Answer:
Mix advertising, public relations, sales promotion and personal selling
Công ty M sản xuất một số mặt hàng
thuộc đối tượng nộp thuế GTGT theo phương pháp khấu trừ thuế, tổ chức kế toán
hàng tồn kho theo phương pháp kê khai thường xuyên. Trong tháng 1, phòng kế
toán có tài liệu liên quan đến các khoản thuế và các khoản phải nộp ngân sách
như sau:
I. Số dư đầu tháng 3: TK 333:
2.000.000đ trong đó chi tiết TK 33311: 2.000.000đ.
II. Phát sinh trong tháng:
1.
Công ty đã chi tiền mặt nộp thuế môn bài năm nay theo thông báo:
3.000.000đ.
2.
Nhận được thông báo nộp thuế tài nguyên trong kỳ: 2.000.000đ.
3.
Chi phí tiền lương trong kỳ:
- Bộ phận bán hàng: 55000.000đ
- Bộ phận quản lý doanh nghiệp:
60.000.000đ
Đến kỳ thanh toán lương, công ty tiến
hành trích các khoản theo lương và thực hiện khấu trừ lương của công nhân viên theo
quy định.
4.
Mua một xe con sử dụng phải đóng lệ phí trước bạ: 6.000.000đ.
5.
Nhận thông báo tạm nộp thuế TNDN quý I năm nay: 10.000.000đ.
6.
Tổng hợp tình hình tiêu thụ sản phẩm trong tháng: giá bán sản phẩm chưa
thuế 100.000.000đ, thuế GTGT 10%, trong đó chưa thu tiền khách hàng 50% giá
thanh toán, thu bằng TGNH 30% và bằng tiền mặt 20%.
7.
Nhận lại một số sản phẩm đã tiêu thụ tháng 2, nhập kho theo giá vốn
800.000đ, giá bán hàng trả lại 1.100.000đ (gồm thuế GTGT 100.000đ) trừ vào số
tiền khách hàng còn nợ.
8.
(Giả sử) cuối tháng lập tờ khai thuế GTGT, số tiền thuế GTGT đầu vào
được khấu trừ tháng này là 12.000.000đ.
9.
Chuyển TGNH nộp thuế GTGT 2.000.000đ, thuế TTĐB 22.500.000đ, thuế TNDN
tạm nộp, nộp hộ thuế TNCN cho CNV, đã nhận được giấy báo Nợ của NH.
Yêu cầu: Trình bày bút toán ghi sổ.
Answer:
vfnfhtjjhyhhhshahayyahauahaua
A bond with a face value of $1,000 has 10 years until maturity, carries a coupon rate of 7.3%, and sells for $1,170. Interest is paid annually.a. If the bond has a yield to maturity of 10.7% 1 year from now, what will its price be at that time? (Do not round intermediate calculations. Round your anser to nearest whole number.)b. What will be the annual rate of return on the bond? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)c. Now assume that interest is paid semiannually. What will be the annual rate of return on the bond?Slightly greater than your part b answerSlightly less than your part b answerd. If the inflation rate during the year is 3%, what is the annual real rate of return on the bond? (Assume annual interest payments.) (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)
Answer:
a. Price 1 year later = $810
b. Annual rate of return on the bond = -24.53%
c. Since -24.79% is lower than -24.53% obtained part b, this implies that annual rate of return is slightly less than our part b answer.
d. Annual real rate of return on the bond = -26.73%
Explanation:
a. If the bond has a yield to maturity of 10.7% 1 year from now, what will its price be at that time? (Do not round intermediate calculations. Round your answer to nearest whole number.)
This can be calculated as follows:
Price 1 year later = Coupon rate * Par value / Yield to maturity * (1 - 1 / (100% + Yield to maturity)^Years to maturity) + Par value / (100% + Yield to maturity)^Years to maturity = 7.3% * 1000 / 10.7% * (1 - 1 / (100% + 10.7%)^9) + 1000 / (100% + 10.7%)^9 = $810
b. What will be the annual rate of return on the bond? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)
This can be calculated as follows:
Annual rate of return on the bond = (Price 1 year later + Coupon rate * Par value) / Price now - 1 = (810 + 7.3% * 1000) / 1170 - 1 = -24.53%
c. Now assume that interest is paid semiannually. What will be the annual rate of return on the bond?Slightly greater than your part b answer Slightly less than your part b answer
This can be determined as follows:
Price 1 year later = (Coupon rate / 2) * Par value / (Yield to maturity / 2) * (1 - 1 / (100% + (Yield to maturity / 2))^(Years to maturity * 2)) + Par value / (100% + (Yield to maturity / 2))^(Years to maturity * 2) = (7.3% / 2) * 1000 / (10.7% / 2) * (1 - 1 / (100% + (10.7% / 2))^(9 * 2)) + 1000 / (100% + (10.7% / 2))^(9 * 2) = $807
Annual rate of return on the bond = (Price 1 year later + Coupon rate * Par value) / Price now - 1 = (807 + (7.3% / 2) * 1000) / 1170 - 1 = -24.79%
Since -24.79% is lower than -24.53% obtained part b, this implies that annual rate of return is slightly less than our part b answer.
d. If the inflation rate during the year is 3%, what is the annual real rate of return on the bond? (Assume annual interest payments.) (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)
This can be calculated as follows:
Annual real rate of return on the bond = (1 + nominal return) / (1 + inflation)-1 = (1 - 24.53%) / (1 +3 %) - 1 = -26.73%
Minor Electric has received a special one-time order for 1,100 light fixtures (units) at $9 per unit. Minor currently produces and sells 8,500 units at $11.00 each. This level represents 85% of its capacity. Production costs for these units are $8.50 per unit, which includes $6.50 variable cost and $2.00 fixed cost. To produce the special order, a new machine needs to be purchased at a cost of $1,200 with a zero salvage value. Management expects no other changes in costs as a result of the additional production. Should the company accept the special order
Answer:
Minor Electric
The company should accept the special order. It makes a unit contribution of $1.41, which amounts to $1,551 in total.
Explanation:
a) Data and Calculations:
Special order received for light fixtures = 1,100 units
Price of special order = $9 per unit
Production and sales units = 8,500 = 85% capacity
Total capacity = 10,000 units (8,500/0.85)
Selling price at production and sales units = $11.00 each
Production costs per unit = $8.50
Variable cost per unit = $6.50
Fixed cost per unit = $2
Cost of new machine required for special order = $1,200
Special order costs:
Variable cost per unit = $7,150 ($6.50 * 1,100)
Cost of new machine = 1,200
Total relevant costs = $8,350
Unit cost = $7.59 ($8,350/1,100)
Selling price = $9.00
Contribution per unit = $1.41
Exercise 9-15A (Static) Using the current ratio to make comparisons LO 9-7 The following information was drawn from the balance sheets of the Kansas and Montana companies: Kansas Montana Current assets $ 59,000 $ 78,000 Current liabilities 40,000 43,000 Required a. Compute the current ratio for each company. b. Which company has the greater likelihood of being able to pay its bills
Answer:
a. 1.5 and 1.8
b. Montana
Explanation:
Below is the calculation for the current ratio:
a. Formula used, Current ratio = Current assets / Current liabilities
Current ratio of Kansas = 59000 / 40000 = 1.5
Current ratio of Montana = 78000 / 43000 = 1.8
b. The company that has a higher current ratio will have a greater likelihood to pay bills so Montana is the correct answer.
Consider the following set of data for ABC Corporation, and note that ABC Corporation faces a tax rate of 35%.
2011 2012
Sales $4,203 4507
Cost of goods sold 2,422 2,633
Depreciation 785 952
Interest 180 196
Dividends 225 250
Current assets 2205 2429
Net fixed assets 7344 7650
Current liabilities 1003 1255
Long-term debt 3106 2085
Begin by constructing a balance sheet for both 2011 and 2012, and then construct an income statement for 2012.
1. Operating cash flow for ABC Corp. in 2012 was an:__________.
A) inflow of $1,170.
B) outflow of $1,170.
C) inflow of $1,620.
D) outflow of $1,620.
2. Net capital spending for ABC Corp. in 2012 was an:_________.
A) inflow of $306
B) outflow of $306
C) inflow of $1,258
D) outflow of $1,258
3. The change in net working capital for ABC Corp. in 2012 was an:__________.
A) inflow of $28
B) outflow of $28
C) inflow of $1,202
D) outflow of $1,202
4. The cash flow from assets for ABC Corp. in 2012 was an:___________.
A) inflow of $390
B) outflow of $390
C) inflow of $2,850
D) outflow of $2,850
5. The cash flow to creditors for ABC Corp. in 2012 was an:__________.
A) inflow of $825
B) outflow of $825
C) inflow of $1,217
D) outflow of $1,2127
6. The cash flow to stockholders for ABC Corp. in 2012 was an:__________.
A) inflow of $827
B) outflow of $827
C) inflow of $1,327
D) outflow of $1,327
Answer:
1. A. Inflow of $1,170
2. B. Outflow of $306
3. C. Inflow of $1,202
4. A. Inflow of $390
5. C. Inflow of $1,217
6. D. Outflow of $1,327
Explanation:
Cash Flow from operations is the money which is used for regular operating activities of a business. The cash inflow or outflow is the measure of the actual cash movement in the business. Profit are not equivalent to cash flows. The inflows of $1,170 is generated in the year 2012 as operating cash flows.
A company is planning to purchase a machine that will cost $57,000 with a six-year life and no salvage value. The company expects to sell the machine's output of 3,000 units evenly throughout each year. A projected income statement for each year of the asset's life appears below. What is the payback period for this machine?
Sales $138,000
Costs:
Manufacturing $68,000
Depreciation on machine 9,500
Selling and administrative expenses 46,000 (123,500)
Income before taxes $14,500
Income tax (35%) 5,075
Net income $9,425
a. 6.00 years.
b. 1.99 year.
c. 6.05 years.
d. 12.10 years.
e. 3.01 years.
Answer:
e. 3.01 years
Explanation:
Cost of Asset = $57,000
Net annual cash Inflow = Net Income after Tax + Depreciation
Net annual cash Inflow = $9,425 + $9,500
Net annual cash Inflow = $18,925
Payback Period = Cost of Asset (Investment) / Net annual cash Inflow
Payback Period = $57,000 / $18,925
Payback Period = 3.01188904
Payback Period = 3.01 years
Rosalia White will invest $3,000 in an IRA for the next 30 years starting at the end of this year. The investment will earn 13 percent annually. How much will she have at the end of 30 years
Answer:
$879,597.65
Explanation:
The future value of an ordinary annuity formula is applicable in this case, since an ordinary annuity is such that payments into the accounts are expected to occur at the end of the periods rather than at the beginning of each year:
FV=yearly payment*(1+r)^n-1/r
yearly payment=$3,000
r=13%
n=number of annual payments =30
FV=$3000*(1+13%)^30-1/13%
FV=$3000*(1.13)^30-1/0.13
FV=$3000*(39.11589796-1)/0.13
FV=$3000*38.11589796/0.13
FV=$879,597.65
On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal.
Answer:
See below
Explanation:
Prepaid insurance. Insurance expense
————————————- ———————————-
debit. | Credit. Debit. | Credit
|. 150.00. 150. |
enter the debit of 150 under insurance expense in the journal
enter the credit of 150 under prepaid insurance in the journal
Since the middle of the 20th century, the international global business system has been shaped by global institutions. Countries have established these institutions to address the global issues that span their borders.
a. True
b. False
Answer:
a. True
Explanation:
This statement is correct, as global institutions were created with the objective of regulating global business from international treaties, which implemented a set of rules and regulations that must be followed by all organizations in a global market, as a form of protection to organizations, society and the environment, such as legislative and economic changes, crises and possible negative impacts inherent to organizations in a global business system.
Suppose the U.S. yield curve is flat at 3% and the euro yield curve is flat at 5%. The current exchange rate is $1.4 per euro. What will be the swap rate on an agreement to exchange currency over a 3-year period
Answer: hello your question is incomplete attached below is the complete question.
answer :
3.02 million, 2.96 million, 2.91 million
Explanation:
Determine the swap rate over a 3-year period
swap rate = forward exchange rate * exchange amount
For year 1
1.4 * ( 1 + 0.03 / 1 + 0.05 ) * 2.2 million
= 1.4 ( 0.98095 ) * 2.2
= 3.02 million
For year 2
1.4 * ( 1 + 0.03 / 1 + 0.05 )^2 * 2..2 million
= 1.4 ( 0.98095 )^2 * 2.2 million
= 2.96378 million
For year 3
1.4 * ( 1 + 0.03 / 1 + 0.05 )^3 * 2.2 million
= 1.4 ( 0.98095 )^3 * 2.2 million
= 2.90733 million
Gina is very serious about her budget. As a new manager, she wants to make sure that she is a good steward of her employees, knowing that stress can cause her division to miss their bottom line at the end of the year. When Gina is considering the physiological implications for her workforce, which of the following is she notconsidering?
A) family leave
B) burnout
C) low job satisfaction
D) emotional exhaustion
E) absenteeism
Answer:
A)family leave
Explanation:
From the question we are informed about Gina who is very serious about her budget. As a new manager, she wants to make sure that she is a good steward of her employees, knowing that stress can cause her division to miss their bottom line at the end of the year. When Gina is considering the physiological implications for her workforce, one of the factor she is not considering is family leave.
physiological implications can be regarded as activities that has effect on organs,systemic functions, emotions
and whole system of the employee.
physiology relates to normal functions as regards to living thing, These effects could influence the performance of employees in carrying out their daily task. It could be burnout, low job satisfaction as well as absenteeism and emotional exhaustion
Zebra Company sells a segment of its operations at a loss. Zebra has not previously experienced such an event and does not expect to again. The loss from the disposal of the segment should be reported in the income statement as: Select one: A. A separate amount in comprehensive income B. A separate amount in net income from continuing operations C. A separate amount in a discontinued operations section D. As part of cost of goods sold
Answer:
C. A separate amount in a discontinued operations section
Explanation:
Since in the given situation it is mentioned that zebra co sells the segment at a loss so this loss from the sale of the segment that should be reported in the income statement as the distinct amount in the discontinued operating section as the same below the income from continuing operations
Hence, the correct option is c.
Answer:
The answer is "Option C".
Explanation:
The discontinued operations are parts of a company's core business or product line that have been sold or shut down and thus are reported separately on the financial statements from ongoing operations. As a result, any loss from the sale of the segment should indeed be reported as a separate amount inside the income statement's discontinued operations column.
Austen, the night shift manager of a 24-hour convenience store, would regularly drive his car to the back door, unlock it, and load in a couple of cases of beer, every night. These cases of beer were marked down for no apparent reason, and Austen paid the reduced price. Is Austen setting a good example for his employees
Answer:
bro
Explanation:
You have just started a new job and plan to save $5,200 per year for 36 years until you retire. You will make your first deposit in one year. How much will you have when you retire if you earn an annual interest rate of 9.54 percent?
a. $1,331,411.17
b. $1,394,509.68
c. $1,346,423.14
d. $1,268,312.65
e. $1,333,878.83
Answer:
$1,394,509.68
Explanation:
Savings amount = $5200
Period = 36 years
Interest = 9.54 percent
We solve for the future value of the annuity
= $5200[(1+0.0954)³⁶-1/0.0954]
= 5200 x [1.0954³⁶-1/0.0954]
= 5200 x 268.1749
= 1,394,509.681 dollars
Therefore after retirement and at an interest rate of 9.54 percent, you would be earning 1,394,509.681 dollars.
Option b.
What is the present value of a 10-year annuity of $3,000 per period in which payments come at the beginning of each period
Answer: $18984.9
Explanation:
Your question isn't complete as you didn't give the interest rate. Let's assume that the interest rate is 12%.
Therefore, the present value will be:
= 3000 + 3000[1 - (1 + 0.12)^-10+1] / 0.12
= 3000 + (3000 × 5.3283)
= 3000 + 15984.9
= 18984.9
Therefore, the present value is $18984.9
On January 1, 2019, Wasson Company purchased a delivery vehicle costing $36,500. The vehicle has an estimated 6-year life and a $3,500 residual value. What is the vehicle's book value as of December 31, 2020, assuming Wasson uses the straight-line depreciation method
Answer:
Book value= $25,500
Explanation:
Giving the following information:
Purchase price= $36,500
Residual value= $3,500
Useful life= 6 years
First, we need to calculate the annual depreciation:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (36,500 - 3,500) / 6
Annual depreciation= $5,500
Now, the accumulated depreciation and book value:
Accumulated depreciation= 5,500*2= $11,000
Book value= 36,500 - 11,000
Book value= $25,500
If a company purchases equipment costing $4,500 on credit, the effect on the accounting equation would be: Assets increase $4,500 and liabilities decrease $4,500. Liabilities decrease $4,500 and assets increase $4,500. Equity decreases $4,500 and liabilities increase $4,500. Assets increase $4,500 and liabilities increase $4,500.
Answer: Assets increase $4,500 and liabilities increase $4,500.
Explanation:
Based on the information given in the question, since the company buys an equipment which is an asset to the company, then there will be an increase in the assets by $4500.
Also, in thus case, the equipment was gotten on credit which is a liability. Therefore, the liabilities will increase by $4500 as well.
Snack food vendors and beer distributors earn some monopoly profits in their local markets but see them slowly erode from various new substitutes. When California voted on legalizing marijuana, which side would you think that California beer distributors were on
Answer: Opposing side
Explanation:
Substitutes to the products offered by monopolies are frowned upon by monopolies because it means that they cannot raise prices whenever they want anymore because people could simply switch to the substitutes.
Substitutes therefore reduce the power of monopolies. Marijuana is a substitute to beer as a recreational product so beer companies would be opposed to it being legalized as it would pose a threat to whatever dominance they have in the recreational sector.
Year Nominal GDP Real GDP GDP Deflator (Dollars) (Base year 2016, dollars) 2016 2017 2018 From 2017 to 2018, nominal GDP , and real GDP. The inflation rate in 2018 was.
Why is real GDP a more accurate measure of an economy's production than nominal GDP?
Answer:
Explanation:
The Real GDP is defined as the Nominal GDP minus the inflation effect.
Real GDP provides a more accurate picture of economic growth than nominal GDP because it uses constant prices, making comparisons between years more meaningful by allowing for comparisons of the actual volume of goods and services without considering inflation.
Let's say you bought apples at 5dollars per pound in 2015. Imagining a country of 1000 people and considering everyone bought a pound apples and only apples in that year, the GDP comes out to be 1000*5 = 5000 dollars.
Now let's say inflation rate is 10 percent in 2016 which will increase the price to 5.5 dollars per pound. Also, in one year, 10 more people were added to the country (No of births - No of deaths = New people in that year), this brings out total population to around 1010.
Also, let's say that the sale of apples remained the same, so the GDP of 2016 comes out to be 1000*5.5 = 5500 dollars.
That's a whooping 10% increase in GDP, right?
But here the catch.
The GDP increased not because the demand increased, but because the price of the good increased.
If we see at previous year's price (Not considering the inflation, also called Real GDP), the GDP is same which is 5000 dollars.
So, in reality, there isn't any increase in GDP.
The firm you manage faces the following costs: Quantity Total Cost 0 $4 1 $6 2 $7 3 $10 4 $15 5 $21 What is the average fixed cost of the 2nd unit produced
Answer:
The average fixed cost of the 2nd unit produced is:
= $2.
Explanation:
a) Data and Calculations:
Quantity Total Cost Fixed Cost Average Fixed Cost
0 $4 $4 $4
1 $6 $4 $4
2 $7 $4 $2
3 $10 $4 $1.3
4 $15 $4 $1
5 $21 $4 $0.8
b) The average fixed cost (AFC) is the total fixed cost divided by the quantity of production within the relevant range. It does not change when there a change in the number of goods and services produced by a company. Average fixed cost can be calculated from the salaries of permanent employees, the mortgage payment on machinery and plant, and rent.
Project Management Practice ProblemBragg’s Bakery is building a new automated bakery downtown Sandusky. Here are the activities that need to be completed to get the new bakery built and the equipment installed.
ACTIVITYPREDECESSORNORMAL TIME (WEEK)CRASH TIME (WEEK)EXPEDITING COST/WEEKA-963000BA853500CA15104000DB,C532000EC1062500FD,E215000
Hint: I have directly provided the crashing cost per unit time.
a. What is the normal project length?
b. What is the critical path in this project?
c. Which activity will you choose to crash first to reduce the duration of the project by one week?
d. What is the project length if all activities are crashed to their minimum?
e. What is the slack for activity D?
Answer:
a. The normal project length is 36 weeks.
b. The critical path in this project is A-C-E-F.
c. The activity that you choose to crash first to reduce the duration of the project by one week is E because it has the least expediting cost/week amongst A, C, E, F.
d. The project length if all activities are crashed to their minimum is 23 weeks.
e. The slack for activity D is 5 weeks.
Explanation:
a) The normal length of the project = completion time of last activity = 36 weeks.
b) The criteria for critical activity:
[tex]LC_{i} = ES_{i} ,\\LC_{j} = ES_{j} ,\\[/tex]
[tex]ES_j - ES_i = LF_j - LF_{i} =[/tex] duration of the activity
where ES = Earliest start time, EF = Earliest finish time , LC = latest completion time, LF = latest finish time ,
The suffix- i refers to the preceding node, suffix-j refers to the succeeding node.
activities satisfying above all criteria are A, C, E, F
therefore critical path is A-C-E-F.
c) To reduce the project duration by 1 week. we should choose to crash among critical activities A, C, E, F. thus we choose to crash activity E because it has the least expediting cost/week amongst A, C, E, F.
