In which of the following scenarios would enforcement of specific performance be appropriate? Multiple Choice Your bookstore agrees to order a textbook for you but breaches its contract with you by canceling the order the next day. You order 3 gallons of white ceiling paint from a local store, and the store breaches by not delivering or making available to you the 3 gallons. You own the pistol used by Hamilton and contract to buy the pistol used by Burr in the Hamilton-Burr duel to complete your set, but despite the contract the Burr pistol owner refuses to sell at the last minute. You order a current-model, name-brand television from a department store, and a few days later the store breaches by not ordering it from the manufacturer.

Answers

Answer 1

Answer:

Correct Answer:

2. You order 3 gallons of white ceiling paint from a local store, and the store breaches by not delivering or making available to you the 3 gallons.

3. You own the pistol used by Hamilton and contract to buy the pistol used by Burr in the Hamilton-Burr duel to complete your set, but despite the contract the Burr pistol owner refuses to sell at the last minute.

1.  Your bookstore agrees to order a textbook for you but breaches its contract with you by canceling the order the next day.

Explanation:

In enforcement of specific performance is applied in situations where there there is an established contract that has was not honored. This bridge of contract would then trigger performance enforcement.


Related Questions

A portfolio to the right of the market portfolio on the CML is: Group of answer choices a lending portfolio. an inefficient portfolio. a borrowing portfolio.

Answers

Answer:

a borrowing portfolio.

Explanation:

A borrowing portfolio is a portfolio to the right of the market portfolio. It is on the right half of the line. It shows that an investor can purchase the market portfolio and still borrow money so as to purchase more.

CML is known as the the capital market line. It shows the most advantageous portfolios that are a combination of risk and return.

Answer:

a borrowing portfolio.

Explanation:

A borrowing portfolio is a portfolio to the right of the market portfolio. It is on the right half of the line. It shows that an investor can purchase the market portfolio and still borrow money so as to purchase more.

CML is known as the the capital market line. It shows the most advantageous portfolios that are a combination of risk and return.

Explanation:

Computing absorption costing gross profit
Refer to your answers to Short Exercise S21-6. Product X sells for $175 per unit. Assume no beginning inventories. Calculate the gross profit using absorption costing when Adamson:
a. Produces and sells 2,000 units.
b. Produces 2,500 units and sells 2,000 units
c. Produces 5,000 units and sells 2,000 units.

Answers

Answer:

a lot of information is missing, so I looked for a similar question that can help you understand this one:

Variable costs (including direct labor, direct materials and variable overhead) = $80 per units

Fixed overhead = $150,000

a) If Adamson produces 2,000 units, the total cost per unit = $80 + ($150,000 / 2,000) = $80 + $75 = $155

gross profit = total sales revenue - total cogs = (2,000 x $175) - (2,000 x $155) = $350,000 - $310,000 = $40,000

b) If Adamson produces 2,500 units, the total cost per unit = $80 + ($150,000 / 2,500) = $80 + $60 = $140

gross profit = total sales revenue - total cogs = (2,000 x $175) - (2,000 x $140) = $350,000 - $280,000 = $70,000

c)  If Adamson produces 5,000 units, the total cost per unit = $80 + ($150,000 / 5,000) = $80 + $30 = $110

gross profit = total sales revenue - total cogs = (2,000 x $175) - (2,000 x $110) = $350,000 - $220,000 = $130,000

ROI, Residual Income, and EVA with Different Bases Envision Company has a target return on capital of 12 percent. The following financial information is available for October ($ thousands):

Software Division . Consulting Division Venture Capital Division

(Value Base) (Value Base) (Value Base)

Book Current Book Current Book Current

Sales $100,000 $100,000 $200,000 $200,000 $800,000 $800,000

Income 12,250 11,700 16,400 20,020 56,730 51,920

Assets 70,000 90,000 100,000 110,000 610,000 590,000

Liabilities 10,000 10,000 14,000 14,000 40,000 40,000

Required

a. Compute the return on investment using both book and current values for each division. Round answers to three decimal places.

