on-a-roll, inc. amortizes its patent of $20,000 over 20 years. the adjusting entry to record amortization results in a(n) . (check all that apply.) multiple select question. increase to assets on the balance sheet increase to liabilities on the balance sheet decrease to assets on the balance sheet decrease to net income on the income statement increase to net income on the income statement decrease to assets on the balance sheet increase to assets on the balance sheet
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On-a-roll, inc. amortizes its patent of $20,000 over 20 years, adjusting entry to record amortization results in decrease in net income on income statement decreased to assets on balance sheet.
What is an income statement?An income statement, often known as a profit and loss account, is one of a company's financial accounts that shows the revenues and expenses of the business for a given time frame. The income statement can be used by managers and investors to ascertain if a company made a profit (profit) or a loss (loss) during the reporting period. An income statement serves as a representation of a time period. Contrarily, the balance sheet only shows one point in time. As an alternative, they develop a comparable statement that contrasts program expenditures, administrative costs, and other operating commitments with financing sources. This declaration is frequently referred to as a "statement of actions." Revenues and expenses are further broken down into categories in the summary of operations in accordance with donor constraints on monies collected and spent.
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Related Questions
suon
Select the best answer for the question
7. The company's goal is to earn $5 profit for every sale that's made in its stores. Which key performance indicator can be used to measure the results of this goal?
OA. Number of sales per employee
OB. Profit made per sale
OC. Overall company growth
OD. Number of sales per day
Answers
You would see the profits by sale and try to increase it to $5 therefore option B is correct.
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Which of the following are some of the key elements of the shape phase of joint operations? (Select all that apply)
1. Organizing and training
2. Conduct of Rehearsals
3. Stability operations
Answers
All of the above options apply as key elements of the shape phase of joint operations.
Various missions, tasks, and actions are used to shape operations that advance and defend U.S. national interests. Joint operations are defined as military "actions, operations, and organizations in which components of two or more Military Departments engage," according to Joint Publication 1-0, Doctrine for the Armed Forces of the United States.
They frequently concentrate on comprehending and shaping people's perspectives. Army forces can isolate enemies and stop actions that are detrimental to U.S. interests by influencing regional views and enhancing partner countries' capacity to protect themselves through unilateral security partnerships and regional alliances.
These missions also guarantee regional stability, prevent crises from happening, and prevent the necessity for a use of force escalation. By offering security cooperation capabilities within a domain of responsibility, army forces develop relationships and partner capabilities.
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Most of the assets were bought a long
time ago and would worth much more
than the books show today.
What is the accounting principle?
Answers
Answer:
Historical cost principle
Explanation:
Assets must be recorded at cost value, not market value. When you record an asset, you cannot change its value every period, you have to keep using the historical value. This is why we use a separate account to record accumulated depreciation of assets, so that the purchase cost is always constant, but the net carrying value will vary depending on depreciation expense.
Market value changes and can be very volatile. Imagine a house, whose initial value was $300,000, then it increased to $500,000 but the market went down and its value was $350,000. It would be a mess to change the value and pay capital gains taxes, or then report a loss.
Please i need an answer
Answers
Answer:I need points
Explanation: by 7-4p 4
How can mobile connectivity accelerate decision making and problem solving in an organization?
Answers
Answer: By giving information to the right user, exactly when it is needed
Explanation:
Surrey Store gets its products directly from the manufacturer and sells them to consumers. In this case, the manufacturer is a
Answers
Answer:
Wholesaler
Explanation:
A Wholesaler supplies Retailers (Surrey Store) with merchandise. Retailers sell this Merchandise to the final customer in retail shops.
One characteristics of the Wholesaler is that it offers trade or bulky discount to Retailers for purchasing in huge quantities.
employees benfit and service
Answers
Explanation:
Medicare and social security contributions. ...
Worker's compensation insurance. ...
Minimum wage and overtime pay. ...
Health insurance. ...
Medical and family leave. ...
Disability insurance. ...
Wellness programs. ...
Commuter benefits.
Causwell Company began 2021 with 13,000 units of inventory on hand. The cost of each unit was $6.00. During 2021 an additional 30,000 units were purchased at a single unit cost, and 23,000 units remained on hand at the end of 2021 (20,000 units therefore were sold during 2021). Causwell uses a periodic inventory system. Cost of goods sold for 2021, applying the average cost method, is $150,000. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.
1. Determine the cost of goods sold for 2021 using the FIFO method. [Hint: Determine the cost per unit of 2021 purchases.] (Do not round intermediate calculations.)
Answers
The cost of Goods Sold - FIFO is 120000 and the cost of Goods Sold - LIFO is 120000.
How is the cost of goods sold for 2021 using the FIFO method calculated?Per Unit Average Cost:
= Cost of Goods Sold with Average Cost ÷ Total Units Sold
= 150,000 ÷ 20,000
=7.5
Cost of Goods Available for Sales:
= (Total of Inventory + Purchased Units) × Per Unit Average Cost
= 43,000 × 6.00
= 258000
Cost of Units Purchased in 2021:
= Cost of Goods Available for Sale - Opening Inventory × Unit Cost
=258000 - 13,000 ×6
=180000
Per Units Cost of Units Purchased in 2021:
= Cost of Units Purchased in 2021 ÷ Total Units Purchased
= 180000 ÷ 30,000
= 6
Part 1:
Cost of Goods Sold - FIFO
Cost of Goods Sold:
= (Opening Inventory × Unit Cost) + (30,000 - 23,000) × Per Units Cost of Units Purchased in 2021
= 13,000 × 6 + 7,000 × 6
= 120000
Part 2:
Cost of Goods Sold - LIFO
Cost of Goods Sold:
= units sold in 2021 × Per Units Cost of Units Purchased in 2021
= 20,000 × 6.00
= 120000
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This chapter is all about trade--imports and exports and the balance of payments.
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What is a gearing ratio?
Answers
Answer:
Gearing ratios are financial ratios that compare some form of owner's equity (or capital) to debt, or funds borrowed by the company. Gearing is a measurement of the entity's financial leverage, which demonstrates the degree to which a firm's activities are funded by shareholders' funds versus creditors' funds.
Explanation:
In our newly networked world, reading is:
A. the taking in of words.
B. a comment
c. a conversation,
D. only about producing words.
Answers
Answer:c
Explanation:
Amika has a high-paying job that she loves. She works so much that she has little time for anything else, and she doesn’t have much family that she stays in contact with. In addition, Amika works with most of her friends, so she doesn’t really mind the long hours. She rarely takes her vacation days, though she loves to travel and works it into her lifestyle whenever she can. In what way does Amika’s job support and conflict with her lifestyle?
She can work with her friends, which supports her social life, but she has long hours, which does not allow for family time.
The job is high paying, which can support her love of nice things, but she has long hours, which does not allow for family time.
The job is high paying, which can support her love of travel, but she has long hours, which does not allow for vacations.
She can work with her friends, which supports her family life, but she has long hours, which does not allow for vacations.
Answers
Answer:
A
Explanation:
Just did it on edg
12. Paid Office Station Co. for part of the debt incurred on April 5, $1,200. 12. Provided services on account, $4,200.
Answers
1. Paid Office Station Co. for part of the debt incurred on April 5, $1,200.
Debit: Accounts Payable - Office Station Co.$1,200
Credit: Cash $1,200
2. Provided services on account, $4,200.
Debit: Accounts Receivable $4,200
Credit: Service Revenue $4,200
To pay off the remaining balance owing to Office Station Co., a debit is sent to the accounts payable account. To account for the cash outflow, the Cash account is credited. This journal entry records the settlement of a portion of the debt incurred on April 5 with Office Station Co.
The acknowledgment of revenue for services rendered to a client on the account is represented by this journal entry. To reflect the increase in the amount due by the client, the Accounts Receivable account is debited.
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The complete question is probably
Write journal entries
12. Paid Office Station Co. for part of the debt incurred on April 5, $1,200. 12. Provided services on account, $4,200.
True or False: The price consumers pay will be higher if the tax were imposed on producers. True False If the demand for gasoline were less elastic, this tax would be effective in reducing the quantity of gasoline consumed. True or False: Consumers of gasoline are hurt by this tax. True False Workers in the oil industry are by this tax.
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The importance of formal planning in organizations has grown dramatically. Companies have found that they can achieve competitive advantage through the formal six-step strategic planning process. Answer questions about how Ron Shaich and Panera Bread use this strategic process. Planning is not an informal or haphazard response to a crisis; it is a purposeful effort that is directed and controlled by managers and often draws on the knowledge and experience of employees throughout the organization. Because planning is an important management function, managers at all three levels use it. To be fully effective, the organization's strategic, tactical, and operational goals and plans must be aligned. The strategic management process has six major components, beginning with the establishment of the mission, vision, and goals of the company and ending with strategic control.
The narrator describes how someone creates the mission while someone else identifies the steps that make the mission happen. The steps are known as what?
a. Top of Form
b. strategic vision
c. strategy stepping
d. strategic mapping
e. strategic controls
f. strategy implementation
Answers
Explanation:
Strategic planning is important to an organization because it provides a sense of direction and outlines measurable goals. Strategic planning is a tool that is useful for guiding day-to-day decisions and also for evaluating progress and changing approaches when moving forward.
in the short run, which of the following firms should attempt to produce where average costs are at a minimum in order to maximize profits or minimize losses?
a. perfectly competitive firm
b. a monopolistically competitive firm
c. an oligopoly
d. a monopoly
e. none of the above
Answers
Answer: A perfectly competitive firm
Explanation:
Lean Accounting
The annual budgeted conversion costs for a lean cell are $186,930 for 3,100 production hours. Each unit produced by the cell requires 20 minutes of cell process time. During the month, 970 units are manufactured in the cell. The estimated materials costs are $39 per unit.
(Round the per unit cost to the nearest cent and use in subsequent computations. If required, round your answers to the nearest dollar.)
Journalize the following entries for the month:
a. Materials are purchased to produce 1,020 units.
b. Conversion costs are applied to 970 units of production.
c. The cell completes 920 units, which are placed into finished goods.
If an amount box does not require an entry, leave it blank.
Answers
Answer:
Material are purchased to produce 1,020 units
The operating budget provides a roadmap for financial plans for a short-term, future period. What is a typical “future period” for an operating budget?
Answers
An operating budget is a financial statement that outlines the organization's expenditures and revenues for a specific period.
The operating budget is typically for a fiscal year, which is usually twelve months. The future period for an operating budget is usually a fiscal year or less than a year. The operating budget is critical because it establishes guidelines for financial activities and operations in an organization. It provides a roadmap for financial plans for a short-term, future period, which typically begins on January 1st and ends on December 31st.
An organization creates an operating budget to aid in the allocation of resources and expenditures to achieve its objectives for a given period. A typical operating budget is for a fiscal year. A fiscal year is the period when an organization prepares its financial statements. It is usually 12 months, but it may be shorter or longer depending on the organization. An operating budget typically covers one fiscal year; however, it may be longer or shorter based on the organization's preferences.
The future period for an operating budget is frequently updated to reflect the company's current situation and financial standing. It takes into account the actual results of the previous period and the estimated expenditures and revenues for the upcoming year to develop the operating budget for a future period.
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Assume that the adult population of the United States is 191.6 million, total employment is 117.6 million, and 9.4 million are unemployed. Then the unemployment rate, as normally computed, is approximately ______ percent.
a. 7.9
b. 7.4
c. 9.4
d. 4.9
Answers
Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 24,086 $ 24,500 Accounts payable $ 23,584 $ 27,500 Accounts receivable 12,848 15,600 Notes payable 15,000 11,200 Inventory 26,042 27,500 Other 11,971 18,300 Total $ 62,976 $ 67,600 Total $ 50,555 $ 57,000 Long-term debt $ 60,000 $ 61,565 Owners’ equity Common stock and paid-in surplus $ 44,000 $ 44,000 Accumulated retained earnings 237,116 267,435 Fixed assets Net plant and equipment $ 328,695 $ 362,400 Total $ 281,116 $ 311,435 Total assets $ 391,671 $ 430,000 Total liabilities and owners’ equity $ 391,671 $ 430,000 SMOLIRA GOLF CORP. 2018 Income Statement Sales $ 373,473 Cost of goods sold 254,500 Depreciation 32,800 Earnings before interest and taxes $ 86,173 Interest paid 14,700 Taxable income $ 71,473 Taxes (24%) 17,154 Net income $ 54,319 Dividends $ 24,000 Retained earnings 30,319 Find the following financial ratios for Smolira Golf Corp. (use year-end figures rather than average values where appropriate): (Enter your profitability ratio answers as a percent rounded to 2 decimal places, e.g., 32.16. Round the remaining answers to 2 decimal places, e.g., 32.16.)
Answers
Answer:
the requirements are missing, so I looked for a similar question:
a. Current ratio = current assets / current liabilities
2017 = $62,976 / $50,555 = 1.25
2018 = $67,600 / $57,000 = 1.19
b. Quick ratio = (current assets - inventory) / current liabilities
2017 = ($62,976 - $26,042) / $50,555 = 0.73
2018 = ($67,600 - $27,500) / $57,000 = 0.70
c. Cash ratio = cash / current liabilities
2017 = $24,086 / $50,555 = 0.48
2018 = $24,500 / $57,000 = 0.43
d. Total asset turnover = sales / average total assets
2018 = $373,473 / [($391,671 + $430,000) / 2] = 0.91
e. Inventory turnover = cost of goods sold / average inventory
2018 = $254,500 / [($26,042 + $27,500) / 2] = 9.51
f. Receivables turnover = sales / average accounts receivable
2018 = $373,473 / [($12,848 + $15,600) / 2] = 26.26
g. Profit margin = net profit / total sales
2018 = $54,319 / $373,473 = 14.54%
h. Return on assets = net income / average total assets
2018 = $54,319 / [($391,671 + $430,000) / 2] = 13.22%
i. Return on equity = net income / average equity
2018 = $54,319 / [($281,116+ $311,435) / 2] = 18.33%
We can see here that a. Current ratio = current assets / current liabilities
2017 = $62,976 / $50,555 = 1.25
2018 = $67,600 / $57,000 = 1.19
What is balance sheet?A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It presents a summary of the company's assets, liabilities, and shareholders' equity.
b. Quick ratio = (current assets - inventory) / current liabilities
2017 = ($62,976 - $26,042) / $50,555 = 0.73
2018 = ($67,600 - $27,500) / $57,000 = 0.70
c. Cash ratio = cash / current liabilities
2017 = $24,086 / $50,555 = 0.48
2018 = $24,500 / $57,000 = 0.43
d. Total asset turnover = sales / average total assets
2018 = $373,473 / [($391,671 + $430,000) / 2] = 0.91
e. Inventory turnover = cost of goods sold / average inventory
2018 = $254,500 / [($26,042 + $27,500) / 2] = 9.51
f. Receivables turnover = sales / average accounts receivable
2018 = $373,473 / [($12,848 + $15,600) / 2] = 26.26
g. Profit margin = net profit / total sales
2018 = $54,319 / $373,473 = 14.54%
h. Return on assets = net income / average total assets
2018 = $54,319 / [($391,671 + $430,000) / 2] = 13.22%
i. Return on equity = net income / average equity
2018 = $54,319 / [($281,116+ $311,435) / 2] = 18.33%
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adopt the position of either a railroad magnate or a native american representative. if you are the railroad magnate, explain why laying track through native american territory in the american west is a good idea. if you are the native american representative, explain why railroad construction should not go through native american territory in the american west. remember, your focus here is on indian removal and westward expansion after the civil war, not prior (i.e., not the trail of tears or the cotton plantation economy).
Answers
The Cherokee, Choctaw, Muscogee (Creek), Chickasaw, and Seminole tribes were driven from their ancestral lands by the Trail of Tears, which prevented white Americans from expanding westward.
What caused the Trail of Tears and the Indian Removal Act?
The Five Civilized Tribes in the Southeast were specifically targeted by the Indian Removal Act of 1830, which was the impetus for the Trail of Tears. The Federal Government negotiated treaties to free up Indian-occupied land for white settlers, as mandated by the Indian Removal Act.
Was part of the westward expansion the Indian Removal Act?
Westward Expansion In the 1810s, a significant movement toward the west coast of North America began. Economic promise, federally issued Indian removal acts, and the belief in manifest destiny all contributed to its intensification. Utilizing a system of westbound trails, pioneers made their way to Oregon and California.
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defining the problem gathering information evaluating information selecting the best option taking action Part A You are trying to decide what you want to major in during your college years. How should you go about making this decision?
Answers
When trying to decide the major you want in your college years, you should go about the decision by selecting the best option.
Deciding your college major?To decide your college major, you need to apply the steps in the Decision - making process which are:
defining the problem gathering information evaluating information selecting the best option taking actionThe first step would be to define the problem which is that you need to pick a college major that fit into your plans for life and that you would actually be interested in.
Then, you need to gather information of the various majors available. This is an exhausting step because you'll have to talk to your family and friends, attend college preparation fairs, talk to your guidance counselor, do research online etc.
Once you find out different majors, you then need to evaluate the information that you have to see how they fit into your plans. From this evaluation, you then select the best major for you or at least have a shortlist of 3 courses. Then take action by applying to colleges with these majors in mind.
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How do strong information literacy skills impact academic or professional career
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Rovinsky Corporation, a company that produces and sells a single product, has provided its contribution format income statement for November. Sales (6,900 units) $400,200 Variable expenses 262,200 Contribution margin 138,000 Fixed expenses 103,500 Net operating income $34,500 If the company sells 6,800 units, its net operating income should be closest to: (Do not round intermediate calculations.)
Answers
If Rovinsky Company sells 6,800 units, its net operating income should be closest to $32,500.
What is a contribution-format income statement?A contribution format income statement is an income statement that deducts the variable costs from the sales revenue to arrive at the contribution margin.
From the contribution margin, the fixed costs are deducted to arrive at the net operating income or loss.
Data and Calculations:Rovinsky Corporation
Contribution-format Income StatementFor November 30, 2020
Sales (6,900 units) $400,200 $58
Variable expenses 262,200 38
Contribution margin 138,000 $20
Fixed expenses 103,500
Net operating income $34,500
Thus, if Rovinsky Company sells 6,800 units, its net operating income should be closest to $32,500 ($20 x 6,800 - $103,500).
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Who will be the first Trillonare in this world ?
Answers
The person who is expected to become the first Trillionaire is Jeff Bezos, founder, and CEO of Amazon.
According to a study conducted by Comparison, Jeff Bezos could become the world’s first Trillionaire by the year 2026. This prediction was made on the basis of the average percentage of growth of Bezos’ net worth over the last five years. The study also highlighted that Bezos’ wealth has grown by an average of 34% over the last five years. At this rate of growth, his net worth could reach $1 trillion by the year 2026.
However, the current COVID-19 pandemic has had a negative impact on the economy, and Bezos’ net worth has already decreased by over $20 billion since the start of the pandemic. Despite this, it is still possible that Bezos may become the world’s first Trillionaire in the future, but there are also other contenders who could reach this milestone, such as Elon Musk, CEO of Tesla and SpaceX. However, as of now, there is no confirmed Trillionaire in the world.
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What is Ezy MultiStores?
Answers
Answer:
This is a cloud based platform that allows you to create profit generating "Authority E commerce Affiliate stores"by letting you add products from major E commerce networks without any other approval hassles
in the cash book, every cash receipt is______ and every cash payment is_______
Answers
25 points and brianly
Which sentence demonstrates the use of secondary market research technique?
Answers
Answer:
Sentence 3
Explanation:
Answer:sentence three
Explanation:
a house was valued at 329,000 over several years the value decreased by 8% giving the house a new value fill in the blank to write the new value in terms of the old value right your answer is a decimal
Answers
A house was valued at 329,000 over several years the value decreased by 8% giving the house a new value fill in the blank to write the new value in terms of the old value right your answer is a decimal 326368
What is value?
The term value refers to the particular amount was the situated on the terms. The value was the direct of the numerical equation to the used. The value was to put on the equation and the finding the solutions. The value are the used on the directly proportional.
According to the given,
valued at 329,000 over several years
value decreased by 8%
X = 329,000 - (329,000 × 0.08)
X = 326368
As a result, the significance of the value are the aforementioned.
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Your question is incomplete, but most probably the full question was.
A house was valued at $329,000. Over several years, the value decreased by 8%, giving the house a new value.
(a) Fill in the blank to write the new value in terms of the old value.
Write your answer as a decimal.
New value = 1 x Old value
(1) Use your answer in part (a) to determine the new value.
New value: 0
We are evaluating a project that costs $786,000, has an eight-year life, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Sales are projected at 65,000 units per year. Price per unit is $48, variable cost per unit is $25, and fixed costs are $725,000 per year. The tax rate is 22 percent, and we require a return of 10 percent on this project. Suppose the projections given for price, quantity, variable costs, and fixed costs are all accurate to within ±10 percent.
Answers
Answer:
base scenario:
initial outlay = $786,000
depreciation expense per year = $786,000 / 8 = $98,250
contribution margin per unit = $48 - $25 = $23
total units sold per year = 65,000
fixed costs per year = $725,000
tax rate = 22%
NCF year 0 = -$786,000
NCF year 1-8 = {[($23 x 65,000) - $98,250 - $725,000] x 0.78} + $98,250 = $622,215
NPV = $2,533,471.10
IRR = 78%
best case scenario:
initial outlay = $786,000
depreciation expense per year = $786,000 / 8 = $98,250
contribution margin per unit = ($48 x 110%) - ($25 x 90%) = $30.30
total units sold per year = 65,000 x 110% = 71,500
fixed costs per year = $725,000 x 90% = $625,500
tax rate = 22%
NCF year 0 = -$786,000
NCF year 1-8 = {[($30.30 x 71,500) - $98,250 - $625,500] x 0.78} + $98,250 = $1,223,556
NPV = $5,741,580.96
IRR = 156%
worst case scenario:
initial outlay = $786,000
depreciation expense per year = $786,000 / 8 = $98,250
contribution margin per unit = ($48 x 90%) - ($25 x 110%) = $15.70
total units sold per year = 65,000 x 90% = 58,500
fixed costs per year = $725,000 x 110% = $797,500
tax rate = 22%
NCF year 0 = -$786,000
NCF year 1-8 = {[($15.70 x 58,500) - $98,250 - $797,500] x 0.78} + $98,250 = $172,116
NPV = $132,226.16
IRR = 14%
The Initial evaluating cost is $786000 and the
Depreciation expense per year will be = $786,000 / 8 = $98,250.
and the contribution margin per unit = $48 - $25 = $23
total units sold Projected per year = 65,000
fixed costs will be per year = $725,000
At Present the tax rate = 22%
Net cost fixed per year = -$786,000
Net Cost Fixed year 1-8 = {[($23 x 65,000) - $98,250 - $725,000] x 0.78} + $98,250 = $622,215
Net Per Variable = $2,533,471.10
IRR = 78%
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