Answer:
The debt is the total the U.S. government owes—the sums it borrowed to cover last year's deficit and all the deficits in years past.
Explanation:
(Externalities) Complete each of the following sentences: a. Resources for which periodic use can be continued indefinitely are known as ____________ resources. b. Resources that are available only in a fixed amount are ____________ resources. c. The possibility that an open-access resource is used until the net marginal value of additional use equals zero is known as the ____________.
Answer:
a. Renewable resources
b. Exhaustible resources
c. Common pool resources
Explanation:
a. Resources for which periodic use can be continued indefinitely are known as renewable resources. These refer to resources which can be reproduced and available over a period of time
b. Resources that are available only in a fixed amount are exhaustible resources. These refer to resources which are available at fixed quantity.
c. The possibility that an open-access resource is used until the net marginal value of additional use equals zero is known as the Common pool resources. These refer to renewable resources which can be accessible by everyone.
Ted, a used car dealer, entered into a written agreement to sell a car to Debra, a sixteen year old high school junior. The agreement provided that Ted would replace any defective parts for one year. Debra agreed to pay Ted $200 per month for three years (which she has done). The age of majority for the jurisdiction is eighteen. After six months, Debra's transmission fails but Ted refuses to replace it. If Debra (or a representative on her behalf) brings a lawsuit against Ted, it is more likely than not that the court will rule
Answer:
d. Debra will prevail, as Ted is bound to the contract
Explanation:
Options are "a. Ted will prevail because Debra was a minor when the contract was formed b. the contract is illegal c. the contract is void d. Debra will prevail, as Ted is bound to the contract"
The general rule is that a minor can enter into any contract an adult can, provided that the contract is not one prohibited by law for minors such as the sale of alcoholic beverages or tobacco. Debra is a minor (below age of 18) and she can honor the contract or make it Void. Since she did not make it Void the contract, Ted is bound to the contract as per the Contract Act. So, Debra can recover because Ted was bound to the agreement. Hence, the correct answer is Debra will prevail, as Ted is bound to the contract.
The correct option is d. Debra will prevail, as Ted is bound to the contract
Contract:Since Debra is a minor and she can honor the contract or make it Void. Since she did not make it Void the contract, Ted is responsible to the contract according to the Contract Act. So, Debra can recover because Ted was bound to the agreement.Therefore, the option d is correct.It is an incomplete question. Here is the rest of it
a. Ted will prevail because Debra was a minor when the contract was formed b. the contract is illegal c. the contract is void d. Debra will prevail, as Ted is bound to the contract"
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If you own a business, the loan payment, rent, and your salary are examples of "
Conduct the necessary research to develop the policy using the library and the Internet. Some things that you need to keep in mind while developing this comprehensive policy are the links to the acceptable use policy (AUP), business ethics, and compliance policies. Specific technology issues should include the following: IT domain controls Administrative controls Operational controls Technical controls
Answer:
Not using service if part of law is violated.
Cease of account in case of rules break attempt.
Limit the access according to the designation of employees.
Explanation:
Acceptable use policy is the document which lists the terms and conditions which needs to be agreed to access the corporate network. The AUP included set of rules which must be agreed in order to access the network by user. The documents can includes rules regarding the administrative controls, operational controls and technical controls.
milk is a heterogeneous mixture how?
Answer:
it gives you white particulates so it is a heterogeneous mixture
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March—Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March. What is company's predetermined overhead rate? How much manufacture overhead was applied to Job P and Job Q? What is the direct labor hourly wage rate? If Job P includes 20 units, what is its unit product cost? What is the total amount of manufacture cost assigned to Job Q as of the end of march (including applied overhead)? Assume the ending raw material inventory is $1,000 and the company does not use and indirect materials. Prepare then journal entries to record raw materials purchases and the issuance of direct materials for use in production. Assume that the company does not use any indirect labor. Prepare the journal entry to record the direct labor costs added to production. Prepare the journal entry to apply manufacture overhead costs to production. Assume the ending raw material inventory is $1,000 and the company does not use any indirect materials. Prepare a schedule of cost of goods manufactured. Prepare the journal entry to transfer costs from Work in Process to Finished Goods. Prepare a completed work in process T-account including the beginning and ending balance and all debits and credits posted to the account. Prepare a schedule of cost of goods sold. Prepare the journal entry to transfer costs from Finished Goods to Cost of Goods Sold. What is the amount of underapplied or overapplied overhead. Prepare the journal entry to close the amount of underapplied or overapplied overhead to Cost of Goods Sold. Assume that job P includes 20 units that each sell for $3,000 and that the companys selling and administrative expense is March were $14,000. Prepare an absorption costing income statement for March.
