Answer:
Yes, global-level agreements about the environment can work in practice. These agreements are typically negotiated between countries and involve commitments for taking specific actions to reduce environmental damage or increase sustainability. Examples of global-level agreements include the Paris Agreement, which is a commitment from signatory countries to reduce greenhouse gas emissions, and the Kyoto Protocol, which set targets for reducing emissions of certain gases. These agreements are implemented through a variety of means, including carbon taxes, emissions trading schemes, and commitments to renewable energy sources. The success of these agreements depends on the commitment of participating countries to uphold their obligations and the willingness of other nations to join the agreement.
-At which point are you producing all running shoe
inserts and no hiking boot inserts?
-Which production point would be a goal for the future
but cannot be attained now?
Answer is A,X
Answer:
the guy above is right trust me (kid in all cp classes)
Explanation:
but yea he is correct
During the first month (April 20--), the following transactions occurred.
a. Invested cash in business, $18,000.
b. Bought office supplies for $4,600: $2,000 in cash and $2,600 on account.
c. Paid one-year insurance premium, $1,200.
d. Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account.
e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,300.
f. Paid office rent for the month, $750.
g. Withdrew cash for personal use, $100.
Required:
Show the effect of each transaction on the individual accounts.
The effects of the transactions on the individual accounts are:
a. Increase in cash and Capital by $18,000b. Increase in office supplies of $4,600; increase in liabilities of $2,600; decrease in Cash $2,000c. Increase in prepaid insurance $1,200 and decrease in cash $1,200d. Increase in cash $1,300; Increase in accounts receivable $2,000 and increase in revenue $3,300e. Decrease in cash $2,300; decrease in accounts payable $2,300f. decrease in cash $750; increase in expenses $750g. decrease in cash $100; increase in Drawings $100What was the effect on individual accounts?The cash account will decrease whenever money is used to pay for a good or service and when it needs to pay expenses.
It will increase when there is cash revenue and when there is an investment of capital.
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Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Wayne ($ in millions)Corporation Enterprises Current assets:Cash and cash equivalents $499 $285 Current investments 7 530 Net receivables 751 206 Inventory 10,586 8,609 Other current assets 1,344 255 Total current assets $13,187 $9,885 Current liabilities:Current debt $8,621 $4,451 Accounts payable 1,807 1,061 Other current liabilities 1,179 2,381 Total current liabilities $11,607 $7,893 Required:1-a. Calculate the current ratio for ACME Corporation and Wayne Enterprises. (Enter your answers in millions. For example, $5,500,000 should be entered as 5.5.)
Answer: See explanation
Explanation:
We should note that the current ratio is calculated as:
= Current assets / Current liabilities
Therefore, the current ratio for ACME Corporation will be:
= Current assets / Current liabilities
= $13,187 / $11,607
= 1.136
The current ratio for Wayne Enterprises will be:
= Current assets / Current liabilities
= $9,885 / $7,893
= 1.25
The general price level is 150.00 and people expect it to increase to 156.00 next year. Therefore, the expected rate of inflation equals percent. Moreover, there is a one-year bond that promises to pay $107,000.00 next year and is selling for $100,000.00 in the bond market today. So, the nominal interest rate equals percent, and the ex-ante real interest rate on this bond equals percent. Because of some news about the state of the economy, people revise their expectations of the future price level to 159.00. According to the Fisher Effect, the price of the bond today will change to_______ dollars.
Answer:
$98,165.14
Explanation:
Note: There are missing word but the full question is attached as picture below
Here, Initial Nominal Interest rate = 7%
Inflation expectation= 4%
So, real return = 3%
Now, investors would want same real return
New inflation = (159 - 150)/150 *100 = 6%
Nominal interest rate = 6 %+ 3% = 9%
Price after 1 year = $107,000
So, current price changes to = $107,000/(1+0.09) = $107,000/1.09 = $98,165.14
If a product's demand rises as income rises, ceteris paribus, the product is
a) an inferior good
b) not enough information
c) a notmal good
d) outside of the market equilibrium
Generally, when a product's demand rises as income rises, ceteris paribus, the product is outside of the market equilibrium
Market equilibrium occurs when a market price of quantity demanded is equal to the quantity supplied
Hence, when a product's demand rises as income rises, ceteris paribus, the product is outside of the market equilibrium
In conclusion, the Option D is correct.
Read more about Market equilibrium
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probability
find the probability
Answer:
i think 7 jahahhhaa
Olympic Sports has two issues of debt outstanding. One is a 5% coupon bond with a face value of $33 million, a maturity of 10 years, and a yield to maturity of 6%. The coupons are paid annually. The other bond issue has a maturity of 15 years, with coupons also paid annually, and a coupon rate of 6%. The face value of the issue is $38 million, and the issue sells for 90% of par value. The firm's tax rate is 30%.
a. What is the before-tax cost of debt for Olympic? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
b. What is Olympic's after-tax cost of debt? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
Answer and Explanation:
The computation is shown below
a. For before tax cost of debt
But before that following calculations need to be determined
For Bond 1:
Face value = $33,000,000
Coupon payment = 0.05 × $33,000,000 = $1,650,000
The Price of the bond is
= Coupon × [ 1 - 1 ÷ ( 1 + r)^n] ÷ r + FV ÷ ( 1 + r)^n
= $1,650,000 × [ 1 - 1 ÷ ( 1 + 0.06)^10] ÷ 0.06 + $33,000,000 ÷ ( 1 + 0.06)^10
= 1,650,000 × 7.360087 + 18,427,027.64
= $30,571,171.196
For Bond 2:
Price = 0.9 × $38,000,000
= $34,200,000
Now
Coupon = 0.06 × $38,000,000
= $2,280,000
Now before tax cost of debt is
Given that
PV -$34,200,000,
FV $38,000,000,
N 15,
PMT $2,280,000
The formula is shown below:
= RATE(NPER,PMT, PV,FV,TYPE)
After applying the above formula, the Before tax cost of debt of bond is 7.1053%
Now
Total market value is
= $34,200,000 + $30,571,171.196
= $64,771,171.19
And,
finally
Before tax cost of debt for olympic is
= ($30,571,171.196 ÷ 64,771,171.19) × 0.06 + ($34,200,000 ÷ 64,771,171.19) × 0.071053
= 0.028319 + 0.037517
= 0.0658 or 6.58%
b)
And,
After tax cost of debt is
= 0.0658× ( 1 - 0.3)
= 0.0461 or 4.61%
On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the interest to be paid on the maturity date. Required: Prepare journal entries to record the issuance of the note and the related year-end adjusting entry on December 31.
Answer:
April 1
Issuance of Loan Note
Dr. Cash $20,000
Cr. Loane Note Payable $20,000
December 31
Adjusting Entry of accrued interest
Dr. Interest Expane $1,350
Cr. Interest Payable $1,350
Explanation:
April 1:
First, we need to record the loan note issuance as follow:
Ringo company received the cash against the loan note issuance so the cash will be debited and a liability is created against the receipt of the cash. The Loan note payable account is credited.
December 31:
Now calculate the accrued interest for the year as follow
Accrued Interest = Value of Loan Note x Interest rate x Fraction of accrued months
Where
Value of Loan note = $20,000
Interest rate = 9%
Fraction of accrued months = Accrued months / 12 months = ( December 31 - April 1 ) / 12 months = 9 months / 12 months = 3/4
Placing values in the formula
Accrued Interest = $20,000 x 9% x 3/4
Accrued Interest = $1,350
As the payment of interest is not made so there is no cash involvement. Interest expense is recorded at the end of the period by adjusting entry of debit interest expense and credit interest payable account.
At year end, the following items have not yet been recorded.
a. Insurance expired during the year, $2,000.
b. Estimated bad debts, 1% of gross sales.
c. Depreciation on furniture and equipment, 10% per year.
d. Interest at 6% is receivable on the note for one full year.
e. Rent paid in advance at December 31, $5,400 (originally charged to expense).
f. Accrued salaries at December 31, $5,800.
Required:
(a) Prepare the necessary adjusting entries.
(b) Prepare the necessary closing entries.
Question Completion:
The following trial balance was taken from the books of Sheridan Corporation on December 31, 2020.
Account Debit Credit
Cash $8,500
Accounts Receivable 40,700
Notes Receivable 11,200
Allowance for Doubtful Accounts $1,870
Inventory 35,300
Prepaid Insurance 4,720
Equipment 122,600
Accumulated Depreciation--Equip. 14,100
Accounts Payable 10,100
Common Stock 49,100
Retained Earnings 64,550
Sales Revenue 268,000
Cost of Goods Sold 123,900
Salaries and Wages Expense 48,600
Rent Expense 12,200
Totals $407,720 $407,720
At year end, the following items have not yet been recorded.
a. Insurance expired during the year, $2,000.
b. Estimated bad debts, 1% of gross sales.
c. Depreciation on furniture and equipment, 10% per year.
d. Interest at 6% is receivable on the note for one full year.
e. Rent paid in advance at December 31, $5,400 (originally charged to expense).
f. Accrued salaries at December 31, $5,800.
Required:
a. Prepare the necessary adjusting entries.
b. Prepare the necessary closing entries.
Answer:
Sheridan Corporation
a. Adjusting Journal Entries on December 31, 2020:
a. Debit Insurance Expense $2,000
Credit Prepaid Insurance $2,000
To record the insurance expense for the year.
b. Debit Bad Debts Expense $2,680
Credit Accounts Receivable $2,680
To record bad debts written off.
c. Debit Depreciation Expense - Equipment $12,260
Credit Accumulated Depreciation - Equipment $12,260
To record the depreciation expense for the year.
d. Debit Interest Receivable $672
Credit Interest Revenue $672
To record interest revenue receivable on the note.
e. Debit Rent Prepaid $5,400
Credit Rent Expense $5,400
To record rent prepaid, previously recorded as an expense.
f. Debit Salaries and Wages Expense $5,800
Credit Salaries Payable $5,800
To record accrued salaries.
b. Closing Journal Entries on December 31, 2020:
Debit Sales Revenue $268,000
Interest Revenue $672
Credit Income Summary $268,672
To close the revenue accounts to the income summary.
Debit Income Summary $202,040
Credit:
Cost of Goods Sold 123,900
Salaries and Wages Expense 54,400
Rent Expense 6,800
Bad debts Expense 2,680
Insurance Expense 2,000
Depreciation Expense 12,260
To close the expense accounts to the income summary.
Explanation:
a) Data and Calculations:
Sheridan Corporation
Unadjusted Trial Balance as of December 31, 2020:
Account Titles Debit Credit
Cash $8,500
Accounts Receivable 40,700
Notes Receivable 11,200
Allowance for Doubtful Accounts $1,870
Inventory 35,300
Prepaid Insurance 4,720
Equipment 122,600
Accumulated Depreciation--Equip. 14,100
Accounts Payable 10,100
Common Stock 49,100
Retained Earnings 64,550
Sales Revenue 268,000
Cost of Goods Sold 123,900
Salaries and Wages Expense 48,600
Rent Expense 12,200
Totals $407,720 $407,720
Adjustments:
a. Insurance Expense $2,000 Prepaid Insurance $2,000
b. Bad Debts Expense $2,680 Accounts Receivable $2,680 (1% of $268,000)
c. Depreciation Expense - Equipment $12,260 Accumulated Depreciation - Equipment $12,260 (10% of $122,600)
d. Interest Receivable $672 Interest Revenue $672 (6% of $11,200)
e. Rent Prepaid $5,400 Rent Expense $5,400
f. Salaries and Wages Expense $5,800 Salaries Payable $5,800
Sheridan Corporation
Adjusted Trial Balance as of December 31, 2020:
Account Titles Debit Credit
Cash $8,500
Accounts Receivable 38,020
Notes Receivable 11,200
Interest Receivable 672
Allowance for Doubtful Accounts $1,870
Inventory 35,300
Prepaid Insurance 2,720
Prepaid Rent 5,400
Equipment 122,600
Accumulated Depreciation--Equip. 26,360
Accounts Payable 10,100
Salaries Payable 5,800
Common Stock 49,100
Retained Earnings 64,550
Sales Revenue 268,000
Interest Revenue 672
Cost of Goods Sold 123,900
Salaries and Wages Expense 54,400
Rent Expense 6,800
Bad debts Expense 2,680
Insurance Expense 2,000
Depreciation Expense 12,260
Totals $426,452 $426,452
b) The adjusting entries made in the accounting records of Sheridan Corporation comply with the accrual concept and the matching principle of generally accepted accounting principles. These accounting principles require that expenses and revenues for a period are recognized in the period they occur and not when cash is exchanged. The closing entries show the revenue and the expense accounts closed to the income summary.
Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their separate businesses. Kaiser contributes the following assets to the partnership: cash, $25,800; accounts receivable with a face amount of $187,600 and an allowance for doubtful accounts of $5,400; merchandise inventory with a cost of $118,900; and equipment with a cost of $175,800 and accumulated depreciation of $58,200. The partners agree that $6,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $5,700 is = reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price $131,400, and that the equipment is to be valued at $104,900.
Required:
Journalize the partnership's entry to record Kaiser's investment.
Answer:
Date Accounts title and Explanation Debit Credit
Cash $25,800
Account receivables(187,600-6,000) $182,200
Merchandise Inventory $118,900
Equipment $104,900
Allowance for Doubtful Accounts $5,700
Kaiser, Capital $426,100
(To record Kaiser Investment in Partnership Entity)
Patrick has an adjusted gross income of $160,000 in the current year. He donated $30,000 in cash to a public charity, capital gain property with a basis of $15,000 and a fair market value of $40,000 to a public charity, and publicly traded stock with a basis of $20,000 and a fair market value of $35,000 to a private nonoperating foundation. The amount that Patrick can deduct for the stock donation to the private nonoperating foundation is ______.
An$8,000
swer:
Explanation:
Non-cash contributions of capital gain property are subject to limit of 30% of AGI = 30% * 160000 = $48,000
$40,000 in property to public charity is allowable deduction (Contribution to private non-operating foundation is further subject to a 30% limit)
Hence, allowable deduction of contribution to private non-operating foundation = 30% * AGI (Contribution subject to 30% limit) = $48,000 - $40,000 = $8,000
Kingbird Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported as either a current or long-term liability.
1. On December 15, 2020, Kingbird declared a cash dividend of $2.30 per share to stockholders of record on December 31. The dividend is payable on January 15, 2021. Kingbird has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury.
2. At December 31, bonds payable of $114,286,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $28,571,500 every September 30, beginning September 30, 2021.
3. At December 31, 2019, customer advances were $12,485,000. During 2020, Kingbird collected $32,673,000 of customer advances; advances of $27,486,000 should be recognized in income.
Required:
For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any.
Answer:
1. Dividend payable = (1,00,000 shares - 50,000 shares) shares * $2.30 per shares = $2,185,000 will be reported as current liability (payable within 1 year)
2. Bonds payable (September 30, 2021 installment)= $28,571,500 and interest on bonds = ($114,286,000*12%*3/12) = $3,428,580 are current liabilities whereas Bonds payable (Other than September 30, 2018 installment) =($114,286,000 - $28,571,500) = $85,714,500 are long term liabilities.
3. Customer advances = ($12,485,000 + $32,673,000 - $27,486,000) = $17,672,000 are current liabilities.
Steelweld, a car parts manufacturer, pays employees a higher hourly rate as they learn to master more parts of the work process. Employees earn $10 per hour when they are hired and they can earn up to $20 per hour if they master all 12 work units in the production process. What is most likely a benefit Steelweld is trying to achieve with this reward system?
Answer:
The improvement of workforce flexibility
Explanation:
The work force flexibility may be defined as the strategy of the responding to changing circumstances as well as expectations. It lays emphasizes on the flexibility and the willingness to adapt to change. The employees who approach their work with a flexible mindset are highly valued by the employers.
In the context, Steelweld company pays their employees at a higher hourly rate when they learn to master more work skills. The employees are paid much higher when they master all the 12 work units than they were hired. By doing this, the Steelweld company is trying to benefit and improve the workforce flexibility in their company.
The most recent financial statements for Schenkel Co. are shown here:
Income Statement Balance Sheet
Sales $14,100 Current assets $10,800 Debt $15,300
Costs 8,300 Fixed assets 26,000 Equity 21,500
Taxable income $5,800 Total $36,800 Total $36,800
Taxes (40%) 2,320
Net income $3,480
Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 30 percent dividend payout ratio. No external financing is possible.
Required:
What is the sustainable growth rate?
Answer:
12.78%
Explanation:
Calculation for What is the sustainable growth rate
First step is to calculate ROE
Using this formula
ROE = NI / TE
Let plug in the formula
ROE = $3,480 / 21,500
ROE = .1619*100
ROE= 16.19%
Second step is to calculateThe plowback ratio b
Plowback ratio b = 1 - .30
Plowback ratio b = .70
Now let calculate the sustainable growth rate using this formula
Sustainable growth rate = (ROE × b) / [1 - (ROE × b)]
Let plug in the formula
Sustainable growth rate = [. 1619(.70)] / [1 - . .1619(.70)]
Sustainable growth rate=0.11333/(1-0.11333)
Sustainable growth rate=0.1133/0.88667
Sustainable growth rate = .1278*100
Sustainable growth rate=12.78%
Therefore the sustainable growth rate will be 12.78%
In the FASB ASC, Sections are standardized across all Subtopics. For example, Section 20 will be the Glossary section in every Subtopic. Match the Section number with the appropriate description of the Section below. (Note: Not all Section numbers have been included, and not all of the descriptions will be used.)
- 05 - 25 - 30 - 35 - 50 - 65
A. Scope and Scope Exceptions
B. Recognition
C. Subsequent Measurement
D. Initial Measurement
E. XBRL Elements
F. Disclosure
G. Transition and Open Effective Date Information
H. Overview and Background
I. Implementation Guidance and Illustrations
J. Measurement
Answer:
A. 25
B. 50
C.05
D. 25
E. 30
F. 65
G. 35
H. 05
I. 25
J. 05
Explanation:
FASB is Financial Accounting Standard Board which reviews the standards and monitors its implementation after their issuance. The main purpose of FASB is to improve the financial accounting standards. It is single source of authoritative generally accepted accounting practices.
A corporation wishes to determine the fixed portion of its maintenance expense (a semivariable expense), as measured against direct labor hours, for the first 3 months of the year. The inspection costs are fixed; the adjustments necessitated by errors found during inspection account for the variable portion of the maintenance costs. Information for the first quarter is as follows:
Direct Labor Hours Maintenance Expense
January 34,000 $610
February 31,000 $585
March 34,000 $610
Required:
What is the fixed portion of Jacob's maintenance expense, rounded to the nearest dollar?
a. $283
b. $327
c. $258
d. $541
Answer:
b. $327
Explanation:
The computation of the fixed portion is shown below:
But before that variable maintenance expense per direct labor is
= ($610 - $585) ÷ (34000 hours - 31000 hours)
= $0.00833 per direct labor hour
Now
Total variable expense for 34,000 hours is
= $0.00833 × 34000
= $283
And, finally Fixed portion is
= $610 - $283
= $327
Question 5 of 10
An increase in the money supply that causes money to lose its purchasing
power and prices to rise is known as
A. deflation
B. recession
C. conflation
D. inflation
what are the consequences of bad netiquette
Answer:
it can make people or students uncomfortable
student will feel irritation
students will feel embracement in front of many students
Explanation:
A point of beginning refers to
A machine at a cost of $5,000 was purchased 3 years ago. It can be sold now for $3,000. If the machine is kept, the annual operating and maintenance costs will be $1,500. If it is kept and operated for next five years, determine the amount at time 0 (now) equivalent to the cost of owning and operating the machine for the next five-year period. It is anticipated that the machine can be sold for $1,000 at the end of the five-year period. Use an interest rate of 10%
Answer:
$10,065.26
Explanation:
First, we need to calculate the present value of machine operating cost using the following formula
PV of operating cost = Yearly Operating cost x ( 1 - ( 1 + Interest rate )^-numbers of years ) / Interest rate
Where
Yearly operating cost = $1,500
Interest rate = 10%
Numbers of years = 5 years
Placing values in the formula
PV of operating cost = $1500 x ( 1 - ( 1 + 10% )^-5 ) / 10%
PV of operating cost = $5,686.18
Now calculate the present vlaue of salvahge value
PV of SAlvage value = Slavage value / ( 1 + Interest rate )^Numbers of years
where
Salvage Value = $1,000
Interest rate = 10%
Numbers of years = 5 years
PLacing values in the formula
PV of SAlvage value = $1,000 / ( 1 + 10% )^5
PV of SAlvage value = $620.92
Net cost at time 0 = Initial purchase cost + PV of operating cost - Present value of salvage value = $5,000 + $5,686.18 - $620.92 = $10,065.26
Reamer Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for next year: Direct materials $ 1,000 Direct labor $ 3,000 Sales commissions $ 4,000 Salary of production supervisor $ 2,000 Indirect materials $ 400 Advertising expense $ 800 Rent on factory equipment $ 1,000 Reamer estimates that 500 direct labor-hours and 1,000 machine-hours will be worked during the year. The predetermined overhead rate per hour will be:
Answer:
$3.40 per machine-hour
Explanation:
Calculation for what The predetermined overhead rate per hour will be:
First step is to calculate the Total estimated manufacturing overhead
Manufacturing overhead:
Salary of production supervisor $2,000
Indirect materials $400
Rent on factory equipment$1,000
Total estimated manufacturing overhead $3,400
Now let calculate the Predetermined overhead rate using this formula
Predetermined overhead rate=Total estimated manufacturing overhead/Estimated machine-hours
Let plug in the formula
Predetermined overhead rate=$3,400/1,000
Predetermined overhead rate=$3.40 per machine-hour
Therefore The predetermined overhead rate per hour will be:$3.40 per machine-hour
A forklift will last for only 2 more years. It costs $5,000 a year to maintain. For $20,000 you can buy a new lift that can last for 10 years and should require maintenance costs of only $2,000 a year. a-1. Calculate the equivalent cost of owning and operating the forklift if the discount rate is 4% per year. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a-2. Should you replace the forklift
Answer:
The equivalent cost of owning and operating the forklift is $4,465.82
We should replace the forklift.
Explanation:
The Equivalent annual cost can be calculated using the following formula
Equivalent annual cost = PV of cost / Annuity factor
Old forklift
PV of Cost = Annual cost x 2 years Annuity factor at 4% / 2 years Annuity factor at 4%
Hence
PV of cost = Annual cost = $5,000
New forklift
10 years Annuity factor at 4% = 1 - ( 1 + 4%)^-10 )/4% = 8.11090
PV of cost = ( Annual Cost x 10 years Annuity factor at 4% ) + Initial cost
PV of cost = ( $2,000 x 8.11090 ) + $20,000
PV of cost = 16,221.79 + $20,000
PV of cost = 36,221.79
Placing values in the formula
Equivalent annual cost = $36,221.79 / 8.11090
Equivalent annual cost = $4,465.82
As the equivalent annual cost of the new lift is lower than the the old one, we should replace the forklift
Cynthia Co. exchanged Building 24 which has an appraised value of $4,800,000, a cost of $7,600,000, and accumulated depreciation of $3,619,000 for Building M belonging to Waterway Co. Building M has an appraised value of $4,560,000, a cost of $9,096,000, and accumulated depreciation of $4,747,000. The correct amount of cash was also paid. Assume depreciation has already been updated.
Prepare the entries on both companies' books assuming the exchange had no commercial substance.
Answer:
See the journal entries below.
Explanation:
In the Book of Cynthia Co.
Book value of Building 24 = Cost of Building 24 - Accumulated depreciation of Building 24 = $7,600,000 - $3,619,000 = $3,981,000
Gain on disposal of Building 24 = Building 24 an appraised value of - Book value of Building 24 = $4,800,000 - $3,981,000 = $819,000
Basis for Building M = Building M appraisal value - Gain on disposal of Building 24 = $4,560,000 - $819,000 = $3,741,000
Cash = Accumulated Depreciation of Building 24 + Basis for Building M - Cost of Building 24 - Gain on Disposal of Building 24 = $3,619,000 + $3,741,000 - 7,600,000 - $819,000 = $1,059,000
The journal entries will look as follows:
Accounts Title Debit ($) Credit ($)
Accumulated Depreciation 3,619,000
Building M 3,741,000
Cash 1,059,000
Building 24 7,600,000
Gain on Disposal 819,000
To record the exchange of Building 24 for Building M from Waterway Co.
In the Book of Waterway Co.
Building 24 = Building M cost + Cash - Building M depreciation = $9,096,000 + $1,059,000 - $4,747,000 = $5,408,000
The journal entries will look as follows:
Accounts Title Debit ($) Credit ($)
Accumulated Depreciation 4,747,000
Building 24 5,408,000
Building M 9,096,000
Cash 1,059,000
To record the exchange of Building M for Building 24 from Cynthia Co.
What should you do first to best use your personal goals as a means for a promotion
Answer:
The solution to this question can be defined as follows:
Explanation:
To achieve any goal, first of all, we need to make a quite high range of the ambition and after preparing the ambition we need to get hard work to achieve that goal. we must not be lazy, in another word we can say that laziness will make a boundary, that we can't pass. If we want to get the goal is to be promoted by using personal goals. that's why we suggest that the separate your personal and work goals, and try to work hard to achieve the goal.
Craftmore Machining produces machine tools for the construction industry. The following details about overhead costs were taken from its company records.
Production Activity
Indirect Labor
Indirect Materials
Other Overhead
Grinding
$320,000
Polishing
$135,000
Product modification
600,000
Providing power
$255,000
System calibration
500,000
Additional information on the drivers for its production activities follows.
Grinding
13,000 machine hours
Polishing
13,000 machine hours
Product modification
1,500 engineering hours
Providing power
17,000 direct labor hours
System calibration
400 batches
Required
1. Classify each activity as unit level, batch level, product level, or facility level.
2. Compute the activity overhead rates using ABC. Form cost pools as appropriate.
3. Determine overhead costs to assign to the following jobs using ABC.
Job 3175
Job 4286
Number of units
200 units
2,500 units
Machine hours
550 MH
5,500 MH
Engineering hours
26 eng hours
32 eng. hours
Batches
30 batches
90 batches
Direct labor hours
500 DLH
4,375 DLH
4. What is the overhead cost per unit for Job 3175? What is the overhead cost per unit for Job 4286?
5. If the company used a plantwide overhead rate based on direct labor hours, what is the overhead cost for each unit of Job 3175? Of Job 4286?
6. Compare the overhead costs per unit computed in requirements 4 and 5 for each job. Which method more accurately assigns overhead costs?
Answer:
Craftmore Machining
1. Classification of activity as unit level, batch level, product level, or facility level:
Production Activity Level
Indirect Labor Facility
Indirect Materials Product
Grinding Product
Polishing Product
Product modification Product
Providing power Facility
System calibration Batch
2. The Activity Overhead Rates using ABC:
Grinding = $24.62/machine hour
Polishing = $10.38/machine hour
Product modification = $400/eng.h
Providing power = $15/DLH
System calibration = $1.25/batch
3. Assignment of overhead costs:
Job 3175 Job 4286
Number of units 200 units 2,500 units
Machine hours 550 MH 5,500 MH
Engineering hours 26 eng hours 32 eng. hours
Batches 30 batches 90 batches
Direct labor hours 500 DLH 4,375 DLH
Job 3175 Job 4286
Grinding = $24.62/machine hour $13,541 $135,410
Polishing = $10.38/machine hour 5,709 57,090
Product modification = $400/eng.h 10,400 12,800
Providing power = $15/DLH 7,500 65,625
System calibration = $1.25/batch 37.50 112.50
Total costs allocated $37,187.50 $271,037.50
Cost per unit $185.94 $108.42
4. Overhead cost per unit:
Job 3175 , Overhead cost per unit = $185.94 ($37,187.50/200)
Job 4286 Overhead cost per unit = $108 ($271,037.50/2,500)
5. Plantwide overhead rate
Total overhead costs = $1,810,000
Total direct labor hours = 4,875
Overhead rate = $1,810,000/4,875 = $371.28
Job 3175 Job 4286
Direct labor hours 500 DLH 4,375 DLH
Total overhead cost $185,640 $1,624,350
Overhead cost per unit $928.20 $649.74
6. Overhead cost per unit Job 3175 Job 4286
Using ABC $185.94 $108.42
Using Plantwide rate $928.20 $649.74
ABC rate more accurately assigns overhead costs than using plantwide rate.
Explanation:
a) Data and Calculations:
Production Activity
Indirect Labor
Indirect Materials
Other Overhead Costs Usage Usage Rate
Grinding $320,000 13,000 machine hours $24.62/mh
Polishing $135,000 13,000 machine hours $10.38/mh
Product modification 600,000 1,500 engineering hours $400/eng.h
Providing power $255,000 17,000 DLH $15/DLH
System calibration 500,000 400 batches $1.25/batch
Total overhead $1,810,000
b) Craftmore incurs unit-level costs each time a unit is produced. It incurs batch-level costs each time it produces a batch of goods. It incurs product-level costs to support the production of each type of product. Finally, Craftmore's facility-level costs sustain the facility's general manufacturing process.
From the ledger balances given below, prepare a trial balance for the Whispering Winds Corp. at June 30, 2019. All account balances are normal.
Accounts Payable $8,300, Cash $7,700
Common Stock $22,500 Dividends $2,100
Equipment $18,200 Service Revenue $7,300
Accounts Receivable $4,300 Salaries and Wages Expense $3,50
Rent Expense $2,300.
Answer:
TRIAL BALANCE WHISPERING WINDS CORP JUNE 30 2019
Account Debit Credit
Accounts Payable $8,300
Cash $7,700
Common Stock $22,500
Dividends $2,100
Equipment $18,200
Service Revenue $7,300
Accounts Receivable $4,300
Salaries / Wages Expense $3,500
Rent Expense $2,300
$38,100 $38,100
Assets, Expenses, and Costs are debit accounts, while equity, liabilities and income are credit accounts.
On August 31, the balance sheet of Bramble Veterinary Clinic showed Cash $12,000, Accounts Receivable $4,700, Supplies $600, Equipment $6,000, Accounts Payable $6,600, Common Stock $16,050, and Retained Earnings $650. During September, the following transactions occurred.
1. Paid $3,500 cash for accounts payable due.
2. Collected $2,050 of accounts receivable.
3. Purchased additional equipment for $2,350, paying $900 in cash and the balance on account.
4. Performed services worth $7,900, of which $2,550 is collected in cash and the balance is due in October.
5. Declared and paid a $2,250 cash dividend.
6. Paid salaries $2,100, rent for September $1,150, and advertising expense $100.
7. Incurred utilities expense for month on account $180.
8. Received $12,000 from Capital Bank on a 6-month note payable.
Required:
Prepare a tabular analysis of the September transactions beginning with August 31 balances.
Answer:
Total Assets = Total Liabilities + Total Owner's Equity = $35,550
Explanation:
Note: See the attached excel file for the tabular analysis of the September transactions beginning with August 31 balances.
In the attached excel file, Evidence that Assets Equal Liabilities Plus Stockholders' Equity is prepared below the tabular analysis to show that the accounting equation holds as follows:
Total Assets = Total Liabilities + Total Owner's Equity = $35,550
In the attached excel file, the following calculations are performed:
1. Under Transaction 3: Accounts Payable ($) = $2,350 - $900 = $1,450
2. Under Transaction 4: Accounts Receivable = $7,900 - $2,550 = $5,350
Mike Greenberg opened Cheyenne Window Washing Inc. on July 1, 2022. During July, the following transactions were completed.
July 1 Issued 9,800 shares of common stock for $9,800 cash.
1 Purchased used truck for $6,560, paying $1,640 cash and the balance on account.
3 Purchased cleaning supplies for $740 on account.
5 Paid $1,440 cash on a 1-year insurance policy effective July 1.
12 Billed customers $3,030 for cleaning services performed.
18 Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies.
20 Paid $1,640 cash for employee salaries.
21 Collected $1,310 cash from customers billed on July 12.
25 Billed customers $2,050 for cleaning services performed.
31 Paid $240 for maintenance of the truck during month.
31 Declared and paid $490 cash dividend.
Journalize the July transactions.
Post to the ledger accounts.
Prepare a trial balance at July 31.
Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
(1) Services performed but unbilled and uncollected at July 31 were $1,750.
(2) Depreciation on equipment for the month was $202.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $320 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $415.
Answer:
Cash (Dr.) $9.800
Common Stock (Cr.) $9,800
Truck (Dr.) $6,560
Cash (Cr.) $1,640
Accounts Payable -Truck (Cr.) $4,920
Cleaning Supplies (Dr.) $740
Accounts Payable (Cr.) $740
Prepaid Insurance (Dr.) $1,440
Cash (Cr.) $1,440
Accounts Receivable (Dr.) $3,030
Service Revenue (Dr.) $3,030
Accounts Payable - Truck (Dr.) $820
Accounts Payable - Supplies (Dr.) $410
Cash (Cr.) $1,230
Cash (Dr.) $1,310
Accounts Receivable (Cr.) $1,310
Maintenance Expense Truck (Dr.) $240
Cash (Cr.) $240
Dividend paid (Dr.) $490
Cash (Cr.) $490
Explanation:
1) Accounts Receivable (Dr.) $1,750
Service Revenue (Cr.) $1,750
2) Depreciation expense (Dr.) $202
Accumulated Depreciation (Cr.) $202
3) Insurance Expense (Dr.) $120
Prepaid Insurance (Cr.) $120
4) Ending Inventory (Dr.) $320
Cleaning Supplies (Cr.) $320
5) Salaries Expense (Dr.) $415
Salaries Payable (Cr.) $415
1. When distribution team members use replenishment reports to retrieve quantities of items to be sent to stores they are:
O A. Mixing
O B. Sending
O C.Packing
O D. Picking
Answer:
D. Picking.................
Distribution team members use replenishment reports to retrieve quantities of items to be sent to stores, this is called as Picking. Hence, Option D is the correct statement.
What is the picking system?Systems for picking orders from warehouses are created to improve picking operations' effectiveness, speed, and accuracy. A few of these systems can be used by businesses to improve order fulfillment processes in their distribution channels.
Hence, Distribution team members use replenishment reports to retrieve quantities of items to be sent to stores, this is called as Picking. Option D is the correct statement.
Learn more about distribution channels:
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Transactions for Crane Company for the month of June are presented below.
June 1 Issues common stock to investors in exchange for $4,960 cash.
2 Buys equipment on account for $1,720. 3 Pays $930 to landlord for June rent.
12 Sends Wil Wheaton a bill for $820 after completing welding work.
Required:
Journalize the transactions.
Answer:
1. Dr Cash $4,960
Cr Common Stock Issues $4,960
2. Dr Equipment $1,720
Cr Accounts Payable $1,720
3. Dr Rent Expenses$930
Cr Cash $930
4. Dr Service receivables $820
Cr Service Revenue $820
Explanation:
Preparation of the journal entries
1. Dr Cash $4,960
Cr Common Stock Issues $4,960
2. Dr Equipment $1,720
Cr Accounts Payable $1,720
3. Dr Rent Expenses$930
Cr Cash $930
4. Dr Service receivables $820
Cr Service Revenue $820