Answer:
gogle know the answer that is the secret
Please help me guysss ASAP the question is in the photo. I need to submit it. I'll give brainliest.
Answer:
f to b is right
Explanation:
.............
The disagreements between Hamilton and Jefferson led to a revised Constitution. a reformed Congress. new cabinet members. new political parties.
Answer:
new politacal parties
Explanation:
im taking the test right now
Answer:
d
Explanation:
What will happen to the market value of a bond if interest rates decrease?
a. The market value will decrease
b. The market value will increase
c. The market value will increase or decrease, depending on the general economic climate
d. The market value should remain level
Answer:
b. The market value will increase
Explanation:
In the case when the rate of the interest decrease so the market value of the bond would be increased. As the market value of the bond and the rate of interest has an inverse relationship between them. In the case when the rate of interest increased than the market value of the bond decreased and vice versa
Therefore option b is correct
The time value of moneyConsider the following scenarios:Simon FamilyThe Simons have saved $5,000 towards their goal to have $45,000 for a down payment on a house in 6 years. They will put the $5,000 in an account along with money they will deposit annually. They donât know how much that annual deposit should be, so theyâve asked you to calculate it. They have found a savings institution that will pay 6% interest.Perkette FamilyThe Perkettes have set a goal to have $45,000 for a down payment on a house in 6 years. They have not saved anything so far. They have asked you to calculate how much they will need to put away each year to achieve their $45,000 down-payment goal. They have found a savings institution that will pay 6% interest.Use the scenarios along with the following factor table data. Note that the complete Future Value and Future Value Annuity tables (as well as the Present Value and Present Value Annuity tables) are located in the appendix in your text.Table of Future Value Factors:Interest RateYear 5% 6% 8%1 1.050 1.060 1.0802 1.102 1.120 1.1663 1.158 1.190 1.2604 1.216 1.260 1.3605 1.276 1.340 1.4696 1.340 1.420 1.5878 1.477 1.590 1.85110 1.629 1.790 2.159Table of Future Value Annuity Factors:Interest RateYear 5% 6% 8%1 1.000 1.000 1.0002 2.050 2.060 2.0803 3.152 3.180 3.2464 4.310 4.380 4.5065 5.526 5.630 5.8676 6.802 6.970 7.3368 9.549 9.890 10.63710 12.578 13.180 14.4871. What is the amount of money the Simons will need to deposit annually (rounded to the nearest two decimal places) to achieve their down-payment goal?2. What is the amount of money the Perkettes will need to deposit annually (rounded to the nearest two decimal places) to achieve their down-payment goal?
Answer:
annual payment = $5,496.25
Explanation:
the $5,000 that they deposit today will be worth $5,000 x (1 + 6%)⁶ = $6,691.13 in 6 years.
this means that they need to save an extra $45,000 - $6,691.13 = $38,308.87
we can calculate the amount that they need to deposit at the end of every year to have $38,308.87 in 6 years by using the future value of an annuity formula:
FV = payment x annuity factor
payment = FV / annuity factor
FV = $38,308.87 FV annuity factor, 6%, 6 periods = 6.970annual payment = $38,308.87 / 6.97 = $5,496.25
If a check correctly written and paid by the bank for $635 is incorrectly recorded on the company's books for $653, the appropriate treatment on the bank reconciliation would be to:_______
a. add $45 to the book's balance.
b. deduct $549 from the book's balance.
c. subtract $45 from the book's balance.
d. deduct $45 from the bank's balance.
Answer:
a. add $45 to the book's balance
Explanation:
In a situation where a check which was correctly written and as well paid by the bank for the amount of $638 was incorrectly recorded as the amount of $683 on the company's books which means that the appropriate treatment on the bank reconciliation statement would be to add the amount of $45 ( $683-$638) to the book's balance.
Ace Industries has current assets equal to $5 million. The company's current ratio is 2.0, and its quick ratio is 1.6. What is the firm's level of current liabilities? What is the firm's level of inventories?
Answer:
=1.25
Explanation:
Current ratio= current asset/ current liabilities
Current ratio= $5 million./ Current Liabilities
Cross multiply we have
But current ratio is 2.0
2= 5/ current liabilities
current liabilities= 5/2
=2.5million
Quick ratio= current Asset- inventory/current liabilities
1.5=( 5- inventory)/2.5
Cross multiply we have
1.5×2.5= ( 5- inventory)
3.75= ( 5- inventory)
inventory= 5-3.75
=1.25
Therefore, the firm's level of inventories is 1.25
Southeastern Bell stocks a certain switch connector at its central warehouse for supplying field service offices. The yearly demand for these connectors is units. Southeastern estimates its annual holding cost for this item to be $ per unit. The cost to place and process an order from the supplier is $. The company operates days per year, and the lead time to receive an order from the supplier is working days. a) What is the economic order quantity? nothing units (round your response to the nearest whole number).
Answer:
A. Economic order quantity= 319
B. Annual holding costs= 3,669
C. Annual ordering costs= 3,669
D. 154
Explanation:
a) Calculation for the economic order quantity
Using this formula
Economic order quantity=√2*Demand*Cost order/Annual holding cost
Let plug in the formula
Economic order quantity=√2*15,400*76/23
Economic order quantity=√2,340,800/23
Economic order quantity=√101,774
Economic order quantity= 319
b) Calculation for annual holding costs
Using this formula
Annual holding costs=Economic order quantity/2*Annual holding cost
Let plug in the formula
Annual holding costs=319/2*23
Annual holding costs= 3,669
c) Calculation for the annual ordering costs
Using this formula
Annual ordering costs=Demand/Economic order quantity*Cost order
Let plug in the formula
Annual ordering costs=15,400/319*76
Annual ordering costs= 3,669
d) Calculation for reorder point
Using this formula
Reorder point=Demand/Numbers of days the company operate per year*Lead time
Let plug in the formula
Reorder point=15,400/300 days per year*3
Reorder point= 154
A company purchased a computer system at a cost of $27,000. The estimated useful life is 6 years, and the estimated residual value is $8,000. Assuming the company uses the double-declining-balance method, what is the depreciation expense for the second year? (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) a) $8,250 b) $6.000 c) $9,000. d) $7.500
Answer:
$6,000
Explanation:
The calculation of depreciation expense for the second year 5s sh6wn below:-
Depreciation rate as per straight line method=100% ÷ 6
= 16.67% per year
Depreciation as per double decline balance = 2 × Depreciation rate as per straight line method × Beginning value of each period
Year Beginning value Depreciation Ending value
1 $27,000 $9,000 $18,000
(2 × 16.67% × $27,000) ($27,000 - $9,000)
2 $18,000 $6,000
(2 × 16.67% × $27,000)
If there is a net loss there will be a ___________ balance in the Income Summary account after all closing entries have been posted.
a. Debit
b. zero
c. Credit
d. not determinable
Explanation:
zero isthe right answer but i'm not 100%sure
On January 1, 20X8, Blake Company acquired all of Frost Corporation's voting shares for $280,000 cash. On December 31, 20X9, Frost owed Blake $5,000 for services provided during the year. When consolidated financial statements are prepared for 20X9, which entry is needed to eliminate intercompany receivables and payables in the consolidation worksheet?
A) Accounts Payable 5,000
Accounts Receivable 5,000
B) Accounts Receivable 5,000
Accounts Payable 5,000
C) Retained Earnings 5,000
Answer:
A) Accounts Payable 5,000 ; Accounts Receivable 5,000
Explanation:
The amount owed as accounts payable (i.e liabilities) would be reduced with the amount of account receivables(assets) i.e. the assets would decrease giving a credit and liabilities would decrease giving a debit.
Suppose you want to predict sneaker sales on the basis of advertising expenditures and sneaker color, red or blue. You create one dummy variable for the sneaker color (Red = 1 for red sneakers and Red = 0 for blue sneakers) and run the regression on data collected over ten years using the dummy variable and advertising expenditures as your independent variables.
The equation you obtain is:
Sales = 631,085 + 533,024(Red) + 50.5(Advertising)
a. How would you interpret the regression model?
b. How would you interpret the coefficient for red sneakers?
Answer:
a. This implies the sales of sneaker increase when the color of the sneaker is red and Advertising expenses increase.
This implies that the sneaker sales increases by $533,024 when the sneaker color is red.
Explanation:
a. How would you interpret the regression model?
The estimated regression model given in the question is as follows:
Sales = 631,085 + 533,024(Red) + 50.5(Advertising) ................ (1)
From equation (1), Sales is the estimated dependent variables; 631,085 is the estimated constant; 533,024 is the estimated coefficient of the red color; and 50.5 is the estimated coefficient of the advertising expenditures
The interpretation of the above is that sneaker color and the advertising expenditures have positive effect on the sales of sneaker. This implies the sales of sneaker increase when the color of the sneaker is red and Advertising expenses increase.
b. How would you interpret the coefficient for red sneakers?
From equation (1) in part a above, the estimated coefficient of the sneaker color is 533,024.
Since the sign in front of it is positive, this implies that the sneaker sales increases by $533,024 when the sneaker color is red.
Regression equation are used to model the mathematical relationship between an independent and dependent variable. Hence, the interpretation of the model goes thus :
There is a positive relationship between the dependent variable(sales) and the independent variables (Red sneakers aan advertising) Sales realized on sneakers increases by $533,024 when sneaker color is Red.The coefficients of the independent variable gives information about the kind of association between the variables.
Positive Coefficient values indicate, positive association while negative Coefficient depicts negative relationship.
The values of the coefficient also denotes the numerical change experienced by the dependent variable as changes is being made to the independent variable.
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Here are incomplete financial statements for Donavan, Inc. Calculate the missing amounts.
DONAVAN, INC.
Balance Sheet
Assets
Cash
$ 14,100
Inventory
17,100
Buildings
37,900
Total assets
$69,100
Liabilities and Stockholders' Equity
Liabilities
Accounts payable
$ 5,200
Stockholders' Equity
Common stock
Entry field with correct answer
(a)
Retained earnings
Entry field with correct answer
(b)
Total liabilities and stockholders' equity
$69,100
DONAVAN, INC.
Income Statement
Revenues
$85,800
Cost of goods sold
Entry field with incorrect answer now contains modified data
(c)
Salaries and wages expense
10,400
Net Income
$
Entry field with incorrect answer now contains modified data
(d)
DONAVAN, INC.
Retained Earnings Statement
Beginning retained earnings
$19,100
Add: Net income
Entry field with incorrect answer now contains modified data
(e)
Less: Dividends
4,710
Ending retained earnings
$34,100
Answer and Explanation:
The computation of the missing amounts is shown below:
a. Common stock
= Total Liabilities and Stockholders' Equity - total liabilities - ending retained earnings
= $69,100 - $5,200 - $34,100
= $29,800
b. Retained earnings is $34,100
c. Cost of goods sold
= Revenues - salaries & wages expense - net income
= $85,800 - $10,400 - $19,710
= $55,690
Here net income would be
= Ending retained earnings + dividends - beginning retained earnings
= $34,100 + $4,710 - $19,100
= $19,710
d. Net income is $19,710
e. Net income is $19,710
The debt-to-equity ratios for Firm 1, Firm 2, Firm 3, and Firm 4 are 0.2, 0.3, 0.35, and 0.4, respectively. The earnings per share for Firm 1, Firm 2, Firm 3, and Firm 4 are $4, $3, $2.5, and $2, respectively. Everything else equal, which firm is placing more burdens on its borrowing?A. Firm 1.B. Firm 2.C. Firm 3.D. Firm 4.
Answer:
D. Firm 4.
Explanation:
To determine this, the debt-to-equity ratio is the relevant measure to use.
The debt-to-equity ratio can be described as a ratio that compares the total debt of company to its total equity.
The debt-to-equity ratio tells us the percentage of the financing of the firm that is obtained from borrowing from creditors and investors.
The debt-to-equity ratio is a ratio that gives an idea of the extent of burden that the company places on its borrowing and the ability of the company to repay its debt in future.
When a company has the highest debt-to-equity ratio compared to other companies, it implies that more financing of the company comes from creditors and bank loans than from the shareholders of the company.
From the question, Firm 4 has the highest debt-to-equity ratio which 0.4. Based on the explanation above, it therefore implies that Firm 4 is placing more burdens on its borrowing.
Kim hired Gold Contracting to build a pool and a fancy gazebo in her backyard. The plans were complex and required expert workmanship. After the work was completed, Kim was so pleased that she promised to pay Gold an additional $3,500 performance bonus. Later, when Gold demanded the bonus, Kim refused to pay it. If Gold sues Kim for the money, what will probably happen?
A. Gold will win, because the bonus was adequate consideration and served to entice Gold to do an outstanding job.
B. Kim will win, because the bonus is a reward for work they have already performed, which is past consideration and cannot be used to create a contract.
C. Gold will win, because the bonus is for work they have already performed.
D. Kim will win, because the bonus agreement was not in writing.
Answer:
B. Kim will win, because the bonus is a reward for work they have already performed, which is past consideration and cannot be used to create a contract.
Explanation:
In order for a contract to be enforceable, consideration must be exchanged between both parties. In this case, Kim made a promise that included consideration ($3,500) but Gold didn't exchange of give anything back. The swimming pool is already finished and it represents another different contract.
Another example would be a boss telling a subordinate that he/she will receive a bonus for having worked 10 years in the firm. The employee already got paid for working the 10 years, so there is no actual exchange of new consideration.
On July 1, 2020, Sweet Inc. made two sales.
1. It sold land having a fair value of $909,890 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,431,725. The land is carried on Sweet's books at a cost of $594,900.
2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $409,660 (interest payable annually).
Sweet Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest.
Required:
Record the two journal entries that should be recorded by Sweet Inc. for the sales transactions above that took place on July 1, 2020.
Answer:
1.
DR Note Receivable $1,431,725
CR Land $594,900
Gain on Disposal of land $314,990
Discount on Notes Receivable $521,835
Working
Gain on disposal = 909,890 - 594,900 = $314,990
Discount on Notes receivable = 1,431,725 - 909,890 = $521,835
2.
First find present value of the 8-year promissory note;
= 409,660 / ( 1 + 12%)⁸
= $165,454.80
Annual payment of 3% = 3% * 409,660 = $12,289.80
Paid every year for 8 years, the present value at 12% is;
= 12,289.80 * Present value interest factor for annuity, 12%, 8 years
= 12,289.80 * 4.9676
= $61,050.81
Present value of the note (revenue for services rendered) = 61,050.81 + 165,454.80 = $226,505.61
Discount on note receivable = 409,660 - 226,505.61 = $183,154.39
DR Notes Receivable $409,660
CR Service Revenue $226,505.61
Discount on Notes Receivable $$183,154.39
Potash Corporation acquired the voting stock of Safestyle Company on January 1, 2019 for $50 million. Safestyle's book value at the time was $10 million, consisting of $2 million of capital stock and $8 million of retained earnings. The $40 million difference between fair and book value was attributed to goodwill. It is now December 31, 2020, the end of the accounting year and two years after the acquisition. Safestyle's January 1, 2020 retained earnings balance is $11 million, and it reports net income of $1.8 million for 2020. Safestyle declares no dividends and has no other comprehensive income. Goodwill from the acquisition was impaired by $1 million in 2019 and $500,000 in 2020. Potash uses the complete equity method to report its investment in Safestyle on its own books. Support What is the December 31, 2020 balance for Investment in Safestyle, reported on Potash's books?
A. $53,300,000
B. $52,000,000
C. $50,000,000
D. $54,800,000
Answer: A. $53,300,000
Explanation:
Year 2019 balance for Investment
= Cash + Net income - amortization
Net income = Beginning retained earnings 2020 - Beginning retained earnings 2019
= 11 - 8
= 3 million
Balance 2019 = 50 + 3 - 1
= $52 million
Year 2020 balance
= Opening balance + Net income - amortization
= 52 + 1.8 - 0.5
= $53.3 million
= $53,300,000
You get a $3,000 loan at 9% interest for 120 days. The lender uses a 365-day year. How
much will you owe on the maturity date?
Answer:
$3,088.80
Explanation:
Note that the loan is meant for 120days , however, the interest rate quoted is on an annual basis, hence, the interest for 120 days is 2.96% ( 9%*120/365).
It is equally important to note that at maturity the loan principal and the interest accrued thus far for 120 days are repayable to the lender as computed below:
total repayment=$3000+($3000*2.96% )
total repayment=$3000+$88.80
total repayment=$3,088.80
Barney, a manager, is very conventional, resistant to change, habitual, and does not accept new ideas very easily.This implies that Barney has:________.
A) low neuroticism.
B) low customary thinking.
C) high extraversion.
D) high agreeableness.
E) low openness to experience.
Answer:
A
Explanation:
A private not-for-profit entity is working to create a cure for a disease. The charity starts the year with one asset, cash of $700,000. Net assets without donor restrictions are $400,000. Net assets with donor restrictions are $300,000. Of the restricted net assets, $160,000 is to be held and used to buy equipment, $40,000 is to be used for salaries, and the remaining $100,000 must be held permanently. The permanently held amount must be invested with 70 percent of any subsequent income used to cover advertising for fundraising purposes. The rest of the income is unrestricted.
During the current year, this health care entity has the following transactions:
1. Receives unrestricted cash gifts of $210,000.
2. Pays salaries of $80,000, with $20,000 of that amount coming from purpose-restricted donated funds. Of the total salaries, 40 percent is for administrative personnel. The remainder is divided evenly among individuals working on research to cure the disease and individuals employed for fundraising purposes.
3. Buys equipment for $300,000 by signing a long-term note for $250,000 and using restricted funds for the remainder. Of this equipment, 80 percent is used in research. The remainder is split evenly between administrative activities and fundraising. The donor of the restricted funds made no stipulation about the reporting of the equipment purchase.
4. Collects membership dues of $30,000 in cash. Members receive a reasonable amount of value in exchange for these dues including a monthly newsletter that describes research activities. By the end of the year, 112/112 of this money had been earned.
5. Receives $10,000 in cash from a donor. The money must be conveyed to a separate charity doing work on a related disease.
6. Receives investment income of $13,000 from the permanently restricted net assets.
Pays $2,000 for advertising. The money comes from the income earned in (f).
Receives an unrestricted pledge of $100,000 that will be collected in three years. The entity expects to collect the entire amount. The pledge has a present value of $78,000. Related interest (considered contribution revenue) of $5,000 is earned prior to the end of the year.
7. Computes depreciation on the equipment bought in (c) as $20,000.
8. Spends $93,000 on research supplies that are used up during the year.
9. Owes salaries of $5,000 at the end of the year. None of this amount will be paid from restricted net assets. Half of the salaries are for individuals doing fundraising, and half for individuals doing research.
10. Receives a donated painting that qualifies as a museum piece being added to the entity’s collection of art work that is being preserved and displayed to the public. The entity has a policy that the proceeds from any sold piece will be used to buy replacement art. Officials do not want to record this gift if possible..
A. Prepare a statement of financial position for this not-for-profit entity for the end of the current year.
B. Prepare a statement of activities for this not-for-profit entity for this year.
Answer and Explanation:
Net assets:
Donor without restrictions $488400
Donor with restrictions. $320100
Liabilities:
Notes payable. $250000
Salaries payable. $5000
Deferred revenue $27500
Donated amount in separate entity $10000.
$1101000
Assets:
Cash $738000
Equipment $280000
Receivables $83000
$1101000
Notes:
1. Cash.
Beginning cash $700,000
contributions $210,000
less salaries $80,000
less equipment purchase $50,000
Membership dues $30,000
Add contribution $10,000
Add investment income $13,000
less advertisement pay $2,000
less pay for supplies $93,000
2.Pledges receivable:
$78,000 plus the $5,000 in interest for period
3. Equipment. acquired equipment at $300,000 during the year.
4. Accumulated Depreciation: depreciation amounted to $20,000 for the equipment purchased till date.
5. Deferred Revenue: deferred revenue amounts to 27500 in membership dues since they've only earned 1/12 of the $30000 in exchange transactions.
6. Notes Payable: amount accrued for equipment
7. Salaries Payable: salaries owed employees as at end of the year
9. Donated Amount in Separate Entity. The organization does not hold variance powers for the amount contributed by a donor and so it's a liability
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company’s planning budget for May appears below:
Puget Sound Divers
Planning Budget
For the Month Ended May 31
Budgeted diving-hours (q) 300
Revenue ($420.00q) $126,000
Expenses:
Wages and salaries ($11,100 + $124.00q) 48,300
Supplies ($3.00q) 900
Equipment rental ($2,100 + $22.00q) 8,700
Insurance ($4,000) 4,000
Miscellaneous ($520 + $1.42q) 946
Total expense 62,846
Net operating income $63,154
Required:
During May, the company’s actual activity was 290 diving-hours. Complete the flexible budget for that level of activity.
Answer:
$60,458
Explanation:
Calculation to Complete the flexible budget for that level of activity
FLEXIBLE BUDGET
Flexible Budget(290 driving hours)
Revenue 121,800
(290*420)
Expenses:
Wages and salaries 47,060
($11,100 +290*$124.00q)
Supplies 870
($3.00q*290)
Equipment rental 8,480
($2,100 +290* $22.00q)
Insurance 4,000 (Fixed)
Miscellaneous 932
($520 + 290*$1.42q)
Total expense 61,342
Net operating income $60,458
(121,800-61,342)
Therefore the Flexible-budget Net operating income will be $60,458
An annuity pays $500 every six months for 5 years. The annual rate of interest is 8% convertible semiannually. Find each of the following: (a) The PV of the annuity six months (one period) before the first payment, (b) the PV of the annuity on the day of the first payment, (c) the FV of the annuity on the day of the last payment, (d) and the FV of the annuity six months after the last payment.
Answer:
(a) The PV of the annuity six months (one period) before the first payment,
PV ordinary annuity = $500 x 8.1109 (PV annuity factor, 10 periods, 4%) = $4,055.45
(b) the PV of the annuity on the day of the first payment,
PV annuity due = $500 x 8.43533 (PV annuity due factor, 10 periods, 4%) = $4,217.67
(c) the FV of the annuity on the day of the last payment,
FV = $500 x 12.00611 (FV annuity factor, 4%, 10 periods) = $6,003.06
(d) and the FV of the annuity six months after the last payment.
FV = $6,003.06 x (1 + 4%) = $6,243.18
In the Monroe Company, the following Job cards were totaled at the end of the month: Job 243 $5,750 Job 244 $4,980 Job 245 $3,675 Job 246 $4,250 Job 247 $5,100 Job 248 $3,800 Jobs 243 and 244 were in Finished Goods Inventory at the beginning of the month. Jobs 245 and 246 were in Work-in-process at the beginning of the month. Jobs 247 and 248 were started during the month. At the end of the month, Jobs 243 and 247 were sent to customers; jobs 245, 247, and 248 were completed and sent to finished goods. What is the cost of goods manufactured for the month
Answer:
$10,850
Explanation:
Calculation for the cost of goods manufactured for the month
Based on the information given we were told that At the end of the month both Jobs 243 and 247 were sent to customers which means that the cost of goods manufactured for the month will be calculated as :
Cost of Job 243 $5,750
Cost of Job 247 $5,100
Cost of goods sold for the month $10,850
($5,750+5,100)
Therefore the the cost of goods manufactured for the month will be $10,850
Dissatisfaction with public school education has led many parents to try home schooling for their children. If parents reduce their work from a full-time to a part-time load in order to spend time teaching their children at home, how will this affect GDP?
a. Real GDP will increase and nominal GDP will decrease a
b. Both real and nominal GDP will increase.
c. GDP will stay the same
d. GDP will decrease.
Answer:
d. GDP will decrease.
Explanation:
GDP: In economics, the term "GDP" is also referred to as "Gross domestic product", and is described as the standard measure of the value being added and is created via the production of services and goods in a particular country during a specific period. Along with this, GDP also measures the income received or earned by those production in the country, or the total amount that is being spent on the final services and goods.
In the question above, the correct answer is option-d.
Commodity and derivative markets: ____________.a. are additional sources of financing for corporate projects. b. enable the financial manager to adjust a firm's exposure to various business risks. c. are always over-the-counter markets. d. deal only in foreign currencies.
Answer:
b. enable the financial manager to adjust a firm's exposure to various business risks.
Explanation:
The commodity and derivative markets are the tools of the investment where it permits the investors to take the profit from the specific commodities without taking the possession.
So as per the given options, the option B is correct as it also enables the financial manager for managing the exposure of the firm for the different types of business risk
Therefore the option B is correct
On February 1, Tory began a service proprietorship with an initial cash investment of $2,000. The proprietorship provided $5,000 of services in February and received full payment in March. The proprietorship incurred expenses of $3,000 in February, which were paid in April. During March, Tory drew $1,000 against the capital account. In the proprietorship's financial statements for the two months ended March 31, prepared under the cash basis method of accounting, what amount should be reported as capital
The amount that should be reported as the capital is $6,000
Calculation of the capital amount:The following formula should be used.
= Initial cash investment + Investments made + Income received - Drawings
= $2,000 + $0 + $5,000 - $1,000
= $6,000
As per the cash basis accounting method, the cash revenues is more than the cash expenses so the same should be considered as an income
Hence, the amount reported as capital is $6,000.
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Using the lower of cost or market, what should the total inventory value be for the following items:_____. Item Quantity Unit Cost Price Unit Market Price Total Cost Price Total Market Price Lower of Cost or Market A 220 $9 $11 $1,980 $2,420 $fill in the blank 1 B 94 $17 $13 $1,598 $1,222 $fill in the blank 2 C 42 $25 $28 $1,050 $1,176Apply the lower-of-cost-or-market method to inventory as a whole.
Answer:
$ 4252 is the lower cost price.
Explanation:
Using lower of cost price or lower of market price :
Item Total cost price Total market value Lower of cost or market price
A $ 1980 $ 2420 $ 1980
B $ 1598 $ 1222 $ 1222
C $ 1050 $ 1176 $ 1050
$ 4252
Which of the following did Judge Parker NOT mention as one of the principles of ethics?
Answer:
Remain open-minded
Explanation:
A consumer is currently spending all of her available income on two goods: music CDs and DVDs.At her current consumption bundle she is spending twice as much on CDs as she is on DVDs.If the consumer has $120 of income and is consuming 10 CDs and 2 DVDs,what is the price of a CD?
A) $4
B) $8
C) $12
D) $20
Answer:
D) $20
Explanation:
Calculation for the price of a CD
Since the Total income is 120 then let the Income spent on DVDs be x and let them income spent on CDs be 2*x
First step
x + 2*x = $120
3*x = $120
x=$120/3
x = $40
Second step
Let the Price of one CD be y
Hence,
2*y = $40
y = $40 / 2
y = $20
Therefore the price of a CD will be $20
Ingram Electric Products is considering a project that has the following cash flow and WACC data. What is the project's MIRR? Note that a project's projected MIRR can be less than the WACC (and even negative), in which case it will be rejected.
WACC: 11.00%
Year 0 1 2 3
Cash flows -$800 $350 $350 $350
Answer:
the project's MIRR is 13.50 %.
Explanation:
MODIFIED INTERNAL RATE OF RETURN (MIRR)
-It is the rate that causes the Present Value of the Terminal Value (Future Cash flows at the end of the Project) to equal Present Value of Cash outflows.
-MIRR assumes a reinvestment rate at the end of the project
The First Step is to Calculate the Terminal Value at end of year 3.
Terminal Value (FV) = Sum of (PV x (1 + r) ^ 3 - n)
= $350 x (1.11) ^ 2 + $350 x (1.11) ^ 1 + $350 x (1.11) ^ 0
= $431.24 + $388.50 + $350.00
= $1,169.74
The Next Step is to Calculate the MIRR using a Financial Calculator :
(-$800) CFj
0 CFj
0 CFj
$1,169.74 CFj
Shift IRR/Yr 113.50 %
Therefore, the MIRR is 13.50 %
Sperry Company had beginning inventory of $80,000, purchased merchandise during the period for $140,000, and had ending inventory of $95,000. How much was goods available for sale? A. $175.000 B. $155,000 C. $315,000 D. $125,000 E. None of these
Answer:
cost of goods available for sale= $220,000
Explanation:
Giving the following information:
Beginning inventory of $80,000
Purchased merchandise for $140,000
To calculate the cost of goods available for sale, we need to use the following formula:
cost of goods available for sale= beginning inventory + purchase
cost of goods available for sale= 80,000 + 140,000
cost of goods available for sale= $220,000