Borner Communications’ articles of incorporation authorized the issuance of 165 million common shares. The transactions described below effected changes in Borner’s outstanding shares. Prior to the transactions, Borner’s shareholders’ equity included the following:

Shareholders’ Equity ($ in millions)
Common stock, 150 million shares at $1 par $150
Paid-in capital – excess of par 450
Retained earnings 260

Required:
Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares). Record the appropriate journal entry for each of the following transactions:

On January 7, 2021, Borner reacquired 2 million shares at $6.50 per share.
On August 23, 2021, Borner reacquired 4 million shares at $3.00 per share.
On July 25, 2022, Borner sold 3 million common shares at $8 per share.

Answer:

1. January 07,2021

Dr Common stock $2 million

Dr Paid-in capital—excess of par

Dr Retained earnings $5 million

Cr Cash $13 million

2. August 23,2021

Dr Common stock $4million

Cr Paid-in capital—excess of par $12million

Dr Paid-in capital—share repurchase$4million

Cr Cash $12million

3. July 25, 2022

Dr Cash $24 million

Cr Common stock $3million

Cr Paid-in capital—excess of par $21 million

Explanation:

Preparation of the appropriate journal entry for each of the transaction

1. January 07,2021

Dr Common stock $2 million

(2 million shares *$1)

Dr Paid-in capital—excess of par

[2 million shares *($450/150 million shares)] $6 million

Dr Retained earnings $5 million

($13 million-$2 million-$6million)

Cr Cash $13 million

(2 million shares *$6.50 per share)

(To record 2 million shares reacquired at $6.50 per share)

2. August 23,2021

Dr Common stock $4million

(4 million shares *$1)

Cr Paid-in capital—excess of par $12million

[4 million shares *($450/150 million shares)

Dr Paid-in capital—share repurchase$4million

[($12million+$4million)-$12million)

Cr Cash $12million

(4 million shares * $3.00 per share)

(To record 4 million shares reacquired at $3.00 per share)

3. July 25, 2022

Dr Cash $24 million

(3 million common shares *$8 per share)

Cr Common stock $3million

(3 million shares *$1)

Cr Paid-in capital—excess of par $21 million

( $24 million-$3million)

(To record 3 million shares reacquired at $8.00 per share)

Blossom, Inc. began work in 2021 on a contract for $20720000. Other data are as follows: 2021 2022 Costs incurred to date $8880000 $13900000 Estimated costs to complete 5920000 0 Billings to date 6960000 20800000 Collections to date 4960000 17900000 If Blossom uses the percentage-of-completion method, the gross profit to be recognized in 2021 is $3552000. $4000000. $5560000. $5920000.

Hugh, a self-employed individual, paid the following amounts during the year: Real estate tax on Iowa residence $3,800 State income tax 1,700 Real estate taxes on a vacation home 2,100 Gift tax paid on gift to daughter 1,200 State sales taxes 1,750 State occupational license fee 300 Property tax on value of his automobile (used 100% for business) 475 What is the maximum amount Hugh can claim as taxes in itemizing deductions from AGI

These are selected 2022 transactions for Pronghorn Corporation:

Jan. 1 Purchased a copyright for $117,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years.
Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $60,000.
Sept. 1 Purchased a small company and recorded goodwill of $147,000. Its useful life is indefinite.

Required:
Prepare all adjusting entries at December 31 to record amortization required by the events.

Kenseth Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets.
Projected benefit obligation Plan Assets Value
2011 $2,000,000 $1,900,000
2012 2,400,000 2,500,000
2013 2,950,000 2,600,000
2014 3,600,000 3,000,000
The average remaining service life per employee in 2011 and 2012 is 10 years and in 2013 and 2014 is 12 years. The net gain or loss that occurred during each year is as follows: 2011, $280,000 loss; 2012, $90,000 loss; 2013, $11,000 loss; and 2014, $25,000 gain. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.)
Corridor and Minimum Loss Amortization
Year Projected Benefit Plan 10% Accumulated Minimum Amortization
Obligation (a) Assets Corridor OCI (G/L) (a) of Loss
2011 $2,000,000 $1,900,000 $200,000 $ 0 $0
2012 2,400,000 2,500,000 250,000 280,000 3,000(b)
2013 2,950,000 2,600,000 295,000 367,000(c) 6,000(d)
2014 3,600,000 3,000,000 360,000 372,000(e) 1,000(f)
Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule.

A fixed cost: Multiple Choice Is irrelevant for cost-volume-profit and short-term decision making. Changes with changes in the volume of activity within the relevant range. Does not change with changes in the volume of activity within the relevant range. Is directly traceable to a cost object. Requires the future outlay of cash and is relevant for future decision making.

Sage Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2020, at an agreed price of $367,600. At December 31, 2020, the raw material had declined in price to $334,840. What entry would you make on December 31, 2020, to recognize these facts

A 4-year project has an annual operating cash flow of $57,000. At the beginning of the project, $4,800 in net working capital was required, which will be recovered at the end of the project. The firm also spent $23,500 on equipment to start the project. This equipment will have a book value of $5,100 at the end of the project, but can be sold for $6,000. The tax rate is 40 percent. What is the Year 4 cash flow

Grouper Inc. wishes to accumulate $1,066,000 by December 31, 2030, to retire bonds outstanding. The company deposits $164,000 on December 31, 2020, which will earn interest at 8% compounded quarterly, to help in the retirement of this debt. In addition, the company wants to know how much should be deposited at the end of each quarter for 10 years to ensure that $1,066,000 is available at the end of 2030. (The quarterly deposits will also earn at a rate of 8%, compounded quarterly).

9. The difference between a C Corp and an S Corp is

A. only a C Corp has a board of directors.

B. all companies must start
C Corps and become S Corps.

C. the tax code that each uses is different.

D. the personal assets of a C Corp owner belong to the business.

Mercury Inc. purchased equipment in 2019 at a cost of $169,000. The equipment was expected to produce 300,000 units over the next five years and have a residual value of $49,000. The equipment was sold for $103,800 part way through 2021. Actual production in each year was: 2019 = 42,000 units; 2020 = 67,000 units; 2021 = 34,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss on the sale. 2. Prepare the journal entry to record the sale. 3. Assuming that the equipment was instead sold for $114,800, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3.

what is the role of public administration​

Demand is the relationship between what consumers __ and __ to buy at various prices.

The Tough Jeans Company produces two different styles of jeans, Working Life and Social Life. The company sales budget estimates that 400,000 of the Working Life jeans and 250,000 of the Social Life jeans will be sold during the year. The company begins with 9,000 pairs of Working Life and 18,000 pairs of Social Life. The company desires ending inventory of 7,500 of Working Life and 10,000 Social Life. Prepare a production budget for the year. Tough Jeans Company Production Budget For the Year Ending December 31

Given the restrictions on collusion in the US, what techniques do Oligopoly firms use to stay
competitive and in business?

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Q1. PepsiCo, Inc. is an American multinational food, snack, and beverage corporation headquartered in Harrison, New York. PepsiCo has interests in the manufacturing, marketing, and distribution of grain-based snack foods, beverages, and other products. In Pakistan, PepsiCo has not offered all their products which are available in other countries. Few products that they are marketing and selling in Pakistan includes Sting, Lays, Slice, Aquafina, Cheetos and much more but not all flavors are offered within these products.

a) PespsiCo is using which kind of an International strategy? Explain your reasons why? And How PespsiCo Strategic management process will work in Pakistan? Explain each process in detail.
b) What cultural factors PespsiCo needs to consider before marketing its different products in Pakistan? What kind of orientation (Ethnocentric, Polycentric, Geocentric) do you think PespsiCo is using to combat the challenge of Cross-Cultural Boundaries?

Penny Stock is the chairperson of Pirate Recording Company Inc. She is the person responsible for the tremendous growth this company has enjoyed over the past three years. It was Penny's intuition and clever negotiating that enabled the company to sign two very hot recording artists: Half a Dollar and N'elli. These groups have generated profits of over $25 million. The future looks even brighter at the firm because several current and aspiring entertainers have indicated an interest in signing on with Pirate Recording. This incredible growth has delighted everyone at the company, but it has also created a major problem for Penny. Pirate Recording has never been a major player in the recording industry, primarily because of limited capital. In order to take the company to the next level Penny realizes that she will need to expand the firm's personnel and equipment. The amount of new funds required to finance this needed expansion is $150 million. Penny has started to consult with others about how to finance this major expansion of the company. If stock is issued in Pirate Recording, analysts predict that the company has potential for strong growth. The prospects for dividend payments to stockholders, at least in the beginning, are not good. Pirate Recording will need to retain its earnings in order to grow rapidly. The firm's stock would most likely be classified as a(n):

The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory.

Work in Process Inventory Beginning
WIP 6,000
Direct materials 48,600
Direct labor 31,100
Applied overhead 17,300
To finished goods
Ending WIP 31,100

The cost of jobs transferred to finished goods is: _________

Bernice Ruel operates Leather Unlimited, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of March, the following transactions occurred. The applicable sales tax rate is 6%.
Mar. 2 Sold merchandise on account to Emma Sommers, $250.00, plus sales tax. 9 Sold merchandise on account to Shelly Feinstein, $470.00, plus sales tax. 12 Emma Sommers returned $40.00 worth of merchandise purchased on March 2 for credit. 18 Sold merchandise on account to Maureen Hodge, $110.00, plus sales tax. 19 Sold merchandise on account to Frank MacDonald, $165.00, plus sales tax. 22 Received payment from Emma Sommers on account. 26 Maureen Hodge was given an allowance of $30.00 when she reported damage in the merchandise purchased on March 18. 28 Sold merchandise on account to Emma Sommers, $500.00, plus sales tax. 29 Sold merchandise on account to Shelly Feinstein, $230.00, plus sales tax. 31 Received payment from Maureen Hodge on account. 31 Cash sales for the month were $2,600, plus sales tax.
Required:
Enter the above transactions in the general journal.
Assume and act like you posted the journal entry to the Accounts Receivable accounts. Do not forget the Post Ref. Information
Chart of Accounts: Cash 101, Accounts Receivable 122, Sales Tax Payable 231, Sales 401, Sales Returns & Allowances 401.1
GENERAL JOURNAL
Page 1
Date
Description
Post
Ref.
Debit
Credit

Your uncle repays a $300 loan from Tenth National Bank (TNB) by writing a $300 check from his TNB checking account. Assume these funds are the only loans and deposits available for your uncle and the bank. Complete the following T-accounts for your uncle and TNB before your uncle repays the loan. Your Uncle AssetsLiabilities $ $ Tenth National Bank AssetsLiabilities $ $ Complete the following T-accounts for your uncle and TNB after your uncle repays the loan. Your Uncle AssetsLiabilities $ $ Tenth National Bank AssetsLiabilities $ $ True or False: Your uncle's wealth has changed. True False

1. Which of the following words is generally used to describe what managers do as opposed to what leaders do?
O A. Organize
O B. Inspire
O C. Innovate
O D. Influence

Demand for stereo headphones and MP3 players for joggers has caused Nina Industries to grow almost 50 percent over the past year. The number of joggers continues to expand, so Nina expects demand for headsets to also expand, because, as yet, no safety laws have been passed to prevent joggers from wearing them. Demand for the players for last year was as follows:

MONTH DEMAND (UNITS)
January 4,130
February 4,230
March 3,930
April 4,330
May 4,930
June 4,630
July 5,230
August 4,830
September 5,330
October 5,630
November 6,230
December 5,930

Required:
Using linear regression technique, what would you estimate demand to be for each month next year?

At the beginning of his current tax year, David invests $11,700 in original issue U.S. Treasury bonds with a $10,000 face value that mature in exactly 10 years. David receives $560 in interest ($280 every six months) from the Treasury bonds during the current year, and the yield to maturity on the bonds is 3.6 percent. (Round your intermediate calculations to the nearest whole dollar amount.)

You are given the following information for Huntington Power Co. Assume the company’s tax rate is 40 percent.
Debt:
7,000 6.2 percent coupon bonds outstanding, $1,000 par value, 15 years to maturity, selling for 105 percent of par; the bonds make semiannual payments.
Common stock: 340,000 shares outstanding, selling for $52 per share; the beta is 1.08.
Market: 8 percent market risk premium and 4.2 percent risk-free rate.
What is the company's WACC? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)
WACC %

On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden prepares a schedule of its December 31 accounts receivable by age.

Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible
$840,000 Not yet due 1.25%
336,000 1 to 30 days past due 2.00
67,200 31 to 60 days past due 6.50
33,600 61 to 90 days past due 32.75
13,440 Over 90 days past due 68.00

Required:
Prepare the adjusting entry to record bad debts expense.

Kelso Electric is debating between a leveraged and an unleveraged capital structure. The all equity capital structure would consist of 29,000 shares of stock. The debt and equity option would consist of 17,000 shares of stock plus $220,000 of debt with an interest rate of 6 percent. What is the break-even level of earnings before interest and taxes between these two options? Ignore taxes.

Matching Exercise: Match the type of bond to its definition. Matching Exercise: Match the type of bond to its definition. a) The Catastrophe Bond: (Click to select) b) A Warrant Bond: (Click to select) c) An Income bond: (Click to select) d) A Convertible bond: (Click to select) e) A Put bond: (Click to select)

Lexigraphic Printing Company is considering replacing a machine that has been used in its factory for four years. Relevant data associated with the operations of the old machine and the new machine, neither of which has any estimated residual value, are as follows:
Old Machine
Cost of machine, 10-year life $89,000
Annual depreciation (straight-line) 8,900
Annual manufacturing costs, excluding depreciation 23,600
Annual nonmanufacturing operating expenses 6,100
Annual revenue 74,200
Current estimated selling price of machine 29,700
New Machine
Purchase price of machine, six-year life $119,700
Annual depreciation (straight-line) 19,950
Estimated annual manufacturing costs, excluding depreciation 6,900
Annual non-manufacturing operating expenses and revenue are not expected to be affected by purchase of the new machine.
Required:
1. Prepare a differential analysis as of April 30 comparing operations using the present machine (Alternative 1) with operations using the new machine (Alternative 2). The analysis should indicate the total differential income that would result over the six-year period if the new machine is acquired.
2. Choices of what other factors should be considered
A. Was the purchase price of the old machine too high?
B. What effect does the federal income tax have on the decision?
C. What opportunities are available for the use of the $90,000 of funds ($119,700 less $29,700 proceeds from the old machine) that are required to purchase the new machine?
D. Should management have purchased a different model of the old machine?
E. Are there any improvements in the quality of work turned out by the new machine?

A manufacturing company that has only one product has established the following standards for its variable manufacturing overhead. The company uses machine-hours as its measure of activity.
Standard Hours per Unit of Output 8.1 machine hours
Standard Variable Overhead Rate $14.30 per machine hour
The following data pertain to operations for the last month:
Actual Hours 1,700 machine hours
Actual Total Variable Overhead Cost $24,905
Actual Output 200 units
What is the variable overhead efficiency variance for the month?
a. $567 favourable.
b. $1,144 unfavourable.
c. $1,172 favourable.
d. $1,172 unfavourable.

A characteristic of a natural monopoly is that
Question 8 options:

A)

the firm is supported by the consumer and voted into existence by the voters.

B)

the firm is dedicated to the use of natural resources.

C)

there's no government intervention in the market.

D)

adding businesses in competition would increase cost to the consumer.

two ways in which young entrepreneurs can benefit from Black Industry Scheme​