Answer:
5,000
Explanation:
Stephen is a graduate student at a university
He works part time at a shop where he earns 5,000 this is als like compensation
He receives $25,000 for scholarships
The amount Stephen includes in id groas income is 5,000
reparation of Stockholders’ Equity Section Wildcat Drilling has the following accounts on its trial balance. Debit Credit Retained Earnings 600,000 Cash 825,000 Additional Paid-In Capital—Common 3,100,000 Additional Paid-In Capital—Preferred 400,000 Accounts Payable 345,000 Accounts Receivable 410,000 Common Stock, $1 par 600,000 Preferred Stock, $10 par 340,000 Inventory 1,300,000 Treasury Stock—Common (30,000 shares) 382,000 Accumulated Other Comprehensive Income 70,000 Required: Prepare the stockholders’ equity portion of Wildcat’s balance sheet.
Answer:
Wildcat Drilling
Stockholders' Equity Section:
Common Stock, $1 par 600,000
Preferred Stock, $10 par 340,000
Additional Paid-In Capital—Common 3,100,000
Additional Paid-In Capital—Preferred 400,000
Treasury Stock—
Common (30,000 shares) (382,000)
Retained Earnings 600,000
Accumulated Other Comprehensive Income 70,000
Explanation:
a) Data and Calculations:
Wildcat Drilling Trial Balance Accounts:
Debit Credit
Cash 825,000
Accounts Receivable 410,000
Inventory 1,300,000
Accounts Payable 345,000
Common Stock, $1 par 600,000
Preferred Stock, $10 par 340,000
Additional Paid-In Capital—Common 3,100,000
Additional Paid-In Capital—Preferred 400,000
Treasury Stock—
Common (30,000 shares) 382,000
Retained Earnings 600,000
Accumulated Other Comprehensive Income 70,000
Slotnick Chemical received $280,000 from customers as deposits on returnable containers during 2021. Fifteen percent of the containers were not returned. The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits
Answer:
$7,000
Explanation:
The computation of the profit that should realize on the forfeited deposits is given below:
Deposited forfeited is
= $280,000 ×15%
= $42,000
Now the cost of the discount forfeited is
= $42,000 ÷ (100 + 20%$)
= $35,000
So, the profit realized is
= $42,000 - $35,000
= $7,000
Exercise 6-1B Calculate cost of goods sold (LO6-2) A company begins the year with inventory of $53,000 and ends the year with inventory of $43,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $ 208,000 Purchase on May 6 128,000 Purchase on September 8 158,000 Purchase on December 4 408,000 Required: Calculate cost of goods sold for the year.
Answer: $912,000
Explanation:
The cost of goods sold for the year will be:
Beginning inventory = $53,000
Add: Purchases = ($208,000 + $128,000 + $158,000 + $408,000) = $902,000
Cost of goods available for sale = $955,000
Less: Ending inventory = ($43,000)
Cost of goods sold = $912,000
High-Low Method
The manufacturing costs of Ackerman Industries for the first three months of the year follow:
Total Costs Units Produced
January $1,900,000 20,000 units
February 2,250,000 27,000
March 2,400,000 30,000
Using the high-low method, determine (a) the variable cost per unit and (b) the total fixed cost.
a. Variable cost per unit $
b. Total fixed cost $
Answer:
Variable cost per unit= $50
Fixed costs= $900,000
Explanation:
Giving the following information:
Total Costs Units Produced
January $1,900,000 20,000 units
February 2,250,000 27,000
March 2,400,000 30,000
To calculate the unitary variable cost and the fixed cost under the high-low method, we need to use the following formulas:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (2,400,000 - 1,900,000) / (30,000 - 20,000)
Variable cost per unit= $50
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 2,400,000 - (50*30,000)
Fixed costs= $900,000
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 1,900,000 - (50*20,000)
Fixed costs= $900,000
Suppose real GDP is forecasted to grow by 1.881.88 %, the velocity of money has been stable, and the Fed announces an inflation target of 2.502.50 %. What is the largest money growth rate the Fed could implement and still achieve its inflation target
Answer: 4.38%
Explanation:
Use the Quantity Theory of Money to find the growth rat:
MV = PY
ΔMoney supply + ΔVelocity = ΔPrice level + ΔEconomic output or GDP
Velocity is stable so is 0.
ΔMoney supply + 0 = 2.50% + 1.88%
ΔMoney supply = 4.38%
When the value of a currency A reduces as a result of an increase in the value of another currency B, then currency A would be said to have Select one O a, Arranged b. Depreciated OC Devalued O d. Denominated
the answer is not here the answer is deficit but I will pick depreciated
If management adopts Ryan's suggestion of reducing Frozen Fun Ice Cream's charitable donations until profits grow, the company will essentially reduce its
Answer:
Corporate philanthropy
Explanation:
In simple words, Corporate philanthropy can be understood as the act of a business donating to nonprofit organisations through contributions, volunteers, sponsorship, as well as other means to assist them achieve their goals. The issue is that not enough organisations understand how to benefit from corporate generosity.
Thus, from the above we can conclude that Ryan's suggestion will reduce the company's Corporate philanthropy.
Job 243 $5,750 Job 244 $4,980 Job 245 $3,675 Job 246 $4,250 Job 247 $5,100 Job 248 $3,800 Jobs 243 and 244 were in finished goods inventory at the beginning of the month. Jobs 245 and 246 were in work in process at the beginning of the month. Jobs 247 and 248 were started during the month. At the end of the month, Jobs 243 and 244 were sent to customers; Jobs 245, 247, and 248 were completed and sent to finished goods. What is the cost of goods sold for the month
Answer:
The cost of goods sold for the month is:
= $10,730.
Explanation:
a) Data and Calculations:
Finished goods inventory at the beginning of the month:
Job 243 $5,750
Job 244 $4,980
Work in process inventory at the beginning of the month:
Job 245 $3,675
Job 246 $4,250
Jobs started during the month:
Job 247 $5,100
Job 248 $3,800
Cost of goods sold:
Job 243 $5,750
Job 244 $4,980
Total $10,730
Finished Goods inventory ending balance:
Job 245 $3,675
Job 247 $5,100
Job 248 $3,800
Work in Process inventory ending balance:
Job 246 $4,250
You are closing the accounts you used to bill the project costs, but you still have some lingering expenses. Which best practice should you follow?
Answer:
Close all accounts except for the one related to the follow-up activities until the remanding expenses are complete.
Explanation: You never what to close out an account when the project has not been completed. If you still have remanding expenses the project is not complete.
On September 30, Franz Corporation notices a decline in value of its investment in held-to-maturity bonds that it believes to be other than temporary. On that date, the carrying value of the bonds is $38,500 and the fair value is $22,980.
Required:
Prepare the journal entry to record the impairment.
Answer:
Dr Loss on Impairment $15,520.00
Cr Maturity Debt Securities $15,520.00
Explanation:
Preparation of the journal entry to record the impairment.
Journal entry
Sep. 30
Dr Loss on Impairment $15,520.00
Cr Maturity Debt Securities $15,520.00
($38,500-$22,980=$15,520)
(To record the impairment)
On November​ 1, Equipment had a beginning balance in the Office Supplies account of . During the​ month, purchased of office supplies. At November​ 30, Equipment had of office supplies on hand.
Required:
The Office Supplies​ T-account has been opened for you. Post the beginning balance and purchase of office supplies. ​
Answer:
T-account entry:
Office Supplies
Dr Cr
Nov. 1 Balance b/d $1,700
Nov. Purchases $2,000
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company's fiscal year-end.
Accounts Debits Credits
Cash $ 10,300
Accounts Receivable 9,500
Supplies 2,000
Prepaid Rent 7,200
Equipment 90,000
Accumulated Depreciation $ 12,000
Accounts Payable 7,700
Salaries Payable 0
Interest Payable 0
Utilities Payable 0
Notes Payable 20,000
Common Stock 45,000
Retained Earnings 19,000
Service Revenue 42,200
Salaries Expense 24,500
Interest Expense 0
Rent Expense 0
Supplies Expense 0
Utilities Expense 2,400
Depreciation Expense 0
Totals $ 145,900 $ 145,900
Information necessary to prepare the year-end adjusting entries appears below.
a. Depreciation of equipment for the year is $6,000.
b. Accrued salaries at year-end should be $2,100.
c. Crimson Tide borrows $20,000 on September 1, 2018. The principal is due to be repaid in four years. Interest is payable each August 31 at an annual rate of 12%.
d. Unused supplies at year-end total $700. Crimson Tide debits Supplies at the time supplies are purchased.
e. Crimson Tide opens a second studio by paying for one year of rent in advance on April 1, 2018, for $7,200 ($600 per month) debiting Prepaid Rent.
f. Unpaid utilities for December total $200.
Required:
1) Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts.
2) prepare an adjusted trial balance.
3a ) prepare an income statement for the year end december 31,2018.
3b) prepare a statement of sharholders equity for the year ended decmber 31,2018.
3c) prepare a classified balance sheet for the year ended december 31, 2018.
4) record the closing entries.
5) prepare a post-closing trial balance.
Answer:
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Explanation:
Imagine that you are operating a Chinese clothing retail chain and you wish to enter the Italian market in order to access the latest fashion designs and trends from Italy. To meet this goal, it is important to have strong control and coordination of your Italian operations and to be able to easily transfer tacit knowledge back to China. Based on this information what entry mode would you choose to enter Italy?
a. Wholly owned subsidiary
b. Exporting
c. Franchising
d. Strategic alliance
e. Licensing
Answer: a. Wholly owned subsidiary
Explanation:
The only method listed that would give you strong control and coordination of the new business in Italy is that of a wholly owned subsidiary. You would have a 100% control over such a company and could do what you wanted with it including transferring knowledge back to China without impediment.
Exporting provides little control. Franchising provides limited control. Strategic alliance means that you have to share control with another entity and licensing provides only limited control as well.
which of the following attributes is not necessary for the information to qualify as a trade secret?
Answer:
short and long to type
Explanation:
i hope this question is helpful
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friend
Because of the compounding effect:
a. large yearly growth rates are needed to achieve sustained growth.
b. large yearly growth rates are needed to achieve sustained growth.
c. small changes in economic growth rate lead to large GDP changes over time.
d. small changes in economic growth rate lead to large GDP changes over time.
e. interest compounding allow the economy to grow faster.
Answer: c. small changes in economic growth rate lead to large GDP changes over time.
Explanation:
If there is even a small change in the rate at which the economy is growing, this increase will increase by even more the year afterward and then even more as time goes on. This is because the interest is being compounded overtime.
Look at the future value formula that shows compounding for instance:
Future value = Amount * (1 + rate) ^ number of periods
Assume even a change of 2% in the growth rate. In 30 years, this rate would have increased the economy by:
= 1 * ( 1 + 2%)³⁰
= 1.81
Which is a rate of:
= 1.81 - 1
= 81%
What started off as only 2% became 81% in 30 years. This is what compounding does.
The opportunity cost of holding money Group of answer choices varies inversely with the interest rate. varies directly with the interest rate. varies inversely with the level of economic activity. s zero because money is not an economic resource.
Answer:
Varies directly with the interest rate.
Explanation:
Varies directly with the interest rate.
The opportunity cost of holding the money will be the earning that can be made by investing the money. Basically, it is the interest rate that an investment provides when money is invested. If the money is not invested and it just held then the interest rate that could be earned is the opportunity cost.
If the importer... the bill
Answer:
sorry
Explanation:
PLEASE HELP! WILL MARK BRAINLIEST!! 10 POINTS
Assume a visitor from another nation decides to open a checking account at J & R National Bank. The visitor deposits $20,000 that is new money to the Macro Islands economy. The central bank has set a required reserve ratio of 10%.
What is the change in the total amount that J & R National Bank can loan out? Explain.
Calculate the total amount that the bank can create? (Calculate means show your work.)
Now assume that the Macro Islands government decides to increase spending to fund new projects that will bring in more visitors. Explain what will happen to the demand for loanable funds and real interest rates as a result.
Answer: a)$18,000 and b)$200,000
Explanation:
a) Deposit = $20,000
Reserve=10%
=10%x20,000 =$2,000
Loan - Deposit = 20,000-2,000 = 18,000
b) 1/Req. Rate Return* loan amount
20,000/10% =$200,000
This encourages spending so there is a shift up and to the right.
As the government increases spending, demand for loans increases and therefore increases the interest rates.
I welcome Brainliest thanks.
Rev. Elvin Snider is the ordained minister at Crossroads United Methodist Church. His salary on his Form W-2 is $20,000. He also receives a $12,000 housing allowance. His housing costs for the year are $14,000. What is Rev. Snider's self-employment income?
Answer: $32000
Explanation:
It should be noted that ministers or clergymen can exclude the home rental value or housing cost from the calculation of the gross income
Rev. Snider's self-employment income
Therefore, in this case, Rev. Snider's self-employment income will be:
Salary = $20,000
Add: Housing allowance = $12000
Total = $32000
A student got a $5000 grant per quarter and the opportunity to work on campus at a rate of $12 per hour, but no more than 15 hours per week. The quarter last 10 weeks. The student aid office charges 5% of handling fees and the state has an 8% income tax. If E is 'earnings at the end of the quarter,' H is 'hours of work per week,' the model that calculates the income of the student at the end of the quarter is :____________
Hi, you've asked an incomplete question. The options read;
a) E= 5000 (1-0.05) + 10 * 12 * H * (1 - 0.08).
b) E= 5000 (1-0.05) + 10 * 12 * H * (1 - 0.08) H≤15 (this reads: H less or equal to 15.
c) E= 5000 * (1 - 0.95) + 12 * H * (1 - 0.08) H≤15 [this reads: H less or equal to 15].
d) E= 5000 (1-0.05) + 12 * H * (1-0.08).
Answer:
b) E= 5000 (1-0.05) + 10 * 12 * H * (1 - 0.08) H≤15 (this reads: H less or equal to 15.
Explanation:
Using this model we note the following,
H is represented by 15 (hours)5% handling fee represented by 0.058% income tax is represented by 0.08rate is represented by 12 ($)Substituting this data into the model we have:
⇒ 5000 (1-0.05) + 10 * 12 * 15 * (1 - 0.08)
⇒ 4750 + 1800 (1-0.08)
⇒ 4750+1656 = $6406.
Grapefruit, Inc. provides the following information for 20X8: Net income $39,000 Market price per share of common stock $20/share Dividends paid $0.75/share Common stock outstanding at Jan. 1, 2018 110,000 shares Common stock outstanding at Dec. 31, 2018 155,000 shares The company has no preferred stock outstanding. Calculate the dividend yield for common stock.
Answer: 3.75%
Explanation:
Dividend yield = Annual dividend / Common stock market price
Annual dividend = 0.75 per share
Common stock market price = $20 per share
Dividend yield = 0.75 / 20
= 3.75%
An important sustainability issue that has received much more scrutiny in recent years is the: focus on adequate inventory levels. reduction in packaging waste by using alternate materials. effort to move warehouse storage closer to consumers. emphasis on materials handling and warehouse design. none of the above
Answer:
reduction in packaging waste by using alternate materials.
Explanation:
An important sustainability issue that has received much more scrutiny in recent years is the reduction in packaging waste through the use of alternative materials. You can see this happening through new laws that prohibit the use of plastic bags in supermarkets and plastic drinking straws, for example.
There are several companies that seek the use of biodegradable packaging, even if these are not provided for by law. Companies seek to adopt sustainable actions in their processes to demonstrate to their stakeholders that they follow ideal standards of environmental preservation and social awareness. This is a positive type of marketing for companies, as the population is more aware and wants to consume more from environmentally responsible companies.These companies then become more valued by their consumers and consequently more competitive and well positioned in the market
For the remaining questions, please consider the following transactions that happened upon the incorporation of Berry Company by its owner, John Berry, during the first week of January:
· It received €50,000 in cash from John Berry as capital.
· It borrowed €30,000 from a local bank.
· It purchased €15,000 of equipment for cash.
· It purchased €20,000 of inventory on account.
· It pre-paid €3,000 for the office rent and €2,000 for the insurance.
What is the total current assets at the end of the week?
Answer: €100,000
Explanation:
Cash received is an assetThe money borrowed is also cash so assets increaseEquipment was exchanged for cash. Both of them are assets so there is NO EFFECT on assets here. Inventory purchased on account will increase assets because assets were acquired with liabilities in this instance. Prepayments are assets but because this was paid with cash, there is NO EFFECT on assets as they cancel each other out.Total assets at the end of the week are:
= Cash + Cash borrowed + Inventory purchased on account
= 50,000 + 30,000 + 20,000
= €100,000
Craigmont Company's direct materials costs are $3,400,000, its direct labor costs total $7,360,000, and its factory overhead costs total $5,360,000. Its conversion costs total:__________
a) $10,760,000.
b) $8,760,000.
c) $12,720,000.
d) $5,400,000.
e) $16,120,000.
Answer:
c) $12,720,000.
Explanation:
Conversion Costs = Direct Labor Costs + Factory Overheads
= $7,360,000 + $5,360,000
= $12,720,000
Thus,
Craigmont Company's conversion costs total is $12,720,000.
Gross Private Domestic Investment $1,593
Personal Taxes 1,113
Transfer Payments 1,683
Taxes on Production and Imports 695
Corporate Income Taxes 218
Personal Consumption Expenditures 7,304
Consumption of Fixed Capital 1,393
US Exports 1,059
Dividends 434
Government Purchases 1,973
Net Foreign Factor Income 10
Undistributed Corporate Profits 141
Social Security Contributions 748
US Imports 1,483
Statistical Discrepancy 50
Refer to the accompanying national income data (in billions of dollars). Corporate profits are equal to
Multiple Choice
$793.
$702.
$575.
$444.
Answer: $793 billion
Explanation:
Following the information provided in the question, the corporate profit will be calculated as:
Undistributed corporate profits = 141
Add: Dividend = 434
Add: Corporate income taxes = 218
Corporate profit = $793
Therefore, the corporate profit is $793 billion
Item10 1 points Time Remaining 50 minutes 15 seconds00:50:15 Item 10 Time Remaining 50 minutes 15 seconds00:50:15 A long-term asset is recorded at the: Multiple Choice Additional costs to get the asset ready for use. Cost of the asset. Cost of the asset less all costs necessary to the asset ready for use. Cost of the asset plus all costs necessary to the asset ready for use.
Answer:
Cost of the asset plus all costs necessary to the asset ready for use.
Explanation:
The long term asset such as plant & machinery, land & buildings, furniture & fixtures, goodwill, copyrights,patent should be recorded at the cost price also the cost that are required and relevant to the asset for the purpose of ready it for usage are also involved
So as per the given situation, the last option is correct
And, the same should be considered
Assume you just deposited $1,000 into a bank CD account with one year until maturity. The interest rate on your deposit is 8% and inflation is expected to be 4% over the next year. a. How much money will you have in your bank account at the end of one year
Answer:
amount after 1 year = $1080
Explanation:
given data
deposited = $1,000
interest rate = 8% = 0.08
inflation rate = 4%
solution
we get here amount after one year with 8% of interest rate will become
amount after 1 year = deposited × [tex]( 1 + rate )^{time}[/tex] ................1
put here value
amount after 1 year = $1000 × ( 1 + 0.08)
amount after 1 year = $1080
During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much raw materials were transferred to production during 2017 for Benson
Answer:
Raw Materials transferred to production during 2017 $1,466,000
Explanation:
The computation of the raw material transferred to production is given below:
Opening raw material 2016 $80,000
Add : Purchase of Raw material $1,450,000
Less Closing Stock raw material 2017 $64,000
Raw Materials transferred to production during 2017 $1,466,000
Hence, the same should be relevant
Assume a firm generates $2,500 in sales, has a $800 increase in accounts receivable and has a $500 increase in accounts payable during an accounting period. Based solely on this information, cash flow from operations will increase by:
Answer:
Cash flow from operations will increase by $2,200.
Explanation:
The amount of increase in cash flow from operations can be calculated as follows:
Increase in cash flow from operations = Sales - Increase in accounts receivable + Increase in accounts payable …………… (1)
Sales = $2,500
Increase in accounts receivable = $800
Increase in accounts payable = $500
Substituting the values into equation (1), we have:
Increase in cash flow from operations = $2,500 - $800 + $500 = $2,200
Therefore, cash flow from operations will increase by $2,200.
Suppose that the U.S. government decides to charge cola consumers a tax. Before the tax, 45 million cases of cola were sold every month at a price of $6 per case. After the tax, 39 million cases of cola are sold every month; consumers pay $7 per case (including the tax), and producers receive $3 per case.
The amount of the tax on a case of cola is $ per case. Of this amount, the burden that falls on consumers is $ per case, and the burden that falls on producers is $ per case. True or False: The effect of the tax on the quantity sold would have been the same as if the tax had been levied on producers.
A. True
B. False
Answer:
Tax on a case of cola is $4 per case.
The burden that falls on consumers is $1 per case.
The burden that falls on producers is $3 per case
False. This is due to the fact that producers already carry a greater share of the tax burden.
Explanation:
Tax on a case of cola = Amount that consumers pay after the tax has been charged - Amount producers receive = $7 - $3 = $4 per case
Burden on consumers = Amount consumers pay after the tax has been levied - Amount consumers pay before tax was levied = $7 - $5 = $1 per case
Burden on producers = Tax on a case of cola - Burden on consumers = $4 - $1 = $3 per case
False. This is due to the fact that producers already carry a greater share of the tax burden.
