Answer:
Salaries Expense (Dr.) $2,000
Salaries Payable (Cr.) $2,000
Unearned revenue (Dr.) $2,000
Revenue (Cr.) $2,000
Accounts Receivable (Dr.) $500
Revenue (Cr.) $500
Depreciation expense (Dr.) $1,025
Accumulated Depreciation (Cr.) $1,025
Insurance Expense (Dr.) $1,000
Prepaid insurance (Cr.) $1,000
Supplies Expense (Dr.) $425
Office supplies (Cr.) $425
Explanation:
Adjusting entries are prepared for Skylar Gaming Inc., for the transactions that are already recorded. These transaction are adjusted for the change in effects at the month end. Skylar Gaming has prepared all necessary adjusting entries to reflect true accounting impact of every transaction.
On the basis of the following information taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for the month ended September 30, journalize the closing entries for Perez Roofing Company.
Perez Roofing Company
Adjusted Trial Balance
September 30
Account Title Debit Credit
Cash 22,500
Accounts Receivable 3,575
Office Supplies 2,850
Repair Parts 3,785
Machinery 17,750
Accumulated Depreciation 3,250
Accounts Payable 1,150
Notes Payable 6,500
Common Stock 1,500
Retained Earnings 1,000
Dividends 1,750
Service Revenue 47,200
Wages Expense 4,840
Office Supplies Expense 1,275
Repair Parts Expense 925
Depreciation Expense 1,350
60,600 60,600
Answer:
Perez Roofing Company
Closing Journal Entries:
September 30:
Debit Service Revenue $47,200
Credit Income Summary $47,200
To close service revenue to income summary.
Debit Income Summary $8,390
Credit:
Wages Expense $4,840
Office Supplies Expense $1,275
Repair Parts Expense $925
Depreciation Expense $1,350
To close expenses to income summary.
Debit Income summary $38,810
Credit Retained Earnings $38,810
To close income summary to Retained Earnings.
Debit Retained Earnings $1,750
Credit Dividends $1,750
To close dividends to Retained Earnings.
Explanation:
a) Data and Calculations:
Perez Roofing Company
Adjusted Trial Balance
September 30
Account Title Debit Credit
Cash 22,500
Accounts Receivable 3,575
Office Supplies 2,850
Repair Parts 3,785
Machinery 17,750
Accumulated Depreciation 3,250
Accounts Payable 1,150
Notes Payable 6,500
Common Stock 1,500
Retained Earnings 1,000
Dividends 1,750
Service Revenue 47,200
Wages Expense 4,840
Office Supplies Expense 1,275
Repair Parts Expense 925
Depreciation Expense 1,350
60,600 60,600
Closing Entries:
Service Revenue $47,200
Wages Expense $4,840
Office Supplies Expense $1,275
Repair Parts Expense $925
Depreciation Expense $1,350
Dividends $1,750
Based on an examination of the risk and return data for a variety of alternative investments during the period of 1926-2011, which of the following statements is correct? Over the period of 1926-2011, the general trend of increasing riskiness among the following five assets is: U.S. Treasury bills, U.S. government long-term government bonds, long-term corporate bonds, large-company stocks, and small-company stocks. Over the period of 1926-2011, the general trend of increasing return among the following five assets is: U.S. Treasury bills, long-term corporate bonds, U.S. government long-term bonds, large-company stocks, and small-company stocks. Large-company stocks, rather than small-company stocks, exhibit the greater risk and the greater return. Small-company stocks, rather than long-term corporate bonds, exhibit both the greater return and the greater standard deviation.
Answer:
Based on an examination of the risk and return data for a variety of alternative investments during the period of 1926-2011, the correct statement is:
Small-company stocks, rather than long-term corporate bonds, exhibit both the greater return and the greater standard deviation.
Explanation:
Small-company stocks are known to show the highest volatility of returns among these five assets. The reason is that investors in small company stocks always expect higher returns to pay for the higher risks involved in such unproven investments, unlike investing in other assets. In addition, small-company stocks are known to pose higher risks given their known failure to deliver on their promised performance and returns.
Which of the following is part of the generally accepted account of the 1822 conspiracy led by Denmark Vesey?A. His lieutenant was named Cinque. B. Vesey and his followers killed or maimed 37 whites. C. Vesey studied the Magna Carta and quoted the Farmer's Almanac.D. Vesey had purchased his freedom after winning the lottery.
Answer: D. Vesey had purchased his freedom after winning the lottery.
Explanation:
Denmark Vasey was a African American leader in the early 19th century who was born into slavery but was able to buy his freedom when he won a lottery.
In 1822, he was accused of a conspiracy to organize a slavery revolt that would have seen thousands of African Americans killing slave owners in South Carolina and then sailing to Haiti. They had him executed at the age of 55 for this alleged crime.
Jack asked Jill to marry him, and she has accepted under one condition: Jack must buy her a new $ Rolls-Royce Phantom. Jack currently has $ that he may invest. He has found a mutual fund with an expected annual return of % in which he will place the money. How long will it take Jack to win Jill's hand in marriage?
Answer: 47.8 years
Explanation:
Jack is trying to make up to $330,000 from $50,680 at a rate of 4%.
The relevant formula is the future value formula as Jack is trying to get to a certain amount in future:
330,000 = 50,680 * ( 1 + 4%) ^ number of years
1.04 ^ number of years = 330,000 / 50,680
1.04 ^ N = 6.51144435674822
Use the natural logarithm:
N * In (1.04) = In (6.51144435674822)
N * 0.039220713153281 = 1.873561299007586979
N = 1.873561299007586979 / 0.039220713153281
= 47.8 years
For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (1), government purchases (G), exports (X), or imports (M). Transaction
i. Andrew's employer upgrades all of its computer systems using U.S.-made parts.
ii. Beth gets a new refrigerator made in the United States Andrewbuys a bottle of Italian wine.
iii. The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.
iv. Beth's father in Sweden orders a bottle of Vermont maple syrup from the producer's website,
Answer and Explanation:
The classification is as follows:
i. It is an investment as the employer of andrew spent money for upgrading the system so that the productivity could be increased due to this it will give benefits till the long term
ii. It is a consumption as the product is made in US and the same should be consumed in US only
It is a consumption and imports as the andrews purchased the bottle
iii. It is a government spending as the government used the money for creating the infrastructure that should beneficial for the general public
iv. It is an export as father lived in sweden and the maple syrup should be delivered to the foreign party
Which Company/Security report would be best for someone looking to compare a company to its peers in a single display
Which Company/Security report would be best for someone looking to compare a company to its peers in a single display is Comps.
In short, locating comps involves searching out current income of homes as similar to your very own belongings as viable, then evaluating your own home to them and adjusting your rate to account for the differences.
Comparable (comps) are utilized in valuations in which a currently offered asset is used to decide the price of a comparable asset. Comparable, regularly utilized in actual property to discover the honest price of a domestic, are a listing of latest asset income that replicate the traits of the asset and proprietor is seeking to promote.
Simply put, actual property comparable – or “comps” – are similar houses in a selected place that you are looking to shop for or promote in. Comps are used to decide the price of a domestic through evaluating it to comparable houses offered withinside the equal community or in a place as near as viable to the residence being valued.
Learn more about Comps here:
https://brainly.com/question/25950911
#SPJ1
Framjam Sports Equipment produces basketballs at its factory in Kentucky and soccer balls at its factory in Illinois. At its current annual rate of production, the cost of producing basketballs is $70,000 and the cost of producing soccer balls is $45,000. If the firm consolidates production at a single location, the annual cost of production will be $100,000. What is the degree of economies of scope in this case?
Answer:
0.15
Explanation:
The computation of the degree of economies of scope in this case is given below:
(cost of producing basketballs + cost of producing soccer balls - annual cost of production) ÷ annual cost of production
= ($70,000 + $45,000 - $100,000) ÷ $100,000
= 0.15
Lancashire Railway Company (LRC) has two divisions, L and H. Division L is the company’s low-risk division and would have a weighted average cost of capital of 8% if it was operated as an independent company. Division H is the company’s high-risk division and would have a weighted average cost of capital of 14% if it was operated as an independent company. Because the two divisions are the same size, the company has a composite weighted average cost of capital of 11%. Division H is considering a project with an expected return of 12%. Should Lancashire Railway Company (LRC) accept or reject the project?
Answer:
Lancashire Railway Company (LRC)
Lancashire Railway Company (LRC) should reject the project. The basis for rejecting Division H's project is that its return (12%) is less than the risk-based cost of capital for the division (14%).
Explanation:
a) Data:
Division L's weighted-average cost of capital = 8%
Division H's weighted-average cost of capital = 14%
Weight of Division L = 50%
Weight of Division H = 50%
Company composite weighted average cost of capital = 11% (8% * 50%) + (14% * 50%)
Expected return from a proposed project for Division H = 12%
If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Triple Sevens from rooms per night to rooms per night. Therefore, the income elasticity of demand is , meaning that hotel rooms at the Triple Sevens are
Answer:
Therefore, the income elasticity of demand is 0.83, meaning that hotel rooms at the Triple Sevens are normal goods and necessities.
Explanation:
Note: This question is not complete as some data in it are missing. The complete question is therefore provided before answering the question as follows:
If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Triple Sevens rises from 300 rooms per night to 350 rooms per night. Therefore, the income elasticity of demand is __________, meaning that hotel rooms at the Triple Sevens are__________.
The explanation of the answer is now provided as follows:
Percentage change in income = 20%
Percentage change in quantity of rooms demanded = ((350 - 300) / 300) * 100 = 16.67%
Income elasticity of demand = Percentage change in quantity of rooms demanded / Percentage change in income = 16.67% / 20% = 0.83
Since the income elasticity of demand is positive but less than one, this implies that hotel rooms at the Triple Sevens are normal goods and necessities.
Therefore, the income elasticity of demand is 0.83, meaning that hotel rooms at the Triple Sevens are normal goods and necessities.
What is Company XYZ's intrinsic equity value using the WACC as the discount rate and assuming the terminal value is based on the EBITDA exit multiple
Answer:
$315,198
Explanation:
WACC = [ Equity / Total value ] * cost of equity + [ Debt / Total value ] * Cost of debt.
WACC = 11.5%
Exit multiple = Total cash outflow / Total cash inflow
Exit multiple = $120,000 / 36,000 = 3.3x
EBITDA of the company is $178,412.
Which of the following methods of accounting for investments is appropriate when the investor has significant influence over the investee?
a. cost method.
b. mark to market method.
c. equity method.
d. lower of cost or market method.
Answer:
The answer is "Option c".
Explanation:
The equity method is indeed the conventional technique used whenever an investor, a firm, has a massive effect on some other asset manager.
It is the method used by a company to document its money generated through investment in another company.
The investor should record its profits or losses following its ownership percentage. It regularly changes the value of the property to a balance sheet of even an investor.
___________ are actually giant specialty stores. They feature stores the size of airplane hangars that carry a deep assortment of a particular line with a knowledgeable staff. These stores are prevalent in a wide range of categories, including books, baby gear, toys, electronics, home improvement products, and even pet supplies.
Answer: Category killers
Explanation:
A specialty store as the name implies, is one that specializes in a certain category of goods. They however provide a range of products and brands within that category.
When a specialty store becomes really big and provides a very deep assortment of a particular line of goods along with very knowledgeable staff to help, they become known as Category killers because they would be providing a whole lot of brands and products under the category they operate in.
An example would be BestBuy or Home Depot.
what are the characteristics of effective communication
Answer:
Clear—main ideas easily identified and understood.
Concise—gets to the point without using unneeded words or images.
Concrete—includes specific examples or explanations.
Correct—in information, word choice, and grammar.
Coherent—information presented in a logical sequence.
Completeness. Effective communications are complete, i.e. the receiver gets all the information he needs to process the message and take action. ...
Conciseness. Conciseness is about keeping your message to a point. ...
Consideration. ...
Concreteness. ...
Courtesy. ...
Clearness. ...
