly from Michael Porter's theory of firm differentiation. According to Porter, firms have two essential differentiation strategies: offering services that are equal or higher in quality than the competition, or offering services at a lower price.
In this case, if a firm cannot compete through the first strategy, then it can try the second strategy: going for a lower price.
During 2017, Roblez Corporation had the following transactions and events.
1. Declared a cash dividend.
2. Issued par value common stock for cash at par value.
3. Completed a 2-for-1 stock split in which $10 par value stock was changed to $5 par value stock.
4. Declared a small stock dividend when the market price was higher than par value.
5. Made a prior period adjustment for overstatement of net income.
6. Issued the shares of common stock required by the stock dividend declaration in item no. 4 above.
7. Paid the cash dividend in item no. 1 above.
8. Issued par value common stock for cash above par value.
Required:
Indicate the effect(s) of each of the foregoing items on the subdivisions of stockholders’ equity.
Answer:
The effects of each of the items can be indicated as follows:
Paid in Capital
Item Capital Stock Additional Retained Earnings
1. No Effect No Effect Decrease
2. Increase No Effect No Effect
3. No Effect No Effect No Effect
4. Increase Increase Decrease
5. No Effect No Effect Decrease
6. No Effect No Effect No Effect
7. No Effect No Effect No Effect
8. Increase Increase No Effect
.
Explanation:
1. Declared a cash dividend.
This decreases cash and retained earnings but has no effect on common stock and additional paid in capital.
2. Issued par value common stock for cash at par value.
This increases cash and also increases common stock.
3. Completed a 2-for-1 stock split in which $10 par value stock was changed to $5 par value stock.
This does not affect any account but only increases the number of shares without any increase in the total common stock value.
4. Declared a small stock dividend when the market price was higher than par value.
This is a type of dividend that increases the common stock and additional paid in capital but decreases the retained earnings.
5. Made a prior period adjustment for overstatement of net income.
This reduces the net income and the retained earnings no effect on common stock and additional paid in capital.
6. Issued the shares of common stock required by the stock dividend declaration in item no. 4 above.
Since this is just to effect number 4 above, it has no further effect on any of the subdivisions of stockholders’ equity.
7. Paid the cash dividend in item no. 1 above.
Since this is just to effect number 1 above, it has no further effect on any of the subdivisions of stockholders’ equity.
8. Issued par value common stock for cash above par value.
This increases cash, common stock, and additional paid in capital. But this does affect retained earnings.
The account balances for a company are listed below. All balances are as of Dec. 31, 2017, except where noted otherwise
Accounts Payable $7,200 Rent Expense $2,100
Accounts Receivable 8,400 Equipment 74,500
Salaries Payable 5,600 Furniture 16,600
Notes Payable (due 12/31/19) 20,900 Depreciation Expense 4,000
Dividends 3,000 Accumulated Depreciation 10,000
Sales Revenue 139,500 Cash 14,000
Notes Payable (due 4/30/18) 2,500 Common Stock ???
Cost of Goods Sold 60,900 Trademark 8,000
Loss of Sale of Equipment 4,500 Retained Earnings (1/1/17) 56,200
Inventory 19,800 Marketable Equity Securities 300
Interest Expense 9,750 Gain on Sale of Building 2,450
Salary Expense 30,450 Prepaid Insurance Expense 500
Unearned Revenue 3,800 Copyright 6,000
Determine the common stock balance as of Dec. 31, 2017:
A. $20,650
B. $14,650
C. $2,850
D. $11,350
E. $17,150
A. $41,550
B. $42,050
C. $36,050
D. $30,250
E. $32,300
Solution :
Normal Debit balance Normal Credit balance
Asset Liabilities
Contra liability equity
expenses Contra asset
loss Revenues
Contra equity Gains
Now working on the Trial balance :
Classification Accounts Debit Credit
Asset Accounts receivable 8400
Asset Inventory 19800
Asset Equipment 74500
Asset Furniture 16600
Asset Cash 14000
Asset Trademark 8000
Asset Marketable equity securities 300
Asset Prepaid insurance expense 500
Asset Copyright 6000
Contra Asset Accumulated 10,000
Contra equity Dividends 3000
Equity Retained earnings 56200
Expense Cost of goods sold 60900
Expense Interest expense 9750
Expense Salary expense 30450
Expense rent expense 2100
Expense Depreciation expense 4000
Gain Gain on sale of building 2450
Liability Accounts payable 7200
Liability Salaries payable 5600
Liability Notes payable (due 12/31/19) 20900
Liability Notes payable (due 04/30/18) 2500
Liability Unearned revenue 3800
Loss Loss of sale of equipment 4500
Revenue Sales revenue 139500
Total $ 262,800 $ 248,150
Difference = common stock $ 14,650
Therefore the common stock on 31st of December 2017 = $ 14,650
Problem 9-41 (LO. 5)
Elijah, who is single, is employed as a full-time high school teacher. The school district where he works recently instituted a policy requiring all of its teachers to start working on a master's degree. Pursuant to this new rule, Elijah spent most of the summer of 2017 taking graduate courses at an out-of-town university. His MAGI is $64,000 and expenses are as follows:
Tuition $6,600
Books and course materials 1,500
Lodging 1,700
Meals 2,200
Laundry and dry cleaning 200
Campus parking 300
In addition, Elijah drove his personal automobile 2,200 miles in connection with the education. He uses the automatic mileage method.
