In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence a country's economy.
What is the meaning of Fiscal Policy?Fiscal policy is the term used to describe how the government uses taxation and spending to influence the economy. Governments frequently utilize fiscal policy to promote strong, long-term growth as well as to reduce poverty.
Fiscal policy refers to the tax and spending plans of the federal government. Fiscal policy decisions are largely made by the Administration and Congress with little input from the Fed.
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In keeping with a modernization of corporate statutes in its home state, UMC Corporation decided in 2021 to discontinue accounting for reacquired shares as treasury stock. Instead, shares repurchased will be viewed as having been retired, reassuming the status of unissued shares. As part of the change, treasury shares held were reclassified as retired stock. At December 31, 2020, UMCâs balance sheet reported the following shareholdersâ equity:
($ in millions)
Common stock, $1 par $200
Paid-in capitalâexcess of par 800
Retained earnings 956
Treasury stock (4 million shares at cost) (25)
Total shareholdersâ equity $1,931
Required:
Identify the type of accounting change this decision represents and prepare the journal entry to effect the reclassification of treasury shares as retired shares.
Answer:
UMC Corporation has change its treatment of shares repurchase from treasury shares to shared being retired on purchase. This change is known as change in accounting principle.
Date General Journal Debit'mil Credit'mil
Dec 31 Common stock (4*$1) $4
Paid-in-capital-excess of par $16
(800/200)*4
Retained earnings (25-20) $5
Treasury stock $25
(To record reclassification of treasury shares as retired shares)
Manson Industries incurs unit costs of $6 ($4 variable and $2 fixed) in making an assembly part for its finished product. A supplier offers to make 13,500 of the assembly part at $5 per unit. If the offer is accepted, Manson will save all variable costs but no fixed costs.
Required:
Prepare an analysis showing the total cost saving, if any, Manson will realize by buying the part.
Answer:
Explanation:
Make Buy Net income
Variable manufacturing costs $54,000 $0 $54,000
Fixed manufacturing costs $27,000 $27,000 $0
Purchase price $0 $67,500 -$67,500
Total annual cost $81,000 $94,500 -$13,500
Conclusion: Manson Industries should make the part as making part save cost than buying it.
Workings
Make Buy
Variable manufacturing costs 13500*4 0
Fixed manufacturing costs 13500*2 13500*2
Purchase price 0 13500*5
The high premiums paid to LBO target shareholders reflect the tax benefits associated with the high leverage of such transactions and the improved operating efficiency
a. True
b. False
Answer:
false
Explanation:
Leveraged buyout is when a distressed company is acquired using a high level of debt. the high premiums paid is as a result of the high riskiness associated with leveraged buyouts.
Some of the reasons for conducting a leveraged buyout includes :
to turn a public company privateto conduct a change of ownership to spin off a portion of the companyconsumers that expect the price of a good to go up are likely to
a. wait to buy the good
b. demand more of the good
c. buy the good Now
d. buy a substitute
Answer:
c. Buy now
Explanation:
Since they know that the price would go up in the future, they would better off buying now
A schedule of machinery owned by Waterway Industries is presented below:
Total Cost Estimated Salvage Value Estimated Life in Years
Machine X $593000 $40000 14
Machine Y 816000 82000 10
Machine Z 301000 61000 6
Waterway computes depreciation by the composite method. The composite rate of depreciation (in percent) for these assets is :_________
a. 8.44.
b. 8.94.
c. 13.74.
d. 10.17.
Answer:
b. 8.94%
Explanation:
Cost Salvage Depreciable cost Life Depreciation
Machine X 593,000 40,000 553,000 14 39,500
Machine Y 816,000 82,000 734,000 10 73,400
Machine Z 301,000 61,000 240,000 6 40,000
1,710,000 1,527,000 152,900
Composite Rate = Total Depreciation/Total Cost
Composite Rate = 152,900 / 1,710,000
Composite Rate = 0.089415205
Composite Rate = 8.94%
A candy company has 115 pounds of cashews and 140 pounds of peanuts which they combine into two different mixes. The deluxe mix has half cashews and half peanuts and sells for $7 per pound. The economy mix has one third cashews and two thirds peanuts and sells for $4.70 per pound. How many pounds of each mix should be prepared for maximum revenue?
Answer:
you should prepare 180 pounds of the deluxe mix and 75 pounds of the economy mix
Explanation:
maximize 7d + 4.7e
constraints
0.5d + ¹/₃e ≤ 115
0.5d + ²/₃e ≤ 140
d ≥ 0
e ≥ 0
d and e are integers
using solver, the maximum profit is 180d + 75e, and the maximum profit is $1,612.50
If someone is found to be participating
in Insider Trading, the result could be
A. a promotion
B. award-winning
C. jail time
Answer:
jail time will be a perfect answer for your question.
there is a complementarity between passenger and freight transport system. with some exceptions, such as busses and pipelines, most transport modes have developed to handle both freight and passenger traffic. in some cases both are carried in the same vehicle and in some cases the different modes join to deliver a complete service. what are the advantages of joint operations?
Some of the advantages of the joint operations are:
access to new markets and distribution networks.increased capacity.sharing of risks with a partner.access to new knowledge and expertiseaccess to greater resources etc.What does joint operations means in transportation?In transportation, joint operations typically refers to the coordination and cooperation between multiple transportation providers or agencies in order to provide more efficient and comprehensive service to customers.
This can include sharing resources, coordinating scheduling and routing, and cooperating on marketing and fare structures. This operations can take many forms, such as partnerships between bus and rail companies, or between public and private transportation providers.
The main goal of this operation is often to provide more seamless and convenient transportation options for customers, and to make more efficient use of resources.
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You are in the process of deciding whether or not to launch a new product. In year 3 of your analysis you project pro forma sales of $4,000,000 and cost of goods sold of $3,800,000. You will be depreciating a $300,000 machine for 5 years using straight-line depreciation. Your tax rate is 27%. Finally, you expect working capital to change from $220,000 in year 2 to 320,000 in year 3. What is your pro forma free cash flow for year 3
Answer:
net cash flow $62,200
Explanation:
The computation of the pro forma free cash flow for the year 3 is given below:
Pro forma sales $4,000,000
less cost of goods sold -$3,800,000
Profit before tax and depreciation $200,000
less Depreciation ($300,000 ÷ 5) $60,000
Profit before tax $140,000
less tax at 27% -$38,700
Profit after tax $102,200
add Depreciation $60,000
less change in working capital ($320,000 - $220,000) -$100,000
net cash flow $62,200
Who collects income tax that is payable to the federal government?
Income tax that is payable to the federal government is collected by the
.
Answer:
Explanation:
Internal Revenue Service (IRS). The IRS is a federal agency within the U.S. Department of Treasury that is responsible for enforcing the federal tax laws and collecting taxes from individuals and businesses. The IRS also provides taxpayers with guidance on their tax obligations and assists them with filing their taxes.
It is responsible for ensuring compliance with the tax laws and enforcing penalties if individuals or organizations fail to pay the taxes they owe. Additionally, the IRS provides taxpayer services to assist individuals and businesses with understanding and meeting their tax obligations.
Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $150,000; total liabilities, $98,000; Turner, Capital, $4,500; Roth, Capital, $15,000; and Lowe, Capital, $32,500. The cash proceeds from selling the assets were sufficient to repay all but $38,000 to the creditors.
Required:
a. Calculate the loss from selling the assets.
b. Allocate the loss from part a to the partners.
c. Determine how much, if any, each partner should contribute to the partnership to cover any remaining capital deficiency.
Answer:
Turner, Roth, and Lowe Partnership
a. The Loss from selling the assets = $90,000
b. Allocation of the loss to the partners:
Turner = $18,000 (2/10 * $90,000)
Roth = $27,000 (3/10 * $90,000)
Lowe = $45,000 (5/10 * $90,000)
c. Capital contribution by partners to cover capital deficiency:
Turner Roth Lowe Total
Capital contribution $13,500 $12,000 $12,500 $38,000
Explanation:
a) Data and Calculations:
Total assets, $150,000
Total liabilities, $98,000
Turner, Capital, $4,500
Roth, Capital, $15,000
Lowe, Capital, $32,500
Liabilities + Equity $150,000
Cash proceeds from sale of assets = $60,000 ($98,000 - $38,000)
Loss from selling the assets = $90,000 ($150,000 - $60,000)
Loss sharing ratio = 2:3:5
Loss sharing:
Turner = $18,000 (2/10 * $90,000)
Roth = $27,000 (3/10 * $90,000)
Lowe = $45,000 (5/10 * $90,000)
Capital Deficiency =
Turner Roth Lowe
Capital accounts $4,500 $15,000 $32,500
Loss sharing (18,000) (27,000) (45,000)
Capital Deficiency ($13,500) ($12,000) ($12,500)
Capital contribution $13,500 $12,000 $12,500
b) After contributing to the capital deficiencies to the tune of $38,000, the remaining liabilities will be settled.
On January 2, 2021, Tobias Company began using straight-line depreciation for a certain class of assets. In the past, the company had used double-declining-balance depreciation for these assets. As of January 2, 2021, the amount of the change in accumulated depreciation is $46,500. The appropriate tax rate is 25%. The separately reported change in 2021 earnings is: Multiple Choice An increase of $46,500. A decrease of $46,500. An increase of $34,875. None of these answer choices are correct.
Answer: None of these answer choices are correct.
Explanation:
Based on the information given, it should be noted that the separately reported change in 2021 earnings will be option D "None of these answer choices are correct".
We should note that the change in the depreciation method will be reported prospectively. Therefore isn't any separately reported change in the earnings.
Therefore, the correct option is D
“Every agreement and promise enforceable at law are a contract”
There are different types of Contracts based on enforceability, formation, and performance. Explain all the types with examples.
Answer:
Explanation:
Contract:- A contract is an agreement between two or more parties. It is a written or legal agreement.
Thus for the formation of a contract, there must be-
a) an agreement
b) the agreement should be enforceable by law
All agreements are not enforceable by law and therefore, all agreements are not contracts. Some agreements are not enforceable by law.
Classification of Contracts
According to validity
Valid Contract
Illegal Contract
Void Contracts
Unenforceable Contract
According to Formation
Expressive Contract
Implied Contract
Quasi Contract
E-Contract
According to Performance
Executed Contract
Executory Contract
Unilateral Contract
Bilateral Contract
Valid Contract - Enforceable by a court of law
Void Contract - Not enforceable by a court of law
Illegal Contract - Void and forbidden by law
Unenforceable contract - Not enforceable by a court of law due to some technical error in the contract.
Express Contract - The contract is expressed through words whether oral or written
Implied Contract - When a contract is created by action or implication of law
Quasi Contract - The contract is expressed through words whether oral or written
E- contract - The contract is expressed through words whether oral or written.
Executed Contract - Performance did on part of all parties
Executory Contract - Performance is pending by one or more parties
Bilateral Contract - Performance is pending by both parties
Unilateral Contract - Performance is pending by one party
a business that is making a profit is said to be
Answer: the answer is “in the black” i just did this test
Explanation:
In each of the following four cases, MRP L and MRP C refer to the marginal revenue products of labor and capital, respectively, and P L and P C refer to their prices. Indicate in each case whether the conditions are consistent with maximum profits for the firm. If not, state which resource(s) should be used in larger amounts and which resource(s) should be used in smaller amounts.
a. MRPL = $8; PL = $4; MRPC = $8; PC = $4
1. These conditions are consistent with maximum profits for the firm.
True or False
2. Which resource should be used in larger and/or smaller amounts?
a- Use less of both
b. Conditions are already consistent
c. Use more of both
d. Use less labor and more capital
e. Use more labor and less capital
b. MRPL = $10; PL = $12; MRPC = $14; PC = $9
1. These conditions are consistent with maximum profits for the firm.
True / False
2. Which resource should be used in larger and/or smaller amounts?
a- Use less of both
b- Conditions are already consistent
c- Use more of both
d- Use less labor and more capital
e- Use more labor and less capital
c. MRPL = $6; PL = $6; MRPC = $12; PC = $12
Answer:
a-1. True, these conditions are consistent with maximum profits for the firm.
a-2. The correct option is b. Conditions are already consistent.
b-1. False, these conditions are NOT consistent with maximum profits for the firm.
b-2. The correct option is e- Use more labor and less capital.
c-1. True, these conditions are consistent with maximum profits for the firm.
c-2. The correct option is b. Conditions are already consistent.
d-1. False, these conditions are NOT consistent with maximum profits for the firm.
d-2. The correct option is d- Use less labor and more capital.
Explanation:
Note: This question is not complete as question c is not complete and question d is omitted completely. To complete this question, questions c and d are therefore provided before answering the question as follows:
c. MRPL = $6; PL = $6; MRPC = $12; PC = $12
1. These conditions are consistent with maximum profits for the firm.
True / False
2. Which resource should be used in larger and/or smaller amounts?
a- Use less of both
b- Conditions are already consistent
c- Use more of both
d- Use less labor and more capital
e- Use more labor and less capital
d. MRPL = $22; PL = $26; MRPC = $16; PC = $19
1. These conditions are consistent with maximum profits for the firm.
True / False
2. Which resource should be used in larger and/or smaller amounts?
a- Use less of both
b- Conditions are already consistent
c- Use more of both
d- Use less labor and more capital
e- Use more labor and less capital
The explanation of the answers is now provided as follows:
The condition for the profit maximization of a firm is as follows:
MRPL / PL = MRPC / PC ……………………………. (1)
Therefore, we have:
a. MRPL = $8; PL = $4; MRPC = $8; PC = $4
MRPL / PL = $8 / $4 = 2
MRPC / PC = $8 / $4 = 2
Using equation (1), we have:
MRPL / PL = MRPC / PC = 2
a-1. These conditions are consistent with maximum profits for the firm.
True, these conditions are consistent with maximum profits for the firm. This is because MRPL / PL = MRPC / PC = 2.
a-2. Which resource should be used in larger and/or smaller amounts?
The correct option is b. Conditions are already consistent.
b. MRPL = $10; PL = $12; MRPC = $14; PC = $9
MRPL / PL = $10 / $12 = 0.83
MRPC / PC = $14 / $9 = 1.56
Using equation (1), we have:
0.83 = MRPL / PL < MRPC / PC = 1.56
b-1. These conditions are consistent with maximum profits for the firm.
False, these conditions are NOT consistent with maximum profits for the firm. This is because 0.83 = MRPL / PL < MRPC / PC = 1.56.
b-2. Which resource should be used in larger and/or smaller amounts?
The correct option is e- Use more labor and less capital. If this is done, it will result in MRPL / PL = MRPC / PC where the conditions will be consistent with maximum profits for the firm.
c. MRPL = $6; PL = $6; MRPC = $12; PC = $12
MRPL / PL = $6 / $6 = 1.00
MRPC / PC = $12 / $12 = 1.00
Using equation (1), we have:
MRPL / PL = MRPC / PC = 1
c-1. These conditions are consistent with maximum profits for the firm.
True, these conditions are consistent with maximum profits for the firm. This is because MRPL / PL = MRPC / PC = 1.
c-2. Which resource should be used in larger and/or smaller amounts?
The correct option is b. Conditions are already consistent.
d. MRPL = $22; PL = $26; MRPC = $16; PC = $19
MRPL / PL = $22 / $26 = 0.85
MRPC / PC = $16 / $19 = 0.84
Using equation (1), we have:
0.85 = MRPL / PL > MRPC / PC = 0.84
d-1. These conditions are consistent with maximum profits for the firm.
False, these conditions are NOT consistent with maximum profits for the firm. This is because 0.85 = MRPL / PL > MRPC / PC = 0.84.
d-2. Which resource should be used in larger and/or smaller amounts?
The correct option is d- Use less labor and more capital. If this is done, it will result in MRPL / PL = MRPC / PC where the conditions will be consistent with maximum profits for the firm.
A manufacturing firm is planning on expanding its existing operations. The expansion project is significant and will require the firm to house the expansion in a different location. The firm is considering building on a lot they own across town. The lot is currently vacant and it was paid for nearly 20 years ago. Given this information, which of the following statements is correct?
a) The lot is not an incremental cash flow because it is not being utilized at this time.
b) The lot is an incremental cash flow because it represents an opportunity cost.
c) The lot is an incremental cash flow because it represents a sunk cost.
Answer:
The lot is an incremental cash flow because it represents an opportunity cost.
Explanation:
The importance of cash flow for project use is that It is a change in the firm's total future cash flow that is as a result of a direct output or consequence of the decision of that particular project.
Incremental cash flows
This is commonly refered to as tbe said difference obtained between or when there is a firms future cash flows with a project and those without a project. As it is used for a project evluation, it comprises of any and all changes in the firm's future cash flows that are a direct consequence of taking the project.
An Opportunity cost?
This is simply refered to as the most essential or valuable alternative (other choice) that is given up if a particular investment is undertaken by an organization or firm.
Classifying items on the indirect statement of cash flows [10 min]
Destiny Corporation is preparing its statement of cash flows by the indirect method. Destiny has the following items for you to consider in preparing the statement:
a. Increase in accounts payable
b. Payment of dividends
c. Decrease in accrued liabilities
d. Issuance of common stock
e. Gain on sale of building
f. Loss on sale of land
g. Depreciation expense
h. Increase in inventory
i. Decrease in accounts receivable
j. Purchase of equipment
Requirement
1. Identify each item as a(n):_______.
Operating activity—addition to net income (O+), or subtraction from net income (O-)
Investing activity—addition to cash flow (I+), or subtraction from cash flow (I-)
Financing activity—addition to cash flow (F+), or subtraction from cash flow (F-)
Activity that is not used to prepare the indirect cash flow statement (N)
Answer:
a. Increase in accounts payable
Identification: O+
b. Payment of dividends
Identification: F-
c. Decrease in accrued liabilities
Identification: O-
d. Issuance of common stock
Identification: F+
e. Gain on sale of building
Identification: O-
f. Loss on sale of land
Identification: O+
g. Depreciation expense
Identification: O+
h. Increase in inventory
Identification: O-
i. Decrease in accounts receivable
Identification: O+
j. Purchase of equipment
Identification: I-
The following transactions occurred during April 2021 at the Kanthere, a retailer selling headphones. For the selected transactions below, show the amount and impact (increase or decrease) on the accounting equation below. If a transaction impacts the income statement, indicate in the description column the specific income statement line item.
Transaction
1 Purchased a delivery truck for $90,000 that will be used for 4 years. The truck doesn’t have a salvage value.
2 Sold a $100 gift card to a customer for cash.
3 Paid rent for the month of $10,000.
4 Purchased 20 headphones at $30 each on account. Payment is due in 45 days.
5 Sold 4 headphones for $70 each on account.
Answer:
Assets = Liabilities + Stockholders’ Equity = -$6,500
Explanation:
Note: See the attached excel file for recording of the impact (increase or decrease) of April 2021 transactions on the accounting equation.
From the attached excel file, we can obtain the following:
Assets = Total assets = -$99,900 + $90,000 + $600 + $2,800 = -$6,500
Liabilities = Total liabilities = $600
Stockholders’ Equity = Total Stockholders’ Equity = -$7,100
Liabilities + Stockholders’ Equity = $600 - $7,100 = -$6,500
Therefore, the accounting equation holds as follows:
Assets = Liabilities + Stockholders’ Equity = -$6,500
A self assessment tool that identifies your strengths, skills, and interests is called a(n) ___.
A. interest inventory
B. entrance exam
C. psychological evaluation
D. standardized test
A self assessment tool that identifies your strengths, skills, and interests is called an interest inventory. The Option A is correct.
What does an interest inventory mean?An interest inventory, also known as an interest test, is a testing instrument designed to measure and evaluate an individual's level of interest in, or preference for, a variety of activities. Direct observation of behavior, ability tests, and self-reporting inventories of interest in educational, social, recreational, and vocational activities are examples of testing methods.
The activities typically represented in interest inventories are related to various occupational areas, and these instruments and their outcomes are frequently used in vocational guidance.
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The management of Zesty Corporation is considering the purchase of a new machine costing $400,000. The company s desired rate of return is 10%. The present value factors for $1 at compound interest of 10% for 1 through 5 years are 0.909, 0.826, 0.751, 0.683, and 0.621, respectively. In addition to the foregoing information, use the following data in determining the acceptability in this situation: The cash payback period for this investment is:______
a. 4 years
b. 5 years
c. 2 years
d. 3 years
Answer:
d. 3 years
Explanation:
Missing question: 'Year Income from Operations Net Cash Flow. 1 $100,000 $180,000, 2 40,000 120,000, 3 20,000 100,000, 4 10,000 90,000, 5 10,000 90,000"
Year Income from Net cash Investment Unrecovered Investment
Operations Flow at the end of year
0 400,000 400,000
1 100,000 180,000 220,000
2 40,000 120,000 100,000
3 20,000 100,000 -
4 10,000 90,000 (90,000)
5 10,000 90,000 (180,000)
Entire investment is recovered by the end of 3 year. So, pay back period is 3 Years.
B MC Qu. 10-176 (Algo) The following labor standards have been ... The following labor standards have been established for a particular product: Standard labor-hours per unit of output 8.9 hours Standard labor rate $ 15.95 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 11,000 hours Actual total labor cost $ 173,030 Actual output 1,650 units What is the labor rate variance for the month
Answer:
Direct labor rate variance= $2,420 favorable
Explanation:
To calculate the direct labor rate variance, we need to use the following formula:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (15.95 - 15.73)*11,000
Direct labor rate variance= $2,420 favorable
Actual rate= 173,030/11,000= $15.73
Corporate Tax Liability The Talley Corporation had taxable operating income of $340,000 (i.e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $50,000, (2) dividends received of $25,000, and (3) dividends paid of $35,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 50% of dividends received are tax exempt. What is the firm’s taxable income? Round your answer to the nearest dollar. $ What is the tax expense? Round your answers to the nearest dollar. $ What is the after-tax income? Round your answers to the nearest dollar. $
Answer:
Taxable income:
Dividends received are 50% exempted from taxation. Taxable income is:
= Taxable operating income +(Dividends received * 50%) - Interest charges
= 340,000 + (25,000 * 50%) - 50,000
= $302,500
Tax expense:
= Taxable income * federal tax rate
= 302,500 * 21%
= $63,525
After-tax income:
= Taxable income - Tax expense
= 302,500 - 63,525
= $238,975
Chios Corporation issued 10-year, 8% interest-bearing bonds payable at face value for $36,000 on January 1, 2020. At that time, Chios Corporation elected to account for the bonds payable using the fair value option method. At December 31, 2020, the fair value of the bonds payable was $35,640 due to an increase in Chios Corporation's borrowing rate because of a decline in Chios Corporation's credit rating. The entry to adjust the bonds payable under the fair value option method on December 31, 2020 includes a:
Answer: c. debit of $360 Unrealized Gain or Loss-Income
Explanation:
The entry to adjust the bonds payable under the fair value option method on December 31, 2020 will be shown below:
December 31, 2020:
Debit Unrealized gain or loss Income ($36000 - $35640) = $360
Credit Fair Value Adjustment = $360
(To record fair value adjustment)
Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020. She incurred the following expenses and losses during the year:
Medical expenses before the 7.5%-of-AGI limitation $15,575
State and local income taxes 7,200
State sales tax 1,400
Real estate taxes 2,800
Home mortgage interest 5,900
Credit card interest 1,100
Charitable contribution 2,400
Casualty loss before 10% limitation (after $100 floor;
not in a Federally declared disaster area) 8,300
Unreimbursed employee expenses 5,500
Calculate Stacey's allowable itemized deductions for the year.
Answer:
$21,575
Explanation:
Calculation to determine the allowable itemized deductions for the year.
Medical Expense $3,275
[$12,500*($123,00*7.5%)]
State and local income taxes $7,200
Real estate taxes $2,800
Home mortgage interest $5,900
Charitable contribution $2,400
Allowable itemized deductions $21,575
Therefore allowable itemized deductions for the year is $21,575
what is bureaucracy
Answer:
The term bureaucracy may refer both to a body of non-elected governing officials and to an administrative policy-making group. Historically, a bureaucracy was a government administration managed by departments staffed with non-elected officials.
Explanation:
hope it helps
What is the aTeri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income.
Assets = Liabilities + Owner's Equity
Cash + Supplies + Land = Accounts Payable + Teri West, Capital - Teri West, Drawing + Fees Earned - Expenses
Bal. 40,000 3,000 82,000 7,500 117,500
1. +71,800 +71,800
2. -15,000 +15,000
3. -47,500 -47,500
4. +1,100 +1,100
5. -5,000 -5,000
6. -4,000 -4,000
7. -1,500 -1,500
Bal. 40,300 2,600 97,000 4,600 117,500 -5,000 71,800 -49,000
mount of the net income for the month?
What is the amount of the net increase in cash during the month?
$fill in the blank 8
300
c. What is the amount of the net increase in owner's equity during the month?
$fill in the blank 9
17,800
d. What is the amount of the net income for the month?
$fill in the blank 10
e. How much of the net income for the month was retained in the business?
$fill in the blank 11
a. The amount of the net income for the month is -49,000.
b. The amount of the net increase in cash during the month is 300.
c. The amount of the net increase in owner's equity during the month is 17,800.
d. The amount of the net income for the month is -49,000.
e. The amount of net income retained in the business is -5,000.
What is net income?Net income is a company's total revenue minus all expenses, including taxes and interest. It is also known as net profit or the bottom line. It is the amount of money a company has left over after all expenses have been paid, and it is considered an important indicator of a company's financial health.
Therefore, the correct answers are as given above
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Blue Spruce Corp. had the following transactions.
1. Sold land (cost $8,240) for $10,300.
2. Issued common stock at par for $21,200.
3. Recorded depreciation on buildings for $12,400.
4. Paid salaries of $7,200.
5. Issued 1,200 shares of $1 par value common stock for equipment worth $8,100.
6. Sold equipment (cost $10,800, accumulated depreciation $7,560) for $1,296.
For each transaction above, prepare the journal entry.
Answer:
1. Dr Cash $10,300
Cr Land $8,240
Cr Gain on Sale of Land $2,060
2. Dr Cash $21,200
Cr Common Stock $21,200
3. Dr Depreciation Expense $12,400
Cr Accumulated Depreciation - Building $12,400
4. Dr Salaries Expense $7,200
Cr Cash $7,200
5. Dr Equipment $8,100
Cr Common Stock $1,200
Cr Additional Paid-in Capital $6,900
6 Dr Cash $1,296
Dr Loss on Sale of Equipment $1,944
Dr Accumulaed Depreciation -Equipment $7,560
Cr Equipment $10,800
Explanation:
Preparation of the journal entry.
1. Dr Cash $10,300
Cr Land $8,240
Cr Gain on Sale of Land $2,060
($10,300-$8,240)
2. Dr Cash $21,200
Cr Common Stock $21,200
3. Dr Depreciation Expense $12,400
Cr Accumulated Depreciation - Building $12,400
4. Dr Salaries Expense $7,200
Cr Cash $7,200
5. Dr Equipment $8,100
Cr Common Stock $1,200
(1,200*$1)
Cr Additional Paid-in Capital $6,900
($8,100-$1,200)
6 Dr Cash $1,296
Dr Loss on Sale of Equipment $1,944
($10,800-$7,560-$1,296)
Dr Accumulaed Depreciation -Equipment $7,560
Cr Equipment $10,800
Companies often require non-disclosure agreements from their employees because a non-disclosure agreement
allows the employer to release private information about employees if necessary
identifies all the different ways an employee could violate company policies
maintains employee trust, which is needed for productivity and therefore profitability
provides for a documented exchange of information between employees and employers
Answer:
Allows the employer to release private information about employees if necessary
Explanation:
Companies often require non-disclosure agreements from their employees because a non-disclosure agreement (NDA) is a legally binding contract that establishes a confidential relationship between two or more parties. The purpose of a non-disclosure agreement is twofold: confidentiality and protection. An NDA creates the legal framework to protect ideas and information from being stolen or shared with competitors or third parties. Breaking an NDA agreement triggers a host of legal ramifications, including lawsuits, financial penalties, and even criminal charges. NDAs offer a level of protection to businesses so that even accidental breaches are covered.
Answer:
its a cuh i took the test
Explanation:
what is the tragedy of the commons?
a. economic loss of individuality
b. overuse of shared resources
c. hoarding of public resources
d. when a boss only drops common loot and no rare drops
What kind of capacity problems do many secondary schools periodically experience? What are some alternatives to deal with those be useful? Explain using examples