Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $5,500. At the date the partnership ceases operations, the balance sheet is as follows:
Cash $48,000 Liabilities $36,000
Noncash assets 135,000 Alex, capital 94,500
Bess, capital 52,500
Total assets 183,000 Total liabilities and capital $ 183,000
Part A: Prepare journal entries for the following transactions:
Distributed safe cash payments to the partners.
Paid $21,600 of the partnership's liabilities.
Sold noncash assets for $147,000.
Distributed safe cash payments to the partners.
Paid remaining partnership liabilities of $14,400.
Paid $4,100 in liquidation expenses; no further expenses will be incurred.
Distributed remaining cash held by the business to the partners.
Part B: Prepare a final statement of partnership liquidation.

Answers

Answer 1

Answer:

Alex and Bess Partnership

Part A: Step-by-step Distribution:

                                  Cash     Noncash assets  Liabilities      Alex       Bess

December 31            $48,000    $135,000      $36,000   $94,500  $52,500

Safe cash

distribution              (26,400)                 0                   0      (18,480)    (7,920)

1st Liabilities              (21,600)                 0         (21,600)              0              0

Sale of noncash       147,000      (135,000)                            8,400      3,600    

Safe cash distrib.   (100,000)                                              (70,000) (30,000)

Final liabilities          (14,400)                  0         (14,400)               0             0

Liquidation expense (4,100)                  0                             (2,870)    (1,230)

Final distribution    (28,500)                  0                            (11,550) (16,950)

Part B: Final Statement of Partnership Liquidation:

                                   Cash     Noncash assets  Liabilities      Alex       Bess

December 31             $48,000   $135,000      $36,000   $94,500  $52,500

Sale of noncash         147,000     (135,000)                           8,400       3,600

Payment of liabilities (36,000)                         (36,000)

Liquidation expenses  (4,100)                  0                          (2,870)      (1,230)

Distribution             (154,900)                   0                0   (100,030)   (54,870)

Explanation:

a) Data and Calculations:

Profits and losses sharing ratio = 70:30

Estimated liquidation expenses = $5,500

Balance Sheet at Liquidation Date:

Cash                      $48,000     Liabilities                               $36,000

Noncash assets     135,000     Alex, capital                            94,500

                                                 Bess, capital                           52,500

Total assets           183,000     Total liabilities and capital $ 183,000


Related Questions

Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws

Answers

Answer:

The price elasticity of demand is -9.00.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

The table below shows the weekly demand for machine screws at the local hardware store.

Price (dollars per pack of 100 screws)   Quantity (packs of 100 screws)

                     $5.00                                                              0

                       4.50                                                              60

                       4.00                                                              120

                      3.50                                                               180

                      3.00                                                              240

                      2.50                                                               300

                      2.00                                                               360

                       1.50                                                               420

                       1.00                                                               480

                       0.50                                                              540

                        0.0                                                               600

Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws:

The explanation of the answer is now provided as follows:

New quantity = 120

Old quantity = 60

New price = $4.00

Old price = $4.50

Using the formula for calculating the starting point method for elasticity of demand, we have:

Price elasticity of demand = ((New quantity - Old quantity) / (New price - Old price)) * (Old price / Old quantity) = ((120 - 60) / (4.00 - 4.50)) * (4.50 / 60) = -9.00

Therefore, the price elasticity of demand is -9.00.

The price elasticity of demand is -9.00.

Given information

New quantity = 120

Old quantity = 60

New price = $4.00

Old price = $4.50

Now, we will use the formula below for calculating the starting point method for elasticity of demand.

Price elasticity of demand = ((New quantity - Old quantity) / (New price - Old price)) * (Old price / Old quantity)

Price elasticity of demand = ((120 - 60) / (4.00 - 4.50)) * (4.50 / 60)

Price elasticity of demand = -9.00

In conclusion, the price elasticity of demand is -9.00.

Read more about price elasticity of demand

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On January 1, 2020, Cheyenne Company purchased 40% of Santos Corporation 465,000 outstanding shares of common stock at a total cost of $13 per share. On October 25, Santos declared and paid a cash dividend of $0.40 per share. On December 31, Santos reported a net income of $934,000 for the year and the market price of its common stock was $14 per share. Prepare all necessary journal entries for Mica company for 2020.

Answers

Solution :

The following journal entry will be prepared to record the transactions

Date          General Journal                                 Debt($)                  Credit($)

Jan 1    Investment in Cheyenne Co.               2,418,000

             (465,000 x 40% x $13)

           Cash                                                                                         2,418,000

Oct. 25  Cash (465,000 x 40% x $0.4)             74,400    

             Investment in Cheyenne Co.                                                 74,400

Dec 31   Investment in Cheyenne Co.               373,600

               ($934,000 x 40%)  

              Equity income in Cheyenne Co.                                           373,600

Which of the following is the plan of action used by management to identify how resources will be allocated, how the company will market in its competitive environment, and how the firm will attain its goals?
A. Strategy
B. Organizational structure
C. Competitive advantage
D. Market analysis
E. Action plan

Answers

Answer:

A. Strategy

Explanation:

Strategy is basically a planning in which it tells how the things can be done. It is the planning action that applied by the management for identifying the resources that need to be distributed, how it can be in the competitive environment and how the company is able to achieve its goals and objectives

So, the option a is correct

Calculate the geometric average return earned by an investor over three years if she earned 6% in the first year of an investment, 12% in the second year and 10% in the third year.

Answers

Answer:

8.96%

Explanation:

[tex]\sqrt[\frac{1}{n} ]{x1. x2.x3...}[/tex] = geometric average return

n = number of observations

x1 = observations

(0.06 x 0.12 x 0.1)^(1/3) = 0.0896 = 8.96%

The quantity demanded x for a product is inversely proportional to the cube of the price p for p > 1. When the price is $10 per unit, the quantity demanded is 64 units. The initial cost is $140 and the cost per unit is $4. What price will yield a maximum profit? (Round your answer to two decimal places.)
$______

Answers

Answer:

$6.00

Explanation:

Given data

quantity demanded ( x )  ∝ 1 / p^3       for p > 1

when p = $10/unit , x = 64

initial cost = $140, cost per unit = $4

Determine the price that will yield a maximum profit

x = k/p^3 ----- ( 1 ).  when x = 64 , p = $10 , k = constant

64 = k/10^3

k = 64 * ( 10^3 )

  = 64000

back to equation 1

x = 64000 / p^3

∴ p = 40 / ∛x

next calculate the value of revenue generated

Revenue(Rx) = P(price ) * x ( quantity )

               = 40 / ∛x * x   =  40 x^2/3

next calculate Total cost of product

C(x) = 140 + 4x

Maximum Profit  generated = R(x) - C(x) = 0

                                              = 40x^2/3 - 140 + 4x  = 0

                                              =  40(2/3) x^(2/3 -1) - 0 - 4 = 0

                                            ∴ ∛x = 20/3    ∴     x = (20/3 ) ^3 = 296

profit is maximum at x(quantity demanded ) = 296 units

hence the price that will yield a maximum profit

P = 40 / ∛x

  = ( 40 / (20/3) )  = $6

                                             

The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. The production of the 200th gallon of gasoline entails the following:
• a private cost of $3.03;
• a social cost of $3.23;
• a value to consumers of $3.39.
Refer to Scenario 10-1. Suppose the equilibrium quantity of gasoline is 220 gallons; that is, Q MARKET = 220. Then the equilibrium price of a gallon could be:________
a. $3.08.
b.$2.77.
c. $2.45.
d. $3.69.

Answers

Answer:

a. $3.08

Explanation:

Calculation to determine what the equilibrium price of a gallon could be:

Based on the information given the Private cost is $3.03 while the Social cost is $3.23 which indicates that Social cost lies ABOVE the private cost and since The MARKET EQUILIBRIUM tend to occurs when Private value=Private cost which means that the EQUILIBRIUM PRICE lies between $3.03 and $3.23, Therefore the EQUILIBRIUM PRICE of a gallon would be $3.08 because it lies between $3.03 and $3.23.

