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
The wages payable related to the factory workers for Larkin Company during the month of January are $76,000. The employer's payroll taxes for the factory payroll are $8,000. The fringe benefits to be paid by the employer on this payroll are $6,000. Of the total accumulated cost of factory labor, 85% is related to direct labor and 15% is attributable to indirect labor.
Prepare entries for factory labor.
Instructions
a. Prepare the entry to record the factory labor costs for the month of January.
b. Prepare the entry to assign factory labor to production.
(Weygandt, 12/2017, p. 20-31) Weygandt, J. J., Kimmel, P. D., Kieso, D. E. (2017). Accounting Principles, 13th Edition. [[VitalSource Bookshelf version]]. Retrieved from vbk://9781119411017 Always check citation for accuracy before use.
Answer:
a. Date Account Titles and Explanation Debit Credit
Factory labor $90,000
Factory wages payable $76,000
Employer payroll taxes payable $8,000
Employer fringe benefits payable $6,000
b. The entry to assign factory labor to production is the following
Date Account Titles and Explanation Debit Credit
Work in process inventory $76,500
(85% of $90,000)
Manufacturing overhead $13,500
(15% of $90,000)
Factory labor $90,000
Sunland Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be driven 145,000 miles. Taxi 10 cost $29,500 and is expected to have a salvage value of $500. Taxi 10 was driven 32,000 miles in 2021 and 30,100 miles in 2022.
Answer:
see below
Explanation:
Under the unit of depreciation method, depreciation expense is per unit used.
The calculation of depreciation expense per unit is as per the formula.
DE per unit (Asset Cost − Salvage Value)/ Estimated Production Output
For Tax 10:
=($29,500- $500 ) /145,000 miles
= $29,000/145,000
=$0.2
The depreciation expense is $0.2 per mile.
Depreciation for 2021 will be depreciation per mile multiplied by miles driven.
=32,000 x $0.2
=$6,400
Depreciation for 2022
=30100 x $0.2
=$6,020
Hank owns a gym called Ultimate Fitness. During the past year, Hank sold some equipment and other assets to upgrade his facility. He sold an elliptical trainer for $400. The buyer also included a juicer machine worth $100. The elliptical trainer had an original cost of $1500 and had accumulated depreciation for tax purposes of $800. What is Hank's realized gain or loss on the sale?A) Loss of $1000B) Loss of $200C) Loss of $1100D) Loss of $300
Answer:
B) Loss of $200
Explanation:
gain/loss resulting from the exchange = total consideration received - asset's basis
assets's basis = $1,500 - $800 = $700total consideration received = $400 + $100 (juicer machine) = $500gain/loss resulting from the exchange = $500 - $700 = -$200
In this case, Hank can report a net loss resulting from the exchange since the consideration received in exchange for the elliptical trainer was lower than its book value.
When a liquidity trap situationâ exists, we knowâ that:_____.a. fiscal policy will have no effect on the demand for goods.b. an open market operation will have no effect on the interest rate.
c. expansionary monetary policy will be deflationary.
d. fiscal policy will have no effect on the demand for goods.
e. an open market operation will have no effect on the monetary base.
Answer:
b. an open market operation will have no effect on the interest rate
Explanation:
In any situation of of liquidity trap, money demand curve is always almost flat. As a result of this, a shift in the money supply curve (resulting from an open market operation) does not cause much or any change in the market interest rate. An open market operation can affect the money supply even during liquidity trap. The monetary base in affected, without exception, when an open market operation takes place. An expansionary monetary policy increases price levels and is therefore never deflationary. It is the monetary policy, not the fiscal policy, that is rendered ineffective in the case of liquidity trap.
________ is a crime in which an imposter obtains key pieces of personal information to impersonate someone else.
A) Identity theft
B) Spoofing
C) Social engineering
D) Evil twins
Answer:
A)Identity theft
Explanation:
I hope it helps you
Explain the usefulness of the theory of constraints in the determination of the most profitable product mix for this furniture manufacturer.
Answer: More workers would need to be employed to improve productivity time
Explanation:
The theory of constraint looks at identifying vital factors that limit or stands as an obstruction in achieving a goal and soughting out ways of improving the situation till there is no limiting factor. This theory means that for the furniture manufacturer, for him to have more productivity, he would need to get more hands on deck, to quicken operations, reduce production time and improve productivity.
The next dividend payment by Skippy, Inc., will be $2.95 per share. The dividends are anticipated to maintain a growth rate of 4.8 percent, forever. If the stock currently sells for $53.10 per share, what is the required return?A) 2.67%
B) 5.56%
C) 4.80%
D) 10.36%
E) .27%
Answer:
the correct option is D. 10.36%
Explanation:
The computation of the required return is shown below:
As we know that
Current Price = Expected Dividend ÷ (Required Return - Growth Rate)
(Required Return - Growth Rate) = Expected Dividend ÷ Current Price
Required Return = (Expected Dividend ÷ Current Price ) + Growth rate
= ($2.95 ÷ $ 53.10) + 4.8%
= 10.36%
hence, the correct option is D. 10.36%
We simply applied the above formula so that the correct value could come
And, the same is to be considered
M and M, Inc. produces a product that has a variable cost of $3.40 per unit. The company's fixed costs are $41,600. The product is sold for $6 per unit and the company desires to earn a target profit of $13,000. What is the amount of sales that will be necessary to earn the desired profit? (Do not round intermediate calculations.) A. $305,200 B. $96,000 C. $150,600 D. $126,000
Answer:
D. $126,000
Explanation:
We will calculate the amount of sales to earn desired profit as;
= (Desired profit + Fixed costs) / Contribution margin %
Given that;
Desired profit = $13,000
Fixed costs = $41,600
We can calculate contribution margin % using the formula;
= (Sales price per unit - Variable cost per unit) / Sales price per unit
= ($6 - $3.4) / $6
= $2.6 / $6
= 0.4333333
= 43.33333% rounded off
We can now calculate ;
Amount of sales = (Desired profit + Fixed costs) / Contribution margin %
= ($13,000 + $41,600) / 43.33333%
= $54,600 / 43.33333%
= $126,000
Therefore, the amount of sales that will be necessary to earn the desired profit is $126,000
Write 5 reasons why finding money to pay for college is important for you and your future.
1. Just in case your parents don't have enough money getting a job can help you pay for your collage yourself
2. When finding money after you are done you don't have to pay any student loans
3. Finding money can help you for your future cause if u pay for you collage you will have no stress and have extra money to buy important values
4. Finding money can help you get in a really good collage if u have enough
5. it makes you more determined and make you feel better about yourself
Not the best but here is a try
A monopolist:____.a. produces more than the competitive outcome. b. has zero profits. c. has the same profits as what would have in a competitive market. d. produces less than the competitive outcome. e. produces the same units as the competitive outcome.
Answer: d. produces less than the competitive outcome.
Explanation:
A monopolist by definition is the only one producing the certain good or service in question. This is in contrast with a competitive situation where many firms will be producing that same good.
Monopolies therefore will be unable to produce the same amount that a competitive outcome would because they would not have the capacity. This leads to a situation where monopolies can charge higher for their goods and services as opposed to competitive firms.
Where are all of my fans at!! I love all of you!! Have a good rest of your day and happy thanksgiving!!!!!
Answer:
thanks!
Explanation:
Answer:
You too!! And also a Happy Thanksgiving to you :)
What term represents a sample web page that replicates what the final website will look like?
O test page
O wireframe
O sitemap
O storyboard
Answer:
The answer is wireframe
Explanation:
Just took the test
Wireframe term represents a sample web page that replicates what the final website will look like.
What is website ?A website, often known as a web site, is a collection of web pages and related material that is published on at least one web server and given a shared domain name.
The World Wide Web is the collective name for all publicly accessible websites. A company's internal website for its employees is an example of a private website that can only be accessed via a private network.
Most websites focus on a single subject or objective, including news, education, business, entertainment, or social networking. The navigation of the website, which frequently begins with a home page, is aided by hyperlinks between web pages.
On a variety of gadgets, including PCs, laptops, tablets, and smartphones, users can visit websites. A web browser is the name of the application used on these gadgets.
To know more about private network
https://brainly.com/question/23318736
#SPJ2
A loss on the constructive retirement of a parent's bonds by a subsidiary is effectively recognized in the individual accounting records of the parent and its subsidiary:_________
I.at the date of constructive retirement
II.over the remaining term of the bonds.
a. I
b. II
c. Both I and II
d. Neither I nor II
Answer:
c. Both I and II
Explanation:
In the case when there is a loss at the time of the retirement of the parent bond by a subsidiary and it could be effectively recorded in the accounting records of the parent and the subsidiary. It could be done at that date when the retirement is done in a constructive way also the bond terms that are left
Therefore both options should be recognized
Hence, the correct option is c.
What is the net effect on a firm's working capital if a new project requires: $38,991 increase in inventory, $31,869 increase in accounts receivable, $35,000.00 increase in machinery, and a $41,802 increase in accounts payable
Answer: Increase by $29,058
Explanation:
A firm's net working capital is the Current Assets less the current liabilities.
From the above, the current assets are; inventory and accounts receivable.
Current Assets
= 38,991 + 31,869
= $70,860
Current liabilities = Accounts payable = $41,802
Net effect on working capital
= 70,860 - 41,802
= $29,058
A semiannual TIPS was issued in December 2017 with a face value of $1,000 and a coupon rate of 1.2%. What coupon payment it must have paid in December 2018 if the CPI was 247.91 in December 2017 and 251.23 in June 2018?
Answer:
The coupon payment = $6.08
Explanation:
The coupon payment = Face value*Coupon rate / 2*CPI June 2017 / CPI December 2018
The coupon payment = $1,000*1.2% / 2*251.23 / 247.91
The coupon payment = 6.08035174055
The coupon payment = $6.08
Describe how each of these accounts would appear after the following:______a) A cash dividend of $1 per shareb)10 percent stock dividend (fair market value of stock is $13 per share)c) A 3-for-1 stock splitd) A 1-for-2 reverse stock split
Answer:
the stock will spilt
Explanation:
Your cover letter should be no more than 1 page each
Answer:
I didn't understand your question.
A corporate bond is quoted at a price of 98.96 and has a coupon rate of 4.8 percent, paid semiannually. What is the current yield?
A) 4.24 percent
B) 4.85 percent
C) 5.36 percent
D) 5.62 percent
E) 4.66 percent
Answer:
B) 4.85 percent
Explanation:
The computation of the current yield is shown below:
As we know that
Current yield is
= Coupon rate ÷ Price of the corporate bond
= 4.8% ÷ 98.96
= 4.85%
Hence, the current yield is 4.85%
Therefore the correct option is B.
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Which of the following is not an exemption from minimum essential coverage for health insurance:
a. the taxpayer had coverage for all but 1 month during the year
b. the taxpayer’s income is less than 200% of the federal poverty level
c. the taxpayer was in jail
d. the taxpayer spent 350 days out of the United States during the year
Answer:
c. the taxpayer was in jail
Explanation:
The minimum eligibility for cover in the health insurance exemption is as follows:
1. Tax payer should cover for all month but for one month
2. The income of the taxpayer should be lower than 200 of the federal level of the poverty
And,
3. The taxpayer should spent 350 days out of the total days avaiiable in the united states
Therefore the option c is to be selected as it not come under the exemption criteria
Jammer Company uses a perpetual weighted average inventory system and reports the following: August 2 Purchase 17 units at $15.00 per unit. August 18 Purchase 19 units at $13.00 per unit. August 29 Sale 34 units. August 31 Purchase 22 units at $18.00 per unit. What is the per-unit value of ending inventory on August 31?
Answer:
Weighted-average ending inventory cost= $17.75
Explanation:
First, we need to calculate the total cost of ending inventory:
August 2= 17*15= 255
August 18= 19*13= 247
August 29= (19*13 + 15*15)= (472)
August 31= 22*18= 396
Total ending inventory= $426
Now, the weighted average cost per unit of ending inventory:
Ending inventory in units= 24
Weighted-average ending inventory cost= (426/24)
Weighted-average ending inventory cost= $17.75
The ________ measures the return on owners' (both preferred and common stockholders) investment in the firm.
A) net profit margin
B) price/earnings ratio
C) return on equity
D) return on total assets
Answer:
C) return on equity
Explanation:
The return on equity determines the financial performance of the company. It could be calculated by dividing the net income from the owners equity as according to the accounting equation, the owners equity could be find out by deducting the liabilities from the assets
So here the equity could be of both types i.e. common and preferred
Therefore the option c is correct
Stanford issues bonds dated January 1, 2019, with a par value of $248,000. The bonds’ annual contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three years. The annual market rate at the date of issuance is 10%, and the bonds are sold for $229,115
1. What is the amount of the discount on these bonds at issuance?
2. How much total bond interest expense will be recognized over the life of these bonds?
3. Prepare an effective interest amortization table for these bonds.
Answer:
1. What is the amount of the discount on these bonds at issuance?
$18,885
2. How much total bond interest expense will be recognized over the life of these bonds?
total interest expense = ($248,000 x 7% x 3 years) + $18,885 = $70,965
3. Prepare an effective interest amortization table for these bonds.
see attached PDF
Explanation:
the journal entry to record the issuance
January 1, 2019, bonds issued at a discount
Dr Cash 229,115
Dr Discount on bonds payable 18,885
Cr Bonds payable 248,000
When you draw Refine marks, the lines essentially indicate __________ to keep or remove in the background.
Answer:
Colors
Explanation:
The inability to physically possess artificial intelligence as it delivers service represents which fundamental difference of marketing services?
Answer:
The fundamental difference in marketing services referred to here is the tangibility of product vs the intangiblity of service.
Explanation:
There are two broad categories of marketing:
Product MarketingService MarketingThe big difference between the two is that the former is tangible whilst the latter is not.
The intangibility of service makes it harder (but not impossible) for the marketer to find a tangible element to which the consumer can connect to the brand.
Intangibility also means that (unlike a tangible product) it will be difficult for a consumer to return a service like that which has been rendered by AI. What any businesses do when a customer is not satisfied with a service is to do a refund. However, in a product scenario, the loss for a product returned is less than that of a refund for service because a defective product can always be fixed.
Cheers
Bumble Bee Co. had taxable income of $7,000, tax depreciation of $5,000, book depreciation of $2,000, and accrued warranty expense of $400 on the books although no warranty work was performed. What is Bumble Bee's pretax accounting income?
Answer:
$9,600
Explanation:
Calculation for Bumble Bee's pretax accounting income
Using this formula
Pretax accounting income=Taxable income-Accrued warranty expense+(Tax depreciation-Book depreciation)
Let plug in the formula
Pretax accounting income=$7,000-$400+($5,000-$2,000)
Pretax accounting income=$7,000-$400+$3,000
Pretax accounting income=$9,600
Therefore Bumble Bee's pretax accounting income will be $9,600
The following transactions were selected from among those completed by Hailey Retailers in the current year:
Nov. 20 Sold two items of merchandise to Customer B, who charged the $460 (total) sales price on her Visa credit card. Visa charges Hailey a 1 percent credit card fee.
25 Sold 14 items of merchandise to Customer C at an invoice price of $3,400 (total); terms 2/10, n/30.
28 Sold 12 identical items of merchandise to Customer D at an invoice price of $8,040 (total); terms 2/10, n/30.
30 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer.
Dec. 06 Customer D paid the account balance in full.
30 Customer C paid in full for the invoice of November 25.
Required:
a. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold.
b. Compute Net Sales.
Answer:
Hailey Retailers
a. Journal Entries:
Nov. 20:
Debit Visa Card $455.40
Debit Card Charges $4.60
Credit Sales Revenue $460
To record the sale of goods via Visa credit card.
Nov. 25:
Debit Accounts Receivable $3,400
Credit Sales Revenue $3,400
To record the sale of goods on account, terms 2/10, n/30.
Nov. 28:
Debit Accounts Receivable $8,040
Credit Sales Revenue $8,040
To record the sale of goods on account, terms 2/10, n/30.
Nov. 30:
Debit Sales Returns $670
Credit Accounts Receivable $670
To record the return of the defective items.
Dec. 06:
Debit Cash $7,222.60
Debit Cash Discount $147.40
Credit Accounts Receivable $7,370
To record the receipt from Customer D.
Dec. 30:
Debit Cash $3,400
Credit Accounts Receivable $3,400
To record the receipt from Customer C.
b. Computation of the Net Sales:
Nov. 20: Sales Revenue $460
Nov. 25: Sales Revenue $3,400
Nov. 28: Sales Revenue $8,040
Nov. 30: Sales Returns $(670)
Net Sales = $11,230
Explanation:
Hailey Retailers' net sales equals the addition of the sales revenue minus the sales returns.
A 20-year maturity bond with face value of $1,000 makes annual coupon payments and has a coupon rate of 9.40%. (Do not round intermediate calculations. Enter your answers as a percent rounded to 3 decimal places.)
a. What is the bondâs yield to maturity if the bond is selling for $1,040?
Yield to maturity %
b. What is the bondâs yield to maturity if the bond is selling for $1,000?
Yield to maturity %
c. What is the bondâs yield to maturity if the bond is selling for $1,240?
Yield to maturity %
Answer and Explanation:
The computation of the yield to maturity is shown below:
a. When the bond sale price is $1,040
Given that
FV = $1,000
PV = $1,040
PMT = $1,000 × 9.40% = $94
NPER = 20
The formula is shown below:
= RATE(NPER;PMT;-PV;FV;TYPE)
After applying the above formula, the yield to maturity is 8.9630%
b. When the bond sale price is $1,000
Given that
FV = $1,000
PV = $1,000
PMT = $1,000 × 9.40% = $94
NPER = 20
The formula is shown below:
= RATE(NPER;PMT;-PV;FV;TYPE)
After applying the above formula, the yield to maturity is 9.4%
c. When the bond sale price is $1,240
Given that
FV = $1,000
PV = $1,240
PMT = $1,000 × 9.40% = $94
NPER = 20
The formula is shown below:
= RATE(NPER;PMT;-PV;FV;TYPE)
After applying the above formula, the yield to maturity is 7.1144%
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: Timber rights on a tract of land were purchased for $1,140,000 on February 22. The stand of timber is estimated at 6,000,000 board feet. During the current year, 1,600,000 board feet of timber were cut and sold. On December 31, the company determined that $1,110,000 of goodwill was impaired. Governmental and legal costs of $9,120,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 15 years. Amortization is to be for three-fourths of a year.
Required:
a. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. Do not round your intermediate calculations.
Item Impairment, Amortization or Depletion Expense
a. $
b. $
c. $
b. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item.
Answer:
a) Determination of the amount of the amortization, depletion, or impairment for the current year for each item:
Item Impairment Amortization Depletion
Expense Expense Expense
a. Timber rights $304,000
b. Goodwill $ 1,110,000
c. Patent $456,000
b) Adjusting Journal Entries:
Date Account Titles Debit Credit
Dec. 31 Depletion Expense -Timber rights $304,000
Accumulated Depreciation - Timber rights $304,000
To record the depletion expense for Timber rights.
Dec. 31 Goodwill Impairment Loss $1,110,000
Accumulated Goodwill Impairment $1,110,000
To record the impairment loss for Goodwill
Dec. 31 Amortization Expense - Patent $456,000
Accumulated Amortization - Patent $456,000
To record the amortization expense for Patent.
Explanation:
a) Data and Calculations:
February 22, Purchase of Timber rights $1,140,000
Estimated stand of timber = 6,000,000
Used board feet of timber = 1,600,000
Units of product Depletion
= $1,140,000/6,000,000 * 1,600,000
= $304,000
December 31, Goodwill impairment
= $1,110,000
April 3 Patent:
Cost incurred $9,120,000
Amortization per annum = $608,000 ($9,120,000/15)
Amortization for the current year = $456,000 ($608,000 * 3/4)
Philip Morris bought Miller Brewing and used its marketing expertise to improve Miller's market share. This justification for diversification is best described as _________.A) utilizing common infrastructures.B) capitalizing on core competencies.C) reducing corporate risk.D) using portfolio analysis.
Answer:
The correct answer is the option B: Capitalizing on core competencies.
Explanation:
To begin with, in the field of business when we talk about "core competencies" we use the term to refer to something that a company can add to its business strategy with the purpose to add more value to the final benefit that the final consumer will obtain from the consumption of the good. Therefore that it means that capitalizing on core competencies refers to the situation where a company decides to add a superior value to its product by achiving diversification in its strategy and more specifically in this case, in its marketing campaign so that is why that Philip Morris will capitalize on core competencies by using marketing expertises from the other firm that has just bought.
The start up costs for a project are $25,000. The cost of capital for the firm is 12%. The sum of the present value of the cash flows for the first three years is $26,420.14.
Required:
Compute the net present value for the project.
Answer:
net present value = $1,420.14
Explanation:
given data
start up costs = $25,000
cost of capital = 12%
present value of the cash flows = $26,420.14
solution
we get here net present value will be express as here
net present value = present value of the cash flows for the first three years - start up costs ........................1
put here value and we get
net present value = $26,420.14 - $25,000
net present value = $1,420.14