Answer:
March 1,
DR Accounts Receivable - Amelia $30,200
CR Sales revenue $30,200
March 6,
DR Sales return and allowances $900
CR Accounts Receivable $900
March 11,
DR Cash $28,714
DR Sales discounts $586
CR Accounts Receivable - Amelia $29,300
Workings
Sales Discounts - 2/10 net 45 means a disount of 10% if Amelia pays within 45 days. She did.
= 29,300 * 2%
= $586
Required Information
[The following information applies to the questions displayed below]
Park co is considering an investment that requires immediate payment of $26120 and provides expected cash inflows of 8600 annually for four years. Assume park co. requires a 10% return on investments.
What is the net present value of this investment? (PV Of $1. FV of $1, P A of $1, and FVA of $1. Round your present value factor to 4 declmals.)
Answer:
$1140.28
Explanation:
The computation of the net present value of this investment is shown below:-
= Annual Cash flows × Present Value of Annuity Factor (r , n) - Initial Investment
as
Annual cash flows = $8600
Present Value of Annuity Factor (r , n)
r = 10% and n = 4 years
So, the Present Value of Annuity Factor will be the sum of the present value of 4 years at 10%
For Year 1 = 0.9091
For Year 2 = 0.8264
For Year 3 = 0.7513
For Year 4 = 0.6830
Total = 3.1698
Therefore,
Net Present Value = (Cash inflow × Total) -
Initial Investment
= ($8600 × 3.1698) - $26,120
= $27,260.28 - $26,120
= $1140.28
Question 2 (1 point)
An effective trade policy is important to Canada because....
O 1) we are close to the largest market in the world, the US.
(2) we have a small population and can't produce everything we need on our
own.
O 3) all of the other answers is correct.
4) we have a well educated population with the skills to compete
internationally.
5) we have a significant capital stock and high end technology to work with.
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ENG
Answer:
sdssds
Explanation:
ssss
An estate provides a perpetuity with payments of X at the end of each year. Seth, Susan, and Lori share the perpetuity such that Seth receives the payments of X for the first n years and Susan receives the payments of X for the next m years, after which Lori receives all the remaining payments of X. Which of the following represents the difference between the present value of Seth's and Susan's payments using a constant rate of interest?
a. X[an-vnam]
b. X[¨an-vn¨am]
c. X[an-vn+1am]
d. X[an-vn-1am]
e. X[van-vn+1am]
Answer: a. [tex]X[a_{n} -v^{n} a_{m} ][/tex]
Explanation:
The Present Value of the perpetuity for Seth is denoted by;
= [tex]X * a_{n}[/tex] because Seth receives it for n years.
The Present Value of the perpetuity for Susan is denoted by;
= [tex]Xv^{n} * a_{m}[/tex] because it is the value after n periods multiplied by the payments received for m periods.
The result is;
= [tex]X * a_{n}[/tex] - [tex]Xv^{n} * a_{m}[/tex]
= [tex]X[a_{n} -v^{n} a_{m} ][/tex]
1. Job Searching in the Digital Age When preparing for employment, you must know yourself, know the job market, and know the employment process. When identifying your interests, what question should you ask yourself?
Answer:
By asking self reflective questions like–
Would I like to work for someone else, or be my own boss?
Explanation:
By so doing, it allows you to know your strengths and can you make right job choices peculiar to you.
For example, a recent college graduate student John who is very skilled at art may examine himself to know if he prefers to open his own art collection or instead would want to work for an art collection company.
One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $500 per month. You will charge 1.2 percent per month interest on the overdue balance.
If the current balance is $11,000, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
It will take approximately 25.70 months for the the account to be paid off.
Explanation:
Assuming the customer pays at the end of every month, the relevant formula to use is therefore the formula for calculating the present value of an ordinary annuity as follows:
PV = P * [{1 - [1 / (1 + r)]^n} / r] …………………………………. (1)
Where;
PV = Present value or current balance = $11,000
P = Monthly repayment = $500
r = interest rate = 1.2%, or 0.012
n = number of months = ?