An example of fast tracking a project schedule would be to overlap the design and production phases for a design-to-production project, where the conventional approach would be to move on to construction only after completing the design phase.
a. True
b. False

Answers

Answer:

a. True

Explanation:

Project management can be defined as the process of designing, planning, developing, leading and execution of a project plan or activities using a set of skills, tools, knowledge, techniques and experience to achieve the set goals and objectives of creating a unique product or service.

Generally, projects are considered to be temporary because they usually have a start-time and an end-time to complete, execute or implement the project plan.

Furthermore, the main purpose of project management is working toward a common goal.

This ultimately implies that, project managers should ensure adequate attention and time is taken to identify, analyze and manage capital, raw materials, people, system of tasks and other resources, so as to effectively and efficiently achieve a common goal with all project stakeholders.

The fundamentals of Project Management includes;

1. Project initiation

2. Project planning

3. Project execution

4. Monitoring and controlling of the project.

5. Adapting and closure of project.

In the execution of a project, delaying a task normally affects the start or finishing time of the other tasks (successors) in a project.

The amount of time that is permitted for an activity to be delayed without delaying the early start date of any immediately following (succeeding) activities refers to the free slack or having an adverse effect on entire project.

A project schedule can be defined as a plan that comprises of the deliverables, activities and milestones with respect to a project, especially by including the intended start and finish dates.

The time for the implementation or execution of a project can be fast-tracked by a project manager.

For example, you can fast-track a design-to-production project by overlapping the design and production phases; especially by moving on to construction only after completing the design phase.

The following information pertains to Sampson Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 45,000 Accounts receivable (net) 25,000 Inventory 11,000 Property, plant and equipment 210,000 Total Assets $291,000 Liabilities and Stockholders' Equity Current liabilities $ 50,000 Long-term liabilities 90,000 Stockholders' equity—common 151,000 Total Liabilities and Stockholders' Equity $291,000 Income Statement Sales $ 120,000 Cost of goods sold 55,000 Gross profit 65,000 Operating expenses 30,000 Net income $ 35,000 Number of shares of common stock 6,000 Market price of common stock $20 Dividends per share .50 What is the inventory turnover for Sampson? Group of answer choices 3,2 times 5 times 10.9 times 0.20 times

Answers

Answer:

Sampson Company

The inventory turnover for Sampson is:

5 times.

Explanation:

a) Data and Calculations:

Assets

Cash and short-term investments               $ 45,000

Accounts receivable (net)                                25,000

Inventory                                                            11,000

Property, plant and equipment                     210,000

Total Assets                                                 $291,000

Liabilities and Stockholders' Equity

Current liabilities                                         $ 50,000

Long-term liabilities                                        90,000

Stockholders' equity—common                    151,000

Total Liabilities and Stockholders' Equity $291,000

Income Statement Sales                $ 120,000

Cost of goods sold                             55,000

Gross profit                                         65,000

Operating expenses                          30,000

Net income                                     $ 35,000

Number of shares of common stock 6,000

Market price of common stock             $20

Dividends per share                           $0.50

Inventory Turnover = Cost of goods sold/Average Inventory

= $55,000/$11,000

= 5 times

The applicable tax rate is 25%. There are no other temporary or permanent differences. Franklin's taxable income ($ in millions) is:

Answers

Answer: $160

Explanation:

Taxable income = Pretax income + (Non deductible expenses) - Deductible expenses

= Pretax income + Overweight fees + Depreciation expense - Depreciation in the tax return

= 195 + 5 + 70 - 110

= $160

Choose the correct objective statement for this task.
Suppose that you have been given the task of organizing a graduation open house party for your younger brother who is graduating from high school.
a. To throw a graduation party Saturday afternoon after graduation for 50 guests, that provides ample entertainment and food, and allows my younger brother time to socialize with all the guests, at a cost of $400 or less, and all guests will be pleased with the party.
b. To throw a graduation party.
c. To throw a graduation party Saturday afternoon after graduation for 50 guests, that provides ample entertainment and food, and allows my younger brother time to socialize with all the guests.
d. To throw a graduation party Saturday afternoon after graduation for 50 guests, that provides ample entertainment and food, and allows my younger brother time to socialize with all the guests, at a cost of $400 or less.

