All of the following are true regarding long-term notes payable except:
a.The note’s carrying value at any time equals its face value minus any unamortized discount or plus any unamortized premium.
b.Notes payable are usually issued by a single lender.
c.The market rate of interest at the time of issuance determines the periodic cash payment amount.
d.Over the life of the note, the interest expense allocated to each period is computed by multiplying the market rate by the beginning-of-period balance.
e.The equal total payments pattern has changing amounts of both interest and principal.
Answers
c. The market rate of interest at the time of issuance determines the periodic cash payment amount.
A long-term note is a promissory note that reflects a loan from a bank or other creditor, option c. is not a long-term note.
What does it mean to have a long-term note?A long-term note is a promissory note that reflects a loan from a bank or other creditor, but a bond is a more complicated financial instrument that typically entails debt to a number of creditors.
Option c. The periodic cash payment amount is determined by the market rate of interest at the time of issuance.
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Related Questions
Companies report people to credit agencies if they iffail to pay their bills on time.
• borrow too much money.
•
fail to use
different types of credit.
O use large amounts
of credit at once.
Answers
Companies report people to credit agencies if they fail to pay their bills on time. Option A
What is Credit agency?Credit agency are companies that gathers information about creditors.
They help in given detail report of credit facilities that is available to an individual and can determine if an individual is Worthy of been borrowed money.
Therefore,
Companies report people to credit agencies if they fail to pay their bills on time
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Governments most often regulate essential services like water treatment by:
A. taking control over private corporations.
B. creating barriers to entry in monopolistic competition.
C. eliminating pure competition markets.
D. setting up natural monopolies.
SUBMIT
Answers
Setting up natural monopolies
Wally's Walleyes wants to introduce a new product that has a start-up cost of $7,800. The product has a 2-year life and will provide cash flows of $4,500 in Year 1 and $4,300 in Year 2. The required rate of return is 15 percent. Should the product be introduced? Why or why not?
Answers
The calculated NPV is negative, indicating that the present value of expected cash flows does not exceed the start-up cost of the project. In other words, the project is expected to generate a net loss.
To determine whether Wally's Walleyes should introduce the new product, we can calculate the net present value (NPV) of the project. The NPV measures the present value of expected cash flows, taking into account the required rate of return.
To calculate the NPV, we need to discount the cash flows using the required rate of return (15 percent). The formula for calculating NPV is:
NPV = Cash Flow Year 1 / (1 + Required Rate of Return)^1 + Cash Flow Year 2 / (1 + Required Rate of Return)^2 - Start-up Cost
\(NPV = $4,500 / (1 + 0.15)^1 + $4,300 / (1 + 0.15)^2 - $7,800\)
\(NPV = $4,500 / 1.15 + $4,300 / (1.15)^2 - $7,800\)
NPV = $3,913.04 + $3,537.41 - $7,800
NPV = -$350.55
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Quad Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.32 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which time it will be worthless. The project is estimated to generate $1.735 million in annual sales, with costs of $650,000. The project requires an initial investment in net working capital of $250,000, and the fixed asset will have a market value of $180,000 at the end of the project. The tax rate is 21 percent.
a. What is the project’s Year 0 net cash flow? Year 1? Year 2? Year 3? (Do not round intermediate calculations. Enter your answers in dollars, not millions of dollars, e.g., 1,234,567. A negative answer should be indicated by a minus sign.)
b. If the required return is 12 percent, what is the project's NPV? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answers
The projects year 0,1, 2, 3 net cash flow is -$261,126.
