Answer:
More liquid than cash is the correct option
Explanation:
Cash equivalents are cash or other short term assets can be converted into cash in no distant time without losing significant portion of its value.
All the options enumerated met the criteria cited above except the last option,cash equivalents are more liquid than cash.
Cash equivalents cannot be more liquid than cash since cash equivalents at best cash and at worst short term easily convertible assets.
The correct option therefore is the last option,more liquid than cash
Brown Company's account balances at December 31, 2020 for Accounts Receivable and the related Allowance for Doubtful Accounts are $920,000 debit and $2,100 credit, respectively. From an aging of accounts receivable, it is estimated that $39,000 of the December 31 receivables will be uncollectible. The necessary adjusting entry would include a credit to the allowance account for:_______
Answer:
$36,900
Explanation:
Brown Company's
Account receivable and related Allowance for doubtful account $2,100 credit
$39,000 receivables uncollectible
Hence:
$39,000 – $2,100
= $36,900
Therefore the necessary adjusting entry would include a credit to the allowance account for: $36,900
Kasey Corp. has a bond outstanding with a coupon rate of 6.02 percent and semiannual payments. The bond has a yield to maturity of 5.9 percent, a par value of $2,000, and matures in 16 years. What is the quoted price of the bond?
Answer:
$ 2,024.63
Explanation:
The quoted price of the bond can e determined using the pv formula below :
=-pv(rate,nper,pmt,fv)
rate is the semi-annual yield to maturity of the bond i.e 5.9%/2=2.95%
nper is the number of coupon interest payments payable by the bond i.e 16*2=32
pmt is the semi-annual interest on the bond i.e $2000*6.02%/2=$60.2
The fv is the face value of the bond of $2,000
=-pv(2.95%,32,60.2,2000)=$ 2,024.63
The current quoted price of the bond is $ 2,024.63 as it expected that a bond with a higher coupon interest compared to yield to maturity would be issued at a premium.
Final answer:
The quoted price of a bond can be determined using the present value formula and considering the bond's specific details. In this case, the quoted price of the bond would be $1,617.95. Understanding bond valuation, yield to maturity, and coupon rates is key in bond pricing.
Explanation:
The quoted price of the bond can be calculated using the present value formula. The formula considers the future cash flows from the bond's coupon payments and the par value, discounted back to the present at the bond's yield to maturity rate.
In this case, the quoted price of the bond would be $1,617.95. This calculation takes into account the specifics of the bond provided in the question.
Budgets incorporate managements goals and Question 3 options: A. includes only financial aspects of an operation as those are the only items that can be quantified in a profit plan B. are both a short range and long range profit plan C. express management's operating and financial plan for a specified period−usually a fiscal year D. are a strategic long range plan
Answer:
C. express management's operating and financial plan for a specified period−usually a fiscal year.
Explanation:
The budget acts as monetary plan for the defined period and incles the sales volume and revenue and resource quantities and cost and expenses and the assets, liabilities, and cash flows that are used to express strategic plans of activities and events in a measurable forms. The budget is the amount of money that is made for a special purpose such as an intended purpose with expenditure. And is often compiled annually, they may be sales budget, capital budget, revenue, and capital budget.Training and compensating the employees of a business is part of which of the following management functions?
Group of answer choices
A)Staffing
B)Planning
C)Implementing
D)Controlling
Answer: A) staffing
Explanation:
It says it in the book under staffing
Answer:
A
Explanation:
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000. a. Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $ c. Determine the net realizable value of accounts receivable. $
Answer:
The answers are given below;
Explanation:
a. Allowance for doubtful accounts-opening debit balance $21,300
Allowance for doubtful accounts for the year $205,000
Bad Debt Expense $226,300
b.
The Adjusted Balance of Accounts Receivables $4,375,000
Adjusted Balance of Allowance for Doubtful Accounts $205,000
Adjusted Balance of Bad Debt Expense $226,300
c.
Net realizable value of Accounts Receivable =Accounts Receivables-Allowance for doubtful accounts=$4,375,000-$205,000=$4,170,000
a.The uncollectible account is $226300.
b. The account receivable, allowance for Doubtful Accounts, and bad debt is 226300.
c. The realizable value is 4170000.
Calculation of the amount:a.
