Southern Atlantic Distributors began operations in January 2021 and purchased a delivery truck for $40,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2021, 30% in 2022, and 20% in 2023. Pretax accounting income for 2021 was $200,000, which includes interest revenue of $28,000 from municipal governmental bonds. The enacted tax rate is 25%. Assuming no differences between accounting income and taxable income other than those described above:
Answers
Answer:
1. Dr Income tax expense $43,000
Cr Deferred tax liability $2,500
Cr Income tax payable $40,500
2. $157,000
Explanation:
1. Preparation of the Journal entry to record income taxes in 2021
First step is to record income taxes in 2021
TAX RATE % TAX $ RECORDED AS
Pre-tax accounting income $200,000
Less Permanent difference ($28,000)
Income subject to Taxation
$172,000 ×25% $43,000 Income tax expense
Less Temporary difference
($10,000) ×25% - $2,500 Deferred tax liability
Income taxable in current year
$162,000 ×25% $40,500 Income tax payable
Calculation for Temporary difference
Depreciation in 2021 as per taxation=$40,000×50%
Depreciation in 2021 as per taxation=$20,000
Depreciation as per straight line=$40,000/4
Depreciation as per straight line=$10,000
Using this formula to calculate the Temporary difference
Temporary difference=Depreciation as per straight line-Depreciation in 2021 as per taxation
Let plug in the formula
Temporary difference=$20,000-$10,000
Temporary difference=$10,000
Preparation of Southern Atlantic Distributors JOURNAL ENTRY
Dr Income tax expense $43,000
Cr Deferred tax liability $2,500
Cr Income tax payable $40,500
(Being to record income tax expense)
2. Calculation for Southern Atlantic Distributors Net income
Income before income taxes $200,000
Less Income tax expense
Deferred tax liability ($2,500)
Income tax payable ($40,500)
Net income $157,000
($200,000-$2,500-$40,500)
Therefore 2021 Net income is $157,000
Related Questions
Parth and Brittany have been your best friends since grade school. You have decided to quit your respective jobs and start up a bakery together since you all love cupcakes. Parth insists he wants to start the business as a partnership. Amber says that she wants to start the business as a corporation. You want to weigh in and give your opinion as to the best form of business. 1. What are the options for business form
Answers
Answer: Business as a partnership and business as a corporation
Explanation: they are both types of business or jobs that can be done by anyone. a partnership is when two people help each in one business, but if you are talking about corporation is more people than to friend that want to start a business
PLEASE GIVE ME AN EXPLANATION ON HOW TO DO THIS OR DO IT FOR ME I REALLY NEED THIS SO I CAN PASS
You will assist four of the affected patients or their family members with their concerns regarding the lack of heating, ventilation, and air
conditioning (HVAC) in the maternity ward.
• For each interaction, note the time, describe who is voicing a concern, what the problem is, and the approach you are taking to
assist the customer. Be sure to include in the interaction any source of conflict, and the ultimate resolution.
• You may describe each encounter by writing in a short paragraph format, covering all points of the interaction. Or, you may
describe by using dialogue parts, as you would find in a play.
Answers
Answer:
hii can we be friends
अनुपात के लिए प्रतिशत कैसे प्राप्त करें
अनुपात अक्सर एम: एन या एम / एन के रूप में व्यक्त किए जाते हैं। अनुपात को प्रतिशत के रूप में परिवर्तित करने के लिए, केवल m को n से विभाजित करें और फिर परिणाम को 100 से गुणा करें।
अनुपात को प्रतिशत में बदलने के लिए कदम
रूपांतरण में तीन सरल चरण होते हैं:
चरण 1: पहली संख्या को दूसरी संख्या से विभाजित करें
चरण 2: प्रतिशत में बदलने के लिए 100 से गुणा करें
चरण 3: प्रतिशत प्रतीक जोड़ें (%)
उदाहरण के लिए , यदि अनुपात 12: 4 है, तो इसे प्रपत्र 12/4 में बदल दें, जो एक समीकरण है जिसे हम हल कर सकते हैं। उसके बाद, प्रतिशत प्राप्त करने के लिए परिणाम को 100 से गुणा करें।
12 3 4 = 3 3 × 100 = 300%अनुपात के लिए प्रतिशत को हल करने के लिए समीकरण
What is a class action suit?
