Question 4 of 15. Barney and Len each own 40% of partnership BLT. On September 15, 2019, Barney sells his interest to Ted, who is a 20% partner. On September 16, 2020, Len sells his interest to Ted. When does the partnership terminate? 9/15/2020 9/16/2020 12/31/2020 The partnership does not terminate.

Answers

Answer 1

Answer: 9/16/2020

Explanation:

Following the information given in the question, it should be noted that the partnership will terminate on 9/16/2020.

A partnership is terminated in a situation whereby there's a transfer of interest such that there's only one partner who then remains. In this casez the termination date will be the date that the interest was sold. Since the sale of interest took place on September 16, 2020, then this will be the termination date.


Related Questions

Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 21 $ 71 $ 1,491 March 28 Purchase 31 77 2,387 August 22 Purchase 42 81 3,402 October 14 Purchase 47 87 4,089 Goods Available for Sale 141 $ 11,369 The company sold 47 units on May 1 and 42 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. FIFO LIFO Weighted Average

Answers

Answer:  

FIFO LIFO WEIGHTED AVERAGE  

Ending inventory   4494 3878 4193  

Cost of Goods Sold   6875 7491 7176  

Explanation:

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO          

RECIEPTS   COST OF GOODS SOLD   BALANCE  

DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $

balance   21 71 1491 21 71 1491    

Purchasse          

28-Mar 31 77 2387 31 77 2387    

22-Aug 42 81 3402 37 81 2997 5 81 405

14-Oct 47 87 4089    47 87 4089

TOTAL 141  11369 89  6875 52  4494

         

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO          

RECIEPTS   COST OF GOODS SOLD   BALANCE  

DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $

balance   21 71 1491    21 71 1491

Purchasse          

28-Mar 31 77 2387    31 77 2387

22-Aug 42 81 3402 42 81 3402    

14-Oct 47 87 4089 47 87 4089    

TOTAL 141  11369 89  7491 52  3878

         

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE          

RECIEPTS   COST OF GOODS SOLD   BALANCE  

DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $

balance   21 71 1491      

Purchasse          

28-Mar 31 77 2387      

22-Aug 42 81 3402      

14-Oct 47 87 4089      

TOTAL 141 80.63 11369 89 80.63 7176 52 80.63 4193

         

The Dominican Republic and Nicaragua both produce coffee and rum. The Dominican Republic can produce 25 thousand tons of coffee per year or 5 thousand barrels of rum. Nicaragua can produce 18 thousand tons of coffee per year or 3 thousand barrels of rum. Suppose the Dominican Republic and Nicaragua sign a trade agreement in which each country would specialize in the production of either coffee or rum.

RequireDd
a. Which country should specialize in coffee?
b. Which country should specialize in rum?

Answers

Answer:

a. Nicaragua

b, Dominican Republic

Explanation:

A country should specialise in the production of goods for which it has a comparative advantage in its production

A country has comparative advantage in production if it produces at a lower opportunity cost when compared with other countries.

The Dominican Republic

opportunity cost of producing rum = 25,000 / 5000 =  5

opportunity cost of producing coffee = 5000 / 25000 = 0.2

Nicaragua

opportunity cost of producing rum = 6

opportunity cost of producing coffee = 0.17

The Dominican Republic has a lower opportunity cost in the production of rum. It should specialise in the production of rum

Nicaragua has a lower opportunity cost in the production of coffee. It should specialise in the production of coffee

LO, Inc., is considering an investment of $444,000 in an asset with an economic life of five years. The firm estimates that the nominal annual cash revenues and expenses at the end of the first year will be $283,100 and $88,800, respectively. Both revenues and expenses will grow thereafter at the annual inflation rate of 2 percent. The company will use the straight-line method to depreciate its asset to zero over five years. The salvage value of the asset is estimated to be $64,000 in nominal terms at that time. The one-time net working capital investment of $19,500 is required immediately and will be recovered at the end of the project. The corporate tax rate is 24 percent.

Required:
What is the projectâs total nominal cash flow from assets for each year?

Answers

Answer:

LO, Inc.

