The preliminary cash balance of the IP company is $10,000.
To calculate the preliminary cash balance, use the following equation:
The preliminary cash balance is equal to the beginning cash balance plus cash receipts minus cash outlays.
$5,000 + $20,000 - $15,000 = preliminary cash balance
$10,000 is the preliminary cash balance.
A cash balance is the amount of money that a company has on hand right now. This money is kept on hand in case of unexpected cash outflows. Businesses may find themselves unable to pay their bills if this safety net is not in place.
The cash balance is typically used to pay down debt or returned to investors in the form of a dividend. Businesses that have a significant difference in the timing and amount of cash inflows and outflows require a cash balance in particular.
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Blue Corporation purchased trading investment bonds for $55,000 at par. At December 31, Blue received annual interest of $2,200, and the fair value of the bonds was $52,500. Prepare Blue's journal entries for (a) the purchase of the investment, (b) the interest received, and (c) the fair value adjustment
Trading investments bonds bought by Blue Corporation for $55,000 at par. At end of year, Blue was earning $2,200 in interest annually, and the bonds' fair value was $52,500. The journal entries are given below.
Give a brief account on bond valuation.Bond valuation is a method for calculating the hypothetical fair value of a specific bond. A bond's face value, sometimes referred to as its par value or cash flow, and the value of the bond at maturity are both calculated as part of the valuation process. A bond's par value and interest payments are fixed, thus an investor utilizes bond valuation to determine what rate of return is necessary for a bond investment to be profitable.
To solve the question :
Particulars Debit Credit
1. Investment in trading securities $ 55,000
To Cash $ 55,000
(To document the purchase of an investment)
2. Interest receivable $ 2,200
To Interest on investment $ 2,200
(To document the interest income to be received)
3. Cash $ 2,200
To Interest receivable $ 2,200
(To document the interest income received)
4. Unrealized loss-Trading securities $2,500
To Investment in trading securities $ 2,500
(To document the unrealized loss
when adjusted to fair value)
Note :
Unrealized loss :
= Book value of the investment - Fair value of the investment
= $ 55,000 - $ 52,500
= $ 2,500
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An account payable ledger :
a Contains an account for each credit consumer
b lists the balance of selected accounts that are added to show the total amount of the significant long term creditors outstanding
c is a book of original entry designed and used for recording only a specified type of transaction
d contains th financial statement accounts of a business
e contains a separate account for each supplier to the company
An account payable ledger lists balance of selected accounts that are added to show total amount of significant long-term creditors outstanding.
What is an account payable?Money owing by firm to its suppliers is referred to as accounts payable (AP) and is shown as liability on balance sheet of business. It differs from notes payable liabilities, which are obligations made possible by formal legal instrument documents. Invoices must then go through the specific business process of the organization in order to be paid after this is done. When a bill is vouched for payment, an accounts payable is registered in the accounts payable sub-ledger. By allowing customers to pay for goods or services after they have already been received, suppliers grant their clients AP, a type of credit. Invoice payment terms vary depending on the supplier. If an invoice is paid within a certain number of days, payment terms may include the promise of a monetary discount.
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A consumer might respond to a negative incentive by?
Answer:
Answer: A is rightconsumer might respond to a negative incentive because it could be a chance to avoid additional charges.
A consumer might respond to a negative incentive by purchasing more of the products.
Who is consumer?A consumer is an individual or group who proposes to order or uses purchased goods, merchandise, or services predominantly for personal, social, family, or household needs and is not directly involved in entrepreneurial or business activities.
Consumers are the primary source of all goods demand. Producers of industrial goods and producers of farm products are all producing various items based on market demand. A consumer is someone who decides whether to buy something at the store, or someone who is influenced by advertising and marketing.
Therefore, A consumer may respond to a negative incentive by buying more products.
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List the number, name, and credit limit for every customer with a credit of $7,500, $10,000, or $15,000. IN (7500, 10000, 15000)
SELECT CustomerNum, CustomerName, Street, CreditLimit
FROM Customer
WHERE CreditLimit IN (7500, 10000, 15000)
An ERP and double-entry accounting system is SQL-Ledger. A typical web browser can be used as the user interface for a SQL Database Server that houses accounting data. The system processes data using a database interface module written in Perl, and PostgreSQL, the platform of choice, is used to store it. In addition to Oracle, the download version has schemas for IBM's DB2 database server. All of the typical features of SMB accounting software are included in SQL-Ledger. A contract for enterprise support includes the option of specific customization.
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In the United States, if there is a decrease in the expected inflation rate of 2%, then the short-run Phillips curve will _____ and the actual inflation rate will _____.
shift downward; decrease by 2%
In the United States, if there is a decrease in the expected inflation rate of 2%, then the short-run Phillips curve will _____ and the actual inflation rate will _____.
shift downward; decrease by 2%
then the Phillips curve will: shift downwards;
and the actual inflation rate will: decreased by 2%
What Exactly Is a Phillips Curve?
The Phillips curve is a hypothesis of economics that asserts a consistent, inverse connection between unemployment and inflation. It is based on William Phillips' theory that inflation, which is said to accompany economic progress and should result in more jobs and lower unemployment, will also be caused by inflation.
Because of the stagflation that took place in the 1970s, which saw high levels of both inflation and unemployment, the basic idea of the Phillips curve has been somewhat challenged.
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The following values of current assets and current liabilities are given for Acme Corp. If Acme takes the project, what will be the change in Net Working Capital? Account Without Project With Project Raw Materials $2,600 $3,750 Inventory $1,500 $1,800 Accounts Receivable $2,700 $4,600 Accounts Payable $1,100 $2,400 a. -$4,650 b. $4,650 c. $2,050 d. $7.750 e. -$2,050
(c) $2,050 is the Net Working Capital.
Change in Net Working Capital (N.W.C) in this case will be calculated by W.C with the project - W.C without the project.
The difference between current assets and current liabilities is defined as working capital (W.C.).
Change in N.W.C = [ $3,750+$1,800+$4,600 - $2,400 ] - [ $2,600+$1,500+$2,700 - $1,100 ] = $2,050.
Therefore, the change in N.W.C if the firm takes the project will be $2,050. option (c) is the right answer.
Net Working capital is defined as the difference between a company's current assets (cash, accounts receivable/unpaid invoices from customers, and inventories of raw materials and finished goods) and current liabilities (debts and accounts payable). It's a popular metric for assessing an organization's immediate health.
A company with adequate net working capital can fund both its ongoing operations and its expansion plans.
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when using the sales comparison approach, the appraiser adjusts the subject comparable sales price and not the subject sales price.
By accounting for variations between a subject property and comparable properties in the sale prices of those properties, the sales comparison approach calculates the market value of a subject property.
What is market value?The price at which an asset might trade in a competitive auction situation is referred to as market value or OMV (Open Market Valuation).
Despite the fact that these phrases have different meanings under various standards and can have variations in some situations, market value is frequently used interchangeably with open market value, fair value, and fair market value.
Fair value and market value are different in that the former depends on the persons involved while the latter does not.
The present version of IVS, for instance, states that fair value "needs the assessment of the price that is fair between two specific parties taking into account the various advantages or disadvantages that each will obtain from the transaction.
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entries for notes payable a business issued a 120-day, 5% note for $60,000 to a creditor on account. journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. assume a 360-day year. if an amount box does not require an entry, leave it blank. a. - select - - select - - select - - select - b. - select - - select - - select - - select - - select - - select -
Journal Entries are the chronological representation of regular business transactions. The journal entry only records the monetary business transactions.
It is the first step in the accounting process. The entries recorded are further used to prepare the general ledger of each account individually.
The image for the journal entries is attached below:
Interest is an additional money charge a borrower has to pay on the loan he or she has taken.
It can be calculated by the following formula:
Interest = Principal (P) * Rate (R) * Time (T)
Interest = 60000 * 0.05 * 120/360
= 999.999
= 1,000
The monetary business determines the quantity of cash that flows through the financial system. A nation's economic policy has a primary effect on its economy. within the USA, the Federal Reserve works to stabilize expenses and wages to grow job increase, which impacts us of a's long-term financial increase.
The two types of economic policy are expansionary and contractionary. The monetary coverage implemented with the goal of decreasing the movement of cash during the financial system is referred to as a contractionary form of fiscal policy.
