Provide example of accounting treatment for transactions related to loan in four situations as following:
Personal loan
Personal guarantees
Financial or commercial bonds guarantees
Building, goods, ..ect guarantees

Answers

Answer 1

Loan accounting treatment for different transactions: Loan Accounting Treatment: Personal Loan. In this case, the transaction is a personal loan, so there would be two parties involved: the borrower and the lender. A personal loan is the most straightforward type of loan, and it is usually provided by a bank, credit union, or other financial institution to an individual or a group of individuals.

The accounting treatment for personal loans is as follows:

The loan received by the borrower is recorded as a liability on the borrower's balance sheet. The loan received by the borrower is recorded as an asset on the lender's balance sheet. The interest and principal payments made by the borrower are recorded as a reduction in the liability and an increase in interest income on the lender's balance sheet.

Loan Accounting Treatment: Personal Guarantees.

A personal guarantee is a guarantee given by an individual to a financial institution for a loan. The personal guarantee is an agreement between the borrower and the financial institution that the individual will be personally liable for the loan in the event of default.

The accounting treatment for personal guarantees is as follows: The personal guarantee is recorded as a contingent liability on the guarantor's balance sheet. The loan received by the borrower is recorded as a liability on the borrower's balance sheet. The loan received by the borrower is recorded as an asset on the lender's balance sheet.

The interest and principal payments made by the borrower are recorded as a reduction in the liability and an increase in interest income on the lender's balance sheet. Loan Accounting Treatment: Financial or Commercial Bond Guarantees.

A financial or commercial bond guarantee is a type of bond that is used to guarantee the performance of a contractor or supplier.

The accounting treatment for financial or commercial bond guarantees is as follows: The bond guarantee is recorded as a contingent liability on the guarantor's balance sheet. The bond issued by the contractor or supplier is recorded as an asset on the guarantor's balance sheet. The bond issued by the contractor or supplier is recorded as a liability on the owner's balance sheet.

Loan Accounting Treatment: Building, Goods, etc. Guarantees Building, goods, etc. guarantees are guarantees given by a contractor or supplier to an owner for the performance of a construction project or the delivery of goods. The accounting treatment for building, goods, etc. guarantees is as follows:

The guarantee issued by the contractor or supplier is recorded as a liability on the contractor or supplier's balance sheet. The guarantee issued by the contractor or supplier is recorded as a contingent liability on the owner's balance sheet.

To know more about Loan accounting visit:

https://brainly.com/question/32229325

#SPJ11


Related Questions

Big Apple Inc. has recently announced its intention to acquire Small Orange Inc. Big Apple has estimated that its annual net cash flow will increase from $1.15m per year (at present) to $1.9m per year in perpetuity, with the first increase occurring exactly 5 years from the acquisition. If the acquisition were to proceed, Big Apple will however incur re-organization and integration costs of $250,000 per annum at the end of the first two years after the acquisition. Big Apple's current market capitalization is $50m and its current share price is $20. Small Orange's current market capitalization is $20m with share price of $10 each. The chairman of Big Apple suggests making a cash bid for all outstanding shares of Small Orange and offers $11.50 per share to Small Orange's shareholders. The appropriate opportunity cost of capital is 12% per annum. a) Assuming the acquisition occurred immediately, use the information provided above and calculate the gain from the acquisition. Show detailed workings. b) Catherine Smith is a shareholder of Big Apple who owns 5,000 shares of the company. Assuming the acquisition occurred immediately, use the information provided above and calculate the wealth impact for Catherine Smith. Show detailed workings After a more careful and comprehensive analysis, John Howard, the CFO of Big Apple's board determines that the economic benefit (in present value terms) from the proposed takeover is $5,500,000. He also proposes that instead of paying cash Big Apple should make a stock swap offer to Small Orange. Further, he suggests that an offer of 4.5 shares of Big Apple for every 8 shares of Small Orange is reasonable, as he believes that this will ensure that the synergy is shared equally (that is 50% each) between Big Apple Inc. and Small Orange Inc. c) Evaluate the offer as proposed by John Howard. Specifically, determine if he is correct in believing that the synergy will be shared equally between the two firms if the offer of 4.5 shares of Big Apple for every 8 shares of Small Orange is made. Show detailed workings.

Answers

The gain from the acquisition can be calculated by comparing the present value of the net cash flows before and after the acquisition.

Before the acquisition, Big Apple's net cash flow is $1.15 million per year, and after the acquisition, it is expected to increase to $1.9 million per year starting from year 6. The appropriate opportunity cost of capital is 12% per annum. We can calculate the present value of the net cash flows before and after the acquisition and find the difference to determine the gain.

PV of net cash flows before acquisition = $1.15 million / 0.12 = $9.58 million

PV of net cash flows after acquisition = $1.9 million / (0.12 - 0.04) = $23.75 million

Gain from the acquisition = PV of net cash flows after acquisition - PV of net cash flows before acquisition

                            = $23.75 million - $9.58 million

                            = $14.17 million

Therefore, the gain from the acquisition is $14.17 million.

b) To calculate the wealth impact for Catherine Smith, we need to determine the change in the value of her shares in Big Apple as a result of the acquisition. Catherine Smith owns 5,000 shares of Big Apple. The current share price of Big Apple is $20. Assuming the acquisition occurred immediately, we can calculate the new value of Catherine Smith's shares after the acquisition.

Current value of Catherine Smith's shares = 5,000 shares × $20 = $100,000

Value of Catherine Smith's shares after the acquisition = 5,000 shares × $20 + ($11.50 - $10) × 5,000 shares = $100,000 + $7,500 = $107,500

The wealth impact for Catherine Smith is the difference between the value of her shares after the acquisition and the current value of her shares:

Wealth impact = Value of shares after acquisition - Current value of shares

                     = $107,500 - $100,000

                     = $7,500

Therefore, the wealth impact for Catherine Smith is $7,500.

(Note: The response provided assumes that there are no other factors affecting the wealth impact, such as transaction costs or taxes. For a more comprehensive analysis, additional information would be required.)

Learn more about acquisition here: https://brainly.com/question/32814375

#SPJ11

Skoped Agrichem manufactures Insect-Be-Gone. Each bag of the product contains 60 pounds of direct materials. Twenty percent of the materials evaporate during manufacturing. The budget allows the direct materials to be purchased at $5.00 per pound (gross cost) under terms of 4/10, n/30. The company's stated policy is to take all available cash discounts. Required: Determine the standard direct materials cost for one bag of Insect-Be-Gone. (Do not round intermediate calculations.) Standard direct materials cost _____________.per bag

Answers

In order to determine the standard direct materials cost for one bag of Insect-Be-Gone, we will have to take some given data into account. Each bag contains 60 pounds of direct materials. The materials evaporate during manufacturing and therefore only 80% of the materials can be used.

The budget for the product allows direct materials to be purchased at $5.00 per pound, and the company policy is to take all available cash discounts.Given the above information, the standard direct materials cost for one bag of Insect-Be-Gone can be calculated as follows:Total direct materials required = 60 pounds 20% of the materials evaporate during manufacturing.

Therefore, the total direct materials required = 60/0.8 = 75 pounds per bagCost of materials per pound = $5.00Less cash discount (4%) = 0.04 x $5.00 = $0.20Net cost per pound = $5.00 - $0.20 = $4.80Therefore, the standard direct materials cost for one bag of Insect-Be-Gone is:$4.80 x 75 = $360. Answer: $360.

To know more about materials cost visit:-

https://brainly.com/question/28901132

#SPJ11

A firm is evaluating three capital projects to invest in, using their net present values (NPVs) as the decision criterion. The projects’ NPVs are as follows:
Which of these projects should the firm reject?
A. Reject project C.
B. Reject project A.
C. Reject project B.
Project NPV
A (100)
B 100
C 0

Answers

The answer to the question, “Which of these projects should the firm reject?” is "Reject project A.

"Explanation: The net present value (NPV) is a way to calculate the present value of future cash flows based on a certain required rate of return. This calculation assists in deciding whether to approve or decline a project. The NPV of a project is calculated by subtracting the initial cost of the project from the sum of the present values of all future cash flows, both incoming and outgoing, over the life of the project.

In this case, we are given three capital projects to invest in, and their respective net present values (NPVs). The table below shows the net present values (NPVs) of the projects.

Project NPVA -100B 100C 0

From the above table, it is clear that project A has the lowest NPV, which is negative (-100). Therefore, the firm should reject project A and invest in projects B and C. The project with a positive NPV will generate a positive cash flow that is greater than the initial investment.

The conclusion is to "Reject project A."

To know more about projects visit

https://brainly.com/question/28476409

#SPJ11

what are the benefits of ERP system to Starbucks ?
what are the disadvantages of the ERP system to Starbucks
?
in general how ERP system affect starbucks

Answers

The Enterprise Resource Planning (ERP) system is used to streamline and integrate business processes and data. There are numerous benefits and drawbacks to implementing an ERP system at Starbucks.

The advantages of the ERP system for Starbucks are as follows:

Benefits of ERP system to Starbucks: ERP system assists Starbucks in managing and integrating all company operations across different departments, such as finance, supply chain, human resources, etc.

It has the potential to improve efficiency and consistency in operations while lowering operating costs.

An ERP system enables Starbucks to reduce redundancy and improve communication among departments while providing comprehensive visibility of business operations. It aids in decision-making and strategic planning based on real-time data analysis.

The disadvantages of the ERP system to Starbucks are as follows:

Disadvantages of the ERP system to Starbucks: The cost of implementation and maintenance of the ERP system is high, which could place a financial burden on Starbucks if the system fails to function properly.

The implementation of an ERP system could result in workflow disruption and a lack of willingness among workers to adopt new technology.

Security is a concern since sensitive information may be compromised if the system is not properly secured.

In general, an ERP system impacts Starbucks in various ways: ERP system implementation makes Starbucks more competitive and assists them in responding more quickly to changing market demands.

By automating business operations and improving efficiency, Starbucks can lower operating costs and improve customer service. The centralization of data and improved communication between departments enable Starbucks to make better decisions and increase productivity.

The adoption of an ERP system could create a culture of innovation and facilitate Starbucks in achieving its long-term objectives. The ERP system is critical to managing complex supply chain operations and ensuring that Starbucks has the necessary materials and goods to meet consumer demand.

For more questions on: ERP system

https://brainly.com/question/30465733

#SPJ8  

TB MC Qu. 08-164 (Algo) Riverboat Adventures pays... Riverboat Adventures pays $330,000 plus $11,000 in closing costs to purchase real estate. The real estate consists of land appraised at $49,000, a building oppraised at $115,500, and land improvements oppraised ot $185,500. Compute the cost that should be allocated to the building.

Answers

The cost that should be allocated to the building is $106,500.

To compute the cost that should be allocated to the building, we need to subtract the value of the land and land improvements from the total cost of the real estate purchase. Here's the calculation:

Total cost of real estate purchase = $330,000 + $11,000 (closing costs) = $341,000

Value of land = $49,000

Value of land improvements = $185,500

Cost allocated to the building = Total cost of real estate purchase - Value of land - Value of land improvements

Cost allocated to the building = $341,000 - $49,000 - $185,500

Cost allocated to the building = $106,500

To know more about cost, visit:

https://brainly.com/question/14566816

#SPJ11

Question 2 [20]
You are the financial manager of Big Rock Equipment (Pty) Ltd and you must tender for one of the following two projects:
• Project Yellow Rock
• Project Black Rock
You have the following data at your disposal for the two projects:
Project Yellow Rock will generate a total income of R500 000 per year for the next 5 years. For this project you will need to buy a new excavator at a total cost of R1 559 000.
Project Black Rock will generate a total income of R800 000 per year for the next 5 years. For this project you will need to buy a new wheel loader at a total cost of R2 800 000.
The site managers want you to tender for the Black Rock project as this project will generate a higher income. The company’s WACC is currently 13%.
Required:
2.1 Calculate the net present value for each project. (16)
2.2 Do you agree with the site managers to tender for the Black Rock project? Explain your answer. (4)

Answers

The financial manager of Big Rock Equipment needs to calculate the net present value for two projects, Yellow Rock and Black Rock is  -R4,42,593. based on their total income and cost. The company's WACC is 13%.

To calculate the net present value (NPV) for each project, we need to discount the future cash flows of the projects to their present value.

For Project Yellow Rock, the total income is R500,000 per year for the next 5 years, and the cost of the excavator is R1,559,000. We can calculate the present value of the income using the formula PV = CF / (1 + r)^n, where CF is the cash flow, r is the discount rate, and n is the number of years. Substituting the values, we get PV = 500,000 / (1 + 0.13)⁵  = R2,23,753.

For Project Black Rock, the total income is R800,000 per year for the next 5 years, and the cost of the wheel loader is R2,800,000. Using the same formula, we find the present value of the income as PV = 800,000 / (1 + 0.13)⁵ = R3,57,407.

To calculate the net present value, we subtract the initial investment from the present value of the income. For Project Yellow Rock, the NPV is NPV = PV - Cost = R2,23,753 - R1,559,000 = -R1,33,247. Similarly, for Project Black Rock, the NPV is NPV = PV - Cost = R3,57,407 - R2,800,000 = -R4,42,593.

To learn more about financial - management -

brainly.com/question/32518499

#SPJ11

You are required to show your work. Providing answers alone will not get you full credit. Consider the following abbreviated financial statements for TSL, Inc.: TSL, Inc. Balance Sheets as of December 31,2020 and 2021 (S in thousands) TSL, Inc. 1. What is the 2021 operating cash flow (OCF)? (3 marks) 2. What is the 2021 net capital spending (NCS)? (3 marks) 3. What is the 2021 change in net working capital ( △NWC) ? (3 marks) 4. What is the 2021 cash flow from assets (CFFA)? (3 marks) 5. What is the 2021 cash flow to creditors (CF/CR)? (3 marks) 6. What is the 2021 cash flow to stockholders (CF/SH)? (3 marks) 7. Verify that the cash flow identity holds. ( 1 mark) 8. What is the 2021 Net profit margin? (3 marks) 9. What is the 2021 Asset turnover? (3 marks) 10. What is the 2021 Equity multiplier? (3 marks) 11. Use the Du Pont identity to calculate the 2021 return on equity. (2 marks)

Answers


We have the balance sheets for TSL, Inc. in 2020 and 2021, we lack the required information from the income statement to accurately calculate most of the requested financial measures and ratios.

1. To calculate the 2021 operating cash flow (OCF), we need to consider the formula:

OCF = Net income + Depreciation + Non-cash expenses - Taxes

2. Net capital spending (NCS) refers to the change in net fixed assets from one period to another. Since the balance sheets for 2020 and 2021 are provided, we can calculate NCS using the formula:

NCS = (Net Fixed Assets 2021 - Net Fixed Assets 2020) + Depreciation

3. The change in net working capital (△NWC) is calculated by subtracting the net working capital of the previous period from the net working capital of the current period:

△NWC = (Current Assets 2021 - Current Liabilities 2021) - (Current Assets 2020 - Current Liabilities 2020)

4. Cash flow from assets (CFFA) can be determined using the following formula:

CFFA = OCF - NCS - △NWC

However, since we don't have the OCF value, we cannot calculate CFFA.

5. Cash flow to creditors (CF/CR) represents the cash flow generated from the firm's operations that is available to be paid to creditors. Without the necessary information from the income statement, we cannot determine CF/CR.

6. Cash flow to stockholders (CF/SH) represents the cash flow generated from the firm's operations that is available to be paid to stockholders. Similar to CF/CR, we lack the required data to calculate CF/SH.

7. To verify the cash flow identity, we need to compare the cash flow from assets (CFFA) with the cash flow to creditors (CF/CR) and cash flow to stockholders (CF/SH). However, since we couldn't calculate CFFA, CF/CR, or CF/SH, we are unable to verify the cash flow identity.

8. Net profit margin is calculated by dividing net income by total revenue. However, since we don't have the income statement or revenue information, we cannot determine the net profit margin for 2021.

9. Asset turnover is calculated by dividing total revenue by average total assets. As we lack revenue information, we cannot determine the asset turnover for 2021.

10. The equity multiplier is calculated by dividing total assets by total equity. Since we have the balance sheets for 2020 and 2021, we can calculate the equity multiplier using the formula:

Equity Multiplier = Total Assets 2021 / Total Equity 2021

11. The Du Pont identity can be used to calculate the return on equity (ROE) by multiplying the net profit margin, asset turnover, and equity multiplier. However, without the necessary information from the income statement, we cannot calculate the ROE for 2021.

To know more about Depreciation visit:

https://brainly.com/question/33528280

#SPJ11

Janine is considering what auto costs she is going to have after buying point

a new Honda Civic. She has budgeted enough money for the monthly auto

loan payment, gas, and auto insurance. Has Janine factored in all of the

costs associated with car ownership? *

Yes, these are the three costs she should expect to pay once she is a car owner.

No, she does not need to include the cost of auto insurance as it is included in her

auto loan payment.

No, she needs to factor in other costs such as maintenance, emergency repairs, etc.

No, she does not need to include the cost of gas as it is covered under her auto

insurance policy.

Answers

No, she needs to factor in other costs such as maintenance, emergency repairs, etc.

When considering the costs associated with car ownership, it is important for Janine to factor in more than just the monthly auto loan payment, gas, and auto insurance. While these three costs are significant, there are several other expenses that come with owning a car.

One of the most significant costs to consider is maintenance and repairs. Cars require regular maintenance such as oil changes, filter replacements, and tire rotations, which can add up over time. Additionally, unexpected repairs may arise, such as fixing a broken engine component or replacing a worn-out part. These costs can vary depending on the car's make and model, as well as its age and condition.

Janine should also consider other expenses such as vehicle registration fees, which need to be paid annually or biennially, depending on the jurisdiction. Parking fees, whether for residential parking or public parking lots, can also add up, especially if she lives in a city with high parking rates. Furthermore, toll fees should be considered if Janine frequently uses toll roads for her daily commute or travel.

Another cost that Janine may encounter is the depreciation of her car's value over time. Cars generally lose value over the years, and this depreciation should be factored in when considering the overall cost of car ownership.

By taking these additional costs into account, Janine can have a more comprehensive understanding of the financial commitment involved in owning a car and can budget accordingly to ensure she is prepared for all associated expenses.

To know more about financial commitment click here: brainly.com/question/30414316

#SPJ11

PSMI Corp earned revenue of Rp68,000,000 in the first year. Based on the performance and market opportunities, PSMI Corp. is expected to increase its revenue by about 12% with an interest rate of 15% per year. Therefore, PSMI Corp wants to know information about the present value in the future. a. For the 5th year, calculate the present value based on this information! b. If the income increases to 15% per year, calculate the present value for the 5 th year!

Answers

The income increases to 15% per year, the present value for the 5th year would be approximately Rp67,989,051.51.

a. To calculate the present value for the 5th year based on a revenue increase of 12% per year and an interest rate of 15% per year, we can use the formula for present value:

PV = FV / (1 + r)^n

Where:

PV = Present value

FV = Future value

r = Interest rate

n = Number of years

Given that the revenue in the first year is Rp68,000,000 and the revenue is expected to increase by 12% per year, we can calculate the future value for the 5th year:

FV = Rp68,000,000 * (1 + 0.12)^5

FV = Rp68,000,000 * 1.762341

FV = Rp119,871,388

Now, we can calculate the present value for the 5th year using the formula:

PV = Rp119,871,388 / (1 + 0.15)^5

PV = Rp119,871,388 / 1.974074

PV ≈ Rp60,701,706.39

Therefore, the present value for the 5th year, based on the given information, is approximately Rp60,701,706.39.

b. If the income increases to 15% per year, we need to recalculate the future value for the 5th year and then calculate the present value using the same formula as before.

FV = Rp68,000,000 * (1 + 0.15)^5

FV = Rp68,000,000 * 2.011357

FV = Rp136,724,380

Now, we can calculate the present value for the 5th year:

PV = Rp136,724,380 / (1 + 0.15)^5

PV = Rp136,724,380 / 2.011357

PV ≈ Rp67,989,051.51

Therefore, if the income increases to 15% per year, the present value for the 5th year would be approximately Rp67,989,051.51.

Learn more about revenue here: brainly.com/question/28558536

#SPJ11

On May 1, 2020, Pinkley Company sells office furniture for £80,000 cash. The office furniture originally cost €200,000 when purchased on January 1, 2013. Depreciation is recorded by the straight-line method over 10 years with a residual value of €20.000, What gain should be recognized on the sale? €12.667. €6,000 €12,000. €24,000.

Answers

The correct answer is not listed among the options provided. The gain recognized on the sale should be €20,000.

To calculate the gain on the sale of office furniture, we need to determine the book value of the furniture and compare it to the cash received.

The book value of the office furniture can be calculated as follows:

Cost of the furniture: €200,000

Accumulated depreciation: (€200,000 - €20,000) / 10 years * 7 years = €140,000

Book value: €200,000 - €140,000 = €60,000

Now we can calculate the gain on the sale:

Cash received: €80,000

Book value: €60,000

Gain on sale: €80,000 - €60,000 = €20,000

Therefore, the correct answer is not listed among the options provided. The gain recognized on the sale should be €20,000.

to learn more about Cost.

https://brainly.com/question/14566816

#SPJ11

As a project manager, part of your communication plan is to perform backlog clean-up every month. What additional details should the communication plan include? Select all that apply.

Answers

The additional details that should be included in the communication plan for performing backlog clean-up every month are: Location, Type of communication, Recipients, and Duration.

What additional details should be included in the communication plan?

The communication plan for performing backlog clean-up every month should include details such as the Location where the clean-up will take place, the Type of communication that will be used (e.g., in-person meeting, email, video conference), the Recipients who need to be informed or involved in the clean-up process.

The Duration of the clean-up session (e.g., how long it is expected to take). Including these additional details in the communication plan helps ensure that everyone is aware of when and how the backlog clean-up will be conducted, facilitating effective coordination and productivity improvement in the organization.

Full:

As a project manager, part of your communication plan is to perform backlog clean-up every month. What additional details should the communication plan include? Select all that apply. Location Type of communication Recipients Duration

Read more about communication plan

brainly.com/question/20563123

#SPJ1

Which of the following creates a positive effect on a message?
a. I think you need to replace your old car.
b. We are sorry, but we cannot extend the warranty.
c. Our company offers you a 10% discount.
d. Remember, you failed to answer the questions.
Which of the following uses business conversational language?
a. We carefully looked into the situation...
b. As a result of an extensive investigation...
c. We deem advisable to reposition...
d. Pursuant to your request of documents...
Which is not a rubber stamp?
a. Thank you for sending the documents.
b. Attached herewith the required papers.
c. We appreciate in advance you provide the information.
d. This is to inform you all the related incidents.
Which alternative uses the You-viewpoint to emphasize the readers perspective?
a. I will have your rental car ready for today.
b. Your rental car is ready for pick up today.
c. We can have the rental car ready for today.
d. They will have the rental car ready today.

Answers

1. Our company offers you a 10% discount creates a positive effect on the message. 2. We carefully looked into the situation... 3. We appreciate in advance you provide the information. 4. Your rental car is ready for pickup today. Option C, A, C, and B.

1. Our company offers you a 10% discount creates a positive effect on the message.

2. We carefully looked into the situation...uses business conversational language.

3. We appreciate in advance you provide the information is not a rubber stamp.

4. Your rental car is ready for pick up today uses the You-viewpoint to emphasize the reader's perspective.

Hence, the right answer is option C, A, C, and B.

Read more about Discount at https://brainly.com/question/5182397

#SPJ11

One to two sentences, explain what happens to a production possibilities curve if a natural disaster creates a scarcity of a key resource needed to make a product. Explain why this happens.

Answers

A natural disaster causing a scarcity of a key resource necessary for production will result in a shift inward or to the left of the production possibilities curve.

This occurs because the reduced availability of the key resource limits the economy's ability to produce the affected product, leading to a decrease in overall production capacity.

As a result, the economy's production possibilities are constrained, and it is forced to operate at a suboptimal level.

The scarcity of the key resource disrupts the balance between the production of different goods, leading to a decrease in potential output.

The economy will need to allocate its limited resources and adjust its production mix accordingly, potentially focusing on alternative products or finding substitutes for the scarce resource in order to maximize production under the new constraints imposed by natural disaster-induced scarcity.

For more questions on: production possibilities curve.

https://brainly.com/question/26460726

#SPJ8

a. In 2011, what percent of hourly workers were paid the minimum wage or less?
5.2%
b. In 2020, what percent of hourly workers were paid the minimum wage or less?
1.5%
c. Hourly wage workers are about three-fifths of total workers (the remainder work on salary). Almost all salaried workers earn above the minimum wage. So, what percent of all workers earn the minimum wage or less in 2011 & 2020?

Answers

a. In 2011, the percentage of hourly workers who were paid minimum wage or less was 5.2%.b. In 2020, the percentage of hourly workers who were paid the minimum wage or less was 1.5%.c. According to the given information, hourly workers are about 60% of all workers.

Almost all salaried workers earn more than the minimum wage. Therefore, to calculate the percentage of all workers who earn minimum wage or less, we need to combine the hourly workers who earn minimum wage or less and the salaried workers who earn minimum wage or less. This is because the number of salaried workers who earn minimum wage is not mentioned. Therefore, let's assume that there is 0% of salaried workers who earn minimum wage or less.So, in 2011, the percentage of all workers who earned minimum wage or less can be calculated as follows:

Percentage of hourly workers who earned minimum wage or less in 2011 = 5.2%Percentage of salaried workers who earned minimum wage or less in 2011 = 0%Percentage of all workers who earned minimum wage or less in 2011 = 0.6 × 5.2% = 3.12%Therefore, in 2011, about 3.12% of all workers earned minimum wage or less.Similarly, in 2020, the percentage of all workers who earned minimum wage or less can be calculated as follows:Percentage of hourly workers who earned minimum wage or less in 2020 = 1.5%

To know more about Percentage visit:-

https://brainly.com/question/14214273

#SPJ11

masters, hardy, and rowen are dissolving their partnership. their partnership agreement allocates income and losses equally among the partners. the current period's ending capital account balances are masters, $16,700, hardy, $16,700, rowen, $(3,700). after all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $29,700 in cash to be distributed. rowen pays $3,700 to cover the deficiency in his account. the general journal entry to record the final distribution would be:

Answers

The final distribution of cash among the partners is $9,900 each for Masters and Hardy, with Rowen contributing $3,700 to cover his deficiency.

To record the final distribution of cash among the partners, we need to follow these steps:

Step 1: Calculate the total capital contributions and deficiencies:

The total capital contributions are the sum of the ending capital account balances: $16,700 (Masters) + $16,700 (Hardy) - $3,700 (Rowen) = $29,700.

Step 2: Determine the distribution ratio:

Since the partnership agreement allocates income and losses equally among the partners, the distribution ratio will also be equal.

Step 3: Allocate the cash distribution:

The cash to be distributed is $29,700. Since the distribution ratio is equal, the cash will be distributed equally among the partners.

Step 4: Record the final distribution in the general journal:

Date: [Date of the final distribution]

Account Title              Debit       Credit

------------------------  --------  ----------

Cash                                $9,900

 Masters, Capital                    $9,900

 Hardy, Capital

 Rowen, Capital

Explanation:

1. Cash is debited for the total cash to be distributed, which is $9,900 ($29,700 / 3).

2. Each partner's capital account (Masters, Hardy, and Rowen) is credited for their respective share of the distribution, which is $9,900.

3. Since Rowen has a deficiency in his capital account, he contributes $3,700 to cover it. This contribution is reflected in the Rowen, Capital account.

It's important to note that the amounts are distributed equally among the partners based on the partnership agreement, and Rowen's deficiency is covered by his personal contribution. This entry represents the final distribution of cash before the dissolution of the partnership.

Please consult with an accounting professional for specific guidance related to your accounting requirements.


To learn more about final distribution click here: brainly.com/question/33075060

#SPJ11

Tony Manufacturing assigned $150,000 to the units transferred from Department A to Department B. The journal entry to record the transfer of the cost of the units to Department B will ........
O A. debit Work-in-Process Inventory-Department B for $150,000 and credit Work-in-Process Inventory-Department A for $150,000 O B. debit Finished Goods Inventory for $150,000 and credit Work-in-Process Inventory-Department A for $150,000 C. debit Work-in-Process Inventory-Department A for $150,000 and credit Finished Goods Inventory for $150,000 O D. debit Work-in-Process Inventory-Department A for $150,000 and credit Work-in-Process Inventory-Department B for $150,000

Answers

Option D is correct.The correct journal entry to record the transfer of the cost of units from Department A to Department B would be:O D. debit Work-in-Process Inventory-Department A for $150,000 and credit Work-in-Process Inventory-Department B for $150,000.

This entry reflects the transfer of costs between departments within the work-in-process inventory accounts. Debiting the Work-in-Process Inventory-Department A account reduces its balance by $150,000, indicating the removal of costs from Department A. Simultaneously, crediting the Work-in-Process Inventory-Department B account increases its balance by $150,000, representing the addition of costs to Department B.

Option A (debiting Work-in-Process Inventory-Department B and crediting Work-in-Process Inventory-Department A) is incorrect because it implies the opposite direction of the transfer, where costs are being moved from Department B to Department A.

Option B (debiting Finished Goods Inventory and crediting Work-in-Process Inventory-Department A) and Option C (debiting Work-in-Process Inventory-Department A and crediting Finished Goods Inventory) do not accurately represent the transfer of costs between departments within the work-in-process stage.Therefore,Option D is correct.

For more questions on transfer

https://brainly.com/question/14310916

#SPJ8

Complete questions is :

The correct journal entry to record the transfer of the cost of units from Department A to Department B would be:

A. Debit Work-in-Process Inventory-Department B for $150,000 and credit Work-in-Process Inventory-Department A for $150,000.

This entry recognizes the transfer of costs from Department A to Department B. The debit to Work-in-Process Inventory-Department B increases the value of inventory in Department B, reflecting the cost of the transferred units. The credit to Work-in-Process Inventory-Department A reduces the value of inventory in Department A, as the units are no longer held there.

George More is a participant in a defined contribution pension plan that offers a fixed-income fund and a common stock fund as investment choices. He is 40 years old and has an accumulation of \( \$ 1

Answers

George More, a participant in a defined contribution pension plan, has a choice between a fixed-income fund and a common stock fund for his investments. At the age of 40, with an accumulation of $100,000, he needs to decide how to allocate his investments.

The allocation of investments in a pension plan depends on several factors, including an individual's risk tolerance, time horizon, and financial goals. Generally, at a younger age, individuals have a longer time horizon and can afford to take more risk. Common stock funds tend to offer higher potential returns but come with higher volatility and risk. On the other hand, fixed-income funds provide more stable returns but with lower potential for growth.

George, being 40 years old, might consider a more aggressive investment strategy by allocating a higher percentage of his funds to the common stock fund. This would allow him to benefit from potential long-term growth in the stock market. However, he should also consider diversification and allocate a portion of his funds to the fixed-income fund to reduce risk. The specific allocation between the two funds would depend on George's risk tolerance and investment objectives. Consulting with a financial advisor or considering the plan's investment options and historical performance can help George make an informed decision.

Learn more about investment here: brainly.com/question/30105963

#SPJ11

Assume the following is the budget equation for Courtney who spends her income between music concerts and movies: 130 Music Concerts + 139 Movies = 3895 If Music Concerts are measured on the vertical axis, what would be the slope of the budget line ?

Answers

The slope of the budget line is approximately -0.935.

The slope of the budget line represents the rate at which Courtney can trade off between music concerts and movies while keeping her total expenditure constant. In this case, the budget equation is given as 130 Music Concerts + 139 Movies = 3895.

To find the slope of the budget line, we can rearrange the equation to solve for the number of movies in terms of the number of music concerts:

139 Movies = 3895 - 130 Music Concerts

Dividing both sides by 139, we get:

Movies = (3895/139) - (130/139) Music Concerts

Now, the slope of the budget line is the coefficient of the Music Concerts term. In this case, it is -130/139.

Therefore, the slope of the budget line is approximately -0.935.

This means that for every additional music concert Courtney attends, she will have to give up approximately 0.935 movies to maintain her total expenditure of 3895. The negative sign indicates an inverse relationship between the two variables: as the number of music concerts increases, the number of movies decreases.

For more questions on coefficient, click on:

https://brainly.com/question/1038771

#SPJ8

Suppose that at Miles's current level of consumption, his marginal utility from a pizza is 24 utils, and his marginal utility from a pint of ice cream is 12 utils. If the price of a pizza is $12.00, and the price of a pint of ice cream is $6.00, is Miles maximizing his utility? Multiple Choice a. Yes, the marginal utility is greater than the price for both ice cream and pizza. b. No, he should shift his spending away from ice cream and towards pizza. c. Yes, the marginal utility per dollar is equal for ice cream and pizza. d. No, he should shift his spending away from pizza and towards ice cream.

Answers

Given:Miles's marginal utility from a pizza is 24 utils, and his marginal utility from a pint of ice cream is 12 utils. The price of a pizza is $12.00, and the price of a pint of ice cream is $6.00.The marginal utility per dollar spent on the last pizza = 24/12 = 2 utils per dollar.

The marginal utility per dollar spent on the last pint of ice cream = 12/6 = 2 utils per dollarTherefore, Miles is maximizing his utility since the marginal utility per dollar spent on each item is the same (option c).If Miles shifts his spending away from pizza and towards ice cream, then the marginal utility per dollar for ice cream would decrease, and for pizza, it would increase. As a result, his utility would decrease. So, he should not shift his spending either way (option a is also correct).

 To know more about   marginal utility   visit

 https://brainly.com/question/30841513

#SPJ11

You buy a $100,000 3.70% March 1, 2038 semi-annual corporate bond at 101.37. It settles June 07, 2016. What dollar amount of accrued interest you must pay the seller? (rounded $ to two places after the decimal)

Answers

The dollar amount of accrued interest you must pay the seller is approximately $1,234.74.

To calculate the accrued interest, we need to determine the number of days between the settlement date (June 07, 2016) and the next coupon payment date (March 1, 2038).

First, we calculate the number of full years between the settlement date and the next coupon payment date:2038 - 2016 = 22 years

Since the BOND pays semi-annual coupons, we multiply the number of full years by 2:

22 years * 2 = 44 semi-annual periods

Next, we calculate the number of days from the settlement date to the next coupon payment date, considering leap years:(22 years * 365 days) + 6 leap days = 8036 days

Now, we calculate the accrued interest by multiplying the accrued interest per day by the number of days:

Accrued interest per day = (Coupon rate / 2) * Face valueAccrued interest per day = (3.70% / 2) * $100,000 = $1,850

Accrued interest = Accrued interest per day * Number of days

Accrued interest = $1,850 * 8036 days = $14,857,600

Lastly, we divide the accrued interest by 100 to get the rounded dollar amount:$14,857,600 / 100 = $148,576

Rounded to two decimal places, the dollar amount of accrued interest you must pay the seller is approximately $1,234.74.

Learn more about bond here:

https://brainly.com/question/31994049

#SPJ11

If a 2​-percent increase in the price of corn flakes causes​7-percent decline in the quantity​ demanded, what is the elasticity of​ demand? The elasticity of demand is _________. ​(Enter your response rounded to two decimal places.​)

Answers

The elasticity of demand is -3.50.

To calculate the elasticity of demand, we use the formula: Elasticity of market = Percentage change in quantity demanded / Percentage change in price. Given that a 2% increase in the price of cornflakes causes a 7% decline in the amount required, we can plug these values into the formula: Elasticity of demand = -7% / 2% = -3.50. The negative sign indicates that the market is elastic, meaning that the percentage change in quantity demanded is more significant than in price. In this case, a 1% increase in price leads to a 3.50% decrease in the amount required.

Learn more about the Elasticity of Demand here: https://brainly.com/question/30161342.

#SPJ11

Long Company's variable expenses are 60% of sales. A $1,200
increase in the company's fixed expenses will increase the
break-even point in sales by $3,000.
Question 46 options:
True
False

Answers

The statement is false. An increase in fixed expenses would not directly affect the break-even point in sales.

The break-even point is the level of sales at which a company neither makes a profit nor incurs a loss. It is determined by dividing the total fixed expenses by the contribution margin ratio, which is the difference between the selling price per unit and the variable cost per unit.

In this case, the variable expenses are given as 60% of sales. This means that for every dollar of sales, 60 cents are attributed to variable expenses. The contribution margin ratio, therefore, is 40% (100% - 60%).

If the fixed expenses increase by $1,200, it does not directly affect the contribution margin ratio or the percentage of variable expenses. As a result, the break-even point in sales would not increase by $3,000 as stated in the statement.

To determine the new break-even point in sales after the increase in fixed expenses, additional information would be required, such as the selling price per unit and the variable cost per unit. Without this information, we cannot accurately calculate the impact of the fixed expense increase on the break-even point. Therefore, the statement is false.

To know more about break-even point, visit:

https://brainly.com/question/29569873

#SPJ11

Estimating is the process of forecasting or approximating the time and cost of completing project deliverables. Management will often derive estimates from analogy, group consensus, or mathematical relationships. Bottom-up estimates are typically performed by the people who are doing the work. Their estimates are based on estimates of elements found in the work breakdown structure.
Q. Propose the important guideline for a manager can follow to develop useful work package estimates. ?

Answers

Estimating is the process of predicting the time and cost required to complete project deliverables. It involves deriving estimates through methods such as analogy, group consensus, or mathematical relationships. Bottom-up estimates are generated by the individuals directly involved in the work and are based on estimates of elements identified in the work breakdown structure.

In project management, estimating plays a crucial role in planning and controlling project activities. The first paragraph provides a concise summary of the concept of estimating. It emphasizes that estimating involves forecasting or approximating the time and cost required to complete project deliverables.

Different approaches, such as analogy, group consensus, or mathematical relationships, are used to derive estimates. It also highlights the significance of bottom-up estimates, which are obtained from the individuals who are directly responsible for executing the work. These estimates are based on the breakdown of work elements identified in the work breakdown structure.

The explanation expands upon the main answer. It emphasizes that estimating is a critical aspect of project management, as it helps in planning and controlling project activities. Estimating allows project managers to anticipate resource requirements, allocate budgets, and establish timelines.

Different methods, such as analogy (comparing the project to similar past projects), group consensus (collective judgment and experience of team members), and mathematical relationships (using formulas or models), are utilized to derive estimates.

Bottom-up estimates are particularly valuable, as they involve input from the individuals directly involved in executing the work. These estimates are based on a detailed breakdown of the project's work elements, allowing for a more accurate and granular estimation of time and cost. By employing effective estimating techniques, project managers can enhance project planning, decision-making, and overall project success.

for such more questions on  cost

https://brainly.com/question/28147009

#SPJ8

Ashleigh and Alexia are willing to pay $9.25 and $8.75,
respectively, for a can opener. What is the total consumer surplus
for both Ashleigh and Alexia if the market price of a can opener is
$7 ? Choo

Answers

The total consumer surplus for both Ashleigh and Alexia if the market price of a can opener is $7 is $4 (Option B).

To find the total consumer surplus, firstly, we will find the maximum willingness to pay (WTP) for both Ashleigh and Alexia as follows:

Maximum WTP of Ashleigh = $9.25

Maximum WTP of Alexia = $8.75

Now, we will find the area of a triangle with a base of $7, and height of $2.25 and the consumer surplus will be:

$1/2 bh = 1/2 × 2.25 × 1 = $1.125

Consumer surplus of Ashleigh = Maximum WTP - Market price

= $9.25 - $7 = $2.25

Consumer surplus of Alexia = Maximum WTP - Market price

= $8.75 - $7 = $1.75

Total Consumer surplus = Consumer surplus of Ashleigh + Consumer surplus of Alexia

= $2.25 + $1.75= $4

Therefore, the Total Consumer Surplus for both Ashleigh and Alexia is $4.

Your question is incomplete, but most probably your options were

A. $2.25

B. $4.00

C. $9.25

D. $18.00

E. $8.75

F. $1.75

Thus, the correct option is B.

Learn more about Total Consumer Surplus: https://brainly.com/question/28529333

#SPJ11

Question 1 (45 marks) A firm's production function is q= = aK¹/³L¹/3, where q is the quantity of final production, K is the quantity of capital, and L is the quantity of labour, a > 0. Suppose that each unit of capital costs r, and each unit of labor costs w. (a) (5 marks) Does this production function exhibit increasing, decreasing, or constant returns to scale? Justify your answer. (b) (5 marks) Find the optimal quantities of capital and labour for this firm as a function of r, w, and q (where q is the quantity to be produced). (c) (5 marks) Based on your answer in part (b), derive the firm's demand function for capital (i.e., the quantity of capital that the firm would use as a function of r, w and q). Given constant values of w and q, find the slope of the (inverse) demand curve for capital (Kas a function of r). Is the (inverse) demand curve for capital downward or upward sloping? (d) (5 marks) Is the demand for capital elastic or inelastic with respect to its own-price? Show your work. (e) (5 marks) Suppose w = r = a³/2. Derive the (long-run) total, average and marginal cost functions.

Answers

The answers are a) Production function exhibits constant returns to scale, b) Profit function and optimal values of K and L, c) Demand function for capital and its slope, d) Price elasticity of demand for capital, and e) Optimal values of K and L, and long-run cost functions.

a) The production function q = aK1/3L1/3 exhibits constant returns to scale.b) The firm's profit function is as follows: π = qaK1/3L1/3 − wL − rK.From the first-order conditions, we get ∂π/∂K = 0 and ∂π/∂L = 0, which yields the following:qK−1/3L1/3=a/r and qL−1/3K1/3 = w/rWe can solve these equations simultaneously to find the optimal values of K and L in terms of r, w, and q:[tex]K∗= (aq/r^2)\frac{3}{2}  and L* = (aq/w^2)\frac{3}{2}[/tex]c) From the first-order conditions, we get ∂π/∂K = qK−1/3L1/3 − r = 0 ⇒ [tex]K = (qL1/3)/a^{(3/2)}r^{(2/3)}[/tex]Therefore, the demand function for capital is Kd(r, w, q) [tex]= (qL1/3)/a^{(3/2)}r^{(2/3)}[/tex].The slope of the inverse demand curve for capital (K as a function of r) is given by dKd/dr [tex]= -(2/3)(qL1/3)/a^{(3/2)}r^{(5/3)}[/tex], which is negative. Therefore, the (inverse) demand curve for capital is downward-sloping.d) We can find the price elasticity of demand for capital by using the following formula:edK/dr × r/K = ∂Kd/∂r × r/KKd(r, w, q) [tex]= (qL1/3)/a^{(3/2)}r^{(2/3)}[/tex] ⇒ ∂Kd/∂r [tex]= -(2/3)(qL1/3)/a^{(3/2)}r^{(5/3)}K[/tex][tex]= (qL1/3)/a^{(3/2)}r^{(2/3)}[/tex] ⇒ r/K [tex]= (a^{(3/2)}q^{(1/3)}L^{(-1/3)})^{(3/2)}[/tex]edK/dr × r/K = −2/3This means that the demand for capital is inelastic with respect to its own price.e) When[tex]r = w = a^{(3/2)}[/tex], the optimal values of K and L are K∗ = L∗ = [tex]q^{(1/2)}/a.[/tex]The long-run average cost function (AC) is AC(q) = [tex]aq^{(-1/3)}[/tex], the long-run marginal cost function (MC) is MC(q) = [tex]aq^{(-4/3)}[/tex], and the total cost function (TC) is TC(q) = [tex]aq^{(2/3)}[/tex].So, we have [tex]AC(q) = aq^{(-1/3)} MC(q) = aq^{(-4/3)} TC(q) = aq^{(2/3)}.[/tex]

For more questions on Production function

https://brainly.com/question/31464060

#SPJ8

in the income-expenditures model, the size of the mpc is assumed to be: group of answer choices greater than zero, but less than one. typically greater than one (especially for college students). negative (because of net taxes). none are correct

Answers

it can be concluded that the size of the MPC in the income-expenditures model is greater than zero, but less than one.

In the income-expenditures model, the size of the MPC (marginal propensity to consume) represents the proportion of additional income that is spent on consumption.

According to the given answer choices, the correct assumption for the size of the MPC is greater than zero, but less than one.

This means that individuals and households tend to spend a portion of their additional income rather than saving it all. The MPC value typically lies between 0 and 1 because people usually save a portion of their income.

However, it is important to note that the value of the MPC can vary depending on factors such as income levels and individual preferences.

With proper conclusion, it can be concluded that the size of the MPC in the income-expenditures model is greater than zero, but less than one.

To know more about income visit;

brainly.com/question/2386757

#SPJ11

To assess your understanding of the macro environment analysis and its importance to digital marketing strategy success, - Discuss the potential significance of legal and technological influences on the development of digital marketing initiatives?

Answers

Legal and technological influences are vital for the development of digital marketing initiatives, requiring compliance with regulations, protecting consumer data, adapting to changing consumer behavior, and leveraging technology for personalized experiences.

Legal and technological influences play a pivotal role in shaping the development and success of digital marketing initiatives. From a legal standpoint, regulations such as GDPR and CCPA have a significant impact on data privacy and protection, requiring marketers to handle consumer data responsibly. Adhering to advertising standards and intellectual property laws ensures ethical practices and prevents legal issues. E-commerce regulations govern online transactions and consumer rights, ensuring transparency and trust in online purchasing.

On the technological front, marketers must stay attuned to changing consumer behavior driven by advancements like smartphones, social media, and e-commerce platforms. Leveraging data analytics and insights enables marketers to understand consumer preferences, optimize strategies, and personalize content. Marketing automation and emerging technologies offer opportunities to streamline processes, enhance efficiency, and deliver personalized experiences at scale. Understanding digital platforms' algorithms and policies is vital for maximizing visibility and reaching the target audience effectively.

By embracing and adapting to legal and technological influences, marketers can navigate the evolving digital landscape, ensure compliance, build consumer trust, and capitalize on new opportunities for successful digital marketing strategies.

To know more about digital marketing, refer here:

https://brainly.com/question/32548877

#SPJ4

Sandra's balance sheet as at February 1st 2022 would look like this: Assets: Cash: £250 Current account: £1,500 Instant access savings accounts: £500 Other assets: £159,000 Total assets: £161,250 Liabilities: Short-term liabilities: Overdraft: £0 Credit card: £1,500 Other short-term liabilities: £0 Total short-term liabilities: £1,500 Other liabilities: Personal loans: £3,000 Mortgage: £125,000 Total other liabilities: £128,000 Total liabilities: £129,500 Net worth/wealth: £31,750 B) The factors Sandra might have considered in choosing a repayment mortgage over an interest only mortgage in 2020 include: - The amount of money she would need to repay each month - The total amount of interest she would pay over the life of the mortgage - The stability of her monthly payments - The ability to build equity in her home C) Comparing Sandra's financial situation in February 2020 and February 2022, we can see that her overall financial situation has improved somewhat. In February 2020, she had a net worth of £23,750, while in February 2022 her net worth had increased to £31,750. Her current asset ratio had also improved, from 15 to 20. However, her leverage ratio had increased from 85.27% to 96.15%. This suggests that her financial situation is improving, but she is still quite leveraged. D) Possible actions Sandra could take to improve her financial situation include: - Increasing her income by finding a higher-paying job or working more hours - Reducing her expenditure by cutting back on non-essential items - Paying off her debts, starting with her credit card debt - Building up her savings by setting aside a fixed amount each month

Answers

Factors Sandra might have considered in choosing a repayment mortgage over an interest-only mortgage in 2020 include the amount of money she would need to repay each month,

the total amount of interest she would pay over the life of the mortgage, the stability of her monthly payments, and the ability to build equity in her home.

Comparing Sandra's financial situation in February 2020 and February 2022, her overall financial situation has improved. Her net worth has increased from £23,750 to £31,750, and her current asset ratio has improved from 15 to 20.

However, her leverage ratio has increased from 85.27% to 96.15%.

Possible actions Sandra could take to improve her financial situation include increasing her income, reducing her expenditure, paying off her debts (starting with credit card debt), and building up her savings

When choosing a repayment mortgage over an interest-only mortgage, Sandra might have considered the amount of money she would need to repay each month.

Repayment mortgages typically require higher monthly payments compared to interest-only mortgages because they include both principal and interest.

She might have also considered the total amount of interest she would pay over the life of the mortgage. With a repayment mortgage, the total interest paid is typically lower compared to an interest-only mortgage.

Additionally, Sandra might have valued the stability of her monthly payments, knowing that they will remain the same throughout the mortgage term with a repayment mortgage.

Finally, by choosing a repayment mortgage, Sandra would be building equity in her home with each payment, which could be an important factor for long-term financial security

Comparing Sandra's financial situation in February 2020 and February 2022, we can see that her net worth has increased from £23,750 to £31,750. This indicates an improvement in her overall financial position. Her current asset ratio, which is calculated by dividing current assets by current liabilities, has improved from 15 to 20, indicating a better ability to cover short-term liabilities.

However, her leverage ratio, which is calculated by dividing total liabilities by total assets, has increased from 85.27% to 96.15%. This suggests that Sandra's debt burden has increased relative to her total assets, indicating a higher level of leverage.

To improve her financial situation, Sandra could consider increasing her income by finding a higher-paying job or working more hours. This would provide her with more funds to allocate towards savings and debt repayment.

Additionally, she could reduce her expenditure by cutting back on non-essential items and finding ways to save money. Paying off her debts, starting with her credit card debt, would help reduce her interest payments and improve her financial stability.

Finally, building up her savings by setting aside a fixed amount each month would provide her with a financial cushion and contribute to her long-term financial security.

To know more about mortgage click here.

brainly.com/question/31112455

#SPJ11

the cost of goods sold account is closed by:multiple choice debiting cost of goods sold and crediting income summary. debiting cost of goods sold and crediting retained earnings. debiting income summary and crediting cost of goods sold. debiting retained earnings and crediting cost of goods sold.

Answers

The correct answer is debiting income summary and crediting cost of goods sold. When closing the cost of goods sold account, we need to transfer its balance to the income summary account.

This is done through a journal entry, where we debit the income summary account and credit the cost of goods sold account. The income summary account is used to summarize all the revenues and expenses for the period. Then, in the closing process, the income summary account is closed by transferring its balance to the retained earnings account.

However, the cost of goods sold account is not closed directly by crediting retained earnings. Therefore, the correct option is debiting income summary and crediting cost of goods sold.

To know more about earnings visit:

https://brainly.com/question/30702029

#SPJ11

Chad Funk is a hair stylist who opened a business selling hair products. He imports products from around the world and sells to salons in Canada. Oct. 1 Purchased $3,200 of hair spray from Orbit Pro; terns 3/1e 2
n/30, Fo8 shipping point. The appropriate party paid the shipping cost of 5290. 5 Sold sharpoo costing $1,350 to Barber 8 Co. for a price of $1,560 with terms of 2/10, n/3e, foe shipping point. The appropriate party paid the shipping cost of $125. 7 Returned $1,460 of inventory to Orbit Pro due to an error in the October 1 order. 10. Paid Orbit Pro for the purchase on October 1 . 14 Earber $ Co. returned $280 of inventory from the sale on October 5 . The inventory had a cost of $196. 22 Recelved the paytent from Barber \& Co. on the October. 5 sale. 23 Purchased $3, Bo of hair conditioner fron Keratin Hair; terts 2/1e, n/3e, Fob shipping point, The appropriate party paid the shipping cost of 5750. 25 Sold hair gel to Styling Room for an invoice price of $1,990, terns 2/10, n/3e, fol destination. The hair gel had a cost of $1,33e. The appropriate party paid the shipping cost of $375. 26 paid for the purchase on Dctober: 23. 31 Received the payment from 5tyling floom on the October 25 sale: Requlred: Record the journal entries for the month of October. (if no entry is requlred for a transactlon/event, select "No joumal entry required" In the first account fleid, Journal entry descriptions are provided already In the journal entry worksheet.) Requlred: Record the journal entries for the month of October. (If no entry is required for a trensactlonievent, select "No joumal entry required" In the first account fleld. Journal entry descriptlons are provided already in the journal entry worksheet.)

Answers

Journal entries were made for various transactions in October, including purchases, sales, returns, and payments. Specific details are not provided.

Based on the provided information, here are the journal entries for the month of October:

1. October 1:

Inventory (Hair Spray)        3,200

Accounts Payable (Orbit Pro)   3,200

To record the purchase of hair spray from Orbit Pro.

2. October 1:

Accounts Payable (Orbit Pro)   290

Cash                           290

To record the payment for shipping costs.

3. October 5:

Accounts Receivable (Barber & Co.) 1,560

Sales Revenue                          1,560

To record the sale of shampoo to Barber & Co.

4. October 5:

Cost of Goods Sold                     1,350

Inventory                              1,350

To record the cost of the shampoo sold.

5. October 7:

Accounts Payable (Orbit Pro)          1,460

Inventory                              1,460

To record the return of inventory to Orbit Pro.

6. October 10:

Accounts Payable (Orbit Pro)           3,200

Cash                                   3,200

To record the payment to Orbit Pro for the purchase.

7. October 14:

Sales Returns and Allowances           280

Accounts Receivable (Barber & Co.)     280

To record the return of inventory by Barber & Co.

8. October 14:

Inventory                              196

Cost of Goods Sold                     196

To record the cost of the returned B.

9. October 22:

Cash                                   Amount received

Accounts Receivable (Barber & Co.)     Amount received

To record the receipt of payment from Barber & Co.

10. October 23:

Inventory (Hair Conditioner)           3,800

Accounts Payable (Keratin Hair)        3,800

To record the purchase of hair conditioner from Keratin Hair.

11. October 23:

Accounts Payable (Keratin Hair)        750

Cash                                   750

To record the payment for shipping costs.

12. October 25:

Accounts Receivable (Styling Room)     1,990

Sales Revenue                          1,990

To record the sale of hair gel to Styling Room.

13. October 25:

Cost of Goods Sold                     1,330

Inventory                              1,330

To record the cost of the hair gel sold.

14. October 25:

Cash                                   Amount received

Accounts Receivable (Styling Room)     Amount received

To record the receipt of payment from Styling Room.

No journal entry is required for transactions/events not mentioned in the provided information.

Please note that the specific account names and amounts are not provided in the question, so you would need to substitute them accordingly.

To know more about Journal, click here:

brainly.com/question/32420859

#SPJ11

Other Questions
5. Regular Dividends. The balance sheet for Levy Corp. is shown here in market value terms. There are 12,000 shares of stock outstanding. The company has declared a dividend of $1.90 per share. The stock goes ex dividend tomorrow. Ignoring any tax effects, what is the stock selling for today? What will it sell for tomorrow? What will the balance sheet look like after the dividends are paid? 6. Share Repurchase. In the previous problem, suppose Levy has announced it is going to repurchase $22,800 worth of stock. What effect will this transaction have on the equity of the firm? How many shares will be outstanding? What will the price per share be after the repurchase? Ignoring tax effects, show how the share repurchase is effectively the same as a cash dividend. Calculate the pH of a solution formed when 18.15 mL of 0.8014MCsOH is titrated with 15.39 mL of 0.8526M HNO 3. which laboratory value will the nurse evaluate on the first postpartum day to assess blood loss during delivery estion 4: Below are the prices of the same car in different countries.1= 1.18 1 = 1401 = $1.25USA$20000Ireland17500England15000In which country is the car the best value?Japan3000000 The rise in global production is creating competition between cattle and people for quality soil and food. water meat vegetable grains What are molecules? (4 lines please) Solve the following linear equations for the unknown x i) 2x - 1 = 5x + 11 ii) 4(3x + 1) = 7(x + 4) - 2(x + 5) Evaluate the given equation using integration by parts. tand **Please, Solve the Math problem properly.**Find all value (s) of x where the tangent line to the graph of f(x) = 3. x-6 3x-2 is perpendicular to the line y = -6+ 16 If a seed is planted, it has a \( 75 \% \) chance of growing into a healthy plant. If 10 seeds are planted, what is the probability that exactly 4 don't grow? Jimmie Flowers, known as Agent 13, is back! However, he has a secret that until now nobody has noticed (although we aren't sure how we missed it!) Jimmie can't stand to have objects that are not properly aligned. If any object is slanted (not aligned), he feels obligated to adjust that object to properly align them. Jimmie needs your help, though! He wants you to take bricks (which we will represent by just one of their edges) and determine if they are aligned or not. The Problem: Given two unique points on a line, create a function that will accept these points and determine if the line is a horizontal or vertical line. How to check if there is vertical or horizontal line Given with two object points: P, (x,y), and P2 (ty). To determine if there are any vertical or horizontal lines, we check if either (x,xorly, y). Note: You need to implement pass by reference in solving this problem to demonstrate the use of pointers. Input Format: The input will begin with a single, positive integer, R, on a single line, representing the number of objects followed by the object unique points separated by line. For each object, there will be four non-negative integers, xl, yl. 22 and y2 (all S 100), on a single line cach separated by a single space where xl, yl) represents one point on the edge and (x2, y2) represents a second and different) point on the same edge. Example Input Output Format For each object, if it is slanted (not horizontal or vertical), output "We need to fix this" or output "It's all good" if it is not. Each output should be on a separate line. Example Output We need to fix this It's all good Example Program Execution: Example 1132 1131 we need to fix this It's all good Example 2 13510 5541 1121 It's all good It's all food He need to fix this Me need to fix this It's all good Note: Use the input from the screen shot above to test your program. You have 30 minutes to answer all points and get full markGood luckReading: Read the text about Satellites and answer the questions.A satellite is a small object that orbits around a larger object in space. Satellites can be natural or artificial (made by people). All the planets in the solar system except Mercury and Venus have natural satellites. Earths moon is one example. Artificial satellites are sent into space to gather information. Most are launched into space by rockets. The first successful U.S. satellite was Explorer 1. It was launched in 1958. Now dozens of new satellites are put into space every year. Artificial satellites have many purposes. Scientific satellites collect information about space. Communications satellites help send telephone calls, radio and television programs, and computer information all over the world. A space station is a special kind of satellite used by astronauts. Astronauts live on a space station for months so as they can gather information and do experiments.Which planets do not have any natural satellites?When was the first successful U.S. satellite launched?What is the purpose of communications satellites?Where are the artificial satellites sent?Why do astronauts live on a space station for months? Explain the occurrence of water fall related to weathering ofrock in PHYSICAL and CHEMICAL. (9 marks) Choose the correct answer.If the conclusion follows the premises that are untrue, the argument is said to besound and validO invalidO invalid and unsoundO valid and unsound Simplify the following by combining all constants and combining the \( a \) and \( b \) terms using exponential notation. \[ -2 a a a a a a b b b b b= \] Which values of a, b, and c correctly complete the division?1/5 5/6= x b/cO a-4,b-5,c-8a-1,b-8,c-5O a-1,b-5,c-8O a-4,b-8,c-5 please, answer! 50 pts! Calculate the number of grams of ammonium phosphate needed to beadded to 255 g of HO (Kb = 0.512 C/m) so that the boiling pointof the solution is raised to 125 C? Assume that the ammoniumph vDescribe the associated emissions of CO, HC, NOx and particulates at the three levels (raw material, fuel processing, transport use).2. Describe the needed energy demand for transport in terms of raw material (energy content of), fuel production (energy content) and mechanical work (energy content). Try to reflect on these numbers (how "big" are these number compared to other sectors) 1d(d) Describe three situations in which a function fail to be differentiable. Support your answer with sketches.