Answer:
B, Creative
Explanation:
Pina Colada Corporation owns equipment that cost $57,600 when purchased on April 1, 2013. Depreciation has been recorded at a rate of $9,600 per year, resulting in a balance in accumulated depreciation of $45,600 at December 31, 2017. The equipment is sold on July 1, 2018, for $11,520. Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (
Answer:
a. Annual depreciation expense = $9,600. Depreciation expense for the year 2018 (6 months) = $9,600*6/12 = $4,800
Date Account Titles and Explanation Debit Credit
Depreciation expense $4,800
Accumulated depreciation- Equipment $4,800
(To record depreciation expense)
b. Accumulated depreciation till December 31, 2017 = $45,600
Accumulated depreciation at July 1, 2018 = Accumulated depreciation till December 31, 2017 + Depreciation expense for the year 2018 = $45,600 + $4,800 = $50,400
Cost of equipment = $57,600
Book value of equipment = Cost of equipment - Accumulated depreciation at July 1, 2018 = $57,600 - $50,400 = $7,200
Sale price of equipment = $11,520
Gain on sale of equipment = Sale price of equipment- Book value of equipment = $11,520 - $7,200 = $4,320
Date Account Titles and Explanation Debit Credit
Cash $11,5200
Accumulated depreciation- equipment $50,400
Gain on sale of equipment $4,320
Equipment $57,600
(To record sale of equipment)
On December 18, Intel receives $260,000 from a customer toward a cash sale of $2.6 million for computer chips to be completed on January 23. The computer chips had a total production cost of $1.6 million. What journal entries should Intel record on December 18 and January 23
Answer:
December 18
Debit : Cash $260,000
Credit : Deferred Revenue $260,000
January 23
Debit : Cost of Sales $1.6 million
Debit : Deferred Revenue $260,000
Debit : Trade Receivable $2,340,000
Credit : Inventory $1.6 million
Credit : Sales Revenue $2.6 million
Explanation:
During December 18, the firm receives cash and must recognize this asset. On the other hand it should recognize the Liability, Deferred Revenue for the sale not yet completed.
During January 23, reverse the Deferred Revenue and recognize the Sales Revenue for that amount. Also recognize the cost of sales and decrease in inventory. the remainder not yet paid is a Trade Receivable and must be recognized.
A brochure is a professional, effective, and inexpensive way to provide information to your ______________.
Question 5 options:
friends
teachers
parents
target audience
Answer:
target audience
Explanation:
i took the test
When a cereal company introduces a stylish new granola, placing it at eye level on grocery shelves and pricing it higher than the competition, the company is practicing:
Elaine and Ronald Sumter consider purchasing a new home for $179,000. A 15 percent down payment is required. What is the
amount of the mortgage loan needed to finance the purchase?
A)
$11.933.33
B)
$26,850.00
$152,150.00
C)
D)
$205,850.00
Answer:
$152,150.00
Explanation:
The deposit required is 15%.
The mortgage will be 85% of $179,000( 100% - 15% deposit).
The actual mortgage will be
= 85% of $179,000
=85/100 x $179,000
=0.85 x $179,000
=$152,150
What are the possible consequences of making a late payment?
Answer:
not being able to do buissnes with that company anymore
Explanation:
Hobson Company bought the securities listed below during 2020. These securities were classified as trading securities. In its December 31, 2020, income statement Hobson reported a net unrealized holding loss of $15,500 on these securities. Pertinent data at the end of June 2021 is as follows:
Security Cost Fair Value
X $371,000 $343,500
Y 185,000 162,400
Z 424,000 407,800
Required:
What amount of unrealized holding loss on these securities should Hobson include in its income statement for the six months ended June 30, 2021?
Answer:
$50,800
Explanation:
Security Cost Fair value Gain(loss)
X 371,000 343,500 -27,500
Y 185,000 162,400 -22,600
Z 424,000 407,800 -16,200
Total 980,000 913,700 -66,300
Unrealized holding loss on Income statement ended June 30,2021 = $66,300 - $15,500 = $50,800
A charitable organization, such as the Red Cross or Salvation Army is classified as a for profit company. True
Answer:
False
Explanation:
A perceptual map is A. a framework used to compare one firm’s product offerings with another firm’s offerings in relationship to their relative market share. B. a framework used to demonstrate the growth or decline of specific market segments within an industry. C. a means of displaying in two dimensions the location of its own and competing products or brands in the minds of consumers. D. the place a product occupies in a single consumer’s mind on unimportant attributes relative to competitive products.
