Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2017, for $322,000 in cash. The book value of Kinman net assets on that date was $665,000, although one of the company's buildings, with a $70,800 carrying amount, was actually worth $114,300. This building had a 10-year remaining life. Kinman owned a royalty agreement with a 20-year remaining life that was undervalued by $96,500. Kinman sold inventory with an original cost of $44,100 to Harper during 2017 at a price of $63,000. Harper still held $27,600 (transfer price) of this amount in inventory as of December 31, 2017. These goods are to be sold to outside parties during 2018. Kinman reported a $55,800 net loss and a $26,400 other comprehensive loss for 2017. The company still manages to declare and pay a $12,000 cash dividend during the year. During 2018, Kinman reported a $48,200 net income and declared and paid a cash dividend of $14,000. It made additional inventory sales of $104,000 to Harper during the period. The original cost of the merchandise was $65,000. All but 30 percent of this inventory had been resold to outside parties by the end of the 2018 fiscal year. Prepare all journal entries for Harper for 2017 and 2018 in connection with this investment. Assume that the equity method is applied.

Answers

Answer 1

Answer:

Please find attached.

Explanation:

Please find attached the journal entries per the attached question

Harper, Inc. Acquires 40 Percent Of The Outstanding Voting Stock Of Kinman Company On January 1, 2017,
Harper, Inc. Acquires 40 Percent Of The Outstanding Voting Stock Of Kinman Company On January 1, 2017,
Harper, Inc. Acquires 40 Percent Of The Outstanding Voting Stock Of Kinman Company On January 1, 2017,
Harper, Inc. Acquires 40 Percent Of The Outstanding Voting Stock Of Kinman Company On January 1, 2017,

Related Questions

Forest Components makes aircraft parts. The following transactions occurred in July.

1. Purchased $119,000 of materials on account.
2. Issued $117,600 in direct materials to the production department.
3. Issued $8,400 of supplies from the materials inventory.
4. Direct labor employees earned $217,000, which was paid in cash.
5. Purchased miscellaneous items for the manufacturing plant for $120,400 on account.
6. Recognized depreciation on manufacturing plant of $245,000.
7. Applied manufacturing overhead for the month.
8. Job X that cost $533,000 was completed.
9. Some units in Job X, that cost $521,500, were sold for $800,000 cash.
10. After all of the previous transactions posted, the Manufacturing overhead control account shows a debit balance of $373,800, and the Applied manufacturing overhead account shows a credit balance of $201,800. The over- or under-applied overhead was closed to Cost of goods sold. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $3,000,000. Estimated overhead for the year was $2,790,000.

Required:
a. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
b. Prepare journal entries to record these transactions.

Answers

Answer and Explanation:

Answer and explanation attached

Beginning raw materials = ending raw materials +raw materials for production+issued raw materials- raw materials purchased -raw materials returned from production= $79800

Cost of goods manufactured =ending finished goods+cost of goods sold -beginning finished goods= $553000

Beginning work in progress inventory=

Ending work in progress + cost of goods manufactured + materials returned - manufacturing overhead applied- issued raw materials-direct labour wages =$105490

Professionalism is a skill necessary for......

Answers

Professional skills are career competencies that often are not taught (or acquired) as part of the coursework required to earn your masters or PhD.

Answer:

Professional skills such as leadership, mentoring, project management, and conflict resolution are value-added skills essential to any career.

The manager of a computer help center needs to determine a shift schedule for
his sta . The center is open from 8am until midnight (12am), and is divided into four shifts. The number of employees needed on each shift is as follows: 4 on the rst shift (8am-12pm), 10 on the second shift (12pm-4pm), 8 on the third shift (4pm-8pm), and 6 on the last shift (8pm-12am). Two types of employees can be hired to sta the computer center: full-time employees and part-time employees. Full-time employees must be hired for two consecutive shifts, and can be hired to start in the rst, second or third shift. Part-time employees are hired for a single shift. Full-time employees are paid $14 an hour, while part-time employees are paid $12 an hour. Lastly, during each of the shifts, there must be at least two full-time employees sta ed for every part-time employee.
Formulate a linear programming model to satisfy the stang requirements at minimum cost.

Answers

Explanation:

we have to define certain variables in ordet for us to formulate the linear programming model

[tex]aj =[/tex] the number of full time staff hired at time j

[tex]bj=[/tex] number of full time staff hired at time j

1 full time emploer 8hrs x 14$

= 112 dollars

1 part time worker = 4hrs x $12

= 48 dollars

we set up the model as:

[tex]minimize 112(a_{1} +a_{2} +a_{3} )+48(b_{1} +b_{2} +b_{3})[/tex]

[tex]a_{1} + b_{1} = 4[/tex]

[tex]a_{1} +a_{2} +b_{2} = 10[/tex]

[tex]a_{2} +a_{3} +b_{3} =8[/tex]

[tex]a_{3} +b_{4} =6[/tex]

[tex]a_{1} >2b_{1}[/tex]

[tex]a_{1} +a_{2} \geq 2b_{2}[/tex]

[tex]a_{2} +a_{3} \geq 2b_{3}[/tex]

[tex]a_{3} \geq 2b_{4}[/tex]

[tex]a_{j} ,b_{j} \geq 0[/tex]

∀j

Assume these events happened to Bakko, Inc. in Year 4. Bakko uses December 31 for the annual reporting period. At the beginning of Year4, Bakko owns 12 donut stores and 30 gas stations. Each of the 42 businesses is a separate business component. Bakko sells 2 donut stores in Year4 on October 1. The disposition is not considered to be a strategic shift. Bakko sells 6 gas stations in urban areas on May 1. The disposition is considered to be a strategic shift.
Match each of the following descriptions to where it would most likely be reported on Bakko's corporate income statement for Year 4.
1. Gain of $12,000 on sale of some equipment from one of the gas stations that Bakko still owns at 12/31/Year 4.
2. Bakko receives $5,000 for a fuel contract that will begin in Year 5.
3. Bakko has $100,000 gain on the sale of the gas stations on May 1, Year 4.
4. Operating results through April 30,Year 4 for the gas stations that were sold.
5. Bakko has a $20,000 loss on the sale of the donut stores on October 1.
A. Part of income from continuing operations.
B. As a discontinued operation.
C. Not part of net income for Year 4.

Answers

Answer:

1. Gain of $12,000 on sale of some equipment from one of the gas stations that Bakko still owns at 12/31/Year 4.  - Part of income from continuing operations.

The gas station is still owned by Bakko so the gain received will form part of income from continuing operation.

2. Bakko receives $5,000 for a fuel contract that will begin in Year 5.  - Not part of net income for Year 4

As per the Revenue Recognition principle of Accounting, revenue is only to be recorded when earned which means that this revenue will be in the Year 5 income.

3. Bakko has $100,000 gain on the sale of the gas stations on May 1, Year 4.  - As a discontinued operation.

The gas station has been sold and so is a discontinued operation.

4. Operating results through April 30,Year 4 for the gas stations that were sold.  - As a discontinued operation.

The gas station has been sold and so is a discontinued operation. Will be reported in the Income statement as such.

5. Bakko has a $20,000 loss on the sale of the donut stores on October 1. - As a discontinued operation.

The donut store was sold and is no longer a part of Bakko so is a discontinued operation.

Compute Net Operating Assets Selected balance sheet and income statement information for Home Depot follows.
$ millions Jan. 31, 2016 Feb. 01, 2015
Operating assets $40,583 $38,473
Nonoperating assets 2,241 1,748
Total assets 42,824 40,221
Operating liabilities 15,018 13,527
Nonoperating liabilities 21,340 17,222
Total liabilities 36,358 30,749
Sales 88,944
Net operating profit before tax (NOPBT) 12,024
Nonoperting expense before tax 778
Tax expense 4,208
Net income 7,038
Compute net operating assets for the years ended January 31, 2016 and February 1, 2015.
2016 NOA $Answer
2015 NOA $Answer 0

Answers

Answe

4

English

4

Social Studies

1

Geography

1

World Languages

1

Spanish

1

Show More

My challenges

Answer 5 questions from any subject in 48 hours to collect 50 points

3/5

1d : 23h

Challenges to complete

Answer 10 questions from any subject in 48 hours to collect 100 points

0/10

2d : 00h

START

You may attempt only one challenge at a time.

Answer 25 questions from any subject in 48 hours to collect 400 points

0/25

2d : 00h

START

You may attempt only one challenge at a time.

Answer 5 English questions in 48 hours to collect 50 points

0/5

2d : 00h

START

You may attempt only one challenge at a time.

Answer 10 English questions in 48 hours to collect 100 points

0/10

2d : 00h

START

You may attempt only one challenge at a time.

Answer 25 English questions in 48 hours to collect 400 points

0/25

2d : 00h

START

You may attempt only one challenge at a time.

Answer 5 Mathematics questions in 48 hours to collect 50 points

0/5

2d : 00h

START

You may attempt only one challenge at a time.

Answer 10 Mathematics questions in 48 hours to collect 100 points

0/10

2d : 00h

START

You may attempt only one challenge at a time.

Answer 25 Mathematics questions in 48 hours to collect 400 points

0/25

2d : 00h

START

You may attempt only one challenge at a time.

Answer 5 Social Studies questions in 48 hours to collect 50 points

0/5

2d : 00h

START

You may attempt only one challenge at a time.

Answer 10 Social Studies questions in 48 hours to collect 100 points

0/10

2d : 00h

START

You may attempt only one challenge at a time.

Answer 25 Social Studies questions in 48 hours to collect 400 points

0/25

2d : 00h

START

You may attempt only one challenge at a time.

Answer 5 History questions in 48 hours to collect 50 points

0/5

2d : 00h

START

You may attempt only one challenge at a time.

Answer 10 History questions in 48 hours to collect 100 points

0/10

2d : 00h

START

You may attempt only one challenge at a time.

Answer 25 History questions in 48 hours to collect 400 points

0/25

2d : 00h

START

You may attempt only one challenge at a time.

WE'RE IN THE KNOW

This site is using cookies under cookie policy. You can specify conditions of storing and accessing cookies in your browser

Company

About us

Blog

Careers

Terms of Use

Copyright Policy

Privacy Policy

Cookie Policy

Cookie Preferences

Community

Brainly Community

Brainly for Schools & Teachers

Brainly for Parents

Brainly Scholarship Program

Honor Code

Community Guidelines

Community Insights

Become a Volunteer

Help

Signup

Help Center

Safety Center

Responsible Disclosure Agreement

Contact Us

Get the Brainly App

Download iOS App

Download Android App

How to add a great answer

ADD YOUR ANSWER

Question

Compute Net Operating Assets Selected balance sheet and income statement information for Home Depot follows.

$ millions Jan. 31, 2016 Feb. 01, 2015

Operating assets $40,583 $38,473

Nonoperating assets 2ating liabilities 15,018 1erating liabilities 21,340 17,222

Total liabilities 36,358 30,749

Sales 88,944

Net operating profit before tax (NOPBT) 12,024

Nonoperting expense before tax 778

Tax expense 4,208

Net income 7,038

Compute net operating assets for the years ended January 31, 2016 and February 1, 2015.

2016 NOA $Answer

2015 NO

Microsoft develops, produces, and markets a wide range of computer software, including the Windows operating system. On its recent financial statements, Microsoft reported the following information about net sales revenue and accounts receivable (amounts in millions).

Current Year Prior Year
Accounts receivable, net of allowances of $405 and $426 $19,792 $18,277
Net sales revenue 89,950 85,320


According to its Form 10-K, Microsoft recorded bad debt expense of $14 and there were no bad debt recoveries during the current year.

Required:
What amount of bad debts was written off during the current year?

Answers

Answer:

$106 million

Explanation:

                               allowance for doubtful accounts

                               debit             credit

beg. balance                                   426

bad debt                                           85        

ending balance       405                        

                                                        106

Since you need $106 million to balance the account, that should be the amount of bad debt written off during the current year. Allowance for doubtful accounts is a contra asset account, any debit balance increases accounts receivable while a credit balance decreases it.

What designation would you hold if you have the most common designation in the accounting field, which is also considered the backbone of the accounting function?

Answers

The certification of Public accountant will be held by an employee if he/she has most common designation in the accounting field.

What is a certification of Public accountant?

This license are issued to accounting professionals that have an extensive education and has pass a rigorous four-part exam and meet experience.

Hence, the license will be by an employee if he/she has most common designation in the accounting field.

Read more about certification

brainly.com/question/24931496

#SPJ1

Prepare the journal entries to record the following transactions on Sunland Company's books using a perpetual inventory system.

a. On March 2, Splish Brothers Company sold $885,600 of merchandise to Sunland Company on account, terms 2/10, n/30. The cost of the merchandise sold was $519,500.
b. On March 6, Sunland Company returned $110,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,000.
c. On March 12, Splish Brothers Company received the balance due from Sunland Company.

Answers

Answer:

a. March 2, 202x, merchandise purchased on account from Splish Brothers, credit terms 2/10, n/30

Dr Merchandise inventory 885,600

    Cr Accounts payable 885,600

b. March 6, 202x, defective/wrong merchandise returned to Splish Brothers

Dr Accounts payable 110,200

    Cr Merchandise inventory 110,200

c. March 12, 202x, paid invoice to Splish Brothers within discount term

Dr Accounts payable 775,400

    Cr Cash 759,892

    Cr Purchase discounts 15,508

purchase discount = purchase balance x 2% = $775,400 x 2% = $15,508

Chicago's Hard Rock Hotel distributes a mean of 1,000 bath towels per day to guests at the pool and in their rooms. This demand is normally distributed with a standard deviation of 100 towels per day, based on occupancy. The laundry firm that has the linens contract requires a 2-day lead time. The hotel expects a 98% service level to satisfy high guest expectations.


Required:
a. What is the reorder​ point?
b. What is the safety stock?
c. What is the ROP?

Answers

Answer:

1. Reorder point = 2,290 towels

2. Safety shock = 290 towels

Explanation:

1. Reorder Point

ROP = (Average daily demand * Lead time in days) + Z*б(dlt)

Z= No of SD depending on the service level of 98%

б(dlt) = SD in demand during the lead time

We derive б(dlt) given the SD in demand б(d) = 100 towels/day using the formula

б(dlt) = б(d) *[tex]\sqrt{ Lead time}[/tex] .................(2)

Where the lead time = 2 days

Substitute in equation 2, the value of б(d) = 100 towels/day and Lead time = 2 days to obtain

б(dlt) = 100 * [tex]\sqrt{2}[/tex]

б(dlt) = 100 * 1.4142

б(dlt) = 141.42 towels

Substitute in equation (1), Z = 2.05 for a service level of 98%

Average daily demand = 1,000 towels, Lead time = 2 days, б(dlt) = 141.42 towels to obtain

ROP = (1,000 * 2) + 2.05*141.42

ROP = 2,290 towels

b. Safety shock  

The safety shock = Z * б(dlt)

Substitute the value of Z = 2.05 and б(dlt) = 141.42 towels to obtain

The safety shock = 2.05 * 141.42

The safety shock = 290 towels

Lewis Bros. currently has outstanding debt but has decided to issue additional debt for expansion purposes. The pretax cost of the new debt is best estimated at the ________ of the currently outstanding debt.

Answers

Answer: b. current yield to maturity

Explanation:

Interest rates charged on debt are primarily based on the risk of the borrower being able to pay back the debt. The higher the risk, the higher the interest rate charged.

The risk of not paying (default) back the debt is higher when the borrower already has existing debt. This is why in such instances, the interest on the new debt will be based on the yield to maturity (interest rate) of the existing debt so that the risk of default is adequately accounted for.

Causwell Company began 2018 with 27,000 units of inventory on hand. The cost of each unit was $5.00. During 2018 an additional 45,000 units were purchased at a single unit cost, and 37,000 units remained on hand at the end of 2018 (35,000 units, therefore, were sold during 2018). Causwell uses a periodic inventory system. Cost of goods sold for 2018, applying the average cost method, is $192.500. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.Required:1. Determine the cost of goods sold for 2018 using the FIFO method.2. Determine the cost of goods sold for 2018 using the LIFO method.

Answers

Answer:

Causwell Company

                                         FIFO        LIFO

Cost of goods sold    $181,400   $203,000

Explanation:

Data and Calculations:   Units   Unit Cost  Weighted      FIFO       LIFO

Beginning Inventory =   27,000    $5        $135,000    $135,000   $135,000

Purchases of inventory 45,000    $5.8     $261,000   $261,000   $261,000

Goods available             72,000                $396,000  $396,000  $396,000  

Ending Inventory          (37,000)   $5.5    $203,500   $214,600    $193,000

Inventory Sold               35,000    $5.5     $192,500    $181,400  $203,000

Unit cost = $5.00

Computation of the Value of beginning inventory = $135,000 (27,000 x $5)

From the value of Inventory Sold (Cost of goods sold), determine the unit cost.  This is applied to the ending inventory units, to ascertain its value.  This value is added to the cost of goods sold, to determine the cost of goods available for sale, which is made up of the beginning inventory and purchases.  From the Cost of Goods Available for Sale subtract the beginning inventory, to obtain the purchases in amount.  Divide the value by units and you obtain the unit cost.

Belden, Inc. acquires 30 percent of the outstanding voting shares of Sheffield, Inc. on January 1, 2017, for $320,000, which gives Belden the ability to significantly influence Sheffield. Sheffield has a net book value of $828,000 at January 1, 2017. Sheffield's asset and liability accounts showed carrying amounts considered equal to fair values except for a copyright whose value accounted for Belden's excess cost over book value in its 30 percent purchase. The copyright had a remaining life of 16 years at January 1, 2017. No goodwill resulted from Belden's share purchase.

Sheffield reported net income of $180,000 in 2017 and S230,000 of net income during 2018. Dividends of $70,000 and $80,000 are declared and paid in 2017 and 2018, respectively. Belden uses the equity method.

a. On its 2018 comparative income statements, how much income would Belden report for 2017 and 2018 in connection with the company's investment in Sheffield?
b. If Belden sells its entire investment in Sheffield on January 1, 2019, for S400,000 cash, what is the impact on Belden's income?
c. Assume that Belden sells inventory to Sheffield during 2017 and 2018 as follows:


Year Cost to Belden Price to Sheffield Year-End Balance (at Transfer Price)
2017 $29,700 $54,000 $18,000 (sold in following year)
2018 29,500 59,000 40,000 (sold in following year)


d. What amount of equity income should Belden recognize for the year 2018?

Answers

Answer:

Please answers below

Explanation:

1. a Equity income in 2017 = $49,525

b. Equity income in 2018 = $64,525

2. Gain on sale of investment = $10,950

3. Equity income in 2018 = $60,955

Kindly find attached breakdown of the answers above.

A company issued 800 shares of $4 par value preferred stock for $5 per share. What is true about the journal entry to record the issuance

Answers

Answer:

This question is incomplete. I tried looking for the full question but i could not find it.

However, I have provided the notes below to help you with important principles on the issuance of Par Value stated Preference Stock.

Notes :

It is important to remember that any amount paid in excess of par value when it comes to par value stated stocks is accounted for in a stock premium reserve.

Journal Entry to record issuance of preferred stock  is :

Cash $4,000 (debit)

Preference Stock $3,200 (credit)

Paid In Excess of Par  $800 (credit)

Thus, of the $5 , 1$ was paid in excess and the total to go in the reserve is $800.

Amazon.com, Inc., headquartered in Seattle, WA, started its electronic commerce business in 1995 and expanded rapidly. The following transactions occurred during a recent year (dollars in millions):
Issued stock for $6 cash.
Purchased equipment costing $6,320, paying $4,893 in cash and charging the rest on account.
Paid $513 in principal and $91 in interest expense on long-term debt.
Earned $88,988 in sales revenue; collected $87,949 in cash with the customers owing the rest on account.
Incurred $10,766 in shipping expenses, all on credit.
Paid $28,241 cash on accounts owed to suppliers.
Incurred $4,332 in marketing expenses; paid cash.
Collected $620 in cash from customers paying on account.
Borrowed $6,359 in cash as long-term debt.
Used inventory costing $62,752 when sold to customers. Paid $177 in income tax recorded as an expense in the prior year.
For each of the transactions, indicate the effects (positive value for increase, negative value for decrease, and leave blank if no effect) on Income Statement and Balance Sheet.

Answers

Answer:

Please see below

Explanation:

1. Issue stock for $6 cash.

•Assets increase by $6

•Stockholder's equity increase by $6

2. Purchase equipment costing $6,320, paying $4,893 in cash and charging the rest on account

•Asset will increase by $6,320 (equipment)

•Assets decrease by $4,893 (cash)

•Hence net assets increase by $1,427

•Liabilities increase by $1,427 I.e The amount that was paid on account.

3. Paid $513 in principal and $91 in interest expense on long term debt

•Liabilities decrease by $604

4. Earned $88,988 in sales revenue;

Collected $87,949 in cash with the customers owing the rest on account

• Revenue increase by $88,988

• Assets increase by $87,949

5. Incurred $10,766 in shipping expenses, all on credit

• Expenses increases by $10,766

• Liabilities increases by $10,766

6. Paid $28,241 cash on accounts owned to suppliers

• Assets decrease by $28,241

• Liabilities decrease by $28,241

7. Incurred $4,332 in marketing expenses; paid cash

• Expenses increase by $4,332

• Assets decrease by $4,332

8. Collected $620 in cash from customers paying on account.

• Assets increase by $620

9. Borrowed $6,359 in cash as long term debt

• Assets increase by $6,359

• Liabilities increase by $6,359

10. Used inventory costing $62,752 when sold to customers

• Assets decrease by $62,752

11. Paid $177 in once tax recorded as an expense in the prior year

• liabilities decrease by $177

Businesses in the United States are governed by laws that provide rights to all citizens regardless of their race, color, religion, gender, or country of origin. The U.S. Constitution established three branches of government to ensure that no one group or individual could control all the power. The three branches—legislative, executive, and judicial—act as a system of checks and balances. The goal of this activity is to determine which branch of government regulates each human resource management issue. The three branches of government in the United States influence human resource management (HRM) practices such as recruitment, selection, compensation, and performance management. This activity is important because Individuals need to be aware of the legal system and legislation governing HRM practices in the workplace.

Match the brach of the Fedral goverment with the followings.

a. Retirement
b. Best Buy
c. Labor Relations
d. Affirmative Action
e. Ford
f. Education
g. Oil Pipeline
h. Starbucks
i. Equal Employment

1. Judicial Branch
2. Executive Branch
3. Legislative Branch

Answers

Answer:

Executive Branch: Affirmative Action, Oil Pipeline, Equal Employment

Judicial Branch: Labor Relations, Best Buy, Starbucks

Legislative Branch: Ford, Education, Retirement

A company understated its ending inventory balance by $4,000 in 2021. What impact will this error have on cost of goods sold and gross profit in 2021 and 2022?

Answers

Answer:

Cost of goods sold will be overstated by $4,000 in 2021.

Gross profit will be understated by $4,000 in 2022.

Explanation:

If ending inventory is underestimated, then the cost of goods sold would increase by same amount of underestimated inventory I.e $4,000.

However, since cost of goods would increase by $4,000 in 2021, the gross profit will be underestimated by $4,000 in 2022. This is because the overstatement of cost goods sold have eroded the extra profit that should have been added to the gross profit.

An investor can design a risky portfolio based on two stocks, A and B. Stock A has an expected return of 21% and a standard deviation of return of 39%. Stock B has an expected return of 14% and a standard deviation of return of 20%. The correlation coefficient between the returns of A and B is 0.4. The risk-free rate of return is 5%. The standard deviation of the returns on the optimal risky portfolio is :_______

a. 25.5%
b. 22.3%
c. 21.4%
d. 20.7%

Answers

Answer:

Option c (21.4%) is the right approach.

Explanation:

As we know.

wA and wB = weights of the securities    SDA and SDB = standard deviations     Cor(A,B) = correlation coefficient.

On applying the formula:

⇒  [tex]SD \ Portfolio = [wA^2\times SDA^2+wB^2\times SDB^2+2\times wA\times wB\times SDA\times SDB\times Cor(A,B)]^{0.5}[/tex]

On substituting the values, we get

⇒  [tex](0.29^2\times 39^2+0.71^2\times 20^2+2\times 0.29\times 0.71\times 39\times 20\times 0.4)^{0.5}[/tex]

⇒  [tex]21.40 \ Percent[/tex] (%)

The City of Breukelen maintains a rapid transit system, which is accounted for in a proprietary fund called Breukelen RTS. Based on the following excerpt from the trial balance, prepare a statement of revenues, expenses, and changes in net position for the Breukelen RTS for the year ended December 31, 2019, using the appropriate format.
Revenues from fares $3,150,000
Train operating expenses 2,430,000
Track and train maintenance expenses 565,000
Depreciation 325,000
Investment income 50,000
Interest expense on long-term debt 320,000
Cash subsidy from the City of Breukelen 500,000
Net position, January 1, 2019 7,430,000

Answers

Answer:

                               The City of Breukelen

                                     Breukelen RTS

      Statement of revenues, expenses, and changes in net position

                    For the year ended December 31, 2019

Particulars                                           Amount$         Amount$

Revenues

Operating Revenue                                                    3,150,000

Operating Expenses

Train operating expenses                     2,430,000

Track and maintenance expenses        565,000

Depreciation expenses                          325,000

Total operating expenses                                          3,320,000

Operating loss                                                             (170,000)

Non-Operating revenue (Expenses)

Investment income                                   50,000

Interest expenses                                     320,000

Total Non-operating (expenses)                                 (270,000)

Loss before transfer                                                     (440,000)

Transfer from City of B                                                  500,000

Change in net assets                                                     60,000

Total net position (beginning)                                       7,430,000

Total net position (ending)                                           7,490,000

helpp please 10 points!

2. What are Internal and external factors.

Answers

Hope that helps! If you look it up it's all online!

A company had the following assets and liabilities at the beginning and end of this year.
Assets Liabilities
Beginning of the year $ 109,500 $ 46,943
End of the year 169,000 68,445
a. Owner made no investments in the business, and no dividends were paid during the year.
b. Owner made no investments in the business, but dividends were $1,450 cash per month.
c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock.
d. Dividends were $1,450 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock.
Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases:
(Decreases in equity should be indicated with a minus sign.)
a. b. c. d.
Beginning of the year

Answers

Answer: Check attachment

Explanation:

Note that the beginning of the year equity was calculated as:

= 109500 - 46943

= 62557

Ending of the year equity was calculated as:

= 169000 - 68445

= 100555

Check attachment for further analysis

Self-disclosure is considered a major theme of interpersonal relations because

Answers

It is important for the other person to get an idea of who you are, and opening yourself up to other people can allow the person to get an idea of how you will react to certain situations. it can allow people to be more honest and comfortable around you, and it can help them see if they have similar interests as you/if you would be compatible together.

5. Problems and Applications Q5 In the 1990s and the first two decades of the 2000s, investors from the Asian economies of Japan and China made significant direct and portfolio investments in the United States. At the time, many Americans were unhappy that this investment was occurring. True or False: It was better for the United States not to receive this foreign investment because it shrank the capital stock. True False True or False: It's best for Americans that China and Japan, rather than Americans themselves, made the investment, so that Americans can have more to spend on consumption. True False

Answers

Answer:

False False

Explanation:

The investment from China and Japan would have increased the capital stock because it would mean that there was more cash for investment products in the United States. It would be false therefore to say that the investments shrank capital stock.

On the other hand, it would have been best that Americans and not the Chinese or the Japanese made the investments because when investments yield returns, those returns are sent to the investors which in this case are in Japan and China which means that more money will be flowing out the United States.

a. If you will be making equal deposits into a retirement account for 20 years (with each payment at the end of the year), how much must you deposit each year if the account earns 8% compounded annually and you wish the account to grow to $5,000,000 after 40 years (in time 40)?
b. How does your answer to part (a) change if the account pays interest compounded monthly at an annual rate of 8%?

Answers

Answer:

A) we can use the future value of an annuity formula:

future value = annual contribution x FV annuity factor

future value = $5,000,000FV annuity factor, 8%, 40 periods = 259.05652

annual contribution = $5,000,000 / 259.05652 = $19,300.81

B) we need to calculate the effective annual interest rate:

= (1 + 0.08/12)¹² - 1 = 8.3%

future value = annual contribution x FV annuity factor

future value = $5,000,000FV annuity factor, 8.3%, 40 periods = 280.40756

annual contribution = $5,000,000 / 280.40756 = $17,831.19

your annual contribution will decrease by $1,469.62

Business-process outsourcing (BPO) is a type of outsourcing that consists of contracting operations and responsibilities of a specific business process (e.g.,human resources) to a third party service provider. Such outsourcing generally began with manufacturing firms outsourcing your supply chain but has grown into a much wider range of process, including marketing, finance, sales, and accounting. According to a recent Frobes articles, the revenue of the globe outsourced services Industry rose from 45 billion in 2000 to nearly 100,000,000,000 in 2012. Competition among firms in that BPO market is strong. Companies based in the United States include HP enterprise services, affiliated come to Peterson services, an automated data processing (ADP). A number of Indian companies, however, also provide worldwide BPO services, such as Infosys, Wipro, and Genpact. An article in business wk. suggested that BPL can save and users anywhere from 15 to 85%. International BPO service providers are particularly attractive says offshore labor I first an additional 25 to 30% cost savings. Furthermore, approximately 25% of the cost savings result from BPO firms proprietary products. The remaining 10% to 30% in cost reduction accrues from consolidated operations. Suppose you are the manager of a U.S.-based company and must decide whether to outsource your human resources department. Based on the above information and your study, please outline arguments supporting and opposing a decision to outsource this function of your business. Please explain from a purely business standpoint, any issues that might arise from contracting with an international-based versus U.S.-based BPO service firm? Explain.

Answers

Answer and Explanation:

A good number of problems usually arise with outsourcing from outside the country.

1. Different laws and regulations: this is one if not the greatest impediments to outsourcing staff for a business. The legal and tax implications of outsourcing to a different country creates the need to make sure business processes align with the legal frameworks or laws in these regions.

2. Language barriers: this aspect considers the challenges of communication when utilizing BPO services. There is the need for clear communication using US English from the example. Example outsourcing to an Asian country where English is somewhat a rarity.

3. There is also the need for increased data protection, privacy and security measures as there is more exposure to data breaches with this form of outsourcing.

4. However overall outsourcing makes available cheaper labour as well as more competent hands as is this case with US and China

The prepaid insurance account shows a debit of $6,336, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2.
On November 1. Rent Revenue was credited for $1,809, representing revenue
from a subrental for a 3-month period beginning on that date.
3. Purchase of advertising materials for $767 during the year was
recorded in the Advertising Expense account.
On December 31. Advertising materials of $277 are on hand.
4. Interest of $714 has accrued on notes payable. The interest will
be paid in January of the next year.
Instructions:
Prepare the following in general journal form.
A) The adjusting entry for each item.
B) The reversing entry for each item where appropriate.

Answers

Answer and Explanation:

The Journal entries are shown below:-

1. Insurance Expense Dr, $1,320 ($6,336 ÷ 24 × 5)

        To Prepaid Insurance $1,320

(Being insurance expense is recorded)

No Reversing Entry required

2. Rental Revenue $603 ($1,809 ÷ 3)

           To Deferred Rental Revenue $603

(Being rental revenue  is recorded)

Reversing entry in the next year will be:

Deferred Rental Revenue Dr, $603

      To Rental Revenue $603

(Being deferred rental revenue is recorded)

3. Advertising Materials Inventory Dr, $277

            To Advertising Expense $277

(Being advertising material inventory is recorded)

The reversing entry would be:

Advertising Expense Dr, $277

           To Advertising Materials Inventory $277

(Being advertising expense is recorded)

4. Interest Receivable Dr, $714

           To Interest Income $714

(Being interest receivable is recorded)

Interest income Dr, $714

         To Interest receivable $714

(Being interest income is recorded)

Hokies uses the following accounts:

Accounts Payable
Equipment
Supplies
Rent Expense
Notes Payable
Salaries
Expense
Accounts
Receivable
Utilities
Expense
Service
Revenue
Retained

Required:
Indicate which accounts should be debited and which should be credited for the following transactions of Hokies companies.

1. Pay a cash dividend.
2. Pay rent in advance for the next three months.
3. Provide services to customers on account.
4. Purchase office supplies on account.
5. Pay salaries for the current month.
6. Issue common stock in exchange for cash.
7. Collect cash from customers for services provided in (3) above.
8. Borrow cash from the bank and sign a note.
9. Pay for the current month's utilities.
10. Pay for office supplies purchased in (4) above.

Answers

Answer:

    Transaction                                 Account Debited  Account Credited

1. Pay a cash dividend.                          Dividends                     Cash

2. Pay rent in advance for the next     Prepaid Rent                 Cash

    three months.

3. Provide services to customers   Accounts Receivables Service revenue

   on account.

4. Purchase office supplies on            Supplies             Accounts receivables

   account.

5. Pay salaries for the current              Salaries            Account Payables

   month.

6. Issue common stock in                      Cash                 Common stock

   exchange for cash.

7. Collect cash from customers for        Cash               Account Receivables  

   services provided in (3) above.

8. Borrow cash from the bank               Cash                 Notes payable

   and sign a note.

9. Pay for the current month's utilities. Utilities              Cash

10. Pay for office supplies purchased     Account payables     Cash

in (4) above.

The following terms relate to the fundamental qualities of useful information. Match the key letter of the correct term with the descriptive statement below. a. Confirmatory value b. Faithful representation c. Neutral d. Timely e. Predictive value f. Verifiable g. Relevant 1. Providing information that is not biased toward one position or another. select a letter 2. Providing information before it loses its capacity to influence decisions. select a letter 3. Providing information that is proven to be free from error. select a letter 4. Providing information that would make a difference in a business decision. select a letter 5. Provide information that accurately depicts what really happened. select a letter 6. Providing information that confirms or corrects prior decisions.

Answers

Answer:

1. Providing information that is not biased toward one position or another.

c. Neutral

As an accountant, you cannot prepare, record or select information in order to favor someone's personal interests.

2. Providing information before it loses its capacity to influence decisions.

d. Timely

Information must be available when it can influence future decisions. E.g. having a 2010 cost report today is useless if you are preparing next year's  budget.

3. Providing information that is proven to be free from error.

b. Faithful representation

Faithful representation means that information must be accurate, complete, neutral, and free from errors.

4. Providing information that would make a difference in a business decision.

g. Relevant

Relevant information should be material and be either predictive or confirmatory.

5. Provide information that accurately depicts what really happened.

b. Faithful representation

Faithful representation means that information must be accurate, complete, neutral, and free from errors.

6. Providing information that confirms or corrects prior decisions.

a. Confirmatory value

It can be used to check, confirm or correct prior reports or evaluations.

The Johnson Materials Inc. has an EBIT of $3,500,000. Its Times Interest Earned (TIE) ratio is 5, Profit Margin is 16% and the tax rate is 35%. Costs of Goods Sold (COGS) is $6 million. Develop an income statement by filling in the blanks in the following table:


Sales = _________
COGS = 6000000
EBITDA =
Depreciation & amortization=
EBIT= 3500000
Interest Expense =
EBT =
Tax =
Net Income =

Answers

Answer and Explanation:

The computation of missing amounts is shown below:-

As we know that

Times Interest Earned Ratio = EBIT ÷ Interest Expense

So it can be write as

Interest Expense = EBIT ÷ Times Interest Earned Ratio

= $3,500,000 ÷ 5

= $700,000

Now  

EBT is

= EBIT - Interest Expense

= $3,500,000 - $700,000

= $2,800,000

Now

Tax = 35% of EBT

= 0.35 × $2,800,000

= $980,000

After that

Net Income is

= Earning Before Tax - Tax

= $2,800,000 - 980,000

= $1,820,000

Also,

Profit Margin = Net Income ÷ Sales

So it can be written as

Sales = Net Income ÷ Profit Margin

= $1,820,000 ÷ 16%

= $11,375,000

And,  

EBITDA = Sales - Cost of Goods Sold

= $11,375,000 - $6,000,000

= $5,375,000

Now

EBIT = EBITDA - Depreciation & Amortization

So, it can be written as

Depreciation & Amortization = EBITDA - EBIT

= $5,375,000 - $3,500,000

= $1,875,000

Tootsie Roll Industries is engaged in the manufacture and sale of candy. Major products include Tootsie Roll, Tootsie Roll Pops, Tootsie Pop Drops, Tootsie Flavor Rolls, Charms, and Blow-Pop lollipops. The following items were listed on Tootsie Roll's recent income statement and balance sheet. Mark each item from the balance sheet as an asset (A), liability (L), or shareholders' equity (SE) and each item from the income statement as a revenue (R) or expense (E).

a. Notes payable to banks
b. General and administrative
c. Accounts payable
d. Dividends payable
e. Retained earnings
f. Cash and cash equivalents
g. Accounts receivable
h. Provision for income taxes[1]
i. Cost of goods sold

Answers

Answer:

Matching the financial statement items to financial statement categories:

Financial Statement Items                          Financial statement

a. Notes payable to banks                             Liability (L)

b. General and administrative                       Expense (E)

c. Accounts payable                                       Liability (L)

d. Dividends payable                                      Liability (L)

e. Retained earnings                                       Shareholders' equity (SE

f. Cash and cash equivalents                        Asset (A)

g. Accounts receivable                                  Asset (A)

h. Provision for income taxes[1]                     Expense (E)

i. Cost of goods sold                                     Expense (E)

SNC has its own, modest internet-based business. However, the company has been approached by Golden Years Nutraceuticals, a much larger online distributor of third-party brands with connections to a national healthcare website endorsed by a leading senior advocacy association. Therefore, Golden Years reaches a large-and increasing-consumer base of older Americans. This opportunity would generate an additional 10% increase in sales in 2016, followed by increases of 5% in 2017 and 3% in 2018. Increasing the percentage of SNC's business that is conducted online would decrease DSO, because internet sales are collected very quickly. Accounts receivable would decrease by 7 days in the first year and by an additional 3 days in 2017, for a total improvement of 10 days. In 2018, the DSO would decline by another 2 days-in effect, 12 days lower than at the start of 2016. Going forward, the DSO would stay at this lower level and SNC's profit margin would remain unchanged. What would you like to do about this opportunity?
Accept or Decline
2016 2017 2018 Post 2018
Incremental Summary Income Statement ($ in thousands)
Change in Sales $1,600 $2,480 $3,034 $3,034
Change in Cost of Sales $1,492 $2,313 $2,830 $2,830
Change in EBIT $108 $167 $204 $204
Incremental Balance Sheet ($ in thousands)
Change in Accounts Receivable $145 $241 $289 $289
Change in Inventories $368 $570 $698 $698
Change in Accounts Payable $162 $251 $307 $307

Answers

Please find question attached

Answer and Explanation:

Find full answer and explanation attached

Other Questions
Write a statement that compares the values of score1 and score2 and takes the following actions. When score1 exceeds score2, the message "player1 wins" is printed to standard out. When score2 exceeds score1, the message "player2 wins" is printed to standard out. In each case, the variables player1Wins,, player1Losses, player2Wins, and player2Losses,, are incremented when appropriate. Finally, in the event of a tie, the message "tie" is printed and the variable tieCount is incremented. So far this is what I have: if score1>score2: player1Wins=player1Wins+1 player2Losses=player2Losses+1 print("player1Wins") elif score2>score1 player2Wins=player2Wins+1 player1Losses=player1Losses+1 print("player2Wins") else: score1=score2 tieCount=tieCount+1 print("tie") ___________________________ However, I'm still getting an error and not sure why. Am I indenting something wrong? geometry helpffffffffffff . Twelve coworkers go out for lunch together and order three pizzas. Each pizza is cut into eight slices. If each person gets the same number of slices, how many slices will each person get? Choose the answer that correctly compares the two 8/9 87%>, Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,192,500 in manufacturing overhead cost at an activity level of 559,000 machine-hours. The company spent the entire month of January working on a large order for 12,300 custom-made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow: a. Raw materials purchased on account, $322,000. b. Raw materials used in production, $258,000 (80% direct materials and 20% indirect materials). c. Labor cost accrued in the factory, $159,000 (one-third direct labor and two-thirds indirect labor). d. Depreciation recorded on factory equipment, $63,100. e. Other manufacturing overhead costs incurred on account, $85,000. f. Manufacturing overhead cost was applied to production on the basis of 40,720 machine-hours actually worked during the month. g. The completed job for 12,300 custom-made machined parts was moved into the finished goods warehouse on January 31 to await delivery to the customer. (In computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor, and applied overhead.)Required: 1. Prepare journal entries to record items (a) through (f) above (ignore item (g) for the moment). 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these T-accounts. 3. Prepare a journal entry for item (g) above. 4. Compute the unit product cost that will appear on the job cost sheet. I am confused. Can someone help me ? Which equation represents a line that passes through (-2, 3) and has a slope (m) of -4? Explain how you can find the center of dilation of a triangle and its dilation. The pH level of a substance can be determined by the formula pH = log[H+], where [H+] is the hydrogen ion concentration in moles per liter. An alkaline substance has a pH level between 7 and 14. Which ion concentration corresponds to an alkaline substance?3.5 x 10^-165.0 x 10^-121.0 x 10^-71.1 x 10^-4 Please answer asap en una guardera ay una matricula de 50 lactantes de los cuales 20 son nias cual es la razon de nias a nios en dicha guarderia What does believable mean?1. credible2. thoughtful3. Judgmental4. unshakable Which of following uses the English alphabet and four different tone marks to illustrate the pronunciation of Mandarin characters? A. dictionary B. final sound C. pnynplz help Herman Husband's main role in the Regulator movement involved.... A. Speaking on behalf of its members. B. Raising a militia to attack the government. C. Collecting fees to pay for he rebellion. D. Negotiating with government leaders. Will give BRAINLIEST also and 30 points! Which sentence uses commas to correctly separate items in a series? A) Beth cannot decide if her favorite breakfast is bacon and eggs, toast and jam, or oatmeal with raisins. B) My sister always orders pizza with pepperoni red onions extra garlic, and extra sauce, and cheese. C) Carl likes to order a beef, and bean burrito with extra hot sauce, spiced carrots and a side of rice and beans. D) Dan likes to eat barbecue chicken, potato salad and his grandma's homemade beans, with molasses. In a nuclear reaction, the fuel pellets are split using what ? This also causes a chain reaction Directions: Review the lessons from this section. Follow the steps below as they guide you through the Stages of Change Model and Decision-Making Process in order to set a health habit goal.1. State an unhealthy health habit that you are willing to change. (2 pts)2. Which Stage of Change do you think you are currently in? (2 pts) a. Pre-contemplation b. Contemplation c. Preparation d. Action e. Maintenance3. Use the decision-making process to help you decide how you will change. a. Step 1: Describe the unhealthy health habit that you want to change. (1pt) - List an unhealthy health habit. b. Step 2: Brainstorm possible actions to take. (2 pts) -List two possible ways on how you will you change. c. Step 3: Weigh the pros and cons of each option. (4 pts) -List one pro and one con for each of the two options listed above. d. Step 4: Evaluate your values. (2 pts)-List one personal value you have and which option meets that value better.e. Step 5: Make your decision and take action. (2 pts)-List what your decision is and one thing you can do to prepare to take action. f. Step 6: Evaluate your decision. (4 pts)-Write one paragraph explaining one reason why you think this was the best option. 4. Set a goal to change your unhealthy habit. (2 pts) 5. Specify how you will reach your goal in one paragraph. (4 pts) Jasmine sold 30 bracelets on Monday and 15 bracelets a day for the next few days. She sold a total of 105 bracelets. Write an equation that can be solved to determine the number of additional days, d, she sold bracelets Moving all the terms containing the unknown to the left of the equal sign and all other terns to the right of the equalsign is called ___terms The difference of Demonstrative and descriptive speech Round 56.834 to the nearest tenth