Russell Retail Group begins the year with inventory of $65,000 and ends the year with inventory of $55,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $ 220,000 Purchase on May 6 140,000 Purchase on September 8 170,000 Purchase on December 4 420,000 Required: Calculate cost of goods sold for the year.

Answers

Answer 1

Answer:

COGS= $960,000

Explanation:

Giving the following information:

Beginning inventroy= $65,000

Ending inventory= $55,000

Total Purchase=  220,000 + 140,000 + 170,000+ 420,000= $950,000

To calculate the cost of goods sold, we need to use the following formula:

COGS= beginning inventory + cost of goods purchased - ending inventory

COGS= 65,000 + 950,000 - 55,000

COGS= $960,000


Related Questions

Fraud Investigators Inc. operates a fraud detection service. On March 31, 10 customers were billed for detection services totaling $21,000. On October 31, a customer balance of $1,300 from a prior year was determined to be uncollectible and was written off. On December 15, a customer paid an old balance of $760, which had been written off in a prior year. On December 31, $460 of bad debts were estimated and recorded for the year.
Required:
1. Prepare journal entries for each transaction above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
a) Record the service revenue of $34,000 billed on account.
Transaction General Journal Debit Credit
a
B) Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,950..
Transaction General Debit Credit
C1.Record the reversal of the write-off of a $810 customer account.
C2. Record the receiptof cash of $810 from the customer.
D. Record the estimate bad debts of $590 for the year.
2. Complete the following table, indicating the amount and effect (+ for increase, − for decrease, and NE for no effect) of each transaction. Ignore income taxes.
Transaction Net Receivable Net Sales Income From Operation
A
B
C
D
Option for A : NE, +/- 34,000, +34,000, -34,000
Option for B : NE, +/- 1950, +1950, -1950
Option for C: NE, +/- 810, +810, -810
Option for D : NE, +/- 590, +590, -590

Answers

Answer:

Fraud Investigators Inc.

1. Journal Entries:

March 31:  Debit Accounts Receivable $21,000

Credit Service Revenue $21,000

To record the rendering of service on account.

Oct. 31: Debit Allowance for Uncollectible Accounts $1,300

Credit Accounts Receivable $1,300

To write-off uncollectible accounts.

Dec. 15: Debit Accounts Receivable $760

Credit Allowance for Uncollectible Accounts $760

To reverse a previously written-off account.

Dec. 15: Debit Cash $760

Credit Accounts Receivable $760

To record the cash collected from the customer.

Dec. 31: Debit Bad Debts Expense $460

Credit Allowance for Uncollectible Accounts $460

To record bad debts expense for the year.

A) Debit Accounts Receivable $34,000

Credit Service Revenue $34,000

To record the rendering of service on account.

B) Debit Allowance for Uncollectible Accounts $1,950

Credit Accounts Receivable $1,950

To write off uncollectible accounts.

C1) Debit Accounts Receivable $810

Credit Allowance for Uncollectible Accounts $810

To reverse a previously written-off debt.

C2) Debit Cash $810

Credit Accounts Receivable $810

To record the receipt of cash from the customer.

D) Debit Bad Debts Expense $590

Credit Allowance for Uncollectible Accounts $590

To record bad debts expense for the year.

2. Transaction  Net Receivable  Net Sales   Income From Operation

        A                  +34,000           +34,000           +34,000

        B                  -1,950                 NE                   -1950

        C                  +/- 810                NE                    +810

        D                   NE                     NE                    -590

Explanation:

a) Data and Analysis:

March 31:  Accounts Receivable $21,000 Service Revenue $21,000

Oct. 31: Allowance for Uncollectible Accounts $1,300 Accounts Receivable $1,300

Dec. 15: Accounts Receivable $760 Allowance for Uncollectible Accounts $760

Dec. 15: Cash $760 Accounts Receivable $760

Dec. 31: Bad Debts Expense $460 Allowance for Uncollectible Accounts $460

A) Accounts Receivable $34,000 Service Revenue $34,000

B) Allowance for Uncollectible Accounts $1,950 Accounts Receivable $1,950

C1) Accounts Receivable $810 Allowance for Uncollectible Accounts $810

C2) Cash $810 Accounts Receivable $810

D) Bad Debts Expense $590 Allowance for Uncollectible Accounts $590

Indicate the effect each separate transaction has on investing cash flows.

a. Sold a truck costing $42,500, with $23,000 of accumulated depreciation, for $9,000 cash.
b. The sale results in a $10,500 loss. Sold a machine costing $11,600, with $8,500 of accumulated depreciation, for $6,000 cash.
c. The sale results in a $2,900 gain. Purchased stock investments for $16,500 cash. The purchaser believes the stock is worth at least $31,000.

Answers

Answer:

a. Cash inflow of $9,000

b. Cash inflow of $6,000

c. Cash outflow of $16,500

Explanation:

The investing cash flow is a section of  a company's cashflow statement. Other sections being the operating cash flow and the financing cash flow.

Considering the effect of the given transactions on the investing section

a. Sold a truck costing $42,500, with $23,000 of accumulated depreciation, for $9,000 cash. - The cash inflow of $9,000 is the only element that will impact the investing cash flow as an inflow.

b. The sale results in a $10,500 loss. Sold a machine costing $11,600, with $8,500 of accumulated depreciation, for $6,000 cash. - The cash inflow of $6,000 is the only element that will impact the investing cash flow as an inflow.

c. The sale results in a $2,900 gain. Purchased stock investments for $16,500 cash. The purchaser believes the stock is worth at least $31,000. - The amount used in the purchase of the stock $16,500 will be the only element impacting the investing cash flow and the impact is a reduction in cash - an outflow.

Taxable income and pretax financial income would be identical for Skysong Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income computations have been prepared.
Taxable income 2019 2020 2021
Excess of revenues over
expenses (excluding two
temporary differences) $154,000 $191,000 $88,100
Installment gross profit
collected 8,500 8,500 8,500
Expenditures for warranties (4,500) (4,500) (4,500)
Taxable income $158,000 $195,000 $92,100
Pretax financial income 2019 2020 2021
Excess of revenues over
expenses (excluding two
temporary differences) $154,000 $191,000 $88,100
Installment gross profit
recognized 25,500 -0- -0-
Estimated cost of
warranties (13,500) -0- -0-
Income before taxes $166,000 $191,000 $88,100
The tax rates in effect are 2019, 40%; 2020 and 2021, 45%. All tax rates were enacted into law on January 1, 2019. No deferred income taxes existed at the beginning of 2019. Taxable income is expected in all future years. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016, 2017, and 2018.

Answers

Answer:

See the journal entry below.

Explanation:

Before preparing the journal entry, the following are calculated first:

Income tax expense in 2019 = (Taxable income in 2019 * Tax rate in 2019) + (Taxable income in 2020 * Tax rate in 2020) + (Taxable income in 2021 * Tax rate in 2021) = ($158,000 * 40%) + ($195,000 * 45%) + ($92,100 * 45%) = $193,395

Deferred tax liability in 2019 = (Taxable income in 2020 * Tax rate in 2020) + (Taxable income in 2021 * Tax rate in 2021) = ($195,000 * 45%) + ($92,100 * 45%) = $129,195

Income tax payable in 2019 = Taxable income in 2019 * Tax rate in 2019 = $158,000 * 40% = $63,200

Income tax payable in 2020 = Taxable income in 2020 * Tax rate in 2020 = $195,000 * 45% = $87,750

Income tax payable in 2021 = Taxable income in 2021 * Tax rate in 2021 = $92,100 * 45% = $41,445

The journal entry will look as follows:

Date                  General journal                  Debit ($)         Credit ($)    

31 Dec 2019      Income tax expense          193,395  

                             Deferred tax liability                                129,195      

                             Income tax payable                                 63,200

                           (To record income tax payable.)                                

31 Dec 2020     Deferred tax liability            87,750      

                             Income tax payable                                 87,750

                           (To record income tax payable.)                                

31 Dec 2021     Deferred tax liability            41,445      

                             Income tax payable                                41,445

                           (To record income tax payable.)                                

The _____ the distance between the time of the event and the time the client knows about the events, the greater _____. greater; the probability of achieving the project goals greater; the likelihood of satisfying the client lesser; the client's doubt in the project team's ability to do the task lesser; the frustration of the client greater; the client's frustration and mistrust

Answers

Answer:

greater; the client's frustration and mistrust.

Explanation:

Project management can be defined as the process of designing, planning, developing, leading and execution of a project plan or activities using a set of skills, tools, knowledge, techniques and experience to achieve the set goals and objectives of creating a unique product or service.

The fundamentals of Project Management includes;

1. Project initiation

2. Project planning

3. Project execution

4. Monitoring and controlling of the project

5. Adapting and closure of project.

It is very important and essential that project managers in various organizations, businesses and professions adopt the aforementioned fundamentals in order to successfully achieve their aim, objectives and goals set for a project.

Generally, projects are considered to be temporary because they usually have a start-time and an end-time to complete, execute or implement the project plan.

The greater the distance between the time of the event and the time the client knows about the events, the greater the client's frustration and mistrust. Thus, project managers are advised to reduce a client's frustration and enhance trust by reducing the distance between the time of the event and the time the client knows about the events i.e timely dissemination of informations to the client.

TRUE OR FALSE the balanced scorecard perspective that assesses whether or not the organization encourages employees to make suggestions and question the status quo is known as the perspective.

Answers

It's true that the perspective is known as the state of affairs.

Why is having a perspective in life important?

Perspective allows us to consider multiple viewpoints and other people's opinions, experiences, and points of view. This increases our ability for understanding and empathy. Prejudice, condemnation, and conflict are reduced.

What, for instance, does perspective mean?

A method of considering and comprehending anything (such as a specific problem or life in general) [count] He gave us fresh eyes to view the issue from. [=angle, viewpoint] In the 1940s, the narrative is recounted from the viewpoint of a little kid.

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A large wine maker would like to buy new stainless steel containers for aging its wine. It is planning to purchase a number of containers for a total of $450,000. They have 9 years of usable life and lose the same value each year. The wine maker will then sell them in 3 years for an estimated $200,000 to replace with brand new ones at that time. The wine maker falls into a 40% tax rate bracket. Calculate the after-tax salvage value at the time the containers will get sold.

Answers

Answer:

After-tax salvage value = $240,000

Explanation:

This can be calculated as follows:

Tax rate = 40%

Purchase price = $450,000

Annual depreciation expense = Purchase price / Number of usable life = $450,000 / 9 = $50,000

Accumulated depreciation after year 3 = Annual depreciation expense * 3 = $50,000 * 3 = $150,000

Remaining book value in 3 years = Purchase price - Accumulated depreciation after year 3 = $450,000 - $150,000 = $300,000

Salvage value in 3 years = Estimated sales price in 3 years = $200,000

Since the Net book value in 3 years of $300,000 is greater than the Salvage value in 3 years of $200,000, that means there is a tax saving. Therefore, the the after-tax salvage value at the time the containers will get sold can be calculated using the following formula:

After-tax salvage value = Salvage value + (Tax rate * (Remaining book value - Salvage value)) = $200,000 + (40% * ($300,000 - $200,000)) = $240,000

The Market Place recently announced that it will pay its first annual dividend two years from today. The first dividend will be $0.50 a share with that amount doubling each year for the following two years. After that, the dividend is expected to increase by 4 percent annually. What is the value of this stock today if the required return is 15 percent?

Answers

Answer:

$12.99

Explanation:

Calculation to determine the value of this stock today if the required return is 15 percent

First step is to calculate P4

P4= ($0.50 *2^2*1.04)/(0.15 - 0.04)

P4= $18.91

Now let calculate the value of this stock today (P0)

P0= [$0.50/1.15^2] + [$1/1.15^3] + [($2 + $18.91)/1.15^4]

P0= $12.99

Therefore the value of this stock today if the required return is 15 percent will be $12.99

Acreddited investor i am a knowledgeable executive an individual who is an executive officer, director, trustee, general partner, or person serving in a similar capacity, or the advisor.

Answers

An accredited investor is a person or a company that is authorised to trade securities even if they are not officially registered with the financial authorities.

Securities that have not been registered with regulatory bodies like the SEC may be legally purchased by accredited investors. Many businesses decide to directly market securities to this group of accredited investors. Companies can save a lot of money thanks to this decision's exemption from having to register securities with the SEC.

A private placement is the term used to describe this kind of share offering. These accredited investors could be exposed to a lot of risk as a result. Authorities must therefore make sure that they are experienced, financially secure, and knowledgeable about their risky endeavours.

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Metaline Corp. uses the weighted average method for inventory costs and had the following information available for the year. The number of units transferred to finished goods during the year is: Beginning Work in Process (40% complete, $1,100)200 units Ending inventory of Work in Process (80% complete)400 units Total units started during the year3,200 units Multiple Choice 3,200 units. 3,000 units. 3,400 units. 3,160 units.

Answers

Answer:

Results are below.

Explanation:

The weighted average method blends the costs and units of the previous period with the costs and units of the current period.

Units completed in the period + Equivalent units in ending inventory WIP (units*%completion) = Equivalent units of production

Units completed= (3,200 + 200) - 400= 3,000

Equivalent units of production= 3,000 + 400*0.8

Equivalent units of production= 3,320 units

We have implicitly assumed that Dallas Airline starts paying the salary of $15,000 per month only at the end of the two-month school. Such a practice drew significant complaints from the trainees. Dallas Airline decided to change its practice and pay the trainees during the training session as well. How would the new policy change Dallas Airline's class size

Answers

Answer:

The new policy will attract more trainees to the Dallas Airline school, thus increasing the class size to the maximum capacity.

Explanation:

The size of the class will increase dramatically.  The Dallas Airline School may not have enough space to accommodate the training applicants.  The payment of the salary during training is a motivating factor to trainees.  It eliminates the significant complaints from the trainees.  It levels the training ground for the Dallas Airline School to become consistent in practice with other airlines schools.

how would increased benefits paid by employers affect worker's wages?

Answers

Answer:

it would lower the wages

Explanation:

Market screening is a method of market analysis and assessment that permits management to identify a small number of desirable markets by eliminating those judged to be less attractive.

a. True
b. False

Answers

Market screening is a process used to evaluate markets according to its compatibility with overall competencies and business objectives of the company

which of the following examples are outcomes of a well-planned digital marketing strategy? select three.

Answers

This calls for improving interactive technology, online services, and digital audience engagements in order to improve customer service.

What results from using digital marketing?

Students should have the chance to study the importance of content, its uses, and how to create a variety of content campaigns in a digital marketing course. The choice-making of the audience is significantly influenced by content creation.

What is a good example of a digital marketing strategy?

An online presence can be built utilizing technologies like social media, paid search, organic search, and other web-based platforms like your website. The target market, the best way to reach them, the price point at which the good or service should be sold, and the method by which the business will evaluate its performance will all be determined by the marketing strategy.

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Angelique runs a business making cell-phone cases. She started her business making custom 3-D printed cases. To make those she must pay a fixed cost of $ 48 to use the library's 3-D printer along with a per-unit cost of $6 for the plastic and the time to design and print the cases. Angelique is considering purchasing a plastic mold to make the cases instead. The mold would cost $ 88 up front, but once she has purchased it her per-unit cost drops to $4. Assume that the mold will last for one month.
1. What is the smallest number of cell-phone cases Angelique needs to produce to make purchasing the plastic mold worthwhile?
If Angelique expects to produce 22 cell-phone cases over the next month, which production method should she use?
A. 3-D printing
B. plastic mold
C. Neither; she should shut down production.
D. She is indifferent; the average cost is the same.

Answers

D is the correct answer

It is proper to select (B). Angelique should employ the plastic mould technique if she plans to make 22 phone cases over the course of the next month.

What is Production ?

The process of creating something that is meant for consumption through the fusion of various immaterial inputs (such as plans and information) and material inputs is known as production (output). It is the action of creating an output, a good, or a service that is valuable and improves the utility of individuals.

The consumption (or consumer) theory of economics is intertwined with production theory, a subfield of economics that focuses on production.

Effective use of the initial inputs results in the manufacturing process and outcome (or factors of production). The three main production factors—land, labor, and capital—are referred to as primary producers of goods and services. These essential inputs are not substantially altered by the output process, nor are they transformed .

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a graph titled changes in the u s consumer price index from 2006 to 2016 has year on the x-axis and average percent change on the y-axis, from negative 1 to positive 4. in 2008 the percent change was 4 percent, in 2009 negative 0.3 percent, in 2010 1.8 percent, in 2011 3.1 percent, in 2012, 2.1 percent, in 2013 1.5 percent, in 2014 1.6 percent, in 2015 0 percent, and in 2016 1.3 percent. use the drop-down menus to complete the statements. inflation is a measure of how prices increase . disinflation occurred . the inflation rate was about in 2014. overall, prices declined .

Answers

The rate at which prices rise is measured by inflation. In 2009, when the percent change was -0.3%, disinflation took place.

Inflation in 2014 hovered at 1.6%. Since the average percent change was positive, prices did not generally decrease during this time. S rise in the general price level reduces the purchasing power of money by lowering the amount of products and services that each unit of currency can buy. This is why growing prices often cause inflation. High inflation may be undesirable, but low inflation may be equally damaging to the economy.

When the economy is struggling and inflation is too low, the Fed will switch to the opposing approach by lowering interest rates or buying assets to increase cash flow. Cost-push inflation results from a decrease in total supply of goods and services caused by rising manufacturing costs. Demand-driven inflation could be made worse by rising labour or raw material costs.

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Answer: increase, between 2008-2009, 1.5%, in 2009 only

Explanation: Just confirmed on edge

In the current year, a company paid interest of $40,000, had net capital expenditures of $300,000, and issued net new debt of $75,000. In addition, the company reported cash flow from operating activities of $600,000, cash flow from investing activities of ($250,000), and cash flow from financing activities of $65,000. The marginal tax rate is 35%. Compute the free cash flow to the firm. In the current year, a company paid interest of $40,000, had net capital expenditures of $300,000, and issued net new debt of $75,000. In addition, the company reported cash flow from operating activities of $600,000, cash flow from investing activities of ($250,000), and cash flow from financing activities of $65,000. The marginal tax rate is 35%. Compute the free cash flow to the firm.

Answers

Answer:

Free cash flow to the firm = $326,000

Explanation:

The free cash flow to the firm can be computed using the following formula:

Free cash flow to the firm = Cash flow from operating activities + (Interest paid * (100% - Tax rate)) - Net capital expenditures ............... (1)

Where:

Cash flow from operating activities = $600,000

Interest paid = $40,000

Tax rate = 35%

Net capital expenditures = $300,000

Substituting the values into equation (1), we have:

Free cash flow to the firm = $600,000 + ($40,000 * (100% - 35%)) - $300,000 = $326,000

When using earned value techniques, Actual Cost (AC) refers to the total of costs incurred in accomplishing work on the activity during a given period.
True or false?

Answers

When using earned value techniques, Actual Cost (AC) refers to the total of costs incurred in accomplishing work on the activity during a given period is true.

What does the term "total real cost" mean?

The total amount needed to acquire an asset is its actual cost, which may take into account a variety of elements. the cost that was charged by your provider. the expense of delivering the asset. the price of establishing the asset. the price of evaluating the asset.

Which value actually means?

Subtracting any depreciation, the replacement value is the same as the actual cash worth. There are rules for declaring the worth of the products while importing them. Customs duty and other taxes are determined using this number as a starting point. The worth of an imported good can be determined using a variety of techniques.

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Consumer surplus results when companies charge a lower price for products than the value placed on them by customers. This occurs because

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Costs of production are reduced as a result of the creation of value. Economies of extension depict circumstances were delivering at least two products together outcomes in a lower negligible expense than creating them independently.

Which term refers to increased product production as a result of consumer cost savings?

A company's (and, by default, its customers') ability to save money through efficient production processes is known as an economy of scale. The average cost of producing something decreases as production volume increases, resulting in these cost savings.

What is preventing the company's global expansion from increasing profitability and profit growth?

The necessity of localization limits a company's ability to grow profits and profitability by expanding globally. By customizing products to meet the tastes and preferences of people from different cultures, the company can increase profitability through the localization strategy.

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A manufacturer has an estimated practical capacity of 90,000 machine hours, and each unit requires two machine hours. The following data apply to a recent accounting period: Actual variable overhead$ 240,000 Actual fixed overhead$ 442,000 Actual machine hours worked 88,000 Actual finished units produced 42,000 Budgeted variable overhead at 90,000 machine hours$ 200,000 Budgeted fixed overhead$ 450,000 Of the following factors, the manufacturer's production volume variance is most likely to have been caused by: A. A wage hike granted to a production supervisor. B. A newly imposed initiative to reduce finished goods inventory levels. C. Acceptance of an unexpected sales order. D. Temporary employment of workers with lower skill levels than originally anticipated.

Answers

Answer:

Of the following factors, the manufacturer's production volume variance is most likely to have been caused by:

D. Temporary employment of workers with lower skill levels than originally anticipated.

Explanation:

a) Data and Calculations:

Estimated practical capacity = 90,000 machine hours

Machine hours per unit = 2

Estimated production units based on capacity = 45,000 (90,000/2)

                                                   Budgeted          Actual

Variable overhead =                 $200,000      $240,000

Actual fixed overhead =           $450,000      $442,000

Machine hours                             90,000           88,000

Units produced                            45,000           42,000

Estimated units to be produced based on standard machine hour

= 44,000 units (88,000/2)

Variance between standard units to be produced and actual = 2,000 (44,000 - 42,000) Unfavorable

Corinne is offered a job with a salary of $70,000, which she turns down to start her own business. She uses $20,000 of her own savings to help start the business, savings that had been providing her a return of $1,000 per year. Over her first year in business, Corinne collects total revenue of $180,000 and must cover explicit costs of $105,000. During her first year in business, Corinne's accounting profit is _____, and her economic profit is _____.

Answers

Answer:

Accounting profit $75,000

Economic profit $4,000

Explanation:

Calculation to determine the ACCOUNTING PROFIT

Using this formula

Accounting profit=Total revenue - Isxplicit costs

Let plug in the formula

Accounting profit=$180,000- $105,000

Accounting profit=$75,000

Calculation to determine the ECONOMIC PROFIT using this formula

Economic profit=Total revenue-Explicit costs of -Salary-Return per year

Let plug in the formula

Economic profit=$180,000-$105,00-$70,000-$1,000

Economic profit=$4,000

Therefore During her first year in business, Corinne's accounting profit is $75,000 and her economic profit is $4,000

In 1933, U.S. manufacturers, which used to enjoy steady relationships with their foreign distributors and export nearly 30% of their output, realized that their exports had fallen to only 10% of total output. Which of the following is the most likely reason for this decrease in exports?

a. The low quality of U.S. products
b. Retaliatory tariffs by trading partners
c. War between the United States and Mexico

Answers

Answer: b. Retaliatory tariffs by trading partners

Explanation:

In the 20s, the United States instituted a series of tariffs on imports that culminated with the Smoot-Hawley tariff of 1930 as they hoped to protect the local industry and to increase government revenue.

Some countries replied with their own tariffs on American exports such that American exports to these countries fell significantly and world trade reached a new low as well.

The figures above show plots of monthly excess returns for two stocks plotted against excess return for a market Index. Use the figures to answer the next question Which stock is riskier for an investor currently holding just one stock in their portfolio? O Stock A is riskier. O Both stocks are equally risky O Stock Bis riskier. O Cannot be determined from the information given.

Answers

As per the given portfolio, the most risker stock is stock A.

Here we have given that show plots of monthly excess returns for two stocks plotted against excess return for a market Index.

And we need to find in which stock is riskier for an investor currently holding just one stock in their portfolio

While we looking into the given question we have identified that the risk of the diversified portfolio consists primarily of systematic risk.

Now, we have to looking into the Beta measures systematic risk which one is the slope of the security characteristic line.

Therefore, based on the beta score, we have concluded in that the two figures depict the stocks' SCLs, here Stock B's SCL is steeper, where as the stock has the overall broad steep.

Therefore, option (a) is correct.

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Using the information given calculate:______.
a. private saving,
b. public saving,
c. national saving.
(Round your solution to the nearest whole number. Be sure to include a negative sign if? necessary.)
Category. Value
Consumption $900
Government spending. 600
Taxes 100
Net Exports 400
Investment 600
GDP 1,700

Answers

Answer:

See below

Explanation:

Given the above information,

a. Private saving is computed as;

Private saving = National income - Consumption - Taxes

= $1,700 - $900 - $100

= $700

Therefore, private saving is $700

b. Public saving is computed as;

Public saving = Taxes - Government spending

= $100 - $600

= -$500

Therefore, public saving is -$500

c. National saving is computed as;

National saving = Private saving + Public saving

= $700 + (-$500)

= $200

Therefore, national saving is $200

Playoff Corporation acquired 80% ownership of Stadium Corporation on January 1, 2010 for $160,000. On that date, the fair value of the noncontrolling interest was $40,000, and Stadium reported retained earnings of $50,000 and had $100,000 of common stock outstanding. Playoff uses the equity method. On the date of acquisition, the fair value of Stadium’s depreciable assets was $50,000 more than book value and those assets had a 10 year remaining life. The pre-closing trial balance data for Playoff and Stadium on December 31, 2014, included the following:Playoff books:Stadium books:Investment in Stadium Co. Stock$188,000Dividends Declared$ 10,000Income from Subsidiary 20,000Common Stock 100,000Retained Earnings 90,000Net Income for the year 30,000Required: a. Provide all the journal entries recorded by Playoff during 2014 related to their investment in Stadium.Investment in Stadium24,000 Income from S24,000Cash8,000 Investment in Stadium8,000Income from S4,000 Investment in Stadium4,000b. Provide all workpaper entries needed to prepare a consolidation workpaper as of December 31, 2014. CAD: FV 200 – BV 150 = Diff 50 – Dep assets 50 / 10 yr life = $5,000Common Stock 100,000Retained Earnings 90,000 Investment in Stadium152,000 Noncontrolling Interest 38,000Buildings and Equipment50,000 Accumulated Depreciation25,000 Investment in Stadium NCI

Answers

Answer:

A. Dr Investment in Stadium $24,000

Cr Income from S $24,000

Dr Cash $8,000

Cr Investment in Stadium $8,000

Dr Income from S $4,000

Cr Investment in Stadium $4,000

B. Dr Common Stock $100,000

Cr Retained Earnings $90,000

Cr Investment in Stadium $152,000

Cr Noncontrolling Interest $38,000

Dr Buildings and Equipment $50,000

Cr Accumulated Depreciation $25,000

Cr Investment in Stadium $20,000

Cr Noncontrolling Interest $5,000

Dr Depreciation expense $5,000

Cr Income from S $4,000

Cr Income to Noncontrolling Interest $1,000

Dr Income from S $24,000

Cr Investment in Stadium $24,000

Dr Investment in Stadium $8,000

Cr Dividend declared $8,000

Dr Income to Noncontrolling Interest $6,000

Cr Noncontrolling Interest $6,000

Dr Noncontrolling Interest $2,000

Cr Dividend declared $2,000

Explanation:

a. Preparation of the journal entries recorded by Playoff during 2014 related to their investment in Stadium

Dr Investment in Stadium $24,000

Cr Income from S $24,000

($30,000*80%)

Dr Cash $8,000

Cr Investment in Stadium $8,000

($10,000*80%)

Dr Income from S $4,000

Cr Investment in Stadium $4,000

[($30,000*80%)-$20,000]

($24,000-$20,000)

b. Computation to Provide all workpaper entries needed to prepare a consolidation workpaper as of December 31, 2014.

CAD: Fair Value ($160,000+$40,000)– Book Value $150,000

=Fair Value $200,000– Book Value $150,000

= $50,000

Depreciation=$50,000 / 10 year life

Depreciation=$5,000

Dr Common Stock $100,000

Cr Retained Earnings $90,000

Cr Investment in Stadium $152,000

($160,000-$8,000)

Cr Noncontrolling Interest $38,000

($100,000+$90,000-$152,000)

Dr Buildings and Equipment $50,000

Cr Accumulated Depreciation $25,000

Cr Investment in Stadium $20,000

Cr Noncontrolling Interest $5,000

($50,000-$25,000-$20,000)

Dr Depreciation expense $5,000

Cr Income from S $4,000

($24,000-$20,000)

Cr Income to Noncontrolling Interest $1,000

($5,000-$4,000)

Dr Income from S $24,000

Cr Investment in Stadium $24,000

($30,000*80%)

Dr Investment in Stadium $8,000

Cr Dividend declared $8,000

($10,000*80%)

Dr Income to Noncontrolling Interest $6,000

($5,000+$1,000)

Cr Noncontrolling Interest $6,000

Dr Noncontrolling Interest $2,000

Cr Dividend declared $2,000

($8,000-$6,000)

a whole life insurance policyowner does not wish to continue making premium payments. which of the following enables the policyowner to sell the policy for more than its cash value?

Answers

A life settlement agreement enables the policyholder to sell their insurance policy for a higher price than the policy's cash value.

J decides to pay his Whole Life insurance premiums in a monthly installment plan. Which of these assertions is true? When opposed to paying annually, the total premium is greater when paid monthly. A whole life insurance's "termination for lower paid-up policy of the same kind" clause permits the policyholder to do just that (n) On Mary's life insurance application, a mistake was made. Which of the following sectors does the incontestable clause NOT apply to, where mistakes on applications are frequently made? Beneficiary Contingent of the Insured J opts for a recurring monthly premium payment option on his Whole.

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The common stock of Dayton Repair sells for $43.19 a share. The stock is expected to pay $2.20 per share next year when the annual dividend is distributed. The firm has established a pattern of increasing its dividends by 2.25 percent annually and expects to continue doing so. What is the market rate of return on this stock

Answers

Answer: 7.35%

Explanation:

Based on the information given, the market rate of return on this stock will be calculated as:

= (D1/P0) +G

where,

D1= Dividend at year 1 = 2.20

P = price at present =43.19

G = dividend growth rate =2.25%

We then slot the figures into the formula and we will get:

= (D1/P0) +G

= (2.20 / 43.19) + 2.25%

= 0.051 + 2.25%

= 5.1% + 2.25%

= 7.35%

Therefore, the market rate of return will be 7.35%.

What is the total number of unique triangles that can be formed with side lengths of 6.5 centimeters, 6 centimeters, and 2.5 centimeters?

Answers

Answer:

Explanation:

246

Which of the following is not a condition requiring the use of the finance lease reporting method? O The lease automatically transfers ownership of the leased asset from the lessor to the lessee at the termination of the lease O The lease term is at least 75% of the economic useful life of the leased asset O The lease allows the lessee to use the leased asset during the lease term O The lease provides that the lessee can purchase the leased asset for a nominal amount (bargain purchase price) at the termination of the lease

Answers

The finance lease permits the tenant to use the chartered  quality throughout the lease term. The transfer of the actual asset's possession at the lease term (LT) ends. The tenant should purchase the quality below the honest price from the proprietor.

The LT is typically for a serious or good portion of the involved asset's helpful life. Situations that may usually result in a lease being classified as a finance lease embrace the following: the lease transfers possession of the quality to the tenant by the top of the lease term.

A finance lease during which all risks and rewards area unit transferred to the owner of assets. The title might or might not eventually be transferred. 2. Lease term that tenant has choice to buy the assets type proprietor at value which is under honest price on the date once option become exercisable. To be classified as a finance lease, a minimum of one in every of the subsequent criteria should be true: A transfer of possession of associate quality to the tenant at the top of the term of the initial lease.

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The following budget data pertain to the Machining Department of Yolkenverst Co.: Maximum capacity 62,000 units Machine hours per unit 2.50 Variable factory overhead $ 4.20 per machine hour Fixed factory overhead $ 432,500 The company prepared the budget at 82% of the maximum capacity level. The department uses machine hours as the basis for applying standard factory overhead costs to production. During the year the Machining Department produced 50,000 units, consuming 127,500 machine hours and incurring $432,500 of fixed overhead. For the current year the department has a fixed overhead production volume variance, rounded to the nearest whole dollar, of: (Round your intermediate calculation to 2 decimal places.) rev: 10_22_2

Answers

Answer:

Yolkenverst Co.

Machining Department

For the current year the department has a fixed overhead production volume variance, rounded to the nearest whole dollar, of:

= $7,148.

Explanation:

a) Data and Calculations:

Maximum capacity 62,000 units

Machine hours per unit 2.50

Variable factory overhead $ 4.20 per machine hour

Fixed factory overhead $ 432,500

Planned capacity units to be produced = 50,840 units (62,000 * 82%)

Actual capacity units produced = 50,000 units

Production volume variance = 840 units (50,840 - 50,000)

Fixed factory overhead rate of maximum capacity = $6.96 ($432,500/62,000)

Standard fixed overhead rate based on planned capacity = $8.51 ($432,500/50,840)

Fixed overhead production volume variance = production volume variance * standard fixed overhead rate based on planned capacity

= 840 * $8.51

= $7,148.4

= $7,148

Heidi hired Michael as an agent to sell her house. Michael received an offer from a potential third-party buyer, but he decided not to tell Heidi because he was afraid the ridiculously low offer would insult her. Michael has breached which, if any, of the following duties?
Multiple Choice
O The duty of loyalty
O The duty to indemnify
O The duty of obedience
O The duty of notification
O Michael has not breached any duty owed Heidi; instead, as Heidiâs agent, Michael had the discretion to determine whether the offer was sufficient to justify informing her of the offer

Answers

Michael received an offer from a potential third-party buyer, but he decided not to tell Heidi because he was afraid the ridiculously low offer would insult her. Michael has breached the duty of notification.

A written provide from a dealer to a ability sponsor is called a offer. When a consumer takes into consideration elements apart from fee whilst creating a purchase, enterprise proposals are regularly an vital section withinside the complicated income process.

A idea is whilst one character shows to every other that they may be inclined to behave or chorus from appearing for you to get the alternative character's popularity of the proposed act or refraining from appearing. A idea informs the patron approximately the dealer's capacity to satisfy their needs at the same time as additionally putting the consumer's necessities in a context that advantages the dealer's items and services.

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