d) if we crash all the activities to their minimum, then the project length = sum of crash time of all critical activities
= [6 + 10 + 6 + 1]
= 23 weeks.
e) The slack of activity d = LS - ES = 34 - 29
= 5 weeks
The critical path is given in the diagram,
Economic growth and public policy
Suppose an American buys stock issued by an Argentinian corporation. The Argentinian firm uses the proceeds from the sale to build a new office complex. This is an example of foreign investment in Argentina. Which of the following policies are consistent with the goal of increasing productivity and growth in developing countries?
a. Provide tax breaks and patents for firms that pursue research and development in health and sciences.
b. Give families cash payments on the condition that their children show up for school and medical exams.
c. Increase taxes on income from savings.
d. Protect property rights and enforce contracts.
Answer:
a. Foreign Portfolio Investment
b. a. Provide tax breaks and patents for firms that pursue research and development in health and sciences.
d. Protect property rights and enforce contracts.
Explanation:
This is an example of Foreign Portfolio Investment (FPI). Foreign portfolio investment is when an entity from a foreign country invests in another country by buying the shares of a company in the local country. The American company bought shares in Argentina so the qualifies as FPI.
To increase productivity companies that are pursuing research should be given patents and tax breaks. The tax breaks will enable them have more money to reinvest into the research and the patent will provide incentive to them to continue the research knowing full well that they will be compensated by being the only ones to be able to use the technology invented for some time.
Also protecting property rights and enforcing contracts encourages investment in a country because people will be more trusting of making a return from business dealings. Higher investment leads to more productivity and growth.
_______ is best described as the process of transformation of an idea into a new product or process, or the modification and recombination of existing ones.
Answer: Invention
Explanation:
Invention simply refers to the process for transforming an idea into a new product or the modification and the recombination of existing ones.
Invention is the unique method, or process that's used in the creation of a product or may be an improvement on a product or machine that's already created.
Economists look at any situation in terms of its component parts: the people making decisions, the environment in which they're making those decisions, and the goods or services being exchanged. For example, think about doing your laundry. Which of the following laundry-related items are nondurable goods?
a. A washing machine
b. Having a pair of pants dry-cleaned
c. A T-shirt
d. A clothes dryer
XYZ shop has a favorite model that has annual sales of 145. The cost to place an order to replenish inventory is $25 per order, and annual inventory holding cost per unit is $20. Assume the store is open 350 days per year. a. What is the optimal order size
Answer:
EOQ= 19 units
Explanation:
Giving the following information:
Demand= 145 units
Order cost= $25 per order
Holding cost= $20.
To calculate the optimal order quantity, we need to use the economic order quantity method:
Economic order quantity (EOQ)= √[(2*D*S)/H]
D= Demand in units
S= Order cost
H= Holding cost
EOQ= √[(2*145*25) / 20]
EOQ= √362.5
EOQ= 19 units
Journalize the entries to record the following transactions for Mountain Realty Inc.:
Aug.26 Issued for cash 128,000 shares of no-par common stock The stock outstanding when a corporation has issued only one class of stock. (with a stated value of $5) at $6.
Oct.1 Issued at par value 41,000 shares of preferred 1% stock, $10 par The monetary amount printed on a stock certificate. for cash.
Nov. 30 Issued for cash 17,000 shares of preferred 1% stock, $10 par at $11
Answer and Explanation:
The journal entries are shown below"
On Aug 26
Cash Dr $768,000
To Common stock $640,000
To Additional paid in capital $128,000
(Being issuance of the common stock is recorded)
On Oct 1
Cash Dr $410,000
To preferred stock $410,000
(Being the issuance of the preferred stock is recorded)
On Nov 30
Cash Dr $187,000
To Common stock $170,000
To Additional paid in capital $17,000
(Being issuance of the common stock is recorded)
The Employee Retirement Income Security Act (ERISA) of 1974 states that employees must be told about their benefits: __________
a. In a way that clearly specifies advantages and disadvantages of various benefits programs.
b. According to state statutes on benefits dissemination.
c. In a way that the average employee can understand.
d. In a way that clearly lays out unexpected costs that might be associated with choosing certain benefits
Answer:
c. In a way that the average employee can understand.
Explanation:
The Employee Retirement Income Security Act of 1974 is a federal labor and tax law of the United States of America. It is also referred to as the Employee Benefit Security Act and it was originally published (effective) on the 2nd of September, 1974 and was mainly focused on providing pension reforms for the employees working in the United States of America.
Basically, the Employee Retirement Income Security Act (ERISA) of 1974 sets the minimum standards for the administration of retirement (pension) and healthcare plans in the private sector or industry.
Hence, the Employee Retirement Income Security Act (ERISA) of 1974 states that employees must be told about their benefits such as plan features and funding, in a way that the average employee can understand.
Complete accounting cycle and financial statements
The city council of E. Staatsboro approved the following budget for the General Fund for fiscal year 2019.
Estimated Revenues
Property taxes $335,000
License fees 40,000
Fines and penalties 15,000
Total revenues $390,000
Appropriations
Salaries $350,000
Supplies and utilities 30,000
Debt service 3,000
Total appropriations 383,000
Budgeted Increase in Fund Balance $7,000
The postclosing trial balance for the fund, as of December 31, 2018, was as follows:
Debits Credits
Cash $15,000
Vouchers payable $8,000
Fund balance (unassigned) 7,000
$15,000 $15,000
The following transactions and events occurred during FY 2019.
1. Levied property taxes of $335,000 and mailed tax bills to property owners.
2. Borrowed $300,000 on tax anticipation notes at an interest rate of 1 percent per annum.
3. Ordered supplies expected to cost $18,000.
4. The supplies arrived, along with an invoice for $19,000; the city paid the invoice immediately.
5. Received cash ($383,000) from the following sources: property taxes ($330,000), licenses and fees ($38,000), fines and penalties ($15,000).
6. Paid cash for the following purposes: unpaid vouchers at the start of year ($8,000); salaries ($340,000); utility bills ($11,000).
7. Repaid the tax anticipation notes 6 months after date of borrowing, with interest.
8. Processed a budgetary interchange, increasing the appropriation for supplies and utilities by $2,000 and reducing the appropriation for salaries by the same amount.
9. Will pay salaries for the last few days in December, amounting to $2,000, at the end of the first pay period in January 2020; also, received in early January 2020 a utilities invoice for $1,000 applicable to December 2019.
Use the preceding information to do the following:
a. Prepare journal entries to record the budget and the listed transactions and events.
b. Prepare a preclosing trial balance.
c. Prepare a balance sheet; a statement of revenues, expenditures, and changes in fund balance; and a budgetary comparison schedule.
Sep. 3 Purchased merchandise inventory on account from Shallin Wholesalers, $7,000. Terms 1/15, n/EOM, FOB shipping point.
Sep. 4 Paid freight bill of $55 on September 3 purchase.
Sep. 4 Purchase merchandise inventory for cash of $2,100.
Sep. 6 Returned $1,000 of inventory from September 3 purchase.
Sep. 8 Sold merchandise inventory to Herenda Company, $5,500, on account. Terms 1/15, n/35. Cost of goods, $2,255.
Sep. 9 Purchased merchandise inventory on account from Tripp Wholesalers, $10,000. Terms 1/10, n/30, FOB destination.
Sep. 10 Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount.
Sep. 12 Received payment from Hilton Company, less discount.
13. After negotiations, I received a $100 allowance from Tristan Wholesalers.
15.Sold merchandise inventory to Jesper Company, $3,500, on the account. Terms n/EOM. Cost of goods, $1,610
22.Made payment, less allowance, to Tristan Wholesalers for goods purchased on September 9
23. Jesper Company returned $800 of the merchandise sold on September 15. Cost of goods, $368
25. Sold merchandise inventory to Smithson for $2,000 on account that cost $780 Terms of 3/10, n/30 was offered, FOB shipping point. As a courtesy to Smithson, $55 of freight was added to the invoice for which cash was paid by Oceanic
29. Received payment from Smithson, less discount.
30. Received payment from Jesper Company, less return.
Required:
Journalize the transaction.
Answer:
Sep. 3
Dr Merchandise Inventory $7,000
Cr Accounts Payable—Shallin Wholesalers $7,000
Sep. 4
Dr Merchandise Inventory $55
Cr Cash $55
Sep. 4
Dr Merchandise Inventory $2,100
Cr Cash $2,100
Sep. 6
Dr Accounts Payable—Shallin Wholesalers $1,000
Cr Inventory $1,000
Sep. 8
Dr Accounts Receivable— Herenda Company $5,445
Cr Sales Revenue $5,445
Sep. 8
Dr Cost of Goods Sold $2,255
Cr Merchandise Inventory $2,255
Sep. 9
Dr Merchandise Inventory $10,000
Cr Accounts Payable—Tripp Wholesalers $10,000
Sep. 10
Dr Accounts Payable—Shallin Wholesalers $6,000
Cr Merchandise Inventory $60
Cr Cash $5,940
Sep. 12
Dr Cash $5,445
Accounts Receivable—Herenda Company $5,445
Sep. 13
Dr Accounts Payable—Tristan Wholesalers $100
Cr Merchandise Inventory $100
Sep. 15
Dr Accounts Receivable—Jesper Company $3,500
Cr Sales Revenue $3,500
Sep. 15
Dr Cost of Goods Sold $1,610
Cr Merchandise Inventory $1,610
Sep. 22
Dr Accounts Payable—Tristan Wholesalers $9,900
Cr Cash $9,900
Sep. 23
Dr Refunds Payable $800
Cr Accounts Receivable—Jesper Company $800
Sep. 23
Dr Merchandise Inventory $368
Cr Estimated Returns Inventory $368
Sep. 25
Dr Accounts Receivable—Smithson $1,995
Cr Sales Revenue $1,940
Cr Cash $55
Sep. 25
Dr Cost of Goods Sold $780
Cr Merchandise Inventory $780
Sep. 29
Dr Cash $1,995
Cr Accounts Receivable— Smithson $1,995
Sep. 30
Dr Cash $2,100
Cr Accounts Receivable—Jesper Company $2,100
Explanation:
Preparation of the journal entries
Sep. 3
Dr Merchandise Inventory $7,000
Cr Accounts Payable—Shallin Wholesalers $7,000
Sep. 4
Dr Merchandise Inventory $55
Cr Cash $55
Sep. 4
Dr Merchandise Inventory $2,100
Cr Cash $2,100
Sep. 6
Dr Accounts Payable—Shallin Wholesalers $1,000
Cr Inventory $1,000
Sep. 8
Dr Accounts Receivable— Herenda Company $5,445
Cr Sales Revenue $5,445
[$5,500-(1%*$5,500)]
Sep. 8
Dr Cost of Goods Sold $2,255
Cr Merchandise Inventory $2,255
Sep. 9
Dr Merchandise Inventory $10,000
Cr Accounts Payable—Tripp Wholesalers $10,000
Sep. 10
Dr Accounts Payable—Shallin Wholesalers $6,000
($7,000-$1,000)
Cr Merchandise Inventory $60
(1%*$6,000)
Cr Cash $5,940
($6,000-$60)
Sep. 12
Dr Cash $5,445
[$5,500-(1%*$5,500)]
Accounts Receivable—Herenda Company $5,445
Sep. 13
Dr Accounts Payable—Tristan Wholesalers $100
Cr Merchandise Inventory $100
Sep. 15
Dr Accounts Receivable—Jesper Company $3,500
Cr Sales Revenue $3,500
Sep. 15
Dr Cost of Goods Sold $1,610
Cr Merchandise Inventory $1,610
Sep. 22
Dr Accounts Payable—Tristan Wholesalers $9,900
Cr Cash $9,900
($10,000-$100)
Sep. 23
Dr Refunds Payable $800
Cr Accounts Receivable—Jesper Company $800
Sep. 23
Dr Merchandise Inventory $368
Cr Estimated Returns Inventory $368
Sep. 25
Dr Accounts Receivable—Smithson $1,995
($1,940+$55)
Cr Sales Revenue $1,940
[$2,000-(3%*$2,000)]
Cr Cash $55
Sep. 25
Dr Cost of Goods Sold $780
Cr Merchandise Inventory $780
Sep. 29
Dr Cash $1,995
($1,940+$55)
Cr Accounts Receivable— Smithson $1,995
Sep. 30
Dr Cash $2,100
Cr Accounts Receivable—Jesper Company $2,100
Equipment acquired at the beginning of the year at a cost of $30,800 has an estimated residual value of $2,800 and an estimated useful life of four years. Determine the following: (a) The depreciable cost $fill in the blank 1 (b) The straight-line rate fill in the blank 2 % (c) The annual straight-line depreciation $fill in the blank 3
Answer:
$28000
25%
$7000
Explanation:
Depreciable cost = cost of the asset - residual value
$30,800 - $2800 = $28,000
The straight-line rate = annual depreciation expense / Depreciable cost
7000 / 28,000 x 100 = 25%
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
$28,000 / 4 = $7000
