Answer:
In the event of the insolvency of a partner any losses should be shared in the ratio of the last agreed capital balances before the dissolution took place. This is known as the Garner v Murray rule.
Which of the following choices include only accounts that appear in the asset section of the balance sheet?Multiple Choice Prepaid supplies, unearned revenue, accounts payable Accounts payable, equipment, prepaid insurance Cash, prepaid rent, accounts receivables Common stock, prepaid rent, notes payable
Answer:
C. Cash, prepaid rent, accounts receivables.
Explanation:
A balance sheet can be defined as the financial statement that gives a detailed summary of the financial balance of a business firm or individual at a specific period of time. Therefore, it typically comprises of assets, liabilities, capital, debt, equity etc.
In Financial accounting, Accounts Receivable are considered to be a current asset because it is the payment a business firm would receive from its customers for goods purchased or services taken on credit. Also, cash, rent and accounts receivable are recorded in the current assets section of the balance sheet because they add value to a business firm.
Generally, current assets are considered to be liquid because they are listed on the balance sheet in the order (descending) in which they are expected to turn or be converted to cash within a relatively short term period.
Hence, account receivables, cash and rent are assets on the balance sheet, which are listed in order of liquidity.
The choice that include only accounts that appear in the asset section of the balance sheet are Cash, prepaid rent, and accounts receivables.
Downing Company issues $4,000,000, 8%, 5-year bonds dated January 1, 2020 on January 1, 2020 (ten periods). The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 5%. What are the proceeds from the bond issue?
Answer:
$4,525,123.84
Explanation:
The computation of the proceeds from the issuance of the bond is shown below:
Given that
Face Value of Bonds = $4,000,000
Annual Coupon Rate = 8%
So, Semiannual Coupon Rate = 4%
So, Semiannual Coupon = 4% × $4,000,000
= $160,000
Time to Maturity = 5 years
So, Semiannual Period = 10
And,
Annual Interest Rate = 5%
So, Semiannual Interest Rate = 2.5%
Now the proceeds from the issuance of the bond is
= $160,0000 × PVIFA(2.5%, 10) + $4,000,000 × PVIF(2.5%, 10)
= $160,000 × 8.752064 + $4,000,000 × 0.78120
= $1,400,330.23 + $3,124,793.61
= $4,525,123.84
The three functions of federal government are:
Answer:
i hate school im the CØØCHIEMAN
Explanation:
i hate school i hate school im the coochie manThe income statement of Venden Co. for the month of July shows net income of $4,000 based on Service Revenue $8,700, Salaries and Wages Expense $2,500, Supplies Expense $1,700, and Utilities Expense $500. In reviewing the statement, you discover the following.
Answer:
The correct net income is $3,500.
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
The income statement of Venden Co. for the month of July shows net income of $4,000 based on Service Revenue $8,700, Salaries and Wages Expense $2,500, Supplies Expense $1,700, and Utilities Expense $500. In reviewing the statement, you discover the following.
1. Insurance expired during July of $700 was omitted.
2. Supplies expense includes $250 of supplies that are still on hand at July 31.
3. Depreciation on equipment of $300 was omitted.
4. Accrued but unpaid salaries and wages at July 31 of $400 were not included.
5. Services provided but unrecorded totaled $650.
Instruction: Prepare a correct income statement for July 2017.
Also Note: See the attached excel file for the correct income statement.
In the attached excel file, the following workings are used:
Workings:
w.1. Supplies expense = Total supplies expense already charged – Supplies on hand at July 31 = $1,700 - $250 = $1,450
w.2. Salaries and wages expense = Salaries and wages expense already charged + Accrued but unpaid Salaries and wages expense = $2,500 + $400 = $2,900
w.3. Service revenue = Service revenue already accounted for + Services provided but unrecorded = $8,700 + $650 = $9,350
What kind of ideas are not patentable according to the U.S. Patent Office?
