Stable Hydraulics Corporation's articles list an incorrect address for its incorporator. Under this circumstance, Stable is most likely O a corporation by estoppel. e a de facto corporation. O a de jure corporation. O ultra vires.

Answers

Answer 1

Under this circumstance, Stable is most likely  a corporation by estoppel. While a company presents itself to people as a corporation when it has made no endeavour to do so, the company will typically be denial of corporate status.

For this happens, the entity will only be treated as a corporation by courts when resolving disputes. A corporation's board of directors oversees management, while its shareholders are the true owners. A limited liability business that circumstance all ownership details is known as an anonymous firm. An anonymous LLC must be established in a state that permits it, and a separate individual must register it after that. Information about the company is kept confidential under the secrecy jurisdiction.

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Related Questions

Using the rule of 72 how many years will it take to double $5,000 earning 4 percent interest

Answers

The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years.

i HOPE IT'S HELP

Answer:

Explanation:

it’s 12 %

On January 1, 2021, Cori Ander Herbs granted restricted stock units (RSUs) representing 300,000 of its $1 par common shares to executives, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUs satisfy the vesting requirement, the company will distribute the shares. The common shares had a market price of $12 per share on the grant date. At the date of grant, the company anticipated that 6% of the recipients would leave the firm prior to vesting. In 2022, 2% of the options are forfeited due to executive turnover. The company chooses the option not to estimate forfeitures. What amount should the company record as compensation expense for the year ended December 31, 2022

Answers

Answer: $1,152,000

Explanation:

Compensation Expense = [(No. of RSUs * Market Value per share) * Years elapsed / Total period] - Compensation expense already recorded

Year 1 - 2021

= [ ( 300,000 * 12) * 1/3] - 0

= $1,200,000

Year 2 - 2020

2% of the options have been forfeited so the RSUs left are:

= 300,000 * ( 1 - 2%)

= 294,000 RSUs

Compensation expense = [ (294,000 * 12) * 2/3] - 1,200,000

= $1,152,000

How can camera footage help?

Answers

Answer:

camera footage are there not to invade a person's privacy but to protect the public by deterring criminal activity and by providing material evidence when a crime has been caught on film.

Explanation:

Bonita Equipment Co. closes its books regularly on December 31, but at the end of 2020 it held its cash book open so that a more favorable balance sheet could be prepared for credit purposes. Cash receipts and disbursements for the first 10 days of January were recorded as December transactions. The information is given below.
1. January cash receipts recorded in the December cash book consisting of:
Cash sales $28,000
Collections on account, for which $360 of cash discounts were given 17,640
$45,640
2. January cash disbursements recorded in the December check
register liquidated accounts $22,450
Discounts taken 250
3. The ledger has not been closed for 2017.
4. The amount shown as inventory was determined by physical count on December 31, 2017.
The company uses the periodic method of inventory.
Instructions
(A) Prepare any entries you consider necessary to correct Francis’s accounts at December 31.
(B) To what extent was Francis Equipment Co. able to show a more favorable balance sheet at December 31 by holding its cash book open? Assume that the balance sheet that was prepared by the company showed the following amounts:
Debit Credit
Cash $39,000
Accounts receivable 42,000
Inventory 67,000
Accounts payable $45,000
Other current liabilities 14,200

Answers

Answer:

Bonita Equipment Co.

A. Entries to correct Bonita's accounts at December 31:

Debit Sales revenue $28,000

Credit Cash $28,000

To reverse the cash sales of January recorded in December.

Debit Accounts Receivable $18,000

Credit Cash $17,640

Credit Cash Discounts $360

To reverse the cash receipts of January recorded in December.

Debit Cash $22,450

Debit Cash Discounts $250

Credit Accounts Payable $22,700

To reverse the cash payment of January recorded in December.

B. To some extent, Bonita was able to show a more favorable balance sheet at December 31 by holding its cash book open.  This becomes more pronounced when the working capital elements of the balance sheet are analyzed with ratios.

For example, the current and quick ratios before the above adjustments shows 2.4 and 1.4 respectively.  After the adjustments, the current and quick ratios reduced to 1.74 and 0.92 respectively.

Explanation:

a) Data and Analysis:

Cash Sales $28,000

Collections on account $17,640

Total $45,640

Cash Discounts on collections = $360

Total collections on account $18,000

Cash Disbursements:

Check for payment on account = $22,450

Discounts $250

Total disbursement $22,700

Sales revenue $28,000

Cash $28,000

Accounts Receivable $18,000

Cash $17,640

Cash Discounts $360

Cash $22,450

Cash Discounts $250

Accounts Payable $22,700

                             Before Adjustments  After Adjustments

                                   Debit     Credit    Debit     Credit

Cash                        $39,000                 $15,450($39,000 - $28,000 - $18,000 + $22,450)

Accounts receivable 42,000                  60,000 ($42,000 + $18,000)

