On January 1, 20X8, Ritt Corporation acquired 80 percent of Shaw Corporation's $10 par common stock for $956,000. On this date, the fair value of the noncontrolling interest was $239,000, and the carrying amount of Shaw's net assets was $1,000,000. The fair values of Shaw's identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net) with a remaining life of 20 years, which were $100,000 in excess of the carrying amount. For the year ended December 31, 20X8, Shaw had net income of $190,000 and paid cash dividends totaling $125,000. In the December 31, 20X8, consolidated balance sheet, the amount of noncontrolling interest reported should be

Answers

Answer 1

Answer:

The amount of non-controlling interest reported should be $251,000

Explanation:

Non-controlling interest = $239,000

Net income = $190,000

Cash dividends = $125,000

Amortization of increase in plant = $100,000 ÷ 20 years = $5,000

Value of Shaw's Corporation on January 1, 20X8 = $956,000 + $239,000

= $ 1,195,000

Value of Shaw's Corporation on December 31, 20X8 = Value of Shaw's Corporation on January 1, 20X8 + Net income - Cash dividends - Amortization of increase in plant

= $ 1,195,000 + $190,000 - $125,000 - $5,000

= $1,255,000

Minority interest = 20% × $1,255,000

= $251,000


Related Questions

Checking account 20 points
Directions: while online banking balances your bank account automatically, it is a good practice to learn the old school methods. Fill out the check register below with the information provided. The dates are not in order,so you must rearrange them in according.

Checking account 20 pointsDirections: while online banking balances your bank account automatically,

Answers

The final banking balances of the bank account is $1,541.85

Please refer to the attached tabel for the complete table.

On bank balance, the debit account will represent every cash outflow activity and credit account represent cash inflows.

From the data given, we know that:

Initial balance = $512.11

#579  April 2  Car insurance = $356.77 (Dr)

April 4  Cash withdraw  = $60 (Dr)

April 5  Paycheck direct deposit = $1,344.11 (Cr)

April 6  ATM fee = $1.50 (fee)

April 11 Cash deposit = $700 (Cr)

April 12 ATM fee = $1.00 (fee)

#580  April 12  Gas bill = $44.67 (Dr)

#578  April 13  Electric bill = $56.98 (Dr)

April 19  Auto debit for electric bill = $64.31 (Dr)

April 19  Autor debit for water bill  $28.66 (Dr)

April 22  Service fee = $1.50 (fee)

#577  April 22  Car payment = $184.79 (Dr)

April 22  Pizza shop POS = $23.79 (Dr)

#576  April 25 Made to BMW = $178.99 (Dr)

April 25 Food mart POS = $11.40 (Dr)

Ending balance = $1,541.86

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Checking account 20 pointsDirections: while online banking balances your bank account automatically,

The table below shows the total expenditure on a basket of goods and services; use this information to calculate the index number for the cost of a basket of goods and services in period 2, assuming Period 1 is the base year. (Round to 1 decimal place.)

Answers

Since Period 2 is the base year, so, index number for Period 2 will be 100 for the given information in Expenditure table.

for period 1 ,

Total Expenditure = $3,100

Index Number = 3100/3350×100

                        =92.537

for period 2,

Total Expenditure = $3,350

Index Number = 3350/3350×100

                        = 100

for period 3,

Total Expenditure = $3,400

Index Number = 3400/3350×100

                        = 101.492

for period 4,

Total Expenditure = $3,500

Index Number = 3500/3350×100

                        = 104.47

Index numbers are statistical measures that express changes in the value of a variable or a group of variables over time. They are used to compare the value of a particular variable at different points in time or across different regions or groups. Index numbers are useful in economics and other fields where there is a need to track changes in the value of a variable over time or across different units of observation. Common examples of index numbers include price indices, inflation indices, and stock market indices.

the complete question is:

The table below shows the total expenditure on a basket of goods and services; use this information to calculate the index number for the cost of a basket of goods and services in period 2, assuming Period 1 is the base year. (Round to 1 decimal place.)

                      Total Expenditure        Index Number

Period 1            $3,100

Period 2            $3,350

Period 3            $3,400

Period 4             $3,500

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The difference between a firms current assets and current liabilities is known as the

Answers

Answer:

Working capital

Explanation:

Working capital, also called net working capital, represents the difference between a company's current assets and current liabilities.

The difference between a firm's current assets and current liabilities is known as its "working capital." Working capital is a measure of a company's short-term financial health and represents the funds that are available to finance the day-to-day operations of the business.

Current assets include cash, accounts receivable, inventory, and other assets that are expected to be converted into cash within one year or within the normal operating cycle of the business, whichever is longer. Current liabilities, on the other hand, include accounts payable, short-term loans, and other obligations that are due within one year or within the normal operating cycle of the business. Therefore, working capital is calculated by subtracting current liabilities from current assets: Working Capital = Current Assets - Current Liabilities

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If there was important presentation and a conference you were invited to on the same day, how would you tackle it

Answers

First I would try to schedule one of them a different day, if I can’t do that then I would try to get them at different times. If that’s not possible I would do witch ever one has a chance on making me more successful (hopefully this is what you were looking for, have a good day)

The conference allows authors to meet new people and identify potential future collaborators. The following statement explains the scenario.

What exactly is a conference presentation?

Conference presentations allow authors to meet new people and identify potential future collaborators. • The conference should be considered in terms of both the audience to be addressed and the resources available.

I would first try to schedule one of them on a different day, and if that is not possible, I would try to schedule them at different times. If that is not possible, I will do whatever it takes to make myself more successful.

Therefore, the above statement aptly explains the conference.

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CircuitTown commenced a gift card program in January 2021 and sold $10,000 of gift cards in January, $15,000 in February, and $16,000 in March of 2018 before discontinuing further gift card sales. During 2018, gift card redemptions were $6,000 for the January gift cards sold, $4,500 for the February cards, and $4,000 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale.

Required:
a. How much revenue will CircuitTown recognize with respect to January gift card sales during 2018?
b. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards.
c. How much revenue will CircuitTown recognize with respect to March gift card sales during 2018?
d. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31, 2018?

Answers

Answer and Explanation:

a. The computation of revenue is shown below:-

Revenue = Gift card redemption + Gift card breakage

= $6,000 + $4,000

= $10,000

b. The Journal entry is shown below:-

Cash Dr, $10,000  

        To Unearned Gift Card Revenue $10,000

(Being sale of the gift card is recorded)  

2 Unearned Gift Card revenue Dr, $6,000  

        To Revenue - Gift Cards $6,000

(Being gift card redemption is recorded)  

3. Unearned Gift Card revenue Dr, $4,000  

        To Revenue - Gift Cards $4,000

(Being gift card breakage is recorded)  

c. The revenue is shown below:-

Only $4,000 will be recognized as revenue as it is the gift card redemption.

d. The computation of liability for deferred revenue is shown below:-

Liability for deferred revenue = $16,000 - $4,000

= $12,000

If the wage of the fifth worker is $20 and his or her value of the marginal product of labor is $25, the firm a. benefits by stopping at this level of labor. b. is likely to fire the fifth worker. c. asks this fifth worker to work overtime. d. is likely to benefit by hiring more workers. e. is likely to lose profit by hiring more workers.

Answers

A. benefits by stopping at this level of labor. Option A is correct.

What are the benefits of division of labor?

The specialisation of duties and responsibilities within a production process is known as the division of labour. It has many advantages, including improved productivity and efficiency. Workers can become more skilled and proficient in their particular role by breaking down a complex task into smaller, more focused tasks, which leads to higher-quality output and quicker production times. Because mass production can reduce costs per unit, the division of labour also makes it easier to achieve economies of scale. Additionally, it enables more latitude in task distribution and workload modification. As workers concentrate on gaining expertise in their area of specialisation, it can also result in more innovation and specialisation. In general, the division of labour has led to significant advancements in modern industrial production.

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The Information available for XYZ Inc. for the year ending March 31, 20XX is as follows:
Cash in hand = $2,000
Cash at bank = $5,000
Equity capital = $ 100,000
Machinery = $15,000
Land and buildings = $50,000
Creditors = $ 20,000
Debtors = $ 48,000
Prepare a balance sheet for XYZ Inc. with the help of the above given data.

Answers

If the Information available for XYZ Inc. The balance sheet for XYZ Inc is Assets $120,000, Liabilities and equity $120,000.

How to prepare the balance sheet?

XYZ Inc. Balance Sheet as of March 31, 20XX

Assets:

Cash in hand = $2,000

Cash at bank = $5,000

Machinery = $15,000

Land and buildings = $50,000

Debtors = $48,000

Total Assets = $120,000

Liabilities and Equity:

Creditors = $20,000

Equity capital = $100,000

Total Liabilities and Equity = $120,000

Therefore the balance sheet for XYZ Inc is Assets $120,000, Liabilities and equity $120,000.

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you are planning to open a sandwich shop. you begin to think about the four functions of business—production, marketing, management, and finance. describe how each function will apply to your business. explain how the functions will work together to ensure you run a successful sandwich shop.

Answers

Answer:

Explanation:

In order to run a successful business each of these functions need to be present and functioning efficiently since each one depends on the other in order for the entire business to succeed. Production makes sure that the business has products to sell. Marketing makes sure that potential customers are aware of the products that the business sells. Finance makes sure that the pricing for those products, costs, and expenses (marketing) all lead to profitability when calculated. And finally, Management makes sure that all of these functions interact efficiently and are poised for success.

The functions will work together to ensure you run a successful sandwich shop:

Production guarantees that the company has the products for sale. Marketing ensures that potential customers know what products the company is selling. Treasury guarantees that calculating the pricing, costs, and costs (marketing) of these products will all lead to profitability. And finally, management ensures that all  these features interact efficiently and are on the path to success.

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GUYS PLS PLS HELPPPPPPPPPP Hi guys can you pls help me with this Application Exercise in Principles of Marketing? I am really confused. It’s attached below! And due tmrw! This is what my instructor said. “There are two questions with four parts each in the Application Exercise”. Pls pls helppp! Brainliest for best answer! PLSSSSSSSSSS HELPPPPPPPPPP

GUYS PLS PLS HELPPPPPPPPPP Hi guys can you pls help me with this Application Exercise in Principles of

Answers

An application exercise in the principles of marketing could involve creating a marketing plan for a hypothetical product or service.

What is a marketing plan?

A marketing plan is a comprehensive document that outlines an organization's overall marketing strategy and goals. It is a roadmap that helps businesses to identify their target audience, understand their competition, and determine the most effective way to promote their products or services. A well-developed marketing plan typically includes a market analysis, SWOT analysis, positioning statement, marketing mix (product, price, place, promotion), and a timeline for implementation. The plan should also include metrics for measuring success and adjustments to the strategy based on performance. Ultimately, a marketing plan is crucial for businesses to effectively communicate their message, attract customers, and achieve their sales goals.

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O
A. Both have interest rates higher than fixed rate.
B. Both have variable rates.
C. Both have fixed initial rate and payment amount.
O
D. The both automatically adjust after the initial period.

Answers

What is the question? Lol

The balloon mortgage and ARM have in common is Both have fixed initial rates and payment amounts. Thus the correct option is C.

What is a balloon mortgage?

With a balloon mortgage, scheduled payments are made for a certain amount of time until a last, one-time, substantial payment must be made. Here, the final payment is at minimum twice as large as the mortgage's typical monthly payment.

In adjustable-rate mortgages (ARMs), the interest rate is subject to regular modifications based on changes in the relevant financial index connected to the loan and works accordingly.

Including an initial rate period that is equal to the inflated term, a balloon mortgage is comparable to an adjustable-rate mortgage (ARM) in other aspects.

Therefore, option C is appropriate.

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The complete question is probably

What do balloon mortgage and ARM have in common?

OA. Both have variable rates.

B. The both automatically adjust after the initial period.

C. Both have fixed initial rate and payment amount.

D. Both have interest rates higher than fixed rate.

38. A log book used to record information about visitors who call in an organization is called A. Complimentary card B. Telephone directory C. Telephone pad D. Visitor's register E. Visitor's request form​

Answers

A logbook used to record information about visitors who call in an organization is called an Option D. Visitor's Register.

A visitor's register is an essential tool for maintaining security and professionalism in a workplace. It helps in keeping track of the people entering and leaving the premises, which aids in monitoring the flow of visitors and ensuring their proper identification.

A visitor's register typically includes columns for the visitor's name, contact details, purpose of visit, time in, time out, and the name of the person they are meeting. This information is valuable in case any follow-up is required or for emergency situations where it's crucial to know who is on the premises.

In contrast, a complimentary card (A) is a business card exchanged during formal introductions. A telephone directory (B) is a listing of telephone numbers organized by name or business. A telephone pad (C) is a notepad used for taking messages or notes during phone calls, and a visitor's request form (E) may be a document required to be filled out by visitors for specific purposes or access.

In summary, a visitor's register (D) is the correct term for a log book used to record information about visitors who call an organization. It helps maintain security, monitor visitor flow, and ensure proper identification of guests. Therefore, the correct option is D.

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how will you react to the following destroying or removing information that could hurt your company if it fell into the wrong hands.

Answers

I will say it is crucial to prioritize ethical behavior and transparency. Instead of destroying or removing information, we should focus on implementing robust security measures to safeguard sensitive data.

How can we protect sensitive information from unauthorized access?

Protecting sensitive information from unauthorized access is essential for companies to maintain trust with their stakeholders. Instead of resorting to destroying or removing information, it is more beneficial to invest in robust security measures.

By implementing strong encryption, access controls, and regular security audits, we will significantly reduce the risk of sensitive data falling into the wrong hands. Also, fostering a culture of responsible data handling and training employees on best security practices can further enhance the overall protection of company information.

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A Real estate broker has a fiduciary responsibility to her client and her responsibilities include financial references, orders and examine reports, and must follow ADA title lll. This broker is most likely working for the client as:

Answers

Answer:owowo

Explanation:

Isidore

Explain five planning steps that are required to have a good business communication. Take any of the business as example and implement those five planning steps on it, as answer​

Answers

The correct answer to this open question is the following.

Although you did not include any specific context or references, we can say the following.

The five planning steps that are required to have good business communication are the following.

1.- Establish attainable and specific goals. You can use the SMART formula.

2.- Identify who ypur audience is and where they are so you can be effective in sending your messages.

3.- Prepare the right strategy to implement your program. Have your communication department on the same page.

4.- Prepare the proper budget so you can run your program.

5.- Perform your program, monitor it, and evaluate your results.

For instance, Walmart is a corporation that makes communication a priority and invests time and money to run communications programs so every employee in the corporation is on the same page and can perform their jobs effectively, eliminate rumors, and be productive.

1.Why is knowledge of consumer behavior important to the marketer?

Answers

The knowledge of consumer behavior is extremely important to the marketer in order to provide the customers with best possible products and earning profit for himself sideways.

CONSUMER BEHAVIOR is the study of consumers and the processes they use to select the product. It particularly deals with the psychological of the customer i.e., What the think? What they want? What are the trends they are interested in? At what price do they feel comfortable? And so on.

When the marketer understands the mental state of the consumer then he/she becomes fit to earn and compete with his fellow marketers. This enables him to provide the customers with the products of their choice at reasonable prices. This is how he sustains in market and earns profit.

Example: a marketer understands that customers are attracted by discounts. So he would increase the actual cost of product and increase the discount price. The selling price is not changed but since the customer thinks he is getting more discount, he is attracted.

Consumer Behavior is of great significance to marketers because it helps them to survive in the industry. It helps them to analyze business trends and helps to keep up with their competitors. It also helps to retain their customers.

Consumer buying behavior refers to the analysis of consumers' actions when selecting whether to get a good that meets their needs. it's an investigation into how customers behave and what motivates them to purchase and use particular goods.

The study of consumer purchasing behavior is crucial for marketers because it helps them comprehend what customers anticipate from them. Understanding what prompts a consumer to get a product is useful.

The importance of consumer behavior to marketers is discussed below:

Consumer diversification: It's a technique used in marketing to set one consumer apart from a group of related consumers. This aids in creating a target market of consumers who exhibit the same or comparable behavior.Customer Retention: Consumer behavior is incredibly crucial for both attracting new consumers and keeping hold of current ones. A satisfied customer is more likely to form the same purchase in the future. Therefore, it's important to sell the product in a way that encourages repeat purchases from customers.Forecasting Demand Patterns: By doing a consumer behavior analysis, a business can avoid spending plenty of money and energy on creating a product that won't be popular with customers.Competitiveness: Understanding and handling the competition are made easier by studying consumer behavior. Your brand may have a competitive edge supported consumer expectations.Develop Unique New Technologies: Businesses continually exerting to increase the likelihood that their novel ideas or new products will succeed. Amongst the foremost crucial methods is to carry out a thorough and careful study of consumer behavior.

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Emily Casper earns a weekly salary of $785. How much will she make after four weeks?

Answers

Answer:

$3140

Explanation:

It is given that,

Weekly salary of Emily Casper is $785. We need to find her earning after 4 weeks. It is a type of question based on the unitary method.

1 week = $785

4 week = 4 × $785

= $3140

Hence, her salary after 4 weeks is $3140.

Hannah Spiritway works for a cable TV company in a large city. She handles telephone calls from customers who are having problems with their cable service. Hannah is a(n):_____.a. a sales promotion specialist.
b. a customer service rep.
c. an order taker.
d. an order getter.

Answers

b. a customer service rep.

Which statement is true regarding monopolistic competition?

Answers

Answer:

AR>MR

--------------------------------------

WHERE ARE THE OPTIONS.

What should you include on an income statement?

Select all correct answers.


1. income
2. expenses
3. net profit
4. all assets

Answers

All of the factors that have to be included in the income statement are:

1. income2. expenses3. net profit

What is meant by the income statement?

This is the term that is used to refer to the financial statement that would be made to show the revenue, the expenses and the profits that are made by a given company over a period of time. This is also called the earnings statement. It shows the revenue that is made from business.

Hence we can say that All of the factors that have to be included in the income statement are:

1. income2. expenses3. net profit

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Entrepreneurial orientation is the tendency of an organization to engage in activities designed to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services. Are there selected organizations that seem to be more adept at recruiting and retaining these types of employees? Could you provide an example or two of these types of organizations?

Answers

Yes, there are organizations that are generally more adept at recruiting and retaining employees with a strong entrepreneurial orientation.

Examples of such organzations are salesforce and 3M

These organizations often foster a culture and environment that encourages innovation, risk-taking, and entrepreneurial behavior. They provide opportunities for employees to explore new ideas, take ownership of projects, and pursue entrepreneurial initiatives within the company.

Here are a few examples of organizations known for their ability to recruit and retain employees with an entrepreneurial orientation:

Salesforce: Salesforce is a customer relationship management (CRM) software company that has created a culture of innovation and entrepreneurship.

The company values and encourages entrepreneurial thinking among its employees, supporting initiatives such as the "Innovation Hour" where employees can dedicate time to work on their own entrepreneurial projects. Salesforce also has a strong focus on employee development and provides resources and support for employees to grow their skills and pursue new opportunities.

3M: 3M is a multinational conglomerate known for its innovative products across various industries. The company has a long history of fostering an entrepreneurial culture, allowing employees to spend up to 15% of their time on personal innovation projects.

This has resulted in the development of iconic products like Post-it Notes and Scotch Tape. 3M encourages risk-taking, idea-sharing, and collaboration, providing a supportive environment for employees to pursue entrepreneurial endeavors.

These organizations are just a few examples of companies that have successfully created an environment that attracts and retains employees with an entrepreneurial orientation.

By fostering a culture of innovation, providing resources for exploration, and supporting employees' entrepreneurial initiatives, these companies have been able to harness the entrepreneurial talent within their workforce and drive ongoing success and growth.

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The Edward James Toy Company uses a Kanban system to make plastic wheels that are a component of several toys. The waiting time for a container of the wheels during production is 0.25 day; average processing time is 0.15 day per container. Each container holds 200 wheels. The company uses 2,000 wheels a day in the production of its products. Use the information in Case 6.1. How many Kanban containers would be required if a 10% policy variable is used

Answers

Answer:

5 containers

Explanation:

As we know that:

N = D*T*(1 + X) / C

Here

N is number of kanban containers required

D is the planned usage rate of employee work which is 2000 wheels a day

T is the summation of lead time and average production time (Days)

which means

T = Waiting time + Average Production Time = 0.25 + 0.15 = 0.4 days per container

X is the policy variable which is 10% here

C is capacity of container which is 200 wheels

By putting the above values, we have:

N = 2000 *0.4 *(1 + 10%) / 200

= 4.4 containers are required which means 5 containers because rounding down will result in loss of contribution hence we must round upward.

Bummerland finds itself in a recession caused, as assumed in class, a sticky nominal (money) wage (W) which is too high to clear the labor market.
Bummerland has a Treasury and a "Federal Reserve" (called the Bummerb¬ank). At a meeting of officials of both agen¬cies, various antirecess¬ionary policies are considered. The economic staffs of both agencies are seriously split on issues such as how interest sensitive investment is and how interest sensitive the demand for money is. However, they are in agreement that the marginal propensity to consume (b) is .75 and the marginal propensity to hold cash (k) is .2. Bummerland has banks, but the reserve requirement is 100%, so they don't create money.
Debate has narrowed to four prospective policies. Your as¬signment is: (1) illustrate these policies using IS,LM diagrams; (2) compare as completely as possible ( if you can't, you must explain what additional information would be required ) the effects of these policies on Y*, r, I*, the real wage, and unemployment. Class format is strongly encour¬aged.
Here are the four policies: (1) a $50 billion increase in the money supply by means of open market opera¬tions; (2) a $50 billion increase in the money supply to be introduced by reducing tax collections; (3) a $50 billion increase in the money supply to be introduced through government spending; (4) a $50 billion increase in unemployment benefits paid for with a tax increase.

Answers

Answer:

is this a book if so send me a link

Explanation:

what is local business

Answers

Answer:

Any company that provides goods or services to a local population

I hope this helps and answers your question ^^

what is the real name of rocky

Answers

Robert "Rocky" Balboa

The Ruritanian Ministry of Health has discovered that widgets, a biological cousin to widgets, have important positive side effects. To ensure that all Ruritanian citizens can afford to buy widgets, they have set a ceiling price of 2 kroner per wodget. Not surprisingly, since the equilibrium price is 4 kroner, a black market has developed for wodgets.

Required:
a. What is the quantity demanded of wodgets at 2 kroner?
b. What is the excess supply at a price of 2 kroner?

Answers

Answer:

a. 80 widgets

b. -55 widgets

Explanation:

a. At the price ceiling of 2 kroner per widget, suppliers on the graph are only willing to supply 25 widgets yet the demand at that point is 80 widgets.

b. An excess of supply would imply that Suppliers are supplying more than people are demanding. At a price of 2 Kroner, that is not the case. There is a shortage instead.

Supply excess = Quantity supplied - Quantity demanded

= 25 - 80

= -55 widgets

The Ruritanian Ministry of Health has discovered that widgets, a biological cousin to widgets, have important

a. The quantity demanded of widgets at 2 kroner 80 widgets

b.   The excess supply at a price of 2 kroner is -55 widgets

The calculation is as follows:

a. Since the price ceiling of 2 kroner per widget, suppliers on the graph are only willing to supply 25 widgets so the demand at that point is 80 widgets.

b.

Now

Supply excess = Quantity supplied - Quantity demanded

= 25 - 80

= -55 widgets

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Get in the habit of using the term "we" rather than "I" when
referencing ideas/research throughout the presentation and the Q/A. True or false ?

Answers

The answer is true. Through a presentation, a speaker imparts knowledge to an audience. The typical goals of a presentation are to inform, persuade, inspire, motivate, foster goodwill, or propose a novel concept or service.

Speeches, introductions, lectures, and demonstrations are all examples of presentations. Divide your audience into these three categories to better focus your message: You must include an introduction, a body, and a conclusion in audience presentation. An intriguing start. Explain why your audience will find what you're about to talk about in your introduction valuable or important while providing a brief summary of it. Give the supporting information in a body.

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The following information pertains to Cullumber Company. 1 Cash balance per books, August 31, $7,374. 2. Cash balance per bank, August 31, $7,338. 3. Outstanding checks, August 31, $690. 4. August bank service charge not recorded by the depositor $42. 5. Deposits in transit, August 31, $2,810. In addition, $2,126 collected for Cullumber Company in August by the bank through electronic funds transfer. The accounts receivable collection has not been recorded Cullumber Company Prepare a bank reconciliation at August 31, 2022. (List items that increase balance as per bank & books first.) CULLUMBER COMPANY Bank Reconciliation Journalize the adjusting entries at August 31 on the books of Cullumber Company

Answers

The bank reconciliation for the given company is given as follows:

Balance per books: $7,374

Add: Electronic funds transfer: $2,126

Less: Bank service charge: $42

Adjusted balance per books: $9,458

The Bank Reconcilation

CULLUMBER COMPANY

Bank Reconciliation

August 31, 2022

Balance per books: $7,374

Add: Electronic funds transfer: $2,126

Less: Bank service charge: $42

Adjusted balance per books: $9,458

Balance per bank: $7,338

Add: Deposits in transit: $2,810

Less: Outstanding checks: $690

Adjusted balance per bank: $9,458

JOURNAL ENTRIES:

Debit: Bank Charges Expense $42

Credit: Cash $42

Debit: Cash $2,126

Credit: Accounts Receivable $2,126

The entries recognize the bank service charge expense and receipt of electronic funds transfer, respectively. After these adjustments, the reconciled book and bank balances agree at $9,458.

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Lisa, a supervisor at a manufacturing facility, suspects that one of her subordinates may be under the influence of drugs or alcohol. Which one of the following, if true, would lead Lisa to this conclusion?

Answers

If Lisa suspects that one of her subordinates is under the influence of drugs or alcohol, she should approach the situation with sensitivity and professionalism.

If Lisa suspects that one of her subordinates may be under the influence of drugs or alcohol, there could be several signs or symptoms that may lead her to this conclusion. One possible indicator is a change in behavior or attitude. For example, if the subordinate has become increasingly moody, agitated, or withdrawn, this could be a sign that they are struggling with substance abuse. Another possible sign could be a decline in job performance, such as missing deadlines, making mistakes, or being frequently absent from work. The subordinate may also exhibit physical symptoms, such as bloodshot eyes, slurred speech, or unsteadiness on their feet. Furthermore, Lisa may observe that the subordinate is experiencing financial problems, as drug and alcohol addiction can be costly and may lead individuals to miss work or spend their money on substances rather than other necessities. Lisa may also notice that the subordinate has become more secretive or defensive, particularly when questioned about their behavior or whereabouts. It is important to gather as much information as possible before making any accusations or taking any disciplinary action. She may also consider seeking guidance from the company's human resources department or employee assistance program to ensure that the subordinate receives the help they need to overcome their addiction.

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On January 1, 2024, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year.

Assuming the market interest rate on the issue date is 9%, the bonds will issue at $293,938.

2. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024.

(Interest Expense does not equal 12800)

Answers

To record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024, we need to consider the issuance of the bonds and the accrual of interest expense.

1. Bond Issue on January 1, 2024:

  Date         Account                Debit        Credit

  --------------------------------------------------------

  January 1, 2024   Cash                     $293,938

                                     Bonds Payable                $320,000

  To record the issuance of $320,000 face value bonds at a discounted price of $293,938.

2. Semiannual Interest Payment on June 30, 2024:

  Date         Account                Debit        Credit

  --------------------------------------------------------

  June 30, 2024      Interest Expense    $14,400

                                  Cash                       $14,400

  To record the semiannual interest payment ($320,000 * 8% / 2 = $12,800) for the period from January 1, 2024, to June 30, 2024.

3. Semiannual Interest Payment on December 31, 2024:

  Date         Account                Debit        Credit

  --------------------------------------------------------

  December 31, 2024   Interest Expense    $14,400

                                      Cash                       $14,400

  To record the semiannual interest payment ($320,000 * 8% / 2 = $12,800) for the period from July 1, 2024, to December 31, 2024.

Please note that the interest expense amount mentioned in the question might be incorrect. Based on the information provided, the interest expense should be $12,800 for each semiannual interest payment, resulting in a total of $25,600 for the year 2024.

State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries. also, indicate its normal balance.

Typical Entrees Normal Balance

1. Accounts Payable -
2. Cash -
3. Dividends -
4. Miscellaneous
5. Insurance Expense
6. Fees earned

Answers

Answer:

Explanation:?

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