Answer:
A presentation of information
Explanation:
On October 1, Sam's Painting Service borrows $164000 from National Bank on a 3-month, $164000, 4% note. What entry must Sam's Painting Service make on December 31 before financial statements are prepared?A. Interest Expense 500 Interest Payable 500B. Interest Payable 500 Interest Expense 500C. Interest Expense 2,000 Interest Payable 2,000D. Interest Expense 500 Notes Payable 500
Answer:
{Debit] Interest expense $1,640
[Credit] Interest payable $1,640
Explanation:
Annual 12 month interest = $164,000 * 4% = $6,560
No of months from 1 Oct to 31 Dec = 3 months
Interest expense to be recorded as ‘payable’ for 3 months = $6,560 * 3 months/12 months = $6,560 * 0.25 = $1,640
Entry will include:
{Debit] Interest expense $1,640
[Credit] Interest payable $1,640
Motor Sales sold its old office furniture for $9000. The original cost was $17,000, and at the time of sale, accumulated depreciation was $14,000. What is the effect of this transaction?
a. gain of $9000
b. gain of $6000
c. loss of $6000
d. loss of $9000
Based on the given information, the effect of this transaction is a gain of $6000. Thus the correct option is B.
What is depreciation?The continual loss of an asset's worth over time as a result of damage, obsolescence, or other circumstances is known as depreciation. The cost of an asset is divided throughout the asset's useful life using this accounting technique.
To determine the effect of this transaction, we need to calculate the carrying value of the furniture at the time of sale.
Carrying value = Original cost - Accumulated depreciation
Carrying value = $17,000 - $14,000
Carrying value = $3,000
Given that, the furniture was sold for $9,000.
Gain = Sale price - Carrying value
Gain = $9,000 - $3,000
Gain = $6,000
Therefore, the answer B is appropriate.
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Atlanta Spokane
Total liabilities $610,000 $466,200
Total equity 630,000 1,648,000
Compute the debt-to-equity ratio for each of the above companies. Which company appears to have a riskier financing structure
Answer:
Debt to Equity = Total liabilities / Total Equity
Atlanta
= 610,000/630,000
= 0.9682
= 0.97
Spokane
= 466,200/1,648,000
= 0.28
Atlanta appears to have the riskier financing structure because a higher debt to equity ratio signifies less capacity to be able to pay off debt with the equity which means there is a greater chance of default.
Ticker IBS is traded on the Pacific, Gulf and Atlantic stock Exchanges. The sequence of bids in the consolidated record is:
Time Exchange Bid
10:00:01 Atlantic 23.33
10:00:02 Pacific 23.32
10:00:03 Gulf 23.34
10:00:04 Pacific 23.40
10:00:05 Gulf 23.45
10:00:06 Pacific 23.44
10:00:07 Atlantic 23.43
10:00:08 Gulf 23.40
The NBB at 10:00:07 is:_______
a. 23.32
b. 23.43
c. 23.45
d. 23.44
Answer:
c. 23.45
Explanation:
National best bid (NBB) is the highest bid price across all the nation at a given point of time. In this question, 23.45 is the highest bid price from Gulf before 10:00:07
Suppose that the Office of Management and Budget provides the accompanying estimates of federal budget receipts, federal budget? spending, and GDP, all expressed in billions of dollars. Calculate the implied estimates of the federal budget deficit as a percentage of GDP for each year. (Enter each response as a percentage rounded to one decimal place. Do not include a plus or minus sign.)Year Federal Budget Federal Budget GDP (0% growth) Deficit as a Receipts (5% growth) Spending (2% growth) % of GDP 2015 $2,329.8 $2,682.6 $14,573.2 %2016 2,446.3 2,736.3 14,573.2 %2017 2,568.6 2,791.0 14,573.2 %2018 2,697.0 2,846.8 14,573.2 %
Answer:
For each year, calculate the budget deficit then make it a percentage of GDP.
Budget Surplus (deficit) = Government receipts - Government Expense
2015
Deficit as percentage of GDP = (2,329.8 - 2,682.6) / 14,573.20
= 2.4%
2016
= (2,446.3 - 2,736.3) / 14,573.2
= 2.0%
2017
= (2,568.6 - 2,791.0) / 14,573.2
= 1.5%
2018
= (2,697.0 - 2,846.8) / 14,753.2
= 1.0%
Answers rounded to one decimal place. and no signs, plus or minus, included, as per the question specification.
