Allied Co has cumulative preferred stock with a $100 par value and a 12 percent annual dividend. No dividend has been paid for the past two years. What must the preferred stockholders be paid prior to paying the common stockholders

Answers

Answer 1

Answer:

Allied Co.

The amount that must be paid to the preferred stockholders prior to paying the common stockholders is:

= $36.

Explanation:

a) Data and Calculations:

Cumulative preferred stock = $100 par value

Annual dividend on the preferred stock = 12%

Annual dividend on the preferred stock = $12

Cumulative preferred stock dividend = $24 ($12 * 2)

The amount of dividend to pay preferred stock = $36 ($24 + $12)

b) $24 was in arrears for the past 2 years.  In the current year, $12 is due to the preferred stockholders as dividends.  This adds up to $36 in total to be paid this year before any dividends can be paid to the common stockholders.


Related Questions

The Wood Valley Dairy makes cheese to supply to stores in its area. The dairy can make 250 pounds of cheese per day (365 days per year), and the demand at area stores is 180 pounds per day. Each time the dairy makes cheese, it costs $125 to set up the production process. The annual cost of carrying a pound of cheese in a refrigerated storage area is $12. Determine the optimal order size and the minimum total annual inventory cost.

Answers

Answer: 1. 1170 units

2. $14039

Explanation:

The optimal order size will be:

= ✓2AO/C

where,

A = Annual demand = 180 × 365 days = 65,700

O = Ordering cost = 125

C = Carrying cost = 12

EOQ = ✓(2AO/C)

= ✓(2 × 65700 × 125/12)

= ✓ 1368750

= 1170 units

Therefore, the optimal order size is 1170 units.

2. The minimum total annual inventory cost will be calculated as:

C = (Q /2)(H) +(D/Q)(S)

where,

Q = 1170 pounds

H = holding cost = $12

D = annual demand = 65,700

S =set up cost = $125

Therefore, the minimum total annual inventory cost will be:

C = (Q /2)(H) +(D/Q)(S)

C = {(1170) /2] × 12} + {(65,700 /1170) × 125}

= 7020 +7019

= 14,039

Therefore, the minimum total annual inventory cost is $14,039.

"Rogue Corp. has sales of​ $4,250,000; the​ firm's cost of goods sold is​ $2,500,000; and its total operating expenses are​ $600,000. The​ firm's interest expense is​ $250,000, and the corporate tax rate is​ 40%. What is​ Rogue's tax​ liability"

Answers

Answer:

$360,000

Explanation:

Calculation to determine Rogue's tax​ liability

Step 1 is to calculate the gross profit

Using this formula

Gross profit=Sales - Cost of Goods Sold

Let plug in the formula

Gross profit=$4,250,000-$2,500,000

Gross profit=$1,750,000

Step 2 is to calculate operating income

Using this formula

Operating income=Gross Profit -Total operating expenses

Let plug in the formula

Operating income=$1,750,000-$600,000

Operating income=$1,150,000

Step 3 is to calculate the EBT

Using this formula

EBT=Operating income - Interest expense

Let plug in the formula

EBT=$1,150,000-$250,000

EBT=$900,000

Now let calculate the Tax liability

Using this formula

Tax liability=EBT x Corp Tax

Let plug in the formula

Tax liability=$900,000*$40%

Tax Liability=$360,000

Therefore Rogue's tax​ liability is $360,000

On whom the trade bill drawn ?​

Answers

The bill of exchange is drawn by the seller of the goods and is accepted by the buyer.

Suppose that France and Denmark both produce oil and olives. Frances’s opportunity cost of producing a crate of olives is 4 barrels of oil, while Denmark’s opportunity cost of producing a crate of olives is 7 barrels of oil.
By comparing the opportunity cost of producing olives in the two countries, you can tell that _______has a comparative advantage in the production of olives and ______has a comparative advantage in the production of oil.
Suppose that France and Denmark consider trading olives and oil with each other. France can gain from specialization and trade as long as it receives more than _____ of oil for each crate of olives it exports to Denmark. Similarly, Denmark can gain from trade as long as it receives more than _____ of olives for each barrel of oil it exports to France.
Based on your answer to the last question, which of the following terms of trade (that is, price of olives in terms of oil) would allow both Denmark and France to gain from trade?
A__ 6 barrels of oil per crate of olives
B__ 3 barrels of oil per crate of olives
C__ 5 barrels of oil per crate of olives
D__ 8 barrels of oil per crate of olives

Answers

Answer: See explanation

Explanation:

Based on the information given in the question, one can deduce that while (France) has a comparative advantage in the production of olives, it should be noted that on the other hand, (Denmark) has a comparative advantage in the production of oil.

If France and Denmark consider trading olives and oil with each other, then France can gain from specialization and trade as long as it receives more than (4) of oil for each crate of olives it exports to Denmark while on the other hand, Denmark can gain from trade as long as it gets more than (1/7) crate of olives for each barrel of oil it exports to France.

The terms of trade that would allow both Denmark and France to gain from trade include:

• 6 barrels of oil per crate of olives.

• 5 barrels of oil per crate of olives.

At April 30, Sheridan Company has the following bank information:
Cash balance per bank $3000
Outstanding checks $240
Deposits in transit $500
Credit memo for interest $10
Bank service charge $20
What is Sheridan adjusted cash balance on April 30?
a. $8575.
b. $7625.
c. $8560.
d. $8600.

Answers

Answer:

the  adjusted cash balance on April 30 is $3,260

Explanation:

The computation of the adjusted cash balance is given below:

Cash balance per bank $3,000

Less: Outstanding checks ($240)

Add: Deposits in transit $500

Adjusted cash balance $3,260

hence, the  adjusted cash balance on April 30 is $3,260

This is the answer but the same is not provided in the given options

Examples of cash equivalents include all of the following EXCEPT U.S. Treasury bills. notes issued by major corporations. money market funds. long-term notes receivable.

Answers

Answer:

long-term notes receivable.

Explanation:

Cash equivalents can be regarded as total cash value that is available on hand, this encompass items that has similarities with cash and must be regarded as current assets. cash or cash equivalents of a company can be seen at top line of the balance sheet.

Examples of cash equivalents are;

✓Treasury bills

✓notes issued by major corporations. ✓money market funds.

XYZ produces a single product and has provided the following data for its most recent month of operations:

Number of units produced 6,400
Variable costs per unit:
Direct materials $72
Direct labor $80
Variable manufacturing overhead $10
Variable selling and administrative expense $12
Fixed costs:
Fixed manufacturing overhead $224,000
Fixed selling and administrative expense $288,000

There were no beginning or ending inventories. The absorption costing unit product cost was: ____________-

Answers

Answer: $197

Explanation:

With absorption costing, the fixed manufacturing costs are absorbed by the products which means that the product cost will include fixed costs related to manufacturing.

The absorption costing unit product cost is therefore:

= Direct materials + Direct Labor + Variable manufacturing overhead + Fixed manufacturing Overhead per unit

Fixed manufacturing overhead per unit is:

= 224,000 / 6,400 units

= $35 per unit

Absorption cost unit product cost = 72 + 80 + 10 + 35

= $197

For March, sales revenue is $1,000,000, sales commissions are 5% of sales, the sales manager's salary is $80,000, advertising expenses are $65,000, shipping expenses total 1% of sales, and miscellaneous selling expenses are $2,100 plus 1% of sales. Total selling expenses for the month of March are

Answers

Answer:

$217,100

Explanation:

total selling expenses = sales commission + sales manager's salary + shipping expense + advertising expenses + miscellaneous selling expenses

sales commissions = 50,000

advertising expenses = 65,000

shipping expenses = 10,000

sales manager's salary= 80,000

miscellaneous selling expenses = 10,000 + 2100

If financial markets are efficient, that suggests that:_____.
a. investors cannot expect to outperform the market consistently.
b. security prices are random.
c. investors cannot earn superior.
d. returns bearing additional risk will not increase return.

Answers

Answer:

A

Explanation:

The efficient market hypothesis posits that market prices contains all information in the market. As a result, an investor cannot consistently expect to outperform the market or consistently generate a positive alpha.

The efficient market hypothesis thus suggests a passive form of investment.

Forms of the efficient market hypothesis

a. the weak form - market prices contain information about past market prices. thus there is no need for technical analysis

b. the semi strong - it posits that market prices consists of all publicly available information

c. the strong form - it submits that market prices reflects both publicly and privately available information. As a result, excess returns cannot be earned consistently through insider trading

Oceanic, a venture capital firm, has the opportunity to invest in one of two firms that are in the process of globalizing. Macmillan, an air-conditioner manufacturer, faces intense pressure from its home market. Rent a Swag, a dog-toy manufacturer, has encountered little competition in its country of origin. In which company should Oceanic invest?

a. Macmillan, because air conditioners cost more to ship than dog toys do
b. Macmillan, because firms that face stiff competition at home tend to do better abroad
c. Rent a Swag, because firms that face little or no competition at home tend to do better abroad
d. Rent a Swag, because dog toys cost less to ship than air conditioners do

Answers

Answer: B. Macmillan, because firms that face stiff competition at home tend to do better abroad

Explanation:

Following the information given, it can be deduced that Oceanic should invest in Macmillan, because firms that face stiff competition at home tend to do better abroad.

The fact that Macmillan, which is an air-conditioner manufacturer, faces intense pressure from its home market will have resulted in the company making quality sure conditioners in order to sustain the pressure and have an edge over its local competitors. Therefore, the company will do better abroad as a result of this.

The correct option is B.

The real interest rate is Group of answer choices the percentage increase in money that the lender receives on a loan. the percentage increase in purchasing power that the lender receives on a loan. also called the after-tax interest rate. usually higher than the nominal interest rate.

Answers

Answer:

he percentage increase in purchasing power that the lender receives on a loan.

Explanation:

Interest rate is the rate earned on deposits or the rate charged on loans.

Interest rate could be real or nominal

Nominal interest rate is real interest rate plus inflation rate

Real interest rate is interest rate that has been adjusted for inflation

The higher the real interest rate, the higher the increase in purchasing power of the lender

Inflation is a persistent rise in the general price levels

Types of inflation

1. demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise

2. cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect  

Suppose you invest $210,000 in an annuity that returns 6 annual payments, with the first payment one year from now and each subsequent payment growing by 5%. At an interest rate of 8%, how much is the first annual payment you receive?

Answers

Answer:

$40,510.82

Explanation:

Present value = $210,000

Number of annual payments (n) = 6

Growth rate (g) = 5% or 0.05

Interest rate (r) = 8% or 0.08

Amount of first annual payment = [Present value * (r - g)] / [1 - {(1 + g)/(1 + r)}^n]

Amount of first annual payment = [210,000 * (0.08-0.05)] / [1 - [(1+0.05) / (1+0.08)]^6]

Amount of first annual payment = [210,000*0.03] / [1 - (0.972222)^6]

Amount of first annual payment = 6,300 / [1 - 0.844486]

Amount of first annual payment = 6,300 / 0.155514

Amount of first annual payment = 40510.82217678151

Amount of first annual payment = $40,510.82

So, the amount of the first annual payment you will receive is $40,510.82.

Department M had 3,000 units 59% completed in process at the beginning of June, 12,800 units completed during June, and 1,000 units 32% completed at the end of June. What was the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories? a.11,350 units b.13,120 units c.9,800 units d.14,120 units

Answers

Answer:

Department M

The number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories is:

a. 11,350 units

Explanation:

Beginning work in process units = 3,000

Degree of completion = 59%

Work to be done during June on the beginning WIP = 1,230 units (3,000 * 41%)

Units started and completed during June = 9,800 Units (12,800 - 3,000)

Ending work in process, equivalent units = 320 (1,000 * 32%)

Total equivalent units of production for conversion costs for June, using the FIFO method are = 11,350 units

On December 31, the trial balance of Cubico Company included the following accounts with debit balances: Prepaid Advertising $1,500 Advertising Expense 5,400 If it is determined that the cost of advertising applicable to future periods is $3,300, the correct adjusting entry would:_____.
A. Debit Advertising Expense $1,800; credit Prepaid Advertising $1,800.
B. Debit Prepaid Advertising $1,800; credit Advertising Expense $1,800.
C. Debit Prepaid Advertising $3,300; credit Advertising Expense $3,300.
D. Debit Advertising Expense $3,300; credit Prepaid Advertising $3,300.

Answers

Answer:

Cubico Company

The correct adjusting entry would be:

B. Debit Prepaid Advertising $1,800; credit Advertising Expense $1,800.

Explanation:

a) Data and Calculations:

Debit balances on December 31:

repaid Advertising $1,500

Advertising Expense 5,400

Determined future advertising cost = $3,300

The correct adjusting entry would be:

B. Debit Prepaid Advertising $1,800; credit Advertising Expense $1,800.

This will increase the prepaid advertising by $1,800 to $3,300 ($1,500 + $1,800) and reduce the advertising expense by $1,800 to $3,600 ($5,400 - $1,800).

MC Qu. 147 Luker Corporation uses a process... Luker Corporation uses a process costing system. The company had $165,500 of beginning Finished Goods Inventory on October 1. It transferred in $842,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $163,200. The entry to account for the cost of goods manufactured during October is:

Answers

Answer:

Debit cost of goods sold $844,300

Credit finished goods inventory $844,300

Explanation:

Based on the information given The Appropriate journal entry to account for the cost of goods manufactured during October is:

Debit cost of goods sold $844,300

Credit finished goods inventory $844,300

($165,500 + $842,000 - $163,200 = $844,300)

(To record cost of goods manufactured)

On June 1, 2019, Cain Company, a new firm, paid $4,300 rent in advance for a five-month period. The $4,300 was debited to the Prepaid Rent account. On June 1, 2019, the firm bought supplies for $7,250. The $7,250 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $2,950 were on hand. On June 1, 2019, the firm bought equipment costing $44,160. The equipment has an expected useful life of 8 years and no salvage value. The firm will use the straight-line method of depreciation. Prepare end-of-June adjusting entries for Cain Company.

Answers

Answer:

S/N    Account and Explanation             Debit     Credit

1.        Rent expense                                  $860

         ($4,300 / 5 month)

                Prepaid rent                                             $860

         (To record adjusted rent expense)

2.      Supplies expense                            $4,300

        ($7,250 - $2,950)

               Supplies                                                     $4300

        (To record adjusted supplies)

3.      Depreciation expense                      $460

        (($44,160/8)/12)

                Accumulated depreciation                       $460

        (To record depreciation)  

odson Company manufactures a product with a standard direct labor cost of 2.3 hours of labor per unit at $10.60 per hour. Last month, 170 units were produced using 90 hours at $11.60 per hour. What was the company's labor quantity variance

Answers

Answer:

Direct labor time (efficiency) variance= $3,190.6 favorable

Explanation:

To calculate the direct labor quantity variance, we need to use the following formula:

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Direct labor time (efficiency) variance= (391 - 90)*10.6

Direct labor time (efficiency) variance= $3,190.6 favorable

Standard quantity= 2.3*170= 391

2018

Feb. 2 Recorded credit sales of $97,000. Ignore Cost of Goods Sold.
Nov. 1 Loaned $18,000 to Jess Price, an executive with the company, on a one-year, 7% note.
Dec. 31 Accrued interest revenue on the Price note. 2019
Nov. 1 Collected the maturity value of the Price note.

Required:
Journalize the entries.

Answers

Answer:

Feb 6

Dr Account receivable $97,000

Cr Sales revenue $97,000

Jul 1

Dr Notes receivable $18,000

Cr Cash $18,000

Dec 31

Dr Interest receivable $630

Cr Interest revenue $630

July 1

Dr Cash $19,260

Cr Notes receivable $18,000

Cr Interest receivable $630

Cr Interest revenue $630

(To record collection)

Explanation:

Preparation of the journal entries

Feb 6

Dr Account receivable $97,000

Cr Sales revenue $97,000

(To credit sales)

Jul 1

Dr Notes receivable $18,000

Cr Cash $18,000

(To record loan given)

Dec 31

Dr Interest receivable ($18000*7%*6/12) $630

Cr Interest revenue $630

(To record accrued interest)

July 1

Dr Cash $19,260

($18,000+$630+630)

Cr Notes receivable $18,000

Cr Interest receivable $630

Cr Interest revenue $630

(To record collection)

One of your friends has opened a new wholesale electronics business and wants your help figuring out some inventory issues they are facing.
One night last week, there seemed to be fewer HD televisions in the warehouse than they expected. The last time they were in the warehouse was
a week earlier, and they hadn't noticed anything amiss.
As they looked around, they saw that the evening warehouse worker was filling the last orders of the day. The delivery driver and day warehouse
worker were gone for the day, and the delivery van keys were on the desk that the warehouse workers shared. The doors to the loading dock were
open, as was the door to the office area where the accountant, two customer service specialists, and the owner worked.
Knowing that you are familiar with accounting principles, they asked for your help in figuring out how to prevent this in the future.

Answers

Answer:

Hence,

When control is missing the wrongdoings happen at a quick pace because the barrier in their work involves an end. there's no check on the operations and hence many wrongdoings happen without coming into the eyes of management. control helps within the analysis of wrongdoings by comparing with the standards and checks. Hence without control, it's hard to depict the extent of wrongdoings within the organization.

Explanation:

Role of control  

Internal controls are policies and procedures put in situ by management to make sure that, among other things, the company’s financial statements are reliable. Some internal controls relevant to an audit include bank reconciliations, password control systems for accounting software, and inventory observations.

Internal controls provide reasonable assurance about achieving objectives regarding:

.Effectiveness and efficiency of operations  

.Reliability of financial reporting  

.Safeguarding of assets  

.Compliance with applicable laws and regulations

The two most important goals for government policy involve a​ trade-off between​ __________ and​ __________. A. big​ government; small government. B. ​taxation; government spending. C. direct​ regulation; indirect regulation. D. ​equity; efficiency.

Answers

Answer:

D

Explanation:

How many BTU's are in a ton

Answers

Answer:

12.000

Explanation:

Because 1 ton equals 12,000 BTU.

For example, 48,000 BTU equals 4 tons, and 60,000 BTU equals 5 tons.

Is scented candle harmful to dogs?

Answers

Answer:

Scented candles are not harmful to dogs for normal use, but high concentrations in a confined space for a long time would have an impact on the dog's sense of smell.

Because the candles you use will cause a lot of burnt smoke which is harmful to dogs. And aromatherapy ingredients contain a lot of chemical substances. If the windows are opened, it will be ok, if not the more chemical substances accumulate, the more it will be harmful to dogs, or even to the health of people.

Here are several ways to avoid the harm caused by aromatherapy to dogs:

Do not ignite the two types of aromatherapy in a short time or at the same time, to avoid the two types of aromatherapy, which are mutually ineffective and produce toxic gas.

Try not to light candles in a closed bedroom when you sleep.

Keep air circulation.

Keep all kinds of aromatherapy out of reach of dogs.

Use Home Lights scented candles in the right way.

Explanation:

https://hlcandles.com/

On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $4,194,222. The bond issuance should be recorded as:

Answers

Answer: Debit Cash $4,194,222; Debit Discount on bonds payable $305,778; Credit Bonds payable $4,500,000

Explanation:

Based on the information given in the question, the journal entry will be prepared as follows:

Debit Cash $4,194,222

Debit Discount on bonds payable $305,778

Credit Bonds payable $4,500,000

Note that the discount on Bonds Payable was calculated as:

= $4,500,000 - $4,194,222

= $305,778

Suppose that the price of labor is $7 for a firm, while the price of capital for a firm is $10. Also suppose that the Marginal Product of Labor is 20, while the Marginal Product of Capital is 30. What is the best advice for this profit-maximizing firm?

Answers

Answer:

The best advice for this profit-maximizing firm is:

Use more capital than labor.

Explanation:

a) Data and Calculations:

Price of labor = $7

Price of capital = $10

Marginal product of labor = 20

Marginal product of capital = 30

Productivity of labor = Output/Input

= 20/7

= 2.86

Productivity of capital = Output/Input

= 30/10

= 3

b) Capital is more productive than labor.  The productivity of capital is 3 when compared to the productivity of labor, that is 2.86.

When the price of paintings is set at $500, the local art gallery supplies 20 paintings per week. When the price of paintings increases to $750, the gallery supplies 25 paintings. Calculate the price elasticity of supply using the mid-point formula. Instructions: Round your answer to two decimal places. If you are entering a negative number be sure to include a negative sign (-) in front of that number. The price elasticity of supply is: .

Answers

Answer:

the  price elasticity of supply is 0.555

Explanation:

The computation of the price elasticity of supply is given below:

= Percentage change in quantity supplied ÷ percentage change in price

= (25 - 20) ÷ (25 + 20) ÷ 2 ÷ (750 - 500) ÷ (750 + 500) ÷ 2

= 5 ÷45 ÷ 250 ÷ 125

= 0.555

Hence, the  price elasticity of supply is 0.555

The same is relevant

True or False: Efficiency wages are higher-than-average wages that are intended to reduce the chances that workers engage in non-productive behavior that might jeopardize their high-paying job. True False

Answers

Answer: True

Explanation:

The motivations of employees are both financial and non-financial with a high salary considered to be a financial motivation. Employers will pay employees a higher wage so as to motivate them to be more productive at work. This is called an efficiency wage because it increases the productivity of employees by motivating them more.

When workers are being paid such a high salary in relation to the average salary in the market, they would want to ensure that they keep getting paid this huge salary so they will try to avoid non-productive behavior that would lead to them losing their jobs.

A small business owner visits his bank to ask for a loan. The owner states that she can repay a loan at $1,500 per month for the next 3 years and then $500 per month for three years after that. If the bank is charging customers 10 percent APR, how much would it be willing to lend the business owner?

Answers

Answer:

The bank will be willing to lend $ 28,800 to the business owner.

Explanation:

Given that a small business owner visits his bank to ask for a loan, and the owner states that she can repay a loan at $ 1,500 per month for the next 3 years and then $ 500 per month for three years after that, since the bank is charging customers 10 percent APR, to determine how much the business owner would be willing to lend the following calculation must be performed:

1500 x 12 x 3 + 500 x 12 x 3 = X

18000 x 3 + 6000 x 3 = X

54000 + 18000 = X

72000 = X

10 x 6 = 60

100 - 60 = 40

100 = 72000

40 = X

40 x 72000/100 = X

28800 = X

Therefore, the bank will be willing to lend $ 28,800 to the business owner.

Use the following information: a. Beginning cash balance on March 1, $72,000. b. Cash receipts from sales, $300,000. c. Budgeted cash payments for direct materials, $140,000. d. Budgeted cash payments for direct labor, $80,000. e. Other budgeted cash expenses, $45,000. Cash repayment of bank loan, $20,000.Prepare a cash budget for the month ended on March 31 for Gado Company. The budget should show expected cash receipts and cash payments for the month of March and the balance expected on March 31.

Answers

Answer:

the budget of the pines is 8 to them b sqare the 4 in you get 12,500

Explanation:

Answer:

no clue

Explanation:

have a good day:)))

Your friend Lorenzo is trying to decide on a career path. He has narrowed down his search to two choices. Before he selects a major, he wants to know more about the two careers and the skills needed for each profession. What advice would you give Lorenzo

Answers

Answer:

Interview someone in each of your chosen fields.

Explanation:

In the context, my friend Lorenzo wants advice from me regarding career choices. He has somehow researched and narrowed down the choices to two  choices. Lorenzo wants to know more about the major and the skills required for each of the profession.

I would suggest him to interview someone experience person in this field and get insights from him. It will provide Lorenzo a better understanding of the major selection and it will also create a blueprints of the future paths.

Valley Technology Balance Sheet As of January 24, 2021 (amounts in thousands)
Cash 9,700 Accounts Payable 1,500
Accounts Receivable 4,500 Debt 2,900
Inventory 3,800 Other Liabilities 800
Property Plant & Equipment 16,400 Total Liabilities 5,200
Other Assets 1,700 Paid-In Capital 7,300
Retained Earnings 23,600
Total Equity 30,900
Total Assets 36,100 Total Liabilities & Equity 36,100

Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question.

Jan 25. Sell product for $30,000 in cash with historical cost of $24,000
Jan 26. Sell, deliver, and receive payment of $40,000 for service
Jan 27. Consume good or service and pay expense of $2,000

What is the final amount in Total Liabilities & Equity?

Answers

Answer:

Valley Technology

1. Journal Entries:

Jan 25. Debit Cash $30,000

Credit Sales Revenue $30,000

To record the sale of goods for cash.

Debit Cost of goods sold $24,000

Credit Inventory $24,000

To record the cost of goods sold.

Jan 26. Debit Cash $40,000

Credit Service Revenue $40,000

To record the rendering of services for cash.

Jan 27. Debit Expenses $2,000

Credit Cash $2,000

To record the payment for good or service consumed.

2. T-accounts:

Cash

Date       Account Titles             Debit   Credit

Jan. 24  Beginning balance      9,700

Jan 25. Sales Revenue                30

Jan 26. Service Revenue            40

Jan 27. Expenses                                         2

Jan. 31  Ending balance                        9,768

Inventory

Date       Account Titles             Debit   Credit

Beginning balance                    3,800

Cost of goods sold                                   24

Ending balance                                    3,776

Sales Revenue

Date       Account Titles             Debit   Credit

Cash                                                       $30

Service Revenue

Date       Account Titles             Debit   Credit

Cash                                                      $40

Cost of goods sold

Date       Account Titles             Debit   Credit

Inventory                                     $24

Expenses

Date       Account Titles             Debit   Credit

Cash                                              $2

3. Balance Sheet As of January 31, 2021 (amounts in thousands)

Cash                                          9,768    Accounts Payable               1,500

Accounts Receivable               4,500     Debt                                    2,900

Inventory                                  3,776      Other Liabilities                     800

Property Plant & Equipment 16,400      Total Liabilities                   5,200

Other Assets                           1,700       Paid-In Capital                    7,300

                                                                Retained Earnings          23,644

                                                                Total Equity                     30,944

Total Assets                         36,144        Total Liabilities & Equity 36,144

4. The final amount in Total liabilities and equity is:

= $36,144

Explanation:

a) Data and Calculations:

Balance Sheet As of January 24, 2021 (amounts in thousands)

Cash                                          9,700     Accounts Payable               1,500

Accounts Receivable               4,500     Debt                                    2,900

Inventory                                  3,800     Other Liabilities                     800

Property Plant & Equipment 16,400      Total Liabilities                   5,200

Other Assets                           1,700       Paid-In Capital                    7,300

                                                                Retained Earnings          23,600

                                                                Total Equity                     30,900

Total Assets                         36,100        Total Liabilities & Equity  36,100

Analysis:

Jan 25. Cash $30,000 Sales Revenue $30,000

Cost of goods sold $24,000 Inventory $24,000

Jan 26. Cash $40,000 Service Revenue $40,000

Jan 27. Expenses $2,000 Cash $2,000

Revenue:

Sales revenue         $30

Cost of goods sold  (24)

Service revenue       40

Gross profit            $46

Expenses                    2

Net income            $44

Retained Earnings, beginning $23,600

Net income                                         44

Retained Earnings,, ending     $23,644

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