When a company is in financial difficulty and cannot fully pay all of its creditors, the first lenders to be paid are the ________. A) stockholders

Answers

Answer 1

Answer:

Senior debtholder

Explanation:

In a case when the company is not able to pay the pull amount to its creditors so the first lender is senior debt holder as it became the priority to the company i.e. first the amount is paid to them and the amount i.e. remaining would be paid to others as the senior debtholders are secured as if we compared with the other type of debtholders in terms of collateralized of assets


Related Questions

Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 3 bars and the price is $4. In year 2, the quantity produced is 4 bars and the price is $5. In year 3, the quantity produced is 5 bars and the price is $6. Using year 1 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year.

Answers

Answer:

The answer is below

Explanation:

The nominal GDP is the market value of goods within a country adjusted for price change.

Nominal GDP for year 1 = Total market value of goods at current price = 3 bars × $4 = $12

Nominal GDP for year 2 = Total market value of goods at current price = 4 bars × $5 = $20

Nominal GDP for year 3 = Total market value of goods at current price = 5 bars × $6 = $30

The real GDP is the market value of goods within a country at current price.

Real GDP for year 1 = Total market value of goods at base year price = 3 bars × $4 = $12

Real GDP for year 2 = Total market value of goods at base year price = 4 bars × $4 = $16

Real GDP for year 3 = Total market value of goods at base year price = 5 bars × $4 = $20

GDP deflator is the ratio of nominal GDP to real GDP multiplied by 100.

GDP deflator in year 1 = (Nominal GDP in year 1 / Real GDP in year 1) × 100 = ($12/$12) × 100 = 100

GDP deflator in year 2 = (Nominal GDP in year 2 / Real GDP in year 2) × 100 = ($20/$16) × 125 = 100

GDP deflator in year 3 = (Nominal GDP in year 3 / Real GDP in year 3) × 100 = ($30/$20) × 100 = 150

On May 31, the Cash account of Teasel had a normal balance of $5,700. During May, the account was debited for a total of $12,900 and credited for a total of $12,200. What was the balance in the Cash account at the beginning of May

Answers

Answer:

$6,400

Explanation:

Cash Account

Debit :

Beginning Balance                              $5,700

Receipts                                              $12,900

Totals                                                  $18,600

Credit :

Payments                                           $12,200

Ending Balance (Balancing figure)    $6,400

Totals                                                 $18,600

MotorCar, a major automobile company headquartered in Detroit, is concerned about being left behind in the race to produce autonomous vehicles. There remains much uncertainty regarding the future of autonomous vehicle technology. Some industry experts say fully self-driving cars could be brought to market within a couple of years. Others believe the technology could take decades to develop. And still others are skeptical that the technology will ever be safe enough to bring to the automobile mass market. Further, in addition to safety and technological hurdles, there are regulatory obstacles as well. However, MotorCar has decided that it needs to innovate.

The company is considering (1) increasing funding to its existing R&D department to expand to the development of AI (artificial intelligence) technology, needed for self-driving vehicles; (2) launching a fully owned subsidiary (a new company that it owns and controls) focused exclusively on AI; or (3) partnering with a major Silicon Valley tech company that has already made considerable progress on AI technology.

Required:
What do you see as some of the potential benefits and risks of these different organizational approaches?

Answers

Answer:

(1) increasing funding to its existing R&D department to expand to the development of AI (artificial intelligence) technology, needed for self-driving vehicles

This strategy would produce the benefit of puttinig the company on the edge of the development of AI in order to produce driverless vehicles.

The risk is that the investment could be too high for the initial benefit, since there is no certainty that driveless cars will be in the market in the short-term.

(2) launching a fully owned subsidiary (a new company that it owns and controls) focused exclusively on AI

This strategy would produce a similar benefit as the strategy above. However, it could also benefit from a little bit less administrative control because in this case, the AI development would be in charge of a subsidiary, not a division.

The risk is the same as above: initial investments may be too high for the initial benefits.

(3) partnering with a major Silicon Valley tech company that has already made considerable progress on AI technology.

This strategy produces the benefit of requiring less investment while still putting the company on the edge of AI research. However, the risk lies in loss of control over the thecnology, and possible future conflicts with the partner company.

At Davide Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include:

WIP beginning (60% for conversion) 17,500 units
Units started 114,500 units
Units completed and transferred out 111,700 units
WIP ending (30% for conversion) 20,300 units
Beginning WIP direct materials $22,300
Beginning WIP conversion costs $19,700
Costs of materials added $370,000
Costs of conversion added $280,000

What is the total cost of units completed and transferred out?

Answers

Answer and Explanation:

For materials

Equivalent completed units = Completed units + WIP ending

= 111,700 + 20,300

= 132,000 units

Cost of materials = Beginning WIP + Cost of materials added

= 22,300 + 370,000

= $392,300

Cost of material per units = 392,300 ÷ 132,000

= $2.97197

For conversions

Equivalent completed units = Completed units + WIP ending

= 111,700 + 20,300 × 30%

= 117,790 units

Cost of Conversion = Beginning WIP + Cost of conversion added

= 19,700 + 280,000

= $299,700

Cost of conversion per units = 299,700 ÷ 117,790

= $2.54436

Total cost of units completed and transferred out

= 111,700 × (2.97197 + 2.54436)

= $616,174

One-year Treasury securities yield 4.85%. The market anticipates that 1 year from now, 1-year Treasury securities will yield 5.2%. If the pure expectations theory is correct, what is the yield today for 2-year Treasury securities

Answers

Answer:

5.025%

Explanation:

When we assume that the pure expectations theory is correct, then we are assuming that there is no risk premium involved. The formula to determine the yield for the 2 year treasury security:

(1 + i)² = (1 + 4.85%) x (1 + 5.2%)

(1 + i)² = 1.0485 x 1.052

(1 + i)² = 1.103022

√(1 + i)² = √1.103022

1 + i = 1.050248542

i = 0.050248542 = 5.025%

A remotely located air sampling station can be powered by solar cells or by running an electric line to the site and using conventional power. Solar cells will cost $12,600 to install and will have a useful life of 4 years with no salvage value. Annual costs for inspection, cleaning, etc. are expected to be $1,400. A new power line will cost $11,000 to install, with power costs expected to be $800 per year. Since the air sampling project will end in 4 years, the salvage value of the line is considered to be zero. At an interest rate of 10% per year, which alternative should be selected on the basis of a future worth analysis?

Answers

Answer:

Since the total future worth of running an electric line of $19,353.42 is less than the total future worth of solar cells is $24,132.22, it implies that it will be cheaper to run an electric line than to use solar cells. Therefore, running an electric line should be selected.

Explanation:

The future worth analysis refers to an act of determining what the the worth of present amount of money or stream of money invested at an interest rate will after in some period or years to come.

To determine which one to select between solar cells and running an electric line, the we need to calculate the future worth of both and compared as follows:

a. Calculation of future value of solar cells

Calculation of future worth of $12,600 installation cost

FW of $12,600 = PW of $12,600 * (1 + r)^n ................ (1)

Where;

FW of $12,600 = Future worth of $12,600 installation cost = ?

PW of $12,600 = Present worth of $12,600 installation cost = $12,600

r = interest rate = 10%, or 0.10

n = number of years = 4

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

FW of $12,600 = $12,600 * (1 + 0.10)^4

FW of $12,600 = $12,600 * 1.4641

FW of $12,600 = $18,447.66

Calculation of future worth of annual costs for inspection, cleaning, etc. of $1,400

The future worth of annual costs for inspection, cleaning, etc. of $1,400 can also be calculated using the formula for calculating the Future Value (FV) of an Ordinary Annuity as follows:

FW of $1,400 = M * (((1 + r)^n - 1) / r) ................................. (2)

Where,

FW of $1,400 = Future value of Annual costs for inspection, cleaning, etc. of $1,400 =?

M = Annual costs for inspection, cleaning, etc. = $1,400

r = interest rate = 10%, or 0.10

n = number of years = 4

Substitute the values into equation (2), we have:

FW of $1,400 = $1,400 * (((1 + 0.01)^4 - 1) / 0.01)

FW of $1,400 = $1,400 * 4.060401

FW of $1,400 = $5,684.56

Calculation of total future worth of solar cells

This is calculated by simply adding the FW of $12,600 and FW of $1,400 as follows:

Total future worth of solar cells = FW of $12,600 + FW of $1,400 = $18,447.66 + $5,684.56 = $24,132.22

Therefore, the total future worth of solar cells is $24,132.22.

b. Calculation of future value of running an electric line

Calculation of future worth of $11,000 installation cost

FW of $11,000 = PW of $11,000 * (1 + r)^n ................ (3)

Where;

FW of $11,000 = Future worth of $11,000 installation cost = ?

PW of $11,000 = Present worth of $11,000 installation cost = $11,000

r = interest rate = 10%, or 0.10

n = number of years = 4

Substitute the values into equation (3), we have:

FW of $11,000 = $11,000 * (1 + 0.10)^4

FW of $11,000 = $11,000 * 1.4641

FW of $11,000 = $16,105.10

Calculation of future worth of expected annual power costs of $800

The future worth of expected annual power costs of $800 can also be calculated using the formula for calculating the Future Value (FV) of an Ordinary Annuity as follows:

FW of $800 = M * (((1 + r)^n - 1) / r) ................................. (4)

Where,

FW of $800 = Future value of expected annual power costs of $800 =?

M = Expected annual power costs = $800

r = interest rate = 10%, or 0.10

n = number of years = 4

Substitute the values into equation (4), we have:

FW of $800 = $800 * (((1 + 0.01)^4 - 1) / 0.01)

FW of $800 = $800 * 4.060401

FW of $800 = $3,248.32

Calculation of total future worth of running an electric line

This is calculated by simply adding the FW of $11,000 and FW of $800 as follows:

Total future worth of running an electric line = FW of $11,000 + FW of $800 = $16,105.10 + $3,248.32 = $19,353.42

Therefore, the total future worth of running an electric line is $19,353.42.

c. Conclusion

Since the total future worth of running an electric line of $19,353.42 is less than the total future worth of solar cells is $24,132.22, it implies that it will be cheaper to run an electric line than to use solar cells. Therefore, running an electric line should be selected.

Performance Obligation Fulfilled Over Time Philbrick Company signed a three-year contract to develop custom sales training materials and provide training to the employees of Elliot Company. The contract price is $1,100 per employee and the number of employees to be trained is 500. Philbrick can send a bill to Elliot at the end of every training session. Once developed, the custom training materials will belong to Elliot Company, but Philbrick does not consider them to be a separate performance obligation. The expected number to be trained in each year and the expected development and training costs follow. Number of employees Development and training costs incurred
2019
150 $
55,000
2020
250
70,000
2021
100
20,000
Total 500 $145,000
For each year, compute the revenue, expense, and gross profit reported assuming revenue is recognized over time using... 1. the number of employees trained as a measure of the value provided to the customer. Note: Round answers to the nearest dollar.

Answers

Answer:

Philbrick Company

Performance Obligation Fulfilled Over Time

Computation of the revenue, expense, and gross profit:

Year    Number of     Development     Sales            Gross

          Employees    /Training Cost     Value            Profit

2019          150            $ 55,000           $165,000      $110,000

2020       250               70,000             275,000      205,000

2021         100               20,000               110,000        90,000

Total       500          $145,000          $550,000   $405,000

Explanation:

a) Data and Calculations:

Contract price = $1,100 per employee

No. of employees to be trained = 500

Total contract value = $550,000 ($1,100 * 500)

Expected Development and Training Costs:

Year    Number of     Development

          Employees    /Training Cost

2019          150                $ 55,000

2020       250                    70,000

2021         100                    20,000

Total       500               $145,000

During 2020, PC Software Inc. developed a new personal computer database management software package. Total expenditures on the project were $3,000,000, of which 40% occurred after the technological feasibility of the product had been established. The product was completed and offered for sale on January 1, 2021. During 2021, revenues from sales of the product totaled $4,800,000. The package is expected to be successfully marketable for five years, and the total revenues over the life of the product are estimated to be $20,000,000.
Required
A. Prepare the journal entry to account for the development of this product in 2020.
B. Prepare the journal entry to record the amortization of capitalized computer software development costs in 2021.
C. What disclosures are required in the December 31, 2021, financial statements regarding computer software costs?
At December 31, 2021, the unamortized software intangible asset totals ______. This is equal to _____ originally capitalized less amortization in 2021 of _______. The amount charged to expense as amortization of software intangible asset in 2021 was ______. The estimated net realizable value of computer software is greater than the remaining unamortized software intangible asset.

Answers

Answer:

Answer:

PC Software Inc.

A. Journal Entry to account for the development of software in 2020:

Debit Software $1,200,000

Debit Development Expenses $1,800,000

Credit Cash Account $3,000

To capitalize 40% software development costs.

B. Journal Entry to amortize Capitalize Computer Software Development in 2021:

Debit Amortization Expense $240,000

Credit Accumulated Amortization - Software $240,000

To record the amortization of the capitalized software.

C. At December 31, 2021, the unamortized software intangible asset totals _$960,000_____. This is equal to _$1,200,000____ originally capitalized less amortization in 2021 of _ $240,000______. The amount charged to expense as amortization of software intangible asset in 2021 was _$240,000_____. The estimated net realizable value of computer software is greater than the remaining unamortized software intangible asset.

Explanation:

The choice is for PC Software Inc. to follow the US GAAP rule, which states that development costs incurred for an internally-generated software should be capitalized only when the software is commercially feasible.  Based on this, only 40% of the software expenditures are capitalized.

Match the below mention description with given terms. If there is no match then write "No match"

a. This is the worth of the leased asset after the lease period expires.
b. This is a partial refund offered to attract the buyer to purchase the vehicle.
c. This is the price of an asset being leased as specified in the lease agreement, which includes the negotiated cost of the vehicle and any applicable fees and taxes.
d. This is the advertised retail price listed on a particular vehicle for sale.
e. This is a contract which allows the lessee (consumer) to use the asset, such as car, land, services etc., in return for a specific amount paid periodically.

1. Rebate
2. Purchase option
3. Lease
4. Depreciation
5. Closed-end lease

Answers

Answer:

1. No match.

2. Rebate.

3. No match.

4. No match.

5. Lease.

Explanation:

1. No match: This is the worth of the leased asset after the lease period expires.

The worth of the leased asset after the lease period expires is known as Residual value.

2. Rebate: This is a partial refund offered to attract the buyer to purchase the vehicle.

3. No match: This is the price of an asset being leased as specified in the lease agreement, which includes the negotiated cost of the vehicle and any applicable fees and taxes.

Capitalized cost refers to the price of an asset being leased as specified in the lease agreement, which includes the negotiated cost of the vehicle and any applicable fees and taxes.

4. No match: This is the advertised retail price listed on a particular vehicle for sale.

Sticker price is the advertised retail price listed on a particular vehicle for sale.

5. Lease: This is a contract which allows the lessee (consumer) to use the asset, such as car, land, services etc., in return for a specific amount paid periodically.

The following lots of Commodity Z were available for sale during the year.

Beginning inventory 11 units at $48
First purchase 16 units at $51
Second purchase 20 units at $56
Third purchase 19 units at $58
The firm uses the periodic system, and there are 23 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the FIFO method?

a.$1,326
b.$3,566
c.$3,543
d.$1,104

Answers

C.3,543 I think that’s the answer

What is considered revenue recognition?

Answers

Answer:

revenue is recognized and determines how to account for it. Typically, revenue is recognized when a critical event has occurred, and the dollar amount is easily measurable to the company

Explanation:

examples:Sales Basis Method. With the sales basis revenue recognition methods, revenue is recorded at the time of sale.

Percentage of Completion Method

Completed Contract Method

Fields Company has two manufacturing departments, forming and painting. The company uses the weighted-average method of process costing. At the beginning of the month, the forming department has 36,000 units in inventory, 70% complete as to materials and 30% complete as to conversion costs. The beginning inventory cost of $82,100 consisted of $58,000 of direct materials costs and $24,100 of conversion costs.
During the month, the forming department started 520,000 units. At the end of the month, the forming department had 40,000 units in ending inventory, 85% complete as to materials and 35% complete as to conversion. Units completed in the forming department are transferred to the painting department. Cost information for the forming department is as follows:
Beginning work in process inventory $82,100
Direct materials added during the month 1,942,930
Conversion added during the month 1,359,730
1A. Calculate the equivalent units of production for the forming department.
1B. Calculate the costs per equivalent unit of production for the forming department.
1C. Using the weighted-average method, assign costs to the forming department’s output—specifically, its units transferred to painting and its ending work in process inventory.

Answers

Answer:

beginning WIP 36,000

$58,000 of direct materials costs

$24,100 of conversion costs

units started 520,000

units finished 516,000

materials added during the month $1,942,930

conversion added during the month $1,359,730

ending WIP 40,000

materials 85% complete, EU = 34,000

conversion 35%, EU = 14,000

total equivalent units

materials = 516,000 + 34,000 = 550,000

conversion = 516,000 + 14,000 = 530,000

cost per equivalent unit

materials = ($58,000 + $1,942,930) / 550,000 = $3.63805

conversion = ($24,100 + $1,359,730) / 530,000 = $2.611

total = $6.24905

costs assigned to

units transferred out = $6.24905 x 516,000 = $3,224,511

ending WIP = (34,000 x $3.63805) + (14,000 x $2.611) = $160,249

Assume that on January 1, 2012, a parent company acquired a 70% interest in a subsidiary's voting common stock. On the date of acquisition, the fair value of the subsidiary's net assets equaled their reported book values except for machinery and equipment, which had a fair value of $480,000 and a reported book value of $250,000. The machinery and equipment had a 5 year remaining useful life and no salvage value. The following are the highly summarized pre-consolidation income statements of the parent and subsidiary for the year ended December 31 , 2013:


Income Statement Parent Subsidiary
Revenues $2,160,000 $288,000
Equity income 60,200
Expenses 1440000 144,000
Net income $780,200 144,000

For the year ended December 31, 2013, what amounts will be reported for (1) consolidated net income and (2) net income attributable to the non-controlling interest, respectively, in the parent's consolidated financial statements?

Answers

Answer: 1. $818,000

2. Check attachment

Explanation:

1. The amounts that will be reported for consolidated net income will be $818,000.

(2) Note that for the net income attributable to the non-controlling interest, respectively, in the parent's consolidated financial statements was calculated as:

= ($144,000 - $46,000) × 30%

= $98,000 × 0.3

= $29400

Kindly check the attachment for more analysis.

Robert G. Flanders Jr., the state-appointed receiver for Central Falls, RI, said his city's declaration of bankruptcy had proved invaluable in helping it cut costs. Before the city declared bankruptcy, he said, he had found it impossible to wring meaningful concessions out of the city's unions and retirees, who were being asked to give up roughly half of the pensions they had earned as the city ran out of cash.
True or False

Answers

Answer: false

Explanation:

The alternative to the term of agreement is the declaration of bankruptcy, in which the cities can extract their pensions, it gives a much better alternative. It also increases the bargaining powers of the members of the city. It will help in extracting concessions from the government. It also increases the disagreement value of the city.


If a specific economy has extra capital resources available,
be able to produce top-quality goods and services.
continually look to expand and invest.
be able to produce more goods and services needed and wanted by society.
have additional labor available to focus on production.
this

Answers

Answer: A

Be able to produce top-quality goods and services

If a specific economy has extra capital resources available, be able to produce more goods and services needed and wanted by society.

What is an economy?

An economy is a region where products and services are produced, distributed, traded, and consumed. It is generally understood to be a social domain that places an emphasis on the behaviors, discourses, and tangible manifestations connected to the creation, utilization, and management of finite resources.

One's culture, values, education, technological advancement, history, social organization, political structure, legal system, and natural resources are all major determinants of an economy's processes.

These elements determine the parameters and conditions under which an economy operates in addition to providing background and content. In other words, the economic realm is a social domain made up of connected human behaviors and exchanges that cannot exist independently.

Individuals, companies, organizations, or governments all qualify as economic actors. When two persons or organizations agree on the value or price of the good or service being exchanged, which is typically stated in a particular currency, an economic transaction takes place.

Learn more about economy, here

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The following incorrect income statement was prepared by the accountant of the Axel Corporation:

AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains:

Sales revenue $660,000
Interest revenue 39,000
Gain on sale of investments 86,000
Total revenues and gains 785,000
Expenses and losses:
Cost of goods sold $360,000
Selling expense 66,000
Administrative expense 86,000
Interest expense 23,000
Restructuring costs 62,000
Income tax expense 47,000
Total expenses and losses 644,000
Net Income $141,000
Earnings per share $1.41

Required:
Prepare a multiple-step income statement for 2018 applying generally accepted accounting principles. The income tax rate is 40%.

Answers

Answer:

                          AXEL CORPORATION

Income Statement For the Year Ended December 31, 2021

Particulars                            Amount           Amount

Sales Revenue                                           $6,60,000

Less : Cost of Goods Sold                         $360,000

Gross Profit                                                 $300,000

Less: Operating Expenses  

Selling Expenses                 $66,000

Administrative Expenses    $86,000        $152,000

Operating Income                                       $148,000

Non- Operating and others

Restructuring cost               -$62,000  

Interest Expenses                -$23,000  

Interest Revenue                $39,000  

Gain on sale of investment  $86,000         $40,000

Net Income before Taxes                            $188,000

Less : Income Tax Expenses                        $47,000  

Net income after Taxes                                $141,000

The Earning Per Shares remains $1.41

Swifty Company purchased equipment for $256,800 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,000. Estimated production is 48,000 units and estimated working hours are 20,400. During 2020, Swifty uses the equipment for 600 hours and the equipment produces 1,000 units.

Required:
Compute depreciation expense under each of the following methods. Swifty is on a calendar-year basis ending December 31.

a. Straight-line method for 2020 $enter a dollar amount.
b. Activity method (units of output) for 2020 $enter a dollar amount.
c. Activity method (working hours) for 2020 $enter a dollar amount.
d. Sum-of-the-years'-digits method for 2022 $enter a dollar amount (e) Double-declining-balance method for 2021

Answers

Answer:

a.  Straight line method.

Depreciation per annum = ($ 256,800 - $12,000 ) / 8 = $ 30,600.

Depreciation for 2020 = $ 30,600 * ( 3 /12 ) = $ 7,650.

b. Units of output

Depreciation per unit = ( $ 256,800 - $ 12,000 ) / 48,000 = $ 5.1

Depreciation for 2020 = 1,000 * $ 5.1 = $ 5,100.

c. Working hours.

Depreciation per hours = ( $ 256,800 - $ 12,000 ) / 20,400 = $ 12

Depreciation for 2020 = 600 * $ 12 = $ 7,200.

D. Sum of digits method

Sum of years = 8 ( 8 +1 ) / 2 = 36.

Year - 1 used ( 3 / 12 = 0.25)

Year-2 used ( 12 / 12 = 1 )

Remaining ( 8 - 1 - 0.25 = 6.75)

Depreciation for 2022 = ($ 256,800 - $ 12,000 ) * ( 6.75 / 36 )

Depreciation for 2022 = $ 45,900.

e. Double declining balance

Depreciation rate = 200 / 8 = 25 %.

Depreciation for 2020 = $256,800 * 25 % * (3 /12)

Depreciation for 2020 = $16,050.  

Depreciation for 2021 = ( $256,800 - $ 16,050) * 25%

Depreciation for 2021 = $60,188.

Composing powerful paragraphs is essential when striving for clear communication. Familiarize yourself with basic paragraph elements, various paragraph patterns, and strategies for building coherence.

Use the following paragraphs to answer the questions that follow.

Paragraph A: Last week, three of our Xcite executives closed a lucrative merger deal with Editionplus. The merger will add more than 500 accounts to our business and will increase our profits by 39 percent in less than a year. Additionally, the executives met with several Editionplus product designers and agreed on three new computer prototypes that we will produce during the next five years. This means we will expand our business to both Los Angeles and Las Vegas.

Paragraph B: Employee reaction has been mixed about our recent plans to expand to Las Vegas and Los Angeles. Many Xcite employees are concerned that the Los Angeles site will not have the same relaxed corporate environment as the current site. However, this is not the case: The relaxed corporate environment at the San Francisco site will be replicated in Los Angeles. The culture we have developed works for the company and our employees, and we don't plan to change it. Human resources executives are already interviewing San Francisco employees so they can capture and replicate the culture with ease.

Paragraph C: The leadership at the Xcite San Francisco site has been phenomenal during the last ten years. Everyone in senior-level positions has worked his or her way up the corporate ladder and has contributed greatly to the company's success. This team has increased our profits by 6 percent, expanded office space, hired additional IT support, and strengthened our IT infrastructure. These are just a few of this leadership team's many accomplishments. In the next two months, a new leadership team will be formed for the Los Angeles site. This team will consist of transferred employees from the San Francisco site. We will be offering many of you a chance to be part of this move. Additional training will be required for all who are transferring, and moving costs will not be covered. Xcite looks forward to opening another location with excellent products, high profits, and 100 percent employee and customer satisfaction.

Required:
1. Which paragraph or paragraphs use the pivoting approach?

a. A, C
b. B
c. A

2. What is the main idea of Paragraph A?

Answers

Answer:

1. Which paragraph or paragraphs use the pivoting approach?

b. B

Pivoting writing uses the words even though, however, but, in spite off, etc., to pivot back to the main idea of the paragraph. In paragraph B, it starts talking about employee concerns about a bad corporate environment in the new offices (in Los Angeles or Las Vegas), and then it assures that this will not happen. It affirms that the company is taking care of the issue and the corporate environment in LA will be the same as in San Francisco.

2. What is the main idea of Paragraph A?

If informs the reader that the company just closed a merger with Editionplus and that soon profits should increase, new products will developed and the company will grow.

On December 1, year 1, Lester Company issued at 103, four hundred of its 9%, $1,000 bonds. Attached to each bond was one detachable stock warrant entitling the holder to purchase 10 shares of Lester's common stock. On December 1, year 1, the market value of the bonds, without the stock warrants, was 95, and the market value of each stock purchase warrant was $50. The amount of the proceeds from the issuance that should be accounted for as the initial carrying value of the bonds payable would be:______

a. $387,280.
b. $391,400.
c. $400,000.
d. $412,000.

Answers

Answer:

Lester Company

The amount of the proceeds from the issuance that should be accounted for as the initial carrying value of the bonds payable would be:______

c. $400,000.

Explanation:

Bonds issued at 103, 9% $1,000

Number of bonds issued = 400

Face value of bonds = $1,000 * 400 = $400,000

Proceeds from Bonds = $1,030 * 400 = $412,000

Premium from bonds issue = $12,000 ($412,000 - 400,000)

Carrying amount = $400,000

$400,000 is the bonds payable at maturity.  The $12,000 bonds premium will be amortized with the interest expense.  This implies that for the life of the bonds, part of the $12,000 will be deducted from the annual interest expense.

What does patriotism mean

Answers

Answer:

patriotism is a synonym for Nationalism; a feeling of extreme pride for one's country.

Explanation:

Answer:

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Explanation:

What are the five steps to understanding how foreign born labor impacts native born workers?

Answers

Answer:

HOW MUCH DO FOREIGN - BORN WORKERS EARN?

Foreign-born individuals typically earn less than native-born individuals — on average, 83 cents for every dollar earned by their native-born counterparts. That disparity generally holds true across age groups and education levels, with one significant exception. Foreign-born individuals with a bachelor’s degree or more had median weekly earnings of $1,362 per week in 2018, about $53 per week higher than the median for the native-born population with that level of education.

What is the best application to chart the average temperature for the year?
PowerPoint
Access
Word
Excel

Answers

The first one PowerPoint
I think it might be excel

All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31
On September 1 of the current year, Zimmerman collected six months' rent of $8,520 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8,520.
On October 1 of the current year, the company borrowed $13,200 from a local bank and signed a one-year, 12 percent note for that amount. The principal and interest are payable on the maturity date.
Depreciation of $3,000 must be recognized on a service truck purchased in July of the current year at a cost of $24,000.
Cash of $3,600 was collected on November of the current year, for services to be rendered evenly over the next year beginning on November 1 of the current year. Unearned Service Revenue was credited when the cash was received.
On November 1 of the current year, Zimmerman paid a one-year premium for property insurance, $9,960, for coverage starting on that date. Cash was credited and Prepaid Insurance was debited for this amount.
The company earned service revenue of $4,200 on a special job that was completed December 29 of the current year. Collection will be made during January of the next year. No entry has been recorded.
At December 31 of the current year, wages earned by employees totaled $13,700. The employees will be paid on the next payroll date in January of the next year.
On December 31 of the current year, the company estimated it owed $490 for this year's property taxes on land. The tax will be paid when the bill is received in January of next year.
2. Using the following headings, indicate the effect of each adjusting entry and the amount of the effect. Use + for increase, − for decrease. (Reminder: Assets = Liabilities + Stockholders’ Equity; Revenues – Expenses = Net Income; and Net Income accounts are closed to Retained Earnings, a part of Stockholders’ Equity.)

Answers

Answer:

1) adjusting entries

a. On September 1 of the current year, Zimmerman collected six months' rent of $8,520 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8,520.

Dr Unearned rental revenue 5,500

    Cr Rental revenue 5,500

b. On October 1 of the current year, the company borrowed $13,200 from a local bank and signed a one-year, 12 percent note for that amount. The principal and interest are payable on the maturity date.

Dr Interest expense 396

    Cr Interest payable 396

c. Depreciation of $3,000 must be recognized on a service truck purchased in July of the current year at a cost of $24,000.

Dr Depreciation expense 3,000

    Cr Accumulated depreciation 3,000

d. Cash of $3,600 was collected on November of the current year, for services to be rendered evenly over the next year beginning on November 1 of the current year. Unearned Service Revenue was credited when the cash was received.

Dr Unearned service revenue 600

    Cr Service revenue 600

e. On November 1 of the current year, Zimmerman paid a one-year premium for property insurance, $9,960, for coverage starting on that date. Cash was credited and Prepaid Insurance was debited for this amount.

Dr Insurance expense 1,660

    Cr Prepaid insurance 1,660

f. The company earned service revenue of $4,200 on a special job that was completed December 29 of the current year. Collection will be made during January of the next year. No entry has been recorded.

Dr Accounts receivable 4,200

    Cr Service revenue 4,200

g. At December 31 of the current year, wages earned by employees totaled $13,700. The employees will be paid on the next payroll date in January of the next year.

Dr Wages expense 13,700

    Cr Wages payable 13,700

h. On December 31 of the current year, the company estimated it owed $490 for this year's property taxes on land. The tax will be paid when the bill is received in January of next year.

Dr Property taxes expense 490

    Cr Property taxes payable 490

2) Assets     = Liabilities + Stockholders’     Revenues - Expenses = Net

                                          Equity                                                          Income

a.    na               -                    +                           +               na                +

b.    na               -                    -                           na              -                   -

c.     -               na                   -                           na              -                   -

d.    na               -                    +                           +               na                +

e.     -               na                   -                           na              -                   -

f.      +              na                   +                           +               na                +

g.    na              +                    -                            na             -                   -

h.    na              +                    -                            na             -                   -

Etxuck327 Inc. sells a particular textbook for $39. Variable expenses are $28 per book. At the current volume of 49,000 books sold per year the company is just breaking even. Given these data, the annual fixed expenses associated with the textbook total:

Answers

Answer:

539,000.00  

Explanation:

As per the contribution margin analysis concept, the break-even point is obtained by dividing fixed cost by contribution margin per unit.

For Etuck327,

The selling price is $39

Variable expense is $28

Break-even in units is 49,000 books.

Contribution margin per unit = selling price - variable costs

=$39- $28

=$11

if Break-even = fixed cost/ contribution margin per unit, then

49,000= fixed cost / 11

fixed costs = 11 x 49000

Fixed costs = 539,000.00    

                   

What part of your social media strategy is working against your goals?

Answers

What are you try to ask

The following were selected from among the transactions completed by Babcock Company during November of the current year:

Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30.

Nov.4 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600.

Nov. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice.

Nov. 6 Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.

Nov. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400.

Nov. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.

Nov. 14 Sold merchandise on VISA, $236,000. The cost of the merchandise sold was $140,000.

Nov. 15 Paid Papoose Creek Co. on account for purchase of November 5.

Nov. 23 Received cash on account from sale of November 8 to Quinn Co.

Nov. 24 Sold merchandise on account to Rabel Co., $56,900, terms 1/10, n/30. The cost of the merchandise sold was $34,000.

Nov. 28 Paid VISA service fee of $3,540.

Nov. 30 Paid Quinn Co. a cash refund of $6,000 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,300.

Journalize the transactions.

Answers

Answer:

Babcock Company

Journal Entries:

Nov. 3:

Debit Inventory $63,750

Credit Accounts Payable (Moonlight Co.) $63,750

To record the purchase of goods on account, terms FOB destination, 2/10, n/30.

Nov. 4:

Debit Cash Account $37,680

Credit Sales Revenue $37,680

To record the sale of goods for cash.

Debit Cost of goods sold $22,600

Credit Inventory $22,600

To record the cost of goods sold.

Nov. 5:

Debit Inventory $47,500

Credit Cash (For prepaid freight) $810

Credit Accounts Payable (Papoose Creek Co.) $46,690

To record the purchase of goods on account, terms FOB Shipping point, 2/10, n.30.

Nov. 6:

Debit Accounts Payable (Moonlight Co.) $13,500

Credit Inventory $13,500

To record the return of goods to Moonlight Co.

Nov. 8:

Debit Accounts Receivable (Quinn Co.) $15,600

Credit Sales Revenue $15,600

To record the sale of goods on account, terms n/15.

Debit Cost of goods sold $9,400

Credit Inventory $9,400

To record the cost of goods sold.

Nov. 13:

Debit Accounts Payable (Moonlight Co.) $50,250

Credit Cash Discount $1,005

Credit Cash Account $49,245

To record the payment for goods on account

Nov. 14:

Debit VISA Account $236,000

Credit Sales Revenue $236,000

To record the sale of goods on VISA.

Debit Cost of goods sold $140,000

Credit Inventory $140,000

To record the cost of goods sold.

Nov. 15:

Debit Accounts Payable (Papoose Creek Co.) $46,690

Credit Cash Discount $9,338

Credit Cash Account $37,353

To record the payment on account.

Nov. 23:

Debit Cash Account $15,600

Credit Accounts Receivable (Quinn Co.) $15,600

To record the receipt of cash on account.

Nov. 24:

Debit Accounts Receivable (Rable Co.) $56,900

Credit Sales Revenue $56,900

To record the sale of goods on account, terms 1/10, n/30.

Debit Cost of goods sold $34,000

Credit Inventory $34,000

To record the cost of goods sold.

Nov. 28:

Debit VISA Service Fee Expense $3,540

Credit Cash Account $3,540

To record the payment for VISA service.

Nov. 30:

Debit Inventory $3,300

Credit Cost of goods sold $3,300

To record the return of goods.

Debit Sales Returns $6,000

Credit Accounts Receivable $6,000

To record the return of goods by Quinn Co.

Debit Accounts Receivable $6,000

Credit Cash Account $6,000

To record the refund for returned goods.

Explanation:

Babcock Company uses Journals to record business transactions as they occur on a daily basis.  They provide the needed guidance to ensure that the accounts involved in every business transaction are properly identified and entries are correctly recorded on the correct side of the accounts.  Transactions are recorded following the ubiquitous accounting equation, the accrual concept, and matching principle of generally accepted accounting principles.

1. Stockholders invest $90,000 cash to start the business.
2. Purchased three digital copy machines for $400,000, paying $118,000 cash and signing a 5-year, 6% note for the remainder.
3. Purchased $5,500 paper supplies on credit.
4. Cash received for photocopy services amounted to $8,400.
5. Paid $500 cash for radio advertising.
6. Paid $800 on account for paper supplies purchased in transaction 3.
7. Dividends of $1,600 were paid to stockholders.
8. Paid $1,200 cash for rent for the current month.
9. Received $2,200 cash advance from a customer for future copying.
10. Billed a customer for $500 for photocopy services completed.
No. Account Titles and Descriptions Debit Credit
1.
2.
3.
4.
5.

Answers

Answer:

1. Stockholders invest $90,000 cash to start the business.

Dr Cash 90,000

    Cr Common stock 90,000

2. Purchased three digital copy machines for $400,000, paying $118,000 cash and signing a 5-year, 6% note for the remainder.

Dr Copy machines 400,000

    Cr Cash 118,000*

    Cr Notes payable 282,000

*Where did they get the extra cash from?

3. Purchased $5,500 paper supplies on credit.

Dr Supplies 5,500

    Cr Accounts payable 5,500

4. Cash received for photocopy services amounted to $8,400.

Dr Cash 8,400

    Cr Service revenue 8,400

5. Paid $500 cash for radio advertising.

Dr Advertising expense 500

    Cr Cash 500

6. Paid $800 on account for paper supplies purchased in transaction 3.

Dr Accounts payable 800

    Cr Cash 800

7. Dividends of $1,600 were paid to stockholders.

Dr Dividends 1,600

    Cr Cash 1,600

8. Paid $1,200 cash for rent for the current month.

Dr Rent expense 1,200

    Cr Cash 1,200

9. Received $2,200 cash advance from a customer for future copying.

Dr Cash 2,200

    Cr Unearned service revenue 2,200

10. Billed a customer for $500 for photocopy services completed.

Dr Accounts receivable 500

    Cr Service revenue 500

DS Unlimited has the following transactions during August.
August 6 Purchases 52 handheld game devices on account from GameGirl, Inc.,
for $110 each, terms 2/10, n/60.
August 7 Pays $310 to Sure Shipping for freight charges associated with the
August 6 purchase.
August 10 Returns to GameGirl seven game devices that were defective.
August 14 Pays the full amount due to GameGirl.
August 23 Sells 32 game devices purchased on August 6 for $130 each to
customers on account. The total cost of the 32 game devices sold is
$3,670.00.
Required:
Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system.

Answers

Answer:

Date       Account Title           Debit      Credit

Aug-06   Inventory                 $5,720

               (52 * $110)

                      Accounts Payable            $5,720

Aug-07    Inventory                 $310

                       Cash                                  $310

Aug-10    Accounts Payable    $770

               (7 * $110 )

                         Inventory                         $770

Aug-14     Accounts Payable    $4,950

                          Inventory                        $99

                          Cash                                $4,851

Aug-23   Accounts Receivable $4,160

               ( 32*$130)

                           Sales revenue               $4,160

Aug-23   Cost of goods sold     $3,670

                          Inventory                         $ 3,670

Determining the true cash balance, starting with the unadjusted book balance
Nickleson Company had an unadjusted cash balance of $7,176 as of May 31. The company’s bank statement, also dated May 31, included a $67 NSF check written by one of Nickleson’s customers. There were $1,239 in outstanding checks and $255 in deposits in transit as of May 31. According to the bank statement, service charges were $35, and the bank collected an $600 note receivable for Nickleson. The bank statement also showed $14 of interest revenue earned by Nickleson.
Required:
Determine the true cash balance as of May 31. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
True cash balance

Answers

Answer:

True Cash Balance $7,688

Explanation:

The computation of the true cash balance is shown below:

Unadjusted Cash Balance as of May 31 $7,176

Add: Interest Earned   $14

Note Collected by Bank $600

Less: NSF check ($67)

Less Bank charges ($35)

True Cash Balance $7,688

Hence, the true cash balance is $7,688 and the same is to be considered

What are two cons of using a credit card?

Answers

interest charges and late fees, also can be credit card damage
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