Answer:
Assets = $87,350
Liabilities = $30,450
Stockholders' Equity = $56,900
Net Income = $7,900
Explanation:
The correct amounts of assets, liabilities and stockholders' equity at month-end and net income for the month can be determined as follows:
Assets = Recorded asset value - Depreciation + Unbilled service revenue = $90,000 - $4,500 + $1,850 = $87,350
Liabilities = Recorded liabilities + Unpaid wages = 30,000 + 450 = $30,450
Stockholders' Equity = Recorded Stockholders' Equity - Depreciation + Unbilled service revenue - Unpaid wages = $60,000 - $4,500 + $1,850 - $450 = $56,900
Net Income = Recorded net income - Depreciation + Unbilled service revenue - Unpaid wages = 11,000 - $4,500 + $1,850 - $450 = $7,900
Note that from the above calculations, we can obtain:
Liabilities + Stockholders' Equity = $30,450 + $56,900 = $87,350
This therefore confirms the accounting equation that:
Assets = Liabilities + Stockholders' Equity = $87,350
corporation borrowed money through an 8-month, 9% note for $100,000 on October 1, 2020. The note is due on May 30, 2021. The correct adjusting entry at year-end, December 31, 2020 (assuming no other adjustments had been made) would include an: Select one: a. Decrease to interest payable for $6,000 b. Increase to interest expense for $3,750 c. Increase to interest payable for $9,000 d. Increase to interest payable for $2,250 e. Decrease to cash for $6,000
Answer:
d. Increase to interest payable for $2,250
Explanation:
At year end which is December 31, 2020, the company has incurred an interest expense of 3 months on the amount borrowed since October 1 to December 31 is a period of three months.
As a result, the interest expense to be accrued for is computed thus:
accrued interest expense= $100,000*9%*3/12
accrued interest expense=$2,250
The appropriate entries would to debit(increase) expense with $2,250 while interest payable is credited(increase) with the same amount
Please answer !!! For a lot of points
Answer:
thanks for points
Explanation:
Stevens placed an ad in a literary magazine offering $7,400 for a complete set of Vacation in Paradise, a five volume set. Adams, who was not aware of the offer, gave to Stevens four volumes of the Vacation in Paradise set as a birthday present. Adams was informed of the offer at some point, obtained the missing volume, brought the volume to Stevens and requested the $7,400 payment. Stevens refused. If Adams sues, will he prevail
Answer:
Yes he will prevail because the advert placed is a unilateral contract
Explanation:
A unilateral contract is one that has only one promisor who receives a promise for his from the offeror. It is usually settlement for a particular service or product.
On the other hand bilateral agreement has both parties as the promisor and offeror. Meaning both of them have conditions that must be fulfilled in the contract by the other person.
In the given instance Stevens placed an ad in a literary magazine offering $7,400 for a complete set of Vacation in Paradise, a five volume set.
Any service short of this can be viewed as a failure in the contract.
Adams gave to Stevens four volumes of the Vacation in Paradise set as a birthday present. Adams was informed of the offer at some point, obtained the missing volume, brought the volume to Stevens.
Since Adams had not initially satisfied conditions set by Stevens, Stevens can refuse to make the $7,400 payment
Crane Company, a computer services company, entered into these transactions during May 2017, its first month of operations.
1. Stockholders invested $32,000 in the business in exchange for common stock of the company.
2. Purchased computers for office use (recorded as Equipment) for $26,600 from Ladd on account.
3. Paid $5,500 cash for May rent on storage space.
4. Performed computer services worth $18,400 on account.
5. Performed computer services for Wharton Construction Company for $5,300 cash.
6. Paid Western States Power Co. $8,500 cash for energy usage in May.
7. Paid Ladd for the computers purchased in (2).
8. Incurred advertising expense for May of $1,800 on account.
9. Received $10,200 cash from customers for contracts billed in (4).
Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to revenues or expenses in the far right column.
Assets Liabilities Stockholders Equity
Cash + Accounts + Equipment = Accounts + Common + Retained Earnings
Receivable Payable Stock Revenue Expenses
Using the following tabular analysis to show the effect of each transaction on the accounting equation is as follows:
Assets = Liabilities + Stockholders Equity
No. Cash + Accounts + Equipment = Accounts + Common + Retained
Receivable Payable Stock Earnings
Revenue Expenses
1. $32,000 $32,000
2. $26,600 $26,600
3. -$5,500 -$5,500
4. $18,400 $18,400
5. $5,300 $5,300
6. -$8,500 -$8,500
7. -$26,600 -$26,600
8. $1,800 -$1,800
9. $10,200 -$10,200
$6,900 $8,200 $26,600 $1,800 $32,000 $23,700 -$15,800
Summary of transactions:Total Assets = $41,700 ($6,900 + $8,200 + $26,600)
Liabilities = $1,800
Common Stock = $32,000
Net Income = $7,900 ($23,700 -$15,800)
Total liabilities and equity = $41,700
Transaction Analysis:1. Cash $32,000 Common stock $32,000
2. Equipment $26,600 Accounts Payable (Ladd) $26,600
3. Rent expenses $5,500 Cash $5,500
4. Accounts Receivable $18,400 Service Revenue $18,400
5. Cash $5,300 Service Revenue $5,300
6. Utility expense $8,500 Cash $8,500
7. Accounts Payable (Ladd) $26,600 Cash $26,600
8. Advertising Expense $1,800 Accounts Payable $1,800
9. Cash $10,200 Accounts Receivable $10,200
Thus, the accounting equation remains in the balance after each transaction.
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Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. During the year, net credit sales totaled $600,000, and the estimated bad debt percentage is 2%. The allowance for uncollectible accounts had a credit balance of $5,600 at the beginning of the year and $4,700, after adjusting entries, at the end of the year. What is the amount of accounts receivable written off during the year
Answer:
$12,900
Explanation:
Calculation for the amount of accounts receivable written off during the year
Beginning Balance $5,600
Add Bad debt expense $12,000
(2% x $600,000)
Less End-of-year balance ($4,700)
Accounts receivable written off $12,900
($5,600+$12,000+$4,700)
Therefore the amount of accounts receivable written off during the year will be $12,900
What is the main difference between private and government consumer advocacy employers?
a. working directly with consumers
b. who is allowed to work for them
c. funding resources
d. allowance of lobbyism
Answer:
C. funding resources
Your welcome :)
Question 4 of 10
Which budget strategy will reduce a country's national debt the most?
A. Raising taxes while lowering spending
B. Lowering both taxes and spending
C. Lowering taxes while raising spending
D. Raising both taxes and spending
Answer: raising taxes while lowering spending
Explanation: I just got it right on A p e x
The NPV and IRR method occasionally do not agree on accept/reject decisions when evaluating an investment proposal.
True or False?
The NPV and IRR method occasionally do not agree on accept/reject decisions when evaluating an investment proposal. The given statement is False.
Why positive NPV should be accepted?A project or venture has a positive NPV if the estimated earnings, discounted for their present value, are more than the anticipated costs, also expressed in today's currency. A positive NPV indicates an investment that is likely to be successful. Net loss will arise from an investment with a negative NPV.
The total of the investment's anticipated cash inflows and outflows, discounted back to their present value at a risk-adjusted rate, is known as the net present value. Project acceptance is granted if the NPV exceeds $0. The project is turned down in any other case.
Thus, the given statement is False.
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On August 13, 2016, Bonita Services Co. purchased office equipment for $1390 and office supplies of $230 on account. Which of the following journal entries is recorded correctly and in the standard format? a. Equipment 1390 Supplies 230 Accounts Payable 1620 b. Accounts Payable 1620 Equipment 1390 Supplies 230 c. Equipment 1390 Supplies 230 Accounts Payable 1620 d. Equipment 1390 Account Payable 1620 Supplies 230
Answer:
a. Equipment 1390 Supplies 230 Accounts Payable 1620
Explanation:
Based on the information given if On August 13, 2016 the Company purchased office equipment for the amount of $1390 and office supplies of the amount of $230 on account. The journal entries that is recorded correctly and in the standard format will be :
Dr Equipment $1,390
Dr Supplies$230
Cr Accounts Payable $1,620
($1,390+$230)
XYZ just deposited $3,700 in an account that will earn 7.1 percent per year in compound interest for 9 years. If Svetlana deposits $4,000 in an account in 3 years that earns simple interest, then how much simple interest per year must Svetlana earn to have the same amount of money in 9 years from today as XYZ will have in 9 years from today
Answer:
11.92%
Explanation:
The computation of the simple interest per year is shown below:
Future value would be
= Deposited Amount × (1 + rate of interest)^years
= $3,700 × (1 + 7.1%)^9
= $6,859.73
Now the simple interest is
= (Future value ÷ deposit) - 1 ÷ number of year
= ($6,859.73 ÷ $4,000) - 1 ÷ 9
= 0.71493 ÷ 9
= 11.92%
How start a digital platform?
Answer:
Building an effective platform starts with building a single source of truth about an individual. If a company wants to able to treat people as individuals with their unique identity, it needs to build a single repository or database about that individual.
Explanation:
A project has been assigned a discount rate of 12 percent. If the project starts immediately, it will have an initial cost of $480 and cash inflows of $350 a year for three years. If the start is delayed one year, the initial cost will rise to $520 and the cash flows will increase to $385 a year for three years. What is the value of the option to wait
Answer: $0.70
Explanation:
The value of the option to wait would be calculated thus:
Year Cash flow PVF at 12% PV
0 $-480 1.000 $(480.00)
1 $350 0.893 $312.50
2 $350 0.797 $279.02
3 $350 0.712 $249.12
Then, the Net present value will be:
= 312.50 + 279.02 + 249.12 - 480.00
= $360.64
Year Cash flow PVF at 12%. PV
0 $-1.000 1.000. 0
1 $-520 0.893 $(464.29)
2 $385 0.797 $306.92
3 $385 0.712 $274.04
4 $385 0.636 $244.67
Net present value = $361.34
The value of the option to wait would then be calculated as:
= $361.34 - $360.64
= $0.70
During the month of March, Harley's Computer Services made purchases on account totaling $45,500. Also during the month of March, Harley was paid $11,000 by a customer for services to be provided in the future and paid $37,900 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $78,300, what is the balance in accounts payable at the end of March
Answer:
$85,900
Explanation:
The balance in the account payable at the end of March is computed as;
= Beginning balance of account payable + purchase made - paid amounts of its account payable balance
= $78,300 + $45,500 - $37,900
= $85,900
Please note that the amount for services to be provided in the future is not in anyway related to account payable, thereby must be excluded.
Assume that the risk-free rate of interest is 3% and the expected rate of return on the market is 15%. I am buying a firm with an expected perpetual cash flow of $2,000 but am unsure of its risk. If I think the beta of the firm is 0.8, when in fact the beta is really 1.6, how much more will I offer for the firm than it is truly worth
Answer:
The correct solution is "$6,564.01". A further solution is given below.
Explanation:
The given values are:
beta,
= 1.6
market return,
= 15%
cash flow,
= $2,000
risk free rate of interest,
= 3%
Now,
The stock return will be:
= [tex]3+ 1.6\times (15-3)[/tex]
= [tex]3+ 1.6\times 12[/tex]
= [tex]22.2 \ percent[/tex]
The actual worth of the firm will be:
= [tex]\frac{cash \ flow}{rate \ of \ return}[/tex]
= [tex]\frac{2000}{22.2 \ percent}[/tex]
= [tex]\frac{2000}{0.222}[/tex]
= [tex]9,009[/tex]
With 0.8 beta, the stock return will be:
= [tex]3+ 0.8\times (15-3)[/tex]
= [tex]3+ 0.8\times 12[/tex]
= [tex]12.6 \ percent[/tex]
So that I'm paying for the firm,
= [tex]\frac{2000}{12.6 \ percent}[/tex]
= [tex]\frac{2000}{0.126}[/tex]
= [tex]15,573.01[/tex] ($)
Hence,
I'm paying,
= [tex]15,573.01-9,009[/tex]
= [tex]6,564.01[/tex] ($)
Are marketing and sales the same in marketing
Answer:
marketing is building awareness of your organization and brand to potential customers. Sales is turning that viewership into a profit, by converting those potential customers into actual ones.
Explanation:
If XYZ invested $5,800 today in an account that is expected to earn 3.2 percent per year, and she expects to make another investment in the same account in 3 years from today, then how much money does XYZ expect to invest in 3 years if she expects to have $15,000 in her account in 4 years from today
Answer:
The answer is "$8,160.08".
Explanation:
[tex]A= \text{future value} = \$ 15,000 \\\\P= \text{present value}= \$ 5,800 \\\\r=\tex{rate} =3.2 \%\\\\n= \text{time in years} = 4[/tex]
Using formula:
[tex]A=P(1+ \frac{r}{100})^n + \text{Investment in 3 years} \times (1.032)\\\\15,000=5,800 (1+ \frac{3.2}{100})^4 + \text{Investment in 3 years} \times (1.032)\\\\15,000=5,800 (1+ 0.032)^4 + \text{Investment in 3 years} \times (1.032)\\\\15,000=5,800 (1.032)^4 + \text{Investment in 3 years} \times (1.032)\\\\[/tex]
[tex]15,000 = 5,800 \times 1.13427612 +\text{Investment in 3 years} \times (1.032)\\\\15,000=6,578.8015 + \text{Investment in 3 years} \times (1.032)\\\\\text{Investment in 3 years} = \frac{(15000-6578.8015)}{1.032}\\\\\text{Investment in 3 years} = \frac{8,421.1985}{1.032}\\\\\text{Investment in 3 years} = 8,160.07607\\\\ \text{Investment in 3 years} = 8,160. 08[/tex]
who was a main practitioner of virtue ethics?
Explanation:
Virtue ethics began with Socrates, and was subsequently developed further by Plato, Aristotle, and the Stoics. Virtue ethics refers to a collection of normative ethical philosophies that place an emphasis on being rather than doing.
On December 30, 2005, Bart, Inc. purchased a machine from Fell Corp. in exchange for a non-interest bearing note requiring eight payments of $20,000. The first payment was made on December 30, 2005, and the others are due annually on December 30. At date of issuance, the prevailing rate of interest for this type of note was 11%. Present value factors are as follows:
Period Present value of ordinary annuity of 1 at 11% Present value of annuity in advance of 1 at 11%
7 4.712 5.231
8 5.146 5.712
On Bart's December 31, 2005 balance sheet, the note payable to Fell was:
a. $114,240
b. $104,620
c. $94,240
d. $102,920
Answer: c. $94,240
Explanation:
On December 31, 2005, one payment has already been made which would mean that only 7 payments are left. As the first of these remaining 7 will be paid the year after, this is an ordinary annuity.
Note payable value = Present value of seven $20,000 payments
= 20,000 * Present value of ordinary annuity of 1 at 11% for 7 years.
= 20,000 * 4.712
= $94,240
MacKenzie Company sold $420 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 5.0% service charge for sales on its credit cards. MacKenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be: Multiple Choice
Answer:
See below
Explanation:
Credit card expense = 5% of sales value $420 = $21
Two new software projects are proposed to a young, start-up company. The Alpha project will cost $530,000 to develop and is expected to have annual net cash flow of $60,000. The Beta project will cost $170,000 to develop and is expected to have annual net cash flow of $18,000. The company is very concerned about their cash flow. Calculate the payback period for each project. Which project is better from a cash flow standpoint
Answer: See Explanation
Explanation:
The payback period for both projects would be calculated as:
Alpha Project
Cost = $530,000
Annual net cash flow = $60,000
Payback period = Cash / Annual net cash flow
= $530,000 / $60,000
= 8.83
Beta Project
Cost = $170,000
Annual net cash flow = $18,000
Payback period = Cash / Annual net cash flow
= $170,000 / $18,000
= 9.4
We can see that Alpha Project is better as the payback period is lesser than Beta project
If real GDP grew by 6 percent and population grew by 2 percent, then real GDP per person grew by approximately ______ percent.
Answer:
3%
Explanation:
Real GDP per person is a measure of the economic wellbeing of the populace of a country.
Real GDP per person = Real GDP / population
6% / 2% = 3%
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.
(Blank) exchange rates are determined by (blank)
forces and fluctuate against each other day
to day.
Dirty; government
Fixed; internal
Fixed; market
Floating; market
Answer:
Floating; market
Explanation:
A floating exchange rate system refers to the method of allowing the market forces to determine the exchange rate of a country. The government does influence the exchange rate. The market forces of demand and supply determine the exchange rate.
The foreign exchange market or Forex is the market for currencies. Demand and supply forces at the Forex fix the exchange rate of a floating currency.
Assume that John deposits $8,000 into an account that has a 2.4% annual interest rate for 8 years. (a) If the interest is compounded annually, there will be $ in the account. (b) If the interest is compounded monthly, there will be $ in the account. (c) If the interest is compounded weekly, there will be $ in the account. (d) If the interest is compounded daily, there will be $ in the account. (e) If the interest is compounded continuously, there will be $ in the account.
Answer:
a) Compounded Annually = $9671.41
b) Compounded Monthly = $9691.51
c) Compounded Weekly = $9692.93
d) Compounded Daily = $9693.30
e) Compounded Continuously = $9693.36
Explanation:
Solution:
This question is very simple. We just need to know the basic formula.
Data Given:
P = Principal Amount = $8000
i = interest rate = 2.4% annual
n = period or year = 8 years.
So, our basic formula is:
A = P [tex](1 + \frac{r}{100}) ^{n}[/tex]
a) Compounded Annually.
A = P [tex](1 + \frac{r}{100}) ^{n}[/tex]
A = 8000 [tex](1 + \frac{0.024}{100}) ^{8}[/tex]
A = $9671.41
b) Compounded Monthly:
1 year = 12 months.
A = P [tex](1 + \frac{r}{100*12}) ^{n*12}[/tex]
A = 8000 [tex](1 + \frac{0.024}{100*12}) ^{8*12}[/tex]
A = $9691.51
c) Compounded Weekly:
1 year = 52 weeks
A = P [tex](1 + \frac{r}{100*52}) ^{n*52}[/tex]
A = 8000 [tex](1 + \frac{0.024}{100*52}) ^{8*52}[/tex]
A = $9692.93
d) Compounded Daily:
1 year = 365 days
A = P [tex](1 + \frac{r}{100*365}) ^{n*365}[/tex]
A = 8000 [tex](1 + \frac{0.024}{100*365}) ^{8*365}[/tex]
A = $9693.30
e) Compounded Continuously:
For this we have following formula:
A = P[tex]e^{\frac{n*r}{100} }[/tex]
A = P[tex]e^{\frac{8*0.024}{100} }[/tex]
A = $9693.36
6. Microeconomics and macroeconomics Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. Microeconomics Macroeconomics The effect of an increase in the money supply on the rate of inflation The effect of government regulation on a monopolist's production decisions The effect of federal government spending on the national unemployment rate
Answer:
Microeconomics has to do with individual households and firms and the decisions they make in an economic setting.
Macroeconomics on the other hand deals with the economy as a whole which means that figures are more aggregated here.
The effect of an increase in the money supply on the rate of inflation. MACROECONOMICS.
This has to do with how the entire economy will be affected as a result of a change in money supply so is Macroeconomics.
The effect of government regulation on a monopolist's production decisions. MICROECONOMICS.
This relates to how government regulation will affect an individual monopolist so is Microeconomics.
The effect of federal government spending on the national unemployment rate. MACROECONOMICS.
This has to do with the national unemployment rate which is an aggregated figure to represent unemployment as a whole in the economy so this is most definitely Macroeconomics.
Holly files married filing jointly and reports income of $300,000 ($340,000 AGI - $40,000 itemized deductions) before the deduction for qualified business income. She has no capital gains or dividends included in taxable income. Holly's engineering consulting service generates $20,000 of qualified business income. She paid no wages during the current year. What is Holly's deduction for qualified business income
Answer:
$4,000
Explanation:
The computation of the deduction for qualified business income is shown below:
In this the lower amount should be considered
20% of net income or 20% of qualified business income
20% of $300,000 or 20% of $20,000
So the lower amount is $4,000
hence, the same would be represented as a deduction
Please answer thank you !!!
Pamela, the manager of an electronics store in California, has redesigned the jobs of her sales staff so that they have the authority to resolve customer complaints without first getting the approval from management. (In the past, sales staff did not have the authority to issue refunds or replace merchandise). Which job design technique does this represent
Answer:
Job enrichment
Explanation:
Job enrichment is defined a a way of working in an organisation where the individual is motivated to employ their skill in solving problems and working with clients.
In this system employees have some autonomy on how to resolve customer problem.
Thereby fostering accountability and sense of responsibility non the staff.
In the given scenario sales staff now have have the authority to resolve customer complaints without first getting the approval from management.
This is Jobe enrichment strategy.
Parkman Sporting Goods is preparing its annual report for its 2021 fiscal year. The company’s controller has asked for your help in determining how best to disclose information about the following items: Required: Indicate whether the above items should be disclosed (A) in the summary of significant accounting policies note, (B) in a separate disclosure note, or (C) on t
Answer:
Entries disclosed in the summary of significant accounting policies note as the term implies, have to do with the accounting method a company uses to calculate certain metrics.
Entries that are not shown in the financial statements but are however important to know, will be put in a separate disclosure note.
1. A related-party transaction. B
Important but cannot be put into the financial statements so will go to a separate disclosure note.
2. Depreciation method. - A
Has to do with an accounting method used so will go to the significant accounting policies notes.
3. Allowance for uncollectible accounts. - C
Goes to balance sheet to reduce Accounts Receivables.
4. Composition of investments. - B
Another important information that does not go into financial statement so will go to separate disclosure.
5. Composition of long-term debt. - B
Important but not in financial statement. Separate disclosure.
6. Inventory costing method. - A
Shows accounting method used so will go to significant policies notes.
7. Number of shares of common stock authorized, issued, and outstanding. - C
Equity section of Balance sheet.
8. Employee benefit plans. - B
Important but not in financial statement. Separate disclosure.
acquired: Firm A has a margin of 11%, sales of $610,000, and ROI of 17%. Calculate the firm's average total assets. Firm B has net income of $72,000, turnover of 1.40, and average total assets of $920,000. Calculate the firm's sales, margin, and ROI. Firm C has net income of $136,000, turnover of 2.01, and ROI of 23.40%. Calculate the firm's margin, sales, and average total assets.
Answer:
1. Firm's average total assets = Net Income/ROI = $610,000*0.11 / 0.17 = $394,705.88
2. Sales = Assets turnover ratio * Average total assets = 1.40*920,000 = $1,288,000
Margin = Net Income / Sales = $72,000/$1,288,000 = 0.06
ROI = Net Income / Average Total Assets = $72,000/920,000 = 0.078
3. Average Total Assets = Net Income / ROI = $136,000/23.40% = 136,000/0.2340 = $581,196.58
Sales = Assets turnover ratio * Average total assets= 2.01*$581,196.58 = $1,168,205.12
Margin = Net Income / Sales = $136,000/$1,168,205.12 = 0.1164
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 91,900 Indirect materials issued to production 11,900 Total materials issued to production 134,000 Beginning materials inventory 54,000 The debit to the Factory Overhead account is: Multiple Choice
Answer:
i would think from around 50k
to 100k
Explanation: