Answer:
C.Unit elastic
Explanation:
Unit elastic demand is the term that describes a scenario where a change in price causes a proportionate change in demand. It is one of the types of elastic demand. A good or service is said to have elastic demand if a small change in price causes a considerable change in the quantity demanded.
In the unit elastic demand, if a product price changes by a certain percentage, the demand will change by an equal percentage. In this scenario, a 7 percent price increase results in a 7 percent decrease in demand.
9.
How is nominal GDP converted into real GDP?
O by eliminating the effects of price increases on GDP growth
O by adding all incomes earned to total expenditures by consumers, businesses, and government
O by adding the contributions of American-owned factories in foreign countries
O by adding up all of the real purchases made in the economy
Answer:
by eliminating the effects of price increases on GDP growth
Explanation:
To correct for an increase in prices, economists establish a set of constant prices by choosing one year as a base year and using this base year to calculate real GDP for other years.
Swifty uses the periodic inventory system. For the current month, the beginning inventory consisted of 7300 units that cost $11.00 each. During the month, the company made two purchases: 2800 units at $12.00 each and 12200 units at $12.50 each. Swifty also sold 13100 units during the month. Using the average cost method, what is the amount of cost of goods sold for the month? (Round average cost per unit to 2 decimal places, e.g. 1.48.)
1- $156545.
2- $157200.
3- $151400.
4- $163300.
Answer:
1. $156545.
Explanation:
Average cost of inventory = {(7300 x $11) + (2800 x $12) + ($12200 x $12.50)}/(7300 + 2800 + 12200)
Average cost of inventory = $80300 + $33600 + $152500)/22300
Average cost of inventory = $11.95 per unit
Cost of goods sold = Units sold * average cost per unit
Cost of goods sold = 13,100 * $11.95
Cost of goods sold = $156,545
Toys "R" Us has decreased its receivable turnover over the last three years: which of the following may be a possible cause of this decrease? A) the company has been more selective in choosing reliable customers. B) salesmen have granted customers an extension of credit terms. C) the accounting department has increased the allowance for doubtful accounts. D) all of the above are correct
Answer:
B) salesmen have granted customers an extension of credit terms.
Explanation:
receivables turnover ratio = net sales / average accounts receivable
A low receivables turnover ratio is usually a bad thing, since most companies sell on credit, i.e. their accounts receivable should be important. A high receivables turnover ratio means that the company is collecting its accounts receivable efficiently and its customers are good payers.
The key point here is average accounts receivable. What can result in a company having very high accounts receivable (compared to its total sales)? The answer is simple, their customers are not paying on time or the company had to extend their credit terms in order to attract more customers.
Analyze how Nintendo recreated the home video game business following the Atari-era boom and bust. How was Nintendo able to capture value in the home video game business?
Answer: Cost leadership and differenciation in quality
Explanation:
Cost leadership; Nitendo was able to reduce production cost by subcontracting most of it's production, while the rest of it's production were done within(in-house), with this effect in cost of production reduced, Nitendo was able to reduce selling price and beat the competition in the market.
Differentiation in quality; Nintendo came with quality, their graphics and sounds were top-notch, despite that, they still invested more in main them better with better technology innovation.
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity Cash $ 180,800 Accounts payable $ 245,500 Inventory 537,200 Kendra, Capital 93,000 Cogley, Capital 212,500 Mei, Capital 167,000 Total assets $ 718,000 Total liabilities and equity $ 718,000 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.)
1. Inventory is sold for $600,000.
2. Inventory is sold for $500,000.
3. Inventory is sold for $320,000 and any partners with capital deficits pay in the amount.
Answer:
a. Inventory is sold for $600,000.
gain on sale of inventory = $600,000 - $537,200 = $62,800
allocation of gain:
Kendra 1/2 x $62,800 = $31,400
Cogley 1/3 x $62,800 = $20,933
Mei 1/6 x $62,800 = $10,467
Dr Cash 600,000
Cr Inventory 537,200
Cr Gain on sale of inventory 62,800
Dr Gain on sale of inventory 62,800
Cr Kendra, capital 31,400
Cr Cogley, capital 20,933
Cr Mei, capital 10,467
Dr Accounts payable 245,500
Cr Cash 245,500
Dr Kendra, capital 124,400
Dr Cogley, capital 233,433
Dr Mei, capital 177,467
Cr Cash 535,300
b. Inventory is sold for $500,000.
