uring December, Rainey Equipment made a $676,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry

Answers

Answer 1

Answer:

Please refer to the below for the appropriate journal entry

Explanation:

Accounts receivable Dr $726,700

($676,000 + $50,700)

Sales revenue account Cr $676,000

Sale taxes payable account Cr $50,700

{(6% + 1.5%) × $676,000


Related Questions

You want a seat on the board of directors of Red Cow, Inc. The company has 295,000 shares of stock outstanding and the stock sells for $64 per share. There are currently 3 seats up for election. The company uses straight voting. How much will it cost you to guarantee that you will be elected to the board?

Answers

Answer: $‭147,501‬

Explanation:

Since the company uses straight voting whereby each share gets only one vote per seat, the cost to guarantee that one will be elected to the board is;

Cost = Share price*( (shares outstanding/2) +1 )

= 64 * (( 295,000/2) + 1)

= 64 * ‭147,501‬

= $‭147,501‬

This is the cost of owning more than 50% of the shares and it will guarantee that you can vote yourself in for a seat as you will have the majority to do so.

Sheridan Company issues 3600 shares of its $10 par value common stock having a fair value of $20 per share and 5600 shares of its $10 par value preferred stock having a fair value of $20 per share for a lump sum of $205400. What amount of the proceeds should be allocated to the preferred stock

Answers

Answer:

$125,026

Explanation:

Common Shares                                      3,600

Fair value                                                  $20

Total market value of common stock    $72,000

Preferred shares                                        5,600

Fair value                                                   $20

Total market value of preferred stock     $112,000

Lump Sum amount                                    $205,400

Amount of proceeds should be allocated to the preferred stock = 205,400 * (112,000 / (72,000 + 112,000) ) = $125,026

Your textbook discussed a model of a simple economy with four markets: labor, capital, energy, and food. Which of the following statements is inconsistent with a general equilibrium for this simple economy?
A. The household demand for energy equals the industry supply of energy.
B. The household demand for food equals the industry supply of food.
C. The household demand for labor equals the industry supply of labor.
D. The household supply of capital equals the industry demand for capital.

Answers

Answer:

The correct answer is the option C: The household demand for labor equals the industry supply of labor

Explanation:

To begin with, when it comes to the microeconomics theory the market of labor is considered to be as a factor of production market and from that point of view the labor is demanded by the companies to the households who are the ones who offered the labor due to the fact that the workers are the one who put their force to disposition of the companies. And that is why that it would be inconsistent to say that the household demand for labor will equals the industry supply of labor, because it is all the way around, the household supply of labor will equals the industry demand of it.

The twentieth century saw an accelerating shift from traditional manufacturing activities to production procedures requiring large investments in raw materials and labor.

a. True
b. False

Answers

Answer:

true

Explanation:

You own 10,000 shares of Microsoft stock. A good way to hedge the risk involved in owning this stock would be to buy some call options on Microsoft stock.

a. True
b. False

Answers

Answer: False

Explanation:

If you want to hedge the risk of owning the stock then that would mean that you want to take measures to ensure that you don't lose out if prices fall.

A call option is not the way to do this because call options are bought with the expectations that prices will go up. If you buy call options then and the prices fall, you would make a loss on both the call options and the stock that you own.

A good way to hedge this would be to take Put options on the stock. Put options help you benefit if prices fall because you would be allowed to sell at a certain price unaffected by the fall in prices.

On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 1/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 10

Answers

Answer:

Nov 10,

DR Accounts Receivable .........................$8,000

CR Sales ......................................................................$8,000

(To record credit sale)

Explanation:

On the day that Flores Mills sold the carpet, they are to record this as a credit sales as cash was not paid. The correct entry would be to debit Accounts receivable and credit Sales.

The discount will only be applied if/when the customer settles the account.

ROI, Residual Income, and EVA with Different Bases Envision Company has a target return on capital of 12 percent. The following financial information is available for October ($ thousands):

Software Division . Consulting Division Venture Capital Division

(Value Base) (Value Base) (Value Base)

Book Current Book Current Book Current

Sales $100,000 $100,000 $200,000 $200,000 $800,000 $800,000

Income 12,250 11,700 16,400 20,020 56,730 51,920

Assets 70,000 90,000 100,000 110,000 610,000 590,000

Liabilities 10,000 10,000 14,000 14,000 40,000 40,000

Required

a. Compute the return on investment using both book and current values for each division. Round answers to three decimal places.

Book Value Current Value

Software Answer ? Answer ?

Consulting Answer ? Answer ?

Venture Capital Answer ? Answer ?

b. Compute the residual income for both book and current values for each division. Use negative signs with answers, when appropriate.

Book Value Current Value

Software $Answer 3,850 $Answer 900

Consulting Answer 4,400 . Answer 6,820

Venture Capital Answer (16,470) Answer (1,880)

c. Compute the economic value added income for both book and current values for each division if the tax rate is 30 percent and the weighted average cost of capital is 10 percent. Use negative signs with answers, when appropriate. Book Value Current Value

Software $Answer ? $Answer ?

Consulting Answer ? Answer ?

Venture Capital Answer ? Answer ?

Answers

Answer:

a. ROI = income / Assets      

                                      Book Value       Current Value    

Software Division              0.175              0.13    

Consulting Division           0.164              0.182    

Venture Capital Division   0.093            0.088

Workings:

i. Book value

Software Division = 12,250/70,000=0.175

Consulting Division = 16,400/100,000=0.164  

Venture Capital Division = 56,730/610,000 =0.093

ii. Current value

Software Division = 11,700/90,000=0.13

Consulting Division = 20,020/110,000=0.182

Venture Capital Division= 51,920/ 590,000=0.088

b. Residual income = Income - {Asset x Return on capital 12% }

                                      Book Value       Current Value    

Software Division              3850              900    

Consulting Division           4400              6820    

Venture Capital Division   -16470           -18880

Workings:

i. Book value

Software Division = 12,250-(70,000*12%)=3850

Consulting Division = 16,400-(100,000*12%)=4400  

Venture Capital Division = 56,730-(610,000*12%) =-16470

ii. Current value

Software Division = 11,700-(90,000*12%)=900

Consulting Division = 20,020-(110,000*12%)=6820

Venture Capital Division= 51,920-(590,000*12%)=-18880

c. Economic Value Added ( EVA ) = Net Income After Tax - ( Amount of Capital x Weighted Average Cost of Capital [WACC] )

C.                     Software Division  

                            (Value Base)  

                                    Book            Current

Sales                           100,000          100,000

Income                          12,250           11,700

Assets                           70,000          90,000

Liabilities                      10,000           10,000

Capital invested           60,000          80,000

(Asset - Liabilities)

Tax on Income(30%)     3675            3510

Income after Tax            8,575           8,190

(Income - Tax on

income) (A)

Capital invested             6,000           8,000

* WACC - 10% ) (B)

EVA (C)=(A)-(B)                2,575            190

                       Consulting Division

                            (Value Base)

                                     Book            Current

Sales                         200,000        200,000

Income                        16,400           20,020

Assets                         100,000        110,000

Liabilities                      14,000         14,000

Capital invested           86,000       96,000

(Asset - Liabilities)

Tax on Income(30%)     4920            6006

Income after Tax           11,480           14,014

(Income - Tax on

income) (A)

Capital invested           8,600            9,600

* WACC - 10% ) (B)

EVA (C)=(A)-(B)              2,880            4,414

                     Venture Capital Division

                           (Value Base)

                                   Book            Current

Sales                        800,000       800,000

Income                      56,730          51,920

Assets                       610,000        590,000

Liabilities                    40,000         40,000

Capital invested        570,000        550,000

(Asset - Liabilities)

Tax on Income(30%)    17019          15576

Income after Tax          39,711         36,344

(Income - Tax on

income) (A)

Capital invested           57,000       55,000

* WACC - 10% ) (B)

EVA (C)=(A)-(B)              -17,289       -18,656

A $1,000 par value 10-year bond with a 10 percent coupon rate rec%ently sold for $900. The yield to maturity is:

Answers

Answer:

Yield to Maturity = 11.58 %  

Explanation:

The Yield to maturity is the discount rate that equates then price of the bonds to the present of cash inflows expected from the bond  

The yield on the bond can be determined as follows using the formula below:  

YTM = C + F-P/n) ÷ 1/2 (F+P)  

YTM-Yield to maturity-  

C- annual coupon  

F- Face Value  

P- Current Price  

n- years to maturity

YTM-?, C- 10%× 1000 =100, Face Value - 1000, P-900, n- 10

YTM = (100 + (1000-900)/10) ÷ ( 1/2× (1000 + 900) )  

YTM = 0.1158  × 100 = 11.58 %

Yield to Maturity = 11.58 %  

Which of the following does not represent an outflow of cash and therefore would not be reported on the statement of cash flows as a use of cash?
a. purchase of noncurrent assets
b. purchase of treasury stock
c. discarding an asset that had been fully depreciated.

Answers

Answer:

The answer is C.

Explanation:

Discarding an asset that had been fully depreciated is the correct answer. No exchange of cash was involved in this unlike the purchase of non current asset(which is a cash outflow under investing activities) and the purchase of treasury stock (which is a cash outflow under financing activities).

Discarding a fully depreciated asset only is a non cash transaction.

The marginal revenue of the last bowl of soup a restaurant (in a perfectly competitive market) produced was $11 and its marginal cost was $4. Each time the restaurant produces an additional bowl of soup the marginal cost increases by 20% relative to the previous bowl. The restaurant should:

Answers

Answer:

The restaurant should:

decrease its marginal cost in order to maintain the marginal profit and ensure that the marginal cost is not more than the average cost.

Explanation:

Company A's marginal cost represents the incremental costs incurred when the company produces an additional unit of its good or service.  This company's marginal cost is calculated by dividing the total change in the cost of producing more goods by the change in the number of goods produced.  For example, if the cost of production increases by $120 when additional 10 units of goods are produced, then the marginal cost = $12 ($120/10).

Wertz Corporation issued ten-year, 8% bonds on January 1, 2017 at a discount. During 2017, the company's accountant failed to amortize any of the bond discount. The omission of the discount amortization will

Answers

Answer:

Wertz Corporation

Omission of the discount amortization will:

increase the net income by the amount of the discount that should have been amortized in the year ended December 31, 2017.

Explanation:

Wertz's bond discount represents a loss to the corporation that should be written off over the life of the bond.  If the 2017 discount amortization is omitted, the net income is increased by the amount of the discount amortization expense.  This means that the income is overstated by that amount.  If this omission is discovered before the issuance of the financial reports, it should be reflected in the accounts.  If not, depending on its materiality, this amount must be reflected by restating the 2017 financial statements.

if the growth rate of the money supply is 8%, velocity is constant, and reald GDP grows at 2% per year on average, then the inflation rate will be

Answers

Answer:

4%

Explanation:

The quantity theory of money states that :

Money supply x Velocity = price x real GDP

8% = 2% x price

Price = 4%

Earnings per Share, Price-Earnings Ratio, Dividend Yield The following information was taken from the financial statements of Tolbert Inc. for December 31 of the current fiscal year:

Common stock, $25 par value (no change during the year) $5,500,000
Preferred $5 stock, $100 par (no change during the year) 3,000,000

The net income was $502,000 and the declared dividends on the common stock were $55,000 for the current year. The market price of the common stock is $13.60 per share. For the common stock

Determine:
a. the earnings per share
b. the price-earnings ratio
c. the dividends per share
d. the dividend yield.

Answers

Answer:

a. the earnings per share  is $2.28

b. the price-earnings ratio is 5.96 times

c. the dividends per share  is $0.25

d. the dividend yield is 1.84%

Explanation:

a. the earnings per share

Earning per share is the net earning of the company against each outstanding share.

Earning per share = Net Income / Numbers of Outstanding shares

Earning per share = $502,000 / ($5,500,000/$25)

Earning per share = $502,000 / 220,000 = $2.28

b. the price-earnings ratio

Price earning ratio determines the impact of net income on market value of the share.

Price earning Ratio = Market Pice of stock / Earning per share

Price earning Ratio = $13.60 / $2.28

Price earning Ratio = 5.96

c. the dividends per share

Dividend per share is the value of dividend paid to each outstanding common share.

Dividend per share = Dividend declared / Numbers of outstanding shares

Dividend per share = $55,000 / 220,000 shares

Dividend per share = $0.25 per share

d. the dividend yield.

Dividend yield is the ratio of dividend per share and Market price per share.

Dividend Yield = Dividend Per share / Market price per share

Dividend Yield = $0.25 / $13.60 = 0.0184 = 1.84%

Carter Company reported the following financial numbers for one of its divisions for the year; average total assets of $4,100,000; sales of $4,525,000; cost of goods sold of $2,550,000; and operating expenses of $1,372,000. Compute the division's return on investment:

Answers

Answer:

14.7%

Explanation:

The computation of return on investment is shown below:

Return on Investment = Net Income ÷ Average total assets × 100

where,

Net Income is

= Sales - Cost of goods sold - Operating expense  

= $4,525,000 - $2,550,000 - $1,372,000

= $603,000

And,

Average total assets = $4,100,000

So,

Return on Investment is

= $603,000 ÷ $4,100,000 × 100

= 14.7%

"The internal rate of return method differs from the net present value method in that it results in finding the" ___________________ of the potential investment.

Answers

Answer: profitability

Explanation: The internal rate of return method differs from the net present value method in that it results in finding the profitability of the potential investment.

In capital budgeting which is the process by which companies determine whether a new investment or expansion opportunity is worthwhile and if undertaken, could either yield net profits or losses for the company, both the net present value (NPV) (present value of cash inflows minus the present value of cash outflows over a given period time) and the internal rate of return (IRR) methods are employed.

How does the IRR method determine profitability? - This it does by using a percentage value rather than a dollar amount and therefore is advantageous in representing the possible returns of investments by comparing it with other alternative investments.

7 pounds of raw material are required to make 1 finished unit. The company desires an ending raw materials inventory for each month equal to 29% of the following months production (in units of raw material) . How many pounds of raw material should be purchased in May?

Answers

Answer:

Instructions are below.

Explanation:

We weren't provided with enough information to answer the request. But, I will give an example and formulas to guide an answer.

For example:

Production in units:

May=20,000

June= 22,000

Beginning inventory of direct materials= 8,000

To calculate the purchase for May, we need to use the following formula:

Purchases= production + desired ending inventory - beginning inventory

Purchases= 20,000*7 + (22,000*7)*0.29 - 8,000

Purchases= 176,660 pounds

In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows:
Item Debit Credit
1. Net sales $3,040,000
2. Gain on state's condemnation of company property, net of tax 269,000
3. Cost of goods sold $1,551,448
4. Income taxes expense 206,000
5. Depreciation expense 242,500
6. Gain on sale of wholesale business segment, net of tax 790,000
7. Loss from operating wholesale business segment, net of tax 470,000
8. Loss of assets from a meteor strike, net of tax 642,000
Prepare the income statement for the calendar year 2017.

Answers

Answer:

                                Randa Merchandising, Inc

                                        Income Statement

                           For the year Ended December 31, 2017

Net sales                                                                          $3,040,000

Expenses

Cost of goods sold                          $1,551,448

Depreciation Expenses                   $242,500              $1,793,948

Total Operating Expenses                                            $1,240,052

Other Unusual / infrequent gains (Losses)

Gain on state condemnation of         $269,000

company property, net of tax

Loss of assets from meteror strike,  ($642,000)           $373,000

net of tax

Income from continuing operations before taxes       $867,052

Income Tax expenses                                                      $206,000

Income from Continuing operations                               $661,052

Discontinuing segment

Loss from operating wholesale         $470,000

business segment (net of tax)

Gain on sales of wholesale               ($790,000)           $320,000

business segment (net of tax)

Net Income                                                                      $981,052

A portfolio to the right of the market portfolio on the CML is: Group of answer choices a lending portfolio. an inefficient portfolio. a borrowing portfolio.

Answers

Answer:

a borrowing portfolio.

Explanation:

A borrowing portfolio is a portfolio to the right of the market portfolio. It is on the right half of the line. It shows that an investor can purchase the market portfolio and still borrow money so as to purchase more.

CML is known as the the capital market line. It shows the most advantageous portfolios that are a combination of risk and return.

Answer:

a borrowing portfolio.

Explanation:

A borrowing portfolio is a portfolio to the right of the market portfolio. It is on the right half of the line. It shows that an investor can purchase the market portfolio and still borrow money so as to purchase more.

CML is known as the the capital market line. It shows the most advantageous portfolios that are a combination of risk and return.

Explanation:

Top managers of are alarmed by their operating losses. They are considering dropping the laminate flooring product line. Company accountants have prepared the following analysis to help make this​ decision:


Total Blue-Ray Discs DVD Discs
Sales Revenue $432,000 $305,000 $127,000
Variable Costs $246,000 $150,000 $96,000
Contribution Margin $186,000 $155,000 $31,000
Fixed Costs:
Manufacturing $128,000 $71,000 $57,000
Selling and Administrative $67,000 $52,000 $15,000
Total Fixed Costs $195,000 $123,000 $72,000
Operating Income (loss) $(9000) $32,000 $(41,000)


Total fixed costs will not change if the company stops selling DVDs.

Required:
a. Prepare a differential analysis to show whether Movie Street should drop the DVD product line.
b. Will dropping DVDs add $41,000 to the operating income? Explain.

Answers

Answer:

a)

                               Blue-ray discs       Blue-ray discs         Differential

                               and DVD discs      only                          amount

Sales Revenue           $432,000             $305,000             $127,000

Variable Costs           ($246,000)           ($150,000)            ($96,000)

Contribution M.           $186,000              $155,000              $31,000

Fixed Costs:

Manufacturing   ($128,000)            ($128,000)             $0S&A expenses    ($67,000)             ($67,000)              $0

Operating Income         ($9000)              ($40,000)             $31,000

b) Will dropping DVDs add $41,000 to the operating income?

No, dropping the DVDs product line will decrease operating income by $31,000, resulting in a total loss of $40,000. Even though the DVDs product line by itself is not profitable, it absorbs a large percentage of the fixed costs and if you get rid of it, all the fixed costs will be absorbed by the Blue-rays product line.

All reports required to can be found online at sec.gov.

Per Twitter’s amended S-1 filing, what are the maximum estimated capital expenditures in 2013? Please provide your answer in millions without comma separator or decimal.

Answers

Answer:

Twitter's amended S-1 filing

Maximum estimated capital expenditures in 2013:

= $98 million

Explanation:

Twitter's capital expenditures in 2013 can be estimated by subtracting the  long-term or non-current assets of 2012 from 2013.

The 2013 long-term assets (Property and equipment, net) are worth $284,024,000

The 2012 long-term assets (Property and equipment, net) are worth  $185,574,000

The capital expenditure in 2013 =       $98,450,000

The implication is that Twitter added to (or increased) its property and equipment by $98,450,000, which represent new capital expenditures in 2013.

Twitter filed SEC Form 1-A (S-1) with the Securities and Exchange Commission (SEC) when it was seeking exemption for registration requirements for its public offerings as an "emerging growth company,"  as  it is "allowed by the federal securities laws to elect to comply with certain reduced public company reporting requirements for future filings."

ane is planning to offer a Groupon for inner tube rentals that she will distribute on hot, sunny, summer days by the river that runs through her town. Based on her past experience with Groupon, she has assigned the following probability distribution to the number of tubes she will rent on a randomly selected day. If Jane would like her expected revenue to be at least $300 per day, what should the Groupon price be? (Round your answer up to the nearest whole dollar amount.)

Answers

Probability assigned:|

x 30 60 120 180

P(x) .10 .40 .40 .10

Answer:

Jane

Price of Groupon for a revenue of $300 is:

$3

Explanation:

a) Data and Calculations:

Expected Sales volume:

Number of Tubes  x   30     60      120     180

Probability P(x)           .10     .40      .40      .10

Expected values          3      24       48       18

Total = 93 tubes

Groupon price = $300/93 = $3.23

b) Jane's price for each Groupon will be the rent revenue per day divided by the expected number of tubes to rent daily.  The expected number of tubes is derived by multiplying each expected number of tubes by its probability and then summing up the results.

Computing absorption costing gross profit
Refer to your answers to Short Exercise S21-6. Product X sells for $175 per unit. Assume no beginning inventories. Calculate the gross profit using absorption costing when Adamson:
a. Produces and sells 2,000 units.
b. Produces 2,500 units and sells 2,000 units
c. Produces 5,000 units and sells 2,000 units.

Answers

Answer:

a lot of information is missing, so I looked for a similar question that can help you understand this one:

Variable costs (including direct labor, direct materials and variable overhead) = $80 per units

Fixed overhead = $150,000

a) If Adamson produces 2,000 units, the total cost per unit = $80 + ($150,000 / 2,000) = $80 + $75 = $155

gross profit = total sales revenue - total cogs = (2,000 x $175) - (2,000 x $155) = $350,000 - $310,000 = $40,000

b) If Adamson produces 2,500 units, the total cost per unit = $80 + ($150,000 / 2,500) = $80 + $60 = $140

gross profit = total sales revenue - total cogs = (2,000 x $175) - (2,000 x $140) = $350,000 - $280,000 = $70,000

c)  If Adamson produces 5,000 units, the total cost per unit = $80 + ($150,000 / 5,000) = $80 + $30 = $110

gross profit = total sales revenue - total cogs = (2,000 x $175) - (2,000 x $110) = $350,000 - $220,000 = $130,000

Which group of people would be the most concerned about the operating areas that have contributed to the success of the firm and which have not?

Answers

Answer:

Management / Competitors.

Explanation:

The company's management is configured as the group of people who would be most concerned with the effectiveness of the management of the operational areas to achieve the company's success. Effective management must understand the organization as a system that must be integrated so that organizational activities flow effectively to achieve objectives and goals, in order to coordinate, control, monitor and review activities and subordinates so that the organization generates positive results in the market.

During a recent​ month, Company planned to provide cleaning services to customers for per hour. Each job was expected to take hours. The company actually served more customers than​ expected, but the average time spent on each job was only hours each. ​'s revenues for the month were

Answers

Answer: B.  $1,050  more than expected.

Explanation:

The company originally planned to have revenue resulting from 30 customers and charging $30 for an estimated 33 hours.

Estimated revenue was;

= 30 * 30 * 3

= $2,700

However, in actuality, they sold to 20 more customers than estimated but only spent 2.5 hours each.

Number of customers = 30 + 20

= 50 customers

Actual revenue

= 50 * 30 * 2.5

= $3,750

Difference is;

= 3,750 - 2,700

= $1,050 more

Taunton's is an all-equity firm that has 152,000 shares of stock outstanding. The CFO is considering borrowing $245,000 at 6 percent interest to repurchase 21,000 shares. Ignoring taxes, what is the value of the firm

Answers

Answer:

The value of the firm is $1,773,333

Explanation:

Calculation of Value of each share

Amount borrowed (A)                    $245,000

No. of shares repurchased (B)         21,000  

Value for each share (C)                $11.67  

No. of shares outstanding after repurchase(A)    131,000

(152,000 - 21,000)

Value for each share(B)                                           $11.67  

Equity value after repurchase(A*B)                     $1,528,333

Add: Amount borrowed                                        $245,000

Firm value after this transaction                      $1,773,333

A company retired $80 million of its 10% bonds at 104 ($83.2 million) before their scheduled maturity. At the time, the bonds had a remaining discount of $2 million. Prepare the journal entry to record the redemption of the bonds. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answers

Answer:

Dr Bonds payable 80.0

Dr Loss on early extinguishment 5.2

Cr Discount on bonds payable 2.0

Cr Cash 83.2

Explanation:

Preparation of the journal entry to record the redemptionnof the bonds

Based on the information given we were told that the company retired the amount of $80 million with a 10% bonds at 104 ($83.2 million) and as well had a remaining discount of $2 million, which means that the transaction will be recorded as:

Dr Bonds payable 80.0

Dr Loss on early extinguishment 5.2

[(83.2+2.0)-80.0]

Cr Discount on bonds payable 2.0

Cr Cash 83.2

On January 1, 2021, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required:Assuming the market interest rate on the issue date is 8%, the bonds will issue at $320,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Answers

Answer:

Journal entries are given below

Explanation:

Entry for the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021, are prepared as follows

January 01, 2021 (Splash City issues $320,000 of 8% bonds)

                                                 Debit     Credit  

Cash                                320,000  

Bonds payable                          320,000    

June 30, 2021 (Interest paid)

                                        Debit       Credit  

Interest expense         $12,800  

Cash                                                 $12,800

Working

Interest expense = $320,000 x 8% x 6/12

Interest expense = $12,800

December 31, 2021 (Interest paid)

                                        Debit       Credit  

Interest expense         $12,800  

Cash                                                 $12,800

Working

Interest expense = $320,000 x 8% x 6/12

Interest expense = $12,800

Suppose you are building a scatter plot in Excel for a large amount of data. After selecting the scatter plot option, how do you enter the data into your scatter plot?


a. By manually typing each data point into the scatter plot

b. By using the Quick Styles button under the Chart menu

c. By using the Select Data button and the Select Data Source option

Answers

Answer:

c. By using the Select Data button and the Select Data Source option

Explanation:

A scatter plot is a plot which is used to plot the points of the data on the horizontal and the vertical axis also it depicts how one variable is affected by the another.

After preparing the scatter plot to enter the data in the scatter plot we need to use the data button and then data source option so that the data could be entered in the scatter plot

hence, option c is correct

Pisa, Inc. leased equipment from Williamsburg Company under a four-year lease requiring equal annual payments of $68,830, with the first payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 4-year useful life and no salvage value. Pisa, Inc.'s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%. Assuming that this lease is properly classified as a capital lease, what is the approximate amount of principal reduction recorded when the second lease payment is made in Year 2?

Answers

Answer:

$54,639

Explanation:

the approximate amount of principal reduction when the second lease payment is made in Year 2 can be calculated by making the Lease amortization table as follows

DATA

Annual payments = 68,830

Implicit rate = 8%

Annuty factor for 4 years at 8% = 3.55710

Present value of lease payment =$246,212 (68830*3.57710 )

                                                      Year 1                Year 2

Opening balance                             -                      $177,382(w)

interest                                              -                      $14,191(w)

payments                                      $68,830             $68,830

principal payments                     $68,830              $54,639

closing balance                          $177,382(w)         $122,743

Working

Closing balance = Present value of lease payment - Annual payment

Closing balance = $256,212 - $68,830

Closing balance = $177,382

Interest = closing balance x implicit rate

Interest =  $177,382 x 8%

Interest = $14,190.56

seigel co. maintains a defined-benefit pension plan for its employees. at each balance sheet date, seigel should report a pension asset / liability equal to the

Answers

Answer: funded status relative to the projected benefit obligation

Explanation:

A defined benefit pension plan is a pension plan type in which the employer promises to pay the worker a lump sum or a pension payment which is based on the earnings history, age and the tenure of service of the worker.

Since Seigel co. maintains a defined-benefit pension plan for its employees. at each balance sheet date, seigel should report a pension asset/liability that will be equal to the funded status relative to the projected benefit obligation.

Other Questions
Identify the statements that correctly describe the story of the ancient Hebrews . The people first had a polytheistic religion that involved worshiping many gods. The promises that God made to Abraham would happen only if Abraham obeyed God. Abraham was chosen by a prophet to be the next leader of the people. God referred to Abraham as Israel, which is how they got the name Israelites. The story of the ancient Hebrews is found in the Hebrew Bible. Twelve Israelite tribes formed the kingdom of Israel in the land of Canaan. Which of the following options have the same value as 75\%75%75, percent of 969696? The solutions to (x + 3)^2- 4=0 are x = -1 and x = -5True or false Moving to another question will save this response.Question 8Which of the following is NOT a reason for Alexander's success in conquering much of the known world?he learned from his father Philip of Macedonia, a brilliant military strategisthe slaughtered Greek foes but released foreign foes after conquesthe was intelligent enough to lead from the rear, thereby protecting himself from an early deathhe immortalized his name and reputation by naming conquered cities after himself and allowing the people to believe he descended from the gods (such as Achilles) 6th edition before we begin, let's first establish an understanding of basic terminology. it may be harder than you think to clearly define what is a chemical versus a chemical reaction. to help us better differentiate between closely related terms, review the words listed here. sort each of the words into the three categories: contains chemicals, chemical reaction, or neither. Someone please help me ASAP What type of chemist exclusively studies most carbon compounds?-biochemist-physical chemist-organic chemist-inorganic chemist A vertical cylinder with a heavy piston contains air at 300 K. The initial pressure is 2.0 x 105 Pa and the initial volume is 0.35 m3 . Take the molar mass of air as 28.9 g/mol and assume Cv= 5 2R. (A) Find the specific heat of air at constant volume in units of J kgK . (5 pts) (B) Calculate the mass of air in the cylinder. (5 pts) (C) Suppose the piston is fixed. Find the energy input required to raise the temperature to 700 K. (5 pts). (D) Assume again the conditions of the initial state and assume the piston is free to move. Find the energy input to raise the temperature to 700 K. (10 pts) Bianca took a job that paid $150 the first week. She was guaranteed a raise of 6% each week. How much money will she make in all over 8 weeks? Round the answer to the nearest cent. please answer with the reasoning, I want to learn how to solve this and not just get the answer. Thank you. Before an algebraic fraction is selected as a final answer what should you always check?That the power of the numerator is greater than the denominator.That the coefficients of the denominator are greater than those in the numerator.That the variables are all written in alphabetical order.That the fractions are reduced with all common factors canceled. Help will name brainliest Is plagiarism ok? If yes give an example of when it is acceptable to plagiarize. If no explain why not . What is the distance between the points (2, 10) and (-6,4) on the coordinateplane? The Curiosity rover now on Mars analyzed rocks and found magnesium to have the following isotopic composition. 79.70% Mg-24 (23.9872 amu), 10.13% Mg-25 (24.9886 amu), and 10.17% Mg-26 (25.9846 amu).A. How many neutrons are in Mg-25?B. What is the average atomic mass of magnesium in these rocks?C. Is the magnesium composition on Mars the same as that on Earth? Explain. The points shown on the graph represent the numbers in a geometric sequence.What is the initial value of the sequence? 1 2 3 8 Account for the change when NO2Cl is added using the reaction quotient Qc. Match the words in the left column to the appropriate blanks in the sentences on the right. 1. decreases2. loss 3. Increases4. greater A. Disturbing the equilibrium by adding NO2Cl______Qc to a value_____than Kc.B. To reach a new state of equilibrium, Qc therefore______which means that the denominator of the expression for Qc______. C. To accomplish this, the concentration of reagents______, and the concentration of products_______. Little Tots Gym has a required rate of return of 13%. The gym is considering the purchase of $12,500 of new equipment. The internal rate of return on the project has been calculated to be 11%. This project:________ g A chemist combines 59.9 mL of 0.282 M potassium bromide with 15.4 mL of 0.512 M silver nitrate. (a) How many grams of silver bromide will precipitate 4. .......how to stand up knowing what every man must one day know and most know many days, how to stand up. A. What message does the poet convey through these lines?B. Does the poet help the boy to stand up? Why / Why not? Sectoral shifts, frictional unemployment, and job searches Suppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania will _____. The demand for labor among automobile-producing firms in Michigan, for which steel is an input, will _____. The temporary unemployment resulting from such sectoral shifts in the economy is best described as _____ unemployment.Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply.a. Taxing the price of placing a resume or posting a job opening on a job-search websiteb. Improving a widely used job-search website so that it matches workers to job vacancies more effectivelyc. Increasing the benefits offered to unemployed workers through the government's unemployment insurance program 12-(3-9) 3*3 help please