Answer:
Interest expense = $8453
Explanation:
We can calculate Bond interest expense by multiplying Carrying value of the bond with the effective interest rate and the period of time,
DATA
Carrying value of bond = $169,056
Effective interest rate = 10%
Period of time = 6 months
Interest expense =?
Calculation
Interest expense = Carrying value x Effective interest rate x Time period
Interest expense = $169,056 x 10% x [tex]\frac{6months}{12months}[/tex]
Interest expense = $8453
how will a new front desk manager address a problem of lateness in a hotel.
Answer:
They will have a system like a lot book where they would take in the visitors details and then Mark in or out and time of arrival and leaving
Hope this helps :)
Explanation:
Bing engaged Dill to perform personal services for $2,200 a month for a period of four months. The contract was entered into orally on July 1, 1984, and performance was to commence on September 1, 1984. On August 10, Dill anticipatorily repudiated the contract. As a result, Bing:
Answer:
Bing can immediately sue for breach of contract
Explanation:
Based on the scenario that is being described, Bing can immediately sue for breach of contract. Breaching a contract is when one party in a binding agreement fails to deliver according to the terms of the agreement. When Dill made an anticipatory repudiation, he basically stated that he does not intend to live up to the obligations of the contract that he had agreed to, therefore breaching the contract and becoming liable.
An investment adviser representative's friend provides him with a list of 10 prospective clients. The representative agrees to pay his friend a referral fee for each person on the list that opens an account with the adviser. Which statement is TRUE
Answer: C. The arrangement is permitted only if it is in writing between the investment adviser and the friend and the arrangement is disclosed in writing to any customer opening an account
Explanation:
The friend in this case will be ruled to be a Solicitor under SEC Rules as they are referring clients to the Investment Adviser for a fee.
As such this business relationship between the friend and the Investment Adviser representative will fall under SEC Rule 206(4)-3 Cash payments for client solicitations. This rule makes it clear amongst other things that the investment adviser will have to prepare a written disclosure document which will inform any customer opening an account of the agreement between the adviser and his friend.
An invoice of $600 for merchandise purchased is showing 3/15, n/30 as terms of credit. If the invoice is paid on or before the fifteenth day after the invoice date, the amount to be paid is ________.
Answer:
Amount Payable or paid = $582
Explanation:
The terms of purchase state that the buyer will be entitled to a 3% cash discount if the payment for the purchases is made within 15 days of the purchase or invoice date.
Thus, if the payment is made on or within the fifteen days of invoice date, the cash discount that will be received is,
Discount = 600 * 0.03 = $18
So, the amount that will be payable for the merchandise will be,
Amount Payable or paid = 600 - 18 = $582
A firm hires labor in a perfectly competitive labor market. Its current profit-maximizing hourly output is 100 units, which the firm sells at a price of $5 per unit. The Marginal Physical product (MPP) of the last unit of labor employed is 5 units per hour. The firm pays each worker an hourly wage of $15. a)What Marginal Revenue (MR) does the firm earn from sale of the output produced by the last worker employed? b)Does this firm sell its output in a perfectly competitive market?
Answer:
A.Marginal Revenue $3
B. No
Explanation:
A.Calculation for the Marginal Revenue (MR) that the firm earn from sale of the output produced by the last worker employed
Based on the information given we were told that the Marginal Physical product of the last unit of labor was 5 units per hour in which the firm pays each worker an hourly wage of $15. Now let calculate the Marginal Revenue using this formula
Marginal Revenue = Employees hourly wages/Marginal Physical product unit of labor
Where,
Employees hourly wages=$15
Marginal Physical product unit of labor =5 units per hour
Let plug in the formula
Marginal Revenue =$15/5
Marginal Revenue =$3
B. No reason been that the current profit-maximizing hourly output was 100 units in which we were told that the firm sells at a price of $5 per unit. While the Marginal Revenue gotten in (A) above was $3 which is lesser or lower than $5 per unit which simply means that the firm does NOT sell its output in a well perfectly competitive market .
