The company employs a single employee who works all five weekdays and is paid on the following Monday. The employee works the entire week ending on Friday, December 30. The employee earns $800 per day. Complete the necessary December 31 journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Answers
Answer: The answer is provided below
Explanation:
Adjusting entries are the entries that are passed at the end of the year. They are passed to adjust the account so as to make them follow the matching principle.
In the calculation attached, it should be noted that the salary expenses was calculated as the amount earned per day by the number of days. This is:
= $800 × 5
= $4000.
The necessary journal has been attached
Related Questions
anyone mind helping me by checking if it’s right and correct them? thank you so much!
Consider the following T-account for cash.
1. Compute the balance of the cash account.
2. Specify which of the following cash transactions would have resulted in the $4,000 posting to the account. (You may select more
than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the
box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded
as incorrect.)
Receiving cash from customers
3. Specify which of the following cash transactions would have resulted in the $1,700 posting to the account. (You may select more
than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the
box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded
as incorrect.)
no random answers please ty
Answers
a) The computed cash account debit balance based on the T-account is $5,100.
b) The cash transactions that would have resulted in the $4,000 posting to the cash account include:
Receiving cash from customersIssuing stock (for cash)Borrowing moneySelling assets (for cash).c) The cash transactions that would have resulted in the $1,700 posting to the cash account include:
Paying cash for suppliesPaying cash for utilitiesPaying cash for rentPaying cash for equipmentPaying cash for employees salariesPaying cash for dividends.What transactions are posted to the cash account?Only cash transactions are posted to the cash account.
The transactions include receipt of cash (debited) and payment of cash (credited).
T-accounts are general ledger accounts in the form of the letter T showing the debit and credit sides.
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A population of 478 rats has been undergoing linear growth over a five-year period. if the average growth rate was 1.4 rats per year, what was the approximate size of the initial population
Answers
Answer:
I think is 471, because the population have a LINEAR GROWTH over FIVE year, so we just need to do some math here to find the initial population: 1.4*5=7 478-7=471. Hope it helps :).
Explanation:
The approximate size of the initial population of the rats given the linear growth rate is 471.
What is the approximate size of the initial population?
When a population grows linearly,it increases by a fixed number each year. The equation that can be used to represent the linear growth is:
initial population + (growth rate x number of years)
Initial population = population now - growth rate x number of years)
478 - (1.4 x 5) = 471
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purchased goods of rs 40000 journal entries
Answers
The journal entry for Rs. 40, 000 purchases would include a debit to purchases and credit to cash or accounts payable.
How to enter the journal ?The Purchases account is debited because the business has acquired goods, which is an asset. The Accounts Payable account is credited because the business owes money to the supplier for the goods.
Date Account title Debit Credit
XX -XXXX Purchases Rs. 40, 000
Accounts payable Rs. 40, 000
This journal entry will increase the balance of the Purchases account and the Accounts Payable account. The Purchases account will be used to track the cost of goods sold, and the Accounts Payable account will be used to track the amount of money owed to suppliers.
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Is scented candle harmful to dogs?
Answers
Answer:
Scented candles are not harmful to dogs for normal use, but high concentrations in a confined space for a long time would have an impact on the dog's sense of smell.
Because the candles you use will cause a lot of burnt smoke which is harmful to dogs. And aromatherapy ingredients contain a lot of chemical substances. If the windows are opened, it will be ok, if not the more chemical substances accumulate, the more it will be harmful to dogs, or even to the health of people.
Here are several ways to avoid the harm caused by aromatherapy to dogs:
Do not ignite the two types of aromatherapy in a short time or at the same time, to avoid the two types of aromatherapy, which are mutually ineffective and produce toxic gas.
Try not to light candles in a closed bedroom when you sleep.
Keep air circulation.
Keep all kinds of aromatherapy out of reach of dogs.
Use Home Lights scented candles in the right way.
Explanation:
https://hlcandles.com/
why are citizens punished with sin taxes
Answers
Answer:
Sin taxes are typically added to liquor, cigarettes, and goods that are considered morally hazardous. Because they generate enormous revenue, state governments favor sin taxes. ... The sin tax seeks to reduce or eliminate consumption of harmful products by making them more expensive to obtain
Explanation:
Deming management proposed ideas for making organizations more responsive, more democratic, and ______.
Answers
Deming management proposed ideas for making organizations more responsive, more democratic, and less wasteful.
All organizations aim towards optimizing their processes to achieve the best environment to discharge their duties. Deming management is one of such businesses that optimize their processes.
They made their organization responsive by setting up processes that will enable the organization to respond more quickly to business needs. They also made their organization more democratic by making it easier for their employees to approach their bosses with business needs.Learn more about the roles of Managements here:
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Which of the following is NOT a step in the basic selling process?
make a connection
recite product features
personalize service
assess needs
Answers
From the options given recite product features is not a step in the basic selling process
What is the basic selling process about?The series of steps a salesperson takes to find and approach prospects, give a sales presentation, address objections, and close a sale is known as the selling process
Prospecting, planning, approaching, presenting, addressing objections, closing, and following up are often involved in the process .The technique may be applied to the majority of selling scenarios, including non-product selling.
The objective is to persuade the consumer that the product or service can satisfy their demand and to establish long-term customer relationships.
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(1 point)
1. Tim is a low-level supervisor, but he runs his department with a heavy hand. He directs his
employees to perform tasks in specific ways, and doesn't often listen to outside ideas. His own
supervisors have to repeatedly remind him not to make major decisions without consulting
them first. What type of authority is Tim attempting to practice?
O individualistic authority
O staff authority
O line authority
O functional authority
Answers
Answer:
a
Explanation:
he doesn't seek opinion from heads that's why
mark me as brainliest pls
Answer:
individualistic authority
Explanation:
. Define corporate-level strategy. What are the different levels of diversification firms
can pursue by using different corporate-level strategies?
Answers
Answer:
Tipos de diversificación empresarial
Explanation:
°Inversión propia. Constituye la fórmula de diversificación más seguida, puesto que supone echar mano de los recursos propios a la hora de intentar conquistar nuevos espacios productivos y clientes.
°Adquisición total o parcial de una empresa.
°Diversificación relacionada.
°Diversificación no relacionada.
Which market structure would you likely see the product of a t-shirt in? EXPLAIN your rationale utilizing the different structure features found on the chart.
Answers
The market structure you would likely see the product of a t-shirt in is an monopolistic market.
Which market structure would I expect to see a t-shirt?
There are four market structures: perfect competition, monopolistic competition, oligopolistic competition and a monopoly.
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
A monopolistic competition is when there are many sellers selling differentiated products in an industry. A monopolistic competition has characteristics of both a monopoly and a perfect competition.
An example of monopolistic competition is the clothing industry. In the clothing industry, there are many sellers of clothes. The clothes are differentiated by quality, type of fabric used in production and style.
An oligopoly is when there are few sellers operating in an industry. Sometimes, the sellers come together to form a cartel. An example of an oligopoly is OPEC.
A monopoly is when there is only one firm operating in an industry. In a monopoly, there are usually high barriers to entry of firms which restricts competitors from entering into the industry. The high barriers could be as a result of the high cost in the industry or government imposed barriers.
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1. Stock Values. Integrated Potato Chips paid a $2 per share dividend yesterday. You expect the dividend to grow steadily at a rate of 4 percent per year. a. What is the expected dividend in each of the next 3 years? b. If the discount rate for the stock is 12 percent, at what price will the stock sell? c. What is the expected stock price 3 years from now? d. If you buy the stock and plan to hold it for 3 years, what payments will you receive? What is the present value of those payments? Compare your answer to (b).
Answers
Answer and Explanation:
The computation of each point is shown below:-
a. Expected dividend in each of the next 3 years is
Dividend in year 1 = Current Dividend × (1 + growth rate)
= 2 × (1 + 0.04)
= 2.08
Dividend in year 2 = Dividend in year 1 × (1 + growth rate)
= 2.08 × (1 + 0.04)
= 2.1632
Dividend in year 3 = Dividend in year 2 × (1 + growth rate)
= 2.1632 × (1 + 0.04)
= 2.249728
b Price the stock will sell
Current Price = Dividend in year 1 ÷ (Discount rate - growth rate)
= 2.08 ÷ (0.12 - 0.04)
= 26
c. Expected Price 3 years from now is
Price in Year 3 = Dividend in year 4 ÷ (Discount rate - growth rate)
= [2 × (1 + 0.04)^4] ÷ (0.12 - 0.04)
= 2.33971712 ÷ 0.08
= 29.246464
d. The present value of payments received is
Year Dividend ÷ Price PVF at 12% Present Value of Dividend ÷ Price
0 2 1
1 Dividend 2.08 0.892857143 1.857142857
2 Dividend 2.1632 0.797193878 1.724489796
3 Dividend 2.249728 0.711780248 1.601311953
3 Price at
year 3 29.246464 0.711780248 20.81705539
Total 26
Note
Here the present value is the same as we have calculated in part b.
Work hours are unlimited for which of these as it pertains to child labor laws?
O A. Ages 12-16
O B. Ages 16-17
O C. Ages under 14
O D. Ages 14-15
Answers
Answer: D
Explanation: Im not sure if im correct but i believe its D
Which of the following statements is true? In market equilibrium:
a. There are uncomsummated wealth destroying transactions
b. There are unconsummated value creating transactions
c. None of these
d. There are no unconsummated wealth creating transactins
Answers
Answer: d. There are no unconsummated wealth creating transactions
Explanation:
In an equilibrium, a price has been reached that everyone is satisfied with. This is why there are no unconsummated wealth creating transactions.
The market has managed to bring together people who are want a certain good more than they will pay for it and sellers who value the good less than they will receive for it. The Equilibrium therefore sets a price that is fair on both these people which will mean that they will not be able to unfairly trade with one another. The person who values the good more than they can pay will be able to pay the person who values the goods less than they will receive. Equilibrium has brought them to a middle ground.
Assume the supply of bananas decreases due to rising costs of
production, while demand increases due to consumer preferences. What
will happen to the new equilibrium price and quantity?
A) price increases; quantity increases
B) price increases; quantity is unknown
C)price decreases; quantity decreases
D)price decreases; quantity increases
E)price is unknown; quantity increases
Answers
not sure if this information helps or not. I only need help with figuring out the amount for line 16 on 2021 tax form 1040. Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth was born on July 4, 1975, and her Social Security number is 123-45-6785. She did not engage in any virtual currency transactions during the year, and she wants to contribute $3 to the Presidential Election Campaign Fund. Beth received the appropriate coronavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. The following information is shown on Beth's Wage and Tax Statement (Form W-2) for 2021. Line Description Amount 1 Wages, tips, other compensation $65,000.00 2 Federal income tax withheld 9,500.00 3 Social Security wages 65,000.00 4 Social Security tax withheld 4,030.00 5 Medicare wages and tips 65,000.00 6 Medicare tax withheld 942.50 15 State Arizona 16 State wages, tips, etc. 65,000.00 17 State income tax withheld 1,954.00 During the year, Beth received interest of $1,300 from Arizona Federal Savings and Loan and $400 from Arizona State Bank. Each financial institution reported the interest income on a Form 1099-INT. She received qualified dividends of $800 from Blue Corporation, $750 from Green Corporation, and $650 from Orange Corporation. Each corporation reported Beth's dividend payments on a Form 1099-DIV. Beth received a $1,100 income tax refund from the state of Arizona on April 29, 2021. On her 2020 Federal income tax return, she used the standard deduction. Fees earned from her part-time tax practice in 2021 totaled $3,800. She paid $600 to have the tax returns processed by a computerized tax return service. On February 8, 2021, Beth bought 500 shares of Gray Corporation common stock for $17
Answers
Here is the amount for line 16 on 2021 tax form 1040 for Beth R. Jordan: $1,292.50
Here is the calculation:To calculate your overall earnings, you can subtract the state income tax withheld and add the state income tax refund and net self-employment income, while also taking into account any self-employment expenses.
These figures can be found on lines 2 and 17 of your W-2 form, and lines 3 and 27 of your Schedule C, respectively.
The precise figures of these items are given below:
Federal income tax withheld: $9,500
State income tax withheld: $1,954
State income tax refund: $1,100
Net self-employment income: $3,800
Net expenses from self-employment: $600
Plugging these values into the calculation above, we get:
$9,500 - $1,954 + $1,100 + $3,800 - $600 = $1,292.50
Therefore, the amount for line 16 on 2021 tax form 1040 for Beth R. Jordan is $1,292.50.
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Suppose that you receive a weekly income of $100, which you spend entirely on pizza and deluxe hamburgers. The price of a pizza is $10 and the price of a hamburger is $5. On a diagram, draw a line that shows your consumption possibilities. What is the opportunity cost of a hamburger? Would the opportunity cost of a hamburger change if the prices of pizza and hamburgers were cut in half? Calculate the opportunity cost of a pizza and a hamburger for each of the following changes:
Answers
The opportunity cost of a hamburger is -1/2 of a pizza, and it remains the same even if the prices of pizza and hamburgers are cut in half.
To draw the consumption possibilities line, we can use a simple graph with pizzas (x-axis) and deluxe hamburgers (y-axis) as the two goods. Let's assume that the horizontal axis represents the quantity of pizzas and the vertical axis represents the quantity of deluxe hamburgers.
Given that the price of a pizza is $10 and the price of a hamburger is $5, we can plot the consumption possibilities by dividing the weekly income of $100 by the respective prices. This gives us the following points:
With $100, you can buy 10 pizzas ($100 / $10 = 10) and 20 deluxe hamburgers ($100 / $5 = 20). Plot this point on the graph as (10, 20).
Now, let's consider the opportunity cost.
The opportunity cost is the value of the next best alternative that is forgone when a choice is made. In this case, it represents the number of pizzas you have to give up to obtain an additional hamburger, or vice versa.
The opportunity cost of a hamburger can be calculated by finding the slope of the consumption possibilities line. The slope represents the rate at which one good is traded for the other. In this case, the slope is -10/20, which simplifies to -1/2. This means that for each additional hamburger, you have to give up 1/2 of a pizza.
If the prices of pizza and hamburgers were cut in half, the new prices would be $5 for a pizza and $2.50 for a hamburger. This change in prices would not affect the consumption possibilities line.
The line would remain the same, indicating the combinations of pizzas and hamburgers that can be purchased with the given income. However, the specific points on the line would change.
The opportunity cost of a hamburger would still be -1/2 of a pizza, as the ratio between the prices and the opportunity cost remain the same.
In summary:
Opportunity cost of a hamburger: -1/2 of a pizza
Opportunity cost of a pizza: 2 hamburgers (since the reciprocal of -1/2 is -2/1, meaning you would have to give up 2 hamburgers to obtain an additional pizza)
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The Winter Wear Company has expected earnings before interest and taxes of $3,800, an unlevered cost of capital of 15.4 percent and a tax rate of 22 percent. The company also has $2,600 of debt with a coupon rate of 5.7 percent. The debt is selling at par value. What is the value of this firm
Answers
Answer:
$ 19,819
Explanation:
Calculation to determine the value of this firm
Using this formula
Firm Value = [ [ Earnings before interest and tax x (1 - tax rate) ] / Unlevered cost of capital ] + Amount of debt x tax rate
Let plug in the formula
Firm value= [ [ $ 3,800 x (1 - 0.22) ] / 0.154 ] + $ 2,600 x 22%
Firm value=[($3,800×.78)/0.154]+$572
Firm value=($2,964/0.154)+$572
Firm value=$19,246.75+$572
Firm value=$19,818.76
Firm value= $ 19,819 Approximately
Therefore the value of this firm will be $ 19,819
Demand for a product is 12,000 units per year. Every time an order is made, the company must pay $15.00 per order. The cost to hold an order in inventory is $2.00 per unit per year. Calculate the cost if the company orders 3,000 units each time.
Answers
Answer:
Total cost is $24060
Explanation:
Total demand per year = 12000 units
Size of one order = 3000 units
Total number of orders = 12000 / 3000 = 4
Per order cost = $15
Per unit cost = $2
Below is the calculation to find the total cost.
Total cost = Number of orders × Per order cost + Total demand per year × Per unit cost
Now insert the values.
Total cost = 4 ×15 + 12000 × 2
Total cost = $24060
a. At the beginning of the year, Addison Company's assets are $176,000 and its equity is $132,000. During the year, assets
increase $80,000 and liabilities increase $59,000. What is the equity at year-end?
b. Office Store Company has assets equal to $224,000 and liabilities equal to $194,000 at year-end. What is the equity for
Office Store Company at year-end?
c. At the beginning of the year, Quaker Company's liabilities equal $69,000. During the year, assets increase by $60,000,
and at year-end assets equal $190,000. Liabilities decrease $18,000 during the year. What are the beginning and ending
amounts of equity?
Answers
At the beginning of the year, Addison Company's assets will be:
a. The equity at year-end will be $197,000.
b. The equity for Office Store Company at year-end will be $30,000.
c. The beginning and ending amounts of equity will be $103
What is assets?
Assets are items of value owned by an individual or an organization. Assets are divided into two categories: tangible and intangible. Tangible assets are physical in nature, such as cash, land, buildings, equipment, inventory, and investments. Intangible assets are non-physical, such as intellectual property, goodwill, copyrights, and trademarks. Assets can be used to measure the value of a business and its performance.
a. Equity at year-end = $176,000 + $80,000 - $59,000 = $197,000
b. Equity for Office Store Company at year-end = $224,000 - $194,000 = $30,000
c. Beginning equity = $69,000; Ending equity = $190,000 - $69,000 - $18,000 = $103
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A Corporation produces shiny discs. A special order has been placed by the customer to Rick for 2,200 units of the shiny disc for $38 a unit. While the disc would be modified slightly for the special order, the normal unit product cost for each disc is $16.90:
Direct materials $ 4.60
Direct labor 4.00
Variable manufacturing overhead 1.70
Fixed manufacturing overhead 6.60
Unit product cost $ 16.90
Assume that direct labor is a variable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs.
The customer would like modifications made to each disc that would increase the variable costs by $1.90 per unit and that would require an investment of $16,000 in special equipment that would have no salvage value.
This special order would have no effect on Rick Corp.'s other sales. The company has enough spare capacity for producing the special order.
What would be the annual financial advantage (disadvantage) for Rick as a result of accepting this special order?
a) $40,760
b) $15,700
c) $2,000
d) $16,200
Answers
Answer:
Rick Corporation
The annual financial advantage (disadvantage) for Rick as a result of accepting this special order is:
a) $40,760
Explanation:
a) Data and Calculations:
Special order for 2,200 units of shiny disc at $38 a unit
Normal product cost: Special order:
Direct materials $ 4.60 $ 4.60
Direct labor 4.00 4.00
Variable manufacturing overhead 1.70 1.70
Additional variable cost 1.90
Total variable costs $10.30 $12.20
Fixed manufacturing overhead 6.60 0
Investment in special equipment ($16,000/2,200) 7.273
Unit product cost $ 16.90 $19.473
Annual Financial Advantage (Disadvantage) for the special order:
Sales Revenue ($38 * 2,200) = $83,600
Variable costs ($12.20 * 2,200) 26,840
Contribution ($25.80 * 2,200) $56,760
Special equipment 16,000
Financial Advantage $40,760
Which of the following statements are true about natural monopoly
1. 5g lte company must own a scare resource
2. 5g lte company is experiencing diseconomies of scale
3. It’s more efficient on the cost side for one producer to exist in this market rather than a large number of producers
4. 5g lte company is experiencing economies of scale
Answers
Without government regulation, natural monopolies cannot generate zero profit. This assertion is accurate. Monopolies maximise profit, and despite the absence of any government regulation, they eventually turn a profit.
A natural monopoly is which of the following?Tap water is an illustration of a natural monopoly. Given the significant capital expenditures associated with establishing a nationwide network of pipes and sewage systems, it makes logical to have only one company provide a network of water pipes and sewers.
Which statement on the perfect competition MCQ is accurate?A vast number of sellers or businesses are required for ideal competition to exist. The second essential requirement of a perfect market is homogeneous commodities.
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Which of the following statement best describes about quantitative research method.
Quantitative research is aimed at understandings the rich, complex and idiosyncratic nature of human phenomenon.
Quantitative research relies on the researcher being a ‘human as an instrument’ both to gather and to analyse the information.
Quantitative research relies on the ability of the researcher to measure the phenomenon under investigation and the use of statistics to analyse the raw data.
Quantitative research is aimed at generating the hidden tacit knowledge of the respondents.
Answers
who manages South African airways?
Answers
Answer: Professor John Lamola
What is the purpose of blockchain technology?
Answers
The purpose of blockchain technology is to provide a decentralized and transparent system for recording and verifying transactions or information. It is a distributed ledger technology that allows multiple parties to maintain a shared database without the need for a central authority. Overall, blockchain technology provides a robust and secure framework for businesses to enhance security, transparency, efficiency, and trust in their operations, leading to improved processes and better customer experiences.
The main purpose of blockchain technology is to create a distributed and secure ledger of transactions. Some key aspects of blockchain technology include:
Distributed - The blockchain is distributed across a network of computers instead of being stored in a centralized location. This makes it more resistant to data tampering and hacking.
Secure - Blockchain uses cryptographic techniques to ensure the integrity and security of the data. Once a transaction is recorded, it is very difficult to change or hack the data.
Transparent - All transactions recorded on the blockchain are publicly visible to anyone with access to the network. This transparency helps prevent fraudulent activities.
Automatic - Blockchain uses a distributed consensus mechanism to automatically validate transactions. There is no need for a central authority or intermediary.
Immutable - Once a transaction is recorded on the blockchain, it is almost impossible to change. This immutability provides a high degree of certainty for transactions.
The main applications of blockchain technology are:
Digital currency - Blockchain underlies cryptocurrencies like Bitcoin which are decentralized digital currencies.
Financial transactions - Blockchain can be used to record financial transactions in an efficient, secure and transparent manner.
Supply chain management - Blockchain can track materials, payments and documents throughout supply chains.
Smart contracts - Self-executing contracts can be embedded in the blockchain to automatically execute terms of agreements.
Asset registry - Assets like land titles, jewelry, artwork, etc. can be recorded on a blockchain to prove ownership and authenticity.
In summary, the key purpose of blockchain technology is to create an incorruptible digital ledger of data that is distributed across a network. This makes the data secure, transparent and permanent.
Sales during the year were 500 units. Beginning inventory was 250 units at a cost of $5 per unit. Purchase 1 was 400 units at $6 per unit. Purchase 2 was 200 units at $7 per unit.
Cost of goods sold under the FIFO cost flow assumption (using a periodic inventory system) was:
$2,300.
$2,750.
$3,200.
$3,650.
Answers
Cost of goods sold under the FIFO cost flow assumption (using a periodic inventory system) was $2,750.
Sales during the year = 500 units
Beginning inventory = 250 units at a cost of $5 per unit
Cost of goods sold in beginning inventory = 250 x $5 = $1,250
Because FIFO (First in, first out) method assumes all of the older inventory is sold first,
So, 250 units of Purchase 1 (out of total 400 units) would have been sold.
Cost of goods sold in Purchase 1 = 250 x $6 = $1,500
Total cost of goods sold under the FIFO cost flow assumption (using a periodic inventory system) = $1,250 +$1,500 = $2,750
Companies use the first in, first out (FIFO) method to calculate the cost of goods sold or COGS. The FIFO method assumes that the products which are purchased first by the company are the products which are sold first.
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What describes the relationship between edge computing
and Cloud computing?
Answers
The relationship between Edge computing and cloud computing is a that edge computing is a subsection of cloud computing. Cloud computing is about hosting applications in a core data centre whlie edge computing is about hosting applications closer to end users either in smaller edge data centres.
What is computing?Computing can be defined as the use of a computer to process data or perform calculations. Computing may encompass the design and development of software and hardware systems for a broad range of purposes often structuring processing and managing any kind of information
Therefore edge computing is a subsection of cloud computing
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Denzel Corporation is planning to issue bonds with a face value of $730,000 and a coupon rate of 7.5 percent. The bonds mature in 6 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Denzel uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 8.5 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1)
Note: Use appropriate factor(s) from the tables provided.
Required:
1. and 2. Prepare the journal entries to record the issuance of the bonds and interest payment on June 30 of this year.
3. What bonds payable amount will Denzel report on its June 30 balance sheet?
Answers
1. and 2. The journal entries to record the issuance of the bonds on January 1 and the interest payment on June 30 are as follows:
Journal Entries:January 1 Debit Cash $696,236
Debit Bond Discounts $33,764
Credit Bonds Payable $730,000
To record the issuance of the bonds.June 30 Debit Interest Expense $29,590
Credit Bonds Amortization $2,215
Credit Cash $27,375
To record the first payment of interest.3. The Bonds Payable on June 30 will be reported in the balance sheet as $698,451.
Bond face value = $730,000
Bonds proceeds = $696,236
Bond discount = $33,764 ($730,000 - $696,236)
Coupon rate = 7.5%
Market rate = 8.5%
Bond maturity period = 6 years
Interest payment = semiannually
Amortization method = Effective interest
N (# of periods) = 12 (6 x 2)
I/Y (Interest per year) = 8.5%
PMT (Periodic Payment) = $27,375
FV (Future Value) = $730,000
Results:
PV = $696,236.06
Sum of all periodic payments = $328,500.00
Total Interest = $362,263.94
Transaction Analysis:January 1 Cash $696,236 Bond Discounts $33,764 Bonds Payable $730,000
June 30 Interest Expense $29,590 Bonds Amortization $2,215 Cash $27,375
Bonds Payable on June 30 = $698,451 ($696,236 + $2,215)
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1. You are the manager of a store that carries generic soft drinks. Due to a local economic boom, your customers’ incomes are forecasted to rise by ten percent during the next month. The income elasticity of demand for these products is estimated to be –1.5. Estimate the change in the quantity of your soft drink orders required to accommodate the new demand without a surplus or shortage of inventory (that is, how much will demand for the generic soft drinks change due to the increased income?).
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the modification in the volume of your soft drink orders necessary to satisfy the new demand without a surplus or lack of inventory You won't purchase something if you don't need or want it. Income is vital, as seen by ability to purchase. Due to their higher incomes, professors can frequently afford better housing and transportation than students.
What is meant by soft drink?Water (frequently carbonated), a sugar, and a natural or artificial flavour are typically found in soft drinks. Sugar, high-fructose corn syrup, fruit juice, a sugar substitute (in the case of diet beverages), or a combination of these may be used as the sweetener. Caffeine, colorings, preservatives, and/or other substances are all possible additions to soft drinks.
In contrast to "hard" alcoholic drinks, soft drinks are referred to as such.
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coffeehouse sells a pound of coffee for $9.75 Expenses are $4500each month
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Answer:
an interoduction to the organzation andmanagement strcture
If a savings account has a nominal interest rate of 2% and compounds quarterly, what is the effective annual interest rate?
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Answer:
To calculate the effective annual interest rate (EAR) from a nominal interest rate with quarterly compounding, you can use the following formula:
EAR = (1 + (r/n))^n - 1
Where:
r is the nominal interest rate (expressed as a decimal), which is 2% in this case (0.02).
n is the number of compounding periods per year, which is 4 (quarterly compounding).
Plugging in the values, we have:
EAR = (1 + (0.02/4)) - 1
= (1 + 0.005) ⁴- 1
= (1.005) 1
≈ 0.0202
Therefore, the effective annual interest rate for a savings account with a nominal interest rate of 2% and quarterly compounding is approximately 2.02%.