Emma's Electronics Incorporated has total assets of $56 and total debt of $43 million. The company also has operating profits of $27 million with interest expenses of $8 million.

Required:
a. What is Emma's debt ratio?
b. What is Emma's times interest earned?
c. Based on the information above, would you recommend to Emma's management that the firm is in a strong enough position to assume more debt and increase interest expense to $10 million?

Answers

Answer 1

Answer:

a. Debt Ratio = Debt / Total Assets

Debt Ratio = $43 million / $56 million

Debt Ratio = 0.76786

Debt Ratio = 76.79%

b. Time Interest Earned = EBIT / Interest

Time Interest Earned = $27 million / $8 million

Time Interest Earned = 3.375 times

c.  If Interest expense is increased to 10 lmillion. The new Time Interest Earned = $27 million / $10 million = 2.7 times. The new time Interest Earned is at 3 times and this indicate that the company can easily raise more debt for its funding needs.


Related Questions

Over the past year, productivity grew 2%, capital grew 1%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.2 and 0.8, respectively, how much did output grow

Answers

Answer:

The output growth rate is 3%.

Explanation:

Use the growth accounting equation as follow

ΔA% = ΔY% - αΔK% - βΔL%

Where

∆A = change in productivity = 2%

∆K = growth in capital =

∆L = growth in labor =

α = elasticity of capital = 0.2

β = elasticity of labor = 0.8

∆Y = change in output = ?

Placing values in the formula

2% = ΔY% - ( 0.2 x 1% ) – ( 0.8 x 1% )

2% = ΔY% - 1%

ΔY% = 2% + 1%

ΔY% = 3%

Hence, the output growth rate is 3%.

A company just paid a dividend of $1.75, and those dividends are expected to grow at a constant rate of 5.5% forever. The stock price of this company is $74.58, what is the stock's expected dividend yield?​

Answers

Answer:

2.48%

Explanation:

Dividend yield = Expected annual dividend / Price today

Dividend yield = $1.75 * 105.5% / $74.58

Dividend yield = $1.84625 / $74.58

Dividend yield = 0.0247553

Dividend yield = 2.48%

So, the stock's expected dividend yield is 2.48%.

If Mike asked customers to complete a customer feedback survey after using his car detail service, he probably increased the level of customer involvement during the __________ step of the process. a.) information seeking b.) post-purchase evaluation c.) need identification d.) problem recognition

Answers

Answer: b.) post-purchase evaluation

Explanation:

Post-purchase evaluation as the term implies, is done after the product is purchased and checks how well the product does what it is meant to do.

When Mike asks customers to complete a feedback survey, they will indicate on the survey what they thought of his service such that he would know whether he fulfilled his purpose for the service. This therefore includes the customers in the post-purchase evaluation.

Requirement 1. Identify each account as an asset​ (A), liability​ (L), or equity​ (E). Asset (A), Liability (L), or Equity (E)? a. Interest Revenue b. Accounts Payable c. Calhoun, Capital d. Office Supplies e. Advertising Expense f. Unearned Revenue g. Prepaid Rent h. Utilities Expense i. Calhoun, Withdrawals j. Service Revenue Requirement 2. Identify whether the account is increased with a debit​ (DR) or credit​ (CR). Increases with a debit (DR) or credit (CR)? a. Interest Revenue b. Accounts Payable c. Calhoun, Capital d. Office Supplies e. Advertising Expense f. Unearned Revenue g. Prepaid Rent h. Utilities Expense i. Calhoun, Withdrawals j. Service Revenue Requirement 3. Identify whether the normal balance is a debit​ (DR) or credit​ (CR). Normal balance is a debit (DR) or credit (CR)? a. Interest Revenue b. Accounts Payable c. Calhoun, Capital d. Office Supplies e. Advertising Expense f. Unearned Revenue g. Prepaid Rent h. Utilities Expense i. Calhoun, Withdrawals j. Service Revenue

