Use the following data to determine the total dollar amount of assets to be classified as current assets


Carne Auto Supplies Balance Sheet December 31, 2012
Cash $60,000 Accounts Payable $65,000
Prepaid Insurance 40,000 Salaries Payable 10,000
Accounts Receivable 50,000 Mortgage Payable 90,000
Inventory 70,000 Total Liabilities $165,000
Land held for investment 80,000
Land 95,000
Buildings $100,000 Common Stock $120,000
Less Accumulated Retained Earnings 250,000
Depreciation (30,000) 70,000 Total stockholder's equity $370,000
Trademarks 70,000 Total Liabilities and Stock equity $535,000
Total Assets $535,000

Choose the correct answer:

a. $245,000
b. $315,000
c. $165,000
d. $195,000

Answers

Answer 1

Answer:

the total dollar amount of assets to be classified as current assets is $220,000.

Note that the correct option is $220,000 based on the information provided in the question. However, this is not included in the option. Kindly confirm the correct options from your teacher.

Explanation:

Current assets can be described as a group of assets that are can be easily converted to cash within a year. Current assets are therefore assets which are expected to be used, sold or consumed in a normal business operations within a financial year.

Current assets is one of th component of a balance sheet and its components include cash, inventories, account receivables, advance payment (prepayments), and others.

For this question, the total dollar amount of assets to be classified as current assets can be determined as follows:

                  Carne Auto Supplies

    Current Assets Amount Determination

                  December 31, 2012

Particulars                                      Amount ($)

Cash                                                   60,000  

Prepaid Insurance                             40,000  

Accounts Receivable                        50,000  

Inventory                                           70,000  

Total current assets                       220,000  

Therefore, the total dollar amount of assets to be classified as current assets is $220,000.


Related Questions

If a check that was outstanding on last period's bank reconciliation was not among the cancelled checks returned by the bank this period, in preparing this period's reconciliation, the amount of this check should be: g

Answers

Answer:

If the outstanding check was not cancelled by the bank yet, then it must be subtracted from the bank account balance when you are preparing a reconciliation of the bank account.

The person or business that received the check will eventually cash it out, so there is no reason why you should consider that money in your bank account as yours. checks are basically cash payments that may or may not be delayed. Checks last 6 months before they expire, so there is still a lot of time for the person or business to cash it.

Answer:

Explanation:

The check is still outstanding (still not subtracted by bank) so add it to the book balance to obtain the bank balance.

An auto parts shop carries an oil filter for trucks. The annual demand for the oil filter is roughly 1200 units. The ordering cost per order for the auto parts shop is $80; the holding cost of carrying 1 unit is $1.2 per year. The shop has 360 working days per year. The lead time is usually 12 working days. Determine the annual total relevant, including ordering and carrying, cost. g

Answers

Answer:

$480

Explanation:

The first step would be to calculate the Economic order quantity. The formula for calculating the economic order quantity is as under:

Step 1: Find Economic Order Quantity

EOQ = Square-root (2* Annual demand * Ordering cost per order / Holding cost per unit per year)

Here

Annual demand is 1200 units

Ordering cost per order is $80

Holding cost per unit per year is $1.2 and

By putting values, we have:

EOQ = Square-root (2 * 1200 Units * $80 / $1.2)

= 400 Units

Step 2: Find Total ordering cost

Now, we will find Total ordering cost by using the following equation:

Total Ordering Cost = Number of Orders * Ordering cost per order

Here

Ordering cost per order is $80

Number of orders = Annual Demand / EOQ = 1200 units / 400 units

Number of orders = 3 orders per year

By putting values in the above equation, we have:

Total Ordering Cost = 3 * 80 = $240

Step 3: Find Annual Carrying Cost

By using the following formula we will find Annual Carrying Cost

Annual Carrying Cost = (EOQ ÷ 2) * Holding cost per unit per year

By putting values we have:

Annual Carrying Cost = (400 ÷ 2) * $1.2  = $240

Step 4: Now we will find Total Annual Inventory Cost by using the following equation:

Total Annual Inventory Cost = Annual ordering cost (Step 2) + Annual carrying cost (Step 3)

By putting values, we have:

Total Annual Inventory Cost = $240 + $240 = $480

Epolito Corporation incurred $87,000 of actual Manufacturing Overhead costs during September. During the same period, the Manufacturing Overhead applied to Work in Process was $89,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a:

a. debit to Work in Process of $89,000
b. credit to Manufacturing Overhead of $87,000
c. debit to Manufacturing Overhead of $87,000
d. credit to Work in Process of $89,000

Answers

Answer:

c. debit to Manufacturing Overhead of $87,000

Explanation:

Account Titles and Explanation            Debit       Credit

Manufacturing overhead                        $87,000

Accounts payable                                                    $87,000

(Being manufacturing overhead incurred)

Therefore, journal entry for actual manufacturing overhead costs would include a debit to manufacturing overhead of $87,000.

Manufacturing overhead is debited with $87,000 to record actual manufacturing overhead.

Zahn Inc. sold 11,500 annual magazine subscriptions for $61 during December 20Y4. These new subscribers will receive monthly issues, beginning in January 20Y5. Zahn Inc. issued a $123,200, 180–day, 5% note payable on December 1, 20Y4. On March 31, 20Y5, Zahn Inc. had accounts payable of $ 22,700 and accrued wages payable of $6,700.

Required:
Prepare the Current Liabilities section of the balance sheet for Zahn Inc. on March 31, 20Y5.

Answers

Answer:

                                       Zahn Inc.

            Current Liabilities Section of the Balance Sheet

                                   March 31, 20Y5

Current liabilities                                                       Amount

Accounts payable                                                      $22,700

Accrued wages payable                                             $6,700

Accrued interest payable                                           $3,080

($123,200 * 5% * 6/12)  

Notes payable                                                             $123,200

Advances on magazine subscriptions                       $526,125

(11,500 * $61 * 9/12)

Total current liabilities                                                $681,805

"An 8% corporate bond with 20 years left to maturity is currently trading at 120. The bond is callable in 4 years at 104. If a client buys the bond and then the issuer calls it in 4 years, the yield to call will be:"

Answers

Answer:

The yield to call will be 6%.

Explanation:

Yield to call (YTC) refers to the return a bondholder will receive in the event that he holds the bond until the call date which is sometime before the maturity date.

The YTC can be calculated using the following formula:

YTC = (C + (CP - P) / t) / ((CP + P) / 2) .......................... (1)

Where:

YTC = YTW = yield to call or yield to worst = ?

C = Annual coupon interest payment = Bond interest rate * Bond face value = 8% * $100 = $8.00

CP = Callable price of the bond = $104

P = Current price of the bond = $120

t = time in years remaining until the call date = 20 - 4 = 16 years

Substituting the values into equation (1), we have:

YTC = ($8 + ($104 - $120) / 16) / (($104 + $120) / 2)

YTC = $7 / $112 = 0.06, or 6%.

Therefore, the yield to call will be 6%.

In some cases, analysts notice that groups of similar investors tend to flock to stocks that have dividend policies consistent with their financial needs. This circumstance is an illustration of:

Answers

Answer:

the clientele effect

Explanation:

This scenario best illustrates the concept/idea known as the clientele effect. This is the idea that a set of investors that are attracted to specific security/asset will affect the price of it when policies or circumstances change. This is mainly due to the fact that as a group with lots of buying power, purchasing those assets removes circulating supply from that asset which causes the price to go up, meaning if things change they can also sell which will cause prices to drop.

