Answer:
Cheyenne Company
CHEYENNE COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020
ASSETS
Current assets :
Cash $237,000
Accounts receivable (net) 347,000
Inventory (LCM) 408,000
Marketable Investments 127,000
Cash surrender
value of life insurance 97,000
Prepaid expenses 19,000
Total current assets $1,235,000 $1,235,000
Property, plant, and
equipment Buildings (net) 577,000
Equipment (net) 167,000
Land held for future use 182,000
Intangible assets Goodwill 87,000
Total long-term assets $1,013,000 $1,013,000
Total assets $2,248,000
LIABILITIES & EQUITY
Current liabilities:
Accounts payable 142,000
Notes payable (short-term) 132,000
Pension obligation 89,000
Rent payable 56,000
Premium on bonds payable 60,000
Total current liabilities $479,000 $479,000
Long-term liabilities
Bonds payable 507,000 $507,000
Total liabilities $986,000
Stockholders’ equity
Common stock, $1.00 par,
authorized 400,000 shares,
issued 297,000 297,000
Additional paid-in capital 167,000
Retained earnings 798,000
Total Equity $1,262,000 $1,262,000
Total liabilities & Stockholders' equity $2,248,000
Explanation:
CHEYENNE COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020
Current assets
Cash $237,000
Accounts receivable (net) 347,000
Inventory (LCM) 408,000
Marketable Investments 127,000
Cash surrender
value of life insurance 97,000
Prepaid expenses 19,000
Property, plant, and
equipment Buildings (net) 577,000
Equipment (net) 167,000
Land held for future use 182,000
Intangible assets Goodwill 87,000
Current liabilities
Accounts payable 142,000
Notes payable (short-term) 132,000
Pension obligation 89,000
Rent payable 56,000
Premium on bonds payable 60,000
Long-term liabilities
Bonds payable 507,000
Stockholders’ equity
Common stock, $1.00 par,
authorized 400,000 shares,
issued 297,000 297,000
Additional paid-in capital 167,000
Retained earnings ?
Total assets - Liabilities = Total Equity
= 2,248,000 - 986,000
= 1,262,000
Retained Earnings = Total Equity - (Common Stock + APIC)
= 1,262,000 - (297,000 + 167,000)
= $798,000
An investor buys a property for $608,000 with a 25-year mortgage and monthly payments at 8.10% APR. After 18 months the investor resells the property for $667,525. How much cash will the investor have from the sale, once the mortgage is paid off
Answer:
$71,520
Explanation:
we must first determine the monthly payment:
monthly payment = present value / annuity factor
present value = $608,000PV annuity factor, 0.675%, 300 periods = 128.46monthly payment = $608,000 / 128.46 = $4,732.99
Then I prepared an amortization schedule using an excel spreadsheet. After the 18th payment, the principal balance is $596,005.
The investor will have $667,525 - $596,005 = $71,520
HELP HELP ILL MASK BRAINLIEST
why do we have different minimum wages ?
Answer:
Higher minimum wages are most common in states with higher costs of living.
Explanation:
If you live in a smaller town the minimum wage is lower. If you live in a big city it'll more than likely be higher.
Answer:The US has tended to change the national minimum wage infrequently, with changes depending largely on the political balance of power at the federal level. ... But US states and even cities have the power to set minimum wages that are higher than the national rate.
Explanation:
On January 20, 2017, Tamira Nelson, the accountant for Picton Enterprises, is feeling pressure to complete the annual financial statements. The company president has said he needs up-to-date financial statements to share with the bank on January 21 at a dinner meeting that has been called to discuss Picton's obtaining loan financing for a special building project. Tamira knows that she will not be able to gather all the needed information in the next 24 hours to prepare the entire set of adjusting entries. Those entries must be posted before the financial statements accurately portray the company's performance and financial position for the fiscal period ended December 31, 2016. Tamira ultimately decides to estimate several expense accruals at the last minute. When deciding on estimates for the expenses, she uses low estimates because she does not want to make the financial statements look worse than they are. Tamira finishes the financial statements before the deadline and gives them to the president without mentioning that several account balances are estimates that she provided.
Required:
1. Identify several courses of action that Tamira could have taken instead of the one she took.
2. If you were in Tamira's situation, what would you have done?
Answer:
this case tells us about some sort of pressures that accounts feel when financial statements are needed urgently
Explanation:
1) As for using low estimates, this step was wrong on her part. she should have been upfront in her estimates. for the items that she could not estimate there should have been an indication that such items were still under review, instead of doing what she did to give the financial estimate a good look. Using guesses or deliberately using low estimates was a bad idea, GAAP would never condone that.
She should have met with the president and let him know that finalization of the financial statements would not possible within the time frame that he has given. She could have also explain that such delays are normal and she would have given estimates of when the draft internal copy would be made available to him. such steps she took could have resulted in serious consequences for the company
2) I would not inflate or deflate the figures on purpose to make financial statements look better. If it is time to present the draft and final year-end financial statements I will have to tell the truth on the numbers and estimations used and also the reasons for that. i would have explained the constraints that i was facing. if i was still being pressurized by the president, i would have no choice than to call it quits instead of going against the ethics of my profession, since there are both ethical and legal implications to not giving inaccurate financial statements.
1. Calculate the sales commission per unit sold. If required, round your answers to the nearest dollar. Use rounded answers in subsequent computations.
Answer: $20
Explanation:
The sales commission is 6% and the selling price per unit is $340.
The Sales commission per unit saved therefore is;
= 340 * 6%
= $20.40
= $20
The following summary transactions occurred during 2021 for Bluebonnet Bakers:
Cash Received from:
Collections from customers $490,000
Interest on notes receivable 11,500
Collection of notes receivable 54,000
Sale of investments 34,000
Issuance of notes payable 175,000
Cash Paid for:
Purchase of inventory 235,000
Interest on notes payable 7,500
Purchase of equipment 90,000
Salaries to employees 95,000
Payment of notes payable 40,000
Dividends to shareholders 35,000
The balance of cash and cash equivalents at the beginning of 2021 was $26,000.
Required:
Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities
Answer and Explanation:
The preparation of the statement of cash flows is presented below:
Bluebonnet Bakers
Cash flow statement
For the year 2021
Cash flow from operating activities
Collections from customers $490,000
Interest on notes receivable 11,500
Less: Interest on notes payable 7,500
Less: Purchase of inventory 235,000
Less: Salaries to employees 95,000
Net cash flow from operating activities $164,000
Cash flow from investing activities
Collection of notes receivable 54,000
Sale of investments 34,000
Less: Purchase of equipment 90,000
Net cash flow from investing activities -$2,000
Cash flow from financing activities
Issuance of notes payable 175,000
Less: Payment of notes payable 40,000
Less: Dividends to shareholders 35,000
Net cash flow from financing activities $100,000
Net increase or decrease in cash $262,000
Add: Opening cash balance $26,000
Ending cash balance $288,000
A small country is collecting more money than it spends. What is MOST likely the fiscal policy stance that this government takes?
expansionary stance
contractionary stance
economic stance
neutral stance
Answer:
Contractionary stance
Explanation:
When the government collects more extra money than it is spending, it signals a robust and fast-growing economy. Contractionary fiscal policy measures are applied to slow down growth and reduce inflationary pressure.
The contractionary fiscal policy is the government's mechanism of reducing the money supply in the economy. The government may reduce its spending in the economy, increase business taxes, or both. These actions decrease the money supply in the economy, which reduces the amount that businesses can borrow to expand. The objective is to lower the aggregate demand, thereby slowing the country's rate of producing new goods and services.
Product Director: We need to pick the best manager for the Prensabi software project. The project involves the latest technology and is very complicated. For example, this project uses a technology called Stage, which is a motion-capture technique that does not require actors to wear specialized gear to record their movements. Since this is a technical project that requires strong technical skills, we should pick the manager with the strongest technical skills. Executive: The manager needs some familiarity with the technology, but he or she won't actually be writing the software code. The bigger challenge here is to analyze the goals of the project and make sure that it is being developed according to a strong overall vision. That's why we should insist that the manager has outstanding conceptual skills. Which of the following, if true, weakens the product director's argument?
a) The project manager with the weakest technical skills also has the weakest human skills
b) The Prensabi project is so large that the project manager for the Prensab project will be unable to take on any other projects until the Prensabi project is inished.
c) The requirements of the Prensabi project are highly unusual.
d) The project manager with the strongest technical skills has no experience with
e) The project manager with the strongest conceptual skills has the weakest technical skills.
Answer:
The correct answer is: d) The project manager with the strongest technical skills has no experience with
Explanation:
Analyzing the scenario of the question above, it can be considered that the Project manager with the strongest technical skills has no experience with.
This would be the alternative that would weaken the argument of the product director, who says that the biggest challenge is to analyze the objectives of the project and make sure that it is being developed according to a strong overview. That is why we must insist that the manager has excellent conceptual skills.
Conceptual skills are those that allow the manager to have a total view of the organization in a systematic way, where there is experience to manage each part that integrates the organization in an effective way, conceptual skills are a set of knowledge and experiences for the decision making process decision-making is carried out in the best way.
What part of your social media strategy is working against your goals?
Prepare an adjusted trial balance. If an amount
Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; Optional Spreadsheet.
The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows:
Debit Balances Credit Balances
11 Cash 13,100
13 Supplies 8,000
14 Prepaid Insurance 7,500
16 Equipment 113,000
17 Accumulated Depreciation—Equipment 12,000
18 Trucks 90,000
19 Accumulated Depreciation—Trucks 27,100
21 Accounts Payable 4,500
31 Jeanne McQuay, Capital 126,400
32 Jeanne McQuay, Drawing 3,000
41 Service Revenue 155,000
51 Wages Expense 72,000
52 Rent Expense 7,600
53 Truck Expense 5,350
59 Miscellaneous Expense 5,450
325,000 325,000
The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57.
The data needed to determine year-end adjustments are as follows:
Supplies on hand at January 31 are $2,850.
Insurance premiums expired during the year are $3,150.
Depreciation of equipment during the year is $5,250.
Depreciation of trucks during the year is $4,000.
Wages accrued but not paid at January 31 are $900.
Required:
Journalize the adjusting entries.
Answer:
Recessive Interiors
1. Adjusted Trial Balance
As of January 31, 2019:
Debit Credit
11 Cash $13,100
13 Supplies 2,850
14 Prepaid Insurance 4,350
16 Equipment 113,000
17 Acc. Depreciation—Equipment $17,250
18 Trucks 90,000
19 Accumulated Depreciation—Trucks 31,100
21 Accounts Payable 4,500
22 Wages Payable 900
31 Jeanne McQuay, Capital 126,400
32 Jeanne McQuay, Drawing 3,000
41 Service Revenue 155,000
51 Wages Expense 72,900
52 Rent Expense 7,600
53 Truck Expense 5,350
54 Depreciation-Equipment 5,250
55 Supplies Expense 5,150
56 Depreciation-Trucks 4,000
57 Insurance Expense 3,150
59 Miscellaneous Expense 5,450
$335,150 $335,150
2. Adjusting Journal Entries:
Debit 55 Supplies Expense $5,150
Credit 13 Supplies $5,150
To record the supplies expense for the period.
Debit 57 Insurance Expense $3,150
Credit 14 Prepaid Insurance $3,150
To record insurance expense that has expired.
Debit 54 Depreciation Expense - Equipment $5,250
Credit 17 Accumulated Depreciation-Equipment $5,250
To record depreciation expense for the period.
Debit 56 Depreciation Expense - Trucks $4,000
Credit 19 Accumulated Depreciation-Trucks $4,000
To record depreciation expense for the period.
Debit 51 Wages Expense $900
Debit 22 Wages Payable $900
To accrue unpaid wages expenses.
Explanation:
a) Data and Calculations: Unadjusted Adjustments Adjusted
Debit Credit Debit Credit Debit Credit
11 Cash $13,100 $13,100
13 Supplies 8,000 $5,150 2,850
14 Prepaid Insurance 7,500 3,150 4,350
16 Equipment 113,000 113,000
17 Acc. Depreciation—Equipment 12,000 5,250 17,250
18 Trucks 90,000 90,000
19 Accumulated Depreciation—Trucks 27,100 4,000 31,100
21 Accounts Payable 4,500 4,500
22 Wages Payable 900 900
31 Jeanne McQuay, Capital 126,400 126,400
32 Jeanne McQuay, Drawing 3,000 3,000
41 Service Revenue 155,000 155,000
51 Wages Expense 72,000 900 72,900
52 Rent Expense 7,600 7,600
53 Truck Expense 5,350 5,350
54 Depreciation Expense-Equipment 5,250 5,250
55 Supplies Expense 5,150 5,150
56 Depreciation-Trucks 4,000 4,000
57 Insurance Expense 3,150 3,150
59 Miscellaneous Expense 5,450 5,450
325,000 325,000 18,450 18,450
Minion, Inc., has no debt outstanding and a total market value of $211,875. Earnings before interest and taxes, EBIT, are projected to be $14,300 if economic conditions are normal. If there is strong expansion in the economy, then EBIT will be 20 percent higher. If there is a recession, then EBIT will be 35 percent lower. The company is considering a $33,900 debt issue with an interest rate of 6 percent. The proceeds will be used to repurchase shares of stock. There are currently 7,500 shares outstanding. Assume the company has a tax rate of 21 percent
a-1. Calculate earnings per share, EPS, under each of the three economic scenarios before any debt is issued. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
a- Calculate the percentage changes in EPS when the economy expands or enters a 2. recession. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answers as a percent rounded to the nearest whole number, e.g., 32.)
b-1.Calculate earnings per share, EPS, under each of the three economic scenarios after the recapitalization. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
b- Calculate the percentage changes in EPS when the economy expands or enters a 2. recession assuming recapitalization has occurred.
Answer:
Please see attached.
Explanation:
a. Calculate earnings per share EPS under each of the three economic scenarios
a.2 Calculate the percentage changes in earnings per share EPS for economic expansion, or recession.
b-i calculate economic per share EPS, under each of the three economic scenarios after recapitalisation.
b-2 calculate the percentage changes in EPS when the economy enters or expand a recession assuming no recapitalisation occurred.
Please find attached detailed solution to the above questions.
Which of the following concepts best describes the supply of housing? A. Irrational B. Inelastic C. Marginal D. Demographic
Answer: Inelastic
Explanation:
Maisie Taft started her own consulting firm, Maisie Consulting, on May 1, 2020. The following transactions occurred during the month of May.
May 1 Maisie invested $7,000 cash in the business.
2 Paid $900 for office rent for the month.
3 Purchased $800 of supplies on account.
5 Paid $125 to advertise in the County News.
9 Received $4,000 cash for services performed.
12 Withdrew $1,000 cash for personal use.
15 Performed $6,400 of services on account.
17 Paid $2,500 for employee salaries.
20 Made a partial payment of $600 for the supplies purchased on account on May 3.
23 Received a cash payment of $4,000 for services performed on account on May 15.
26 Borrowed $5,000 from the bank on a note payable.
29 Purchased equipment for $4,200 on account.
30 Paid $275 for utilities.
Questions:
A. Prepare an income statement for the month of May.
B. Prepare a balance sheet at May 31, 2020.
Answer:
A. NET INCOME $6,600
B. TOTAL ASSETS $22,000
TOTAL LIABILITIES AND EQUITY $22,000
Explanation:
A. Preparation of income statement for the month of May.
Maisie Taft INCOME STATEMENT for May 2020
Service Revenue $10,400
($4,000 + $6,400)
Less: Expenses
Rent expense ($900)
Advertising expense ($125)
Salaries expense ($2,500)
Utilities expense ($275)
NET INCOME $6,600
Therefore the Net income on the income statement for the month of May 2020 will be $6,600
B. Preparation of balance sheet at May 31, 2020
Maisie Taft BALANCE SHEET at May 31, 2020
ASSETS:
Cash $14,600
Accounts receivable $2,400
Supplies $800
Equipment $4,200
TOTAL ASSETS $22,000
(14,600+2,400+800+4,200)
LIABILITIES:
Accounts payable $4,400
Notes payable $5,000
Total liabilities $9,400
($4,400+$5,000)
EQUITY:
Owner's equity $7,000
Retained earnings $5,600
($6,600 - $1,000)
Total equity $12,600
($7,000+$5,600)
TOTAL LIABILITIES AND EQUITY $22,000
($9,400 + $12,600)
CASH
May 1 Cash $7,000
2 Paid Office rent ($900)
5 Paid to advertise ($125)
9 Cash Received $4,000
12 Cash Withdrew ($1,000)
17 Paid employee salaries ($2,500)
20 Supplies purchased ($600)
23 Cash payment $4,000
26 Note payable $5,000
30 Utilities ($275)
CASH $14,600
ACCOUNT RECEIVABLES
May 15 $6,400
May 23 ($4,000)
ACCOUNT RECEIVABLES $2,400
ACCOUNT PAYABLE
May 3 $800
May 20 ($600)
May 29 $4,200
ACCOUNT PAYABLE $4,400
Therefore the Total asset on the balance sheet at May 31, 2020 will be $22,000 and the Total liabilities and equity on the balance sheet at May 31, 2020 will be $22,000
1. Stockholders invest $90,000 cash to start the business.
2. Purchased three digital copy machines for $400,000, paying $118,000 cash and signing a 5-year, 6% note for the remainder.
3. Purchased $5,500 paper supplies on credit.
4. Cash received for photocopy services amounted to $8,400.
5. Paid $500 cash for radio advertising.
6. Paid $800 on account for paper supplies purchased in transaction 3.
7. Dividends of $1,600 were paid to stockholders.
8. Paid $1,200 cash for rent for the current month.
9. Received $2,200 cash advance from a customer for future copying.
10. Billed a customer for $500 for photocopy services completed.
No. Account Titles and Descriptions Debit Credit
1.
2.
3.
4.
5.
Answer:
1. Stockholders invest $90,000 cash to start the business.
Dr Cash 90,000
Cr Common stock 90,000
2. Purchased three digital copy machines for $400,000, paying $118,000 cash and signing a 5-year, 6% note for the remainder.
Dr Copy machines 400,000
Cr Cash 118,000*
Cr Notes payable 282,000
*Where did they get the extra cash from?
3. Purchased $5,500 paper supplies on credit.
Dr Supplies 5,500
Cr Accounts payable 5,500
4. Cash received for photocopy services amounted to $8,400.
Dr Cash 8,400
Cr Service revenue 8,400
5. Paid $500 cash for radio advertising.
Dr Advertising expense 500
Cr Cash 500
6. Paid $800 on account for paper supplies purchased in transaction 3.
Dr Accounts payable 800
Cr Cash 800
7. Dividends of $1,600 were paid to stockholders.
Dr Dividends 1,600
Cr Cash 1,600
8. Paid $1,200 cash for rent for the current month.
Dr Rent expense 1,200
Cr Cash 1,200
9. Received $2,200 cash advance from a customer for future copying.
Dr Cash 2,200
Cr Unearned service revenue 2,200
10. Billed a customer for $500 for photocopy services completed.
Dr Accounts receivable 500
Cr Service revenue 500
You have a tax basis of ​$ and a useful life of five years and no salvage value. Provide a depreciation schedule ​(dk for k1​5) for ​% declining balance with switchover to straight line. Specify the year to switchover. Determine the depreciation amounts using the ​% declining balance and​ straight-line methods and BV amounts for each year
Answer:
the numbers are missing, so I will use another question as an example:
the asset's cost is $100,000useful life is 5 yearsno salvage value150% declining balancestraight line depreciation = $100,000 / 5 = $20,000
150% declining balance depreciation year 1 = 1.5 x $100,000 x 1/5 = $30,000, since it is higher than straight line we will use declining balance
book value at end of year 1 = $100,000 - $30,000 = $70,000
straight line deprecation = $70,000 / 4 = $17,500
150% declining balance depreciation year 2 = 1.5 x $70,000 x 1/5 = $28,000, since it is higher than straight line we will use declining balance
book value at end of year 2 = $70,000 - $28,000 = $42,000
straight line depreciation = $42,000 / 3 = $14,000, since it is higher than declining balance we will use straight line ⇒ switchover year
150% declining balance depreciation year 3 = 1.5 x $42,000 x 1/5 = $12,600
book value at end of year 3 = $42,000 - $14,000 = $28,000
depreciation year 4 = $14,000 (straight line)
book value at end of year 4 = $28,000 - $14,000 = $14,000
depreciation year 5 = $14,000 (straight line)
book value at end of year 5 = $14,000 - $14,000 = $0
Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. They are also able to claim $2,900 in recovery rebate credit ($2,400 for Marc and Michelle and $500 for Matthew). Assume they did not receive the recovery rebate in advance. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules).
A. What is Marc and Michelle’s gross income?
B. What is Marc and Michelle’s adjusted gross income?
C. What is the total amount of Marc and Michelle’s deductions from AGI?
D. What is Marc and Michelle’s taxable income?
E. What is Marc and Michelle’s taxes payable or refund due for the year?
Answer:
I will use the 2020 tax schedule since recovery rebate credit applies to 2020:
Marc and Michelle's gross income = Marc's and Michelle's salaries + interest from corporate bonds = $64,000 + $12,000 + $500 = $76,500
they should choose the standard deduction since it is higher than their itemized deductions = ($24,400)
contribution to IRA = ($2,500)
alimony payment = ($1,500) the divorce agreement was settled on 2005
Marc and Michelle's taxable income = $48,100
Marc and Michelle's tax liability = $1,975 + [12% x ($48,100 - $19,750)] = $5,377
Interests on municipal bonds is not taxable.
The amount of taxes that they owe = $5,377 - $3,500 (federal tax withholdings) = $1,877
Refundable tax credits:
$2,000 in child tax credit
$2,900 in recovery rebate credit
total = $4,900
taxes payable or refund = tax liability - refundable tax credits = $1,877 - $4,900 = -$3,023.
Marc and Michelle should get a refund for $3,023
The following income statement items appeared on the adjusted trial balance of Foxworthy Corporation for the year ended December 31, 2021 ($ in 000s): sales revenue, $22,600; cost of goods sold, $14,650; selling expense, $2,330; general and administrative expense, $1,230; dividend revenue from investments, $230; interest expense, $330. Income taxes have not yet been accrued. The company’s income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021 ($ in 000s). All transactions are material in amount.
1. Investments were sold during the year at a loss of $300. Foxworthy also had unrealized losses of $200 for the year on investments.
2. One of the company’s factories was closed during the year. Restructuring costs incurred were $2,000.
3. During the year, Foxworthy completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP regarding discontinued operations. The division had incurred operating income of $800 in 2016 prior to the sale, and its assets were sold at a
loss of $1,800.
4. Foreign currency translation gains for the year totaled $600.
Required:
Prepare Foxworthy's single, continuous statement of comprehensive income for 2021, including basic earnings per share disclosures. Two million shares of common stock were outstanding throughout the year.
Question attached
Answer and Explanation:
Please find attached
Strategic Plan
2016 - 2018
Boutique Build Australia
Del Gato Clinic's cash account shows a $11,589 debit balance and its bank statement shows $10,555 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $1,829. The June 30 bank statement lists a $16 bank service charge. Check No. 919, listed with the canceled checks, was correctly drawn for $467 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $476. The June 30 cash receipts of $2,856 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.
Prepare its bank reconciliation using the above information.
DEL GATO CLINIC
Bank Reconciliation
June 30
Book balance
Add: Bank statement balance
Add:
Deduct: Deduct:
Adjusted bank balance Adjusted book balance
Answer:
Adjusted bank balance $11,582
Adjusted book balance $11,582
Explanation:
Preparation of bank reconciliation statements
DEL GATO CLINIC Bank Reconciliation
June 30
Bank statement balance $10,555
Add: Bank deposit $2,856
Total $13,411
Deduct: Outstanding checks $1,829
Adjusted bank balance $11,582
DEL GATO CLINIC Bank Reconciliation
June 30
Book balance $11,589
Add: Error in check $9
($467-$476)
Deduct: Bank charges$16
Adjusted book balance $11,582
Therefore Adjusted bank balance will be $11,582 while Adjusted book balance will be $11,582
The adjusted bank balance of $11,582. Adjusted book balance of $11,582.
A financial entity with permission to accept deposits and issue loans is known as a bank. Retail, commercial, and investment banks are just a few of the several sorts of banks. The national government or central bank controls banking in the majority of the world's nations.
Since Italian merchants in the Renaissance formed agreements to borrow and lend money next to a bench, the word bank is derived from the Italian word banco, which means bench. They set the cash down on the bench. Simple financial records have existed since the dawn of time.
Although banks do a variety of tasks, their main responsibility is to collect money from those who have money—known as deposits—pool it, and then lend them to people who need money. Banks act as go-betweens for depositors.
Learn more about the Bank here:
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A General Co. bond has a coupon rate of 7 percent and pays interest annually. The face value is $1,000 and the current market price is $1,020.50. The bond matures in 20 years. What is the yield to maturity
Answer:
6.81 %
Explanation:
The Required Interest Rate (i) is the yield to maturity and this is calculated as :
Pv = - $1,020.50
pmt = $1,000 × 7% = $70
n = 20
p/yr = 1
Fv = $1,000.00
i = ?
Using a Financial Calculator to input the values as shown, the yield to maturity (i) is 6.8094 or 6.81 %.
Producers of snack foods (such as candy bars or potato chips) are most likely to use a(n) _____________ distribution strategy for their products.
Answer:
A.intensive
Explanation:
Products such as chocolate bars and chips fit the classification of non-durable consumer goods, that is, those that are produced for immediate consumption.
Its characteristics involve meeting the needs of the final consumer periodically, generally they are low-cost products that need quick replacement to meet the high demand for these non-durable products.
Therefore, the best strategy for the distribution of non-durable products is the intensive strategy, making it available in different places with easy access to the consumer and with high replacement.
On May 31, the Cash account of Teasel had a normal balance of $5,700. During May, the account was debited for a total of $12,900 and credited for a total of $12,200. What was the balance in the Cash account at the beginning of May
Answer:
$6,400
Explanation:
Cash Account
Debit :
Beginning Balance $5,700
Receipts $12,900
Totals $18,600
Credit :
Payments $12,200
Ending Balance (Balancing figure) $6,400
Totals $18,600
If the amount of credit is 300,000 how much is the discount if the debtor is given a credit term of 2/10 N/30?show your
Answer:
6,000
Explanation:
In credit sales, 2/10 Net 30 means that the seller has offered the customer a trade discount. 2/10 net 30 is a conditional discount available if payment is made in 10 days. It's a 2% discount should the customer pay in 10 days, if not so, the full amount is due within 30 days.
The discount amount for 300,000 is 2 percent of 300,000.
=2/100 x 300,000
=0.02 x 300,000
=6,000
Which of the following is the best example of an ethical statement?
A company has total equity of $1,965, net working capital of $175, long-term debt of $940, and current liabilities of $1,770. What is the company's net fixed assets?
Answer:
The net fixed assets is $2,730
Explanation:
The computation of the net fixed asset is shown below:
= Total equity + long term debt + current liabilities - (net working capital + current liabilities)
= $1,965 + $940 + $1,770 - ($175 + $1,770)
= $2,730
hence, the net fixed assets is $2,730
We simply applied the above formula and the same is to be considered
Consider a second-price, sealed-bid auction with a seller who has one unit of the object which he values at s and two buyers 1, 2 who have values of v1 and v2 for the object. The values s, v1, v2 are all independent, private values. Suppose that both buyers know that the seller will submit his own sealed bid of s (and will keep the item if bid s wins), but they do not know the value of s. The buyers know that the seller must submit his bid before seeing the buyer’s bids and they know that the seller will actually run a second price auction with the three bids he has: his own bid and the two buyer’s bids. Each buyer knows his own value but not the other buyer’s value.
Now suppose that the seller opens the bids from the buyers and then submits his own bid after seeing the bids from the two buyers. The seller runs a second price auction with these bids in the sense that the object is awarded to the highests bidder (one of the two buyers or the seller) and that bidder pays the second highest bid. Now is it optimal for the buyers to bid truthfully; that is, should they each bid their true value? Give a brief explanation for your answer.
Answer and Explanation:
Given that this is a second price bid auction whereby the second highest bid is the price that the highest bidder pays for the item up for auction sale, so that b1>b2 then b1 gets item for the price of b2.
Truthfulness of true value is the dominant strategy here which means each player should aim to be truthful with their bid regarding their true value regardless of what other bidders are bidding. Therefore truthfulness of value is the optimal strategy with the best payoff for bidders
Determining the true cash balance, starting with the unadjusted book balance
Nickleson Company had an unadjusted cash balance of $7,176 as of May 31. The company’s bank statement, also dated May 31, included a $67 NSF check written by one of Nickleson’s customers. There were $1,239 in outstanding checks and $255 in deposits in transit as of May 31. According to the bank statement, service charges were $35, and the bank collected an $600 note receivable for Nickleson. The bank statement also showed $14 of interest revenue earned by Nickleson.
Required:
Determine the true cash balance as of May 31. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
True cash balance
Answer:
True Cash Balance $7,688
Explanation:
The computation of the true cash balance is shown below:
Unadjusted Cash Balance as of May 31 $7,176
Add: Interest Earned $14
Note Collected by Bank $600
Less: NSF check ($67)
Less Bank charges ($35)
True Cash Balance $7,688
Hence, the true cash balance is $7,688 and the same is to be considered
Crawford Corporation incurred the following transactions:1. Purchased raw materials on account $47,000.2. Raw Materials of $44,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,300 was classified as indirect materials.3. Factory labor costs incurred were $60,100, of which $51,000 pertained to factory wages payable and $9,100 pertained to employer payroll taxes payable.4. Time tickets indicated that $54,400 was direct labor and $5,700 was indirect labor.5. Manufacturing overhead costs incurred on account were $83,600.6. Depreciation on the company's office building was $8,600.7. Manufacturing overhead was applied at the rate of 160% of direct labor cost.8. Goods costing $94,800 were completed and transferred to finished goods9. Finished goods costing $81,800 to manufacture were sold on account for $110,300.Required:Journalize the above transactions.
Answer:
Crawford Corporation
General Ledger
1.
Raw Materials $47,000 (debit)
Account Payable $47,000 (credit)
2.
Work In Process : Direct Materials $36,900 (debit)
Work In Process : Indirect Materials $7,300 (debit)
Raw Materials $44,200 (credit)
3.
Work In Process $51,000 (debit)
Salaries Expenses $9,100 (debit)
Salaries Payable $60,100 (credit)
4.
Work In Process : Direct Labor $54,400 (debit)
Work In Process : Indirect Labor $5,700 (debit)
Salaries Expenses $9,100 (debit)
Salaries Payable $60,100 (credit)
5.
Overheads $83,600 (debit)
Accounts Payable $83,600 (credit)
6.
Depreciation Expense - Building $8,600 (debit)
Accumulated Depreciation - Buildings $8,600 (credit)
7.
Work In Process $87,040 (debit)
Overheads $87,040 (credit)
8.
Finished Goods $94,800 (debit)
Work In Process $94,800 (credit)
9.
Accounts Receivable $110,300 (debit)
Cost of Goods Sold $81,800 (debit)
Sales Revenue $110,300 (credit)
Finished Goods $81,800 (credit)
Explanation:
See the Journal entries for Crawford Corporation and their respective transaction number recorded above.
Below is the Retained Earnings account for the year 2020 for Swifty Corp. Retained earnings, January 1, 2020 $261,300 Add:_______.
Gain on sale of investments (net of tax) $44,900
Net income 88,200
Refund on litigation with government, related to the year 2017 (net of tax) 25,300
Recognition of income earned in 2019, but omitted from income statement in that year (net of tax) 29,100 187,500 448,800
Deduct:
Loss on discontinued operations (net of tax) 38,700
Write-off of goodwill (net of tax) 63,700
Cumulative effect on income of prior years in changing from LIFO to FIFO inventory valuation in 2020 (net of tax) 26,900
Cash dividends declared 35,700 165,000
Retained earnings, December 31, 2020 $283,800
Prepare a corrected retained earnings statement. Waterway Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2020 to compute net income. (List items that increase adjusted retained earnings first.)
Answer:
Swifty Corp.
Retained Earnings Statement
Retained earnings, January 1, 2020 $261,300
Correction of error from prior period $29,100
Adjustment for change in accounting principle - $26,900
Retained earnings, January, Adjusted $263,500
Add Net Income $56,000
Less Cash dividend -$35,700
Retained earnings, December 31, 2020 $283,800
Workings
Net Income $88,200
+ Gain on sale of investments (net of tax) $44,900
Refund on litigation with government $22,530
$158,400
- Loss on discontinued operation $38,700
Write-off of goodwill $63,700
Net Income $56,000
Simple Random Sampling: The EAI data has information on the annual
incomes of managers and whether they have attended the training
program or not. This data comprise all the 2500 managers that work for
this organization. Using this information, address the following
questions: Select a simple random sample of 150 managers and another
of 250 managers and calculate the point estimates for the population
mean, standard deviation, and proportion. How do the results you
obtained for n = 150 and n = 250 compare to the population
information? Can you make any conclusion out of this? Why and why not?
Please work on excel, show all work including formulas and explain your answers
Answer:
Hello
Explanation:
make me as brain liest
how can you use information about a person's values to help you relate more effectively to him or her."
Answer: bec if you know the person’s values your are able to better communicate with them because you know their likes and dislikes you have had the chance and opportunity to get to know them and that can help you achieve your goal.
Explanation:
If you know the person’s values you are able to better communicate with them because you know their likes and dislikes you have had the chance and opportunity to get to know them and that can help you achieve your goal.
what is the quality definition of Verbal exchange?
1a: a system by way of which facts are exchanged between people thru a common device of symbols, signs, and symptoms, or behavior the function of pheromones in insect verbal exchange also: alternate of data. b: private rapport is a loss of communication between old and young people.
Why is verbal exchange crucial?Top verbal exchange abilities are vital to allow others and yourself to understand facts extra correctly and fast. In contrast, terrible conversation abilities cause frequent misunderstandings and frustration.
Learn more about Verbal Exchange at https://brainly.com/question/2421884
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