Answer:
Midland Petroleum
a. Mr. Clark can be sure of electing = 4 directors
b. Ms Ramsey can be sure of electing = 5 directors
c. If Mr. Clark had all the uncommitted votes, he can elect = 7 directors
d. With 7 directors, he has control.
e. Mr. Clark can elect (60,50/143,000 * 9) = 4 directors.
Explanation:
Board members = 12
Mr. Clark control = 42,001 shares or 35.295%
Ms. Ramsey control = 52,001 shares or 43.698%
Undecided shareholders = 24,998 shares or 21.01%
Total shareholding = 119,000 shares or 100%
Mr. Clark can elect = 35.295% of directors = 4
Ms. Ramsey can elect = 43.698% of directors = 5
Other shareholders can elect = 21.01% of directors = 3
New shareholding:
Ms. Ramsey and friends = 70,001 shares
Mr. Clark and half uncommitted votes = 60,500 (48,001 + 12,499)
Half of the other uncommitted votes = 12,499
Total votes = 143,000
Mr. Clark can elect (60,50/143,000 * 9) = 4 directors.
What was the first chess champion
Answer:
Wilhelm Steinitz
Explanation:
Answer:
Wilhelm Steinitz
Explanation:
in 1886 he took place the first officially recognized World Chess Championship. So in the year of 1886 he was proclaimed as the first World Chess Champion. The final result was 10 victories for Steinitz, 5 for Zukertort and 5 draws
The accounts in the ledger of Dependable Delivery Service contain the following balances on July 31, 2022.
Accounts Receivable $11,400
Prepaid Insurance $1,800
Accounts Payable 7,400
Maintenance and Repairs Expense 1,200
Cash 15,940
Service Revenue 15,500
Equipment 59,360
Dividends 800
Utilities Expense 950
Common Stock 40,000
Insurance Expense 600
Salaries and Wages Expense 8,400
Notes Payable, due 2024 31,450
Salaries and Wages Payable 900
Retained Earnings (July 1, 2022) 5,200
Required:
Prepare classified balance sheet for July 31, 2022.
Answer:
Dependable Delivery Service
Classified balance sheet as at July 31, 2022
Non Current Assets
Equipment $59,360
Total Non Current Assets $59,360
Current Assets
Accounts Receivable $11,400
Prepaid Insurance $1,800
Cash $15,940
Total Current Assets $29,140
Total Assets $88,500
Equity and Liabilities
Equity
Common Stock $40,000
Retained Earnings $8,750
Total Equity $48,750
Liabilities
Non Current Liabilities
Notes Payable, due 2024 $31,450
Total Non Current Liabilities $31,450
Current Liabilities
Accounts Payable $7,400
Salaries and Wages Payable $900
Total Non-Current Liabilities $8,300
Total Liabilities $39,750
Total Equity and Liabilities $88,500
Explanation:
Its very important to calculate the Retained Earnings Balance at the end of July 2020.
To do this, we need to first calculate the Net Income for the period as follows :
Income Statement for the year ended July 31, 2022
Service Revenue 15,500
Less Expenses :
Maintenance and Repairs Expense 1,200
Utilities Expense 950
Insurance Expense 600
Salaries and Wages Expense 8,400 (11,150)
Net Income/(loss) 4,350
Then, calculate the Retained Earnings Balance as follows :
Retained Earnings Calculation
Beginning Balance 5,200
Add Net Income during the period 4,350
Less Dividends (800)
Ending Balance 8,750
Recording sales, purchases, shipping, and returns-buyer and seller. Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
May 11 Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $30,000. Sydney pays $345 cash to Express Shipping for delivery charges on the merchandise.
12 Sydney returns $1,400 of the $40,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,050.
20 Sydney pays Troy for the amount owed. Troy receives the cash immediately.
Required:
a. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions
b. Prepare journeal entries that Troy Wholesalers (seller) records for these three transactions.
Answer: please see explanation column for answers
Explanation:
A) Journal entry for Sydney retailing buyer
i)To record purchase of inventory on account
Date Account titles Debit Credit
May 11 Accounts Payable $40,000
Merchandise Inventory $40,000
ii)To record shipping expense paid
Date Account titles Debit Credit
May 11
Merchandise Inventory $ 345
Cash $ 345
iii) To record goods returned to seller
Date Account titles Debit Credit
May 12 Accounts Payable $1,400
Merchandise Inventory $1,400
iv To record payment on account.
Date Account titles Debit Credit
May 20 Accounts Payable $38,600
Merchandise Inventory $1,158
Cash $37,442
Calculation:
Accounts payable= Purchases− Purchase return
=$40,000−$1,400
=$38,600
Discount=Accounts payable X 3%
=$38,600×0.03
=$1,158
B) Journal entry for Troy - Seller
i)To record sales of goods on account
Date Account titles Debit Credit
May 11 Accounts receivable $40,000
Sales Revenue $40,000
ii) To record cost of goods sold
Date Account titles Debit Credit
May 11 Cost of goods sold $30,000
Merchandise Inventory $30,000
III) To record sales return
Date Account titles Debit Credit
May 12 Sales returns and allowance $1,400
Account receivable $1,400
iv) To record cost of goods sold reversed for sales return
Date Account titles Debit Credit
May 12 Merchandise Inventory $1,050.
Cost of goods sold $1,050.
v) To record cash received for goods sold.
Date Account titles Debit Credit
May 20 Cash $38,600
Sales discount $1,158
Account receivables $37,442
Calculation:
Accounts receivables= sales− sales return
=$40,000−$1,400
=$38,600
Discount=receivables X 3%
=$38,600×0.03
=$1,158
when the fed acts as a lender of last resort like it did in the financial crisis of 2007, it is performing its role of
Answer: C: being the bankers' bank.
Explanation:
The Fed is the Central Bank system of the United States. This means that they have certain duties conferred on them in order to ensure that the financial system of the country does not fail.
One of those duties is to be the Bankers' Bank. This means that the Fed can loan money to Commercial banks just like how Commercial banks do to entities. In acting as the lender of last resort and loaning money to banks so that they could survive the 2007 Financial crises, the Fed was acting as the Bank for the banks.
Cari created a list of ways to reduce her spending. Which activity should she omit from her list? Choose the correct answer below. use less expensive places for services such as haircuts wear items of clothing for an extra season buy store brands instead of name brands for food and other items rely on friends to treat me when I am out of money
Answer:
b
Explanation:
The text presents five signs of organizational culture: mission statement, stories & language, physical layout, rules & policies, and rituals. Select an organization where you have worked or are familiar with and identify an example of each sign of organizational culture. How do you think each of these things conveyed the organizational culture to employees and customers/clients.
Answer:
Face book
mission statement: give people the power to build community and bring the world closer together.
physical layout: How Face book is constructed.
rules & policies: The employees are required to act honestly, lawfully, ethically and in favor of the company they represent.
rituals: Face book looks for innovation and breaking the status quo, and to do so Face book employees are invited to paint, create and decore their offices and public spaces with own made art.
Explanation:
Organizational culture is what we call the mix of core values and actions that make up an organization, it's mostly and widely used for companies but it also applies to schools, governments, non-profits, and any group of people working together towards a goal.
The mission statement is basically what the organization wants to achieve, or its dreamed goal.
Stories and language are the speech that the organization communicates to the audience or anyone interacting with it.
The physical layouts are the colors and buildings, apps, or any way of direct interaction that any person could have with the organization.
Rules and policies are what dictate the behavior of all the employees and people related to the organization.
And rituals are the activities that the organization does in order to reinforce the values and policies they try to live day by day, doing your own painting is one example of these rituals.
Daily demand for a certain product is normally distributed with a mean of 138 and a standard deviation of 13. The supplier is reliable and maintains a constant lead time of 7 days. The cost of placing an order is $17 and the cost of holding inventory is $0.40 per unit per year. There are no stock-out costs, and unfilled orders are filled as soon as the order arrives. Assume sales occur over 358 days of the year.
Your goal here is to find the order quantity and reorder point to satisfy a 73 percent probability of not stocking out during the lead time.
a. To manage inventory, the company is using
Continuous review system
Periodic review system
b. Find the order quantity. (Round your answer to the nearest whole number.)
Order quantity books
c. Find the reorder point. (Use Excel's NORMSINV() function to find the correct critical value for the given α-level. Do not round intermediate calculations. Round "z" value to 2 decimal places and final answer to the nearest whole number.)
Reorder point
Answer:
A. Continuous review system
B. Order quantity = 2,049 Books
C. Reorder point=987
Explanation:
a. To manage inventory, the company is using CONTINUOUS REVIEW SYSTEM
b. Calculation to find the order quality
Using this formula
Order quantity = √((2DS)/H)
Let plug in the morning
Order quantity=√ ((2 x 49,404 x 17)/0.40)
Order quantity = 2,049 Books
Calculation for annual demand
Annual demand=138*358 days
Annual demand=49,404
C. Calculation for reorder point
First step is to find the σL
73 % S.L. - z = 0.613
Using this formula to find the σL
σL = (Lσ^2)
Let plug in the formula
σL=√(7(13)^2)
σL= 34.39
Second step is to find the Reorder point using this formula
Reorder point = d bar(L) + zσL
Let plug in the formula
Reorder point = (138)(7) + 0.613(34.39)
Reorder point = 966+21
Reorder point=987
Adriana Corporation manufactures football equipment. In planning for next year, the managers want to understand the relation between activity and overhead costs. Discussions with the plant supervisor suggest that overhead seems to vary with labor-hours, machine-hours, or both. The following data were collected from last year's operations:
Month Labor-Hours Machine-Hours Overhead Costs
1 730 1,354 $ 102,748
2 710 1,401 103,792
3 690 1,514 109,835
4 735 1,449 108,346
5 775 1,589 116,252
6 745 1,574 114,581
7 740 1,393 106,947
8 730 1,316 102,010
9 705 1,450 106,479
10 800 1,548 113,012
11 680 1,290 101,925
12 705 1,610 115,205
Required:
(a)
Use the high-low method to estimate the fixed and variable portions of overhead costs based on machine-hours. (Round your variable cost answer to 2 decimal places.)
