Seven years ago, Lance Measy purchased a wooden statue of a Spanish Conquistador for $8,200 to put in his home office. Lance recently married a woman who he thinks has better taste then he does and she insists it has to go. He loves his new wife and agrees to sell the Conquistador statue on ebay and receives less than he paid for it, $7,000. What is his rate of return on the purchase of the statue? Hint, I/Y compounded annually

Answer:

-2.28%

Explanation:

we can use the future value formula:

FV = PV x (1 + r)ⁿ

$7,200 = $8,200 x (1 + r)⁷

(1 + r)⁷ = $7,000 / $8,200 = 0.853658536

⁷√(1 + r)⁷ = ⁷√0.853658536

1 + r = 0.9772

r = -0.0228 = -2.28%

The following is a list of account balances for Pick-A-Pet, Inc., as of June 30, Year 3: Accounts Payable $ 357,600 Accounts Receivable 74,000 Cash 736,100 Common Stock 672,600 Equipment 59,800 Logo and Trademarks 423,000 Long-term Notes Payable 269,600 Retained Earnings 118,600 Software 125,500 The company entered into the following transactions during July, Year 3. Stockholders contribute $370,000 cash for additional ownership shares and the company borrows $185,000 in cash from a bank to buy new equipment by signing a formal agreement to repay the loan in 2 years. No other transactions took place during July, Year 3. Required: Prepare a classified balance sheet for the company at June 30, Year 3. Show the effects of the July transactions on the basic accounting equation. Prepare the journal entries that would be used to record the transactions.

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

when a natural disaster happens, what usually happens to stock prices?

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 .

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.

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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:

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.

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.

Loan amortization schedule Personal Finance Problem Joan Messineo borrowed ​$15,000 at a 14​% annual rate of interest to be repaid over 3 years. The loan is amortized into three​ equal, annual,​ end-of-year payments. a. Calculate the​ annual, end-of-year loan payment. b. Prepare a loan amortization schedule showing the interest and principal breadown of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time. a. The amount of the​ equal, annual,​ end-of-year loan payment is ​$6460.976460.97. ​(Round to the nearest​ cent.) b. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. Many financial calculators have an amortization function which makes this process easy. ​ (Hint: Once the payment is determined in step a​ above, you can use the AMORT function to calculate the interest​ paid, principal paid and ending loan balance for each payment​ period). ​(Round to the nearest​ cent.) ​End-of-year Timeline ​Beginning-of-year Principal Loan Payment Interest Payment Principal Payment ​End-of-year Principal 1 ​$1500015000 ​$6460.976460.97 ​$21002100 ​$4360.974360.97 ​$10639.0310639.03 2 ​$nothing ​$nothing ​$nothing ​$nothing ​$nothing 3 ​$nothing ​$nothing ​$nothing ​$nothing ​$nothing c. Explain why the interest portion of each payment declines with the passage of time. ​(Select the best answer​ below.)

What is the basic concept used to emphasize in aristotle's model of communication?​

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.

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ethical dilemma ethical lapse

Utility line workers may need to tolerate heights.
OA.
True
OB.
False

Having a great credit score will make it easier for you to
get into a better educational institution.
TRUE
FALSE

Is goodwill current asset?

Which item is important to consider when selecting a
credit card?

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name three benefits of being a for-profit business​

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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.

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

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

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.

since noah is worried about completing his research project on time, the most helpful thing he could do is to choose a topic that

a. is broad
b. he has no interest in
c. is easy to research
d. he knows very little about

When a multi-product factory operates at full capacity, decisions must be made about which products to emphasize. In making such decisions, products should be ranked based on: Group of answer choices