The following transactions occurred during the month of June 2013 for the Stridewell Corporation. The company owns and operates a retail shoe store.a. Issued 100,000 shares of common stock in exchange for $500,000 cash.b. Purchased furniture and fixtures at a cost of $100,000. $40,000 was paid in cash and a note payable was signed for the balance owed.c. Purchased inventory on account at a cost of $200,000. The company uses the perpetual inventory system.d. Credit sales for the month totaled $280,000. The cost of the goods sold was $140,000.e. Paid $6,000 in rent on the store building for the month of June.f. Paid $3,000 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2013.g. Paid $120,000 on account for the merchandise purchased in transaction c.h. Collected $55,000 from customers on account.i. Paid shareholders a cash dividend of $5,000.j. Recorded depreciation expense of $2,000 for the month on the furniture and fixtures.k. Recorded the amount of prepaid insurance that expired for the month.Required:Prepare journal entries to record each of the transactions and events listed above. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

Answer and Explanation:

The Journal entries are prepared below:-

1. Cash Dr, $500,000

      To Common stock $100,000

      To Paid in capital of par $400,000

(Being issue of shares in excess of par is recorded)

2. Furniture and fixtures Dr, $100,000

        To Cash $40,000

        To Notes payable $60,000

(Being purchase of furniture and fixtures is recorded)

3. Inventory Dr, $200,000

         To accounts payable $200,000

(Being inventory on account is recorded)

4. Accounts receivable Dr, $280,000

  Cost of goods sold Dr, $140,000

          To Sales $280,000

          To Inventory $140,000

(Being credit sales is recorded)

5. Rent expenses Dr, $6,000

       To Cash $6,000

(Being rent paid is recorded)

6. Prepaid insurance Dr, $3,000

         To Cash $3,000

(Being insurance paid for one year is recorded)

7. Accounts payable Dr, $120,000

       To Cash $120,000

(Being purchase of goods is recorded)

8. Cash Dr, $55,000

      To Accounts receivable $55,000

(Being collection from customers on account is recorded)

9. Dividend Dr, $5,000

       To Cash $5,000

(Being cash dividend to shareholders is recorded)

10. Depreciation expense Dr, $2,000

       To Furniture and fixtures $2,000

(Being depreciation furniture and fixtures is recorded)

11. Insurance expense Dr, $250

          To Prepaid insurance $250

(Being insurance expense for the month is recorded)

I. Journalize the following transactions: 1. Madison Co. purchased $225,500 of raw materials on account. 2. Actual manufacturing overhead costs include: a. Utilities : $2,800 b. Depreciation on equipment: $12,650 c. Repairs on account: $3,200 d. Rent paid, $6,000 e. Insurance (prepaid policy): $3,350 3. Madison Co. issued $75,500 of material to Process A. 4. Assigned $18,000 is factory labor, of which $12,000 is indirect labor 5. Manufacturing Overhead costs are applied at 82% of material issued 6. Balance in WIP – A is transferred to Process –B 7. $51,000 of material is issued to Process – B 8. Assigned $22,000 of factory labor, of which $15,000 is indirect labor 9. Manufacturing overhead costs are applied to Process B at a rate of 62.5% of material issued (to process B) 10. Actual manufacturing overhead costs paid totaled $39,500; manufacturing overhead costs charged to accounts payable totaled $1,500 11. Balance of Process B is transferred to Finished Goods 12. The cost transferred to finished goods included 62,500 units. Calculate the cost per unit (round to hundredths); Madison Co. sold 13,250 units for $79,000 cash; they sold 4,125 units for $24,500 on account 13. Determine over or under-applied manufacturing overhead and prepare adjusting entry.

Use the following information to answer the question below:
Acquirer purchases 100% of target by issuing $100 million in new debt to purchase target shares, carrying an interest rate of 10%
Excess cash is used to help pay for the acquisition
Acquirer expects to be able to close down several of the target company’s old manufacturing facilities and save an estimated $2 million in the first year
Target PP&E is written up by $25 million to fair market value
Investment bankers, accountants, and consultants on the deal earned $30 million in fees
Which of the following adjustments would be made to the pro forma income statement?
a) Advisory fee expense of $30 million
b) Depreciation expense increase due to PP&E write-up
c) Pre-tax synergies of $2 million
d) All of the above

what is business mathematics ? and what are the basics of business mathematics ?

