Journalize The Following Transactions For The Buyer, Brooks Company, Using The Gross Method To Account (2024)

Business College

Answers

Answer 1

Answer:

Brooks Company

Journal Entries

a. November 6:

Debit Inventory $10,000

Credit Accounts Payable (Nelson Company) $10,000

To record the purchase of goods on account, terms 4/10, n/30.

b. November 12:

Debit Accounts Payable (Nelson Company) $2,300

Credit Inventory $2,300

To record the return of goods.

c. November 16:

Debit Accounts Payable (Nelson Company) $7,700

Credit Cash Discount $308

Credit Cash Account $7,392

To record the payment of cash on account.

Explanation:

Brooks Company uses Journal entries to record its business transactions as they occur on a daily basis. Journal entries identify the accounts to be debited and the accounts to be credited as they will appear in the general ledger.

Related Questions

A woman worked part-time as a clerk at a drug store. She worked mostly on weekdays from 5 PM to 9 PM, but was occasionally given other shifts. Due to glaucoma, she eventually lost all sight in her left eye. She had no difficulty performing her job, but she did experience problems getting to work. She asked to be given a "day shifts only" schedule because of the danger of driving home at night and the complete unavailability of public transportation. Her supervisor said that she would not be given the schedule she requested because that would not be fair to the storeâs other employees. The woman provided a doctorâs note recommending that she not drive during evening hours, but the store did not change its position. Her union representative met with store officials and reported that he "got nowhere." Other attempts to arrange meetings involving the woman fell through. She received rides from family members and did not miss any work following the denial of her request. However, it became too difficult to continue to arrange rides and she quit.

Required:
Did the store fail to reasonably accommodate this employee? Why or why not?

Answers

Answer:

Did the store fail to reasonably accommodate this employee? Why or why not?

Yes, the store did fail to accommodate this woman. Changing her work schedule was not an extra benefit, it was a necessity for her. Changing her schedule due to valid medical reasons isn't being nice to her, it is doing the right thing. She was a good employee since she tried to keep working despite being difficult for her to go to work, but was unable to continue doing so.

In legal terms, in order to determine if the supervisor's actions violated the American Disabilities Act, we must first know if the woman's glaucoma was so severe that it was considered a disability. Apparently due to the doctor's note, her condition could be considered a disability. If she was legally disabled, then the supervisor and the company should have been fined. They are legally required to change her work shift.

Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Willie with the following information, before any adjustment. Willie's compensation contract states that if the company generates operating income of at least $200,000, he will get a salary bonus early next year. Required: 1. Record the adjustment for uncollectible accounts using the accountant's estimate of 10% of accounts receivable. 2. After the adjustment is recorded in Requirement 1, what is the revised amount of operating income? Will Willie get his salary bonus? 3. Willie instructs the accountant to record the adjustment for uncollectible accounts using 7% rather than 10% of accounts receivable. Now will Willie get his salary bonus? Explain. 4. By how much would total assets and operating income be misstated using the 7% amount?

Answers

Answer:

Explanation:

The first part of the question is missing, so I looked for a similar question to fill in the blanks.

Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Willie with the following information, before any adjustment.

Accounts receivable $858,000

Estimated percentage uncollectible 10%

Allowance for uncollectible accounts$20,000 (credit)

Operating income$249,000

1. Record the adjustment for uncollectible accounts using the accountant's estimate of 10% of accounts receivable.

Dr Bad debt expense 65,800

Cr Allowance for uncollectible accounts 65,800

($858,000 x 10%) - $20,000 = $65,800

2. After the adjustment is recorded in Requirement 1, what is the revised amount of operating income?

$183,200

3. Willie instructs the accountant to record the adjustment for uncollectible accounts using 7% rather than 10% of accounts receivable. Now will Willie get his salary bonus? Explain.

bad debt expense = ($858,000 x 7%) - $20,000 = $40,060

so adjusted net income = $249,000 - $40,060 = $208,940

Willie will get his bonus.

By how much would total assets and operating income be misstated using the 7% amount?

$65,800 - $40,060 = $25,740

question was incomplete. Here is the rest of it.

Account receivable $,1,100,000

Estimated percentage uncollectible 9%

operating income $260,000

The first part of the question is missing, so I hunted for the same question to fill within the blanks.

When Willie Cheetum is the CEO of Happy Foods and a distributor of products to grocery chains throughout the Midwest. Also, At the tip of the year, the company's accounting manager provides Willie with the subsequent information, before any adjustment.

Adjustment Entry

Accounts receivable $[tex]858,000[/tex]

Estimated percentage uncollectible 10%

Allowance for uncollectible accounts $[tex]20,000[/tex] (credit)

Operating income $[tex]249,000[/tex]

1. Dr debt expense [tex]65,800[/tex]

Cr Allowance for uncollectible accounts 65,800

($858,000 x 10%) - $20,000 = $[tex]65,800[/tex]

2. $[tex]183,200[/tex]

3.bad debt expense = ($858,000 x 7%) - $20,000 = $[tex]40,060[/tex]

so adjusted net = $249,000 - $40,060 = $208,940Willie will get his bonus.

Therefore, $65,800 - $40,060 = $[tex]25,740[/tex]

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Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part-time as a substitute grade school teacher. Determine the amount of Clem's expenses that are deductible for AGI this year (if any) under the following independent circ*mstances: (Leave no answer blank. Enter zero if applicable.) a. Clem is self-employed and this year he incurred $810 in expenses for tools and supplies related to his job. In addition, since neither Clem nor his wife were covered by a qualified health plan through his wife's job, Clem paid health insurance premiums of $5,100 to provide coverage for himself (not through an exchange).

Answers

Answer:

$5910

Explanation:

The AGI is used to calculate how much of gross income that can be taxed. This income is calculated from the gross income and it is Adjusted gross income in full.

Under the AGI, expenses incurred for brooks and supplies and health insurance premiums are deductible.

We have $810 expenses for tools + 5100 for health premium

= $5910 deductibles under AGI.

Kirby Frigo has opened a dog grooming business. Frigo, like other small business owners, probably will experience:

Answers

Answer:

They may have trouble with customers and advertising. In order for people to find out about his business he should consider posting onn social media, making signs,buying ads in the newspaper, put up flyers, go to a park and tell everybody about the dog grooming business. Others may also think the prices are to high or maybe his prices are to low and he is not making a lot of money and a lot of people go to him for dog grooming but maybe he needs help.

Explanation:

Kirby Frigo has opened a dog grooming business. Frigo, like other small business owners, probably will experience market competition.

What is the market competition?

The competition in the market is initiated for the purpose of getting a larger share in terms of higher sales and revenue. It means in an industry similar or unrelated businesses may compete with each for reap higher profits against rivals.

Therefore, every business in the market has to fight competition when they are selling hom*ogeneous as well as substitute products.

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Read across from the Lease Type column and choose the answer choice which best represents the type of activities lease-related cash flows are reported as on the statement of cash flows by lessor and lessee: Lease Type Lessor Lessee a. Operating: Operating only Operating only Finance / Sales-Type: Operating only Both Operating and Financing b. Operating: Both Operating and Financing Both Operating and Financing Finance / Sales-Type: Operating only Both Operating and Financing c. Operating: Operating only Operating only Finance / Sales-Type: Operating only Financing only d. Operating: Both Operating and Financing Both Operating and Financing Finance / Sales-Type: Both Operating and Financing Operating only

Answers

Answer:

a. Operating: Operating only Operating only Finance / Sales-Type: Operating only Both Operating and Financing

Explanation:

In the operating activities of the cash flow statement both the lessor and lesse that deals in operating lease would come under this activity

While on the other hand in case of the finance or sales type, lessor comes in operating activity and for lessee it would be come in both the operating and financing

Hence, the correct option is a.

Companies normally pay dividends quarterly and they go through a specific process. Firms first declare the quarterly dividend. The declaration date is the date on which a firm's directors issue a statement declaring a dividend. The company closes its stock transfer books at the close of business on the holder-of-record date. If the company lists the stockholder as an owner on this date, then the stockholder receives the dividend. The ex-dividend date is the date on which the right to the current dividend no longer accompanies a stock; it is usually two business days prior to the holder-of-record date. Finally, the payment date is the date on which a firm actually mails dividend checks. Give the correct response to the following question. Seller sells Indigo Company stock to Buyer on the ex-dividend date. Which of the following statements is correct?

a. Neither Seller nor Buyer will receive the dividend. The dividend rolls over to a special account for the next quarter's dividend.
b. Buyer is now the owner of the stock, so Buyer receives the dividend.
c. Because the stock was sold on the ex-dividend date, a special rule applies where the dividend is divided between Buyer and Seller
d. Because the stock was sold on the ex-dividend date, Seller would still be considered the owner of the stock and would receive the dividend

Answers

Answer:

d. Because the stock was sold on the ex-dividend date, Seller would still be considered the owner of the stock and would receive the dividend

Explanation:

since the buyer purchased on ex dividend date he will not receive the next dividend but the seller will. If he had purchased before the ex dividends date he would receive next dividend. Ex dividend dates are usually one to two business days before record date or holder of record date in which owner of stock is recorded. However the ex dividend date does not consider stock holder as per stock transfer until holder of record date

Exercise 6A-1 High-Low Method [LO6-10] The Cheyenne Hotel in Big Sky, Montana, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. An occupancy-day represents a room rented for one day. The hotel's business is highly seasonal, with peaks occurring during the ski season and in the summer. Month Occupancy-Days Electrical Costs January 1,736 $ 4,127 February 1,904 $ 4,207 March 2,356 $ 5,083 April 960 $ 2,857 May 360 $ 1,871 June 744 $ 2,696 July 2,108 $ 4,670 August 2,406 $ 5,148 September 840 $ 2,691 October 124 $ 1,588 November 720 $ 2,454 December 1,364 $ 3,529 Required: 1. Using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. (Do not round your intermediate calculations. Round your Variable cost answer to 2 decimal places and Fixed cost element answer to nearest whole dollar amount.) 2. What other factors in addition to occupancy-days are likely to affect the variation in electrical costs from month to month

Answers

Answer:

1) variable cost = $1.56 per day

fixed costs = $1,395 per month

2) another aspect that increases or decreases electrical consumption is the weather. During very hot days, more people use the air conditioner, which increases electricity costs. Very cold weather will result in a similar increase in electric consumption.

Explanation:

Month Occupancy-Days Electrical Costs

January 1,736 $ 4,127

February 1,904 $ 4,207

March 2,356 $ 5,083

April 960 $ 2,857

May 360 $ 1,871

June 744 $ 2,696

July 2,108 $ 4,670

August 2,406 $ 5,148

September 840 $ 2,691

October 124 $ 1,588

November 720 $ 2,454

December 1,364 $ 3,529

variable cost = (highest activity cost - lowest activity cost) / (highest activity level - lowest activity level) = ($5,148 - $1,588) / (2,406 - 124) = $1.56 per day

fixed costs = $5,148 - ($1.56 x 2,406) = $1,395

4. Ellen contracts to buy six cases of vintage Fertile Valley wine from Grapes & Vines Winery for $1,200. The contract states that delivery is to be made at Ellen’s residence "on or before May 1, to be used for daughter's wedding reception on May 2." On May 1, Grapes & Vines delivery van is involved in an accident, no wine is delivered that day, and no one from Grapes & Vines tells Ellen. On the morning of May 2, Ellen buys the wine from Happy Hill Winery. That afternoon, just before the reception, Grapes & Vines tenders delivery of the wine at Ellen’s residence. She refuses tender\delivery. Grapes & Vines sues her for breach of contract. How is the court most likely to rule

Answers

Answer: In Ellen's favor

Explanation:

A component of the contract between Ellen and Grapes & Vines was breached which was that the wine was to be delivered "on or before May 1''. It was delivered on the 2nd which was a breach of contract which means that the contract can be voided.

If Grapes and Vines uses the defense that their van broke down and therefore it is a care of extraordinary circ*mstances, all efforts should have been made to contact Ellen to explain this situation. This was not done so Ellen was within her right to cancel the contract.

The Mass Rapid Transit (MRT) System in Hong Kong has been running significant losses. Transport Ministry officials have argued over whether to raise fares to combat the losses. One argument against a fare increase is that it will aggravate traffic congestion on the streets during peak commuter hours. Suppose that the current fare is $4 and the government is considering raising it to S6. Officials estimate that this reduces the number of rides purchased from 10,000 to 8,000 per day
a) What is the estimated elasticity of demand for MRT rides using the midpoint/ARC method?
b) What does this elasticity of demand suggest to you about what will happen to total revenue earned by the transit system? Explain and show your work.

Answers

Answer:

A) -0.55

B) The negativity in the estimated elasticity suggests that for every 1% increase in the price of transport there will be a corresponding 0.55% decrease in the number of Commuters

Explanation:

Given data:

current fare (P0) = $4

hiked fare (P1) = $6

change in fare = $2

number of rides before increase ( Q0 ) = 10000

number of rides after increase ( Q1 ) = 8000

change in rides = 2000

A) The estimated elasticity of demand for MRT rides using the midpoint /ARC method

Mid point method = [ ( Q1 - Q0 ) / ( Q1 + Q0 ) ] / [ (P1 - P0 ) / (P1 + P0 ) ]

= [ - 2000 / 18000 ] / [ 2 / 10 ]

= - 1000 / 1800 = - 5 / 9 ( estimated elasticity )

= - 0.55

B) The negativity in the estimated elasticity suggests that for every 1% increase in the price of transport there will be a corresponding 0.55% decrease in Commuters

The income statement of Carla Vista Co. for the month of July shows net income of $4,000 based on Service Revenue $7,750, Salaries and Wages Expense $2,140, Supplies Expense $960, and Utilities Expense $650. In reviewing the statement, you discover the following:_______.
1. Insurance expired during July of $530 was omitted.
2. Supplies expense includes $360 of supplies that are still on hand at July 31.
3. Depreciation on equipment of $180 was omitted.
4. Accrued but unpaid wages at July 31 of $380 were not included.
5. Service performed but unrecorded totaled $800.
Required:a. What effect do the corrections have on the amount reported as total assets on the balance sheet?b. What effect do the corrections have on the amount reported as total liabilities on the balance sheet?

Answers

Answer:

a. Assets increase by $450

b. Liabilities increase by $380

Explanation:

a. Effect on Assets

= Supplies omitted + Unrecorded services - omitted insurance - depreciation

= 360 + 800 - 530 - 180

= +$‭450‬

b. Effect on Liabilities

Wages are accrued and unpaid. Company owes these wages which makes it a liability.

Effect on liability = +$380

Cost of Bank Loans Gifts Galore Inc. borrowed $1.6 million from National City Bank. The loan was made at a simple annual interest rate of 12% a year for 3 months. A 25% compensating balance requirement raised the effective interest rate. Do not round intermediate calculations. Round your answers to two decimal places. The nominal annual rate on the loan was 11.5%. What is the true effective rate? % What would be the effective cost of the loan if the note required discount interest? % What would be the nominal annual interest rate on the loan if the bank did not require a compensating balance but required repayment in three equal monthly installments? %

Answers

Answer: 23456

Explanation: its math

(04.01 LC)
Which known factor affects prices in the financial markets?
International stocks
Media speculation
Government policy
Foreign companies

Answers

Answer:

Media Speculation :)

4.01 (the lesson) talks about "Company Z" and how you want to buy stock from that company, but the speculation of Company Z over media leads you otherwise.

Explanation:

It's crucial to remember that prices in financial markets are influenced by a wide range of factors, and their impact can vary depending on the unique circ*mstances. All of the aforementioned elements have the ability to have an impact on prices in financial markets.

International stocks: Price changes in financial markets may be impacted by developments in foreign stock markets. International market trends, geopolitical developments, and changes in the global economy all have the potential to affect investor attitude and market behaviour, which can shift prices.

Financial market news and media speculation can have an impact on how investors behave and how the market feels. Media sources' news reporting, editorials, and analyses can influence market expectations and cause buying or selling that affects prices.

Government rules and policies: These can have a big impact on the financial markets. Interest rates, inflation, economic growth, and general market circ*mstances all have an impact on pricing, as can central bank measures, fiscal, monetary, and rule changes.

Foreign firms: Prices on financial markets can be impacted by the performance and operations of foreign firms, particularly if they are listed on those markets or have a major impact on the industries they operate in. Market mood and price movements can be impacted by news and developments involving overseas corporations, such as earnings releases, mergers and acquisitions, or adjustments to company plans.

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Brady, who has ordinary-shaped indifference curves, buys 16 ounces of salt each year. Even when the price of salt doubles, Brady continues to purchase exactly 16 ounces.

To help you answer this question, it may be helpful to use indifference curves and budget constraints to depict Brady's behavior graphically on a sheet of paper.

Which of the following statements is true?

a. Salt is an inferior good for Brady since the income effect is positive.
b. Salt is a normal good for Brady since the income effect is negative.
c. Salt is an inferior good for Brady since the income effect is positive.
d. Salt is a normal good for Brady since the income effect is positive.

Answers

Answer:

No option is correct, but I believe that one option was not copied appropriately since A and C are the same (although both are wrong).

The correct answer is Salt is an inferior good for Brady since the income effect is negative.

Explanation:

Brady's demand for salt is perfectly inelastic, in other words, his demand curve for salt is vertical since no matter the price, he always purchases the same amount.

Salt is an inferior good for Brady since the income effect is negative. He will continue to buy salt regardless of its price.

Carlise Corp., which manufactures ceiling fans, currently has two product lines, the Indoor and the Outdoor. Carlise has total overhead of $124,916. Carlise has identified the following information about its overhead activity cost pools and the two product lines:

Activity Cost Pools Cost Driver Cost Assigned to Pool Quantity/Amount Consumed by Indoor Line Quantity/Amount Consumed by Outdoor Line
Materials handling Number of moves $18,236 570 moves 370 moves
Quality control Number of inspections $77,420 5,600 inspections 4,200 inspections
Machine maintenance Number of machine hours $29,260 27,000 machine hours 11,000 machine hours

Required:
Suppose Carlise used a traditional costing system with machine hours as the cost driver. Determine the amount of overhead assigned to each product line.

Answers

Answer:

For indoor = $88,756

For outdoor = $72,666

Explanation:

The computation of the amount of overhead assigned to each product line is given below:-

Traditional Costing

Machine Hours Overhead Assigned

Indoor Model 27,000 88,756

($124,916 ÷ 38,000) × 27,000

Outdoor Model 11,000 72,666

($124,916 ÷ 38,000) × 11,000

Total 38,000 $161,442

Retail Records Inc. acquired all of Decibel Studios' voting shares on January 1, 20X2, for $280,000. Retail's balance sheet immediately after the combination contained the following balances:

RETAIL RECORDS INC. Balance Sheet January 1, 20X2

Cash and Receivables $120,000 Accounts Payable $75,000
Inventory 110,000 Taxes Payable 50,000
Land 70,000 Notes Payable 300,000
Buildings and Equipment (net) 350,000 Common Stock 400,000
Investment in Decibel Stock 280,000 Retained Earnings 105,000
Total Assets $930,000 Total Liabilities and Stockholders' Equity $930,000

Decibel’s balance sheet at acquisition contained the following balances: DECIBEL STUDIOS Balance Sheet January 1, 20X2

Cash and Receivables $40,000 Accounts Payable $90,000
Inventory 180,000 Notes Payable 250,000
Buildings and Equipment (net) 350,000 Common Stock 100,000
Goodwill 30,000 Additional Paid-In Capital 200,000
Retained Earnings (40,000 )
Total Assets $600,000 Total Liabilities and Stockholders' Equity $600,000

On the date of combination, the inventory held by Decibel had a fair value of $170,000, and its buildings and recording equipment had a fair value of $375,000. Goodwill reported by Decibel resulted from a purchase of Sound Stage Enterprises in 20X1. Sound Stage was liquidated and its assets and liabilities were brought onto Decibel's books.

Required:
Compute the balances to be reported in the consolidated balance sheet immediately after the acquisition for:

a. Inventory.
b. Buildings and Equipment (net).
c. lnvestment in Decibel Stock.
d. Goodwill.
e. Common Stock.
f. Retained Earnings.

Answers

Answer:

a. Inventory = $280,000

b. Buildings and Equipment (net) $725,000

c. lnvestment in Decibel Stock = 0

d. Goodwill = $35,000

e. Common Stock = $400,000

f. Retained Earnings = $105,000

Explanation:

A balance sheet is a snapshot of the assets, liabilities, and equity of a business at any point in time.

From the information given we will calculate the following:

a. Inventory = Initial Inventory + Present inventory = 110,000 + 170,000 = $280,000

b. Buildings and Equipment (net) = initial building value + present building value = 350,000 + 375,000 = $725,000

c. lnvestment in Decibel Stock will not appear in the consolidated balance sheet as it is cancelled out by liquidation

d. Goodwill = Fair value of consideration + Fair value of Decibel's assets

Fair value of Decibel assets will be assets less liabilities

Goodwill = 280,000 + (40,000 + 170,000 + 375,000 - 90,000 - 250,000 - 245,000)

Goodwill = $35,000

e. Common Stock = $400,000

f. Retained Earnings = $105,000

Public relations is an example of marketing. True False

Answers

Answer:

True

Explanation:

Marketing is the overall process of boosting public awareness of a product, person or service, while advertising and PR are promotion methods that fall under the 'marketing' umbrella term. Whereas public relations is about selling the company or brand through positively managing the communication channels between a company and its stakeholders. Overall, marketing activities are trying to achieve direct revenue, while PR is trying to drive a positive reputation through an effective PR strategy.

To understand more clearly, read the extra point below-

How are public relations used in marketing?

Public relations (PR) strategy may play a key role in an organization's promotional strategy. A planned approach to leveraging public relations opportunities can be just as important as advertising and sales promotions. Public relations is one of the most effective methods to communicate and relate to the market.

Public relations is an example of marketing. The statement given here is True.

What do you mean by Public relations?

Public relations (PR) is the collection of methods and approaches used to control how news about a person or business is presented to the general public, particularly the media.

Its key objectives are to communicate significant business news or events, preserve a corporate image, and limit the negative effects of negative occurrences by giving them a good spin.

PR can take place through a press release from the business, a news conference, journalist interviews, social media posts, or other means. Every person or organization that operates in the public eye has to worry about the public learning about them or their methods.

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In the 21st century, the city of Ashkelon is an Israeli resort community. The city government is concerned with its security. Many centuries ago, the Egyptian sultan Saladin pulled down the last of Ashkelon's defensive walls. Perhaps raising new walls would increase its security. This would be a public works project, so it would be best to spread payments over time. The total purchase price is 20 million dollars (U.S.). The city can get a loan for this amount from a bank, with an interest rate of 10%, with payments being made at the end of each year, over 25 years. What is the minimum annual loan payment the city must pay to the bank

Answers

Answer:

$2,203,371.58

Explanation:

we can use the present value of an annuity formula to calculate the annual payment:

present value = annual payment x annuity factor

annual payment = present value / annuity factor

present value = $20,000,000PV annuity factor, 10%, 25 periods = 9.0770

annual payment = $20,000,000 / 9.0770 = $2,203,371.58

Daguio Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the total estimated manufacturing overhead was $224,580. At the end of the year, actual direct labor-hours for the year were 18,200 hours, manufacturing overhead for the year was underapplied by $12,100, and the actual manufacturing overhead was $219,580. The predetermined overhead rate for the year must have been closest to: _________.
A. $11.40 per machine-hour
B. $12.34 per machine-hour
C. $12.06 per machine-hour
D. $10.53 per machine-hour

Answers

Answer:

It's A. 11.40 per machine-hour

Explanation:

IT'S AAAAAAAAAAAAAA

Answer:

The answer is A .

Explanation:

why does the federal reserve choose to increase the money supply?

Answers

To control thesupplyofmoneyto help stabilize the economy

Explanation:

An increase in the supply of money works both through loweringinterest rates, which spursinvestment, and through putting more money in the hands of consumers, making them feel wealthier, and this stimulates spending.

Joshua needed money for some unexpected expenses, so he borrowed $5,355.26 from a friend and agreed to repay the loan in seven equal installments of $1,100 at the end of each year. The agreement is offering an implied interest rate of _________

Joshuaâs friend, Willie, has hired a financial planner for advice on retirement. Considering Willieâs current expenses and expected future lifestyle changes, the financial planner has stated that once Willie crosses a threshold of $1,387,311 in savings, he will have enough money for retirement. Willie has nothing saved for his retirement yet, so he plans to start depositing $25,000 in a retirement fund at a fixed rate of 6.00% at the end of each year. It will take____________for Willie to reach his retirement goal.

Answers

Answer:

10%

25.14 years

Explanation:

A financial calculator can be used to solve these problems

PMT = $-1,100

PV = $5,355.26

FV = 0

N = 7

Compute I = 10%

PMT = $-25,000

FV = $1,387,311

I = 6%

PV = 0

Compute N = 25.14 years

Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $78,000 and $46,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted to the partnership a 30% interest for a purchase price of $31,000.

Required:
a. Determine the recipient and amount of the partner bonus.
b. Provide the journal entry to admit Solano into the partnership.
c. Why would a bonus be paid in this situation?

Answers

Answer: See explanation

Explanation:

a. The bonus received by Solano will be:

Cody Jenkins, capital =$78,000

Lacey Tanner, capital = $46000

Solano’s contribution = $31,000

Total contribution:

= $78000 + $46000 + $31000

= $155000

Solano’s equity interest = 30%

Valeria Solano, capital:

= 30% × $155,000

= $46500

Since Solano’s contribution = $31,000, the bonus paid to Solano will be:

= $46500 - $31000

= $15500

b. Debit Cash $31,000

Debit Cody Jenkins, capital $7750

Debit Lacey Tanner, capital $7750

Credit Valeria Solano, capital $46500

c. The expertise that was offered by Salina was valued by Jenkins and Tanner. Solano can do landscape designs with the computer.

The skills she possesses will be of immense benefits to the partnership as it'll be useful to achieve the partnerships aims. This may bring about the payment of bonus for her skills.

ARE YOU WILLING TO WORK LONG HOURS WITH LITTLE IMMEDIATE COMPENSATION?​

Answers

what's the job...? and where is it lol

Jacques, who is age 45, has just resigned from his current job. He worked for Ace, which sponsors a cash balance plan and a standard 401(k) plan. Each of the plans uses the longest permitted vesting schedule and both plans are top heavy. He has a balance of $40,000 in the cash balance plan, has deferred $20,000 into the 401(k) plan and has employer matching contributions of $10,000. If he has been employed for three years, but only participating in the plans for the last two years, how much does he keep if he leaves today? a. $60,000 b. $20,000. c. $64,000 d. $30,000.

Answers

Answer: c. $64,000

Explanation:

Cash balance plans can be claimed if the employee has worked for the employer at least 3 years which means he gets to keep the $40,000.

He will also keep the deferred balance of $20,000.

For working 3 years he also gets to keep 40% of the employer's contribution.

= 40,000 + 20,000 + (10,000 * 40%)

= $64,000

HELP ME ASAPP ! Please don’t guess!

Customer service personnel typically need at least
A. a high school diploma.
B. a vocational school certificate.
C.
a community college degree.
D.
a four-year degree.

Answers

Answer:

Customer service representatives typically need a high school diploma or equivalent and receive on-the-job training to learn the specific skills needed for the job. They should be good at communicating and interacting with people and should be adept at using computers.

Explanation:

Managers and leaders perform many tasks as a result of their goals and objectives. Even though many tasks may be completed as a result of their responsibilities, each task may be categorized into one of four functions of management.

Management is a process. This process is what allows managers and leaders to achieve organizational and personal goals. Included within this process are four functions of management. These four functions include planning, organizing, leading, and controlling. Each of these functions is an important aspect of the management process and must be implemented to achieve organizational goals. Match these functions with the followings.

a. Paul
b. Santiago
c. Matthew
d. Chioe
e. Kelly
f. Tomasz
g. Ava
h. Michelle

Answers

Answer:

a). Paul - Planning

b). Santiago - Organizing

c). Mathew - Planning

d). Chioe - Organizing

e). Kelly Tomasz - Leading

f). Ava - Controlling

g). Michelle - Organizing

Explanation:

Planning is described as the process of setting up the goals for the organization and formulating a course of action to achieve the intended goals.

Organizing is followed by planning which aims to assign the resources in a specific manner to ensure the effective accomplishment of the goal.

Leading is the process of providing guidance or direction to the staff, employees, and workers and keeps them motivated to ensure the smooth functioning of the process and achievement of optimum output.

Controlling is the last step in which the performances are governed and assessed as per the standards to find any variation.

In which of the following situations could a research analyst use multiple regression? A real estate development company wants to estimate the probable sales of construction services on the basis of marriage rates, population movement in the region, and interest rates on construction loans A psychologist wants to understand the underlying personality factors associated with materialism in consumers A firm wants to identify segments of the market to pursue The brand manager for Tide laundry detergent wants to understand how consumers perceive Tide relative to other laundry detergents All of the above Question 2

Answers

Answer:

A). A real estate development company wants to estimate the probable sales of construction services on the basis of marriage rates, population movement in the region, and interest rates on construction loans.

Explanation:

Multiple regression is elucidated as the statistical technique employed to determine the association between two or more dependent or response and independent/explanatory variables.

As per the question, the multiple regression can be employed in the first situation where 'a real estate company wishes to forecast the probable sales of construction on the basis of....loans.' Multiple regression analysis would help in representing the linear relationship between these two variables that helps in ensuring effective analysis and making predictions and ensuring optimum output. Thus, option A is the correct answer.

Swifty Corporation was started on April 1 by R. S. Francis and associates. The following selected events and transactions occurred during April. Apr. 1 Stockholders invested $49,800 cash in the business in exchange for common stock. 4 Purchased land costing $30,500 for cash. 8 Incurred advertising expense of $1,510 on account. 11 Paid salaries to employees $1,380. 12 Hired park manager at a salary of $4,600 per month, effective May 1. 13 Paid $1,620 cash for a one-year insurance policy. 17 Declared and paid a $1,810 cash dividend. 20 Received $6,200 in cash for admission fees. 25 Sold 113 coupon books for $51 each. Each book contains 10 coupons that entitle the holder to one admission to the park. 30 Received $9,000 in cash admission fees. 30 Paid $530 on balance owed for advertising incurred on April 8. Swifty uses the following accounts: Cash, Prepaid Insurance, Land, Accounts Payable, Unearned Service Revenue, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.Required:Journalize the April transactions.

Answers

Answer:

Swifty Corporation

Journal Entries:

April 1:

Debit Cash Account $49,800

Credit Common Stock $49,800

To record the issue of common stock for cash.

April 4:

Debit Land $30,500

Credit Cash Account $30,500

To record the purchase of land for cash.

April 8:

Debit Advertising Expense $1,510

Credit Accounts Payable $1,510

To record advertising expense incurred on account.

April 11:

Debit Salaries and Wages Expense $1,380

Credit Cash Account $1,380

To record the payment of salaries to employees.

April 13:

Debit Prepaid Insurance $1,620

Credit Cash Account $1,620

To record the prepayment of Insurance for one year.

April 17:

Debit Dividends $1,810

Credit Cash Account $1,810

To record the declaration any payment of dividend.

April 20:

Debit Cash Account $6,200

Credit Service Revenue $6,200

To record the receipt of admission fees in cash.

April 25:

Debit Cash Account $5,763

Credit Unearned Service Revenue $5,763

To record the receipt of admission fees in advance.

April 30:

Debit Cash Account $9,000

Credit Service Revenue $9,000

To record the receipt of admission fees in cash.

April 30:

Debit Accounts Payable $1,510

Credit Cash Account $1,510

To record the payment of advertising on account.

Explanation:

Swifty Corporation uses journals to initially record its business transactions as they occur on a daily basis. Journalizing transactions is an important step in the accounting process, as it identifies accounts involved and shows the accounts to be debited and the ones to be credited in the general ledger.

Turco Products uses a job order cost system. The following debits (credits) appeared in Work-in-Process Inventory for September: Description Amount September 1 Balance $ 70,200 For the month Direct materials 421,200 For the month Direct labor 262,600 For the month Factory overhead 315,120 For the month To finished goods ( 832,000 ) Turco applies overhead to production at a predetermined rate of 120 percent based on direct labor cost. Job 9-27, the only job still in process at the end of September, has been charged direct labor of $35,100. Required: What cost amount of direct materials was charged to Job 9-27?

Answers

Answer: $‭159,900

Explanation:

Work in Process balance for the year = 70,200 + 421,200 + 262,600 + 315,120 - 832,000 (finished goods)

= $‭237,120‬

This means that Job 9-27 accounts for the total cost of $237,120

The costs to Job 9-27 are;

237,120 = Direct labor + Direct Materials + Factory Overhead

237,120 = 35,100 + Direct materials + (35,100 * 120%)

Direct Materials = 237,120 - 35,100 - (35,100 * 120%)

= $‭159,900

Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment.

Nash's Trading Post, LLC Balance Sheet December 31, 2022

Cash $185000 Accounts payable $195000
Accounts receivable 140000 Salaries and wages payable 25000
Inventory 150000 Mortgage payable 225000
Prepaid insurance 85000 Total liabilities $445000
Stock investments 250000
Land 250000
Buildings $300000 Common stock $335000
Less: Accumulated
depreciation (55000) 245000 Retained earnings 725000
Goodwill 200000 Total stockholders' equity $1060000
Total assets $1505000 Total liabilities and stockholders' equity $1505000

Answers

Answer:

$495,000

Explanation:

Calculation to determine the total dollar amount of assets to be classified as property, plant, and equipment

Land$250,000

Add:Buildings less accumulated depreciation$245,000

($300,000-$55,000)

Total $495,000

Therefore the total dollar amount of assets to be classified as property, plant, and equipment will be $495,000

A chemical engineer working for a large chemical products company was asked to make a recommendation about which of three mutually exclusive revenue alternatives should be selected for improving the marketability of personal care products used for conditioning hair, cleansing skin, removing wrinkles, etc. The alternatives (X, Y, and Z) were ranked in order of increasing initial investment and then compared by incremental rate of return analysis. The rate of return on each increment of investment was less than the company's MARR of 17% per year. The alternative to select is: Group of answer choices

Answers

Answer: a. DN

Explanation:

The Minimum Acceptable Rate of Return (MARR) which is also known as the Hurdle Rate is the rate of return that will be earned by an investment to ensure that it will cover its cost.

This means that below the MARR, the project will bring in less than the costs it incurred. This is therefore not ideal.

The rate of return on each increment was less than the MARR of 17% which means that they are not profitable.

The company should not invest or rather Do Nothing.

Journalize The Following Transactions For The Buyer, Brooks Company, Using The Gross Method To Account (2024)

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