Estimated total fixed manufacture over head $10,000
Estimated variable manufacture overhead per direct labor hour $1.00
Estimated total direct labour hours to be worked 2,000
Total Manufacturing overhead costs incurred $12,500
Job P /Job Q
Direct Material $13,000 /$8,000
Direct Labor Cost $21,000 /$7,500
Actual Direct Labor-hours worked 1,400 /500
Answer:
Sweeten Company
1. Predetermined overhead rate is:
= $6.00 per DLH
2. Manufacturing overhead applied to Job P and Job Q:
Job P Job Q
= $8,400 $3,000
3. The direct labor hourly wage rate:
= $15 per DLH
4. If Job P includes 20 units, its unit product cost is:
= $2,120
5. The total amount of manufacturing cost assigned to Job Q as of the end of March (including applied overhead):
= $3,000
6. Assuming the ending Raw Material Inventory = $1,000, Journal Entries to record Raw Materials Purchases and the Issuance of Direct Materials for use in production:
Debit Raw Materials Inventory $22,000
Credit Accounts Payable/Cash $22,000
To record the purchase of raw materials.
Debit Work in Process $21,000
(Job P $13,000
Job Q $8,000)
Credit Raw Materials Inventory $21,000
To record the issuance of raw materials to Work in Process.
7. Assuming no indirect labor, Journal Entry to record the direct labor costs added to production:
Debit Job P $21,000
Debit Job Q $7,500
Credit Factory Wages $28,500
To record direct labor costs to production.
8. Journal Entry to apply manufacturing overhead costs to production:
Debit Job P $8,400
Debit Job Q $3,000
Credit Manufacturing overhead $11,400
To apply manufacturing overhead costs to production.
9. Assuming the ending raw material inventory is $1,000, A Schedule of Cost of Goods Manufactured:
Job P
Direct Material $13,000
Direct Labor Cost 21,000
Manufacturing Overhead applied 8,400
Total cost of goods manufactured $42,400
10. Journal entry to transfer costs from Work in Process to Finished Goods:
Debit Finished Goods Inventory $42,400
Credit Work in Process: Job P $42,400
To transfer costs from WIP to Finished Goods.
11. Work in Process T-account with beginning and ending balance
Work in Process
Account Titles Debit Credit
Beginning balance $0
Direct Material $21,000
Direct Labor Cost 28,500
Manufacturing overhead 11,400
Finished Goods Inventory $42,400
Balance 18,500
Totals $60,900 $60,900
12. A Schedule of Cost of Goods Sold:
Unit of Goods Sold = 20
Unit cost = $2,120
Cost of goods sold = $42,400
13. Journal Entry to transfer costs from Finished Goods to Cost of Goods Sold:
Debit Cost of Goods Sold $42,400
Credit Finished Goods Sold $42,400
To transfer costs from Finished Goods to Cost of Goods Sold.
14. The amount of underapplied or overapplied overhead:
= $1,100
15. Journal Entry to close the amount of underapplied or overapplied overhead to Cost of Goods Sold:
Debit Cost of Goods Sold $1,110
Credit Manufacturing Overhead $1,110
To close the amount of underapplied overhead to Cost of Goods Sold.
16. Assuming Job P includes 20 units that each sell for $3,000 and that the company's selling and administrative expense is March were $14,000, Absorption Costing Income Statement for March:
Sales Revenue $60,000
Cost of Goods Sold 43,500
Gross profit $16,500
Selling and
Administrative
Expense 14,000
Net Income $2,500
Explanation:
a) Data and Calculations:
Predetermined overhead rate is based on direct labor hours
Estimated total fixed manufacturing overhead $10,000
Estimated variable manufacturing overhead per direct labor hour $1.00
Estimated total direct labour hours to be worked 2,000
Total Manufacturing overhead costs incurred $12,500
Job P Job Q Total Cost
Direct Material $13,000 $8,000 $21,000
Direct Labor Cost $21,000 $7,500 28,500
Actual Direct Labor-hours worked 1,400 500
Applied manufacturing overhead 1,400 * $6 500 * $6
= $8,400 $3,000 $11,400
Total $60,900
Predetermined overhead rate = $10,00/2,000 = $5 + $1 = $6
Direct labor wage rate = $21,000/1,400 = $15 per DLH
Unit Cost of Job P if 20 units:
Direct Material $13,000
Direct Labor Cost $21,000
Manufacturing overhead $8,400
Total costs = $42,400
Unit cost = $42,400/20 = $2,120
Raw materials used in production = $21,000
Ending raw materials 1,000
Purchase of raw materials $22,000
Underapplied or Overapplied Overhead:
Actual manufacturing overhead incurred = $12,500
Manufacturing overhead applied 11,400
Underapplied overhead = $1,100
Sales Revenue = $3,000 * 20 = $60,000
writing in a business environment differs from other types of writing. in professional settings, written messages and oral presentations should be purposeful, economical, and audience oriented. identify the correct business writing objective for the following description. identify the problem you are trying to solve or the information you are trying to convey, and then develop a strategy to address that need. purposeful audience oriented persuasive economical
Answer:
The correct business writing objective for the given description is:
Purposeful
Explanation:
To be purposeful is to ensure that a business communication conveys the required information, solves the identified problems, and remains relevant in both context and tune. The other business writing objectives include being persuasive, economical and audience-oriented. To be persuasive, a business writing must ensure that the audience believes and accepts the message. To be economical requires the presentation of clear, concise, and efficient messages, devoid of ambiguity. Finally, audience-orientation requires the demonstration of audience-perspective.
College students often borrow money to attend school. Generally, the plan is to pay loans back through future earnings. In this way, capital markets and labor markets are intimately connected. Assume that the market for education and the market for college educated labor are perfectly competitive. Show what happens to the market for education, and the market for college educated labor if the government increases the number of very low interest loans.
who gains and who loses by this policy?
Producers of Schooling- gain or lose
college graduates - gain or lose
consumers of education (without loans)- gain or lose
Employers of college graduates- gain or lose
Answer: See Explanation
Explanation:
Based on the information provided in the question, the people who gain will be:
1. Producers of Schooling - Since the college students often borrow money to attend school, this ultimately means that there'll be an increase in the number of students who wants to go to college. This is beneficial to the producers of schooling as they'll get more students and make more revenue.
2. Employers of college graduates- Since the college students often borrow money to attend school, this ultimately means that there'll be an increase in the supply of labor. Since there is an increase, there will be a reduction in the wage rate as supply of labor will be more than the demand.
The losers will be:
1. College graduates - They are losers because they'll get a lower pay due to the rise in the number of people that'll graduate from college.
2. Consumers of education (without loans)- They're also losers as there'll be an increase in supply of labor and decrease in wage rate offered.
2.
Fergie has the choice between investing in a State of New York bond at 9.2 percent and a Surething bond at 8.5 percent. Assuming that both bonds have the same nontax characteristics and that Fergie has a 30 percent marginal tax rate, in which bond should she invest?
Answer:
Explanation:
State of New York's
During your presentation, you realize that you are talking too fast. This is a
problem of
O Content challenges
Organizational challenges
Presentation skills challenges
Answer:
Presentation skills challenges
Explanation:
Presentation can be defined as an act of talking or speaking formally to an audience in order to explain an idea, piece of work, project, and product with the aid of multimedia resources or samples.
Basically, any speaker who wish to create an effective presentation should endeavor to interact frequently with the audience by holding a conversation.
This ultimately implies that, to create an effective presentation, speakers are saddled with the responsibility of interacting more often with the audience by taking questions, making a joke, getting them to repeat informations loud at intervals etc.
If during your presentation, you realize that you are talking too fast. This is a problem of presentation skills challenges.
Hence, speakers are advised to be passionate and show enthusiasm during their presentation because it would enhance their ability to speak confidently and as such leading to an engaging presentation.
Suppose a manager starts an affirmative action program to increase opportunities for minority advancement and then clearly and convincingly communicates the objectives of the program to all employees. By doing this, the manager gains their support and participation. The manager is engaged in which management function
Answer:
Leading
Explanation:
Management Function is defined as a Management process that entails planning, organising, staffing, leading and controlling of the financial,human, resource e.t.c of organisation's to achieve the stated organizational goals.
Leading as a management function is simply an organizatioal head or leaders use power to influence behaviour and others to do things they usually do. Followers tend to do things willingly and voluntarily more often when being headed or lead well. Examples include:Talking to the employees, caring about them and getting feedbacks from them while working and also inspiring others and also being inspired at the same time.
Assume that a hypothetical economy with an MPC of 0.75 is experiencing a severe recession. Instructions: In part a, round your answers to 1 decimal place. Enter your answers as a positive number. In part b, enter your answers as a whole number. a. By how much would government spending have to rise to shift the aggregate demand curve rightward by $25 billion
Answer:
$6.25 billion
Explanation:
Calculation for how much would government spending have to rise
First step is to calculate the spending multiplier using this formula
Spending multiplier=1/(1-MPC)
Let plug in the formula
Spending multiplier=1/(1-0.75)
Spending multiplier=4
Now let calculate how much would government spending have to rise
Using this formula
Increase in government spending =Change in GDP/Spending multiplier
Let plug in the formula
Increase in government spending=$25 billion/4
Increase in government spending=$6.25 billion
Therefore how much would government spending have to rise will be $6.25 billion
In 2013, Natural Selection, a nationwide computer dating service, had $500 million of assets and $200 million of liabilities. Earnings before interest and taxes were $120 million, interest expense was $28 million, the tax rate was 40%, principal repayment requirements were $24 million, and annual dividends were 30 cents per share on 20 million shares outstanding.
a) Calculate the following for Natural Selection:
1) Liabilities-to-equity ratio
2) Times-interest-earned ratio
3) Times burden covered
b) What percentage decline in earnings before interest and taxes could Natural Selection have sustained before failing to cover:
1) Interest payment requirements?
2) Principal and interest requirements?
3) Principal, interest, and common dividend payments?
Answer and Explanation:
The computation is shown below:
a) Liabilities to equity ratio is
= $200 ÷ ($500 - $200)
= 0.667
Times interest earned ratio is
= EBIT ÷ Interest expense
= $120 ÷ $28
= 4.285
Times burden covered is
= EBIT ÷ (Interest +Principal repayment ÷ ( 1 -tax rate))
= 120 ÷ (28+24 ÷ (1-0.4))
= 1.764
b)
Interest paying requirements
= ($128 - $20) ÷ 120
= 76.7%
Principal and interest requirements
= [$120 - ($28 + $24 ÷ (1-0.4))] ÷ 120
= 0.433 or 43.3%
Principal, Interest and Common dividend payments -
= [$120 - ($28 + (($24 + 0.3 × 20) ÷ (1 - 0.4))] ÷ 120
= 0.35 or 35%
Your grandfather has offered you a choice of one of the three following alternatives: $14,000 now; $7,250 a year for ten years; or $96,000 at the end of ten years. Use Appendix B and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. a-1. Assuming you could earn 6 percent annually, compute the present value of each alternative:
Answer:
Hi how are you doing today Jasmine
Which report do you produce to see total sales for the company?
Quigley Inc. is considering two financial plans for the coming year. Management expects sales to be $300,000, operating costs to be $265,000, assets (which is equal to its total invested capital) to be $200,000, and its tax rate to be 35%. Under Plan A it would finance the firm using 25% debt and 75% common equity. The interest rate on the debt would be 8.8%,but under a contract with existing bondholders the TIE ratio would have to be maintained at or above 5.0. Under Plan B, the maximum debt that met the TIE constraint would be employed. Assuming that sales, operating costs, assets, total invested capital, the interest rate,and the tax rate would all remain constant, by how much would the ROE change in response to the change in the capital structure
Answer:
%Change in ROE = 1.85%
Hence, The ROE change in response to the change in the capital structure will be 1.85%
Explanation:
Data Given:
Sales = 300,000
Operating Cost = 265,000
EBIT = Earnings Before Interests and Taxes = Sales - Operating Costs
EBIT = 300,000 - 265,000
EBIT = 35000
So,
For PLAN A, we have TIE = 5
We know that,
TIE = EBIT/Interest
Interest = EBIT/TIE
Interest = 35000/5
Interest = 7000
Now, we need to find out the maximum amount of Debt:
Maximum amount of debt = Interest/Rate of Interest
We know that,
Rate of Interest = 8.8%
Interest = 7000
So,
Maximum amount of debt = 7000/0.088
Maximum amount of debt = 79,545.45
For PLAN A:
Assets = 200,000
Debt (25%) = 50,000
Equity (75%) = 150,000
Interest Rate = 8.8%
For PLAN B:
Assets = 200,000
Debt (25%) = 79,545.45
Equity (75%) = 120,454.54 (200,000 - 79545.45)
Interest Rate = 8.8%
Income Statement:
For Plan A:
Sales = 300,000
Operating Cost = 265,000
EBIT = 35000
Interest = 4400 (50,000 x 8.8%)
EBT = 30,600 (35000 - 4400)
Tax (35%) = 10710 (35% x 30,600)
Net Income After Tax = 19890
Similarly, For Plan B:
Sales = 300,000
Operating Cost = 265,000
EBIT = 35000
Interest = 7000 (79,545.45 x 8.8%)
EBT = 28,000 (35000 - 4400)
Tax (35%) = 9800 (35% x 28000)
Net Income After Tax = 18200
ROE = Net income / Equity
ROE For Plan A = 19890/ 150,000 x 100
ROE for Plan A = 13.26 %
Similarly,
ROE for Plan B = Net income / Equity
ROE for Plan B = 18200/ 120,454.54
ROE for Plan B = 15.109%
%Change in ROE = 15.11% - 13.26%
%Change in ROE = 1.85%
Hence, The ROE change in response to the change in the capital structure will be 1.85%
The ROE change in response to the change in the capital structure is 1.85%.
Return on equityEBIT = Earnings Before Interests and Taxes = Sales - Operating Costs
EBIT = 300,000 - 265,000
EBIT = 35000
TIE = EBIT/Interest
Interest = EBIT/TIE
Interest = 35000/5
Interest = 7000
Maximum amount of Debt:
Maximum amount of debt = Interest/Rate of Interest
Maximum amount of debt = 7000/0.088
Maximum amount of debt = 79,545.45
PLAN A
Assets = 200,000
Debt=(25%×200,000)
Debt = 50,000
Equity=(75%×200,000)
Equity= 150,000
PLAN B:
Assets = 200,000
Debt = 79,545.45
Equity= (200,000 - 79545.45)
Equity=120,454.54
Income Statement for Plan A:
Sales 300,000
Operating cost 265,000
EBIT 35,000
(300,000-265,000)
Earning before tax 30,600
[35,000-(50,000 x 8.8%)]
Tax 10,710
( 35% x 30,600)
Net income after tax 19890
(30,600-10,710)
Income statement for Plan B
Sales 300,000
Operating cost 265,000
EBIT 35,000
(300,000-265,000)
Earning before tax 28,000
[35,000- (79,545.45 x 8.8%)]
Tax 9,800
( 35% x 28,000)
Net income after tax 18,200
(28,000-9,800)
PLAN A ROE
ROE = Net income / Equity
ROE = 19890/ 150,000 x 100
ROE = 13.26 %
PLAN B ROE
ROE = Net income / Equity
ROE= 18200/ 120,454.54
ROE = 15.109%
Percentage Change in ROE
Percentage Change = 15.11% - 13.26%
Percentage Change = 1.85%
Inconclusion the ROE change in response to the change in the capital structure is 1.85%.
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"London Ceramics makes custom ceramic tiles. During March, the company started and finished Job #266. Job #266 consists of 2800 tiles; each tile sells for $13.00. The company's records show the following direct materials were requisitioned for Job #266. LOADING...(Click the icon to view additional information.) Sierra Ceramics allocates manufacturing overhead at a rate of $30 per direct labor hour. What is the gross profit per tile on Job #266?"
Answer:
Answer is explained in the explanation section below.
Explanation:
Note: The additional information which it discussed in the question is missing and without the information, it can be solved. However, I have found similar question on the internet and will be using its data to solve this question.
Tiles Completed = 2800
Each Tile sells for = $13
Here, we are required to find the gross profit per tile on job #266.
Formula for Gross Profit = Selling price of single tile - Job cost per unit.
But here, we don't know the job cost per unit and for that, we need that additional information which is missing. So, I will using following data for the sake of understanding and concept of the problem.
Direct Materials:
Basic Terra Cotta tiles cost = $10,000
Specialty Paint = $35
High Gloss Gaze = $48
Total Direct Materials Cost = $10,000 + $35 +$48 = $10,083
Direct Labor:
Cooper cost = $450
Kline cost = $300
Total Labor Cost = $750
Manufacturing Overhead = 38 hours x $27 = $1026
Total Job Cost = $11859
Number of Tiles = 2800
So,
Job Cost per unit = Total Job Cost / Number of Units
Job Cost per unit = $11859/ 2800
Job Cost per unit = $4.23
Now, we can calculate the required gross profit per tile on Job #266.
Formula for Gross Profit per tile = Selling price of single tile - Job cost per unit.
Gross Profit per tile = $13 - $4.23
Gross Profit per tile = $8.77 per tile
The Great Giant Corp. has a management contract with its newly hired president. The contract requires a lump sum payment of $25,400,000 be paid to the president upon the completion of her first 8 years of service. The company wants to set aside an equal amount of funds each year to cover this anticipated cash outflow. The company can earn 7 percent on these funds. How much must the company set aside each year for this purpose?
Answer:
The Great Giant Corp.
The Corporation must set aside the sum of $2,475,681.17 in order to achieve $25,400,000 in 8 years at an interest rate of 7%.
Explanation:
a) Data and Calculations:
Future value = $25,400,000
No. of periods = 8 years
Interest rate = 7%
Therefore, annual amount that must be set aside is $2,475,681.17.
Schedule of Payments into the Fund:
Period Present Value Annual Payment Interest Future Value
1 $0.00 $-2,475,681.17 $0.00 $2,475,681.17
2 $-2,475,681.17 $-2,475,681.17 $-173,297.68 $5,124,660.02
3 $-5,124,660.02 $-2,475,681.17 $-358,726.20 $7,959,067.38
4 $-7,959,067.38 $-2,475,681.17 $-557,134.72 $10,991,883.27
5 $-10,991,883.27 $-2,475,681.17 $-769,431.83 $14,236,996.26
6 $-14,236,996.26 $-2,475,681.17 $-996,589.74 $17,709,267.17
7 $-17,709,267.17 $-2,475,681.17 $-1,239,648.70 $21,424,597.04
8 $-21,424,597.04 $-2,475,681.17 $-1,499,721.79 $25,400,000.00
Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2014. On June 30, Martinez declared and paid a $75,000 cash dividend. On December 31, Martinez reported net income of $122,000 for the year. At December 31, the market price of Martinez Fashion was $15 per share. The securities are classified as available-for-sale. Situation 2 Monica, Inc. obtained significant influence over Seles Corporation by buying 30% of Seles’s 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2014. On June 15, Seles declared and paid a cash dividend of $36,000. On December 31, Seles reported a net income of $85,000 for the year.
Answer:
1. 18-03
Dr Investment in AFS $2,60,000
Cr Cash $2,60,000
30-06
Dr Cash $7,500
Cr Dividend Revenue $7,500
31-12
Dr Securities Fair value Adjustment $40,000
Cr Unrealized Holding Gain $40,000
2. 01/01
Dr Investment in S Corp $81,000
Cr Cash $81,000
15/06
Dr Cash $10,800
Cr Investment in S Corp $10,800
31/12
Dr Investment in S Corp $25,500
Cr Revenue from Investment $25,500
Explanation:
1. Preparation of the journal entries
18-03
Dr Investment in AFS $2,60,000
(200000*10%*13)
Cr Cash $2,60,000
(Being to Record investment made)
30-06
Dr Cash $7,500
(75000*10%)
Cr Dividend Revenue $7,500
(Being to Record Dividend Earned)
31-12
Dr Securities Fair value Adjustment $40,000
Cr Unrealized Holding Gain $40,000
( 20000*2)
(Being To Record Investment at Fair Value )
2. Preparation of Journal Entries
01/01
Dr Investment in S Corp $81,000
(30000*30%*9)
Cr Cash $81,000
(Being to Record investment made)
15/06
Dr Cash $10,800
(36000*30%)
Cr Investment in S Corp $10,800
(Being To Record Dividend Earned)
31/12
Dr Investment in S Corp $25,500
(85000*30%)
Cr Revenue from Investment $25,500
(Being To Record Income earned)
Your friend Alice is a full-time college student, earned $4,000 working at the campus bookstore over two semesters last calendar year, and also got a part-time job as a cashier in February, earning $9,500. Alice knows that you have been learning about taxes in your personal finance lessons and asks you, “Do I need to file taxes this year? If I do, what is the process like?”
Single, under the age of 65 and not older or blind, you must file your taxes if: Unearned income was more than $1,050. Earned income was more than $12,000. Gross income was more than the larger of $1,050 or on earned income up to $11,650 plus $350.
Sorry, I can not answer the second part to the question sorry.
Kristin Company sells 300 units of its products for $20 each to Logan Inc. for cash. Kristin allows Logan to return any unused product within 30 days and receive a full refund. The cost of each product is $12. To determine the transaction price, Kristin decides that the approach that is most predictive of the amount of consideration to which it will be entitled is the probability-weighted amount. Using the probability-weighted amount, Kristin estimates that (1) 10 products will be returned and (2) the returned products are expected to be resold at a profit.
(a) Indicate the amount of Net sales. Net sales _______ $
(b) Indicate the amount of estimated liability for refunds. Liability for Refunds ______ $
(c) Indicate the amount of cost of goods sold that Kristin should report in its financial statements (assume that nonee of the products have been returned at the financial statement date). Cost of Goods Sold ________ $
Answer: See explanation
Explanation:
(a) Indicate the amount of Net sales.
This will be the number of units sold by the company after 10 products returned have been deducted. We then multiply the answer by $20.
= (300 units - 10 units ) × $20
= 290 units × $20
Net sales = $5800
(b) Indicate the amount of estimated liability for refunds.
This will be the cost of the products that are expected to be returned. This will be:
= 10 units × $20 each
= $200
(c) Indicate the amount of cost of goods sold that Kristin should report in its financial statements.
This will be:
= (300 units - 10 Units returned) × $12
= 290 units × $12
= $3480
Which of the following is the most accurate statement about the globalization of markets?
Answer:
many U.S. companies with famous brands are now controlled by global enterprises. U.S. businesses and those of other countries are seeking to expand around the world for many reasons.
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:
Timber rights on a tract of land were purchased for $1,600,000 on February 22. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,100,000 board feet of timber were cut and sold.
On December 31, the company determined that $3,750,000 of goodwill was impaired.
Governmental and legal costs of $6,600,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for three-fourths of a year.
Required:
1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. Do not round your intermediate calculations.
Item Impairment, Amortization or Depletion Expense
a. $
b. $
c. $
Hide
2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item.
Solution:
Given :
Timber rights were purchased for = $1,600,000
The stand of the timber is = 5,000,000 board feet
Goodwill impaired by the company = $3,750,000
Timber cut and sold during current year = 1,100,000 board feet
Government legal cost = $6,600,000
Therefore the amount of amortization , depletion and the impairment of the current year for each foregoing item are :
1.
