Answer:
when signing the note:
cash 22,000,000
note payable 22,000,000
accrued interest at december 31th, 2018
interest expense 330,000 debit
interest payable 330,000 credit
payment of the note:
payment of the note
note payable 22,000,000
interest payable 330,000
interest expense 1,185,000
cash 23,485,000
Explanation:
adjusting entry:
principal x rate x time
22,000,000
rate 9% / 12 = 0.0075
months 2
We must express rate and time in the same metric, in this case, months
22,000,000 x 0.75 x 2 = 330,000 accrued interest
payment of the note:
22,000,000 x 0.75 x 9 = 1,485,000
already accrued 330,000
interest expense 1,185,000
John works as a quality analyst at a technological firm. He wanted to buy a mobile phone for his wife. Though he was abreast of the latest mobile phone brands that were introduced in the global market, he bought a phone that was produced and marketed locally. He was skeptical about whether global brands deliver high-quality goods. In the context of market segmentation, it is evident that John falls under the segment of _____.
Answer:
Antiglobal
Explanation:
In market segmentation we can diferenciate 4 segments.
Antiglobals are skeptical abouth whether the goods of global brands have a high quality. Are against global brand
Global Agnostics are against global brands and are most likely to lead globalization movements.
Global Citizens favours buying global brands that signal prestige.
Global dreamers favours buying global brands but can't afford them, and still admire them.
The trial balance for Swifty Corporation appears as follows:
Swifty Corporation
Trial Balance
December 31, 2017
Cash $250
Accounts Receivable 428
Prepaid Insurance 67
Supplies 148
Equipment 3280
Accumulated Depreciation, Equipment $490
Accounts Payable 315
Common Stock 980
Retained Earnings 1150
Service Revenue 2468
Salaries and Wages Expense 820
Rent Expense 410 0
$5403 $5403
If, on December 31, 2017, supplies on hand were $33, the adjusting entry would contain a:
Answer:
Explanation:
The adjusting entry for supplies is shown below:
Supplies expense A/c Dr $115
To supplies A/c $115
(Being adjusted entry recorded)
The trial balance show a supplies balance of $148 and the supplies on hand were $33, so the adjusted supply balance would be equal to
= Supplies balance - supplies on hand
= $148 - $33
= $115
Which of the following would increase the government purchases component of U.S. GDP?
A. The U.S. federal government pays $3 billion in pensions to government workers. B. The U.S. federal government pays $3 billion in interest on the national debt. C. The U.S. federal government pays $3 billion in salaries to soldiers in the military. D. The U.S. federal government pays $3 billion in interest to foreign holders of U.S. government bonds.
Answer:
Statement C
The U.S. federal government pays $3 billion in salaries to soldiers in the military.
Explanation:
The purchase component is a part of business investment while calculating the effect on GDP.
Under this all the cost incurred by the companies to produce the goods are included in such costs.
In the given instance, only salary is paid at the time of production, and thus, this will form part of purchase component of GDP.
Amount paid as salary to soldiers in the military is the correct option, as it will increase the purchase component.
The difference between training and development is: Developmental opportunities are not limited to improving employee's current job performance. Training is mainly for the benefit of the individual, while development is mainly for the benefit of the organization. Development is typically conducted onsite, while training is usually conducted off-site. Development refers to any attempt to improve employees' performance on their current jobs. Training is typically conducted on-site, while development is usually held off-site.
Answer:
Development refers to any attempt to improve employees' performance on their current jobs.
Explanation:
Training is a learning process in which employees get an opportunity to develop skill, competency and knowledge as per the job requirement. Development is an educational process which is concerned with the overall growth of the employees. To improve the work performances of the employees
"The correct statement regarding the difference between training and development is: Development is not limited to improving employee's current job performance.
Training and development are two distinct but related aspects of human resource management. Training is a program that is designed to improve the performance of employees on their current job. It is often specific, short-term, and focused on the development of particular skills or knowledge that can be immediately applied to the job. Training is typically conducted on-site, where employees can practice and apply new skills in a controlled environment that closely resembles their actual work setting.
Development, on the other hand, is a broader concept that encompasses not only the current job but also prepares employees for future roles and responsibilities. It is more about the growth and advancement of the individual within the organization. Development opportunities may include mentoring, coaching, job rotation, and participation in projects or task forces. These activities are designed to enhance the individual's capabilities, leadership skills, and understanding of the organization, which in turn can benefit the organization in the long run.
Development is not necessarily limited to on-the-job activities; it can also include off-site educational programs, workshops, and seminars that are aimed at personal growth and long-term career development. It is typically a continuous process and may not have immediate application to the current job but is crucial for the individual's and organization's future success.
In summary, while training is primarily focused on enhancing the skills required for an employee's current job, development is a more comprehensive approach that aims to prepare individuals for future challenges and roles within the organization. The statement that development is not limited to improving an employee's current job performance accurately captures this key difference between the two concepts."