OA. When a lawsuit is dismissed by a judge because the court does
not have proper jurisdiction
B. When a lawsuit involves not only one punishment, but an entire list
of consequences
C. When a group of consumers that suffer similar damages bring a
case against a business together
D. When an individual brings a lawsuit against all businesses in an
industry together
it’s c
Answers
A class action suit is a case, brought up by a group of consumers that suffer similar damages, against a business together. Hence, the correct answer will be an option(c).
Consumers, suffering a similar loss caused by a business, come forward and file a lawsuit together against the same business. This type of lawsuit is known as a class action suit. It is also known as Representative action. If the group wins the lawsuit, it will be compensated for the damages caused but if they lose the lawsuit, it will not receive any type of financial compensation.
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what is the change in total profit of cleaning the fifth driveway if the price Mr. Plow can charge is $10 per driveway
Answers
Answer:
Explanation:-1
Bud Corp. had book income (net) of $1,000,000 this year. The corporation's federal income tax expense was $200,000. This year, the corporation purchased and placed in service a depreciable asset. The asset cost $60,000. For book purposes, depreciation this year was $20,000 (already included in the calculation of $1,000,000 book income). For tax purposes, the corporation elected bonus depreciation for the asset. What is the corporation's taxable income for this year?
Answers
Answer:
$960,000
Explanation:
Calculation to determine the corporation's taxable income for this year
Using this formula
Taxable income=Book income+Depreciation Expense-Asset
Let plug in the formula
Taxable income=$1,000,000+$20,000-$60,000
Taxable income=$960,000
Therefore the corporation's taxable income for this year is $960,000
Assume that the following data describes the condition of the banking system
Answers
Answer:
what's the data?,so I can answer the question.
Help help help help help help
Answers
what are books of prime entry?
Answers
Answer:
A book or record in which certain types of transaction are recorded before becoming part of the double-entry book-keeping system.
Race is a factor of
a. demographics
b. communication
c. possible customers
d. competition
Answers
Answer:
Race is a factor of a. demographics
Explanation:
Answer:
Competition
Explanation:
Just like a relay, competing to be the first
You are reading product reviews posted online by consumers. Which external information source are you using?
A. company website
B.industry website
industry website
C. social media
D. print media
E consumer report
Answers
Option (e), Reading customer reviews of products that have been put online. The external information source you're employing is called Consumer Report.
What does it mean when something is a "internal source" or a "external source"?Internal data refers to information regarding the business's activities, maintenance, personnel, and finances. Market information that comes from customers and competitors is external. It comprises data like statistics from surveys, polls, research studies, and customer feedback.
Consumer reviews are what kind of information?Customer review data is the sum of consumer ratings and reviews of products, services, and businesses. Customer feedback data looks at how consumers engage with and use a brand's products and services. what consumers think about a business.
Why are consumer product reviews important?Product reviews help businesses choose which products to stock in addition to helping consumers make informed decisions. According to Invsep, 90% of customers check internet reviews before visiting a business, and 88% of them think that these reviews are just as trustworthy as personal recommendations.
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Products that may damage the environment the use of sweatshops labor and the marketing of hazardous products are examples of
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Products that may damage the environment the use of sweatshops labor and the marketing of hazardous products are examples of unethical business practices. Companies must be aware of the environmental and social implications of their actions in order to act ethically and responsibly.
What do you know about hazardous products?
Hazardous products are items that can cause harm to people, property, or the environment. These products are regulated by the government to ensure safe use. Examples of hazardous products include explosives, flammable liquids, corrosives, and pesticides. To identify hazardous products, look for warning labels, such as “flammable” or “toxic”. It is important to read and follow the directions on the label and store hazardous products safely away from children. Proper disposal of hazardous products is also important to avoid environmental contamination. In some cases, special permits are needed to purchase hazardous products and government agencies must be contacted to safely dispose of them. It is important to follow the regulations set by the government to ensure the safe use and disposal of hazardous products.
Environmentally damaging practices include the production of goods that produce greenhouse gases during their production cycle, the disposal of hazardous waste, and the overuse of natural resources.
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The hua company's radio division currently is purchasing transistors from the xiang co. For p3. 50 each. The total number of transistors needed is 8,000 per month. Hua company's electronics division can produce the transistors for a cost of p4. 00 each. The p4 is made up of p3 in variable costs, and p1 in allocated fixed costs. What should be the range of a possible transfer price? a. No transfer should take place b. P3. 51 to p3. 99 c. P3. 01 to p3. 99 d. P3. 01 to p3. 49.
Answers
If the transfer price is set at P3.50 or higher, the radio division would not have any incentive to buy from the electronics division and would from Xiang Co. at P3.50.if the transfer price set at P4.00 higher
What does "transfer pricing" mean?Transfer pricing is a fiscal and accounting technique that permits pricing exchanges between subsidiaries that share common ownership or control or within businesses. Both domestic and international transactions are subject to the transfer pricing practice.
What is the transfer price formula?Cost of Outlay plus Potential Cost, or Cost of Transfer
Consider a company that manufactures hats, for example. For $2, one hat can be produced. The price of the hat at that section of the market is $5. Hence, selling the cap inside as opposed to outside would result in a $3 loss.
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An associate is upset about not getting a promotion. The associate's manager told the associate it went to a more qualified associate, but did not provide any other information. The associate has asked to talk to you about the situation. Please rate the effectiveness of each response. Ineffective Slightly Moderately Highly
Effective Effective Effective
Meet with the associate and provide feedback on performance areas in need of improvement. Follow-up with the associate's manager and provide coaching on how to handle difficult conversations. Tell the associate to follow-up with Human Resources for performance feedback and resources to help with development. Meet with both the associate and the manager to develop an action plan to address development areas. Tell the manager to keep you updated on the associate's progress.
Tell the associate's manager about the requested meeting. Rather than meet with the associate, tell the manager to follow-up directly with the associate to discuss concerns about not getting the promotion.
Answers
The level or rate of the effectiveness of each response to the given associate is as follows:
- Meet with the associate and provide the feedback on the performance-based areas in need of improvement.
Follow-up with the associate's manager and provide coaching on how to handle strenuous conversations. - Moderate effective.
- Tell the associate to follow-up with the Human Resources for performance feedback and resources to help with the development. - slightly effective.
- Meet with both the associate and the manager to develop an action plan to address the development areas. Tell the manager to keep you updated on/about the associate's progress. - Highly effective.
- Tell the associate's manager about the meeting requested. Rather than that meet with the associate, tell the manager to follow-up directly with the associate to discuss about concerns about not getting the promotion. - Ineffective.
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Scenario
The CEO is interested in learning more about probability and how it works. The CEO is also asking about how probability and analytics can be integrated into the business model. In the process of looking for information on probability, you find that it is important to understand optimization and forecasting and how they can be applied to benefit the business. Do some research and present the results for the CEO.
The following is the necessary information to complete this lab assignment.
Deliverables
Step 2: Probability Research
• Considering the CEO's request, you determine that some research needs to take place.
• Define the following terms for the CEO and locate some chart examples of each type of analysis.
o Probability
o Optimization
o Forecasting
Step 3: Integrating Data Research for Business
• In one to two paragraphs, discuss what role probability and statistics play in business decisions.
• In one to two paragraphs, discuss any ethical considerations when doing probability.
• Summarize by explaining why probability is a good method for the CEO to consider.
Answers
Data integration enables businesses to combine pertinent data from several sources onto a single platform, giving users a real-time perspective of corporate performance. Making decisions that can hasten business progress requires the transformation of data into meaningful information.
The process of merging data from several source systems to produce uniform sets of information for both operational and analytical usage is known as data integration.
The process of merging data from various sources into a single, cohesive perspective is known as data integration. Integration involves procedures like cleansing, ETL mapping, and transformation and starts with the ingestion process.
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your manager ask you to get details on a computer crash
what windows application could you use
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The window you can use is Event Viewer.
Event Viewer is part of Microsoft's home windows NT running device that shall we administrators and users view the occasion logs on a neighborhood or faraway gadget.
Microsoft home windows Server Event Viewer is a monitoring device that suggests a log of events that can be used to troubleshoot troubles on a windows-primarily based system. The event Viewer presentations data about software, security-associated, gadget ,and set up events.
The windows event viewer indicates a log of software and gadget messages, together with mistakes, records messages, and warnings. It's a beneficial device for troubleshooting all forms of special windows problems.
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Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Beginning Balance Ending Balance Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets $ 130,000 $125,000 471,000 484,000 870,000 434,000 250,000 $ 2,562,000 2,634,000 341,000 562,000 877,000 399,000 253,000 Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity $ 383,000 336,000 1,018,000 1,280,000 $ 2,562,000 2,634,000 1,018,000 1,161,000 Joel de Paris, Inc. Income Statement Sales Operating expenses Net operating income Interest and taxes: $ 5,404,000 4,593,400 810,600 Interest expense Tax expense ş 114,000 209,000 323,000 $ 487,600 Net income The company paid dividends of $368,600 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15%
Required:
1. Compute the company's average operating assets for last year
2. Compute the company's margin, turnover, and return on investment (ROl) for last year. (Round "Margin", "Turnover" and "ROI" to 2 decimal places.)
3. What was the company's residual income last year?
Answers
Answer:
1. $1,930,000
2. Margin = 15%
Turnover = $2.8
Return on investment = 42%
3. $521,100
Explanation:
1. The computation of average operating assets for last year is shown below:-
Average operating assets = (Beginning operating assets + Ending operating assets) ÷ 2
= ($2,562,000 - $399,000 - $253,000) + ($2,634,000 - $434,000 - $250,000) ÷ 2
= ($1,910,000 + $1,950,000) ÷ 2
= $3,860,000 ÷ 2
= $1,930,000
2. The computation of company's margin, turnover, and return on investment is shown below:-
Margin = Net operating income ÷ Sales
= $810,600 ÷ $5,404,000
= 15%
Turnover = Sales ÷ Average operating assets
= $5,404,000 ÷ $1,930,000
= $2.8
Return on investment = Margin × Turnover
= 15% × $2.8
= 42%
3. The computation of residual income last year is shown below:-
Residual income last year = Net operating income - Minimum required return
= $810,600 - ($1,930,000 × 15%)
= $810,600 - $289,500
= $521,100
So, we have applied the above formula.
what are excise duties?
Answers
Excise, often known as excise tax or excise duty, is a sort of tax levied on items produced within the country.
Explanation:
Given above clearly..
Answer:
The taxes which are imposed at the time of production of goods are defined as excise taxes. These taxes are not liable to pay at the time of disposing of the goods.
Explanation:
What is meant by excise tax?
An excise duty is a kind of indirect tax obligation levied on the production, disposal, and use of manufactured products. The products can be related to petroleum, liquor, tobacco, and imported items. It is a tax reimbursed to the government by the manufacturer.
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On January 1, 2025, Indigo Company makes the two following acquisitions. 1. Purchases land having a fair market value of $900,000 by issuing a 5-year, zero-interest-bearing promissory in the face amount of $1,262,297. 2. Purchases equipment by issuing a 5%, 9-year promissory note having a maturity value of $350,000 (interest payable annually on January 1). The company has to pay 7% interest for funds from its bank. (a) Record the two journal entries that should be recorded by
Answers
The two journal entries that that should be recorded by Indigo Company for the two purchases on January 1, 2025 is -
No. Date Account Titles and Explanation Debit Credit
(a)1. Jan 1, 2025 Land $900,000
Discount on Notes Payable $362,297
Notes Payable $1,262,297
2. Jan 1,2025 Equipment $304,408
Discount of notes payable $45,592
Notes payable $350,000
What is a journal entry?A journal entry is the act of keeping or making records of any economic or non-economic transaction. An accounting journal, which shows a company's debit and credit balances, records transactions.
The calculation of value of equipment is as follow:-
Present value of $350,000 due in 9 years at 7%
PV = C/(1+i)^n
= $350,000/(1+0.07)^9 = $190,383
And $350,000 ×5% = $17,500
Present value of $17,500 payable annually for 9 years at 7% annually.
PV of Annuity = P[1-(1+r)^-n/r]
= $17,500[ 1-(1+0.07)^-9/0.07]
= $114,025
The journal entry for recording the interest is :-
No. Date Account Titles and Explanation Debit Credit
b. 1. Dec.31,2025 Interest expense(90000*7%) $63,000
Discount on Notes Payable $63,000
2. Dec.31,2025 Interest Expense(304408*7%) $21,308
Discount on notes payable $3,808
Cash ($350,000*5%) $17,500
Therefore, the amount for equipment ( present value of notes) is $304,408 ($190,383 +$114,025), and the discount on notes payable is $45,592.
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Your question is incomplete, but most probably the full question was,
On January 1, 2025, Indigo Company makes the two following acquisitions. 1. Purchases land having a fair market value of $900,000 by issuing a 5-year, zero-interest-bearing promissory in the face amount of $1,262,297. 2. Purchases equipment by issuing a 5%, 9-year promissory note having a maturity value of $350,000 (interest payable annually on January 1). The company has to pay 7% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Indigo Company for the two purchases on January 1, 2025. Record the interest at the end of the first year on both notes using the effective-interest method. (b) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g 58,971. if no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation No. Date Debit Credit a) 1 January 1, 2025 2. January 1,2025December 31 2025 (b) 1. December 31 2025 2.
_____, a key feature of a customer relationship management (CRM) system, has the ability to capture and analyze all customer interactions, generate appropriate responses, and gather data to create and build effective and efficient marketing campaigns.
Answers
Answer:
Contact management
Explanation:
Customer Relationship Management:
This is simply regarded as some known practices, strategies, and technologies used by companies so as to manage, record, and evaluate customer interactions. It is a tool used to increase sales growth by blessings or taking care of relationships within a company's customer base.
Customer life cycle
This simply shows the increasing steps a customer must pass through when considering, purchasing, using, and maintaining loyalty to a product
CRM captures, stores and analyzes customer data in real-time so the organization can improve processes that is of importance to customer satisfaction and thereafter support them. It helps in carrying out business strategy effectively.
By implementing a CRM system in a company successfully, a company can reduce costs and improve customer satisfaction. Focusing on customer's needs can helps with building of brand loyalty and market growth of the business.
Bob went out with his friends to celebrate his birthday. They went to a bar where they drank copious quantities of alcohol. In the morning, Bob had not slept and was still obviously intoxicated. He found his way to a car dealership near his house and entered into a contract to buy a Mercedes Benz SUV for the cost of $140,000.00. The car salesman could smell alcohol on Bob's breath, he noticed his eyes were bloodshot and "glossy" while they were signing the papers relating to the sale, and when Bob left he could see that he was unsteady on his feet. Bob left the dealership and went home and went to bed. He slept for two days. The car salesman from the dealership called Bob 4 days later to tell him that his vehicle was ready for pick up. Bob had no memory of the buying any car.
In these circumstances:
A. the contract is void ab initio because Bob lacked capacity to contract due to his intoxication
B. Bob can avoid or repudiate the contract within a reasonable time after he regains capacity and sobers up
C. Bob cannot avoid the contract because he is responsible for his intoxication and the car salesman had no way of knowing Bob was intoxicated at the time of entering into the contract
Answers
Identify what constitute the combination of traits, which result from the interaction of genes and environment.
O personality
O locus of control
O ethnocentrism
O perception
Answers
Answer:
Personality
Explanation:
the combination of traits, which result from the interaction of your genes and your environment, they constitute your personality.
The personality from the interaction of genes and environment.
What is combination of traits?It could involve anything from managing a team of people to swaying opinions and guiding an organization's development.
Whatever your personal definition of leadership may be, we can all agree on one thing: Great leaders regularly exhibit certain characteristics as opposed to mediocre ones.
Effective leaders play a critical role in ensuring that people are inspired, engaged, and properly prepared to provide their best work at all levels of a business.
Therefore, The personality from the interaction of genes and environment.
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A company borrows $10,000 at a nominal interest rate of 8% per year. How much interest will they owe after the first year?
Answers
Jimmy export copra to Australia for A $5000 when exchange rate IS KI= A$0.50 What is the total revenue earn from the export?
Answers
The total revenue earned from export is 10,000KI.
To calculate the total revenue earned from the export, multiply the amount of copra exported by the exchange rate.
Given:
Amount of copra exported = A$5000
Exchange rate: 1 KI = A$0.50
Total revenue = Amount of copra exported * Exchange rate
Total revenue = A$5000 * KI/A$0.50
Simplifying the expression:
Total revenue = A$5000 / (A$0.50/KI)
To divide by a fraction, we can multiply by its reciprocal:
Total revenue = A$5000 * (KI/A$0.50)
Calculating the product:
Total revenue = 5,000 * 2KI
Total revenue = 10,000KI
Therefore, the total revenue earned from the export of copra to Australia is 10,000KI.
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The complete income acquired from trade is 10,000KI. To work out the absolute income acquired from the product, duplicate how much copra traded by the swapping scale.
Exchange includes the exchange of labor and products starting with one individual or substance then onto the next, frequently in return for cash. Financial experts allude to a framework or organization that permits exchange as a market.
An early type of exchange, trade, saw the immediate trade of labor and products for different merchandise and services,[1] for example exchanging things without the utilization of money.
Current income merchants by and large haggle through a mode of trade, like cash. Subsequently, purchasing can be isolated from selling, or acquiring. The innovation of cash (and letter of credit, paper cash, and non-actual cash) incredibly streamlined and advanced exchange.
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Question 5 Shop A charges $275.00 for an oil change and has a gross oil profit percent of 39.1% for its total oil gross profit 96. Shop B charges $275.00 for an oil change and has a gross oil profit percent of 28.4% for its total oil gross profit . Both shops pay $21.25 per gallon of oil. What is the Profit per Lube for Shop B?
Answers
To calculate the Profit per Lube for Shop B, we need to determine the total profit made from each oil change and then divide it by the amount of oil used.
First, we need to find the total oil gross profit for Shop B. We know that Shop B charges $275.00 for an oil change and has a gross oil profit percent of 28.4%. This means the gross oil profit is calculated as a percentage of the total price.
Gross oil profit for Shop B = 28.4% of $275.00
= (28.4/100) * $275.00
= $78.10
Next, we need to calculate the amount of oil used for each oil change. We are given that both shops pay $21.25 per gallon of oil.
Amount of oil used for each oil change = $275.00 / $21.25 per gallon
= 12.94 gallons (rounded to two decimal places)
Finally, we can calculate the Profit per Lube for Shop B by dividing the total oil gross profit by the amount of oil used.
Profit per Lube for Shop B = Gross oil profit for Shop B / Amount of oil used
= $78.10 / 12.94 gallons
≈ $6.03 per gallon
Therefore, the Profit per Lube for Shop B is approximately $6.03 per gallon.
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what is the explanation of how 3D printing gives SpaceX a competitive advantage
and
Exploration of how AI could be used to enhance SpaceX's 3D printing capabilities
Answers
3D printing offers your organization a genuinely necessary upper hand. It permits you to create models quicker, decreases the expense of creation, requires less info (HR and gear), and diminishes above.
SpaceX involves 3D printing in their designing and assembling processes, including printing parts for rocket motors, spouts, and primary parts for the Bird of Prey 9 and Hawk Weighty rockets and Mythical serpent shuttle.
The improvement of an ML framework that utilizes PC vision to screen the creation cycle and fix material dealing with shortcomings continuously. The fundamental benefits of 3D printing are diminishing expenses, less waste, decreased time, getting an upper hand, lessening mistakes, classification, and creation on request.
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Prior to June 1, Sandler Company had no treasury stock transactions. Then, on June 1, the company paid $5,000 to purchase 100 shares of its common stock on the open market.
Required:
Complete the necessary journal entry.
Answers
Answer: Treasury stock debit 5000
cash credit 5000
Explanation: the amount they paid for treasury stock
According to the Sandler Company, the journal entry of the given data is:
Treasury Stock (Dr.) $ 5,000
Cash (Cr.) $ 5,000.
What do you mean by the Journal Entry?All company transactions are documented in journal entries. Any financial activity that has an effect on the firm is a transaction, in the broadest sense.
They encompass every transaction involving the exchange of money, including interest payments, depreciation, costs, and payroll. They are not just restricted to the purchasing and selling of goods and services.
Budgets and other financial documentation for accounts, departments, and the entire company are created using journal entries.
The capacity of the accounting team to categories transactions into the relevant accounts, as well as to track and properly analyze financial activities for the business, will be impacted by the quality and consistency of journal entries.
Therefore, according to the Sandler Company, the journal entry of the given data is:
Treasury Stock (Dr.) $ 5,000
Cash (Cr.) $ 5,000.
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Fuseina has GH¢40,000.00 to invest. She decided to put part of the money in an account paying 4% interest and the remainder into a stock paying 6%interest. Her financial advisor tells her that the total annual income from these investments should be GH¢2040.00. How much should she invest at each rate?
Answers
Answer:
GH¢18,000 in the account that pays 4%
GH¢22,000 in stock
Explanation:
Let X represents the account that pays a 4% interest rate
Let Y represent the stock that pays a 6% interest rate
Total amount invested=40,000
X+Y=40,000 equation 1
Interest earned on X=X*4%=0.04X
Interest earned on Y=Y*6%=0.06Y
Total interest =2040
0.04X+0.06Y=2040 equation 2
Multiply equation 1 by 0.04
0.04X+0.04Y=(40,000*0.04)
0.04X+0.04Y=1600 equation 3
equation 2- equation 3
0.04X+0.06Y=2040
0.04X+0.04Y=1600
0.02Y=440
Y=440/0.02=22000
substitute 22000 for Y in equation 1
X+22000=40000
X=40000-22000=18000
1. You are an adult employed in your favorite career. You earn
$15.00 per hour. Every hour over 40 per week, you earn
1.5 times your current rate. Based on the schedule listed
below, how much money did you earn last week
Answers
Assuming you worked 50 hours last week, the total amount of money that you earned based on the work rate described above, is $825.
When you work for 40 hours in a week, you are normally paid $15 for each of those hours. This means that out of the 50 hours you worked, the normal salary you made was:
= Number of hours in week x Amount per hour
= 40 x 15
= $600
The total amount of hours you worked over 40 was:
= 50 - 40
= 10 hours
For these 10 hours, you are paid 1.5 your normal rate of $15 per hour which means that you made:
= 10 x 15 x 1.5
= $225
The total you made was therefore:
= Normal salary x Amount earned for working over 40 hours
= 600 + 225
= $825
In conclusion, you earned $825 last week.
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3. Kelly executed a mortgage to Union Bank to secure an initial loan of $25,000. The mortgage contained a clause that provided: "This loan shall be for the purpose of construction of a dwelling house on the above- described property and shall cover and secure additional advances to be made by mortgagee to mortgagors in total amount not to exceed $145,000." Kelly later received other loans from Union totally $145,000. However, before the additional bank advances were made, several contractors furnished Kelly with materials and labor in building his home and complied with the state’s mechanics lien statute even though Kelly had failed to post a proper notice of commencement as required by the statute. Kelly did not pay the contractors and he defaulted on his bank loan. Union Bank foreclosed on its mortgage and argued that its mortgage, recorded before the contractors furnished their materials and labor, gave it priority. The contractors claimed that Union Bank only had a superior lien for $25,000 and that the remainders of its advances were subject to their mechanics’ liens. Who is correct? Why?
Answers
In the scenario provided, the statement that Union Bank can only claim $25,000 and the remainder advances must be paid to the contractors is factually true.
As per the case fought in the court of Lyman Lamb Company vs Union Bank of Benton, the decision was made in the favor of the contractors. It was stated by the court that a valid mortgage may be executed to secure debt which is to be contracted in the future but in doing so, an unequivocal agreement in the instrument itself must be mentioned for the debts incurred in future.
The Union Bank was liable to claim of $25,000 but no such clause/agreement was made that constituted prior or first lien for subsequent advances because was the bank was not in any obligation to do so.
The conclusion made by the court was that the mechanics lien had priority, as they furnished the required materials before Union Bank made the advances.
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