Business
We assume that in a village there are farmers, carpenters, and tailors, who provide the three essential goods: food, housing, and clothing. Suppose the farmers consume 2/5 of the food (produced by farmers), 1/3 of the housing (produced by carpenters) and 1/2 of the clothes (produced by tailors). The carpenter consumes 2/5 of the food, 1/3 of the housing, and 1/2 of the clothes. The tailors consume 1/5 of the food, 1/3 of the housing, and no clothes. Assume this is a closed Leontief model.If we know that the tailors produce 560 units of clothes, then the farmers produce ___________units of food, and the carpenters produce_________ units of housing.
The following information to perform the calculations below (using the indirect method). Net income $401,000 Beginning accounts payable $119,000 Depreciation expense 97,000 Ending accounts payable 146,000 Beginning accounts receivable 420,000 Purchase of long-term assets 612,000 Ending accounts receivable 439,000 Issuance of long-term debt 220,000 Beginning inventory 516,000 Issuance of stock for cash 180,000 Ending inventory 550,000 Issuance of stock for long-term assets 110,000 Beginning prepaid insurance 42,000 Purchase of treasury stock 64,000 Ending prepaid insurance 48,000 Sale of long-term investment at cost 56,000 Calculate the amount of cash used by investing activities. Only enter the number. No brackets or negative signs required
Q 19.22: Portland and Hadley operate in the same industry. Portland's sales, variable costs, and fixed costs are $1,000,000, $700,000, and $100,000, respectively. Hadley's sales, variable costs, and fixed costs are $1,000,000, $400,000, and $400,000, respectively. If each company experiences an equal increase or decrease in sales, Hadley's income will
A comparative balance sheet for Sarasota Corporation is presented as follows.December 31Assets 2020 2019Cash $ 72,680 $ 22,000 Accounts receivable 84,360 68,680 Inventory 182,360 191,680 Land 73,360 112,680 Equipment 262,360 202,680 Accumulated Depreciation-Equipment (71,360 ) (44,680 ) Total $603,760 $553,040 Liabilities and Stockholders' Equity Accounts payable $ 36,360 $ 49,680 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 203,400 139,360 Total $603,760 $553,040 Additional information:1. Net income for 2020 was $129,720. No gains or losses were recorded in 2020.2. Cash dividends of $65,680 were declared and paid.3. Bonds payable amounting to $50,000 were retired through issuance of common stock.Prepare a statement of cash flows for 2020 for Sarasota Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)Determine Sarasota Corporations current cash debt coverage, cash debt coverage, and free cash flow.
Cushenberry Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid salaries of $9,000. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,000. 6. Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200. Required:For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash ows using the indirect method.
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,288,076 as follows. Work in process,November 1Materials $79,000Conversion costs 48,200$127,200Materials added 1,594,520Labor 225,800Overhead 340,556Production records show that 34,600 units were in beginning work in process 30% complete as to conversion costs, 662,700 units were started into production, and 24,100 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: A. $50,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. B. Prepaid rent of $24,000, covering the period January 1, 2022, through December 31, 2023. C. Notes payable of $200,000. The notes are payable in annual installments of $20,000 each, with the first installment payable on March 1, 2022. D. Accrued interest payable of $12,000 related to the notes payable. E. Investment in equity securities of other corporations, $80,000. Cone intends to sell one-half of the securities in 2022.Required:Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported.
On its December 31, 2017, balance sheet, Calgary Industries reports equipment of $370,000 and accumulated depreciation of $74,000. During 2018, the company plans to purchase additional equipment costing $80,000 and expects depreciation expense of $30,000. Additionally, it plans to dispose of equipment that originally cost $42,000 and had accumulated depreciation of $5,600. The balances for equipment and accumulated depreciation, respectively, on the December 31, 2018 budgeted balance sheet are: a) $450,000; $98,400. b) $450,000; $104,000. c) $408,000; $104,000. d) $328,000; $74,000. e) $408,000; $98,400.
Journalize the following transactions by Bramble Printing Company. (Credit account titles are automatically indented when the 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.) 1. Stockholders invest $87,000 cash to start the business. 2. Purchased three digital copy machines for $445,000, paying $108,000 cash and signing a 5-year, 6% note for the remainder. 3. Purchased $4,000 paper supplies on credit. 4. Cash received for photocopy services amounted to $7,300. 5. Paid $400 cash for radio advertising. 6. Paid $950 on account for paper supplies purchased in transaction 3. 7. Dividends of $1,400 were paid to stockholders. 8. Paid $2,100 cash for rent for the current month. 9. Received $2,200 cash advance from a customer for future copying. 10. Billed a customer for $350 for photocopy services completed.(The Titles that are used on this chart are No. Account Titles and Explanation, Debit, Credit)*LIST OF ACCOUNTS*Accounts Payable, Accounts Receivable, Advertising Expense, Bonds Payable, Buildings, Cash, Common Stock, Dividends, Equipment, Gasoline Expense, Income Tax Expense, Income Taxes Payable, Insurance Expense, Land, Maintenance and Repairs expense, Mortgage Payable, No Entry, Notes Payable, Notes Receivable, Prepaid Insurance, Prepaid Rent, Rent expense, Rent revenue, repair services, retained earning, sales and wages expense, salaries and wages payable, sales revenue, service revenue, supplies, supplies expense, unearned service revenue, utilities expense, website
Darryl, a cash basis taxpayer, gave 1,000 shares of Copper Company common stock to his daughter on September 29, 2011. Copper Company is a publicly held company that has declared a $1.00 per share dividend on September 30 every year for the last 20 years. Just as Darryl had expected, Copper Company declared a $1.00 per share dividend on September 30th, payable on October 15th, to stockholders of record as of October 10. The daughter received the $1,000 dividend on October 18, 2011. How does this information impact who must recognize the dividend as income?a. Darryl must recognize the $1,000 dividend as his income because he knew the dividend would be paid.b. Darryl must recognize $750 of the dividend because he owned the stock for three fourths of the year.c. Darryl must recognize the income of $1,000 because he constructively received the $1,000.d. The daughter must recognize the income because she owned the stock when the dividend was declared and she received the $1,000.e. None of the above