Answer:
1. $77,783,220
2. Jan-21
Dr Cash $ $77,783,220
Dr Discount On Bond $9,216,780
Cr Bond Payable $ $87,000,000
Explanation:
1. Calculation to Determine the price of the bonds at January 1, 2021.
First step is to calculate the Present Value Of Annual Interest
a Semi-annual Interest Amount $5,220,000
($87,000,000*12%/2)
b PV Annuity Factor for (20 Years,14%/2=7%) 10.5940
c Present Value Of Annual Interest (a*b) $ $55,300,680
($5,220,000*10.5940)
Second step is to calculate Present Value Of Redemption Amount
a Redemption Value $ $87,000,000
b PV Factor Of (20 Years,7%) 0.25842
c Present Value Of Redemption Amount (a*b) $ $22,482,540
($87,000,000*0.25842 )
Now let Determine the price of the bonds at January 1, 2021.
Intrinsic Value ( Price ) Of The Bond = ($55,300,680+$22,482,540)
Intrinsic Value ( Price ) Of The Bond =$77,783,220
Therefore the price of the bonds at January 1, 2021 is $77,783,220
2. Preparation of the journal entries to record their issuance by The Bradford Company on January 1, 2021,
Jan-21
Dr Cash $ $77,783,220
Dr Discount On Bond $9,216,780
($87,000,000-$77,783,220)
Cr Bond Payable $ $87,000,000
(Being to record issuance of bond)
3. Preparation of the journal entries to record their issuance by The Bradford Company on ion June 30, 2021
Jun-30
Dr Interest expenses $ 53,82,240
Discount On Bond payable $ 2,22,240
Cash $5,220,000
4.Preparation of the journal entries to record their issuance by The Bradford Company on
December 31, 2021
Dec-31 Interest expenses $ 53,97,797
Discount On Bond payable $ 2,37,797
Cash $5,220,000
( to record interest payment)
Larry estimates that the costs of insurance, license, and depreciation to operate his car total $320 per month and that the gas, oil, and maintenance costs are 14 cents per mile. Larry also estimates that, on average, he drives his car 1,400 miles per month. Required: a. How much cost would Larry expect to incur during April if he drove the car 1,529 miles
Answer:
See below
Explanation:
The question above is incomplete. The concluding part is
b. Would it be meaningful for Larry to calculate an estimated average cost per mile for a typical 1,400 mile month. Yes or No
Given the above information,
a. Total number of miles driven = 1.529 miles
Total cost = Fixed cost + Variable cost × Number of miles driven
= $320 + $0.14 × 1,529
= $320 + $214.06
= $534.06
b. Since $320 per month is the fixed, the fixed cost per mile will decrease with the increase in number of miles driven . It means that if he drives less than 1,400 miles , the actual cost will be more than the cost based on predetermined overhead rate of the cost.
No. It would not be meaningful for Larry to calculate an estimated average cost per mile for a typical 1,400 mile month.