The amount of the adjusting entry is
= $205,000 + $21,300
= 226300
b
Accounts Receivable 4375000
Allowance for Doubtful Accounts 205000
Bad Debt Expense 226300
c
The net realizable value of accounts receivable should be
= 4375000-205000
= 4170000
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hich of the following statements is correct? Group of answer choices Advertising expense is a product cost Service firms do not incur depreciation costs Human capital is an important resource for service firms, but not for other firms Cardboard packaging for the product is a product cost Sales commissions for the current month is a product cost
Answer:
Cardboard packaging for the product is a product cost
Explanation:
As we know that
There are two types of cost i.e product cost and the period cost.
The product cost is the cost which is directly related to the product i.e direct material cost, direct labor cost, etc
And, the period cost is the cost which includes the major part of the selling and admin expenses like - sales commission, advertising expense, etc
Plus, the human capital is necessary for all the firms and the depreciation is also charged in all type of business
So the cardboard packaging is the product cost
Diemans Corp. has provided a part of its budget for the 2nd quarter: Apr May Jun Cash collections $ 40 comma 000 $ 42 comma 000 $ 42 comma 000 Cash payments Purchases of inventory 4 comma 500 7 comma 000 7 comma 200 Operating expenses 7 comma 200 9 comma 000 6 comma 000 Capital expenditures 4 comma 600 20 comma 000 0 The cash balance on April 1 is $ 14 comma 000. Assume that there will be no financing transactions or costs during the quarter. Calculate the cash balance at the end of April.
Answer:
$37,700
Explanation:
Given that,
Cash balance on April 1 = $14,000
Cash collections during April = $40,000
Cash payments during April:
Purchases of inventory = $4,500
Operating expenses = $7,200
Capital expenditures = $4,600
All the cash payments such as purchases of inventory, operating expenses and capital expenditure are deducted and cash collections & opening cash balance are added.
Cash balance at the end of April:
= Opening cash balance + Cash collections - Cash payments
= $14,000 + $40,000 - ($4,500 + $7,200 + $4,600)
= $54,000 - $16,300
= $37,700
The product life cycle defines the stages that new products move through as they enter, are established in, and ultimately leave the marketplace. In their life cycles, products pass through four stages: introduction, growth, maturity, and decline. The product life cycle offers a useful tool for managers to analyze the types of strategies that may be required over the life of their products. Even the strategic emphasis of a firm and its marketing mix (4Ps) strategies can be adapted from insights about the characteristics of each stage of the cycle.
Market Attribute Consumer Types
Introduction stage ___________ ___________
Growth stage ___________ ____________
Maturity stage ____________ ______________
Decline stage ___________ ____________
a. Opportunities increase
b. Winnie
c. Sylvie
d. Niche segment
e. Intense competition
f. Low sales
g. Francine
Answer:
Market Attribute – Introduction stage - Low sales
Market Attribute – Growth stage - Opportunities increase
Market Attribute – Maturity stage - Intense competition
Market Attribute – Decline stage - Niche segment
Consumer Types – Introduction stage - Sylvie
Consumer Types – Maturity stage - Winnie
Consumer Types – Decline stage - Francine
"3. ERA Company’s controller accidentally erased the 3/1/20 balance for the Accounts Receivable account. However, she can see that the 3/31/20 Accounts Receivable balance is $500,000, the company provided services worth $1,500,000 on account during March 2020, and collected $1,800,000 cash related to accounts receivable during March 2020. What was the 3/1/20 Accounts Receivable balance?"
Answer:
The multiple choices are:
a.300,000
b.$400,000
c.$800,000
d.$1,300,000
The correct option is C,$800,000
Explanation:
Opening accounts receivable=closing receivables+cash received-credit sales
closing receivables is $500,000
cash received during the month was $1,800,000
credit sales during the month was $1,500,000
Opening accounts receivable =$500,000+$1,800,000-$1,500,000
opening accounts receivable balance =$800,000
This is more like working backwards,as closing closing receivables formula is ;
closing receivables=opening receivable+credit sales-cash received
simply change the subject to opening receivables
opening receivables=cash received+closing receivables-credit sales
The source of the _ for loanable funds is saving. demand supply market interest rate The source of the _ for loanable funds is investment. interest rate market supply demand The _ represents the price of a loan. interest rate loan term catch-up effect rate of inflation
Answer:
The source of the supply for loanable funds is saving.
The source of the demand for loanable funds is investment.
The interest rate represents the price of a loan.
Explanation:
Note: The question is merged together and it is first separated before answering the it as follows:
The source of the _ for loanable funds is saving. Options are: demand, supply, market, or interest rate.
The source of the _ for loanable funds is investment. Options are: interest rate, market, supply, and demand.
The _ represents the price of a loan. Options are: interest rate, loan term catch-up effect, or rate of inflation.
The explanation is as follows:
The process through which borrowing occur is described by the market for loanable funds. In the market, what determines the supply of loanable funds is the amount of savings. The determinant of demand for loanable is the investment an individual wants to carry out.
The market is therefore market where suppliers of loanable funds and investors who need loanable funds meet. The interaction between the savings of the supplier and investment of the borrowers therefore determines the interest rate which is the price and the amount of loan.
The source of supply for loan able funds comes from savings, while the source of demand for these funds comes from investment. The interest rate represents the price of a loan, and an imbalance in supply and demand can lead to changes in this interest rate in order to reach equilibrium.
Explanation:The source of the supply for loanable funds essentially comes from savings. This includes savings by individuals and firms in the form of financial capital in the economy. Other sources include inflow of financial capital from foreign investors which approximately equals to the trade deficit, the value of imports minus exports.
On the other hand, the source of the demand for loanable funds primarily comes from investment in the private sector and government borrowing, particularly when government spending exceeds its collected taxes.
The interest rate is what represents the price of a loan in this context. The interest rate serves as the 'price tag' in the financial market for loan able funds. If it is above the equilibrium level, there is an excess supply or surplus of financial capital. This could lead credit card firms or similar entities to decrease their interest rates in order to attract business, leading to a movement towards the equilibrium level.
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2. The La Salle Bus Company has decided to purchase a new bus for $95,000 with a trade-in of their old bus. The old bus has a BV of $10,000 at the time of the trade-in. The new bus will be kept for 10 years before being sold. Its estimated SV at that time is expected to be $15,000.
a. Determine which asset class of the bus.
b. Determine annual Straight-Line Depreciation charge.
Answer:
a.
9 recovery period years class
b.
$8,889 per year
Explanation:
a.
Buses are 9 years recovery period class , in which it is depreciated using historical method and it has 5 years GDS class life.
b.
Straight Line depreciation is a method of depreciation in which the cost of the asset net of residual value is divided over useful life.
We will depreciate this asset for only 9 years because it has 9 years class, even it will be kept for 10 years but the depreciation charged for 9 years.
Depreciation rate = ( Cost - Salvage Value ) / useful life = ($95,000 - $15,000) / 9 = $8,889
Depreciation charged in 2018 = $19,500
Answer:
a. Non- Current Asset
b. Depreciation Charge = $8,000
Explanation:
Straight Line method charges the same amount of depreciation on the asset over its useful life.
Depreciation Charge = (Cost - Salvage Value)/ Number of Useful Life
= ($95,000- $15,000) / 10
= $8,000
Adamson, Inc. has the following cost data for Product X: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead $ 41 per unit 57 per unit 7 per unit 20,000 per year Learning Objective 2 Calculate the unit product cost using absorption costing and variable costing when production is 2,000 units, 2,500 units, and 5,000 units.
Answer and Explanation:
The computation of the unit product cost using absorption costing and variable costing is shown below
Under absorption costing
Particulars 2,000 units 2,500 units 5,000 units
Direct materials per unit $41 $41 $41
Direct labor per unit $57 $57 $57
Variable manufacturing
overhead per unit $7 $7 $7
Fixed manufacturing
overhead per unit $10 $8 $4
($20,000 ÷ 2,000 units) ($20,000 ÷ 2,500 units) ($20,000 ÷ 5,000 units)
Unit product cost $115 $113 $109
Under variable costing
Particulars 2,000 units 2,500 units 5,000 units
Direct materials per unit $41 $41 $41
Direct labor per unit $57 $57 $57
Variable manufacturing
overhead per unit $7 $7 $7
Unit product cost $105 $105 $105
Marvel Woodcraft makes furniture. Marvel’s expected sales are 36,000 bookcases for the quarter. The company begins the quarter with inventory of 7,000 bookcases and wants to have enough finished bookcases on hand at the end of the quarter to provide for 20% of the next quarter’s expected sales of 40,000 bookcases. Based on this information, how many bookcases need to be produced during the quarter?
Answer:
The production requirement for this quarter is 37000 bookcases.
Explanation:
The required closing inventory for this quarter is = 0.2 * 40000 = 8000 bookcases.
The production requirement for this quarter can be calculated by calculating the bookcases that needs to be produced in addition to the opening inventory to meet this quarter's sales and the required closing inventory. Thus, the production for this quarter should be,
Production = Sales requirement for the quarter + Closing Inventory - Opening Inventory
Production = 36000 + 8000 - 7000 = 37000 bookcases
Marvel Woodcraft needs to produce 37,000 bookcases during the quarter, considering their sales projections, initial inventory, and the inventory they wish to have by the end of the quarter.
Marvel Woodcraft needs to calculate the number of bookcases to produce during the quarter, taking into account projected sales, initial inventory, and desired end-quarter inventory. To begin with, Marvel anticipates selling 36,000 bookcases in the quarter. Initially, they have 7,000 bookcases in inventory. By quarter's end, Marvel aims to have inventory sufficient for 20% of the next quarter's projected sales of 40,000 bookcases, which equals 8,000 bookcases.
To determine how many bookcases need to be produced, we start with the expected sales (36,000) and add the desired ending inventory (8,000). From this sum (44,000), we subtract the starting inventory (7,000), resulting in a total production requirement of 37,000 bookcases for the quarter.
Swifty Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2017, at an agreed price of $382, 800. At December 31, 2017, the raw material had declined in price to $346, 730. What entry would you make on December 31, 2017, to recognize these facts? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Answer:
unrealized loss 38,070 debit
account payable 38,070 credit
Explanation:
as the commitment is for 382,800
but the price lower to 345,730
there is a loss for thecompany as will be doing a purchase for a higher price than market: 38,070
But, as the contract has not been completed the loss is unrealized price can change in the future as well therefore it will not be reocgnize right away and no impact in the income statmeent it will be part of other comprehensive income.
As a manager seeks to develop her leadership skills, she should be aware that:
a. Leadership is primarily about personal efficiency.
b. Many different styles of leadership can be effective.
c. There is one best leadership style to which all managers should aspire.
d. Leadership is first and foremost about establishing a personal bond with employees
Answer:
b. Many different styles of leadership can be effective.
Explanation:
Leadership is the ability of a person to motivate others to deliver on set goals and objectives.
Depending.on the organisation, the goals to be achieved, needs of the followers, and the personality of the leader.
There are different leadership styles that are all effective depending on the situation
Authoritative leaders states the way things should be done with little input from the team.
Democratic leadership is when the leader gets feedback from the team and uses it to make decisions.
Free rein is when the leader allows the team do what they like in achieving goals.
Task oriented leadership focuses mainly on the task at hand.
Sunland Consulting has year-end account balances of Sales Revenue $537,400, Interest Revenue $2,800, Salary and Wages Expense $240,200, Rent Expense $135,000, Administrative Expense $69,500, Income Tax Expense $37,600, and Dividends $34,200. Prepare the year-end closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Answer:
Dr. Sales Revenue $537,400
Dr. Interest Revenue $2,800
Cr. Income Summary $540,200
Dr. Income Summary $482,300
Cr. Salary and Wages Expense $240,200
Cr. Rent Expense $135,000
Cr. Administrative Expense $69,500
Cr. Income Tax Expense $37,600
Dr. Retained Earning $34,200
Cr. Dividends $34,200
Explanation:
All the revenue and Expenses account are closed in Income summary account. The revenue accounts have credit nature, to adjust these account we need to debit these account by the outstanding balances. The expense accounts have debit nature, to adjust these account we need to credit these account by the outstanding balances.
Balance in the Income summary account after posting all adjustments is transferred to owner's capital account.
If relatively capital-abundant country A opens trade with relatively labor-abundant country B and the trade takes place in accordance with the Heckscher-Ohlin theorem, what would be the consequence for factor prices (w/r) in the two countries? a. (w/r) rises in A and falls in B b. (w/r) rises in A and also rises in B c. (w/r) falls in A and rises in B d. (w/r) falls in A and also falls in B
Answer:
C) (w/r) falls in A and rises in B
Explanation:
Since country A has abundant capital, but lacks labor, the price of labor will originally be very high, but since the country is trading with country B, then the price of labor will decrease. On the other hand, in country B there exists an abundance of labor, so the price of labor was originally very low. As they engage in trade with country A, the price of labor will increase.
