Many radiologic laboratories utilize hybrid scanning devices that integrate the two technologies, and MRI technologists and nuclear medicine techs have similar expertise. Technologists may examine both structure and cellular health at a single glance by superimposing the two pictures.
Nuclear medicine technologists and MRI technologists share a number of abilities, and many radiologic facilities utilize hybrid scanning devices that integrate the two modalities.
What is nuclear medicine technologists?
Nuclear medicine creates images that demonstrate internal organ activity by using an ionizing radioactive tracer, typically injected into the blood.
High-quality, detailed images of inside body structures are created by MRI using radio waves and a strong magnetic field. By detecting radiation coming from various body areas after the patient receives a radioactive tracer, nuclear medicine imaging is a technique for creating images.
Hence, the significance of the nuclear medicine technologists is aforementioned.
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Grouper Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase.
List price of new melter $21,804
Cash paid 13,800
Cost of old melter (5-year life, $966 salvage value) 15,456
Accumulated Depreciation-old melter (straight-line) 8,694
Secondhand fair value of old melter 7,176
Required:
Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Sage’s fiscal year ends on December 31, and depreciation has been recorded through December 31, 2020.
Answer and Explanation:
The journal entries are shown below;
a. the exchange has commercial substance
Depreciation expense (($15,456 - $966) ÷ 5 × 4 ÷ 12 ) $966
To Accumulate depreciation $966
(being depreciation expense is recorded)
New Melter ($13,800 + $7,176) $20,976
accumulated depreciation ($8,694 + $966) $9,660
To loss on sale of melter $1,380
To old melter $15,456
To cash $13,800
(being equipment exchange is recorded)
b. The exchange lacks commercial substance
Depreciation expense (($15,456 - $966) ÷ 5 × 4 ÷ 12 ) $966
To Accumulate depreciation $966
(being current depreciation expense is recorded)
New Melter ($13,800 + $7,176) $20,976
accumulated depreciation ($8,694 + $966) $9,660
To loss on sale of melter $1,380
To old melter $15,456
To cash $13,800
(being equipment exchange is recorded)
Which of the following statements is correct?
a. The current cash flow from existing assets is highly relevant to investors. However, since the value of the firm depends primarily upon its growth opportunities, accounting net income projections from those opportunities are the only relevant future flows with which investors are concerned.
b. Two metrics that are used to measure a company's financial performance are net income and free cash flow. Accountants tend to emphasize net income as calculated in accordance with generally accepted accounting principles. Finance people generally put at least as much weight on free cash flows as they do on net income.
c. To estimate the net cash provided by operations, depreciation must be subtracted from net income because it is a non-cash charge that has been added to revenue.
d. Interest paid by a corporation is a tax deduction for the paying corporation, but dividends paid are not deductible. This treatment, other things held constant, tends to discourage the use of debt financing by corporations.
e. If Congress changed depreciation allowances so that companies had to report higher depreciation levels for tax purposes in 2013, this would lower their free cash flows for 2013.
Answer:
The correct statement is:
b. Two metrics that are used to measure a company's financial performance are net income and free cash flow. Accountants tend to emphasize net income as calculated in accordance with generally accepted accounting principles. Finance people generally put at least as much weight on free cash flows as they do on net income.
Explanation:
Net income and free cash flow are profitability measures. While net income measures profitability by including all expenses: cash and non-cash, free cash flow measures profitability by excluding the non-cash expenses but instead includes spending on assets and working capital periodic changes.
Which types of post secondary education are examples of traditional academic education? Check all that apply
A. Associate Degree
B. Apprenticeship
C. Bachelor’s Degree
D. Technical School Degree
The standard cost of Product B manufactured by Pharrell Company Includes 3.7 units of direct materials at $6.8 per unit. During June, 26, 600 units of direct materials are purchased at a cost of $6.70 per unit, and 26, 600 units of direct materials are used to produce 7, 100 units of Product B.
(a) Compute the total materials variance and the price and quantity variances.
Total materials variance $
Materials price variance $
Materials quantity variance $
(b) Compute the total materials variance and the price and quantity variances, assuming the purchase price is $6.90 and the quantity purchased and used is 27,000 units.
Total materials variance $
Materials price variance $
Materials quantity variance %
Answer and Explanation:
The computation is shown below;
(a)
Total materials variance:
= ( AQ × AP ) - ( SQ × SP )
= (26600 × $6.70) - (26270 × $6.8)
= $178220 - $178636
= $416 F
Here
= 7100 × 3.7
=26,270
Materials price variance:
= ( AQ × AP ) - ( AQ × SP )
= (26600 × $6.70) - (26600 × $6.8)
= $178220 - $180,880
= $2660 F
Materials quantity variance:
= ( AQ × SP ) - ( SQ × SP )
= (26600 × $6.8) - (26270 × $6.8)
= $180,880- $178636
= $2244 U
(b)
(a) Total materials variance:
= ( AQ × AP ) - ( SQ × SP )
= (27000 × $6.90) - (26270 × $6.8)
= $186300 - $178636
= $7664 U
Here
= 7100 × 3.7
=26,270
Materials price variance:
= ( AQ × AP ) - ( AQ × SP )
= (27000 × $6.90) - (27000 × $6.8)
= $186300 - $183600
= $2700 U
Materials quantity variance:
= ( AQ × SP ) - ( SQ × SP )
= (27000 × $6.8) - (26270 × $6.8)
= $180,880- $178636
= $4964 U
The Five & Dime store has a cost of equity of 15.8%, a pretax cost of 7.7%, and a tax rate of 35%. What is the firm's weighted average cost of capital if the debt-equity ratio is 0.40?
a. 10.18
b. 11.72
c. 12.72
d. 13.49
e. 14.93
Answer: 12.72%
Explanation:
The firm's weighted average cost of capital if the debt-equity ratio is 0.40 will be calculated thus:
= (1 /1+debt equity ratio)(cost of equity) + (Debt Equity ratio/1 + Debt Equity ratio)(Pre-tax cost)(1 - Tax rate)
=(1/1.40)(0.158) + (0.40/1.40)(0.077)(1 - 0.35)
= 12.72%
The firm's weighted average cost of capital is 12.72%
On May 13, 2020, Otto, Parker and Quentin bought a parcel of land as tenants in common. The deed provided that Otto owned 1/2 the property and Parker and Quentin each owned 1/4 each. If Quentin dies, the property will be divided as follows:
a. Otto 1/2. Parker 1/2
b. Otto 5/8, Parker 3/8
c. Otto 1/3, Parker 1/3, Quentin's heirs 1/3
d. Otto 1/2. Parker 1/4, Quentin's heirs 1/4
Answer:D. Otto 1/2. Parker 1/4, Quentin's heirs 1/4
Explanation:
Based on the information given in the question, if Quentin dies, the property will be divided as Otto 1/2. Parker 1/4, Quentin's heirs 1/4.
When a tenant in common dies, it should be noted that their share of a property will be passed to their legal heir and thesame percentage of ownership will be shared by the co-owners. Hence the correct option is D
Gundy Company expects to produce 1,213,200 units of Product XX in 2020. Monthly production is expected to range from 80,000 to 114,000 units. Budgeted variable manufacturing costs per unit are: direct materials $5, direct labor $7, and overhead $11. Budgeted fixed manufacturing costs per unit for depreciation are $6 and for supervision are $1. In March 2020, the company incurs the following costs in producing 97,000 units: direct materials $515,000, direct labor $670,000, and variable overhead $1,073,000. Actual fixed costs were equal to budgeted fixed costs. Prepare a flexible budget report for March. (List variable costs before fixed costs.)
Answer:
Gundy Company
Flexible Budget Report for March 2020:
Actual Budget Flexible Budget Variance
Direct materials $515,000 $485,000 $30,000 U
Direct labor 670,000 679,000 9,000 F
Variable overhead 1,073,000 1,067,000 6,000 U
Actual fixed costs 679,000 679,000 0 None
Total costs incurred $2,937,000 $2,910,000 $27,000 U
Explanation:
a) Data and Calculations:
Expected production of Product XX in 2020 = 1,213,200 units
Monthly production range = 80,000 to 114,000 units
Budgeted variable manufacturing costs per unit are:
Direct materials $5
Direct labor $7
Overhead $11
Total variable $23
Fixed manufacturing costs per unit:
Depreciation are $6
Supervision are $1
Total fixed costs $7
Total costs = $30
March 2020 costs incurred for 97,000 units:
Direct materials $515,000
Direct labor $670,000
Variable overhead $1,073,000
Actual fixed costs 679,000
Total costs incurred $2,937,000
Flexible Budget Report for March 2020:
Actual Budget Flexible Budget Variance
Direct materials $515,000 $485,000 $30,000 U
Direct labor 670,000 679,000 9,000 F
Variable overhead 1,073,000 1,067,000 6,000 U
Actual fixed costs 679,000 679,000 0 None
Total costs incurred $2,937,000 $2,910,000 $27,000 U
Distributions from corporations to the shareholders in a nonliquidating distribution will usually be classified as a dividend up to the amount of the corporation's retained earnings stock basis taxable income for the year earnings and profits.
a. True
b. False
Answer: Earnings and profits.
Explanation:
This is not a true or false question as the options are given first.
It is assumed that dividends comes from earnings and profits so when a company distributes dividends, the total amount of those dividends cannot exceed the total amount of accumulated earnings and profits that the company has.
If the dividends exceed this amount, then they are to be considered as a return on capital to the shareholder and this is beholden to a different tax regime.
For what reason might keeping an accounts payable subsidiary ledger be unnecessary for a business? A. if the business is very small B. if the business processes invoices for payment. C. if the business pays only on account D. if the business has more customers then vendors
Answer:
A. if the business is very small
Explanation:
Subsidiary ledgers are maintained to support the entries in the main ledger. They give more details of the individual items in the main ledger.
They are usually used when a company has large sales volumes to make sure transactions are accurate.
However in small businesses there no need for subsidiary ledger in a small company.
Accounts payable subsidiary ledger shows details of amounts owed to suppliers by a business.
When the business is very small there will be no need for this.
Accounts payable increase $9,000
Accounts receivable increase 4,000
Salaries payable decrease 3,000
Amortization expense 6,000
Cash balance, January 1 22.000
Cash balance, December 31 15,000
Cash paid as dividends 29,000
Cash paid to purchase land 90,000
Cash paid to retire bonds payable at par 60,000
Cash received from issuance of common stock 35,000
Cash received from sale of equipment 17,000
Depreciation expense 29,000
Gain on sale of equipment 4,000
Inventory decrease 13,000
Net income 76,000
Prepaid expenses increase 2,000
Cash Flow statement - indirect method
Cash Flow
Net Income 76,000.00
Gain on Sale of Equipment $(4,000.00)
Depreciation 29,000.00
Amortization Expense 6,000.00 $31,000.00
Adjustments
Decrease in inventory $13,000.00
Gain On sale of equipment (4,000.00)
Decrease In accrued Liability (3,000.00)
Increase in prepaid expenses (2.000.00)
Increase in Accounts Payable 9,000.00 13,000.00
120,000.00
Determine which of the above affects the Investing Activities (IA) and which affects the Financing Activities (FA). Note: Insert IA or FA next to the information above, or fill in the information below.
Answer:
a. The items that affect Investing Activities (IA) are as follows:
Cash paid to purchase land 90,000
Cash received from sale of equipment 17,000
b. The items that affect Financing Activities (FA) are as follows:
Cash paid as dividends 29,000
Cash paid to retire bonds payable at par 60,000
Cash received from issuance of common stock 35,000
Explanation:
Using the items that affect the Investing Activities (IA) and the Financing Activities (FA) in the answer above, the indirect cash flow statements can be completed as follows:
Cash Flow statement - indirect method
For the Year Ended December 31, ...
Details $ $
Net Income 76,000.00
Gain on Sale of Equipment (4,000.00)
Depreciation 29,000.00
Amortization Expense 6,000.00
Adjustments
Decrease in inventory 13,000.00
Gain On sale of equipment (4,000.00)
Decrease In accrued Liability (3,000.00)
Increase in prepaid expenses (2.000.00)
Increase in Accounts Payable 9,000.00
Cash flows from operating activities 120,000.00
Investing Activities (IA)
Cash paid to purchase land (90,000.00)
Cash received from sale of equipment 17,000.00
Cash flows from investing activities 73,000.00
Financing Activities (FA)
Cash paid as dividends (29,000.00)
Cash paid to retire bonds payable at par (60,000.00)
Cash from common stock issued 35,000.00
Cash flows from financing activities 54,000.00
Net cash outflows for the year (7,000.00)
Cash balance, January 1 22,000.00
Cash balance, December 31 15,000.00
Jim promises to marry Martha if Martha agrees to pay him a $10,000/month allowance as long as they are wedding. If this contract was not written, then once they are married Jim can still enforce the contract if Martha refuses to pay.
a. True
b. False
Jim promises to marry Martha if Martha agrees to pay him a $10,000/month allowance as long as they are wedding. If this contract was not written, then once they are married Jim can still enforce the contract if Martha refuses to pay. This statement is True.
What is Contract?A contract is an agreement between parties that establishes legal duties for both parties. The fundamental components necessary for the agreement to be a valid offer and acceptance, adequate consideration, capacity, and legality are: mutual assent, expressed through a contract-compliant offer.
Contracts are legal obligations that contain promises. State common law primarily governs contract law, and while broad contract law is prevalent nationwide, different state courts may have different interpretations of particular contract clauses.
Contracts are created when one party's promise results in the creation of a duty between the parties. A promise must be given in exchange for sufficient consideration in order for it to be regarded as a contract. There are two various theories or definitions to take into account: Benefit-Detriment theory of consideration and the bargain theory of consideration
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You have been asked to review the December 31, 2021, balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior: An investment of $30,000 is included in current assets. Management has indicated that it has no intention of liquidating the investment in 2022. A $100,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10 equal annual installments with the first installment due on March 31, 2022. Deferred revenue of $60,000 is included as a current liability even though only two-thirds will be recognized as revenue in 2022, and the other one-third in 2023.
Required:
Determine the appropriate classification of each of these items.
Answer:
Champion Cleaning
Appropriate Classifications:
Long-term assets:
Investment of $30,000
Current liabilities:
Short-term note payable $10,000
Short-term deferred revenue $40,000
Long-term liabilities:
Long-term note payable $90,000
Long-term deferred revenue $20,000
Explanation:
a) Data and Analysis:
Investment of $30,000 = long-term asset
Note payable:
Short-term note payable = $10,000 ($100,000/10)
Long-term note payable = $90,000 ($100,000/10 * 9)
Deferred Revenue:
Short-term deferred revenue = $40,000 ($60,000 * 2/3)
Long-term deferred revenue = $20,000 ($60,000 * 1/3)
Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
Feb. 2 Purchased for cash 5,300 shares of Wong Inc. stock for $20 per share plus a $110 brokerage commission.
Mar. 6 Received dividends of $0.30 per share on Wong Inc. stock.
June 7 Purchased 2,000 shares of Wong Inc. stock for $26 per share plus a $125 brokerage commission.
July 26 Sold 6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold.
Sept. 25 Received dividends of $0.40 per share on Wong Inc. stock.
Answer:
Yerbury Corp.
Journal Entries:
Feb. 2 Debit Investment in Wong Inc. $106,110
Credit Cash $106,110
To record the purchase of 5,300 shares of Wong Inc. stock for $20 per share plus a $110 brokerage commission.
Mar. 6 Debit Cash $1,590
Credit Dividend Revenue $1,590
To record the receipt of dividends of $0.30 per 5,300 shares on Wong Inc. stock.
June 7 Debit Investment in Wong Inc. $52,125
Credit Cash $52,125
To record the purchase of 2,000 shares of Wong Inc. stock for $26 per share plus a $125 brokerage commission.
July 26 Debit Cash $210,000
Credit Investment in Wong Inc. $124,354
Credit Gain from Investment in Wong Inc. $85,646
To record the sale of 6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission.
Sept. 25 Debit Cash $ 520
Credit Dividends revenue $ 520
To record the receipt of dividends of $0.40 per 1,300 shares on Wong Inc. stock.
Explanation:
a) Data and Analysis:
Feb. 2 Investment in Wong Inc. $106,110 Cash $106,110
5,300 shares of Wong Inc. stock for $20 per share plus a $110 brokerage commission.
Mar. 6 Cash $1,590 Dividend Revenue $1,590
dividends of $0.30 per share on Wong Inc. stock.
June 7 Investment in Wong Inc. $52,125 Cash $52,125
2,000 shares of Wong Inc. stock for $26 per share plus a $125 brokerage commission.
July 26 Cash $210,000 Investment in Wong Inc. $124,354 Gain from Investment in Wong Inc. $85,646
6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold.
Sept. 25 Cash $ 520 Dividends revenue $ 520 dividends of $0.40 per 1,300 shares on Wong Inc. stock.
Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. A review of the company's accounting records for the year just ended discovered the following: Underapplied manufacturing overhead: $7,200 Actual manufacturing overhead: $392,000 Budgeted labor hours: 50,000
Simone's actual labor hours worked totaled:_______.
a. 49,100.
b. 49,900.
c. 48,100.
d. 50,900.
e. cannot be determined based on the information presented.
Answer:
c. 48,100.
Explanation:
The computation of the actual labor hours worked is shown below;
Actual Overhead $392,000.00
Less: Underapplied overhead $7,200.00
Applied Overhead ($392,000 - $,7200) $384,800.00
Predetermined overhead rate $8.00
Actual labor hours ($384,800 ÷ 8) $48,100
hence, the actual labor hours worked is $48,100
Therefore the option c is correct
Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. A review of the company's accounting records for the year just ended discovered the following: Underapplied manufacturing overhead: $7,200 Actual manufacturing overhead: $392,000 Budgeted labor hours: 50,000
Simone's actual labor hours worked totaled:_______.
a. 49,100.
b. 49,900.
c. 48,100.d. 50,900.
e. cannot be determined based on the information presented.
-KeonLee
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Gard Inc. has compiled the following information related to its five products. Costs of disposal are estimated to be 10% of selling price, and gross profit is estimated to be 25% of the selling price. Determine the value of inventory applying the lower-of-cost-or-market rule to each individual inventory item.
Answer:
Item Inventory at the lower-of-cost-or-market
#1 $214.50
#2 $240.00
#3 $266.50
#4 $315.00
#5 $422.50
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question. See attached pdf file for the complete question.
Also note: See the attached excel file for the determination of the value of inventory by applying the lower-of-cost-or-market rule.
From the attached excel file, we have:
Item Inventory at the lower-of-cost-or-market
#1 $214.50
#2 $240.00
#3 $266.50
#4 $315.00
#5 $422.50
Raposa, Inc., produces a special line of plastic toy racing cars. Raposa, Inc., produces the cars in batches. To manufacture a batch of the cars, Raposa, Inc., must set up the machines and molds. Setup costs are batch-level costs because they are associated with batches rather than individual units of products. A separate Setup Department is responsible for setting up machines and molds for different styles of car.
Setup overhead costs consist of some costs that are variable and some costs that are fixed with respect to the number of setup-hours. The following information pertains to June 2015:
Actual amount Static-budget Amounts
Amounts Units produced and sold 15,700 11,950
Batch size (number of units per batch) 325 265
Setup-hours per batch 3 4.25
Variable overhead cost per setup-hour $48 $45
Total fixed setup overhead costs $11,310 $9,010
Calculate the efficiency variance for variable overhead setup costs. (Round all intermediary calculations two decimal places and your final answer to the nearest whole number.)
a. $435 unfavorable
b. $4,810 favorable
c. $4,810 unfavorable
d. $435 favorable
Answer:
b. $4,810 favorable
Explanation:
Efficiency variance for variable overhead setup cost:
A. ((Actual units/Budget batch size)*Budget setup hours) * Budgeted overhead cost) = (((15700/265)*4.25)*$45 = $11,330.66
B . ((Actual units/Actual batch size)*Budget setup hours) * Budgeted overhead cost) = (((15700/325)*3)*$45 = $6,521.53
Efficiency variance for variable overhead setup cost = A - B
Efficiency variance for variable overhead setup cost = $11,330.66 - $6,521.53
Efficiency variance for variable overhead setup cost = $4.809.13 Favorable
Which of the following is true of resumes?
A personal cover letter should be included with a resume.
A resume is not necessary if you completed an application.
The formats of electronic and hard copy resumes are the same.
An objective tells an employer what the applicant learned in school.
Answer:
Hello! Your answer would be, BELOW
Explanation:
Job objective should be listed last
Use action words when describing your experience.
These are the statements that are true about resumes. Resumes should include job objectives. However, these should be listed at the end of the resume. A second thing to remember when drafting a resume is that it is important to use action words to describe your experiences. This is because the statements become more interesting, and because this structure will highlight the role that you played in each instance.
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In the trade-off theory, debt levels chosen to balance interest tax shield against the costs of financial distress imply:________
a. an interior optimum (firm value maximizing) debt ratio
b. that investors are irrational, since they require lower returns the hgher the risk
c. that a firm would use little to no debt
d. that a firm would borrow as much as possible
Answer:
a) an interior optimum (firm value maximizing) debt ratio
Explanation:
Trade off Theory is about capital structure of an economic unit. It mentions about the benefit of debt - ie tax saving, as interest on debt is tax deductible; & cost of debt - bankruptcy & insolvency risk, due to fix interest cost.
The theory depicts the debt level, which is best to - balance interest tax shield against the costs of financial distress imply, which implies that it seeks a balance between benefit & cost of debt.
So, the theory finds the best interior optimum (firm value maximising) debt equity ratio.
Kemper Company's balance sheet and income statement are shown below (in millions of dollars). The company and its creditors have agreed upon a voluntary reorganization plan. In this plan, each share of the $5 preferred will be exchanged for one share of $1.00 preferred with a par value of $25 plus one 9% subordinated income debenture with a par value of $75. The $9 preferred issue will be retired with cash. The company's tax rate is 30 percent.
Balance Sheet prior to Reorganization (in millions
Current Assets 400 Current liabilities 350
Net fixed assets 450 Advance payments 20
$5 preferred stock, $100 par value (1,000,000) shares 100
$9 preferred stock, no par, callable at 100 (160,000 shares) 30
Common stock, $0.10 par value (10,000,000) shares 50
Retained earnings 300
Total assets 850 Total claims 850
a. Construct the pro forma balance sheet after reorganization takes place. Show the new preferred at its par value.
b. Construct the pro forma income statement after reorganization takes place. How does the recapitalization affect net income available to common stockholders?
Answer:
Kemper Company
a. Pro forma Balance Sheet after Reorganization (in millions)
Current Assets 400
Net fixed assets 450
Total assets 850
Current liabilities 350
Advance payments 20
9% subordinated Debenture,
$75 par value (1,000,000) 75
$1 preferred stock, $25 par value
(1,000,000) shares 25
Common stock, $0.10 par value
(10,000,000) shares 50
Retained earnings 300
b. Pro forma Income Statement after Reorganization (in millions)
Retained earnings 300
Income tax 128.6 ($300/(1 - 0.3) - $300)
add $5 preferred dividend 5
$9 preferred dividend 1.44
Less: 9% debenture interest (6.75)
Income before taxes $428.29
Income tax 128.49
Income after taxes $299.80
Preferred dividend 1.00
Retained earnings $298.80
The recapitalization reduces the net income available to common stockholders by $0.2 million.
Explanation:
a) Data and Calculations:
Kemper Company
Balance Sheet prior to Reorganization (in millions
Current Assets 400
Net fixed assets 450
Total assets 850
Current liabilities 350
Advance payments 20
$5 preferred stock, $100 par value
(1,000,000) shares 100
$9 preferred stock, no par,
callable at 100 (160,000 shares) 30
Common stock, $0.10 par value
(10,000,000) shares 50
Retained earnings 300
Total assets 850 Total claims 850
Transaction Analysis:
$5 preferred stock, $100 par value (1,000,000) shares $100 $1 Preferred stock, $25 par value (1,000,000) shares $25 9% subordinated Debenture, $75 par value (1,000,000) $75
$9 preferred stock, no par, callable at 100 (160,000 shares) 30 Cash $30
Total assets 850 Total claims 850
On December 31, the trial balance shows wages expense of $390. An additional $130 of wages was earned by the employees, but has not yet been paid. Analyze this adjustment for wages using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.)
(Income Statement)
Wages Expense
(Balance Sheet)
Wages Payable
Page:
CREDIT DATE DOC. POST NO. REF ACCOUNT TITLE DEBIT 1 20- Dec. 31 1 2 2
Answer:
(Income Statement)
Wages Expenses
Trial balance $390 |
Adjustment $130 |
Balance $520 |
(Balance Sheet)
Wages Payable
| Adjustment $130
Date Account Titles Debit Credit
Dec 31 Wages expenses $130
2020 Wages payable $130
Write about why it is important for world leaders to make just decisions for their people and to treat neighboring countries with respect.
Answer: Approaches to authority and decision making are not the only ways in which cultures differ, but they are arguably the most important in the leadership context. ... (For a more general treatment of cultural differences, take a look at my May 2014 ... with companies in those countries, you might have noticed that a lot of people ...
Explanation:
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
Match each phrase that follows with the term it describes.
Clear All
Evaluation of how profit will change based on an alternative course of action
Possible result of using an inappropriate overhead allocation method
Revenue forgone from an alternative use of an asset
Strategy that focuses on reducing the influence of bottlenecks
Not relevant to future decisions
Product cost distortion
Opportunity cost
Differential analysis
Sunk cost
Theory of constraints
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
Match each phrase that follows with the term it describes.
Clear All
Recognizes that a dollar today is worth more than a dollar tomorrow
Often referred to as the discounted cash flow method
Also referred to as capital budgeting
Average income as a percentage of average investment
Can be determined by initial cost divided by annual net cash inflow of an investment
Cash payback period
Capital investment analysis
Average rate of return
Net present value method
Time value of money concept
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
Match the following descriptions and examples with the four performance perspectives in the balanced scorecard.
Clear All
Focuses on operational efficiencies and issues like improving manufacturing performance
Focuses on obtaining and retaining customers and customer base
Focuses on traditional accounting measures of performance, such as net income and cash flow
Focuses on research and development initiatives and employee training, retention, and satisfaction efforts
Customer
Learning and growth
Internal processes
Financial
Answer:
1. Match each phrase that follows with the term it describes:
a. Evaluation of how profit will change based on an alternative course of action
Correct term: Differential analysis
b. Possible result of using an inappropriate overhead allocation metho
Correct term: Product cost distortion
c. Revenue forgone from an alternative use of an asset
Correct term: Opportunity cost
d. Strategy that focuses on reducing the influence of bottlenecks
Correct term: Theory of constraints
e. Not relevant to future decisions
Correct term: Sunk cost
2. Match each phrase that follows with the term it describes:
a. Recognizes that a dollar today is worth more than a dollar tomorrow
Correct term: Time value of money concept
b. Often referred to as the discounted cash flow method
Correct term: Net present value method
c. Also referred to as capital budgeting
Correct term: Capital investment analysis
d. Average income as a percentage of average investment
Correct term: Average rate of return
e. Can be determined by initial cost divided by annual net cash inflow of an investment
Correct term: Cash payback period
3. Match the following descriptions and examples with the four performance perspectives in the balanced scorecard:
a. Focuses on operational efficiencies and issues like improving manufacturing performance
Correct option: Internal processes
b. Focuses on obtaining and retaining customers and customer base
Correct option: Customer
c. Focuses on traditional accounting measures of performance, such as net income and cash flow
Correct option: Financial
d. Focuses on research and development initiatives and employee training, retention, and satisfaction efforts
Correct option: Learning and growth
Dennis sells short 100 shares of ARC stock at $152 per share on January 15, 2020. He buys 200 shares of ARC stock on April 1, 2020, at $190 per share. On May 2, 2020, he closes the short sale by delivering 100 of the shares purchased on April 1
a. What are the amount and nature of Dennis’s loss upon closing the short sale?
b. When does the holding period for the remaining 100 shares begin?
c. If Dennis sells (at $27 per share) the remaining 100 shares on January 20, 2017, what will be the nature of his gain or loss?
Answer: See explanation
Explanation:
a. What are the amount and nature of Dennis’s loss upon closing the short sale?
Sales consideration = $100 × $152 = $15200
Less: Closing Value of Short sales = 100 × $190 = $19000
Short term capital loss = $3800
b. When does the holding period for the remaining 100 shares begin?
The holding period for the remaining 100 shares begin on May 2, 2020, which was when the short sale was closed.
c. If Dennis sells (at $27 per share) the remaining 100 shares on January 20, 2017, what will be the nature of his gain or loss?
Sales consideration = 100 × $27 = $2700
Less: Base value = $19000
Short term capital loss = $16300
home trade helps in proper utilization of local resources how
1. Higher trade volumes
2. Greater opportunities to capitalize on comparative advantages
3. More efficient use of raw materials
4. Stronger economic growth
When making a big decision, there's a six-step process that can help you.
True
False
Answer:True
Explanation:
A machine with a book value of $250,400 has an estimated six-year life. A proposal is offered to sell the old machine for $215,300 and replace it with a new machine at a cost of $283,100. The new machine has a six-year life with no residual value. The new machine would reduce annual direct labor costs from $50,900 to $40,700.
Required:
a. Prepare a differential analysis dated February 18 on whether to continue with the old machine (Alternative 1) or replace the old machine (Alternative 2).
b. Should the company continue with the old machine (Alternative 1) or replace the old machine (Alternative 2)?
Answer:
A.Continue with Old Machine (Alt. 1) $305,400
Replace Old Machine (Alt. 2) $312,000
Differential effect on net income (Alt. 2) $6,600
B. Continue with the old machine (Alternative 1
Explanation:
a. Preparation of a differential analysis dated February 18 on whether to continue with the old machine (Alternative 1) or replace the old machine (Alternative 2).
DIFFERENTIAL ANALYSIS
Continue with Old Machine (Alt. 1) or Replace Old Machine (Alt. 2) February 18
Continue with Old Machine (Alt. 1) Replace Old Machine (Alt. 2) Differential effect on net income (Alt. 2)
Revenues:
Proceeds from sale of old machine $0 $215,300 $215,300
Costs:
Purchase price $0 –$283,100 –$283,100
Direct labor (6 years) –$305,400 -$244,200 $61,200
($50,900*6years=$305,400)
($40,700*6years=$244,200)
Income (Loss) –$305,400 –$312,000 –$6,600
B. Based on the above differential analysis
The company should continue with the old machine (Alternative 1) .
On September 30, 2018, Corso Steel acquired a patent from Thermo Steel. The agreement specified that Corso will pay Thermo $1,000,000 immediately and then another $1,000,000 on September 30, 2020. An interest rate of 8% reflects the time value of money for this type of loan agreement.
What amount of interest expense, if any, would Corso record on December 31, 2019, the company’s fiscal year end?
a. $68,687.
b. $80,000.
c. $60,000.
d. $69,959.
Answer: $69,959
Explanation:
The amount of interest expense, that Corso will record on December 31, 2019, the company’s fiscal year end will be calculated thus:
First, we calculate the present value of payment which will be made on September 30,2020 and this will be:
= $1000000 × 0.857339
= $857339
Then, the interest expense on December 31,2018 will be:
= $857339 × 8%/12 × 3
= $17147
Therefore, the Interest expense on December 31,2019 will be:
= ($857339 + $17147) × 8%
= $874486 × 0.08
= $69959
list three classified ways of getting into small business?
Answer:
sole , partnership , team business
Money is neutral in:___________
A. the short run, since it cannot alter the real aggregate output or price level in the short run.
B. both the short and long run, since it cannot alter price levels or aggregate output in the long and short run.
C. the long run, since it only affects the price level, but not aggregate output or interest rates.
D. the short run, since it cannot alter the price levels or interest rate in the short run.
Answer:
C
Explanation:
Money neutrality is a theory which submits that money supply only affect nominal variable and not real variables.
Nominal variables include price, wages and exchange rate
real variables include employment and real GDP
Money is only neutral in the long run and not in the short run because of money illusion. Money illusion causes economic agents to respond to money supply changes.
Money is neutral only in the long run
Mustafa manufacturing company began operations on january 1. During the year, it started and completed 3, 000 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs:
Raw materials purchased and used—$6,200.
Wages of production workers—$7,400.
Salaries of administrative and sales personnel—$3,000.
Depreciation on manufacturing equipment—$4,400.
Depreciation on administrative equipment—$2,200.
Required
a. Determine the total product cost for the year.
b. Determine the total cost of the ending inventory.
c. Determine the total of cost of goods sold.
Answer and Explanation:
The computation is shown below;
a. The total product cost is
Raw materials purchased and used $6,200
Wages of production workers $7,400
Depreciation on manufacturing equipment $4,400
Total Product Cost $18,000
b. The total cost of the Inventory is
Units Completed = 3,000 units
Units Sold = 2,400 units
SO, the Units in ending inventory units is 600 units
Now the Total cost of the Inventory is
= $18,000 × [600 ÷ 3,000 ]
= $3600
c. The total cost of goods sold is
= $18,000 × [2,400 ÷ 3,000 ]
= $14,400