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At contract maturity the value of a put option is ______ where X equals the option's strike price and Stis the stock price at contract expiration.Max (0. ST- X)Min (0. ST- X) Max (0. X- ST)Min (0. X- ST)
At contract maturity the value of a put option is option C: max (0, X-ST) where X equals the option's strike price and is the stock price at contract expiration.
What is contract?The term "contractual maturity" refers to the date on which a loan or other financial instrument is paid off in full, including all accrued interest and any outstanding principal.
Therefore, An American-style option will be more valued than a European-style option, everything else being equal. The value of a put option is max (0, X-ST) at contract maturity, where X is the option's strike price and ST is the stock price on the day the contract expires.
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the following production information about quality costs has been gathered for june: total defective units 720 number of units reworked 595 number of units returned 85 total prevention cost $27,600 total appraisal cost $8,500 per-unit profit for defective units $20 per-unit profit for good units $55 cost to rework defective units $18 cost to handle returned units $14
The total quality costs incurred in the month of June are $36,100.
This is calculated by adding the total prevention cost of $27,600, appraisal cost of $8,500 and the cost to rework defective units of $18 ($720*$18). The total profit for the month is $51,200, which is calculated by adding the total profit earned from the good units ($55*14,400) and the profit earned from the defective units ($20*720).
The total cost of all resources used to produce a product is known as the manufacturing cost. Direct costs for materials, direct labour, and manufacturing overhead are the three subcategories of manufacturing costs. It affects the overall cost of delivery.
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According to your text, which of the following is a reason why many people enjoy personal selling as a career?
According to your text, it features variety and flexibility is a reason why many people enjoy personal selling as a career.
The profession is a person's metaphorical "adventure" through mastering, paintings, and different factors of life. There are a number of methods to outline career and the term is used in a ramification of methods.
A professional way you live inside the identical kind of paintings. A career may be one task or many roles. you may paintings for one corporation or many groups. A career is every now and then called a "profession course." A profession consists of training, schooling, and paintings enjoy.
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Quince Corporation has taxable income of $485,000 for its calendar tax year. Calculate the corporation's income tax liability for 2018 before tax credits.
$101,850 the corporation's income tax liability for 2018 before tax credits.Quince Corporation has taxable income of $485,000 for its calendar tax year.
With effect from January 1, 2018, corporate income tax rate is 21%
Quince Corporation has taxable income of $485,000 for its calendar tax year
Hence, corporation's income tax liability for 2018 before tax credits = 485,000 x 21%= $101,850
Individuals (or family units) and corporations are subject to income taxes. The basis for calculating individual income tax is the income received. Since the burden is presumably on the individuals who pay it, it is typically categorized as a direct tax.
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assume the economy is currently producing at short-run equilibrium point a. in fear that the economy is expanding beyond its long-run capabilities, government officials decide to raise taxes. click on the equilibrium point that results from this fiscal policy decision.
The exceptionally high level of aggregate demand will cause price levels to rise through inflation. A fiscal policy that is more restrictive might cause the level of aggregate demand to drop from AD0 to AD1, which results in a new equilibrium output at potential GDP, or E1.
Fiscal policy is the use of public expenditure and taxation to affect the economy, particularly macroeconomic conditions. These include employment, inflation, economic expansion, and the total demand for goods and services. The shift in the overall demand for goods and services is the immediate result of fiscal policy. For instance, a fiscal expansion can increase aggregate demand in one of two ways. First, if government spending rises but taxes stay the same, demand rises immediately. Tax reductions and greater public expenditure are the two main manifestations of expansionary fiscal policy. Both of these measures aim to boost overall demand while reducing budget surpluses or adding to deficits.
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Christina runs an IT consulting firm in a competitive market. She recently determined that hiring an additional consultant would mean that she would be able to serve five more clients per week. Assuming her goal is to maximize her profits, which of the following would explain why Christina did not hire another consultant? O The last consultant hired is currently serving six clients a week. O The increase in profit from another worker is less than the extra cost. O The weekly cost of another consultant is $2,000 and each client pays $350 per week. O The weekly cost of another consultant is $2,000 and each client pays $500 per week.
(B) the increase in profit from another worker is less than the extra cost.