Kings Department Store has 625 rubies, 800 diamonds, and 700 emeralds from which they will make bracelets and necklaces that they have advertised in their Christmas brochure. Each of the rubies is approximately the same size and shape as the diamonds and the emeralds. Kings will net a profit of $250 on each bracelet, which is made with 2 rubies, 3 diamonds, and 4 emeralds, and $500 on each necklace, which includes 5 rubies, 7 diamonds, and 3 emeralds. How many of each should Kings make to maximize its profit?
Answer:
129 bracelets and 59 necklaces will make profit of $61,750
Explanation:
Kings departments store wants to maximize profit by making a combination of its two products necklaces and bracelets. The King store should use a strategy so that it can generate maximum profit with its available rubies, diamonds and emeralds.
$250a + $500b = Maximum Profit
For rubies : 2a + 5b = 625
For Diamonds :3a + 7b = 800
For Emeralds: 4a + 3b = 700
Solving the equation we get maximum profit value of $61,750.
Pletcher Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2017. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere. Beginning cash balance $38,340 Required minimum cash balance 31,950 Payment of income taxes (2nd quarter) 5,112 Professional salaries: 1st quarter 178,920 2nd quarter 178,920 Interest from investments (2nd quarter) 8,946 Overhead costs: 1st quarter 98,406 2nd quarter 127,800 Selling and administrative costs, including $2,556 depreciation: 1st quarter 63,900 2nd quarter 89,460 Purchase of equipment (2nd quarter) 63,900 Sale of equipment (1st quarter) 15,336 Collections from clients: 1st quarter 300,330 2nd quarter 485,640 Interest payments (2nd quarter) 256 Prepare a cash budget for each of the first two quarters of 2017.
Answer:
The closing cash balance in this question is $47,030. Which is over the minimum cash requirement the business hopes to have.
Explanation:
In preparing a cash budget, focus should be given to both real cash creating revenues/ income and cash creating expenses or acquisitions.
If there is no cash implication in the specified transaction it should be ignored. For example depreciation, or a transaction for which payment or receipt of cash occurs outside the budget period.
The closing cash balance in this question is $47,030. Which is over the minimum cash requirement the business hopes to have.
The breakdown of the budget is detailed in the attached file.
To prepare the cash budget, calculate the cash inflows and outflows for each quarter and determine the ending cash balance.
Explanation:To prepare the cash budget for the first two quarters of 2017, we need to calculate the cash inflows and outflows for each quarter. Cash inflows include collections from clients, sale of equipment, and interest from investments. Cash outflows include professional salaries, overhead costs, selling and administrative costs, payment of income taxes, purchase of equipment, and interest payments. By subtracting the cash outflows from the beginning cash balance and adding the cash inflows, we can determine the ending cash balance for each quarter.
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When a regression coefficient is significant at the .05 level, it means that _____
a. there is only a five percent chance that there will be an error in a forecast.
b. there is 95 percent chance that the regression coefficient is the true population coefficient.
c. there is a five percent chance or less that the estimated coefficient is zero.
d. there is a five percent chance or less that the regression coefficient is not the true population coefficient
Answer:
A
Explanation:
0,05 (5%) level of significance means that there is 95% confidence that the forecast is accurate and a 5% probability that it is not accurate and there is an error.
Which of the following statements is true? Group of answer choices The glass ceiling allows women to efficiently strike a balance between their personal lives and careers. Job sequencing has proven to be a successful career tactic for women wishing to combine work and family, since its impact on career advancement is nonexistent. Policies that encourage sequencing are needed in order to recruit women with children into the full-time workforce. Now that women are in the workforce in nearly the same proportion as men, the differences between men’s and women’s careers are expected to disappear.
Answer:
C. Policies that encourage sequencing are needed to recruit women with children into the full-time workforce.
Explanation:
Most women with children are faced with the task of combining career and raising children. With the world ever evolving today most women pursue several careers. In order not to limit their abilities, job sequencing policies are needed to allow women effectively combine career and family.
Job sequencing is applied when jobs are chosen based on abilities to meet deadlines. It can be used for women who decide to re-enter the work environment after being away perhaps in the course of taking care of their families.