loss on sale of inventory = $500,000 - $537,200 = -$37,200
allocation of loss:
Kendra 1/2 x $37,200 = $18,600
Cogley 1/3 x $37,200 = $12,400
Mei 1/6 x $37,200 = $6,200
Dr Cash 500,000
Dr Loss on sale of inventory 37,200
Cr Inventory 537,200
Dr Kendra, capital 18,600
Dr Cogley, capital 12,400
Dr Mei, capital 6,200
Dr Loss on sale of inventory 37,200
Dr Accounts payable 245,500
Cr Cash 245,500
Dr Kendra, capital 74,400
Dr Cogley, capital 200,100
Dr Mei, capital 160,800
Cr Cash 435,300
c. Inventory is sold for $320,000 and any partners with capital deficits pay in the amount of their deficits.
loss on sale of inventory = $320,000 - $537,200 = -$217,200
allocation of loss:
Kendra 1/2 x $217,200 = $108,600
Cogley 1/3 x $217,200 = $72,400
Mei 1/6 x $217,200 = $36,200
Dr Cash 320,000
Dr Loss on sale of inventory 217,200
Cr Inventory 537,200
Dr Kendra, capital 108,600
Dr Cogley, capital 72,400
Dr Mei, capital 36,200
Dr Loss on sale of inventory 217,200
Dr Cash 15,600
Cr Kendra, capital 15,600
Dr Accounts payable 245,500
Cr Cash 245,500
Dr Cogley, capital 140,100
Dr Mei, capital 130,800
Cr Cash 270,900
which fiscal policy would most likely result in the largest budget deficit
Answer:
If the question asks for the largest SURPLUS the answer will be
High Taxation and Low Spending
Explanation:
There are two different questions make sure you read it correctly!!!!
The fiscal policy that would most likely result in the largest budget deficit is expansionary fiscal policy.
What is fiscal policy?Fiscal policy refers to the use of the government budget to affect the economy. This includes government spending and levied taxes. The policy is said to be expansionary when the government spends more on budget items such as infrastructure or when taxes are lowered.
Such policies are typically used to boost productivity and the economy. Conversely, the policy is contractionary when government spending decreases or taxes rise. Contractionary policies might be used to combat rising inflation. Generally, expansionary policy leads to higher budget deficits, and contractionary policy reduces deficits. Expansionary Policy is when governments can spend beyond their tax-based budgetary constraints by borrowing money from the private sector. The U.S. government issues Treasury Bonds to raise funds, for example.
To meet its future obligations as a debtor, the government must eventually increase tax receipts, cut spending, borrow additional funds or print more dollars.
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imagine a trader buys a put option on a stock with a strike price of 500 and pays a premium of 25. what is the traders break-even point g
Answer: $475
Explanation:
Break even point is simply a point whereby the total revenue and the total cost are equal.
Based on the scenario given in the question, the traders break-even point will be 500 - 25 = 475
The answer is $475
Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis.
Total 0 1 to 30 31 to 60 61 to 90
Accounts receivable $171,000 $96,000 $34,000 $15,000 $12,000
Percent uncollectible 1% 4% 6% 9%
Required:
a. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method.
b. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,600 credit.
Answer:
Net Zero Products
a) The balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method is $4,300.
b) Adjusting Entry to record bad debt expense:
Debit Bad Debt Expense $1,700
Credit Allowance for Doubtful Accounts $1,700
To record the bad debt expense for the period and bring the allowance to $4,300 credit balance.
Explanation:
a) Data and Calculations:
Aging of receivables analysis:
Total (days) 0 1 to 30 31 to 60 61 to 90 above 90
Accounts receivable $171,000 $96,000 $34,000 $15,000 $12,000
Percent uncollectible 1% 4% 6% 9%
Allowance for doubtful 0 $960 $1,360 $900 $1,080
Total allowance for doubtful = $4,300 (960 + 1,360 + 900 + 1,080)
b) The adjustment in the Allowance for Doubtful Accounts needed for the current period is $1,700 ($4,300 - $2,600). This amount will be debited to the Bad Debts Expense account and credited to the Allowance for Doubtful Accounts. It will bring the total for the Allowance for Doubtful Accounts to $4,300 from $2,600.
