Answer:
The amount of these costs Crimson may deduct is $1,400.
Explanation:
The amount of these costs Crimson may deduct can be calculated as follows:
Costs of refreshments served during the event = $820
Higher of the cost of nonluxury box seat at Memorial = $180
Number of people the box can seat = 11
Costs of the seat = Higher of the cost of nonluxury box seat at Memorial * Number of people the box can seat = $180 * 11 = $1,980
Total cost of entertainment = Costs of refreshments served during the event + Costs of the seat = $820 + $1,980 = $2,800
50% of the total cost of entertainment = $2,800 * 50% = $1,400
Allowable deduction = Total cost of entertainment - Elimination of 50% of the total cost of entertainment = $2,800 - $1,400 = $1,400
Therefore, the amount of these costs Crimson may deduct is $1,400.
Lisa transferred land worth $200,000, with a tax basis of $40,000, to PIE Corporation, an existing entity, for 800 shares of its stock. PIE Corporation has two other shareholders, Bill and Bob, each of whom holds 100 shares. With respect to the transfer:____.
A. Lisa has no realized gain.
B. Pie has a basis of $160,000 in the land.
C. Lisa has a basis of $200,000 in her 800 shares of Pie.
D. Lisa has a basis of $40,000 in her 800 shares of Pie.
E. None of the above.
Answer:
C. Lisa has a basis of $200,000 in her 800 shares of Pie.
Explanation:
As Lisa transferred the land worth for $200,000 to PIE corporation for 800 shares so it would be represent that LIsa has a baisis of $200,000 in her PIE 800 shares
Therefore as per the given situation the option c is correct
And, the rest of the options are wrong
define common stock.
Rise N' Shine Coffee Company produces Columbian coffee in batches of 6,000 pounds. The standard quantity of materials required in the process is 6,000 pounds, which cost $5.50 per pound. Columbian coffee can be sold without further processing for $9.22 per pound. Columbian coffee can also be processed further to yield Decaf Columbian, which can be sold for $11.88 per pound. The processing into Decaf Columbian requires additional processing costs of $10,230 per batch. The additional processing also causes a 5% loss of product due to evaporation.
Required:
a. Prepare a differential analysis dated October 6 on whether to sell regular Columbian (Alternative 1) or process further into Decaf Columbian (Alternative 2).
b. Should Rise N' Shine sell Columbian coffee or process further and sell Decaf Columbian?
c. Determine the price of Decaf Columbian that would cause neither an advantage nor a disadvantage for processing further and selling Decaf Columbian.
Answer:
Rise N' Shine Coffee Company
a. Differential Analysis dated October 6:
Alternative 1 Alternative 2
Sales revenue $55,320 (6,000 * $9.22) $67,716 (5,700 * $11.88
Costs:
Cost of product 33,000 (6,000 * $5.50) 33,000 (6,000 * $5.50)
Batch cost 10,230
Evaporation loss 1,650
Total costs $33,000 $44,880
Profit $22,320 $22,836
b. Rise N' Shine should process further before selling Decaf Columbian.
c. If the price of Decaf Columbian coffee were $11.79 ($11.88 - $516/5,700), it will cause neither an advantage nor a disadvantage for processing the Columbian coffee further.
Explanation:
a) Data and Calculations:
Total quantity of materials required = 6,000 pounds
Cost price of each pound = $5.50
Selling price of Columbian coffee without further processing = $9.22
Selling price of Decaf Columbian coffee with further processing = $11.88
Costs of additional processing:
Batch cost = $10,230
Evaporation loss = 5% of 6,000 (300) = $1,650
Differential Analysis dated October 6:
Alternative 1 Alternative 2
Sales revenue $55,320 (6,000 * $9.22) $67,716 (5,700 * $11.88
Costs:
Cost of product 33,000 (6,000 * $5.50) 33,000 (6,000 * $5.50)
Batch cost 10,230
Evaporation loss 1,650
Total costs $33,000 $44,880
Profit $22,320 $22,836
Difference = $516 ($22,836 - $22,320)
You want to create incentives for your management team to improve safety. Group of answer choices You should avoid bonuses that are tied to overall measures of safety. You should give bonuses if errors reported in individual units go down. You should tie bonuses to aspects of safety that you can easily measure. None of the above
Answer:
To improve safety:
You should tie bonuses to aspects of safety that you can easily measure.
