Answer: See explanation
Explanation:
Franco's adjusted basis in the LLC interest after the distribution will be:
= Current year basis - Cash distributed - Equipment Adjusted basis
= $171,800 - $34,360 - $85,900
= $51540
Also, the basis on the equipment received from the information given will be $85,900.
Tamarisk, Inc. had a beginning inventory on January 1 of 293 units of Product 4-18-15 at a cost of $21 per unit. During the year, the following purchases were made.
Mar. 15 780 units at $24 Sept. 4 683 units at $27
July 20 488 units at $25 Dec. 2 195 units at $30
1,950 units were sold. Tamarisk, Inc. uses a periodic inventory system.
Required:
Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost).
Answer:
Tamarisk, Inc.
FIFO LIFO AVERAGE-COST
Ending inventory $13,788 $10,857 $12,303
Cost of goods sold $47,576 $50,507 $49,062
Explanation:
a) Data and Calculations:
Date Transaction Units Unit Cost Total
January 1 Beginning inventory 293 $21 $6,153
Mar. 15 Purchase 780 $24 18,720
July 20 Purchase 488 $25 12,200
Sept. 4 Purchase 683 $27 18,441
Dec. 2 Purchase 195 $30 5,850
Total Goods available 2,439 $61,364
Units sold 1,950
Ending inventory 489
FIFO:
Ending inventory
= 195 at $30 = $5,850
294 at $27 = $7,938
Total 489 = $13,788
Cost of goods sold = Cost of goods available for sale minus Cost of ending inventory = $61,364 - $13,788 = $47,576
LIFO:
Ending inventory:
293 at $21 = $6,153
196 at $24 = 4,704
Total 489 = $10,857
Cost of goods sold = $61,364 - $10,857 = $50,507
Weighted-Average Cost:
Weighted-average cost = Cost of goods available for sale/Units available for sale
= $61,364/2,439 = $25.16
Ending inventory = $12,303 (489 * $25.16)
Cost of goods sold = $49,062 (1,950 * $25.16)
b) The distinguishing factor among these inventory valuation methods is the assumption basis for their computations. FIFO assumes that goods that first come into store are the first to be sold or First-in, First-out. LIFO assumes that goods that are last in the store are the first to be sold, expressed as Last-in, First-out. Lastly, the weighted average method uses the weighted average costs of inventories purchased at different times and prices to compute the cost of each unit.
A not-for-profit firm uses a small convenience sample to gather data on customer reactions. It invites a small group of customers for lunch and asks them to share what they think about the products they have purchased from the firm. This is an example of ___
Answer:
informal surveys
Explanation:
From the question we are informed about A not-for-profit firm which uses a small convenience sample to gather data on customer reactions. It invites a small group of customers for lunch and asks them to share what they think about the products they have purchased from the firm. In this case, this is an example of informal surveys.
Informal surveys can be regarded as type of survey whereby there is conduction of interviews as well as making of field observations by researchers themselves, instead of
enumerators as regards formal survey.
distinguishing characteristics of formal survey is that direct nteraction will exist in between the farmer as well as the
interdisciplinary team of researchers.
Assume you are the CFO of a company that has accumulated a significant amount of cash, well beyond its foreseeable needs. The company’s CEO has asked your opinion about using the cash to repurchase company shares or using the cash to distribute an extraordinary dividend to your shareholders. In a brief memo, explain to the CEO what the pros and cons of each of these are. You may assume your company is a fictitious one and assign to it whatever circumstances you like or you may assume your company is an actual existing corporation. Your memo should include at least two references to published works like books, articles, etc.
Answer:
I believe that the best action is to repurchase stocks.
Paying a large and unexpected dividend will yield an immediate return, but it will also decrease the stock's price. On the other hand, repurchasing stocks will result in lower outstanding stocks and the same cash flows. This will result in higher stock prices. Supposedly, upper management has the duty to increase the wealth of stockholders and that is achieved through higher stock prices.
Explanation:
If contracting parties attach materially different meanings to a contract word or term subject to more than one reasonable interpretation, the contract is void. a. True b. False
Answer:
True
Explanation:
A contract is a professional document with the set of guidelines and regulations for a business when there is a partnership between two or more people, and that should be a parameter instrument for the effectiveness of a business and compliance with the current legislation.
