Answer:
Humanity of production
Explanation:
What type of hazard could occur by wearing jewelry while preparing food
Answer:
it can fall into the food
Compare and by converting their income statements to common size. Martinez Rojo Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . $10,900 $19,536 Cost of goods sold. . . . . . . . . . . . . . . . . . 6,660 14,203 Other expense. . . . . . . . . . . . . . . . . . . 3,564 4,356 Net income. . . . . . . . . . . . . . . . . . . . . . . . . $676 $977 Which company earns more net income? Which company's net income is a higher percentage of its net sales?
Answer:
a. Rojo
b. Martinez
Explanation:
When converting the income statement to common size, everything is made a percentage of net sales.
Martinez Rojo
Net Sales 100% 100%
Cost of goods sold (61.1% ) ( 72.7%)
Other expenses (32.7% ) ( 22.3%)
Net Income 6.2% 5.0%
Working
Martinez Rojo
Cost of goods 6,660/10,900 14,203/19,536
Other expenses 3,564/10,900 4,365/19,536
Net income 676/10,900 977/19,536
a. Company with more Net income
= Rojo
b. Company with higher net income as percentage of net sales
= Martinez
Billed Mercy Co. $2,400 for services performed.
how to journalize this?
When a business transaction requires a journal entry, we must follow these rules:
The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount.
The DEBITS are listed first and then the CREDITS.
The DEBIT amounts will always equal the CREDIT amounts.
For another example, let’s look at the transaction analysis we did in the previous chapter for Metro Courier (click Transaction analysis):
1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT. The journal entry would look like this:
2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit. This journal entry would be:
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Answer:
All the journal entries illustrated so far have involved one debit and one credit; these journal entries are called simple journal entries. Many business transactions, however, affect more than two accounts. The journal entry for these transactions involves more than one debit and/or credit. Such journal entries are called compound journal entries.
Explanation:
1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT
2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit.
3. Purchased a new truck for $8,500 cash. We analyzed this transaction as increasing the asset Truck and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit.
4. Purchased $500 in supplies on account. We analyzed this transaction as increasing the asset Supplies and the liability Accounts Payable. To increase an asset, we debit and to increase a liability, use credit.
5. Paid $300 for supplies previously purchased. Since we previously purchased the supplies and are not buying any new ones, we analyzed this to decrease the liability accounts payable and the asset cash. To decrease a liability, use debit and to decrease and asset, use debit.
6. Paid February and March Rent in advance for $1,800. When we pay for an expense in advance, it is an asset. We want to increase the asset Prepaid Rent and decrease Cash. To increase an asset, we debit and to decrease an asset, use credit.
7. Performed work for customers and received $50,000 cash. We analyzed this transaction to increase the asset cash and increase the revenue Service Revenue. To increase an asset, use debit and to increase a revenue, use credit.
8. Performed work for customers and billed them $10,000. We analyzed this transaction to increase the asset accounts receivable (since we have not gotten paid but will receive it later) and increase revenue. To increase an asset, use debit and to increase a revenue, use credit.
9. Received $5,000 from customers from work previously billed. We analyzed this transaction to increase cash since we are receiving cash and we want to decrease accounts receivable since we are receiving money from customers who we billed previously and not new work we are doing. To increase an asset, we debit and to decrease an asset, use credit.
10 Paid office salaries $900. We analyzed this transaction to increase salaries expense and decrease cash since we paid cash. To increase an expense, we debit and to decrease an asset, use credit.
11. Paid utility bill $1,200. We analyzed this transaction to increase utilities expense and decrease cash since we paid cash. To increase an expense, we debit and to decrease an asset, use credit.
Raymond Moss, vice president of Moss Auto Parts, gets an annual bonus of 15% of any income, before deducting bonus and income taxes, above $100,000. Income before bonus and income taxes is $250,000. The effective income tax rate is 30%. Required: 1. Compute the amount of Raymond Moss's bonus. Bonus
Answer:
$22,500
Explanation:
Raymond Moss's bonus is computed as the excess of $100,000 of income before bonus and income taxes.
In other words, the income before bonus and income taxes of $250,000 minus $100,000 is the amount upon which the bonus is computed.
Bonus=excess of income before bonus and income taxes*rate of bonus
income before bonus and income taxes.=$250,000-$100,000
income before bonus and income taxes.=$150,000
bonus rate=15%
Bonus=$150,000*15%
Bonus=$22,500
Marge owns land and a building (held for investment) with an adjusted basis of $75,000 and a fair market value of $250,000. The property is subject to a mortgage of $400,000. Because Marge is in arrears on the mortgage payments, the creditor is willing to accept the property in return for canceling the amount of the mortgage.
a. How can the adjusted basis of the property be less than the amount of the mortgage?
b. If the creditor's offer is accepted, what are the effects on the amount realized, the adjusted basis, and the realized gain or loss for Marge?
c. Does it matter in (b) if the mortgage is recourse or nonrecourse?
Answer:
A. The amount deducted for Depreciation may be higher than the amortized amount of the mortgage principal.
Decrease in the value of the property after they granted the mortgage
Bi $400,000
ii. $75,000
iii. $325,000
C.No
Explanation:
a. The adjusted basis of the property can be tend to be lesser than the amount of the mortgage due to the fact that in the beginning of an asset life the amount that was deducted for Depreciation may be more higher than the amortized amount of the mortgage principal .
Secondly the adjusted basis of the property can be tend to be lesser than the amount of the mortgage when their is Decrease in the value of the property after they granted the mortgage .
Lastly the adjusted basis of the property can be tend to be lesser than the amount of the mortgage when the fair market value of Property are been given instead of the Adjusted basis of the property.
b. Calculation for the effects on the amount realized, the adjusted basis, and the realized gain or loss for
i. Based on the information given the amount that was realized will be the amount of $400,000
ii. Based on the information given the Adjusted basis will be the amount of $75,000
iii. Realized gain=$400,000 − $75,000
Realized gain= $325,000
c.No it don't not matter if the mortgage is recourse or nonrecourse since the amount that was realized was the amount of $400,000 and
to justify the nonrecourse mortgage is that the taxpayer has already enjoy some benefit when the mortgage was acquired due to the increase in Adjusted basis of the property.
Don James purchased a new automobile for $21,000. Don made a cash down payment of $5,250 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate.
Required:
Calculate the amount of the required monthly payment.
Answer:
monthly payment. = $703.24 per month
Explanation:
given data
Cost of auto = $21000
Cash Down payment = $5250
Loan amount = PV = 21000-5250
loan amount = $15,750
time period = 30 monthly
Rate = 24% pa = 24÷12 = 2% pm
solution
we get here monthly payment that is express as
monthly payment. = [tex]\frac{P\times r\times (1+r)^n}{(1+r)^n-1}[/tex] ...................1
put here value and we get
monthly payment. = [tex]\frac{15750\times 0.02\times (1+0.02)^{30}}{(1+0.02)^{30}-1}[/tex]
solve it we get
monthly payment. = $703.24 per month
On January 1, 2012, Sunland Company purchased for $690000, equipment having a useful life of ten years and an estimated salvage value of $40200. Sunland has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2020, the equipment was sold for $160000. As a result of this sale, Sunland should recognize a gain of
Answer:
$54,820
Explanation:
The computation of the gain is shown below;
But before that following calculations must be done
Annual depreciation as per the straight-line method
= ($690,000 - $40,200) ÷ (10 years)
= $64,980
Now accumulated depreciation for 9 years is
= $64,980 × 9 years
= $584,820
Now the book value is
= $690,000 - $584,820
= $105,180
Now the gain is
= Sale value - book value
= $160,000 - $105,180
= $54,820
On January 1, 2020, Marigold Corp. purchased a machine costing $355000. The machine is in the MACRS 5-year recovery class for tax purposes and has an estimated $74000 salvage value at the end of its economic life. It's based on half year convention. Assuming the company uses the general MACRS approach, the amount of MACRS deduction for tax purposes for the year 2020 is
Answer:
$71,000
Explanation:
Note: The MARCS Table is attached below
Depreciation for 2020 = Cost*Rate%
Depreciation for 2020 = $355000*20%
Depreciation for 2020 = $71,000.
Note: MACRS depreciation disregards the salvage value and depreciates the asset to zero over the life of the asset.
in 2001 an outbreak of hoof-and-mouth disease in europe led to the burning of millions of cattle carcasses. discuss the demand and supply implication caused by the outbreak, for an in-depth analysis of the discussion topic you may use all of the resources available to you. what impact would you expect on the supply of cattle hides, hide prices, the supply of leather goods, and the price of leather goods
Answer:
High demand
Low supply
High prices
Explanation:
The demand and supply of products, goods and services is heavily dependent on several factors ranging from economic, health and social factors. Disease and viral outbreaks have devastating effects on the market forces of demand and supply which in most cases will impact the market negatively with characteristically high prices and scarcity of products. The mouth and hoof outbreak in Europe was one which impacted the economy including farmers, leather and hides workers and all whose businesses and sustainability depends on cattles and its products. Due to the contagious nature of the disease and the ease at which it could spread if curtailment isn't effected on time, millions of cattles were slaughtered on sighting the symptoms and it's products including skins are burnt leading to losses in billions on the path of cattle rearers, shortage of lather, hides and skins, restriction in international product trade in other to avoid its spread to other parts of the world. These resulted in low supply and high demand of cattles and its products including leather goods meaning High prices for little available.
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $4,400 on each September 30, beginning on September 30, 2024. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 9% properly reflects the time value of money in this situation.
Answer: $16,613
Explanation:
As the noninterest-bearing note required Lincoln to make six annual payments of $4,400, this is an annuity because it is a constant figure.
The amount that should be recorded is the present value of this amount.
Present value of annuity = Annuity * ( 1 - ( 1 + rate) ^ -no. of periods) / rate
= 4,400 * ( 1 - ( 1 + 9%)⁻⁶) / 9%
= $19,738
This present value is for September 30, 2023. It needs to be discounted further to September 30, 2021.
= 19,738 / (1 + 9%)²
= $16,613
A motel had the following business on a particular week. Number Occupied Type of room Sun Mon Tues Wed Thu Fri Sat Rate per night Nightly 60 60 60 60 60 $80 5-day Week 90 90 90 90 90 $64 7-day Week 50 50 50 50 50 50 50 $48 Weekend only 130 130 $56 If there are 200 rooms and the operating costs are $20,000 plus a cleaning fee of $5 per room per day, compute the profit during the one-week period. Group of answer choices $57,360 $57,059 $64,160 $64,160
Answer:
Total profit for week = $57360
Explanation:
To calculate the profit for one-week period, we first need to calculate the revenue for one week period based on the given occupancy.
We will first calculate the revenue for every day and add it to calculate the revenue for the week.
Sunday = 60 * 80 + 90 * 64 + 50 * 48 => $12960
Monday = 60 * 80 + 90 * 64 + 50 * 48 => $12960
Tuesday = 60 * 80 + 90 * 64 + 50 * 48 => $12960
Wednesday = 60 * 80 + 90 * 64 + 50 * 48 => $12960
Thursday = 60 * 80 + 90 * 64 + 50 * 48 => $12960
Friday = 50 * 48 + 130 * 56 => $9680
Saturday = 50 * 48 + 130 * 56 => $9680
Total revenue for one week = 12960 * 5 + 9680 * 2 => $84160
To calculate the profit, we will first calculate the total cost.
Total cost = 20000 + (5 * 200 * 5 + 5 * 180 * 2)
Total cost = $26800
Total profit for week = 84160 - 26800
Total profit for week = $57360
Swifty Corporation issued 100000 shares of $10 par common stock for $1250000. A year later Swifty acquired 15900 shares of its own common stock at $15 per share. Three months later Swifty sold 8500 of these shares at $19 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 8500 treasury shares, Swifty should credit
Answer:
the journal entries should be:
Dr Cash 1,250,000
Cr Common stock 1,000,000
Cr Additional paid in capital 250,000
Dr Treasury stock 238,500
Cr Cash 238,500
Dr Cash 161,500
Cr Common stock 85,000
Cr Additional paid in capital 76,500
3. You are considering investing in a startup company called Minions Technologies. After careful analysis, you determine that Minions will be able to generate $100,000 in cash flow at the end of each year for the first 5 years. Then, Minions will generate cash flow of $400,000 at the end of the 6th year, after which it will grow at 11% per year forever. Using a discount rate of 18%, what is the amount you would be willing to invest
Answer:
$2,810,467
Explanation:
we need to determine the enterprise value of Minions Technologies
first, the terminal value at year 5 = $400,000 / (18% - 11%) = $5,714,286
then we must find the present value of all future cash flows, including the terminal value
PV of 5 five cash flows = $100,000 x 3.127 (PV annuity factor, 18%, 5 periods) = $312,700
PV of terminal value = $5,714,286 / 1.18⁵ = $2,497,767
total enterprise value = $2,810,467
Mohawk Machining, which uses a process-costing system, adds material at the beginning of production and incurs conversion cost evenly throughout manufacturing. The following selected information was taken from the company's accounting records: Total equivalent units of materials: 8,000 Total equivalent units of conversion: 7,400 Units started and completed during the period: 6,500 On the basis of this information, the ending work-in-process inventory's stage of completion is:_____.
A- 80%.
B- 70%.
C- 60%. - 40%.
D- some other percentage not listed above.
Answer:
C. 60%
Explanation:
Equivalent unit of Materials = 8,000.00
Equivalent unit of Conversion = 7,400.00
Units started and completed = 6,500.00
Since Materials are entered in the beginning it means that out of 8000 Units of Materials 6500 units are in Units started and completed and remaining 1500 Units are in Closing inventory. It also means that 1500 units are in Closing Inventory of Conversion and Equivalent production of conversion part of 1500 Units are 900 Units (7400-6500).
Let % Completion be x
X% of 1500 = 900
X = 900*100/1500
X = 60%.
