The following balances were taken from the books of Oriole Corp.
on December 31, 2020.
|
Interest revenue |
$87,950 |
Accumulated depreciation—equipment |
$41,950 | |||
|---|---|---|---|---|---|---|
|
Cash |
52,950 |
Accumulated depreciation—buildings |
29,950 | |||
|
Sales revenue |
1,381,950 |
Notes receivable |
156,950 | |||
|
Accounts receivable |
151,950 |
Selling expenses |
195,950 | |||
|
Prepaid insurance |
21,950 |
Accounts payable |
171,950 | |||
|
Sales returns and allowances |
151,950 |
Bonds payable |
101,950 | |||
|
Allowance for doubtful accounts |
8,950 |
Administrative and general expenses |
98,950 | |||
|
Sales discounts |
46,950 |
Accrued liabilities |
33,950 | |||
|
Land |
101,950 |
Interest expense |
61,950 | |||
|
Equipment |
201,950 |
Notes payable |
101,950 | |||
|
Buildings |
141,950 |
Loss from earthquake damage |
151,950 | |||
|
Cost of goods sold |
622,950 |
Common stock |
501,950 | |||
|
Retained earnings |
22,950 |
Assume the total effective tax rate on all items is 20%.
Prepare a multiple-step income statement; 100,000 shares of common
stock were outstanding during the year. (Round earnings
per share to 2 decimal places, e.g. 1.48.)
In: Accounting
From Harvard Business School HBX CORe 2020 Economics for Managers
Share a story or a link to a news article describing a government intervention in a market. Explain how the intervention changes the outcome of the market, and whether you think the intervention had a positive or negative effect.
In: Economics
On September 1, 2020, Betty DeRose, Inc. received $45,000 cash from a customer as payment for services to be performed over the next 24 months. Betty DeRose, Inc. received $45,000 cash from another customer on May 31, 2021 as payment for services to be performed over the next 18 months. Calculate the total amount of unearned revenue that would appear in Betty DeRose, Inc's December 31, 2021 balance sheet.
In: Accounting
Question 2: From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format. Note: you will need to determine the balance of the retained earnings.
|
Type of Account |
$ |
|
Accounts Receivable |
46500 |
|
Provisions |
50000 |
|
Prepayments |
1200 |
|
Sales Revenue |
455000 |
|
Plant and Equipment |
220000 |
|
Other Current Assets |
11000 |
|
Borrowings |
120000 |
|
Interest on Borrowings E |
6000 |
|
Accumulated Depreciation |
48500 |
|
Accounts Payable |
26000 |
|
Share Capital |
450000 |
|
Land and Buildings |
339000 |
|
Inventory |
78000 |
|
Two Year Term Deposit |
98500 |
|
Cash at Bank |
32000 |
|
Retained Earnings |
? |
|
Salaries expense |
215000 |
|
Salaries Accrued |
12500 |
|
Insurance Expense |
9000 |
|
Annual Depreciation |
22000 |
|
Utilities Expense |
8500 |
|
Selling Expenses |
25000 |
Question 3: From the accounts in question 2 above prepare a statement of profit or loss position for the period ended 30 June 2020.
In: Accounting
1) Find unemployment rates from 2010-2020 in Canada and present it in a graph.
2) what are the causes of unemployment?
3) Does a high minimum wage result in higher unemployment?
4) Does employment insurance cause unemployment?
In: Economics
Question 2: From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format. Note: you will need to determine the balance of the retained earnings.
|
Type of Account |
$ |
|
Accounts Receivable |
46500 |
|
Provisions |
50000 |
|
Prepayments |
1200 |
|
Sales Revenue |
455000 |
|
Plant and Equipment |
220000 |
|
Other Current Assets |
11000 |
|
Borrowings |
120000 |
|
Interest on Borrowings E |
6000 |
|
Accumulated Depreciation |
48500 |
|
Accounts Payable |
26000 |
|
Share Capital |
450000 |
|
Land and Buildings |
339000 |
|
Inventory |
78000 |
|
Two Year Term Deposit |
98500 |
|
Cash at Bank |
32000 |
|
Retained Earnings |
? |
|
Salaries expense |
215000 |
|
Salaries Accrued |
12500 |
|
Insurance Expense |
9000 |
|
Annual Depreciation |
22000 |
|
Utilities Expense |
8500 |
|
Selling Expenses |
25000 |
Question 3: From the accounts in question 2 above prepare a statement of profit or loss position for the period ended 30 June 2020.
In: Accounting
The following data were taken from the SFP accounts of Bramble Corporation on December 31, 2020:
| Current assets | $ | 1,035,000 | |
| FV-NI investments | 842,000 | ||
| Common shares (unlimited authorized, 590,000 shares issued and outstanding) | 6,490,000 | ||
| Contributed surplus | 360,000 | ||
| Retained earnings | 1,790,000 |
A 8% stock dividend is declared at their fair value and distributed at a time when the shares’ fair value is $51 per share. Prepare the required journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Account Titles and Explanation |
Debit |
Credit |
|
(To record stock dividend declaration) |
||
|
(To record stock dividend distribution) |
A 3-for-1 stock split is effected. Prepare the required journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Account Titles and Explanation |
Debit |
Credit |
A dividend in kind is declared on January 8, 2021 and paid on January 28, 2021 in FV-NI investments. The investments have a carrying amount of $140,000 (fair value at December 31, 2020) and a January 8 fair value of $148,000. Prepare the required journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|
Jan. 8 |
|||
|
(To record fair value adjustment) |
|||
|
Jan. 8 |
|||
|
(To record declaration of property dividend) |
|||
|
Jan 28 |
|||
In: Accounting
The below contains the actual data on COVID-19 cases in Ghana from 1st April, 2020 to 25th May, 2020 as presented by the Ghana Health Service. Use the information provided to answer the following questions:
| Date | Total confirmed | Death | Recoveries | Test |
| 1-Apr | 195 | 5 | 3 | 12046 |
| 2-Apr | 204 | 5 | 3 | 12046 |
| 3-Apr | 205 | 5 | 3 | 12046 |
| 4-Apr | 214 | 5 | 3 | 12046 |
| 6-Apr | 287 | 5 | 3 | 12046 |
| 7-Apr | 313 | 6 | 3 | 12046 |
| 9-Apr | 378 | 6 | 4 | 14611 |
| 10-Apr | 408 | 8 | 4 | 27348 |
| 11-Apr | 566 | 8 | 4 | 37954 |
| 15-Apr | 641 | 8 | 83 | 50719 |
| 18-Apr | 834 | 8 | 83 | 60916 |
| 19-Apr | 1042 | 8 | 83 | 68591 |
| 22-Apr | 1279 | 10 | 134 | 88188 |
| 25-Apr | 1550 | 11 | 155 | 100622 |
| 27-Apr | 1671 | 16 | 188 | 106090 |
| 28-Apr | 2074 | 17 | 212 | 113497 |
| 1-May | 2169 | 18 | 229 | 117049 |
| 2-May | 2719 | 18 | 294 | 129461 |
| 4-May | 3091 | 18 | 303 | 135902 |
| 7-May | 4012 | 18 | 323 | 149948 |
| 8-May | 4263 | 22 | 378 | 155201 |
| 10-May | 4700 | 22 | 494 | 160501 |
| 11-May | 5127 | 22 | 494 | 162184 |
| 12-May | 5408 | 24 | 514 | 165433 |
| 13-May | 5530 | 24 | 674 | 168685 |
| 14-May | 5638 | 28 | 1460 | 172623 |
| 15-May | 5735 | 29 | 1754 | 174077 |
| 17-May | 5918 | 31 | 1754 | 180567 |
| 18-May | 6096 | 31 | 1774 | 184343 |
| 19-May | 6269 | 31 | 1898 | 187929 |
| 20-May | 6486 | 31 | 1951 | 192194 |
| 21-May | 6617 | 31 | 1978 | 193705 |
| 22-May | 6683 | 32 | 1998 | 194763 |
| 23-May | 6809 | 32 | 2070 | 198175 |
| 24-May | 6964 | 32 | 2097 | 202130 |
| 25-May | 7117 | 34 | 2317 | 203383 |
In: Biology
Consider the following article from the January 17, 2020 edition of the Wall Street Journal entitled "Morgan Stanley Cuts CEO James Gorman’s Bonus"
Morgan Stanley paid its chief executive, James Gorman, $27 million for his work in 2019, a pay cut for a year when the bank’s revenue hit a record but its shares lagged behind those of rivals.
Mr. Gorman earned about $19 million in Morgan Stanley shares and another roughly $8 million in cash, including salary and bonus, according to a Friday securities filing.
The 61-year-old was already among the highest-paid U.S. bank bosses. His 2018 pay package, worth about $29 million, was topped only by JPMorgan Chase & Co.’s James Dimon, who runs a bank that is three times the size of Morgan Stanley and vastly more complex.
Mr. Gorman earned a base salary of $1.5 million, the same as a year ago; a cash bonus of $6.4 million, down from $6.9 million a year ago; $12.8 million in stock that is linked to how well the bank does over the next few years; and another $6.4 million in shares that he’ll collect regardless of performance.
At the urging of shareholders and regulators, banks since the financial crisis have tied more of their executives’ pay to performance and deferred more of it into the future.
Morgan Stanley in 2019 posted an annual profit of $9 billion on a record $41 billion revenue. Mr. Gorman has delivered on financial metrics he set out to investors, including minimum profitability in its wealth-management division and firmwide return targets. On Thursday, he set new targets—though some analysts said they weren’t ambitious enough.
In setting Mr. Gorman’s pay, the company said that it took into account his long-term strategy and the bank’s “strong financial performance.”
Shares of Morgan Stanley gained 26% in 2019, lagging behind the S&P 500 and most of its big-bank peers. It is off to a stronger start this year, gaining 6.6% Thursday in its biggest single-day gain since the 2016 presidential election.
Who is the agent in this situation? Who are the principals? Use agency theory to explain the motivation behind tying Mr. Gorman's pay to performance.
In: Finance
1. A student borrows $5000 for college from his aunt and uncle on June 1, 2020. He agrees to repay them $500 on 6/1/2021, 6/1/2022, 6/1/2023, and 6/1/2024; plus three additional payments of X on 6/1/2025, 6/1/2026, and 6/1/2027. They agree to an interest rate of 1.5% compounded annually. Find X
2. For the loan described in question #1, write out the amortization schedule for the loan.
Please show steps
Thank You
In: Finance