Swifty Corporation purchased a truck at the beginning of 2020 for $109600. The truck is estimated to have a salvage value of $4100 and a useful life of 123000 miles. It was driven 18000 miles in 2020 and 26000 miles in 2021. What is the depreciation expense for 2020?
a. $37752
b. $22308
c. $16639
d. $15444
Answer:
Annual depreciation= $15,444
Explanation:
Giving the following information:
Purchase price= $109,600
Salvage value= $4,100
Useful life= 123,000
Miles driven 2020= 18,000
To calculate the depreciation expense, we will use the units-of-production method:
Annual depreciation= [(original cost - salvage value)/useful life of production in miles]*miles drive
Annual depreciation= [(109,600 - 4,100)/123,000]*18,000
Annual depreciation= 0.858*18,000
Annual depreciation= $15,444
Gotham City acquires $25,000 of inventory on November 1, 20X7, having held no inventory previously. On December 31, 20X7, the end of Gotham City's fiscal year, a physical count shows $8,000 still in stock. During 20X8, $6,500 of this inventory is used, resulting in a $1,500 remaining balance of supplies on December 31, 20X8.
Based on the preceding information, what would be the correct account balances for 20X7 if Gotham City used the purchase method of accounting for inventories?
Answer:
$25,000; $8,000
Explanation:
Based on the information given , we were told that they acquires the amount of $25,000 of inventory on NOVEMBER 1, 20X7, in which on DECEMBER 31, 20X7, a PHYSICAL COUNT shows $8,000 was still in stock which means wthat the CORRECT ACCOUNT BALANCES for 20X7 if Gotham City used the PURCHASE METHOD of accounting for INVENTORIES will be Expenditure of the amount of $25,000 and Inventory of supplies of the amount of $8000.
What percentage of authorized shares was issued by Coca-Cola at December 31, 2015, and by PepsiCo at December 26, 2015
Answer:
December 26
Explanation:
Because Pepsi Co is buy
At the beginning of May, Golden Gopher Company reports a balance in Supplies of $390. On May 15, Golden Gopher purchases an additional $2,200 of supplies for cash. By the end of May, only $190 of supplies remains. Required: 1.
Answer:
Missing word "rief Exercise 3-6 Parts 1 and 2 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No journal entry required n the first account field.) view transaction list view general journal Journal Entry Worksheet Record the purchase of supplies. General Journal Debit Credit Date 2,600 May 15 Supplies expense Enter debits before credits clear entry record entry 7. 062 points Brief Exercise 3-6 Part 3 3. Calculate the balances after adjustment on May 31 of Supplies and Supplies Expense. Ending Balance Supplies Supplies expense"
1&2 Date General Journal Debit Credit
May 15 Supplies $2,200
Cash $2,200
May 31 Supplies expense $2,400
($390 + $2,200 - $190)
Supplies $2,400
3). Particulars Ending Balance
Supplies $190
Supplies expense $2,400
When a market is in equilibrium, the: multiple choice 1 quantity demanded equals the price. quantity demanded equals the quantity supplied at the market price. quantity demanded equals the quantity supplied and they both equal the price. quantity supplied equals the price. The market for cell phones reaches equilibrium because cell phone sellers have an incentive: multiple choice 2 to decrease quantity and so do cell phone consumers, so the price goes to to equilibrium. for prices to rise and some cell phone consumers will not buy at higher prices, driving the price to equilibrium. to increase quantity and so do cell phone consumers, so the price goes to to equilibrium. for prices to fall and some cell phone consumers only buy at higher prices, driving the price to equilibrium.
ANSWER:
2 Batteries
Explanation:
$ 485,000 $ 432,000 $Enter a dollar amount Enter percentages rounded to 0 decimal places % Inventory $ 786,000 $ 617,000 $Enter a dollar amount Enter percentages rounded to 0 decimal places % Total assets $3,111,000 $2,707,000 $Enter a dollar amount Enter percentages rounded to 0 decimal places %
Answer:
Accounts receivable
Dec 31, 2017 = $485,000
Dec 31, 2016 = $432,000
Amount = $53,000
Percentage = $53,000/$432,000
Percentage = 0.1226852
Percentage = 12%
Inventory
Dec 31, 2017 = $786,000
Dec 31, 2016 = $617,000
Amount = $169,000
Percentage = $169,000 / $617,000
Percentage = 0.2739060
Percentage = 27%
Total assets
Dec 31, 2017 = $3,111,000
Dec 31, 2016 = $2,707,000
Amount = $404,000
Percentage = $404,000/$2,707,000
Percentage = 0.1492427
Percentage = 15%
Jayco has the following expected cash flows from a project. Calculate the payback period of the project. Year 0 (685,000) Year 1 255,000 Year 2 355,000 Year 3 455,000 Year 4 555,000
Answer:
2.16 years
Explanation:
The Aqua Liquid Assets Money Market Mutual Fund has a NAV of $1 per share. During the year, the assets held by this fund appreciated by 1.4 percent. If you had invested $50,000 in this fund at the start of the year, how many shares would you own at the end of the year
Answer:
Missing word "Final shares=? Net asset value=?"
Final shares is computed as follows:
= (Amount invested / NAV per share) * (1 + Fund appreciation)
= ($50,000 / $ 1) * (1 + 0.014)
= $50,000 * 1.014
= $50,700
As know that this is a Money Market Mutual Fund, hence the Net asset value of this fund at the end of the year will be also $1.
You are analyzing ABC Company, a computer manufacturer. You notice that inventory turnover this year is significantly lower than in prior years. You also notice that accounts receivable turnover is significantly lower this year when compared to previous years. Provide three explanations that would be consistent with your observation for inventory turnover and include an explanation of whether these would be of concern to you, as well as what the effect might be on the next period's financial results. In addition, provide three explanations that would be consistent with your observation of the accounts receivable turnover, and explain whether these would be of concern to you.
Answer:
ABC Company
1. Observation: Current year's inventory turnover is significantly lower than those of previous years.
Explanations:
1. Lower inventory turnover implies weaker sales for the current period than those of previous years.
2. Lower inventory turnover results from excessive inventory, which increases storage costs and interest expenses.
3. The ratio may also indicate that the demand for the product is declining rapidly. Many reasons can be adduced for this situation. Little marketing efforts, bad product, and lack of product competitiveness.
a) The formula for computing the inventory turnover equals Cost of goods sold/Average Inventory. The ratio shows the number of times goods are sold in a period. When goods are sold more frequently, sales activities increase, including revenue and profit.
2. Observation: Also current year's accounts receivable turnover is significantly lower than in previous years.
Explanations:
1. Billing inefficiency can contribute to lower accounts receivable turnover.
2. Poor credit policy may give rise to inefficient collection process, excessive bad debts, long credit days, bad customers, and lack of incentives to customers to settle their invoices.
3. Lastly, lower accounts receivable turnover may point to declining demand of the product by customers.
b) The formula for calculating the accounts receivable turnover is Net Credit Sales divided by Average receivables. The ratio determines the effectiveness of the company's credit policy.
Match each description 1 through 6 with the characteristic of preferred stock that it best describes by writing the letter of that characteristic in the blank next to each description.
A. Callable
B. Convertible
C. Cumulative
D. Noncumulative
E. Nonparticipating
F. Participating
_____ 1. Holders of the stock are entitled to receive current and all past dividends before common stockholders receive any dividends.
_____ 2. The issuing corporation can retire the stock by paying a prespecified price.
_____ 3. Holders of the stock can receive dividends exceeding the stated rate under certain conditions.
_____ 4. Holders of the stock are not entitled to receive dividends in excess of the stated rate.
_____ 5. Holders of this stock can exchange it for shares of common stock.
_____ 6. Holders of the stock lose any dividends that are not declared in the current year.
Answer and Explanation:
The classification is as follows
a. In the callable, the corporation who issued could retired the stock by payoff the mentioned price
b. In the convertible, the stockholders could able to exchange for the common stock shares
c. In the cumulative, the stockholders should received the current as well as the past dividends prior to the common stockholders
d. In the non-cumulative, the stockholders should lose the dividend that not declared in the present year
e. In the non-participating, the stockholders should not received any dividend that more than the stated rate
f. In the participating, the stockholder should received any dividend that more than the stated rate
lannigan Company manufactures and sells a single product that sells for $450 per unit; variable costs are $270. Annual fixed costs are $800,000. Current sales volume is $4,200,000. Compute the current margin of safety in dollars for Flannigan Company
Answer:
$2,200,000
Explanation:
Margin of safety means by how much sales can fall before a firm starts making a loss.
