Trial balance data for the two companies on December 31, 20X6, are as follows:
Item Prime Company Suspect Company
Debit Credit Debit Credit
Cash and Accounts Receivable $ 120,000 $ 34,000
Inventory 252,000 94,000
Land 70,000 80,000
Buildings and Equipment 530,000 170,000
Investment in Suspect Company 216,990
Cost of Goods Sold 121,800 78,200
Depreciation and Amortization Expense 26,500 17,000
Other Expenses 14,000 5,000
Dividends Declared 30,000 5,000
Accumulated Depreciation $ 217,300 $ 51,000
Accounts Payable 64,000 25,000
Bonds Payable 210,000 50,000
Common Stock 300,000 100,000
Retained Earnings 338,260 87,200
Sales 210,000 170,000
Gain on Sale of Equipment 15,500
Income from Suspect Company 26,230
Total $ 1,381,290 $ 1,381,290 $ 483,200 $ 483,200
Additional Information
At the date of combination, the book values and fair values of all separately identifiable assets and liabilities of Suspect were the same. At December 31, 20X6, the management of Prime reviewed the amount attributed to goodwill as a result of its purchase of Suspect stock and concluded an impairment loss of $19,575 should be recognized in 20X6 and shared proportionately between the controlling and noncontrolling shareholders.
On January 1, 20X5, Suspect sold land that had cost $9,000 to Prime for $20,250.
On January 1, 20X6, Prime sold to Suspect equipment that it had purchased for $90,000 on January 1, 20X1. The equipment has a total economic life of 15 years and was sold to Suspect for $75,500. Both companies use straight-line depreciation.
There was $8,000 of intercompany receivables and payables on December 31, 20X6.
Required:
Give all consolidation entries needed to prepare a consolidation worksheet for 20X6.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Record the basic consolidation entry.
Record the amortized excess value reclassification entry.
Record the excess value (differential) reclassification entry.
Record the entry to eliminate the intercompany receivable/payable.
Record the entry to eliminate the gain on the sale of land.
Record the entry to eliminate the gain on the equipment and to correct the asset's basis.
Record the entry to adjust Accumulated Depreciation.
Prepare a three-part worksheet for 20X6.
Note: Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.
Prepare a consolidated balance sheet, income statement, and retained earnings statement for 20X6.
Note: Be sure to list the assets and liabilities in order of their liquidity. Amount to be deducted should be indicated by a minus sign.
Answers
Consolidation Entries:
Amortization of Excess Value: $8,070
Goodwill Impairment Loss: $19,575
Elimination of Intercompany Receivables and Payables: $8,000
Elimination of Gain on Sale of Land: $11,250
Elimination of Gain on Sale of Equipment and Reclassification of Excess Value: $14,630
What else are under consolidation entries?Adjustment of Accumulated Depreciation: $18,500
Amortized Excess Value Reclassification Entry:
Retained Earnings (Suspect) $8,070
Excess Value - Cost of Goods Sold $8,070
Excess Value (Differential) Reclassification Entry:
Investment in Suspect Company $27,090
Excess Value - Buildings and Equipment $27,090
Elimination of Intercompany Receivable/Payable:
Accounts Receivable - Intercompany $8,000
Accounts Payable - Intercompany $8,000
Elimination of Gain on Sale of Land:
Land (Prime) $9,000
Gain on Sale of Land $11,250
Land (Suspect) $20,250
Elimination of Gain on Sale of Equipment and Reclassification of Excess Value:
Equipment (Suspect) $90,000
Accumulated Depreciation - Equipment $37,125
Equipment (Prime) $75,500
Excess Value - Equipment $27,090
Depreciation Expense - Equipment $13,075
Adjustment of Accumulated Depreciation:
Accumulated Depreciation - Buildings and Equipment (Suspect) $17,000
Depreciation Expense - Buildings and Equipment (Suspect) $17,000
Accumulated Depreciation - Buildings and Equipment (Prime) $217,300
Depreciation Expense - Buildings and Equipment (Prime) $26,500
Three-Part Worksheet for 20X6:
Account Name |Prime Company |Suspect Company |Consolidation Entries |Consolidated Balances
Cash & Accounts Receivable |$120,000 |$34,000 | - |$154,000
Inventory |$252,000 | $94,000 | - |$346,000
Land |$70,000 |$80,000 | - |$150,000
Buildings & Equipment | $530,000 |$170,000 |$27,090 |$727,090
Investment in Suspect Co. |$216,990 |- |- |$216,990
Cost of Goods Sold |$121,800 |$78,200 | $8,070 |$191,070
Depreciation Expense |$26,500 |$17,000 |$13,075 |$56,575
Other Expenses |$14,000 |$5,000 | - |$19,000
Dividends Declared |$30,000 | $5,000 | - |$35,000
Accumulated Depreciation |$217,300 |$51,000 |$18,500 |$250,800
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Related Questions
The field of operations management is shaped by advances in which of the following fields?
Answers
Answer:
E) all of the above
Explanation:
THIS ARE THE OPTIONS FOR THE QUESTION BELOW
A) chemistry and physics
B) industrial engineering and management science
C) biology and anatomy
D) information technology
E) all of the above
Operations management can be regarded as administration of business practices which brings about creation
of highest level of efficiency that can be created within an organization. It is responsible for conversion of materials as well as labor to goods/services so that profit can be maximized efficiently
in an organization. It should be noted that The field of operations management is shaped by advances in fields such as ;
✓chemistry and physics
✓management science
✓ biology and anatomy
✓information technology
✓Industrial engineering
What are The two segments of the organization's environment
Answers
b) Find the standard deviation and the coefficient of variation of the following data. 25 Marks Interval Frequency Interval Frequency 3.00-3.25 6 4.00-4.25 47 3.25-3.50 19 4.25-4.50 29 3.50-3.75 35 4.50-4.75 15 3.75-4.00 44 4.75-5.00 5
Answers
The standard deviation is 0.4182 and the coefficient of variation is 10.5%.
Given the following data Interval Frequency 3.00-3.25 64.00-4.25 473.25-3.50 194.25-4.50 293.50-3.75 354.50-4.75 153.75-4.00 445.00-4.75 5 The formula for finding the standard deviation is:\($$ \sigma =\sqrt{ \frac{\sum f(x-\overline{x})^2}{N}} $$\)
The table below shows the calculation; Interval \($X$ Midpoint ($X_i$)\) Frequency \(($f$) $x-\bar{x}$ $f(x-\bar{x})$ $(x-\bar{x})^2$ $f(x-\bar{x})^2\)
$3.00-3.25 3.125 6 -0.725 -4.35 0.525625 3.153.25-3.50 3.375 19 -0.475 -9.025 0.225625 4.279.50-3.75 3.625 35 -0.225 -7.875 0.050625 1.773.75-4.00 3.875 44 0.025 1.1 0.000625 0.274.00-4.25 4.125 47 0.275 12.925 0.075625 3.554.25-4.50 4.375 29 0.525 15.225 0.275625 7.994.50-4.75 4.625 15 0.775 11.625 0.600625 9.01.75-4.00 4.875 5 1.025 5.125 1.050625 5.25 \($\sum f=200$ $\sum f(x-\bar{x})= 3.15$ $\sum f(x-\bar{x})^2= 35.01$\)
The variance is: \($ \sigma^2 =\frac{\sum f(x-\overline{x})^2}{N} $$\sigma^2=\frac{35.01}{200}=0.1751$\)
Therefore, the standard deviation is: \($$ \sigma=\sqrt{ \sigma^2} $$$ \sigma=\sqrt{ 0.1751}=0.4182$\)
The formula for finding the coefficient of variation is:$$ C.V = \(\frac{\sigma}{\overline{x}} \times 100\% $$\)
The coefficient of variation is:$$ C.V = \(\frac{0.4182}{3.985} \times 100\% $$$C.V = 10.5\%$\)
Therefore, the standard deviation is 0.4182 and the coefficient of variation is 10.5%.
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Cost and service trade off
1.Explain cost and service trade off in distribution.
Answers
Megazone Limited is well known for its focus on innovation and this is highlighted in the company’s website. The website
also tells a story of growth and success in the marketplace. This, combined with the excellent quality products offered,
has made Megazone Limited a leader in the marketplace. At the end of 2021 the plant and equipment (at carrying value)
totalled R5 000 000, a long-term investment was valued at R400 000, inventories amounted to R2 050 000, R1 750 000
was owed by trade debtors, cash in the bank amounted to R350 000, the ordinary share capital balance was R3 100 000,
the accumulated undistributed profits amounted to R2 500 000, an amount of R3 350 000 was owed to Vap Bank in
respect of a long-term loan, R270 000 was owed to the trade creditors, R250 000 was owed to shareholders for the final
dividend and R80 000 was owed to SARS for income tax.
At the end of 2022 the plant and equipment (at carrying value) totalled R6 250 000, the long-term investment was valued
at R350 000, inventories amounted to R2 150 000, R1 900 000 was owed by trade debtors, cash in the bank amounted to
R500 000, the ordinary share capital balance was R3 100 000, the accumulated undistributed profits amounted to R3
000 000, an amount of R3 600 000 was owed to Vap Bank in respect of the long-term loan, R1 200 000 was owed to the
trade creditors, R200 000 was owed to shareholders for the final dividend and R50 000 was owed to SARS for income
tax. The depreciation, operating profit, interest expense and income tax for the year ended 31 December 2022 amounted
to R750 000, R1 650 000, R450 000 and R400 000 respectively. Dividends paid and recommended amounted to
R300 000.