Substitute the values into equation (1) and solve for n, we have:
11,000 = 500 * [{1 - [1 / (1 + 0.012)]^n} / 0.012]
11,000 / 500 = {1 - [1 / (1 + 0.012)]^n} / 0.012
22 * 0.012 = 1 - 0.988142292490119^n
0.264 = 1 - 0.988142292490119^n
0.988142292490119^n = 1 - 0.264
0.988142292490119^n = 0.736
Loglinearizing both sides, we have:
n * log (0.988142292490119) = log (0.736)
n = log (0.736) / log (0.988142292490119)
n = -0.133122185662501 / -0.00518051250378013
n = 25.70
Therefore, it will take approximately 25.70 months for the the account to be paid off.
Lynda Jones College Plan On her 10th birthday Linda Jone's parents decide to deposit $4,000 in a 529 account for their daughter to go to college. They intend to put an additional $4,000 in the account each year on her 11th, 12th, ..., 17yh birthdays. Assume all account balances will earn 8% per year. On Lynda's 18th, 19th, 20th, and 21st birthdays, her parents will withdraw $20,000 to pay for Linda's college education. Questions: Is the $4,000 savings per year sufficient to cover the anticipated college expenses? Is Linda's 529 account underfunded? What should be the annual deposit in Lynda's 529 account to cover entirely her tuition and fees? What will be the PV of Lynda's college tuition on her 18th birthday? Summarize the results of your analysis and provide your recommendation in this quizz. Create a spreadsheet and submit it in you Drop Box.
Answer:
Is the $4,000 savings per year sufficient to cover the anticipated college expenses?
No, since the maximum withdrawal per year (for 4 years) earning an 8% interest rate is $12,846.23. Her parents will be $7,153.77 short every year.Is Linda's 529 account underfunded?
Yes, her account will have $42,548 when she turns 18 and that isn't enough to cover her college expenses.What should be the annual deposit in Lynda's 529 account to cover entirely her tuition and fees?
$6,227.51What will be the PV of Lynda's college tuition on her 18th birthday?
If Lynda's parents want to cover her college expenses, they need to have $66,242 on her 529 account.Explanation:
Lynda's 529 account will have the following balance when she is 18:
future value = annual payment x annuity factor (FV annuity factor, 8%, 8 periods) = $4,000 x 10.637 = $42,548
her parents will make 4 withdrawals:
present value = annual withdrawal x annuity factor (PV annuity factor, 8%, 4 periods)
maximum annual withdrawal = $42,548 / 3.3121 = $12,846.23
required balance = $20,000 x 3.3121 = $66,242
annual payment = $66,242 / 10.637 = $6,227.51
Prepare an income statement under absorption costing. Round all final answers to whole dollars. Sullivan Equipment Company Absorption Costing Income Statement For the Month Ended March 31 Sales $ 653,200 Cost of goods sold: Cost of goods manufactured $ 352,000 Inventory, March 31 38,880 Total cost of goods sold 313,120 Gross profit $ 340,080 Selling and administrative expenses 234,400 Income from operations $ 574,480
Answer:
Income Statement For the Month Ended March 31
Sales $ 653,200
Cost of goods sold:
Cost of goods manufactured $ 352,000
Less Inventory, March 31 ($ 38,880)
Total cost of goods sold ($ 313,120)
Gross profit $ 340,080
Less Expenses :
Selling and administrative expenses ($ 234,400)
Income from operations $ 105,680
Explanation:
The Product cost in absorption costing includes All Manufacturing Costs. All Non-Manufacturing Costs are treated as Period Costs that are Expensed during the period of Operation.
if the broker dies or loses her license, the state's real estate licensing agency may choose to appoint a ________ to close any transactions that are pending.
Answer:
temporary broker
Explanation:
A temporary broker is someone who is charged with responsibility of closing, or winding up the existing or pending business of a permanent or original licensed broker, in the event that, the original licensed broker dies or loses her license.
To become a temporary broker, the state's real estate licensing agency will issue a temporary license as a broker to a licensed or unlicensed person for a period of not more than ninety days and will not be extended, except on a special cases such as personal representative.
Hence, if the broker dies or loses her license, the state's real estate licensing agency may choose to appoint a TEMPORARY BROKER to close any transactions that are pending.
Matthew owns 30 percent of the outstanding stock of Lindman and has the ability to significantly influence the investee's operations and decision making. On January 1, 2015, the balance in the Investment in Lindman account is $335,000. Amortization associated with this acquisition is 9,000 per year. In 2015, Lindman earns an income of $90,000 and declares cash dividends of $30,000. Previously, in 2014, Lindman had sold inventory costing $24,000 to Matthew for $40,000. Matthew consumed all but 25 percent of this merchandise during 2014 and used the rest during 2015. Lindman sold additional inventory costing $28,000 to Matthew for $50,000 in 2015. Matthew did not consume 40 percent of these 2015 purchases from Lindman until 2016.
Required:
a. What amount of equity method income would Matthew recognize in 2015 from its ownership interest in Lindman?
b. What is the equity method balance in the Investment in Lindman account at the end of 2015?
Answer:
Matthew and Lindman
a. Equity method Income for 2015:
Add 30% share of Lindman Income ($90,000 x 30%) = $27,000
Less share in unrealized profit in Inventory -2,640
Less share in cash dividends ($30,000 x 30%) -9,000
Less Amortization of cost of acquisition -9,000
Net Income from Investment in Lindman $6,360
b. Equity method balance in the Investment in Lindman account at the end of 2015:
Balance in Investment in Lindman account = $341,360
Explanation:
a) Data and Calculations:
Matthew owns 30% percent in Lindman with significant influence
Accounting of ownership interest: Equity Method
1/1/2015 Balance in the Investment in Lindman account = $335,000
Add 30% share of Lindman Income ($90,000 x 30%) = 27,000
Less share in unrealized profit in Inventory -2,640
Less share in cash dividends ($30,000 x 30%) -9,000
Less Amortization of cost of acquisition -9,000
Balance in Investment $341,360
b) Unrealized profit in Inventory:
Profit in Inventory = $22,000 ($50,000 - 28,000)
Less Realized profit 13,200 ($22,000 x 60%)
Unrealized profit 8,800 ($22,000 x 40%)
Share of Unrealized profit $2,640 ($8,800 x 30%)
c) Matthew uses the equity method for accounting for its 30% acquisition of the outstanding stock of Lindman because it is within the 20% to 50% band for accounting for investment in a subsidiary with the method. Secondly, Matthew has significant influence in Lindman's operations and decision making, making it additionally qualified for the equity method.
With this method, Matthew takes into account its 30% share in the Net Income of Lindman and adjusts this with its share of any unrealized profit (loss) in inventory arising from intercompany transactions. Since Lindman has declared a cash dividend of $30,000, Matthew's share from the dividend is subtracted from the share in net income of Lindman. The amortization cost associated with the acquisition of 30% share in Lindman is also subtracted to arrive at the net income due to Matthew, which increases its equity balance.
Chevron signs $73b gas deal Gorgon, Chevron's huge liquefied natural gas project, is finally going forward. The company, along with Exxon Mobil and Shell will produce natural gas off the northwest coast of Australia. Gorgon and surrounding fields hold an estimated 40 trillion cubic feet of natural gas, the equivalent of 6.7 billion barrels of oil. Gorgon is located for easy shipment to Asia and will employ 10,000 workers. Source: Radio Australia, September 10, 2009 Explain how this huge project will influence Australia's potential GDP and U.S. potential GDP.
Answer:
Australia - Shift Australia's production function upward, create a movement up along the production function as the full-employment quantity of labor increases, and increase potential GDP
United States - Will not change potential GDP as production happens in Australia
Explanation:
Australia's production potential will rise which will be depicted by a shift upwards in the Production Possibilities Frontier (PPF) thereby leading to an increase in the full employment quality of labor and potential GDP for Australia.
As the production is happening in Australia, it will not affect potential GDP in the US.
A 20-year-old student wants to save $5 a day for her retirement. Every day, she places $5 in a drawer. At the end of EACH year, she invests the accumulated savings in an automated account with an expected annual return of 9%, paid annually.
Required:
a. If she begins saving today; How much money will she have when she is 65?
b. If she did not start saving until she was 45 years old, how much would she have at 65?
c. How much must the 45-year-old deposit monthly to catch the 20-year old?
Answer:
a. If she begins saving today; How much money will she have when she is 65?
Assuming that the student started saving the day of her birthday, she will have $1,825 at the end of each year. So we must find the future value of an ordinary annuity with 45 payments worth $1,825 and 9% interest rate:
FV = $1,825 x 525.85873 (FV annuity factor, 9%, 45 periods) = $959,692.18
b. If she did not start saving until she was 45 years old, how much would she have at 65?
FV = $1,825 x 51.16012 (FV annuity factor, 9%, 20 periods) = $93,367.22
c. How much must the 45-year-old deposit monthly to catch the 20-year old?
$959,692.18 = annuity payment x 51.16012
annuity payment = $959,692.18 / 51.16012 = $18,758.60
Risers Inc. reported total assets of $3,200,000 and net income of $255,000 for the current year. Risers determined that inventory was understated by $69,000 at the beginning of the year and $30,000 at the end of the year. What is the corrected amount for total assets and net income for the year
Answer:
Corrected total assets= $3,230,000
Corrected net income= $216,000
Explanation:
Riser incorporation reported a total assets $3,200,000 and a net income of $255,000 for the Current year
Risers inventory was understated by $69,000 at the beginning of the year and $30,000 at the end of the year
The corrected amount for the total assets can be calculated as follows
= $3,200,000+$30,000
= $3,230,000
The corrected amount for the net income can be calculated as follows
= $255,000-$69,000+$30,000
= $216,000
Hence the corrected amount for total assets and net income for the year is $3,230,000 and $216,000 respectively
The comparative cash flow statements from Sears and Wal-Mart are presented above. Amounts presented are in millions. Review both statements considering what you've learned in this chapter about the cash flow statement. Answer the following questions: When analyzing a company's cash flow statement, which section of the statement (operating, investing or financing) do you believe is the best predictor of a company's future profitability? Why? Which company do you believe is healthier based on the cash flow statements presented? Provide at least two specific examples from the statements. Your initial post is due four (4) days prior to the discussion due date or points will be deducted from your discussion score. Please review the discussion board requirements above.
The complete question is attached.
Answer:
Sears Holding Corporation and Wal-Mart Stores, Inc.
1. The section of the cash flow statement that is the best predictor of a company's future profitability is the Operating Activities Section. The reason is that the operating activities section shows the net cash from operating activities or the core business activities of the entity. A business entity's profitability is not determined by subsidiary activities like financing and investing activities. But it is ascertained by reviewing its operating activities which also define the mission of the business and show the strategies it can deploy to attain its goals.
2. Walmart Stores, Inc. is by far healthier than Sears Holdings Corporation, at least based on the January 30, 2016 statements of cash flows. For instance, Walmart Stores recorded a Net Cash Flow from operations in the sum of $27,389 million while Sears recorded a negative Net Cash Flow from operations in the sum of $2,167 million. Again, from the operating activities sections, one can see that Walmart Stores, Inc. was able to make a net income before adjustments of $15,080 million, whereas Sears Holding Corporation performed abysmally poor by incurring a net loss of $1,128 million.
Explanation:
The Sears and Walmart's statements of cash flows are one of the three main financial statements prepared and presented by Sears Holding Corporation or Walmart Stores, Inc. to its stockholders and the general public to show financial information about its activities. Specifically, the statements of cash flows for Sears and Walmart show the flow of cash under three main activity headings: operating, financing, and investing.
Two methods can be used by Sears and Walmart to prepare the statement. They include the indirect method, which starts from the net income, and the direct method, which shows the cash inflows and outflows for each cash flow item for Sears and Walmart.
JK Corporation issued a $700,000 of 3%, 10-year bonds on January 1, 20X2. Interest payable simiannually on June 30 and December 31. The bonds were issued for $642,730 to yeild an effective rate of 4%. What is the amount of discount should
Answer:
JK Corporation
Amount of Discount should be:
$57,270
Explanation:
a) Calculation:
Face Value = $700,000
Issue value = $642,730
Discount = $57,270
b) JK Corporation's bond is issued at a discount when the face value of this bond is more than the issue value. JK Corporation's bond can only be issued at a discount if the effective or market interest rate is more than the face or stated interest rate. It is the higher market interest rate of the JK Corporation's bond that attracts investors to neglect the low stated interest rate.
Company purchased equipment at a cost of $120,000 that has a depreciable cost of $90,000 and an estimated useful life of 3 years or 30,000 hours. Using straight-line depreciation, calculate depreciation expense for the second year.
Answer:
$30,000
Explanation:
The computation of the depreciation expense for the second year using the straight line method is shown below:
As we know that
= (Original cost - residual value) ÷ (useful life)
= ($90,000) ÷ (3 years)
= $30,000
In this method, the depreciation is the same for all the remaining useful life
Hence, the second year depreciation expense is $30,000
Smith buys and sells equity securities. On December 15, 2021, Smith purchased $522,000 of Jones shares and elected the fair value option to account for the Jones investment. As of December 31, 2021, the Jones shares had a fair value of $578,000. In the 2021 financial statements, Smith will report (ignore taxes):
Answer:
Smith will report an investment income of $56,000 in its income statement.
Explanation:
Based on the information given we were told that Smith made a purchased of the amount of $522,000 of Jones shares in which as of December 31, 2021, the Jones shares also had a fair value of the amount of $578,000 this means that Smith will report an investment income of $56,000 ($578,000-$522,000) in its income statement.
Sunland Company estimates that variable costs will be 60.00% of sales, and fixed costs will total $632,000. The selling price of the product is $5. Compute the break-even point in (1) units and (2) dollars.
Answer:
Instructions are below.
Explanation:
Giving the following information:
Sunland Company estimates that variable costs will be 60.00% of sales.
Fixed costs= $632,000
The selling price of the product is $5.
First, we need to calculate the unitary variable cost:
Unitary variable cost= 5*0.6= $3
Now, using the following formulas, we can determine the break-even point in units and dollars.
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 632,000 / (5 - 3)
Break-even point in units= 316,000 units
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 632,000 / (2/5)
Break-even point (dollars)= $1,580,000
A borrower has applied for a refinance on her property valued at $235,000. She currently has a HELOC with a $47,000 limit and currently owes $25,850. The borrower has applied for a first mortgage of $164,500. Which of the following LTV, CLTV, and HLTV are accurate based on this information?
a. 70% / 80%/ 95%
b. 70% / 83% / 100%
c. 70% / 81% / 90%
d. 75% / 80% / 91%
Answer:
c. 70% / 81% / 90%
Explanation:
Loan to Value ratio LTV is the ratio of borrowers principal loan balance to the appraisal value of the property. Combined Loan to Value Ratio CLTV is the ratio which considers the sum of all the loan taken on the property. High loan to Value ratio is the one which loan is exceeding by the value of borrowers home.
Kingsbury Manufacturing has net sales revenue of $850,000, cost of goods sold of $344,600, and all other expenses of $328,300. The gross profit percentage is closest to:
Answer:
56.46%
Explanation:
The computation of the gross profit percentage is shown below
Gross profit percentage is
= (Sales - cost of goods sold) ÷ (Sales) × 100
where,
Sales is $850,000
And, the cost of goods sold is $344,600
Now placing these values to the above formula
So, the gross profit percentage is
= ($850,000 - $344,600) ÷ ($850,000) × 100
= $505,400 ÷ $850,000 × 100
= 56.46%
On January 1, 2017, Eagle borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2017 through 2020.
Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020.
1. Eagle borrows $16,000 cash by signing a four-year, 5% installment note. Record the issuance of the note on January 1, 2017.
2. Record the payment of the first installment payment of interest and principal on December 31, 2017.
3. Record the payment of the second installment payment of interest and principal on December 31, 2018.
4. Record the payment of the third installment payment of interest and principal on December 31, 2019.
5. Record the payment of the fourth installment payment of interest and principal on December 31, 2020
Answer:
Issuance - January 1, 2017
Cash $16,000 (debit)
Note Payable $16,000 (credit)
December 31, 2017
Interest Expense $800 (debit)
Note Payable $3,712.19 (debit)
Cash $4,512.19 (credit)
December 31, 2018
Interest Expense $614.39 (debit)
Note Payable $3,897.80 (debit)
Cash $4,512.19 (credit)
December 31, 2019
Interest Expense $419.50 (debit)
Note Payable $4,092.69 (debit)
Cash $4,512.19 (credit)
December 31, 2020
Interest Expense $214.87 (debit)
Note Payable $4,297.32 (debit)
Cash $4,512.19 (credit)
Explanation:
The Loan Amortization Schedule is most appropriate way to solve all parts of this problem.
The first step to construction of the Amortization Schedule is to determine the payments made annually, PMT (interest and principal).
Using a Financial calculator, this can be determined as ;
Pv = $16,000
r = 5%
n = 4
Fv = $0
p/yr = 1
Pmt = ?
Thus PMT is $4,512.19.
Amortisation Schedule (Extracted from Financial Calculator)
2017
Principle Payment = $3,712.19
Interest Payment = $800
Balance = $12,287.81
Accounting Entries :
Interest Expense $800 (debit)
Note Payable $3,712.19 (debit)
Cash $4,512.19 (credit)
2018
Principle Payment = $3,897.80
Interest Payment = $614.39
Balance = $8,390
Accounting Entries :
Interest Expense $614.39 (debit)
Note Payable $3,897.80 (debit)
Cash $4,512.19 (credit)
2019
Principle Payment = $4,092.69
Interest Payment = $419.50
Balance = $4,297.32
Accounting Entries :
Interest Expense $419.50 (debit)
Note Payable $4,092.69 (debit)
Cash $4,512.19 (credit)
2020
Principle Payment = $4,297.32
Interest Payment = $214.87
Balance = $0
Accounting Entries :
Interest Expense $214.87 (debit)
Note Payable $4,297.32 (debit)
Cash $4,512.19 (credit)
Florida Keys Construction installs swimming pools. It calculates that warranty obligations are 3% of sales. For the year just ending, Florida Keys’ sales were $1,450,000. Previous quarterly entries debiting Warranty Expense totaled $28,700. Determine the estimated warranty expense for the year and make the journal entry necessary to bring the account to the needed balance.
Answer:
Dec. 31
Debit Warranty Expense 14,800
Credit Warranty Payable 14,800
Explanation:
Calculation to Determine the estimated warranty expense for the year
Based on the information given we were told that Florida Keys sales has the amount of $1,450,000 with 3% sales warranty obligation, and Florida keys as well had debit Warranty Expense of the amount of $28,700 this means that the Estimated warranty expense will be calculated as;
$1,450,000 * 3% =$43,500
$43,500-$28,700=$14,800
Therefore the Journal entry will be:
Dec. 31
Debit Warranty Expense 14,800
Credit Warranty Payable 14,800
Coronado, Inc. had net sales in 2017 of $1,493,700. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $329,800 debit, and Allowance for Doubtful Accounts $4,060 credit. If Coronado estimates that 9% of its receivables will prove to be uncollectible. Prepare the December 31, 2017, journal entry to record bad debt expense.
Answer:
December 31,
DR Bad Debt Expense $25,622
CR Allowance for Doubtful Accounts $25,622
Explanation:
The Allowance for Doubtful Accounts helps provide a sort of cushion for the business by accounting for potential bad debts for the business so that if bad debts occur, they are taken from this account and not the Receivables account.
Coronado estimates that 9% of receivables will be uncollectible so;
= 9% * 329,800
= $29,682
However, $4,060 is already in the account so the new balance that should be brought into the account to ensure that it totals $29,682 is;
= 29,682 - 4,060
= $25,622
Orion Flour Mills purchased a new machine and made the following expenditures:
Purchase price $ 59,000
Sales tax 5,200
Shipment of machine 840
Insurance on the machine for the first year 540
Installation of machine 1,680
The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash.
Required:
Record the above expenditures for the new machine. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
Orion Flour Mills
Debit Milling Machine $64,200
Credit Accounts Payable $64,200
To record the purchase of a new machine on account, terms n/30.
Debit Freight-in $840
Debit Insurance $540
Debit Machine Installation $1,680
Credit Cash Account $3,060
To record additional expenditure on the purchase.
Debit Milling Machine $2,520
Credit Freight-in $840
Credit Machine Installation $1,680
To record the cost of additional expenditure to the Milling Machine.
Explanation:
Using the journal to account for the acquisition of a new machine by Orion Flour Mills initially records the transactions after identifying the accounts involved, and the accounts to be debited and credited respectively.
The cost of the new machine includes the additional expenditure incurred for bringing it into use. The expenditure will include the shipment, sales tax, and installation costs. Insurance will be excluded as it is not incurred in order to bring the machine into use.
In 1200 BCE on this timeline, seashells are used to trade for a yard of linen. In this case, the seashells are used as a _______. Choose one: A. medium of exchange B. unit of account C. store of value D. all of the above
Answer:
D
Explanation:
I took the test
3. As the crisis in Venezuela deepened in late 2002 and early 2003, on January of 2003 the VEF was trading VEF1400/$. By February 1, it was trading at VEF1950/$ and was projected to be trade at 40% lower to the dollar by June 2003. a) What was the percentage change in January
Answer: 39.29%
Explanation:
For us to calculate the percentage change, we have to deduct the trading for VEF in January from the trading for VEF in February and then divide by VEF trading in January. This will be:
= (1950 - 1400)/1950
= 550/1400
= 0.3929
= 39.29%
The percentage change in January is 39.29%.
On August 1, Blossom Company buys 1,000 shares of BCN common stock for $44,100 cash. On December 1, the stock investments are sold for $45,700 in cash. Journalize the purchase and sale of the common stock
Answer and Explanation:
The Journal entry is shown below:-
1. Stock Investments Dr, $44,100
To Cash $44,100
(Being purchase of stock investment is recorded)
Here we debited the stock investment as the purchase is done and we credited the cash as it decreased the asset
2. Cash Dr, $45,700
To Stock Investments $44,100
To Gain on sale of stock Investments $1,600
(Being sale of stock investment is recorded)
Here we debited the cash as it increased the asset and we credited the stock investment and gain on sale of stock investment as there is a sale of common stock
Accounts payable are: Multiple Choice Amounts received in advance from customers for future services. Always payable within 30 days. Estimated liabilities. Amounts owed to suppliers for products and/or services purchased on credit. Not usually due on specific dates.
Answer:
Amounts owed to suppliers for products and/or services purchased on credit
Explanation:
Amounts owed to suppliers for products and/or services purchased on credit
Accounts Payable are due to a particular creditor when it order goods or services without paying immediately which means that you bought goods on credit.
Explain in your own words assertiveness and power distance as it relates to management. Provide your own examples. g
Explanation:
Manage an organization is a complex task, which must be performed by a leader with well-developed skills. Currently, in the globalized era, where there is an intense flow of information and an extremely competitive market, there are leadership characteristics that cannot be overlooked.
In centralized organizations, there is less flexibility in the organizational structure, and power is concentrated in the hands of the highest hierarchical level of the organization, it is what can be called distance of power, which is a type of autocratic leadership where there is no greater participation decision-making.
However, this characteristic is less and less recurrent in a market marked by cultural and technological interactions.
Business management by an autocratic leader is being replaced by assertiveness, which is the characteristic of a democratic leader, whose focus is on the inclusion of people, assistance and leadership aimed at creating an organizational culture based on ethical concepts, respect and reliability .
Therefore, in the current scenario, where companies have a highly valued social responsibility, leadership must be focused on the inclusion and appreciation of employees, creating a sense of unity and appreciation so that there is a positive work environment and increase their position in the market
Logan and Johnathan exchange land, and the exchange qualifies as like kind under § 1031. Because Logan's land (adjusted basis of $118,000) is worth $141,600 and Johnathan's land has a fair market value of $112,100, Johnathan also gives Logan cash of $29,500. a. Logan's recognized gain is $ . b. Assume that Johnathan's land is worth $127,440 and he gives Logan $14,160 cash. Logan's recognized gain is $ .
Answer:
A. 23,600
B. 14,160
Explanation:
land adjusted basis = $118,000
land worth = $141,600
fair market value of land = $112,100
Requirement A
Amount realized = Fair value + cash received
Amount realized = 112,100 + 29,500
Amount realized = 141,600
Less: adjusted basis = 118,000
Realized gain = 23,600
Note: Recognized gain is lower of cash received and realized gain
In this case, realized gain is lower so,
Logan's Recognized gain = 23,600
Requirement B
Amount realized = Fair value + cash received
Amount realized = 127,440 + 14,160
Amount realized = 141,600
less adjusted basis = 118,000
Realized gain = 23,600
Note: Recognized gain is lower of cash received and realized gain
In this case, cash received is lower So,
Logan's Recognized gain = 14,160
"A market maker enters a quote of $20.50 Bid; $21.00 Ask; with a size of "5 x 5" into the NASDAQ System. If a market order to buy is entered into the system for 1,500 shares, and this dealer's quote is matched, the market maker will be obligated to sell:"
Answer: 500 shares at $21.00
Explanation:
A market maker is one who buys and then sells security from which the stated market is made into, and using the account of the the firm. It should be noted that a market order to buy will have to be matched in sequence.
Therefore, if a market order to buy is entered into the system for 1,500 shares, and this dealer's quote is matched, the market maker will be obligated to sell 500 shares at $21.00.