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $665,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $40,000 at the beginning of 2021 and $25,000 in receivables were written off during the year as uncollectible. Also, $2,000 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 15% to accounts receivable at the end of the year.
Required:
Prepare journal entries to record the write-off of receivables, the collection of $2,000 for previously written off receivables, and the year-end adjusting entry for bad debt expense.
Answer:
Bad debt expenses is $82,750
Explanation:
Recording the write off receivables
Date Account Titles and Explanation Debit Credit
Allowances for uncollectible accounts $25,000
Accounts receivables $25,000
(To write off an uncollectible amount)
Recording the reinstatement of an account previously written off
Date Account Titles and Explanation Debit Credit
Account receivables $2,000
Allowances for uncollectible accounts $2,000
(To reinstatement of an account previously written off)
Recording collection of account previously written off
Date Account Titles and Explanation Debit Credit
Cash $2,000
Account receivables $2,000
(To record the cash received)
Recording bad debt expenses for the year
Date Account Titles and Explanation Debit Credit
Bad debt Expenses $82,750
Allowances for doubtful accounts $82,750
(To record estimated bad debts)
Workings
Particulars Amount
Beginning balance $40,000
Less: Receivables write off $25,000
Add: Collection of receivables $2,000
previously written off
$17,000
Less: Required allowances $99,750 ($665,000*15%)
Bad debt expenses $82,750
Thus, the bad debt expenses is $82,750
A tax system in which the tax rate on everyone's first $10,000 of income is 10 percent, the tax rate on everyone's second $10,000 of income is 15 percent, and the tax rate on all income over $20,000 is 25 percent is a(n):
Answer:
The appropriate response is "Progressive tax".
Explanation:
Progressive taxation appears to mean that the tax rate is higher for increased organizations as well as lower for low-income communities. Whenever the taxable income leads to higher, the above tax rate tends to increase. The approximately equal tax rate would be taxation that is set regardless including its up or down in tax liability.So that above is the correct answer.
Over a five-year period, (nominal) GDP in a nation increased from $10 trillion to $15 trillion, while the GDP price deflator increased from 100 to 125. Approximately how much is GDP in year five, stated in terms of year-one dollars?
Answer:
The GDP in year five, stated in terms of year-one dollars, is approximately $12 trillion.
Explanation:
This can be calculate using the following formula:
Real GDP in year five = Nominal GDP in year five / (GDP price deflator in year five / GDP price deflator in year-one) ................... (1)
Where;
Real GDP in year five = Amount of GDP in year five, stated in terms of year-one dollars = ?
Nominal GDP in year five = $15 trillion
GDP price deflator in year five = 125
GDP price deflator in year-one = 100
Substituting the into equation (1), we have:
Real GDP in year five = $15 / (125 / 100) = $15 / 1.25 = $12 trillion
Therefore, the GDP in year five, stated in terms of year-one dollars, is approximately $12 trillion.
The comparative financial statements prepared at December 31, 2015, for Prince Company showed the following summarized data:
2015 2014
Income statement
Sales Revenue 190,900 167,300
Cost of goods sold 113,000 102,000
Gross Profit 77,900 65,300
Operating expenses and interest expense 56,700 53,700
Pretax income 21,200 11,600
Income Tax 6,200 3,100
Net Income 15,000 8,500
Balance Sheet
Cash 4,600 6,500
Accounts Receivable (net) 15,300 16,900
Inventory 40,300 32,600
Operational Assets (net) 46,400 36,400
106,600 92,400
Current liabilities (no interest) 15,100 16,100
Long-term liabilities (10%interest) 44,900 44,900
Common Stock (par $5) 29,900 29,900
Retained Earnings 16,700 1,500
106,600 92,400
1. Present component percentages for 2015 only.
2. Respond to the following for 2015:
What was the gross profit percentage?
