$24,520 is the balance in a bank reconciliation as of May 31, 2021. The goal of this process is to determine the differences between the two and, as necessary, make changes to the accounting records.
What is the journal entry for bank reconciliation?When there are changes to the balance on the books, journal entries are required in a bank reconciliation. These adjustments are the result of bank statement items that were not recorded in the company's general ledger accounts.
Given
Bank Balance = $25,020
Cash Receipts = -$2460
Bank Charges = - $50
Collection = + 2010
Bank balance after reconciliation = $24,520
Bank reconciliations are an important internal control tool for preventing and detecting fraud. They also aid in the identification of accounting and banking errors by explaining the differences between the cash balances on the accounting record and the bank balance position on the bank statement.
Thus, the balance of $24,520 is shown in the bank account.
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How do Coca-Cola, Pepsi, Unilever, and Johnson & Johnson benefit from their various strategies with regard to plastic disposal? How do you feel about what they are doing?
Carrying your own reusable alternative allows you to avoid purchasing single-use plastic water bottles. Make sure you select an environmentally friendly and socially responsible substitute, such as a reusable bottle made of safe aluminum, glass, or stainless steel.
What are the methods for getting rid of plastic?Plastic water bottles are safe to drink from, but there are a few other things you should be aware of. Although BPA is not present in plastic water bottles, once they have been used, they could harbor dangerous microorganisms.
Therefore, The two-liter PET plastic bottle was invented by Coca-Cola. It gained popularity because it doesn't break, can be resealed, is lightweight, and is recyclable.
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Budgeting Quick Check
Define autonomous consumption (1 point)
Autonomous consumption is the amount that a person must spend on basic needs (such as food and
housing) regardless of his or her income.
Autonomous consumption is the amount that a person chooses to spend over the costs of his or her basic
needs, such as food and housing
Autonomous consumption is the amount that a person spends on himself or herself and does not include any
shared expenses, such as the cost of housing if other people also live in the dwelling
Autonomous consumption is the amount that a person spends on other people and does not include any
expenses that are spent solely for oneself, such as food or luxury items
Option A. Autonomous consumption is the amount that a person chooses to spend over the costs of his or her basic needs, such as food and housing.
What is autonomous consumption?The costs that consumers must incur even when they have no extra money to spend are referred to as autonomous consumption. No matter how much money or income a customer has available at any particular time, some things must be bought. Paying for these needs can cause a consumer who is strapped for cash to borrow money or use money they had been saving.
Paying for necessities when a consumer is strapped for cash can force them to borrow money or use money they had been saving.
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Why is the office critical to business success
In summary, business service professionals may play three roles: customer satisfaction, productivity, and sales generation, which frequently leads to office role conflict and stress.
The primary function of an office setting is to assist its occupants in carrying out their duties. In an office, the work spaces are often used for traditional office tasks such as reading, writing, and the computer work. There are nine different sorts of work spaces, each of which supports a different business activity. Offices play an important role in the cooperation by providing a space for collective. As a group, ideas can be shared and developed more easily.
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I am writing a content analysis for my business intro class and i'm not exactly sure what to put in the discussion section on my assignment. the company my team chose was Apple and i was wondering what information to include?
In a typical content analysis, such as yours in which "Apple firm" is chosen, the information contained in this analysis are to address the followings:
What topics resonate with our audience?What content is driving the most engagement?Are there any patterns in the engagement data that we can exploit? etc.What is the meaning of content analysis?Basically, a content analysis refers to a research tool used to determine the presence of certain words, themes or concepts within some given qualitative data. By using a content analysis, the researchers can quantify and analyze the presence, meanings and relationships of such certain words, themes or concepts.
In marketing research, the content analysis are used to understand the words being used within a specific channel, the meaning of the text and how they are related.
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Kevin paid $2,550 in qualifying expenses for his daughter, Jasmine, who attended a community college. What is Kevin's lifetime learning credit without regard to AGI limitations or other credits?
Without regard to AGI limitations or other credits, Kevin's lifetime learning credit can be found to be $510
How to find the lifetime learning credit?To find the lifetime learning credit when there is no regard to AGI limitations or other credits, Tax laws are such that one gets the 20% of the first $10, 000 expense that qualify to be spent on community college.
The means that Kevin's lifetime learning credit for paying expenses for Jasmine are:
= Qualified expenses x Percentage of the first qualifying expenses
= 2, 550 x 20%
= $510
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Which type of advertising is used to sell a particular brand of product?
Answer:
Brand advertising is a form of advertising which helps establish connections and build strong, long-term relationships with consumers over time. Companies that use brand advertising aim to get long-term positive recognition.
Ball-Mart, a baseball card store, had a 1968 Nolan Ryan rookie card in almost perfect condition for sale. Any baseball collector would have known that the card was worth at least $1,000; the published monthly price guide listed its market value at $1,200. Bryan was a 12-year-old boy with a collection of over 40,000 baseball cards. When Bryan went to Ball-Mart, Kathleen, who knew nothing about cards, was filling in for the owner. The Ryan card was marked "1200," so Bryan asked Kathleen if this meant twelve dollars. She said yes and sold it to him for that amount. When Ball-Mart's owner realized the mix-up, he sued to rescind the contract. Who wins and WHY?
The defendant in this case is the person that would have to win the case that we have here. The defendant is Bryann
He would win because by the time that he made this purchase, it was confirmed to him that 12.00 dollars was the price. The mistake was from the attendant.
What is the issue that is presented in this case?Ms. Kathleen, the owner's replacement in B Mart, has no knowledge about rookie cards or baseball cards. To a 12-year-old child who owned a collection of 40,000 baseball cards, she sold "The R card" for $12.
The card had a $1,200 value. The owner of the B Mart filed a lawsuit to have the agreement revoked after realizing the error.
Given the aforementioned instance, the owner of B Mart was unable to recover much of the damage he sustained as a result of Ms. Kathleen's lack of knowledge regarding the costs of the products. If Ms. Kathleen had received sufficient training regarding her job duties, she would have offered the customer the products at a marked-down price.
In this case, the owner of B Mart lacks the necessary evidence to demonstrate that he is right and the other party is wrong.
As a result, the defendant would prevail in the dispute with the harmed party.
Bryan would therefore win.
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Just as blood pressure, weight, height, and cholesterol numbers can help a doctor determine the overall health of a person, the______ can help a business owner understand the health of the business.
Answer:
Financial Statements.
Just as blood pressure, weight, height, and cholesterol numbers can help a doctor determine the overall health of a person, the financial statements can help a business owner understand the health of the business.
The Financial Statements help a business owner understand the health of the business. Correct answer is financial statement.
What is Health?Health is "a condition of total physical, mental, and social wellness and not only the absence of disease or disability," according to the World Health Organization (WHO).
A financial statement is a document that details the operations and performance of a company's finances. Lenders and investors use it to evaluate a company's financial stability and earnings potential. Although they can be generated for any time period, financial statements are most frequently created at the end of a month, a quarter, or a year.
As a result, Just as blood pressure, weight, height, and cholesterol numbers can help a doctor determine the overall health of a person, the Financial statements can help a business owner understand the health of the business.
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true or false
In measuring GDP, the income approach is more accurate than the expenditure approach.
This is true. In measuring GDP, the income approach is more accurate than the expenditure approach.
What is the income approach of GDP measurement?According to the income approach, which is used to calculate GDP, all economic expenditures must equal the entire revenue produced by the creation of all economic goods and services.
The gross operating surplus (GOS) and mixed income are added together as part of the income approach to calculating gross domestic product (GDP), along with employee remuneration, production taxes and import subsidies subtracted from those amounts.
The income approach is a method for valuing real estate that calculates fair value using the revenue the property generates. It is computed by dividing the capitalization rate by net operating income.
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You are a salesperson at a paper company that has recently instituted a no cell phones in the workplace policy. Having a cell phone out during work hours may lead to a demerit which could lead to the eventual loss of your job. Write a letter to your manager explaining why you either support or are against this new policy.
Considering the situation described in the question, to write a letter to your manager explaining why you either support or are against this new policy, such a letter will have to be a formal letter.
Writing a Formal Letter to your manager.Usually, when an employee is writing to his manager on the issue of the workplace, it is expected that the intonation and structure of the letter should be formal. This is to make the content of the letter official and different from any other form of a letter.
Therefore, in this case, write a letter to your manager explaining why you either support or are against this new policy, to have to follow these steps.Use Email to write this letter, as it will be faster to deliver.Copy other HR managers in your company.If you're using email, use a company email.Start with a Salutation such as "Dear Sir, "Mention your name and quickly go to the point.List why you are supporting or going against the policy in bullet points.Make your points in simple sentences and very clearly.Close it with a short explanation that your letter is a suggestion, not a directive so as not to sound confrontational End your letter with a salutation such as "Yours faithfully, "Hence, in this case, it is concluded that the right method to use in airing your opinion to the manager concerning the new policy is through a formal letter.
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what is fruit storage? write its benefits.
Answer: Fruit storage is a key part of the conservation and logistics chain.
Explanation:
Cold storages for fruits and vegetables are a key part of the conservation and logistics chain. Adapting to different climates, whether Mediterranean, tropical, or desert, and keeping certain types of fruit in perfect condition for consumption has been a task that has been perfected over time. If you are planning to start your cold storage, let’s learn more about what is cold storage of fruits.
While technology continues to evolve, to create cold storage that keeps the fruit more efficiently, applying high technology with characteristics that allow controlled ripening and de-greening to maintain the optimal freshness of fruits and vegetables.
For farmers, processors, and distribution chains, cold storage for vegetables and fruit has allowed us to go further and further, with controlled costs and maintaining adequate quality to reach the final consumer’s fruit bowl with optimum quality.
For this reason, it is of vital importance for the distribution chain to opt for refrigerated preservation of vegetables, which may allow these foods to be preserved in the best possible way and for a longer period. Let’s first learn what is cold storage of fruits?
What is cold storage of fruits?
The use of a cold storage chamber for fruit delimits a space where the conservation elements allow the nutrients, flavor, and freshness of the food not to deteriorate at the natural rate.
The control of oxygen levels, the CO within it, which in turn restricts the growth and multiplication of microorganisms or ethylene, is key to reducing the oxidation of foods such as oranges, tomatoes, pepitas, bananas, kiwis, lettuce, and all the variety of leafy vegetables, aubergines, peppers and so many other vegetables that the fertile orchards provide to the market every day.
The food stored in the cold storage for vegetables under controlled temperature is kept fresh for variable periods depending on what type of vegetable it is. And all this is done simply by pressing a button on the front of the cold storage, but of course for this quality fruit and vegetable refrigeration facilities are needed in addition to having specific settings, which not only preserve but also allow reducing losses in weight and quality.
The cold storage for vegetables and fruits is capable of maintaining up to 16mbar, which is the ideal pressure level to preserve and preserve most fruit vegetables. It is also capable of reducing humidity levels in the air, thereby discouraging mold growth.
The size of the cold storage for fruits and vegetables compartment is adaptable according to requirements and several pallets of vegetables can be stored without problems. The device can be powered by electricity and in case the electricity goes out it is kept on using medium-duration batteries.
A project currently generates sales of $10 million, variable costs equal 50% of sales, and fixed costs are $2 million. The firm’s tax rate is 21%. Assume all sales and expenses are cash items. a) What are the effects on cash flow, if sales increase from $10 million to $11 million? b) What are the effects on cash flow, if variable costs increase to 65% of sales?
The effect on cash flow when sales increases from $10 million to $11 million is an increase in cash flow by $0.395 million.
The effect on cash flow when variable costs increase to 65% of sales is a decrease in cash flow by $-1.185 million.
What are the effects on cash flow?The formula that can be used to determine the cash flow generated from the project is:
Cash flow = (sales - total cost) x (1 - t)
Where: t = tax rate
Total cost is the sum of fixed cost and variable cost. Variable cost is the cost that varies based on the level of output. Fixed cost remains the same regardless of the level of output.
Total cost = fixed cost + variable cost
Fixed cost = $2 million
Variable cost = 50% x 10 million
= 0.5 x 10 million = 5 million
Total cost = $5 million + $2 million = $7 million
Cash flow when sales is $10 million = (10 million - 7 million) x (1 - 0.21)
3 million x 0.79 = $2.37 million
Variable cost when sales is 11 million = 0.5 x $11 million = $5.5 million
Total cost = $5.5 million + 2 million = $7.5 million
Cash flow when sales is 11 million = (11 - 7.5 million) x (1 - 0.21)
$3.5 million x 0.79 = $2.765 million
Change in cash flow = $2.765 million - $2.37 million = $0.395 million
Variable cost when it increases to 65% of sales = 0.65 x $10 million = 6.5 million
Total cost = 6.5 million + 2 million = $8.5 million
Cash flow = (10 million - 8.5 million) x (1 - 0.21)
$1.5 million x 0.79 = $1.185 million
Change in cash flow = $1.185 million - $2.37 million = $-1.185 million
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although a foreign exchange transaction can involve any two currencies, most transactions involve u.s. dollars on one side.
a. true
b. false
Answer:
B
Explanation:
Which statement best describes a basic concept that applies to the AICPA independence rules? The code requires members to be independent of certain affiliates of financial statement attest clients. A violation of the “Confidential Client Information Rule” would be considered to impair independence. The Conceptual Framework for Independence applies even when a specific independence rule addresses a threat. The “Independence Rule” applies to attest, tax, and advisory engagements equally
The code requires members to be independent of certain affiliates of financial statement attest clients.
To be recognized as independent, the auditor must be intellectually honest and free of any obligation to or interest in the client, its management, or its owners, under the AICPA rules.
According to AICPA regulations, an advertisement cannot be deceptive or false so that consumers are misled and end up making unsatisfactory decisions.
As opposed to the AICPA's covered person, the DOL characterizes a member far more liberally.
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The stockholders’ equity section of Night Corporation’s balance sheet at January 1 follows:
Common stock, $5 par value, 300,000 shares authorized, 60,000 shares $300,000
issued, 6,000 shares in treasury
Additional paid-in capital
In excess of par value $480,000
From treasury stock 30,000 510,000
Retained earnings 348,000
1,158,000
Less: Treasury stock (6,000 shares) at cost 138,000
Total Stockholders’ Equity $1,020,000
The following transactions affecting stockholders’ equity occurred during the year:
Jan. 8 Issued 15,000 shares of previously unissued common stock for $21 cash per share.
Mar. 12 Sold all of the treasury shares for $28 cash per share.
June 30 Declared a five percent stock dividend on all outstanding shares of common stock. The market value of the stock was $25 per share.
July 10 Issued the stock dividend declared on June 30.
Oct. 7 Acquired 2,500 shares of common stock as treasury stock at $26 cash per share.
Dec. 18 Declared a cash dividend of $1.00 per outstanding common share, payable on January 9 to stockholders of record on December 31.
a. Prepare journal entries to record the foregoing transactions.
b. Prepare a statement of stockholders’ equity. Net income for the year is $341,000.
a) The journal entries to record the transactions are as follows:
Journal Entries:Jan. 8 Debit Cash $315,000
Credit Common Stock $75,000
Credit Additional paid-in capital $240,000
(15,000 shares of previously unissued common stock for $21 cash per share.)
Mar. 12 Debit Cash $168,000
Credit Treasury Stock $138,000
Credit Additional paid-in capital $30,000
June 30 Debit Retained Earnings $93,750
Credit Dividend Distributable $93,750
July 10 Debit Dividend Distributable $93,750
Credit Common Stock $18,750
Credit Additional Paid-in Capital $75,000
Oct. 7 Debit Treasury Stock $12,500
Debit Additional Paid-in Capital $52,500
Credit Cash $65,000
Dec. 18 Debit Cash Dividend $76,250
Credit Dividend Payable $76,250
b) The preparation of a statement of stockholders’ equity is as follows:
Night Corporation
Statement of Stockholders' Equity:Common stock, $5 par value, 300,000 shares authorized,
78,750 shares issued $393,750
Additional paid-in capital
In excess of par value $855,000
From treasury stock 52,500 907,500
Retained earnings 519,000
1,820,250
Less: Treasury stock (2,500 shares) at cost 65,000
Total Stockholders’ Equity $1,755,250
Transaction Analysis:Jan. 8 Cash $315,000 Common Stock $75,000 Additional paid-in capital $240,000
15,000 shares of previously unissued common stock for $21 cash per share.
Mar. 12 Cash $168,000 Treasury Stock $138,000 Additional paid-in capital $30,000
June 30 Retained Earnings $93,750 (75,000 X 5% X $25) Dividend Distributable $93,750
July 10 Dividend Distributable $93,750 Common Stock $18,750 (3,750 x $5) Additional Paid-in Capital $75,000
Oct. 7 Treasury Stock $12,500 Additional Paid-in Capital $52,500 Cash $65,000
Acquired 2,500 shares of common stock as treasury stock at $26 cash per share.
Dec. 18 Cash Dividend $76,250 Dividend Payable $76,250
60,000 + 15,000 + 3,750 - 2,500 = 76,250 shares x $1 = $76,250
Retained Earnings:Beginning balance $348,000
Stock dividend -93,750
Cash dividend -76,250
Net income 341,000
Ending balance $519,000
Common Stock:Beginning balance $300,000
Additional shares 75,000
Stock dividend 18,750
Ending balance $393,750
Preferred Stock:Beginning balance $510,000
Additional shares 240,000
Treasury stock 30,000
Stock dividend 75,000
Ending balance $855,000
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Describe why teams may have an advantage over individuals in decision making and job performance.
Answer:
Because teams have specific shared goals, team members usually enjoy greater autonomy, variety, task identity, task significance, and feedback.
Explanation:
Teams often enjoy the social support for difficult tasks, improving morale and motivation. Another benefit of teams is to improve product and service quality.
How did they get they find $200,000 loss?
Hi the answer to that would be $26,000,000
Which analytic used in healthcare is calculated as a proportion of new cases compared to person-time unit?
A. Cumulative incident
B. Morbidity rate
C. Prevalence
D. Incidence rate
Option D. The incidence rate is the analytic used in healthcare is calculated as a proportion of new cases compared to person-time unit.
What is the incidence rate?The rate at which a new event appears over a predetermined amount of time is referred to as the incidence rate. Simply put, the incidence rate is the number of new cases over a specified period of time (the numerator) divided by the total population at risk for the disease (the denominator).
Although cumulative incidence is usually referred to as a "rate," it actually refers to the percentage of people who experience the event over a predetermined period of time.
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name the method of determining what sales volume must be reached before total revenue equals total costs.
The method of determining what sales volume must be reached before total revenue equals total costs is a Break-even Analysis.
Break-even analysis is an accounting process for small businesses to determine at what point a company, new product, or service will be profitable.
It is a financial calculation used to determine how many products or services must be sold to cover production costs. To calculate the break-even point in units, use the formula: Break-even point (units) = fixed costs ÷ (revenue). Unit price - variable cost per unit) or breakeven point (sales) = sales using the formula fixed costs ÷ contribution margin. Here's what we'll be looking at.Learn more about revenue here: https://brainly.com/question/16232387
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Ways to improve sustainability in the maritime sector
The improve sustainability in the maritime sector are:
Building Green Shipssetting up a standrdWhat is sustainability ?Sustainability can be described as the process of fulfilling the needs of current generations and at the same time, having the ability not to compromise the needs of future generations.
It should be noted that when referring to the improvement of the sustainability in the maritime sector then one of the best way to do this is to be able to Build Green Ship because this will help in the minimization of the carbon footprints which can be dangerous to the environment.
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How does expected inflation occur?
Money expansion, according to the monetary theory of inflation, is the cause of inflation. The fundamental source of variability in the rate of inflation is variation in the pace of money growth.
Inflation is expected because money expansion is anticipated. In the short run, monetary policy determines money growth. Thus, inflation expectations are generated as a result of information signals observed by the economic agent. The sources of information signals encompass all existing communication methods. According to Trading Economics global macro models and analyst forecasts, the US inflation rate is predicted to be 7.80 percent by the end of this quarter.
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before setting the objectives of l&d, managers should
Answer:
Before setting the objectives of L&D, managers should
1. Evaluate the implemented programs.
identify learning goals that will reduce skill gaps.
2. Determine the needs or skill gaps that need to be improved.
3. Develop L&D materials to be used in achieving learning goals.
4. etermine the needs or skill gaps that need to be improve
Explanation:
The first step in L&D—assessment—is to figure out the organization's most pressing L&D needs.
In the 1800's, Lowell Massachusetts was a major textile city. However, beginning around 1865, many of the textile mills shut down and relocated to the Southern United States. The resulting unemployment in Lowell would be considered:
structural
frictional
cyclical
seasonal
If at the beginning around 1865, many of the textile mills shut down and relocated to the Southern United States. The resulting unemployment in Lowell would be considered: C. cyclical unemployment.
What is cyclical unemployment?Cyclical unemployment can be defined aa a type of unemployment that occur as a result of economy decline or when the economic of a nation experience recession leading to many companies or industries to shutdown their businesses.
This type of unemployment majorly when the economy of a nation or country begins to fall and it as well occur due to some factors such as changes in the economy cycles or when their is fluctuation in the economy of a nation.
This scenario best illustrate what is called cyclical unemployment because the company decide to shut down their company and move to another country due to decline in the economy growth.
Therefore the correct option is C.
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when implementing management by objectives it is a manager's responsibility to involve everyone, commit employees to the goals, monitor progress, and accomplishments.
When implementing management by objectives it is a manager's responsibility to involve everyone, commit employees to the goals, monitor progress, and rewards accomplishments.
Management can be defined as the process of completing the work or task required to achieve an organization's goals in an efficient and effective manner.The process implies the management duties. This includes organizing, planning, staffing, directing, and controlling.
A manager's role is to provide common guidance and direction to individual efforts to achieve organizational goals. Increasing efficiency: Management contributes to increased business efficiency by increasing productivity through effective planning, organizing, controlling, and directing.
When implementing management by objectives it is a manager's responsibility to involve everyone, commit employees to the goals, monitor progress, and rewards accomplishments.
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An extended recessionary period is indicative of. A) a depression. B) the start of a recovery. C) a growing economy. D) the end of a recession.
Answer:
A) a depression.
Explanation:
The correct option A) a depression; defines the extended recessionary period.
Define the term extended recessionary period?According to the NBER, a recession is a time between a business cycle's peak and its bottom when there is a considerable drop in economic activity across the board and it can endure for a few years.
It is unfavorable and is characterized by an increase in unemployment, a wave of corporate bankruptcies, frequent bank failures, and subpar or negative economic growth.Recession-related economic hardship can have far-reaching effects, change an economy, and trigger despair.A depression is a protracted, severe recession marked by high unemployment rates and a drop in output of above 10%.Due to the long-lasting effects that declining asset prices including bank losses have on economic activity, a balance sheet recession is now more likely to result in a depression.To know more about the extended recessionary period, here
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Jose makes a base monthly salary of RM2700. He gets a 10% commission on all sales
for every month. There is also an additional 10% bonus on top of the normal commission
rate for any sales over RM39000. If Jose sold RM42000 worth of items this month, what
is his total salary for the month?
If Jose sold RM42000 worth of items this month, his total salary for the month is $4200.
How to find the total salary?Amount past quota sold = Amount eligible for normal commission rate
Amount past quota sold = Amount sold - Monthly quota
Amount past quota sold = $42000 - $30000
Amount past quota sold = $12000
Amount past required quota for bonus commission rate = $42000 - $39000
Amount past required quota for bonus commission rate= $3000
Amount made from normal commission= 10%× $12000
Amount made from normal commission = $1200
Amount made from bonus commission =10% × $3000
Amount made from bonus commission= $300
Total amount made=$2700 + $1200 + $300
Total amount made= $4200
Therefore $4200 is the total salary.
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The complete question is:
Jose makes a base monthly salary of $2700. As a vendor, he must sell $30000 worth of items per month. He also makes a 10% commission on all sales beyond the monthly quota. There is also an additional 10% bonus on top of the normal commission rate for any sales beyond $39000. If Jose sold $42000 worth of items this month, what is his total salary for the month including base salary and commission to the nearest dollar?
The PP&E gross book value at the start of the month is 60,000, and the CAPEX of the month is 12,000. The accumulated depreciation at the start of the month is 25,000; the depreciation expense of the month is 750.
The net book value of PP&E calculated from the data above is _____.
The net book value off property plant and equipment is $46,250 at the end of the month. The net book value of PP&E calculated from the data above is $46,250.
What is depreciation?Depreciation is does systematic allocation of cost of the asset over the useful life. Depreciation is charged every month every month to the relevant asset asper the usage of the asset. Depreciation reduces the amount of an asset each month according to the usage of the asset. Depreciation can be charged on different methods.
The calculation is shown below,
The net book value of PP&E can be calculated as
$60,000 + $12,000 - $25,000 - $750 = $46,250
Net book value of PP&E can be calculated as: Add CAPEX for the month in opening assets value then deduct accumulated depreciation and current month expense of depreciation this will result in net book value of property plant end equipment at the end of the month.
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Information concerning the capital structure of the Petrock Corporation is as follows:
December 31,
20X0 20X1
Common stock 90,000 shares 90,000 shares
Convertible preferred stock 10,000 shares 10,000 shares
8%, $1,000 par, convertible bonds $ 1,000,000 $ 1,000,000
During 20X1, Petrock paid dividends of $1 per share on its common stock and $2.40 per share on its preferred stock. The preferred stock is convertible into 20,000 shares of common stock. The 8% convertible bonds are convertible into 30,000 shares of common stock. The net income for the year ending December 31, 20X1, was $285,000, and the company’s income tax rate was 21%.
Required:
What was diluted EPS for 20X1?
(For all requirements, round your answers for "Earnings per share" to 2 decimal places.)
The diluted EPS for 20X1 for Petrock Corporation was $3.86.
What is the diluted EPS?The diluted earnings per share (EPS) is the earnings per share after all outstanding convertible securities have been converted.
Some of the convertible securities include convertible preferred shares, convertible debentures, stock options, and warrants.
Before Conversion:December 31,
20X0 20X1
Common stock 90,000 shares 90,000 shares
Convertible preferred stock 10,000 shares 10,000 shares
8%, $1,000 par, convertible bonds $ 1,000,000 $ 1,000,000
After Conversion:20X1
Common stock 90,000 shares
Convertible preferred stock 20,000 shares
Convertible bonds 30,000 shares
Total diluted number of shares 140,000 shares
Net Income Adjustment:Net income for the year = $285,000
Adjusted net income before tax $360,759 ($285,000 ÷ (1 - 21%)
Dividends to preferred stock 24,000 ($2.4 x 10,000)
Interest paid to bondholders 300,000 ($1,000,000 x 30%)
Total income before tax $684,759
Tax expenses 143,799
Adjusted net income after tax $540,960
Diluted EPS = $3.86 ($540,960 ÷ 140,000)
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Suppose your salary in 2015 is 75,000 if the annual inflation rate is 6% what salary do you need to make in 2022 in order to keep it up with inflation round your answer to the nearest cent if necessary
The salary needed to be made in 2021 in order to keep up with the inflation is $112,772.27
What is an equation?Basically, an equation refers to an expression that shows the relationship between two or more variables and numbers. An inflation rate means the rate at which there is a rise in prices which can be translated as the decline of purchasing power over time. It means the rate at which purchasing power drops can be reflected in the average price increase of a basket of selected goods and services over some period of time.
Given that: Salary in 2015 is 75,000 if the annual inflation rate is 6%. Let y represent the money needed to keep up x years since 2015. Since the inflation is 6%, hence:
y = 75000(1.06)ˣ
in the year 2022, x = 7:
y = 75000(1.06)^7
y = 75000*1.50363025899
y = 112772.269424
y = $112,772.27
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Which of the following is an advantage of having a task force?