Answers

Answer:

The correct objective statement for this task is:

b. To throw a graduation party.

Explanation:

Option b is the correct answer because it is concise and straight to the point.  It does not start enumerating unnecessary details about the graduation party.  Like a good objective statement, option b focuses the reader's attention to the main purpose of the task at hand. This is not so with options a, c, and d, which added details that were not covered by the task description.

Which of the following would not occur as a result of a monopolistically competitive firm suffering a short-run economic loss?
A) The firm could exit the industry in the long run.
B) If the firm does not exit the industry in the long run its demand curve will shift to the left.
C) If the firm does not exit the industry in the long run its demand curve will shift to the right.
D) If the firm remains in the industry in the long run it will break even.
choose "A"
choose "B"
choose "C"
choose "D"

Answers

Answer:

B) If the firm does not exit the industry in the long run its demand curve will shift to the left.

Explanation:

This is because the statement "If the firm does not exit the industry in the long run its demand curve will shift to the left, " simply means that if the monopolistic competitive firm stays in a particular industry for long, the firm will experience a situation in which less of the good or service is demanded at every price.

However, this cannot be true because a monopolistic competitive firm produces unique products that tend to have its specific customers. These customers, in the long run, will demand more goods and services of the firms which will be affected positively by a lot of reasons including prices of related goods, increase in salary, better economy at large, etc.

On March 31, 2019, Brodie Corporation acquired bonds with a par value of $400,000 for $425,800. The bonds are due December 31, 2024, carry a 12% annual interest rate, pay interest on June 30 and December 31, and are being held to maturity. The accrued interest is included in the acquisition price of the bonds. Brodie uses straight-line amortization.Required: 1. Prepare journal entries for Brodie to record the purchase of the bonds and the first two interest receipts.
2. Next Level If Brodie failed to separately record the interest at acquisition, explain the errors that would occur in the company’s financial statements (no calculations are required).

Answers

Answer:

1. March 31, 2019

Dr Investment in held-to-maturity debt securities

$413800

Dr Interest income $12,000

Cr Cash $425800

2. June 30, 2019

Dr Cash $12,000

Cr Investment in held-to-maturity debt securities

$300

Cr Interest income $11700

3. December 31, 2019

Dr Cash $24000

Cr Investment in held-to-maturity debt securities

$600

Cr Interest income $23400

2. Assets overstated

Profit overstated

Explanation:

1. Preparation of the journal entries for Brodie to record the purchase of the bonds and the first two interest receipts.

1. March 31, 2019

Dr Investment in held-to-maturity debt securities

$413800

Dr Interest income $12,000

(400000*12%*3/12)

Cr Cash $425800

(To record the purchase of held-to-maturity securities)

2. June 30, 2019

Dr Cash $12,000

(400000*12%*3/12)

Cr Investment in held-to-maturity debt securities

$300

[($12,000/10)*3/12]

Cr Interest income $11700

($12,000-$300)

(To record the interest and amortization)

3. December 31, 2019

Dr Cash $24000

(400000*12%*6/12)

Cr Investment in held-to-maturity debt securities

$600

[($12,000/10)*6/12]

Cr Interest income $23400

($24,000-$600)

(To record the interest and amortization)

2. Based on the information given assuming Brodie failed to SEPARATELY RECORD THE INTEREST AT ACQUISITION, the errors that would occur in the company’s financial statements would be OVERSTATED ASSETS in the balance sheet and the PROFIT would as well be OVERSTATED.

Ride N Style Inc. is a bus line with service to several major cities. It has several competitors that each offer service to one or two cities, and based on its current outlays, it cannot match or beat those competitors on price. Because of long-term contracts and an increase in the cost of gasoline, it is not possible to reduce expenditures at this time. Which of these strategies should Ride N Styles pursue instead?

a. Close the business until the cost of us decreases.
b. Pursue a diferented strategy.
c. Compete based on intergroup rivalry, not in group rivalry
d. Create a strateg group through mergers

Answers

Answer:

b. Pursue a diferented strategy.

Explanation:

A differentiation strategy permits that the product or service should be different in the market also it provides the edge over your rivalrs. Here you can select various kinds of offering that attaching with the service in which you permit to charge more from your clients

So as per the given situation, the option b is correct

Draw supply and demand graphs that estimate what will happen to demand, supply, and the equilibrium price of coffee if these events occur: Widely reported medical studies suggest that coffee drinkers are less likely to develop certain diseases.

Answers

Answer:

Please find the required diagram in the attached image

Explanation:

Only a change in the price of a good leads to a movement along the demand curve of that good. Also, only a change in the price of the good would lead to an increase or decrease in the quantity demanded of that good.

Other factors other than the change in the price of the good would lead to a shift of the demand curve. Some of those factors include :

1. a change in consumers' expectation

2. a change in the taste of consumers

3. a change in income

As a result of the study, there would be an increase in the demand for coffee. This would shift the demand curve to the right. As a result, there would an increase in equilibrium price and quantity

1-a. How much will net operating income increase (decrease) per month if the monthly advertising budget increases by $8,400, the monthly sales volume increases by 100 units, and the total monthly sales increase by $9,500? 1-b. Should the advertising budget be increased?

Answers

Answer:

a. Income before advertising budget increase:

= Contribution margin - Fixed costs

= (38 * 3,600) - 79,000

= $57,800

Income after advertising budget increases:

= Sales - Variable expenses - Fixed expenses

Sales = (3,600 + 100 units) * 95 per unit

= $351,500

Variable expenses = 60% * 351,500

= $210,900

Fixed expenses = 79,000 + 8,400 advertising

= $87,400

Income = 351,500 - 210,900 - 87,400

= $53,200

b. Income decreased with the increase in advertising so Advertising budget should not be increased.

What is the end behavior of the graph of the polynomial function f(x)

Answers

Answer:

f(x) approaches infinity as x approaches infinity

Explanation:

Given

[tex]f(x) = 3x^6 + 30x^5+ 75x^4[/tex]

Required

The end behavior of the graph

 We have:

[tex]f(x) = 3x^6 + 30x^5+ 75x^4[/tex]

The above expression implies that:

[tex]f(x) = 3x^6 + 30x^5+ 75x^4[/tex]

The leading coefficient is 3 (3 is positive)

And the degree of the polynomial is 6 (6 is even)

When the leading coefficient is positive and the degree is even;  the end behavior of the function is:

[tex]x \to \infty[/tex]

[tex]f(x) \to \infty[/tex]

An invention that raises the future marginal product of capital in a closed economy) would cause an increase in desired investment, which would cause the investment curve to shift to the:________ and would cause the real interest rate to:________
A) right; increase
B) right; decrease
C) left: increase
D) left: decrease

Answers

Answer:

A) right; increase

Explanation:

In the case of the closed economy when the marginal product of capital increased so it also increased the investment due to which the shifting of the investment curve is rightward and this will result in increase in the real interest rate

So as per the given situation, the option a is correct

Navajo Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer with a fair value of $3,300. Navajo also paid $500 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.)

Answers

Answer and Explanation:

The journal entry is given below:

Equipment/Computer $3,300    

Accumulated depreciation-Truck $18,000    

      To Truck $20,000  

      To Gain on disposal of truck  $800  

     To  Cash $500

(Being the exchange is recorded)

Here the equipment and accumulated depreciation is debited as it increased the asset and credited the truck, cash and gain as it decreased the assets and increased the revenue  

Describe the five factors that may limit how fast a project can be completed. Give an example of each.

Answers

Answer:

Logical order, activity duration, resource availability, imposed dates, and cash flow are the five factors that may slow down the completion of a project.

