Answer:
Sheridan Co.
a. It is not necessary to correct the prior year's depreciation. Depreciation is an accounting estimate and does not require the adjustment of prior year's accounts when there is a correction in its estimates.
b. Entry to record depreciation for 2021:
Debit Depreciation Expense $4,387
Credit Accumulated Depreciation $4,387
To record the depreciation expense for the year.
Explanation:
a) Data and Calculations:
Purchase of machinery in 2016 = $64,200
Original estimated useful life = 8 years
Salvage value = $4,280
Depreciation amount = $59,920 ($64,200 - $4,280)
Depreciation expense per year = $7,490 ($59,920/8)
Accumulated depreciation for 5 years = $37,450
Net book value = $26,750 ($64,200 - $37,450)
Remaining estimated useful life = 5 years
Salvage value = $4,815
New depreciable amount = $21,935 ($26,750 - $4,815)
Depreciation expense per year = $4,387 ($21,935/5)
Victory Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record the sale will include a
Answer:The entry to record the sale will include a Credit toPaid in Capital from treasury stock at $4,000.
Explanation:
Journal entry to record sale of shares
Accounts and explanation Debit Credit
Cash $18,000
Treasury stock $14,000
Paid in Capital from Treasury STOCK $4,000
Calculation
CASH = Number of shares x Price per share
= 400 x $45=$18,000
Treasury stock = Number of shares x Price per share
= 400 x $35=$14,000
Paid In Capital = Cash - Treasury stock= $18,000- $14,000= $4000
True or false: Competitive aggression occurs when an organization exploits a distinctive competence or improves an internal efficiency for competitive advantage.
Answer:
True
Explanation:
The term doesn't sound very nice, since using aggression is generally a negative word. But in this case, competitive aggression refers to improving your own strengths or potential strengths in order to achieve a competitive advantage. there is nothing wrong with it. A company gets better at doing what they do best or could do best and use it on their favor.
Competitive attack raises when a particular organization exploits a distinctive competence or improves an internal efficiency for competitive advantage.
Meaning of competition:The performance or process of trying to win something others are also trying to win.
In business the competition means,
The Performance of an act or process in to get some more advantage in a particular business by fair means.
Example:If Samsung increases the number cameras in a mobile phone, then Nokia increases the quality of the mobile cameras.
Hence, To achieve more profits and surviving in the market businessman need to response to the market as a result competition attack arises.
Learn more about competition, refer:
https://brainly.com/question/14755413
When you include the purchase price and the interest, how much did the video game end up costing you
Answer:
$75
Explanation:
When the purchase price and interest expense is added in the cost of video game the total cost would be $75. Initially the cost was $40. The interest expense of $10 is added in the price and purchase price of $25 is added in the initial price of video game.
On January 1, 1980, Jack deposited 1,000 into Bank X to earn interest at the rate of j per annum compounded semi-annually. On January 1, 1985, he transferred his account to Bank Y to earn interest at the rate of k per annum compounded quarterly. On January 1, 1988, the balance at Bank Y is 1,990.76. If Jack could have earned interest at the rate of k per annum compounded quarterly from January 1, 1980 through January 1, 1988, his balance would have been 2,203.76. Calculate the ratio kjkj.
Answer:
Ratio k/j is 1.25.
Explanation:
Note: There is a slight typographical error in the requirement. The requirement is therefore correctly stated as follows:
Calculate the ratio k/j.
The explanation of the answer is given as follows:
This can be calculated using the following formula:
A = P (1 + (r / m))^(tm) ……………………….. (1)
Where;
A = Balance
P = Amount invested
r = annual interest rate
t = number of years
m = number of compounding
From the question, there are 2 alternatives as follows:
Alternative A
For Bank X
P1 = $1,000
r1 = j
t1 = number of years from 1980 to 1985 = 5
m1 = semiannual = 2
A1 = Amount transferred to Bank Y = P2 = ?
