Answer:
Marcy Company
45. The average issue price per share of preferred stock must have been:
C) $70.00
46. The dividends paid to preferred and common stockholders in 2006 are:
B) Preferred $8,000, Common $12,000
47. The journal entry to record the exchange will cause Total Contributed Capital to:________
C) increase by $90,000
48. The journal entry to record the stock dividend will:_____________
A) debit Retained Earnings by $18,000.
49. The entry to record this dividend will:_________
B) credit Common Stock Dividend Distributable,$50,000
C) credit Contributed Capital in excess of par, Common Stock, $25,000
50. The journal entry required on March 1 will include:
Debit Cash $6,000
Credit Treasury stock $2,000
Credit Contributed Capital in excess of par value $4,000
Explanation:
a) Data and Calculations:
Preferred Stock:
6% cumulative, $20 par value, 10,000 shares authorized,
5,000 shares issued and outstanding . . $100,000
Contributed Capital in excess of par value, Preferred Stock . . 250,000
Common Stock:
$5 par value, 20,000 shares authorized,
10,000 shares issued and outstanding. . . . . . . . . . 50,000
Contributed Capital in excess of par value, Common Stock . .450,000
Total Contributed Capital . . . . . . . . . . . . $ 850,000
Retained Earnings . . . . . . . . . . . . . . . . . 150,000
Total Stockholders' Equity . . . . . . . . . . . .$ 1,000,000
Average issue price per share of preferred stock = $70 ($100,000 + $250,000)/5,000
2005 2006
Total dividends declared $4,000 $20,000
Preferred dividend 6,000 6,000
Cumulative dividend -2,000 2,000
Common stock dividend $0 $12,000
Journal Entry:
Debit Building $100,000
Credit Common stock $10,000
APIC - common stock $90,000
January 1, 2005: Treasury stock $5,000 Contributed Capital in excess of par value $17,000 Cash $22,000
February 1, 2005: Cash $15,000 Treasury stock $3,000 Contributed Capital in excess of par value $12,000
March 1, 2005: Cash $6,000 Treasury stock $2,000 Contributed Capital in excess of par value $4,000
Operations Excellence (OE), Inc. has two production departments: Mixing and Packaging. Mixing DepartmentPackaging DepartmentWarehouseOE manufactures two products: Compound H and Compound L. Compound H is a high-end product that requires more expensive materials than Compound L and is produced at smaller volume. The two products go through the two production departments in essentially the same conversion processes. There is no work-in-process inventory for either product. OE uses an operation costing system that assigns materials cost to the specific product for which the underlying materials are used and assigns conversion costs to all products evenly as each product undergoes the same process in each production department. The production and cost data are available for July:Compound HCompound LTotal2,500 Units4,800 UnitsMaterials: Mixing$220,000$100,000$120,000 Packaging 75,900 37,500 38,400Total materials cost$295,900$137,500$158,400Conversion: Mixing$219,000 Packaging 131,400Total conversion cost$350,400Required: Determine the unit cost for Compound H and Compound L.
Answer:
Operations Excellence (OE)
The unit cost for Compound H and Compound L respectively is:
Compound H Compound L
Unit cost of production $103 $81
Explanation:
Production and cost data are available for July:
Total Compound H Compound L
Production units 7,300 2,500 4,800
Materials:
Mixing $220,000 $100,000 $120,000
Packaging 75,900 37,500 38,400
Total materials cost $295,900 $137,500 $158,400
Conversion:
Mixing $219,000
Packaging 131,400
Total conversion cost$350,400
Assigned conversion cost per unit = $48
Assignment of conversion costs: 120,000 230,400 (4,800 * $48)
Total production costs $646,300 $257,500 $388,800
Units produced 7,300 2,500 4,800
Unit cost $103 $81
Question 2 of 8
2.0 Points
Income earned by the business from activities unrelated to its primary operations would be
classified as........ in the statement that measures its performance for a particular period.
Answer:
This type of income is known as non-operating income in the financial statements
Explanation:
Non-operating income, as the world implies, is the income that a firm earns from activities that are not related to its main economic activity. An example would be a mall, whose main activity is the rental and management of commercial real estate, earning some income from short-term investments in the secondary market. This interest would be reported as non-operating income, and would be treated as such for financial, accounting, and tax purposes.
The Purpose or objectives of Competition Policy
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Company FIN3610-FTRA has a six-year project that requires an initial investment of $30,000. Every year, the project will pay fixed costs of $20,000 to produce the product. Also, we know that the variable costs per unit will be $36, and the price per unit will be $58. The required return is 10%. Please calculate the financial break-even quantity for this project. (Do not round intermediate calculations and round your answer to 3 decimal places, e.g., 32.161.)
Answer:
909.09
Explanation:
Breakeven quantity are the number of units produced and sold at which net income is zero
Breakeven quantity = fixed cost / price – variable cost per unit
$20,000 / 58 - 36 = 909.09
Sandhill Co. purchased machinery that cost $2800000 on January 4, 2019. The entire cost was recorded as an expense. The machinery has a 9-year life and a $180000 residual value. The error was discovered on December 20, 2021. Ignore income tax considerations.
Before the correction was made, and before the books were closed on December 31, 2013, retained earnings was understated by:____.
Answer:
$2,217,777.78
Explanation:
The computation is shown below:
The accumulated depreciation amount till 31 Dec 2013
= ($2,800,000 - $180,000) ÷ 9 × 2
= $582,222.22
Now the expenses recorded as the purchase is $2,800,000
so,
The Retained earnings understated by
= $2,800,000 - $582,222.22
= $2,217,777.78
_________ are for profit organizations that exist primarily to provide customers with consumer credit, including the financing of automobiles and the purchase of durable goods
Answer: Finance companies
Explanation:
Finance company, refers to specialized financial institution that provides credit in order to buy consumer goods and also grant small loans to their consumers. They're different from the commercial banks as they do not accept deposit.
Finance companies can also borrow money from the commercial banks or the Federal Reserve System at a low interest rate and will then lend the monwy out at a higher interest rate.
A company's sales in Year 1 were $440,000 and in Year 2 were $477,500. Using Year 1 as the base year, the percent change for Year 2 compared to the base year is
Answer:
An apple, potato, and onion all taste the same if you eat them with your nose plugged
Explanation:
2019 2018 2017 2016 2015 Sales $ 512,623 $ 332,872 $ 260,056 $ 191,218 $ 142,700 Cost of goods sold 253,785 164,657 130,427 95,547 69,923 Accounts receivable 24,760 19,473 17,814 11,186 9,732 Compute trend percents for the above accounts, using 2015 as the base year.
Answer:
Please find the complete solution in the attached file.
Explanation:
Marissa gives Larry a check in payment for a computer that she is buying from him. She writes the check to Cash. Larry then gives the check to Gary Graduate his nephew, without indorsing it, as a graduation gift. Marissa then stops payment on the check because she claims that Larry breached the contract. When the check bounces, Gary makes a claim against Marissa for the amount of the check. Marissa responds that Gary cannot collect on the check since Larry breached the contract. What type of defense is this
Answer: personal
Explanation:
Based on the information given with regards to the question, this is a personal defense. A personal defense occurs when there's a breach of contract whereby there was issuing of the negotiable instrument.
In this case, Marissa writes the check to Cash but Larry then gives the check to Gary Graduate his nephew, without indorsing it, as a graduation gift
marie's magic shoppe provides the following information about its single product targeted opertating income selling price per unit variable costs per unit total fixed costs what is the contribution margin ratio
Answer:
44 %
Explanation:
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Contribution margin ratio = Contribution / Sales x 100
where
Contribution = Sales - Variable Costs
= $21.58 - $12.00
= $9.58
therefore,
Contribution margin ratio = $9.58 / $21.58 x 100
= 44.39 %
Which of the following statements is not correct? Multiple Choice After the reversing entry is posted for the adjustment made to recognize the salaries expense at the end of the accounting period, the Salaries Expense account will have a zero balance and the Salaries Payable account will have a credit balance. Reversing entries are made to reverse the effect of certain adjustments. Reversing entries provide a way to guard against oversights, eliminate the review of accounting records, and simplify the entry made in the new period. A reversing entry is the exact opposite (the reverse) of the adjustment.
Answer:
A)After the reversing entry is posted for the adjustment made to recognize the salaries expense at the end of the accounting period, the Salaries Expense account will have a zero balance and the Salaries Payable account will have a credit balance
Explanation:
Reversing entry can be regarded as
a journal entry which is been made during an accounting period, it
reverses selected entries that is been made during immediately preceding period. reversing entry typically take placeat the beginning of particular accounting period.
It should be noted thatReversing entries are;
1) made to reverse the effect of certain adjustments.
2) provide a way to guard against oversights, eliminate the review of accounting records, and simplify the entry made in the new period.
3)is the exact opposite (the reverse) of the adjustment.
Hart Attorney at Law experienced the follwoing transactions in 2016, the first year of operations:
1. Accepted $36,000 on 4/1/16, as a retainer for services to be performed evenly over the next 12 months
(2) Performed legal services for cash of $54,000
(3) Purchased $2,800 of office suppies on account
(4) Paid $2,400 of the amount due on accounts payable
(5) Paid a cahs dividend to the stockholders of $5,000
(6) Paid cash for operationg expenses of $31,000
(7) Determined that at the end of the accounting period $200 of office supplies remained on hand
(8) On 12/31/16, recognized the revenue that had been earned for services performed in accordance with Transaction 1
Problem: Show the effects of the events on the fianncial statements using a horizontal statement model.
Answer:
The accounting equation therefore holds as follows:
Total assets = Total liabilities + Total Stockholders’ Equity = $51,800
Explanation:
Note: See the attached excel file for the horizontal statement model showing the effects of the events on the financial statements.
The following calculations are made in the attached excel:
For Event 7, we have:
Office supplies = Amount of office supplies purchased - Office supplies remained on hand = $2,800 - $200 = $2,600
For Event 8, we have:
Amount of revenue that is recognized = Number of months from April 1 to December 31 * (Amount accepted on April 1 / Number of months in year) = 9 * ($36,000 /12) = 9 * $3,000 = $27,000
Also, the following can be obtained from the attached excel file:
Total assets = $51,600 + $200 = $51,800
Total liabilities = $400 + $9,000 = $9,400
Total Stockholders’ Equity = $42,400
Total liabilities + Total Stockholders’ Equity = $9,400 + $42,400 = $51,800
The accounting equation therefore holds as follows:
Total assets = Total liabilities + Total Stockholders’ Equity = $51,800
A company has two departments, Y and Z that incur wage expenses. An analysis of the total wage expense of $43,000 indicates that Dept. Y had a direct wage expense of $6,800 and Dept. Z had a direct wage expense of $10,700. The remaining expenses are indirect and analysis indicates they should be allocated evenly between the two departments. Departmental wage expenses for Dept. Y and Dept. Z, respectively, are:
Answer:
$19,550 and $10,250
Explanation:
Calculation to determine what Departmental wage expenses for Dept. Y and Dept. Z, respectively, are:
First step is to calculate the Indirect wages
Indirect wages = [43,000 - (6800+10700)]/2
Indirect wages= 43,000-17500/2
Indirect wages=24,500/2
Indirect wages = 12,750
Now let calculate Departmental wage expenses for Dept. Y and Dept. Z,
Departmental wage expenses for Dept. Y
=6800 + 12,750
Departmental wage expenses for Dept. Y = $19,550
Departmental wage expenses for Dept. Z=10,700 + 12,750
Departmental wage expenses for Dept. Z= 23450
Therefore Departmental wage expenses for Dept. Y and Dept. Z, respectively, are:$19,550 and $10,250
Why is it a good idea to have a security policy that defines the incident response process in your organization
What everyday example can you find that is similar to the initial process of obtaining stock borrow when trying to short sell and how
Julie evaluated her spending and found that she was spending about $75 more per month on transportation than she has bodgeted She can transfer money from other categories to increase transportation budget to $250 per month If her total monthly income S1,900 , to the nearest percent, what percent of her monthly income will be budgeted for transportation
Answer:
Julie
The percent of her monthly income that will be budgeted for transportation is:
= 13%.
Explanation:
a) Data and Calculations:
Amount budgeted for transportation = $175
Amount being spent on transportation = $250
Total monthly income = $1,900
Percentage of monthly income that will be budgeted for transportation = $250/$1,900 * 100
= 13.16%
= 13.2%
= 13%
Percentage of monthly income earlier budgeted for transportation = 9% ($175/$1,900 * 100)
The additional spending on transportation represents 4% ($75/$1,900 * 100)
New percentage spending on transportation = 13% (9% + 4%)
PLZZZ HELP GUYS ITS DUE VERY SOON
Answer:
$591.50
Explanation:
5% of $6000 is $300
6% of $2000 is $120
Money left to account for is $10450-$8000 which is $2450
7% of $2450 is $171.50
So on $10450 of sales, Triq makes $591.50 in commission.
Crane Company provided the following information on selected transactions during 2021: Purchase of land by issuing bonds $950000 Proceeds from issuing bonds 3020000 Purchases of inventory 3870000 Purchases of treasury stock 609000 Loans made to affiliated corporations 1400000 Dividends paid to preferred stockholders 408000 Proceeds from issuing preferred stock 1670000 Proceeds from sale of equipment 296000 The net cash provided (used) by investing activities during 2021 is $(4566000). $(1104000). $296000. $(2054000).
Answer:
$296,000
Explanation:
Consider cash movement in purchase and sale of capital assets only.
Cash flow from investing activities :
Proceeds from sale of equipment $296000
Net Cash Provided by investing activities $296000
therefore,
The net cash provided by investing activities during 2021 is $296000.
On November 12, 2013, Berube Co. repurchased 10,000 shares of its own stock at a price of $20 per share. Berube had originally issued the stock in 2010 at a price of $15 per share.Which of the following items would be decreased by the stock repurchase transaction? (check all that apply)a. Total Shareholders Equity.b. Total Assets.c. Cash from Financing Activities.d. Total Liabilities.e. Accumulated Other Comprehensive Income.
Answer:
Berube Co.
The items that would be decreased by the stock repurchase transaction are:
b. Total Assets.
c. Cash from Financing Activities.
Explanation:
a) Data and Calculations:
November 12, 2013: Repurchase of 10,000 shares at a price of $20 per share = $200,000 (10,000 * $20)
b) The treasury stock repurchase decreases the cash from financing activities by $200,000. This also reduces the Total Assets in the form of cash used in the repurchase. The opposite becomes the case when treasury stock is sold. Cash from financing activities is increased just as the Total Assets are increased.
If the U.S. engages in free trade and the international price of skateboards is $75, it would import _____ skateboards from the rest of the world.
ifthe U.S. engages in free trade and the international price of skateboards is $75, it would import _____ skateboards from the rest of the world.
Explanation:
answer would be 210
1 pts A $1.50 tax levied on the buyers of pomegranate juice will shift the demand curve Group of answer choices upward by exactly $1.50. upward by less than $1.50. downward by exactly $1.50. downward by less than $1.50.
Answer:
downward by exactly $1.50
Explanation:
The market for agricultural products is perfectly competitive
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
Consumers demand in perfect competition is elastic
If prices increases, the demand curve shifts downward by exactly the increase in price
10% of the facility and increase the overall costs of maintaining the space by 11%. If the incremental method were used, what amount of cost would be allocated to the start-up business
Answer:
the cost that allocated to the start up business is $61,600
Explanation:
The computation of the amount of the cost that allocated to the start up business is given below:
= Manufacturing facility costing × maintaining the overall cost percentage
= $560,000 × 0.11
= $61,600
Hence, the cost that allocated to the start up business is $61,600
We simply applied the above formula so that the amount could come
If the reserve requirement was 13% and a bank customer makes a deposit of $440 at the Springfield Bank, the initial result would be: Group of answer choices
Answer:
O a $382.8 increase in excess reserves and a $57.2 increase in required reserves.
Explanation:
Here is the complete question :
If the reserve requirement was 13% and a bank customer makes a deposit of $440 at the Springfield Bank, the initial result would be:
O a $57.2 increase in excess reserves and a $382.8 increase in required reserves.
O a $382.8 increase in excess reserves and a $57.2 increase in required reserves.
O a $57.2 increase in required reserves and a $2,944.6 increase in excess reserves.
O a $440 increase in required reserves and a $2.944.6 increase in excess reserves.
Reserves is the total amount of a bank's deposit that is not given out as loans
There are two types of reserves
Required reserveExcess reserveRequired reserves is the percentage of deposits required of banks to keep as reserves by the central bank
Required reserves = reserve requirement x deposits
0.13 x $440 = $57.20
Excess reserves is the difference between reserves and required reserves
$440 - $57.20 = $382.80
Alyssa finds a job description for an interesting retail position. The job description indicates exactly what department of the store she would be responsible for and what her duties would be. The ad describes good opportunities for advancement within the retail area, so she could become the managing retail director for her department. However, she would not be able to move into finance or production. This is an example of which organizational strategy?
Answer:
Work specialization
Explanation:
From the question, we are informed about Alyssa who finds a job description for an interesting retail position. The job description indicates exactly what department of the store she would be responsible for and what her duties would be. The ad describes good opportunities for advancement within the retail area, so she could become the managing retail director for her department. However, she would not be able to move into finance or production. This is an example of Work specialization organizational strategy. Work specialization can as well be regarded as division of labor, it can be explained as the degree to which individual tasks is divided into separate jobs by an organization.The advantages of work specialization is that it helps Employees to become
expert to some extent of degree as regards their specific task, another one is Higher levels of productivity.
Holo Company reported the following financial numbers for one of its divisions for the year; average total assets of $5,800,000; sales of $5,375,000; cost of goods sold of $3,225,000; and operating expenses of $1,147,000. Compute the division's return on investment:
Answer:
17.30%
Explanation:
The computation of the return on investment is shown below
But before that the net income is
Sales $5,375,000
Less: COGS -$3,225,000
Less: Operating Expenses -$1,147,000
Net Income $1,003,000
Now
Return on Investment is
= Net Income × 100 ÷ Average Assets
= $1,003,000 × 100 ÷ $5,800,000
= 17.30%
In the fall of 2008, AIG, the largest insurance company in the world at the time, was at risk of defaulting due to the severity of the global financial crisis. As a result, the U.S. government stepped in to support AIG with large capital injections and an ownership stake. How would this affect, if at all, the yield and risk premium on AIG corporate debt before and after U.S. Government support
• Initially default risk increases, yield increases, price of AIG decreases
• After government intervention, default decreases, yield decreases, price of AIG increases
Consider two firms producing smartphones. Firm A uses a highly automated robotics process, while Firm B uses human workers on an assembly line and pays overtime when there is heavy production demand. Firm A and B have a similar amount of financial leverage. Which firm will have a higher beta
Answer:
The firm that will have a higher beta is:
Firm B.
Explanation:
The question here is which firm is more volatile. Since they have a similar amount of financial leverage, Firm B which uses more human workers on its assembly line and pays overtime will appear to be more volatile than Firm A with a highly automated robotics process. Firm B faces risks of labor strikes and other vagaries associated with the use of more labor than the market.
The supply and demand model assists in analyzing the: relationship between education and employment. growth in the overall level of economic activity. determinants of market price and quantity. connection between trade and U.S. employment levels.
Answer: determinants of market price and quantity.
Explanation:
The supply and demand model is important as it helps in analyzing the impact of the variables like price, quantity, tastes, preferences, the prices of related goods, technology, etc.
The The supply and demand model assists in getting the equilibrium price and the equilibrium quantity of a good in the market. Therefore, the correct option is C.
Deazia is the sole proprietor of Baldwin Hair Salon that reported net income of $44,000 for the year. During the year she withdrew $20,000 from the business for personal use. How much income from the above must Deazia include in her gross income for the year
Answer:
$44,000
Explanation:
Based on the given information we were told that the sole proprietor reported NET INCOME of the amount of $44,000 for the year which means that the amount of income from the above that Deazia must include in her GROSS INCOME for the year will be the reported NET INCOME amount of $44,000.
If from 1980 to 2005, the average growth rate of aggregate output for the economy of Groland was 4.5%, while over the same time, Groland's population grew an average of 2.0% per year, then aggregate output per person grew at an average of _____ each year