Growth is a male-given name. it is the English language's literal translation of the call Joseph, which originates from Hebrew. Originating in England, the name changed into given more often than not among Puritans in colonial New England and inside the early 19th century inside the u.s.. for the reason that nineteenth century, the name has reduced in popularity and is now uncommon, if now not extinct. at the same time as first originating in England, the call boom came to be used more often than not with the aid of Puritans within the early colonial usa, in particular in New England. Originating in England, the name changed into given more often than not among Puritans in colonial New England and inside the early 19th century inside.
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Which of the following describes occupational safety?
Employee health and safety in a workplace or on a job site, describes occupational safety.
What is meant by Occupational Safety and Health ?Occupational Safety and Health (OSH) focuses heavily on primary prevention of risks and covers all facets of health and safety in the workplace. Its objective is to stop accidents and injury caused by work-related activities.According to research, a safe and healthy workplace equates to successful operations and profits. Workers' workplace safety and health fall under the exclusive jurisdiction of their employers. They are in charge of carrying out risk analyses and setting up business operations with safety as the top priority. Governments establish the foundations that allow companies to offer adaptable workplace safety management strategies. In especially when firms rely on relationships with international customers, OSH performance is essential to reputation management.Learn more about Occupational Safety refer to :
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the pay ratio reporting policy, as part of the dodd-frank wall street reform and consumer protection act of 2010, requires that companies report the ratio of their average worker's pay to that of
The pay ratio reporting policy, as part of the Dodd-Frank wall street reform and consumer protection act of 2010, requires that companies report the ratio of their average worker's pay to that of Consumer Financial Protection Bureau.
The Consumer Protection Act was enacted in 1986 and amended in 2002. It is designed to protect consumers from unfair and deceptive business practices. The Act prohibits unfair or deceptive acts or practices in the conduct of any trade or commerce.
It also gives the Federal Trade Commission (FTC) authority to take action against companies that engage in such practices. The FTC can. for example, order a company to cease and desist from an unfair or deceptive practice, impose a civil penalty, or seek injunctive relief.
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chris anderson, editor-in-chief of wired magazine, describes niche-market ebusiness strategies as capturing the tail, referring to the tail of a typical sales curve. multiple choice question.
Chris Anderson, editor-in-chief of Wired magazine, describes niche-market e business strategies as capturing the Long Tail referring to the tail of a typical sales curve.
A company's business strategy outlines the actions and choices it will undertake in order to achieve its goals and objectives. A business plan lays out the actions the firm must follow to achieve its goals, which can help guide choices about the allocation of resources and hiring. The only five corporate strategies are cost, quality, distribution, technology, and intellectual property (IP). These five concepts, or a mixture of them, form the basis of all corporate strategy. A business strategy is a series of crucial choices and actions that enable the business to outperform its rivals and attract and keep new consumers. As a general rule, concentrating your organization on one is the easiest to implement. It entails determining your competitive goals, game environment, and field of play.
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Materials Handling Costs are $12,000, setup costs are $21,000. There were 240 material moves, and 15 setups. Product A required 180 material moves, and Product B used the rest of the material moves. Product A required 9 setups, Product B used the rest of the setups. Using either method, how much total cost would be allocated to Product A? $21,600 $12,600 O $1,400 $9,000 $8,700
Using either method, how much total cost would be allocated to Product $21,600. The distribution of a single cost among various companies, business units, or cost centers is known as cost allocation.
One instance is when many branches or departments receive health insurance premium payments made by the main corporate office. To satisfy client demand, product allocation entails distributing, monitoring, and controlling e-commerce inventory throughout a distribution network and sales business. To allocate means to reserve a specific sum of money for a cost. You frequently hear about how the government distributes money for the military or for education, but you might personally choose to use some of your allowance to buy comic books.
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banks are financial intermediaries that use assets to finance investments of borrowers. please choose the correct answer from the following choices, and then select the submit answer button. answer choices illiquid; liquid illiquid; illiquid liquid; illiquid liquid; liquid
Banks are financial intermediaries that use liquid assets to finance the illiquid investments of borrowers. Thus, option B: 'liquid illiquid' is the correct answer.