Answers

Answer:

a. Interest Revenue

Identification: Asset

Increases with: Debit

Normal Balance: Debit

b. Accounts Payable

Identification: Liability

Increases with: Credit

Normal Balance: Credit

c. Calhoun, Capital

Identification: Equity

Increases with: Credit

Normal Balance: Credit

d. Office Supplies

Identification: Asset

Increases with: Debit

Normal Balance: Debit

e. Advertising Expense

Identification: Liability

Increases with: Credit

Normal Balance: Credit

f. Unearned Revenue

Identification: Liability

Increases with: Credit

Normal Balance: Credit

g. Prepaid Rent

Identification: Asset

Increases with: Debit

Normal Balance: Debit

h. Utilities Expense

Identification: Liability

Increases with: Credit

Normal Balance: Credit

i. Calhoun, Withdrawals

Identification: Equity

Increases with: Debit

Normal Balance: Debit

j. Service Revenue

Identification: Asset

Increases with: Debit

Normal Balance: Debit

Requirement 1. Identify each account as an asset​ (A), liability​ (L), or equity​ (E). Asset (A), Liability (L), or Equity (E)..Interest Revenue as follows.

Requirement 1:

a. Interest Revenue - Equity (E)

b. Accounts Payable - Liability (L)

c. Calhoun, Capital - Equity (E)

d. Office Supplies - Asset (A)

e. Advertising Expense - Equity (E)

f. Unearned Revenue - Liability (L)

g. Prepaid Rent - Asset (A)

h. Utilities Expense - Equity (E)

i. Calhoun, Withdrawals - Equity (E)

j. Service Revenue - Equity (E)

Requirement 2:

a. Interest Revenue - Credit (CR)

b. Accounts Payable - Credit (CR)

c. Calhoun, Capital - Credit (CR)

d. Office Supplies - Debit (DR)

e. Advertising Expense - Debit (DR)

f. Unearned Revenue - Credit (CR)

g. Prepaid Rent - Debit (DR)

h. Utilities Expense - Debit (DR)

i. Calhoun, Withdrawals - Debit (DR)

j. Service Revenue - Credit (CR)

Requirement 3:

a. Interest Revenue - Credit (CR)

b. Accounts Payable - Credit (CR)

c. Calhoun, Capital - Credit (CR)

d. Office Supplies - Debit (DR)

e. Advertising Expense - Debit (DR)

f. Unearned Revenue - Credit (CR)

g. Prepaid Rent - Debit (DR)

h. Utilities Expense - Debit (DR)

i. Calhoun, Withdrawals - Debit (DR)

j. Service Revenue - Credit (CR)

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If in 2019 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share, then using the market value of equity, the debt to equity ratio for Luther in 2019 is closest to:

Answers

Answer:

Explanation:

If in 2006 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share, then using the market value of equity, the debt -equity ratio for Luther in 2006 is closest to ________.

A) 3.45 B) 1.72 C) 0.86 D) 2.41

B) D / E = Total debt / Total equity

Total Debt = Notes payable (10.5) + Current maturities of long-term debt (39.6) + Long-term debt (231.3 ) = 281.4 million

Total equity = 10.2 × $16 = $163.2, so D / E = $281.4 / $163.2 = 1.72

When the interest rate in an economy decreases, it is likely the result of either a/an ________ or a/an ________.

Answers

Answer:

expansionary practice; open market purchase of securities by the Fed.

Explanation:

Fiscal policy in economics refers to the use of government expenditures (spending) and revenues (taxation) in order to influence macroeconomic conditions such as Aggregate Demand (AD), inflation, and employment within a country. Fiscal policy is in relation to the Keynesian macroeconomic theory by John Maynard Keynes.

A fiscal policy affects combined demand through changes in government policies, spending and taxation which eventually impacts employment and standard of living plus consumer spending and investment.

Basically, an expansionary fiscal policy will cause the total increase in aggregate demand to be greater than the initial increase in aggregate demand due to the multiplier process.

Hence, when the interest rate in an economy decreases, it is likely the result of either an expansionary practice or an open market purchase of securities by the Federal Reserve System (Fed).

