Michek Company's Journal Entries related to loans to Sarasota Company are as follows:
a) Journal Entries without using fair value option:
December 31, 2020:
Debit Interest Receivable $120,000
Credit Interest Revenue $120,000
To record the 6% interest due on January 1.December 31, 2022:
Debit Interest Receivable $120,000
Credit Interest Revenue $120,000
To record the 6% interest due on January 1.b) Journal Entries with fair value option
December 31, 2020:
Debit Loan Receivable $50,000
Credit Unrealized Gain from Fair Value $50,000
To record the fair value of the loan.Debit Interest Receivable $120,000
Credit Interest Revenue $120,000
To record the 6% interest due on January 1.December 31, 2022:
Debit Unrealized Loss from Fair Value $20,000
Credit Loan Receivable $20,000
To record the fair value of the loan.Debit Interest Receivable $120,000
Credit Interest Revenue $120,000
To record the 6% interest due on January 1.Data and Calculations:
January 1, 2020, amount of loan = $2,000,000
Interest rate = 6%
Period of loan = 3 years
December 31, 2020 2021 2022
Fair value of loan $2,050,000 2,020,000 2,000,000
Interest income $120,000 $120,000 $120,000 ($2,000,000 x 6%)
Payment of interest = January 1
December 31, 2021:
Debit Unrealized Loss from Fair Value $30,000
Credit Loan Receivable $30,000
Debit Interest Receivable $120,000
Credit Interest Revenue $120,000
Thus, the Loan Receivable account's balance at December 31 each year varies only when using the fair value option.
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HURRY!!!!! !PERSONAL FINANCE! In the New York Stock Exchange, traders are on the floor verbally submitting their offers. What type of stock market is this considered to be?
A. neutral
B. physical
C. virtual
D. rational
Answer: the ANSWER IS B!!!!!!
Explanation:
Answer: B
Explanation:
At the end of the day Stuart has to record the totals the total amount owed for all purchases is $1365. The amount of cash in the register is 345 which includes the initial cash float. The total number of 300 cash drops was two. The receipts for the total number of purchases made with credit card was 640. Organize into tabl
Answer: first off make it much clearer if you have all this money there is no tab with 345 in the register the owed amount is 1020 then the total number of 300 cash drops was two then that six hundred less so 420 then with the 640 there would be no tab but an over cash flow.
This question needs to be fixed
Explanation:
An analyst predicted last year that the stock of Logistics, Inc., would offer a total return of at least 10% in the coming year. At the beginning of the year, the firm had a total stock market capitalization of $10 million. At the end of the year, its market cap was $12 million even though it experienced a loss, or negative net income, of $2.5 million. Did the analyst's prediction prove corrct? Explain using the values for total annual return.
The total rate of return for the firm is %. (Round to two decimal places.)
Did the analyst's prediction prove correct? (Select the best answer below.)
A. Yes, the analyst's prediction is correct because the firm's total rate of return is even higher than the predicted one regardless of the negative net income.
B. No, the analyst's prediction is incorrect because the firm had a negative net income even though its total rate of return is higher the predicted one
C. Yes, the analyst's prediction is correct because the firm's negative net income was fully recovered by the positive annual rate of return.
D. No, the analyst's prediction is incorrect because the firm had a lower total rate of return than the one the analyst predicted.
The analyst's prediction was correct because the total return from the market capitalization of Logistics, Inc. increased to 20% from 10%.
A. Yes, the analyst's prediction is correct because the firm's total rate of return is even higher than the predicted one regardless of the negative net income.
Data and Calculations:
Total return predicted by analyst = >10%
Total stock market capitalization at beginning = $10 million
Total stock market capitalization at ending = $12 million
Increase in market capitalization witnessed during the year = $2 million ($12 - $10 million)
Return for the year based on market capitalization = 20% ($2/$10 x 100)
Net loss for the year = $2.5 million
Thus, the analyst's prediction was correct because the total returns recorded at the end of the year was 20%, which was more than 10%.