intercontinentel baseball
Manufacturers 18m) hasan
outstanding bond that reatures
moyears. The bond, which
pays $25 intrest overy six
months 850 per share), is
Currently selling for 598.55
What is the bond's yeuld to
Answer:
12%
Explanation:
The computation of the yield to maturity is shown below:
Given that
Coupon (pmt) = $ 25
Present Value of Bond (PV) = $598.55
Face Value (FV) = $1000
No of Semi annual Period (nper) = 10 × 2 = 20
Now
The formula to calculate Bond's Half yearly yield to maturity is = rate(nper,pmt,-pv,fv)
= rate(20,25,-598.55,1000)
= 6%
Now Bond's Annual yield to maturity is
= 6% × 2
= 12%
There are some excellent free personal finance apps available: Mint, GoodBudget, Mvelopes, BillGuard, PocketExpense, HomeBudget, and Expensify. After using Mint, you realize you need to pay off one of your high interest loans to reduce your interest expense. You decide to discount a $5,250, 345-day note at 3% to your bank at a discount rate of 4.5% on day 210. What are your proceeds
Answer: $5309.86
Explanation:
The proceeds will be calculated as:
Face value of note = $5250
Interest rate = 3%
Note tenure = 345
Number of days used = 360
Outstanding interest on note = $5250 × 3% × 345/360 = $150.94
Gross Proceeds = $5250 + $150.94 = $5400.94
Bank Discount rate = 4.5%
Discounting days = 210
Time if maturity left = 345 - 210 = 135
Discount rate for 135 days = 4.5%/360 × 135 = 1.69%
Discount value = $5400 × 1.69% = $91.14
Net proceeds after discount = $5400 - $91.14 = $5309.86
Compute the current ratio for the fiscal years ending January 31, 2016, and February 1, 2015. a-2. Compute the quick ratio for the fiscal years ending January 31, 2016, and February 1, 2015. a-3. Compute the amount of working capital for the fiscal years ending January 31, 2016, and February 1, 2015. a-4. Compute the percentage change in working capital from the prior year for the fiscal years ending January 31, 2016, and February 1, 2015. a-5. Compute the percentage change in cash and cash equivalents from the prior year for the fiscal years ending January 31, 2016, and February 1, 2015.
Answer:
a1: January 31, 2016 Current ratio 1.357
February 1, 2015 1.358
a2: Quick ratio January 31, 2016 0.414
February 1, 2015 0.375
a3: Working capital January 31, 2016 4,467
February 1, 2015 4,033.
a4: % change in working capital in 2016 10.76%
% change in working capital in 2015 -10.97%
a5: % change in cash and cash equivalents in 2016 28.61%
% change in cash and cash equivalents in 2015 -10.68%
Explanation:
a1. Computation for Current ratio using this formula
Current ratio = current assets/current liabilities.
Let plug in the formula
Ratio for fiscal year ending January 31, 2016 = 16993/12526
Ratio for fiscal year ending January 31, 2016 = = 1.357
Ratio for the fiscal year ending February 1, 2015 = 15302/11269
Ratio for the fiscal year ending February 1, 2015 = 1.358
a2. Computation for Quick ratio using this formula
Quick ratio = (Total current assets – inventory – prepaid expenses)/current liabilities.
Let plug in the formula
Ratio for fiscal year ending January 31, 2016 = (16993-11809)/12526
Ratio for fiscal year ending January 31, 2016= 0.414
Ratio for the fiscal year ending February 1, 2015 = (15302-11079)/11269
Ratio for the fiscal year ending February 1, 2015 = 0.375
a3. Computation for Working capital using this formula
Working capital = current assets – current liabilities
Let plug in the formula
Working capital for fiscal year ending January 31, 2016 = 16993-12526
Working capital for fiscal year ending January 31, 2016= 4,467.
Working capital for the fiscal year ending February 1, 2015 = 15302-11269
Working capital for the fiscal year ending February 1, 2015= 4,033.
a4. Computation for % change in working capital in 2016 from prior year
% change in working capital in 2016 from prior year = (4467-4033)/4033
% change in working capital in 2016 from prior year = 10.76%
% change in working capital in 2015 from prior year = (4033-4530)/4530
% change in working capital in 2015 from prior year = -10.97%
a5. Computation for % change in cash and cash equivalents in 2016 from prior year
% change in cash and cash equivalents in 2016 from prior year= (2216-1723)/1723
% change in cash and cash equivalents in 2016 from prior year= 28.61%
% change in cash and cash equivalents in 2015 from prior year = (1723-1929)/1929
% change in cash and cash equivalents in 2015 from prior year= -10.68%
Journalize the following selected transactions for January. Journal entry explanations may be omitted.
Jan.
1 Received cash from the sale of common stock, $14,000.
2 Received cash for providing accounting services, $9,500.
3 Billed customers on account for providing services, $4,200.
4 Paid advertising expense, $700.
5 Received cash from customers on account, $2,500.
6 Paid dividends, $1,010.
7 Received telephone bill, $900.
8 Paid telephone bill, $900.
Answer and Explanation:
The journal entries are shown below:
On Jan 1
Cash $14,000
To Capital owner $14,000
(being cash received)
On Jan 2
Cash $9,500
To Account service revenue $9,500
(being cash received)
On Jan 3
Account receivable $4,200
To Service revenue $4,200
(being service provided on account)
On Jan 4
Advertising expense $700
To Cash $700
(being cash paid is recorded)
On Jan 5
Cash $2,500
To Account receivable $2,500
(being cash received)
On Jan 6
Owner drawings $1,010
To cash $1,010
(being cash paid is recorded)
On jan7
Telephone expense $900
To Account payable $900
(Being telephone bill received)
On Jan 8
Account payable $900
To cash
(being cash paid is recorded)
Willamette Manufacturing estimated that its total payroll for the coming year would be $650,000. The workers' compensation insurance premium rate is 0.3%. Calculate the estimated workers' compensation insurance premium.
Answer:
the estimated workers' compensation insurance premium is $1,950
Explanation:
The computation of the estimated workers' compensation insurance premium is shown below:
= Total payroll for the coming year × compensation insurance premium rate
= $650,000 × 0.3%
= $1,950
hence, the estimated workers' compensation insurance premium is $1,950
The above formula to be applied for determining the same
Suppose the Kalamazoo Brewing Company (KBC) currently sells its microbrews in a seven-state area: Illinoise, Indiana, Michigan, Minnesota, Mississippi, Ohio, and Wisconsin. The company's marketing department has collected data from its distributers in each state. This data consists of the quantity and price (per case) of microbrews sold in each state, as well as the average income (in thousands of dollars) of consumers living in various regions of each state. The data for each state are available via the link below--please note there are multiple tabs at the bottom of the spreadsheet, each refers to one of the seven states selling the Kalamazoo Brewing Company’s microbrews.
Excel Data File
Quantity Price Income
575 31.26 33.95
674 30.69 35.51
616 31.54 28.78
183 27.41 30.44
501 29.75 31.28
578 29.48 33.77
590 28.94 38.31
445 28.17 34.01
603 28.58 32.53
713 28.57 31.69
337 30.06 32.26
230 29.36 31.57
403 28.81 32.75
383 32.52 29.48
568 32.02 35.91
698 32.91 34.85
826 28.45 34.06
789 26.85 38.92
645 30.49 35.94
601 31.72 38.05
467 31.23 36.48
429 31.28 37.61
552 28.89 38.29
553 31.13 36.9
562 27.52 39.22
352 30.02 34.21
611 31.38 33.97
346 29.08 38.53
354 28.8 34.4
401 27.64 34.01
253 30.47 34.24
524 30.97 38.29
211 32.85 34.66
666 30.11 41.38
468 29.48 32.14
585 28.41 29.16
578 29.96 35.05
656 30.46 37.11
571 32.86 32.94
454 28.49 32.7
510 30.67 33.14
672 31.92 33.73
499 28.44 41.92
560 27.94 35.06
848 29.74 32.71
617 29.54 37.96
530 31.34 37.38
649 30.08 35.55
824 29.13 42.89
626 31.72 37.17
Assuming that the underlying demand relation is a linear function of price and income, use your spreadsheet program to obtain least squares estimates of Ohio’s demand for KBC microbrews. Instruction:
If the estimate is negative, enter a negative number (-) in the equation.
Answer:
The least squares estimates of Ohio’s demand for KBC microbrews is Quantity = 1.57Price + 14.00Income.
Explanation:
Note: See Sheet1 of the attached excel for the replication of the data given in the question and Sheet2 for the regression analysis output.
In the third table in the Sheet2, the second column is for the coefficients where, by rounding to 2 decimal places, we have:
Price = 1.57
Income = 14.00
Note: The intercept is 0 because a zero intercept was chosen in the analysi.
Based on the above, the least squares estimates of Ohio’s demand for KBC microbrews can be written as follows:
Quantity = 1.57Price + 14.00Income
To run the regression from Sheet1 in order to obtain the output in Sheet, follow his process:
Click the “Data” menu, and then the “Data Analysis” tab. From the new window, scroll down to find and click on "Regression" and then click “OK”.
In the new window, click in the box of “Input Y Range”, and then select the column containing the Quantity data as the dependent variable. Also in the new window, click in the box of “Input X Range”, and then select the column containing the both Price and Income data as the independent variables. Also, select "Labels", "Confidence level (95%)", and "Constant is Zero". Then click "OK" to obtain the output in Sheet2.
eva always wanted to be a veterinarian
Good for Eva then. lol
The air pollution could be reduced if the company spent $10,000 on upgraded ventilators. The company agrees to install the ventilators if the affected families contribute the $10,000. However, because individuals will benefit from the reduction in air pollution whether they contribute or not, most people will not contribute and the firm will not install the ventilators. This outcome is an example of the
Answer:
free rider problem
Explanation:
The air pollution constitutes a negative externality
A good has negative externality if the costs to third parties not involved in production is greater than the benefits. an example of an activity that generates negative externality is pollution. Pollution can be generated at little or no cost, so they are usually overproduced. Government can discourage the production of activities that generate negative externality by taxation. Taxation increases the cost of production and therefore discourages overproduction. Tax levied on externality is known as Pigouvian tax.
Government can regulate the amount of externality produced by placing an upper limit on the amount of negative externality permissible
Free rider is when some people benefit from the solution proffered but do not pay to enjoy these benefits
Woolsey Corporation, a US company, expects to sell gods to a foreign customer at a price of 250,000 FC, with delivery and payment to be made on October 24, 2020. On July 24, 2020, Woolsey purchased a three-month put option for 250,000 FC and designated this option as a cash flow hedge of a forecasted foreign currency transaction expected to be completed in late October 2020. Assume that the transaction occurs on October 24, 2020 as expected. The option cost $4,000 and has a strike price of $2.17 per FC. The following spot exchange rates apply:
Answer:
$10,000 positive.
Explanation:
The computation of the amount that should be included is shown below:
= (Option strike price - spot rate) × purchased put options
= ($2.17 - $2.13) × 250,000
= $10,000
As the spot rate is less than the strike price so automatically there is a gain of $10,000:
Below are amounts found in the income statements of three companies.
Company Sales Revenue Cost of Goods Sold Operating Expenses Non-operating Expenses Income Tax Expense
Henry $12,000 $3,000 $4,000 $1,000 $1,000
Grace 15,000 10,000 6,000 3,000 0
James 20,000 12,000 2,000 0 2,000
Required:
a. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income.
b. For each company, calculate the gross profit ratio and indicate which company has the most favorable ratio.
Answer:
Explanation:
Below are amounts found in the income statements of three companies.
Finlay, Inc., issued 10,000 shares of $51 par value preferred stock at $69 per share and 14,000 shares of no-par value common stock at $10 per share. The common stock has no stated value. All issuances were for cash. a. Prepare the journal entries to record the share issuances. b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $5 per share. c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $1 per share.
Answer and Explanation:
The journal entries are shown below;
a. Cash (10000 × $69) $690,000
To Preferred stock (10000 × $51) $510,000
To Additional paid in capital $180,000
(Being issuance of the preferred stock is recorded)
Cash (14000 × $10) $140,000
To Common stock no par value $140,000
(being issuance of the common stock is recorded)
b.
Cash $140,000
To Common stock stated value (14000 ×$5) $70,000
To Paid in capital in excess of stated value $70,000
(being issuance of the common stock is recorded)
c.
Cash $140,000
To Common stock at par (14000 × $1) $14,000
To Paid in capital in excess of par $126000
(being issuance of the common stock is recorded)
Heidi is having trouble understanding the Black Lives Matter (BLM) movement and why her workplace sent out an email affirming the company's commitment to diversity and inclusion. This is probably because as a white woman from a small town with little exposure to diversity efforts, Heidi has not had much education about what BLM is trying to accomplish. She is wrestling with this new information about systemic racism and ultimately dismisses it as unfounded because it is contrary to her past experiences. This is an illustration of which of the following?
a. Stereotyping
b. An entrenched mental model
c. Leader-Member Exchange Theory
d. Ethnocentrism
e. Social Identity Theory
Answer:
e. Social Identity Theory
Explanation:
It is correct to state that the scenario in the question above refers to the theory of social identity, which is a theory that seeks to explain how the categorization of groups such as those based on culture, social class, race, age, directly impact the life of an individual and their perception of the world. Psychology seeks to analyze how important it is for an individual to belong to a group and to form an identity based on the collective of that group, that is, to form a society.
Therefore, the theory of social identity suggests that there is an inclination for individuals to overestimate the characteristics of the group to which they belong and to minimize the characteristics of other groups, which can generate prejudice, racism and apathy, which is what happened with Heidi, who considered information about systemic racism unfounded by the fact that they are contrary to their previous experiences.
The following information is available: Units in process, Dec. 1 (60 percent converted) 2,000 units Units in process, Dec. 31 (30 percent converted) 1,000 units Units started during the month 7,500 units Materials are added at the beginning of the process. How many equivalent units in process for conversion were there in December using the weighted average method? Group of answer choices
Answer:
the equivalent unit for conversion is 8,800 units
Explanation:
The computation of the equivalent unit for conversion is shown below:
= Units transferred + ending units
= (2,000 + 7,500 - 1,000) × 100 units + 1,000 units ×30%
= 8,500 units + 300 units
= 8,800 units
Hence, the equivalent unit for conversion is 8,800 units
We simply used the above formula for determining the conversion units
A form of marketing in which a product or service is promoted by an individual that an audience looka up to is ___ marketing.
Answer:
Branding or Brand marketing or promotional marketing
Explanation:
In this form of marketing, a person known in the society or with huge followers on social media or other ways is made the brand ambassador for the product which needs promotion and hence the sale of that particular goods or service is boosted through marketing.
jasmine has too many files in her math folder and can't easily find her class notes. what should she do to help her find her notes easily?
Answer:
used folders or sticky notes in a binder. Notes saying what they are help too.
Explanation:
The PPP theory fails in reality for all of the following reasons EXCEPT Group of answer choices monopolistic or oligopolistic practices in goods markets. restrictions on trade. inflation rates are unrelated to money supply growth. transport costs. the inflation data reported in different countries are based on different commodity baskets.
Answer:
inflation rates are unrelated to money supply growth.
Explanation:
purchasing power parity which is regarded as (PPP) is a macroeconomic analysis metric which gives comparison between economic productivity aas well as standards of living existing between countries. It can be regarded as economic theory which gives comparison of currencies of different countries using an approach of "basket of goods". The PPP theory can hold in reality for instance, when inflation rates are unrelated to money supply growth.
EXCEPT Group of answer choices monopolistic or oligopolistic practices in goods markets. restrictions on trade. the inflation data reported in different countries are based on different commodity baskets.
The fictional global firm of Knickerbockers Socks established itself in the international trade industry ten years ago and has been an active participant with intra-industry trade in developed countries. Because of the way Knickerbockers operates, it can take advantage of economies of scale. What do economies of scale make possible for its sock customers
Answer: c. A large variety of sock styles and sizes at competitive prices.
Explanation:
Economies of scale refers to a scenario that arises with companies that operate on a certain scale that makes their cost per unit decrease as they produce more units of a good.
When this happens, such companies can offer more goods at cheaper prices because they have less costs to cover. Knickerboxers Socks has a economies of scale which allows it to produce a large variety of sock styles that it can sell at cheaper competitive prices.
The residents of Vegopia spend all of their income on cauliflower, broccoli, and carrots. In 2020, they spend a total of $200 for 100 heads of cauliflower, $75 for 50 bunches of broccoli, and $50 for 500 carrots. In 2021, they spend a total of $225 for 75 heads of cauliflower, $120 for 80 bunches of broccoli, and $100 for 500 carrots. (25 points) a. Calculate the price of one unit of each vegetable in each year. b. Using 2020 as the base year, calculate the CPI for each year. c. What is the inflation rate in 2021?
Answer:
siy-epdv-fwo join on meet
Five-A-Day, a company that produces and distributes organic vegetables for grocery stores, wants to market its vegetables in such a way that children will want to buy them. To accomplish this, the company creates an advertising campaign that features children dressed up in vegetable costumes attending a Halloween party and eating vegetables and dips as a snack. The company also packages cut up vegetables in grab-and-go containers in fun shapes and colorful designs to attract children's attention in the grocery store. Which marketing function does this scenario most closely described
Answer:
Selling
Explanation:
The marketing function that best describes this scenario is defined selling.
This is a strategy that the company uses when it wants to sell its product or service to a specific audience, in the case of the issue the audience is children. To this end, the company develops communication strategies that reach its target audience, such as developing advertising campaigns, using symbols and messages aligned with the tastes, desires and needs of its potential audience, to influence the choices, identification and process of purchase.
Explain why the U.S. demand for Mexican pesos is downsloping and the supply of pesos to Americans is upsloping. Assuming a system of flexible exchange rates between Mexico and the United States, indicate whether each of the following would cause the Mexican peso to appreciate or depreciate, other things equal: LO3 a. The United States unilaterally reduces tariffs on Mexican products. b. Mexico encounters severe inflation. c. Deteriorating political relations reduce American tourism in Mexico. d. The U.S. economy moves into a severe recession. e. The United States engages in a high-interest-rate monetary policy. f. Mexican products become more fashionable to U.S. consumers. g. The Mexican government encourages U.S. firms to invest in Mexican oil fields. h. The rate of productivity growth in the United States diminishes sharply.
Answer:
A. Appreciate - Mexican goods cheaper, US demand increase
B. Depreciate - high inflation raises price Mexican goods and US demand falls. Supply increases due to cheaper US goods
C. Depreciate - reduction of tourism reduces demand for peso
D. Depreciation - recession reduces imports from ME and decreases demand
E. Depreciate - high interest rate attract ME investors. Increase demand for US dollar and supply peso
F. Appreciate - US purchase pesos to invest in ME. Demand increases
H. Appreciate - decline in productivity reduces US investment. Decrease supply of pesos
Explanation:
The U.S demand for Mexican pesos is downward sloping which implies negative relation between exchange rate (price of per unit mexican pesos in terms of dollars) and demand for mexican pesos. When this price increases (U.S currency depreciates) the import from Mexico becomes expensive by U.S residents, therefore they would import less and hence lower demand of mexican pesos. Similarly the import from Mexico increases this implies more demand of mexican pesos when price of mexican pesos falls (U.S currency appreciates).
The supply of Mexican pesos to Americans is upward sloping because of positive relationship between price of mexican pesos in terms of U.S dollars and supply of mexican peso. when this price increases (U.S currency depriciates) the mexican people would demand more of U.S goods, therefore export of U.S to Mexico increases that means more supply of mexican pesos to Americans. Similarly, when this price falls (U.S currency appreciates) the U.S goods to Mexico becomes more expensive, this causes fall in the export and therefore supply of...
Hope this helps
8. A relatively small grocery store chain operates 35 stores in three New England states. Recently, the organization has been facing intensified competition from resource-rich dominant players like Kroger and Walmart, new players with innovative services like Amazon, and new low-cost leaders like Aldi. This small chain is seeing declining sales because it cannot offer consumers the same or better products, services, or prices as any of these competitors. Which type of interorganizational relationship does this describe
Answer:
- Population ecology.
Explanation:
'Population ecology' is characterized as the kind of inter-organizational association in which asserts that the dynamic changes takes places in the level of population as an outcome of the selection of their organization and its failure to replace with the evolution/change in the environment. As per Hannan & Freeman's theory of organizational ecology, an organization(like the grocery store in the given situation) faces decline in sales due to their selection of the orgnaization as the structural inertia of the orgnaization does not allow it to adapt the environmental changes and the changes in demands of the population.
Fill in the blanks with the words given below.
a. Cancer
b. malignant tumor
c. benign tumor
d. metastasis
e. carcinoma
1. A________is a lump of abnormal cells that, although growing out of control, remains at its original site.
2. A________is an abnormally growing mass of cells that is actively spreading through the body.
3. A_________ is the spread of cancer cells from their site of origin to other sites in the body.
4. An individual with a malignant tumor is said to have_________
5. The most common type of cancer is a_______ this type always originates in tissues that line .
Answer:
1. Benign tumor.
2. Malignant tumor.
3. Metastasis.
4. Cancer
5. Carcinoma
Explanation:
A tissue can be defined as a group of cells that are structurally similar and in close proximity. Tissues are generally responsible for performing specific functions in living organisms such as humans, animals and plants. Therefore, tissues in living organisms function together as a unit.
A tumor can be defined as an abnormal mass of tissue formed when various body cells grow and divide more than its required or fail to when necessary (required). Thus, it usually degenerate into cancerous growths (cancer).
Some of the characteristics and features of tumors and cancer include the following;
1. A benign tumor is a lump of abnormal cells that, although growing out of control, remains at its original site.
2. A malignant tumor is an abnormally growing mass of cells that is actively spreading through the body.
3. A metastasis is the spread of cancer cells from their site of origin to other sites in the body.
4. An individual with a malignant tumor is said to have cancer.
5. The most common type of cancer is a carcinoma this type always originates in tissues that line.
Adjusted Trial Balance
Account Title Debit Credit
Cash 1,500
Accounts Receivable 1,460
Prepaid Insurance 800
Supplies 900
Equipment 5,500
Accumulated Depreciation-Equipment 550
Accounts Payable 1,300
Wages Payable 760
Owner, Capital 6,550
Owner, Drawing 1,400
Service Revenue 8,900
Wages Expense 3,000
Rent Expense 1,500
Supplies Expense 900
Utilities Expense 600
Depreciation Expense—Equipment 500
18,060 18,060
Required:
From the above adjusted trial balance, journalize the necessary closing entries.
Answer:
a. Dr Service Revenue $8,900
Cr Income Summary $8,900
b. Dr Income Summary $6,500
Cr Wages Expense $3,000
Cr Rent Expense $1,500
Cr Supplies Expense $900
Cr Utilities Expense $600
Cr Depreciation Expense Equipment $500
c. Dr Income Summary $2,400
Cr Owner, Capital $2,400
d. Dr Owner, Capital $1,400
Cr Owner, Drawing $1,400
Explanation:
Preparation of the Closing Entries
a. Dr Service Revenue $8,900
Cr Income Summary $8,900
b. Dr Income Summary $6,500
($3,000+$1,500+$900+$600+$500)
Cr Wages Expense $3,000
Cr Rent Expense $1,500
Cr Supplies Expense $900
Cr Utilities Expense $600
Cr Depreciation Expense Equipment $500
c. Dr Income Summary $2,400
($8,900-$6,500)
Cr Owner, Capital $2,400
d. Dr Owner, Capital $1,400
Cr Owner, Drawing $1,400
How does implementing change affect strategic relationship management?
A. It upsets the balance between the needs of key positions.
ОО
B. There is very little impact on relationship management.
O C. Change doesn't impact internal relationships.
O D. It makes fewer resources available to satisfy stakeholders.
Answer:
A it upsets the balance
Explanation:
Answer:a
Explanation:
it upsets the balance
Bengal Co. provides the following unit sales forecast for the next three months: July August September Sales units 5,800 6,500 6,360 The company wants to end each month with ending finished goods inventory equal to 30% of the next month's sales. Finished goods inventory on June 30 is 1,740 units. The budgeted production units for July are:
Answer:
Production= 6,010
Explanation:
Giving the following information:
July August
Sales units 5,800 6,500
Finished goods inventory on June 30 is 1,740 units.
To calculate the production for July, we need to use the following formula:
Production= sales + desired ending inventory - beginning inventory
Production= 5,800 + (6,500*0.3) - 1,740
Production= 6,010
Why is it important for everyone in an organization to have the opportunity to
contribute to the mission statement?
A. So it defines expected outcomes clearly
B. So that it will be accepted and used by employees
C. So employees know the organization's history
O D. So the organization can track progress toward meeting its goals
Answer: so that it will be accepted and used by employees
Explanation:
AP EX
Allocating Liquidation Between Common Stockholders and Preferred Stockholders The Arcadia Company is liquidating. After paying off all of its creditors, the company has $2 million to distribute between its preferred stockholders and its common stockholders. The aggregate par value of the preferred stock is $1.8 million and the aggregate par value of its common stock is $4 million. How much of the remaining $2 million assets should be distributed to the preferred stockholders and how much should be distributed to the common stockholders
Answer and Explanation:
The computation is shown below:
The amount that should be distributed to the preferred stockholder would be equivalent to the aggregate par value of the preferred stock i.e. $1.8 million and the remaining value would be distributed to the common stockholders i.e.
= $2 million - $1.8 million
= $0.2 million
Hence, the same would be considered
The following information pertains to Lance Company.
1. Cash balance per bank, July 31, $8,732.
2. July bank service charge not recorded by the depositor $45.
3. Cash balance per books, July 31, $8,768.
4. Deposits in transit, July 31, $3,500.
5. $2,023 collected for Lance Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Lance Company.
6. Outstanding checks, July 31, $1,486.
Required:
Prepare bank reconciliation at July 31, 2022.
Answer and Explanation:
The preparation of the bank reconciliation statement is presented below:
Balance as per bank $8,732.00
Add: Deposit in transit $3,500.00
Less: Outstanding checks -$1,486.00
Adjusted bank balance $10,746.00
Balance as per books $8,768.00
Add: EFT received from customer $2,023.00
10791.00
Less: Service charges -$45.00
Adjusted book balance $10,746.00
The Lance Company's Bank Reconciliation , as at July 31, 2022 is shown in the attached image below.
Bank reconciliation is the process of comparing and reconciling the cash balance recorded in a company's books (the "book balance") with the balance reported by the bank in its statement (the "bank balance"). It aims to identify and resolve any discrepancies between the two balances, ensuring that the company's financial records accurately reflect its actual cash position. The purpose of bank reconciliation is to ensure the accuracy and reliability of the company's financial records.
Learn more about bank reconciliation here:
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Frasquita acquired equipment from the manufacturer on 6/30/2021 and gave a noninterest-bearing note in exchange. Frasquita is obligated to pay $550,000 on 4/30/2022 to satisfy the obligation in full. If Frasquita accrued interest of $15,000 on the note in its 2021 year-end financial statements, what amount would it have recorded the equipment for on 6/30/2021
Answer:
$525,000
Explanation:
Calculation to determine what amount would it have recorded the equipment for on 6/30/2021
First step is to calculate the total interest for 10 months;
Based on the information given since the amount of $15,000 was the interest for 6 months in the year 2021 in which the note lasted for 10 months the total interest will be:
Total Interest = 10months/6months x $15,000 Total Interest=$25,000
Now let calculate 6/30/2021 Equipment
6/30/2021 Equipment=$550,000-$25,000
6/30/2021 Equipment=$525,000
Therefore what amount would it have recorded the equipment for on 6/30/2021 is $525,000