Answers
Explanation:
you answer is $70,080
hope that helps. can post how was figured out.
Related Questions
Indicate whether each of the following is either True/Fasle:
1. An S Corporation is a taxpaying entity.
2. If shareholders elect S Corporation status, the corporation generally pays no tax.
3. Stock received by a transferor in exchange for services does not count in determining whether the 80% control test has been met.
4. Under Sec. 351, no gain or loss is recognized by those who exchange property solely for stock of the recipient corporation.
5. When boot is received by a taxpayer transferring assets in a Sec. 351 exchange, gain must be recognized to the extent of the smaller of the realized gain or the FMV of the boot received.
Answers
Answer:
The following are the answers,
False - S organization could be a taste unit which suggests all the financial gain of the S company are going to be relocated to stockholders and also the tax is to be compensated by the stockholders and not the S organization. True – As per constant rationalization on top of you'll be able to settle this. False – Stock acknowledged on either methodology are going to be enclosed for control purpose. True – The profit or loss is merely predictable once the transmission isn't for sole perseverance. True - When boot is acknowledged by a remunerator shifting possessions in a very Sec. 351 discussion, gain should be documented to the level of the lesser of the complete expansion
*Assignment*
1. Think about a business idea (sector)
2. Create a budget and a cash flow statement for that business
3. Highlight the investment appraisal technics to determine if such a business is viable or not.
4. Indicate the source of funding and if it's a loan create an amortisation schedule.
5. Try to convince someone to invest in your project with convincing evidences.
Answers
By presenting a compelling business case supported by solid evidence, I would aim to showcase the viability and potential of the solar panel installation business, enticing potential investors to seize the opportunity and contribute to the growth of a sustainable and profitable venture.
Business Idea (Sector):
I propose a business idea in the renewable energy sector, specifically focusing on solar panel installation and maintenance services. The demand for clean and sustainable energy solutions is rapidly increasing, and solar power offers a promising avenue for individuals and businesses to reduce their carbon footprint while saving on energy costs.
Budget and Cash Flow Statement:
The budget will include costs such as equipment and materials, employee wages, marketing expenses, office rent, and administrative costs. The cash flow statement will outline the projected inflows from customer payments, government incentives, and financing, as well as the outflows for operating expenses, loan repayments, and taxes.
Investment Appraisal Techniques:
To determine the viability of the business, several investment appraisal techniques can be employed. These may include net present value (NPV), internal rate of return (IRR), and payback period analysis. These methods will help assess the profitability, financial feasibility, and return on investment of the solar panel installation business.
Source of Funding and Amortization Schedule:
Funding for the business can come from various sources, such as personal savings, angel investors, venture capital, or bank loans. If a loan is obtained, an amortization schedule will be created to outline the repayment plan, including the principal and interest payments over the loan term.
Convincing Investment Proposal:
To convince someone to invest in the project, I would present the following convincing evidence:
Market research highlighting the growing demand for solar energy solutions.
A comprehensive business plan outlining the potential revenue streams, target market, and competitive advantages.
Projections of financial performance using investment appraisal techniques, showcasing the potential for profitability and return on investment.
Case studies or testimonials from satisfied customers, demonstrating the success of similar solar panel installation businesses.
Highlighting the positive environmental impact and the potential for government incentives and grants in the renewable energy sector.
Demonstrating the experience and expertise of the team in the solar energy industry.
By presenting a compelling business case supported by solid evidence, I would aim to showcase the viability and potential of the solar panel installation business, enticing potential investors to seize the opportunity and contribute to the growth of a sustainable and profitable venture.
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Opinion polling and market research are examples of stratified random sampling.
A
True
B
False
Answers
Describe at least two ways you can tailor your resume to fit a specific employer.
Answers
In describing at least two ways you can tailor your resume to fit a specific employer you include a list of your relevant experiences, skills, and accomplishments...
Compare the details of your application to the job posting. This is further explained below.
What is a resume?Generally, A candidate for employment composes a resume, which is a formal document, in order to detail their credentials for a certain post. A cover letter tailored to the position or firm being applied for is often included with a resume. In the cover letter, the candidate draws attention to the information on the CV that is most relevant to the position or company and indicates interest in working there.
What exactly is meant by the term employer?A person, business, or organization that hires workers and compensates them for their efforts is known as an employer. Workers who are compensated monetarily for their efforts are referred to as employees. Employers give employment.
In conclusion, You should include a list of your relevant experiences, abilities, and achievements on your resume, and you should also describe at least two ways that you may modify your resume to match the needs of a particular company.
