Answer:
actual returns:
refund liabilities 365,000 debit
cash 365,000 credit
inventory 237,250 debit
inventory-returns 237,250 credit
--returns on the previous year--
refund liabilities 296,000 debit
account receivables 296,000 credit
inventory 237,250 debit
inventory-returns 237,250 credit
--returns in the current year--
192,400
adjusting entry:
sales return 670,000 debit
refund liability 670,000 credit
inventory-returns 237,250 debit
cost of goods sold 237,250 credit
--returns in the current year--
Balance of allowance for sales refunds: 409,000
Explanation:
When returning their goods the customer's receivables are canceled.
We also need to calculate the cost of these goods that return to the company's inventory.
365,000 x 65% = 237,250
296,000 x 65% = 192,400
credit-sales: 13,400,000
estimated returns: 5% >> 670,000
estimated inventory-returns 670,000 x 65% = 435,500
We work with our liabilities and return accounts rather than the cost of good sold and sales returns as these are adjusted at year-end based on credit sales.
Balance:
beginning 400,000
returns (661,000)
year-end
adjust 670,000
ending 409,000
Business strategy concerns Select one: A. ensuring consistency in strategic approach among the businesses of a diversified company. B. selecting a model for a single line of business to use in pursuing objectives that contribute to the whole of a diversified company. C. choosing the most appropriate strategic intent for a specific line of business. D. selecting a set of stretch financial and strategic objectives for a single business unit. E. strengthening the market position and building competitive advantage for a single line of business.
Answer:
The correct answer is the option E: strengthening the market position and building competitive advantage for a single line of business.
Explanation:
To begin with, in the world of business, the strategy concerns on making a plan that must be adaptative to the future conditions and that can be realistic at the same time in order to follow the budget requirements that the superiors have and that can be able to accomplish the most important aspects of every major strategy, and that is, to strength the market position of the company regarding that specific line of business and to also acquire competitive advantage as much as possible so that the sales will increase and the primary goal of the company of earning profits will be satisfied.
What are some of the reasons businesses fail?
Answer:
The most common reasons businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.
Some of the reasons businesses fail are lack of knowledge, lack of planning, lack of management of resources effectively.
What is business?An economic activity that involves the exchange of goods and services with the help of buying and selling with the objective to gain some profit is called Business.
A business can possibly fail when there is no planning of things like what to do and how to do it. For a business, to be effective, there should be a plan or roadmap which needs to be followed step by step in order to succeed.
A business will fail when it is unable to manage the capital as well as the workforce effectively and make optimum utilization of it in order to produce and achieve productivity in abundance.
When a business does not have expertise or knowledge about the field as well as current market trends and competitors it will go to fail as it is unable to cope with the trend
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In 2021, Holyoak Inc. offers a coupon for $15 off qualifying purchases of its new line of products. Holyoak sold 10,600 of these products during the year. By year-end of 2021, 7,700 coupons had been redeemed and the $15 reduction of purchase price provided to customers. Holyoak's historical experience with such coupons indicates that 80% of customers use the coupon. Holyoak recognizes coupon expense in the period coupons are issued. What is the expense that Holyoak should report for its promotional coupons in its 2021 income statement
Answer: $127200
Explanation:
Promotional codes are simply the alphanumeric strings which are offered by online stores in order to encourage purchases. It is a marketing strategy
Based in the information provided in the question, the expense that Holyoak should report for its promotional coupons in its 2021 income statement will.be calculated as:
= $10,600 × 80% × $15
= $10,600 × 0.8 × $15
= $127200
Annuities are a series of constant cash flows that have been received over a certain period of time. However, not all annuities are created equal. Some annuities adjust the payments based on certain macroeconomic factors. Growing annuities are a series of payments that grow at aconstant rate. You invested in an aggressive growth fund and expect to earn 14.84% annually over the next five years. However, due to strong growth, inflation is expected to be 7.35%. What should be your expected real rate of return
Answer:
Real interest rate= 0.0749= 7.49%
Explanation:
Giving the following information:
You invested in an aggressive growth fund and expect to earn 14.84% annually over the next five years. However, due to strong growth, inflation is expected to be 7.35%.