Explanation:
Bonuses improve safety performance. Are all aspects of safety performance measurable? Yes. It has been established that safety performance can be measured in two main ways by measuring the lag (output or outcome) and lead (input or before-incident) indicators. The Occupational Safety and Health Administration (OSHA) allows employers to institute rate-based programs to reward employees with bonuses. These programs should not be an attempt to discourage the employees from reporting safety issues.
Equity comes under assets.it is true or false?
Answer:
It should be True
Explanation:
Answer:
True
Explanation:
:) have a goodnight
The point has been reached where a biotechnology research and development company must expand by building a new facility. The search has been narrowed to four locations, all of which are acceptable to management. The assessment of these sites is being made on the basis of the six subjective location factors that follow. Management has agreed to use a five-point scale (Excellent = 5, Very good = 4, Good = 3, Fair = 2, Poor = 1 to quantify and compare their subjective opin ons about the relative goodness of the sites. The weight reflects the importance of each factor in the decision.
Facter Evaluation by Location
Factor Weight A B C D
Labor climate 35 Excellent Very Good Very Good Excellent
Quality of life 25 Fair Good Very Good Poor
Transportation 15 Good Very Good Good Fair
Markets 10 Excellent Very Good Very Good Very Good
Taxes 10 Fair Excellent Excellent Very Good
Utilities 5 Excellent Very Good Good Good
Calculate the weighted score for each alternative. Which location would you recommend?
A. A.
B. B.
C. C.
D. D.
Answer:
A. A
Explanation:
Location A is best suited for the management. Location A offers Excellent Labor climate, Utilities and Markets. It is fair in Quality of Life and Taxes. The best possible alternative is location A for the management of biotech research company.
Suppose you are taking a luxury tour of a city in a limousine. With just a few passengers, the tour is pleasant and everyone has plenty of space to stretch and move around to see the sights. As more people get in the limo, it may start to become crowded. Suppose the 5th and 6th individuals enter the limousine together. What is your marginal utility (x) associated with this increase of passengers
Answer:
Answer is explained in the explanation section below.
Explanation:
Note: This question is incomplete and lacks necessary data about the number of passengers and total utilities. However, I have found a similar question on the internet and will using its data to solve for this problem. Besides that, I have attached the data in the attachment that I am using in this question.
Solution:
First of all, we are asked to calculate the marginal utility. In order to do that, we need to know the formula for Marginal Utility.
Formula:
Marginal Utility = TU2 - TU1/C2-C1
Where,
MU = Marginal Utility
TU = Total Utility
C = Number of units
So, according to the data provided.
For 0 number of passengers:
MU(0) = 0
For 2 number of passengers:
MU(2) = (100 - 0)/(2-0) = 100/2 = 50
Similarly,
For 4 number of passengers:
MU(4)=(225-100)/(4-2)= (125/2) = 62.5
For 6 number of passengers:
MU(6)=(355-225)/(6-4) = (130/2) = 65
For 8 number of passengers:
MU(8)=(400-355)/(8-6) = (45/2) = 22.5
For 10 number of passengers:
MU(10)=(425-400)/(10-8)= (25/2) = 12.5
Carlton Soup Company makes crackers, bread, and soup. Presented here are the items listed on a simplified version of its recent balance sheet (dollars in millions) presented in alphabetical order: Accounts payable $ 668 Other assets $ 132 Accounts receivable 595 Other current assets 70 Accrued expenses 599 Other current debt 1,080 Cash and cash equivalents 300 Other noncurrent liabilities 3,806 Common stock, $0.0375 par value 386 Property, plant, and equipment, net 2,397 Intangible assets 3,023 Retained earnings 936 Inventories 958 Required: Prepare a classified consolidated balance sheet for Carlton Soup for the current year (ended July 31). (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)'
Answer:
Carlton Soup Company
Classified Balance Sheet as of July 31 (dollars in millions)
Assets
Current Assets:
Cash and cash equivalents $300
Accounts receivable 595
Inventories 958
Other current assets 70
Total current assets $1,923
Non-current assets:
Property, plant, and equipment, net 2,397
Other assets 132
Intangible assets 3,023
Total non-current assets $5,552
Total assets $7,475
Liabilities and Equity
Current Liabilities:
Accounts payable $ 668
Accrued expenses 599
Other current debt 1,080
Total current liabilities $2,347
Other noncurrent liabilities 3,806
Total liabilities $6,153
Equity:
Common stock, $0.0375 par value 386
Retained earnings 936
Total equity $1,322
Total liabilities and equity $7,475
Explanation:
a) Data and Calculations:
Cash and cash equivalents 300
Accounts receivable 595
Inventories 958
Other current assets 70
Property, plant, and equipment, net 2,397
Other assets 132
Intangible assets 3,023
Accounts payable $ 668
Accrued expenses 599
Other current debt 1,080
Other noncurrent liabilities 3,806
Common stock, $0.0375 par value 386
Retained earnings 936
n January 1, 2022, Smeder Company, an 80% owned subsidiary of Collins, Inc. transferred equipment with a 10-year life (six of which remain with no salvage value) to Collins in exchange for $104,000 cash. At the date of transfer, Smeder's records carried the equipment at a historical cost of $140,000 less accumulated depreciation of $58,000. Straight-line depreciation is used. Smeder reported net income of $28,000 for 2022 and 2023, respectively. Prepare the consolidation entries related to the equipment for year 2022 and year 2023
Answer:
2022
Dr. Equipment _________ $22,000
Cr.Reserve Account _____$19,800
Cr. Depreciation expenses $2,200
2022
Dr. Depreciation Expense ___ $14,000
Cr. Accumulated Depreciation $14,000
2023
Dr. Depreciation Expense ___ $14,000
Cr. Accumulated Depreciation $14,000
Explanation:
2022
Calculate the net book value
Net book value = Historical cost - Accumulated depreciatin = $140,000 - $58,000 = $82,000
Unrealised profit on the sale of the asset = Cash receipt - Nreet book value = $104,000 - $82,000 = $22,000
Annual Depricaiton = Historical cost / remaining life = $140,000 / 10 = $14,000
Excess depreciation charged = Unrealised profit / Remaining life = $22,000 / 10 = $2,200
Croquet, Inc. currently manufactures a wicket as its main product. The costs per unit are as follows: Direct materials and direct labor $13 Variable overhead 7 Fixed overhead 10 Total $30 Saran Company has contacted Croquet with an offer to sell it 5,000 of the wickets for $17 each. Fixed costs of $4 per unit is unavoidable. Should Croquet make or buy the wickets, why
Answer:
See below
Explanation:
Supplier's quotation (5,000 × $17)
$85,000
Less: Relevant costs
Variable cost (5,000 × $16)
$80,000
Avoidable fixed cost (5,000 × $4)
$20,000
Balance $100,000
Loss $15,000
Croquet should buy the widgets because the relevant cost of in house production is higher than the cost of buying it outside.
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2021 and 2022\.\* A consulting firm, engaged as actuary, recommends 5% as the appropriate discount rate. The service cost is $260,000 for 2021 and $350,000 for 2022. Year-end funding is $270,000 for 2021 and $280,000 for 2022. No assumptions or estimates were revised during 2021.
We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2022.
Required:
Calculate each of the following amounts as of both December 31, 2021, and December 31, 2022: (Enter your answers in thousands (i.e., 200,000 should be entered as 200).) December 31, December 31, 2021 2022
1. Projected benefit obligation
2. Plan assets
3. Pension expense
4. Net pension asset or net pension liability
Answer:
1. Projected Benefit Obligation 2021 $260,000
Projected Benefit Obligation 2022 $623,000
2.Plan assets 2021 $270,000
Plan assets 2022 $577,000
3. Pension expense 2021 $260,000
Pension expense 2022 $336,000
4.Net pension asset 2021 $ 10,000
Net pension liability2022 $46,000
Explanation:
1. Computation for Projected benefit obligation
for 2021 and 2022
Projected Benefit Obligation 2021
($)
Balance, January 1, 2021 $0
Service cost $260,000
Interest cost (5% x $0) $0
Benefits paid ($0)
Balance, December 31, 2021 $260,000
Projected Benefit Obligation 2022
Balance, December 31, 2021 $260,000
Service cost $350,000
Interest cost $13,000
(5% x $260,000)
Benefits paid($0)
Balance, December 31, 2022 $623,000
2. Computation for 2021 and 2022 Plan assets
Plan assets 2021
Balance, January 1, 2021 $ 0
Actual return on plan assets (10% x $0) $0
Contributions, 2021 $$270,000
Benefits paid ($0)
Balance, December 31, 2021 $270,000
Plan assets 2022
Balance, December 31, 2021 $270,000
Actual return on plan assets $27,000
(10% x $270,000)
Contributions, 2022 $280,000
Benefits paid (0)
Balance, December 31, 2022 $577,000
3. Computation for Pension expense for 2021 and 2022
Pension expense – 2021
Service cost $260,000
Interest cost (5% x $0) $0
Expected return on the plan assets $0
(10% x $0)
Pension expense $260,000
Pension Expense – 2022
Service cost $350,000
Interest cost $13,000
(5% x $260,000)
Expected return on the plan assets($27,000)
(10% x $270,000)
Pension expense $336,000
4. Computation for Net pension asset/liability for 2021 and 2022
2021
PBO $260,000
Less Plan assets $270,000
Net pension asset, Dec. 31, 2021 $ 10,000
2022
PBO $623,000
Less Plan assets $577,000
Net pension liability, Dec. 31, 2022 $ 46,000
The Bottling Department of Mountain Springs Water Company had 5,000 liters in beginning work in process inventory (20% complete). During the period, 58,000 liters were completed. The ending work in process inventory was 3,000 liters (90% complete). All inventories are costed by the first-in, first-out method. What are the equivalent units for conversion costs under the FIFO method
Answer:
59,700 units
Explanation:
Equivalent units
Only focus on the work done during the production period when using FIFO.
Conversion costs = 5,000 x 80 % + 53,000 x 100% + 3,000 x 90 %
= 59,700 units
the equivalent units for conversion costs under the FIFO method are 59,700 units.
Seybert Systems accounts for its investment in Wang Engineering bonds as available-for-sale. Seybert's balance in accumulated other comprehensive income with respect to the Wang investment is a credit balance of $24,000, and Seybert reports the investment as $140,000 on its balance sheet. Seybert purchased the Wang investment for (ignore taxes): __________
Answer: $116000
Explanation:
From the question, we are given the following information:
Credit balance = $24,000
Investment = $140,000
The amount that Seybert purchased the Wang investment will be calculated as:
= Reported value of investment - Unrealized gain
= $140,000 - $24,000
= $116,000
You open a savings account with a 0.5% per year nominal interest rate, and the economy experiences 3% per year inflation. a. What is the nominal and real annual interest rate on the account? The nominal interest rate is %, and the real interest rate is %. b. What will happen to the purchasing power of the money you place in the account over time? The purchasing power of money in the account will
Answer:
a. The nominal interest rate is 0.5%, and the real interest rate is -2.5%.
b. The purchasing power of money in the account will reduce.
Explanation:
a. What is the nominal and real annual interest rate on the account? The nominal interest rate is %, and the real interest rate is %.
From the question, we have:
Nominal interest rate = 0.5%
Inflation rate = 3%
In economics, the real is interest rate is calculated as follows:
Real interest rate = Nominal interest rate - Inflation rate = 0.5% - 3% = -2.5%
Therefore, the nominal interest rate is 0.5%, and the real interest rate is -2.5%.
b. What will happen to the purchasing power of the money you place in the account over time? The purchasing power of money in the account will
From the question, the interest rate attached to the savings account is a nominal interest rate. Since the nominal interest rate, unlike the real interest rate, is an interest rate that is not adjusted for inflation, the purchasing power of money in the account will reduce.
Drag the tiles to the correct boxes to complete the pairs.
Match the cash outflows to their cash flow activities.
investing activities
financing activities
administration expenses
operating activities
purchase of fixed assets
repayment of loan
Answer:
Operating activities - - - - - - - - > administration expenses.
Purchase of fixed assets - - - - - - - > investing activities
Repayment of loan - - - - - - - - - - > financing activities.
Explanation:
Use the information:
Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date Blankets Units Cost
May 3 Purchase 5 $20
10 Sale 3
17 Purchase 10 24
20 Sale 6
23 Sale 3
30 Purchase 10 30
1. Assuming that the company uses the perpetual inventory system sold for the sale of May 20 using the LIFO inventory cost method.
a. $136.
b. $144.
c. $180.
d. $120.
2. Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the FIFO inventory cost method. a. $120 b. $180 $136 d. $144 72.
3. Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method.
a. $364.
b. $372.
c. $324.
d. $320.
4. Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method.
a. $108.
b. $120.
c. $72.
d. $180.
5. Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method.
a. $324.
b. $372.
c. $320.
d. $364.
Answer:
1. Option B
2. Option C
3. Option B
4. Option A
5. Option D
I've done this work before so I remember the answers.
Sorry about that other user taking your points, I hope this helps you though :)
Selected transactions for Therow Corporation during its first month in business are presented below.
Sept. 1 Issued common stock in exchange for $20,000 cash received from investors.
5 Purchased equipment for $9,000, paying $3,000 in cash and the balance on account.
8 Performed services on account for $18,000.
14 Paid salaries of $1,200.
25 Paid $4,000 cash on balance owed for equipment.
30 Paid $500 cash dividend.
Required:
a. Prepare a tabular analysis of the transactions.
b. Journalize the transactions. Do not provide explanations.
c. Post the transactions to T-accounts.
Answer:
Therow Corporation
a) Tabular Analysis of Transactions:
Assets = Liabilities + Equity
1. Cash $20,000 = + Common Stock $20,000
2. Cash -$3,000
Equipment $9,000 = $6,000
3. Accounts
Receivable $18,000 = + Retained Earnings $18,000
4. Cash -$1,200 + Retained Earnings -$1,200
5. Cash -$4,000 -$4,000
6. Cash -$500 + Retained Earnings -$500
b. Sept. 1:
Debit Cash $20,000
Credit Common Stock $20,000
Sept. 5:
Debit Equipment $9,000
Credit Cash $3,000
Credit Accounts Payable $6,000
Sept. 8:
Debit Accounts Receivable $18,000
Credit Service Revenue $18,000
Sept. 14:
Debit Salaries Expense $1,200
Credit Cash $1,200
Sept. 25:
Debit Accounts Payable $4,000
Credit Cash $4,000
Sept. 30:
Debit Dividends $500
Credit Cash $500
c. T-accounts:
Cash
Account Titles Debit Credit
Common Stock $20,000
Equipment $3,000
Salaries Expense 1,200
Accounts payable 4,000
Dividends 500
Accounts Receivable
Account Titles Debit Credit
Service Revenue $18,000
Common Stock
Account Titles Debit Credit
Cash $20,000
Equipment
Account Titles Debit Credit
Cash $3,000
Accounts payable 6,000
Accounts Payable
Account Titles Debit Credit
Equipment $6,000
Cash $4,000
Service Revenue
Account Titles Debit Credit
Accounts receivable $18,000
Salaries Expense
Account Titles Debit Credit
Cash $1,200
Dividends
Account Titles Debit Credit
Cash $500
Explanation:
a) Data and Analysis:
Sept. 1: Cash $20,000 Common Stock $20,000
Sept. 5: Equipment $9,000 Cash $3,000 Accounts Payable $6,000
Sept. 8: Accounts Receivable $18,000 Service Revenue $18,000
Sept. 14: Salaries Expense $1,200 Cash $1,200
Sept. 25: Accounts Payable $4,000 Cash $4,000
Sept. 30: Dividends $500 Cash $500
define credit crunch.
Answer:
"a sudden sharp reduction in the availability of money or credit from banks and other lenders."
Answer: a sudden sharp reduction in availability of money or credit from Banks and other lenders
Explanation:
Organizational culture is a system of shared beliefs and values that develops within an organization and guides its members' behavior. Culture can vary considerably across organizations, with each placing different emphases on risk-taking, treatment of employees, teamwork, rules and regulations, conflict and criticism, and rewards. This activity is important because different types of cultures are better suited to achieving different strategic goals, and managers can use this knowledge to their benefit. Match the followings with each other.
a. Daveed
b. Miranda
c. Caprice
d. Olivia
e. Joseph
f. Aaron
g. Wallace
h. Leslie
1. Clan
2. Adhocracy
3. Hierarchy
4. Market
Answer: See explanation
Explanation:
Clan: Caprice and Joseph
A clan culture is a collaborative environment whereby everyone is involved and valued and the company is one happy family. Therefore, Caprice and Joseph guts in here.