Correctness.
Explanation:
Hope this helps.
7. During January 2005, an Italian invested in the Italian stock market and earned a return of 1.47%. During the same month, an American investor investing in the Italian stock market earned a return of –2.358%.
Answer:
Escreva a expressão algébrica correspondente a cada sentença abaixo descrita.
a) O quadrado de um número real x.
b) O cubo de um número real y.
c) O triplo de um número adicionado ao dobro de um número k.
d) A terça parte de um número real diminuído 7.
Explanation:
Escreva a expressão algébrica correspondente a cada sentença abaixo descrita.
a) O quadrado de um número real x.
b) O cubo de um número real y.
c) O triplo de um número adicionado ao dobro de um número k.
d) A terça parte de um número real diminuído 7.
The following data relates to Black-Out Company's estimated amounts for next year. Estimated: Department 1 Department 2 Manufacturing overhead costs $ 300,000 $ 400,000 Direct labor hours 60,000 DLH 80,000 DLH Machine hours 1,000 MH 2,000 MH What is the company's plantwide overhead rate if machine hours are the allocation base
Answer:
Predetermined manufacturing overhead rate= $233.33 per machine hour
Explanation:
Giving the following information:
Total estimated overhead= 300,000 + 400,000= $700,000
Machine hours= 1,000 + 2,000= 3,000
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 700,000 / 3,000
Predetermined manufacturing overhead rate= $233.33 per machine hour
The current ratio of a firm with current assets of $300,000, current liabilities of $100,000, and inventory of $100,000 is:
Answer: 3.0
Explanation:
The current ratio of a firm allows us to tell whether the company is able to pay off its current obligations using its current assets.
Current ratio is calculated by:
= Current assets / Current liabilities
= 300,000 / 100,000
= 3.0
Inventory is already included in current assets so there is no need to add it again.
CompuTop Company sells toy laptop computers for $30 each. If the variable cost for each laptop is $20 and fixed costs total $25,000, how much sales in dollars must it sell to generate a target income of $66,667
Answer:
the sales in dollars sell to generate the target income is $183,334
Explanation:
The computation of the sales in dollars sell to generate the target income is shown below:
= (Fixed cost + target income) ÷ (selling price - variable cost) ÷ selling price
= ($25,000 + $66,667) ÷ ($30 - $20) ÷ $20
= $91,667 ÷ 50%
= $183,334
Hence, the sales in dollars sell to generate the target income is $183,334
Schneider Inc. had salaries payable of $61,400 and $90,700 at the end of Year 1 and Year 2, respectively. During Year 2, Schneider recorded $620,000 in salaries expense in its income statement. Cash outflows for salaries in Year 2 were:
Answer:
$590,700
Explanation:
We can determine the amount of Cash outflows for salaries in Year 2 by preparing a Salaries Payable T - Account.
Salaries Payable T - Account.
Debit
Ending Balance $90,700
Cash (Balancing figure) $590,700
Total $681,400
Credit
Beginning Balance $61,400
Income Statement $620,000
Total $681,400
thus,
Cash outflows for salaries in Year 2 were $590,700.
Rediger Inc. a manufacturing company, has provided the following data for the month of June. The balance in the Work in Process inventory account was $22,000 at the beginning of the month and $17,000 at the end of the month. During the month, the company incurred direct materials cost of $55,000 and direct labor cost of $28,000. The actual manufacturing overhead cost incurred was $53,000. The manufacturing overhead cost applied to jobs was $51,000. The cost of goods manufactured for June was: _________.
a. $141,000
b. $139,000
c. $134,000
d. $136,000
Answer:
b. $139,000
Explanation:
The cost of goods manufactured is the total costs incurred in the month of June in producing goods which comprise direct costs of labor, direct materials,factory overhead and so on shown in the attached excel file.
Rediger Inc.
Cost of goods manufactured schedule
Direct materials purchased $55,000
Direct labor $28,000
Total direct costs $83,000
factory overhead $51,000
Total manufacturing costs $134,000
Work in process 1/1 $22,000
Work in process 12/31 ($17,000)
Cost of goods manufactured $139,000
Assume there is a simultaneous decrease in the incomes of people in the market for new homes and a decrease in the wages paid to carpenters, plumbers, and electricians. All else constant, we can predict, with certainty, that in the market for new homes the equilibrium:
Answer:
Lower price for new houses.
Explanation:
The decrease in the income of people will decrease the demand for houses and the demand curve will shift leftwards. Meanwhile, the decrease in the wages for carpenters, plumbers, etc will decrease the cost of production so the producer will supply more when the cost of production decreases. So supply curve will shift rightwards. Resulting there will be lower prices due to shifts in the leftward demand curve and rightward supply curve.
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting.
Advertising Revenue $46,982
Cash 41,516
Accounts Receivable 7,296
Interest Expense 2,299
Accounts Payable 5,000
Operating Expenses 37,460
Deferred Revenue 1178
Equipment 18,648
Income Tax Expense 2,326
The following activities occurred in 2019:
1. Performed advertising services on account, $55,000.
2. Received cash payments from customers on account, $10,400.
3. Received deposits from customers for advertising services to be performed in 2020, $2,500.
4. Made payments to suppliers on account, $7,000.
5. Incurred $45,000 of operating expenses; $39,000 was paid in cash and $6,000 was on account and unpaid as of the end of the year.
Required:
What is the amount of revenue that will be reported on the income statement for the year ended December 31, 2019?
Answer:
the amount of the revenue that should be recorded is $51,896
Explanation:
The computation of the amount of the revenue that should be recorded is shown below:
= Opening balance of account receivable + service revenue balance on the account - cash payment
= $7,296 + $55,000 - $10,400
= $51,896
Hence, the amount of the revenue that should be recorded is $51,896
The 10% bonds payable of Kim Company had a net carrying amount (carrying value) of $2,850,000 on July 2, 2021. The bonds, which had a face value of $3,000,000, were issued at a discount to yield 12%. The amortization of the bond discount was recorded under the effective-interest method. Interest was paid on January 1 and July 1 of each year. On July 2, 2021, several years before their maturity, Kim retired the bonds at 101. The interest payment on July 1, 2021 was made as scheduled. What is the loss that Kim should record on the early retirement of the bonds on July 2, 2021
Answer:
-$159,000
Explanation:
Calculation to determine the loss that Kim should record on the early retirement of the bonds on July 2, 2021
First step is to calculate the CV of bonds
CV of bonds =$2,850,000 + [($2,850,000 × 12%/2) – ($3,000,000 × 10%/2)]
CV of bonds =$2,850,000 + [($2,850,000 × .06) – ($3,000,000 × .05)]
CV of bonds =$2,850,000 +($171,000-$150,000)
CV of bonds =$2,850,000 +$21,000
CV of bonds =$2,871,000
Now let determine the Loss
Loss=$2,871,000 – ($3,000,000 × 1.01)
Loss=$2,871,000 – $3,030,000
Loss= -$159,000
Therefore the loss that Kim should record on the early retirement of the bonds on July 2, 2021 is $159,000
what is balance of trade and balance of payment?
Answer:
the difference in value between a country's imports and exports.
is an accounting of a country's international transactions for a particular time period.
You have just made your first $4,400 contribution to your retirement account. Assume you earn a return of 13 percent per year and make no additional contributions. a. What will your account be worth when you retire in 29 years
Answer: $152,309.69
Explanation:
You are looking for the future value of this amount in 29 years assuming it will be compounded annually.
Future value = Amount * (1 + rate)^ number of years
= 4,400 * ( 1 + 13%)²⁹
= $152,309.69
Casey Motors recently reported net income of $55 million. The firm's tax rate was 40.0% and interest expense was $19 million. The company's after-tax cost of capital is 9.0% and the firm's total investor supplied operating capital employed equals $385 million. What is the company's EVA
Answer:
$31.76 million
Explanation:
Economic Value Added is the residual wealth left for shareholders after having accounted for the financing needs of the company as shown by the formula below:
EVA=NOPAT-(WACC*invested capital)
NOPAT is the net operating profit after tax =operating profit(EBIT)*(1-tax rate)
Net income=Earnings before tax*(1-tax rate)
net income= $55 million
EBT=unknown
tax rate=40.0%
$55=EBT*(1-40.0%)
$55=EBT*0.60
EBT=$55/0.60
EBT=$91.67
EBIT=EBT+interest
EBIT=$91.67+$19
EBIT=$110.67
NOPAT=$110.67*(1-40%)
NOPAT=$66.41
WACC=9.0%
perating capital employed=$385
EVA=$66.41-(9.0%*$385)
EVA=$31.76 million
operating capital em
__________aggregate customers' opinions related to products or services that they have purchased and then suggest them to others with the same interest.
Answer:
Recommendation websites
Explanation:
Recommendation websites aggregate customers' opinions related to products or services that they have purchased and then suggest them to others with the same interest.
These websites make use of customer data based on what they have purchased in the past (product or service) to present to them new/similar products.
Depreciation on equipment for the year is $5,640.
Journalize the transaction if the company prepares adjustments once a year.
(a) Record the journal entry if the company prepares adjustments once a year.*
(b) Record the journal entry if the company prepares adjustments on a monthly basis.*
*Refer to the Chart of Accounts for exact wording of account titles.
Chart of Accounts
CHART OF ACCOUNTS
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Prepaid Insurance
16 Equipment
17 Accumulated Depreciation-Equipment
LIABILITIES
21 Accounts Payable
22 Notes Payable
23 Unearned Fees
24 Wages Payable
25 Interest Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
EXPENSES
51 Advertising Expense
52 Insurance Expense
53 Interest Expense
54 Wages Expense
55 Supplies Expense
56 Utilities Expense
57 Depreciation Expense
59 Miscellaneous Expense
General Journal
(a) Record the journal entry on December 31, if the company prepares adjustments once a year.*
(b) Record the journal entry on December 31, if the company prepares adjustments on a monthly basis.*
*Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1
2
3
4
Answer:
a.
Date Account Title Debit Credit
XX-XX-XXX Depreciation Expense $5,640
Accumulated Depreciation $5,640
b.
Date Account Title Debit Credit
XX-XX-XXX Depreciation Expense $470
Accumulated Depreciation $470
Working
Monthly depreciation = Annual depreciation / 12 months
= 5,640 / 12
= $470
Stocks have a 12% expected return and 22% risk. Bonds have a 7% expected return and 10% risk. The expected return of a portfolio comprised of 70% stocks and 30% bonds is: Group of answer choices
Answer:
10.5%
Explanation:
Calculation to determine Expected return of portfolio
Using this formula
Expected return of portfolio = Ws*E(rs) + Wb*E(rb)
Where,
Expected return stock E(rs) = 12%
Expected return bond E(rb) = 7%
Weight of stock Ws = 0.70
Weight of bond Wb = 0.30
Let plug in the formula
Expected return of portfolio= 0.7*12 + 0.3*7
Expected return of portfolio = 10.5%
Therefore Expected return of portfolio is 10.5%
The discount rate that makes the present value of a bond's payments equal to its price is termed the:
Coupon rate is the rate of discount that makes the present value of a bond's payments equal to its price.
Basically, the discount rate means the interest rate used to get P.V. of future cash flows in a discounted cash flow (DCF).
The coupon rate refers to the interest rate paid by bond-issuers on the bond's face value.
Hence, the Coupon rate is the rate of discount that makes the present value of a bond's payments equal to its price.
Read more about discount rate
brainly.in/question/22289908
A short futures contract on a non-dividend paying stock was entered some time ago. It now has 6 months to maturity. The risk-free rate of interest is 10% per year. The stock is currently trading at $25/share and the delivery price is $24/share. How much is your position worth today (ignore marking to market costs)
Answer:
$26.225
Explanation:
Spot rate amount = $25
Period = 0
FV Period = 6 month. FVF at 5%, 6 month = 1.049
Position worth today = Spot rate amount * FVF
Position worth today = $25 * 1.049
Position worth today = $26.225
So, my position worth today is $26.225.
