The following is a partial trial balance for the Green Star
Corporation as of December 31, 2018:
| Account Title | Debits | Credits |
| Sales revenue | 1,550,000 | |
| Interest revenue | 38,000 | |
| Gain on sale of investments | 58,000 | |
| Cost of goods sold | 770,000 | |
| Selling expenses | 200,000 | |
| General and administrative expenses | 83,000 | |
| Interest expense | 48,000 | |
| Income tax expense | 138,000 | |
110,000 shares of common stock were outstanding throughout
2018.
Required:
1. Prepare a single-step income statement for
2018, including EPS disclosures.
2. Prepare a multiple-step income statement for
2018, including EPS disclosures.
In: Accounting
Cayman Inc. bought 30% of Maya Company on January 1, 2018 for $450,000. The equity method of accounting was used. The book value and fair value of the net assets of Maya on that date were $1,500,000. Maya began supplying inventory to Cayman as follows: Cost to Maya Transfer Price Amount Held by Cayman at Year-End 2018 $ 30,000 $ 45,000 $9,000 2019 $ 48,000 $ 80,000 20,000 Maya reported net income of $100,000 in 2018 and $120,000 in 2019 while paying $40,000 in dividends each year.
What is the balance in Cayman’s Investment in Maya account at December 31, 2018?
In: Accounting
Amazon sells copiers that come with a 2-year warranty contract that requires them to fix any defects during the warranty period. During 2018, Amazon sells 600 copiers for $4,000 each. During 2018, Amazon spent $30,000 servicing these warranties. During 2019, Amazon spent $100,000 servicing these warranties.
a) Record any necessary journal entries related to the sale of the copiers and the warranties for both 2018 and 2019. Amazon estimates that the total cost of the 2-year warranties will be $150,000.
b) How would the liability related to these warranties be presented on the 2018 balance sheet?
In: Accounting
On January 1, 2018, the Marjlee Company began construction of an
office building to be used as its corporate headquarters. The
building was completed early in 2019. Construction expenditures for
2018, which were incurred evenly throughout the year, totaled
$9,900,000. Marjlee had the following debt obligations which were
outstanding during all of 2018:
| Construction loan, 10% | $ | 2,475,000 | |
| Long-term note, 9% | 3,300,000 | ||
| Long-term note, 6% | 6,600,000 | ||
Required:
Calculate the amount of interest capitalized in 2018 for the
building using the specific interest method.
The answer i got was $305,250 (incorrect)
In: Accounting
I have a python dictionary with the following format
Key Type Value
January str ['January 01 2020', 'January 02 2019', 'January 03 2018']
June str ['June 04 2018', 'June 05 2018', 'June 06 2016]
August str ['Augsut 07 2016', 'August 08 2016']
How do return the following conclusion with python code?
January has the most day (1) in 2020
January has the most day (1) in 2019
June has the most days (2) in 2018
August has the most days (2) in 2016
In: Computer Science
| Product |
Quantity 2017 | Price 2017 |
Quanity 2018 |
Price 2018 |
| Meat | 100 | $10 | 120 | $12 |
| Potatoes | 200 | $2 | 180 | $3 |
Assume the base year is given as 2017 and the market basket for the consumer price index has two products–meat and potatoes–with the values in 2017 and 2018 for price and quantity given by the table above. The Consumer Price Index for 2018 equals
2)
If the price index in an certain economy rises in three consecutive years from 100 to 120 to 140, then such an economy is experiencing
|
constant annual inflation |
||
|
disinflation |
||
|
deflation |
||
|
appreciating inflation |
In: Economics
Scorpion Industries had one patent recorded on its books as of January 1, 2018. This patent had a book value of $210,000 and a remaining useful life of 7 years. During 2018, Scorpion brought a patent infringement suit against a competitor. On October 1, 2018, Scorpion received the goods news that its patent was valid and that its competitor could not use the process Scorpion had patented. The company incurred $90,000 to defend this carrying value of the patent. Compute the patent that would be reported on the December 31, 2018, balance sheet, assuming monthly amortization of carrying value of the patents.
In: Accounting
HVAC Corporation with Sub Contractor 1099 MISC non-employee compensation, does the business owner have to verify the Sub Contractor has General Liability Insurance and Worker's Compensation, or can the non-employee be handled some other way?
In: Accounting
1. Explain the management of financial risk faced by
companies!
2. Explain the management of non-financial risk faced by
companies!
3. Provide examples of financial and non-financial risks faced at
your workplace and how does it manage the risks?
In: Finance
Give a case where you have seen a non-profit firm in action. What reason do you think the firm has for being non-profit? Keep your answer grounded in economic principles of profit maximization and Hansemann.
In: Economics