Answer:
Prince Company
1. Component percentages for 2015:
Income statement 2015 Percentage
Sales Revenue 190,900 100%
Cost of goods sold 113,000 59% (113,000/190,900 * 100)
Gross Profit 77,900 41% (77,900/190,900 * 100)
Operating expenses and
interest expense 56,700 30% (56,700/190,900 * 100)
Pretax income 21,200 11% (21,200/190,900 * 100)
Income Tax 6,200 3% (6,200/190,900 * 100)
Net Income 15,000 8% (15,000/190,900 * 100)
Balance Sheet 2015 Percentage
Cash $4,600 4.3% (4,600/106,600 * 100)
Accounts Receivable (net) 15,300 14.4% (15,300/106,600 * 100)
Inventory 40,300 37.8% (40,300/106,600 * 100)
Operational Assets (net) 46,400 43.5% (46,400/106,600 * 100)
Total 106,600 100%
Current liabilities (no interest) 15,100 14.2% (15,100/106,600 * 100)
Long-term liabilities (10%interest) 44,900 42.1% (44,900/106,600 * 100)
Common Stock (par $5) 29,900 28% (29,900/106,600 * 100)
Retained Earnings 16,700 15.7% (16,700/106,600 * 100)
Total 106,600 100%
2. Gross profit percentage for 2015: 41%
Explanation:
a) Data and Calculations:
Income statement 2015 2014
Sales Revenue 190,900 167,300
Cost of goods sold 113,000 102,000
Gross Profit 77,900 65,300
Operating expenses and
interest expense 56,700 53,700
Pretax income 21,200 11,600
Income Tax 6,200 3,100
Net Income 15,000 8,500
Balance Sheet
Cash $4,600 $6,500
Accounts Receivable (net) 15,300 16,900
Inventory 40,300 32,600
Operational Assets (net) 46,400 36,400
Total 106,600 92,400
Current liabilities (no interest) 15,100 16,100
Long-term liabilities (10%interest) 44,900 44,900
Common Stock (par $5) 29,900 29,900
Retained Earnings 16,700 1,500
Total 106,600 92,400
For Flynn Company, variable costs are 70% of sales, and fixed costs are $195,000. Management’s net income goal is $75,000. Compute the required sales in dollars needed to achieve management’s target net income of $75,000.
Answer:
i would 75,345 is your answer
Explanation:
The required sales in dollars needed to achieve management’s target net income of $75,000 is $900,000.
Required sales in dollarUsing this formula
Required sales in dollar=Fixed cost+ Net income/ (1-percentage)
Let plug in the formula
]Required sales in dollar=$195,000+$75,000 /(1-.70)
Required sales in dollar=$270,000/.30
Required sales in dollar=$900,000
Therefore the required sales in dollars needed to achieve management’s target net income of $75,000 is $900,000.
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You are in the 32% federal tax bracket. You are offered a taxable bond with a yield of 8.0% and a municipal (muni) bond with a yield of 5.8%. What is the breakeven federal tax rate where you are indifferent with regard to purchasing the taxable bond or the municipal bond? Should you buy the taxable bond? A) 27.50% breakeven tax bracket; No, you should buy the muni bond B) 27.50% breakeven tax bracket; Yes, you should buy the taxable bond C) 29.80% breakeven tax bracket; No, you should buy the muni bond D) 29.80% breakeven tax bracket; Yes, you should buy the taxable bond E) 37.93% breakeven tax bracket; No, you should buy the muni bond F) 37.93% breakeven tax bracket; Yes, you should buy the taxable bond G) None of the above
Answer: A. 27.50% breakeven tax bracket; No, you should buy the muni bond
Explanation:
The breakeven federal tax rate where one is indifferent with regard to purchasing the taxable bond or the municipal bond will be calculated as:
= 1 - municipal bond yield/taxable bond yield
= 1 - (5.8% / 8%)
= 1 - (0.058 / 0.08)
= 1 - 0.725
= 0.275
=27.50%
Therefore, the answer will be A) 27.50% breakeven tax bracket; No, you should buy the municipal bond.
The Greenback Store’s cost structure is dominated by variable costs with a contribution margin ratio of 0.25 and fixed costs of $40,000. Every dollar of sales contributes 25 cents toward fixed costs and profit. The cost structure of a competitor, One-Mart, is dominated by fixed costs with a higher contribution margin ratio of 0.75 and fixed costs of $440,000. Every dollar of sales contributes 75 cents toward fixed costs and profit. Both companies have sales of $800,000 for the month. Required: a. Compare the two companies’ cost structures. b. Suppose that both companies experience a 15 percent increase in sales volume. By how much would each company’s profits increase?
Answer:
Greenback Store One-Mart
Amount % Amount %
a. Sales $800,000 100% $800,000 100%
Variable cost $600,000 75% $200,000 25%
Contribution margin $200,000 25% $600,000 75%
Fixed cost $40,000 5% $440,000 55%
Operating profit $160,000 20% $160,000 20%
Break even point $160,000 $586,666.67
Workings
Greenback Store Break even point = Fixed cost / Contribution margin ratio = 40,000 / 0.25 = 160,000
One-Mart Break even point = Fixed cost / Contribution margin ratio = 440,000 / 0.75 = 586,666.67
b. Greenback Store
Increase in sales = $800,000*15% = $120,000
Company profit Increase by + (Increase in sales * Contribution margin ratio = 120,000 * 25% = $30,000
Thus, with the increase in 15% of sales of Greenback Store, the profit of the company increase by $30,000
One-Mart
Increase in sales = $800,000*15% = $120,000
Company profit Increase by + (Increase in sales * Contribution margin ratio = 120,000 * 75% = $90,000
Thus, with the increase in 15% of sales of One-Mart , the profit of the company increase by $90,000.
From the below-mentioned research paragraph, extract the following information:
I. Identify the research gap.
II. Identify the research objective of the study.
III. On the basis of the research, the objective suggests the research question of the study.
IV. Identify the theory used in the study.
V. Suggest a title for this research paragraph.
Retaining employees is one of the critical issues faced by the organization all over the globe for many years, that how to retain some of the skilled and knowledgeable employees in the organization who can add value to their organizational performance. However, this worry is explained well enough by the cost that indulges to substitute employees who leave the organization and problems that they face while attracting and hiring a new employee. Now, in most of the countries, some employees could not be able to fill out some vacancies which are with higher difficulty is the real sad back in the development of their career. Therefore, in such a scenario, human resource management practices gain vital importance to assist in reducing turnover intentions. (Fabi, Lacoursiere & Raymond, 2015)
In previous studies, AMO model (ability, motivation, and opportunity) the human resource practices were studied as in three other dimensions that are, the first bundle of the bundle of practice connected with the skill level of an employee, second bundle of practice was related with the motivation-enhancing and the third one was linked with the extent of opportunity one employee could get to contribute (Jiang, Lepak, Hu & Baer, 2012). Moreover, in this study, these 3 bundles of human resource practices are redefined as one set with the name of high-performance work practices. This research aims to study the impact of three sets of practices at the individual level on the employee intention to leave which explains a high-performance work system at the one side and employee intention to leave on the other side. Previously, researchers didn’t aim to study the whole effect of individual human resource practices on the employee quit intentions.
The banking sector of Pakistan is consists of thirty-one banks including five representing the public sector and four banks are from abroad, the remaining twenty-two banks are registered as private banks. Moreover, the majority of the banking business is derived from a few selected banks that have perfect competition among them. Six banks are having a major part of banking skills in Pakistan. Generally, these banks collectively hold 57% of deposits and contribute up to 53% of the economy of Pakistan. Additionally, the state bank of Pakistan is the regulatory authority of the banking sector in Pakistan, and further, it gives direction to commercial banks. Overall, the volume of this sector is on a larger scale but against 195 million of the population, only 43 million bank accounts are registered; this is considered a huge gap due to lack of technology knowledge, and some religious groups perceive the concept of conventional banking is against Sharia.
Answer:
Retaining employees is one of the critical issues faced by the organization all over the globe for many years is explained below in details.
Explanation:
The fundamental purpose of this research is to spin out the hollows recognized with measures for the dependability of delegates in the financial sector of Pakistan by examining the effect of an elite work structure (abilities growing, motivation upgrading, and opportunity upgrading) on operator goal to forget with the intermediary influence of procedural justice.
