If a company has a quick ratio of 1.25 times, current assets of $25,000 and inventory of $5,000, the current liabilities balance is equal to sign and comma, as applicable) (round to the nearest dollar and include the dollar

Answers

Answer 1

Answer:

$16,000

Explanation:

Calculation to determine what the current liabilities balance is equal to

Using this formula

Quick Ratio = Current Assets - Inventory / Current Liabilities

Let plug in the formula

1.25 = ($25,000 - $5000) / Current Liabilities

1.25Current Liabilities = ($25,000 - $5000)

Current Liabilities = $20,000 / 1.25

Current Liabilities =$16,000

Therefore the current liabilities balance is equal to $16,000


Related Questions

__________________ includes policies, procedures and mindset of top management. A tangible representation can be found in the employee handbook or annual statement. Monitoring process Control activity Control environment Risk assessment

Answers

Answer:

Control environment

Explanation:

Internal controls can be defined as the policies, set of rules, and procedures implemented or put in place by an organization to protect its assets, boost efficiency, enhance financial accountability, enforce adherence to company policies and prevent fraudulent behaviors among the employees.

The main purpose of internal controls is to guarantee that loss is eliminated by ensuring that there is an accurate and reliable accounting system.

An internal control involves the timely use of both internal and external sources of auditing or financial reporting and as such enhance the maintenance of accurate and proper financial records which would also improve their operational efficiency.

Hence, internal controls if properly executed helps to increase operational efficiency, protect and safeguard assets, provides accurate financial information, prevents fraudulent or unlawful behaviors, timeliness of financial records and reporting. Internal control includes the control environment.

Control environment includes policies, procedures and mindset of top management. One good example of the representation of a control environment can be found in the employee handbook or annual statement of the business firm or organization.

Stephenson Company is trying to decide which one of two contracts it will accept. The costs and revenues associated with each are listed below: Contract X Contract Z Contract Revenue $ 200,000 $ 260,000 Materials 10,000 10,000 Labor 88,000 120,000 Depreciation on Equipment 8,000 10,000 Cost Incurred for Consulting Advice 1,500 1,500 Allocated Portion of Overhead 5,000 3,000 The equipment was purchased last year and has no resale value. Which of these amounts is relevant for the selection of one contract over another?
a) Contract revenue and labor costs
b) Materials, consulting advice and allocated overhead
c) Cost of consulting advice and allocated overhead
d) Contract revenue, labor costs and depreciation on equipment

Answers

Answer:

Stephenson Company

The amounts that are relevant for the selection of one contract over another are:

a) Contract revenue and labor costs

Explanation:

a) Data and Calculations:

Contract X Contract Z

Contract Revenue                         $ 200,000 $ 260,000

Materials                                               10,000       10,000

Labor                                                    88,000    120,000

Depreciation on Equipment                 8,000       10,000

Cost Incurred for Consulting Advice    1,500         1,500

Allocated Portion of Overhead            5,000        3,000

b) The costs of materials and cost incurred for consulting advice, though variable, are equal in each contract.  They are not relevant in determining the contract to choose.  Contract revenue and labor costs are variable and not equal.  They are relevant in determining the contract to select.  They make a difference in the decision.  Depreciation and overhead costs represent sunk costs.  They are not relevant in the decision.

You purchase the townhome listed above at realtor and borrow 95% of the listed price from Broadway Bank at an APR of 6% with monthly payments (your down payment is 5% of listed price). The maturity of your mortgage equals 30 years with monthly payments. a. Draw a time line that depicts the cash flows from the mortgage payments- com

Answers

Answer: Below is the complete question

You purchase a townhome for 335k and borrow 95% of the listed price from Broadway Bank at an APR of 6% with monthly payments (your down payment is 5% of listed price). The maturity of your mortgage equals 30 years with monthly payments.  Draw a time line that depicts the cash flows from the mortgage payments- compute the payment and show your inputs and work.

answer:

$1,908.07 ( monthly payments ) will be made i.e. This depicts the cash flow from the mortgage payment

Explanation:

Cost of townhome = 335k

APR ( I )  = 6%

percentage of  cost of townhome borrowed = 95%

Down payment of cost of townhome = 5%

maturity period = 30 years = 360 months

Determine time line that depicts cash flows

First step : calculate value of loan

value of loan = ( 95% )* (335,000)  = $318,250

final step : calculate value of monthly payments

Applying TVM calculation

PMT = [PV = 318,250, FV = 0, N = 360, I = 0.06/12] ( excel function )

PMT = $1,908.07 ( monthly payments )

Problems and Applications Q6 The price of coffee fell sharply last month, while the quantity sold remained the same. Five people suggest various explanations: Sean: Demand decreased, but it was perfectly inelastic. Yvette: Demand decreased, but supply was perfectly inelastic. Bob: Demand decreased, but supply increased at the same time. Cho: Supply increased, but demand was perfectly inelastic. Eric: Supply increased, but demand was unit elastic. Who could possibly be right

Answers

Answer:

YvetteBobCho

Explanation:

Yvette was right because a perfectly inelastic supply means that the supply remains the same regardless of the price. With the supply remaining the same even though prices fell, enough people still bought regardless of the decrease in price that the quantity sold remained the same.

Bob was also right because the scenario painted is similar to the above. The supply increased when demand decreased which meant that even though there were less people demanding, there was more coffee being supplied such that quantity remained the same.

Cho was also correct because a perfectly inelastic demand means that the demand does not change in response to a change in price. With coffee being perfectly inelastic, people will buy the same quantity regardless so quantity sold remained the same.

A portfolio consists of $16,800 in Stock M and $27,400 invested in Stock N. The expected return on these stocks is 9.70 percent and 13.30 percent, respectively. What is the expected return on the portfolio?
A) 11.07%.
B) 11.93%.
C) 12.62%.
D) 11.50%.
E) 10.15%.

Answers

C
i believe ! have a good day
The answer is C I think so idrk. C. 12.62%

Do you think Hollywood and record companies have a right to alter or mandate changes to audio/video technology including TV's, TIVO, gaming consoles, DVR's, PC's, phones and IPODS, in order to insure or enforce copyright law?

Answers

Answer:

Yes

Explanation:

I think Hollywood and record companies have a right to mandate changes in order to insure or enforce copyright law.

This is because Copyright law sets out to protect ownership of an original creative work by preventing unauthorized usage of the work. The creative work can be in the form of ideas, artwork,  book or other forms of media. hence Hollywood and record companies have a right to enforce copyright laws by mandating changes to audio or video technology .

According to the media report how have the commited collusion​

Answers

Answer:

You must post the whole paragraph?????

Morrison Company manufactures two products: digital cameras and video cameras. The company uses an activity-based costing system. The annual production and sales volume of digital cameras is 10,000 units and of video cameras is 8,000 units. Direct costs for the digital cameras are $122; for the video cameras, direct costs are $153.
For overhead costs, there are three activity cost pools with the following expected activities and estimated total costs:
Activity Cost Pool Estimated Cost Expected Activity Digital Cameras Expected Activity Video Cameras Total
Activity 1$30,000 100 500 600
Activity 2 $45,000 600 300 900
Activity 3 $96,600 400 2,000 2,400
Refer to Morrison Company. Using ABC, the total cost per digital camera is approximately:
Please show calculations!

Answers

Answer:

"$127.11 per unit" is the correct approach.

Explanation:

The activity cost as per the questions will be:

Activity 1:

= [tex]\frac{30,000}{600}[/tex]

= [tex]50[/tex] ($)

Activity 2:

= [tex]\frac{45000}{900}[/tex]

= [tex]50[/tex] ($)

Activity 3:

= [tex]\frac{96600}{2400}[/tex]

= [tex]40.25[/tex] ($)

Now,

The overhead cost for digital cameras will be:

= [tex](50\times 100)+(50\times 600)+(40.25\times 400)[/tex]

= [tex]5000+30000+16.100[/tex]

= [tex]51100[/tex] ($)

Per unit overhead cost will be:

= [tex]\frac{51100}{10000}[/tex]

= [tex]5.11[/tex] ($)

hence,

The total cost will be:

= [tex]Direct \ costs+Indirect \ costs[/tex]

= [tex]122+5.11[/tex]

= [tex]127.11 \ per \ unit[/tex] ($)

actor Co. can produce a unit of product for the following costs: Direct material $ 8.60 Direct labor 24.60 Overhead 43.00 Total product cost per unit $ 76.20 An outside supplier offers to provide Factor with all the units it needs at $48.40 per unit. If Factor buys from the supplier, the company will still incur 60% of its overhead. Factor should choose to:

Answers

Answer:

Relevant cost to make = Direct materials + Direct labor + Variable overhead

Relevant cost to make = $8.60 + $24.60 + $43.00 (1-60%)

Relevant cost to make = $8.60 + $24.60 + $17.20

Relevant cost to make = $50.40

Outside supplier cost ($48.40) < Relevant cost to make ($50.40). So, Factor should choose to buy because the relevent cost is less than outside supplier cost.

ABC Company's production budget for October is based on 500 units. Standard unit cost for raw materials is $130 per unit ($10 per pound x 13 pounds per unit).

ABC's actual production in October= = 525 units.
The actual cost of materials used = $69,300 ($11 per pound x 12 pounds per unit).

Required:
a. Calculate the raw materials price variance for October. Is it favorable or unfavorable?
b. Calculate the raw materials usage variance for October. Is it favorable or unfavorable?

Answers

Answer and Explanation:

The computation is shown below;

a. Raw material price variance is

= (standard price - actual price) × actual quantity

= ($10 - $11) × ($69,300 ÷ $11)

= ($10 - $11) × 6,300

= $6,300 unfavorable

b. The raw material usage variance is

= (Standard quantity - actual quantity) × standard price

= (525 × 13 - 6,300) × $10

= $5,250 favorable

In this way it should be calculated

When Simple Semiconductors was operating at the minimum efficient scale of 10,000–12,000 units per month, the firm's cost per unit was $45. However, when the output level was increased beyond 12,000 units, the cost per unit increased to $47. This increase was attributed to the wear-and-tear of the machinery, and complexities of managing and coordinating. What is this phenomenon known as?
a) minimum efficient scale
b) diseconomies of scale
c) experience curve effect
d) learning-curve effect

Answers

Answer:

b

Explanation:

Diseconomies of scale is when a firm increases its output and cost per unit increases. This occurs when a firm produces beyond its  minimum efficient scale

The  minimum efficient scale is the lowest point on the cost curve where a firm can produce its output at the lowest cost

Diseconomies of scale is the opposite of economies of scale. Economies of scale is when as output is increases, cost per output falls.

A business manager finds that the building expense each month is completely uncorrelated with revenue levels. What should the business manager assume about this cost?

Answers

Answer:

The business manager should assume that the building expense is fixed.

Explanation:

Fixed costs are not correlated with the revenue levels.  Within the relevant range, fixed costs remain constant.  They do not vary with the activity levels as variable costs do.  For example, a manufacturer must pay for rent, repairs and maintenance, and utility bills irrespective of the revenue levels at which it is operating.  This is why the business manager always discovers that the building expense each month does not correlate with the revenue levels, unlike the product's variable costs.

Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2013, Padre transferred equipment to Sonora for $112,000. The equipment had cost $147,000 originally but had a $57,000 book value and five-year remaining life at the date of transfer. Depreciation expense is computed according to the straight-line method with no salvage value.
Consolidated financial statements for 2015 currently are being prepared. What worksheet entries are needed in connection with the consolidation of this asset? Assume that the parent applies the partial equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
prepare journal entry TA
Prepare entry ED

Answers

Answer:

                          Journal Entry TA

Date   Account Titles                      Debit       Credit

           Retained Earnings             $33,000

           Equipment                          $35,000

           ($147,000 - $112000)

                  Accumulated Depreciation           $68,000

                  [(147000-57000)+(57000/5*2)-(112000/5*2)]

                          Journal Entry ED

Date   Account Titles                       Debit       Credit

          Accumulated Depreciation   $11000

          [(112000-57000)/5]

                  Depreciation expense                  $11,000

Liang Company began operations on January 1, 2012. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows:
2012
a. Sold $1,345,434 of merchandise (that had cost $975,000) on credit, terms n/30.
b. Wrote off $18,300 of uncollectible accounts receivable.
c. Received $669,200 cash in payment of accounts receivable.
d.
In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable will be uncollectible.
2013
e. Sold $1,525,634 of merchandise (that had cost $1,250,000) on credit, terms n/30.
f. Wrote off $27,800 of uncollectible accounts receivable.
g. Received $1,204,600 cash in payment of accounts receivable.
h.
In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable will be uncollectible.
Required:
Prepare journal entries to record Liang’s 2012 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) (Round your intermediate calculations to the nearest dollar amount.)

Answers

Answer:

Liang Company

Journal Entries:

2012

a. Debit Accounts receivable $1,345,434

Credit Sales revenue $1,345,434

To record the sale of goods on credit, terms n/30.

Debit Cost of goods sold $975,000

Credit Inventory $975,000

To record the cost of goods sold.

b. Debit Allowance for Uncollectible accounts $18,300

Credit Accounts receivable $18,300

To write-off uncollectible accounts.

c. Debit Cash $669,200

Credit Accounts receivable $669,200

To record cash received on account.

d.  Debit Bad Debts Expense $28,169

Credit Allowance for Uncollectible accounts $28,169

To record bad debts expense and maintain a balance of $9,869 being 1.5% of accounts receivable as uncollectible.

2013

e. Debit Accounts receivable $1,525,634

Credit Sales revenue $1,525,634

To record the sale of goods on credit, terms n/30.

Debit Cost of goods sold $1,250,000

Credit Inventory $1,250,000

To record the cost of goods sold.

f. Debit Allowance for Uncollectible accounts $27,800

Credit Accounts receivable $27,800

To write-off uncollectible accounts.

g. Debit Cash $1,204,600

Credit Accounts receivable $1,204,600

To record the receipt of cash on account.

h.  Debit Bad Debts Expense $32,199

Credit Allowance for Uncollectible accounts $32,199

To record bad debts expense and maintain a balance of $14,268 being 1.5% of accounts receivable as uncollectible.

Explanation:

a) Data and Analysis:

2012

a. Accounts receivable $1,345,434 Sales revenue $1,345,434

Cost of goods sold $975,000 Inventory $975,000, terms n/30.

b. Allowance for Uncollectible accounts $18,300 Accounts receivable $18,300

c. Cash $669,200 Accounts receivable $669,200

d.  Bad Debts Expense $28,169 Allowance for Uncollectible accounts $28,169 balance of $9,869 being 1.5% of accounts receivable will be uncollectible.

2013

e. Accounts receivable $1,525,634 Sales revenue $1,525,634

Cost of goods sold $1,250,000 Inventory $1,250,000 credit, terms n/30.

f. Allowance for Uncollectible accounts $27,800 Accounts receivable $27,800

g. Cash $1,204,600 Accounts receivable $1,204,600

h.  Bad Debts Expense $32,199 Allowance for Uncollectible accounts $32,199 balance of $14,268 being 1.5% of accounts receivable will be uncollectible

T-accounts:

Accounts Receivable

Account Titles                       Debit         Credit

2012

Sales revenue              $1,345,434

Allowance for Uncollectible accounts $18,300

Cash                                                     669,200

Balance                                                657,934

2013

Balance                          $657,934

Sales revenue               1,525,634

Allowance for Uncollectible accounts $27,800

Cash                                                   1,204,600

Balance                                                  951,168

Allowance for Uncollectible accounts

Account Titles                       Debit         Credit

2012

Accounts receivable         $18,300

Bad Debts Expense                               $28,169

Balance                                 9,869

2013

Balance                                                   $9,869

Accounts receivable        $27,800

Bad Debts Expense                                32,199

Balance                             $14,268

The expected average rate of return for a proposed investment of $5,610,000 in a fixed asset, using straight-line depreciation, with a useful life of 20 years, no residual value, and an expected total net income of $16,830,000 over the 20 years is (round to two decimal points). a.15.00% b.30.00% c.1.50% d.60.00%

Answers

Answer:

b.30.00%

Explanation:

Calculation to determine what the expected total net income of $16,830,000 over the 20 years is

Expected total net income =($16,830,000/20)/($5,610,000/2)*100

Expected total net income=$841,500/$2,805,000

Expected total net income =30.00%

Therefore the expected total net income of $16,830,000 over the 20 years is 30.00%

Twenty graduate students in business were asked how many credit hours they were taking in the current quarter. Their responses are shown as follows:


Student Number Credit Hours Student Number Credit Hours Student Number Credit Hours
1 2 8 8 15 10
2 7 9 12 16 6
3 9 10 11 17 9
4 9 11 6 18 6
5 8 12 5 19 9
6 11 13 9 20 10
7 6 14 13

Required:
a. Determine the mean, median, and mode for this sample of data. Write a sentence explaining what each means.
b. It has been suggested that graduate students in business take fewer credits per quarter than the typical graduate student at this university. The mean for all graduate students is 9.1 credit hours per quarter, and the data are normally distributed. Set up the appropriate null and alternative hypotheses, and determine whether the null hypothesis can be rejected at a 95 percent confidence level.

Answers

Answer:

Since the calculated value of t= -1.016 does not fall in the critical region t ≥ 1.729 we conclude that the mean for all graduate students is 8.5  and fail to reject the null hypothesis.

Explanation:

Student          Credit     Student     Credit       Student      Credit

Number          Hours      Number     Hours     Number       Hours

1                          2               8                8              15                 10

2                        7                  9              12              16                  6

3                        9                  10              11               17                 9

4                        9                  11               6                 18                 6

5                        8                  12              5                19                 9

6                       11                   13              9                 20               10

7                       6                   14               13

The mean is the value which gives the average value of all the data.It is obtained by adding the value and dividing it by the number of values.

x`= ∑x/n

x`=2 +8 +10+ 7+ 12 + 6+ 9 +11+  9 +9  +6 + 6 +8 + 5+  9 +11+  9+  10+ 6 + 13/20

x`= 8.3

Median is the middle value which divides the data into two equal halves.

2 5,6,6,6,6, 7,8 ,8,  9,9, 9,9 ,9 ,10, 10,11,11, 12 , 13

For even number

Median = n/2=10 th.

Here the 10th value is 9   when the data is arranged in ascending order.

Mode=9

Mode gives the repeated value .

Let the hypotheses be

H0 : u = 8.5  vs Ha: u ≥ 8.5

The mean for all graduate students is 8.5

against the claim that

The mean for all graduate students is  greater than 8.5

The sample mean x`= 8.5 and standard deviation s= 2.64

Putting in the test statistic

t= x`- u / s/ √n

t= 8.5-9.1/2.64/√20

t= -0.6/2.64/4.472

t= -1.016

The critical region for alpha = 0.05 for one tailed test with n-1= 2-0-1= 19 degrees of freedom  is t ≥ 1.729

Since the calculated value of t= -1.016 does not fall in the critical region t ≥ 1.729 we conclude that the mean for all graduate students is 8.5  and fail to reject the null hypothesis.

On July 15, Piper Co. sold $16,000 of merchandise (costing $8,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $480 cash. On November 20, the Bucks played the first game of the six game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions.

Required:
Record the entry for cash sales and its sales taxes.

Answers

Answer:

Date      Account titles                   Debit     Credit

Jul-15    Cash                                $16,640

                    Sales revenue                          $16,000

                    Sales tax payable                    $640

                    ($16,000*4%)

Jul-15    Cost of goods sold           $8,000

                     Inventory                                 $8,000

Aug-01   Sales tax payable             $640

                      Cash                                       $640

Nov-03   Cash                                 $480

                      Unearned ticket revenue      $480

Nov-20  Unearned ticket revenue $80

              ($480*1/6)

                      Ticket revenue                       $80

Lang Warehouses borrowed $178,960 from a bank and signed a note requiring 8 annual payments of $28,819 beginning one year from the date of the agreement. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Determine the interest rate implicit in this agreement. (

Answers

Answer: 6%

Explanation:

The annual payments can be considered to be annuity payments as they are constant. The amount borrowed can be considered the present value of the annuity.

Present value of annuity = Annuity * Present value interest factor of annuity, 8 years, %?

178,960 = 28,819 * Annuity factor

Annuity factor = 178,960 / 28,819

= 6.20979

To find out the interest rate, look at the Present Value of Annuity table and go to the 8 period column. Look for 6.20979. The interest rate that intersects with this factor is the interest rate implicit in this agreement.

That rate is 6%.

why do we send emails?​

Answers

Answer:

to communicate at hyper speed so the one being emailed to can know or execute the order for a cause

or so that companies can send free ads into your cumputer:(

Explanation:

Best Buy might use all of the methods of change listed below. Which of these includes inputs, strategic plans, target elements of change, and outputs?

Answers

Answer:

E)Systems model of change

Explanation:

These are the options for the question

A)Organizational structure plan

B) social factors method

C) Organizational arrangements

D)Three stage model of planned change

E)Systems model of change

Best Buy are known with selling of consumer electronics as well as a variety of related merchandise.

Systems model of change can be regarded as a model that focus on big picture perspective of change. The model is base on interaction that exist among the key components of change.

The Systems Model of Change can also known as Organization-Wide Change which focus on the fact that there must be implementation of a change organization-wide and not a implementation in piecemeal

Main components that made up of systems model of change are;

✓target elements of change

✓inputs

✓ strategic plans

✓outputs

Zigzag Manufacturing has just hired a new controller, Leslie Demorest. During her first week on the job, Leslie was asked to establish a budget for operating expenses in 2019. Since Leslie was not yet familiar with the operations of Zigzag Manufacturing, she decided to budget these expenses using the same procedures as the prior controller. Therefore, in order to establish a budget for operating expenses, Leslie started with actual operating expenses incurred in 2018 and added 3.8%. Leslie based this percentage on inflation as measured by the consumer price index.
Required: Comment on the effectiveness of Leslie’s budgeting strategy.

Answers

Answer:

Zigzag Manufacturing

The Effectiveness of Leslie Demorest's Budgeting Strategy

The strategy of adjusting the previous year's operating expenses with inflation is not an effective way of strategic budget planning.  Leslie's budgeting strategy does not take advantage of forecasts of unexpectedly good performance and fails to provide any reaction that can occur when there are downturns in cash flow.

An effective budgeting strategy should provide the standard for the effective use of financial resources of Zigzag Manufacturing in its business operations.  There are no clear goals to be achieved and an evaluation of how the goals will be achieved through the budget implementation.

Explanation:

An effective budget should be able to forecast and track revenues and expenses, which are received and incurred in pursuit of business goals and projections.  An effective budget ensures that those who implement the projections contained in the budget remain motivated.  The idea of adjusting previous expenses with inflation is not an effective budgeting strategy.

Transaction Analysis and Financial Statements, Including Dividends
(Alternates are 2-47, 2-48, 2-50, and 2-52.) Consider the following balance sheet of a wholesaler
of children’s toys:
Gecko Toy Company
Balance Sheet, December 31, 20X0
Assets Liabilities and Stockholders’ Equity
Liabilities
Cash $ 400,000 Accounts payable $ 800,000
Accounts receivable 400,000 Stockholders’ equity
Merchandise inventory 860,000 Paid-in capital $360,000
Prepaid rent 45,000 Retained earnings 645,000
Equipment 100,000 Total stockholders’ equity 1,005,000
Total $1,805,000 Total $1,805,000
The following is a summary of transactions that occurred during 20X1:
a. Acquisitions of inventory on open account, $1 million.
b. Sales on open account, $1.5 million; and for cash, $200,000. Therefore, total sales were
$1.7 million.
c. Merchandise carried in inventory at a cost of $1.3 million was sold as described in b.
d. The warehouse 12-month lease expired on October 1, 20X1. However, the company immediately
renewed the lease at a rate of $84,000 for the next 12-month period. The entire rent was
paid in cash in advance.
e. Depreciation expense for 20X1 for the warehouse equipment was $20,000.
f. Collections on accounts receivable, $1.25 million.
g. Wages for 20X1 were paid in full in cash, $200,000.
h. Miscellaneous expenses for 20X1 were paid in full in cash, $70,000.
i. Payments on accounts payable, $900,000.
j. Cash dividends for 20X1 were declared and paid in full in December, $100,000.
Required
1. Prepare an analysis of transactions, employing the balance sheet equation approach demonstrated
in Exhibit 2-3 (p. 49 ) . Show the amounts in thousands of dollars.
2. Prepare an ending balance sheet, a statement of income, and the retained earnings column of
the statement of stockholders’ equity for 20X1.
3. Reconsider transaction j. Suppose the dividends were declared on December 15, 20X1,
payable on January 31, 20X2, to shareholders of record on January 20. Indicate which
accounts and financial statements in requirement 2 would be changed and by how much. Be
complete and specific.

Answers

Answer:

Gecko Toy Company

1. Analysis of Transactions, using the balance sheet equation approach:

a. Inventory $1 million Accounts Payable $1 million

b. Accounts Receivable $1.5 million Cash, $200,000 Equity: Sales Revenue  $1.7 million

c. Inventory ($1.3 million) Equity: Cost of goods sold ($1.3 million)

d. Cash ($84,000) Prepaid Rent $63,000 Equity: Rent Expenses $66,000  

e. Equipment (Acc. Depreciation) ($20,000) Equity: Depreciation Expense ($20,000)

f. Cash $1.25 million Accounts Receivable ($1.25 million)

g. Cash ($200,000) Equity: Wages Expense ($200,000)

h. Cash, ($70,000) Equity: Miscellaneous expenses ($70,000)

i. Cash ($900,000) Accounts Payable ($900,000)

j. Cash ($100,000) Equity: Dividends ($100,000)

2. Statement of Income:

Sales Revenue                       $1.7 million

Cost of goods sold              ($1.3 million)

Gross profit                          $0.4 million

Rent Expenses                      ($66,000)

Depreciation Expense          ($20,000)

Wages Expense                 ($200,000)

Miscellaneous expenses     ($70,000)

Total expenses                   $0.356 million

Net income                         $0.044 million

Statement of retained earnings:

Retained earnings               645,000

Net income                            44,000

Dividends                           (100,000)

Retained earnings             589,000

Gecko Toy Company

Balance Sheet, December 31, 20X1

Assets                                                Liabilities and Stockholders’ Equity

                                                          Liabilities

Cash                             $ 496,000   Accounts payable             $ 900,000

Accounts receivable      650,000    Stockholders’ equity

Merchandise inventory 560,000     Paid-in capital                    $360,000

Prepaid rent                     63,000     Retained earnings               589,000

Equipment                       80,000     Total stockholders’ equity   949,000

Total                          $1,849,000     Total                                 $1,849,000

3.  Accounts and Financial Statements that would change:

Assets (Cash) will increase by $100,000 (Balance sheet)

Liabilities (Dividends Payable) will increase by $100,000 (Balance sheet)

Explanation:

a) Data and Calculations:

Gecko Toy Company

Balance Sheet, December 31, 20X0

Assets                                                Liabilities and Stockholders’ Equity

                                                          Liabilities

Cash                             $ 400,000   Accounts payable              $ 800,000

Accounts receivable      400,000    Stockholders’ equity

Merchandise inventory 860,000     Paid-in capital                    $360,000

Prepaid rent                     45,000     Retained earnings               645,000

Equipment                     100,000     Total stockholders’ equity 1,005,000

Total                         $1,805,000      Total                                 $1,805,000

Analysis of Transactions, using the balance sheet equation approach:

a. Inventory $1 million Accounts Payable $1 million

b. Accounts Receivable $1.5 million Cash, $200,000 Equity: Sales Revenue  $1.7 million

c. Inventory ($1.3 million) Equity: Cost of goods sold ($1.3 million)

d. Cash ($84,000) Prepaid Rent $63,000 Equity: Rent Expenses $66,000  

e. Equipment (Acc. Depreciation) ($20,000) Equity: Depreciation Expense ($20,000)

f. Cash $1.25 million Accounts Receivable ($1.25 million)

g. Cash ($200,000) Equity: Wages Expense ($200,000)

h. Cash, ($70,000) Equity: Miscellaneous expenses ($70,000)

i. Cash ($900,000) Accounts Payable ($900,000)

j. Cash ($100,000) Equity: Dividends ($100,000)

Prepaid Rent

Account Title          Debit     Credit

Balance              $45,000

Cash                     84,000

Rent expense                      $66,000

Balance                                  63,000

We are given the following information for the Pettit Corporation.
Sales (credit) $3,549,000
Cash 179,000
Inventory 911,000
Current liabilities 788,000
Asset turnover 1.40 times
Current ratio 2.95 times
Debt-to-assets ratio 40%
Receivables turnover 7 times
Current assets are composed of cash, marketable securities, accounts receivable, and inventory.
Calculate the following balance sheet items:
a. Accounts receivable.
b. Marketable securities.
c. Fixed assets.
d. Long-term debt.

Answers

Answer:

See below

Explanation:

a. Accounts receivables

= Sales / Receivables turnover

= $3,549,000 / 7x

= $507,000

b. Marketable securities

= Current assets - (Cash + Accounts receivable + Inventory)

Where;

Current asset = Current ratio × Current liabilities

Current asset = 2.95 × $788,000

Current asset = $2,348,240

Hence,

Marketable securities

= $2,348,240 - ($179,000 + $507,000 + $911,000)

= $2,348,240 - $1,597,000

= $751,240

c. Fixed assets

Total assets = Current assets + Fixed assets

$2,535,000 = $2,348,240 + Fixed assets

Fixed assets = $2,535,000 - $2,348,240

Fixed assets = $186,760

d. Long term debt

= Total debt - Current liabilities

Where,

Total debt = Debt to assets × Total assets

= 40% × ($3,549,000 / 1.40)

= 40% × $2,535,000

= $1,014,000

Hence,

Long term debt

= $1,014,000 - $788,000

= $226,000

Bedard Corporation reported net income of $445,050 in 2020 and had 198,000 shares of common stock outstanding throughout the year. Also outstanding all year were 45,000 options to purchase common stock at $12 per share. The average market price of the stock during the year was $15.

Required:
Compute diluted earnings per share.

Answers

Answer:

$2.35

Explanation:

Convertible option = Total options available - [Total options available*Purchase price per share / Average market price per share]

Convertible option = 45,000 - [45,000*12/15]

Convertible option = 45,000 - 36,000

Convertible option = 9,000 shares

Weighted average number of shares = Common stock outstanding - Convertible option

Weighted average number of shares = 198,000 - 9,000

Weighted average number of shares = 189,000

Diluted earnings per share = Net income attributable to common stockholders / Weighted average number of shares

Diluted earnings per share = $445,050 / 189,000 shares

Diluted earnings per share = $2.354761905

Diluted earnings per share = $2.35

In the context of employee engagement, it is observed that the highly engaged employees feel a deep connection to their company. Disengaged employees:

a. feel disconnected, portraying deviant behavior at the workplace.
b. put in efforts to be as good as engaged employees.
c. continue working without affecting the turnover.
d. put time but no attention into their work.
e. engage in productive activities to prove their worth.

Answers

Its A hope this helpsss

identify the leadership style that Jack should apply in each statement below.​

Answers

Answer:

1.3.1 Charismatic leadership style

1.3.2 Transactional leadership style

1.3.3 Democratic leadership style

1.3.4 Laissez-faire leadership style

1.3.5 Autocratic leadership style

Enterprise mashup technology does not provide a mechanism to easily customize and share knowledge throughout the company.

a. True
b. False

Answers

I think it’s true hope this help
The answer is true. Hope it helped

State and explain elements of organizational structure?

Answers

Answer:

Explanation:

Organizational structure could be explained as a connected workflow through which an organization is strategically setup to operate.

Five elements create an organizational structure: job design, departmentation, delegation, span of control and chain of command

Job design : This element allows the definition of individual job role, the demands of each job position, duties, responsibilities and the key performance indicators.

Departmentation : Here, individual job roles which seems similar and have similar requirement are grouped into a certain defined category called department. Deparmentation may be ascribed based on task, job role, task force and so on.

Delegation : This involves process handling and management, each process and logical department has to be headed by a defined individual or group of persons.

Span of control : Definitions control and authority such that delegates know their limits and when to initiate their organizational power.

Chain of command : This is crucial as organizations aee arranged and operated hierarchically, the command line is defined such that it makes reporting easier.

When 30-year-old Lindsay was in a coma for 3 months, her friend Corey had the legal authority to handle her personal, financial, and medical affairs. Why did Corey have the legal right to do this? A. Corey was her life insurance agent. B. She had chosen Corey as her executor. C. Corey was named as her guardian. D. Corey had designated power of attorney.

Answers

Answer:

The correct answer is C. Corey was named as her guardian.

Explanation:

A legal guardian is a person appointed by a guardianship authority or a district court to represent a principal in matters where he or she is unable to control his or her own interests or manage his or her affairs himself or herself for other reasons, usually health. A legal guardian cannot act as such in matters where he or she and the principal could have a conflict of interest. Thus, in short, the guardian has the power to make decisions by and for the principal, without requiring the consent of the principal, who consents to his actions by means of a prior mandate.

Presented below are two independent situations:
(a) Edelman Inc. acquired 10% of the 412,000 shares of common stock of Schuberger Corporation at a total cost of $12 per share on June 17, 2017. On September 3, Schuberger declared and paid a $112,000 dividend. On December 31, Schuberger reported net income of $512,000 for the year.
(b) Wen Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker’s 112,000 outstanding shares of common stock at a cost of $18 per share on January 1, 2017. On May 15, Hunsaker declared and paid a cash dividend of $112,000. On December 31, Hunsaker reported net income of $212,000 for the year.
Prepare all necessary journal entries for 2017 for (a) Edelman and (b) Wen.

Answers

Answer:

a. Date    Accounts title                   Debit ($)       Credit ($)

June 17 Stock investment              494,400

                (412,000*$12*10%)

                     Cash                                                494,400

Sept.3      Cash                                  11,200

                ($112,000*10%)

                      Dividend revenue                          11,200

Dec. 31  Stock investments            51,200

                ($512,000*10%)

                       Investment revenue          51,200

b. Date Account title                     Debit ($) Credit ($)

Jan.1 Stock Investment              604,800

               (112,000*$18*30%)

                      Cash                                                 604,800

May 15 Cash                                    33,600

               ($112,000*30%)

                       Stock Investment                            33,600

Dec. 31    Stock investments              63,600

               ($212,000 *30%)

                       Investment revenue                         63,600

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