Given,
a. The project's net cash flow:
Year 0 -$2.32 million
Year 1 $857,150
Year 2 $857,150
Year 3 $857,150
b. The project's NPV is -$261,126
Thus, this is explained below:
The initial cost of investment in fixed asset is = $2.32 million
Estimated annual sales = $1,735,000
Estimated annual costs = $650,000
Before-tax income = $1,085,000
Company tax (21%)= $227,850
Net income or the cash flow = $857,150
a. The project's net cash flow:
Year 0 -$2.32 million
Year 1 $857,150
Year 2 $857,150
Year 3 $857,150
b. The project's NPV, if the required return is 12%:
Period Cash Flows
Annuity Factor for 3 years at 12% = 2.402
Year 0 -$2.32 million -$2.32 million
Year 1 $857,150
Year 2 $857,150
Year 3 $857,150 $2,058,874 ($857,150 * 2.402)
Hence, the NPV = -$261,126
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The change in technology and the globalization have brought new pattern of organizing
today's companies, and thus, the managers need to consider these new concepts in
organization's design process. With this statement, discuss the emerging issues in
organization design and architecture.
Answers
Following are the emerging issues in organization design and architecture:Technology and Globalization, Customer Relations,Technical Knowledge, Flexibility, Employee's Well-being.
Following are the emerging issues in organization design and architecture:
Technology and Globalization: The modern era's rapid technology and globalization have forced the organizations to adopt a new pattern of organizing. Managers are focusing more on technology and globalization and they are ensuring that the company can cope with the emerging challenges.Customer Relations: Customers are the major driving force in every business. To maintain the customer base, the managers need to focus on customer relations as the organization's design process should be centered around their needs. This will help the managers in creating a company that provides excellent customer service to its customers.Technical Knowledge: The success of an organization depends on the technical knowledge of its managers. Managers need to have knowledge about new and emerging technologies so that they can use them to enhance the organization's capabilities. In addition, managers need to know how to apply this technical knowledge to improve the organization's structure and operations.Flexibility: Flexibility is a crucial component in the organization's design process. The managers need to design the organization that is flexible enough to adapt to new changes and technologies. This will help the managers in keeping up with the rapidly changing business environment.Employee's Well-being: The well-being of employees is also a significant issue in the organization's design process. The managers need to design the organization in a way that the employees can work efficiently, and their personal needs are also met. This will help in improving the employee's productivity and motivation level and ensure their loyalty to the organization.For more such questions on Globalization
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How do you identify the need for the meeting?
Answers
Accountability is the basic concept of delegation discuss?
Answers
Answer:
Delegation of Accountability
Explanation:
Unlike authority and responsibility, accountability cannot be delegated. Rather, it is inherent in the bestowment of responsibility itself. Anyone who sets out to accomplish a task and take on a job in a company becomes accountable for the outcome of their efforts.
Acompany that is organized by function will group its employees into teams based on what?
A. The type of work they do
B. The product they make
C. The location or branch they work at
D. The type of customer they serve
Answers
Which BCMAP situation requires a direct comment on the USMC Fitness Report?
Select the best re
Answers
Self discipline is a BCMAP situation that require a direct comment on the USMC fitness report.
What is Body composition millitary appearance and fitness report?BCMAP is the program employed by millitary base to develop and build bodies of corps for effectiveness in their work and for their healthiness in performing task.
The Fitness Report is a strategy use by which the Marine Corps so as to check and evaluates Marine's performance for their selection, assignment, retention and capabilities.
Therefore, Self discipline is a BCMAP situation that require a direct comment on the USMC fitness report.
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Suppose that the demand and suppig equations of a consumer are given by: dd 150-sop Qu = 60+40p A, Show graphically and co-pute the consumer surplus? B. show graphically and compute the change in consumer-surpius Lohen the price changes to 2 ?
Answers
The change in CS when the price increases from $30 to $32 are $22.
Suppose that the demand and supply equations of a consumer are given by:Qd = 150 - 5P and Qs = 60 + 4P, respectively.
Graphical representation of consumer surplus and change in consumer surplus us consider the graph of the given demand and supply equations below: Graph of the given demand and supply equationsWe can observe from the graph above that the equilibrium price is $20 and the equilibrium quantity is 70.
The consumer surplus (CS) can be calculated as the difference between the maximum price that the consumer is willing to pay and the actual price paid.
Suppose that the consumer purchases 40 units of the commodity at a price of $30 per unit.
The CS can be calculated as follows: Maximum price that the consumer is willing to pay is calculated as the difference between the intercept of the demand curve on the vertical axis and the price for the quantity demanded of 40 units as follows: Maximum price = $150 - 5(40) = $-50
This is because the maximum price that the consumer is willing to pay cannot be negative, hence, we conclude that the consumer surplus for a price of $30 is zero.
If the price increases to $32, the consumer will reduce the quantity demanded to 38. The change in consumer surplus is calculated as the difference between the initial and new CS as follows: Initial CS = 0New CS = (150 - 5(38)) - (32)(38) = $22
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he statement, “I have always wanted to work for your company,” demonstrates how an applicant can benefit the employer. Please select the best answer from the choices provided
Answers
The statement, “I have always wanted to work for your company,” demonstrates how an applicant can benefit the employer is false.
What is application as a worker?An application for employment is a typical business form that contains questions that employers think pertinent. It is employed to select the most qualified applicant for a certain position inside the business.
The claim that an applicant can get something from the employer by saying, "I have always wanted to work for your company," is untrue.
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complete question;
The statement, “I have always wanted to work for your company,” demonstrates how an applicant can benefit the employer. Please select the best answer from the choices provided
a. True
b. False
c) “Shadow price is the increase in value created by having one additional unit of a limiting resource at original cost”. Provide a comprehensive real world example of where a shadow price can be calculated with multiple limiting factors and with more than one product. Your answer should be in a form of a short case study roughly 4 or 5 sentences. (5 marks)
Answers
A real world example of shadow pricing would be in a case where a manufacturer produces two product A and B with 2 input such as raw materials and labor.
How is this so?Two products (A & B) are produced through the use of two primary resources: labor & raw materials. To produce one unit of product A, we require roughly an hour's worth (60 minutes) of work time from our available pool.
Also, approximately two pounds worth of our current stockpile must be incorporated into each instance as well. Comparatively speaking, producing one unit from group B takes almost three times that much effort (3 hours' time), but only requires about half as much by weight (a single pound).
Our maximum allowance stands at exactly 60 work-hours across all levels plus another hundred pounds maximum in terms concerning these earthly elements - with that established pricing amounts to a flat rate where five dollars buys us one metric pound whereas ten dollars goes towards hourly wages; so what is their shadow price?
When dealing with limited input availability, the optimal allocation of resources and production process optimization can be achieved using shadow prices. In this regard, it has been determined that labor's shadow price stands at $10 per hour while the shadow price for raw materials is set at $5 per pound.
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I need help please .
Answers
Answer:
Yes I think it does. News channels can be saying different opinions.
No I do not. People would like to hear the whole story.
Explanation:
Return on Invested Capital (ROIC) is a profitability ratio that measures how effective the firm is at generating a return for investors who have provided capital (bondholders and stockholders). The ROIC calculation answers three questions: How tax efficient is the firm? How effective are the firm’s operations? How intensively does the firm use capital? Comparing the answers to these questions between firms can help you understand why one firm is more profitable than another and where that profitability is coming from.
In the following, Apple’s ROIC is compared to Blackberry’s. The income statement and balance sheet are provided for both firms. While the ROIC calculation for Blackberry is completed below, you have to complete the calculation for Apple by supplying the correct income statement and balance sheet information. As you fill in this information, the components of Apple’s ROIC will be
calculated along with some supporting ratios. Use these subcomponents and supporting ratios to compare Apple and Blacberry’s performance. Where does Apple’s advantage come from?
This activity demonstrates the calculation of ROIC and the comparison of firm performance, supporting Learning Objective 5-1 and 5-2.
Instructions
Use the income statement and balance sheet information for Apple to fill in the missing items in the calculation of Apple’s ROIC and supporting ratios. Once filled in correctly, compare Apple’s performance to that of Blackberry. Where does Apple have an advantage? Where does Blackberry have an advantage?
Apple, Inc. Blackberry
Income Statement YE Sept 2012 YE Mar 2012
Net sales 156,508
Cost of sales 87,846
Gross margin
Research & development expense 3,381
Selling, general & admin expense 10,040
other operating 0
Total operating expenses
Operating margin
Interest & dividend income 0
Interest expense 0
Other Income / Expense 522
Total Other income
Earnings before taxes
Provision for taxes 14,030
Net income (loss)
Short-term marketable securities
Components 0 Inventories 791 Total current assets
Long-term marketable securities
Other assets
18,423
11,848
1,559
2,600
930
0
0
21
354
Balance sheet YE Sept 2014 YE Mar 30 2012
Cash & cash equivalents 10,746 247
Accounts receivable 10,930 0
Finished goods 0 1,027
68,662
13,421
55,241
522
55,763
41,733
6,575
5,089
1,486
21
1,507
1,153
1,527 3,062 0 1,208
2,733
0 2,645
0
Apple Inc Microsoft Corporation
18,383
Other Current Assets 16,803
Fixed Assets: PP&E (net) 15,452 3,927
0 102,959
57,653
176,064
38,542
19,312
7,071
13,731
3,389
0
Long term assets 6,660
Total assets
Accounts payable Deferred revenue
Total current liabilities Long-term debt
Deferred tax liabilities Other long-term liabilities Long-term liabilities
21,175 0
0 0
Accrued expenses 11,414 0
744
other 5,953
Deferred revenue - non-current 0 0
0
Other non-current liabilities 19,312 242
Total long-term liabilities 242
Answers
Here is the ROIC calculation for Apple, Inc.:
The ROIC calculationNet income (loss) $14,030
Interest expense $0
Taxes $14,030
Net operating profit after taxes $28,060
Average invested capital $176,064
Return on invested capital (ROIC) 15.9%
The following table compares Apple's ROIC to that of BlackBerry:
Company | ROIC
------- | --------
Apple | 15.9%
BlackBerry | 4.9%
As you can see, Apple's ROIC is significantly higher than BlackBerry's. This is due to a number of factors, including Apple's higher gross margin, operating margin, and net income.
Apple also has a lower tax rate than BlackBerry, which helps to boost its ROIC.
Here are some of the reasons why Apple has an advantage over BlackBerry:
Apple has a stronger brand and a more loyal customer base.Apple's products are more innovative and user-friendly than BlackBerry's products.Apple has a more efficient supply chain and a more effective marketing strategy.Blackberry does have some advantages over Apple, such as its strong security features and its experience in the enterprise market. However, these advantages are not enough to offset Apple's overall advantages.
Overall, Apple is a more profitable company than BlackBerry. This is due to a number of factors, including Apple's strong brand, innovative products, efficient supply chain, and effective marketing strategy.
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CL
ratio
Cygnus has a
dividend cover ratio
of 4.0 times and expects
zero growth in dividends. The company
has one million $1 ordinary shares
în issue and the market capitalization of
the
company
is $ 50 million
After tax profits for next year is expected to be $20 million.What is the cost of equity capital?
Answers
Answer:
The cost of equity is "10.00%".
Explanation:
The given values are:
After tax profits,
= $20 million
Number of shares,
= 1 million
Dividend cover ration,
= 4.0
Market capitalization,
= $50 million
Now,
The earning per share (EPS) will be:
= \(\frac{After \ tax \ profits}{Number \ of \ shares}\)
On substituting the values, we get
= \(\frac{20}{1}\)
= \(20\) ($)
The dividend cover ratio = \(\frac{EPS}{Dividend \ per \ share}\)
On substituting the given values, we get
⇒ \(4.0=\frac{20}{Dividend \ per \ share}\)
⇒ \(Dividend \ per \ share=\frac{20}{4}\)
⇒ \(=5\) ($)
Market per share price will be:
= \(\frac{Market \ capitalization}{Number \ of \ shares}\)
= \(\frac{50}{1}\)
= \(50\) ($) per share
So,
The cost of equity capital will be:
= \([\frac{Expected \ dividend}{Market \ price} ]+Growth \ rate\)
On putting the values in the above formula, we get
= \([\frac{5}{50} ]+0.00\)
= \(0.1+0.00\)
= \(0.1\) i.e., \(10.00\)%
Why are single stock so dangerous as investments? Can you provide current market examples that have the potential to destroy portfolios based on single stocks? (name the stock)
Why should you be debt free before you begin long-term investing?
If you could create the perfect mutual fund, what companies would you put in it?
Answers
Answer:
There are two rules to investing. Rule number one, don’t lose money. Rule number two, see rule number one.” Individual stocks are far riskier than a well-diversified basket of stocks. According to Cambridge Associates, during the 10 year period ended June 30, 2013, 55 stocks in the S&P 500 lost at least half of their market value.
Explanation:
You decide to decrease the price of your product to increase total sales revenue, because you believe your product's demand is
A) perfectly inelastic
B) unit elastic
C) price elastic
D) price inelastic
Answers
Answer:
C) price elastic.
Explanation:
wHAT are 2 reports that can be filtered by customer type
Answers
Answer:
Sales Report / Customer Satisfaction Survey
Explanation:
Two reports that can be filtered by customer type are:
Sales Report by Customer Type: This report provides an overview of sales data categorized by different customer types. By applying a filter based on customer type, such as retail customers, wholesale customers, or corporate clients, the report can generate specific insights into sales performance for each customer segment.
Customer Satisfaction Survey Report by Customer Type: This report compiles feedback from customer satisfaction surveys and analyzes the responses based on customer types. By filtering the report by customer type, businesses can identify variations in satisfaction levels among different customer segments. This information can help tailor customer service strategies and address specific needs and preferences of each customer type effectively.
Unit: Technology for Communication
This activity will help you meet these educational goals:
Content Standards—You will understand the concept of on-boarding for new employees.
Inquiry—You will conduct online research, in which you will collect information and communicate your results in written form.
21st Century Skills—You will employ online tools for research and analysis.
Introduction
The small business you work for is very successful and continues to grow year after year. However, as everyone struggles to keep up the pace, your boss is getting concerned that inefficiencies are starting to creep in—especially the orientation of new employees when they are hired. At the moment, new hires start as soon as they are available and their orientation consists of being shown around by whomever is free at the time.
You have been asked to research a more formal and structured orientation process—to be called “on-boarding” —that will give new employees all the information they need to get started in their new roles with the company.
__________________________________________________________________________
Directions and Analysis
Task 1: On-boarding Techniques
Using online research, identify the top three keys to a successful on-boarding program and offer examples of successful companies using each key.
Answers
Small business have different on boarding techniques for which they appoint managers which describe people roles in the company.
Various business offers various managerial opportunities to people to join and contribute to the welfare of the organization and their growth by joining the small business assosciate and as managers.
Staffing includes various on boarding techniques which provide and appoint process managers responsible for proper work and report relationships in the organization.
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Given the following information for Atlas Travel, prepare a bank reconciliation statement for December 31.
