Universal Leasing leases electronic equipment to a variety of businesses. The company’s primary service is providing alternate financing by acquiring equipment and leasing it to customers under long-term sales-type leases. Universal earns interest under these arrangements at a 10% annual rate. The company leased an electronic typesetting machine it purchased for $37,000 to a local publisher, Desktop Incorporated, on December 31, 2023. The lease contract specified annual payments of $7,758 beginning January 1, 2024, the beginning of the lease, and each December 31 through 2025 (three-year lease term). The publisher had the option to purchase the machine on December 30, 2026, the end of the lease term, for $21,000 when it was expected to have a residual value of $25,000, a sufficient difference that exercise seems reasonably certain. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: Show how Universal calculated the $7,758 annual lease payments for this sales-type lease. Prepare an amortization schedule that describes the pattern of interest revenue for Universal Leasing over the lease term. Prepare the appropriate entries for Universal Leasing from the beginning of the lease through the end of the lease term.
Answers
The Universal calculated the annual lease payments to be $7,758.
What is the amortization schedule?To calculate the annual lease payments, we need to use the present value of an annuity formula:
PV = PMT x [(1 - (1 + r)⁻ⁿ) / r]
Where:
PV = Present value of lease payments
PMT = Annual lease payment
r = Interest rate per period (10% / 1 = 10%)
n = Number of periods (3 years)
Substituting the known values, we get:
$37,000 = PMT x [(1 - (1 + 10%)^-3) / 10%]
Solving for PMT, we get:
PMT = $37,000 / [(1 - (1 + 10%)^-3) / 10%] = $7,758.24 (rounded to the nearest cent)
Therefore, Universal calculated the annual lease payments to be $7,758.
Therefore, To prepare the amortization schedule, we need to calculate the interest revenue and the reduction in the lease receivable for each year of the lease term. The schedule is shown in the image attached:
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Related Questions
Why did nayar want to change the culture at HCL technologies
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From 2007 until 2013, Vineet Nayar, an Indian business leader, led HCL Technologies, a worldwide provider of IT services. Nayar is renowned for his "Employees First, Customers Second" leadership ethos, which highlighted the significance of empowering and energizing staff in order to foster economic success.
What kind of initiatives he had implemented?When Nayar took over as CEO of HCL Technologies, he discovered that the organization had a bureaucratic and hierarchical culture that was impeding its development and creativity. Nayar developed a number of programs targeted at empowering and engaging staff in an effort to alter this culture, including: Reversing the organizational pyramid, Transparent communication and Employee engagement programs.
How do these initiatives follow?Nayar reversed the organizational pyramid by placing senior executives at the bottom and frontline employees at the top. He also introduced employee engagement programs such as "ideapreneurship" and "value portal" to encourage employees to share their ideas and collaborate with each other. Lastly, he emphasized the importance of transparent communication and created platforms for employees to give feedback and ask questions to build trust and a sense of community.
What is the central idea of Nayar behind these initiatives?Nayar wanted to instill a culture of creativity, teamwork, and customer-centricity at HCL Technologies through the implementation of these projects. He thought that the company could achieve sustainable development and compete with larger, international IT services firms by prioritizing its people and giving them the freedom to drive change. HCL Technologies has been recognized as one of the world's fastest-growing providers of IT services because of Nayar's efforts to transform the company's culture.
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Nayar is renowned for his "Employees First, Customers Second" leadership ethos, which highlighted the significance of empowering and energizing staff in order to foster economic success.
What is HCL Technologies' objective?to provide clients, associates, and employees with innovative, professional, and individualized services. We will be sensitive to the requirements of those who will be the focus of our intervention.
What are HCL Technologies' guiding principles?HCL. Our vision takes a balanced approach to the three sustainability pillars; economic, environmental, and social At all times, our business practices are founded on commitment to ethical behavior, accountability, transparency, and consideration for the interests of stakeholders.
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Like FedEx, UPS is a major player in global logistics. After reading the information presented in this chapter and other sources, write a one-page paper that describes three IT tools that UPS uses in its global logistics. What are two differences between global logistics and domestic logistics?