The Taylor rule is a monetary policy guideline A. for determining a target for the inflation rate. B. developed by economist John Taylor for determining the target for the federal funds rate. C. developed by economist John Taylor for determining the target for the reserve rate. D. developed by Alan Greenspan, but summarized by economist John Taylor, for determining the target for the federal funds rate.
Answer:
B. developed by economist John Taylor for determining the target for the federal funds rate.
Explanation:
The Taylor rule is one kind of targeting monetary policy rule of a central bank. The Taylor rule was proposed by the American economist John B. Taylor in 1992.
The Taylor rule method for monetary policy, which is a rule that sets the federal funds rate according to the level of the inflation rate and either the output gap or the unemployment rate, does a good job of tracking the US.
Temple Corporation purchased a piece of real estate, paying $400,000 cash and financing $700,000 of the purchase price with a 10-year, 15% installment note. The note calls for equal monthly payments that will result in the debt being completely repaid by the end of the tenth year. In this situation:
a. The aggregate amount of the monthly payments is $700,000.
b. Each monthly payment is greater than the amount of interest accruing each month.
c. The portion of each payment representing interest expense will increase over the 10-year period, since principal is being paid off, yet the payment amount does not decrease.
d. The portion of each monthly payment representing repayment of principal remains the same throughout the 10-year period.
Answer:
b. Each monthly payment is greater than the amount of interest accruing each month.
Explanation:
On March 31, 2013, the Herzog Company purchased a factory, complete with machinery and equipment.The allocation of the total purchase price of $1,000,000 to the various types of assets, along with estimated useful lives and residual values, are as follows:Asset Cost Estimated Residual Value Estimated Useful Life in YearsLand $100,000 - -Building 500,000 0 25Machinery 240,000 10% of cost 8Equipment 160,000 13,000 6Total $1,000,000 On June 29, 2014, machinery included in the March 31, 2013 purchase that cost $100,000, was sold for $80,000.Herzog uses the straight-line depreciation method for buildings and machinery and the sum-of-the-years'-digits method for equipment.Partial-year depreciation is calculated based on the number of months an asset is in service.Required:1. Compute the depreciation expense on the building, machinery and equipment for 2013.2. Prepare the journal entry to record the depreciation on the machinery sold on June 29, 2014 and the sale of machinery.3. Compute the depreciation expense on the building, remaining machinery and equipment for 2014.
Final answer:
1. Building: $20,000, Machinery: $27,000, Equipment: $24,500. 2. Journal entry: Debit Accumulated Depreciation: $11,250, Debit Loss on Sale of Machinery: $8,750, Credit Machinery: $100,000, Credit Cash: $80,000. 3. Building: $20,000, Remaining machinery: $27,500, Remaining equipment: $31,400.
Explanation:
1. Compute the depreciation expense on the building, machinery, and equipment for 2013:
Building: Depreciation expense = (Cost - Residual value) / Useful life = ($500,000 - $0) / 25 = $20,000 per year
Machinery: Depreciation expense = (Cost - Residual value) / Useful life = ($240,000 - 10% of $240,000) / 8 = $27,000 per year
Equipment: Depreciation expense = (Cost - Residual value) / Useful life = ($160,000 - $13,000) / 6 = $24,500 per year
2. Journal entry to record depreciation on the machinery sold on June 29, 2014, and the sale of machinery:
Depreciation expense (Machinery) = ($100,000 - 10% of $100,000) / 8 = $11,250 for the period from March 31, 2013 to June 29, 2014
Journal entry:
Debit Accumulated Depreciation - Machinery $11,250Debit Loss on Sale of Machinery $8,750Credit Machinery $100,000Credit Cash $80,0003. Compute the depreciation expense on the building, remaining machinery, and equipment for 2014:
Building: Depreciation expense = (Cost - Residual value) / Useful life = ($500,000 - $0) / 25 = $20,000 per year
Remaining machinery: Depreciation expense = (Cost - Residual value) / Remaining useful life = ($240,000 - 10% of $240,000) / (8 - 1) = $27,500 per year
Remaining equipment: Depreciation expense = (Cost - Residual value) / Remaining useful life = ($160,000 - $13,000) / (6 - 1) = $31,400 per year
Project management boils down to asking which questions?
Select an answer:
a. How will you know when you're done? And how well did the project go?
b. What's your plan?
c. What problem are you solving? And how are you going to solve it?
d. all of these answers
Answer: d. all of the answers
Explanation: Project management typically involves the planning, build-up, implementation, and closeout of projects and is defined as the organization and management of resources such as people, materials, etc. in such a way that a given project is completed within defined scope, quality, time and constraints of costs. In this, it asks questions bordering on planning, (what problem needs solving, people involved, and what will be done?), implementation and close-out (when would the project end, how would you know you have arrived at its completion, how do you go about it?) etc.
In project management, key questions include identifying the problem, formulating a plan, defining success criteria and evaluating the project performance. Therefore, the complete answer is 'd. all of these answers'.
Explanation:Project management involves overseeing and guiding a project from start to finish. The correct answer to your question is d. all of these answers. Project management essentially asks, firstly, 'What problem are you solving?' This question defines the objective or purpose of the project. The next question is 'How are you going to solve it?' which involves creating a plan and determining the resources needed. 'How will you know when you're done?' pertains to the predefined goals and success criteria that signify the completion of the project. And lastly, 'How well did the project go?' is a reflection question that allows for review and improvement for future projects.
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The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $12,350. The bank statement indicated a balance of $15,930 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items:
Checks outstanding totaled $17,865.
A deposit of $9,150, representing receipts of July 31, had been made too late to appear on the bank statement.
The bank had collected $6,095 on a note left for collection. The face of the note was $5,750.
A check for $390 returned with the statement had been incorrectly recorded by Stone Systems as $930. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account.
A check drawn for $1,810 had been incorrectly charged by the bank as $1,180.
Bank service charges for July amounted to $80.
Required:
1. Prepare a bank reconciliation.
2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash.
3. If a balance sheet were prepared for Stone Systems on July 31, 20Y5, what amount should be reported as cash?
Answer:
1.
Balance at bank as per cash book $12,810
Add Unpresented Checks $17,865
Less Lodgements not yet credited ( $9,150)
Balance as per Bank Statement $21,525
The bank has to make corrections of the error it has made - a note should be sent
2.
J1
Cash $540 (debit)
Holland Co $540 (credit)
J2
Bank Charges $80 (debit)
Cash $80 (credit)
3. Cash Balance = $12,810
Explanation:
Step 1 First Bring the Cash Balance in the Cash Book Up to Date by doing the following :
Debit :
Balance as per Cash Book as at July 31, 20Y5 $12,350
Over stated Check - Holland Co 930-390 $540
Totals $ 12,890
Credit:
Bank service charges $80
Updated Cash Book - Cash Balance $12,810
Totals $ 12,890
Step 2 Prepare the Bank Reconciliation Statement as follows
Balance at bank as per cash book $12,810
Add Unpresented Checks $17,865
Less Lodgements not yet credited ( $9,150)
Balance as per Bank Statement $21,525
The bank has to make corrections of the error it has made - a note should be sent
J1
Cash $540 (debit)
Holland Co $540 (credit)
J2
Bank Charges $80 (debit)
Cash $80 (credit)
The Common Stock account for Baltimore Corporation on January 1, 2018 was $70,000. On July 1, 2018 Baltimore issued an additional 7,500 shares of common stock. The Common Stock is $5 par. There was neither Preferred Stock nor any Treasury Stock. Paid in Capital Excess to par Common Stock was $20,000 on January 1 and $40,000 on July 2 and net income was $111,000. Use this information to determine for December 31, 2018 the amount of Earnings per Share (rounded to the nearest cent).
Answer:
$6.25 per share
Explanation:
Basic Earning per share is calculated dividing Earning for the year excluding preferred dividend by weighted average number of shares.
Weighted average number of shares are used to calculate the basic earning per share.
January 1,
Numbers of share = $70,000 / $5 = 14,000 share
July 1,
Numbers of share = 14,000 share + 7,500 shares = 21,500 shares
Weighted Average Number of Shares = ( 14,000 x 6/12 ) + ( 21,500 x 6/12 )
Weighted Average Number of Shares = 7,000 shares + 10,750 shares
Weighted Average Number of Shares = 17,750 shares
Earning per share = Net Income / Weighted average numbers of shares
EPS = $111,000 / 17,750 shares = $6.25 per share
Final answer:
To determine the earnings per share for Baltimore Corporation on December 31, 2018, calculate the weighted average number of outstanding shares and divide the net income by this number. The earnings per share is $1.50.
Explanation:
To determine the earnings per share for Baltimore Corporation on December 31, 2018, we need to calculate the weighted average number of outstanding shares and divide the net income by this number.
First, let's calculate the weighted average number of outstanding shares. On January 1, the company had 70,000 shares. On July 1, an additional 7,500 shares were issued, resulting in a total of 77,500 shares. However, we need to account for the time period each set of shares was outstanding.
From January 1 to July 1, 70,000 shares were outstanding for 6 months. From July 1 to December 31, 77,500 shares were outstanding for 6 months. Using the weighted average formula: (70,000 x 6 + 77,500 x 6) / 12 = 73,750 shares.
Next, we divide the net income of $111,000 by the weighted average number of shares: $111,000 / 73,750 = $1.50 earnings per share.
Nancy and Sheila are both loan officers who graduated from the same university with bachelors’ degrees in economics, and achieved similar performance reviews. Nancy started working one year before Sheila. If Nancy earns a higher annual salary than Sheila because she has more experience, the employer is
a. paying a compensating differential.
b. paying efficiency wages.
c. practicing discrimination.
d. rewarding increases in human capital.
Answer:
The correct answer is letter "D": rewarding increases in human capital.
Explanation:
Rewarding increases in human capital refers to providing prizes and incentives to employees after obtaining certain knowledge within their functions or when they have achieved certain goals in the company. It is one of the most common promotion methods used by firms after which employees earn raises or a different charge.
Entities motivating their human capital increase the chances of those individuals being more committed to the firm boosting their productivity.
a. The aggregate expenditures model states that savings and that savings will increase when disposable income or real GDP .
b. Which of the following concepts illustrates how much savings will change when disposable income or real GDP increases by $1?
- Marginal propensity to save (MPS)
- Autonomous consumption
- Disposable savings
- Marginal propensity to consume (MPC)
Answer:
(a) Either positive or negative; Increases
(b) Marginal propensity to save (MPS)
Explanation:
(a) We know that savings is directly related to the income level of the consumers. Savings may be positive or negative as it is dependent upon the level of disposable income. This means that an increase in the disposable income or Real GDP will lead to more savings.
(b) Marginal propensity to save refers to the proportion of the income (Disposable) that is saved by the consumer rather than spending for consumption of goods and services. It is defined as the extra amount of income that is saved by the household or consumer.
Interest-on-Interest Consider a $1,500 deposit earning 4 percent interest per year for 7 years. How much total interest is earned on the original deposit (excluding interest earned on interest)?
Answer:
Interest earned = $420
Explanation:
The total worth of the investment after the the investment period compounded at certain rate is called the Future Value.
Future Value= Principal + compounded interest i.e
FV = P × (1+r)^n
r- rate, FV- future value , n- period
FV = ? , P -1,500, r- 4%, n-7 years
FV = 1,500 ×1.04^(7)
FV = 1973.897669
Interest earned (compound intrest) = FV - Principal amount
= 1973.897669 - 1,500
= $473.89
Without interest earning interest.
The amount of interest earned will be computed on the principal only
Interest earned = $1,500× 4%× 7
= $420
Final answer:
Mary's stock basis ends at $0 after her AAA is reduced to $0. The $6,000 cash distribution exceeds her remaining stock basis after adjustments, and the excess $4,000 reduces her share of CarrollCo's AEP to $2,000.
Explanation:
The student is asking about the effects of various S corporation events on a shareholder's Adjusted Accumulated Earnings (AAA), her stock basis, and the corporation's Accumulated Earnings and Profits (AEP).
Mary's initial stock basis is $10,000, her share of the AAA is $2,000, and her share of corporate AEP is $6,000. During the year, she receives a $6,000 cash distribution and her share of S corporation items includes a $2,000 long-term capital gain and a $10,000 ordinary loss.
Mary's stock basis first increases by the long-term capital gain ($2,000), bringing it to $12,000. It then decreases by the ordinary loss ($10,000), but not below zero, so it becomes $2,000. The $6,000 distribution then reduces the stock basis to $0, as it cannot go negative.
The excess $4,000 of the distribution reduces her AEP. Her final AEP ($6,000 beginning - $4,000 excess distribution) is $2,000. The AAA is affected by the gain and the loss; the $2,000 capital gain increases the AAA to $4,000, but then the $10,000 loss decreases it. Since AAA cannot be negative, it stops at $0.