A company's board of directors votes to declare a cash dividend of $1.10 per share of common stock. The company has 22,000 shares authorized, 17,000 issued, and 16,500 shares outstanding. The total amount of the cash dividend is:

Answers

Answer:

$18,150

Explanation:

Calculation for the total amount of the cash dividend

Since A company's board of directors  has votes to declare the  cash dividend of $1.10 per share of common stock, this means we have to multiply the cash dividend per  share of common stock by the shares outstanding which is $16,500

Using this formula

Cash dividend per share of common stock * Shares outstanding

Let Plug in the formula

$1.10*16,500

=$18,150

Therefore the total amount of the cash dividend  will be $18,150

PLEASE HELP ASAP *(only right answers plz)* Which example is an investment commodity? (Select the best answer.) steel shares in a company microfinancing a rare painting Which option allows you to pool your money and invest in a portfolio with other investors? (Select the best answer.) a 529 plan an IRA account a mutual fund a 401(k) plan Which piece of information is typically included in a stock listing? (Select the best answer.) the predicted price of the stock over the next year the company's SEC registration credentials the number of shares of stock sold in a previous day the number of shares of stock sold in the previous year Which type of investment income happens when an investor sells ownership in an equity investment that's gained value? (Select the best answer.) capital gains dividends interest equity gains

Answers

Answer: Steel; A mutual fund; the number of shares of stock sold in a previous day; Capital gains

Explanation:

1. Which example is an investment commodity?

Steel is an example of an investment commodity. A commodity is a raw material that one can purchase and later sell. Of all the examples given, steel is the right answer.

2. Which option allows you to pool your money and invest in a portfolio with other investors?

A mutual fund is a kind of investment whereby the money gotten from the investors is used to invest in bonds, stocks, bonds or any other investment. Mutual fund allows one to pool one's money and invest in a portfolio with other investors.

3. Which piece of information is typically included in a stock listing?

During stock listing, the number of shares of stock sold in a previous day are included.

4. Which type of investment income happens when an investor sells ownership in an equity investment that's gained value?

Capital gain is the profit that is made by a company when a capital asset, such as bond, stock or real estate is sold and the amount that the asset is sold is more than the purchase price.

The investment income that happens when an investor sells ownership in an equity investment that's gained value is capital gains.

A firm issues six-month commercial paper with $500,000 face value and receives $488,000. What is the EAR the firm is paying for these funds? Group of answer choices

Answers

Answer:

5.03%

Explanation:

In order to compute the effective annual rate on the commercial paper,we need to first of all establish the interest rate in the six-month instrument

interest=($500,000-$488,000)/$488,000=2.46%

Effective annual rate=(1+2.46% /6)^12-1

By dividing by six, we are reducing the rate to monthly terms

By raising to the power of 12 we are converting from a monthly rate to yearly rate

Effective annual rate=5.03%

The representative​ firm's total revenue ​(TR​) for selling the​ profit-maximizing level of output is

Answers

Answer: $787.50

Explanation:

Firms maximise their profit levels at the point where Marginal Revenue equals Marginal Cost because at this point any increase in Cost will not bring about more additional revenue.

The point where MR = MC is point A where sales are 225 units and price is $3.50.

The Total Revenue = Price * Quantity

= 225 * 3.50

= $787.50

Suppose two countries initially start off at the same GDP per capita in 1940. After 70 years the countries have large differences in GDP per capita in the year 2010, with one country having $30,000 more than the other country. What is the most likely reason for this large disparity in GDP per capita between the two countries

Answers

Answer:

The contrast in GDP per capital growth relative to productivity growth between the two countries and the effect of compounding decrease

Explanation:

Solution

The GDP growth rate relative productive growth was one of the prime factors of total growth during the late 20th century.

The more technological investment, the higher was the productivity together with compounding could have played a vital role.

By compounding it refers to the reinvestment with the aid of established generated revenue. this implies that capital is used to its fullest thus increasing productivity. thus maybe the country with Low GDP per capital might have experienced a decrease, then compounding further abetting a downturn in the GDP growth rate.

Warner Company purchases $50,500 of raw materials on account, and it incurs $65,000 of factory labor costs. Supporting records show that:_______. A) the Assembly Department used $31,700 of raw materials and $38,300 of the factory labor.B) the Finishing Department used the remainder.

Answers

Answer:

1. The Journal Entry for the above will be as follows;

a.

DR Work in Progress - Assembly $31,700

DR Work in Progress - Finishing $ 18,800

CR Raw Materials $50,500

Working

Finishing Department used remainder = 50,500 - 31,700

= $18,800

b.

DR Work in Progress - Assembly $38,300

DR Work in Progress - Finishing $ 26,700

CR Factory Wages $65,000

Working

Finishing Department used remainder = 65,000 - 38,300

= $65,000

Christina will receive annuity payments of $1,200 a year for five years, with the first payment occurring at Year 4. What is the value of this annuity to her today at a discount rate of 7.25 percent

Answers

Answer:

The annuity is worth  $3,693.99 today.

Explanation:

Giving the following information:

Cash flow= $1,200

Number of years= 5

Waiting years= 4

Discount rate= 7.25%

First, we will determine the future value:

FV= {A*[(1+i)^n-1]}/i

A= annual cash flow

FV= {1,200*[(1.0725^5) - 1]} / 0.0725

FV= $6,935.40

Now, we can calculate the present value:

PV= FV/(1+i)^n

PV= 6,935.40/ (1.0725^9)

PV= $3,693.99

In producing jelly beans, 4,700 pounds of direct materials were used at a cost of $2.50 per pound. The standard was 4,000 pounds at $2.75 per pound. What is the direct materials quantity variance

Answers

Answer:

Direct material quantity variance   = $1,925 favorable

Explanation:

Material quantity variance occurs when the actual quantity used to achieved a given level of output is more or less than the standard quantity.

It is determined by the difference between the actual and standard quantity of material for the actual level of output multiplied by the the standard price

                                                                                              Pounds

Standard quantity for the actual production                     4,700

Actual quantity used                                                         4,000

Direct material quantity variance in units                      700 favorable

Standard price perv unit                                                × $2.75

Direct material quantity variance                                   $1925  Favorable

Direct material quantity variance   = $1,925

Communication skills refer to a manager’s ability to effectively convey ideas and information to others and to effectively receive ideas and information from others. This exercise focuses on communication skills as they involve deciding how to best convey information to others.Exercise BackgroundAssume that you are a middle manager for a large electronics firm. People in your organization generally use one of three methods to communicate with one another. One common method is verbal communication, either face-to-face or by telephone. Surprisingly, people also still use a lot of written communication in the form of memos, reports, letters, and other documentation. And, of course, there is also a lot of digital communication such as email and direct messaging.During a typical day you receive and send a variety of messages and other communication, sometimes using only a single method of communication but often using some combination of methods. The questions that follow ask you to select one or more methods that would be most effective for communicating specific kinds of information.Use your communication skills to answer the following questions.1. You need to reprimand a staff assistant who has been coming in to work late for the last several days. Which of these options would most likely be both efficient and effective? Check all that apply.Send an emailRegardless of what you do first, follow-up with a written reprimand to the individual’s personnel fileUse social mediaReprimand the individual in public so as to deter others from being lateSchedule a meeting to discuss the problem2. You need to schedule a meeting with your boss. Which of these options would most likely be both efficient and effective? Check all that apply.Call the boss’s assistant and request a meetingEmail the boss’s assistant and request a meetingWrite a formal letter to your boss asking for a meeting3. You need to inform a supplier that your company will soon be cutting back on its purchases because you plan to shift more of your business to a supplier offering lower prices. Which of these options would most likely be both efficient and effective? Check all that apply.A telephone call to the supplier to explain the situationAn email to the supplier to explain the situationA letter to the supplier to explain the situationA personal meeting with the supplier to explain the situation

Answers

Answer:

Communication Skills:

1. Reprimanding a staff assistant for late-coming:

Schedule a meeting to discuss the problem

2. Scheduling a meeting with your boss:

Call the boss's assistant and request a meeting.

