Answer:
$24,012.21
Explanation:
Calculation for What is the investor's future balance after 10 years
Using financial to find the FV which represent future value
N 10 years
I/Y 4%
PV 0
PMT $2,000 per year
FV ?
Hence:
FV = $24,012.21
Therefore the investor's future balance after 10 years will be $24,012.21
The unadjusted book balance was $26,620. To this, we will add the $150 interest earnedand subtract the $810 book error in check #1221 ($4,900 − $4,090) to determine the ending balance of $25,960. The unadjusted bank balance was $26,960. Add the deposits in transit of $3,000 and subtract the outstanding checks of $4,000 to determine the ending balance of $25,960. The company's bank reconciliation at June 30 included interest earned in the amount of $150.
Required:
Complete the necessary journal entry.
Answer:
Dr Cash 150
Cr Interest revenue 150
Explanation:
Preparation of the necessary journal entry
Based on the information given we were told that the company's bank reconciliation at the month of June 30 included interest earned in the amount of $150 which means that the necessary journal entry will be to Debit Cash with 150 and Credit interest revenue with 150
Dr Cash 150
Cr Interest revenue 150
Question 1 (1 point)
"Tom, at Bode Corporation we align our individual goals with the company's goals.
That is, as managers, we use
to drive ourselves and our employees
to accomplish key goals that are linked with the company's success," said Tom's new
CEO.
remuneration
contingency management
quantitative management
management by objective
time-and-motion studies
Question 2 (1 point)
"With the computing power available today, I'm surprised that the quantitative
Answer:s
Explanation:s
s
management with goals. As a result, (D) is the best choice.
What is meant by Contingency management ?Token economies are one type of contingency management. Both solo and group formats can use token systems. A wide variety of populations, such as those who are delinquent, have success with token systems, including those who are addicted, have special needs, and are addicted. The usage of token systems with very young children is, however, under scrutiny from new research.
Stuttering treatment would be an exception to the rule in the last sentence. The objective of such systems is to progressively dissipate and assist the user in starting to access the natural community of reinforcement (the reinforcement typically received in the world for performing the behavior).
Token systems and integrating them with other interventions in the classroom are covered in Walker's (1990) overview. The extent of tokens is described by him.
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The following procedures were recently installed by Raspberry Creek Company: After necessary approvals have been obtained for the payment of a voucher, the treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing. The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer's office for approval. Along with petty cash expense receipts for postage, office supplies, etc., several postdated employee checks are in the petty cash fund. At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers. At the end of each day, all cash receipts are placed in the bank's night depository. At the end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank. All mail is opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts. The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.
Required:
Indicate whether each of the procedures of internal control over cash represents (1) A strength or (2) A weakness. For each weakness, indicate why it exists.
Answer:
a. Strength
b. Strength
c. Weakness
d. Weakness
e. Strength
f. Strength
g. Weakness
h. Weakness
All the reasons of weakness are written in the explanation section below.
Explanation:
Solution:
Note: we are only asked to state the reasons of weaknesses only if exists. And in order to facilitate the reader I am breaking the question into parts.
a.
Comment : It represents a Strength
b.
Comment: It represents a strength
c.
Comment: It represents a Weakness
Reasons: In any case, post dated personal checks of employees are not permissible from the petty cash. It will showcase the advancing of funds from the petty cash for the employees. And it is a weakness.
d.
Comment: It represents a weakness.
Reasons: It is a weakness, because it will create cash shortage of customers in the long run and it will lead to more and more complaints from the customers. Cash shortages should be dealt with proper procedure.
e.
Comment: It represents a strength
f.
Comment: It represents a strength.
g.
Comment: It represents a Weakness
Reasons: because it will create the accountability issues. Here, first step is that the mail clerk should list all the remittances and then send them forward. Furthermore, he/she must send duplicate copy account clerk for proper recording.
h.
Comment: It represents a Weakness
Reasons: It is not acceptable to prepare a bank reconciliation by people who are handling cash.
which of these tax forms reports an employee's yearly social security tax withheld?
Answer:
It is form W-2. It is a form ofthe Internal Revenue Service (IRS) tax document utilized as a part of the United States to report compensation paid to workers and the assessments withheld from them. Managers must finish a Form W-2 for every representative to whom they pay a pay, wage, or other remuneration as a component of the business relationship.
Explanation:
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April 2 Invested $34,620 cash and equipment valued at $15,500 in the business.
2 Hired an administrative assistant at a salary of $299 per week payable monthly.
3 Purchased supplies on account $771. (Debit an asset account).
7 Paid office rent of $663 for the month.
11 Completed a tax assignment and billed client $1,202 for services rendered.
(Use Service Revenue account).
12 Received $2,679 advance on a management consulting engagement.
17 Received cash of $2,580 for services completed for Ferengi Co.
21 Paid insurance expense $118.
30 Paid administrative assistant $1,196 for the month.
30 A count of supplies indicated that $131 of supplies had been used.
30 Purchased a new computer for $6,293 with personal funds. (The computer
will be used exclusively for business purposes).
Journalize the transactions in the general journal.
Answer:
General Journal:
April 2:
Debit Cash $34,620
Debit Equipment $15,500
Credit Common Stock $50,120
To record the investment of capital in the business.
April 2: N/A
April 3:
Debit Supplies $771
Credit Accounts Payable $771
To record the purchase of supplies on account.
April 7:
Debit Rent Expense $663
Credit Cash $663
To record the payment of rent for the month.
April 11:
Debit Accounts Receivable $1,202
Credit Service Revenue $1,202
To record services rendered to a client.
April 12:
Debit Cash $2,679
Credit Unearned Service Revenue $2,679
To record the receipt in advance for management consulting.
April 17:
Debit Cash $2,580
Credit Service Revenue $2,580
To record the services rendered to Ferengi Co.
April 21:
Debit Insurance Expense $118
Credit Cash $118
To record the payment of insurance expense.
April 30:
Debit Salaries $1,196
Credit Cash $1,196
To record the payment of salaries for the month.
April 30:
Debit Supplies Expense $131
Credit Supplies $131
To record supplies used.
April 30:
Debit Office Computer $6,293
Credit Common Stock $6,293
To record the purchase of a new computer for office use with personal funds.
Explanation:
General journals are used to record all kinds of business transactions as they occur on a daily basis. They show the accounts to be debited and the ones to be credited. They are used to initially record transactions before they are posted to the general ledger.
A one-year long forward contract on Amazon is entered into when its stock price is $1,900 and the continuous compounded interest rate is 2.5%. Amazon pays no dividends. a) What are the fair forward price and the initial value of the forward contract
Answer:
Missing word "If the forward price is set at $1,950, how would you arbitrage it?"
1. Fair forward price = stock price * e(nr) where n = time to maturity in years and r = continuous compounded interest rate
Amazon dividend yield is zero, as it does not pay dividends
Fair forward price = $1,900 * e(1*0.025)
Fair forward price = $1,948
Therefore, at initiation, the value of the forward contract would be zero since it is priced at its fair price
2. If the forward price is $1,950, the forward is overpriced. It can be arbitraged by selling the forward and buying the spot.
The stock would be borrowed in the spot market, and the forward contract sold at the same time. After 1 year, the stock is sold at the forward contract price of $1,950 and using these proceeds, the stock is bought at $1,948.10 in the spot market and returned to the lender. The arbitrage profit = $1950 - $1948.10 = $1.90
You are renting a house, and the lease requires the landlord to fix any problems within 10 days. You inform the landlord that the kitchen sink is leaking. The landlord doesn’t fix the sink within 10 days. What has the landlord done?
a) She has participated in a consensus ad idem.
b) She has violated the terms and conditions of the lease.
c) She has offered a consideration.
d) She has lost her power of attorney over the lease.
Answer:
B
Explanation:
The landlord didn't fix the sink in the allotted in the lease thus violating the lease.
As the landlord rented a house and lease requires the landlord to fix any problems within 10 days. For the given case, the landlord has violated the terms and conditions of the lease.
What do you mean by the lease?A lease refers to the contractual arrangement where the lessee pays the lessor for the use of an asset.
As the lease requires the landlord to fix any problems within 10 days. As the kitchen sink is leaking, it is not fixed by the landlord thereby, violated the terms and conditions of the lease.
Therefore, B is the correct option.
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Jake told Oliver that walking should be promoted as a part of a healthy lifestyle. Since they were developing a walking app, he wanted to promote exercise in their community. Jake explained his idea in which users could participate in a walking scavenger hunt. The registration fees could be donated to physical education programs at local schools.
Oliver loved the idea, and told Jake that they should implement that program when the app was introduced. They both wanted the company to provide a service and to be a leader in raising health awareness in the community. Social responsibility would be a priority for their company from its beginning.
Based on Oliver and Jake's conversation, the company will take a(n) __________ stance towards social responsibility.
A) accommodative
B) disruptive
C) ethical
D) proactive
Answer:
D) proactive
Explanation:
In this scenario, it seems that the company is taking a proactive stance towards social responsibility. This is because they are raising health awareness by going out and physically walking with the community as their way of promoting a healthy lifestyle. This would be considered a proactive approach since they are doing things in person and physically as opposed to promoting their message through regulations and ads.
You purchase a T-Bill which is selling at a discount of 12 TL. The maturity of this T-Bill is 255 days. Calculate the simple yield and compounded yield of this T-Bill? (Par value: 100 TL)
Answer:
Par value of T-Bill = 100
TL Discount = 12 TL
Days to Maturity = 255 days
a. Simple yield (assuming simple interest) = (Discount / (Par value - Discount)) * (365 / Days to maturity)
Simple yield = (12 / (100 - 12)) * (365 / 255)
Simple yield = (12 / 88) * 1.431373
Simple yield = 0.136364 * 1.431373
Simple yield = 0.195187747772
Simple yield= 19.52%
So, the Simple Yield of the T-Bill is 19.52%
b. Compounded yield = (1 + (Simple Yield / (365 / Days to maturity))^(365 / Days to maturity) - 1
Compounded Yield = (1 + (0.19519 * (255 / 365)))^365/255 - 1
Compounded Yield = (1 + 0.136364)^1.431373 - 1
Compounded Yield = 1.200787 - 1
Compounded Yield = 0.200787
Compounded Yield = 0.200787
Compounded Yield = 20.08%
So, Compounded Yield of the T-Bill is 20.08%.
The profit margin ratio is the only ratio that makes up ROE that can be negative (except in relatively rare cases). Describe how the interpretation of the Asset Turnover Ratio and the Financial Leverage Ratio change based on whether the Profit Margin Ratio is positive or negative.
Explanation:
The profit margin ratio is the only ratio that makes up ROE that can be negative (except in relatively rare cases). ... Therefore, Asset turnover ratio still represents the amount of sales that is generated for each dollar of assets the company owns and always is positive.
Except under very exceptional circumstances, the only ratio that makes up ROE that can be negative is the profit margin ratio. As a result, the asset turnover ratio continues to be positive and shows the amount of sales produced for each dollar of assets owned by the organization.
What is profit margin ?One of the often used profitability statistics to determine how profitable a business or line of business is is profit margin. It displays the proportion of sales that have generated profits. Simply put, the percentage value represents the amount of profit the company made on each dollar of sales. For instance, if a company states that it had a 35% profit margin during the most recent quarter.
Different profit margins come in different forms. However, in common usage, it typically refers to net profit margin, which is a company's bottom line after all other costs, such as taxes and one-time charges, have been deducted from revenue.
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A focused differentiation strategy can lead to attractive competitive advantage when
a. industry leaders have chosen not to compete in the niche.
b. buyers are not strongly loyal to a brand and a large number of other rivals are attempting to specialize in the same target segment.
c. the industry has many different segments and market niches, thereby allowing a focuser to pick an attractive niche suited to its resource strengths and capabilities. D) the target market niche is big enough to be profitable and offers good growth potential.
e. it is costly or difficult for multisegment competitors to meet the specialized needs of the target market niche and at the same time satisfy the expectations of their mainstream customers.
Answer: buyers are not strongly loyal to a brand and a large number of other rivals are attempting to specialize in the same target segment
Explanation:
A focused differentiation strategy is used by companies when they offer some certain products to a narrow market. This is done by focusing on a particular segment.
A focused differentiation strategy can lead to attractive competitive advantage when buyers are not strongly loyal to a brand and a large number of other rivals are attempting to specialize in the same target segment.
Financial statement ratios play an important role in understanding and interpreting financial data. The solvency, liquidity, savings, and debt service ratios are important tools that will provide you with information, helping you chart and improve your personal financial planning. Complete the equations for each of the following financial statement ratios.
a. Solvancy ratio
b. Liquidity Ratio
c. Savings Ratio
d. Debit service Ratio
Answer:
Note: The full question is attached as picture below
Solvency Ratio = Total Net Worth / Total Assets
Solvency Ratio = 2,896/8,275
Solvency Ratio = 0.3499698
Solvency Ratio = 35.00%
Liquidity Ratio = Total Liquid Assets / Total Current Debts
Liquidity Ratio = 414/2,069
Liquidity Ratio = 0.20009667
Liquidity Ratio = 20.01%
Savings Ratio = Cash Surplus / Income After Taxes
Savings Ratio = 163.6667/1,342
Savings Ratio = 0.121957303
Savings Ratio = 12.20%
Debt Service Ratio = Total Monthly Payments / Monthly Gross Income
Debt Service Ratio = 295/1636.6667
Debt Service Ratio = 0.180244396
Debt Service Ratio = 18.02%
An insurance company studies back injury claims from a manufacturing company. The insurance company finds that 40% of workers do no lifting on the job, 50% do moderate lifting and 10% do heavy lifting. During a given year, the probability of filing a claim is 0.05 for a worker who does no lifting, 0.08 for a worker who does moderate lifting and 0.20 for a worker who does heavy lifting. A worker is chosen randomly from among those who have filed a back injury claim. Calculate the probability that the worker’s job involves moderate or heavy lifting.
Answer:
0.75
Explanation:
P(no lifting) = 0.4
P(moderate lifting) = 0.5
p(heavy lifting) = 0.2
P(Claim | no lifting) = 0.05
P(Claim | moderate lifting) = 0.08
P(Claim | heavy lifting) = 0.2
Using BAYE Theorem
P(no lifting claim) = P(Claim | no lifting)*P(no lift) / P(Claim)
P(Claim) = (Claim | no lifting)*P(no lifting) + P(Claim | moderate lifting)*P(moderate lifting) + P(Claim | heavy lifting)*p(heavy lifting)
P(Claim) = (0.05)*(0.4) + (0.08)*(0.5) + (0.2)*(0.1)
P(Claim) = 0.08
P(no lifting claim) = (0.05)*(0.4) / 0.08
P(no lifting claim) = 0.25
P(Heavy or moderate lifting | Claim) = 1 - 0.25
P(Heavy or moderate lifting | Claim) = 0.75
An individual has the following demand function for gasoline:
QDGAS = 15-3PriceGAS + 0.02Income + 0.11PriceBT - 0.008PriceAUTO
Where income and car price are measured in thousands, and the price of bus travel is measured in average dollars per 100 miles traveled. Assuming the average automobile price is $22,000, income is $40,000, the price of bus travel is $25, and the price of gasoline is $30, calculate and interpret the income elasticity of gasoline demand and the cross price elasticity of gasoline demand with respect to the price of bus travel.
Answer:
Explanation:
From the information given:
[tex]Q^d_{gas} = 15 - 3 P_{gas} + 0.02 I +0.11 P_{BT} -0.008P_{AUTO}[/tex]
[tex]Q^d_{gas} = 15 - 3 (30) + 0.02(40000) +0.11 (25) -0.008(22000)[/tex]
[tex]Q^d_{gas} = 15 - 90 + 800+2.75 -176[/tex]
[tex]Q^d_{gas} = 551.75[/tex]
So, Income elasticity = [tex]\dfrac{dQ^d}{dI}*\dfrac{I}{Q^d}[/tex]
[tex]= 0.02 *\dfrac{40000}{551.75}[/tex]
= 1.45 which is greater than 1
It is positive → i.e. Normal good
The cross elasticity = [tex]\dfrac{dQ^d}{dPBT}*\dfrac{PBT}{Q^d}[/tex]
[tex]= 0.11 \times \dfrac{25}{551.75}[/tex]
= 0.0049 which is greater than 0
It is positive → hence they are substituents.
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates:
Direct labor-hours required to support estimated production 145,000
Machine-hours required to support estimated production 72,500
Fixed manufacturing overhead cost $406,000
Variable manufacturing overhead cost per direct labor-hour $4.40
Variable manufacturing overhead cost per machine-hour $8.80
During the year, Job 550 was started and completed. The following information is available with respect to this job:
Direct materials $195
Direct labor cost $288
Direct labor-hours 15
Machine-hours 5
Required:
1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach:
A. Compute the plantwide predetermined overhead rate.
B. Compute the total manufacturing cost of Job 550.
C. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?
2. Assume that Landen’s controller believes that machine-hours is a better allocation base than direct labor-hours. Under this approach:
A. Compute the plantwide predetermined overhead rate.
B. Compute the total manufacturing cost of Job 550.
C. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?
Answer:
1a. $7.2 per DLH
1b. $591
1c.$1,773
2a. $14.4 per DLH
2b. $555
2c.$1,665
Explanation:
1A. Computation of the plantwide predetermined overhead rate
Plantwide predetermined overhead rate=($406,000/145,000)+$4.40
Plantwide predetermined overhead rate=$2.8+$4.40
Plantwide predetermined overhead rate=$7.2 per DLH
Therefore the plantwide predetermined overhead rate will be $7.2 per DLH
1B. Computation of the total manufacturing cost of Job 550
Direct materials $195
Direct labor cost $288
Overhead $108
( 15*$7.2)
Total cost $591
Therefore the total manufacturing cost of Job 550 will be $591
1C. Calculation for what selling price would it establish for Job 550
Direct materials $195
Direct labor cost $288
Overhead $108
( 15*$7.2)
Total cost $591
Markup(200%) $1,182
(200%*$591)
Selling price $1,773
Therefore the selling price it would establish for Job 550 will be $1,773
2A. Computation of the plantwide predetermined overhead rate
Plantwide predetermined overhead rate=($406,000/72,500)+$8.80
Plantwide predetermined overhead rate=$5.6+$8.80
Plantwide predetermined overhead rate=$14.4 per DLH
Therefore the plantwide predetermined overhead rate will be $14.4 per DLH
1B. Computation of the total manufacturing cost of Job 550
Direct materials $195
Direct labor cost $288
Overhead $72
( 5*$14.4)
Total cost $555
Therefore the total manufacturing cost of Job 550 will be $555
1C. Calculation for what selling price would it establish for Job 550
Direct materials $195
Direct labor cost $288
Overhead $72
( 5*$14.4)
Total cost $555
Markup(200%) $1,110
(200%*$555)
Selling price $1,665
Therefore the selling price it would establish for Job 550 will be $1,665
Tanner-UNF Corporation acquired as a long-term investment $260 million of 6.0% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 9% for bonds of similar risk and maturity. Tanner-UNF paid $220.0 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value of the bonds at December 31, 2021, was $230.0 million.
Required: 1. & 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective (market) rate.
3. At what amount will Tanner-UNF report its investment in the December 31, 2021, balance sheet?
4. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2, 2022, for $210.0 million. Prepare the journal entry to record the sale.
Answer:
1. Dr Investment in bonds $260 million
Cr Discount on bond investment $40 million
Cr Cash $220 million
2. Dr Cash $7.8 million
Dr Discount on bond investment $2.1 million
Cr Interest revenue $9.9million
3. $222.1million
4. Dr Cash $210 million
Dr Discount on Bonds investment $37.9million
Dr Loss on sale of bonds $12.1 million
Cr Investment in bonds $260 million
Explanation:
1. & 2. Preparatiin of the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective (market) rate.
1. Dr Investment in bonds $260 million
Cr Discount on bond investment $40 million
Cr Cash $220 million
(Being to record the purchase of investment )
2. Dr Cash $7.8 million
[(6%*$260)* 6 ÷ 12]
Dr Discount on bond investment $2.1 million
($9.9million-$7.8 million)
Cr Interest revenue $9.9million
[(9%*$220)* 6 ÷ 12]
(Being to record interest on bonds )
3. Calculation for what amount will Tanner-UNF report its investment in the December 31, 2021, balance sheet
Bond investment $260 million
Less Discount on bond investment ($37.9million)
($40 million - $2.1 million)
Investment cost $222.1million
Therefore the amount that Tanner-UNF will report its investment in the December 31, 2021, balance sheet is $222.1million
4. Preparation of the journal entry to record the sale.
Dr Cash $210 million
Dr Discount on Bonds investment $37.9million
($40 million - $2.1 million)
Dr Loss on sale of bonds $12.1 million
[260 million-($210 million+$37.9million)]
Cr Investment in bonds $260 million
(Being to record sale of bonds )
Cann Corp. issued bonds with a face value of $100,000 and a stated interest rate of 8%. Cann Corp. retired these bonds for $125,000 before the maturity date. At the time, the bonds had a carrying value of $118,000. Determine the amount of gain or loss on the bond retirement.
Answer:
loss on the retirement of bonds = $7,000
Explanation:
the gain or loss resulting from the retirement of bonds is determined by the carrying value of bonds - retirement value of bonds = $118,000 - $125,000 = -$7,000 loss
Dr Bonds payable 100,000
Dr Loss on retirement of bond 7,000
Dr Premium on bonds payable 18,000
Cr Cash 125,000
In order to help decide when and where to advertise, an appliance repair company decided to pull invoices and tally what types of appliances were repaired. There were twenty-five appliances repaired that month. What is the level of measurement for the data?
Answer:
Nominal
Explanation:
Levels of measurement are the.relevant type of information that is in the value assigned to variables under consideration.
There are 4 types of level of measurement as postulated by Stanley Smith Steven: nominal, ordinal, interval, and ratio.
Nominal measurements differentiates variables based on classification or grouping. Tags or numbers are allocated to identify or classify data.
In the given scenario an appliance repair company decided to pull invoices and tally what types of appliances were repaired.
The appliances are classified according to the type so this is a nominal level of measurement
Customers can contact Universal Appliances to report problems with their appliances within 30 days of delivery. Support a quick-view-only access to an external database that stores over 100,000 known product bugs logged by the product engineers. Which solution should a consultant design to meet this requirement? Choose 2 answers.
a. Display product bug data in Salesforce via Visualforce page.
b. Create a custom product bug object and import the data into Salesforce.
c. Use SOAP API to integrate the external database with Salesforce.
d. Use Bulk API to load the product bug data into Salesforce.
Answer:
A)Display product bug data in salesforce via visual force page
C) Use SOAP API to integrate the external database with salesforce.
Explanation:
From the question we are informed about how Customers can contact Universal Appliances to report problems with their appliances within 30 days of delivery. Support a quick-view-only access to an external database that stores over 100,000 known product bugs logged by the product engineers. In this case the solution that a consultant should design to meet this requirement is to
✓Display product bug data in salesforce via visual force page and
✓Use SOAP API to integrate the external database with salesforce.
SOAP can be regarded as a system of standard communication protocol which is used in proceses when utilizing different operating systems such as Linus when communicating through HTTP or XML. SOAP APIs can recover and delete records such as password or custom objects.
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Answer:
Tomas
Explanation:
Fewer late payments less debtTomas because of the ratio of his debt to income is less. The reason of the giving Tomas on tenant because he is more worthiness, Fewer late payments and less debt.
What is creditworthiness?Creditworthiness is the belief of the lender to borrower to pay all of their debt on time. A creditworthy borrower is one that a lender believes is willing, competent, and responsible enough to make loan payments on time until the debt is repaid.
Thus, option A is correct.
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A bank customer borrows X at an annual effective rate of 12.5% and makes level payments at the end of each year for n years.(which fully repays the loan).
i. The interest portion of the final payment is 142.78.
ii. The total principal repaid as of time (n − 1) is 6009.12.
iii. The principal repaid in the first payment is Y .
Calculate Y
Answer:
Y = $391.10
Explanation:
We have 0.125B(n-1) = i
B(n-1) = In = 142.78
So that B(n-1) = 142.78/0.125 = 1142.24
Furthermore, B(n-1) = Px = Pv = P/(1+0.125) = 1142.24
P/1.125 = 1142.24
P = 1142.24*1.125
P = 1285.02.
The total amount of the loan = Principal repaid as of time (n-1) + Principal repaid in last payment
= 6009.12 + 1142.24
= 7151.36
So, the total amount of the loan is 7151.36.
The principal repaid in the first payment Y = 1285.02 - 0.125*7151.36
Y = 1285.02 - 893.92
Y = $391.10
The following information is available for Ivanhoe Company for the year ended December 31, 2022.
Beginning cash balance $78,750
Accounts payable decrease 6,475
Depreciation expense 283,500
Accounts receivable increase 14,350
Inventory increase 19,250
Net income 497,175
Cash received for sale of land at book value 61,250
Cash dividends paid 21,000
Income taxes payable increase 8,225
Cash used to purchase building 505,750
Cash used to purchase treasury stock 45,500
Cash received from issuing bonds 350,000
Required:
Prepare a statement of cash flows using the indirect method.
Answer and Explanation:
The preparation of the cash flow statement is presented below:
Cash Flows From Operating Activities
Net Income $497,175
Adjustments made:
Less: Increase in Accounts Receivable -$14,350
Less: Increase in Inventory -$19,250
Less: Decrease in accounts payable -$6,475
Add: Increase in Income tax payable $8,225
Add: Depreciation Expense $283,500
Net Cash Provided by Operating Activities (A) 748,825
Cash Flows From Investing Activities
Cash received for sale of land at book value $61,250
Less: Cash used to purchase a building -$505,750
Net Cash Provided by Investing Activities (B) -$444,500
Cash Flows From Financing Activities
Cash received from issuing bonds $350,000
Less: Cash used to purchase Treasury stock -$45,500
Less: Cash Dividends Paid -$21,000
Net Cash Used by Financing Activities (C) $283,500
Net Increase in Cash (A+B+C) $587,825
Add: Beginning cash balance 78,750
Ending cash balance $666,575
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Suppose you are deciding whether you should go to college. If you go to college, you will pay $10,000 total in tuition, textbooks, and room and board every year for 4 years, with the first payment being made immediately and then the next three payments 1 year apart. Upon graduating, you expect to get a job earning $50,000 per year for the next 40 years. Assume that your first paycheck arrives exactly 1 year after you start working and you continue getting paid annually thereafter. Also assume that there are no raises in that particular field. If you do not go to college, you can start working immediately. The pay, however, is lower. You would expect to work for 44 years and earn $34,000 per year, with your first paycheck arriving exactly 1 year from now, and you continue getting paid annually thereafter. For the questions below, round all numbers to two decimals.
Part 1 Assume the interest rate is 7%. If you were to attend college, the present value of your tuition payments would total _______ $
Part 2 Suppose you go to college and graduate after 4 years. Because you will work for 40 years after you graduate, and because 40 years is a long time, treating the stream of payments as a perpetuity will provide a reasonable approximation of the present value of the payment stream. The present value of your annual earnings of $50,000 as a college graduate is _______$
Part 3 The net present value of going to college is _____$
Part 4 If you do not go to college, you will be working even longer than before. Once again, you may treat the stream of income from your job as a consol or perpetuity. The present value of your annual earnings of $34,000 if you don't go to college is ________$
Answer:
Part 1. If you were to attend college, the present value of your tuition payments would total _______
$33,870.00
Part 2. The present value of your annual earnings of $50,000 as a college graduate is _______
$741,407.10
Part 3 The net present value of going to college is _____
$707,537.10
Part 4. The present value of your annual earnings of $34,000 if you don't go to college is ________
$719,270
Explanation:
a) Data and Calculations:
Annual Tuition, etc = $10,000
Number of college years = 4
Interest rate = 7%
Present Value Annuity Factor = 3.387
PV of $10,000 = $10,000 * 3.387 = $33,870
Annual salary after college in 4 years' time = $50,000
Number of years earning salary = 40 years
Present value annuity factor = 19.434 * 0.763 = 14.828142 (reduced to earnings after 4 years)
PV of $50,000 = $50,000 * 14.828142 = $741,407.10
NPV of going to college = $741,407.10 - $33,870 = $707,537.10
Annual salary without college = $34,000
Number of years earning salary without college = 44 years
Present value annuity factor = 21.155
PV of $34,000 in perpetuity = $34,000 * 21.155 = $719,270
A taxpayer who, after filing their 2020 tax return, receives an IRS letter for unreported unemployment compensation should do all of the following EXCEPT:
a. Visit www.IdentityTheft.gov.
b. File a police report.
c. Immediately file an amended return, report the missing income, and pay any tax due.
d. Contact their state unemployment office.
Answer:
Explanations below
Explanation:
When an individual receives the Internal Revenue Service letter for unreported unemployment compensation, the person should contact the state unemployment office. Issues can be reported via phone to the Office of Special Investigations.
Individuals can be asked to visit www.IdentityTheft.gov, which is the one-stop resources instituted by the federal government of the country, for identity theft victims.
An amended return should be filed so that the missing income can be reported according and the due tax paid rightly.
There is no need to file a police report.
Super Saver Groceries purchased store equipment for $29,500. Super Saver estimates that at the end of its 10-year service life, the equipment will be worth $3,500. During the 10-year period, the company expects to use the equipment for a total of 13,000 hours. Super Saver used the equipment for 1,700 hours the first year.
Required:
Calculate depreciation expense for the first year, using each of the following methods. Round all amounts to the nearest dollar.
1. Straight-line.
2. Double-declining-balance.
3. Activity-based.
Answer:
a. $2,600
b. $5,900
c. $3400
Explanation:
straight line depreciation =( cost of asset - salvage value ) / useful life
($29,500 - $3500) / 10 = $2,600
Double declining = 2 x ( cost of asset / useful life )
(2 x $29,500) / 10 = $5,900
Activity based = ( hours used in year / total number of hours) x (cost of asset - salvage value)
(1700 / 13000) x ($29,500 - $3500) =$3400
Estimates, extensions, and amendments
When are items due?
Part of tax preparation and filing involves understanding when various items are due to the IRS. Complete the statements below as they apply to tax payments, extensions, and amended returns.
Some taxpayers must make four quarterly installments. These are due ________
If taxpayers have been granted an automatic extension, their annual federal tax return is due no later than ________
If a taxpayer amends a return, they submit revised calculations for determining tax liabilty. They file this return_______
In some cases, up to six years from when a return was filed, taxpayers can be notified that they are subject to_______
Answer:
Quarterly ( April 15, June 15 , September 15, January 15 )
4 months ( October 15)
Within 3 years
Tax Audit
Explanation:
Some taxpayers must make four quarterly installments. These are due Quarterly ( April 15, June 15 , September 15, January 15 )
If taxpayers have been granted an automatic extension, their annual federal tax return is due no later than 4 months ( October 15)
If a taxpayer amends a return, they submit revised calculations for determining tax liability. They file this return Within 3 years
In some cases, up to six years from when a return was filed, taxpayers can be notified that they are subject to Tax Audit
The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction.
Sales Revenue $ 61,750
Finished Goods Inventory, Beginning 10,250
Finished Goods Inventory, Ending 7,000
Cost of Goods Sold ?
Gross Margin 28,250
Direct Materials Used 10,750
Selling and Administrative Expense ?
Operating Income 15,000
Work-in-Process Inventory, Beginning ?
Work-in-Process Inventory, Ending 5,750
Direct Labor Used 19,375
Factory Overhead 12,500
Total Manufacturing Cost ?
Cost of Goods Manufactured ?
Cost of goods sold is calculated to be:_______.
a. $30.250
b. $32,500
c. $33.500
d. $27,500
Answer:
The answer is option c that is "$33,500"
Explanation:
[tex]\text{Cost of Goods Sold} = \text{Sales revenue - Gross Margin}[/tex]
[tex]= 61,750 - 28,250\\\\ =33,500[/tex]
Manufacturing overhead was estimated to be $250,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was $225,000, and actual direct labor hours were 19,000. To dispose of the balance in the Manufacturing Overhead account, which of the following would be correct?
A. Manufacturing Overhead would be credited for $12,500.
B. Manufacturing Overhead would be credited for $25,000.
C. Manufacturing Overhead would be debited for $12.500.
D. Manufacturing Overhead would be debited for $25,000
Answer:
C. Manufacturing Overhead would be debited for $12,500
Explanation:
Based on the information given to dispose of the balance in the Manufacturing Overhead account the correct entry will be:
Manufacturing Overhead would be debited for $12,500
Calculated as:
First step is to calculate the Predetermined overhead rate
Predetermined overhead rate = $250,000/20,000
Predetermined overhead rate = $12.50
Second step is to calculate the Applied manufacturing overhead
Applied manufacturing overhead =$12.50 *
*19,000
Applied manufacturing overhead= $237,500
Now let calculate Overapplied Manufacturing overhead
Overapplied Manufacturing overhead = $237,500 - $225,000
Overapplied Manufacturing overhead= $12,500 Debited to Manufacturing Overhead
Therefore To dispose of the balance in the Manufacturing Overhead account the correct entry is Manufacturing Overhead would be debited for $12,500
Acquiring assets by taking on debt is one way you can accumulate assets. And many of these loans will fall into the category of long-term liabilities. But, in order to present them on the balance sheet correctly, the following must be known about the loan. Complete each statement as it applies to loans.
Regardless of the type of loan, only the ______________ is shown on the balance sheet. Options for blank: Principal borrowed/ latest outstanding loan balance/ loan balance plus any current interest due.
The ______ (current/initial/total) loan balance is NOT what is currently owed but what _________________( is split between current and long-term on the balance sheet/ was originally borrowed/ is the long-term principal and any interest due)
The portion of a loan listed as a liability on the balance sheet is only the ______________________ (total principal and interest not yet paid/ current portion due on the loan/ loan's principal)
Now that you have an understanding of assets and liabilities, an easy formula can determine your net worth. Again, recalling that net worth equals total assets minus total liabilities, complete the following statements
________ (.Solvency/ Net worth/ Financial security) : the fair market value of assets owned less liabilities owed.
________ ( Equity/Solvency/Financial security): the amount left after selling assets and paying off all liabilities
_________ (Insolvency/ In need of Assets/ Proceeding to bankruptcy) Net worth is less than zero.
Answer:
1. Latest outstanding loan balance
2. Initial; was originally borrowed.
3. loan's principal.
4. Net worth
5. Equity
6. Insolvency.
Explanation:
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
Acquiring assets by taking on debt is one way you can accumulate assets. And many of these loans will fall into the category of long-term liabilities. But, in order to present them on the balance sheet correctly, the following must be known about the loan.
1. Regardless of the type of loan, only the latest outstanding loan balance is shown on the balance sheet.
2. The initial loan balance is not what is currently owed but what was originally borrowed.
3. The portion of a loan listed as a liability on the balance sheet is only the loan's principal.
4. Net worth: the fair market value of assets owned less liabilities owed.
5. Equity: the amount left after selling assets and paying off all liabilities.
6. Insolvency: net worth is less than zero.
