The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.

1.NELSON COMPANY Debit Credit
2. Cash $1,000
3. Merchandise Inventory 12,500
4. Store supplies. 5,800
5. Prepaid Insurance. 2,400
6. Store equipment. 42,900
7. Accumulated depreciation - Store equipment $15,250
8. Accounts payable 10,000
9.J. Nelson, Capital 32,000
10.J. Nelson, Withdrawal 2,200
11. Sales. 111,950
12. Sales discounts 2,000
13. Sales returns and allowances 2,200
14. Cost of goods sold 38,400
15. Depreciation expense- Store equipmen 0
16. Salaries expense 35,000
17. Insurance expense 0
18. Rent expense 15,000
19. Store supplies expense 0
20. Advertising expense 9,800
21. Totals $169,200 169,200


Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses:

Required:
1. Prepare adjusting journal entries to reflect each of the following:

a. Store supplies still available at fiscal year-end amount to $1,750.
b. Expired insurance, an administrative expense, for the fiscal year is $1,400.
c. Depreciation expense on store equipment, a selling expense is $1,525 for the fiscal year.
d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still available at fiscal year-end.

2. Prepare a multiple-step income statement for fiscal year 2015.
3. Comple the statement of retained earnings and the balance sheet.
4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2015. (Round ratios to two decimals.)

Answers

Answer 1

Answer:

1)

a. Store supplies still available at fiscal year-end amount to $1,750.

Dr Supplies expense 4,050

    Cr Supplies 4,050

b. Expired insurance, an administrative expense, for the fiscal year is $1,400.

Dr Insurance expense 1,400

    Cr Prepaid insurance 1,400

c. Depreciation expense on store equipment, a selling expense is $1,525 for the fiscal year.

Dr Depreciation expense on store equipment 1,525

    Cr Accumulated depreciation: store equipment 1,525

d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still available at fiscal year-end.

Dr Cost of goods sold 1,600

    Cr merchandise inventory 1,600

2) Income statement

Sales                                                             $111,950

Sales discounts                                    $2,000 Sales returns and allowances             $2,200

Net sales                                                    $107,750

- Cost of goods sold                                  $40,000

Gross profit                                                 $67,750

Operating expenses:Depreciation expense $1,525Salaries expense $35,000 Insurance expense $1,400 Rent expense $15,000 Store supplies expense $4,050 Advertising expense $9,800            $66,775

Operating income                                           $975

3) Statement of owner's equity (the company doesn't have retained earnings)

J. Nelson, Capital, at January 1, 202x                 $32,000

Net income 202x                                                       $975

Subtotal                                                                 $32,975

- Withdrawals                                                          $2,200

J. Nelson, Capital, at December 31, 202x           $30,775

Balance sheet

Assets:

Cash $1,000

Merchandise Inventory $10,900

Store supplies $1,750

Prepaid Insurance $1,000

Store equipment, net $26,125

Total assets $40,775

Liabilities + owner's equity:

Accounts payable $10,000

J. Nelson, Capital $30,775

Total liabilities + owner's equity $40,775

4) current ratio = $14,650 / $10,000 = 1.465

acid test ratio = $3,750 / $10,000 = 0.375

gross margin ratio = $67,750 / $107,750 = 0.629


Related Questions

Coney Island Entertainment issues $1,300,000 of 5% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year.
Calculate the issue price of a bond and complete the first three rows of an amortization schedule when:
Required:
1. The market interest rate is 5% and the bonds issue at face amount. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Do not round interest rate factors.)
Issue price
Date Cash Paid Interest Expense Increase in Carrying value Carrying value
1/1
6/30
13/31
2. The market interest rate is 6% and the bonds issue at a discount. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Do not round interest rate factors.)
3. The market interest rate is 4% and the bonds issue at a premium. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Do not round interest rate factors.)

Answers

Answer:

1) The market interest rate is 5% and the bonds issue at face amount.

Dr Cash 1,300,000

    Cr Bonds payable 1,300,000

Year         Interest payment       Book value of bonds

June/1          $32,500                 $1,300,000

Dec/1            $32,500                 $1,300,000

June/2         $32,500                 $1,300,000

2) The market interest rate is 6% and the bonds issue at a discount.

price of bonds:

PV of face value = $1,300,000 / (1 + 3%)³⁰ = $535,582.79

PV of coupons = $32,500 x 19.600 (PV annuity factor, 3%, 30 periods) = $637,000

market price = $1,172,582.79

Dr Cash 1,172,582.79

Dr Discount on bonds payable 127,417.21

    Cr Bonds payable 1,300,000

discount amortization per coupon payment = $127,417.21 / 30 = $4,247.24

Year     Cash paid      Interest        Amortization       Bond           Book

                                   expense      bond discount    discount      value

June/1   $32,500   $36,747.24     $4,247.24     $123,169.97   $1,176,830.03

Dec/1    $32,500   $36,747.24     $4,247.24     $118,922.73    $1,181,077.27

June/2  $32,500   $36,747.24     $4,247.24     $114,675.49   $1,185,324.51

3. The market interest rate is 4% and the bonds issue at a premium.

price of bonds:

PV of face value = $1,300,000 / (1 + 2%)³⁰ = $717,692.16

PV of coupons = $32,500 x 22.396 (PV annuity factor, 2%, 30 periods) = $727,870

market price = $1,445,562.16

Dr Cash 1,445,562.16

    Cr Bonds payable 1,300,000

    Cr Premium on bonds payable 145,562.16

discount amortization per coupon payment = $145,562.16 / 30 = $4,852.07

Year     Cash paid      Interest        Amortization       Bond           Book

                                   expense      bond discount    premium     value

June/1   $32,500   $27,647.93     $4,852.07    $140,710.09   $1,440,710.09

Dec/1    $32,500   $27,647.93     $4,852.07    $135,858.02   $1,435,858.02

June/2  $32,500   $27,647.93     $4,852.07    $131,005.95   $1,431,005.95

On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 180,000 shares of $20 par common stock at $23, and on February 27, it issued for cash 25,000 shares of preferred stock, $7 par at $9.
A. Journalize the entries for January 22 and February 27.
Jan. 22 Cash
Common Stock
Paid-In Capital in Excess of Par-Common Stock
Feb. 27 Cash
Preferred Stock
Paid-In Capital in Excess of Par-Preferred
B. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?

Answers

Answer:

A. Journalize the entries for January 22 and February 27.

January 22, 202x, common stocks issued:

Dr Cash 4,140,000

    Cr Common stock 3,600,000

    Cr Additional paid in capital: common stock 540,000

February 27, 202x, preferred stocks issued:

Dr Cash 225,000

    Cr Preferred stock 175,000

    Cr Additional paid in capital: preferred stock 50,000

B. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?

$4,140,000 + $225,000 = $4,365,000

Suppose that Mexico experienced a very severe period of inflation in 1972. As prices in Mexico rose, the demand in the foreign exchange market for Mexican pesos:

Answers

Answer:

demand for pesos would fall and supply would rise. their value would decrease as a result

Explanation:

Inflation is a persistent rise in general price level.

When there is high inflation in a country, the demand for the currency would fall because the value of the currency is low. this fall in demand coupled with the excess supply of the currency would lead to a fall in the value of the currency.

A bond with a par value of $1,000 and an annual coupon has a yield to maturity of 5.60% and a current price of $975. If the bond has 18 years to maturity, what is its current yield?

Answers

Answer:

Current Yield is 5.74%

Explanation:

Current yield is the ratio of coupon payment of a bond to its current market price.  It is calculated by using coupon payment and the current market value of the bond.

Coupon Payment = $1,000 x 5.6% = $56

Current market price = $975

Formula for Current yield is as follow

Current Yield = Annual Coupon Payment / Current Market Price

Current Yield = $56 / $975

Current Yield = 0.0574% = 5.74%

The BRS Corporation makes collections on sales according to the following schedule: 40% in month of sale 55% in month following sale 5% in second month following saleThe following sales have been budgeted: Sales April $210,000 May $160,000June $150,000 Budgeted cash collections in June would be:______.a. $150,840.b. $158,000.c. $149,000.d. $150,000.

Answers

Answer:

Total cash collection= $158,500

Explanation:

Giving the following information:

Cash collection:

40% in the month of sale

55% in the month following sale

5% in the second month following sale

Sales:

April $210,000

May $160,000

June $150,000

Cash collection June:

Sales in cash from June= 150,000*0.4= 60,000

Sales on account from May= 160,000*0.55= 88,000

Sales on account from April= 210,000*0.05= 10,500

Total cash collection= $158,500

Identify the trade-restraining practice that this example demonstrates. Tubifor, Inc. purchases all available imported lumber so it can resell it at a quantity and rate that it prefers.

Answers

Answer:

"Pursuit of monopoly power" is the correct solution,

Explanation:

Through a party, the shareholders of such a monopoly have had the authority to adjust rates, eliminate rivals, thereby dominate the competition within the specific geographical region. Antitrust laws in the United States discourage monopolies and whatever other practices which unduly restrict competitor's commerce. The form of trade restriction shown by this illustration is the acquisition of monopoly control.

Therefore the answer to the above was its right one.

Given below are two independent scenarios: a. Dream Co. has budgeted sales of $500,000, fixed costs are $240,000, and variable costs are $375,000. What is its contribution margin ratio? Enter the percentage amount as a whole number (for example, enter 10% as "10"). % b. Pearl Company has sales of $825,000, variable costs are 30% of sales, and fixed costs are $360,000. What is its operating profit? $

Answers

Answer:

a.  25

b. $217,500

Explanation:

Contribution Margin Ratio = Contribution / Sales × 100

                                            = ($500,000 - $375,000) / $500,000 × 100

                                            = 25.00% or 25

Income statement for Pearl Company

Sales                        $825,000

Less Variable Cost ($247,500)

Contribution            $577,500

Less Fixed Costs    ($360,000)

Operating Profit       $217,500

An employee produces 10 parts during a shift in which he made $90. What is the labor content of the product? $5 $900 $9 $0.111 $6

Answers

Answer:

$9

Explanation:

Calculation for the labor content of the product.

Using this formula

Labor content = Cash/Numbers of item produced

Where,

Cash=$90

Numbers of item produced=10 parts

Let plug in the formula

Labor content=$90/10

Labor content=$9

Therefore the labor content of the product will be $9

TB MC Qu. 9-251 Turrubiates Corporation makes a product that ... Turrubiates Corporation makes a product that uses a material with the following standards: Standard quantity 6.7 liters per unit Standard price $ 1.20 per liter Standard cost $ 8.04 per unit The company budgeted for production of 2,500 units in April, but actual production was 2,600 units. The company used 18,000 liters of direct material to produce this output. The company purchased 18,800 liters of the direct material at $1.30 per liter. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for April is:

Answers

Answer:

Direct material quantity variance= $696 unfavorable

Explanation:

Giving the following information:

Standard quantity 6.7 liters per unit

Standard price $ 1.20 per liter

Actual production was 2,600 units.

The company used 18,000 liters of direct material to produce this output.

To calculate the direct material quantity variance, we need to use the following formula:

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Standard quantity= 6.7*2,600= 17,420

Direct material quantity variance= (17,420 - 18,000)*1.2

Direct material quantity variance= $696 unfavorable

You own a stock portfolio invested 30 percent in Stock Q, 25 percent in Stock R, 25 percent in Stock S, and 20 percent in Stock T. The betas for these four stocks are .95, 1.12, 1.13, and 1.30, respectively. What is the portfolio beta? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Answers

Answer:

Portfolio beta = 1.1075

Explanation:

The portfolio beta is a function of the weighted average of the individual stocks betas' that form up the portfolio. To calculate the portfolio beta, we use the following formula,

Portfolio beta = wA * Beta of A + wB * Beta of B + ... + wN * Beta of N

Where,

w represents the weight of each stock in portfolio

Portfolio beta = 0.30 * 0.95  +  0.25 * 1.12  +  0.25 * 1.13  +  0.20 * 1.30

Portfolio beta = 1.1075

Solve the consumer’s problem for John’s optimal demand for Germ-X and Purell. (You should find actual numbers representing the quantity of Germ-X chosen and the quantity of

Answers

Answer:

Hello your question is incomplete below is the missing part and the needed diagram

suppose John is shopping and has $20 to spend on hand sanitizer. He can go with Germ-X (G) at $1 per fluid ounce (pG=1), or he can purchase purell (P) at $1.25 per fluid ounce (Pp=1.25). His utility function for the two different hand sanitizers is as follows:

U = G +1.1P

where G and P are measured in fluid ounces.

Solve the consumer’s problem for John’s optimal demand for Germ-X and Purell. (You should find actual numbers representing the quantity of Germ-X chosen and the quantity of purell chosen

ANSWER:  The solution =  (Germ-x,Purell ) = (20,0).

Explanation:

The consumers problem for John's optimal demand for Germ-x  and Purell as seen in the diagram can solved by John going maximizing his utility given the constraint of the budget,

that means that John will purchase/spend the constrained budget of ($20) on Germ-x  since the unit price of Germ X is at $1 while Purell's unit price is at $1.25 per fluid ounce

A project has an initial cost of $60,000, expected net cash inflows of $14,000 per year for 7 years, and a cost of capital of 13%. What is the project's discounted payback period

Answers

Answer:

Discounted payback period = 6.68 years

Explanation:

Year Cash inflow$   Discounted cash     Cumulative discounted

                                          inflow$                      cash inflow$

1          14,000                    12,389                            12,389

2         14,000                    10,964                             23,353

3         14,000                     9,703                              33,056  

4         14,000                     8,586                              41,643    

5         14,000                     7,599                              49,241    

6         14,000                      6,724                             55,966    

7         14,000                      5,951                              61,917

Discounted cash inflow is calculated by discounting cash inflow at 13%. For example, discounted cash-flow in year 1 = 14,000 / (1+13%)^1 = 12,389.

Similarly, discounted cash-flow in year 2 = 14,000 / (1+13%)^2 = 10,964. And so on.

Cumulative cash-flows are sum of all cashflows till that year. For example, year 2 cumulative cashflow = 12,389 + 10,964 = 23,353.

Similarly, year 3 cumulative cash-flow = 23,353 + 9,703 = 33,056.

This cumulative cash-flow crosses 60,000 in year 7, so discounted payback period = 6 + (60,000-55,966) / 5,951

Discounted payback period = 6.68 years

Normally, the buyer's offer in a commercial transaction takes the form of:____________.
1. a phone call with the parties directly speaking with each other.
2. a personal letter.
3. a purchase order.
4. an acknowledgment form.

Answers

Answer:

3. a purchase order.

Explanation:

Normally, the buyer's offer in a commercial transaction takes the form of a purchase order. Commercial transaction refers to the law guiding, regulating or governing business transactions and deals.

A purchase order can be defined as an official document which a buyer send to sellers of goods and services in order to document and have a record of the sale of products and services to be delivered to the buyer at a later date. It allows making order without paying immediately.

A company decides not to pay dividends to stockholders, but the company is requested to pay interest to debt holders. What does this mean about the performance of the company?

Answers

Answer: Poor Performance

Explanation:

Options are not available but the foremost reason why a company would decline to pay dividends but still be requested to pay interest to debt holders is that they performed poorly.

Dividends are based on how much net income the company got for the period and so if a company performs poorly, they should not pay out dividends as it will put them in financial difficulty.

Interest payments however have to be paid regardless of if the company made a profit or not. So even if the company performed poorly, they would still be requested to pay interest to debt holders.

Ben and Jerry were shareholders of water ice, inc., an s corporation. On january 1, year 1, Ben owned 40 shares and Jerry owned 60 shares. Ben sold his shares to Joe for $10,000 on March 31, 2011. The corporation reported a $50,000 loss at the end of 2011. How much of the loss is allocated to Joe?
A. $12,500.
B. $10,000.
C. $20,000.
D. $15,068.

Answers

Answer:

Option D. $15,068

Explanation:

The share of Ben will 40% of the loss if he does not sells the shares which is:

Ben's Share of Loss  = $50,000 * 40% = $20,000

But Ben sold his 40% to Joe on March 31, 2011. This means 90/365 days of the year, Ben owned the shares. Hence:

Ben's share of loss = $20,000 * 90/ 365 = $4,931.5

The remainder is Joe's share of loss which is:

Joe's Share of Loss =  $20,000 - $4,931.5 = $15,068

Hence the option D is correct.

If the actual quantity of direct materials used in producing a commodity differs from the standard quantity, the variance is a

Answers

Answer:

quantity variance

Explanation:

Quantity variance is a variance that compares standard quantity of materials that should have been used to the actual materials used. This type of variance is used by firms to know the difference between actual usage of materials and it's expected usage.

Where the actual usage is more than the expected usage, it is adverse ; while it is favorable if the expected usage is more than the actual usage.

Tri-Coat Paints has a current market value of $41 per share with earnings of $3.64. What is the present value of its growth opportunities (PVGO) if the required return is 9%? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Answers

Answer:

$0.56

Explanation:

Tri-coat paints has a current market value of $41 per share

They also have an earning of $3.64

The required return is 9%

= 9/100

= 0.09

Therefore, the present value of its growth opportunities can be calculated as follows

= $41-($3.64/0.09)

= $41-40.44

= $0.56

Hence the present value of its growth opportunities is $0.56

In a competitive industry, it takes a fixed ratio of one skilled worker and two unskilled workers to produce a unit of output. If the immigration of unskilled workers lowers the wage of unskilled workers, it will likely

Answers

Answer:

The answer is that the ratio is likely the same.

Explanation:

There is no equivalent of how many unskilled worker can replace a skilled worker. Also, it's a fixed ratio of one skilled worker and two unskilled workers to produce a unit of output. Therefore, even though the wage of unskilled workers decreases because of a surplus in immigration of unskilled workers, and assume that the rest is the same, firms won't hire more unskilled workers.

A town with a small airport is served by two competing airlines. Which of the following strategies would make the airlines more likely to compete on price?
a) The airlines fly identical planes, with the same type of seat and the same amount of legroom for customers
b) One airline offers meals on board every flight while the other serves no meals but has fewer delayed flights
c) Each airline offers flights to a different set of other cities
d) The airlines offer loyalty programs, motivating existing customers to continue to fly with them

Answers

Answer:

Option A, The airlines fly identical planes, with the same type of seat and the same amount of legroom for customers.

Explanation:

Option “A” is correct because a firm or company compete on prices if the product offered by every firm are identical. additionally, if the product can not be differentiated then the firm can compete on the basis of price. Therefore, if two airlines fly identical planes and provide identical services like the same seat and the same amount of leg space to the customers.  

Consider the following information and then calculate the required rate of return for the Global Investment Fund, which holds 4 stocks. The market’s required rate of return is 13.25%, the risk-free rate is 7.00%, and the Fund’s assets are as follows:(hint: market beta =1.0) Stock Investment Beta A $ 200,000 1.50 B 300,000 −0.50 C 500,000 1.25 D $1,000,000 0.75

Answers

Answer:

11.77%

Explanation:

total investment = $200,000 + $300,000 + $500,000 + $1,000,000 = $2,000,000

stock    weight                                         beta             total

A          $200,000 / $2,000,000             1.5               0.15

B          $300,000 / $2,000,000             -0.5            -0.075

C          $500,000 / $2,000,000             1.25            0.3125

D          $1,000,000 / $2,000,000           0.75           0.375

Portfolio                                                                       0.7625

required rate of return = Rf + beta(Rm - Rf) = 7% + 0.7625(13.25% - 7%) = 11.7656% = 11.77%

Fitness Bands Corporation gathered the following information for Job​ #928: Standard Total Cost Actual Total Cost Direct materials ​Standard: pints at ​/pint ​Actual: pints at ​/pint What is the direct materials quantity​ variance?

Answers

Question:                                      

                                                            standard total cost        Actual total cost

Direct material

Standard  2000 pints  $3.50/pint                   $7,000

Actual      2,500 pints   $5.00/pint                                                       $12,000

Answer:

Materials quantity​ variance= $1,750 unfavorable

Explanation:

Material quantity variance occurs when the actual quantity used to achieved a given level of output is more or less than the standard quantity.  

It is determined by the difference between the actual and standard quantity of material for the actual level of output multiplied by the the standard price  

                                                                                               pints

Standard quantity allowed                                                  2,000

Actual quantity used                                                           2,500

Quantity variance                                                                 500 unfavorable

Standard price                                                                     $3.50

Materials quantity​ variance                                               1,750  unfavorable

Materials quantity​ variance= $1,750 unfavorable

Samm Corp. purchased a plot of land for $100,000. The cost to raze a building on the property amounted to $50,000 and Samm received $10,000 from the sale of scrap materials. Samm built a new plant on the site at a total cost of $800,000 including excavation costs of $30,000. What amount should Samm capitalize in its land account?
a. $150,000.
b. $140,000.
c. $130,000.
d. $100,000.

Answers

Answer:

$140,000

Explanation:

Sam corporation purchased a plot of land for $100,000

The cost to raze a building on the property is $50,000

Sam received $10,000 from the sale of scrap materials

$800,000 was spent by Sam to build a new plant in the site

The excavation costs was $30,000

Therefore, the amount that Samm should capitalize in its land account can be calculated as follows

= cost of land+ cost to raze a building on the property - sale of scrape materials

= $100,000 + $50,000 - $10,000

= $150,000-$10,000

= $140,000

Hence Samm should capitalize $140,000 in its land account.

A profit-maximizing firm in a competitive market that is producing on a production curve where the marginal product of labor is diminishing also has

Answers

Answer: A. a downward-sloping labor demand curve.

Explanation:

The labor demand curve is plotted with the quantity of labor demanded vs the real wages paid to labor. In a firm that is producing in a market with a diminishing marginal product of labor, the demand curve will be downward sloping to reflect that the more labor that a company has, the less it pays them.

This is because the extra labor is bringing in less additional revenue and so will need to be paid accordingly to reflect that as more labor is hired, the output decreases.  

What is the yield to maturity of a bond that pays a 6% coupon rate with semiannual coupon payments, has a par value of $1,000, matures in 15 years, and is currently selling for $803

Answers

Answer:

Yield to Maturity = 8.11 %  

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- 6%× 1000 =60, Face Value - 1,000, P-803, n- 15

YTM = (60 + (1000-803)/15) ÷ ( 1/2× (1000 + 803) )

YTM = 0.0811  × 100 = 8.11 %

Yield to Maturity = 8.11 %  

what is the price of a 5 year bond that has a coupon rate of 7% with each coupon paid semi annually. The current market rate is 6%. Assume a par value of 1000

Answers

Answer:

The answer is $1,042.65

Explanation:

Coupon payment being done semiannually means it is paid twice in a year

N(Number of periods) = 10 periods ( 5 years x 2)

I/Y(Yield to maturity) = 3 percent( 6 percent ÷ 2)

PV(present value or market price) = ?

PMT( coupon payment) = $35 ( [7 percent÷ 2] x $1,000)

FV( Future value or par value) = $1,000.

We are using a Financial calculator for this.

N= 10; I/Y = 3; PMT = 35; FV= $1,000; CPT PV= -1,042.65

Therefore, the market price of the bond is $1,042.65

Item 3Item 3 Cutter Enterprises purchased equipment for $87,000 on January 1, 2018. The equipment is expected to have a five-year life and a residual value of $4,800. Using the sum-of-the-years'-digits method, depreciation for 2018 and book value at December 31, 2018, would be

Answers

Answer:

$27,400 and $59,600

Explanation:

The computation of the depreciation expense and the book value using the sum of-the-years'-digits method is shown below:

Depreciation expense is

= (Purchase cost - residual value) × useful life ÷ sum of years

= ($87,000 - $4,800) × 5 years ÷ (5 + 4 + 3 + 2 + 1)

= $27,400

And, the book value is

= Purchase cost - depreciation expense

= $87,000 - $27,400

= $59,600

Which of the following methods is appropriate for a business whose inventory consists of a relatively small number of unique, high-cost items?
a. FIFO
b. average
c. LIFO
d. specific identification

Answers

Answer: Specific identification

Hope it is correct

D specific identification

One characteristic of weekly newspapers is that they usually serve national consumers rather than local consumers. tend to have a larger male readership than daily newspapers. emphasize local news and advertising. have a significantly lower CPM than daily newspapers. do not charge premium rates.

Answers

Answer: emphasize local news and advertising.

Explanation:

One of the main function of the newspaper is to pass message accross to its readership. The newspaper sends information accross to people by informing them about happenings in the local and international scene.

One characteristic of weekly newspapers is that they emphasize local news and advertising. People can advertise on weekly newspapers and gets information across to the local people.

A report stating whether the company has complied with restrictive covenants related to officer compensation and payment of dividends contained in a bank loan agreement.

Answers

Answer: An attestation service other than an audit service

Explanation:

Attestation services is simply when a conclusion is made on the financial statement of an organization or a company by a certified public accountant.

Therefore, it will be a report stating whether the company has complied with restrictive covenants related to officer compensation and payment of dividends contained in a bank loan agreement.

"A husband and wife wish to open an account that allows either party to trade or draw checks; and that becomes the property of the surviving spouse if one should die. The proper ownership form is:"

Answers

Answer:

Joint Tenants with Rights of Survivorship

Explanation:

The property ownership form that is being mentioned in the question is known as Joint Tenants with Rights of Survivorship . As described, this is when two individuals share equal ownership of the property and have the equal, undivided right to keep or dispose of the property. Rights of Survivorship means that if one of the individual joint tenants dies then their ownership of the property does not pass on to the next of kin but instead is passed to the other joint tenant that is the beneficiary.

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