According to the Keynesian theory, government spending or expenditures should be increased and taxes should be lowered when faced with a recession, in order to create employment and boost the buying power of consumers

If the exchange rate for Canadian and U.S. dollars is 0.92777 to 1, this implies that 13 Canadian dollars will buy ____ worth of U.S. dollars. (Select the nearest answer.)

Answers

Answer:

U.S. dollars = 14.012 U.S. dollars

Explanation:

Below is the exchange rate:

0.92777 Canadian dollars = 1 U.S dollars

Thus to find the amount of U.S. dollars bought from the 13 Canadian dollars, just divide the 13 Canadian dollars from 0.92777. Therefore the resulting answer will be the U.S. dollars.

U.S. dollars = 13 / 0.92777

U.S. dollars = 14.012 U.S. dollars

Use T-accounts to record the transactions below, which occur on March 12, 2021, close the T-accounts, and construct a balance sheet to answer the question. 1. Issue $80,000 in stock 2. Borrow $65,000 from a bank 3. Receive payment of $12,000 owed by a customer 4. Pay $6,000 owed to a supplier 5. Buy $17,000 worth of manufacturing supplies on credit What is the final amount in Total Assets

Answers

Answer:

The final amount in Total Assets is:

= $156,000.

Explanation:

a) Data and Analysis:

1. Cash $80,000 Common Stock $80,000

2. Cash $65,000 Bank Loan Payable $65,000

3. Cash $12,000 Accounts receivable $12,000

4. Accounts payable $6,000 Cash $6,000

5. Manufacturing supplies $17,000 Accounts payable $17,000

T-accounts

Cash

Account Titles               Debit     Credit

1. Common Stock        $80,000

2. Bank Loan Payable   65,000

3. Accounts receivable 12,000

4. Accounts payable                  $6,000

Balance                                   $151,000

Manufacturing supplies

Account Titles             Debit     Credit

5. Accounts payable $17,000

Common Stock

Account Titles         Debit     Credit

1. Cash                               $80,000

Bank Loan Payable

Account Titles         Debit     Credit

2. Cash                               $65,000

Accounts receivable

Account Titles           Debit     Credit

3. Cash                                  $12,000

Accounts payable

Account Titles            Debit     Credit

4. Cash                      $6,000

5. Manufacturing supplies    $17,000

Balance                    $11,000

Cash                                $151,000

Manufacturing supplies     17,000

Common stock                                 $80,000

Bank loan payable                             65,000

Accounts receivable                           12,000

Accounts payable                                11,000

Total                              $168,000  $168,000

Balance Sheet:

Assets:

Cash                                $151,000

Manufacturing supplies     17,000

Accounts receivable         (12,000)

Total assets                   $156,000

Jones, Incorporated acquires 15% of Anderson Corporation on January 1, 2020, for $105,000 when the book value of Anderson was $600,000. During 2020 Anderson reported net income of $150,000 and paid dividends of $50,000. On January 1, 2021, Jones purchased an additional 25% of Anderson for $200,000. Any excess cost over book value is attributable to goodwill with an indefinite life. The fair-value method was used during 2020 but Jones has deemed it necessary to change to the equity method after the second purchase. During 2021 Anderson reported net income of $200,000, and reported dividends of $75,000.The balance in the investment account at December 31, 2021, is

Answers

Answer: $355000

Explanation:

Based on the information given in the question, the balance in the investment account at December 31, 2021, will be:

15% of Anderson Corporation acquired = $105,000

Add: Additional 25% of Anderson Corp. purchased = $200,000

Add: Share of income 2021 = $200,000 × 40% = $80,000

Less: Dividend paid = $75,000 × 40% = ($30,000)

Balance in the investment = $355,000

Select the item below that is a characteristic of holistic marketing: _________

a. Implementing targeted marketing programs for green products.
b. Focusing on marketing individual products to consumers
c. Combining different marketing techniques to sell a product
d. Considering all business aspects when marketing products

Answers

Answer:

D. Considering all business aspects when marketing products

Explanation:

When a whole business (in general) is considered for the marketing strategy, it forms a holistic marketing approach. In this type of strategy different departments of an organization come together to give positive inputs that create a robust business marketing strategy.

In taking a physical inventory at the end of year 2013, Grant Company forgot to count certain units. Indicate how this error affects the following:
(a) 2013 cost of goods sold.
Overstates 2013 cost of goods sold.
Understates 2013 cost of goods sold.
None of the above.
(b) 2013 gross profit.
Understates 2013 gross profit.
Overstates 2013 gross profit.
None of the above.
(c) 2013 net income.
Understates 2013 net income.
Overstates 2013 net income.
None of the above.
(d) 2014 net income.
Understates 2014 net income.
Overstates 2014 net income.
None of the above.
(e) The combined two-year income.
The understated 2014 net income and the overstated 2013 net income combine to yield a correct total income for the two-year period.
The understated 2013 net income and the overstated 2014 net income combine to yield a correct total income for the two-year period.
(f) Income for years after 2014.
The 2013 error will affect years after 2014.
The 2013 error will not affect years after 2014.

Answers

Answer:

I can't understand the question

You dragged the forecast into your worksheet as a mark to show the future trend. How can you completely remove it

Answers

Answer:

The summary according to the given statement is summarized throughout the below explanation portion.

Explanation:

An approach that uses previous information as the source to anticipate the impact of the proposed developments through an educated manner, is described as Forecasting.Avoiding and prominently display the prediction from either the analysis submenu or option, because then the forecast is erased.

The above allows the forecast to ever be withdrawn or eliminated from the spreadsheet altogether.

The Federal Deposit Insurance Corporation was established in 1933, during the Great Depression, to:_________
a) apprehend counterfeiters.
b) help stop bank failures throughout the United States.
c) fund small-scale businesses.
d) provide depositors with a short-term source of funds for low-interest consumer loans.
e) provide a safe place for savings of particular groups of people.

Answers

Answer:

b) help stop bank failures throughout the United States.

Explanation:

A bank run can be defined as a situation where bank clients or depositors make withdrawals of their money simultaneously from banks as a result of them being scared or afraid the depository institution will run out of cash (bankruptcy) and become insolvent.

The Federal Deposit Insurance Corporation which is also generally referred to as the FDIC was a New Deal program introduced by President Franklin D. Roosevelt in 1933 and it was designed to prevent bank failures or bank runs and restore the public's faith in the banking system.

Hence, the Federal Deposit Insurance Corporation (FDIC) was established on the 16th of June, 1933 so as to counter or mitigate the problem with bank runs.

Generally, the income generated from the premium payments of insured banks is used to fund or finance the Federal Deposit Insurance Corporation (FDIC).

Additionally, to avoid bank runs or other financial institutions from being insolvent, the Federal Reserve (Fed) and Central banks (lender of last resort) are readily accessible and available to give monetary funds to these institutions when they're running out of money and as well as regulate their activities.

In conclusion, the Federal Deposit Insurance Corporation (FDIC) was established in 1933, during the Great Depression, to help stop bank failures throughout the United States.

Most executive information systems include a _____, which integrates information from multiple sources and presents it in a unified, understandable format, often as charts and graphs.
a. digital dashboard
b. decision support system database
c. model base
d. decision support system engine

Answers

Answer:

a. digital dashboard.

Explanation:

Management involves the control, planning and organization of the affairs of a business firm.

Basically, the management of an organization is saddled with the responsibility of planning, organizing, controlling and staffing within the organization.

An Executive information system is also referred to as an Executive support system and it can be defined as a management support system that enhances and supports all of the senior executive information and decision-making process.

Hence, most executive information systems (EISs) include a digital dashboard, which is typically used for integrating information obtained from multiple sources and then presents it in a unified, understandable format, often as charts and graphs.

Suppose you borrow at the risk-free rate an amount equal to your initial wealth and invest in a portfolio with an expected return of 16% and a standard deviation of returns of 20%. The risk-free asset has an interest rate of 4%. Calculate the expected return on the resulting portfolio.

