Answer:
each partner is held responsible for an agreement/decision made by any one of the partners
Explanation:
A partnership can be defined as a type of business ownership in which two or more individuals come together to start up a business and share the profits made together.
Limited partnerships have two classes of partners. These two (2) classes are;
1. Limited partner: it is a type of partnership in which people come together and have an agreement to do business but the involved partners only contribute financially and solely responsible to the amount of money they invested.
2. General partner: it is a type of partnership in which two or more people come together and have an agreement to do business by sharing profits, assets, debts or financial and legal liabilities.
In a general partnership, each partner is held responsible for an agreement or decision made by any one of the partners.
On December 31, 2008, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Abbey Co. agreed to accept a $200,000 zero-interest-bearing note due December 31, 2010, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 10%. Abbey is much more creditworthy and has various lines of credit at 6%.
Instructions
(a) Prepare the journal entry to record the transaction of December 31, 2008, for the Ed Abbey Co.
(b) Assuming Ed Abbey Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2009.
(c) Assuming Ed Abbey Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2010.
(d) Assume that Ed Abbey Co. elects the fair value option for this note. Prepare the journal entry at December 31, 2009, if the fair value of the note is $185,000.
Purchasing-power parity holds between the nations of Ectenia and Wiknam, where the only commodity is Spam. a. In 2015, a can of Spam costs 4 dollars in Ectenia and 24 pesos in Wiknam. What is the exchange rate between Ectenian dollars and Wiknamian pesos
Answer:
the exchange rate between two different currency is 6 pesos per dollar
Explanation:
The computation of the exchange rate between two different currency is
= Unit cost of spam in Wiknam ÷ unit cost of spam in Ectenia
= 24 pesos ÷ 4 dollars
= 6 pesos per dollar
hence, the exchange rate between two different currency is 6 pesos per dollar
We simply applied the above formula so that the currency rate could come
And, the same is to be applied
The following are budgeted data: January February March Sales in units 16,100 22,200 19,100 Production in units 19,100 20,100 18,600 One pound of material is required for each finished unit. The inventory of materials at the end of each month should equal 30% of the following month's production needs. Purchases of raw materials for February would be budgeted to be:
Answer:
Purchases= 19,650 pounds
Explanation:
Giving the following formula:
Production in units:
February= 20,100
March= 18,600
One pound of material is required for each finished unit.
The inventory of materials at the end of each month should equal 30% of the following month's production needs.
To calculate the purchase of raw material for February, we need to use the following formula:
Purchases= production + desired ending inventory - beginning inventory
Purchases= 20,100 + (18,600*0.3) - (20,100*0.3)
Purchases= 19,650 pounds
Which precaution should you take while working on a computer?
A.
Hold the connecting wires and not plugs when connecting and disconnecting.
B.
Maintain a cool temperature to avoid sweating.
C.
Keep all the screws you remove in a container because you want to use them on any device.
D.
Leave wires loose because they allow proper circulation of air.
Answer:
D.
Leave wires loose because they allow proper circulation of air.
Answer:
B
Explanation:
100% on PLATO
The Investments Fund sells Class A shares with a front-end load of 5% and Class B shares with 12b-1 fees of 0.75% annually as well as back-end load fees that start at 5% and fall by 1% for each full year the investor holds the portfolio (until the fifth year). Assume that you have $1,000 to invest and the portfolio rate of return net of operating expenses is 13% annually.
a-1.If you invest in each fund and sell after 4 years, how much will you receive from each sale?(Round your answers to 2 decimal places. Omit the "$" sign in your response.)
Amounts
Class A $
Class B $
a-2. Are Class A or Class B shares the better choice for you?
Class A
Class B
b-1.If you invest in each fund and sell after 12 years, how much will you receive from each sale?(Round your answers to 2 decimal places. Omit the "$" sign in your response.)
Amounts
Class A $
Class B $
b-2.Are Class A or Class B shares the better choice for you?
Class A
Class B
Answer:
The responses to the given choices can be defined as follows:
Explanation:
Assume is the investment. Each original Class A investment is of the net-front unburden. The portfolio will be worth four years from now:
[tex]\$1,000 \times 5\% = \$50 =\$1,000 - \$50 = \$950\\\\ \$950 (1 + 0.13)^4 = \$950 (1.13)^4 = \$950 (1.630474) = \$1,548.95\\\\[/tex]
You will place the total of [tex]\$1,000[/tex] on class B shares, but only [tex]12b-1[/tex]will be paid [tex](13-0.75 = 12.25)[/tex] at a rate of [tex]12.25\%[/tex] and you'll pay a [tex]1\%[/tex]back-end load charge if you sell for a four-year period.
After 4 years, your portfolio worth would be:
[tex]\$1,000 (1 + 0.1225)^4 = \$1,437.66 \\\\ \$1,000 (1.1225)^4 = \$1000 (1.587616) = \$ 1,587.62[/tex]
Their portfolio worth would be: after charging the backend load fee:
[tex]\$1,587.616 \times 0.99 = \$1,571.74 \\\\ Amounts \\\\ Class A \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 1,548.95\\\\ Class B \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 1,571.74 \\\\[/tex]
When the horizon is four years, class B shares are also the best option.
Class A shares would value from a 12-year time frame:
[tex]\$950 (1.13)^{12} = \$950 (4.334523) = \$4,117.80 \\\\[/tex]
In this case, no back-end load is required for Class B securities as the horizon is larger than 5 years.
Its value of the class B shares, therefore, is as follows:
[tex]\$1,000 (1.1225) 12 = \$1,000 (4.001623) = \$4,001.62 \\\\Amounts \\\\\ Class A \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 4,117.80\\\\ Class B \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 4,001.62\\\\[/tex]
Class B shares aren't any longer a valid option in this, prolonged duration. Its impact on class B fees of [tex]0.75\%\ \ 12b-1[/tex]cumulates over a period and eventually outweighs the [tex]5\%[/tex] the burden of class A shareholders.
[tex]A bond for J. Morris, Inc. a coupon rate of 6%. The yield to maturity is 7%. The bond has a remaining life of 20 years and makes semi-annual coupon payments? What is the present value of the bond s face value?[/tex]A bond for J. Morris, Inc. a coupon rate of 6%. The yield to maturity is 7%. The bond has a remaining life of 20 years and makes semi-annual coupon payments? What is the present value of the bond s face value?
Answer:
masjid DC jeans he shrugged egg kt
Explanation:
gggui it r ET UT yeah DJ it's CNN kf
Three months ago, CSG stock was selling for $44.25 a share. At that time, you purchased three put options on the stock with a strike price of $45 per share and an option price of $1.75 per share. The option expires today when the value of the stock is $42.50 per share. What is your net profit or loss on this investment
Answer:
$225
Explanation:
Calculation to determine your net profit or loss on this investment
Using this formula
Net profit or Loss= (Strike price - Value of stock at expiration - Premium paid) x 3 x 100
Let plug in the formula
Net profit or Loss= ($ 45 - $ 42.50 - ß) x 300
Net profit or Loss= $ 225
Therefore your net profit on this investment is $225
Warp Manufacturing Corporation uses a standard cost system to collect costs related to the production of its ski lift chairs. Warp uses machine hours as an overhead base. The variable overhead standards for each chair are 1.2 machine hours at a standard cost of $18 per hour. During the month of September, Warp incurred 34,000 machine hours in the production of 32,000 ski lift chairs. The total variable overhead cost was $649,400. What is Warp's variable overhead spending variance for the month of September?
a. $37,400 unfavorable
b. $41,800 favorable
c. $79,200 Favorable
d. $84,040 favorable
Answer:
A. $37,400 unfavorable
Explanation:
With regards to the above, variable overhead spending variance is computed as
= (Actual hours × Actual rate) - (Actual hours × standard rate)
= $649,400 - ( 34,000 × $18)
= $649,400 - $612,000
= $37,400 unfavorable
Therefore, Warp's variable overhead spending variance for the month of September is $37,400 unfavorable
In June 2019, the average price of a cup of coffee in Venezuela was 6,500 bolivars; in June 2018, the average price was just 8 bolivars. This represents an 81,150% increase in the price of a cup of coffee for Venezuelans, who have seen similarly dramatic increases in the prices of nearly everything they buy. How might this experience of inflation impact inflation going forward
Answer:
d. causes inflation expectations to rise, which in turn causes still higher inflation
Explanation:
Missing word "Higher inflation: a. makes most goods and service unaffordable, causing a decrease in demand that leads to falling prices, b. creates a price bubble that ultimately bursts, causing the prices of most goods and services to fall, c. causes inflation expectations to fall, which in turn causes inflation to fall d. causes inflation expectations to rise, which in turn causes still higher inflation"
This inflation experience will most likely will continue increase using the experience as yardstick and this will be a case of hyper inflation where the inflation rates are so high that is goes out control in economic perspective. In hyper-inflation situation, prices of goods and services may increase and continue to do in hourly basis.
Innovation takes dedicated effort and resources, and organizations that are successful at it tend to be set up in ways that naturally foster innovation.
a. True
b. False
Answer:
a. True
Explanation:
Innovation is an essential concept for today's companies, which need to position themselves and stand out in a globalized and highly competitive market.
Therefore, it is correct to say that innovation is a strategy that companies use to develop their processes and organizational systems, in order to keep up to date with market and consumption patterns, exceeding the expectations of their stakeholders. Despite demanding continuous effort and resources, innovation starts to be naturally increased in the companies that develop it, because it impacts the organizational culture in a positive way, generating greater creativity, productivity and continuous improvement of all organizational processes, which impacts on the positioning of the company in the market and its profitability.
Cye is the sole owner of Sports World Enterprises. The company earned net operating income of $85,000 during 2018 and had a LTCL of $12,000. He withdrew $40,000 of the profit from Sports World during the year. How should he report this information if Sports World each of the following entity types (ignore the qualified business income deduction):
a. A sole proprietorship?
b. A C-Corp?
c. An S-Corp?
Answer:
Sports World Enterprises
Reporting of this information as:
a. A sole proprietorship:
Business income = $85,000
Long-term Capital Losses $12,000
Limit allowed for the year = $3,000
Personal Taxable Income = $82,000
b. A C-Corp:
Net operating income = $85,000
Long-term Capital Losses (LTCL) = $12,000
Corporate Taxable Income = $73,000
Personal Taxable Income = $40,000
c. An S-Corp:
Business income = $85,000
Long-term Capital Losses $12,000
Personal Taxable income = $73,000
Explanation:
a) Data and Calculations:
Net operating income = $85,000
Long-term Capital Losses (LTCL) = $12,000
Drawings for personal use = $40,000
b) A sole proprietorship is a business entity owned by one person. It does not enjoy separate legal existence from the owner. All income from different sources are aggregated and taxed at the individual tax rate.
c) A C-Corporation is a legal entity that is separate from the owner(s). Its income is taxed at the corporate rate before distribution to the owner(s). The distributed income to the owner(s) is also taxed at the individual tax rate.
d) An S-Corporation, while it enjoys a separate legal existence, is a special form of a corporation, whereby the earnings are passed through the owners and are taxed at the individual tax rate.
5 Julie is having a hard time convincing her husband, Eric, to do a budget. His income is $35,000, but he also works a part-time job so he has extra spending money. They have credit card debt and some minor medical bills. Julie wants to get out of debt, but Eric thinks that everything is fine. Julie calls Dave on the air to discuss her situation. What does Dave tell her
they need to do need analysis of what they want and go through their budget
Explanation:
he needs to analyse the expenses, income,the balance their are left with
1. Which of the following is not a renewable resource?
a. Energy resources
b. Fossil Fuel
c. Natural gas
Answer:
fossil fuels
Explanation:
Although fossil fuels are continually formed by natural processes, they are generally classified as non-renewable resources because they take millions of years to form and known viable reserves are being depleted much faster than new ones are generated.
Answer:
B.
Fossil Fuel
Explanation:
Energy resources
Energy (such as ethanol), hydropower, geothermal power, wind energy, and solar energy. Biomass refers to organic material from plants or animals. This includes wood, sewage, and ethanol (which comes from corn or other plants).
Fossil Fuel
Energy sources, including oil, coal, and natural gas, are non-renewable resources that formed when prehistoric plants and animals died and were gradually buried by layers of rock. Over the past 20 years, nearly three-fourths of human-caused emissions came from the burning of fossil fuels.
Natural gas
It's considered renewable because of how easy it is to make, especially compared to nonrenewable energy sources like fossil fuels. As long as you have livestock matter or landfill materials, you can make more biomethane.
IKEA has essentially changed the way people shop for furniture. Discuss the pros and cons of this strategy, especially as the company plans to continue to expand in places like Asia and India.
Answer:
um
Explanation:
The nations of Grapefruit Land and Peachland produce grapefruits and peaches. In Grapefruit And, there are 650,000 hours of labor available in a month, and it takes 2 hours of labor to produce a barrel of grapefruits, and 4 hours of labor to produce a crate of peaches. In Peachland, there are 350,000 hours of labor available in a month, and it takes 1 hour of labor to produce a barrel of grapefruits and 2 hours of labor to produce a crate of peaches.
Required:
a. Which country has an absolute advantage in each good?
b. What is the opportunity cost of a crate of peaches in Grapefruitland?
c. What is the opportunity cost of a crate of peaches in Peachland?
d. Which country has a comparative advantage in each good?
Answer:
Peachland has absolute advantage in the production of grape fruis and peaches
grapefruits = 2
peaches = 0.5
Peachland
grapefruits = 2
peaches = 0.5
None of the countries have a comparative adantage in the production of either goods
Explanation:
Division A makes a part with the following characteristics: Production capacity in units 34,000 units Selling price to outside customers $ 21 Variable cost per unit $ 13 Total fixed costs $ 105,800 Division B, another division of the same company, would like to purchase 10,000 units of the part each period from Division A. Division B is now purchasing these parts from an outside supplier at a price of $18 each. Suppose that Division A is operating at capacity and can sell all of its output to outside customers at its usual selling price. If Division A agrees to sell the parts to Division B at $18 per unit, the company as a whole will be: rev: 10_24_2020_QC_CS-237557 Multiple Choice worse off by $30,000 each period. better off by $30,000 each period. worse off by $60,000 each period. There will be no change in the status of the company as a whole.
Answer:
Division A
If Division A agrees to sell the parts to Division B at $18 per unit, the company as a whole will be:
worse off by $30,000 each period.
Explanation:
a) Data and Calculations:
Production capacity of Division A = 34,000
Selling price per unit to outside customers = $21
Variable cost per unit = $13
Total fixed costs = $105,800
Order from Division B = 10,000
Price that Division B purchases from outside supplier = $18
Selling to Division B instead of selling to outside customers will result in a loss of $3 ($21 - $18) per unit
The total loss = $30,000 ($3 * 10,000)
Sunland Company has outstanding accounts receivable totaling $1.28 million as of December 31 and sales on credit during the year of $6.36 million. There is also a debit balance of $6300 in the allowance for doubtful accounts. If the company estimates that 3% of its accounts receivable will be uncollectible, what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense?
Answer:
$38,400
Explanation:
Calculation to determine what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense
Using this formula
Balance in the Allowance account adjustment = outstanding accounts receivable *Estimated uncollectible percentage
Let plug in the formula
Balance in the Allowance account adjustment= $1.28 million account receivables x 3%
Balance in the Allowance account adjustment= $38,400
Therefore what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense is $38,400
After graduation, you decide to go into a partnership in an office supply store that has existed for a number of years. Walking through the store and stockrooms, you find a great discrepancy in service levels. Some spaces and bins for items are completely empty; others have supplies that are covered with dust and have obviously been there a long time. You decide to take on the project of establishing consistent levels of inventory to meet customer demands. Most of your supplies are purchased from just a few distributors that call on your store once every two weeks. You choose, as your first item for study, computer printer paper. You examine the sales records and purchase orders and find that demand for the past 12 months was 5,000 boxes. Using your calculator you sample some days' demands and estimate that the standard deviation of daily demand is 10 boxes. You also search out these figures:
Cost per box of paper: $11.
Desired service probability: 98 percent.
Store is open every day.
Salesperson visits every two weeks.
Delivery time following visit is three days.
Using your procedure, how many boxes of paper would be ordered if, on the day the salesperson calls, 60 boxes are on hand?
Answer:
257 boxes
Explanation:
The computation is given below;
Daily Demand would be
= 5000 ÷ 365
Standard Deviation = 10 boxes
Lead Time = 2 Weeks + 3 Days = 17 Days
Service Level = 0.98
Reorder Point = avg(d) × LT + z × σd × sqrt(LT)
= 5000 ÷ 365 × 17 + 2.05 × 10 × 170.5
= 317
So, the number of boxes should be ordered is
= 317 - 60
= 257 boxes
Jenny has a $62,700 basis in her 50 percent partnership interest in the JM Partnership before receiving any distributions. This year JM makes a proportionate operating distribution to Jenny of a parcel of land with an $93,000 fair value and a $80,500 basis to JM. The land is encumbered with a $38,250 mortgage (JM's only liability). What is Jenny's basis in the land and her remaining basis in JM after the distribution
Answer:
$80,500 land basis, $1,325 JM basis.
Explanation:
Calculation to determine Jenny's basis in the land and her remaining basis in JM after the distribution
Based on the information given Jenny transferred basis in the land will be the amount of $80,500 while Her remaining basis in JM on the other hand will be the amount of $1,325 which is calculated as:
Predistribution basis in JM $62,700
Add deemed contribution $19,125
(50%*$38,250)
Less: basis allocated to land ($80,500)
Remaining basis in JM $1,325
Therefore Jenny's basis in the land and her remaining basis in JM after the distribution will be :$80,500 land basis, $1,325 JM basis.
Consider the economy of Czech Republic and suppose relative PPP and the quantity theory of money hold. Suppose you expect the rate of money growth of Czech Republic in the 2021 to be around 4% while your forecast for its real GDP growth is at 1%. Suppose inflation in the UK is expected to be at 2%. Currently, Czech National bank has a floating exchange rate.
Required:
Calculate inflation in Czech Republic.
Answer:
3%
Explanation:
Calculate the inflation in Czech Republic
Expected Rate of money growth of Czech republic in 2021 = 4%
Forecast for real GDP growth = 1%
we will use the Monetary approach to calculate inflation in Czech
Using QTM: M+V = P+Y ( M = 4% , Y = 1% ) assume change in V = 0
P ( inflation ) = 4% - 1% = 3%
Suppose a pizza parlor has the following production costs: $ in labor per pizza, $ in ingredients per pizza, $ in electricity per pizza, $ in restaurant rent per month, and $ in insurance per month. Assume the pizza parlor produces pizzas per month. What is the variable cost of production (per month)? The variable cost of production is $ nothing. (Enter your response as an integer.)
Answer:
the variable cost of production (per month) is $21,000
Explanation:
The computation is shown below:
The variable cost per month is
= Number of pizza produced per month × (labor per pizza + in ingredients per pizza + in electricity per pizza )
= 5,000 × ($3.00 + $1.00 + $0.20)
= 5,000 × $4.20
= $21,000
Hence, the variable cost of production (per month) is $21,000
On January 1, a company issues bonds dated January 1 with a par value of $620,000. The bonds mature in 3 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The bonds are sold for $596,000. The journal entry to record the first interest payment using straight-line amortization is: Multiple Choice Debit Interest Expense $17,700; debit Discount on Bonds Payable $4,000; credit Cash $21,700. Debit Interest Payable $21,700; credit Cash $21,700. Debit Interest Expense $25,700; credit Discount on Bonds Payable $4,000; credit Cash $21,700. Debit Interest Expense $21,700; credit Premium on Bonds Payable $4,000; credit Cash $17,700. Debit Interest Expense $21,700; credit Cash $21,700.
Answer:
Debit Interest Expense $25,700; credit Discount on Bonds Payable $4,000; credit Cash $21,700.
Explanation:
The journal entry to record the first interest payment is given below:
Bond interest expense $25,700
To Discount on bond payable (($620,000 - $596,000) ÷ 6 years) $4,000
To Cash ($620,000 × 7% ÷ 2) $21,700
(being the first interest payment is recorded)
Here interest expense is debited as it increased the expense and credited the discount and cash as it decreased the liabilities and assets
J&J Materials and Construction Corporation produces mulch and distributes the product by using dump trucks. The company uses budgeted fleet hours to allocate variable manufacturing overhead. The following information pertains to the company's manufacturing overhead data: Budgeted output units 710 truckloads Budgeted fleet hours 568 hours Budgeted variable manufacturing overhead costs for 710 loads $89,460 Actual output units produced and delivered 660 truckloads Actual fleet hours 468 hours Actual variable manufacturing overhead costs $85,460 What is the flexible-budget amount for variable manufacturing overhead? (Round intermediary calculations two decimal places and your final answer to the nearest whole dollar.)
Answer:
$3,999.04 F
Explanation:
Calculation to determine the flexible-budget amount for variable manufacturing overhead?
First step is to calculate the Budgeted fleet hours per unit
Budgeted fleet hours per unit = 568 ÷ 710
Budgeted fleet hours per unit = 0.8
Second step is to calculate the Budgeted fleet hours allowed for 660 truckloads
Budgeted fleet hours allowed for 660 truckloads
Budgeted fleet hours allowed for 660 truckloads = 660 × 0.8
Budgeted fleet hours allowed for 660 truckloads = 528
Third step is to calculate the Budgeted variable overhead rate per machine hour
Budgeted variable overhead rate per machine hour = $89,460 ÷ 528
Budgeted variable overhead rate per machine hour = $169.43
Fourth step is to calculate the Flexible-budget amount
Flexible-budget amount = 528× $169.43
Flexible-budget amount= $89,459.04
Now let calculate the Flexible-budget variance
Flexible-budget variance = $85,460 − $89,459.04
Flexible-budget variance= $3,999.04 F
Therefore the Flexible-budget variance is $3,999.04 F
The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales: DATE TRANSACTIONS 20X1 May 1 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,250 plus 8 percent sales tax, terms n/30. 15 Recorded cash sales, $3,300 plus 8 percent sales tax. 31 Received payment on account due from Bill Gomez for the sale on May 1. Required: Record the above transactions in a general journal:
Answer and Explanation:
The journal entries are given below:
On May 1
Accounts receivable $1,300
To sales revenue $1,250
To Sales tax liability ($1,250 ×8%) $100
(Being the sales is recorded on account)
On May 15
Cash $3,564
To Sales revenue $3,300
To Sales tax liability ($3,300 ×8%) $264
(Being the sales is recorded on account)
On May 31
Cash $1,300
To Account receivable $1,300
(Being received payment on account due is recorded)
You are given the following information with respect to a bond: par value: 1000 term to maturity: 3 years annual coupon rate 6% payable annually You are also given that the one, two, and three year annual spot interest rates are 7%, 8%, and 9% respectively. The bond is sold at a price equal to its value. Calculate the annual effective yield rate for the bond i.
Answer:
Tha annual effective yield rate for the bond is:
= 6.2%
Explanation:
a) Data and Calculations:
Bond par value = $1,000
Annual coupon rate = 6%
Annual spot interest rates = 7%, 8%, and 9% for year 1, year 2, and year 3 respectively
Current value of bond = $970 ($1,000 * 99% * 99% * 99%)
Annual coupon payments = $60 * 3 = $180
Effective rate for the three years = $180/$970 * 100 = 18.6%
Annualized effective yield rate = 6.2% (18.6%/3)
OR
Annualized effective yield rate = (Annual coupon payments/Current value of bonds)
= 6.2% ($60/$970)
Fees earned $942,135 Office expense 216,690 Miscellaneous expense 18,845 Wages expense 452,225 Accounts payable 23,555 Accounts receivable 65,950 Cash 252,875 Common stock 135,000 Land 301,000 Supplies 11,305 Cash dividends of $35,800 were paid during the year. Retained earnings as of June 1, 20Y5, were $254,000. Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.
Answer and Explanation:
The preparation of the balance sheet as on May 31, 20Y6 is as follows:
Assets
Cash $252,875
Accounts receivable $65,950
Supplies $11,305
Land $301,000
Total Assets $631,130
Liabilities
Accounts payable $23,555
Common Stock $135,000
Retained earnings (see working below) $472,575
Total Liabilities $631,130
Working note
For retained earnings first determine the net loss or net income as the case may be
= Fees earned - office expense - miscellaneous expense - wages expense
= $942,135 - $216,690 - $18,845 - $452,225
= $254,375
Now the ending retained earning balance is
= opening retained earning balance + net income - dividend paid
= $254,000 + $254,375 - $35,800
= $472,575
On January 1, 2020, Mehan, Incorporated purchased 15,000 shares of Cook Company for $150,000 giving Mehan a 15% ownership of Cook. The fair value of the 15% investment was the same as the carrying value of the investment when, on January 1, 2021, Mehan purchased an additional 25,000 shares (25%) of Cook for $300,000. This last purchase gave Mehan the ability to apply significant influence over Cook. The book value of Cook on January 1, 2020 was $1,000,000. The book value of Cook on January 1, 2021, was $1,100,000. Any excess of cost over book value for this second transaction is assigned to a database and amortized over four years. Cook reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout the years: Net Income Dividends 2020 $200,000 $50,000 2021 225,000 50,000 2022 250,000 60,000 On April 1, 2022, just after its first dividend receipt, Mehan sells 10,000 shares of its investment How much of Cook's net income did Mehan report for the year 2022?
a) $72,500
b) $81.250.
c) $59 250.
d) $75,000,
e) 61.750.
Answer: b) $81.250.
Explanation:
Cook Net income was $250,000 in 2022.
In the first quarter of 2022 (Jan to March), Mehan owned 40% of Cook as they had purchased 15% and then 25%.
Share of net income is:
= 250,000 * 40% * 3/12 months
= $25,000
In the remaining months, they owned 30% of Cook because the 10,000 shares sold were 10% of equity as 15,000 shares are 15%.
Their share of net income would be:
= 250,000 * 30% * 9/12 months
= $56,250
Total income recognized:
= 25,000 + 56,250
= $81,250
Sasha is a healthcare provider who learns that one of her patients has strict beliefs about certain medications, and is refusing them. Sasha makes sure her patient is not given any of those medications, and visits the patient to discuss any other healthcare preferences.
Based on this information, what could be concluded about Sasha’s behavior?]
Sasha is afraid that her patient will act violently if his requests are not honored.
Sasha is prejudiced against patients from foreign countries.
Sasha is practicing holistic care.
Sasha is treating the patient more kindly than she treats other patients.
Answer: Sasha is practicing holistic care.
Explanation:
Based on the information given, we can conclude that Sasha is practicing holistic care.
Holistic care simply means caring for patients based on the mutual understanding regarding the emotional, physical, and psychological dimensions.
Holistic care us important in order to make patients recover quickly. In this case, Sasha wants to know the preference of the patients in order to lead her to recovery and not compound to the patient's issues.
JJ Construction Inc. entered into a contract with a customer to build a corporate office on January 1, 2020, for $9,000,000. JJ construction owns the construction in process during the construction process and the office could be sold to other clients as well. The office is expected to be completed in three years for a total cost of $5,700,000. Actual costs incurred through December 31, 2020, are $2,394,000. Determine the amount of revenue to record in 2020 assuming that the cost-to-cost method is used.
Answer:
$3,780,000
Explanation:
Calculation to Determine the amount of revenue to record in 2020 assuming that the cost-to-cost method is used.
First step is to calculate the % of work completed by December 31, 2020 using this formula
% of work completed by December 31, 2020 = Actual cost incurred / Total estimated costs
Let plug in the formula
% of work completed by December 31, 2020=$2,394,000 / $5,700,000
% of work completed by December 31, 2020= 42%
Now let calculate the Amount of revenue to record in 2020 using cost to cost method using this formula
Amount of revenue to record in 2020 = Total contract price * % completion
Let plug in the formula
Amount of revenue to record in 2020 = $9,000,000*42%
Amount of revenue to record in 2020 = $3,780,000
Therefore the amount of revenue to record in 2020 assuming that the cost-to-cost method is used is $3,780,000
Marco works as a freelance science writer. He wants to improve his productivity. Which of the following steps is he most likely to take? (5 points)
Group of answer choices
Build a website highlighting his expertise and publications
Take a week off to relax and play video games
Invest in a better computer and a faster Internet connection
Take out an advertisement for his services
Answer:
its c and dont remove it this time eroupa
Explanation:
