A sector fund specializing in commercial bank stocks had average daily assets of $3.7 billion during the year. This fund sold $1.58 billion worth of stock during the year, and its turnover ratio was .42. How much stock did this mutual fund purchase during the year

Answers

Answer 1

Answer:

$1.554 billion

Explanation:

Turnover Ratio = Purchases / Average Inventory

0.42 = Purchases / $3.7 billion

Purchases = $3.7 billion * 0.42

Purchases = $1.554 billion

So, the value of stock that the mutual fund purchase during the year is $1.554 billion


Related Questions

A company wants to have $20,000 at the end of a ten-year period by investing a single sum now. How much needs to be invested in order to have the desired sum in ten years, if the money can be invested at 12%? (Ignore income taxes.) Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using the tables provided.

Answers

Answer:

$6,439.56

Explanation:

The computation is shown below:

As we know that

Future value = Present Value × Future Value Interest Factor  

where,  

Future value interest factor = ( 1 + r )^10

= ( 1.12 )^10

= 3.1058

Now  

Present value of the future sum is

= $20,000 ÷ 3.1058

= $6,439.56

Journalizing credit sales, note receivable transactions, and accruing interest.
Endurance Running Shoes reports the following:
2018
​​May 6 Recorded credit sales of . Ignore Cost of Goods Sold.
Jul. 1 Loaned $18,000 to Jerry Paul, an executive with the company, on a one-year, 7% note.
Dec. 31 Accrued interest revenue on the Paul note.
2019
Jul. 1 Collected the maturity value of the Paul note.
Journalize all entries required for Endurance Running Shoes.

Answers

Answer:

6-May-18

Dr Accounts receivables $102,000.00

Cr To Sales revenue $102,000.00

1-Jul-18

Dr Note receivables $18,000.00

Cr To Cash $18,000.00

31-Dec-18

Dr Interest receivables $630.00

Cr To Interest revenue $630.00

1-Jul-19

Dr Cash $19,260.00

Cr To Interest revenue $630.00

Cr To Interest receivables $630.00

Cr To Note receivables $18,000.00

Explanation:

Preparation of the journal entries required for Endurance Running Shoes.

6-May-18

Dr Accounts receivables $102,000.00

Cr To Sales revenue $102,000.00

(To record sales revenue)

1-Jul-18

Dr Note receivables $18,000.00

Cr To Cash $18,000.00

(Being loan given)

31-Dec-18

Dr Interest receivables ($18,000*7%*6/12) $630.00

Cr To Interest revenue $630.00

(To record interest accrued)

1-Jul-19

Dr Cash $19,260.00

($18,000+$630+$630)

Cr To Interest revenue $630.00

Cr To Interest receivables $630.00

($18,000*7%*6/12)

Cr To Note receivables $18,000.00

(To record receipt of note at maturity)

Derek decides to buy a new car. The dealership offers him a choice of paying $600.00 per month for 5 years (with the first payment due next month) or paying some amount today. He can borrow money from his bank to buy the car. The bank requires a 5.00% interest rate. What is the most that he would be willing to pay today rather than making the payments

Answers

Answer:

PV= $31,794.12

Explanation:

Giving the following information:

Monthly payment= $600

Number of months= 5*12= 60 months

Interest rate= 0.05/12= 0.004167

To calculate the present value of the monthly payments, we need to use the following formula:

PV= A*{(1/i) - 1/[i*(1 + i)^n]}

A= monthly payments

PV= 600*{(1/0.004167) - 1/ [0.004167*(1.004167^60)]}

PV= $31,794.12

Suppose that a haircut will give Dawn 2,000 units of utility and cost her $40, whereas a set of acrylic nails costs $25 and yields 1,000 units of util. Most likely Dawn should:_____.
A. be indifferent between the two choices.
B. choose the haircut because she will receive 50 units of utility per dollar as compared with 45 units of utility per dollar for the nails.
C. choose the haircut because each unit of utility will cost her 2 cents as compared with 2.5 cents for the nails.
D. choose the nails because she will obtain 50 units of utility per dollar as compared with 40 units of utility per dollar for the haircut.

Answers

Answer:

b

Explanation:

Marginal utility is the additional utility derived from consuming one more unit of a good

the consumption decision is to consume more units of a good that gives the higher utility per good.  