Answers

Answer: 28%

Explanation:

If the initial wealth is given as 100 and since the initial wealth is thesame as the borrowed amount, this will be 100 as well. Then, the weight of the risk free asset will be:

= Amount invested in risk free / Initial wealth

= -100/100

= -1

Portfolio weight equals:

= 1 - (-1) = +2

Therefore, the expected return on the resulting portfolio will be:

= 2 × 16% + (-1 × 4)

= 32 - 4

= 28%

Lagle Corporation has provided the following information:
Cost per Unit Cost per Period
Direct materials $ 4.60
Direct labor $ 3.40
Variable manufacturing overhead $ 1.30
Fixed manufacturing overhead $ 13,200
Sales commissions $ 1.40
Variable administrative expense $ 0.40
Fixed selling and administrative expense $ 5,200
For financial reporting purposes, the total amount of period costs incurred to sell 5,500 units is closest to:____________
a) $9,900
b) $5,200
c) $13,200
d) $15,100

Answers

Answer:

Lagle Corporation

For financial reporting purposes, the total amount of period costs incurred to sell 5,500 units is closest to:____________

d) $15,100

Explanation:

a) Data and Calculations:

                                                   Cost per Unit       Cost per Period

Manufacturing costs:

Direct materials                               $ 4.60

Direct labor                                      $ 3.40

Variable manufacturing overhead  $ 1.30

Fixed manufacturing overhead                                  $ 13,200

Selling and Administrative Expenses:

Sales commissions                         $ 1.40                    $7,700

Variable administrative expense  $ 0.40                      2,200

Fixed selling and administrative expense                 $ 5,200

Total period costs (financial reporting) =                    $15,100

Question 2: Global production company wants to collect data from the computer
buyers. AS A business research, explain which survey method of data collection would
be more appropriate. Justify your answer.

Answers

Answer:

ANswer to the following question is as follows;

Explanation:

Companies aim to acquire data from computer customers by surveying their business in the worldwide production market. This kind of data collecting delivers a more comprehensive survey than individual data gathering, is less costly, and saves time, and has a high response rate.

According to the present market circumstances, I recommended utilising a postal survey and in-person interviews study as a company researcher.

The following refers to units processed by a breakfast cereal maker in August. Compute the total equivalent units of production with respect to conversion for August using the weighted-average inventory method.

Units of Product Percent of Conversion Added
Beginning Work in Process 282,000 40%
Units started 578,000 100%
Units completed 637,000 100%
Ending Work in Process 223,000 50%

Answers

Answer:

Total equivalent units of production = 748,500

Explanation:

This can be computed as follows:

Equivalent units of production (EUP) completed and transferred out = Units completed 100% = 637,000

EUP in Ending Work in Process = Units of Product * Percent of Conversion Added = 223,000 * 50% = 111,500

Therefore, we have:

Total equivalent units of production = EUP completed and transferred out + EUP in Ending Work in Process = 637,000 + 111,500 = 748,500

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2. We could conclude that this economy's
1. real GDP declined.
2. capital stock increased.
3. production possibilities curve shifted outward.
4. actual production moved from one point to another on a fixed production possibilities curve.

Answers

Answer: 1. real GDP declined.

Explanation:

If labor productivity fell yet the workforce did not increase, that means that for Years 1 and 2, workers were producing less than they were producing before because the same number of people were producing.

This means that the amount of goods produced in the country would reduce and therefore GDP would reduce as well as GDP is the amount of goods and services produced in a country. If labor productivity had fallen yet the work-hours had increased, the increase in worker hours would have made up for the loss of labor productivity.

