On January 1, 2020, Milwaukee Corporation issued $3,000,000 of its 20-year, 8% bonds payable at 96. Interest is payable annually on January 1. The entry to accrue interest on December 31, 2020 would include a

Answers

Answer 1

Answer:

It will include credit to discount on bonds payable for $6,000

Explanation:

Solution

Given that

Issue price of bond = $3,000,000 * 96%

Issue of bond =$ 2,880,000

Thus,

The discount of bond payable = $3,000,000 - $ 2,880,000

=$120,000

Amortization of discount of bond payable = $120,000/20

=$6,000

Now,

We prepare an entry to accrue interest which is given below:

Entry to accrue interest

Date            Account Titles and Explanation       Debit          Credit

31-12-2020        Interest expense                         $246,000

                  discount of bond payable                                     $6,000

                          Interest payable                                             $240,000

                 (To record the interest accrued)


Related Questions

Because transit tends to be congested in this country, many people prefer to shop in their local neighborhoods. They tend to go to stores several times a week to get what they need rather than making one big trip less frequently. Since the culture of this company is very network oriented, shoppers expect a trip to the store to involve significant interaction with store employees. Shoppers are also used to good deals and haggling for better prices. A U.S. store opens in this country and exhibits the following characteristics. Which of these characteristics will be problematic for the success of the store?
A) A few large flagship stores located in big cities
B) Product experts on the floor to answer customers' questions
C) Store locations easy to access via public transit
D) High-end pricing
E) Products available individually rather than in bulk

Answers

Answer: A few large flagship stores located in big cities; High-end pricing( Option A and D)

Explanation:

Because the people in this country usually shop close to their home, it would not be wise for a business to opt for few large flagship stores rather than a larger number of the smaller stores.

It would also be unwise for such business to sell mainly high-end products because the shoppers are used to good deals and haggling. Such company would be smart, to sell the products individually, because bulk purchases would make little sense for people that make frequent trips to the store.

Also, in a country with a congested transportation, an easy-to-access store locations will be important and having product experts on the floor who answers the questions of customers’ would appeal to network-oriented local culture.

g Suppose that more British decide to vacation in the U.S. and that the British purchase more U.S. Treasury bonds. Ignoring how payments are made for these purchases, a. the first action by itself raises U.S. net exports, the second action by itself raises U.S. net capital outflow. b. the first action by itself raises U.S. net exports, the second action by itself lowers U.S. net capital outflow. c. the first action by itself lowers U.S. net exports, the second action by itself raises U.S. net capital outflow. d. the first action by itself lowers U.S. net exports, the second action by itself lowers U.S. net capital outflow.

Answers

Answer:

b. the first action by itself raises U.S. net exports, the second action by itself lowers U.S. net capital outflow.

Explanation:

Net exports are equal to the difference between the value of a nation's total export of goods, services and the value of all the goods and services it imports.

U.S. net export raises as more British decide to vacation in the U.S. and U.S. net capital outflow reduces as the British purchase more U.S. Treasury bonds.

So, option b is correct.

An annual insurance policy is paid in advance by a company. How will the company treat this initial payment and the subsequent expiration of a portion of the policy over time?
A. The initial payment will be recorded as an increase to a Prepaid Insurance account.
B. Over time, the expired portion of the policy must be removed from the asset account as it has been used up and is no longer considered an asset.
C. As a portion of the policy expires, the expired portion will be removed and transferred to an expense account.
D. This prepayment of the policy will initially be treated as an expense and over time, the expired portion will be treated as an asset.

Answers

Answer:

The question requires the answering party to pick all that apply as found in the attached.

A. The initial payment will be recorded as an increase to a Prepaid Insurance account.

B. Over time, the expired portion of the policy must be removed from the asset account as it has been used up and is no longer considered an asset.

C. As a portion of the policy expires, the expired portion will be removed and transferred to an expense account.

Explanation:

The initial payment will be recorded as increase to an asset account,prepaid insurance is a correct statement,pending when the insurance cost is cost,

Subsequently,the expired the portion of the prepayment would be removed from the account,hence point B is also correct.

Finally,when the expired portion is removed from prepaid insurance account,it is transferred to insurance expense account,point C is also on point.

Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Fishers, Indiana, was voted one of the top 100 best places to live in 2017 by Money magazine. With population of 86,357, a median home price of $236,167, and estimated property taxes at 10.6 mills, how much does the average homeowner pay in property taxes?

Answers

Answer:

The average homeowner pay $2,503.37 in property taxes

Explanation:

Population = 86,357

Median home price = $236,167

Estimated property taxes = 10.6 mills

Property Tax 1 Mills equals to 1/1000 Units . That Means Property tax Need to pay $1 For $1000 Assets able value .

Average homeowner pay in property taxes = Home Price × (Mills ÷ 1000)

= $236,167 × (10.6 ÷ 1000)

= $236,167 × 0.0106

=$2,503.37

Capitan Inc. made an entry to record the return of inventory that the company previously purchased on account. If the company uses a perpetual inventory system, the entry to record the returned inventory includes a:____________

Answers

Answer:

Dr Accounts payable

    Cr Merchandise inventory

Explanation:

The original purchase entry using the perpetual should be:

Dr Merchandise inventory XX

    Cr Accounts payable XX

If the company returns some or all the merchandise purchased, then the journal entry should be:

Dr Accounts payable YY

    Cr Merchandise inventory YY

If the company used the periodic inventory system, then the accounts would be different. Perpetual inventory directly debits or credits merchandise inventory account, it doesn't use the purchases account.

The original purchase entry using the periodic system should be:

Dr Purchases XX

    Cr Accounts payable XX

If the company returns some or all the merchandise purchased, then the journal entry should be:

Dr Accounts payable YY

    Cr Purchases returns and allowances YY

You are an owner of a bakery, and you meet with other neighborhood bakery owners. In an attempt to increase sales, you collectively decide to lower prices by 10%. Which of the following are consequences of this price change?
A. The supply of fresh baked goods will decrease.
B. The quantity supplied of fresh baked goods will decrease.
C. Demand for processed baked goods will decrease.
D. The supply of fresh baked goods will increase.
E. The demand for fresh baked goods will not change.
F. The demand for fresh baked goods will increase.

Answers

Answer:

The quantity supplied of fresh baked goods will decrease ( B )

Demand for processed baked goods will decrease. ( C )

The demand for fresh baked goods will not change ( E )

Explanation:

When the neighbourhood bakery owners agree to lower prices of goods by 10% it will not have any effect on the demand for fresh baked goods hence the demand for fresh baked goods will not change because the demand for fresh baked goods have an in-elastic curve

Also since there is s drop in price the quantity supplied by the suppliers will decrease. while The demand for processed baked goods will decrease because of the substitute it has in fresh baked goods that just got its price slashed by 10%

Payback period was the earliest -Select- selection criterion. The -Select- is a "break-even" calculation in the sense that if a project's cash flows come in at the expected rate, the project will break even. The equation is:

Answers

Answer: 1. Capital Budgeting

2. Payback Period

3. Number of Years Prior to Full Recovery + (Unrecovered Cost at Start of Year / Cash flow during the year)

Explanation:

Payback period was the earliest Capital Budgeting selection criterion. The Payback Period is a "break-even" calculation in the sense...

The Payback period is one of the most simple methods in Capital Budgeting and the earliest as well. It simply checked how long it would take to pay back an investment which made it very alluring to investors who wanted to know how long it would be till they started getting a profit.

It therefore essentially checked when the project would Break-Even.

The formula is,

Number of Years Prior to Full Recovery + (Unrecovered Cost at Start of Year / Cash flow during the year)

This means that to calculate the Payback Period, for example, say the investment was $500 and the project brought in $120 for 5 years.

That would mean that in year 4 it would have brought it $480. Year 4 is the Number of Years prior to Full recovery.

The $20 left is the Unrecovered cost at the start of the year and the Cashflow for the year is $120. The Payback is therefore,

= 4 + (20/120)

= 4.17

Elaborate on any three internal factors of Jessops’ Group Limited that can influence its functioning

Answers

Answer:

The internal factors are factors that are under the control of the company and these can be tangible or intangible in nature.

Explanation:

Examples of three internal factors of Jessops’ Group Limited that can influence its functioning are:

1. Assets of the company: the company has over 200 stores around the UK, and also has an online shop and call center. This will make the company to serve a wide base of customers which can increase the revenue of the UK’s premier photographic retailer.

2. Photo and imaging business: This is a business line which is a key part of the company's product portfolio. The decision of the company to focus its attention on making its imaging business the market leader is because of the stability in its margins during the 2008–09 economic recession in the UK.

3. Participation and investment in social responsibility: The response of the company to the Waste Electrical and Electronic Equipment (WEEE) regulations on the disposal of electronic goods at the end of their life by contributing towards a national fund to assist local councils to develop collection facilities for electronic goods is an example of social responsibility. The creation of a convenient battery recycling points in its stores and effort to increase awareness of the WEEE regulations are part of social responsibility functions that will be seen more favorably by consumers. This can therefore increase the sales of the company.

Billy-Bob owns a condo in Seattle, and a farm in Yakima. His older brother, Bobby-Lee, has some severe health problems and is unable to work anymore, and just has Social Security Disability income of about $800/month. Billy-Bob records a deed giving a "life estate" to Bobby-Lee as long as he lives, with the "remainder" to go to Billy-Bob’s sister, Judy. A. Bobby-Lee now owns the "fee simple" title to the property, as long as he lives. B. Once Bobby-Lee dies, Judy will own the "fee simple" title to the property. C. No one will own the "fee simple" title to the property.

Answers

Answer: B. Once Bobby-Lee dies, Judy will own the "fee simple" title to the property.

Explanation:

In the Life Estate arrangement, a person is granted use and ownership of a property for as long as they are alive. When they die however, if a Remainder also known as Remainder- man is named, then the property rights transfer to the Remainder- man.

The Remainder-man then gets access to the property and owns in to the highest extent of the law which in common law countries such as the United States, is the Fee Simple title ownership. This gives them the right to basically do what they want with the property.

Bobby-Lee therefore gets the rights to the property but once he dies, his sister Judy will own a fee simple title to the property.

Mills Corporation acquired as a long-term investment $240 million of 5% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 3% for bonds of similar risk and maturity. Mills paid $280.0 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value of the bonds at December 31, 2021, was $270.0 million.

Required:
a. Prepare the journal entry to record Mills' investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective (market) rate.
b. At what amount will Mills report its investment in the December 31, 2021, balance sheet?
c. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2, 2022, for $290 million. Prepare the journal entry to record the sale.

Answers

Answer:

a. Prepare the journal entry to record Mills' investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective (market) rate.

July 1, 2021

Dr Investment in bonds 240,000,000

Dr Premium on investment in bonds 40,000,000

    Cr Cash 280,000,000

December 31, 2021

Dr Cash 12,000,000

    Cr Interest revenue 8,400,000

    Cr Premium on investment in bonds 3,600,000

b. At what amount will Mills report its investment in the December 31, 2021, balance sheet?

Investment in bonds $240,000,000

Premium on investment in bonds $36,400,000

c. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2, 2022, for $290 million. Prepare the journal entry to record the sale.

January 2, 2022

Dr Cash 290,000,000

    Cr Investment in bonds 240,000,000

    Cr Premium on investment in bonds 36,400,000

    Cr Gain on sale of investments 13,600,000

Explanation:

effective interest rate on first coupon received = ($240,000,000 x 5%) - ($280,000,000 x 3%) = $12,000,000 - $8,400,000 = $3,600,000

Premium on investment in bonds = $40,000,000 - $3,600,000 = $36,400,000

A lot of research has demonstrated that there is a relationship between the of employees and that of the customer

Answers

Answer:

Satisfaction

Explanation:

A satisfaction is a thing. We just take an example :- When a customer purchase a product from the company he or she investing their money in order to fulfill their needs and wants. In return the customer wants the product is according to their expectations. In the case when the customer is satisfied, the chances of repurchasing of the product is high.

Therefore, as per the current situation there is always a relationship of satisfaction between the customer and the employees of the company.

Identifying Cost Drivers in an ABC system
Patterson makes electronic components for handheld games and has identified several activities as components of manufacturing overhead: factory rent, factory utilities, quality inspections, materials handling, machine setup, employee training, machine maintenance, inventory security costs, and supervisor salaries. For each activity that Patterson has identified, choose a cost driver to allocate that cost. Explain your reasoning.

Answers

Answer:

Factory Rent : No of days worked

Factory Utilities: Units of utility consumed

Quality Inspection : Hours of inspection on production run

Material Handling :  No of orders received

Machine Setup : Machine hours

Employee Training : Hours worked

Machine Maintenance : Machine hours used

Inventory Security Costs : Finished goods units

Supervisor Salary : No of workers

Explanation:

A cost driver is unit of activity on which cost is allocated. Cost driver is considered as a direct cause of the cost. In ABC costing cost are allocated to the goods based on the cost drivers.

BJT Corporation is owned 40 percent by Bill, 30 percent by Jack, and 30 percent by the Trumpet Partnership. Bill and Jack are father and son. Jack has a 10 percent interest in Trumpet Partnership. What is Jack’s total direct and constructive ownership of BJT Corporation under Section 267?

Answers

Answer:

33%

Explanation:

By virtue of been having 10% interest in Trumpet Partnership, Jack has a 10% share out of 30 percent owned by Trumpet Partnership (0.10 * 30=3%).

Additionally, his own 30 percent is still pay of his direct and constructive ownership of BJT Corporation, thus making his total direct stand at 33%.

Earnings per Share and Price-Earnings Ratio A company reports the following: Net income $1,306,000 Preferred dividends $74,000 Shares of common stock outstanding 80,000 Market price per share of common stock $97.02 a. Determine the company's earnings per share on common stock. Round your answer to the nearest cent. Use the rounded answer of requirement a for subsequent requirement, if required. $ b. Determine the company's price-earnings ratio. Round to one decimal place.

Answers

Answer:

(a) The company's earnings per share on common stock is $ 15.40

(b) The company's price-earnings ratio is 6.3

Explanation:

Net income = $1,306,000

Preferred dividends = $74,000

Shares of common stock outstanding = 80,000 shares

Market price per share of common stock = $97.02

(a) Earnings per share = (Net income−Preference dividend ) ÷ Shares outstanding

=  ($1,306,000−$74,000 ) ÷ 80,000 shares

=  $1,232,000  ÷ 80,000 shares

= $ 15.4

(b) Price-Earnings ratio =  Market price per share  ÷ Earnings per share

=  $97.02 ÷ $15.40 per share

= 6.3

Journalize the following transactions that occurred in March2018for DubleCompany. Assume Dubleuses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Mar. 3 Purchased merchandise inventory on account from Silton Wholesalers, $3,000. Tems 3'1, niEOM, FOB shipping point. 4 Paid freight bill of S70 on March 3 purchase. 5 Purchase merchandise inventory for cash of $2,000. 6 Retumed S700 of inventory from March 3 purchase. 8 Sold merchandise inventory to Herrick Company, $3,400, on account. Terms 2/15, n/35 9 Purchased merchandise inventory on account from Teaton Wholesalers, $5,500. Terms 1/10, n/30, FOB destination. 10 Made payment to Silton Wholesalers for goods purchased on March 3, less return and discount. 12 Received payment from Herrick Company, less discount. 13 After negotiations, received a $300 allowance from Teaton Wholesalers. 15 Sold merchandise inventory to Jeter Company, $2,300, on account. Terms 2/10, nEOM. 22 Made payment, less allowance, to Teaton Wholesalers for goods purchased on March 9 9 10 12 13 15 23 Jeter Company retumed $600 of the merchandise sold on March 15. 25 Sold merchandise inventory to Smede for $1,400 on account. Terms of 2/10, n/30 were offered, FOB shipping point. 26 After negotiations, granted a $300 allowance to Smede for merchandise purchased on March 25. 29 Received payment from Smede, less allowance and discount. 30 Received payment from Jeter Company, less return. 26 29 30

Answers

Answer:

Mar. 3 Purchased merchandise inventory on account from Silton Wholesalers, $3,000. Tems 3'1, niEOM, FOB shipping point.

Dr Purchases 3,000

    Cr Accounts payable - Silton Wholesalers 3,000

4 Paid freight bill of S70 on March 3 purchase.

Dr Freight in expenses 70

    Cr Cash 70

5 Purchase merchandise inventory for cash of $2,000.

Dr Purchases 2,000

    Cr Cash 2,000

6 Returned S700 of inventory from March 3 purchase.

Dr Accounts payable - Silton Wholesalers 700

    Cr Purchases returns and allowances 700

8 Sold merchandise inventory to Herrick Company, $3,400, on account. Terms 2/15, n/35

Dr Accounts receivable - Herrick Company 3,400

    Cr Sales 3,400

9 Purchased merchandise inventory on account from Teaton Wholesalers, $5,500. Terms 1/10, n/30, FOB destination.

Dr Purchases 5,500

    Cr Accounts payable - Teaton Wholesalers 5,500

10 Made payment to Silton Wholesalers for goods purchased on March 3, less return and discount.

Dr Accounts payable - Silton Wholesalers

    Cr Cash 2,231

    Cr Purchase discounts 69

12 Received payment from Herrick Company, less discount.

Dr Cash 3,332

Dr Sales discounts 68

    Cr Accounts receivable - Herrick Company 3,400

13 After negotiations, received a $300 allowance from Teaton Wholesalers.

Dr Accounts payable - Teaton Wholesalers 300

    Cr Purchases returns and allowances 300

15 Sold merchandise inventory to Jeter Company, $2,300, on account. Terms 2/10, nEOM.

Dr Accounts receivable - Jeter Company 2,300

    Cr Sales 2,300

22 Made payment, less allowance, to Teaton Wholesalers for goods purchased on March 9

Dr Accounts payable - Teaton Wholesalers 5,200

    Cr Cash 5,200

23 Jeter Company returned $600 of the merchandise sold on March 15.

Dr Sales returns and allowances 600

    Cr Accounts receivable - Jeter Company 600

25 Sold merchandise inventory to Smede for $1,400 on account. Terms of 2/10, n/30 were offered, FOB shipping point.

Dr Accounts receivable - Smede 1,400

    Cr sales 1,400

26 After negotiations, granted a $300 allowance to Smede for merchandise purchased on March 25.

Dr Sales returns and allowances 300

    Cr Accounts receivable - Smede 300

29 Received payment from Smede, less allowance and discount.

Dr Cash 1,078

Dr Sales discounts 22

    Cr Accounts receivable - Smede 1,100

30 Received payment from Jeter Company, less return.

Dr Cash 1,700

    Cr Accounts receivable - Jeter Company 1,700

Ajax Computer Company is an accrual-method calendar-year taxpayer. Ajax has never advertised in the national media prior to this year. In November of this year, however, Ajax paid $3 million for television advertising time during a "super" sporting event scheduled to take place in early February of next year. In addition, in November of this year the company paid $2,500,000 for a one-time advertising blitz during a professional golf tournament in April of next year. What amount of these payments, if any, can Ajax deduct this year

Answers

Answer: No deduction can be claimed this year.

Explanation:

The options to the question are:

a. No deduction can be claimed this year.

b. $5.50 million

c. $2,500,000

d. $5.50 million only if the professional golf tournament is played before April 15.

Answer:

Since Ajax Computer company is an accrual method calender-year tax payer, the computer company would recognize the expenses only when such expenses are incurred and not at the time that cash is being paid for the the expenses

Ajax computer company already paid in advance for both advertisements the following year even though the advertisement eanst taking place that year. Therefore, the payments will not be considered to be an expense until advertisements has actually taken place. Because of this, Ajax cannot deduct the amounts paid for the advertisements next year and hence, no deduction will be claimed this year.

Federal Semiconductors issued 11% bonds, dated January 1, with a face amount of $800 million on January 1, 2021. The bonds sold for $739,814,813 and mature on December 31, 2040 (20 years). For bonds of similar risk and maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31. Federal determines interest at the effective rate. Federal elected the option to report these bonds at their fair value. On December 31, 2021, the fair value of the bonds was $730 million as determined by their market value in the over-the-counter market. Assume the fair value of the bonds on December 31, 2022 had risen to $736 million.
Required:
1. Prepare the journal entry to record their issuance by Federal on January 1, 2021.
2. Prepare the journal entry to record interest on June 30, 2021 (at the effective rate).
3. Prepare the journal entry to record interest on December 31, 2021 (at the effective rate).
4. At what amount will Federal report the bonds among its liabilities in the December 31, 2021, balance sheet?

Answers

Answer:

1. Prepare the journal entry to record their issuance by Federal on January 1, 2021.

Date                Account title                                       Debit ($)          Credit ($)

Jan 1, 2021      Cash                                                 739,814,813

                        Discount on bonds payable            60,185,187

                        Bonds payable                                                      800,000,000

                        (To record issue of bonds)

2. Prepare the journal entry to record interest on June 30, 2021 (at the effective rate).

Date                   Account title                                     Debit ($)          Credit ($)

June 30, 2021   Interest expense                            44,388,889  

                          Discount on bonds payable                                 388,889  

                            Cash                                                                     44,000,000

                        (To record payment of semi-annual interest)

3. Prepare the journal entry to record interest on December 31, 2021 (at the effective rate).

Date                   Account title                                     Debit ($)          Credit ($)

Dec 31, 2021   Interest expense                            44,412,222  

                          Discount on bonds payable                                 412,222

                            Cash                                                                     44,000,000

                        (To record payment of semi-annual interest)

4. The amount that Federal will report for the bonds among its liabilities in the December 31, 2021, balance sheet is $740,615,924

Explanation:

1. Discount on bonds payable = $800 million - $739,814,813 = $60,185,187

2. Cash paid = Face value × stated interest × interest time period

= $800,000,000 × 11% × 0.5

= $44,000,000

Interest expense = price of bonds × market interest rate × interest time period

= $739,814,813 × 12% × 0.5

= $44,388,889

Discount on bonds payable = $44,388,889 - $44,000,000 = $388,889

3. Cash paid = Face value × stated interest × interest time period

= $800,000,000 × 11% × 0.5

= $44,000,000

Interest expense = price of bonds × market interest rate × interest time period

= ($739,814,813 + $388,889) × 12% × 0.5

= $ 44,412,222

Discount on bonds payable = $44,412,222 - $44,000,000 = $412,222

4.  Long term liabilities = Bonds payable + Discount on bonds payable June 30 + Discount on bonds payable December 31

=  $739,814,813 + $388,889 + $412,222

= $740,615,924

Hochberg Corporation uses an activity-based costing system with the following threeactivity cost pools:Activity Cost Pool Total ActivityFabrication ............................ 30,000 machine-hoursOrder processing ................... 300 ordersOther ..................................... Not applicableThe Other activity cost pool is used to accumulate costs of idle capacity andorganization-sustaining costs.The company has provided the following data concerning its costs:Wages and salaries ................. $340,000Depreciation ........................... 160,000Occupancy .............................. 220,000Total ........................................ $720,000The distribution of resource consumption across activity cost pools is given below:Activity Cost PoolsFabricationOrderProcessing Other TotalWages and salaries .................. 30% 60% 10% 100%Depreciation ............................ 15% 50% 35% 100%Occupancy ............................... 15% 55% 30% 100%The activity rate for the Fabrication activity cost pool is closest to:__________A) $5.30 per machine-hourB) $3.60 per machine-hourC) $7.20 per machine-hourD) $4.80 per machine-hour

Answers

Answer:

The answer is option A

Explanation:

                                     Amount($)       Activity cost pools    Allocated amount($)

Wages and salaries    340,000                   30%                     102,000

Depreciation                160,000                   15 %                     24,000

Occupancy                  220,000                   15 %                     33,000

Total                             720,000                                              159,000

Cost driver (hours)                                                              30,000 machine hours

Rate per machine hr                                                          159,000 ÷ 30,000

                                                                                                =$ 5.30    

Inventory records for Dunbar Incorporated revealed the following: Date Transaction Number of Units Unit Cost Apr. 1 Beginning inventory 490 $ 2.49 Apr. 20 Purchase 410 2.72 Dunbar sold 600 units of inventory during the month. Ending inventory assuming FIFO would be

Answers

Answer:

$816

Explanation:

Calculation for Dunbar Incorporated Ending inventory

Formula for Ending inventory units using FIFO method:

Ending inventory units = Beginning balance + Purchase -sales

Leg plug in the formula

490+410 - 600

= 300units

Calculation for Ending inventory

Ending inventory = 300*2.72

= $816

Therefore the Ending inventory assuming FIFO method is use would be $816

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

Answers

Answer:

$101,820

Explanation:

Bank reconciliation is a practice of reconciling the balance on the company;s cash book to the amount on the bank statement to discover any differences that might occur due to ant reason.

Henke Inc bank reconciliation statement for the month ended April 30 , 2020

Balance as per Bank statement                102,420

Add deposit in transit                                   15,000

                                                                      117,420

Deduct outstanding check                           (15,600)

Adjusted cash balance                                 101,820

                                                             

Angara Corporation uses activity-based costing to determine product costs for external financial reports. The company has provided the following data concerning its activity-based costing system: Activities (and Activity Measures) Estimated Overhead Cost Machine related (machine-hours) $256,520 Batch setup (setups) $261,360 General factory (direct labour-hours) $178,560 Expected Activity Activities Product X Product Y Total Machine related 4,300 6,300 10,600 Batch setup 8,600 1,300 9,900 General factory 3,300 6,300 9,600 Assuming that actual activity turns out to be the same as expected activity, the total amount of overhead cost allocated to Product X would be closest to:

Answers

Answer:

The total amount of overhead cost allocated to Product X would be closest to $ 392,480

Explanation:

Activities (and Activity Measures)          Estimated Overhead Cost

Machine related (machine-hours)               $256,520

Batch setup (setups)                                    $261,360

General factory (direct labour-hours)         $178,560

                                                       Expected Activity

Activities                   Product X      Product Y         Total

Machine related          4,300             6,300            10,600

Batch setup                 8,600             1,300              9,900

General factory           3,300             6,300             9,600

The total amount of overhead cost allocated to Product X would be closest to:

Machine related = (4,300 × $256,520) ÷ 10,600 = $104,060

Batch setup = (8,600 × $261,360) ÷ 9,900 = $227,040

General factory = (3,300 × $178,560) ÷ 9,600 = $61,380

Total = $104,060 + $227,040 + $61,380 = $ 392,480

against the foregoing background obtain any road road traffic policy and demonstrate your understanding of that particular policy in relation to its level. in your discussion indicate your role as traffic a prospective traffic law enforcement personnel

Answers

Answer:

road traffic policy is the application if safety measures to keep both vehicle owners and pedestrians safety or ensures safety in the road.

Explanation:

hope it helps .

"Nelson Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $100,000. The equipment will have an initial cost of $400,000 and have a 5-year life. If the salvage value of the equipment is estimated to be $75,000, what is the payback period

Answers

Answer:

4 years

Explanation:

Payback period calculates the amount of the time it takes for the amount invested in a project to be recovered from the cumulative cash flow.

Payback period = amount invested / annual cash flows

= $400,000 / $100,000 = 4 years

I hope my answer helps you

Martha, the chief designer of StyleSmartz, is considered a role model by her design team members for her role as an effective leader. Martha is considered an effective leader by the team due to her tendency to _____a. motivate employees by satisfying their basic necessities or low-level needsb. adopt a zero-tolerance stand on erring and unproductive employeesc. discourage employees from letting their emotions affect their workd. engage in management openness by encouraging members to voice their opinion

Answers

Answer:

engage in management openness by encouraging members to voice their opinion.

Explanation:

An important characteristic of management is approachability and openness of the manager to ideas of employees. This gives the manager an idea of the actual state of the workplace facilitating effective resolution of issues as they arise.

When employees know they can freely express themselves without being reprimanded, they better express themselves about challenges encountered.

Also opportunities and methods of doing things better is communicated to the manager

Marigold Corp. budgeted costs for 70000 linear feet of block are: Fixed manufacturing costs$24000 per month Variable manufacturing costs$16 per linear foot Marigold installed 40000 linear feet of block during March. How much is budgeted total manufacturing costs in March

Answers

Answer:

$664,000

Explanation:

The computation of the total budgeted manufacturing cost is shown below:

Total manufacturing costs = Variable manufacturing cost + Fixed  manufacturing cost

= ($16 × 40,000 units ) + $24,000  

= $664,000

We simply added the variable manufacturing cost and the Fixed  manufacturing cost so that the total budgeted manufacturing cost could come and the same is to be considered

Consider a hypothetical closed economy in which households spend $0.60 of each additional dollar they earn and save the remaining $0.40. The marginal propensity to consume (MPC) for this economy is0.6 , and the spending multiplier for this economy is . Suppose the government in this economy decides to increase government purchases by $400 billion. The increase in government purchases will lead to an increase in income, generating an initial change in consumption equal to . This increases income yet again, causing a second change in consumption equal to . The total change in demand resulting from the initial change in government spending is .

Answers

Answer:

The total change in demand resulting from the initial change in government spending is $1,000 billion

Explanation:

Marginal propensity to consume (MPC) = As with every additional increase in income, consumption increases by 0.60.

MPC = change in Consumption / Change in Income = [tex]\Delta C/\Delta Y[/tex]

[tex]\Delta C/\Delta Y[/tex] = 0.60 / 1

MPC = 0.60.

Spending or Expenditure Multiplier = 1 ÷ (1 - MPC)

Spending Multiplier = 1 ÷ (1 - 0.6) = 1 ÷ 0.4 = 2.5.

The consumption will increase by MPC, with 1 dollar increased, consumption increased by 0.60

Therefore, with $400 billion increase, Consumption will increase by 0.60 × 400 billion = $240 billion.

This increases income, causing a change in consumption at second times equal $240 billion × 0.6 = $144 billion.

The total change in income by this increment in government spending equals as:

Change in Demand = Multiplier × change in G

Change in Demand= $400 billion × 2.5 = $1,000 billion.

The total change in demand resulting from the initial change in government spending is $1,000 billion

 

Marginal propensity to consume = change in Consumption / Change in Income  

Marginal propensity to consume = 0.60 / 1

Marginal propensity to consume = 0.60

Spending Multiplier = 1 / (1 - MPC)

Spending Multiplier = 1 / (1 - 0.6)

Spending Multiplier = 1 / 0.4

Spending Multiplier = 2.5.

Consumption will increase = 0.60 × 400 billion

Consumption will increase = $240 billion.

 

Consumption will increase second time = $240 billion × 0.6

Consumption will increase second time = $144 billion.

 

Change in Demand = Multiplier × Spending Multiplier  

Change in Demand = $400 billion × 2.5

Change in Demand = $1,000 billion

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

Answers

Answer:

. a comparative advantage with com.

Explanation:

A country has comparative advantage in production if it produces at a lower opportunity cost when compared with other countries.

If it is easier for Canada to produce Com, it means they have a comparative advantage in the production of com. Costa Rica has a comparative advantage in the production of coffee.

I hope my answer helps you

Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 13,000 Selling price per unit $ 16 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 3 Total fixed selling expense $ 21,000 Total fixed administrative expense $ 15,000 Beginning merchandise inventory $ 11,000 Ending merchandise inventory $ 25,000 Merchandise purchases $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

Answers

Answer:

1. Gross margin is $134,00; and Net profit is $33,000.

2. Contribution margin is $69,000; and Net profit is $33,000.

Explanation:

To prepare the statements, the following calculations are done first:

Sales revenue = Number of units sold * Selling price per unit = 13,000 * $16 = $208,000

Variable selling expenses = Number of units sold * Variable selling expense per unit = 13,000 * $2 = $26,000

Total selling expenses = Variable selling expenses + Total fixed selling expense = $26,000 + $21,000 = $47,000

Variable administrative expense = Number of units sold * Variable administrative expense per unit = 13,000 * $3 = $39,000

Total administrative expense = Variable administrative expense + Total fixed administrative expense = $39,000 + $15,000 = $54,000

Cost of goods sold =  Beginning merchandise inventory + Merchandise purchases - Ending merchandise inventory = $11,000 + $88,000 - $25,000 = $74,000

The statements are now prepared as follows:

1. Prepare a traditional income statement.

The purpose of the traditional income statement is to obtain the gross margin and the net profit. These can be obtained as follows:

Cherokee Inc.

Traditional income statement

Details                                                      $        

Sales                                                  208,000

Cost of goods sold                            (74,000)

Gross margin                                    134,000

Selling and Admin. Expenses:

Selling expenses                              (47,000)

Administrative expense                   (54,000)  

Net profit                                           33,000  

2. Prepare a contribution format income statement

The purpose of the contribution format income statement is to obtain the contribution margin and the net profit. These can be obtained as follows:

Cherokee Inc.

Contribution format income statement

Details                                                      $        

Sales                                                  208,000

Variable expenses:

Cost of goods sold                            (74,000)

Selling expenses                               (26,000)

Administrative expense                    (39,000)  

Contribution margin                          69,000

Fixed expenses:

Selling expenses                               (21,000)

Administrative expense                    (15,000)  

Net profit                                             33,000  

Note:

Note that under both methods, the net profit is the same. This always holds no matter the method used.

Answer:

Instructions are below.

Explanation:

Giving the following information:

Amount Number of units sold 13,000

Selling price per unit $16

Variable selling expense per unit $2

Variable administrative expense per unit $3

Total fixed selling expense $21,000

Total fixed administrative expense $15,000

Beginning merchandise inventory $11,000

Ending merchandise inventory $25,000

Merchandise purchases $88,000

First, we need to calculate the cost of goods sold:

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

COGS= 11,000 + 88,000 - 25,000= 74,000

1) Traditional income statement:

Sales= 13,000*16= 208,000

COGS= (74,000)

Gross profit= 134,000

Total selling expense= (2*13,000) + 21,000= (47,000)

Total administrative expense= (3*13,000) + 15,000= (54,000)

Net operating income= 33,000

2) Contribution format income statement:

Total variable cost= (3 + 2)*13,000 + 74,000= $139,000

Sales= 208,000

Total variable cost= (139,000)

Contribution margin= 69,000

Total fixed selling expense= (21,000)

Total fixed administrative expense= (15,000)

Net operating income=  33,000

The Caraway Seed Company grows heirloom tomatoes and sells their seeds. The heirloom tomato plants are preferred by many growers for their superior flavor. At the end of the most recent year the firm had current assets of $49,700​, net fixed assets of $248,300​, current liabilities of $28,400​, and​ long-term debt of $101,600.
A. Calculate Caraway's stockholders' equity.B. What is the firm's net working capital?

Answers

Answer:

A.

$168,000

B.

$21,300

Explanation:

A.

As per accounting equation

Assets = Liabilities + Equity

Equity = Assets - Liabilities

Placing values in the equation

Equity = ( Current assets + Net Fixed Assets ) - ( Current Liabilities + Long term debt )

Equity = ( $49,700 + 248,300 ) - ( 28,400 + 101,600)

Equity = $168,000

B.

Net Working capital is the net of current assets and current liabilities of the company.

Use following formula of net working capital

Net working capital = Current assets - current liabilities

Net working capital = $49,700 - 28,400

Net working capital = $21,300

Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10. At the start of January 2015, VGC’s income statement accounts had zero balances and its balance sheet account balances were as follows:

Cash $2,360,000
Accounts Receivable 152,000
Supplies 19,100
Equipment 948,000
Land 1,920,000
Building 506,000
Accounts Payable 109,000
Unearned Revenue 152,000
Notes Payable (due 2018) 80,000
Common Stock 2,200,000
Retained Earnings 3,364,100

In addition to the above accounts, VGC’s chart of accounts includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense.

Required:
1. Analyze the effect of the January transactions (shown below) on the accounting equation, and indicate the account, amount, and direction of the effect (+ for increase and − for decrease) of each transaction. (Enter any decreases to account balances with a minus sign.)

a. Received $52,250 cash from customers for subscriptions that had already been earned in 2014.
b. Received $235,000 cash from Electronic Arts, Inc. for service revenue earned in January.
c. Purchased 10 new computer servers for $41,900; paid $12,000 cash and signed a three-year note for the remainder owed.
d. Paid $15,600 for an Internet advertisement run on Yahoo! in January.
e. Sold 10,100 monthly subscriptions at $10 each for services provided during January. Half was collected in cash and half was sold on account.
f. Received an electric and gas utility bill for $5,900 for January utility services. The bill will be paid in February.
g. Paid $310,000 in wages to employees for work done in January.
h. Purchased $5,100 of supplies on account.
i. Paid $5,100 cash to the supplier in (h).


2. Prepare journal entries for the January transactions listed in part 1, using the letter of each transaction as a reference.
3. Create T-accounts, enter the beginning balances shown above, post the journal entries to the T-accounts, and show the unadjusted ending balances in the T-accounts.
4. Prepare an unadjusted trial balance as of January 31, 2015.

Answers

Answer:

Vanishing Games Corporation (VGC)

1. Analysis of the effect of transactions on the accounting equation:

Assets  = Liabilities + Equity

Assets (Cash) increases +$52,500 and Assets (Accounts Receivable) decreases -$52,500 = Liabilities + Equity.

b. Assets (Cash) increases +$235,000 = Liabilities + Equity (Retained Earnings) increase + $235,000.

c. Assets (Equipment) increases +41,900; Cash decreases -$12,000 = Liabilities (Notes Payable) increase +$29,900 + Equity.

d. Assets (Cash) decreases -$15,600 = Liabilities + Equity (Retained Earnings) decrease - $15,600.

e. Assets (Cash) increases + $50,500 and (Accounts Receivable) increases + $50,500 = Liabilities + Equity (Retained Earnings) increase + $101,000.

f. Assets = Liabilities (Accounts Payable) increase +$5,900 + Equity (Retained Earnings) decrease -$5,900.

g. Assets (Cash) decreases - $310,000 = Liabilities + Equity (Retained Earnings) decreases - $310,000.

h. Assets (Supplies) increase + $5,100 = Liabilities (Accounts Payable) increase +$5,100 + Equity.

i. Assets (Cash) decreases - $5,100 = Liabilities (Accounts Payable) decrease - $5,100 + Equity.

2. Journal Entries:

a. Debit Cash Account $52,500

Credit Accounts Receivable $52,500

To record cash from customers.

b. Debit Cash Account $235,000

Credit Service Revenue $235,000

To record cash for service revenue.

c. Debit Equipment $41,900

Credit Cash Account $12,000

Credit Notes Payable $29,900

To record purchase of 10 new computer services

d. Debit Advertising Expense $15,600

Credit Cash Account $15,600

To record payment for advertising.

e. Debit Cash Account $50,500

Debit Accounts Receivable $50,500

Credit Service Revenue $101,000

To record subscriptions for services sold.

f. Debit Utilities Expense $5,900

Credit Utilities Payable $5,900

To record utilities expense.

g. Debit Wages & Salaries Expense $310,000

Credit Cash Account $310,000

To record wages paid.

h. Debit Supplies Account $5,100

Credit Accounts Payable $5,100

To record purchase of supplies on account.

i. Debit Accounts Payable $5,100

Credit Cash Account $5,100

To record payment on account.

3. T-Accounts:

                                             Cash Account

Beginning Balance       $2,360,000      c. Equipment                   12,000

a. Accounts Receivable       52,250      d. Advertising Expense 15,600

b. Electronic Arts, Inc.        235,000     g. Wages & Salaries     310,000

e. Service Revenue             50,500      i. Accounts Payable          5,100

                                                               Balance c/d             2,355,050

                                        2,697,750                                        2,697,750

Balance b/d                     2,355,050

                                     Accounts Receivable

Beginning Balance        152,000           a. Cash                          52,250

e. Service Revenue        50,500           Balance c/d                 150,250

                                      202,500                                              202,500

Balance b/d                    150,250

                                        Supplies

Beginning Balance        19,100          Balance c/d                       24,200

Accounts Payable           5,100                                                              

                                     24,200                                                   24,200

Balance b/d                  24,200

                                       Equipment

Beginning Balance       948,000       Balance c/d                       989,900

c. Cash                            12,000

c. Notes Payable            29,900                                                              

                                     989,900                                                989,900

Balance b/d                  989,900

   

                                         Land

Beginning Balance    1,920,000

                                      Building

Beginning Balance     506,000

                                         Accounts Payable

i. Cash                               5,100         Beginning Balance           109,000

  Balance c/d                109,000         h. Supplies                             5,100

                                     114,100                                                        114,100

                                                            Balance b/d                      109,000

                                       Unearned Revenue

                                                             Beginning Balance         152,000

                                         Advertising Expense

d. Cash                               15,600

                                         Utilities Expense

f. Utilities Payable                5,900

                                        Utilities Payable

                                                               f. Utilities Expense            5,900

                                        Wages & Salaries Expense

g. Cash                             310,000

                                         Service Revenue

                                                               b. Cash                             235,000

Balance c/d                       336,000         e. Cash                             50,500

                                                             e. Accounts Receivable   50,500

                                         336,000                                                 336,000

                                                               Balance b/d                      336,000

                                          Notes Payable (due 2018)

     Balance c/d           109,900           Beginning Balance            80,000

                                                           c. Equipment                     29,900

                                   109,900                                                      109,900

                                                             Balance b/d                       101,000

                                           Common Stock

                                                              Beginning Balance     2,200,000

                                           Retained Earnings

                                                              Beginning Balance     3,364,100

4. Trial Balance as at January 31:

                                              Debit                  Credit

Cash                                  $2,355,050

Accounts Receivable              150,250

Supplies                                    24,200

Equipment                              989,900

Land                                     1,920,000

Building                                  506,000

Advertising expense                15,600

Utilities Expense                        5,900

Utilities Payable                                                 $5,900

Wages & Salaries                  310,000

Service Revenue                                             336,000

Notes Payable                                                  109,900

Accounts Payable                                            109,000

Unearned Revenue                                         152,000

Common Stock                                            2,200,000

Retained Earnings                                       3,364,100

Total                               $6,276,900        $6,276,900

Explanation:

a) Note: the adjustment of the Utilities could have been eliminated to produce the same result, with totals reduced by $5,900.

   Vanishing Games Corporation (VGC)

Answer 1:

Analysis of the effect of transactions on the accounting equation:

 Assets  = Liabilities + Equity  

a. Assets (Cash) increases +$52,500 and Assets (Accounts Receivable) decreases -$52,500 = Liabilities + Equity.

b. Assets (Cash) increases +$235,000 = Liabilities + Equity (Retained Earnings) increase + $235,000.

c. Assets (Equipment) increases +41,900; Cash decreases -$12,000 = Liabilities (Notes Payable) increase +$29,900 + Equity.

d. Assets (Cash) decreases -$15,600 = Liabilities + Equity (Retained Earnings) decrease - $15,600.

e. Assets (Cash) increases + $50,500 and (Accounts Receivable) increases + $50,500 = Liabilities + Equity (Retained Earnings) increase + $101,000.

f. Assets = Liabilities (Accounts Payable) increase +$5,900 + Equity (Retained Earnings) decrease -$5,900.

g. Assets (Cash) decreases - $310,000 = Liabilities + Equity (Retained Earnings) decreases - $310,000.

h. Assets (Supplies) increase + $5,100 = Liabilities (Accounts Payable) increase +$5,100 + Equity.

i. Assets (Cash) decreases - $5,100 = Liabilities (Accounts Payable) decrease - $5,100 + Equity.

Answer 2:

                        Journal Entries  

a. Debit Cash Account $52,500

   Credit Accounts Receivable $52,500

    (To record cash from customers)

b. Debit Cash Account $235,000

    Credit Service Revenue $235,000

   (To record cash for service revenue)

c. Debit Equipment $41,900

   Credit Cash Account $12,000

   Credit Notes Payable $29,900

   (To record purchase of 10 new computer services)

d. Debit Advertising Expense $15,600

   Credit Cash Account $15,600

    (To record payment for advertising.)

e. Debit Cash Account $50,500

   Debit Accounts Receivable $50,500

   Credit Service Revenue $101,000

   (To record subscriptions for services sold)

f. Debit Utilities Expense $5,900

  Credit Utilities Payable $5,900

  (To record utilities expense)

g. Debit Wages & Salaries Expense $310,000

   Credit Cash Account $310,000

    (To record wages paid)

h. Debit Supplies Account $5,100

  Credit Accounts Payable $5,100

 (To record purchase of supplies on account)

i. Debit Accounts Payable $5,100

 Credit Cash Account $5,100

 (To record payment on account)

Answer 3:

                     T-Accounts

                                           Cash Account

Beginning Balance       $2,360,000      c. Equipment                   12,000

a. Accounts Receivable       52,250      d. Advertising Expense 15,600

b. Electronic Arts, Inc.        235,000     g. Wages & Salaries     310,000

e. Service Revenue             50,500      i. Accounts Payable          5,100

                                                                  Balance c/d             2,355,050

                Total                    2,697,750                                        2,697,750

Balance b/d                     2,355,050

                                    Accounts Receivable

Beginning Balance        152,000           a. Cash                          52,250

e. Service Revenue        50,500          Balance c/d                 150,250

Total                               202,500                                              202,500

Balance b/d                   150,250

                                      Supplies

Beginning Balance        19,100         Balance c/d                       24,200

Accounts Payable           5,100                                                              

        Total                       24,200                                                   24,200

Balance b/d                  24,200

                                     Equipment

Beginning Balance       948,000       Balance c/d                       989,900

c. Cash                            12,000

c. Notes Payable            29,900                                                            

 Total                               989,900                                                989,900

Balance b/d                  989,900

                                      Land

Beginning Balance    1,920,000

                                    Building

Beginning Balance     506,000

                                  Accounts Payable

i. Cash                               5,100         Beginning Balance           109,000

Balance c/d                109,000          h. Supplies                             5,100

           Total                 114,100                                                        114,100

                                                           Balance b/d                      109,000

                                     Unearned Revenue

                                                           Beginning Balance         152,000

                                        Advertising Expense

d. Cash                               15,600

                                        Utilities Expense

f. Utilities Payable                5,900

                                       Utilities Payable

                                                              f. Utilities Expense            5,900

                                       Wages & Salaries Expense

g. Cash                             310,000

                                        Service Revenue

                                                                b. Cash                             235,000

Balance c/d                       336,000       e. Cash                             50,500

                                                                e. Accounts Receivable   50,500

    Total                         336,000                                                      336,000

                                                              Balance b/d                      336,000

                                        Notes Payable (due 2018)

    Balance c/d           109,900         Beginning Balance            80,000

                                                          c. Equipment                     29,900

Total                           109,900                                                  109,900

                                                            Balance b/d                       101,000

                                        Common Stock

                                                             Beginning Balance     2,200,000

                                          Retained Earnings

                                                             Beginning Balance     3,364,100

Answer 4:

                      Trial Balance as at January 31:

                                             Debit                  Credit

Cash                                  $2,355,050

Accounts Receivable              150,250

Supplies                                    24,200

Equipment                              989,900

Land                                     1,920,000

Building                                  506,000

Advertising expense                15,600

Utilities Expense                        5,900

Utilities Payable                                                 $5,900

Wages & Salaries                  310,000

Service Revenue                                             336,000

Notes Payable                                                  109,900

Accounts Payable                                            109,000

Unearned Revenue                                         152,000

Common Stock                                            2,200,000

Retained Earnings                                       3,364,100

Total                               $6,276,900        $6,276,900

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