Click here to access Exhibit 9.1. Assume that the AGI limitations of § 222 are not exceeded.
a. Which of these expenses, if any, might qualify as deductions for AGI? Select "Yes" or "No" whichever is applicable.
Tuition (subject to limitation) Yes
Lodging No
Auto mileage No
Campus parking No
Books and course materials No
Laundry and dry cleaning No
Meals (subject to 50% limit) No
How much, if any, of these expenses might qualify as deductions for AGI? 4000
b. How much of these expenses might qualify as deductions from AGI? (Assume the amount from Part a is claimed.)
Answer:
A. Tuition
$4,000
B. $8,665
Explanation:
a. Based on the information given the expenses, that might qualify as deductions for AGI which is fully known as ADJUSTED GROSS INCOME is TUITION.
Calculation to determine how much of these expenses might qualify as deductions for AG1
Based on the information given How much of these expenses might qualify as deductions for AGI (ADJUSTED GROSS INCOME) is $4,000 reason been that ADJUSTED GROSS INCOME limitation of section 222 did not exceed the amount of $65,000 for unmarried return as well as the amount of $130,000 for a joint return) which means that since Elijah spent the amount of $6,600 on his tuition, the section 222 deduction for Elijah ADJUSTED GROSS INCOME will be limited to the amount of $4,000
b. Calculation to determine How much of these expenses might qualify as deductions from AG1
Tuition $2,600
($6,600 − $4,000)
Add Books and course materials $1,500
Add Lodging $1,700
Add Meals $1,100
($2,200 × 50% cutback adjustment)
Add Laundry and dry cleaning $200
Add Campus parking $300
Add Auto mileage $1,265
(2,200 miles × $.575)
Total deduction from AGI $8,665
($2,600+$1,500+$1,700+$1,100+$200+$300+ $1,265)
Therefore How much of these expenses might qualify as deductions from AGI Assuming the amount from Part a is claimed will be $8,665
how to find routing number for direct express debit card
Answer:
Unlike other prepaid debit cards, Direct Express does not display the routing number and account number for cardholders to see. In other words, Direct Express doesn't make routing or account numbers publicly available for their cards.
The routing number for Direct Express Debit Card can be found in three ways:
Check your Direct Express Debit CardLook at your Direct Express StatementCall Direct Express Customer ServiceYou can find the routing number on the bottom left-hand side of your Direct Express Debit Card. The first nine digits of your Debit Card number is your Direct Express Routing Number.
You can find your Direct Express routing number at the bottom of your Direct Express statement. The routing number will appear first followed by the account number.
You can call Direct Express customer service to get your routing number. The customer service representative will ask you to provide the last four digits of your Social Security number for verification purposes.
Learn more about debit card here:
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The primary purpose of accounting is to
A. report financial information
B. generate company profits
C. keep financial records
D. stop fraud and neglect
Answer:
C. keep financial records
The following is a condensed version of the comparative balance sheets for Sweet Corporation for the last two years at December 31.
2020 2019
Cash $274,350 $120,900
Accounts receivable 279,000 286,750
Investments 80,600 114,700
Equipment 461,900 372,000
Accumulated Depreciation-Equipment (164,300 ) (137,950 )
Current liabilities 207,700 234,050
Common stock 248,000 248,000
Retained earnings 475,850 274,350
Additional information:
Investments were sold at a loss of $22,000; no equipment was sold; cash dividends paid were $66,000; and net income was $352,000.
Required:
a. Prepare a statement of cash flows for 2020 for Shira Corporation.
b. Determine Shira Corporation’s free cash flow.
Answer:
Cash flow from operating activities
Net income $352,000
Adjustment to reconcile net income to
net Cash flow from operating activities
Depreciation expense $26,350
Loss on investment sold $15,500
Decrease account receivable $7,750
Decrease current liabilities -$26,350
Net cash flow from operating activities $348,250
Cash flow from investing activities
Sale of investment $12,100
Purchase of equipment -$89,900
Net cash used investing activities -$77,800
Cash flow from financing activities
Dividend paid -$66,000
Net cash used financing activities -$66,000
Net cash increase (decrease) $204,450
Beginning Cash $120,900
Ending Cash $325,350
Costs from Beginning Inventory Costs from Current Period
Direct materials $5,100 $25,200
Conversion costs $5,300 143,700
At the beginning of the period, there were 400 units in process that were 45% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,200 units were started and completed. Ending inventory contained 300 units that were 35% complete as to conversion costs and 100% complete as to materials costs. Assume that the company uses the FIFO cost flow method. The cost of completing a unit during the current period was:________
Answer:
$30.59
Explanation:
Note that the FIFO method is used for this question
Equivalent Units
Materials = 5,200 x 100 % + 300 x 100 % = 5,500
Conversion Costs = 400 x 55 % + 5,200 x 100 % + 300 x 35 % = 5,525
Total Costs
Materials = $25,200
Conversion Costs = $143,700
Cost per Equivalent unit
Materials = $25,200/5,500 = $4.58
Conversion Costs = $143,700/5,525 = $26.01
Total Cost = $4.58 + $26.01 = $30.59
Conclusion
The cost of completing a unit during the current period was $30.59
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation:
Cash and cash equivalents $6,900
Accounts receivable (net) 39,000
Inventory 79,000
Property, plant, and equipment (net) 215,000
Accounts payable 58,000
Salaries payable 19,000
Paid-in capital 195,000
The only asset not listed is short-term investments. The only liabilities not listed are $49,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.7:1.
Required:
Determine the following at December 31, 2021:
1. Total current assets
2. Short-term investments
3. Retained earnings
Answer:
1. $132,600
2. $7,700
3. $25,600
Explanation:
1. Calculation to determine Total current assets
First step is to calculate the Current liabilities using this formula
Current liabilities = salaries payable + accounts playable + accrued interest
Let plug in the formula
Current liabilities= 19000 + 58000 + 1000
Current liabilities= 78000
Now let calculate the Total current assets using this formula
Total current assets = current ratio * current liabilities
Let plug in the formula
Total current assets = 1.7* 78000
Total current assets = $132,600
Therefore Total current assets is $132,600
2. Calculation to determine Short-term investments
Using this formula
Short term investments = Current assets - [cash + accounts receivables + inventory]
Let plug in the formula
Short term investments = 132,600 - [6900 + 39,000 + 79,000]
Short term investments = $7,700
Therefore Short term investments will be $7,700
3. Calculation to determine the Retained earnings
Using this formula
Current assets + fixed assets = Current liabilities + Long term liabilities + paid in capital + retained earnings
Let plug in the
132,600 + 215,000 = 78,000 + 49,000 + 195,000 + Retained earnings
347,600 = 322,000 + retained earnings
Retained earnings = 347,600 - 322,000
Retained earnings = $25,600
Therefore Retained earnings will be $25,600
What is true about analyzing the budget?
Answer:
In business, budgets provide the organizing framework for financial planning and tools for controlling spending.
In large entities, the Budget Office Director and staff work with individual managers and others seeking funding approval. As a result, budget proposals conform to local policies. And, the entire proposal package aligns with group objectives.
Explanation:
I don't know if this is what you were looking for...
In Capital market there are issues of securities like
a.
Shares
b.
Treasury bills
c.
Promissory notes
d.
All the options are wrong
Answer:
C.Promissory notes
Explanation:
that is the issues of security
A _____ gives you a chance to express your appreciation to the interviewer for his or her time and interest.
follow-up letter
thank-you note
network connection
letter of application
Answer:
Thank you note
Explanation:
In wisely selecting a target market, positive attributes should include:
A. Psychographic, small size, many choices for consumers
B. Multiple competitors, large size, geographic proximity
C. Identifiable, divisible, accessible, with enough revenue potential
D. Enough revenue potential, diffuse targets, turbulent changes
Answer:
c
Explanation:
A target market can be described as a group of people that are particular good or service is aimed for.