Book Value Current Value

Software Answer ? Answer ?

Consulting Answer ? Answer ?

Venture Capital Answer ? Answer ?

b. Compute the residual income for both book and current values for each division. Use negative signs with answers, when appropriate.

Book Value Current Value

Software $Answer 3,850 $Answer 900

Consulting Answer 4,400 . Answer 6,820

Venture Capital Answer (16,470) Answer (1,880)

c. Compute the economic value added income for both book and current values for each division if the tax rate is 30 percent and the weighted average cost of capital is 10 percent. Use negative signs with answers, when appropriate. Book Value Current Value

Software $Answer ? $Answer ?

Consulting Answer ? Answer ?

Venture Capital Answer ? Answer ?

Answers

Answer:

a. ROI = income / Assets      

                                      Book Value       Current Value    

Software Division              0.175              0.13    

Consulting Division           0.164              0.182    

Venture Capital Division   0.093            0.088

Workings:

i. Book value

Software Division = 12,250/70,000=0.175

Consulting Division = 16,400/100,000=0.164  

Venture Capital Division = 56,730/610,000 =0.093

ii. Current value

Software Division = 11,700/90,000=0.13

Consulting Division = 20,020/110,000=0.182

Venture Capital Division= 51,920/ 590,000=0.088

b. Residual income = Income - {Asset x Return on capital 12% }

                                      Book Value       Current Value    

Software Division              3850              900    

Consulting Division           4400              6820    

Venture Capital Division   -16470           -18880

Workings:

i. Book value

Software Division = 12,250-(70,000*12%)=3850

Consulting Division = 16,400-(100,000*12%)=4400  

Venture Capital Division = 56,730-(610,000*12%) =-16470

ii. Current value

Software Division = 11,700-(90,000*12%)=900

Consulting Division = 20,020-(110,000*12%)=6820

Venture Capital Division= 51,920-(590,000*12%)=-18880

c. Economic Value Added ( EVA ) = Net Income After Tax - ( Amount of Capital x Weighted Average Cost of Capital [WACC] )

C.                     Software Division  

                            (Value Base)  

                                    Book            Current

Sales                           100,000          100,000

Income                          12,250           11,700

Assets                           70,000          90,000

Liabilities                      10,000           10,000

Capital invested           60,000          80,000

(Asset - Liabilities)

Tax on Income(30%)     3675            3510

Income after Tax            8,575           8,190

(Income - Tax on

income) (A)

Capital invested             6,000           8,000

* WACC - 10% ) (B)

EVA (C)=(A)-(B)                2,575            190

                       Consulting Division

                            (Value Base)

                                     Book            Current

Sales                         200,000        200,000

Income                        16,400           20,020

Assets                         100,000        110,000

Liabilities                      14,000         14,000

Capital invested           86,000       96,000

(Asset - Liabilities)

Tax on Income(30%)     4920            6006

Income after Tax           11,480           14,014

(Income - Tax on

income) (A)

Capital invested           8,600            9,600

* WACC - 10% ) (B)

EVA (C)=(A)-(B)              2,880            4,414

                     Venture Capital Division

                           (Value Base)

                                   Book            Current

Sales                        800,000       800,000

Income                      56,730          51,920

Assets                       610,000        590,000

Liabilities                    40,000         40,000

Capital invested        570,000        550,000

(Asset - Liabilities)

Tax on Income(30%)    17019          15576

Income after Tax          39,711         36,344

(Income - Tax on

income) (A)

Capital invested           57,000       55,000

* WACC - 10% ) (B)

EVA (C)=(A)-(B)              -17,289       -18,656

You're about to buy a new car for $10,000. The dealer offers you a one-year loan where you pay $860.66 every month for the next 12 months. Since you pay $860.66 * 12 = $10,328 in total, the dealer claims that the loan's annual interest rate is (10,328-10,000)/10,000 = 3.28%. What is the actual effective annual rate?

Answers

Answer:

The actual effective annual rate is 3.33%.

Explanation:

Effective Annual Rate (EAR) refers to an interest rate has been adjusted for compounding over specified period of time.

Effective annual rate can therefore be described as the interest rate that paid to an investor in a year after compounding has been adjusted for.

Effective annual rate can be computed using the following formula:

EAR = [(1 + (i / n))^n] - 1 .............................(1)

Where;

i = Annual interest rate claimed by the dealer = 3.28%, or 0.0328

n = Number of compounding periods or months = 12

Substituting the values into equation (1), we have:

EAR = [(1 + (0.0328 / 12))^12] - 1 = 0.0332976137123635

EAR = 0.0333, or 3.33% approximately.

Therefore, the actual effective annual rate is 3.33%.

"The internal rate of return method differs from the net present value method in that it results in finding the" ___________________ of the potential investment.

Answers

Answer: profitability

Explanation: The internal rate of return method differs from the net present value method in that it results in finding the profitability of the potential investment.

In capital budgeting which is the process by which companies determine whether a new investment or expansion opportunity is worthwhile and if undertaken, could either yield net profits or losses for the company, both the net present value (NPV) (present value of cash inflows minus the present value of cash outflows over a given period time) and the internal rate of return (IRR) methods are employed.

How does the IRR method determine profitability? - This it does by using a percentage value rather than a dollar amount and therefore is advantageous in representing the possible returns of investments by comparing it with other alternative investments.

ane is planning to offer a Groupon for inner tube rentals that she will distribute on hot, sunny, summer days by the river that runs through her town. Based on her past experience with Groupon, she has assigned the following probability distribution to the number of tubes she will rent on a randomly selected day. If Jane would like her expected revenue to be at least $300 per day, what should the Groupon price be? (Round your answer up to the nearest whole dollar amount.)

Answers

Probability assigned:|

x 30 60 120 180

P(x) .10 .40 .40 .10

Answer:

Jane

Price of Groupon for a revenue of $300 is:

$3

Explanation:

a) Data and Calculations:

Expected Sales volume:

Number of Tubes  x   30     60      120     180

Probability P(x)           .10     .40      .40      .10

Expected values          3      24       48       18

Total = 93 tubes

Groupon price = $300/93 = $3.23

b) Jane's price for each Groupon will be the rent revenue per day divided by the expected number of tubes to rent daily.  The expected number of tubes is derived by multiplying each expected number of tubes by its probability and then summing up the results.

7 pounds of raw material are required to make 1 finished unit. The company desires an ending raw materials inventory for each month equal to 29% of the following months production (in units of raw material) . How many pounds of raw material should be purchased in May?

Answers

Answer:

Instructions are below.

Explanation:

We weren't provided with enough information to answer the request. But, I will give an example and formulas to guide an answer.

For example:

Production in units:

May=20,000

June= 22,000

Beginning inventory of direct materials= 8,000

To calculate the purchase for May, we need to use the following formula:

Purchases= production + desired ending inventory - beginning inventory

Purchases= 20,000*7 + (22,000*7)*0.29 - 8,000

Purchases= 176,660 pounds

If a firm's projects differ in risk, then one way of handling this problem is to evaluate each project with the appropriate risk-adjusted discount rate.
A. True
B. False

Answers

Answer:

True

Explanation:

the discount rate used for a project should reflect the risk of the project so as to make accurate predictions. if the discount rate used for a project is the same as that of the firm and the risks of the project differs, the predictions made with this project would be inaccurate. the risk adjusted discount rate has to be calculated.

A $1,000 par value 10-year bond with a 10 percent coupon rate rec%ently sold for $900. The yield to maturity is:

Answers

Answer:

Yield to Maturity = 11.58 %  

Explanation:

The Yield to maturity is the discount rate that equates then price of the bonds to the present of cash inflows expected from the bond  

The yield on the bond can be determined as follows using the formula below:  

YTM = C + F-P/n) ÷ 1/2 (F+P)  

YTM-Yield to maturity-  

C- annual coupon  

F- Face Value  

P- Current Price  

n- years to maturity

YTM-?, C- 10%× 1000 =100, Face Value - 1000, P-900, n- 10

YTM = (100 + (1000-900)/10) ÷ ( 1/2× (1000 + 900) )  

YTM = 0.1158  × 100 = 11.58 %

Yield to Maturity = 11.58 %  

seigel co. maintains a defined-benefit pension plan for its employees. at each balance sheet date, seigel should report a pension asset / liability equal to the

Answers

Answer: funded status relative to the projected benefit obligation

Explanation:

A defined benefit pension plan is a pension plan type in which the employer promises to pay the worker a lump sum or a pension payment which is based on the earnings history, age and the tenure of service of the worker.

Since Seigel co. maintains a defined-benefit pension plan for its employees. at each balance sheet date, seigel should report a pension asset/liability that will be equal to the funded status relative to the projected benefit obligation.

if the growth rate of the money supply is 8%, velocity is constant, and reald GDP grows at 2% per year on average, then the inflation rate will be

Answers

Answer:

4%

Explanation:

The quantity theory of money states that :

Money supply x Velocity = price x real GDP

8% = 2% x price

Price = 4%

Suppose you are building a scatter plot in Excel for a large amount of data. After selecting the scatter plot option, how do you enter the data into your scatter plot?


a. By manually typing each data point into the scatter plot

b. By using the Quick Styles button under the Chart menu

c. By using the Select Data button and the Select Data Source option

Answers

Answer:

c. By using the Select Data button and the Select Data Source option

Explanation:

A scatter plot is a plot which is used to plot the points of the data on the horizontal and the vertical axis also it depicts how one variable is affected by the another.

After preparing the scatter plot to enter the data in the scatter plot we need to use the data button and then data source option so that the data could be entered in the scatter plot

hence, option c is correct

Provident Bank offers a 10-year CD that earns 2.15% compounded continuously. If $10,000 is invested in this CD, how much will it be worth in 10 years

Answers

Answer:

the CD will be worth $12,370.40 in 10 years time.

Explanation:

The Future Value is the term given to the amount that a dollar invested today would be worth in the future.

The Future Value of the CD can be determined as follows :

PV = - $10,000

n = 10

i = 2.15 %

Pmt = $ 0

P/yr = 1

FV = ?

Using a financial calculator,the future value (FV) of the CD in 10 years time will be : $12,370.40

Pisa, Inc. leased equipment from Williamsburg Company under a four-year lease requiring equal annual payments of $68,830, with the first payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 4-year useful life and no salvage value. Pisa, Inc.'s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%. Assuming that this lease is properly classified as a capital lease, what is the approximate amount of principal reduction recorded when the second lease payment is made in Year 2?

Answers

Answer:

$54,639

Explanation:

the approximate amount of principal reduction when the second lease payment is made in Year 2 can be calculated by making the Lease amortization table as follows

DATA

Annual payments = 68,830

Implicit rate = 8%

Annuty factor for 4 years at 8% = 3.55710

Present value of lease payment =$246,212 (68830*3.57710 )

                                                      Year 1                Year 2

Opening balance                             -                      $177,382(w)

interest                                              -                      $14,191(w)

payments                                      $68,830             $68,830

principal payments                     $68,830              $54,639

closing balance                          $177,382(w)         $122,743

Working

Closing balance = Present value of lease payment - Annual payment

Closing balance = $256,212 - $68,830

Closing balance = $177,382

Interest = closing balance x implicit rate

Interest =  $177,382 x 8%

Interest = $14,190.56

A company retired $80 million of its 10% bonds at 104 ($83.2 million) before their scheduled maturity. At the time, the bonds had a remaining discount of $2 million. Prepare the journal entry to record the redemption of the bonds. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answers

Answer:

Dr Bonds payable 80.0

Dr Loss on early extinguishment 5.2

Cr Discount on bonds payable 2.0

Cr Cash 83.2

Explanation:

Preparation of the journal entry to record the redemptionnof the bonds

Based on the information given we were told that the company retired the amount of $80 million with a 10% bonds at 104 ($83.2 million) and as well had a remaining discount of $2 million, which means that the transaction will be recorded as:

Dr Bonds payable 80.0

Dr Loss on early extinguishment 5.2

[(83.2+2.0)-80.0]

Cr Discount on bonds payable 2.0

Cr Cash 83.2

George Bailey purchased equipment from M. Potter for $450,000, paying $35,000 cash as a down payment and financing the remainder. The correct journal entry to record this event is:

Answers

Answer:

Equipment $450,000 (debit)

Cash $35,000 (credit)

Suppliers Loan $415,000 (credit)

Explanation:

George Bailey must recognize the Asset of Equipment, de-recognize the Assets of Cash and recognize the Suppliers Loan as above.

The twentieth century saw an accelerating shift from traditional manufacturing activities to production procedures requiring large investments in raw materials and labor.

a. True
b. False

Answers

Answer:

true

Explanation:

Which of the following does not represent an outflow of cash and therefore would not be reported on the statement of cash flows as a use of cash?
a. purchase of noncurrent assets
b. purchase of treasury stock
c. discarding an asset that had been fully depreciated.

Answers

Answer:

The answer is C.

Explanation:

Discarding an asset that had been fully depreciated is the correct answer. No exchange of cash was involved in this unlike the purchase of non current asset(which is a cash outflow under investing activities) and the purchase of treasury stock (which is a cash outflow under financing activities).

Discarding a fully depreciated asset only is a non cash transaction.

A sofa manufacturer can produce 10 sofas for $2,500 and 12 sofas for $2,760. What is the difference between the average cost per sofa for 12 sofas and the marginal cost of the 12th sofa

Answers

Answer:100

Explanation:

The following information can be gotten from the question:

Cost for 10 sofas = $2500

Cost for 12 sofas = $2760.

Average Cost = Total Cost/Quantity

2500 / 10 = $250 and

$2760 / 12 = $230

The average cost for 12 sofas will be $230

Marginal cost is the change in total cost divided by the change in quantity. This will be:

= ( 2760 - 2500 )/( 12 - 10 )

= 260/2

= 130

The difference between the average cost per sofa for 12 sofas and the marginal cost of the 12th sofa will be:

=230 - 130

= 100

Answer:

100

Explanation:

I took the question on the assignment and got  it right

Question 59 of 83 Project M requires an initial investment of $25 million. The project is expected to generate $2.25 million in after-tax cash flow each year forever. Calculate the IRR for the project. 10% 9% 8% 7%

Answers

Answer:

9%

Explanation:

In order to calculate the internal rate of return (IRR) for a project that yields cash flows perpetually, we need to divide the yearly cash flow by the project's initial outlay:

IRR = $2,250,000 / $25,000,000 = 0.09 = 9%

The IRR represents the discount rate at which the project's net present value (NPV) equals 0.

Wertz Corporation issued ten-year, 8% bonds on January 1, 2017 at a discount. During 2017, the company's accountant failed to amortize any of the bond discount. The omission of the discount amortization will

Answers

Answer:

Wertz Corporation

Omission of the discount amortization will:

increase the net income by the amount of the discount that should have been amortized in the year ended December 31, 2017.

Explanation:

Wertz's bond discount represents a loss to the corporation that should be written off over the life of the bond.  If the 2017 discount amortization is omitted, the net income is increased by the amount of the discount amortization expense.  This means that the income is overstated by that amount.  If this omission is discovered before the issuance of the financial reports, it should be reflected in the accounts.  If not, depending on its materiality, this amount must be reflected by restating the 2017 financial statements.

Products is a manufacturer of large flower pots for urban settings. The company has these​ standards:

Direct materials (resin) 9.6 pounds per pot at a cost of $4.55 per pound
Direct labor 1 .0 hour at a cost of $15.80 per hour
Standard variable manufacturing overhead rate $3.40 per direct labor hour
Predetermined fixed manufacturing overhead rate $6.00 per direct labor hour

Required:
a. Compute the standard cost of each of the following inputs per​ pot: direct​ materials, direct​ labor, variable manufacturing​ overhead, and fixed manufacturing overhead.
b. Determine the standard cost of one flower pot.

Answers

Answer:

Results are below.

Explanation:

First, we need to determine the standard production costs:

Direct materials= 9.6*4.55= $43.68

Direct labor= 1*15.80= $15.8

Variable manufacturing overhead rate= 3.40*1= $3.4

Predetermined fixed manufacturing overhead rate= 6*1= $6

Finally, the standard cost per unit:

Total unitary cost= 43.68 + 15.8 + 3.4 + 6= $68.88

Stuart McFarland is sales manager for a hotel. His job entails leading, motivating, and communicating with employees. McFarland’s main management activity is:

Answers

Answer:

E. Leadership

Explanation:

Leadership refers to the concept in which the manager or a team leader motivates, leading, communicated with the employees to accomplish  common goals and objectives so that the employees could perform better next time at less wastage

Therefore the given scenario represents the leadership management activity

Carter Company reported the following financial numbers for one of its divisions for the year; average total assets of $4,100,000; sales of $4,525,000; cost of goods sold of $2,550,000; and operating expenses of $1,372,000. Compute the division's return on investment:

Answers

Answer:

14.7%

Explanation:

The computation of return on investment is shown below:

Return on Investment = Net Income ÷ Average total assets × 100

where,

Net Income is

= Sales - Cost of goods sold - Operating expense  

= $4,525,000 - $2,550,000 - $1,372,000

= $603,000

And,

Average total assets = $4,100,000

So,

Return on Investment is

= $603,000 ÷ $4,100,000 × 100

= 14.7%

You want a seat on the board of directors of Red Cow, Inc. The company has 295,000 shares of stock outstanding and the stock sells for $64 per share. There are currently 3 seats up for election. The company uses straight voting. How much will it cost you to guarantee that you will be elected to the board?

Answers

Answer: $‭147,501‬

Explanation:

Since the company uses straight voting whereby each share gets only one vote per seat, the cost to guarantee that one will be elected to the board is;

Cost = Share price*( (shares outstanding/2) +1 )

= 64 * (( 295,000/2) + 1)

= 64 * ‭147,501‬

= $‭147,501‬

This is the cost of owning more than 50% of the shares and it will guarantee that you can vote yourself in for a seat as you will have the majority to do so.

In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows:
Item Debit Credit
1. Net sales $3,040,000
2. Gain on state's condemnation of company property, net of tax 269,000
3. Cost of goods sold $1,551,448
4. Income taxes expense 206,000
5. Depreciation expense 242,500
6. Gain on sale of wholesale business segment, net of tax 790,000
7. Loss from operating wholesale business segment, net of tax 470,000
8. Loss of assets from a meteor strike, net of tax 642,000
Prepare the income statement for the calendar year 2017.

Answers

Answer:

                                Randa Merchandising, Inc

                                        Income Statement

                           For the year Ended December 31, 2017

Net sales                                                                          $3,040,000

Expenses

Cost of goods sold                          $1,551,448

Depreciation Expenses                   $242,500              $1,793,948

Total Operating Expenses                                            $1,240,052

Other Unusual / infrequent gains (Losses)

Gain on state condemnation of         $269,000

company property, net of tax

Loss of assets from meteror strike,  ($642,000)           $373,000

net of tax

Income from continuing operations before taxes       $867,052

Income Tax expenses                                                      $206,000

Income from Continuing operations                               $661,052

Discontinuing segment

Loss from operating wholesale         $470,000

business segment (net of tax)

Gain on sales of wholesale               ($790,000)           $320,000

business segment (net of tax)

Net Income                                                                      $981,052

Your textbook discussed a model of a simple economy with four markets: labor, capital, energy, and food. Which of the following statements is inconsistent with a general equilibrium for this simple economy?
A. The household demand for energy equals the industry supply of energy.
B. The household demand for food equals the industry supply of food.
C. The household demand for labor equals the industry supply of labor.
D. The household supply of capital equals the industry demand for capital.

Answers

Answer:

The correct answer is the option C: The household demand for labor equals the industry supply of labor

Explanation:

To begin with, when it comes to the microeconomics theory the market of labor is considered to be as a factor of production market and from that point of view the labor is demanded by the companies to the households who are the ones who offered the labor due to the fact that the workers are the one who put their force to disposition of the companies. And that is why that it would be inconsistent to say that the household demand for labor will equals the industry supply of labor, because it is all the way around, the household supply of labor will equals the industry demand of it.

True or False: A tax cut is less likely to change the composition of labor demand than a government spending increase.

Answers

Answer:

True

Explanation:

This is the case because tax cuts and government spending are instruments that could be used in expansionary fiscal policy.

Note that reduced taxes usually have a direct impact on the disposable income of a economy not the composition of labor demand. Tax cuts leads directly to consumption and savings increase, resulting from increase in disposable income in the economy.

Moorcroft’s assistant controller suggested that Moorcroft hire a part time collector to encourage customers to pay more promptly and to reduce the amount of uncollectible accounts. Sales are still 40% cash and 60% credit but the assistant controller predicted that this would cause credit sales to be collected 30% in the month of the sale, 50% in the month following sale, and 18% in the second month following sale; 2% are uncollectible.Prepare a schedule of expected collections from customers for June. How did these changes impact cash collections?

Answers

Answer:

The budgeted sales are missing, so I looked for them. I found the following question, hopefully it will be similar:

Month        Sales

April           $300,000

May            $320,000

June           $370,000

Schedule of expected collections

For the month of June, 202x

Cash sales during June = $370,000 x 40% = $148,000

Collection from June's credit sales = $222,000 x 30% = $66,600

Collection from May's credit sales = $192,000 x 50% = $96,000

Collection from April's credit sales = $180,000 x 18% = $32,400

Total cash collections during June = $343,000

Since the cost of the part time collector is $1,000 per month, and the total uncollectible accounts reduce from 4% to 2%, which represents $7,400 for June's sales, I would recommend hiring the collector.

On January 1, 2021, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required:Assuming the market interest rate on the issue date is 8%, the bonds will issue at $320,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Answers

Answer:

Journal entries are given below

Explanation:

Entry for the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021, are prepared as follows

January 01, 2021 (Splash City issues $320,000 of 8% bonds)

                                                 Debit     Credit  

Cash                                320,000  

Bonds payable                          320,000    

June 30, 2021 (Interest paid)

                                        Debit       Credit  

Interest expense         $12,800  

Cash                                                 $12,800

Working

Interest expense = $320,000 x 8% x 6/12

Interest expense = $12,800

December 31, 2021 (Interest paid)

                                        Debit       Credit  

Interest expense         $12,800  

Cash                                                 $12,800

Working

Interest expense = $320,000 x 8% x 6/12

Interest expense = $12,800

Other Questions
Please answer this question now A farm yard contains some pigs and some chickens. Altogether there are 60 heads and 200 legs. How many pigs are there in the yard? When a bacterium such as E. coli is shifted from a warmer growth temperature to a cooler growth temperature, it compensates by What makes Bernice Bobs Her Hair a modernist story? Select all that apply. It focuses on the concept of individual identity. It emphasizes the changing values of the time. It discusses the effects of war on modern society. It portrays a sense of disillusionment with the world. It explores the conflict of civilization and nature. Ms. Canton has a book case. On three of the shelves there are the same amount of books. On another shelf there are four of her favorite books. Write an expression to represent all of the books in Ms. Canton's book case. Explain your answer Petrus Framing's cost formula for its supplies cost is $2,300 per month plus $6 per frame. For the month of March, the company planned for activity of 861 frames, but the actual level of activity was 856 frames. The actual supplies cost for the month was $7,790. The activity variance for supplies cost in March would be closest to: The diagram represents a food pyramid. The concentration of the pesticide DDT in individualorganisms at level D is higher than the concentration in individuals at level A because DDT isA. produced by organisms at level C ingested bythose in level D.B. passed through levels A, B, and C to organismsat level D.C. excreted by organisms at level A as a toxicwaste.D. synthesized by organisms at level D. The pronghorn antelope resides in temperature grassland biomes of North America. Their primary predators in this region are wolves, coyotes, cougars, and bobcats. The reason pronghorn antelope are not found outside of North America is most likely that Group of answer choices Which wireless device connects multiple laptops, tablets, phones, and other mobile devices in a corporate environment? What is the equation of the line? Identifying costs of inflation Kyoko owns and operates a store in a country experiencing a high rate of inflation. In order to prevent the value of money in her cash register from falling too quickly, Kyoko sends an employee to the bank four times per day to make deposits in an interest-bearing account that protects the store's revenues from the effects of inflation. This is an example of the_______of inflation. Which set of events is in the correct chronological order? Open Door Policy, completion of the Panama Canal, the sinking of the U.S.S.Mainethe sinking of the U.S.S. Maine, the start of the Spanish American War, BigStick Policythe start of World War I, Big Stick Policy, the sinking of the U.S.S. MaineBig Stick Policy, completion of the Panama Canal, Open Door Policy What property is used in the second step of solving the inequality below?5 x minus 9 less-than 91______Given_______5 x less-than 100__________________x less-than 20Multiplication PropertyIdentity PropertyAddition PropertyMultiplication PropertyTransitive Property Question 1 with 1 blankLa profesora de danza 1 of 1 (convencer) a los mejores bailarines de que participaran. Question 2 with 1 blankT no 1 of 1 (escribir) en el peridico que el comit organizador era incompetente. Directions: Read the lines of poetry. Slashes represent line breaks. Identify two or more poetic techniques being used in each example and write them on the line. There may be more than two techniques being used. In the boxes below, explain each of your answers. Alliteration, Consonance, Onomatopoeia, Repetition, Rhyme, Rhythm 1. Radiant raindrops couching in cool flowers; And flowers themselves, that sway through sunny hours, Dreaming of moths that drink them under the moon; Which techniques are being used (list two or more)? What is the name of a number that can be written in the form a+bi where a and b are nonzero real numbers? Analiza la siguiente estrofa uno no escoge el pas donde nace; pero ama el pas donde ha nacido Which situation is associated with the peripeteia stage of the tragedy? A. death B. change of heart C. prophecy D. suffering Please select the best answer from the choices provided A B C D Rhesus monkeys were exposed to lesioning of a specific brain area, and when they woke up they showed a pronounced decrease in their fear responses. The part of the brain that was most likely under investigation in this study was the ________. I NEED THE ANSWER ASAPThe number of students who smoke cigarettes at Broxton College is decreasing at a rate of one smoker every 6.31 days. At what rate in smokers per year is the number of smokers declining? Assume 365 days in a year and round to the nearest tenth of a smoker per year