Answer:
$0.8million
Explanation:
Net income of any corporation can be calculated as follows:
Net income=EBIT-interest expense-tax expense
Net income=$13 million
Interest expense=?
tax expense=(EBIT- interest expense)*35%=($20.8million- interest expense)*35%
13=20.8-interest expense-($20.8million- interest expense)*35%
13=20.8-interest expense-(7.28-0.35*interest expense)
13=20.8-interest expense-7.28+0.35*interest expense
13=13.52-0.65*interest expense
13-13.52=-0.65*interest expense
-0.52=-0.65*interest expense
interest expense=-0.52/-0.65=$0.8million
Byron Books Inc.'s interest expense can be calculated by subtracting the net income after tax from the net income before interest, which is derived by deducting taxes from EBIT. The interest expense is $520,000.
To calculate Byron Books Inc.'s interest expense, we start with the company's EBIT (Earnings Before Interest and Taxes) which is $20.8 million. We know that the net income after tax is $13 million and the tax rate is 35%. First, we need to calculate the taxes Byron Books would pay on its EBIT:
Taxes = EBIT × Tax Rate = $20.8 million × 35% = $7.28 million.
Subtracting the taxes from EBIT yields the net income before interest.
Net Income Before Interest = EBIT - Taxes = $20.8 million - $7.28 million = $13.52 million.
Since the net income after taxes is $13 million, the difference between the net income before and after interest gives us the interest expense:
Interest Expense = Net Income Before Interest - Net Income After Tax = $13.52 million - $13 million = $0.52 million or $520,000.
Crystal owns a bookstore. A period of economic turmoil adds a great deal of uncertainty to her sales forecasts. She decides to hold additional funds in the store's account to guard against the possibility of lower-than-expected sales. This is an example of an increase in Crystal's demand for money.True or false?
Answer:
True
Explanation:
In monetary economics, the demand for money is the total amount of the asset an individual prefer to keep in liquid or near liquid forms rather than investment. Some of the factors that influences the demand for money are interest rate, inflation, income, e.t.c.
John Maynard Keynes postulated that the demand for money falls within the realms of liquidity preference, which he summarized under three headings, these are, the transactions motives, the precautionary motives, and the speculative motives.
In a recent large PowerBall lottery, the prize was reported to be worth $590 million, which could be taken in 25 equal annual installments of $23.6 million beginning today or as a single payment today of $334 million.a) What interest rate is the lottery commission using?
b) How would you decide whether to take the 25 year annuity or the lump sum?
Answer:
Explanation:
Interest rate can be calculated using calculator
a) Insert N = 25, PMT = 23.6, PV = -334, FV = 0 => Compute I/Y = 5.0%
b)
you should take the lump sum payment - IF you could earn a rate higher than 5%
you should take annuity - IF your required return is below 5%
5.5% interest rate is the lottery commission using. B. We must weigh a number of considerations before choosing the 25-year annuity or the lump amount.
This inquiry relates to an Annuity Due. Recurring payments in an annuity start at the start of the calendar year. It is requesting the RATE. utilizing a calculator (in BEG mode) for money
Length: N = 25
Payment plan; PMT = 23.6
Value today: PV = -334
Future cashflow that is one-time; FV = 0.
Decide on the interest rate by computing CPT I/Y = 5.499%.
The interest rate used by the lottery commission is roughly 5.5 percent.
b) We must weigh a number of criteria before choosing between the lump amount and the 25-year annuity, including:
Time is money, according toTax repercussionsIndividual conditionsAs a result, the significance of the lottery commission using are the aforementioned.
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Journalize the entries to record the following selected bond investment transactions for Starks Products: If an amount box does not require an entry, leave it blank. a. Purchased for cash $66,000 of Iceline, Inc. 9% bonds at 100 plus accrued interest of $990
Answer:
The journal entries are:
Dr Bond Receivable 66,000
Dr Interest Receivable 990
Cr Cash 66,990
(to record the purchase of Iceline, Inc. 's bonds)
Explanation:
The purchase include the following deliverables:
+ The bond at the price of $66,000
+ The interest receivables that the seller(s) is/are eligible to receive, yet, they transfer the rights to the buyers. This amount is recorded at $990 as Buyer's receivable because as bond holder, Buyers are eligible to receive that. Noted that this is not qualified to be recorded as Interest Income for Bond's Buyers because the Buyers do not hold the bond at all before the purchase, thus, they should not recorded any interest income from the coupon receipt.
=> Total Cash spent for the purchase is $66,990 ( $66,000 + $990).
Rodney Halpern works in the marketing department of a major manufacturing firm. Much of his job involves managing the movement of materials, parts, and information from suppliers to his firm. He tries to coordinate these flows with his firm's factory processes and assists with the efficient movement of finished goods to final consumers. These activities suggest that Rodney's job responsibilities focus on: A)wholesaling. B)multilevel marketing. C)assembly processing. D)supply chain management.
Answer:
Letter D is correct. Supply chain management.
Explanation:
It can be said that Rodney's professional responsibilities focus on supply chain management. The entire logistical process of a product or service, ranging from its manufacture to its delivery to the final consumer can be defined as a supply chain.
Rodney's job is to ensure that the flow of all stages that make up the production process, such as raw materials, work in progress, finished products, and information are managed correctly so that there is an effective supply chain, which ensure delivery of products and services to the right place at the right time.
Over the years, Zebra Productions has been slow making payments to its bank. Now it is in need of financing. Based on past experience, the interest rate Zebra will pay is the____________.
A) interest rate determined by the SBA.B) finance rate determined by the Department of Commerce.C) prime rate.D) prime rate plus 4 percent.E) prime rate minus 2 percentage points.
Answer:
D) prime rate plus 4 percent
Explanation:
Zebra Productions will now be qualified as a sub-prime customer as it has been slow making payments to its bank. This has made its credit rating and quality lower. The lower credit rated customers are charged sub-prime lending rates which is charging interest rates higher than the prime lending rate ( lower interest rate for good credit rating customers). This is due to the fact that the bank is taking higher risk on the borrower's account and thereby should get higher return for taking higher risk.
Thus, option no. D) prime rate plus 4 percent would be charged to Zebra Productions.
In which stage of the product planning and development process would it be appropriate to give product samples to a panel of potential customers?
A. Idea stage
B. Concept stage
C. Product development stage
D. Commercialization stage
Answer:
c. Product development stage
Explanation:
Product development stage -
In the method of product planning and development , the product development is one of its stage .
Product development stage basically incircles the technical activities of the design and engineering .
In this stage the brand name , packaging and label is deceased , and in this very step the samples are given to certain potential customers .
Hence, from the given information of the question,
The correct option is c. Product development stage .
There are different stages of product planning. The stage of the product planning and development process that would it be appropriate to give product samples to a panel of potential customers is Product development stage.
There are seven known stages of the New Product Development process. They include;
Idea generationIdea screeningConcept development, and testingBuilding a market strategyProduct development Market testingMarket commercializationProduct Planning is simply known as the current process of knowing and articulating market needs that is specific to a product's feature set. It is known to be the basis step taken for decision-making about price, distribution and promotion.
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Allowing firms to estimate rather than physically count inventory at interim (quarterly)periods is an example of a trade-off between___________.
a. verifiability and faithful representation.b. faithful representation and comparability.c. timeliness and verifiability.d. neutrality and consistency.
Answer:
The correct answer is (c)
Explanation:
The inventory management is an important task to avoid shortages against the demand. The physical count of inventory is hard and time taking which is why companies usually estimate the inventory rather than spending time to count it. This is the perfect example of a trade-off between timeliness and verifiability. It is a good trade-off because companies usually know the inventory levels.
Nikola Motors has a quick ratio of 2.00; $38,250 in cash; $21,250 in accounts receivable; some inventory; total current assets of $85,000; and total current liabilities of $29,750. In its most recent annual report, Nikola reported annual sales of $100,000 and a cost of goods sold equal to 65% of annual sales.
How many times is Nikola Motors selling and replacing its inventory?
Answe2.55 times
Explanation:
Current assets represent the resources of short-term nature which a business expects to convert back to cash between a year. They include inventory, receivables.
Inventory turnover is the average number of days it takes a Nikola Motors to sell its its stock and replenish it. This can be determined by either working it out in number of times the stock is sold and replenished or the length of days its takes to do same.
The formula for both are given below:
Inventory turnover( no of times) = Cost of goods sold / average inventory
= x number of times
Inventory days = (Average inventory/ Cost of goods sold) *365 days
= number of days
Note: The inventory figure was not given in the question, but we can work it out;
Current assets= cash + inventory + receivables
85,000 = 38,250 + 21,250 + y Lets "y "demote inventory
y = 85,000 - 38250 - 21, 250
y= 25,500
Also we need to work out cost of sold;
Cost of goods sold = 65% × 100,000
= 65,000
Now we can work out the inventory turnover;
Inventory turnover = 65,000/25,500
= 2.55 times
Nikola Motors is seling and replacing its inventory 2.55 times
The concept required for the question is called 'inventory turnover,' which refers to how many times a company sells and replaces inventory within a specified period. However, without the company's inventory value, the inventory turnover can't be determined accurately.
Explanation:The question you asked involves a concept in business known as
inventory turnover
which indicates how many times a company is selling and replacing its inventory during a specific period.
However, with the information you provided, we cannot find the inventory turnover because we don't have the inventory value. Generally, the inventory turnover ratio is calculated by dividing the Cost of Goods Sold (COGS) by the average inventory during a period. Assuming an inventory value, we could have calculated this ratio.
For instance, if the company had an inventory worth $40,000, its inventory turnover would be (0.65 * $100,000) / $40,000 = 1.625 times. This would indicate that Nikola Motors sells and replaces its inventory approximately 1.625 times annually.
Without knowing the inventory value for Nikola Motors, I am sorry to say that it is impossible to accurately determine the inventory turnover.
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From the following income statement accounts in the popupwindow
a. produce the income statement for the year.
b. produce the operating cash flow for the year.
a. produce the income statement for the year.
Income Statement Accounts for the Year Ending 2014
Account
Balance
Cost of goods sold
$1,419,000
Interest expense
$288,000
Taxes
$318,000
Revenue
$2,984,000
Selling, general, and administrative expenses
$454,000
Depreciation
$258,000
Complete the income statement below. (Round to the nearestdollar.)
Income Statement
Year Ending December 31, 2014
$
$
$
$
EBIT
$
$
Taxable income
$
$
Net income
$
Answer:
Income Statement For the Year Ended 2014 $
Revenue 2,984,000
Cost of Goods Sold (1,419,000)
Gross Profit 1,565,000
Selling, general, and administrative expenses (454,000)
Earnings before Interest and Tax 1,111,000
Interest Expense (288,000)
Profit before Tax 823,000
Tax Expense (318,000)
Profit After Tax 505,000
Operating Cash Flows $
Earnings before Interest and Tax 1,111,000
Depreciation 258,000
Interest Expense (288,000)
Tax Expense (318,000)
Cash Flow from Operating Activities 763,000
Explanation:
Revenue is an income statement item which is reported at the top. Cost of Goods Sold is deducted from revenue to find out Gross Profit. After the Gross Profit is derived then we deduct Selling and Administrative cost. We can now have Earnings before Interest and Tax (EBIT). Interest Expense is deducted from the EBIT. We derived Profit before Tax. After that we deduct Tax Expense and we can have Profit After Tax.
Operating cash flows starts with Earnings before Interest and Tax. We add back Depreciation and deduct interest expense and Tax expense. Cash flow from Operating Activities is derived.
The income statement for the year ending December 31, 2014 shows revenue, costs of goods sold, selling, general, and administrative expenses, depreciation, interest expense, taxes, EBIT, taxable income, and net income.
Explanation:Income Statement for the Year Ending December 31, 2014:
Account
Balance
Revenue
$2,984,000
Cost of goods sold
$1,419,000
Selling, general, and administrative expenses
$454,000
Depreciation
$258,000
Interest expense
$288,000
Taxes
$318,000
EBIT (Earnings Before Interest and Taxes)
$307,000
Taxable income
$307,000
Net income
$189,000
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On January 1, 2020, Scottsdale Company issued its 12% bonds in the face amount of $3,000,000, which mature on January 1, 2030. The bonds were issued for $3,368,665 to yield 10%. Scottsdale uses the effective-interest method of amortizing bond premium. Interest is payable annually on December 31. Interest Expense for 2023 is:
Answer:
It is $329,209.31
Explanation:
Please attached sheet for computation.
It has been said that there is no such thing as a sustainable strategic advantage Do you agree? Why or why not?
Answer:
I do not agree
Explanation:
A reason to not agree would be because of how hard it is to keep a sustainable strategic advantage.Sustainable competitive advantages are required for a company to thrive in todays' global environment. Value investors search for companies that are bargains. In order to avoid purchasing a value trap one of the factors everyone searches for is sustainable competitive advantages.A company that has the ability to increase prices without losing market share is said to have pricing power. Companies that have pricing power are usually taking advantage of high barriers to entry or have earned the dominant position in their market.It takes a large investment in time and money to build a brand. It takes very little to destroy it. A good brand is invaluable because it causes customers to prefer the brand over competitors. Being the market leader and having a great corporate reputation can be part of a powerful brand and a competitive advantage
A Treasury bill has a face value of 100K, 119 days to maturity, and is selling for $90 thousand. What is the effective annual yield on this bill? Enter answer in percents, accurate to two decimal places.
Answer:
Annual Yield = 34.08%
Explanation:
A treasury is a short-term financial instrument issued by a government with a maturity date of 365 days or less. It is issued for a value less than the its face value., therefore it is a discounted instrument.The face value is the amount that the investor will receive at the maturity of the bill.
To calculate the the effective annual yield of a bond; follow the steps below:
Step 1: Calculate the return earned for the investment period. This called the yield for the investment period. Note that the investment may be for less than 365 days depending on the number of days left to maturity when it was purchased.
(Face Value - Price)/Price × 100
= ((100-90)/90)× 100= 11.%
This helps to ascertained the return earned as a percentage of the amount invested.
Step 2: Calculate the annual effective rate. This is required to determine the equivalent return (yield) per annum should the investment be made for one year.
Annualized Yield= (Yield/Time period to maturity) × 365
= (11.11%/119) × 365
= 34.08%
A tax refund anticipation loan is a great way to get your refund money now instead of waiting several weeks for the government to send you your check.
True or False?
Answer:
The statement is: False.
Explanation:
Tax Refund Anticipation Loans (RAL) is a loan given by third-party companies dedicated to file tax returns based on the expected tax refund they can receive. Individuals typically receive their tax return refund within some weeks after filing their tax returns. People with immediate money needs can see this as a solution to that problem but may imply big interest payments afterward.
Martha can produce 90 quilts or 180 batches of chocolate chip cookies in a month. Jane can produce 6 quilts or 18 batches of chocolate chip cookies in a month. Distinguish between comparative advantage and absolute advantage. _______ has an absolute advantage in both goods. A. Martha B. Jane ______ has a comparative advantage in quilts. ______ has a comparative advantage in chocolate chip cookies. A. Jane; Martha B. Martha; Jane C. Jane; Jane D. Martha; Martha
Answer: The correct answers are a) & b). That is MARTHA, MARTHA; JANE.
Explanation: Absolute advantage exists when a party can oroduce a highe quantity of a good or product. This is the situation with Martha in her productions.
Comparative advantage on the other hand is when a party has a lower opportunity cost. This exists in both the production of quilts and chocolate chip cookies.
The correct answer to the given question is:
A. Jane; MarthaAbsolute AdvantageThis refers to the economic situation where a person has the ability to produce goods which are of a higher quantity when compared to another person.
Comparative AdvantageThis refers to the economic situation where one person has a lower opportunity cost which shows that he or she has foregone alternatives in comparison to another.
Therefore, the correct answer is option A
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without increase of spply of the factors of production, how can a. nation achieve economic growth?
Answer:
A) through technological advancement which enables more output with the same quantity of resources
Explanation:
Technological advancement is also called technological progress, it is an improved method of doing old things. It means we can achieve more with little resources, that is, it leads to increase in volume of production without increase in resources. Apart from the direct job creation associated with technological advancement and innovation, it also lead to increase in GDP. Many countries that have achieved significant growth are the ones that have employed the use of technology in production.
Poorer developing countries which often produce and export primary commodities tend to face unfair _____________________ in relationship to rich countries that produce manufactured (capital) goods.
Answer:
Exchange value
Explanation:
Poorer countries are sometimes unfairly treated by the rich countries because the price they offer or the exchange value of primary goods compared to capital goods is usually unfair. The rich countries are capital incentive and they take advantage of it by unfairly treating poorer countries. The exchange value or economic value of primary commodities supplied by poorer countries is usually low and unfair.
On January 1, 2017, Fisher Corporation purchased 40 percent (86,000 shares) of the common stock of Bowden, Inc. for $986,000 in cash and began to use the equity method for the investment. The price paid represented a $66,000 payment in excess of the book value of Fisher's share of Bowden's underlying net assets. Fisher was willing to make this extra payment because of a recently developed patent held by Bowden with a 15-year remaining life. All other assets were considered appropriately valued on Bowden's books.
Bowden declares and pays a $104,000 cash dividend to its stockholders each year on September 15. Bowden reported net income of $396,000 in 2017 and $354,000 in 2018. Each income figure was earned evenly throughout its respective year.
On July 1, 2018, Fisher sold 10 percent (21, 500 shares) of Bowden's outstanding shares for $328,000 in cash. Although it sold this interest, Fisher maintained the ability to significantly influence Bowden's decision-making process.
Prepare the journal entries for Fisher for the years of 2017 and 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)
An entry in your business books called a journal serves as a record of a transaction. A minimum of two journal entries must be made for each transaction in double-entry bookkeeping. The required entries are in Fisher Corporation.
The following are the required Journal entries in the books of Fisher Corporation.
1. To record the purchase of Bowden, Inc. stock:
Debit: Investment in Bowden, Inc. $986,000
Credit: Cash $986,000
2. To record Bowden's dividend declaration and payment:
Debit: Dividend Receivable from Bowden $41,600 ($104,000 × 40%)
Credit: Investment in Bowden, Inc. $41,600
3. To record the sale of 10% of Bowden's shares:
Debit: Cash $66,000
CredInvestment in Bowden, Inc. $48,800
Gain on Sale of Investment $17,200
Therefore, these Journal entry adjusts Fisher's investment in Bowden after the sale of shares.
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The journal entries for Fisher Corporation for the years 2017 and 2018 are provided, including the initial purchase of shares, dividend payments, and the sale of shares.
Explanation:Journal entries for Fisher Corporation for the years 2017 and 2018:
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When products held in inventory are sold:
A.)Cost of Goods Sold is credited.
B.)Work in Process Inventory is credited.
C.)Finished Goods Inventory is credited.
D.)Finished Goods Inventory is debited.
Answer:
C.)Finished Goods Inventory is credited.
Explanation:
The journal entry at the time of product sold which are held in inventory is shown below:
Cost of Goods Sold A/c Dr XXXXX
To Finished goods inventory A/c XXXXX
(Being the product sold is recorded)
For recording this transaction, we debited the cost of goods sold and credited the finished goods inventory account so that the correct posting could be done
Suppose the demand function (D) for golf clubs is: Qequals150minus1.00P, where P is the price paid by consumers in dollars per club and Q is the quantity demanded in thousands. Suppose the supply curve (S) for golf clubs is estimated to be: Qequals1.00P. Calculate the equilibrium price for golf clubs and the equilibrium quantity sold. The equilibrium price is $ nothing per club (Enter your response as an integer.)
Answer:
P = $75 per club
n= 75,000 clubs
Explanation:
The demand and supply functions are:
[tex](D): Q=150-1.00P\\(S): Q=1.00P\\[/tex]
The equilibrium price is the price that yields a quantity demanded equal to the quantity supplied:
[tex]150-1.00P=1.00P\\P=\frac{150}{2}\\P=\$75[/tex]
The number of units sold at that price is:
[tex]n=1,000*(1.00*75)\\n=75,000\ units[/tex]
The equilibrium quantity sold is 75,000 clubs (since the original equation had quantities in thousands).
To find the equilibrium price, we need to set the demand and supply equations equal to each other and solve for P.
Demand: Qd = 150 - 1.00P
Supply: Qs = 1.00P
Equating the two:
150 - 1.00P = 1.00P
Solving for ( P ):
150 = 2.00P
P = 150/2.0
P = 75
So, the equilibrium price for golf clubs is $75 per club.
To find the equilibrium quantity, we can substitute the value of ( P ) into either the demand or supply equation:
Equilibrium Quantity (using the supply equation):
Qs = 1.00 x 75 = 75
The equilibrium quantity sold is 75,000 clubs (since the original equation had quantities in thousands).
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Betty's cat causes Suzy to sneeze. Betty values her cat's companionship at $300 per year. The cost to Suzy of tissues and her allergy medication is $350 per year. Based on the Coase theorem,
(A) Betty should pay Suzzy $350 for tissues and allergy medication.
(B) Suzy should pay Bety $325 to give away her cat.
(C) Betty should pay Suzy $400 so that she may keep her cat.
(D) Suzy should move.
Answer:
(B) Suzy should pay Bety $325 to give away her cat.
Explanation:
Based on the Coase theorem, Suzy should pay Bety $325 to give away her cat.
Marquez purchased some equipment for $58,750 on August 15, 2018.
He decided he did not need the equipment so he sold it on June 13, 2019 for $56,500.
The equipment was subject to depreciation of $6,964 for 2018 and 2019.
What gain or loss will Marquez recognize on the sale of the equipment?
Answer:
$4,714
Explanation:
Given that,
Cost of equipment = $58,750
Equipment was subject to depreciation of $6,964 for 2018 and 2019.
Sale value of equipment = $56,500
Net book value = Cost of equipment - Depreciation
= $58,750 - $6,964
= $51,786
Capital gain = Net book value - Sale value
= $51,786 - $56,500
= $4,714
Therefore, the Marquez recognize a gain of $4,714 on the sale of the equipment.
An energy company is seeking to build a pipeline across multiple Canadian provinces and U.S. states. Though __________________ managers identify the people interested in the company's activities and prioritize them by their impact on and interest in the pipeline project.
Answer:
The correct word for the blank space is: stakeholder mapping.
Explanation:
Stakeholder mapping is the act by which companies look for investors so they can finance their projects. The mapping allows entrepreneurs to verify if their project plan is good enough to attract capital and the process also helps to identify who of those investors are serious in making the plan become a reality.
Affirmative action is both a legal and emotional issue affecting employees and employers. Develop as many arguments as you can both supporting and opposing affirmative action as an employer policy. If you were asked to implement such a program, what steps would you follow
Answer:
Affirmative action is a policy which goes beyond the equal employment opportunity. It is requires organization to comply along with law and correct past discrimination. This is done through the increase in the number of minorities or women in particular position.
Affirmative action is found to be both an emotional and legal issue which affects both employers and employees. The arguments for opposing and supporting the affirmative action as employer policy can be discussed below:
Affirmative action goes beyond for providing equal opportunities to the employees There must be proven records of firms which has federal contracts and who were found guilty of past discrimination Employee protected jobs were not presented in the work culture of these firms found discriminating their employees The goal of the employers to have the balanced workforce internally for the requirement of employer labor market Future of the affirmative action might not be resolved through judicial action but through proper management and policies Differences in the people are ubiquitous in the work environment so different decisions might take place for affirmative action
The steps to be followed for the right affirmative action to take place are as follows:
Issue written equal employment opportunity policy and the affirmative action statement of commitment Publicize the written policy Appointing a responsible officer to direct the program and implement it Survey of female and minority employment by job classification and department Goals and proper time tables for women and minorities improved utilization Program implementation Internal audit and system reporting for evaluation and monitoring of the process Community and in-house program developmentSupporters of affirmative action argue it promotes diversity and combats bias, while critics contend it can lead to tokenism and resentment. Implementing such a program would encompass identifying underrepresented groups in the company, setting diversity goals, and creating plans to meet these objectives.
Explanation:Affirmative action is a contentious policy with both supporters and detractors. Supporters argue that it promotes diversity, redresses past discrimination, ensures equal opportunity, and enriches the work environment. They believe it serves as a necessary counterbalance to existing biases, helping marginalized communities access opportunities often denied due to these biases.
Conversely, critics of affirmative action argue that it amounts to reverse discrimination, undermines meritocracy, and creates resentment among employees. They contend that hiring decisions should be based solely on individuals' qualifications and merits, not on their demographic group. Some believe that it can result in tokenism, where people are hired based on their minority status rather than their skills and qualifications, which can lead to perceptions of incompetence.
If tasked with implementing an affirmative action program, one would first identify underrepresented groups within the organization. Next, organizational objectives and goals related to diversity would be established, followed by the creation of specific plans to reach these objectives. It might involve recruitment attempts focusing on these underrepresented groups, developing diversity training programs, and possible redesigning of workplace policies to eliminate any unintentional biases.
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Hollywood Talent Services is a sole proprietorship operated by Phil Morris. The net income of Hollywood Talent Services is $23,000 for the year. The beginning and ending Morris, Capital account was $33,000 and $50,000, respectively. During the year, there were no new capital contributions. Calculate the amount of the owner's withdrawals for the year. Selected Answer: $6,000 Correct Answer: $6,000
Answer:$6000
Explanation:
Assets = Capital+Liabilities
Capital can be broken into Closing Capital=Opening capital +profits-drawings+additional capital
Mathematically Drawings= Opening capital+Profits+Addittional Capital-Closing Capital
Drawings=$33000+$23000+0(additional capital)-$50000
=$6000
The owner, Phil Morris, made withdrawals of $6,000 over the year. This is calculated by adding the net income to the initial capital balance, and subtracting the ending capital balance.
Explanation:To find the amount of the owner's withdrawals for the year in the provided scenario, we need to know that the capital balance in a sole proprietorship changes with either contributions to or from the owner. We are given that the beginning balance of Phil Morris, Capital was $33,000 and the ending balance was $50,000. Further, the company's net income was $23,000. Since there were no new capital contributions, the increase in the capital account is solely due to the net income.
The initial capital balance plus net income is $33,000 + $23,000 = $56,000. However, the ending balance is $50,000. The difference of $6,000 represents the amount the owner withdrew from the company. Hence, Phil Morris has withdrawn $6,000 over the year.
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Entrepreneurial endeavors consist of new business venturing, innovativeness, self-renewal, and reactiveness. a. True b. False
Answer:
Entrepreneurial endeavors consist of new business venturing, innovativeness, self-renewal, and reactiveness
True
Explanation:
Entrepreneur entails when one is his/her own boss, he or she determines the time, mode of running the business,innovations, capital, creativity, packaging, branding among others.
Information collected from online databases is an example of ________ data. A) observationalB) experimentalC) primaryD) secondaryE) ethnographic
Answer:
The correct answer is letter "D": secondary.
Explanation:
Secondary data is the information gathered by other individuals or organizations and is used as a reference in studies or researches. This type of data is typically easy and cheap to obtain because does not imply establishing a team to collect the information needed and can be found in accessible places such as libraries or even on the internet.
Secondary data is the data that has came from an earlier observation and data is organised. Information collected from online database is an example of secondary data.
Primary Data:
It is the data that is collected from the population or experiment that is not organised.
For example - Height of people in a particular area.
Secondary Data:
It is the data that has came from an earlier observation and data is organised.
For example -Data of Height of people taken from earlier survey.
Therefore, information collected from online database is an example of , secondary data.
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Exercise 1-4 Calculate net income and stockholders equity (LO2) Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. At the end of the current period, the company reports the following amounts: Assets = $38,000; Liabilities = $21,000; Dividends = $1,800; Revenues = $11,600; Expenses = $7,800. Required: 1. Calculate net income. Net income 2. Calculate stockholders' equity at the end of the period. Stockholders' equity
Answer:
(a) $3,800
(b) $17,000
Explanation:
Given that,
Assets = $38,000;
Liabilities = $21,000;
Dividends = $1,800;
Revenues = $11,600;
Expenses = $7,800
Net income:
= Revenue - Expenses
= $11,600 - $7,800
= $3,800
stockholders' equity at the end of the period:
= Assets - Liability
= $38,000 - $21,000
= $17,000
Therefore, the net income is $3,800 and stockholder's equity is $17,000.
On January 1, 2013, JWS Corporation issued $693,000 of 7% bonds, due in 10 years. The bonds were issued for $645,911, and pay interest each July 1 and January 1. JWS uses the effective interest method. Prepare the company's journal entries for
(a) the January 1 issuance,
(b) the July 1 interest payment, and
(c) the December 31 adjusting entry. Assume an effective interest rate of 8%. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Round answers to zero decimal places, e.g. 2,510.)
Answer:
Explanation:
Calculation for A:
Jan 1
Outstanding Balance 645,911
Calculation for B:
July 1
Cash Interest Payment 693,000 *0.07 *6/12 = 24,255
Interest Expense 645,911 *0.08 *6/12 =25,836.44
Discount Amortized =25,836.44 - 24,255=1,581.44
Outstanding Balance 645,911 + 1,581.44 = 647,492.4
Calculation for C:
Dec 31
Cash Interest Payable 24,255
Interest Expense 647,492.44 *0.08 *6/12 = 25,899.696
Discount Amortized 1,644.693
Outstanding Balance 647,499.24 + 1,644.693 = 649137.096
Now, Journal entries:
(a)
Dr Cash 645,911
Dr Discount on Bonds Payable 47,089
Cr Bonds Payable 693,000
(b)
Dr Interest Expense 25,836
Cr Discount on Bonds Payable 1,581
Cr Cash 24,255
(c)
Dr Interest Expense 225,899
Cr Discount on Bonds Payable 1,644
Cr Interest Payable 24,255
Which of the following is a tool used by organizations to measure the benefits of their sustainability efforts? A. Transparency B. Green customer consumption C. Sustainability metrics D. Fair trade E. Locavorism
Answer:
b. Green customer consumption
Explanation:
Jeremy Fenloch borrowed some money from his friend and promised to repay him the amounts of $1,225, $1,350, $1,500, $1,600, and $1,600 over the next five years. If the friend normally discounts investments at 8 percent annually, how much did Jeremy borrow ?
Answer:
Explanation:
PV formula=Payment* PVF at 8%
So,
Year 1: PV=1225; PVF=0.925926; PV = 1225*0.925926=1134.26
Year 2: PV=1350; PVF=0.857339; PV = 1350*0.857339=1157.41
Year 3: PV=1500; PVF=0.793832; PV = 1500*0.857339=1190.75
Year 4: PV=1600; PVF=0.73503; PV = 1600*0.73503=1176.05
Year 5: PV=1600; PVF=0.680583; PV = 1600*0.0.680583=1088.93
If we add everything, it will amount into 5747.40 = amount of borrowing
Final answer:
Jeremy Fenloch borrowed a total of $5,821.76, calculated by finding the present value of each promised repayment over five years discounted at 8% annually.
Explanation:
Jeremy Fenloch borrowed money and promised to repay his friend $1,225, $1,350, $1,500, $1,600, and $1,600 over five years with a discount rate of 8%. To calculate the total amount Jeremy borrowed, we must calculate the present value of each payment he promised to make and then sum them up. The present value (PV) formula is PV = FV / (1 + r)^n, where FV is the future value of the payment, r is the discount rate, and n is the number of years until the payment will be made.
Year 1 payment present value: $1,225 / (1 + 0.08)^1 = $1,134.26Year 2 payment present value: $1,350 / (1 + 0.08)^2 = $1,165.29Year 3 payment present value: $1,500 / (1 + 0.08)^3 = $1,188.30Year 4 payment present value: $1,600 / (1 + 0.08)^4 = $1,211.92Year 5 payment present value: $1,600 / (1 + 0.08)^5 = $1,121.99Adding up these present values gives Jeremy's total borrowed amount: $1,134.26 + $1,165.29 + $1,188.30 + $1,211.92 + $1,121.99 = $5,821.76.