Explanation:

The order in which activities should be completed is known as logical order. You wouldn't put down new carpet before removing the old one. As a result, the logical order is for the predecessor activity to come first, followed by the successor activity.The total number of work periods required to complete a scheduled activity (excluding holidays and other nonwork periods) is known as activity duration. By identifying the right people for the job and discussing the time frame of each activity with them, you can figure out how long each activity should take.The availability of resources, such as workers, to complete a project is referred to as resource availability. Obtaining commitments for equipment and workers in a project prevents days of no work from occurring. It is necessary to stick to a strict schedule.Imposed dates are deadlines for completing specific parts of a project. Perhaps your permit is only valid for 30 days. If this is the case, you must complete your project within the specified time frame. This date was not chosen; it was imposed by the permit.The term "cash flow" refers to the money that comes in from the financial backer as well as the money that goes out to the employees and subcontractors. If there is a cash flow problem on either end of the transaction, it can affect the entire project. Workers will not continue to work if they are not paid on time, and a project may be abandoned.

Source:

Describe the five factors that may limit how fast a project can be completed. Give an example of each (Course Hero).

The five factors that may limit how fast a project can be completed are:

Logical orderAvailability of resourcesCash flow rateActivity durationImposed date

Explanation:

The order of arrangement in which activities should be completed is known as logical order. If the logical order isn't right, this may limit how fast the project can be completed.The total number of work hours required to complete a scheduled activity is known as activity duration. Upon identifying the right people for the job and discussing the time frame of each activity with them, you can figure out how long each activity should take.The availability of resources, such as skilled and unskilled labour, to complete a project is referred to as resource availability.

Imposed dates are deadlines for completing specific parts of a project. At times, the permit is only valid for 20 days.

Cash flow otherwise known as working capital refers to the money that comes in from the source of finances as well as the money that goes out to the employees and subcontractors. If there is a cash flow problem on either end of the transaction, the entire project may be affected.

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In September, Jeanette Company purchased materials costing $34,400 and incurred direct labor cost of $22,100. Manufacturing overhead totaled $58,000 for the month. Information on inventories was as follows: September 1 September 30 Materials $10,300 $9,800 Work in process 6,500 7,400 Finished goods 3,630 2,970 What was the cost of direct materials used in production for the month of September? a. $34,900 b. $33,900 c. $35,300 d. $33,500

Answers

Answer:

a. $34,900

Explanation:

The computation of the cost of direct material used is shown below:

= Opening balance of raw material + purchased materials - ending balance of raw material

= $10,300 + $34,400 - $9,800

= $34,900

Hence, the correct option is a.

Internal control procedures for cash receipts do not require that:_____.
a. Custody over cash is kept separate from its recordkeeping.
b. All collections for sales are received immediately upon making the sales.
c. Clerks having access to cash in a cash register should not have access to the register tape or file.
d. An employee with no access to cash receipts should compare the total cash recorded by the register with the record of cash receipts reported by the cashier.
e. Cash sales should be recorded on a cash register at the time of each sale.
f. All of these.

Answers

Answer:

b. All collections for sales are received immediately upon making the sales.

Explanation:

Internal control, regarded as a process used in assuring objective of an organization in operational effectiveness as well as efficiency and reliable financial reporting, it is also used in assuring of compliance with laws as well as regulations and policies. Generally, internal control can be described as everything which is able to controls risks to an organization. It is a way the

resources of an organization are been

measured as well as been directed and monitored.

It should be noted that Internal control procedures for cash receipts require that:.

✓Custody over cash is kept separate from its recordkeeping.

✓Clerks having access to cash in a cash register should not have access to the register tape or file.

✓An employee with no access to cash receipts should compare the total cash recorded by the register with the record of cash receipts reported by the cashier.

✓Cash sales should be recorded on a cash register at the time of each sale

A shortcoming of real gross domestic product (GDP) is it does not include the underground economy. includes nonmarket goods. does not measure changes in employment. does not include the value obtained through purchases of stocks and bonds. does not account for changes in the prices of goods and services.

Answers

Answer:

it does not include the underground economy.

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Items not included in the calculation off GDP includes:

1. services not rendered to oneself

2. Activities not reported to the government  

3. illegal activities

4. sale or purchase of used products

5. sale or purchase of intermediate products

Exercise 4-11 Computing net sales for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross $ 245,000 Sales returns and allowances $ 20,000 Sales discounts 4,900 Sales salaries expense 10,900 Prepare the net sales portion only of this company’s multiple-step income statement.