Tanya Fletcher owns undeveloped land (adjusted basis of $80,000 and fair market value of $92,000) on the East Coast. On January 4, 2017, she exchanges it with Lisa Martin (an unrelated party) for undeveloped land on the West Coast and $3,000 cash. Lisa has an adjusted basis of $72,000 for her land, and its fair market value is $89,000. As the real estate market on the East Coast is thriving, on September 1, 2018, Lisa sells the land she acquired for $120,000.If an amount is zero, enter "0".a. On January 4, 2017, Tanya's realized gain for the West Coast land is $, her recognized gain is $, and her adjusted basis is $.b. On January 4, 2017, Lisa's realized gain for the East Coast land is $, her recognized gain is $, and her adjusted basis is $.c. Lisa's realized gain from the September 1, 2018, sale is $. Her recognized gain from the September 1, 2018 sale is$.d. What effect does Lisa's 2018 sale have on Tanya?Lisa’s sale of the East Coast land has for Tanya.e. Complete the letter to Tanya advising her of the tax consequences of this exchange.

As organizations expand into global markets, business communicators need to become aware of their own culture and how it differs from other cultures. Cultural awareness allows professionals to communicate successfully with other cultures and to navigate the intercultural challenges of a globalized business world. The first step in overcoming intercultural obstacles is understanding the trends that drive globalization.
Identify the trend illustrated by the following example.
A U.S. retailer of high-tech products looks to open stores in Russia where there has been a surge in demand for smartphones and tablet computers.
A) Favorable trade agreements
B) Robust middle-class growth
C) Transportation advancements

Opunui Corporation has two manufacturing departments--Molding and Finishing. The company used the following data at the beginning of the year to calculate predetermined overhead rates:
Molding Finishing Total
Estimated total machine-hours (MHs) 3,250 3,000 6,250
Estimated total fixed manufacturing overhead cost $27,000 $4,700 $31,700
Estimated variable manufacturing overhead cost per MH $ 1.00 $ 2.00
During the most recent month, the company started and completed two jobs--Job A and Job M. There were no beginning inventories. Data concerning those two jobs follow:
Job A Job M
Direct materials $15,900 $ 9,700
Direct labor cost $ 23,000 $ 9,500
Molding machine-hours 1,250 2,000
Finishing machine-hours 1,750 500
Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 30% on manufacturing cost to establish selling prices. The calculated selling price for Job A is closest to: (Round your intermediate calculations to 2 decimal places.)
a) $58,550
b) $99,500
c) $76,115
d) $17,565

On January 1, 2016, Gless Textiles issued $24 million of 9%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless’s no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 15% of the issue as an investment.3. On July 1, 2021, when Gless’s common stock had a market price of $33 per share, Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the bonds (book value method). (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)1. Record the entry for Gless regarding the conversion of the bonds.2. Record the entry for Century regarding the conversion of the bonds.

Exacto Company reported the following net income and dividends for the years indicated:
Year Net Income Dividends
20X5 $35,000 $12,000
20X6 45,000 20,000
20X7 30,000 14,000
True Corporation acquired 75 percent of Exacto’s common stock on January 1, 20X5. On that date, the fair value of Exacto’s net assets was equal to the book value. True uses the equity method in accounting for its ownership in Exacto and reported a balance of $259,800 in its investment account on December 31, 20X7.
Required
a. What amount did True pay when it purchased Exacto’s shares?
b. What was the fair value of Exacto’s net assets on January 1, 20X5?
c. What amount was assigned to the NCI shareholders on January 1, 20X5?
d. What amount will be assigned to the NCI shareholders in the consolidated balance sheet pre-pared at December 31, 20x7?

A father and mother are planning a savings program to put their daughter through college. Their daughter is now 8 years old. She plans to enroll at the university when she is 18 and it should take her 4 years to complete her education. Currently, the cost per year (for tuition, etc.) is $16,200, but a 2 percent inflation rate in these costs is forecasted. The cost for each year of college will be withdrawn when she turns 18, 19, 20, and 21. The daughter received $13,000 at age 4 and another $2,900 at age 6 from her grandmother; this money, which is invested in an account earning 7.5 percent interest compounded annually, will be used to help meet the costs of the daughter's education. The rest of the costs will be met by money the parents will deposit in the savings account. They will make 4 equal annual deposits to the account, with the first deposit being made today on her 8th birthday and the last one being made on her 11th birthday. These deposits will also earn 7.5 percent interest compounded annually. How large must each deposit (from the parents) be in order to put the daughter through college

Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological​ order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual​ record, calculate the quantity and total cost of merchandise inventory​purchased, sold, and on hand at the end of the period.​ (Enter the oldest inventory layers​ first.)
Purchases
Cost of Goods Sold
Inventory on Hand
Unit
Total
Unit
Total
Unit
Total
Date
Quantity
Cost
Cost
Quantity
Cost
Cost
Quantity
Cost
Cost
May 1
11
23
26
29
Totals
Compute gross profit using the FIFO inventory costing method.
Gross profit is $
using the FIFO inventory costing method.
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological​ order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual​ record, calculate the quantity and total cost of merchandise inventory​purchased, sold, and on hand at the end of the period. ​(Enter the oldest inventory layers​ first.)
Purchases
Cost of Goods Sold
Inventory on Hand
Unit
Total
Unit
Total
Unit
Total
Date
Quantity
Cost
Cost
Quantity
Cost
Cost
Quantity
Cost
Cost
May 1
11
23
26
29
Totals
Compute gross profit using the LIFO inventory costing method.
Gross profit is $
using the LIFO inventory costing method.

Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and excellent location, demand has increased by 25% in the last year. On far too many occasions, customers have not been able to purchase the bread of their choice. Because of the size of the store, no new ovens can be added. As a staff meeting, one employee suggested ways to load the ovens differently so that more loaves of bread can be baked at one time. This new process will require that the ovens be loaded by hand, requiring additional manpower. This is the only thing to be changed. The bakery makes 1,500 loaves per month with a labor productivity of 2.344 loaves per labor-hour, how many workers will lackey need to add?

The following information pertains to Bridgeport Co.:
Preferred stock, cumulative:
Par value per share $100
Dividend rate 6%
Shares outstanding 10,000
Dividends in arrears none
Common stock:
Par value per share $10
Shares issued 140,000
Dividends paid per share $1.80
Market price per share $52
Additional paid-in capital $500,000
Unappropriated retained
earnings (after closing) $280,000
Retained earnings
appropriated for
contingencies $300,000
Common treasury stock:
Number of shares 10,000
Total cost $250,000
Net income $580,000
Compute (assume no changes in balances during the past year):
A) Total amount of stockholders' equity in the balance sheet.
B) Earnings per share of common stock.
C) Book value per share of common stock.
D) Payout ratio of common stock.
E) Return on common stock equity per share per share.

Hey guys i dont know who to vote for plz give me suggestions and reasons why

You can buy a property today for $4 million and sell it in 6 years for $5 million. You will not earn any rental income on the property. Answer the following questions. a.) If the interest rate is 5%, what is the present value of the sales price? _____________ (4 pts) b.) Is this a good investment for you? Explain your answer ____________________________ _______________________________________________________________________(4 pts) c.) If the interest rate is 5%, what is the present value of the sales price if you also earned $200,000 in rental income each year? _______________________________________________(4 pts)

What is an example of brand promotion

A.charging a premium

B.providing a warranty

C.providing after-sales service

D.attending a trade show

Accounts payable 448 394 Accounts receivable 1,292 840 Accumulated depreciation 6,758 6,642 Cash & equivalents 236 138 Common stock 1,196 1,130 Cost of goods sold 1,500 n.a. Depreciation expense ? n.a. Common stock dividends paid ? n.a. Interest expense 140 n.a. Inventory 1,026 1,036 Addition to retained earnings 602 n.a. Long-term debt 824 746 Notes payable 230 380 Gross plant & equipment 10,260 10,000 Retained earnings 3,074 2,486 Sales 3,018 n.a. Other current liabilities 116 96 Tax rate 34 % n.a. Market price per share – year end $ 19.80 $ 17.50 Number of shares outstanding 500 million 500 million

Rearrange the following steps in the accounting cycle in proper sequence: a. A post-closing trial balance is prepared. 3 b. Adjustment data are asssembled and analyzed. c. Adjusting entries are journalized and posted to the ledger. d. An adjusted trial balance is prepared. e. An optional end-of-period spreadsheet is prepared. f. An unadjusted trial balance is prepared. g. Closing entries are journalized and posted to the ledger. h. Financial statements are prepared. i. Transactions are analyzed and recorded in the journal. j. Transactions are posted to the ledger.

Your company has a line of credit through a local bank. The bank requires a 6% compensating balance and charges 12% on the amount borrowed against the line. If the company needs $100,000 to purchase inventory, find the amount it should borrow, and calculate the effective annual rate on the loan (b) You’ve worked out a line of credit arrangement that allows you to borrow up to $100 million at any time. The interest rate is 0.4 percent per month. In addition, 5% of the amount that you borrow must be deposited in a non-interest bearing account (i.e. a compensating balance). Assume that your bank uses compound interest on its line of credit loans. What is the effective annual rate (EAR) on the loan? W

An American currency dealer has good credit and can borrow either $1,000,000 or €800,000 for one year. The one-year interest rate is i$ = 2% in the U.S. and i€ = 6% in the euro zone, respectively. The spot exchange rate is $1.25 = €1.00 and the one-year forward exchange rate is $1.20 = €1.00. Show how you can realize a certain dollar profit via covered interest arbitrage.

a. Borrow $1,000,000 at 2%; trade $1,000,000 for €800,000 at the spot rate; invest euros at i€= 6%;translate euro proceeds back to dollars at the forward rate of $1.20 = €1.00. Gross proceeds will be $1,017,600.
b. Borrow $1,000,000 at 2%; trade $1,000,000 for €800,000 at the spot rate; invest euros at i€= 6%;translate euro proceeds back to dollars at the forward rate of $1.20 = €1.00. Net profit will be $17,600.
c. Borrow €800,000 at i€= 6%;translate euros to dollars at the spot rate, invest dollars in the U.S. at i$ = 2% for one year; translate dollars back to €850,000 at the forward rate of $1.20 = €1.00. Net profit will be €2,000.
d. Borrow €800,000 at i€= 6%;translate euros to dollars at the spot rate, invest dollars in the U.S. at i$ = 2% for one year; translate dollars back to €848,000 at the forward rate of $1.20 = €1.00. Net profit will be $2,400.