The investigation gap is how the banks in Pakistan going to continue the operators in the country and by employing what methods or models of research.
Answer-II
The primary investigation purpose is beyond, this investigation is zeroing in on the new concept of human asset the board practices. Before, we have seen.
This examination investigates the relationship between elite work structures on worker expectation to leave.
Answer-III
Opportunity promoting is commonly used with the AMO model, which is the proposed model of this examination however having said that open door as an independent variable changed client support directly with the interceding function of passionate performance in past research.
Answer-IV
This examination employs social trade theory, to quantify the problems concerning the standard for dependability in the monetary area of Pakistan.
Answer-V
"New Research to discover the worker maintenance in Pakistan banks"
Betz Company's sales budget shows the following projections for next year:
Sales in Units: 1st Quarter = 60,000; 2nd Quarter = 80,000; 3rd Quarter = 45,000; 4th Quarter = 55,000
Inventory at the beginning of the year was 18,000 units. The finished goods inventory at the end of each quarter is to equal 30% of the next quarter's budgeted unit sales. How many units should be produced during the first quarter?
a) 24,000
b) 48,000
c) 66,000
d) 72,000
Answer:
c) 66,000
Explanation:
Calculation for How many units should be produced during the first quarte
Using this formula
Amount of Units produced = Ending inventory + Units sold + Beginning inventory
Let plug in the formula
Amount of Units produced= (30% × 80,000) + 60,000 − 18,000
Amount of Units produced= 24,000 + 60,000 − 18,000
Amount of Units produced=$66,000
Therefore the units that should be produced during the first quarter will be $66,000
Governments usually take steps to regulate market conditions when:
O A. too many businesses engage in competition.
O B. research and development costs increase.
O c. monopolies act in ways that hurt consumers.
O D. more similar businesses are allowed to open.
Answer:
C monopolies act in ways that hurt consumers
Trust
Answer:
c
Explanation:
Fortune Company had beginning raw materials inventory of $16,000. During the period, the company purchased $92,000 of raw materials on account. If the ending balance in raw materials was $10,000, the amount of raw materials transferred to work in process is
Answer:
The amount of raw materials transferred to work in process is $98,000.
Explanation:
Given that, at the beginning of its business operations, Fortune Company had a raw material inventory of $ 16,000 and that, during the business year, it acquired another quantity of raw materials for $ 92,000, the total of raw materials in the company's stock had a total value of $ 108,000 (16,000 + 92,000).
Now, if at the end of the balance the value of the raw materials was $ 10,000, the amount of raw material that was incorporated into the production process was a value of $ 98,000 (108,000 - 10,000).
Post Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5% interest note. Post Company prepares financial statements on April 30. What adjusting entry should they make?
Debit note receivable $40,000; Credit Cash $40,000
Debit interest receivable $150; Credit interest revenue $150
Debit cash $150; Credit interest revenue $150
Debit interest receivable $600; Credit interest revenue $600
Answer:Debit interest receivable $150; Credit interest revenue $150--- B
Explanation:
Interest Receivable = Principal x Rate x Time ( from April 2st to 31st--Imonth)
$40,000 x 4.5% x 1/12
= $ 150
Journal entry to record amount on interest note on April 31st
Date Account titles Debit Credit
April 31st interest receivable $150
interest revenue $150
The stockholders' equity of Gaulin Company at the start of the current year follows: Common stock, $ 5 par value, 350,000 shares authorized; 120,000 shares issued and outstanding $ 600,000 Paid-in capital in excess of par value 600,000 Retained earnings 346,000 During the current year, the following transactions occurred: Jan. 5 Issued 10,000 shares of common stock for $12 cash per share. Jan. 18 Purchased 4,000 shares of common stock for the treasury at $14 cash per share. Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $17 cash per share. July 17 Sold 500 shares of the remaining treasury stock for $13 cash per share. Oct. 1 Issued 5,000 shares of 8%, $22 par value preferred stock for $32 cash per share. This is the first issuance of preferred shares from the 50,000 authorized shares.
