Kevin owns a retail store, and during the current year, he purchased $610,000 worth of inventory. Kevin's beginning inventory was $67,000, and his ending inventory is $77,200. During the year, Kevin withdrew $1,780 in inventory for his personal use. Calculate Kevin's cost of goods sold for the year.?

Answer:

COGS= $598,020

Explanation:

Giving the following information:

Kevin owns a retail store, and during the current year, he purchased $610,000 worth of inventory. Kevin's beginning inventory was $67,000, and his ending inventory is $77,200. During the year, Kevin withdrew $1,780 in inventory for his personal use.

We need to deduct the inventory used for personal use.

To calculate the cost of goods sold, we need to use the following formula:

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

COGS= 67,000 + 610,000 - 77,200 - 1,780

COGS= $598,020

Arthur sustained an injury to his back. Arthur claimed the injury was suffered at work and filed a claim for workers' compensation benefits. The employer opposed this claim, saying the injury, if real, was the result of a congenital condition. In accordance with the statute, a hearing was held before the Workers' Compensation Board, which ruled against Arthur. Arthur became disgusted with the hearing officer and the proceedings because Arthur felt that the hearing officer did not like him. Arthur has consulted an attorney seeking to sue for workers' compensation benefits. An appeal is available within the agency, but Arthur wants to go directly to court because he feels that the agency appeal would be useless. Discuss the merits of this strategy.

In preparing its bank reconciliation for the month of April 2020, Henke, Inc. has the following information available. Balance per bank statement, 4/30/20 $102,420 NSF check returned with 4/30/20 bank statement 1,350 Deposits in transit, 4/30/20 15,000 Outstanding checks, 4/30/20 15,600 Bank service charges for April 60 What should be the correct balance of cash at April 30, 2020

Mostert Music Company had the following transaction inMarch:a. Sold instruments to customers for $10,000; received$ 6,000 in cash and the rest on account.The cost of theinstruments was $7,000.
b.Purchased $4,000 of new instruments inventory; paid$1,000 in cash and owed the rest on account.
c. Paid $600 in wages for the month.
d. Received a $200 bill for utilities that will be paidin April.
e. Received $1,000 from customers as deposits on ordersof new instruments to be sold to the customers in April.Complete the following statement:Cash BasisIncomeStatementAccrualBasis Income StatementRevenues:Revenues:CashSales___________Salesto customers_________Customerdeposits___________Expenses:Expenses:Inventorypurchases__________Costof sales__________Wagespaid__________Wagesexpense__________Utilitiesexpense__________CashIncome___________(dbl underline)Netincome_________(dbl underline)

Pelzer Printing Inc. has bonds outstanding with 10 years left to maturity. The bonds have a 9% annual coupon rate and were issued 1 year ago at their par value of $1,000. However, due to changes in interest rates, the bond's market price has fallen to $950.70. The capital gains yield last year was -4.93%. What is the yield to maturity

The Eastern District of Adelson Inc. is organized as a cost center. The budget for the Eastern District of Adelson Inc. for the month ended December 31 is as follows:

Sales salaries $819,840
System administration salaries 448,152.00
Customer service salaries 152,600.00
Billing salaries 98,760.00
Maintenance 271,104.00
Depreciation of plant and equipment 92,232.00
Insurance and property taxes 41,280.00
Total $1,923,968.00

During December, the costs incurred in the Eastern District were as follows:

Sales salaries $818,880.00
System administration salaries 447,720.00
Customer service salaries 183,120.00
Billing salaries 98,100.00
Maintenance 273,000.00
Depreciation of plant and equipment 92,232.00
Insurance and property taxes 41,400.00
Total $1,954,452.00

Required:
Prepare a budget performance report for the manager of the Eastern District of Adelson for the month of December.

The phone bill for a corporation consists of both fixed and variable costs. Refer to the fourminusmonth data below and apply the highminuslow method to answer the question. Minutes Total Bill January 470 $ 4 comma 500 February 200 $ 2 comma 695 March 180 $ 2 comma 650 April 320 $ 2 comma 830 If the company uses 390 minutes in​ May, how much will the total bill​ be? (Round any intermediate calculations to the nearest cent and your final answer to the nearest​ dollar.)

