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On January 1, 2016, Phillips Company made a basket purchase including land, a building and equipment for $830,000. The appraised values of the assets are $54,000 for the land, $820,000 for the building and $136,000 for equipment. Phillips uses the double declining balance method of depreciation for the equipment which is estimated to have a useful life of four years and a salvage value of $10,000. The depreciation expense for 2016 for the equipment is |
$68,000.
$34,000.
$27,950.
$55,901.
In: Accounting
Agrico Inc accepted a 6 month, 9% (annual rate), $8,000 note from one of its customers on November 1, 2016; interest payable with the principal at maturity.
a. Use the horizontal model to record the interest OWED TO AGRICO on the customer's books during its year ended December 31, 2016.
b. Use the horizontal model to record payment of the note and interest at maturity on the customer's books.
In: Accounting
1. How has the relationship between pollsters and the media developed over time both in terms of the field of polling journalism overall, and specifically, The Marist Poll? 3. What lessons in polling journalism from the 2016 presidential election can be applied to the current 2020 presidential campaign?
3. What lessons in polling journalism from the 2016 presidential election can be applied to the current 2020 presidential campaign?
In: Economics
Today is December 31st, 2017. Mr. Barrett owns a Chase Sapphire credit card. The credit card has 12% APR with monthly billing cycles. This credit card has no minimum monthly payment requirement (a special promotion). Mr. Barrett only made one transaction using this credit card. On Jan. 1st, 2016, he spent $2,000 to buy an iMac Pro. He has not paid back any money to Chase yet. Please help Mr. Barrett calculate how much money he owes to Chase as of today, which is the end of 24th billing cycle since Jan. 1st, 2016.
Mr. Barrett cows to Chase $______ as of today, which is the end of 8th billing cycle since Jan. 1st, 2016. (Round to nearest cent.)
In: Finance
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Windswept, Inc. 2017 Income Statement ($ in millions) |
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| Net sales | $ | 8,700 | |
| Cost of goods sold | 7,340 | ||
| Depreciation | 405 | ||
| Earnings before interest and taxes | $ | 955 | |
| Interest paid | 82 | ||
| Taxable income | $ | 873 | |
| Taxes | 306 | ||
| Net income | $ | 567 | |
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Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions) |
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| 2016 | 2017 | 2016 | 2017 | ||||||||||
| Cash | $ | 150 | $ | 185 | Accounts payable | $ | 1,180 | $ | 1,260 | ||||
| Accounts rec. | 920 | 730 | Long-term debt | 1,000 | 1,265 | ||||||||
| Inventory | 1,520 | 1,550 | Common stock | 3,210 | 2,900 | ||||||||
| Total | $ | 2,590 | $ | 2,465 | Retained earnings | 460 | 710 | ||||||
| Net fixed assets | 3,260 | 3,670 | |||||||||||
| Total assets | $ | 5,850 | $ | 6,135 | Total liab. & equity | $ | 5,850 | $ | 6,135 | ||||
What is the return on equity for 2017?
In: Finance
On October 15, 2016, Koala, Inc. issued a 10 year bond (with a typical $1000 face value) that had an annual coupon value of $60. [We are assuming that the 2020 coupon has just been redeemed.]
• Initially, the bond was sold for the premium price of $1,025.
• On October 15, 2020, this bond was selling for only $975.
• The market rate of interest for a riskless corporate bond, of this maturity, was 4.5% on October 15, 2016, which reflects market expectations about future rates of inflation.
• The market rate of interest for a riskless corporate bond, of this maturity, was 4.0% on October 15, 2020, which reflects market expectations about future rates of inflation.
Question: What was the nominal yield on this bond on October 15, 2016? [To 1 decimal place.]
In: Economics
On October 15, 2016, Koala, Inc. issued a 10 year bond (with a typical $1000 face value) that had an annual coupon value of $60. [We are assuming that the 2020 coupon has just been redeemed.]
• Initially, the bond was sold for the premium price of $1,025.
• On October 15, 2020, this bond was selling for only $975.
• The market rate of interest for a riskless corporate bond, of this maturity, was 4.5% on October 15, 2016, which reflects market expectations about future rates of inflation.
• The market rate of interest for a riskless corporate bond, of this maturity, was 4.0% on October 15, 2020, which reflects market expectations about future rates of inflation.
Question- What was the risk premium for this bond on October 15, 2016? [To 3 decimal places.]
In: Economics
On January 1, 2015, the American Company borrowed 500,000 euros when the euro was worth $2. Information about this loan is as follows:
Term of loan is 3 years
Interest payment dates - July 1 and January 1 of each year
Interest rate is 10%
On July 1, 2015, the Euro is worth $2.11
On December 31, 2015 (January 1, 2016), the euro is worth $2.09
On July 1, 2016, the Euro is worth $2.05
On December 31, 2016 (January 1, 2017) the Euro is worth $1.99
On July 1, 2017, the Euro is worth $1.98
On December 31, 2017 (January 1, 2018) the Euro is worth $2.01
REQUIRED: Make all necessary journal entries American Company makes connected with this loan [begin with getting the cash and signing the note]
In: Accounting
Refer to the Baseball 2016 data, which report information on the 30 Major League Baseball teams for the 2016 season. Refer to the variable team salary. Prepare a report on the team salaries. Be sure to answer the following questions in your report. Around what values do the data tend to cluster? Specifically what is the mean team salary? What is the median team salary? Is one measure more representative of the typical team salary than the others? What is the range of the team salaries? What is the standard deviation? About 95% of the salaries are between what two values? Refer to the information on the average salary for each year. In 2000 the average player salary was $1.99 million. By 2016 the average player salary had increased to $4.40 million. What was the rate of increase over the period?
In: Statistics and Probability
(ii) Broadoak acquired a 12-year lease en a property on 1 October 2016 at a cost of S240,000. The company policy is to revalue its properties to their market values at the end of each year. Accumulated amortization is eliminated and the property is restated to the revalued amount. Annual amortization is calculated on the carrying values at the beginning of the year, The market values, of the property on 30 September 2017 and 2018 were $231,000 and $175,000 respectively, The existing balance on the revaluation reserve at 1 October 2016 was S50,000. This related to some non-depreciable land whose value had not changed significantly since 1 October 2016.
Required: Prepare extracts of the Fiancial statements of of Broadoak. (including the movement on the revaluation reserve) for the years to 30 September 2017 and 2018 in respect of the leasehold property
In: Finance