The project's total nominal cash flow from assets for each year:

                     Revenue            Expenses   Net Cash Flow

Year 1           $283,100          $108,300        $174,800

Year 2           288,762              90,576           198,186

Year 3          294,537               92,388          202,149

Year 4          300,428               94,236         206,192

Year 5          389,937                96,121          293,816

Explanation:

a) Data and Calculations:

Cost of investment in an asset = $444,000

Estimated economic life of the asset = 5 years

Nominal annual revenues for the first year = $283,100

Nominal annual expenses for the first year = $88,800

Annual inflation rate = 2%

Salvage value of the asset = $64,000

One-time net working capital investment = $19,500

Corporate tax rate = 24%

Project's total nominal cash flow from asset for each year:

                     Revenue                            Expenses

Year 1           $283,100                            $108,300 ($88,800+$19,500)

Year 2           288,762 ($283,100 * 1.02)   90,576 ($88,800 * 1.02)

Year 3          294,537 ($288,762 * 1.02)   92,388 ($90,576 * 1.02)

Year 4          300,428 ($294,537 * 1.02)  94,236 ($92,388 * 1.02)

Year 5          306,437 ($300,428 * 1.02)   96,121 ($94,236 * 1.02)

Year  5          83,500   ($64,000 + $19,500) (Salvage value and Working capital recovery)

Kiwi Plc sold an antique painting which had been purchased inJanuary 1996 for £21,000. It was sold for £4,200 in January 2021. The proceeds were received net of auction fees of £650. What is Kiwi Plc's allowable loss?​

Answers

Answer:

$17,450

Explanation:

The antique painting that was bought in January 1996 was sold for $21,000

It was sold for 4,200 in January 2021

It received a net auction fee of 650

Therefore the allowable loss can be calculated as follows

= 21,000-4200+650

= 17,450

Hence the allowable loss is $17,450

The following information is from Princeton Company's comparative balance sheets.

At December 31 Current year Priro year
Common stock, $10 par value $124,000 118,000
Paid—in capital in excess of par 585,000 351,000
Retained earnings 331,500 305,500

The company's net income for the current year ended December 31 was $57,000.

Required:
Write down the T-accounts to calculate the cash received from the sale of its common stock during the current year.

Answers

Answer:

cash received = $ 240,000

Explanation:

On calculating the common stock $10 par

Beg. balance - $ 118,000

                      $6,000      - Issuance of common stock

Thus the ending balance = $124,000

On calculating the paid in capital in excess of par

Beg. balance - $ 351,000

                      $ 234,000 - Issuance of common stock

Thus the end balance - $ 585,000

Therefore,

The cash received - $ 240,000

International trade in goods and services is a major component of the globalization process.

a. True
b. False

Answers

it’s true periodddddddddddd

Somerset Computer Company has been purchasing carrying cases for its portable computers at a purchase price of $62 per unit. The company, which is currently operating below full capacity, charges factory overhead to production at the rate of 45% of direct labor cost. The unit costs to produce comparable carrying cases are expected to be as follows:

Direct materials $8.00
Direct labor 12.00
Factory overhead (40% of direct labor) 4.80
Total cost per unit $24.80

If Somerset Computer Company manufactures the carrying cases, fixed factory overhead costs will not increase and variable factory overhead costs associated with the cases are expected to be 25% of the direct labor costs.

Required:
Prepare a differential analysis dated April 30 to determine whether the company should make (Alternative 1) or buy (Alternative 2) the carrying case.

Answers

Answer:

Somerset Computer Company

Differential Analysis dated April 30:

                                                 Make                  Buy      

                                            Alternative 1    Alternative 2    Difference

Variable cost per unit           $23.00                $62.00           $39.00

Explanation:

a) Data and Calculations:

Purchase price per portable computer carrying case = $62

Unit cost of production:

Direct materials                                     $8.00

Direct labor                                            12.00

Factory overhead (40% of direct labor) 4.80

Total cost per unit                              $24.80

Unit cost of production, with overhead broken into fixed and variable:

Direct materials                                     $8.00

Direct labor                                            12.00

Factory overhead

Fixed overhead                                       1.80

Variable overhead                                 3.00

Total cost per unit                             $24.80

b) With a net gain of $39 per unit, the company should make the unit (Alternative 1) instead of buying it (Alternative 2).

Morgana Company identifies three activities in its manufacturing process: machine setups, machining, and inspections. Estimated annual overhead cost for each activity is $157,500, $421,600, and $60,000, respectively. The cost driver for each activity and the estimated annual usage are number of setups 2,100, machine hours 24,800, and number of inspections 1,200.

Required:
Compute the overhead rate for each activity.

Answers

Answer and Explanation:

The computation of the overhead rate for each activity is shown below:

Machine setup is

= $157,500 ÷ 2,100

= $75 per machine setup

Machining is

= $421,600 ÷ 24,800

= $17 per machine hour

And, for Inspections, it is

= $60,000 ÷ 1,200

= $50 per inspection

In this way it should be calculated

A select list of transactions for Goals​ follows:
For each​ transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting​ entries: deferred​ expense, deferred​ revenue, accrued​ expense, and accrued revenue.
Apr. 1 Paid six months of rent, $4,800.
10 Received $1,200 from customer for six month service contract that began April 1.
Apr. 15 Purchased a computer for $1,000.
Apr. 18 Purchased $300 of office supplies on account.
Apr. 30 Work performed but not yet billed to customer, $500
Apr. 30 Employees earned $600 in salaries that will be paid May 2.

Answers

Answer:

Goals

Identification of Needed Adjusting Entry:

Transaction                                                          Adjusting Entry Type

Apr. 1 Paid six months of rent, $4,800.              Deferred expense

Apr. 10 Received $1,200 from customer for      Deferred revenue

six month service contract that began April 1.

Apr. 15 Purchased a computer for $1,000.        Deferred expense

Apr. 18 Purchased $300 of office

supplies on account.                                          Accrued expense

Apr. 30 Work performed but not yet

billed to customer, $500                                   Accrued revenue

Apr. 30 Employees earned $600 in                  Accrued expense

salaries that will be paid May 2.

Explanation:

Four types of adjusting​ entries:

Goal's deferred​ expense refers to an expense that Goal will incur in future periods but already paid for.

Goal's deferred​ revenue includes its revenue received in advance of service.

Goal's accrued​ expense refers to an expense that has been incurred but not yet paid for.

Goal's accrued revenue includes revenue that has been earned but not yet received.

Suppose that a competitive​ firm's marginal cost of producing output q​ (MC) is given by MC (q )equals6plus2 q. Assume that the market price​ (P) of the​ firm's product is ​$18 . What level of output​ (q) will the firm​ produce? The firm will produce nothing units of output. ​(Enter your response rounded to two decimal places.​)

Answers

Answer:

The firm will produce 6.00 units of output.

Explanation:

From the question, we have:

MC(q) = 6 + 2q ……………… (1)

P = $18 ………………………. (2)

For any firm, profit is maximized when MC = P. To determine the level of output (q) the firm will produce, we therefore equate equations (1) and (2) and solve for q as follows:

6 + 2q = 18

2q = 18 - 6

2q = 12

q = 12 / 2

q = 6.00

Therefore, the firm will produce 6.00 units of output.

Margin of Safety a. If Canace Company, with a break-even point at $960,000 of sales, has actual sales of $1,200,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales? Round the percentage to the nearest whole number. 1. $fill in the blank 1 2. fill in the blank 2 % b. If the margin of safety for Canace Company was 20%, fixed costs were $1,875,000, and variable costs were 80% of sales, what was the amount of actual sales (dollars)? (Hint: Determine the break-even in sales dollars first.) $fill in the blank 3

Answers

Answer and Explanation:

The computation is given below:

a      

Margin of safety in dollars is

= $1,200,000 - $960,000

= $240,000

As a percentage of sales is

= $240,000 ÷ $1,200,000

= 20%  

b      

Break-even in sales dollars is

= $1,875,000 ÷ (1 - 0.8)

= $9,375,000

Actual sales (dollars) is

= $9,375,000 ÷ (1 - 0.2)

= $11,718,750

In this way it should be determined

Forsyth Company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. During the year, the company produced and sold 10,000 units at a price of $155 per unit. Its standard cost per unit produced is $125 and its selling and administrative expenses totaled $245,000. Forsyth does not have any variable manufacturing overhead costs and it recorded the following variances during the year:

Materials price variance $6,800 F
Materials quantity variance $10,500 U
Labor rate variance $3,800 U
Labor efficiency variance $4,700 F
Fixed overhead budget variance $2,800 F
Fixed overhead volume variance $12,300 F

Required:
a. When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much?
b. Prepare an income statement for the year.

Answers

Answer:

a. Cost of goods sold will decrease by $12,300.

b. Net income  = $67,300

Explanation:

a. When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much?

This can be determined by calculating the net variance as follows:

                             Forsyth Company

                   Calculation of Net Variance

Details                                                          Amount ($)  

Materials price variance (F)                             6,800

Materials quantity variance (U)                     (10,500)

Labor rate variance (U)                                   (3,800)

Labor efficiency variance (F)                            4,700

Fixed overhead budget variance (F)              2,800

Fixed overhead volume variance (F)             12,300  

Net variance                                                   12,300  

Since the net variance of $12,300 is positive which is favorable, this implies that the cost of goods sold will decrease by $12,300.

b. Prepare an income statement for the year.

The income statement for the year can be prepared as follows:

                                   Forsyth Company

                          Income Statement for the Year

Details                                                      $                           $        

Sales (10,000 * $155)                                                    1,550,000

Cost of goods sold (COGS):

Standard COGS (10,000 * $125)     (1,250,000)

Net variance                                           12,300  

Net Cost of goods sold                                               (1,237,700)  

Gross margin                                                                   312,300

Selling and administrative expenses                          (245,000)  

Net income                                                                       67,300  

An individual in the 36 percent tax bracket has $20,000 invested in a tax-exempt account. If the individual earns 10 percent annually before taxes and inflation is 3.0 percent per year, what is the real value of the investment in 10 years?

Answers

Answer:

the  real value of the investment in 10 years is $38,614

Explanation:

The computation of the real value of the investment is given below:

but before that the rate of return is

= (1.10) ÷ (1.03) - 1

= 6.8%.

Now the

Future value  

= $20,000 × (1 + 0.068)^10

= $38,613.80

Hence, the  real value of the investment in 10 years is $38,614

The same should be calculated

Department R had 4,700 units in work in process that were 78% completed as to labor and overhead at the beginning of the period. During the period, 26,200 units of direct materials were added, 28,500 units were completed, and 2,400 units were 32% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories. The number of equivalent units of production for conversion costs for the period was a.25,602 b.35,600 c.28,500 d.30,302

Answers

Answer: 25602

Explanation:

The number of equivalent units of production for conversion costs for the period will be calculated as follows:

Beginning work in process = 4700 × (100% - 78%) = 4700 × 22% = 1034

Add: Unit started and completed = 28,500 - 4700 = 23800

Add: Ending work in process = 2400 × 32% = 768

The equivalent units of production for conversion costs will be:

= 1034 + 23800 + 768

= 25602

1. Center of the World. The Ecuadorian sucre (S) suffered from hyper-inflationary forces throughout 1999. Its value moved from S5,000/$ to S25,000/$. What was the percentage change in its value?2. Reais Reality. The Brazilian reais (R$) value was R$1.80/$ on Thursday, January 24, 2008. Its value fell to R$2.39/$ on Monday, January 26, 2009. What was the percentage change in its value?

Answers

Answer:

1- The percentage change in the value of the Ecuadorian Sucre was an increase of 400%.

2- The change in the percentage of the value of the Brazilian Real was a decrease of 32.77% of its value.

Explanation:

1- Given that the Ecuadorian sucre (S) suffered from hyper-inflationary forces throughout 1999, and its value moved from S5,000 / $ to S25,000 / $, to determine what was the percentage change in its value, the following calculation:

5000 = 100

25000 = X

25000 x 100/5000 = X

2500000/5000 = X

500 = X

500 - 100 = 400

Therefore, the percentage change in the value of the Ecuadorian Sucre was an increase of 400%.

2- Given that the Brazilian reais (R $) value was R $ 1.80 / $ on Thursday, January 24, 2008, and its value fell to R $ 2.39 / $ on Monday, January 26, 2009, to determine what was the percentage change in its value the following calculation must be performed:

1.80 = 100

2.39 = X

2.39 x 100 / 1.8 = X

239 / 1.8 = X

132.77 = X

132.77 - 100 = 32.77

Therefore, the change in the percentage of the value of the Brazilian Real was a decrease of 32.77% of its value.

Stacy Cool wants to invest her money to earn at least 14%. A friend who is interested in investments has suggested her to buy a bond issued by the Buckeye Bravo Company that will mature in seven years. It has a face value of $1,000, pays an annual coupon of $110, and currently sells for $950. Should she buy this bond

Answers

Answer:

no

the yield to maturity is 12% which is less than 14%

Explanation:

To determine if Stacy should buy the bond, determine the yield to maturity of the bond

yield to maturity can be determined using a financial calculator

Cash flow in year 0 = -950

Cash flow in year 1 - 6 = 110

Cash flow in year 7 = 110 + 1000

YTM = 12.1%

The YTM is less than the minimum return she wants. So, she should not buy the bond

To determine YTM using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.  

To determine YTM using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.  

Suppose Valley Technology has the following results related to cash flows for 2020:

Decrease in Debt of $1,000,000
Dividends Paid of $200,000
Purchases of Property, Plant, & Equipment of $5,700,000
Other Adjustments from Financing Activities of $100,000
Other Adjustments from Investing Activities of $900,000

Assuming no other cash flow adjustments than those listed above, create a statement of cash flows for investing and financing activities with amounts in thousands.

Required:
What is the Net Cash Flow from Investing and Financing Activities?

Answers

Answer:

Valley Technology

Statement of Cash Flows (in thousands):

Investing activities:

Other Adjustments from Investing Activities      $900

Financing activities:

Decrease in Debt of                                          ($1,000)

Dividends Paid of                                                ($200)  

Other Adjustments from Financing Activities of $100

Net cash flow from financing activities               (1,100)

Net cash flows                                                    ($200)

Explanation:

a) Data and Calculations:

Decrease in Debt of $1,000,000

Dividends Paid of $200,000

Purchases of Property, Plant, & Equipment of $5,700,000

Other Adjustments from Financing Activities of $100,000

Other Adjustments from Investing Activities of $900,000

Grays Company has inventory of 25 units at a cost of $6 each on August 1. On August 3, it purchased 35 units at $11 each. 27 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 27 units that were sold?

Answers

Answer:

$174

Explanation:

Calculation to determine what amount will be reported as cost of goods sold for the 27 units that were sold

Cost of goods sold=(25 units*$6) + [(25 units -27units)*$12]

Cost of goods sold =$150+$24

Cost of goods sold=$174

Therefore the amount that will be reported as cost of goods sold for the 27 units that were sold is $174

A company creates a rating form for its suppliers and rates their on-time delivery, product quality, service advice, and so forth in order to determine which suppliers to put on an approved list of suppliers for specific products. This process is called a(n)

Answers

Answer:

Vendor analysis

Explanation:

Organizational Buying Process

This is simply refered to as the decision making process where organizations state the need for purchased products and services and thereafter identify or evaluate to choose among them. There are 3 influences purchase type. They includes: structural and behavioral.

Vendor analysis in organizations buying influence is simply known as the behavioral needs of the buyer.

ethical conflicts may sometimes arise in buyer-supplier relationships. This can help the buying organization to manage spending

Vendor Analysis

This is simply refered to as a formal rating of suppliers on all important areas of performance.

The usual goal of a vendor analysis is to lower the total costs of a purchase.

