The December 31, 2021 balance sheet accounts of the Apple Company are shown here in alphabetical order:
Accounts payable $ 22,400 Current taxes payable $10,400
Accounts receivable 21,500 Discount on bonds payable 6,900
Accumulated depreciation: buildings 53,000 Equipment 72,400
Accumulated depreciation: equipment 35,100 Inventory 37,200
Additional paid-in capital on Land 30,000
common stock 24,000 Marketable securities (short-term) 6,100
Additional paid-in capital on Patents (net) 9,800
preferred stock 11,500 Preferred stock, $100 par 21,000
A]lowance for doubtful accounts 800 Retained earnings 46,200
Bonds payable (due 2021) 77,000 Salaries payable 2,000
Buildings 144,000 Trademarks 2,600
Cash 2,900
Common stock, $10 par 30,000
REQUIRED:
Prepare the December 31, 2021 Classified Balance Sheet of the Apple Company in proper form
Answers
APPLE COMPANY
Classified Balance Sheet
December 31, 2021
ASSETS
Current assets:
Cash $ 2,900
Accounts receivable 21,500
Inventory 37,200
Marketable securities (short-term) 6,100
Total current assets $ 67,700
Property, plant, and equipment:
Buildings $144,000
Less: Accumulated depreciation (53,000)
Equipment 72,400
Less: Accumulated depreciation (35,100)
Net property, plant, and equipment $128,200
Other assets:
Land (net) $ 30,000
Patents (net) 9,800
Trademarks 2,600
Total other assets $ 42,400
Total assets $238,300
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 22,400
Current taxes payable 10,400
Salaries payable 2,000
Total current liabilities $ 34,800
Long-term liabilities:
Bonds payable (due 2021) $ 77,000
Discount on bonds payable (6,900)
Total long-term liabilities $ 70,100
Total liabilities $104,900
Stockholders' equity:
Common stock, $10 par $ 30,000
Preferred stock, $100 par 21,000
Additional paid-in capital on
Common stock and Preferred stock 61,500
Retained earnings 46,200
Total stockholders' equity $158,700
Total liabilities and stockholders' equity $238,300
Related Questions
On May 2, 1988, Hannah Weather (Social Security Number: 111-22-3333) acquired residential rental real estate for $450,000. Of the cost, $100,000 was allocated to the land and $350,000 to the building. On August 20, 2017, the building, which then had an adjusted basis of $0, was sold for $545,000 and the land for $200,000. a. Determine the amount and character of the recognized gain from the sale of the building.
b. Determine the amount and character of the recognized gain from the sale of the land. c. Complete a Form 4797 for these transactions. Assume that there are no § 1231 lookback losses.
Answers
a) The transaction involved the sale of both a building and land by Hannah Weather.
b) The recognized gain from the sale of the building is $545,000, and the recognized gain from the sale of the land is $100,000.
c) We will need to complete Form 4797 to report these transactions to the IRS.
First, let's determine the amount and character of the recognized gain from the sale of the building.
In this case, the adjusted basis of the building was $0, which means that the entire sale price of $545,000 will be recognized as gain. This gain is considered a long-term capital gain because Hannah owned the building for more than one year before selling it.
The adjusted basis of the land is $100,000, which means that the recognized gain from the sale of the land is
=> $100,000 ($200,000 - $100,000).
This gain is also considered a long-term capital gain because Hannah owned the land for more than one year before selling it.
Lastly, we need to complete Form 4797 for these transactions. Form 4797 is used to report the sale of business property, which includes rental real estate. We will need to report the sale of both the building and the land separately on Form 4797.
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The balance sheet of Consolidated Paper, Incorporated, included the following shareholders’ equity accounts at December 31, 2023:
Paid-in capital:
Preferred stock, 7.5%, 98,000 shares at $1 par $ 98,000
Common stock, 484,800 shares at $1 par 484,800
Paid-in capital—excess of par, preferred 1,595,000
Paid-in capital—excess of par, common 2,645,000
Retained earnings 9,745,000
Treasury stock, at cost; 4,800 common shares (52,800)
Total shareholders' equity $ 14,515,000
During 2024, several events and transactions affected the retained earnings of Consolidated Paper.
Required:
Prepare the appropriate entries for these events:
On March 3, the board of directors declared a property dividend of 290,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $552,000). The investment shares had a fair value of $2 per share and were distributed March 31 to shareholders of record March 15.
On May 3, a 5-for-4 stock split was declared and distributed. The stock split was effected in the form of a 25% stock dividend. The market value of the $1 par common stock was $11 per share.
On July 5, a 1% common stock dividend was declared and distributed. The market value of the common stock was $11 per share.
On December 1, the board of directors declared the 7.5% cash dividend on the 98,000 preferred shares, payable on December 28 to shareholders of record December 20.
On December 1, the board of directors declared a cash dividend of $0.50 per share on its common shares, payable on December 28 to shareholders of record December 20.
Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Incorporated at December 31, 2024. Net
Required:
Note 20, “Share Repurchase,” provides the information we need to reconstruct the journal entry that summarizes Target’s share repurchases in the year ended February 1, 2020. Provide that entry.
Does Target account for share repurchases as (a) treasury stock or (b) retired shares?
Answers
Share repurchases are recorded as treasury stock by Target.
What is included in the shareholders equity portion of a corporation's balance sheet?Share capital plus retained earnings make up the stockholders equity account on the balance sheet, often known as shareholders equity. Also, it represents the distinction between the value of assets and liabilities.
What kind of capital have been paid in?Shares currently sell for $20 on the market. The total sum that investors have spent on either common or preferred shares is known as paid-in capital. As a result, the total paid-in capital is $40,000 ($4,000 for the shares' par value plus $36,000 for the excess capital over par).
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Do biblical principles sMeuhlhoff provided several different biblical strategies for dealing with conflict. Pick two methods discussed by Meuhlhoff.
Critique them on the basis of the theoretical information that you have learned in this course.
You are trying to answer the question, “Do biblical principles stand up against theoretical scrutiny?” Explain why or why not.tand up against theoretical scrutiny
Answers
There have been four main types of hermeneutics in the history of biblical interpretation: the moral, allegorical, literal, and anagogical
What are the fundamentals of biblical interpretation known as hermeneutics?There have been four main types of hermeneutics in the history of biblical interpretation: the moral, allegorical, literal, and anagogical Exacting understanding states that a scriptural text is to be deciphered by the "plain signifying" conveyed by its linguistic development and verifiable setting.
According to literal interpretation, a biblical text should be interpreted based on its grammatical construction and historical context, which convey its "plain meaning." It is believed that the authors intended for the literal meaning to match. Belief in the verbal inspiration of the Bible, which holds that the individual words of the divine message were chosen by God, is not always associated with this kind of hermeneutics. Extreme versions of this viewpoint are criticized for failing to adequately account for the distinct style and vocabulary of the various biblical authors. An influential biblical scholar from the fourth century who opposed what he saw as the excesses of allegorical interpretation, St. Jerome advocated for the literal interpretation of the Bible.
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(5140364)
-3-
BACKGROUND INFORMATION
You are the manager of SMK Civil Engineering Group and your company is located in
Midrand. The workforce consists of both permanent and temporary employees. Your
human resources and finance departments are the driving force of your company.
QUESTION 1: PRÉCIS
Content
10
Write a précis of not more than 100 words about the article on the ADDENDUM
(attached) that appeared in the Saturday Star. Use a different heading from the one in
the article and write down the number of words you used at the end of your paragraph.
Language
4
Coherence
4
N990(E) (N14-
Heading
1
Words
1 Summarise it
Answers
Article Summary: "New Addendum Regulations for SMK Civil Engineering Group" The Saturday Star featured an article about the new addendum regulations implemented by SMK Civil Engineering Group.
What is the central idea of "New Addendum Regulations for SMK Civil Engineering Group"?The article's main thesis is that SMK Civil Engineering Group has implemented new addendum regulations to enhance worker safety, job security, and fair labor practices, and that management of the business is dedicated to seeing to it that these regulations are followed. The piece highlights the value of employees becoming familiar with the changes and the substantial effect that these regulations will have on the business's operations.
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Is Hershey's resurgence based on a want or a need?
Answers
Answer:
Hershey’s resurgence is based on want because even though consumer frugality happened, they still find a way in order that the consumers will continue to purchase their product. People buy chocolates because it is their want to be satisfied on what they are craving for. Through that, Hershey comes up in making their product affordable so that consumers will buy what they want.
Explanation:
when a substantive analytical procedure is used as the principal substantive procedure for a significant financial statement assertion, the auditor should document blank .
Answers
When a substantive analytical procedure is used as the principal substantive procedure for a significant financial statement assertion, the auditor should document:
o any additional auditing procedures performed in response to significant differences identified
o the expectation and how it was developed
o results of the comparison of the expectation to the recorded amounts
To gather proof about specific assertions like account balances or categories of transactions, analytical processes are utilised as a substantive test. Analytical techniques may occasionally be more successful or effective than tests of specifics in accomplishing certain substantive testing goals.
Creating conclusive proof on the accuracy, existence, disclosure, rights, or valuation of assets and/or accounts on the financial statements is the goal of a substantive procedure, which can be a step-by-step process or a test.
The correct answer are options a, d and e.
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The question seems incomplete. The complete question is:
Select all that apply
When a substantive analytical procedure is used as the principal substantive procedure for a significant financial statement assertion, the auditor should document ______.
o any additional auditing procedures performed in response to significant differences identified
o conversations between the auditor and the audit committee concerning differences identified
o results of comparisons between the entity and industry competitors
o the expectation and how it was developed
o results of the comparison of the expectation to the recorded amounts
What are the 3 types of guards?
Answers
Answer:
Explanation:
fixed
adjustable
interlocked
The three main types of guards are:
Unarmed security guards: These are security guards who do not carry weapons and are primarily responsible for monitoring and reporting security issues. They may be stationed at entrances and exits, monitor surveillance cameras, and patrol the premises to deter criminal activity.Armed security guards: These are security guards who carry weapons such as firearms or batons, and are trained to use them in case of an emergency. They are typically deployed in high-risk areas where there is a greater risk of criminal activity or threats.Personal protection guards: These are security guards who provide protection and security for individuals, such as celebrities, politicians, or high-profile executives. They may work alone or as part of a larger security team, and are responsible for ensuring the safety and security of their clients.Each type of guard has its own unique responsibilities and requirements, and the specific duties of a security guard will vary depending on the type of guard and the employer.
Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 26,100 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $690,008 in total. The ending work in process inventory in January consisted of 3,400 units, which were 70% complete with respect to materials and 50% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows:
Materials Labor Overhead
Cost per equivalent unit $ 13.10 $ 4.40 $ 7.00
Required:
1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month.
2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January.
3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January.
4. Prepare a cost reconciliation for January. (Note: You will not be able to break the cost to be accounted for into the cost of beginning work in process inventory and costs added during the month.)
Answers
The cost accounted for ($710,350) are greater than the costs to be accounted for ($690,008), there is a favorable cost variance of $20,342 where equivalent units of materials is 3,400 units.
1. Equivalent units of materials:
= 2,380 + (3,400 x 30%)
= 2,380 + 1,020
= 3,400 equivalent units of materials
Equivalent units of labor:
= 1,700 + (3,400 x 50%)
= 1,700 + 1,700
= 3,400 equivalent units of labor.
Equivalent units of overhead:
= 3,400 x 50%
= 1,700 equivalent units of overhead
2. Cost of ending work in process inventory:
Materials: $44,540
Labor: $14,960
Overhead: $11,900
Total: $44,540 + $14,960 + $11,900 = $71,400
3. Cost of units transferred to the next department:
Total cost of units completed = (26,100 units x cost per equivalent unit for the month)
= (26,100 x $13.10) + (26,100 x $4.40) + (26,100 x $7.00)
= $340,410 + $114,840 + $182,700
= $638,950
4. Cost reconciliation for January:
Cost of units transferred to the next department = $638,950
Cost of ending work in process inventory = $71,400
Total costs accounted for = $638,950 + $71,400 = $710,350
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what are two common causes of postoperative wound evisceration? why might these causes lead to wound evisceration? 1 see answer add answer 10 pts
Answers
Postoperative wound evisceration is a rare but potentially life-threatening surgical complication characterized by the protrusion of internal organs through a surgical wound.
Two common causes of this complication include poor surgical technique and increased abdominal pressure. Poor surgical technique can result in inadequate closure of the wound, leading to wound dehiscence and eventual evisceration. Increased abdominal pressure, which can result from coughing, straining, or vomiting, can also cause wound dehiscence and evisceration by placing undue stress on the surgical incision site. Proper surgical technique, adequate wound closure, and careful management of postoperative complications can help prevent this dangerous and potentially fatal complication.
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Your client is planning to retire. She has accumulated $100,000 in a retirement annuity, and now wants to select the benefit option that will pay the largest monthly amount for as long as she lives. As her agent, you should recommend
A Joint and survivor.
B Straight life.
C Life income with period certain.
D Installment refund.
Answers
Answer: straight life
Explanation: she wants the most money per month
Straight life, would provide the client with the largest monthly amount for as long as she lives. The correct option is B.
A Straight life policy, also known as a Life only or Single life policy, is a type of insurance or annuity policy that provides a fixed income or benefit for the lifetime of the policyholder or annuitant.
Straight life policy focuses on maximizing the monthly payment but does not provide any guarantees for beneficiaries or a period certain. With the Straight life option, the annuity payments would cease upon the client's death.
Thus, the ideal selection is option B.
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Marketing plan for juice company
Answers
Answer: Marketing plan for a juice company.
Executive Summary:
This marketing plan outlines the strategy for the launch of a new juice company in the US market. The company will be offering high-quality, organic, and healthy juices that cater to the increasing demand for healthy beverages. The marketing plan aims to build brand awareness, increase sales, and establish a loyal customer base.
Target Market:
The target market for our juice company includes health-conscious individuals, fitness enthusiasts, and families who prioritize healthy eating habits. This demographic is primarily aged between 18-45 years, with an average income of $50,000-$100,000 annually.
Marketing Objectives:
To establish brand recognition and increase awareness among the target audience.To achieve a 15% market share in the organic juice market within the first year of operation.To achieve a monthly revenue of $50,000 within the first year of operation.To establish a loyal customer base with a repeat customer rate of 25%.Marketing Mix:
Product:
The company will offer a range of organic juices with no added sugar, preservatives, or artificial colors. The product line will include fresh, cold-pressed juices, smoothies, and juice shots in various flavors and sizes.
Price:
The pricing strategy will be based on the quality of the product and the target market's willingness to pay a premium for healthy and organic products. The pricing for the products will be set at a 10-15% premium compared to the competitors.
Place:
The company will primarily sell its products through e-commerce platforms and social media. The juice company will also establish partnerships with health and fitness centers, yoga studios, and organic food stores to reach a broader audience.
Promotion:
The promotional strategy will include a mix of online and offline marketing activities. Social media marketing campaigns, influencer marketing, and email marketing will be used to reach the target audience. The company will also participate in health and fitness events, sponsor local events, and collaborate with local organizations to create brand awareness.
Marketing Budget:
The company will allocate a budget of $100,000 for the first year of operation. The budget will be allocated as follows:
Social media marketing - $25,000Email marketing - $10,000Influencer marketing - $20,000Event sponsorships - $30,000Packaging and design - $15,000Evaluation and Control:
To evaluate the effectiveness of the marketing plan, the company will track the following metrics:
Sales revenueWebsite traffic and conversion rateSocial media engagement and reachCustomer feedback and reviewsConclusion:
The proposed marketing plan aims to establish a strong brand presence in the organic juice market and attract a loyal customer base. By focusing on the quality of the product, leveraging social media, and collaborating with local organizations, the company will differentiate itself from competitors and achieve its marketing objectives.
which points on the production possibilities curve show a level of production that would be achievable only through further growth of the company
Answers
Answer:
B and D is the answer.
Explanation:
SECTION A QUESTION MULTIPLE CHOICE 1 Choose the correct answer and write down only the correct letter in the ta provided. For Example: 1.1-A 111 Choose the correct formula of the accounting equation C. A. A QE L BOE-A-L C. L OE-A ADE-L 1.1.3. If the cost price of a product is R909, the mark up is 40%, the selling price will be A R1250 B. R360 D. 1.1.2. The price that is paid for goods that are bought for resale is called... price A cost 8 mark-up C profis D. selling CR2160 D. R540 1.1.4 if a i cheque counterfoll Invoice receipt credit note (1) WER SHEET (1
Answers
If the cost of a product is R 909 then the selling price, based on the markup would be d. R 1, 272.60.
The price that is paid for goods that are bought for resale is called the A. cost price.
How to find the selling price ?The markup is 40%, so we need to calculate 40% of the cost price, which is R909:
Markup amount = 0.40 x R909 = R363.60
Now, add the markup amount to the cost price to get the selling price:
Selling price = Cost price + Markup amount = R909 + R363.60 = R1272.60
So, the selling price of the product is R1, 272.60
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What are the six 6 security services?
Answers
The six main categories of security services are:
Access control: This includes measures such as key cards, biometric identification, and password protection to control who has access to a facility or system.Intrusion detection: This involves monitoring and detecting any unauthorized access or attempted intrusion into a system or facility.Surveillance: This includes using cameras and other surveillance tools to monitor activity and deter potential security breaches.Fire and life safety: This includes measures such as fire detection and suppression systems, emergency lighting, and emergency evacuation plans.Physical security: This involves physical barriers and security measures such as fences, gates, and locks to prevent unauthorized access to a facility.Cybersecurity: This includes measures to protect computer systems and networks from cyber threats such as viruses, malware, and hacking attempts.Overall, these security services are designed to work together to provide comprehensive protection against a wide range of potential threats and security risks. Depending on the specific needs of a facility or organization, different combinations of these services may be utilized to provide the most effective security measures.
why are some organizations more efficient and effective at what they do than others?
Answers
When an organization achieves its objective with the fewest amount of resources, money, and time, it is said to be operating efficiently.
Organizational effectiveness, on the other hand, is not time-oriented and focuses on attaining a goal by doing the right things. These two are measured differently by businesses.
These qualities make some organizations more efficient and effective at what they do than others.
Effectiveness?Efficiency is the maximum degree of performance that requires the fewest inputs and produces the greatest amount of output.
Efficiency calls for cutting back on the amount of unneeded resources, such as personal time and energy, utilized to generate a particular product.
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in the blank stage of the product life cycle, demand and sales increase, profits peak, and there are more competitors. multiple choice question. introduction growth maturity decline
Answers
In the growth stage of the product life cycle, demand and sales increase, profits peak, and there are more competitors.