Marginal utility per unit of good = marginal utility / price of the good

haircut = 2000 / 40 = 50

Nails = 1000 /25 = 40

the utility per unit for haircut is greater for haircut than nails, so he would choose haircut

When marginal utility is positive, it means that increasing consumption by one unit increases total utility

When marginal utility is negative, it means that increasing consumption by one unit decreases total utility

When marginal utility is zero, total utility has reached its maximum and no more units of goods would be consumed

Beyer Company is considering the purchase of an asset for $370,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Year 1 Year 2 Year 3 Year 4 Year 5 Total Net cash flows $ 86,000 $ 49,000 $ 70,000 $ 300,000 $ 12,000 $ 517,000 Compute the payback period for this investment. (Cumulative net cash outflows must be entered with a minus sign. Round your Payback Period answer to 2 decimal place.)

Answers

Answer:

3.55 years

Explanation:

The payback period is the length of time it takes for Beyer Company to recoup the initial investment of  $370,000.

In other words, the number of years for the net cash flows of the project to equate the initial investment amount of $370,000 as shown in the attached excel file for Beyer company's payback computation

On January 2, 2020, Orange Corporation purchased equipment for $300,000 with an ADS recovery period of 10 years and a MACRS useful life of 7 years. Section 179 was not elected. MACRS depreciation properly claimed on the asset, including depreciation in the year of sale, totaled $79,605. The equipment was sold on July 1, 2021, for $290,000. As a result of the sale, the adjustment to taxable income needed to arrive at current E & P is:_________

a. No adjustment is required.
b. Increase $49,605.
c. Decrease $79,605.
d. Decrease $49,605,

Answers

Answer:

decrease $49,605

Explanation:

corporation purchased eqipment = $ 300000

ADS recovery period = 10 years

MACRS useful life of 7 years

th eequipment sold for $290,000

The result is option d. Decrease $ 49,605

1. The highest risk for the exporter is in a. Letter of credit c. Advance payment b. Bill of exchange d. Consignment sales ​

Answers

Answer:

1. The highest risk for the exporter is in

d. Consignment sales.

Explanation:

a) A consignment sale is not an actual sale.  The risk remains with the exporter until the consignee has sold the goods and remitted the required amount to the consignor (exporter).  With a letter of credit, the exporter has made an actual sale guaranteed for payment by the importer's bank.  With advance payment, the exporter has received some payment for the goods before the importer receives them.  With a bill of exchange, there is a formal instrument acknowledging the sale.  Therefore, a bill of exchange, letter of credit, and advance payment are used for actual sales, while consignment sale is for transfers of goods for sale.

Many market participants believe that sell-side analysts are too optimistic in their recommendations to buy stocks, and too slow to recommend sells. What factors might explain this bias?

Answers

Answer:

They are related to Brokerage firms Brokerage firms issuing stocks will always encourage investors to buy rather than sell off their stocks.

Explanation:

Sell-side analysts mostly work for various brokerage firms hence the reason why they are too optimistic in their recommendations to buy stocks while they are also too slow to recommend sells .

And Brokerage firms will always encourage investors to buy their shares or stocks ( buy-side) instead of selling off their shares or stocks

Using the high-low method and the Millco data above, what is the approximate fixed cost component of the monthly maintenance costs? Group of answer choices

Answers

Millco Inc. manufactures electronic parts They are analyzing their monthly maintenance costs to determine the best way to budget these costs in the future. They have collected the following data for the last six months:

Months           Machine Hours    Maintenance Costs

January                 30,000                 $67,500

February               40,000                   74,500

March                    37,500                  65,900

April                      39,000                   68,750

May                       42,300                  74,000

June                     35,000                   64,500

Answer:

Millco Inc.

The approximate fixed cost component of the monthly maintenance costs is:

$51,600.

Explanation:

a) Data and Calculations:

Months           Machine Hours    Maintenance Costs

January                 30,000                  $67,500

February               40,000                    74,500

March                    37,500                   65,900

April                      39,000                    68,750

May                      42,300                   74,000

June                     35,000                   64,500

High-low:

May                       42,300                  $74,000 for highest

January                30,000                    67,500 for lowest

Difference            12,300                    $6,500

Variable costs = $0.53 ($6,500/12,300)

Using May, the total variable cost = 42,300 * $0.53 = $22,419

Fixed cost = $51,581 ($74,000 - $22,419)

or approximately $51,600

Gantner Company had the following department information about physical units and percentage of completion: Physical Units Work in process, May 1 (60%) 60000 Completed and transferred out 180000 Work in process, May 31 (40%) 50000 If all materials are added at the beginning of the production process, what is the total number of equivalent units for materials during May

Answers

Answer:

200,000 units by Weighted Average Cost Method

164,000 units by FIFO Method

Explanation:

1. Where Weighted Average Cost Method is used.

Assuming that Gantner Company uses the Weighted Average Cost Method, the total number of equivalent units for materials during May can be determined as follows :

Completed and transferred out (180000 x 100)      180,000

Ending Work In Process (50000 x 40%)                   20,000

Total equivalent units for materials                          200,000

1. FIFO Method is used.

Assuming that Gantner Company uses the FIFO Cost Method, the total number of equivalent units for materials during May can be determined as follows :

To Complete Opening Work in Process (60000 x 40%)        24,000

Completed and transferred out (180000 - 60,000) x 100%  120,000

Ending Work In Process (50000 x 40%)                                  20,000

Total equivalent units for materials                                        164,000

The current ratio of a firm with current assets of $300,000, current liabilities of $100,000, and inventory of $100,000 is:

Answers

Answer: 3.0

Explanation:

The current ratio of a firm allows us to tell whether the company is able to pay off its current obligations using its current assets.

Current ratio is calculated by:

= Current assets / Current liabilities

= 300,000 / 100,000

= 3.0

Inventory is already included in current assets so there is no need to add it again.

DEFINITION TERM 1. Investments in debt securities that are not held-to-maturity or trading. 2. Investments in debt securities that are actively traded. 3. Investments in debt securities intended to be held until maturity. 4. Investments in equity securities with significant influence.

Answers

Answer:

1. Available-for-sale securities.

2. Trading.

3. Held-to-maturity.

4. Significant influence.

Explanation:

An investment can be defined as the acquisition of fixed capital assets, items or goods for the sole purpose of generating income in the future. The goal of all investors is to purchase assets or properties that would appreciate over time i.e an increase the value of the assets compared to when it was acquired.

The various types of an investment include the following;

1. Available-for-sale securities: investments in debt securities that are not held-to-maturity or trading.

2. Trading: investments in debt securities that are actively traded. This type of debt securities are usually reported as current assets.

3. Held-to-maturity: investments in debt securities intended to be held until maturity. Depending on the maturity of the debt securities, held-to-maturity securities are reported in long-term or current assets.

4. Significant influence: investments in equity securities with significant influence.

Manetti Corporation produces and sells a single product. Data concerning that product appear below: The break-even in monthly unit sales is closest to: Group of answer choices

Answers

Answer: 4,030 units

Explanation:

The breakeven point of sales can be calculated by the formula:

= Fixed cost / Contribution margin

Contribution margin = Selling price per unit - Variable cost per unit

= 150 - 73.50

= $76.50

Breakeven point of sales = 308,295 / 76.50

= 4,030 units

Markung's Co. is 100% equity-financed company (no debt or preferred stock); hence, its WACC equals it cost of common equality. Markung's Co.'s retained earnings will be sufficient to fund its capital budget in the foreseeable future. The company has a beta of 1.50, the risk-free rate is 5.0%, and the market return is 6.5%. What is Markung's Co.'s cost of equity?
Markung's Co. is financed exclusively using equity funding and has a cost of equity of 12.55%. It is considering the following projects for investment next year:
Project Required Investment Expected rate of return
W $22,450 13.10%
X $12,750 10.10%
Y $19,235 13.60%
Z $17,875 14.60%
Each Project has average risk, and Markung’s Co. accepts any project whose expected rate of return exceeds its cost of capital. How large should next year’s capital budget be?

Answers

Answer:

Markung Cost of Equity:

For this you should use the Capital Asset Pricing Model:

Cost of equity = Risk free rate + Beta * (Market return - Risk free rate)

= 5% + 1.50 * (6.5% - 5%)

= 7.25%

Total capital budget:

They will only pick projects with a rate of return that is higher than 12.55%:

= Project W + Project Y + Project Z

= 22,450 + 19,235 + 17,875

= $59,560

When a parent owns less than 100% of a subsidiary, the noncontrolling interest shareholders are allocated their ownership percentage of income or net assets in all of the following eliminating entries except for: Group of answer choices The basic investment account elimination entry The excess value (differential) entry The optional accumulated depreciation elimination entry The amortized excess value reclassification entry

Answers

Answer: The optional accumulated depreciation elimination entry

Explanation:

A non-controlling interest, is also refered to as a minority interest, and this occurs when a has below 50% of the outstanding shares and in such case doesn't have a control over decisions as well.

