Rhonda owns 50% of the stock of Peach Corporation. She and the other 50% shareholder, Rachel, have decided that additional contributions of capital are needed if Peach is to remain successful in its competitive industry. The two shareholders have agreed that Rhonda will contribute assets having a value of $200,000 (adjusted basis of $15,000) in exchange for additional shares of stock. After the transaction, Rhonda will hold 75% of Peach Corporation and Rachel's interest will fall to 25%. a. What gain is realized on the transaction

Answers

Answer 1

Answer:

$185,000

Explanation:

According to the given situation, the computation of gain is shown below:-

Recognized gain = Amount realized—stock - Adjusted basis of property transferred

= $200,000 - $15,000

= $185,000

Therefore, for computing the recognized gain we simply applied the above formula.

Hence, the gain realized on the transaction is $185,000


Related Questions

Josiah has operated a small mechanic shop for about two years. He has noticed that one employee is much better at welding than the others, another is better at diagnosing the problems with vehicles, and another is better at taking vehicles apart, removing the damaged parts, and then reinstalling the repaired or new parts. Because the business is growing and needs to be run more efficiently than it has in the past, Josiah is considering revamping job assignments. In the past he has let the employees chose what they want to do each day. Considering the abilities of his employees, what would be the best way for him to streamline his business

Answers

Answer:

(b) utilize job specialization

Explanation:

These are the options for the question;

(a) make the employee who can diagnose problems the manager

(b) utilize job specialization

(c) utilize job rotation

From the question, we are informed about how Josiah has operated a small mechanic shop for about two years.and how he was able to discover different area of specialization for his employees, in different areas such as welding, removal of the damaged parts, reinstallation of the repaired of new parts.

In this case of Considering the abilities of his employees, the best way for him to streamline his business is utilize job specialization.

Job specialization brings effectiveness as well as efficiency, it is the process in which the employees are able to concentrate on a specific area of the job and allow then to carry the specific role effectively. Job specialization helps in division of task among employee and it increase production as well time management.

According to the Law of Supply and Demand, what will happen when supply increases?

A Quantity supplied will decrease
B Demand will decrease
C Productivity will decrease
D Prices will decrease

Answers

D when supply goes up prices go down

Which of the following are reasons that the short-run aggregate supply curve slopes upward?

Answers

Answer:

The short-run aggregate supply curve slopes upward because of all of the following reasons except a. in the short run, as prices of final goods and services increase, some firms are very slow to adjust their prices, thus their sales increase. b. in the short run, an unexpected change in the price of an important resource can change the cost to firms.

Hope this helps :)

Sandhill Company issued $396,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable semiannually on July 1 and January 1. Sandhill Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%. Prepare the journal entries to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a) The issuance of the bonds.
(b) The payment of interest and related amortization on July 1, 2020.
(c) The accrual of interest and the related amortization on December 31, 2020.

Answers

Answer:

01-Jan-20

Dr Cash 403,920

Cr Premium on Bonds Payable $7,920

Cr Bonds Payable $396,000

01-Jul-20

Dr Interest Expense $19,602

Dr Premium on Bonds Payable $198

Cr Cash 19,800

31-Dec-20

Dr Interest Expense $19,602

Dr Premium on Bonds Payable $198

Cr Interest Payable $19,800

Explanation:

A. Preparation of Journal entry for the issuance of the bonds

01-Jan-20

Dr Cash 403,920

($396,000 x 102/100)

Cr Premium on Bonds Payable $7,920

(403,920-396,000)

Cr Bonds Payable $396,000

(To record issuance of bond)

B. Preparation of the Journal entry for the payment of interest and related amortization on July 1, 2020.

01-Jul-20

Dr Interest Expense $19,602

(19,800- 198)

Dr Premium on Bonds Payable $198

($ 7,920 / 40 semi annual payments)

Cr Cash 19,800

($396,000 x 10% x 6/12)

(To record interest payment)

C. Preparation for he accrual of interest and the related amortization on December 31,

31-Dec-20

Dr Interest Expense $19,602

(19,800- 198)

Dr Premium on Bonds Payable $198

($ 7,900 / 40 semi annual payments)

Cr Interest Payable $19,800

($396,000 x 10% x 6/12)

(To record interest accrual)

HELP ASAP!!! ! Suppose the government raises taxes on the profits of oil companies. we should expect which of the following? A less innovation in the production of oil and therefore higher oil prices. B The price of oil to be unchanged. C Oil companies will increase production in an attempt to increase revenue. D None of the above will happen.

Answers

Answer:

sdedcfgrtgf

Explanation:

gtgtgtgtgtgtgtgtgtgtgt

The CEO would like to see higher sales and a forecasted net income of $1,000,000. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization increase by 6% and interest expenses will increase by 5%. The tax rate, which is 40%, will remain the same. (Note that while the tax rate remains constant, the taxes paid will change.) What level of sales would generate $1,000,000 in net income? If necessary, round your answer to the nearest dollar at the end of the calculations.

Answers

Answer:

The numbers are missing, so I looked for a similar question, but the ones I found had different numbers. I hope it can help you understand how to solve this one:

Hermann Industries is forecasting the following income statement:

sales $8,000,000 operating costs excluding depr & amort. 4,400,000 EBITDA $3,600,000 depreciation & amortization 800,000 EBIT 2,800,000 Interest 600,000 EBT 2,200,000 Taxes (40%) 880,000 Net income 1,320,000

The CEO would like to see higher sales and a forecasted net income of 2,500,000. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization and interest expenses will increase by 10%. the tax rate, which is 40%, will remain the same. what level of sales would generate 2,500,000 in net income?

We have to first calculate net income before taxes:

net income = net income before taxes x 60%

net income before taxes = $2,500,000 / 0.6 = $4,166,667

now, net income before taxes = EBIT - interests

$4,166,667 = EBIT - ($600,000 x 110%)

EBIT = $4,166,667 + $660,000 = $4,826,667

now it's EBITDA turn:

EBITDA = EBIT + depreciation and amortization

EBITDA = $4,826,667 + ($800,000 x 110%) = $5,706,667

finally:

total sales = EBITDA + operating costs excluding depr & amort., we can replace total sales by X

X = EBITDA + 0.55X

0.45X = $5,706,667

X = $5,706,667 / 0.45 = $12,681,482.22 ≈ $12,681,482

sales level that will result in a $2,500,000 net income = $12,681,482

6. Blackberry announces that they are going bankrupt within the next 6 months. What happens to the demand for Blackberry
phones?

Answers

Your mom lol yahahajahahahahahahj

Richards Corporation uses the weighted-average method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 88,000 units, 70% complete as to materials and 20% complete as to conversion. Units started and completed: 266,000. Units completed and transferred out: 354,000. Ending Inventory: 34,000 units, 40% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process - Conversion: $79,700. Costs incurred in October - Direct Materials: $646,800. Costs incurred in October - Conversion: $919,300. Calculate the equivalent units of materials.

Answers

Answer:

$1.86072 per unit

Explanation:

Equivalent unit of material = Units completed and transferred out + Ending Inventory

Equivalent unit of material = 354,000 + (34,000*40%)

Equivalent unit of material = 354,000 + 13,600

Equivalent unit of material = 367,600

Cost per equivalent unit of material = ($37,200 + $646,800) / 367,600

Cost per equivalent unit of material = $684,000 / 367,600 units

Cost per equivalent unit of material = $1.86072 per unit

Exercise 10-19 (LO. 4) Candlewood LLC started business on September 1, and it adopted a calendar tax year. During the year, Candlewood incurred $6,500 in legal fees for drafting the LLC's operating agreement and $3,000 in accounting fees for tax advice of an organizational nature, for a total of $9,500 of organizational costs. Candlewood also incurred $30,000 of preopening advertising expenses and $24,500 of salaries and training costs for new employees before opening for business, for a total of $54,500 of startup costs. The LLC wants to take the largest deduction available for these costs. If required, round any division to six decimal places and use in subsequent computations. Round your final answers to the nearest dollar. How much can Candlewood deduct as organizational expenses

Answers

Answer:

deduction for organizational expenses = $5,000

Explanation:

Since the total startup costs are over $50,000 then the company's deduction will be lower. Generally speaking, a company can deduct up to $5,000 in organizational an startup costs ($5,000 each). But if the costs are over $50,000, then your deduction will be reduced by $1 for each dollar over that threshold.

In this case, organizational costs were $9,500, so they can deduct $5,000 during the first year and $4,500 will be amortized over the next 15 years. Startup costs are $54,500, which means that they can only deduct $5,000 - ($54,500 - $50,000) = $500 during the first year. The remaining $54,000 must be amortized over a 15 year period. Total deduction during the first year = $5,000 + $500 = $5,500

Third Parties In General (not Just With Health Care) Are Inefficient Because
a) its not their money
b) it means a large bureaucracy
c) it aways involves insurance
d) all above

Answers

Answer:

Third Parties In General (not Just With Health Care) Are Inefficient Because

b) it means a large bureaucracy.

Explanation:

Ordinarily, in an efficient market, there are no third parties.  The market participants remain buyers and sellers.  They are aided in their business dealings and for the determination of prices during the exchange by the invisible hand.  It is the invisible hand that ensures the existence of market equilibrium between demand and supply.  If this invisible hand is removed and a third party comes in to regulate the market and the activities of the market participants, usually the government, it implies that bureaucracy will increase.  It has been established that decisions made by the state are not always efficient because more costs are added to the decision-making process.

Fandry Company has obtained the following data concerning a new product: Production Costs, Using traditional costing method $3.00 per unit Production Costs, Using activity-based costing method $5.00 per unit Nonproduction Costs, Using activity-based costing method $2.50 per unit Fandry Company wants the price of the new product to cover all costs plus a 100% markup. The production process used for the low volume product is very complicated and it has a higher proportion of indirect costs than direct costs. What price per unit should Fandry Company charge for the new product

Answers

Answer:

$15.00 per unit

Explanation:

Calculation for the price per unit that Fandry Company should charge for the new product

Using this formula

Price per unit for new product =Production Costs, Using traditional costing method per unit ×

Production Costs, Using activity-based costing method per unit

Let plug in the formula

Price per unit for new product=$3.00 per unit ×$5.00 per unit

Price per unit for new product=$15.00 per unit

Therefore the price per unit that Fandry Company should charge for the new product will be $15.00 per unit

Suppose a firm’s managers receive bonuses that increase with the size of the firm’s ROE, which was 30% last year and is forecasted to remain at this level during the coming year provided the firm takes on no new expansion projects. Its cost of capital is 10%. Now the firm has the opportunity to make a new investment that promises 20% return on invest capital. Which of the following statements is not correct?a. The example in this question demonstrates the serious weakness in using ROE as the primary criterion in setting executive compensation.b. The new project should be rejected because, if it is accepted, the firm's ROE will decline from 30% because the new ROE will be a weighted average of the old 30% and the 20% returns on the new investment.c. The new project should be accepted because it expected return exceeds the cost of the capital that will be used to finance it.

Answers

Answer:

.b. The new project should be rejected because, if it is accepted, the firm's ROE will decline from 30% because the new ROE will be a weighted average of the old 30% and the 20% returns on the new investment

Explanation:

ROE means return on equity

ROE = Net income / shareholders equity

A project should be undertaken if the ROE of the project is greater than the cost of equity

Many companies have a _____ that their employees are responsible for abiding by. code of unethics code of ethics set of rules set of laws

Answers

Answer:

Code of Ethics

Explanation:

Answer: B) code of unethics

Explanation:

Paul White, the CFO of Crane Automotive, Inc., is putting together this year's financial statements. He has gathered the following balance sheet information: The firm had a cash balance of $23,015, accounts payable of $163,257, common stock of $313,000, retained earnings of $512,159, inventory of $212,300, goodwill and other assets equal to $78,656, net plant and equipment of $713,500, and short-term notes payable of $21,115. It also had accounts receivable of $141,258 and other current assets of $11,223. How much long-term debt does Crane Automotive have

Answers

Answer: $170,421

Explanation:

Using the Accounting equation;

Assets = Liabilities + Equity

Assets = Cash + Inventory + Goodwill and other assets + Net plant and equipment + Accounts receivable + Other current assets

= 23,015 + 212,300 + 78,656 + 713,500 + 141,258 + 11,223

= $1,179,952

Equity

= Common stock + Retained earnings

= 313,000 + 512,159

= $‭825,159‬

Liabilities = Assets - Equity

Current Liabilities + Long term debt = Assets - Equity

Long term debt = Assets - Equity - Current Liabilities

= 1,179,952 - ‭825,159‬ - (163,257 + 21,115)

= $170,421

When Padgett Properties LLC was formed, Nova contributed land (value of $358,500 and basis of $89,625) and $179,250 cash, and Oscar contributed cash of $537,750. Both partners received a 50% interest in partnership profits and capital. a. How is the land recorded for § 704(b) book capital account purposes? For § 704(b) book capital account purposes, Padgett records the land at $ 358,500 . b. What is Padgett's tax basis in the land? $ 89,625 c. If Padgett sells the land several years later for $537,750, how much tax gain will Nova and Oscar report? Nova reports a $ gain and Oscar's gain is $ 89,625 .

Answers

Answer:Amount of Nova and Oscar's gain=$492,937.50

Explanation:

a)According to  Land recorded for   § 704(b) book capital account purposes, Land is  recorded at fair market value. With this, the Padgett properties should record the land at $358,500

b)From the question, it is given that the  basis of land is  $89,625. Therefore, the Padgett Properties LLC's tax basis in the land is $89,625.

c)Amount of Nova and Oscar's gain.

Fair market value of Land         $358,500

Basis of land                                  $89,625  

total                                              $ 448,125

but Gain =  Selling price of land - Fair value of Land  x interest in partnership profits and capital  

= $537,750 - ($358,500+$89,625 )

=($537,750 - $448,125 )  x 50% =$44,812.50

Total gain                   $448,125 + $44,812.50 =$492,937.50

motors are packaged for sale in a certain warehouse. The motors sell for $100 each, but a double-your-money-back guarantee is in effect for any defectives the purchaser may receive (i.e. the seller pays buyer $200 for any defective item). Find the expected net gain for the seller if the probability of any one motor being defective is 0.08. (Assume that the quality of any one motor is independent of that of the others.) Show all work by defining the variables of interest and its distributions.

Answers

Answer:

$840

Explanation:

the question misses an important detail, number of motors.

I used 10 as the total number of cars. from the solution i believe you would be able to solve any other problem of this sort yourself.

n = 10

p = 1-probability of any 1 motor being defective

= 1-0.08

= 0.92

going further in solving this problem, i will use the binomial distribution

we have expected value as;

Σxp(x)

= $100 x p(of 100) - $100 x p(of losing 100)

= 100(0.92) - 100(0.08)

= 92 - 8

= $84

from here we multiply 84$ by n

remember n =  total number of cars = 10

10 x $84

= $840

Jacqul makes $35 an hour working as an accounting assistant. She works 40 hours each month.

Answers

Answer:

35x40=1,400

Explanation:

jacqul will make 1,400 dollars per month or 16,800 a year

Answer:

9800

Explanation:

35x40=1400

1400x7=9800

The following disclosures (excerpted) are from the September 2, 2018, annual report of Costco Wholesale Corporation.

The Company generally recognizes sales, net of returns, at the time the member takes possession of merchandise or receives services. When the Company collects payments from members prior to the transfer of ownership of merchandise or the performance of services, the amounts received are generally recorded as deferred sales, included in other current liabilities in the consolidated balance sheets, until the sale or service is completed. The Company reserves for estimated sales returns based on historical trends in merchandise returns and reduces sales and merchandise costs accordingly. The Company accounts for membership fee revenue, net of refunds, on a deferred basis, ratably over the one-year membership.

The Company’s Executive members qualify for a 2% reward on qualified purchases (up to a maximum reward of approximately $1,000 per year), which can be redeemed only at Costco warehouses. The Company accounts for this reward as a reduction in sales. The sales reduction and corresponding liability (classified as accrued member rewards in the consolidated balance sheets) are computed after giving effect to the estimated impact of non-redemptions, based on historical data. The net reduction in sales was $1,394, $1,281, and $1,172 in 2018, 2017, and 2016, respectively.


Revenue Sept. 2, 2018 Sept. 3, 2017 Aug. 28, 2016
($ millions)

Net Sales $138,434 $126,172 $116,073
Membership fees 3,142 2,853 2,646
Total revenue $141,576 $129,025 $118,719


Current Liabilities ($ millions) Sept. 2, 2018 Sept. 3, 2017

Accounts payable $11,237 $9,608
Accrued salaries and benefits 2,994 2,703
Accrued member rewards 1,057 961
Deferred membership fees 1,624 1,498
Other current liabilities 3,014 2,725
Total current liabilities $19,926 $17,495

Which of the following statements best explains in layman terms how Costco accounts for the cash received for its membership fees?

a. Because Costco does not know how many of its members will continue to the end of the year, cash received from members is recorded as a liability and recognized as revenue only at year-end.
b. When it receives cash, the company records it as a current liability. Then, it recognizes revenue evenly over the year.
c. The company records revenue when the cash is received.
d. Because Costco has a refund policy, the company records revenue when the cash is received, less an allowance for expected membership terminations.

Answers

Answer:

Which of the following statements best explains in layman terms how Costco accounts for the cash received for its membership fees?

b. When it receives cash, the company records it as a current liability. Then, it recognizes revenue evenly over the year.

Explanation:

The first part of the question clearly states that Costco reports membership fees as unearned revenue. As time passes, and the fees are accrued, it recognizes them as earned revenue. Since the membership fees last for a year, Costco recognizes the revenue associated to them evenly throughout the whole year.

Membership fees are not static, as some fees expire, new ones are received. That is why the membership fees account does not vary significantly during the year, but instead it should follow a relatively stable path.

On January 1, 2020, Pearl Company makes the two following acquisitions.
1. Purchases land having a fair value of $360,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $606,621.
2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $560,000 (interest payable annually). The company has to pay 11% interest for funds from its bank.
(a) Record the two journal entries that should be recorded by Pearl Company for the two purchases on January 1, 2020.
(b) Record the interest at the end of the first year on both notes using the effective-interest method.

Answers

Answer:

a) journal entry to record land purchase

January 1, 2020

Dr Land 360,000

Dr Discount on notes payable 246,621

    Cr Notes payable 606,621

journal entry to record purchase of equipment

January 1, 2020

Dr Equipment 444,725.96

Dr Discount on notes payable 115,274.04

    Cr Notes payable 560,000

present value of $560,000 using bank interest rate = $560,000 / 1.11⁸ = $242,998.84

annual interest payment = $560,000 x 7% = $39,200

PV of annuity = $39,200 x 5.1461 (PV annuity factor, 11%, 8 periods) = $201,727.12

total present value of notes payable = $242,998.84 + $201,727.12 = $444,725.96

discount on notes payable = $560,000 - $444,725.96 = $115,274.04

b) interest expense for the first notes payable (used to purchase land) = $360,000 x 11% = $39,600

December 31, 2021, accrued interest expense on notes payable 1

Dr Interest expense 39,600

    Cr Discount on notes payable 39,600

interest expense for the second note

interest expense = $444,725.96 x 11% = $48,919.86

cash paid = $560,000 x 7% = $39,200

discount on notes payable = $48,919.86 - $39,200 = $9,719.86

December 31, 2021, accrued interest expense on notes payable 2

Dr Interest expense 48,919.86

    Cr Cash (or interest payable) 39,200

    Cr Discount on notes payable 9,719.86

Four finalists have been selected for a job as a travel agent. Which candidate will most likely get the job?
O Daniel, who has an associate's degree in hospitality and tourism management and has traveled around the world
for recreational purposes.
O Susan, who has a certificate in reservation systems used by travel agencies and has completed a six-month
internship at a travel agency
O Robert, who has a bachelor's degree in hospitality and tourism management and has completed a six-month
internship at a travel agency
O Stephanie, who has a high school diploma, experience traveling, and has worked as a part-time assistant at a
local travel agency for three years.

Answers

Answer:

A

Explanation:

plz brainlest

Among the four finalists, the candidate who has been chosen as one for the role of the travel agent is Daniel who has an associate's degree in hospitality and tourism management and has traveled around the world. Hence, option A is appropriate.

What is the role of a Travel Agent?

The role of a travel agent is very important nowadays, especially in times when the whole world is reeling under pressure and continuous understanding of things. The most important development over here has to be understood in a variety of ways. The most important of the following things is to clearly understand the notion and understanding of the place where one is targeted to go.

The other most important thing regarding the role of the Travel agent is to carefully understand the requirements of the customers who are willing to travel. To arrange for their own needs and also to make a requisite number of arrangements for the following things.

The other most important thing regarding the role of travel agents is to carefully supervise the hotels, and the travel accommodations- i.e, the transportation and all. The Role of a travel agent is to properly arrange a packaged tour for the same.

Learn more about the role of travel agents here:

https://brainly.com/question/22212490

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1. (30 points) Please elaborate what will happen to Net Earnings to Sales and Net Earnings to Total Book Assets when you observe these trends. (a) and (b) are separate unrelated circumstances. a) Sales increased by a total of 30% in the prior three years, while Days of Sales in Inventories increased also by 30% in each of these three years. Costs of Goods Sold to Sales remained constant. b) Gross property, plant, and equipment increased by a total of 30% during the prior three years. Operating and administrative expense increased relative to sales by 30% in the prior three years. Sales remained constant. Costs of goods sold to sales remained constant. ANSWER:

Answers

Answer:

Impact on Net Earnings to Sales and Net Earnings to Total Book Assets:

a) A company's Net Earnings to Sales and Net Earnings to Total Book Assets will increase due to the 30% increase in sales.  This result will be different with an increase by a similar margin in the Cost of Goods Sold.

b) Net Earnings to Sales and Net Earnings to Total Book Assets will decrease by 30% as a result of the increase in Property, Plant, and Equipment, because this increase also increased the operating and administrative expense (depreciation), even though Sales and Cost of Goods Sold remained constant.

Explanation:

The net earnings to sales is an expression of the ratio of the net income to the sales revenue.  The net earnings result after deducting all costs from sales revenue.  The net earnings to total book assets are the same expression as the Return on Assets.

7. What is not an example of a spending mistake?
A Paying only the minimum payments on your credit card each month.
B Spending more than you make.

C Paying all of your bills on time. W
D Paying your cable bill late.

Answers

C even though it a liability still but a roof over your head

The cost C and the revenue R for a brokerage firm depend on the number T of transactions executed. (Both C and R are measured in dollars.) It costs $730 per day to keep the office open, and brokers are paid an average of $25 per transaction. Also, $35 in fees are collected for each transaction. (a) Find a formula that gives C as a function of T. C(T) = (b) Find a formula that gives R as a function of T. R(T) = (c) Find the number of daily transactions that are needed to make the revenue $1200 more than the cost. 33 daily transactions

Answers

Answer:

C(T) = $730 + $25T

R(T) = $35T

T = 193 transactions

Explanation:

Given that:

C = cost ; R = revenue ; T = number of transactions

Amount paid per transaction = $25

Cost keeping office open = $730

Amount collected on each transaction = $35

(a) Find a formula that gives C as a function of T.

C(T) = Cost of keeping office open + (cost per transaction × number of transactions)

C(T) = $730 + $25T

(b) Find a formula that gives R as a function of T.

R(T) = (Amount collected per transaction * number of transactions)

R(T) = $35T

(c) Find the number of daily transactions that are needed to make the revenue $1200 more than the cost.

R = C + 1200

Substitute the value of R and C into the equation:

35T = 730 + 25T + 1200

35T - 25T = 730 + 1200

10T = 1930

T = 1930 / 10

T = 193 transactions

Ahmed knows the bakery must make at least 6 and at most 48 batches of the Chocolate Decadence. The bakery must also make between 3 and 42 batches of the Mint Breezes. The batches of Chocolate Decadence take 7 minutes in the oven, while batches of Mint Breezes require 8 minutes in the oven. The bakery only has 392 minutes in the oven available. If batches of Chocolate Decadence generate $2.56 in income, and batches of Mint Breezes generate $1.29, how many batches of the pies should Ahmed have the bakery make to get the most income

Answers

Answer:

Ahmed must bake 48 Chocolate Decadence pies and 7 Mint Breezes pies in order to get the maximum possible profit = $131.91

Explanation:

let x = chocolate decadence

let y = mint breezes

maximize revenue equation = 2.56x + 1.29y

the constraints are:

7x + 8y ≤ 392

x ≥ 6

x ≤ 48

y ≥ 3

y ≤ 42      

using solver, profits are maximized when 48x + 7y = $131.91

Foote Company recorded a purchase discount of $200 on merchandise the company had purchased on account a few days ago. Foote uses the perpetual inventory system. Which of the following answers reflects the effects of this event on the financial statements? Balance Sheet Income Statement Statement of Cash Flows Assets = Liabilities + Stockholders’ Equity Revenue − Expense = Net Income A. n/a (200) 200 200 n/a n/a 200 OA B. n/a (200) 200 200 n/a 200 n/a C. (200) (200) n/a n/a n/a n/a (200) OA D. (200) (200) n/a n/a n/a n/a n/a

Answers

Answer:

B. n/a (200) 200 200 n/a 200 n/a

Explanation:

A purchase discount is a contra-expense account which has a credit balance. Expenses have normal debit balances, so a credit balance will decrease the expenses incurred by the company.

E.g. you paid $100 within the discount period (2% discount)

Dr Accounts payable 100

    Cr Cash 98

    Cr Purchase discounts 2

This transaction doe snot affect assets, but it will decrease liabilities by $200 and increase R.E. by $200. Since this is a contra expense account, it will increase revenue and net income. It doesn't generate any additional cash flows.

What is a sales lead?
A. An employee on the customer service team who deals with existing customers
B. A sales person who works on a residual commission structure
C. An expert in Maslow's hierarchy of needs
D. A potential customer who has shown interest in the company's product
Please select the best answer from the choices provided

Answers

Answer:

D.

A potential customer who has shown interest in the company's product

Explanation:

edge. 2021

A potential customer who has shown interest in the company's product is a sales lead. Thus, option D is correct.

What is a sales lead?

A possible sales relationship, person, or business that indicates interest in your services or products is known as a sales lead. Leads are often acquired through being referred by an existing client or by responding directly to press or promotion.

The phrase refers to a prospective buyer who now has taken part mostly in the company’s products. This indicates that if a purchaser is offered the right incentives and incentives, he may readily sign up as a client of the business.

Where the person has shown interest in buying the product therefore this person will be considered a prospective consumer. Therefore, option D is the correct option.

Learn more about sales lead, here:

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CostPercent Complete Materials costs$ 5,80050% Conversion costs$ 6,50030% A total of 7,700 units were started and 6,600 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Materials costs$ 85,300 Conversion costs$ 168,000 The ending inventory was 70% complete with respect to materials and 10% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to:

Answers

Answer:

$11.49

Explanation:

The computation of cost per equivalent unit for materials for the month in the first processing department is shown below:-

Equivalent units for materials

= Units completed and transferred out + Units in ending inventory

 (6,600 × 100%) + ((800 + 7,700 - 6,600) × 70%)

= 6,600 + $1,330

= 7,930 units

Cost per equivalent unit for materials

= (5,800 + $85,300) ÷ 7,930

= $11.49

Streamsong Credit Bank is offering 5.4 percent compounded daily on its savings accounts. Assume that you deposit $5,100 today. a. How much will you have in the account in 6 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year.) b. How much will you have in the account in 12 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year.) c. How much will you have in the account in 24 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year.)

Answers

Answer & Explanation:

a. How much will you have in the account in 6 years?

The formula for Compound Interest is;

= Amount deposited ( 1 + rate)^no of periods

Rate is a yearly rate so daily rate is;

= 5.4%/365

No. of periods;

= 365 * 6

= 2,190‬ days

= 5,100 * ( 1 + 5.4%/365)^2,190

= $7,051.33

b. How much will you have in the account in 12 years?

No. of periods = 365 * 12

= ‭4,380‬ days

= 5,100 * ( 1 + 5.4%/365)^4,380

= $9,749.27

c. How much will you have in the account in 24 years?

No. of periods = 365 * 24

= ‭8,760‬ days

= 5,100 * ( 1 + 5.4%/365)^8,760

= $18,636.92

Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $1,060,000. Lonergan needs approximately $640,000 to capitalize on a unique investment opportunity. On July 1, 2021, a local bank offers Lonergan the following two alternatives:

a. Borrow $640,000, sign a note payable, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the amount of receivables collected plus 9% interest on the unpaid balance of the note at the beginning of the period.
b. Transfer $690,000 of specific receivables to the bank without recourse. The bank will charge a 2% factoring fee on the amount of receivables transferred. The bank will collect the receivables directly from customers. The sale criteria are met.

Required:
1. Prepare the journal entries that would be recorded on July 1 for:

a. alternative a.
b. alternative b.

2. Assuming that 80% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for:

a. alternative a.
b. alternative b.

Answers

Answer and Explanation:

The Journal entry is shown below:-

1. a. Cash  Dr, $640,000

   To Notes Payable   $640,000

(Being notes payable is recorded)

b. Cash   Dr, $676,200

Loss on transfer of receivable Dr, $13,800  ($390,000 × 2%)

       To Account receivable  $690,000

(Being accounts receivable is recorded)

2. a. Cash  Dr, 848,000

      To Account Receivable  $848,000 ($1060,000 × 80%)

(Being account receivable is recorded)

b. Cash  Dr, $158,000  ($1060,000 × 80%) - $690,000

To Account Receivable   $158,000

(Being account receivable is recorded)

Jason sell appliances at Best Buy. He earns 12% on his total sales for the
week. Last week he made $690.48, what were his total sales for the week?
$3246.38
$1380.96
$5754
$7234.98

Answers

Answer:

$5754

Explanation:

Jason earns a 12% commission on total sales.

If he earned $690.48 last week, it means that 690.48 was equivalent to 12% of total sales.

i.e., 690.48 = 12% of total sales

Total sales = 100%

If 12% = 690.48

100% =690.48/12 x 100

=57.54 x 100

=$ 5,754

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