Answer:
The value of a currency depends on factors that affect the economy such as imports and exports, inflation, employment, interest rates, growth rate, trade deficit, performance of equity markets, foreign exchange reserves, macroeconomic policies, foreign investment inflows, banking capital, commodity prices
On March 1, Bartholomew Company purchased a new stamping machine with a list price of $87,000. The company paid cash for the machine; therefore, it was allowed a 5% discount. Other costs associated with the machine were: transportation costs, $3,000; sales tax paid, $6,520; installation costs, $1,850; routine maintenance during the first month of operation, $2,900. What is the cost of the machine
Answer:
$94,020
Explanation:
Calculation for the cost of the machine using the formula below:
Cost of the machine = New stamping machine - (New stamping machine × Discount percentage) + Transportation + Sales tax + Installation
= $87,000 - ($87,000 × 5%) + $3,000 + $6,520 + $1,850
= $87,000 - $4,350 + $3,000 + $6,520 + $1,850
= $94,020
Therefore, cost of the machine is $94,020
Under its executive stock option plan, W Corporation granted options on January 1, 2018, that permit executives to purchase 15 million of the company's $1 par common shares within the next eight years, but not before December 31, 2020 (the vesting date). The exercise price is the market price of the shares on the date of grant, $18 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. The options are exercised on April 2, 2021, when the market price is $21 per share. By what amount will W's shareholder's equity be increased when the options are exercised? Group of answer choices $315 million. $60 million. $270 million. $330 million.
Answer:
$315 million
Explanation:
Calculation to determine what amount will W's shareholder's equity be increased when the options are exercised
(millions)
Cash $270
($18 exercise price x 15 million shares)
Paid-in capital – stock options (account balance)$60
(4*$15million shares)
Less Common stock $15
(15 million shares at $1 par per share)
Paid-in capital—excess of par (remainder)$315
Therefore The amount that W's shareholder's equity will be increased when the options are exercised is $315 million
Poodle Corporation was organized on January 3, 2018. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2018, Poodle had the following transactions relating to shareholders' equity: Issued 30,000 shares of common stock at $7 per share. Issued 20,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. What is total paid-in capital at the end of 2018? Group of answer choices $420,000. $320,000. $370,000. $470,000.
Answer:
$370,000
Explanation:
Calculation to determine total paid-in capital at the end of 2018
Using this formula
2018 Ending total paid-in capital =(Shares of Common stock*per Shares)+ (Shares of common stock*per Shares)
Let plug in the formula
2018 Ending total paid-in capital=(30,000 × $7) + (20,000 × $8)
2018 Ending total paid-in capital=$210,000+$160,000
2018 Ending total paid-in capital= $370,000
Therefore total paid-in capital at the end of 2018 is $370,000
Batteries, Offshore Wind Lead Clean Energy Cost Cuts As Renewables by Mike Scott Batteries, Offshore Wind Lead Clean Energy Cost Cuts As Renewables Continue To Undercut Coal And Gas Batteries can store energy from solar or wind farms for use when the wind is not blowing or the sun is not shining. The transition to a low-carbon energy system is a few steps closer after two technologies that were immature and hugely expensive only a few years ago saw spectacular gains in cost-competitiveness in the last year. New research from Bloomberg NEF (BNEF) shows that the cost of lithium-ion batteries has fallen by 35% over the past year to $187/MWh, while the cost of offshore wind is almost a quarter (24%) lower than this time 12 months ago.
Meanwhile, the costs of installing the more established technologies of onshore wind and photovoltaic (PV) solar also continued to fall. The levelized cost of energy for onshore wind projects starting construction at the start of this year was $50/MWh, 10% lower than a year ago, while solar projects are 18% cheaper at 57/MWh.
Elena Giannakopoulou, head of energy economics at BNEF, commented: "Looking back over this decade, there have been staggering improvements in the cost-competitiveness of these low-carbon options, thanks to technology innovation, economies of scale, stiff price competition and manufacturing experience.
"Our analysis shows that the LCOE per megawatt-hour for onshore wind, solar PV and offshore wind have fallen by 49%, 84% and 56% respectively since jobs that coal-and gas-fired power stations and nuclear, currently do.