Every contract must be drafted in a clear and objective manner, with equal rights and obligations for all members and in such a way as not to give scope for different interpretations or clauses that benefit someone. Therefore, it is correct to state that if the contracting parties assign different meanings to words or a contractual term that gives rise to more than one interpretation, the contract will be void.
Sheryls's business sells a single product. The following information was gathered from Sheryls's records: Price $97.00 per unit Variable costs are 67% of sales price The company's fixed costs are $400,000 annually Current sales total is 16,000 units Target profit before tax $33,000 Budgeted sales total is 15,000 units How many units does Sheryls's business need to sell to break even
Answer:
12,497 units
Explanation:
Break even unit = Fixed Cost ÷ Contribution per unit
= $400,000 ÷ $97.00 x 33%
= 12,497 units
Sheryls's business need to sell 12,497 units to break even
If an employee's family member is seriously ill, employers are required to allow the employee up to how many weeks off?
Question 2 options:
a) 1
b) 2
c) 8
d) 12
Answer: 12 weeks
Explanation:
If an employee's family member is seriously ill, the employers are required to allow the employee up to 12 weeks off.
According to the Family Medical Leave Act, it should be noted that the individuals who work for the employers who have 50 or more employees can be given about 12 weeks of unpaid leave in a year which they can use to take care of family members that are seriously sick or care for new children or seriously ill family members, or for themselves if they're seriously sick.
What is the relationship between an emergency fund and credit/loans
Answer:
Explanation:
Assets in an emergency fund tend to be cash or other highly liquid assets. This reduces the need to either draw from high-interest debt options, such as credit cards or unsecured loans, or undermine your future security by tapping into retirement funds.
An emergency fund is where you save money for unexpected expenses. Using credit/loans is when you borrow money for stuff, but you have to pay back monthly payments.
A manufacturing company had a balance in Finished Goods inventory of $200,000 on 12/31/2011. During 2012, the company transferred $1,000,000 of costs from Work in Process to Finished Goods. A count of inventory at the end of the year revealed a balance in Finished Goods of $400,000 at 12/31/2012. What was Cost of Goods Sold during 2012
Answer:
the cost of goods sold during the year 2012 is $800,000
Explanation:
The computation of the cost of goods sold is shown below;
Costs of Goods Sold during 2012 is
= Transferred from Work in Process + Beginning Inventory - Ending Inventory
= $1,000,000 + $200,000 - $400,000
= $800,000
Hence, the cost of goods sold during the year 2012 is $800,000
Use the following information to determine this company's cash flows from financing activities.
a. Net income was $465,000.
b. Issued common stock for $73,000 cash.
c. Paid cash dividend of $18,000.
d. Paid $130,000 cash to settle a note payable at its $130,000 maturity value.
e. Paid $118,000 cash to acquire its treasury stock.
f. Purchased equipment for $93,000 cash.
Answer: Net cash used/ spent was $193,000
Explanation:
Cash from Financing activities involves cash transactions in relation to Equity (including dividends paid) and long term debt as these are the chief providers of cash to finance the business.
Cash from financing activities is:
= Issuance of common stock - Dividend - Settlement of Note payable - Treasury stock purchase
= 73,000 - 18,000 - 130,000 - 118,000
= -$193,000
On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry’s capital stock for $93 million. Jackson Industry’s net income for the year ended December 31, 2021, was $123 million. The fair value of the shares held by Sanborn was $104 million at December 31, 2021. During 2021, Jackson declared a dividend of $63 million. 2. Assume that Sanborn sold the stock on January 2, 2022 for $116 million. Prepare the journal entries Sanborn would use to record
Answer:
Sanborn Tobacco Inc.
Journal Entries:
1. January 2, 2021,
Debit Investment in Jackson Industry $93 million
Credit Cash $93 million
To record the purchase of 10% of Jackson Industry’s capital stock.
December 31, 2021,
Debit Investment in Jackson Industry $12.3 million
Credit Share from Net Income $12.3 million
To record the share from the net income of Jackson Industry.
December 31, 2021
Debit Investment in Jackson Industry $11 million
Credit Unrealized Gain from Investment $11 million
To record the unrealized gain on fair value of the investment.
2021,
Debit Dividends Receivable $6.3 million
Credit Investment in Jackson Industry $6.3 million
To record the dividends receivable and reverse the part of the income already recorded.
2. January 2, 2022
Debit Cash $116 million
Credit Investment in Jackson Industry $110 million
Credit Realized Gain from Investment $6
To record the gain from the sale of the investment.
Explanation:
a) Data and Analysis:
Transaction Date
January 2, 2021, Investment in Jackson Industry $93 million Cash $93 million 10% of Jackson Industry’s capital stock for .
December 31, 2021, Investment in Jackson Industry $12.3 million Share from Net Income $12.3 million
December 31, 2021 Investment in Jackson Industry $11 million Unrealized Gain from Investment $11 million
During 2021, Dividends Receivable $6.3 million Investment in Jackson Industry $6.3 million
2. January 2, 2022 Cash $116 million Investment in Jackson Industry $110 million Realized Gain from Investment $6
The best definition of a financial restatement is:________.
a. A company, either voluntarily or under prompting by its auditors or regulators, revises its public financial information that was previously reported
b. An adjustment of financial information due to an error correction
c. A company, either voluntarily or under prompting by its auditors or regulators, revises its public financial information for the current period
d. All are part of the definition
A bank has the following balance sheet: SETS RETURN % MILLION $ LIABILITIES COST % MILLION $ Cash 0.00 35 Fixed-rate Deposits 3.5 290 Securities 4.00 300 Variable-rate Deposits 2.00 260 Short-term loans 6.00 225 Fed funds 2.50 75 Long-term fixed rate Loans 6.75 250 Long-term Debt fixed rate 5.50 150 EQUITY 35 Total 810 Total 810 If the spread effect is zero and all interest rates increase 60 basis points, the bank's NII will change by ________over the year. Group of answer choices $700,000 -$1,140,000 $1,140,000 $0 -$700,000
Answer:
$1,140,000
Explanation:
Calculation to determine what the bank's NII will change by
First step is to calculate the bank's one-year repricing gap
Using this formula
Repricing gap=RSAs - RSLs
Where,
RSAs =Securities+Short-term loans
RSLs =Variable-rate Deposits+Fed funds
Let plug in the formula
($ Million)
Repricing gap=[$300 + $225] - [$260 + $75]
Repricing gap=$190
Now let calculate what the bank's NII will change by
Using this formula
Change in bank's NII=Repricing gap*Interest rates
Let plug in the formula
Change in bank's NII=$190,000,000*0.0060
Change in bank's NII =$1,140,000
Therefore If the spread effect is zero and all interest rates increase 60 basis points, the bank's NII will change by $1,140,000
Oscarson Midwifery's cost formula for its wages and salaries is $1,580 per month plus $315 per birth. For the month of September, the company planned for activity of 133 births, but the actual level of activity was 127 births. The actual wages and salaries for the month was $41,085. The wages and salaries in the planning budget for September would be closest to:
Answer:
$43,475
Explanation:
Planned wages and salaries = $1,580 + $315 x 133 births
= $43,475
The wages and salaries in the planning budget for September would be closest to: $43,475
Which of these is a requirement under the No Child Left Behind Act?
A.
Specific targets must be set for special groups such as English language learners.
B.
All states must look to the federal government education bodies for curriculum materials.
C.
All schools (private, public, or charter) must follow the provisions of this law.
D.
Math and science must be emphasized when teaching lower grade students.
Answer: i think its c
Explanation: reading threw articals it seems to be the best choice
A requirement under the No Child Left Behind Act is: "Specific targets must be set for special groups such as English language learners." The correct option is A.
Why was the No Child Left Behind Act created?By requiring schools to raise student performance through required standardized examinations and minimum performance targets, NCLB was created to address the fear that the American educational system was falling behind its foreign rivals.
The No Child Left Behind Act (NCLB) was a federal law enacted in 2001 that aimed to improve academic outcomes for all students, especially those who are disadvantaged or at risk of falling behind. One of the key provisions of the law was the requirement for schools to set specific achievement targets for all students, including special groups such as English language learners, students with disabilities, and economically disadvantaged students.
The law mandated that schools must make "adequate yearly progress" (AYP) towards these targets or face consequences such as loss of funding or restructuring. This requirement was intended to ensure that all students receive the support they need to succeed academically, regardless of their background or circumstances.
Thus, the ideal selection is option A.
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Choose all of the fluctuations in the business cycle that could experience a negative output gap.
A)
expansion
B)
peak
C)
prosperity
D)
recession
E)
trough
Answer :A, D, and E
Explanation:
The right answers on USATestPrep
Expansion, recession, and trough are the fluctuations in the business cycle that could experience a negative output gap. Therefore options A, D, and E are correct.
What is the output gap?The difference between real GDP or actual production and prospective GDP is known as the GDP gap or the output gap, and it is used to measure the present economic situation relative to the business cycle. The production gap is a key macroeconomic policy indicator (in particular in the context of EU fiscal rules compliance).
The GDP gap is a controversial idea, especially because the potential GDP is not an observable metric and is frequently computed from historical GDP statistics, which might result in systemic downward biases.
A chronic, wide production gap has detrimental effects on a nation's labor market, long-term economic potential, and public finances, among other things. First, since production gaps show that employees who would prefer to work are instead idle because the economy is not generating capacity, the labor market will underperform for a longer period of time. An unemployment rate of 7.3% in October 2013 shows the slack in the US job market, compared to an average yearly rate of 4.6% in 2007 when the worst of the crisis hit.
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Bau Long-Haul, Inc., is considering the purchase of a tractor-trailer that would cost $432,605, would have a useful life of 7 years, and would have no salvage value. The tractor-trailer would be used in the company's hauling business, resulting in additional net cash inflows of $77,500 per year. The internal rate of return on the investment in the tractor-trailer is closest to (Ignore income taxes.):____.
a. 15%.
b. 54%.
c. 17%.
d. 12%.
Answer:
6%
Explanation:
The computation of the internal rate of return is shown below:
We know that
Initial investment = Annual cash inflows × PVIFA factor (rate,nper)
$432,605 = $77,500 × PVIFA(rate,7)
PVIFA(rate,7) = $432,605 ÷ $77,500
PVIFA (rate,7) = 5.582
Now we use the PVIFA table
So here the rate that should be considered is 6%
Under its executive stock option plan, N Corporation granted options on January 1, 2021, that permit executives to purchase 11.0 million of the company's $1 par common shares within the next eight years, but not before December 31, 2023 (the vesting date). The exercise price is the market price of the shares on the date of grant, $16 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. Ignoring taxes, what is the effect on earnings in the year after the options are granted to executives? (Round your answer to 1 decimal place.)
Answer:
N. Corporation
There is no effect on earnings in the year after the options are granted.
Explanation:
a) Data and Calculations:
Number of stock options granted to executives = 11.0 million
Par value of common stock = $1
Period before the vesting of interest = 8 years
Grant date = January 1, 2021
Vesting date = December 31, 2023
Exercise price on the date of grant = $16
Fair value of the options = $4 per option
Total compensation expense for the stock option = $44 million ($4 * 11 million)
b) The compensation expense is accrued starting from the vesting date and not before. Therefore, there is no effect on the earnings in the year after the options are granted to the executives.
Describe the life cycle of a product and explain profitability and sales volume at each stage
Answer:
Product Life Cycle: Overview
The product life cycle (PLC) describes a product's life in the market with respect to business/commercial costs and sales measures. It proceeds through multiple phases, involves many professional disciplines and requires many skills, tools and processes.
This is not to say that product lives cannot be extended – there are many good examples of this – but rather, each product has a ‘natural’ life through which it is expected to pass.
The stages of the product life cycle are:
Introduction
Growth
Maturity
Decline
PLC management makes these three assumptions:
Products have a limited life and, thus, every product has a life cycle.
Product sales pass through distinct stages, each of which poses different challenges, problems and opportunities to its parent company.
Products will have different marketing, financing, manufacturing, purchasing and human resource requirements at the various stages of its life cycle.
The product life cycle begins with the introduction stage (see ). Just because a product successfully completes the launch stage and starts its life cycle, the company cannot take its success for granted.
image
Product Development and Product Life Cycle: The Product Life Cycle follows directly after new product development.
A company must succeed at both developing new products and managing them in the face of changing tastes, technologies and competition. A good product manager should find new products to replace those that are in the declining stage of their life cycles; learning how to manage products optimally as they move from one stage to the next.
Product Lifecycle Management Stage 1: Market Introduction
This stage is characterized by a low growth rate of sales as the product is newly launched and consumers may not know much about it. Traditionally, a company usually incurs losses rather than profits during this phase. Especially if the product is new on the market, users may not be aware of its true potential, necessitating widespread information and advertising campaigns through various media.
However, this stage also offers its share of opportunities. For example, there may be less competition. In some instances, a monopoly may be created if the product proves very effective and is in great demand.
Characteristics of the introduction stage are:
High costs due to initial marketing, advertising, distribution and so on.
Sales volumes are low, increasing slowly
There may be little to no competition
Demand must be created through promotion and awareness campaigns
Customers must be prompted to try the product.
Little or no profit is made owing to high costs and low sales volumes
Growth
During the growth stage, the public becomes more aware of the product; as sales and revenues start to increase, profits begin to accrue.
Explanation:
Vandelay Industries' VP of support wants an automated way to notify the support team when an unresolved case has been open for over six hours. Which feature should be used to alert support managers when a case has been open for more than six hours
Answer:
Escalation rules
Explanation:
Escalation rules are provisions in a software that allows it to reroute a case that meets certain criteria such as number of hours it stays open and unresolved.
Escalation rules are used on software Salesforce CRM package to escalate cases that need attention.
In the given instance where the Vandelay Industries' VP of support wants an automated way to notify the support team when an unresolved case has been open for over six hours, escalation rules can be used to alert support managers.
A certain item cost Tshs 235 per ton. the monthly requirements are 5 tons and each time the stock is replenished. There is step up of Tshs 1000. the costs of carrying inventory has been estimated at 10% of the value of the stock per year. (a) what is the optimal order quantity? (b) what is the optimal total costs? (c) determine the optimal time between to order. (d) what is the optimal number of order?
Answer:
Russian Roulete
Explanation:
Bramble, Inc. buys 1,000 computer game CDs from a distributor who is discontinuing those games. The purchase price for the lot is $11,500. Bramble will group the CDs into three price categories for resale, as indicated below.
Group No. of CDs Price per CD
1 100 $5
2 800 10
3 100 15
Determine the cost per CD for each group, using the relative sales value method.
Answer:
determine the cost per CD for each group using tsv method
Austin Corporation, a U.S. corporation, received the following investment income during the current year: $50,000 of dividend income from ownership of stock in a French corporation, $20,000 interest on a loan to its Dutch subsidiary, $40,000 royalty from its 50 percent owned Irish venture, and $30,000 capital gain from sale of its stock in a Brazilian corporation. How much of Austin's income is treated as foreign source
Answer:
Austin's income is treated as a foreign source $110,000
Explanation:
The computation of the amount of income treated as the foreign source is given below;
Dividend income arise from the ownership of stock in a French corporation $50,000
Add: Interest on a loan to its Dutch subsidiary $20,000
Add: Royalty from its 50 percent owned Irish venture $40,000
Austin's income is treated as a foreign source $110,000
One of the major challenges facing companies today is to keep the customers they already have since there are fewer customers to go around. Changing demographics, sophisticated competitors, and overcapacity in many industries are some of the reasons for this. As a result:_________
a. the costs of maintaining existing customers are declining.
b. the costs of attracting new customers are declining.
c. the cost of giving incentives to existing customers all the time is low.
d. the costs of attracting new customers are rising.
Answer: d. the costs of attracting new customers are rising.
Explanation:
Due to the fact that companies always want to keep their old customers and ensure customer loyalty, they try as much as possible to satisfy them and meet their needs.
Due to this reason, the cost of attracting new customers are high. Companies go through a lot of processes to get new customers such as promotion, advertisement to attract new customers etc. The cost involved are typically high.
One of the aftereffects of keeping the customers which companies already have is:
D. The costs of attracting new customers are rising.According to the given question, we are asked to show the aftereffects of keeping the customers which companies already have and the effects of changing demographics, sophisticated competitors, and overcapacity.
As a result of this, we can see that these companies try their best to keep their customers and this would lead to more ads, promotion, marketing, branding, etc which would increase the costs of attracting new customers
Therefore, the correct answer is option D
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Granite Enterprises acquired a patent from Southern Research Corporation on January 1, 2021, for $4.1 million. The patent will be used for five years, even though its legal life is 20 years. Rocky Corporation has made a commitment to purchase the patent from Granite for $180,000 at the end of five years. Compute Granite's patent amortization for 2021, assuming the straight-line method is used.
Answer:
the patent amortization expense for the year 2021 is $231,000
Explanation:
The computation of the patent amortization is shown below:
= (Acquired value of the patent - ending value) ÷ legal life
= ($4,800,000 - $180,000) ÷ 20 years
= $231,000
We simply applied the above formula so that the correct value could come
Hence, the patent amortization expense for the year 2021 is $231,000
Do you think that some people have difficulty talking to others face-to-face because of how prevalent texting is today? When you have an issue that you need to discuss with someone, do you prefer to sit down and talk it out, handle it through texting or social media, or some other form of written communication? Write your response to the following questions in a 5-7 sentence paragraph below (Please help asap)
Whitney Company had no units in process at the beginning of the month. During the month 8,000 new units were started, 6,000 of these were completed but 2,000 were still in process at the end of the month. The units still in process were 100% complete as to materials but only 30% complete as to conversion costs. The cost of materials used in production during the month was $20,800 and the costs of labor and overhead were $30,360. If Whitney Company uses process costing, the total cost of making a unit of product during this month rounded to the nearest cent is:
Answer:
$7.20
Explanation:
Units % Mat. EUP- Mat. % Conv. EUP- Conv.
Units completed & 6000 100% 6000 100% 6000
transferred out
Units in ending inventory 2000 100% 2000 30% 600
Equivalent units of production 8000 6600
Cost per Equivalent Unit of Production
Materials Conversion Total
Beginning costs - - -
During the month costs $20,800 $30,360
Total cost $20,800 $30,360
÷ Equivalent units of production 8.000 6,600
Cost per equivalent unit $2.60 $4.60 $7.20
of production
Converse Company reported net income of $200,000 in 2020. Depreciation expense was $15,000 and amortization expense on patents was $2,500 in 2020. In addition, the balance sheet reported the following balance changes during 2020.
Decrease in accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,000
Increase in debt investments classified as available-for-sale securities. . . . .4,500
Decrease in prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000
Decrease in accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000
Increase in accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500
Decrease in short-term nontrade notes payable . . . . . . . . . . . . . . . . . . . . . . .8,000
Net Cash provided by operating activities was:______.
Answer:
net cash flow from operating activities $221,000
Explanation:
The computation of the Net Cash provided by operating activities are as follows;
Cash flows from operating activities
Net income $200,000
Add: depreciation expense $15,000
Add: amortization expense is $2,500
Add: decrease in account receivable $5,000
Add decrease in prepaid expense $2,000
Less decrease in account payable -$8,000
Add increase in accrued expense $4,500
net cash flow from operating activities $221,000
The two most common types of accounts to manage your money are _________ and __________.
A. principal and savings accounts
B. online banking and checking accounts
C. checking and savings accounts
D. CD's and stocks
Answer:
c, checking and saving accounts
Terps Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 Assets Cash $ 440,000 $ 200,000 Short-term investments 600,000 — Accounts receivable (net) 1,020,000 1,020,000 Inventory 1,380,000 1,200,000 Long-term investments 400,000 600,000 Plant assets 3,400,000 2,000,000 Accumulated depreciation (900,000) (900,000) Patent 180,000 200,000 Total assets $6,520,000 $4,320,000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1,660,000 $1,440,000 Notes payable (nontrade) 580,000 — Common stock, $10 par 1,600,000 1,400,000 Additional paid-in capital 800,000 500,000 Retained earnings 1,880,000 980,000 Total liabilities and stockholders' equity $6,520,000 $4,320,000 Information relating to 2021 activities: Net income for 2021 was $1,500,000. Cash dividends of $600,000 were declared and paid in 2021. Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2021 for $360,000. A long-term investment was sold in 2021 for $320,000. There were no other transactions affecting long-term investments in 2021. 20,000 shares of common stock were issued in 2021 for $25 a share. Short-term investments consist of treasury bills maturing on 6/30/22. Net cash provided by 2021 financing activities was
Answer:
$480,000
Explanation:
Cash-flow from Financing Activities
Particulars Amount
Due to change in notes payable $580,000
Due to change in common stock $500,000 (20000*$25)
Payment of common dividends ($600,000)
Net cash provided by financing activities $480,000
You have financial control responsibility for a start-up. Under the rules of accounting, assets must equal liabilities plus owner's equity. You have $4,500 in cash and $18,000 in inventory; both are assets. You have a bank loan of $3,200 (liability) and owner's equity of $18,100. How much money do you have that is unaccounted for?
Answer:
Should be 12,000
Reason being since you need to find assets to liabilities and owner's equity therefore you add 4,500 and 18,000 and subtract it to 3,200 and 18,100
Answer:
1200
Explanation: i took the quiz