In the Growth stage of the product life cycle, demand and sales increase, profits peak, and there are more competitors.What is the product life cycle?The product life cycle is a concept that explains the life cycle of a product. It explains the various stages that a product goes through from its development to its discontinuation. Each stage of the product life cycle has distinct characteristics and calls for distinct marketing tactics.
The various stages of the product life cycle are:Introduction stageGrowth stageMaturity stageDecline stageIn the Introduction stage of the product life cycle, the demand for the product is low and sales are slow. Profits are either non-existent or very low. There are generally only a few competitors.In the Growth stage of the product life cycle, demand and sales increase, profits peak, and there are more competitors.In the Maturity stage of the product life cycle, demand for the product starts to level off, sales slow down, and profits start to decline. There are a lot of competitors in the market.In the Decline stage of the product life cycle, demand for the product falls, sales decline, and profits decline. Competitors start to drop out of the market.
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Hi, please see attached screenshot thank you very much
Answers
Using the same format as the income statements provided, the contribution margin income statement for next year with expected sales of 30,000 units for each product would be:
Carvings
Mementos
Sales Variable costs
$ 1,200,000
960,000
$1,200,000
150,000
Contribution margin
840,000
1,050,000
Fixed costs
Income
125,000
$765,000
$925,000
How to explain the contribution marginIt should be noted tha the total sales revenue for each product decreases from $2,000,000 to $1,200,000 due to the decrease in sales volume. However, the unit selling price remains the same, so the variable cost per unit remains unchanged. As a result, the total variable costs for each product also decrease in proportion to the decrease in sales volume.
The contribution margin for Carvings decreases from $1,750,000 to $840,000, while the contribution margin for Mementos increases from $1,475,000 to $1,050,000. This is because Mementos have a higher contribution margin per unit, so a smaller decrease in sales volume has a smaller impact on the total contribution margin.
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PLEASE HELP ME !!! I will mark you brainiest but please answer correctly
After working on payroll, you decide to take inventory of what’s in the shop because your next order date is coming up soon. You will just focus on your inventory of flowers.
a) Use the following information to create your inventory record:
254 red roses currently; 48 sold this week
102 yellow roses currently; 12 sold this week
40 pink hydrangeas currently; 3 sold this week
164 white daisies currently; 52 sold this week
132 yellow daisies currently; 48 sold this week
144 orange daisies currently; 18 sold this week
86 pink lilies currently; 4 sold this week
102 white peonies currently; 24 sold this week
98 pink peonies currently; 36 sold this week
If your current rate of sales continues, in how many weeks will you run out of pink peonies and red roses, assuming that all flowers remain fresh? Use your spreadsheet to calculate the answer.
Answers
Answer:
To calculate the number of weeks until you run out of pink peonies and red roses, you need to use the following formula:
Number of weeks = Current inventory / Weekly sales
For pink peonies:
Current inventory = 98
Weekly sales = 36
Number of weeks until out of pink peonies = 98 / 36 = 2.72 weeks (rounded to the nearest whole number)
Therefore, you will run out of pink peonies in about 3 weeks.
For red roses:
Current inventory = 254
Weekly sales = 48
Number of weeks until out of red roses = 254 / 48 = 5.29 weeks (rounded to the nearest whole number)
Therefore, you will run out of red roses in about 5 weeks.
Note: This assumes that the current rate of sales remains constant and that no new inventory is received during this time.
Section C Question 3 You are the owner of a bookshop selling only school textbooks. Due to the number of new bookshops that entered the industry, your business is not growing anymore. As a matter of fact, business is declining You need to strategise if you want your business to be sustainable. Choose a diversification or differentiation strategy. Provide a detailed explanation of your choice by doing a critical analysis of the two strategies. [Total: 100]
Answers
The differentiation strategy offers a sustainable long-term solution to the bookstore's problem of declining business by creating a unique identity and value proposition that can attract and retain customers.
What is Sustainable?
"Sustainable" generally refers to practices or activities that can be maintained over a long period of time without causing harm to the environment, society, or economy. In other words, sustainable practices aim to meet the needs of the present without compromising the ability of future generations to meet their own needs. This term is commonly used in the context of environmental sustainability, such as sustainable agriculture, sustainable energy, and sustainable development, but can also be applied to social and economic sustainability.
Diversification refers to expanding the product line and offering new products to the existing customer base. In this case, the bookstore could explore expanding its product range beyond just school textbooks, such as including stationery, educational toys, or other academic resources. This approach could help attract new customers and increase revenue. However, it comes with risks such as investing in new products that may not be profitable or require significant investment in marketing and training.
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A contingent liability is:
Answers
Answer: Answer is below <3
Explanation: Contingent liability, sometimes referred to as indirect liability, is a responsibility that occurs based on the outcome of a particular event that provides coverage for losses to a third party for which the insured is vicariously liable.
In simple words, a contingent liability is a potential liability that may or may not become an actual liability depending on the outcome of future events.
25: equired: a. Journal Entries b. Cash Account 72 Supp Q. No. 9 Following transactions are given: Purchased goods worth Rs. 2,00,000 from Pant. Goods worth Rs. 6,000 returned to Pant. Purchased further goods worth Rs. 50,000 from Pant. Paid Rs. 2,40,000 to Pant in full settlement of Rs.2,44,000. equired: a Journal Entries b. Pant's Account 72 Set C Q.No. 9 Following transactions are given: PAID RS 240000 RO PANT IN FULL SETTLEMENT OF RS 244000
Answers
The journal entries for Pant's account would be:
Dr. Purchases 200,000
Cr. Pant 200,000
Dr. Pant 6,000
Cr. Purchase Returns 6,000
Dr. Purchases 50,000
Cr. Pant 50,000
Dr. Pant 244,000
Cr. Cash 240,000
Cr. Discount Allowed 4,000
The journal entries to the cash account would be:
Dr. Cash 240,000
Cr. Pant 244,000
How to make the journal entries ?When you purchase goods, you debit the Purchases account and credit the account of the supplier (in this case, Pant). This increases the Purchases account and creates a liability to pay Pant.
When you return goods to the supplier, you debit the supplier's account (Pant) and credit the Purchase Returns account. This transaction reduces the amount you owe to Pant and records the returned goods in the Purchase Returns account.
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Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company’s costs:
Fixed Cost per Month Cost per Car Washed
Cleaning supplies $ 0.80
Electricity $ 1,200 $ 0.15
Maintenance $ 0.20
Wages and salaries $ 5,000 $ 0.30
Depreciation $ 6,000
Rent $ 8,000
Administrative expenses $ 4,000 $ 0.10
For example, electricity costs should be $1,200 per month plus $0.15 per car washed. The company expects to wash 9,000 cars in August and to collect an average of $4.90 per car washed. The actual operating results for August are as follows:
Lavage Rapide
Income Statement
For the Month Ended August 31
Actual cars washed 8,800
Revenue $ 43,080
Expenses:
Cleaning supplies 7,560
Electricity 2,670
Maintenance 2,260
Wages and salaries 8,500
Depreciation 6,000
Rent 8,000
Administrative expenses 4,950
Total expense 39,940
Net operating income $ 3,140
Required:
Prepare a flexible budget performance report that shows the company’s revenue and spending variances and activity variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Answers
According to Lavage Rapide's flexible budget performance report from August, the company's revenue was off by $620F, total spending was off by $560U, activities were off by 1,400F, and the flexible budget was off by $460F.
How is a flexible budget performance report created?You choose key data based on the flexible budget formula when creating a performance report for the flexible budget. For instance, if your company's formula dictates that COGS should be 25% of sales, and those sales were $75k during the period, COGS should be $18,750.
Cleaning supplies variance = Actual Cleaning supplies - Flexible Budget Cleaning supplies
= $7,560 - ($0.80 x 8,800)
= $7,560 - $7,320
= $240 U
Electricity variance = Actual Electricity - Flexible Budget Electricity
= $2,670 - ($1,200 + $0.15 x 8,800)
= $2,670 - $2,775
= $105 F
Wages and salaries variance = Actual Wages and salaries - Flexible Budget Wages and salaries
= $8,500 - ($5,000 + $0.30 x 8,800)
= $8,500 - $8,170
= $330 U
Administrative expenses variance = Actual Administrative expenses - Flexible Budget Administrative expenses
= $4,950 - ($4,000 + $0.10 x 8,800)
= $4,950 - $4,900
= $50 U
Activity variances:
Flexible Budget Cars washed = Actual Cars washed x Flexible Budget per car washed
= 8,800 x $4.90
= $42,090
Net operating income variance = Actual Net operating income - Flexible Budget Net operating income
= $3,140 - $3,405
= $265 F
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for the majority of her career, cindy sherman has created photographic work where she took on various personas. many of these works illustrate how we relate to images of women based on...
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Throughout her career, Cindy Sherman has created photographic works where she took on various personas. Many of these works illustrate how we relate to images of women based on societal expectations, stereotypes, and cultural norms.
For the majority of her career, Cindy Sherman has created photographic work where she took on various personas. Many of these works illustrate how we relate to images of women based on gender roles, societal expectations, and cultural stereotypes.What does photographic work mean?Photography refers to the art, practice, and science of creating visual images by capturing light on a light-sensitive medium such as photographic film or an electronic image sensor using a camera. In other words, it is the method of capturing an image using a camera.Therefore, Cindy Sherman has been creating photographic work for the majority of her career, where she took on various personas.
What is persona?Persona refers to the aspect of someone's character that is shown to or perceived by others. It is a character that a person displays in public or to specific people to represent themself in a particular way.For the majority of her career, Cindy Sherman has been using various personas in her photographic work to highlight the societal expectations and cultural stereotypes associated with images of women. Her photographic works challenge the traditional depiction of women and how they have been portrayed in different media forms over time.She explores the ideas of femininity, beauty, and power by representing herself as different characters in her photographic works. Her work demonstrates how images of women have been shaped by society's expectations, gender roles, and cultural stereotypes.
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Over how many years is a residential income-producing property depreciated?
Answers
Conventionally, the majority of residential rental property in the United States depreciates at a rate of 3.636% year for a period of 27.5 years. Land cannot be depreciated; only the value of structures may be.
A residential income-producing property in the US is typically depreciated over 27.5 years for taxation purposes. The owner can write off a percentage of the property's value each year on their tax return to cover the property's steady deterioration over time. If the owner makes significant improvements or repairs to the property, the depreciation computation may need to be adjusted, and the asset's actual useful life may be longer or shorter than the 27.5-year depreciation term. Additionally, the depreciation time for commercial income-producing properties may be different from that for residential structures depending on a variety of factors, including the type of property and its intended use.
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How do job seekers find their best jobs?
Answers
Answer:
by watching vacancies in newspaper and social media
Explanation:
job seekers can find job their best jobs by watching the vacancies of job in social media or newspaper
Suppose a 95% confidence level for u has been constructed. If it is decided to take a larger sample and to decrease the confidence level of the interval, then what is the resulting interval width?
Answers
Answer:
be narrower than the current interval width
Explanation:
Use the following data: Purchase Costs Leasing Costs Down payment: $1,500 Security deposit: $500 Loan payment: $450 for 48 months Lease payment: $450 for 48 months Estimated value at end of loan: $4,000 End-of-lease charges: $600 Opportunity cost interest rate: 4 percent per year Calculate the costs of buying versus leasing a motor vehicle.
Use the following data:
Purchase Costs Leasing Costs
Down payment: $1,500 Security deposit: $500
Loan payment: $450 for 48 months Lease payment: $450 for 48 months
Estimated value at end of loan: $4,000 End-of-lease charges: $600
Opportunity cost interest rate: 4 percent per year Calculate the costs of buying versus leasing a motor vehicle.
Answers
The total cost of buying is $23,084, and the total cost of leasing is $22,220.
To calculate the costs of buying versus leasing a motor vehicle, we need to consider the total costs associated with each option. For buying, the total cost can be calculated as the sum of the down payment, loan payments, and the estimated value at the end of the loan, minus the resale value of the car.
On the other hand, for leasing, the total cost can be calculated as the sum of the security deposit, lease payments, and end-of-lease charges. We also need to consider the opportunity cost of investing the down payment and the security deposit.
Assuming a car costs $20,000, the total cost of buying with a $1,500 down payment and $450 monthly payments for 48 months is $22,800, assuming a resale value of $4,000. The opportunity cost of the down payment invested at 4 percent per year for four years is $284.
For leasing, the total cost is $22,200, which includes a $500 security deposit, $450 monthly payments for 48 months, and $600 end-of-lease charges. The opportunity cost of the security deposit invested at 4 percent per year for four years is $20.
Therefore, the entire cost of purchasing is $23,084, while leasing is $22,220. Based on these calculations, leasing would be the cheaper option in this scenario. However, it's important to note that the actual costs may vary based on individual circumstances and specific details of the car purchase or lease agreement.
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Sovrano Café is considering a major expansion of its business. The details of
the proposed expansion project are summarized below:
o The company will have to purchase $950,000 equipment, that require
installation cost and transportation cost equal $100,000.
o The project has an economic life of 5 years.
o The cost can be depreciated using straight line method.
o At t = 0, the project requires that working capital will increase by $200,000
o The project’s salvage value at the end of 5 years is expected to be $60,000.
o The company forecasts that the project will generate $725,000 in sales the
first 2 years and $650,000 in sales during the last 3 years
o Each year the project’s operating cost excluding depreciation is expected to
be 50% of sales revenue.
o The company’s tax rate is 40%
o The company already pays marketing expenses equal 80,000.
o The project’s cost of capital is 10%
What do you recommend?
Answers
The NPV (Net Present Value) of the expansion project is negative, thus the project is not expected to generate sufficient returns to cover the cost of capital, and therefore, it is recommended Sovrano Café not proceed with the expansion.
What is the Net Present Value?The Net Present Value (NPV) is an interesting financial measure that calculates the present value of a project's future cash inflows and outflows, discounted to their current value using a specified rate of return.
Using the information given, we can calculate the annual cash flows of Sovrano Café as follows:
Year 0: - 950,000 - 100,000 + 200,000 = -850,000
Years 1-2: (725,000 x 0.5) x (1 - 0.4) = 217,500
Years 3-5: (650,000 x 0.5) x (1 - 0.4) = 195,000
Salvage Value: 60,000
To calculate the NPV, we discount the cash flows to their present value using the project's cost of capital, which is given as 10%. The NPV formula is:
[tex]NPV = (CF1 / (1 + r)^1) + (CF2 / (1 + r)^2) + ... + (CFn / (1 + r)^n)[/tex] - Initial Investment.
Substituting in the values, we get:
[tex]NPV = (-850,000 / 1.1^0) + (217,500 / 1.1^1) + (217,500 / 1.1^2) + (195,000 / 1.1^3) + (195,000 / 1.1^4) + (195,000 / 1.1^5) + (60,000 / 1.1^5)[/tex]
[tex]80,000 = -$60,764.29[/tex]
NPV = $-60,764.29.
Notice the NPV is negative, hence the project is not expected to generate sufficient returns to cover the cost of capital, and therefore, it is recommended Sovrano Café not proceed with the expansion.
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Answer:
Explanation:
The Assumption is: The discounting rate is selected based on the organization's WACC and risk premium.
What is the Net working capital requirement?
The NPV (Net Present Value) of the expansion project is negative, thus the project is not expected to generate sufficient returns to cover the cost of capital, and therefore, it is recommended Sovrano Café not proceed with the expansion.
What is the Net Present Value?
The Net Present Value (NPV) is an interesting financial measure that calculates the present value of a project's future cash inflows and outflows, discounted to their current value using a specified rate of return.
Using the information given, we can calculate the annual cash flows of Sovrano Café as follows:
Year 0: - 950,000 - 100,000 + 200,000 = -850,000
Years 1-2: (725,000 x 0.5) x (1 - 0.4) = 217,500
Years 3-5: (650,000 x 0.5) x (1 - 0.4) = 195,000
Salvage Value: 60,000
To calculate the NPV, we discount the cash flows to their present value using the project's cost of capital, which is given as 10%. The NPV formula is:
- Initial Investment.
Substituting in the values, we get:
NPV = $-60,764.29.
Notice the NPV is negative, hence the project is not expected to generate sufficient returns to cover the cost of capital, and therefore, it is recommended Sovrano Café not proceed with the expansion.
Presented below is information related to Blossom Company.
Date
Ending Inventory (End-of-Year Prices)
December 31, 2022
$73,000
100
December 31, 2023
116,596
103
December 31, 2024
118
113,988
Price
Index
December 31, 2025
127,889 127
December 31, 2026
153,303 137
December 31, 2027
185,026 142
Compute the ending inventory for Blossom Company for 2022 through 2027 using the dollar-value LIFO method.
Answers
For the years 2022 through 2027, Blossom Company's ending inventory calculated using the dollar-value LIFO technique is:
Which approach bases the final inventory dollar amount on the price of the oldest stock items?The cost of the earliest inventory items sold is added to determine FIFO. The price of the first 10 goods purchased as inventory is put together, for instance, if 10 pieces of inventory were sold. The cost of items sold is the same as this. The price of these ten goods may vary based on the valuation technique used.
Using the dollar-value LIFO approach, the ending inventory for Blossom Company may be calculated as follows:
Ending inventory for 2022 = $73,000 (given)
Ending inventory for 2023 = $73,000 + (116,596 - 73,000)/103 x 100 = $102,019.42
Ending inventory for 2024 = $102,019.42 + (118,988 - 116,596)/113 x 103 = $103,647.75
Ending inventory for 2025 = $103,647.75 + (127,889 - 118,988)/127 x 113 = $115,097.70
Ending inventory for 2026 = $115,097.70 + (153,303 - 127,889)/137 x 127 = $158,621.14
Ending inventory for 2027 = $158,621.14 + (185,026 - 153,303)/142 x 137 = $217,860.67
As a result, using the dollar-value LIFO approach, the ending inventory for Blossom Company for 2022 through 2027 is:
2022: $73,000
2023: $102,019.42
2024: $103,647.75
2025: $115,097.70
2026: $158,621.14
2027: $217,860.67
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how financial factor such as salary , cost of living, and potential for advancement can impact career choices?
Answers
A higher salary can be a strong motivator for individuals to choose a particular career or job, as it can provide financial security and stability.
The cost of living in a particular area can also influence career choices, as individuals may be more likely to pursue jobs in areas with lower living expenses. The potential for advancement can also be a deciding factor, as it can offer opportunities for career growth, skill development, and increased earning potential over time.
These financial factors can impact career choices in various ways. For example, individuals may prioritize a higher salary over job satisfaction or work-life balance, while others may prioritize a lower cost of living in a specific area over a higher salary in a different location. Similarly, some individuals may prioritize career advancement opportunities over immediate salary or financial benefits.
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