According to Stanovich (2010), many people understand the necessity of operationism when they think about physics or chemistry. They understand that they must have a way of measuring these things but when people think and talk about psychology, they often fail to recognize the needs for operationism. Why is this a problem or challenge for the future generation?
In: Psychology
Access www.ahrq.gov/clinic/prevenix.htm and compile a list of screenings appropriate for both men and women aged 50 and over. Based on Health People 2020 (https://www.healthypeople.gov/2020/topics-objectives/topic/older-adults) choose one screening tool that would assist in addressing Healthy People 2020.
In: Nursing
On January 1, 2020, Blossom Company makes the two following
acquisitions.
| 1. | Purchases land having a fair value of $160,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $251,763. | |
| 2. | Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $270,000 (interest payable annually). |
The company has to pay 12% interest for funds from its
bank.
| (a) | Record the two journal entries that should be recorded by Blossom Company for the two purchases on January 1, 2020. | |
| (b) | Record the interest at the end of the first year on both notes using the effective-interest method. |
A) 1.
| Jan 1 2020 | ACC. | Dr | CR |
2.
| Jan 1 2020 | acc | DR | CR |
B) 1.
| Dec 31 2020 | acc | Dr | Cr |
2.
| Dec 31 2020 | acc | DR | CR |
In: Accounting
The information below was provided by Phil’s Retail at 31 December 2020.
|
Item |
$ |
|
Accounts payable |
45,000 |
|
Accounts receivable |
24,300 |
|
Bank overdraft |
19,000 |
|
Land and buildings |
450,000 |
|
Cost of sales |
92,200 |
|
Interest expense |
9,000 |
|
Ordinary shares |
200,000 |
|
Dividends |
65,000 |
|
Fixtures and fittings |
176,000 |
|
Inventory |
43,000 |
|
Retained earnings (1 January 2020) |
191,000 |
|
Mortgage payable (due in 2035) |
300,000 |
|
Prepaid insurance |
10,000 |
|
Other expenses |
57,500 |
|
Sales revenue |
232,000 |
|
Wages expense |
40,000 |
Required:
(a) Prepare an income statement for Phil’s
Retail for the year ending 31 December 2020.
(b) Prepare a balance sheet for Phil’s Retail as
at 31 December 2020.
(c)Calculate the following ratios for Phil’s
Retail for the year ending 31 December 2020:
(i)Profit margin
(ii) Return on assets
Note: total assets at 31 December 2020 amounted to
$650,000.
In: Accounting
|
|
In: Accounting
During 2020, E Inc. reported $1,100,000 net income. Included in this amount was $120,000 of life insurance proceeds received upon the death of E’s CEO, $90,000 of interest income from investments in municipal bonds and life insurance premiums of $10,000 that E had paid for the policy on its CEO. E uses straight-line depreciation for book purposes and MACRS for tax. For 2020, E’s tax depreciation expense exceeded its financial depreciation expense by $50,000. This difference is expected to reverse in 2021. During 2020, E paid $90,000 estimated taxes and its tax rate for all years is 20%.
INSTRUCTIONS: A. Determine the current and deferred income tax expense that E will report on its 2020 income statement. B. Determine the deferred tax asset / liability that E will report on its 2020 balance sheet. C. Prepare the journal entry to record 2020 tax expense.
In: Accounting
Headland Company reports pretax financial income of $76,500 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $15,700. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $23,400. 3. Fines for pollution appear as an expense of $10,500 on the income statement. Headland’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020.
A)Compute taxable income and income taxes payable for 2020.
B)Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.
c)Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.”
D)Compute the effective income tax rate for 2020
In: Accounting
company accounting question:
Violet Ltd owns all the share capital of Indigo Ltd. The following transactions are independent:
Required
In relation to the above intragroup transactions:
1. Prepare adjusting journal entries for the consolidation worksheet at 30 June 2020.
2. Explain in detail why you made each adjusting journal entry.
In: Accounting
The following data for Hello Company for 2020 is available:
Transactions in Common Shares
Jan. 1, 2020, Beginning number 550,000
Apr. 1, 2020, Purchase of treasury shares (50,000)
July 1, 2020, Stock dividend of 50%
Nov. 1, 2020, Issuance of new shares 250,000
4% Cumulative Convertible Preferred Stock
10,000 shares, par value is $100, convertible into 150,000 shares of
common stock (already adjusted for the stock dividend). $1,000,000
Stock Options
50,000 exercisable at the option price of $10 per share.
Average market price in 2020 was $25.
(market price and option price already adjusted for the stock dividend).
Net Income $2,000,000
Instructions
Calculate the preferred stock dividend.
Calculate the weighted average shares outstanding during the year.
Compute basic earnings per share. (Round to the nearest penny)
Compute diluted earnings per share. (Round to the nearest penny)
In: Accounting
E6-17 (LO 5) Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs.
| Variable Costs per Unit | |
| Direct materials | $7.50 |
| Direct labor | $3.45 |
| Variable manufacturing overhead | $5.80 |
| Variable selling and administrative expenses | $3.90 |
| Fixed Costs per Year | |
| Fixed manufacturing overhead | $225,000 |
| Fixed selling and administrative expenses | $210,100 |
Siren Company sells the fishing lures for $25. During 2020, the company sold 80,000 lures and produced 90,000 lures.
Instructions:
a. Assuming the company uses variable costing, calculate Siren's manufacturing cost per unit for 2020.
b. Prepare a variable costing income statement for 2020.
c. Assuming the company uses absorption costing, calculate Siren's manufacturing cost per unit for 2020.
d. Prepare an absorption costing income statement for 2020.
In: Accounting