Answer:
$570,000
Explanation:
Total machine maintenance cost calculation.
Depreciation expenses $20,000
Operating cost
($275,000 MH × $2). $550,000
Total machine machine maintenance cost $570,000
Therefore, the total machine maintenance cost of the machine is $570,000
Answer both parts of the following question. a. The San Francisco Chronicle reported that the toll on the Golden Gate Bridge was raised from $2 to $3. Following the toll increase, traffic fell by 5 percent. Based on this information, calculate the arc price elasticity of demand. Is demand elastic or inelastic
Answer:
The answer is "0.1".
Explanation:
Formula:
[tex]\text{Elasticity}= \frac{\% \text{volume changes in demand}}{ \% \text{price rise}}[/tex]
Calculating the value of price percent:
[tex]= \frac{(3-2)}{2} \times 100 \\\\= \frac{1}{2} \times 100 \\\\= \frac{100}{2} \\\\=50 \%[/tex]
Calculating the value of quantity change: [tex]= -5 \%[/tex]
Calculating the value of elasticity:
[tex]= \frac{-5}{50} \\\\ = \frac{-1}{10} \\\\= -0.1[/tex]
Through this convention, the environmental signal is decreased and elasticity =0.1 is achieved until conductivity. Whose comparatively in elasticity is not as high as 1.
On January 1, Mitzu Co. pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $796,500, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $413,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,740,500. The company also incurs the following additional costs. Cost to demolish Building 1 $ 346,400 Cost of additional land grading 193,400 Cost to construct Building 3, having a useful life of 25 years and a $398,000 salvage value 2,262,000 Cost of new Land Improvements 2 having a 20-year useful life and no salvage value 168,000 Problem 8-3A Part 2 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1.
Answer:
January 1, 202x
Dr Land 2,162,109
Dr Building 2, 742,626
Dr Building 3, 2,262,000
Dr Land improvement 1, 385,065
Dr Land improvement 2, 168,000
Cr Cash 5,719,800
Explanation:
total purchase cost $2,750,000
Building 2 = $796,500
Land improvement 1 = $413,000
Land = $1,740,000
total = $2,949,500
proportional purchase cost building 2 = $2,750,000 x $796,500/$2,949,500 = $742,626
proportional purchase cost land = $2,750,000 x $1,740,000/$2,949,500 = $1,622,309
proportional purchase cost land improvements 1 = $2,750,000 x $416,000/$2,949,500 = $385,065
additional costs to land = $346,400 + $193,400 = $539,800
additional building 3 = $2,262,000
additional land improvement 2 $168,000
January 1, 202x
Dr Land 2,162,109
Dr Building 2, 742,626
Dr Building 3, 2,262,000
Dr Land improvement 1, 385,065
Dr Land improvement 2, 168,000
Cr Cash 5,719,800
Compute darryl's total social security and Medicare taxes for the third quarter, if she is self-employed and earns $1,020.00 on a weekly basis.
Answer and Explanation:
The computation of the total security and medicare tax is shown below:
Here we assume the social security and medicare tax is 12.4% and 2.9% respectively
So, first we compute the total earnings which is
= $1,020 × 13 weeks
= $13,260
Now the taxes are
= $13,260 × 12.4% + $13,260 × 2.9%
= $1,644.24 + $384.54
= $2,028.78
John, who has just completed his first finance course, is unsure whether he should take a course in business analysis and valuation using financial statements, since he believes that financial analysis adds little value, given the efficiency of capital markets. Explain to John when financial analysis can add value, even if capital markets are efficient.
Answer:
Following are the solution to the given question:
Explanation:
The financial analysis allows you to understand the strong a corporation's finances throughout the study of capital markets, which's very helpful. Mercedes typically produce short-term misprice for resources as well as the returns are created by an investor/fund manager. These gains also are called Alpha. Economic analysis shows whether an organization handles its money. Economic reporting in project management is useful to recognize its competitive edge of a capital market business and, ultimately, that company(asset) sells efficiently over a lengthy sector.
Please answer !!! For a lot of points
i think B is the answer,but ask another person too!
.
and tnx for points too :)
Answer:
thanks for points
Explanation:
A car dealer acquires a used car for $20,000, terms FOB shipping point. Additional costs in obtaining and offering the car for sale include: $120 for transportation-in. $130 for insurance during shipment. $710 for import duties. $140 for advertising. $1,000 for sales staff salaries. For computing inventory, what cost is assigned to the used car
Answer:
17,900
Explanation:
you just add them all together than subtract it from 20k
Answer:
Included in Inventory Cost:
Cost:20,000
Transportation in:120
Import Duties:710
Insurance during shipment:130
Expensed as incurred:
Advertisement:140
Sales Staff salaries:1,000
Explanation:
What are three sources that offer specialized information on records management?
Answer:
Organize a records management element in institutional information resource ... Render for sufficient data collection and information path and retrieval; ... and to demand justification for the acquisition of highly specific filing arrangements.
Explanation:
The dictionary incorporates the most significant archival sessions with specific meanings. ... or buying, historical matters from references outside the archival organization. ... DOCUMENT: Recorded information despite pattern or mechanism with three basic ... To build retention periods for prevailing records and provide for their proper ...
The €/$ spot exchange rate is €1.50/$ and the 120 day forward exchange rate is €1.45/$. The forward premium (discount) is Group of answer choices the dollar is trading at an 8% premium to the euro for delivery in 120 days. the dollar is trading at a 5% premium to the Swiss franc for delivery in 120 days. the dollar is trading at a 10% discount to the euro for delivery in 120 days. the dollar is trading at a 5% discount to the euro for delivery in 120 days.
Answer:
The forward premium (discount) is:
the dollar is trading at a 10% discount to the euro for delivery in 120 days.
Explanation:
a) Data and Calculations:
Spot exchange rate = €1.50/$
120 day forward exchange rate = €1.45/$
When the forward rate is less than the spot rate, the means that the currency is trading at a discount in the forward market.
The formula for calculating the forward premium or discount is:
= (Forward Rate Minus Spot Rate)/Forward Rate * 360/120
= (€1.45 - €1.50)/€1.45 * 360/120
= €-0.05/€1.45 * 3
= €-0.03448 * 3 = -10.3%
b) The forward premium occurs when the forward exchange rate is higher than the spot exchange rate. The forward discount occurs when the forward exchange rate is lower than the spot exchange rate. Forward premium or discount is normally expressed as the annualized percentage of the difference, using 360 days.
Classify the following cash flows as either operating, investing, or financing activities assume indirect method. 32 (8 01:40:41
1. Received cash from long-term debt issuance.
2. Paid long-term debt with cash.
3. Received cash from short-term debt issuance.
4. Issued common stock for cash.
5. Paid cash for wages and salaries.
6. Received cash interest on a note.
7. Paid cash for property taxes on building.
8. Paid cash for utilities.
9. Sold stock investments for cash.
10. Received cash from sale of equipment.
Answer:
1. Received cash from long-term debt issuance.
Classification: Financing activities
2. Paid long-term debt with cash.
Classification: Financing activities
3. Received cash from short-term debt issuance.
Classification: Financing activities/Operating activities
4. Issued common stock for cash.
Classification: Financing activities
5. Paid cash for wages and salaries.
Classification: Operating activities
6. Received cash interest on a note.
Classification: Operating activities
7. Paid cash for property taxes on building.
Classification: Operating activities
8. Paid cash for utilities.
Classification: Operating activities
9. Sold stock investments for cash.
Classification: Investment activities / Finance activities
10. Received cash from sale of equipment.
Classification: Investment activities
Atlas Long-Haul Transportation is considering installing Valutemp temperature loggers in all of its refrigerated trucks for monitoring temperatures during transit. If the systems will reduce insurance claims by $100,000 in each of the next 2 years, how much should the company be willing to spend now if it uses an interest rate of 12% per year
Answer:
The amount the company should be willing to spend now is $169,005.10.
Explanation:
This can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value or the amount the company should be willing to spend now =?
P = Annual insurance claim = $100,000
r = Interest rate = 12%, or 0.12
n = number of years = 2
Substitute the values into equation (1) to have:
PV = $100,000 * ((1 - (1 / (1 + 0.12))^2) / 0.12)
PV = $100,000 * 1.69005102040816
PV = $169,005.10
Therefore, the amount the company should be willing to spend now is $169,005.10.
Calculate the ROA from the following chart. Show all formulas and work.
(dollar figures in millions)
Total Deposits 10,219,681
Net Income 106,354
Equity Capital 1,497,533
Total Loans 7,161,815
Total Assets 13,544,967
Answer:
0.79%
Explanation:
ROA is the return on assets. The formula for calculating ROA is as below.
ROA = Net Income / Total Assets or Net income / average total assets.
Net income = Net Income 106,354
Net Assets = Total Assets 13,544,967
ROA = 106,354/13,544,967
ROA = 0.00785192
ROA = 0.79%
When the government subsidizes investment, such as with an investment tax credit, the subsidy often applies to only some types of investment. This question asks you to consider the effect of such a change. Suppose there are two types of investment in the economy: business investment and residential investment. The interest rate adjusts to equilibrate national saving and total investment, which is the sum of business investment and residential investment. Now suppose that the government institutes an investment tax credit only for business investment. a. How does this policy affect the demand curve for business investment
Answer:
The demand curve for business investment will shift upwards to the right, signaling an increased demand for business investment.
Investors will be attracted to invest more in business investment than they will invest in residential apartments. This is how it has worked.
Explanation:
An economy's business investment includes the investments in the machines, tools, and equipment that business entities need for the production of goods and services. On the other hand, its residential investment refers to the expenditure made for constructing or buying new houses or dwelling apartments for the purpose of living or renting out to others. If the government grants some tax credit to business investment, it will make business more attractive to the investing public.
Which of the following statement is correct?
a. firms in monopoly can sell non-commodities while firms in monopolistic competition cannot.
b. firms in monopoly can sell a commodity while firms in monopolistic competition cannot.
c. firms in monopoly are price setters while firms in monopolistic competition are not.
d. firms in monopoly can make economic profit in the short run while firms in monopolistic competition cannot.
Answer:
the correct answer I to this question is c
What would you do if you got conflicting answers for the same procedure from two different people you interviewed? What would you do if one was a clerical person and the other was the department manager?
Answer:
The best solution will be to get the two individuals together to try and get a solution that is agreeable between two of them.
Explanation:
The role of a system analyst is not to make a decision about the best procedure to use, rather it is the responsibility of the users to do so.
The analyst is to facilitate a common ground that takes into consideration all views.
In the given scenario the department manager may be privy to information that the clerical person does not have. This will give a better view of processes that will be in line with business goals and objectives.
However the clerical staff pays more attention to details of business procedures. He is most likely more updated on business procedure that the department head.
The best way forward is the get the two of them together to trash out the differences of their procedures and come up with one that takes the managerial view of the department head and the detail oriented view of the clerical staff into consideration
The role of the system analyst is not to decide on the best method to use, rather it is the responsibility to come up with a common viewpoint where both their opinions can be considered.
What are the responsibilities of a System Analyst?A systems analyst is a person who uses analytical and design techniques to solve business problems using information technology.
System analysts can act as agents of change who identify organizational improvements needed, design systems to implement those changes, and train and motivate others to use the systems.
The analyst is to facilitate a consensus that takes into account all the ideas.
In this case, the department head may be aware of information that the pastor does not have. This will give you a better idea of the processes that will align with the goals and objectives of the business.
However, clerical staff pays close attention to details of business processes. The clerk may know more about the business processes head of a department.
The best way forward is to bring the two together to eliminate the differences in their procedures, it is the system analyst's responsibility to come up with a common viewpoint where both their opinions can be considered.
To learn more about role of system analyst, refer:
https://brainly.com/question/25488537
If a company is considering the purchase of a parcel of land that was originally acquired by the seller for $98,000 is currently offered for sale at $176,000, is considered by the purchaser as easily being worth $166,000, and is finally purchased for $163,000, the land should be recorded in the purchaser's books at:
Answer:
$163,000
Explanation:
Based on the information given in a situation where the company is considering the purchase of a land which means that if the parcel of land was finally purchased for the amount of $163,000 the amount in which the land should be recorded in the purchaser's books will be the amount of $163,000 which was the amount that was finally used to Purchased the land.
Therefore the land should be recorded in the purchaser's books at:$163,000
Sunland Company took a physical inventory on December 31 and determined that goods costing $190,500 were on hand. Not included in the physical count were $29,000 of goods purchased from Bramble Corp., FOB, shipping point, and $22,000 of goods sold to Vaughn Manufacturing for $32,000, FOB destination. Both the Bramble purchase and the Vaughn sale were in transit at year-end.
What amount should Sunland report as its December 31 inventory?
Answer:
$241,500
Explanation:
Calculation for What amount should Sunland report as its December 31 inventory
December 31 inventory per physical count $190,500
Add Goods-in-transit purchased FOB shipping point $29,000
Add Goods-in-transit sold FOB destination $22,000
December 31 Inventory $241,500
($190,500 + $29,000 + $22,000 = $241,500)
Therefore What amount should Sunland report as its December 31 inventory is $241,500
In The Last Lecture video, Randy Pausch informs his audience about his health situation and then goes into sharing his childhood dreams that he was able to achieve. Through his lecture, he is able to demonstrate the leadership competencies commonly identified among leaders from around the world. In a PowerPoint presentation, Analyze seven key leadership competencies observed in The Last Lecture Identify how these competencies relate to various leadership styles. Determine how these leadership competencies apply to organizational success.
The correct answer to this open question is the following.
Unfortunately, you did not attach the link to the video.
However, what we can do is to share some leadership competencies commonly identified among leaders from around the world so you cant use this information to prepare your PowerPoint Presentation.
Let's start with two leadership traits that are included in the famous speech delivered by professor Randy Pausch titled "Really Achieving Your Childhood Dreams," on September 18, 2007, at McConomy Auditorium at Carnegie Mellon University.
When Pausch was referring to his dream of being a professional football player in the NFL, he said his high school coaches taught him various leadership lessons.
Persistence. No matter the coach was hard on him, he understood the value of being persistent and never surrender.
Own the fundamentals. He understood during his football practices that fundamentals were the basis for everything. So you have to work on your fundamentals to do things right.
Feedback. Leaders like to give feedback, although it comes in screams and shouts. Pausch understood that if the coach was hard on him, was because the coach was interested in him and wanted him to improve as a player and as a person.
Enthusiasm. Pausch said that coach Graham taught him the trait of enthusiasm. No matter what happened, players and coaches had to show enthusiasm all the time.
Acceptance. Pausch commented that when he was at Electronics Arts, he learned about the importance to accept the experience, which for him was to get what you receive that you did not want.
Be a role model. You have to be a role model when you are in command, and he set the example of Captain Kirk in the Star Trek TV series.
Being an Imagineer. He said that imagination was very important to create new and useful new things.
Caleb Co. owns a machine that had cost $44,400 with accumulated depreciation of $19,400. Caleb exchanges the machine for a newer model that has a market value of $55,000. 1. Record the exchange assuming Caleb paid $31,000 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $23,000 cash and the exchange has commercial substance.
Answer:
Part 1
Debit :New Machine $55,000
Debit : Profit and Loss $39,400
Credit: Accumulated Depreciation: Old Machine $19,400
Credit :Cost: Old Machine $44,400
Credit : Cash $31,000
Part 2
Debit :New Machine $55,000
Debit : Profit and Loss $31,400
Credit: Accumulated Depreciation: Old Machine $19,400
Credit :Cost: Old Machine $44,400
Credit : Cash $23,000
Explanation:
The Standard on Property, Plant and Equipment States that :
"When exchange has commercial substance, Cost Price of item Acquired is measured at Fair Value.
When Fair Values of both assets acquired and given up can be determined reliably, the Fair Value of Asset given up will be used.
Unless the Fair Value of the Asset acquired is more evident, that Value may be used"
From this, we have on Fair Value of Asset Acquired, so we use that as the Cost of the New Asset. Cost of New Asset in Both Cases will be $55,000.
Recognize the New Cost of Asset, Derecognize the Cash Paid, Derecognize Cost of Old Asset and Accumulated Depreciation in a journal to find the Profit or loss resulting from the exchange as above.
Following is the income statement information from Apollo Medical Devices.
($ in thousands) 2020
Net sales $4,163,770
Cost of sales before special charges 1,382,235
Special inventory obsolescence charge 27,876
Total cost of sales 1,410,111
Gross profit 2,753,659
Selling, general and admin expense 1,570,667
Research and development expense 531,086
Merger and acquisition costs 46,914
In-process research and development charges 12,244
Litigation settlement 16,500
Operating profit 576,248
Interest expense (57,372)
Interest income 2,076
Gain on disposal of fixed assets 4,929
Impairment of marketable securities (5,222)
Other income (expense), net (2,857)
Earnings before income taxes 517,802
Income tax expense 191,587
Net earnings $326,215
Required: Identify the components that we would consider operating.
Answer:
$ in thousands) 2020
Net sales $4,163,770
Cost of sales before special charges 1,382,235
Special inventory obsolescence charge 27,876
Total cost of sales 1,410,111
Gross profit 2,753,659
Selling, general and admin expense 1,570,667
Research and development expense 531,086
Explanation:
The new CFO thinks that inventories are excessive and could be lowered sufficiently to cause the current ratio to equal the industry average, 2.85, without affecting either sales or net income. Assuming that inventories are sold off and not replaced to get the current ratio to the target level, and that the funds generated are used to buy back common stock at book value, by how much would the ROE change
Answer:
4.50%
Explanation:
Note: Question is incomplete but very similar one is attached as picture below
Current ROE = Net Income / Equity = $21,000 / $280,000 = 7.50%
Current Inventory = $210,000
Target Current ratio = 2.70
1. Current assets at target Current ratio = Current Liabilities * Target current ratio = $70000 * 2.70 = $189,000
2. Reduction in Inventories = Present Current assets - Current assets under target current ratio
Reduction in Inventories = $14000 + $70000 + $210000 - $189000
Reduction in Inventories = $105000
3. Reduction on common equity using sale of inventory = Current Equity - reduction
Reduction on common equity using sale of inventory = $280,000 - $105,000
Reduction on common equity using sale of inventory = $175,000
4. Change in ROE = New ROE - Current ROE
Change in ROE = [21000 / 175000] - 7.50%
Change in ROE = 12% - 7.50%
Change in ROE = 4.50%
What is the present value of the following set of cash flows, discounted at 15% per year? Year 1 2 3 4 Cash flow $100 -$100 $200 -$200
Answer:
$28.51
Explanation:
The computation of the present value of the following cash flows is as follows;
Present value factor = 1 ÷ (1 + rate of interest)^number of years
Now the present value is
= $100 × present value factor of year 1 - $100 × present value factor of year 2 + $200 × present value factor of year 3 - $200 × present value factor of year 4
= $100 × 0.8696 - $100 × 0.7561 + $200 × 0.6575 - $200 × 0.5717
= $86.96 - $75.61 + $131.5 - $114.34
= $28.51
Entries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank account to an account to be used for the business, $53,500. Paid October rent for office and workroom, $5,400. Purchased used automobile for $35,000, paying $8,000 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $10,700. Paid cash for supplies, $2,570. Paid cash for annual insurance policies, $3,600. Received cash from client for plans delivered, $13,400. Paid cash for miscellaneous expenses, $1,450. Paid cash to creditors on account, $3,100. Paid $430 on note payable. Received invoice for blueprint service, due in November, $1,800. Recorded fees earned on plans delivered, payment to be received in November, $9,300. Paid salary of assistants, $2,800. Paid gas, oil, and repairs on automobile for October, $700.
On January 1, 2021, Jasperse Corporation leased equipment under a finance lease designed to earn the lessor a 12% rate of return for providing long-term financing. The lease agreement specified ten annual payments of $75,000 beginning January 1, and each December 31 thereafter through 2029. A 10-year service agreement was scheduled to provide maintenance of the equipment as required for a fee of $5,000 per year. Insurance premiums of $4,000 annually are related to the equipment. Both amounts were to be paid by the lessor and lease payments reflect both expenditures. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) At what amount will Jasperse record a right-of-use asset
Answer:
$442,977.5
Explanation:
Calculation for what amount will Jasperse record a right-of-use asset
Right of use asset = ($75,000 -$5,000) x PVAD, 12%, 10
Right of use asset =$70,000*6.32825
Right of use asset =$442,977.5
Therefore what Jasperse will record a right-of-use asset will be $442,977.5
Investment X offers to pay you $5,200 per year for eight years, whereas Investment Y offers to pay you $7,300 per year for five years. Calculate the present value for Investment X and Y if the discount rate is 5 percent. (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16))
Present value Investment X $ Investment Y $ Calculate the present value for Investment X and Y if the discount rate is 15 percent. (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16))
Answer:
Results are below.
Explanation:
Giving the following information:
Investment X:
Annual payment= $5,200 per year for eight years
Investment Y;
Annual payment= $7,300 per year for five years
Discount rate= 15%
To calculate the present value, first, we determine the future value. Then the present value.
FV= {A*[(1+i)^n-1]}/i
A= annual payment
PV= FV/(1+i)^n
Investment X:
FV= {5,200*[(1.15^8) - 1]} / 0.15
FV= $71,379.46
PV= 71,379.46/1.15^8
PV= $23,334.07
Investment Y:
FV= {7,300*[(1.15^5) - 1]} / 0.15
FV= $49,219.38
PV= 49,219.38/1.15^5
PV= $24,470.73
The Canon Corporation sells ten copiers to the Title Company on October 15 for $40,000. Canon delivers the copiers to Title on October 20 and Title pays $16,000, agreeing to pay the balance on November 10. Under the cash basis, how much revenue should Canon recognize in October
Answer:
$16,000
Explanation:
Under the cash basis, the revenue is recognized when the cash is received and the expenses is recognized when the cash is paid
So according to the question since the $16,000 is paid so the revenue that should be recognized in the October month is $16,000
Therefore the same would be considered
Diaz Company owns a machine that cost $126,500 and has accumulated depreciation of $91,600. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $15,500 cash. Diaz sold the machine for $34,900 cash. Diaz sold the machine for $40,400 cash.
Answer:
S/n Account Titles and Explanation Debit Credit
1. Accumulated Dep - Machine Equipment $91,600
Loss on Disposal $34,900
Machine Equipment $126,500
(To record disposal)
2. Cash $17,500
Accumulated Dep - Machine Equipment $91,600
Loss on sale/disposal $17,400
Machine Equipment $126,500
(To record sale)
3 Cash $34,900
Accumulated Dep - Machine Equipment $91,600
Machine Equipment $126,500
(To record sale)
4 Cash $40,400
Accumulated Dep - Machine Equipment $91,600
Gain on sale/disposal $5,500
Machine Equipment $126,500
(To record sale)
what are business letters
Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) the statement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $284,220]; and (c) the balance sheet as of December 31.
Question Completion:
The adjusted trial balance for Chiara Company as of December 31 follows.
Debit Credit
Cash $182,200
Accounts receivable 51,500
Interest receivable 21,000
Notes receivable (due in 90 days) 169,000
Office supplies 15,500
Automobiles 175,000
Accumulated depreciation-Automobiles $70,000
Equipment 142,000
Accumulated depreciation-Equipment 19,000
Land 85,000
Accounts payable 98,000
Interest payable 50,000
Salaries payable 16,000
Unearned fees 30,000
Long-term notes payable 152,000
Common stock 51,580
Retained earnings 284,220
Dividends 48,000
Fees earned 524,000
Interest earned 34,000
Depreciation expense-Automobiles 27,500
Depreciation expense-Equipment 18,500
Salaries expense 190,000
Wages expense 44,000
Interest expense 36,200
Office supplies expense 35,800
Advertising expense 60,000
Repairs expense-Automobiles 27,600
Totals $1,328,800 $1,328,800
Answer:
CHIARA COMPANY
a) Income Statement For Year Ended December 31
Fees earned $524,000
Interest earned 34,000
Total revenue $558,000
Depreciation expense-Automobiles 27,500
Depreciation expense-Equipment 18,500
Salaries expense 190,000
Wages expense 44,000
Interest expense 36,200
Office supplies expense 35,800
Advertising expense 60,000
Repairs expense-Automobiles 27,600
Total expenses $ 439,600
Net income $118,400
CHIARA COMPANY
2. Statement of Retained Earnings For Year Ended December 31
Retained earnings, Dec.31 prior year $284,220
Add: Net income 118,400
402,620
Less: Dividends 48,000
Retained earnings, Dec. 31 current year $354,620
CHIARA COMPANY
3. Balance Sheet December 31
Assets
Current assets:
Cash $182,200
Accounts receivable 51,500
Interest receivable 21,000
Notes receivable (due in 90 days) 169,000
Office supplies 15,500 $439,200
Long-term assets:
Automobiles 175,000
Accumulated depreciation 70,000 105,000
Equipment 142,000
Accumulated depreciation 19,000 123,000
Land 85,000 $313,000
Total assets $752,200
Liabilities + Equity
Current liabilities:
Accounts payable $98,000
Interest payable 50,000
Salaries payable 16,000
Unearned fees 30,000 $194,000
Long-term notes payable 152,000
Total liabilities $346,000
Equity:
Common stock $51,580
Retained earnings 354,620 $406,200
Total equity Total liabilities and equity $752,200
Explanation:
The financial statements above are prepared from the adjusted trial balance. The revenue items (temporary accounts) are closed to the income statement, while the assets, liabilities, and equity accounts (permanent items) are closed to the balance sheet. The Statement of retained earnings links the income statement and the balance sheet through the adjustments to the net income and retained earnings.
If XYZ invested $5,800 today in an account that is expected to earn 3.2 percent per year, and she expects to make another investment in the same account in 3 years from today, then how much money does XYZ expect to invest in 3 years if she expects to have $15,000 in her account in 4 years from today
Answer:
The answer is "$8,160.08".
Explanation:
[tex]A= \text{future value} = \$ 15,000 \\\\P= \text{present value}= \$ 5,800 \\\\r=\tex{rate} =3.2 \%\\\\n= \text{time in years} = 4[/tex]
Using formula:
[tex]A=P(1+ \frac{r}{100})^n + \text{Investment in 3 years} \times (1.032)\\\\15,000=5,800 (1+ \frac{3.2}{100})^4 + \text{Investment in 3 years} \times (1.032)\\\\15,000=5,800 (1+ 0.032)^4 + \text{Investment in 3 years} \times (1.032)\\\\15,000=5,800 (1.032)^4 + \text{Investment in 3 years} \times (1.032)\\\\[/tex]
[tex]15,000 = 5,800 \times 1.13427612 +\text{Investment in 3 years} \times (1.032)\\\\15,000=6,578.8015 + \text{Investment in 3 years} \times (1.032)\\\\\text{Investment in 3 years} = \frac{(15000-6578.8015)}{1.032}\\\\\text{Investment in 3 years} = \frac{8,421.1985}{1.032}\\\\\text{Investment in 3 years} = 8,160.07607\\\\ \text{Investment in 3 years} = 8,160. 08[/tex]
In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $20,000 and Job 11 $30,000. On March 31, Job 10 is sold to the customer for $35,000 in cash.Journalize the entries for the completion of the two jobs and the sale of Job 10.Date Account Titles and Explanation Debit CreditMar. 31 31 31
Answer:
Mar. 31
Dr Finished goods inventory $50,000
(20,000+30,00)
Cr Work in process inventory $50,000
31 Dr Cash $35,000
Cr Sales revenue $35,000
31 Dr Cost of goods sold $30,000
Cr Finished goods inventory $30,000
Explanation:
Preparation of the journal entries for the completion of the two jobs and the sale of Job 10
Mar. 31
Dr Finished goods inventory $50,000
(20,000+30,00)
Cr Work in process inventory $50,000
(Being To record the completion of the two jobs)
31 Dr Cash $35,000
Cr Sales revenue $35,000
(Being To record the sale job 10)
31 Dr Cost of goods sold $30,000
Cr Finished goods inventory $30,000
(Being To record the cost of the job sold)