Item Impairment, Amortization or the depletion
a). $ 352,000
b). $ 3,750,000
c). $ 412,500
2. Jornalizing the entries that required to record the depletion, amortization or the impairment of each of the items are :
a). The depletion expense = $ 352,000
Accumulated expense = $ 352,000
b). Loss from the impaired goodwill = $3,750,000
The goodwill = $3,750,000
c). Amortization expenses patent= $412500
Patent = $412500
What are the limitations and constraints that this form of business has on the operations of the Green Bay Packers?
Answer:
Green Bay Packers
The limitations and constraints of a not-for-profit association are:
1. Unlimited liability of the club members: This means that the members could be exposed to personal financial liability arising from their membership of the club. When the club is unable to meet its debt obligations, individual members will be held liable for the remaining debts.
2. An unincorporated association is subject to liquidation at the slightest event. In the event of the members' death, the association will not be able to continue.
3. A unincorporated not-for-profit organization may not be able to attain credibility as much as an incorporated organization. This disadvantage limits its ability to raise external finance.
Explanation:
The Green Bay Packers is a football club under the NFL. It is a not-for-profit association. Therefore, members do not enjoy the benefits arising from limited liability.
Suppose scalpers buy 8,000 tickets and resell them for $100 each. How much profit do the scalpers earn?
Answer: See Explanation
Explanation:
Your question isn't complete but let me help out. Let's assume that Scalpers bought the tickets for $90 each. To find profit, the formula to use is:
= Total revenue - Total cost
Total revenue will be:
= 8000 × $100
= $800,000
Total cost will be:
= 8000 × $90
= $720,000
Profit = Total Revenue - Total cost
= $800,000 - $720,000
= $80,000
Therefore, profit will be $80,000.
The amount of money in a savings account is an example of which of the following?
a. investment asset
b. liquid asset
c. long term asset
d. use asset
Please select the best answer from the choices provided
Correct answer is B.
Answer:
liquid asset is the correct answer is B
Barriers to effective communication and how to overcome
Answer:
Clarify the Ideas before Communication: ...
Communicate According to the Need of Receiver: ...
Consult others before Communicating: ...
Be aware of Language, Tone and Content of Message: ...
Convey Things of Help and Value to Listeners: ...
Ensure Proper Feedback: ...
Communicate for Present as well as Future: ...
Follow up Communications:
Explanation:
what will cause demand to change?
At December 31, 2021, Crane Imports reported this information on its balance sheet. Accounts receivable $637,000 Less: Allowance for doubtful accounts 35,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,060,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,760,000 4. Write-offs of accounts receivable deemed uncollectible 42,000 5. Recovery of bad debts previously written off as uncollectible 15,000 (a) Prepare the journal entries to record each of these five transactions
Answer:
Crane Imports
Journal Entries:
1. Debit Accounts Receivable $3,060,000
Credit Sales Revenue $3,060,000
To record the sales on account.
2. Debit Sales Returns and Allowances $50,000
Credit Accounts Receivable $50,000
To record sales returns and allowances.
3. Debit Cash $2,760,000
Credit Accounts Receivable $2,760,000
To record cash collections from customers.
4. Debit Uncollectible Expenses $42,000
Credit Allowance for Doubtful Accounts $42,000
To record uncollectible accounts.
5. Debit Accounts Receivable $15,000
Credit Uncollectible Expenses $15,000
To reinstate a previously written bad debt.
Debit Cash $15,000
Credit Accounts Receivable $15,000
To record the receipt of cash on account.
Explanation:
a) Data and Calculations:
Accounts receivable $637,000
Less: Allowance for doubtful accounts 35,000
Balance = $602,000
b) Journal entries are used to initially record business transactions as they occur on a daily basis. They identify the accounts to be debited and credited. They form the basis for the postings to the general ledger where accounts are summarized according to their account titles.
Koby, age 16, works after school at FastFood from 4 p.m. until 11 p.m. On Friday night, the restaurant manager sees that Koby is exhausted, but insists that he remain until 4:30 a.m., cleaning up, then demands that he work Saturday morning from 8 a.m. until 4 p.m. On Saturday afternoon, as Koby drives home, he falls asleep at the wheel and causes a fatal car accident. Should FastFood be liable
Answer:
Hi how are you doing today Jasmine