Examine the particulars of your application in light of the ad for the position.
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The 15-year average return for the S&P 500 from January 1973 to December 2016 (29 separate 15 year periods) was as high as a 20% average annual return and as low as a 3.7% average annual return. Additionally, the average dividend yield for the S&P is 4.11% and the average annual dividend growth rate is 6.11%.
Using this information, please compare the investment in the 5% 15-year corporate bond with a $100,000 investment in a stock with a 3.7% dividend yield (10 percent less than the S&P 500 average yield) and a 3% dividend growth rate (50 percent of the S&P 500 dividend growth rate).
The annual investment returns are as follows:
Year 1 (13.40%) Year 2 (23.37%) Year 3 26.38% Year 4 8.99%
Year 5 3.00% Year 6 13.62% Year 7 3.53% Year 8 (38.49%)
Year 9 23.45% Year 10 12.78% Year 11 0.00 Year 12 13.41%
Year 13 29.60% Year 14 11.39% Year 15 (0.73%)
The bond interest payment of 5 percent is paid annually and not reinvested. To compare accurately with the bond investment, the stock dividend will not be reinvested, but paid annually as well.
Please calculate the value of the stock account at the end of each year and the dividend income from the stock on an annual basis.
Once you have performed the calculations, please let me know if you prefer to invest in a 5% corporate bond for 15 years or the stock and why.
What is the value of the stock after year 2? Year 8? Year 11? When does the annual dividend income of the stock exceed the annual interest income of the bond?
Answers
1. The value of the stock account after Year 2 is $155,401.626.
2. The value of the stock account after Year 8 is $96,110.0674.
3. The value of the stock account after Year 11 is $96,110.0674.
4. The annual dividend income of the stock exceeds the annual interest income of the bond at the end of Year 15.
Bond interest rate: 5%
Stock dividend yield: 3.7% (10% less than S&P 500 average yield)
Stock dividend growth rate: 3% (50% of S&P 500 dividend growth rate)
We'll assume an initial investment of $100,000.
Year 1:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $100,000 + ($100,000 * 0.2337) = $123,370
1. Year 2:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $123,370 + ($123,370 * 0.2638) = $155,401.626
2. Year 8:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $155,401.626 + ($155,401.626 * (-0.3849)) = $96,110.0674
3. Year 11:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $96,110.0674 + ($96,110.0674 * 0) = $96,110.0674
4. At the end of Year 15, the dividend income of the stock exceeds the interest income of the bond.
Stock dividend income: $100,000 * 0.037 = $3,700
Bond interest income: $100,000 * 0.05 = $5,000
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True or False: The market for internet does not exhibit the two primary characteristics that define perfectly competitive markets.
Answers
Answer: True
Explanation: Perfectly competitive markets are characterized by two main features: a large number of buyers and sellers, and homogeneous products.
In the case of the market for internet, there are typically a limited number of providers offering internet services in a given area. This means that there are not a large number of sellers in the market. Additionally, while the basic functions of internet services may be similar, there can be differences in terms of speed, reliability, quality, and customer service among different providers. This means that the products offered by internet providers are not completely homogeneous and vary by region.
i would just like the people who run this know that priyanka2003 gave an incorrect answer
Answers
Answer:
Bruh thats mean smh
Explanation:
HELP PLSSS HALP
How many tears would it take to fill up a pool? Explain.
Answers
Answer: Lets say 2 tear drops equals a teaspoon, And 3 teaspoons equals a tablespoon and 2 tablespoons equals a fluid ounce and 32 ounces equal a quart and 4 quarts equal a gallon and lets say the pool is 10 gallons It would take about 768000 tears to fill a ten gallon pool. Not gonna lie not even i'm depression enough for that.
introduction of business presentation on investment: securities
Answers
Securities play a vital role in modern investment portfolios, providing individuals and organizations with opportunities to grow their wealth and achieve their financial goals.
Securities are financial instruments that represent ownership or a creditor relationship with a corporation, government, or other organizations. They are tradable assets, such as stocks, bonds, mutual funds, and exchange-traded funds (ETFs).
The primary goal of investing in securities is to generate returns through capital appreciation, income generation, or a combination of both. By investing in securities, individuals and businesses can diversify their portfolios, mitigate risks, and potentially earn higher returns than traditional savings accounts.
Securities offer various advantages to investors. Stocks provide an ownership stake in a company, offering potential capital gains and dividend income. Bonds, on the other hand, represent loans made to governments or corporations and offer fixed interest payments. Mutual funds and ETFs enable investors to pool their money and gain exposure to a diversified portfolio managed by professionals.
Investing in securities requires careful consideration of individual risk tolerance, investment horizon, and financial objectives. It is crucial to conduct thorough research, analyze market trends, and seek professional advice when making investment decisions.
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Economic impact of offshore banking in malaysia
Answers
Answer:
It helps them but not a major impact
Explanation:
Pls mark brainliest
Omar Innovatives made considerations of purchasing capital equipment whose associated cash flows were as follows;
Answers
Based on the associated cash flows for the capital equipment to Omar Innovatives, the Payback period in years will be 0.5 years
How to find the Payback period?The payback period of an investment relates to the number of years it takes till the project is able to develop enough cash flows to pay back the initial investment amount.
The initial investment amount to Omar Innovatives Ltd was K100, 000 and in the first year, the project made back K200, 000.
This means that the project paid off its cash investment in the first year. To find the payback period in terms of years, the formula is:
= Cash investment / Cash flow in year of payback
= 100, 000 / 200, 000
= 0.5 years
The full question is:
Omar Innovatives Ltd made considerations of purchasing capital equipment whose associated cash flows were as follows;
Initial Investment K100, 000
Year One K200, 000
Year Two K300, 000
Year Three K400, 000
Year Four K500, 000
Year Five K100, 000
Average PBIT K93,500
Total Accumulated Depreciation K32,500
Taxation K15,200
What is the Payback period in years?
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The amounts reported for assets and liabilities in the total column for the combining balance sheet for nonmajor governmental funds are also reported in the other governmental funds column of the governmental funds balance sheet.
A. True
B. False
Answers
Answer: True
Explanation:
Governmental funds refers to the assets, money, or property, of the government.
It should be noted that the non major governmental fund is also a form of fund as well and therefore, the amounts that are reported for assets and liabilities in the total column for the combining balance sheet for the nonmajor governmental funds will also have to be reported in the other governmental funds column of the governmental funds balance sheet.
Therefore, the correct option is True
Which is the first step in marginal analysis?
A) Determine what price the company wishes to charge for its products.
B) Identify fixed and variable costs for specified quantities of product.
C) Find the marginal cost of producing one additional unit of a product.
D) Calculate the marginal revenue of producing one additional unit of a product.
:-- --:
Answers
Answer:
B) Identify fixed and variable costs for specified quantities of product.
12 in the middle of the smartart graphic, click the dark blue shape. type our market position and then click in the light blue text placeholder below and to the left. type trusted brand name and then click in the text placeholder to the right. type expansion planned for western u.s. (include the period.) 3
Answers
The user must first choose the Text box before making any changes to a text box, shape, or Smart Art graphic.
Any image whose dimensions, shape, color, or other attributes need to be altered must first be chosen. In order to change the text box in this instance, the user must first click on the "Text box" object. The appropriate options, such as size, adjustment tools, coloring tools, etc., will appear when the user clicks on the object. This adage is true not only of the drawing object but also of any text and other elements that are used. The Insert option includes a Smart Art Graphic. From the Insert Smart-Art Graphic group on Ribbon's Smart Art tab, select the sort of graphic you want (List, Process, etc.), followed by a layout. PowerPoint should have Smart Art in it. By choosing the Insert tab on the ribbon, you may access the Smart Art button. The Smart Art button is also clickable in a content placeholder.
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As a corporation, you want to distribute money to shareholders as a dividend. If the dividend is taxed at a rate of 20% and the dividend is $1 per share, how much money will a shareholder of 10,000 shares get after-tax? a) $8,000 b) $8,250 c) $8,400 d) $9,000
Answers
Answer:
a) $8,000
Explanation:
The tax rate is 20% of the dividend. If the dividend is $1 per share, the actual tax per share is 20 percent of $1.
=20/100 x $1
=0.2 x$1
=20cents per share
A shareholder will receive $1- 20 cents as dividends per share
=80 cents or $0.80 per share.
A shareholder with 10,000 shares will get
=10,000 x $.80
=$8,000
Answer:
$8000
Explanation:
1. What is the net long term capital gain reported on Joanne's Schedule D?
2. Which of the following can be claimed as a business expense on Joanne's Schedule C?
3. What is the amount Joanne can take as a student loan interest deduction on her Form 1040, Schedule 1? $__________________
4. What is the amount of Joanne's lifetime learning credit? $_______________
5. Joanne will have to pay $________ additional tax because she received the early distribution from her IRA.
6. Joanne's net long-term capital gain reported on Schedule D is $_______.
7. How many miles can Joanne use to calculate her standard mileage deduction? ______________
8. What is Joanne's additional 10% tax on the early withdrawal from her IRA?
Answers
The net long-term capital gain is the profit realized from the sale of a capital asset that has been held for more than one year, minus any associated taxes or fees.