For example, if you start producing a stethoscope, your target market would be doctors
Characteristic of a good target market include :
1. they are accessible : you are able to reach your potential clients and sell your product
2. they are defined : you know who your products are suited for
3. There would be enough demand for the good - they are interested in product being offered. they are likely to buy it .
the larger the size of the target market, the higher the revenue potential
If there are many competitors, it would lead to price wars and this would limit the amount of profit that can be earned.
Ramirez Corp. Balance Sheet December 31, 2018
Assets
Equities
Cash
$ 300,000
Accounts payable
$ 630,000
Accounts receivable (net)
1,950,000
Income taxes payable
189,000
Inventories
2,439,000
Miscellaneous accrued payables
225,000
Bonds payable (8%, due 2020)
1,875,000
Plant and equipment,
net of depreciation
1,983,000
Patents
261,000
Preferred stock ($100 par, 6%
cumulative nonparticipating)
750,000
Other intangible assets
75,000
Common stock (no par, 60,000
shares authorized, issued and
outstanding)
1,125,000
Total Assets
7,008,000
Retained Earnings
2,439,000
Treasury stockâ1,500 shares of
preferred
(225,000)
Total Equities
7,008,000
Ramirez Corp. Income Statement
Year Ended December 31, 2018
Net sales
$ 9,000,000
Cost of goods sold
6,000,000
Gross profit
3,000,000
Operating expenses (including bond interest expense)
1,500,000
Income before income taxes
1,500,000
Income tax
450,000
Net income
S 1,050,000
Additional information:
There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2018, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2018. Assume that preferred dividends for the current year have not been declared.
At December 31, 2018, the current ratio was
a. 2,250 / 630.
b. 6,675 / 819.
c. 4,689 / 819.
d. 4,689 / 1,044
The number of times interest was earned during 2018 was
a. 1,50 / 150.
b. 1,500 / 150.
c. 1,650 / 150.
d. 1,350 / 150.
At December 31, 2018, the book value per share of common stock was
a. $55.66.
b. $58.16.
c. $59.40.
d. $58.65.
The rate of return for 2018 based on the year-end common stockholders' equity was
a. 1,050 / 3,519.
b. 1,050 / 3,564.
c. 1,005 / 3,519.
d. 1,005 / 3,564.
Answer:
1. At December 31, 2018, the current ratio was
d. 4,689 / 1,044
2. The number of times interest was earned during 2018 was
c. 1,650 / 150.
3. At December 31, 2018, the book value per share of common stock was
c. $59.40.
4. The rate of return for 2018 based on the year-end common stockholders' equity was
d. 1,005 / 3,564.
Explanation:
a) Data and Calculations:
Ramirez Corp. Balance Sheet December 31, 2018
Assets Equities
Cash $ 300,000 Accounts payable $ 630,000
Accounts receivable (net) 1,950,000 Income taxes payable 189,000
Inventories 2,439,000 Misc. accrued payables 225,000
Current assets $4,689,000 Current liabilities $1,044,000
Bonds payable
Plant and equipment, (8%, due 2020) 1,875,000
net of depreciation 1,983,000 Preferred stock ($100 par, 6%
Patents 261,000 cumulative nonparticipating) 750,000
Other intangible assets 75,000 Common stock (no par, 60,000
shares authorized, issued and
outstanding) 1,125,000
Total Assets 7,008,000 Retained Earnings 2,439,000
Treasury stock 1,500 shares of
preferred (225,000)
Total Equities 7,008,000
Ramirez Corp. Income Statement
Year Ended December 31, 2018
Net sales $ 9,000,000
Cost of goods sold 6,000,000
Gross profit 3,000,000
Operating expenses (including
bond interest expense) 1,500,000
Income before
income taxes 1,500,000
Income tax 450,000
Net income $ 1,050,000
Current ratio = Current assets/Current liabilities
= 4,689 / 1,044
Times interest earned = EBIT/Interest Expense
= $1,500,000 + 150,000/$150,000
= 1,650 / 150.
Book value per share =
Book value = Total assets - liabilities + preferred stock
= $7,008,000 - $3,444,000
= $3,564,000/60,000
= $59.40
Net income after cumulative preferred dividend
Net income = $1,050,000
Cumulative dividend 45,000 ($750,000 * 6%)
Income for common
stockholders $1,005,000
Common equity = $3,564,000
Rate of Return on common equity = $1,005,000/$3,564,000
= 0.28
Pacific Packaging's ROE last year was only 6%; but its management has developed a new operating plan that calls for a debt-to-capital ratio of 40%, which will result in annual interest charges of $168,000. The firm has no plans to use preferred stock and total assets equal total invested capital. Management projects an EBIT of $356,000 on sales of $4,000,000, and it expects to have a total assets turnover ratio of 2.7. Under these conditions, the tax rate will be 35%. If the changes are made, what will be the company's return on equity? Do not round intermediate calculations. Round your answer to two decimal places._________%
Answer:
13.75%
Explanation:
Calculation for what will be the company's return on equity
First step
Asset Turnover Ratio= Net Sales / Total Assets ------(1)
Given Asset Turnover Ratio =2.7
=> 2.7 = 4,000,000/ Total Assets (from equation 1)
=>Total Assets = 1,481,481 ------(2)
Second step
ROE = Net Income / Equity
Net Income = (EBIT - Interest Charges) *(1-tax rate)
Net Income = (356,000 -168,000) *(1-35%)
Net Income = $122,200 --------(3)
Equity = Total Assets *(1-debt ratio)
Equity = 1,481,481*(1-0.4) = $888,889 --------(4)
From equation 3 and 4
ROE = Net Income / Equity
ROE= 122,200/888,889
ROE =0.1375*100
ROE=13.75%
Therefore ROE will be 13.75%
Information regarding the potential for a job opening is a _____.
job board
job lead
job offer
job description
Answer:
Your answer is "Job lead"
Where is Shengyren based
Answer:
Explanation:
Somewhere
PLEASE HELP ASAP!!
Be sure to use COMPLETE sentences when answering the following questions.
1. Compare the United States with the rest of the world, in land size, population and output of
goods and services.
2."One way to find out how our economy is doing is to compare output from year to year." What
does this statement mean?
Answer:
it means to calculate numbers of things exported
Veryclear Glassware is a new business owned by Samantha Peoples, the company president. Her first year of operation commenced on April 1, 2020.
EIN: 78-7654398
Address: 23051 Old Redwood Highway, Sebastopol, California 95482, phone 707-555-5555
Number of employees: 13
Wages, tips, and other compensation paid during second quarter 2018: $299,423
Income tax withheld from employees: $59,884.60
Social Security tax withheld from employees: $18,564.23
Medicare tax withheld from employees: $4,341.77
Monthly tax liability:
April $ 35,232.20
May 35,232.20
June 35,232.20
Required:
Complete the State of California Form DE-9.
Answer:
Veryclear Glassware
EIN: 78-7654398
Address: 23051 Old Redwood Highway, Sebastopol, California 95482, phone 707-555-5555
Number of employees: 13
State of California Form DE-9
Total wages paid to employees = $299,423.00
Taxes withheld from employees = $82,790.60
Total tax liability for the quarter = $105,696.60
Under-withheld taxes = $22,906.00
Explanation:
a) Data and Calculations:
Wages = $299,423
Income tax withheld from employees: $59,884.60
Social Security tax withheld from employees: $18,564.23
Medicare tax withheld from employees: $4,341.77
Total taxes withheld from employees = $82,790.60
Monthly tax liability:
April $ 35,232.20
May 35,232.20
June 35,232.20
Total tax liability = $105,696.60 $105,696.60
Taxes not withheld (due) $22,906.00
b) A reconciliation of the taxes withheld with the quarter's tax liability shows that $22,906 was still due to be paid to the state for employee taxes.
Which statements describe junction tables? Check all that apply.
They create orphaned data in tables.
They link two tables into a new table.
They create a one-to-one relationship.
They exclude all nonkey fields in a table.
They contain the primary key fields of two tables.
They connect tables with many-to-many relationships.
Answer:
B E F
Explanation:
They link two tables into a new table.
They contain the primary key fields of two tables.
They connect tables with many-to-many relationships.
Thus options B, E, and F are correct.
What are junction tables?The referential integrity values of the two you really want to relate are contained in a junction table. Finally, you establish a connection between the junction table's relevant columns that each of those rows' primary key columns.
To create a new panel, they join two existing ones. They include the fields for two tables' primary keys. Tables with very many relations are connected by them.
When there is an item that can be replicated over numerous new entries, such a birthday or a period, the junction table should indeed be utilized to get your facts to the smallest value of normalization possible. Therefore, option B, E, and F is the correct option.
Learn more about junction tables, Here:
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