What are the main parts of a cover letter and their purposes?

Required information [The following information applies to the questions displayed below.] During April, the first production department of a process manufacturing system completed its work on 310,000 units of a product and transferred them to the next department. Of these transferred units, 62,000 were in process in the production department at the beginning of April and 248,000 were started and completed in April. April's beginning inventory units were 70% complete with respect to materials and 30% complete with respect to conversion. At the end of April, 84,000 additional units were in process in the production department and were 90% complete with respect to materials and 40% complete with respect to conversion. Compute the number of equivalent units with respect to both materials used and conversion used in the first production department for April using the weighted-average method.

Erics - Automotive Final Exam
Page 15 of 17
nmd
கவனதனனை earசைனராகாமகயைாளான
nearaga

X Manufacturing uses a normal cost system and had the following data available for 20x8: Direct materials purchased on account $148,000 Direct materials requisitioned 98,000 Direct labor cost incurred 127,000 Factory overhead budgeted 155760 Factory overhead incurred 137,800 Cost of goods sold 260,000 Beginning direct materials inventory 34,000 Beginning WIP inventory 70,000 Beginning finished goods inventory 55,000 Ending finished goods inventory 104,000 Overhead application rate, as a percent of direct-labor costs 118% Round your answers to the nearest dollar. Fill in the blank without $ or comma or period, e.g., 12345 What is the adjusted cost of goods sold assuming the over/under applied overhead is immaterial?

Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $98,000. b. Direct materials used in production, $41,500. Indirect materials used in production, $18,800. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $8,125. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $63,000. g1. Jobs that had a cost of $63,000 were sold. g2. Sold jobs on account for $90,000.

Hudek Inc., a manufacturing Corporation, has provided the following data for the month of July. The balance in the Work in Process inventory account was $20,000 at the beginning of the month and $10,000 at the end of the month. During the month, the Corporation incurred direct materials cost of $50,000 and direct labor cost of $22,000. The actual manufacturing overhead cost incurred was $58,000. The manufacturing overhead cost applied to Work in Process was $56,000. The cost of goods manufactured for July was:

Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Container Corporation purchased computer equipment, installation and training for a total cost of $144,000 on March 15, 2021. Estimated standalone fair values of the equipment, installation, and training are $90,000, $60,000, and $30,000 respectively. Determine The transaction price allocated to equipment is The transaction price allocated to installation is The transaction price allocated to training is Express your answer as an integer without $ sign (Round all computations to the nearest dollar. For example, input "100,000" if your answer is $100,000.22).

XYZ Corporation has a 6 1/2% convertible bond outstanding that is convertible into 40 shares of common stock. The bond is currently selling in the market at 85 ($850) and the common stock is selling at 21. The XYZ Corporation is offering its existing bondholders a new straight (nonconvertible) bond paying 6 1/2% that matures at the same time as the convertible bond. The effect of the successful completion of the proposal would be to:_________
a) Reduce interest costs
b) Reduce potential dilution
c) Have no effect on interest costs
d) Increase dilution

supposes there is economic profit being made in the garbage bag industry. Over time, we should expect which of the following things to happen?

Leo Consulting enters into a contract with Highgate University to restructure Highgate’s processes for purchasing goods from suppliers. The contract states that Leo will earn a fixed fee of $25,000 and earn an additional $10,000 if Highgate achieves $100,000 of cost savings. Leo estimates a 50% chance that Highgate will achieve $100,000 of cost savings. Assuming that Leo determines the transaction price as the expected value of expected consideration, what transaction price will Leo estimate for this contract?

Which of the following provides the correct sequence in the marketing research process? 1. defining the problem, analyzing the situation, getting problem-specific data, interpreting the data, solving the problem 2. analyzing the situation, defining the problem, getting problem-specific data, interpreting the data, solving the problem 3. getting problem-specific data, interpreting the data, defining the problem, solving the problem, analyzing the situation 4. analyzing the situation, getting problem-specific data, interpreting the data, defining the problem, solving the problem 5. getting problem-specific data, interpreting the data, analyzing the situation, defining the problem, solving the problem