In keeping with the company’s growth strategy, the directors have identified two possible investment opportunities for
2023 viz. Project X and Project Y. An investment of R1 000 000 is required for each project. The useful life of each
project is estimated to be five years. Project X is expected to generate net cash flows of R350 000 (Year 1), R340 000
(Year 2), R330 000 (Year 3), R230 000 (Year 4) and R280 000 (Year 5). Project Y is expected to generate net cash flows
of R330 000 per year over its useful life. A scrap value of R100 000 (not included in the figures above) is anticipated for
Project X only. The company’s cost of capital is predicted to be 15%. The straight-line method of depreciation is used by
the company.
Answer ALL the questions in this section.
QUESTION 1 (15 Marks)
Prepare the financial statement for the year ended 31 December 2022 that provides details about the cash inflows and
cash outflows of Megazone Limited..
Answers
The financial statement for the year ended December 31, 2022 is Net Cash Provided by Operating Activities R (150,000), Net Cash Used in Investing Activities (1,600,000) and Net Cash Used in Financing Activities (250,000).
To prepare the cash flow statement for Megazone Limited for the year ended December 31, 2022, we need to analyze the information provided and categorize the cash flows into three main sections: operating activities, investing activities, and financing activities. Here's the breakdown:
Operating Activities:
Cash received from customers (trade debtors) R1,900,000Cash paid to trade creditors (1,200,000)Interest paid to Vap Bank (450,000)Income tax paid to SARS (400,000)Net Cash Provided by Operating Activities R (150,000)Investing Activities:
Purchase of plant and equipment (1,250,000)Purchase of long-term investment (350,000)Net Cash Used in Investing Activities (1,600,000)Financing Activities:
Long-term loan from Vap Bank 250,000Dividends paid to shareholders (300,000)Final dividend to shareholders (200,000)Net Cash Used in Financing Activities (250,000)Net Increase/(Decrease) in Cash (2,000,000)
Cash at the Beginning of the Year 350,000
Cash at the End of the Year R (1,650,000)
The cash flow statement shows that Megazone Limited had a net decrease in cash of R2,000,000 during the year. The operating activities resulted in a net cash outflow of R150,000, primarily due to payments to trade creditors, interest expense, and income tax.
The investing activities resulted in a net cash outflow of R1,600,000, mainly due to the purchase of plant and equipment and a long-term investment.
The financing activities resulted in a net cash outflow of R250,000, mainly due to dividends paid to shareholders.
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Suppose that you have been given a summer job as an intern at Issac Aircams, a company that manufactures sophisticated spy cameras for remote-controlled military reconnaissance aircraft. The company, which is privately owned, has approached a bank for a loan to help it finance its growth. The bank requires financial statements before approving such a loan. You have been asked to help prepare the financial statements and were given the following list of costs:
1.  Depreciation on salespersons’ cars.
2.  Rent on equipment used in the factory.
3.  Lubricants used for machine maintenance.
4.  Salaries of personnel who work in the finished goods warehouse.
5.  Soap and paper towels used by factory workers at the end of a shift.
6.  Factory supervisors’ salaries.
7. Heat, water, and power consumed in the factory.
8. Materials used for boxing products for shipment overseas. (Units are not normally boxed.)
9. Advertising costs.
10. Workers’ compensation insurance for factory employees.
11. Depreciation on chairs and tables in the factory lunchroom.
12. The wages of the receptionist in the administrative offices.
13. Cost of leasing the corporate jet used by the company’s executives.
14. The cost of renting rooms at a Florida resort for the annual sales conference.
15. The cost of packaging the company’s product.
Required:
Classify the above costs as either product costs or period costs for the purpose of preparing the financial statements for the bank.
Answers
Answer:
Product Costs :
2. Rent on equipment used in the factory.
3. Lubricants used for machine maintenance.
5. Soap and paper towels used by factory workers at the end of a shift.
6. Factory supervisors salaries
7. Heat, water, and power consumed in the factory.
10. Workers compensation insurance for factory employees.
11. Depreciation on chairs and tables in the factory lunchroom.
15. The cost of packaging the company`s product.
Period Costs :
1. Depreciation on salespersons cars.
4. Salaries of personnel who work in the finished goods warehouse.
8. Materials used for boxing products for shipment overseas.
9. Advertising costs.
12. The wages of the receptionist in the administrative offices.
13. Cost of leasing the corporate jet used by the company`s executives.
14. The cost of renting rooms at a Florida resort for the annual sales conference.
Explanation:
Product Costs are Costs attached to Product and Included in Valuation.
Period Costs are Not Attached to Products and are expended in Income Statement during the Period in which they are incurred.
The Federal Trade Commission (FTC) should be contacted by phone or online
if you think you are:
O A. a victim of car theft.
O B. a victim of bankruptcy.
O C. a victim of identity theft.
о D. a victim of medical identity theft.
<
SUBMIT
Answers
The Federal Trade Commission (FTC) should be contacted by phone or online if you think you are a victim of identity theft.
How is identity theft handled by the FTC?Callers to the hotline receive counselling from specially trained staff who explain the basics of identity theft, assist victims in following the steps necessary to fix the issues brought on by the misuse of their identities, and inform victims of their rights when they are experiencing specific issues.
How may identity theft be reported to the Federal Trade Commission (FTC)?IdentityTheft.gov, the federal government's one-stop resource to assist people in reporting and recovering from identity theft, allows consumers to report identity theft. The website offers step-by-step instructions as well as practical tools like printable checklists and model letters.
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Budgeting Quick Check
Define autonomous consumption (1 point)
Autonomous consumption is the amount that a person must spend on basic needs (such as food and
housing) regardless of his or her income.
Autonomous consumption is the amount that a person chooses to spend over the costs of his or her basic
needs, such as food and housing
Autonomous consumption is the amount that a person spends on himself or herself and does not include any
shared expenses, such as the cost of housing if other people also live in the dwelling
Autonomous consumption is the amount that a person spends on other people and does not include any
expenses that are spent solely for oneself, such as food or luxury items
Answers
Option A. Autonomous consumption is the amount that a person chooses to spend over the costs of his or her basic needs, such as food and housing.
What is autonomous consumption?The costs that consumers must incur even when they have no extra money to spend are referred to as autonomous consumption. No matter how much money or income a customer has available at any particular time, some things must be bought. Paying for these needs can cause a consumer who is strapped for cash to borrow money or use money they had been saving.
Paying for necessities when a consumer is strapped for cash can force them to borrow money or use money they had been saving.
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Which of the following is true?
A. None of the above is true.
B. Free trade areas and customs unions do not conflict with either the most- favoured-nation or national treatment principles of the GATT. C .Free trade areas and customs unions are a violation of the most-favoured-nation principle, but were permitted by the contracting parties to the GATT so long as they created trade.
D. Free trade areas and customs unions are a violation of the national treatment principle, but were permitted by the contracting parties to the GATT so long as they created trade.
Answers
Answer:
C.
Explanation:
In the context of the General Agreement on Tariffs and Trade (GATT), free trade areas and customs unions were seen as exceptions to the most-favored-nation (MFN) principle, which states that countries should not discriminate between their trading partners. Free trade areas and customs unions involve preferential treatment among member countries, which goes against the MFN principle.
However, the contracting parties to the GATT allowed for the creation of free trade areas and customs unions as long as they promoted trade and economic integration among member countries. These exceptions were made in recognition of the potential benefits that such arrangements could bring.
Therefore, option C accurately describes the stance on free trade areas and customs unions in relation to the GATT.
You are speaking with a customer who wants to cancel their subscription because of a family emergency. You told the customer that their subscription was non-refundable, but they have continued to explain their situation; giving you more detail than you would prefer to know. What do you do
Answers
Based on the fact that the subscription is non refundable, it is important that you calmly reassert the position of the company and commiserate with them.
What is Customer Care?This refers to a group of people who are in charge of listening to customer complaints about a particular brand of goods or services.
WIth this in mind, we can see that the best thing to do with this person in this case is to calmly reassert the situation and if the customer is adamant, escalate the issue to the appropriate authorities.
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What are the three main forms of legal ownership of a business
Answers
. AT&T's decision to move its corporate headquarters meant that about 700
of the company's best-paid executives were moving to the Dallas area.
What did that probably do to the demand curve for expensive homes in the
Dallas area?
A. Shift to the left B. Shift to the right
Answers
Answer:
nn
Explanation:
d
The following pie chart summarizes the results of a survey given to airlines about the primary reason for flight delays. Which of the following statements is supported by the pie chart?
Answers
B More delays were caused by weather than by all other reasons combined is supported by the pie chart.
We will analyze all the options given here.
First option says that the reason was runaway closure which is incorrect because it accounts for only 8% which is less than 70% of weather an we have to see the maximum reason.
Second option is correct as the combined reasons form a total of 30% which is less than 70% of weather. Hence, this option is correct. All other options are also false because they account for even less than 50% of delay reasons and only the second option is the valid one.
A pie chart is a circular statistical visual divided into slices to show numerical proportion. The arc length of each slice in a pie chart is proportionate to the quantity it shows.
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Correct question:
Which of the following statements is supported by the pie chart?
A The reason given most frequently was runway closure.
B More delays were caused by weather than by all other reasons combined.
C. More delays were caused by runway closure than were caused by overbooking.
D. Overbooking and runway closure accounted for greater than one-fourth of the reasons given for flight
delays.
E. The combined percentage for other and runway closure was equal to the percentage for overbooking.
If the risk-free interest rate is 8% per year, what must be the price of a 3-month put option on P.U.T.T. stock at an exercise price of $90
Answers
Answer:
(a) The price of a 3-month put option on P.U.T.T. stock at an exercise price of $90 is $5.28.
(b) The stock price will have to move in either direction by $12.24 for you to make a profit on your initial investment when time value of money is NOT taken into consideration. However, Therefore, the stock price will have to move in either direction by $12.52 for you to make a profit on your initial investment when time value of money is taken into consideration.
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
The explanations to the answers are now given as follows:
a. If the risk-free interest rate is 8% per year, what must be the price of a 3-month put option on P.U.T.T. stock at an exercise price of $90? (The stock pays no dividends.)
This can be computed using put-call parity theorem (PCPT) which is employed when we know the price of either put or call option as well as the current stock price, exercise price, interest rate, and the option period.
PCPT formula is given as follows:
VS + P – C = E / (1 + r)^t ……………………………….. (1)
Where, for this question;
VS = Current price of the stock = $90
P = Price of put option = ?
C = Price of call option = $7
E = Exercise price = $90
r = risk-free interest rate = 8%, or 0.08
t = period of option = 3 months / 12 months = 0.25
Substituting the values into equation (1) and solve P, we have:
$90 + P - $7 = $90 / (1 + 0.08)^0.25
$83 + P = $90 / 1.08^0.25
$83 + P = $90 / 1.01942654690827
$83 + P = $88.2849286914817
P = $88.2849286914817 - $83
P = $5.28
Therefore, the price of a 3-month put option on P.U.T.T. stock at an exercise price of $90 is $5.28.
b. A straddle would be a simple options strategy to exploit your conviction about the stock price’s future movements. How far would it have to move in either direction for you to make a profit on your initial investment?
To determine this, we have to compute the total cost of the straddle. Since a straddle option refers to the purchase of both a put and a call on the stock, the total cost of the straddle can be calculated as follows:
Total cost of the straddle = Price of the put option + Price of the call option ………….. (2)
Since Price of put option is $5.24 as computed in part a and the price of a call option is $7 as already given in the question, we substitute these into equation (2) and have:
Total cost of the straddle = $5.28 + $7 = $12.28
Therefore, the stock price will have to move in either direction by $12.24 for you to make a profit on your initial investment when time value of money is NOT taken into consideration.
To account for the time value of money, we compute the future value (FV) of the Total cost of the straddle as follows:
FV of the Total cost of the straddle = Total cost of the straddle / (1 + r)^t ………………….. (3)
Where;
Total cost of the straddle = $12.28
r = risk-free interest rate = 8%, or 0.08
t = time of the put option in a year = 3 months / 12 months = 0.25
Substituting the values into equation (3), we have:
PV of the Total cost of the straddle = $12.28 * (1 + 0.08)^0.25
PV of the Total cost of the straddle = $12.28 * 1.08^0.25
PV of the Total cost of the straddle = $12.28 *1.01942654690827
PV of the Total cost of the straddle = $12.52
Therefore, the stock price will have to move in either direction by $12.52 for you to make a profit on your initial investment when time value of money is taken into consideration.
Entrepreneurs often produce innovations related to?:
A. multiple patents
B. new ways of doing business
C. competitive intelligence
D. market identification
(Small Business Management college course)
Answers
Entrepreneurs often produce innovations related to market identification. Thus, option (d) is correct.
Who is Entrepreneurs?
The term “entrepreneur” refers to the person who launches a new business at their own risk and profit basis. The starting up of a new business with a new idea and logic is called entrepreneurship. The entrepreneur's main motive is to set up a business to generate employment.
The entrepreneur is work new idea as called startup company. The entrepreneurs as the startup, the business as the innovations of the consumer problems. The entrepreneur as the search, the market identification of the consumer demand and needs. The entrepreneur as also search the competitors of the market.
As a result, the entrepreneurs as they produced the identification of the market. Therefore, option (d) is correct.
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Suppose a stock had an initial price of $56 per share, paid a dividend of $1.60 per share during the year, and had an ending share price of $66. Compute the percentage total return. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Answers
Answer: 20.71%
Explanation:
The percentage total return will be calculated as follows:
= (Ending price + Dividend - Initial price) / Initial price
= ($66 + $1.60 - $56) / $56
= $11.60 / $56
= 0.2071
= 20.71%
Therefore, the percentage total return is 20.71%
In a closed economy, what remains after paying for consumption and government purchases is:________
a. public saving.
b. private saving.
c. national disposable income.
d. national saving.
Answers
Answer: d. national saving.
Explanation:
In a closed economy, GDP is calculated by adding Consumption, Investment and Government purchases. The investment in this instance can be thought of as National Saving.
National saving is the difference between the income in the country and the consumption and government purchases. It represent what households and the government save up from their income sources which can be used for investment.
Which is a possible benefit of having a good credit history?
O getting a high interest rate on a credit card offer
O obtaining a low interest rate on a loan
obtaining a savings account
O having a paycheck garnished
Mark this and return
Save and Exit
Answers
Answer:
B. obtaining a low interest rate on a loan
Explanation:
Answer:
b
Explanation:
got it right on test
Which taxpayer is most likely to benefit by itemizing deductions on their 2021 return? None of these individuals are blind. Colin (32). He has no dependents and will use the single filing status. His allowable itemized deductions are $13,650. Donald (69). He has no dependents and will use the single filing status. His allowable itemized deductions are $13,800. Janelle (65). She is unmarried and will use the head of household filing status. She has one dependent. Her allowable itemized deductions are $19,500. Trevon (28). He is married and filing a joint return with his wife, Courtney (27). They have no dependents, and their allowable itemized deductions are $24,600.
Answers
a) Age of Garcia:68 years old She is single and can claim a standard deduction of 12400 dollars. In this particular instance, Garcia is over 65 years old, so the $1650 increase in the standard deduction is applicable.
Gracia will benefit from the standard deduction because it is greater than the itemized deduction, which is equal to 12400 times 1300, or 14050 dollars.
b) Age of Connor:31 Because he is single, he can claim a standard deduction of $12,400.
Because the itemized deduction is $13585, claiming it is advantageous for Connor because it is greater than the standard deduction.
c) Marietta, 35 years old, is unmarried and the head of the household. As a result, she is eligible for the standard deduction, which is 1865 dollars. The standard deduction for a dependent is 4300 dollars; the itemized deduction is 19300 dollars. As a result, Marietta is better off claiming the standard deduction than the itemized deduction. d) Tyrone, 35 years old28 years of age, married: married Filing jointly with spouse The standard deduction for married filers is $24880, while the itemized deduction is $23980. As a result, claiming the standard deduction is advantageous for Tyrone because it is greater than the itemized deduction.
The answer is:In the 2020 return, only Connor will benefit from itemizing deductions.
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As an investor you want to choose between two countries-Japan and South Korea. Suppose Japan's nominal interest rate is 12 percent and inflation rate is 7 percent, while South Korea's is 7 percent and 3 percent respectively. Where would you invest and why?
Answers
Answer:
South Korea
Explanation:
That is because south korea has low inflation rate.
4 "Youth culture" is a term that marketers use when they are trying to sell their product to which group?
children between the ages of 1-5
children between the ages of 6-10
teenagers
college students
Answers
In this activity, you will select a student organization of your choice in which you would like to participate. Create a brief report about the duties and responsibilities of the organization, and state the reason you want to participate in this organization. Also, mention opportunities provided by this organization for developing leadership skills. You may use online resources to find information about the organization. Ensure you cover the following points: • List the goals and purposes of this organization. • Include the benefits, duties, and responsibilities of being a member of the student organization. • Describe the opportunities provided by this organization for developing leadership skills.
Answers
I can provide a general outline of what you can include in your report:
How to write IntroductionBriefly introduce the student organization you have chosen and explain why you are interested in participating.
Goals and purposes
Provide an overview of the goals and purposes of the organization, including its mission statement and core values.
Benefits, duties, and responsibilities
Describe the benefits of being a member of the organization, such as opportunities for networking, personal and professional growth, and community service.
Outline the duties and responsibilities of members, including attending meetings, participating in events, and contributing to the organization's goals.
Leadership opportunities
Discuss the leadership opportunities provided by the organization, such as holding officer positions, organizing events, and mentoring newer members.
Highlight how these opportunities can help develop leadership skills, such as communication, decision-making, and teamwork.
Conclusion
Summarize your report and reiterate your interest in joining the student organization.
Remember to research and gather information about the specific student organization you have chosen and tailor your report accordingly.
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Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales, $158,000 Credit sales, $458,000 Selling and administrative expenses, $118,000 Sales returns and allowances, $38,000 Gross profit, $498,000 Accounts receivable, $185,000 Sales discounts, $22,000 Allowance for doubtful accounts credit balance, $2,000 Flyer estimates bad debt expense assuming that 1.5% of credit sales have historically been uncollectible. What is the balance in the allowance for doubtful accounts after bad debt expense is recorded
Answers
Answer:
$8,870
Explanation:
Calculation to determine the balance in the allowance for doubtful accounts after bad debt expense is recorded
Using this formula
Balance in the allowance for doubtful accounts=
(Credit sales* Percentage of Credit sales)+Allowance for doubtful accounts credit balance
Let plug in the formula
Balance in the allowance for doubtful accounts= ($458,000*1.5%)+$2,000
Balance in the allowance for doubtful accounts=$6,870+$2,000
Balance in the allowance for doubtful accounts=$8,870
Therefore the balance in the allowance for doubtful accounts after bad debt expense is recorded will be $8,870
NewTech purchases computer equipment for $255,000 to use in
operating activities for the next four years. It estimates the equipment's
salvage value at $20,000. What’s the year end hook value formula ?
Answers
The year-end book value formula for the computer equipment is given as
Year-End Book Value = Cost of Equipment - Accumulated Depreciation
At the end of the fourth year, the year-end book value will be 0
How to calculate Year-end book valueThe year-end book value formula for the computer equipment as
Year-End Book Value = Cost of Equipment - Accumulated Depreciation
To know the accumulated depreciation for each year, use the following formula:
Annual Depreciation = (Cost of Equipment - Salvage Value) / Useful Life
Where the useful life is the estimated number of years the equipment will be used in the business before it is sold or retired.
With 4 years of use, we can calculate the annual depreciation as follows:
Annual Depreciation = ($255,000 - $20,000) / 4
Annual Depreciation = $63,750
Therefore, the year-end book value formula for the computer equipment at the end of each year would be:
Year 1: $255,000 - $63,750 = $191,250
Year 2: $255,000 - ($63,750 x 2) = $127,500
Year 3: $255,000 - ($63,750 x 3) = $63,750
Year 4: $255,000 - ($63,750 x 4) = $0
At the end of the fourth year, the accumulated depreciation will equal the cost of the equipment minus its estimated salvage value, so the year-end book value will be zero.
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Which of the following items will you need in order to complete the PROFILE?
O A. Mortgage information
B. Educational records for siblings
C. Test scores
O D. Résumé
SUBMIT
Answers
Answer:
A. Mortgage information
Explanation:
Just took the test A P E X
Résumé is needed in order to complete the profile.
What is resume?
A resume is a document used by job seekers to showcase their education, work experience, skills, and achievements to potential employers.
The purpose of a resume is to provide a summary of the applicant's qualifications and to convince the employer that they are the best candidate for the job.
A good resume should be tailored to the specific job opening, include relevant keywords, and highlight the most important qualifications and achievements.
It is typically one to two pages long and is often submitted with a cover letter as part of a job application.
Examples of resume details include job titles, company names, dates of employment, education history, skills and certifications, awards, and accomplishments.
These details are essential in helping employers assess a candidate's suitability for a job opening and determine if they possess the required qualifications and experience for the position.
A well-crafted resume with relevant details can significantly increase a candidate's chances of getting an interview and landing their desired job.
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What media format provides ads that do not disappear from sight or hearing
within a matter of moments?
A. Loud speaker announcements
B. Print publications
C. Television
O D. Radio
SUBMIT
Answers
Answer:
B. Print Publications
Explanation:
Speaker announcements, television, and radio ads disappear after the ad is done. But, printed ads stay on the paper.
Print publications media format provides ads that do not disappear from sight or hearing within a matter of moments. The correct option is B.
Why is print advertisement important?Print advertisements enable businesses to reach out to these consumers and market their products or services. Print ads are ideal for local businesses: Print ads can be used by local businesses to target consumers in their area. This is an excellent strategy to raise brand recognition and gain the trust of potential customers.
Print advertising refers to advertisements that are printed in hard copy in publications that your target audience is likely to read. Benefits: By purchasing an advertisement in a large circulation magazine, you boost your chances of reaching a large audience.
Thus, the ideal selection is option B.
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Last time you told me you proud of me, you wasn't proud of me You was the who doubted me I was too mad at you You let 'em come you, my brother That was a tragedy But magically I got the strategy I was so sick and tired of keep askin' me "Who was the between the
whos the artist?
Answers
For the lyrics "Last time you told me you proud of me, you weren't proud of me You was the who doubted me I was too mad at you You let 'em come you, my brother That was a tragedy..." the artist was Lil Durk
This is further explained below.
What is Lil Durk?Generally, American rapper and musician Lil Durk, whose real name is Durk Derrick Banks, is better known by his stage name. He is the most prominent member of the collective as well as the one who established the record label Only the Family. After the publication of his Signed to the Streets mixtape series, Durk attracted the attention of a dedicated fan base, which ultimately led to the signing of a record contract with Def Jam Recordings.
In conclusion, For the lyrics, "Last time you told me you proud of me, you weren't proud of me You was the who questioned me I was too upset at you You allowed 'em come you, my brother That was a tragedy...", see below. The performer's name was Lil Durk.
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Becton Labs, Incorporated, produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows:
1. Materials price variance?
2. Materials quantity variance?
3. Labor rate variance?
4. Labor efficiency variance?
5. Variable overhead rate variance?
6. Variable overhead efficiency variance?
Answers
The calculation of the following cost variances for Becton Labs, Incorporated's Fludex production is as follows:
Materials price variance = $18,000 F
Materials quantity variance = $6,912 Unfavorable
Labor rate variance = $7,040 Unfavorable
Labor efficiency variance = $9,520 Unfavorable
Variable overhead rate variance = $4,800 Favorable
Variable overhead efficiency variance = $2,040 Unfavorable
What are cost variances?In production terms, cost variances refer to the differences in the standard and actual costs of materials, labor, and overhead.
Variances can be either favorable or unfavorable (or adverse).
Variance is favorable when the actual cost is less than the standard cost.
Variance becomes adverse when the actual cost is more than the standard cost.
Standard Qty or hours Rate Cost per unit
Direct materials 2.40 ounces at $18 per ounce = $43.20
Direct labor 0.70 hours at $14 per hour = $9.80
Variable overhead 0.70 hours at $3 per hour = $2.10
Total standard cost per unit = $55.10
Materials purchased during November = 12,000 ounces
Cost of materials purchased = $198,000
Actual direct materials cost per ounce = $16.50 ($198,000/12,000)
Direct materials usage = Material purchase - Ending inventory
= 8,800 ounces (12,000 - 3,200)
Production units = 3,600
Actual labor hours = 3,200 (20 x 160)
The standard quantity of materials = 8,640 ounces (3,600 x 2.40)
Standard labor hours = 2,520 (3,600 x 0.70)
Materials price variance = (Actual unit cost - Standard unit cost) * Actual Quantity Purchased
= ($16.50 - $18.00) x 12,000
= $18,000 F
Materials quantity variance = Standard Unit Cost (Standard Quantity - Actual Quantity)
= $43.20 (8,640 - 8,800)
= $6,912 Unfavorable
Labor rate variance = Actual Hours x (Actual Rate - Standard Rate)
= 3,200 x ($12 - $9.80)
= $7,040 Unfavorable
Labor efficiency variance = (standard hours allowed for production – actual hours taken) × standard rate per direct labor hour.
= (2,520 - 3,200) x $14
= $9,520 Unfavorable
Variable overhead rate variance = Actual hours * (Actual rate - Standard rate)
= 3,200 x ($1.5 - $3)
= $4,800 Favorable
Variable overhead efficiency variance = Standard overhead rate x (Actual hours - Standard hours)
= $3 x (3,200 - 2,520)
= $2,040 Unfavorable
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What is the correct strategy the Alexandra must used to deliver it negative message
Answers
Alexandra should follow the strategy of breaking the news gently and providing adequate justification for the negative decision
When delivering negative news, One commonly recommended strategy is the "ABCDE" approach, which stands for:
A: Announce the decision: Begin by clearly and directly stating the negative news. This should be done in a gentle and empathetic manner, such as by expressing regret for the negative outcome.
B: Provide a positive buffer: After announcing the decision, provide a positive buffer or compliment that helps prepare the recipient for the negative news. This is an opportunity to show empathy and understanding, and to provide hope or encouragement for the future.
C: Give the reason for the decision: Next, provide a clear and detailed explanation for the negative decision. Be honest and transparent, and provide any relevant details that will help the recipient understand why the decision was made.
D: Discuss the consequences: Discuss the consequences of the decision, including any potential impacts on the recipient or others involved. Be sure to address any concerns or questions that may arise.
E: End on a positive note: Finally, end the message on a positive note, perhaps by expressing appreciation for the recipient's work or suggesting alternative solutions to the problem.
Overall, the key to delivering negative news effectively is to show empathy and understanding, be honest and transparent, and provide adequate justification for the decision. By following this approach, Alexandra can deliver the negative message in a respectful and professional manner that helps to minimize the impact on the recipient.
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According to the video, which tasks do Urban and Regional Planners perform? Check all that apply.
developing recommendations to improve medical care
promoting the best use of land and resources
developing plans for growth and renewal
promoting campaigns for political elections
reviewing applications for government assistance
Nvm its b and c
Answers
Answer:
Wat
Explanation:
Answer:
b & c (did the assignment on edg) ;)
Explanation: