Answer:
Current liabilities $2320000; Long-term Debt, $1740000
Explanation:
Calculation to determine what The proper balance sheet presentation on December 31, 2020, is:
Current Liabilities will be $2320000 of notes payable
Hence,
Current liabilities $2320000
Long -term Debt =$2320000-$580000
Long -term Debt=$1740000
Therefore The proper balance sheet presentation on December 31, 2020, is:
Current liabilities $2320000; Long-term Debt, $1740000
In his work Divine Comedy, the 14-century Italian poet Dante described a trip into space. As he traveled away from Earth, he visited the following celestial bodies in order: the moon, Mercury, Venus, the sun, Jupiter, and Saturn. What view of solar system structure did Dante hold? How do you know? Compare this view with a modern understanding of the solar system’s structure.
According to Italian poet Dante;
Dante believed in a geocentric conception of the planetary system, wherein the Earth seems to be at the centre while the moon, sun, and other planets revolve around it.
Explanation:
Researchers understand Dante had a geocentric perspective of the solar system since he would have visited Venus earlier Mercury in a sun-centered worldview.According to Dante's interpretation of the solar system, the crescent, sun, and planet all revolve around Earth. According to current thinking, only the moon revolves Earth; the Earth and then all the planets remain in orbit of sun.Learn more:
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PlZ Help 70 points
Look at the circular flow diagram. Choose and define an environmental issue. Using the diagram as a guide, explain how the environmental issue you chose affects the relationship between the business and factor market. (4 points)
Answer:
Family and government are related to each other in terms of financial unit. Family pay charges to government and after that government utilize that cash for the individuals. Family gain the money by working in firms or by running their possess commerce. Natural issues such as discuss contamination can influence the relationship between family and government. Popleuses their possess transport to go to firms and the number of vehicles are expanding day by day which causes discuss contamination. The government can shape arrangements against personal transport and persuade individuals to utilize open transport which can be advantageous for government as government will straightforwardly get cash from family.
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Colorado Cleaning has a 5-year maximum acceptable payback period. The firm is considering the purchase of a new washing machine and must choose between two alternative ones. The first machine requires an initial investment of $25,000 and generates annual after-tax cash inflows of $6,500 for each of the next 8 years. The second machine requires an initial investment of $75,000 and provides an annual cash inflow after taxes of $9,500 for 15 years.
Required:
a. Determine the payback period for each machine.
b. Comment on the acceptability of the machines, assuming that they are independent projects.
c. Which machine should the firm accept? Why?
d. Do the machines in this problem illustrate any of the weaknesses of using payback? Discuss.
Answer:
a) Payback period = period up to which cumulative cash flow is negative +
(negative cumulative cash flow /cash flow succeeding
the above period)
Project A - Up to year 4 ,cash flow recovered = 3000 * 4 = 12,000
Payback period =14,000/3,000 = 4.67 years
Project B= Cash flow recovered up to year 5 = 4000 * 5 = 20000
Payback period = 21,000/4,000 =5.25 years
b) On the basis of the Payback period, Project A should be selected, as it has a lower payback period and is also within the maximum acceptable payback period. back period.(4.67 < 5)
Project B should not be selected as its payback recovery is not within the maximum acceptable payback period (5.25 >5 )
c) Machine A should be selected as it has a lower payback period. than machine B.
d)The payback period ignores the life present value of cash flow and also the life of the machine each project has.
so the decision on the basis of the payback period may not be accurate.
A partial list of Waterways' accounts and their balances for the month of November 2016 follows:
Accounts Receivable $ 275,000
Advertising Expenses 54,000
Cash 260,000
Depreciation-Factory Equipment 16,800
Depreciation-Office Equipment 2,400
Direct Labor 42,000
Factory Supplies Used 16,800
Factory Utilities 10,200
Finished Goods Inventory, November 30 68,800
Finished Goods Inventory, October 31 72,550
Indirect Labor 48,000
Office Supplies Expense 1,600
Other Administrative Expenses 72,000
Prepaid Expenses 41,250
Raw Materials Inventory, November 30 52,700
Raw Materials Inventory, October 31 38,000
Raw Materials Purchases 184,500
Rent Factory Equipment 47,000
Repairs-Factory Equipment 4,500
Salaries 325,000
A list of accounts and their values are given above. From this information, prepare a partial balance sheet for Waterways Corporation for the month of November. (List Current Assets in order of liquidity.)
Answer:
Total current assets = $697,750
Explanation:
The partial balance sheet is as follows:
Waterways Corporation
Balance Sheet (Partial)
For the month of November 2016
Details $ $
Current Assets
Cash 260,000
Accounts Receivable 275,000
Finished Goods Inventory, November 68,800
Raw Materials Inventory, November 52,700
Prepaid Expenses 41,250
Total current assets 697,750
Note:
Cash is the most liquid of assets.
Accounts receivable which should be collected within 30 to 60 days are less liquid than cash, but more liquid than inventory.
Finished Goods Inventory which is expected to be sold and converted to cash within one year, and Raw Materials Inventory which is expected to be converted to finished good within one year are more liquid than Prepaid expense.
Therefore, the least liquid among current assets’ item above is the Prepaid Expense as it is cash paid for services not yet received..
Shelton Co. purchased a parcel of land six years ago for $860,500. At that time, the firm invested $132,000 in grading the site so that it would be usable. Since the firm wasn't ready to use the site itself at that time, it decided to lease the land for $47,500 a year. The company is now considering building a warehouse on the site as the rental lease is expiring. The current value of the land is $912,000. What value should be included in the initial cost of the warehouse project for the use of this land
The value should be included in the initial cost of the warehouse project for the use of this land is $912,000.
When embarking on a project, the value of the assets to be used should be their current market value because they reflect the current state of the assets at the time the project was embarked on thereby allowing for more accurate analysis for instance in terms of depreciation or net worth of the project.
The current market price of the parcel of land as the firm is about to embark on a project is $912,000 so this should be the considered the initial cost of project in terms of land.
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The difference between actual overhead costs incurred and the budgeted overhead costs based on a flexible budget is the: Multiple Choice Production variance. Controllable variance. Volume variance. Price variance. Quantity variance.
The difference between actual overhead costs incurred and the budgeted overhead costs based on a flexible budget is the controllable variance.
In accounting, there are two elements of a variance- rate variance and volume variance. While the rate variance refers to the difference in the actual price paid vs. the budgeted price, the volume variance refers to the portion of the variance in sales, unit usage.
The controllable variance is in the "rate" element of the variance.Controllable variance refers to the process by which the efficiency of using variable overhead resources is measured.This means that the controllable variance is the difference between the actual cost and the budgeted overhead cost.The calculation for this variance is: Actual overhear expense - (budgeted overhead cost x standard number of units)= overhead controllable variance.In short, we can say that the controllable variance is the amount that is not part of the volume variance. Rather, it is the difference in the overhead cost incurred and the budgeted overhead cost.
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2. An entrepreneur must make sure to budget carefully since they oversee their own company's finances.
True
False
Answer:
True .....this is because the entrepreneur is the risk bearer of the business...he is liable for any profit/loss.
Last year, you purchased a stock at a price of $64.00 a share. Over the course of the year, you received $2.20 per share in dividends and inflation averaged 2.7 percent. Today, you sold your shares for $69.00 a share. What is your approximate real rate of return on this investment
Answer:
8.55%
Explanation:
Calculation to determine your approximate real rate of return on this investment
First step is to calculate the Nominal return
Nominal return = ($69 - $64+ $2.20)/$64
Nominal return=7.2/$64
Nominal return= 0.1125
Now let calculate the Approximate real return
Approximate real return = 0.1125 - 0.027
Approximate real return= 0.0855*100
Approximate real return=8.55%
Therefore your approximate real rate of return on this investment is 8.55%
Assume that an analyst is using the constant dividend growth model to value a stock. Which of the following scenarios would be certain to cause her to decrease her estimate of the stock's value (assuming, of course, that all other factors are held constant)?
A. She believes the company has become riskier, and therefore increases her required rate of return for the stock.
B. She increases her estimate of the company’s next year’s dividend.
C. She increase her estimate of the expected annual rate of growth in the company’s dividends.
D. She decreases her required rate of return for the stock.
E. None of the above would cause her to decrease her estimate of the stock’s value.
Answer: A. She believes the company has become riskier, and therefore increases her required rate of return for the stock.
Explanation:
The formula for the Constant dividend growth model of valuing stock is:
= Next dividend / (Required return - growth rate)
From the formula above, one can tell that if the required return is higher, it would result in a lower value for stock because it would divide the numerator more.
If the analyst believes that the company is riskier and increases the required return, the value would therefore reduce if other measures are kept constant.
The best way to think of presentation slides is... as a medium meant to be used in conjunction with someone speaking. as a stand-alone medium that communicates on its own. as something to keep the audience entertained during a presentation. something superfluous to a presentation but still expected.
Answer: as a medium meant to be used in conjunction with someone speaking.
Explanation:
Presentation slides are meant to augment what the person presenting is saying. They are to provide proof as well as a visual depiction of the words of the presenter so that the audience can understand the presentation better.
For instance, a person giving a presentation on the earrings potential of a business will use charts and tables to show the expected increase. The charts and tables will help show the point that the person is trying to make so that the audience understands.
(a) A lamp has two bulbs of a type with an average lifetime of 1800 hours. Assuming that we can model the probability of failure of these bulbs by an exponential density function with mean μ = 1800, find the probability that both of the lamp's bulbs fail within 2000 hours.
(b) Another lamp has just one bulb of the same type as in part (a). If one bulb burns out and is replaced by a bulb of the same type, find the probability that the two bulbs fail within a total of 1000 hours.
Answer:
a) 0.45
b) 0.11
Explanation:
A) P( both bulbs fail within 2000 hours ) = 0.45
Given data:
Average lifetime of bulbs = 1800 hours
mean μ = 1800
b) P( both bulbs fail within 1000 hours ) =
Attached below is a detailed solution of the given question
Zeke's Soda is a small company. They have never grown much, but they have never quite gone out of business over their 75 year history.They have a secret recipe for a raspberry soda which is their bestselling drink. It has never been patented, but it has been known only to the family members who run the company ever since Old Zeke came up with it 75 years ago. None of the other employees have access to it.
Soda Giant buys a bottle of Zeke's Soda and runs it through sophisticated equipment that is able to analyze it and determine all of the ingredients. Soda Giant takes what it learns and starts to make and sell a soda identical to Zeke's.Can Zeke's Soda win a trade secret misappropriation action?
a) No, because a secret recipe is not the kind of thing that can be a trade secret.
b) No, because the trade secret protection has expired.
c) No, because Soda Giant did not misappropriate the information.
d) Yes.
Answer:
it is definitely a
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Your firm has net income of $245 on total sales of $1,080. Costs are $610 and depreciation is $120. The tax rate is 30 percent. The firm does not have interest expenses. What is the operating cash flow
Answer:
the operating cash flow is $365
Explanation:
the computation of the operating cash flow is shown below:
operating cash flow is
= Net income + depreciation expense
= $245 + $120
= $365
hence, the operating cash flow is $365
We simply added the net income and the depreciation expense to determine the operating cash flow
The following information applies to the questions displayed below.
On January 1, Year 2 Grande Company had a $14,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During Year 2, Grande provided $64,000 of service on account. The company collected $60,500 cash from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account
What is the amount of uncollectible accounts expense recognized on the Year 2 Income statement?
a. $ 280
b. $3,500
c. $1,210
d. $1,280
Answer:
the answer is 3,500
3,500Various financial data for the past two years follow. LAST YEAR THIS YEAR Output: Sales $ 200,200 $ 202,000 Input: Labor 30,005 40,005 Raw materials 34,500 44,500 Energy 5,000 6,100 Capital 48,990 48,990 Other 2,000 3,005 a. Calculate the total productivity measure for this company for both years.
Answer:
The total productivity measures for this company for both years are:
LAST YEAR THIS YEAR
Total productivity 1.66 1.42
Explanation:
a) Data and Calculations:
LAST YEAR THIS YEAR
Output: Sales $ 200,200 $ 202,000
Input: Labor 30,005 40,005
Raw materials 34,500 44,500
Energy 5,000 6,100
Capital 48,990 48,990
Other 2,000 3,000
Total input 120,495 142,595
Total productivity = Output/Input
= $ 200,200/120,495 $ 202,000/142,595
= 1.66 1.42
S. Wang and T. Wu are partners with equal capital balances of $50,000 each. They agree to let J. Li invest $20,000 in their partnership for a 10% interest, including bonuses to the existing partners. The journal entry to reflect the bonus to Wang will include a credit to _______ in the amount of ______.
The journal entry to reflect the bonus to Wang will include a credit to Wang, Capital in the amount of $4,000
First step is to calculate S. Wang and T. Wu and J. Li capital amount
Capital=$50,000+$50,000+$20,000
Capital=$120,000
Second step is to calculate their new capital
New capital=$120,000*.10
New capital=$12,000
Now to determine Wang bonus amount we have to divide the capital equally between S. Wang and T. Wu
Bonus=($20,000-$12,000)/2
Bonus=$8,000/2
Bonus=$4,000
Therefore journal entry to reflect the bonus to Wang will include a credit to Wang, Capital in the amount of $4,000
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tại sao starbuck chọn tp HCM đầu tiên
Answer:
of the three other members who have submitted their report on 6th century
Merchant Company issued 10-year bonds on January 1. The 6% bonds have a face value of $727,000 and pay interest every January 1 and July 1. The bonds were sold for $604,217 based on the market interest rate of 7%. Merchant uses the effective interest rate method to amortize bond discounts and premiums. On July 1 of the first year, Merchant should record interest expense (rounded to the nearest dollar) of
Answer:
Merchant Company
On July 1 of the first year, Merchant should record interest expense (rounded to the nearest dollar) of:
= $22,472.
Explanation:
a) Data and Calculations:
Face value of bonds = $727,000
Price of bonds = 604,217
Discounts = $122,783
Period of bonds = 10 years
Coupon rate of interest = 6%
Market interest rate = 7%
Payment of interest = Semi-annually (Jan. 1 and July 1)
July 1:
Cash payment = $21,810 ($727,000 * 3%)
Interest based on market rate = 21,148 ($604,217 * 3.5%)
Discount amortization = $662
Interest expense = $22,472 ($21,810 + $662)
Brett's Gift Box estimates that it will sell 30,000 porcelain figurines next year. Because porcelain figurines are so easily damaged, the average per unit carrying cost of the figurines is $25. The per order cost of ordering is $800. Assume that Brett wants a safety stock of 75 figurines. If Brett reorders the figurines based on the economic order quantity, what is Brett's average inventory of porcelain figurines?
If Brett reorders the figurines based on the economic order quantity, Brett's average inventory of porcelain figurines is 768 units.
The economic order quantity is computed as the square root of (2 x Annual Sales Unit (Demand) x Ordering Cost)/Carrying Cost
= square root of (2 x 30,000 x $800)/$25
= square root of 1,920,000
= 1,386 units
Average inventory = (Economic Order Quantity)/2 + Safety stock
= 1,386/2 + 75
= 693 + 75
= 768 units
Thus, Brett's Gift Box average inventory of porcelain figurines is 768.
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Data:
Estimate sales units for next year = 30,000 porcelain figurines
Average per-unit carrying cost = $25
Per-order Ordering Cost = $800
Required safety stock = 75 figurines
A manufacturer uses machine hours to assign overhead costs to products. Budgeted information for the next year follows. Budgeted factory overhead costs $ 669,600 Budgeted machine hours 7,200 Compute the plantwide overhead rate for the next year based on machine hours.
Answer: $93 per machine hour
Explanation:
The plantwide rate shows the cost per labor hour(machine hour in this case) for overhead incurred by the entire production plant.
Plantwide overhead rate based on machine hours:
= Budgeted factory overhead costs / Budgeted machine hours
= 669,600 / 7,200
= $93 per machine hour
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Payroll Entries
The payroll register for D. Salah Company for the week ended May 18 indicated the following:
Salaries $615,000
Federal income tax withheld 165,000
The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $45,000 of salaries.
For a compound transaction, if an amount box does not require an entry, leave it blank.
a. Journalize the entry to record the payroll for the week of May 18.
May 18 Salaries Expense
Social Security Tax Payable
Medicare Tax Payable
Employees Federal Income Tax Payable
Salaries Payable
Feedback
Gross pay is the amount that employees have earned before taxes and deductions. A portion of employees' earnings are owed for such items as state and federal taxes. Net pay is also known as take-home pay.
b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.
May 18 Payroll Tax Expense
Social Security Tax Payable
Medicare Tax Payable
State Unemployment Tax Payable
Federal Unemployment Tax Payable
Answer:
A. Dr Salaries expense 615000
Cr Social security tax payable 36900
Cr Medicare tax payable 9225
Cr Employment federal income tax payable
165000
Cr Salaries payable 403875
B. Dr Payroll tax expenses 48915
Cr Social security tax payable 36900
Cr Medicare tax payable 9225
Cr State unemployment taxes payable 2430
Cr Federal unemployment taxes payable 360
Explanation:
A. Preparation of the journal entry to record the payroll for the week of May 18.
May 18
Dr Salaries expense 615000
Cr Social security tax payable 36900
(615000*6%)
Cr Medicare tax payable 9225
(615000*1.5%)
Cr Employment federal income tax payable
165000
Cr Salaries payable 403875
(615000-36900-9225-165000)
(To record the payroll for the week of May 18)
B. Preparation of the journal entry to record the payroll tax expense incurred for the week of May 18
May 18
Dr Payroll tax expenses 48915
(36900+9225+2430+360)
Cr Social security tax payable 36900
(615000*6%)
Cr Medicare tax payable 9225
(615000*1.5%)
Cr State unemployment taxes payable 2430
(45000*5.4%)
Cr Federal unemployment taxes payable 360
(45000*0.8%)
(To record the payroll tax expense incurred )
On January 2, 2021, L Co. issued at face value $22,000 of 3% bonds convertible in total into 1,400 shares of L's common stock. No bonds were converted during 2021. Throughout 2021, L had 1,400 shares of common stock outstanding. L's 2021 net income was $4,000. L's income tax rate is 30%. No potential common shares other than the convertible bonds were outstanding during 2021. L's diluted earnings per share for 2021 would be:
Complete the following statements with one of the terms listed here. You may use a term more than once. Some terms may not be used at all. Capital turnover Direct fixed expenses Flexible budget variance Key performance indictors (KPIs) Profit center Sales margin Common fixed expenses Favorable variance Goal congruence Management by exception Return on investment (ROI) Unfavorable variance Cost center Flexible budget Investment center Master budget variance Revenue center Volume variance
Solution :
a). Flexible budget
A flexible budget is a budget that is prepared for the different volume level which was originally anticipated.
b). Flexible budget variance
It is the different between the flexible budget and the actual results.
c). Return on Investment
It is used to evaluate the performance of the investment centers. It is calculated by dividing operating income by the investment.
d). Favorable variance
The company has the favorable variance when the actual values are more than the budgeted values.
A company's overhead rate is 60% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used.
Goods in process inventory:
Beginning balance $100,800
D.M.
D.L.
O.H. F.G.
Ending balance $131,040
Answer: $113,120
Explanation:
Direct material used = Total cost of manufacturing - Direct labor - Factory overhead
Total cost of manufacturing = Ending WIP + Cost of manufacturing - Beginning WIP
= 131,040 + 324,800 - 100,800
= $355,040
Direct labor = Factory overhead * 100/60
= 90,720 * 100/60
= $151,200
Direct materials used = 355,040 - 151,200 - 90,720
= $113,120
A company changes from the straight-line method to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change will include a
Answer: c. credit to Accumulated Depreciation.
Explanation:
When using the accelerated method of depreciation, depreciation amounts are higher in the earlier years unlike the straight-line method where depreciation is constant throughout the life of the asset.
The difference between the depreciation according to Straight-line and depreciation will be sent to the accumulated depreciation account as a credit to reflect the change and the depreciation for the period.
Variable costs as a percentage of sales for Lemon Inc. are 71%, current sales are $551,000, and fixed costs are $207,000. How much will operating income change if sales increase by $37,600? a.$10,904 increase b.$26,696 decrease c.$26,696 increase d.$10,904 decrease
Answer: a.$10,904 increase
Explanation:
Operating income before sales increase:
= Sales - Variable costs - Fixed costs
= 551,000 - (71% * 551,000) - 207,000
= -$47,210
Operating income after sales increase:
Sales increases to:
= 551,000 + 37,600
= $588,600
= 588,600 - (71% * 588,600) - 207,000
= -$36,306
Difference:
= -47,210 - (-36,306)
= Increase of $10,904
Bramble Corp.’s cost of goods sold is $280000 variable and $170000 fixed. The company’s selling and administrative expenses are $160000 variable and $220000 fixed. If the company’s sales is $1080000, what is its net income?
Answer:
the net income is $250,000
Explanation:
The computation of the net income is given below:
= Sales - variable cost of goods sold - fixed cost of goods sold - variable selling & admin expense - fixed selling & admin expense
= $1,080,000 - $280,000 - $170,000 - $160,000 - $220,000
= $250,000
Hence, the net income is $250,000
The above formula should be applied for the same
A trust has been established to fund scholarships in perpetuity. The next annual distribution will be $1,200, and future payments will increase by 3 percent per year. What is the value of this trust at a discount rate of 7.4 percent
Answer:
PV= $27,272.73
Explanation:
Giving the following information:
Annual distribution (Cf)= $1,200
Interest rate (i)= 7.4% = 0.074
Growth rate (g)= 3% = 0.03
To calculate the present value (PV) of the fund, we need to use the following formula:
PV= Cf / (i - g)
PV= 1,200 / (0.074 - 0.03)
PV= $27,272.73
On Friday of each week, Prawn Company pays its factory personnel weekly wages amounting to $55,000 for a five-day work week.
Required:
a. Prepare the necessary adjusting entry at year end, assuming December 31 falls on Wednesday.
b. Prepare the journal entry for payment of the week’s wages on the payday which is Friday, January 2 of the next year.
Answer and Explanation:
The journal entry is shown below:
a.
Wages Expense $33,000 ($55,000 ÷ 5 days ×3days)
To Wages Payable $33,000
(being wages expense is recorded)
Here wages expense is debited as it increased the assets and credited the wages payable as it also increased the liabilities
b. Wages Expenses $22000
Wages Payable $33000
To Bank $55,000
(Being payment is recorded)
Here wages expense is debited as it increased the assets, the wages payable is also debited as it decreased the liabilities and credited the bank as it decreased the assets
