Questions
1 2 3 4 5 6 All Acme Company Balance Sheet As of January 5, 2020...

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Acme Company
Balance Sheet
As of January 5, 2020
(amounts in thousands)
Cash 9,100 Accounts Payable 1,900
Accounts Receivable 4,400 Debt 2,400
Inventory 4,800 Other Liabilities 600
Property Plant & Equipment 15,600 Total Liabilities 4,900
Other Assets 2,600 Paid-In Capital 6,900
Retained Earnings 24,700
Total Equity 31,600
Total Assets 36,500 Total Liabilities & Equity 36,500

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020

1. Sell product for $25,000 with historical cost of $20,000

What is the final amount in Retained Earnings?

Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars.

Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet)

In: Accounting

1. On March 31, 2020, if the balance in Bonds Payable is $3,000,000 and the balance...

1. On March 31, 2020, if the balance in Bonds Payable is $3,000,000 and the balance in Unamortized Premium on Bonds Payable (Premium on Bonds Payable) is $100,000, what is the amount for the carrying value of the bonds at March 31, 2020?

A. 3,100,000

B. 3,000,000

C. 2,900,000

D. 100,000

E. None of the above

2. STATEMENT OF CASH FLOW: Company A has a net income of 1,000,000, depreciation of 500,000, a decrease in accounts receivable of 300,000, and an increase in accounts payable of 100,000. Using the indirect method, what is the amount for net cash flow from operating activities?

A. 1,900,000

B. 1,700,000

C. 1,500,000

D. 1,100,000

E. None of the above

3. In which comparison between the market rate and the stated rate are the bonds issued at a discount?

A. Market rate 10% Stated rate 10%

B. Market rate 2% Stated rate 10%

C. Market rate 8% Stated rate 2%

D. None of the above

In: Accounting

Given the following account information for Leong Corporation, prepare a balance sheet in report form for...

Given the following account information for Leong Corporation, prepare a balance sheet in report form for the company as of December 31, 2020 and answer the question below and other questions from the same balance sheet. All accounts have normal balances. Equipment 80,000 Interest Expense 5,000 Interest Payable 1,200 Retained Earnings 12/31/2020 259,180 Dividends 60,800 Land 142,150 Accounts Receivable 88,000 Bonds Payable 100,000 Notes Payable (due in 6 months) 30,000 Common Stock 50,000 Accumulated Depreciation - Equip. 20,000 Prepaid Advertising 6,000 Service Revenue 350,900 Buildings 90,600 Supplies 2,100 Income Taxes Payable 4,000 Utilities Expense 7,500 Advertising Expense 3,560 Salaries and Wages Expense 58,210 Salaries and Wages Payable 2,470 Accumulated Depr. - Bld. 12,000 Cash 70,000 Depreciation Expense 14,000 In the company’s balance sheet, how much were total liabilities?

In: Accounting

Intermediate Accounting II United Health Group leased a life support machine on January 1, 2018, for...

Intermediate Accounting II

  1. United Health Group leased a life support machine on January 1, 2018, for a three-year period ending December 31, 2020. The lease agreement specified annual payments of $144,000 beginning with the first payment at the beginning of the lease, and each December 31 through 2019. The company had the option to purchase the machine on December 30, 2020, for $180,000 when its fair value was expected to be $240,000, a sufficient difference that exercise seems reasonably certain. The machine's estimated useful life was six years with no salvage value. United Health was aware that the lessor's implicit rate of return was 12%.

Required:

Round your answers to the nearest whole dollar amounts.

  1.          Calculate the amount United Health should record as a right-of-use asset and lease liability for this finance lease.
  2.          Prepare the appropriate journal entries for United Health from the beginning of the lease through the second payment (12/31/18).

In: Accounting

You are a database designer and data analyst working for the hypothetical employer, Park University. The...

You are a database designer and data analyst working for the hypothetical employer, Park University. The University over the last few years has provided faculty and staff needed technology to support various job functions but is having some trouble tracking such technology to ensure the program is cost-effective.   In other words, the University Controls Department is having difficulty locating inventories and associated invoicing information. With the lack of this important information, the University Controls department has a very difficult time locating and tracking released technology which has the intended purpose of being an asset to assigned employees and departments.

The University Controls department has a Technology Asset Management System currently designed and implemented using Microsoft Access; however, the Chief Information Officer (CIO) of Park University needs some ideas of possible reasons the current Technology Asset Management System designed in Microsoft Access is not currently tracking technology assets as intended.

In a memo style response to the Chief Information Officer (CIO), share-based on your knowledge learned about databases using experience and research, some possible and or hypothetical reasons why the existing database, in this case, is not working as intended?

In: Computer Science

field engineering is a stressful job, why would you choose it be a field engineering? how...

field engineering is a stressful job, why would you choose it be a field engineering?

how do I answer this interview question?

In other words, how do I show that I am able to afford stress

please give an example

In: Mechanical Engineering

Knowledge acquisition can be performed via conducting different interview techniques. What method would you use to...

Knowledge acquisition can be performed via conducting different interview techniques. What method would you use to record multiple expert’s view for one particular problem? Explain steps involved and discuss why you would select this method.

In: Civil Engineering

"Interview with Robot Named Sophia” Imagine the most valuable new use of computer technology. This topic...

"Interview with Robot Named Sophia” Imagine the most valuable new use of computer technology. This topic gets you to ponder what the world might be like for your children. Please also discuss and pros and cons of technology in addition to challenges ahead.

In: Psychology

Suppose that Boeing (US company) sold airplane to Lufthansa (German company) on credit and invoiced €20...

Suppose that Boeing (US company) sold airplane to Lufthansa (German company) on credit and invoiced €20 million payable in six months. Two companies agree to share the currency risks. In the Price Adjustment Clause, the neutral zone is $1.14/€ - $1.26/€, the base rate is $1.2/€; and both parties will share the currency risk beyond a neutral zone. How much each party have to pay/receive if:


A) How much each party have to pay/receive if the exchange rate is $1.08/€

a.   Boeing receives $21.6 million; Lufthansa pays €20 million.

b.   Boeing receives $23.4 million; Lufthansa pays €21.67 million.

c.   Boeing receives $24 million; Lufthansa pays €20 million.

d.   Boeing receives $22.2 million; Lufthansa pays €20.56 million.

B) How much each party have to pay/receive if the exchange rate is $1.32/€
a.   Boeing receives $24 million; Lufthansa pays €18.18 million.

b.   Boeing receives $24.6 million; Lufthansa pays €18.64 million.

c.   Boeing receives $26.4 million; Lufthansa pays €20 million.

d.   Boeing receives $25.8 million; Lufthansa pays €19.55 million.

a.   Ford pay ¥202.01 million; Nidec receives $1.529 million.

b.   Ford pays $1.529 million; Nidec received ¥202.01 million.

c.   Ford pay ¥213.51 million; Nidec receives $1.616 million.

d.   Ford pay $1.616 million; Nidec receives ¥213.51 million.

In: Finance

Suppose that Boeing (US company) sold airplane to Lufthansa (German company) on credit and invoiced €20...

Suppose that Boeing (US company) sold airplane to Lufthansa (German company) on credit and invoiced €20 million payable in six months. Two companies agree to share the currency risks. In the Price Adjustment Clause, the neutral zone is $1.14/€ - $1.26/€, the base rate is $1.2/€; and both parties will share the currency risk beyond a neutral zone. How much each party have to pay/receive if:

How much each party have to pay/receive if the exchange rate is $1.32/€?

a. Boeing receives $24 million; Lufthansa pays €18.18 million.

b. Boeing receives $24.6 million; Lufthansa pays €18.64 million.

c. Boeing receives $26.4 million; Lufthansa pays €20 million.

d. Boeing receives $25.8 million; Lufthansa pays €19.55 million.

In: Finance