Adhocracy: Miranda and Wallace
Here, the workers are seen as leaders and risk takers and the culture is based on creativity. Therefore, Miranda and Wallace fits in here.
Hierarchy: Aaron and Leslie
This culture is typically based on control and structure, coordination and control.
Market: Daveed and Olivia
Here, the main aim is to achieve results as there's intense competition and there's focus on profit.
The YTM on a 6-month $20 par value zero-coupon bond is 18%, and the YTM on a 1-year $20 par value zero-coupon bond is 20%. These YTMs are semiannual BEYs. What would be the arbitrage-free price of a 1-year bond with coupon rate of 20% (semiannual payments) and par value of $1000
Answer: $1,000.83
Explanation:
1 year coupon to be paid is:
= 20% * 1,000 * 1/2 semi annual
= $100
Relevant rates:
Zero coupon YTM to semi annual = 18%/2 = 9%
1 year bond = 20%/2 = 10%
Arbitrage free price:
=( Coupon / (1 + zero coupon rate) ^ no. of periods of zero coupon bond) + ((Coupon + Par value) / (1 + coupon rate of 1 year bond) ^no. of periods)
= (100 / (1 + 9%)¹) + ( (100 + 1,000) / ( 1 + 10%)²)
= $1,000.83
On December 31, 20X5, Day Co. leased a new machine from Parr with the following pertinent information: Lease term 6 years Annual rental payable at beginning of each year $50,000 Useful life of machine 8 years Day's incremental borrowing rate 15% Implicit interest rate in lease (known by Day) 12% Present value of an annuity of one in advance for six periods at:_______.
12% 4.61
15% 4.35
The lease is not renewable, and the machine reverts to Parr at the termination of the lease. The cost of the machine on Parr's accounting records is $375,500. At the beginning of the lease term, Day should record a lease liability of:_______.
a. $230,500.
b. $375,500.
c. $0.
d. $217,500.
Answer: $230,500
Explanation:
Based on the information given, to solve the question, we will use the interest rate of 12%. Since the present value factors have already been given, the lease liability to be recorded will then be:
= 50,000 × PV at 12%
= 50000 × 4.61
= $230,500
Therefore, At the beginning of the lease term, Day should record a lease liability of $230,500.
Limerick, Inc. has budgeted total sales for January, February, and March of $800,000, $900,000, and $950,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 40% are collected in the same month as the sale, and 60% are collected during the first month after the sale. Compute the amount of cash received from sales during the month of February.
Answer:
$905,000
Explanation:
February Collection will be as follows :
February Collection = Cash Sales + Credit Sales
= $900,000 x 25 % + $900,000 x 40 % + $800,000 x 60 %
= $905,000
the amount of cash received from sales during the month of February is $905,000.
ACTIVITY 7
7.1 Read the following text and answer the following questions.
VENTURING AND EXPANDING
Businessmen have realised that it is not always necessary to start a business from scratch. In order to
expand, wise businessmen have given other businesses a right to sell their similar products within some
regulations. Others have been smart enough to realise that their small items that require regular
maintenance can make money for by contracting them to another business. It is even more
advantageous when an institution decides to focus on its vision and improve their quality by allowing
specialists to perform other duties on their behalf.
7.1.1
Identify THREE ways of acquiring a business avenue from the scenario above. Motivate your
answer by quoting from the scenario above.
(9)
Use the table below to present your answer.
BUSINESS AVENUE
MOTIVATION
7.1.2
Analyse the impact of each of way of acquiring a business avenue identified in QUESTION
7.1.1.
(18)
7.1.3
Outline the contractual obligations of any TWO of the ways to acquire a business avenue
identified in QUESTION 7.1.1
(12)
Answer:
add a responsible business partner that add income to your sales and together you can achieve your success
A company issues bonds with a $100,000 par value, an 8% annual contract rate, semiannual interest payments, and a five year life. The bonds sold for $107,850. The entry to record the issuance of the bonds will include: Multiple Choice A credit to Premium on Bonds Payable of $7,850. A debit to Discount on Bonds Payable of $7,850. A credit to Cash of $100,000. A credit to Bonds Payable of $107,850. A debit to Interest Expense of $7,850.
Answer:
A credit to Premium on Bonds Payable of $7,850
Explanation:
The journal entry to record the issuance of the bond is shown below:
Cash $107,850
Premium on bonds payable $7,850
Bonds payable $100,000
(Being the issuance of the bond is recorded)
Here cash is debited as it increased the assets and rest of the two accounts are credited as it increased the liabilities
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,100 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $1,100 to Diamond Inc. for credit on account. 6 Purchased goods from Club Corp. for $1,000 with terms 2/10, n/30. 11 Paid the balance owed to Diamond Inc. 22 Paid Club Corp. in full.
Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30.
Answer:
$3,918
Explanation:
Calculation the cost of inventory as of June 30
Purchases [$4,100+1000] $5100
(Less): Returns ($1100)
(Less): Discount [4100 x 2%] ($82)
Cost of inventory $3,918
Therefore the cost of inventory as of June 30 will be $3,918
You sold a car and accepted a note with the following cash flow stream as your payment. The effective price you received for the car assuming an interest rate of 6.0% is closest to:
Answer:
The right response is "$5986.815".
Explanation:
The given query is incomplete. Please find attachment of the complete query.
The actual price users earn mostly corresponds to the current value of the amount. Throughout cash flows, users get 7000 $, however because of the rate of the interest some must be lowered.
So,
⇒ [tex]PV= (\frac{1000}{1.06} ) + (\frac{2000}{1.06^2}) + (\frac{2000}{1.06^3}) + (\frac{2000}{1.06^4} )[/tex]
⇒ [tex]=943.39+1,779.99+1,679.23+1,584.18[/tex]
⇒ [tex]=5986.815[/tex] ($)
Santana Rey receives the March bank statement for Business Solutions on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,666. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following.
S. Rey notices that the bank erroneously cleared a $530 check against her account in March that she did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Business Systems.
On March 25, the bank lists a $59 charge for the safety deposit box expense that Business Solutions agreed to rent from the bank beginning March 25.
On March 26, the bank lists a $103 charge for printed checks that Business Solutions ordered from the bank.
On March 31, the bank lists $31 interest earned on Business Solutions’s checking account for the month of March.
S. Rey notices that the check she issued for $138 on March 31, 2018, has not yet cleared the bank.
S. Rey verifies that all deposits made in March do appear on the March bank statement.
The general ledger Cash account, No. 101, shows an ending cash balance per books of $68,189 as of March 31 (prior to any reconciliation).
Required:
1. Prepare a bank reconciliation for Business Solutions for the month ended March 31, 2018.
BUSINESS SOLUTIONS
Bank Reconciliation
March 31, 2018
Bank statement balance Book balance
Add: Add:
Deduct: Deduct:
Adjusted bank balance Adjusted book balance
2. Prepare any necessary adjusting entries. Use Miscellaneous Expenses, for any bank charges. Use Interest Revenue, for any interest earned on the checking account for the month of March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record journal entry related to the $530 check charged erroneously to Business Solutions' account, if any.
Record the journal entry related to the $59 debit memorandum, if any.
Record the journal entry related to the $103 debit memorandum for printed checks.
Record the journal entry for the $31 interest earned.
S. Rey verifies that all deposits made in March do appear on the March bank statement.
Answer:
See below
Explanation:
Bank reconciliation statement
1.
Bank balance statement
$67,666
Add:
Bank error
$530
Deduct:
Outstanding check
($138)
Adjusted bank balance
$68,058
Cash book balance
$68,189
Add:
Bank interest
$31
Deduct:
Safety deposit rental
($59)
Charge for checks
($103)
Adjusted cash balance
$68,058
2. Journal entries
March-31 Cash a/c Dr $530
To Bank errors Cr $530
March-31 Outstanding checks a/c Dr $138
To Cash Cr $138
March-31 Miscellaneous expense a/c Dr $162
To Cash Cr $162
March-31 Cash a/c Dr $31
To Interest revenue Cr $31
Taco Ranch uses a process cost system and the FIFO cost flow assumption. Production begins in the crafting department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On November 1st, the beginning work in process inventory consisted of 10,000 units which were 60% complete and had a cost of $190,000, $100,000 of which were material costs. During November, the following occured:
Materials added $225,000
Conversion costs incurred $45,000
Units completed and transferred out in November $40,000
Units in ending work in process November 30 (20% complete) $25,000
1. What are the equivalent units of production for materials and conversion costs in the Crafting Department for the month of November?
2. What are the costs assigned to the ending work in process inventory on November 30?
3. What are the costs assigned to units completed and transferred out during November?
Answer:
no puedo tengo fuboll
Explanation:
Taco Ranch uses a process cost system and the FIFO cost flow assumption.
Equivalent Units for Materials:
Units completed and transferred out during November = 40,000 units
Units in ending work in process (20% complete)
= 25,000 units × 20% = 5,000 equivalent units
Total equivalent units for materials = Units completed and transferred out + Units in ending work in process
Total equivalent units for materials
= 40,000 units + 5,000 equivalent units
Total equivalent units for materials = 45,000 equivalent units
Equivalent Units for Conversion Costs:
Since conversion costs are incurred uniformly throughout the process, the equivalent units for conversion costs are the same as the total equivalent units for materials, which is 45,000 equivalent units.
Costs Assigned to Ending Work in Process Inventory on November 30:
To determine the costs assigned to the ending work in process inventory on November 30, we need to calculate the cost per equivalent unit for materials and conversion costs.
Cost per Equivalent Unit for Materials = Total material costs / Total equivalent units for materials
Cost per Equivalent Unit for Materials = $100,000 / 45,000 equivalent units
Cost per Equivalent Unit for Materials = $2.22 per equivalent unit (rounded to two decimal places)
Cost per Equivalent Unit for Conversion Costs = Total conversion costs / Total equivalent units for conversion costs
Cost per Equivalent Unit for Conversion Costs = $45,000 / 45,000 equivalent units
Cost per Equivalent Unit for Conversion Costs = $1 per equivalent unit
Now, we can calculate the cost assigned to the ending work in process inventory:
Ending Work in Process Inventory Cost = Cost per Equivalent Unit for Materials × Equivalent Units in Ending Work in Process
Ending Work in Process Inventory Cost = $2.22 × 5,000 equivalent units
Ending Work in Process Inventory Cost = $11,100
Costs Assigned to Units Completed and Transferred Out During November:
The costs assigned to units completed and transferred out during November include both material and conversion costs.
Total cost per equivalent unit = Cost per Equivalent Unit for Materials + Cost per Equivalent Unit for Conversion Costs
Total cost per equivalent unit = $2.22 + $1
Total cost per equivalent unit = $3.22
Cost of Units Completed and Transferred Out = Total cost per equivalent unit × Units completed and transferred out during November
Cost of Units Completed and Transferred Out = $3.22 × 40,000 units
Cost of Units Completed and Transferred Out = $128,800
Therefore, the costs assigned to the ending work in process inventory on November 30 is $11,100 and the costs assigned to units completed and transferred out during November is $128,800.
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Thirty years ago,Star Grocer Corporation purchased a building for its grocery store for $30,000.Based on inflation estimates,the amount of the building has been adjusted in the accounting records.The building is now reported at $75,000 in Star Grocer's financial statements.Which of the following concepts or principles of accounting is being violated?
A) going concern assumption
B) revenue realization concept
C) economic entity assumption
D) cost principle
Answer:
D) cost principle
Explanation:
Cost principle: The term "cost principle" is described as an "accounting principle" that tends to require equity, assets, and liabilities investments to be documented on financial records or documents at their "original price or cost" instead of the ongoing market price or cost. The term "cost principle" is also referred to as "historical cost principle".
In the question above, the principle related to accounting that is being violated is the "cost principle".
What types of planning do you do in your personal life? Describe these
plans in terms of being (a) strategic or operational, (b) short term or long
term, and (c) specific or directional.
Answer:
Every day we perform series of activities in which few are very important while other may not be. But to perform every activity, we need to design the things systematically. We prioritize our activities as per their importance and then we take the action to make it fruitful. As per their value and importance we may develop following types of plan in our daily life;
Strategic or operational plan: Strategic or Operational Plan means an arsenal plan which tells how we can achieve the ultimate goal of our given task by creating clear and defined steps. As an operational plan, if we have an important task in our hand then we have to create step by step action which is oriented towards achievement of overall objective. Eg: If Periodical exams are due for...