Battery energy storage co-located with solar and wind farms are starting to be competitive with coal and gas power, even without subsidies, in providing "dispatchable power" that can be delivered when it is needed, rather than only at the time it is being generated when the wind is blowing or the sun is shining. Battery storage can provide back-up power for renewable projects for anything from one to four hours at a time, BNEF says. Tifenn Brandily, energy economics analyst at BNEF, said: "Solar PV and onshore wind have won the race to be the cheapest sources of new 'bulk generation' in most countries, but the encroachment of clean technologies is now going well beyond that, threatening the balancing role that gas-fired plant operators, in particular, have been hoping to play." The advance of offshore wind is also hugely significant, because the technology has long been seen as an expensive generation option in the near term compared to onshore wind or solar PV, although it was hoped that in time the possibility of using bigger turbines and floating platforms, coupled with the stronger and steadier winds at sea would lead to sharp cost reductions. But those costs have come down much more quickly than forecast thanks to technological advances, larger turbines and auction programs for new capacity - offshore wind is now below $100/MWh globally, with some European projects coming in well below that, compared to more than $220 just five years ago. Siemens Gamesa has just announced its 10MW turbines will be used in the world's first subsidy-free offshore wind project, Vattenfall's Hollandse Kust Zuid 1 & 2 scheme. "The low prices promised by offshore wind tenders throughout Europe are now materializing, with several high-profile projects reaching financial close in recent months. Its cost decline in the last six months is the sharpest we have seen for any technology,"Giannakopoulou said.
What type of cost are batteries for the renewable-energy industry?
A. explicit cost.
B. variable cost.
C. implicit cost.
D. fixed cost.
E. marginal cost.
Answer: A. Explicit cost.
D. Fixed cost
Explanation:
The type of cost which batteries are for the renewable-energy industry is explicit cost and fixed cost. Explicit costs refers to the business costs which appear in the general ledger. It should be noted that they've direct impact on the company's profit. Examples include utilities, raw materials, salaries, lease payments, etc.
When running a business, explicit cost is the direct payment that's made to others, such as rent, wage and materials. Batteries are an explicit cost as they're incurrIn the industry of renewable energy, batteries are used to save the energy produced and thus the cost of batteries are incurred in the daily production. Hence, it is an explicit cost since it's incurred for daily production.
Fixed costs are those costs that doesn't vary with the production level. Since the energy produced has to be stored in batteries, then it is a fixed cost as it doesn't vary with the production level.
PRODUCT MIX DECISION, SINGLE CONSTRAINT
Sealing Company manufactures three types of DVD storage units. Each of the three types requires the use of a special machine that has a total operating capacity of 15,000 hours per year. Information on the three types of storage units is as follows:
Basic Standard Deluxe
Selling price $9.00 $30.00 $35.00
Variable cost $6.00 $20.00 $10.00
Machine hours required 0.10 0.50 0.75
Sealing Company's marketing director has assessed demand for the three types of storage units and believes that the firm can sell as many units as it can produce.
Required:
1. How many of each type of unit should be produced and sold to maximize the company's contribution margin? What is the total contribution margin for your selection?
2. Now suppose that Sealing Company believes that it can sell no more than 12,000 of the deluxe model but up to 50,000 each of the basic and standard models at the selling prices estimated. What product mix would you recommend, and what would be the total contribution margin?
Answer:
1.. Unit produce 20,000 deluxe units per year
Units sold $33.33
Total contribution margin $500,000
2. Basic 50,000 units
Standard 2,000 units
Deluxe 12,000 units
$470,000
Explanation:
1. Calculation to determine How many of each type of unit should be produced and sold to maximize the company's contribution margin? What is the total contribution margin for your selection?
BASIC STANDARD DELUXE
Price $9 $30 $35
Less Variable cost 6 20 10
=Contribution margin (A) 3 10 25
Machine hours (B) 0.1 0.5 0.75
Contribution margin per
machine hours (A/B) $30 $20 $33.33
Unit produce=(15,000/0.75)
Unit produce=20,000 deluxe units per year.
In order to maximize the company's contribution margin the company should sell deluxe unit with contribution margin of the amount of $ 33.33 per machine hour
Total contribution margin= 20,000 units,*$25
Total contribution margin= $500,000.
Therefore The amount of unit that should be produced is 20,000 units and $33.33 will be sold to maximize the company's contribution margin while the the total contribution margin for your selection is $500,000
2. Calculation to determine product mix would you recommend, and what would be the total contribution margin
The product mix to recommend will be:
Basic 50,000 units
Standard 2,000 units
Deluxe 12,000 units
Calculation to determine Total contribution margin
Total contribution margin= ($3 × 50,000) + ($25 × 12,000) + ($10 × 2,000)
Total contribution margin=$150,000+$300,000+$20,000
Total contribution margin = $470,000
Therefore Total contribution margin is$470,000
Ocean Company estimated that April sales would be 150,000 units with an average selling price of $6.00. Actual sales for April were 149,000 units, and average selling price was $6.12. The sales revenue flexible budget variance was: A. $6,120 favorable. B. $17,880 favorable. C. $6,000 unfavorable. D. $17,880 unfavorable.
Answer:
B. $17,880 favorable.
Explanation:
Sales revenue flexible budget variance = (149,000 units × $6.12 per unit) − (149,000 units × $6.00 per unit)
Sales revenue flexible budget variance = $911,880 − $894,000 = $17,880 favorable
Since actual sales were greater than the flexible budget amount, the variance is favorable.
Grant Corporation is looking to purchase a building costing $1,300,000 by paying $500,000 cash on the purchase date, and agreeing to make payments every quarter for the next five years. The first payment is due three months after the purchase date. Grant's borrowing rate for this transaction is 8% (this is an annual interest rate). Required: Calculate how much each of the payments should be.
Answer:
Grant Corporation
The payments should be $42,133.16 every quarter.
Explanation:
a) Data and Calculations:
Building cost = $1,300,000
Down payment = $500,000
Interest rate = 8% per year
Payment terms = quarter for 5 years
From an online calculator, the payments should be:
N (# of periods) 20
I/Y (Interest per year) 2
PV (Present Value) 800000
FV (Future Value) 0
Results
PMT = $42,133.16
Sum of all periodic payments $842,663.23
Total Interest $42,663.23
Rebecca wants to start her own hair salon as a side business. In order to do so, she needs to buy a professional hair dryer for $700.00 and hair coloring supplies for $232.00. She believes she will be able to schedule 18 clients in per week. If she wants to begin making a profit at the end of two weeks, how much will each client need to pay Rebecca for their hair
Answer:$25.89
Explanation:
The amount that each client need to pay Rebecca for their hair in order to make a profit goes thus:
Total cost = $700 + $232 = $932
Number of clients in 2 weeks = 2 × 18 = 36
Therefore, each client will pay:
= $932/36
= $25.89
Mar. 2 Issued 5,000 shares of $6 par value common stock to attorneys in payment of a bill for $35,600 for services performed in helping the company to incorporate.
June 12 Issued 61,900 shares of $6 par value common stock for cash of $440,900.
July 11 Issued 2,075 shares of $120 par value preferred stock for cash at $140 per share.
Nov. 28 Purchased 1,600 shares of treasury stock for $82,500.
Required:
Journalize all the transactions.
Answer:
Mar. 2
Debit : Attorney Expense $35,600
Credit : Common Stock (5,000 shares x $6) $30,000
Credit : Paid In Excess of Par $5,600
June 12
Debit : Cash $440,900
Credit : Common Stock (61,900 shares x $6) $371,400
Credit : Paid In Excess of Par $69,500
July 11
Debit : Cash (2,075 shares x $140) $290,500
Credit : Preferred Stock (2,075 shares x $120) $249,000
Credit : Paid in excess of par (2,075 shares x $20) $ 41,500
Nov. 28
Debit : Treasury Stock $82,500
Credit : Cash $82,500
Explanation:
With par value shares, we have a reserve called Paid in excess of par. This reserve serves to accommodate all payments made above the par values of shares issued.
what are types of government
Seidman Company manufactures and sells 20,000 units of product X per month. Each unit of product X sells for $17 and has a contribution margin of $8. If product X is discontinued, $45,000 in fixed monthly overhead costs would be eliminated and there would be no effect on the sales volume of Seidman Company's other products. If product X is discontinued, Seidman Company's monthly income before taxes should:
Answer:
Effect on income= $115,000 decrease
Explanation:
Giving the following information:
Fixed costs= $45,000
Number of units= 20,000
Unitary contribution margin= $8
To calculate the effect on income, we need to use the following formula:
Effect on income= decrease in fixed costs - decrease in contribution margin
Effect on income= 45,000 - 20,000*8
Effect on income= $115,000 decrease
what are examples of body language
Answer:
Biting nails, putting your hands on your cheek, touching your nose, rolling eyes, and this list is endless.
Explanation:
Body language is something everybody uses every day. It is a type of nonverbal communication in which physical behavior is used to express or convey. Most people use it if they don't want to express themselves in words.
Suppose an economy has two industries producing corn (c) and tractor (t). The production functions for the two industries are.
Yc = min (Lc/2, Kc/1) and Yt = min (Lt/2.5, Kt/3),
where Li and Ki are the amount of labor and capital used in industry i (i = c, t). Constraints for labor and capital endowments are given as follows:
Lc + Lt ≤ 63 and Kc + Kt ≤ 42.
Derive the production transformation curve and show the output vector (Yc, Yt) that corresponds to full employment of both factors? (10 marks)
What range of output price ratio (Pc/Pt) is consistent with the full employment of both factors simultaneously? (10 marks)
Answer:
The answer would be y/b
Explanation:
Its really simple
The personnel director for Electronics Associates developed the following estimated regression equation relating an employee's score on a job satisfaction test to his or her length of service and wage rate.
= 14.4 - 8.69x1 + 13.5x2
where
x1 = length of service (years)
x2 = wage rate (dollars)
y = job satisfaction test score (higher scores indicate greater job satisfaction)
a. Interpret the coefficients in this estimated regression equation.
b. Predict the job satisfaction test score for an employee who has four years of service and makes $13.00 per hour.
Answer:
a-1. An increase in the length of service (years) by one year will lead to a reduction in the job satisfaction test score by 8.69.
a-2. An increase in the wage rate (dollars) by $1 will lead to an increase in the job satisfaction test score by 13.5.
b. The predicted score of the job satisfaction test for the employee is 155.14.
Explanation:
a. Interpret the coefficients in this estimated regression equation.
a-1. Interpretation of the coefficient of x1
From the estimated regression equation, the coefficient of x1 is -8.69. Since the coefficient of x1 is negative, it implies that an increase in the length of service (years) by one year will lead to a reduction in the job satisfaction test score by 8.69.
a-2. Interpretation of the coefficient of x2
From the estimated regression equation, the coefficient of x2 is 13.5. Since the coefficient of x2 is positive, it implies that an increase in the wage rate (dollars) by $1 will lead to an increase in the job satisfaction test score by 13.5.
b. Predict the job satisfaction test score for an employee who has four years of service and makes $13.00 per hour.
Given:
y = 14.4 - 8.69x1 + 13.5x2 ………………… (1)
where
x1 = length of service (years) = 4
x2 = wage rate (dollars) = $13
y = job satisfaction test score = ?
Substituting the values into equation (1), we have:
y = 14.4 - (8.69 * 4) + (13.5 * 13)
y = 155.14
Therefore, the predicted score of the job satisfaction test for the employee is 155.14.
Year 1 2 3 4 5 Free Cash Flow $22 million $26 million $29 million $30 million $32 million General Industries is expected to generate the above free cash flows over the next five years, after which free cash flows are expected to grow at a rate of % per year. If the weighted average cost of capital is % and General Industries has cash of million, debt of million, and 80 million shares outstanding, what is General Industries' expected current share price?
Answer:
$7.78
Explanation:
Calculation to determine what is General Industriesʹ expected current share price
First step is to calculate the FCF6
FCF6 = $32 million × (1 + 0.05)
FCF6= $33.6 million
Second step is to calculate the V5
V5 = $33.6 million / (0.09 - 0.05)
V5= $840 million
Third step is to calculate V0 using financial calculator
V0 = 652.45 million
Now let calculate expected current share price
P0 = $(652.45 + 15 - 45) million / 80 million
P0 = $7.78
Therefore General Industriesʹ expected current share price is $7.78
Select the true statement about interest rate risk. It stems from the fact that bond prices and market interest rates are inversely correlated. It is the risk that a bond's coupon payment will fall if market interest rates fall. Interest rate risk is particularly problematic for investors who do not wish to sell their bonds. Shorter-term bonds are more sensitive to interest rate risk than longer-term bonds.
Answer:
The correct answer is the first option: It stems from the fact that bond prices and market interest rates are inversely correlated.
Explanation:
To begin with, the term known as "Interest Rate Risk" refers to the number that specifically shows the relation that exists between an investment that is planning to take place and another investment that is already having place, meaning that it focus on the potential for investment losses that result from a change in interest rates. Therefore that, in the field of microeconomics, it is understood that it will reflex the fact that when the interest goes up the price of actual investments like bond will go down and that is why it stems from the fact that bond prices and market interest rates are inversely correlated.
QUICK IM BEING TIMED!! AND PLS NO LINKS!!
Using the MyFico.com website (learn about scores), research what is in My Score and produce a poster or presentation on how a FICO score breaks down and what that means to the consumer.
Answer:
What? i dont understand
Explanation:
2. Discuss innovation as an entrepreneurial trait and the role of innovation in Wow Momo's
success.
Using these data from the comparative balance sheet of K. Leen Company, perform vertical analysis.
December 31, 2020 December 31, 2019
Amount Percentage Amount Percentage
Accounts Receivable $400,000 $400,000
Inventory 864,000 600,000
Total Assets 3,200,000 3,000,000
Answer and Explanation:
The vertical analysis is presented below:
Comparative Balance Sheet
Particulars Dec 31, 2020 Percentage Dec 31, 2019 Percentage
(a) [(a) ÷ $3200000] × 100 (b) [(b) ÷ $3000000] ×100
Accounts
receivables $400,000 12.5% $400,000 13.3%
Inventory $864,000 27.0% $600,000 20.0%
Total Assets $3,200,000 100.0% $3,000,000 100.0%
A player in a game theoretic model is: a. anyone working for a firm that is operating strategically b. a firm that is operating as a perfect competitor c. a decision-making entity at a firm involved in a strategic game d. a monopolist who produces a unique product with no close substitutes e. a stockholder at a firm involved in a strategic game
Answer: c. a decision-making entity at a firm involved in a strategic game
Explanation:
In a theoretical game, there are two players that have to embark on different strategies such that they make the maximum payoff. This maximum payoff strategy is known as the dominant strategy.
These two players are the decision making entities in the firms that are competing in the game because they are the ones that decide how the firm should react and what strategy to use. For instance, the owners of the two bakeries down the street are the players because they control what either bakery will do.
Discuss how work plays part in the work situation?
Answer:
Why is work important?
The status of work in contemporary societies is the result of a long historical process. It is not only an indispensable means of enhancing individual senses of usefulness and belonging, but also of providing financial means. Work is also central in several other dimensions, namely in its role as a socialising mechanism, as a source of social exchanges, and individual identities. Thus, work can be seen as the pillar of social organisation, but also, to a large extent, as an important pillar of the existential organisation of individuals. It is a fundamental feature in many dimensions of social integration, such as health, housing, and interpersonal networks. Hence, the relevance of Work Integration Programmes (WIP) aimed at improving the condition of vulnerable groups.
Let's summarise the importance of work both at the individual and the societal level:
For individuals, work is an important feature in structuring: personal and social identity; family and social bonds; ways of making money, and thereby accessing a number of essential and non-essential goods, services and activities; daily routines; level of activity; physical and mental well-being; self-confidence and self-esteem; a sense of self-worth provided by the feeling of contributing to society or the common good
For societies, work is an important feature in: promoting community cohesion and safety; increasing civic participation; reducing public spending in a range of welfare benefits (provided, of course, that work is performed in a decently paid job); promoting social and economic development; organising social life at a macro level
When success in these dimensions is challenged WIPs become more important. The relevance of WIPs is made even more acute when both macro and microstructural conditions create obstacles to the positive role of work. These must be carefully considered:
Macrostructural conditions: the current European crisis, reflected in the rise of unemployment and job precariousness; the transformation of work ethics that has been going on over the past few decades: as jobs become increasingly precarious, subject to sudden change or elimination, individuals have a decreased sense of security, commitment and loyalty towards their jobs and each other (see: Public Policy).
Microstructural conditions: work is not, by itself, synonym with integration. Indeed, precarious, unappealing, dangerous, low-paid and low-status jobs relegate individuals to the margins of society.
Yet, despite these current conditions, work is still a central piece in our societies, and a crucial factor in the social integration of vulnerable groups.
The manager of the customer service division of a major consumer electronics company is interested in determining whether the customers who have purchased a videocassette recorder made by the company over the past 12 months are satisfied with their products. If there are 4 different types of videocassette recorders made by the company, the best strategy would be to use a
Answer:
b. stratified random sample.
Explanation:
In Stratified random sampling, it divides the overall population into same type of groups that we called as strata. In this the random samples would be chosen from each and every stratum.
Since the videocassette recorded would be purchased over the past 12 months, and there is different types of videocassette records
So here the best strategy would be stratified random sample
Citizen suits allow an individual to do all of the following except _____.
bring a lawsuit against a company or business for violating an environmental regulation
prevent the citizen from bringing a lawsuit against the Environmental Protection Agency (EPA)
force the party in violation of the law to pay civil penalties
force the party in violation of the law to comply with it
Answer:
Citizen suits allow an individual to do all of the following except __prevent the citizen from bringing a lawsuit against the Environmental Protection Agency (EPA)___.
Answer:
prevent the citizen from bringing a lawsuit against the Environmental Protection Agency (EPA)
Explanation:
i got it right
Suppose these selected condensed data are taken from recent balance sheets of Bob Evans Farms (in thousands).
2022 2021
Cash $13,200 $10,800
Accounts receivable 22,200 20,200
Inventory 31,600 30,700
Other current assets 12,200 11,909
Total current assets $79,200 $73,609
Total current liabilities $247,500 $311,100
Compute the current ratio for each year.
Answer:
this answer might be rong
Explanation:
it just might be rong
5. A neighborhood sportswear store sells a pair of Nike sneakers for $40. Due to the recent fitness craze, these shoes are in high demand: 50 pairs of shoes are sold per week. The ordering cost is $20/order, and the annual holding cost is 20 percent of selling price. If the store operates 52 weeks a year, what can you say about the current lot size of 235
Answer: Too large
Explanation:
Thw following information can be gotten from the question:
d = 50 pairs per week
S = ordering cost = $20 per order
H = holding cost = 20% × $40 = $8
n = 52 weeks
D = Annual demand = 50 × 52 = 2600
We'll then calculate the economic order quantity which will be:
= ✓2DS/H
= ✓2×2600×20/8
= ✓13000
= 114 units
Therefore, the current lot size of 235 is too large
Analysis of Transactions Charles Chadwick opened a business called Charlie's Detective Service in January 20--. Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furniture; Accounts Payable; Charles Chadwick, Capital; Charles Chadwick, Drawing; Professional Fees; Rent Expense; and Utilities Expense. The following transactions occurred during the first month of business. Record these transactions in T accounts. After all transactions are recorded, foot and balance the accounts if necessary. (a) Invested cash in the business, $30,369. (b) Bought office supplies for cash, $379. (c) Bought office furniture for cash, $5,320. (d) Purchased computer and printer on account, $8,118. (e) Received cash from clients for services, $2,850. (f) Paid cash on account for computer and printer purchased in transaction (d), $3,615. (g) Earned professional fees on account during the month, $9,322. (h) Paid cash for office rent for January, $1,303. (i) Paid utility bills for the month, $889. (j) Received cash from clients billed in transaction (g), $6,442. (k) Withdrew cash for personal use, $2,823.
Answer:
Charlie's Detective Service
T-accounts:
Cash
Account Titles Debit Credit
Charles Chadwick, Capital $30,369
Office supplies $379
Office furniture 5,320
Professional Fees 2,850
Accounts Payable 3,615
Rent Expense 1,303
Utilities Expense 889
Accounts Receivable 6,442
Charles Chadwick, Drawing 2,823
Balance $25,332
Totals $39,661 $39,661
Accounts Receivable
Account Titles Debit Credit
Professional Fees $9,322
Cash $6,442
Balance $2,880
Office Supplies
Account Titles Debit Credit
Cash $379
Computer Equipment
Account Titles Debit Credit
Accounts Payable $8,118
Office Furniture
Account Titles Debit Credit
Cash $5,320
Accounts Payable
Account Titles Debit Credit
Computer and printer $8,118
Cash $3,615
Balance $4,503
Charles Chadwick, Capital
Account Titles Debit Credit
Cash $30,369
Charles Chadwick, Drawing
Account Titles Debit Credit
Cash $2,823
Professional Fees
Account Titles Debit Credit
Cash $2,850
Accounts Receivable 9,322
Balance $12,172
Rent Expense
Account Titles Debit Credit
Cash $1,303
Utilities Expense
Account Titles Debit Credit
Cash $889
Explanation:
a) Data and Analysis:
(a) Cash $30,369 Charles Chadwick, Capital $30,369
(b) Office supplies $379 Cash $379
(c) Office furniture $5,320 Cash $5,320
(d) Computer and printer $8,118 Accounts Payable $8,118
(e) Cash $2,850 Professional Fees $2,850
(f) Accounts Payable $3,615 Cash $3,615
(g) Accounts Receivable $9,322 Professional Fees $9,322
(h) Rent Expense $1,303 Cash $1,303
(i) Utilities Expense $889 Cash $889
(j) Cash $6,442 Accounts Receivable $6,442
(k) Charles Chadwick, Drawing $2,823 Cash $2,823
In 2021, internal auditors discovered that Fay, Inc., had debited an expense account for the $2,635,000 cost of a machine purchased on January 1, 2018. The machine's useful life was expected to be 17 years with no residual value. Straight-line depreciation is used by Fay. The journal entry to correct the error will include a credit to accumulated depreciation of: Multiple Choice $155,000. $2,635,000. $465,000. $310,000.
Answer:
$155,000
Explanation:
Given the information above,
Depreciation charge (straight line) = (Cost - Residual value) ÷ Estimated useful life
Therefore,
2021 Depreciation charge = ($2,635,000 - $0) ÷ 17
= $155,000
The journal entry to correct the error will include a credit to accumulated depreciation of $155,000
Giorgio Italian Market bought $6,600 worth of merchandise from Food Suppliers and signed a 90-day, 8% promissory note for the $6,600. Food Supplier's journal entry to record the collection on the maturity date is: (Use 360 days a year.) Multiple Choice Debit Cash $6,732; credit Notes Receivable $6,732 Debit Notes Receivable $6,600; credit Cash $6,600 Debit Cash $6,600; debit Interest Receivable $132; credit Sales $6,732
Answer:
Debit Cash $6,732; Credit Interest Revenue $132; Credit Notes Receivable $6,600
Explanation:
Based on the information given the appropiate journal entry to record the collection on the maturity date is:
Debit Cash $6,732
Credit Interest Revenue $132
Credit Notes Receivable $6,600
Calculated as:
Interest = $6,600 × 0.08 × 90/360
Interest= $132
Maturity Value = $6,600 + $132
Maturity Value = $6,732
Looking forward to next year, if Digby’s current cash amount is $17,478 (000) and cash flows from operations next period are unchanged from this period and Digby takes ONLY the following actions relating to cash flows from investing and financing activities:
Issues $2,000 (000) of long-term debt
Pays $4,000 (000) in dividends
Retires $10,000 (000) in debt
Which of the following activities will expose Digby to the most risk of needing an emergency loan?
a. Purchases assets at a cost of $25,000 (000)
b. Sells $10,000 (000) of their long-term assets
c. Liquidates the entire inventory
d. Pays a $5.00 per share dividend
Answer:
d
Explanation:
Purchases assets at a cost of $15,000 (000)
Repurchases $10,000 (000) of stock
Issues 100 (000) shares of common stock
Sells $7,000 (000) of long-term assets
Which of the following adjustments to convert net income to net cash provided by operating activities is incorrect? Add to Net Income Deduct from Net Income A. Accounts Receivable decrease increase B. Prepaid Expenses increase decrease C. Inventory decrease increase D. Accounts Payable increase decrease
Answer:
B. Prepaid Expenses increase decrease
Explanation:
When the net income would be converted to net cash provided by operating activities so the above answer would be held incorrect
As the correct adjustment would be when there is decrease in the prepaid expense so the same would be added to the net income and when it increased so the same would be deducted from the net income
Therefore, the option b is correct
Hence, the other options would be incorrect
The daily operations of a corporation involved in producing and selling its product, generating revenues, as well as fundamental management and software maintenance, are referred to as operating activities. Fabrication, marketing, promotion, and branding are all important aspects of a company's operations.
The correct answer that is not in the context of the operating activities is B. Prepaid Expenses increase decrease
When net income is converted to net cash generated by operational operations, the answer given above is erroneous.
As the appropriate correction, when the prepaid expense lowers, it is credited to the net revenue, and when it grows, it is removed from the net earnings.
Therefore, option b is the correct answer.
To know more about the adjustments of the operating activities, refer to the link below:
https://brainly.com/question/25656124