Answer and Explanation:
The journal entries are shown below:
Cash $84,000,000
To Notes payable $84,000,000
(Being issuance of the note is recorded)
Interest expense($84,000,000 × 15% × 3 ÷ 12) $3,150,000
To Interest payable $3,150,000
(Being interest expense is recorded)
On January 1, 2017, Ahmed Inc. loaned $316,837 to Cyrus Co. A zero-interest-bearing note (face amount, $400,000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2020. The prevailing rate of interest for a loan of this type is 6%. What amount of interest expense will Cyrus recognize over the four years?
Answer:
the amount of interest expense for the four years is $76,041
Explanation:
The computation of the amount of interest expense for the four years is shown below:
= Loan amount × rate of interest × number of years
= $316,837 × 6% × 4 years
= $76,041
Hence, the amount of interest expense for the four years is $76,041
Finley Corporation had income from continuing operations of $10,600,000 in 2014. During 2014, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2014. Finley had 10,000,000 shares of common stock outstanding during 2014. Prepare a partial income statement for Finley beginning with income from continuing operations.
Answer:
The answer is "$1.01"
Explanation:
Revenue from operations $10,600,000
Operations discontinued
Loss of discontinued operation
Division of restaurant (net of tax)
$315,000
Loss of diner disposal
division (net of tax)
189,000
504,000
$10,096,000 in net income
Start sharing income
Revenue from operations $1.06
Net of tax (0.05)* Discontinued transactions
$1.01 Net Revenue
After graduating from dental school two years ago, Dr. Lauren Farish purchased the dental practice of a long-time dentist who was retiring. In January of this year she had to replace the outdated autoclave equipment she inherited from the previous dentist. Now, as she is preparing her budget for next year, she is concerned about understanding how her cost for sterilizing her dental instruments has changed. She has gathered the following information from her records:
Month Number of instruments used Total autoclave cost
January 724 $7,468
February 624 6,574
March 824 7,114
April 1,024 9,080
May 924 7,776
June 1,124 8,600
July 1,324 10,012
August 1,224 9,816
1) What is the variable cost of sterilizing an instrument using the new equipment?
2) What is the fixed cost of the autoclave equipment?
3) What is the cost formula that Dr. Farish should use for estimating autoclave sterilization costs for next year's budget?
4) If Dr. Farish estimates she will use 1,192 instruments next month, what cost should she include in her budget for instrument sterilization? (Round answer to 0 decimal places, e.g. 5,275.)
Total cost $ _
Answer:
Total cost formula= 3,510 + 4.911*x
x= Number of instruments
Explanation:
To calculate the variable and fixed costs, we will use the high-low method:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (10,012 - 6,574) / (1,324 - 624)
Variable cost per unit= $4.911
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 10,012 - (4.911*1,324)
Fixed costs= $3,510
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 6,574 - (4.911*624)
Fixed costs= $3,510
Total cost formula= 3,510 + 4.911*x
x= Number of instruments
For 1,192 instruments:
Total cos= 3,510 + 4.911*1,192
Total cost= $9,363.9
This model shows how cold winter air is warmed in the Great Lakes Basin, which creates ideal temperatures for year-round fruit farming. Which statement best describes this interaction? A) The biosphere and hydrosphere interact, which affects the atmosphere. B) The geosphere and atmosphere interact, which affects the hydrosphere. C) The hydrosphere and atmosphere interact, which affects the biosphere. D) The geosphere and hydrosphere interact, which affects the atmosphere.
Answer:
Can I Know Where Is The Model Brother Please
The January 28 (fiscal y ear-end) financial statements of Collette, Inc. reported the following information (in millions). Cost of sales Inventories, net LIFO reserve Year2 $1,213,918 468,611 3,476 Year1 $1,223,622 437,396 3,275 If Collette had used the FIFO method of inventory costing, Year 2 inventory would have been: A) $465, 135 million B) $472,087 million C) $468,812 million D) $405,482 million E) None of these are correct.
Answer:
B) $472,087 million
Explanation:
The computation of the year 2 inventory is shown below
= LIFO inventory + LIFO reserve
= 468,611 + $3,476
= $472,087 million
We simply added the lifo inventory and lifo reserve of year 2 in order to determine the year 2 inventory
Hence, the correct option is B.
Optimization in Daily Life: Think about your favorite activity, hobbies or any kind of activity from your daily life. Find a problem which can be modeled with optimization. Now, think about the formulation steps for this activity using optimization and answer the formulation step questions below. (Note that you do not need to write a mathematical model.)
1. What is the decision to make?
2. What is the objective criterion?
3. What are the constraints for the decision?
Answer:
I like to go to learn driving everyday. I love driving car and go to mountains. I have a dream to have my own car and then go for long drives near the sea coast.
Explanation:
1. The decision to make is to buy a car to fulfill the hobby.
2. The main objective is to enjoy the favorite activity and pleased by the beauty of mountains and sea.
3. The main constraints are financial constraint. Money is required to buy a car and then fulfill the dream.
Organizations exchange information internally and externally. External messages go to customers, vendors, the government, and other business partners. Internal messages travel upward to supervisors, downward to employees, and horizontally among workers. Understanding the different types of business messages and following the 3-x-3 writing process will help you write more effective professional messages.
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period:
Performed $87,000 of services for clients on account.
Performed $50,000 of services for cash.
Incurred $48,000 of other operating expenses on account.
Paid $20,000 cash to an employee for salary.
Collected $64,000 cash from accounts receivable.
Paid $17,000 cash on accounts payable.
Paid a $8,000 cash dividend to the stockholders.
Accrued salaries were $4,000 at the end of Year 1.
Required
a. Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. The first event is shown as an example. (Enter any decreases to account balances and cash outflows with a minus sign.)
b. What is the amount of total assets at the end of Year 1?
c. What is the balance of accounts receivable at the end of Year 1?
d. What is the balance of accounts payable at the end of Year 1?
f. What is net income for Year 1?
g. What is the amount of net cash flow from operating activities for Year 1?
Answer:
Following are the solution to the given points:
Explanation:
For point a: Please find the attachment file
For point b:
The total asset value is[tex]= 92000[/tex]
For point c:
The account receivable value is [tex]= (Transaction_1)- (Transaction_5)= 87000- 64000 = 23000[/tex]
For point d:
The accounts payable valueis [tex]= 48000-17000 =31000[/tex]
For point f:
The Net income is [tex]= 65000[/tex]
For point g:
The value of net cash flow from the operating activity is[tex]= 42000[/tex]
Hodge Co. exchanged Building 24 which has an appraised value of $4,971,000, a cost of $7,691,000, and accumulated depreciation of $3,528,000 for Building M belonging to Fine Co. Building M has an appraised value of $4,498,000, a cost of $9,079,000, and accumulated depreciation of $4,796,000. The correct amount of cash was also paid. Assume depreciation has already been updated.
Prepare the entries on both companies' books assuming the exchange had no commercial substance.
Answer:
Hodge Co. Books
Debit : Building M $4,163,000
Debit : Accumulated Depreciation Building 24 $3,528,000
Credit : Cost of Building 24 $7,691,000
Fine Co. Books
Debit : Building 24 $4,283,000
Debit : Accumulated Depreciation Building 24 $4,796,000
Credit : Cost of Building 24 $9,079,000
Explanation:
Where an exchange transaction lacks commercial substance, the accounting standard IAS 16 requires that the Asset that is acquired is measured at the Carrying Amount of the Asset given up, and no gain or loss can be estimated reliably.
Carrying Amount is Cost of Asset minus Accumulated Depreciation
The Carrying Amounts for Building 24 and Building M can now be calculated as follows -
Carrying Amount :
Building 24 = $7,691,000 - $3,528,000 = $4,163,000
Building M = $9,079,000 - $4,796,000 = $4,283,000
Then, apply the Carrying Amounts as new cost of assets acquired for Both Companies as required by the standard.
What does zero economic profit mean in a perfectly competitive market in the long run?
define the term feasibility study
Answer: An evaluation of the practicality of a suggested project or framework is a feasibility study. A feasibility study attempts to discover the benefits and limitations of an ongoing study critically and rationally.
I hope this helped :)
Baxter Co. wants to issue new 18-year bonds for some much-needed expansion projects. The company currently has 6 percent coupon bonds on the market that sell for $1,055, make semiannual payments, and mature in 18 years. Both bonds have a par value of $1,000. What coupon rate should the company set on its new bonds if it wants them to sell at par
Answer:
5.52%
Explanation:
The coupon rate is given below:
Given that
Future value = $1,000
Present value = $1,055
NPEr = 18 × 2 = 36
PMT = $1,000 × 6% ÷ 2 = $30
The formula is shown below:
=RATE(NPER;PMT;-PV;FV;TYPE)
The present value comes in negative
After applying the above formula, the rate is
= 2.76% × 2
= 5.52%
On January 1, 2019, Castle Services issued $167,000 of six-year, 12% bonds when the market interest rate was 1 1 %. The bonds were issued for $180,000. Caste uses the effective-interest method to amortize the bond premium. Semiannual interest payments are made on June 30 and December 31 of each year. Which of the following is the correct journal entry to record the first interest payment? (Round your answers to the nearest dollar number.)
A. Interest Expense 9,185 Cash 9.185
B. Interest Expense 9,900 120 Premium on Bonds Payable Cash 10,020
C. Interest Expense 9,185 835 Discount on Bonds Payable Cash 10,020
D. Cash 10,020 835 9.185 Premium on Bonds Payable Interest Expense
Answer:
B. Interest Expense 9,900 120 Premium on Bonds Payable Cash 10,020
Explanation:
Based on the information given the correct journal entry to record the first interest payment will be:
Dr Interest Expense 9,900
($180,000 × 11% × 6/12 = $9900)
Dr Premium on Bonds Payable120
(10,020-9,900)
Cr Cash 10,020
($167,000 × 12% × 6/12 = 10,020)
(Being to record first interest payment)
if X and Y are complementary angles, SinX=15/17 and Cos X=8/17 find tan X
discuss three types of elasticity of demand with various exa
mples
Answer:
Perfectly Elastic Demand
Perfectly Inelastic Demand
Relatively Elastic Demand
Relatively Inelastic Demand
Explanation:
The May bank statement for Consulting Services shows a balance of $7,200, but the balance per books shows a cash balance of $9,100. Other information includes
Classify the following cash flows as either operating, investing, or financing activities assume indirect method.
1. Received cash from short-term debt issuance.
2. Paid cash dividends.
3. Received cash payments from customers.
4. Purchased inventories with cash.
5. Paid cash interest on outstanding notes.
6. Received cash dividends from investments.
7. Paid accounts payable with cash.
8. Sold stock investments for cash.
9. Received cash from sale of equipment.
10. Received cash from long-term debt issuance.
Answer:
Operating Activities
Received cash payments from customers.
Purchased inventories with cash.
Paid cash interest on outstanding notes.
Paid accounts payable with cash.
Investing Activities
Sold stock investments for cash.
Received cash from sale of equipment.
Received cash dividends from investments.
Financing Activities
Received cash from short-term debt issuance.
Paid cash dividends.
Received cash from long-term debt issuance.
Explanation:
Operating Activities consist of trading activities of the business.
Investing Activities consists of acquisition and sale of investments
Financing Activities costs of sourcing and repayments of sources of finance
Scenario:
B. Paul and his wife are investigating the possibility of starting a new restaurant in Beaufort, a small town in the South Carolina low country. It has been Paul's lifelong dream. Paul has won a lottery and is trying to decide if this is what he wants to do with the prize money. He decides to do an analysis of the competitive environment. After his analysis, he discovers several important issues. First, it will cost most of Paul's lottery winnings to finance a restaurant in Beaufort. Second, it will be difficult to attract new customers because they have so many eating choices available to them in Beaufort and the surrounding towns. Finally, the competition in the restaurant industry is considered fierce by industry analysts and this is frightening to someone like Paul, who has never worked in that industry. Which of the following factors would Paul have considered while analyzing the competitive environment?
a. technology
b. substitutes
c. legal factors
d. economic factors
e. demographics The information that Paul has collected in his competitive analysis can be referred to as:______.
a. corporate espionage.
b. competitive intelligence.
c. domain selection.
d. strategic vision
e. mission statement
Answer:
b. substitutes
b. competitive intelligence.
Explanation:
In the context, Paul and his wife wishes to open up a new restaurant in Beaufort and did much of analysis and research before taking any decision and studying the restaurant industry market.
The factor that Paul have considered in analyzing the competitive environment is the substitutes. The competitive environment as described by Michael Porter includes customers, substitutes, suppliers, new entrants, compliments and other rival firms.
The information Paul has collected in the competition analysis can be referred to -- competitive intelligence.
Competitive intelligence may be defined as the information that is necessary in deciding how best to manage in the competitive environment that the managers have identified.
The following is a set of hypothetical production possibilities for a nation.
Combination Automobiles (thousands) Beef (thousands of tons)
A 0 10
B 2 9
C 4 7
D 6 4
E 8 0
a. Plot the production possibilities data. What is the opportunity cost of the first 2,000 automobiles produced? Between which points is the opportunity cost per automobile highest? Between which points is the opportunity cost per thousand tons of beef highest?
b. Does this production possibilities curve reflect the law of increasing opportunity costs? Explain.
c. What assumptions could be changed to shift the production possibilities curve?
Answer:
Concept of PPC & MOC, as per given Automobiles & Beef Case.
Explanation:
Production Possibility Curve is graph representing product combinations that an economy can produce with given resources & technology.
The PPC of automobiles & Beef is downward sloping, as their production is inversely related & marginal opportunity cost is increasing.
Marginal Opportunity Cost is the cost of a good sacrifised to gain an additional unit of other good. MOC per automobile is highest between point D & E, as 2 beefs per unit automobile are sacrifised (0 - 4)/ (8 - 6) = -4/2 = -2
Yes, the PPC reflects law of increasing MOC. As from A to B, least ie 1/2 beef is sacrifised to gain an automobile. Then higher 2 beef from B to C, rising & highest from D to E (ie 2 beefs per automobile).
PPC is based on 'given resources & technology' assumption. So, change in resources & technology level can change / shift the PPC
HELP on this question ⁉️
Larned Corporation recorded the following transactions for the just completed month.
a. $80,000 in raw materials were purchased on account.
b. $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials.
c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.
d. Depreciation of $175,000 was incurred on factory equipment
Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 $80,000 in raw materials were purchased on account. 2 $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. 3 Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. 4 Depreciation of $175,000 was incurred on factory equipment $80,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. ote: Enter debits before credits. Transaction General Journal Debit Credit C. Depreciation of $175,000 was incurred on factory equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit d.
Answer:
Larned Corporation
General Journal Entries:
Transactions Debit Credit
a. Raw materials $80,000
Accounts payable $80,000
To record the purchase of raw materials on account.
b. Work in Process $62,000
Manufacturing overhead 9,000
Raw materials $71,000
To record the transfer of materials to production and overheads.
c. Work in Process $101,000
Manufacturing overhead 11,000
Factory Wages $112,000
To record the transfer of factory wages to production and overheads.
d. Manufacturing overhead $175,000
Depreciation Expense $175,000
To record the transfer of depreciation expense to overheads.
Explanation:
The general journal is used to initially record business transactions as they occur on a daily basis. It identifies the accounts involved in each transaction and the account to be debited and the one to be credited.
how do I pay for my classes
Answer:
Get a job, spend less money and only get things you need. Or you can file for government assistance.
Explanation:
Why do you think that most consumers focus on the monthly payment instead of the overall cost of the car?
Answer:
Income and bills
Explanation:
Probably how it will fit in with they’re monthly bills
You have applied for a job at a company you would really like to work for. You passed the first round of telephone interviews and have been invited to the corporate headquarters for a series of face-to-face interviews. Discuss the steps you would take to prepare for those interviews.
Answer:
carefully examine the job description.
consider your answers to common interview qestions.
practice your speaking vioce and body language.
Explanation:
A motorcycle worth Rs.29500 was sold at a loss of 40% after an accident.Find the loss and selling price.
Answer:
the selling price and the loss is Rs 73,750 and Rs 29,500 respectively
Explanation:
The computation of the loss and selling price is shown below:
The selling price is
= Rs 29,500 × 1 ÷ 0.40
= Rs 73,750
And, the loss is
= Rs 73,750 × 40%
= Rs 29,500
Hence, the selling price and the loss is Rs 73,750 and Rs 29,500 respectively
Jing, a recent engineering graduate, never took engineering economics. When she graduated, she was hired by a prominent engineering firm. The earnings from this job allowed her to deposit $10000 each quarter into a savings account. Their way two banks that offer savings accounts in her town(a small town!).The first bank was offering 4.5% interest compounded continuously. The second bank offered 4.6%Compounded monthly. Jing decided to deposit in the first bank because it offered continuous compounding. Did she make the right decision?
Explanation:
Since measuring the effective interest rate and effective interest rate of 4,6% multiplied per month, the effective rate was 4,6980 dollars annually, so she did not use the right option and preferred the lower rate because she was on a lower rate of return while she was a continual companion.
In this issue, the rate of interest has Adjusted and the interest rate paid for this monthly compound is higher than what the interest rate is offered. The rate of the continuous compounds is also higher than the rate of interest offered on the monthly compounding.
Elisa and Clyde operate a retail sports memorabilia shop. For the current year, sales revenue is $55,000 and expenses are as follows:
Cost of goods sold $21,000
Advertising 1,000
Utilities 2,000
Rent 4,500
Insurance 1,500
Wages to Boyd 8,000
Elisa and Clyde pay $8,000 in wages to Boyd, a part-time employee. Because this amount is $1,000 below the minimum wage, Boyd threatens to file a complaint with the appropriate Federal agency. Although Elisa and Clyde pay no attention to Boyd's threat, Chelsie (Elisas mother) gives Boy a check for $1,000 for the disputed wages. The retail shop is the only source of income for Elisa and Clyde.
Required:
a. Calculate Elisa and Clyde's AGI.
b. Can Chelsie deduct the $1,000 payment on her tax return?
Answer:
A. AGI $17,000
B. Chelsie cannot deduct the $1,000 payment on her tax return reason been that Chelsie is not in anyway entitled to a tax return deduction.
Explanation:
a. Calculation for Elisa and Clyde's AGI.
Sales revenue $55,000
Less Cost of goods sold ($21,000)
Advertising ($1,000)
Utilities ($2,000)
Rent ($4,500)
Insurance ($1,500)
Wages to Boyd ($8,000)
AGI $17,000
Based on the above calculation Elisa and Clyde can deduct the amount of $8,000 from the wages amount they paid to Boyd and secondly both Elisa and Clyde cannot deduct the amount of $1,000 that was paid by Chelsie.
b. Chelsie cannot deduct the amount of $1,000 which is the payment on her tax return reason been that Chelsie is not in anyway entitled to a tax return deduction.
Juana takes home $5400 per month. What is the maximum amount he can
spend each month on loan and credit card payments without being in danger
of credit overload?
A. $1350
B. $540
C. $1080
O D. $1800
SUBMIT
Answer:
c
Explanation:
A demand for a product or resource because of its contribution to the final product is called
Answer:
Derived demand
Explanation:
Derived demand occurs when a good is requested not for benefits they directly provide, but for their contribution to another product.
For example capital, land, labour, and raw materials are demanded for their role in producing a final product.
So they can be seen as goods that have derived demand.
When they demand for the final product increases the good that has derived demand also increases, and vice versa.
2. With sufficient detail, Discuss how materiality and risk are related and integrated into the audit
process.
Can anyone solve this fast.
Answer:
Audit Risk and Materiality
These two concepts have an inverse relationship. When the materiality level is set low, the audit risk envisaged by the auditor is on the high side. When the materiality level is set high, the audit risk as perceived by the auditor is on the low side.
But, what exactly is materiality? Materiality refers to the basis that can change or influence the judgment of a reasonable person arising from a quantitative and qualitative omission or misstatement of a fact. And audit risk refers to the risk of material misstatement in the financial statements presented by a company.
Explanation:
The risk of material misstatement in the financial statements is the reason that professional auditors design their audit procedures to reduce the audit risk to an acceptably low level. This implies that auditors gather more audit evidence when the materiality is set to a low level, showing that audit risk has increased and vice versa.