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While in the restroom, you overhear your boss telling a colleague that Bob is going to be laid off at the end of the quarter in about two weeks time. Bob is a good friend of yours. Do you tell him? its about leadership
Answer:
While in the restroom, you overhear your boss telling a colleague that Bob is going to be laid off at the end of the quarter in about two weeks’ time. Bob is a good friend of yours.Do you tell him? Why or why not?a.Response/Approach: UTILITARIANISMi.As a good friend you are, you could HIGHLY encourage Bob look for a newjob and infer that you heard that there are budget cuts going to be happening and “anyone” could be “laid off.”7.One of the newest salespeople in your division is a real goof-off, never showing up for work on time, distracting other people with his antics and so on. You complain about him to your boss, who tells you the kid is the son of the company president. Your boss instructs you not only to leave the new guy alone but also to make his sales numbers look good by throwing him some no-brainer accounts. What do you do?a.Response/Approach: INDIVIDUAL RESPONSIBILITESi. As an employee of this company, you have the responsibility to report thisto a someone of higher status than just your boss. If your boss isn’t takingthe situation seriously, you need to stand up and tell higher authorities.ii.There is surely more people that are aware of this and if everyone aware backs you up, you can’t be fired or punished because then things would “become personal” and that can become a bigger issue that the presidentof the company is probably willing to deal with.
Explanation:
Utilitarianism is a moral philosophy, As a close buddy, you may strongly advise Bob to look for a new job infer that you heard budget cuts.
What exactly is utilitarianism?Utilitarianism is a moral philosophy that favors activities that promote happiness or pleasure while opposing actions that cause misery or harm. A utilitarian ideology would seek the good of society as a whole when used to make social, economic, or political decisions.
As a close buddy, you may strongly advise Bob to look for a new job and infer that you heard budget cuts are coming and "anyone" could be laid off.
Therefore the above explanation aptly describes the solution to the scenario.
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Read the passage. Then answer the question that follows. Nikia designs and produces board games that she sells online. She formed a small company and hired two employees to help design, carve, and paint the individual pieces for each game. Because it takes so much labor to produce each game, the company completes and sells only a few games per month, and each one costs a lot of money. After some research, Nikia purchased a 3D printer that can produce game pieces much more quickly than a person can Which answer BEST represents how Nikia's investment in capital goods will affect the market for Nikia's board games?
O an increase in demand
O a decrease in demand
O an increase in supply
O a decrease in supply
I would say the C. is the correct answer, because if the 3D Printer prints the pieces faster, the games are sold more frequently. I hope this helps, and that it makes sense to you.
4. This individual is the first person you will see as you walk in to an organization.
A) The administrative assistant
B) Th receptionist
C) The word processor
D) The accounts clerk
every business has the same code of ethics? T or F
Answer:
false
Explanation:
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $17,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $105,000 and were expected to have a useful life of six years with no residual value. Both firms record amortization and depreciation semiannually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
If on January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The appropriate journal entries recorded by Nath-Langstrom Services and ComputerWorld Leasing for the first year of the lease are:
First step is to determine the present value using this formula
Present value of lease payment=P[1-(1+r)^-n/r]
Where:
Payment(p)=$17,500
Rate of interest(r)=4%
Semi annual interest rate=4%/2=2%
Number of payment period(n)=4years
Let plug in the formula
Present value of lease payment=$17,500[1-(1+2%)^-4/2%]
Present value of lease payment=$17,500[1-(1.02)-^4/0.02%]
Present value of lease payment=$17,500×3.8077
Present value of lease payment=$66,634.75
Second step is to prepare the Amortization schedule
Date Payment Interest at 2% Decrease in balance Outstanding balance
1/1/2021 - - - $66,634.75
6/30/2021 $17,500 $1,332.695 $16,167.305 $50,467.445
12/31/2021 $17,500 $1,009.3489 $16,490.6511 $33,976.7939
6/30/2022 $17,500 $679.535878 $16,820.4641 $17,156
12/31/2022 $17,500 $343.12659 $17,156 $0
Interest at 2% on outstanding balance
6/30/2021 $66,634.75×2%=$1,332.695
12/31/2021 $50,467.445×2%=$1,009.3489
6/30/2022 $33,976.7939×2%=$679.535878
12/31/2022 $17,153×2%=$343.12659556
Decrease in balance
6/30/2021 $17,500-$1,332.695=$16,167.305
12/31/2021 $17,500-$1,009.3489=$16,490.6511
6/30/2022 $17,500-$679.535878=$16,820.464
12/31/2022 %17,500-$343.126595=$17,156
Outstanding balance
6/30/2021 $66,634.37-$16,167.305=$50,467.445
12/31/2021 $50,467.445-$16,490.6511=$33,976.7939
6/30/2022 $16,820.464122-$33,974.05=$17,156.329778
12/31/2022 $17,156-$17,156=$0
1) Preparation of the appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease
Jan 1, 2021
Dr Right of use asset $66,634.37
Cr Lease payable $66,634.37
June 30
Dr Interest expense $1,009.3489
Dr Lease payable $16,490.6511
Cr Cash $17,500
Dr Amortization expense $16,490.6511
Cr Right to use assets $16,490.6511
Dec 31
Dr Interest expense $1,332.695
Dr Lease payable $16,167.305
Cr Cash $17,500
Dr Amortization expense $16,167.305
Cr Right to use assets $16,167.305
2. Preparation of the appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease
June 30, 2021
Dr Cash $17,500
Cr Lease revenue $17,500
Dr Depreciation expense $8,750
Cr Accumulated depreciation $8,750
[($105,000/6 years)/2]
Dec 31
Dr Cash $17,500
Cr Lease revenue $17,500
Dr Depreciation expense $8,750
Cr Accumulated depreciation $8,750
[($105,000/6 years)/2]
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Portraits. Belinda, a famous portrait painter, agreed to paint Harry's portrait for $5,000. She also agreed to paint the portraits of Michelle's two Welsh Corgi dogs, Baby and Bree. Michelle agreed to pay Belinda $12,000 for the portraits. Belinda charged Michelle more because dogs annoyed her. Belinda met the spoiled dogs, and they really got on her nerves. Plus, she was behind on finishing Harry's portrait. Belinda, therefore, proceeded to assign the right to receive the money for the dog portraits and the duty to paint the dog portraits to her assistant, Fred. He eagerly accepted and painted the portraits. As payment for amounts she owed him for various duties, Belinda also assigned to Fred the right to receive payment from Harry. Neither the contract Belinda had with Harry nor the contract she had with Michelle expressly prohibited assignment or delegation of contractual rights and duties. Belinda finished the portrait of Harry and called him to come and pick it up. Meanwhile, a disgruntled secretary who disliked Belinda told both Michelle and Harry about the agreements with Fred. Michelle was furious and refused to pick up the portrait or pay anyone. Harry likewise refused to pay for his portrait claiming that the right to payment could not be assigned. What would be the most likely result if Fred sues Harry for the $12,000 payment?
A. Fred will lose unless Fred can prove that he was ignorant of the fact that Harry did not want the benefits assigned.
B. Harry will win because the portrait was personal in nature and could not be assigned.
C. Harry will win because he did not expressly agree to the assignment.
D. Fred will win because the right to receive payment could be validly assigned.
E. Fred will win unless Harry can prove that Fred knew that Harry did not want the benefits assigned.
The most likely result if Fred sues Harry for the $12,000 payment is D. Fred will win because the right to receive payment could be validly assigned.
It should be noted that every contract creates its own rights and duties. Based on the information given, the obligee is Belinda.
The obligee in this case transfers the right to receive payments to a third-party who is Fred. Also, from the information, Belinda gave Fred the right to receive the payment from Harry.
Therefore, based on the above information, Fred has the right to receive payment. Therefore, if Fred sues Harry for the $12,000 payment, he'll win.
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An electric utility company builds a new power plant, and management wants to decide whether to build the plant at Site 1 or at Site 2. The cost of building the plant is $10 million at Site 1 and $20 million at Site 2. If the company builds at Site 1, and an earthquake occurs there during construction in the next three years, then the plant construction will have to be terminated (losing an estimated $10 million), due to the earthquake the company will lose another $10 million, and they will have to build the plant at Site 2. Based on experience, the company estimates that there is a 20% chance that an earthquake will occur at Site 1 during the next three years. For $1 million, the company can commission a detailed geological study of Site 1: the result of this study will be either favorable or unfavorable. In the past, similar geological studies have been unfavorable on 95% of the occasions in which an earthquake occurred in the following three years, and favorable on 90% of the occasions in which an earthquake did not occur in the following three years. 3.1 How should the company proceed to minimize its expected cost of constructing the plant
To minimize the expected cost of building the plant the best option for this company is to build at site 1
The best way to determine the best option for this company is to carefully analyze and compare the options presented:
Site 1:Cost for building the plant $10 million
However, if an Earthquake occurs in the next 3 years:
Expected loss: $10 million (cost of the plant) + 10 million (cost paid due to earthquake) + $20 million (cost for building a new plant) = $40 million
Site 2:Cost for building the plant $20 million
This means an Earquake in site 1 would make the cost of building in site 1 higher than the cost of building the plant at site 2 ($40 million vs $20 million)
Now, let's analyze the probabilities of an Earthquake
20% chance of earthquakes (company estimation)95% unfavorable for earthquakes (previous studies)90% favorable for earthquakes not occurring (previous studies)These previous studies show the probability of an Earquake not occurring is about 92.5%, which is quite low. Based on this and the comparison of prices for building in site 1 and site 2, the best option is to build at site 1 because it is very likely there is not an earthquake and the cost is only $10 million. Moreover, the company can pay $1 million to double-check this probability, which leads to a total cost of $11 million.