3. Informing a supplier that your company will soon be cutting back on its purchases because you plan to shift more of your business to suppliers offering lower prices:

A telephone call to the supplier to explain the situation

An email to the supplier to explain the situation

Explanation:

Communication is a two-way traffic.  The central purpose is to enhance understanding.  In reprimanding a staff assistant, I shall first understand the problem he or she is facing.  Full understanding of a problem generates workable solutions.  Responding to problems without some created solution mechanisms will not ensure lasting relationships.  The main purpose in any communication situation is to achieve understanding of the challenges being faced by the other party, whether with my assistant, my boss's assistant, or my company's supplier.

The description and scope section of a statement of work would contain statements regarding: Major milestones. Termination of project information. Environmental risks. Expected benefits.

Answers

Answer:

Expected benefits

Explanation:

The scope of work is a part of the statement of work. Statement Of Work is full of details regarding the project's goals, guidelines, deliverables, schedule, costs. The scope section has its focus on how to achieve these goals. There are obvious benefits to giving an outline on a project scope.

The description and scope section of a statement of work would contain statements regarding expected benefits.

White Company has two departments, Cutting and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Cutting Department bases its rate on machine-hours, and the Finishing Department bases its rate on direct labor-hours. At the beginning of the year, the company made the following estimates:
Department
Cutting Finishing
Direct labor-hours 7,700 43,000
Machine-hours 43,400 1,900
Total fixed manufacturing overhead cost $390,000 $496,000
Variable manufacturing overhead per machine-hour 2.00
Variable manufacturing overhead per direct labor-hour $3.75
Required:
1. Compute the predetermined overhead rate for each department.
2. The job cost sheet for Job 203, which was started and completed during the year, showed the following:

Department
Cutting Finishing
Direct labor-hours 3 13
Machine-hours 43 4
Direct materials 745 370
Direct labor costs 43 210
Using the pre-determined overhead rates that you computed in requirement 1, compute the total manufacturing overhead cost assigned to Job 203.
3. Wouid you expect substantially different amounts of overhead cost to be assigned to some jobs if the company used a plantwide pre-determined overhead rate, based on direct labor hours rather than using departmental rates?

Answers

Answer:

1. Cutting Department = $8.99 per machine hour and Finishing Department = $11.53 per direct labor hour.

2. The  total manufacturing overhead cost assigned to Job 203 is $2,058.46.

3. Yes. Plant wide pre-determined overhead rate does not consider the cost driver in the departments involved.

Explanation:

Predetermined overhead rate = Budgeted Overheads / Budgeted Activity

Cutting Department = $390,000 / 43,400

                                 = $8.99 per machine hour

Finishing Department = $496,000 / 43,000

                                    = $11.53 per direct labor hour

Total manufacturing overhead cost assigned to Job 203.

Direct materials

Cutting Department                             $ 745.00

Finishing Department                          $ 370 .00

Direct labor costs

Cutting Department                              $ 43.00

Finishing Department                          $ 210.00

Variable manufacturing overhead

Cutting Department ($2.00 × 43)         $86.00

Finishing Department ($2.00 × 4)          $8.00

Variable manufacturing overhead

Cutting Department ($3.75 × 3)              $11.25

Finishing Department ($3.75 × 13)        $48.75

Fixed manufacturing overhead

Cutting Department ($8.99 × 43)        $386.57

Finishing Department ($11.53 × 13)       $149.89

Total                                                   $2,058.46

Mannisto, Inc., uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $244,087 and average assets of $1,550,550. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $44,110 more than under FIFO, and its average assets would have been $40,630 less than under FIFO.
a) Calculate the firm's ROA under each cost flow assumption.
b) Suppose that two years later costs and prices were falling. Under FIFO, net income and average assets were $288,567 and $1,880,970, respectively. If LIFO had been used through the years, inventory values would have been $45,690 less than under FIFO, and current year cost of goods sold would have been $22,660 less than under FIFO. Calculate the firm's ROA under each cost flow assumption.

Answers

Answer and Explanation:

a. The solution of return on assets under each cost flow is described below:-

Return on assets under FIFO = Net income ÷ Average total assets

= $244,087 ÷ $1,550,550

= 15.7%

Return on assets under LIFO = Net income ÷ Average total assets

= ($244,087 - $44,110) ÷ ($1,550,550 - $40,630)

= $199,977 ÷ $1,509,920

= 13.2%

b. The computation of return on assets under each cost flow is shown below:-

Return on assets under FIFO = Net income ÷ Average total assets

= $288,567 ÷ $1,880,970

= 15.3%

Return on assets under LIFO = Net income ÷ Average total assets

= ($288,567 + $22,660) ÷ ($1,880,970 - $45,690)

= $311,227 ÷ $1,835,280

= 17%

When Steve is talking about his communications with employees, he says, "I constantly check in." The information Steve gets from employees during these check-ins is an example of

Answers

Answer:

Upward communication

Explanation:

Based on this information it can be said that this is an example of Upward communication. This is a form of communication that encourages employees to communicate directly with their upper management in order to create a sense of importance in employees as they begin to realize that the upper management cares about their thoughts and input. Which is what Steve is cultivating by having regular check-ins

The post-closing trial balance consists only of Group of answer choices Asset and liability accounts. Nominal accounts. Revenue and expense accounts. Permanent accounts.

Answers

Answer:

Permanent accounts

Explanation:

The post-closing trial balance consists only of permanent accounts. These permanent accounts are assets, liabilities, and equity. Permanent accounts are not closed when an accounting period ends. Temporary accounts (revenue, expense, dividend) on the other hand is a direct opposite as they are closed or cleared to zero when an accounting period ends.

The Bridal Gift Shop, Inc. has 11 units in ending merchandise inventory on December 31. The units were purchased in November for $150 each. The price lists from suppliers indicate the current replacement cost of the item to be $152 each. What would be the amount reported as Merchandise Inventory on the balance sheet?
A $1,650
B. $3.322
C. $1,672
D. $302

Answers

Answer:

A $1,650

Explanation:

The computation of amount reported as Merchandise Inventory on the balance sheet is shown below:-

Merchandise inventory = Ending merchandise inventory × Units purchased

= 11 × $150

= $1,650

Therefore for computing the Merchandise Inventory we simply applied the above formula and have not considered the replacement cost as it is not relevant.

At the beginning of the current year, Penguin Corporation (a calendar year taxpayer) has accumulated E & P of $55,000. During the year, Penguin incurs a $36,000 loss from operations that accrues ratably. On October 1, Penguin distributes $40,000 in cash to Holly, its sole shareholder.

How is Holly taxed on the distribution?

Of the $40,000 distribution, ...........................$ is taxed as a dividend and $ ....................represents a return of capital.

Answers

Answer:Of the $40,000 distribution, ....$28,000....................... is taxed as a dividend and $12,000...................represents a return of capital.

Explanation:

we will first compute dividend income for Holly

Loss  from  operations in the year =$36,000

Loss accrued till October 1st, since it accrues ratably  

January - September= 9 months

36,000 x 9/12 = $27,000                                                

But E&P at start of the year = $55,000

Therefore, E&P at October 1st = $55,000- $27,000 = $28,000

The remaining balance. $28,000 after the losses accrued have been deducted will be treated as dividend income

From the statement, the total cash distributed to Holly is $40,000,

$28,000 as calculated from above Is taxed as a dividend and $12,000 ( $40,000- $28,000) represents a return of capital.

On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?

Answers

Answer: $210

Explanation:

When using the First In First Out (FIFO) method of Inventory Valuation, the company sells the goods that it acquired earliest first and then sells the goods acquired later last.

This company sold 30 units on August 15.

That would mean that using FIFO, the company sold all of its August opening inventory of 15 units. It also sold all 10 units purchased on August 5th and then sold 5 units from the August 12th purchase of 20 units.

= 15 + 10 + 5

= 30 units

This means that the only units left are;

= 20 - 5

= 15 units of the August 12th purchase are left.

Units cost $14 each.

Value of Inventory after sale = 15 units * 14

= $210

Suppose the Finnish government undertakes a program that relaxes immigration but only for highly skilled workers. This policy changes will result in an increase in the ________, causing _______.

Answers

Answer:

Suppose the Finnish government undertakes a program that relaxes immigration but only for highly skilled workers. This policy changes will result in an increase in the _population of immigrants_______, causing __increased economic performance resulting from increased supply of highly skilled labor, productivity, and GDP and not to forget increased diversity with its attendant benefits and costs_____.

Explanation:

Immigration is the movement of non-natives or citizens into a country from other countries.  If the number of immigrants outnumber those emigrating, the population of the country will increase relatively.  To boast population, increase diversity, and energize an economy, some countries deliberately embark on programed immigration and acceptance of highly skilled workers.  As they come in, they come with their families, some will bear more children, and there will be increased relationships between the immigrants and the domiciled citizen population.  The economy of the country will be revitalized since they are highly skilled workers, and there will be increased productivity and beneficial changes in the GDP.  Human diversity has many attendant benefits and burdens.  Whichever one that outweighs the other depends on factors prevalent in the particular country.

Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method

Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2016, Daan Corporation issued $7,900,000 of 7-year, 10% bonds at a market (effective) interest rate of 7%, receiving cash of $9,194,083. Interest is payable semiannually on April 1 and October 1.

a. Journalize the entry to record the issuance of bonds on April 1, 2016. For a compound transaction, if an amount box does not require an entry, leave it blank.

Cash
Premium on Bonds Payable
Bonds Payable

b. Journalize the entry to record the first interest payment on October 1, 2016, and amortization of bond premium for six months, using the straight-line method. The bond premium amortization is combined with the semiannual interest payment. (Round to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank.

Interest Expense
Premium on Bonds Payable

Cash

Answers

Answer:

Explanation:

1. Please see journal entry below

a. Cash Dr, $9,194.083

To bonds payable $7,900,000

To premium on bonds payable $1,294,083

(Being issuance of bonds that is recorded)

The above transactions were recorded because cash was debited as it increase the assets, while also increasing the liabilities hence bond payable and premium is credited.

b. Interest expenses Dr, $302,565

Premium on bonds payable $92,435 ($1,294,083 ÷ 7 × 6 ÷ 12)

To cash $395,000

($7,900,00 × 10% × 6 ÷ 12)

(Being interest expenses that is recorded)

For recording the above transaction, interest expense was debited as it increase expenses while cash was credited as it reduced the assets including the balance which is debited to premium on bonds payable.

There are several ways that governments can increase or decrease the money supply. Match the descriptions below with the corresponding policy tool. It is possible that a description does not apply to any of the terms.

1. Open Market Operations
2. Reserve Requirement
3. Discount Rate
4. Quantitative Easing
A. A government printing more currency.

B. An increase in government spending.

C. An increase in the interest rate that a central bank charges commercial banks for loans.

D. A central bank purchasing existing bonds.

E. An increase in the percentage of deposits that banks must keep on hand.

F. A central bank purchasing a large quantity of longer-term Treasury bonds.

Answers

Answer:

1. Open Market Operations -  A central bank purchasing existing bonds.

When the central bank purchases existing bonds, this is an expansionary monetary policy because by buying bonds they are putting money back into people's hands by paying them for the bonds.

2. Reserve Requirement  - An increase in the percentage of deposits that banks must keep on hand.

When the Central bank increases the reserve requirement, it means that banks should keep a larger percentage of deposits kept with them. This is a contractionary Monetary Policy because the banks will have less money to loan out to the public.

3. Discount Rate  - An increase in the interest rate that a central bank charges commercial banks for loans.

The Central bank loans money to commercial banks using the discount rate. Should they increase this rate, banks would find it more expensive to borrow from them and reduce borrowing. This means that they would then not have a lot of money to loan out making this a contractionary monetary policy.

4. Quantitative Easing  - A central bank purchasing a large quantity of longer-term Treasury bonds.

Quantitative Easing refers to the Government buying a large quantity of longer-term treasury bonds to increase money supply so that rates would fall and people can borrow more money to boost the economy. This policy is not usually done and indeed is considered unconventional.

A company's net sales were $678,400, its cost of goods sold was $218,810, and its net income was $35,550. Its gross margin ratio equals:

Answers

Answer:

The answer is 67.75 percent

Explanation:

Gross profit margin is a measure of profitability.

Gross margin ratio = (gross profit ÷ net revenue/sales) x 100 percent.

Gross profit = net sales - cost of sales

Net sales - $678,400

Cost of sales - $218,810

Gross profit = $678,400- $218,810

= $459,590

Now gross margin ratio:

($459,590/$678,400) x 100 percent

= 67.75 percent

Quality Move Company made the following expenditures on one of its delivery trucks:
Mar. 20 Replaced the transmission at a cost of $1,970.
June 11 Paid $1,455 for installation of a hydraulic lift.
Nov. 30 Paid $56 to change the oil and air filter.
Prepare journal entries for each expenditure.
Journal
Accounting Equation
Date Description Post. Ref. Debit Credit Assets Liabilities Equity
1
2
3
4
5
6

Answers

Answer with its Explanation:

On 20th of March, The replacement of transmission is not the maintenance cost as it is the replacement of asset within the delivery truck, hence it must be capitalized.

The Double entry would be:

Dr Delivery Truck  1,970

Cr            Cash                     $1,970

On 11th of June, the installation of hydraulic lift is an addition of upgraded asset in the delivery truck hence it must be capitalized.

The Double entry would be:

Dr Delivery Truck  $1,455

Cr                    Cash       $1,455

On 30th of November, the changing of oil and air filer is repair and maintenance cost and hence must be treated as under:

Dr Repairs and Maintenance Expense       $56

Cr                                           Cash                       $56

What role, if any, should the U.S. government take in this issue of setting fair wages in developing countries?

Answers

Answer:

Corporations of the United States should be tracked by the U.S government to ensure that workers' rights in developing countries should not be compromised.

Explanation:

In many developing countries political leaders are afraid that if wage rates are enforced on big corporations they could be forced off global markets. Foreign investment capital is significant to the economy of developing countries and there is always fear that the loss of such investment may break the economies of these countries. The government of the U.S should ensure vigorous monitoring programs that require businesses to report the location of international factories publicly so that human rights organizations can track their actions independently.

When an HRM professional utilizes SWOT analysis, and strategic thinking about external and internal competitive issues impacting the company, including political, economic, market, social, geographic, and technological trends, this is called:

Answers

Answer:

Environmental scanning.

Explanation:

When an HRM professional utilizes SWOT analysis, and strategic thinking about external and internal competitive issues impacting the company, including political, economic, market, social, geographic, and technological trends, this is called environmental scanning.

Environmental scanning can be defined as a management strategy that focuses on systematically acquiring informations about occasions, trends, events or patterns through surveys and analysis of these information in an organisation's external and internal environment.

This simply means that,  if an organization wants to succeed and remain competitive in the industry, it is necessary and utterly important that it regularly scans its environment so that it can assess its growth or developments and understand critical factors which contributed to its success.

Hence, the environmental scanning is classified into two (2) main categories and these are;

1. Internal environmental scanning: it is made up of essential elements or components that lie within an organization such as objectives, culture, value systems, mission, vision, goals, organizational structure, employees etc.

2. External environmental scanning: it is made up of essential elements or components that outside of an organization such as customers, market, rivals, politics, economic policies, demography etc.

Generally, the internal environmental scanning offers an organization Strength and Weakness while the external environmental scanning provides information about Opportunities and Threats. These four influencing environmental factors are known as the SWOT analysis (strength, weakness, opportunity and threats).

With the aforementioned four environmental factors, an organization is able to make strategic business decisions by identifying available opportunities and threats affecting the business, as well as used is strengths and improve on its weaknesses.

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