It should be noted that when a parent owns less than 100% of a subsidiary, the noncontrolling interest shareholders are allocated their ownership percentage of income or net assets in all of the following eliminating entries except for the optional accumulated depreciation elimination entry.

Quad Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.32 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which time it will be worthless. The project is estimated to generate $1.735 million in annual sales, with costs of $650,000. The project requires an initial investment in net working capital of $250,000, and the fixed asset will have a market value of $180,000 at the end of the project. The tax rate is 21 percent.
a) what is the projects year 0,1,2,3 net cash flow?
b) if the required return is 12 percent, what is the project's NPV?

Answers

Answer:

Quad Enterprises

a. The project's net cash flow:

Year 0    -$2.32 million

Year 1     $857,150

Year 2    $857,150

Year 3    $857,150

b. The project's NPV is -$261,126

Explanation:

a) Data and Calculations:

Initial cost of investment in fixed asset = $2.32 million

Estimated annual sales = $1,735,000

Estimated annual costs =     650,000

Before-tax income           $1,085,000

Company tax (21%)               227,850

Net income/cash flow        $857,150

a. The project's net cash flow:

Year 0    -$2.32 million

Year 1     $857,150

Year 2    $857,150

Year 3    $857,150

b. The project's NPV, if the required return is 12%:

Period    Cash Flows          

Annuity Factor for 3 years at 12% = 2.402

Year 0    -$2.32 million    -$2.32 million

Year 1     $857,150

Year 2    $857,150

Year 3    $857,150           $2,058,874 ($857,150 * 2.402)

NPV =                               -$261,126

QS 4-19B Recording estimates of future discounts LO P6 ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $10,200. Of the $10,200 of receivables, $2,100 are within a 3% discount period, meaning that it expects buyers to take $63 in future discounts arising from this period’s sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts.

Answers

Answer:

Dr Sales Discount $63

Cr Allowance for Sales Discount $63

Explanation:

Preparation of the June 30 fiscal-year-end adjusting journal entry for future sales discounts.

Based on the information given the June 30 fiscal-year-end adjusting journal entry for future sales discounts will be:

30-June

Dr Sales Discount $63

Cr Allowance for Sales Discount $63

(3%*$2,100)

(To record future sales discounts)

1. Sharon, a newly engaged woman, saw an advertisement in a bridal magazine for a beautiful pearl necklace priced at $69.99 from Precious Jewelry. She thought the necklace would be a wonderful present for her bridesmaids, so she ordered 5 necklaces from Precious Jewelry. After a few weeks, Sharon received a letter, along with her returned check from Precious Jewelry. The letter stated that the jeweler was sorry they could not fill her order because they had been overwhelmed with so many requests that their supply of necklaces ran out very quickly

Answers

Question Completion:

a. List the 3 elements of an offer and describe each (in your own words).

b. Did Precious Jewelry make an offer when they placed the ad in the magazine? Did Sharon make an offer when she placed the order? Why or why not?

c. What will be the likely outcome if Sharon sues Precious Jewelry to force them to fill her order? Explain your answer.

Answer:

a. The three elements of a valid offer are Communication, Commitment, and Definite Terms.  Communication of an offer should be between the offeror and the offeree and not with the general public.  Commitment in an offer requires that the two parties are identified and are committed to the exchange of offer and acceptance.  Definite terms means that the terms of the offer must be clear and well-understood by the involved parties.

b. Precious Jewelry did not make an offer when it placed the ad in the magazine.  The ad was an invitation to offer.  Sharon was the party that made the offer when she ordered for the jewelries.  It was then left for Precious Jewelry to accept or reject the offer.

c. If Sharon sues Precious Jewelry to force them to fill her order, she does not have the locus standi because there is no basis for the existence of a contract between Sharon and Precious Jewelry since Sharon's offer was not accepted by Precious Jewelry and there was no consideration.

Explanation:

For a valid contract to exist between Sharon and Precious Jewelry, the five elements of a contract must be present.  They include valid offer, acceptance, mutual consent (or assent), consideration, and legality (including capacity).

Marigold Company had the following operating data for the year for its computer division: sales, $650000; contribution margin, $147000; total fixed costs (controllable), $96000; and average total operating assets, $287000. What is the controllable margin for the year?
A. $51000.
B. $147000.
C. 15%.
D. 51%

Answers

I think the answer is D I’m not sure

Match each description 1 through 6 with the characteristic of preferred stock that it best describes by writing the letter of that characteristic in the blank next to each description.
A. Callable
B. Convertible
C. Cumulative
D. Noncumulative
E. Nonparticipating
F. Participating
_____ 1. Holders of the stock are entitled to receive current and all past dividends before common stockholders receive any dividends.
_____ 2. The issuing corporation can retire the stock by paying a prespecified price.
_____ 3. Holders of the stock can receive dividends exceeding the stated rate under certain conditions.
_____ 4. Holders of the stock are not entitled to receive dividends in excess of the stated rate.
_____ 5. Holders of this stock can exchange it for shares of common stock.
_____ 6. Holders of the stock lose any dividends that are not declared in the current year.

Answers

Answer and Explanation:

The classification is as follows

a. In the callable, the corporation who issued could retired the stock by payoff the mentioned price

b. In the convertible, the stockholders could able to exchange for the common stock shares

c. In the cumulative, the stockholders should received the current as well as the past dividends prior to the common stockholders

d. In the non-cumulative, the stockholders should lose the dividend that not declared in the present year

e. In the non-participating, the stockholders should not received any dividend that more than the stated rate

f. In the participating, the stockholder should received any dividend that more than the stated rate

A manufacturing company has a beginning finished goods inventory of $28,300, cost of goods manufactured of $58,500, and an ending finished goods inventory of $27,600. The cost of goods sold for this company is

Answers

Answer:

the  cost of goods sold is $59,200

Explanation:

The computation of the cost of goods sold is shown below:

Cost of goods sold = Beginning finished goods inventory + cost of goods manufactured - ending finished goods inventory

= $28,300 + $58,500 - $27,600

= $59,200

Hence, the  cost of goods sold is $59,200

Kuley plans to retire in 8 years with $263,700 in her account, which has an annual return of 8.17 percent. If she receives annual payments of X, with her first payment of X received in 8 years and her last payment of X received in 15 years, then what is X, the amount of each payment

Answers

Answer:

Kuley

If she receives annual payments of X, with her first payment of X received in 8 years and her last payment of X received in 15 years, then the amount of each payment is:

X = $50,944.35

Explanation:

a) Data and Calculations:

Amount in savings account in 8 years' time = $263,700

Annual return rate = 8.17%

Period of savings from Year 8 to Year 15 = 7 years

Annual payments = X

X = $50,944.35

From an online financial calculator, the payment is determined as follows:

N (# of periods)  7

I/Y (Interest per year)  8.17

PV (Present Value)  263700

FV (Future Value)  0

Results

PMT = $50,944.35

Sum of all periodic payments $356,610.45

Total Interest $92,910.45

What is implication for the Government in the tax policy ?

Answers

Answer:

ax policy is the choice by a government as to what taxes to levy, in what amounts, and on whom. It has both microeconomic and macroeconomic aspects. The macroeconomic aspects concern the overall quantity of taxes to collect, which can inversely affect the level of economic activity; this is one component of fiscal policy.

Explanation:

......

Answer:

To meet their expenses, government need income, called "revenue," which it raises through taxes. In our country, governments levy several different types of taxes on individuals and businesses. The Federal Government relies mainly on income taxes for its revenue. State governments depend on both income and sales taxes

Explanation:

How are changes in U.S. demographics affecting the workplace relative to demographic changes in our traditional competitors

Answers

Answer:

The changes in demographics are affecting the workplaces in both positive and negative manner. With continuous immigration of workforce from Asian countries and neighbor countries like Mexico, America is facing some serious crises of jobs shortage.

On the other hand, due to such import of human resource companies are able to get best talent inn hand to operate their activities.

