During January, a company incurs employee salaries of $2.6 million. Withholdings in January are $198,900 for the employee portion of FICA, $390,000 for federal income tax, $162,500 for state income tax, and $26,000 for the employee portion of health insurance (payable to Company B). The company incurs an additional $161,200 for federal and state unemployment tax and $78,000 for the employer portion of health insurance. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).)

Answers

Answer 1

Answer:

The journal entries to record would be the following:

Jan-31                           Debit                              Credit

Salaries Expenses    $2,600,000

Income Tax payable ($390,000+$162,500)     $522,500

FICA Tax payable                                                $198,900

Accounts payable                                                $26,000

Salaries payable Balance                                     $1,822,600

Jan-31                         Debit                              Credit

Salaries Expenses    $78,000

Accounts payable                                           $78,000

Jan-31                         Debit                              Credit

Payroll Tax expense $360,100

FICA Tax Payable                                       $198,900

Unemployment Tax Payable                     $161,200

Explanation:

The journal entries to record would be the following:

To record employee salary expense and withholdings

Jan-31                           Debit                              Credit

Salaries Expenses    $2,600,000

Income Tax payable ($390,000+$162,500)     $522,500

FICA Tax payable                                                $198,900

Accounts payable                                                $26,000

Salaries payable Balance                                     $1,822,600

To record fringe benefit provided by employer

Jan-31                         Debit                              Credit

Salaries Expenses    $78,000

Accounts payable                                           $78,000

To record employer payroll taxes

Jan-31                         Debit                              Credit

Payroll Tax expense $360,100

FICA Tax Payable                                       $198,900

Unemployment Tax Payable                     $161,200


Related Questions

Consider two independent firms, BU1 and BU2, which transact with each other through spot market transactions in a competitive market. In a typical year, BU1 incurs total costs of $2 million in producing goods that BU2 buys. BU2 would be willing to pay up to $7.5 million for these goods, but because of the competitive market, ends up paying $5 million. What is the value captured by BU1 from these transactions?

Answers

Answer:

Value captured by BU1 = $5.5 million

Explanation:

Given:

Two firm = BU1 , BU2

BU1 cost of production = $2 million

BU2 will able to pay up-to =  $7.5 million

BU2 will pay = $5 million:

Find:

Value captured by BU1 = ?

Computation:

⇒ Value captured by BU1 = BU2 will able to pay up-to - BU1 cost of production

⇒ Value captured by BU1 = $7.5 million - $2 million

Value captured by BU1 = $5.5 million

Based on the information given  the value captured by BU1 from these transactions is $3 million.

The value captured by the seller (BU1)

Seller value =Value BU1 is willing to sell -Value at which he sold

Where:

Value BU1 is willing to sell=$5 million

Value at which he sold=$2 million

Let plug in the formula

Seller value=$5 million-$2 million

Seller value= $3 million

Inconclusion  the value captured by BU1 from these transactions is $3 million.

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Vaughn Manufacturing expects to purchase $180000 of materials in July and $170000 of materials in August. Three-fourths of all purchases are paid for in the month of purchase, and the other one-fourth are paid for in the month following the month of purchase. How much will August's cash disbursements for materials purchases be?

Answers

Answer:

The August's cash disbursements for materials purchases would be

$172,500.00   for Vaughn Manufacturing

Explanation:

The cash disbursements in the month of August consist of the three-fourth cost of the August purchases and the one-fourth of the July purchases since the 3/4 of the cost of materials purchased is paid in the same month as purchases and the balance of 1/4 of purchase cost in the succeeding month

Cash disbursements in August=($170,000*3/4)+($180,000*1/4)=$127500 +$45,000=$172,500.00  

Equipment that cost $875,000 and had a book value of $390,000 was sold for $450,000. Data from the comparative balance sheets are: 12/31/18 12/31/17 Equipment $5,400,000 $4,875,000 Accumulated Depreciation 1,650,000 1,425,000 Equipment purchased during 2018 was:



a. $1,400,000.


b. $825,000.


c. $525,000.


d. $915,000.

Answers

Answer:

a. $1,400,000.

Explanation:

Find the attachment

Miscavage Corporation has two divisions: the Beta Division and the Alpha Division. The Beta Division has sales of $235,000, variable expenses of $132,600, and traceable fixed expenses of $63,800. The Alpha Division has sales of $545,000, variable expenses of $309,800, and traceable fixed expenses of $121,500. The total amount of common fixed expenses not traceable to the individual divisions is $120,200. What is the company's net operating income

Answers

Answer:

Operating income $32,100

Explanation:

The operating income for the company is the to be determined by aggregating the sales and cost figures of the two divisions . This is done as follows

                                                                                                 $

Total sales   (235,000 + 545,000)          =                       780,000

Variable expenses(132600+309800)     =                      (442,400)

Traceable fixed expenses(63800+121500)  =                (185300)

Common fixed expenses                                                   (120200 )

Operating income                                                                  32,100

8-27 Basic Flexible Budget The budgeted prices for materials and direct labor per unit of fi nished product are $8 and $7, respectively. The production manager is delighted about the following data: Static Budget Actual Costs Variance Direct materials $59,200 $49,900 $9,300 F Direct labor 51,800 39,200 12,600 F Is the manager’s happiness justifi ed? Prepare a report that might provide a more detailed explanation of why the static budget was not achieved. Good output was 5,300 units.

