early in its fiscal year ending december 31, 2024, san antonio outfitters finalized plans to expand operations. the first stage was completed on march 28 with the purchase of a tract of land on the outskirts of the city. the land and existing building were purchased by paying $320,000 immediately and signing a noninterest-bearing note requiring the company to pay $720,000 on march 28, 2026. an interest rate of 8% properly reflects the time value of money for this type of loan agreement. title search, insurance, and other closing costs totaling $32,000 were paid at closing. at the end of april, the old building was demolished at a cost of $82,000, and an additional $62,000 was paid to clear and grade the land. construction of a new building began on may 1 and was completed on october 29. construction expenditures were as follows: may 1 $ 3,000,000 july 30 2,100,000 september 1 1,620,000 october 1 2,520,000 san antonio borrowed $5,100,000 at 8% on may 1 to help finance construction. this loan, plus interest, will be paid in 2025. the company also had a $6,450,000, 8% long-term note payable outstanding throughout 2024. in november, the company purchased 10 identical pieces of equipment and office furniture and fixtures for a lump-sum price of $720,000. the fair values of the equipment and the furniture and fixtures were $615,000 and $205,000, respectively. in december, san antonio paid a contractor $345,000 for the construction of parking lots and for landscaping. required: determine the initial values of the various assets that san antonio acquired or constructed during 2024. the company uses the specific interest method to determine the amount of interest capitalized on the building construction. (hint: expenditures on march 28 and april 30 to acquire land on which to construct the building are included as part of accumulated expenditures for determining the amount of interest capitalized on the building. this means the interest capitalization period begins on march 28.) how much interest expense will san antonio report in its 2024 income statement? 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)
Answers
The initial values of the various assets acquired or constructed by San Antonio Outfitters during 2024 are Land: $352,000 (320,000 + 32,000), Building: $10,982,000 (3,000,000 + 2,100,000 + 1,620,000 + 2,520,000 + 720,000), Equipment: $615,000, Furniture and Fixtures: $205,000, and Land Improvements: $345,000.
The amount of interest expense San Antonio Outfitters will report in its 2024 income statement is $408,480.
To determine the initial values of the various assets acquired or constructed by San Antonio Outfitters during 2024, we add up the costs incurred for each asset. For the Land, we add the immediate payment of $320,000 and the closing costs of $32,000.
For the Building, we add up the construction expenditures of $9,960,000 and the interest capitalized on the building of $1,022,000 (calculated using the specific interest method). For the Equipment and Furniture and Fixtures, we use their respective fair values of $615,000 and $205,000.
And for the Land Improvements, we add the cost of $345,000.
To calculate the amount of interest expense that San Antonio Outfitters will report in its 2024 income statement, we first need to calculate the weighted-average amount of accumulated expenditures for the construction of the building.
Using the specific interest method, we multiply the amount spent on each date by the number of days between that date and the end of the year, and then divide the sum of those amounts by the total number of days in the year. This gives us a weighted-average amount of accumulated expenditures of $6,081,000.
We then multiply this amount by the interest rate of 8% and the number of days in the interest capitalization period (247 days), giving us an amount of interest capitalized on the building of $1,022,000. Finally, we subtract this amount from the total interest incurred on the $5,100,000 loan, which gives us interest expense of $408,480.
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Related Questions
Deanna is 62 years old. She plans to retire in 3 years. She has $300,000 in a savings account that yields 2.25% interest compounded daily.she has calculated that her final working years salary will be $94,000. She has been told by her financial advisor that she should have 65% of her final year annual income available for use each year when she retires
Answers
Deanna should have approximately $196,769.72 available each year during her retirement.
How to determine Deanna final year annual incomeCalculating the target retirement income:
Deanna's target retirement income is 65% of her final working year's salary. Therefore,
Target retirement income = 65% * $94,000 = $61,100
To Determine the number of years in retirement:
Deanna plans to retire in 3 years.
We Calculate the future value of her savings account at the time of retirement:
The savings account has an interest rate of 2.25% compounded daily. We'll use the compound interest formula to calculate the future value:
Future Value = Present Value * (1 + (Interest Rate / Number of Compounding Periods))^(Number of Compounding Periods * Number of Years)
Future Value = $300,000 * (1 + (0.0225 / 365))^(365 * 3)
Future Value = $300,000 * (1 + 0.0000616445)^1095
Future Value = $300,000 * 1.071924
Future Value ≈ $321,577.11
Calculating the annual retirement income:
Annual retirement income = Future Value * (Target retirement income / 100)
Annual retirement income = $321,577.11 * (61,100 / 100)
Annual retirement income ≈ $196,769.72
Therefore, according to the given information, Deanna should have approximately $196,769.72 available each year during her retirement.
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The smaller the current ratio, the higher the firm's ability to repay its current debts.
a. true
b. false
Answers
Answer:
false
Explanation:
the smaller the current ratio the lesser the amount of assets are compared to liabilities
riley's company realized it could not make the component parts at its plant in thailand because that plant did not have the necessary manufacturing tooling to do the job. this demonstrates how
Answers
This demonstrates how Technology performs a function in in which a organization produces.
The required details about Technology is mentioned in below paragraph.
Technology is the utility of know-how to attain practical goals in a specifiable and reproducible way. The word era may additionally imply the fabricated from such an endeavor.The use of era is broadly conventional in medicine, science, industry, communication, transportation, and every day life. Technologies encompass bodily items like utensils or machines and intangible tools such as software.
The earliest recognized era is the stone tool, utilized in the prehistoric era,accompanied by hearthplace use, which contributed to the growth of the human mind and the improvement of language in the Ice Age. The invention of the wheel in the Bronze Age enabled wider journey and the advent of extra complex machines.Recent technological developments, which includes the printing press, the telephone, and the Internet have lowered communication limitations and ushered in the know-how economy.
(COMPLETE QUESTION)
Riley's company realized it could not make the component parts at its plant in Thailand because that plant did not have the necessary manufacturing tooling to do the job. This demonstrates how ______ plays a role in where a company produces.
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I have $3,000 in credit card debt. If I can pay $150.00 a month, how long will it take to pay it off? My current interest rate is 18%. Remember to include your inputs and round 2 decimal points like we did in module 2.
Answers
Answer:
2 years
Explanation:
Rate = rate per period = 18%/12 = 1.5%
PV = 3,000
PMT = 150
Number of a payment period = NPER(Rate, PMT, -PV, FV)
Number of a payment period = NPER(18%/12, 150, -3000)
Number of a payment period = 23.96 months
Time to payoff loan = 23.96/12
Time to payoff loan = 1.99667
Time to payoff loan = 2 years
"tractor is a modern tool of agriculture".justify this statement with suitable example
Answers
Answer:
Tractors are the king among different farm equipment. They are the main workhorse of any modern farm. They provide the power and traction necessary to mechanize agricultural tasks. ... There are different types of tractors in the market, varying in size and capacity.
Explanation:
please help me quick :( (sorry meant to put chem not business)
Answers
How long does it take to triple your money at a 21.4% interest rate?
Options:
68 months
36 months
48 months
92 months
75 months
A corporation had $75,000 in owners' equity at the beginning of a period. The corporation earned $5000 in aftertax income and paid $3000 out as dividends during this period. The corporation also repurchased $7000 of stock from the shareholders this period. What is the value of the owners' equity at the end of this period?
Options:
$70,000.00
$90,000.00
$84,000.00
$66,000.00
$80,000.00
Answers
The rule of 72 states that you divide 72 by the interest rate to find the number of periods it takes for an investment to double. In this case, since we want to triple the money, we divide 72 by 21.4, which is approximately 3.36. So it would take around 3.36 periods to double the money.
Each period is equivalent to a month, so we can round up to the nearest whole number and say it would take 4 months. Therefore, the correct answer is 48 months.
The corporation earned 5,000 in after-tax income, which increases the owners' equity. The dividends paid out were 3,000, which decreases the owners' equity. Additionally, the corporation repurchased 7,000 of stock, which also decreases the owners' equity.
So, to calculate the value of the owners' equity at the end of the period, we start with the beginning owners' equity of 75,000 and add the after-tax income of 5,000. Then, we subtract the dividends paid out of 3,000 and the stock repurchased of 7,000.
\(75,000 + 5,000 - 3,000 - 7,000 = 70,000.\)
Therefore, the correct answer is 70,000.
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Why would high start-up costs serve as a barrier to competition?
Answers
_____typically refer to financial support for events, venues, or experiences and provide the opportunity to target specific groups.
Answers
Sponsorship typically refer to financial support for events, venues, or experiences and provide the opportunity to target specific groups.
A sponsorship is when a business contributes money or resources to a non-profit event or program in exchange for specific benefits in the advertising industry. Sponsorship gives businesses and brands access, connections, hospitality, affinity, access to an audience, data, and helps to shape public perception in a way that can be difficult to do on your own through marketing and branding.
The act of providing financial or product support for an event, activity, person, or organization is known as sponsorship. The term "sponsor" refers to the individual or organization that, much like a benefactor, provides the assistance.
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How important is money
Answers
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.
Samantha is working through the Client Needs Assessment process. Which 4 areas should she focus on to gather information for her client?(Select all that apply) Who is the client Why did the client start their business What services does the client need How will the client work be completed Which team member will do the work When does the client need their work completed
Answers
Samantha, while working through the Client Needs Assessment process, should focus on four key areas to gather vital information for her client. These areas include:
1. Identifying the client: It's essential for Samantha to know who her client is, including their background and any relevant details about their company or industry. This helps establish a strong foundation for understanding the client's needs and offering tailored solutions.
2. Understanding the client's motivation: Determining why the client started their business provides valuable insight into their goals and vision. This information will enable Samantha to align her services with the client's objectives, ensuring their expectations are met.
3. Assessing client's service requirements: Samantha must evaluate what services the client needs to support their business effectively. This could include areas such as marketing, technology, or human resources. By identifying these needs, Samantha can tailor her approach and offer relevant solutions.
4. Establishing timelines and work completion: It's crucial for Samantha to know when the client needs their work completed and how the work will be carried out. This information will help her allocate resources, coordinate with team members, and set realistic deadlines for project completion.
By focusing on these four areas, Samantha will gather crucial information that will help her meet her client's needs and build a strong working relationship.
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Which allows college students to work part-time jobs to help pay for education expenses? A. School-to-Work Study Program B. Perkins Work-Study Program C. Federal Work-Study Program D. Stafford Work-Study Program
Answers
Answer:
te answer is C
Explanation:
Federal Work-Study Program allows college students to work part-time jobs to help pay for education expenses. Therefore, option C is correct.
What is Federal Work-Study Program?The Federal Work-Study Program is a federally-funded program in the United States that provides part-time employment opportunities for undergraduate and graduate students who have financial need. The program is designed to help students earn money to pay for educational expenses, such as tuition, fees, books, and other living expenses.
The program is administered by the U.S. Department of Education and provides funding to participating institutions to pay a portion of the wages for eligible students who work on or off campus. The program encourages community service work and work related to the student's course of study whenever possible.
To participate in the Federal Work-Study Program, students must complete the Free Application for Federal Student Aid (FAFSA) and meet certain eligibility criteria.
The program is available to both full-time and part-time students, and the amount of money a student can earn through the program is determined by financial need, the amount of funding the school receives for the program, and the student's availability to work.
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Lily Landscaping Inc. is preparing its budget for the first quarter of 2022. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end, the following information has been collected.
Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service.
Actual service revenue for 2021 and expected service revenues for 2022 are November 2021, $67,200; December 2021, $75,600; January 2022, $84,000; February 2022, $100,800; and March 2022, $117,600.
Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2021 and expected purchases for 2022 are December 2021, $11,760; January 2022, $10,080; February 2022, $12,600; and March 2022, $15,120.
(a) Prepare the following schedules for each month in the first quarter of 2022 and for the quarter in total:
(1) Expected collections from clients.
January February March Quarter November $
December
January
February
March
Total Collections $
Answers
The expected collections in January are $50,400, February are $90,720, March are $117,600 and the total collections are $258,720.
To prepare the expected collections from clients schedule, we need to apply the given payment percentages to the expected service revenues for each month. Let's calculate the collections for each month and the total for the quarter:
Expected collections from clients:
January 2022:
Fee for January 2022 service = $84,000
60% collected in the month = $84,000 * 0.6 = $50,400
February 2022:
Fee for February 2022 service = $100,800
60% collected in the month = $100,800 * 0.6 = $60,480
30% collected in the following month = $100,800 * 0.3 = $30,240
Total collections for February = $60,480 + $30,240 = $90,720
March 2022:
Fee for March 2022 service = $117,600
60% collected in the month = $117,600 * 0.6 = $70,560
30% collected in the following month = $117,600 * 0.3 = $35,280
10% collected in the second month after service = $117,600 * 0.1 = $11,760
Total collections for March = $70,560 + $35,280 + $11,760 = $117,600
Quarter total collections:
Total collections = January + February + March = $50,400 + $90,720 + $117,600 = $258,720
Expected collections from clients schedule
January February March Quarter
November $0
December $0
January $50,400
February $90,720
March $117,600
Total collections $258,720
Note: Since there is no information provided for November and December 2021, the collections for those months are assumed to be $0.
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what is stock exchange?
Answers
when will social security recipients get an extra $200 a month
Answers
As an AI language model, I don't have real-time information or the ability to predict future events beyond my knowledge cutoff in September 2021.
Therefore, I cannot provide specific details about when social security recipients will receive an extra $200 a month. Social security benefits, including any potential changes or increases in payment amounts, are determined by the Social Security Administration (SSA) and are subject to various factors, such as legislation, economic conditions, and eligibility criteria. It is recommended to stay updated with official sources, such as the SSA website or relevant government announcements, for the most accurate and current information regarding social security benefits.
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You want to buy a new ski boat 2 years from now, and you plan to save $6,400 per year, beginning one year from today. You will deposit your savings in an account that pays 6.2% interest. How much will you have just after you make the 2nd deposit, 2 years from now?
Answers
Answer:
Total Amount after 2 years = $13196.8
Explanation:
Data Given:
Amount of savings per year = $6400
Interest rate = 6.2%
Find Total Amount in account after 2 year:
Solution:
Lets consider it step by step.
Amount of money deposited in account after 1 year = $6400
After 2 years, we earn 6.2% interest on $6400,which is:
\(\frac{6.2}{100}\cdot6400= 396.8\)
So, after 2 years, BEFORE the 2nd deposit, we have $6400 + $396.8 = $6796.8 in the account.
AFTER 2nd deposit of $6400, total amount we have in account is:
Total Amount = $6796.8 + $6400 = $13196.8
Being on time, which is expected in college, work, and society in general, is known as
Answers
Being on time, which is expected in college, work, and society in general, is known as punctuality. Being able to do a necessary work or fulfil an obligation before or at the time that was previously set is a sign of punctuality. On time and "punctual" are frequently used interchangeably.
Being late is an opposite personality attribute. Every culture has a common sense of what constitutes an appropriate level of punctuality. In most Western societies, being a few minutes late is often acceptable, although this is not the case for certain situations, such doctor's visits. Some cultures, such as those who use African time.
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The number of seats a table can have is usually expressed as the number and the word "top". You can have 17, 4-top tables, 28, 2-top tables, 15, 6-top tables and 5, 10-top tables. How many can your restaurant seat?
A) 244 seats
B) 264 seats
C) 288 seats
D) None of the above
Answers
Answer:
B) 264 seats
Explanation:
'Top' is the number of seats per table.
17 tables with 4 seats will have
17 x 4 = 68 people
28 2-top tables
28 x 2 =56 seats
15, 6-top tables
15 x 6 =90 seats
5, 10-top tables.
5x10 = 50 seats
Total number of people who can seat
= 68 + 56 +90 +50
=264 seats
1} When making decisions regarding the use of resources, options NOT chosen are known as which of the following?
A} The economic allowance for the option chosen
B} The chosen option’s tangible adversary
C} The opportunity cost of the option chosen
D} The chosen option’s conscious rejection
Answers
Answer: The answer is C opportunity cost of the option chosen
Explanation:
Human want are numerous while the resources to satisfy them are limited in supply. Because of the scarcity of resources this informed the use of scale of preference to rank our want in their order of preference. Then arise the concept of opportunity cost ,opportunity cost is the value of benefit sacrifice in favour of an alternative course of action in the sense that the acceptance of one option will automatically lead to the rejection of the second option. It is the cost of doing anything that could have been obtained if that particular decisions has not been taken. The return forgone from its use is the opportunity cost.
Which of the following statements about the impact of scarcity in every economic system is correct?
A )It imposes limitations not only on households, businesses, and governments, but on whole nations
B)It imposes limitations primarily on local and state governments as opposed to the national government, which is typically unaffected
C)Households rarely experience the effects of scarcity, which primarily affects business and government affairs
D)Businesses benefit from scarcity, which allows them to expand the reach of their operations, while scarcity causes households to suffer
Answers
Answer:
A
Explanation:
A solution to the adverse selection problem can be:
a. Reputation mechanisms.
b. The creation of a market.
c. Building a fence.
d. Free riding.
Answers
Reputation mechanisms is a solution to the adverse selection problem.
Therefore Option A is correct.
What is Adverse selection problem and reputation mechanism?
Adverse selection refers generally to a situation where sellers have information that buyers do not have, or vice versa, about some aspect of product quality.
Effects of Adverse Selection
Higher Prices for Customers. Lower Consumption.Health Risk.Reputation mechanism
It is a mechanism used in P2P systems to associate the identities of peers with the opinions of other peers about the contribution of the former, and to acquaint the participating peers with this association.
Hence, Option A is correct.
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Which option should be used to commit a record in an Access table?
Press Esc.
Select Undo.
Press Ctrl+Z.
Move to a new record.
EDGE
Answers
Answer:
D)Move to a new record.
Explanation:
this is what I narrowed it sown to
edg 2021
Answer:
the answer is D
Explanation:
edge 2022
Disadvantages of choosing a job that is extremely popular or in demand
Answers
The disadvantage of choosing a job that is very popular or a job that is in high demand is that after a while such a job may become saturated or it would become monotonous.
What is a high demand job?This is the term that is used to refer to a job that the people that wpould employ labor are constantly in need of. Such a job is one that would require the people that have the qualification to opt in and get the places and the roles that they are to fill.
The issues that may arise from such a job that is in high demand is that after a period, such a job may have a lot of persons that would want to fulfil the role.
The number of qualified persons may become more than the job that is available for the people to do in the long run.
Hence this is a disadvantage. Therefore I would conclude by saying that the disadvantage of choosing a highly popular job is that the number of persons that are willing to fulfil the role may exceed the job overtime.
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what's the time now?
Answers
Answer:
13:20 UK timeeeeeeeeee
Peter is planning his finances for the next couple of years. He wants to save money to eventually buy a house because he will be getting married
soon. He has created a savings plan revolving around his necessary expenses, and he has set a target of three years to save up a down payment
for a house. At which phase of the financial life cycle is Peter in?
Peter is in the____
phase of the financial life cycle.
Answers
Complete the remaining columns in the chart by calculating the missing values for each
category. Round your percentages to the nearest tenth of a percent. Find percent of yearly budget rounded
Answers
The annual income tax percentage is 9.80%.
The required details for annual income tax is given below
The average monthly cost of food is $650, and the cost of housing is $11,400 a year.
$900 is the cost of clothing per year.
The typical monthly cost of transportation is $500.
$14,400 is the yearly cost for insurance and medical.
$600 per year is the cost of an emergency reserve.
$50 is the average monthly cost to save for college.
As an additional option, the percentage can be computed by dividing each individual yearly cost by the entire cost, multiplied by 100.
eg.
Annual income tax % is equal to (400/4800) X 100.
= 9.80%
As a result, The average monthly cost of food is $650, and the cost of housing is $11,400 a year.
$900 is the cost of clothing per year.
The typical monthly cost of transportation is $500.
$14,400 is the yearly cost for insurance and medical.
$600 per year is the cost of an emergency reserve.
$50 is the average monthly cost to save for college.
As an additional option, the percentage can be computed by dividing each individual yearly cost by the entire cost, multiplied by 100.
eg.
Annual income tax % is equal to (400/4800) X 100.
= 9.80%
As a result, the annual income tax percentage is 9.80%.
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A $5,000,000 issue of construction bonds were sold at par by he capital projects fund, Debt issuance costs included administrative fees of $45,000 and prepaidinsurance costs of $5,000.
Prepare in general journal form the necessaary entries in the governmental activities and approppriate fund journals for each transaction. Expanations may be omitted, For each entry you prepare, name the fund on which the entry should be made.
Answers
Answer and Explanation:
The journal entries are shown below:
Cash Dr $5,000,000
To Bond proceeds $5,000,000
(Being issuance of the constructions bonds are recorded)
Debt issuance cost $50,000
To Cash $50,000
(Being debt issuance cost is recorded)
Cash $4,950,000
Debt issuance cost $50,000
To Bond Proceeds $5,000,000
(being issuance of the construction bond is recorded)
YASHARI earns $27,000 per year, is single, and lives in Wyoming. She has $7000 in subsidized loans and another $19,000 in unsubsidized loans. She is trying to save up an emergency fund of at least 6 months’ take-home pay, so she’s torn about how much she should devote to her student loans and how much to the emergency fund every month.
Yashari’s monthly take-home pay is $1850. What percentage of her paycheck will go toward student loans if she chooses standard repayment? Does that payment amount seem reasonable? Why or why not?
Which plan has the longest repayment period? How long will Yashari be paying her student loans?
How do you think Yashari should prioritize between her emergency fund goal and her student loan payments?
Which repayment plan do you think Yashari should select? Why?
Answers
The amount of Yashari's wage that will go toward student loans if she opts for normal repayment is around 13%. The fact that this payment is so minimal already makes it seem decent enough.
Yashari earns $1850 each month in take-home money. Because the Standard repayment option has the lowest overall cost over the long term, Yashar should choose it. Since student loans have the lowest interest rates, she should take one out.
A cash reserve especially set aside for unforeseen costs or financial emergencies is known as an emergency fund. Car repairs, home repairs, medical expenses, or lost wages are a few typical examples. Because the Standard repayment option has the lowest overall cost over the long term, Yashar should choose it.
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3. Earning of profit is regarded as the main objective of business? Explain by giving any 3reasons
Answers
1) Usually people invest personal savings into starting businesses so that the return (aka profits) can be greater than the investment and they can earn a better living.
2) If profit is earned then the business would have enough money to pay dividends to its investors/shareholders, otherwise it wouldn’t have enough money to give as dividends and it will lose its investors.
3) Profit is required for the business to survive in competitive markets.
how much water is in a water melon plz use percentage. here is 10 points
Answers
answer:
92 percent
explanation:
watermelon contains 92 percent water and 6 percent sugar