A company expects to sell 15,000 units in the first quarter, 18,000 units in the second quarter, and 20,000 units in the third quarter. The company desires to maintain an inventory at the end of each quarter equal to 10% of next quarter expected sales. How many units does the company plan to produce in the second quarter?
Answer:
the number of units produced in the second quarter is 18,200 units
Explanation:
The computation of the number of units that have to plan for producing in the second quarter is shown below:
= Sales units - opening inventory units + closing inventory units
= 18,000 units - (18,000 units × 10%) + (20,000 units × 10%)
= 18,000 units - 1,800 units + 2,000 units
= 18,200 units
hence, the number of units produced in the second quarter is 18,200 units
You would like to invest $24,000 and have a portfolio expected return of 11.5 percent. You are considering two securities, A and B. Stock A has an expected return of 18.6 percent and B has an expected return of 7.4 percent. Approximately how much should you invest in Stock A if you invest the balance in Stock B? a) $7,137 b) $7,411 c) $8,786 d) $8,626 e) $7,807
Answer:
c) $8,786
Explanation:
0.186A + 0.074B = (24,000 x 0.115)
0.186A + 0.074B = 2,760
A + B = 24,000
where A = amount invested in stock A and B = amount invested in stock B
A = 24,000 - B
0.186(24,000 - B) + 0.074B = 2,760
4,464 - 0.186B + 0.074B = 2,760
4,464 - 0.112B = 2,760
4,464 - 2,760 = 0.112B
1,704 = 0.112B
B = 1,704 / 0.112 = $15,214.29
A = $24,000 - $15,214.29 = $8,785.71 ≈ $8,786
A $5,000 face value bond has a coupon rate of 6.5%, sells for $5,937, and matures in 7 years. What is its yield to maturity?a. 3.44%.b. 5.47%.c. 6.12%.d. 4.08%.
Answer:
YTM = 0.03495343461 or 3.495343461% rounded off to 3.50%
Explanation:
The yield to maturity or YTM is the yield or return that an investor can earn on the bond if the bond is purchased today and is held till the bond matures. The formula to calculate the Yield to maturity of a bond is as follows,
YTM = [ ( C + (F - P / n)) / (F + P / 2) ]
Where,
C is the coupon payment
F is the Face value of the bond
P is the current value of the bond
n is the number of years to maturity
Assuming that the bond pays coupon annually,
Coupon payment = 5000 * 0.065 = $325
Number of periods remaining till maturity = 7
YTM = [ (325 + (5000 - 5937 / 7)) / (5000 + 5937 / 2)
YTM = 0.03495343461 or 3.495343461% rounded off to 3.50%
A 10 percent decrease in the price of a Pepsi decreases the demand for a Coca-Cola by 50 percent. The cross elasticity of demand between a Pepsi and Coca-Cola is ?
Answer:
the cross elasticity of demand between a Pepsi and Coca-Cola is 5
Explanation:
The computation of the cross elasticity of demand is shown below:
= Percentage change in quantity demanded of one product ÷ percentage change in the price of other product
= -50 ÷ -10
= 5
Hence, the cross elasticity of demand between a Pepsi and Coca-Cola is 5
We simply applied the above formula so that the correct value could come
And, the same is to be considered
When the Federal government takes action to change taxes and spending to stimulate the economy such policy is:_________
a. Passive
b. Automatic
c. Discretionary
d. Nondiscretionary
Answer:
c. Discretionary
Explanation:
The discretionary policy is the policy that depends upon the judgement of the people who made the policy. It also deals in the decision making with respect to the monetary and fiscal policy
So here in the given situation, it is mentioned at the time of taking the action by the federal government with respect to change in the taxes and the spending in order to stimulate the economy
So this situation represents the discretionary policy
therefore the option c is correct
what do you mean by business organisation
Answer:
Business organization, an entity formed for the purpose of carrying on commercial enterprise.Such an organization is predicated on systems of law governing contract and exchange, property rights, and incorporation.
A company had total sales of $610,000, net sales of $566,400, and an average accounts receivable of $96,000. Its accounts receivable turnover equals:
Answer:
5.9
Explanation:
Calculation for It's accounts receivable turnover using this formula
Accounts Receivable Turnover = Net Sales amount /Average Accounts Receivable amount
Let plug in the formula
Accounts Receivable Turnover =$566,400/$96,000
Accounts Receivable Turnover = 5.9
Therefore Its accounts receivable turnover equals: 5.9
To this day, many companies believe that service is a cost rather than a revenue producer. Why might they hold this view? How would you argue the opposite view?
Answer: Difficulty involved in tracing the link between service and financial returns.
Explanation:
Many companies believe that service is a cost rather than a revenue producer due to the following reasons;
- There is this difficulty in tracing the link between service and financial returns.
- Profits are not directly linked to service provided most times, so it seems as though the service rendered was a cost rather than a revenue
- When service is rendeded most times, the results are not seen immediately, as it would require time to get tvalue and profit for what was done.
The year-end balance sheet of Fine Foods Inc. reports operating assets of $4,391 million, operating liabilities of $1,653 million, and total liabilities of $2,494 million.
Fine Food’s average net operating assets are:__________
a. $2,738 million
b. $1,897 million
c. $6,044 million
d. There is not enough information to calculate the amount.
e. $4,391 million
If you where advising someone on developing a "marketing communications plan", what factors would you address in this selection process?
Explanation:
Marketing Communications Plan can be described as the technique that an organisation or individual uses to attract the attention of consumers through different forms of communication.
Factors to address in the selection of a Marketing Communications Plan is as follows:
1. The first factor to keep in mind is the target market or your target customers.
2. The second factor is the goals and objectives of the said plan.
3. Another important factor is the budget allocated for the plan.
4. Fourth factor is the advertising and promotional policies.
Bermuda Triangle Corporation (BTC) currently has 520,000 shares of stock outstanding that sell for $85 per share. Assume no market imperfections or tax effects exist. Determine the share price and new number of shares outstanding if:
a. BTC has a five-for-three stock split.
b. BTC has a 12 percent stock dividend.
c. BTC has a 43.5 percent stock dividend.
d. BTC has a four-for-seven reverse stock split.
Answer:
a. BTC has a five-for-three stock split.
new number of shares outstanding = (520,000 / 3) x 5 = 866,666.67 ≈ 866,667
new market price per stock = ($85 / 5) x 3 = $51
b. BTC has a 12 percent stock dividend.
new number of shares outstanding = 520,000 x 1.12 = 585,400
new market price per stock = $85 / 1.12 = $75.89
c. BTC has a 43.5 percent stock dividend.
new number of shares outstanding = 520,000 x 1.435 = 746,200
new market price per stock = $85 / 1.435 = $59.23
d. BTC has a four-for-seven reverse stock split.
new number of shares outstanding = (520,000 / 7) x 4 = 297,142.86 ≈ 297,413
new market price per stock = ($85 / 4) x 7 = $148.75
Organizations must use software tools to process data into meaningful information to make _____ useful.
Answer:
data warehouses
Explanation:
In the science of computing, we can also call a data warehouse, to be an enterprise data warehouse, this is a system that is used for reporting and also analysing data, a data warehouse is known to be a very central part of business intelligence.
Organizations must use software tools to process data into meaningful information to make data warehouses useful.
6. Explain why a movement from a point inside a production possibilities frontier to the production possibilities frontier can be described as a free lunch and a movement along a production possibilities frontier is described as a tradeoff
Answer: Moving down along the PPF will produce more goods but less quality
Explanation:
On the production possibilities frontier, every choice along involves a trade-off, moving down along the PPF, production of capital goods is more but this will result in less quality for to consumers goods, when analysed with the opportunity cost, it is realized that the value of customer good o gone
have to produce less quantity of consumer goods. The opportunity cost of a capital good is the value of consumer good forgone.
True or False? A Product is a good or service that a customer needs. It can also be an experience that a customer wants.
Answer:
I think it is true.
BIZZ0 estimated that income for January would be $53,500 and expenses would be $37,250. The actual income was $48,500 and the actual expenses were $35,000. What is the variance for the balance (income − expenses)?
Answer:
the variance for the balance is $2,750 favorable
Explanation:
The computation of the variance for the balance is shown below:
= Income - expenses
= (Estimated income - actual income) - (estimated expenses - actual expenses)
= ($53,500 - $48,500) - ($37,250 - $35,000)
= $5,000 - $2,250
= $2,750 favorable
Hence, the variance for the balance is $2,750 favorable
We simply applied the above formula so that the correct value could come
And, the same is to be considered
According to the Institute of Management Accountants (IMA), the final step in resolving an ethical dilemma is to:
Answer: A. consult your own attorney as to legal obligations and rights concerning the ethical conflict.
Explanation:
After considering the relevant implications of an ethical dilemma, the final step is to reach out to your own lawyer to find out your legal rights as well as obligations concerning the courses of action that are presenting the dilemma.
The logic is that your own attorney should have your best interests at heart and so will tell you what each action could do to you which will then help you decide which course of action to take.
What is a country that wants to increase its per capita GDP trying to achieve?
A. It wants to prevent its currency from gaining or losing value too
quickly.
B. It wants to increase its economic productivity per person in the
country.
C. It wants to reduce the number of people who can't find a job.
D. It wants to lower the value of goods and services it produces.
Answer: B
Explanation: taking the test rn and I got it right
It wants to increase its economic productivity per person in the is country that wants to increase its per capita GDP trying to achieve. Thus, option B is correct.
What is per capita GDP?By dividing a country's GDP by its community, the GDP is a budgetary method of quantifying the productive capacity per human in a country and people. Sector's contribution by all growers who are residents of the economy combined with any brand taxes that are not factored into yield valuation makes up GDP per capita.
The goal of the nation seeking to enhance its per population GDP is to enhance its economic production per person. Average earnings rise as a result of sustained expansion, which is also closely related to decreasing poverty.
A fundamental estimate of the production value of every person is provided by GDP per capita, it serves as an additional measure of per capita. GDP as well as GDP per capita expansion are seen as wide
Therefore, option B is the correct option.
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If a central bank wishes to reduce inflation, it should announce its intentions and follow through with them, thereby using _________ monetary policy.
A. visible
B. integral
C. credible
D. authoritative
Answer:
C. credible
Explanation:
A credible monetary policy is the policy where the problem of inconsistency of time can be avoided also the biasness of the inflation also it keeps the inflation under a control.
Therefore in the case when the central bank wants to decrease the inflation so they are using the credible monetary policy
Hence, the correct option is C.
Raymond Co. has $1.1 million of debt, $2 million of preferred stock, and $2.1 million of common equity. What would be its weight on preferred stock?
Answer:
0.3846
Explanation:
Given that :
Amount of debt = $1.1 million
Amount of preferred stock = $2 million
Amount of common equity = $2.1 million
Total value of company's finance funds :
(Amount of debt + Amount of Preffered stock + Amount of common equity)
(1.1 million + 2 million + 2.1 million)
= $5.2 million
Hence, weight on preferred stock:
Amount of preferred stock / total value of company's finance
$2 million / $5.2million
= 0.3846
Hence, weight of Preffered stock = 0.3846
a community hospital in pennsylvania has a 15% supply expense ratio. If total operating expenses are $1 million this month, what is the total annual cost of supplies
Answer:
$150,000
Explanation:
The question says that the total operating expenses of the hospital is 1 million, while also saying that it has a supply expense ratio of 15%. An expense ratio can be by dividing a fund's total operating expenses it's average dollar value of its assets under it's management. This is what gave us the 15% we got in the question. Now, to get the total supply cost in dollars (not percentage), all we is multiply the percentage by the total cost we were given. Thus,
Total annual cost of supply =
15% * 1,000,000 =
15/100 * 1,000,000 =
$150,000.
Therefore, the total annual cost of supply is $150,000