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Which employees should be aware of how to turn off power to a shop in an emergency?
Managers
Owners
Contractors
All workers should know how to turn the power off in an emergency.
Answer:
Last one.
Explanation:
All the workers should know how to turn off the power in an emergency. Just in case there isn't one, there is the other.
Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,650, and Job 94 with a beginning balance of $7,270. Jagjit applies overhead at the rate of $9 per direct labor hour. Direct labor wages average $16 per hour. Data on August costs for all jobs are as follows:
Job 93 Job 94 Job 95 Job 96
Direct materials $910 $4,590 $3,330 $1,270
Direct labor cost 2,080 4,800 2,400 960
During August, Jobs 95 and 96 were started. Job 93 was completed on August 17, and the client was billed at cost plus 40%. All other jobs remained in process.
Refer to the list below for the exact wording of text items within your job-order cost sheets.
Amount Descriptions
Applied overhead
Beginning balance
Direct labor
Direct materials
Total
Jagjit Company
Job-Order Cost Sheets
August 31
1
Job 93
Job 94
Job 95
Job 96
2
Beginning balance
3
4
5
6
4. Calculate the balance in Work in Process on August 31.
The work in process balance on August 31 is .
Points:
0 / 1
5. What is the price of Job 93?
The price of Job 93 is .
Points:
0 / 1
Partway through the year, Jagjit bought a bulldozer to handle larger jobs. The bulldozer cost $38,500 and is needed for larger commercial jobs. Smaller residential jobs can still be done with the smaller bobcat tractor.
6. CONCEPTUAL CONNECTION: Complete the statement below that outlines how the bulldozer’s cost could be applied to only those jobs that need the larger equipment.
Create a separate ________ for the acquisition and use of the bulldozer. Treat the bulldozer’s depreciation, fuel, maintenance, etc. as _______ . Divide this by the anticipated annual hours of use to arrive at the ___________ .
Answer:
retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,650, and Job 94 with a beginning balance of $7,270. Jagjit applies overhead at the rate of $9 per direct labor hour. Direct labor wages average $16 per hour. Data on August costs for all jobs are as follows:
Job 93 Job 94 Job 95 Job 96
Direct materials $910 $4,590 $3,330 $1,270
Direct labor cost 2,080 4,800 2,400 960
During August, Jobs 95 and 96 were started. Job 93 was completed on August 17, and the client was billed at cost plus 40%. All other jobs remained in process.
Refer to the list below for the exact wording of text items within your job-order cost sheets.
Amount Descriptions
Applied overhead
Beginning balance
Direct labor
Direct materials
Total
Explanation:
hello
Match the term with the correct definition.
Question 25 options:
type of reaction that has occurred in a flask when it becomes warmer
components are present in a fixed ratio
the carbon-oxygen bond is an example
type of reaction from rotting tree
tastes bitter
tastes sour
gold is an example
the lithium-bromide bond is an example
type of reaction from forest fire
type of reaction that has occurred in a flask when it becomes colder
compounds are present in an unfixed ratio
1.
ionic bond
2.
covalent bond
3.
exothermic reaction
4.
endothermic reaction
5.
combustion reaction
6.
decomposition reaction
7.
compound
8.
element
9.
mixture
10.
acid
11.
base
Answer:
i wish i knew
Explanation:
sorry
Im sorry but these are the only few I know, or at least think they are correct;-;
Answer:
3.
type of reaction that has occurred in a flask when it becomes warmer: exothermic reaction
8:
gold is an example: Element
10:
tastes sour: acid
2:
the carbon-oxygen bond is an example: covalent bond
4:
type of reaction that has occurred in a flask when it becomes colder: endothermic reaction
An unsecured loan is one which you:
Group of answer choices
A.Have a co-signer
B.Do not need collateral
C.Build up your credit score
D.Use your ATM card
Answer:
B.
Explanation:
You do not need collateral to be given an unsecured loan.
Addenda E of the Resource Pack of Business Studies
Answer:
????????????????
Explanation:
?????????
Overinflated tires are more prone to _____.