Answers

Answer:

Net sales revenue= 220,100

Explanation:

Giving the following information:

Sales, gross $ 245,000

Sales returns and allowances $ 20,000

Sales discounts 4,900

Sales salaries expense 10,900

Sales salaries expense is not a part of the net sales in a multiple-step income statement. The net sales are as follow:

Sales= 245,000

Sales returns and allowances=  (20,000)

Sales discounts= (4,900)

Net sales revenue= 220,100

Price elasticity for a good depends on the share of a consumer's budget spent on a good. Other things being equal, which of the following goods has the most elastic demand? Fish food Monthly cell phone bill Thumbtacks

Answers

Answer:

Monthly Cell Phone Bill

Explanation:

Other things being equal, the higher the price of a good relative to a consumer's income, the greater the price elasticity of demand. Hence, the price elasticity of demand for low-priced items, such as thumbtacks and fish food, tends to be lower than the price elasticity of demand for relatively expensive items, such as monthly cell phone bill, that represent a more significant fraction of a consumer's annual income.

Be sure to consider not just the price, however, but also the overall portion of a consumer's annual income spent on an item. For example, one latte costs only $3.00, but for daily coffee drinkers the annual expense could be around $1,000. The elasticity of demand for lattes is therefore likely to be higher than that for other low-priced items (such as thumbtacks) that may need to be purchased only a few times annually.

How many shares are held as treasury stock by Coca-Cola at December 31, 2015, and by PepsiCo at December 26, 2015

Answers

Answer:

December 31 ,2015 Coca cola and December 26, 2015

A firm is paying an annual dividend of $10.00 for its preferred stock which is selling for $66.00. There is a selling cost of $3.00. What is the after-tax cost of preferred stock if the firm's tax rate is 31%

Answers

Answer:

15.87%

Explanation:

Calculation to determine the after-tax cost of preferred stock

Using this formula

Kp=Dividend/Price − floatation costs per share

Let plug in the formula

Kp=$10.00/$66-$3.00

Kp=$10.00/$63

Kp= 0.1587*100

Kp=15.87%

Therefore the after-tax cost of preferred stock is 15.87%

Why is developing a reputation as a subject matter expert important for a leader if leadership deals so heavily with interpersonal skills

Answers

Answer:

Reputation is very important for a leader. If a leader has god interpersonal skills but lacks in good reputation people might hesitate to associate with him and support his activities.

Explanation:

Reputation is most valuable asset for any leader. A leader may have good knowledge of everything, he may have good interpersonal skills but reputation overcomes all of these qualities. Strong reputation of a leader will make it easy for him to earn popularity and respect among people. Reputation is the main quality which leads to success to a leader.

McoLawn Ltd manufactures a single product, an ecologically designed electronic lawn-mower, which they sell for £40. The variable costs of the lawn-mower are as follows: Fixed costs are £140,000. McoLawn Ltd. have budgeted profits for the coming year at £120,000. How many lawn-mowers must McoLawn Ltd. sell in order to reach budgeted profit levels? Group of answer choices

Answers

Answer: 20,000 lawn mowers

Explanation:

The formula for calculating the number of lawn mowers needed to reached the budgeted profit levels is:

= (Fixed costs + Budgeted profit) / Contribution margin

Contribution margin = Selling price - Variable cost

= 40 - (14 + 8 + 5)

= 40 - 27

= $13

Number of lawn-mowers required:

= (140,000 + 120,000) / 13

= 20,000 lawn mowers

Explain the difference between the concepts of Business Management and Technology Management. Provide examples.

Answers

Answer:

Explanation:

There is a difference between business management and technology management.

Business management refers to managing the organization's business perspective so that the direct business objectives of the organization is served.

Business management involves managing the domain, employees, looking after the business processes of an organization, etc. whereas

While technology management is used to make the business process simple and convenient through various aspects like managing the technical aspect of each and every business process and that is possible by having details about the technical aspects that are involved in all the business process of the organization.

For an organization to be successful it should possess all the required management techniques that include the business and technical aspects both.

Today the way of doing business has changed a lot and hence the organizations need to be quite diligent and effective in order to sustain and remain competitive in the industry.

Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations:
Crazy Mountain Outfitters Co.
Unadjusted Trial Balance
April 30, 2018
Debit
Balances Credit
Balances
Cash 11,400
Accounts Receivable 72,600
Supplies 7,200
Equipment 112,000
Accounts Payable 12,200
Unearned Fees 19,200
Common Stock 20,000
Retained Earnings 117,800
Dividends 10,000
Fees Earned 305,800
Wages Expense 157,800
Rent Expense 55,000
Utilities Expense 42,000
Miscellaneous Expense 7,000
475,000 475,000
For preparing the adjusting entries, the following data were assembled:
Required:
Supplies on hand on April 30 were $1,380.
Fees earned but unbilled on April 30 were $3,900.
Depreciation of equipment was estimated to be $3,000 for the year.
Unpaid wages accrued on April 30 were $2,475.
The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only $14,140 of the services was provided between April 1 and April 30.
2. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. before the adjusting entries.
Revenues $
Expenses
Net income $
3. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. after the adjusting entries.
Revenues $
Expenses
Net income $
4. Determine the effect of the adjusting entries on Retained Earnings.
Retained Earnings increases by $.

Answers

Answer:

1. Dr Supplies expense $5,820

Cr Supplies $5,820

Dr Accounts receivable $3,900

Cr Earned fees $3,900

Dr Depreciation expense $3,000

Cr Accumulated depreciation $3,000

Dr Wages expense $2,475

Cr Wages payable $2,475

Dr Unearned fees $14,140

Cr Fees earned $14,140

2. Revenues $305,800

Expenses $261,800

Net income $44,000

3. Revenue $323,840

Expense $261,800

Net income $50,745

4. $6,745 Increase

Explanation:

1. Preparation of the journal entries necessary on April 30. 2019

Dr Supplies expense $5,820

Cr Supplies $5,820

($7,200-$1,380)

(To record supplies used)

Dr Accounts receivable $3,900

Cr Earned fees $3,900

(To record accrued fees Earned)

Dr Depreciation expense $3,000

Cr Accumulated depreciation $3,000

(To record equipment Depreciation)

Dr Wages expense $2,475

Cr Wages payable $2,475

(To record accrued wages)

Dr Unearned fees $14,140

Cr Fees earned $14,140

(To record fees earned)

2. Calculation to Determine the revenues, expenses, and net income of Crazy Mountain Outfitters before the adjusting entries.

REVENUE

Fees earned $305,800

EXPENSE:

Wages Expense $157,800

Rent Expense $55,000

Utilities Expense $42,000

Miscellaneous Expense $7,000

Expense $261,800

NET INCOME $44,000

($305,800-$261,800)

Therefore the revenues, expenses, and net income of Crazy Mountain Outfitters before the adjusting entries will be:

Revenues $305,800

Expenses $261,800

Net income $44,000

3. Calculation to Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. after the adjusting entries.

REVENUE

Fees Earned $305,800

Fees earned but unbilled $3,900

Unearned fees $14,140

Revenue $323,840

EXPENSE

Wages Expense $157,800

Rent Expense $55,000

Utilities Expense $42,000

Miscellaneous Expense $7,000

Supplies expense $5,820

Depreciation of equipment $3,000

Unpaid wages accrued $2,475

Expense $273,095

NET INCOME $50,745

($323,840-$273,095)

Therefore the revenues, expenses, and net income of Crazy Mountain Outfitters Co. after the adjusting entries will be:

Revenue $323,840

Expense $261,800

Net income $50,,745

4. Calculation to Determine the effect of the adjusting entries on Retained Earnings.

Effect of the adjusting entries=$50,745-$44,000

Effect of the adjusting entries=$6,745

Therefore the effect of the adjusting entries on Retained Earnings is Retained Earnings increases by $6,745

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