Using the following tabular analysis to show the effect of each transaction on the accounting equation is as follows:
Assets = Liabilities + Stockholders Equity
No. Cash + Accounts + Equipment = Accounts + Common + Retained
Receivable Payable Stock Earnings
Revenue Expenses
1. $32,000 $32,000
2. $26,600 $26,600
3. -$5,500 -$5,500
4. $18,400 $18,400
5. $5,300 $5,300
6. -$8,500 -$8,500
7. -$26,600 -$26,600
8. $1,800 -$1,800
9. $10,200 -$10,200
$6,900 $8,200 $26,600 $1,800 $32,000 $23,700 -$15,800
Summary of transactions:Total Assets = $41,700 ($6,900 + $8,200 + $26,600)
Liabilities = $1,800
Common Stock = $32,000
Net Income = $7,900 ($23,700 -$15,800)
Total liabilities and equity = $41,700
Transaction Analysis:1. Cash $32,000 Common stock $32,000
2. Equipment $26,600 Accounts Payable (Ladd) $26,600
3. Rent expenses $5,500 Cash $5,500
4. Accounts Receivable $18,400 Service Revenue $18,400
5. Cash $5,300 Service Revenue $5,300
6. Utility expense $8,500 Cash $8,500
7. Accounts Payable (Ladd) $26,600 Cash $26,600
8. Advertising Expense $1,800 Accounts Payable $1,800
9. Cash $10,200 Accounts Receivable $10,200
Thus, the accounting equation remains in the balance after each transaction.
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2.02 What is the benefit of a 529 education saving plan?
earnings in a 529 plan grow federal tax-free and will not be taxed when the money is taken out to pay for college.
Your daughter is currently 10 years old. You anticipate that she will be going to college in 8 years. You would to have $136,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 3% per year, how much money do you need to put into the account today to ensure that you will have $136,000 in 8 years
Answer:
$107,359.66
Explanation:
We are to calculate the present value of $136,000
The formula for calculating present value is :
The formula for calculating future value:
P = FV / (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
$136,000 / (1.03)^8 = $107,359.66
As the use of the Internet grows around the world, there must be as easy an exchange of ideas and information as possible between countries. One important issue is opt-in versus opt-out. In general, European websites have opt-in policies while U.S. websites have opt-out policies. Opt-in means customers must ask to be involved in data collection and marketing while opt-out companies automatically include customers in data collection unless the customer specifically asks not to be included. Europeans believe it is unethical to invade someone's privacy. Americans are not nearly as protective of their right to privacy. What ethical factor is illustrated by this example
Answer: Societal culture and norms
Explanation:
Based on the information given, the ethical factor that is illustrated by this example is "societal culture and norms".
Culture simply refers to the way of life with regards to certain group of people. It has to do with the ideas, attitudes and the values that such people have in the group.
With culture, one can be able to make a distinction between rights from wrongs. Therefore, Europeans believing it is unethical to invade someone's privacy and Americans are not nearly as protective of their right to privacy has to do with societal culture and norms.
Assume the equivalent units of production for materials and conversion are 5,200 units and 5,000 units, respectively, using the weighted-average method. If 4,660 units were completed and transferred to the next department, then what is the total cost assigned to the units completed and transferred out of the Milling Department
Question Completion:
Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 385,000 676,600 Total cost $ 301,600 $ 400,000 $ 701,600
Answer:
Milling Department
The total cost assigned to the units completed and transferred out is:
= $643,080
Explanation:
a) Data and Calculations:
Milling Department
Cost of production:
Materials Conversion Total Cost
Beginning work in process inventory $ 10,000 $ 15,000 $ 25,000
Costs added during the period 291,600 385,000 676,600
Total cost $ 301,600 $ 400,000 $ 701,600
Equivalent units of production 5,200 5,000
Cost per equivalent unit $58 $80
Cost Assignment:
Units completed and transferred out:
Materials = $270,280 (4,660 * $58)
Conversion 372,800 *4,660 * $80)
Total costs $643,080
Therefore, the costs assigned to ending work in process = $ 58,520 ($701,600 - 643,080)
Choro Mining is expected to generate the above free cash flows over the next four years, after which they are expected to grow at a rate of 3% per year. If the weighted average cost of capital is 7% and Conundrum has cash of $80 million, debt of $60 million, and 30 million shares outstanding, what is Choro's expected current share price
Answer: $19.85
Explanation:
Expected current share price = (Present value of free cash flows + Cash holdings - Debt) / Shares outstanding
Present value of free cash flows.
Present value = Year 1 present value + Year 2 present value + Year 3 present value + Year 4 present value + Present value of Terminal value
Terminal value = (Free cash flow * (1 + growth rate)) / (Cost of capital - growth rate)
= (26 * 1.03) / (7% - 3%)
= $669.50
Present value = (12 / 1.07) + (18/ 1.07²) + (22 / 1.07³) + (26 / 1.07⁴) + (669.50 / 1.07⁴)
= $575.49 million
Expected current price = (575.49 + 80 - 60) / 30
= $19.85
A grandfather wants to know the average height of all his grandchildren. He finds that the heights of his 9 grandchildren are given in inches by 67,68,71,67,76, 74, 77,70, 72 What is the population mean of the height of his grandchildren in inches? Round your answer to the nearest tenth of an inch and do not include units.
Answer:
71.3
Explanation:
to find the mean you have to add all of the heights together and then divide by nine, which is how many heights are given.
Employees who are paid biweekly will receive two more checks than
employees who are paid semimonthly
True or False
One of the keys to successful production planning is resource management. _____ is a system that would note how a possible strike in an Evanston, Indiana, plant will threaten supplies of a needed component part as well as how customer growing preference for time-saving devices such as the company markets and use this information in production planning.
a) Enterprise resource planning (ERP)
b) Manufacturing resource planning II (MRPII)
c) The PERT chart
d) Manufacturing resource planning (MRP)
e) Computer-aided resource planning (CARP)
Answer:
a) Enterprise resource planning (ERP)
hopethis helps!
what is the principal purpose of charging depreciation on non current assets
Answer:
Because of wear amd tear of am asset
An asset that has gone obsolete too
Almost all union members pay dues. A union member has $5.50 deducted from his paycheck each week for union dues, and has done so for 10 years. Then his company went on strike and he received union benefits of $4,000. How much money did the union
worker gain or lose as a result of receiving benefits but also factoring in paying dues
f the U.S. government were to ban imports of Canadian beef for reasons unrelated to health concerns, what would be the effect on the price of beef in the United States? How would the typical American’s diet change? What if the ban suggested to consumers that there might be health risks associated with beef?(Hint: Again, think about which curve(s) will shift and what would be the effect on price and quantities.)
Answer:
Following are the steps to the given question:
Explanation:
In step 1:
When the Us administration prohibits beef imports through Canada for health reasons, therefore the import and export of beef would affect beef availability, thereby dropping the cost of beef on an Us market, which will also raise.
In step 2:
Its impact on beef consumption would be less required mostly on the U.S. market as well as the degree for effective change depended on relative prices of beef consumption even Among consumers. If this is costly, then citizens may replace this with a lower-price substitute.
In step 3:
In Canada, the beef manufacturers have acquired beef stocks and therefore are selling in the Canadian market at a low price. If beef-related health effects are listed among explanations because of its ban this will deter consumers from eating very little on excess supply but will reduce demand by as much as previously.
Having which trait will enable you to deal with people in a way that does not offend them?
Answer:
Interpersonal skills..
AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. On May 1, there were 230 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 230 pounds was $32,844, determined as follows:
Direct materials (230 x $132)$30,360
Conversion (230 x 60% x $18)2,484 $32,844
During May, the Casting Department was charged $350,000 for 2,500 pounds of alloy and $19,840 for direct labor. Factory overhead is applied to the department at a rate of 150% of direct labor. The department transferred out 2,530 pounds of finished castings to the Machining Department. The May 31 inventory in process was 44% complete as to conversion.
a. Prepare the following May journal entries for the Casting Department:
1. The materials charged to production
2. The conversion costs charged to production
3. The completed production transferred to the Machining Department
b. Determine the Work in Process—Casting Department May 31 balance.
c. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April).
Answer:
AccuBlade Castings Inc.
Casting Department
a. Journal Entries for:
1. The materials charged to production:
Debit WIP $350,000
Credit Raw materials $350,000
To record the cost of materials charged to production.
2. The conversion costs charged to production:
Debit WIP $49,600
Credit Direct Labor $19,840
Credit Manufacturing overhead $29,760
3. Debit Machining Department $402,827
Credit WIP $402,827
To record the transfer of completed units to the machining department.
b. Work-in-Process - Casting Department balance = $29,616
c. The change in the costs per equivalent unit for direct materials and conversion from April:
Direct Materials Conversion
April cost per equivalent unit $132.00 $18.00
May cost per equivalent unit $139.33 $19.89
Change in cost per equivalent unit $7.33 increase $1.89 increase
The cost per equivalent unit increased in both direct materials and conversion for May when compared to April's.
Explanation:
a) Data and Calculations:
Units
Beginning WIP 230
Started 2,500
Transferred 2,530
Ending WIP 200
Equivalent units of production:
Units Direct Materials Conversion
Transferred 2,530 2,530 (100%) 2,530 (100%)
Ending WIP 200 200 (100%) 88 (44%)
Total equivalent unit 2,730 2,618
Cost of production:
Direct Materials Conversion Total
Beginning WIP$30,360 (230*$132) $2,484 (230*60%*$18) $32,844
Started 350,000 (2,500*$140) 49,600 (2,500*$19.44) 399,600
Total costs $380,360 $52,084 $432,444
Cost per equivalent unit:
Direct Materials Conversion
Total costs $380,360 $52,084
Equivalent units 2,730 2,618
Cost per equivalent unit $139.33 $19.89
Allocation of production costs:
Direct Materials Conversion Total
Units transferred out $352,505(2,530*$139.33) $50,322 (2,530*$19.89) $402,827
Ending WIp 27,866(200*$139.33) $1,750 (88*$19.89) $29,616
Total costs $380,371 $52,072 $432,443
Suppose the Federal Reserve wants to fix the U.S. exchange rate with the yen at $0.008 per yen. If the equilibrium market exchange rate were significantly lower at $0.007 per yen, what would the Fed need to do to maintain the fixed rate of $0.008 per yen
Answer:
The classification of the query is characterized throughout the explanation segment below as well.
Explanation:
As even the Fed needs to improve this same exchange money supply at $0.008, and once again the exchange rate would be $0.007, amortization throughout the stock exchange would be needed to reduce the monetary value to $0.008.
To start reducing that as well, the Fed hopes to pay the dollar upon that shop and bought Yen as well as enhance the amount of money in circulation throughout the market, which would rise in value this same dollar against Yen as well as lose value the currency. This should encourage people to spend in the United States market and lower the inflation rate. At the relatively high monetary policy, this same rate has been decreasing, which will contribute to something like a capital flight throughout the Us as well as increase the value of the yen.A deposit of $100,000 is made to an investment account today. At the end of each of the next four years, $10,000 must be paid out to a beneficiary, and the account liquidated at the end of year four. If the liquidation value is $100,000, the account has earned an annual internal rate of return of ___________%. (percent, rounded three places after the decimal)
Answer:
14.06%
Explanation:
Assume their is a cash out flow today of $100000, and next four year annual cash inflow of 10000 and 120000 at the end of year 4.
We can use IRR formula to find the interest rate.
year cashflow
0 -100000
1 10000
2 10000
3 10000
4 130000
IRR 14.06%
The calculation has been done on excel sheet
Rediger Inc., a manufacturing Corporation, has provided the following data for the month of June. The balance in the Work in Process inventory account was $35,000 at the beginning of the month and $23,500 at the end of the month. During the month, the Corporation incurred direct materials cost of $57,600 and direct labor cost of $31,900. The actual manufacturing overhead cost incurred was $54,300. The manufacturing overhead cost applied to Work in Process was $53,600. The cost of goods manufactured for June was:
Answer:
the cost of goods manufactured is $154,600
Explanation:
The computation of the cost of goods manufactured is shown below:
= Opening work in process inventory + direct material cost + direct labor cost + manufacturing overhead cost applied - ending work in process inventory
= $35,000 + $57,600 + $31,900 + $53,600 - $23,500
= $154,600
Hence, the cost of goods manufactured is $154,600
Whispering Corporation has retained earnings of $715,700 at January 1, 2020. Net income during 2020 was $1,567,700, and cash dividends declared and paid during 2020 totaled $83,500. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $88,840 (net of tax) was charged to maintenance and repairs expense in 2019.
Answer:
$2,288,740
Explanation:
Preparation of a retained earnings statement for the year ended December 31, 2020
RETAINED EARNINGS STATEMENT
For the Year Ended December 31, 2020
Retained earnings, January 1, as reported $715,700
Correction for overstatement of expenses in
prior period (net of tax) $88,840
Retained earnings, January 1, as adjusted $804,540
($715,700+$88,840)
Add Net income $1,567,700
Less Cash dividends ($83,500)
Retained earnings, December 31 $2,288,740
($804,540+$1,567,700-$83,500)
Therefore retained earnings statement for the year ended December 31, 2020 will be $2,288,740
A local university has a goal of raising $500,000 for an escrow account. Their fund-raising committee has committed to raising $5,000 a month until they reach their goal. These funds are deposited into an interest-bearing account that earns interest at the rate of 8 percent per year compounded monthly. The first deposit is made at the end of the current month. How many months (aka how many deposits) can the committee expect to continue their fund-raising campaign
Answer: 77 months
Explanation:
Use the NPER function on Excel to find the answer.
Rate is compounded monthly so:
= 8% / 12
= 0.66667%
Payment = 5,000 per month
Present value = $0
Future value = 500,000
Value should be = 76.87 months
= 77 months
1. On April 30, Gomez Services had an Accounts Receivable balance of $18,000. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13,000. What was the amount of credit sales during May
Answer:
the amount of credit sales is $47,000
Explanation:
The computation of the amount of credit sales is shown below;
= Ending balance of account receivable + cash receipts - opening balance of account receivable
= $13,000 + $52,000 - $18,000
= $47,000
Hence, the amount of credit sales is $47,000
On January 2, 2010, York Corp. replaced its boiler with a more efficient one. The following information was available on that date:
Purchase price of new boiler
$150,000
Carrying amount of old boiler
10,000
Fair value of old boiler
4,000
Installation cost of new boiler
20,000
The old boiler was sold for $4,000. What amount should York capitalize as the cost of the new boiler?
A. $150,000.
B. $166,000.
C. $170,000.
D. $160,000.
The electric utility rate for a facility during the months of May through October is 4.5 cents per kilowatt-hour for energy, $11.50 per kilowatt peak demand, and a $68.00 per month meter charge. During the August billing period the facility used 96,000 kw-hrs and set a peak demand of 624 kw during the time between 4:45 P.M. and 5:00 P.M. in the afternoon on August 15. Calculate the August electric bill.
Answer: $11564
Explanation:
Total units consumed for August = 96000
There's a peak demand of 624kw
Also, the May through October is 4.5 cents per kilowatt-hour for energy.
The August electric bill will then be:
= 96000 × 4.5/100 + 624 × 11.50 + 68
= (96000 × 0.045) + (624 × 11.50) + 68
= 4320 + 7176 + 68
= 11564
who was a main practitioner of virtue ethics?
Explanation:
Virtue ethics began with Socrates, and was subsequently developed further by Plato, Aristotle, and the Stoics. Virtue ethics refers to a collection of normative ethical philosophies that place an emphasis on being rather than doing.
Jessica is a U.S. Army Reservist and in 2020 traveled 130 miles each way to serve duty at a local military installation. She was required to report four times in 2020. Her normal route from home to the base included a $1.75 toll each way. Jessica's for AGI deduction for these costs is:
Answer:
AGI Deduction = 580.8 US dollars.
Explanation:
Solution:
Data Given:
Miles traveled = 130 miles
Reporting Period = 4 times in 2020
Cost from home to base = $1.75 toll each way.
Jessica's for AGI deduction for these costs is:
First, we need to find the travel amount:
Travel amount = Miles x Reporting Period x 2 x Mileage rate for deduction
Here, mileage rate for deduction = 0.545 per mile. So,
Travel Amount = 130 miles x 4 times x 2 x 0.545
Travel Amount = 566.8 US dollars.
Now, we need to find the Jessica's Toll Expenses.
Toll Expenses = 1.75 x 2 x 4 times
Toll Expenses = 14 US dollars.
Finally, we can find the required AGI Deduction:
AGI Deduction = Travel Amount + Toll Expenses.
AGI Deduction = 566.8 US dollars + 14 US dollars
Hence, Jessica's AGI deductions are:
AGI Deduction = 580.8 US dollars.
Banko Inc. manufactures sporting goods. The following information applies to a machine purchased on January 1, Year 1: Purchase price $ 71,000 Delivery cost $ 3,000 Installation charge $ 2,000 Estimated life 5 years Estimated units 146,000 Salvage estimate $ 3,000 During Year 1, the machine produced 42,000 units and during Year 2, it produced 44,000 units. Required Determine the amount of depreciation expense for Year 1 and Year 2 using each of the following methods:
Answer: See Explanation
Explanation:
You didn't give the methods to use but let me use 2 main methods.
First, let's use the Straight line Depreciation. This will be:
= ($71000 + $3000 + $2000 - $3000) / 5
= $73000/5
= $14600
Year 1 Depreciation = $14600
Year 2 depreciation = $14600
Secondly, let's use the double declining method of Depreciation will be:
= 1/5 × 2
= 0.2 × 2
= 0.4
= 40%
Year 1 depreciation will be:
= 76000 × 40%
= 76000 × 0.4
= $30400
Year 2 Depreciation will be:
= ($76000 - $30400) × 40%
= $45600 × 40/100
= $45600 × 0.4
= $18240
Suppose the price elasticity of demand for heating oil is 0.1 in the short run and 0.9 in the long run.
a. If the price of heating oil rises from $1.20 to $1.80 per gallon, the quantity of heating oil demanded will by % in the short run and by % in the long run. The change is in the short run because people can respond easily to the change in the price of heating oil.
b. Why might this elasticity depend on the time horizon?
Answer: there is a 40% increase demand on a short run,
there is a 36.4% increase in demand on a long run
Elasticity depends on time horizon due to the possibility that oil substitutes might come into picture and people would prefer that over heated oil
Explanation:
Price elasticity in short run= 0.1
Price elasticity in long run = 0.9
For the short run, % change in demand would be; 0.1 = %change in demand÷ 1.8-1.2/ 1.2+1.8/2
0.1 = %change in demand/ 0.6/1.5
%change in demand = 0.4
So, there is a 40% increase demand on a short run
For 0.9, %change in demand = 0.9 × 0.6/ 1.5 = 0.36
So, there is a 36.4% increase in demand on a long run
b) Elasticity depends on time horizon due to the possibility that oil substitutes might come into picture and people would prefer that over heated oil
On January 1, 2021, Jasperse Corporation leased equipment under a finance lease designed to earn the lessor a 12% rate of return for providing long-term financing. The lease agreement specified ten annual payments of $75,000 beginning January 1, and each December 31 thereafter through 2029. A 10-year service agreement was scheduled to provide maintenance of the equipment as required for a fee of $5,000 per year. Insurance premiums of $4,000 annually are related to the equipment. Both amounts were to be paid by the lessor and lease payments reflect both expenditures. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) At what amount will Jasperse record a right-of-use asset
Answer:
$442,977.5
Explanation:
Calculation for what amount will Jasperse record a right-of-use asset
Right of use asset = ($75,000 -$5,000) x PVAD, 12%, 10
Right of use asset =$70,000*6.32825
Right of use asset =$442,977.5
Therefore what Jasperse will record a right-of-use asset will be $442,977.5
Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals.
a. Cash used for purchase of office supplies, $2,200.
b. Cash provided from consulting to customers, $48,600.
c. Cash used for purchase of mining equipment, $79,000.
d. Cash provided from long-term borrowing, $66,000.
e. Cash used for payment of employee salaries, $24,600.
f. Cash used for payment of office rent, $12,600.
g. Cash provided from sale of equipment purchased in c. above, $23,100.
h. Cash used to repay a portion of the long-term borrowing in d. above, $43,000.
i. Cash used to pay office utilities, $4,900.
j. Purchase of company vehicle, paying $10,600 cash.
Required:
Calculate cash flows from financing activities. (List cash outflows as negative amounts.)
Answer:
$12,400
Explanation:
Cash flows from financing activities Amount
Cash provided from long-term borrowing $66,000.
Cash used to repay a portion of the -$43,000
long-term borrowing in d. above
Purchase of company vehicle, paying -$10,600
Net cash used in financing activities $12,400
You would like to purchase a home and are interested to find out how much you can borrow. When your lender calculates your debt to income ratio, he determines that your maximum monthly payment can be no more than $3,200. You would like to have a 30 year fully- amortizing loan and the interest rate offered on such a loan is currently 5%. Given these constraints, what is the largest loan you can obtain?
Answer:
When Your Lender Calculates Your Debt To Income Ratio, He Determines That Your Maximum Monthly Payment Can Be No More Than $3,200.
A partnership begins its first year with the following capital balances: Alfred, Capital $ 48,000 Bernard, Capital 58,000 Collins, Capital 68,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: Each partner is allocated interest equal to 10 percent of the beginning capital balance. Bernard is allocated compensation of $16,000 per year. Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. Each partner is allowed to withdraw up to $4,000 cash per year. Assuming that the net income is $58,000 and that each partner withdraws the maximum amount allowed, what is the balance in Collins capital account at the end of that year
Answer:
The balance in Collins capital account at the end of that year is:
$80,640.
Explanation:
a) Data and Calculations:
Alfred Bernard Collins Total
Capital balances $48,000 $58,000 $68,000 $174,000
Profit sharing: $58,000
Interest on capital (10%) $4,800 $5,800 $6,800 ($17,400)
Compensation 16,000 ($16,000)
Allocation of balance 7,380 7,380 9,840 ($24,600)
Drawings (4,000) (4,000) (4,000) ($12,000)
Balances $56,180 $83,180 $80,640
which sentence best completes the diagram
A. the discount rate decrease
B. the money supply increases
C. the unemployment rate increases
D. the gross domestic product decreases
Answer:
B
Explanation:
taking unit 3 test right now
The sentence best completes the diagram is the money supply increases. Thus the correct option is B.
What are Treasury securities?To five different term options, Treasury Bills are a type of short-term security that offers protection and tax advantages to investors who invest money in them. The US government's complete faith and reputation are guaranteed as security for the debt obligations.
While selling securities has the reverse impact and takes money from the system, adding securities lowers rates, makes loans simpler to get and boosts economic activity.
When the Fed purchases Treasury securities, it converts them into "reserve balances," or deposits made at the Federal Reserve by a depository institution. This creates additional wealth for the economy.
Therefore, option B is appropriate.
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