(a) Use the financial statement effects template to indicate the effects of each transaction. Use negative signs with answers, when appropriate.
Balance Sheet
Transaction Cash Asset + Noncash Assets = Liabilities + Contributed Capital + Earned Capital
Jan. 5 Answer Answer Answer Answer Answer Jan. 18 Answer Answer Answer Answer Answer Mar. 12 Answer Answer Answer Answer Answer July. 17 Answer Answer Answer Answer Answer Oct. 1 Answer Answer Answer Answer Answer Income StatementRevenue - Expenses = Net IncomeAnswer Answer AnswerAnswer Answer AnswerAnswer Answer AnswerAnswer Answer AnswerAnswer Answer Answer(b) Prepare the December 31, 2014, stockholders' equity section of the balance sheet assuming that the company reports net income of $65,800 for the year.Stockholders' EquityPaid-in capital 8% Preferred stock, $25 par value, 50,000 shares authorized, 5,000 shares issued and outstanding $Answer Common stock, $5 par value, 350,000 shares authorized; 260,000 shares issued Answer $AnswerAdditional paid-in capital Paid-in capital in excess of par value-preferred stock Answer Paid-in capital in excess of par value-common stock Answer Paid-in capital from treasury stock Answer AnswerTotal paid-in capital AnswerRetained earnings AnswerAnswerLess: Treasury stock (2,500 shares) at cost AnswerTotal Stockholders' Equity $ Answer
Answer:
common stock $600,000
additional paid in capital, common stock $600,000
retained earnings $346,000
I used an excel spreadsheet because there is not enough room here
1) Dr Cash 120,000
Cr Common stock 50,000
Cr Additional paid in capital, common stock 70,000
2) Dr Treasury stocks 56,000
Cr Cash 56,000
3) Dr Cash 17,000
Cr Treasury stock 14,000
Cr Additional paid in capital, common stock 3,000
4) Dr Cash 6,500
Dr Additional paid in capital, common stock 500
Cr Treasury stock 7,000
5) Dr Cash 160,000
Cr Preferred stocks 110,000
Cr Additional paid in capital, preferred stock 50,000
who remabers portal?
Answer:
me
Explanation:
Casey Electronics has a piece of machinery that costs $300,000 and is expected to have a useful life of 6 years or 40,000 hours. Residual value is expected to be $50,000.Using the units-of-production method, what is depreciation expense for the first year assuming it was used 6,000 hours?a) $37,500b) $70,000c) $81,000d) $41,667
Answer:
a) $37,500
Explanation:
In order to determine the depreciation for year 1 based on the units-of-production method, we apply the formula below:
Annual Depreciation= Depreciable Value × Units produced during the year /Estimated total production
Depreciable Value = Original cost – Scrap value
depreciable value=$300,000-$50,000=$250,000
Units produced during the year=6,000 hours
Estimated total production in hours=40,000 hours
first-year depreciation=$250,000*6000/40000
first-year depreciation=$ 37,500.00
Bishop has a capital balance of $120,000 in a local partnership, and Cotton has a $90,000 balance. These two partners share profits and losses by a ratio of 60 percent to Bishop and 40 percent to Cotton. Lovett invests $60,000 in cash in the partnership for a 20 percent ownership. The goodwill method will be used. What is Cotton's capital balance after this new investment?
a) $99,600
b) $102,000
c) $112,000
d) $126,000
Answer:
b) $102,000
Explanation:
Calculation of goodwill
Lovett investment $60,000
Actual value of partnership = $60,000/20% = 300,000
Partnership capital = $120,000 + $90,000 + $60,000 = $270,000
Goodwill = $300,000 - $270,000 = $30,000
Distribution of Goodwill
Bishop = $30,000 * 60% = $18,000
Cotton = $30,000 * 40% = $12,000
Cotton's Capital = $90,000 + $12,000 = $102,000. Thus, Cotton's capital balance after this new investment is $102,000
Click this link to view O*NET's Work Activities section for Electrical Power-Line Installers and Repairers. Note that
common activities are listed toward the top, and less common activities are listed toward the bottom. According to
O*NET, what are some common work activities Electrical Power-Line Installers and Repairers perform? Check all
that apply.