The inflation rate provokes the opposite effect than the interest rate. It decreases the value of money through time, reducing the purchasing price of the nominal value of money.
Real interest rate= nominal interest rate - inflation rate
Real interest rate= 0.1484 - 0.0735
Real interest rate= 0.0749= 7.49%
You manage an equity fund with an expected risk premium of 10% and a standard deviation of 14%. The rate on Treasury bills is 6%. Your client chooses to invest $60,000 of her portfolio in your equity fund and $40,000 in a T-bill money market fund. What is the reward-to-volatility (Sharpe) ratio for the equity fund
Answer: 0.71
Explanation:
The following can be deduced from the question:
Expected risk premium = 10%
Standard deviation = 14%.
Treasury bills rate = 6%.
The expected return of equity will be:
= 10% + 6%
= 16%
The reward to voltality ratio is calculated as:
(expected return - risk free rate )/standard deviation
= (16% -6%)/14%
= 10%/14%
=0.1/0.14
= 0.71
Which of the following can be filed by the defendant of a lawsuit?A) InjunctionB) ReplyC) ComplaintD) Answer
Answer:
D) Answer
Explanation:
Answer can be filed by the defendant of a lawsuit. This is basically a pleading or response that is filed by the defendant in order to respond to a complaint made by a plaintiff. So when a defendant files an answer, he pleads and presents the defenses or counter arguments by addressing the allegations or claims made by the plaintiff in the complaint. So this way the defendant defends himself/herself against the accusations that are made against the defendant.
Injunction is not valid here because it is a court order which requires an individual to take a particular action or stop doing a particular action.
Reply is also not a valid option because it is a pleading or response of a plaintiff to the defendant's demand for relief which the defendant appeals through the filed answer.
Complaint is also not a valid option because it is a pleading which is filed by the plaintiff. This pleading is filed in order to start a case or a civil action and this is presented in a form of a document.
A large corporation has accrued a lot of debt over the last two years in an
effort to expand its business. While they have gained new customers, they
still aren't making enough money to pay off their debt. Which type of
bankruptcy would this company likely want to file?
A. Chapter 13
B. Chapter 7
C. Chapter 1
D. Chapter 11
Someone help plz
Answer:
D. Chapter 11
Explanation:
Apex
Add the following and reduce to lowest terms 3/9+3/9
Steps to solve:
3/9 + 3/9
~Add
6/9
~Simplify
2/3
Best of Luck!
Answer:
2/3
Explanation:
3/9 + 3/9 = 6/9 = 2/3
Here are selected data for Boston Bracing Company: Estimated manufacturing overhead $236,800 Factory utilities $30,200 Estimated labor hours 35,000 Indirect labor $22,400 Actual direct labor hours 36,000 Sales commissions $53,700 Estimated direct labor cost $320,000 Factory rent $47,700 Actual direct labor cost $320,200 Factory property taxes $28,100 Factory depreciation $66,000 Indirect materials $33,000 If the company allocates manufacturing overhead based on direct labor cost, what are the allocated manufacturing overhead costs?
Answer:
Allocated MOH= $236,948
Explanation:
Giving the following information:
Estimated manufacturing overhead $236,800
Estimated direct labor cost $320,000
Actual direct labor cost $320,200
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 236,800/320,000
Predetermined manufacturing overhead rate= $0.74 per direct labor dollar
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 0.74*320,200
Allocated MOH= $236,948
A new competitor has entered the market to compete against Particles, and you’ve noticed that the customer defection rate had a sharp increase last month. The percentage of repeat customers buying Particles from us declined suddenly. You know that the cost of acquiring a new customer is higher and less efficient than continuing to sell to an existing customer. What would you do?
Answer: Conduct a quick market research study to learn directly from customers if they’re buying Mobile Strategies Enterprise’s (MSE) product Chipz instead of Particles and why.
Explanation:
The options to the question are:
do?
A.Conduct a quick market research study to learn directly from customers if they’rebuying Mobile Strategies Enterprise’s (MSE) product Chipz instead of Particles and why.
B.Pull together a cross-discipline team to discuss the internal perspectives on theParticles. The team should include R&D, sales, and production.
From the question, we are informed that the arrival of a new competitor against Particles, has led to huge customer defection rate.
Based on further information provided in the question, what should be done is " to conduct a quick market research study to learn directly from customers if they’re buying Mobile Strategies Enterprise’s (MSE) product Chipz instead of Particles and why".
Market research simply helps in the identification and and analysis of market needs, market size and its competition. When marketing research techniques like consumer surveys, focus groups, interviews, etc are all carried out, Particles can get the necessary information required to stop its competitors from collecting its customers and gaining a competitive edge.
The most recent financial statements for Reply, Inc., are shown here: Income Statement Balance Sheet Sales $ 23,600 Assets $ 54,300 Debt $ 20,300 Costs 14,600 Equity 34,000 Taxable income $ 9,000 Total $ 54,300 Total $ 54,300 Taxes (40%) 3,600 Net income $ 5,400 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $2,500 was paid, and the company wishes to maintain a constant payout ratio. Next year’s sales are projected to be $26,904. What is the external financing needed? (Do not round intermediate calculations.)
Answer:
external financing needed $4,296
Explanation:
Sales 26,904
Cost 16,644
(14.600 / 23,600 x 26,904)
Taxable Income 10,206
Tax Income (40%) 4,104
Net Income 6,156
Dividends: (same payout ratio is maintaned)
2,500 / 5,400 x 6,156 = 2,850
Assets: (proportional to sales)
54,300 / 23,600 x 26,904 = 61902
Equity:
34,000 + 6,156 net income - 2,850 dividends = 37306
Liabilities: 61,902 - 37,306 = 24,596
Previous liaiblities 20,300
Addional debt taken: 24,596 - 20,300 = 4296
A broad differentiation strategy works best in situations where Select one: A. buyers have a low degree of bargaining power and purchase the product frequently. B. buyers incur low costs in switching their purchases to rival brands. C. technological change is slow-paced and new or improved products are infrequent. D. buyer needs and uses of the product or service are diverse. E. buyer needs and uses of the product or service are very similar.
Answer:
D. buyer needs and uses of the product or service are diverse.
Explanation:
broad differentiation strategy helps company to stand out among her competitors, it involves development of business strategy to carry out activities in the company to increase productivity and low production cost in the company.
It should be noted that broad differentiation strategy works best in situations where buyer needs and uses of the product or service are diverse.
On 3/15/20, Robertson Corp. bought land from Lear, Inc. for $248,000. Lear had carried the land on its books at $240,000. Robertson paid $50,000 in cash and signed a note payable for the balance. On 12/19/20, Davis Co. offered to buy the land from Robertson for $252,000. On its 12/31/20 balance sheet, Robertson should show the land account at:
Answer:
$248,000
Explanation:
According to the historical cost principle, the fixed assets should be recorded at the purchase price or the acquired price.
Since in the question it is mentioned that the land is purchased from Lear inc for $248,000 and the other transactions are also there
So here the land should be recorded at the purchase price i.e. $248,000
Cvs purchase of Aetna represents what type of fundamental strategy
Answer:
growth strategy
Explanation:
the options were missing:
defensive global growth divisional stabilityBy acquiring Aetna, CVS entered the health insurance industry. CVS was already one of the largest players in the health care industry since it owned one of the largest chain of pharmacies in the US and due to its size was able to negotiate discounts and other services with health care providers and drug producers.
The fact that one of the largest chain of pharmacies and retail health centers merges with one of the largest health insurers will give them competitive advantages, e.g. being capable of offering lower prices or earning higher higher profits (or both even).
Another important factor in this equation is consumer data, and that is going to be significant and the more information a company possesses and uses correctly, it can target more profitable consumer segments.
There are many other advantages including cutting costs, better customer service, etc.
The following information was taken from the accounting records of Light Tool Corporation. Work in process inventory, beginning of the year $ 50,000 Cost of direct materials used 260,000 Direct labor cost applied to production 135,000 Cost of finished goods manufactured 897,750 Overhead assigned to production was $500,000. Compute the amount of the work in process inventory on hand at year-end.
Answer:
47,250
Explanation:
The manufacturing costs in the year is the sum of work in process inventory, at the beginning of the year, the cost of direct materials, the direct cost of labor and the overhead assigned to production as computed thus:
manufacturing costs=50,000+260,000+135,000+500,000
manufacturing costs=945,000
amount of the work in process inventory on hand at year-end=manufacturing costs-cost of finished goods manufactured
amount of the work in process inventory on hand at year-end=945,000-897,750= 47,250
amilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $252,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $265,000 and 22,200 hours, respectively. Required: 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or underapplied manufacturing overhead
Answer:
a) $ 13000 under applied
b) Cost of goods sold $ 13,000 Debit
Factory Overhead $ 13000 Credit
Explanation:
Estimated Manufacturing overhead $252,000
Actual overhead $265,000
Estimated Direct labor hours 20,000
Actual direct labor hours 22,200
Actual overhead-Estimated Manufacturing overhead= $265,000 -$252,000
= $ 13000 under applied
When actual overhead is greater than estimated overhead then it under applied and if estimated overhead is greater than actual it is over applied.
Accounts affected by over and under applied overhead are cost of goods sold and work in process accounts.
The under applied overhead is debited to cost of goods sold account and Factory Overhead is credited to ensure the transfer of the remaining part of the factory overhead.
Similarly over applied overhead is credited to cost of goods sold account and Factory Overhead is debited to ensure the removal of the additional part of the factory overhead from cost of goods sold.
The entry in the above example would be
Cost of goods sold $ 13,000 Debit
Factory Overhead $ 13000 Credit
Pinterest is a website where you collect ideas, images, and videos and organize them by creating boards. On its website Pinterest describes itself as “A few (million) of your favorite things” and pictures its cross-platform capability of a computer screen and a cell phone. Pinterest effectively communicates the benefit of its product to a visitor through the description and the images. What has Pinterest conveyed clearly on its website?
Answer:
Its Value Proposition
Explanation:
Resources are limited in
_________?
Answer:
A basic condition of nature which means that the quantities of available labor, capital, land and entrepreneurship used for the production of goods and services are finite. It means that the economy has only so many resources that can be used AT ANY GIVEN TIME time to produce goods and services.
Explanation:
Seth, Pete, Cara, and Jen form Kingfisher Corporation with the following consideration:Consideration Transferred Basis to Transferor Fair Market Value Number of Shares IssuedFrom Seth—Inventory $30,000 $96,000 30*From Pete—Equipment ($30,000 of depreciation taken by Pete in prior years)45,000 99,000 30**From Cara—Proprietary process 15,000 90,000 30From Jen—Cash 30,000 30,000 10*Seth receives $6,000 in cash in addition to the 30 shares.**Pete receives $9,000 in cash in addition to the 30 shares.a. Seth’s recognized gain or loss. Identify the nature of any such gain or loss.b. Seth’s basis in the Kingfisher Corporation stock.c. Kingfisher Corporation’s basis in the inventory.d. Pete’s recognized gain or loss. Identify the nature of any such gain or loss.e. Pete’s basis in the Kingfisher Corporation stock.f. Kingfisher Corporation’s basis in the equipment.g. Cara’s recognized gain or loss.h. Cara’s basis in the Kingfisher Corporation stock.i. Kingfisher Corporation’s basis in the proprietary process.j. Jen’s recognized gain or loss.k. Jen’s basis in the Kingfisher stock.
Answer:
A. Ordinary gain of $6,000
B.$30,000
C. $36,000
D. $9,000
E. $45,000
F.$54,000
G. NO recognized gain or loss for Cara’s.
H. $15,000
I.$15,000
J. NO gain or loss on the transfer
K. $30,000
Explanation:
a. Based on the information given we were told that Seth’s receives the amount of $6,000 in cash in addition to the already 30 shares which means that Seth had ordinary gain of $6,000
b. Calculation for Seth’s basis in the Kingfisher Corporation stock
Using this formula
Seth’s basis= (Inventory basis+Gain Recognized)-Boot received
Let plug in the formula
Seth’s basis=($30,000 + $6,000)–$6,000
Seth’s basis=$36,000-$6,000
Seth’s basis=$30,000
c. Calculation for Kingfisher Corporation’s basis in the inventory
Using this formula
Kingfisher basis(Inventory)=Inventory basis+ Gain Recongnized
Let plug in the formula
Kingfisher basis(Inventory)=$30,000+$6,000
Kingfisher basis(Inventory)=$36,000
d.Pete’s recognized gain or loss will be the amount of $9,000 which is the amount of cash received
e. Calculation for Pete’s basis in the Kingfisher Corporation stock
Using this formula
Pete’s basis=(Equipment basis+ Gain recognized)- Boot received
Let plug in the formula
Pete’s basis=($45,000+$9,000)-$9,000
Pete’s basis=$54,000-$9,000
Pete’s basis=$45,000
f. Calculation for Kingfisher Corporation’s basis in the equipment
Using this formula
Kingfisher basis(Equipment)=Pete Equipment basis + Gain Recongnized by Pete
Let plug in the formula
Kingfisher basis(Equipment)=$45,000+$9,000
Kingfisher basis(Equipment)=$54,000
g. Based on the information given NO recognized gain or loss for Cara’s.
h. Based on the information given Cara will have a basis of the amount of $15,000 in the Kingfisher Corporation stock.
i. Based on the information given Kingfisher Corporation would as well has a basis of the amount of $15,000.
j.Jen’s has No recognized gain or loss on the transfer
k. Based on the information given Jen’s basis in the Kingfisher stock will be the amount of $30,000.
A manufacturing company leases a building for $100,000 per year for its manufacturing facilities. In addition, the machinery in this building is being paid for in installments of $20,000 per year. Each unit of the product produced costs $15 in labor and $10 in materials. The product can be sold for $40. Use this information to answer Problem 2-54 through 2-56. Select the closest answer.2-54 How many units per year must be sold for the company to breakeven?a.4,800b.3,000c.8,000d.6,667e.4,0002-55 If 10,000 units per year are sold, what is the annual profit?a.$280,000b.$50,000c.$150,000d.−$50,000e.$30,0002-56 If the selling price is lowered to $35 per unit, how many units must be sold each year for the company to earn a profit of $60,000 per year?a.12,000b.10,000c.16,000d.18,000e.5,143
Answer:
8000
$30,000
d.18,000
Explanation:
Breakeven quantity are the number of units produced and sold at which net income is zero
Breakeven quantity = fixed cost / price – variable cost per unit
Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments
Fixed costs = $100,000 + $20,000 = $120,000
Variable costs are costs that vary with production
variable costs per unit = $15 + $10 = $25
Price = $40
Break even quantity = $120,000 / $40 - $25 = 8000
Profit = total revenue - total cost
Total revenue = price x quantity sold
$40 x 10,000 = $400,000
Total cost = fixed cost + total variable cost
total variable cost = variable cost per unit x quantity sold
$25 x 10,000 = $250,000
total cost = $250,000 + $120,000 = $370,000
Profit = $400,000 - $370,000 = $30,000
C.
Price = $35
quantity = x
profit = $60,000
$60,000 = $35x - ($120,000 + $25x)
solving for x
$180,000 = $10x
x = 18,000
Kansas Enterprises purchased equipment for $73,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $7,500 at the end of five years. Using the double-declining balance method, depreciation expense for 2022 would be:___________.
a. $26,200
b. $15.720
c. $17.520
d. $29.200
Answer: 29.200
Explanation:
What is the most critical element in successful strategic planning?
Answer:
top management's support and participation
Explanation:
the most critical or important element for successful strategic planning is the support and participation of top management.
Strategic planning has to do with the management situation that involves the creation and maintenance of a fit that involves a firms goals and resources and also rising market opportunities. it's goal is profitability and growth in the long term.
Give one advantage and one disadvantage for a Command Economy.
Answer:
Command economy advantages include low levels of inequality and unemployment, and the common good replacing profit as the primary incentive of production. Command economy disadvantages include lack of competition and lack of efficiency.
Which of the following is an example of a middle manager?
Teller at a bank
O Director of marketing
O Chief executive officer
O Salesperson in a retail store
Answer:
Director of marketing
Explanation:
I just got it right in a test
The Director of marketing is an example of a middle manager. Thus, option B is correct.
Who is a manager?A manager is a person who maintains the flow of the business, he is responsible for the smooth running of the business and coordinating between various departments. A manager tends to be the person who is delegating and is responsible for coordinating.
According to the hierarchical positions of the company, there are various positions that need to be filled like workers, staff, managers, executive managers, head of an office, CEO, etc.
From the given options, the middle manager will be the director of marketing the teller of the bank comes at a lower level, the chief executive officer will be at the top most level, and a salesperson will be at the lower middle level. Therefore, option B is the correct option.
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Question 3(Multiple Choice Worth 5 points)
(02.04 HC)
Bill wants to attend a college with a current tuition of $10,000 a year. He will graduate from high school in five years. Roughly how much will Bill need to save for
one-year's tuition to account for an annual rate of inflation of 3%?
O $11.590.00
O $11,255.00
O $10,000.00
O $13,000.00
Answer:
Money need for one-year's tuition (A) = $11,590 (Approx)
Explanation:
Given:
Initial value (P) = $10,000
Annual rate of inflation (r) = 3% = 0.03
Time taken = 5 years
Find:
Money need for one-year's tuition (A)
Computation:
[tex]A=p[1+r]^n\\\\A=10,000[1+0.03]^5\\\\A = 11,592.7407[/tex]
Money need for one-year's tuition (A) = $11,590 (Approx)
Use the following two links to answer the following questions: Nominal Wages (W) Price index CPI (P) a) (5 points) Calculate the real wage (W/P) the first month of the recession 12/07 and compare it to the last month of the recession 6/09. What is the percent change in the real wage during this most recent recession
Answer:
3.45%
Explanation:
the real wage at the beginning of the recession (12/07) = nominal wage / price index Dec. 2007 = $17.70 / 2.1141 = $8.3721
the real wage at the end of the recession (6/09) = nominal wage / price index June 2009 = $18.53 / 2.14527= $8.6609
% change in real wage = [($8.6609 - $8.3721) / $8.3721] x 100 = 3.44955% = 3.45%
Due to the recession, the price index changed less than the nominal wages since the inflation rate was very low. It is normal that during recessions, specially severe ones, the inflation rate decreases or even turns negative (what happened in Europe in those years).
Which of the following best describes why the aggregate demand curve is downward sloping?
a. As the aggregate price level decreases, the stock of existing physical capital increases.
b. As the aggregate price level increases, consumer expectations about the future change.
c. An increase in the aggregate price level causes consumer and investment spending to fall because consumer purchasing power decreases and money demand increases.
d. As a good\'s price increases, holding all else constant, the good\'s quantity demanded decreases.
Answer: c. An increase in the aggregate price level causes consumer and investment spending to fall because consumer purchasing power decreases and money demand increases.
Explanation:
The Aggregate Demand (AD) curve is used to measure the impact that price level has on the expenditure in the economy.
The AD comprises of Investment, Consumption Spending, Government spending and Net Income.
When prices are high, households will spend less as they cannot afford to spend a lot which will reduce consumption spending.
Another result of a high price level is that people will have less money to save and so there will be a lower supply of loanable funds.
Both of these components of the AD reduce when prices increase and vice versa. This is why the AD is downward slopping.
Vulnerability assessment is a curvey of a system to identify:_____.
Answer:
Threats and the risks they pose.
Explanation:
Vulnerability assessment is the identification, evaluation, classification, quantification and also the prioritization of the risks or vulnerabilities in a system. One main importance of carrying out this assessment is to find out the potential risks in a system before attackers find them. Through this assessment future risks can also be averted.
Answer:
Specific risks
Explanation:
Vulnerability assessment is defined as a process used to identifying, quantifying, and ranking vulnerabilities or weaknesses in a given system.
It has been applied in various fields like engineering, psychology, and economics.
There are different variables that gives rise to system vulnerability, and vulnerability asses helps identify specific risks.
The formula for Vulnerability is
Vulnerability = Risk + Response
Vulnerability assessment helps reduce effects of risks and also to avoid future risks
Exercise 1-8A Prepare a balance sheet (LO1-3) Wolfpack Construction has the following account balances at the end of the year. Accounts Balances Equipment $ 26,000 Accounts payable 3,000 Salaries expense 33,000 Common stock 11,000 Land 18,000 Notes payable 20,000 Service revenue 39,000 Cash 6,000 Retained earnings ? Required: Use only the appropriate accounts to prepare a balance sheet.
Answer:
Please see balance sheet below.
Explanation:
Wolfpack construction balance sheet.
Dec 31
Assets $
Cash 6,000
Land 18,000
Equipment 26,000
Total assets 50,000
Liabilities.
Accounts payable 3,000
Notes payable 20,000
Total liabilities 23,000
Equity
Common stock 11,000
Retained earnings 16,000
Total stockholders equity. 27,000
Total liabilities and stockholder's equity(23,000 + 27,000) 50,000
The Balance Sheet of Wolfpack Construction has shown the total assets and total liabilities of $50,000 each. A balance sheet is a financial statement that lists the assets, liabilities, and shareholder equity of a corporation at a certain point in time.
Given,
Accounts Balances Equipment $ 26,000 Accounts payable 3,000 Salaries expense 33,000 Common stock 11,000 Land 18,000 Notes payable 20,000 Service revenue 39,000 Cash 6,000 Retained earnings ? Required to prepare a balance sheet of Wolfpack Construction has the following account balances at the end of the year.
Assets:
Equipment $26,000
Land $18,000
Cash $6,000
Total Assets $50,000
Liabilities:
Accounts payable $3,000
Notes payable $20,000
Common Stock $11,000
Retained earnings (see working note) $16,000
Total Liabilities $50,000
Working Note for Retained Earnings:
Retained earnings = Total Assets - Accounts payable - Notes payable - Common Stock
Retained earnings = $50,000 - $3,000 - $20,000 - $11,000 =$16,000
Therefore, the balance sheet of Wolfpack Construction has a value total of $50,000.
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g If oil executives read in the newspaper that massive new oil supplies have been discovered under the Pacific Ocean but will likely only be useful in 10 years, what is likely to happen to the supply of oil today? What is the likely equilibrium impact on the price and quantity of oil today?
Answer:
a. What is likely to happen to the supply of oil today?
The supply of oil will increase today because the oil executives will no longer be worried about limiting supply on account of the current reserves running out because the oil reserves discovered that will be ready in 10 years will become the new supply source when the current reserves run out.
b. What is the likely equilibrium impact on the price and quantity of oil today?
As the supply oil will increase in the present, the Equilibrium quantity will increase.
With an increase in the equilibrium quantity, prices will decrease as oil will no longer be as scarce.