With reference to the team effectiveness model, which of the following is one of the key components of an effective team, included under the category of contextual factors?A) team efficacyB) climate of trustC) common purposeD) social loafingE) specific goals
Answer: With reference to the team effectiveness model, "B) climate of trust" is one of the key components of an effective team included under the category of contextual factors.
Explanation: Within the category "Context": effective leadership, performance control and reward system, a TRUST CLIMATE, and having adequate resources available are the factors that are related to the operation of the team.
Final answer:
Climate of trust is a key component of an effective team under the category of contextual factors in the team effectiveness model. It contributes to collective efficacy, which is crucial for team cooperation and performance, especially in tasks that require high interdependence among members.
Explanation:
With reference to the team effectiveness model, climate of trust is one of the key components of an effective team that falls under the category of contextual factors. Climate of trust facilitates cooperation, reduces the need to monitor each other's behavior, and allows team members to focus more on their assigned tasks and collaboration rather than protection against what they might perceive as opportunistic behavior from others. Contextual factors, like a climate of trust, contribute significantly to the collective efficacy of a team, which is the shared belief among group members about their ability to execute tasks effectively to achieve the desired goals.
Collective efficacy is influenced by a variety of factors, including seeing others succeed, verbal encouragement, and the overall positive atmosphere within the group. It is especially crucial in situations that require high task interdependence, where each person's role is closely connected to others'. Teams with high collective efficacy tend to outperform those with low collective efficacy, demonstrating greater commitment to the group's purpose and achieving superior results. This dynamic ties back to the importance of having a climate of trust, which serves as a cornerstone for effective teamwork and achieving common purposes.
On January 1, 2018, Jacob Inc. purchased a commercial truck for $48,000 and uses the straight-line depreciation method. The truck has a useful life of eight years and an estimated residual value of $8,000. Assume the truck was totaled in an accident on December 31, 2019. What amount of gain or loss should Jacob Inc. record on December 31, 2019?
A.Loss, $38,000.
B.Loss, $18,000.
C.Loss, $3,000.
D.Gain, $5,000.
Answer:
The amount of loss should Jacob Inc. record on December 31, 2019 is $38,000
Explanation:
Truck Value = $48,000
Annual depreciation = ( $48,000 - $8,000) / 8 = $40,000 / 8= $5,000
First year (2018) = $40,000 - $5,000 = $35,000
Second year (2019) = $35,000 - $5,000 = $30,000
Loss = Truck Value (actual) + estimated residual value= $30,000 + $8,000 = $38,000
Hunter & Sons sells a single model of meat smoker for use in the home. The smokers have the following price and cost characteristics. Sales price $ 79 per smoker Variable costs 40 per smoker Fixed costs 308,100 per month Hunter & Sons is subject to an income tax rate of 40 percent. Required: a. How many smokers must Hunter & Sons sell every month to break even? b. How many smokers must Hunter & Sons sell to earn a monthly operating profit of $51,480 after taxes?
Answer:
a. 7,900
b. 10,100
Explanation:
As for the provided information,
We know at break even point taxes shall be = 0 as there are no profits and no losses.
a. At break even: = [tex]\frac{Fixed\ Cost}{Contribution}[/tex]
Fixed Cost = $308,100
Contribution per unit = Selling price - Variable cost = $79 - $40 = $39
Therefore, break even units = [tex]\frac{308,100}{39} = 7,900 smokers[/tex]
b. In case the company wants a profit of $51,480 after tax @ 40% then,
Earnings before taxes = [tex]\frac{51,480}{1 - 0.4}[/tex] = $85,800
Therefore, number of units = [tex]\frac{Fixed\ Cost + Profit\ before\ tax}{Contribution\ per\ unit}[/tex]
= [tex]\frac{308,100 + 85,800}{39}[/tex] = 10,100
Which of the following best represents a walkthrough a. The controller reviews the bank reconciliation prepared by the accountant and its resulting journal entries b. The auditor walks the production line to find inefficiencies in the inventory process and reports them to management c. The controller takes a sample of recorded write-offs to ensure they have been properly approved d. The auditor traces three purchasing transactions from the purchase order to the financial statement for observation and understanding.
Final answer:
Option d, where the auditor traces transactions from purchase order to financial statements, best represents a walkthrough, as it involves a comprehensive review of a process to ensure accuracy and effectiveness.
Explanation:
Among the given options, the one that best represents a walkthrough is d. The auditor traces three purchasing transactions from the purchase order to the financial statement for observation and understanding. A walkthrough is a step-by-step review of a process within an organization to assess the effectiveness of internal controls, ensure compliance with policies, and identify any areas of improvement. In this context, the auditor is performing the walkthrough by tracing transactions to understand the purchasing process and verify that it reflects correctly in the financial statements.
Which of the following pieces of information could be deleted from a 15-second Public Service Announcement on drinking water safety? A. The city water supply is contaminated. B. Paul Lining has been named Director of Public Works. C. The "boil water" edict is in force until further notice. D. Water should be boiled before it is used or consumed.
Answer:
B. Paul Lining has been named Director of Public Works.
Explanation:
If we need to advertize the most important information to the public, the nthe director of publc works are unnecessary information for the public.
They need to know that it is a metter of highly importance to boil water before consumption and why.
Answer:
The correct answer is letter "B": Paul Lining has been named Director of Public Works.
Explanation:
For a 15-second Public Service Announcement on drinking water safety, the conditions of how water should be drunk must be pointed out. Consequences of not doing that and factual data supporting those ideas could be ideal to draw peoples' attention and to generate an immediate change in their habits. Informing who is the new chief of that service seems irrelevant for that purpose.
"An economy produces apples (in kilos) and computers (in units). The quantities of apples in years 2008, 2009 and 2010 are 500, 500 and 550, respectively. The quantities of computers in those same years are 5, 5 and 6, respectively. The prices of a kilo of apples (in dollars) in years 2008, 2009 and 2010 are 1, 2 and 3, respectively. The prices of computers (in dollars) for those same years are 900, 1000 and 1000. The real GDP in 2010 prices for year 2008 is"
Answer: $6,500
Explanation:
Given that,
Quantities of apples in 2008 = 500
Quantities of apples in 2009 = 500
Quantities of apples in 2010 = 550
Quantities of computer in 2008 = 5
Quantities of computer in 2009 = 5
Quantities of computer in 2010 = 6
Prices of apple per kilo:
In 2008 = 1
In 2009 = 2
In 2010 = 3
Prices of computers:
In 2008 = 900
In 2009 = 1000
In 2010 = 1000
Real GDP in 2010 prices for year 2008:
= (Quantities of apple in 2008 × price of apple in 2010) + (Quantities of computers in 2008 × price of computers in 2010)
= (500 × $3) + (5 × $1000)
= $1,500 + $5,000
= $6,500
Sheridan Company has $3080000 of short-term debt it expects to retire with proceeds from the sale of 87000 shares of common stock. If the stock is sold for $25 per share subsequent to the balance sheet date, but before the balance sheet is issued, what amount of short-term debt could be excluded from current liabilities?
Answer: $2,175,000
Explanation:
Given that,
short-term debt it expects = $3,080,000
sale of common stock = 87000 shares
stock sold = $25 per share
Short-term debt could be excluded from current liabilities = 87,000 shares × $25 per share
= $2,175,000
Therefore, the amount $2,175,000 of short term debt have to be excluded from current liabilities.
Molteni Motors Inc. recently reported $3 million of net income. Its EBIT was $6.75 million, and its tax rate was 40%. What was its interest expense? (Hint: Write out the headings for an income statement and then fill in the known values. Then divide $3 million net income by 1 − T = 0.6 to find the pre-tax income. The difference between EBIT and taxable income must be the interest expense.) Round your answer to the nearest dollar. Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000.
Answer:
Interest= $1750000
Explanation:
We know that:
EBIT
interest (-)
=earnings before taxes
tax (-)
=Net profit
EBIT= 6750000
Interest= ?
t= 0,40
Net profit= 3000000
interest= [netprofit/(1-t)]- EBIT
interest= (3000000/0,60)-6750000
interest= 1750000
Tax=(EBIT-interest)*0,35= 2000000
Weekly Company gathered the following information for the year ended December 31:Direct labor cost incurred for the year$ 180 comma 700Estimated manufacturing overhead costs$ 274 comma 300Estimated direct labor cost $ 219 comma 800Work in process inventory, Dec, 31$ 51 comma 700Finished goods inventory, Dec. 31$ 66 comma 000Cost of goods sold$ 141 comma 300Estimated direct labor hours 260 comma 500What would the predetermined manufacturing overhead rate for the year be using direct labor cost as the allocation base?
Answer:
predetermined manufacturing overhead rate $1.23
Explanation:
[tex]\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate[/tex]
We will distribute the expected overhead cost along a cost driver.
In this case we are asked to use direct labor cost:
estimated overhead 270,300
estimated labor 219,800
overhead rate = 270,300 / 219,800 = 1,229754 = 1.23
During the Obama administration, the development of low-cost batteries for electric cars received large amounts of federal funding in terms of subsidies. Meanwhile, American households gave a higher priority towards minimizing their environmental impact. Consider the market for zero-emissions electric vehicles where there is an upward-sloping supply curve and a downward-sloping demand curve. Which direction will demand and supply shift? Both curves will shift left. Both curves will shift right. Demand will shift right and supply will shift left. Demand will shift left and supply will shift right. What will happen to the equilibrium price? Change is ambiguous. Price decreases. Price remains constant. Price increases. What will happen to the equilibrium quantity? Quantity remains constant. Quantity increases. Quantity decreases. Change is ambiguous
Answer:
The demand and supply curve will both shift to the right.
The change in price is ambiguous.
The quantity will increase.
Explanation:
As the government provides subsidies to zero-emission vehicles. The cost of production for such vehicles producing firms will decline. This will cause an increase in supply as the firms will be able to produce more at the same cost. This will cause an increase in supply shown by a rightward shift in the supply curve.
As there is a higher priority among households to reduce their environmental impact. They will demand more of these vehicles. This will cause an increase in demand indicated by a rightward shift in the demand curve.
The rightward shifts in both demand and supply curve will cause an increase in the equilibrium quantity of the commodity.
The change in price level depends upon the extent of the increase in demand and supply.
The demand and the supply for zero-emissions electric vehicles will both shift right due to federal funding for low-cost battery development and households' environmental priorities. This results in an ambiguous effect on equilibrium price but generally leads to an increase in equilibrium quantity.
Explanation:Considering the market for zero-emissions electric vehicles with an upward-sloping supply curve and a downward-sloping demand curve, the influx of federal funding targeted at developing low-cost batteries for electric cars would likely increase the supply of these vehicles, shifting the supply curve to the right. Concurrently, as American households prioritize minimizing their environmental impact, the demand for zero-emissions electric vehicles will increase, hence the demand will shift to the right.
As both the demand and the supply curves shift to the right, the effect on equilibrium price is ambiguous without further information about the magnitude of the shifts. However, the increase in both supply and demand generally leads to a higher equilibrium quantity, provided the shifts are of similar scales.
Brick Co. has 170,000 shares of common stock outstanding at January 1, 2015. On May 1, 2015, it issued 30,000 additional shares of common stock. Outstanding all year were 12,000 shares of convertible cumulative preferred stock. Each share of the convertible preferred stock, which was dilutive in 2015, is convertible into one share of Brick’s common stock. What is the number of shares that Brick should use to calculate 2015 diluted earnings per share
Answer:
The number of shares that Brick should use to calculate 2015 diluted earnings per share are 202,000 shares
Explanation:
The computation of the number of shares are shown below:
= January 1 shares + may 1 shares + convertible cumulative preferred stock
= 170,000 shares × 4 months ÷ 12 months + 200,000 shares × 8 months ÷ 12 months + 12,000 shares
= $56666.67 + $133,333.33 + $12,000
= $202,000 shares
The 4 months are calculated from January 1 to May 1, 2015
And, the 8 months are calculated from May 1 to December 31
Another bank is also offering favorable terms, so Van decides to take a loan of $23,000 from this bank. He signs the loan contract at 13.00% compounded daily for four months. Based on a 365-day year, what is the total amount that Van owes the bank at the end of the loan’s term? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.) $24,017.91 $24,858.54 $24,978.63 $25,458.98
Answer:
Ans. The total amount that Van owes the bank at the end of the loan’s term is A) 24,017.91
Explanation:
Hi, first, let´s do what the hint of the problem says. Let´s find the number of days.
[tex]NumberDays=\frac{4}{12} *365=121.6667 Days[/tex]
Then, we have to turn that compounded daily rate to an effective daily rate, that is by dividing the rate by 365.
[tex]EffectiveDaily=\frac{0.13}{365} =0.000356164[/tex]
This means that 13% compounded daily is equal to 0.0356164%
Now, we can use the following equation to find the future value (in 4 months) of this obligation.
[tex]FutureValue=PresentValue(1+r)^{n}[/tex]
Where:
r= Effective rate of the loan (in our case, effective daily)
n= days to pay the loan (121.6667 days)
The math to this as follows.
[tex]FutureValue=23,000(1+0.000356164)^{121.6667}[/tex]
[tex]FutureValue=24,018.39[/tex]
Since I used the whole decimals to find the exact value, my result is close to answer A), therefore, total amount that Van owes the bank at the end of the loan’s term is $24,017.91.
Best of luck
Using the information below for Singing Dolls, Inc., determine the total manufacturing costs incurred during the year: Work in Process, January 1 $ 53,200 Work in Process, December 31 38,600 Direct materials used 14,100 Total Factory overhead 7,100 Direct labor used 28,100
The total manufacturing costs of Singing Dolls, Inc. for the year is $49,300, calculated by adding the Direct materials used ($14,100), the Total factory overhead ($7,100) and the Direct labor used ($28,100). The Work in Process amounts are not included in this calculation.
Explanation:The total manufacturing costs incurred by Singing Dolls, Inc. during the year can be calculated by summing up the Direct materials used, the Total factory overhead, and the Direct labor used. This gives us:
Direct materials used: $14,100
Total Factory overhead: $7,100
Direct labor used: $28,100
Adding these together, we obtain the total manufacturing cost: $14,100 + $7,100 + $28,100 = $49,300
It's important to note the Work in Process amounts (January 1: $53,200 and December 31: $38,600) are not included in this calculation as these represent unfinished goods and are not part of the total manufacturing costs incurred during the year.
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The total manufacturing costs incurred by Singing Dolls, Inc. during the year are calculated by adding together the direct materials used, direct labor used, and factory overhead. This results in a total of $49,300.
Explanation:The total manufacturing costs incurred during a year by Singing Dolls, Inc. can be calculated by adding together the direct materials used, total factory overhead, and direct labor used.
So, the formula is as follows:
Direct materials used = $14,100 Direct labor used = $28,100 Total factory overhead = $7,100Therefore, by adding these three amounts
Total manufacturing costs = Direct materials used + Direct labor used + Total factory overhead
Total manufacturing costs = $14,100 + $28,100 + $7,100
The Total manufacturing costs incurred by Singing Dolls, Inc. during the year is $49,300.
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Papa Roach Exterminators, Inc., has sales of $699,000, costs of $385,000, depreciation expense of $47,000, interest expense of $25,000, and a tax rate of 30 percent. If the firm paid out $80,000 in cash dividends. What is the addition to retained earnings?
Answer:
The addition to retainer earnings is $ 169400.
Explanation:
note: $ 699000 - $385000 - $47000 - $ 25000 = $ 242000
addtion to the retainer earnings = $ 699000 - $385000 - $47000 - $ 25000 - 30%*242000
= $ 169400
Therefore, the addition to retainer earnings is $ 169400.
The addition to retained earnings is $89,400.
Explanation:The addition to retained earnings can be calculated by subtracting the total expenses from the net income before taxes.
Net income before taxes = Sales - Costs - Depreciation - Interest expense.
Using the given figures:
Net income before taxes = $699,000 - $385,000 - $47,000 - $25,000 = $242,000.Tax expense = Tax rate * Net income before taxes = 0.30 * $242,000 = $72,600.Net income after taxes = Net income before taxes - Tax expense = $242,000 - $72,600 = $169,400.Addition to retained earnings = Net income after taxes - Cash dividends = $169,400 - $80,000 = $89,400.Therefore, the addition to retained earnings is $89,400.
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Taco Hut purchased equipment on May 1, 2018, for $15,000. Residual value at the end of an estimated 8-year service life is expected to be $4,000.
Calculate depreciation expense using the straight-line method for 2018 and 2019, assuming a December 31 year-end. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.)
Answer:
2018: 8 months
Depreciation= $916,67
2019: full year
Depreciation= $1375
Explanation:
Giving the following information:
Taco Hut purchased equipment on May 1, 2018.
Price: $15,000.
Residual value: $4,000
Useful life: 8 year
We need to calculate the depreciation for 2018 and 2019 using straight-line method:
Depreciation= (purchase price- residual value)/useful life
Depreciation= (15000-4000)/8= $1375
2018: 8 months
Depreciation=(1375/12)*8= 916,67
2019: full year
Depreciation= $1375
An office manager is concerned with declining productivity. Despite the fact that she regularly monitors her clerical staff four times each day—at 9:00 AM, 11:00 AM, 1:00 PM, and again at 3:00 PM—office productivity has declined 30 percent since she assumed the helm one year ago. Would you recommend that the office manager invest more time monitoring the productivity of her clerical staff? Explain.
Answer:
Explanation: Employers have generally always found methods to monitor their employees. As software and tech advancements continue at break-neck speeds, employee monitoring is changing.
Software and tech platforms are being used to gather information on employees. Artificial Intelligence and Machine Learning (AI/ML) technologies used in these platforms are able to measure and analyze workforce performance. The use of data related to employees is referred to as Human Resource Analytics (HRA), or people analytics. There are many reasons to monitor employee behavior at work. For smaller businesses, the main reason for employee monitoring is to make sure that there is no unethical or illegal activity in the workplace while ensuring that technology provided is being used for the purpose it was intended. Practicing ethical employee monitoring reduces many unethical and illegal behaviors that cause small businesses to lose money. Monitoring encourages employees that would otherwise act immorally to act in an expected manner.Sometimes, there is more than enough stress at work. Employees may have to meet tight deadlines, deal with coworkers, and change work habit or style due to leadership changes. The constant monitoring of employee activities creates even more stress. If surveillance is felt to be a form of spying by employees, they will develop a feeling of mistrust from their employer. This feeling of being constantly watched will more than likely create an uncomfortable work environment and likely to decline performance .
Final answer:
Increasing the frequency of monitoring clerical staff is unlikely to improve productivity if it has declined by 30 percent. The office manager should investigate other factors impacting productivity, such as work environment, staff morale, and the manager’s supervisory style. Measurement of productivity can extend beyond output per hour to include metrics like customer satisfaction and error rates.
Explanation:
If an office manager is experiencing a 30 percent decline in productivity despite regularly monitoring clerical staff, it might not be beneficial to invest more time in the same method of monitoring. The declining productivity could be related to various factors, such as the manager's work style or the staff morale, not solely the amount of supervision. Studies have shown that human interaction factors, like the supervisorial style, can have a significant impact on productivity.
Instead of more frequent checks, the manager should consider assessing the root causes of the productivity issues. These might include a need for better training, more efficient work processes, improvements in work environment, or adjustments in staff levels if the problem is akin to diminishing marginal productivity due to fixed capital, as explained earlier.
Furthermore, productivity can be measured in other ways than output per hour, such as customer satisfaction, error rates, and the achievement of company-specific goals. It’s also crucial for a manager to be transparent with the team and understand their needs and feedback. This holistic approach can bring about better long-term improvements than simply increasing monitoring frequency.
In the JK partnership, Jacob's capital is $140,000, and Katy's is $40,000. They share income in a 3:2 ratio, respectively. They decide to admit Erin to the partnership. Each of the following questions is independent of the others.
Refer to the information provide above. Erin invests $50,000 for a one-fifth interest in the total capital of $230,000. What are the capital balances of Jacob and Katy after Erin is admitted into the partnership?
Jacob Katy
A. $142,400 $41,600
B. $142,000 $42,000
C. $140,000 $40,000
D. $137,600 $38,400
Answer:
D. $137,600 $38,400
Explanation:
As for the provided information, we have,
Total capital = $230,000
1/5th of this capital = $230,000/5 = $46,000
therefore, goodwill not recorded = $50,000 - $46,000 = $4,000
For this capital of Jacob and Katy will be debited.
Jacob = $4,000 [tex]\times[/tex] 3/5 = $2,400
Kathy = $4,000 [tex]\times[/tex] 2/5 = $1,600
Therefore, capital balances of Jacob and Kathy shall be:
Jacob = $140,000 - $2,400 = $137,600
Kathy = $40,000 - $1,600 = $38,400
Nash's Trading Post, LLC has the following inventory data:
July 1 Beginning inventory 22 units at $14 $308
7 Purchases 78 units at $15 1170
22 Purchases 11 units at $16 176
$1654
A physical count of merchandise inventory on July 30 reveals that there are 36 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is
Answer:
Ending Inventory for July: $551
Explanation:
Units on hand at the end of the period: 36
Purchases of remaining units:
11 units at $16 = $17625 units (36 - 11) at $15 = $375Amount allocated to ending inventory for July: $551
The first in, first out (FIFO) method of inventory valuation is a cost flow assumption that the first goods purchased are also the first goods sold.
You want to borrow $86,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,500, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 72-month loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
The highest APR you can afford for a 72-month loan with a borrowed amount of $86,000 and a monthly payment limit of $1,500 can be calculated with an algebraic formula. The formula allows you to numerically solve for the highest monthly rate you can afford which is then multiplied by 12 to find the annual rate.
Explanation:To solve this problem, you can use the formula for the monthly payment of a loan, which is: P = [rPV] / [1 - (1 + r)^-n], where P is the monthly payment, r is the monthly interest rate (annual interest rate / 12), PV is the present value of the loan, and n is the number of payments (month).
The algebraic solution returned by this formula allows you to solve for r indicating the highest monthly interest rate you can afford. Substituting the provided values from the problem, $1,500 = [r*86,000] / [1 - (1 + r)^-72], you can solve this equation for r numerically, for instance, by using a tool or calculator that performs iterative calculations.
Remember, the rate returned will be a monthly rate. You can multiply this by 12 to get an annual rate. This rate is the maximum APR you can afford for a loan using these conditions.
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The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $12,960 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $4,000 and direct labor cost of $2,800. Therefore, the company's overhead application rate is:
Final answer:
The overhead application rate for the manufacturing company can be calculated as approximately $3.20 per dollar of direct labor cost.
Explanation:
The overhead application rate is calculated by dividing the total estimated overhead costs by the total estimated direct labor cost. In this case, the Work in Process Inventory account has a debit balance of $12,960. The cost sheet for the job still in progress shows direct material cost of $4,000 and direct labor cost of $2,800.
To calculate the overhead application rate:
Overhead Application Rate = Total Estimated Overhead Costs / Total Estimated Direct Labor Cost
Since the Work in Process Inventory account has a debit balance, we can assume it includes both direct material and direct labor costs. Therefore, we can calculate the total estimated direct labor cost for the job still in process:
Total Estimated Direct Labor Cost = Debit Balance of Work in Process Inventory Account - Direct Material Cost
Substituting the values into the formula, we have:
Overhead Application Rate = $12,960 - $4,000 / $2,800
Simplifying, we get:
Overhead Application Rate = $8,960 / $2,800
Therefore, the company's overhead application rate is approximately $3.20 per dollar of direct labor cost.
