The hardest way to make easy money 2.0 

Answers

Answer 1

The hardest way to make easy money 2.0, therefore, involves putting in a lot of effort and hard work to achieve the promised rewards. It's important to carefully weigh the risks and benefits before jumping into any opportunity, and to have a realistic understanding of the amount of time and effort required to make it successful.

The phrase "the hardest way to make easy money" refers to the idea of putting in a lot of effort, time, and resources into a venture that promises quick and substantial returns. This may include taking on a risky investment, gambling, or engaging in shady business practices.
In the 2.0 version of this phrase, the meaning remains the same but the context has shifted to include the modern-day phenomenon of the gig economy. Today, there are many opportunities to make quick money through online platforms like Uber, Airbnb, or TaskRabbit. However, these opportunities often require a lot of work, time, and effort to be successful.
For example, driving for Uber may seem like an easy way to make extra cash, but it requires putting in long hours, dealing with difficult passengers, and dealing with the stress of traffic and road conditions. Similarly, renting out your home on Airbnb requires investing in furniture, cleaning services, and providing a high level of customer service.
Therefore, the hardest way to make easy money 2.0, therefore, involves putting in a lot of effort and hard work to achieve the promised rewards. It's important to carefully weigh the risks and benefits before jumping into any opportunity, and to have a realistic understanding of the amount of time and effort required to make it successful.

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Related Questions

Megan Finder, a recent college graduate, is applying for her first credit card. The creditor has asked for a personal net worth statement. Megan owns a scooter worth $2,000.00 and has $800.00 in her checking account. She owes Jaycee Auto $920.00 and River College $125.00. Complete a net worth statement for Megan Finder. Select Current Date in the appropriate field. Assets should be listed in order of liquidity, so Cash should be listed first. Liabilities should be reported in alphabetic order.

Answers

Answer and Explanation:

The computation of the net worth statement is shown below:

Assets

Checking account  $800

Scooter $2,000

Total assets $2,800 (A)

Liabilities

OWed to jaycee Auto $920

River college $125

Total liabilities $1,045 (B)

Net worth $1,755 (A - B)

if you were living in a world without a financial system ,how would you make provisions towards your retirement.​

Answers

if you were living in a world without a financial system ,how would you make provisions towards your retirement.​

Lucas Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assembly and Sanding. The Assembly Department uses a departmental overhead rate of $50 per machine hour, while the Sanding Department uses a departmental overhead rate of $15 per direct labor hour. Job 603 used the following direct labor hours and machine hours in the two departments: Assembly Actual results Direct labor hours used Machine hours used The cost for direct labor is $30 per direct labor hour and the cost of the direct materials used by Job 603 is $1,400. How much manufacturing ovehead would be allocated to Job 603 using the departmental overhead rates?
A. $610
B. $330
C. $580
D. $740

Answers

Answer:

uush no entendí jajaja

Explanation:

que lastima

You have decided to undertake a project and have defined the main research question as "what are the opinions of consumers to a 20% reduction in weight, with the price remaining the same, of a pack of lucky me pancit canton?" Write a hypothesis that you could test in your project.​

Answers

I have no clue but I do know I’ll get hella points if I just have a hug. As sentence in a few weeks I don’t think it would have been the bath and the other stuff but it is a little too hard for you but I rgotta uroor rthe for a few minutes to see what I was thinking of doing that but I’m not sure if it is ok with it but

Presented below is the trial balance of Cullumber Corporation at December 31, 2020.
Debit Credit
Cash $ 201,010
Sales $ 8,104,270
Debt Investments (trading) (at cost, $145,000) 157,270
Cost of Goods Sold 4,800,000
Debt Investments (long-term) 303,010
Equity Investments (long-term) 281,010
Notes Payable (short-term) 94,270
Accounts Payable 459,270
Selling Expenses 2,004,270
Investment Revenue 65,700
Land 264,270
Buildings 1,044,010
Dividends Payable 140,010
Accrued Liabilities 100,270
Accounts Receivable 439,270
Accumulated Depreciation-Buildings 152,000
Allowance for Doubtful Accounts 29,270
Administrative Expenses 902,700
Interest Expense 213,700
Inventory 601,010
Gain 82,700
Notes Payable (long-term) 904,010
Equipment 604,270
Bonds Payable 1,004,010
Accumulated Depreciation-Equipment 60,000
Franchises 160,000
Common Stock ($5 par) 1,004,270
Treasury Stock 195,27
Patents 195,000
Retained Earnings 82,010
Paid-in Capital in Excess of Par 84,010
Totals $12,366,070 $12,366,070
Prepare a balance sheet at December 31, 2020, for Cullumber Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

Answers

Answer:

Total assets = Shareholders' Equity and Liabilities = $4,008,860

Explanation:

To prepare the balance sheet, the income statement is first prepared to determine the net income as follows:

Cullumber Corporation

Income Statement

For the Year ended December 31, 2020

Particulars                                                         $                

Sales                                                         8,104,270

Cost of Goods Sold                              (4,800,000)  

Gross profit                                             3,304,270

Operating expenses

Selling Expenses                                 (2,004,270)

Administrative Expenses                       (902,700)  

Operating income                                    397,300

Other income (expenses)

Interest Expense                                     (213,700)

Investment Revenue                                 65,700  

Net income                                             249,300  

The balance sheet can now be presented as follows:

Cullumber Corporation

Balance Sheet

As at December 31, 2020

Particulars                                                         $                         $             

Investments

Debt Investments (long-term)                  303,010  

Equity Investments (long-term)                281,010  

Total investments                                                                 584,020

Intangible Assets  

Franchises                                               160,000  

Patents                                                     195,000  

Total intangible assets                                                        355,000

Property, Plant and Equipment  

Land                                                         264,270  

Buildings                                                 1,044,010  

Accumulated Depreciation-Buildings   (152,000)

Equipment                                                604,270  

Accumulated Depreciation-Equip.        (60,000)  

Net Property, Plant and Equipment                                 1,700,550

Current Assets  

Cash                                                          201,010  

Debt Inv. (trading) (at cost, $145,000)     157,270  

Accounts Receivable                               439,270  

Allowance for Doubtful Accounts           (29,270)

Inventory                                                   601,010  

Total current assets                                                          1,369,290  

Total Assets                                                                     4,008,860  

Shareholders' Equity  

Common Stock ($5 par)                       1,004,270  

Treasury Stock                                      (195,270)

Gain                                                          82,700  

Retained Earnings                                    82,010  

Paid-in Capital in Excess of Par              84,010  

Net income                                            249,300  

Total Shareholders' Equity                                             1,307,020

Long-term Liabilities  

Notes Payable (long-term)                     904,010  

Bonds Payable                                     1,004,010  

Total Long-term Liabilities                                             1,908,020

Current Liabilities  

Notes Payable (short-term)                   94,270  

Accounts Payable                                459,270  

Dividends Payable                                140,010  

Accrued Liabilities                                100,270  

Total current liabilities                                                    793,820

Shareholders' Equity and Liabilities                         4,008,860

Cost flow relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment:
Sales $ 12,755,000
Gross profit 5,359,700
Indirect labor 422,600
Indirect materials 185,500
Other factory overhead 834,900
Materials purchased 4,251,600
Total manufacturing costs for the period 8,122,000
Materials inventory, end of period 298,900
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Determine the following amounts. Round your answers to the nearest dollar.
Cost of goods sold $_______
Direct materials cost $________
Direct labor cost $_______.

Answers

Answer:

Cost of goods sold= $7,395,300

Direct material cost= $3,727,200

Direct labor cost= $3,137,300

Explanation:

A. Calculation to Determine Cost of goods sold using this formula

Cost of goods sold = Sales - Gross Profit

Let plug in the formula

Cost of goods sold= $ 12,755,000 - 5,359,700

Cost of goods sold= $7,395,300

Therefore Cost of goods sold will be $7,395,300

B. Calculation to Determine Direct material cost using this formula

Direct material cost= Material purchased - Indirect materials - Material Inventory, end of period

Let plug in the formula

Direct material cost= 4,251,600 - 185,500 - 298,900

Direct material cost= $3,727,200

Therefore Direct material cost will be $3,727,200

c. Calculation to determine Direct labor cost using this formula

Direct labor cost= Total manufacturing cost - Direct material costs - other factory overhead - Indirect labor

Let plug in the formula

Direct labor cost= 8,122,000 - $3,727,200 - 834,900 - 422,600

Direct labor cost= $3,137,300

Therefore Direct labor cost will be $3,137,300

You are looking at a one-year loan of $26,000. The interest rate is quoted as 11 percent plus two points. A point on a loan is 1 percent (one percentage point) of the loan amount. Quotes similar to this one are common with home mortgages. The interest rate quotation in this example requires the borrower to pay two points to the lender up front and repay the loan later with 11 percent interest.
What rate would you actually be paying here? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Interest rate %

Answers

Answer:

the rate of interest is 13.27%

Explanation:

The computation of the actual rate paid is shown below;

Present value is

= $26,000 - 2% of $26,000

= $26,000 - $520

= $25,480

The future value is

= $26,000 × (1 + 0.11)

= $28,860

Now as we know that

Future value = Present value × (1 + rate of interest)^number of years

$28,860 = $25,480 × (1 + rate of interest)

So, the rate of interest is 13.27%

For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GOP as part of consumption (C), investment (), government purchases (G), exports (X), or imports (M).

a. The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.
b. Sam's employer upgrades all of its computer systems using U.S-made parts.
c. Teresa's father in Sweden orders a bottle of Vermont maple syrup from the producer's website.
d. Sam buys a sweater made in Guatemala.
e. Teresa gets a new refrigerator made in the United States.

Answers

Answer:

a. The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore. - Gonverment purchases (G)

Government purchases include all expenses incurred by the government, like investment in public roads or public schools. It does not include transfer payments like social security or medicare though.

b. Sam's employer upgrades all of its computer systems using U.S-made parts. - Investment (I)

Investment includes all purchases made by private firms with the goal of increasing their assets, and economic profit.

c. Teresa's father in Sweden orders a bottle of Vermont maple syrup from the producer's website. - exports (X)

Exports are all goods and services, produced domestically (Vermont) and sold abroad (Sweden).

d. Sam buys a sweater made in Guatemala. - imports (M).

Imports are all goods and services, produced abroad (Guatemala), and consumed by domestic individuals or firms (Sam)

e. Teresa gets a new refrigerator made in the United States. - consumption (c)

Consumption includes all goods and services purchased by individuals and households in the United States.

Question Mode Multiple Select Question Select all that apply At the end of the previous year, a customer owed Chocolates R US $500. On January 31 of the current year, the customer paid $900 total, which included the $500 owed plus $400 owed for the current month of January. What would be the journal entry on January 31 that reflects this

Answers

Answer:

January 31

Dr Cash $900.

Cr Service revenue $400.

Cr Accounts receivable $500.

Explanation:

Preparation of the journal entry

Based on the information given What would be the journal entry on January 31 that reflects this are :

January 31

Dr Cash $900.

Cr Service revenue $400.

Cr Accounts receivable $500.

Tesla's use of renewable energy sources is an example of which type of corporate social responsibility?
A. Responsibility to stakeholders
B. Responsibility to society
C. Corporate philanthropy
D. Environmental responsibility​

Answers

Answer:

D. Environmental responsibility​

Explanation:

Environmental responsibility can be defined as a set of efforts adopted by companies with the objective of reducing the negative impacts related to business activities and adopting practices aimed at environmental protection.

In the case of Tesla, the use of renewable energies is an example of environmental responsibility, as the company's focus is the production of electric vehicles, which, unlike vehicles that use fossil fuels, do not emit polluting gases that contribute to the greenhouse effect.

Therefore, Tesla offers an alternative that reduces the environmental impact of vehicles, attesting to their environmental responsibility and increasing the brand value, reliability and positioning with stakeholders, being a company aligned with the highest parameters of promoting sustainability.

The following information pertains to Darius Jakande's personal financial transactions. Opening Balances - December 1, 2018 Cash $14,200 Contents of Home $1,900 Automobile $19,900 House $156,900 Unpaid Accounts $6,400 Bank Loan $55,700 Transactions for the month of December 2018. 1. Paid maintenance expenses for the month of December with $800 cash. 2. Purchased a new computer worth $2,800 with cash. 3. Paid credit card liability of $6,400 (Unpaid Accounts) in full. 4. Paid telephone, electricity and water bill for December with $600 cash. 5. Purchased $2,100 of groceries and goods for personal consumption with cash. 6. Deposited $4,100 salary earned during the month. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a deficit. The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the corresponding T-Account field. Required a) Using the information provided, record the opening balances in the T-accounts. b) Record the transactions for the month of December in the T-accounts.

Answers

Answer:

Darius Jakande

T-accounts:

a) Opening balances:

Cash

Account Title                Debit     Credit

Beginning balance     14,200

Contents of Home

Account Title                Debit     Credit

Beginning balance       1,900

Automobile

Account Title                Debit     Credit

Beginning balance     19,900

House

Account Title                Debit     Credit

Beginning balance   156,900

Unpaid Accounts

Account Title                Debit     Credit

Beginning balance                      6,400

Bank Loan

Account Title                Debit     Credit

Beginning balance                    55,700

Net Worth

Account Title                Debit     Credit

Beginning balance                   130,800

b) Transactions for the month of December:

Cash

Account Title                Debit     Credit

Beginning balance     14,200

Maintenance expenses               800

Computer                                  2,800

Unpaid accounts                       6,400

Utilities expenses                        600

Food expenses                         2,100

Salary                          4,100

Contents of Home

Account Title                Debit     Credit

Beginning balance       1,900

Computer

Account Title                Debit     Credit

Cash                            2,800

Automobile

Account Title                Debit     Credit

Beginning balance     19,900

House

Account Title                Debit     Credit

Beginning balance   156,900

Unpaid Accounts

Account Title                Debit     Credit

Beginning balance                      6,400

Cash                             6,400

Bank Loan

Account Title                Debit     Credit

Beginning balance                    55,700

Net Worth

Account Title                Debit     Credit

Beginning balance                   130,800

Salary Income

Account Title                Debit     Credit

Cash                                             4,100

Maintenance Expenses

Account Title                Debit     Credit

Cash                                800

Utilities Expenses

Account Title                Debit     Credit

Cash                                600

Food Expenses

Account Title                Debit     Credit

Cash                              2,100

Explanation:

a) Data and Calculations:

Opening Balances - December 1, 2018

Cash                     $14,200

Contents of Home $1,900

Automobile          $19,900

House                $156,900

Total assets      $192,900

Unpaid Accounts $6,400

Bank Loan          $55,700

Total liabilities    $62,100

Net Worth = $130,800 ($192,900 - $62,100)

The legal system affects corporate America in which of the following ways?
A. It operates on the periphery and does not affect the core activities of doing business.
B. Its involvement is generally limited to forming corporations or partnerships, providing for investment capital, and drafting contracts with CEOs.
C. The legal system does not necessarily facilitate or stabilize commercial practice.
D. The legal system has moved closer to the core activities of conducting business and succeeding in a competitive environment.

Answers

Answer:

C. The legal system does not necessarily facilitate or stabilize commercial practice.

Explanation:

The government of the United States is a federal system in nature. It has a written system and a common law legal system. The "legal system" of American is based on the system of federalism or the decentralization system.

The legal system for America on the other hand is for interpreting and enforcing the law. Advance development in the political and legal system may increase the risk of the country. Thus the legal system of America does not facilitate or the stabilize any commercial practice in america.

Mobo, a wireless phone carrier, completed its first year of operations on October 31. All of the year's entries have been recorded, except for the following: At year-end, employees earned wages of $6,800, which will be paid on the next payroll date, November 6. At year-end, the company had earned interest revenue of $3,800. It will be collected December 1. Required: What is the annual reporting period for this company

Answers

Answer:

Explanation:

Missing word "2. Identify whether each required adjustment is a deferral or an accrual. First transaction is deferral O Second transaction is deferral Second transaction is accrual Both transactions are deferral O Both transactions are accruals First transaction is accrual 3. Show the accounting equation effects of each required adjustment. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Transaction Assets Liabilities + Stockholders' Equity b. 4. Why are these adjustments needed? Adjustments are needed to ensure the financial statements are up-to-date and complete Adjustments are needed to ensure the financial statements are prepared as per cash basis."

1. The annual reporting period for this company is November 1 through October 31

2. Both the transactions are accruals.

3. S/n   Assets         =      Liabilities            +       Stockholders equity

    a.   No effects     S&Wages payable $6,800 S&Wages Expenses -$6,800

    b.   I. receivable(3,800)  No effect                  Interest revenue $3,800

4. Adjustments are required to ensure that the financial statements are up-to-date and complete.

For each of the following scenarios, please decide whether there will be an increase, decrease, or no change in aggregate demand.

a. The United States government decides to increase the federal tax rate by 4% for all earners.
b. The Federal Reserve, the agency charged with regulating banking and monetary policy in the United States, decides to increase the amount of money available in the economy.
c. The newest release of the Consumer Confidence Index shows a steady increase in consumer confidence about the economy.
d. A manufacturing boom during the late 1990s has created an oversupply of tractors, a necessary implement in agricultural production.

Answers

Answer:

a. Decrease

If the Federal government increases taxes on people, they will have less money to spend and save after paying their taxes. This will reduce their consumption and investment (savings) thereby leading to a lower aggregate demand.

b. Increase

An increase in the money supply means that people will have more money to spend on goods and services. They will therefore consume more. More money in the economy reduces interest rates so people will borrow to invest more as well. These two things will combine for an increase in aggregate demand.

c. Increase

If consumers are more confident about their economy, it means they find it safe to invest in it. As they invest, the investment component of aggregate demand would rise which would increase aggregate demand.

d. Decrease

The oversupply from recent years will mean that investment required in recent years will be less. This will lead to a lower aggregate demand.

The ledger of Marigold Corp. on July 31, 2017, includes the selected accounts below before adjusting entries have been prepared.
Debit Credit
Investment in Note Receivable $22,000
Supplies 24,000
Prepaid Rent 3,600
Buildings 270,000
Accumulated Depreciation-Buildings $140,000
Unearned Service Revenue 12,000
An analysis of the company’s accounts shows the following.
1. Supplies on hand at the end of the month totaled $14,880.
2. The balance in Prepaid Rent represents 4 months of rent costs.
3. Employees were owed $2,480 related to unpaid and unrecorded salaries and wages.
4. Depreciation on buildings is $4,800 per year.
5. During the month, the company satisfied obligations worth $3,760 related to the Unearned Service Revenue account.
6. Unpaid and unrecorded maintenance and repairs costs were $1,840.
Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly.

Answers

Answer:

1. July 31

Dr Supplies expense $9,120

Cr Supplies $9,120

2. July 31

Dr Rent expense $900

Cr Prepaid rent $900

3. July 31

Dr Salaries and wages expense $2480

Cr Salaries and wages payable $2480

4. July 31

Dr Depreciation expense $400

Cr Accumulated depreciation - Building $400

5. July 31

Dr Unearned service revenue $3,760

Cr Service revenue $3,760

6. July 31

Dr Miscellaneous expense $1,840

Cr Miscellaneous expense payable $1,840

Explanation:

Preparation of the adjusting entries at July 31 assuming that adjusting entries are made monthly.

1. July 31

Dr Supplies expense $9,120

Cr Supplies $9,120

($24,000-$14,880)

(Being To record supplies expense)

2. July 31

Dr Rent expense $900

Cr Prepaid rent $900

(3,600*1/4)

(Being To record rent expense)

3. July 31

Dr Salaries and wages expense $2480

Cr Salaries and wages payable $2480

(Being To record salaries and wages expense)

4. July 31

Dr Depreciation expense $400

Cr Accumulated depreciation - Building $400

($4,800*1/12)

(BeingTo record depreciation expense)

5. July 31

Dr Unearned service revenue $3,760

Cr Service revenue $3,760

(Being To record unearned service revenue)

6. July 31

Dr Miscellaneous expense $1,840

Cr Miscellaneous expense payable $1,840

(Being To record maintenance and repairs expense)

Which of the following statements is FALSE? Group of answer choices Fundamentally, all interest rates are determined by the Federal Reserve. The Federal Reserve determines very short-term interest rates through its influence on the federal funds rate. The interest rates that are quoted by banks and other financial institutions are nominal interest rates. The interest rates that banks offer on investments or charge on loans depend on the horizon of the investment or loan.

Answers

Answer:

I think the false answer would be the first

Jack Hammer invests in a stock that will pay dividends of $3.17 at the end of the first year; $3.64 at the end of the second year; and $4.11 at the end of the third year. Also, he believes that at the end of the third year he will be able to sell the stock for $67. What is the present value of all future benefits if a discount rate of 10 percent is applied

Answers

Answer:

Total PV= $59.31

Explanation:

Giving the following information:

Cash flows:

Cf1= $3.17

Cf2= $3.64

Cf3= 4.11 + 67= $71.11

Discount rate= 10%

To calculate the present value, we need to use the following formula on each cash flow:

PV= Cf / (1+i)^n

PV1= 3.17/1.1= 2.88

PV2=3.64/1.1^2= 3

PV3= 71.11/1.1^3= 53.43

Total PV= $59.31

A company that makes fasteners and sells them to many different
manufacturing companies around the world would most likely benefit from
using which distribution channel?
A. Producer to wholesaler to business buyers
B. Producer to business buyers
C. Producer to wholesaler to consumers
D. Producer to retailers to business buyers

Answers

There are four main types of distribution channels;

1) Manufacturer > Wholesaler > Retailer > Consumer

2) Manufacturer > Wholesaler> Consumer

3) Manufacturer > Retailer > Consumer

4) Manufacturer > Consumer


Therefore the most likely answer here is option C

Producer to Wholesaler to Consumer

Answer:

A

Explanation:

A. Producer to wholesaler to business buyers

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,780. During May, the total cash deposited was $74,870 and checks written totaled $69,550. The bank statement indicated a balance of $25,380 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
Checks outstanding totaled $11,310.
A. A deposit of $9,210, representing receipts of May 31, had been made too late to appear on the bank statement.
B. The bank had collected for Brentwood Bike Co. $4,870 on a note left for collection. The face of the note was $4,490.
C. A check for $360 returned with the statement had been incorrectly charged by the bank as $630.
D. A check for $850 returned with the statement had been recorded by Brentwood Bike Co. as $580.
E. The check was for the payment of an obligation to Adkins Co. on account.
F. Bank service charges for May amounted to $60.
G. A check for $1,120 from Jennings Co. was returned by the bank because of insufficient funds.
Instructions:
1. Prepare a bank reconciliation as of May 31.
2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed.
3. If a balance sheet were prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?

Answers

Answer:

1. Bank Reconciliation Report (May)

Cash Balance according to Bank Statement $14,780

Add: Cash Deposits $74,780

Deduct outstanding checks $69,550

Adjusted Balance

Cash Balance as per company $25,380

Add: Notes and interest collected by bank $4,870

Deduct: Checks return due to insufficient fund $1,120

Bank service charges $60

error in recording checks $580

Adjusted Balance $ 78,360

Explanation:

Cash (Dr.) $5,250

Notes Receivable (Cr.) $5,000

Interest receivable (Cr.) $250

Below are transactions for Wolverine Company during 2021.

a. On December 1, 2021, Wolverine receives $3,100 cash from a company that is renting office space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue.
b. Wolverine purchases a one-year property insurance policy on July 1, 2021, for $12,120. The payment is debited to Prepaid Insurance for the entire amount.
c. Employee salaries of $2,100 for the month of December will be paid in early January 2022.
d. On November 1, 2021, the company borrows $10,500 from a bank. The loan requires principal and interest at 10% to be paid on October 30, 2022.
e. Office supplies at the beginning of 2021 total $910. On August 15, Wolverine purchases an additional $2,500 of office supplies, debiting the Supplies account. By the end of the year, $410 of office supplies remains.

Required:
Record the necessary adjusting entries at December 31, 2018, for Wolverine Company.

Answers

Answer:

a.Unearned revenue $1,550

Service revenue $1,550

b. Dr Insurance expense $6,060

Cr Prepaid insurance $6,060

c. Dr Salaries expense $2,100

Cr Salaries payable $2,100

d. Dr Interest expense $175

Cr Interest payable $175

e. Dr Supplies expense $3,000

Cr Supplies $3,000

Explanation:

Preparation to Record the necessary adjusting entries at December 31, 2018, for Wolverine Company.

a.Unearned revenue $1,550

Service revenue $1,550

($3,100/2)

(Being to record rent revenue)

b. Dr Insurance expense $6,060

Cr Prepaid insurance $6,060

($12,120*6/12)

(Being to record insurance expense l

c. Dr Salaries expense $2,100

Cr Salaries payable $2,100

(Being to record salaried expense)

d. Dr Interest expense $175

($10,500*10%*2/12)

Cr Interest payable $175

(Being to record Interest expense)

e. Dr Supplies expense $3,000

Cr Supplies $3,000

($910+$2,500-$410)

(Being to record Supplies expense)

Public corporations:
a. are businesses where stock is not used as evidence of ownership.
b. are businesses whose stock is bought and sold privately.
c. are businesses owned by two or more people, each of whom is personally liable for the debts of the business.
d. None of other choices are correct.
e. are businesses whose stock is bought and sold on New York stock exchange only

Answers

Answer:

d. None of other choices are correct.

Explanation:

A public corporation is a corporation and treated as an individual in the laws eyes that is different from the large shareholders as they have invested the money in order to exchange the shares. Also it has duties and rights plus it can hold and accept the shares that are traded in a freely manner in the stock exchange. It would be traded not only new york stock exchange but also other stock exchange also

Beeman Company exchanged machinery with an appraised value of $4,680,000, a recorded cost of $7,200,000 and accumulated depreciation of $3,600,000 with Lacey Corporation for machinery Lacey owns. The machinery has an appraised value of $4,520,000, a recorded cost of $8,640,000, and accumulated depreciation of $4,752,000. Lacey also gave Beeman $160,000 in the exchange. Assume depreciation has already been updated.Instructions(a) Prepare the entries on both companies' books assuming that the exchange lacked commercial substance. (Round all computations to the nearest dollar.)
(b) Prepare the entries on both companies ; books assuming that the exchange had commercial substance. (Round all computations to the nearest dollar.)

Answers

Answer:

Attached below is the solution

Explanation:

Given data:

A) prepare the entries on both companies books

B) Prepare entries on both companies

hello attached below is the detailed solution

An article in The Globe and Mail, February 16, 2002, reported that IBM used the $300 million proceeds of a sale of one of its business units to reduce operating expenses in its fourth quarter 2001 income statement. This added about 8 cents per share to its fourth quarter earnings. As a result, IBM beat analysts' forecasts by 1 cent per share.

IBM defended its treatment by claiming that buying and selling businesses is a normal business practice, and that most of the sale proceeds related to intellectual property that it had developed. The article quotes a Merrill Lynch analyst as saying, "Our only concern is that the company could have done more to call out the magnitude of the transaction." According to the article, IBM's share price fell by 4% as a result of this news.

While not mentioned in this article, the SEC opened a preliminary inquiry into IBM's accounting practice, expressing concerns that IBM had let it be known that the reason for its higher operating earnings was tight cost controls, rather than the sale proceeds. This inquiry was subsequently dropped, but the SEC issued a bulletin reminding firms to report gains or losses on asset sales separately from operating costs.

Required

Explain why IBM's share price dropped following the Merrill Lynch analyst's comment and the news of the SEC's preliminary inquiry.

Answers

Answer:

The sale of business units are one time events that should not be common. If the only way that IBM can show profit is by selling business divisions, in a very short time it will run out of divisions to sell. A company's intrinsic value is given by its cash flows, especially the operating cash flow.


2. What are the advantages/disadvantages of being right-brain thinker in terms of the

capabilities?

Answers

Answer:

The answer is below

Explanation:

Advantages of being a right thinker in terms of the capabilities are:

Such person possesses these abilities:

1. creativity

2. free-thinking ability

3. ability to see the big picture

4. spontaneous ability

5. inclined to visualize the situation.

Disadvantages may include the following

1. Not strong in the area of analytical thinking;

2. Les logical evaluation;

3. less detail- and fact-oriented

numerical

Yard Tools manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and unit contribution margin are as follows.


Sales Mix

Unit Contribution
Margin

Lawnmowers 20 % $30
Weed-trimmers 50 % $20
Chainsaws 30 % $40

Yard Tools has fixed costs of $4,200,000.

Compute the number of units of each product that Yard Tools must sell in order to break even under this product mix. (Use Weighted-Average Contribution Margin Ratio rounded to 2 decimal places e.g. 0.25 and round final answers to 0 decimal places, e.g. 2,510.)

Lawnmowers


units
Weed-trimmers


units
Chainsaws


units

Answers

Answer:

Lawnmowers= 30,000

Weed-trimmers= 75,000

Chainsaws= 45,000

Explanation:

First, we need to calculate the weighted average contribution margin:

Weighted average contribution margin= sales proportion*unitary contribution margin

Weighted average contribution margin= (0.2*30) + (0.5*20) + (0.3*40)

Weighted average contribution margin= $28

Now, the break-even point in units for the whole company:

Break-even point (units)= Total fixed costs / Weighted average contribution margin

Break-even point (units)= 4,200,000 / 28

Break-even point (units)= 150,000

Finally, the number of units to be sold for each product:

Lawnmowers= 0.20*150,000= 30,000

Weed-trimmers= 0.5*150,000= 75,000

Chainsaws= 0.3*150,000= 45,000

The following is the information for the Brendan's Bread bakery company: Beginning raw materials inventory $ 53,200 Beginning work in process, inventory 78,400 Ending raw materials inventory 58,100 Ending work in process, inventory 98,000 Direct labor 149,800 Total factory overhead 105,000 Raw material purchases 210,000 Question: What is the value of Total Manufacturing Costs? Do not include a dollar sign or commas in your answer.

Answers

Answer:

$254,900

Explanation:

Total Manufacturing Costs include all costs involved in manufacturing a Product such as direct materials, direct labor and indirect costs or overheads incurred during the period of production.

Calculation of Total Manufacturing Cost

Raw Materials (53,200 +210,000 -58,100)  $205,100

Direct Labor                                                   $149,800

Factory Overhead                                         $105,000

Total Manufacturing Cost                             $254,900

Conclusion

Total Manufacturing Costs will be $254,900

Rose Riley's parents have booked and paid for a family trip to Aspen, Colorado, during her spring break. Rose's friends recently decided to drive to Destin, Florida, for spring break. Rose needs to decide whether to join her parents in Aspen or drive to the beach with her friends. The opportunity costs of joining her friends on the trip to Destin include each of the following except:____.
a. her parents' anger if she skips the family trip to Aspen.
b. her contribution to gas money for the drive to Destin.
c. the hotel costs she will split with her friends in Destin.
d. the ski lift ticket her parents have already purchased for her.

Answers

Answer:

D.

Explanation:

The opportunity cost is the cost or the costs that she would be incurring for foregoing the trip to aspen colorado with her family members. Options A, b and c are all opportunity costs of not going on this trip.

Therefore the answer is option d.

White Company has two departments, Cutting and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Cutting Department bases its rate on machine-hours, and the Finishing Department bases its rate on direct labor-hours. At the beginning of the year, the company made the following estimates:

Cutting Finishing
Direct labor-hours . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 30,000
Machine-hours . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,000 5,000
Total fixed manufacturing overhead cost . . . . . . . . . . . . . . . . $264,000 $366,000
Variable manufacturing overhead per machine-hour . . . . . . ....$2.00 ______
Variable manufacturing overhead per direct labor-hour . . . . . _____ $4.00

Required:
Compute the predetermined overhead rate to be used in each department.

Answers

Answer and Explanation:

The computation of the predetermined overhead rate is shown below:

For Cutting department

= Variable manufacturing overhead per machine hour + (Total fixed manufacturing overhead ÷ machine hours)

= $2 + ($264,000 ÷ 48,000)

= $2 + $5.50

= $7.50

For finishing department

= Variable manufacturing overhead per direct labour + (Total fixed manufacturing overhead ÷ direct labor hours)

= $4 + ($366,000 ÷ 30,000)

= $4 + $12.20

= $16.20

Windsor Company leased equipment from Costner Company, beginning on December 31, 2019. The lease term is 5 years and requires equal rental payments of $59,394 at the beginning of each year of the lease, starting on the commencement date (December 31, 2019). The equipment has a fair value at the commencement date of the lease of $270,000, an estimated useful life of 5 years, and no estimated residual value. The appropriate interest rate is 5%.
Click here to view factor tables.
Prepare Windsor’s 2019 and 2020 journal entries, assuming Windsor depreciates similar equipment it owns on a straight-line basis. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g. 5,275.)
Date
Account Titles and Explanation
Debit
Credit
12/31/1912/31/20 12/31/1912/31/20
enter an account title To record lease liability on December 31 2019
enter a debit amount
enter a credit amount
enter an account title To record lease liability on December 31 2019
enter a debit amount
enter a credit amount
(To record lease liability)
12/31/1912/31/20 12/31/1912/31/20
enter an account title To record lease payment on December 31 2016
enter a debit amount
enter a credit amount
enter an account title To record lease payment on December 31 2016
enter a debit amount
enter a credit amount
(To record lease payment)
12/31/1912/31/20 12/31/1912/31/20
enter an account title To record interest expense on December 31 2020
enter a debit amount
enter a credit amount
enter an account title To record interest expense on December 31 2020
enter a debit amount
enter a credit amount
enter an account title To record interest expense on December 31 2020
enter a debit amount
enter a credit amount
(To record interest expense)
12/31/1912/31/20 12/31/1912/31/20
enter an account title To record amortization of the right-of-use asset on December 31 2020
enter a debit amount
enter a credit amount
enter an account title To record amortization of the right-of-use asset on December 31 2020
enter a debit amount
enter a credit amount
(To record amortization of the right-of-use asset)

Answers

Answer:

12/31/19

Dr Right-of-Use Asset $270,000

Cr Lease liability $270,000

12/31/19

Dr Lease liability $59,394

Cr Cash $59,394

12/31/20

Dr Interest expense $10,530

Dr Lease liability $48,864

Cash $59,394

12/31/20

Dr Amortization expense $54,000

Cr Right-of-Use asset $54,000

Explanation:

Preparation of Windsor’s 2019 and 2020 journal entries

12/31/19

Dr Right-of-Use Asset $270,000

Cr Lease liability $270,000

[Being To record lease liability]

12/31/19

Dr Lease liability $59,394

Cr Cash $59,394

[Being To record lease payment]

12/31/20

Dr Interest expense $10,530

[($270,000-$59,394) x 5%]

Dr Lease liability $48,864

($59,394 -$10,530)

Cash $59,394

[Being To record interest expense]

12/31/20

Dr Amortization expense $54,000

[$270,000/5 years]

Cr Right-of-Use asset $54,000

[Being To record amortization of the right-of-use asset]

it is a type of business that keeps the dealings,assets,and bank accounts seperate from his/her personal assets?

Answers

Answer:

A sole proprietorship

Explanation:

A sole proprietorship is a business owned, organized, and run by a sole proprietor.  It is legally advisable that all business and private activities of any form of business are conducted separately.  Commingling business dealings, assets, and especially bank accounts with private affairs do cause problems for the business person.

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