Fore Farms reported a pretax operating loss of $137 million for financial reporting purposes in 2021. Contributing to the loss were (a) a penalty of $5 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2021 and (b) an estimated loss of $12 million from accruing a loss contingency. The loss will be tax deductible when paid in 2022. The enacted tax rate is 25%. There were no tem
Answers
Answer: Hello your question is incomplete attached below is the complete question
answer:
1) attached below
2) Net operating income ( loss ) = - $104 million
Explanation:
Pretax operating loss = - $137 million
Non deductible Losses ; $5 million fine paid in 2021 ,
estimated $12 million loss from contingency that will be tax deductible in 2022
Enacted tax rate = 25%
Taxable operating income = - $120 million
attached below is the solution
Related Questions
A partial list of a corporation's accounts shows the following account balances: Retained earnings, $375,000 Treasury stock—common, $20,000 Paid-in capital in excess of par value—common, $60,000 Treasury stock—preferred, $20,000 Common stock, $200,000 Preferred stock, $175,000 Paid-in capital in excess of par value—preferred, $60,000 How much is total stockholders' equity?
Answers
Answer:
Stockholders' Equity
Common stock $200,000
Preferred stock $175,000
Paid-in capital in excess of par value
Common stock $60,000
Preferred stock $60,000
Retained earnings $375,000
Treasury Stock
Common stock -$20,000
Preferred stock -$20,000
Total stockholders' equity $830,000
Botox Facial Care had earnings after taxes of $282,000 in 20X1 with 200,000 shares of stock outstanding. The stock price was $81.80. In 20X2, earnings after taxes increased to $418,000 with the same 200,000 shares outstanding. The stock price was $94.00.
Required:
a. Compute earnings per share and the P/E ratio for 20X1.
b. Compute earnings per share and the P/E ratio for 20X2.
c. Why did the P/E ratio change? (
Answers
Answer:The earnings per share and The P/E ratio for 20X1 is $1.41 and $58.01 respectively.
The earnings per share and The P/E ratio for 20X2 is $2.09 and $44.976 respectively.
Explanation:
a. Earning per shares = Earning after Taxes / total Shares outstanding
= $282,000/200,000
= $1.41
Therefore, The earnings per share for 20X1 is $1.41
P/E RATIO = Price Per shares/Earning per shares
= $81.80/$1.41
= $58.01
Therefore, The P/E ratio for 20X1 is $58.01
b. Earning per shares = Earning after Taxes / total Shares outstanding
= $418,000/200,000
= $2.09
Therefore, The earnings per share for 20X2 is $2.09
P/E RATIO = Price Per shares/Earning per shares
= $94.00/$2,09
= $44.976
Therefore, The P/E ratio for 20X2 is $44.976
c.The P/E ratio changed from $58.01 to $44.976 because of the change in earnings per share and the stock price per share.
1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable ledger. General Ledger Accounts Receivable Sales End.Bal End.Bal Accounts Receivable Subsidiary Ledger Ski Shop Sales Returns and Allowances End.Bal Welcome Enterprises Zia Natara End.Bal End.Bal Vail Company recorded the following selected transactions during November Current Year Debit Credit 5,238 Date General Journal Nov. 5 Accounts Receivable-Ski Shop Sales 5,238 10 Accounts Receivable-Welcome Enterprises 2,780 Sales 2,780 13 Accounts Receivable-Zia Natara 1,630 Sales 1,630 21 Sales Returns and Allowances 421 Accounts Receivable-Zia Natara 421 30 Accounts Receivable-Ski Shop 5,796 Sales 5,796
2 . Prepare a schedule of accounts receivable VAIL COMPANY Schedule of Accounts Receivable November 30, Current Year Total
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Answer:
Vail Company
1. T-accounts:
a. General Ledger
Accounts Receivable
Date Account Titles Debit Credit
Nov. 5 Sales 5,238
Nov. 10 Sales 2,780
Nov. 13 Sales 1,630
Nov. 21 Sales Returns and Allowances 421
Nov. 30 Sales 5,796
Nov. 30 Balance 15,0232
Sales
Date Account Titles Debit Credit
Nov. 5 Accounts Receivable-Ski Shop 5,238
Nov. 10 Accounts Receivable-
Welcome Enterprises 2,780
Nov. 13 Accounts Receivable-Zia Natara 1,630
Nov. 30 Accounts Receivable-Ski Shop 5,796
Nov. 30 Balances 15,444
Sales Returns and Allowances
Date Account Titles Debit Credit
Nov. 21 Accounts Receivable-Zia Natara 421
b. Accounts Receivable Ledger:
Ski Shop
Date Account Titles Debit Credit
Nov. 5 Sales 5,238
Welcome Enterprises
Date Account Titles Debit Credit
Nov. 10 Sales 2,780
Zia Natara
Date Account Titles Debit Credit
Nov. 13 Sales 1,630
Nov. 21 Sales Returns and Allowances 421
Ski Shop
Date Account Titles Debit Credit
Nov. 30 Sales 5,796
Explanation:
a) Data and Analysis:
Nov. 5 Accounts Receivable-Ski Shop 5,238
Sales 5,238
Nov. 10 Accounts Receivable-Welcome Enterprises 2,780
Sales 2,780
Nov. 13 Accounts Receivable-Zia Natara 1,630
Sales 1,630
Nov. 21 Sales Returns and Allowances 421
Accounts Receivable-Zia Natara 421
Nov. 30 Accounts Receivable-Ski Shop 5,796
Sales 5,796
A pure monopoly without competitors: Group of answer choices Faces a perfectly elastic demand curve for its product. Cannot influence the price of its
Answers
Answer:
d
Explanation:
Here is the complete question
A pure monopoly firm
Select one:
a. faces a perfectly elastic demand curve for its product.
b. will always be able to earn more profit when it raises price.
c. will always earn economic profit, no matter what the level of demand for its product.
d. can influence the price of its product by controlling output
A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.
An example of a monopoly is a utility company
A natural monopoly occurs due to the high start-up costs or a large economies of scale.
Natural monopolies are usually the only company providing a service in a particular region
Characteristics of natural monopolies
1. they have a large fixed cost
2. The firms have a low marginal cost
3. They occur naturally through the free market. It does not occur by government regulation or any other force
The demand curve for a pure monopoly is usually inelastic.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
A monopoly can can influence the price of its product by controlling output
A monopoly will not always earn economic profit no matter the level of output
BusCorp wants to introduce a new procedure to improve how customer requests are handled. This change will require employees to break old routines and adopt new role patterns. They decide to adopt two new programs, one in which employees learn how to work as teams as the company changes. The other involves forming task forces within the company to help determine ne customer service practices.
The formation of task forces to minimize resistance to change is known as:_______.
A. communication.
B. learning.
C. stress management.
D. negotiation.
E. employee involvement.
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Answer:
E)Employee involvement
Explanation:
Employee involvement can be regarded as taking part of employees in decision-making process that are crucial to the organization, so that the goals of the organization are met. When employees there is involvement of employees in making decisions, there will be some professional as well as personal stake gained by the employee in the organization as well as the organization overall success. As a result of this there would be increased productivity in part of employees because they will take part actively in various aspects that will bring about success of the firm.
How does a parent perform the functions of organizing in management?
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Answer:
I'll assume that the term "parent" here means parent in the conventional term as in father, mother, and children.
With this in mind, parents have the responsibility of organising the family which include their children and the affairs of the house.
Therefore, a parent performs the functions of organizing in management by:
1. Guiding their wards in management principles
2. Educating them in what they should and shouldn't do.
Gabriele Enterprises has bonds on the market making annual payments, with nine years to maturity, a par value of $1,000, and selling for $978. At this price, the bonds yield 7.4 percent. What must the coupon rate be on the bonds
Answers
Answer:
7.06%
Explanation:
The computation of the coupon rate is given below:
Given that
FV is $1,000
PV is $978
NPER is 9
RATE is 7.4%
The formula is given below:
=PMT(RATE,NPER,-PV,FV,TYPE)
After applying the above formula, the PMT is $70.57
Now the coupon rate is
= $70.57 ÷ $1,000
= 7.06%
Tip Top Painting Company has the following production data for March: Beginning work in process inventory, 2,000 units that are 30% complete for conversion costs Units completed and transferred out, 44,000 Units in ending work in process inventory, 9,000 that are 80% complete for conversion costs Materials are added only at the beginning of the process. What is the equivalent units of production during May for direct materials if the FIFO method is used?
Answers
Answer: 51000 units
Explanation:
The equivalent units of production during May for direct materials if the FIFO method is used will be calculated thus:
Units completed and transferred out = 44,000 Units
Less: Beginning work in process inventory = 2,000
Balance = 42000
Then, the Equivalent units of materials will be:
Balance = 42000
Add: Units in ending work in process inventory = 9,000
Equivalent units of materials = 51,000 units
Many experts believe that marketing is the most important function in a company. Discuss the reasons this is a true statement. Discuss the reasons this is not a true statement.
Answers
Solution :
Marketing is considered as an important function in a company.
Marketing is an important function in any organization as it allows the business to maintain a long-lasting and an ever-present relationships with the audience. It increase the brand value and generates revenue for the organization.
Marketing is not considered as an important function in a company.
Besides marketing there are other function as well which are important for an organization. The human resource department is an important function which maintains the relationship between the employees and the management. It works for the welfare of its employees which is considered as asset to the organization.
Also attention should be given to manufacture a good product seeing the demand in the market that can be easily available and usable by the customer. More research should be done to develop a product that is best for its consumers.
A very accurate estimate that is formed only after most design work is complete:_________
Definitive estimate
Parametric estimate
Feasibility estimate
Ballpark estimate
Answers
Answer:
Definitive estimate
Explanation:
The definitive estimate shows the most accurate or correct estimation for the amount of work and the resources required for finishing the project. It is the estimate in which the organization commits to an order to the baseline
So as per the given situation, the accurate estimated i.e. should be created only after most design work is finished is known as the definitive estimate
You are in desperate need for cash to pay your water bill so you head to the check-cashing store down the street. They offer to lend you $200 now but you must leave a postdated check of $212 to be cashed in 7 days. What is the effective annual rate of this short-term loan?
Answers
Answer:
1969.6%
Explanation:
The computation of the effective annual rate is given below;
Given that
It is been charged $12 for $200 loan for 7 days
So for 7 days,
the nominal interest rate is is
= 12 ÷ 200 × 100
= 6%
Now
(1+r) = (1+0.06)^{52}
(1+r) = 20.696
r = 19.696
= 1969.6%
A company is offering perpetual preferred stock (its dividend payments last forever) with a fixed annual dividend of $100. If your required rate of return on this investment is 12 percent, what is the value of each share
Answers
Answer:
833.33
Explanation:
The fixed annual dividend is $100
The required rate of return on this investment is 12%
Therefore the value for each share can be calculated as follows
= 100/(12/100)
= 100/0.12
= 833.33
Hence the value for each share is 833.33
A company has total revenue of $50,000,000, cost of sales of $40,000,000, operating expenses of $5,000,000, and financing costs of $2,000,000. What are earnings per share if the company has 100,000 shares outstanding and no preferred stockholders
Answers
Answer:
$30
Explanation:
Earnings per share = earnings / total outstanding shares
Earnings = total revenue - total cost
total cost = $40,000,000 + $5,000,000 + $2,000,000 = $47,000,000
Earnings = $50,000,000 - $47,000,000 = $3,000,000
Earnings per share = $3,000,000 / 100,000 = $30
Please tell whether inventory is beneficial or not for businesses with a large number of customers? Why?
Answers
Answer:
I don't know how it is possible
Fitness Fanatics is a regional chain of health clubs. The managers of the clubs, who have authority to make investments as needed, are evaluated based largely on return on investment (ROI). The company's Springfield Club reported the following results for the past year:
Sales $780,000
Net operating income $17,940
Average operating assets $100,000
The following questions are to be considered independently.
Required:
Compute the Springfield club's return on investment (ROI).
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Answer:Springfield club's return on investment (ROI) is 17.94%
Explanation:
Return on investment (ROI) is given as the ratio of the net operating income to average operating assets and expressed in percentage .
ROI = Net operating income / Average operating assets
Given that
Net operating income =$17,940
Average operating assets = $100,000
ROI = $17,940/ $100,000 = 0.1794, 17.94%
Therefore, the the Springfield club's return on investment (ROI) is 17.94%
According to your reading material, one cause of excessive pressure is a/an __________.
a. overestimation of the severity of one’s own problems
b. lack of sleep
c. lack of self-confidence
d. lack of self-esteem
Answers
Answer: D
Explanation: A lack of self-esteem can lead to reliance others advice which can also lead to excessive pressure by the people your getting advice from.
lack of self-esteem
Martha works as a window dresser in her hometown of Victoria BC. She charges $16.72/h and it takes her 5 hours to finish the window display at a local department store. How much will her gross pay be for the job
Answers
Answer:
Her gross pay for the job will be $ 83.6.
Explanation:
Given that Martha works as a window dresser in her hometown of Victoria BC, and she charges $ 16.72 / h and it takes her 5 hours to finish the window display at a local department store, to determine how much will her gross pay be for the job the following calculation must be performed:
16.72 x 5 = X
83.6 = X
Therefore, her gross pay for the job will be $ 83.6.
A business purchases equipment by paying in cash and issuing a note payable of . Which of the following occurs? A. Cash is credited for , Equipment is credited for , and Notes Payable is debited for . B. Cash is credited for , Equipment is debited for , and Notes Payable is credited for . C. Cash is debited for , Equipment is debited for , and Notes Payable is credited for . D. Cash is debited for , Equipment is credited for , and Notes Payable is debited for .
Answers
Answer: Cash is credited for, Equipment is debited for and Notes Payable is credited for.
Explanation:
Let's assume the business purchases equipment by paying $5000 in cash and then issued a note payable of $15000.
Then, the journal entry will be:
Debit Equipment $20000
Credit Cash ($20000 - $15000)=$5000
Credit Note payable $15000
Potatoes and wheat output (tons per day)
Country Potatoes Wheat
United States 4 2
Ireland 3 1
The United States has a comparative advantage in producing: __________
a. wheat
b. neither
c. potatoes
d. both
Answers
Answer:
c. potatoes
Explanation:
The computation is shown below:
Opportunity cost of producing 1 tons of wheat is
for US = 4 ÷ 3 = 1.33 tons of potatoes
for Ireland = 2 ÷ 1 = 2 tons of potatoes
As the opportunity cost is higher in united states of potatoes so here the united stated should be comparative advantage in generating potatoes
May 31, Novac Corp. Has net sales of $415,000 in cost of goods available for sale of $286,000 compute the estimated cost of the ending inventory assuming the gross profit rate is 37%
Answers
Answer:
$24,550
Explanation:
Computation for the estimated cost of the ending inventory
Net Sales = $415,000
Gross Profit rate= 37%
Cost of goods Sold = 100%- 37% = 63%
Cost of Goods Sold =$415,000*63% = $261,450
Cost of Goods Available for sale = $286,000
Using this formula
Estimated Cost of Ending Inventory= Cost of goods available for sale - Cost of Goods Sold
Let plug in the formula
Estimated Cost of Ending Inventory = $286,000-$261,450
Estimated Cost of Ending Inventory = $24,550
Therefore the estimated cost of the ending inventory is $24,550
Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and uncollectible accounts expense is estimated at 2% of sales. If sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is:______.a. $12,500.b. $11,500.c. $12,000.d. None of these answers are correct.
Answers
Answer:
$12,000
Explanation:
Calculation to determine what the amount of the adjusting entry to record the provision for doubtful accounts is
Using this formula
Provision for doubtful accounts =Sales *Uncollectible accounts expense estimated percentage of sales
Let plug in the formula
Provision for doubtful accounts = 2% × $600,000
Provision for doubtful accounts=$12,000
Therefore the amount of the adjusting entry to record the provision for doubtful accounts is $12,000
A firm wants to sponsor an engineering lab. This requires $2.5M to construct the lab, $1.2M to equip it, and $600,000 every 5 years for new equipment. What is the required endowment if the university will earn 6% interest on funds
Answers
Answer:
$5.47M
Explanation:
The required endowment from the sponsor is the total costs required immediately plus the present value of the new equipment that needs to be purchased every five years as shown thus:
Immediate costs=cost of lab construction+cost of equipping the lab
Immediate costs=$2.5M+$1.2M
Immediate costs=$3.7M
Present value of every 5 years equipment cost=cost/(1+interest)^n-1
interest rate=6%
n=5 years(the frequency of incurring the cost)
PV=$0.60M/(1+6%)^5-1
PV=$0.60M/0.33822558
PV=$1.77M
required endowment =$3.70M+$1.77M
required endowment =$5.47M
In a process operation, each process has a separate department which will accumulate costs for each of the following: Multiple select question. administrative direct labor overhead sales direct materials
Answers
Answer:
overhead
direct labor
direct materials
Explanation:
Process operations can be regarded as process manufacturing it can be explained as mass production method that is been followed when producing products following a continuous flow.
It can be regarded conveyer belt system which brings about production of identical as well as standardized item with fast rate as regards the speed. It should be noted that In a process operation, each process has a separate department which will accumulate costs for ;
✓overhead ( ongoing costs that is gotten in operation of a business)
✓direct labor
✓direct materials
calculator solutionvChang is investing $2,500 today and will do so at the beginning of each of the next six years for a total of seven payments. If her investment can earn 12 percent annually, how much will she have at the end of seven years
Answers
Answer: $28,249.25
Explanation:
As the payments are constant, this represents an annuity. Also, as the payment is made at the beginning of every period, it is an Annuity Due.
The value of the end of the 7 years is the future value of the annuity due which is found by:
= Annuity * Future value factor of an annuity, 7 years, 12%
= 2,500 * 11.2997
= $28,249.25
Express net income as a common-size percentage using the following data.
Sales $45,000
Cost of goods sold $29,340
Gross profit from sales $15,660
Operating expenses $10,800
Net income $4,860.
a. 100 percent
b. 31 percent
c. 12 percent
d. 10.8 percent
Answers
Answer:
i think the answers D 10.8 percent
ABC Bank requires a 20% down payment on all of its home loans. If a house
is priced at $145,000, what is the amount of the down payment required by
the bank?
A. $29,000
B. $290,000
C. $14,500
D. $18,000
Answers
The equation used to find this is the following: 145,000 x .20
Hope this helps! Please make me the brainliest, it’s not necessary but appreciated, I put a lot of effort and research into my answers. Have a good day, stay safe and stay healthy.
Costs: Costs in beginning Work in Process - Direct Materials: $58,000. Costs in beginning Work in Process - Conversion: $63,850. Costs incurred in February - Direct Materials: $388,250. Costs incurred in February - Conversion: $614,150. Calculate the cost per equivalent unit of materials.
Answers
Answer: $2.05 per unit
Explanation:
First find out the Equivalent units for materials:
= Units started and completed + Ending work in process
= 180,000 + 37,500
= 217,500 units
Find out total cost of materials:
= Costs in beginning Work in Process for materials + Cost incurred in February
= 58,000 + 388,250
= $446,250
Cost per equivalent unit:
= Total costs / Equivalent units
= 446,250 / 217,500
= $2.05 per unit
Cavy Company estimates that the factory overhead for the following year will be $1,470,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for the month of April for all of the jobs were 4,780.
Required:
Prepare the journal entry to apply factory overhead.
Answers
Answer and Explanation:
The journal entry to record the factory overhead is given below:
Predetermined Overhead rate is
= Estimated overhead ÷ Estimated machine hours
= $1,470,000 ÷ 40,000
= $36.75 per mh
Now journal entry is
Work in Process $175,665
To Factory Overhead $175,665 (4780 × 36.75)
(Being the factory overhead applied is recorded)
Here work in process is debited as it increased the assets and credited the factory overhead as it decreased the expense
Suppose that American firms claim that protectionism in Canada is on the rise as the Canadian government attempts to protect its infant industries. This protectionism will cause the greatest harm to Group of answer choices
Answers
Answer:
manufacturers who export to Canada.
Explanation:
From the question we are informed about an American firms claim that uses protectionism in Canada is on the rise as the Canadian government attempts to protect its infant industries. This protectionism will cause the greatest harm to manufacturers who export to Canada.
Protectionism can be regarded as economic policy that is used in restriction of imports from other countries using some methods and measures, these measures could be tariffs on imported goods as well as import quotas and some government regulations. This is usually create economic crises such as Great Depression.
A truck acquired at a cost of $195,000 has an estimated residual value of $10,200, has an estimated useful life of 56,000 miles, and was driven 5,000 miles during the year. Determine the following:
a. The depreciable cost $___________
b. The depreciation rate $__________ per mile
c. The units-of-activity depreciation for the year $__________
Answers
Answer:
a. $184,800
b. 3.3 per miles
c. 16,500
Explanation:
(a) Calculation to determine The depreciable cost
Depreciable cost =Cost - estimated residual value
Depreciable cost=$195,000- $10,200
Depreciable cost=$184,800
(b) Calculation to determine The depreciation rate
Depreciation rate = $184,800/useful life 56,000 miles
Depreciation rate =3.3per mile
(c) Calculation to determine The units-of-activity depreciation for the year
Units-of-activity depreciation =3.3per mile*5,000 miles
Units-of-activity depreciation=16,500
Therefore The units-of-activity depreciation for the year is 16,500