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UPS utilizes different IT tools in its global logistics, three of them are -
Trackers: assist the organizations with following genuine developments. This is the most useful apparatus for the organization's executives.Telephone: help in making contacts. Thus, this is another IT apparatus that aids in coordinating factors.Information handling programming: helps in handling the data sources and breaking them down based on pre-characterized guidelines to get the ideal result.Differences between global logistics and domestic logistics –
Domestic logistics incorporate the conveyance of shipment inside neighborhood limits. Global Logistics incorporates conveyance shipment to every one of the areas, past the country. 2. Domestic logistics operations include less expense and Global Logistics include greater expenses.Learn more about logistics:
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The December 31, 2021 balance sheet accounts of the Apple Company are shown here in alphabetical order:
Accounts payable $ 22,400 Current taxes payable $10,400
Accounts receivable 21,500 Discount on bonds payable 6,900
Accumulated depreciation: buildings 53,000 Equipment 72,400
Accumulated depreciation: equipment 35,100 Inventory 37,200
Additional paid-in capital on Land 30,000
common stock 24,000 Marketable securities (short-term) 6,100
Additional paid-in capital on Patents (net) 9,800
preferred stock 11,500 Preferred stock, $100 par 21,000
A]lowance for doubtful accounts 800 Retained earnings 46,200
Bonds payable (due 2021) 77,000 Salaries payable 2,000
Buildings 144,000 Trademarks 2,600
Cash 2,900
Common stock, $10 par 30,000
REQUIRED:
Prepare the December 31, 2021 Classified Balance Sheet of the Apple Company in proper form
Answers
APPLE COMPANY
Classified Balance Sheet
December 31, 2021
ASSETS
Current assets:
Cash $ 2,900
Accounts receivable 21,500
Inventory 37,200
Marketable securities (short-term) 6,100
Total current assets $ 67,700
Property, plant, and equipment:
Buildings $144,000
Less: Accumulated depreciation (53,000)
Equipment 72,400
Less: Accumulated depreciation (35,100)
Net property, plant, and equipment $128,200
Other assets:
Land (net) $ 30,000
Patents (net) 9,800
Trademarks 2,600
Total other assets $ 42,400
Total assets $238,300
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 22,400
Current taxes payable 10,400
Salaries payable 2,000
Total current liabilities $ 34,800
Long-term liabilities:
Bonds payable (due 2021) $ 77,000
Discount on bonds payable (6,900)
Total long-term liabilities $ 70,100
Total liabilities $104,900
Stockholders' equity:
Common stock, $10 par $ 30,000
Preferred stock, $100 par 21,000
Additional paid-in capital on
Common stock and Preferred stock 61,500
Retained earnings 46,200
Total stockholders' equity $158,700
Total liabilities and stockholders' equity $238,300
Ernie Company's Trial Balance as at 31 December 2022 shows the following unadjusted balances: Accounts Receivable Allowance for Doubtful The company wanted to make the following adjustments: (a) $8,0000 of balances owing by a customer (Mr Lai) is to be written off. (b) 10% of amount owing by customers is expected to be uncollectible. Required: Accounts Receivable $158,000 Debit Allowance for Doubtful $12,400 Credit
(a) Prepare the journal entries. (2 marks) (b) Calculate the amount of cash realizable value of Accounts Receivable, as at 31 December 2022. (3 marks)
Answers
The prepared journal entry is To cancel Mr. Lai's outstanding debt: Accounts Receivable: $8000 from Mr. Lai
$8000 as a provision for doubtful accounts
To document the allowance for dubious debts:
Bad Debt Cost: $158,000 multiplied by 10% $15,800
Compensation for Uncertain Accounts $15,800
In your company's books, a journal entry serves as a documentation of a business transaction. Every transaction requires at least two diary entries in double-entry bookkeeping.
How to determine the cash realisable value:Receivables - $158,000 = $168,000: Doubtful Accounts Allowance = $12,400 Accounts Receivable cash realisable value is $145,600. As a result, at the end of 2022, the cash realisable value of accounts receivable was $145,600.
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determine whether the items listed below are an extrinsic reward or an intrinsic reward. 1. you received a $100 gift card to your favorite restaurant after being named employee of the quarter. (click to select)
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Extrinsic reward is the ideal course of action in this circumstance. it is simply a monetary value.
Extrinsic reward: what is it?An external reward is one that is given to a person or employee in exchange for achieving something. They typically have a monetary value, such as a raise in pay, a bonus, an honour, or public acclaim. They are typically proposed by the person's immediate manager, who chooses them. These rewards are typically monetary, such as a pay raise, a cash bonus for good work, or a gift card for going above and beyond the call of duty. Due to the fact that most people value money or comparable rewards, these incentives encourage and invigorate workers.
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Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year.
Elise Dubois is single, has no dependents, and lives at 55855 Ridge Drive in Lafayette, LA 70593. Her social security number is 412-34.5670 (date of birth 3/15/1982)
Her W-2 contained the following information:
Wages (box 1) $ 48,965.25
Federal W/H (box 2) $ 4,876.24
Social security wages (box 3) $ 48,965.25
Social security W/H (box 4)$3,035.85
Medicare wages (box 5) 48,965.25
Medicare W/H (box 6)$710.00
She has gambling winnings of $1,050 and the following expenses:
State income taxes $ 3,200
Real estate property taxes 1,150
Medical expenses 6,400
Charitable cash contributions
(no single contribution was more than $250) 450
Mortgage interest expense 5,605
Personal property taxes 720
Gambling losses 1,235
Required:
Prepare a Form 1040 with a Schedule 1 and Schedule A for Elise using any appropriate worksheets. Use the appropriate Tax Tables 2022.
Note: Input all the values as positive numbers. Round your final answers to the nearest whole dollar amount. Instructions can be found on certain cells within the forms
Answers
Elise Dubois, the taxpayer, has a salary, gaming earnings, and different expenses. A Form 1040 with Schedules 1 and A is created using the supplied information, and the correct tax tables are used to determine the overall tax liability.
Where should I record my gambling losses?Only if you itemise your deductions on Schedule A (Form 1040) and keep track of your winnings and losses are gambling losses eligible for deduction. The total of your losses cannot exceed the total of your stated gambling income on your tax return.
Are losses from gambling tax deductible in Canada?The taxpayer's gaming activities will be regarded as business activity, and any winnings, if they were commercial in character and conducted in a businesslike manner.
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What is compounding? What would the future of $500 be after 5 years at 10% compound interest rate?
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Compounding is the interaction where the worth of a speculation increments on the grounds that the income on a venture, both capital gains and premium, acquire interest over the long haul.
Elaborating:The formula of compound interest rate is,
A=P(1+r/n)nt
Putting all values of P,r,n,t we get,
A=500(1+.10/1)5=500 ×1.61 = 805.255= 805.26
So, the future value is $805.26
What is the significance of compound interest?Your wealth grows at a faster rate thanks to compound interest. Because you will earn returns on the money you invest and on returns at the end of each compounding period, it grows a sum of money faster than simple interest.
What is compounding and its job?When reinvested interest is used, compounding is a method for determining the total interest on the principal. It leads to an exponential increase in assets or capital for investors. Similarly, debtors face a significant burden when compound interest is applied to liabilities like debt.
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Based on the information in the case, LeasePlan implemented changes to mitigate which diversity barrier?
Multiple Choice
Hostile working environment for diverse employees
Poor career planning
Inaccurate stereotypes and prejudice
Ethnocentrism
Answers
The changes implemented by LeasePlan were meant to mitigate the diversity barrier of E. lack diversity in senior management.
What diversity barrier was targeted by LeasePlan ?It seems that the absence of diversity in top management was the main obstacle and difficulty in managing diversity at Lease Plan. This is demonstrated by the fact that, in 2003, just one of the company's top seven executives was a woman, and men made up the vast majority of top managers.
LeasePlan was able to raise the proportion of women in senior roles and foster diversity within the organization by replacing some existing managers, adopting modifications to career counseling and reward systems, and replacing some existing managers.
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Options for this question include:
Hostile working environment for diverse employees
Poor career planning
Inaccurate stereotypes and prejudice
Ethnocentrism
lack diversity in senior management
consider a two country world consisting of the united kingdom (uk) and the us. if the us goes into a recession, then the uk would rather have the us conduct expansionary monetary policy rather than fiscal policy since with expansionary us monetary policy us citizens will expenditure switch from us goods and services towards uk goods and services.
Answers
The UK would prefer the US to conduct expansionary monetary policy rather than fiscal policy if the US goes into a recession.
Expansionary monetary policy involves lowering interest rates and increasing the money supply in an economy to stimulate economic growth. By doing so, it makes borrowing cheaper and encourages spending and investment. Therefore, expansionary monetary policy in the US would likely lead to increased demand for goods and services, including those produced in the UK. This would lead to a positive spillover effect on the UK economy, boosting exports and increasing economic growth.
On the other hand, fiscal policy involves government spending and taxation. If the US implemented expansionary fiscal policy, it would increase government spending and reduce taxes to stimulate the economy. While this may also increase demand for goods and services, it may also lead to an increase in domestic production, thereby reducing demand for foreign goods and services, including those produced in the UK. Therefore, the UK would prefer the US to conduct expansionary monetary policy rather than fiscal policy if the US goes into a recession.
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if the economy is initially at full employment, which of the diagrams best portrays a recession resulting from a decrease in government purchases?
Answers
If the economy is initially at full employment, a decrease in government purchases would lead to a recession.
This would cause a shift in the aggregate demand curve to the left. This shift in aggregate demand would cause a decrease in both the price level and output in the short run. The long-run adjustment would involve a decrease in the price level and a return to potential output.
The diagram that best portrays this scenario is Diagram A. In this diagram, the short-run aggregate supply curve intersects the aggregate demand curve at potential output, which is also the full employment level of output. A leftward shift in the aggregate demand curve will cause a recession with lower output and lower prices in the short run. The long-run adjustment will cause a decrease in the price level but a return to the full employment level of output.
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Which of the following would be a likely contact group for someone like Sharon, an intern who just started working for the production department of an organization?
Answers
Answer:
People in her work department is the answer.
Explanation:
Sunspot Beverages, Limited, of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June.
Units Percent Completed
Materials Conversion
Work in process, beginning 58,000 70% 40%
Started into production 299,000
Completed and transferred out 289,000
Work in process, ending 68,000 75% 25%
Materials Conversion
Work in process, beginning $ 20,000 $ 6,200
Cost added during June $ 214,600 $ 131,500
Required:
1. Calculate the Blending Department's equivalent units of production for materials and conversion in June.
2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June.
3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June.
4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June.
5. Prepare a cost reconciliation report for the Blending Department for June.
Answers
Equivalent units of production:
Materials:
Units completed and transferred out = 289,000
Ending work in process inventory (68,000 x 75%) = 51,000
Total equivalent units of production for materials = 340,000
Conversion:
Units completed and transferred out = 289,000
Ending work in process inventory (68,000 x 25%) = 17,000
Total equivalent units of production for conversion = 306,000
Cost per equivalent unit:
Materials:
Cost added during June = $214,600
Equivalent units of production for materials = 340,000
Cost per equivalent unit of materials = $214,600 ÷ 340,000 = $0.63 per equivalent unit
Conversion:
Cost added during June = $131,500
Equivalent units of production for conversion = 306,000
Cost per equivalent unit of conversion = $131,500 ÷ 306,000 = $0.43 per equivalent unit
Cost of ending work in process inventory:
Materials:
Ending work in process inventory (68,000 x 75%) = 51,000
Cost per equivalent unit of materials = $0.63
Cost of ending work in process inventory for materials = $0.63 x 51,000 = $32,130
Conversion:
Ending work in process inventory (68,000 x 25%) = 17,000
Cost per equivalent unit of conversion = $0.43
Cost of ending work in process inventory for conversion = $0.43 x 17,000 = $7,310
Total cost of ending work in process inventory = $32,130 + $7,310 = $39,440
Cost of units transferred out:
Materials:
Cost per equivalent unit of materials = $0.63
Units completed and transferred out = 289,000
Cost of units transferred out for materials = $0.63 x 289,000 = $182,070
Conversion:
Cost per equivalent unit of conversion = $0.43
Units completed and transferred out = 289,000
Cost of units transferred out for conversion = $0.43 x 289,000 = $124,270
Total cost of units transferred out = $182,070 + $124,270 = $306,340
Cost reconciliation report:
Sunspot Beverages, Limited
Blending Department Cost Reconciliation Report
For the Month Ended June 30
Costs accounted for:
Cost of beginning work in process inventory $ 26,600
Cost added during June $ 346,100
Total cost to be accounted for $ 372,700
Equivalent units of production:
Materials 340,000
Conversion 306,000
Cost per equivalent unit:
Materials $ 0.63
Conversion $ 0.43
Costs assigned to:
Units completed and transferred out:
Materials (289,000 x $0.63) $ 182,070
Conversion (289,000 x $0.43) $ 124,270
Total cost assigned to units completed and transferred out $ 306,340
Ending work in process inventory:
Materials (68,000 x 75% x $0.63) $ 32,130
Conversion (68,000 x 25% x $0.43) $ 7,310
Total cost assigned to ending work in process inventory $ 39,440
Costs accounted for:
Cost of beginning work in process inventory $ 26,600
Cost added during June $ 346,100
Total cost accounted for $ 372,700
The cost reconciliation report shows that the total cost accounted for is equal to the total cost to be accounted for
Discuss economic development in relation to vibrant successful small and medium scale enterprises (sme) between 500 and 600 words
Answers
Answer:
Economic development is a process that involves sustained growth and improvements in the standard of living for individuals within a society. Small and medium scale enterprises (SMEs) play a critical role in economic development, as they are an essential driver of job creation, innovation, and increased productivity. In this essay, I will discuss economic development in relation to vibrant and successful SMEs, highlighting their significance in fostering sustainable economic growth.
SMEs are essential contributors to the economy, accounting for a significant percentage of jobs and GDP in many countries. They are often considered the backbone of the economy because they are generally more flexible and adaptable than larger businesses. SMEs are also important in promoting economic diversity and reducing income inequality, as they often operate in niche areas, providing goods and services that are not typically offered by larger corporations.
Successful SMEs can drive economic development in several ways. Firstly, they contribute to job creation, which is essential for economic growth. SMEs are responsible for creating many new jobs, which help to reduce unemployment rates and provide opportunities for individuals to improve their standard of living. Secondly, SMEs can spur innovation, as they are often more agile and responsive to changes in the market than larger corporations. SMEs can develop and test new ideas and products, which can lead to technological advancements and increased productivity across the economy. Thirdly, successful SMEs can contribute to increased productivity by adopting efficient business practices, such as lean manufacturing or efficient supply chain management.
To foster vibrant and successful SMEs, governments and other stakeholders must provide an enabling environment that supports their growth and development. This includes policies that promote entrepreneurship, such as providing access to finance and other resources that can support new business development. Governments can also create favorable tax policies and regulatory frameworks that encourage SME growth and investment. Additionally, promoting education and training programs that teach skills such as entrepreneurship, business management, and finance can also help SMEs thrive.
In addition to government policies and support, SMEs can also benefit from partnerships with larger corporations. Collaboration with larger firms can provide SMEs with access to resources such as financing, research and development capabilities, and marketing expertise. This can help SMEs to develop new products and services, expand their market reach, and improve their competitiveness.
Finally, successful SMEs must prioritize sustainability and social responsibility. This includes creating environmentally sustainable practices, promoting fair labor practices, and supporting local communities. These practices can help SMEs to build long-term relationships with their customers, employees, and communities, which can contribute to their success and sustainability.
In conclusion, SMEs play a critical role in economic development, contributing to job creation, innovation, and increased productivity. To foster vibrant and successful SMEs, governments and other stakeholders must provide an enabling environment that supports their growth and development. SMEs can also benefit from partnerships with larger corporations and must prioritize sustainability and social responsibility. Overall, SMEs are a critical component of a vibrant and sustainable economy, and their success is essential for promoting sustainable economic development.
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $0.30 and $2.45, respectively. The equivalent units to be assigned costs are as follows: The beginning work in process inventory on October 1 had a cost of $1,550. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department.
Answers
To calculate the cost of completed and transferred-out production, we need to determine the number of equivalent units completed and transferred out during the period.
Let's assume that the Rolling Department had 1,000 units in beginning work in process inventory on October 1, and it started and completed 5,000 units during the period. Therefore, the total number of units to be accounted for is 6,000. To determine the equivalent units for direct materials and conversion, we need to add the units in beginning work in process to the units started and subtract the units in ending work in process. Let's assume that the Rolling Department has 500 units in ending work in process inventory on October 31. Therefore, the equivalent units for direct materials and conversion are:
Direct materials: 6,000 units
Conversion: 5,500 units
To calculate the cost of completed and transferred-out production, we need to multiply the equivalent units by their respective costs per unit and then add the beginning work in process inventory. Therefore, the cost of completed and transferred-out production is:
Direct materials: $0.30 × 6,000 = $1,800
Conversion: $2.45 × 5,500 = $13,475
Total: $1,800 + $13,475 + $1,550 = $16,825
To determine the cost of the ending work in process inventory, we need to multiply the equivalent units in ending work in process by their respective costs per unit. Therefore, the cost of the ending work in process inventory is:
Direct materials: $0.30 × 500 = $150
Conversion: $2.45 × 500 = $1,225
Total: $150 + $1,225 = $1,375
Finally, to determine the total costs assigned by the Rolling Department, we need to add the cost of completed and transferred-out production and the cost of the ending work in process inventory. Therefore, the total costs assigned by the Rolling Department are $16,825 + $1,375 = $18,200.
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a business has a debt that is due in may, year 2. at december 31, year 1 the company does not plan to use any of its current assets to repay this debt. this debt should be classified as on the december 31, year 1 balance sheet.
Answers
A business has a debt that is due in May, Year 2. At December 31, Year 1 the company does not plan to use any of its current assets to repay this debt. This debt should be classified as long-term liabilities on the December 31, Year 1 balance sheet.
A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time.
Now, let's look at your question. The debt in question is due in May of Year 2. However, on December 31, Year 1, the company does not plan to use any of its current assets to repay this debt.
In this case, the debt should be classified as a long-term liability on the December 31, Year 1 balance sheet. Long-term liabilities are debts that are not due within the next 12 months. Examples include bank loans, bonds, and mortgages.
It's important to note that the classification of a liability as current or long-term can change over time.
In conclusion, when a business has a debt that is due in the future but does not plan to use its current assets to repay it, the debt should be classified as a long-term liability on the balance sheet.
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Complete Question:
A business has a debt that is due in May, Year 2. At December 31, Year 1 the company does not plan to use any of its current assets to repay this debt. This debt should be classified as ______ on the December 31, Year 1 balance sheet.
after niko presented his proposal to the board of directors, he asked if there was anything they did not understand. niko was performing the fourth stage of the communication process, which is .
Answers
Niko was performing the fourth stage of the communication process, which is feedback.
Feedback is an essential component of effective communication, as it allows the sender to gauge whether the message has been received and understood by the receiver. By asking if there was anything that the board of directors did not understand, Niko was seeking feedback and attempting to ensure that his message had been effectively conveyed. This stage of the communication process is crucial in ensuring that the communication is successful and that the receiver has understood the message as intended. Through feedback, the sender can clarify any misunderstandings and adjust their communication approach accordingly.
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Hi, please see attached screenshot thank you very much.
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The income statement at 71,000 units is in the image below and the net income (loss) is $358,764
What is an Income Statement?One of a company's financial accounts, an income statement or profit and loss account, lists the company's revenues and costs for a specific time period.
It describes the process through which revenues are converted into net income or net profit.
The income statement presents revenue, expenses, and net income.
The variable cost total is $829,990
An income statement's objective is to display a company's financial success over a specific time frame. It narrates the financial history of a company's operations. You may discover all of the revenue and expense accounts for a specific time period in an income statement.
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Explain how credit unions differ from banks
Answers
Explanation:
Banks and credit unions both offer a number of financial products, including savings accounts and certificates of deposit (CDs). The main difference between the two is that banks are typically for-profit institutions while credit unions are not-for-profit and distribute their profits among its members.
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Information and Data
White Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows:
Raw Materials $20,000
Work in Process $15,000
Finished Goods $30,000
The company applies overhead cost to jobs on the basis of machine-hours worked. For the current year, the company's predetermined overhead rates was based on a cost forumulat that estimated $450,000 of total manufacturing overhead for an estimated activity level of 75,000 machine-hours. The following transactions were recorded for the year:
A. Raw materials were purchased on account, $410,000.
B. Raw materials were used in production, $380,000 ($360,000 direct materials and $20,000 indirect materials).
C. The following costs were accrued for employee services: Direct Labor, $75,000; Indirect Labor, $110,000; Sales Commissions, $90,000; and Administrative Salaries, $200,000.
D. Sales travel costs (on account) were $17,000.
E. Utility costs (on account) in the factory were $43,000.
F. Advertising costs (on account) were $180,000.
G. Depreciation was recorded for the year, $350,000 ($280,000 relates to factory assets and $70,000 relates to selling and administrative assets).
H. Insurance expired during the year, $10,000 ($7,000 relates to factory operations and the remaining relates to sellling and administrative activities.
I. Manufacturing overhead was applied to production. Due to greater than expected demand for its products, the company worked 80,000 machine hours on all jobs during the year.
J. Jobs costing $900,000 to manufacture according to their job cost sheets were completed during the year.
K. Jobs were sold on account to customers during the year for a total of $1,500,000. The jobs cost $870,000 to manufacture according to their job cost sheets.
L. Close out entry to for Underapplied / Overapplied Manufacturing Overhead (as stated in item 3 above).
1. Prepare journal entries to record the preceding transactions.
2. Post the entries prepared in step 1 to their respective T-accounts.
3. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.
4. Prepare and income statement for the year.
Answers
Entry in a journal: Raw materials bought on credit: Inventory of Raw Materials: 410,000 Accounts Raw materials used in production, payable at 410,000: Manufacturing Overhead 360,000 Work in Process Inventory 20,000.
Do manufacturers like Hogle Company employ task order costing?Job-order costing is used by the manufacturing company Hogle Company. The company's inventory balances on January 1, the start of its fiscal year, were as follows: The business allocates overhead costs to projects based on the number of machine hours used.
In a job order costing system, what are the three types of manufacturing costs?Overhead, direct labour, and direct materials are the three primary categories of expenses that are taken into consideration during the production process.
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A city issues bond anticipation notes on October 21, 2020. It refunds the notes with 30‐year bonds in January 2021. In its financial statements for the fiscal year ending December 31, 2020, which are issued in April 2021, it should report the bond anticipation notes as obligations
a. in both its government‐wide statement of net position and a governmental fund balance sheet.
b. in its government‐wide statement of net position but not its governmental fund balance sheet.
c. in its governmental fund balance sheet but not its government‐wide statement of net position.
d. in neither its governmental fund balance sheet nor its government‐wide statement of net position.
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The correct answer is option a. in both its government‐wide statement of net position and a governmental fund balance sheet. Bond anticipation notes are debt instruments that are issued by a state or local government to help finance infrastructure projects that will be paid for with longer-term bonds.
Bond anticipation notes are considered short-term debt instruments that are issued to raise funds for projects that have yet to be completed in order to keep the project moving forward. For example, a city may issue bond anticipation notes to finance the construction of a new school, with the expectation that they will be able to repay the debt with the proceeds from the sale of longer-term bonds once the school is completed.
In the given scenario, a city issued bond anticipation notes on October 21, 2020, and then refunded the notes with 30-year bonds in January 2021.
In its financial statements for the fiscal year ending December 31, 2020, which are issued in April 2021, it should report the bond anticipation notes as obligations in both its government-wide statement of net position and a governmental fund balance sheet.
This is because bond anticipation notes are considered to be a form of debt, and as such, they should be reported in both of these financial statements.The correct answer is option a
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A All the costs chargeable to the bu Depreciation on the building for 2014 Explanations are not required. 2 Report Garrett's Book Store's plant assets on the company's balance sheet at December 31, 2014 3. What will Garrett's income statement for the year ended December 31, 2014, report for this situation? E-33 (Learning Objective 3: Determine depreciation amounts by three methods) Royce's Pizza bughaused Honda delivery van on January 2, 2014, for $43,000. The van was expected to emain in service for four years (208,000 miles). At the end of its useful life, Royce's officials esti- mated that the van's residual value would be $3,500. The van traveled 65,000 miles the first year, 64,000 miles the second year, 42,000 miles the third year, and 37,000 miles in the fourth year. Requirements 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation ⁷roduction and double-declining-balance, mund to the nearest two decimal places after each step of the calculation.) 2. Which method best tracks the wear and tear on the van? 1. Which method would Royce's prefer to use for income tax purposes? Explain in detail why Royce's prefers this method. 27-448 (
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Answer:answer choices
Explanation:
Tamara is a new hire at Target. In learning the organizational norms and culture, she observes employees coming to work 15 minutes early and working overtime. This is an example of __________, one of the three levels of organizational culture.
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Tamara is a new hire at Target. In learning the organizational norms and culture, she observes employees coming to work 15 minutes early and working overtime. This is an example of observable culture, one of the three levels of organizational culture.
What are organizational norms? Organizational norms are an important part of organizational culture that govern the behavior of employees, organizational values, and the general way things are done in a company. Organizational culture is made up of three levels, as follows:
a) Observable culture (Surface-level): Observable culture is the surface level of organizational culture that can be easily observed through the daily activities, behavior, and patterns of employees. For instance, dress codes, values, behavior patterns, office arrangements, symbols, rituals, and ceremonies are all part of the observable culture.
b) Shared values (Middle-level): Shared values are the intermediate level of organizational culture that defines what is important to the company and how employees should behave in different situations. Shared values are at the heart of organizational culture, and they reflect the organization's goals, missions, and strategies.
c) Basic assumptions (Deep-level): Basic assumptions are the deepest level of organizational culture that guides employees' thoughts, actions, and behavior, whether they realize it or not. Basic assumptions are unconscious, taken-for-granted beliefs and values that employees hold, and they influence how they make decisions, act, and interact.
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A contingent liability is:
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Answer:
In accounting, contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event such as the outcome of a pending lawsuit.
Explanation:
These liabilities are not recorded in a company's accounts and shown in a type of balance sheet when both probable and reasonably estimable as 'contingency' or 'worst case' financial outcome. The likelihood of loss is described as probable, reasonably possible, or remote. The ability to estimate a loss is described as known, reasonably estimable, or not reasonably estimable. It may or may not occur.
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Given a purchases invoice showing five items of ¢800 each, less trade discount of 25% and cash discount of 5%, if paid within the credit period, your cheque would be made our for?
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Given a purchase invoice with 5 items totaling £80, less a 25% trade discount and a 5% cash discount if paid within the credit period,
How do you apply given?
When indicating a possible situation in which someone has the opportunity or ability to do something, the word given is used. Given the chance, for example, means "if I had the chance." Make a list of things you'd like to do if you had the chance. This species can be successfully bred if patience is used.
What is the given vocabulary?
given Add to the list Share. A given is a fact or detail that is known to be true. "I'll always love you, no matter how annoying you are," your mother might say. Something is a given if it is a well-established situation that you are certain of.
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if the two countries do not trade, how many total pairs of shoes and computers will be produced?
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Without trade, each country will produce based on their comparative advantage and opportunity cost. In Country A, one unit of shoes requires two units of labor, while one unit of computers requires four units of labor.
Thus, the opportunity cost of producing one unit of shoes in Country A is two units of computers, while the opportunity cost of producing one unit of computers is 0.5 units of shoes.
In Country B, one unit of shoes requires three units of labor, while one unit of computers requires six units of labor. Thus, the opportunity cost of producing one unit of shoes in Country B is two units of computers, while the opportunity cost of producing one unit of computers is 0.5 units of shoes.
Assuming each country has 60 units of labor available, Country A will produce 30 units of shoes and 15 units of computers, while Country B will produce 20 units of shoes and 10 units of computers. Therefore, without trade, a total of 50 pairs of shoes and 25 computers will be produced.
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Using the Graph above answer the following
1. This firm will set an output of:
2. The firm will set a price of:
3.The firms Total Revenue will be:
4. The Firms Total Cost will be:
5.The Firms Profit will equal:
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Given that the market is a monopolistic competition,
1. the firm will set an output of 800 Units
2. The firm will set a price of $6;
3.The firms Total Revenue will be $8,000
4. The Firms Total Cost will be: $4,000
5.The Firms Profit will equal: $4,000
What is the explanation for the above response?
1) The firm will set an output where marginal revenue (MR) equals marginal cost (MC), which is at the point where the MR and MC curves intersect. This level of output will be lower than the level of output that would maximize profits in a perfectly competitive market. This point on the graph is at the point where the quantity demanded is 800 units.
2) The firm will set a price that corresponds to the point on the demand curve that is tangent to the firm's average total cost (ATC) curve. This price will be higher than the price that would prevail in a perfectly competitive market. That price on the graph is $10.
3) The firm's total revenue will be the price it charges for its product multiplied by the quantity it sells. This would be:
10 * 8000 = $8,000
4) The firm's total cost will depend on the level of output it produces. The total cost curve will be U-shaped, reflecting the presence of economies of scale at low levels of output and diseconomies of scale at high levels of output.
5) In a monopolistic competition, the firm's total cost will be determined by the minimum point of the average total cost (ATC) curve. This is because the ATC curve represents the firm's average cost per unit of output, which includes both variable and fixed costs. This point on the graph is approximately $5. Thus, Total Cost = 5 x 800 = $4,000
The profit will be the Total Revenue - Total Cost =
$8000 - $4000
Profit = $4,000.
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Full Question:
Although part of your question is missing, you might be referring to this full question:
Monopolistic Competition
Using the Graph above answer the following
1. This firm will set an output of:
2. The firm will set a price of:
3.The firms Total Revenue will be:
4. The Firms Total Cost will be:
5.The Firms Profit will equal:
the short run is the time period multiple choice a.over which an investment decision can be made. b.necessary so that profits can be earned from production.
c. in which some costs are fixed.
d. in which only the amount of capital may be altered.
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The short run is the time period in which some costs are fixed. The right answer is c.
According to the concept of the short run, some inputs will be constant while others will be variable within a specific time frame in the future. It expresses the notion that an economy responds to particular stimuli differently based on the duration of time it has to do so.
The term "short run" does not refer to a precise amount of time but rather to the business, sector, or economic component under investigation. In the short term, enterprises encounter both variable and fixed costs, which implies that output, wages, and prices do not have complete freedom to find a new equilibrium.
The correct answer is option c.
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explain the role of economic in business
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Answer:
Economics plays a crucial role in the world of business. Businesses exist to create and distribute goods and services that satisfy the needs and wants of consumers, and the principles of economics help them to do so in a more efficient and effective manner. Here are some of the ways economics influences business:
Understanding markets: Businesses must be able to understand the markets in which they operate, including the supply and demand for their products, the behavior of consumers, and the actions of competitors. By studying economic principles such as market structures, elasticity, and pricing strategies, businesses can make more informed decisions about how to allocate resources, set prices, and promote their products.
Allocating resources: One of the most important decisions businesses make is how to allocate their resources, such as labor, capital, and raw materials. Economic principles such as opportunity cost, marginal analysis, and production efficiency can help businesses to make more effective decisions about where to invest their resources.
Managing risk: Every business faces risks, such as changes in market conditions, new competitors, and economic downturns. Economic principles such as diversification, risk management, and cost-benefit analysis can help businesses to manage these risks and make better decisions about how to allocate their resources.
Understanding the role of government: Businesses must also be aware of the role that government plays in the economy, including regulations, taxes, and subsidies. Economic principles such as externalities, public goods, and market failures can help businesses to understand the impact of government policies on their operations and plan accordingly.
Overall, economics provides businesses with a framework for understanding the broader economic environment in which they operate and making more informed decisions about how to allocate their resources, manage risks, and create value for their stakeholders.
Explanation:
Economics plays a crucial role in business as it helps organizations make informed decisions about the production, pricing, marketing, and distribution of goods and services. Businesses need to understand economics to make decisions that maximize their profits and minimize their costs.
Why is economics important?People can better grasp their surroundings by studying economics. In order to effectively adapt to the challenges and possibilities that arise when things change, it enables people to comprehend individuals, organizations, markets, and governments.
Economics helps businesses understand the concept of supply and demand. This understanding is critical for determining the right price point for a product or service.
Economics is used to analyze market trends and gather insights into consumer behavior. By understanding the needs and wants of their target market, businesses can create products and services that are in high demand.
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Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($15 each) C. Purchase, May 1 d. Sale, August 31 ($15 each) a Weighted average cost b First-in first-out c. Specific identification Units 1,600 Goods available for sale 2,200 (1,000) 1,200 (1,900) Unit Cost $ 7.00 Required: A 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the following inventory costing methods. For Specific identification, assuming that the March 14, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31, was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.) Ending inventory 10.00 12.00 Cost of goods sold
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A. Last-in, first-out (LIFO): Cost of goods sold = $574,350, b. Weighted average cost: Ending inventory = $272,880.50, c. First-in, first-out (FIFO): Cost of goods sold = $551,550, and d. Specific identification: the cost of goods sold and ending inventory depend on the specific units that were sold and in ending inventory.
How did we get the values?a. Last-in, first-out (LIFO):
Units Unit Cost Total Cost
Beginning Inventory 3,200 $55 $176,000
Purchase on Jan. 30 4,100 $69 $282,900
Purchase on May 1 2,800 $85 $238,000
Total 10,100 - $696,900
We assume that the units sold came from the most recent purchases first, and the ending inventory is composed of the oldest units.
The units sold during the year are 2,850 + 3,300 = 6,150. We attribute this cost to the most recent purchases, i.e., 6,150 units sold come from the purchase of January 30 and May 1.
Ending inventory = 3,200 + 4,100 + 2,800 - 6,150 = 3,950 units
Cost of goods sold = 6,150 × $85 + (3,200 × $55 + 900 × $69) = $574,350
b. Weighted average cost:
Units Total Cost Average Cost
Beginning Inventory 3,200 $176,000 $55
Purchase on Jan. 30 4,100 $282,900 $69
Purchase on May 1 2,800 $238,000 $85
Total 10,100 $696,900 $68.87
We calculate the weighted average cost per unit by dividing the total cost of goods available for sale by the total number of units.
Cost of goods sold = 6,150 × $68.87 = $422,019.50
Ending inventory = 3,950 × $68.87 = $272,880.50
c. First-in, first-out (FIFO):
Units Unit Cost Total Cost
Beginning Inventory 3,200 $55 $176,000
Purchase on Jan. 30 4,100 $69 $282,900
Purchase on May 1 2,800 $85 $238,000
Total 10,100 - $696,900
We assume that the units sold came from the oldest purchases first, and the ending inventory is composed of the most recent units.
The units sold during the year are 2,850 + 3,300 = 6,150. We attribute this cost to the oldest purchases, i.e., 2,850 units sold come from the beginning inventory and 3,300 units sold come from the purchase of January 30.
Ending inventory = 3,200 + 800 + 2,800 = 6,800 units
Cost of goods sold = 2,850 × $55 + 3,300 × $69 + 900 × $85 = $551,550
d. Specific identification:
Units Unit Cost Total Cost
Beginning Inventory 1,280 $55 $70,400
Purchase on Jan. 30 2,460 $69 $169,740
Purchase on May 1 2,800 $85 $238,000
Total 6,540 - $478,140
We assume that the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30, and that the August 31 sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May.
Units Total Cost
Sold on March 14 1,140 $78,600 [(2,850 × 2/5) × $55 + (2,850 × 3/5) × $69]
Sold on August 31 1,710 $98,850 [(3,300 - 1,140 from March 14) × $55 + (3,300 - 1,140 from March 14) × $69]
Ending inventory 3,690 $300,690 [(1,280 - 1,140 from March 14) × $55 + (2,460 - 1,710 from August 31) × $69 + 2,800 × $85]
Cost of goods sold $177,450 [(1,140 from March 14) × $55 + (2,460 - 1,140 from March 14) × $69 + (1,710 from August 31) × $69 + (2,800 - 1,710 from August 31) × $85]
Note that the specific identification method uses the actual cost of each unit sold and in ending inventory, rather than averaging or assuming a cost flow assumption. As a result, the cost of goods sold and ending inventory depend on the specific units that were sold and in ending inventory.
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The complete question goes thus:
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Units Unit Cost Transactions 3,200 $55 Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 4,100 69 b. Sale, March 14 ($100 each) (2,850) c. Purchase, May 1 2,800 85 d. Sale, August 31 ($100 each) (3,300) Assuming that for Specific identification method (item ld) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May Required 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) of Goods Available for Sale Ending Inventory Cost of Goods Sold S 696,900 a. Last-in, first-out b. Weighted average cost 696,900 c. First-in, first-out 696,900 696,900 d. Specific identification
EXERCISE 1.1 PART A REQUIRED: The following are the assets and liabilities of the Phoenix Chemist Shop, owned by Bernard Fox, at 31 December 2019: R Bank overdraft Cash on hand Y Accounts receivable (debts due to Phoenix Chemist Shop) Accounts payable (debts owing by Phoenix Chemist Shop) Inventory in trade Land and buildings 1.1 50 000 1 000 60 000 70 000 150 000 500 000 Prepare the properly classified Statement of Financial Position of the abovementioned business at 31 December 2019 in double sided format and ascertain and insert the owner's capital.
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Using the provided information, we can prepare the Statement of Financial Position of Phoenix Chemist Shop as of 31 December 2019:
Phoenix Chemist Shop
Statement of Financial Position
As of 31 December 2019
Assets:
Cash on hand R 50,000
Accounts receivable R 1,000
Inventory in trade R 60,000
Land and buildings R 500,000
Total Assets R 611,000
Liabilities:
Bank overdraft R 1,100
Accounts payable R 70,000
Total Liabilities R 71,100
Owner's Equity:
Owner's capital R 539,900
Total Liabilities and Owner's Equity R 611,000
Note that the owner's capital was calculated as follows:
Assets (R 611,000) - Liabilities (R 71,100) = Owner's Capital (R 539,900)
What is the statement of financial position?The balance sheet, usually referred to as a statement of financial position, is a document that details a company's financial situation at a specific period.
It does attempt to evaluate the business's financing, usage of funds, and the relationship between assets and liabilities, but it does not offer a foundation for evaluating the underlying wealth of the company over time.
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