(b)
Managers expect the plant to operate at a monthly average of 1,400 machine-hours next year. What are the estimated monthly overhead costs, assuming no inflation?
Answer:
A. Variable cost per hour=$41.50
Fixed cost =$48,390
B. $106,490
Explanation:
a. Using the high-low method to estimate the fixed and variable portions
Calculation for the variable cost per hour
Variable cost per hour=(115,205-101,925) / (1,610-1,290)
Variable cost per hour=13,280/320
Variable cost per hour=$41.50
Calculation for fixed cost
Fixed cost= 115,205-1,610*$41.50
Fixed cost =$48,390
B. Calculation for the estimated monthly overhead costs
Overhead cost =$48,390+1,400 machine-hours*$41.50
Overhead cost =$106,490
garland mills purchased a certain piece of macinery 3 years ago for $500,000. Its present resale value is $320,000. Assuming that the macine's resale value decreases exponentially, what will it be 4 years from now
Answer:
New value= $80,000
Explanation:
Giving the following information:
Purchase price= $500,000
Current value= $320,000
First, we need to calculate the annual decrease in value:
Total decrease 3 years= 500,000 - 320,000= 180,000
Annual decrease= 180,000/3 = $60,000
Now, the value of the machine 4 years from now:
New value= 320,000 - (60,000*4)
New value= $80,000
List 6 mistakes that can be made during an interview.
Answer:
1.Appearing Disinterested
2.Answering a Call or Texting
3.Dressing Inappropriately
4.Talking Negatively About a Current or Previous Employer
5.Body Language
6.Being Vague
Explanation:
Hope this helps !
Poor interview preparation is a clear killer, and 75% of interviews end in failure because the applicant wasn't prepared for some of the questions asked or didn't know enough about the employer.
What are mistakes that can be made during an interview ?Failing to conduct research The biggest error all of our experts mentioned was showing up unprepared for an interview. This could be not doing your homework on the business, not giving the job enough consideration, or not knowing who you're meeting. However, it could also refer to not having a plan for your conversation.
Most applicants anticipate being questioned. When one person asks every question and the other person responds, an interrogation has taken place. In an interview, questions are posed and answered in the context of a business dialogue. applicants who anticipate unwilling interrogator.
Lack of planning. Some recruiting managers favour conducting interviews in a more "spontaneous" manner.
becoming very anxious.acting too carelessly.being very zealous.intimidating potential employees.Lying. accepting bias.Learn more about Interveiw here
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Generating ideas often includes brainstorming or brainwriting. These techniques can be an effective way to produce the best ideas if they are done correctly. Read the scenario, and then identify how the brainstorming or brainwriting process could be improved. Jeanne, a girls’ outdoor adventure leader, created a meeting agenda to address a problem her troop had. Their cookie fundraiser was in trouble: The mint chocolate chip cookies were not selling. Jeanne wanted the girls to come up with new cookie ideas and innovative ways to sell them. The group began the session by yelling out cookie ideas ranging from real mud pies to snickerdoodles in the shape of a bear. It was an amazing session; everyone participated. The group came up with 50 new cookie ideas in less than 12 minutes, but they could remember only a few of them at the end of the meeting. To improve the group’s brainstorming, Jeanne should:_________
a. Use flip-charts and classify ideas
b. Create an agenda
c. Encourage out-of-the-box thinking
Choose whether the following situation represents crowdsourcing, crowd-storming, or crowdfunding. You own a local coffeeshop. Recently, you noticed that customers were doodling on your white paper cups. Intrigued, you set up a contest, and asked your customers to submit their best doodles to you. You chose your favorite doodle, and put it on a reusable cup. This is an example of:
a. Crowd-storming
b. Crowdsourcing
c. Crowdfunding
Answer:
1- a. Use flip-charts and classify ideas.
2) a. Crowd-storming.
Explanation:
1- To improve the group's brainstorm, Jeanne should use flipcharts and classify ideas.
Flipcharts is a whiteboard used as a visual resource, which allows the best visualization of graphics, new ideas, etc., in a dynamic and summarized way, since this visual resource attracts attention, records and helps in the fixing of content and central ideals.
2- The situation represents crowdstorming, which is a marketing strategy used when an organization wants to improve the services and products offered through interaction with groups of employees who can even be consumers, as in the case above.
This strategy helps in better brand positioning, by receiving direct feedbacks from the potential public, which helps in better meeting their wants and needs.
The city of Ashkelon, on the eastern end of the Mediterranean Sea, is one of the major cities of the Philistines. A powerful merchant family (known henceforth as The Family) of this city has to decide how to allocate its vast but finite resources to further their own wealth and the glory and influence of their state. Some trade routes use camel caravans and go to the southern deserts, where they may trade in salt and gold with the great inland African nations; others may go north and west, oversea by galley, toward the Greeks; others may push their foul-mouthed, humped mounts east, overland toward Sumeria, to trade in spices and the crafted goods specific to that region. Some of the routes are over more arduous terrain than others, so make take longer to pay off (no revenue is realized by The Family until the caravan returns to Ashkelon). The financial costs and returns of each route are as follows (in Phils, the currency of the Philistines:
Route Costs,Period 0 Revenue, Period1 Revenue, Period 2 Revenue, Period 3
African Route - 75,000 215,000
Greek Route - 50,000 140,000
Sumerian Route -125,000 385,000
Costs are incurred at the end of year zero, and revenues accrue at the end of Periods 1, 2, and 3, for each respective route (for instance, the African caravan returns at the end of period two, at which time its revenue is realized). The discount rate for the shipping company is 5%.
a. Calculate the NPV, B/C ratio, Payback period, and IRR for each route option
b. Rank the route options according to NPV, B/C ratio, Payback period, and IRR
c. If the company had unlimited funds, which trade routes would you recommend the family pursue? Why? Be sure to consider all combinations of routes, including multiple caravans on the same trade route
d. Given that the family can only invest 150,000 Phils, which combination of trade routes would you recommend pursuing? Why?
Answer:
African Route costs = -75,000, period 1 revenues = 215,000
Greek Route costs = -50,000, period 2 revenues = 140,000
Sumerian Route costs = -125,000, period 3 revenues = 385,000
discount rate = 5%
a) African route:
NPV = -75,000 + 215,000/1.05 = 129,762
B/C ratio = 215/75 = 2.87
Payback = 1 period
IRR = 187%
Greek route:
NPV = -50,000 + 140,000/1.05² = 76,984
B/C ratio = 140/50 = 2.8
Payback = 2 periods
IRR = 67%
Sumerian route
NPV = -125,000 + 385,000/1.05³ = 332,577
B/C ratio = 385/125 = 3.08
Payback = 3 periods
IRR = 45%
b) rank according to:
NPV = Sumerian route, African route, Greek route
B/C ratio = Sumerian route, African route, Greek route
Payback = African route, Greek route, Sumerian route
IRR = African route, Greek route, Sumerian route
c) if the family had unlimited resources, they should invest in the 3 routes since all their NPVs are positive.
d) African and Greek routes since they yield the highest gains (IRR).
If the expected rate of return for the market is not much greater than the risk-free rate of return, what does this suggest about the general level of compensation for bearing systematic risk
Answer:
the expected rate of return of an investment is calculated using the following formula:
Re = risk free + beta x (market risk - risk free)
market risk - risk free = risk premium
another way of calling market risk is systematic risk
the beta for the whole market is 1, so we can simplify the equation:
market Re = risk free + risk premium
If the expected rate of return is barely above the risk free rate, that means that the market risk (or systematic risk) is not very high, therefore, resulting in a low risk premium. I.e. market risk is very low, probably because the economy is doing very well in general terms and the inflation rate is probably also very low.
g On which financial statements would you look to find the total costs of merchandise that remains and the total that has been sold?
Answer:
Balance Sheet and Income Statement
Explanation:
In the case of finding the total costs of merchandise that remains and the total that has been sold as described from the question, the financial statements one would look to is Balance Sheet and Income Statement. Balance Sheet in financial accounting contains the financial statement of a company. This financial statement usually have the liability, asset aw well as total debt and other in it, with Asset been recorded at one side of it and liabilities at other side. It is usually calculated at intervals in the company, some 6months, quarter of a year or a year. It summarize the financial balance of organization as well as individual.
Income Statement is also a financial statement known as "profit and loss" account that provides the expenses, revenue, loss as well as profit of the company.
need help in these question
Answer:
one sec i can help
Explanation:
caculate the orithmetic mean of the number 42,56,38,41,86,
56
Answer:
53
Explanation:
The mean is the average. Calculating the mean given some data involves adding all the values and dividing by the total by the quantity.
In this case, the total will be 42 +56 +38 +41 + 86+56 =319
The mean will be 319 divided by 6
=319/6
=53
Assume that Ms. Sawyer's salary is $35,000, up from $31,000 last year, while the CPI is 187.5 this year, up from 180 last year. This means that Ms. Sawyer's real income has ____________ since last year.
Answer:
Increased
Explanation:
Based on the information given we were told Ms. Sawyer's salary is the amount of $35,000, up from the amount of $31,000 last year which means that Ms. Sawyer's salary had INCREASED from $31,000 last year to $35,000 this year
Secondly we were told that the CPI is 187.5 this year which is up from 180 last year which means that Ms. Sawyer's CPI had INCREASED
from 180 last year to 187.5 this year.
Therefore this simply means that Ms. Sawyer's real income has INCREASED since last year.
You see me now 4 kkt
Answer:
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Explanation:
Answer:
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Explanation:
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2021-2023. At December 31, 2020, the corporation's accounts included:
Common stock, 111 million shares at $1 par $111,000
Paid-in capital-excess of par 666,000
Retained earnings ($ in thousands) 900,000
a. November 1, 2021, the board of directors declared a cash dividend of $0.50 per share on its common shares, payable to shareholders of record November 15, to be paid December 1.
b. On March 1, 2022, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $2.6 million, but were purchased two years previously for $2.3 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5.
c. On July 12, 2022, the corporation declared and distributed a 6% common stock dividend (when the market value of the common stock was $18 per share). Cash was paid in lieu of fractional shares representing 660,000 equivalent whole shares.
d. On November 1, 2022, the board of directors declared a cash dividend of $0.50 per share on its common shares, payable to shareholders of record November 15, to be paid December 1.
e. On January 15, 2023, the board of directors declared and distributed a 3-for-2 stock split effected in the form of a 50% stock dividend when the market value of the common stock was $19 per share.
f. On November 1, 2023, the board of directors declared a cash dividend of $0.35 per share on its common shares, payable to shareholders of record November 15, to be paid December 1.
Answer:
a)
dividends 55.5 million debit
dividends payable 55.5 million credit
--Nov 1st, 2021--
dividends payable 55.5 million debit
cash 55.5 million credit
b)
dividends 2,600,000 debit
dividends distributable 2,600,000 credit
--March 1st--
dividends distributable 2,600,000 debit
Warner Securities 2,300,000 credit
Gain on Investment 300,000 credit
--April 5th--
c)
dividends 119.88 million debit
cash 11.88 million credit
common stock 18 million credit
additional paid-in CS 90 million credit
d)
dividends 58.5 debit
Dividends Payable 58.5 credit
--Nov 1st
Dividends payable 58.5 million debit
cash 58.5 million credit
--Dec 1st--
e) NO ENTRY REQUIRED
f)
dividends 61.425 debit
Dividends Payable 61.425 credit
--Nov 1st
Dividends payable 61.425 million debit
cash 61.425 million credit
--Dec 1st--
Explanation:
a) 111 millions shares x $0.50 = $55.5 millions
c)
111 millions x $18 per share x 6% = 119.88 millions
660,000 x $18 = 11.88 millions
net: 119.88 - 11.88 = 108 millons on shares
$108 millons / $18 per share = 6,000,000 shares
d)
111 + 6 new shares = 117 shares
$117 x $0.50 = $58.5 millons
f) 3-2 split gives 3 shares for every 2 shares
117 x 3/2 = 175.5 millons
175.5 millions x 0.35 per share = 61.425 million cash dividends
Two manufacturers, denoted 1 and 2, are competing for 100 identical customers. Each manufacturer chooses both the price and quality of its product, where each variable can take any nonnegtive real number. Let pi and xi denote, respectively, the price and quality of manufacturer i's product. The cost to manufacturer i of producing for one customer is 10+5xi . Note in this expression that the cost is higher when the quality is higher. If manufacturer i sells to qi customers, then its total cost is qi(10+5xi). Each cutomer buys from the manufacturer who offers the greatest value, where the value of buying from manufacturer i is 1000+ xi - pi ; higher quality and lower price means more value. A manufacturer's is qi( pi- 10 - 5xi ). If both manufacturer offers the same value, then 50 customers buy from each manufacturer. If one manufacturer offers higher value, then 100 customers buy from it.
Find all symmetric Nash equilibria.
Answer:
Nash equilibrium will occur at the following conditions P1 = P2 = 10 and x1 = x2 = 0.
Explanation:
The term or concept known as the Nash equilibria is very important and it is often used in the determination of the kind of price strategies companies that are competing against one another will use in order to acquire more customers than the others.
So, in this question/problem we are given that there are two manufacturer that is manufacturer 1 and manufacturer 2. Also, the total number of customers both manufacturers are competing for is equal to 100.
Kindly note that we are given from the question that ''Each manufacturer chooses both the price and quality of its product, where each variable can take any non-negative real number''
If each of the manufacturer has 50 customers each that is symmetric condition.
Assuming we have a condition or situation where p1 is less than p2 for manufacturer 1, it means that manufacture 1 lessens its price, therefore manufacturer 1 will have all all the profit = 100(p1 - 10 - 5x1).
Assuming manufacturer 1 reduces both the quality and the price this time around to the point that it is justifiable to lower the price because of the quality , it means that we will have 1000 + (x1 = 0) + (p1 - compensation m).
For any of the manufacturer, If m> x' and we have that x1 = x'>0[ which is for the quality], then, the profit will be 100(10 + 5x'- m -10).
Also, For any of the manufacturer, if we have x'<m<5x' and x1 for the representation of quality, then, Customers will buy from both manufacturer making m<5x'.
Therefore, Nash equilibrium will occur at the following conditions: P1 = P2 = 10 and x1 = x2 = 0.
The Belmont principle of beneficence requires that:
Answer:
The Belmont principle of beneficence requires that both protecting individual subject against risk of harm and consideration of not only the benefits for the individual,but also the societal benefits that might be gained from the research.
The following are a trial balance and several transactions that relate to Lewisville's Concert Hall Bond Fund:
Lewisville Debt Service Fund Concert Hall Bond Fund Trial Balance July 1, 2012
Cash $60,000
Investments 40,000
Restricted fund balance $100,000
$100,000 $100,000
The following transactions took place between July 1, 2012, and June 30, 2013:
1. The city council of Lewisville adopted the budget for the Concert Hall Bond Fund for the fiscal year. The estimated revenues totaled $100,000, the estimated other financing sources totaled $50,000, and the appropriations totaled $125,000.
2. The General Fund transferred $50,000 to the fund.
3. To provide additional resources to service the bond issue, a property tax was levied upon the citizens. The total levy was $100,000, of which $95,000 was expected to be collected.
4. Property taxes of $60,000 were collected.
5. Revenue received in cash from the investments totaled $1,000.
6. Property taxes of $30,000 were collected.
7. The fund liability of $37,500 for interest was recorded, and that amount of cash was transferred to the fiscal agent.
8. A fee of $500 was paid to the fiscal agent.
9. Investment revenue totaling $1,000 was received in cash.
10. The fund liabilities for interest in the amount of $37,500 and principal in the amount of $50,000 were recorded, and cash for the total amount was transferred to the fiscal agent.
11. Investment revenue of S500 was accrued. Use the preceding information to do the following:
a. Prepare all the journal entries necessary to record the preceding transactions for the Concert Hall Bond Fund.
b. Prepare a trial balance for the Concert Hall Bond Fund as of June 30, 2013.
c. Prepare a statement of revenues, expenditures, and changes in fund balance and a balance sheet for the Concert Hall Bond Fund (assume all fund balance is restricted).
d. Prepare closing entries for the Concert Hall Bond Fund
Answer:
a. Journal entries
1. Estimated revenues (Dr.) $100,000
Estimated other financing sources (Dr.) $50,000
Appropriations (Cr.) $125,000
Fund Balance Budget (Cr.) $25,000
2. Cash (Dr.) $50,000
General Fund Transfer (Cr.) $50,000
3. Property Tax receivable (Dr.) $100,000
Uncollectable Taxes (Cr.) $5,000
Collectable Property taxes revenue (Cr.) $95,000
4. Cash (Dr.) $60,000
Collectable property tax revenue (Cr.) $60,000
5. Cash (Dr.) $1,000
Revenue From Investments (Cr.) $1,000
6. Cash (Dr.) $30,000
Collectable property tax revenue (Cr.) $30,000
7. Interest expense (Dr.) $37,500
Interest Payable (Cr.) $37,500
8. Fiscal Agent fee (Dr.) $500
Cash (Cr.) $500
9. Cash (Dr.) $1,000
Investment Revenue (Cr.) $1,000
10. Interest Expense (Dr.) $37,500
Principal payment (Dr.) $50,000
[Fiscal Agent] Cash (Cr.) $87,500
11. Investment Revenue Receivable (Dr.) $500
Investment Revenue (Cr.) $500
Explanation:
b. Trial Balance
Particulars : Debit (Dr.) $ ; Credit (Cr.) $
Cash: 76,500 ; 0
Property Taxes receivable 10,000 ; 0
Allowance for uncollectable property 0 ; 5,000
Investments 40,000 ; 0
Investment revenue receivable 500 ; 0
Restricted fund balance 0 ; 100,000
Revenue - property taxes 0 ; 95,000
Revenue- Investments 0 ; 2,500
Transfer to general fund 0 ; 50,000
Interest Expense 75,000 ; 0
Bond principal 50,000 ; 0
Fiscal agent fees 500 ; 0
Estimated revenues 100,000 ; 0
Estimated other financing sources 50,000 ; 0
Appropriations 0 ; 125,000
Fund balance Budget 0 ; 25,000
Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12-month and 24-month contracts. The corporation provides services to each customer every month. On July 1, 2019, Bigham sold the following customer contracts:
Length of contract Total Proceeds
12 months $40,000
24 months $80,000
Determine the income to be recognized in taxable income in 2019 and 2020.
Length of Contract 2019 Income 2020 Income
12 months $ $
24 months $ $
Answer: See explanation
Explanation:
Length of contract: 12 months
Income recorded in 2019:
= $40,000 × 6/12
= $40,000 × 1/2
= $20,000
Income recorded in 2020:
= $40,000 × 6/12
= $40,000 × 1/2
= $20,000
Length of contract: 24 months
Income recorded in 2019:
= $80,000 × 6/24
= $80,000 × 1/4
= $20,000
Income recorded in 2020:
= $80,000 × 18/24
= $80,000 × 3/4
= $60,000
To protect consumers from unfair credit practices, credit laws were established
-true
-false
Answer:
true
Explanation:
"It started with the Consumer Credit Protection Act of 1968, when Congress moved to shield consumers and their financial records from abuse. In the years following, other laws refined consumer rights, spelling out how the government can access bank customers’ information, how banks treat borrowers and the way banks handle customer deposits.
It all came to a head after the Great Recession in 2008, and out of that, the Consumer Financial Protection Bureau was formed, a new government agency dedicated to protecting consumers.
Today, there are countless laws, acts and regulations designed to protect consumers. The sheer number of laws can be overwhelming, but it is important that consumers understand their basic rights, so they can identify when those rights have been violated."
Source: debt.org
Ishmael’s, a localgrocer, offers to purchase all of the corn produced by Whittaker Farms for $4.15/bushel. Whittaker Farms agrees. Although at first glance this looks like an illusory contract because Whittaker Farms is not obligated to produce any corn, it is actually a valid ____ contract.
Since farms do not have liability to generate the corn so it is a valid Bilateral contract
What is the bilateral contract?
The bilateral contract is the contract in which both the parties are agreed to perform their work and give their acceptance of performing the work within the stipulated time. Here an agreement is formed in which there is an exchange of promise is done between two parties
Therefore according to the given situation, it is a valid plus bilateral contract.
learn more about the contract here: https://brainly.com/question/24519299
You are preparing the financial statements for the Johnson family. To begin with you just want to identify each line and indicate where it will be going (e.g. Balance Sheet, Income Statement). Just write Balance Sheet and or Income statement next to each line.
Home Value $549,000
Joint Savings balance $5,400
Tom's 2014 Salary Before Taxes was $78,000
Kate's 2014 Salary Before Taxes was $84,000
Fed income taxes, state income taxes and FICA combined totaled $46,120 (paid)
2014 property taxes were $14,000 (paid)
Mortgage $300,000
House Payment plus insurance per month $2400
Kate bought Microsoft stock in 2012 and they still own it. It's worth $40,0000
Tom's 401k at work has several mutual funds worth a total of $120,000
Tom has a 2002 VW GTI worth about $3,000
Kate has a 2013 Audi S6 worth about $35,000
Car loan on Audi totals is $25,000
Car Payment is $1583
Car insurance for 2014 was $2000 (paid)
Credit Card Balance $4,000
Tom's monthly contribution o his 401k is $1,000
Joint Checing account balance $1,200
Answer:
Home Value $549,000 - Balance Sheet
Joint Savings balance $5,400 - Balance Sheet
Tom's 2014 Salary Before Taxes was $78,000 - Income Statement
Kate's 2014 Salary Before Taxes was $84,000 - Income Statement
Fed income taxes, state income taxes and FICA combined totaled $46,120 (paid) - Income Statement
2014 property taxes were $14,000 (paid) - Income Statement
Mortgage $300,000 - Balance Sheet
House Payment plus insurance per month $2400 - Income Statement
Kate bought Microsoft stock in 2012 and they still own it. It's worth $40,0000 - Balance Sheet
Tom's 401k at work has several mutual funds worth a total of $120,000 - Balance Sheet
Tom has a 2002 VW GTI worth about $3,000 - Balance Sheet
Kate has a 2013 Audi S6 worth about $35,000 - Balance Sheet
Car loan on Audi totals is $25,000 - Balance Sheet
Car Payment is $1583 - Income Statement
Car insurance for 2014 was $2000 (paid) - Income Statement
Credit Card Balance $4,000 - Balance Sheet
Tom's monthly contribution o his 401k is $1,000 - Income Statement
Joint Checing account balance $1,200 - Balance Sheet
Franklin Glass Works’ production budget for the year ended November 30 was based on 200,000 units. Each unit requires 2 standard hours of labor for completion. Total overhead was budgeted at $900,000 for the year, and the fixed overhead rate was estimated to be $3.00 per unit. Both fixed and variable overhead are assigned to the product on the basis of direct labor hours.
The actual data for the year ended November 30 are presented as follows.
Actual production in units 198,000
Actual direct labor hours 440,000
Actual variable overhead $352,000
Actual fixed overhead $575,000
The fixed overhead applied to Franklin’s production for the year is:______
Answer:
Allocated Fixed MOH= $660,000
Explanation:
The fixed overhead rate was estimated to be $3.00 per unit.
Actual direct labor hours 440,000
To allocate fixed manufacturing overhead, we need to use the following formula:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 3*(440,000/2)
Allocated MOH= $660,000
Using the information for the Melville Corporation, calculate the cash flow from operating activities.
Accounts payable increase $12,000
Accounts receivable increase 4,000
Accrued liabilities decrease 5,000
Amortization expense 7,000
Cash balance, January 1 22,000
Cash balance, December 31 23,000
Cash paid as dividends 31,000
Cash paid to purchase land 90,000
Cash paid to retire bonds payable at par 60,000
Cash received from issuance of common stock 37,000
Cash received from sale of equipment 19,000
Depreciation expense 29,000
Gain on sale of equipment 4,000
Inventory decrease 13,000
Net income 80,000
Prepaid expenses increase 2,000
Required:
a. Use a negative sign with answer to show cash outflow from (used by) operating activities.
b. Using the information for the Melville Corporation above, calculate the cash flow from financing activities.
Answer:
i. Cash flow from operating activities
Net Income $80,000
Net profit before Taxation $80,000
Depreciation $29,000
Amortization expenses $7,000
Gain on sale of Equipment -$4,000
Net Profit before working capital changes $112,000
Accounts payable Increase $12,000
Inventory Decreases $13,000
Prepaid Expenses Increase -$2,000
Accounts receivables Increase -$4,000
Accrued Liabilities decrease -$5,000
Net Cash flow from operating activities $126,000
ii. Cash flow from financing activities
Cash paid as dividend -$31,000
Cash paid to retire bonds -$60,000
cash received from issuance of common stock $37,000
Cash flow used in financing activities -$54,000
Case in Discussion Extensive Enterprise’s management plans to finance its operations with bank loans that will be repaid as soon as cash is available. The company’s management expects that it will take 60 days to manufacture and sell its products and 50 days to receive payment from its customers. Extensive’s CFO has told the rest of the management team that they should expect the length of the bank loans to be approximately 110 days. Which of the following responses to the CFO’s statement is most accurate?
a. The CFO is not taking into account the amount of time the company has to pay its suppliers. Generally, there is a certain length of time between the purchase of materials and labor and the payment of cash for them.
b. The CFO can reduce the estimated length of the bank loan by this amount of time.
c. The CFO’s approximation of the length of the bank loans should be accurate, because it will take 110 days for the company to manufacture, sell, and collect cash for its goods.
d. All these things must occur for the company to be able to repay its loans from the bank.
Answer:
(D)
Explanation:
Which of the listed responses to the CFO's statement is the most accurate?
(D) All these things must occur for the company to be able to repay its loans obtained from the bank.
This is the main point that the CFO attempted to pass across. The company's management should maximize the 60 days for manufacturing and sales of its products and the 50 days to receive payment from its customers; because the bank loans should be paid in exactly 110 days.
Allen Air Conditioning manufactures room air conditioners at plants in Houston, Phoenix, and Memphis. These are sent to regional distributors in Dallas, Atlanta, and Denver. The shipping costs vary, and the company would like to find the least-cost way to meet the demands at each of the distribution centers. Dallas needs to receive 800 air conditioners per month, Atlanta needs 600, and Denver needs 200. Houston has 850 air conditioners available each month, Phoenix has 650, and Memphis has 300. The shipping cost per unit from Houston to Dallas is $8, to Atlanta $12, and to Denver $10. The cost per unit from Phoenix to Dallas is $10, to Atlanta $14, and to Denver $9. The cost per unit from Memphis to Dallas is $11, to Atlanta $8, and to Denver $12.
Required:
a. How many units should owner Stephen Allen ship from each plant to each regional distribution center?
b. What is the total transportation cost?
Answer:
$14700
Explanation:
Given that:
i. Dallas needs 800 per month
ii. Atlanta needs 600 per month
iii. Denver needs 200 per month
iv. Houston has 850 available per month
v. Phoenix has 650 available per month
vi. Memphis has 300 available per month
Assuming that a plant can deliver air conditioners to more than one regional distributor in a month. Then;
a. For least-cost way to meet the demand, Stephen Allen could ship the air conditioners to each regional distributors as follows:
From Houston to Dallas = 800 units
From Houston to Atlanta = 50 units
From Phoenix to Atlanta = 250 units
From Memphis to Atlanta = 300 units
From Phoenix to Denver = 200 units
Total units transported = 1600 units
b. Cost per transportation:
Houston to Dallas = $8 x 800 = $6400
Houston to Atlanta = $12 x 50 = $600
Phoenix to Atlanta = $14 x 250 = $3500
Memphis to Atlanta = $8 x 300 = $2400
Phoenix to Denver = $9 x 200 = $1800
Total transportation cost = $6400 +$600 + $3500 + $2400 + $1800
= $14700
The total transportation cost would be $14700.