Answers

Answer:

Basic Flexible Budget

Flexible Budget:

Differential Analysis

Reject Order (Alt. 1) or Accept Order (Alt. 2)

September 5

                                     Flexible             Actual             Variance

Costs:                       5,300 units    5,300 units       0

Direct Materials           $42,400               $49,900            $7,500 U

Direct Labor              $ 37,100                $39,200            $2,100 U  

Total Variable costs    $79,500               $89,100             $9,600 U

Explanation:

Using the good output and a flexible budget, the static budget was not achieved favorably as depicted.

A flexible budget varies the budgeted units to agree with the volume of activity.  This produces a different result from the static budget, which does not vary the budgeted units according to the volume of activity.

A flexible budget is preferable as it reflects the correct performance given the activity level or volume of production or sales.

On 3/1/14 Fox Corp bought back 1,000 shares of their common stock for $15 per share. There were no shares in the treasury prior to that. On 5/23/14 they sold 200 of those shares for $17 each. On 6/19/14 they sold another 400 shares of those shares for $10 per share. Consider writing out all of your entries on scratch paper to assist you in answering questions 31 and 32. What will the remaining balance in the treasury stock account be after all of the above transactions have been recorded

Answers

Answer:

For question (31) $ 6000 (32) The net impact on retained earning is         1600 (Which is a negative

Explanation:

Question 31

                                                 No. Rate   Value

Purchase of Treasury Stock   1000       15              15000  

Less: Sold on 5/23/14              200        15              3000  

Less: Sold on 6/19/14               400        15              6000  

Net remaining value                                                 6000

Note: to calculate the closing value of treasury stock, rate of selling stock need to be taken same as of date of purchase.

For question 31 the answer is $ 6000

Question 32

Impact on retained earning on first sale

                                                         No. Rate     Value

Sale VALUE                                      200 17         3400  

Less: Purchase of Treasury Stock  200 15         3000

Credit Retained earning                                             400

Impact on retained earning on second sale

                                                          No. Rate     Value

Sale VALUE                                       400 10         4000  

Less: Purchase of Treasury Stock   400 15         6000

Debit Retained earning                                            -2000

Net Impact on retained earning         1600 (Negative i.e. Debit)

Therefore the remaining balance in the treasury stock account be after all of the above transactions have been recorded is $6000

Note: Kindly find an attached copy of the complete question to this solution

Alden Trucking Company is replacing part of their fleet of trucks by purchasing them under a note agreement with Kenworthy on January 1, 2009. The note agreement will require $10 million in annual payments starting on December 31, 2009 and continuing for a total of five years (final payment December 31, 2013). Kenworthy will charge Alden Trucking Company the market interest rate of 10% compounded annually.
Required:
1. How much will Alden record as a debit to their equipment account and as acredit to their notes payable account on January 1, 2009?
2. How much ofthe first $10 million payment on December 31, 2009 isinterest?
3. What is theremaining obligation on January 1, 2010 after the first payment hasbeen made?

Answers

Answer:

1. $37,907,868

2. $3,790,787

3. $31,698,654

Explanation:

The cost of the  trucks according to IAS 16, is the amount of cash or cash equivalent paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition.

Thus=, we need to find the Fair Value or Present Value of the Note as Follows:

Pmt = $10,000,000

P/yr = 1

i = 10%

N = 5

Pv = ?

Pv = 37,907,868

Therefore Alden will record $37,907,868 as a debit to their equipment account and as a credit to their notes payable

Interest on First Payment =  $37,907,868×10%

                                          = $3,790,787

Remaining Obligation = $37,907,868 - $6,209,213 (Capital Portion) - $3,790,787 (Interest Portion)

                                     = $31,698,654

Marcellus Company is involved in a lawsuit. Footnote disclosure of the contingent liability which could arise does not have to be presented if the probability of Marcellus owing money as a result of the lawsuit is A) reasonably possible and the amount cannot be reasonably estimated. B) probable and the amount cannot be reasonably estimated. C) reasonably possible and the amount can be reasonably estimated. D) remote and the amount can be reasonably estimated.

Answers

Answer:

The answer is option B) probable and the amount cannot be reasonably estimated.

Explanation:

Contingency liability is the likelihood that a liability might occur sometimes in the future in the face of uncertain circumstances. To validate a contingency liability, the fa cts presented has to be reasonably possible and reasonably estimated.

in the case of Marcellus Company, footnote disclosure of the contingent liability which could arise does not have to be presented if the probability of Marcellus owing money as a result of the lawsuit is probable and the amount cannot be reasonably estimated.

Discuss economic theory related to the quote above. Be sure to include a definition of Labor Force Participation Rate (LFPR) within your discussion. Locate and incorporate outside research that gives evidence and explanation as to the possible causes of these declines in the Labor Force Participation rate. Integrate biblical insights into your discussion board thread. In what way does scripture influence our decision to work

Answers

Answer:

The labor force is the group of individuals for employment. The labor force investment rate is the proportion of labor force partitioned by all out populace of the applicable age. As per month to month work survey, the labor force support rate keeps on falling. As indicated by different market analysts, this wonder is because of the blend of segment, basic, and repetitive elements. Also, due to LFPR , the support of youth and the primary age bunch is required to decay. Likewise, the investment paces of laborers of more seasoned age are additionally anticipated to increment, yet remain essentially lower than those of the prime age group. These aspects have applied descending weight on the general labor force support proportion over the 2012–2022 time period and the proportion is relied upon to decrease further, to 61.6% in 2022.  

The drawn out issue of joblessness is because of repetitive and auxiliary reasons, when numerous individuals the segment organization of a nation mirrors the portions of men, ladies, and the distinctive age, race, and ethnic gatherings inside that populace. The case of the time of increased birth rates age in segment change influences the labor force investment rate. Consistently after 2000, the portion of the time of increased birth rates populace has moved into the 55-years-and-more seasoned age bunch which transfers from the principal age gathering to one with considerable lesser investment proportions, origins the general cooperation of the labor force to decay.

Stellar Plastics is analyzing a proposed project with annual depreciation of $19,500 and a tax rate of 34 percent. The company expects to sell 12,000 units, plus or minus 5 percent. The expected variable cost per unit is $3.20 plus or minus 4 percent, and the expected fixed costs are $30,000 plus of minus 2 percent. The sales price is estimated at $7.50 a unit, plus or minus 4 percent. What is the operating cash flow for a sensitivity analysis using total fixed costs of $31,000

Answers

Answer:

$20,226

Explanation:

expected sales = 11,400 - 12,000 - 12,600

expected sales price = $7.20 - $7.50 - $7.80

expected variable cost = $3.072 - $3.20 - $3.328

total fixed costs = $31,000

if you use an excel spreadsheet you can calculate all the different possible simulations and combine all the expected sales x 3 different price levels x 3 different variable costs and 1 fixed cost. Once you get all the 27 possible solutions, you just get the average.

I attached it because there is no room here.

If the distribution of water is a natural monopoly, then a. a single firm cannot serve the market at the lowest possible average total cost. b. multiple firms would likely each have to pay large fixed costs to develop their own network of pipes. c. allowing for competition among different firms in the water-distribution industry is efficient. d. average cost increases as the quantity of water produced increases.

Answers

Answer:

The correct option is C) If the distribution of water is a natural monopoly, average cost increases as the quantity of water produced increases.

Explanation:

Natural monopoly occurs when there is a hig cost of entry into a particular market niche. The high cost is usually caused by expensive equipment and infrastructural set up for manufacturing as well as maintenance costs.

Therefore, If the distribution of water is a natural monopoly, average cost increases as the quantity of water produced increases.

Distribution of water falls into the category of natural monopoly. Due to the prevailing circumstances, Fixed cost is larger comparable to variable cost such that it is cheaper for a single firm to serve the market.

Clyde operates a sole proprietorship using the cash method. This year Clyde made the following expenditures: $480 to U.S. Bank for 12 months of interest accruing on a business loan from September 1 of this year through August 31 of next year even though only $160 of interest accrued this year. $600 for 12 months of property insurance beginning on July 1 of this year. What is the maximum amount Clyde can deduct this year?

Answers

Answer:

$760

Explanation:

Clyde

Interest is been deducted proportionately and the interest of 4 months of this year will be deductible – ($480/12) × 4 months

= $160

12-month rule also applies to insurance and t the full amount of insurance is as well deductible.

Hence:

Maximum deduction

= $160 interest + $600 insurance

= $760

Therefore the maximum amount Clyde can deduct this year is $760

Medallion Cooling​ Systems, Inc., has total assets of $9,800,000​, EBIT of $2,050,000​, and preferred dividends of $201,000 and is taxed at a rate of 40%. In an effort to determine the optimal capital​ structure, the firm has assembled data on the cost of​ debt, the number of shares of common stock for various levels of​ indebtedness, and the overall required return on​ investment:

Capital structure/debt Cost of​ debt Number of stock shares Rate of​ return
0% 0% 200,000 12.3%
15 7.8 175,000 13.1
30 9.1 140,000 14.2
45 12.1 111,000 16.3
60 15.2 75,000 20.1

Calculate earnings per share for each level of indebtedness.

Answers

Answer:

Earnings per share:

0% debt = $5.145 per share

15% debt = $5.487 per share

30% debt = $6.203 per share

45% debt =  $6.386 per share

60% debt = $6.570 per share

Explanation:

The earnings per share is the monetary value of how much each share of common stock outstanding has earned. The earnings per share can be calculated by dividing the Net Income attributable to common stockholders by the number of common stock shares outstanding.

Net Income attributable to Common stockholders = Net Income - Preferred stock dividends

Thus, Earnings per share = (Net Income - Preferred stock dividends) / Number of common stock shares outstanding

To calculate Earnings per share at each level of indebtedness, we first need to calculate the net income at each debt level. The net income will change as interest is deducted before calculating net income.

Net Income = EBIT - interest - tax

Total debt = Total assets * weightage of debt in capital structure

Tax = EBT * tax rate

a. 0% debt

Net Income = 2,050,000 - 0 - (2050000 * 0.4) = $1,230,000

Earnings per share = (1230000 - 201000) / 200000   =  $5.145 per share

b. 15% debt

Total debt = 9,800,000 * 0.15 = 1470000

EBT = 2,050,000 - (1470000 * 0.078)  =  $1935340

Net Income = 1935340 - ( 1935340 * 0.4) = $1161204

Earnings per share = (1161204 - 201000) / 175000   =  $5.487 per share

c. 30% debt

Total debt = 9,800,000 * 0.30 = 2940000

EBT = 2050000 - (2940000 * 0.091)   =  $1782460

Net Income = 1782460 - (1782460 * 0.4) = $1069476

Earnings per share = (1069476 - 201000) / 140000   =  $6.203 per share

d. 45% debt

Total debt = 9,800,000 * 0.45 = 4410000

EBT = 2050000 - (4410000 * 0.121)   =  $1516390

Net Income = 1516390 - (1516390 * 0.4) = $909834

Earnings per share = (909834 - 201000) / 111000   =  $6.386 per share

e. 60% debt

Total debt = 9,800,000 * 0.60 = 5880000

EBT = 2050000 - (5880000 * 0.152)  =  $1156240

Net Income = 1156240 - (1156240 * 0.4) = $693744

Earnings per share = (693744 - 201000) / 75000   =  $6.570 per share

Assume that the electricity from nuclear power has become a preferred source of electricity because it is cleaner than electricity produced by burning coal. At the same time, new regulations make it more expensive to produce electricity from nuclear power. What are the consequences?

Answers

Answer:

The answer to this question can be described as follows:

Explanation:

In the given statement some information is missing that is choices so, the correct choice can be described as follows:

The most important source of electricity is nuclear energy. It will boost demand for the nuclear energy century of electric power. The demand curve also is moving to the right.  At the very same time, it increases in power generation rates would also increase the cost of  energy generation via nuclear power plant. This will lead to a shift to the left. The nuclear demand curve will change to just the right and the nuclear power source will switch to the left. It will lead to an increase in the balance cost value with an uncertain shift in the balance quantities.

Dexter Industries purchased packaging equipment on January 8 for $116,600. The equipment was expected to have a useful life of three years, or 20,000 operating hours, and a residual value of $6,600. The equipment was used for 8,700 hours during Year 1, 7,380 hours in Year 2, and 3,920 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the three years ended December 31 by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the three years by each method. (Note: For STRAIGHT-LINE ONLY, round the first two years to the nearest whole dollar, then round the third year as necessary. For DECLINING BALANCE ONLY, round the multiplier to five decimal places. Then round the answer for each year to the nearest whole dollar.) 2. What method yields the highest depreciation expense for Year 1

Answers

Answer:

Straight-line method: $36,667 yearly depreciation expense for 3 years. Unit-of-production method: Year 1 - $47,850, Year 2 -  $40,590, Year 3 - $21,560Double-declining method: Year 1 - $77,737, Year 2 -  $25,910, Year 3 - $6,353

Total for 3 years is $110,000 for all the depreciation methods.

Explanation:

(A) Under straight-line method, depreciation expense is (cost - residual value) / Estimated useful life = ($116,600 - $6,600) / 3 years = $36,667 yearly depreciation expense.

Accumulated depreciation for 3 years is $36,667 x 3 years is $110,000.

(B) The unit-of-production method is used when the asset value closely relates to the units of output it is able to produce. It is expressed with the formula below:

(Original Cost - Salvage value) / Estimated production capacity x Units/year

At Year 1, depreciation expense (DE) is: ($116,600 - $6,600) / 20,000 operating hours x 8,700 hours = $47,850

At Year 2, depreciation expense (DE) is: ($116,600 - $6,600) / 20,000 operating hours x 7,380 hours = $40,590

At Year 3, depreciation expense (DE) is: ($116,600 - $6,600) / 20,000 operating hours x 3,920 hours = $21,560

Accumulated depreciation for 3 years is $47,850 +$40,590 + $21,560 = $110,000.

Note that this depreciation method results in higher depreciation charge when the asset is heavily used, at this time, it was in Year 1.

(C) The double-declining method is otherwise known as the reducing balance method and is given by the formula below:

Double declining method = 2 X SLDP X BV

SLDP = straight-line depreciation percentage

BV = Book value

SLDP is 100%/3 years = 33.33%, then 33.33% multiplied by 2 to give 66.67% or 2/3

At Year 1, 66.67% X $116,600 = $77,737

At Year 2, 66.67% X $38,863 ($116,600 -  $77,737) = $25,910

At Year 3, 66.67% X $12,953 ($38,863 -  $25,910) = $8,636. This depreciation will decrease the book value of the asset below its salvage value $12,953 - $8,636 = $4,317 < $6,600. Depreciation will only be allowed up to the point where the book value = salvage value. Consequently the depreciation for Year 3 will be $6,353.

Accumulated depreciation for 3 years is $77,737 + $25,910 + $6,353 = $110,000.

The student-run newspaper asks students to visit a web page and respond to questions regarding a proposed tuition increase. Only responses to the questions are recorded. Summary statistics based on the survey responses are used in an article published the following week, and no one outside of the newspaper has access to the individual responses. The newspaper's survey is considered to be A) confidential. B) anonymous. C) both anonymous and confidential. D) neither anonymous nor confidential.

Answers

Answer:

C) both anonymous and confidential

Explanation:

As the student-run, the new paper and ask other students to visit a link firm the new paper and respond to those questions and the responses for only those questions were recorded.  This indicates that the newspaper survey is anonymous and confidential as the ant student can fill the survey and the information that is confidential as none outside the newspaper has access to those responses.

Assume that an economy is initially in​ long-run equilibrium. Explain the ​short-run effect of monetary policy that causes an increase in interest rates. As a result of higher interest​ rates, the A. ​long-run aggregate supply curve will shift left. B. aggregate demand curve will shift left. C. ​short-run aggregate supply curve will shift left. D. aggregate demand curve will shift right. The new equilibrium will be A. where the original aggregate demand curve intersects the original​ short-run aggregate supply curve. B. where the new aggregate demand curve intersects the original​ short-run aggregate supply curve. C. where the new aggregate demand curve intersects the original aggregate demand curve.

Answers

Answer:

As a result of higher interest​ rates, the

B. aggregate demand curve will shift left.

The new equilibrium will be

B. where the new aggregate demand curve intersects the original​ short-run aggregate supply curve.

Explanation:

A contractionary monetary policy will increase the interest rates, lowering investment and consumption. This will result in a leftward shift of the aggregate demand curve.

The new equilibrium (E1) will be at the point where the new aggregate demand curve (AD1) intersects the original short run aggregate supply curve (SRAS) and the long run aggregate supply curve (LRAS).

Runner Sprintz, a particular brand of shoes, has its own website, myrunnersprintz that welcomes consumers to "the Runner Sprintz Century," invites readers to post their Runner Sprintz stories, and offers a wide variety of shoes for direct purchase. The site even allows customers to individually design their own shoes and share them among their circles on the website. Which of the following best describes myrunnersprintz? A. corporate website B. blog C. Web directory D. digital catalog E. branded community website

Answers

Answer:

E. branded community website

Explanation:

-Corporate website is a website that is used to provide information about a company or brand.

-Blog is a site in which you can publish informal content in the form of articles that are called posts.

-Web directory is a list of sites published online.

-Digital catalog is an online publication that shows the products or services offered by a business.

-Branded community website is a website created by a company in which it tries to connect with the group of people that are fans of the brand and provide a space that is controlled by the company in which they can share ideas and give feedback.

According to this, the answer is that the option that best describes myrunnersprintz is branded community website.

Commercial banks are funded through which of the following?

Answers

Customer deposits, hope this helps!

Happy Hands Is A Monopolistically Competitive Firm That Faces The Following Demand Schedule For Its Gloves. In the long run, what is the likely outcome for Happy Hands?
A. Happy Hands will no have any excess capacity.
B. Happy Hands will not charge a price that is exactly equal to the marginal cost.
C. Happy Hands firm will not have any markup to its price.
D. Happy Hands will face lower demand and reach a long run equilibrium at a lower price.

Answers

Answer:B

Explanation:

Happy Hands will not charge a price that is exactly equal to the marginal cost, which is the likely outcome for Happy Hands. Therefore option B is correct.

What is Monoplantic?

Possessing or attempting to have total control over anything, especially over a business area, without allowing others to participate: She didn't think the fine was enough to stop monopolistic behavior by large producers. The business is charged with monopolistic behavior. Look up the monopoly.

Monopolistic competition has the following characteristics:

The existence of numerous businesses

Each business creates things that are comparable but different.

Companies do not accept prices.

Free admission and exit from the sector Businesses compete on the basis of the goods' quality, cost, and marketing strategy

To know more about Monoplantic follow the link.

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The Widget Co. purchased all of its fixed assets three years ago for $4 million. These assets can be sold today for $2 million. The current balance sheet shows net fixed assets of $2,500,000, current liabilities of $1,375,000, and net working capital of $725,000. If all the current assets were liquidated today, the company would receive $1.9 million in cash. The book value of the total assets today is ________ and the market value of those assets is ________. $6,500,000; $3,900,000 $4,600,000; $3,125,000 $5,000,000; $3,125,000 $4,600,000; $3,900,000 $5,000,000; $3,900,000

Answers

Answer:

$4,600,000; $3,900,000

Explanation:

Book value of the asset are the recorded costs of the assets included any adjustments like depreciation or amortization. Market value is the fair value and Ne realizable value of the assets.

Total Assets = Fixed Assets + Current Assets

Total Assets  = Fixed Assets + (Working capital + Current Liabilities)

Placing Value in above formula

Total Assets = $2,500,000 + ($725,000 + $1,375,000)

Total Assets = $4,600,000

Market Value = Fair value of Fixed assets + Current assets fair value

Market Value = $2,000,000 + $1,900,000 = $3,900,000

Kellen orders 1,000 pounds of strawberries from Lucy so he can make his famous strawberry sundaes at his ice cream store. Lucy ships him 1,000 pounds of blueberries instead. Kellen puts the blueberries in cold storage and notifies Lucy that she sent the wrong stuff. Lucy does not pay for the storage. Kellen sells the blueberries to a grocery store, keeping a commission on the sale and sending the rest of the money to Lucy. This sale represents _____.

a. a mitigation of damages.b. rescission and restitution.c. specific performance.d. a breach of contract.

Answers

Answer:

B. Rescission and Restitution

Explanation:

This sale represents rescission and restitution.

Rescission can be describe as when the contract is voided, and the parties are placed in the same position as if they had never joined in the first place.

Restitution can be defined as when item or the monetary worth of item loss is returned to the rightful owner.

Here Lucy ships 1,000 pounds of blueberries instead of strawberries and Kellen sold blueberries to grocery store shows rescission whereas Kellen sends the money of sale to Lucy shows restitution.

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The XYZ Corporation reported the following balance sheet data for 2018 and 2017: ​ 2018 2017 Cash $60,375 $22,955 Available-for-sale debt securities ​ ​ (not cash equivalents) 15,500 85,000 Accounts receivable 91,000 68,250 Inventory 165,000 145,000 Prepaid insurance 1,500 2,000 Land, buildings, and equipment 1,260,000 1,125,000 Accumulated depreciation (610,000) (572,000) Total assets $983,375 $876,205 Accounts payable $70,340 $148,670 Salaries payable 20,000 24,500 Notes payable (current) 25,000 75,000 Bonds payable 200,000 0 Common stock 300,000 300,000 Retained earnings 368,035 328,035 Total liabilities and shareholders' equity $983,375 $876,205 Additional information for 2018: (1.) Sold available-for-sale debt securities costing $69,500 for $74,000. (2.) Equipment costing $20,000 with a book value of $5,000 was sold for $6,000. (3.) Issued 6% bonds payable at face value, $200,000. (4.) Purchased new equipment for $155,000 cash. (5.) Paid cash dividends of $20,000. (6.) Net income was $60,000. Required: Prepare a statement of cash flows for 2018 in good form using the indirect method for cash flows from operating activities

Answers

Answer:

Dividends actually paid is $10000 as per the reconciliationshown in the entry below (attachment)

Answer:

statement of cash flows for 2018 using the indirect method

Cash Flow from Operating Activities

Net income for the year                                                     $60,000

Adjustment of Non-Cash Items :

Profit from Sale of Equipment                                              ($1,000)

Depreciation (Workings)                                                    $107,500

Adjustments for Working Capital items :

Increase in Accounts receivable                                       ($22,750)

Increase in Inventory                                                         ($20,000)

Decrease in Prepaid insurance                                               $500

Decrease in Accounts Payable                                          ($78,330)

Decrease in Salaries payable                                              ($4,500)

Decrease in Notes payable                                               ($50,000)

Cash Flow from Investing Activities

Proceeds from Sale of Equipment                                      $6,000

Purchase of New Equipment                                          ($155,000)

Cash Flow from Financing  Activities

Proceeds from Issue of 6% bonds                                  $200,000

Dividends Paid                                                                  ($20,000)

Proceeds from Available-for-sale debt securities            $74,000

Net Cash Inflow / Outflow during the Period                   $37,420

Cash and Cash Equivalents at Beginning of the Period $22,955

Cash and Cash Equivalents at End of the Period            $60,375

Explanation:

Available-for-sale debt securities - T- Account

Debit :

Ending Balance        15,500

Sale                          69,500

Totals                       85,000

Credit:

Beginning Balance 85,000

Totals                       85,000

Equipment T - Account

Debit :

Beginning Balance        1,125,000

Purchase                          155,000

Totals                             1,280,000

Credit:

Ending Balance            1,260,000

Sold                                   20,000

Totals                            1,280,000

Accumulated Depreciation Equipment T - Account

Debit :

Ending Balance        610,000

Disposal                      69,500

Totals                        679,500

Credit:

Beginning Balance  572,000

Depreciation             107,500

Totals                       679,500

The general fund of the Town of Dean levied property taxes of $3,000,000 for the fiscal year beginning on January 1, 20X8. It was estimated that 1% of the levy would be uncollectible. During the period January 1, 20X8, through December 31, 20X8, $2,960,000 of the property tax levy was collected. At December 31, 20X8, Dean estimated that $10,000 of property taxes levied in 20X8 would be collected during the first 60 days of 20X9. What amount of property tax revenue should be reported by the general fund for the year ended December 31, 20X8?

Answers

Answer: $2,970,000

Explanation:

According to US tax laws, property taxes can be recognised for 60 days into the next financial period because it is assumed that within this period, the taxes can still cover expenses related to the period that it is from.

Therefore, if Property taxes are paid within the first 60 days in 20X9 then the Town of Dean should recognise those taxes paid.

Those taxes amount to $10,000 so therefore, the amount to be reported in the fund is,

= 2,960,000 + 10,000

= $2,970,000

$2,970,000 is amount of property tax revenue that should be reported by the general fund for the year ended December 31, 20X8.

Suppose the market for widgets can be described by the following​ equations: ​Demand: P equals 14minus2.00Q ​Supply: P equals 2.00Qminus4​, where P is the price in dollars per unit and Q is the quantity in thousands of units. What is the equilibrium price and​ quantity? The equilibrium quantity is 4.5 thousand units and the equilibrium price is ​$ 5. ​(Enter your responses rounded to two decimal places.​) Suppose the government imposes a tax of ​$1 per unit to reduce widget consumption and raise government revenues. What will be the new equilibrium​ quantity? What price will the buyer​ pay? What amount per unit will the seller​ receive? The new equilibrium quantity will be 4.25 thousand units. ​(Enter your response rounded to two decimal places.​) The price paid by buyers will be ​$ 5.5. ​(Enter your response rounded to two decimal places.​) The amount kept by sellers will be ​$ 4.5. ​(Enter your response rounded to two decimal places.​)

Answers

Answer:

Explanation:

Demand P = 14 - 2Q

Supply P = 2Q - 4

Since Demand = Supply

14 - 2Q = 2Q - 4

Collect the like terms on either side

-2Q - 2Q = -4 - 14

-4Q = -18

Dividing both sides by -4, we will have

Q = -18/-4

Q = 4.50 units

P = 14 - 2Q

P = 14 - 2(4.5)

P = 14 - 9

P = $5.00

Therefore Equilibrium price is $5.00 and Equilibrium unit is 4.50

If the government impose a tax of $1 per unit. If price paid but buyer is P, then price received by seller will be (P - 1)

for demand

P = 14 - 2Q

2Q = 14 - P

Q = 7 - 0.5P

For supply

P = 2Q - 4

Q = 2 + 0.5P

Q = 2+ 0.5(P - 1)

Q = 2 + 0.5P - 0.5

Q = 2-0.5 + 0.5P

Q = 1.5 + 0.5P

if Demand = Supply

7 - 0.5P = 1.5 + 0.5P

Collect the like terms on either sides

-0.5P - 0.5P = 1.5 - 7

-1P = -5.5

Dividing both sides by -1, we will have

P = -5.5/-1

P = $5.50

Q = 1.5 + 0.5P

If we substitute 5.5 for P in the above eqn, we will have

Q = 1.5 + 0.5(5.5)

Q = 1.5 + 2.75

Q = 4.25 units

Brooke and John formed a partnership. Brooke received a 40% interest in partnership capital and profits in exchange for contributing land (basis of $30,000 and fair market value of $120,000). John received a 60% interest in partnership capital and profits in exchange for contributing $180,000 of cash. Three years after the contribution date, the land contributed by Brooke is sold by the partnership to a third party for $150,000. What gain must Brooke recognize on the land contribution when establishing the partnership

Answers

Answer:

$102,000

Explanation:

According to 26 US code Section 704(c) - Partner's distributive share :

Taxable gain to be recognized from sale = Sale value - ( Partner's share * Fair market value )

Brooke contributed the land, the gain realized before the land was contributed = $120,000 - $90,000 will be allocated entirely to her. She will also be allocated 40% of the gain after the contribution was made = ($150,000 - $120,000) x 40% = $30,000 x 40% = $12,000.

So the total gain recognized by Brooke will be $90,000 + $12,000 = $102,000.

Partnerships are pass through entities, the partners are taxed, not the partnership itself.

revorrow Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During June, the company budgeted for 7,000 units, but its actual level of activity was 6,960 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for June: Data used in budgeting: Fixed element per month Variable element per unit Revenue - $ 28.40 Direct labor $ 0 $ 2.80 Direct materials 0 10.70 Manufacturing overhead 38,000 1.50 Selling and administrative expenses 23,600 0.30 Total expenses $ 61,600 $ 15.30 Actual results for June: Revenue $ 205,320 Direct labor $ 18,974 Direct materials $ 72,252 Manufacturing overhead $ 48,320 Selling and administrative expenses $ 25,768 The overall revenue and spending variance (i.e., the variance for net operating income in the revenue and spending variance column on the flexible budget performance report) for June would be closest to:

Answers

Answer:

$9,906 F

Explanation:

Calculation as follows:

Budget Income Statement

Particular                                                       $

Revenue (28.4 x 7,000)                          198,800

Direct Labor (2.8 x 7,000)                       (19,600)

Direct Material (10.7 x 7,000)                  (74,900)

Manufacturing Overheads

(38,000 + [1.5 x 7,000] )                           (48,500)

Selling and administrative Expenses

(23,600 + [0.3 x 7,000] )                           (25,700)

Net Operating Income                               30,100

Actual Income Statement

Particular                                                       $

Revenue                                                   205,320

Direct Labor                                             (18,974)

Direct Material                                         (72,252)

Manufacturing Overheads                      (48,320)

Selling and administrative Expenses      (25,768)

Net Operating Income                             40,006

Activity variance for net operating income = Net operating income actual - Net operating income budgeted

Activity variance for net operating income = 40,006 - 30,100

 Activity variance for net operating income = $9,906 F

A company incurs $3,600,000 of overhead each year in three departments: Processing, Packaging, and Testing.

The company performs 800 processing transactions, 200,000 packaging transactions, and 2,000 tests per year in producing 400,000 drums of Oil and 600,000 drums of Sludge.

The following data are available:

Department Expected Use of Driver Cost
Processing 800 $1,500,000
Packaging 200,000 1,500,000
Testing 2,000 600,000
Production information for the two products is as follows:

Oil Sludge
Department Expected Use of Driver Expected Use of Driver
Processing 300 500
Packaging 120,000 80,000
Testing 1,600 400

The amount of overhead assigned to Sludge using ABC is

a. $1,800,000.

b. $1,657,500.

c. $1,942,500.

d. $1,380,000.

Answers

Answer:

its 1,800,000

because it the answer

Martinez Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020.

January 1, 2020 December 31, 2020
Projected benefit obligation $1,517,000 $1,545,000
Market-related and fair value of plan assets 803,000 1,132,300
Accumulated benefit obligation 1,580,000 1,698,300
Accumulated OCI (G/L)—Net gain 0 (201,700 )

The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $118,300. The company’s actual funding (contributions) of the plan in 2020 amounted to $249,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,183,000 on January 1, 2020. Assume no benefits paid in 2020.

Determine the amounts of the components of pension expense that should be recognized by the company in 2020.

Answers

Answer:

$1,337,700

Explanation:

The computation of the amounts of the components of pension expense is shown below:

Service cost $78,000

Amortization of Prior Service cost $1,183,000 ($1,698,300 - $1,580,000)

Interest on PBO  $157,000 ($1,517,000 ×10%)

Less: Expected return on plant assets $80,300  ($803,000 × 10%)

Pension expense $1,337,700

We simply applied the above formula so that the amount of pension expense could come

Which of the following is the most likely negative consequence of excessive change in an organization? Group of answer choices Staff being asked to do too much Staff being restricted to a single activity The operation of the organization at less than capacity The establishment of a system for prioritizing projects

Answers

Answer:

Staff being asked to do too much.

Explanation:

Excessive change in an organization is defined as a process when organizations pursue several differing, unrelated and sometimes changes that are conflicting simultaneously. It can also be, when an organization involves in introducing new changes before previous changes are being accomplished.

Additionally, when staffs or employees perceives change as being excessive, they react in various ways. Some of their reactions to excessive change includes;

• They become overwhelmed.

• Lack of motivation.

• They're stressed out.

• Frustration and anger builds among them.

• Inadequacy, uncertainty

and incompetence.

The lower level staffs and middle managers are most likely to experience, the negative consequence of excessive change in an organization because they're being asked to do too much.

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