You are an adult friend of a sixty-five year old male, James, who lives next door. James is friendly and kind to you and your family. James has become increasingly forgetful of facts and names lately and you once found him lost in another part of your familiar neighborhood. On the other hand, James has significant periods of mental clarity, living independently and performing complex mental tasks. For example, he profitably buys and sells collectibles at flea markets and on the Internet. James's family lives far away, and may not know that James is possibly showing early signs of mental instability. You know that a court can determine if someone is mentally incompetent and appoint a guardian to represent that individual. Only then can the guardian enter into binding legal obligations on behalf of the mentally incompetent person.
Required:
From the perspective of contractual legal capacity, explain the advantages and drawbacks of declaring someone like James incompetent.
Answer:
Advantages of declaring James incompetent:
James will have someone taking care of him permanently.Since James lives alone, it will not cause stress on his family.Court will appoint a person to manage and handle James' assets through a power of attorney.
Disadvantages of declaring James incompetent:
James will lose control of his assets and his business might decline.He might be psychologically affected even more and his condition could get worse.After a while, his legal guardian might want to change his mind because taking care of someone else might become a problem.Think of two advertisements that you have seen recently, one that you like and one that you dislike. What is each ad trying to sell or promote? What do you like/dislike about each? Do you think either ad would influence you to buy the product or service advertised? Why or why not?
Answer and Explanation:
An advertisement that I have seen frequently and that has caught my attention is an advertisement about Shampoo for dogs. This announcement has a color palette that I like very much, it has a feeling of balance and freshness. This makes me believe that the dog will feel these sensations if he uses this product, which makes me want to buy it immediately. The dog images, used in the ad, also reinforce this desire, since all dogs are well treated and with very beautiful hair.
However, an ad that has not convinced me to buy the product is an advert about face moisturizer. Although the advertisement is well produced, it promises a miraculous product with effects beyond the capacity of a moisturizer. When watching the ad I feel somewhat deceived and I have negative feelings about the product.
Cornerstone Exercise 5.2 (Algorithmic) Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $290,000, and budgeted direct labor hours were 29,000. The average wage rate for direct labor is expected to be $20 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow: Job 39 Job 40 Job 41 Job 42 Beginning balance $26,700 $35,900 $16,700 $1,600 Materials requisitioned 20,300 23,200 12,600 14,200 Direct labor cost 11,400 20,300 7,250 5,100 Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 130 percent of cost. (Naranjo had originally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties. Job 40 is the only job in Finished Goods Inventory.) Jobs 41 and 42 remain unfinished at the end of the month. Required: 1. Calculate the balance in Work in Process as of June 30. $ 2. Calculate the balance in Finished Goods as of June 30. $ 3. Calculate the cost of goods sold for June. $ 4. Calculate the price charged for Job 39. Round your answer to the nearest cent. $ 5. What if the customer for Job 40 was able to pay for the job by June 30? What would happen to the balance in Finished Goods? What would happen to the balance of Cost of Goods Sold?
Answer: See attachment and solution
Explanation:
1. Calculate the balance in Work in Process as of June 30.
This will be:
= $40175 + $23450
= $63625
2. Calculate the balance in Finished Goods as of June 30.
This will be $89550
3. Calculate the cost of goods sold for June.
Based on the calcuyin the attachment, this will be $64100.
4. Calculate the price charged for Job 39.
This will be:
= $(64100 × 1.30)
= $83330
5. What if the customer for Job 40 was able to pay for the job by June 30? What would happen to the balance in Finished Goods?
Based on the above, there would be a reduction in the finished goods.
6. What would happen to the balance of Cost of Goods Sold?
There will be an increase in the cost of the goods that are sold.
Money serves a good store of value unless an economy experiences a period of rapid inflation.
True
False
Ship A is 15 miles east of P and is moving west at 20 mph; ship B is 60 miles south of P and is moving north at 15 mph. At what rate is the distance between them changing after 1 hour? Is the distance
increasing or decreasing?
14. Two cars start at same time from the junction of two roads one on each road, with uniform speed v m.p.h. If the roads are inclined at 120°, show that the distance between them increases at the rates of√3 v.m.p.h.
Answer:
[tex]please \: refer \: \: to \: the \: attachment \: above[/tex]
Thank U,Next
Darius Rucker is leaving Theta Tech after several years. During his time at Theta he accumulated a deferred payroll benefit. He must choose between a lump-sum distribution or annual payments over the next 10 years, with his first payment deposited today. He believes he can invest any sum received at 4.95% for the next ten years. The annual payments are $20,311 and the lump-sum distribution is $165,000. To the nearest dollar, the more valuable choice is __________.
Darius Rucker is leaving Theta Tech after several years. During his time at Theta he accumulated a deferred payroll benefit. He must choose between a lump-sum distribution or annual payments over the next 10 years, with his first payment deposited today. He believes he can invest any sum received at 4.95% for the next ten years. The annual payments are $20,311 and the lump-sum distribution is $165,000. To the nearest dollar, the more valuable choice is the Lump Sum distribution.
What is Lump Sum Payments?A lump-sum payment is a sum of money that is frequently paid in one major payment rather than in several smaller ones.
In relation to loans, it is often referred to as "bullet repayment." They are sometimes connected to pension plans and other types of retirement accounts, such 401(k), when retirees opt for a smaller upfront lump-sum payment over a larger amount distributed gradually. These are frequently paid out when debentures occur.
What are Annual Payments?Annual payments are sums of money given to someone or something for the duration of an entire year, or sums of money given to someone or something for the duration of an entire year.
Annual Payments are the payments paid by the City under this Support Agreement as described in Section 4.1(a), which are equivalent to half of the principal and interest payments due on the Bond for each Fiscal Year.
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Filter Systems produces air filters for domestic and foreign cars. One filter, part number JJ39877, is supplied on an exclusive contract basis to Oil Changers at a constant 200 units monthly. Filter Systems can produce this filter at a rate of 50 per hour. Setup time to change the settings on the equipment is 1.5 hours. Worker time (including overhead) is charged at the rate of $55 per hour, and plant idle time during setups is estimated to cost the firm $100 per hour in lost profit.
Filter Systems has established a 22 percent annual interest charge for determining holding cost. Each filter costs the company $2.50 to produce; they are sold for $5.50 each to Oil Changers. Assume 6-hour days, 20 working days per month, and 12 months per year for your calculations.
Required:
a. How many JJ39877 filters should Filter Systems produce in each production run of this particular part to minimize annual holding and setup costs?
b. Assuming that it produces the optimal number of filters in each run, what is the maximum level of on-hand inventory of these filters that the firm has at any point in time?
c. What percentage of the working time does the company produce these particular filters, assuming that the policy in part (a) is used?
Answer:
a. EOQ = 1449 units are the optimal number of units of Filters to be produced.
b. I = 1400.7 units is the maximum level of on hand inventory any time.
c. Portion of Uptime = 3.3%
Explanation:
Solution:
a.
First of we need to find out the total demand of the filters per year.
D = Demand
D = 200 x 12
Total Demand per year D = 2400 units per year.
Secondly, we need to calculate the production capacity by using the following formula:
PC = Rate of the Production x months in a year x working hours x working days.
PC = 50 x 12 x 6 x 20
PC = 7200 units is the production capacity for a year.
Thirdly, we need to calculate the holding cost by using the following formula:
Holding Cost = Annual interest rate x Production cost per unit.
HC = 0.22 x 2.50
HC = 0.55 is the holding cost
Now, we need to find the modified holding cost as well by using the following formula:
HC' = HC(1- [tex]\frac{D}{PC}[/tex])
Where,
D = Total Demand
PC = Production Capacity per year.
Just Plugging in the values, we get:
HC' = 0.55 x (1 - [tex]\frac{2400}{72000}[/tex] )
HC' = 0.5317 USD per unit.
Finally, for part a, we need to find the Economic Order Quantity, by using the formula:
EOQ = [tex]\sqrt{\frac{2 * D * OC}{HC'} }[/tex]
Where,
OC = Ordering Cost.
Just plugging in the values:
EOQ = [tex]\sqrt{\frac{2 * 2400 * [(100+55)]*1.5}{0.5317} }[/tex]
Hence,
EOQ = 1449 units are the optimal number of units of Filters to be produced.
b.
For this part, firstly, we need to find the inventory at any time:
I = EOQ x (1 - [tex]\frac{D}{PC}[/tex] )
We already know all the values, so just plug in the value into the above equation to calculate inventory at any time:
I = 1449 x ( 1 - [tex]\frac{2400}{72000}[/tex] )
I = 1400.7 units is the maximum level of on hand inventory any time.
c.
For this final part, first we need to find the cycle time as below:
CT = [tex]\frac{EOQ}{D}[/tex]
CT = 1449/2400
Hence, the cycle time is:
CT = 0.60375 per year.
Now, we need to find the uptime:
UT = [tex]\frac{EOQ}{PC}[/tex]
We already know the values, just plug them in:
UT = 1449/72000
UT = 0.0201 per year
Finally, with all the data collected, we can now calculate the portion of cycle time according to uptime in the production process as follows:
Portion of uptime = [tex]\frac{UT}{CT}[/tex]
Portion of Uptime = 0.0201/0.60375
Hence,
Portion of Uptime = 3.3%
explain the role of beliefs, customs and attitudes in communication and how it acts as an input communication
Answer and Explanation:
An individual's customs beliefs and attitudes are directly related to the culture to which they belong and that culture is able to determine the forms of communication that an individual can present, showing how to behave and how to start a communication. Thus, these factors determine the beginning and the entire development of input comunication, as well as the elements that compose it.
The explanation regarding the role of beliefs, customs & attitudes in communication should be described below:
The customs, beliefs, & attitudes of an individual should be related to the culture from which it belongs and the culture should be measurable in the terms of communication.In this, the individual should be presented, how to begins with the communication. Without an individual, the communication should not be done.In this way, it should be explained.
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Employment agencies are either ____ or ____.
professional
public
personal
private
Answer: public or private
Explanation:
With an aim of a diagram, distinguish between the income effect and substitution effect of change in price of a normal good
Hello. You did not present a diagram to which the question refers. However, I will try to help you in the best possible way.
The income effect is the term related to the increase or decrease in the consumer's purchasing power in relation to the fluctuation in the price of consumer products and the value of the national currency. On the other hand, the substitution effect refers to the impact between the variation of the consumers' income value and the product's prices.
the summary of important trends in retailing are
Answer:
1 Investment in omni channel retail strategies
2 provide a personalized retail experience
3 Attend to the growing culture of immediacy
4 Expand into emerging markets and create a new channel
Miniaturization of Wisynco sales?
Explanation:
Wisynco Group Limited has 1,500 total employees across all of its locations and generates $195.02 million in sales (USD).
Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records.
June 30 Bank Reconciliation
Balance per bank
$14,728
Add: Deposits in transit
3,240
Deduct: Outstanding checks
(4,208
)
Balance per books
$13,760
Month of July Results
Per Bank
Per Books
Balance July 31 $18,199 $19,462
July deposits 9,468 12,224
July checks 8,416 6,522
July note collected (not included in July deposits) 3,156
July bank service charge 32
July NSF check from a customer, returned by the bank (recorded by bank as a charge) 705
Exercise 7-24 Angela Lansbury Company deposits all
Exercise 7-24 Angela Lansbury Company deposits all
Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.
Angela Lansbury Company
Bank Reconciliation
July 31
Deposits in transitOutstanding checksBalance per books, July 31Bank service chargeNSF checkCorrect cash balance, July 31Balance per bank statement, July 31Collection of note
$
LessAdd
:
Deposits in transitUnderstated check for suppliesBalance per books, July 31Collection of noteBank service chargeCorrect cash balance, July 31NSF checkBalance per bank statement, July 31
LessAdd
:
NSF checkBank service chargeCorrect cash balance, July 31Balance per bank statement, July 31Understated check for suppliesBalance per books, July 31Collection of noteOutstanding checks
Deposits in transitBank service chargeBalance per books, July 31Balance per bank statement, July 31Outstanding checksCollection of noteNSF checkCorrect cash balance, July 31
$
Balance per bank statement, July 31NSF checkDeposits in transitBank service chargeCorrect cash balance, July 31Outstanding checksBalance per books, July 31Collection of note
$
AddLess
:
Collection of noteBalance per books, July 31Balance per bank statement, July 31Bank service chargeNSF checkCorrect cash balance, July 31Deposits in transitOutstanding checks
LessAdd
:
Deposits in transit Outstanding checks Correct cash balance, July 31 Balance per bank statement, July 31 Balance per books, July 31 Collection of note Bank service charge NSF check
$
Balance per bank statement, July 31 Bank service charge Deposits in transit Outstanding checks NSF check Balance per books, July 31 Collection of note Correct cash balance, July 31
Balance per bank statement, July 31NSF checkCorrect cash balance, July 31Deposits in transitBank service chargeBalance per books, July 31Outstanding checksCollection of note
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Exercise 7-24 Angela Lansbury Company deposits all
Exercise 7-24 Angela Lansbury Company deposits all
Prepare the general journal entry to correct the Cash account. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Answer:
a. Adjusted Balance = Adjusted Balance = $21,881.
b. See the journal below.
Explanation:
Note: The actual data needed to answer this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data that are actually needed.
Explanation of the answers is now given as follows:
a. Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.
Angela Lansbury Company
July 30 Bank Reconciliation
Details Amount ($)
Balance as per bank 18,199
Add:
Deposit In transit ($3,240 + $12,224 - $9,468) 5,996
Less:
Outstanding Checks ($4,208 + $6,522 - $8,416) (2,314)
Adjusted Balance 21,881
Balance as per book 19,462
Add:
Note Collected 3,156
Less:
Bank Service charge (32)
NSf Check (705)
Adjusted Balance 21,881
b. Prepare the general journal entry to correct the Cash account.
The journal entries will look as follows:
Particulars Debit ($) Credit ($)
Cash 3,156
Note Collected 3,156
(To record note collected by bank.)
Bank Service charge 32
Cash 32
(To record Bank Service charge.)
Account Receivable 705
NSf Check 705
(To record NSf Check.)
Amazin Company is trying to decide which one of two contracts it will accept. The costs and revenues associated with each are listed below:
Contract X Contract Z
Contract revenue $200,000 $260,000
Materials 10,000 10,000
Labor 8800 120,000
Depreciation on Equipment 8,000 10,000
Cost incurred for consulting advice 1,500 1,500
Allocated portion of overhead 5,000 3,000
Which of these amounts is relevant for the selection of one contract over another?
a. Contract revenue and cost of materials
b. Materials, consulting advice and allocated overhead
c. Cost of consulting advice and allocated overhead
d. Contract revenue and labor costs
Answer:
The amounts relevant for the selection of one contract over another are:
d. Contract revenue and labor costs
Explanation:
a) Data and Calculations:
Contract X Contract Z Relevant
Contract revenue $200,000 $260,000 Different
Materials 10,000 10,000 Same cost
Labor 8800 120,000 Different
Depreciation on Equipment 8,000 10,000 Fixed costs
Cost incurred for consulting advice 1,500 1,500 Same cost
Allocated portion of overhead 5,000 3,000 Fixed costs
b) The analysis shows that revenues for the two contracts are different and therefore relevant, just like labor costs. However, the costs of materials and consulting advice are relevant, but since they are the same costs, they can be neglected in decision making. Fixed costs are not always relevant for decision making.
List the 5 tests of whether personal property has become a fixture
Answer:
im not sure but there is other questions for you.
Explanation:
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 53 units at $139 per unit 135 units at $142 per unit 183 units at $122 per unit Sales for the year totaled 335 units, leaving 36 units on hand at the end of the year. In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less the ending inventory balance under LIFO results in a difference of:
Answer:
The difference is $612
Explanation:
By using the Periodic inventory system Fulbright Corp. calculates its Cost of Sales and Inventory at the end of a certain period. In this case at year end.
FIFO
FIFO assumes that the units to arrive first will be sold first. Meaning inventory will be valued using recent prices.
FIFO inventory = 36 units x $122 = $4,392
LIFO
LIFO assumes that the units to arrive last will be sold first. Meaning that the inventory will be valued using earliest (old) prices.
LIFO inventory = 36 units x $139 = $5,004
Conclusion
Difference = LIFO inventory - FIFO inventory
= $5,004 - $4,392
= $612
Which of the following statements is correct?
A. All else the same, an investor will require less return to invest in a callable bond than one that is not callable.
B. All else the same, an investor will require more return to invest in a callable bond than one that is not callable.
C. The call feature does not impact the return that investors demand.
D. We would need to know the current level of interest rates to answer this question.
Answer:
B. All else the same, an investor will require more return to invest in a callable bond than one that is not callable.
Explanation:
A callable bond is a bond that is redeemable. Before this bond gets to when it is matured, it could be redeemed. Bonds of these nature can give better rates of interest or return or coupon rates based on the fact that they are callable.
the answer to this question therefore is that an investor is going to need more return to invest in this type of bond than one that is not callable.
TEST II Directions: Arrange the jumbied letters to reveai the hidden word.
16. IKETICN GERNYE - An energy in motion
17. TIONMO - It also means "movement"
18. TONPETAIL GERNEY - An energy at rest
19. TERS - It means Stop
20. AMSS - It affects the movement of an object
Answer:
16.KINETIC ENERGY
17.MOTION
18.POTENTIAL ENERGY
19.REST
20.MASS
Explanation:
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eassy on important of computer education
Answer: ?
Explanation:
The computer is going to be a part and parcel of our daily life. A computer is a latest and most wonderful contribution to modern science. It is an ultra-modern electronic device of modern technology. But it has no ability to do anything by itself. It works on the basis of’ commands given by the operator. It can solve many complicated problems within a short time. In almost all business, companies, schools using computers for various official operations. New tech tools are coming that helping students to learn better.
The computer is very useful for us. It is used in our daily life for various purposes. The computer has made a great change in education. The students of developed countries use a computer to prepare their study materials. The result of various examinations is prepared accurately by computer within a short time. Computers and the internet not only help students to explore creativity and imagination but also help to understand technologies. Technology has made research far easier than in the past.
what is limited writing system
Limited writing refers directly to the object or idea portrayed. Pictograms or ideograms call to mind an image or concept that may be expressed in language. The reader does not need to know the language of the writer to translate the signs into his or her own language.
This ratio is anticipated and expected to be announced at shareholder meetings, since as a stock continues to increase in value, the shareholders are not as concerned about dividend payouts. The ratio is _____.
price-to-book value ratio
price-to-cash flow ratio
price-to-sales ratio
price-to-earnings ratio
Answer:
Price to book value ratio is the answer
Answer:
Price-to-earning ratio
Explanation:
Edge 2021
In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available:
Net income for the year was $ 52,000
Accounts payable decreased by 18,000
Accounts receivable increased by 25,000
Inventories increased by 5,000
Depreciation expense was 30,000
Net cash provided by operating activities was
A. $34,000.
B. $60,000.
C. $70,000.
D. $80,000.
E. $52,000.
Answer:
A. $34,000.
Explanation:
We can determine the Net cash provided by operating activities by preparing the Cash flow from Operating Activities Section of the Cash flow Statement using the Indirect method as below
Cash flow from Operating Activities
Net income for the year 52,000
Adjustment for Non - Cash items :
Depreciation expense 30,000
Adjustment for Changes in Working Capital items :
Decrease in Accounts payable (18,000)
Increase in Accounts receivable (25,000)
Increase in Inventories (5,000)
Net cash provided by operating activities 34,000
Therefore,
Net cash provided by operating activities was A. $34,000.
Consider the three mutually exclusive alternatives below. Determine which alternative is preferable at an interest rate of 9% per year.
Alternative A B C
Capital Investment $400,000 $230,000 $150,000
Annual Expense $189,000 $122,500 $134,000
Annual Revenue $309,000 $222,500 $234,000
Salvage Value $65,000 $180,000 $130,000
Life (Years) 24 5 12
Required:
a. What is the AW for project M?
b. What is the AW for project N?
c. What is the AW for project P?
Answer:
a. AW, A($) = 79646
b. AW, B ($) = 29,367
c. AW, C ($) = 80738
Explanation:
Solution:
First of let's sort out the data given for all three alternatives:
Alternative A:
Capital Investment = $400,000
Annual Expense = $189,000
Annual Revenue = $309,000
Salvage Value = $65,000
Life = 24 Years
Alternative B:
Capital Investment = $230,000
Annual Expense = $122,500
Annual Revenue = $222,500
Salvage Value = $180,000
Life = 5 Years
Alternative C:
Capital Investment = $150,000
Annual Expense = $134,000
Annual Revenue = $234,000
Salvage Value = $130,000
Life = 12 Years
a.
AW, A($) = - 400,000 x A/P(9%, 24) + (309,000 - 189,000) + 65,000 x P/F(9%, 24) x A/P(9%, 24)
AW, A($) = - 400,000 x 0.103 + 120,000 + 65,000 x 0.1264 x 0.103
AW, A($) = - 41,200 + 120,000 + 846.25
AW, A($) = 79646
b.
AW, B ($) = -230,000 x A/P(9%, 5) + (222,500 - 134,000)
AW, B ($) = -230,000 x 0.2571 + (222,500 - 134,000)
AW, B ($) = 29,367
c.
AW, C ($) = - 150,000 x A/P(9%, 12) + (234,000 - 134,000) + 130,000 x P/F(9%, 12) x A/P(9%, 12)
AW, C ($) = - 150,000 x 0.1397 + 100,000 + 130,000 x 0.3555 x 0.1397
AW, C ($) = - 20,955 + 100,000 + 1,692.50
AW, C ($) = 80738
Marketing analytic approaches can be thought of by considering the level of analytic complexity and the value that is created from employing each within the specific context of interest. Generally, greater levels of complexity come with a higher cost in the form of the level of expertise and effort required to execute the related analytic approach, but more complex analytical approaches also tend to yield higher value customer insights.
This activity is important because marketing managers benefit from being able to determine what the most appropriate marketing analytics approach is for a given decision making context. The goal of this exercise is to demonstrate your understanding of the four key types of marketing analytic approaches. There are four key types of marketing analytics: descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. Each has its place in taking Big Data and providing valuable insights for marketing management decision making. Hover over each individual item to read fictional company examples highlighting different ways that marketing analytics can be used to yield specific insights.
Match the item to its appropriate position based on which type of marketing analytics approach it represents.
a. Quality Software
b. ABC Supermarket
c. Global Hospitality
d. XYZ
e. Manufacturing
1. Descriptive Analytics
2. Predictive Analytics
3. Diagnostic Analytics
4. Prescriptive Analytics
Answer:
a. Quality Software - Prescriptive Analytics
b. ABC Supermarket - Descriptive Analytics
c. Global Hospitality - Diagnostic Analytics
d. XYZ - Predictive Analytics
e. Manufacturing - Descriptive Analytics
Explanation:
Descriptive analytics is the strategy which uses the past data and creates a summary for historical data to create future analysis.
Predictive Analytics is the strategy which uses statistical calculations and models to predict the future.
Diagnostic Analytics is the strategy which the analyst observes the past event and then examines why certain situation happened. This is used by analysts to make sure that historic mistakes are not repeated.
Prescriptive Analytics is the strategy in which strategic planning is made after the operational activities are analyzed and then strategies are formed in order to plan future performance.
If overhead applied is less than actual overhead incurred, it is:
Fully applied
Answer:
under applied overhead
Explanation:
In the case when the applied overhead i.e. computed by mutiplying the actual direct labor or actual machine hours with the predetermined overhead rate is lower than the actual overhead so this represent the under applied overhead
Hence, the given situation represent the under applied overhead
On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $2,000. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. The salvage value is not changed.
Answer:
$15,950
$15,950
Explanation:
Here is the full question :
On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $2,000. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. The salvage value is not changed. Compute the revised depreciation for both the second and third years.
The step to answering this question :
1. calculate the depreciation expense using the initial useful life
2. calculate the book value for year 2
3. calculate the depreciation expense for year 2 and 3 using the revised useful life and year 2 book value
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
1. ($65,800 - $2000) / 4 = $15,950
Book value = $65,800 - $15,950 = $49,850
($49,850 - $2000) / 3 = $15,950
The depreciation expense in year 2 and 3 would be $15,950
Sarah has investments in four passive activity partnerships purchased several years ago. Last year the income and losses were as follows:
Activity Income (Loss)
A $30,000
B (30,000)
C (15,000)
D (5,000)
In the current year, she sold her interest in Activity D for a $10,000 gain. Activity D, which had been profitable until last year, had a current loss of $1,500. Answer the following questions to determine how the sale of Activity D affects Sarah's taxable income in the current year.
a. The amount of suspended losses carried forward to the year of the sale is: ______________.
b. What amount of the suspended losses is allocated to Activity D?
Answer:
Ist B
Explanation:
Ist b
Uing the direct method, and the information in the exhibits, prepare the financing activities section of the statement of cash flows for Alaskan Travels, Inc., as of December 31, Year 2. In the first column, from the option list provided, select the description for cash flows that are clearly from financing activities. In the second column, enter the amounts that will be reported in the financing activities section of the statement of cash flows. Indicate negative numbers by using a leading minus (-) sign.
Cash flows from financing activities: Net cash provided by (used in) financing activities:
1.
2.
3.
4.
5.
Total:
Answer:
1. Dividends Paid - $8,900
2. Short term borrowing $5,500
3. Interest Paid - $1,208
4. Increase in Share capital $10,000
5. Long term borrowings Repayment - $7,250
Explanation:
Cash flows statements are important for a business as this clears out company position in terms of cash. The cash inflows and outflows are reported in the statement. There are three different categories in which cash is reported, Operating activities, Investing Activities and Financing Activities.
Financing activities shows cash flows which are used to fund the business. This part of cash flow shows the net cash generated from different sources of finance.
Fogel Co. has $2,500,000 of 8% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 31. On July 31, 2010, the holders of $800,000 bonds exercised the conversion privilege. On that date the market price of the bonds was 105 and the market price of the common stock was $36. The total unamortized bond premium at the date of conversion was $175,000. Fogel should record, as a result of this conversion, aa. credit of $136,000 to Paid-in Capital in Excess of Par.b. credit of $120,000 to Paid-in Capital in Excess of Par.c. credit of $56,000 to Premium on Bonds Payable.d. loss of $8,000.
Answer:
a. credit of $136,000 to Paid-in Capital in Excess of Par
Explanation:
Based on the information given Fogel should record, as a result of this conversion, a CREDIT of the amount of $136,000 to Paid-in Capital in Excess of Par which is calculated as:
Paid-in Capital in Excess of Par=800,000 + ($175,000 × .32) – (800 × 30 × $30)
Paid-in Capital in Excess of Par= $136,000
Fogel should record the conversion as A. credit of $136,000 to Paid-in Capital in Excess of Par.
Based on the information that was given, the paid in capital in excess of par will be calculated thus:
= $800000 + ($175000 × 0.32) - (800 × 30 × 30)
= $136000
Therefore, from the calculation above, the recording will be a credit of $136,000 to Paid-in Capital in Excess of Par.
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What is Growth-oriented definition of Economics? Explain the main virtues of this definition.
Growth Definition (1948) According to Prof. Paul A Samuelson “ Economics is the study of how men and society choose with or without the use of money, to employ the scarce productive resources which have alternative uses, to produce various commodities over time and distribute them for consumption now and in future.