A capital asset is any property or investment held for personal or investment purposes, such as stocks, bonds, real estate, or collectibles. When an asset is sold for a profit, the difference between the purchase price and the selling price is referred to as the capital gain. If the asset has been held for a year or less, the capital gain is considered a short-term capital gain and is taxed as ordinary income.
If the asset has been held for more than one year, it is considered a long-term capital gain and is taxed at a lower rate than ordinary income, which can result in a lower overall tax liability for the investor. It's important to keep accurate records of all capital gains and losses to accurately report them on tax returns.
The answer is general, as Scenario 8: Joanne Oak is not provided.
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Fickel Company has two manufacturing departments—Assembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $19.00 per direct labor-hour and $15.00 per direct labor-hour, respectively. The company’s direct labor wage rate is $21.00 per hour. The following information pertains to Job N-60: Assembly Testing & Packaging Direct materials $ 375 $ 39 Direct labor $ 168 $ 84 Required: 1. What is the total manufacturing cost assigned to Job N-60? (Do not round intermediate calculations.) 2. If Job N-60 consists of 10 units, what is the unit product cost for this job?
Answers
The total manufacturing cost assigned to Job N-60 is $ 696. If Job N-60 consists of 10 units, the unit product cost for this job is $111.00.
How to find the manufacturing costs ?Direct materials (Assembly + Testing & Packaging) = $375 + $39
= $414
Direct labor (Assembly + Testing & Packaging) = $168 + $84
= $252
Overhead applied (Assembly + Testing & Packaging) = $19 * 168 + $15 * 84 = $316 + $126
= $442
Total manufacturing cost = $414 + $252 + $442
= $1110
Unit product cost = Total manufacturing cost / Number of units
= $1110 / 10
= $111.00
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Farmer Pete owned a farm that he was planning on selling for about $250,000. He decided to run an advertisement in the local newspaper. Bob saw the
advertisement, called Farmer Pete, and offered to purchase the farm. Later, Farmer Pete wrote Bob a letter, informing him that he no longer would sell him
the farm. Bob really wanted the farm and filed a lawsuit against Farmer Pete, seeking to enforce the contract. Farmer Pete defended on the grounds that
the contract was unenforceable because of the statute of frauds. The letter Farmer Pete had sent to Bob did not contain any of the terms of the sale even
though he had signed it. Bob claimed that the advertisement could be combined with the letter and satisfy the statute of frauds. How will the court
decide the matter?
Answers
The court will bring justice in favor of Farmer Pete and not on the side of bob after looking at all the pieces of evidence.
What is a courtroom?A courtroom is an enclosed space where a trial takes place before a judge. The court may house multiple courtrooms, Courts are the center of judicial activity and provide a fair environment in which most court proceedings take place. The size and interior design of each courtroom can be based on the specific requirements of the type of hearings and trials that take place in that courtroom.the chief justice will bring justice in favor of farmer Pete because he planned to sell his land which is an agreement to the sale which is an offer for the public at large, in which the offerer offers advertisement is subject to the public at large at the price mentioned and anyone from aggregate universe can apply for that ad.
so keeping in mind that no actual contract was made between Mr. Pete & Mr. Bob.
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Letters with already formatted fonts and fields are called:
A. Files
B. Templates
C. Themes
D. Views
Answers
Answer: B. Templates
Which of the following best describes the role of “capital?”
A. The functioning of laws in business.
B. What goes into making a product.
C. What is not needed to make a product.
D. An individual economic choice.
Answers
Answer:
B.
Explanation:
Capital, in general term, can be defined as a sum of money used to start a firm or invest to earn more money. Talking in broader terms, capital is anything that adds value or profit to the owner of the firm.
A capital can be machinery, factory, patents, buildings, etc. Capital is a sum of money used to pay or invest in the making of products.
Therefore, the statement that best describes the role of capital is what goes into making a product. Thus option B is correct.
Children walking on the sidewalk, a person sitting in a parked car, and a parking lot with vehicles entering and exiting indicate a
Answers
The scenario you described, including children walking on the sidewalk, a person sitting in a parked car, and a parking lot with vehicles entering and exiting, indicates a typical urban or suburban setting with regular pedestrian and vehicular activity.
