Bramble Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows.
BRAMBLE RESORT TRIAL BALANCE AUGUST 31, 2020
Debit Credit
Cash $23,800
Prepaid Insurance 8,700
Supplies 6,800
Land 28,000
Buildings 128,000
Equipment 24,000
Accounts Payable $8,700
Unearned Rent Revenue 8,800
Mortgage Payable 68,000
Common Stock 103,200
Retained Earnings 9,000
Dividends 5,000
Rent Revenue 84,200
Salaries and Wages Expense 44,800
Utilities Expenses 9,200
Maintenance and Repairs Expense 3,600
$281,900 $281,900
Other data:
1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020.
2. An inventory count on August 31 shows $461 of supplies on hand.
3. Annual depreciation rates are
(a) buildings (4%)
(b) equipment (10%).
(c) Salvage value is estimated to be 10% of cost.
4. Unearned Rent Revenue of $3,666 was earned prior to August 31.
5. Salaries of $346 were unpaid at August 31.
6. Rentals of $837 were due from tenants at August 31. (Use Accounts Receivable account.)
7. The mortgage interest rate is 8% per year. 4. 5. 6. 7.
Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31.
Answers
Answer:
Bramble Resort
Adjusting Journal Entries on August 31:
1. Debit Insurance Expense $2,175
Credit Prepaid Insurance $2,175
To record insurance expense for 3 months.
2. Debit Supplies Expense $6,339
Credit Supplies $6,339
To record supplies expense for the period.
3. Debit Depreciation Expense - Building $1,152
Credit Accumulated Depreciation - Building $1,152
To record depreciation expense for the period.
Debit Depreciation Expense - Equipment $540
Credit Accumulated Depreciation - Equipment $540
To record depreciation expense for the period.
4. Debit Unearned Rent Revenue $3,666
Credit Rent Revenue $3,666
To record rent revenue earned.
5. Debit Salaries Expense $346
Credit Salaries Payable $346
To accrue unpaid salaries.
6. Debit Accounts Receivable $837
Credit Rent Revenue $837
To record rentals due from tenants.
7. Debit Mortgage Interest Expense $1,360
Credit Mortgage Interest Payable $1,360
To record mortgage interest expense for the period.
Explanation:
a) Data and Calculations:
BRAMBLE RESORT TRIAL BALANCE AUGUST 31, 2020
Debit Credit
Cash $23,800
Prepaid Insurance 8,700
Supplies 6,800
Land 28,000
Buildings 128,000
Equipment 24,000
Accounts Payable $8,700
Unearned Rent Revenue 8,800
Mortgage Payable 68,000
Common Stock 103,200
Retained Earnings 9,000
Dividends 5,000
Rent Revenue 84,200
Salaries and Wages Expense 44,800
Utilities Expenses 9,200
Maintenance and Repairs Expense 3,600
$281,900 $281,900
b) Insurance Expense = $8,700 * 3/12 = $2,175
c) Supplies Expense = $6,339 ($6,800 - 461)
d) Depreciation Expense on Buildings = $1,152 ($128,000 - 12,800) * 4%) * 3/12
e) Depreciation Expense on Buildings = $540 ($24,000 -2,400) * 10%) * 3/12
f) Interest on Mortgage = $1,360 (68,000 * 8%) * 3/12
Related Questions
I need the answer please help
Answers
As given that the taxable state income for the year is $70,000, the applicable tax rate is 5.5%, thus, the tax payable is $3,850.
What does a progressive tax means?A progressive tax is one in which the tax rate rises in proportion to the taxable amount. The term progressive refers to the manner in which the tax rate rises from low to high, resulting in a taxpayer's average tax rate being less than the person's marginal tax rate. The term can refer to either individual taxes or an entire tax system.
We are given that the taxable state income for the year is $70,000. Note that for this salary range, the tax rate of 5.5% is applicable.
Tax payable is computed as:
= $70,000 * 5.5%
= $3,850
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Can you think of other ways ethics and corporate social responsibility information could be communicated in an engaging way?
Answers
An objective tone that isn't overly self-congratulatory or promotional is the best strategy for CSR communications. In your communications, be sincere and fair. That entails spreading more than simply good news.
What ethical and socially responsible practices do firms display?A firm can embrace social responsibility in a number of ways, including giving, encouraging volunteerism, using ethical hiring procedures, and making changes to the environment. For instance, businesses trying to minimize their environmental impact would try to cut back on waste and carbon emissions.
How are business ethics and corporate social responsibility related?Therefore, corporate social responsibility (CSR) is more focused on the corporation (or organization) and its obligations and behavior to other stakeholders in the larger social system, as opposed to business ethics, which is more focused on the role and responsibilities of managers and employees as business agents.
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What leads to excess demand?
A. More people want a good or service than producers can supply.
B. Prices for a good or service increase more than consumers are willing
to pay.
C. Sellers decrease the prices of their goods or services.
D. The supply of a good or service is equal to the amount consumers want.
Answers
Alfred E. Old and Beulah A. Crane, each age 42, married on September 7,2017. Alfred and Beulah will file a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "Old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorce from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years' income taxes. Sarah's Social Security number is 123-45-6788. Alfred's salary for 2019 is $150,000. He is an executive working for Cherry.Inc. (Federal I.D. No. 98-7654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society.Inc. (Federal I.D. No. 11-1111111), as a public defender. She receives salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes. Alfred and Beulah had interest income of $500. They received $1,900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Alfred and Beulah have never owned or used any virtual currency, and they do not want to contribute to the Presidential Election Campaign. Compute the Old's net tax payable (or refund due) for 2019. Suggested software: ProConnect Tax Online
Answers
To compute the Olds' net tax payable (or refund due) for 2019, we need to gather all the relevant information and calculate their taxable income, apply the appropriate tax rates, deductions, and credits. Since the tax calculation involves various factors and tax laws, it would be best to use tax software such as ProConnect Tax Online or consult with a tax professional. The software will streamline the process and ensure accurate calculations based on the specific tax laws and regulations applicable to the Olds' situation.
If James' records show $70,000 in revenue, $34,000 in liabilities, $90,000 in assets and $19,000 in equity, which of the figures should be included on his income statement
Answers
The figure that should be involved in the income statement is $70,000.
Given that,
The revenue is $70,000.The liabilities are $34,000.The asset is $90,000.The equity is $19,000.We know that in the income statement only revenues & expenses are recorded.
Therefore we can conclude that The figure that should be involved in the income statement is $70,000.
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in your community on the negative impact of strikes as a socio economic issue on businesses
Answers
Explanation:
hooliganism
increase in poverty
insufficient revenue
decrease in productivity
What are two types of expenses when considering your budget?
Answers
The two types of expenses when considering your budget include variable and fixed expenses.
What is a budget?A budget is described as a sort of financial planning, and it emphasizes how revenue will be generated and the various expenses. It is mainly conducted periodically and also re-evaluated.
When considering a budget plan, the two types of expenses taken into consideration include fixed expenses and variable expenses. Fixed expenses are the sort of expenses that remain unchanged and only change a few times and occasionally. For example, tuition fees, and insurance payments. The variable expenses include the expenses that change frequently and are mainly dependent on the purchase choices that are made every day. For example, medical bills, and clothing.
It can be concluded that the two types of expenses when considering your budget include variable and fixed expenses.
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pls help me
include the following:
The name of the career
Some information you learned from your own research
Education a person needs to get this type of job
Skills a person needs to get this type of job
How people in this job use technology
The URL (web address) of the US Bureau of Labor Statistics website where readers can find more information
Answers
The name of the career - Computer engineering
The information I have learned on Computer engineering is that it is all about research, as well as design, making, and testing ofcomputer systems as well as its components.
The Education a person needs to get this type of job is: Bachelor's Degree
The Skills a person needs to get this type of job are:
Know a lot about programming languages, Know about secure coding.Know about software and hardware tech.CreativityInnovationThe people in this job use a lot of technology as they are actively involve in its production.
The URL (web address) of the US Bureau of Labor Statistics website where readers can find more information is: https://www.bls.gov/ooh/architecture-and-engineering/computer-hardware-engineers.htm
What should an IT engineer possess?A bachelor's degree in the subject is required to work as a computer engineer. Math, physics, and computer science are the most common subjects that students study.
To create solutions for various issues, these professionals require critical thinking abilities. To function effectively in a team, they also need strong communication skills.
Therefore, Being an information technology engineer requires you to be able to recognize complex issues and find the appropriate solutions. You need the capacity for critical thought, option analysis, and perfect solution generation to be able to solve problems.
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A. The variety of Riverside Ranger logo T-shirts includes 12 different designs. Setup between designs takes one hour (and GHS18,000), and, after setting up, you can produce 1,000 units of a particular design per hour (at a cost of GHS8,000). Does this production exhibit scale economies or scope economies?
Answers
The production of a variety of designs of Riverside Ranger logo T-shirts exhibits scope economies because it allows for a broader product offering and results in lower average costs per unit.
This production exhibits scope economies because it involves producing a variety of different designs. Scope economies occur when it is more cost-effective to produce a range of products or services rather than specializing in a single product or service.
In this case, producing 12 different designs of Riverside Ranger logo T-shirts allows for a broader product offering, which can attract a wider customer base and increase sales. The setup cost of GHS18,000 per design is a fixed cost that is incurred regardless of the number of units produced, and this cost is spread over the 1,000 units produced per hour.
Therefore, the more designs that are produced, the more the fixed cost is spread out, and the lower the average cost per unit becomes. This means that producing 12 different designs results in lower average costs per unit compared to producing a single design.
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1.3 Eloberate on the meaning of crisis.
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Lynx Corp. The data presented below for Lynx Corp. are for the year ended December 31, 2017: Sales (100% on credit) $1,000,000 Sales returns 30,000 Accounts receivable (December 31, 2017) 170,000 Allowance for doubtful accounts (credit balance) (before adjustment at December 31, 2017) 1,300 Estimated amount of uncollectible accounts based on aging analysis 14,000 See the data for Lynx Corp. If Lynx Corp. uses the aging of accounts receivable approach to estimate its bad debts, what amount will be reported as bad debts expense for 2017
Answers
Answer:
Allowance for Doubtful Accounts 69,000
Explanation:
If the company estimates its bad debt to be 2% of net credit sales:
sales 2,500,000
return and allowance (50,000)
net sales 2,450,000
Then, we calculate 2% of this amount:
2,450,000 x 0.02 = 49,000
As the uncollectible amounts are related to sales rather than account receivable we adjust for the full value giving an ending value of:
beginning 20,000 + adjustment 49,000 = 69,000
Lowe's is the second-largest home improvement retailer in the world, with 2,002 stores. During its fiscal year ended in February 2019, Lowe's purchased merchandise inventory at a cost of $49,569 ($ millions). Assume all purchases were made on account and accounts payable is only used for inventory purchases. The following T-accounts reflect information contained in the company's February 2018 and 2019 balance sheets. Merchandise Inventories Feb. 2018 Bal. 8,911 Feb. 2019 Bal. 9,458 Accounts Payable 5,124 Feb. 2018 Bal. 5,633 Feb. 2019 Bal. a. Use the financial statement effects template to record Lowe's purchases during fiscal year ended February 2019. Use a negative sign with answers, if appropriate. Balance Sheet Income Statement Transaction Cash Asset Noncash Assets
Answers
The financial statement effects template records Lowe's purchases for the fiscal year ended February 28, 2019 as follows:
Transaction Assets = Liabilities + Equity
Purchases $0 + $49,569 = $49,569 + $0
Inventory Accounts Payable
The accounts equally affected by the purchases on account are the Inventory and the Accounts Payable.
