Answer:
A. A
Explanation:
Location A is best suited for the management. Location A offers Excellent Labor climate, Utilities and Markets. It is fair in Quality of Life and Taxes. The best possible alternative is location A for the management of biotech research company.
11. Purchased a parcel of land on March 1, 2020 for $950,000 by paying $490,000 in cash and signing a short-term note payable with the seller for $460,000. You must repay the $460,000 in exactly one year on March 1, 2021. You agree to pay the seller 5 percent interest (annual rate) on a quarterly basis (June 1, September 1, December 1, 2020, and March 1, 2021). [Adjusting Entry Required]
Answer:
Adjusting Entry:
June 1:
Debit Interest Expense $5,750
Credit Cash $5,750
To record the interest expense.
September 1
Debit Interest Expense $5,750
Credit Cash $5,750
To record the interest expense.
December 1, 2020
Debit Interest Expense $5,750
Credit Cash $5,750
To record the interest expense.
March 1, 2021:
Debit Short-term Note Payable $460,000
Debit Interest Expense $5,750
Credit Cash $465,750
To record the full settlement on account.
Explanation:
a) Data and Calculations:
Short-term note payable = $460,000
Interest expense = $5,750 ($460,000 * 5% * 1/4)
HELLPPPPPPPPPPP PLEAEE!!!!!!!!!
Answer:
c
Explanation:
relocation is the moving of people from one place to another
Answer:
relocation
Explanation:
but for me I will say it's called migration
Arrabellia Cunningham is 24 years old and single, lives in an apartment with no dependents. Last year she earned $55,000 as a sales representative for Planning Associates. $3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of $142. She takes the standard deduction. Calculate her taxable income, tax liability and tax refund or tax owed for 2018.
Answer:
The Taxable income is $43,142
The Tax liability is $5,430.74
The Tax tax owed for 2018 is $1,520.74
Explanation:
To calculate the taxable income use the following formula
Taxable income = Earnings + Interest income - Standard Deduction
Earnings = $55,000
Interest income = $142
Standard Deduction = $12,000
Placing values in the formula
Taxable income = $55,000 + $142 - $12,000
Taxable income = $43,142
The Tax Liability can be calculated as follow
Tax Liability = 22% of Income above $38,700
Tax Liability = $4,453.50 + ( Taxable income - $38,700 ) x 22%
Tax Liability = $4,453.50 + ( ( $43,142 - $38,700 ) x 22%)
Tax Liability = $4,453.50 + $977.24
Tax Liability = $5,430.74
Tax owed for 2018 = Tax Liability - Tax withheld
Tax owed for 2018 = $5,430.74 - $3,910
Tax owed for 2018 = $1,520.74
Assume Simple Co. had credit sales of $256,000 and cost of goods sold of $156,000 for the period. Simple uses the percentage of credit sales method and estimates that 1 percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $310. What amount of Bad Debt Expense would the company record as an end-of-period adjustment
Answer: $2560
Explanation:
A bad debt expense simply refers to a scenario whereby a receivable isn't collectible due to the fact that a customer isn't able to pay their outstanding debt.
Based on the information given in the question, the amount of bad debt expense that would be recorded by the company as an end-of-period adjustment will be:
= Credit sales × Percentage of uncollectible accounts
= $256000 × 1%
= $256000 × 0.01
= $2560
Lawn Chopper Company sells two types of lawn mowers. The first one is a basic lawn mower, which has variable costs of $50 and sells for $150. The second type is a riding tractor with variable costs of $500 and which sells for $1,500. The company has total fixed costs of $5,000,000. The sales mix for the company is three lawn mowers to one riding tractor. Your manager would like to know how many of each of the product the company must sell to break even.
Answer:
See below
Explanation:
Breakven even point is computed as
= Fixed costs / ( Sales price per unit - Variable costs per unit)
For basic lawn mower, Given that;
Fixed cost = $5,000,000
Sales price per unit = $150
Variable costs per unit = $50
BEP = $500,000 / ($150 - $50)
BEP = $500,000 / $100
BEP = 5,000 units
For Riding tractor, given that;
Fixed costs = $500,000
Sales price per unit = $1,500
Variable cost per unit = $500
BEP = $500,000 / ($1,500 - $500)
BEP = $500,000 / $1,000
BEP = 500 units
It therefore means that 5,000 units of basic Lawn mower must be sold to break even, while 500 units of riding tractor must be sold to break even.
