Answer:
none
Explanation:
Sam was employed by AYOO Limited on December 8, 2019. He was born on December 8, 1964 and will retire from the services of the company on December 8, 2024. This was carefully planned to give Sam a befitting birthday present. His basic monthly salaries are: • 2019: GH¢3,522.86; . 2020:GH¢4,200.02 ° 2021:GH¢4,600.15 °2022:GH¢5,000.64 °2023:GH¢5,344.56 °2024:GH¢6,122.52 Assumed that the discount rate applicable to koo in the company is 13%. using lev and schwartz economic model. what is the value of Sam
Using lev and schwartz economic model the value of Sam is 2,07,743
Year Salary Discount Rate Factor c= a*b
Present Value
2019-20 50000 0.885 44250
2020-21 55035 0.783 43092
2021-22 59854 0.693 41479
2022-23 64038 0.613 39255
2023-24 73052 0.543 39667
Total Value 207743
Working note:
Salary of 2019-20= 3522.86 ×24 days
30 days
4200.02×11 months
50000
Salary of 2020-21= 4200.02 × 24 days
30 days
= 55035
Salary of 2021-22= 4605.15/ 30days × 24 days
= 59854
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People who start new businesses or bring new products to market are called __________________.
Explanation:
People who start new businesses or bring new products to market are called an entrepreneur.
all cash receipts and outflows during an interest period are treated as if they all happened at the same time. what is that time, and what is this rule called?
The end of the time period is the point at which all cash inflows and outflows within an interest period are handled as though they occurred simultaneously; this rule is referred to as the End of the period convention.
Explain the concept of cashflows.Cash flow can be defined as the net amount that flows into and out of your organization over a specific period of time.Typically, this time frame is a month, quarter, or year.
The cash inflow is the total sum of money coming into your business. Positive cash flow occurs when there is more money entering in than leaving the business. Cash inflow includes any profits you make from investments you make. It also includes the money you receive immediately from clients in return for the products or services you render.
When money leaves your company, this is referred to as a cash outflow. When it comes to operations, cash outflow happens when you pay your employees' salary and when you pay your rent.
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operations management course concept
The operations management course concept refers to the systematic design, direction, and control of the processes that transform inputs such as raw materials, energy, and labor into outputs such as goods and services that satisfy customer needs.
This management process includes inventory management, scheduling, supply chain management, quality control, and more. The goal of operations management is to create efficient processes that maximize productivity while minimizing costs.
Students taking an operations management course learn about these concepts and how to apply them to real-world situations in various industries. They also study topics like process design, project management, lean principles, and decision-making models.
The course is usually offered as a part of business administration, engineering, or industrial technology programs. Graduates of the course may go on to careers as operations managers, logistics managers, supply chain analysts, process improvement specialists, or manufacturing engineers, depending on their areas of focus and interests.
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the marketing director, sam, wanted to advertise the company's new product. he had a very limited budget, so he was looking for a medium that was inexpensive and would enable him to cover specific local markets. which of these media types would be the best option? multiple choice internet direct mail magazines newspapers television
The marketing director will find it most effective to promote the business's new product in internet. It is the cheapest media .
How is marketing defined?Create, communicate, deliver, and exchange items that seem to have value for consumers, clients, associates, and general society is marketing. Marketing is also a collection of organizations and procedures that support this activity.
Give me an example of marketing.In a nutshell, it is an action made to draw attention to a company's offerings, which might be actual products for sale or benefits supplied. Television ads, highway billboards, and magazine ads are a few prevalent instances of marketing at work.
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4.2.9 Quiz: Selecting a Candidate and Making an Offer
Question 9 of 10
Which of the following is a way for an HR department to ensure it is following
up with job candidates in an EEO-compliant manner?
OA. They ensure that they have asked job candidates about their
willingness to work weekends.
OB. They ensure that have look at their budget before making a firm
offer on the wage or salary.
OC. They ensure that they ask job candidates about why they left their
last job or position.
OD. They ensure job candidates have been recruited from a wide
variety of minority channels.
One way that an HR department can ensure it is following up candidates right is D. They ensure job candidates have been recruited from a wide variety of minority channels.
What is EEO Compliance ?It is crucial for organizations to maintain a diverse candidate pool as it upholds EEO compliance, thereby preventing discrimination and enabling equal opportunities, adopting various minority channels in the recruitment process guarantees unbiased consideration of applicants from distinct backgrounds, which counters traditional recruitment methods that may be partial to certain groups.
Through this approach, HR departments can ensure impartiality and inclusivity in their hiring processes while serving the organization's overall best interests.
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The following describes which type of bank? "Serves everyday people like you and me!"
A. Retail bank.
B. Investment bank.
C. Central bank.
A. Retail bank is the bank that "Serves everyday people like you and me!"
What is a Retailing bank?Retail banking affords financial offerings to individual clients as opposed to large establishments. services provided include savings and checking money owed, mortgages, private loans, debit or credit score playing cards, and certificates of deposit (CDs).
What is an example of a retail bank?
Broadly speaking, there are three main retail bank types. They are commercial banks, credit unions, and certain investment funds that offer retail banking services. All three retail bank types work toward providing similar banking services.
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Farmers Bank offers to lend you $50,000 at a nominal rate of 5.0%, simple interest, with interest paid quarterly. Merchants Bank offers to lend you the $50,000, but it will charge 6.0%, simple interest, with interest paid at the end of the year. What's the difference in the effective annual rates charged by the two banks? a. 1.56% b. 1.30% c. 0.72% d. 0.91% e. 1.09%
Answer: d. 0.91%
Explanation:
Farmers Bank
Effective annual rate is calculated with the formula:
= (1 + Rate / number of compounding period in a year) ^ number of compounding periods in a year - 1
= ( 1 + 5%/4 quarters) ⁴ - 1
= 5.09%
Merchants bank's rate is already an annual figure so there is no need for conversion.
Difference is:
= 6% - 5.09%
= 0.91%
According to the text, a personal balance sheet is a statement of your net worth. It is an accounting of what you own as well as what you owe. Using the information provided, prepare a personal balance sheet for Jamie Lee.
A personal balance sheet is a statement of the total net worth of an individual for the time being in force. It shows what are the things owned by a person and also the things that one owes to others.
What is a balance sheet?The balance sheet for the year for Jamie Lee will show a balance of $8,350 on both the sides of the balance sheet for the information that is provided above.
Hence, the balance sheet for Jamie Lee is aforementioned. The missing information from the text is added for further reference. Moreover, an additional image of the balance sheet is also attached.
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Corporate Tax Liability The Talley Corporation had taxable operating income of $340,000 (i.e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $50,000, (2) dividends received of $25,000, and (3) dividends paid of $35,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 50% of dividends received are tax exempt. What is the firm’s taxable income? Round your answer to the nearest dollar. $ What is the tax expense? Round your answers to the nearest dollar. $ What is the after-tax income? Round your answers to the nearest dollar. $
Answer:
Taxable income:
Dividends received are 50% exempted from taxation. Taxable income is:
= Taxable operating income +(Dividends received * 50%) - Interest charges
= 340,000 + (25,000 * 50%) - 50,000
= $302,500
Tax expense:
= Taxable income * federal tax rate
= 302,500 * 21%
= $63,525
After-tax income:
= Taxable income - Tax expense
= 302,500 - 63,525
= $238,975
Required Rate of Return
Suppose rRF = 4%, rM = 9%, and rA = 12%.
Calculate Stock A's beta. Round your answer to one decimal place.
If Stock A's beta were 1.9, then what would be A's new required rate of return? Round your answer to one decimal place. %
Answer: See explanation
Explanation:
1. Based on the information given, Stock A's beta will be calculated below using the formula:
Required return = risk-free rate + Beta × (market rate- risk-free rate )
We then input in the values given into the formula which will be:
12 = 4 + Beta × (9-4)
Beta = (12-4) / (9-4)
Beta = 8/5
Beta = 1.6
Therefore, stock A beta = 1.6
2. If Stock A's beta were 1.9, then what would be A's new required rate of return?
This will be:
= 4 + [1.9 × (9-4)]
= 4 + (1.9 × 5)
= 4 + 9.5
= 13.5%
For each of the following accounts indicate the effects of a debit and a credit on the account and the normal balance of the account
The following accounts indicate the effects of a debit and a credit on the account and the normal balance of the account.
What are accounts?Accounting is not pure mathematics. Simple multiplication, division, and addition are involved. There might be a little elementary algebra, but that's it. You are not required to comprehend calculus.
1. accounts payable - Debit effect: Decrease
Credit effect: Increase
Normal Balance: Credit
2. advertising expense - Debit effect: increase
Credit effect: decrease
Normal Balance: debit
3. service revenue - Debit effect: decrease
Credit effect: increase
Normal Balance: credit
Therefore, As a result, The normal bank account is referred as the following charts.
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when other sources of information about quality aren't readily available, what role does price place in consumers' evaluation process?
When other sources of information about quality aren't readily available, the higher price is what is used in consumers' evaluation process.
What is the consumers' evaluation process?Consumer assessment, often known as consumer testing or consumer research, is the act of evaluating a product or service's qualities or performance based on how people perceive it to be. With the expansion of the consumer goods business over the past few decades, numerous techniques have been developed.
You can use a customer assessment form to get information from customers regarding their interactions with your business. This comprises—without being limited to—satisfaction ratings, areas for improvement, and comments on particular goods or services.
Consumer assessment, often known as consumer testing or consumer research, is the act of evaluating a product or service's qualities or performance based on how people perceive it to be. With the expansion of the consumer goods business over the past few decades, numerous techniques have been developed.
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reasons for looting
Answer:
to get supplies
Explanation:
I hope I helped
If a perfectly competitive firm receives a marginal revenue of $10 for its product and the minimum average variable cost is $11, then the firm should, in the short run:
a.reduce the level of output its produces
b.increase the level of output it produces
c.neither increase nor decrease the level of output it produces
d.shut down
If a perfectly competitive firm receives a marginal revenue of $10 for its product and the minimum average variable cost is $11, then the firm should, in the short run shut down.
For a perfectly competitive firm, the marginal revenue tends to equal price and as well as the average revenue. So, this implies that the firm's marginal cost curve in its short-run supply curve for values is thus greater than the average variable cost. So, if the price drops below average variable cost, the firm shuts down.
So, a firm's total profit is maximized by the producing the level of output at which marginal revenue for the last unit produced will thus equal its marginal cost, or MR = MC.
Hence, option D is correct.
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An employee from another department will join your team next week. She requested the transfer because she felt her work was becoming predictable and monotonous. Her performance reports show she has made good contributions to programming projects but needs to improve her presentation skills.
It appears that next week, an employee from another department will be joining your team.
She requested the transfer due to feeling that her previous work was becoming predictable and monotonous. According to her performance reports, she has made valuable contributions to programming projects, demonstrating her strong technical abilities.
However, an area where she could improve is her presentation skills. As she transitions to your team, it would be beneficial to provide her with opportunities to engage in diverse tasks and challenges, ensuring she stays motivated and experiences professional growth.
Additionally, offering resources and training in presentation skills can help her strengthen this aspect of her work. By doing so, she will not only become a more well-rounded team member but will also contribute effectively to the overall success of your team. Remember to welcome her warmly and provide any necessary support during this transition period.
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Select the correct answer. Adalyn wants to find a job in Education and Training. She has excellent analytical thinking and leadership skills, but she does not want to work directly with students. Which career would be the best option for her? A. curriculum developer B. high school teacher C. school counselor D. speech-language pathologist
Answer:
Curriculum
becasue it is the only job where she does not interact with students.
Answer:
A curriculum because
An advertising agency wishes to estimate, with 99% confidence and to within $45, the mean amount small business owners would be willing to pay for a professionally produced web page for their businesses. Assuming a standard deviation of such amounts to be $250, the estimated minimum sample size needed to meet these criteria is about:__________
Answer:
b) 205
Explanation:
Option are "(a) 103 b) 205 c) 644 d) 97"
The estimated minimum sample size needed to meet these criteria is calculated below: n = (Z*σ/E)^2
n = (2.58 * 250 / 45)^2
n = (645 / 45)^2
n = (14.33)^2
n = 205.3489
n = 205
Which secondary effect of advertising refers to a change in the customer’s opinion of the product over a period of time?
Which is the difference between static storage systems and dynamic storage systems
Answer:
In a static storage area each product is assigned a specific area, whereas in dynamic storage, product locations and fluid and as such are subject to change.
Visit any nearby business of your locality and collect the information to prepare a project work report by taking the following information. 1)name and address of the firm. 2)find out whether the journal is maintained or not. 3) following the values of debit and credit. 4)the recording of business transactions in the journal
It is impossible to visit any nearby business of your locality and collect the information to prepare a project work report based on the factors given
What is a firmA common term for a company or business organization is "firm". A business is an organization involved in diverse economic endeavors, ranging from the production of goods, provision of services to trading of products.
A company usually has defined legal framework, ownership, and administration, with the main aim of earning profits or attaining specific goals. Companies can vary in their scale, spanning from petite regional enterprises to enormous global conglomerates.
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How can a Project Manager void project team cohesiveness?
Hands-On/Hands-Off approach
Ease up and less-intense attitude
Invoke Task Urgency
Make communicating and collaboration simplistic
Use micromanagement
A project manager can potentially undermine project team cohesiveness by adopting certain approaches or behaviors. Here are five ways that a project manager could contribute to a lack of cohesiveness within the team:
How can a Project Manager void project team cohesiveness?Hands-Off Approach: If the project manager adopts a hands-off approach and fails to provide clear direction, guidance, or support to the team members, it can lead to confusion and a lack of unity among team members.
Ease Up and Less-Intense Attitude: If the project manager displays a lack of commitment or enthusiasm towards the project, it can negatively impact the motivation and engagement of the team. This can result in reduced collaboration and cohesiveness.
Invoking Task Urgency: While a sense of urgency is necessary for project success, excessive and unrealistic pressure on the team to constantly rush tasks and meet aggressive deadlines can lead to stress, burnout, and a breakdown in team cohesiveness.
Simplistic Communication and Collaboration: If the project manager does not facilitate effective communication and collaboration channels, such as regular team meetings, sharing of information, and fostering an environment of open dialogue, it can hinder the team's ability to work together cohesively.
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Which of the following areas of sports law most related to antitrust?
A. Contracts
B. Monopoly
C. Fan Safety
D. Memorabilia
Which area of sports management is least affected by the law?
A. League regulations
B. Game Outcomes
C. Antitrust
D. Contracts
There isn't any particular legislation. The Contracts Act mostly regulates sports law. According to Gaurang Kanth, the phrase "sports law" is used to refer to a broad range of legal concerns pertaining to different sports, including amateur and professional sports played on a national and worldwide level. Introduction. As long as people have existed as purposeful, athletic, and active beings, sports have existed. According to Gaurang Kanth, the phrase "sports law" is used to refer to a broad range of legal concerns pertaining to different sports.
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f) In a financial crisis, would it be preferable for the government to stabilise the economy using fiscal or monetary policy?
In a financial crisis, both fiscal and monetary policies can be used to stabilize the economy, but their effectiveness and appropriateness may vary depending on the specific circumstances and goals of policymakers.
Fiscal policy refers to the use of government spending and taxation to influence the economy. In a financial crisis, the government can implement expansionary fiscal policies, such as increasing government spending or reducing taxes, to stimulate economic activity.
This can help boost consumer and business spending, create jobs, and restore confidence in the economy.
Fiscal policy can also be targeted to provide direct assistance to industries or sectors that are most affected by the crisis, such as providing financial support to struggling businesses or implementing social safety net programs to support individuals and families in need.
Monetary policy, on the other hand, is conducted by central banks and involves the manipulation of interest rates and the money supply to influence economic activity.
In a financial crisis, central banks can employ expansionary monetary policies, such as lowering interest rates or implementing quantitative easing measures, to encourage borrowing and investment, stimulate lending by financial institutions, and provide liquidity to the markets.
These actions aim to promote economic growth, stabilize financial markets, and restore confidence among investors and businesses.
The preference for fiscal or monetary policy in a financial crisis depends on several factors, including the nature and severity of the crisis, the policy tools available, and the economic conditions.
In general, fiscal policy may be more effective in addressing structural issues or long-term challenges, as it can directly target specific sectors or provide substantial stimulus to the economy. Monetary policy, on the other hand, can act more swiftly and is often used to address short-term fluctuations or liquidity issues in financial markets.
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Pharoah Company purchases $56,000 of raw materials on account, and it incurs $67,200 of factory labor costs. Supporting records show that (a) the Assembly Department used $26,880 of direct materials and $39,200 of direct labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31
a. Assembly Department: Raw Materials Inventory $26,880, Factory Labor $39,200, Accounts Payable $66,080
b. Finishing Department: Raw Materials Inventory $29,120, Factory Labor $28,000, Accounts Payable $57,120
Based on the information provided, the raw materials and manufacturing labour expenses are allotted to the Assembly and Finishing Departments. The Assembly Department is in charge of $26,880 in direct materials and $39,200 in direct labour, while the Finishing Department is in charge of the remaining raw materials and factory labour costs.
The debit entries in the journal entry represent increases in the cost accounts of the two departments (Raw Materials Inventory and Factory Labour), whereas the credit entries show increases in the Accounts Payable account.
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A customer buys 1,000 shares of XYZ at $60 in a margin account, regular way settlement. Two days after the trade, XYZ has dropped to $40. The minimum maintenance margin requirement is:
Answer:
$10,000
Explanation:
A customer buys 1,000 shares of XYZ
The shares are bought at $60 in a margin account
Two days after the price of XYZ drops to $40
The first step is to calculate the current market value
= 1,000 shares×$40
= $40,000
Therefore, the minimum maintenance margin requirement can be calculated as follows
= 25/100 × current market value
= 25/100 × 40,000
= 0.25×40,000
= $10,000
Hence the minimum maintenance margin requirement is $10,000
On the PPC graph above, what do points A, B, and C have in common?
A, B, and C have the shifting of resources for use in the production of other goods
What is a PPC graph?PPC (Production Possibility Curve) or PFF (Production Possiblity Frontier) is a graphical display that elucidates the idea of opportunity cost; meaning to create more of one object, some level of production of another must be sacrificed.
In this graph, the capability to make two separate items will be featured on both X & Y-axes, while the line delineates the maximum combinations of those given goods that can be likewise produced using all available means and cutting-edge knowhow.
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4(8x+5)=2x-8
I want it plz helppp
Answer:
14/17....follow me and mark me brainliestAnswer:
Hey mate
After calculation.....
14/17
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Mason Automotive is an automotive parts company that sells car parts and provides car service to customers. This is Mason's first year of operations and they have hired you as their CPA to prepare the income statement and balance sheet for their company. As such, January 1st , 2018 was the first day that Mason was in business. For the month of January, record all the necessary journal entries for transactions that occurred during the month. In addition, please prepare all necessary adjusting journal entries as of the end of the month.
From the information below, please fill out the "journal entries tab" for all the necessary journal entries. Furthermore, please complete the "T-Accounts" tab for the individual accounts so that the trial balance tab can be updated (automatically). I prepared the first journal entry for you in the journal entries tab and T-Accounts tab. Ensure you label the entries similar to how I have shown in Entry #1.
Once all entries are recored and the T-Accounts tab is updated, please prepare the financial statements (income statement and balance sheet) for the month of January.
Journal Entry #1
Mason Automotive sells 10,000,000 shares at $5 par for $30 on January 1st, 2018.
Journal Entry #2
Ed Mason, the CEO, hires 3,000 employees, whom will receive a combined salary of $12 Million on a monthly basis. The employees started on January 1st and will be paid for the month of January on February 5th. Employee's withholdings are as follows: 10% for federal income taxes 5% for state income taxes and 7% for FICA. Record the necessary entry as of January 1st, 2018.
Journal Entry #3
Mason Automotive issues a bond payable on January 1st, 2018 with a face value of $200 Million at 102. The bond will have a useful life of 5 years and interest is paid out monthly based on a rate of 5% APR. Record the necessary journal entry as of January 1st 2018.
(Note: Assume straight line amortization for the bond discount/premium).
Journal Entry #4
Mason Automotive purchased $80 Million dollars worth of inventory on account on January 2nd, 2018. Mason notes that it will use a perpetual inventory system to track inventory.
Journal Entry #5
Mason Automotive purchases fixed assets of $120 Million that will have a useful life of 10 years and no salvage value on January 2, 2018. $20 million was paid with cash with the remaining balance on account. These assets are depreciated using the straight-line method.
Journal Entry #6
On January 2nd, Mason Automotive shipped an order to Corby Panther Company. The shipping terms were FOB shipping point and the value of the order was $50 Million and the inventory cost was $20 Million. Assume that this sale was made on account.
Journal Entry #7
On January 3rd, Mason Automotive receives $75 Million advance payment from a customer, Michael Scott Paper Company, to manufacture 7,500 cars.
Journal Entry #8
Mason Automotive buys a patent from Apple for $24 Million on January 3rd, 2018. The patent has a legal life of 20 years, but a useful life of 10 years. Record the necessary entry as of January 3rd, 2018. Assume the patent was purchased using cash.
Journal Entry #9
Mason Automotive purchased $2 Million dollars worth of supplies January 4th, 2018. $1.5 Million was paid with cash with the remaining balance on account.
Journal Entry #10
Mason Automotive pre-pays for Rent Expense for the next year of $12 Million and Insurance Expense of $2.4 Million on January 4th, 2018
Journal Entry #11
On January 20th, Mason Automotive decides to purchase 2,000,000 shares of Treasury stock at $25 per share.
Month End Adjusting Entries
There are 10 applicable adjusting entries that need to be made as of the end of the month based on the information provided above. When recording these adjusting entries consider the following facts:
1) Interest expense will be recorded as a operating expense items on the income statement.
2) Record the necessary adjusting entries related to pre-paid expense as separate journal entries.
3) When reviewing the supply room as of the end of the month, Mason Automation noted that it had $1.5 Million worth of supplies still on hand.
4) As of the end of the month, 4,000 cars were completed for Michael Scott Paper Company and the performance obligation had been met on those 4,000 cars. As such, revenue was determined to be earned on those 4,000 vehicles and it was noted that each vehicle costed $8,000 to manufacture.
5) Mason Automation uses the balance sheet approach in estimating the allowance for doubtful accounts as of the end of the period. Based on industry average, Mason noted that it will use 5% of receivables as an estimation.
6) When preparing the balance sheet, close out net income to retained earnings.
Answer:
1) Mason Automotive sells 10,000,000 shares at $5 par for $30 on January 1st, 2018.
Dr Cash 300,000,000
Cr Common stock 50,000,000
Cr Additional paid in capital 250,000,000
2) Ed Mason, the CEO, hires 3,000 employees, whom will receive a combined salary of $12 Million on a monthly basis. The employees started on January 1st and will be paid for the month of January on February 5th. Employee's withholdings are as follows: 10% for federal income taxes 5% for state income taxes and 7% for FICA. Record the necessary entry as of January 1st, 2019.
No journal entry required
Adjusting entry:
January 31, 2018, wages expense
Dr Wages expense 12,000,000
Dr FICA taxes expense 840,000
Cr Federal income taxes withheld payable 1,200,000
Cr State income taxes withheld payable 600,000
Cr FICA taxes withheld payable 840,000
Cr FICA taxes payable 840,000
Cr Wages payable 9,360,000
3) Mason Automotive issues a bond payable on January 1st, 2018 with a face value of $200 Million at 102. The bond will have a useful life of 5 years with an interest payment of 5% (Annual Percentage Rate) due at the end of the month. Record the necessary journal entry as of January 1st, 2018.
Dr Cash 204,000,000
Cr Premium on bonds payable 4,000,000
Cr Bonds payable 200,000,000
(Note: When considering the amortization of the discount or premium, assume the straight line method is used).
Adjusting entry
January 31, 2018, interest expense
Dr interest expense 766,666.66
Dr Premium on bonds payable 66,666.67
Cr Interest payable 833,333.33
4) Mason Automotive purchased $80 Million dollars worth of inventory on January 2nd, 2018. $80 Million was paid with cash with the remaining balance on account. Mason notes that it will use a perpetual inventory system to track inventory.
Dr Inventory 80,000,000
Cr Accounts payable 80,000,000
5) Mason Automotive purchases fixed assets of $120 Million that will have a useful life of 10 years and no salvage value on January 2, 2018. $20 million was paid with cash with the remaining balance on account. These assets are depreciated using the straight-line method.
Dr Fixed assets 120,000,000
Cr Cash 20,000,000
Cr Accounts payable 100,000,000
Adjusting entry:
January 31, 2019, depreciation expense
Dr Depreciation expense 1,000,000
Cr Accumulated depreciation - fixed assets 1,000,000
6) On January 2nd, Mason Automotive shipped an order to Corby Panther Company. The shipping terms were FOB shipping point and the value of the order was $50 Million and the inventory cost was $20 Million. Assume that this sale was made on account.
Dr Accounts receivable 50,000,000
Cr Sales revenue 50,000,000
Dr Cost of goods sold 20,000,000
Cr Inventory 20,000,000
Adjusting entry:
January 31, 2018, allowance for doubtful accounts (5%)
Dr Bad debt expense 2,500,000
Cr Allowance for doubtful accounts 2,500,000
7) On January 3, Mason Automotive receives $75 Million advance payment from a customer, Michael Scott Paper Company, to manufacture 7,500 cars.
Dr Cash 75,000,000
Cr Deferred revenue 75,000,000
Adjusting entry:
January 31, 2019, 4,000 cars were finished and delivered
Dr Deferred revenue 40,000,000
Cr Sales revenue 40,000,000
Dr Cost of goods sold 32,000,000
Cr Inventory: finished cars 32,000,000
8) Mason Automotive buys a patent from Apple for $24 Million on January 3rd, 2018. The patent has a legal life of 20 years, but a the useful life of 10. Record the necessary entry as of January 3rd, 2018. Assume the patent was purchased using cash.
Dr Patent 24,000,000
Cr Cash 24,000,000
Adjusting entry:
January 31, 2018, patent amortization expense
Dr Patent amortization expense 200,000
Cr Patent 200,000
9) Mason Automotive purchased $2 Million dollars worth of supplies on account on January 4, 2018.
Dr Supplies 2,000,000
Cr Cash 1,500,000
Cr Accounts payable 500,000
Adjusting entry
January 31, 2018, supplies expense
Dr Supplies expense 500,000
Cr Supplies 500,000
10) Mason Automotive pre-pays for Rent Expense for the next year of $12 Million and Insurance Expense of $2.4 Million on January 4, 2018.
Dr Prepaid rent 12,000,000
Dr Prepaid insurance 2,400,000
Cr Cash 14,400,000
Adjusting entries:
January 31, 2019, rent expense
Dr Rent expense 1,000,000
Cr Prepaid rent 1,000,000
January 31, 2019, insurance expense
Dr Insurance expense 200,000
Cr Prepaid insurance 200,000
11) On January 20th, Mason Automotive decides to purchase 2,000,000 shares of Treasury stock at $25 per share.
Dr Treasury stock 50,000,000
Cr Cash 50,000,000
Closing journal entries:Dr Sales revenue 90,000,000
Cr Income summary 90,000,000
Dr Income summary 71,006,66.66
Cr Wages expense 12,000,000
Cr FICA taxes expense 840,000
Cr interest expense 766,666.66
Cr Depreciation expense 1,000,000
Cr Cost of goods sold 52,000,000
Cr Bad debt expense 2,500,000
Cr Patent amortization expense 200,000
Cr Supplies expense 500,000
Cr Rent expense 1,000,000
Cr Insurance expense 200,000
Dr Income summary 18,993,333.34
Cr Retained earnings 18,993,333.34
Answer:
i think this is correct
Explanation:
What are the factors promoting international economic integration, explain and give examples