For Bank Y
P2 = ?
r2 = k
t2 = number of years from 1985 to 1988 = 3
m2 = quarterly = 4
A2 = $1,990.76
Alternative B
For Bank Y only
P3 = $1,000
r3 = k
t3 = number of years from 1980 to 1988 = 8
m3 = quarterly = 4
A3 = $2,203.76
For Bank Y in alternative B, we can use equation (1) and solve for k as follows:
2,203.76 = 1000 * (1 + (k / 4))^(8 * 4)
2,203.76 / 1000 = (1 + (k / 4))^32
2.20376 = (1 + (k / 4))^32
2.20376^(1/32) = 1 + (k / 4)
1.02500004450895 = 1 + (k / 4)
1.02500004450895 - 1 = k / 4
0.02500004450895 = k / 4
k = 0.02500004450895 * 4
k = 0.10
For Bank Y in alternative A, we can use r2 = k = 0.10. Therefore, using equation (1) for Bank Y in alternative A, we can solve for P2 as follows:
1,990.76 = P2 * (1 + (0.10 / 4))^(3 * 4)
1,990.76 = P2 * 1.3448888242463
P2 = 1,990.76 / 1.3448888242463
P2 = $1,480.24
From Bank X in alternative A, we now have A1 = P2 = $1,480.24. For Bank X in alternative A, we can now use equation (1) and solve for j as follows:
1,480.24 = 1,000 (1 + (j / 2))^(5 * 2)
1,480.24 / 1,000 =(1 + (j / 2))^10
1.480.24 =(1 + (j / 2))^10
1.480.24^(1 / 10) = 1 + (j / 2)
1.03999969894693 - 1 = j / 2
0.03999969894693 = j / 2
j = 0.03999969894693 * 2
j = 0.08
Since k = 0.10 and j = 0.08, ratio k/j can be calculated as follows:
Ratio k/j = 0.10 / 0.08
Ratio k/j = 1.25
The most important aspect(s) of a company's business strategy is figuring out how to become the industry's low-cost provider. deals with how management plans to maximize profits while, at the same time, operating in a socially responsible manner. is figuring out how to maximize profits and shareholder value. concerns how to improve the efficiency of its business model. are the actions and moves in the marketplace that managers take to gain a sustainable competitive advantage.
Answer:
Are the actions and moves in the marketplace that managers take to gain a sustainable competitive advantage.
Explanation:
Business strategy can be regarded as plans, moves as well as actions that are set up by the company in order to move the business to desired future state that the business envisioned. These are moves that Business takes to attract customers and to compete in a successful way. The Business strategy encompass the goals as well the objectives of the company, the type of the products and the target consumer so that profit can be made. It should be noted that the most important aspect(s) of a company's business strategy Are the actions and moves in the marketplace that managers take to gain a sustainable competitive advantage.
HELP HELP HELP 10 POINTS!!!!!!!!!!!!!! PICTURE PROVIDED!!!!!
note. The partnership paid $3,600 in interest that was the amount owed for the year and paid $9,900 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta.
Answer:
$177,150
Explanation:
Missing word "Tri Fecta, a partnership, had revenues of $376,000 in its first year of operations. The partnership has not collected on $45,500 of its sales and still owes $38,600 on $160,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $30,300 in salaries. The partners invested $45,000 in the business and $27,000 was borrowed on a five-year note."
Particulars Amount
Sales revenue $376,00
Less: Cost of goods sold $160,000
Gross profit $216,000
Less: Salaries expenses $30,300
Less: Interest expenses $3,600
Less: Insurance policies $4,950 ($9,900/2)
Net Income $177,150
So, the net income for the first year for Tri Fecta. is $177,150
Each of the three independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor's implicit rate of return. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Situation
1 2 3
Lease term (years) 12 20 4
Lessor’s rate of return (known by lessee) 11% 9% 12%
Lessee’s incremental borrowing rate 12% 10% 11%
Fair value of leased asset $620,000 $1,000,000 $205,000
Required:
a. Determine the amount of the annual lease payments as calculated by the lessor and above situations.
b. Determine the amount lessee would record as a leased asset and a lease liability for above situations.
Answer:
Answer is explained in the explanation section below.
Explanation:
Data Given:
Situations:
Lease Term years:
1. 12
2. 20
3. 4
Lessor’s rate of return (known by lessee):
1. 11%
2. 9%
3. 12%
Fair value of leased asset:
1. $620,000
2. $1,000,000
3. $205,000
a) For Situation 1:
Here, lease is a financial agreement between two parties Lesse and Lessor.
So,
Formula for annual lease payments is:
Annual lease payments = Fair value of assets divided by Present value for annuity due.
Here,
we use the following data to calculate the annual payments.
Fair Value of Assets of the leased asset = $620,000
Lease term = 12 years
Lessor's rate of return = 11%
So, the present value of annuity due 12 years at the rate of 11% is 7.2065
Plugging in the values in the formula we get:
Annual lease payments = [tex]\frac{620,000}{7.2065}[/tex]
Annual lease payments = $86,033.44
b)
Formula for the lease ability = Annual rent payment multiply by present value of annuity due.
So,
The annual rent payment is the same that we calculated above.
So,
the lease ability = $86,033.44 x 7.2065
the lease ability = $620,000
For Situation 2:
a)
Annual lease payments = Fair value of assets divided by Present value for annuity due.
we use the following data to calculate the annual payments.
Fair Value of Assets of the leased asset = $1,000,000
Lease term = 20 years
Lessor's rate of return = 10%
So, the present value of annuity due 20 years at the rate of 9% is 9.9501
Annual lease payments = [tex]\frac{1,000,000}{9.9501}[/tex]
Annual lease payments = $100,501.35
b)
Formula for the lease ability = Annual rent payment multiply by present value of annuity due.
the lease ability = $100,501.35 x 9.9501
the lease ability = $1,000,000
For Situation 3:
a)
Annual lease payments = Fair value of assets divided by Present value for annuity due.
we use the following data to calculate the annual payments.
Fair Value of Assets of the leased asset = $205,000
Lease term = 4 years
Lessor's rate of return = 12%
So, the present value of annuity due 4 years at the rate of 12% is 3.4081
Annual lease payments = [tex]\frac{205,000}{3.4801}[/tex]
Annual lease payments = $60,261.66
b)
Formula for the lease ability = Annual rent payment multiply by present value of annuity due.
the lease ability = $60,261.66 x 3.4801
the lease ability = $205,000
At which rate is total utility increasing: a constant rate, a decreasing rate, or an increasing rate
Answer:
a decreasing rate.
Explanation:
Total utility of an individual is the satisfaction which is achieved by consuming one additional unit of good. When a person achieves more goods his marginal utility declines. When the total utility is increased, the rate of utility is decreasing.
Consider a $1,000 par value bond with a 6% coupon rate paid semiannually, and has 9 years to maturity. What is the price of the bond if it is priced to yield 7%
Answer:
$934.05
Explanation:
Future value= $1,000
Coupon rate= 6%/2= 3%
Coupon payment= 0.03*1,000= $30
Time= 9 years*2= 18 semi-annual periods
Yield to maturity= 7%/2= 3.5%
The price of the bond = PV(FV, PMT, N, I/Y)
The price of the bond = PV(1000, 30, 18, 3.5%)
The price of the bond = $934.0515914
The price of the bond = $934.05
Therefore, the price of the bond is $934.05
In a dispute between Cloud Computing Corporation and Digital Enterprises, Inc., the court applies the doctrine of stare decisis. What is this doctrine
Answer and Explanation:
Stare decisis is a legal doctrine that creates a liability on the court to follow the historical cases at the time when the ruling would be made in the same case. Also the cases that have the same type of situations and the facts should be approached in the similar way. This term is a latin that means to stand whenever it is decided
Answer:
Under this doctrine, judges are obligated to follow the precedents established within their jurisdictions.
Explanation:
afford that. (shouldnt, cant)
11. Circle the collective noun that best fits in the sentence.
1. The ( classroom/herd ) of students read the directions on th
2. Sailing around the (flock / chain of islands, the crew of sa
3. Bears fish in the river as the clouds / runs ) of salmon swa
4.
I ate a (plate / flock) of rice.
5. Running late, I ran up ( flights/pods ) of stairs in record ti
6. Looking up at the sky, I had a glimpse of the packs / gala
7. After the holidays, we had (colonies / heaps) of trash.
Grade 08 - English
(4)
Copying and imita
publishers law!
Answer:
Classroom
Chain of Islands
Runs
Plate
Flights
Gala
Heaps
Explanation:
n order to build a new warehouse facility, the regional distributor for Valco Multiposition Valves borrowed $1.6 million at 12% per year interest. If the company repaid the loan in a lump sum amount after 2 years, what was the amount of the payment
Answer:
the amount of the payment is $2,007,040
Explanation:
The computation of the amount of the payment is as follows:
= Borrowed amount × (1 + rate of interest)^number of years
= $1,600,000 × (1 + 0.12)^2
= $2,007,040
We simply applied the future value formula to determine the amount of the payment
Hence, the amount of the payment is $2,007,040
Question 3 of 25
During which events is it most likely that sheltering in place is the best option?
Select the 3 answer options that apply.
Tornado
Chemical release
Fire
Biological contaminant release
Answer:
Tornado ,Chemical release and Biological contaminant release
Explanation:
I just took it.
Laissez-faire is an economic: Multiple Choice precept because it is the logical conclusion of a model with widely held assumptions. theorem because it is the logical conclusion of a model with carefully stated relationships among variables. precept because it is based on a model and normative judgments about the relevance of the model to the real world. theorem because it is based on deductive analysis of a model that is based on assumptions.
Answer:
Option C (Precept............real world) is the right answer.
Explanation:
Laissez-faire economics seems to be a hypothesis that always constrains government interference.
It maintains that perhaps the financial sector was indeed particularly strong since all the current regime was doing was safeguard the freedom of persons. Subsequently, free-market statisticians predicated on the premise of laissez-faire mostly as an approach to sustainable economic success, because while critics disparaged it for helping to promote unfairness.The other actions taken are not connected to the circumstance in question. That would be the right response to the above.
What is the unemployment rate if there are 160 million people employed, 10 million people unemployed, and 20 million not in the labor force
Answer:
7.14%
Explanation:
With regards to the above, we can calculate the unemployment rate as!
= Unemployed people/labor force × 100
= 10,000,000 /140,000,000 × 100
= 7.14%
sam has an ivestment of 200 that is expected to earn 10%. how much will the investment be worth at the end of the first year if the investment earns simple interest
Answer:
$220
Explanation:
Calculation for How much will the investment be worth at the end of the first year if the investment earns simple interest
Investment worth=$200+(10%*$200)
Investment worth=$200+$20
Investment worth=$220
Therefore How much will the investment be worth at the end of the first year if the investment earns simple interest is $220
The following information is available for Crane Company
Accounts receivable $3,300
Accounts payable 4,100
Interest payable 580
Salaries and wages expense 4,900
Notes payable 31,500
Common stock 50,400
Inventory 2,940
Cash $6,310
Supplies 3,880
Unearned service revenue 820
Service revenue 42,100
Salaries and wages payable 850
Depreciation expense 600
Equipment (net) 109,800
Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity
Answer:
Crane Company
Balance Sheet
As of December 31, 2022:
Assets
Current Assets:
Cash $6,310
Accounts receivable 3,300
Supplies 3,880
Inventory 2,940
Total current assets $16,430
Long-term Assets:
Equipment (net) 109,800
Total assets $126,230
Liabilities and Equity
Current Liabilities:
Accounts payable 4,100
Interest payable 580
Salaries and wages payable 850
Unearned service revenue 820
Total current liabilities $6,350
Long-term Liabilities:
Notes payable 31,500
Total liabilities $37,850
Equity:
Common stock 50,400
Retained Earnings 37,980
Total equity $88,380
Total liabilities + equity $126,230
Explanation:
a) Data and Calculations:
Trial Balance
Cash $6,310
Accounts receivable 3,300
Supplies 3,880
Inventory 2,940
Equipment (net) 109,800
Depreciation expense 600
Salaries & wages exp. 4,900
Accounts payable $4,100
Interest payable 580
Salaries and wages payable 850
Unearned service revenue 820
Notes payable 31,500
Common stock 50,400
Service revenue 42,100
Retained earnings 1,380
Totals $131,730 $131,730
Beginning Retained Earnings $1,380
Net income 36,600
Ending Retained earnings $37,980
Income Statement for the year ended December 31, 2022:
Service revenue $42,100
Depreciation expense 600
Salaries and wages expense 4,900
Total expenses $5,500
Net income $36,600
Discuss the differences between the short run equilibrium and long run equilibrium from the perspective of producers and from the perspective of consumers. Why do you think it is important for managers to understand the mechanics of supply and demand in the short run and in the long run? Give an example of a company whose business was either helped or hurt by changes in supply or demand in the markets in which they were competing
Answer:
In the long-run, the economy tends to favor consumers more than it favors producers.
Explanation:
This is because, in competitive market structures, firms earn economic profit only in the short-run, but in the long-run, this economic profit either disappears, or decreases substantially, because the structure of the market itself provides incentive for a dynamic flux of firms in and out of the industry, and economic profit moves along that flux: it goes up when the number of firm in the industry goes down, and it goes down when the number of firms in the industry goes up.
Managers should understand these dynamics in order to be able to forecast trends and act accordingly, mainly by developing corporate strategy that tackle the forecasted scenarios.
Finally, an example of a business affected by a fall in demand is airline companies. The airline market is very competitive even if it is dominated by a few firms due to very high barriers to entry and exit. Airline companies are constantly pressured to offer lower prices, while costs do not necessarily fall at the same rate. The recent demand shock due to the current pandemic has left most airlines in a dire condition, using up past reserves to operate, and frequently in need of government assistance.
After a crime has been reported, what is one of the first decisions that the police have to make?
ОА.
Who is guilty
OB.
Whether to arrest the suspect
O c.
Whether to investigate the crime
OD.
Whether to recommend the death penalty
Can someone please help what’s the answer
Answer:
$161,000
Explanation:
Snap repair service accepted the seller counteroffer of $161,000. It means that Snap repair service paid the sum of $161,000 to acquire the land. Snap repair should record the value of the land as $161,000.
As per the guidelines of the generally accepted accounting principles, the value to be recorded is the amount paid to acquire the asset.
What is a broadcast? What pathway do you find this in?
Answer:
A broadcast is when people talk into the radio and play music and talk like news i think (not sure but hope it helps)
Explanation:
dont know your other ques
Answer:
A broadcast is a frame that is sent from one device and is sent to every other device in that broadcast domain. You can find broadcasts by looking for the IP address and the subnet mask.
Explanation:
Hope this helps! ^^
HELP HELP 10 POINT FOR YOU ILL MAKE IT 20 HELP HELp
Bond Corporation issues 5,000, 10-year, 8%, $1,000 bonds dated January 1, 2017, at 103. The journal entry to record the issuance will show a
Answer and Explanation:
The journal entry to record the issuance of the bond is as follows:
Cash Dr (5,000 × 103) $515,000
Discount on bond payable Dr $4,485,000
To Bond payable (5,000 × $1,000) $5,000,000
(Being the issuance of the bond is recorded)
Here cash and discount on bond payable is debited and credited the bond payable
How do you plan to become a responsible consumer?
Answer:
Do not be a Karen :) No no I'm just kidding- a way to be is respect, make sure ur patent, if you talking about the other meaning to it which is eating something the answer for that is to not be picky uhhh yeah I hope this helped
also I know I'm weird forgive me-
Assign each of the following to the correct category: A full-time college student multiple choice 1 Employed Unemployed Not in the labor force An accountant working full time
Answer:
unemployed
employed
Explanation:
Imagine that you want to buy a limited edition book for $100, the publisher decides that consumers won't buy the book at a price higher than $100, so only 500 books are printed. If the publisher turns out to be wrong, and consumers demand 10,000 books, the price will rise (as demand increases, so does price). This rise in price should then prompt the publisher to print more books because the higher the price, the higher the quantity supplied. Find another product that you use everyday and for which the market would react the same way
9514 1404 393
Answer:
gasoline
Explanation:
The price of gasoline rises dramatically when there is a perceived shortage. That price rise, in turn, causes producers to seek out sources of supply that previously had been considered uneconomical.
Answer:
GasolineExplanation:
#CARRYONLEARNING
The following graph represents the cost and revenue functions for custom-made computers. How many computers have been sold at the break-even point? A graph has sales on the x-axis and cost times 100 on the y-axis. The cost line goes through (0, 5) and (12, 9). The revenue line goes through (0, 0) and (12, 9). The lines intersect at (12, 9). a. 12 b. 9 c. 5 d. 0 Please select the best answer from the choices provided A B C D
Answer:
It would be 12
Explanation:
just did the test
Answer:
a
Explanation:
edg 20/21
BJ Corporation is a cash-basis business. BJ signed a six-month, 12% note payable of $5,000 on October 1st, 2022. By recording the interest expense related to the note only when it is paid on April 1st, 2023, BJ will understate expenses by ________ on its year-end financial statements on December 31st, 2022. A : $5,600 B : $300 C : $0 D : $150
Answer:
D : $150
Explanation:
The computation of the interest expense understated is given below:
= Note payable amount × rate of months × given months ÷ number of months
= $5,000 × 0.12 × 3 months ÷ 12 month
= $150
Hence, the interest expense that would be understate by $150
Therefore the correct option is d.
Blossom Industries produces and sells a cell phone-operated home security control. Information regarding the costs and sales of security controls during May 2020 are provided below.
Unit selling price of security control $49
Unit variable costs $28
Total monthly fixed costs $126,000
Units sold 8,300
Required:
Prepare a CVP income statement for Blossom Industries for the month of May.
Answer and Explanation:
The preparation of the CVP income statement for the month of May is presented below:
Sales (8,300 units × $49) $406,700
Less: Variable cost (8,300 units × $28) -$232,400
Contribution margin $174,300
Less: Fixed cost -$126,000
Net income $48,300