The steps in Organizational buying process. They includes:

1. Recognize the product needed

2. Vendor analysis

3. Purchase decision

4. Post purchase evaluation.

When you retire, you wish to have $3 million in your retirement account. You decided to add $2,000 every quarter to your retirement account and invest to generate annualized return of 8% from your investment, how many years do you think it will take to have $3 million in the account

Answers

Answer:

43.35 years

Explanation:

Use the following formula to determine the number of years

Future Value of Annuity = Periodic Annuity x ( 1 + Periodic Interest rate )^numbers of periods ) - 1 / Periodic Interest rate

Where

Future Value of Annuity = $3 million = $3,000,000

Periodic Annuity = $2,000 per quarter

Periodic Interest rate = Interest rate x Quarterly fraction = 8%  x 3/12 = 2%

Numbers of periods = n = ?

Placing values in the formula

$3,000,000 = $2,000 x ( 1 + 2% )^n ) - 1 / 2%

$3,000,000 / $2,000 = ( 1 + 2% )^n ) - 1 / 2%

1,500 =  ( 1.02 )^n ) - 1 / 2%

1,500 x 2% = ( 1.02 )^n ) - 1

30 = ( 1.02 )^n ) - 1

30 + 1 = 1.02^n

31 = 1.02^n

Log 31 = n log 1.02

n = Log 31 / Log1.02

n = 173.41

Now calculat ethe nUmbers of years as follow

Numbers of years = n x 3/12

Numbers of years = 173.41 x 3/12

Numbers of years = 43.35 years

​Tri-County G&T sells 145,000 MWh per year of electrical power to Boulder at ​$ per​ MWh, has fixed costs of ​$ million per​ year, and has variable costs of ​$ per MWh. If​ Tri-County has MWh of demand from its customers​ (other than​ Boulder), what will​ Tri-County have to charge to break​ even?

Answers

Answer:

$105.85

Explanation:

Given that :

Fixed cost = $83.1 million

Variable cost = $30 / MWh

Number of demand, $1,000,000 MWh

Variable cost to other customers =[(1,000,000 + 145000) * $30) = $34350000

To break even :

Total Cost = Total revenue

(fixed Cost + variable cost) = total revenue

Let amount per MWh required to break even = x (amount sold to other customers)

(83100000 + 34350000) = (145000*80 + 1000000x)

117450000 = 11600000 + 1000000x

117450000 - 11600000 = 1000000x

105850000 = 1000000x

x = 105850000 / 1000000

x = $105.85

(True) or (False)? The most common method companies use is double-declining balance, because it allows companies to recognize for depreciation expense up front.

Answers

Answer:

false

Explanation:

my teacher said it was false but she could be wrong

Say that Fed policy requires all banks to hold 8% of deposits in reserves. If Ventura Bank does not hold any excess reserves and the Fed increases the reserve requirement to 10%, what will be the result

Answers

Answer:

the money supply decreases

Explanation:

Reserve ratio is the percentage of deposits that is required of commercial banks to keep as reserves. The higher the ratio, the lower the money supply

For example, assume reserve ratio is initially 8% of deposits. It is later reduced to  10%. 1000 is deposited

Increase in money supply = deposit / reserve ratio

1000 / 0.08 = 12,500

1000 / 0.1  = 10,000

It can be seen the money supply decreased when reserve ratio was increased from 8% to 10%

Soft Lumber has bonds, preferred stock and common stock as its capital components. _____________ is the right most apt to be granted to its preferred shareholders.

Answers

Answer: right to share in company profits prior to other shareholders

Explanation:

The preferred shareholders are paid their dividends before dividends are paid to other common shareholders. The preferred stock also gives no voting rights to the shareholders.

Preferred shareholders are known to have priority over the income of a company right to share in company profits prior to other shareholders.

During its fiscal year, a Pension Trust Fund buys 1,000 shares of stock, for which it pays $33,000. At year end, the stock has a fair value of $28,000. How should this fact be reported in the Trust Fund's financial statements?a. the investment should be reported at a value of $33,000.
b. the investment should be reported at a value of $33,000, and the loss in market value should be reported in a footnote.
c. the investment should be reported at a value of $30,500.
d. the investment should be reported at a value of $28,000.

Answers

Answer: d. the investment should be reported at a value of $28,000.

Explanation:

Investments should be recorded at their fair value in the financial statements. If a loss is made but the company is still holding on to the investment then the loss is unrealized which is the case here.

When there is an unrealized loss, it is to be debited to the Unrealized loss account and credited to the investment account to show that it is reducing. This will then leave the balance of the investment account at the fair value which in this case is $28,000.

U.S. real gross domestic product changed from $14.6 trillion in 2006 to $14.4 trillion in 2009. During that same time period, the share of manufactured goods (e.g., cars, appliances) of U.S. real gross domestic product was 12.8 percent in 2006 and 12.0 percent in 2009. What was the dollar value of manufactured output Instructions: Enter your responses rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. In 2006

Answers

Answer:

Missing word "b. In 2009"

a. Dollar value (2006) = Real GDP (2006) * Share of manufacturing goods (2006) / 100

Dollar value (2006) = 14.6 * 12.8 / 100

Dollar value (2006) = 186.88 / 100

Dollar value (2006) = $1.8688 trillion

Dollar value (2006) = $1.87 trillion

Thus, the dollar value of manufactured output in 2006 is $1.9 trillion

b. Dollar value (2009) = Real GDP (2009) * Share of manufacturing goods (2009) / 100

Dollar value (2009) = 14.4 * 12.0 / 100

Dollar value (2009) = 172.8 / 100

Dollar value (2009) = $1.728 trillion

Dollar value (2009) = $1.73 trillion

Thus, the dollar value of manufactured output in 2009 is $1.7 trillion

Evaluate whether all of the following are considered to be investment (I) in calculating GDP.

a. The purchase of a new automobile for private, non-business use
b. The purchase of a new house
c. The purchase of corporate bonds

Answers

Answer:

only the purchase of a new house would be considered investment spending of the three options

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export  

Consumption spending includes spending by households on goods and services. Consumption spending includes :  

spending on durables - e.g. laptop  

spending on nondurables - e.g. clothes, food

spending on services  - e.g. payment of hospital bill  

the purchase of a textbook by a student is an example of consumption spending on durable goods

Investment - It includes purchases of goods and services made by businesses in the production of goods and services

Government spending - It includes government consumption expenditure and gross investment.  The purchase of a new  limousine for the president is an example of consumption expenditure

The purchase of a new automobile for private, non-business use is an example of consumption spending on durables

The purchase of a new house is an example of investment spending

The purchase of corporate bonds is not included in the calculation of GDP

During a period, an RV company purchased three vehicles for $33,000, $46,000, and $24,000, and sold two of them for $125,000. Using the specific identification method of costing inventory, they identified the $46,000 vehicle as still in stock. Calculate the gross profit for the period.

Answers

Answer: $68,000

Explanation:

If the inventory that remains is the $46,000 then that means that the cars costing $33,000 and $24,000 have been sold.

With specific identification, the actual prices of the stock are used so the cost of goods sold is:

= 24,000 + 33,000

= $57,000

The gross profit is therefore:

= Sales - Cost of goods sold

= 125,000 - 57,000

= $68,000

If Marjorie makes an investment of principal, and leaves the full amount, both principal and interest in the account to some time in the future when she withdraws all funds, she is earning what type of interest

Answers

Answer: Compounding

Explanation:

Based on the information given, we can infer that Marjorie earns a compounding interest. The compound interest is the interest on a loan that is calculated based on the initial principal as well as the interest that is accumulated from the previous periods. In compounding interest, the interest is earned on the principal and the interest amount. The compounding interest is also referred to as the interest on interest.

QS 5-6 Perpetual: Inventory costing with weighted average LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 320 $ 3.00 Purchase on January 9 80 3.20 Purchase on January 25 100 3.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)

Answers

Answer:

Perpetual Inventory Company

The cost assigned to ending inventory based on the weighted average method is:

= $465 ($3.10 * 150)

Explanation:

a) Data and Calculations:

                                                           Units Unit Cost   Total Cost

Beginning inventory on January 1    320   $ 3.00             $960

Purchase on January 9                       80      3.20                256

Purchase on January 25                   100      3.34                 334

Total available for sale                     500       3.10            $1,550

Sale on January 26                         (350)      3.10              1,085

Ending inventory on January 31       150       3.10                465

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