Acme Company’s production budget for August is 17,700 units and includes the following component unit costs: direct materials, $6.0; direct labor, $10.2; variable overhead, $6.2. Budgeted fixed overhead is $34,000. Actual production in August was 18,630 units. Actual unit component costs incurred during August include direct materials, $8.40; direct labor, $9.60; variable overhead, $7.00. Actual fixed overhead was $35,700. The standard fixed overhead application rate per unit consists of $2 per machine hour and each unit is allowed a standard of 1 hour of machine time.Required:Calculate the fixed overhead budget variance and the fixed overhead volume variance. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)
Answer:
a. $1,700 U
b. $3,260 F
Explanation:
a. Fixed over head budget variance = Actual fixed overhead - Budgeted fixed overhead
Actual fixed overhead = $35,700
Budgeted fixed overhead = $34,000
Fixed overhead budget variance = $35,700 - $34,000
= $1,700 U
b. Fixed overhead volume variance = Budgeted fixed overhead - Standard fixed overhead
Standard fixed overhead application rate = $2 per machine hr × 1hr
= $2
Budgeted fixed overhead = $34,000
Standard fixed overhead = Standard hours for actual output × Budgeted rate
= (18,630 units × 1hr) × $2
= $37,260
Fixed overhead volume variance
= $34,000 - $37,260
= 3,260 F
True or False:
Transactions that result in significant investing and financing activities bu that do not involve cash are reported either directly after the statement of cash flows or in a note to the financial statements
Answer: True
Explanation:
Transactions that do not increase or decrease cash, but that result in significant investing and financing activities, are reported as noncash activities either directly after the cash flow statement or in a note to the financial statements.
It is true that In cash-flow statement, any transaction that do not involve cash are reported directly after the statement or in a note to the financial statements
Non-cash activities includes depreciation amortization, unrealized gain, unrealized loss etc
In accounting, non-cash investing or financing activities are required to be disclosed in the footnotes to the financial statements or within the cash flow statement.
Therefore, It is true that In cash-flow statement, any transaction that do not involve cash are reported directly after the statement or in a note to the financial statements.
Read more about Non-cash activities here
brainly.com/question/16200596
Jamal lost his job as a shipbuilder. His plant closed down "temporarily" but never reopened and will not. Jamal's skills are very specialized and no longer in demand. His unemployment is best classified as .
Answer:
Structural unemployment
Explanation:
Since Jamal's specialized skills are no longer in demand, this is a clear example of structural unemployment.
Structural unemployment is a situation that exists when the skills one can offer and the available jobs are not matched. It is caused by changes in technology thereby causing the skills that one possesses to be old fashioned. Jamal would have to learn new skills that are in demand to be employable.
A market economy is regulated by the interactions between which two things?
Answer:
b is the answer
Explanation:
producers and consumers
Using the tables above, what is the present value of $6,000 to be received at the end of each of the next four years, assuming an earnings rate of 10%?
a. $20,790
b. $19,020
c. $14,412
d. $25,272
1. Option A
2. Option B
3. Option C
Answer:
b. $19,020
Explanation:
Note: This question is not complete. The complete question is therefore provided in the attached pdf file before answering the question. Please, see the attached file for the full question.
Also note that the "1. Option A 2. Option B 3. Option C" are not actually part of the question.
The explanation to the answer is now provided as follows:
Note: This is an example of annuity. An annuity can be described as a series of payments made or income received at equal intervals.
Therefore, the relevant table in the question is the second table, i.e. table for the present value of an annuity of $1 at compound interest.
To calculate the present value (PV), the following for formula is used:
PV = ACI * PVA10% ............................ (1)
PV = Present value = ?
ACI = Annual cash inflows = $6,000
PVA = Present value of annuity of $1 at 10% for 4 years = 3.170
Note that the PVA is obtained for year 4 at 10% from the second table as already explained above.
Substituting the values into equation (1), we have:
PV = $6,000 * 3.170
PV = $19,020
Therefore, the correct option is option b. $19,020.