Inventory                   67,000                   67,000

Accounts payable                  $45,000                 $67,450 ($45,000 + $22,450)

Other current liabilities             14,200                   14,200

Total                     $148,000  $59,200 $142,450 $81,650

Working capital ratios:

 Before Adjustments                            After Adjustments

Current ratio = $148,000/$59,200      $142,450/$81,650

=                                2.5                             1.74

Quick ratio = $81,000/$59,200            $75,450/$81,650

=                                1.4                              0.92

On January 1, 2021, Gundy Enterprises purchases an office building for $305,000, paying $55,000 down and borrowing the remaining $250,000, signing a 9%, 10-year mortgage. Installment payments of $3,166.89 are due at the end of each month, with the first payment due on January 31, 2021.

Required:
a. Record the purchase of the building on January 1, 2021.
b. Complete the first three rows of an amortization schedule.
c. Record the first monthly mortgage payment on January 31, 2021.
d. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan?

Answers

Answer:

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At year-end, Chief Company has a balance of $10,000 in accounts receivable of which $1,000 is more than 30 days overdue. Chief has a credit balance of $100 in the allowance for doubtful accounts before any year-end adjustments. Using the aging of accounts receivable method, Chief estimates that 1% of current accounts and 10% of accounts over thirty days are uncollectible. What is the amount of bad debt expense

Answers

Answer:

$90

Explanation:

Total accounts receivable = $10,000

Overdue accounts (30 days) = $1,000

Current account = Total accounts receivable -  Overdue accounts (30 days) = $10,000 - $1,000 = $9,000

Bad debt expense = Accounts receivable x Percentage estimated as uncollectible - Existing credit balance in accounts receivable

Bad debt expense = ($9,000 * 1%) + ($1,000 * 10%) - $100

Bad debt expense = $90 + $100 - $100

Bad debt expense = $90

Product Pricing: Single Product
Sue Bee Honey is one of the largest processors of its product for the retail market. Assume that one of its plants has annual fixed costs totaling $12,000,000, of which $4,500,000 is for administrative and selling efforts. Sales are anticipated to be 800,000 cases a year. Variable costs for processing are $30 per case, and variable selling expenses are 25 percent of selling price. There are no variable administrative expenses. If the company desires a profit of $7,500,000, what is the selling price per case? Round answer to two decimal places.
$ 0 price per case

Answers

Answer: $72.50

Explanation:

Let the selling price per case be represented by x.

Based on the information you can in the question, we will have an equation as:

(80000 × x) = 12,000,000 + 7,500,000 + (800,000 × 30) + (0.25 × 800000x

800000x = 12,000,000 + 7,500,000

+ (800,000 × 30) + (0.25 × 800000x)

800000x = 43500000 + 200000x

Collect like terms

800000x - 200000x = 43,500,000

600,000x = 43500000

x = 43,500,000 / 600,000

x = 72.50

Selling price per case is $72.50

The Bell Weather Co. is a new firm in a rapidly growing industry. The company is planning on increasing its annual dividend by 15 percent a year for the next 4 years and then decreasing the growth rate to 6 percent per year. The company just paid its annual dividend in the amount of $2.90 per share. What is the current value of one share of this stock if the required rate of return is 8.40 percent

Answers

Answer:

$130.97

Explanation:

The value of the firm can be determined by finding the present value of the dividend payments using the two stage dividend growth model

In the 2 stage dividend growth model, dividend is characterised by a fast growth. After this stage , growth in dividend becomes stable

Present value in the first year = (2.90 x 1.15) / 1.084 = $3.08

Present value in the second year = (2.90 x 1.15²) / 1.084² = $3.26

Present value in the third year = (2.90 x 1.15³) / 1.084³ = $3.46

Present value in the fourth year = (2.90 x [tex]1.15^{4}[/tex]) / [tex]1.084^{4}[/tex] = $3.67

Present value in the second stage = ($3.67 x 1.06) / (0.084 - 0.06) = $162.24

$162.24 / [tex]1.084^{4}[/tex] = $117.50

The value of the stock = sum of present values in the first stage of growth + present value in the second stage of growth

$3.08 + $3.26 + $3.46 + $3.67 +  $117.50 = $130.97

Spalding Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Spalding expects sales in January year 1 to total $120,000 and to increase 5 percent per month in February and March. All sales are on account. Spalding expects to collect 70 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 10 percent in the second month following the sale. Required Prepare a sales budget for the first quarter of year 1.

Answers

Answer:

Spalding Pointers Corporation

Sales Budget

For the first quarter of year 1.

Details                                     January             February        March  

Sales revenue ($)                   120,000              126,000       132,300

Explanation:

Before preparing the sales budget, the following are calculated first:

Expected sales in January year 1 = $120,000

Expected sales in February year 1 = Expected sales in January year 1 * (100% + Expected percentage increase) = $120,000 * (100% + 5%) = $126,000

Expected sales in March year 1 = Expected sales in February year 1 * (100% + Expected percentage increase) = $126,000 * (100% + 5%) = $132,300

The sales budge will now look as follows:

Spalding Pointers Corporation

Sales Budget

For the first quarter of year 1.

Details                                     January             February        March  

Sales revenue ($)                   120,000              126,000       132,300

The balance in the Work in Process Inventory at any point in time equals Multiple Choice the costs for jobs finished during the period but not yet sold. the manufacturing cost of jobs ordered but not yet started into production. the sum of the manufacturing costs for all jobs in process but not yet completed. the manufacturing costs of all jobs started during the period, completed or not. the sum of the materials, labor and overhead costs paid during the period.

Answers

Answer:

the sum of the costs of all jobs started but not yet completed

Explanation:

Work in process inventory can be regarded as those materials that are partially completed within a production cycle. The materials are direct labour costs as well as factory overheads, raw materials along with cost needed to develop the material till it becomes final product. It should be noted that The balance in the Work in Process Inventory at any point in time equals the sum of the costs of all jobs started but not yet completed

Which of the following is false regarding a section 83(b) election? Multiple Choice The election must be made within 30 days of the grant date. The election is an important tax-planning tool if the stock is expected to increase in value. The election freezes the value of the employee's compensation as of the grant date. If an employee leaves before the vesting date, any loss is limited to $3,000.

Answers

Answer:

D) If an employee leaves before the vesting date, any loss is limited to $3,000.

Explanation:

The 83(b) election can be regarded as

provision made under the Internal Revenue Code, which provide an option for an employee as well as startup founder to pay their taxes on the total fair market value of restricted stock within the granting time. 83(b) election can as well be applied to equity which is subjected to vesting, and Internal Revenue Service will be alerted so the body can tax the elector for the ownership at granting time instead of time of stock vesting.

It should be noted that in section 83(b) election

✓The election freezes the value of the employee's compensation as of the grant date.

✓The election must be made within 30 days of the grant date.

✓ The election is an important tax-planning tool if the stock is expected to increase in value.

What is NOT an advantage of a corporation?

A Board and shareholders may make decision with little direct knowiedge of business

B Can continue operations indefinitely (business has a long life)

C .People can buy and sell their shares of ownership without the business ending

D Easy to raise capital by selling stocks or bonds

Answers

Answer:

a

Explanation:

I think , hope this helps

Roth Inc. experienced the following transactions for Year 1, its first year of operations: Issued common stock for $80,000 cash. Purchased $240,000 of merchandise on account. Sold merchandise that cost $154,000 for $306,000 on account. Collected $252,000 cash from accounts receivable. Paid $225,000 on accounts payable. Paid $54,000 of salaries expense for the year. Paid other operating expenses of $43,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule:______.
Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance
Current $ 32,400 0.01
0−30 13,500 0.05
31−60 2,700 0.10
61−90 2,700 0.20
Over 90 days 2,700 0.50
a. Record the above transactions in general journal form and post to T-accounts.
b. Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Roth Inc. for Year 1.

Answers

Answer:

Roth Inc.

a. General Journal     Debit      Credit

1.  Cash                  $80,000

Common stock                      $80,000

To record issuance of common stock for cash.

2. Inventory         $240,000

Accounts payable               $240,000

To record the purchase of goods on account.

3. Cost of goods sold $154,000

Inventory                                $154,000

To record the cost of goods sold.

3. Accounts receivable $306,000

Sales revenue                          $306,000

To record the sale of goods on account.

4. Cash                   $252,000

Accounts receivable                   $252,000

To record the receipt of cash on account.

5. Accounts payable $225,000

Cash                                           $225,000

To record the payment of cash on account.

6. Salaries expense $54,000

Cash                                             $54,000

To record the payment of salaries.

7. Operating expenses $43,000

Cash                                            $43,000

To record the payment of other operating expenses.

8. Bad Debts Expense $3,159

Allowance for Doubtful Accounts $3,159

To record bad debts expense for the year.

T-accounts:

Cash

Account Titles               Debit        Credit

Common stock            $80,000

Accounts receivable $252,000

Accounts payable                      $225,000

Salaries expense                            54,000

Operating expenses                      43,000

Balance                                           10,000

Accounts receivable

Account Titles               Debit        Credit

Sales revenue        $306,000

Cash                                             $252,000

Balance                                             54,000

Inventory

Account Titles               Debit        Credit

Accounts payable     $240,000

Cost of goods sold                   $154,000

Balance                                         86,000  

Accounts payable

Account Titles               Debit        Credit

Inventory                                     $240,000

Cash                        $225,000

Balance                         15,000

Common stock

Account Titles               Debit        Credit

Cash                                             $80,000

Sales revenue

Account Titles               Debit        Credit

Accounts receivable                 $306,000

Cost of goods sold

Account Titles               Debit        Credit

Inventory                  $154,000

Salaries expense

Account Titles               Debit        Credit

Cash                         $54,000

Operating expenses

Account Titles               Debit        Credit

Cash                         $43,000

Bad Debts Expense

Account Titles               Debit        Credit

Allowance for

Doubtful Accounts     $3,159

Allowance for Doubtful Accounts

Account Titles               Debit        Credit

Bad Debts Expense                      $3,159

b. Income Statement for the year 1 ended December 31:

Sales revenue                         $306,000

Cost of goods sold                    154,000

Gross profit                             $152,000

Expenses:

Salaries expense     54,000

Operating expense 43,000

Bad debts expense   3,159    $100,159

Net operating income              $51,841

Statement of changes in stockholders' equity:

Common Stock         $80,000

Net operating income  51,841

Total Equity               $131,841

Balance Sheet as of December 31:

Assets:

Cash                                         $10,000

Accounts receivable 54,000

Allowance for

doubtful accounts      3,159     50,841

Inventory                                  86,000

Total assets                           $146,841

Liabilities and Equity:

Accounts payable                  $15,000

Equity                                     $131,841

Total liabilities and equity    $146,841

Statement of Cash Flows for the year 1 ended December 31:

Operating activities:

Net operating income              $51,841

Add non-cash expense               3,159

Working-capital:

Accounts receivable               -54,000

Inventory                                 -86,000

Accounts payable                    15,000

Net operating cash flow      $(70,000)

Financing activities:

Common stock                     $80,000

Net cash flows                      $10,000

Reconciliation:

Ending cash balance            $10,000

Beginning cash balance        0

Increase in net cash flows   $10,000

Explanation:

a) Data and Transaction Analysis:

1. Cash $80,000 Common stock $80,000

2. Inventory $240,000 Accounts payable $240,000

3. Cost of goods sold $154,000 Inventory $154,000

3. Accounts receivable $306,000 Sales revenue $306,000

4. Cash $252,000 Accounts receivable $252,000

5. Accounts payable $225,000 Cash $225,000

6. Salaries expense $54,000 Cash $54,000

7. Operating expenses $43,000 Cash $43,000

8. Bad Debts Expense $3,159 Allowance for Doubtful Accounts $3,159

Aging of Accounts Receivable:

Number of Days   Amount    Percent Likely to    Allowance

    Past Due                            Be Uncollectible      Balance

Current              $ 32,400                  0.01                 $324

0−30                      13,500                  0.05                  675

31−60                      2,700                  0.10                   270

61−90                      2,700                  0.20                  540

Over 90 days         2,700                  0.50                1,350

Total                  $54,000                                        $3,159

Trial balance

Cash                         $10,000

Accounts receivable 54,000

Allowance for doubtful accounts $3,159

Inventory                   86,000

Accounts payable                         15,000

Common stock                            80,000

Sales revenue                           306,000

Cost of goods sold 154,000

Salaries expense     54,000

Operating expense 43,000

Bad debts expense   3,159

Totals                   $404,159  $404,159

Waterway Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms.

a. Shamrock Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Shamrock Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $469. The standalone selling price of the tablet is $230 (the cost to Shamrock Company is $157). Shamrock Company sells the Internet access service independently for an upfront payment of $292. On January 2, 2017, Shamrock Company signed 100 contracts, receiving a total of $46,900 in cash.

b. Shamrock Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $574. Shamrock Company provides the 3-year tablet service plan as a separate product with a standalone selling price of $145. Shamrock Company signed 220 contracts for Shamrock Bundle B on July 1, 2017, receiving a total of $126,280 in cash.

Required:
a. Prepare any journal entries to record the revenue arrangement for Headland Bundle A on January 2, 2017, and December 31, 2017.
b. Prepare any journal entries to record the revenue arrangement for Headland Bundle B on July 1, 2017, and December 31, 2017.

Answers

Answer:

Waterway or Shamrock Company

Journal Entries:

Bundle A:

Debit Cash $46,900

Credit Tablet Revenue $20,665

Credit Annual Internet Access Revenue $8,745

Credit Deferred Revenue: Internet Access $17,490

To record revenue from Bundle A.

Debit Cost of Sale of Tablets $15,700

Credit Tablet Inventory $15,700

To record the cost of tablets sold.

Bundle B:

Debit Cash $126,280

Credit Tablet Revenue $43,545

Credit Annual Tablet Service Plan $9,151

Credit Annual Internet Access Revenue $18,428

Credit Deferred Revenue: Service Plan $18,300

Credit Deferred Revenue: Internet Access $36,856

To record revenue from Bundle B.

Debit Cost of Sale of Tablets $34,540

Credit Tablet Inventory $34,540

To record the cost of tablets sold.

Explanation:

a) Data and Calculations:

Bundle A contract = $469

Tablet standalone selling price = $230 (Total = $23,000 ($230 * 100)

Cost of tablet = $157 (Total costs of 100 tablets = $15,700)

Internet access service standalone selling price = $292 (Total = $29,200)

Total standalone selling price per bundle = $522 (Total = $52,200)

Contracts signed = 100

Revenue received = $46,900

Revenue from Tablet = $23,000/$52,200 * $46,900 = $20,665

Revenue from Internet Access = $29,200/$52,200 * $46,900 = $26,235

Annual interest access = $8,745 ($26,235/3)

Bundle B contract = $574

Tablet standalone selling price = $230 (Total = $50,640 ($230 * 220)

Cost of tablet = $157 (Total costs = $34,540 ($257 * 220)

3-year Tablet Service Plan standalone selling price = $145 (Total = $31,900 ($145 * 220)

Internet access service standalone selling price = $292 (Total = $64,240 ($292 * 220)

Total standalone selling price per bundle = $667 (Total = $146,740 ($667 * 220)

Contracts signed = 220

Revenue received = $126,200

Revenue from Tablet = $50,600/$146,740 * $126,280 = $43,545

Revenue from 3-year Tablet Service Plan = $31,900/$146,740 * $126,280 = $27,452

Annual revenue = $9,151 ($27,452/3)

Revenue from Internet Access = $64,240/$146,740 * $126,280 = $55,283

Annual revenue from internet access = $18,428 ($55,283/3)

In an effort to reduce costs, many regional power companies want to lower their safety stock of electricity transformers. To support this desire, a large transformer OEM will store safety stock of transformers in a FedEx warehouse in Memphis, Tennessee in order to insure quick air delivery to any of these is power companies should the need arise. This collaboration will result in lower overall inventory across the supply chain, making it possible for all parties to lower their costs.
1. The OEM has signed up 14 power companies on this rapid replenishment program. On average, each of these power companies used to hold 38 transformers in their safety stock. In total, how many transformers would these companies hold?
2. To maintain the same service level after this transition, how many units (transformers) would the OEM need to hold (or pool) in the FedEx warehouse?
3. After making this change for these power companies and OEM, by how many units (transformers) will inventory go down?
4. By what percentage would their inventory decrease by consolidating their inventory from the dealerships into the warehouse?

Answers

Answer:

1. Total transformers held by power companies = 532

2. The total units of transformers that OEM needs to hold in the FedEx warehouse = 38

3. The inventory of transformers will go down by 494.

4. The percentage of the decrease = 93%.

Explanation:

Power companies signed up on the rapid replenishment program = 14

Average number of transformers held in safety stock by each power company = 38

Total number of transformers in safety stock = 532 (14 * 38)

Number of transformers needed in the FedEx warehouse = 38

Inventory will go down by 494 (532 - 38)

Percentage of inventory decrease = 93% (494/532 * 100)

If you owned a trade secret, what methods would you employ to protect it?

Answers

Answer:

You would restrict access to the information,advise new employees and you would have an agreement with employees abd business partners.

Selected financial data for Quick Sell, Inc., a retail store, appear as follows.
Year 2 Year 1
Sales (all on account) $ 750,000 $ 610,000
Cost of goods sold 495,000 408,000
Average inventory during the year 110,000 102,000
Average receivables during the year 150,000 100,000
a-1. Compute the gross profit percentage for both years. (Round your percentage answers to the nearest whole number. i.e. 0.1234 as 12%.)
a-2. Compute the inventory turnover for both years. (Round your answers to 1 decimal place.)
a-3. Compute the accounts receivable turnover for both years. (Round your answers to 1 decimal place.)
b. Which of the following show a positive or negative trend?
Year 1 Year 2
Gross profit percentage % %
Inventory turnover times times
Accounts receivable turnover times times
Trend
Gross profit rate
Inventory turnover
Accounts receivable turnover
Growth in net sales

Answers

Answer:

a-1

Year 2 34%

Year 1 33%

a-2

Year 2 4.5

Year 1 4.0

a-3

Year 2 5.0

Year 1 6.1

b. Year 2

Explanation:

a-1. Computation for the gross profit percentage for both years using this formula

Gross profit percentage = Gross profit / Sales

Let plug in the formula

Year 2 =( $ 750,000-495,000)/$ 750,000 = 34%

Year 1 = ($ 610,000-$408,000)/$ 610,000 = 33%

a-2. Computation for the inventory turnover for both years using this formula

Inventory turnover = Cost of goods sold / Average inventory during the year

Let plug in the formula

Year 2 = 495,000 /110,000 = 4.5

Year 1 = 408,000/102,000= 4.0

a-3. Computation for the accounts receivable turnover for both years using this formula

Accounts receivable turnover = Sales (on account) / Average receivables during the year

Let plug in the formula

Year 2 = $ 750,000 /150,000 = 5.0

Year 1 = $ 610,000 /100,000 = 6.1

b. Based on the above calculation Year 2 show a positive trend.

During the month of September, the following transactions occurred. The applicable sales tax rate is 6%.
Sept. 2 Sold merchandise on account to Sam Larson, $1,400, plus sales tax.
7 Sold merchandise on account to David Mitchell, $1,900, plus sales tax.
12 Issued credit memorandum to Sam Larson for $689, including sales tax of $39.
22 Sold merchandise on account to Matt Feustal, $500, plus sales tax.
28 Sold merchandise on account to Ana Cardona, $850, plus sales tax.
Enter the transactions in the general journal.

Answers

Answer:

Sept. 2

Dr Accounts Receivable-Sam Larson 1484

Cr Sales 1400

Cr Sales Tax Payable 84

Sept. 7

Dr Accounts Receivable-David Mitchell 2014

Cr Sales 1900

Cr Sales Tax Payable 114

Sept. 12

Dr Sales Returns and Allowances 650

Dr Sales Tax Payable 39

Cr Accounts Receivable-Sam Larson 689

Sept. 22

Dr Accounts Receivable-Matt Feustal 530

Cr Sales 500

Cr Sales Tax Payable 30

Sept. 28

Dr Accounts Receivable-Ana Cardona 901

Cr Sales 850

Cr Sales Tax Payable 51

Explanation:

Preparation of the general journal entries

Sept. 2

Dr Accounts Receivable-Sam Larson 1484

(1400+84)

Cr Sales 1400

Cr Sales Tax Payable 84

(1400*6%)

Sept. 7

Dr Accounts Receivable-David Mitchell 2014

(1900+114)

Cr Sales 1900

Cr Sales Tax Payable 114

(1900*6%)

Sept. 12

Dr Sales Returns and Allowances 650

(689-39)

Dr Sales Tax Payable 39

Cr Accounts Receivable-Sam Larson 689

Sept. 22

Dr Accounts Receivable-Matt Feustal 530

(500+30)

Cr Sales 500

Cr Sales Tax Payable 30

(500*6%)

Sept. 28

Dr Accounts Receivable-Ana Cardona 901

(850+51)

Cr Sales 850

Cr Sales Tax Payable 51

(850*6%)

At December 31 of the current year, Sunland Corporation had a number of items that were not reflected in its accounting records. Maintenance and repair costs of $900 were incurred but not paid. Utilities costing $370 were used but not paid, and use of a warehouse space worth $2,070 was provided to a tenant who had not been billed as of the end of the month. Record the required adjusting entries related to these events.

Answers

Answer:

Dr Maintenance and repair expense  $900

Cr Accrued expense   $900

Being entries to record maintenance and repair costs incurred

Utilities costing $370 were used but not paid

Dr Utilities expense  $900

Cr Accrued expense   $900

Being entries to record utilities used but unpaid for

use of a warehouse space worth $2,070 was provided to a tenant who had not been billed as of the end of the month

Dr Unbilled receivables    $2,070

Cr Rental Income       $2,070

Being entries to recognize income from warehouse space unbilled

Explanation:

When an expense is incurred but unpaid for, an accrual is recognized to capture the cost. For income earned but unbilled, unbilled receivable is recognized. This is based on the accrual concept.

Considering the transactions given

Maintenance and repair costs of $900 were incurred but not paid

Dr Maintenance and repair expense  $900

Cr Accrued expense   $900

Being entries to record maintenance and repair costs incurred

Utilities costing $370 were used but not paid

Dr Utilities expense  $900

Cr Accrued expense   $900

Being entries to record utilities used but unpaid for

use of a warehouse space worth $2,070 was provided to a tenant who had not been billed as of the end of the month

Dr Unbilled receivables    $2,070

Cr Rental Income       $2,070

Being entries to recognize income from warehouse space unbilled

what is geography
[tex]draw \: the \: graph \: of \: \sin(x + 3) [/tex]

Answers

Answer and Explanation:

In a nutshell, we can say that geography is the science that studies physical space and its elements, and their relationship with human beings. This physical space, corresponds to the planet earth and everything that is formed in it and everything that is formed by it. This term also refers to outer space and all its elements. in this way, geography was able to determine the space between regions, the vegetative composition of a place, the urban composition of a place, the influence of the atmosphere on living beings, how the stars are formed, how the climate of a region is impacted by atmospheric changes, among others.

At the end of June, the Marquess Company factored $200,000 in accounts receivable with Homemark Finance. Homemark immediately remitted to Marquess cash equal to 90% of the factored amount. Factor will remit the excess to Marquess, an the remaining receivables has the estimated fair value of $15,000. The transfer is made without recourse. Homemark charges a fee of 3% of receivables factored. What amount of loss on sale of receivables would Marquess record in June?
a. $6,000.
b. $4.500.
c. $1,500.
d. $0.

Answers

Answer:

a. $6,000

Explanation:

Calculation to determine What amount of loss on sale of receivables would Marquess record in June

Using this formula

Loss on sale of receivables=Accounts receivable factored *Fee percentage of receivables factored

Let plug in the formula

Loss on sale of receivables =$200,000 × 3%

Loss on sale of receivables = $6,000

Therefore the amount of loss on sale of receivables that Marquess would record in June is $6,000

Exercise 8-9 Petty cash fund with an overage LO P2 EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along with receipts for the following expenditures: transportation-in, $120; postage expenses, $369; and miscellaneous expenses, $240. The petty cashier could not account for a $5 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund [Hint: Credit Cash Over and Short for $5 and credit Cash for $724], and (3) June 1 entry to increase the fund to $1,200.

Answers

Answer:

1. May 2

Petty cash $1,050

Cash $1,050

2.May 30

Dr Merchandise inventory $120

Dr Postage Expense $369

Dr Miscellaneous expenses $240

Cr Cash over and short $5

Cr Cash $724

3. June 1

Petty Cash $150

Cash $150

Explanation:

1. Preparation of the May 2 entry to establish the funds

May 2

Petty cash $1,050

Cash $1,050

(Being to establish the funds)

2. Preparation of May 30 entry to reimburse the fund

May 30

Dr Merchandise inventory $120

Dr Postage Expense $369

Dr Miscellaneous expenses $240

Cr Cash over and short $5

Cr Cash $724

($120+$369+$240-$5)

(Being to reimburse the fund )

3. Preparation of June 1 entry to increase the fund to $1,200.

June 1

Petty Cash $150

Cash $150

($1,200-$1,050)

(Being to increase the fund)

The plant manager has asked you to do a cost analysis to determine when currently owned equipment should be replaced. The manager stated that under no circumstances will the existing equipment be retained longer than two more years and that once it is replaced, a contractor will provide the same service from then on at a cost of $97,000 per year. The salvage value of the currently owned equipment is estimated to be $37,000 now, $30,000 in 1 year, and $19,000 two years from now. The operating cost is expected to be $85,000 per year. Using an interest rate of 10% per year, determine when the defending equipment should be retired. Annual Worth of Defender, Year 1

Answers

Answer:

Year 1 Annual Worth of Defender -$95,700

Explanation:

Calculation to determine when the defending equipment should be retired

Year 1 Total Annual worth=-$37,000(AP 10%,1)-$85,000+($30,000 (AP 10%,1)

Year 1 Total Annual worth=-$37,000(1.10)-$85,000+$30,000(1.000)

Year 1 Total Annual worth= -$95,700

Therefore Total Annual worth of currently owned equipment for year 1 is -$95,700

Year 2 Total Annual worth=-$37,000(AP 10%,2)-$85,000+($30,000 (AP 10%,2)

Year 2 Total Annual worth=-$37,000(0.57619)-$85,000+$19,000(0.47619)

Year 2 Total Annual worth=-$97,217

Therefore the Total Annual worth of currently owned equipment for year 2 is $-97,271

Therefore Based on the above calculation the

the economic service life of equipment will be year 1 reason been that Year 1 Total annual worth of costs of the amount of -$95,700 is lesser in a situation where the equipment is been retained for 1 year.

During 2019, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business:
Item Date Acquired Cost
Manufacturing equipment (7 year) June 2 $40,000
Office furniture September 15 $6,000
Office computer November 18 $2,000
Passenger automobile
(used 90 percent for business) May 31 $54,000
Warehouse June 23
Building $165,000
Land $135,000
Pepe uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense or take a bonus depreciation. Use Form 4562 to report Pepe's depreciation expense for 2019.
Enter all amounts as positive numbers. If required, round to the nearest dollar. If an amount is zero, enter "0."

Answers

Answer:

Depreciation Expense for 2019 using form 4562

Basis For depreciation; Recovery Period ; Convention ; Method ; Depreciation deduction

2,000 ; 5 years ; HY ; 200 DB ; 400

40,000 ; 7 years ; HY ; 200 DB ; 6,573

Explanation:

Accelerated method of depreciation is used by businesses for accounting and income tax purposes. The depreciation is calculated in such a way that the depreciation expense is higher in early years and lower in later years. Pepe is also using this method to account for his business assets. The depreciation expense for computer equipment and manufacturing equipment's totals $6,973.

what is meant by price discrimination and why is it important to monopolies?

Answers

Answer:

A discriminating monopoly is a single entity that charges different prices—typically, those that are not associated with the cost to provide the product or service—for its products or services for different consumers. Non-discriminating monopolies, on the other hand, do not engage in such a practice.

Compute the Z-scores for the second observation of the following data values: X: 462 490 350 294 574

Answers

Answer:

0.5

Explanation:

Zscore = (x - mean) / standard deviation

Given the data:

X : 462 490 350 294 574

The second observation = 490

The mean and standard deviation of the data could be obtained using a calculator :

Mean = 434

standard deviation = 112

ZSCORE = (490 - 434) / 112

ZSCORE = 56 / 112

ZSCORE = 0.5

Calculate free cash flow for 2017 for Monarch Textiles, Inc., based on the financial information that follows. Assume that all current liabilities are non-interest-bearing liabilities and that no fixed assets were sold or disposed of during 2017. (Enter your answer in 1000s.) Monarch Textiles, Inc. ($ thousands) Income statement Selected balance sheet items 2017 2016 2017 Sales 1,580 Current assets 460 640 Cost of sales 860 Net fixed assets 164 328 Operating expenses 180 Current liabilities 280 360 Depreciation 82 Interest expense 50 Earnings before taxes 408.00 Tax 163.20 Net income 244.80

Answers

Answer:

See below

Explanation:

Computation of free cash flow for Monach textiles, 2017

EBIT = EBT + Interest expense EBIT

EBIT = $408 + $50

EBIT = $458

Tax rate = Tax / EBT

Tax rate = $163.20 / $408

Tax rate = 0.4 = 40%

Operating cash flow = EBIT × (1 - Tax rate) + Depreciation - Change in net working capital - Capital expenditure

= $458 × (1 - 0.4) + $82 - ($640 - $360) - ($460 - $280)

= $274.8 + $82 - $280 - $180

= $274.8 + $92 - $100

= $256.8

First National Bank of America has more than 75% of its assets in first residential fixed-rate mortgages that mature in more than 5 years. Suppose that a 12-month Gap Analysis predicts a decrease in 2021 interest income of $3 million if there is a sudden 1% drop in market interest rates. From your knowledge of the practical flaws in gap analysis, a realistic simulation analysis would predict that:_______.
1. Interest income will drop by more than $3 million for a sudden 1% drop in market interest rates
2. Interest income will drop by less than $3 million for a sudden 1% drop in market interest rates

Answers

Answer:

2. Interest income will drop by less than $3 million for a sudden 1% drop in market interest rates

Explanation:

Since in the question it is mentioned that there is decrease in 2021 interest income of $3 million in the case when there is a sudden decline of 1% in the rate of interest of the market this is due to the convexity of the curve as the GAP analysis and assume straight line

So the option 2 is correct

Freemore Company has the following sales budget for the last six months of 2018: July $206,000 October $181,000 August 168,000 November 203,000 September 209,000 December 185,000 Sales are immediately due, however the cash collection of sales, historically, has been as follows: 55% of sales collected in the month of sale, 35% of sales collected in the month following the sale, 7% of sales collected in the second month following the sale, and 3% of sales are uncollectible. Cash collections for September are ________. $126,710 $199,930 $188,170 $173,750

Answers

Answer:

the cash collection for the September month is $188,170

Explanation:

The computation of the cash collection for the September month is given below:

= September collection  + August collection + July collection

= $209,000 ×0.55 + $168,000 × 0.35 + $206,000 × 0.07

= $114,950 + $58,800 + $14,420

= $188,170

hence, the cash collection for the September month is $188,170

Therefore the third option is correct

Prepare a bank reconciliation for Cole Co. assuming the following as of May 31. Use the worksheet provided in the Ch 7 Module: 1) The company's cash account as a debit balance of: $95,250 2) The bank statement shows a balance of: $82,500 3) April 30 outstanding checks: $11,317 5) A credit memorandum was received by the bank, but not recorded by Cole Co. by May 31 a) Cash collected by the bank: $18,000 b) Collection fee deducted by bank: $45 6) Check 1115 was written and drawn for $1,350 but was erroneously entered in the accounting records as $1,050. The check was for rent. 7) May 31st daily cash sales were deposited but did not appear on the May 31 bank statement. $41,750 8) Interest earned, but not recorded:

Answers

Answer:

Cole Co.

Bank Reconciliation Statement

Balance as per cash account adjusted $112,933

add uncredited deposits                             11,317

less Outstanding checks                         -41,750

Balance as per bank statement            $82,500

Explanation:

a) Data and Calculations:

Cash account debit balance = $95,250

Bank statement balance = $82,500

Outstanding checks = $11,317

Credit memorandum $18,000

Collection fee $45

Check 1115 for Rent Expense of $1,350 transposed as $1,050 = $300 ($1,350 - $1050)

Uncredited deposits = $41,750

Interest earned = $28

Cash Account Adjustment:

Cash account debit balance        $95,250

Debit:

Credit memorandum                      18,000

Interest earned                                      28

Credit:

Collection fee                                       -45

Rent Expense (understated)             -300

Adjusted cash account balance $112,933

b) The bank reconciliation statement above was prepared after adjusting the cash account with items that were recorded by the bank but not recorded by Cole Co. and other misstatements.  With the adjusted cash account balance, the bank reconciliation was then carried out with the items that were not recorded by the bank.  The resulting figure should agree with the bank statement balance.

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