Data Analysis:
Merchandise Inventory $49,569 Accounts Payable $49,569
Thus, with the purchases of merchandise during the fiscal year at a cost of $49,569, the Assets (inventory) and Liabilities (accounts payable) are increased by the same amount.
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82) At the current price of $2, how much does the firm want to produce?
83) At the current price of $2 what is the surplus or shortage in this industry?
84) At what price will the market be in equilibrium?
85) What will be the quantity supplied by each firm at this equilibrium?
86) What will the firms profit be at equilibrium?
87) In the long-run will the industry stay at this equilibrium?
Answers
Answer:
84) The equilibrium is the only price where quantity demanded is equal to quantity supplied. At a price above equilibrium, like 1.8 dollars, quantity supplied exceeds the quantity demanded, so there is excess supply.
85) The equilibrium price and quantity are where the two curves intersect. The equilibrium point shows the price point where the quantity that the producers are willing to supply equals the quantity that the consumers are willing to purchase. This is the ideal quantity to supply
86) The existence of economic profits attracts entry, economic losses lead to exit, and in long-run equilibrium, firms in a perfectly competitive industry will earn zero economic profit.
87) The industry is in long-run equilibrium when a price is reached at which all firms are in equilibrium (producing at the minimum point of their LAC curve and making just normal profits). Under these conditions there is no further entry or exit of firms in the industry, given the technology and factor prices.
Explanation:
i dont know 82 or 83 sorry
You, a Captain, are a section chief in Military Personnel and 2d Lt Smith’s supervisor. Lt Smith is a Force Support Officer. She has been on active duty for a year and in her present job for 10 months. She supervises 21 enlisted personnel who perform a variety of administrative tasks in support of a tactical fighter wing. She majored in business administration in college, served 3 years as an administrative specialist, and was an E-4 before being accepted for OTS. As an enlisted member, she graduated from technical school as an honor graduate and was cited on numerous occasions for outstanding performance. Her supervisors considered her a valuable asset to the unit and an expert in her area of responsibility. She’s very enthusiastic about her work and plans to make the Air Force a career.
Lieutenant Smith took over her job 2 months after the unit had received a rating of “marginal” by the numbered Air Force Inspector General’s evaluation team. At the end of her first week on the job, Lt Smith called her NCOIC and key supervisors together and told them that she wouldn’t tolerate marginal performance, that she had previous experience in this type of work, and would be looking at the quality of their work very closely. Since that time, Lt Smith has attempted to supervise every phase of work in her office and, at times, has involved herself in even the most routine decisions. Lt Smith assigns people to certain jobs within the office, plans the work schedule, leave schedule, and does most of the counseling in the office.
In the last 6 months, Lt Smith has ordered several people to work overtime to complete routine work ahead of schedule. Each time this has happened, the NCOIC has asked the lieutenant for permission to speak to her immediate supervisor. On each occasion, the lieutenant has told the senior master sergeant he must not take these internal problems to you, because she’ll take care of any problems in her section--and the NCOIC should remember who writes his EPR.
Most of the time, when Lt Smith approaches the work or break area where the workers are congregated, she notices all conversation stops and the personnel won’t talk to her unless she addresses them first. After reviewing a report yesterday, Lt Smith became very impatient. She bypassed his NCOIC and took the report directly to the Airman who had typed it. While Lt Smith was berating the Airman about the typing errors, the NCOIC walked into the office and asked the Airman what the problem was. The lieutenant became flustered, told the NCOIC she was tired of doing his job for him, and shoved the report into his hands. Lt Smith then went into her office and slammed the door.
The NCOIC relayed this situation to you and asked for your help. How will you help? BACKGROUND
*ENVIRONMENT: Airforce Base
*PEOPLE INVOLVE: The Captain, Lt Smith, Airman and NCOIC.
PROBLEM DEFINATION
*Lt Smith Unprofessional Behavior
DIAGNOSIS
*Marginal Performance
*Previous Experience
*Enthusiastic With her Job
*Academic Credibility
Answers
The lieutenant Smith has taken leave, and everything is running smoothly. People are, however, more attentive when she is present. Decisions are being delayed, and morale was low. The and other important supervisors are worried which some people may decide to due to her supervision, leave the service style.
Several issues must be addressed as a result of this case study. Lieutenant Smith's micromanagement technique is causing morale issues and may lead to retention issues, which is one of the main concerns. It's also troubling that she's requesting people to work extra hours without proper authorization or regard for the impact on their personal lives.
As her boss, you ought to tackle these concerns with Lt Smith and advise her on proper supervisory techniques. You could advise her to delegate more responsibilities to her NCOIC and other key supervisors, and to concentrate in strategic planning and decision-making instead of micromanaging every detail. We should also emphasise the significance of adhering to proper procedures for authorising overtime and taking into account the impact on personnel.
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FRY-9C, FRY-14M, FRY-14Q, FRY-2052a, FP&A, CRR
What are these terms exactly mean? How do they work in business? What each term do?
Answers
The terms mentioned above are used in economics and have to do with finance.
What are FRY-9C, FRY-14M, and FRY-14Q?In order to keep an eye on financial institutions in between on-site inspections, the FR Y-9C is the main analytical tool employed. The form, which is the most frequently requested and scrutinized report at the holding company level, contains more schedules than any other report in the FR Y-9 series.
The FR Y-14M report gathers monthly in-depth information on the loan portfolios of bank holding companies (BHCs), savings and loan holding companies (SLHCs), and intermediate holding companies (IHCs). Three loan- and portfolio-level collections, as well as one in-depth address matching collection, make up the report.
On a quarterly basis, the FR Y-14Q compiles comprehensive information on the various asset classes, capital components, and pre-provision net revenue (PPNR) categories of the bank holding companies (BHC), savings and loan holding companies (SLHCs), and intermediate holding companies (IHC).
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Three different methods for assembling a product were proposed by an industrial engineer. To investigate the number of units assembled correctly with each method, 30 employees were randomly selected and randomly assigned to the three proposed methods in such a way that each method was used by 10 workers. The number of units assembled correctly was recorded, and the analysis of variance procedure was applied to the resulting data set. The following results were obtained: SST = 10,730; SSTR = 4520.
Answers
The analysis of variance (ANOVA) table is a tabular representation of the findings. It details each source of variation's sources of variation, degrees of freedom, sum of squares, mean squares, and F-ratio.
The ANOVA tableTo set up the ANOVA table, we need the following information:
Total sum of squares (SST): 10,800
Sum of squares between treatments (SSTR): 4560
Calculating the sum of squares within treatments (SSE):
SSE = SST - SSTR
SSE = 10,800 - 4560
SSE = 6240
For degrees of freedom (df),
Total degrees of freedom (dfTotal) = Total number of observations - 1
Treatment degrees of freedom (dfTreatment) = Number of treatments - 1
Error degrees of freedom (dfError) = dfTotal - dfTreatment
In this case.
Total number of observations = 30
Number of treatments = 3
dfTotal = 30 - 1
= 29
dfTreatment = 3 - 1
= 2
dfError = 29 - 2
= 27
Calculating mean squares (MS),
MST = SSTR / dfTreatment
MSE = SSE / dfError
MST = 4560 / 2 = 2280
MSE = 6240 / 27 ≈ 231.85
Calculating the F-ratio,
F-ratio = MST / MSE
F-ratio = 2280 / 231.85
≈ 9.83
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Question:
Three different methods for assembling a product were proposed by an industrial engineer. To investigate the number of units assembled correctly with each method. 30 employees were randomly selected and randomly assigned to the three proposed methods in such a way that each method was used by 10 workers. The number of units, assembled correctly was recorded, and the analysis of variance procedure was applied to the resulting data set. The following results were obtained: SST = 10,800. SSTR = 4560. Set up the ANOVA table for this problem. Using alpha = .05. test for any significant difference in the means for the three assembly methods.
Dwight Donovan, the president of Fanning Enterprises, is considering two investment opportunities. Because of limited resources, he will be able to invest in only one of them. Project A is to purchase a machine that will enable factory automation; the machine is expected to have a useful life of four years and no salvage value. Project B supports a training program that will improve the skills of employees operating the current equipment. Initial cash expenditures for Project A are $108,000 and for Project B are $48,000. The annual expected cash inflows are $51,270 for Project A and $20,675 for Project B. Both investments are expected to provide cash flow benefits for the next three years. Fanning Enterprises’ desired rate of return is 6 percent. (PV of $1 and PVA of $1) Use appropriate factor(s) from the tables provided.)
A. Compute the net present value of each project. Which project should be adopted based on the net present value approach?
B. Compute the approx. internal rate of return of each project. Which one should be adopted based on the internal rate of return approach?
Answers
The net present value of Project A is $29,045.32, and net present value of project B is $22,264.52. The project that should be adopted based on the net present value is project A.
What is net present value?Net present value is the present value of after-tax cash flows from an investment less the amount invested.
a. The net present value of Project A:
= Present value of cash inflows - Initial expenditure
= (51,270 x present value interest factor, 6%, 3 years) - 108,000
= 51,270 x 2.673012 - 108,000
= $29,045.32
The net present value of Project B:
= 20,675 × 2.673012 - 33,000
= $22,264.52
b. Calculation of Internal Rate of Return:-
The IRR has been calculated using the financial calculator.
The IRR of Project A is 16% and that of Project B is 14%.
IRR of project A is more than Project B, which means Project A's return is more than project B. As per IRR Approach Project A is better than Project B.
Therefore, as per IRR and net present value approach Project A should be selected.
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g Marigold Corp. sells its product for $80 per unit. During 2019, it produced 60000 units and sold 50000 units (there was no beginning inventory). Costs per unit are: direct materials $20, direct labor $12, and variable overhead $1. Fixed costs are: $720000 manufacturing overhead, and $90000 selling and administrative expenses. The per unit manufacturing cost under variable costing is
Answers
Answer: $33
Explanation:
Under the Variable Costing method, the only costs assigned to inventory are the direct costs as well as the Variable Overhead as these are all variable costs.
The other costs are then charged to an expense account.
Manufacturing cost per unit;
= Direct material + direct labour + Variable overhead
= 20 + 12 + 1
= $33
How can your credit score impact your financial situation?
Answers
Your credit score has a significant impact on your financial situation. They assist lenders in determining whether you are a good risk. Your credit score can determine whether a loan is approved or denied. It can also affect how much interest you're charged, making debt more or less expensive for you.
give the advantages of business partnership structures
Answers
Answer:
Your welcome! Hope you have a nice wonderful day :)
Explanation:
One of the advantages of having a business partner is sharing the labor. Having a partner may not only make you more productive, but it may afford you the ease and flexibility to pursue more business opportunities. It might even eliminate the downside of opportunity costs.
The type of graph that looks similar to a line graph but is colored in and displays a trend of values is a(n) _____.
doughnut
line graph
area graph
scatter graph
Answers
what is grad school i want To know
Answers
Answer:
If you want to study a postgraduate degree, you'll be looking at various graduate (grad) schools and courses to find the right ones for you. ... The term grad school means a higher education institution which awards postgraduate degrees – most commonly master's and doctorate (PhD) programs.
Which answer best illustrates what trade-offs are?
Answers
THE FOLLOWING INFO IS AVAILABLE FOR BERLIN CORPORATION FOR THE YEAR ENDING 12/31/20. OTHER REVENUE/GAINS= 12700, OTHER EXPENSES/LOSSES=13300, COST OF GOODS SOLD= 156000SALES 592000, OPERATING EXPENSES= 186000, SALES RETURNS= 40000. PREPARE A STEP-BY-STEP INCOME STATEMENT. TAX RATE IS 30 PERCENT
Answers
Based on the information available for Berlin Corporation, the step - by - step income statement would be:
Berlin Corporation.
Income Statement
Sales Revenue $592,000
Less: Sales Return $40, 000
Net Sales $552, 000
Less : Cost of Goods sold ($156, 000)
Gross Profit $396, 000
Less Operating expenses: (186, 000)
Income from operations $210, 000
Other Revenue /Gains 12, 700
Other Expenses /Losses (13, 300) ( 600 )
Income before income taxes $209 ,400
Less: Income tax expense ($62, 820)
Net Income / (Loss) $146,580
What goes into an income statement?An income statement is the financial document that is used to find the amount of net income or loss that a company made in a certain period of time which is often a year or a quarter.
The main components of a net income statement are the revenue, the cost of goods sold, the gross profit, the operating expenses, and the net income.
To find the net income, subtract cost of goods sold and the operating expenses from the sales revenue.
In this case, you need to find the taxes to Berlin Corporation as well:
= Income before taxes x Income tax rate
= 209, 400 x 30%
= $62, 820
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"Mullineaux Corporation has a target capital structure of 75 percent common stock, 5 percent preferred stock, and 20 percent debt. Its cost of equity is 11.25 percent, the cost of preferred stock is 5.5 percent, and the cost of debt is 6.1 percent. The relevant tax rate is 35 percent.What is Mullineaux's WACC?"
Answers
Answer:
9.24%
Explanation:
WACC = weight of equity x cost of equity + weight of debt x cost of debt x (1 - tax rate)
equity = 0.75 x 11.25 = 8.44
preffered equity = 0.05 x 5.5 = 0.0028
debt = 0.2 x 6.1 x 0.65 = 0.79
ADD them together = 9.24%
When using invoices to record customer transactions, if we select Deposit to: Checking account, which of the following sequences is correct? Munple Choice Imvolce
→
Recetwe Payment
>
Checkang account thvoce
>
Pecelve Paytvent
>
Undeposted funds account
>
Checkang account. Soles ficept
>
Unoepouted Funcs accourt
>
Checking account.
Answers
If we choose Deposit to: Checking account, Sales Receipt> Checking account sequences is proper when using invoices to record customer transactions.
An invoice processing check is what?Receiving a supplier's invoice, authorizing it, determining a remittance date, paying the invoice, and then putting it into the general ledger are the processes in the invoice processing cycle. For seamless business operations, it is crucial.
How come a bill is examined?I refer to a court document. It could take longer for the vendor to receive payment for their services if there are errors on an invoice. Comparing the information on an invoice to that on a purchase order is the first stage in the process of invoice verification.
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Answer:
According to the case, the five kinds of share are directly relevant and can be calculated from the provided information are:
1. Authorized Capital
2. Issued Capital
3. Un-issued Capital
4. Subscribed Capital
5. Called-up Capital
Explanation:
Authorized Capital:
The authorized capital is known as the registered capital of the company, Authorized capital is the maximum amount of share that a company is authorized to issuing share to its shareholders.
In this case, the Alpha limited company registered on 5th January 2023 with the capital of 500,000 which is divided into 25,000 ordinary shares and the value of each share is Rs. 20.
Issued Capital:
The issued share capital of company is monetary value of shares which legally offers by company to its shareholders.
In this case, the Alpha limited company on 20th of January offered for sale to the public from authorized capital. The company put forward 15,000 and the value of each share is 20 Rs. Consequently, the company’s issued capital is 300,000 Rs (15,000 shares x 20 Rs.) .
Un-issued Capital:
The un-issued share capital reflects the part of authorized capital stock that the company has not yet issued to the public.
In this case, the Alpha limited company has not issued his 10,000 shares, and the value of each share is 20 Rs so its total un-issued capital is Rs. 200,000 (10,000 shares x 20 Rs.).
Subscribed Capital:
The subscribed capital is the portion of issued capital for which the public has been subscribed and the company has accepted.
In this case, the Alpha limited company on 23rd January received applications for 14,500 shares from the public which informed by company’s bank, so the subscribed capital is Rs. 290,000 (14,500 shares x 20 Rs.).
Answers
The five kinds of capital that are directly relevant are:
Authorized Capital: Rs. 500,000Issued Capital: Rs. 300,000Un-issued Capital: Rs. 200,000Subscribed Capital: Rs. 290,000Called-up Capital: Rs. 290,000What is a called-up capital?The called-up capital refers to the portion of the subscribed capital that the company has demanded and the shareholders are required to pay.
In this case, the Alpha limited company called up the entire subscribed capital of Rs. 290,000 on 25th January. Therefore, the called-up capital is also Rs. 290,000.
Summarily,
- Authorized Capital: Rs. 500,000
- Issued Capital: Rs. 300,000
- Un-issued Capital: Rs. 200,000
- Subscribed Capital: Rs. 290,000
- Called-up Capital: Rs. 290,000
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1. A public relations manager plans to delegate crisis communications responsibilities to a subordinate. What characteristic will the manager need to assess of the subordinate prior to delegating responsibilities?
Storytelling ability
Performance readiness
Selling experience
Active participation
2. A human resource director provides training for new managers learning how to adjust their leadership styles based on their staff’s abilities to self-manage and their level of confidence in performing their jobs. Which type of leadership training is being provided by the human resource director?
Telling
Persuasive
Participatory
Situational
Answers
The characteristic that the manager needs to assess of the subordinate prior to delegating responsibilities is:
Performance readinessThe type of leadership training that is being provided by the human resource director is:
SituationalWhat is Situational Leadership?Situational leadership is seen when a manager delegates tasks based on the performance readiness of his staff.
The performance readiness in this case combines the ability of the person receiving the task and their willingness to execute the assigned task.
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Using the appropriate tool from the Accountant Tools menu, which 4 of the following can be batch reclassified in QuickBooks Online Accountant?
Answers
Using the appropriate tool from the Accountant Tools menu, the 4 options that can be batch reclassified in QuickBooks Online Accountant are options A, B, C and F:
ClassesCustomersProducts and ServicesAccountWhat is QuickBooks Online Accountant?In the above question, too batch reclassify these items, you can use the "Batch Reclassify Transactions" tool, which can be found under the Accountant Tools menu.
This tool allows you to select multiple transactions and reclassify them to a different account, class, customer, or product/service.
Therefore, Locations, tax codes, and suppliers cannot be batch reclassified using this tool. However, you can edit individual transactions to change their location, tax code, or supplier if necessary.
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Using the appropriate tool from the Accountant Tools menu, which 4 of the following can be batch reclassified in QuickBooks Online Accountant?
Classes
Customers
Products and Services
Locations
Tax Code
Account
Suppliers
Santa Corporation issued a bond on January 1 of this year with a face value of $1,000. The bond's coupon rate is 4 percent and interest is paid once a year on December 31. The bond matures in three years. The annual market rate of interest was 5 percent at the time the bond was sold. The following amortization schedule pertains to the bond issued: Cash Paid Interest Expense Amortization Balance January 1, Year 1 $973 December 31, Year 1 $40 $49 $9 982 December 31, Year 2 40 49 9 991 December 31, Year 3 40 49 9 1,000 Required: 1. What was the bond's issue price
Answers
Answer:
The price of the bond at issuance is $973.
Explanation:
The selling price of the bond is equal to the present value of all cash flow received from the holding the bonds to maturity, at the issuance time. Thus, these cash flows would be discounted at the annual market rate at the time it is sold which is 5%.
Holding the bond would generate 2 types of cash flows:
+ Annual coupon payment at the end of each year at Face value x coupon rate = 1000 x 4% = $40, for 3 year. Present value of this cash flow = [ 40 / 5%] x [ 1 - (1+5%)^(-3)] = $109
+ Face value payback at the end of 3 year whose present value = 1000 / 1.05^3 = $864
=> Selling price = 109 + 864 = $973.