communicating with supervisors, peers, or subordinates
inspecting equipment, structures, or material
getting information
O staffing organizational units
operating vehicles, mechanized devices, or equipment
fundraising to pay for work activities
Answer 1,2,3,5
Answer:
2 4 5 6
Explanation:
I had to get the question wrong so i could give the right answer
brainliest please
edit:i put the wrong numbers, i added the right ones
Answer:
Its , 1, 2, 5, 6 or A, B, E, F edge 2021
Explanation:
(ignore this I had to put this so that it would add my answer)
Steve Colburn's portable sawmill used 100% for business, was completely destroyed by fire. The sawmill had an adjusted basis of $35,000 and a fair market value of $50,000 before the fire. The sawmill was uninsured. Steve's casualty loss is:________.1) $49,900.
2) $50,000.
3) $35,000.
4) $34,900.
Answer: $35,000
Explanation:
A casualty loss is simply a loss that an individual or business incurs when a property is damaged, or destroyed due to an unexpected or sudden event like fire, volcanic eruption, flood etc.
Here, Steve's casualty loss will be gotten when we compare both his adjusted basis and the fair market value and then we choose the lesser one. Since $35000 is lesser than $50000, therefore the answer will be $35000.
A few years ago the British government was considering retiring, or buying back from investors, some outstanding consols that had annual coupons of . A consol is: A. a coupon bond that pays a variable coupon and has a fixed maturity date. B. a coupon bond that pays a fixed coupon rate and does not mature. C. a coupon bond that pays a variable coupon rate and does not mature. D. a coupon bond that pays a fixed coupon rate and has a fixed maturity date. If the yield to maturity on other long-term British government bonds was %, the price the British government is likely to offer investors is £ nothing. (Enter your response to a nearest dollar.)
Answer:
a coupon bond that pays a fixed coupon rate and does not mature
Explanation:
Roland had revenues of $601,000 in March. Fixed costs in March were $212,520 and profit was $51,920. A. What was the contribution margin percentage?B. What monthly sales volume (in dollars) would be needed to break-even?
c. What sales volume (in dollars) would be needed to earn $169,420?
Answer: See explanation
Explanation:
Revenue = $601,000
Fixed costs = $212,520
Profit = $51,920
A. A. What was the contribution margin percentage?
Contribution margin will be calculated as:
= (Fixed cost + Profit) / Revenue
= ($212520 +$51920) / $601,000
= $264440 / $601000
= 44%.
B. What monthly sales volume (in dollars) would be needed to break-even?
The break even point sales will be:
= Fixed cost / Contribution margin
= $212520 / 44%
= $212520 / 0.44
= $483000
C. What sales volume (in dollars) would be needed to earn $169,420?
This will be:
= (FC+DP) / Contribution margin
= (212520 + 169420)/0.44
= $381940/0.44
= $868045.45
Question 7 of 10
How does fractional reserve banking increase the money supply?
O A. By automatically converting foreign currencies into U.S. dollars on
deposit
O B. By guaranteeing that all deposits are held in reserve as cash at all
times
O C. By using deposited money to make loans without reducing the
value of the deposits
O D. By giving banks the authority to print their own money in an
economic emergency
SUBMIT
Answer: C. By Using deposited money to make loans without reducing the value of the deposits
Explanation:
A.P.E.X
Answer:
c
Explanation:
Rearden Metal has a bond issue outstanding with ten years to maturity, a yield to maturity of 8.6%, and a B rating. The corresponding risk-free rate is 3% and the market risk premium is 6%. Assuming a normal economy, the expected return on Rearden Metal's debt is closest to:______
a. 0.6%
b. 1.6%
c. 4.6%
d. 6.0%
Answer:
c. 4.6%
Explanation:
the question is incomplete, since it is missing the average beta for B rated bonds, so I looked for similar questions: average beta for B bonds = 0.26 and since we are assuming a normal economy, we should use it:
the expected return on the bonds = risk free rate + (average beta of B rated bonds x risk premium)
expected return = 3% + (0.26 x 6%)
expected return = 3% + (0.26 x 6%) = 3% + 1.56% = 4.56% ≈ 4.6%