Answer:
the nichols should carry the elliott investment on the balance sheet is of $372,000
Explanation:
The computation is shown below;
= Number of bonds × price per bond
= 31,000 bonds × $12
= $372,000
Simply we multiply the no of bonds with the price per bond so that the correct amount could come
Hence, the nichols should carry the elliott investment on the balance sheet is of $372,000
consumers that expect the price of a good to go up are likely to
a. wait to buy the good
b. demand more of the good
c. buy the good Now
d. buy a substitute
Answer:
c. Buy now
Explanation:
Since they know that the price would go up in the future, they would better off buying now
A self assessment tool that identifies your strengths, skills, and interests is called a(n) ___.
A. interest inventory
B. entrance exam
C. psychological evaluation
D. standardized test
A self assessment tool that identifies your strengths, skills, and interests is called an interest inventory. The Option A is correct.
What does an interest inventory mean?An interest inventory, also known as an interest test, is a testing instrument designed to measure and evaluate an individual's level of interest in, or preference for, a variety of activities. Direct observation of behavior, ability tests, and self-reporting inventories of interest in educational, social, recreational, and vocational activities are examples of testing methods.
The activities typically represented in interest inventories are related to various occupational areas, and these instruments and their outcomes are frequently used in vocational guidance.
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what is bureaucracy
Answer:
The term bureaucracy may refer both to a body of non-elected governing officials and to an administrative policy-making group. Historically, a bureaucracy was a government administration managed by departments staffed with non-elected officials.
Explanation:
hope it helps
what is the tragedy of the commons?
a. economic loss of individuality
b. overuse of shared resources
c. hoarding of public resources
d. when a boss only drops common loot and no rare drops
Financial information is presented below: Operating expenses $ 63000 Sales returns and allowances 14000 Sales discounts 6000 Sales revenue 196000 Cost of goods sold 98000 The amount of net sales on the income statement would be
Answer: 176,000
Explanation:
The amount of net sales on the income statement will be calculated thus:
Sales Revenue = 196000
Less: Sales Discount = 6000
Less: Sales returns and allowances = 14000
Therefore, net sales will be:
= 196000 - 6000 - 14000
= 176000
An unconfined aquifer with a head of 120 ft (from the bottom of the aquifer) was evaluated using a pumping test. After the head reached the steady state, A total of 24,000 cubic foot of water was pumped out in a period of 6 hours. At a distance of 1,000 ft from the pumping well, the drawdown was 40 ft; and at a distance of 5,000 ft it was 20 ft. Find the permeability (in ft/sec, and cm/sec) of the aquifer assuming that steady-state conditions prevail. (pay attention to the relation drawdown and head; use the formula I discussed in class).
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Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $150,000; total liabilities, $98,000; Turner, Capital, $4,500; Roth, Capital, $15,000; and Lowe, Capital, $32,500. The cash proceeds from selling the assets were sufficient to repay all but $38,000 to the creditors.
Required:
a. Calculate the loss from selling the assets.
b. Allocate the loss from part a to the partners.
c. Determine how much, if any, each partner should contribute to the partnership to cover any remaining capital deficiency.
Answer:
Turner, Roth, and Lowe Partnership
a. The Loss from selling the assets = $90,000
b. Allocation of the loss to the partners:
Turner = $18,000 (2/10 * $90,000)
Roth = $27,000 (3/10 * $90,000)
Lowe = $45,000 (5/10 * $90,000)
c. Capital contribution by partners to cover capital deficiency:
Turner Roth Lowe Total
Capital contribution $13,500 $12,000 $12,500 $38,000
Explanation:
a) Data and Calculations:
Total assets, $150,000
Total liabilities, $98,000
Turner, Capital, $4,500
Roth, Capital, $15,000
Lowe, Capital, $32,500
Liabilities + Equity $150,000
Cash proceeds from sale of assets = $60,000 ($98,000 - $38,000)
Loss from selling the assets = $90,000 ($150,000 - $60,000)
Loss sharing ratio = 2:3:5
Loss sharing:
Turner = $18,000 (2/10 * $90,000)
Roth = $27,000 (3/10 * $90,000)
Lowe = $45,000 (5/10 * $90,000)
Capital Deficiency =
Turner Roth Lowe
Capital accounts $4,500 $15,000 $32,500
Loss sharing (18,000) (27,000) (45,000)
Capital Deficiency ($13,500) ($12,000) ($12,500)
Capital contribution $13,500 $12,000 $12,500
b) After contributing to the capital deficiencies to the tune of $38,000, the remaining liabilities will be settled.
In each of the following four cases, MRP L and MRP C refer to the marginal revenue products of labor and capital, respectively, and P L and P C refer to their prices. Indicate in each case whether the conditions are consistent with maximum profits for the firm. If not, state which resource(s) should be used in larger amounts and which resource(s) should be used in smaller amounts.
a. MRPL = $8; PL = $4; MRPC = $8; PC = $4
1. These conditions are consistent with maximum profits for the firm.
True or False
2. Which resource should be used in larger and/or smaller amounts?
a- Use less of both
b. Conditions are already consistent
c. Use more of both
d. Use less labor and more capital
e. Use more labor and less capital
b. MRPL = $10; PL = $12; MRPC = $14; PC = $9
1. These conditions are consistent with maximum profits for the firm.
True / False
2. Which resource should be used in larger and/or smaller amounts?
a- Use less of both
b- Conditions are already consistent
c- Use more of both
d- Use less labor and more capital
e- Use more labor and less capital
c. MRPL = $6; PL = $6; MRPC = $12; PC = $12
Answer:
a-1. True, these conditions are consistent with maximum profits for the firm.
a-2. The correct option is b. Conditions are already consistent.
b-1. False, these conditions are NOT consistent with maximum profits for the firm.
b-2. The correct option is e- Use more labor and less capital.
c-1. True, these conditions are consistent with maximum profits for the firm.
c-2. The correct option is b. Conditions are already consistent.
d-1. False, these conditions are NOT consistent with maximum profits for the firm.
d-2. The correct option is d- Use less labor and more capital.
Explanation:
Note: This question is not complete as question c is not complete and question d is omitted completely. To complete this question, questions c and d are therefore provided before answering the question as follows:
c. MRPL = $6; PL = $6; MRPC = $12; PC = $12
1. These conditions are consistent with maximum profits for the firm.
True / False
2. Which resource should be used in larger and/or smaller amounts?
a- Use less of both
b- Conditions are already consistent
c- Use more of both
d- Use less labor and more capital
e- Use more labor and less capital
d. MRPL = $22; PL = $26; MRPC = $16; PC = $19
1. These conditions are consistent with maximum profits for the firm.
True / False
2. Which resource should be used in larger and/or smaller amounts?
a- Use less of both
b- Conditions are already consistent
c- Use more of both
d- Use less labor and more capital
e- Use more labor and less capital
The explanation of the answers is now provided as follows:
The condition for the profit maximization of a firm is as follows:
MRPL / PL = MRPC / PC ……………………………. (1)
Therefore, we have:
a. MRPL = $8; PL = $4; MRPC = $8; PC = $4
MRPL / PL = $8 / $4 = 2
MRPC / PC = $8 / $4 = 2
Using equation (1), we have:
MRPL / PL = MRPC / PC = 2
a-1. These conditions are consistent with maximum profits for the firm.
True, these conditions are consistent with maximum profits for the firm. This is because MRPL / PL = MRPC / PC = 2.
a-2. Which resource should be used in larger and/or smaller amounts?
The correct option is b. Conditions are already consistent.
b. MRPL = $10; PL = $12; MRPC = $14; PC = $9
MRPL / PL = $10 / $12 = 0.83
MRPC / PC = $14 / $9 = 1.56
Using equation (1), we have:
0.83 = MRPL / PL < MRPC / PC = 1.56
b-1. These conditions are consistent with maximum profits for the firm.
False, these conditions are NOT consistent with maximum profits for the firm. This is because 0.83 = MRPL / PL < MRPC / PC = 1.56.
b-2. Which resource should be used in larger and/or smaller amounts?
The correct option is e- Use more labor and less capital. If this is done, it will result in MRPL / PL = MRPC / PC where the conditions will be consistent with maximum profits for the firm.
c. MRPL = $6; PL = $6; MRPC = $12; PC = $12
MRPL / PL = $6 / $6 = 1.00
MRPC / PC = $12 / $12 = 1.00
Using equation (1), we have:
MRPL / PL = MRPC / PC = 1
c-1. These conditions are consistent with maximum profits for the firm.
True, these conditions are consistent with maximum profits for the firm. This is because MRPL / PL = MRPC / PC = 1.
c-2. Which resource should be used in larger and/or smaller amounts?
The correct option is b. Conditions are already consistent.
d. MRPL = $22; PL = $26; MRPC = $16; PC = $19
MRPL / PL = $22 / $26 = 0.85
MRPC / PC = $16 / $19 = 0.84
Using equation (1), we have:
0.85 = MRPL / PL > MRPC / PC = 0.84
d-1. These conditions are consistent with maximum profits for the firm.
False, these conditions are NOT consistent with maximum profits for the firm. This is because 0.85 = MRPL / PL > MRPC / PC = 0.84.
d-2. Which resource should be used in larger and/or smaller amounts?
The correct option is d- Use less labor and more capital. If this is done, it will result in MRPL / PL = MRPC / PC where the conditions will be consistent with maximum profits for the firm.
B MC Qu. 10-176 (Algo) The following labor standards have been ... The following labor standards have been established for a particular product: Standard labor-hours per unit of output 8.9 hours Standard labor rate $ 15.95 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 11,000 hours Actual total labor cost $ 173,030 Actual output 1,650 units What is the labor rate variance for the month
Answer:
Direct labor rate variance= $2,420 favorable
Explanation:
To calculate the direct labor rate variance, we need to use the following formula:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (15.95 - 15.73)*11,000
Direct labor rate variance= $2,420 favorable
Actual rate= 173,030/11,000= $15.73
Blue Spruce Corp. had the following transactions.
1. Sold land (cost $8,240) for $10,300.
2. Issued common stock at par for $21,200.
3. Recorded depreciation on buildings for $12,400.
4. Paid salaries of $7,200.
5. Issued 1,200 shares of $1 par value common stock for equipment worth $8,100.
6. Sold equipment (cost $10,800, accumulated depreciation $7,560) for $1,296.
For each transaction above, prepare the journal entry.
Answer:
1. Dr Cash $10,300
Cr Land $8,240
Cr Gain on Sale of Land $2,060
2. Dr Cash $21,200
Cr Common Stock $21,200
3. Dr Depreciation Expense $12,400
Cr Accumulated Depreciation - Building $12,400
4. Dr Salaries Expense $7,200
Cr Cash $7,200
5. Dr Equipment $8,100
Cr Common Stock $1,200
Cr Additional Paid-in Capital $6,900
6 Dr Cash $1,296
Dr Loss on Sale of Equipment $1,944
Dr Accumulaed Depreciation -Equipment $7,560
Cr Equipment $10,800
Explanation:
Preparation of the journal entry.
1. Dr Cash $10,300
Cr Land $8,240
Cr Gain on Sale of Land $2,060
($10,300-$8,240)
2. Dr Cash $21,200
Cr Common Stock $21,200
3. Dr Depreciation Expense $12,400
Cr Accumulated Depreciation - Building $12,400
4. Dr Salaries Expense $7,200
Cr Cash $7,200
5. Dr Equipment $8,100
Cr Common Stock $1,200
(1,200*$1)
Cr Additional Paid-in Capital $6,900
($8,100-$1,200)
6 Dr Cash $1,296
Dr Loss on Sale of Equipment $1,944
($10,800-$7,560-$1,296)
Dr Accumulaed Depreciation -Equipment $7,560
Cr Equipment $10,800
A manufacturing firm is planning on expanding its existing operations. The expansion project is significant and will require the firm to house the expansion in a different location. The firm is considering building on a lot they own across town. The lot is currently vacant and it was paid for nearly 20 years ago. Given this information, which of the following statements is correct?
a) The lot is not an incremental cash flow because it is not being utilized at this time.
b) The lot is an incremental cash flow because it represents an opportunity cost.
c) The lot is an incremental cash flow because it represents a sunk cost.
Answer:
The lot is an incremental cash flow because it represents an opportunity cost.
Explanation:
The importance of cash flow for project use is that It is a change in the firm's total future cash flow that is as a result of a direct output or consequence of the decision of that particular project.
Incremental cash flows
This is commonly refered to as tbe said difference obtained between or when there is a firms future cash flows with a project and those without a project. As it is used for a project evluation, it comprises of any and all changes in the firm's future cash flows that are a direct consequence of taking the project.
An Opportunity cost?
This is simply refered to as the most essential or valuable alternative (other choice) that is given up if a particular investment is undertaken by an organization or firm.
How Goods Market will be in Equilibrium according to saving and investment approach
This method states that the equilibrium annual income is established at a level where planned saving (S) equals planned investment (I). If there is a difference in revenue from the market equilibrium, i.e., if it was planned.
What is a Market?A market is made up of various buildings, institutions, institutions, and processes that allow people to exchange goods and services.
The targeted savings graphs meet at the interest income in a satisfactory competitive equilibrium, or the wanted values of saves and investments are similar to both the absolute measurements of savings and investments as reported in the national income as well as product records and also the desired values.
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The management of Zesty Corporation is considering the purchase of a new machine costing $400,000. The company s desired rate of return is 10%. The present value factors for $1 at compound interest of 10% for 1 through 5 years are 0.909, 0.826, 0.751, 0.683, and 0.621, respectively. In addition to the foregoing information, use the following data in determining the acceptability in this situation: The cash payback period for this investment is:______
a. 4 years
b. 5 years
c. 2 years
d. 3 years
Answer:
d. 3 years
Explanation:
Missing question: 'Year Income from Operations Net Cash Flow. 1 $100,000 $180,000, 2 40,000 120,000, 3 20,000 100,000, 4 10,000 90,000, 5 10,000 90,000"
Year Income from Net cash Investment Unrecovered Investment
Operations Flow at the end of year
0 400,000 400,000
1 100,000 180,000 220,000
2 40,000 120,000 100,000
3 20,000 100,000 -
4 10,000 90,000 (90,000)
5 10,000 90,000 (180,000)
Entire investment is recovered by the end of 3 year. So, pay back period is 3 Years.
If someone is found to be participating
in Insider Trading, the result could be
A. a promotion
B. award-winning
C. jail time
Answer:
jail time will be a perfect answer for your question.
What kind of capacity problems do many secondary schools periodically experience? What are some alternatives to deal with those be useful? Explain using examples
On December 31, 2020, Clarkson Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Clarkson purchased 24,000 shares of common stock on the open market as treasury stock paying $45 per share. Clarkson sold 6,000 of the treasury shares on September 30, 2021, for $47 per share. Net income for 2021 was $180,905. Also outstanding at December 31, 2020, were fully vested incentive stock options giving key executives the option to buy 50,000 common shares at $40. These stock options were exercised on November 1, 2021. The market price of the common shares averaged $50 during 2021. Required: Compute Clarkson's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.) Basic EPS Diluted EPS
Answer:Basic Earnings per share =0.93
Diluted Earnings per share = 0.83
Explanation:
basic earnings per share = (net income - preferred dividends) / weighted average stocks
Net income $180,905
Less Preference Dividend (30,000× $50×7%) ($105,000)
Attributable to Holders of Common Stock $75,905
Also, Weighted Average Number of Common Stocks is given as
Common Stocks 1 January 100,000
(outstanding sharesx 12/12)
add common Stocks September 30, 2021 1,500
(sold 6000 treasury stocks x 3/12)
less Common Stocks February 28, 2021 (20,000)
(purchased -24,000 treasury stocks x 10/12 )
Weighted Average Number of Common Stocks 81,500
Basic Earnings per share = $75,905/ 81,500 =0.93
B)
Diluted earnings per share = (net income - preferred dividends) / (weighted average stocks + diluted stocks) =
Net income $180,905
Less Preference Dividend(30,000× $50×7%) (($105,000)
Earnings To Holders of Common Stock $75,905
Also, Adjusted Weighted Average Number of Common Stocks
Weighted Average Number of Common Stocks 81,500
Add
diluted stocks = [($50 - $40) / $50] x 50,000 = 10,000
Adjusted Weighted Average Number of Common Stocks 91,500
Diluted Earnings per share = $75,905 /91,500 =0.83
Classifying items on the indirect statement of cash flows [10 min]
Destiny Corporation is preparing its statement of cash flows by the indirect method. Destiny has the following items for you to consider in preparing the statement:
a. Increase in accounts payable
b. Payment of dividends
c. Decrease in accrued liabilities
d. Issuance of common stock
e. Gain on sale of building
f. Loss on sale of land
g. Depreciation expense
h. Increase in inventory
i. Decrease in accounts receivable
j. Purchase of equipment
Requirement
1. Identify each item as a(n):_______.
Operating activity—addition to net income (O+), or subtraction from net income (O-)
Investing activity—addition to cash flow (I+), or subtraction from cash flow (I-)
Financing activity—addition to cash flow (F+), or subtraction from cash flow (F-)
Activity that is not used to prepare the indirect cash flow statement (N)
Answer:
a. Increase in accounts payable
Identification: O+
b. Payment of dividends
Identification: F-
c. Decrease in accrued liabilities
Identification: O-
d. Issuance of common stock
Identification: F+
e. Gain on sale of building
Identification: O-
f. Loss on sale of land
Identification: O+
g. Depreciation expense
Identification: O+
h. Increase in inventory
Identification: O-
i. Decrease in accounts receivable
Identification: O+
j. Purchase of equipment
Identification: I-
Manson Industries incurs unit costs of $6 ($4 variable and $2 fixed) in making an assembly part for its finished product. A supplier offers to make 13,500 of the assembly part at $5 per unit. If the offer is accepted, Manson will save all variable costs but no fixed costs.
Required:
Prepare an analysis showing the total cost saving, if any, Manson will realize by buying the part.
Answer:
Explanation:
Make Buy Net income
Variable manufacturing costs $54,000 $0 $54,000
Fixed manufacturing costs $27,000 $27,000 $0
Purchase price $0 $67,500 -$67,500
Total annual cost $81,000 $94,500 -$13,500
Conclusion: Manson Industries should make the part as making part save cost than buying it.
Workings
Make Buy
Variable manufacturing costs 13500*4 0
Fixed manufacturing costs 13500*2 13500*2
Purchase price 0 13500*5
Which is true of categories in a budget?"
All individuals should have the same budget categories.
Individuals may have different categories based on age, lifestyle, and income.
Answer: Individuals may have different categories based on age, lifestyle, and income.
Explanation:
At different ages people have different needs.
In keeping with a modernization of corporate statutes in its home state, UMC Corporation decided in 2021 to discontinue accounting for reacquired shares as treasury stock. Instead, shares repurchased will be viewed as having been retired, reassuming the status of unissued shares. As part of the change, treasury shares held were reclassified as retired stock. At December 31, 2020, UMCâs balance sheet reported the following shareholdersâ equity:
($ in millions)
Common stock, $1 par $200
Paid-in capitalâexcess of par 800
Retained earnings 956
Treasury stock (4 million shares at cost) (25)
Total shareholdersâ equity $1,931
Required:
Identify the type of accounting change this decision represents and prepare the journal entry to effect the reclassification of treasury shares as retired shares.
Answer:
UMC Corporation has change its treatment of shares repurchase from treasury shares to shared being retired on purchase. This change is known as change in accounting principle.
Date General Journal Debit'mil Credit'mil
Dec 31 Common stock (4*$1) $4
Paid-in-capital-excess of par $16
(800/200)*4
Retained earnings (25-20) $5
Treasury stock $25
(To record reclassification of treasury shares as retired shares)
there is a complementarity between passenger and freight transport system. with some exceptions, such as busses and pipelines, most transport modes have developed to handle both freight and passenger traffic. in some cases both are carried in the same vehicle and in some cases the different modes join to deliver a complete service. what are the advantages of joint operations?
Some of the advantages of the joint operations are:
access to new markets and distribution networks.increased capacity.sharing of risks with a partner.access to new knowledge and expertiseaccess to greater resources etc.What does joint operations means in transportation?In transportation, joint operations typically refers to the coordination and cooperation between multiple transportation providers or agencies in order to provide more efficient and comprehensive service to customers.
This can include sharing resources, coordinating scheduling and routing, and cooperating on marketing and fare structures. This operations can take many forms, such as partnerships between bus and rail companies, or between public and private transportation providers.
The main goal of this operation is often to provide more seamless and convenient transportation options for customers, and to make more efficient use of resources.
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1. A family with a gross monthly income of $8,500 is considering a $250,000, 30 year, 6.25% fix rate conventional mortgage to buy a $300,000 house. Move-in costs include the down payment, a $1,600 loan origination fee, 1 discount point, $3,500 in third party fees, 14 months of mortgage insurance premium, 2 months of property taxes, and 14 months of hazard insurance. The family estimates annual real estate taxes as 1.2%, annual hazard insurance as 0.4%, and annual maintenance as 1% of the purchase price. The annual private mortgage insurance premium is estimated as 1% of the loan amount. The household has monthly installment payments of $500 and is in the 35% marginal tax bracket. The lender requires that the housing expense ratio be no higher than 28%, and the monthly payment ratio no higher than 36%.
a) Can this family qualify for the loan?
b) What is the total amount of the move-in costs?
2. A family with a gross monthly income of $11,000 is considering a $357,000, 30 year, 7% mortgage to buy a house priced at $375,800. The annual private mortgage insurance premium is estimated as 0.78% of the loan amount. Move-in costs include the down payment, a 1% loan origination fee, 1 discount point, $5,400 in third party fees, 14 months of mortgage insurance premium, 6 months of property taxes, and 14 months of hazard insurance. The family estimates annual real estate taxes as 1.25%, annual hazard insurance as 0.4%, and annual maintenance as 1% of the purchase price. The household has a monthly installment payment of $1,000 and is in the 28% marginal tax bracket. Maximum housing expense ratio is 28%, while maximum total monthly payment ratio is 36%.
a) Can this family qualify for the loan?
b) What is the total amount of the move-in costs?
Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020. She incurred the following expenses and losses during the year:
Medical expenses before the 7.5%-of-AGI limitation $15,575
State and local income taxes 7,200
State sales tax 1,400
Real estate taxes 2,800
Home mortgage interest 5,900
Credit card interest 1,100
Charitable contribution 2,400
Casualty loss before 10% limitation (after $100 floor;
not in a Federally declared disaster area) 8,300
Unreimbursed employee expenses 5,500
Calculate Stacey's allowable itemized deductions for the year.
Answer:
$21,575
Explanation:
Calculation to determine the allowable itemized deductions for the year.
Medical Expense $3,275
[$12,500*($123,00*7.5%)]
State and local income taxes $7,200
Real estate taxes $2,800
Home mortgage interest $5,900
Charitable contribution $2,400
Allowable itemized deductions $21,575
Therefore allowable itemized deductions for the year is $21,575
Companies often require non-disclosure agreements from their employees because a non-disclosure agreement
allows the employer to release private information about employees if necessary
identifies all the different ways an employee could violate company policies
maintains employee trust, which is needed for productivity and therefore profitability
provides for a documented exchange of information between employees and employers
Answer:
Allows the employer to release private information about employees if necessary
Explanation:
Companies often require non-disclosure agreements from their employees because a non-disclosure agreement (NDA) is a legally binding contract that establishes a confidential relationship between two or more parties. The purpose of a non-disclosure agreement is twofold: confidentiality and protection. An NDA creates the legal framework to protect ideas and information from being stolen or shared with competitors or third parties. Breaking an NDA agreement triggers a host of legal ramifications, including lawsuits, financial penalties, and even criminal charges. NDAs offer a level of protection to businesses so that even accidental breaches are covered.
Answer:
its a cuh i took the test
Explanation:
The first year of operations for a company was Year 1. The net income for Year 1 was $20,200 and dividends of $12,100 were paid. In Year 2, the company reported net income of $34,200 and paid dividends of $5,100. At the end of Year 1, the company had total assets of $152,000. At the end of Year 2, the company had total assets of $ $242,000. What is the amount of retained earnings at the end of Year 2
Answer:
$37,200
Explanation:
The amount of retained earnings is calculated by using the formula below;
Amount of retained earnings = Net income - Dividends paid
In year 1, the amount of retained earnings
= $20,200 - $12,100
= $8,100
In year 2, the amount of retained earnings
= $34,200 - $5,100
= $29,100
Therefore, the amount of retained earnings at the end of year 2
= Amount of retained earnings for year 1 + Amount of retained earnings for year 2
= $8,100 + $29,100
= $37,200
A candy company has 115 pounds of cashews and 140 pounds of peanuts which they combine into two different mixes. The deluxe mix has half cashews and half peanuts and sells for $7 per pound. The economy mix has one third cashews and two thirds peanuts and sells for $4.70 per pound. How many pounds of each mix should be prepared for maximum revenue?
Answer:
you should prepare 180 pounds of the deluxe mix and 75 pounds of the economy mix
Explanation:
maximize 7d + 4.7e
constraints
0.5d + ¹/₃e ≤ 115
0.5d + ²/₃e ≤ 140
d ≥ 0
e ≥ 0
d and e are integers
using solver, the maximum profit is 180d + 75e, and the maximum profit is $1,612.50
Chios Corporation issued 10-year, 8% interest-bearing bonds payable at face value for $36,000 on January 1, 2020. At that time, Chios Corporation elected to account for the bonds payable using the fair value option method. At December 31, 2020, the fair value of the bonds payable was $35,640 due to an increase in Chios Corporation's borrowing rate because of a decline in Chios Corporation's credit rating. The entry to adjust the bonds payable under the fair value option method on December 31, 2020 includes a:
Answer: c. debit of $360 Unrealized Gain or Loss-Income
Explanation:
The entry to adjust the bonds payable under the fair value option method on December 31, 2020 will be shown below:
December 31, 2020:
Debit Unrealized gain or loss Income ($36000 - $35640) = $360
Credit Fair Value Adjustment = $360
(To record fair value adjustment)
Corporate Tax Liability The Talley Corporation had taxable operating income of $340,000 (i.e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $50,000, (2) dividends received of $25,000, and (3) dividends paid of $35,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 50% of dividends received are tax exempt. What is the firm’s taxable income? Round your answer to the nearest dollar. $ What is the tax expense? Round your answers to the nearest dollar. $ What is the after-tax income? Round your answers to the nearest dollar. $
Answer:
Taxable income:
Dividends received are 50% exempted from taxation. Taxable income is:
= Taxable operating income +(Dividends received * 50%) - Interest charges
= 340,000 + (25,000 * 50%) - 50,000
= $302,500
Tax expense:
= Taxable income * federal tax rate
= 302,500 * 21%
= $63,525
After-tax income:
= Taxable income - Tax expense
= 302,500 - 63,525
= $238,975
Who collects income tax that is payable to the federal government?
Income tax that is payable to the federal government is collected by the
.
Answer:
Explanation:
Internal Revenue Service (IRS). The IRS is a federal agency within the U.S. Department of Treasury that is responsible for enforcing the federal tax laws and collecting taxes from individuals and businesses. The IRS also provides taxpayers with guidance on their tax obligations and assists them with filing their taxes.
It is responsible for ensuring compliance with the tax laws and enforcing penalties if individuals or organizations fail to pay the taxes they owe. Additionally, the IRS provides taxpayer services to assist individuals and businesses with understanding and meeting their tax obligations.
A schedule of machinery owned by Waterway Industries is presented below:
Total Cost Estimated Salvage Value Estimated Life in Years
Machine X $593000 $40000 14
Machine Y 816000 82000 10
Machine Z 301000 61000 6
Waterway computes depreciation by the composite method. The composite rate of depreciation (in percent) for these assets is :_________
a. 8.44.
b. 8.94.
c. 13.74.
d. 10.17.
Answer:
b. 8.94%
Explanation:
Cost Salvage Depreciable cost Life Depreciation
Machine X 593,000 40,000 553,000 14 39,500
Machine Y 816,000 82,000 734,000 10 73,400
Machine Z 301,000 61,000 240,000 6 40,000
1,710,000 1,527,000 152,900
Composite Rate = Total Depreciation/Total Cost
Composite Rate = 152,900 / 1,710,000
Composite Rate = 0.089415205
Composite Rate = 8.94%