The Glad Products Company produces and markets several consumer products including Press 'n Seal plastic wrap that creates a Tupperware-like seal. Sales for the product had stopped growing and profit leveled off, so the company set up a website to collect customer suggestions for alternative uses. They received such suggestions as protecting computer keyboards from spills and dirt and keeping soccer moms dry when sitting on damp spectator benches as they watched their children play. This tactic describes a product in what stage of its lifecycle?
a. Decline
b. Maturity
c. Introduction
d. Growth

Answers

Answer:

b. Maturity

Explanation:

In the stage of the produc life cycle at the maturity state the garner should accept from the consumer also the profit should fall plus the growth in sales should begins to slow down. also the marketing revamp is significant in order to protect the production from the competition arise in the market via the rival products

So as per the given situation, the option b is correct

If all preferred dividend payments that have been missed must be paid before any common stock dividend can be paid, the preferred stock is called ________ preferred stock. cumulative participating nonparticipating voting dual class

Answers

Explanation:

if all preferred dividend payments that have been missed must be paid before any common stock dividend can be paid, the preferred stock is called hejejejejejeje____ preferred stock. cumulative participating nonparticipating voting dual class

If all preferred dividend payments got missed must be paid before any common stock dividend can be paid, it's called cumulative preferred stock. Thus, the correct answer is A.

What is a stock?

A financial instrument that reflects a share of a company's ownership is referred to as stock. This entitles the stockholder to a share of the company's assets and profits in proportion to the amount of stock held.

When compared to equity stockholders, cumulative preferred stockholders receive a higher dividend rate. When it comes to dividend payouts and claims during liquidation, cumulative preference shares take precedence over equity shares.

Therefore, option A cumulative preferred stock is the correct answer.

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King Corp. owns 80% of Lee Corp's common stock. During October, Lee sold merchandise to King for $100,000. At December 31, one-half of the merchandise remained in King's inventory. For the year, gross profit percentages were 30% for King and 40% for Lee. The amount of unrealized intercompany profit ending inventory at December 31 that should be eliminated in consolidation is:

Answers

Answer: $20,000

Explanation:

The amount of intercompany profit that should be eliminated in consolidation is the profit that Lee would have gotten if King had been able to sell all of the merchandise.

The amount of inventory left at the end of the year is:

= 1/2 * 100,000

= $50,000

Lee's gross profit from that would have been:

= 40% * 50,000

= $20,000

The profit that should be eliminated is $20,000

Assume Sheryl Jenkins wants to accumulate $ 13,241.39 in two years. She currently has $ 10,621.36 to invest. What interest rate must she earn on her investment (that is, if she deposits $ 10,621.36 today) to have $ 13,241.39 exactly two years from today?

Answers

Answer: 11.65%

Explanation:

The $13,241.39 is a future value amount as it is what is to be accumulated in 2 years.

Future value formula therefore applies:

Future value = Current value * ( 1 + interest rate) ^ no. of years

13,241.39 = 10,621.36 * ( 1 + i) ²

(1 + i)² = 13,241.39 / 10,621.36

(1 + i)² = 1.24667556697

1 + i = √1.24667556697

i = 1.116546267 - 1

i = 11.65%

Selected operating data for two divisions of Outback Brewing, Ltd., of Australia are given below: Division Queensland New South Wales Sales $ 1,219,000 $ 2,550,000 Average operating assets $ 530,000 $ 510,000 Net operating income $ 73,140 $ 76,500 Property, plant, and equipment (net) $ 253,000 $ 203,000 Required: 1. Compute the rate of return for each division using the return on investment (ROI) formula stated in terms of margin and turnover. 2. Which divisional manager seems to be doing the better job

Answers

Answer:

Outback Brewing, Ltd. of Australia

Division                              Queensland       New South

                                                                           Wales

1. Rate of return                     2.6%                      0.6%

2. Queensland division manager seems to be doing the better job.

Explanation:

a) Data and Calculations:

Division                                                      Queensland       New South

                                                                                                 Wales

Sales                                                        $ 1,219,000       $ 2,550,000

Average operating assets                       $ 530,000           $ 510,000

Net operating income                                 $ 73,140             $ 76,500

Property, plant, and equipment (net)     $ 253,000           $ 203,000

Profit margin = (NOI/Sales * 100)                  6%                         3%

Asset turnover = (Sales/AOA)                      2.3x                       5x

NOI = Net operating income

AOA = Average operating assets

Return on investment (ROI) = Profit margin * Asset turnover

=                                                                  2.6%                      0.6%

Suppose a financial manager buys call options on 26,000 barrels of oil with an exercise price of $111 per barrel. She simultaneously sells a put option on 26,000 barrels of oil with the same exercise price of $111 per barrel. What are her payoffs per barrel if oil prices are $106, $107, $111, $115, and $116?

Answers

Answer:

Explanation:

Suppose a financial manager buys call options on 24,000 barrels of oil with an exercise price of $119 per barrel. She simultaneously sells a put option on 24,000 barrels of oil with the same exercise price of $119 per barrel. What are her payoffs per barrel if oil prices are $103, $108, $119, $130, and $135? (Leave no cells blank - be certain to enter "O" wherever required. A negative answer should be indicated by a minus sign.) 130 $ 135 Market price Payoffs per barrel 108 $ 119 103 $ $

Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $420,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,500.
Kingston Co. uses the percentage-of-receivables ba
Kingston Co. uses the percentage-of-receivables ba
Collapse question part
Partially correct answer. Your answer is partially correct. Try again.
Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation Debit Credit

Answers

Answer:

Kingston Co.

Adjusting Journal Entry to record bad debt expense for the year:

Account Titles and Explanation   Debit    Credit

Bad Debts Expense                    $2,700

Allowance for Doubtful Accounts           $2,700

To record bad debt expense for the year and bring the allowance for doubtful accounts to a credit balance of $4,200.

Explanation:

a) Data and Analysis:

Accounts receivable at the end of the year = $420,000

Allowance for doubtful accounts (credit balance) = $1,500

Estimated uncollectible = 1% of account receivable

New credit balance for allowance for doubtful accounts = $4,200

Adjustment to increase the allowance for doubtful accounts to the above new balance = $2,700 ($4,200 - $1,500)

Bad Debts Expense $2,700 Allowance for Doubtful Accounts $2,700

________ happens when the economy is producing at its potential and unemployment is at the natural rate of unemployment. Group of answer choices

Answers

Answer:

full employment GDP

Explanation:

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Full employment GDP happens when the economy is producing at its potential and unemployment is at the natural rate of unemployment. Full employment describes situation in which an acceptable level of unemployment somewhere above 0% exists. Full employment GDP means that the level of GDP at which there is no deficiency of aggregate demand.

What do statistics show about most Americans’ financial management?

Answers

Answer:

46%of Americans couldn't come out with $400 in an emergency

It suggests that 46% of all Americans find it difficult to come up with four hundred bucks if there had been to be an emergency. Also, 60% of Americans will face that emergency within one year or less.

Why is it crucial to know about financial management?

Financial management helps in enhancing the profitability of organizations, increases the general price of the corporations or organizations, provides financial stability, encourages personnel to store money, and enables them in non-public economic planning.

Hence, this is the statistical information we get about Americans' financial management.

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Which of these statements about a VA appraisal is false? A CRV is valid for nine months on existing property. The appraisal must be done by a VA certified appraiser. The appraisal is called a Certificate of Reasonable Value. A veteran may pay more for a property than the CRV value.

Answers

Answer:

A CRV is valid for nine months on existing property.

Explanation:

The Department of Veterans Affairs usually grants mortgage loans to veterans. Before the loan is given an appraisal must be undertaken by a certified VA appraiser.

After appraisal a Certificate of Reasonable Value (CRV) is issued.

The CRV has a validity of 180 days (that is 6 months).

That means for this period the appraised value will remain the same even if there are adjustments in the contract terms.

So it's false that validity period of CRV is 9 months

A firm produces 200 units hourly with $150 in labor costs an hour, $80 in materials costs an hour, and a fixed cost that works out to $20 per hour. First, what are this firm's hourly variable and total costs

Answers

Answer:

$230

$250

Explanation:

Variable costs are costs that vary with production

variable cost = labour costs + cost of raw materials

150 + 80 = 230

total cost = fixed cost + variable costs

Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments

230 + 20 = 250

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