A. hydroplaning
B. deflating slowly
C. blowouts
D. catching on fire
Answer:
Blowouts
Explanation:
It is because it pops easier
blow outs its easy to explode
The DuPont equation Corporate decision makers and analysts often use a particular technique, called a DuPont analysis, to better understand the factors that drive a company’s financial performance, as reflected by its return on equity (ROE).
a. True
b. False
Answer:
true i think
Explanation:
Telephone companies offer lower long-distance rates at certain times of the day or week because at those times
A. The supply of telephone lines increases
B. Supply and demand are equal
C. Demand is greater than supply.
D. Supply is greater than demand.
Help it's due today
7-9
A substance made up of two or more elements that have been chemically combine is called Question 15 options: an element an atom a compound a mixture
Answer:
The answer is a Compound.
Hope this helps
Explanation:
I know cause i took the test and got it right, btw I'm in 8th grade so you may have a different answer for whatever grade level you are in.
A style guide, such as an MLA manual, will assist you in:
a
Correctly using grammar and punctuation
b
Helping you check your spelling
c
Formatting your references correctly
d
None of these are correct uses for style guide
Answer:
d
Explanation:
A style guide, such as an MLA manual, will assist you in "None of these are correct uses for style guide". The correct option is D.
A style guide like an MLA manual, serves multiple functions beyond grammar, punctuation, spelling or formatting references. It provides a structured framework for consistency in various communication aspects.
It guides writers in maintaining a uniform tone, style, and formatting across documents, ensuring clarity and professionalism.
The guidelines for layout, headings, citations, and visual elements, a style guide supports effective communication, fosters credibility, and aligns written materials with a specific purpose or brand identity.
Therefore, the correct option is D.
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#SPJ3
why do you think there is such a variety of industries involved with plants?
A fixed resource is one that
Answer:i think its 4
Explanation: i do not really know
Outline four ways in which kenya can use her natural resources economically for maximum benefit.
Answer:
1 . Their exploitation creates employment
2 . Provides raw materials for industries
3. They are sued to generate income for a country/ foreign income
4. They are basic factors for sustenance of a life e.g. irrigation schemes
5. Provides means of transport
Explanation:
Starting a small business is a challenging endeavor—what are some important factors that contribute to the success of a small business? What are some of the first steps that should be taken if someone is interested in starting a small business?
Answer:
Business licenses and permits issued by the state and municipal governments.
Equipment.
Legal expenses, particularly if you intend to incorporate.
Insurance for businesses.
Creating a brand and a website.
Market research is essential.
Inventory.
Publicizing.
Explanation:
Describe your business concept and future ambitions in your vision. Describe the sort of business you're starting, how you want it to expand in the coming year, and where you want to be in five years.
Mission: Describe the products and services you want to offer, your target market, and your unique selling proposition (what you will offer that your competitors do not). Take note of if you intend to be a home-based business that sells mostly online or if you intend to have a physical presence.
Pricing Strategy: You must create a competitive rate that will attract consumers while still allowing you to make a profit. This part should also provide a forecast of your company's earnings and costs.
what is short term debt?
Answer:
Explanation:
short term debt is debt that needs to be paid off in a short term. for example bank loans
Answer:
Debet is credit. it means debt is oweing someonea favor either for lending a money or for helping them in time of need.
Which government organization protects investors?
A. ADA
B. EEOC
C. FDA
D. SEC
Answer:
SEC
Explanation:
PLS MARK ME AS THE BRAINLIEST
Race is a factor of
a. demographics
b. communication
c. possible customers
d. competition
Answer:
Race is a factor of a. demographics
Explanation:
Answer:
Competition
Explanation:
Just like a relay, competing to be the first
Agribusiness Systems
Test
Unt To
Act
TIERRING
012854
Which option identifies the concept being utilized in the following scenario
A cereal manufacturer is planning to improve its facility by reparing the paingots and installing
lighting for a cost of $50,000. They determine that, given a 5 percent interest rate, with a $10.000
payment, it would take them 10 years to break even
payback period analysis
time value of money analysis
discounted payback
period analysis
discount rate of return analysis
What concept is being used
Felicia has sent a memo to her employee, Ben, to schedule Ben's performance review. Which choice best
describes Felicia in this communication scenario?
O a barrier to the message
O a paraphraser of the message
o the receiver of the message
the sender of the message
Answer:
Option no. 3
This is the answer
Answer:
3. the sender of the message
Explanation:
edge 2021