The income statement of Whitlock Company is presented here.
Whitlock Company Income Statement For the Year Ended November 30, 2020
Sales revenue $7,700,000
Cost of goods sold
Beginning inventory $1,900,000
Purchases 4,400,000
Goods available for sale 6,300,000
Ending inventory 1,400,000
Total cost of goods sold 4,900,000
Gross profit 2,800,000
Operating expenses 1,150,000
Net income $1,650,000
Additional information:
a. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.
b. Prepaid expenses increased $150,000 during the year.
c. Accounts payable to suppliers of merchandise decreased $340,000 during the year.
d. Accrued expenses payable decreased $100,000 during the year.
e. Operating expenses include depreciation expense of $70,000.
Required:
Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2020, for Whitlock Company, using the indirect method.
Answer:
$1,130,000
Explanation:
Preparation of the operating activities section of the statement of cash flows for the year ended November 30, 2020, for Whitlock Company,
Cash flows from operating activities
Net Income $1,650,000
Adjustments to reconcile net income to net cashProvided by operating activities:
Add Depreciation expense $70,000
Add Loss on disposal of equipmentIncrease in accounts receivable $200,000
Less Increase in inventory($500,000)
Add Decrease in prepaid expenses------Increase in prepaid expenses $150,000
Less Decrease in accounts payable($340,000)
Less Increase in accrued exp payable($100,000)
Net cash provided by operating activities $1,130,000
Therefore the operating activities section of the statement of cash flows for the year ended November 30, 2020, for Whitlock Company is $1,130,000
Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 52 units at $79 10 Sale 35 units 15 Purchase 27 units at $83 20 Sale 25 units 24 Sale 13 units 30 Purchase 39 units at $86 The business maintains a perpetual inventory system, costing by the first-in, first-out method.
Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated.
Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column and LOWER unit cost first in the Inventory.
Answer:
November 1 Inventory 52 units at $79
November 10 Sale 35 units
COGS = 35 x $79 = $2,765Inventory balance = 17 x $79 = $1,343November 15 Purchase 27 units at $83
November 20 Sale 25 units
COGS = (17 x $79) + (3 x $83) = $1,592Inventory balance = (24 x $83) = $1,992November 24 Sale 13 units
COGS = 13 x $83 = $1,079Inventory balance = 11 x $83 = $913November 30 Purchase 39 units at $86
Inventory balance = $913 + (39 x $86) = $4,267Elite Lawn & Plowing (EL&P) is a lawn and snow plowing service with both residential and commercial clients. The owner believes that the commercial sector has more growth opportunities and is considering dropping the residential service.
Twenty employees worked a total of 41,000 hours last year, 30,000 on residential jobs and 11,000 on commercial jobs. Wages were $16 per hour for all work done. Any materials used are included in overhead as supplies. All overhead is allocated on the basis of labor-hours worked, which is also the basis for customer charges. Because of increased competition for commercial accounts,EL&P can charge $60 per hour for residential work, but only $45 per hour for commercial work.
If overhead for the year was $205,000, what were the profits of the residential and commercial services using labor-hours as the allocation base?
Answer:
Results are below.
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 205,000 / 41,000
Predetermined manufacturing overhead rate= $5 per direct labor hour
Now, we can calculate the profit of each service:
Residential:
Revenue= 30,000*60= 1,800,000
Direct labor costs= 30,000*16= (480,000)
Overhead= 5*30,000= (150,000)
Gross profit= $1,170,000
Commercial:
Revenue= 11,000*45= 495,000
Direct labor costs= 11,000*16= (176,000)
Overhead= 5*11,000= (55,000)
Gross profit= $264,000
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 755,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 200,000 units that are 70% complete with respect to conversion. Beginning work in process inventory had $248,300 of direct materials and $179,000 of conversion cost. The direct material cost added in November is $1,661,700, and the conversion cost added is $3,401,000. Beginning work in process consisted of 74,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 74,000 were from beginning work in process and 681,000 units were started and completed during the period.
A. Compute both the direct material cost and the conversion cost per equivalent unit.
B. Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in process inventory.
Answer:
Victory Company
Materials Conversion
A. Cost per equivalent unit $2.00 $4.01
B. Costs assigned to:
i. Units completed and transferred out $1,510,000 $3,027,550
ii. Ending work in process inventory $400,000 $561,400
Explanation:
a) Data and Calculations:
Units Materials Conversion Total
Beginning Work in Process 74,000 $248,300 $179,000 $427,300
Started 881,000 $1,661,700 3,401,000 5,062,700
Units completed 755,000 $1,910,000 $3,590,000 $5,490,000
Ending Work in Process 200,000
Equivalent units:
Started and Completed 755,000 755,000 755,000 (100%)
Ending work in Process 200,000 200,000 140,000 (70%)
Equivalent units 955,000 895,000
Cost per equivalent unit
Total production costs $1,910,000 $3,590,000
Equivalent units 955,000 895,000
Cost per equivalent unit $2.00 $4.01
Cost assigned to:
Units completed and transferred out:
Materials = $1,510,000 ($2 * 755,000)
Conversion = 3,027,550 ($4.01 * 755,000)
Total $4,537,550
Ending Work in Process Inventory:
Materials = $400,000 ($2 * 200,000)
Conversion = 561,400 ($4.01 * 140,000)
Total $961,400
Jacques, who is age 45, has just resigned from his current job. He worked for Ace, which sponsors a cash balance plan and a standard 401(k) plan. Each of the plans uses the longest permitted vesting schedule and both plans are top heavy. He has a balance of $40,000 in the cash balance plan, has deferred $20,000 into the 401(k) plan and has employer matching contributions of $10,000. If he has been employed for three years, but only participating in the plans for the last two years, how much does he keep if he leaves today
Answer: hahaha
Explanation:
Assume that at the end of 2020, Clampett, Incorporated (an S corporation) distributes long-term capital gain property (fair market value of $40,000, basis of $25,000) to each of its four equal shareholders (aggregate distribution of $160,000). At the time of the distribution, Clampett, Incorporated, has no corporate earnings and profits and J.D. has a basis of $15,000 in his Clampett, Incorporated, stock. How much total income does J.D. recognize as a result of the distribution
Answer: $25,000
Explanation:
The fair market value of the property is $40,000 but the basis is $25,000. J.D will gain the difference as a gain from property distribution:
= 40,000 - 25,000
= $15,000
J.D basis is now :
= 15,000 + 15,000
= $30,000
The distribution of $40,000 exceeds this new basis by:
= 40,000 - 30,000
= $10,000
Total income recognized = Addition to basis + Amount distribution exceeds basis by
= 15,000 + 10,000
= $25,000
The market equilibrium quantity without the $1.50 excise tax is ______________ units. The market equilibrium quantity with the $1.50 excise tax is ______________ units. The change in equilibrium quantity due to the $1.50 excise tax is ______________ units. (Note: Red colored supply curve should be Qs with no tax and Green supply curve is Qs with tax. Error below in labeling)
Answer:
Equilibrium quantity without excise tax is 130 units.
Equilibrium quantity with excise tax is 110 units.
The change in equilibrium quantity is 20 units decrease due to excise tax.
Explanation:
The quantity demanded without tax is 130 units because this is equilibrium point where quantity supplied equals to quantity demanded. The quantity demanded with tax is 110 units because the price will increase by $1.50 due to excise tax. The new price would be $4.50 after excise tax so the quantity will be declined to 110 units.
Buyer and seller enter into a contract for buyer to purchase seller's condominium unit using the TREC Residential Condominium Contract with an effective date of January 31. The roof of the complex is partially destroyed by a fire on February 3. Seller notified buyer on February 5 of the fire. What is the latest date buyer can terminate the contract because of the fire
Answer: February 12
Explanation:
Part of the Texas Real Estate Commission(TREC) Residential Agreement calls for the Seller to send a Seller's Disclosure to the buyer. This will tell the buyer the condition of the house.
After the buyer receives the disclosure, they are allowed to terminate the contract within 7 days of the receipt of said disclosure. 7 days from February 5 is February 12 so this is the latest date the buyer can terminate the contract because of the fire.
[Hair Stylist Woes] Ryan, a college student, went to see his hair stylist, Melissa. Ryan, who had black, curly hair, requested straight, blond hair. Melissa told him that she could make those changes, but that there would be significant upkeep involved. Melissa made the changes, but Ryan did not do the upkeep required. Ryan proceeded to falsely claim that Melissa did not do what Ryan asked her to do that Melissa lied to him, and that Melissa was professionally incompetent. Ryan made the statements about Melissa to friends of his. He also wrote a letter to his college newspaper saying that Melissa's shop should be avoided at all costs because Melissa was incompetent In fact, Melissa was a good hair stylist and enjoyed a good reputation up until the time that Ryan started his criticism. Melissa threatened to sue Ryan for defamation, but Ryan told Melissa that she could not prevail because she could not prove loss of income. Melissa had to admit that while her reputation had been damaged somewhat and she felt embarrassed and humiliated, the damage was primarily her appointment times were booked for weeks ahead. Statements made by Ryan to his friends that were defamatory of Melissa are what type of defamation? a. Libel but not slander. b. No tort was committed because the statements were made only to friends of Ryan, not to business acquaintances of Candy. c. No tort was committed because the falsehood involved matters of appearance not business related matters. Slander but not libel. d. Both libel and slander.
Answer:
The type of defamation statements made by Ryan against Melissa are:
d. Both libel and slander.
Explanation:
Ryan made a libelous statement against Melissa by writing to his college newspaper, advising potential clients to avoid Melissa's shop because of her alleged incompetence. Ryan also made slanderous statements against Melissa to his friends. The defamation of character and reputation was both libelous and slanderous.
Which item shows a credit balance in the Trial Balance?
O
A/P
A/R
Expesnes
O Land
Answer:
Asset and expense accounts appear on the debit side of the trial balance whereas liabilities, capital and income accounts appear on the credit side.
Answer:
A/P
Explanation:
A/R is assets, A/P is liability.
On July 15, 2019, Matrix Corp. sells 20,000 snow shovels to a distributor for $15 per shovel. The distributor pays the amount on July 15, 2019, and has the right to return any of the snow shovels for any reason within 180 days for a full refund. Matrix uses the expected value method and estimates that 8% of the snow shovels will be returned and it is probable that no more than 8% of the shovels will be returned. How much sales revenue should Matrix recognize on July 15, 2019, from this sale
Answer:
the sales revenue recognized is 276,000
Explanation:
The computation of the sales revenue recognized is shown below;
= (20,000 × $15) - (20,000 × $15 × 8%)
= $300,000 - $24,000
= $276,000
Hence, the sales revenue recognized is 276,000
In order to get hired as an assembly line specialist, the applicant will have to show that they can perform their task in less than 5 minutes after 1000 tries. During the interview, the applicant was asked to perform their future job five times. The applicant was able to complete the task in 10.8 minutes and the company was to estimate their learning curve to be 90%. Given this information, how much time will the applicant take to perform the task a 1000th time
Answer:
The Applicant will take 3.78 minutes to perform the task a 1000th time.
Explanation:
The Learning curve is the graphical representation that determines that how much time someone takes to learn a special skill.
The time on the 1,000th applicant can be calculated as follow
[tex]T_{1000}[/tex] = [tex]T_{1}[/tex] x [tex]1000^{((log LCR/log2)}[/tex]
Where
[tex]T_{1}[/tex] = 10.8 minutes
LCR = Learning Curve Rate = 90% = 0.90
[tex]T_{1000}[/tex] = 10.8 minutes
Placing values in the formula
[tex]T_{1000}[/tex] = 10.8 minutes x [tex]1000^{((log 0.90/log2)}[/tex]
[tex]T_{1000}[/tex] = 10.8 minutes x [tex]1000^{(-0.152003093)}[/tex]
[tex]T_{1000}[/tex] = 10.8 minutes x 0.349937689
[tex]T_{1000}[/tex] = 3.779327044 minutes
[tex]T_{1000}[/tex] = 3.78 minutes
Interwest receives government funding and that funding is tied to the accuracy of the reports put out by its information system. The CFO, Singh, is concerned about whether the employees are properly incentivized to input the data accurately. So she enlists the help of the CEO, Manzoni, to plan a retreat in which she highlighted the importance of proper data entry to the 10 hospital administrators that are in charge of running the hospitals. Six months later the data accuracy problems are as bad as they ever were. Manzoni needs help, what do you recommend? 1. What are the potential sources of the problems? 2. What information would you want to analyze? 3. What actions might you recommend to increase the accuracy of data entry? 4. How does your view of behavior affect how you might address this consulting assignment? Economic concepts from Chapter 1 that you could integrate into your response: Organizational Architecture and Incentives. Economic concepts from Chapter 2 that you could integrate into your response: (a) Marginal Analysis, (b) Opportunity Cost, (c) Alternative Models of Behavior, (d) The Economic Model, and (e) Utility.
Answer:
Answer is explained in the explanation section below.
Explanation:
Solution:
1.
a) Ambiguity in data entry.
b) Inaccurate reporting and planning are lacking.
c) Teamwork inefficiency.
d) A lack of a well-organized data entry system.
e) The lack of access to better patient care.
2.
Whether or not resources are being adequately used, as well as the cause of worker inefficiency, which may include their working conditions and wage package. The problem may have been exacerbated by poor management and a lack of flexibility and organization.
3.
a) Appointing more competent and effective employees and dismissing inefficient ones after adequate training.
b) Introducing incentive programs for overtime and high-performing employees.
c) Oversight of data entry on a regular basis, including proper auditing.
d) A separate department and personnel should be formed for data entry.
e) Development of cutting-edge technologies to help in real-time data entry.
f) Recruiting workers on a trial basis and choosing the most efficient.
g) More funds should be dedicated to infrastructure and treatment facilities development.
h) Informal Organization is introduced.
When people communicate with one another, they form a network of interpersonal relationships that determines how they function together in practice. This will improve teamwork as well as the relationship between management and administrators, lowering tensions and promoting harmony.
4.
Rather than firing incompetent employees, we should provide them with adequate training in data entry into the company's management information system.
The state of a non-profit organization can be improved by proper preparation, organizing, managing, and distributing work load.
Seybert Systems accounts for its investment in Wang Engineering bonds as available-for-sale. Seybert's balance in accumulated other comprehensive income with respect to the Wang investment is a credit balance of $24,000, and Seybert reports the investment as $140,000 on its balance sheet. Seybert purchased the Wang investment for (ignore taxes): __________
Answer: $116000
Explanation:
From the question, we are given the following information:
Credit balance = $24,000
Investment = $140,000
The amount that Seybert purchased the Wang investment will be calculated as:
= Reported value of investment - Unrealized gain
= $140,000 - $24,000
= $116,000
Broderick Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows:
Actual Hourly Wage rate: 2016-$10.00 - 2017-$11
Vacation Days Used by each employee - 2016-0 days and 2017-9 days
Sick Days Used by Each Employee - 2016 -4 days and 2017 5 days
Broderick Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned.
Required:
a. Prepare journal entries to record transactions related to compensated absences during 2019 and 2020.
b. Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020.