Kansas Enterprises purchased equipment for $79,500 on January 1, 2015. The equipment is expected to have a ten-year life, with a residual value of $6,150 at the end of ten years.
Using the double-declining balance method, the book value at December 31, 2016 would be
Answer:
Using the double-declining balance method, the book value at December 31, 2016 would be $ 46.944
Explanation:
Depreciation rate = 1/useful life *100 = (1/10) * 100
2015 2016
Cost 73350 58.680
Rate 20% 20%
Dep 14.670 11.736
Book value 58.680 46.944
A financial planning service offers a college savings program. The plan calls for you to make six annual payments of $14,000 each, with the first payment occurring today on your child’s 12th birthday. Beginning on your child’s 18th birthday, the plan will provide $25,000 per year for four years. What return is this investment offering?
Answer:
Ans. the rate of return of this invesment is 3.5278% annual.
Explanation:
Hi, what we need to do here is to find the future value of all six payments, beginning when the child turns 12, which will end when he turns 17. One year later (when the child turns 18) he will receive $25,000 per year, for the next 4 years. This is the equation that we need to use (and solve for "r").
[tex]\frac{A_{1}((1+r)^{6}-1) }{r} =\frac{A_{2}((1+r)^{4}-1) }{r(1+r)^{4} }[/tex]
Where:
A1=$14,000
A2=$25,000
So, everything should look like this
[tex]\frac{14,000((1+r)^{6}-1) }{r} =\frac{25,000((1+r)^{4}-1) }{r(1+r)^{4} }[/tex]
As you can see, this would take forever to solve, so what we have to do is to use MS Excel, we have to use the "Goal Seek" function. Please check the MS Excel spread sheet attached to this answer.
Please use this function with the following parameters.
Set Cell: G7
To Value: 0
By changing cell: G2
Ans. 3.5278%
Best of luck.
The investment offers a return of approximately 19.05%.
Step 1: Understanding the Payments into the Savings Plan
You make annual payments of $14,000 each for 6 years. The first payment is on your child's 12th birthday, and you continue making payments until your child turns 17.
1. First Payment: $14,000
2. Second Payment: $14,000
3. Third Payment: $14,000
4. Fourth Payment: $14,000
5. Fifth Payment: $14,000
6. Sixth Payment: $14,000
To find the total amount you have paid into the savings plan, you multiply the annual payment by the number of payments:
[tex]\[ \text{Total Paid} = 14,000 \times 6 = 84,000 \][/tex]
Step 2: Understanding the Payments from the Savings Plan
Starting on your child's 18th birthday, the plan provides $25,000 per year for 4 years.
1. First Payment: $25,000
2. Second Payment: $25,000
3. Third Payment: $25,000
4. Fourth Payment: $25,000
To find the total amount received from the savings plan, you multiply the annual payment by the number of years:
[tex]\[ \text{Total Received} = 25,000 \times 4 = 100,000 \][/tex]
Step 3: Calculate the Return on Investment (ROI)
The return on investment (ROI) is calculated by comparing the total amount received to the total amount paid into the plan. The formula for ROI is:
[tex]\[ \text{ROI} = \frac{\text{Total Received} - \text{Total Paid}}{\text{Total Paid}} \][/tex]
Substituting the values we calculated:
[tex]\[ \text{Total Paid} = 84,000 \]\[ \text{Total Received} = 100,000 \][/tex]
[tex]\[ \text{ROI} = \frac{100,000 - 84,000}{84,000} = \frac{16,000}{84,000} \approx 0.190476 \][/tex]
Step 4: Converting to a Percentage (optional)
If desired, you can convert the ROI to a percentage by multiplying by 100:
[tex]\[ \text{ROI} \times 100 \approx 19.05\% \][/tex]
Summary
To summarize:
- Total amount paid into the savings plan: $84,000
- Total amount received from the savings plan: $100,000
-Return on Investment (ROI): approximately 0.190476, or 19.05%
The investment offers a return of approximately 19.05%.
Inventory records for Marvin Company revealed the following:
Date Transaction Number
of Units Unit
Cost
Mar. 1 Beginning inventory 990 $7.25
Mar. 10 Purchase 570 7.73
Mar. 16 Purchase 710 8.20
Mar. 23 Purchase 520 8.60
Marvin sold 1,900 units of inventory during the month. Cost of goods sold assuming FIFO would be
Answer: $14371.6
Explanation:
Given that,
According to FIFO method,
Marvin sold = 1,900 units of inventory during the month
Cost of Beginning inventory = 990 × $7.25
= $7177.5
on Mar. 10
Cost of Purchase = 570 × $7.73
= $4,406.1
Remaining purchases = Total units sold - Beginning inventory - number of units purchase on mar 10
= 1,900 - 990 - 570
= 340 units
Cost of remaining purchases = 340 units × $8.2
= $2,788
Total cost of goods sold = Cost of Beginning inventory + Cost of Purchase + Cost of remaining purchases
= $7177.5 + $4,406.1 + $2,788
= $14371.6
The cost of goods sold (COGS) using the FIFO method for the Marvin Company, given the inventory records and sale of 1900 units, would be $14371.60.
Explanation:The subject of this question pertains to inventory management, specifically the calculation of Cost of Goods Sold (COGS) using the First-In, First-Out (FIFO) method. In the FIFO method, it is assumed that the oldest items in inventory are sold first. The calculation would go as follows:
Begin by selling the items from the beginning inventory, 990 units at $7.25 each, costing ($7.25 x 990) = $7177.50. Then sell from the Mar. 10 purchase, 570 units at $7.73 each, costing ($7.73 x 570) = $4406.10. Next, sell from the Mar. 16 purchase. However, since we've already sold 990+570=1560 units, and we need to sell 1900 units in total, we still need to sell 1900-1560 = 340 units. These are sold at $8.20 each, costing ($8.20 x 340) = $2788.00.
Adding up all these costs, the total Cost of Goods Sold (COGS) using the FIFO method is $7177.50 + $4406.10 + $2788 = $14371.60.
Learn more about FIFO Inventory Costing here:https://brainly.com/question/29532136
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At the beginning of Year 1, a company reported a balance in common stock of $169,000 and a balance in retained earnings of $69,000. During the year, the company issued additional shares of stock for $59,000, earned net income of $49,000, and paid dividends of $11,900. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $ 54,500 Accounts payable $ 16,100 Supplies 12,800 Utilities payable 6,200 Prepaid rent 33,500 Salaries payable 5,400 Land 295,000 Notes payable 34,000 Required: Prepare a statement of stockholders’ equity. Prepare a balance sheet.
Answer:
Explanation:
The statement of stockholder's equity comprises common stock and retained earnings. The ending balance after adjustment shown in the attached spreadsheet.
And, the balance sheet comprises of the assets and liabilities. With the help of the accounting equation, the total assets are equal to the total liabilities including stockholder's equity.
The preparation of the statement of stockholders’ equity and the balance sheet is presented in the spreadsheet. Kindly find the attachment below:
Breakwater Aquatics has a 45 day accounts receivable period. The estimated quarterly sales for this year, starting with the first quarter, are $6,800, $7,100, $8,200, and $6,400, respectively. What is the accounts receivable balance at the beginning of the third quarter?
Answer:
The accounts receivable balance at the beginning of the third quarter is $3,550
Explanation:
For computing the account receivable balance, first, we have to compute the credit sale per day, and then multiply with the number of days
In mathematically,
Credit sale per day = (Estimated second Quarter Sales) ÷ (accounts receivable period up to second quarter)
= $7,100 ÷ 90 days
= 78.89
Now the account receivable balance equals to
= Credit sales per day × accounts receivable period
= 78.89 days × 45 days
= $3550
Since the question is asking about the beginning of the third quarter so we considered second quarter sales
Suppose we have the country of Mario-opolis. Further suppose that for the year 2019 we have the following information: Government in Mario-opolis spends $100,000,000 on food and cars produced in Mario-opolis in 2019 Firms in Mario-opolis spend $5,000,000 on equipment made in Mario-opolis in 2019 People in Mario-opolis spend $10,000,000 on uniforms produced in Maribel-stan in 2019 People in Maribel-stan spend $10,000,000 on goods produced in Mario-opolis in 2018 People in Mario-opolis also spend $30,000,000 on food and cars produced in Mario-opolis in 2019 What is the GDP for Mario-opolis for 2019? $85,000,000 $135,000,000 $145,000,000 $160,000,000 Not enough information
Answer:
The GDP for Mario-opolis for 2019 is $145,000,000
Explanation:
GDP: The full form of GDP is the Gross domestic product. It shows all the products and services which are produced and rendered in a particular year. The value of all products and service records only market value.
The production and the rendering of services should be done for a domestic country only. No other or outside countries should come under GDP, nor they record any previous or future production, expenses.
So, the GDP amount would be
= Government in Mario-opolis spends on food and cars produced in Mario-opolis in 2019 + Firms in Mario-opolis spend on equipment made in Mario-opolis in 2019 + People in Mario-opolis spend on uniforms produced in Maribel-stan in 2019 + People in Mario-opolis also spend on food and cars produced in Mario-opolis in 2019
= $100,000,000 + $5,000,000 + $10,000,000 + $30,000,000
= $145,000,000