Assuming that the balance sheet of BG Land Development is as follows:
Assets Liabilities and Capital
Cash $20,000 Accounts payable $80,000
Non-cash assets 200,000 Mitchell, Loan 10,000
Matthews, capital 50,000
Mitchell, capital 66,000
Michaels, capital 14,000
Total assets $220,000 Total Liab. and capital $220,000
Required:
If partners are to receive the final payment in a lump-sum, when BG Land Development is liquidated, Matthews receives $___, Mitchell receives $____, Michaels receives $____.

Answer:

BG Land Development

If partners are to receive the final payment in a lump-sum, when BG Land Development is liquidated, Matthews receives $_50,000__, Mitchell receives $_66,000___, Michaels receives $__14,000__.

Explanation:

a) Data and Calculations:

Assets Liabilities and Capital

Cash                     $20,000 Accounts payable          $80,000

Non-cash assets  200,000 Mitchell, Loan                    10,000

                                             Matthews, capital            50,000

                                             Mitchell, capital                66,000

                                             Michaels, capital               14,000

Total assets     $220,000   Total Liab. and capital $220,000

Totals assets = $220,000

Total liabilities     (90,000)

Net assets =     $130,000

Partners' capital:

Matthews, capital  50,000

Mitchell, capital     66,000

Michaels, capital    14,000

Total capital =      130,000

b) Each partner is entitled to the ratio of his capital balance or the profit and loss sharing ratio, if any.  The net asset is computed by deducting all the liabilities, including one of the partners' loans, from the total value of realizable assets.  Ordinarily, partners' loans enjoy priority over capital refund during partnership liquidation.

Your firm has a credit rating of Baa. You notice that the credit spread for five-year maturity Baa debt is 150 basis points (1.50%). Your firm is issuing a five-year 5% semiannual coupon bond. You see that new five-year Treasury notes are being issued at par with a coupon rate of 3.5%. Should your bond be issued at par, at a discount, or at a premium?

E14.3 (LO 1) (Entries for Bond Transactions) Presented below are two independent situations. 1. On January 1, 2020, Simon Company issued $200,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. 2. On June 1, 2020, Garfunkel Company issued $100,000 of 12%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. Instructions For each of these two independent situations, prepare journal entries to record the following. a. The issuance of the bonds. b. The payment of interest on July 1. c. The accrual of interest on December 31. (Kieso 14-38) Kieso, Donald E., Jerry Weygandt, Terry Warfield. Intermediate Accounting, 17th Edition. Wiley, 02/2019. VitalBook file. The citation provided is a guideline. Please check each citation for accuracy before use.

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31.
Debit Credit
Cash 1,500
Accounts Receivable 2,000
Interest Receivable 100
Prepaid Insurance 1,600
Notes Receivable (long-term) 2,800
Equipment 15,000
Accumulated Depreciation 3,000
Accounts Payable 2,400
Accrued Expenses Payable 3,920
Income Taxes Payable 2,700
Unearned Rent fees 500
Common Stock 5,000
Retained Earnings 2,700
Dividends 2,000
Rent Fees Earned 37,000
Furniture Rental Revenue 1,200
Interest Revenue 100
Wages Expense 19,000
Depreciation Expense 1,800
Utilities Expense 320
Insurance Expense 700
Maintenance Expense 9,000
Income Tax Expense 2,700
58,520 58,520
Prepare the entry required to close the expense accounts at the end of the period.

Sunland Company began operations in July 2019. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. 1. At July 31, the company owed employees $1,800 in salaries that the company will pay in August. 2. On July 1, the company borrowed $32,000 from a local bank on a 10-year note. The annual interest rate is 12%. 3. Service revenue unrecorded in July totaled $2,600. Prepare the adjusting entries needed at July 31, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Today manufacturers are relying more heavily on developing an MRP system for purchasing. the bidding process to obtain the lowest price. developing close relationships with just a few suppliers to secure affordable prices. many suppliers to keep their leverage.

The following information is available pertaining to Bonita Division, that uses a plant-wide overhead rate based on machine hours: Mixing Dept. Finishing Dept. Total Overhead $30,000 $60,000 $90,000 Direct labor-hours 7,500 2,500 10,000 Machine-hours 2,500 7,500 10,000 Production information pertaining to Job 101: Mixing Dept. Finishing Dept. Total Prime costs $5,000 $0 $5,000 Direct Labor-hours 250 0 250 Machine-hours 10 10 20 Units produced 500 0 500 What are the total overhead costs assigned to Job 101

A radiology clinic is considering buying a new $700,000 x-ray machine, which will have no salvage value after installation because the cost of removal will be approximately equal to its sales value. Maintenance is
estimated at $24,000 per year as long as the machine is owned. After 10 years the x-ray source will be depleted and the machine must be scrapped. Which of the following represents the most economic life of this x-ray machine?
a.One year, because it will have no salvage after installation
b. Five years, because the maintenance costs are constant
c. Ten years, because maintenance costs don't increase
d. Cannot be determined from the information given.

is it right to kick someone out just because they are not on the lease and or had been evicted in the past?

Mobo, a wireless phone carrier, completed its first year of operations on October 31. All of the year's entries have been recorded, except for the following: At year-end, employees earned wages of $6,800, which will be paid on the next payroll date, November 6. At year-end, the company had earned interest revenue of $3,800. It will be collected December 1. Required: What is the annual reporting period for this company

George secured an adjustable-rate mortgage (ARM) loan to help finance the purchase of his home 5 years ago. The amount of the loan was $350,000 for a term of 30 years, with interest at the rate of 9%/year compounded monthly. Currently, the interest rate for his ARM is 3.5%/year compounded monthly, and George's monthly payments are due to be reset. What will be the new monthly payment

2. What are the advantages/disadvantages of being right-brain thinker in terms of the

capabilities?

​

On December 31, Fighting Okra Cooking Services reports the following revenues and expenses.

Service revenue $77,000
Postage expense 1,600
Legal fees expense 2,500
Rent expense 10,800
Salaries expense 26,000
Supplies expense 15,500

In addition, the balance of common stock at the beginning of the year was $300,000, and the balance of retained earnings was $36,000. During the year, the company issued additional shares of common stock for $27,000 and paid dividends of $14,000.

Required:
a. Prepare an income statement.
b. Prepare a statement of stockholders' equity.

Your client, Keith Teal Leasing Company, is preparing a contract to lease a machine to Souvenirs Corporation for a period of 27 years. Teal has an investment cost of $430,300 in the machine, which has a useful life of 27 years and no salvage value at the end of that time. Your client is interested in earning an 11% return on its investment and has agreed to accept 27 equal rental payments at the end of each of the next 27 years.
A. Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round answers to 0 decimal places, e.g. 5,265.)
B. Prepare all of the journal entries for the lessee for 2020 and 2021 to record the lease agreement, the lease payments, and all expenses related to this lease. Assume the lessee’s annual accounting period ends on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,265. Record journal entries in the order presented in the problem.)

How do you make people interested in your business?

Problem 3 (Current Liability Entries and Adjustments) Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system: 1. On February 2, the corporation purchased goods from Martin Company for $70,000 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $50,000 from General Motors Company, paying $4,000 in cash and signing a 1-year, 12% note for the balance of the purchase price. 3. On May 1, the corporation borrowed $83,000 from Chicago National Bank by signing a $92,000 zerointerest-bearing note due 1 year from May 1. 4. On August 1, the board of directors declared a $300,000 cash dividend that was payable on September 10 to stockholders of record on August 31. Instructions (a) Make all the journal entries necessary to record the transactions above using appropriate dates. (b) Edwardson Corporation's year-end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest that are necessary to present fair financial statements at December 31. Assume straight-line amortization of discounts.

Part II: Article II, Section I of the U.S. Constitution provides that the president must "take care that the laws be faithfully executed." Presidents have used this authority to issue executive orders, which are orders to federal agencies that are a part of the executive branch and which contain detailed instructions on how laws enacted by Congress should be carried out.

Presidents are not specifically given the power to issue executive orders by the U.S. Constitution. Is it appropriate for the president to exercise powers that the Constitution does not specifically grant to him or her? Why, or why not?

At a local family bakery in Hyde Park, a neighbourhood of Chicago, Illinois, the marginal products of the first, second, and third sales clerks are 20, 17, and 11 customers served, respectively. The total product of the first two sales clerks is'\

how important are the development of the many management theories
​

For the current year, Power Cords Corp. expected to sell 42,100 industrial power cords. Fixed costs were expected to total $1,650,500; unit sales price was expected to be $3,800; and unit variable costs were budgeted at $2,300.

Power Cord Corp.'s margin of safety (MOS) in sales dollars is: (Do not round intermediate calculations.)
A. $155,798,733.
B. $189,973,732.
C. $161,718,730.
D. $173,523,730.
E. $145,348,733.

The following data from the just completed year are taken from the accounting records of Mason Company:

Sales $660,000
Direct labor cost $81,000
Raw material purchases $140,000
Selling expenses $103,000
Administrative expenses $43,000
Manufacturing overhead applied to work in process $201,000
Actual manufacturing overhead costs $225,000

Inventories Beginning of Year End of Year
Raw materials $8,500 $10,500
Work in process $6,000 $21,000
Finished goods $79,000 $25,600

Required:
a. Prepare a schedule of cost of goods manufactured.
b. Prepare a schedule of cost of goods sold.

You are looking at a one-year loan of $26,000. The interest rate is quoted as 11 percent plus two points. A point on a loan is 1 percent (one percentage point) of the loan amount. Quotes similar to this one are common with home mortgages. The interest rate quotation in this example requires the borrower to pay two points to the lender up front and repay the loan later with 11 percent interest.
What rate would you actually be paying here? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Interest rate %

Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 20192018 Sales$3,220.0$2,800.0 Operating costs excluding depreciation and amortization2,576.02,380.0 EBITDA$644.0$420.0 Depreciation and amortization90.078.0 Earnings before interest and taxes (EBIT)$554.0$342.0 Interest70.861.6 Earnings before taxes (EBT)$483.2$280.4 Taxes (25%)193.3112.2 Net income$289.9$168.2 Common dividends$260.9$134.6 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) 20192018 Assets Cash and equivalents$36.0$31.0 Accounts receivable370.0308.0 Inventories678.0616.0 Total current assets$1,084.0$955.0 Net plant and equipment902.0784.0 Total assets$1,986.0$1,739.0 Liabilities and Equity Accounts payable$315.0$252.0 Accruals269.0224.0 Notes payable64.456.0 Total current liabilities$648.4$532.0 Long-term bonds644.0560.0 Total liabilities$1,292.4$1,092.0 Common stock614.2596.6 Retained earnings79.450.4 Common equity$693.6$647.0 Total liabilities and equity$1,986.0$1,739.0 Write out your answers completely. For example, 25 million should be entered as 25,000,000. Round your answers to the nearest dollar, if necessary. Negative values, if any, should be indicated by a minus sign. What was net operating working capital for 2018 and 2019

Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below:

Materials Labor Overhead
Work in process, May 1 $22,300 $35,694 $173,247
Cost added during May $135,305 $23,796 $115,498
Equivalent units of production 1,900 1,800 1,700

Required:
a. Compute the cost per equivalent unit for materials, for labor, and for overhead. (Round your answers to 2 decimal places.)
b. Compute the total cost per equivalent whole unit.

Blaine Air Transport Service, Inc., providing air delivery service for businesses, has been in operation for three years. The following transactions occurred in February: February 1 Paid $250 for rent of hangar space in February. February 2 Purchased fuel costing $580 on account for the next flight to Dallas. February 4 Received customer payment of $860 to ship several items to Philadelphia next month. February 7 Flew cargo from Denver to Dallas; the customer paid $840 for the air transport. February 10 Paid $170 for an advertisement in the local paper to run on February 19. February 14 Paid pilot $2,500 in wages for flying in January (recorded as expense in January). February 18 Flew cargo for two customers from Dallas to Albuquerque for $4,100; one customer paid $1,600 cash and the other asked to be billed. February 25 Purchased on account $2,460 in spare parts for the planes. February 27 Declared a $130 cash dividend to be paid in March.

Required:
Prepare journal entries for each transaction. Be sure to categorize each account as an asset (A), liability (L), stockholders

A bachelors degree in which of the following areas is a good choice for an arts an communication manager?
A. business
B. art history
C. theater

(Ratio Computations and Effect ofTransactions)

Presented below is information related to Carver Inc.

CARVER INC.

Balance Sheet
December 31, 2007

Cash $45,000 Notes payable (short-term) $50,000
Receivables $110,000 Accounts payable 32,000
Less: Allowance
15,000

95,000 Accrued liabilities 5,000
Inventories 170,000 Capital stock (par $5) 260,000
Prepaid insurance 8,000 Retained earnings 141,000
Land 20,000
Equipment (net)
150,000

$488,000

$488,000

CARVER INC.

Income Statement
For the year ended December31, 2007

Sales $1,400,000
Cost of goods sold
Inventory, Jan. 1, 2007 $200,000
Purchases
790,000

Cost of goods available forsale 990,000
Inventory, Dec. 31,2007
170,000

Cost of goods sold
820,000

Gross profit on sales 580,000
Operating expenses
170,000

Net income
$410,000

Instructions

(a) Compute the following ratios orrelationships of Carver Inc. Assume that the ending accountbalances are representative unless the information providedindicates differently. (Round answers to 2 decimalplaces.)

Current ratio. times
Inventory turnover. times
Receivables turnover. times
Earnings per share. $
Profit margin on sales. %
Rate of return on assets on December 31, 2007. %
(b) Indicate for each of the followingtransactions whether the transaction would improve, weaken, or haveno effect on the current ratio of Carver Inc. at December 31,2007.

Write off an uncollectible account receivable, $2,200.
Purchase additional capital stock for cash.
Pay $40,000 on notes payable (short-term).
Collect $23,000 on accounts receivable.
Buy equipment on account.
Give an existing creditor a short-term note in settlement ofaccount.

You purchase a property with a Market Value of $520,000 in 2005 using 5-year Interest Only 90% Loan-to-Value financing. In 2010, the Market Value of the property drops to $460,000. You are considering refinancing. The Loan-to-Value you can get for refinancing is only 70%. How much Total Cash Out of Pocket would you need to have to go through with the refinancing and pay back the original loan Principal outstanding

Nona Curry started her own consulting firm, Larkspur, Inc., on May 1, 2022. The following transactions occurred during the month of May.
May 1 Stockholders invested $18,150 cash in the business in exchange for
common stock.
2 Paid $726 for office rent for the month. 3 Purchased $605 of supplies
on account.
5 Paid $182 to advertise in the County News.
9 Received $1,694 cash for services performed.
12 Paid $242 cash dividend.
15 Performed $5,082 of services on account.
17 Paid $3,025 for employee salaries.
20 Paid for the supplies purchased on account on May 3.
23 Received a cash payment of $1,452 for services performed on account
on May 15.
26 Borrowed $6,050 from the bank on a note payable.
29 Purchased office equipment for $2,420 paying $242 in cash and the
balance on account.
30 Paid $218 for utilities.
A) Prepare an income statement for the month of May 2017.
B) Prepare a classified balance sheet at May 31, 2017.

Identifying the Five Steps in the Revenue Recognition Process

Match each step 1 through 5 with the sales process described in a through e.

Step 1: identify contract(s) with customer.

Step 2: identify performance obligation(s) in the contract.

Step 3: determine transaction price.

Step 4: allocate transaction price to performance obligation(s).

Step 5: Recognize revenue when (or as) each performance obligation is satisfied through a transfer of control

a. The total price for the computer and two years of services is $800.

b. Customer takes possession of the computer and benefits from the data service over two years.

c. Customer will receive the computer immediately and will benefit from two years of data services for the tablet.

d. The standalone selling price of the computer is $500 and of the two-year service contract is $300.

e. Customer agrees to purchase one computer plus two years of data services for an agreed upon price.

Last year Hamdi Corp. had sales of $500,000, operating costs of $450,000, and year-end assets (which is equal to its total invested capital) of $435,000. The debt-to-total-capital ratio was 17%, the interest rate on the debt was 7.5%, and the firm's tax rate was 35%. The new CFO wants to see how the ROE would have been affected if the firm had used a 50% debt-to-total-capital ratio. Assume that sales, operating costs, total assets, total invested capital, and the tax rate would not be affected, but the interest rate would rise to 8.0%. By how much would the ROE change in response to the change in the capital structure