What is surbaban setting?It suggests a common scene in areas where there is a mix of residential, commercial, or recreational spaces.
The presence of a parking lot with vehicles entering and exiting indicates a location where people are accessing businesses, establishments, or public spaces. It could be a shopping center, office complex, or any area with a high volume of vehicular traffic.
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The Montgomerys borrowed $107,000 at 7.50% for 30 years to purchase a house. Find the total interest the Montomerys will pay if they pay the loan on schedule. Click the icon to view the monthly payment of principal and interest table. OA. $162,254.80 OB. $149, 158.00 OC. $177,662.80 OD. $168,803.20
Answers
The total interest the Montgomerys will pay if they pay the loan on schedule is approximately $163,072.
To find the total interest the Montgomerys will pay over the course of the loan, we can calculate the monthly payment and then subtract the principal borrowed.
First, we need to calculate the monthly payment using the loan amount, interest rate, and loan term. We can use the formula for calculating the monthly payment on an amortizing loan:
Monthly payment =\(P * r * (1 + r)^n / ((1 + r)^n - 1)\)
Where:
P = Principal amount borrowed = $107,000
r = Monthly interest rate = Annual interest rate / 12 = 7.50% / 12 = 0.625%
n = Total number of payments = 30 years * 12 months/year = 360 months
Plugging in the values, we have:
Monthly payment = $107,000 * 0.00625 * (1 + 0.00625)^360 / ((1 + 0.00625)^360 - 1)
≈ $750.20
The monthly payment of principal and interest is approximately $750.20.
To find the total interest paid, we can multiply the monthly payment by the total number of payments and subtract the principal borrowed:
Total interest paid = (Monthly payment * Total number of payments) - Principal borrowed
= ($750.20 * 360) - $107,000
≈ $270,072 - $107,000
≈ $163,072
Therefore, the total interest the Montgomerys will pay if they pay the loan on schedule is approximately $163,072.
None of the provided answer options match the calculated value. However, based on the calculation, the closest option is OA. $162,254.80.
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2. Provide three examples of innovative activities, practices that leaders might undertake. Do not limit your ideas to
those presented in the text.
Answers
Answer:
Examples of innovative activities which leaders might undertake are:
1. Reading and reviewing a book with their employees in an area of organizational deficiency;
2. Encouraging and promoting problem-solving rather than rote activities through the use of financial rewards tied to such activities
3. Carrying our regular (weekly performance) feedback of each person's performance including the leader she or himself in order to ensure timely and goal-oriented course correction.
Cheers
What is a family brand?
O A. A brand used during the maturity stage of the product life cycle
O B. A brand for children's producto
O C. A brand for the products in one or more product lines
O D. Goods purchased for use by a family
SUBMIT
Answers
Answer:
The correct answer is c
Suppose you win the lottery and have two options: A. Take $1 million now. B. Take $1.2 million to be paid out as 300,000 now and then $300,000 a year for 3 years. Which is the better deal? Assume that the interest rate is 10%. Please show your work. (4 point)
Answers
Answer:
A. Take $1 million now.
Explanation:
A. If we take $1 million now the present value of the money is $1 million.
B. If we choose to take $1.2 million paid out over 3 years then present value will at 10% will be;
$300,000 + $300,000 / 1.2 + $300,000/ 1.44 + $300,000 / 1.728
$300,000 + $250,000 + $208,000+ $173,611 = $931,944
The present value of option B is less than present value of option A. We should select option A and take $1 million now.
Jahar is very friendly and loves interacting with customers. He has a lot of knowledge about loans and the risks associated with them. In which Finance career does Jahar work? Business Finance Management Financial Investment Planning Insurance Services Banking and Related Services
Answers
Answer:
C
Explanation: I took the Unit Test and got it right!
Answer: C : Insurance Services
Explanation: this is on Edgenutiy unit test
It is an attempt to combine separate economies into larger economic region.
Answers
Answer:
economic integration I believe
What is the major difference between cleaning and sanitizing?
Cleaning is done by hand while sanitizing uses a dishwasher.
Cleaning is the same thing as sanitizing.
Cleaning uses soap to remove debris while sanitizing uses chemicals or heat to kill germs and bacteria.
Sanitizing is not required.
Answers
The major difference between cleaning and sanitizing is that Cleaning uses soap to remove debris while sanitizing uses chemicals or heat to kill germs and bacteria
What is cleaning and sanitizing?Cleaning regularly is one that is made of the utilize of cleanser, water, and mechanical activity to physically remove earth and grime from surfaces. It is an vital to begin with step within the sanitizing that has been prepared, because it is expelling soil and natural matter that can meddled with the activity of sanitizing operators.
Therefore, Sanitizing, on the other hand, regularly includes the utilize of chemicals or warm to kill or lower the number of hurtful microorganisms on surfaces.
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12. Regarding business cycles, a boom refers to:
a) A period during which aggregate output declines.
b) The period in the business cycle from a trough up to a peak during which output, and
employment grow.
c) The period in the business cycle from a peak down to a trough during which unemployment
and inflation fall.
d) A prolonged increase in the output level.
For questions 13 and 14, consider the following labour market data for a hypothetical economy:
+16 age population at working age: 100
Number of people in the labour force: 50
Number of unemployed people: 5
Number of people informally employed: 2
13. What is the labour force participation rate?
a) 50% b) 10% c) 40% d) 60%
14. What is the rate of unemployment?
a) 50% b) 10% c) 40% d) 60%
15. Ahmet is a cashier at a supermarket. As the economy moves towards Industry 4.0, the
supermarket starts to use automated tellers. Ahmet loses his job and is now unemployed. This is
an example of:
a) cyclical unemployment b) frictional unemployment
c) structural unemployment d) non-institutional population
Answers
Answer: A business cycle or boom-bust cycle refers to the alternating periods of recession and recovery. Changes in production and trade in a market economy cause these alternating periods. We often use the term together with the economic bubble.
12. The period in the business cycle from a trough up to a peak during which output, and employment grow. B
13. The labour force participation rate is 10 percent
14. The rate of unemployment is 40 percent
15. Cyclical unemployment is the component of overall unemployment that results directly from cycles of economic upturn and downturn. Unemployment typically rises during recessions and declines during economic expansions. Moderating cyclical unemployment during recessions is a major motivation behind the study of economics and the goal of the various policy tools that governments employ to stimulate the economy. True
Frictional unemployment: the unemployment which exists in any economy due to people being in the process of moving from one job to another. False
Structural unemployment: unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand. False
Non-institutional: False
Explanation: Hope the explanation above was helpful
a US company owns 80% of interest in a company located on Mars. Martian currency is called The Martian credit during the year the parent company sold inventory that had a cost of 24500 to the subsidiary on account for 28,500 when the exchange was 0.519 to the subsidiary still held one half of the inventory and had not paid the parent company for purchase at the end of the physical year. The unsettled account is denominated in dollars the exchange rate at the fiscal year and was 0.4994 compute the amounts that would be reported for inventory and accounts payable in the subsidiary translated balance sheet the entities functional currency is the Martian credit
Answers
The amounts reported for inventory and accounts payable on the subsidiary translated balance sheet are 18,619 Martian credits and 14,217 Martian credits, respectively.
A US-based company that has an 80% stake in a Martian company has to report the assets, liabilities, and equity of its subsidiary on its consolidated financial statements in US dollars. The Martian currency is known as the Martian credit. During the year, the parent company sold inventory with a cost of 24500 to the subsidiary on account for 28,500 when the exchange rate was 0.519 to the subsidiary.
One-half of the inventory still belongs to the subsidiary, and at the end of the physical year, the subsidiary had not paid for the purchase.The account that remained unpaid is denominated in dollars, and the exchange rate was 0.4994 at the end of the fiscal year.
The functional currency of the company is Martian credit, and the dollar amount of the balance sheet needs to be translated into the Martian currency. In order to calculate the inventory and accounts payable, we will use the current rate method. The first step in the calculation is to find the closing rate of the Martian credit to the US dollar.Exchange rate at the fiscal year-end: $1 = 0.4994
Martian creditThe amount reported for inventory on the subsidiary translated balance sheet can be calculated as follows:
Beginning inventory: 12,250 (since the subsidiary still holds one half of the inventory)
Cost of inventory sold to the subsidiary: 24,500
Closing rate of the Martian credit to the US dollar: 0.4994
Martian credit reported inventory = (12,250 + 24,500) × 0.4994 = 18,619
Martian credits The amount reported for accounts payable on the subsidiary translated balance sheet can be calculated as follows:
Beginning accounts payable: 0Amount owed to parent company: 28,500
Closing rate of the Martian credit to the US dollar: 0.4994
Martian credit reported accounts payable = (0 + 28,500) × 0.4994 = 14,217 Martian credits
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