On June 30, 2018, the Esquire Company sold some merchandise to a customer for $48,000. In payment, Esquire agreed to accept a 9% note requiring the payment of interest and principal on March 31, 2019. The 9% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2018 interest accrual, and the March 31, 2019 collection. 2. If the December 31 adjusting entry for the interest accrual is not prepared, by how much will income before income taxes be over-or understated in 2018 and 2019

Answer:

managerial accounting

Explanation:

Answer:

Option "a" is correct.

Explanation:

Below is the given values:

The last year supply of Cocoa nibs at $9 = 10 pounds

This year the supply of Cocoa nibs at $12 = 10 pounds

The supply and price of a commodity are directly related to each other. Thus it is given that price increases from $9 to $12. So, the producer will induce to supply more quantity when the price increases.

Therefore, Option "a" is correct.

Answer: D. Recognize the loss in the current period rather than over the remaining term of the engagement

Explanation:

A fixed rate contract is the contract whereby the payment amount isn't dependent on the resources or the time that were used.

Since there's evidence that a fixed-rate contract is over budget and will generate a loss for the firm, the manager should recognize the loss in the current period rather than over the remaining term of the engagement.

Therefore, the correct option is D.

Answer:

Assets = Liabilities + Owner’s Equity = $67,800

Explanation:

Note: See the attached excel file for the Effect of Each Transaction on the Three Basic Accounting Elements.

From attached excel file, the resulting accounting equation can be computed as follows

Assets = Total Cash + Total Insurance Prepaid + Total Van + Total  Supplies + Total Accounts Receivable = $17,380 + $750 + $35,000 + $470 + $14,200 = $67,800

Liabilities = Total Accounts Payable = $30,000

Owner’s Equity  = Total Capital + Total Retained earnings = $16,500 + $21,300 = $37,800

Liabilities + Owner’s Equity = $30,000 + $37,800 = $67,800

Therefore, we have:

Assets = Liabilities + Owner’s Equity = $67,800

Answer:

The euro will appreciate against the dollar.

Explanation:

Since in the given situation it is mentioned that the rate of interest is consistently less than the interest rate of US so here in the IFE, the euro normally appreciated or increased as against the dollar

So as per the given option, the above should be the answer and the same should be relevant

Therefore the rest of the options are considered to be wrong

Answer:

publich investment in highways

Answer:

$2.08

Explanation:

First calculate the price of the bond

Price of the bond = [ ( 1000 x 8% x 6/12 ) x ( ( 1 - ( 1 + (7.5%x6/12) )^-(5x2) )/(7.5%x6/12) ] + { 1000 / (7.5%x6/12) ]

Price of the bond = $1,020.53

Now calculate the premium

Premium on the bond = Price of the bond - Face value of the bond = $1,020.53 - $1,000 = $20.53

Now prepare the amortization schedule to calculate the premium amortization in 6th payment.

The amortization schedule is attached with this answer please find that.

Hence, In the sixth payment the premium amortization is $2.08

Answer:

Lumberton Home Maintenance Company (LHMC)

                                           LHMC         Tree Cutting        Additional

                                                                   Division         Investment

a. Return on Investment    9.6%                10%                     9%

b. Residual income      $1,000,000        $200,000            $12,500

Explanation:

a) Data and Calculations:

                                           LHMC         Tree Cutting        Additional

                                                                   Division         Investment

Operating income       $6,000,000      $1,000,000           $112,500

Operating assets      $62,500,000    $10,000,000      $1,250,000

a. Return on Investment    9.6%                10%                     9%

b. Residual income      $1,000,000        $200,000            $12,500

Return on investment = Operating income/Operating assets * 100

Residual income = Operating income Minus (Desired ROI * Operating assets)

Desired Return on Investment (ROI) = 8%

Answer:

a sign posted in a police station ✓

Answer:

E) $986

Explanation:

The computation of the expected value of the bond in one year is shown below;

= (Probability × Price of bond) + (Probability × Callable price bond)

= (0.4 × $950) + (0.60 × $1,010)

= $986

Hence, the expected value of the bond in one year is $986

Therefore the correct option is E.  

Answer:

a.

Date              Account Title                                  Debit                     Credit

XX-XX-XX     Petty Cash                                   $250

                     Cash                                                                               $250

b.

Date              Account Title                                  Debit                     Credit

XX-XX-XX     Entertainment expense                    $41

                      Postage                                             $25

                      Printing                                              $12

                     Petty Cash                                                                    $  78

Date              Account Title                                  Debit                     Credit

XX-XX-XX     Petty Cash                                       $78

                      Cash                                                                                $78

2. Reasons why a Petty Cash account would be credited:

a. Fund amount is being reduced.

c. Fund is being eliminated

When the fund is being reduced by expenses, it is credited as shown above.

When the fund is to be eliminated, it will be credited so as to remove all the money in it.

Answer: $251758.53

Explanation:

Based on the information given in the question,

Total lease liability = $280,000

Then, the balance in the lease payable account when the first lease payment takes place on January 1, 2021 will be:

= $280,000 - $16,427

= $263573

The, the interest that is included in the lease payment that's made on April 1, 2021 Will be:

= $263573 x 7% x 1/4

= $4612.53

Then, the principal amount that's included in the lease payment made on April 1, 2021 will be:

= $16,427 - $4612.53

= $11814.47

Therefore, the balance in the lease payable account after the April 1, 2021, lease payment will be:

= $263573 - $11814.47

= $251758.53

Answer: See explanation

Explanation:

Based on the information given in the question, the amount of borrowing that's required will be:

= [ rr * ( D - O)] - (R-O)

where,

rr = reserve requirement = 10% = 0.1

D = checkable deposits = $80

R = reserves = $15

O = deposits outflow = $6

= [ 0.10 × ($80 - $6)] - ($15 - $6)

= [ 0.10 × $74 ] - $9

= $7.4 - $9

= -$1.60

Answer: 770,000

Explanation:

Assuming materials are entered at the beginning of the process, the equivalent units materials will be:

Beginning work process = 40,000 units

Started into production = 730,000 units

Then equivalent units materials will be:

= 40000 + 730000

= 770000

SWOT is a technique for assessing an organization Strengths, Weaknesses, Opportunities, and Threat in market while competing with other organization.

In conclusion, the part of the SWOT Analysis that must be performed by CVS because of entry of Amazon into the healthcare market is the Threat Analysis. The threat analysis helps an organisation to access threat which the competitors poses to its existence.

Learn more about SWOT Analysis here

brainly.com/question/18068310

Answer:

Sunrise Enterprises

Impact of Selected Transactions on the Current Ratio:

     Current Ratio     Current Assets     Current Liabilities

(1)      increase              increase                 no change

(2)     decrease            no change              increase

(3)     decrease            decrease                no change

(4)     increase             increase                  no change

Explanation:

a) Data and Calculations:

Current assets = $1,090,000

Current liabilities = $602,000

Current ratio = 1.8 ($1,090,000/$602,000)

b) The current ratio (the ratio of current assets to current liabilities) is affected by increases or decreases in current assets without equal increases or decreases in current liabilities and vice versa.

Answer:

Dr Cash $75,000

Cr Deferred inflows of resources--grant $75,000

Explanation:

Based on the information given we were told that The GRANT is for the amount of $75,000 in which the The state pays the city the amount of $75,000 for the GRANT during its 2019 fiscal year. Therefore the city should report the RECEIPT OF THE GRANT PROCEEDS from the state in its Special Revenue Fund as:

Dr Cash $75,000

Cr Deferred inflows of resources--grant $75,000

(To record receipt of the grant proceeds)

Answer:

c

Explanation:

Answer:

Note: See attached excel file for the record of the effect of the given transactions in a horizontal statements model.

In the attached excel file, we have:

Assets = Liabilities + Stockholders' Equity = $152,155

Explanation:

In the attached excel file, we have:

Sales tax payable on sales for November Year 1 = $65,500 * 9% = $5,895

Sales tax payable on sales for December Year 1 = $79,500 * 9% = $7,155

Assets = $152,155

Liabilities + Stockholders' Equity = $7,155 + $145,000 = $152,155

Therefore, the accounting equation is proved as follows:

Assets = Liabilities + Stockholders' Equity = $152,155

Answer and Explanation:

The journal entries are given below:

On May 4

Account  payable $610

        To cash $610

(To record the cash paid)

On May 7

Account  receivable $6,840  

       To service revenue $6,840

(To record the service on account)

On May 8

Supplies $870    

      To Account payable $870  

(To record supplies purchased on account)

On May 9

Equipment $1,930  

        To cash $1,930

(To record the equipment purchase)

On May 17

Salary expense $700

         To cash $700

(To record the salaries expense)  

On May 22

Repair expense $800  

        To Account payable $800

(To record the received bill for repairing of an equipment)

On May 29

Prepaid rent $1,280

         To cash  $1,280

(To record the cash paid)

Answer:

A

B

C

D

Explanation:

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold

Weighted average cost method calculates the cost of goods sold as the weighted average of cost of inventory

In periods of rising prices, later purchased goods would have a higher price. As a result, LIFO would report a lower net income while companies using FIFO would report the highest gross profit and net income.

Because of the high net income reported under FIFO, tax paid would be the highest too

Answer:

c. debit Manufacturing Overhead, $6,000; credit Accounts Payable, $6,000

Explanation:

The journal to record indirect labor utilized of $6,000 will include a Debit to an Expense Account - Manufacturing Overhead and a Credit to Liability Account - Accounts Payable at the value of $6,000.

Answer:

$99,414

Explanation:

Calculation to determine how much he will receive If Parker Company uses a Money Market Hedge,

First step is to determine the amount borrowed

Borrowed=(SF100,000/1.05)

Borrowed= SF95,238

Second step is convert  SF95,238 to dollar

SF 95,238*$1.0037

=$95,590.38

Now let determine the amount to receive

Amount received=$95,590.38*1.04

Amount received=$99,414

Therefore If Parker Company uses a Money Market Hedge, it will receive $99,414 in 360 days.

Answer: 1. Portfolio

2. • Protecting property rights and enforce contracts.

• Providing tax breaks and patents for firms that pursue research and development in health and sciences.

3. All of the above

Explanation:

1. Since the wealthy French citizen buys $2 million worth of stock issued by an American corporation and the American firm uses the proceeds for a factory expansion, then this is considered to be an example of foreign portfolio investment in the United States.

2. The policies that are consistent with the goal of increasing productivity and growth in developing countries include:

• Protecting property rights and enforce contracts.

• Providing tax breaks and patents for firms that pursue research and development in health and sciences.

3. The possible outcomes of rapid population growth include a reduction in the human capital per worker, a reduction in capital per worker and an increase in technological knowledge. Therefore, the answer is all of the above.

The firm utilizes foreign proceeds for the expansion of its factory. Thus, this is an example of foreign portfolio investment in the United States.

The purchase of foreign securities, such as stocks and bonds, on an exchange is known as foreign portfolio investment.

For the first case, the American firm uses foreign portfolio investment for the expansion of its factory.

For the second case, policies that are in line with the goal of enhancing productivity and growth in developing countries include the following:

For the third case, the outcomes of rapid population growth are:

Therefore, the correct answer for the first case is Foreign portfolio investment, for the second case Option (i), (ii), and for the third case Option (iv) All of the above is the correct answer.

To learn more about Foreign portfolio investment, refer to the link:

https://brainly.com/question/1125884

Answer: Some accountants have said that politicization in the development and acceptance of generally accepted accounting principles (i.e., rule-making) is taking place. Some use the term “politicization” in a narrow sense to mean the influence by governmental agencies, particularly the Securities and Exchange Commission, on the development of generally accepted accounting principles. Others use it more broadly to mean the compromise that results when the bodies responsible for developing generally accepted accounting principles are pressured by interest groups (SEC, American Accounting Association, businesses through their various organizations, Institute of Management Accountants, financial analysts, bankers, lawyers, and so on).

Instructions

(a) The Committee on Accounting Procedure of the AICPA was established in the mid- to late 1930s

and functioned until 1959, at which time the Accounting Principles Board came into existence. In

1973, the Financial Accounting Standards Board was formed and the APB went out of existence.

Do the reasons these groups were formed, their methods of operation while in existence, and the

reasons for the demise of the first two indicate an increasing politicization (as the term is used in

the broad sense) of accounting standard-setting? Explain your answer by indicating how the CAP,

the APB, and the FASB operated or operate. Cite specific developments that tend to support your

answer.

(b) What arguments can be raised to support the “politicization” of accounting rule-making?

(c) What arguments can be raised against the “politicization” of accounting rule-making?

Solution

a) CAP. The Committee on Accounting Procedure, CAP, which was in existence from 1939 to 1959, was a natural outgrowth of AICPA committees which were in existence during the period 1933 to 1938. The committee was formed in direct response to the criticism received by the accounting profession during the financial crisis of 1929 and the years thereafter. The authorization to issue pronouncements on matters of accounting principles and procedures was based on the belief that the AICPA had the responsibility to establish practices that would become generally accepted by the profession and by corporate management.

Explanation:

Answer:

The answer is C.

Explanation:

The correct option to the question is C.

Debit pension expense and credit cash.

Because the pension expense account is increasing, we debit. Increase in expense goes to the debit side.

And because cash is reducing by paying out pension expense from there, we credit the cash account. Decrease in asset(like cash) goes to the credit side.

Answer:

Part 1

Income Statement at 15,600 units

Sales ($ 180 x 15,600)                                     $2,808,000

Less Variable Costs ($126 x 15,600)             ($1,965,600)

Contribution                                                        $842,400

Less Fixed Costs                                               ($842,400)

Net Income                                                                    $0

Part 2

$3,278,000

Explanation:

Break even (units) = Fixed Cost ÷ Contribution per unit

                               = $ 842,400 ÷ ($ 180 - $126)

                               = 15,600 units

Assume the company's fixed costs increase by $ 141.000

Break even (units) = Fixed Cost ÷ Contribution per unit

                               = ($ 842,400 + $ 141.000) ÷ ($ 180 - $126)

                               = 18,212 units

Break even Revenue = 18,212 x  $ 180 =  $3,278,000

Answer:

only if we include environmental and social goals in the planning.

Explanation:

An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.

Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.

Sustainable development can be defined as an idea or development model that is typically aimed at providing basic human needs such as food, fiber, textiles, etc., without compromising or jeopardizing the ability of future generations to create agricultural solutions to their own basic needs.

Generally, economic goals for sustainable development and growth of a country can be formulated only if environmental and social goals are included in the planning.

Answer:

$34,800.

Explanation:

                           Reject               Accept

Revenues             $0        (3480*27) = $93,960     $93,960

Costs                    $0        (3480*16) = -$55,680  -$55,680

Shipping               $0        (3480*1) = -3480           -$3,480  

Net income          $0         34,800                          $34,800

So, the net income that Bargain Electronics would realize by accepting the special order is $34,800.