Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $21.60 million cost of the patent on a straight-line basis since it was acquired at the beginning of 2017. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the end of 2021 (before adjusting and closing entries). What is the appropriate adjusting entry for patent amortization in 2021 to reflect the revised estimate? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not r
Answer:
General Journal Debit Credit
Amortization expenses $6,000,000
Patent $6,000,000
Calculation of annual amortization after the estimate change
Cost $21,600,000
Less: Amortization till date $9,600,000
($2,400,000*4 years)
Un-amortized Cost A $12,000,000
Remaining Life (6yrs-4yrs) 2 Years
New annual amortization $6,000,000
Old annual amortization = $21,600,000 / 9 years = $2,400,000
Amortization till date = $2,400,000 * 4 = $9,600,000
Amortization is an accounting method used over a certain period of time to gradually reduce the book value of a loan or other intangible asset.
Calculation after the Change is provided below:
Original Cost = 15.3
Annual Amortization (Old) = 15.3/9 = 1.7 million
Amortization till Date (2009 - 2013) = 1.7*4 = 6.8 million
Unamortized Value = 15.3 - 6.8 = 8.5 million
Remaining Life = 6 - 4 = 2 Years
New Amortization = Unamortized Value/Remaining Life = 8.5/2 = 4.25 million
Journal Entry:
Amortization Expense Dr. 4.25
Patent Cr. 4.25
Amortization of a loan focuses on deferring loan payments over a period of time. Amortization is comparable to depreciation in terms of how it affects an asset.
There are two contexts in which the word "amortization" is used. First, amortization is a tool used in the process of repaying debt over time with consistent principal and interest payments. Through installment payments, an amortization plan is used to lower the outstanding balance on a loan, such as a mortgage or vehicle loan.
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One important difference between return on assets (ROA) and return on common shareholder’s equity (ROCE) is that: Select one: a. ROCE does not differentiate based on how a company finances its assets; ROA does b. ROCE does not distinguish between the different types of income items, such as income from continuing operations, discontinued operations, extraordinary items and changes in accounting principles; ROA does c. ROA does not distinguish between the different types of income items, such as income from continuing operations, discontinued operations, extraordinary items and changes in accounting principles; ROCE does d. ROA does not differentiate based on how a company finances its assets; ROCE does
Answer:
Option d. is correct
Explanation:
The return on assets reflects the percentage of how a company's assets can generate revenue.
The return on common equity, or ROCE, refers to the amount of profit or net income earned by a company per investment dollar.
One important difference between return on assets (ROA) and return on common shareholder’s equity (ROCE) is that ROA does not differentiate based on how a company finances its assets; ROCE does.
WEALTH MANAGEMENT CRISIS AT UBS
1) In your opinion, to what extent did the government and national culture play in the scandal? And to what extent did corporate culture contribute to the scandal?
2) Without the Global Financial Crisis, do you think the scandal would have been reasonably uncovered, or would they have lingered? If yes/no, please explain.
3) Does it matter who or what entities could have been impacted by the scandal? What if net/net there were no losses incurred?
4) In your opinion, is the next scandal already underway, and are we just waiting for the next recession to find out what is currently going on? Please explain.
This prompt explains some details of the UBS Scandal/Crisis. This scandal was historic because of its magnitude as well the potential damage it would have caused had it not been contained.
To what extent did the government and national culture play in the scandal?The key role of the Swiss government which aided the scandal was that she supported anonymity and secrecy between the parties involved (that is the banks and their clients).
To what extent did corporate culture contribute to the scandal?Not that the corporate culture was in itself bad. The corporate culture at Barclays at that time was largely:
Being Result Oriented; Loyalty; and Ensuring and maintaining a positive outlook or outcome.What was the possibility of uncovering the crises had the Global Financial Crises not occurred?Yes, The scandal would have lingered. This is because, UBS had engaged in a high-risk move, which was exposed by the mortgage crises of the time.
Does it matter who or what entities could have been impacted by the scandal?Of course, it mattered to the entities that were going to be impacted. It was estimated that in Switzerland alone, about 1 million current account holders and three hundred thousand corporate accounts were at risk.
Even at a Net-on-Net position, had the Swiss Government not bailed UBS out, it would have resulted in a disastrous effect of global proportions.
Taken too far, this culture drove some of those involved to do all they could to win, albeit unethical actions.
Is the next scandal underway?There is no way to tell for sure. On the balance of probability (based on history and industry character), however, one could say that there is a 50 percent chance that scandals are occurring every now and then.
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At January 1, 2021, Café Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. The lease agreement specifies annual payments of $32,000 beginning January 1, 2021, the beginning of the lease, and at each December 31 thereafter through 2028. The equipment was acquired recently by Crescent at a cost of $243,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. (Because the lease term is only 9 years, the asset does have an expected residual value at the end of the lease term of $73,596.) Crescent seeks a 9% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease.
Required:
a. What will be the effects of the lease on Crescent's (lessor's) earnings for the first year (ignore taxes)?
b. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Crescent (ignore taxes)?
Answer:
(A) +6,307.69
(B)
equipment 243,000
less accumulated depreciation 18,692.31
equipment (net) 224,307.69
Explanation:
As it is operating we do not solve for right of use nor lease receivables.
(A)
lease payment 25,000
depreciation expense on the equipment:
243,000 divided among 13 years of useful life = 18,692.31
net effect: 6,307.69
(B)
Again, as this is an operating lease we do not recognize lease receivables and we do not solve usign interest rate we depreciate the asset over time and nothing else.
equipment 243,000
less accumulated depreciation 18,692.31
equipment (net) 224,307.69
The effects of the lease on Crescent's (lessor's) earnings for the first year will be an increase in the value of the equipment by 6,307.69.
The balances in the balance sheet accounts related to the lease at the end of the first year for Crescent will be $ 224,307.69.
What is the cost?Cost is the sum of money used to produce a specific good, according to one definition.
(A)
As a result, the impact on annual earnings will be calculated as follows: Revenue - Depreciation expense
243,000 divided among 13 years of useful life
= Cost / Useful life of the equipment
= 18,692.31
net effect of the product 6,307.69
(B)
This is an operational lease, we do not account for lease receivable, and we also not address the problem using an interest rate; instead, we simply depreciate the property over time.
equipment = 243,000
less accumulated depreciation = 18,692.31
The equipment balance will be = Cost - 1 year depreciation expense
equipment (net) = $ 224,307.69
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The inclusion of instructions for format and content of the contractor proposals in the RFP Group of answer choices helps ensure the proposals are received by the due date. eliminates the need for an evaluation team. is so that a fair evaluation can be made. is a requirement in every RFP.
The purpose of including instructions for the format and content of the contractor proposals in the RFP (Requests for Proposals) is C. is so that a fair evaluation can be made.
What is an RFP?A request for proposal (RFP) is a bid-gathering document that gathers formal proposals for a project or service. It is used by most government agencies and big entities in their efforts to find the best vendor for a project.
Every RFP should provide some background information on the project and would request the vendors to include the following information:
Contractor's past experiencesProposed technical approachTime scheduleCosts scheduleThus, the purpose of including instructions for the format and content of the contractor proposals in the RFP (Requests for Proposals) is Option C.
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If chocolate bars have a price elasticity of 1.8, then we can infer the chocolate bar Multiple Choice has a narrowly defined market and sellers should lower price to increase revenue. is a luxury good and sellers should raise price to increase revenue. few substitutes and sellers should raise price to increase revenue from sales. has many substitutes and sellers should raise price to increase revenue from sales.
If chocolate bars have a price elasticity of 1.8, then we can infer the chocolate bar as many substitutes and sellers should lower price to increase revenue from sales.
What is the price elasticity of demand?Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
If the absolute value of the price elasticity of demand is greater than 1, it means that demand is elastic. If demand is elastic, it means that quantity demanded is sensitive to price changes.
If a good has many substitutes, has a widely defined market and is not a luxury good, the good would have an elastic demand.
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Faz, Inc, manufactures and sells two products: Product X0 and Product W7. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below:
Expected Production Direct Labor-Hours Per Unit Total Direct Labor-Hours
Product X0 1,000 6 6,000
Product W7 590 3 1,770
Total direct labor-hours 7,770
The direct labor rate is $38.60 per DLH. The direct materials cost per unit is $163.50 for Product X0 and $145 for Product W7. The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity:
Expected Activity
Activity Cost Pools Activity Measures Estimated Overhead Cost Product X0 Product W7 Total
Labor-related DLHs $291,078 6,000 1,770 7,770
Production orders orders 20,848 690 890 1,580
Order size MHs 258,314 4,190 4,290 8,480
$570,240
If the company allocates all of its overhead based on direct labor-hours using its traditional costing method, the overhead assigned to each unit of Product X0 would be closest to: ____________
Answer:
$106.36 per unit
Explanation:
Total overhead assigned to product X0
= [Total overhead / Total direct labor hours ] × Labor hours of product XO
= [$570,240 / 7,770] × 1,000
= $73,390
Overhead assigned to each unit of product X0
= $73,390 / Units of product X0
= $73,390 / 690
= $106.36 per unit
For months, Phirum has been designing and redesigning the lobby, restaurants, and other interior spaces that his company is renovating for a hotel downtown. Phirum is exhausted and frustrated because of many setbacks on this project. Phirum may be experiencing Multiple Choice
Based on the information given Phirum may be experiencing burnout.
What is burnout?Burnout can be defined as the situation were a person becomes tired or exhausted due to stress.
Burnout is majorly cause by stress. Hence, Phirum is experiencing burnout because he/she is exhausted as well frustrated due to the nature of the job.
A person may be stress out due to prolonged stress at workplace or life experience.
Inconclusion Phirum may be experiencing burnout.
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Bridgeport Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $10,080 plus trade-in, f.o.b. factory. Bridgeport Inc. paid $10,080 cash and traded in used equipment. The used equipment had originally cost $78,120; it had a book value of $52,920 and a secondhand fair value of $60,228, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,386.
Required:
a. Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance.
b. Assuming the same facts as in (a) except that fair value information for the assets exchanged is not determinable. Prepare the general journal entry to record this transaction.
Answer:
a. Price = $10,080
Cash = $10,080
Original Cost = $78,120
Book Value= $52,920
Second hand Market Value = $60,228
Freight and installation charges = $1,386
Total Cost of Equipment = Cash + Second hand Market Value + Freight and installation charges = $10,080 + $60,228 + $1,386 = $71,694
Depreciation = Original Cost - Book value = $78,120 - $52,920 = $25,200
Total cash paid = Cash + Freight and installation charges = $10,080 + $1,386 = $11,466
Journal Entries
Item Debit Credit
New Equipment $71,694
Depreciation $25,200
Old Equipment $78,120
Cash $11,466
Gain on Equipment Disposal $7,308
b. Price = $10,080
Cash = $10,080
Original Cost = $78,120
Book Value= $52,920
Second hand Market Value = $60,228
Freight and installation charges = $1,386
Total Cost of Equipment = Cash + Second hand Market Value + Freight and installation charges = $10,080 + $52,920 + $1,386 = $64,386
Depreciation = Original Cost - Book value = $78,120 - $52,920 = $25,200
Total cash paid = Cash + Freight and installation charges = $10,080 + $1,386 = $11,466
Journal Entries
Item Debit Credit
New Equipment $64,386
Depreciation $25,200
Old Equipment $78,120
Cash $11,466
Reconciling and Computing Operating Cash Flows from Net Income
Petroni Company reports the following selected results for its current calendar year.
Net income $130,000
Depreciation expense 28,000
Accounts receivable increase 10,000
Accounts payable increase 6,000
Prepaid expenses decrease 3,000
Wages payable decrease 4,000
(a) Prepare the operating section only of Petroni Company's statement of cash flows for the year.
Hint: Remember to use negative signs with answers when appropriate.
Petroni Company
Statement of Cash Flows
(operating section)
Operating activities
Net income $Answer
Adjustments to reconcile net income to operating cash flow
Depreciation Answer
Changes in operating assets and liabilities
Accounts receivable Answer
Prepaid expense Answer
Accounts payable Answer
Wages payable Answer Answer
Net cash provided from operating activities
$Answer
In respect of questions that follow (1) give reasons for your choice (2) Give reasons why other choices are not appropriate
(b) Which of the following statements best describes the sign (positive or negative) on depreciation expense?
The sign on depreciation is positive because depreciation lowers the tax liability of the company. A decrease in tax liability generates an increase in net income since less tax is paid.
The sign on depreciation is positive because the computation of net income included a noncash depreciation expense. The noncash expense is removed by adding depreciation.
The sign on depreciation is negative because expenses are always subtracted from net income in cash flow statements to reflect the true amount of cash generated from operating activities.
The sign on depreciation is negative because cash is paid for equipment used in operations that are not yet reflected in the cost of goods sold. This increase in the cost of goods sold is subtracted from net income.
(c) Which of the following statements best describes the reason that accounts receivable is listed on the statement of cash flows?
An increase in accounts receivable means Sales have also increased. Sales are an increase in cash and contribute a positive cash flow. Therefore, an increase in accounts receivable is listed on the cash flow statement as a positive adjustment to net income.
An increase in accounts receivable means more cash has been received than has been reported in Sales. This surplus is an increase in cash and contributes a positive cash flow. Therefore, an increase in accounts receivable is listed on the cash flow statement as a negative adjustment to net income.
An increase in accounts receivable means less cash has been received than has been reported in Sales. This deficit is a decrease in cash and contributes a negative cash flow. Therefore, an increase in accounts receivable is listed on the cash flow statement as a negative adjustment to net income.
An increase in accounts receivable means Sales have also increased. Sales have increased, but cash has not yet been received. Therefore, an increase in accounts receivable is listed on the cash flow statement as a negative adjustment to net income.
(d) Which of the following statements best describes the reason that prepaid expense is listed on the statement of cash flows?
Since prepaid expense is an asset, a decrease in prepaid expense means assets have decreased causing cash to decrease. This contributes a negative cash flow. Therefore, a decrease in prepaid expense is listed on the cash flow statement as a negative adjustment to net income.
Since prepaid expense is a liability, a decrease in prepaid expense means liabilities have decreased causing cash to increase. This contributes a positive cash flow. Therefore, a decrease in prepaid expense is listed on the cash flow statement as a negative adjustment to net income.
Prepaid expense is an asset because Cash had been paid, but the expense had not yet been realized. A decrease in this asset means an expense has been recognized in the current period, decreasing net income, but not affecting cash. Therefore, decrease in prepaid expense is listed on the cash flow statement as a positive adjustment to net income.
Prepaid expense is a liability because expense has been realized, but Cash has not yet been paid. A decrease in liabilities leads to an increase in Cash and positive cash flow. Therefore, a decrease in prepaid expense is listed on the cash flow statement as a positive adjustment to net income.
Answer:
Net Income $130,000
Depreciation Expense $28,000
Accounts Receivable -$10,000
Accounts Payable -$6,000
Prepaid Expenses $3,000
Wages Payable $4,000
Cash from Operating Activities $149,000
Colin is 40 years old and wants to retire in 27 years. His family has a history of living well into their 90s. Therefore, he estimates that he will live to age 95. He currently has a salary of $150,000 and expects that he will need about 75% of that amount annually if he were retired. He can earn 8 percent from his portfolio and expects inflation to continue at 3 percent. Some years ago, he worked for the government and expects to receive an annuity that will pay him $20,000 in today’s dollars per year beginning at age 67. The annuity includes a cost of living adjustment, which is equal to inflation. Colin currently has $200,000 invested for his retirement. His Social Security benefit in today’s dollars is $30,000 per year at normal age retirement of age 67. How much does he need to accumulate at age 67 exclusive of his pension and Social Security benefits? Group of answer choices $2.1 million. $2.2 million. $2.8 million. $2.9 million.
Answer:
$2.1 million
Explanation:
Colin will retire at 67 and expects to live 28 more years. Be believes that he will need approximately $112,500 (in current dollars) per year to live while he is retired. His social security benefits are $30,000 + $20,000 in a government sponsored annuity (in current dollars) per year, so that means that he needs to cover the remaining $62,500. In order to calculate this, I will assume that Colin receives his first distribution on his 67th birthday (annuity due) and each distribution is made on an annual basis and received on the subsequent birthdays until he turns 94 (28th distribution).
The $62,500 that Jordan expects to need once he retires must be adjusted to inflation (3%). In 27 years they will equal $62,500 x (1 + 3%)²⁷ = $138,830.56
Using an excel spreadsheet, I calculated the present value of Colin's 28 distributions using an 8% discount rate = $2,064,637.04 , which we can round up to $2.1 million
Colin currently has $200,000 in his retirement account and in 27 years (age 67), his account will be worth $200,000 x (1 + 8%)²⁷ = $1,597,612.29
this means that Colin will be $2,064,637.04 - $1,597,612.29 = $467,024.75 short
using the future value of an annuity formula, we can calculate the annual contribution:
annual contribution = future value / annuity factor
future value = $467,024.75 FV annuity factor, 8%, 27 periods = 87.35077annual contribution = $467,024.75 / 87.35077 = $5,346.54
What do you think is a good
Answer:
which feels right is good
Explanation:
the feeling of satisfaction, feeling of happiness by doing something, means that work is good
Your friend Jeanne is searching for a job and is especially interested in one company. She has decided to create a LinkedIn profile, and she asks you how to use the site to get her dream job. What advice should you give Jeanne? Send LinkedIn messages to everyone in the company, and ask them for a job. Find employees at your company of interest, and see whether they are connected to anyone you know. Post status updates praising the company’s competitors to catch the company’s attention. Finding a job today is difficult, but developing your own personal brand will help you identify what makes you a valuable job candidate and understand
Answer:
The correct answer is: Find employees at your company of interest, and see whether they are connected to anyone you know.
Explanation:
LinkedIn is a valuable tool for job seekers, because through this business-oriented social network it is possible for a candidate to seek a relationship with a company of interest, view available vacancies and network.
Therefore, the best advice I could give Jennie, who is looking for a position at a specific company, would be to network, seeking some common contact with some employee of the company in question, in order to develop some relationship that could help Jennie to get a job.
LinkedIn is very effective for this purpose, so it is necessary to keep the curriculum up to date, seek information about the company of interest, make new contacts etc.
Rent of $1,000 per month is paid for the next twelve months on October 1st, 1988. As a result of this transaction:
X: 1988 net income will decrease by $3,000
Y: 1988 equity will increase by $12,000
A. X
B. Y
C. Both
D. Neither
Answer:
the answer would be Neither
Selzik Company makes super-premium cake mixes that go through two processing departments—Blending and Packaging. The following activity was recorded in the Blending Department during July: Production data: Units in process, July 1 (materials 100% complete; conversion 30% complete) 10,000 Units started into production 170,000 Units in process, July 31 (materials 100% complete; conversion 40% complete) 20,000 Cost data: Work in process inventory, July 1: Materials cost $ 8,500 Conversion cost $ 4,900 Cost added during the month: Materials cost $ 139,400 Conversion cost $ 244,200 All materials are added at the beginning of work in the Blending Department. The company uses the FIFO method in its process costing system. Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion for July. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion for July. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for July. 4. Calculate the Blending Department's cost of units transferred out to the next department for materials, conversion, and in total for July. 5. Prepare a cost reconciliation report for the Blending Department for July.
Answer:
Please see answers below
Explanation:
We know that ;
Beginning work WIP 10,000
Units started 170,000
a. Ending WIP 20,000
Material 100% complete = 20,000 EU
Conversion 100% complete = 8,000 EU
b. Units completed = 160,000
Units started and completed = 150,000
Beginning WIP costs;
Materials cost $8,500
Conversion cost $4,900
Costs added during the period;
Materials cost $139,400
Conversion cost $244,200
Equivalent units for July;
EU for materials = 170,000
EU for conversion = 7,000 + 150,000 + 8,000 = 165,000
Costs per EU:
Materials = $139,400 / 170,000 = $0.82 per EU
Conversion = $244,200 / 165,000 = $1.48 per EU
c. Total costs;
Ending WIP = [20,000 × $0.82] + [8,000 × $1.48] = $28,240
Units transferred out = [$383,600 - $28,240] + $8,500 + $4,900 = $368,760
d. Therefore,
Costs to be accounted for ;
Beginning work in process $13,400
Cost added $383,600
Total costs to be accounted for $397,000
Also,
Costs account ted for are as follow
Units transferred out $368,760
Ending WIP $28,240
Total costs accounted for $397,000
Suppose you were borrowing money to buy a car. Consider the following situations.
Situationâ 1: Suppose the interest rate on your car loan is percent and the inflation rate is percent.
Required:
Calculate the real interest rate.
Answer: 1%
Explanation:
The real interest rate is the nominal interest rate adjusted for inflation so that a person might know how much of the interest is not eroded by inflation.
Real Interest rate = Nominal Interest rate - inflation
= 18% - 17%
= 1%
Waterways is thinking of mass-producing one of its special-order sprinklers. To do so would increase variable costs for all sprinklers by an average of $0.70 per unit. The company also estimates that this change could increase the overall number of sprinklers sold by 10%, and the average sales price would increase $0.20 per unit. Waterways currently sells 490,000 sprinkler units at an average selling price of $28.60. The manufacturing costs are $7,866,260 variable and $2,011,486 fixed. Selling and administrative costs are $2,644,240 variable and $809,370 fixed. If the average sales price per sprinkler unit did not increase when the company began mass-producing the special-order sprinkler, what would be the effect on the company
Answer:
Effect on income= $26,950 decrease
Explanation:
Giving the following information:
Increase in unitary production costs= $0.7
Increase in units sold= 49,000
Variable selling and administrative costs= $2,644,240
Variable manufacturing costs= $7,866,260
First, we need to calculate the unitary variable manufacturing costs and unitary variable selling and administrative costs:
Unitary variable manufacturing costs= 7,866,260/490,000= $16.05 + 0.7= $16.75
Unitary variable selling and administrative costs= 2,644,240/490,000= $5.40
Now, to determine the effect on income, we need to use the following formula:
Effect on income= Increase in contribution margin new sales - decrease in contribution margin old sales
Effect on income= 49,000*(28.6 - 16.75 - 5.4) - 490,000*0.7
Effect on income= 316,050 - 343,000
Effect on income= $26,950 decrease
Republic Industries decides to price delivery services according to the results of a recent activity-based costing (ABC) study. The study indicates Republic should charge $8 per order, 2% of annual order value for general delivery costs, $1.25 per item, and $30 for delivery. A year later, Republic collected the following information for two of its best customers: Cost driver Customer C Customer D Number of orders 18 8 Number of deliveries 10 10 Total number of items 2,000 4,000 Annual order value $ 120,000 $ 80,000 What are the total delivery costs charged to Customer d during the year? $5,344. $5,364. $6,900. $6,964.
Answer: $6,964.
Explanation:
Charge $8 per order.
2% of annual order value is general delivery cost
$30 per delivery.
$1.25 per item
Customer D delivery cost
= (8 * 8) + (2% * 80,000) + (30 * 10) + (1.25 * 4,000)
= $6,964.
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $26,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $17,420. Sydney pays $685 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,200 of the $26,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.
Answer:See attachment
Explanation:
A journal entry is the an entry whereby the transactions made by a company are recorded in an accounting book and these transactions show the debit and the credit balnces of the said company.
1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.
The above has been prepared and attached.
2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.
See attachment
When governments tax or regulate industries causing pollution, they are
A) acting on a harmful spillover.
B) promoting a helpful spillover.
C) providing for the common defense.
D) seeking sources of government revenue. Eliminate
Answer:
A.) is the answer.
In the 21st century, the city of Ashkelon is an Israeli resort community. The city government is concerned with its security. Many centuries ago, the Egyptian sultan Saladin pulled down the last of Ashkelon's defensive walls. Perhaps raising new walls would increase its security. This would be a public works project, so it would be best to spread payments over time. The total purchase price is 20 million dollars (U.S.). The city can get a loan for this amount from a bank, with an interest rate of 10%, with payments being made at the end of each year, over 25 years. What is the minimum annual loan payment the city must pay to the bank
Answer:
$2,203,371.58
Explanation:
we can use the present value of an annuity formula to calculate the annual payment:
present value = annual payment x annuity factor
annual payment = present value / annuity factor
present value = $20,000,000PV annuity factor, 10%, 25 periods = 9.0770annual payment = $20,000,000 / 9.0770 = $2,203,371.58
write the difference between engineer and architect
Answer:
the difference between architecture and engineering is that the architecture always focuses on the designing of the building where as the engineering always focuses on the technical and structural side of the building.
Compute the Lower of Cost or Market (LCM) for R.A.Mona's Pet Shop. Use the most conservative method of LCM.
Mona’s Pet Store
Per unit
Inventory Items Units Cost Market Total Cost Total Market
Puppies 11 50 100
Turtles 12 25 20
Fish 40 8 7
Parrots 10 100 250
Cats 26 10 5
Answer:
R.A. Mona's Pet Shop
Lower of Cost or Market (LCM):
= $2,200
Explanation:
a) Data and Calculations:
Mona’s Pet Store
Per unit
Inventory Items Units Cost Market Total Cost Total Market
Puppies 11 50 100 $550
Turtles 12 25 20 $240
Fish 40 8 7 280
Parrots 10 100 250 1,000
Cats 26 10 5 130
Total cost $1,550 $650 = $2,200
b) The Pet Shop will report a total inventory value of $2,200 based on the Lower of Cost or Market Price computed above. The choice to report inventory value based on the LCM ensures that the value of inventory is not overstated above its net realizable value. This practice accords with conservative method of accounting.
HELP ME PLEASE!!!
Some businesses require federal licenses because __________.
Choose the answer.
federal agencies regulate their business
have federal employees
they cross state lines
they have different tax brackets
Some businesses needed federal licenses due to federal agencies for regulating the business.
What is the federal agency?Federal agency refers to the department, government corporation or any kind of agency where it involved the postal service of the united states however it does not involved the national red cross of American.
So based on this we can say that the federal license should be required not for the federal employees, cross-state line, or have various tax brackets but for the business regulations of federal agencies.
Learn more about license here: https://brainly.com/question/18161733
Ramniwas, a book-keeper, taking out a trial balance as on 31st March 2005, found that its debit and credit columns did not agree. He proceeded to check the entries and discovered the following errors:
A credit sale of Rs. 1,000 to Ajay had been correctly entered in the Sales Book but Ajay’s Account had been debited with Rs. 100 only.
The total of the Bills Payable Book Rs. 5,000 had been posted to the credit of Bills Receivable Account.
Rs. 2,500 paid to Ram had been wrongly posted to Shyam.
Rs. 100 owing by a customer had been omitted from the list of debtors.
The discount column of the Cash Book representing discount allowed to customer has been over-added by Rs. 10.
Goods worth Rs. 100 taken by the proprietor omitted to be recorded in the books.
Depreciation on furniture Rs. 100, had not been posted to Depreciation Account.
The total of Sales Book had been added Rs. 1,000 short.
Which of the above errors caused the totals of the Trial Balance to disagree and by how much did the totals differ?
Answer:
Ramniwas Bookkeeper
A. The errors that caused the totals of the Trial Balance to disagree are:
1. A credit sale of Rs. 1,000 to Ajay had been correctly entered in the Sales Book but Ajay’s Account had been debited with Rs. 100 only.
2. The discount column of the Cash Book representing discount allowed to customer has been over-added by Rs. 10.
3. The total of Sales Book had been added Rs. 1,000 short.
B. The totals disagreed by:
Understated debit Rs. 900
Overstated debit (10)
Understated credit (1,000)
Totals disagreed by Rs. 110
Explanation:
a) Correction of Errors on the Trial Balance, March 31:
Account Title Debit Credit
Account receivable (Ajayi's) Rs. 900
Accounts Payable Rs. 5,000
Accounts Receivable 5,000
Shyam 2,500
Ram 2,500
Cash Discount Allowed 10
Drawings 100
Inventory 100
Depreciation Expense 100
Accumulated Depreciation 100
Sales Revenue 1,000
Totals Rs. 8,600 Rs. 8,710
b) Credit side of the Trial Balance was greater by Rs. 110 (Rs. 8,710 - Rs. 8,600).
Please help:)
What is the term for the daily activity of handling economic resources and planning for future economic goals?
A.money management
B.fiscal responsibility
C.financial planning
D.figuring net worth
Explanation:
but i feel like its a or c
not d
The June 1 work in process inventory consisted of 4,000 units with $13,020 in materials cost and $11,980 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,500 units were started into production. The June 30 work in process inventory consisted of 9,600 units that were 100% complete with respect to materials and 50% complete with respect to conversion. Foundational 4-6 (Algo) 6. What is the cost of beginning work in process inventory plus the cost added during the period for materials
Answer: $170,100
Explanation:
Materials cost in beginning WIP = $13,020
Materials cost during the month = $157,080
Cost of beginning work in process inventory plus the cost added during the period for materials
= 13,020 + 157,080
= $170,100
Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations.
a. Amber Corporation donated inventory of clothing (basis of $138,500, fair market value of $173,125) to a qualified charitable organization that operates homeless shelters.
b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $70,800, and the fair market value on the date of the contribution is $113,280. Western College plans on selling the stock.
c. Ruby Corporation donates a sculpture held as an investment and worth $200,800 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $80,320.
Answer:
a. Amber Corporation donated inventory of clothing (basis of $138,500, fair market value of $173,125) to a qualified charitable organization that operates homeless shelters.
charitable donations are valued at fair market value, in this case that equals $173,125b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $70,800, and the fair market value on the date of the contribution is $113,280. Western College plans on selling the stock.
Again, we must use the fair market value to record donations, in this case = $113,280.c. Ruby Corporation donates a sculpture held as an investment and worth $200,800 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $80,320.
use fair market once more, = $200,800Explanation:
When you donate assets to qualifying charities, it is always better to do it by donating the itself, not selling it before and then giving the money. If you sell the asset, you will owe capital gains taxes (either long or short term). By donating the asset directly, you avoid capital gains taxes.
1) Explain the following terms used in trading account cross profit, Gross loss carriage
Cross Profit :
The profit a company makes after deducting all costs associated with creating and selling its products or services is known as gross profit. By subtracting the cost of goods sold (COGS) from total sales, you may compute gross profit.
Gross Loss Carriage :
the entire sum of a company's losses from various operations in a given period, even if some of these activities are profitable: The corporation announced a second-quarter gross loss of $17.15 billion today.
Explain why natural resources need to be conserved
Explanation:
As the population of the world is increasing at an alarming rate, the consumption of natural resources is also increasing. Hence, these resources should be conserved to maintain ecological balance and save them for future generations.
please rate........
Answer:
natural resources need to be conserved because it give us many useful things or materials like shelter,natural beauty,source of food,alternative energy and so on