On 1 March 2020, goods valuing $1000 were bought from Mr. D.
On 15 March 2020, goods, valued at $200, returned to Mr. D .
On 1 May 2020, goods for $2000 were sold to Mr. E.
On 15 May 2020, Mr. E returned goods, valued at $500, to the business.
On 1 June 2020, goods, valued at $600, were bought from Mr. Z on credit.
On 15 June 2020, the due amount of $800 was paid to Mr. D through cheque.
On 15 July 2020, the due amount of $1500 was received from Mr. E through cheque.
Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Return outwards, Mr. Z and Bank.
In: Accounting
Prepare and record a 8-10 minute Kaltura presentation with a Power Point that summarizes your reflection on the learning experience within the MBA degree program. This is not reflection of this course, but rather an reflection of the comprehensive MBA program and your assessment of your achievement.
It should reflect your candid assessment of the level of achievement of degree’s overall Learning Outcomes listed below:
In: Operations Management
Exercise 23-15
Presented below are data taken from the records of Oriole Company.
|
December 31, |
December 31, |
|||
| Cash |
$15,100 |
$8,000 |
||
| Current assets other than cash |
85,100 |
59,700 |
||
| Long-term investments |
10,100 |
53,600 |
||
| Plant assets |
331,900 |
216,400 |
||
|
$442,200 |
$337,700 |
|||
| Accumulated depreciation |
$20,100 |
$40,200 |
||
| Current liabilities |
40,200 |
21,800 |
||
| Bonds payable |
74,800 |
–0– |
||
| Common stock |
252,200 |
252,200 |
||
| Retained earnings |
54,900 |
23,500 |
||
|
$442,200 |
$337,700 |
Additional information:
| 1. | Held-to-maturity debt securities carried at a cost of $43,500 on December 31, 2019, were sold in 2020 for $34,200. The loss (not unusual) was incorrectly charged directly to Retained Earnings. | |
| 2. | Plant assets that cost $50,100 and were 80% depreciated were sold during 2020 for $8,100. The loss was incorrectly charged directly to Retained Earnings. | |
| 3. | Net income as reported on the income statement for the year was $56,600. | |
| 4. | Dividends paid amounted to $13,980. | |
| 5. | Depreciation charged for the year was $19,980. |
Prepare a statement of cash flows for the year 2020 using the
indirect method. (Show amounts that decrease cash flow
with either a - sign e.g. -15,000 or in parenthesis e.g.
(15,000).)
In: Accounting
|
|
In: Accounting
The demand curve for T-shirts in the US is given by Q = 100 – 2*P. Suppose that there are no T-shirts produced in the US, but they can be imported either from Mexico or from the rest of the world. The price of T-shirts in Mexico is $20, and the price from the lowest-cost supplier in the rest of the world is $15. The US charges a tariff of $10 per unit imported.
a) Consider the case where there is no PTA, so that every country must pay the same tariff. Compute the US consumer surplus in this case.
b) Now, suppose that the US and Mexico sign a PTA that eliminates the tariff on T-shirts from Mexico, but leaves the tariff on T-shirts from the rest of the world unchanged. Compute the US consumer surplus in this case.
c) Compute trade creation and trade diversion due to the PTA.
In: Economics
Use the following information to answer question 1) A-F. Assume today is 12/27/2016. An assistant portfolio manager reviewed the prospectus of a General Electric Corporate (US) bond that will be issued on January 15 of 2017. The Offering Price is 104.50. The call schedule for this $200 million, 5.75% coupon 20-year issue specifies the following:
The Bonds will be redeemable at the option of the Company at any time in whole or in part, upon not fewer than 30 nor more than 60 days’ notice, at the following redemption prices (which are expressed in percentages of principal amount) in each case together with accrued interest to the date fixed for redemption:
If redeemed January 15,
|
2020 through 2026 |
102.50% |
|
2027 through 2030 |
102.00% |
|
2031 through 2032 |
101.50% |
|
From 2033 on |
100.00% |
Sinking Fund: The prospectus further specifies that:
The Company will provide for the retirement by redemption of $40 million of the principal amount of the Bonds each January 15th of the years 2032 to and including 2036 at the principal amount thereof (100%), together with accrued interest to the date of redemption.
Your comment on this statement:
Answer the following as of issue date: 1/15/2017.
In: Accounting
On January 1, 2014, Stark Company purchased equipment for a total cost of $155,000. The equipment had an estimated useful life of 7 years and an estimated residual value of $43,000. Straight-line depreciation was used. On September 1, 2020, Stark Company disposes of the equipment. Required: Prepare the journal entry to record the disposition on September 1, 2020 assuming the equipment was sold for $39,000 cash. Prepare the journal entry to record the disposition on September 1, 2020 assuming the equipment was exchanged for $30,000 cash and a machine valued at $30,000
In: Accounting
1. On 5 September 2018, Norris Corporation purchased a computer equipment for $100,000, paid $20,000 cash and signed a 6% two-year notes payable for the remaining balance. The equipment was expected to be used for 4 years with a residual value of $10,000. Straight-line depreciation method is used. Depreciation for fractional years is recorded to the nearest full month. The financial year-end date is 31 December.
On 25 February 2020, the company spent $25,000 to completely overhaul the equipment. The management believes the estimated useful life of the equipment will be extended for 3 years more with residual value of $6,000, with effect on 25 February 2020.
Required:
Calculate the depreciation expense of the computer equipment for the year of 2020. Show your workings. (Round ALL answers to 2 decimal places.)
2. Marvel Company purchased motor vehicle costing $1,200,000 on 15 September 2017. The motor vehicle has an estimated useful life of 5 years and residual value of $200,000. Straight-line depreciation method is used. Half-year convention is adopted. On 5 March 2020, the company sold the motor vehicle for $400,000 cash. The company adjusts its accounts annually with the year-end at 31 December.
Required:
(a) Prepare the journal entries to update the depreciation before disposal in 2020;
(b) Prepare the journal entries on 5 March 2020 regarding to the disposal.
In: Accounting
Appropriate Transfer Prices: Opportunity Costs Plains Peanut Butter Company recently acquired a peanut-processing company that has a normal annual capacity of 4,000,000 pounds and that sold 2,900,000 pounds last year at a price of $2.00 per pound. The purpose of the acquisition is to furnish peanuts for the peanut butter plant, which needs 1,500,000 pounds of peanuts per year. It has been purchasing peanuts from suppliers at the market price. Production costs per pound of the peanut-processing company are as follows:
Direct materials $0.50
Direct labor 0.25
Variable overhead 0.11
Fixed overhead at normal capacity 0.18
Total $1.04
Management is trying to decide what transfer price to use for sales from the newly acquired Peanut Division to the Peanut Butter Division. The manager of the Peanut Division argues that $2.00, the market price, is appropriate. The manager of the Peanut Butter Division argues that the cost price of $1.04 (or perhaps even less) should be used since fixed overhead costs should be recomputed. Any output of the Peanut Division up to 2,900,000 pounds that is not sold to the Peanut Butter Division could be sold to regular customers at $2.00 per pound.
(a) Compute the annual gross profit for the Peanut Division using a transfer price of $2.00. $Answer 0
(b) Compute the annual gross profit for the Peanut Division using a transfer price of $1.04. $Answer 0
In: Accounting
If a US listed company announces a big issuance of new common stock, will the demand curve be downward-sloping? Will the demand curve shift down? Explain in details. Hint: Does a typical US company use a general cash offer or a rights offering to issue new shares? (This question carries 12%)
In: Economics