Answer:
1,040,000
Explanation:
We can calculate the money will Kalen need to have accumulated at age forty-five by dividing the annual birthday payments by the effective interest.
DATA
Annual birthday payments = A = $40,000
Effective interest = i = 4%
Calculation
Value at age 45 = A / i + Co
Value at age 45 = (40000 / .04) + 40000
Value at age 45 = 1,040,000
Kalen will need to have accumulated money of 1,040,000 at age forty-five, just prior to his first $40,000 birthday payment.
Menlo Company distributes a single product. The company’s sales and expenses for last month follow: Total Per Unit Sales $ 450,000 $ 30 Variable expenses 180,000 12 Contribution margin 270,000 $ 18 Fixed expenses 216,000 Net operating income $ 54,000 Required: 1. What is the monthly break-even point in unit sales and in dollar sales? 2. Without resorting to computations, what is the total contribution margin at the break-even point? 3-a. How many units would have to be sold each month to attain a target profit of $90,000? 3-b. Verify your answer by preparing a contribution format income statement at the target sales level. 4. Refer to the original data. Compute the company's margin of safety in both dollar and percentage terms. 5. What is the company’s CM ratio? If sales increase by $50,000 per month and there is no change in fixed expenses, by how much would you expect monthly net operating income to increase?
You run a school in Florida. Fixed monthly cost is $5,644.00 for rent and utilities, $6,057.00 is spent in salaries and $1,616.00 in insurance. Also every student adds up to $90.00 per month in stationary, food etc. You charge $647.00 per month from every student now.You are considering moving the school to another neighborhood where the rent and utilities will increase to $10,636.00, salaries to $6,878.00 and insurance to $2,230.00 per month. Variable cost per student will increase up to $185.00 per month. However you can charge $1,167.00 per student. At what point will you be indifferent between your current mode of operation and the new option
Answer:
The indifference point is 15 students.
Explanation:
Giving the following information:
Current location:
Total fixed costs= 5,644 + 6,057 + 1,616= $13,317
Contribution margin per student= 647 - 90= $557
New location:
Total fixed costs= 10,636 + 6,878 + 2,230= $19,744
Contribution margin per student= 1,167 - 185= $982
First, we need to structure the total income formula for each location:
Current location= 557x - 13,317
New location= 982x - 19,744
x= number of students
Now, we equal both formulas and isolate x:
557x - 13,317 = 982x - 19,744
425x = 6,427
x= 15.122 = 15 students
The indifference point is 15 students.
Prove:
Current location= 557*15 - 13,317= (4,962)
New location= 982*15 - 19,744= (5,014)
The difference is due to round up.
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $17,900: cost of goods sold, $7,500; selling expenses. $1,430; general and administrative expenses, $930; interest revenue, $200; interest expense, $310. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021($ in thousands). All transactions are material in amount. 1. Investments were sold during the year at a loss of $350. Schembri also had an unrealized gain of $460 for the year on investments in debt securities that qualify as components of comprehensive income. 2. One of the company's factories was closed during the year. Restructuring costs incurred were $1,600 Check my work 3. During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP. The division had incurred a loss from operations of $680 in 2021 prior to the sale, and its assets were sold at a gain of $1,660. 4. In 2021, the company's accountant discovered that depreciation expense in 2020 for the office building was understated by $330. 5. Negative foreign currency translation adjustment for the year totaled $380. Required: 1. Prepare Schembri's single, continuous multiple-step statement of comprehensive income for 2021, including earnings per share disclosures.2. Prepare a separate statement of comprehensive income for 2021.
Answer:
A.Net income $5,155
Earning per share :-
Income from continuing operation 3.20
Income from discontinued operation 0.47
Net income 3.67
B. Comprehensive income $5,215
Explanation:
A. Preparation of statement of comprehensive income for 2021, including earnings per share disclosures
SCHEMBRI MANUFACTURING CORPORATION
Statement of Comprehensive Income
For the Year Ended December 31, 2021
($ in 000s)
Sales revenue $17,900
Cost of goods sold ($7,500)
Gross profit $10,400
Operating expenses:
Selling expenses ($1,430)
General and administrative expenses ($930)
Restructuring costs ($1,600)
Total operating expenses ($3,960)
Operating income $6,440
(10,400-3,960)
Other income (expenses):-
Loss on sale of investment $(350)
Interest expenses $(310)
Interest revenue $200
Other income (expenses) $(460)
Income from continue operation before income tax $5,980
(6,440-460)
Income tax expenses (25%*5,980) $1,495
Income from continuing operations $4,485
(5,980-1,495)
Discontinued operation :-
Income from operation of discontinued component (1,660-680) $980
Income tax expenses $(310)
Income from discontinued operation $670
(980-310)
Net income $5,155
(4,485+670)
Other comprehensive income (loss)
Unrealized gain from investment,net of tax [460*(1-25%)] $345
Loss from foreign currency translation , net of tax [380*(1-25%)] $(285)
Total other comprehensive income $60
(345-285)
Comprehensive income $5,215
(5,155+60)
Earning per share :-
Income from continuing operation 3.20
Income from discontinued operation 0.47
Net income 3.67
Workings for Earning per share
Weighted average share = 1,000,000+(800,000/2)
Weighted average share = 1,000000+400,000
Weighted average share = 1,400,000
Net income from continue operation = 4,485/1400 = 3.20
Net income from discontinued operation = 670/1400 = 0.47
2. Preparation of a separate statement of comprehensive income for 2021.
SCHEMBRI MANUFACTURING CORPORATION
Statement of comprehensive income
For the year ended December 31,2021
Net income $5,155
(4,485+670)
Other comprehensive income (loss)
Unrealized gain from investment,net of tax [460*(1-25%)] $345
Loss from foreign currency translation , net of tax [380*(1-25%)] $(285)
Total other comprehensive income $60
(345-285)
Comprehensive income $5,215
(5,155+60)
Utility line workers may need to tolerate heights.
OA.
True
OB.
False
Answer:
true
Explanation:
they need to go high
Answer:
true
Explanation:
The following selected transactions were completed by Coat Delivery Service durning July: 1. Received cash in exchange for common stock, $35,00. 2. Purchased supplies for cash, $1,100. 3. Paid rent for October, $4,500. 4. Paid advertising expense. $900. 5. Received cash for providing delivery services, $33,000. 6. Billed customers for delivery services on account, $58,000. 7. Paid creditors on account, $2,900. 8. Received cash for customers on account, $27,500. 9. Determined that the cost of supplies on hand was $300 and $8,600 of supplies had been used during the month. 10. Paid cash dividends, $2500. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (10), in column, and inserting at the right of each number the appropriate letter form the following list: a. Increase in the asset, decrease in another asset. b. Increase in and asset, increase in a liability. c. Increase in an asset, increase in stockholders' equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders' equity.
Answer:
1. Received cash in exchange for common stock, $35,00.
Transaction Effect: Receipt of cash will increase in asset, delivery service will increase in stockholder equity
Correct Option: c
2. Purchased supplies for cash, $1,100.
Transaction Effect: Supplies will increase in asset, cash will decrease in the asset
Correct Option: a
3. Paid rent for October, $4,500.
Transaction Effect: Paid cash will decrease in asset and rent expenses will decrease stockholder equity
Correct Option: e
4. Paid advertising expense. $900.
Transaction Effect: Rent paid will Decrease in an asset, decrease in stockholders' equity
Correct Option: e
5. Received cash for providing delivery services, $33,000.
Transaction Effect: Receipt of cash will increase in asset, delivery service will increase in stockholder equity
Correct Option: c
6. Billed customers for delivery services on account, $58,000.
Transaction Effect: Billing customers will Increase in an asset, increase in stockholders' equity
Correct Option: c
7. Paid creditors on account, $2,900.
Transaction Effect: Creditors payment will Decrease in an asset, decrease in a liability
Correct Option: d
8. Received cash for customers on account, $27,500.
Transaction Effect: Received payment from customers will Increase in an asset, decrease in another asset
Correct Option: a
9. Determined that the cost of supplies on hand was $300 and $8,600 of supplies had been used during the month.
Transaction Effect: Supplies expense will Decrease in an asset, decrease in stockholders' equity
Correct Option: a
10. Paid cash dividends, $2500.
Transaction Effect: Cash payment will decrease in asset, dividend will decrease in stockholders equity
Correct Option: e
What is the basic concept used to emphasize in aristotle's model of communication?
Answer:
The Aristotle's communication model is a speaker centered model
Explanation:
as the speaker has the most important role in it and is the only one active. It is the speaker's role to deliver a speech to the audience. The role of the audience is passive, influenced by the speech.
The founder of Alchemy Products Inc. discovered a way to turn gold into lead and patented this new technology. He then formed a corporation and invested $100,000 in setting up a production plant. He believes that he could sell his patent for $24 million. a. What is the book value of the firm? (Enter your answer in dollars not in millions.) b. What is the market value of the firm? (Enter your answer in dollars not in millions.) c. If there are two million shares of stock in the new corporation, what would be the price per share? (Round your answer to 2 decimal places.) d. What would be the book value per share? (Round your answer to 2 decimal places.)
Answer:
(A) $100,000
(B) $24,100,000
(C) $12.05 per share
(D) $0.05 per share
Explanation:
The founder of Alchemy product incorporation found out how to turn gold into lead
He formed a corporation and invested $100,000 in setting up a production plant
He believes that he can sell his patent for $24,000,000
(A) The book value of the firm is $100,000
(B) The market value of the firm is $100,000 + 24,000,000
= $24,100,000
(C) The price per share is
= 24,100,000/2,000,000
= $12.05 per share
(D) The book value per share is
= 100,000/2,000,000
= $0.05 per share
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2021 and 2022\.\* A consulting firm, engaged as actuary, recommends 5% as the appropriate discount rate. The service cost is $300,000 for 2021 and $390,000 for 2022. Year-end funding is $310,000 for 2021 and $320,000 for 2022. No assumptions or estimates were revised during 2021\.\* We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2022.Required:Calculate each of the following amounts as of both December 31, 2021, and December 31, 20221. Projected benefit obligation2. Plan assets3. Pension expense4. Net pension asset liability
Answer:
1. Balance, December 31, 2022 $705,000
2. Balance, December 31, 2022 $661,000
3. Pension expense 2021 $300,000
Pension expense 2022 $374,000
4. Net pension asset, Dec. 31, 2021 $ 10,000
Net pension liability, Dec. 31, 2022 $ 44,000
Explanation:
1. Calculation for the Projected benefit obligation
Projected Benefit Obligation
($)
Balance, January 1, 2021 $ 0
Service cost 300,000
Interest cost (5% x $0) 0
Benefits paid (0)
Balance, December 31, 2021 $300,000
Service cost 390,000
Interest cost (5% x $300,000) 15,000
Benefits paid (0)
Balance, December 31, 2022 $705,000
(300,000+390,000+15,000)
2. Preparation of Plan assets
Plan Assets
Balance, January 1, 2021 $ 0
Actual return on plan assets (10% x $0) 0
Contributions, 2021 310,000
Benefits paid (0)
Balance, December 31, 2021 $310,000
Actual return on plan assets 31,000
(10% x $310,000)
Contribution, 2022 320,000
Benefits paid (0)
Balance, December 31, 2022 $661,000
(310,000+31,000+320,000)
3. Preparation of Pension expense
Pension expense – 2021
Service cost $300,000
Interest cost (5% x $0)0
Expected return on the plan assets (10% x $0) 0
Pension expense $300,000
Pension Expense – 2022
Service cost $390,000
Interest cost 15,000
(5% x $300,000)
Expected return on the plan assets (31,000)
(10% x $310,000)
Pension expense $374,000
4. Preparation of the Net pension asset liability
PBO $300,000
Plan assets 310,000
Net pension asset, Dec. 31, 2021 $ 10,000
PBO$705,000
Plan assets 661,000
Net pension liability, Dec. 31, 2022 $ 44,000
Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows $30,861 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 3,950 Outstanding checks 1,512 Additionally, a $58 check written and recorded by the company correctly, was recorded by the bank as a $85 deduction. The adjusted cash balance per the bank records should be:
Answer:
$33,316
Explanation:
Preparation of the adjusted cash balance per the bank records
Balance as per bank statement $30,861
Add Deposit in transit 3,950
Add Bank error (85-58) 17
Less Outstanding checks (1,512 )
Adjusted cash balance per the bank RECORDS $33,316
Therefore the adjusted cash balance per the bank records should be $33,316
Which actions would the Federal Reserve most likely take to slow Inflation?
Lower discount rate and buy government securities
Raise reserve requirement and lower discount rate
Ralse reserve requirement and sell government securities
Buy government securities and raise discount rate
Having a great credit score will make it easier for you to
get into a better educational institution.
TRUE
FALSE
Is goodwill current asset?
Answer: Goodwill is recorded as an intangible asset on the acquiring company's balance sheet under the long-term assets account. Goodwill is considered an intangible (or non-current) asset because it is not a physical asset like buildings or equipment
Explanation:
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Account Title Debits Credits Cash 5,000 Accounts receivable 2,000 Inventory 5,000 Equipment 11,000 Accumulated depreciation 3,500 Accounts payable 3,000 Common stock 10,000 Retained earnings 6,500 Sales revenue 0 Cost of goods sold 0 Salaries expense 0 Rent expense 0 Advertising expense 0 Totals 23,000 23,000 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,500. The cost of the merchandise was $2,000. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,500 from the Strong Company. 4 Received a $150 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. 8 Sold merchandise on account for $5,000. The cost of the merchandise was $2,800. 10 Purchased merchandise on account for $9,500. 13 Purchased equipment for cash, $800. 16 Paid the entire amount due to the Strong Company.18 Received $4,000 from customers on account. 20 Paid $800 to the owner of the building for January's rent. 30 Paid employees $3,000 for salaries for the month of January. 31 Paid a cash dividend of $1,000 to shareholders.
Please find attached full question
Answer and Explanation:
Please find attached
On December 29, 2020, an employee received a $5,000 check from her employer's client. The check was payable to the employer. The employee did not remit the funds to the employer until December 30, 2020. The employer deposited the check on December 31, 2020, but the bank did not credit the employer's bank account until January 2, 2021. Complete the statement below regarding when the cash basis employer is required to include the $5,000 in gross income. In because a check received considered a cash equivalent and a cash basis taxpayer must recognize the income when the check is .
Answer:
In 2020 because a check received IS considered a cash equivalent and a cash basis taxpayer must recognize the income when the check is RECEIVED.
Explanation:
Checks are basically cash, that is why you record a cash disbursement once you issue a check, not when the check is cashed. Once a check has been issued or received, a cash transaction has been made. A cash basis taxpayer must record revenue when it collects it, and collecting a check is equivalent to collecting cash.
ethical dilemma ethical lapse
Answer:
An ethical lapse is a mistake or error in judgement that produces a harmful outcome (Roslyn Frenz, n.d., para. ... Otherwise there are grave consequences for such ethical lapses and could result in widespread harm to the company and to the society at large.
In both situations presented, I believe them to be ethical dilemmas. An ethical dilemma is considered to be a problem between two possibilities that are not acceptable or preferable. Making a choice between the two would result in hurting the other. Employing the child is wrong because of labor laws, but the child is able to provide for themselves because of it. Taking away the employment would make the child homeless and hungry. The second scenario is also a dilemma because you run the risks of loosing profits if you do things the correct way. Neither choice would result in a preferable outcome. Doing the right thing sometimes comes with a price.
Explanation:
Examples of ethical lapses include business-related misconduct such as fraud, bribery, insider trading, and environmental disasters involving negligence or recklessness. They also include personal ethical misconduct, such as inflated résumés and sexual indiscretions.
Which of the following statements is true? Group of answer choices The production function shows the trade-off between producing different kinds of outputs. The short-run production function includes both fixed and variable inputs. The short-run production function includes both fixed and variable costs. The production function shows the trade-off in inputs that produce the same amount of output. An inefficient firm is unable to achieve as much output as the production function shows.
Answer: An inefficient firm is unable to achieve as much output as the production function shows.
Explanation:
The Production function shows the maximum amount of output that can be produced by a company given the a certain number of inputs which are usually capital and labor.
At each combination of the input therefore, the function shows how much a company should be able to produce. If a company is therefore inefficient and unable to use its inputs effectively, it will be unable to produce at the point it is to be producing at given the combination of inputs they are using.
when a natural disaster happens, what usually happens to stock prices?
Explanation:
During natural disasters , the stock index decreases on the day of the events and on the two subsequent days. Therefore, investors should short sell the index on the day of the disaster and hold it for 2 days.
g If Billingham knows that it can sell the XC-750 to another firm for $2.17 million in two years, what kind of real option would that provide? (Select the best choice.) A. The decreased production will also require decreased inventory. B. This provides Billingham the option to abandon the investment. C. The firm can recover the feasibility study cost. D. Billingham will no longer depreciate the machine.
Answer:
B. This provides Billingham the option to abandon the investment.
Explanation:
In the case when Billingham knows that the XC-750 would be sell to the other firm for $2.17 million for the two years so in this case, the real option that could be provided is that Billingham should abandon the investment as it is beneficial for the company due to which the company is not able to suffered the loss otherwise the chances of the loss is very high
11. The seller must indicate in the RLA if the premises are occupied by tenants If the tenants have a valid lease: Group of answer choices a. They may be vacated after the sale. b. Their security deposits are kept by the seller. c. They may remain in possession after the sale (correct box must be checked) d. The buyer need not be notified until after the sale.
Answer:
c. They may remain in possession after the sale
Explanation:
When a landlord wants to sell a property that is currently occupied by tenants, it must notify both the tenants and potential buyers about the rental agreement and his/her intention to sell the property.
Generally speaking, once rental agreements are signed, they are independent from who actually owns the property (house, apartment, office, etc.). Even if the buyer of the house (new owner) doesn't want the tenants to stay, the tenants have the right to do so until their contract expires.
The tenants have the right to even limit and set the conditions by which the seller can show the property, e.g. if they don't want to, the owner cannot cannot take pictures of the property's interior if the tenants consider that it violates their privacy.
If the buyer wants to rent the property, it is generally a good thing to have tenants with valid contracts.
Ratio analysis is an important component of evaluating company performance. It can provide great insights into how a company matches up against itself over time and against other players within the industry. However, like many tools and techniques, ratio analysis has a few limitations and weaknesses. Which of the following statements represent a weakness or limitation of ratio analysis? Check all that apply. A firm may operate in multiple industries. Different firms may use different accounting practices. A firm’s financial statements show only one period of financial data.
Answer:
Different firms may use different accounting practices.
Explanation:
Financial ratios are ratios that summarises financial information and can be used in comparison of performance of companies.
Types of financial ratios :
1. Activity ratios
2. Liquidity ratios
3. Solvency ratios
4. Profitability ratios
5. Valuation ratios
If different accounting practices are used, it would result in different data. This can hamper comparison among companies
Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,400. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.) d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year
Answer:
d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year
Since Eva's standard deduction is $12,000, then we must assume that we are dealing with income earned during 2018.
Eva's AGI = $60,000 - $5,000 (business expenses) = $55,000 - (7.65% x $55,000 for self employer taxes) - $12,000 (standard deduction) = $38,792.50
Eva's tax liability:
$9,700 x 10% = $97012% x ($38,700 - $9,700) = $3,48022% x ($38,792.50 - $38,700) = $20.35total tax liability = $4,470.35Cara, who is 42 years old, had some unexpected medical expenses during the year. To pay for these expenses (which were above the 10% of AGI threshold and claimed as itemized deductions on her tax return), she received a $10,000 distribution from her traditional IRA (she has only made deductible contributions to the IRA). Assuming her marginal ordinary income tax rate is 22%, what amount of taxes and/or early distribution penalties will Cara be required to pay on this distribution
Answer: $2,200 income tax; $1,000 early distribution penalty
Explanation:
The IRS allows for withdrawals from the IRA before retirement without penalty if the withdrawal is for unreimbursed medical expenses that do not exceed 10% of the person's AGI.
As the expenses exceeded the 10% AGI threshold , She will owe a penalty of 10% on the withdrawal;
= 10,000 * 10%
= $1,000
She will also have to pay her income tax on this.
= 10,000 * 22%
= $2,200
1. A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
Answer:
A net worth statement
Explanation:
A net worth statement is a financial report/ document that shows the assets and liabilities - both short and long-term - of an individual or company. The net worth is the result of deducting liabilities from assets.
The net worth statement paints a picture of a person or an entity's current financial position. Assets represent what a person owns, while liabilities are what they owe.
JFS Co. constructed a new subdivision during 2020 and 2021 under contract with National Hoopla Company. Relevant data are summarized below: Contract amount $ 3,000,000 Cost in the year: 2020 1,200,000 2021 600,000 Cost to complete: 2020 1,000,000 2021 800,000 Contract billings: 2020 1,500,000 2021 1,500,000 JFS recognizes revenue upon completion of the contract. In its December 31, 2020, balance sheet, JFS would report: Multiple Choice The contract asset, deferred profit, of $400,000. The contract asset, contract amount in excess of billings, of $1,500,000. The contract asset, cost and profits in excess of billings, of $500,000. The contract liability, billings in excess of cost, of $300,000.
Answer:
The contract asset, cost and profits in excess of billings, of $500,000.
Explanation:
As JFS follows completion contract method, the following will be recognized in the books for December 31, 2020:
1. Cost to Complete - $1,000,000
2. Revenue (billings done in 2020) $1,500,000
3. Profit - $500,000
Hence, the third option is correct
Cede & Co. expects its EBIT to be $115,000 every year forever. The company can borrow at 7 percent. The company currently has no debt and its cost of equity is 13 percent. a. If the tax rate is 24 percent, what is the value of the company? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What will the value be if the company borrows $255,000 and uses the proceeds to repurchase shares? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer: See explanation
Explanation:
a. . If the tax rate is 24 percent, what is the value of the company?
= [($115,000 × (1-24%)]/13%
= ($115,000 × 76%)/13%
= ($115000 × 0.76)/0.13
= $87400/0.13
= $672307.69
b. What will the value be if the company borrows $255,000 and uses the proceeds to repurchase shares?
= $672307.69 + ($255000×24%)
= $672307.69 + ($255000 × 0.24)
= $672307.69 + $61200
= $733507.69
A recent market study has determined that the probability that a young adult will be willing to try a new online financial service that your company is offering is 50%. In a random sample of 10 young adults, the probability that at least 2 but no more than 3 will be willing to try this new service is _________
Answer:
yo faith are u that one guy in osceola high school
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Issue $80,000 in stock 2. Borrow $65,000 from a bank 3. Receive payment of $12,000 owed by a customer 4. Pay $6,000 owed to a supplier 5. Buy $17,000 worth of manufacturing supplies on credit 6. Purchase equipment for $47,000 in cash 7. Pay $8,000 owed to a supplier What is the final amount in Cash?
Answer:
Ending cash balance = $14,196,000
Explanation:
Full question is as follow "Acme Company Balance Sheet As of January 5, 2018 (amounts in thousands) Cash 14,100 Accounts Payable 1,900 Accounts Receivable 3,200 Debt 3,600 Inventory 4,900 Other Liabilities 2,000 Property Plant & Equipment 16,300 Total Liabilities 7,500 Other Assets 500 Paid-In Capital 7,200 Retained Earnings 24,300 Total Equity 31,500 Total Assets 39,000 Total Liabilities & Equity 39,000 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2018 1. Issue $80,000 in stock 2. Borrow $65,000 from a bank 3. Receive payment of $12,000 owed by a customer 4. Pay $6,000 owed to a supplier 5. Buy $17,000 worth of manufacturing supplies on credit 6. Purchase equipment for $47,000 in cash 7. Pay $8,000 owed to a supplier What is the final amount in Cash?"
Calculation of final amount in cash
Particulars Amount
Beginning cash balance $14,100
Add: 1. Cash received through the issue of stock $80
Add: 2. Cash received from the bank $65
Add: 3. Cash received from the customer $12
Less: 4. Cash paid to the supplier $6
Less: 6. Cash paid to purchase equipment $47
Less: 7. Cash paid to the supplier $8
Ending cash balance (final amount in cash) $14,196
Parker Company uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year manufacturing overhead and direct labor-hours were estimated at $50,000 and 20,000 hours, respectively, for the year. In June, Job #461 was completed. Materials costs on the job totaled $4,000 and labor costs totaled $1,500 at $5 per hour. At the end of the year, it was determined that the company worked 24,000 direct labor-hours for the year and incurred $54,000 in actual manufacturing overhead costs. Required: a. Job #461 contained 100 units. Determine the unit product cost that would appear on the job cost sheet. b. Determine the underapplied or overapplied overhead for the year.
Answer:
Instructions are below.
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (50,000/20,000)
Predetermined manufacturing overhead rate= $2.5 per direct labor hour
Now, we can determine the total cost and unitary cost of Job 461:
Direct labor hours= 1,500/5= 300
Total cost= 4,000 + 1,500 + 2.5*300= $6,250
Unitary cost= 6,250/100= $62.5
To calculate the under/over allocation, first, we allocate overhead for the whole company:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 2.5*24,000= $60,000
Under/over applied overhead= real overhead - allocated overhead
Under/over applied overhead= 54,000 - 60,000
Under/over applied overhead= $6,000 overallocated
McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively.
The partnership income-sharing agreement provides for
• annual salaries of $22,000 for McGill and $12,000 for Smyth,
• interest at 10% on beginning capital balances, and,
• remaining income or loss to be shared 60% by McGill and 40% by Smyth.
Requirement:
(1) If the income was $50,000, what will be the distribution of income to each partner?
(2) If the income was $36,000, what will be the distribution of income to each partner?
(3) Journalize the allocation of net income in each of the situations above.
Explanation:
5800 is interest,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,, ,,,
Until the 2003 playoffs, NBA had used a best-of-five format for the first-round series, that is, the series would end as soon as one of the teams won 3 games. In other words, the first-round series would last 3,4 or 5 games. Obtain the probabilities for all the three possibilities by assuming that teams are equally matched and each game is independent.
Answer:
14 yes 23xy so 14
Explanation:
