Answer:
DR Cash $599,000
CR Notes Payable $599,000
Explanation:
As this is the entry for the issuance of the note, interest will not be recorded as it is incurred as during the loan period.
Entry will be;
Date Details Debit Credit
Jan 1 Cash 599,000
Notes Payable 599,000
Divac’s preferred stock is $100 par, 8% stock. If the stock is liquidated or redeemed, stockholders are entitled to $120 per share. There are no dividends in arrears on the stock. The common stock has a par value of $10 per share. Assume that the common stockholders have a right to the total net income of $74,000.
Answer:
1. 59.21%
2. $15.98
Explanation:
Note: The table is attached as picture below
Required: "1. Determine the dividend payout ratio for the common stock 2. Determine the book value per share of Divac’s common stock."
1. Dividend Payout Ratio = Cash Dividend / Net Income * 100
Dividend Payout Ratio = 45,000 / 76,000 * 100
Dividend Payout Ratio = 59.21052631578947%
Dividend Payout Ratio = 59.21%
2. Number of Shares for Preferred Stock = Total Value of Preferred Stock / Par Value Per Share of Preferred Stock
Number of Shares for Preferred Stock = 110,000 /100
Number of Shares for Preferred Stock = 1,100
Liquidation Value of Preferred Stock = Number of Shares of Preferred Stock * Liquidation Price Per Share
Liquidation Value of Preferred Stock = 1,100 * 120
Liquidation Value of Preferred Stock = 132,000
Total Stockholders' Equity ′ = Preferred Stock + Paid in Capital Preferred + Common Stock + Paid in Capital Common + Retained Earnings
Total Stockholders' Equity = 110,000 + 55,000 + 500,000 + 50,000 + 216,000
Total Stockholders' Equity = 931,000
Net Assets Applicable to Common Stock = Total Stockholders' Equity - Liquidation Value of Preferred Stock
Net Assets Applicable to Common Stock = 931,000 - 132,000
Net Assets Applicable to Common Stock = 799,000
Number of Shares of Common Stock = Total Value of Common Stock / Par Value Per Share of Common Stock
Number of Shares of Common Stock = 500,000 / $10
Number of Shares of Common Stock = 50,000
Book Value Per Share = Net Assets Applicable to Common Stock / Number of Shares of Common Stock Net Assets Applicable to Common Stock
Book Value Per Share = 799,000 / 50,000
Book Value Per Share = $15.98
So therefore, the Book Value Per Share is $15.98 per share
OKRs can be executed in stages. The first stage would be keyed to a deadline and then then once the project is completed and running objectives can be keyed to cash flow metrics.
a) true
b) false
Answer:
b) false
Explanation:
OKR is a goal-setting method used by companies. It is impleemented using following steps
Communicate the OKRChoose a tool used for OKROrganize the Company's OKRSet the company's OKRSet every single OKR for teams, departments and IndividualsMake the changes in OKR if requiredApprove the OKR Evaluate the OKR at each period end.So, the OKR cannot be implemented in a single step and it requires multiple steps.
Hence the given statement is false.
On January 1, Year 1, Lowing Company acquired a patent from Generics Research Corporation for $3 million. The legal life of the patent is 20 years, but Lowing expects to use it for 5 years. Pawson Company has committed to purchase the patent from Lowing for $500,000 at the end of that 5-year period. Lowing uses the straight-line method to amortize intangible assets with finite useful lives. What is the amount of amortization expense each year
Answer:
patent amortization expense per year = $500,000 per year
Explanation:
patent amortization expense per year = depreciable value / useful life of the intangible asset
depreciable value = purchase cost - salvage value = $3,000,000 - $500,000 = $2,500,000useful life of the patent = 5 years (the legal life is different than the useful life)patent amortization expense per year = $2,500,000 / 5 years = $500,000 per year
A Corporation produces shiny discs. A special order has been placed by the customer to Rick for 2,200 units of the shiny disc for $38 a unit. While the disc would be modified slightly for the special order, the normal unit product cost for each disc is $16.90:
Direct materials $ 4.60
Direct labor 4.00
Variable manufacturing overhead 1.70
Fixed manufacturing overhead 6.60
Unit product cost $ 16.90
Assume that direct labor is a variable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs.
The customer would like modifications made to each disc that would increase the variable costs by $1.90 per unit and that would require an investment of $16,000 in special equipment that would have no salvage value.
This special order would have no effect on Rick Corp.'s other sales. The company has enough spare capacity for producing the special order.
What would be the annual financial advantage (disadvantage) for Rick as a result of accepting this special order?
a) $40,760
b) $15,700
c) $2,000
d) $16,200
Answer:
Rick Corporation
The annual financial advantage (disadvantage) for Rick as a result of accepting this special order is:
a) $40,760
Explanation:
a) Data and Calculations:
Special order for 2,200 units of shiny disc at $38 a unit
Normal product cost: Special order:
Direct materials $ 4.60 $ 4.60
Direct labor 4.00 4.00
Variable manufacturing overhead 1.70 1.70
Additional variable cost 1.90
Total variable costs $10.30 $12.20
Fixed manufacturing overhead 6.60 0
Investment in special equipment ($16,000/2,200) 7.273
Unit product cost $ 16.90 $19.473
Annual Financial Advantage (Disadvantage) for the special order:
Sales Revenue ($38 * 2,200) = $83,600
Variable costs ($12.20 * 2,200) 26,840
Contribution ($25.80 * 2,200) $56,760
Special equipment 16,000
Financial Advantage $40,760
Problems and Applications Q4 Suppose that the government imposes a tax on heating oil. True or False: The deadweight loss from this tax would likely be larger in the fifth year after it is imposed than in the first year as demand for heating oil becomes more elastic. True False The tax revenue collected from a tax on heating oil is likely to be in the first year after it is imposed than in the fifth year.
Answer:
TrueTrueExplanation:
The deadweight loss in the fifth year will indeed be higher in the fifth year than in the first because deadweight loss has been shown to increase with elasticity.
As demand becomes more elastic as a result of the oil becoming more expensive, tax revenue will decrease in future which means that tax revenue will be less in five years than in the first.
When you are posting your résumé online, be sure to adjust it so it is _____.
one page in length
bold
colorful
cyber-safe
Answer:
I think the answer is one page in length
Explanation:
because when you do a resume you will need to add a length to it beige you post it in.
Big Fork Lumber Company incurs a cost of $402 per hundred board feet (hbf) in processing certain "rough-cut" lumber, which it sells for $540 per hbf. An alternative is to produce a "finished cut" at a total processing cost of $523 per hbf, which can be sold for $668 per hbf. Prepare a differential analysis dated August 9 on whether to sell rough-cut lumber (Alternative 1) or process further into finished-cut lumber (Alternative 2).
Answer and Explanation:
The preparation of the differential analysis is presented below:
Particulars Sell Rough cut Process Differential
(Alternative 1) Further into Effect on income
Finished cut (Alternative 2)
(Alternative 2)
Revenues
per 100 board feet $540 $668 $128
Cost per $100
Board ft -$402 -$523 -$121
Income
or loss
per 100 board $138 $145 $7
In the case when the product would get process further so there is an increase in revenue by $7
Mary saw a bangle bracelet at an accessories shop that she liked and told her friend Susan that the most she would pay for it was $38.00. When she found out the price was $33.50, she immediately bought it and gained $
nothing in consumer surplus. (Enter your response rounded to two decimal places)
If Mary was to buy another bangle bracelet, her additional consumer surplus would
▼
.
Answer:
$4.50 and =$9.00
Explanation:
Consumer surplus is the difference between what a consumer is willing to pay for a good or service and its market price.
i.e., Consumer surplus = maximum willing price - actual price
Mary is willing to pay $38.00, and the market price is $33.50 .
The consumer surplus = $38 - $33.50
=$4.50
If Mary buys a second bracelet, total consumer surplus would be
=$4.50 x 2
=$9.00
Purchases Budget in Units and Dollars
Budgeted sales of The Music Shop for the first six months of 2010 are as follows:
Month Unit Sales Month Unit Sales
January 140,000 April 200,000
February 140,000 May 160,000
March 200,000 June 220,000
Beginning inventory for 2010 is 60,000 units. The budgeted inventory at the end of a month is 30 percent of units to be sold the following month. Purchase price per unit is $4.
Prepare a purchases budget in units and dollars for each month, January through May.
The Music Shop
Purchases Budget
January - May, 2010
January February March April May
Purchase units:
Purchase dollars:
Answer:
Results are below.
Explanation:
To calculate the purchases for each month, we need to use the following formula:
Purchases (units)= sales + desired ending inventory - beginning inventory
January (units):
Sales= 140,000
Desired ending inventory= (140,000*0.3)= 42,000
Beginning inventory= (60,000)
Total number of units= 122,000
Total cost= 122,000*4= $488,000
February (units):
Sales= 140,000
Desired ending inventory= (200,000*0.3)= 60,000
Beginning inventory= (42,000)
Total number of units= 158,000
Total cost= 158,000*4= $632,000
March (units):
Sales= 200,000
Desired ending inventory= (200,000*0.3)= 60,000
Beginning inventory= (60,000)
Total number of units= 200,000
Total cost= 200,000*4= $800,000
April (units):
Sales= 200,000
Desired ending inventory= (160,000*0.3)= 48,000
Beginning inventory= (60,000)
Total number of units= 188,000
Total cost= 188,000*4= $752,000
May (units):
Sales= 160,000
Desired ending inventory= (220,000*0.3)= 66,000
Beginning inventory= (48,000)
Total number of units= 178,000
Total cost= 178,000*4= $712,000
Boots Plus has two product lines: Hiking boots and Fashion boots. Income statement data for the most recent year follow: Total Hiking Fashion Sales revenue $520,000 $380,000 $140,000 Variable expenses 365,000 245,000 120,000 Contribution margin 155,000 135,000 20,000 Fixed expenses 81,000 40,500 40,500Operating income (loss) $74,000 $94,500 $(20,500)Assuming the Fashion line is discontinued, total fixed costs remain unchanged, and the space formerly used to produce the line is rented for per year, how will operating income be affected?A. Increase $157,000.B. Decrease $49,500.C. Increase $6,000.D. Increase $83,000.
Question Completion:
Assuming that the rent received from the Fashion line space is $40,500.
Answer:
Boots Plus
The operating income will be increased by $20,500.
Explanation:
a) Data and Calculations:
Boots Plus Income Statement before the discontinuation of Fashion line:
Total Hiking Fashion
Sales revenue $520,000 $380,000 $140,000
Variable expenses 365,000 245,000 120,000
Contribution margin 155,000 135,000 20,000
Fixed expenses 81,000 40,500 40,500
Operating income (loss) $74,000 $94,500 $(20,500)
Elimination of the Fashion line
Boots Plus Income Statement after the discontinuation of Fashion line::
Total
Sales revenue $380,000
Variable expenses 245,000
Contribution margin 135,000
Fixed expenses 81,000
Rent income 40,500
Operating income (loss) $94,500
On January 1, 2020, Novak Corp. had inventory of $56,500. At December 31, 2020, Novak had the following account balances.
Freight-in $4,800
Purchases 509500
Purchase discounts 8000
Purchase returns and allowances 2700
Sales revenue 807000
Sales discounts 6000
Sales returns and allowances 10,900
At December 31, 2020, Novak determines that its ending inventory is $66,500.
Required:
Compute Novak's 2020 gross profit.
Compute Novak's 2020 operating expenses if net income is $143,000 and thre are no nonoperating activities.
Answer:
Gross Profit ⇒ $296,500Operating expenses ⇒ $153,500Explanation:
Gross Profit;
= Net sales - Cost of Goods sold
Net sales = Sales revenue - sales discounts - sales returns and allowances
= 807,000 - 6,000 - 10,900
= $790,100
Cost of Goods sold
= Opening balance + Purchases + Freight-in - Purchase discounts - Purchase returns and allowances -closing balance
= 56,500 + 509,500 + 4,800 - 8,000 - 2,700 - 66,500
= $493,600
Gross Profit = 790,100 - 493,600
= $296,500
Operating Expense
Net Income = Gross profit - operating expenses
143,000 = 296,500 - operating expenses
Operating expenses = 296,500 - 143,000
= $153,500
The search for and qualification of potential customers during the personal selling process is referred to as:_____.
Answer:
Prospecting.
Explanation:
This is known to be the first step that is been taken in a bid to get potential customers in a marketing process. Its made by of these marketers is firstly to qualify a recipient as a prospect and is other cases, someone who may have a need for your business products or services, or not. Its goal of is to develop a database of likely customers and then systematically communicate with them in the hopes of converting them from potential customer to current customer.
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Inventory at Current Date Current Prices Price Index December 31, 2020 $1,284,000 107 December 31, 2021 1,450,000 125 December 31, 2022 1,625,000 130 What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO
Answer: $1,175,000
Explanation:
Cost of ending inventory December 31, 2021;
= December 2019 ending inventory + {(Inventory at 2021 price/2021 index * 2019 index) - December 2019 ending inventory} * 2021 index / 2019 index
= 1,100,000 + {(1,450,000/125 * 100) - 1,100,000} * 125/100
= 1,100,000 + 75,000
= $1,175,000
Blossom Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $403500 ($604000), purchases during the current year at cost (retail) were $3608000 ($5393600), freight-in on these purchases totaled $169500, sales during the current year totaled $4866000, and net markups were $424000. What is the ending inventory value at cost
Answer:
$1,012,696
Explanation:
The computation is shown below:
At Cost method:
Merchandise available for sale is :
= Beginning inventory + Purchases + Fright-in
= $403,500 + $3,608,000 + $169,500
= $4,181,000
At Retail method:
Merchandise available for sale:
= Beginning inventory + Purchases + Markups
= $604,000 + $5,393,600 + $424,000
= $6,421,600
Now
Ending inventory at retail is
= Retail - Markdowns - Net sales
= $6,421,600 - $0 - $4,866,000
= $1,555,600
Now
Cost to retail ratio is
= $4,181,000÷ ($4,866,000 + $1,555,600)
= 65.10%
And finally the ending inventory at cost is
= $1,555,600 × 65.10%
= $1,012,696
All of the following are true of Transportation EXCEPT: A. Transportation systems link geographically separated partners, facilities and customers B. Transportation facilitates the creation of time and place utility in the supply chain C. Transportation managers choose modes of transportation based only on cost D. Transportation has a major impact on company financial performance E. Transportation involves the physical movement of goods between origin and destination points
Answer:
C. Transportation managers choose modes of transportation based only on cost
Explanation:
Supply chain management can be defined as the effective and efficient management of the flow of goods and services as well as all of the production processes involved in the transformation of raw materials into finished products that meet the insatiable want and need of the consumers. Generally, the supply chain management involves all the activities associated with planning, execution and supply of finished goods and services to the consumers.
The fundamentals of supply chain management are best summed up as a strategic collaboration between multiple firms. These multiple firms include a company that is saddled with the responsibility of manufacturing, a wholesaler, and a retailer who typically sells the products to the customers or consumers.
Basically, these three (3) firms or individuals are required to collaborate with each other so as to meet the needs of the customers in a timely manner or fashion and at a fair price too.
Basically, in supply chain management, transportation plays a significant part in the movement of goods or services from the point of production to the end users or consumers.
Hence, all of the following are true of Transportation;
A. Transportation systems link geographically separated partners, facilities and customers
B. Transportation facilitates the creation of time and place utility in the supply chain
C. Transportation has a major impact on company financial performance
D. Transportation involves the physical movement of goods between origin and destination points
Supply chain management is termed as the effectiveness and efficiency of the management of the goods and services and the production involved in the process of the transformation of the goods and services from the raw materials.
The correct option is C. Transportation managers choose modes of transportation based only on cost.
Option C. Transportation managers choose modes of transportation based only on cost is wrong because the transportation or the transmission of the materials of the consumption is not as per the cost of it but as per the demand and the supply of the goods and services.
It is decided by the supply chain management that looks for the management of the supply of the goods and the services to the consumers for their satisfaction and their satisfaction.
To know more about the true statement of the transportation, refer to the link below:
https://brainly.com/question/14700258
Bramble Corp. purchased a truck at the beginning of 2020 for $109000. The truck is estimated to have a salvage value of $3700 and a useful life of 121000 miles. It was driven 21000 miles in 2020 and 29000 miles in 2021. What is the depreciation expense for 2021
Answer:
2020 = 18275.206
2021 = 25237.190
Explanation:
Cost of truck at beginning of 2020 = $109,000
Salvage value = $3700
Useful life = 121,000 miles
Miles driven in 2020 = 21000
Miles driven in 2021 = 29000
Depreciation expense 2020:
((Cost of asset - salvage value) / useful life) * miles driven in 2020
((109,000 - 3700) / 121000) * 21000
0.8702479 * 21000 = 18275.206
Depreciation expense 2021:
((109,000 - 3700) / 121000) * 29000
= 25237.190
Your neighbor never mows his lawn. You don’t have any legal right to force him to mow, but the mess in his front yard is making your neighborhood unsightly and reducing the value of your house. The reduction in the value of your house is $5,000, and the value of his time to mow the lawn once a week is $1,000. Suppose you offer him a deal in which you pay him $3,000 to mow. How does this deal affect surplus?
Answer: The deal will have the effect of increasing both your surplus as well as your neighbor's
Explanation:
Assuming your neighbor accepts the deal, you would have paid $3,000 when in fact your house value had reduced by $5,000. This give you a surplus of $2,000 because you paid $2,000 less than the cost to you if your neighbor did not mow the lawn.
Your neighbor also makes a surplus because where normally it would cost them $1,000 to mow the lawn, they got $3,000. They also make a surplus of $2,000 over the cost to mow.
In examining investors’ preferences for dividends, it is useful to begin with the concept of dividend irrelevance. Dividend irrelevance suggests that in a world with no taxes or brokerage (or transaction) costs, firms and investors are indifferent to the paying or receiving of dividends. However, as these restrictions are relaxed, various factors suggest that firms should pursue high or low payouts. One such factor is:
Answer: Favor a high payout
Explanation:
Investors are allowed to exclude as much as 70% of dividend income from taxes. They will therefore demand a higher payout in terms of investment so that they make make more income after they exclude taxes.
For instance, assume investors had a choice between receiving $40 and $60 in dividends.
On $40, the non-taxable amount would be = 40 * 70% = $28
On $60, the non-taxable amount would be = 60 * 70% = $42
They will pick the higher payout of $60 in order to get more income after tax.
Riverrun Co. provides medical care and insurance benefits to its retirees. In the current year, Riverrun agrees to pay $31,500 for medical insurance and contribute an additional $9,650 to a retirement program. Record the entry for these accrued (but unpaid) benefits on December 31.
Answer:
Date Details Debit Credit
December 31, Employee benefits expense $41,150
Medical insurance payable $31,500
Employee Retirement program $9,650
payable
Working
= 31,500 + 9,650
= $41,150
Sralbn620 Corporation has two divisions: Domestic Division and Foreign Division. Last month, the corporation reported a contribution margin of $47,800 for Domestic Division. Foreign Division had a contribution margin ratio of 25% and its sales were $235,000. Net operating income for the Sralbn620 Corporation was $35,700 and traceable fixed expenses were $55,400.
(ID#32648)
What were Sraibn 620 Corporation's common fixed expenses?
a) $15,450
b) $106,550
c) $55,400
d) $70,850
Answer:
Common fixed expense= $15,450
Explanation:
First, we need to calculate the total contribution margin from the two divisions:
Domestic Division= $47,800
Foreign Division= 235,000*0.25= $58,750
Total contribution margin= $106,550
Now, we can determine the common fixed expense using the following formula:
Net operating income= total contribution margin - traceable fixed expense - common fixed expense
35,700 = 106,550 - 55,400 - common fixed expense
common fixed expense= 51,150 - 35,700
common fixed expense= $15,450
Sraibn271 Corporation has two divisions: Domestic Division and Foreign Division. Last month, the corporation reported a contribution margin of $46,400 for Domestic Division. Foreign Division had a contribution margin ratio of 35% and its sales were $243,000. Net operating income for the Sraibn271 Corporation was $36,800 and traceable fixed expenses were $51,000.
(ID#19361)
What were Sraibn271 Corporation's common fixed expenses?
a) $131,450
b) $43,650
c) $51,000
d) $94,650
Answer: b) $43,650
Explanation:
Contribution margin of Domestic division + contribution margin of Foreign division - traceable fixed cost - common fixed cost = Net operating income for company
46,400 + (0.35 * 243,000) - 51,000 - Common = 36,800
80,450 - Common = 36,800
Common = 80,450 - 36,800
= $43,650
differences between generic and enterprise competition
Explanation:
Generic competition is competition among different products that solve the same purpose while enterprise competition is am orderly established business with limited liability of another person.
hope it helps!
On January 1, 2020, Global Sales issued $25,000 in bonds for $29,800. These are eight-year bonds with a stated rate of 15% and pay semiannual interest. Global Sales uses the straight-line method to amortize the bond premium. On June 30, 2020, when Global makes the first payment to bondholders, what is the amount that will be reported as Interest Expense? (Round your intermediate answers to the nearest dollar.) Group of answer choices $1575 $3225 $1875 $1225
Answer:
$ 1,875
Explanation:
Note that cash payable to bondholders semiannually( semiannual coupon payment) is the face value multiplied by the stated rate of 15% apportioned to reflect six-month payment rather than a whole year as computed below:
semiannual coupon payment=face value*coupon rate*6/12
face value=$25,000
coupon rate=15%
semiannual coupon payment=$25,000*15%*6/12
semiannual coupon payment=$1,875
A company that sends email advertising messages to millions of individuals without their permission violates?
Answer
no it doesn't violate because its and advertisement and millions of businesses do it
Explanation:
Answer:
the CAN-SPAM act
Explanation:
Pina Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 11 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows.
Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee
2019 2020 2019 2020 2019 2020
$11 $12 0 10 4 6
Pina Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the following projected rates to accrue vacation time. Year in Which Vacation Time Was Earned Projected Future Pay Rates Used to Accrue Vacation Pay 2019 $11.83 2020 12.76
Prepare journal entries to record transactions related to compensated absences during 2019 and 2020
Answer:
2019
Dr Salaries and wages expense 9,680
Cr Salaries and wages payable 9,680
Dr Salaries and wages expense 6,160
Cr Salaries and wages payable 6,160
Dr Salaries and Wages Payable 3,520
Cr Cash 3,520
2020
Dr Salaries and wages expense 10,560
Cr Salaries and wages payable 10,560
Dr Salaries and wages expense 6,720
Cr Salaries and wages payable 6,720
Dr Salaries and wages expense
800
Dr Salaries and wages payable 8,800
Cr Cash 9,600
Dr Salaries and Wages Expense 240
Dr Salaries and Wages Payable 5,520
Cr Cash 5,760
B. 2019 $10,410
2020 $12,175
Explanation:
(a) Preparation of journal entries to record transactions related to compensated absences during 2019 and 2020
2019
Dr Salaries and wages expense 9,680
Cr Salaries and wages payable 9,680
(10 employees * $11.00/hr. * 8 hrs./day * 11 days)
(Being to record accrue expense and liability for vacation)
Dr Salaries and wages expense 6,160
(10 employees * $11.00/hr. * 8 hrs./day * 7days)
Cr Salaries and wages payable 6,160
(Being to record accrue expense and liability for sick pay)
Dr Salaries and Wages Payable 3,520
Cr Cash 3,520
(10 employees * $11.00/hr. * 8 hrs./day*4 days)
2020
Dr Salaries and wages expense 10,560
(10 employees * $12/.00/hr. * 8 hrs./day * 11 days)
Cr Salaries and wages payable 10,560
(Being to accrue expense and liability for vacation)
Dr Salaries and wages expense 6,720
Cr Salaries and wages payable 6,720
(10 employees * $12.00/hr. * 8 hrs./day * 7 days)
(Being to record accrue expense and liability for sick pay)
Dr Salaries and wages expense
800
(9,600-800)
Dr Salaries and wages payable 8,800
(10 employees * $11.00/hr. X 8 hrs./day *10days)
Cr Cash 9,600
(10 employees * $12.00/hr. * 8 hrs./day X 10days)
(Being to record vacation time period))
Dr Salaries and Wages Expense 240
(10 employees * ($11-12) /hr. * 8 hrs./day * (7-4) last yr)
Dr Salaries and Wages Payable 5,520
(10 employees * $11.00/hr. * 8 hrs./day * (7-4) days) + (10 employees * $12.00/hr. * 8 hrs./day *(6-3) days)
=(2,640+2,880=5520)
Cr Cash 5,760
(10 employees * $12.00/hr. * 8 hrs./day * 6 days)
(Being to record sick leave paid)
B) Computation for the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019, and 2020
1. December 31, 2019
10 employees * $11.83/hr. * 8 hrs./day * 11 days =$10,410
2. December 31, 2020
10 employees * $11.83/hr. * 8 hrs./day * 1 day =$946
Add: 10 employees * $12.76/hr. * 8 hrs./day * 11 days = 11,229
Total $12,175
($11,229+$946)
Therefore the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 will be $10,410 and 2020 will be $12,175
Harvey rents his second home. During the year, Harvey reported a net loss of $45,000 from the rental. If Harvey is an active participant in the rental and his AGI is $80,800, how much of the loss can he deduct against ordinary income for the year
Answer:
$25,000
Explanation:
Based on the information given we were told that a net loss of the amount of $45,000 from the rental was reported which means that if his is an active participant in the rental and his Adjusted gross income (AGI) was the amount of $80,800 the amount of loss that he can deduct against ordinary income for the year will be $25,000 reason been that his Adjusted gross income (AGI) is less than $100,000 and secondly the standard maximum rental amount that will be deducted for Adjusted gross income (AGI) than is less than $100,000 is $25,000.
Crane Construction Company had a contract starting April 2021, to construct a $22800000 building that is expected to be completed in September 2023, at an estimated cost of $20800000. At the end of 2021, the costs to date were $7072000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $3600000 and the cash collected during 2021 was 3080000. Crane uses the percentage-of-completion method. For the year ended December 31, 2021, Crane would recognize gross profit on the building of:____.a. $680000. b. $0. c. $13728000. d. $620351.
Answer: a. $680,000
Explanation:
Gross profit to be recognized from entire project;
= Value of building - cost
= 22,800,000 - 20,800,000
= $2,000,000
In 2021, a cost of $7,072,000 was incurred out of the total cost of $20,800,000.
Percentage complete is therefore;
= 7,072,000/20,800,000
= 34%
The gross profit recognized is therefore;
= 34% * Total gross profit
= 34% * 2,000,000
= $680,000
Hart Company has the following activities in 2012. The company had total cash sales of $2,000. During the year they incurred and paid wages of $500 and salaries of $400. They borrowed $600 from the bank that will be paid back in 2013. This borrowing incurred interest in 2012 of $60. However, this interest will be paid to the bank in 2013. Finally, the company declared and paid cash dividends of $20 during 2012. How much Net Income will the company show on the 2012 Income Statement?
Answer:
$500
Explanation:
2012 Income Statement
Revenue $2,000
Expenses
Wages incurred and paid $500
Salaries $400
Interest on bank loans $600 $1,500
Net Income $500
So, the amount of $500 will be shown as Net Income on the 2012 Income Statement.
Your healthy 63-year-old neighbor is about to retire and comes to you for advice. From talking with her, you find out she was planning on taking all the money out of her company’s retirement plan and investing it in bond mutual funds and money market funds. What advice should you give her? Reilly, Frank K.; Brown, Keith C.. Investment Analysis and Portfolio Management (Text Only) (p. 56). Cengage Textbook. Kindle Edition.
Answer:
Both mutual funds and money market funds are similar in the sense that they pool money from several investors in a variety of instruments. The difference is that money market funds pool the money in very liquid, short-term securities, while mutual funds do the same but in less liquid, longer-term securities.
The 63-year-old neighbor should therefore split the money around 60/40, 60% of the funds for mutual funds, in order to have long-term security, and 40% in the money market funds, in order to have quick cash available when needed.
There are 5,000 shares of $50 par value preferred stock outstanding l, and 25,000 shares of common stock outstanding. Preferred stock has an 8 percent guaranteed rate return. Dividends are declared of $1.25 per share of common stock, together with the guaranteed rate for preferred stock
Answer:
common shares: $31,250
preferred stocks: $20,000
Explanation:
There are 5000 outstanding preferred stocks with a par value of $50
The common shares are 25,000
Divided for preferred stock are at 8%
the actual dividends will be
=(8/100 x $50) x 5000
=$4 x 5000
=$20,000
Dividends for common shares are at $1.25 per share.
Total dividends = $1.25 x 25,000
=$31,250
Answer:
the answer above me is correct
Explanation:
i got it right