Liquid assets refer to assets that can quickly and easily be converted into cash in a short period of time. Liquid assets include items like money market instruments, marketable securities, and cash. For the purposes of financial accounting, the liquid assets of a company are reported on its balance sheet as current assets. In contrast, illiquid investments refer to those assets that cannot be quickly and easily converted into cash, at least for their fair market value. Usually, banks use liquid assets to finance the illiquid investments of borrowers.
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After making content decisions and designing the site, the next step in the process of developing a website is connecting to the Internet by placing the required computer files on a server
T/F
This statement is True.
What is a website?
A website is a collection of linked, publicly available web pages that share a single domain name. Websites are created and maintained by individuals, groups, companies, or organizations and can be used for a variety of purposes.
All publicly accessible websites collectively make up the World Wide Web.
Sometimes called a "web page", but this definition is incorrect because a website consists of multiple web pages. A website is also known as a "web presence" or simply "website".
Therefore, This statement is True.
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Outline the advantages and disadvantages of advertising from the point of view of economic efficiency.
Advertising from the point of view of economic efficiency for economic growth otherwise un-stability in the growth of economic.
Economic growth is an increase in the amount of goods and services produced per head of the population over a period of time.
Advantage of advertising from the point of view of economic efficiency is advertising contributes to wider economic growth through its ability to support competitiveness.
Disadvantages of advertising from the point of view of economic efficiency is the cost involved in the entire process. It starts with spending money on design, printing and average costs.
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What are the differences between CDs and US Savings Bonds which is better and why?
The FDIC provides protection for CD accounts up to $250,000 and often offers somewhat better rates of return. US savings bonds have no cap on the amount of coverage and are backed by the country's complete faith and credit.
Why is a CD preferable to a savings account?Traditional savings accounts typically don't offer as much interest as CDs, and the annual percentage yield (APY) is fixed. It's wise to create a CD ladder in a rising-rate environment so that all of your money isn't tied up at a lesser rate as yields rise. A minimum deposit is typically needed to open a CD account.
Are CDs subject to taxation?In a nutshell, yes, the IRS will tax any interest you get on your CD that is greater than $10. For each tax year that the interest is earned, this is required. Therefore, if you have a three-year CD, you will only be taxed on the interest you get this year.
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which of the following are benefits of a functional structure that also apply to the matrix structure? (check all that apply.) centralizationspecializationhierarchyformalization
The following are benefits of a functional structure that also apply to the matrix structure :
responsivenessdecentralized focusWhat is responsiveness?Responsiveness means "to react quickly" like a sports car whose responsiveness makes driving fun, or "to react to emotions" like the responsiveness of an audience at a concert of your favorite singer. .Being sensitive shows that you put others first and are attentive to their needs. This creates goodwill in the network, strengthens relationships, and creates trust. Responsiveness helps differentiate and strengthen your brand when competing in a highly competitive market.Responsiveness is the ability of an organization to recognize constant changes in industry and customer preferences and to adapt effectively. Organizations that adapt effectively to change are better able to manage disruption and consistently meet customer expectations.Demonstrate responsiveness by paying immediate attention when a colleague asks you something, even if it's just a temporary reaction. A response like "I don't know the answer to your question, but I'll find it and follow up" is more friendly and professional than ignoring a colleague's question.To learn more about responsiveness from the given link :
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Refer to the following diagram.
A decline in U.S. housing prices, as in 2007, pushed the AD curve from AD1 to AD2. Dynamic feedback effects that would destabilize the economy could shift:
A) SAS2 to SAS3.
B) AD2 to AD1.
C) AD2 to AD3.
D) SAS1 to SAS2.
As in 2008, a drop in home prices has pushed AD from AD1 to AD2, and dynamic feedback effects that would destabilise the economy might shift SAS1 to SAS2. This is because demand would rise as a result of the drop, while supply will fall in the short term.
Why there is destabilization in economy?
The Great Recession, which was caused by the financial crisis of 2007–2008, is an example of how macroeconomic instability may be brought on by a lack of financial stability.
According to monetarists, a highly changeable money supply causes a very variable level of output. This, according to Milton Friedman, was a major cause of the Great Depression of the 1930s.
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The social enterprise serves which of the following purposes?a. Welfare servicesb. Social causesc. Public servicesd. Charitable causes
The social enterprise serves as a Social causes . These basically help in enhancing the social standards and upgraging the livelihood of people.
What is an enterprise?Today, our vast network means Enterprise is the largest provider of transportation solutions.We also offer rental cars, truck rentals, car sharing, and car sales. With over 8,000 locations worldwide, he is always there for you when you need him. A company is a Enterprise term used to describe a project or venture that is done for profit. It is often used with the word Enterprise, same as in business enterprise. A business (also called a company) is a legally recognized organizational entity that specializes in providing goods and services to consumers. A company is a company and the way it is formed. Private Company, Listed Company, or Pvt Ltd Company are different ways in which a company allocates shares. A company is generally thought of as a large company managing hundreds or thousands of employees. These organizations typically have very large budgets, which allows them relative flexibility in their technology spending.To learn more about enterprise from the given link :
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Term Answer Description Pooled diversification A. This is a type of investment asset that owns and manages a pool of real estate assets to generate returns for its investors that includes both income-producing properties as well as mortgage loans. This fund offers its investors income which is often free from federal income tax and is mostly attractive to investors in high tax brackets This plan enables automatic withdrawals from an investors account periodically for investments. This term is used to describe the technique which allows investors to buy a diversified portfolio of securities for the collective benefit of individual investors Net asset value B. C. Tax exempt money fund Automatic reinvestment plan Automatic investment plan Systematic withdrawal plan Conversion privilege D. E This is an investment asset usually real estate, bought with the goal f earning periodic income in the form of rent or lease This is a specific type of real estate investment trust that owns and operates income-producing real estate This term refers to the value of a mutual fund which is the value of the entire assets of the fund minus the value of the fund's liabilities. F. G. H. This plan is created for investors looking for a steady stream of income by allowing shareholders to withdraw returns on a periodic basis. I. This feature is mostly offered by mutual fund families making it easier Real estate investment trust and less costly for investors to shift their money among mutual funds in the family that meet their investment goals. Equity REITs . This is an optional investment program that allows investors to reinvest the capital gains and other income earned into additional shares of the mutual fund
Net asset value - This is a type of investment asset that owns and manages a pool of real estate assets to generate returns for its investors that includes both income-producing properties as well as mortgage loans.
Tax exempt money fund - This fund offers its investors income which is often free from federal income tax and is mostly attractive to investors in high tax brackets
Automatic investment plan - This plan enables automatic withdrawals from an investors account periodically for investments.
Pooled diversification - This term is used to describe the technique which allows investors to buy a diversified portfolio of securities for the collective benefit of individual investors
Income property - This is an investment asset usually real estate, bought with the goal of earning periodic income in the form of rent or lease
Real Estate Investment Trusts - This is a specific type of real estate investment trust that owns and operates income-producing real estate
Net asset value - This term refers to the value of a mutual fund which is the value of the entire assets of the fund minus the value of the fund's liabilities.
Systematic withdrawal plans - This plan is created for investors looking for a steady stream of income by allowing shareholders to withdraw returns on a periodic basis.
Conversion privilege - This feature is mostly offered by mutual fund families making it easier Real estate investment trust and less costly for investors to shift their money among mutual funds in the family that meet their investment goals.
Automatic reinvestment plan - This is an optional investment program that allows investors to reinvest the capital gains and other income earned into additional shares of the mutual fund.
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On July 1, 2020, Cheyenne Corporation purchased Young Company by paying $256,300 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,100 Accounts payable $205,000 Accounts receivable 89,900 Stockholders’ equity 242,900 Inventory 109,000 $447,900 Land 40,200 Buildings (net) 76,000 Equipment (net) 70,900 Trademarks 11,800 $447,900 The recorded amounts all approximate current values except for land (fair value of $63,400), inventory (fair value of $125,600), and trademarks (fair value of $16,000). Collapse question part (a) Partially correct answer. Your answer is partially correct. Try again. Prepare the July 1 entry for Cheyenne Corporation to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account titleenter an account titleEntry field with correct answer Cash enter a debit amountenter a debit amountEntry field with correct answer 50,100 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Accounts Receivable enter a debit amountenter a debit amountEntry field with correct answer 89,900 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Inventory enter a debit amountenter a debit amountEntry field with correct answer 125,600 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Land enter a debit amountenter a debit amountEntry field with correct answer 63,400 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Buildings enter a debit amountenter a debit amountEntry field with correct answer 76,000 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Equipment enter a debit amountenter a debit amountEntry field with correct answer 70,900 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Trademarks enter a debit amountenter a debit amountEntry field with correct answer 16,000 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Goodwill enter a debit amountenter a debit amountEntry field with incorrect answer now contains modified data enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Accounts Payable enter a debit amountenter a debit amountEntry field with correct answer enter a credit amountenter a credit amountEntry field with correct answer 205,000 enter an account titleenter an account titleEntry field with correct answer Cash enter a debit amountenter a debit amountEntry field with correct answer enter a credit amountenter a credit amountEntry field with correct answer 256,300 enter an account titleenter an account titleEntry field with correct answer Notes Payable enter a debit amountenter a debit amountEntry field with correct answer enter a credit amountenter a credit amountEntry field with correct answer 100,000
Journal Entry on July 1, 2020.
Accounts Debit Credit
Cash 50100
Accounts Receivable 89900
Inventory 125600
Land 63400
Building 76000
Equipment 70900
Trademark 16000
Goodwill 66700
Accounts Payable 205000
Notes Payable 100000
Cash 253600
Calculation of goodwill:
Goodwill = Purchase Consideration - (Assets Taken over - Liabilities Taken over)
Purchase Consideration = 100000 (notes payable) + 253600 (cash) = 353600
Assets Taken Over = 50100 + 89900 + 125600 + 63400 + 76000 + 70900 + 16000 = 491900
Liabilities Taken Over = 205000 (accounts payable)
Goodwill = 353600 - (491900 - 205000) = 66700
In financial accounting, a balance sheet is a summary of the financial balance of an individual or organization whether it is a sole proprietorship partnership corporation limited liability company, or another organization such as a government or non-profit organization.
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Which of the following is a reason why salespeople fail to obtain commitment?
A. Fear of asking
B. Displaying unwarranted excitement
C. Poor presentation
D. Speaking more than listening
E. All of these
Curly Inc. is considering whether to continue to make a component or to buy it from an outside supplier. The company uses 16,000 of the components each year. The unit product cost of the component according to the company's cost accounting system is given as follows: Direct material $8.10 Direct labor 6.40 Variable manufacturing overhead 1.70 Fixed manufacturing overhead 4.40 Unit product cost $20.60 Assume that direct labor is a variable cost. Of the fixed manufacturing overhead, 30% is avoidable if the component were bought from the outside supplier. In addition, making the component uses 1 minute on the machine that is the company's current constraint. If the component were bought, this machine time would be freed up for use on another product that requires 2 minutes on the constraining machine and that has a contribution margin of $8.10 per unit. When deciding whether to make or buy the component, what is the maximum price the company would pay if it decides to buy? A. $20.60 B. $17.52 C. $24.65 D. $21.57 E. $23.52
The maximum price that the company would pay if it decides to buy the component is $17.52. This is calculated by subtracting the avoidable fixed manufacturing overhead of 30% from the unit product cost of $20.60 to get $14.42.
Then, subtracting the variable manufacturing overhead of $1.70 and the direct labor of $6.40 yields the maximum price of $17.52. By buying the component from the outside supplier, the company would save $3.08 per unit, which would then be available to be used on another product. The company would also free up 1 minute of machine time on the current constraint, allowing them to produce an additional product that requires 2 minutes on the constraining machine and that has a contribution margin of $8.10 per unit.
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Many savings programs are protected by the federal government against loss. Which of the following is NOT?
A state-issued bond from all 50 states. Many savings programs are protected by the federal government against loss.
Deferred consumption, or not spending money, is saving program. One way to save is to set money aside in a deposit account, a pension account, an investment fund, or in cash. Saving also entails cutting expenses, like recurring expenses. Savings refers to any income not used for immediate consumption.
In terms of personal finance, saving typically refers to low-risk preservation of money, such as in a deposit account, as opposed to investment, where risk is much higher. Savings don't necessarily contain interest; instead, they refer to the act of avoiding using up one's resources, while interest refers to repeated possibilities to cut expenditures or to one's resources in the form of cash.
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