Answer:
A. 2019
Dr Salaries and Wages Expense $7,200
Cr Salaries and Wages Payable $7,200
2019
Dr Salaries and Wages Expense $4,320
Cr Salaries and Wages Payable $4,320
2019
Dr Salaries and Wages Payable $2,880
Cr Cash $2,880
2020
Dr Salaries and Wages Expenses $7,920
Cr Salaries and Wages Payable $7,920
2020
Dr Salaries and Wages Expenses $4,752
Cr Salaries and Wages Payable $4,752
2020
Dr Salaries and Wages Expenses $648
Dr Salaries and Wages Payable $6,480
Cr Cash $7,128
2020
Dr Salaries and Wages Expenses $ 144
Dr Salaries and Wages Payable $3,816
Cr Cash $3,960
B. Vacation Wages Payable at December 31, 2019 $7,200
Sick Pay Wages Payable at December 31, 2019 $1,440
Vacation Wages Payable at December 31, 2020 $8,640
Sick Pay Wages Payable at December 31, 2020 $2,376
Explanation:
(a) Preparation of the journal entries to record transactions related to compensated absences during 2019
2019
Dr Salaries and Wages Expense $7,200
Cr Salaries and Wages Payable $7,200
(9 employees * $10 per hour * 8 hours per day * 10 days = $7,200)
(Record Accrue expenses and liabilities for Vacations)
2019
Dr Salaries and Wages Expense $4,320
Cr Salaries and Wages Payable $4,320
(9 employees * $10 per hour * 8 hours per day * 6 days = $4,320)
(Record Accrue expenses and liabilities for Sick Pay)
2019
Dr Salaries and Wages Payable $2,880
Cr Cash $2,880
(9 employees * $10 per hour * 8 hours per day * 4 days = $2,880)
(Record Sick leave paid)
Preparation of the journal entries to record transactions related to compensated absences during 2020
2020
Dr Salaries and Wages Expenses $7,920
Cr Salaries and Wages Payable $7,920
(9 employees * $11 per hour * 8 hours per day * 10 days = $7,920)
(Record Accrue the expense and liability for Vacations)
2020
Dr Salaries and Wages Expenses $4,752
Cr Salaries and Wages Payable $4,752
(9 employees * $11 per hour * 8 hours per day * 6 days = $4,752)
(Record Accrue the expense and liability for Sick Pay)
2020
Dr Salaries and Wages Expenses $648
($7,128-$6,480)
Dr Salaries and Wages Payable $6,480
(9 employees * $10 per hour * 8 hours per day * 9 days = $6,480)
Cr Cash $7,128
( 9 employees * $11 per hour * 8 hours per day * 9 days = $7,128)
(Record Vacation Time paid)
2020
Dr Salaries and Wages Expenses $ 144
Dr Salaries and Wages Payable $3,816
[( 9 employees * $10 per hour * 8 hours per day * 2 days = $1,440)-(9 employees * $11 per hour * 8 hours per day * 3 days = $2,376)]
Cr Cash $3,960
( 9 employees * $11 per hour * 8 hours per day * 5 days = $3,960)
(Record Sick Leave Paid)
B. Computation for the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020
2019
Vacation Wages Payable at December 31, 2019=$0 + $7,200 - $0
Vacation Wages Payable at December 31, 2019 = $7,200
Sick Pay Wages Payable at December 31, 2019=$0 + $4,320 - $2,880
Sick Pay Wages Payable at December 31, 2019= $1,440
2020
Vacation Wages Payable at December 31, 2020=$7,200 + $7,920 - $6,480
Vacation Wages Payable at December 31, 2020 = $8,640
Sick Pay Wages Payable at December 31, 2020=$1,440 + $4,752 - $3,816
Sick Pay Wages Payable at December 31, 2020= $2,376
Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $fill in the blank a69834fa4fcefa6_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. fill in the blank d7bbac03b019006_2 fill in the blank d7bbac03b019006_3 fill in the blank d7bbac03b019006_5 fill in the blank d7bbac03b019006_6 fill in the blank d7bbac03b019006_8 fill in the blank d7bbac03b019006_9
Answer and Explanation:
The computation is shown below:
a The Due date
= (21 days in april + 31 days in may + 30 days in june + 31 days in july + 7 days in august
So the due date is August 7
b The maturity value is
= $450,000 + ($450,000 × 8% × 120 ÷ 360)
= $462,000
c The journal entry is
Cash $462,000
To Notes Receivable $450,000
To Interest Revenue $12,000
(Being the receipts of the payment of the note at maturity is recorded)
A note or promissory note is a written promise to pay a certain amount of money on a future date. A future date is called a maturity date.
What do you mean by maturity of a note?The maturity date of the note is the time and day when interest and principal must be paid in full and must be paid.
The calculation of the maturity date is shown below:
a. The Due date of the note is:
= (21 days in April + 31 days in may + 30 days in June + 31 days in July + 7 days in August
So the due date is August 7
b. The maturity value is
[tex]= \$450,000 + (\$450,000 \times 8\% \times \frac{120}{360} ) \\\\= \$462,000[/tex]
c. The journal entry is
Cash $462,000
To Notes Receivable $450,000
To Interest Revenue $12,000
(Being the receipts of the payment of the note at maturity is recorded)
Hence, The calculation of maturity date, maturity value, and the journal for the receipt of the payment of the note at maturity is passed as shown.
To learn more about maturity date of the note, refer:
https://brainly.com/question/10152834
A _____ is an organization that provides online- and telephone-based services to book reservations for independent hotels.
consumer reservation system
global distribution system
hotel-representative firm
limited reservation system
Answer:
consumer reservation system
Explanation:
Rex, a cash basis calendar year taxpayer, runs a bingo operation that is illegal under state law. During 2020, a bill designated H.R. 9 is introduced into the state legislature, which, if enacted, would legitimize bingo games. In 2020, Rex had the following expenses: Operating expenses in conducting bingo games $247,000 Payoff money to state and local police 24,000 Newspaper ads supporting H.R. 9 3,000 Political contributions to legislators who support H.R. 9 8,000 Of these expenditures, Rex may deduct:
Answer:
$247,000
Explanation:
Based on the information given we were told that the Operating expenses that was used in conducting bingo games was the amount of $247,000 which means that the amount that Rex may DEDUCT is the OPERATING EXPENSES amount of $247,000.
Hence, OPERATING EXPENSES can simply be defined as the amount of money that is been use to run or operate a business, company or organization such as paying for office rent , buying of office Equipment, delivery expenses , Employee wages expense among others.
Therefore Rex may deduct $247,000
Based on the following production and sales data of Frixion Co. for March of the current year, prepare the following:
Product T Product X
Estimated inventory, March 1 28,000 units 20,000 units
Desired inventory, March 31 32,000 units 15,000 units
Expected sales volume:
Territory I 320,000 units 260,000 units
Territory II 190,000 units 130,000 units
Unit sales price $6 $14
A. Prepare a sales budget.
B. Prepare a production budget.
Answer:
A. Totals Sales in Territories I and II are as follows:
Product T Totals Sales in Territories I and II = $3,060,000
Product X Totals Sales in Territories I and II = $5,460,000
B. Required Production Units in March are as follows:
Product T Required Production Units in March = 514,000
Product T Required Production Units in March = 385,000
Explanation:
A. Prepare a sales budget.
Note: See part a of the attached excel file for sales budget and the formulae used in the calculations.
From the attached excel file, Totals Sales in Territories I and II are as follows:
Product T Totals Sales in Territories I and II = $3,060,000
Product X Totals Sales in Territories I and II = $5,460,000
B. Prepare a production budget.
Note: See part b of the attached excel file for sales budget and the formulae used in the calculations.
From the attached excel file, Required Production Units in March are as follows
Product T Required Production Units in March = 514,000
Product X Required Production Units in March = 385,000
During the month, the Supplies (asset) account was debited $2,000 for supplies purchased. The cost of supplies used during the month was $1,250. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. An insurance premium of $440 was paid for the coming year. Prepaid Insurance was debited. Wages of $3,400 were paid for the current month. Interest revenue of $270 was received for the current month. Accrued $620 of commissions payable to sales staff for the current month. Accrued $130 of interest expense at the end of the month. Received $2,675 on accounts receivable accrued at the end of the prior month. Purchased $700 of merchandise inventory from a supplier on account. Paid $130 of interest expense for the month. Accrued $870 of wages at the end of the current month. Paid $590 of accounts payable.
Answer:
Journal Entries:
1. Debit Supplies Expense $1,250
Credit Supplies $1,250
To record supplies expense for the month.
2. Debit Prepaid Insurance $440
Credit Cash $440
To record insurance prepaid.
Debit Insurance Expense $37
Credit Prepaid Insurance $37
To record insurance expense for the month.
3. Debit Wages Expense $3,400
Credit Cash Cash $3,400
To record wages paid.
4. Debit Sales Commissions Expense $620
Credit Sales Commission Payable $620
To record the sales commission expense.
5. Debit Interest Expense $130
Credit Interest Payable $130
To record the interest expense.
6. Debit Cash $2,675
Credit Accounts Receivable $2,675
To record the receipt on account.
7. Debit Inventory $700
Credit Accounts Payable $700
To record the purchase of inventory on account.
8. Debit Interest Payable $130
Credit Cash $130
To record the payment of interest.
9. Debit Wages Expense $870
Credit Wages Payable $870
To record accrued wages expense.
10. Debit Accounts Payable $590
Credit Cash $590
To record payment on account.
Explanation:
a) Data and Analysis:
1. Supplies Expense $1,250 Supplies $1,250
2. Prepaid Insurance $440 Cash $440
Insurance Expense $37 ($440/12)
Prepaid Insurance $37
3. Wages Expense $3,400 Cash $3,400
4. Sales Commissions Expense $620 Sales Commission Payable $620
5. Interest Expense $130 Interest Payable $130
6. Cash $2,675 Accounts Receivable $2,675
7. Inventory $700 Accounts Payable $700
8. Interest Payable $130 Cash $130
9. Wages Expense $870 Wages Payable $870
10. Accounts Payable $590 Cash $590
Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued $25,000,000 of five-year, 7% bonds, with interest payable semiannually, at a market (effective) interest rate of 9%. Determine the present value of the bonds payable, using the present value tables in Exhibit 5 and Exhibit 7. Round to the nearest dollar. $fill in the blank 1
Answer:
Bond Price or Present value = $23021820.4557 rounded off to $23021820
Explanation:
To calculate the quote/price of the bond today, the present value, we will use the formula for the price of the bond. As the bond is a semi annual bond, the semi coupon payment, semi annual number of periods and semi annual YTM will be,
Coupon Payment (C) = 25000000 * 0.07 * 6/12 = $875000
Total periods (n) = 5 * 2 = 10
r or YTM = 0.09 * 6/12 = 0.045 or 4.5%
The formula to calculate the price of the bonds today is attached.
Bond Price = 875000 * [( 1 - (1+0.045)^-10) / 0.045] +
25000000 / (1+0.045)^10
Bond Price or Present value = $23021820.4557 rounded off to $23021820
If the price of an item decreases, producers will create fewer of the item. This is due to the
A.
Law of Demand
B.
Law of Supply
C.
Law of Price
D.
Consumer Choice
Answer:
the answer is B,law of supply
An analyst gathered the following information about a company for a fiscal year: QuarterPurchases in UnitsCost per UnitPurchases in DollarsUnit Sales Per Quarter Q1100$12.00$1,200200 Q2200$14.00$2,800200 Q3300$16.00$4,800300 Q4400$18.00$7,200300 FY total1,000 $16,0001000 Beginning Inventory200$10.00$2,000 Ending Inventory under LIFO perpetual is closest to:
Answer:
Ending Inventory under LIFO perpetual is closest to:
$2,800.
Explanation:
a) Data and Calculations:
Quarter Purchases Cost per Unit Purchases in Sales Per Quarter
in Units Dollars Unit
Beginning 200 $10.00 $2,000
Q1 100 $12.00 $1,200 200
Q2 200 $14.00 $2,800 200
Q3 300 $16.00 $4,800 300
Q4 400 $18.00 $7,200 300
FY total 1,200 $16,000 1000
LIFO Ending Inventory:
Beginning 100 $10.00 $1,000
Q4 100 $18.00 $1,800
Total 200 $2,800
b) LIFO (Last-in, First-out) is based on the assumption that inventory items sold are from the latest units in store and not from the earlier units. This means that items bought last are sold first. Therefore, to determine the value of ending inventory,
Solver provides sensitivity analysis information on all of the following except the a. range of values for objective function coefficients which do not change optimal solution. b. impact on optimal objective function value of changes in constrained resources. c. amount by which the right hand side of the constraints can change and still the shadow price is accurate. d. impact on right hand sides of changes in constraint coefficients.
Answer:
The correct answer is OPTION D (impact on right hand sides of changes in constraint coefficients).
Explanation:
Solver is an excel program that can be used to solve systems of equations even solve for multiple equations, using a powerful iteration technique in a bid to get a closer approximation to the solution of a problem.
A sensitivity report is one of the three reports that can be generated using the solver which can solve for the effect of how changes in the constraints no matter how small could still affect the overall solution.
The objective function is a target cell.
The solver doesn't provide information on how the impact on the right-hand sides of changes in constraint coefficients as information showed is that as long as there is a positive less than or equal constraints, increasing the values of the right-hand side values of constraints would not change the optimal solution.
how would you purchase of inventory on credit affect the income statement?
Answer:
The purchase of credit increases both accounts payable and inventory, which are balance sheet accounts. It would, therefore, have no effect on the income statement.
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