In which one of the following circumstances should a company's managers seriously consider modifying their strategy to strongly differentiate the company's branded footwear from the offerings of rival companies and achieve a competitive advantage based on a wide selection of 450-500 models/styles and "high" S/Q ratings?
a) When one or more rivals produce and market branded footwear with the same (or higher) number of models/styles that the company is offering to the buyers of athletic footwear and also have below-average retail prices in the Internet segment and below-average wholesale prices in the Wholesale segment
b) When many rival companies are spending heavily on retailer support and search engine advertising
c) When one or more rivals also produce and market branded footwear having much the same (or higher) S/Q ratings and these rivals are offering higher mail-in rebates and delivering orders for branded footwear to footwear retailers in 1-2 weeks
d) When the company is struggling to achieve the sales volumes needed to meet or beat the five investor-expected performance targets because the global marketplace for branded footwear is overcrowded with companies locked in a fierce competitive battle to sell 450- 500 models of branded footwear with high S/Q ratings at premium prices to the same comparatively narrow high-end buyer segment
e) When the company's cost per branded pair sold is above the industry average in all four geographic regions

Answers

Answer:

The circumstance in which a company's managers should seriously consider modifying their strategy to strongly differentiate the company's branded footwear from the offerings of rival companies and achieve a competitive advantage based on a wide selection of 450-500 models/styles and "high" S/Q ratings is:

c) When one or more rivals also produce and market branded footwear having much the same (or higher) S/Q ratings and these rivals are offering higher mail-in rebates and delivering orders for branded footwear to footwear retailers in 1-2 weeks.

Explanation:

S/Q ratings are Athletic Footwear Styling and Quality ratings.  The ratings are championed by a consumer group, which undertakes to rate the styling and quality of the footwear of all footwear producers by assigning a styling-quality or S/Q rating of 0 to 10 stars to each company's branded footwear offerings.  If the company has the same rating with a competitor and the competitor employs some strategic moves to better its competitiveness, then the company must change its differentiation strategy.

The company manager considers modifying the strategy when there has been rival with better or same footwear quality and delivery as yours. Thus option C is correct.

The S/Q rating has been the styling and quality rating that has been assigned to the footwear by the consumer groups. The strategy for the selling of an product has been improvised in the market when there has been the presence of a competitor with the same strategy as yours.

Thus company managers seriously consider modifying their strategy when one or more rivals also produce and market branded footwear having much the same (or higher) S/Q ratings and these rivals are offering higher mail-in rebates and delivering orders for branded footwear to footwear retailers in 1-2 weeks. Thus option C is correct.

For more information about the marketing strategy, refer to the link:

https://brainly.com/question/14033301

A marketing team at a carwash company was brainstorming better methods to identify what influenced their customers. The team discussed the social and personal factors of various customers and their decisions. What additional factors should the team discuss?
a. situational factors
b. psychological factors
c. personal factors

Answers

B, I think that is right. It should be, good luck!

What is Company XYZ's intrinsic equity value using the WACC as the discount rate and assuming the terminal value is based on the EBITDA exit multiple

Answers

Answer:

$315,198

Explanation:

WACC = [ Equity / Total value ] * cost of equity + [ Debt / Total value ] * Cost of debt.

WACC = 11.5%

Exit multiple = Total cash outflow / Total cash inflow

Exit multiple = $120,000 / 36,000 = 3.3x

EBITDA of the company is $178,412.

During the year, Gary, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. At the end of last year, his stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. It has no accumulated E & P. Which statement is correct?a. Gary recognizes a $1,000 LTCG.b. Gary’s stock basis is $2,000.c. Gary’s ordinary income is $15,000.d. Gary’s tax-free return of capital is $11,000.

Answers

Answer: a. Gary recognizes a $1,000 LTCG

Explanation:

Long Term Capital Gain is calculated by the formula:

= Distribution from company - Basis in stock - Ordinary income earned during the year

= 16,000 - 4,000 - 11,000

= $1,000

First statement is therefore correct that Gary would recognize an LTCG of $1,000.

Beginning inventory is $30,000. Purchases of inventory during the year are $50,000. Cost of goods sold is $60,000. What is ending inventory?

Answers

Ending Inventory = Beginning Inventory + Purchases - COGS

=$30,000 + $50,000 - $60,000
= $20,000

On May 25, after the transactions had been posted, Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees.
20--
May 23 Cash 101 1,270
Service Fees 401 1,270
Received cash for services previously earned
Correct the error in the general journal using the correcting entry method. If an amount box does not require an entry, leave it blank.

Answers

Answer:

With the correcting entry method, the wrongly posted account will transfer the amount that was to be posted elsewhere to the place it was to be posted in. In this case the posting was to be to Accounts Receivable not Service fees so:

Date                   Account Title                                     Debit                  Credit

May 23              Service Fees                                   $1,270

                          Accounts Receivable                                                 $1,270

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