Answer:
C. a means of displaying in two dimensions the location of its own and competing products or brands in the minds of consumers.
Explanation:
In your resume you need to mention the names and contact information of your previous employers under
Answer:
work history
Explanation:
Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next 11 years because the firm needs to plow back its earnings to fuel growth. The company will pay a $6 per share dividend in 12 years and will increase the dividend by 5 percent per year thereafter. Required:If the required return on this stock is 12 percent, what is the current share price
Answer:
The answer is "$26".
Explanation:
[tex]\to growth \ rate =5\% \\\\\to required \ rate =12 \%\\\\\to Dividend = \$ 6 \ per \ share \\\\\to share \ price = \frac{1}{(1+0.12)^{11}}\times [\frac{6(1+0.05)}{0.12-0.05}][/tex]
[tex]= \frac{1}{(1.12)^{11}}\times [\frac{6(1.05)}{0.07}]\\\\= \frac{1}{3.47854999} \times [\frac{6(1.05)}{0.07}]\\\\= 0.287476104 \times [\frac{6.3}{0.07}]\\\\= 0.287476104 \times 90\\\\=25.8728494\\\\=26[/tex]
Clover Hardware sold a range of products. A few weeks ago, orders arrived for the garden center and outdoor living areas. 500 grills, purchased at a cost of $75 each, were distributed among 10 locations. 200 were sold for $175 each across all locations. The cost of goods sold totals:__________.
a.) $37,500
b.) $2,500
c.) $35,000
d.) $15,000
Answer:
a. $37,500
Explanation:
The formula for cost of goods sold is
Cost of goods sold = Opening stock + Purchases - Closing stock
Here, we were given the value of purchases only, which is $37,500
Therefore, cost of goods sold would be
= 500 grills purchased × cost of $75 each
Cost of goods sold = $37,500
Answer:
The correct answer is $15,000
Explanation:
EXAMPLE ONLY FOR CALCULATIONS
Cost of Goods Sold Example
Available Purchase 1,000 couches for $100 each 1,000 X $100 = $100,000
Sold Sold 500 couches for $200 each 500 X $200 = $100,000
Cost of Goods Sold Sold 500 couches that originally cost $100 each 500 X $100 = $50,000
a. If Canace Company, with a break-even point at $960,000 of sales, has actual sales of $1,200,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales
Answer:
Results are below.
Explanation:
Giving the following information:
Break-even point in sales= $960,000
Actual sales= $1,200,000
To calculate the margin of safety in dollars and as a percentage, we need to use the following formulas:
Margin of safety= (current sales level - break-even point)
Margin of safety= (1,200,000 - 960,000)
Margin of safety= $240,000
Margin of safety ratio= (current sales level - break-even
point)/current sales level
Margin of safety ratio= 240,000 / 1,200,000
Margin of safety ratio= 0.2 = 20%
Employees are happier with a relationship-oriented leader.
A. True
B. False
Answer: True
Explanation:
i think its true and im in highs school and senior so its true.
Answer:
false
Explanation:
You have invested $6,000 in plant improvements and financed $6,000 long-term debt to pay for it. You have also elected to retire $6,000 of long-term debt. Now, your closing cash position reads -$3,000. How can you fix the current financial decisions so that you have a healthy cash position at the end of the year?
Answer:
Retire Long Term debt at $0Issue Long Term Debt at $6,000Explanation:
If you elect to both retire the $6,000 in long term debt and also issue long term debt of the same amount, your cash balance would be -$3,000 which is unhealthy.
What you should do therefore, is to retire no long term debt while still issuing the long term debt of $6,000 to pay for the investment in plant improvement. This will leave you with a cash balance of $3,000 which is healthy enough.
What is the best argument in support of economics as viable social science and in response to Joseph Epstein
Answer:
The best argument in support of economics as viable social science and in response to Joseph Epstein is described below in detail.
Explanation:
Economics is the systematic examination of the possession, use, and replacement of limited resources – often decreased to the science of deficiency. Economics is observed as a social science because it practices scientific techniques to build opinions that can help describe the behavior of people, corporations, and organizations.
How do firms operating in the formal economy identify and analyze the parts of the informal economy relevant to their strategies
Answer:
Business forms strategy to earn profits. Formal economy restricts business from extra ordinary profits and the business activities are regulated by government.
Explanation:
Formal economy focuses on commercial activities that generate government taxes. In informal economy the businesses are not regulated and taxes are not paid. The competition is distorted in the market and business make unfair profits. Informal economy poses a threat to formal economy system.
For economies of scale, a(n) ________ in a firm's scale of production leads to ________ average total cost. A) increase; lower B) increase; higher C) decrease; lower D) decrease; no change in
Answer:
A)increase; lower
Explanation:
For economies of scale, a(n) increase in a firm's scale of production leads to a lower average total cost. The correct option is A. The average fixed cost is the fixed cost per unit of output. The average fixed cost decreases as the total number of units of the good produced increases because the same amount of fixed costs are spread over a greater number of units of output.
Why is average cost important?Understanding the significance of average cost will also help you understand how it works over time. Cost, for example, varies according to seasonal demand and production efficiency. When you compute the average cost, you normalize or level out the overall cost per unit of production.
Cost savings that a company and, by extension, its customers can reap as a result of efficient production processes are referred to as economies of scale. In general, these cost savings are realized because the average cost of producing something decreases as production volume increases.
Thus, the ideal selection is option A.
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What are examples of types of products that are currently being manufactured by joint ventures between the U.S., Canada, Mexico, and developing countries
Answer:
Uber Taxi
Star Bucks
Tata Global Beverages
Siemens and Nokia
Alibaba
Explanation:
Joint venture is the business in which there are two or more parties who shares the ownership. The business management may be mutually decided. There are many examples of Joint ventures in the world. Uber Taxi is one of the finest example of joint venture where Volvo vehicles shares the ownership. The joint venture reduces the investment cost for both the parties. The business can be quickly spread in the world by the efforts of two or more parties that form the joint venture.
A municipal bond carries a coupon rate of 6.50% and is trading at par. What would be the equivalent taxable yield of this bond to a taxpayer in a 35% combined tax bracket
Answer:
10%
Explanation:
Formula for computation of equivalent taxable yield is r = rm/1-t. Where the tax rate is t, rm is Yield on municipal bond and r is Tax equivalent yield
r = rm/1-t
r = 6.50% / 1 - 35%
r = 6.50% / 0.65%
r = 10%
So, the equivalent taxable yield of this bond to a taxpayer in a 35% combined tax bracket is 10%
Key Behaviors of Transformational Leaders Transformational leaders are inspiring. They empower and ignite passion in their followers. This activity is important because transformational leadership can motivate employees to transcend their own immediate needs and focus instead on the organization's objectives The goal of this exercise is to challenge your knowledge of the four key kinds of behaviors that transformational leaders exhibit.
Select the key behavior of transformational leaders that each example best represents
1. Zahid is good at empowering his employees by giving them a lot of responsibility for their work and increasingly challenging .
2. Cai is willing to go the extra mile for the good of her division-even if it means making personal sacrifices.
3. Jaden's employees are drawn to him--they tend to feel excited about and supportive of the ideas he presents.
4. Liam is known among his workers for his integrity-he is an honest, fair, and ethical person, even when he thinks no one is looking
Answer:
1. Zahid ⇒ Individualized consideration
Zahid shows that he cares for the progress of his employees because he wants to empower them. This shows that he considers the good of individuals working for him with a view to make them better and in so doing make the company better as well.
2. Cai ⇒ Idealized influence
Cai is willing to do as much as she can and even more to push the company forward. Employees seeing this will want to be like her because they will idealize her. She is leading by example and it will influence her subordinates.
3. Jaden ⇒ Inspirational motivation
Leaders with inspiration motivation are able to inspire people with their ideas such that people are excited by those ideas and are drawn to the leaders much like Jaden.
4. Liam ⇒ Idealized influence
Liam like Cai, is engaging in behavior that is ideal for a company and will lead to employees being better should they follow his examples. He has the ideal type of influence on his colleagues and employees.
what is the quote of a 16 year, 3.2 semiannual coupon bond with 1,000 face value if the yield to maturity is 7.3 g
Answer:
Bond Price = $616.6938765 rounded off to $616.69
Explanation:
To calculate the quote/price of the bond today, we will use the formula for the price of the bond. Assuming the bond is a semi annual bond, the semi coupon payment, number of periods and semi annual YTM will be,
Coupon Payment (C) = 1000 * 0.032 * 6/12 = $16
Total periods (n) = 16 * 2 = 32
r or YTM = 0.073 * 6/12 = 0.0365 or 3.65%
The formula to calculate the price of the bonds today is attached.
Bond Price = 16 * [( 1 - (1+0.0365)^-32) / 0.0365] + 1000 / (1+0.0365)^32
Bond Price = $616.6938765 rounded off to $616.69
g You have a choice of two investment accounts. Investment A is a 15-year annuity with $1,500 payments at the end of each month and a rate of 6%, compounded monthly. Investment B is a lump-sum investment with an interest rate of 7%, compounded continuously for 15 years. How much money would you need to invest in Investment B today for it to be worth as much as Investment A 15 years from now
Answer:
How much money would you need to invest in Investment B today for it to be worth as much as Investment A 15 years from now
325.266.310,1
Explanation:
n=15*12
n=180
FV=A( 1 + i )^ n -1 / i
FV=1500( 1 + 0,06)^ 180 - 1 / 0,06
FV= 897,395,025.40
PV=FV/(1+I)^ n
=897,395,025.40/ (1+0.07)^ 15
=325.266.310,1
Kari has been saving money for college for the past four years; she thinks that she is close to her goal amount of $30,000 which is helpful as she is currently a senior in high school. Kari begins to look for a university she might want to attend. Once Kari starts looking at the cost of college she runs across a number of places that would cost 30,000 in a single year. Kari is reluctant to move from her original view that she can find a four-year university that will not exceed her $30,000 budget. What method of problem solving has Kari employed
Answer:
Kari has employed the method of anchoring bias
Explanation:
Anchoring Bias is a bias where the person anchors his/her thinking based on a reference or starting point. For example, if we enter a store and see a shirt of $1000 and then a shirt for $100 we will perceive the second shirt as cheaper since we anchor our judgment based on the first shirt price we saw.
Firms that need to produce small batches of goods that require a degree of customization are most likely to use a _____.
Answer:
Process layout
Explanation:
The process layout can be understood as a system that helps organizations to organize their methods and processes of products and services when they are composed of a diversity of different functionalities and requirements, which requires a process that presents greater capacity and flexibility. The process layout categorizes each processing line of a product by grouping its functions and making work more effective, motivating for employees, faster, with higher quality and at lower cost due to less waste in the process.
Data validation works for setting a reasonable range for _______.
Answer:
c. Inputs
Explanation:
Multiple choice "a. Both inputs and formulas, b. Formulas, c. Inputs, d. All types of data"
Data validation works for setting a reasonable range for Inputs, as formula's will apply on input values only, but for data validation the input values should be under a given range.
At December 31, 2021, Moonlight Bay Resorts had the following deferred income tax items: Deferred tax asset of $62 million related to a current liability Deferred tax asset of $40 million related to a noncurrent liability Deferred tax liability of $128 million related to a noncurrent asset Deferred tax liability of $80 million related to a current asset Moonlight Bay should report in its December 31, 2021, balance sheet a: Multiple Choice Noncurrent deferred tax asset of $88,000 and a non-current deferred tax liability of $51 million. Current deferred tax liability of $22 million. Noncurrent deferred tax asset of $102 million and a non-current deferred tax liability of $208million.
Answer:
Moon light Bay Resorts would report in the balance sheet December 31, 2021 ; non current deferred tax asset of $102 million and non current deferred tax liability of $208 million .
Explanation:
From the above question, we are to determine if Moon Light Bay Resorts should report as assets (Current or non current) or liabilities (Current or non current) in its balance sheet as at 31st December, 2021.
The items are also classified in the balance sheet as seen below;
Total deferred tax liability ($128 million + $80 million) = $208 million
(Deferred tax liabilities related to both current or non current assets)
Total deferred tax asset ($62 million + $40 million) = $102 million
The net deferred tax liability = $106 million ($200 million - $102 million)
Here are incomplete financial statements for Pharoah Company. Calculate the missing amounts. PHAROAH COMPANY Balance Sheet Assets Cash $29,000 Supplies (a) Equipment (net) 64,900 Total assets $ (b) Liabilities and Stockholders' Equity Liabilities Notes payable $23,700 Stockholders' Equity Common stock 37,100 Retained earnings enter a dollar amount (c) Total liabilities and stockholders' equity $ (d) PHAROAH COMPANY Income Statement Revenues $56,500 Depreciation expense enter a dollar amount (e) Salaries and wages expense 12,100 Interest expense 1,000 Net income $24,500 PHAROAH COMPANY Retained Earnings Statement Beginning retained earnings $ (f) Add: Net income enter a dollar amount (g) Less: Dividends 6,100 Ending retained earnings $38,000 eTextbook and Media
Answer:
Pharoah Company
Calculation of the missing amounts from incomplete financial statements:
Balance Sheet Assets
Cash $29,000
Supplies (a) $4,900
Equipment (net) 64,900
Total assets $ (b) $98,800
Liabilities and Stockholders' Equity
Liabilities
Notes payable $23,700
Stockholders' Equity:
Common stock 37,100
Retained earnings enter a dollar amount (c) $38,000
Total liabilities and stockholders' equity (d) $98,800
PHAROAH COMPANY Income Statement
Revenues $56,500
Depreciation expense (enter a dollar amount) (e) $18,900
Salaries and wages expense 12,100
Interest expense 1,000
Net income $24,500
PHAROAH COMPANY Retained Earnings Statement
Beginning retained earnings $ (f) $19,600
Add: Net income enter a dollar amount (g) $24,500
Less: Dividends 6,100
Ending retained earnings $38,000
Explanation:
Data and Calculations:
g) Net income is obtained from the income statement.
f) = Ending retained earnings plus dividends minus net income
= $38,000 + $6,100 - $24,500
= $19,600
e) Depreciation expense = Revenue minus (Net income + interest expense + salaries expense)
= $56,500 - ($24,500 + 1,000 + 12,100)
= $18,900
d) = liabilities + common stock + retained earnings
= $23,700 + $37,100 + $38,000
= $98,800
c) = retained earnings = given in the retained earnings statement
b) = Total assets = liabilities + Equity
= $98,800
a) Supplies = Total assets - (Cash + Equipment)
= $98,800 - ($29,000 + 64,900)
= $4,900
Suppose GDP is $5.0 trillion, depreciation is $1 trillion, and gross output (GO) is $17.25 trillion. b. What is the dollar value of the economic activity taking place at every stage of production and distribution?
Answer: $17.25 trillion
Explanation:
The dollar value of the economic activity taking place at every stage of production and distribution will simply be the gross value and thus has been given in the question as $17.25 trillion.
It is the value of production activities for a particular economy at every production stage.
Answer:
12.25
17.25
Explanation:
Below are three independent situations:
a. In August, 2021 a worker was injured in the factory in an accident partially the result of his own negligence. The worker has sued Barkley Co. for $800,000. Counsel believes it is reasonably possible that the outcome of the suit will be unfavorable and that the settlement would cost the company from $250,000 to $500,000.
b. A suit for breach of contract seeking damages of $3,000,000 was filed by an author against Henderson Co. on October 4, 2018. Henderson's legal counsel believes that an unfavorable outcome is probable. A reasonable estimate of the award to the plaintiff is between $1,000,000 and $2,250,000. No amount within this range is a better estimate of potential damages than any other amount.
c. Kroft is involved in a pending court case. Kroft’s lawyers believe it is probable that Kroft will be awarded damages of $1,000,000.
Should you accrue a liabiity in each situation?
Answer:
a. In August, 2021 a worker was injured in the factory in an accident partially the result of his own negligence. The worker has sued Barkley Co. for $800,000. Counsel believes it is reasonably possible that the outcome of the suit will be unfavorable and that the settlement would cost the company from $250,000 to $500,000.
No liability should be recorded, only included in the footnotes. The liability is not probable, nor the amount can be determined.b. A suit for breach of contract seeking damages of $3,000,000 was filed by an author against Henderson Co. on October 4, 2018. Henderson's legal counsel believes that an unfavorable outcome is probable. A reasonable estimate of the award to the plaintiff is between $1,000,000 and $2,250,000. No amount within this range is a better estimate of potential damages than any other amount.
No liability should be recorded, only included in the footnotes. The liability is probable, but the amount cannot be determined.c. Kroft is involved in a pending court case. Kroft’s lawyers believe it is probable that Kroft will be awarded damages of $1,000,000.
The liability must be recorded since the liability is probable and can be determined.Liability is a type of debt that the business is required to pay at the present time or in any future date.
When is liability accrue?a. The company would not be in condition to accrue the liability of paying injured labor due to his own negligence as the amount is not probably determined.
b. The company would again not have any accrued liability as liability has not yet been incurred.
c. The liability to pay for damages is probable which would be incurred in the future; thus, should be recorded in the accounts of the business.
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