Lane Stevens is to retire from the partnership of Stevens and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows: Lane Stevens, $150,000; Cherrie Ford, $70,000; and LaMarcus Rollins, $60,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by $22,300 and the allowance for doubtful accounts should be increased by $1,300. Stevens agrees to accept a note for $100,000 in partial settlement of his ownership equity. The remainder of his claim is to be paid in cash. Ford and Rollins are to share equally in the net income or net loss of the new partnership.
a. Journalize the entry to record the adjustment of the assets to bring them into agreement with current market prices.
b. Journalize the entry to record the withdrawal of Stevens from the partnership.
Answers
Answer: See attachment
Explanation:
a. Journalize the entry to record the adjustment of the assets to bring them into agreement with current market prices.
The journal entry has been prepared and attached.
b. Journalize the entry to record the withdrawal of Stevens from the partnership.
The journal entry has been prepared and attached.
Related Questions
Analysis of Accounts Receivable and Allowance for Doubtful Accounts Steelcase, Inc. reported the following amounts in its 2014 and 2013 10-K reports (years ended February 28, 2014 and February 22, 2013). $ millions)
From the income statement
Net sales
From the balance sheet
Accounts receivable, net
Customer deposits
From the disclosure on allowance for doubtful accounts:
Balance at beginning of period Additions (reductions) charged to income
Adjustments or deductions
Balance at end of period
2014 2013
$2,989 $2,869
306.8 287.3
16.0 13.5
4.5 19.6
2.8 3.1
(4.3) (8.2)
13.0 14.5
b. Calculate Steelcase's gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables. 2014 2013 Gross accounts receivable (in millions) Allowance as a % of gross receivables Round to one decimal place.)
c. Calculate Steelcase's accounts receivable turnover for 2014. (Use Accounts receivable, net for the calculation.) Round answer to one decimal place times
d. How much cash did Steelcase receive from customers in 2014? 3,005 million
Answers
Answer:
b. Gross Receivable = Net receivable +Allowance
2014 = $306.8 + $13 = $319.80
2013 = $287.3 + $14.5 = $301.8
Allowance as a % of Gross receivable = Allowance / Gross receivable
2014 = $13/319.80 = 0.041 = 4.1%
2013 = $14.5/301.8 = 0.015 = 1.5%
c. Average Net Accounts receivable = (Accounts receivable, net 2014 + Accounts receivable, net 2013) / 2 = ($306.8 + $287.3] / 2 = $297.05
Receivable Turnover = Net credit sales / Average Net Accounts receivable
Receivable Turnover = $2,989 / $297.05
Receivable Turnover = 10.06 Times
d) Cash received in 2014 = Beginning Gross receivables + Net sales - Ending Gross receivables-Adjustment in allowance (Write-off 2014)
Cash received in 2014 = $301.8 + $2,989 - $319.8 - $4.3
Cash received in 2014 = $2,966.7
Increase in customer deposits = $16 - 13.5 = $2.5
Total Cash received from customers in 2014 = Cash received in 2014 + Increase in customer deposits
Total Cash received from customers in 2014 = $2,966.7 + $2.5
Total Cash received from customers in 2014 = $2969.20
Cost of Goods Manufactured for a Manufacturing Company The following information is available for Ethtridge Manufacturing Company for the month ending July 31:
Cost of direct materials used in production $1,150,000
Direct labor 966,000
Work in process inventory, July 1 316,400
Work in process inventory, July 31 355,500
Total factory overhead 490,500
Determine Ethtridge's cost of goods manufactured for the month ended July 31.
Ethtridge Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended July 31
Factory overhead 1,150,000
Manufacturing costs incurred during July Cost of direct materials used in production $1,150,000
Direct labor 966,000
Factory overhead 490,500
Total manufacturing costs incurred Work in process inventory, July 31
355,500 Total factory overhead 490,500
Determine Ethtridge's cost of goods manufactured for the month ended July 31
Ethtridge Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended July 31
Factory overhead 1,150,000
Manufacturing costs incurred during July Cost of direct materials used in production 1,150,000
Direct labor 966,000
Factory overhead 490,500
Total manufacturing costs incurred $ 2,606,500
Total manufacturing costs
Factory overhead -355,500
Cost of goods manufactured 2,567,400
Answers
Answer:
Ethtridge Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended July 31
Work in Process July 1 $316,400
Add: Cost of direct material used $1,150,000
in production
Direct labour $966,000
Total factory overhead $490,500
Total manufacturing costs incurred $2,606,500
Total manufacturing cost $2,922,900
Less: Work in process July 31 $355,500
Cost of goods manufactured $2,567,400
Read the following scenario and answer the question in 5 sentences at least.
You are the president of the American Association of Construction Manufacturers (AACM), a trade association that represents seven hundred companies who build and sell heavy construction equipment. Members have proposed a number of initiatives to advance AACM interests. First, some members want an AACM advocacy group to lobby Congress for relaxing trade barriers on importing raw materials and parts. Second, some of the smaller AACM members want an advertising campaign promoting the importance of the AACM in order to increase small firm membership. Third, some members propose to segregate regions of the United States into sales territories, whereby only certain members have access to certain customers within a geographic area. Fourth, a group of socially conscious AACM firms want its members to boycott a large supplier that sources from nations with poor human rights records. Evaluate the business and legal (antitrust) implications of each of these proposals.
Answers
Answer and Explanation:
1. Business implication: if there are no trade barriers, it would enable them get better raw materials for their business and increase customer base
Legal anti trust implication: lobbying is illegal in some countries
2. Business implication: this would attract more manufacturers who were not previously members of the association which would in turn promote the goals of the association in improving trade amongst the manufacturers
Legal anti trust implication: associatio may be exposed to legal examination, example increased regulations
3 business implications:sales territories would invariably create a safe and secure investment for manufacturers such that there is less cost of marketing and campaigning as consumers are guaranteed
Legal implications: this is against anti trust laws and goes against free trade policies and illegal monopoly
4 business implications: boycotting this supplier could create an alternative source of raw materials which wouldn't be as efficient and even cost more
Legal implications: boycotting a large supplier such as this who might have a political backing might bring political retaliations from the supplier's political proxies who might create other regulations in the supplier's favour
The City of Clear Lake signed a lease agreement with Mountainside Builders whereby Mountainside will construct a new office building for city administrative use and lease it to the City for 30 years. The fair market value of the building is $12 million. The City has agreed to make an initial payment of $822,441 and annual payments in the same amount for the next 29 years. (This assumes a 6 percent discount rate.) The lease includes a funding clause, which allows Clear Lake to terminate the lease agreement if the government does not appropriate funds for the lease payments. Clear Lake does not intend to exercise this option unless there is a financial emergency. Upon completion, the building had an appraised value of $13 million and an estimated useful life of 40 years.
Required:
Provide journal entries the city should make for both the capital projects fund and governmental activities at the government-wide level to record the lease at the date of inception.
Answers
Try making discount to 5% they will have to pay just a little more for what they are buying. Try moving the payment to 822,000 so you can save the 441 dollars.
Different compounding periods, are used for different types of investments. In order to properly compare investments or loans with different compounding periods, we need to put them on a common basis. In order to do this, you need to understand the difference between the nominal interest rate (INOM) and the effective annual rate (EAR). The _________ interest rate is quoted by borrowers and lenders, and it is also called the annual percentage rate (APR). If the compounding periods for different securities is the same, then you _______ use the APR for comparison. If the securities have different compounding periods, then the Iper must be used for comparison.
Answers
Answer:
*Nominal Interest Rate
*Can
*EAR
*Annual
*Higher
Explanation:
Here is the complete question;
Different compounding periods, are used for different types of investments. In order to properly compare investments or loans with different compounding periods, we need to put them on a common basis. In order to do this, you need to understand the difference between the nominal interest rate (INOM) and the effective annual rate (EAR). The__________ interest rate is quoted by borrowers and lenders, and it is also called the annual percentage rate (APR). If the compounding periods for different securities is the same, then you____________ use the APR for comparison. If the securities have different compounding periods, then the____________ must be used for comparison. Here, M is the number of compounding periods per year and INOM/M is equal to the periodic rate (IPER). If a loan or investment uses___________ compounding, then the nominal interest rate is also its effective annual rate. However, if compounding occurs more than once a year, EAR is___________ INOM. Quantitative Problem: Bank 1 lends funds at a nominal rate of 6% with payments to be made semiannually. Bank 2 requires payments to be made quarterly. If Bank 2 would like to charge the same effective annual rate as Bank 1, what nominal interest rate will they charge their customers? Round your answer to three decimal places. Do not round intermediate calculations.__________ %
Different compounding periods, are used for different types of investments. In order to properly compare investments or loans with different compounding periods, we need to put them on a common basis. In order to do this, you need to understand the difference between the nominal interest rate (INOM) and the effective annual rate (EAR). The____Nominal______ interest rate is quoted by borrowers and lenders, and it is also called the annual percentage rate (APR). If the compounding periods for different securities is the same, then you_____can_______ use the APR for comparison. If the securities have different compounding periods, then the_______EAR_____ must be used for comparison. Here, M is the number of compounding periods per year and INOM/M is equal to the periodic rate (IPER). If a loan or investment uses____annual______ compounding, then the nominal interest rate is also its effective annual rate. However, if compounding occurs more than once a year, EAR is______higher_____ INOM. Quantitative Problem: Bank 1 lends funds at a nominal rate of 6% with payments to be made semiannually. Bank 2 requires payments to be made quarterly. If Bank 2 would like to charge the same effective annual rate as Bank 1, what nominal interest rate will they charge their customers? Round your answer to three decimal places. Do not round intermediate calculations.__________ %
CALCULATION PART
what nominal interest rate will they charge their customers?
Effective annual rate= (1+nominal rate/n)^n -1)
n= compounding period
Effective annual rate=[(1+0.06/2)^2 -1]
[(1+0.06/2)^2 -1]
= (1+0.03)^2 -1
=1.0609-1
=0.0609
= 6.09%
They will charge it 6.09%
There are four quarter in a year which means n=4
Let the nominal rate = x
Using the effective annual rate formula
0.0609=[ (1+x/4)^4 -1]
0.0609+1= (1+x/4)^4
(1.0609)^1/4 = 1+x/4
1.01489= 1+x/4
1.01489-1= x/4
x= 0.01489×4
x= 0.05956×100
x= 5.956%
Hence, effective annual rate for the both banks is 6.09%
While nominal annual rate for bank2 is 5.956%
,
Additionally, a $57 check written and recorded by the company correctly, was recorded by the bank as a $75 deduction. The adjusted cash balance per the bank records should be:
Answers
Answer: $32,744
Explanation:
To find out the balance as per the bank records;
= Unadjusted book balance + Deposits in transit + error in bank record - Outstanding checks
= 30,361 + 3,850 + (75 - 57) - 1,485
= $32,744
plz mark me as brainlist
Answers
Answer:
first start following me then i will mark you as brainlist
Answer:
You have to answer questions and have the most accurate answer out of two responses in order to be Brainlisted.
Explanation:
The performance plan will include a section that identifies all of the following EXCEPT
Answers
Answer:
where are the choices please so I can help you
Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance. Prepare journal entries for items a through d and the adjusting entries as of its December 31 period-end for items e through g.
a. Supplies are purchased on December 1 for $2,000 cash.
b. The company prepaid its insurance premiums for $1,540 cash on December 2.
c. On December 15, the company receives an advance payment of $13,000 cash from a customer for remodeling work.
d. On December 28, the company receives $3,700 cash from another customer for remodeling work to be performed in January.
e. A physical count on December 31 indicates that the Company has $1,840 of supplies available.
f. An analysis of the insurance policies in effect on December 31 shows that $340 of insurance coverage had expired.
g. As of December 31, only one remodeling project has been worked on and completed. The $5,570 fee for this project had been received in advance and recorded as remodeling fees earned.
Answers
Answer:
Ricardo Construction
General Journal
a.
December 1
Supplies $2,000 (debit)
Cash $2,000 (credit)
Supplies Bought for Cash
b.
December 2
Prepaid Insurance Premium $1,540 (debit)
Cash $1,540 (credit)
Insurance Premium paid in advance
c.
December 15
Cash $13,000 (debit)
Deferred Revenue $13,000 (credit)
Cash received for services not yet performed
d.
December 28
Cash $3,700 (debit)
Deferred Revenue $3,700 (credit)
Cash received for services to be rendered
December 31 period-end entries
e.
Supplies Expense $160 (debit)
Supplies $160 (credit)
Supplies utilized during the year
f.
Insurance Expense $160 (debit)
Prepaid Insurance $160 (credit)
Insurance expired during the year
g.
Deferred Revenue $5,570 (debit)
Service Revenue $5,570 (credit)
Service revenue earned
Explanation:
See the journal entries and their narrations prepared above.
How has cuba changed torughtout history
Answers
Answer:
After the revolutionary government nationalized all U.S. property in Cuba in August 1960, the American Eisenhower administration froze all Cuban assets on American soil, severed diplomatic ties and tightened its embargo of Cuba. The Key West–Havana ferry shut down.
Explanation:
Which activity combines inventory management, order processing, warehousing, material handling, and transportation
Answers
Answer:
Physical distribution.
Explanation:
In Business marketing, physical distribution can be defined as all the series of activities with respect to the supply of finished goods from production line (factory) to the end users or consumers.
Physical distribution is an activity which combines inventory management, order processing, warehousing, material handling, customer service, packaging, market forecasting, logistics and transportation.
Basically, physical distribution deals with the planning, organizing, implementation and control of the movement of goods and services in order to meet the demands of consumers.
A local government operates on a calendar-year basis. Prepare journal entries to record the following transactions and events for calendar year 2018.
1. On February 1, 2018, borrowed $400,000 on tax anticipation notes (TANs). The TANs will be repaid with 1.0 percent interest on January 31, 2019.
2. To prepare for issuing financial statements for 2018, accrue interest on the TANs through December 31, 2018.
3. Invested $100,000 in a certificate of deposit (CD) on April 1, 2018. The CD, which pays interest of 0.8 percent, will mature on September 30, 2018.
4. The CD matured on September 30, 2018.
Answers
Answer:
Feb. 1 DR Cash $400,000
CR Tax anticipation notes $400,000
Dec 31 DR Expenditures - Interest $3,666.67
CR Accrued Interest Payable $3,666.67
Working
February to December = 11 months
Interest = 400,000 * 1.0% * 11/12 months = $3,666.67
April 1 DR Investments $100,000
CR Cash $100,000
Sept. 30 DR Cash $50,200
CR Investments $50,000
Interest Income $200
Working
Interest Income = 50,000 * 0.8% * 6/12 months
= $200
True/ false. Initiative means acting only when asked to.
Answers
Analyze the impact of transactions on the accounting equation (LO2-2)
Below are the external transactions for Shockers Incorporated.
1. Issue common stock in exchange for cash.
2. Purchase equipment by signing a note payable.
3. Provide services to customers on account.
4. Pay rent for the current month.
5. Pay insurance for the current month.
6. Collect cash from customers on account.
Assets = Liabillities + Stockholder's Equilty
1. Increase = No effect + Increase
2.
3.
4.
5.
6.
Required: Analyze each transaction. Under each category in the accounting equation, indicate whether the transaction increases, decreases, or has no effect. The first item is provided as an example.
Answers
Answer:
2. Increase = Increase + No effect
3. Increase = No effect + Increase
4. Decrease = No effect + Decrease
5. Decrease = No effect + Decrease
6. No effect = No effect + No effect
Explanation:
2. Purchase equipment by signing a note payable.
The double entry to record the purchase of equipment on credit will be as under:
Dr Equipment-Asset XX
Cr Note Payables-Liabilities XX
Hence the Asset will increase and the liabilities will also increase
2. Increase = Increase + No effect
3. Provide services to customers on account.
The double entry to record the provision of services to customers on account will be as under:
Dr Accounts Receivables-Asset XX
Cr Revenue -Stockholder's Equilty XX
Hence the Assets and Stockholder's Equilty of the company will be increased.
3. Increase = No effect + Increase
4. Pay rent for the current month.
The double entry would be:
Dr Rent Expense -Stockholder's Equilty XX
Cr Cash account - Assets XX
Both Assets account and Stockholder's Equilty will be decreased.
4. Decrease = No effect + Decrease
5. Pay insurance for the current month.
The double entry would be as under:
Dr Insurance Expense -Stockholder's Equilty XX
Cr Cash account - Assets XX
Both Assets account and Stockholder's Equilty will be decreased.
5. Decrease = No effect + Decrease
6. Collect cash from customers on account.
The double entry would be as under:
Dr Cash -Assets XX
Cr Accounts Receivables - Assets XX
The net difference is zero hence there will be no difference.
6. No effect = No effect + No effect
Banks make money mainly by
A.receiving tax dollars from the government
B.the spread between paying high interest rates on money deposited in the bank and low interest rates on the money loaned out by the bank.
C.the spread between paying low interest rates on money deposited in the bank and high interest rates on the money loaned out by the bank
D.printing money.
Answers
Answer:
c
Explanation:
because if you look at how much they pay for your money being in there and then look at what they're change for the money they loan of yours
1. Calculate the income elasticities of demand for the following:
A. Income rises by 20%; demand increases by 10%.
B. Income rises from $30,000 to $40,000; demand increases (at a constant price) from 16 to 19.
2. For each of the following pairs of goods, state whether the cross-price elasticity is likely positive, negative, or zero. Explain.
A. Pen, pencil.
Close to zero. While they are substitutes they are not close substitutes.
Negative. They are complements.
Positive. They are close substitutes.
B. Ketchup, hot dogs.
Negative. They are complements.
Positive. They are close substitutes.
Close to zero. While they are substitutes they are not close substitutes.
C. Tortillas, lobster tail.
Negative. They are complements.
Positive. They are close substitutes.
Close to zero. While they are substitutes they are not close substitutes.
D. Home heating oil, natural gas.
Positive. They are close substitutes.
Negative. They are complements.
Close to zero. While they are substitutes they are not close substitutes.
3. One football season Domino’s Pizza, a corporate sponsor of the Washington Redskins (a football team), offered to reduce the price of its $8 medium-size pizza by $1 for every touchdown scored by the Redskins during the previous week. Until that year, the Redskins weren’t scoring many touchdowns. Much to the surprise of Domino’s, in one week in 1999, the Redskins scored 1 touchdown. (Maybe they like pizza.) Domino’s pizzas were selling for $7 a pie! The quantity of pizzas demanded soared the following week from 50 pies an hour to 60 pies an hour. What was price elasticity of demand for Domino’s pizza?
4. When tolls on the Dulles Airport Greenway were reduced from $2.00 to $0.75, traffic increased from 12,000 to 34,000 trips a day. Assuming all changes in quantity were due to the change in price, what is the price elasticity of demand for the Dulles Airport Greenway?
5. Determine the price elasticity of demand if, in response to an increase in price of 20%, quantity demanded decreases by 25%.
6. When the price of ketchup falls by 17%, the demand for hot dogs rises by 4%b. Income rises from $75,000 to $90,000; demand increases (at a constant price) from 50 to 55..
A. Calculate the cross-price elasticity of demand.
B. Are the goods complements or substitutes: .
C. In the original scenario, what would have to happen to the demand for hot dogs for us to conclude that hot dogs and ketchup are substitutes?
1. The demand for hot dogs would have to decline.
2. The demand for hot dogs would have to remain unchanged.
3. The demand for hot dogs would have to rise.
7. Calculate the income elasticities of demand for the following:
A. Income rises by 5%; demand increases by 5%.
B. Income rises from $75,000 to $90,000; demand increases (at a constant price) from 50 to 55.
8. One football season Domino’s Pizza, a corporate sponsor of the Washington Redskins (a football team), offered to reduce the price of its $8 medium-size pizza by $1 for every touchdown scored by the Redskins during the previous week. Until that year, the Redskins weren’t scoring many touchdowns. Much to the surprise of Domino’s, in one week in 1999, the Redskins scored 1 touchdown. (Maybe they like pizza.) Domino’s pizzas were selling for $7 a pie! The quantity of pizzas demanded soared the following week from 50 pies an hour to 60 pies an hour. What was price elasticity of demand for Domino’s pizza?
Answers
Answer:
1. Calculate the income elasticities of demand for the following:
A. Income rises by 20%; demand increases by 10%.
income elasticity of demand = % change in quantity demanded / % change in income
income elasticity of demand = 10% / 20% = 0.5, normal goodB. Income rises from $30,000 to $40,000; demand increases (at a constant price) from 16 to 19.
income elasticity of demand = 18.75% / 33.33% = 0.56, normal good2. For each of the following pairs of goods, state whether the cross-price elasticity is likely positive, negative, or zero. Explain.
complementary goods have a negative cross price elasticity, while substitute goods have a positive cross price elasticity.A. Pen, pencil.
Positive. They are close substitutes.B. Ketchup, hot dogs.
Negative. They are complements.C. Tortillas, lobster tail.
Negative. They are complements.D. Home heating oil, natural gas.
Positive. They are close substitutes.3 and 8. One football season Domino’s Pizza, a corporate sponsor of the Washington Redskins (a football team), offered to reduce the price of its $8 medium-size pizza by $1 for every touchdown scored by the Redskins during the previous week. Until that year, the Redskins weren’t scoring many touchdowns. Much to the surprise of Domino’s, in one week in 1999, the Redskins scored 1 touchdown. (Maybe they like pizza.) Domino’s pizzas were selling for $7 a pie! The quantity of pizzas demanded soared the following week from 50 pies an hour to 60 pies an hour. What was price elasticity of demand for Domino’s pizza?
price elasticity of demand = % change in quantity demanded / % change in price = 20% / -12.5% = -1.6 or |1.6| in absolute terms, price elastic4. When tolls on the Dulles Airport Greenway were reduced from $2.00 to $0.75, traffic increased from 12,000 to 34,000 trips a day. Assuming all changes in quantity were due to the change in price, what is the price elasticity of demand for the Dulles Airport Greenway?
price elasticity of demand = % change in quantity demanded / % change in price = 183.33% / -62.5% = -2.93 or |2.93| in absolute terms, price elastic5. Determine the price elasticity of demand if, in response to an increase in price of 20%, quantity demanded decreases by 25%.
price elasticity of demand = % change in quantity demanded / % change in price = -25% / 20% = -1.25 or |1.25| in absolute terms, price elastic6. When the price of ketchup falls by 17%, the demand for hot dogs rises by 4%
cross price elasticity of demand = % change in quantity demanded of good A / % change of price of good B = 4% / -17% = -0.24, complementsC. In the original scenario, what would have to happen to the demand for hot dogs for us to conclude that hot dogs and ketchup are substitutes?
1. The demand for hot dogs would have to decline.The cross price elasticity of demand for substitute goods is positive (-/- = +)
7. Calculate the income elasticities of demand for the following:
A. Income rises by 5%; demand increases by 5%.
income elasticity of demand = % change in quantity demanded / % change in income = 5% / 5% = 1, normal goodsb. Income rises from $75,000 to $90,000; demand increases (at a constant price) from 50 to 55.
income elasticity of demand = 10% / 20% = 0.5, normal goodThe widespread acceptance that bacteria causes diseases helped lead to a public health movement in the late nineteenth and early twentieth centuries. This movement eventually brought sewers, clean drinking water, and garbage removal to all U.S. cities. The public health movement in the United States in the late nineteenth and early twentieth centuries was like a technological advance to the country's production possibilities, since both ____________ expanded secured the economy's productive capacity, the former by increasing the nation's ________ degree of sophistication effective workforce .
Answers
Answer:
1. expanded
2. effective workforce
Explanation:
The widespread acceptance that bacteria causes diseases helped lead to a public health movement in the late nineteenth and early twentieth centuries. This movement eventually brought sewers, clean drinking water, and garbage removal to all U.S. cities.
The public health movement in the United States in the late nineteenth and early twentieth centuries was like a technological advance to the country's production possibilities, since both EXPANDED the economy's productive capacity, the former by increasing the nation's EFFECTIVE WORKFORCE .
Brown Company's bank statement for September 30 showed a cash balance of $1,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was also available as of September 30.
a. A $125 debit memoranda is included with the bank statement and dealt with a customer's check for $100 marked NSF and returned to Brown Company by the bank. In addition, the bank charged the company's a $25 processing fee.
b. The September 30 cash receipts, $1,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement.
c. A $15 debit memorandum for checks printed by the September 30 bank was included with the canceled checks.
d. Outstanding checks amounted to $1,145.
e. A customer's note for $900 was collected by the bank. A collection fee of $25 was deducted by the bank and the difference was deposited in the account.
f. Included with the canceled checks was a check for $275, drawn on another company, Browne Inc.
Answers
Omitted question. Prepare Bank reconciliation for Brown's company for September 30.
Answer:Please see explanation for answers.
Explanation:
Brown Company"s Bank Reconciliation for September 30
Cash Balance as per bank statement $ 1,350
Add:
Deposit in transit + $ 1,250
Bank error in recording of check + $ 275
Deduct:
Outstanding checks - $ 1,145
Adjusted bank balance $ 1,730
Cash balance per books $995
Add: Electronic transfer collected by bank
(900-25) +$875
Deduct:
Bank service charges (25+15) - $40
NSF Check -$100
Adjusted book balance $ 1,730
What are the economic problems
typically facing developing nations
like Malaguena?
Answers
Answer:
Developing countries were hit hard by the financial and economic crisis, although the impact was somewhat delayed. Every country had different challenges to master. The closer the developing countries are interconnected with the world economy, the crasser the effects. And the incipient recovery that is becoming noticeable is, for the time being, restricted to only a few countries and regions.
The crisis was transmitted primarily by trade and financial flows forcing millions back into poverty. Attainment of the Millennium Development Goals is seriously jeopardised in many countries. Many developing countries did not and do not have the resources to stimulate the economy and protect their socially disadvantaged populations to the same extent as the industrialised countries. However, many countries have made considerable efforts to mitigate the effects. Developing countries have also increased their cooperation with one another and are urgently demanding a greater voice in global economic affairs.
Explanation:
Answer:
Economic problems in the developing world include corruption, poor infrastructure, lack of skilled labor, political instability, weak protection of intellectual rights, and the possibility of contacts being canceled on a whim. Relatively few people have reaped the rewards of economic prosperity.Bren Co.'s beginning inventory at January 1, 2005 was understated by $26,000, and its ending inventory was overstated by $52,000. As a result, Bren's cost of goods sold for 2005 was:
Answers
Answer:
Change in COGS= $78,000 increase
Explanation:
We know that to calculate the cost of goods sold, we use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
If the beginning inventory is understated, it will increase the value of COGS.
If the ending inventory is overstated, the COGS increase.
Change in COGS= 26,000 + 52,000
Change in COGS= $78,000 increase
The children slept well ____________________ the noise.
Answers
Answer:
although
Explanation:
If a firm's beta was calculated as 1.6 in a regression equation, a commonly-used adjustment technique incorporating a weighting on long-run beta of 1.0 would provide an adjusted beta of
Answers
Answer: between 1 and 1.6
Explanation:
The Market Beta is 1.0 which is why in the long run, betas will equal 1 and so will move steadily towards 1 overtime.
The adjustment technique will therefore show a beta between 1 and 1.6 because the 1.6 will move on to 1 overtime.
To explain, the adjustment technique is as follows;
Adjusted beta = 2/3(sample beta) + 1/3(1)
= 2/3(1.6) + 1/3
= 1.4
The adjusted beta of 1.4 is between 1 and 1.6.
Recall the text’s definition of diminishing marginal utility: "the common pattern that each marginal unit of a good consumed provides less of an addition to utility than the previous unit." The reason for this behavior is because of biology. Our body sends our brains a signal once too much of a good or service has been consumed. This prevents a person from literally eating until they explode. In your own experience, share two times instances where the law of diminishing marginal utility applied to you. Can you think of any time when the law of diminishing marginal utility failed for someone? Please answer in 150 words or more. Use your own words - please do not copy and paste from a web site. Be sure to reference your sources.
Answers
Explanation:
Note, the term diminishing marginal utility refers to an economic principle that states that the more unit of a particular commodity or service we consume, the more the satisfaction (utility) derived out of the consumption reduces or diminishes.
For instance, if I watched movies produced by a particular entertainment company for several days (eg Disney Studios), I may become dissatisfied using this particular entertainment provider and may decide to try another service (Netflix).
Another instance could occur after exercising, I'm given 3 bottles of coke, after taking my first bottle, the amount of utility I derive would reduce until I get to the third bottle, at this point I've reached my peak.
The law of diminishing marginal utility failed for someone I know who had used the same type of toothpaste and brushed her teeth at least once a day for a period of over 10 years.
Sales and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system.
July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice.
5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30.
6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the goods sold was $25,000.
7. Returned merchandise with an invoice amount of $6,850 purchased on July 5 from Kester Co.
13. Paid Hamling Co. on account for purchase of July 3.
15. Paid Kester Co. on account for purchase of July 5, less return of July 7.
21. Received cash on account from sale of July 6 to Parsley Co.
21. Sold merchandise on MasterCard, $108,000. The cost of the goods sold was $64,800.
22. Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the goods sold was $10,000.
23. Sold merchandise for cash, $91,200. The cost of the goods sold was $55,000.
28. Paid Parsley Co. a cash refund of $7,150 for returned merchandise from sale of July 6. The cost of the returned merchandise was $4,250.
31. Paid MasterCard service fee of $1,650.
Required:
Journalize the transactions.
Answers
Answer:
General Journals
July 3.
Merchandise $62,650 (debit)
Accounts Payable : Hamling Co. $62,650 (credit)
Purchase of Merchandise on credit from Hamling Co
July 5.
Merchandise $33,450 (debit)
Account Payable : Kester Co $33,450 (credit)
Purchase of Merchandise on credit from Kester Co
July 6.
Account Receivable : Parsley Co $36,000 (debit)
Cost of Sales $25,000 (debit)
Sales Revenue $36,000 (credit)
Merchandise $25,000 (credit)
Sale of Merchandise on credit to Parsley Co
July 7.
Account Payable: Kester Co $6,850 (debit)
Merchandise $6,850 (credit)
Merchandise Returned to Kester Co
July 13.
Account Payable : Hamling Co. $62,650 (debit)
Discount Received $1,253 (credit)
Cash $61,397 (credit)
Payment of Merchandise supplied by Hamling Co. Net Cash Discount
July 15.
Account Payable : Kester Co. $26,600 (debit)
Discount Received $532 (credit)
Cash $26,068 (credit)
Payment of Merchandise supplied by Kester Co. Net Cash Discount
July 21.
Cash $108,000 (debit)
Cost of Sales $64,800 (debit)
Sales Revenue $108,000 (credit)
Merchandise $64,800 (credit)
Cash Sale of Merchandise
July 22.
Account Receivable : Tabor Co $16,650 (debit)
Cost of Sales $10,000 (debit)
Sales Revenue $16,650 (credit)
Merchandise $10,000 (credit)
Sale of Merchandise on credit to Tabor Co
July 23.
Cash $91,200 (debit)
Cost of Sales $55,000 (debit)
Sales Revenue $91,200 (credit)
Merchandise $55,000 (credit)
Cash Sale of Merchandise
July 28.
Sales Revenue $7,150 (debit))
Merchandise $4,250 (debit)
Account Receivable : Parsley Co $7,150 (credit)
Cost of Sales $4,250 (credit)
Refund for Merchandise Returned by Parsley Co
July 31.
Service Fees $1,650 (debit)
Cash $1,650 (credit)
Service Fees Paid
Explanation:
See the journal entries and their narrations prepared above.
On December 31, 2019, Main Inc. borrowed $3,000,000 at 12% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $360,000; June 1, $600,000; July 1, $1,500,000; December 1, $1,500,000. The building was completed in February 2021. Additional information is provided as follows.
1. Other debt outstanding 10.year, 13% bond, December 31, 2013, interest payable annually $4,000,000 6-year, 10% note, dated December 31, 2017, interest payable annually $1,600,000
2. March 1, 2020, expenditure included land costs of $150,000
3. Interest revenue earned in 2020 $49,000
Instructions:
Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building.The amount of interest $SHOW LIST OF ACCOUNTSPrepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Date Account Titles and Explanation Debit CreditDecember 31, 2020
Answers
Answer:
A. Avoidable interest cost= $183,000
B. Dr Building 183, 000
Dr Interest expense 857,000
Cr Cash 1,040,000
Explanation:
A. Calculation to Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building
Expenditure 2020 Average investment
Mar-01 $ 360,000 *10//12= 300,000
Jun-01 $ 600,000* 7//12=350,000
Jul-01 $ 1,500,000 *6//12= 750,000
Dec-01 $ 1,500,000 *1//12= 125,000
Total Average investment $1,525,000
Loans Issued Actual interest cost
12% to finance construction $ 3,000,000 12/31/19 $360,000
(12%*3,000,000=360,000)
13% bond $ 4,000,000 years ago $ 520,000
(13%*4,000,000=520,000)
10% bond $ 1,600,000 years ago $ 160,000
(10%*1,600,000)
Total $1,040,000
Average investment = $1,525,000
Avoidable interest cost = $1,525,000* 12%
Avoidable interest cost= $183,000
B. Preparation of the journal entry to record the capitalization of interest and the recognition of interest expense
31/12/2020
Dr Building 183, 000
Dr Interest expense 857,000
(1,040,000-183,000)
Cr Cash 1,040,000
You are required to pay quarterly estimates of the tax liability for your company. If your first quarter payment for taxes was $6,500, how much was the total tax bill for the year if they were equal quarterly payments?
a) $6,500
b) $13,000
c) $19,500
d) $26,000
Answers
Answer:
D
Explanation:
Simple. It looks hard but it is simple.
Just take 6.5k, and multiply it by 4 (quarterly), and you get 26K.
Any questions?
The total tax liability for the year is $26,000. Thus, the correct answer is option d.
What is a tax liability?Tax liability is the payment owed by an individual, business, or other entity to a federal, state, or local tax authority.
The tax liability for the year is calculated as-
The first quarter payment is $6,500
The total quarter in a year is 4.
Assuming equal quarterly payments, the tax bill for the year :
$6,500× 4 = $26,000
Therefore, the total tax bill for the year if they were equal quarterly payments is $26,000.
To learn more about total tax liability, click here:
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The three options for soliciting business from potential suppliers are:_______.
a. request for information (RFI), request for quotation (RFQ) and request for proposal (RFP)
b. request for quotation (RFQ), request for proposal (RFP) and request or invitation for bid (RFB or IFB)
c. request for quotation (RFQ), request for confirmation (RFC) and request for proposal (RFP)
d. request for information (RFI), request for proposal (RFP), and request or invitation for bid (RFB or IFB)
e. request for quotation (RFQ), request for price (RFP), and request or invitation for bid (RFB or IFB)
Answers
Answer:
Option b. is correct
Explanation:
Potential Supplier refers to any person that submits a Tender with respect to response to the Invitation to Tender.
Purpose of RFI is to collect written information about the capabilities of different suppliers.
RFQ is a kind of procurement solicitation in which the outside vendors are asked by a company to offer a quote for the completion of a specific project.
The three options for soliciting business from potential suppliers are request for quotation (RFQ), request for proposal (RFP) and request or invitation for bid (RFB or IFB).
what is marketing information system
Answers
Answer:
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what are the factors that influence management
Answers
Answer:
hope it helps..
Explanation:
Factors influencing changes in strategic management may be internal or external to the business organization. Some of these factors include management functions, structural transformations, competition, socio-economic factors, laws and technology.
Answer: Factors influencing changes in strategic management may be internal or external to the business organization. Some of these factors include management functions, structural transformations, competition, socio-economic factors, laws and technology.
Explanation:
The explanation is that these are factors influencing changes strategically that are internal or external rather.
On September 1 of the current year,Scots Company experienced a flood that destroyed the company's entire inventory.Because the company had not completed its month end reporting for August,it must estimate the amount of inventory lost using the gross profit method.At the beginning of August,the company reported beginning inventory of $215,450.Inventory purchased during August was $192,530.Sales for the month of August were $542,500.Assuming the company's typical gross profit ratio is 40%,estimate the amount of inventory destroyed in the flood.A) $87,480B) $134,520C) $109,980D) $82,480E) $81,480
Answers
Answer:
D) $82,480
Explanation:
The computation of the amount of inventory destroyed is shown below:-
Cost of Goods available for sale
= Beginning Inventory + Inventory purchased
= $215,450 + $192,530
= $407,980
Cost of Goods Sold = Sales - Gross profit
= $542,500 - ($542,500 × 40%)
= $325,500
The Estimated amount of inventory destroyed
= Cost of Goods available for sale - Cost of goods sold
= $407,980 - $325,500
= $82,480