Margin of safety = Current Sales - Break even sales
where,
Break even sales = Fixed Cost ÷ Contribution margin ratio
= $800,000 ÷ 0.40
= $2,000,000
therefore,
Margin of safety = $4,200,000 - $2,000,000
= $2,200,000
Suppose there is a simple one good economy that only produces spinning rims. In 2015, the economy was able to produce 1 million sets of spinning rims at an amazing price of $500 per set. In 2016, the economy was able to produce 1 million sets of spinning rims at a price of $1,000 per set. By what amount did real GDP increase between 2015 and 2016 in the simple one good economy
Answer: 0
Explanation:
Firstly, we will calculate the nominal value in 2015 which will be:
= $500 x 1 million
= $500 million
The nominal value in 2016 will be:
= $1000 x 1 million
= $1 billion
Real GDP will be the price of the base year multiplied by the quantity of the current year which will be:
= $500 million x 1 million sets
= $500 million
Therefore, the increase in real GDP is zero.
_______________ skills, though developed through job training and work experience, are generally acquired during the course of your formal education.
a. Interpersonal
b. Technical
c. Conceptual
d. Communication
Answer:
D
Explanation:
The DEF partnership reported net income of $130,000 for the year ended December 31, 20X8. According to the partnership agreement, partnership profits and losses are to be distributed as follows in the following order:
D Â Â Â Â Â Â Â Â Â Â Â Â EÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â F
Salaries               $25,000            $20,000        $15,000
Bonus on net income        10%                       -----                -----
Remainder            60%            30%         10%
Required:
How should partnership net income for 2008 be allocated to D, E, and F?
Answer:
The DEF Partnership
Allocation of Partnership Net Income for 2008:
D E F Total
Net income $130,000
Salaries $25,000 $20,000 $15,000 (60,000)
Bonus on net income 13,000 ----- ----- (13,000)
Remainder 34,200 17,100 5,700 (57,000)
Total allocation $72,200 $37,100 $20,700 $130,000
Explanation:
a) Data and Calculations:
Net income for the year ended December 31, 2008 = $130,000
Order of distribution of partnership profits and losses:
D E F
Salaries $25,000 $20,000 $15,000
Bonus on net income 10% ----- -----
Remainder 60% 30% 10%
Bonus on net income = $13,000 ($130,000 * 10%)
Remainder after salaries and bonus = $57,000 ($130,000 - $73,000)
D = $34,200 ($57,000 * 60%)
E = $17,100 ($57,000 * 30%)
F = $5,700 ($57,000 * 10%)
Consider the following data and then calculate the half-life for this particular isotope:
Time Activity (cpm)
0 days 320,000
40 days 216,100
100 days 120,000
(A) 35.2 days.
(B) 75.6 days.
(C) 70.6 days.
(D) 62.9 days.
(E) None of these.
Answer:
D. 62.9 days
Explanation:
Half Life Cpm activity:
320,000 / 2 = 160,000
At 100 days cpm is 120,000 then cpm 160,000 will be at 62.9 days.
[320,000 - 216,100] / 40 days = 2,597.5
160,000 / 2,597.5 = 62.9 days.
On January 1, a machine with a useful life of 5 years and a salvage value of $15000 was purchased for $115000. What is the depreciation expense for year 2 under straight-line depreciation
Answer:
Annual depreciation (year 2)= $20,000
Explanation:
Giving the following information:
Purchase price= $115,000
Salvage value= $15,000
Useful life= 5 years
To calculate the annual depreciation under the straight-line method, we need to use the following formula:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (115,000 - 15,000) / 5
Annual depreciation= $20,000
Based on this model, households earn income when firms __________ purchase goods and services ___________in markets for factors of production. Suppose Caroline earns $625 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Antonio $275 per week to wash cars. Antonio uses $150 to purchase a necklace from Classy's Jewelry Store.
Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services.
Event Market for Factors of Production Market for Goods and Services
Caroline spends $10 to get her car washed.
Antonio spends $150 to purchase a necklace from Classy's Jewelry Store.
Antonio earns $275 per week working for Spotless Car Wash.
Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs.
i. The car wash Caroline receives
ii. The $275 per week
iii. Antonio earns working for Spotless Car wash
The $150 Antonio spends to purchase a necklace from Classy's Jewelry Store
The actual economy is more complicated than the one illustrated in the previous circular-flow diagram of a simple economy
True / False
Answer and Explanation:
Market for Factors of Production:
Antonio earns $275 per week working for Spotless Car Wash.
Market for Goods and Services:
Caroline spends $10 to get her car washed.
Antonio spends $150 to purchase a necklace from Classy's Jewelry Store.
Which of the elements of this scenario represent a flow from a household to a firm?
The $150 Antonio spends to purchase a necklace from Classy's Jewelry Store
The actual economy is more complicated than the one illustrated in the previous circular-flow diagram of a simple economy - false
The circular flow of income represents the flow of economic exchanges between economic agents in the economy. If a household provides the labor factor of production, it is paid and uses the same money to purchase from the same firms that produce goods and services. This is a cycle and actually doesn't get more complex than this in real life, only involves alot more firms or economic agents.
everyone makes mistakes sometimes. when we ask your most recent manager what types of mistakes you would be least likely to make on the job what will they say
Answer:
needs to be more spefic
Explanation:
On January 1, 2017, ARC Inc. issued 100 5-year bonds, with a face value of $1,000 each and a coupon rate of 10%, payable semiannually. The interest is paid on June 30 and December 31 of each year. The market rate of interest at the time that the bonds were issued was 13%, so that the bonds were sold for $892 each.1. Interest expense for the January 1–June 30 period was $_____.
2. Interest expense for the July1–December 31 period was $_____.
3. Book value of Bonds on June 30 was $_____.
4. Book value of Bonds on December 31 was $_____.
5. Interest payment on June 30 was $_____.
Answer:
ARC Inc.
1. Interest expense for the January 1–June 30 period was $__5,798___.
2. Interest expense for the July 1–December 31 period was $__5,850___.
3. Book value of Bonds on June 30 was $__89,998___.
4. Book value of Bonds on December 31 was $__90,848___.
5. Interest payment on June 30 was $__5,000___.
Explanation:
a) Data and Calculations:
January 1, 2017:
Face value of issued bonds = $100,000 ($1,000 * 100)
Coupon rate of interest = 10%
Effective rate of interest = 13%
Price of issued bonds = $89,200 ($892 * 100)
Discount on bonds = $10,800 ($100,000 - $89,200)
Interest payment = June 30 and December 31 (semiannually)
June 30:
Interest expense = $5,798 ($89,200 * 6.5%)
Cash payment = $5,000 ($100,000 * 5%)
Amortization of discount = $798
Value of bonds = $89,998 ($89,200 + $798)
December 31, 2017:
Interest expense = $5,850 ($89,998 * 6.5%)
Cash payment = $5,000 ($100,000 * 5%)
Amortization of discount = $850
Value of bonds = $90,848 ($89,998 + $850)
An excellent website design delights its audience and is the product of innovation built on a foundation of
Answer:
careful site planning
Explanation:
The careful site planning permits you to create the website that contains the delightful design due to which it helps in attracting the audience also it is the foundation for building the production for an innovation purpose. In this we ca n plan about the site theme, its layout, color, design etc
Gary is walking through his organization's buying process and has identified some additional steps that are needed in a B2B transaction. What would be included in those additional steps
Answer: order-routine specification
problem recognition
Explanation:
Business-to-business transactions occur when a business makes a transaction with another business. It should be noted that this takes place when the business is sourcing materials which will be used for their production process.
Since Gary is walking through his organization's buying process and has identified some additional steps that are needed in a B2B transaction, the additional steps should include the order-routine specification and the problem recognition.
Which Company/Security report would be best for someone looking to compare a company to its peers in a single display
Which Company/Security report would be best for someone looking to compare a company to its peers in a single display is Comps.
In short, locating comps involves searching out current income of homes as similar to your very own belongings as viable, then evaluating your own home to them and adjusting your rate to account for the differences.
Comparable (comps) are utilized in valuations in which a currently offered asset is used to decide the price of a comparable asset. Comparable, regularly utilized in actual property to discover the honest price of a domestic, are a listing of latest asset income that replicate the traits of the asset and proprietor is seeking to promote.
Simply put, actual property comparable – or “comps” – are similar houses in a selected place that you are looking to shop for or promote in. Comps are used to decide the price of a domestic through evaluating it to comparable houses offered withinside the equal community or in a place as near as viable to the residence being valued.
Learn more about Comps here:
https://brainly.com/question/25950911
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A company uses the periodic inventory method and the beginning inventory is overstated by $9,000 because the ending inventory in the previous period was overstated by $9,000. The amounts reflected in the current end of the period balance sheet are
Answer:
"Correct Correct" is the right answer.
Explanation:
Overall inventory will be calculated by means including its physical computing mechanism at either the conclusion of each accountability conscious cognitive mostly on periodical inventory or purchasing department.Excessive conclusion or termination creates excessive starting inventory thresholds or their levels.From 1990 to 2000, calculate the percentage change in Instructions: Enter your responses rounded to one decimal place. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Real GDP. % b. Real consumption. % c. Real government spending
Answer:
Note The full question is attached as picture below
1. Real consumption % change = ((Consumption in 2009 / Consumption in 2007) - 1) * 100
Real consumption % change = ((9847 / 10042) - 1) * 100
Real consumption change % = (0.981 - 1) * 100
Real consumption change% = -1.9%
2. Real investment % = ((Investment in 2009 / 2007) - 1) * 100
Real investment % = ((1898 / 2644) - 1) * 100
Real investment % = (0.718 - 1) * 100
Real investment % = -28.2%
3. Government spending % = ((Government spending 2009 / 2007) - 1)*100
Government spending % = ((3089 / 2914) - 1)*100
Government spending % = (1.06 - 1) * 100
Government spending % = 6%
Murphy's, Inc., has 45,000 shares of stock outstanding with a par value of $1 per share. The market value is $10 per share. The balance sheet shows $70,500 in the capital in excess of par account, $45,000 in the common stock account, and $133,500 in the retained earnings account. The firm just announced a stock dividend of 12 percent. What will the balance in the capital in excess of par account be after the dividend?
Answer: $119100
Explanation:
The balance in the capital in excess of par account be after the dividend will be calculated thus:
Firstly, we'll calculate the change in capital in excess of par and this will be:
= Number of shares × dividend rate × (market value - par value)
= 45,000 × 12% × ($10 - $1)
= (45000 × 0.12) × $9
= 5400 × $9
= $48,600
Then, the balance in the capital in excess of par after the dividend will be:
= $70,500 + $48,600
= $119,100
Based on a predicted level of production and sales of 12,000 units, a company anticipates reporting operating income of $26,000 after deducting variable costs of $72,000 and fixed costs of $10,000. Based on this information, the budgeted amounts of fixed and variable costs for 15,000 units would be
Answer:
Fixed Cost = $10,000
Variable Costs = $90,000
Explanation:
Variable Cost per unit = $72,000 ÷ 12,000
= $6
Variable Costs at 15,000 units = $6 x 15,000
= $90,000
Fixed Cost (given) = $10,000
Skyline Florists uses an activity-based costing system to compute the cost of making floral bouquets and delivering the bouquets to its commercial customers. Company personnel who earn $180,000 typically perform both tasks; other firm-wide overhead is expected to total $70,000. These costs are allocated as follows:
Bouquet Production Delivery Other
Wages and salaries 60% 30% 10%
Other overhead 50% 35% 15%
Riverside anticipates making 20,000 bouquets and 4,000 deliveries in the upcoming year. The cost of wages and salaries and other overhead that would be charged to each bouquet made is closest to:
a. $12.50.
b. $7.15.
c. some other amount.
d. $8.75.
e. $13.75.
Answer:
b. $7.15
Explanation:
Cost of wages & salaries per bouquet = [($180,000*60%) + ($70,000*50%)] / 20,000
Cost of wages & salaries per bouquet = ($108,000 + $35,000) / 20,000
Cost of wages & salaries per bouquet = $143,000 / 20,000
Cost of wages & salaries per bouquet = $7.15
So, the cost of wages and salaries and other overhead that would be charged to each bouquet made will be $7.15.
Accounts receivable $ 18,000 Long-term notes payable $ 21,000 Accounts payable 11,000 Office supplies 2,800 Buildings 45,000 Prepaid insurance 3,560 Cash 7,000 Unearned services revenue 3,000 Compute Chavez Company's current ratio using the above information.
Answer: 2.24
Explanation:
Current ratio = Current Assets / Current liabilities
Current assets = Accounts receivable + Office supplies + Prepaid insurance + Cash
= 18,000 + 2,800 + 3,560 + 7,000
= $31,360
Current liabilities:
= Accounts payable + Unearned service revenue
= 11,000 + 3,000
= $14,000
Current ratio = 31,360 / 14,000
= 2.24
If the efficient market hypothesis is true, price changes are independent and biased. Group of answer choices
Answer:
Price changes are independent but not biased in efficient market hypothesis.
Explanation:
In simple words, the efficient-market hypothesis asserts that asset prices represent all relevant knowledge. Because market rates must only respond to fresh knowledge it is difficult to continuously "beat the market" on something like a risk-adjusted approach.
Thus the given statement is partially true.
MC Qu. 114 Lowden Company has an overhead application... Lowden Company has an overhead application rate of 155% and allocates overhead based on direct material cost. During the current period, direct labor cost is $60,000 and direct materials used cost $90,000. Determine the amount of overhead Lowden Company should record in the current period.
Answer:
the overhead amount recorded is $139,500
Explanation:
The computation of the overhead amount recorded is shown below:
= Overhead application rate × direct material cost
= 155% × $90,000
= $139,500
Hence, the overhead amount recorded is $139,500
We simply applied the above formula so that the correct value could come