Assume that Kish Inc. hired you as a consultant to help estimate its cost of capital. You have obtained the following data: D0 = $0.90; P0 = $27.50; and g = 7.00% (constant). Based on the DCF approach, what is the cost of equity from retained earnings?

Karen Bartlett was given a generic version of Sulindac, an anti-inflammatory drug. The result was that she developed toxic epidermal necrolysis, a disease that disfigured and blinded her. She brought suit alleging that there were warnings that should have been put on the generic version of the drug because issues with the skin infections were being reported. However, the manufacturer to Sulindac did not have FDA approval to place the warning on the product. The jury awarded Ms. Bartlett $21 million, and the generic manufacturer appealed the decision. Which of the following theories would be the best approach for the generic manufacturer to take in order to have the verdict reversed?

a. the commerce clause
b. substantive due process
c. preemption
d. due process because of the excessive size of the verdict

A manufacturing plant is planning to replace outdated equipment with more energy-efficient and environmental-friendly equipment. Two models are under consideration. Model A is sold for $159,000 and can produce at an optimum speed of 78 unit/hour. Model B is sold for the same price, but can produce at an optimum speed of 76 unit/hour. Model A requires 6 hours of maintenance for every 4300 units produced, while Model B requires 5 hours of maintenance for every 3300 units. The maintenance cost for both models is $100 per hour. The variable operating cost is $340 per hour for Model A and $290 per hour for Model B. Due to obsolete parts, there is a sunk cost of $2700 for model A and $1900 for Model B .
1. If the price of the product is $150 per unit and the company expects to sell 145,000 units each year, which model should be selected?
2. What is the estimate of the cummulative average hours per unit required to produce the 5th unit of a production run that has a(n) 78% learning curve, if the first unit takes 50 hours?

Two countries are trying to decide which product should have an increased production Both Canada and Costa Rica produce cottee and corn, but is easier for Canada to raise com than grow Coffee Costa Rica easily grows coffee, but has a more difficult time growing com. In comparison with Costa Rica, Canada has:_________.
a the camale to create richer lasting coffee than Costa Rica
b the opportunity to increase their coffee production to better compete with Costa Rka
c. a comparative advantage with com.
A Moving to another question will save this response

A buyer uses a perpetual inventory system, and on December 7, it contacts its supplier to report that some of the merchandise purchased on December 5 was defective. The seller offered to reduce the merchandise price by $400. The buyer agreed to keep the defective merchandise under those terms. Complete the buyer's necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

Stansfield Corporation had the following activities in 2012.

1. Payment of accounts payable: $770,000

2. Issuance of common stock: $250,000

3. Payment of dividends: $350,000

4. Collection of note receivable: $100,000

5. Issuance of bonds payable: $510,000

6. Purchase of treasury stock: $46,000

Compute the amount Stansfield should report as net cash provided by financing activities in its 2012 statement of cash flows.

At NikeID, you can design your own athletic shoes by selecting the material, choosing the color and even adding other personal touches. This method of using machines to do multiple tasks to produce a variety of products is known as _______ manufacturing.

Category killers compete primarily on the basis of a. low prices and enormous product availability. b. enormous product selection and sales expertise. c. convenient locations and customer services. d. rock-bottom prices and moderate selections. e. one-stop shopping and product availability.

If the price of chocolate-covered peanuts decreases from $1.15 to $0.90, the quantity demanded does not change, and other things are unchanged, the absolute value of the price elasticity of demand, using the midpoint method, is:

Which of the following are a type of overhead allocation method?
a. division overhead rate method.
b. activity-based costing method
c. departmental overhead rate method
d. plantwide overhead rate method

Journal entry worksheet
The company has 15 employees, who earn a total of $1,600 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31, 2019, is a Tuesday, and all 15 employees worked the first two days of that week. Because New Year’s Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6, 2020.
Transaction General Journal Debit Credit
The Office Supplies account started the year with a $3,500 balance. During 2019, the company purchased supplies for $14,455, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,080.
Transaction General Journal Debit Credit
Record the adjusting entry related to the company's insurance.
Transaction General Journal Debit Credit

The expected average rate of return for a proposed investment of $800,000 in a fixed asset with a useful life of four years, straight-line depreciation, no residual value, and an expected total net income of $360,000 for the four years is

One person owns a company's bond, and another owns a share of stock. The company makes a profit of $50 during a certain year. The bondholder is owed a coupon payment of $50, and the stockholder is promised a dividend of $50.

Which of the following is the likeliest outcome of this situation?

a) The bondholder is paid $50

b) The stockholder is paid $50

c) Each investor is paid $25

d) The company keeps the $50 as retained earnings

e) None of these outcomes are likely to happen

2) Assume you bought a share of stock a year ago at a certain price, and today you need the money, so are forced to sell it even though the price has decreased.

Which of the following statements is true?

a) The stock's dividend yield is negative.

b) The stock's dividend yield is positive.

c) The stock's capital gains yield is negative.

d) The stock's capital gains yield is positive.

e) The stock's current yield is negative.

The Sunland Acres Inn is trying to determine its break-even point during its off-peak season. The inn has 50 rooms that it rents at $80 a night. Operating costs are as follows:

Salaries $5,400 per month
Utilities $1,200 per month
Depreciation $1,100 per month
Maintenance $2,140 per month
Maid service $19 per room
Other costs $37 per room

Required:
a. Determine the inn's break-even point in number of rented rooms per month.
b. Determine the inn's break-even point in dollars.

17
A property company received cash for property rentals totalling $738,400 during the
year to 31 December 2009. Figures for rent received in advance and rent in arrears at
the beginning and end of the year were as follows.
31 December 2008
31 December 2009
Rent received in advance
125,300
77,700
Rent in arrears
(all subsequently paid, no bad debts)
39,600
41,100
What amount should appear in the company's income statement for the year ended 31
December 2009 for rental income?​

Your grandmother asks for your help in choosing a certificate of deposit​ (CD) from a bank with a​ one-year maturity and a fixed interest rate. The first certificate of​ deposit, CD​ #1, pays 1.95 percent APR compounded monthly​, while the second certificate of​ deposit, CD​ #2, pays 2.00 percent APR compounded weekly. What is the effective annual rate​ (the EAR) of each​ CD, and which CD do you recommend to your​ grandmother?

On October 31, 2018, your company's records say that the company has $20,419.93 in its checking account. A review of the bank statement shows you have three outstanding checks totaling $8,912.25, and the bank has paid you interest of $27.14 and charged you $22.00 in service charges. The bank statement dated October 31, 2018 would report a balance of: (Round your answer to 2 decimal places.)

The U.S. Department of Defense needs to buy several million dollars worth of tires for its armored personnel carriers. An American manufacturer can supply the tires for $20 million. A foreign supplier can provide the tires for $15 million. Under these facts:________.
A) GATT requires that the tires be bought from the foreign supplier.B) A U.S. statute requires that the government buy from the U.S. supplier.C) Since the foreign supplier is cheaper, the government must buy from the foreign supplier to save money.D) None of the above is correct.

In calculating the probability of being alive at certain times in the future, the expert would most likely utilize the National Vital Statistics Report detailing the "number of people alive" out of 100,000 people for various demographic characteristics. True/False

Cho's Performance Pizza is a small restaurant in Miami that sells gluten-free pizzas. Cho's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Cho signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Cho's kitchen cannot fit more than three ovens, Cho cannot change the number of ovens she uses in her production of pizzas in the short run. However, Cho's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Cho lets them know how many workers she needs for each day of the week. In the short run, these workers are __________ inputs, and the ovens are __________ inputs.

Calculate the times interest earned ratio using the financial statement data shown below. Current liabilities $185 Income before interest and taxes $170 10% Bonds, long-term 360 Interest expense 36 Total liabilities 545 Income before tax 134 Stockholders' equity Income tax 29 Common stock 222 Net income $105 Retained earnings 289 Total stockholders' equity 511 Total liabilities and equity $1,056HHF's times interest earned ratio is:______.a. 10.00.b. 3.14.c. 1.54.d. 2.14.Current liabilities $180 Income before interest and taxes $11810% Bonds, long-term 360 Interest expense 36Total liabilities 540 Income before tax 82Shareholders' equity Income tax 20Capital stock 201 Net income $62Retained earnings 283Total shareholders'equity 484Total liabilities and equity $1,024HHF's debt to equity ratio is:________.a. 0.74.b. 0.56.c. 1.12.d. 1.90.

Blank Corporation acquired 100 percent of Faith Corporation’s common stock on December 31, 20X2, for $150,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:
Item Blank Corporation Faith Corporation
Assets
Cash $ 65,000 $ 18,000
Accounts Receivable 87,000 37,000
Inventory 110,000 60,000
Buildings & Equipment (net) 220,000 150,000
Investment in Faith Corporation Stock 150,000
Total Assets $ 632,000 $ 265,000
Liabilities and Stockholders’ Equity
Accounts Payable $ 92,000 $ 35,000
Notes Payable 150,000 80,000
Common Stock 100,000 60,000
Retained Earnings 290,000 90,000
Total Liabilities & Stockholders’ Equity $ 632,000 $ 265,000
At the date of the business combination, the book values of Faith’s net assets and liabilities approximated fair value. Assume that Faith Corporation’s accumulated depreciation on buildings and equipment on the acquisition date was $30,000.
Required:
a. Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
b. Prepare a consolidated balance sheet worksheet. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)

Pitchfork, Inc. is preparing its 2020 financial statements. The company's accountant calculated Income from Continuing Operations to be $1,700,000, but upon further review is not certain this number is accurate. Pitchfork has a corporate income tax rate of 30%. Additionally, the company reports only one year of financial data on the face of the financial statements. All amounts listed are pretax unless otherwise noted. After reviewing the following information, determine the appropriate adjustments, if any, to Income from Continuing Operations. Once you have determined the CORRECT Income from Continuing Operations, complete the remainder of the Income Statement for reporting EPS.

1. On January 1, 2017, Pitchfork purchased a machine for $180,000 with a salvage value of $20,000 and useful life of eight years which was depreciated using the straight-line method. During 2020, Pitchfork decided to change to double-declining-balance method. The $1,700,000 Income from Continuing Operations had already been calculated using the straight-line depreciation method.

Determine the correct ADJUSTMENT to Income from Continuing Operations (ICO) for Depreciation Expense in 2020.

Adjustment for Depreciation Expense (2020):___________

Continuing with the information presented in #1 above, Pitchfork has ICO of $1,700,000 and a corporate tax rate of 30%. Determine if ICO should be adjusted based on the following information:

2. Pitchfork had an unrealized loss from foreign currency translation adjustments of $120,000 (pretax) that was included in calculating the $1,700,000 income from continuing operations.

Adjustment to I.C.O. for Translation Loss from Foreign Currency: __________

Continuing with the information presented in #1 above, Pitchfork Inc has Income from Continuing Operations (ICO) of $1,700,000 and a corporate tax rate of 30%. Determine if ICO should be adjusted based on the following information:

3. During 2020, Pitchfork closed one of its stores for a pre-tax loss of $150,000. This store closure did not qualify as a component of the entity, nor did it create a strategic shift in the operations of the entity. Therefore, it should not be treated as Discontinued Operations. The $150,000 restructuring charges were excluded in determining the $1,700,000 income from continuing operations.

To correct I.C.O., the Adjustment for Restructuring Charges would be $ _________

Continuing with the information presented in #1 above, Pitchfork has Income from Continuing Operations (ICO) of $1,700,000 and a corporate tax rate of 30%. Determine if ICO should be adjusted based on the following information:

4. On April 1, 2019 Pitchfork paid $24,000 for two years rent on office space and at the time debited Rent Expense. No adjusting or correcting entries were made for this transaction in 2019 or 2020.

a. To correct I.C.O for 2020, the correct Rent Expense (after tax) would be: $ _________


b. Determine the amount of the Prior Period Adjustment to be reported on the Retained Earnings Statement to correct the Beginning Balance at Jan 1, 2020: ______

5. Pitchfork sold investments during the year that resulted in a pre-tax loss of $18,000. The company also had unrealized gains on Available for Sale securities of $20,000 (pre-tax). Both of these transactions were excluded in determining the $1,700,000 Income from Continuing Operations calculation.

To correct I.C.O. for 2020, the adjustment for gains/losses on investments would be: $_________

6. Using the adjustments you made in items 1-5 above, determine the CORRECTED Income From Continuing Operations _________

7. Referring to the information presented above in questions 1-6, determine Pitchfork's Comprehensive Income as of year-end: $_________

Torino Company has 1,300 shares of $50 par value, 6.0% cumulative and nonparticipating preferred stock and 13,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $3,500 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is: