Champion Company purchased and installed carpet in its new general offices on March 31 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value.

Required:
a. Prepare the journal entries necessary for recording the purchase of the new carpet.
b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet assuming that Champion Company uses the straight-line method.

Answer and Explanation:

The journal entries are shown below:

a. Carpet    $18,000

         To Cash   $18,000

(Being the cash paid is recorded)

b. Deprecation   $900

         To Accumulated Depreciation   $900

(Being Depreciation expense recorded)

The computation is shown below:

= $18,000 ÷ 5 years × 9 months ÷ 12 months

= $900

Rose dies with passive activity property having an adjusted basis of $86,000, suspended losses of $27,520, and a fair market value at the date of her death of $120,400. Of the $27,520 suspended loss existing at the time of Rose's death, how much is deductible on her final return or by the beneficiary

Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. During the period, 14,000 units of direct materials were added at a cost of $28,700, and 15,000 units were completed. At the end of the period, 3,000 units were 75% completed. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. The number of equivalent units of production for the period for conversion if the first-in, first-out method is used to cost inventories was:_____.a.15,650 b.14,650 c.14,150 d.14,850

An electronics company makes communications devices for military contracts. The company just completed two contracts. The navy contract was for 2,266 devices and took 28 workers two weeks (40 hours per week) to complete. The army contract was for 5,510 devices that were produced by 29 workers in six weeks (40 hours per week).
A. Calculate the productivity for navy and army contracts in units produced per labor hour.
B. On which contract were the workers more productive?
1.Army contract.
2. Navy contract.

In the website “Conflict Management Skills” that you explored, all of the following are “enemies” we have to conquer in order to be constructive conflict managers except:
a.
fear
b.
desire to win
c.
desire to explain our side first
d.
desire to listen to the other person

Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse annuities. Mortgages are the reverse of annuities, because you get a lump-sum amount as a loan in the beginning, and then you make monthly payments to the lender.

You’ve decided to buy a house that is valued at $1 million. You have $100,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $900,000 mortgage, and is offering a standard 30-year mortgage at a 12% fixed nominal interest rate (called the loan’s annual percentage rate or APR). Under this loan proposal, your mortgage payment will be_____________ per month.

In paragraph 1, using a scale of 1 to 10 (10 being the best), rate how proficient you feel with your technology skill right now. How do you envision developing your technology skill in your academic, professional, or home life?

In paragraph 2, list at least three goals you have to improve your technology skill throughout this course and beyond.

Janice​ Carrillo, a​ Gainesville, Florida, real estate​ developer, has devised a regression model to help determine residential housing prices in northeastern Florida. The model was developed using recent sales in a particular neighborhood. The price​ (Y) of the house is based on the size​ (square footage​ = X) of the house. The model​ is:

Y = 13.473 + 37.65X

The coefficient of correlation for the model is 0.63

a. Use the model to predict the selling price of a house that is 1,860 square feet
b. An 1,860-square-foot house recently sold for $95,000. Explain why this is not what the model predicted
c. If you were going to use multiple regression to develop such a model, what other quantitative variables you might include?
d. What is the value of the coefficient of determination in this problem?

Determine the amount of net income (LO3-1) During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2021, you come across several items needing further consideration. Currently, net income is $88,000.
1. An insurance policy covering 12 months was purchased on October 1, 2021, for $16,800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2021.
2. During 2021, the company received a $2,800 cash advance from a customer for services to be performed in 2022. The $2,800 was incorrectly credited to Service Revenue.
3. There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing $2,150 were on hand at December 31, 2021.
4. Trojan borrowed $58,000 from a local bank on September 1, 2021. Principal and interest at 12% will be paid on August 31, 2022. No accrual was made for interest in 2021.
Required:
Using the information in 1 through 4 above, determine the proper amount of net income as of December 31, 2021. (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign.)
Net income (unadjusted)
1. Adjustment for insurance
2. Adjustment for deferred revenue
3. Adjustment for supplies
4. Adjustment for interest
Net income (adjusted)

Theresa Nunn is planning a 30-day vacation on Pulau Penang, Malaysia, one year from now. The present charge for a luxury suite plus meals in Malaysian ringgit (RM) is RM1,045/day. The Malaysian ringgit presently trades at RM3.1350/$. She figures out the dollar cost today for a 30-day stay would be $10,000. The hotel informed her that any increase in its room charges will be limited to any increase in the Malaysian cost of living. Malaysian inflation is expected to be 2.75% per annum, while U.S. inflation is expected to be only 1.25%.a. How many dollars might Theresa expect to need one year hence to pay for her 30-day vacation? Note: Remember, not for one day, but 30 days.b. By what percent will the dollar cost have gone up? Why?

The Jamesway Corporation had the following situations on December 2021. On December 10, 2021, Jamesway received a $4,800 payment from a customer for services begun on that date and which were completed by December 31, 2021. Deferred service revenue was credited. On December 1, 2021, the company paid a local radio station $3,600 for 40 radio ads that were to be aired, 20 per month, throughout December and January. Prepaid advertising was debited. Employee salaries for the month of December totaling $24,000 will be paid on January 7, 2022. On August 31, 2021, Jamesway borrowed $50,000 from a local bank. A note was signed with principal and 9% interest to be paid on August 31, 2022.
Prepare the necessary adjusting entries at its year-end of December 31, 2021. No adjusting entries were recorded during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

If a country's economic data show private savings (S) of $9 billion, government spending (G) of $7 billion, tax revenue (T) of $7 billion, and a trade surplus (X-M) of $3 billion, then what does private investment (I) equal?

What is the different between simple interest and compund interest?​

A company had total revenues of $500 million, operating margin of 40%, and depreciation and amortization expense of $80 million over the trailing twelve months. The company currently has $600 million in total debt and $100 million in cash and cash equivalents. If the company's market capitalization (total value of its equity) is $2 billion, what is its EV/EBITDA multiple

The restriction x11,x12, x21, x22 ≥ 0 in the model means:

a. Each decision variable must be positive in the optimal solution.
b. Each decision variable must be nonnegative in the optimal solution.
c. x11+ x12 + x21 + x22 ≥ 0
d. All of the above
e. None of the above

Suppose you are going to purchase a house. You negotiate a great deal and your bank agrees to lend you money for 30 years at 4% APR (annual percentage rate). The house costs $300,000 and you pay 20% down and finance the rest. Compute (round it to 2 numbers after the decimal point) - do not include $ sign.
(1) Monthly payment: no commas -__________ 2 decimala places.
(2) The interest payment portion of 1st Monthly payment:______ 2 decimal places. 1
(3) The principal payment portion of the 1st Monthly payment:_______ 2 decimal places
(4) Balance after the 1st payment: -no commas and ___________2 decimal places.

The outstanding capital stock of Edna Millay Corporation consists of 2,000 shares of $100 par value, 8% preferred, and 5,000 shares of $50 par value common.

Required:
Assuming that the company has retained earnings of $90,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions.

a. The preferred stock is noncumulative and nonparticipating.
b. The preferred stock is cumulative and nonparticipating.
c. The preferred stock is cumulative and participating.

Umatilla Bank and Trust is considering giving Pronghorn Corp a loan. Before doing so, it decides that further discussions with Pronghorn’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $277,880. Discussions with the accountant reveal the following. 1. Pronghorn shipped goods costing $54,380 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2. The physical count of the inventory did not include goods costing $96,250 that were shipped to Pronghorn FOB destination on December 27 and were still in transit at year-end. 3. Pronghorn received goods costing $27,180 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count. 4. Pronghorn shipped goods costing $46,830 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Pronghorn physical inventory. 5. Pronghorn received goods costing $45,270 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $277,880.

The Office Interiors Company has developed a new, modern office chair. Initial sales forecasts are for 64 chairs per day. The assembly operations will run for two eight hour shifts. The process engineer and operations manager are working together to balance the line to make the new chair as efficiently as possible. The process engineer suggests using the longest operating time rule while the operations manager suggests using the most followers rule to design the line. If there is a tie, use the other rule to break the tie.

Required:
Based on the processing information, which approach do you recommend? Why?

Give two examples of complements in economics

Which of the following is an internal factor?
O A. Interest rates
B. Economic recession
O C. Employee turnover
O D. Employment laws

You are given the returns for the following three stocks:_____
Year Stock A Stock B Stock C
Arithmetic Return % Standard Deviation % Geometric Return %
1 3 % 13 % 18 %
2 13 11 33
3 13 23 26
4 13 6 21
5 13 12 3
Calculate the arithmetic return, geometric return, and standard deviation for each stock. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)

Monty Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $2,500,000 on January 1, 2020. Monty expected to complete the building by December 31, 2020. Monty has the following debt obligations outstanding during the construction period.
Construction loan-12% interest, payable semi-annually,
issued December 31, 2019 $1,000,000
Short-term loan-10% interest, payable monthly, and
principal payable at maturity on May 30, 2021 700,000
Long-term loan-11% interest, payable on January 1 of
each year. Principal payable on January 1, 2024 500,000.
1. Assume that Monty completed the office and warehouse building on December 31, 2020, as planned at a total cost of $2,600,000, and the weighted-average amount of accumulated expenditures was $1,800,000. Compute the avoidable interest on this project.
2. Compute the depreciation expense for the year ended December 31, 2021. Monty elected to depreciate the building on a straight-line basis and determined that the asset has a useful life of 30 years and a salvage value of $510,000.

Below are transactions for a company during Year 1. On December 1, Year 1, the company receives $3,400 cash from the company that is renting office space from the company. The payment, representing rent for December and January, is credited to Deferred Revenue. The company purchases a one-year property insurance policy on July 1, Year 1, for $12,480. The payment is debited to Prepaid Insurance for the entire amount. Employee salaries of $2,400 for the month of December will be paid in early January Year 2. On November 1, Year 1, the company borrows $12,000 from a bank. The loan requires principal and interest at 10% to be paid on October 30, Year 2. Office supplies at the beginning of Year 1 total $940. On August 15, the company purchases an additional $2,800 of office supplies, debiting the Supplies account. By the end of the year, $440 of office supplies remains. Record the necessary adjusting entries at December 31, 2018, for Wolverine Company. You do not need to record transactions made during the year. Assume that no financial statements were prepared during the year and no adjusting entries were recorded.

The City of Troy collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upon collection of property taxes. On April 1, the city estimated that it will require $2,500,000 to finance governmental activities for the remainder of the fiscal year. On that date, it had $770,000 of cash on hand and $830,000 of current liabilities. Collections for the remainder of the year from revenues other than current property taxes and from delinquent property taxes, including interest and penalties, were estimated at $1,100,000.
Required:
a. Calculate the estimated amount of tax anticipation financing that will be required for the remainder of the current fiscal year.
b. Assume that on April 2, the City of Troy borrowed the amount calculated in part a by signing tax anticipation notes bearing 6 percent per annum to a local bank. Record the issuance of the tax anticipation notes in the general journals of the General Fund and governmental activities at the government-wide level.
c. By October 1, the city had collected a sufficient amount of current property taxes to repay the tax anticipation notes with interest. Prepare the general journals of the General Fund and governmental activities at the government-wide level.

You decide that you're going to send Carolyn an email to reinforce what you are expecting her to do with respect to the missing package.

The next dividend payment by Hillside Markets will be $2.6 per share. The dividends are anticipated to maintain a 10 percent growth rate forever. The stock currently sells for $65 per share. What is the dividend yield?

The powers of Congress in relation to the money supply

JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1786,995; selling and administrative expenses $585.900; unrealized holding loss on available for sale securities (considered other comprehensive income) $22,000; a positive foreign currency translation adjustment $26,250 (considered other comprehensive income), and an unrealized loss from pension adjustment considered other comprehensive income) $7.000. JDW's tax rate was 21%. Ignore income taxes related to amounts in other comprehensive income. Required: Prepare a multiple-step income statement and a statement of comprehensive income using the two-statement format. Ignore earnings per share.

In the following independent case, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) deductible neither for nor from AGI before considering income limitations or the standard deduction. (Leave no answer blank. Enter zero if applicable.)

Required:
Fran spent $114 for uniforms for use on her job. Her employer reimbursed her for $58 of this amount under an accountable plan (and did not report the reimbursement as wages).

Societal marketing concept in satisfying the consumers needs.