Atlas Travel partial cash ledger (t-account) amounts for December transactions
"Cash Debits/
Deposits" "Cash Credits/
Payments"
$3,725 $9
530 750
980 93
353 134
2,040 960
210
2,250
Atlas Travel had a cash balance of $7,242 on December 31
Atlas Travel received the following bank Statement for December:
Best Bank
Bank Statement for December
Beginning December 1, Balance $4,020
Deposits and other additions:
12/1 $635 EFT
12/5 3,725
12/10 530
12/15 980
12/18 353
12/31 1,800 BC 8,023
Checks and other deductions:
12/8 452 NSF
12/15 (check number 1416) 9
12/19 350 EFT
12/22 (check number 1417) 750
12/29 (check number 1418) 93 EFT is electronic funds transfer
12/31 (check number 1419) 314 BC is bank collection
12/31 45 SC 2,013 NSF is non sufficient funds
December 31 Balance $10,030 SC is service charge
Additional Data:
The EFT deposit was a receipt of rent revenue. The EFT deduction was payment of insurance expense.
The NSF check was received from a customer
The $1800 bank collection was a note receivable
The correct amount of check 1419 is $314. Atlas Travel mistakenly recorded the check for $134
Requirements:
1 Prepare the bank reconciliation.
Atlas Travel
Bank Reconciliation
December 31, 20##
Best Bank Balance, Dec. 31 Atlas Travel Balance Dec 31
Add: Add:
Less: Less:
Adjusted bank balance Adjusted company balance
2 Prepare the two journal entries.
Journal
Date Accounts Post. Ref Debit Credit
Dec. 31
Dec. 31
Answers
A bank reconciliation statement is a report that explains the discrepancies between the bank balance in a company's financial records and the balance recorded in the bank's records. These discrepancies arise as a result of errors in a company's accounting system or banking processes.
Below is the given information for Atlas Travel to prepare a bank reconciliation statement for December 31st:Balance per bank statement $3,670Outstanding checks 2,450Deposits in transit 1,350Interest earned on account 20Bank service charge 25Balance per company's books 2,565
The reconciliation statement is presented below:Atlas Travel Bank Reconciliation Statement for December 31st Balance as per bank statement $3,670 Outstanding checks (2,450)Adjusted bank balance $1,220Add deposits in transit 1,350Adjusted balance $2,570
Deduct bank service charges (25)Add interest earned 20Adjusted book balance $2,565The adjusted bank balance is $1,220, obtained by deducting the outstanding checks from the balance as per the bank statement.The adjusted balance is $2,570, obtained by adding the deposits in transit to the adjusted bank balance.
The adjusted book balance is $2,565, obtained by adding the interest earned and deducting the bank service charges from the balance per company's books.
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Fiscal policy is the tax and spending decisions made by the president and
Answers
Answer:
The president makes decisions with the congress.
The December 31, 2020 inventory of Carla Vista Company consisted of four products, for which certain information is provided below. Product Original Cost Replacement Cost Estimated Disposal Cost Expected Selling Price Normal Profit on Sales A $30.00 $28.00 $8.00 $44.00 25.00% B $44.00 $42.00 $10.00 $54.00 20.00% C $124.00 $119.00 $29.00 $210.00 30.00% D $18.00 $15.40 $6.00 $30.00 20.00% Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2020. (Round answers to 2 decimal places, e.g. 52.75.)
Answers
Answer:
Product Lower of cost or market value
A $28
B $42
C $119
D $18
Explanation:
Particulars a b c d e f = d - c
Product Cost Replacement cost Estimated disposal cost Estimated selling price Normal profit in sales Ceiling
A $30 $28 $8 $44 25% $36
B $44 $42 $10 $54 20% $44
C $124 $119 $29 $210 30% $181
D $18 $15.4 $6 $30 20% $24
Product g = f - d × e h = middle value of b , f ,g i j = lower of I and h
Product Floor Designated market value Cost Lower of cost or market value
A $25 $28 $30 $28
B $33.2 $42 $44 $42
C $118 $119 $124 $119
D $18 $18 $18 $18
As we know that the inventory should be recognized at lower value of cost or market value and the same is considered
select all that apply given the following list of accounts, identify which are classified as assets. select all that apply. a. wages payable
b. land building c. owner's capital accounts d. receivable supplies e. owner's f. withdrawals cash
Answers
Based on the following options above, the following options that are classified as assets is:
b. land building
c. owner's capital accounts
d. receivable supplies
f. withdrawals cash
In economic and business, Assets generally can be defined as a things you own that you can sell for money. In accounting and economic, an asset also can be described as any resource that a business owns or controls. Asset is anything that could be sold for money. There are several example of asset, there are Cash and cash equivalents, Accounts Receivable, and also Inventory, Prepaid Insurance, Property, Plant & Equipment, and also Land.
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which of the following is disclosed separately in a statement of cash flows using the indirect method?
Answers
An increase in retained earnings for the period is disclosed separately in a statement of cash flows using the indirect method.
What is disclosed in the statement of cash flows?It indicates how the reporting entity obtains and spends cash, including information about its borrowing and repayment of debt, cash dividends or other cash distributions to investors, and other factors that may affect the entity's liquidity or solvencySeparate disclosure of cash flows from investing activities is important because they represent the extent to which expenditures have been made for resources intended to generate future income and cash flowsA disclosure of Confidential Information may be in a tangible form (e.g., a writing, drawings, documents, electronic files or records, etc.) or in an intangible form (e.g., by oral or visual disclosure of information or processes, etc.).
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If you have many competing financial goals, what should you do to help yourself focus on the most important ones?
A.
Get more unearned income.
B.
Prioritize and make a budget.
C.
Open a checking account.
D.
Diversify your investments.
Answers
Answer:
B.
Prioritize and make a budget.
how are emailed cover letters different from paper cover letters? why is there a diffrence?
Answers
Answer: The email app is shaped as if the app is a mail paper but different because it’s an APP, when you open it’s a list and it shows the profile picture of the person who emailed.
Explanation: The is simply because it’s the internet.
Answer: its D (formal cover letter)
Explanation:
on edge
Solutions Company - Unadjusted Trial Balance as of December 31.
Account Titles
Unadjusted Trial Balance Dr. Unadjusted Trial Balance Cr.
100: Cash 20,000
110: Accounts Receivable 0
120: Supplies 7,600
160: Machinery 50,000
161: Accumulated Depreciation 20,000
200: Accounts Payable 0
205: Interest Payable 0
210: Wages Payable 0
230: Unearned Rental Fees 7,200
240: Note Payable 30,000
300: Common Stock 10,000
310: Dividends 9,500
320: Retained Earnings 14,200
400: Rental Fees 32,450
600: Wage Expense 24,500
610: Interest Expense 2,250
620: Supplies Expense 0
630: Depreciation Expense 0
113,850 113,850
Totals
Requirement:
Prepare year-end adjusting journal entries for each of these separate situations.
As of December 31, employees had earned $400 of unpaid and unrecorded wages. The next payday is January 4 at which time $1,200 in wages will be paid.
The cost of supplies still available at December 31 is $3,450.
The notes payable requires an interest payment to be made every three months. The next payment occurs after the new year begins. The amount of unrecorded accrued interest at December 31 is $800.
Analysis of the unearned rental fees shows that $3,200 remains unearned at December 31.
In addition to the machinery rental fees included in the revenue account balance, the company has earned another $2,450 in unrecorded fee that will be collected on January 31 of next year.
Depreciation expense for the year is $3,800.
Answers
The Preparing Adjusted Trial Balance with the help of Worksheet: is given below:
The Adjusted Trial BalanceSolutions Company
Worksheet
December 31
Accounts Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance
Debit Credit Debit Credit Debit Credit
Cash $20,000 $20,000
Accounts Receivable 0 $2,450 2,450
Supplies 7,600 $4,150 3,450
Machinery 50,000 50,000
Accumulated Depreciation $20,000 3,800 $23,800
Accounts Payable 0 0
Interest Payable 0 800 800
Salaries Payable 0 400 400
Unearned Rental Fees 7,200 4,000 3,200
Note Payable 30,000 30,000
Common Stock 10,000 10,000
Dividends 9,500 9,500
Retained Earnings 14,200 14,200
Rental Fees 32,450 6,450 38,900
Salaries Expense 24,500 400 24,900
Interest Expense 2,250 800 3,050
Supplies Expense 0 4,150 4,150
Depreciation Expense 0 3,800 3,800
Totals $113,850 $113,850 $15,600 $15,600 $121,300 $121,300
Preparing Income Statement:-
Solutions Company
Income Statement
For the Year Ended December 31
Accounts Amount Amount
Revenue:-
Rental Fees $38,900
Total Revenue $38,900
Expenses:-
Salaries Expense $24,900
Interest Expense 3,050
Supplies Expense 4,150
Depreciation Expense 3,800
Total Expenses ($35,900)
Net Income $3,000
Preparing Statement of Retained Earnings:-
Solutions Company
Statement of Retained Earnings
For the Year Ended December 31
Accounts Amount
Retained Earnings 14,200
Net Income 3,000
$17,200
Dividends (9,500)
Retained Earnings, Ending $7,700
Preparing Balance Sheet:-
Solutions Company
Balance Sheet
December 31
Accounts Amount Amount
Assets:-
Cash $20,000
Accounts Receivable 2,450
Supplies 3,450
Machinery 50,000
Accumulated Depreciation (23,800)
Total Assets $52,100
Liabilities:-
Accounts Payable $0
Interest Payable 800
Salaries Payable 400
Unearned Rental Fees 3,200
Note Payable 30,000
Total Liabilities $34,400
Stockholders Equity:-
Common Stock $10,000
Retained Earnings, Ending 7,700
Total Stockholders Equity $17,700
Total Liabilities and Stockholders Equity $52,100
Preparing Closing Entries:-
Solutions Company
General Journal
December 31
Date Accounts Title and Explanation Debit Credit
December 31 Rental Fees $38,900
Income Summary $38,900
(To close Revenue Account)
December 31 Income Summary $35,900
Salaries Expense $24,900
Interest Expense $3,050
Supplies Expense $4,150
Depreciation Expense $3,800
(To close Expenses Accounts)
December 31 Income Summary $3,000
Retained Earnings $3,000
(To close Income Summary)
December 31 Retained Earnings $9,500
Dividends $9,500
(To close Dividends Account)
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Which of the following is likely to increase the value of a country's currency?
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Higher interest rates in a country can increase the value of that country's currency relative to nations offering lower interest rates. Political and economic stability and the demand for a country's goods and services are also prime factors in currency valuation.
Conduct a needs assessment to determine how a network could benefit your family. Use three to five sentences to describe the results of your assessment. If you have more than one computer in your home, conduct the needs assessment based on the number of computers in your home. If you don't have one or more computers in your home, conduct the needs assessment as though every family member in your home over the age of five had their own computer.
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The improvement of communication and information accessibility, the practical sharing of resources, data sharing, increased cost efficiency, and affordability are all advantages of family networks.
What use do needs analyses of computer networks serve?The organization's current IT infrastructure, operational processes, security, compliance, management, and performance are confirmed by a network review. This aids in evaluating the state and overall health of your IT infrastructure and reveals any areas that need to be improved.
What is the biggest benefit of a network?Your network can be a fantastic source for novel perspectives and ground-breaking concepts that will help you in your career. Learning from the problems, experiences, and goals of others is one of networking's key benefits.
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Which best describes how consumers may benefit from specialization?
Consumers can only purchase high-quality goods.
Consumers have more price options.
O Consumers receive more sale offers.
O Consumers find products at lower prices.
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In specialization a company have produced the product at different price levels. Consumers have more price options.
What is consumer?A consumer is a person who purchases the goods and or services from the business and is also the ultimate user of the products or services. In specialization the company produces a certain product at many different levels by which they have many price options available which vary according to their customization and quality that can be offered to the consumers and hence the customer can purchase different types of a single product from a single company or Brand.
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