Granger Inc. Comparative Balance Sheets December 31
Assets 2017 2016
Cash $80,800 $48,400
Accounts receivable 87,800 38,000
Inventory 112,500 102,850
Prepaid expenses 28,400 26,000
Long-term investments 138,000 109,000
Plant assets 285,000 242,500
Accumulated depreciation (50,000) (52,000)
Total $682,500 $514,750
Liabilities and Stockholders' Equity
Accounts payable $102,000 $67,300
Accrued expenses payable 16,500 21,000
Bonds payable 110,000 146,000
Common stock 220,000 175,000
Retained earnings 234,000 105,450
Total $682,500 $514,750
Granger Inc. Income Statement Data For the Year Ended December 31, 2017
Sales revenue $388,460
Less:
Cost of goods sold $135,460
Operating expenses, excluding depreciation 12,410
Depreciation expense 46,500
Income tax expense 27,280
Interest expense 4,730
Loss on disposal of plant assets 7,500 233,880
Net income $154,580
Additional information:
1. New plant assets costing $90,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $51,750 and accumulated depreciation of $43,650 were sold for $1,350 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $23,427 was declared and paid during the year.
Required:
Prepare a statement of cash flows for Granger Inc. using the direct method.
Answer:
GRANGER INC.
STATEMENT OF CASH FLOWS (USING INDIRECT METHOD)
FOR THE YEAR ENDED DECEMBER 31, 2017
Particulars Amount$
Cash flow from operating activities
Net Income 154,580
Adjustments to reconcile net income to net cash
provided by operating activities
Adjustment for non cash effects
Depreciation expense 46,500
Loss on sale of plant assets 7,500
Change in operating assets & liabilities
Increase in Accounts receivable -49,800
Increase in inventory -9,650
Increase in prepaid expenses -2,400
Increase in accounts payable 34,700
Decrease in accrued expenses payable -4,500
Net cash flow from operating activities (a) 176,930
Cash Flow from Investing activities
Old Plant assets sold 1,350
New plant assets purchased -90,000
Long-term investments purchased -29,000
Net cash Flow from Investing activities (b) -117,650
Cash Flow from Financing activities
Cash dividends paid -23,427
Common stock issued 45,000
Bonds paid -36,000
Net cash Flow from Financing activities (c) -14,427
Net Change in cash c=a+b+c 44,853
Add: Beginning cash balance 48,400
Closing cash balance 93,253
Which method of evaluating capital investment proposals uses present value concepts to compute the rate of return from the net cash flows
Answer:
Internal rate of return
Explanation:
The internal rate of return is that return in which the net present value equivalent to zero
i.e.
Net present value = 0
That means
Initial investment = Present value of cash inflows after charging the discounting factor like 10% 12% etc
So as per the given situation, the internal rate of return is the correct answer
Legacy issues $640,000 of 8.5%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $570,443 and their market rate is 12% at the issue date.
Required:
Record the issue of bonds with a par value of $640,000 cash on January 1, 2017 at an issue price of $570,443.
Answer:
Debit Credit
Jan 1 2017
Cash 570,443
Discount on bond 69,557
Bond payable account 640,000
For the issue of bonds on discount
Explanation:
Legacy sold the bonds at a discount .A bond is said to be sold at a discount if it is sold at a price less that its face value. The difference is called the discount.
To record the issuance of a bond at discount, the following accounts would be used :
Cash account- to record the amount received from the issuanceDiscount on bonds- this a contra-liability account to record the discount on the issueBond payable account : Another liability account to record the face value or principal amount of the bond.Discount on bond = 640,000 - 570,443 = 69,557
Accounting entries:
Debit Credit
Jan 1 2017
Cash 570,443
Discount on bond 69,557
Bond payable account 640,000
For the issue of bonds on discount
Note that the cash account was debited to increase the asset value and the the bond payable account credit to recognize an increase in liability.
In the consensus case, what is Amazon's enterprise value on the valuation date using the exit multiple terminal value
Answer:
The exit multiple expect that the market different premise is a reasonable strategy for esteeming a business. The estimation of the business is gotten by duplicating money related measurements, for example, EBITDA or EBIT by a factor that is basic to practically identical organizations that were as of late procured. A fitting scope of products can be created by taking a gander at late equivalent acquisitions in the open market.
The various acquired is then increased by the anticipated EBIT or EBITDA in year N (last year of projection period) to give the future incentive toward the finish of year N. The future value (otherwise called terminal value) is then limited by a factor equivalent to the quantity of years in the projection time frame.
The worth got is then added to the current estimation of the free incomes to acquire the suggested venture esteem. For repetitive organizations where profit vacillate as per varieties in the economy, we utilize the normal EBITDA or EBIT over the span of the particular recurrent as opposed to the sum in year N in the projection time frame.
This implies an industry different is applied as opposed to applying a current numerous to consider the recurrent varieties of profit. On the off chance that investigators utilized a current numerous, the valuation would be influenced by financial cycles.
A Enterprise Value (EV) to Revenue Multiple is used to value a business by dividing its enterprise value by its annual revenue. The formula to calculate the Enterprise Value (EV) to Revenue Multiple is EV/Revenue
EV = Enterprise Value
EV can be denoted as (Equity Value + All Debt + Preferred Shares) – (Cash and Equivalents)
While Revenue = Total Annual Revenue
This can be calculated when we have a share price, shares outstanding, debt, and cash or its equivalence.
pryor frosted flakes company offers its customers a pottery cereal bowl if they send in 4 boxtops from flakes boxes and $1.00. The company estimates that 60% of the boxtops will be redeemed. In 2007, the company sold 500,000 boxes and costumers redeemed 220,000 boxtops receiving 55,000 bowls. if the bowls cost 2.50 each, how much liabilitiy for outstanding premiums should be recorded at the end od 2007?
Answer: $30,000
Explanation:
Company estimates that 60% of boxtops will be redeemed.
They sold 500,000 boxes
= 500,000 * 60%
= 300,000 boxtops will be sent in.
So far, 220,000 have been sent in. How many left;
= 300,000 - 220,000
= 80,000 boxtops are still to be sent in
4 boxtops are needed to receive a pottery bowl so with 80,000;
= 80,000/4
= 20,000 pottery bowls are due to be issued.
Each bowl costs $2.50 to make. Customers will send in $1 however so effectively it will cost the company;
= 2.50 - 1
= $1.50
With 20,000 still left to be issued, each costing $1.50, the total liabilitiy for outstanding premiums to be recorded at the end of 2007 is;
= 20,000 * 1.5
= $30,000
The profit-maximizing monopolist produces _____________ units and charges a price of _____________.
Answer: Q0; P3
Explanation:
The profit-maximizing monopolist produces Q0 units and charges a price of P3.
According to the exhibit graph, the monopolist will produce Q0 units. This is because a monopoly maximises profit at the point where Marginal Revenue equals Marginal Cost. Looking at the chart, the quantity of output where this happens is Q0.
The Monopolist will then charge a price of P3. After the profit-maximising output is realized, the way to find out the price the monopolist will sell at is the point where the output produced intersects with the Demand curve. At this point, the price listed is what people are willing to buy that amount of quantity for and so the Monopoly will sell at that price.
according to the nist the process of identifying risk, assessing risk, and taking steps to reduce risk to an
Answer: Risk management
Explanation:
According to the nist, the process of identifying risk, assessing risk, and taking steps to reduce risk to an acceptable level is referred to as the risk management.
Risk management simply has to do with the identification of risks before they occur. In such scenarios, the business owners can either avoid the risk or minimize the impact of the risk.
In your opinion, what are the forms of institutional advertising that are suitable for banks in Palestine with examples. Why??
Answer:
Institutional advertising for banks in Palestine should take into account the cultural sensibilities of the country.
As a muslim country, banks should take into account not only local Palestinian culture, but also general islamic culture when developing their advertising.
Palestine also has complex foreign relationships. Banks should also take this into account in order to create advertising that is effectively catered to the Palestinian people.
________________ allow(s) for more wealth because a larger market allows producers and consumers to benefit from lower costs.
Answer:
Global competition
Explanation:
Global competition is the competition in which the products and the services are provided by the companies that are competed and serve their products and services to international customers. In this the companies should faced a lot of challenges like taste and preferences, a lifestyle that occurs due to the difference in cultures also it generated the benefit from lowering the cost
Therefore according to the given scenario, global competition is the answer
"A mutual fund manager of a "high technology" fund feels that the market for this sector will remain flat in the next coming months and he wishes to generate some additional income against his portfolio. The best strategy is to sell:"
Answer: C. narrow-based calls
Explanation:
Narrow based calls would include calls from one industry. The mutual fund is an "High technology" firm which means that it is a narrow based fund for instance as it is interested only in one industry being the High Tech industry.
The manager should invest in Narrow based calls that focus on the sector if he anticipates that the market will remain flat for the sector. Narrow based Calls are more volatile because they are specific and with the volatility comes higher premiums to be charged.
Should he wish to make income against the portfolio, he should sell these knowing that the options will not be called as the market will remain flat.
Data pertaining to the current position of Forte Company are as follows:
Cash $412,500
Marketable securities 187,500
Accounts and notes receivable (net) 300,000
Inventories 700,000
Prepaid expenses 50,000
Accounts payable 200,000
Notes payable (short-term) 250,000
Accrued expenses 300,000
Required:
Compute:
a. The working capital.
b. The current ratio.
c. The quick ratio.
Answer:
Forte Company
Computation of :
a. The working capital = Current Assets minus Current Liabilities
= $1,650,000 - $750,000
= $900,000
b. The current ratio = Current assets/Current liabilities
= $1650,000/$750,000
= 2.2 : 1
c. The quick ratio = (Current asset minus Inventory)/Current liabilities
= ($1,650,000 - 750,000)/$750,000
= $900,000/$750,000
= 1.2 : 1
Explanation:
a) Data and Calculations:
Cash $412,500
Marketable securities 187,500
Accounts and notes receivable (net) 300,000
Inventories 700,000
Prepaid expenses 50,000
Total Current Assets $1,650,000
Accounts payable 200,000
Notes payable (short-term) 250,000
Accrued expenses 300,000
Total Current Liabilities $750,000
b) Forte Company's working capital is the difference between the current assets and the current liabilities. In this case, it is very positive with a huge sum of $900,000.
c ) Forte Company's current ratio is an expression of the relationship between current assets and current liabilities. It shows how much of current liabilities that current assets can cover. The ability of the management of Forte Company to settle its current obligations from the current assets is worked out under this ratio.
d) Forte has a quick ratio of more than 1 : 1. It is similar to the current ratio but with the omission of the Inventory and Prepaid Expenses which are regarded as always taking longer to sell and recover respectively.
A promotion related to the movie Pacific Rim Uprising was seen in Target stores throughout the United States. The sales promotion was designed to maximize the consumer's attention to a DVD release and provide storage for the products. This type of sales promotion is referred to as a
Answer:
This type of sales promotion is referred to as a Dealer Sales Promotion (Trade Promotion).
Explanation:
The Dealer Sales Promotion, otherwise known as Trade Promotion, is aimed at Dealers, designed to maximize the attention of consumers, and provide storage for the products in Target stores throughout the United States. The promoters want Pacific Rim Uprising to be seen by consumers, so that their attention is galvanized, and to get Target stores to create the space for the DVD upon the film's release, through cooperative advertising. It is not aimed directly at consumers or salespersons, but dealers.
Say the marginal tax rate is 30 percent and that government expenditures do not change with output. Say also that the economy is at potential output and that the deficit is $200 billion.Required:a. What is the size of the cyclical deficit?b. What is the size of the structural deficit?c. How would your answers to a and b change if the deficit was still $200 billion but output was $200 billion below potential?d. How would your answers to a and b change if the deficit was still $200 billion but output was $100 billion above potential?
Answer:
a. The Cyclical deficit refers to the deficit arising from the difference between the potential output and the actual output.
The question assumes that the economy is producing at potential which means actual output equals potential output.
Cyclical Deficit = Tax rate * ( Potential Output - Actual Output)
Cyclical Deficit = 0.3 * 0
Cyclical Deficit = $0
b. Structural deficit occurs even when the economy is at potential because it refers to Government deficits that happen when the economy is experiencing normal activity.
Structural Deficit = Actual deficit - Cyclical deficit
Structural Deficit = 200 billion - 0
Structural Deficit = $200 billion
c. Output is $200 billion below potential
Cyclical Deficit = Tax rate * ( Potential Output - Actual Output)
Cyclical Deficit = 0.3 * 200
Cyclical Deficit = $60 billion
Structural Deficit = Actual deficit - Cyclical deficit
Structural Deficit = 200 billion - 60
Structural Deficit = $140 billion
d. Output is $100 billion above potential
Cyclical Deficit = Tax rate * ( Potential Output - Actual Output)
Cyclical Deficit = 0.3 * -100 as actual is above potential
Cyclical Deficit = -$30 billion
Structural Deficit = Actual deficit - Cyclical deficit
Structural Deficit = 200 billion - (-30)
Structural Deficit = $230 billion
The Janjua Company had the following account balances at 1/1/18:
Common Stock $65,000
Treasury Stock (at cost) 13,400
Paid-in-Capital in Excess of Par 82,000
Investments in AFS Debt Securities 40,000
FVA (AFS) 1,500 credit
Retained Earnings 22,000
On that date, the Accumulated OCI account was at its proper balance.
There were no sales or purchases of Common Stock or Investments during 2018. Prior to any adjusting journal entries related to the investments, 2018 Net Income was $10,300. No other transactions affecting Retained Earnings occurred. Fair Value of the Investments at 12/31/2018 was $41,500.
Required:
a. Prepare the 12/31/18 journal entry to adjust the investment to fair value.
b. Prepare the complete 12/31/18 Equity section of the balance sheet.
Answer:
a. Journal Entry:
Investments in Debt securities (Dr.) $1500
Fair Value of Debt securities(Cr.) $1500
b. Equity Section:
Common Stock $65,000
Retained Earnings $22,000
Treasury Stock $13,400
Revaluation of Debt securities $1,500
Explanation:
Investments in AFS Debt securities 40,000
Fair value of the investment on 12/31/2018 is $41,500
The difference between fair value and reported value will be adjusted through journal entry. The difference is of $1500 (41,500 - 40,000) is the revaluation amount of the securities.
The ___________ incorporates a line receiver in order to convert the optical signal into the electrical regime.
a) Attenuator
b) Transmitter
c) Repeater
d) Designator
Answer: repeater
Explanation:
The attenuation is used to limits the maximum distance that occurs between an optical fiber transmitter and the receiver.
It should be noted that the repeater helps to incorporates a line receiver to convert the optical signal into the electrical regime.
At the end of a particular operating period, suppose Brenda (the manager) sits down with Ethan (the employee) and they meet to determine how well Ethan's performance has met the objectives set by Brenda. Which step in the MBO process would this be?
Answer:
Evaluate performance
Explanation:
The mbo process is a time where an employee and manager work together and sets record for a particular period of time.
This step in the mbo process is evaluation of performance. Under this step, the manager reviews the work of the employee from the question, this is what Brenda is doing with Ethan. She is evaluating his performance.
A cash equivalent is: Multiple Choice Another name for cash. Close to its maturity date but its market value may still be affected by interest rate changes.
Complete Question:
A cash equivalent is:
Group of answer choices
a) Generally is within 12 months of its maturity date.
b) Another name for cash.
c) An investment readily convertible to a known amount of cash.
d) Is not considered highly liquid.
e) Close to its maturity date but its market value may still be affected by interest rate
changes
Answer:
c) An investment readily convertible to a known amount of cash.
Explanation:
In Financial accounting, cash equivalents can be defined as any short term and highly liquid investments which can be easily converted or transformed to a known and standard amounts of cash and as such are subjective to little or no risk of changes in value.
This ultimately implies that, a cash equivalent is an investment readily convertible to a known amount of cash.
Under the statements of cash flow, cash equivalents can be classified broadly into three (3) categories and these are;
1. Operating activities.
2. Financing activities.
3. Investing activities.
Answer:
money
Explanation:
The comparative balance sheet of Nathan Company appears below: NATHAN COMPANY Comparative Balance Sheet December 31, Assets 2017 2016 Current assets $420 $333 Plant assets 780 567 Total assets $1,200 $900 Liabilities and stockholders' equity Current liabilities $168 $144 Long-term debt 300 162 Common stock 432 306 Retained earnings 300 288 Total liabilities and stockholders' equity $1,200 $900 Using horizontal analysis, show the percentage change for each balance sheet item using 2016 as a base year. NATHAN COMPANY Comparative Balance Sheet December 31, Assets 2017 2016 Percentage change Current assets $420 $333 % Plant assets 780 567 % Total assets $1,200 $900 % Liabilities and stockholders' equity Current liabilities $168 $144 % Long-term debt 300 162 % Common stock 432 306 % Retained earnings 300 288 % Total liabilities and stockholders' equity $1,200 $900 % Using vertical analysis, prepare a common size comparative balance sheet. (Round percentages to 0 decimal places, e.g. 12.) NATHAN COMPANY Comparative Balance Sheet December 31 2017 2016 Assets Amount Percentage Amount Percentage Current assets $420 % $333 % Plant assets 780 % 567 % Total assets $1,200 % $900 % Liabilities and stockholders' equity Current liabilities $168 % $144 % Long-term debt 300 % 162 % Common stock 432 % 306 % Retained earnings 300 % 288 % Total liabilities and stockholders' equity $1,200 % $900 %
Answer:
NATHAN COMPANY
Comparative Balance Sheet
For the years 2017 and 2016
2017 2018 Change Change
value in %
Assets:
Current assets $420 $333 $87 26.13%
Plant assets $780 $567 $213 37.57%
Total assets $1,200 $900 $300 33.33%
Liabilities and stockholders' equity
Current liabilities $168 $144 $24 16.67%
Long-term debt $300 $162 $138 85.19%
Common stock $432 $306 $126 41.18%
Retained earnings $300 $288 $12 4.17%
Total liabilities and equity $1,200 $900 $300 33.33%
On March 15, a fire destroyed Sheridan Company's entire retail inventory. The inventory on hand as of January 1 totaled $5900000. From January 1 through the time of the fire, the company made purchases of $2032000, incurred freight-in of $242000, and had sales of $4140000. Assuming the rate of gross profit to selling price is 20%, what is the approximate value of the inventory that was destroyed
Answer:
the approximate value of the inventory that was destroyed is $4,862,000.
Explanation:
Use the Gross Profit percentage to find the value of the inventory that was destroyed.
Sales $4,140,000
Less Cost of Goods Sold
Opening Inventory $5,900,000
Add Purchases $2,032,000
Add Freight In $242,000
Available $8,174,000
Less Inventory Lost ($4,862,000)
Cost of Sales (3,312,000)
Gross Profit at 20% $828,000
Conclusion :
The Value of inventory that was destroyed is $4,862,000.
1. Noor Patel has had a busy year! She decided to take a cross-country adventure. Along the way, she won a new car on "The Price Is Right" (valued at $15,500) and won $500 on a scratch-off lottery ticket (the first time she ever played). She also signed up for a credit card to start the trip and was given a sign-up bonus of $100. How much will she have to include in her federal taxable income?
2A. What is the amount of taxes for a head of house hold with a taxable income of $57,500 with a rate of 25%?
B. What is the amount of taxes for a single person with a taxable income of $35,000 with a rate of 15%?
C. What is the amount of taxes for a married couple filling jointly with a taxable income of $70,700 with a rate of 15%?
Answer:
1. 16,100
Explanation:
To get how much she would include in her federal taxable income. We would have to add up these values:
The car won on the price is right + scratch off lottery + sign up bonus.
15,500 + 500 + 100
=$16,100
2a.
head of household
0 to 9275 at 10% = 927.5
(37650 - 9275)*15% = 4256.1
(57500 - 37650)*25% = 4962.5
total = 927.5 + 4256.1 + 4962.5
= 10146.1
2b
single person
0 to 9275 at 10% = 927.5
(35000-9275)*10% = 3858.75
total = 927.5 + 3858.75
= 4786.25
2c
for married couple
0 to 18550 at 10% = 1855
(70700-1855)*15% = 7822.5
total = 1855 + 7822.5
=9677.5
