Answer:
Cash $705
Current Assets $6,195
Explanation:
Equity $13,505
Long-term debt $8,800
Net working capital, other than cash, $3,620.
Fixed assets are $17,980
Current liabilities are $1,870.
Net Working capital is the Net value of Current and Current Liabilities.
We need to calculate current assets with cash first.
As we know
Assets = Equity + Liability
Fixed Assets + Current Assets = Equity + Long Term Liability + Current Liability
$17,980 + Current Assets = $13,505 + $8,800 + $1,870
Current Assets = $24,175 - $17,980 = $6,195
Net Working Capital = Current Assets - Current Liabilities
$3,620 = Current Assets - $1,870
Current Assetsother than cash = $3,620 + $1,870
Current Assets other than cash = $5,490
Cash Value = Total Current Assets - Current Assets other than cash = $6,195 - $5,490 = $705
Cori's Corp has $705 in cash and $4,325 in current assets. This is calculated using the formula: Cash = Equity value + Long-term debt - Fixed assets - Net working capital (excluding cash), and then adding the calculated cash to the net working capital to get the current assets.
To calculate the cash of the company, you need to use the following formula: Cash = Equity value + Long-term debt - Fixed assets - Net working capital (excluding cash).
So the cash Cori's Corp. has would be: Cash = $13,505 + $8,800 - $17,980 - $3,620 = $705.
Next, the total current assets would be the sum of the Net Working Capital and cash. In this case, current assets = Net working capital + Cash = $3,620 + $705 = $4,325.
Hence, Cori's Corp has $705 in cash and $4,325 in current assets.
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Answer:
increase
listening to the law when a supplier increases the price their supply increases the quality aswell!!
Answer:
Depreciation expense for 2018 was $880
Depreciation expense for 2019 was $2,640
Explanation:
The company uses straight-line depreciation method, Depreciation Expense each year is calculated by following formula:
Annual Depreciation Expense = (Cost of furniture − Residual Value )/Useful Life = ($31,000-$4,600)/10 = $2,640
Depreciation Expense per month = $2,640/12 = $220
Depreciation Expense for 2018 (from September 1, 2018 to December 31, 2018) = $220 x 4 = $880
Depreciation Expense for 2019 = $2,640
Answer:
10.9 per unit
Explanation:
Total manufacturing cost per unit= Material cost per unit + Conversion cost per unit
Material Cost per Unit= Total materials cos / Equivalent units of materials
Material cost per unit = 55000 / 10000 = 5.5
Conversion cost per unit = Total conversion costs / Equivalent units of conversion costs
Conversion cost per unit = 81,000 / 15000 = 5.4
Hence, Total manufacturing cost per unit = 5.5 +5.4 = 10.9 per unit
Answer:
The correct answer is A) worldwide.
Explanation:
The concept of a global approach to tax collection is the determination of the tax burden without considering the origin of the profits reported in the tax declaration, which implies the homogenization of the tax burden that becomes effective taking into account double treaties. taxation, where information is received from other countries on the behavior of foreign branches in this regard.
Missing information:
__?__ Paid the amount due on the note to Locust at the maturity date.
__?__ Paid the amount due on the note to NBR Bank at the maturity date.
Nov. 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 6% interest-bearing note with a face value of $24,000.
Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
2017
__?__ Paid the amount due on the note to Fargo Bank at the maturity date.
Required: prepare journal entries
Answer:
2016 Apr. 20 Purchased $37,500 of merchandise on credit from Locust, terms n/30.
April 20, 2016, merchandise purchased on account
Dr Merchandise inventory 37,500
Cr Accounts payable 37,500
May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8% annual interest along with paying $2,500 in cash.
May 19, 2016, replaced account payable with note payable
Dr Accounts payable 37,500
Cr Cash 2,500
Cr Notes payable 35,000
July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $54,000.
July 8, 2016, borrowed $54,000 from bank
Dr Cash 54,000
Cr Notes payable 54,000
__?__ Paid the amount due on the note to Locust at the maturity date.
August 17, 2016, paid note payable to Locust
Dr Note payable 35,000
Dr Interest expense 690.41 ($35,000 x 8% x 90/365)
Cr Cash 35,690.41
__?__ Paid the amount due on the note to NBR Bank at the maturity date.
November 5, 2016, paid bank's debt.
Dr Notes payable 54,000
Dr Interest expense 1,775.34 ($54,000 x 10% x 1220/365)
Cr Cash 55,775.34
Nov. 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 6% interest-bearing note with a face value of $24,000.
November 28, 2016, borrowed $24,000 from bank
Dr Cash 24,000
Cr Notes payable 24,000
Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
December 31, 2016, accrued interests on bank debt
Dr interest expense 130.19 (= $24,000 x 6% x 33/365)
Cr Interest payable 130.19
2017
__?__ Paid the amount due on the note to Fargo Bank at the maturity date.
January 27, 2017, paid bank's debt.
Dr Note payable 24,000
Dr Interest payable 130.19
Dr Interest expense 106.52 (= $24,000 x 6% x 27/365)
Cr Cash 24,236.71
Tyrell Co. replaced an account payable with a 90-day, $35,000 note bearing 8% annual interest and borrowed $54,000 from NBR Bank, marking these as short-term liabilities. Singleton Bank also made a $9 million loan to Hank's Auto Supply, adding to their assets.
Tyrell Co. entered into two transactions in 2016 that involved short-term liabilities. In both cases, these liabilities came in the form of interest-bearing notes. On April 20th, Tyrell Co. purchased $37,500 worth of merchandise on credit from Locust. Then, on May 19th, this account payable was replaced with a 90-day, $35,000 note bearing 8% annual interest, along with $2,500 in cash. In a similar transaction on July 8th, Tyrell borrowed $54,000 cash from NBR Bank, signing a 120-day note with a 10% interest rate.
In a parallel example, Singleton Bank made a loan of $9 million to Hank's Auto Supply. The bank records this transaction on the balance sheet as an asset, as it will generate interest income for the bank. The key takeaway from both examples is the process of converting accounts payable or obtaining loans into interest-bearing notes, which become short-term liabilities on the balance sheet.
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The question discusses inventory management at Jill's Job Shop. For Tegdiws, a reorder level is calculated based on the annual demand, lead time, and the fact that orders are placed as soon as this level is reached. Widgets are ordered every four weeks, so the ordering quantity is determined considering the holding cost and safety stock.
The question revolves around the concept of inventory management at Jill's Job Shop. Given the figures, we're looking at two factors here- reorder level for Tegdiws and fixed interval time for ordering Widgets. The primary consideration is to minimize holding costs while ensuring enough quantity is available to meet demand throughout the year.
For Tegdiws, the reorder level must be calculated to ensure that when the remaining quantity reaches this level, a new order is placed. This level is typically the amount necessary to meet demand during the lead time. Given an annual demand of 11,000 units, a lead time of 4 weeks, and a 52-week year, the reorder level for Tegdiws would be around 846 units.
On the other hand, Widgets are ordered every four weeks, so the quantity of each order should be calculated to meet the four-week demand while considering the holding cost and safety stock. With an Annual demand of 8,000 units and a 52-week year, the quantity for each order of Widgets would be approximately 615 units.
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Answer:
EOQ = √ 2DCo/H
D = Annual demand
Co = Ordering cost per order
H = Holding cost per item per annum
TEGDIWS
D = 11,000 units
C0 = $110
H = 10% x $15 = $1.5
EOQ = √2 x 11,000 x $110
$1.5
EOQ = 1,270 units
WIDGET
D = 8,000 units
Co = $10
H = 20% x $8 = $1.6
EOQ =√ 2 x 8,000 x $10
$1.6
EOQ = 316 units
Explanation:
EOQ is equal to the square root of 2 multiplied by annual demand and ordering cost divided by holding cost.